Full text of Commercial West : December 29, 1906, Vol. X, No. 26

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BANKING, WESTERN INVESTMENTS, MILLING AND GRAIN.
HE NORTHWEST.
THE CENTRAL-PACIFIC WEST.
THE SOUTHWEST.

No. 26

SATURDAY, DECEMBER 29, 1906

VOL. X

An inspection of our New Bank
Building invited.

THE NORTHERN TRUST COMPANY
N. W. Cor. La Salle and Monroe Sts., C H IC A G O .

C a p ita l, =
=
S u r p lu s , =

-

First Floor—Savings and Bond Department.

$ 1 ,5 0 0 ,0 0 0
1 ,0 0 0 ,0 0 0

Second Floor—Banking and Foreign Depart­
ment.

O FFICERS
B yron L. Sm ith, P resid en t
F. L. H ankey, Vice P resid en t
Solomon A. Sm ith, 2nd Vice P res. A rtn u r H eurtley, S ecretary
T hom as C. K ing, C ashier
H. O. E dm onds, Asst. S ecretary
R o b ert M cLeod, Asst. C ashier
H. R. Rockwell, Asst. Secretary
G. J. M iller, Asst. C ashier
E d w ard C. Jarv is, A uditor

F isk & R obinson
BANKERS
G overnm ent B on d s
and o th er

I n v e s t m e n t S e c u r it ie s
MEMBERS NEW YORK STOCK EXCHANGE

NEW Y O R K

BOSTON
CH ICAG O

R epresented in

by C. F red erick Childs
135 A dam s S treet.

THE MINNESOTA LOAN
AND TRUST CO.
The O ld e st a n d L a rg e st
T ru st C om pany in the N o rth ­
w est.
-

Third Floor—Trust Department.
Basement—The Northern Trust Safe Deposit
Co. Vaults.

Chas. E. Lewis & Co.

T H E F IR S T N A T IO N A L
BANK Of CHICAGO,

412 to 415 Chamber of Commerce
MINNEAPOLIS

with its affiliated corporations,
the FIRST T R U S T A N D
SAVINGS BANK and the
NATIONAL SAFE DEPOSIT
COMPANY invites the busi­
ness of conservative people,
feeling confi dent that the
combined resources (aggregat­
ing $150,000,000) and superior
facilities of these institutions
will appeal to those desiring
an agreeable banking home.

Private Wires Telephone M. 1568

G R A IN , P R O V IS IO N S ,
STOCKS, BONDS
New York and Chicago Correspondents
Bartlett, Frazier & Carrington
M

embers

of

all

P

Pringle, Fitch & Rankin

r in c ip a l

Exchanges

Charles Hathaway
& Co.
Dealers in
COMMERCIAL P A P E R
C h a s . W . Fo l d s , - R e s id e n t P a r t n e r
2 0 5 La S a l le S t r e e t , . . .
C h ic a g o
NEW YORK OFFICE
BOSTON OFFICE

-

-

-

45 WALL STREET
27 STATE STREET

THE

fames B. Forgan,
President
David R. Forgan, Vice President
F. O. Wetmore
Cashier

C

o n t in e n t a l

National Bank
O F C H IC A G O .

W E O W N A N D OFFER:

H igh G rade M unicipal a n d
C orporation B onds se le c t­
e d for the m o st con serva­
tive Investors.

Capital $4,000,000
Surplus and Undivided Profits 2,300,000
Deposits 55,000,000

F

ver sz &

A G e n e r a l F o r e ig n B a n k i n g B u s i n e s s
T ra n s a c te d .

B A N K E R S

220 LA SALLE ST.
C HICAGO

Inquire for B ond L ist

Solicits A ccounts, A ssu rin g L iberal A ccomm o­
dations and C ourteous T rea tm e n t.

C ompany

T rav e le rs’ C ircular L e tte rs of C red it issued
available in all p a rts of th e W orld

3 7 P IN E ST.
N E W YORK

OFFICERS

Or. M. Reynolds, P resident.
Alex. R obertson, V ice P resident.
W m. G. Schroeder, C ashier.
Ir a P . Bowen, A sst. C ashier.
Benj. F M ayer, A sst. C ashier.
H erm an W aldeck, A sst. C ashier

R A IL R O A D B O N D S

313 Nicollet Ave., Minneapolis

The National Park Bank, of New York
ORGANIZED

C a p ita l

$

3 ,0 0 0 , 0 0 0 .0 0

S u rp lu s

and

P ro fits

1856

$ 8 ,1 4 4 ,2 1 0 .4 0

D e p o s its

O F F I C E R S

Richard Delafield, President.
Gilbert G. Thorne, Vice-Prest.
John
C.
McKeon, Vice-Prest.
Digitized
for C.
FRASER
John
VanCleaf, Vice-Prest.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Maurice H. Ewer, Cashier.
W. O. Jones, Asst. Cashier.
W. A. Main, Asst. Cashier.
F. O. Foxcroft, Asst. Cashier.

N ov.

12 ,

1 9 0 6 , $ 9 5 ,7 8 5 ,9 6 4 .2 6

D 1R E C T O R

Jo se p h T. Moore
S tu y v e san t F ish
George S. H a rt
C harles S cribner
E dw ard C. H oyt
W. R ockhill P o tts

S
A u g u st B elm ont
R ichard Delafield
F ran c is R. A ppleton
Jo h n Jacob A stor
G eorge F. V ietor
Cornelius V an d erb ilt

Isaac G uggenheim
Jo h n E B orne
Lew is Cass L edyard
G ilbert G. Thorne
Jo h n C. M cKeon

2

THE COMMERCIAL WEST

Saturday, December 29, 1906

T h e C o m m e r c ia l
N a tio n a l B a n k
o f C H IC A G O
Capital, Surplus and Undivided Profits, $ 3 , 9 0 0 , 0 0 0
Deposits, $ 3 9 , 0 0 0 , 0 0 0
JAMES H. ECKELS, P resident

NATHANIEL R. LOSCH, Cashier

D I R E C T O R S
FRANKLIN MACVEAGH
WILLIAM J. CHALMERS
ROBERT T. LINCOLN

E. H. GARY
WILLIAM Y. KELLEY
DARIUS MILLER
JOSEPH T . TALBERT
CHARLES F. SPALDING
JAMES H. ECKELS

This bank is pleased to place at the disposal
of its customers the facilities gained
during fo rty years of continuous
service and ¿rovvth

Wm. A. Read & Co.

M em bers
N e w York
and
B oston
S to c k
E xchanges

N EW YORK

BANKERS.
Investment

BOSTON
B A L T IM O R E

Securities

P A R IS

2 0 5 L a S a l l e S t., C H I C A G O .

. •*

JOHN BURNHAM

DUDLEY A. TYNG & CO.
184 LaSalle St.

BURNHAM

CHICAGO

MEMBERS :

BUTLER

'^ S T O C K S ,

L is te d a n d U n lis t e d M in in g
S to c k s .
New York Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
Minneapolis Chamber of Commerce
New York Produce Exchange.
Merchants Exchange, St. Louis.

ALBERT E. BUTLE1

BANK

A

BONDS,

U N L IS T E D

& C 0.

G R A IN
STOCKS

1 5 9 LA S A L L E S T R E E T

C H I C A G O

SIDNEY C. LOVE & CO.
Stock and Grain

A U D IT S

NEW YORK
CHICAGO
ST. LOUIS
MINNEAPOLIS

SYSTEMS

American Trust and Savings Bank
M a r w ic k , M itc h e ll
CHARTERED

&

Co ,

C H IC A G O .

ACCOUNTANTS

760 Temple Court

Y O U R B U S I N E .S S IN V IT E .D .

MINNEAPOLIS
S ta te m e n t of C ond ltio i,

Deposits subject to check (City)....................... $16,000,000
Deposits subject to check (Banks).................... 7,500,000
Time Deposits (3 per cent interest).................. 5,500,000
Capital, Surplus and Profits................... ............ 5,000,000

79 Wall Street, NEW YORK
CHICAGO

PITTSBURG

LONDON

L i a b i l i t i e s .................................... $ 3 4 , 0 0 0 , 0 0 0

Because it is the most centrally
located hotel in the Twin Cities

THE

NICOLLET

Cash on hand and inother banks......................... $12,000,000
Bonds......... .............................
4,600,000
Loans...................................................................... 17,400,000

HOUSE,

Minneapolis, is the great headquarters for North­
western Bankers and Merchants. European Plan.
Rates $1.00 and up, per day.

A s s e t s ............................................$ 3 4 , 0 0 0 , 0 0 0

H O T E L N I C O L L E .T C O ., P r o p r i e t o r s .

L.

LAMB. Pres., Clinton, la.

C. R LAMB, V.-Pres., Minneapolis, Minn.

G. E. LAMB, Secy., Cl.nton, la.

P. DAVIS, Ires.

C,

Mgr., Leavenworth, Wn

LA M B -D A YTS LU M BER C O M P A N Y
M A N U F A C T U R E R S OF

WESTERN WHITE PINE LUMBER
D e a l e r s in a l l k i n d s o f

LEAVENW ORTH,

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

-

B u ild in g M a te r ia l.

W A S H IN G T O N .

Saturday, December 29, 1906

U N IO N

THE COMMERCIAL WIEST

BANK

Capital, paid up, $3,000,000,

OF

P re s id e n t.
V ic e - P r e s id e n t .

A N D R E W T H O M S O N , E s q .,
- H O N . JO H N S H A R PL E S,
M . B . D a v is , E s q . R . T . R ile y , E s q . E . J . H a le , E s q .
W m S h a w E s q . J o h n G a lt, E s q . E . D. D r e w r y , E s q .
F . E . K e n a s to n , E s q .
W m . P r ic e , E s q .
G. H . B A L F O U R ,
- G e n e ra l M a n a g e r.
J . G. B I L L E T T , I n s p e c to r .
E . E . C O D E , A s s i s t a n t I n s p e c to r .
H . B. S H A W - S u p e rin te n d e n t W e s te rn B ra n c h e s ,

W IN N IPEG .
F . W . S. C R IS P O , W e s t e r n I n s p e c to r .
H . V e a s e y a n d P . V ib e r t, A s s ’t. I n s p e c to r s .
A d v is o r y C o m m itte e , T o r o n to B r a n c h :
G eo. H . H e e s , E s q .
T h o s. K in n e a r. E sq .

124 B R A N C H E S A N D A G E N C I E S IN C A N A D A .
Q U E B E C .— D a lh o u s ie S ta tio n , M o n tr e a l, Q u e b e c , S t.
L o u is , S t. Q u e b e c , S t. P o ly c a r p e .
O N T A R IO .— A le x a n d r ia , B a r r i e , C a r le to n P la c e , C o o k s to w n , C r y s le r , E r i n , F e n w ic k , F o r t W illia m , H a ile y b u r y ,
H a s t i n g s , H ills b u r g , J a s p e r , K e m p tv ille , K in b o u r n . M a n o t i c k M e lb o u r n e , M e tc a lf e , M e r r ic k v ille , M o u n t B ry d g e s ,

W ESTERN BONDS.
Future Bond Elections.
December 29.—Carrizozo, N. M., school district, $10,000
building bonds, interest at 6 percent.
January 8.—University Place, Neb., $5,000 water main
• xtension bonds.
January 8.—Northfield, Minn., $35,000 municipal tele­
phone bonds.
January 29.—Kansas City, Mo., $400,000 waterworks,
$325,000 parks and boulevards, $200,000 hospital, $125,000
fire department, $50,000 workhouse site, $25,000 repair as­
phalt plant bonds.
January 29.—San Diego, Cal., $5,000,000 railway bonds.
Spring Election.—North Alton, 111., $10,000 school dis­
trict building bonds.
Future Bond Sales.
December 29.—Yakima county, Wash. (P. O. North

Yakim a), $10,000 school and refunding bonds, for_ school
district No. 54. Bonds to be 3-10 year optional, interest
not to exceed 6 percent. Bids received by county treas­
urer.
December 29.—Rosebud County, Mont. (Forsyth P.
O.), $40,000 coupon bonds; interest not to exceed 5 percent, 10-20 year optional. Certified check for $2,000 required.
December 31.—Cass county, N. D. (P. O. Fargo),
$106,000 drainage bonds. Certified check for $500 required.
December 31.—Watertown, Wis., $70,000 waterworks
bonds, interest at 4E2 percent.
December 31.—Livingstone, Mont., $25,000 6 percent
10-20 year optional sewer. Auction. Deposit $1,000.
January 1 .—Burns, Ore., $4,000 10-year refunding
bQ1 January 4.—Ada, Minn., $5,000 refunding bonds, inter­
est at 5 percent. Certified check for 5 percent of amount
bid required.
January 7.—San Jose, Cal., high school distiict, $ 1 75■>_
000 high school bonds, 11P2 year average, interest 4 per­
cent. Deposit of 10 percent required. A. L. Hubbard,
chairman board of county supervisors, San Jose.
January 7.—Rolla, Mo., $38,000 waterworks, $10,000
sewer, 5 percent, 20 years.
January 8.—Natrona county, Wyo. (P. O. Casper), $4<V
000 court house bonds. Interest at 4 percent; certified
check for $1,000 required.
January 9.—McHenry County (Towner), N. D., $50,000 4 y2 percent 20-year court house. Deposit $500.
January 10.—Todd county, Minn. (P. O. Long Prai­
rie), $50,000 ditch bonds, interest at 6 percent, maturity
10 years.
February 1 .—Elm Creek, Neb., $10,000 waterworks
bonds; interest at 5 percent, 5-20-year optional.

Bond Notes.
L e w is,'la .—At a special election the village of Lewis
authorized the issue of $5,000 waterworks bonds.
Lincoln Cal.—Sewer bonds to the amount of $15,000
were voted on by the citizens of Lincoln at a special
election.
Northport, Mich.—Electric light plant bonds in the
sum of $10,000 were voted at a special election held m
Northport.
Davison Mich.—An election will be held in Davison
to vote o n ’ the question of issuing bonds for an electric
light plant.
Digitized forBallard,
FRASERW ash —The city voted to issue $70,000 worth
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

A VT A T \ A
JL J L

I

Rest, $1,500,000.

BOARD OF D IRECT O R S:

3

^1

JL \

M J i X

Head Office, Q U E B E C .
(E stablished 1865.)

lotal Assets, $30,000,000.

N e w b o r o , N e w L i s k e a r d , N o r t h G o w e r, N o rw o o d , O s g o o d e S ta tio n , P a k e n h a m , P l a n t a g e n e t , P o r t l a n d , R o e s n e a t h , S h e lb u r n e , S m i t h ’s F a lls , S m ith v ille ,
S tl tts v il le ,
S y d e n h a m , T h o r n to n , T o r o n to ,
W a rk sw o rth ,
W ia r to n ,
W in c h e s te r .
M A N IT O B A .— A lto n a ,
B a ld u r ,
B ir tle ,
B o is s e v a in ,
B r a n d o n , C a r b e r r y , C a r m a n , C r y s t a l C ity , C y p r e s s R iv e r,
D a u p h in , D e lo r a in e , G le n b o ro , G r e tn a , H a m i o t a , H a r t n e y ,
H o lla n d , K illa r n e y , M a n ito u , M e lita , M in n e d o s a , M in to ,
M o rd e n , N e e p a w a , N in g a , R a p id C ity , R o b lin , R u s s e ll,
S h o a l L a k e , S o u r is , S t r a t h c l a i r , V ird e n , W a w a n e s a , W a s kada,
W e llw o o d ,
W in n ip e g ,
W in n ip e g ,
(N o rth
End
B ra n ch ).
S A S K A T C H E W A N .— A re o la , B la ir m o r e , B o w d e n , C a r ­
ly le , C la r e s h o lm , C o w le y , C r a ik , C u p a r , E s t e r h a z y , F i l l ­
m o re , H u m b o ld t, I n d i a n H e a d , L e m b e r g , L u m s d e n , M a ­
p le C re e k , M ile s to n e , M o o se J a w ,
M o o so m in ,
O xbow ,
P e n s e , Q u ’A p p e lle , R e g in a , S a s k a to o n , S i n t a l u t a , S t r a s s bnrp- S w if t C u r r e n t. W laD ella. W e v b u r n . W o ls e le y . Y o rk -

lUli»

A L B E R T A .— A ir d r ie ,
C a lg a r y ,
C a r d s to n .
C a rs ta irs ,
D id s b u r y , E d m o n to n , F t . S a s k a t c h e w a n ,
F ran k ,
H ig h
R iv e r, I n n is f a il, L a c o m b e , L e th b r id g e , M a c L e o d , M e d ic in e
H a t , O k o to k s , P i n c h e r C re e k .
A g e n t s a n d c o r r e s p o n d e n ts a t a ll i m p o r t a n t C e n t r e s in
G re a t B rita in a n d th e U n ite d S ta te s .

of bonds, the proceeds to be used in building two new
school houses.
Wilson Creek, Wash.—A bond issue of $12,000 has
been voted in Wilson Creek for the purpose of installing
a waterworks system.
Newport, Mich.—At an election held in Newport the
city voted to issue electric light and water plant bonds
in the sum of $100,000.
Wahoo, Neb.—Butler County held an election to con­
sider issuing bonds in the sum of $12,000 for the Omaha
& Nebraska Central Railroad.
San Francisco, Cal.—An election is being planned to
vote on the question of bonding the district for $50,000 to
construct a new high school building.
Portland, Ore.—Next June the people of Portland will
vote on the question of issuing bonds in the sum of $500,000, the proceeds to be used in perfecting parks.
Ashland, Wis.—A proposition is under consideration
for the city to issue bonds and purchase the electric light
plant. A special election will probably be called.
Lomore, Cal.—Empire school district will hold an
election to vote on issuing and selling bonds in the sum of
3,500 for purchasing lots and erection of new school
buildings.
Battle Lake, Minn.—A special election has been called
to vote on the construction of a waterworks system.
This has been found necessary owing to a recent fire
in the village.
Seattle, Wash.—The city council has passed an or­
dinance authorizing the comptroller to advertise for bids
for bonds amounting to about $3,500,000, for water, sewer
and park purposes.
Eau Claire, Wis.—At the special election the city of
Eau Claire voted in favor of issuing bonds in the sum
of $100,000 to raise part of the funds necessary for the
city to buy the water works.
La Crosse, Wis.—On January 1 the city of La Crosse
will call in $15,000 worth of water bonds for which no
sinking fund is provided. This is a portion of $60,000
worth of bonds issued on January 1, 1885.
St. Paul, Minn.—The Capitol Approach Association
proposes to have the legislature authorize the city of St.
Paul to issue $2,000,000 bonds, proceeds to be used for the
purpose of improving the approaches to the state capitol.
Fairmont, Minn.—The city council may bring an ac­
tion in the supreme court to determine wfiether the spe­
cial election at which bonds were recently voted in Fair­
mont was held legally. The parties who purchased the
bonds now refuse to take them, advancing as a reason that
the election was not legal because held under the pro­
visions of the city charter instead of the state law. The
city charter provides that there shall be one judge of elec­
tion, while the law of the state provides for two.

GREAT LAKES TRAFFIC.
This year has broken all records for shipments of all classes
of freight on the Great Lakes, due to the great demand for
iron and steel. It is estimated that the receipts of lake vessels
for carrying coal, iron ore, grain, and lumber are not less than
$61,000,000, and profits were probably the largest in the his­
tory of the lakes.

Increase in Immigration.
The department of Commerce and Labor reports that 94,621 immigrants arrived at United States ports in November,
as compared with 61,374 in the corresponding month last year.
For the six months ended November 30, 575,831 immigrants
arrived, as compared with 478,887 in the same period of 1905.

THE COMMERCIAL WEST

Saturday, December 29, 1906
E stablished 1882.

BANK R O BBER Y

T h e P ly m o u t h C lo th in g H o u s e
H . J . B u r t o n . P res.
H . L. T u c k e r , V -P res.

Does not worry bankers using the

E . A . D r e w , T re a s.
W . C. B u r t o n , S ecy .

M AN G ANESE S TEEL S A FE

M en’s C lothing,
Boys’ C lothing,

IT INSURES

is

i

*, -

m■

Absolute Protection
3000 in use.

H a ts and Caps,
F u rnishings,
FU R S,
T ru n k s and B ags,

Repeatedly Attacked.

Cloaks and W raps,
M illinery.

Never Robbed .
absolutely

B urglar pro of

T h e F in e s t W in te r O u t f it s

J . J . Deright ¿0 Co., Gen. Agts.

For M<m, Women and Children.
Goods s e n t on approval and accounts opened w ith responsible
re ta il buyers having B ank references.

Minneapolis

b o u t e l i Tb r o s .

Fire P r o o f S a fes, V au lt D oors, S e c o n d H a n d B ank S afes.

“

Plymouth Corner," 6th and Nicollet, Minneapolis.

UNION INVESTMENT COMPANY

F . H . W ELLCOM E, P resid e n t
F. E. K E N ASTON, V ice-P rest.
B E R T W IN T E R . Sec. & T reas.

Authorized Capital

$500,000

[F A R M M O R T G A G E S

SECURITIES

C O M M E R C IA L P A P E R

M U N IC IP A L B O N D S

The Scandinavian American Bank

BANK OF OTTAWA

W IN N IPEG A 6 % Investment

SEATTLE, WASH.
Resources, - - $8,000,000
A. Chilberg, Pres.
J. F . L ane, Cashier.
J . E. Chilberg,Vice Pres. W m .Thaanum ,A sst.C ash.
J o h n B. A gen,2d V. P res. W. L. Collier, Asst. Cash.
T ransacts a g en eral b anking business. T he
la rg est Savings D ep artm en t on th e Pacific Coast.

ALLIS-C H A L M E R S 5 /

MANITOBA.

Correspondence and Personal
Interviews with Country Bankers and Investors Solicited.'

