Full text of Commercial West : December 13, 1902, Vol. IV, No. 24
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R E P R E S E N T IN G WESTERN INVESTMENTS,MANUFACTURING* MILLING AND GRAIN. E SOUTHWEST. THE CENTRAL-PACIFIC WEST. THE NORTHWEST. I. I V . SATURDAY, DECEMBER 13, 1902 CA PITAL, ONE MILLION SURPLUS, ONE MILLION O F F IC E R S . B ykon L . S m it h , - President F. L , H a n k e y , Vice-President G e o r g e F . O e d e , - - Cashier T h o m a s C. K in g , Ass’t Cashier S olom on A. S m it h , Ass’t Cashier A rthur H e u r tle y , Secretary H . O. E d m o n d s , Ass’t Secretary H . H . R o c k w e l l , Ass’t Secretary E. C. J a r v i s , Auditor The DOLLARS. DOLLARS. D IR E C T O R S. MINNEAPOLIS. 13 Nicollet Avenue, C H IC A G O BANKING, SAVIN GS, FOREIGN, AND TRUST DEPARTM ENTS. Chas. E. Lewis & Co. THE 407-408 Chamber of Commerce, Minneapolis. Private Wires. National City G R A IN , P R O V IS IO N S , S T O C K S , B O N D S. N ew Y o r k his Com pany allows interest on Deposits as follows: 2 # on Daily Balance, subject to check. 2 % i on M onthly Balance, subject to check. 3 i on Six M onths Certificate of Deposit. 35456 on Tw elve M onths Certificate of Deposit nterest Begins on Day of Deposit, M. P r in c e , eorge H uhn, S. G i l l e t t e , 1. P.eWliLLES, A. M e r r i l l . C h ic a g o Co r r e s p o n d e n t s : N o r t o n OF NEW YORK. & S w it z e r Successors to Norton Sc Worthington. V i S T C H IC A G O Grain and Praviiions bought and sold on commis sion for Future Delivery. Accounts solicited Capital Fully Paid, ■ Shareholders Liability, $25,000,000.00 $25,000,000.00 CHAS. H. F. SMITH & CO. BONDS, S t o c k s , G r a i n , P r o v i s i o n s F. G. W in s t o n , M. B. Koon, Arthur M. Keith , S. S. Cargill , H. L . M o o r e , W . A. D u r s t . J. M. M a r t i n . Charles A. Weare, Vice-President. WEARE COMMISSION GO. Established 1862. PIONEER PRESS BUILDING, CHICAGO BOARD OF TRADE. NEW YORK PRODUCE EXCHANGE. DULUTH BOARD OF TRADE. MINNEAPOLIS CHAMBER OF COMMERCE. MILWAUKEE CHAMBER OF COMMERCE. ST. LOUIS MERCHANTS’ EXCHANGE, nneapolis Representatives: HERBERT McNAMEE’ IRA G. ANDREWS, ELISHA D. ELY. Private Wire Connection: NEW YORK STOCK EXCHANGE, CHICAGO STOCK EXCHANGE. 1 Guaranty Bldg, and 41 0 Chamber of Commerce. ST. PAUL We Solicit Your Account. John P. Hollingshead & Co. Wm.H.Golvin & Go !AIN, PROVISIONS, STOCKS, BONDS. embers: New York Stock Exchange. Chicago Board of Trade. Members W. R. Cray . ortus B. Weare, President. and Surplus & Undivided Profits, $15,156,146.04 DIRECTORS. Telephone M. 1568 Harris, Gate* & Co. Bartlett, Frazier & Co. Members of all Principal Exchanges. APITAL (F u lly Paid) $ 500,000 URPLUS and Undivided Profits, 10 5 , 7 5 5 EPO SITS, . . . . 1,2 2 8 ,3 8 2 . E. B e l l , 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 in A. R y e r so n , H. N. H ig in b o t h a m , B yron L . S m it h . E MINNESOTA LOAN & TRUST COMPANY, ”, A. C h a m b e r l a in , G A. C. B a r t l e t t , C. L . H u t c h in so n , T he*northern trust I-com panyyyyBANK R ooK ery, T H No. 24. BANKERS. C O M M E R C IA L » P A P E R . W. C. HEATH, Mgr, 202 La Salle S t, NewYork, 46 Wall St. C H IC A G O . STOC K B R O K ER S , 190 La Salle St.,' Chicago Members: NEW YORK STOCK EXCHANGE NEW YORK COFFEE EXCHANGE CHICAGO STOCK EXCHANGF CHICAGO BOARD OF TT? A ~ L. T. S O W LE & SONS Esta b lish ed 1884. G R A IN , P R O V IS IO N S , ST O C K S A N D B O N D S. 2 1 Chamber of Commerce, MINNEAPOLIS. Members Chicaoo Board of Trade and Minneapolis Chamber of Commerce. THE NATIONAL PARK BANK OF NEW YORK. [ Organized 1856. ] C A P IT A L A N D S U R P L U S $ 6 , 0 0 0 , 0 0 0 . O F F IC E R S : RICHARD DELAFIELD, President. STUYVESANT FISH, Vice President. ALBERT H. WIGGIN, Vice President. GILBERT G. THORNE, Vice President. GEORGE S, HIGKOK, Cashier. EDWARD J . BALDWIN, Ass’t Cashier. FRED’K O. F0XCR0FT, 2nd Ass’ll Cashier. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis D IR E C T O R S, JOSEPH T. MOORE. STUYVESANT FISH, GEORGE S. HART, CHARLES STERNBACH, CHARLES SCRIBNER, EDWARD C. HOYT, W. ROCKHILL POTTS, AUGUST BELMONT, RICHARD DELAFIELD FRANCIS R. APPLETON, JOHN JACOB ASTOR. GEORGE S. HICKOK, GEO. FRED’K VIETOR. ALBERT H. WIGGIN. CORNELIUS VANDERBILT 2 T H E C O M M E R C IA L WEST. N O TH IN G SAFER THAN Loans C ounties of F ir s t M o rtg a g e F a rm in t h e b e s t NORTH DAKOTA. We offer you Loans for Investment, that are strictly first class in every respect, for we make none but the best. The securities are all personally inspected, and are gilt edge. These loans draw a good rate of interest for a term o years, and as the country through which we operate shows 1. steady and healthy development, The Security Continually Increases in Value. W R IT E FOR P A R T IC U L A R S . If you have money to invest in Real Estate, place it where you can get big returns, and NORTH DAKOTA L A N D S furnish that kind of an investment. The point is to invesl judiciously, and if you send for our list and write us regarding your wants in this line, we can offer you some mighty good deals, and sell you lands that are bound to increase in value. J. B. Streeter, Jr., Company IN V E S T M E N T B A N K E R S . C a p i t a l and S u r p l u s , $ 1 2 5 , 0 0 0 . LARI M O R E , N O R TH DAKOTA. Saturday, December 13, 1902. Not long since we quoted “ Treasury Preferred” stock in tlie Silver Tip Gold Mining Co. whose properties are located in the famous MT B A K E R M IK IN G D IS T R IC T , Whatcom County, Washington, at Ten Cents per share. We againtake pleasure in announcing that we have been authorized to sell 50,000 shares at the low price of 25 cents per share. Those who bought at 10 cents have made 150 per cent on their investment, those who buy now will do equally as well. A recent test of the ore made by the Tacoma Smelter Co. gave $32.71 in gold, silver and copper, and there is now exposed ready for ship ping more than 5,000 tons of similar ore, with a railroad building to within 1,600 feet of the mine. If you want anything better than this, don’t write; but if yon think this might be good enough, write for Illustrated Prospectus. CASE INVESTMENT CO., Fiscal Agents, Bernice Bldg. Tacoma, Wash. For gilt edge invest> • J C d l l l C merits in Seattle or information about the busiest, most rapidly growing city in the world, write to M O O R E I N V E S T M E N T C O ., SEATTLE, W ASH . Facts Are Stubborn Things. You can’t get away from the fact that no bank is im pregnable to the modern burglar unless it is equipped with a good electric system. The frequent reports of successful bank robberies prove this. No less authority than the U. S. Treasury department says the thickest steel vaults can be quickly cut, with little noise, by expert cracksmen. Bank authorities have long recognized the efficiency of electricity as a safe means of bank protection. The cost, however, of such a system, heretofore, has been prohibitive except to the largest city banks. Not so with our AUTOMATIC ELECTRIC VAULT AND SAFE PROTECTION SYSTEM which is within reach of the smallest bank. It’s a fact that this system is the simplest, surest and most practical in present use—it’s a fact that it costs but 25 per cent of other systems - i t ’s a fact that its only cost is practically the cost of installation, while others have to be constantly looked after by experts— and it’s a fact that This is the Only System Positively Guaranteed Undefeatable. If you’ re interested in bank protection, let us prove these facts to your satisfaction- Write for booklet. American Bank Protection Co. Minneapolis, Minn. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T H E C O M M E R C IA L W EST. Saturday, December 13, 1902. STATEM ENT OF THE CONDITION THE OF THE COMMERCIAL NATIONAL OF BANK C H IC A G O AT THE CLOSE OF BUSINESS M ONDAY, NO VEM BER 25, 1902 Loans and Discounts................... Overdrafts...................................... Real Estate.................................... D. S. Bonds at Par....................... Other Bonds and Stocks.............. Due from U. S. Treasurer............ Cash and Due from Other Banks. Capital Stock Paid in ...................... Surplus Fund.................................... Undivided Profits............................. National Bank Notes Outstanding. Deposits............................................ RESOURCES. 156,219.34 612.29 55,079.23 500,000.00 259,161.16 1,25 42,000.00 11,197,471.31 $31,210,543.33 Total. LIAB ILITIE S. 000,000.00 .000,000.00 509,517.83 500,000.00 27 ,201,025.50 $31,210,543.33 Total. OFFICERS: James H. Eckels, President; John C. McKeon, Vice-President; David Vernon, Second Vice President; Joseph T. Talbert, Cashier; N. R. Losch, Assistant Cashier. DIRECTORS: Franklin Mac Veagh, of Messrs. Franklin Mac Veagh & Co.; Jesse Spalding, President Spalding Lumber C o.; N. K. Fairbank, Director Chicago & North-Western Ry. •Robert T. Lincoln, President the Pullman Company; William J. Chalmers, Treasurer the Allis-Cnalmers Company: E. H. Gary, Chairman United States Steel Corporation; Paul Morton, Vice President Atchison, Topeka & Santa Fe Ry. Co.; JohnC. McKeon, Vice-President; James H. Eckels, President. F o r e ig n D e p a r t m e n t : M. Krell, Manager; Max Waessel, Assistant Manager. Letters of credit issued. Foreign drafts and specie bought and sold. Postal remittances and able transfers made to all parts of the world. Special facilities for handling the business of correspondent banks. N A T IO N A L B A N K OF THE R E P U B L IC CHICAGO John A. Lynch.................. President W . T . Fenton........Vice-President J. H. Cameron......................Cashier R. M. McKinney... .Asst. Cashier R. L. Cramp ton........Asst. Cashier W . F. D o d g e ....2d Asst. Cashier Thomas Jansen....................Auditor C A P IT A L , T W O M IL L IO N D O L L A R S . S U R P L U S , $ 7 0 0 ,0 0 0 .0 0 . SpencerTrask&Co. BANKERS 2 7 & 29 P in e S tre e t, N e w Y o r k Transact a general banking business; act as Fiscal Agents for corporations, and negotiate security issues of railroads and other companies. Execute commission orders and deal in IN V E S T M E N T SECURITIES. TH E CHASE NATIONAL BANK O f th e C i t y o f N e w Y o r k Members New York Stock Exchange. Branch Office, 65 State St., Albany S u r p lu s a n d P r o fits (E a r n e d ): C a p ita l: $ 3 ,1 0 0 ,0 0 0 $ 1 ,0 0 0 ,0 0 0 A . B. H E PBU R N , V ic e -P r e s id e n t . H. W. CANNON, P r e s id e n t . C. C. S LA D E , S. H. M ILL E R J. S T A L K E R , C a s h ie r . W. O. JON ES, A ssistant C a s h ie r s . H. K . TW ITC H E LL, Transacts a General lesignated Depository of the United States, the Banking Business. >tate of New York, and the City of New York. Accounts of Banks and Bankers received on favorable terms. Buy and sell United States Bonds and make transfers and exchanges of Bonds In W ashington without charge for services. Ilinois Trust and Savings Bank The International Audit Company Audits accounts of corporations, copartner ships and individuals, reports upon financial and business conditions, and generally performs all the functions of expert accountants. ITS REPORTS ARE VALUABLE not only to owners but to possible purchasers and investors, and to banks and capitalists from whom loans are solicited. Send for our booklet on “ A u d its and Their A d van tages.” La Salle St. and Jackson Boulevard CHICAGO ipital and Surplus, $9,500,000.00 Interest allowed on deposits in Banking nd Savings department. BONDS.—Govrnment, State, County, City and choice ailroad bonds bought and sold. FO R ¡IGN E X C H A N G E .—Letters of Credit, 'rafts, Postal Rem ittances and Cable ransfers. TRUST DEPARTM ENT A cts as Adm inistrator, Executor, Guar ían, Conservator, Assignee, Receiver, 'ransfer Agent and Registrar; makes inestments and acts as agent in the colJCtion and disbursement o f incomes, 'rust funds and trust investments are :ept separate from the assets o f the ank. ILLINOIS TR U ST S A F E T Y DEPOSIT CO. SAFETY DEPOSIT VAULTS KNAUTH, NACHOD & KUHNE B A N K E R S . N E W Y O R K . M em ber* of th e New York Stock E xchange. L e tte rs o f C re d it and In te r n a tio n a l T r a v e le r s ’ C h e c k s . F o re ig n E x c h a n g e . C a b le T r a n s f e r * . W IN N IP E G , M AN . CANADA. TH E BANK OF OTTAWA E s t a b l is h e d 1874. Capital, $2,000,000. Surplus, $1,800,000. OFFICERS AND DIRECTORS: JOHN M’LAREN, President, formery Vice-President oi the Union National Bank. JOHN LEITH, V.-P. and Treas., Fellow of the American Association Public Accountants. ROBERT NELSON, Sec., Chart'd Accountant, Fellow of the American Association Public Accountants. W. T. FENTON, Vice President National Bank of the Republic. E. G. KEITH, President of the Chicago Title & Trust Company. M erchants Loan & Trust Building, CHICAGO. Tel. Central 631. Cable address “ Oonrobii” Fidelity Trust Co. Bank, T A C O M A . Paid Up Capital, JOHN C. AINSWORTH, Pres. ARTHUR G. PRICHARD, Cashier. - $300,000.00. JOHN S. BAKER, Vice Pres. P. C. KAUFFMAN, 2d Vice Pres GEN ERAL BANKING. Special Attention Given to Collections. A General Banking Business Transacted, Interest Allowed on Deposits. Foreign Exchange Bought and Sold. ST. PAUL a g e n t s : M E R C H A N T S N A T IO N A L B A N K . F i r s t N a t io n a l S a n k , P O R TLAN D , ORE. UNITED S T A T E S DEPOSITARY. Capital and Surplus, $1,250,000. H. W. Corbett, President; A. L. Mills, Vice Prest.; J. W. Newkirk, Cashier; W. C. Aivord, Asst, Cashier; B. F. Stevens, 2d Asst. Cashier. ANADIAN BANK OF COMMERCE. F i r s t N a t i o n a l B a n k , SEA ™ E’ H e a d O ffic e , T O R O N T O , P A ID U P C A P IT A L , $ 1 5 0 , 0 0 0 . pital Paid Up, $8,000,000. Surplus, $2,000,000. ANCHES at Dawson, White Horse, Skagway d Atlin. Exceptional facilities for handling e business of those districts. Seattle Branch, D. A. CAMERON, Manager. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis JAMES D. HOGE, Jr„ President. • LESTER TURNER, Cashier. MAURICE M’ MTCKEN, Vice President. F. F. PARKHURST, Asst. Cashier. A general banking business transacted. Letters of credit sold on all principal cities of the world. Special facilities for collecting on British Columbia, Alaska and all Pacific Northwest points. WE HAVE A BANK AT C A P E NOME. 4 T H E C O M M E R C IA L W EST. Saturday, December 13, 1902. Leading Investment Firms in South Dakota and Minnesota. THE GAS BELT LAND & ABSTRACT CO. Pierre, S. D. F ir s t M o r tg a g e s fo r S a l e on R e a l E s ta te . M o n e y Loaned fo r In vesto rs; ea c h Loan G u a r a n t e e d . In te r e s t 6 and 7 p e r c e n t L an d s fo r sale in la rg e or s m a ll bodies. WE OFFER, SU BJEC T TO PRIOR SALE, C H O IC E O K L A H O M A F IR S T M O R T G A G E S On improved farms, worth from 2V2 to 5 times tho amount loaned thereon, netting the investor 6 ^ interest. Each of the securities has been personally examined by one of our salaried examiners. Write for our latest offering. WINNE & WINNE, Wichita, Kan. 8 0 0 ACRE FARM FOR SALE. House 30x 44 with furnace and bath room; barn 60x 44; grainery 28x 48; two sheep sheds 28x 48 ; three good wells; two windmills. This land is all fenced with 4 and 5 wires. 500 acres under cultivation. Price $50.00 per acre. A. H U N TIM E R , R. O. R ic h a k d s , Pres. O. N. MeinvAm J. L. Sa n k e y , Treas. Olsen, Guter, Healy Company, Richards Trust Company [INCORPORATED.] Capital $40,000 Capital and Surplus, $100,000. H U RO N , S . D. Investment Securities. W e s te r n M o r tg a g e s and Lands a S p e c ia lty . COSS & BUCK, LUVERNE, WALKER BAILEY, F ir s t M o rtg a g e L o an s, R eal E s ta te and A b s tra c ts . Special attention given to the placing of Farm Loans. Interest collected and remitted at investors. References: Merchants Correspondence solicited with conservative Eastern gar. lank of Redfield; Algona State Bank, Algona, Iowa. R e d fie ld , S p in k C o u n ty, S o u th D a k o ta . M IN N . F. E. GERLACH, Real Estate, Loans and Investments. Can place some additional i l U l l g < a g C d . funds in selected 5$ Iowa Farm Mortgages. Absolutely safe. $100,000.00 placed recently. R ea l E state. Lands all parts West and South. Special Value, 770 acre Stock Farm, Wisconsin $15.00 per acre. Easy terms. References, our clients, or Soesbe. Shepardson & Co., Bankers. W ALTER V. G R E E N E , GREENE, IOWA. Fabm Thorpe & Nasset Real Estate, Loans and Investments. Mortgages negotiated on improved Min nesota farm lands. Non-resident property carefully looked after. R e f e r e n c e s : Kandiyohi County Bank, Willmar, Minn. W IL L M A R , M IN N . Surplus $300,000 We give special care to negotiating first mortgage farm loans; also to buying and selling real estate. Gilt-edged farm mortgages for sale to eastern investors. Our legal department is under the immediate care of Lewis C. Spooner, long and widely experienced in law matters. We pay taxes for and look after property of non-residents, when desired. References : Citizens Bank of Morris and Merchants’ National Bank of Morris. MORRIS, STEVENS COUNTY, MINN. 300 Improved Farms for Sale in Cass Co., N. D., ranging from $20 to |30 an acre. Write for list. D ell R apids, S. D of F, E. G e r l a c h , near E l k t o n , S. D. E L K T O N , SO . DAK. Loans made on improved farms guaranteed, Large tracts of lands for sale. Special atten tion given to property of non-residents. References : First NatTBank, Brookings, S. D. : First State Bank, Elkton, S. D. ; The W. W. Whipple Co., Providence, R. I. The J. R. Hanson Real Estate Agency. E s t a b l i s h e d 1802« Farms in Southeastern part of South Dakota, $25 to $60 an acre. In Central and Northern Counties, $4 to $15 an acre. Have about 40,000 acres in large and small bodies in Southwest part of North Dakota, 5 to 40 miles from railroad, $3 an acre. These are fine agricultural lands, well watered ; lignite coal abounds, and lands lie right in the line of the present tremendous rush of home seekers ; presenting to the investor the last opportunity to secure good agricultural lands Y a n k to n , S o u th D akota. ' Correspondenee Solicited. DEUEL COUNTY LANDCO. W. I. NOBLE, Manager. Clear Lake, South Dakota. Investors Attention! Gilt Edge 51 and 6 Per Cent. We can Loan your Money on Gilt=edge Security and net you 6 per cent Interest. five year loans; none over 50$ cash value of security. Correspondence solicited. Reference First National Bank, Bank of Clear Lake, S. D. We make a specialty of loaning money on First Mortgages on Improved Real Estate. Wre inspect all properties personally before placing a loan. W e Assume all Mortgages before Assigning Them. BLOOM & M ARTIN M oney L en d ers ! W a terto w n , South D akota. Real Estates, Loans and Investments. Special attention to investments for non-residents. Correspondence requested. Write us for further particulars before placing your money elsewhere. K E L L E Y ’S LrAIND AGENCY, H U RO N , SO U TH D A K O T A . References • Citizens, First National Bank, nererences.^ National Bank. P . S. G A L L A G H E R , BENSON, M INN. Real Estate, Loans and Investments. Choice loans made on improved Minnesota farm lands, Careful attention given to non-resident prop erty. Correspondence prompt. Reference: Swift County Bank, Benson, Minn. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C. E. C h i l d s , President. M. G. Ca r l i s l e , Vice-Pres. and Mngr. Gej . M o r e h o u se , Secy, and Treas Brookings Land and Trust Company (Incorporated 1895.) Real Estate, Farm Loans, Taxes Paid, First Mortgage Loans on Big Sioux Valley Farms Property carefully looked after for non-residents. Correspondence solicited from prospective investors. B R O O K IN G S , . . . . SO UTH DAKOTA. T H E C O M M E R C IA L W EST. Saturday, December 13, 1902. 5 L. LAM B, President. C. F. ALD EN , Vice President. C. R. LAM B, Secretary and Treasurer. L LAM B LUM BER OPERATING RETAIL YARDS. General Office: MINNEAPOLIS. LUMBER EXCHANGE. DULUTH, IV'NIV. B A N K S . Send at once for our book of Modern Country Bauk Buildings, costing $3,000 to ¡>25.000 BANKER’ Trice, $1.00, Modern Homes. 150 pages, Paper, $1.00; cloth, $1.25, Special attention given to investments in Rail Omeyer & Thori, Architects, road, Mining and Industrial Enterprises. Corres pondence solicited. Refer Bradstreet’s Agency. SI. Paul, Minn. I O O O P e r C e n t increase in seven .-cars in creamery and dairy industry of South Dakota, other industries doing almost as well. Farm lands rapidly increasing in value. Now is the time to buy. We buy and sell. Aberdeen, S. D., our principal branch—other branches throughout South Dakota, North Dakota and Minnesota. Send for maps and circulars. E l w o o d L a n d C o ., Cor. 6th and Jackson S ts ., FARIBAULT CO. BANK, MINNESOTA FARM Loans made on Improved Farm Property. Mortgages for sale at all times. Correspon dence with Eastern investors solicited. Ample security given. We offer our services to investors in loaning money on farms in amouuts of $500 and over. W e have gilt-edge Farm Loans for sale. Corrsspondence solicited. Care given non-resident property. Winnebago City, Minn. CITIZENS STATE BANK, Montevideo, Minn Mortgage Loans and Investments Z U E L & JO H N S O N , First mortgage loans on improved farms in Investm ent B rokers. W'lkin County. Investments made for conser vative Eastern parties. Care given to non Loans made on improved farm and city propresident property. Register of Deeds for twelve years. Taxes paid. References, First National rty. Gilt edge mortgages and securities for conservative Eastern buyers. Correspondence and Merchants State Banks of Breckenridge. solicited. Reference: National Citizens Bank. H . L. S H IR L E Y , Mankato. M A N K A T O , M IN N . Breckenridge, Wilkin C o., Minnesota. WILLAR D L. COMSTOCK, INVESTMENT LAWYER. S T . PAUL, MINN. LOANS. W . L. W E A V E R , Investm ent L aw yer. First Mortgage Loans on improved Iowa farm property. Western investments for Eastern investors. Correspondence solicited. Reference, First Nat’l Bank, Iowa Falls, la. IO W A F A L L S , IA . W W . R . O IB B S , In v e stm e n t Broker. E. W . T A Y L O R , LAW YER, ? - 9 - l l Hunt Bldg., Mankato, Minn. Webster, - South Dakota. First Mortgage Loans on Best Real Estate, Loans and Investments. Security. Western Investments Mortgages made on improved farm Secured. Correspondence invited. lands for conservative investors. References furnished. Correspondence solicited. Mortgage loans made on improved farm and city property. Western securities purchased for Eas1era investors. Correspondence solicited, Reference, Bank of Clarion. C L A R I O N , IA . (Established 1888,) M IL L E R & FO O T E , Lawyers and Investment Bankers. First Mortgage Real Estate Loans in the" Red River Valley. Interest collected and remitted at par. Land bought and sold. Large tracts offered for conservative Investors. Correspondence solicited. C R O O K S T O N j = = M IN IN , SNOQUALMIE FALLS AND WHITE RIVER POWER COMPANY. S E A T T L E -T A C O M A . Supplies the Electric Power utilized by the Flour Mills, Street Railways, Interurban Railway, Smelter, Street and Domestic Lights and the Indus trial Motors of Seattle, Tacoma and intermediate towns. Address Chas. H. Baker, President and Chief Engineer, SEATTLE, W ASH . Anyone sending a sketch and description may quickly ascertain our opinion free whether an invention is probably patentable. Communica tions strictly confidential. HANDBOOK on Patents sent free. Oldest agency for securing patents. Patents taken through Munn & Co. receive special notice, without charge, in the Scientific American. A handsomely illustrated weekly. Largest cir culation of any scientific journal. Terms, $3 a year; four months, $L Sold by all newsdealers. MUNN &Co.36,Bro* a>'New York Branch Office, <125 F St., Washington, I>. C. THE FINEST BOOK PAPERS Gan be procured from McCl e l l a n p a p e r c o m p a n y J o b b e r s o f E v e r y t h i n g in P ap e r. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M I N N E A P O L I S , M IN N » T H E C O M M E R C IA L W EST. 6 Saturday, December 13, igö2. N EW LINE FINE S E R V IC E The Pioneer Limited. BETW EEN 'TH ERE is no train in service 1 on any railway in the world that equals in equip ment the ON T H E Pioneer Limited St. Paul, Minneapolis, and Chicago trains in daily service be tween the Twin Cities and V IA Chicago on “The Milwaukee Road;” The Railway Com pany owns and operates the sleeping and dining cars on all its trains, and gives to its patrons an excellence of ser vice not obtainable elsewhere. The buffet cars, compartment cars, standard sleeping cars and dining cars of “ The Pioneer” are the handsomest ever built. Do You Desire a Factory Site? The Industrial Department of the Lackawanna Railroad will aid you in finding one. Does Your Town Desire an Industrj? The Industrial Department of the Lackawanna Railroad will aid you in getting one. Are You Interested in any Raw Product for Manufacturing Purposes? The Industrial Department of the Lackawanna Railroad will tell you if it is to be found along that road. Does the Question of Power Con cern You? The Industrial Department of the Lackawanna Railroad will tell you of good water power and of the proximity of fuel to points on that road. Do You Want to Know the Usual Rate of Wages? The Industrial Department of the Lackawanna Railroad will give that information regarding any point on that road. Do You Want to Know the Price of Gas, Water, Electricity? The Industrial Department of the Lackawanna Railroad will tell you. Do You Desire Any Other Informa tion Regarding Either a Site for an Industry or an Industry for a Site? The Industrial Department of tha Lackawanna Railroad will try to give it. Address all communications to C. W. TEN BROECK, Industrial Agent, • 26 Exchange Place, NEW YORK CITY L ___________________________ I https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis L e a s e d and Operated L ines and on Sever a l Connecting L ines , Aggregating Over 6000 Miles ofTrach and Illinois Central Railroad AND Albert Lea, W aterloo, Dubuque, Freeport and Rockford. TO T H E S O U TH Through State100m rnd Open Section Sleeping Car, Buffet-Library Car and Free Reclining Chair Car. VIA THE POPULAR DINING CAR SERVICE EN ROUTE. MONON ROUTE g)) C^l£ASO-l!,|pl*N*PousE|oIjisvit.ir Ifwywjtjj » r «-------------» TWO TRAINS DAILY TO For information as to ticket rates or berth reservations, address A. B. Cu t i s, G. P.‘ & T. A., M. & S t . L. R. R., M in n e a p o l is . LOUISVILLE and FRENCH LICK SPRINGS Special Sleeper to the Springs. FOUR TRAINS DAILY TO ..................................................... ............\ Indianapolis and Cincinnati Parlor Chair Cars and Dining Cars on daytrains. Compartment Sleeping Cars on night trains. For Folders, Tourists’ and Homeseekers’Rates,French Lick Pamph lets, Booklet “ Ten Routes to the South,” address L E. SESSIONS, General Agent Passenger Departmen 541 Andrus Bldg., Minneapolis. Minn. FRANK J. REED, General Passenger Agent, Chicago S t. L o u i s a n d th e S o u th Are conveniently and comfortably I reached by our two trains a day. The Limited, leaving Minne apolis at 7 :25, St. Paul 8:00 p. m. daily, arrives in St. Louis Efficiently Serves the following a f t e r n o o n . Combination Comp a r t m e n t a V ast Territory and Standard Sleepers and Reclining Chair Cars. The Scenic Express, leaving by through service to and from following cities : Minneapolis at 7 :30, St. Paul 8:05 a. m., except Sunday, ar OMAHA. C H IC A G O . rives in St. Louis early next ST. PAU L. ST. LOUIS. morning. Sleeping Cars from M IN N EAPO LIS. PEORIA. Rock Island south. HOT SPRINGS. E V A N S V IL L E . This is the most direct route from N ASH V ILLE . MEMPHIS Minneapolis and St. Paid to Clinton, C IN C IN N A T I. ATLAN TA. Davenport, Rock Island and all Miss LO U ISVILLE. JA C K SO N V ILL E . issippi River cities. Passengers by either train make close N EW ORLEANS. VICK SBU RG . connections with lines south, south east and southwest in St. Louis Union £ 3 f t ‘î î “ East, South,West, North. Station. Illinois Central R. R. ASK Fast and Handsomely Equipped Steam-Heated Trains—Dining Cars—Buffet-Library Cars— Sleeping Car»-Free Reclining Chair Cars. A. H. HANSON, Gen’l Pass’ r Agent, CHICAGO YOUR. HOME, TO SEND YOU B U R LIN G T O N . AGENT BY THE v ____________ ____________ / T H E C O M M E R C IA L W EST. Saturday, December 13, 1902. THE MAIN TRAVELED LINE. W inter Tourist Tickets to p o in ts in During the past fiscal year, “ T h e N o r th -W e s te r n Line” carried 21 ,425,357 passengers. This number is equal to 687,508,118 carried one mile, or over eight and one-half times the total population of the entire United States. These figures furnish convincing proof of the popularity of this great railway among the traveling public. “ T h e N o r th -W e s te r n L in e” also carries more people in and out of Minneapolis, St. Paul and Chicago than any other road. T h e N o r th -W e ste r n L im ited every night between these three large cities is the finest of all fine trains. T. W. T e a s d a l e , General Passenger Agent, St. Paul, Minn. F L O R ID A and the Southland, on Sale A f t e r O ctober 15, v ia th e “Big 4Route” At all Coupon Ticket Offices in the Northwest. If you wish the best of everything see that your tickets road via “ BIG FO U R” from Chicago. Get full information from Agents or address J. C. T u c k e r , G. N. A., orCiiAS S. L a F o l l e t t e , T. P. A., 234 Clark St. Chicago. The Train of 1902 is th e “ G r e a t W e s te r n L im it e d ,” ru n n in g e v e r y n ig h t b e t w e e n C h ic a g o , S t. P a v il a n d M in n e a p o li s , v ia . C h ica g o Greaut W e ste rn R^ailway Oriental Trade The hope of commercial and agricultural America. A fact not yet fully compre hended. Keep your eye on the Orient. GREAT NORTHERN RY. “ Across America” to Asia. N e w E o u ip m e n t o f L a te s t a n d M o st C o m f o ’ tab le B u ild S» V V Information and Rates, 41? Broadway, N. Y. or F. I. Whitney, G. P. & T. A., St. Paul, Minn. J. P. E L M E R , G e n e r a l P a sse n g e r A g e n t, C H IC A G O , IL L . 9 “ North Coast EVERY DAY N THE YEAR Limited” The Northern Pacific Railway take pleasure in announcing that tlieir popular overland train, the “ N o r t h C oast L im i t e d ,” will be continued during the winter. This broad vestibuled, steam heated, electric lighted train, with its model observation car equipped with the most modern conveniences, such as par lor, reading and writing rooms, library of choice books, supplement with the latest magazines and illustrated papers, buffet bath room, barber shop, and card rooms; with standard Pullman and tourist sleep ing cars (the former with two berth lights in each section), as well as handcome day coaches, guarantees the travel ing public service between St. Paul, Minneapolis, Duluth and Fargo, Butte, Spokane, Seattle, Tacoma and Portland absolutely unrivaled. Two through trains daily between St. Paul and Portland, sup plemented by the “ Burlington’s” Special running daily between Kansas City and Seattle, via Billings, is the most complete . transcontinental passenger service now offered the traveling public. C has . F. F e e , G, P, & T, A., St. Paul, Minn, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis AMERICAS MOST POPULAR RAILWAY T R A V E L V IA T H E E R IE Between Chicago and New C H IC A G O A db t A N D ALTON 1 PERFECT PA SSE N G E R 1 S E R V IC E | BETWEEN York, and Boston. 1 "U llfi New Limited Trains No 4. leaves Chicago daily at 10:30 A. M. arriv ing New York at 3:30 P. M. and Boston at 8: P. M. the following day. Through Pullman Sleepers. Dining Cars and Coaches. The Best through service between CHICAGO and COLUM BUS is via the E R IE. Rates Timetable, also descriptive Booklet all about the FAM OU S health Resort, CAM BRIDGE SPRINGS, PA., will be cheerfully furnished upon application to W. O. M j N a u g h to n , P io n e e r P ress B u il d in g S t . P a u l . Ch ic a g o a - k a n s a s c i t y , CHICAGO AM. S T .L O U IS . CHICAGO - P E O R I A . S T .L O U IS —K A N S A S CITY. THROUGH PULLMAN SERVICE BETWEEN CHICAGO AND H O q r S P R I N G S . Ark , D E N V E R .C o lo ., T E X A S . F L O R ID A . U T A H . C A L IF O R N IA OREGON. IF YOU ARB CONTEMPLATING A TRIP, ANY POR TION OF WHICH CAN BE MADE OVER THE CHICAGO JkALTON, IT WILL PAY YOU TO WRITE TO THE UNDER* SIGNED FOR RATES, MAPS, TIME-TABLUS, ETC. Ge o . J. Ch arlto n , GENERAL PASSENGER AGXNTt chicaqo, I**, T H E C O M M E R C IA L W EST. Report to the Comptroller of the Currency (C o n d e n s e d ) OF THE CONDITION OF The Northwestern National Bank OF MINNEAPOLIS, MINN. N OVEM BER 25, 1902. RESOURCES. LIABILITIES Loans and Discounts.......... $6,152,988.07 C ap ital,...................................$1,000,000.00 U. S. and other Bonds......... 844,354.59 Surplus and Profits,......... 520, 707.52 143,800.00 Cash, andDue from Banks.. 3,205,816.59 Circulation,........................... Deposits,.............................. 8,738,596. id _________ U. S. Bond Account,.............. 100,000,00 $10,503,104.25 $10,503,104.25 An average of over 8 percent dividends paid to stockholders since organization in 1872. Dividends paid since organization, $2,110,000.00. OFFICERS: .J. W . R aym o n d , President. E. W. D e c k e r , Cashier. W m . H . D u n w o o d y , Vice-President. J oseph C h a p m a n , J r ., Ass’t Cashier. F. E. H o lto n , Ass’t Cashier. J. F. C o n k l in , Prest. A. E. Z o n n e , V-P.&Treas. E. J. F o r s t e k , Secy. J. F. CONKLIN & ZONNE CO. Temple Court, Minneapolis First Mortgages Loans and Insurance (i. H. L o o m is , A ss’t Secy Real Estate Securities Special attention given to the care of estates and management of property for non-residents. R e f e r e n c e s : First National Bank and Northwestern National Bank. THE EQUITABLE TRUST COMPANY, 152 M onroe S treet, CHICAGO. Capital Paid Up, $500,000. Surplus, $250,000. Acts as Trustee for Corporations, Firms and Individuals and as Agent for the registration and transfer of bonds and stocks of Corporations and the paym ent of coupons, interest and dividends. Interest paid on deposits. D IR E C T O R S . O F F IC E R S . WILLIAM BEST, JOHN M. SMYTH, ANDREW McNALLY, J. R. WALSH, MAURICE ROSENFELD, L. A. WALTON. J. R. WALSH, President. L. A. WALTON, Vice-President. C. D. ORGAN, Sec. and Treas. C. HUNTOON, Asst. Sec’y and Ass’t Treas. W A L TE R Li BADGER j OM » P 0LIS,HIHN. f**% (T* A I LI L M L IW | ijk I V| ™ ■ I S C" ÇJ T C " B ou gh t and S old on C om m ission L .O I M I CL or J o in t A ccou n t. m ad e on F irst-cla ss Im p roved S ecu rity to net len d er iVî to 6 per cent. S p ecial a tten tion given to ca re o f p rop erty w ith eco n o m ica l m anagem ent gu aran teed . B est o f references. ZZS? Minneapolis Property Rents collected; buildings improved and reconstructed to produce increased results. Satisfactory reference to local and eastern parties. MOORE BROS. & SAWYER, Minneapolis. HARRIS, GATES & CO. B R O K ER S . STEPHEN N. BOND. BO ND & BOSTON. L ,o a r t s . R O B ER T F . P E R K ünJ G O O D W IN , BANKERS» Commercial Paper. C o r p o r a t io n No. 10 Wall Street, New York. W IL L IA M H. GOODW IN. CHICAGO. Investm ent Securities. Loans S ecured b y S to c k s , B onds and W a re h o u se R eceip ts. Manager Chicago Office: CHARLES F. MEYER, 226 La Salle St. Mortgage Loans on Minneapolis P r o p e r l y Accepted Promptly loR6Ap T,Ers„ nt. « COUNTY T H O R P E AND SCHOOL, B R O S ., https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BONDS FIRST NATIONAL BANK OF MINNEAPOLIS U n i t e d St a te s D ep ository Capital, - $ 1 , 0 0 0 ,0 0 0 Surplus and Profits 400,000 Deposits, - 10,000,000 J ohn M a b t i n , President. F. M. P b in c e , Vice President. C. T. J a f f r a y , Cashier. D. M a c k e b c h a b , Ass’t Cashier. E b n e st C. B b o w n , Ass’t Cashier KENNETH CLARK, President. C. H. BIGELOW, Vice-President. GEO. H. PRINCE, Cashier. H. W. PARKER. Asst. Cashier. Merchants’ National Bank OF SAINT PAUL C a p ita l... $ 1 ,0 0 0 ,0 0 0 S u r p lu s . 2 0 0 ,0 0 0 UNITED STATES DEPOSITORY DIRECTORS: Crawford Livingston Kenneth Clark J . H. Skinner Louis W. Hill George H. Prince D. E. V. L. F. R. N. M. P. B. Noyes Saunden Watkins Ordway Kellogg C. H. Bigelow D E A N B R O S . & CO. Commercial Paper. ________ M IN N E A P O L IS ._______ Vermilye & Co BANKERS, Nassau and Pine Sts., New York. 201 East German Street, Baltimore. 13 Cougress Street, Boston. D e a le rs in G O V E R N M E N T BONDS U . S. and o th e r IN V E S T M E N T SECURITIES Deposits Received and Interest Allowed o'l Balances subject to Draft at sight. Private Wires to Boston, Philadelphia, Baltimore and Richmond. G E R M A N IA B A N K M IN N E A P O L IS . E s ta b lis h e d 1 8 9 3 . C a p ita l, $ 5 0 , 0 0 0 Surplus and Undivided Profits, $8,000, O. E. Naegele, Pres., Jno. C. Oswald, 1st V-Pres., L. Paulle, 2nd V-Pres. Directors—H. J, Dahn, E. W. Naegele, C. G. Laybourn, H. Vogt, Jos. Ingenhutt. Transacts a General and Safe Banking Business. S to c k s , B o n d s , G ra in , P ro v is io n s , C o tto n , C o ffe e . No. 1 Board of Trade, Chicago. Saturday, December 13, 1902. W ANTED. M IN N E A P O L IS . D a v i d C. B e l l , Pres. W a l t e r A. E g g l e s t o n , Sec’ y J a m e s B. S u t h e r l a n d , Treas. David C. Bell Investment Co., Minneapolis. Established 1880. Itiiorp yritji ISO CHOICE FIR ST M O RTG AG ES Secured on new modern residence properties in Minneapolis, each security having been personally inspected and approved by us. Many years exper ience enables us to get the best securities. Refer to any Bank in Minneapolis. The SWEDISHAMERICAN NATIONAL, iA N K , ¡M IN N E A P O L IS , N. O. WERNER, President. C. S. HULBERT. Vice Pres. F. A. SMITH. - - Cashier. E. L. MATTSON, Asst. Cash. CAPITAL, - - $250,000 SURPLUS and UNDIVIDED PROFITS, 90,000 pEPOSITS, - - - 2,708,000 ftucign Exchange Bought and .Sold, T H E C O M M E R C IA L W EST. Saturday, December 13, 1902. 9 T h e L it t le fie ld B ill. A W EEKLY JOURNAL REPRESENTING WESTERN INVESTMENTS, MANUFACTURESG, MILLING AND GRAIN. H. V . JONES, Editor and Manager. HENRY D. BAKER, > ROLLIN E. SMITH, I D. E. WOODBRIDGE, - - - - Associate Editors Editor Mines Department A . W . WARNOCK, Business Manager. Minneapolis Office, Rooms 627-629 Guaranty Building. T e leph o n e , M a in 307. One Year, $3.00. SUBSCRIPTION IN ADVANCE, POSTAGE FREE: Six Months, $1.50. Three Months, $1.00. FO R E IG N S U B S C R IP T IO N S . POSTAGE P R E P A ID , Copy, 10 Cents £ l . T he C om m ercial W est will not knowingly publish the advertise ment of a financially unsound individual or company. Advertising Rates sent on application. Published by th e Commercial W est Company, Minneapolis, M inn. E N T E R 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 I C E , M IN N E A P O L IS , M IN N . SATURD AY, DECEMBER 1 3 , 19 0 2 . P R IN C IP A L C O N T E N T S . Editorial ................................................................................................ The Littlefield Bill. Cleveland and Reed. Obstreperous Venezuela. The W orld’s New Trade Route. Stability of Farm Land Investments. Debates Between Bank Clerks. Shall W e Make It Free Trade. Observations ......................................................................................... St. Paul-M inneapolis-Seattle Trade R ou te.................................. Missabe Ore For St. L ou is......... ...................................................... 9 12 14 40 Financial, Money and Stocks. E. D. Hulbert on Pessim ism .......................................................... Dividends ................................................................................................ Check Mileage of Chicago B anks..................................................... Railroad Rates in the N orthw est................................................... Bank Clearings....................................................................................... Minneapolis and St. Paul Securities............................................. Bank Clerks in Cleveland.................................................................. — By F. I. Kent, Chicago. Minnesota State B anks...................................................................... Railroad Earnings................................................................................. W estern Bond I s s u e s ....................................................................... New York L etter.................................. ................................................ Money R a tes.................... — By J. B. Forgan, Chicago. Banking Figures for Omaha............................................................ Grain and Milling. Minneapolis Grain Receipts for 1902............................................... Manitoba Crop R eport........................ Barley Crop of 1902.......................................................................... Minneapolis Grain M arkets................................................................ Milwaukee Grain M arket.................................................................. Canada as a Grain P roducer................................. 21 21 23 22 24 24 25 25 26 26 15 15 36 36 35 37 34 44 M iscellaneou s. General Statistics.................................................... November Grain M ovem ent................................ Farm Land M ovem ent........................................ L iv e S to c k . Live Stock M arkets............................................... Live Stock Business at South St. P au l........ — By Gen. M. D. Flower. Minnesota Bankers will Try the “ Group System.” A t the executive council meeting of the Minnesota Bank ers’ association in Minneapolis, on the 6th, it was decided to organize three district associations as an experiment. These will be in the first, second and seventh congressional dis tricts, and on the success of these will depend the districting of the whole state. Each member of the executive council in the three districts named will be responsible for the organization of the association in his district. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis It has become so customary to hear from the “ ex perts” on the trust question, proposals of indefinite remedies for indefinite “ evils,” that it is very refresh ing for us to note that Congressman Littlefield, in his bill just introduced into Congress, lias proposed a definite remedy for a real evil. This bill has been referred to us as an “ anti-trust” bill; yet there is nothing about it which attacks the principle of corporate combination, nor which stig matizes trust organizations as being pernicious. It is designed merely to check the evil of overcapitalization — an evil which is not imaginary, like most of the socalled evils from the trusts, but instead is very real and very dangerous to the country. It is an evil which weakens the very foundations of our business struc ture. The end that Congressman Littlefield seeks to reach by means of his bill is, therefore, an end that every legitimate business interest of the country should for its own protection work earnestly to have attained. Of the two means that the Littlefield bill proposes for this end, publicity and taxation, the first strikes us as being reasonable, but the second unreasonable. 1 he bill provides that every corporation doing an interstate business and having more than $500,000 capital, shall file with the Interstate Commerce Com mission each year a statement of its capital stock and debt, with all particulars, the amount paid for the property, and the market value, together with the earnings, expenses, interest, dividends, taxes, perma nent improvements, salaries and wages paid. The Interstate Commerce Commission is to have power to examine the officers of the corporation under oath touching these matters. The same powers are to be exercised for obtaining the facts as are now exercised in obtaining the facts from railroads engaged in in terstate commerce. A tax of one per cent per annum is to be imposed on so much of the capital stock of such corporations as consists of water. There is no legitimate reason why all large in dustrial companies should not court the same pub licity in their financial affairs that some of the best of them, like the United States Steel Corporation and the National Biscuit Company, already do. The op portunities to invest in their securities are public enough; hence why should not the opportunities to acquire information about them also be public? Given publicity, the evil of over capitalization will cease to grow as an evil. We do not say that it will cease to be an evil, for unfortunately watered stocks, having already come to be with us, must, like the poor, be with us always, until bankruptcy works ad justment. The exposures that would come from pub licity would simply bring to many the sad knowledge that there was worthlessness where there was sup posed to be worth. Disillusionment would come to many who presumed they were rich. Publicity would not restore the good hard money of those who had already paid for the operations by which promoters’ velvet had been manufactured from watered stock. As for taxing watered stock one per cent per an num, as provided for in the Littlefield bill, we fail to see the desirability of it. As in the case of taxation io T H E C O M M E R C IA L W EST. Saturday, December 13, 1902. Grover Cleveland, the country would have recovered sooner than it did from the panic which the finan cial excesses of the preceding administration had brought on. Between ]888 and 1896 both Republican and Democratic parties were “on the fence” as regards the currency question. Their platform declarations were models of ambiguity and masterpieces of policy concealing language. Most of the politicians of both parties were “ bi-metallists.” The word “ gold" meant with them only golden silence. Not until 1896 did the two parties get off the fence, and face each other fairly and squarely on the issue of gold versus silver. On the pages of this country’s financial history between 1888 and 1896, the most honorable mention must go to Grover Cleveland and Thomas B. Reed. The American people should never forget the heroic fight these two statesmen made almost alone under the most trying conditions, and in sacrifice of politi cal prospects, to defend the gold standard until in C le v e l a n d a n d R e e d . 1896 it was made a plank of the Republican party In the career of the late ex-Speaker Reed there (see article in this issue on credit for the gold plank was no incident more to his credit than his defense, of 1896), and borne aloft to victory by William Mc in 1895, of President Cleveland’s sale of $60,000,000 Kinley, the “ advance agent of prosperity.” government bonds to replenish the gold reserve, and save the credit of the United States. In defiance of O b s t r e p e r o u s V e n e z u e la . the warnings and entreaties of his friends and sup porters, he dared uphold the policy of President One of the best written parts of President Roose Cleveland. He dared deliver on the floor of the velt’s message to congress was that containing the House of Representatives one of the most effective very curt hint to the other nations of America, that—arguments that has ever been made in support of the “ It behooves each one to maintain order in its contention that the interest and principal of govern own borders, and to discharge its just obligations to ment bonds are payable in gold. foreigners.” At that time most of the leaders of the Republi This advice may make unpleasant reading to the can party had little or no conviction on the money Venezuelans, who doubtless have supposed they question. They thought that President Cleveland could count on the protection of their big “ brother” was playing very poor politics by not yielding some to the north, whenever their creditors came around thing to the silver sentiment. They chuckled over with warships to collect moneys that were overdue. the unpopularity that his dealings with the Belmont- The famous Venezuela message of President Cleve Morgan syndicate brought him. They were glad land has doubtless been considered by them to have that he had sufficient rope, and was using it in such been a model and a precedent for all official docu a way as to wind up his political career. They had ments from Washington, bearing on the relation of significant nods to give to those who were clamor Venezuela to foreign nations. But the message of ously denouncing the “ outrage” of the syndicate President Roosevelt furnishes to them a wholesome dealings. disillusionment on this point. •ay |>)IU Thomas B. Reed towered as much above The Monroe doctrine ought to be very conserva Most of his Republican party associates in this mat- tively construed with reference to these South Ameri "ie? as Grover Cleveland was towering above most can republics. Most of them have crude standards of his own party associates. While President Cleve of international good manners. Their ideas on land deliberately threw away his prospects for an questions of honor are exceedingly curious. With other nomination in order to do what was necessary them it appears to be considered an honor to cred to ward Off from the country great financial disaster, itors to get paid. To refuse to pay just debt is not so Speaker Reed was also willing to put in jeopardy dishonorable. But when a debtor is asked to pay his chances for the Republican nomination to the up, he is dishonored. The senors of these coun presidency rather than not defend Grover Cleve tries seem to think that the only true gentleman is a land fob his righteous but unpopular acts. soldier or a politician, or both; and that the noblest Had the Republican party between 1888 and 1892 pastimes are not those of business, which require been led by more men with the back bone of Thomas vulgar fulfillment of financial obligations, but rather B. Reed, who defeated the passage of a free silver those of politics and of war. which allow free play to bill in 1890, the Sherman silver purchase act of the the passions with which honor may be asserted. same year could never have been passed, and the If Venezuela is taught by Great Britain and Ger panic of 1893 could have been prevented. Had the many a sound lesson in honor, the sensible people of Democratic party between 1892 and 1896, had other the United States should rejoice. Good citizens leaders as intelligent, honest and courageous as never object when deputy sheriffs go out to make a of bank capital, the tax would probably be paid by the corporation, and only indirectly by the stockholders. The tax would come out of the general treasury, and the terra firma, as well as watered stock, would par ticipate in the burden. The government with its in creasing surplus does not need to levy new taxes, but instead should find ways to cut down taxes. By compelling publicity the government would assume a long neglected responsibility.1 But its prop er responsibility stops right there. Taxation of the watered stock would force the government to reach official and arbitrary conclusions as to what stock was water and what was not. That would be a pre posterous exhibition of paternalism, and might lead to much rank injustice. Once given the facts relating to corporate finances, the average judgment of invest ors as to what is water and what is not would unques tionably be far more accurate and fair than the judg ment of the government. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday, December 13, 1902. T H E C O M M E R C IA L W EST. levy. The principles of Monroeism may be strong in the hearts of the people of this country, but still stronger are those principles of justice and of honor which say that the just obligations of nations as well as of individuals, should not be evaded but paid. T h e W o r ld ’ s N e w T ra d e R ou te . The main trade routes of the world have not changed in 400 years. After this long period a new world’s trade route is about to be opened between Europe and Asia that can well be named the Minneapolis-St. Paul-Seattle route, or bo express it briefly, the Puget Sound route. It has been created by Mr. James J. Hill, and it will turn the trade of Europe away from the Suez canal and throw it across the United States via Minneapolis and St. Paul. It has been impossible up to this time to secure in the state of Minnesota an expression of impartial judgment on Mr. Hill’s great work for the United States, and the Northwest in particular. While con gress has indulged in much of theory, while the desirability of trade extension for the country has been waged by the press, it has remained for Mr. Hill to single-handed open to this country new trade routes that before he is long in his grave will help to save our people from business depression. It has been most unfortunate for Minnesota's welfare that politicians have been allowed by a short sighted press to mislead the people as to what their attitude toward Mr. Hill in the large sense should be. The railroad issue in Minnesota has been placed so squarely on a political basis that the people have been led to think that of itself the railroad is an agency that should be- fought on general principles. As a result of this wrong policy Minnesota has shut out much development by steady refusal to co-op^ erate on right lines with so powerful a developer as Mr. Hill. Minneapolis and St. Paul would today have a population in excess of a half million had the rail roads been used for legitimate ends rather than merely for the purpose of electing candidates to of fice by the raising of false alarms about railroad policies. In th e case of Mr. Hill, the prophecies have been for years that he was about to do hurtful things, but always without confirmation later on; and when it was announced a few years ago that if he bought the Northern Pacific road there would be a great ad vance of freight rates, the people were led to be lieve the nonsense, opposed as the idea was to all economic foresight. Mr. Hill bought the Northern Pacific road and what about rates? They are lower today in the Northwest than they have ever been. And they will be lower. Now that many years have passed since these un fulfilled predictions began, a part of the Minnesota press moved up to the position that, after all, Mr. Hill may be helpful to general interests, but the dan ger is to be realized after his death! Why not let our children worry about that, while we of the pres ent day join hands with these great railway agencies and work out the benefits that would follow co-op eration. The Minneapolis Tribune has the credit of pub https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11 fishing a few days ago a broad minded editorial on “ The Northern Route to Asia.” And in a subse quent paragraph it suggests the important fact in the merger question when it says: “The best of the Great Northern bid for Philip pine traffic is that is is rousing all the transcontinental roads to vigorous competition. Here is new illus tration of the fact that merger only enlarges the field and increases the energy of competition. Apparently Air. Hill is going to make more trouble for the other two transcontinental lines than the whole five used to make for one another.” The New York Times reaches down into the question when it says: "Nor can it be denied that the success of such schemes as Air. Hill describes * * * can be attained only by the greatest economy and skill in management and by making the lowest rates. The competition it challenges is too wide and varied and complex to admit of any other policy. On such a scale the question for the directors of transportation is no longer how much the traffic will bear, but for how much its volume can be increased. Any other principle invites defeat.” 1 his advance of operative methods can be real ized only “by making the lowest rates,” says the I imes. It was this doctrine that The Commercial W est humbly announced when it first gave support to the merger in a community that was almost wholly opposed to the idea. Three great events happened in the fifteenth cen tury, and they changed the trade routes of the world— Columbus sailed to America, DeGama passed around the Cape of Good Hope to the East Indies and cut off the overland caravan route by Venice, and printing was discovered. Then came the cut off by Suez that merely saved the trip around Africa. After 400 years Air. Hill lays down a chal lenge for the Suez route and names a freight rate that has hitherto been unheard of in shipping— eight dollars a ton from Chicago and more Eastern points to China. Is that opposed to the interests of the people? Why shouldn't Minneapolis and St. Paul be realiz ing some of the benefits from the great merger agency? Or do they prefer to pass the enormous dis tributive business that might be done here, over to Chicago, and other markets? This is worth thinking about seriously. T h e S t a b ilit y o f F a rm L a n d I n v e s t m e n t s . The Iowa banks which are refusing to make fur ther loans on farm lands as security are doubtless acting as conservative judgment dictates to them. When banks get well loaned up, as the Iowa banks appear to be, it is necessary for them to call a halt, and to refuse further accommodation, no matter how choice may be the security offered, or how profitable may be the rates obtained. It is the paramount duty of a bank to look out for its reserves, and nothing, not even the desires of the best valued customers, should be allowed to stand in the way of this duty. But the present unusual conservatism of the Iowa banks regarding loans on farm lands ought- not to be construed as a reflection on the safety of farm T H E C O M M E R C IA L W EST. 12 Saturday, December 13, 1902. lands as investments, or as collateral for loans. Not withstanding that good farm lands in the west are now higher in value than they have ever been before, yet probably today there is no kind of investment that is safer nor more likely to yield large profits in the future, than farm lands. The intrinsic value of farm lands bears a closer relationship to population than to general prosperity. As population increases the demand for the products of farms necessarily increases in proportion. And population is bound to keep on increasing, no matter whether times continue good or whether they grow bad. There seems almost no limit to the rapid growth of population in the cities. While in rural communities the gains in population seldom seem extraordinary, as in the cities, yet one of the chief reasons for this is that the average farmer prefers a large farm to a large family on his farm. When the ratio of sons to acres threatens to become financially embarassing, the sons must go to the cities or else seek out new acres in some part of the country where farm lands are still cheap. The available new land for farms is confined to the northwest. Much new land is still available; nevertheless it is limited. But who is there who can place any limitation on the future number of farmer’s sons who will want new farms, nor on the general increase in population, which no matter whether times are good or bad, must have food to eat and raiment to wear; that is, must depend on the farmer for the raw materials of life? Prosperity may come and go, but it would seem that a general appreciation in farm lands, must go on for many years to come. positive forces, giving them capability to become leaders of men. It may seem difficult for the average bank clerk, accustomed to the seclusion of the counting room, to go on the platform of a public hall and pit the thoughts of his own brain against the thoughts of someone else’s brain. His legs may feel as if they wrere made of jelly, his heart as if it was made of lead, and his brains-as if they were miniature balloons. Nevertheless, this is intellectually just the kind of training that will bridge the gap between the bank clerk and the man of affairs; that will some day, per haps, turn the snapless, overmodest, unopinionated bank clerk into the cool headed, discerning, logical president of a great bank. Debating is conducive to good judgment, and good judgment is an essential of good banking. D e b a t e s B e t w e e n B a n k C le r k s . • The present short session of congress promises to be a kind of laboratory for mixing up various solutions for the settlement of the trust question,” and the compounding the various solutions into a final mixture. But when every body in congress has done his duty toward his constituency and his country bv announcing his views regarding the evils of the trusts, and by filing in his prescription bill for a trust worthy panecea, it will be interesting to note what kind of a compound, if any, in the way of legislation, our congressional chemists will really prove able to have produced. Will it contain some ingredient that will make it as ineffectual legally, as the present Sherman anti-trust law? Will it con tain some nitro-glycerine product that will create an ex plosion among not only the evil, but the good, in our in dustrial system? Or will it be some harmless decoction, like common salt in a sugar coated pill, which the hypo chrondiac patient imagines will cure him of his imaginary ailments, because the doctor has told him so, and which actually does cure him just like a charm? That congress, or at least the house of representatives, intends to pass an anti-trust bill at this session, there seems no reason to doubt. Most of the congressmen who have very sincere views on the subject of the “ trust evil,” are profoundly convinced that their own views as to how to deal with the “ evil” are absolutely correct; and are equally sure that the ways and means pro posed in other bills for dealing with the “ evil,” are full of flaws and loopholes. -k 'k 'k S h a ll W e M a k e it F r e e T r a d e . Shall we make it free trade with Canada? Or shall it be reciprocity only? We are afraid of Cana dian lumber under free trade. But is the point well taken? Has not the population of the country grown on the one side and the timber area diminished on the other in proportions that would prevent injury to United States lumber interests as a result of Cana dian lumber competition? If negotiations between the United States and Canada should reach a point where free trade would win the day, let the bars go down and let Canadians and Americans trade. This is reciprocity in a broad sense— it is applying a policy where it will help all concerned. OBSERVATIONS. The debate between the Pittsburg and Cleveland chapters of the American Institute of Bank Clerks, which Mr. F. I. Kent, president of the Chicago chap ter, so entertainingly describes in an article in this issue, suggests what a splendid means of intellectual training for bank clerks frequent debates of the same sort would be. Too often the mistake is made in educational work like that undertaken by the American Institute of Bank Clerks, of laying stress simply on the cramming of the mind with facts, rather than on the training of the mind to make appropriate use of facts. It is not what a man knows, so much as his ability to apply what he knows to advantage, that makes him clever and brings him success. Debating is an intel lectual exercise that has no equal. It forces those who engage in it to be quick witted, cool, deliberate; to assort facts with regard to their logical relation ship, and to look at them in proper perspective; to consider both sides of a question. Moreover, it is a good moral exercise. It enables young men to over come the diffidence and hesitation which so often keeps them in the background when their general in tellectuality might seem to justify their place in the foreground. It makes them capable of forming opin ions of value. It takes away their fear of letting oth ers know of their honest views on this question or that, Thus it can change them from non-entities into https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A cartoon in one of the daily newspapers represents the door of congress being opened and a great, impatiently waiting multitude of anti-trust bills rushing into the dig nified halls of congress with the same pell mell, undignified, haste that the Parisian sans culotte puce rushed into the abode of majesties in ffie palace of Versailles. The cartoon is aptly suggestive <if the irrational jmpatigpce of our con- T H E C O M M E R C IA L W EST. Saturday, December 13, 1902. gressmen to deal with the trust “ evil” each in his own way* * * It is fortunate that congress has an official publication called “ The Congressional Record,” which prints free of charge the speeches congressmen have prepared, but have had no chance to deliver. As our congressman have the franking privilege, “ The Congressional Record,” with the un spoken speeches printed just as if they had been really spok en, can be sent out free to the constituents of the congress men as real proof that they are doing the most that in their power lies, to preserve the interests of their constituents from the assaults of the various “ barons,” “ octopuses,” and other powers of evil that seek to emmesh the capitol at Washington in their tentacles. * * * “ The Congressional Record” has been of immense service to the nation, and will be of special service during this short session, by thus affording safety escapes for the oratorical energy of those who would make themselves immortal by making themselves eternal. * * * The late ex-Speaker Thomas B- Reed, on the da^ when he was last seen by his friends during his recently fatally ending visit to Washington, said that the program against the “ trusts,” was that “ An indefinable something is to be done, in a way nobody knows how, at a time that nobody 13 knows when, that will accomplish nobody knows what.” A more truthful, or wittier, statement of the program against the trusts could not have been made easily. * * * But equally humorous in its conveyance of the contradictiveness and indefiniteness of our “ trust problem,’’ is. the following story told by one of the humorists of con gress, Samuel L. Powers, of Massachusetts; “ One night I thought my audience would like to be told what Attorney-General K nox and the republican administra tion were going to do with the beef trust, and how unwill ing the republican party was that the American wage-earner should be oppressed by high prices on the necessaries of life, and particularly on beef. We proposed to stop it, if possible. “ I had my speech pretty well in mind. The presiding officer got up to introduce me, taking five minutes on his own account to congratulate the audience on the tremendous prosperity they were enjoying, and particularly the high prices which they were getting for their beef. All the points he made of this sort were cheered to the echo. I concluded that the pleasure of eatin- beef was a small matter with them compared with the profit of raising it, and so I had to make a hasty shift of my speech in the few seconds that remained before I was called to my feet. This trust business, on the stump, has to be handled with great care. You have got to study your geography!” — J a c k so n . OM AHA BANKERS AND TAXATION. (Special Correspondence to The Commercial W est.) commodity on the market, and the sales of this class of se Omaha, Dec. 8.— Six of the Omaha national banks were curities had been practically nothing. The lack of sales, he represented at the session of the board of equalization F ri pointed out, was indicative of the feeling of the general pub day morning, when a general protest was made by the offi lic regarding such stocks, and taxes were at the bottom of the matter. cials of these institutions against the valuations placed on Following Mr. Davis, President Wattles of the Union their properties by the tax commissioner. The board, at the National bank declared that as a result of the valuations end of the hearing, reserved its judgment and took no ac placed on the stocks and assets of the various banks, the bankers themselves were put in a very awkward position. tion on the matter. If the officials declared that the stock was not worth, for F. H. Davis, cashier of the First National bank; G. W. taxation purposes, what it is listed at, people would seize Wattles, president of the Union National bank, and Henry this as a pretext for depreciating the rank of the banks and W. Yates, president of the Nebraska National bank, each the value of their holdings, while if the valuations were al made pleas for a reduction in the assessment as it now lowed to stand it would be taken as a virtual acknowledge ment that the tax commissioner was right. stands, prepared by Tax Commissioner Fleming. Various President Yates of the Nebraska National bank followed arguments were put forth by the bankers in support of their Mr. Wattles, and proposed a plan by which a premium should be given on business. As a means to this end, he contentions. Mr. Davis stated that during the past several years the asked that personal property invested in Omaha enterprises should only be taxed at 60 per cent of its actual value, while bankers of the city had paid five times as much taxes, pro real estate should stand the full value, or 100 per cent. portionately, as any mercantile company in Omaha. On During his argument Mr. Yates gave several suggestions this account, he said, bank stocks had not been a popular as to how bank stocks should be taxed. Retirement of J. Henry Norton. J. Henry Norton, who has long been in high standing in the Chicago commission trade, in business operations un der the firm name of Norton & Worthington, and in recent years Norton & Switzer, has announced his intention to retire from business as soon as practicable. In connection with this announcement is another, of a new partnership under the firm name of Squire & Luken, composed of L. G. Squire, A. R. Luken and H. F. Squire, of whom Mr. Norton says: “ These three men, having been faithful em ployes of Norton & Worthington and Norton & Switzer, for the past fourteen years, I take pleasure in recommend ing them.” Among the Banks. Fergus Falls, Minn.— The Scandia State bank of Fer gus Falls has been reorganized, with the following officers: E. J. Breen, president; G. H. Woodhouse, vice-president; A. G. Anderson, cashier, and C. A. Root, assistant cashier. Mr. Breen is an Iowa banker. St. Cloud, Minn.— It is reported that D. H. Freeman of this city, who is interested in sheep raising near Wibeaux, Mont., has bought a half interest in the Dawson County bank of Wibeaux. St. Vincent, Minn.— E. Orris Hart, of the firm of E. W. Zander & Co., of Chicago and Ravenswood, may establish a bank here. Ida Grove, l a — James Anderson, a pioneer and the se nior member of the banking firm of Anderson, Lipton & Co., of this city, is dead. Virginia, Minn.— The gank of Virginia has been reor https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ganized as the First National bank, with capital stock of $25,000. The officers are: O. D. Kinney, president; E. Z. Griggs, vice-president; B. F. Britts, cashier. New Ulm, Minn.— Wm. F. Seiter, vice-president of the Citizens bank, has resigned his position and will go into business in Omaha. Lake Mills, la.— B. H. Thomas of this city has pur chased G. S. Gilbertson’s interest in the Forest City N a tional bank. A t a meeting of the board of directors Mr. Thomas was elected cashier. Balaton, Minn.— Application to convert into a national bank approved: The Citizens’ State bank of Balaton into the First National bank of Balaton; capital, $25,000. Goehner, Neb.— The state banking board has issued a charter to the Goehner State bank of Goehner, Seward county. The bank has a capital of $5,000. The directors are: A. G. McGrew, William F. Niehaus and J. D. Hamil ton. Hallock, Minn.— A new bank may be organized. Marinette, Wis.— 'T he Merchants bank just opened for business, has placed its large burglar proof safe in its front window, so that if burglars ever tackle it, they will have to work in view of the street. Glen Ulen, N. D.— The comptroller of the currency has approved the application of J. L. Mitchell, Austin, Minn.; F. H. Mitchell, E. W. Marsh, A. M. Lewis and F. E. Glea son, to organize the First National bank of Glen Ulen, with a capital of $25,000. Fergus Falls, Minn.— The banks of Fergus Falls have on deposit $1,071,000, an increase of nearly 50 per cent in the last two years. H T H E C O M M E R C IA L W EST. Saturday, December 13, 1902. ST. PAUL-MINNEAPOLIS-SEATTLE TRADE ROUTE. (Special Correspondence to The Commercial W est.) Seattle, Dec. 8.— The pending contest between the TransPacific steamship lines having their headquarters at Seattle, and those having their headquarters at San Francisco, for the contract for carrying army supplies from America to the Philippine Islands is, on the part of the managers of the Northern lines at least, something more than a mere con test for supremacy in the present Trans-Pacific trade. It is a world’s contest, having for its eventual purpose the turn ing of traffic which now goes eastward from the Middle and Atlantic states to the Orient, via New York, Boston, Liver pool and the Suez Canal to the Orient, westward via Seattle and across the Pacific to the same destination. The victory over the San Francisco lines for the business which is now being carried by the government transports, for victory it now appears to be, is but the first battle in the larger and more momentous struggle which is destined to change the course of a large portion of the commerce of the continent. Already there is a line of steamers from Puget Sound to Liverpool via Yokohoma, Hong Kong and the Suez canal, which is doing a large and rapidly increasing business in competition with the steam and sailing vessels which follow the old route around the Horn, and with the permanent liberation of the Pacific Coast wheat producers from the thralldom of the Liverpool markets and prices, and the de velopment of the trade and commerce of the far east, this route will become more and more important. Already prac tically all of the wheat produced on the Pacific slope is find ing a market independent of that in Liverpool or on the Eu ropean continent, and which some of the conditions of this new development in that trade are temporary, others of a more permanent nature are working to secure the permanency of the coast’s independence of European prices. , The bid for carrying the government business from Seattle to the Philippines was made by Frank Waterhouse, of the Frank Waterhouse Co., Ltd. Ship brokers of this city, and agents of the Boston Steamship Co., which now has a fleet of six steamers on the Pacific. The account of the suc cess of Mr. Waterhouse in getting the agency for this com pany here, and in getting the steamers sent here to engage in the Pacific trade shows the connection with this fight of President James J. Hill of the Great Northern Railroad, and the Northern Securities Co., Several months ago Mr. Waterhouse went to the officers of the Boston Steamship Co., to induce them to send fleet of steamers to the Pacific to engage in the Orient trade which is so rapidly in creasing. The officers of that company informed Mr. Waterhouse that they would he glad to enter into the arrangement proposed provided a suitable traffic arrangement could be en tered into with the rail transportation lines which Mr. Hill controls, and suggested that he see Mr. Hill with' a view of making such arrangements. Mr. Waterhouse thereupon proceeded to St. Paul for the purpose of interesting Mr. Hill in the proposed agreement. Success in securing the transport business will enable the northern lines to more successfully bid for other trans pacific and transcontinental business, to the end of taking from the San Francisco railroads and steamship lines a large amount of the business which now moves via that route. With the perfection of plans now under negotiation the vessels of seven Oriental lines having Seattle connections will be operated in sympathy, 'forming one of the largest con solidations of ocean transportation lines in the world. These lines are the Great Northern Steamship Co., which has two freighters of 23,000 tons each nearly ready for launching at New London, The Boston Steamship & Towboat Co. and the Northern Pacific Steamshio Co., which in con junction now operate the following steamers: Shawmut, 9.500 tons; Lyra, 8,500 tons; Tremont, 9,500 tons; Duke of Fife, 3,821 tons; Tacoma, 2,811 tons; Glenogle, 3,750 tons; Hyades, 3,752 tons; Pleiades, 3,752 tons; Victoria, 3,502 tons; Olympia, 2,837 tons. The Ocean Steamship Co. Ltd., and the China Mutual Steamship Co., Ltd., which together operate the following steamships in Pacific waters, forming the Seattle-Liverpool service; Agamemnon, 7,0x0 tons; https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Peleus, 7,44-1 tons; Alionous, 6,742 tons; Yangtze, 6,500 tons; Pak Ling, 6,500 tons; Ping Suey, 6,300 tons; Teenkai, 4,642 tons; Tantalus, 3,620 tons, and Ulysses, 3,620 tons. The Nippon Yeusen Kaisha, of Japan Mail Steamship Co., with the K aga Maru, 6,301 tons; Riojun Maru, 4,805 tons; Iyo Marti, 6,319 tons, and Kasuga Mayu, 3,820 tons, on the Seattle-Oriental route besides seventeen other ocean going steamers running from Japanese ports to other portions of the world, and the Pacific Coast Steamship Co!, operating a fleet of twelve ocean going steamers from Seattle to other Pacific coast American ports. These fleets aggregate 57 vessels, with an aggregate gross tonnage of upwards of 230,000 tons, to be bound into sympathetic management by the contributing power of the American rail merger of the Northern Securities Co., in cluding the Great Northern, Northern Pacific and Burling ton railroad companies, with close connections with the Erie, and other eastern lines. ’ A fte r the C oun try’ s Commerce. These ocean and rail lines meeting at Seattle, in addi tion to bidding for the government transport business here tofore and at present transacted via San Francisco, will en ter the competition in an even larger way for a great por tion of the commerce between the Eastern half of the United States and the far East in competition with the Atlantic ports. Some brief reference to the character and size of this traffic will serve to show the character of this com petition, and the value of the prize for which these com panies are comneting. The cotton exports from America to Japan now exceed 75,000,000 pounds per annum, and three-fourths of this traffic now moves via Puget Sound. 