M IN N E A P O L IS

INVESTMENT
B A N K LO AN S

-

Bank of Commerce Building,

1st MORTGAGE GOLD BONDS

E stab lish ed 1874.

Capital (fully paid up)
Undivided Profits - Total Assets - - - -

$3,0000,00
3,236,512
32,453,938

A General Banking
Transacted

Business

An Aboslutely Sale Bond With Underlying
Security Valued about 3 times the
Bond Issue.

Members
C H IC A G O
STOCK
EXCHANGE
C H IC A G O
BOARD
OF TRADE

Interest Allowed on Deposits
and credited quarterly
FOREIGN EXCHANGE BOUGHT & SOLD

112

LOANED IN

y i-

La Salle St.

< £ / FARM MORTGAGES . y ¿

CHICAGO

“ [iHVfSTHeht securities j £

VonFrantzius&Co.

S T . P A U L A G EN TS :

B a n k e r s an d B ro ilers

MERCHANTS NATIONAL BANK

CIRCULAR AND PRICE ON APPLICATION

J . W . W H E E L E R , P res.

C. F . MIX, C ashier

WM. A N G LIM , V . P res.

F IR S T N A T IO N A L B A N K
Crookston, M inn.
C a p i ta l $ 7 5 , 0 0 0

S u r p lu s $ 5 0 ,0 0 0

W e N eg o tiate F a rm M ortgages

THE CANADIAN BANK OF
COMMERCE
Head Office, TORONTO, CANADA. Over 150 branches
in Canada and the United States, including
New York, San Francisco and Portland.
S eattle B ranch,

:

:

;

,

:

:

G. V. HO LT, M anager

E A S T S ID E S T A T E B A N K

ILLINOIS TRUST A N D SAVINGS BANK

Corner University and Central Aves.

CHIC A GO

M in n ea p o lis

Capital $100,000.

=

M in n .
F r e d E. B a r n et , P rest.

L ^ KHEA
NzA
S

’ ^ice-PreS

H oward Dykman , Cashier.

N ew A c c o u n ts and C o llectio n s S o licited .

ROBERT

R. D U N N ,

C o m m e r c ia l P a p er,

102-104 N atio n al G erm an-A m erican B an k Bldg.

S t. PA LL.

Offers for sale C H O ICE M O R T G A G E S on improved
properties in the cities of St. Paul and Duluth. Corres­
pondence solicited.

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and S u rp lu s

$ 1 1 , 3 0 0 , 0 0 0

Interest Allowed on Savings and Checking
Accounts.

Absolute Security Afforded.
No Safer Place for Your Valuables than a Box
in Our Vaults. Inexpensive. Convenient. The Best.
G U A R A N T Y SA FE D E P O S IT V A U L T S
Metropolitan Life Bldg.

M I N N E A P O L I S . Formerly Guar. Loan Bldg.

Saturday, December 29, 1906

THE COMMERCIAL WEST

ST. PA U L, MINN.

The FIRST NATIONAL BANK
Surplus $1,000,000.00

U. S. DEPOSITORY

Capital $1,000,000.00

O f f i c e r s : H e n ry P . U p h am , P re s t. E . H . B ailey. V ice P re s t. W m . A . M iller, Cash. F . A . N ienhauser, A sst. Cash. O. M. N elson, A sst. Cash.
„ .
D ir e c t o r s : H P . U pham , Jam e s J . H ill, H ow ard E llio tt, D. C. Shepard, H . E Thom pson, E. N Saunders, Louis W. Hill, F . P . Shepard, E. H . C utler,

Chas. W . A m es, E. H . Bailey, Theo. A . Schulze, Chas. W . Gordon. T. L. S churm eier, W. A . Miller.

TELEPHONE CONSTRUCTION.
Dallas, W is —The Farmers Telephone Company has
installed a new switchboard.
Eddyville, la.—The lines of the Eddyville Telephone
Company are being extended.
Sleepy Eye, Minn.—The new central energy telephone
system will soon be ready for use.
Velva, N. D.—H arry Ames has purchased an interest
in the telephone exchange in Velva.
Buxton, N. D.—The Red River Valley Telephone Com­
pany will raise the capital stock to $85,450.
Persia, l a —A line has been built from Portsmouth to
Persia by the Mutual Telephone Company.
Midland, S. D.—The Great Western Telephone Com­
pany will establish an exchange in Midland.
Mankato, Minn.—The Citizens Telephone Company
is putting in another toll line to Eagle Lake.
Waseca, M inn—The Cannon Valley Telephone Com­
pany is erecting a new line in the vicinity of Alton.
Ellsworth, Minn.—The Kanaranzi Mutual Telephone
Company is running a second wire into Ellsworth.
Sharon, N. D.— The Independent Telephone Company
is putting in a new drop switch board 111 Sharon.
Granger, Minn.— Charles Vanderbee has purchased a
share of stock in the Granger-Northwestern line.
Chamberlain, S. D.—The Interior Telephone Company
is extending its line from Chamberlain to Rapid City.
Chippewa Falls, Wis.—The Independent Telephone
Company is stringing new cables in Chippewa Falls.
Maquoketa, la.—Many extensions are being made in
the lines of the Maquoketa Home Telephone Company.
Spooner, Wis.—Grant Ross has purchased the tele­
phone exchange and will put in new lines and telephones.
Granite Falls, Minn.—The Granite Falls Telephone
Company is building a new line east from Granite Falls.
Park Rapids, Minn.—The Northwestern Telephone
Company will improve their system during the next year.
Casseiton, N. D.—The Northwestern Telephone Com­
pany has begun-the building of a toll line from Casseiton
to Aneta.
Valley City, N. D.—The North Dakota Independent
Telephone Company will construct a line north from
Valley City.
Fargo, N. D.—The Northwestern Telephone Company
will string wire for an additional circuit between Fargo
and La Moure.
Mankato, Minn.—The Northwestern Telephone Com­
pany is constructing two new lines between Mankato and
the Twin Cities.
Baraboo, W is.—The Baraboo Farmers Mutual Tele­
phone Company has decided to build a commercial line
from Baraboo to Kilbourn.
Nelson, Wis.—A new telephone company has been
organized here, with Theodore Schaar as president. A
line will be built to Durand.
Miller, S. D.—Indian Agent Downs is advertising for
bids for all needed material to put in a telephone system
on the Cheyenne reservation.
Bozeman, Mont.—The new telephone exchange of the
Rocky Mountain Bell Telephone Company will be ready
for business in about a month.
Anaconda, Mont.—The Montana Independent Tele­
phone Company has secured franchises in Anaconda,
Helena, Great Falls and Missoula.
Virginia, Minn.—New cables are to be put in at V ir­
ginia for the system and other great improvements made
by the Mesaba Telephone Company.
Peshtigo, Wis.—The Wisconsin Bell Telephone Com­
pany has commenced work on the farmers line which is
to be constructed through the country.
Springfield, Minn.—The Farmers & Citizens Mutual
Telephone Company has decided to install an addition­
al switchboard for the local exchange.
Washburn, W is.—The new Four Mile Creek Telephone
Company has its line in working order now. B y spring
it is expected another line will be added.
Chisholm, Minn.—Extensive changes are contem­
plated in tne telephone service at Chisholm. A two-story
brick building will be erected in the spring.
Digitized Milwaukee,
for FRASER Wis.—The Milwaukee Independent Telehttps://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

phone Company will begin work on the installation of
its new system the beginning of the year.
Nerstrand, Minn.—The farmers in Valley Grove have
organized to construct a rural telephone line which they
will connect with the Tri-State in the village.
Cooperstown, N. D.—Grigss County Telephone Com­
pany, with a capital of $50,000, has been incorporated by
David Bartlett, George H. Condy, H. F. Hammer.
Mukonago, Wis.—The Eagle Telephone Company,
which includes Mukonngo, is to connect with the Pros­
pect, Guthrie & Big Bend Telephone Company.
Mankato, Minn.— Extensions of lines and general im­
provements to the amount of $60,000 are being made in
Mankato by the Northwestern Telephone Company.
Oslo, Minn.—Hans Swanson and Carl J. Johnson,
owners of the local telephone exchange, have dissolved
partnership, Mr. Swanson becoming the sole owner.
Fairmont, Minn.—The farmers living in the vicinity
of Town Clerk Rienke, of Westford, are agitating the
question of a farmers’ telephone line to connect with
Fairmont.
Foreman, N. D.—The Stirum Faim ers Telephone
Company has been organized at Stirum. H. Robinson
is president, John Bopp, vice president, and W. H. Cole,
secretary.
Moose Lake, Minn.—The Consolidated Telephone
Company has completed negotiations for the Moose Lake
telephone system and they now control both lines in the
two towns.
Quimby, la.—The Farmers Telephone Company, of
Quimby, has made arrangements for the connection of
its system with that of the Holstein Telephone Company,
at Holstein.
Millville, Minn.—The Greenwood Prairie Telephone
Company has been making some alterations and additions
to the service on the Millville exchange. The switch­
board has been remodeled.
Bennington, la.—The Klinger Readlyn Farm ers’ Tele­
phone Company has extended its line into Bennington
township. The Corn Belt line is setting poles in a north­
erly direction from Benningon.
Des Moines, la.—The Mutual Telephone Company has
purchased property for a new exchange building, in which
will be established a new central energy system with a
capacity for three thousand line£
Wadena, Minn.—The farmers between Wadena and the
Blue Grass Cheese factory in Wing River township are
going to build a telephone line northeast from Wadena.
J. J. Skililcorn is president, C. S. Hills, secretary.
Mandan, N. D.—The Mandan Telephone Company is
to be reorganized and an entire new system installed. It
is estimated that the proposed plant will cost about $8,000,
and will consist of the latest and most improved apparatus.
Minneapolis, Minn.—The Northwestern Telephone
Company opened its new exchange at Bryant avenue and
Twenty-first street. The exchange is known as the H y­
land. Other extensions and improvements to cost $2,500,000 will be made by the company during the year.
Glenwood, la.—The business men interested in the
mutual telephone line between Glenwood, Hastings and
Pacific unction have decided to form a stock company
and issue stock in proportion to the amount paid by in­
dividuals. L. A. Bower has been elected president, J. L.
Ballatti, vice president, and E. L. Lufkin, secretary.
La Crosse, Wis.—H. M. Rounce, superintendent of
the La Crosse Telephone Company, of La Crosse, Wis.,
reports that the company’s gain during the present year
has been approximately 20 percent. This is due to the
excellence of the company’s service, given in the face of
the sharpest competition.

DIFFERS FROM PANIC YEARS.
A decisive reason why 1906 differs from the panic years
of 1818, 1837, 1857, 1873 and 1889 is that we have neither
wild-cat bank currency nor irredeemable greenbacks now,
nor yet have we any menace of debased silver. Any busi­
ness disaster in the next fifteen or eighteen months would
not only make Bryan’s nomination certain in 1908, but would
make free silver at the sixteen-to-one ratio, as_ well as
government ownership of the railways, burning issues in
that campaign. Happily, no portent of this sort is dis­
cernible at this moment.— Charles M._Harvey, in L eslies
Weekly.
_

6

THE COMMERCIAL WEST

Saturday, December 29, 1906

The Northwestern National Bank
M IN N E A P O L IS , M IN N .

Capital...................................................... $ i.000,000
Surplus......................................................
97 Í,000
Deposits..................................................... 12,000,000
O F F IC E R S
WM. H. DUNW OODY, P resident.
M. B. KOON, V ice P resid en t.
F R A N K E. HO LTON , A sst. Cash.
ED W A R D W . D EC K ER , V ice P resid en t. CHAS. W. F A R W EL L, A sst. Cash.
JO S E P H C H A PM A N , JR ., C ashier.
R O B E R T E. M ACGREGOR, A sst. Cash.

D IR E C T O R S
ED W A R D W . BACKUS
JO S E P H C H A PM A N , JR .
W ILL IA M H . DUNW OODY
M B. KOON
GEORGE W. P E A V E Y
A. T. R A N D
C. D. V E L IE
O. C. W YM AN

THE AM ERICAN EXCHANGE BANK,
D U L U T H , M IN N .
C a p ita l $ 5 0 0 , 0 0 0 ;

Surplus ( e a rn e d ) $ 4 5 0 , 0 0 0 ;

JA M E S S. B E L L
J . E. C A R P E N T E R
E . C. COOKE
E. W. D EC K ER
L. S. G IL L E T T E
T. B. J A N N E Y
H E N R Y L. L IT T L E
W . G. N O R T H R U P
GEO. W . PO R TE R
W. A. RAM SEY
GEO RG E W. V A N D U SE N
E. P. W ELLS
E S. W OODW ORTH
J . T. W YM AN

FRED W. DEAN,

(Established 1879)

Highest Grade

D e p o sits $ 8 , 1 2 1 ,6 5 5 . 7 0

O F F IC E R S :

H A M ILTO N M. PE Y TO N . P resid e n t
C H E ST E R A. CONGDON. V ice-P resid en t
ISAA C S. MOORE, A sst. C ashier
W ILL IA M G. H EG A R D T, C ashier
C O LIN THO M PSO N . 2d A sst. C ashier.

Commercial Paper,

D IR E C T O R S :

M in n e a p o l is , M in n .

I . F Cole,
G. A. Tom linson,
W. C. A gnew ,
C. A . D uncan,
S. G K nox,
A. Gowan,
A. H . C rassw eller, W illiam G. H e g ard t,
K e n n eth C lark,
H . M. P eyton, C hester A. Congdon-

Security Bank Bldg.

Correspondence Invited

W ALTER L. B A D G E R

m i n n e a p o l is j w in n .

REAL ESTATE

Bought and Sold on Commission
or Joint Account!
LO A N S made °D First_class Improved Security to net lender M to 6 per cent. Special
attention given to care of property with economical management guaranteed.
Best of references.

THE DOMINION BANK
i &

Head
Office—Toronto.
k
E. B. Osler, M. P.,
President.

C. A. B ogert,
General Manager.

C a p ita l P aid U p, $ 3 ,0 0 0 ,0 0 0
R e se rv e Fund and U ndivided P r o fits , $ 3 ,8 3 9 ,1 4 2
A s s e t s , $ 4 2 ,2 9 3 ,3 2 9
D e p o sits, $ 3 2 ,3 0 7 ,1 6 3
W in n in P iT

VY

H T i i T 'l p V l

J_)I C tllL Il

F‘ L‘ p a t t o n > Manager
A. R. SAMPSON, Assistant Manager

S o lic it s y o u r b u s i n e s s a s C o lle c tin g A g e n t s in
W e ster n C an ad a.
STEPH EN N. BOND
THOMAS F . BAXTER

ROBERT E. PER K INS
EDWARD N. FENNO, J R

BOND & GOODWIN
BOSTON
Commerciai Paper
Corporation Loam .

NEW YORK

NO TE

BRO KERS

CHICAGO
Investment Securities

Loam Secured by Investment Securities.
Manager Chicago Office, C H AR LES F. M E Y E R , First National Bank Bldg

Minneapolis Property

MOORE BROS., BRACE & CO., Minneapolis

S

o

n
u

t h

k

.
S

t

.

B A L T IM O R E .M D .
T H E fe O U C y O F T H IS
B /1 N K IS T O T R E A T
IT S
D E P O S IT O R S
L IB E R /IL L y
N b
W IT H
U N 1F O R O )
C O C IR T E S y
R E .
G /IR O L E S 5
O F
T H E /K D O O N T O F
B U S IN E S S
T H E y
E N T R O S T T O O U R
C /IR E .
L /1 R G E R E S O U R C E S ,
C O N S E R g /IT N E 0 4 N /IG E O E N T A N b A
S T R O N G P O S IT IO N
IN T H E F IN 4 N C L 4 L
VM O RLb E N A B L E IT
TO O FFER y o u O N .
E X C E L L E b F A C IL IT ­
IE S IN A L L I T S D E .
M R T W E N T S
S E N D U S Y O U R B A L T Im O R E B U S I N E S S IFY 0U
W A N T P R O D P T S E R V IC E
ON R E A S O N A B L E T E R O S

^ . ¿ l S na8ed

R en ts collected; b uildings im proved a n d rec o n stru cted to produce in ­
creased income. S a tisfa c to ry refe re n c e to local an d e a ste rn parties.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

17

u

C /3 P H T /1 L
%

I . O O O . O O O .

THE COMMERCIAL WEST

Saturday, December 2Q, 1906

A WEEKLY JOURNAL
R E P R E SE N T IN G B A N K IN G > N D W E S T E R N B U SIN E SS
Published by the Commercial W est Co., M inneapolis, Minn.
H. V . JONES, P resident

T e l e p h o n e M a in 307.

C hicago Office: 1221 Stock E x c h a n g e Bldg., C. B. M a c D o w e l l , ¡R epresentative
SUBSCRIPTION IN ADVANCE.

POSTAGE FREE.

Six Months, $1.50.

Europe, £1.

T h e C o m m e r c ia l W e s t w ill n o t k n o w in g ly p u b lis h t h e a d v e rtis e m e n t
o f a fin a n c ia lly u n s o u n d in d iv id u a l o r c o m p a n y .
ENTERED AS SECOND-CLASS MAIL MATTER AT THE POST OFFICE,
MINNEAPOLIS, MINN.

SATURDAY, DECEMBER 29, 1906.
Editorial Comment.
It is apparent that there is as yet no crystallized
sentiment among bankers in the northwest as regards
the proposed credit currency plan recently devised in
Washington. Of 250 national bankers in Minnesota
and the Dakotas addressed by the C om m ercial W est
on the question, less than ten per cent venture to ex­
press their views. The few whose letters appear in
other columns are about equally divided into three
classes: First, those who think that currency legisla­
tion is required and that the proposed plan is w ise;
second, those who think the proposed plan would be
ineffective or dangerous; and third, those who doubt
that currency legislation is needed at all. It is plain
that, if left to Minnesota and Dakota bankers, there
would be "little doing’’ along the line of the proposed
currency legislation at the present time.
The recent so-called “ coal famine” in the Dakotas is
already a thing of the past; Commissioner Lane of the
commission reports at Washington that the Northern
roads have already taken steps which have made the
coal shortage a thing of barely a fortnight’s duration.
The new rule laid down in the rate regulation law
appears to be a prime factor in the so-called coal fa­
mine.
The new law requires thirty days’ notice
on the part of a railroad company in issuing a new
tariff. Early in October the Great Northern and the
Northern Pacific announced that, effective November
15, they would issue new coal tariffs which on the
average reduced coal rates in Minnesota and the Da­
kotas 10 to 20 per cent.
The natural effect of this
30-day notice required by law was to cause fuel dealers
to postpone coal shipments for 30 days until the new
reduced rates became effective. A cold snap did the
rest, and a 10-day coal famine was the logical result.
Business men who watch the New York weekly bank
statements consider the banks separately. For ex­
ample, instead of taking the totals for all the banks
in lump, as a basis for comparison, they examine the
individual statements of the banks, separately. For
example, in the week ending Dec. 16, the 52 associated
banks of New York showed a deposit loss of $16,827,000 as compared with the same week last year. But,
on investigation of the individual banks statements
it will be found that the National City bank alone
lost $35,105,000 of deposits and the First National
$12,000,0001 more. This leaves the other 50 associat­
ed banks with an aggergate gain of $31,100,000 in
deposits, instead of the general loss currently as­
sumed. The Chase National showed a deposit gain


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

of over a million, and the Oriental nearly the same.
The National Park showed a deposit gain of $3,500,000. The National Exchange made a deposit growth
of $1,642,000. The Corn Exchange gained $3,500,000
in deposits, and the Hanover $3,800,000; making
$15,000,000 gain for the above half-dozen alone. It
is apparent that the currency stringency by no
means affects New York institutions in general.

W . S. JONES, B usiness M anager

M in n eapolis O ffice, S u ite 112 L um ber E xchange

One Year, $3.00.

7

\ , nile nearly every great industry throughout the
country reports unusual prosperity press despatches
say that shipbuilding has dwindled to meagre propor­
tions. Where formerly 70,000 tons of wooden ship­
ping were launched in a single year from Maine yards,
including barks, brigs and schooners, the total output
of all craft of ail classes from that state for the last
year amounts to only 10,045 tons. Of the forty-six ves­
sels of all classes launched in the state only ten are of
more than 300 tons register, the others being small craft,
mostly gasoline launches. Even during the great busi­
ness depression at the close of the Civil War the Maine
shipbuilding industry showed greater vitality, when
trom 35,000 to 40,000 tons were built. M any reasons
are given for the decline. Foreign tramp steamers have
taken away the formerly profitable business of the
square riggers from “ Dowrr East” ; the West India
ly carried in foreign steamers or sailing vessels from
trade, once the mecca of Maine-built craft, is now large the maritime provinces of Canada. Barges and power­
ful tugs also have contributed toward reducing the
coal-carrying traffic, once so profitable for the sailing
vessels. Only seven of the thirteen customs districts in
Maine launched new tonnage this year. Bath, as
usual, leads, but this year, instead of her accustomed
15,000 to 30,000 tons, she has only 6,367.