1he statistics for the 10 months ending with June 30, 1902. show that Puget Sound is the largest cotton exporting customs district outside of the cotton producing states, with the exception of New Y o rk and Boston, or the eighth larg est in the United States. Puget Sound now exports more cotton than Baltimore, Md., Charleston, S. C., Mobile, Ala., Philadelphia or Newport News. This movement of cotton to Japan is increasing at a tremendous rate, the whole move ment being but 45,000,000 pounds during the cotton year ending with August, 1901, as comoared with 78,000,000 pounds for the year ending with August, 1902. Controlling as it does the Burlington system, the Northern Securities Co. is able to take this business directly away from the Southern rail and ocean lines. The Philippine Trade. The commerce between the United States and the Philip pines is increasing at a very gratifying rate, but as yet by far the larger portion of that trade is controlled by the Atlantic ports. During the year ending with June, 1902, the imports from the Philippines amounted in value to $6,612,700, $3,350,148 of which entered New York, and $2,4 I 5.>555 of which entered Boston. For the same year the ex ports to the Philippines amounted in value to $5,251,867, of which $2,742,926 went from the port of New York. Much, if not the greater portion of this traffic, went by the way of the Suez canal, and it is this class of traffic for which the Seattle combination of railroads and steamships has now entered this world important competition. During the year ending with June, 1902, there was wool imported into the United States through the ports of New York, Boston and Philadelphia, from the following coun tries in the following amounts: Chinese Empire, 10,843,396 pounds, British East Indies, 6,813,343 pounds, Asiatic Rus sia, 1,833,122 pounds, Turkey in Asia, 10,215,811 pounds, British Australasia, 26,559,531 pounds. The ^Seattle com bination of transportation lines is actively in the competition for this business. In that competition they offer a shorter, and propose to offer a cheaper route than the one now followed by it. Some definite idea of the ability of these steamship and railroad lines to handle this traffic economically may be obtained by the statement credited to J. J. Hill, that with his new freighters on the Oriental run he will be able to carry freight from Pittsburg to Cleveland and St. Louis to Yokohama or Hong Kong, for eight dollars a ton, and make the business profitable. To balance the west bound movement until such a time as the east bound rail move ment of freight is developed, there will be the immense lum ber traffic from Puget Sound to the treeless plains of the Burlington country, a traffic amounting to more than 12,000 cars per annum and capable of almost indefinite ex pansion by the reduction of the prevailing rates of trans portation. To balance any excess of east bound traffic the lines would be able to secure Minnesota wheat and flour for export via the Western in competition with the Eastern route. All of these mighty factors, all of these mighty re sources, all of these mighty traffic possibilities have been and are being made as a part of the new philosophy of' transpor tation of which James J. Hill is the most consummate mas ter and moving spirit T H E C O M M E R C IA L W EST. Saturday, December 13, 1902. IS THE NATIONAL BANK OF NORTH AMERICA C H IC A G O . $ 2 ,0 0 0 ,0 0 0 .0 0 C A P IT A L , $500,000.00 SURPLUS, OFFICERS: IS A A C N. P E R R Y , P resid en t. B E R N A R D A . E C K H A R T , Y ic e -P r e s id e n t. C H A R L E S 0 . A U S T I N , Y ic e -P re sid e n t. J U L I U S S. P O M E R O Y , Cashier. Correspondence or in terview s w ith a view to business relation s GOLD=STABECK LAND 4 CREDIT CO. ‘" T O. GOLD, President. T. STABECK, Vice-President. in vited . a i l sm m eM ina- F or good R eal E s ta te , first m o rtg ag e s and th e best ra te s. W r ite 11 s. tra c ts o f M innesota and N orth D ak ota lands. F. cordially Owners o f la rg e H. N. STABECK, Secretary. W. H. GOLD, Treasurer O F F IC E S A T AN D ASSO CIATED W ITH Security Bank, Renville, Minn. Gold-Stabeck Bank, Redwood Falls, Minn. Farmers Bank, Davis, 111. State Bank of Wabasso, Minn. Bank of Vesta, Minn. Bottineau County Bank, N. D. STIFF RATES ALL WINTER. (Special Correspondence to The Commercial W est.) Chicago, Dec. 10.— Mr. J. B. Forgan, president of the First National bank, said today to The Commercial West when asked as to the probable outlook of the money mar ket : “ Money will probably continue stiff all winter. I see no reason why it should not. Deposits here have been in creasing somewhat the last several weeks, nevertheless the banks here are inclined to accept the improevment, and to be no more liberal in accommodation than they have lately been, so that they can be in strong condition for the new year. Mr. Eckels, president of the Commercial National bank, asked me today if I expected to put out much money the rest of this month. I told him no; that our bank had made large and sufficient profits so far during the year, and that a strong statement at the end of the year would be bet ter than trying to do a too extensive business during the present strained money market, notwithstanding the profits in it are very large. I think the country needs high rates of interest for some little time to come, as a check to un wholesome speculation.” BANKING FIGURES FOR OMAHA. (Special Correspondence to The Commercial W est.) Omaha, Neb., Dec. 10.— A general shrinkage is shown in all of the items which go to show the current business of the bank. The decrease in deposits is due to the activity of the demand for capital in the state, by reason of which the coun try banks have drawn upon the reserev in the Omaha in stitutions. A t the same time there has been a general at tempt to reduce the volume of loans, and much eastern pa per carried by Omaha banks has been called in when due. This has thrown a considerable amount of this paper on the eastern markets and has had an appreciable effect in stiffen ing the rates in that part of the country. The reserve has decreased over $1,000,000 since the last statement and is about $150,000 below the statement of D e cember 10, 1901, but at the same time the ratio of reserve to deposits is higher than it was at that time, the approxi mate percentage of reserves to deposits this time being 36 per cent, against 35 per cent last December. The loan and discount account show a decrease of about $130,000, compared with last year, and a decrease of over $1,000,000, compared with the September statement. railroad stocks since early in September. The gross earn Security Bonk of Renville to Become a Notional. ings of 43 lines of roads for the third week in November The Security Bank of Renville, at Renville, Minn., will show an average increase of over eleven per cent. Only six reorganize as a national bank. The change will take place of the 43 show decreases. While stocks are high" compared about Jan- 15. The officers will be: President, H. N. Sta- with three years ago, yet on the basis of tlie^-present pros beck; vice-presidents, F. O. Gold and H. J. Dale; cashier pective earnings, good railroad stocks are not selling above A. A. Bennett; assistant cashier, B. F. Rostad. their merits in our judgment. W e are believers in the North The Security Bank of Renville was organized in 1892, west and the railroads traversing it. Our cities and towns and has built up a large business. The statement of Nov. are growing rapidly. The agricultural districts are filling up 15 shows deposits of $177,282; loans and discounts, $168,194, fast with a most desirable class, a large influx of homeand cash resources, $32,323. The surplus and undivided seekers is expected next spring. The Northwestern rail profits are $6,118, and the capital $25,000. roads are taxed to their utmost capacity to handle the busi The men at the head of the bank control and operate ness, notwithstanding the large increase in equipment added a line of seven banks and two land companies in Minnesota during the past two years. A distinct advantage enjoyed by and North Dakota. It is one of the live banks of central the Northwestern roads is that they charge much higher Minnesota. merchandise rates relatively than roads in other sections of the country. Cost of construction, fixed charges and oper Stocks. ating expenses on the Northwestern roads are relatively low Whallon, Case & Co., Minneapolis, Dec. 10: "The stock on account of their traversing a prairie country. Their net market continues dull and narrow with tendency downward. profits are very large and will increase rapidly barring crop Trading is chiefly between professional operators. Stocks failures, which are rare in this section.” and bonds are now in the hands of investors and large capi Test Suit on Bank Taxation. talists. The general public began selling out long stocks three months ago and now have very little interest in the (Special Correspondence to The Commercial W est.) Sioux City, Iowa, Dec. 10.— The Live Stock National market. This selling was prompted partly by the desire to secure the- large profits resulting from “ bulling” stocks, bank purposes to test the right of the city to assess the cap but chiefly on account of high interest rates required to carry ital stock against the bank. The institution is charged with stocks on margin. When the money market again becomes $2,190 taxes upon $120,000 of capital stock. The bank holds normal, which is looked for in January, it is fair to assume they should be taxed to the individual owners and purposes that the public will resume trading in stocks. There has to test the right of the assessor to levy on it against the been an average decline of eleven points on twenty active bank. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis i6 T H E C O M M E R C IA L W EST. Saturday, December 13, 1902. The Continental National Bank of Chicago. Capital and Surplus, Deposits, - $ 4 ,0 00,000.00 - 4 2 ,0 0 0 ,0 0 0 .0 0 Solicits Accounts, Assuring Liberal Accommodations and Courteous Treatment. A GENERAL FOREIGN EXCHANGE BUSINESS TRANSACTED. Travelers’ Circular Letters of Credit issued Available in all parts of the world. JOHN ’ C. BLACK, President. GEORGE M. REYNOLDS, Vice President, N. E. BARKER, Vice President. The IRA P. BOWEN, Assistant Cashier. BENJAMIN S. MAYER, Assistant Cashier. WILLIAM W. HILL, Secretary. M er c h an ts’ L oan & T rust Co m p a n y, A D A M S A N D C L A R K S T R E E T , C H IC A G O . E S T A B L IS H E D 1 8 5 7 . O L D E S T B A N K IN C H IC A G O , C a p ita l and S u r p lu s , $ 3 , 9 0 0 , 0 0 0 ; D e p o s its , $ 3 4 , 0 0 0 , 0 0 0 . H IG H G R A D E B O N D S , F O R E IG N E X C H A N G E . TR U STS . S A V IN G S . S A F E D E P O S IT V A U L T S . DIRECTORS. F ie l d , C yru s H. M c Co r m ic k , Ma r s h a l l Albert Kee p, L am bert T ree, A. H. B u r l e y , E r s k in e M. P h e l p s , E l i a s T. W a t k in s M oses J. W e n t w o r t h , E nos M. B a r t o n , ''U E . H* G a r y , E. D . H u l b e r t O rson S m it h . OFFICERS. O rson S m it h , P resident. E. D. H u l b e r t , Vice-President. J. G. O r c h a r d Cashier. F. N. W i l d e r , Assistant Cashier. F. G. N e l s o n . Assistant Cashier. P. C. P e t e r s o n , Assistant Cashier. L eon L. L o e h r , Sec’y Trust Dept. J ohn E. B l u n t , J r ., Manager B ond Dept, Mercantile Trust Company, S T . L O U IS . CAPITAL, $3,000,000. SURPLUS, $6,500,000. NEW YORK LETTER. (Special Correspondence to The Commercial W est.) New York, Dec. 9.— One of the features of the stock mar ket the past week was its excessive dullness, but the general tone of speculation late showed a slight improvement. Money on call held at 6 per cent and foreign exchange weakened. The large grain exports, however, encouraged the belief that commercial bills would soon be in better supply. Absence of any selling pressure encouraged professional traders to range themselves on the bull side while the little business done for arbitrage account was for the bull account. Foreign advices indicated a satisfactory completion of the London fortnightly settlement. St. Paul was again erratic, but the price is still 2 ^ points under the figure just a week ago. Just what is going on in the stock is a mystery which the street is unable to solve, but many believe an advance is coming which will amount to con siderable proportions. While denied officially that $10,000,000 to $12,000,000 of the new stock has been sold in advance, the impression prevails that the denials are of the kind that usually attend the pre liminaries of any great financial deal. It will be remembered that at the time of the Louisville and Nashville deal it was denied for weeks that there had been an advance distribution of Louisville and Nashville stock, but developements that followed immediately on the heels of the Gates’ coup showed up the fact that the Belmont interest was technically short of 50,000 shares which were to be issued. Rock Island M atters. Considerable misunderstanding has obtained since the re cent declaration of the Rock Island dividend, as to the manner in the future disbursements on the preferred and common stocks of the Rock Island Company, of New Jersey are to be declared. It may be stated authoritatively that the Chicago, Rock Island and Pacific Railroad Company, of Iowa, which was formed in July last is the owner and holder of from 90 to 95 per cent of the outstanding stock of the Chicago, Rock Island and Pacific Railroad Company, or the old Rock Island system. The Rock Island Company, of New Jersey, which was incor porated in the States of New Jersey in July, 1902, as a hold ing Company, owns all the stock of the Chicago, Rock Island and Pacific Railroad Company, the new Iowa corporation. The Old Chicago, Rock Island and Pacific Railroad Company, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE PLYMOUTH CLOTHING HOUSE Established 1882. H. J. B u r t o n , Pres. H. L. T u c k e r , V-Pres. Capital, $300,000. E. A. D r e w , Treas. W. C. B u r t o n , Sec’y* WHOLESALE MANUFACTURERS OF FURS AND CLOTHING. JOBBERS AND RETAILERS OF Men’s Clothing, Furs, Boys’ Clothing, Shoes, Hats and Caps, Trunks and Bags, Shirts, Cloaks and Wraps, Furnishings, Millinery. “ Plymouth Corner,” Sixth and Nicollet, Minneapolis. Transacts a General Trust, Financial and Real Estate Business. Income Allowed on Daily Balances. Accounts of Banks and Bankers Invited. retains its corporate existance. It declared a dividend yesterday of iRj per cent on its stock. This dividend will be paid to the Iowa corporation, or at least such part thereof as will be due on the stock owned by that company. Holders of outstanding stock of the old Rock Island Company receive their dividends as heretofore. The Iowa Company pays over to the Rock Island Com pany of New Jersey, in the form of a dividend, the moneys it received from the old company as dividends and the New Jersey Company will thereafter declare its dividend pay ment. , Under the by-laws of the Rock Island Company of New Jersey, the dividend meetings will be held in the first week in January and quarterly thereafter. The dividend meeting therefore, of the New Jersey Company will be held in the first week of next January, at which a dividend of 1 per cent, will, in all probability be declared. Dividends at the rate of 4 per cent will be payable on the preferred stock of the New Jersey Company each year until and including the year 1909, and at the rate of 5 per cent each year thereafter to and including 1916, and thereafter at the rate of 6 per cent per annum. Under the laws of New Jersey, as settled in the wellknown Federal Steel case, no dividend can be paid on the common stock of a New Jersey corporation during the first year of the existence of the company, and as the New Jersey Company was not organized until July of this year, it will be legally impossible to declare dividends on its common stock until July of next year, no matter how large its earnings may prove to be. As the dividends on the preferred stock of the Rock Island Company of New Jersey, are non-cumulative, that company has the right to pay a dividend on its common stock, after the first year of the company’s exist ence, after providing for the 4 per cent dividend on its pre ferred issue. Rock Island’s statement showing earnings for four months ended October 31 at the rate of 13 per cent on the common shares is a big surprise to many traders who have been figuring that the company would not be able to earn 2 per cent per annum. Comment is made, however, that the east has an erroneous conception of the growth of wealth and population in the territory of all the great rail way systems of the west, particularly as to that served by the Rock Island and the Atchison, the gross earnings of T H E C O M M E R C IA L WEST. Saturday, December 13, 1902, JOHN H. W RENN & CO. MASON, LEWIS & CO. THE ROOKERY, B A N K E R S C H IC A G O , Monadnock Building. MUNICIPAL RAILROAD CORPORATION 17 B O STO N , 60 Devonshire Street. BONDS C H O IC E IS S U E S 225 La Salle Street, C H I C A G O . S tr e e t R a ilw a y a n d G a s C o m p a n ie s Stocks, Bonds, Grain, Provisions, Coffee, Cotton. LIST ON A PP L IC AT IO N . PRIVATE WIRES TO NEW YORK AND MINNEAPOLIS. investm ent BONDS OTIS, WILSON&(o BANKERS. 182 La Salle St. Send for List CHICAGO. Charles Hathaway & Co. BilSon=CrandaH=McGeary Bond and Stock C o . , 421 Olive Street, Si. Louis, Mo. BONDS AND United plates P STOCKS NEGOTIATED. o l and ©rasi <%npng, Dealers in N E W YORK. Main Office: 59 Cedar Street, COMMERCIAL PAPER, W est End Office: 73rd St. and Broadway. Capital, $2,000,000. Surplus, $3,000,000 Credits Interest Monthly on Depositors’ Balances. CHARLES W. FOLDS, DIRECTORS. R E P R E S E N T A T IV E , 2 0 5 LaS a lle S t . C H I C A G O . N E W Y O R K O F F IC E :, B O S T O N O F F IC E , - 4 5 W a ll S t . 5 3 S ta te S t . W m . H. Baldwin, Jr. Frederick O. Barton, C. Ledyard Blair, Dumont Clarke, C. C. C uyler, George W . Ye Charles D. D ickey, W illiam P. Dixon, Robert A . Granniss, G. G. Haven, Jr. Charles R. Henderson, G u a r a n t e e i n g t h e H o n e s ty of O f f i c e r s a nd E m p lo y e e s of B a n k s a nd T r u s t C o m p a n ie s and a l l pers on s o c c u p y in g p os itio n s of t r u s t . GUARANTY BUIUDHNG. which have risen so rapidly that each is now earning over $50,000,000 a year. Union Pacific. The market received a little strength late in the week because of a report that the Colorado Fuel & Iron fight would he settled, and that Gould and Harriman would become re conciled. The differences between these men, however, are said to be of a character that makes it practically impossible for them to get together, and the opinion is still expressed in many quarters that the fight will be carried beyond Colo rado Fuel. The Union Pacific report for the month of October did not show very large gains in either the gross or the net earnings. The increase in the gross was $168,690 and in the net $164,205. The statement for the four months of the fisical year, how ever, shows an increase of $1,012 ,900 in the gross and $415,480 in the net. This increase in the net, after the showing made for the year 'ended last June, is decidedly favorable. The common stock represents the control of nearly 14,000 miles of road, and a large voice in the management of 15,000 miles or more. It earned last year ten per cent, according to the income account. The preferred stock is well enough secured to be con sidered an investment. A t the current prices it yields about 4F2 per cent. The dividend requirements are about $4,000,000. The surplus applicable to dividende last year was $14,503,248, without adding anything for the earnings of the Southern Pacific. This is about three and one-half times the amount of the dividends. Brooklyn Rapid Tran sit. There was quite a little speculation in Brooklyn Rapid Transit, although there were a good many skeptics as to the reliability of the reports of earnings. In this respect it may be said that the operating expenses are not so heavily bur dened with charges for improvements. A t the same time the management is not of the kind to strain the charges to cap ital accounts so as to make a good showing, and the net as reported can be accepted. It is believed that the earnings for the current fiscal year will show nearly 4 per cent for the stock. Street railway properties rarely go backwards, es pecially if located in a growing city as the Brooklyn is. The price of Manhattan is now aljout the same level as https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis in g, President. G ustav E. Kissel, Lu th er Kountze, William B. Leeds, Charlton T. Lew is, Richard A . M cCurdy, Robert Olyphant, Charles M. Pratt, M ortimer L. Schiff, Eben B. Thom as, James Timpson, Cornelius V anderbilt Fred L. Gray, Pres. Fred S.Martin,V-Pres. C.H.Van Campen, Sec-Trea, FRED L. GRAY CO. NORTHWESTERN M ANAGERS UNITED STATES FIDELITY & GUARANTY CO M IN N E A P O L IS , M IN N . that for Metrpolitan, taking into account the value of the rights, which will be given stockholders in the near future. Under the terms to the lease to the Interborough Rapid Tran sit Company, the Manhattan stockholders are to receive for three years all the net earnings up to 7 per cent on the stock. There is little doubt that the earnings will be in excess of that rate. It is expected that, beginning with the new year, divi dends will be at the rate of 7 per cent, either a quarterly 1% Per cent, or a quarterly iy2 per cent with 1 per cent extra at the end of the year. After the expiration of the three years the guarantee of 7 per cent takes effect. The stock will then be in the same position as Metropolitan. Commenting on the speculative situation and outlook, re presentative brokers say that the only thing which stands in the way of an immediate speculation for the rise is the deter mination of the banks to thwart every effort of the bulls by tightening money rates. As one broker remarked, the banks are regulating both the domestic and the international move ments of money after the manner of the great banking institutions of Europe— that is, by the rate of discount. But it is regarded as significant that bank officers generally are quite as pessimistic in their views on the money situation as they were optimistic three months ago, when prices of stocks were 10 to 12 points above the present level. However, speculators at present are inclined to buy stocks rather than to sell them, relying upon the broad underlying conditions of prosperity and the belief that the railroads must show greatly increased earnings, despite their increase of expenditures for improvements and for higher wages of employes, when the crop movement really begins. Sugar talk is bullish for the pull and it is intimated that the stock is lodged in very strong hands, Rockfeller owning a huge block of it. With clear sailing in the money market it is predicted the Havemeyer specialty will have a big rise on good earnings and coming favorable developements. United States Steel preferred is another stock which is_ being accumulated by the banking interests. The corporation is said to be nine months behind on orders. The strength and activity in Hocking Valley stock so far is unexplained satisfactorily but rumor had it, that the road will in some way be connected with the Pere Marquette. T H E C O M M E R C IA L W EST. i8 C H IC A G O BAN K S T O C K Q U O T A T IO N S. A. J. WHIPPLE &, CO. Members Chicago Stock Exchange. STOCK Minnesota Title Ins.&Trust Co. M IN N E A P O L IS , M IN N . Capital, $250,000 BROKERS. Tivate Wires to all Principal Exchanges. Main Floor New York Life Building. Saturday, December 13, 1902. Guaranty Fund, $100,000 Tho oldest Title and Trust company west of Philadelphia. CHICAGO. Deposits, Loans, Trusts, J. U. Barnes, Pres. Abstracts, Title and Fire Insurance. W. S. Jenkins, Sec’y and Treas. Long Distance Telephone, Central 1031. O r d e r s by w i r e in g r a i n a n d s t o c k s p r o m p t l y e x e c u t e d . Book V. American Trust ............. . . 155 Bankers’ N a tio n a l......... .. 142 Central Trust ................. .. 126 Chicago City ................... . . 144 Chicago N a tio n a l........... . . 231 Chicago Savings ........... . . 103 Commercial National .. . . 177 Colonial Trust ............... .. 130 Continental National . . . .. 138 Corn Exchange ............. . . 184 Drovers’ National ......... .. 226 Federal Trust ................. .. 127 First National ............... . . 179 First National Bank of Englewood ................... . . 156 Fort D e a rb o rn ................. . . 122 Garden City ..................... . . 132 Illinois Trust ................... .. 243 Merchants D. & T. C o.. . . 200 Milwaukee Ave. State.. . . 157 N at’l Bank N. Am erica. . . 128 Nat’ l Bank R e p u b lic.... . . 139 Nat’ l Live S tock............. .. 223 Northern Trust ............. .. 237 Oakland National .......... . . 172 Prairie State ................... . . 135 Royal Trust ..................... . . 172 State Bank Chicago........ .. 130 Union Trust ................... . . 126 Western State ................. . . I l l An extra dividend of three per stocks marked with star. D.R. 6 6 8 *1 2 Ì2 6 12 8 12 6 6 6 12 12 6 6 *12 8 6 6 125 140 150 140 7i 9 400 115 145 165 260 715 395 Ì5Ò 130 1511/2 i50 115 725 400 118 147 170 275 510 135 145 150 265 112 110 145 163 255 500 Ì35 148 250 6 165 4 Ì 2Ó 117 i 20 cent annually paid on these 5 BARNES BROTHERS, Chicago, Dec. .2, 1902. L. Sale. Bid. Asked. 195 1921/2 190 175 165 165 1241/2 123 125 172 165 160 390 380 390 140 140 365 375 380 190 255 250 260 430 440 425 252 ili Ì4Ò 142 405 395 395 In vestm en t B an kers Oneida Building, F IR S T M O R T G A G E BONDS Secured upon improved farms and city property —$1,750,000.00 net our investors 6 per cent interest. Correspondence solicited from BOKROWERS AND INVESTORS. DOMINION LINE N “ Resumption of trips by the mammoth popular twin screw steamers, “ C O M M O N W E A L T H ” and t o t h e “ NEW ENG LAND" M E D IT E R R A N E A N Gibraltar, Genoa, Naples and Alexandria, Egypt. Berthing lists now open. For rates, booklets, etc., apply to H. LA RK E, General Northwestern Agent, 127 Guaranty Bldy., MINNEAPOLIS SURPLUS, $1,000,000. CENTRAL TRUST COMPANY OF ILLINOIS. DEARBORN AND M O NRO E S TR E E TS , Union National Bank OF GRAND FORKS, N. D. Capital, $1 00,000.00. David H. Beecher, Pres. Chas. F. Sims, V-Pres. Sidney Clarke, Cashier. CHICAGO. Send us your North Dakota items. C h a r l e s G. D a w e s , P resident, A. U h r l a u b , I k y in g O s b o r n e , Vice President. W i l l i a m R. D a w e s , Cashier. Vice President. C h a r l e s T. W e g n e r , Ma x FroD™ «,s,“ n “ New England" Jan. 17, Feb. 28, “ Commonwealth” Jan. 3, Feb. 14, Mar. 28 T. CAPITAL, $1,000,000. M IN N E A P O L IS. Prompt service assured. L a w r e n c e O. M u r r a y , Secretary and Trust Officer. M a lc o l m McD o w e l l , Assistant Secretary. Assistant Cashier. P a m , General Counsel. D IR E C T O R S : A. J. E a r l i n g , Ch ar le s D e e r n g , H a r r y R u b en s, Max P a m P. A. V a l e n t in e , G r a e m e St e w a r t , Ch a r l e s t . Boyn ton , F r a n k O. L ow den T homas R . L y o n . A l e x a n d e r H. R e v e l l , C h a r l e s G. D a w e s , B A N K IN G , S A V IN G S A N D T R U S T D E P A R T M E N T S . CHICAGO STOCK MARKET. (Special Correspondence to The Commercial W est.) Chicago, Dec. 9.— It was a dull week in local securities. The whole list was devoid of any special features and prices dragged. What trade there was took place in a comparatively few issues and speculation hesitated for the same reasons that caused the Wall Street list to become excessively languid. The monetary situation is at the bottom of it all. Six pet cent money seems to be about the minimum here, no loans hav ing been reported below that figure during the week. The packing interests usually get the very lowest figure and they are said to have paid the amount mentioned above during the week. There still continued to be various reports concerning the packing deal, but most of them were along the same lines described heretofore. Swift’s stock fluctuated within comparatively narrow limits and was, for the most part, heavy. Lack of interest in the market generally caused the stock to sag of its own weight. There did not appear to be any manipulation at any time, and the shares did not seem to have very substantial support when it acted the weakest. Boston was reported to he a buyer on a number of occasions but this did not have more than momentary effect. Diamond Match was very quiet but the price ruled steady. The demand for National Biscuit issues was small, hut it was supplied without influencing the price more than fractionally. In vestors still pick up the shares whenever the price eases off a little. American Can was neglected: now and then, the ordinary issue would recieve a slight setback, but, on the whole, the shares were very quiet. The same ggndition ex https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Geo. Q, Erskine, Pres. Wm. Anglim. Vice Pres. J. W. Wheeler, Cashier. H. R. Robertson, Asst. Cashier. FIRST NATIONAL BANK, C R O O K S T O N , .MUNIS’ . Capital. = = = = = $75,000.00 Surplus and Undivided Profits. 36,280.38 isted with regard to United Box Board and Paper shares. There were a few straggling transactions in American Rad iator Shares, but there was firmness displayed throughout. The stock is closely held and it is only once in a long time that any of it comes out. Investors pick it up whenever the opportunity presents itself. The company is strong in cash and earnings are large but there is no prospect of a divi dend on the common shares for some time. Most of the share holders of the company are owners of both issues and they are well satisfied with what they are getting on the senior stock, knowing that the junior shares will be well taken care of when the time comes for such action. National Carbon stocks were almost, if not quite, quota tionless, but regardless of the fact, a good many investors would like to put some of the shares in their strong boxes. At no time since the company began doing business has it enjoyed more prosperous times than at present. Earnings are large and increasing, but the management is pursuing about the same policy as that of the American Radiator Co.,, as regards disbursements on the common stock. It is said the annual report will be very gratifying to the stockholders.. It is said the increase stock issue will necessitate no re duction in the Chicago Edison Co., dividend rates. For the fiscal year it is figured earnings will be in the neighborhood! of $150,000 in excess, including the new stock, all of which is not to be put out at once. The rights on the new shares figure about 14 per cent. Recent purchases of Western Stone shares were said to have been by inside interests who know how much business the company is doing and who believe the directors may see thier way clear to declare a small dividend early next year. The railway list was without significant feature, only very few transactions taking place in any of the various issues. The bond market was unworthy of comment. ig T H E C O M M E R C IA L W EST. Saturday, December 13, 1902. DULUTH’S REPRESENTATIVE BANKS. The City of Duluth, HAMILTON M. PEYTON, Prest. JAMES C. HUNTER, Cashier. WILLIAM C. HEGARDT, Ass’t Cash. ISAAC S.MOORE, 2nd Ass’t Cash. By reason of her geographical position, her system of water and rail connections, is the clearing house for a wide range of country. THE The First National Bank AMERICAN EXCHANGE BANK Of Duluth OF DULUTH, M IN N . [Established December, 1879.] Is thoroughly equipped to serve the Banks, Merchants and Individuals throughout this territory. Capital, $500,000 Capital, Surplus and Profits, $1,000,000 Surplus, $200,000 D IR E C T O R S : U. S. GOVERNMENT DEPOSITARY. A. L. O r d e a n , Pres. W. S. B ish o p , Ass’t Cashier. H am ilton M. P eyton . John H . U p h am . J. H. D ight , Cashier. C. D. S iie p a r d , 2 nd. Asst Cash. hi. A . T om lin son . THE CITY NATIONAL BANK C A P IT A L $ 5 0 0 ,0 0 0 W ill F U L L Y P A I D I ff. OF Jam es C. H u n te r . Josiali 1). E n sig n . C. A . Congdon. DULUTH, MINN. J U S T O R G A N IZ E D . open for Business on M O N D A Y , D E C E M B E R 1 5 , l i ) 0 2 . I t solicits you r D u lu th accounts and collections and w ill extend every co u rtesy consistent w ith good hanking. OFFICERS: J. H. Upham, President; A. R. MacFarlane, Vice President; W. I. Prince, Cashier; G. E. Gibson, Ass’t Cashier DIRECTORS: J. H. Upham, A. S. Chase, A. H. Comstock, G. G. Barnum, R. F. Fitzgerald, John Panton, John Millen John F. Killorin, A. R. MacFarlane, W. I. Prince. DULUTH BANK STATEMENTS. The two banks of Duluth make a particularly fav orably showing in their statements of Nov. 25, as compared with many other banks throughout the country. The state ments of many banks show that while deposits have in creased, loans and discounts have also increased, while the cash resources have not, until the legal reserve is below the requirements. The statement of the First National bank of Duluth of Nov. 25 shows a falling off in deposits of about a quarter of a million from Sept. 15, but a decrease in loans of nearly $400,000 and an increase in cash of $200,000. Such a change toward the conservative side, in a time of money stringency, shows a sound business policy that is commendable. But Duluth has another bank equally as conservative. The Nov. 25 statement of the American Exchange bank, as compared with its statement of July 16, shows that the of ficers of the bank have followed a careful policy. While the deposits show an increase of nearly a quarter of a million, the loans have been reduced $150,000. The cash resources have decreased, but the changes in the three items are over MINNEAPOLIS MONEY MARKET. The features of the situation this week are better col lections, as reported by the jobbers, and continued demand for money by country bankers. In the southern part of the state the banks have a strong demand for money from the farmers, due to the poor corn and wheat crops there. Tak ing the Northwest as a whole, the country banks are not carrying the balances here they usually do at this season. V ery few country banks are buying paper in this market, and those that are are mostly Wisconsin banks. The rate demanded by such banks is 6 per cent, which means 6l/ 2 to the borrower. A little 6 per cent-flat paper of one of the heaviest grain firms has been sold, but it is almost impossible to find any one that will look at 6 per cent less commis sion, even for the very best names. Some of the Wisconsin banks say7 they are offered paper of some of the best known Chicago houses 6@ 6]4 per cent and brokerage, while some local borrowers assert that they are offered money by Chi cago banks at 5L Per cent flat. The rate in Minneapolis is 5]/2@6 per cent on terminals, and 6@6L on best endorsed paper. The tendency with Min neapolis banks seems toward even greater firmness in rates. As stocks of grain are increasing there is a ^ood demand for money from the grain trade, and jobbers have had to take a little money when they had expected to be paying off. H ow ever, it for is FRASER expected that collections will continue to im Digitized https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $100,000 on the conservative side, as compared with the earlier statement. The surplus and undivided profits o f the two banks are shown in the following table: First National .......... American Exchange Capital. .$500,000 . 500,000 Surplus and Undivided Profits. Nov. 25. Sept. 15. July 16. $546,224 $515,800 .......... 206,466 ...... $152,255 D ep o s its — In d iv id u a l First National ............................ American Exchange ................... Total and B ank. Nov. 25. $6,105,940 4,591,626 Sept. 15. $6,368,682 July 16. $4,354,38» $10,697,566 Lo an s and First National ............... ............ American Exchange ............. . Total D is co u n ts . Nov. 25. $4,631,965 1,621,841 Sept. 15. $5,018,275 July 16. $1,77*0*, 549 ,253,806 Cash First National . . . American Exchang Total ................ R esources. ............... ............... Nov. 25. $2,300,300 1,064,769 Sept. 15. $2,106,200 July 16. $1,3*34,38i $3,365,069 prove, in which case the jobbers will pay off freely through out the remainder of the month. The movement of currency to the country continues small. ST. PAUL MONEY MARKET. For the last week there has been a noticeable increase in the paying off by jobbers, who have, for the last month, experienced considerable slowness in making collections. Collections are improving, and a liberal paying off of job bers’ paper is expected this month. There has been consid erable renewing by jobbers during the last week, and some borrowing in small amounts for a short time. They have paid 6 per cent without a complaint. Retailers are not bor rowing much— no heavier than the usual amount at this season. Still, on the whole there is a large amount of money wanted for legitimate business purposes, and the banks keep loaned up, in fact, a little stronger than they desire, without making any effort to put out money. With freer collections from now on, however, the money market may ease up somewhat, though rates will be maintained. Country banks in some parts of the Northwest continue to draw on their de posits, and some of them are bororwers. On the other hand, some banks to the north, where there were large crops of wheat, barley and flax, are paying off their obligations. V ery little grain paper is being offered here. T H E C O M M E R C IA L W EST. 20 Saturday, December 13, ig02. An Excellent Opening for a Wholesale Grocery ----------------------------- a t — ---------------------- ■— EVERETT, WASHINGTON. For fu rth e r in form ation , address E V E R E T T I M P R O V E M E N T C O M P A N Y , Everett, W ashington. Everett Investment Company, O s c a r E . A. CHILBERG, Pres. J. F. LANE, Cashier. R e a , Real Estate— Loans— insurance. EVERETT, WASH. We buy and sell property, pay taxes, collect rents and act as general agents for non-resi dents. Correspondence solicited. Investment Broker. E V E R E T T I N V E S T M E N T C O ., 1814 H e w it t A ve . EVERETT, W A SH . The Scandinavian American Bank, C ap ital Paid Up 12 perct. net Guaranteed on Investments. Correspondence Solicited. EVEBETT, W A S H SEATTLE, - $ 1 0 0 ,0 0 0 WASH. MflNFY WANTFn . , The greatest young city in the Pacific Northwest. special information and literature write A. H. SOELBERi GEO. R. FISHER, \;; For CHAMBER OF COMMERCE. ° n our Personally exITIUllLl II Hit I Lu ammed First Mortgages netting 5, 5)4 and 6 per cent, secured by im proved farms worth from three to five times amount of loans. Interest and principal col lected and remitted free of charge. We have loaned money in this locality for twenty years without the loss of a dollar to a single client. Highest references and list of loans furnished upon application. E. J. LANDER & CO., Box “ A ” Grand Forks, N. D -, Investment Bankers. CONDENSED STATEMENT OF ST. LOUIS TRUST C O .’S Compiled by A. G. Edwards & Sons Brokerage Co., Exchange Brokers, Under Date of Official Call, October 31, 1902, ASSETS. Currency and Coin NAMES. Mississippi Valley Trust C o .............. $504,767.66 St. Louis Union Trust C o..................... 31,986.27 Mercantile Trust C o.............................. 104,340.14 Lincoln Trust C o..................................... 62,613.95 Commonwealth Trust C o ..................... 26,218.48 Missouri Trust C o.................................... 14,291.54 Colonial Trust C o.................................... 12,021.40 Germania Trust C o.................................. 41,728.23 American Central Trust C o................. 29,227.67 Checks and Exchange Loans and Discounts $2,886,767.76 $14,121,423.15 2,357,223.30 17,643,308.83 3,179,285.77 13,749,560.26 4,716,350.08 584,785.42 1,175,632.10 4,900,921.86 362,599.70 2,619,084.57 371,808.21 2,850,813.79 2,438,922.27 325,580.52 2,294,542.26 333,270.69 Bonds and Stocks Real Estate $8,734,904.36 5,255,649.88 4,060,320.09 3,345,438.85 257.465.00 554,813.25 518.025.00 358,236.72 236,978.95 $273,288.29 523,546.44 Totals ................................................... $827,195.34 $11,576,953.47 $65,334,927.07 $23,867,832.10 $3,094,583.47 Other Resources $45,027.28 13,504.84 69,138.56 95,684.18 62,748.74 700.000. 00 750.000. 00 166,108.52 585.000. 00 13,497.50 200.000. 00 8,346.69 3,677.96 Totals $26,640,254.68 26,101,920.88 21,712,854.33 8,904,611.34 7,064,343.14 4,467,440.82 4,407,877,19 3,391,781.29 2,„17,059.62 $414,985.53 $105,608,143.29 L IA B IL IT IE S. Surplus and Profits Mississippi Valley Trust C o........... $3,000,000:00 $4,643,941.47 4,187,116.30 St. Louis Union Trust C o................. 5,000,000.00 6,787,609.94 Mercantile Trust C o.......................... 3,000,000.00 Lincoln Trust C o .................................... 2,000,000.00 1.674.224.26 Commonwealth Trust C o..................... 1,865,800.00 3,273,554.35 347,533.11 Missouri Trust C o.............................. 2,000,000.00 Colonial Trust C o................................. 1,500,000.00 1.583.327.27 Germania Trust C o .............................. 1,600,000.00 1,076,859.06 530,665.18 American Central Trust C o ............ 1,000,000.00 Individual Deposits $7,592,177.40 9,645,704.00 6,085,748.22 2,024,168.02 743,991.74 1,062,688.06 984,321.30 1,035,507.51 1,106,885.49 Time Deposits $4,256,455.63 3,654,385.01 1,563,119,12 611,957.69 553,311.01 95,634.78 226,989.04 127,384.97 163,665.54 Savings Deposits Total Deposits $5,315,902.47 $18,173,291.58 3,097,382.04 16,887,354.95 3,089,808.24 11,910,623.94 1,748,224.80 4,384,350.51 183,182.09 1,506,799.93 119,127.84 1,467,169.71 75,184.90 1,324,549.92 88,395,72 1,314,922.23 110,843.41 1,386,394.44 Totals $26,640,254.68 26,101,920.88 21,712,854.33 8,904,611.34 7,064,343.14 4,467,440.82 4,407,877.19 3,391,781.29 2,917,059.62 $20,365,800.00' $24,104,830.94 $30,281,191.74 $11,252,902.79 $13,828,051.51 $58,355,457.21 $105,608,143.29 Totals STATEMENT OF PORTLAND NATIONAL BANKS. Condition at Close of Business November 25t 1902, Compared With December 10, 1901. Merchants’ National. First National. U. S. National. Resources and Totals. Dec. 10,1901. Nov. 25, 1902. Dec. 10, 1901. N ov. 25,1902. ♦Dec. 10,1901. Nov. 25,1902. Dec. 10, 1901. Liabilities. Resources— Loans and discounts.$2,061,123.66 $2,794,659 .18 $1,181,992.,48 $1,424,350..14 $ 936,170..44 $1,103,130.,71 $ 4,179,286..58 450,000 .00 1,300,000,,00 50,000..00 75,000. 00 50,000. 00 1,226,800..00 United States bonds. 1,100,000.00 2,675,464,.95 303,863. 02 208,570.,12 34,870.,00 Other bonds & stocks 2,488,584.74 189,850..00 2,732,024 .86 65,983. 63 119,304,,17 61,510,.47 171,834 .76 98,757.98 167,304 .64 Real estate, e tc ......... 332.103 .21 886,618..99 Cash and exchange.. 2,431,692.24 2,140,722,.29 845,347..94 627,795.,06 787,177.,69 3,904,834,.74 Totals ....................$8,180,158.62 Liabilities— Capital stock . . . . . . . $ 500,000.00 Surplus & und. prof. 747,950.49 Circulation ................. 476,830.00 Deposits .................... 6,455,378.13 $9,030,150 .59 $2,129,868,.13 $3,130,815. 78 $2,065,928..89 5,322,140.03 1,800,000.00 3.169.177.97 352,592.44 3.814.518.97 $2,297,463. 04 $12,375,955..64 $ 500,000,,00 $ 250,000. 00 $ 250,000. 00 $ 350,000. 00 $ 300,000. 00 $ 1 ,100,000.00 793,566 .31 87,560..40 103,329. 68 86,799..21 54,357. 80 922,310..10 951,253.79 488,500..00 50,000. 00 68,800. 00 75,000. 00 50,000. 00 601,830. 00 607,300.00 7,248,084.,28 1,742,307. 73 2,708,686. 10 1,554,129. 68 1,893,105. 24 9,751,815,.54 11,849,875.62 Totals ....................$8,180,158.62 $9,030,150 .59 _ $2,129,868..13 $3,130,815. 78 $2,065,928. 89 $2,297,463. 04 $12,375,955. 64 ♦Includes the Ainsworth National Bank, since consolidated with the United States National. NEW YORK MONEY MARKET. (Special Correspondence to The Commercial W est.) obtained throughout the interior at not above 6 per cent for the finest quality. New York. Dec. 9— The time money market still presents Portland Preparing for World's Fair. points of dissimilarity. A leading bank has loaned money (Special Correspondence to The Commercial W est.) Portland, Ore., Dec. 8.— The board of directors of the at 6 per cent for four months, and, on the other hand, reports Lewis and Clark Centennial Exposition has decided to ad are current of loans for 90 days on which 7 and 8 per cent dress a letter to the governor of every state west of the Mis had to be paid. sissippi, inviting them to ask the co-operation of their The larger lenders prefer to deal with the strongest states and the transfer of their exhibits from St. Louis houses in putting out money, but the usual heavy borrowers in 1904 to the Lewis and Clark Centennial. Congress is to of commanding financial resources are either supplied with be asked for $2,000,000, and President Roosevelt is to be requested to recommend this sum in a special message to time money or object to pay the rates required. Discounts for choice mercantile paper can he readily congress. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday, December 13, igò2 . C H. Davidson, J r„ Pres’t. T H E C O M M E R C IA L W EST. C. H. Ross, V-Prest. 21 T. F. McCue, Sec’y and Treas. W HEN The Farm Mortgage Loan and Trust Co. YOU P A T R O N IZ E THE NORTH A M E R IC A N TELEGRAPH COMPANY C a p ita l $ 1 0 0 , 0 0 0 . This C om pa n y deals exclu sively in First F a rm M ortga ge Loans, taken th rou gh B anks ow ned and con trolled by the Officers o f this com pany. i You encourage competition and foster a home enterprise. P r o m p t a n d R e lia b le S e r v ic e . C A R R IN G T O N , N O . D A K . E l i » iltrltlttrirmtf e s E ^ a r a W i r Ifonk SavinSs Accounts Received by Mail ° m n m t Capital $1,500,000. Surplus and Profits $750,000. O F F IC E R S : m 3 PER CENT INTEREST ALLOWED. * c a p it a l S U R P L U S AN D P R O F IT S , First National Bank F. G. BIGELOW, P resident . WM. BIGELOW, V ice P resident . FRANK J. KIPP, Cashier . T. E. CAMP, Asst. Cashier . 11. G. GOLL. Asst . Cashier „„„ MILWAUKEE, W luiLimuivLD, u i oS,, $ 2 , 0 0 0 ,0 0 0 $ 1 ,0 0 0 ,0 0 0 U n i l e d D m T c T o RT s ito r y ' E. MARINER, C. F. PFISTER, GEO. P. MILLER, WM. BIGELOW, H. C. PAYNE, • F. G. BIGELOW, FRED T- gj o l l V , a n DYKE, f . v o gJe r .l , j k., VERTICAL SYSTEM OF FILING LETTERS A N D ALL O T H E R L A B O R S A V IN G O F F IC E D E V IC E S . JO HN A. SC H LEN ER & CO. B A N K B U R G L A R Y IN SU R A N C E . HOOD 4 PENNEY, Phr » t a “ General Agents for the Northwest of 8, t h e c u p p e r c u i f >. ¡J // Its t r i a n g u l a r s h a p e p r e v e n t s e n t a n g l in g and \ / / \\ / g iv e s t h r e e t i m e s t h e e a p s c i t y of any o t h e r w# W/ C li p f o r a t t a c h i n g p a p e r s t o g e t h e r . //\ THE OCEAN ACCIDENT AND GUARANTEE CORPORATION. All'losses settled by us. C o m m “5 1ci6 aN' .icso!l le “ 't i°Anv ecrs nue, M I N N E A P O L I S . ! We have never contested a bank burglary loss. » A '» Best and Cheapest. CLI P P E R M F G . C O . All Stationers. N E W YORK. Brass or Steel. For free samples and informartien writeYo us. Peoples Trust & Savings Bank OF CLINTON, IOWA. G A R R E T T E. L A M B , P resident. C H A S . F. A L D E N , V ice P resident. C H A S. B . M IL L S , Cashier. W it h a C A P I T A L , S U R P L U S and U N D I V I D E D P R O F I T S of H A L F A M I L L I O N S O L IC IT S P R O F IT A B L E B U S IN E S S . SEND US YOU R IO W A BUSINESS. PESSIMISM A CAU SE FOR OPTIMISM. (Special Correspondence to The Commercial W est.) Chicago, Dec. 8.;—Mr. E. D. Hulbert, vice-president of the Merchants’ Loan & Trust Co., of Chicago, said today to T he C om m ercial W e s t : “ I consider the present pessimism in financial affairs a feature that justifies real optimism. People are getting conservative where they were but lately reckless. There will be plenty of money to go around if only the de mands for it are restricted to legitimate business purposes. The crops of the country seem to be averaging up fairly well, Dividends. The Finance Co. of Pennsylvania declared a dividend of $1.50 per share on its first preferred stock, payable Jan. 2 to stock of record Dec. 18. Directors of the Chicago Telephone Co. have declared the regular quarterly dividend of 2% per cent, payable Jan. 2. The Maryland Coal Co. has declared the regular semi-annual dividend of 2y2 per cent and an extra dividend of 2 per cent on its preferred stock, payable Dec. 31. The directors of the General Electric Co. declared a divi dend of $2 per share on the common stock, payable Jan. 15 to stock of record Dec. 20. Chicago Junction Ry. & Union Stock Yards Co. declared https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis and I see every reason to anticipate continued prosperity. Rates of money will probably continue around 6 per cent for some time to come. The conditions of the money market are such that it is easy for the bankers to keep rates up to 6 per cent. There is no money going a-begging to be loaned out. The bankers of Chicago have just enough to answer the legitimate requirements of regular customers, but not enough to be compelled to go hawking it among money borrowers, thus depressing the general rate situation.” regular quarterly dividends of 1 y2 per cent on its preferred stock and 2 per cent on its common, payable Jan. 2. Commercial Cable Co. declared regular quarterly dividend of 1% per cent and a bonus of 1 per cent, payable Jan. 2. H ocking Valley Ry. Co. declared usual half yearly dividend of 2 per cent on its preferred stock and 1 y2 per cent on its com mon, payable Jan. 19. National Enameling & Stamping Co. declared regular quar terly dividends of 1 % per cent on its preferred stock and 1 per cent on common stock, payable Jan. 1. The American Snuff Co. declared usual quarterly dividend of iy 2 per cent on preferred stock. There is excellent authority for believing company will also declare dividend on its common stock, but the amount is not known. T H E C O M M E R C IA L W EST 22 W A TSO N & CO. Saturday, December 13, 1902. F. A. C h y m b sr l a in -, President. P e r r y H a r r is o n , Vice-President. E. F. M karklh, Vice-President. T hos . F. H u r l e y , Cashier. F re d S p a f f o r d , I Assistant M. C. H a m e r , f Cashiers. TH E SECURITY BANK OF MINNESOTA. BROKERS. Chamber of Commerce, Minneapolis. M IN N E A P O L IS . Capital Paid in, $ 1 , 0 0 0 , 0 0 0 . Stocks, Bonds, Grain, Provisions. A G eneral B anking MEMBERS NEW YORK STOCK EXCHANGE NEW YORK PRODUCE EXCHANGE. CHICAGO STOCK EXCHANGE. MINNEAPOLIS CHAMBER OF COMMERCE CHICAGO BOARD OF TRADE. ST. LOUIS GRAIN EXCHANGE. WINNIPEG GRAIN EXCHANGE. Private Wires to TELEPHONE Chicago, CALLS: New M A IN York, 906, AND and M A IN Other 517. Cities. B u s in e s s T ran sacted. We solicit accounts of banks, cor porations, private individuals, etc., and offer every facility and accom modation consistent with sound banking. Directors. F. G. Winston, J. W. Kendrick, James Quirk, H. C. Akeley, F. A. Chamberlain, T, H. Shevlin, J. H. Queal, L. F. Day, 3. T. McKnight, E . F. Mearkle, W. S. Nott, H. M. Carpenter, R. M. Bennett. Louis K. Hull, Perry Harrison, C. C. W ebber, Thos. F.Hurley, Geo. F. Piper, Geo. C. Christian, E. J. Carpenter. RAILROAD RATES IN THE NORTHWEST. Notwithstanding the steady increase in the cost of rail way materials and railway construction, including wages, during recent years, railway rates show decrease, and no where more sharply than in the Northwest. The Minnesota dairyman who is selling his product today at twice to three times the price of twenty years ago and paying only ic per pound to the railroads for fast freight by refrigerator car from Minnesota to New York, and the owner of North D a kota farm land who has seen the value of his property quad rupled by the reduction in the grain rate to Liverpool to one-half even the old-time Chicago-New Y o rk rate, are in a position to realize, as some of the politicians and their organs do not, that growth in railway earnings is due to an enlightened policy the direct opposite from that of in creasing the tolls upon the shipper— in other words, from a policy of extension and improvement of service coupled with steady reduction in rates, which has produced immi gration and settlement, industry and trade, and has develop ed the prosperity of the road by developing the prosperity of the country. Comparison of the rates published in the early reports of the Minnesota railroad and warehouse commission with the rates which prevail in 1902 makes interesting reading to one who wishes to ascertain the drift of railway rates in the Northwest. On the Northern Pacific, the average receipts on freight per ton per mile have been reduced from 2.14 cents in 1883 to 1.31 in 1892 and .9 in 1902— a reduction of 1.24 per ton per mile, or nearly 60 per cent. On the Great Northern, the reduction is from 2.51 cents per ton per mile in 1882, to 1.17 in 1892, and .859 in 1902— a reduction of 1.651 cents per ton, or approximately twothirds. The Soo in 1887, the first year of its operation, realized 1.91 cents per ton per mile, which dropped to 1.25 in 1892, and .739 in 1902— a reduction of 1.17 cents or 61 per cent in fifteen years. The Eastern Railway of Minnesota, the Great Northern branch connecting the Twin Cities with Duluth-Superior, undoubtedly collects from its shippers the lowest average freight rate per ton per mile of any road in the West— few even of the Eastern roads running into Chicago show ing as low an average rate. The Eastern Railway of Minne sota started in 1889 with the lowest average per ton rate then known northwest of Chicago, .8 of one cent; but dur ing the past five years the average has been only .6, which is about one-fourth less than the average for the Chicago roads. The average per ton per mile over the Chicago & N orth western has been reduced from 1.47 in 1882 to 1.13 in 1892 and .824 in 1902. The twenty-year redutions on the Mil https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis waukee, the Omaha, the Rock Island and most of the other Chicago roads, are about the same as for the Northwest ern. During the past year the Burlington has reduced its average from .862 per ton per mile in 1901 to .772 in 1902. The Chicago Great Western has reduced its average from 1.23 in 1886 to the neighborhood of .7 in recent years. The cause of the increase in earnings is exceedingly sim ple. The Great Northern, for example, hauled about 4,000,000 tons of freight in 1892 and over 15,000,000 tons, of which 13,237,363 were revenue freight, in 1902— an increase of over three-fold in volume in ten years. Although the rates in ten years have been reduced, it is easy to see how the volume of freight earnings have doubled. Great North ern freight earnings for 1902 are $27,813,030, an increase of $5,814,538 over the year before, although the average rate per ton per mile has dropped from .871 to .859; the source of the increased earnings lying in the fact that the tons of revenue freight carried one mile increased from 2,481,751,195 in 1901 to 3,190,217,482 in 1902, or 28.5 per cent, the freight earnings therefrom increasing 26.4 per cent. When the Burlington, in 1868, was one of the small roads of the country, it charged an average of 3.24 cents per ton per mile for hauling freight and earned few or no dividends at that. In 1902, at an average rate of .77 per ton per mile, or less than one-fourth the rate of 1868, the Burlington earn ed $36,000,000 from freight earnings alone, and exhibited over $18,000,000 of net earnings from which to pay the largest dividends in its history. Although the Burlington average per ton per mile rate dropped from .862 in 1901 to .772 in 1902, its freight earnings showed an increase of $2,400,000 through increased volume of traffic and the net earnings increased over $2,000,000. F reigh t Increase in Minneapolis. How volume of traffic has reduced rates in the North west may be comprehended from the statistics of freight re ceipts and shipments at Minneapolis as shown by the Min neapolis Chamber of Commerce reports for the past six teen years. The 32,000,000 bushels of wheat receipts of 1885 have grown to over 90,000,000, and the 5,000,000 barrels of flour shipments have increased to 15,000,000. Merchandise receipts have expanded from 254,000,000 pounds to 682,000,000, and merchandise shipments from 287,000,000 to 6S7,000,000. Machinery receipts have grown from 30,000,000 to 123.000. 000, and machinery shipments from 27,000,000 to 104.000. 000; while aggregate car lots of both receipts and shipments of all freight at Minneapolis have grown from about 250,000 cars in 1885 to not far from 600,000 for the current year. During the sixteen years the Milwaukee’s wheat receipts at Minneapolis have grown from 8,800,000 bushels to 21,000,000; the Great Northern’s from 13,000,000 to over 30,000,000. The merchandise receipts of the Mil- Saturday, December 13, 1902. T H E C O M M E R C IA L W EST. waukee have grown from 90,000,000 pounds to 180,000,000; of the Omaha from 50,000,000 to 130,000,000; the Soo mer chandise receipts, which did not begin until 1887, now reach 60,000,000 at Minneapolis. The merchandise shipments of the two northern roads from Minneapolis have advanced from about 120,000,000 pounds in 1885 to over 250,000,000, and the farm machinery shipments from 12,000,000 to 60,coo.ooo. The M innesota Rate. The average rate per ton per mile on Minnesota freight has been reduced by .5c volume of traffic, until the average of 1.5c of 1885 is today cut in half. In 1878 the Minneapolis rate on wheat and flour to New Y o rk was 51 cents all rail, 49 cents lake and rail, and 46 cents via Lake Superior. In 1885 the rates were 37 all rail, 35 lake and rail, and 33 Lake Superior, nearly double the rates of today. Volume of traffic is the great solvent of rates. The high est average rate per ton per mile in the United States today is in the New England states, 1.16 according to Poor’s esti mate for 1900, as compared with .746 for the entire United States. The next highest is in the Southwestern states, 1.00, and the third highest, the Pacific states, .97. W hy is it that the New England average is 1.16, that of the South west 1.00, and that of the Pacific states .97, as compared with about .85 for the roads doing business in Minnesota, down to .6 for the Eastern Railway of Minnesota? Volume of traffic is the explanation. Of course the matter of ease of grade, or of organization of traffic, or of economy of management, are important matters to take into considera tion and the Northwest is specially favored in these direc tions; but the great determining factor is volume of traffic, and in this no section of America has exhibited such strides 23 of development during the past twenty years as the North west. A financial expert, in a recent issue of the New York Commercial & Financial Chronicle, makes an interesting comparison between the finances and business of a prominent southwestern road, the Atchison, and the two northwest ern roads, the Great Northern and the Northern Pacific. The bonded debts of the three are $225,923,520 for the A tch ison, $177,221,230 for the Northern Pacific, and $97,975,454 for the Great Northern. The outstanding capital stock of the three, respectively, is $216,199,520 for the Atchison, $155,000,000 for the Northern Pacific, and $124,306,600 for the Great Northern. The tons of freight hauled one mile last year were 4,231,748,520 for the Atchison, 3,300,253,137 for the Northern Pacific and 3,190.217,482 for the Great Northern. The average rate per ton per mile was .988 for the Atchi son .900 for the Northern Pacific, and .859 for the Great Northern. The tons of revenue freight per train mile were 247 for the Atchison, 346 for the Northern Pacific and 417 for the Great Northern, while the tons per mile of road operated were 538,700, 657,500 and 607,700, respectively. The Atchison operated nearly 50 per cent greater mileage than either of its two Northern competitors, and exhibits 50 per cent greater capitalization than the Northern Pacific and 100 per cent greater than the Great Northern, and yet its net earnings are only 25 per cent larger, while charging ma terially higher rates. The expert calls attention to the fact, that if Atchison rates were applied to the business of the two Northern roads for the fiscal year just closed, they would increase the Northern Pacific earnings $3,000,000 and the Great Northern’s about $4,000,000. This is certainly a fine tribute to transportation organization in the Northwest. THE C H E C K MILEAGE OF C H IC A G O BANKS. (Special Correspondence to The Commercial W est.) Chicago, Dec. 10.— The Corn Exchange National bank of this city has lately kept track of the number of items that pass through it, and has found that all told they average upwards of 53,000 daily, and aggregate in value about $8,000,000, which is almost double the amount of the bank’s share in Chicago’s clearings, which runs from about $4,000,000 to $4,500,000 daily. The clearings of Chicago average about $32,000,000 daily at present, the Corn Exchange Na tional’s share in them being about one-seventh. The num ber of items handled today were as follows: Number of checks on themselves........................ 18,700 Number of out-of-town item s................................11,100 Number of checks sent through clearing house. .23,800 Forty=Seven Miles of Items in a D ay. If the other Chicago banks pass through a number of items in the same approximate proportion to their clearings that the Corn Exchange National’s items are, the total number of items passed through the Chicago banks every day would aggregate 375,200, amounting in value to some thing like $64,000,000. Assuming the average check or draft to be about eight inches long, then 375,200 such items laid lengthwise one after another would be 250,134 feet long, or about 47% miles. About nine days business of Chicago banks would there fore produce enough items to cover the distance between Chicago and Minneapolis. About eighteen days business would produce enough items to cover the distance between Chicago and New York, or Chicago and New Orleans. Forty-two days of business would about cover the dis tance between Chicago and San Francisco. The items for one year’s business would cover 17,246 miles which is almost twice the diameter of the earth, and only about 7,700 miles short of the earth’s circumference. M iles and M iles of W ork to Do. It is evident that the clerks and officials of Chicago banks have plenty of work to do; miles of it in fact- Many per sons think a walk of eight miles a pretty good walk, but the clerks of just one bank, the Corn Exchange National, every day do that much walking with their hands alone, for ev ery day they assort checks that would cover almost eight miles in distance. TheforCorn Exchange National’s business in a little less Digitized FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis than nine years, would produce enough items to encircle the world. Only 170 clerks handle this enormous check mileage of the Corn Exchange National. The quickest of them all is said to be a deaf and dumb mute who does the work that is put before him to do, without comment- or discussion over the matter with his associates. He is an object lesson to the other clerks at the bank, that silence is golden. Points of Valu in Currency Discussion. Notwithstanding such enormous check mileage every day, the losses from forged or worthless checks are only occasional and quite insignificant when the total value of all items is considered. This bears interestingly on the currency question; for if banks can handle with only insignificant loss, such an enormous number of checks drawn by banks and by custo mers of banks the whole wide country over, why can they not also handle with equal or even greater safety the notes of other banks, based on their assets, secured by stock holders’ liabilities, and by a guarantee fund which would be maintained by all the note issuing banks in the sys tem? A t the same time an argument presents itself from such figures against inflation of the currency. It is evident that only a small part of the commerce of the country is carried on by means of currency. The credit system has reached such perfected* development that miles and miles of checks and drafts do the work which would otherwise have to be done at far greater cost, by gold, silver or paper money. There is constant expansion and contraction— elasticity— in the bank items of the country, which does not exist in the case of our currency, though it would exist were our currency_ composed wholly of notes based on bank assets. In the cities there is far more elasticity in media of exchange than in country districts where less proportionate use is made of checking facilities and more use is made of cur rency. When Mr. J. H. Eckels was controller of the currency he had an investigation made of the extent to which the commerce of the country is carried on by means of credit instruments of exchange, and he found that it amounted to over 90 per cent- The result of this investigation showed the fallaciousness of the arguments of free silverites, for it proved the absurdity of laying stress on the per capita or quantitative theory of money, since less than 10 per cent of the country’s business was carried on by the actual use of currency. T H E C O M M E R C IA L W EST 24 Saturday, December 13, 1902. Are frequent. The porch climber is alert. $2.50 Rents a Private Safe one year Burglaries!! Where your Diamonds and all Valuables are beyond his reach. G U A R A N T Y SAFE DEPOSIT VAULTS, B a se m e n t G u a r a n ty B u ild in g , M in n e a p o lis . and offered a check for $1,010 in payment. He left town be fore being detected and without getting any money. BANK CLEARINGS. Brads treet’ s. New York . . . . C h ic a g o ........... B o s t o n ............. Philadelphia . St. Louis . . . . Pittsburgh . .. Baltimore . . . . San Francisco Cincinnati . . . Kansas City .. Cleveland . . . . Minneapolis . . New Orleans .. D e t r o i t ............ Louisville . .. Indianapolis . Providence . . O m a h a ............ Milwaukee . .. B u ff a lo ............ St. Paul ......... St. Joseph . . . . Denver ............ Richmond . .. Savannah . .. Salt Lake City A l b a n y ............ Los Angeles .. Memphis . . . . Fort W orth . . Seattle ............ W ashington . H artford . .. . P e o r i a ............. Toledo ............ Portland, Ore. Rochester . .. A t l a n t a ........... Des Moines .. . T a c o m a .......... Spokane .......... W eek ending Dec. 4, 1902 . $1,622,118,754 . 185,392,660 . 142,637,488 . 129,053,958 50,726,901 41,966,138 27,297,639 35,853,382 22,647,350 21,123,364 16,152,730 21,276,605 19,462,256 11,774,552 11,087,343 14,023,511 7,366,400 7,427,441 8,770,077 6,854,892 7,462,482 4,345,625 4,733,056 2,907,164 4,888,274 4,275,925 3,842,791 4,509,949 5,398,247 3,304,105 4,880,734 4.260.702 2,941,834 3,468,770 3,495,602 4,096,888 2.823.703 3,389,237 2,534,416 2,300,587 2,281,750 Compared Dec. 5, Inc. p. c. Totals, U. S ........................................$2,530,244,998 Totals, outside N. Y ............................ 908,126,244 DOMINION OF CANADA. Montreal ................. $20,013,531 Toronto .................................................... 16,152,571 W innipeg ................................................ 5,840,316 1,829,916 H alifax .................................................... Vancouver, B. C .................................... 1,007,169 1,011,781 Hamilton ................................................ St. John, N. B ......................... 974,701 Victoria, B. C ................................... 638,773 Quebec ............................................. 1,756,653 Ottawa .................................................... 2,034,676 London, O nt............................................. 854,493 Totals $51,260,087 2.2 ’ ’ .3 4.5 'Ï.8 9.7 27.4 11.7 4-3 ii !2 29.3 1.3 iô!ô ’ ' .’ 2 ’ L3 67.2 6.1 59.7 25.4 2.7 7.6 12.0 30.0 'é:à 20.8 92.1 30.1 1.8 1.1 1.7 2 .' 9 38.3 ___ with 1901. Dec. p. c. The comptroller of the currency has approved the appli cation to organize the Farmers’ National bank of Primghar, la.; capital $30,000. ’ 3!8 Mohall, N. D.— The Mohall Security bank and the Mohall State bank have been organized. 13.2 Boyd, Minn.— A national bank has been organized. The officers elected are : L. G. Moyer, president ; O. J. Flaa, vicepresident; O. H. Bye, cashier, and N. Ronning, assistant cashier. 'Ï.5 Le Sueur Center, Minn.— The First State bank has been organized by D. B. Allen, A. L. Allen and E. N. Newton, of 26 Ò Arlington, Iowa; M. M. Dempster and J. E. Dempster, of Le Sueur Center. 5.7 'lo Minneapolis Securities. Quotations furnished by Eugene M. Stevens, Commercial P a per and Investment Securities, 123 South Third street, Guaranty " ! 9 building, Minneapolis. Minneapolis, Dec. 9. 31.2 Last Bid. Asked. 34'.3 Sale. First National Bank .................................... 185 180 130 6.1 German-American Bank ............................. 125 110 SO. 1 Germania Bank ............................................... 100 105 105 Hennepin County Savings B ank................ 150 150 Minneapolis Trust Com pany......................... 135 Ì4Ó 140 Minnesota Title Ins. & Trust Co., p f d .... 100 102 Minnesota Loan & Trust Com pany........... 130 140 127 National Bank of Com m erce........................ 135 135 140 145 Northwestern National Bank ..................... 190 200 195 St. Anthony Falls B ank................................ 120 South Side State B ank.................................. 135 130 Security Bank of M innesota........................ 157 157 Ì 6Ò 160 9 . 0 Swedish-American National B a n k ........... . 122 122 Minneapolis Gas Light Co., consolidatedd 6’s, 1910-1930 ............................................. . HO 110 113 Minneapolis General Electric Co., consoli dated 5’s, 1529 ............................................ Minneapolis Brewing Co., com m on........... . 97 ÌÓÓ 97 Minneapolis Brewing Co., preferred......... . 10„ 106 Minneapolis Brewing Co., bonds............... . 113 i Ì6 i Ì6 Minneapolis Syndicate .................................. 102 105 102 Minneapolis Threshing Machine C o............. 150 160 160 North American Telegraph C o...................... 75 75 80 77 Twin City Telephone Co., first 5’s, 1913 Ls 1926 ................................................... .......... 101 11.8 Twin City Telephone Co., preferred stockk . .. 100 10.3 2.8 St. Poul Securities. 8.5 7.0 1.0 St. Patti Bonk Clearings. 1902. 1901. January ........................................................... $23,700,579 $22,281,786 February ............................................................ 19,517,996 17,675,665 March ................................................................. 22,689,380 19,374.751 April .................................................................... 23,380,068 19,693,304 May ...................................................................... 22,701,821 21,351,54*1 June ..................................................................... 22,874,346 19,611,300 July ..................................................................... 24,617,191 20,689,627 19,180,676 August . .................................... , .................... 22,776,951 September ......................................................... 23,781,224 21,992,346 October .............................................................. 30,426,104 25,612,198 N o v e m b e r ................................................... 27,907,93428,403,101 November Bonk Not wCirculation. The monthly statement issued by the comptroller of the currency shows the total circulation of national bank notes outstanding at the close of business, November 29, 1902, to have been $384,854,514, an increase for the year of $25,133,803, and an increase for the month of $4,378,180. The amount of United States registered bonds on de posit to secure circulating notes was $343,018,020, and to secure public deposits, $152,084,570. Among the Bonks. Canton, Minn— J. Ernster of Ellendale, N. D., will open a batik here. Waseca, Minn.— The Citizens’ State bank will be reorgan ized as the First National. It is expected that the First N a tional will begin business about Jan. 1. Delmont, S. D.— G. D. Cord will organize a bank. Brainerd, Minn.— “ C. H. Bierce’” endeavored to pass drafts and checks here. He bought a house and lot, Digitizedforged for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The following quotations on St. Paul securitiese are furnished by Peabody & Co., brokers, 27 Merchants’ National bank build ing, St. Paul. St. Paul. Dec. 6. Last ^ . Bid. Asked. Sale, Capital Bank ................................................... 110 iik iio First National Bank ..................... 2so Merchants’ National Bank ....................135 135 130 197 National German-American B ank..................... St. Paul National B ank.................................. iÔ5 Scandinavian-American Bank ................... 130 135 Erv Second National B a n k ............................ ^ State Bank ..............................................................' -¡AA Union Bank....................................................... EÔ Security Trust Company .....................L L -jAA 2314 St. Paul Title & Trust Company ($50)......... Minnesota Transfer Railway Company, first 5s, 1916 ................................................ *106 109 106 Minnesota Transfer Railway Company, first 4s, 1916.................................................. 95 97 St. Paul Union Depot Company, first 6s 1930 ................................................................ *125 130 St. Paul Union Depot Company, con solidated 5s, 1944 .......................................*H 0 115 St. Paul Union Depot Company, con solidated 4s, 1944 .........................................