Wealth of Minnesota.
The recent five-year review of the country’s wealth
by the government census bureau explains some of the
recent prosperity phenomena in Minnesota.
In value of real estate and improvements, for ex­
ample, Minnesota is worth $1,024.99 per capita, as
against the average of $767.22 for the country at
large. That is to say, the average man, woman and
child in Minnesota is worth more than the average for
the United States by $257.77 each, or 35 per cent.
Realty values in Minnesota, whether in farm land
or city lots, are low in comparison with realty values
elsewhere; and yet the total true value of real property
in ¡Minnesota in 1904 reached $1,982,552,389, as com­
pared with $1,457,295,712 in 1899, a five-year gain of
over $500,000,000, or 25 per cent. That is to say, the
gain in real estate wealth averaged $100,000,000 a year,
or $50 a year for each of the two million people of the
commonwealth.
The total estimated wealth of Minnesota, as arrived
at by the census experts, was $3,343,722,000, as against
$2,513,620,000 in the 1900 census. The five-year
growth in total wealth reaches $830,000,000, or $166,000,000 a year. This is getting rich at a pretty rapid
gait. It amounts to a 33 per cent gain in five years,
which is two or three times the average ratio of popu­
lation growth in this country. Certainly, these figures
prove that the Malthusian theory falls down when ap­
plied to Minnesota.
The growth in personal property wealth is de­
scribed as follows: Livestock, $126,353,000 in 1904,
against $95,876,000 five years before, a gain of about

8

THE COMMERCIALI WEST

30 per cent; farm machinery and implements, $35,673,000 against $30,000,000; manufacturing machinery and
tools, $45,121,000 against $37,953,000 ; gold and silver,
$35>947>5°° against $33,165,000 ; railroads and equip­
ment, $466,734,000 against $347,150,000 ; street rail­
ways, shipping, waterworks, and kindred plants, $126,000,000 against $81,000,000; other personal property
$521,000,000 against $430,000,000.
In connection with the present railway traffic con­
gestion, it is interesting to note that railway construction
and equipment during the five-year period increased
$119,000,000, or nearly 35 per cent. During the same
period the combined farm and factory equipment of
machinery increased only about $12,000,000, or less
than 20 per cent.
The marked construction and
equipment growth indicates plainly that Minnesota
railroads have been fully abreast of the progress of the
state at large in the expansion of their improvements
and facilities for handling traffic.
It appears that Minnesota tax officials are not alto­
gether successful in getting property on the tax-rolls.
As against the government estimate of $3,343,722,000,
as the true value of Minnesota property, the assessed
valuation is only $786,869,000, or 23 percent. Acre
property stands at $10.08 per acre as assessed, against
$38.21 per acre as the government estimate of true
value. Still, allowance must be made for assessed
valuation by reason of the fact, that railroad, tele­
phone, telegraph, and express companies in Minneso­
ta pay taxes on gross earnings and are not assessed
by the direct method for taxation; and again, because
many kinds of personal property like gold and legal
tenders, stocks and bonds, notes and mortgages are not
discovered by the assessor.
Great as are the figures of real wealth reported by
the government bureau, there are two vast resources
which the census enumerators have missed: One is
the immense iron ore reserve in the Minnesota iron
ranges, which on the basis of actual exploration ex­
ceeds 1,500,000,000 tons, worth in the ground $ 1 per
ton, and the second is the timber stumpage which has
a definite and known value of large proportions. The
value of the iron ore, timber and water-powers of
northern Minnesota would swell the government wealth
estimate of the state by probably sixty per cent.

Country Bank Improvements.
One of the notable instances of business prosperity
throughout the country is the great improvement in
the last five years in country bank buildings. Instead
of being stowed away in a rookery, country banks are
being constructed along modern lines of brick and
stone and containing all modern conveniences. Many
of them are fire-proof. Expensive safes have been
introduced, and the record shows on the whole the
country is being well managed. Some of these banks
are growing into large institutions, resulting from the
more prosperous condition of the people with their
growing surplus of money. The time deposits of coun­
try banks are made up largely of deposits from farm­
ers. When the totals are made up for the ..present
year they will show large growth over five years ago.
The improvement of country bank buildings indi­
cates both prosperity and good management. A bank


https://fraser.stlouisfed.org
*
Federal Reserve Bank of St. Louis

Saturday, December 29, 1906

that houses itself well exercises careful oversight of
business on the inside, as a rule. Cheapness is never
a good indicator. It prevents growth. The individ­
ual who succeeds most must give out something. The
principle holds in business. Enterprise keeps things
alive, but stinginess kills. Country banks are to be
congratulated on the broad view they are enforcing
along these lines.

Canadian Trade.
Canadian foreign trade for the year ending June
30 last, was $552,000,000, an increase of $82,000,000
over the previous year. Thirty years ago Canadian
foreign trade was $175,000,000; twenty years ago it
was $190,000,000; ten years ago it was $240,000,000,
and now it is $552,000,000. It would seem to be a
matter of importance to the United States that her
trade relations with Canada should be closer. These
figures would seem to suggest that the trade with
Canada is worth going after. The Canadian tariff
gives a preference to 33-1-3 per cent to British prod­
ucts, but notwithstanding this Canada continues to
increase purchases from the United States. Were
a more liberal trade policy between the two countries
in force the United States would be a great gainer.

The “ C ar Shortage” Problem.
Chairman Knapp of the interstate commerce com­
mission says that the car shortage problem is more
serious in the southwest than in the northwest. So
far as blame can be attached to a condition wherein
volume traffic exceeds facilities for hauling, Chairman
Knapp charges the blame equally to shippers and rail­
roads.
Concerning the responsibility of the shippers he
says:
“ If the shippers would load and unload cars with
less delay the car shortage problem would be solved to
a great extent. For instance, as I remember it, the
traffic manager of the Frisco system stated that seveneighths of the traffic originating on this line is trans­
ferred to other roads. This means that seven out of
every eight cars are sent to their destination by other
lines. Now, if these cars are not returned promptly
it is very easy to see that the Frisco system soon would
run dry of transportation facilities.
“ Our reports show that the average distance a
freight car travels in a day is twenty-five miles. At
the slow speed of ten miles an hour a freight car would
travel 240 miles in a day of twenty-four hours. Our
statistics show that for every day a freight car is in
transit it is motionless nine days. This places on the
shippers much of the responsibilitity for the car short­
age.
“ Apply that rule to the Frisco system. Sending
seven out of every eight cars off its lines, the saving
of every hour in unloading is a matter of vital con­
cern.”
The statement, that “ for every day a freight car is
in transit it is motionless nine days,” throws a big
white light upon the car shortage problem. It proves
two things, first, that a reform is absolutely neces­
sary in the loading and unloading of cars, and second
that increased and improved terminal facilities are of

Saturday, December 29, 1906

THE COMMERCIAL WEST

prime necessity to the internal commerce of the comtry. Nine days motionless and one day in transit is
a condition that is intolerable. This statement is
comprehensive and far-going' enough to furnish a
complete key to the car-shortage problem. Indeed,
it proves that the problem is one, not of car-shortage at
all, but of lost time in handling, loading and unload­
ing. Under such a condition, the multiplication of
cars by the railroad companies simply intensifies the
congestion, like adding logs to a log jam.
As regards the responsibility of the railroads in
not furnishing sufficient cars, Chairman Knapp states
that every manufacturing concern which constructs
freight cars has been working to its full capacity for the
past two years, and orders placed at this time could
not be filled in less than a year. As regards the present
traffic crisis in the country, and in the southwest in
particular, he affirms that no relief in the way of new
rolling stock stock can be expected except where orders
have been placed for many months back.
But, in view of the commissioner’s report that the
average freight car travels only 25 miles in a day, in­
stead 240 to 480 miles during the twenty-four hours,
and that the average car consequently is idle upwards
of 90 per cent of the time, it is plain that no expansion
of the car-manufacturing industry or of railroad in­
vestment in rolling-stock, will reach the cause of the
evil, it is time lost on the switches and at the loading
and distributing points, that produces the so-called
“ car-shortage,” and no remedy that does not reach
this main cause will materially avail.

A Black Eye for Insurance.
The life insurance investigation in New York de­
veloped many points of weak administration in life
insurance matters. The result was a law that will
take effect January 1. Under this law commission to
agents will be reduced heavily. The C om m ercial W est
is not informed as to the average income of an in­
surance solicitor under the present system, but it
assumes that $1,000 would be the average. Under
the new law this average income will be reduced prob­
ably 40 per cent, so that a solicitor will in the future
not receive above six or seven hundred dollars—an
amount too small to secure the services of good men,
ridiculously too small. It looks as if a blunder had
been made at this point. Life insurance calls for tal­
ent and talent cannot be secured at a minimum price.
The mistake has been made of economizing at a wrong
place. Business men know from experience that cheap
help is expensive. This will undoubtedly prove to be
true in life insurance solicitation. In order to secure an
average money result for policy holders there must be
an average growth in business, and this will not be
realized under the new scale of salaries.
A great harm was done the public during the in­
vestigation by the sensational treatment of the subject
in the daily press. The people were frightened by
the “ scare” headlines, and already a large sum has
bee forfeited by the people as the result of this fright.
It was wholly unnecessary; just as is a large part of
the present day newspaper sensationalism employed
in the discussion of business subjects. This has led to
an excess of legislation. It is not clear where the


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Federal Reserve Bank of St. Louis

9

matter will end so far as the insurance companies are
concerned.
There is much in the new law that will be of bene­
fit. Nothing will ever be gained for life insurance,
however, or for any other business, by resorting to a
policy of cheapness and a policy of cheap remuneration
for services that should be well paid. It may be a
beautiful theory to say that policy holders are over
taxed to pay commissions, but we question whether
it will be proven in practice.

Soo Canal Tonnage for 1906.
As a measure of the volume of traffic of the north­
west, the 1906 Soo Canal record tells a wonderful story.
During the season just closed, the registered vessel
tonnage was 41,098,324 tons, compared with 24,626,976 so recently as 19 0 1; a tonnage growth of over
16,000,000 tons, or nearly 65 per cent, in the brief
period of five years.
In 1898, or only eight years ago, the Soo canal
tonnage was 18,622,754, or considerably less than
one-half this season’s record. An eight-year growth
of 23,476,000 tons, or something like 125 per cent, is a
record of progress which can be paralelled nowhere
else in the traffic history of the world.
The increase averages nearly 3,000,000 tons per
annum. The total of 41,000,000 tons is three times
the tonnage volume of the Suez Canal, which measures
the international commerce between Europe and Asia.
When it is taken into consideration, that the northwest
ships eastward by rail an additional volume of freight
which nearly or quite equals the tonnage which goes by
lake and canal, one gets some idea of the colossal pro­
duction and internal commerce of the great northern
domain lying west of the great lakes and extending
to Puget Sound.
The staple commodities which in the main made
up the freight handled via the Soo Canal this season
were: Wheat, 84,271,358 bushels east-bound; other
grain, 54,336,406 bushels east-bound; iron ore, 35,357,042 tons east-bound; flour 6,484,754 barrels, eastbound ; coal, 8,739,630 tons, west-bound; merchandise,
including salt, cement, and iron, 1,822,613 tons west­
bound. The net tons of freight handled were 41,584,905 tons east-bound, and 10,166,175 west-bound, mak­
ing a total freight tonnage of 51,751,080 handled by the
registered vessel tonnage of 41,098,324 in 22,153 vessel passages.
The great bulk of this freight tonnage represents
the iron one of Minnesota, the grain of Minnesota and
the Dakotas, the coal distributed by Duluth-Superior
and Minneapolis-St. Paul, fuel houses, the flour and
lumber manufactured by Minnesota mills, and the
general merchandise distributed by Minnesota job­
bers. When this freight tonnage doubles and trebles
the total traffic volume which passes between all Eu­
rope and all Asia via the Suez Canal, it is time that the
commercial world stood up and took notice of the
northwest as a source and channel of commerce.
THE BULL’S EYE.
He rose from his Christmas dinner—this young man of
eight years—and mentally casting about as to his plans for
the immediate future announced: “ Now I’ll play with my
train some in the poller; and then after I’ve looked at my
pitchers in my sturascope, I’ll read my Wizard of Oz in the

THE COMMERCIAL WEST

IO

Hbry. So he left the dining room with the dignity and ease
of the man chin deep in unembarrassing prosperity—the man
you may read of but never see. “ Sue,” says I, “there goes a
wealthy man. He'll never be richer than he is now. No­
body ever gets richer than that.” “ He certainly feels rich,”
said Sue. “ It’s all in the feel,” says I. And, gentle reader,
“ that is just as true as though T had’nt a said it,” as Hosea
Bigelow sagely remarks.
■* * *
Wealth is feeling that you have and can afford to have
what you have wanted to have. That’s all there is to it. It
doesn’t consist of a warranty deed to a half of the earth’s
surface, nor a fence about it, nor a railroad across it, nor a
gold hole in it, nor a mortgage on it. It’s just a feeling.
No millionaire ever got richer by piling one million on top
of another million. I he only difference between a millionaire
and a multimillionaire is a little more backache, a little more
headache, a little more nausea, a little more creak in the
joints. You can get that anytime by eating a half dollar's
worth of mince pie out of season, and still be ahead of the
game. And what of wealth has the millionaire beyond that
of the ten-thousand heir? A little harder job to keep up the
feeling. That’s a ll! And as for you and me, who have not
learned how to pile up more than five small figures, how shall
we become wealthy? That’s easy. Wealth, being the relation
of what you have to what you want, there are just two
principal ways of attaining wealth: To increase what you
have or to decrease what you want. The former may pro­
duce wealth; the latter always w ill; but with this provision

Saturday, December 29, 1906

only, that you don’t put off decreasing your wantings until
you have made a failure of piling up the havings.
“As
riches increase,” said the old Hebrew sage, “ so are they in­
creased that eat them.’ The ambitious desires that feed upon
1 iches, grow on the growth of property like a fungus on a
fallen log.
*
^ j(c
Comparatively few people know the delicious feeling that
comes from denying one’s self a luxury—denying voluntarily
and deliberately. I hat’s wealth. Anybody can afford that.
. It’s a good deal richer wealth than it is to indulge in the
elephant and thereafter hustle and sweat to keep the beast in
the hay. It is even richer than having the elephant and
diawing easy checks on the hay mow. Even easy elephants
grow stale, flat and unprofitable, and must in time be sold for
old rubber. A second-hand elephant at forced sale won't
bring anything,like the value of a self-denied elephant. We
have several self-denied elephants at our house, every one
of them bringing in dividends like Steel Preferred. We
drew one one evening last summer. I had just finished
polishing off the lower lawn when in the street just beyond the
shrubbery there was a loud explosion. I ascertained the cause,
and going up to the porch I says to Sue: “ Sue,” says I, “I
have just made $56.” “ No,” says she, “how so?” “Jim
Weaver has exploded a tire on his touring car,” says I.
“ How do you make $56 on that?” says she. “ By not a
owning of it,” says I. I don't know as Sue saw the full force
of this just then, but Jim saw it before I did.
—The Sharpshooter.

D. R. FORGAN TO HEAD NEW BANK.
(S p e c ia l C h ic a g o C o r r e s p o n d e n c e to t h e C o m m e r c ia l W e s t.)

Chicago, Dec. 25.—The meeting of the directors of
The First National Bank yesterday was replete with in­
terest. David R. Forgan resigned as a director and as
vice president, his resignation as an official to take effect
December 31st. J. J. Hill was elected a director in the
place of Otto Young, deceased. The surplus was raised
from $5,000,000 to $6,000,000, and the regular quarterly
dividend of 3 percent upon the capital stock of $8,000,000
was declared.
Mr. Forgan, who also resigned from the associate in­
stitution, The First Trust & Savings Bank, announced his
intention of forming a new bank, its capital to be $1,500,000; but he refused to particularize either as to its name
or location.
The backers of the enterprise include Sears Roebuck,
Bartlett, Frazier & Carrington and D. K. Webster.
President James B. Forgan of the First National is­
sued the following statement concerning his brother’s
action: “ At the meeting of the First National Bank this
afternoon D. R. Forgan tendered his resignation as vice
president and director in the bank to take effect Decem­
ber 31. His reason for resigning is that he has been
asked by some of his friends to accept the presidency of
a new bank to be organized to do business in Chicago.
His action was entirely voluntary on his part and was a
surprise to the directors who accepted his resignation
with regret and with expressions of good will for his fu­
ture success.”

SOO BONDS.
William A. Read & Co., bankers of New York and
Chicago, are making a bond offering which should prove
of interest in the northwest. This is an offering at 100
and interest to net five percent, when as and if issued, of any
part of $1,935,000, Minneapolis, St. Paul & Sault Ste. Marie
Railway Company equipment trust serial 5 percent notes,
due semi-annually from Ju ly 1, 1907 to January 1, 1917, in­
terest payable January and July, callable after four years.
The company expects to make delivery in the latter
part of January or early in February.

NAUMAN COMPANY IN THE NORTHWEST.
The Nauman Company, of Waterloo, la., designers and
manufacturers of high grade bank fixtures have recently
opened two or three branches on the Pacific coast. This
company is well and favorably known in the northwest
for high class and artistic work and it is its. intention the

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Federal Reserve Bank of St. Louis

One rumor in Monroe sreet yesterday laid the resig­
nation to a misundertanding betwen the two brothers.
Such a construction was pronounced false by Mr. D. R.
b organ, who also said that his brother would have no in­
terest 111 the new bank whatever. Mr. Forgan added that
the lecent amalgamations of Chicago banking institutions
and the large profits earned in late years had induced him
to believe that there was room for another conservatively
managed bank.
I he $1,000,000 added to the surplus of the First Na­
tional bank, yesterday was taken from the undivided
profits, which by the last report amounted to $1,733,648.
I he capital and surplus together are now $14,000,000,
which under the new federal law will permit of very large
loans to single individuals or corporations.
The stockholders of the First Trust and Savings Bank
at their annual meeting yesterday voted the increase of
the capital to $2,000,000 by the transfer of $1,000,000 sur­
plus to capital account. The directors replenished the sur­
plus which by the action of the stockholders had been
reduced to zero, by transferring $500,000 undivided profits
to the surplus account. The First Trust, therefore now
has: $2,000,000 capital stock $500,000 surplus; $150,00 un­
divided profits.
The capital stock is owned by the First National and
in the three years’ life of the First Trust no dividends
have been declared. Earnings on the original $1,000,000
capital have exceeded $1,650,000 or over 165 percent. The
earnings for 1906 have been over 65 percent.
coming year to make a campaign of increased aggressive­
ness for northwestern structural work.

HILL A FIRST NATIONAL DIRECTOR.
( S p e c ia l C o r r e s p o n d e n c e to t h e C o m m e r c ia l W e s t.)

Chicago, Dec. 24.—At the special meeting of First
Trust & Savings Bank stockholders $1,000,000 was trans­
ferred from surplus to capital account. This change
gives the bank $2,000,000 of capital, $500,000 of surplus
and undivided profits of about $150,000."
At the meeting of the directors of the First National
James J. Hill was elected to the board to fill the vacancy
caused by the death of Otto Young. The resignation of
Holmes Hoge as one of the bank’s department managers
was accepted. Mr. Hoge retires on a pension after longservice with the bank.
The directors transferred $1,000,000 from undivided
profits to surplus, making the latter item $6,000,000.

L E W IS E. PIER SO N ,
P resid e n t

II

THE COMMERCIAL WEST

Saturday, December 29, 1906

Capital $1,000,000)

Surplus $ 7 5 0 ,0 0 0

R O LLIN P. G R AN T
C ashier,
D A V ID H . G. P E N N Y ,
A sst. C ashier

JA M E S E. NICH O LS,
V ice-Prest.

Our Service Means
Less Labor to You.

Let Us Save You Worry
on Troublesome Items.

W e s t B r o a d w a y a n d C h a m b e r s S t., N E W Y O R K C IT Y

INCREASE IN SAVINGS INTEREST.
Minneapolis savings bank depositors have received
tangible and convincing evidence of the prosperity of the
country at large and this section in particular. The evi­
dence was in the shape of an advance in the rate of inter­
est paid on savings deposits from three to three and onehalf percent for the next quarter just announced by the
Hennepin County and the Farmers & Mechanics Savings

Banks of Minneapolis. This increase in the interest rate
would put something in the vicinity of $100,000 in the
pockets of Minneapolis savings depositors in a year’s time.
All Minneapolis banks, commercial or savings have had a
year of great prosperity but in the case of the savings
banks the depositors come in for their share of it as these
banks, under the Minnesota law, are mutual and without
stockholders.

CURRENCY BILL IN THE HOUSE.

$18,252,746.61; number of banks November 9, 1905, 3 12; re­
sources, $24,739.813.49; number of banks November 12, 1906,
372; resources, $30,342,627.94.
Liabilities, 1904, $18,252,746.61; 1905, $24,739,813.49; 1906,
$30,342,627.94.
iLH ii

Chairman Fowler, of the House Committee on Banking
and Currency has presented to the House a report on the
currency bill recommended by the committee. The report
reiterates the committee’s assertions that bankbook credits
are identical with banknote credits, and that it should be at
the option of a depositor of a bank to say whether he shall
have current credit of the bank or a book subject to his
check.
“ Your committee asserts that it is immaterial whether the
obligations of a bank are in form of deposits, subject to
check or of credit banknotes, providing that the reserves
are ample and the same amount is required for the protec­
tion of each. With the same freedom on the part of the bank
to issue its credit notes that it has to accept deposits subject
to check, the habits of a people will determine whether the
deposits of a bank or its credit notes are the larger.”
The advantages of a credit currency are set forth by the
report as follows :
“ It will lower and equalize the rates of interest through­
out the United States.
“ It will make the rates practically unform throughout
the year.
“ It will give to the country districts as economical a form
of credit as the cities enjoy, where checks are chiefly used.
“ It will give to the mass of the people, who use currency
in their smaller purchases, as economical a form of credit
as those who enjoy the use of checks in their larger trans­
actions.
“ It will make it possible for the banks generally to serve
such of their customers as may want currency without dis­
turbing their reserves, to the great injury of other customers,
who have loans which must be paid before the currency can
be advanced; for it is immaterial to a bank whether it owes
a depositor or a noteholder.
“ It will almost invariably prevent any panic whatever, and
will always avert a ruinous crises.
“ If at any time contraction of credits becomes necessary
because too much of the commercial fund has been diverted
and transformed into the investment fund, a credit currency
will facilitate liquidation without that destruction of values
incident to a fixed quantity of currency such as we have now.”

NORTH DAKOTA’S GROWING BANKS.
(S p e c ia l C o r r e s p o n d e n c e to t h e C o m m e r c ia l W e s t.)