*100 106 Interstate Investment Trust Company (limited) ...................... 130 ... 136 American Light & Traction Company, Common ..................................................... 38 40 American Light & Traction Company, Preferred ..................................................... 90 92 St. Paul Gas Light Company, 1st 6s, „ 1916 ............................................................... *117 120 117 St. Paul Gas Light Company, Cons. 6s, 1918 ................................................................ *H 6 ns 1)6 St. Paul Gas Light Company, Gen’l 5s, 1944 ................................................................ *94 951,4 94 St. Paul City Railway Company, Cable 5s, 1937 .......................................................... *112 114 113 W est Publishing Company, Com m on___ 200 ... 200 W est Publishing Company, Preferred___ 103 105 St. Paul Fire & Marine Ins. Com pany____ 171 175 171 St. Paul Trustee Com pany............................ 96 100 ... Superior Water, Light & Power Corrr„ Pany ............................................................. 8 10 8 Superior W ater, Light & Pow er Com pany, 1st 4s. 1919......................................... 73 75 75 Chicago Transfer & Clearing Company. . . 9 6 98 96 ‘ And interest. ' ' ' 4 Saturday, December 13, 1902. T H E C O M M E R C IA L W EST. 25 THE CLEVELAND-PITTSBURG DEBATE. Written for The Commercial West by F. I. Kent, President of the Chicago Institute of Bank Clerks. (Special Correspondence to The Commercial W est.) esting story until he found to his sorrow his time was up just when he was getting well up to his subject. The chair most every benefit which can be derived from the work of man was inexorable, however, and although the audience the American Institute of Bank Clerks was given in Cleve and Mr. Small both wanted a little more, it could not be allowed. land during Saturday and Sunday, Nov. 22 and 23. The last speaker for Cleveland was Mr. Slach, and after The occasion was the visit of a delegation from Pittsburg for the purpose of debating the question of whether Secre listening to his oratory one was prepared to hear that he tary Shaw’s action in accepting security for government de had been a prominent factor in the silver campaign of ’96. His points were well taken and forcibly expressed, and posits of other than United States bonds was judicious. The Cleveland Chapter had the affirmative, and Mr. Shaw he too was obliged to take his seat with ideas still coming almost too fast for utterance. might well feel proud of having such support. The Speakers for P ittsb u rgh . The Pittsburg chapter, while advancing many convinc For Pittsburgh and the negative, Mr. Kehew presented a ing arguments against the secretary’s action, still allowed that it was taken in good faith and with honorable inten well written, forcible paper, which was well read and well received. Mr. McMillan, the second speaker for the nega tions. tive, in addition to a number of strong points well brought The first debate between chapters of the institute in dif ferent cities was an event of such importance that the writer out, read a list of municipal bonds which had been found to be bogus, among them being some Cleveland bonds. felt it justified the special trip necessary to attend it. Saturday evening the members of the Cleveland chapter The audience was evidently much impressed until the point and their friends assembled in the hall engaged for the oc was successfully met by Cleveland in rebuttal. Mr. Eggers, the last speaker on the negative, also read casion, and by 8:15 a large audience was anxiously await ing the arrival of the Pittsburghers. It soon became ap a carefully prepared paper and one which would have car parent that there was something wrong, as the seats re ried victory against the majority of debaters. He was handi served for the visitors were persistently vacant and no rustle capped, however, by having his arguments on paper and al in the hallways betokened their approach. In a few minutes, ready formed, which made it impossible to apply them spe however, a member of the Cleveland reception committee cifically to his opponent’s points. The judges, Mr. M ar announced that the delegation from Pittsburgh had arrived shall, of the Coal and Iron National bank; Mr. Moulton, two hours late. It was suggested that their weighty argu superintendent of schools, and Judge Stone, all of Cleveland, ments might have caused the breakdown, or that some one rendered the verdict in favor of the affirmative; a just ver had thought of another point and that they had sent a man dict which Pittsburgh was the first to approve. It was peculiar that every Cleveland man should have ahead to flag their own train while they worked it out. spoken without notes, and every Pittsburg man with notes. Th e Speakers for Cleveland. The difference in the two styles was plainly in favor of Shortly after nine the visiting delegation marched to Cleveland, although with less accomplished speakers it their places accompanied by a deafening applause from all might have caused their downfall. present. The debate was called without further ceremony. Of all the chapter work I have seen, this was the most The first speaker for the affirmative, Mr. Herrick, opened encouraging, for it brought out the best in everyone. The the debate, and his ease of manner and ready delivery, cou debate showed excellent work on both sides and a clear, pled with a thoroughly logical development of his subject, comprehensive grasp of the subject, which every bank clerk proved him to be a most formidable opponent. Later when should try to get of every financial question. Good fel he spoke in rebuttal he fully sustained this opinion and met lowship and healthy enthusiasm were engendered which the force of Pittsburg’s arguments with great clearness and will put a glow over many a hard day. in a most effective manner. The return debate will be held in Pittsburgh sometime Mr. Small, the second speaker for the affirmative, after during February, and the hustling Pittsburgh chapter may making a few good points, got wound up in a most inter- be depended upon to do the proper thing at that time. Chicago, Dec. 8.— A practical demonstration of almost MINNESOTA STATE BANKS. From July 16 to Nov. 25, according to a report of S. T. Johnson, public examiner for Minnesota, 257 state banks re ported on the latter date, in response to a call for state ments, as compared with 238 on July 16. The total deposits of the state banks on Nov. 25 was $45,761,612, which was an increase of $143,375 from July 16. The surplus and profits of the state banks was $2,295,775. The following is an abstract of the reports of 257 state on Nov. 25, with comparisons with previous statements. Total resources . . ; .............................. Capital ...................................................... $7,604,700.00 Surplus and profits................................ 2,295,775.20 Deposits .................................................... 45,761,612.77 $56,286,248.24 Other Liabilities .................................... 624,160.27 -------- ----------- $56,286,248.24 The following changes are shown since published report of July 16, of 238 banks: Total resources .......................................$54,753,152.98 $1,533,095 26 Capital . ................................................... 7,360,700.00 244,000.00 Surplus and profits ................................ 1,880,333.85 410, 441.35 D eposits. ................................................ 45,348,237.78 413!374.99 Other liabilities .................................... 163,881.35 460,278.92 following is a statement of the same items as reported Nov. 15. 1901, (221 banks), and a comparison with Nov. 25. 1902: Increase. Total resources . . . $50,507,892.45 $5,778,355.79 Capital .................... 7,155,240.00 449,460.00 Surplus and profits 1,952,149.69 343,625.51 Deposits .................. 41,223,950.14 4,537,662.63 Other liabilities .. 176,552.62 447,607.65 A Prominent Iowa Bank. money, buys notes, sells drafts, pays county taxes, acts as Prominent among the banking houses of Iowa, and also trustee or custodian, provides executors or administrators, one that has been steadily prospering, is the People’s Trust holds deeds or contracts for parties pending settlement, col every benefit which can be derived from the work of lects rents on leases, and in every way offers its patrons ef service. From its inception the bank’s career has & Savings Bank of Clinton, Iowa. This bank was established ficient been one of marked success. in 1893, by Artemus Lamb, C. F. Alden and others, and now government and other bonds, besides $1,250,000 in commer- j cial loans. Stringency in Iowa Stops Bonk Organization. The bank owns the building it occupies, cuts of Deputy Auditor Amos Brandt, who has charge of the which appear on another page of this issue. It is one of the chartering of banks in the office of the auditor of state, is most tastefully fitted banks in the state. Every accommoda quoted as saying that the organization of state and savings tion is to be found, including private rooms for ladies banks has been stopped in Iowa by reason of the financial and safety deposit vaults in which private boxes are rented stringency in September. Not a bank has been chartered to patrons at the exceedingly low rate of $2.00 per year and since that time, except banks that had been authorized to upward. This bank pays 3H2 per cent on deposits, loans transact business before that time. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T H E C O M M E R C IA L W EST. 2Ó RAILROAD EARNINGS. O c to b er R ep o rts. ------Changes----- The Denver & Rio Grande R. R. Co. (including Rio Grande Western) reports for October: 1902. 1901. Inc. Dec. $1,597,944 $91,231 Gross ............. $1,689,175 $12,244 1,001,890 Oper. expenses 989,646 699,529 596,054 103,475 Net .................. 8,011 4,456 3,555 Other incom e.. 600,510 107,030 Total net ....... 707,540 Fixed charges, 318,102 308,732 9,370 etc................... 291,778 Surplus ........... 389,438 97,660 Renewal fund.. 10.000 10,000 389,438 291,778 97,660 Surplus ........... From July 1 6,211,636 110,521 6,322,157 Gross ............... 3,747,561 96,808 3,650,753 Oper. expenses. 207,329 2,671,404 2,464,075 Net ................... 54,378 14,582 Other incom e.. 39,796 221,911 Total net ........ 2,725,782 2,503,871 Fixed charges, 59,920 etc................... 1,280,627 1,220,707 1,283,164 161,991 1,445,155 Surplus ........... 40,000 40,000 Renewal fund.. 1,405,155 1,243,164 161,991 Surplus ........... The Duluth, South Shore & Atlantic Railway Co. reports for October: $231,160 $250,206 $28,046 Cross earnings. 162,053 $1,647 Oper. expenses 160,406 98,800 69,107 29,693 Net earnings.. 398 228 Other incom e.. 626 69,505 29,921 Total incom e.. 99,426 Int. on bonds, taxes (esti79,642 78,642 1,000 ’ mated) ........ 28,921 19,784 def. 9,137 Surplus ........... From July 1 to Oct. 31: $971,476 $59,737 Gross earnings. $1,031,483 15,184 589,683 604,867 Oper. expenses. 44,553 382,063 Net earnings... 426,616 1,902 461 2,363 Other incom e.. 45,014 428,979 383,965 Total incom e.. Int. on bonds, taxes (esti5,500 313,567 319,067 mated) ......... 39,514 $109,913 70,399 Surplus ........... N o v e m b e r R ep o rts. Great Northern: November ___ From July 1 ... 1902. $4,277,886 20,405,937 ------Changes-----1901. $3,770,416 17,327,643 Inc. $507,470 3,078,294 Dec. 1902. 1901. Buffalo, Rochester & Pittsburg: 4th week Nov. $157,135 $156,932 582,743 523,107 Month ............. From July 1 .. 3,184,547 2,885,108 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ------Changes-----Inc. $31,107 25,954 Dec. $128,488 $36 12,243 135,892 $37,438 $3,954 2,271 $8,696 32,573 400,736 $174,628 1,731,703 $55,743 $93,000 218,000 614,225 $3,000 11,000 253,687 $104 13,271 Colorado & Southern: 4th week Nov. $120,856 $117,024 Month ............. 522,200 498,569 From July 1.. 2,625,213 2,377,987 Canadian Pacific: $1,048,000 4th week Nov. $1,152,000 Month ............. 3,898,000 3,506,000 From July 1.. 18,466,286 16,322,433 Denver & Rio Grande: 4th week Nov. $428,100 $447,700 1,478,200 1,450,700 Month ............. From July 1.. 7,703,800 7,591,800 Evansville & Indianapolis: $8,302 4th week Nov. $8,096 From July 1.. 176,093 148,190 Evansville <fc Terre Haute $39,661 $42,566 4th week Nov. 651,174 742,875 From July 1.. H ocking Valley: $126,517 $131,813 4th week Nov. 469,920 Month ............. 476,176 National Railroad of Mexico: $190,525 $231,577 4th week Nov. 604,159 798,948 Month ............. 3,422,138 4,515,856 From July 1 .. Toledo & Ohio Central: $73,205 $73,863 4th week Nov. 233,564 249,698 Month ............. 1,252,164 1,311,369 From July 1.. W abash: $500,955 $507,175 4th week Nov. 1,639,572 1,714,997 Month ............. 8,345,275 9,151,235 From July 1.. $3,832 23,631 247,226 $104,000 392,000 2,143,853 27,500 $19,600 112,000 $206 27,903 $2,905 91,701 $5,296 6,256 $41,052 194,789 1,093,718 $658 16,134 59 205 $6,220 75,425 805,960 The Santa Fe for October. 1901. 1902 Gross earnings.......... $5,910,930 $5,390,922 Operating expenses . 3,240,121 2,983,226 Net earnings ............. 2,670,809 2,407,696 Taxes and ren ta ls... 183,118 172,531 Income from oper’n 2,487,690 2,235,164 Aver. oper. mileage 7,952.08 7,860.21 For four months of fiscal year to October 1902. 1901. Gross earnings . . . . $20,506,994 $20,107,725 12,429,478 11,435,706 Operating expenses 8,077,515 8,672,018 Net earnings ......... 746,406 681,039 Taxes and rentals . 7,331,109 7,990,978 Income from oper’ t. 7,950.49 7,847.69 Aver. oper. mileage. Dec. Inc. $520,008 256,895 263,113 10,587 252,526 91.87 31, 1902 and 1901: Inc. Dec. $399,268 ............. 993,771 ............. .............. 594,503 65,366 .............. .............. 659,869 102.80 ............. Minneapolis, St. Paul & Soult Ste. Marie Railway Co. E a rn in g s F o u rth W e e k N o v e m b e r. Chicago Great W estern: 1902. 1901. $223,072 $191,965 4th week N o v .. 665,057 639,103 3,225,620 3,354,108 From July 1.. . Chicago, Indianapolis & Louisville: $110,357 4th week Nov.. $110,393 Mrmth ........... 389.261 377,018 2,135,998 2,000,106 From July 1.. . Detroit Southern: $33,760 $29,806 4th week Nov.. 109,895 107.624 576.624 539.186 From July 1... D etroit United Ry. : $76,247 $84,943 4th week Nov.. 281,216 248.643 2,761,564 3,162,300 From Jan. 1. . . Louisville & Nashville: $814,632 $803,325 4th week N o v .. 2,882,235 2,707,607 12,676,359 From July 1... 14,408,062 Minneapolis & St. Louis $100,704 $82,772 4th week Nov.. 305,434 316,232 1,623,198 1.567,455 From July 1. . . Iow a Central: $63,053 $51,003 4th week Nov.. 217,954 197,638 1,063,014 1,042,398 From July 1 ... Missouri Pacific: $1 ,201,000 4th week Nov.. $1,294,000 3,220,000 3,438,000 32,410,501 From Jan. 1 ... 33,024,726 Central Branch: $36,000 $39,000 4th week Nov.. 94,000 105,000 727,530 981,217 From Jan. 1 ... Southern: Rio Grande $14,493 $13,777 4th week Nov.. 52,269 52,373 250,423 263,694 From July 1... Southern Railway: $991,318 $993,657 4th week N o v .. 3,298,454 3,464,412 15,965,484 From July 1 ... , 17,746,815 Texas & Pacific: $441,586 $354,689 4th week N o v .. 1.195;271 1 084,935 10,420,918 9,885,426 From Jan. 1. . . Saturday, December 13, 1902. $11,307 $17,932 10,798 Comparative statements of earnings and expenses for month of October, 1901 and 1902: 4 Months 4 Months Month of Month of October October October October 31, 1902. 31, 1901. 1902. 1901. Earnings— $2,020,674 $1,628,658 $653,409 $549,012 Freight ............ 555,688 420,261 151,586 108,046 Passenger . .. 68,759 64,765 16,546 16,201 IT. S. M a ils... 30,882 41,415 10,094 7,795 E x p r e s s ............. 13,900 17,348 4,727 4,118 Telegraph . . . . 36,123 28,899 8,103 6,934 Miscellaneous . $692,108 Totals . . . . Operating Expenses: Maint’ ce W ay and $65,946 Structure . . . . Maint’ ce Equip45,100 ment ........... Conducting Trans145,924 portation . . . 11,912 Gen. Expenses $844,467 $2,187,368 $2,740,010 $75,436 $254,268 $347,558 52,595 175,302 227,799 183,302 13,982 514,820 42,440 654,730 49,424 $268,884 $423,224 $325,316 $519,151 $986,833 $1,200,535 $1,279,512 $1,460,497 38.8% 38.5% 45.1% 46.7% T o t a l .......... Net earnings.. Percent, of Exp. to Earn’g s .. Suit Over Bonds. The firm of Henderson, Hurd, Lenehan & Kiesel, of Du buque, have asked the city for a full transcript of the council $12,050 proceedings relative to the issuance of bonds of the city of 20,316 20,616 Burlington to W. B. Hayes & Sons, of Cleveland, Ohio, and their bid made for such bonds issued under the statute of Iowa. The inference is that the Speaker Henderson law firm has been employed to bring suit to compel Burlington to sell its water works bonds to them. The action grows out of an advertisement published by Burlington for bids for the sale of the water works. The bid of Hayes & Sons was the lowest, but the city council exer cised its right to reject any and all bids, and Messrs. Hayes $716 & Sons now demand that their bid be accepted. Western Bond Issues. Helena, Mont.— On Dec. 8 the city will vote on a propo sition to issue $614,000 of bonds for a city waterworks sys tem. Buffalo, Minn.— The question of issuing $15,000 of bonds $86,897 $110,336 is being agitated. 535,492 Halstad, Minn.— Owing to a legal technicalitv, another ------Changes------ election will be required to vote on $14,000 of school bonds. Inc. Dec. Waterloo, Iowa.— The county may issue $30,000 of bonds to pay warrants. $203 Crookston, Minn.— Polk county will issue $32,000 of ditch 59,636 bonds. 299,349 $2,339 165,958 1,781,331 Saturday, December 13, ig02. T H E C O M M E R C IA L W EST. 27 Peoples Trust & Savings Bank, C L IN T O N , IO W A. CAPITAL, $300,000 . SURPLUS, $110,000. Report of the Condition of Peoples Trust & Savings Bank, C L IN T O N , IO W A , A t the Close of Business, September J5, 1902. ASSETS. $ U. S. and Other Bonds Loans and Discounts Time Loans on Real Estate Cash on Hand Due from Banks Real Estate and Building Overdrafts - . - . 95,716.25 954,054.37 2,590,396.15 84,433.18 643,157.08 . - $3,640,166.77 727,590.26 15,000.00 1,702.28 $4,384,459.31 Capital Surplus Profit (Net) Reserved for Taxes LIABILITIES. - - - $ 300,000.00 110,000.00 39,346.84 5,100.00 DEPOSITS. Individual Banks Savings Demand Certificates Time Certificates Dividends Unpaid Certificate Checks - - - - $ 631,701.28 430,263.89 2,815,787.39 13.062.95 38.766.96 90.00 340.00 3,930,012.47 $4,384,459.31 3^ Per Cent Interest Paid on Deposits. G A R R E T T E. LAMB, President. CHAS. F. ALDEN, Vice President. D IR E C T O R S . Charles F. Alden, President Alden Coal Co. Silas W. Gardiner, Scc.-Treas., Eastman, Gardiner & Co. Lumber, Laurel, Miss. T . M. Gobble. President T. M. Gobble Co., Wholesale Grocers. A . M. Ingwersen, Farmer and Stock Raiser. Garrett E. Lamb, Secretary C. Lamb & Sons. J. D. Lamb, Pres. Clinton Separator & Engine Works. Lafayette Lamb, President C. Lamb & Sons. Daniel Langan, Physician and Surgeon. Charles B. Mills, Cashier. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CHAS. B. MILLS, Cashier. T H E C O M M E R C IA L W EST. 28 T h e F a r m L a n d M o vem en t. Saturday, December 13, igô2. SO U TH D A K O TA . Stutsman County— WRl, 23-140-66, $1,920; swy , 20-144-65, $1,760; se%, 4-138-64, $1,120; sey , 6-141-63, $1,000; sw jj, 8140-64, $1,280. Codington County— SW jJ, 17-116-54, $4,800; swj4 , 28-11655; s e y , 34-x 18-55, $4,780; swy , 26-119-51, $2,000; sy2 nw Ji ny2 swj4 , 31-116-51, $3,212. Brookings County— WJ2 ne y , 24-112-49, $2,000; nwy , 28110-49, $5,6oo, ey2 ne y , 13-111-50 and lots 1 and 2, 18-111-49, $5,082. Minnehaha County— SEJJ, 3-102-50, $8,000; wR> ne y , 21103-52, $2,400; ejy2 ne y , sec. 21, and nwy , sec. 22, all in 103, 52, $7,200; wy2 sey , sw jj of ne y and s e y of nwj^, 12-103-49, $3,800; e ^ of sw A, 33-104-22 and e ]/2 of nw %, 4,103,52, $1,600. W IS C O N S IN . The following are late farm land transfers, as taken from official county records. They indicate the value of farm lands in the respective localities: M IN N E S O T A . Freeborn County— SE % s e y , sec. 36, Newry, $2,000; seJ y sec. 15, Hartland, $4,000; s% ne% and se jj nw%. and n e y se%, sec. 29, Geneva, $4,000; wy2 nw ^ s e y , sec. 21, Moscow, $1,000. Dakota County— 160 acres in Lakeville, $7,000; 160 acres in Empire, $6,000; 320 acres in Marshan, $4,800. Swift County— S y swW sec. 25> Six Mile Grove, $2,400; swf4 sec. 30, Swenoda, $1,600; nwj4 , ny2 n ey , sw % n ey , sec. 6, Pillsbury, $7,482; n w jj se jj s jj se%, sec. 18, Appleton, $2,400. Lincoln County— Wp2 of the swy , sec. 25, twp. 32 N, Pipestone County— N E A 36-105-47, $2,200; sl/2 ne% 21range 7 E, $3,100; ny2 of the n w jj of sec. 19, twp. 32 N, 105-46, $2,400; sw jj, 7-106-44, $3,731. Morrison County— NWJ 4 , 32-40-32, $3,100; s s e c . 1, range 8 E, $1,150. Jefferson County— 80 acres in sec- 14, Clyman, $8,000; 100 sw/4 sec. 2, nwld sw Id, and lots 1 and 2, sec. 9, n w jj, sec. 11, e%, sec. 17, n w jj sec. 23, all in 42-28, $2,720; nl/ 2 sw%, 4- acres in sec. 10, Westford, $2,450; 69 acres in sec. 15, Ashippun, $5,600; 75 acres in Lomira, $5,390; 120 acres in sec. 21, 128-30, $1,466. Marshall County— W j 4 n w jj, se% nwH, nw y sw*4 , sec. 11- Lomira, $3,000. IO W A . 155-44, $2,400; sejj sejj sec. 18, ey2 n ejj, ne*4 sej4, sec. 19157-42, $2,000; neJd seJ4, sec. 11, 11^2 sw34. sec- 12-156-43, Woodbury County— S y2 of the s e y , 11-89-46, $3,120; swy $1,760; E*/2 n ejj, sw jj neki, lot 4, sec. 28-156-42, $1,875. of ne y , and nwJj of sejj, 16-86-43, $1,340; ne y sw y, 34-86Kandiyohi County— Norway Lake.— SW jJ nwy , sec. 33, 47, $1,400. $1,175; swy , sec. 8, $3,000. Whitefield.— Und. y2 of se%, &y2 Hancock County— NERb 14-94-25, $11,000; n e y , 1-96-26, swy , sec. 17, $6,000. Lake Elizabeth.— S W ^ s e y , sec. 13, $10,500; swJ4, 6-97-25, $4,400; nwy , 11-97-25, $7,200; &y2 sw Id sec. 25, $3,600. Mamre.— W y2 n e%, ne% nw hi, sec. e }/2 n e y, 18-96-26, $4,160; undv. y2 ey2 n e y , 18-96-26, $2,080. 18, sy2 swj4> sec. 7, $8,000. Chickasaw County— 59 acres, 28-97-12, $2,950; 160 acres, Pope County— NEJ^, sec. 6-124-40, $4,900; w y2 ne% 21-94-14, $8,800; 40 acres, 19-95-12, $2,600. nej4 nwy , 10-125-36, $2,250; n e y 28, s e y 21, nwy. 21, n ^ Appanoose County— se of se se sec. 1 and ne of ne, sec. sw jj 21-125-37, $10,000; nwJ4 , n A sw jj, 21-125-37, $5,773- I 12, twp. 68, r. 17, $2,800; sy of ne, sec. 9, twp- 70, r. 16, NORTH D AKOTA. $2,500, ne of se and eR> of ne and se of ne, sec. 10, and sw Cass County— SEjJ s% of ne%, 15-138-55, $2,400; w ^ of of nw, sec. 11, twp. 67, r. 19, $7,000; ne of se and ey2 of ne 27-143-53, $3,200; ne% of sec 34-142-52, $3,680; wY2 of the n e y and se of ne, sec. 10, and sw of sw, sec. 11, twp. 67, r. 10, and the &y2 of the nwk+ of sec. 10-140-55, $1,600; nwy of sec. $7,000. Jasper County— E y2 1 2 b 20 Newton, $6,000; nw ne and 4-139-55, $1,700; sy2 18-139-50, $6,500. Steele County— N y2, sec. 20, Sherbrooke, $6,400; ney2, sec. ne nw, 27-80-20, $5,200; eiy2 nw se, 19-81-20, $800. Hardin County— WK> ne, 32 and sw se, 29-89-20, $7,680; 1. Easton, $3,760; nwj4 , sec. 32, Edendale, $4,000; s e y , sec28, Edendale, $4,300; w y2, sec. 5, Lincoln, $2,200; sw jj, sec. se ne and e y2 se, 4-88-21, $9,000; wy2 ne and nw se, 31-88-21, $7,200; ey2 nw, 36-86-19, $4,800. 20, Hope, $1,200. CHUTE REALTY CO. 301 Central A v e., Minneapolis. D. P. Jones, Pres. W. H. Davis, V-Pres.W . C. McWhinney, Sec. & Trea DAVID P. JONES & GO. (Established 1868. Incorporated 1900.) Mortgage Loans, Real Estate and Rentals Manufacturing sites and trackage, business Special attention given to management of and residence property in Minneapolis and St. estates of non-residents. Satisfactory refer Paul for sale or rent. Five story manufacturing ence to local and eastern parties. plant with machinery, elevator, etc., centrally iocated. 2 0 0 O N E ID A B L D G ., M IN N E A P O L IS . J . r . C A L H O U N , 500 Oneida Building, MINNEAPOLIS. Agent for the Drexel Estate Real Estate and Loans. Bonds, Lands and Mortgages. References: Drexel Estate, Philadelnhia. or any Bank in Minneapolis JAEGER & TORELLE MINNEAPOLIS REALTY, Minnesota and Wisconsin Lands, Suburban Property, especially Lake Minne tonka Lots, Cottages, Fruit Farms and Acres. Catalogue on application. 310 Bank of Commerce, MINNEAPOLIS W . Y. D e n n is , Pres. G e o . T. H u l b e r t , Attorney. y d J. S. H o o p e r , Sec’y-Treas. F. C. S a m m is , Mngr. We always have Gilt Edge Investments to sell in RealEstate We make a specialty of handling Estates and the management of property for non-residents, and guarantee economical manage ment. We offer for sale First Mortgage Loans made on the best improved securities, netting 6$ to lender, in amounts from$500up. s Incorporated, $ 5 0 ,0 0 0 Capital. B an k of C o m m erce, •“ f a * M in n e a p o lis . THE AMERICAN MORTGAGE AND INVESTMENT CO. <£ CZ A No. 1 investment paying ' - ' 5 / » V / > -/ A-/ a good per cent. One of the best located apartment houses in the city Minneapolis, twenty-five flats, seven rooms each, fully modern, very desirable, always full land 110x165 feet; income over $900 per month It will pay you to look into this. Non-resident owner, very anxious to dispose of the property I , A I I ) [ ; I 4 I ) A U ; «Sr C O . Temple Court, Minneapolis. Elwood S. Corser, Pres. Lester B. Elwood, V-Pre* W illiam B. Tuttle. Treas. Edward B. Nichols, Secy C o r s e r I n v e s t m e n t Co., E S T A B L IS H E D 1870, Manager New York Life Building. Mortgage Loans, Real Estate and Insurance Special attention given to Manage ment of Estates for Non-Kesidents. N e w Y o r k Life B u il d in g , M IN N E A P O L IS . L U T H E R S. C U S H I N G Management of REAL ESTATE. John Tow nsend, insurance Endicott Building, ST. PAUL. R. D. CONE 4 CO. 517 Guaranty Bldg., M IN N EAPOLIS. 210-218 Endicott Bldg:., St. Paul, Minn., offer choice FARM M O R T G A G E S to conservative investors at attractive rates. Correspondence invited. All loans per sonally inspected. Send for our list of loans. A. D . W a r n e r , E . F . A n d r u s , President. Vice Pres. H e n r ik St r o m , Sec’y and Treas J. B. T A B O U R Solicits the placing of your money and the care and sale of your property. Twenty years’ ex perience. Eeferences. 410 First Ave. South, M IN N EAPOLIS. "*<• STOCK 550,000 A cres To select from at from $5 to $50 illey Minnesota and North Dakota; 20,000 acres in Manitoba; 35,000 acres in Aitn county, Minn.; 22,000 acres in Washburn county, Wis.; 15,000 in Southern Min¡sota, Lvon and Redwood counties. It costs nothing to write for maps and descriptions. Our specialty is in large acts. Write for wholesale proposition. We are owners, not agents. I3ureHard=Holfcmrt Investment (Jo., J5”7°8 Manhattan Building, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Mortgage Loans negotiated. Estates man aged for residents and non-residents. \ - - “ SI’. PAUL, MINN. Map of Minnesota Chippewa Indian Reservation soon to bo opened. Price, $1.00. County Maps, and 6 and 12 inch Township Plats. Mail orders receive prompt attention. Send for list. J E W E T T & SO N , 694 H olly A v e . St. P au l, M innesota. 29 T H E C O M M E R C IA L W EST. Saturday, December 13, 1902. FAST FREIGHT LINES EAST FROM C H IC A G O . The following is a complete list of fast freight lines east and south from Chicago and Milwaukee. After the close of navigation all the flour and grain shipments from the North west for the East or South or for export must necessarily go over these lines. The list will therefore be useful to the miller and should be kept as a reference. The list follows: Blu e Line (V anderbilt.) CHICAGO TO BOSTON. Via Michigan Central R. R., Chicago to Suspension Bridge, N. Y. Via N. Y. C. & H. R. R. R., Suspension Bridge to Albany, N. Y. Via Boston & Albany, Albany to Boston. CHICAGO TO N EW YORK. Via Michigan Central R. R., Chicago to Suspension Bridge, N. Y. Via N. Y. C. & H. R. R. R., Suspension Bridge to New York City. CHICAGO TO PH ILAD ELPH IA. Via Michigan Central R. R., Chicago to Suspension Bridge, N. Y. Via N. Y. C. & H. R. R. R., Suspension Bridge to Lyons, N. Y. Via Fall Brook R ’y, Lyons to Newberry Junction, Pa. Via Philadelphia & Reading R ’y, Newberry Junction to Phil adelphia. V i a M i l w a u k e e —The Blue Line operates over Pere Marquette R. R., Michigan Central R. R. and connections. C anada Southern Line (V a n d e rb ilt). CHICAGO TO BOSTON. Via Michigan Central R. R., Chicago to Suspension Bridge, N. Y. Via N. Y. C. & H. R. R. R., Suspension Bridge to Albany, N. Y. Via Boston & Albany, Albany to Boston. CHICAGO TO N EW YORK. Via Michigan Central R. R., Chicago to Suspension Bridge, N. Y. Via N. Y. C. & H. R. R. R., Suspension Bridge to New York City. CHICAGO TO PH ILAD ELPH IA. Via Michigan Central R. R., Chicago to Suspension Bridge, N. Y. Via N. Y. C. & H. R. R. R., Suspension Bridge to Canandai gua, N. Y. Via Northern Central, Canandaigua to Harrisburg, Pa. V ia Pennsylvania R. R., Harrisburg to Philadelphia, Pa. CHICAGO TO BALTIMORE. Via Michigan Central, Chicago to Suspension Bridge, N. Y. V ia N. Y. C. & H. R. R. R., Suspension Bridge to Canan daigua, N. Y. Via Northern Cdntral, Canandaigua to Baltimore. V i a M i l w a u k e e —The Canada Southern Line operates over Pere Marquette R. R., Michigan Central R. R., and connections. C a n a d ia n Pa cif ic D es p a t c h . CHICAGO TO BOSTON. Via Wabash R. R., Chicago to Detroit, Mich. Via Canadian Pacific R ’y, Detroit, Mich., to Newport, Vt. Via Boston & Maine R ’y, Newport to Boston, Mass. From Milwaukee via Pere Marquette R. R. to Detroit; thence Canadian Pacific Ry. and connections. Central S tate D es p a t c h . CHICAGO TO BOSTON. Via C. C. C. & St. L. R ’y, Chicago to Cincinnati, Ohio. Via B. & O. S.-W . R. R., Cincinnati to Parkersburg, W. Va. Via Baltimore & Ohio R. R., Parkersburg to Cherry Run, W. Va. Via W estern Maryland R. R., Cherry Run to Shippensburg, Pa. Via Philadelphia & Reading R ’y, Shippensburg to Allentown, Pa. Via Central R. R. of New Jersey, Allentown to Communipaw, N. J. Via N. Y. N. H. & H. R. R., Communipaw, N. J., to Boston, M ass. CHICAGO TO N E W YORK. Same as above to Communipaw, N. J. Via Ferry, Communipaw to New York City. CHICAGO TO PH ILADELPH IA. Same as above to Shippensburg, Pa. Via Philadelphia & Reading R ’y, Shippensburg to Philadel phia, Pa. C o m m e r c i a l Ex p r e s s Line., CHICAGO TO BOSTON. Via G. T. R ’y, Chicago to Black Rock or Suspension Bridge, Via N. Y. L. E. & W ., Black Rock or Suspension Bridge to Binghamton, N. Y. Via D. & H. C. Co., Binghamton to Albany, N. Y. Via B. & M. R. R., Albany to Boston, Mass. CHICAGO TO N EW YORK. Via Grand Trunk R ’y, Chicago to Black Rock, N. Y Via N. Y. L. E. & W . R ’y, Black Rock, N. Y., to New York City. CHICAGO TO PH ILAD ELPH IA. Via Grand Trunk R ’y, Chicago to Black Rock, N. Y. Via N. Y. L. E. & W. R ’y, Black Rock to Corning, N. Y. Via N. Y. C. & H. R. R. R., Corning, N. Y., to Newberry Junction, Pa. Via Philadelphia & Reading R ’y, Newberry Junction to Phil adelphia, Pa. V i a M i l w a u k e e —The Commercial Express operates over the Pere Marquette R. R. in connection with the Grand Trunk R R C u m b e r l a n d Ga p D es pa tc h. CHICAGO TO BOSTON. Via P C. C. & St. L. R ’y, Chicago to Louisville, Ky., or Cincinnati, Ohio. Via Louisville & Nashville R. R.,' Louisville, Ky. or Cincin nati, Ohio, to Norton, Va. ViaforNorfolk & W estern R ’ y, Norton to Norfolk Va Digitized FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Via Boat Lines, Norfolk, Va., to Boston, Mass. CHICAGO TO NEW YORK. (Same as above). CHICAGO TO PH ILAD ELPH IA. (Same as above). E m p ire Line. CHICAGO TO N E W YORK. L. S. & M. S. R ’y, Chicago to Erie, Pa. Pennsylvania R. R., Erie to Sunbury, Pa. Northern Central R ’y, Sunbury to Mt. Carmel, Pa. Lehigh Valley R. R., Mt. Carmel, Pa., to Metuchen, N. J. Pennsylvania R. R., Metuchen, N. J. to New York City. CHICAGO TO PH ILAD ELPH IA. Via L. S. & M. S. R ’y, Chicago to Erie, Pa. V ia Pennsylvania R. R., Erie to Sunbury, Pa. Via Northern Central R ’y, Sunbury to Rockville, Pa. Via Pennsylvania R. R., Rockville to Philadelphia, Pa. V i a M i l w a u k e e —Empire Line operates over Pere Marquette R. R. in connection with L. S. & M. S. R ’y. Via Via Via Via Via E rie Despatch. CHICAGO TO BOSTON. Via Erie R ’y, Chicago to Binghamton, N. Y. Via D. & H. C. Co., Binghamton to Mechanicsville, N. Y. Via B. & M. R. R., Mechanicsville to Boston, Mass., or N. Y. L. E. & W ., Chicago to Newburg, N. Y. Via New England R. R., Newburg to Boston, Mass. CHICAGO TO NEW YORK. Via Erie R ’y, Chicago to New York. CHICAGO TO PH ILAD ELPH IA. Via Erie R ’y, Chicago to Corning, N. Y. Via N. Y. C. & H. R. R. R., Corning to Newberry Junction, Pa. Via Philadelphia & Reading R ’y, Newberry Junction to Phil adelphia. V i a M i l w a u k e e —The Erie Despatch operates over the Pere Marquette R. R., Milwaukee to Toledo, Ohio; via W . & L. E. R ’y, Toledo to Creston, Ohio; or via Pere Marquette R. R., M il waukee to Wayne, Mich.; via Michigan Central R. R., Wayne, Mich., to Buffalo, N. Y .; or via Pere Marquette R. R., Milwau kee to Romulus, Mich.; via Wabash R. R., Romulus, Mich., to Buffalo, N. Y., in connection with the Erie R. R., Buffalo to eastern cities. Grand Trunk D es pa tc h. CHICAGO TO BOSTON. Via Grand Trunk R ’y, Chicago to Suspension Bridge, N. Y. Via W est Shore R. R., Suspension Bridge to Rotterdam Junc tion, N. Y. Via B. & M. R. R., Rotterdam Junction to Boston, Mass. CHICAGO TO NEW YORK. Via Grand Trunk R ’y, Chicago to Suspension Bridge, N. Y. Via W est Shore R. R., Suspension Bridge to New Fork. CPIICAGO TO PH ILAD ELPH IA. Via Grand Trunk R ’y, Chicago to Suspension Bridge, N. Y. Via W est Shore R. R., Suspension Bridge to Lyons, N. Y. Via N. Y. C. & H. R. R. R., Lyons, N. Y., to Newberry Junc tion, Pa. Via Philadelphia & Reading R ’y, Newberry Junction, Pa., to Philadelphia. V i a M i l w a u k e e —The Grand Trunk Despatch operates over the Pere Marquette R. R., Milwaukee to Port Huron, Mich., in connection with the Grand Trunk R ’y. G r e a t E a s te r n Li n e . CHICAGO TO BOSTON. Via Grand Trunk R ’y, Chicago to Groveton Junction, N. H. Via Boston & Maine R. R., Groveton Junction to Boston, M ass:; also Via Grand Trunk R ’y, Chicago to Black Rock, N. Y. Via D. L. & W . R. R., Black Rock to Binghamton, N. Y. Via D. & H. C. Co., Binghamton to Mechanicsville, N. Y. Via B. & M. R. R., Mechanicsville to Boston, Mass. CHICAGO TO NEW YORK. V ia Grand Trunk R ’y, Chicago to Black Rock, N. Y. Via D. L. & W. R. R., Black Rock to New York City CHICAGO TO PH ILADELPH IA. Via Grand Trunk R ’y, Chicago to Black Rock, N. Y. Via D. L. & W. R. R ., Black Rock to Taylor, Pa. Via C. R. R. of N. J., Taylor to Tamaqua, Pa. Via Philadelphia & Reading R ’y, Tamaqua to Philadelphia. V i a M i l w a u k e e —The Great Eastern Line operates over the Pere Marquette R. R., in connection with the Grand Trunk R ’y H oos ac T u n n e l L in e . CHICAGO TO BOSTON. Via Wabash R. R., Chicago to Suspension Bridge, N. Y Via W est Shore R. R., Suspension Bridge to Rotterdam Junction, N. Y. Via B. & M. R. R., Rotterdam Junction to Boston, Mass. CHICAGO TO N EW YORK. Via Wabash R. R., Chicago to Suspension Bridge, N. Y Via W est Shore R. R., Suspension Bridge to New York bitv CHICAGO TO PH ILADELPH IA. V ia Wabash R. R., Chicago to Suspension Bridge, N. Y. Via W est Shore R. R., Suspension Bridge to Lyons, N. Y. Via N. Y. C. & H. R. R. R., Lyons to Williamsport, Pa Via Philadelphia & Reading R ’y, W illiamsport to Philadel phia, Pa. V i a M i l w a u k e e —The H oosac Tunnel Line operates over Pere Marquette R. R., Wabash R. R. and connections. i n t e r s t a t e L-iespatcn. Via N. Y. C. & St. L. R. R., Chicago to Buffalo, N. Y. Via Erie R. R.. Buffalo to Newburg, N. Y. Via N. Y. C. & H. R. R. R., Newburg to Boston, Mass CHICAGO TO N EW YORK. Via N. Y. C. & St. L. R. R.. Chicago to Buffalo, N Y Via Erie R. R., Buffalo to New York City. CHICAGO TO PH ILAD ELPH IA. Via N. Y. C. & St. L. R. R., Chicago to Buffalo N Y Via Erie R. R., Buffalo to Corning, N. Ÿ. Via Fall Brook R ’y, Corning to Williamsport, Pa. Via Philadelphia & Reading Ry., Williamsport to Philadel phia. Pa. V i a M i l w a u k e e — The Interstate Despatch operates over the Pere Marquette R. R., Milwaukee to Toledo, Ohio; via W. & L. T H E C O M M E R C IA L WEST, 30 E. R ’y, Toledo, Ohio, to Bellevue, Ohio; via N. Y. C. & St. L. R ’y, Bellevue, Ohio, to Buffalo, N. Y. ; via Erie R. R., Buffalo, N. Y., to eastern cities. Kanawha Despatch. CHICAGO TO- BOSTON. Via C. C. C. & St. L. R ’y, Chicago to Cincinnati, Ohio. Via Chesapeake & Ohio R ’y, Cincinnati to Richmond, Va. Via Merchants & Miners S. S. Trans. Co., Richmond to B os ton, Mass. CHICAGO TO N EW YORK. Via C. C. C. & St. L. R ’y, Chicago to Cincinnati, Ohio. Via Chesapeake & Ohio R ’ y, Cincinnati to Richmond, Va. Via Old Dominion S. S. Co., Richmond to New York City. CHICAGO TO PHILADEEPH IA. Via C. C. C. & St. L. R ’y, Chicago to Cincinnati, Ohio. Via Chesapeake & Ohio R’y, Cincinnati to Richmond, Va. Via Clyde Steamship Co., Richmond to Philadelphia, Pa. V i a M i l w a u k e e —To Virginia cities only, the Kanawha D es patch operates over the Pere Marquette R. R., Milwaukee to Toledo, Ohio; via Ohio Central Lines, Toledo, Ohio, to Gauley, W . Va.; via Chesapeake & Ohio R ’y, Gauley, W . V., to Virginia cities. Lackawanna Via Via Via Via Via Via Li n e . CHICAGO TO BOSTON. Y. C. & St. L. R. R., Chicago to Buffalo, N. Y. L. & W . R. R.j Buffalo to Binghamton, N. Y. & H. C. Co., Binghamton to Mechanicsville, N. Y. & M. R. R., Mechanicsville to Boston, Mass. CHICAGO TO N EW YORK. N. Y. C. & St. L. R. R., Chicago to Buffalo, N. Y. D. L. & W. R. R., Buffalo to New York City. CHICAGO TO PH ILAD ELPH IA. N. Y. C. & St. L. R. R., Chicago to Buffalo, N. Y. D. L. & W. R. R., Buffalo to Taylorsville, Pa. C. R. R. of N. J., Taylorsville to Bethlehem or Tamaqua, N. D. D. B. Via Via Via Pa. Via Philadelphia & Reading R ’y, Bethlehem or Tamaqua to Philadelphia, Pa. L a k e Sh ore & L e h i g h V alley D es p a t c h . CHICAGO TO BOSTON. Via L. S. & M. S. R ’y, Chicago' to Buffalo, N. Y. Via Lehigh Valley R. R., Buffalo to Jersey City and H ar lem River. Via N. Y. N. H. & IT. R. R., Jersey City and Harlem River to Boston, Mass. CHICAGO TO NEW YORK. Via L. S. & M. S. R ’y, Chicago to Buffalo, N. Y. V ia Lehigh Valley R. R., Buffalo to New York City, N. Y. CHICAGO TO PH ILAD ELPH IA. Via L. S. & M. S. R ’y, Chicago to Buffalo, N. Y. Via Lehigh Valley R. R., Buffalo to South Bethlehem, Pa. Via Philadelphia & Reading R ’y, South Bethlehem to Phil adelphia, Pa. V i a M i l w a u k e e —The Lake Shore & Lehigh Valley Despatch operates over the Pere Marquette R. R., in connection with roads shown above. Lehigh & Wabash Despatch Transportation Co. (V an d erb ilt). CHICAGO TO BOSTON. Via L, S. & M. S. R ’y, Chicago to Buffalo, N. Y., or via Michigan.Central R. R., Chicago to Suspension Bridge, N. Y. Via N. Y. C. & H. R. R. R., Buffalo or Suspension Bridge to Albany, N. Y. Via Boston and Albany R. R., Albany to Boston, Mass. CHICAGO TO N E W YORK. Via L. S. & M. S. R ’y, or Michigan Central R. R., Chicago to Buffalo or Suspension Bridge, N. Y. Via N. Y. C. & H. R. R. R., Buffalo or Suspension Bridge to New York City. CHICAGO TO PH ILAD ELPH IA. Via L. S. & M. S. R ’y or Michigan Central R. R., Chicago to Buffalo or Suspension Bridge, N. Y. Via N. Y. C. & H. R. R. R., Buffalo or Suspension Bridge to Newberry Junction, Pa. Via Philadelphia & Reading R ’y, Newberry Junction to Philadelphia, Pa. V i a M i l w a u k e e —M. D. T. operates over Pere Marquette R R. in connection with L. S. & M. S. and Michigan Central Railreads. M ilw aukee & Via Huron Via Via L in e . Pere Marquette R. R., from Milwaukee, W is to Port (or Detroit), Mich. Grand Trunk R ’y, Detroit, Mich., to Buffalo, N. Y. N. Y. C. & H. R. R. R., Buffalo, N. Y., to eastern cities. N ational Vt. M ic h i g a n Despatch F a s t F r e i g h t L i n e and R e f r i g e r a t o r L in e . N ational Des pa tc h CHICAGO TO BOSTON. Via Grand Trunk R ’y, Chicago to St. Johns, P. Q. Via Central Verm ont R ’y, St. Johns to W hite River Junction Via Mass.; Via Via Boston & Maine R. R. W hite River Junction to Boston also Central Verm ont R ’y, St. Johns to Bellows Palls Vt B. & M. R. R., Bellows Falls to Boston, Mass. V i a M i l w a u k e e —National Despatch operates over Pere Mar quette R. R., Grand Trunk R ’y and connections. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Nickel Plate Line. CHICAGO TO BOSTON. Via N. Y. C. & St. L. R. R., Chicago to Buffalo, N. Y. Via W est Shore R. R., Buffalo to Rotterdam Junction, N. Y. Via. B. & M. R. R., Rotterdain Junction to Boston, Mass. CHICAGO TO N EW YORK. Via N. Y. C. & St. L. R. R., Chicago to Buffalo, N. Y. Via W est Shore R. R., Buffalo to New York City. CHICAGO TO PH ILADELPH IA. Via N. Y. C. & St. L. R. R., Chicago to Buffalo, N. Y. Via W est Shore R. R., Buffalo, to Lyons, N. Y. Via N. Y. C. & H. R. R. R., Lyons to Newberry Junction, Pa. Via Philadelphia & Reading R ’ y, Newberry Junction to Phil adelphia, Pa. V i a M i l w a u k e e —The Nickel Plate Line operates over Pere Marquette R. R., N. Y. C. & St. L. R. R. and connections. N o rfo lk & W estern Despatch. CHICAGO TO BOSTON. Via C. C. C. & St. L. R ’y, Chicago to Golumbus, Ohio. Via Norfolk & W estern R ’y, Columbus, Ohio, to Norfolk, Va., Via Via Via Via Spaulding or Rondout and E. J. & E. R ’y to Coster, 111. C. C. C. & St. L. R ’y, Coster, 111., to Columbus, Ohio. Norfolk & Western R ’y, Columbus, Ohio, to Norfolk, Va. boat lines from Norfolk to Boston, Mass. CHICAGO TO N E W YORK. (Same as above). CHICAGO TO PH ILAD ELPH IA. (Same as above). V i a M i l w a u k e e — The Norfolk & W estern Despatch operates over the Pere Marquette R. R., Milwaukee to Toledo, Ohio; via H ocking Valley R ’ y, Toledo, Ohio, to Columbus, Ohio, in connection with Norfolk & W estern R ’y as above. N o r t h Sh or e D es p a t c h ( V a n d e r b i l t ) . CHICAGO TO BOSTON. Via Michigan Central R. R., Chicago to Suspension Bridge, Via W est Shore R. R., Suspension Bridge to Rotterdam Junc tion, N. Y. Via B. & M. R. R., Rotterdam Junction to Boston, Mass.; also Via Michigan Central R. R., Chicago to Suspension Bridge, Via W est Shore R. R., Suspension Bridge to Newburgh N. Y. Via N. Y. N. H. & H. R. R., Newburgh to Boston, Mass. CHICAGO TO N E W YORK N Via Michigan Central R. R , Chicago to Suspension Bridge, Via W est Shore R. R., Suspension Bridge to New York City CHICAGO TO PH ILAD ELPH IA. Via Michigan Central R. R „ Chicago to Suspension Bridge, Via W est Shore R. R., Suspension Bridge to Lyons, N. Y. Via N. Y. C. & H. R. R. R., Lyons to Newberry Junction Pa Via Philadelphia & Reading R ’y, Newberry Junction to Phil adelphia. V i a M i l w a u k e e —The North Shore Despatch operates over Pere Marquette R. R. and connections named above. O n tario Despatch. CHICAGO TO BOSTON. Via Wabash R. R., Chicago to Buffalo, N. Y. Via Lehigh Valley R. R., Buffalo to Jersey City and H ar lem River. Via N. Y. N. IT. & H. R. R., Jersey City and Harlem River to Boston, Mass. CHICAGO TO N EW YORK. Via Wabash R. R., Chicago to Buffalo, N. Y. Via Lehigh Valley R. R., Buffalo to New York City. CHICAGO TO PH ILAD ELPH IA. Via Wabash R. R., Chicago to Buffalo, N. Y. Via Lehigh Valley R. R., Buffalo to South Bethlehem, Pa. Via Philadelphia & Reading R ’y, South Bethlehem to Phil adelphia, Pa. V i a M i l w a u k e e —The Lehigh & Wabash Despatch operates over the Pere Marquette R. R. in connection with roads shown above. M erchants Saturday, December 13, 1902. D es pa tc h. CHICAGO TO BOSTON. Via Wabash R. R., Chicago to Suspension Bridge, N. Y. Via N. Y. C. & H. R. R. R., Suspension Bridge to Oswego, N. Y. Via N. Y. O. & W. R. R., Oswego to New York City. CHICAGO TO PH ILADELPH IA. Via Wabash R. R., Chicago to Suspension Bridge, N. Y Via N. Y. O. & W . R. R., Suspension Bridge to Scranton, Pa. Via Centra 1 R R. of New Jersey, Scranton to Allentown, Pa Via Philadelphia & Reading R ’y, Allentown to Philadelphia, Pa. V i a M i l w a u k e e — Ontario Despatch operates over Pere Marquette R. R. in connection with Wabash R. R. R e a d in g D es pa tc h. CHICAGO TO BOSTON. Via Grand Trunk R ’y, Chicago to Suspension Bridge, N Y N Lehigh Valley R. R., Suspension Bridge to Harlem River, Via N. Y. N. H. & H. R. R., Harlem River to Boston Mass CHICAGO TO N EW YORK. Via Grand Trunk R ’ y, Chicago to Suspension Bridge, N Y C it y ^ Lehlgh Valley R. R., Suspension Bridge to New York CHICAGO TO PH ILAD ELPH IA. Via Grand Trunk R ’y, Chicago to Suspension Bridge N Y p a Vla Lehigh Valley R. R., Suspension Bridge to Satterfield! Pa Via Williamsport & North Branch R ’y, Satterfield to Halls, PJ1.i.la(ie]Phia & Reading R ’y, Halls to Philadelphia, Pa. V i a M i l w a u k e e Jhe Reading Despatch operates over the Pere Marquette R. R. and connections. _ Red Line (V an d erb ilt). CHICAGO TO BOSTON Via L S & M S R ’y, Chicago to East Buffalo, N. Y. w-a J' E R Y,R AR ” East Buffalo to Albany, N. Y. Via Boston & Albany R. R., Albany to Boston, Mass. CHICAGO TO N E W YORK ^ la L. S. & M S. R ’y, Chicago to East Buffalo, N. Y. Via N. Y. C. & H. R. R. R., East Buffalo to New York City T O O CHiCAGO TO PH ILADELPH IA. Via L S. & Mo S. R y, Chicago to East Buffalo. N. Y. Via, N. Y. C. & H. R. R. R., East Buffalo to Lyons, N. Y. p a Via N. Y. C. & H. R. R. R., Lyons to Newberry Junction, Via Philadelphia & Reading R ’y, Newberry Junction to Philaaeipnia, Jra. oueYtc R ‘ ^ ^ ^ T h e Red Line °Perates °.ver the Pere Mar quette K. K., L. S. & M. S. R y and connections. Star U nio n Li n e . CHICAGO TO BOSTON. r i t S i ; Pa. w - & a or P - ° ' C- & St' L - R f ' 0 » " = « « to Via Pennsylvania R. R., Pittsburg to New York Citv N Y Via N. Y. N. H. & H. R. R „ New York (^ty to Boston Mass. CHICAGO TO N E W YORK p i t S u i & w - * c - or p- c - * *• l: * * c w » » .0 Saturday, December 13, 1902. T H E C O M M E R C IA L W EST. Via Pennsylvania R. R., Pittsburg to New York City, N. Y. CHICAGO TO PH ILADELPH IA. Via P. Ft. W. & C. or P. C. C. & St. L. R ’y, Cnicago to Pittsburg, Pa. Via Pennsylvania R. R., Pittsburg to Philadelphia, Pa. V i a M i l w a u k e e —The Star Union Line operates over the Pere Marquette R. R. and lines named above. T r a d e r s D es p a t c h . Via Via Via Via Via Via Via Via Pa. CHICAGO TO BOSTON. N. Y. C. & St. L. R. R., Chicago to Buffalo, N. Y. Lehigh Valley R. R., Buffalo to Jersey City, N. J. N. Y. N. H. & H. R. R., Jersey City to Boston, Mass. CHICAGO TO N E W YORK. N. Y. C. & St. L. R. R., Chicago to Buffalo, N. Y. Lehigh Valley R. R., Buffalo to New York City. CHICAGO TO PH ILAD ELPH IA. N. Y. C. & St. L. R. R., Chicago to Buffalo, N. Y. Lehigh Valley R. R., Buffalo to Bethlehem, Pa. Philadelphia & Reading R ’y, Bethlehem to Philadelphia, V i a M i l w a u k e e —The Traders Despatch operates over the Pere Marquette R. R., Milwaukee to Toledo, Ohio; via W. & L. E. R. R., Toledo, Ohio, to Bellevue, Ohio; via N. Y. C. & St. L. R. R., Bellevue, Ohio, to Buffalo, N. Y .; via Lehigh Valley R. R. east. V ia Via Via Via Via Via Via Via 31 Via Philadelphia & Reading R ’y, Rupert, Pa., to Philadelphia, Pa V i a M i l w a u k e e —The Wabash & Lackawanna Despatch oper ates over the Pere Marquette R. R. in connection with the W a bash and D. L. & W ., as above. W e s t Sh o re Li n e . V ia Via V ia Via Via CHICAGO TO BOSTON. L. S. & M. S. R ’y, Chicago to Buffalo, N. Y. W est Shore R. R., Buffalo to Rotterdam Junction, N. Y. B. & M. R. R., Rotterdam Junction to Boston, Mass. CHICAGO TO N EW YORK. L. S. & M. S. R ’y, Chicago to Buffalo, N. Y. W est Shore R. R., Buffalo to New York. CHICAGO TO PH ILAD ELPH IA. L. S. & M. S. R ’y, Chicago to Buffalo, N. Y. W est Shore R. R., Buffalo to Lyons, N. Y. N. Y. C. & H. R. R. R., Lyons to Newberry Junction, Via Via V ia N. Y. Via Philadelphia & Reading R ’y, Newberry Junction, N. Y., to Philadelphia, Pa. V i a M i l w a u k e e — The W est Shore Line operates over the Pere Marquette R. R. and L. S. & M. S. R ’y, as above. L e h i g h V a l l e y D es pa tc h. CHICAGO TO BOSTON. Via Michigan R. R., Chicago to Buffalo. V ia Lehigh Valley R. R., Buffalo to Jersey City and Harlem River. W a b a s h & L a c k a w a n n a D es p a t c h . Via N. Y. N. H. & H. R. R., Jersey City and Harlem River CHICAGO TO BOSTON. to Boston. Grand Trunk R ’y, Chicago to Buffalo, N. Y. CHICAGO TO N EW YORK. D. L. & W . R. R., Buffalo to Binghamton, N. Y. D. & H.C. R.R., Binghamton to Mechanicsville, Via N.Y.Michigan Central R. R., Chicago to Buffalo. Via Lehigh Valley R. R., Buffalo to New York. B. & M.R. R., Mechanicsville, N. Y., to Boston, Mass. CHICAGO TO PH ILAD ELPH IA. CHICAGO TO N EW YORK. Via Michigan Central R. R., Chicago to-Buffalo. Wabash R. R., Chicago to Buffalo, N. Y. Via Lehigh Valley R. R., Buffalo to South Bethlehem, Pa. D. L. &W. R.R., Buffalo to New York. Via Philadelphia & Reading R ’y, South Bethlehem to Phil CHICAGO TO PH ILADELPH IA. adelphia. Wabash R. R., Chicago to Buffalo,, N. Y. V i a M i l w a u k e e —The Lehigh Valley Despatch operates over D. L. & W. R. R., Buffalo, N. Y., to Rupert, Pa. the Pere Marquette R. R. in connection with roads shown above. Irrigation Work in Oregon. (Special Correspondence to The Commercial W est.) Portland, Ore., Oec. 8.— The government is to com mence work in Oregon next spring under the general irri gation law. This determination has been reached after the department had gone over the proceedings of the recent ir rigation convention in Portland, and been convinced of the earnest desire of the people for government aid in the re clamation of the semiarid portions of eastern Oregon. The character of the work and the localities where it will be un dertaken will not be decided upon until the committee desig nated by the convention reports on the several feasible p ro j ects in the state, and designates those for which there is the greatest demand from the people. The preference of the majority is to be respected in this work as far as possible. To Business Partners. MINNEAPOLIS ORE TESTING CO. Examinations and R 3 ports on Mining Properties. Mines Managed. Development Work fc> iperintended. Mine Surveys and Maps. Mine Plants and Reduction Works Designed. Ores Tested in Small or Carload Lots b; Concentration or any Metallurgical Process. Ores Sampled, Extensive Field Experience in the United Assayec and Analyzed. States, Canada. Mexico and South America. 5 2 3 - 5 2 4 A n d r u s B u il d in g , M IN N E A P O L IS , M IN N Telephones: N. W. Main S061-L; T. C. 242 NEW ADDRESSING MACHINE WITH INDESTRUCTIBLE Insurance on the life of a partner is more necessary than M ET A L P L A TE S. fire insurance on the firm’s property. Property is the creation of the firm and may be replaced if lost, but the death of a partner withdraws both his capital and Prints Direct on Envelope his personality. A loss by fire is merely a possibility, but a firm is sure to suf or Wrapper fer the death of a partner unless the life of the firm is short. The expense for fire insurance is a total loss if there be no Fac-Simile of Typewriter. fire, but any life policy is realized some time. The ideal provision for partnership insurance is a policy un der the protection of the Massachusetts law in the old State Fac-Sim ile Address, A ctu al Size Mutual Life Assurance Company of Worcester, Mass. The current cash and paid-up values under the Massachusetts law eliminate M I T C H E L L & B O H A N N O N , all risk in an investment of this kind. Your age and address to INDEPENDENCE, any of undersigned will secure specimen policy and particulars. OREGON C. W, VAN TUYL, General Agent, 505-9 Lumber Exchange. S P E C IA L A G E N T S . Augustus Warren, Geo. B. Graves, Geo. A. Ainsworth 3 ,0 0 0 p e r h o u r 3 C E N T S HOW TO MAKE MONEY Edmund G. Walton, of Minneap= olis, the best known real estate man in the Northwest, has just evolved a plan by which money can be made by residents all over the United States by co= operating with him. No f e e no capital—no risk whatever i n v o l v e d — s i mp l y a little thought—a few questions and tact. For particulars address the office 300 Hennepin Avenue, Minneapolis, Minnesota. , PER 1 ,0 0 0 All Different Addresses or One Address. Price Machine, capacity unlimited, $40.00 Metal Plates, 2 cents each. Hundreds of printers with their lists in metal type have discarded them and adopted the Addressograph on account of the neat ness of its work and the ease with which additions and changes are handled. Not necessary to clean the type. ADDRESSOGRAPH COMPANY, 173 SOUTH ÇANAL STREET, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CHICAGO T H E C O M M E R C IA L W EST. 32 Saturday, December 13, 1902. Allis'Chalmers Company Chicago, Illinois. B u ild e r s of FLOUR MILL MACHINERY, Reynolds’ Corliss Engines. Power lor Eiory Glass ol Work. A L U M I N U M Ingots, Castings, Sheet, Wire, Bars and Tubing. Aluminum Wire and Cable, Bare and Insulated for Electrical Conductors. Prices on The Waterloo Gasoline Engine Co. Waterloo, ia. The Pittsburgh Reduction Co. A p p lic a tio n . Branch Houses: David Bradley & Co. Council Bluffs, Iowa ; Bradley, Clark & Co., Minneapolis, Minn. YOU FEED WANT MILL. THE BEST This is it— The N orthw ay 4 or 6 R oller M ill, Guaranteed to grind more bushels to the horse power than any other feed mill made. Strong, easy running, positive and even feed— the climax of feed mill construction. Write us about it. Everything best in Flour Mill and Elevator Supplies. Catalogue free. P u r p o s e B u y a TH O M PSO N =LEW IS and have a reliable Gas or Pit t s b u r g h , p a . ) STRONG & NORTHW AY MFG. CO., Gasoline Engine M IN N E A P O L IS , M IN N . That will always be ready and easy to start, safe convenient, economical and durable. For de scriptive catalogue, address the manufacturers. J. Ihompson & Sons Mfq. Co., Beloit, Wis. LEATHER FURNITURE * (“ As a special inducement for the next 30 days we will sell this beautiful, full steel “ *v wire frame, leather Patent Rocker for $45. It is covered with the very best quality hand dressed leather, upholstered with hair, and has the celebrated ‘ ‘Karpen Construction.” Send for our Catalogue of Office Desks and Furniture. GOOD PRINTING IS NOT EXPENSIVE; ITS AN INVESTMENT WITH PROFIT. A onnn Jo*5 0 * Printing is one that catches U 111 | | I I I the eye, then the mind, and flnn VJUUU ally the pocketbook. The out put from the Lumber Exchange Printing Go. is of known quality, and you run no risk when placing your orders in our hands. Modern facilities, up-to-date ideas and competent workmen are ever at your disposal. _ Sug gestions and estimates cheerfully furnished. Boutell Bros., LUMBER EXCHANGE PRINTING CO. 122 LUMBER EXCHANGE, r Complete Office Furnishers, MINNEAPOLIS. First Ave. S. and 5th St., MINNEAPOLIS. L. O. H ICKOK, Grain Elevator Builder 517 Guaranty Loan Building:, M in n e a p o lis, M in n . Long Distance ’Phone Main 1466. Over thirty years’ experience. Correspondence Solicited, W. S. Cleveland Elevator Building Co. (Incorporated) 1018 Guaranty Building, Minneapolis. General Contractors & Builders. OUR SPECIALTY: G. T . H O N S T A IN , Harrison & Smith Co. G R A IN E L E V A T O R S . Printers, Lithographers, Blank Book Manufacturers, Elevator Blanks and Bank Supplies to order. Estimates Cheerfully furnished. Frame, Iron Clad, or Absolute Fire Proof. 313 Third Ave. So., MINNEAPOLIS. Patents and Trade=Marks. P . H . G U N C K EL, 6 2 4 .-6 2 6 -6 2 8 South 4th GRAIN ELEVATORS, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Successor to Honstain Bros. Contractor and Builder of M IN N E A P O L IS . Straat, Counselor and Solicitor in Patents and Trade-Mark Cases in the Courts and Patent Office. 745-750 Temple Court, MINNEAPOLIS, MINN. THE COM MERCIAL WEST. Saturday, December 13, 1902. (S p ecia l C orresp on den ce to T he C om m ercial W e s t.) H ops. south St. Paul, Dec. 10.— Receipts of hogs at the six ading live stock markets for the first three days this week staled about 242,000, against 232,700 for the first three days last week and 310,600 for the same period last year. Local receipts for the first three days this week totaled about 16,100, against 11,140 for the first three days last week and 13,030 for the same period last year. The supply last week at six markets aggregated 400,800, against 298,300 for the week previous, 348,900 for the corre sponding week a month ago, 597,700 for the corresponding week a year ago and 395,000 for the corresponding week two years ago. There were 26,690 received here last week, being the record for any one week at this market, against 21,075 for the week before, 17,630 for the same week a month ago, 24,440 for the same week a year ago and 14,731 for the same week two years ago. Values the past week have been very irregular. Quality has shown a marked improvement over a week ago and at the close prices are fully 5c to 10c per hundred higher than at the close a week ago. Wednesday the bulk sold from $5.85 to $5.95, against $5.75 to $5.90 a week ago, $5.80 to $5.85 a month ago, $5.85 to $6.00 a year ago and $4.60 to $4.70 two years ago. 33 T he fo llow in g table sh ow s the receip ts a t South St. P aul fo r the m onth o f D ecem b er, up to and Including W ed n esd a y o f this w eek, as com p ared w ith the sam e period a year ago, sh ow in g the increase or d ecrease: 1902. 1901. D ec. Inc. 4,491 3,212 1,279 C attle ............................. Calves ............................ 546 367 .... 179 H og s ................................ 37,838 26,384 11,454 Sheep .............................. 16,605 12,141 4,464 H orses ............................ 130 39 .... 91 Cars ................................. 704 501 .... 203 R eceip ts at S outh St. P aul fo r the w eek ending W edn esday, D ecem b er 10, 1902: Cattle. H og s. Sheep. H orses. Cars. T hu rsday, D ec. 4 .......... 445 3,252 481 .. 55 F riday, D ec. 5 ................ 279 3,255 249 .. 50 Saturday, D ec. 6 ............ 145 4,843 67 .. 62 394 2,788 2,500 2 59 M onday, D ec. 8 .............. T uesday, D ec. 9 ............ 1,092 8,355 906 36 143 W edn esda y, D ec. 1 0 ... 510 5,010 345 .. 87 T ota ls ........................ 4,548 38 456 T ota ls ........................ 3,553 24,610 12,115 28 473 R an g e of H o g S ales. Shee p. The sheep supply during the first three days this week at the six leading markets totaled about 152,000, against 171,400 for the same three days last week and 106,400 for the same period last year. There were about 3,900 re ceived here for the first three days this week, against 12,401 for the same period last week and 5,090 for the same period last year. Last week the six big markets received 254,700, against 206,900 for the week previous, 253,700 for the corresponding week a month ago, 157,300 for tbe corresponding week a year ago, and 115,500 for the corresponding week two years ago. Receipts here last week totaled 13,198, against 19,628 for the week before, 24,280 for the same week a month ago, 11,759 f° r the same week a year ago, and 4,435 for the same week two years ago. The trade in sheep and lambs has been very brisk the past week, and particularly so on fat grades. The supply of the better killing kinds has been very small and prices show an advance of 40 to 60c over a week ago. Both stock and feeding sheep and lambs are firm with a week ago. to 27,503 R eceip ts a t South St. P aul fo r the w eek ending W edn esda y, D ecem b er 11, 1902: Cattle. H ogs. Sheep. H orses. Cars. T hu rsday, D ec. 5 .......... 317 2,740 177 .. 46 F riday, D ec. 6 ................ 406 4,962 407 .. 72 Saturday, D ec. 7 .......... 214 3,868 6,441 5 82 M onday, D ec. 9 .............. 476 1,936 382 23 44 T uesday, D ec. 10.......... 1,424 5,964 3,191 .. 136 W edn esda y , D ec. 1 1 ... 716 5,130 1,517 .. 93 C a ttle . Cattle receipts at six markets for the first three days this week totaled about 145,000, against 137,900 for the same three days last week and 110,600 for the same three days last year. The number received here for the first three days this week totaled about 2,000, against 2,682 for the first three days last week and 2,616 for the same period last year. Last week receipts at six markets aggregated 181,500, against 154,600 for the week previous, 164,800 for the cor responding week a month ago, 138,700 for the correspond ing week a year ago and 124,900 for the corresponding week two years ago. Local receipts last week were 3,551, against 2,779 for the week before, 6,953 for the same week a month ago, 3,100 for the same week a year ago and 2,735 for the ame week two years ago. Conditions have generally warranted a sharp decline in values and while eastern quotations show a 15c to 25c de cline in beef and butcher grades, prices here are fully steady with the close a week ago. Veal calves show no material change, while stockers and feeders are rather slow and gen erally weak to 15c lower. R ec e ip ts 2,865 T h is W eek . T h u rsd ay ............................................ $5.70@ 6.15 F rid a y ................................................. 5.85@ 6.30 S aturday ............................................ 5.8 0@ 6.20 M ond ay ............................................... 5.60@ 6.15 T u esd ay .......... : ................................. 5.70@ 6.10 W ed n esd a y ........................................ 5.70@ 6.10 P rev iou s W eek. H olid ay $5.65@ 6.10 5.80@ 6.10 5.70@ 6.15 5.65@ 6.10 5.65@ 6.00 B u lk o f H og S ales. T h is W eek . T h u rsd ay ............................................ $5.85@600 F rid ay .................................................. 5.95@ 6.10 S aturday ............................................. 5.90@ 6.05 M ond ay ................................................ 5.85@ 5.90 T u esd ay .............................................. 5.75@ 5.85 W e d n e s d a y ............................................ 5.85@ 6.00 P rev iou s W eek. H olid a y $5.75@ 5.85 5.85@ 5.95 5.80@ 5.95 * 5.75@ 5.90 5.75@ 5.90 C o n d itio n o f H o g M a r k e t. T h is W eek . T h u rsd ay ................ A b ou t 10c higher. F rid a y ...................... F ully 5c higher. S aturday ..................5c to 10c low er. M on d ay ................... M ostly 10c low er. T u esd ay .................. 10c low er. W ed n esd a y ............ F ully 5c higher. P rev iou s W eek. H oliday. A b o u t 5c higher. M ostly 10c higher. G enerally steady. M ostly 10c low er. A b ou t steady. C o m p a ra tiv e H og R ec e ip ts . L a st W eek. C hicago .............. .............. 216,800 K an sas C ity . . . . .............. 49,500 S outh O m aha . . . .............. 48,400 South St. Joseph .............. 34,600 E a st St. L o u is . .. .............. 24,800 S outh St. P a u l.. .............. 26,700 T ota ls ............ .............. 400,800 P rev iou s W eek . 161,400 34.000 36,500 19,300 26.000 21,100 Y ea r A g o. 272,400 110,600 76,500 61,600 52,200 24,400 298,300 597,700 C o m p a ra tiv e C a ttle R eceip ts. L a st W eek. C hicago .............. .. .............. 69,600 K an sas C ity . . . . ............. 49,300 South Om aha . . . .............. 24,400 South St. Joseph .............. 9,900 E a st St. L o u is ... .............. 24,800 South St. P a u l .. .............. 3,500 T otals .............. ............. 181,500 P reviou s W eek. 54,700 46.100 19.100 10,500 21,400 2,800 Y ear A go. 60,200 33,600 15,300 8,500 18,000 3,100 154,600 138,700 D a te . T h e fo llo w in g table sh ow s the receip ts at S outh St. Paul from Ja n u a ry 1, 1902, up to and in clu d in g W edn esda y, D e cem b er 10, as com p ared w ith the sam e p eriod a year ago, sh o w in g the increase o r d ecrease: 1902. 1901. D ec. Inc. C attle ............................. 259,589 149,529 110,080 C alves ............................. 39,830 33,629 6,201 H og s ................................ 601,315 553,643 47,672 Sheep .............................. 578,806 313,823 264,983 H orses ............................ 8,046 15,222 7,176 .......... Cars .................................. 21,391 15,358 6,033 C o m p a ra tiv e S heep R eceip ts. L a st W eek. C h icago ................................ 123,300 K an sas C ity ...................... 30,800 S outh O m aha .................... 65,900 S outh St. J o s e p h .............. 9,600 E a st St. L o u is .................. 11,900 S outh St. P a u l.................. 13,200 T ota ls ............................ 254,700 M . D. F L O W E R , P r e s id e n t . H. P reviou s W eek . 104,900 29,700 41,100 6,800 4,800 19,600 Y ear A go. 98,400 14,700 23,600 2,800 6,000 11,800 206,900 157,300 B. C A R R O L L , G e n 5l S u p e r i n t e n d e n t . ST. PAUL U N IO N S T O C K Y A R D S / S O U TH S T . PAUL M IN N . Best Equipped and Most Advantageous Market lor Live Stock Shippers in the Northwest. Connected with all the Railroads. IO O O BEEVES https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis AND 5000 HOGS W ANTED D A IL Y TH E COM MERCIAL WEST. 34 Saturday, December 13, 1902. LIVE STOCK BUSINESS IN SOUTH ST. PAUL. Written for T h e Commercial West by Gen, M , D , Flower, President St. Paul Union Stockyards Co. The business of the St. Paul Union Stockyards Company and all its allied industries has never been as good as dur ing the year 1902. W e show a gross increase in receipts of live animals of fully 25 per cent over any other year during the history of the company which dates back 15 years. The rapid development of the tributary country especially to the north and west gives positive assurance that our business is in its infancy and that while the entire sales of live stock in our market will not be less than eighteen million dollars during 1902 we can safely expect it to increase at not less than 20 per cent for many years to come. The business of our yards is contributed from all of the state of Minnesota, northern Iowa, northern Wisconsin and Montana, but the largest increase is being shown in North Dakota and Montana. The reason for this is that farmers in North Dakota are diversifying their farm products and are going into stock raising as well as grain while in Mon tana the country is breaking up into ranches or farms that are devoted exclusively to the raising of cattle and sheep. We have greatly increased the facilities of our yards for the expeditious handling of business. The physical improve ments during the past three years consist of a large amount of new sewerage, extension of water mains and the build ing of many new cattle yards and sheep pens besides the paving of streets, alleys and cattle and hog pens with 80,000 square yards of vitrified brick making a total expenditure during the past three years of about $200,000. During the same time Swift & Co. have doubled the capacity of their packing plant by an expenditure of $300,000 one-half of which has been spent this year. The market conditions of South St. Paul are not excelled at any point in the United States. All the markets of the country are, by common consent, based upon the Chicago market less the cost of transportation from the county, market to theChicago market. A t South St. P ff our prices are based upon Chicago with a deduct tion of the simple cost of transportation. Thus the seller tributary to this market makes a saving of the shrinkage of weight in the animal between South St. Paul and Chicago plus the cost of personal expenses and loss of time in going to the more distant market. The de mand is never exceeded by the supply as our packers and buyers are ready to take every animal offered for sale on the conditions above named. The shippers recognize the South St. Paul market as equal to any of the other markets and are satisfied and gratified to have a market at their doorway that they can depend upon as being most excellent. The entrance of the Rock Island System to the stock yards during the fall of 1902 will greatly add to the im portance of South St. Paul as a stock market, as that sys tem penetrates one of the finest stock regions of southern Minnesota and northern Iowa. As a concrete example showing growth of our business the following are the receipts for 1901 and 1902: , 1901. Cattle ....................................... 190,290 Hogs ............................................................ 6x6,796 Sheep .......................................................... 332,367 11P2 months in 1902. 304,330 617,880 570,201 It should be remembered that everywhere the receipts of hogs this year have been much below 1901 owing to the ex ceedingly small corn crop. Milwaukee Grain Market. Puget Sound Wheat Inspection. (S p ecia l C orresp on den ce to T he C om m ercial W e st.) (S p ecia l C orrespon den ce to T iie C om m ercial W e s t.) Tacoma, Dec. 8.— The biennial report of State Grain In spector J. W. Arrasmith has just been handed to Governor McBride. The report shows that in the two years ending. August 31, 1902, there were 37,541 cars of wheat inspected at Ta coma, Seattle and Spokane, or 35,268,450 bushels; 2,265 cars, or 3,125,700 bushels of oats, and 1,432 cars, or 1,346,280 bushels of barley. A total of 41,266 cars, or 39,763,620 bush els. The increase over the previous two years is 48 per cent., while the increase during the two years ending August 31, 1900, over the two years ending August 31, 1898, was only 3 per cent. Milwaukee, Wis., Dec. 12.— There has been considerable activity in the option market of late, due to the recent jump in wheat and corn. Traders who have been out of the mar ket for some time have taken hold again and are making things hum here. The tendency to buy has been strong. In the cash grain market there has been nothing out of the ordinary. Wheat has been in good demand all the while, that is the best grades of wheat, and low grades have sold for a fair price. No. 1 northern has ranged from 75H to 77H and No. 2 northern from 74 to 76HBar ley has been firm until the past few days when there was a falling off in the demand of low grades. Choice barley, however, sells on arrival, and malsters are looking for it. Oats, corn and rye continue steady with a good demand all around. The price of No. 1 rye ranges from 51 to 53. The flour market remains unchanged, there being no foreign demand and only a fair domestic demand. However, the millers are running almost at full capacity. Millstuffs are firmer and sell better than during' last week. The plan adopted at the Ogden conference gives the St. Paul road three California trains daily. The service will commence Jan. 3. The directors of the Milwaukee & Chicago Breweries Co. recommend a further dividend of 2J2 per cent on the preferred stock making 5 per cent for the year. Fairbanks Scales Fairbanks=Morse Gas & Gasoline Engines. Fairbanks=Morse Steam Pumps. Eclipse Standard and Fairbanks Galvanized Steel Mills. FAIRBANKS-MORSE CO., ST. P A U L . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M IN N EAPO LIS. Saturday, December 13, 1902. THE COM MERCIAL WEST. K ^ b G R A I N «!■ M I L L I N 35 G EDITED BY ROLLIN E. SMITH. THE BARLEY CROP OF 1902. The crop of barley for the year 1902 has been a great disappointment in both quality and quantity. Early in the fall, the government reported a crop of 135,000,000 bushels. The basis of this estimate was the large increase of acreage in all kinds of grain. Since this report was issued, however, it has become ap parent that errors were made in computing the acreage. One case of Monona county, Iowa, in which the report indi cated an increase in acreage of 40 per cent more than the actual area of the entire country. How many other mistakes were made, remains to be seen. From recent reports carefully gathered throughout the Northwest, it would seem that there were many such errors. While no doubt there was a liberal increase in the acreage of barley, still the yield was greatly over-estimated. Fields that were figured last fall at 30 to 35 bushels to an acre, proved when threshed to yield but 22 to 25 bushels. The large decrease in yield, under the estimates, was caused largely by the weather conditions. The extreme wet weather reduced the quality of what promised to be a magnificent crop of barley to one with a very large percentage of low grade and large quantities of it turning out to be nothing but feed. There was a small area of very choice barley in South Dakota and some in North Dakota, but in North Dakota the late barley was quite badly frosted, eliminating that class from choice malting goods. In Wisconsin and in certain sections of Southeastern Minnesota considerable of the barlej proved to be of high quality, but low color. Trade conditions have been very unusual. The short crops of the past two years have reduced the supplies of both malt and barley to a minimum, and each year large malt sales were made and barley supplies had to be antici pated from the growing crop. The late movement of barley this fall, resulted in there being almost a malt famine. The bins of all the large malting concerns in the country in the middle of September were nearly bare of both malt and bar ley and all the western houses were liberal buyers right from the start. The buyers in some of the very large consuming districts however had very bearish ideas on values and after their first wants were supplied, the demand eased off some what, but other markets throughout the country seemed to realize the possible scarcity of good malt and remained active buyers of barley, particularly of the better grades. This is especially true of the Southern and Eastern markets, these steady buyers getting by far the larger share of the better grades of barley in the country. In the East, the high price of barley early last spring caused the houses to shut down much earlier than usual; then the anthracite coal strike this fall further delayed oper ations. The result was, that after the coal strike was set tled, the Eastern maltsters became very liberal buyers of barley, but in face of the fact that they took about every thing offered, they still did not succeed in getting enough barley from the growing sections to the Eastern lake termi nals in time for the close of navigation and are now liberal buyers of barley for shipment all rail. Some of the Eastern maltsters profiting by last year’s experience, apparently do not care to be caught short of barley again and are reported as buying barley in the Northern markets and ordering it to store to be held at the head of the lakes, until the open Bucket Shops and Board Quotations. The property rights of the Chicago board of trade in their market quotations, carrying the right to prevent bucket shops from issuing them, was more fully established last week by a decision of Judge Humphrey in the United States circuit vourt, sitting at Springfield. He enjoined forty so-called bucket shopkeepers in the https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ing of navigation, in that way securing • their spring and early summer requirements. The demand for malt the past year has been unprece dented. Brewers and distillers are asking for malt hot off the kiln, and some of the large maltsters are actually turn ing down orders for malt, an unheard of feature in the malt trade for many years past. Country malt houses in the barley belt are also very large consumers. After securing about all the local barley tributary to their plants, they are large buyers in all the Northwestern markets and with favorable freight rates and malting-in-transit privileges, they will become importnt factors, to be figured against when estimating barley conditions. Maltsters with very few exceptions are sold short on their malt and few if any, have 30 to 60 days’ supply on hand. Reports carefully gathered from the big barley grow ing belt in South Dakota, Western Minnesota and North western Iowa, all agree that fully 75 per cent of the barley has moved and that the balance will come out gradually, depending somewhat on the conditions of corn in that terri tory. The very high price of beef and hogs last summer, and the indications of a large harvest early in the fall, caused all the farmers in the Northwest to purchase large numbers of cattle for feeding purposes. After the cattle were on the pastures, the bad weather set in, causing a good deal of damage to the small grain. Later, the frost caught the corn and almost ruined it. In fact, the new corn in the section referred to, is in such poor condition that it is prac tically nothing but fodder and in some instances has sold as low as $3,00 a ton, or practically on a hay basis. In other words, where corn was expected, only common fodder was realized and the result is that barley is being fed in much larger quantities than ever before. Oats also are being dis posed of in this way and wherever the price offered for barley is not entirely to the farmer’s liking, he simply turns the barley into ground feed for the cattle. In a small section of Southeastern Minnesota the condi tions are reverse. There, not over 30 per cent of the barley crop has been moved. The farmers in this section as a rule are very well-to-do and good holders. They have fixed ideas as to values and are abundantly able to carry their own grain until such a time as they see fit to sell same. While this policy may be wise in a general way, yet this year’s grain may prove a disappointment both to farmers and the maltsters. The choice grades were eagerly sought after early in the season and generally sold at fancy prices, but the lower grades were not wanted then at fancy prices and were therefore put into the granaries. Owing to the very wet weather, large quantities of this barley went into the bins damp and in poor condition for storage. The result is that now when the grain is beinglooked over, a large portion of it is found to be musty anc' bin burnt and unfit for malting purposes. These conditions eliminate a large quantity of otherwise good grain from the available supply for maltsters and places the burden of sup plying the demand of good malting barley almost entirely upon the state of Wisconsin, where the weather conditionwere not quite so severe as further West, although in some sections of Wisconsin the barley is also of a very low grade. Wisconsin reports that about one-half of its available supply has been marketed. The oat crop is also not proving as large as originally estimated and should oats strengthen up materially after the first of „ January as they frequently do, low grade barley will be largely depended upon for feeding purposes. On the whole, malting barley will be generally wanted until the supply is exhausted. southern district of Illinois from “ obtaining, receiving, sell ing or distributing the market quotations of the board of trade of the city of Chicago, and from aiding, abetting or assisting others in the taking or distribution of said quota tions, and the defendants are ordered to plead or answer herein by Jan, 1, 1903.” THE COM M ERCIAL WEST, 36 Saturday, December 13, 1902. Range of May Wheat from August 1 to November 29, 1902. MINNEAPOLIS GRAIN RECEIPTS FOR 1902. Receipts of grain at Minneapolis for the eleven months ending Nov. 29, 1902, with comparisons with the twelve months are given in the table which follow s. Receipts of wheat for the full year will fall a little short of last year’s, unless December should prove much heavier than a year ago. The only months that were heavier than last year were January, July and November. Corn receipts at Minneapolis have been small. For n months they are but 2,700,000 bushels, as compared with 7,800,000 last year. Oats receipts will exceed those of last year. For 11 months they fall short of last year but 200,000 bushels. While this will not be a record year, the total for 11 months—10H million bushels— compares favorably with the best years this market has had. This will be a record year for barley. The acreage last spring was the largest ever sown in the Northwest. For 11 months the receipts have been 6,832,000 bushels, exceeding the 12 months of last year by 1,800,000 bushels. Rye will fall a little short of last year’s receipts. Flaxseed will break all previous records. For 11 months the receipts fall short of all of last year by only 200,000 bush els, and the full year will exceed last year by at least i,ooo,ooc bushels. The following table shows the receipts by months : — -W h ea t-----1902. 