Grand Forks, Dec. 22.—Some very interesting facts about
the development of North Dakota during the past two years
is indicated in the showing made in an abstract of the re­
ports of the state banks made at the close of the
business on November 10, in each of the years
1904, 1905, and 1906, as compiled by State Bank Examiner
Brightbill. The banks operating under the national bankinglaws are not included in these items. The state banks doing
business November 10, 1904, were 225.
O11 November 12,
T906, the number had increased to 372, an increase of about
65 percent. The resources increased from $18,252,746.61 in the
same time to $30,342,627.49, an increase of about 65 percent.
There is an increase in all of the items in the general state­
ments except cash and cash items and notes and bills redis­
counted, in which there were slight decreases. The deposits
subject to check increased from $8,995,021.22 in _1904 to
$14,834,761.79 in 1906. The certificates of deposits increased
from $5,070,739.98 in 1904 to $8 ,439,941-94 in 1906.
The
total number of state banks organized December 1 was 396.
The accompanying table shows the conditon of the banks in
detail.
Number of banks November 10, I 904> 225; resources


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Federal Reserve Bank of St. Louis

SOUTH DAKOTA BANKS.
A b s t r a c t o f t h e r e p o r t s o f t h e b a n k s in S o u th D a k o t a ( o t h e r
t h a n N a tio n a l) a t t h e c lo se o f b u s in e s s N o v e m b e r 9 th , 1905, a s
c o m p a r e d w i t h a b s t r a c t of r e p o r t s a t t h e c lo s e o f b u s in e s s
N o v e m b e r 12, 1906.
Resources.

1905.
1906.
In c re a se .
L o a n s a n d d is.$18,521,579.48 $23,891,309.01 $5,369,739.53
S c h o o l a n d Co.
w a r r a n ts ...
163,698.99
285,251.88
121,552.89
S to c k s a n d
b o n d s ...........
153,761.72
212.027.37
58,265.65
T a x c e r t i f ’s . .
35,615.66
23,311.47
O v e rd ra fts . . .
269,381.92
394,900.86
125,518.94
B a n k in g - h o u s e
an d fu r n ...
841.128.51
1,576,212.88
735.084.37
O th e r r e a l e s t.
800,496.82
556,581.33
E ix p e n s e s p a id
344,434.26
653,148.23
308,713.97
T a x e s p a id . .
22,663.04
28,930.91
6,267.87
D u e fro m o th e r
b a n k s .........
6,744,510.56
8,652,355.73 1,907,845.17
O th e r p r o p ’y78,405.79
45,020.56
C ash ite m s ...
163,709.28
275,192.35
111,483.07
C ash on h a n d
1,984,961.81
2,178,078.60
193,116.79
T o t a ls

D ecrease.

$12,304.19

243,915.49

33,385.23

___ $30,124,347.84 $38,772,321.18 $8,937,578.25 $289,604.91
L ia b ilitie s .

C a p ’t s t o c k . . $3,739,587.00 $4,316,175.00 $576,588.00
S u r p lu s ...........
715,634.36
755,617.01
39,982.65
ITnd. p r o f its .
1,082,947.93
1,679,110.68
596,162.75
D e p ’s s u b . to
c h e c k s . . ' . . . 11,441,765.74 16,133,321.84 4.691,556.10
C e r t ’s o f d e p . 12,401,566.19 14,944,105.60 2,542,539.41
C e r t i f ’d c h ’s .
18,501.31
34,469.26
15,967.95
C a s h i e r ’s c h ’s
63,655.91
130,953.10
67,297.19
D u e o t h e r b ’s
326,021.60
618,635.03
292,613.43
N o te s a n d b ills
R e d i s ’d ____
171,413.86
89,226.49
B ills p a y a b l e .
163,243.94
10.707.17

----------- --------- y---------------------

T o t a ls

$S2,187.37
92,536.77

---- -----

....$ 3 0 ,1 2 4 .3 4 7 .8 4 $38,772,32-,18 $8,822,707.48 $174,724.14
D u lu th

F u rn is h e d b y F re d
P a u l, D e c e m b e r 26:

Copper Sto ck

H . M e rritt,

Q uo ta tio ns.

339 E h d i c o t t B u ild in g ,

I n v e s t m e n t S to c k s .
A r iz o n a C o m m e r c ia l .................................................
B u t t e C o a litio n ............................................................
C a l u m e t & A r iz o n a .................................................
G re e n e C o n s o lid a te d .................................................
N o r th B u t t e ...................... ............................................
O ld D o m in io n ...............................................................
S h a t t u c k - A r i z o n a ......................................................
S u p e r io r & P i t t s b u r g ...............................................
G r e e n e C a n a n e a ..........................................................
S e m i - I n v e s t m e n t S to c k s .
A m e r ic a n S a g in a w . . . .............................................
B la c k M o u n ta i n ..........................................................
B u t t e & L o n d o n ..........................................................
C o m a n c h e .................................................................
C a n a n e a C e n t r a l ........................................................
D e n n - A r iz o n a ...............................................................
G lo b e C o n s o lid a te d ...................................................
H a n c o c k C o n s o lid a te d .............................................
K e w e e n a w C o p p e r ...................................................
W a r r e n R . & D . C o ...................................................
S u p e r io r & B o s to n ...................................................

S t.

$36,.50
34 .62
168..00
32..25
110 . 00
53 .00
49..00
26,.62
03 .50

$37 .00
35..00
170 .00
32 .50
110 .50
54..00
51 .00
26 .75
23 .75

$10 . 50
9.,75
2 .,00
.75
31 !.25
39..00
1 0 ,. 12
15..00
13..75
11 .,50
2 . 87

$ 11 .00
1 0 ..00
2 . 25
.75
3L .50
40 .00
1 0 ,.37
15..50
14,.25
1 1 . 75
3 .12

MUNICIPAL BONDS
OF THE NORTHWEST
to net 3 % to 5 per cent.

WELLS & DICKEY
Security Bank Building,_____________

CO.

M in n e a p o l is , M in n . {

12

THE COMMERCIAL WEST

Saturday, December 29, 1906

WATSON & COMPANY,
B

R O K E R S

Chamber of Commerce, Minneapolis —

S to ck s,

B on d s,
M

N E W Y O RK STOCK EX C H A N G E.
CHICAGO STOCK EX C H A N G E.
W IN N IP E G G R A IN EX C H A N G E.

E

24. Broad Street, New York

G r a in ,
M

B

B

R

P r o v is i o n s .

8 1

CHICAGO BOARD O F TR A D E.
N E W Y O RK PR O D U CE EX C H A N G E.
D U LU TH BO ARD O F TR A D E.

Private Wires to Chicago, New York and Other Cities.

M IN N E A P O L IS C H A M B ER O F COMMERCE
ST. LO U IS M ER CH A N TS EX C H A N G E.
N E W Y O RK C O F F E E EX C H A N G E.
N E W Y O RK COTTON EX C H A N G E.
TELEPHONE, CALLS
Northwestern Main 4492 and Main 2816
Twin City 184

A POSSIBLE PRACTICAL WAY OUT.
( S p e c ia l C h ic a g o C o r r e s p o n d e n c e to t h e C o m m e r c ia l W e s t . )

Chicago, Dec. 24.—Chicago financiers, who clearly
see the impracticability of credit currency legislation at
this time, give indication of turning their attention to a
measure of immediate and permanent relief that shall
require the depositing of all government revenues as
they are received daily in national banks.
Such a measure, it is seen, would win greater popular­
ity than one for credit currency. The arguments in its
favor would be better understood by the people than the
most lucid arguments that could be made to promote
the cause of credit currency.. And would not the relief
afforded by such a measure largely depreciate the urgency
of some method of currency expansion, at least for the
time being? Finally and conclusively, there is now no
chance of credit currency legislation, while there is a
small fighting chance for legislation requiring the deposit
of revenues in banks.
In t h e

People’s In te re s t.

The matter should be presented to the people’s con­
sideration in the light of their own interest. Government
money is the people’s money and the people have the
right to make use of it. The whole revenue of the
United States, whether derived from custom duties or
internal revenues, comes from the pockets of the people
and is levied to support the institutions of the people.
The fund thus collected from the people, should be used
so that the people will not be injured and so that the peo­
ple, if possible, may be benefited.
As the fund is now employed, positive injury is done
the people, and positive good that might be done them
is not done.
The business of the people is financed upon a limited
amount of circulating capital or currency. That limited
amount in times of prosperity is none too large, is at all
times rather small. Consequently it is of prime import­
ance to the people that as much as possible of that limit­
ed amount be kept at work, active in the business of the
people.
But a portion of that limited amount is -always being
abstracted and sequestered, reducing the fund available
for everybody’s business by varying huge sums. These
sums are stuck into the government’s sub-treasuries,
where they lie idle for months at a time, particularly for
months in which the demand for every dollar available
is unanimous the country over.
W h o le

C ou n try

Is P i n c h e d .

The demand from the west for money to move the
crops does not emanate from Wall street. Neither does the

W ANT BANK LEGISLATION.
(S p e c ia l C o r r e s p o n d e n c e to t h e C o m m e r c ia l W e s t.)

Kansas City, Dec. 22.—Bankers of Missouri are expect­
ing much important legislation affecting banks and trust
companies from the general assembly in January.
Bankers have complained to the secretary of state that
trust companies are not required to observe the banking

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demand from the south for money to move the cotton.
Both demands proceed from the soil, so to speak, and
are thoroughly understood by the people. What the peo­
ple mistake, however, is the part of the country that is
pinched by these demands. Not part but the whole coun­
try is pinched. The west and south forget that they
themselves pay higher rates for the money to finance their
crops than they would if the'government were not hoard­
ing millions in its coffers, millions of the people’s own
which should be employed in furthering the business of
the people. Wall street may suffer superlatively, but the
people suffer comparatively be this mediaeval survival in
federal finance.
If government money is deposited in the banks, the
money will earn interest for the government to be sure,
but the banks will lend it out at higher rates of interest
and profit accordingly. We are opposed to the banks be­
ing helped by the government to make more money than
they already do. Such is the attitude of many minds,
who lose sight of the fact that the banks’ customers, the
people, by the lower interest rates, will share in the
profit.
B a n k s N o t S u ffe rin g.

Moreover, the banks are not the sufferers in
times approaching stringency such as the year 1906. It
is the people w.ho pay. The banks, if hard put to it to
finance prosperity, find the process lucrative, neverthe­
less. The Chicago banks, for instance, have enjoyed this
year the most prosperous year in their history. They
have loaned all their funds at the highest rates. The Illi­
nois Trust and Savings Bank for example has made ap­
proximately 50 percent upon its capital, the First Na­
tional and the Mercantile Loan and Trust 30 percent
each. It is a delusion that will not hold water to believe
that the banks and not the people will benefit primarily
by the discontinuance of the sub-treasury system.
The government should deposit its monies with the
banks as does any other corporation and it should not
require security from the banks. The government ex­
amines and supervises the national banks as it is, and
the fact that the government had its own money in the
banks might serve to stimulate such examination and
supervision. Even if the government should occasionall}’ lose some comparatively small sum through the fail­
ure of a bank, the interest it would be drawing on all its
monies would be an ample and above insurance. The
loss in interest to the government in the last 20 years
by reason of the sub-treasury system Congressman Fow ­
ler estimates at $50,000,000.
—Philip Payne.
laws and have advocated an amendment to the law giving
the secretary of state greater power over trust companies.
Banks are prohibited from having loans in excess of
25 percent of their capital stock and certified surplus.
Trust companies may make loans to any amount. Banks
are required at all times to have a cash reserve equal to
at least 15 percent of the net demand deposits. Trust
companies are not required to keep a cash reserve.

Saturday, December 29, 1906

THE COMMERCIAL WEST

13

KANSAS BANK DEPOSITS SMALLER.
( S p e c ia l C o r r e s p o n d e n c e t o T h e C o m m e r c ia l W e s t . )

Topeka, Dec. 24.—'The bank statement just issued by Bank
Commissioner John Q. Royce shows that in the interval be­
tween the September call and the call sent out November
12, the amount of money on deposit in State banks decreased
over $3,000,000. In view of the fact that the present year
has been a prosperous one this showing is unexpected and
called for some comment on the part of Mr. Royce.
“ There is just one way I can account for this decrease,”
said Mr. Royce, “ I lay it to the existing car shortage. If
farmers and stock raisers in this State could have got their
products to the market I am positive that this statement
would have shown an increase greater than that shown by
the last call. All of the crops raised this year—or nearly all
—are still in the State. Farmers, stock raisers, shippers of
all kinds have been unable to get cars. They have been un­
able to get their products to the markets and have them still
on hand. When they finally do get cars and get things to
moving you will see one of the greatest increases! in deposits
this state has ever experienced.
“ Loans and discounts also show a big increase. This
is only natural under the existing conditions. For instance,
an elevator company or grain-buyer of any kind has his bins
full of grain and his cribs full of corn. He has all of his
money invested there. Yet the farmers will continue to
bring their grain to him. Bankers don’t want to see his
business turned away, the grain-buyer wants to keep up his
market, so the bank lets him have the money. If the shipper
could empty his elevators into cars and get his stuff to the
market this condition would immediately change. The loans
would decrease and the deposits would increase.”
There were 682 state banks in Kansas at the time Mr.
Royce made his last call. Since then that number has in­
creased. In speaking of the financial conditions of the state
banks Mr. Royce made this remarkable statement:
“ The 682 state banks of Kansas have a sufficient amount

FAVORS BANK DEPOSIT INSURANCE.
(S p e c ia l C o r r e s p o n d e n c e to T h e C o m m e r c ia l W e s t .)

Topeka, Dec. 22.—Senator Quincy, of Saline county has
prepared a bill providing for a state bank deposit insurance
fund. In many particulars this bill is in line with the rec­
ommendation by State Bank Commissioner John Q. Royce
in his report to Governor Hoch, but there is some difference.
Senator Quincy’s bill provides for assessing, banks in pro­
portion to the amount of their capital stock instead of re­
quiring them to deposit with the state treasurer a certain
percent of their deposits, as was recommended by Mr. Royce.
The bill will be introduced early in the session and it is
likely that in his message to the Legislature Governor Hoch
will recommend its passage Mr. Mulvane and Mr. Royce
were with Governor Hoch for some time yesterday afternoon
and impressed him with the need of such legislation. Gover­
nor Hoch is said to have favored a bill fashioned after the
Royce recommendation, but since Mr. Royce accepts Senator
Quincy’s amendment, there will be no objection raised to
Governor Hoch.
The first section of the Quincy bill provides that the
banks shall pay a graduated assessment into the fund.
Banks with capital stock of less than $25,000 shall pay $100;
banks with a capital stock between $25,000 and $50,000 shall
pay $150; banks with a capital stock of more than $50,000
and less than $100,000 shall pay $200; and banks with capital
stock of more than $100,000 shall pay $250,
This section of the bill also provides for the creation of
the “ State Bank Deposit Insurance Fund” in the state treas­
ury and provides for the payment of the assessments to this
fund within thirty days after receiving notice that such as­
sessments are due. A penalty of 5° percent of the as­
sessment is provided for the failure of any banker to pay
his assessment.
Section 2 of the bill makes provisions for the use of the
fund to pay the debts of defunct banks. It is provded that
the receiver for any state bank shall furnish a list of unpaid
depositors to the bank commissioner, and that the latter may
draw sufficient money from the guarantee fund to pay the
losses. After the bank commissioner has paid these claims
he shall collect the dividends paid by the bank to the account
of the depositors and these dividends shall be deposited in
the insurance fund. If the fund becomes exhausted before the


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of undivided profits on hand to enable them to declare a 19
percent dividend after passing 10 percent of the net earnings
over to the surplus account.”
The number of state banks increased by seventeen since
the last call was issued September 4, and before the November
call. Since then there have been ten or twelve new banks
instituted.
Mr. Royce’s statement showing the condition of both
state and national banks at the close of business November
12, follows:
Resources.

L o a n s a n d d is c o u n ts:
S t a t e b a n k s .....................................................$54,827,168.01
N a t i o n a l b a n k s ............................................ 53,281,697.61
$108,108,S65.62
C a sh a n d s ig h t e x c h a n g e :
S t a t e b a n k s .................................................... 23,714,005.46
N a t i o n a l b a n k s ............................................ 23,615,713.53
47,329,718.99
T o ta l

..........................................................

$179,519,393.50

L ia b ilitie s .

C a p i ta l s to c k :
S t a t e b a n k s .................................................$11,672,100.00
N a t i o n a l b a n k s .......................................... 11,022,500.00
$22,694,600.00
S u r p lu s :
S t a t e b a n k s ................................................... $2,730,301.92
N a t i o n a l b a n k s ..........................................
3,441,017.91
6,171,319.83
U n d iv id e d p r o f its :
S t a t e b a n k s ................................................... $2,600 342 .1 1
N a tio n a l b a n k s ............................................. 2,390,195.77
4,890,543.88
D u e to b a n k s a n d b a n k e r s :
S t a t e b a n k s ...................................................
1.575.828.17
N a t i o n a l b a n k s ........................................... 10,347,847.51
I n d iv i d u a l d e p o s it s :
S t a t e b a n k s .................................................... 65.197,762.20
N a t i o n a l b a n k s ............................................. 57,778,743.52
U n ite d S t a t e s d e p o s it s :
N a t i o n a l b a n k s .............................................. 1,824.849.54
136,725,030.94
T o ta l

..........................................................

$179,519,393.50

depositors of all defunct banks are paid, the bank commis­
sioner is authorized to make another assessment as is pro­
vided for ip the first section of the measure.
Other sections make it unlawful for any bank to pay more
than four percent interest on deposits; authorize the bank
commissioner to invest the insurance fund in government
bonds and publish a statement every three months showing
the condition of the fund.

BIG- DIVIDEND DISBURSEMENTS.
Dividends and interest on bonds, amounting to $176,972,290, already have been announced payable during
January, and this sum probably will be increased to more
than $18,000,000, exceeding last January’s disbursement by
several million dollars. The Wall Street Journal pub­
lished this estimated and prepared the following summary
of dividend! disbursements:
?6 i n d u s t r i a l s a n d m is c e lla n e o u s c o m p a n ie s .................... $26,024,642

?7 p u b lic s e r v ic e c o r p o r a tio n s .................................................... 11,912.992
43 r a i l r o a d s ..............................................................................................
26,877,139
70 N e w Y o rk c i t y b a n k s a n d t r u s t c o m p a n ie s .............
6,531,200
T o t a l 256 c o m p a n ie s ........................................................................ 71,345,973
T h e i n t e r e s t d i s b u r s e m e n t s a r e s u m m a r iz e d a s fo llo w s :
312 r a i l r o a d s .......................................................................................... $70,558,195
17,912,179
202 p u b lic s e r v ic e c o r p o r a tio n s ...............................................
45 i n d u s t r i a l s a n d m is c e lla n e o u s c o m p a n ie s . . . : .........
6,297,744
T o t a l .................................................................................................... $94,768,118
G o v e r n m e n t b o n d i n t e r e s t .......................................................... 10,858,199
T o ta l

.....................................................................................................$105,626,317

The largest amount to be disbursed in dividends dur­
ing the month by any one corporation is $3,173,2.36, which
will be paid by the American Telephone & Telegraph
Company. The next largest amount is $2,967,990, which
is to be paid bv the Lake Shore & Michigan Southern
railroad. The New York Central is to nay $2,241,638,
making $5,209,628 to be paid by the two'Vanderbilt com­
panies.
The largest amount of interest to be paid out during
the month by any one corporation is $ 3 , 3 0 5 , 244 , which
will be the total payment by the Great Northern. This
amount includes interest due on its oortion of the Chi­
cago, Burlington and Quincy joint bonds. The Cana­
dian Pacific will pay out nearly as much as the Great
Northern, as its nayments are to be $ 3 , 300 , 3 7 .5 .
The United States Steel corporation will pay out in
interest $1,530,375. The largest total payment to be made
by any public service corporation is $1,499,775, which
will be disbursed by the Consolidated Gas Company of
New York.

THE COMMERCIAL WEST

14

Saturday, December 29, 1906

INVESTM ENT BONDS.
Yielding
Cook County Court H o u s e .....................................................................................
C ity of Chicago, W o rld ’s F a ir and Perm anent Im p ’v t ...................................
South P a rk ...................................................................................................................
San itary D is t r ic t ..........................................................................................................
E van ston , Illinois, S c h o o l .......................................................................................
M arinette County, W isconsin, A s y l u m .............................................................
Jan esville, W isconsin, S c h o o l ................................................................................
Monmouth, Illinois, S c h o o l ....................................................................................
Gallup, N ew M exico, W ater .................................................................................
P ierce County, W isconsin, Court H o u s e .............................................................
St. Joseph , M ichigan, B r i d g e ................................................................................
F o rt Pierre, South Dakota, W a t e r ........................................................................
G reenville, M ississippi, L ev ee D i s t r i c t ...............................................................
O klahom a C ity, R e fu n d in g .......................................................................................
O ttaw a, K an sas, W ater and L i g h t .....................................................................

3 ^2 %
4 °/0
4 %
4 %
4 %
4 %
4 %
4 lÄ %
5 %
4 %
4 %
5 %
5 %
4L>%
5 %

3 .8 0 %
3 -T 5 %
3.9 0 %
3-9 5%
3 - 75 %
3.9 0 %
4 .0 0%
4 .00%
4 .60%
4 .00%
4.00%
4 - 75 %
4 -5 °%
4 .2 5 %
4 .5 0 %

C O R P O R A T IO N S .
P en n sylvan ia Com pany, Gtd., Penn. R. R . Co., 19 3 1 ................................. 4 %
Chicago & W estern Indiana, Consolidated m tg., 1952 ............................... 4 %
Chicago Ju nction R ailroad Co., Gtd., is t m tg., 1945 ............................... 4 %
W abash R ailroad Co., N otes, 1 9 0 7 ........................................................................ 5
%
Chicago & E aste rn Illin ois R . R . Equipm ent, 1907 ...................................... 4y2 %
W heeling & L a k e E rie R . R. Co., N otes, Gtd. W abash R. R., 1908. . . 5
%
St. L ou is, M em phis & Southeastern, is t m tg., Gtd. St. L o u is & San
Fran cisco, 1 9 0 9 ................................................................................................ 4 V2 %
Congress H otel Co. (A uditorium A n n e x .) ........................................................ 5
%
T opeka R a ilw a y Co., is t m tg., 1 9 3 0 ............................................. ....................... 5
%
T opeka Edison Co., is t m tg., 1 9 3 0 .................................................... ................... 5
%
E astern W isconsin R a ilw a y & L ig h t Co., 1923 ................................................ 5
°/0
P ublic Service Co., St. Cloud, Minn., is t m tg., 1 9 3 0 ................................. 5
%
San D iego Consolidated Gas & E lectric Co., is t m t g ................................... 5
%
Chicago E d iso n Co., is t m t g .................................................................................. 5 %
Com m onwealth E lectric Co., is t m t g ................................................................... 5 %
People’s G as L ig h t & Coke Co.,
is t m t g ..............................................6
%
People’s G as L ig h t & Coke Co., R e fu n d in g ...................................................... 5 °/0
N orthw estern E levated , F irst and R efu n d in g .................................................. 4 %
South Side E levated R. R. Co., is t m t g ........................................................... ¿\\/2 °/o
Union E levated (L o o p ) ......................................................................................... 5 °/0
N orthw estern G as L ig h t & Coke Co., Consolidated ..................................... 5 %
M etropolitan W est Side E levated R . R. Co., is t m t g ................................... 4 %
Chicago Gas L ig h t & Coke Co.,
is t m t g .............................................. 5 %
M utual F u el G as Com pany, is t
m o r t g a g e .......................................... 5 %
S w ift & Co., is t m o r t g a g e ......................................................................................... 5 %

4 .00%
4 .10 %
4 .00%
5.0 0 %
4 .50 %
5 .2 5 %
5 .2 5 %
5 • 00%
5 .2 5 %
5 .2 5 %
5 .2 5 %
5 .2 5 %
5 .2 5 %
at m arket
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“

Special circulars and detailed inform ation furnished upon application.

BOND

DEPARTM ENT.

The American Trust and Savings Bank

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Federal Reserve Bank of St. Louis

CHICAGO.

THE COMMERCIAL WEST

Saturday, December 2Q, 1906

IS

The Wisconsin National Bank
OF MILWAUKEE
C a p ita l,
S u r p lu s

=
-

-

$ 2 ,0 0 0 ,0 0 0
$ 1 ,0 0 0 ,0 0 0

O F FIC E R S
L. J . P E T IT , P resid e n t
H ER M A N F . W O LF, C ashier
FR E D E R IC K K A ST E N , V ice P re sid e n t
LY M A N G. B O U R N IQ U E , A ss t C ashier
CHAS. E. A R N O LD , 2nd V ice P re s id e n t
W. L. C H E N E Y , A sst. C ashier
D IR E C T O R S
L. J . P e tit
H erm an W . F a lk

3,U!liLDljN!% Q,MWÜfî>

O liver C. F u ller
R. W- H oughton
F red e ric k K a ste n
C harles S chriber
G ustave P a b s t
Geo. D. V an Dyke
P a tric k C udahy
F ra n k L. V ance
Isaac D. A dler

COUNTRY BANKERS AND CURRENCY REFORM.
The C o m m e r c i a l W e s t last week sent out a number
of letters to bankers in the northwest inquiring of them
what position they occupied in the matter of currency re­
form. The question asked was, briefly, whether or not
they considered any change in the present system de­
sirable and, if so, what they thought of the “ Washington
Plan” of the American Bankers Association committee.
It was not anticipated that replies to the inquiry would
be numerous for many country bankers, wisely or other­
wise, are indifferent in the matter, while others feel, as
one banker expresses it, that “ their heads are too small
to tackle such questions.” Those replies which were re­
ceived, however, are interesting as showing the position,
or rather the variety of positions occupied by the coun­
try bankers of the northwest in this important question.
The letters follow:
C roo ksto n ,

M inn .

Editor the C o m m e r c i a l W e s t :
While I have not studied the question deeply _I am
of the opinion that currency reform, so called, is not
very important, and am inclined to think that asset cur­
rency is dangerous. Think my best plan is to_ study the
question a little more before giving a very definite opin­
ion
—A. D. Stephens.
December 20.
Cashier Merchants National Bank.
St. Jam es, M in n .

Editor the C o m m e r c i a l W e s t :
There is no need of any change as far as this section
is concerned. We trim our sails according to conditions
and feel comfortable.
—Thomas Tonnesson.
December 20.
Cashier First National Bank.
Pipestone, M in n .

Editor the C o m m e r c i a l W e s t :
It is generally conceded by all who have given the
matter any study, that something should be done to give
elasticity to our currency, causing it to adjust itself auto­
matically to the needs of legitimate business. There is
a time during the crop moving season of the year, when
the heavy demand for currency made upon the large
financial centers taxes their currency _reserve, causing a
stringency of money and excessive interest rates.
Under our present system of bond secured circulation
there is no elasticity. The plan as adopted by the W ash­
ington committee of allowing national banks to issue
credit currency subject to a tax and guaranteed by the
government, is, I believe, a very feasible one.
The tax would more than amply secure the govern­
ment from any loss through failed banks and would with
the establishment in the principal cities, of adequate facil­
ities for currency redemption, insure the retirement of
the notes when no longer needed to carry on our busi­
ness
—A. C. Walker,
December 22. Assistant Cashier First National Bank.
K e n m a r e , N. D.

Editor the C o m m e r c i a l W e s t :
We have seen no bill yet that we thought would be
of any special benefit to the country banks. If a coun­
try banks is in trouble, it would likely be closed before
the red tape conditions would be complied with to issue
new currency and when complied with, the amount of
10 or 15 percent of the capital stock would not help very
much, if the bank is in distress. In our opinion if the
law creating national banks of the capital of $25,000 were
repealed and the old law making it $50,000 resumed, it


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would be better, and again that the states should enact
laws making a larger capital necessary to get a license
to do business, would be of great benefit. In our judg­
ment the large increase of banks is greatly responsible
for the stringency in money matters.
—J. N. Fox,
December 21.
President Kenmare National Bank.
S t.

C harles,

M inn .

Editor the C o m m e r c i a l W e s t :
That a change in our currency is needed in order to
make it more elastic to meet the business requirements is
thoroughly appreciated by most country bankers. Just
how this is to be worked out should receive serious
thought before any plan is adopted.
If the credit note plan is acceptable I believe the rate,
after a reasonable time, should be so high as to prohibit
any pecuniary attraction towards keeping the notes in
circulation after public needs required it. On the whole
we have that great confidence in the personnel of the
American banker that we are willing to leave the matter
in the hands of our brother bankers in higher circles more
in touch with the financial centers.
—S. J. Lombard,
December 22.
First National Bank.
C a s s e l t o n , N . D.

Editor the C o m m e r c i a l W e s t :
I presume you want an opinion—not a discussion of
the subject of “ Currency Reform.” Let me say I am
heartily in favor of it. I do not share the fears of those
who seem to think that disaster must follow any change
in our present currency system. Bankers are known, as
a class, to be careful, conservative, safe men of busi­
ness—none more so. Will such men throw prudence to
the winds because of any change—no matter what—in
currency laws? Assuredly not. The Washington plan—
or something similar—would, I firmly believe, be a suc­
cess. Let us have done with our present inadequate, un­
scientific, worn-out system and substitute one adequate
to our present requirements. Let us live in the twentieth
century and not be afraid of our own shadow.
—N. M. Young,
December 21. President Cass County National Bank.
Frazee,

M inn .

Editor the C o m m e r c i a l W e s t :
I think that as a rule “ country” bankers are better
qualified to estimate the need of “ currency reform” from
observation than from actual experience. Whatever our
needs for currency during the crop moving season they
are readily supplied by our city correspondents, and ap­
parently the Twin City banks, at least, are keeping
abreast with the increased demands of each successive
season. I11 our own immediate territory our experience
is that the percentage of cash required to pay for grain is
growing less each fall, owing to the constantly increasing
use of checks.
However, this experience would probably be reversed
during the times of panic, and even though this is the
general experience of country banks, it does not signify
that the country at large does not need a more elastic
currency system, but rather that the brunt of the strain
is thrown upon the money centers and not so much upon
country districts.
If an insufficient supply of ready money creates a
strained and dangerous condition in all, or any, of the
financial centers every fall, then the entire business inter­
ests of the country are vitally interested in currency
reform that will remedy this condition.
The test of the soundness of the “ Washington Plan”
is in the workings of the redemption feature. If its re­
demption provisions will work in actual use as it ap­
pears in theory that they may, then I believe the “ Wash-

T H E C O M M E R C IA L W E S T

EXCELLENTLY EQUIPPED

CONSERVATIVELY MANAGED

Saturday, December 29, 1906.

CENTRALLY LOCATED

-* e x te n d s to it s p a tro n s d ie b e s t s e r v ic e
S. A . HARRIS, Pres.

F. E. K EN A STO N , V. Pres.

A . A . CRAN E, Cashier.

ington Plan ’ will afford the relief that seems to be need­
ed. If they will not, the cure may be worse than the
Lite.
—L. W. Oberhauser,
December 20.
Cashier First National Bank.
L e e d s , N. D.

Editor the C o m m e r c ia l W e s t :
We do not agree at all with the Washington plan.
We do not need any change in our money system what­
ever. We believe that there is plenty of money in the
country to handle the business if kept in the proper
channels.
I believe some government regulation should be had
to keep insurance and trust .companies from bunching
their money to finance speculative interest which is al­
ways detrimental to legitimate business.
I believe a law should be enacted to enforce and make
such institutions keep their money equally deposited all
over the United States instead of a few favored banks in
New York.
I believe one of the most effective plans to bring more
money in circulation is for the state to guarantee the
deposits of the state banks and the United States to guar­
antee the deposits of the national banks. This would, I
am sure, bring into the legitimate channels of trade mil­
lions of dollars that are now hid and buried on account
of the occasional failure of some bank and of which
money the business world gets no benefit whatever.
That the state and national government should suffer
no loss, I believe that an indemnity or sinking fund
should be established by taxing each bank a small per­
cent on its capital in the same manner as the redemption
fund is now handled in the national banks, relative to
government bonds. This fund should again be deposited
with the different banks on certificates of deposit, draw­
ing a reasonable rate of interest, which interest is to go
into said sinking fund and the certificates of deposit
should also be secured by approved bond companies.
Thus in case the bank met with disaster the depositors
would immediately receiver their money from the sink­
ing fund and the assets should be taken over by a com­
mittee appointed by the bankers’ association and would

®-

W . S. HARRIS and W . F. M cLANE, Asst. Cashiers.

be handled in a businesslike manner and the proceeds
from such assets, as fast as they are collected, should be
turned into the sinking fund to replace, as far as possible,
the money taken therefrom to pay the depositors. Such
a.n arrangement would, I am sure, do more to help the
situation than any elastic or emergency currency that
could be arranged.
I believe the country has plenty of money to trans­
act all the legitimate business it has, if it is kept in cir­
culation, equally distributed throughout the United States
and used for the honest and legitimate business of the
country.
— E. B. Page,
December 22.
President The First National Bank.
L is b o n ,

N.

D.

E d i t o r t h e C o m m e r c ia l W e s t :

We are^ heartily in favor of a currency reform to the
extent which will give us an elastic currency. At the
same time, we do not favor a currency reform which will
m any manner depreciate the value of our currency. We
do not favor an asset currency. We believe the plan
which was worked out at the meeting, we think held
m Washington, by a committee of the American Bank­
ers Association, together with some other parties, is
the most feasible one proposed thus far.
—R. S. Adams,
December 22.
President First National Bank.
Kasson, M inn.

Editor the C o m m e r c i a l W e s t :
I do not anticipate that the measure will reach us to
any appreciable extent, other than that a stringency will
affect all the banks in the country, by unsettling the con­
fidence of people in their stability.
I can see where the bill will greatly relieve the strin.WL’ CL is so often felt in the money centers and
which keeps so many people watching out for panics’, and
indirectly prove a benefit to the country banks.
I think that the “ Washington” plan presents many fea­
tures that are good, it would be too much to expect that
the plan would spring into being, without fault.
,
_
.— E. E. Fairchild,
December 20.
Cashier National Bank of Kasson.

MR. MITCHELL ON MONEY CONDITIONS.
to the Commercial West.)
Chicago, Dec. 24.—John J. Mitchell, president of the
Illinois Trust & Savings Bank, said Saturday: “ Borrow­
ers recently have provided themselves with funds in ad­
vance to a greater extent than ever before. The fact
helps explain the closeness of the situation in New York.
The New York banks are below their reserves, and while
the matter of six millions more or less either way makes
little difference, the sentimental effect is considerable.
Chicago banks are not below their reserves, while their
deposits are high. There is no tendency to reduce de­
posits that I have observed, nor are the county banks
drawing down their deposits to any extent. The interior
movement of funds is not considerable and very little
money comparatively is coming here from the country.
“ Many loans mature the first of the year, and after
the turn the money market should be less strained. We
try to keep the average of loans month by month as
uniform as possible. With our bank that average is
$6,000,000 a month. Money rates here are 6 and 6J/2 per­
cent. I do not expect to see them any higher and they
will not be lower for some time. Old loans are carried
for 6 percent, but most new loans take 6 l/2.”
Over $3,000,000 in time loans was placed in New
( S p e c ia l C h ic a g o C o r r e s p o n d e n c e


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

York last week by a Chicago bank at 6 percent or bet­
ter, most of the loans maturing before May.
While 6 y2 percent rates are openly talked in Chicago
now, it is probable that for customers the tacit 6 percent
rule is generally observed, although the money situation
is perceptibly more stringent than it was a few months
ago. Last September, however, there was talk in the
street of 7 percent rates in some instances. “ That is a
defense against undesirable borrowers,” explained a bank
official at the time.
The clearing house report for last week showed a
total in clearings of $236,128,363 as compared with $260,720,628 for the corresponding week of 1905, a loss of
$24,592,265. The loss is not indicative of a falling off in
business, however, since the total a year ago was swol­
len by the shifting of accounts incident to the closing
of the Walsh banks.
The Bankers National Bank has declared the regu­
lar quarterly dividend of 2 percent, payable December
3 *.
The Woodlawn Trust & Savings Bank has declared
the regular quarterly dividend of i j j percent, payable
January 2.
Stewart Barrell and David Noyes, it is reported will

THE COMMERCIAL WEST

Saturday, December 2g, 1906

ï7

D IR E C T O R S

Ttye C h a s e -R a tio n a l B a n k

A. B. HEPBURN, P rest.
A. H. W IGGIN, Vice-Prest.
E. J . STALKER, C ashier
S. H. M ILLE R , Asst. C ashier
C. C. SLADE, Asst. C ashier
H. K. TW ITCH ELL, Asst. C ashier

H. W. CANNON, C hairm ar.
OLIVER H. PAYNE
GRANT B. SCHLEY
GEORGE F . BAKER
JAM ES J. H ILL, St. P a u l, M inn.
A. BARTON HEPBURN
JOHN I, WATERBURY
ALBERT H. WIGGIN
GEORGE F . BAKER, Jr.

OF T H E CITY OF N EW YORK

U N IT E D

STATES

D E P O S IT A R Y

(DEC. 14, 1906)
C A P IT A L
S U R P I A JS A N D P R O F I T S (E A R N E D ) D E P O S IT S
- - - - - - - - - -

Foreign Exchange
Department.

withdraw from Finley Barrell & Co., the first of the year
and will form a new house with Chas. Atkinson and Oliver
Olmsted in connection with A. O. Brown & Co., of New
York. Eugene R. Pike, manager of the Milwaukee
branch of Finley Barrell, will become manager of the
firm’s Railway Exchange building branch in the place of
Mr. Olmsted. Mr. Atkinson has been in charge of the
firm’s stock department.

$5,000,000
4,159,000
61,053,000

LIBERAL TERMS
are here extended to banks.
Correspondence relative to the opening of a
St. Paul account is invited.

BANK CLEARINGS.
B a n k c le a r in g s f o r t h e w e e k e n d in g D e c e m b e r 20, 1906, a n d
th e p e r c e n t a g e o f in c r e a s e o r d e c r e a s e f o r t h e w e e k o f le a d in g
c e n t e r s a n d a ll w e s t e r n p o in ts a s c o m p a r e d w i t h th e c o r r e ­
s p o n d in g w e e k l a s t y e a r a s r e p o r t e d b y B r a d s t r e e t ’s :
D e c e m b e r 20 In c . D e c . D e c e m b e r 13
$2,160,378,088
.$2,403,908,183 2 .1
N e w Y o r k ................
223,596,728
4 .5
.
239,385,721 . . .
C h ic a g o ......................
169,431,563
179,485,462 2 .6
B o s to n .........................
152,726,957
158,052,857
11.2
P h i l a d e l p h i a ...........
66,351,736
64,215,229
.6
S t. L o u is ..................
54,116,364
5
.7
51,069,458
.
.
.
P i t t s b u r g h ................
46,166,109
45,091,895 13.2
S a n F r a n c is c o . . . .
30,878,363
32,416,794 8.8
B a l tim o r e ..................
T w in

C itie s

32,304,364 6.0

.............

C i n c in n a ti ................
K a n s a s C ity ...........
N e w O r le a n s .........
M in n e a p o lis .............
C le v e la n d ..................
L o u is v ille ..................
D e t r o i t ......................
L o s A n g e le s ...........
O m a h a) ........................
M ilw a u k e e ................
P r o v id e n c e ..............
B u ffa lo ......................
I n d ia n a p o lis ...........
S t. P a u l ....................
D e n v e r ......................
S e a ttle
......................
M e m p h is ..................
F o r t W io rth ..............
R ic h m o n d ................
C o lu m b u s , O h io . .
W a s h in g to n
...........
S t. J o s e p h ................
P o r t l a n d , O re ............
S a l t L a k e C ity
T a c o m a ......................
S p o k a n e ....................
P e o r i a .................... •. .
D e s M o in e s .............
S io u x C ity ................
W i c h i t a ....................
D a v e n p o r t ...............
T o p e k a ....................
S p r in g fie ld , 111. . .
H e le n a ....................
F a r g o , N . D ............
R o c k f o rd , 111..........
C e d a r R a p i d s .. .
B lo o m in g to n , 111. .
Q u in c y ......................
D e c a t u r , 111..........
S io u x F a lls , S. D .
J a c k s o n v ille , 111. .
F re m o n t, N eb. . .
L in c o ln ....................
O a k la n d ..................

.§
.§

26,669.100 . . .
30,923,019 1 3 .7
27,853,237 6 .7
22,505,526 . . .
19,283,640 17 .4
13,576,267 2 .4
15,008,599 5 .2
13,714,296 35.6
11,894,055 1 0 .1
11,048,540 8.6
9,445,200 2 .6
8,493,622 8 .0
8,296,357
.4
9,798,838 17.8
8,635,077 14.4
9,528,206 45.9
6,138,336 . . .
9,939,084 52.3
6,640,614 13.2
6,386,600 1 4 .0
6,415,353 9 .6
5,550,862 17.6
6,590,679 27 .3
7,988,674 30 .2
5,031,437 20 .6
5,531,351 44.6
3,392,192 . . .
2,942,117 4 .4
2,144,022 8 .0
1,260,441 2 1 .2
898,460 . . .
962.603 14.3
175,043 . . .
1,119,125 2 7 .7
697,433 . ..
593.603 . . .
657,697 17.5
418,687 . . .
450,886 9 .7
*422,066 . . .
403,352 17.4
181,983 . . .
379,730 . . .
1,600,499 . . .
4,031,546 . . .

T o ta l, U . S ..............................$3,588,018,129
T o t., o u ts id e Ñ . Y ................... 1,184,109,946
D o m in i o n

M o n tr e a l ......................
T o r o n to .........................
W in n ip e g ....................
V a n c o u v e r , B . C.
V ic to r ia , B . C .............
C a lg a r y , A l b e r t a ..
E d m o n to n , A l b e r t a

...... §

..... §

38,801,842

1 .4
5 .8

21.7

1 1.1
IL O
33.7

.8

32.9

2 .9
4 .6

25,660,850
30.949.497
27,728,582
24,523,651
16,929,386
13,416,022
14,752,984
12,793,102
11.031.497
10,539,198
9,166,200
8,733,648
8,841,453
9,278,191
8,379,254
10,261,060
7,431,570
8,728,599
7,015,964
5,656,400
6,586,855
5,357,962
7,508,790
8,352,840
4,875,520
6,134,679
3,669,098
2,655,663
2,050,076
I,' 291,180
911,657
968,274
859,292
1,216,733
726,269
757,568
649,546
475,980
460,026
422,066
450,082
285,455
321,262
1,179,832
3,525,866

$3,318,597,993
1,158,219,905

S t . P au l, M inn.

C a p ita l ,

-

-

$ 5 0 0 ,0 0 0

O FFIC E R S :
Jo h n R. M itchell, P resid e n t.
W alter F. M yers, V ice P resid e n t. H a rry E. H allenbeck, C ashier.
W illiam B. G eery, V ice P resident. E d w ard H . M iller, A sst. C ashier.

Marshall 4 Ilsley Bank
M ilw a u k e e , W is.
E N T E R IN G U PON T H E S IX T IE T H YEAR OF IT S EX ISTA N C E.