1901. 6,548,900 Ja n u a ry ..................... . . 7,816,000 6,309,300 F ebru ary .................. . . 5,333,100 7,038,200 M arch ........................ . . 4,776,800 4,256,100 A p ril .......................... . . 3,071,500 4,191,100 M ay ............................ .. 3,531,300 5,454,000 .June ............................ .. 5,293,400 4,118,200 Ju ly .............................. .. 4,937,500 7,977,200 A u g u st ...................... .. 4,683,800 9,573,300 S eptem ber ................ 13,177,700 O ctob er ...................... .. 12,923,500 12,979,300 N ov em b er ................ .. 15,596,400 9,207,200 Corn. 1902. 527,400 317,400 283,700 177,000 218,900 399.300 126,500 177,700 112,800 166,800 200,600 Oats, 1902. 537,100 253,300 425,400 313,900 403,500 350,700 417,400 1,071,000 2,408,900 2,751,700 1,591,500 B arley, 1902. 267,800 171,000 115,500 35,900 28,500 27,900 49,000 586,300 2,032,900 1,988,700 1,529,000 R ye, 1902. 49,500 25.800 26,500 39,300 23,500 25,400 20,700 100,900 191,400 220,500 175,800 90,838,500 2,708,100 7,868,100 10,524,400 10,718,900 6,832,500 4,999,200 879,300 1,202,000 76,157,900 R eceip ts fo r 1 9 01... Manitoba Crop Report. The provincial department of agriculture estimates the total yield of all grains in Manitoba for 1902 at 100,052,343 bushels, and of this amount 53,077,267 bushels is wheat. The report shows that the yield of wheat for 1902, 53,077,267 bushels, is 2,575,182 bushels in excess of the previous year. The average yield an acre increased from 25 bushels in 1901 to 26 bushels in 1902. The area under crop in 1902 was 2,039,940 acres, an increase over 1901 of 28,105 acres. A feature of the report is the heavy increase in the yield of oats. In 1901 the yield totaled 27,796,588 bushels with an average yield an acre of 40.3 bushels. This year the yield was 34,478,160 bushels, with an average yield of 47.5 bushels. The acreage under crop increased from 689,951 in 1901 to 725,060 in 1902. The yield of barley nearly doubled that of 1901, the total this year being 11,848,422 bushels as against 6,536,156 the previous year, with an increase in the average yield an acre from 24.2 bushels in 1901 to 35.9 in 1902. Flax shows the largest percentage of increase of any of the grains, the yield for this year totaling 564,440 bushels, against 266,420 last year. On the other hand the acreage yield is but little larger than 1901. Rye is the only grain the yield of which is less than in https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ------ F lax -----1902. 1901. 1,037,500 465,200 346,400 306,100 201,200 209,800 87,600 172,500 69,400 150,000 90,200 176.700 101,100 90,600 141,600 432,700 1,410,700 596,100 1,731,700 1,672,400 1,649,700 1,546,500 1,251,400 6,867,100 7,069,900 1901. This year’s total is 49,900 bushels, compared with 62,261 bushels in 1901. The Northwest Grain Dealers’ association recently issued an estimate of the 1902 crop. According to the association’s figures, the total yield of all grains in 1902 was 99,473,810 bushels. While the estimate of the yield of wheat was 50,243,722, as compared with 53,077,267, the provincial department’s fig ures, the yield of oats and barley was figured considerably higher than in the government report, the association’s fig ures being: Oats, 36,615,530, and barley, 12,057,122 bushels. During September, October and November, the first three months of the present crop year, the total amount of wheat delivered by farmers throughout the west was 32,130,300 bushels. During the same months the total amount of all grains inspected exceeded that of former years for a similar period. The movement at the lake ports during the past three months has been the heaviest in the history of the west. From Sept. 1 to Nov. 30, 1902, the total receipts at Fort William and Port Arthur were 18,531,130.40 bushels, and the ship ments 16,962,781.10 bushels, compared with 11,370,693.50 and 11,062,139.40 bushels respectively in the same period in 1901. The Canadian Northern Railway elevator was not, however, in operation in 1901. Saturday, December 13, 1902. TH E COM M ERCIAL WEST. MINNEAPOLIS AND THE NORTHWEST. The Speculative M arket. Commercial West Office, Minneapolis, Dec. 11.— Hiere has been some good buying of May wheat in Minneapolis this week by a brokerage house and grain commission firm. Some of it is surmised to be for the account of the mills. Since the first of the week there seems to have developed a strength which was lacking before, or not apparent. P re viously, the strength has seemed to depend on the strong position of cash wheat, but this week the mills are run ning lighter, with the prospect of moderate running the remainder of the month. Y et the options have shown de cided strength. However, it is to a certain extent artificial strength, for as soon as the support is withdrawn, the mar ket declines easily, as though it might develop into a sud den slump. This has been the situation up to today, when, after weakness yesterday, the market closed strong at near the high point. The market “ feels'’ as if it were entirely subject to the will of some big traders, who are “ milking” it at pleasure. They seem to be playing the long side, and the market acts as if it were working toward a higher level, in spite of the fact that the immediate legitimate situation does not seem to warrant it. Taking into consideration the apparent prospective shortage of wheat in the Northwest next sum mer, and it is not difficult for one who believes there will be a shortage, to expect higher prices. But at this time, with easier running of the mills, an advance in freight rates, the price of wheat already so high as to curtail floui sales and to wholly cut off export flour business at a profit when these points are considered, there seems no good reason why wheat should work higher at present. Nevertheless, wheat is a speculative commodity, and the fact remains that the market acts strong. It is not a ques tion of what the market should do, according to one’s the ories. but what it is going to do, that interests the specula tor. He is not particular whether it is time for it to ad vance; if it is going up, he wants to go with it. 37 wheat back from Chicago next summer, if there is any in Chicago. He looks for higher prices and a permanent high er level until the world’s production of wheat is larger. A M iller’ s Idea. ^ The miller who gave his ideas on the wheat situation is one who has built up a large and profitable business. He is conservative on all questions, and never becomes enthusiastic over any. He takes the position that if wheat advances ‘ love its present level, it will be fictitious strength, not war1anted by market conditions, and that it will therefore nec essarily suffer a reaction. He contends that Europe does nor depend on our flour— if the price is too high, other flour will do as well. A t the present time, he contends wheat is so high that flour cannot be sold, therefore it is 00 high. He says there were large sales of flour during the ast two months both domestic and export, at prices which he knows were below cost. Stocks of flour are fairly liberal, e thinks, which means only moderate running of the mills for some weeks to come. Touching on the wheat supply in the Northwest, the mill er gave it as his opinion that there will not be so great a s íortage next summer as last. His advices from the coun try are that m Minnesota, not over half the crop has been marketed In the southern part of the state, owing to rains m the fall, the farmers did not finish their threshing, and theie are still many stacks to be seen. This grain will be threshed and marketed yet. Also, owing to the wet con dition of the fields, farmers could not husk their corn, and much of it remains to be finished this winter. When the weather becomes so they could get into the fields, they worked steadily on their corn, whereas, in other years, they have at that time hauled their wheat to market. Owing to this delay, they still have more wheat to sell than they would otherwise. The miller therefoie believes there will be more wheat forthcoming next summer than is generally expected He sees no necessity for higher prices, but, of course, does not say that wheat may not advance, but he thinks it will hold but temporarily if it does. As an E levator Manager Sees It. The elevator manager looks for higher prices in the spiing, but a decided reaction next summer. His reasons are based on the theory that, in the spring, there will ap parently be a much greater shortage of wheat than really exists. A t present, and for some time past, the Northwest has been drawn upon heavily for good wheat. Mills of Iowa, Illinois, Indiana, as well as other markets, have Theories. wanted good wheat. This, he thinks, has given the impres sion that there is a great shortage of milling wheat through It is a common saying that the market usually does what out the winter wheat country, and that this impression will is not expected of it. But it can't do that now. Whether grow for the next three months. It is his opinion that a it stands still, advances to a dollar or declines to 65c, there large amount of poor wheat has been held by farmers every will be those who have been expecting just that action, or where, winter and spring, and that this will be marketed later and will then be used by the millers. He does not lack of action. One can get good logical arguments, or look for a great shortage of wheat in the Northwest, owing seemingly so, to uphold him in any view that he may him to the well-known fact that farmers seldom sell their grain self possess. There has been a feeling quite general in the down to the bottom of their bins. They do it only when the trade that December will be a quiet month, because Decem price is around a dollar a bushel. 1 he elevator manager ac knowledges that his theory runs contrary to the generally ber usually is. Y et one has only to go back 12 months to accepted one that the farmer sells his poor grain first. But find an active December. It was a bull month, and the he adheres to it nevertheless. market did not stop for holidays nor anything else. It was The Situation A s It Seems. a very unusual state of affairs, and exceedingly confusing to There is no change in the conditions as pointed out in men with theories. A large and successful trader said, this this department weekly since last August. Many of the week, “ Show me a man with theories and statistics, and I market reviews might be repeated again and again without change, as far as the general Northwestern situation is will show you a man who is broke.” concerned. Repeatedly, the position of the Northwest and Conditions are different from what they have ever been its relation to the markets of the world have been comment before. It would be just as sensible to say that the weather ed on, and on that, it seems, will to a considerable extent de this month should be so and so, because it was that way last pend the course of the wheat market for months to come. December, as it is to expect a dull market, or an active On Sept. 27 the following appeared in this department: “ Taking into consideration only the Northwest, and one, because it was so once in December. wheat occupies a very strong position; and the farmers, to a large extent, have it in their power to dictate prices. A Speculative V iew . When one considers the size of the Northwestern crop, This week the writer has gathered some opinions on which was no larger, if as large, as last year; the require wheat and the probable course of the market from widely ments of the mills and the emptiness of the elevators, and different sources, yet from strong men in their respective then remembers the big premium on cash wheat since early spheres. One comes from a large and successful speculator. in the summer, one can scarcely doubt the legitimate posi tion of wheat, as far as the Northwest is concerned. He is a bull on wheat on its merits. He believes that the “ Still there is the rest of the world to be reckoned with, consumption throughout the world is greater than the pro and the foreigners like to regard themselves as the priceduction of good milling wheat. Moreover, wheat is too makers for the universe. Can they carry out the part on this cheap as compared with every other foodstuff— meat, eggs, crop? Yes, and no. It depends, not on whether they can use our— and the Manitoba— surplus spring wheat, but on butter and vegetables. This is a condition that, as a busi whether foreign millers must actually have it for mixing ness proposition, cannot last. The fact that the foreigners purposes. “ If the foreign millers need our spring wheat, if no sub have taken large amounts of spring wheat, that the Cana dian crop is being absorbed rapidly, and that the mills ran stitute will take its place, then the Northwest, with the small surplus which it can spare, can largely influence the heavier during the fall than ever before, endorses, he be rest of the world.” lieves, his idea that consumption of wheat is generally un Cash W heat. der-estimated. Of course, he commented on the small The situation has not changed since the foregoing was stocks of wheat in the Northwest, and the strong milling written. The premium on cash wheat continues, stocks are demand. He thinks the Minneapolis mills will have to ship small, and there seems to be a shortage of wheat ahead. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TH E COM MERCIAL WEST 38 Y et the influence that the Northwest may exert on other markets is just as problematical as it was in September. Since Sept. 1 shipments of wheat have been larger from Minneapolis than during the same months last year. They were as follows, by months: Minneapolis W heat Shipments. 1902. 1901. September ............................................. 1,522,700 1,427,500 October ................................................. 1,595,700 1,380,600 November ...... ....................................... 1,337,300 1,190,000 December .............................................................. 976,900 For the first week of December, this year, shipments amounted to 303,300 bushels. There will be an increase in elevator stocks this week 'of around million, which will give a total of 11,000,000 bushels, against 14,211,000 a year ago. On the 6th Duluth had 2,660,000 bushels, against 6,202,000 a year ago. The mills are running lighter this week, and will grind only about 1,150,000 bushels. Throughout the remainder of the month they will probably grind 1,300,000 bushels per week. From Oct. 11 to Nov. 22 they made a record-break ing run, averaging about 1,900,000 bushels per week. Today the cash demand was not so strong, due to the lighter running of the mills and the withdrawing of some elevators from the market. No. 1 northern ranged from the May price to YiC below. The mills have bought con siderable stuff to arrive. A grain commission house sent the following to its country customers on Wednesday: “ We may have a set-back during the next two weeks, and around present prices it may be good policy to sell some wheat to arrive, so as not to be forced to ship and sell on a decline, but instead, be ready to hold.” The commission houses and elevator companies look for fair receipts the remainder of the month, and then a fall ing off. Some of the line elevator companies are rushing their stuff in, while others are holding it. Receipts of wheat last week were 3,392,600 bushels. FLOUR AND MILLING. Inquiries Good but Orders Small— Declines in W heat Market Fol low Advances too Rapidly— Some Northwestern Millers Sell Round Lots to Keep Running— Strong Cash Market Saturday, December 13, 1902. edge that wheat is too high, as compared with what can be obtained for flour. This will be a light week’s output in Minneapolis. Sev eral factors have combined to cause a shutting down of some of the mills. Cold weather has interfered with the water power; the advance in freight rates, dull markets, and the relatively high price of wheat are all adverse factors. The output this week will probably fall to about 275,000 barrels, or about 70 per cent of a full production. Owing to the irregularity of the running of the mills, it is impossible to make a forecast and be sure that it is correct. Several mills have started and shut down and started again, owing to the interference of ice. Several mills are down for the very simple reason that the companies do not regard the situation as warranting a full production. Stocks of flour are not thought to be large anywhere, and the fact that new purchases are ordered out promptly bears this out. Flour quotations and the output figures fol low: F le u r P rices, F . O. B. M in n e a p o lis , C a r L o ts, fo r E a s te rn S h ip m erits. P atent, w ood ...................................................................... F irs t clear, w ood .............................................................. F irst clear, 140 lb. ju t e .................................................... Second clear, 140 lb. ju t e ................................................ Red-dog-, 140 lb. ju te, t o n ................................................ __ 2.00@2.10 .. . 16.75@17.00 M in n e a p o lis F lo u r O u tp u t. W e e k ending— B arrels. D ec. 6 ...................................................................... 346,900 N ov. 29 ...................................................................... 379,750 N ov. 22 ................................................................... 401,100 N ov. 15 ................................... 367,200 N ov. 8 ....................................................................... 448,700 N ov. 1 ................................................. 426,620 O ctob er 25 .............................................................. 431,700 O ctob er 18 .............................................................. 426,965 O ctob er 11 ................................................................ 443,800 Y ea r A go. 331,300 353,100 351,650 339,300 351,230 -384,120 392,200 401,600 353,6ov E x p o r t S h ip m e n ts . W e e k ending— B arrels. D ec. 6 ...................................................................... 61,200 N ov. 29 .................................................................... 48,400 79,700 N ov. .22 ................................................................... N ov. 15 .................................................................... 77,200 N ov. 8 ...................................................................... 150,000 N ov. 1 ...................................................................... 86,600 Maintained— Mills Run Lighter. Inquiries which does not mean orders— received by the millers during the advancing wheat market the first of the week, from both domestic and foreign buyers, show that the latter are closely watching the market, and have some apprehension lest it should get away from them. Importers came up on their bids, but not enough to make any busi ness that might be done profitably. The nature of the in quiries, however, leads the millers to believe that if wheat should hold around 74@75c for Minneapolis May for a few days, considerable stuff might be worked. Of late de clines have followed the advances so rapidly that buyers have held off every time the price has firmed up. During the last week some round lots of patent have been sold for export by Northwestern mills, but at prices that do not show a profit. The mills making the sales did so in anticipation of the usual dull period for the next 30 days. They wanted to keep running. Some mills have also made domestic sales on the same basis. While the flour trade is dull and the millers are not selling their output, the fact remains that they are sustaining a very active cash grain market. No. 1 northern keeps up to the May price, and the mills have from day to day bought large amounts of wheat to arrive. Millers in the nearby territory southeast of here are also buying daily in this market. At the same time, any miller will acknowl- p e r bbl. ----- $3.60@ 3.80 ___ 2.75@3.0U ----- 2.4 0@ 2.5 5 Y ear A go. 64,100 66,650 81,200 55,560 88,760 97,900 W h e a t R eceip ts. F ri., D ec. 5 ............ Sat., D ec. 6 .......... M on., D ec. 8 ___ T ues., D ec. 9 ____ W ed., D ec. 10___ T hur., D ec. 11.. M inneapolis. D uluth. Chicago. Cars. Y ear ago. Cars. Y ear ago. Cars. Y ear ago. 434 -411 147 243 52 46 577 371 251 329 1067 610 115 318 610 337 395 215 724 61 75 626 282 24 398 43 115 466 371 119 298 53 71 MILLFEED. Better Eastern Demand and Lighter Production--Mills Have H eavy Trade on Mixed Cars. There is a stronger feeling in millfeed than for several vveeks. The two necessary factors for an improvement, as suggested a week ago in this department, have materialized, namely, a better Eastern demand and a reduced output of the mills. Last week the mills ran lighter than for two months previously, and this week the production will be still smaller, not over 70 per cent of a full run. The “mixup” in freight rates is of course a handicap to trade, but, while prices here are practically on the same level as a month ago, Eastern quotations are up about $1 per ton. Both the advance in freights and the difference betweelake-and-rail and all-rail is therefore being paid by the East. Some bran in 100’s was sold for Eastern shipment on Wed- Separators, Scourers, Oat Clippers and Gleaners. Flour, Bran and Feed Packers. The S. HOWES CO. “ EUREKA” WORKS, S il v e r C r e e k , N . Y. M IN N E A P O L IS O F FIC E: W. E. SHERER, 5 Chamber of Commerce E s t a b l i s h « * 1061*. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE COMMERCI A Y WEST. Saturday, December 13, 1902. been best for No. 1, though rejected has moved very well. Receipts are only moderate, and most of them are on sales made to arrive. Seed to arrive is still in active demand. All the crushers are running heavily, and the amount of of seed being crushed is at the maximum. There are 112 presses, besides the new mill in course of construction, and the requirements are 120,000 bushels of seed per week, for average running. A t present, however, fully 150,000 bushels per week is being crushed. Even 175,000 may not be too high an estimate. The amount of flaxseed in regular elevators continues to increase, and was, on the 6th, 1,100,500 bushels, against 518,400 a year ago. Shipments of flaxseed have fallen off steadily since the first movement of the crop. For Septem ber they amounted to 650,300 bushels; for October, 364,900. and for November, 312,500. A t present the crushers seem inclined to keep the seed here rather than to let the ship pers have it. nesday at $18.65 Boston basis. In 200’s the ruling price is $18.10(0)18.25. Heavy feeds are in exceptionally good de mand, and shorts have advanced to about the bran price. The mills are having a heavy trade on split cars, which is taking about h alf their output of heavy feeds. They are sold through December on all feeds, though some bran accumulated on track a few days ago and was sold at a slight concession from the market. Country mills are of fering some stuff here, but the winter weather which pre vails throughout the Northwest is naturally causing a larg consumption. Mills to the north and northwest of Minne apolis are having a local demand that takes their entire production of millfeed. The principal factor in the situation for the remainder of this month is the output. With light running of the mills, which seems probable, the market should be steady. Quotations follow: Q u o ta tio n s of IVlillstuffs in C a r L o ts, F. O. B. M in n e a p o lis . Ton. B ran, 200 lb. s a c k s .............................................................. . .$12.60(5)12.75 Bran, in bu lk ............................................................................ 11.75@12.00 Standard m iddlings, 200 lb. s a c k s .................................... 12.50@12.75 F lou r m iddlings, 200 lb. s a c k s ............................................ 13.75@14.00 M ixed feed. 200 lb. s a c k s ...................................................... 14.25@14.50 R e d -d og , 140 lb. ju t e .............................................................. 16.75@17.00 M illstuffs in 100 lb. sa ck s 50c per ton over ab ove qu otation s. R e d -d o g in 100’s 25c over. Q u o ta tio n s of M ills tu ffs , B oston B asis, A ll R a il F la x M inneapolis cash Y ear a g o .................... M ay ............................... C h icag o cash ................ S outhw est .................. M ay ........................... D uluth cash .................. M ay ............................... D ecem b er ................... S h ip m e n t. Ton. Bran, 200 lb. s a c k s ..................................................................$18.10@18.25 Standard m iddlings. 200 lb. s a c k s .................................. 18.10@18.25 F lour m iddlings, 200 lb. s a c k s .......................................... 19.25@19.50 M ixed feed, 200 lb. s a c k s ...................... ............................... 19.25@19.50 R ed -d og . 140 lb. ju t e .............................................................. 22.00@22.25 M illstu ffs in 100 lb. sacks, 50c per ton over ab ove quotation s. R e d -d o g in 100’S 25c over. P rices. Tues. W ed. Fri. Sat. M on. D ec. D ec. D ec. D ec. D ec. 9. 10. 5. 6. 8. 1.18 1.19 1.16% 1.16% 1.17 1.42 1.42 1.41 1.42% 1.42 1 .20yo 1.20 1.21 1/21% 1.22% 1.20 1.20 1.20 1.22 1.22 1.16 1.14 .................... 1.14 1.20 T h u f. D ec. 11. 1.20 1.42 1.23% 1.23 1.14 1.20 1.20 1.21 1.21 1.21 1.16% 1.17% 1.18% 1.19% 1.20% 1.21% 1.22 1.22% 1.23% 1.16% 1.16 1.21 1.16% 1.16 1.16% 1.17% 1 .18% . . . . T he A lbert Dickinson C o . DEALERS IN FLAX S E E D FLAXSEED. Crushers are Active Buyers 39 Are Taking Seed Freely to Arrive— GRASS SEEDS, CLOVERS, BIRD SEED, BUCK-WHEAT, ENSILAGE CORN, POP-CORN, BEANS, PEAS, C R A IN BAGS, ETC. Oil Mills Run Heavily -Crush 150,000 Bushels per Week. There has been a stronger feeling in flaxseed in this market this week. The crushers were all good buyers, and they apparently wanted the seed— which is a change from their late seeming indifference. The demand has naturally M I N N E A P O L IS O F F IC E : 912 CHAMBER CHICAGO OF C O M M E R C E . CALIFORNIA Your orders ¡in futures and consignments of cash grain solicted. Write for my Daily and Weekly Market Letters. trade : mark . G O O m H m Phillips Over the Union Pacific 1 C M O M E M R I C S H S I A O N N T G r a in > S e e d s & P r o v is io n s 2 3 1 - 2 3 5 R ia lt o B ld g , C H I C A G O . My daily and weekly market letters are published In foil in the Chicago Evening Post. Also the Chicago Evening Journal. Will send either paper gratis to anyone interested in the market. CHICAGOAD.SETTINGCO. with its lovely seaside resorts, orange groves, beautiful gar dens, and quaint old mission towns is visited every year by thousandsof tourists who travel because it is the Best and Quickest route, and the ONLY LIN E RUNNING THROUGH TRAIN S FROM Omaha to California* It is also the Only Line Running F our P ersonally C onducted E xcursions to California from Omaha every week with choice of routes. THE BARNETT & RECORD COMPANY M IN N E A P O L IS , M IN N . Elevator Builders and General Contractors. W e design and build Grain Elevators of every Type: T ile , S te e l, C onc re te and Wood. Dock Work and Heavy Construction a Specialty. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE COM MERCIAL WEST. 40 Saturday, December 13, 1902. MISSABE ORE FOR ST. LOUIS. The first shipment of Missabe ore to St. Louis was made road, he announced that it meant the carrying of freight last week. The shipment amounted to six thousand tons. to the Orient for $8 a ton, cheaper coal for Minneapolis and St. Paul and a resumption of the smelting business in St. This is just the beginning of a large business. Louis. The above announcement completes the fulfillment When Mr. Hill and his associates bought the Burlington of the three statements that Mr. Hill made over a year ago. M in n e a p o lis W e e k ly R ec e ip ts o f G ra in . K an sa s R eceip ts o f grain a t M inneapolis fo r the w eeks ending on the dates given, w ere: W e e k en d in g W e e k ending D ec. 6. N ov. 29. W h eat, bushels 3,392,600 3,672,600 C crn, bushels 67,800 61,000 280,800 Oats, bushels . 348,800 B arley, bushels 256,000 297,900 R ye, bushels .. 33,200 41,800 F lax, bushels . 259,400 306,200 W h e a t in R e g u la r M in n e a p o lis E le v a to rs . W e e k en d in g D ec. 6. No. 1hard ............................................................... 337,000 N o. 1north ern ....................................................... 4,000,000 N o. 2northern ....................................................... 1,090,600 N o. 3........................................................................... 80,800 500 R e je cte d .................................................................. S pecial bin .............................................................. 4,020,000 N o grade .................................................................................. Y ear ago. T ota l ..................... M inneapolis increase D uluth stock s .......... D u lu th d ecrease . . . 14,007,000 .......... 6,202,000 .......... in R e g u la r M in n e a p o lis C orn ............................................ Oats ............................................. B arley ......................................... R y e .............................................. F la x ............................................ R ec e ip ts F ri., D ec. 5 .................. Sat., D ec. 6 .............. M on., D ec. 8 ............ T ues., D ec. 9 .............. W ed ., D ec. 10 .......... T hurs., D ec. 11 ........ of C oarse Corn, Cars. 11 9 18 5 8 10 E le v a to rs . W e e k en d in g W e e k ending D ec. 6. N ov. 29. 7,000 7,000 926,300 904,900 532,600 473,200 65,300 57,700 1,100,500 1,001,500 G ra in in Y ear ago. 140,700 608,200 110,800 71,700 518,400 M in n e a p o lis . Oats, B arley, R ye, Cars. Cars. Cars. 40 48 8 46 41 5 63 70 13 22 32 5 28 28 6 24 42 2 L iv e rp o o l W h e a t F lax, D uluth Cars. F lax. 33 94 53 124 89 70 21 187 67 20 38 98 Fri. Dec. 5. M ay Close. 5s l l % d 6s 6s 6s % d 6s 1 d 6s % d .......... Sat. D ec. 6. 72% 741/s 74% Mon. D ec. 8. 73 1/4 74% Tues. W ed. Thur. D ec. D ec. D ec. 9. 10. 11. 74 1/4 74% 74 14 75% 75% 75% C losing W h e a t F u tu r e P rices. D e c e m b e r W h e a t. Fri. D ec. 5. 721/4 73% 72% 76 71 63 68% 80% M inneapolis . . . . Y ear a g o ........ C hicago .................. Y ear a g o .......... D uluth ................... K an sas C ity ........ St. L ou is .............. N ew Y o rk ............ • • • . . . . • M inneapolis . . . . Y ea r ago .......... C h icag o ................. Y ear a g o .......... D u l u t h .................... K an sas C ity ........ St. L ouis .............. N ew Y o rk .......... Fri. D ec. 5. 73% 761/4 • 75% 80 ■ 74% . 69 74% 793% Sat. D ec. 6. 721/4 76% 72% 78% 71 6 31/4 68% 80% Mon. D ec. 8. 72% 77 73% 79 71% 63% 69% 8 D/4 Tues. W ed. Thur. D ec. D ec. D ec. 9. 10. 11. 73 1/4 73% 74 75% 74 73% 76 75% 75% 77% 76 75% 72% 72% 73 1/4 64 64 64% 70% 70% 71% 83% 84% 83% 67 67 67% 67 67@9 67@8 Corn. The feed mills are taking about all the corn that comes to this market, and the supply is only enough for local requirements. Receipts are going on sales made to arrive. Elevator stocks are but 7,000 bushels, against 140,700 a year ago. Quotations follow: D aily closin g p rices of N o. 3 corn d u rin g the w eek w ere: Y ear No. 3 Yel. No. 3. ago. F riday, D ec. 5 ........ 46 61% S aturday, D ec. 6 .. 46 63% M onday, D ec. 8 . . . 46% 62% •• 47% T uesday, D ec. 9 . . . 46% 62% •■ 47% W edn esda y, D ec. 10 61% 46% •• 47% T hu rsday, D ec. 11 . .. 47@48% 63 M in neap olis Cash M on. D ec. 8. 74% 80 76 83% 74% 69% 74% 79% Tues. W ed. Thur. D ec. D ec. D ec. 9. 10. 11. 75% 74% 75% 77% 76% 75% 77 77% 771/4 80% 79% 81% 75% 75% 76% 70 7OV4 70% 75% 76 76% 80% 80% 81% https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 751/4 82% 74% 69% 74% 79% Sat. D ec. 6. 74% 73% 72% Mon. D ec. 8. 74% 74 72% 72 71 69 F riday, Dec. 5 ........................ Saturday, D ec. 6 .................. M onday, D ec. 8 ...................... T uesday, D ec. 9 .................... W edn esda y, D ec. 10 ............ T hu rsday, D ec. 11 ................ 72% 71% 69% 3 w eeks. .............. 31@33 .............. .............. .............. 31@33 82@34 32@34 2 w eeks. 32@34 32@34 32(5)34 32(5)34 33@35 33(5)35 Y ear ago. 44% 46 45% 44% 44 44 There has been a decided improvement in demand for barley of all grades. Choice malting is particularly wanted. Demand comes from outside markets and malsters principal ly; local malsters are not active buyers this week. Fancy malting barley is quotable at 59@62c; choice, 56@58c, and for the other grades from 40c to 55c, and 36(5)390 for feed barley. Elevator stocks have increased, and on the 6th were 532.600 bushels, against 110,800 a year ago. Rye is in better demand at an advance in prices. The market is in the hands of a few shippers, who have their regular customers, and receipts are so small that trade is unimportant. Quotations follow: D a ily closin g prices o f rye during the w eek w ere: F riday, D ec. 5 ........ Saturday, D ec. 6 . . . M onday, D ec. 8 . . . T uesday, D ec. 9 .. W edn esda y, D ec. 10 T hu rsday, D ec. 11 . 47% 47% 46% @ 48 46% @48 47 @ 48% 47% @ 48% Y ear ago. 58% 60 60% 60% 59% 59% 73% 72% 70% A t the meeting of the executive council of the Minnesota Bankers’ association, in Minneapolis, on the 6th, it was de cided to hold the next annual convention at St. Paul, prob ably in ]une. Cash W h e a t. 72% 71% 69% D a ily p rices o f w h ite oats during the w eek w ere: Tues. W ed. Thur. D ec. D ec. D ec. 9. 10. 11 75% 75% 75% 74% 74% 74% 73% 73% 73% W h e a t, O fficial Close. Fri. D ec. 5. 74% • 73% • 72% D u lu th Sat. D ec. 6. 73% 78% The feed men and the cereal companies are taking all the oats. Choice oats are scarce and are in good demand at fancy prices. Receipts have fallen off sharply. The greater part of the Northwestern crop, if receipts here are an indication, was rather poor in quality owing to dirt and foreign seeds. Some of the oats received here are of good quality themselves, but the stuff mixed with them knocks off several cents of their value. Demand, owing to lighter receipts, is good for all qualities. Farmers have sold their crop freely, as the price, compared with other grains, has been good. Stocks in elevators here, 926,300 bushels, compared with 608,200 a year ago. Daily prices of white oats during the week were: K arrick , G ray & W illia m s, C hicago, D ec. 10.— W h e a t has sh ow n a d ecid ed ly h ea lth y un dertone this w eek and sustained a g ood ad v an ce that has been extren iely g ra tify in g to its friends. T he general liqu idation that occu rred last w eek left the m arket in a m ore norm al con d ition and m ade it respond the easier to legitim ate influences. T he stron g est fa cto r has been the d e cided fa llin g o ff in the w estern m ovem en t and the firm ness d is p layed b y foreig n m arkets, caused, no doubt, b y the sh u ttin g off o f R u ssian sh ipm ents b y w in ter w eather. T here has been good in vestm en t bu y in g o f a scattered ch aracter and a sharp in crease in the ex p ort dem and. T he gov ern m en t rep ort issued this aftern oon is con stru ed as bearish b y the trade, as it in d i cates a reco rd -b re a k in g yield o f w in ter w h eat, but the effect is som ew h a t o ff-s e t b y the estim a te o f the last crop o f on ly 642,000,000 bushels. C on sid erin g the am ou n t w h ich has a lread y been exported and the unparalleled d om estic consu m p tion , w e firm ly believe the p resen t p rices are fu lly low enou gh fo r this crop of w h eat, regardless o f the p rom ise o f the n ex t one, and believe the M ay op tion should be bou g h t on ev ery little break. Corn and oats have been su stained b y ex trem ely ligh t receip ts in the fa ce o f v e r y fa vora b le w eather. T here has been a p ersisten t bull party, w h o h av su pported the m arket on all declin es and finally su cceed ed in fo r c in g the h ea v iest sh orts to cover. T his has caused a reversa l o f sp ecu lativ e con d ition s and w e believe, u n less the w ea th er turns u n favorab le, that there should be a d e cided reaction from p resen t prices. W ith the dem ands th at will be m ade on this crop o f corn, h ow ever, to replen ish exhausted reserves, both here an d in E urope, that on an y m aterial decline M ay corn w ill p rove a safe purch ase fo r a lon g pull. M a y W h e a t. No. 1 h a r d ............ N o. 1 n o r t h e r n ... N o. northern .. .. .. Barley and R ye. M arch Close. 5s l l % d 6s %d 6s 14d 6s %d 6s l% d 6s l% d J u ly W h e a t. N o. 1 hard .......... N o. 1 northern . . . N o. 2 northern .. 66 66 M in n e a p o lis C oarse G ra in s . P ric e s. F rid ay, D ec. 5 ....................................................... Saturday, D ec. 6 .................................................... M onday, D ec. 8 .................................................... T uesday, D ec. 9 .................................................. W edn esda y, D ec. 10 ............................................ T hu rsday, D ec. 11 ................................................ C h icago ................. M inneapolis . . . . C ity Cash W h e a t. 65% 65% Oats. 9,528,900 1,863,950 2,660,000 871,000 C oarse G ra in D a ily N o. 2 h a rd .......................... N o. 2 red .......................... 73% 72% 70% 74 1/4 73 1/4 71% THE COM MERCIAL WEST. Saturday, December 13, 1902. O l d , O l d F a s h i o n s must pass, except the old, old fashioned principle of things which is ever new, which is ever the best of fashions. We are as modern today in our methods, and yet we hope to have "established our busi= ness on an old, old base that that has ever made for solidity and permanency. W h e n Y o u A r e in T h e M a r k e t W ith G r a in let us hear from you. We be= lieve we can please you with our Q u ic k R etu rn s. O u r P r ic e s A r e T h e T o p . X ÌRoj?e n b a u m Grain Co. ^ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C h i C & 9 0 " ' 1 1 1 THE COM MERCIAL WEST. 42 Indian Corn Exports in Bu sh els. G E N E R A L ST A TISTICS. Wheat and Flour Exports. Bradstreet’s. The quantity of wheat (including flour as wheat) exported from United States and Canadian ports for the week ending with Thursday, is as follows, in bushels: W eek ending 1902. 1901. 1900. 1899. January 2 ...................... 4,818,471 3,914,301 2,509,682 6,860,268 January 9 3,567,7105,961,095 4,248,926 5,647,071 January 16 .................. 4,690,202 3,336,054 3,061,000 5,198,671 January 23 ................... 3,639,679 4,838,678 3,581,197 4,997,522 January 30 3,702,368 3,776,000 2,724,937 6,585,418 February 6 .................... 4,800,457 4,997,813 2,902,357 5,780,500 February 13 3,175,4814,814,878 3,834,069 2,454,771 February 20 ................... 3,609,435 3,424,302 3,660,850 3,844,359 February 27 ................ 3,234,540 5,233,313 3,863,387 5,815,585 March 6 ...................... 4,095,944 4,229,528 4,208,758 4,398,821 March 13 ...................... 2,906,250 4,690,939 2,727,450 4,114,046 March 20 ....................... 4,326,304 3,256,644 2,903,495 3,746,761 March 27 ...................... 2,904,110 4,494,635 2,962,349 3,988,238 April 3 4,446,9174,698,6933,836,963 3,384,800 ..................... 3,842,012 6,405,601 2,896,653 1,983,619 April 10 April 17 ...................... 4,118,108 5,306,217 3,898,451 2,932,959 April 24 ...................... 3,750,589 4,282,129 3,683,863 3,028,403 May 1 .............................. 5,308,155 5,100,763 4,537,022 3,484,081 May 8 ............................... 3,302,240 4,178,872 3,480,574 3,284,182 May 15 ......................... 5,172,634 3,981,968 5,178,422 2,212,206 May 22 ......................... 5,184,839 4,796,084 3,698,968 3,198,319 May 29 .............................. 3,900,645 4,138,970 4,533,140 3,596,065 6,644,644 4,230,221 3,158,047 June 5 ........................... 4,600,055 June 12 3,400,314 5,159,107 4,678,000 3,799,471 June 19 ......................... 3,860,434 5,520,831 4,645,180 3,746,718 June 26 3,382,701 4,364,147 3,184,144 3,268,998 July 3 3,211,215 3,787,639 3,018,832 3,758,972 5,016,149 2,829,910 3,263,815 July 10 ......................... 4,404,115 July 17 .......................... 3,775,200 5,221,900 3,029,400 ............ July 24 ......................... 3,981,000 6,974,500 2,363,700 3,366,400 July 31 ............................ 4,388,500 6,463,400 3,327,000 4,711,600 8,831,200 3,318,700 3,616,100 Aug. 7 ........................... 4,244,300 Aug. 14 ......................... 4,591,800 9,039,700 3,113,600 4,040,000 Aug. 21 5,954,700 6,607,000 2,695,100 3,343,800 Aug. 28 ......................... 5,435,500 6,607,600 3,248,300 3,613,500 Sept. 4 ........................... 6,276,300 4,406,000 3,373,100 4,353,900 6,648,000 4,666,000 4,536,000 Sept. 11 ......................... 5,444,000 Sept. 18 ........................ 5,435,300 3,840,600 3,535,800 4,030,800 Sept. 25 .................. 5,077,000 4,470,300 3,242,800 3,872,000 Oct. 2 ............................. 6,870,600 6,195,700 4,450,200 5,183,400 Oct. 9 ................................ 5,645,800 4,720,000 4,292,800 5,265,600 Oct. 16 5.240.700 5,536,000 3,796,600 4,160,600 Oct. 23 .............................. 7,060,100 4,952,100 4,933,000 4,416,500 6,672,888 3,612,421 3,046,856 October 30 .................... 5,997,620 Nov. 6 5,715,500 5,469,600 3,555,500 4,650,800 Nov. 13 4,440,100 4,983,700 4,062,000 4,540,000 Nov. 20 5,277,700 5,518,900 3,827,300 3,688,700 Nov. 27 ............................ 4,179,700 5,117,500 2,497,900 3,699,400 Dec. 4 ............................... 5,704,400 4,604,800 3,432,100 5,133,300 S t a tis tic a l R e p o rt o f L a k e C o m m e rc e T h ro u g h C an als a t S a u lt S te . M a rie , M ic h ig a n and O n ta rio , fo r th e M o n th o f N o v e m b e r, 1902. E A S T B OU N D. U. S. Canal. A rticle s— 11,804 C opper, net tons ................ 6,675,312 Grain, bushels .................... 2,540 B uild ing stone, net tons . . . 729,780 F lour, barrels ........................ 2,223,182 Iron ore, net t o n s .................. 1,066 Iron, pig, net t o n s .............. 114,515 L um ber, M. ft. B. M ............ Silver ore, net t o n s .............. 8,474,907 W h eat, bushels .................... . 3,913 General m dse., net t o n s ... . 302 P assen gers, nu m ber ............ W E S T' BOU N D. 114,097 Coal, hard, net t o n s ............ 359,807 Coal, soft, n et t o n s ................ F lour, barrels ........................ Grain, bushels .-................... 15,682 M a n f’d iron, net t o n s .......... 41,687 Salt, barrels ............................ 65,480 G eneral m dse., net t o n s . . . . 125 P assen gers, nu m ber ............ F reig h t: 2,934,064 E ast bound, net t o n s ............ 563,660 W e st bound, net t o n s .......... T ota l freight, net t o n s ... V essel passages, n u m b e r.".. R e g ’ d tonnage, net t o n s . . . . T otal. Can. Canal. 16,392 4,588 3,698,900 10,374,212 75 2,615 543,098 1,272,878 219,133 2,442,315 450 1,516 3,365 117,880 6,853,566 4,934 1,045 15,328,473 8,847 1,347 22,436 45,425 136,533 405,232 1,153 6,994 18.500 25,265 610 1,153 22,676 60,187 90,745 735 531,354 103,960 3,465,418 667,620 635,314 507 540,662 4,133,038 2,263 3,605,166 3,497,724 1,756 3,064,504 Saturday, December 13, 1902. B ra d street’s. 1902. 1901. . . 270,236 4,470,521 ...136,873 4,897,345 5,184,550 . 179,520 3,972,152 . 427,018 2,487,707 . 169,145 4,171,440 . 527,366 4,760,422 . 247,830 3,267,668 ,. 312,664 4,185,449 3,956,137 3,246,575 2,605,084 3,582,943 2,990,541 2,623,884 2,136,401 1,344,656 . 128,679 2,371,892 1,583,831 . 82,795 2,704,594 . 90,969 2,204,902 . 71,478 2,037,343 . 86,254 2,455,102 . 94,981 2,569,254 . 110,979 2,435,487 . 130,102 2,455,460 . 127,969 2,240,933 . 185,131 2,800,738 . 130,700 1,714,100 . 79,600 1,155,300 . 28,400 563,600 . 70,600 990,700 . 93,400 508,800 . 51,600 523,900 . 115,100 441,900 . 21,200 550,900 . 91,500 777,800 . 49,500 611,200 . 74,900 585,700 . 141,400 907,800 . 180,300 678,200 . 180,700 640,000 . 84,600 1,188,300 153,205 606,159 . 130,847 708,284 . 281,900 629,900 . 243,400 445,300 . 255,200 630,900 1,151,500 362,800 W eek ending January 2 . January 9 . January 16 . January 23 January 30 . F ebru ary 6 . F ebru ary 13 . F ebru ary 20 F ebru ary 27 M arch 6 ___ M arch 13 . . . M arch 20 M arch 27 A p ril 3 ........ A p ril 10 A p ril 17 ___ A p ril 24 ___ M ay 1 .......... M ay 8 .......... M ay 15 ........ M ay 22 ........ M ay 29 ........ June 5 ........ June 12 ___ June 19 ........ June 26 ___ Ju ly 3 .......... Ju ly 10 ........ Ju ly 17 ........ July 24 ........ Ju ly 31 ........ A ug. 7 ........ A ug. 14 A ug. 21 ........ A ug. 28 . . . . Sept. 4 ........ Sept. 11 Sept. 18 ........ Sept. 25 . . . . Oct. 2 .......... Oct. 9 ............ Oct. 16 ........ Oct. 23............ O ctob er 30 N ov em b er 6 . N ov. 13 ___ N ov. 20 . . . . N ov. 27 ........ Dec. 4 . . . 1899. 4,844,288 3,297,072 2,928,191 3,695,733 3,697,731 3,865,622 1,560,845 2,871,057 5,794,863 3,736,586 4,211,326 3,699,629 2,411,443 3,724,654 2,666,125 3,091,940 2,615,079 2,847,29« 2,768,694 2,753,414 3,845,818 3,922,497 3,339,889 3,285,301 2,872,432 4,482,116 4,097,144 4,553,739 3,666,300 3,700,300 5,027,700 5,950,300 5,531,400 4,596,100 4,167,800 4,786,900 3,282,700 3,795,000 3,523,100 4,238,700 3,836,800 5,058,700 4,525,500 4,503,425 4,581,447 4,603,700 4,149,500 4,441,500 3,815,700 NOVEMBER GRAIN MOVEMENT. I he following is the November grain movement at lead ing markets as reported officially to T h e C o m m e r c ia l W e s t : B oston. R ep orted b y E. G. P reston , secreta ry C ham ber of C om m erce. R eceipts. Shipm ents. A rticle s— 1902. 1901. 1902. 1901. F lour, barrels .......... 230,793 242,979 101,104 122,534 W h ea t, bushels . . . 1,622.440 1.451,539 1.287,710 1,396,231 Corn, bushels ........ 174,58S 344,630 61,738 472,933 Oats, bushels .......... 503,972 447,871 63,924 65,299 R ye, bushels ............ 3,003 4.230 B arley, bushels 97,637 10,000 • 49,983 F la x seed, bushels .. 280,072 212,248 16,200 67,964 M illfeed, tons .......... 1,200 1.400 629 408 Corn m eal, barrels. 1,365 3,680 1,250 1,893 Oat m eal, b a rr e ls . . . 17,526 11,282 5,143 4,714 Oat m eal, s a c k s . ... 6,691 2,697 3,149 2.650 H ay, tons .................. 14,570 19,270 3,050 5,661 B a ltim o re . R ep orted b y W'm. F. W h eatley , secreta ry C ham ber o f C ofnm erce. R eceipts. A rticles— 1902. 1901. 1902. 1901. W h eat, bushels .......... 595,489 1,517,296 447,376 1,109.860 858,654 771,616 Corn, bushels .............. 95,935 378,157 Oats, bushels .............. 120,235 161,530 51,114 623 36.331 22,990 B arley, bushels .......... 432,343 105,889 R ye, bushels ................ 334,284 51,427 2,930 1,402 T im oth y seed, bushels 4.305 4,097 C lover seed, b u sh e ls.. 523 6,350 4,958 H ay, tons ...................... 1,477 1,651 340,242 425,684 310.029 F lour barrels .............. 305,895 2,126 1,321 Mill feed, t o n s .............. 406 204 H. S. W I L L I A M S . C. E . G R A Y . H. Li. K A R R IC K . 1900. 4,019,036 3,314,576 3,199,312 3,526,834 3,598,962 3,450,909 3,490,335 2,896,175 4,533,730 2,187,824 3,729,291 3,123,848 3,193,638 4,361,591 2,799,443 3,158,747 3,620,664 3,411,015 4,638,140 3,437,994 4,374,145 3,882,294 3,084,474 3,634,245 2,514,593 4,000,654 3,614,294 4,022,068 4,182,100 3,264,700 3,890,000 2,890,700 3,017,000 3,493,400 3,717,500 3,162,300 2,402,800 2,134,200 2,156,100 2,364,200 2,896,000 2,887,000 3,365,600 3,920,110 3,287,627 3,976,900 5,235,500 4,801,000 5,371,400 K A R R I C K , G R A Y &. W I L L I A M S , G R A IN C O M M IS S I O N , S U IT E 4 0 BOARD OF TR A D E, * CHICAG O. MEMBERS M IN N EA PO LIS CHAMBER ST. LO UIS M E R C H A N T S OF COM M ERCE. EXCHANGE, DULUTH H . L. K AR R IC K . S . G. WILLIAMS. C H IC A G O B O A R D OF T R A D E , M ILW A U K E E C H A M B E R CHAMBER OF C O M M E R C E , OF C O M M E R C E J. L. SW A N T O N R. J. HEALY. A. R . G A R DN ER . H EN R Y KARR IC K CO. G R A IN C O M M IS S I O N . MEMBERS M IN N E A P O L IS M IL W A U K E E D UL U T H C H IC A G O S T . LOU IS https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C H A M B E R OF C O M M E R C E , M IN N E A P O L IS AND DULUTH. THE COM M ERCIAL WEST. Saturday, December 13, 1902. M o n tre a l. R eceipts. 1901. A r tic le s— 1902. 2,250,436 W h eat, bushels .......... 1,553,226 140,493Corn, bushels .............. 198,393 211,370 Oats, bushels .............. 235,851 51,247 B arley, bushels ............ 56,311 106,716 R ye, bushels ................ 368,210 F la x seed, b u s h e l s .... 316,206 78,898 F lour, barrels .............. 91,018 N av ig ation closed N ov. 29, li Shipm ents. 1901. 1902. 1,548,528 1,613,892 150,994 128,778 57,947 21,822 31,985 8,958 122,867 431,763 163,691 73,544 99.410 San F ra n c is c o . R ep orted change. by J. C. A rticle s— W h eat, c t ls ..................... C oin , ctls ...................... Oats, c t ls ........................ B arley, c t ls ...................... R ye, ctls ........................ F lax seed, s x ................ H a y, tons ...................... F lour, barrels .............. F riedlan der, secretary R eceipts. 1901. 1902. 115,199 782,351 10,435 7,922 84,672 118,772 728,280 451,274 14,950 4,831 21,957 19,147 15,284 8,189 128,000 138,000 M erch an ts’ Ex- Shipm ents. 1901. 1902. 1,172,957 636,829 362 13,181 4,990 708,550 403,313 11,028 2,690 89,964 25 72,098 D e tr o it. R ep orted by F. W . W arin g , se cre ta ry D e tro it R eceipts. 1901. 1902. A rticle s— 211,316 . .. 771,075 W heat, bushels 234,754 116,543 Corn, bushels . 298,024 ... 426,671 Oats, bushels .. 210,480 ... 374,199 B arley, bushels 61,840 66,162 R ye, bushels . . . 29,900 34,700 Flour, barrels . B oard o f Trade. Shipm ents. 1901. 1902. 139,967 79,955 126,263 9,273 55,771 87,358 6,655 48,004 45,577 22,000 22,400 43 R ye, b u ..................... ___ F lax seed, bu . . . . ___ H ay, tons .............. ___ Flour, barrels . . . . Bran, tons ............ 20,800 15,200 12,150 8,000 54,400 1,600 10,510 810 2,685 20,800 800 3,870 104,800 2,100 36,800 2,610 93,800 6,600 T oledo. R ep orted b y A. G assaw ay, secretary. R eceipts. 1901. 1902. A rticles— 881,800 414,212 W h eat, b u ............... ___ 444,810 ___ 884,500 Corn, b u ................... 235,718 376,100 Oats, b u ................... ___ 950 775 B arley, b u ............... 50,484 24,400 R ye, b u ..................... ___ 19,255 21,650 C lover seed, bags. ___ Shipm ents. 1901. 1902. 106,549 621,267 612,060 375,799 198,494 353,980 19,240 95,051 33,450 8,294 3,207 S t, L o u is . R eported by M erch an ts’ E x ch an ge, G eorge H. M organ, s e cretary. R eceipts. Shipm ents. 1902. 1901. 1901. 1902. A rticles— 2,458,442 658,237 1,057,547 W h eat, b u ............. ........ 3,612,391 959,480 1,309,995 ........ 1,689,030 1,499,555 Corn, b u ................. 1,299,770 723,020 1,018,800 Oats, b u ................. ........ 1,610,055 8,270 9,086 377,603 497,077 B arley, b u .............. ........ 202,120 16,380 31,500 236,698 R ve, b u .................. ........ 30,900 12,890 27,600 F la x seed, b u . . . . ........ 5,809 O ther g la ss seed. sck s 8,502 18,835 6,904 6,778 16,310 H ay, tons ............ ........ 279,765 233,535 197,675 219,085 Flour, barrels . . . ........ 51,335 46,410 122,155 109,035 Mill feed, s a c k s .. ........ 24 15 85 20 Mill feed, c a r s . . . . ....... D u lu th . C in c in n a ti. R ep orted by C. B. M urray, se cre ta ry C ham ber o f C om m erce. ------ 1901.----------- 1902.— — R eceipts. Shipm ents. R eceipts. 1Shipments. 6 2,402 144,546 123,800 B arley, b u ................ 100,281 3/6,531 146,207 473,900 C oin , b u .................... 114,917 295,200 83,770 416,864 Oats, b u ..................... 9,258 37,294 66,716 14,531 R ye, b u ....................... 39,950 77,198 127,656 230,952 W h eat, b u ................. 156,107 195,983 211,830 271,307 F lour, barrels ........ 518,554 1,655,215 1,004,686 173,750 B acon, pounds . . . . D. S. m eats, loose, 8,936,070 8,996,405 6,658,670 pounds .................. 6,834,192 2,464,000 2,056,500 1,117,500 do. boxed, pounds 1,032,500 1,928,610 784,285 1,256,571 621,437 H am s, pounds . . . . 3,939,480 3,083,353 3.210,065 Lard, pounds .......... 1,469,141 4,566 1,530 7,491 3,916 C lover seeds, b a g s .. 2,984 5,761 11,356 1.646 T im oth y seed, bags O ther grass seeds, 9,084 13,796 9,251 11,585 bags ........................ K an s a s C ity . R ep orted b y E. D. B igelow , se cre ta ry B oard o f T rade. R eceipts. Shipm ents. A rticle s— 1902. 1901. 1902. 1901. W h eat, b u ....................... 2,392,000 1,383,200 1,808,800 956,000 Corn, b u .......................... 1,855,200 1,344,000 1,244,800 926,400 Oats, b u ........................... 615,600 424,800 460,800 420,000 R ep orted by S. A. K em p, secreta ry D uluth Board. R eceipts. Shipm ents. 1902. 1901. 1901. 1902. A rticle s— 6,340,418 6,3o4,88S 7,695,323 W h eat, bu .................. . 8,025,958 1,679 822 7,461 822 Corn, b u ......................... 203,404 68,512 317,078 228,961 Oats, b u ......................... . 482,830 1,479,771 1,196,057 B arley, b u ..................... . 1,473,330 100,313 136,252 122,908 6,225,819 4,408,927 6,584,928 F la x seed, b u .............. . 4,447,028 913,170 733,445 1,456,660 F lour, barrels ............ . 1,332,000 C hic a g o . R ep orted T rade. by Geo. F. Stone, secretary R eceipts. 1901. 1902. A rticle s— 5,421,181 W heat, b u ..................... . 4,605,935 2,885,698 Corn, b u ......................... . 4,439,679 6.912,152 Oats, b u ......................... . 7,930,917 2,669,750 B arley, b u ..................... . 2.101,981 401,974 5S4.875 R ye, b u .......................... . 961,089 674,654 F lax seed, b u .............. . 2,826,855 T im oth y seed, b u . . . . . 7,114,820 1,016,186 C lover seed, b u .......... . 2,012,460 2,336,261 O ther grass seeds, bu. 2,085,259 14,614 18,534 H ay, tons .................... 2,407,300 B room corn, p ounds. . 2,334,400 606,739 898,517 F lour, barrels .............. . Mill feed, p o u n d s .... .29,895,390 30,280.060 C hicago B oard of Shipm ents. 1902. 1901. 2,773,063 3,472,442 4,840,575 3,889,593 5,831,751 7,157,522 565,990 544,817 572,860 21,939 55,928 117,572 2,546,863 1,711,049 617,073 206,809 1,825,873 1,131,787 779 1,304 1,503,090 1,296,968 456.229 625,583 55,199,684 44,543,460 Seymour Carter f -,. M E R C H A N T a M IL L E R , v W - s t c W r L ’. HASTINGS, MINNESOTA. The Gardner Mill, Dally Capacity 1,500 Barrels. J. R. Marfleld, Pres. C .D . T earse,S ec’y& T reas. YVm. Griffiths, Vice-Pres. & Manager. BROOKS - GRIFFITHS CO. Grain Commission, Offices: CHICAGO, MILWAUKEE, DULUTH New Chamber of Commerce, M INNEAPOLIS. W IL L IA M D A L R Y M P L E G R A IN C O M M IS S IO N . Receiving and Selling Grain by Sample a Specialty. D U L U T H -M IN fŒ  P O L IS . CROOKSTON LUMBER CO. M IL L S AT BEMIDJI, ST. HILAIRE CK0GK5TÖN. S h i p m e n t s on C r o o k s to n , M in n . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northern Pacific and Great Northern Rys. r r j r r SAMPLE We wil1 send, w ithout r n r r r u u n n o e « charge, upon request, a 1 I I L U t N V t L U r t o sample of our export flour sample envelope*. They are made from cloth-lined paper, and are approved by the postal authorities. Also sample envelopes of Lest rope paper stock for grain and m ill prod ucts, cereals, seeds, m erchandise, catalogues, etc. We m anufacture tags of every description. N orthwestern Bnvelape Co., M inneapolis. W . S. M cLaughlin, Pres. A . B . Ellis, S ecy AMERICAN GRAIN CO. G r a in C o m m is s io n , w rite to us. Minneapolis, Minn. THE COM MERCIAL WEST. 44 Saturday, December 13, 1902. “ BREAD IS THE STAFF OF LIFE.’ ’-SWIFT. Pillsbury’s Best Flour Without a Rival and Without a Peer. A ll that Science, Skill and Capital can do has been done for this Celebrated Brand. Pillsbury’s Best Marks the Zenith of Flour Making in the Twentieth Century. Pillsbury-Washburn Flour Mills Co., Ltd. M IN N E A P O L IS , M IN N E S O T A . M ilw a u k e e . R ep orted by W . J. L angson , secretary C ham ber o f C om m erce. R eceipts. Shipm ents, is A rticle s— 1902. 1901. 1902. 1901. W heat, b u . : , .....................1,258,400 ¿>*2,066,400 227,175 777,930 Corn, bu . .............. .'..V 104,500 158,650 39,510 52,025 Oats, bu. ................... 491,400 1,069,900 359,750 1,303,815 B arley, b u .......... 2,317,050 1,995,050 1,563,111 1.412,521 131,900 211,200 74,910 69,700 R ye, bu , j , ...... F lax seed, b u ................. 45,095 22,025 .......... .......... T im o th y seed, pounds 654,405 28,000 140,000 50,000 C lover seed, p o u n d s ... 564,420 540,117 .......... 192,040 H ay, t o n s - .......... ........... 2,879 2,836 12 12 F lour, barrels .............. 498,150 379,250 510,511 457,995 P h ila d e lp h ia . R ep orted by, C om m ercial E x ch an ge, A. D. A ch eson , secretary. R eceipts. Shipm ents. A rticle s— 1902. 1901. 1902. 1901. W h eat, bu . ................... 588,240 1,044,063 509,249 1,039,546 Corn, bu . ............ 465,135 233,205 168,336 450,000 Oats, b u ........................... 388,490 230,273 .......... .......... B arley, b u ...................... 127,200 114,400 .......... .......... R ye, b u ............................ 11,200 12,800 .......... .......... F la x seed, b u ................ 304,800 115,200 272,112 115,200 T im o th y seed, b a g s ....................... 389 .......... .......... C lover seed, b a g s ........ 131 .......... .......... .......... H ay, tons 9,780 8,960 .......... F lour, barrels . . . . . . . . 384,056 363,523 167,410 178,148 M ill feed, ton s ............ 1,530 2,530 .......... Canada os a Groin Producer— A Canadian V iew . r A Canadian correspondent of the London Financial News observes that “ the record wheat crop which has been harvested this year in Manitoba and the Northwest Prov inces will not merely fill the pockets of Dominion farmers but will raise issues of far-reaching importance all over tin Ainerican continent. Practically •it foreshadows a radical disturbance; of the wheat markets of the world, and more directly of the British market. Already the proportions of American and Indian wheat which find an outlet in Europe a r c h i n g upset by the increasing competition of Canadian grown,,cereals, and the opinion of those best qualified to judge is that the Dominion supply will increase steadily till Canada achieves her boast of being the granary of the em pire. The farmers of the western states are already looking with angry and jealous eyes on the success of the wheat raisers in the* North, and are preparing for a campaign against the tariff revision which is already being demanded by Dakota millers; for the American farmer knows he has eventually to face not merely competition in the world’s market, but actual invasion of his own territory. “ A harvest of 100,000,000 bushels from the whole Domin https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ion, as against last year’s 88,000,000 bushels, is not too san guine a prediction. In the districts where any threshing has been done the crops are known to exceed government estimates. One reason for this difference in figures is the fact that, owing to the late spring, a good deal of wheat was sown after the crop correspondents had sent in their reports to the Department of Agriculture. Last year the prairie province of Manitoba produced 50,502,085 bushels of wheat. This year more land is under cultivation, and an unusually large yield is expected, especially in the districts where the wet spring made the otherwise dry soil more fertile than usual. Y et the government estimates the combined crops of the province and the Northwest Territories at only 60,000,000 bushels. A truer estimate would be 55,000,000 bushels for Manitoba, an increase of, say, 4,500,000 bushels; 25,000,000 bushels for Ontario, a gain of 3,500,000 bushels— say, to gether, 80,000,000 bushels. As for the Northwest lerritories. even last year they produced 12,600,000 bushels, so that an increase there would bring the whole Canadian yield close to the 100,000,000 mark. “ Last year, for the first time in history, the Dominion became an important competitor of India and the United States in the British market. Out of her whole crop of 88,344,000 bushels she sent to the mother country 26,117,530 bushels of wheat (as against some 10,000,000 bushels the year before) and 1,086,648 barrels of flour. The larger harvest and better transportation facilities of 1902 will make the ex port to England much greater this autumn even than ii 1901. This increase has been, and nrobably will be, con tinuous. The wheat crop of the whole Dominion has more than doubled in the last ten years. Only about 25,000,000 bushels are required for home consumption, so that there seems to be no reason why, at the present rate of progress, Canada could not furnish the whole food supply of 160,000,000 bushels for Great Britain within the next six or seven years. A Canadian preference in the British market would hasten the day, but even without it the northwestern farmer has an advantage over other competitors in his lower cost of production, as his land is cheaper and yields more per acre. That his profits are greater than those of his soujjhéfn neighbor may be known from the fact that the average yield of wheat in Manitoba for the last ten years has: been 19.91 bushels per acre, while in the United States it has been 13.3 bushels. “ The whole area of fertile land in Manitoba is 25,000,000 acres, and of this only 2,952,000 acres were cultivated in 1901. Last year, however, with a crop of 50,500,000 bushels, the elevator capacity of the Manitoba grain inspection dis trict was only 23,000,000 bushels.” W, F. Johnson. W. F. Johnson & Co Geo. A. Wegener Commission Merchants. GRAp R O V IS IO N Orders for future delivery carefully executed, Consignments and correspondence solicited. 45 THE COM M ERCIAL WEST Saturday, December 13, 1902. p i j I P A f f j v n l v M V a W i RO O M 5^, BOARD OF TR ADE. Hulburd, Warren & Co. Capital, $250,000. Surplus $50,000. L. Bartlett & Son COMPANY, COMMISSION MERCHANTS. BRANCHES: M inneapolis, St. Louis, Kansas City, Chicago. 2 3 CHAMBER OF COMMERCE, M ILW AUKEE. COM M ISSION M ERCHANTS, GRAIN AND PROVISIONS. Receiving - Shipping - Futures. Business Solicited in Any Department. OFFICERS: W. S. Warren, President; A. C. Davis, Viee-President ; Charles H. Hulburd, Treasurer; C. J. Northup, Secretary; John Gillies, Asst. Treasurer. DIRECTORS: Charles H. Hulburd, W. S. Warren, A. C, Davis, O. T. Hulburd, C. J. Northup. 47 B o ard of Trade, C H I C A G O . CARRINGTON, PATTEN&COMPANY 6 AND 8 SHERMAN I. P. RUMSEY. F. M. BUNCH. RUMSEY & COMPANY S u ccessors to SU C C E S S O R S T O RUM SCY, L IG H T IN E R C O IV IIM IS S IO T S Grain, Provisions and Seeds, Cash and Future Deliveries, CARRINGTON, HANNAH & CO. CO. M ERCH AN TS 9 7 Board of Trade Building, CHICAGO, sim pso n & McDo n a l d , GRAINS, PROVISIONS, STOCKS AND COTTON. 181 LaSalle C o m m issio n M e r c h a n ts G r a in , P r o v is io n s , S t o c k s & C o tto n . Members Chicago Board of Trade. Henry Hemmelgarn. Phillip H. Schifftin. Street, C H IC A G O . Members Chicago Boord of Trade. Correspondence Solicited. E S T A B L IS H E D 1854. IRWIN, GREEN & CO. WEARE COMMISSION CO, GRAIN, PROVISIONS. STOCKS and BONDS. GRAIN—PROVISIONS—STOCKS—BONDS 12 8 = 131 R i a l t o B l d g . , C H IC A G O . M a rk e t L e tte r M ailed on A p p l i c a t i o n . H. HEMMELGARN & CO. COMMISSION MERCHANTS. GRAIN, SEEDS AND Private Wires to all Principal Exchanges of the United States. PROVISIONS. 316-319 RIALTO BUILDING, Old Colony Building, CHICAGO. C H IC A G O , A. 0. Slaughter & Company MILMINE, 80DMAN & GO., G rain , Provisions, Stocks, Bonds, Cotton. Invites Correspondence Regarding Unlisted Securities. CH ICA G O , 5 and 7 B oard of T rade. NE.W Y O R K , 401 P r o d u c e E x c h a n g e . J. C. V E R H O E F F , M a n a g er. Armour Grain w. h . l a id l e y & co. STO CK S, Company BONDS, MEMBERS: Chicago Board of Trwie, New York Stock Exchange, New York Produce E x change, New York Coffee Exchange, Chicago Stock Exchange, Liverpool Corn Trade Association, New York Cotton E x change, Milwaukee Chamber of Com merce. j [j :.l J PRIVATE WIRES TO ALL POINTS. G R A IN S , P R O V IS IO N S JAMES P. SMITH & CO. Bank Stocks and Investment Securities. GRAIN MERCHANTS, SEND FOR OUR D AILY M AR K ET L E TT E R . Member Chicago Board of Trade. Telephone, Main 4412 or Main 170. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Western Union Bldg., Chicago. No. 7 New St., New York. Minneapolis—Milwaukee. 115-117 La Salle Street, Chicago MEMBERS Street, BARTLETT, FRAZIER & CO. BANKERS and BROKERS New York Stock Exchange, Chicago Stock Exchange, Chicago Board of Trade. 205 La Salle IL L IN O IS . Members Chicago Board of Trade. STO CKS AND BONDS G R A I N and P R O V I S I O N S MINNEAPOLIS OFFICE: GRAIN E S ST. CH ICAGO. CHICAGO 190 LaSalle Street, C H IC A G O , IL L 417-41» R ia lt o B u il d in g , C HIC A G O Orders in option« oareiully executed THE COM MERCIAL WEST. 46 William Commons, Frank W. Commons, Howard W. Commons. COMMONS & CO. THE Saturday, December 13, 1902. V A N D U S E N -H A R R I N G T O N C O M M IS S IO N C* D A T\T MINNEAPOLIS and DULUTH. CO M ERCH AN TS, ST. PAUL. LIVE STOCK SOUTH Grain Commission Merchants George W . P eavey. Frank T . H effelfinger. Minneapolis and Duluth. Receivers and Shippers of Wheat, Coarse Grains and Flaxseed. Orders for Fu ture Delivery Executed in all Markets. 1 B U I ') A v I § _ ) /□ * v d Frederick B. W ells. Charles F. D eaver. \ 7 £ k '\ r V W V System of Grain Elevators Embraces the greatest number of aggregate storage capacity of world. Total capacity in eight Grain Elevators with the largest any Elevator System in the states, 35,800,000 bushels. HEADQUARTERS: MINNEAPOLIS. Branch Offices: Chicago Correspondents: ARMOUR GRAIN COMPANY. CAROIL COMMISSION GO. Chicago. Duluth. Kansas City. Omaha. The S i Anthony Elevator Co. Capacity, 3,250,000 Bushels. CRAIN MERCHANTS AND WAREHOUSEMEN. Room 322 Flour Exchange. M INNEAPOLIS, MINN. C h as . J. M a r t in , Sec’y and Treas. W . G. A in sw o r th , Gen’l Manager. W m . H. D unw oody , President. J ohn W ashburn , Vice-President. D u lu th a n d M in neap olis. Grain and Commission Merchants. b. H.W 00DW 0RTH, Pres’ t. E.S.WOODWORTH, V-Pres’ t R. P. WOODWORTH, Sec’ y & Treas. G R A IN Ô P R O V IS IO N S W OODW ORTH E LE V A TO R M IN N E A P O L IS , C O ., JÌO A D b LO N G D I S T A N C E * T E L. TPAÙL* C H IC A G O O f WWMÓON J92S M IN N . T H O M A S «& B U N N E T T , GRAIN COMMISSION. Daily Market Letter Free on Application. C h a m b e r of C o m m e r c e . M IN N E A P O L IS . W. R. MUMFORD, P res. CLARENCE H. TH A YER , Sec’ y and Gen. M gr. W. R. M U M F O R D CO., Grain, Seeds, Hay and Mill stuff«. Consignments of above articles and Orders for Future Delivery Solicited. S p e c ia ltie s : PaiddJp C a pital, $50,000, N. O. Werner, Pres. C. M. Reese, V-Pres. C. A. Werner, Sec. and Treas. G. F. Sunwal], Mgr. Cash Grain Dept. Corn Exchange, M inneapolis. M A IN BARLEY W HEAT, O F F IC E : " 5 2 8 - 5 3 2 MINNEAPOLIS, 23 Chamber of Commerce. MILWAUKEE, 113 Michigan Street. CEDAR RAPIDS, IA„ 225 First Ave. Liberal Advances on Consignments. R ialto AND B u ild in g , SEEDS. C H IC A G O . ST. LOUIS, 60 Laclede Bldg. KANSAS CITY, 605-606 Board of Trade. DULUTH, 518 Board of Trade. Daily Market Letter Mailed Free on Application M E M B E R S D IF F E R E N T E X C H A N G E S . C eresota F lo u r - M a K c s ih e "Best B r e a d - : —— A million housekeepers say so by using it in prefer ence to any other, but we don’ t ask you to believe without the proof. Try C E R E S O T A F L O U R in your next baking and then decide for yourself. Every Sack Warranted M oney back if you are not satisfied Manufactured by ■ > ■■■ -■ — The Northwestern Consolidated Milling Co. Minneapolis, Minnesota. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday, December 47 THE COM M ERCIAL WEST. 13, 1gm. W ASH BU RN C R O S B Y ’S G O L D M EDAL FLOUR Has again been awarded a Gold Medal; this time it is th e GRAND P R IX at the Paris Exposition. Write us when again in the market. WASHBURN - CROSBY CO., ELECTRIC STEEL ELEVATOR CO. C a p a c it y , 1 , 7 0 0 , 0 0 0 B u sh e ls . G rain D ealers and W a re h o u s e m e n . S T R IC T L Y F IR E P R O O F ELE V A TO R S NO IN S U R A N C E N E C E S S A R Y O ffic e 412 C o r n E x c h a n g e , M IN N E S O T A ? 8 L. W elch . C. A . Malmquist, E. L.Welch & Co. Grain Commission. 4C0 Corn Exchange. MINNEAPOLIS, MINN M I.N A L A D O L IS . CARTER, SAMMIS & CO. The McCauII-Webster Grain Company, G R A IN C O M M IS S IO N , Minneapolis, Minn. 14 Chamber of Commerce, MINNEAPOLIS. Room 701 Board of Trade, DULUTH. O l d e s t C o m m issio n H o u se in th e T rade GRAIN COMMISSION MERCHANTS. We execute orders for future delivery in all markets. We buy all classes of grain on track. D uluth M ilw au k ee C h ica g o E. A. BROWN & CO. J. F. W h a l l o n . G e o . P. C a s e . G e o . C. B a g l e t . C h a s . M. C a s e . Whailon, Case & Co. STO CK S, BONOS, G R A IN and P R O V IS IO N S . C h a m b e r of C o m m e r c e , MEMBERS: M IN N E A P O L IS . " c l 1" “ " Crain Commission Merchants, 522 Corn E xchange, M inneapolis, Minn. Liberal Advances made on Consignments E. S. WOODWORTH & CO. SHIPPING New Y .rk Stock Exchange, Chicago Board of Trade, Minneapolis Chamber of Commerce. AJV D Swedi sh American National Bank. R eferen ce WALTER A. D u lu t h Of f ic e : 606 Board of Trade. THOMAS & *G0. Randall, Gee & Co. G R A IN » M IN N E A P O L IS , M IN N . C O M M IS S IO N M E R C H A N T S . S h i p us y o u r G R A I N , a nd send us Minneapolis Office, Corn Exchange y o u r o rd e r s on fw tu re s. C O M M IS S IO N . Minneapolis, Duluth, Milwaukee and Chicago ORDERS FOR FUTURES EXECUTED IN A L L M AR K E TS. E. S. W o o d w o r t h , President. G. P. H a r d i n g , Vice-President, W. S, W oodworth, Sec’y and Treas. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TH E COM M ERCIAL WEST. 48 H. POEHLER COMPANY, ESTABLISHED 1855. HENRY POEHLER, ALVIN H. POEHLER, GEORGE A. DUVIGNEAUD, CHAS. E. POEHLER, W ALTER C. POEHLER. INCORPORATED 1893. Saturday, December 13, 1902. GEO. D. COOK CO. INVESTMENT SECURITIES. G R A IN C O M M IS S IO N , BOARD OF TRADE: DULUTH, MINN. CHAMBER OF COMMERCE: MILWAUKEE, W IS. BOARD OF TRADE: CHICAGO, ILL. « 1« o i a r u u B l b - 8 1 9 cham ber of Commerce, M IN N E A P O L IS . Buying for Country Milling Trade a Specially. Orders In Futures Executed in any Market. Counselman Bldg., 238 La Salle St., CHICAGO. Broad Exchange Bldg., 25 Broad Street, NEW YORK. We Buy and Sell The National Bank of Commerce, Minneapolis, Minn. C a p ita l and Surplus, ^ A OFFICERS: S. A . H a r r i s , President. H . H . T h a y e r , Vice-President. - $1,200,000. A. A. C r a n e , Cashier. W. S. H a r r i s , Assistant Cashier. W e give special attention to out-of-town investm ents and speculative accounts. and W rite for descriptive lists to Geo. D. Cook Company, NEW YORK. CHICAGO. Our private wires and our connec tions with all of the principal exchanges enable us to give prompt MEXICAN GOVERNMENT AND STATE BONDS. accurate JAMES DORAN & CO. service. 9 Correspondence Bank Building, invited. ST. PAUL, MINN. C . D . H O L B R O O K & C O .) M I L L AND ELEVATO R MACHINERY S U P P L IE S , Coffield Gasoline Engines. EUGENE M. STEVENS. Commercial Paper, Local Stocks and Bonds, Investment Securities. Correspondence invited. Guaranty Building, . . . Minneapolis. H O IT G R A IN G. B. Gunderson & Co. G ra in Com m ission. M IN N E A P O L IS. D U LU TH . M IN N E A P O L IS , M IN N . CO. Receivers and Shippers O A T S , B A R L E Y C O R N Correspondence and Business Solicited. 308 Grain Exchange, MINNEAPOLIS. AMERICAN LINSEED CO. Manhattan Building’, Chicago 100 William Street, New York — ------ MANUFACTURERS n r - Linseed Oil, Cake and Meal. Branches in all of the Principal Cities of the United States...... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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