E sta b lish ed 1847.
C O N SE R V A T IV E

PR O G R E SSIV E

R espectfully Solicits Your Business .
O F F IC E R S AND D IR E C T O R S
G u s t a v R e u s s , P resid e n t
J a m e s K . I l s l e y , V ic e-P re st
J o h n C a m p b e l l , V ice.P rest.
S a m u e l H. M a r s h a l l
R o b e r t N . M cM y n n

Capital $1,000,000

J o h n H . P u e l i c h e r , C ashier
H a r r y J . P a i n e . A sst. C ashier
G. A . R e u s s , M anager South

Side B ranch.
J . H . T w e e d y , J r.
C. C. Y a w k e y

Surplus, $200,000

of C a n a d a .

$37,523,072
27,505,484
12,384,167
3,663,455
1,168,324
1,452,469
, 911,601

31 .8
21.6
26 .1
80.6
49.5
...
...

$33,280,180
27,304,115
13,419,271
3,478,275
1,113,144
1,559,342
849,635

1,713,303
T o t a l ...............................................
$94,625,256 27.6
-¡•Not in c lu d e d in t o t a l s b e c a u s e c o n ta in in g o t h e r i t e m s t h a n
c le a r in g s . § N o t in c lu d e d in t o t a l s b e c a u s e c o m p a r is o n s a r e i n ­
c o m p le te . * L a s t w e e k ’s.

W EALTH OF ENGLAND.
The total wealth of the United Kingdom amounts to £9,188,559,564 ($45,940,000,000), enough to give to every man,
woman and child of the population £207 ($1,035)>"and P10~
duce from a safe investment £7 ($ 35 ) Per bead per annum.
These figures are the result of an elaborate - calculation
made by two well known statisticians, W. J. Harris and Rev.
K. A. Like, and summarized by them in a paper read at a
meeting of the Roval Statistical society. It is also pointed
out that in twelve years, up to 1905, the nation’s wealth had
increased at the rate of about £72,000,000 sterling ($360,000,000) a year.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

The Capital National Bank

Monroe

United
States

and
Clark
Streets,
Chicago

DeposN
tary

Solicits Accounts of Bankers, Individuals
and Firms, and will accord every favor
consistent with conservative banking.
Correspondence Invited.
O FFIC E R S
L. A. Goddard, P resid e n t
N elson N . L am p ert, V ice-P resident
H enry R. K e n t, C ashier
C harles F e rn a ld , A sst. C ashier
Colin S. Cam pbell, A sst. C ashier

i8

THE COMMERCIAL WEST

MINNEAPOLIS
TRUST COMPANY

Central Trust Company
O F IL L IN O IS

No. 4 South Fourth Street,
MINNEAPOLIS,

-

152 M O NROE

M INNESOTA.

Capital, $250,000.

Capital, $2,000,000

C h a r l e s G. D a w e s , P r e s id e n t
L. D. S k i n n e r , A sst. C ashier
W . I. O s b o r n e , ) T, .
D u d l e y H . R o o d , A sst. Cash,
A. U h r l a u b , } V ice-Pres.
W .W . G a t e s , A sst. Cash.
W il l ia m R . D a w e s , C a sh ie r.
A lb ert G. M ang, S ecretary,
M a l c o l m M c D o w e l l , A s s t. Sec,
DIRECTORS.
A. J . E a rlin g ,
P resid en t Chicago, M ilw aukee & St. P a u l R ailw ay Co,
P. A. V alentine,
V ice-Prest., A rm o u r & Co.
A rth u r Dixon,
P rest. A rth u r Dixon T ra n sfe r Co.
C harles T. Boynton,
P lck an d s Rrow n & Co.
A lexander H. R evell,
P rest. A lexander H. R evell & Co.
S. M. Felton*
P reb t. Chicago & A lton Ry. Co.
T. W* R obinson,
Vice-Prest. Illin o is Steele Co.
C h an d ler B. B each,
C. B. B each & Co.
Geo. F . Steele,
In te rn a tio n a l H arv ester C t
W. Irv in g Osborne,
V ice-Presiden
C harles G. Dawes,
Ex-C om ptroller of th e C urrency

„

O FFIC E R S
W m H . Dunwoody, V ice-Pres.
R obert W. W ebb, Sec’y & Treas.

Coupons due and payable a t th is office D ecem ber 1st, 1906.
H elena Gas L ig h t and Coke Co.
M inneapolis Club
N o rth w e stern C onsolidated M illing Co. S e a ttle Gas a n d E lec tric L ig h t Co
S andston e L and C om pany
K aslo a n d Slocan R ailw ay Co.
The M iller P u b lish in g C om pany
L a fa y e tte Club
The K oochiching Com pany
M inneapolis W estern R ailw ay Co.
P o rt A rth u r, D u lu th and W estern
M innesota D eb en tu re Company
R ailw ay Co.

C o r se r

L e s t e r B. E l w o o d , V ice-Pres.
E d w a r d B. N ic h o l s , Secy.

M ilw aukee

In v e stm e n t C o .

E stab lish ed 1870.
M anager N ew Y ork L ife B uilding.
M O R TG AG E L O A N S. R E A L E S T A T E and IN SU R A N C E
Special a tte n tio n g iv en to M anagem ent o f E s ta te s fo r N on-R esidents.
N e w YorK L ife B u ild in g ,
M IN N E A PO L IS

C h as,

J. H e d w a ll

C o , ‘¡ L S c S ?

V

IN S U R A N C E
Placed in our Old Line Companies. Losses adjusted and
paid at this office without discount.
W . Y. DENNIS, P r e s id e n t .
GEO. T . HALBERT, V ic e -P r e s t .
J. S. HOOPER, Se c ’y -T r e a s .

R E A L T Y C O M P A N Y
MINNEAPOLIS

Real Estate Bought, Sold, and Exchanged on Commission.
Property Carefully managed for non-residents.

D. P. Jones, Pres.

W. II. Davis, V«Pres.

D A V I D

P .

C

H

TH O R PE
-

D a v id

R

C .

MANAGER

OF S E C U R IT Y BANK

7 1 8 G u a r a n ty B ld g .,

R .e a l IL sta te i n a ll i t s B r a n c h e s .

Own and offer City Mortgages, Improved Properties
to net 6 p e r c e n t . S E N D F O R L I S T .

N O R T H W E S T E R N

F I R E

A N D

L T Y

C O .

B e ll I n v e s t m e n t C o .
MINNEAPOLIS
In co rp o rated 1889.

CH A S.,

A n d r u s B u ild in g .

E A

Real Estate, Mortgage Loans, Rentals and Insurance.
Management of Estates for Non-residents.

MINNEAPOLIS

-

E

E stab lish ed 1880.

BR O S.
-

T

David C. B e l l , P rest.
J ames B. Su th er la n d , Treas.
W a l t er A. E g g lesto n , Sec’y.

S pecial a tte n tio n given to m an ag em en t o f e sta te s o f n o n-residents.
S a tisfa c to ry refe re n c e to local a n d e a s te rn p a rtie s.

M IN N E A P O L IS . M IN N .

U

M IN N E A P O L IS
Minneapolis and St. Paul Realty of all Kinds.

Mortgage Loans, Real Estate and Rentals
Commerce Building,

$ 3 ,0 0 0 ,0 0 0 .

301 Central Avenue and 803 Phoenix Building,

(E stab lish ed 1868. In co rp o rated 1900)

Main Floor Bank of

O V E R

Geo. B rum der, P resid en t.
Geo. P. M ayer, V ice P resid e n t.
E. A . R eddem an. A ss’t C ashier.
A lfred G. Schultz, C ashier.
M. W . Tobey, A ss’t C ashier.

C O .

&

W is.

ACCOUNTS OF COUNTRY BANKS SOLICITED.

W. C. McWhinny, Sec. 4 Treas

J O N E S

M

R E SO U R C E S

M o rtg a g e L o a n s a t L o w e s t R a t e s .

Y A L E

Surplus, $500,000

VD* lUEiKS

T ran sa cts a T ru st and A gency b usiness only. Does n o t do a ban king
business. A cts a s E xecu to r, A d m in istrato r, G uardian a n d T rustee.

E l w o o d S. C o r s e r , P res.
W il l i a m B. T u t t l e , Treas.

STREET

CHICAGO

Surplus, $150,000

E lbridge C. Cooke, P resid e n t
Wm. G. N o rth ru p , V ice P res.

Saturday, December 29, ígob

O.

B U IL D IN G

ELWOOD,

/-—
A choice lis t of

M IN N E A P O L IS.

N orth w estern F a rm L o an s.
Large tracts of Farm Lands and Ranches at wholesale
in the Northwestern States and Canada.

M A R I N E

I N S U R A N C E

C O .

M INNEAPOLIS
TeL

{%

4707

IN C O R PO R A T ED U N D E R T H E LA W S O F M IN N ESO T A

13 I S ^ N ^ l f h

O F F IC E R S
Chas. F . Sims, P resid en t.

W. A. Laidlaw , V ice P re s t.

Jam e s D. B row n, V ice P re s t.

O tto O. Tollefson, S ec’y a nd M anager.

Chas. C arothers, Treas

KETTLE RIVER QUARRIES COMPANY
BUI LDI NG STONE, Curbing, Crosswalks,
Stone and Creosoted Wood Blocks for Pavement.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

General Offic e s :
954 Security Bank Bldg., Minneapolis, Minn.

THE COMMERCIAL WEST

C A P IT A L A N D

SURPLUS,

$350,000.00

G O V E R N M E N T D E P O S IT A R Y .
W e w ill appreciate investigation of our facilities for handling the accounts of banks.
Jam e s F. Toy, P res.

A ckley H ubbard, V. P res.

J . F red Toy, C ash.

F . W . K am m ann, A sst. C ash

OPPOSED TO BRANCH BANKS.
(S p e c ia l C o r r e s p o n d e n c e to t h e C o m m e r c ia l W e s t.)

Madison, Dec. 24.—Legislation prohibiting the estab­
lishing of any more branch banks, requiring greater
safeguards to be placed around savings deposits and pro­
viding for semi-annual, instead of annual examinations of
banks, is recommended by State Banking Commissioner
Bergh, in his annual report just made public. He says
that “ unless the several states devise methods of perfect­
ly safeguarding savings deposits, the day is not distant
when postal savings banks will be inaugurated by the
federal government.
“ The savings of wage-earners and other persons of
small means, accumulated as they generally are by in­
dustry and strict economy, ought,” he declares, “ to be
treated in all legislation apart from commercial and other
bank deposits.” He believes that the legislature^ should
enact a law “ defining savings deposits, prescribing the
character of the securities in which they may be invest­
ed and providing that such funds are trust funds in the
strictest sense, and that investments made from them
should be kept separate and distinct from other invest­
ments of a bank.”
The commissioner says that a halt should be called
on the further establishment of branch banks. The sys­
tem of branch banking is, he declares, contrary to the
spirit and intent of the Wisconsin banking law, because,
each branch being a bank to all intents and purposes, a
banking corporation is thus permitted to conduct several
banks on the capital prescribed and intended for one

bank. Recently large banks in Milwaukee, Madison and
other cities have established branches.
If trust companies are to be allowed to continue to
receive deposits, they should be explicitly authorized to
do so, says the commissioner. Under the present law
there is some doubt as to the extent of the powers con­
ferred on these companies. If they are to be permit­
ted to receive deposits, such funds should, Mr. Bergh
says, “ be surrounded with the same safeguards as those
of other financial institutions, to the end that all de­
posits belonging to the category of savings be treated
alike.”
The total increase in deposits in state and national
banks of Wisconsin during the past year was $28,484,007.82, or about $13 for each man, woman and child in
the state. Of this increase $12,859,018.87 was in deposits
in state and $15,624,988.95 in national banks. There are
120 national banks in Wisconsin.
The total number of banks under the supervision of
Commissioner Bergh is 406, of which 404 are regular
state banks and two mutual savings banks. This is an
increase of sixteen during the year. Their total deposits
are $96,534,656.27 and their total resources $114,308,381.52.
The number of trust companies increased from 7 to 11,
and their total resources from $6,348,114.99 to $7,717,1:64.12!.
.
The commissioner says that his examiners should re­
ceive higher salaries. They get $1,800 and expenses now.
The commissioner’s salary is $3,000. The receipts of the
department cover about one-third of its expenses.

PROSPEROUS YEAR FOR MILWAUKEE BANKS.
(S p e c ia l C o r r e s p o n d e n c e to t h e C o m m e r c ia l W e s t.)

Milwaukee, Dec. 24.— Clearing house figures for the
year 1906 in Milwaukee will show the unprecedented in­
crease of about $60,000,000 over the total figures in clearing
for the year 1905. The average monthly increase for the
year has been over $5,000,000. In September and October
the increase exceeded $10,000,000. The total clearings in
1905 were $430,472,761.65, as against $408,769,461.92 m
the year 1904, showing an increase of $21,703,299.73. The
anticipated increase of $60,000,000 for this year is almost
three times that of last year.
As a result of the proposed reorganization of the Mil­
waukee Trust Company, made necessary by the death
of J. H. Vap Dyke, Jr., its president, David C. Greeng who
for six years has been connected with the Pennsylvania
Railroad Company, and who formerly was a well known
business man of Milwaukee, will return to this city to
become the active vice president of the Milwaukee Trust
Company.
The election of officers of the company will take place
on January 8, at which time it is expected that Robert
Camp, now vice president, will be made president. It also
is expected that Mr. Green and Charles Allis will be
elected as vice presidents. As Mr. Allis does not desire to

UNITED

STATES

W ILL GOVERN
VALUES.

MONEY

The London Economist says: “ The country that will
govern the value of money in the spring of next year will
be the United States.
As we recently pointed out, the
United States has absorbed in 1906 about one-half of the
world’s total output of gold; and if it needs a similar amount
next vear profitable rates for money will be witnessed in
London practically throughout next year
However the
Digitized foramount
FRASERof gold that will next year be taken by the United
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Federal Reserve Bank of St. Louis

take an active part in the affairs of the company, Mr.
Green will become the active vice president.
The close of 1906 will mark the end of one the most
prosperous years Milwaukee banks ever have enjoyed.
They have all participated in the era of business expan­
sion. At the annual meetings, which with few exceptions
will be held on January 8, 1907, the boards of directors
will have reports to make to stockholders that in some
instances, it is said, will be astonishing.
The custom in vogue in some banks of remembering
employes with presents of a month’s salary or in other
substantial ways will be observed as usual. As far as
known, there will not be many changes in the manage­
ment of any Milwaukee banks. The changes in the offi­
cial staff of the First National Bank, by which Cashier F.
J. Kipp and Assistant Cashier T. E. Camp will sever their
connection with the bank, already have been announced.
The four trust companies, the Wisconsin, Milwaukee,
Fidelity and Citizens, are required by law to hold their an­
nual meetings on the second Tuesday of January of each
year. The trust companies also have enjoyed a pros­
perous year.
The same also may be said of title guarantee and safe
deposit companies.
States is in a large measure dependent upon whether or not
congress passes legislation by which an emergency bank note
issue can be created in the autumn months. If legislation be ef­
fected. then the supplies of new gold next year will be more
than sufficient to meet the demands, and relatively dear
money in the* early months of the year will be followed by
comparatively cheap money in the summer and in the autumn.”

THE OUTCOME.
A long green Christmas makes a lean pocketbook.—Ana­
conda Standard.

20

T H E C O M M E R C IA L W E S T

Saturday, December 29, 1906

The First National Bank
of Minneapolis
United

States

Depository.

STATEMENT OF CONDITION NOV. 12, 1906.
R esources.

L ia b ilities.

Loans and Discounts................$ 11,361,139.33
Railroad and other bonds.........
855,500.00
United States bonds, at par - •.. 1.170,000.00
Cash on hand and due from banks 5,494,963.99
Bank Building.......................
287,633.86
$ 19,169,237.18

Capital Stock........................... $ 2,000,000.00
Surplus and Undivided Profits.
1,752,894.44
Circulation................................
859,995.00
Deposits....................... 13,866,347.74
Bond Account...........................
690,000.00
$ 19,169,237.18

OFFICERS:
F. M. PRINCE, P residen t C. T. JAFFRAY, V ice-P residen t GEO. F. ORDE, C ashier
D. MACKERCHAR, A sst. C ashier
ERNEST C. BROWN, A s s t. Cashier

E S T A B L IS H E D

1872

Northwestern National Bank,
Minneapolis.
SURPLUS AND PROFITS.

October 2,
September
September
September

1890...............................$389,917.39
28, 1895 ..........................557,377.52
5, 1900......................... 393,042.06
4, 1906......................... 950,714.91

October 2,
September
September
September

1890......................... $ 2,982,166.82
28, 1895............ ; ... 4,011,594.09
5, 1900..................... 5,565,442.95
4, 1906.................... 12,242,329.36

DEPOSITS.

OFFICERS:
WM. H. DUNWOODY, President,
FRANK H. HOLTON, Ass’t Cashier
VlCG President>
CHAS. W. FARWELL, Ass’t Cashier,
EDWARD W. DECKER, Vice President,
ROBT. E. McGREGOR, Ass’t Cashier.
JOSEPH CHAPMAN, Jr., Cashier.

An average of over 8 per cent annual dividends paid to stock­
holders since organization in 1872. Dividends paid since organ­
ization $2,410,000.00.
Accounts of conservative banking houses solicited.
your Northwestern Collections.

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Federal Reserve Bank of St. Louis

Send us

21

T H E C O M M E R C IA L W E S T

Saturday, December 29, 1906
C A PITA L AND SU R P L U S,

$ 5 ,0 0 0 ,0 0 0

R E S O U R C E S , $ 2 5 ,0 0 0 ,0 0 0

Established 1810

S en d y o u r E astern business to

The Bank of Pittsburgh
NATIONAL

ASSOCIATION

Invites the A cco u n ts o f C onservative B a n k s. In terest on B alances.
WRITE FOR BOOKLET,
W. F . B IC K E L , C ashier
J . D. A Y RES, A sst. C ashier

JO S E P H R. PA U L L , V ic e-P re sid en t
W . L. JA C K , A sst. C ashier

W ILSO N A. SH A W , P resid e n t
J . M. R U SSE L L , 1st A sst. C ashier

SEATTLE BANKERS DISCUSS FARM LAND LOANS.
( S p e c ia l C o r r e s p o n d e n c e t o T h e C o m m e r c ia l W e s t.)

Seattle, Dec. 20.—Seattle bankers are divided in opinion
concerning the desirability of the bill recently passed by the
national bouse of representatives, authorizing national banks
to make loans on real estate security, becoming a law.
Opinions are divided also as to whether the senate will pass
the bill. The following discussions of the subject by Seattle
bankers are based on the assumption that the bill provides
for loans on all classes of realty, whereas farm lands alone
are specifically provided for in the measure. However, the
ideas expressed are valuable contributions to a discussion
of the subject.
Real

E s ta te S h o w A ssets.

R. B. Spencer, first vice president of the National Bank of
Commerce, says that the commercial banks in the cities will
not change their policy in regard to loans on real estate
security should the bill become a law. “ Here,” he says,
“ one almost never lends money on real estate. We feel that
we must keep our assets in liquid form. 1 he money tied up
in real estate loans is sometimes difficult to get hold of
when it is worst needed.”
He considers that this busi­
ness is mainly for the trust companies, the life insurance
companies and the savings banks whose assets aie of a
more permanent character than those of a commercial hank.
Advantage

to C o u n try

Banks.

E. W. Andrews, president of the Seattle National Bank,
evidently agrees with Mr. Spencer that r'eal estate is a slow
asset. He says that if real estate could be transferred im­
mediately and converted into money as readily as personal
property and other securities then it would be good policy
for national hanks to engage in the making of such loans as
is proposed by the new bill. The trouble with real estate as
security at present, Mr. Andrews says, is that it takes five
or six months of a year to get a mortgage foreclosed and

then it is subject to redemption by the borrower for an­
other year.
Mr. Andrews is also of opinion that the
national banks in the cities would not lend very much money
on real estate security.
But in the country where the
deposits are generally made for longer periods, the plan
would prove of great advantage to the farmers.
L i k e s R ea l E s t a t e S e c u r i t y .

Jacob Furth, president of the Puget Sound National
Bank, has the fullest confidence in real estate as security.
He says : “ I think loans on real estate as provided for in
the terms of the bill are perfectly safe. With a restriction
as to the amount of such loans to be undertaken by the banks,
I think it absolutely safe and proper for national banks to
take up the business of making loans on real estate, taking
first mortgages as security.” Mr. Furth is, however, of
opinion that it would not be practicable for national banks
to loan on real estate for long term periods.
Favors

B ill

W ith

Some Changes.

J. A. Hall, cashier of the First National Bank, favors
the bill with limitations. He says : “ When the national
banking law was framed, prohibiting the loaning of money
on real estate, conditions governing property were different
from what they are at present. I think that under the proper
restrictions as to the percentage of a bank’s loans that may
be given out on real estate security such loans would be
perfectly safe. Real estate is absolutely safe as security
and while it is true that the land itself is not so readily
convertible into cash when needed as other forms of security
the mortgage given to secure it is convertible into cash.”
Mr. Hall also makes this point: “ The safety of any bank
depends on the careful conservatism of its management and
it is to be presumed that the same care would be used in
handling real estate loans as in the case of any others made

FAVORS LOW TAXED CURRENCY.
( S p e c ia l C o r r e s p o n d e n c e to T h e C o m m e r c ia l W e s t.)

Des Moines, Dec. 22.— On learning that the committee on
banking and currency of the National House of Representa­
tives had reported the elastic currency measure practically as
devised by the American Bankers currency commission but
with an increase in the tax against the issue of ciedit cuirency by national banks from 2 jJ to 3 percent. Arthur Rey­
nolds, president of the Des Moines National Bank and chair­
man of the original American Bankers currency committee
said :
“ While I am gratified that the house committee on bank­
ing and currency has decided to make a favorable report
on the new emergency currency plan, I think the committee
is making a mistake in increasing the proposed currency tax
from 2>4 to 3 per cent. This would make the currency more
expensive to the banks and consequently more expensive to
the public.”
Mr. Reynolds, who is chairman of the legislative committee

W ILL HAVE PENSION FUND.
In the thirty-fifth annual report of the Bank of Hamilton,
President Gibson announces :
“ The bank’s reserve having already attained 100 per cent
of the capital, the directors have thought that, rather than
add further to it from the balance of profit and loss, it was
right that some initial provision of fair magnitude should be


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Federal Reserve Bank of St. Louis

of the American Bankers’ association and a member of the
currency commission, attended the hearing before the house
committee last week and presented the arguments in favor
of the new plan in considerable detail.
“ Our view,” continued Mr. Reynolds, “ is that the most
important thing in connection with this currency is quck re­
demption, so that the money will be on hand for prompt
issuance whenever another period of financial stringency
should occuy.
We feel, contrary to Secretary Shaw and
some members of the house committee, that the rate of inter­
est has no particular bearing on the feature of redemption.
The money will come back to the banks for redemption, in
any case, whenever the period of stringency is past. A high
interest emergency currency would simply be a burden on the
public. Whatever arrangement is most profitable for the
banks will be the cheapest for the public, and the higher the
rate of interest is made, the more expensive the currency will
be for the public.”
made toward the establishment of a pension fund for the
staff which has so long and faithfully served the institution.
It is proposed to submit the matter to the shareholders at
the next annual meeting.”
Ten percent of Colorado’s population, it has been esti­
mated, is dependent on wages earned by employes of the
Colorado Fuel & Iron Company,

22

T H E C O M M E R C IA L W E S T

Saturday, December 29, 1906

WISCONSIN SAVINGS, LOAN AND TRUST COMPANY
H U D SO N , W IS

$ 100 , 0 0 0 .0 0
MAKES A SPECIALTY OF SELLING

PRIME

FARM

MORTGAGES

And looks after collection of interest and principal,
when due, remitting same to its clients at par.
Issues Its Debenture Bonds
Executes all Trusts
OFFICERS AND DIRECTORS
N. B. Bailey, President.
F. B. Brown, Vice President.
F. E. Settergren , Vice President.
C. N. Gorham, Sec’y and Treas.
G. W. Bell , Spencer H aven, B. E. Grinnell .

The CITY NATIONAL BANK of Duluth, Minn.
C a p ita l, $ 5 0 0 ,0 0 0 .

JO S E P H SE L L WOOD, P resid e n t
A. H . COMSTOCK, V ice-P resid en t
W. I. P R IN C E , C ashier
H . S. MACGREGOR, A sst. C ashier

Your collections will be promptly and intelligently attended to.
We make a specialty of grain drafts.

& KJ
S TA U R G I S

C A YA

U n ite d S ta te s G overn m en t D e p o sita ry .

%JL,

BANK ERS A N D BROKERS
50 Congress St., BOSTON.

Members Boston Stock Exchange.
Direct and Exclusive Private Wires to BOSTON, NEW YORK, CHICAGO and HOUGHTON, MICH.

D U L U T H B R A N C H : 3 2 8 W est Superior S t. OId1857 °ne

/?. G. H U B B ELL, M anager.

E v e r y banker realizes the element of risk to w hich the funds, placed
in his care for safe keeping, are subjected.
The
know ledge that he
m ay w ake up an y m orning to find his vault blow n and his safe rifled, is the
source of more or less uneasiness, according to the tem peram ent of the individ­
ual.
T h is risk can be elim inated and the entire contents of the vau lt absolutely
protected from b u rglary, insuring continued confidence on the part of the de­
positors, b y the installation of our complete electrical steel vau lt lining in the
vau lt of the bank. We give an absolute guarantee— w rite us.
;

A M E R I C A N B A N K P R O T E C T IO N C O M P A N Y ,
M I N N E A P O L I S , M IN N .

_

A

The American Mortgage & Investment Co.
251-2-3-4 Endicott Bldg.,
ST. PAUL, MINN.
O ffers

CHOICE FARM MORTGAGES
to conservative in v esto rs a t a ttra c tiv e ra te s. Cor­
respondence invited. A ll loans personally in sp ec t­
ed. Send fo r ou r lis t of loans.
H E N R IK STROM,
G. B. EDG ERTO N,
P resid en t.
V ice-P resident.
W. T. SU CK O W , Sec. an d T reas.

W. B. McKeand & Co.
The Rookery
C H I C A G O
Commercial P aper . I nvestment S ecurities .
Write for Special Circular.

LUMBER EXCHANGE CO.
M IN N E A PO L IS.
P A I D U P C A P IT A L ,

-

$ 5 0 0 ,0 0 0 .0 0

H . C. A k e l e y , P re st.

F . A . C h a m b e r l a in , V ice. P re st.
J . S. P o r t e o u s , Secy, a n d Treas-

SA FE

D E P O S IT

V A U LTS.

Boxes $ 4 .0 0 u p w a rd s p er y e a r.


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WALTER

W.

CARR

BROKER.
U n listed S e c u r itie s
A rizona, Mexico an d M ontana Copper, N evada Gold, C obalt Silver, Wisconsin L ead & Zinc.
R eference: City N atio n al B ank, D uluth.
B oth Phones 1805.

202*3 M a n h a t t a n B u ild in g ,

D u lu th , Minn.

THE COMMERCIAL WEST

Saturday, December 29, 1906

23

The Old Reliable
Organized

Capital
FIRST
Surplus
National
WINONA
Bank
1861
Write us
Liberal terms to Banks and Bankers
Minn.

$225,000.00
225.000. 00
450.000. 00

BIG HOLIDAY BUSINESS IN MILWAUKEE.
(S p e c ia l C o r r e s p o n d e n c e to t h e C o m m e r c ia l W e s t.)

Milwaukee, Dec. 28—Milwaukee has just passed
through the largest holiday business transaction in its
history, and the magnitude of the trade indicates that the
city is in the most healthful financial condition yet known.
E very line of trade seems to have partaken of this unprec­
edented prosperity, and the merchants, jobbers, manufac­
turers, etc., have reaped a genuine harvest of coin and
increased business prosperity. Estimates place the total
number of new business institutions, in manufacturing
plants, wholesale and jobbing and retail concerns, at
nearly 1,000 nearly all of which were established as a re­
sult of trade conditions here. These additional concerns
represent about $1,500,000 in additional capital directly
invested, to which may be added $4,000,000 to $5,000,000
in increased bank capital and that of already large manu­
facturing concerns which were compelled to enlarge or
treble their former capacity. The bank scandal of more
than a year ago has been entirely discounted, while the
payment, by Milwaukee companies, of more than $2,000,000 in insurance losses in California, has been forgotten.
In addition to local trade more than $3,000,000 worth of
merchandise- was imported to Milwaukee during the year,
upon which the local custom house collected $700,000 in
duties, while $1,200,000 worth of articles came duty free.
M a r in e V a lu e s in

H arbor.

In the harbor of Milwaukee this winter are tied up
for the winter season vessels of the aggregate value of
more than $8,000,000, which includes three of the largest
modern steel steamers that float on the great lakes, and
numerous others.
M i l w a u k e e ’ s $500,000 A u d i t o r i u m .

All preliminaries have now been complied with to as­
sure to the city the $500,000 public auditorium building,
work upon which will begin in early spring. To meet
the cost, citizens raised $250,000 by popular subscription,
and the city, under a state law, will furnish the other
$250,000, by bonds or direct taxation.
P o s t o f f ic e

Box

Rent

Advanced.

Under orders from Washington, all box rentals in the
Milwaukee postoffice will be advanced 100 percent on
January 1. This is in carrying out the department decis­
ion to equalize rentals in the various large offices of the
country :
A D e b a t e in t h e C h a p t e r .

The Milwaukee chapter, American Institute of Bank
Clerks, has arranged to conduct a debate upon im­
portant financial questions at its next session, Jan. 11.
The chapter here' is making rapid advancement and has
arranged a course of the best lectures for the coming
year.
,
M ilw a u k e e

C oa l

R eceipts.

During the season of navigation, just closed, the total
coal receipts in the port of Milwaukee were 3,302,897

QUICK CONVICTION FOR BANK ROBBER.
Bankers generally will be interested in the quick convic­
tion and sentence of Joseph S. Kerns, who some time ago
robbed a bank in Newton, Kansas of $1,800 and shortly after­
wards was captured after holding up the J. V. Brinkman
Company bank, in Great Bend, Kansas, in daylight. Kerns
was caught on December 8, and eleven days afterwards plead­
ed guilty and was convicted and sentenced to the penitentiary
for from ten to twenty-one years. The circumstances_ of
Kerns capture, as related in a letter written by J. V. Brinkman, were as follows : “ On the morning of December 8, a
robber entered onr banking room and covered our office force
with a revolver. We were taken by surprise and were en­
tirely at his mercy.
“ Our assistant cashier was working near the vault. See­


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Federal Reserve Bank of St. Louis

tons, 2,557,661 tons of bituminous, and 745,236 tons of
anthracite, against a total of 2,819,841 tons in 1905.
T h e B a n k i n g C o r r e s p o n d e n c e S c h o o l.

The move to enlist the interests of the state university
in the formation of a correspondence school for the
study of “ Money and Banking,” mentioned last week in
this correspondence as being under way, has received
hearty encouragement from Prof. W. A. Scott, the finan­
cial scholar of the university, who has given a number of
lectures before the Milwaukee chapter, Institute of Amer­
ican Bank Clerks. In a letter to J. H. Puelicher, father
of the move in Wisconsin, Dr. Scott declares that he
would be glad to assist in the formation of a school for
the study of practical banking—one which would take
within its scope men who are already bankers, as well as
clerks and the beginner. Dr. Scott is at present at the
head of the class in banking inaugurated in Milwaukee
recently as the result of a generous offer by Fred Vogel,
Jr., president of the First National. It now looks as
though a correspondence school will be opened by the
university early in the new year.
M o n e y S t r o n g a n d in D e m a n d .

The local money market continues strong and firm
up to the closing week of the year. The offering of out­
side' paper at 6x/2 percent has stimulated the local mar­
ket, which remains strong at 6. The eastern situation
holds the market here firm.
Ba n ks G iving

C h ristm a s

R em inders.

A number of the banks here gave employes the usual
Christmas reminders, usually in the shape of one month’s
extra pay. Several of the Milwaukee banks, however,
have adopted the plan of annually advancing wages in
keeping with the nature of the service rendered. This is
a sort of stimulus to good work. The Wisconsin Nation­
al inaugurated this plan two years ago.
M illio n a ire s s A s k s f o r D ivo rce .

Mrs. Clara Schandein-Heyl, daughter of the late mil­
lionaire brewer, Emil Schandein, whose estate has just
been settled after a sensational suit in the probate court,
has sued her husband, Jacob Heyl, for absolute divorce.
The charges are most sensational in character. Heyl
was discovered in a steerage passage on the ocean some
years ago by Mrs. Schandein, who took him and prac­
tically raised him. His wife last week paid over $100,000 in inheritance tax upon her father’s millions, of which
she was the chief beneficiary.
W ill

B u ild

R e f r i g e r a t o r C ar s.

Shops of its own, at a first cost of $100,000, will be
built in this city by the Milwaukee Refrigerator Transit
Company, of which Fred Pabst, former vice-president
of the Pabst Brewery, is the president. Five acres of
land have been purchased by the company for the plant.
Too

M a n y S m a ll

B ills.

The Milwaukee shopping public unloaded many thou­
sands of $1 and $2 bills on the shopkeepers during Christ­
mas week, with the result that the market is about glut­
ted with the bills of those minor denominations.
ing that a holdup was attempted he stepped into the vault and
threw the lever on our giant burglar alarm system. The
robber was thunderstruck by the deafening roar. He lowered
his revolver and seemed dazed. He muttered aloud, “ So they
have turned the alarm on me.” Then he turned and fled from
the bank. Tf was too late. From every direction the citizens
were coming with guns. He was cornered in less than a block
and a hundred armed men surrounded the building where
he had taken refuge. He was captured. We did not lose a
cent”
The alarm referred to is that of the American Bank Pro­
tection Company, of Minneapolis, which has contracted for
the installation of one hundred of its systems in the last three
months. The demand for the burglar alarm systems has
exceeded the output, the company having only been able to
ship ninety systems in this period.

THE COMMERCIAL WEST

24

Saturday, December 29, 1906

T H E FIR S T N A TIO N A L BAN K OF FARGO
FARGO, N O R T H D A K O TA .

ROUT, JONES, President
E. J . WEISER, Vice-President

FRED A. IRISH, Cashier
S. H. MANNING, Auditor

Capital and Surplus, $ 2 5 0 , 0 0 0 .

Depository of the United States.

T h e O ld e s t a n d L a r g e s t B a n k in th e S t a t e .

S e n d u s y o u r N O R T H D A K O T A b u s in e s s .

THE WORLD’S LARGER BANKS OF ISSUE.
The present currency discussion which has engaged
the attention of bankers conventions, taken up much
space in financial journals, and been the important item
in the reports of both the secretary of the treasury and
comptroller, of the currency, will now be shifted to the
floors of congress.
The measure for currency reform formulated by the
New York Chamber of Commerce and the committee of
the American Bankers Association has brought the matter
to a focus.
The discussion has also brought out considerable in­
quiry as to the various currency systems now in use in
different commercial nations. A brief statement of the con­
ditions under which some of the leading banks of issue
operate in the note issue department will no doubt interest
many readers who desire to know in what respect our
currency differs from the bank notes that circulate in other
countries.
T h e B a n k o f E n g la n d.

The great bulk of the currency of England is issued by
the Bank of England. The British government issues
none. The issue department of this bank is quite sep­
arate from the banking department. The note issue is
limited to the amount of metallic reserve plus govern­
ment and other securities. The Bank; of England issues
no uncovered notes. The volume of notes outstanding
July, 1906, was $260,000,000;* against a like amount of
assets made up of $175,000,000 in gold coin and bullion
and the balance in government and other high grade se­
curities.
The Bank of England is not a government bank but
a stock corporation, though it acts as the government’s
financial agent. The bank was chartered in 1694 and is
still issuing notes under laws passed in 1844. It is, no
doubt, the most commanding bank in the world’s inter­
national commerce.
T he B a n k of France.

The Bank of France, organized by Napoleon in 1800,
is the greatest bank of issue in the world. The volume
of notes issued runs up to over 1,000 million dollars. The
limit has recently been placed by government act at
1,160 millions, but as the bank is considerable of a state
institution it may be further extended in the future. The
Bank of France has the exclusive privilege of note issue,
and it maintains a reserve of 800 millions in gold and sil­
ver to protect its vast volume of currency.
Im p e ria l

Bank

of G erm any.

Most of the currency of Germany is issued by the Im ­
perial Bank, though a few other banks issue small amounts
and the government also has out a small volume of notes.
The present bank was established in 1875. Its notes are
issued against the general assets of the bank, which re­
main in the bank and are not set aside. A metallic reserve
is required to be maintained of one-third the volume of
notes outstanding. If notes are issued beyond this limit
they are subject to a 5 percent tax. These emergency
credit notes have been issued on several occasions by the
Imperial Bank. In 1881, ’82, ’89, ’90 and in 1893 the bank
resorted to such credit notes.
B ank of A u s tra -H u n g a ry .

The Bank of Austro-Hungary at Vienna is one of the
large financial institutions of Europe, with assets well up
over 500 million dollars. For the note circulation of 400
millions it carries a reserve of 40 percent in gold and
foreign credits.
T h e B a n k o f R ussia.

The Bank of Russia is purely a creature of the gov­
ernment, though organized as a corporation. It issues
notes to the amount of 700 million. These notes are
issued against the general assets of the bank in gold and
government and other securities.
B a n k o f Spa in .

The Bank of Spain, at Madrid, was established in 1849.
The note issue is limited to 300' million; a cash reserve
of one-third the volume of the currency being the legal re­
quirement. One-half of this must be in gold.
B a n k of Italy.

As modern banking had its origin in Italy dating back
to the twelfth century this country occupies a special
place in commercial history. As early as 1587 the Rialto
Banks of Venice received deposits subject to call. The
banks of Genoa and Venice in 1609 began issuing ware­
house receipts for coin which passed current to some ex­
tent. These might be likened to the present gold and


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silver certificates issued by the United States government.
Various Italian banks of issue have come and gone
since the famous “ Merchant of Venice” was active on
the Rialto.
The present Bank of Italy was established in 1859. It
has the exclusive note issuing power. * The volume of
notes is limited to $160,000,000, and a cash reserve mast
be maintained of at least one-third the note issue.
T h e B a n k of Sweden.

The Bank of Sweden is the bank of the state, dating
back to 1656 and is now the sole bank of issue. Prior
to 1904, when the new law was enacted, other banking
corporations issued about one-half the currency. The
time limit for the. retirement of these issues was placed
at January 1, 1907.
The volume of notes of the Bank of Sweden is limited
to its capital, and metallic reserve plus its credit with
foreign banks.
B ank of

N orw ay.

The Bank of Norway was established in 1816 and is
only bank of issue. The volume of such currency is lim­
ited to twice the amount of the reserve.
N a tio n a l

D anish

Bank.

With the National Danish Bank the reserve must be
equal to three-fifths of the note issue and the volume
is limited to 30 millions beyond the specie reserve.
B a n k of S w itz e rla n d .

Formerly the banking law of Switzerland permitted the
organization of banks of $100,000 capital and the privilege
of note issue to double the paid-up capital against a re­
serve which should be at least 40 percent of the volume
of notes. These notes were issued through the federal
government as in the United States. The new law has
retired the issues of the 34 banks that were putting out
circulation and note issue is restricted to the National
Bank of the Swiss Confederation. This bank has a capital
of $10,000,000, and may issue notes without fixed limit,
against a reserve of coin, bullion and commercial paper.
A. metallic reserve must be maintained of 40 percent of the
volume of note issue.
B a n k of N ethe rla nd s.

The Bank of Netherlands, which has its home office at
Amsterdam, has a capital of $6,500,000. There is no fixed
limit to note issue, but the bank must maintain a 40 per­
cent reserve in gold or silver against its notes and de­
posits.
N a tio n a l B a n k o f Japan.

In 1872, Japan established a national banking system
patterned after that of the United States. There were
some 200 banks throughout the country, each having the
privilege of issuing notes. This system was superseded
in 1882 by establishing one central bank of issue, the
Imperial Bank of Germany being used as a model. The
capital of the Bank of Japan is some $15,000,000. Its de­
posits run at about 225 millions, and the note issue has
a volume of 15O' millions. These notes are issued against
a gold reserve of 60 millions, and the balance in govern­
ment and other securities. All notes issued above the
reserve are subject to a tax of 5 percent as are the credit
notes of the Imperial Bank of Germany.
It will be noted that the tendency of recent changes
in the banking laws throughout Europe as well as in
Japan is to restrict note issues to some large central bank,
such as the Bank of England, France, Russia, Italy, Spain.
Austro-Hungary, Sweden, Norway, Switzerland and
Japan. Most of the banks are more or less under govern­
mental control, though not owned by the government,
except the Bank of Russia.
T h e Scotch

Banks.

The present Scotch system of banking dates from 1695,
when the Bank of Scotland was organized. This was
followed by others and there are now ten banks of issue
with branches to the number of 900. The Scotch banking
system is the model of those who advocate “ free banking,”
that is banking with the least possible legal restrictions
and governmental regulation.
(The Canadian system
is along the same general lines.)
Banking in Scotland has developed according to the
demands of trade. While there are now some legal re­
strictions, for 100 years prior to 1844 there was no legal
limit to the note issue, yet there was no depreciated cur­
rency or other financial disaster. The volume of note
issues are now limited to the amount of the paid-up cap­
ital. The ten banks of issue have an aggregate capital of

Saturday, December 20, 1 906

THE COMMERCIAL WEST

some $50,000,000, a surplus of $30,000,000, deposits of $500,000,000, and a note issue averaging $40,000,000. Only three
failures are recorded in the history of Scotch banking, and
all were due to fraudulent acts of the managers. Follow­
ing one of these failures the practice began of paying
interest on the notes of failed banks for a limited time
to insure prompt redemption and to prevent their falling
below par. This plan is practiced by the Canadian banks.
They maintain a fund with the Dominion government
and the notes of the Canadian banks are protected in this
way.
The

C a n a d ia n

B a n k in g

25

EUGENE

M.

C u r r e n c y of th e U n ite d States.

& CO,

C O M M E R C IA L PAPER
M UN ICIPAL, C O R P O R A T IO N AND RA ILRO AD

S yste m .

The Dominion government, like ours, issues some
notes, but the bulk of the Canadian currency is supplied
by the 36 chartered banks. These banks must have at
least $500,000 of paid-up capital and their note issue is
limited to their capital. The total banking capital on
June, 1906, was $91,000,000, reserve $63,000,000, note issues
of $69,000,000 and deposits of $598,000.000.
Under the Scotch and Canadian, as well as under the
United States systems, there is marked difference in re­
gard to proportion of note issue to deposits, as compared
with the large European banks of issue. While in the
latter the note issue is usually the much larger item, in
Scotland, Canada, and the United States the deposit ac­
count is about ten times the note issue, showing a vast in­
crease in credit transactions as represented in drafts,
checks, etc.
The elasticity of the Canadian currency is shown in
the change in volume of notes from 57 millions in January
to 76 millions in October, an increase of some 32 percent.
These figures are for 1905.
The Canadian bank note is not subject to any tax, nor
is any special cash reserve required by law, against notes
and deposits, except the 5 percent redemption fund to be
maintained with the Dominion government to provide for
payment of notes of failed banks. There is daily re­
demption of notes in all the 36 banks, and their 1,565
branches throughout the country. Bank notes are treated
the same as other forms of credit, (drafts, checks, etc.)
and are exchanged daily through the clearing house, or
directly if the town has none.

STEVENS

BONDS

W e o w n a n d o ffe r, s u b j e c t to

prior

sale a n d

a d v a n c e in p r i c e ,

$ I 0 0 ,0 0 0
SPOKANE AND

IN L A N D

E M P IR E

R A IL R O A D

COMPANY
F IR S T A N D R E F U N D IN G M O R T A G E F IV E P E R
CENT BONDS

D ated M a y I, 1 9 0 6.

Due M ay I. 1926.

Interest

payab le M a y I a n d N o v e m b e r I at t h e F ir s tT r u s t
a n d S a v in g s B a n k , C h ic a g o , or t h e F irs t N a t io n a l
B a n k of N e w Y o r k C it y .

T ru s te e -F irs t T ru st and

S av in g s B a n k , C h ic a g o .
In o u r o p in io n

the

b o n d s of t h e S p o k a n e Sl

The national banks of the United States, which are
the only ones issuing notes, have an aggregate capital of
841 millions, surplus and profits of 670 millions, total de­
posits of 5,700 millions and a note issue of 574 millions.
These figures are from the recent report of the con­
troller and are based on returns for the call on November
12, 1906.
The total note issue is $1,972 millions divided as follows:
Government gold certificates . . $575 million.
Government silver certificates.. 473
United States notes...................... 344
National bank notes.................... 574
Treasury notes .............................
6

In la n d

$1,972 million.
Total
There is a gold reserve of 150 millions maintained by
the United States treasury, against the United States
notes or greenbacks.
B y the above figures it will be apparent that if our
national banks issued notes up to the amount of their
capital, as do the Canadian banks, the bank note issue
could be increased nearly 300 millions. If the volume
now issued had the percentage of contraction and ex­
pansion of the Canadian banks there would be an elasticity
of 140 millions between the high and low point, taking
the present volume as a high point. That the same per­
centage of elasticity if it could apply to our total note issue
would allow for a contraction and expansion of 450 mil­
lions during the year.
The following table shows the capital deposits and
average note issue of the banks of issue of the leading
commercial nations of the world:

t h e in te re s t on t h e b o n d s issued , a n d t j ie a n n u a l

C a p i ta l
B ank
D e p o s its N o te Is s u e .
$70,000,000
$250,000,000
B a n k o f E n g l a n d ..............
$260,000,000
38.000.
000200 , 000,000
B a n k o f F r a n c e ................
950.000.
000
Im p e ria l B a n k of G e r­
m a n y ...................................
45.000.
000 150,000,000
380.000.
000
B a n k of A u s tria 45.000.
000
H u n g a r y ...........................
400.000.
000
30.000.
000 120 , 000,000
200. 000.
000
B a n k o f S p a in ..................
36.000.
000300.000.
000
000 175.000.
B a n k o f I t a l y ..................
38.000. 000
000
400.000.
000 700.000.
B a n k o f R u s s i a ................
40.000.
000
13,500,000
B a n k o f S w e d e n ...........
19.000.
000
4.000.
000 3.000,000
B a n k o f N o r w a y ..............
7.000.
000
30.000.
000
N a tio n a l D a n is h B a n k ..
52.000.
000
6,500,000
B a n k o f N e t h e r l a n d s ..
15.000.
000 225.000.
000 150.000.
000
B a n k o f J a p a n ..................
B a n k s o f M e x ic o
45.000.
000
60.000.
000 66,000,000
(32 b a n k s ) ....................
000
000 40.000.
50.000.
000 500.000.
S c o tc h B a n k s ( t e n ) . . . .
91.000.
000 598.000.
000 69.000.
000
C a n a d ia n B a n k s (36)
N a t i o n a l B a n k s U . S.
841,000,000 5,700,000,000
574.000.
000
(6189) ..................................
U . S. G o v e r n m e n t n o te s ,
T o t a l in c lu d in g G o ld a n d
1,398,000,000
S il v e r c e r tif ic a te s . . . .

*Editor’s Note.—All foreign money is reduced to its e
quivalent in United States currency.


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Federal Reserve Bank of St. Louis

E m p ir e R a ilro a d C o m p a a y a re a n invest­

m e n t of u n u s u a l m e r it, b e c a u s e :
1 T h e c a s h cost of t h e p ro p e rtie s , as re p orted
by t h e

Illin o is

A u d it

Com pany,

is

tw ic e

the

a m o u n t of t h e o u t s t a n d i n g b o n d s .
2

The

physical

co n d itio n

of t h e

p r o p e r t y is

excellen t.
3

The

net

e a rn in g s

from

f i f t y - e i g h t m i l e s of r a i l r o a d

th e

o peratio n

of

a r e s u f f i c i e n t to pay

n e t e a r n i n g s f r o m t h e o p e r a t i o n o f 1 8 0 m i l e s of
railroad

are

con servatively e s tim a te d

to

be

in

e x c es s o f t w i c e t h e t o t a l a n n u a l i n t e r e s t c h a r g e .
4
and

T h e t e r r i t o r y s e rv e d is u n u s u a l l y p r o d u c t i v e
is d e v e l o p i n g

t h i s ro a d

rapidly, a n d

the

p ositio n

of

in t h a t t e r r i t o r y is s u f f i c i e n t l y a d v a n ­

t a g e o u s to i n s u r e

it a c o n s i d e r a b l e

portio n

of

th e b u s in e s s a v a ila b le .
5

T h e m a n a g m e n t is o n e

c o n fid e n c e .

in w h i c h w e h a v e

It h as d e m o n s tr a te d

its a b i l i t y in

t h is a n d o th e r im p o r t a n t b us ine s s e n te rp ris e s .

F u rth er p a rtic u la rs a n d in te r e s tin g d a ta on a p p li­
cation .
P rice on applica tio n .

NORTHWESTERN NATIONAL BANK BUILDING
MINNEAPOLIS

T H E C O M M E R C IA L W E S T

Saturday, December 2Ç,, tgod

PROSPEROUS TIMES IN THE NORTHWEST.
Following are a number of letters concerning financial
and business conditions in various sections of the “ three
states,” Iowa and Nebraska received at this office too
late for publication in last week’s issue of the C o m m e r ­
c ia l W e s t .
Their general tenor, as will be seen, is simi­
lar to that of those published at that time and indicates
a high degree of prosperity prevailing in the states men­
tioned.
W a t e r t o w n , S. D.

Editor the C o m m e r c ia l W e s t :
Business and financial conditions are fairly good here,
merchants have enjoyed a fine trade but collections have
been much slower than usual on account of delayed
threshing and slow marketing.
Farmers generally are in good financial condition but
owing to late harvest, wet weather and scarcity of help,
have been able to do but little fall plowing, which may
have quite an effect in reducing the average of next year’s
crop.
Bank deposits at last statement showed an increase
of 22 percent over the corresponding statement of 1905.
The demand for loans is good but not larger than the
local banks are able to supply. Building operations have
been very active during the year but with the increased
cost of material and labor prospects for future develop­
ment in that line are not so flattering.
—H. L. Sheldon,
December 20.
Cashier Citizens National Bank.
Broken

B o w , N eb .

Editor t h e C o m m e r c i a l W e s t :
The financial condition of this section of the coun­
try was never better, farmers are much better fixed than
ever before", as a rule, crops have been good, there is a
good demand for money to feed cattle, hogs, etc., buy
land and such investments. Merchants have not had as
good business as could reasonably have been expected
as our weather has been such that it kept the farmers
closely at home. Bank deposits are fully a third larger
than the corresponding season a year ago. Prospects
for business the coming year are good at this time and
we look forward to increased business in all lines.
-—R. D. Pickett,
December 20.
Cashier Security State Bank.
M i n o t , N . D.

Editor the C o m m e r c ia l W e s t :
The farmers in this section are fairly well fixed finan­
cially. Their only trouble is that they cannot haul in
their grain to market as the roads are in such bad con­
dition. However, the weather is settling down now and
it will only be a few days until they carl again start to
haul grain. There is quite a demand for money, but it is
perfectly legitimate, and from -what we can observe
is not being used for any speculative ventures. The fall
business of the merchants has not been quite as good this
year as it was last up to this date, but we think it is due
to the fact that we have had very much snow and the
railroads have been handicapped a great deal. It ap­
pears to be opening up pretty well now and we expect
a fine business the balance of this year, and there ap­
pears to be a splendid outlook for business during the
coming year. Bank deposits are holding up splendidly
and show about 3o percent increase over last year.
—R. E. Barron,
December 19.
Cashier Second National Bank.
O sc e o la , N e b .

Editor the C o m m e r c i a l W e s t :
Our people are enjoying a season of prosperity far
beyond their most sanguine hopes of a few years back.
The farmer has prospered and consequently, this being


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Federal Reserve Bank of St. Louis

an agricultural country, we all prosper. The last ten
years has witnessed the advance of land from $20 and $25
per acre to $90 and $100. Money is plenty, but there is
a . fairly good demand for loans. Bank deposits are
higher than a year ago. Our merchants report trade
about the same as in late years past with collections
rather better. Fall wheat, of which there is a large acre­
age, is looking well and ground is in excellent condition
for next year’s crop.
— S. A. Snider,
December 20. _
Cashier First National Bank.
M a n d a n , N . D.

Editor the C o m m e r c ia l W e s t :
Our deposits have increased about 25 percent over
last year.
Owing to the car shortage, the farmers have been un­
able to market their grain in some localities west of the
river, but the large capacity of the elevators in Mandan
has enabled them to handle all the grain offered.
Collections are fair only and not as good as was
expected, considering the crop conditions. The outlook
for business for the coming year is certainly very ex­
cellent. Our merchants have all done a very good busi­
ness. Our 'ranchers have been materially benefited by
the increased value of cattle; and our sheep men are ex­
ceedingly well satisfied with the year’s work. A great
many sheep have been sold out Of our country, going
east to be fed, which has enabled all the sheep men to
pay off their indebtedness and have a bank account.
So far the winter has been very agreeable and open
and we look for a large business for several months yet.
— C. L. Timmerman,
December 20.
Vice President First National Bank.
K e a rn e y,

N.

D.

Editor the C o m m e r c ia l W e s t :
The condition of our farmers has not been as pros­
perous in the history of the state as it is at this time.
Farmers in the central part of Nebraska had one of the
largest corn crops ever raised andthe price is from 27c
to 31 c per bushel. The oats and wheat is a fair crop.
The price of oats is about 25c and wheat from 56c to
58c per bushel. Our wheat crop is nearly all winter
wheat. They raise very little barley and rye. Our hay
crop is especially good and the best class that is raised
in the state. Buffalo county will market one hundred
thousand tons of alfalfa hay, which is bringing the farm­
ers from $6 to $7.50 per ton, and the yield has been four
good crops. _ Nearly all good merchantable hay. The
alfalfa land is netting the farmers from $20 to $26 per
acre, which is from fifty to seventy-five perc.ent of the
value of the land.
Financially, our farmers are the best fixed people
our state. E very land owner has his bank account, and
the business men, of all classes, regard the farmer gener­
ally as the ruling capitalist of the state. In our com­
munity it is the saying, “ corn and alfalfa hay are king.”
Buffalo county is recognized as the banner county in
the state for the production of alfalfa hay. And many
thousand sheep are shipped here from the western ranges
to feed them on corn and alfalfa hay during the winter
months.
Our prospects for 1907 are as bright as could be asked
for. Our farmers, our business men and our professional
men say that everything is more prosperous than it has
ever been before.
—A. U. Dann,
December 20.
Cashier Central National Bank.
Io w a F a lls,

Iow a.

Editor the C o m m e r c ia l W e s t :
The crops in this section of the country were the best
last harvest that they have been since 1895, with the ex-

27

T H E C O M M E R C IA L W E S T

Saturday, December 29, 1906

MINNESOTA NATIONAL BANK
MINNEAPOLIS, MINN.

DESIRABLE

BUSINESS

SOLICITED.

O FFIC E R S:
A. D. C l a r k e ,
P resident.
S. T. J o h n s o n ,
V ice-P resident.
H. G. M e r r i t t ,
C ashier.

D IR EC TO R S:—A. D. C larke, S. T. Johnson, H . G. M erritt, H . E . F airchild, Jo sep h M olyneaux, A . J , Pow ers, C. J . H edw all, L. H . Johnson, M. G. Pflaum ,
Jo h n McCulloch, S. H . Taylor, E. H . M oulton, J . A. M odisette, P. D. B outelle, C. L.G randin.

ception of the hay. Hay crop was rather light. E very­
one appears to have money. Bank deposits have in­
creased; merchants report trade as good, but collections
are inclined to be slow, while a farmer who has a sale
disposes of his stock, and moves to another locality, and
small discount is offered for cash, and almost every farm­
er takes benefit of the discount.
We are certainly living in a prosperous time.
—W. H. Woods,
December 20.
Cashier First National Bank.
M mnewaukon,

N . D.

E d i t o r t h e C o m m e r c ia l W e s t :

The business and financial condition in our section this
fall would have been excellent, except for the car short­
age. We had a good crop and the farmers are fairly well
fixed, financially, but the fall business has been rather
slow, as have also collections, for the reason that the
farmers have been unable to market their grain. Bank
deposits are about 20 percent lower than last year for
the above reasons. The outlook for business for the
coming year is good.
—O. I. Hegge,
December 19.
Cashier First National Bank.
C roo ksto n ,

M inn.

Editor t h e C o m m e r c i a l W e s t :
The farmers in this neighborhood are in good finan­
cial condition to the extent of being able to pay their
interest and take care of their pressing obligations, al­
though the crops were very poor in this immediate vicin­
ity.
The demand for money is greater than it has been
at any time for the last five years.
The merchants of Crookston have had a good fall’s
business, and collections have been fairly satisfactory.
The bank deposits are about 10 percent greater than
a year ago, but the demand for money has been so great
that the reserves are smaller.
I look for a rather dull year in business from now on,
until the prospect for next year’s crop can be determined.
—A. D. Stephens,
December 19.
Cashier Merchants National Bank.
P ark

R iv e r,

N.

D.

Editor the C o m m e r c i a l W e s t :
The business situation in this section of the country,
will say: Our farmers are getting financially well fixed.
The demand for money this fall is a little in excess of
the normal, with the prospect that there will be a rather
brisk demand after the beginning of the year, caused by
the farmers being unable to market their grain, more on
account of the condition of the roads than upon the
car shortage.
Business among our merchants has been only fair, the
past fall and collections are rather poor.
The crop turned out to be a fair one but the price has
been rather low and there is not as much money in it
as formerly.
Bank deposits seem to be about the same as they
were a year ago. The outlook for business the coming
year is very favorable. We look for a good year.
—C. D. Lord,
December 18.
President Bank of Park River.
V i e n n a , S. D.

Editor t h e C o m m e r c i a l W e s t :
The farmers in this section are well fixed financially
and their condition much improved. The demand for
money however is stronger than expected principally on
account of farmers holding grain for higher prices. The
merchants have done a nice business, though the collec­
tions have been very slow and the crops have been good
with the exception of oats that run rather light.
Bank deposits have increased considerably and com­
pare very favorably with last year. We think the busi­
ness outlook for next year is very good.
—J. Benj. Graslie,
December 19.
Cashier First National Bank.
S i s s e t o n , S. D.

E d i t o r t h e C o m m e r c ia l W e s t :

The farmers were probably never in better condition
than at the present time. The crops were good, but have
been delayed considerable in getting the threshing done
and the grain marketed on account of the wet fall and
the bad roads. However at this time sleighing is good,
and there is a very large volume of grain being marketed
every day. The merchants are having a fine trade and
collections are reasonably good. There is, however, a
large amount of grain in the granaries with farmers and
there is some unfinished threshing in certain localities


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

in this vicinity. The bank deposits are probably the
largest in the history of this city, and are in the neigh­
borhood of 25 percent larger than they were a year
ago.
—O. P. Trask,
December 19.
Cashier Citizens National Bank.
G a r y , S. D.

Editor t h e C o m m e r c i a l W e s t :
Crops in this vicinity have averaged up fair. Collec­
tions so far have been slow on account of the wet fall
weather, but we look for an improvement after January
1st.
Our merchants have had a good fall business and
there is a good demand for money.
Our deposits are 50 percent higher than they were
a year ago at this time.
—T. M. Antony,
December 16.
Cashier State Bank of Gary.
L a k e M i l l s , la.

Editor the C o m m e r c i a l W e s t :
Business conditions in this section are very satis­
factory. The closing up of accounts at the end of this
year will show a large increase of business in all lines
over the past three years. Owing to poor crop conditions
for several years there has been a spirit of despondency
and of uncertainty in all business lines. Good crops and
good prices have restored confidence. Bank deposits are
on the increase; local farmers and merchants are once
more depositors. Although our people are more pros­
perous than for some years, yet the demand for money
is very strong. We anticipate that during the next six
months there will be a falling off in this demand; the corn
crop will be marketed, the hogs and cattle will be turned
off and we anticipate large receipts from this source.
We consider the prospects for the coming year very
flattering, indeed.
—A. W. Winden,
December 19.
Cashier First National Bank.
B o ttin e au ,

E d ito r th e

N. D.

C o m m e r c ia l W e s t :

The farmers of this section in general are getting pn
fairly good shape and some of them are getting quite
well to do. One man of about 45 years old died the other
day, leaving an estate valued at about $75,000, every cent
of which he made farming.
The demand for money is very strong, collections so
far this fall have been very poor, and business corre­
spondingly poor. This is accounted for by the fact that
the fall stayed open so long and the farmers continued
plowing up to the first snow storm, since then the roads
have been blocked so that they have not been able to get
much grain to market and furthermore the railroads have
been unable to handle the grain, so that most of the
towns have been unable to receive wheat a good share
of the time. It is also impossible to tell what the final
outcome of the crop will be as there is so much grain
not marketed and it would be useless to speculate as to
how much there is unmarketed.
Bank deposits have run about the same as last fall,
showing that if the grain was marketed they would be
quite a little higher.
The prospects for business for the coming year are
fairly good.
— C. W. Fielder,
December 17.
Assistant Cashier Bottineau
County Bank.
G o w n e r , N . D.

E d ito r th e

C o m m e r c ia l W e s t :

The financial conditions among the farmers of this
section are quite satisfactory. However, as is well known
by this time, the crop just marketed has fallen short of
our expectations, and the total indebtedness of all the
farmers has not been reduced materially. But the cause
cannot be assigned to the crop shortage alone, but par­
tially to the fact that on account of the bright prospects
during the growing season the farmers have improved
their homesteads and farms much to their own credit
as' well as to the country in general. And yet, consid­
ering the improvements that have been made and the
comforts that have been added, and comparing these with
the final outcome of the crop I still believe the balance
will be entered on the credit side of the ledger. This •
in spite of the crop shortage and comparative low prices.
Had weather conditions continued favorable during the
maturing season this would have been a banner year in
this section.
We find the demand for money strong, very strong.
Rates are about the same as a year ago, except that they
are lower on first mortgage farm loans. Merchants have
enjoyed a good fall business and collections have been

28

THE COMMERCIAL WEST
Capital, $500,000.00

Surplus and Profits, $891,000.00

F IR S T N A T IO N A L B A N K
A , L. O rdean, P resid en t.
J . H . D ight, Cashier,

Saturday, December 29, 1906

d u lu th

,

m in n

.

UNITED STATES GOVERNMENT DEPOSITARY S S S S & f l f f i S W

Out-of-town accounts are accepted on favorable terms, and every accommodation consistent with prudent banking is
accorded depositors. Prompt attention given collections and financial matters.
fairly easy. I believe that bank deposits are a little lower
at this time than during the same period last year, but I
anticipate a raise during the next month or six weeks.
Practically every farmer still has some grain to market;
some have a great deal while others have a very little.
Enough has been marketed to pay their threshing bills,
twine bills, grocery bills, and the interest on their loans;
and creditors who insisted on immediate payment have
been satisfied to a great extent. This leaves the grain
which is still unsold to be converted into “ rainj day-’
cash, which will swell the bank deposits a little.
One thing, more than any other, looks favorable for
the coming farming season—farmers are better prepared
for spring work than they were a year ago. More plow­
ing has been done this fall than last fall, and I am sure
that there are more horses in the country than there were
a year ago. These facts are very good conditions. Farm ­
ers have learned the unwisdom of depending on the
spring plowing, and I believe that there has been nearly
twice the acreage plowed this past scjason in comparison
with a year ago. This wili help in getting the crop in
properly, thoroughly, and in good season.
These facts and conditions, with our knowledge of
the indomitable will and energy of the North Dakota
farmer, make it look like a prosperous year coming.
—J. N. Kuhl,
December 18.
Cashier First National Bank.

over last year of fully thirty percent, although collections
have been slow in coming in, owing principally to the
unfavorable weather during the early part of the season,
the rush of fall work and the failure of the transporta­
tion companies to furnish cars to move the grain.
Land values have advanced materially this year and
tlie productiveness of the land has increased far more rap­
idly than the advance in price of lands which points to
a continued rise in values of our land. This is pri­
marily an agricultural and stock country, and anything
that affects the farming and stock raising industries has
a like effect on the general conditions of the community.*
Bank deposits show an increase over a correspondingperiod of last year of more than twenty-five percent, and
the demand for loans is not very brisk. In fact many
banks have had to look to the industrial and commercial
centers to find an outlet for their money. Not a few
of our farmers who, in former.years, have had to borrow
money to feed their stock for the market, this year had
only to d.raw their check on their local bank for the
necessary funds.
Business in all lines, including banking, mercantile and
farming, has been gratifying during the past year, and
there can be no doubt but that the same conditions will
prevail for at least six months or until the next year’s
crop is well under way.
—Z. A. Crain,
December 17.
President Redfield National Bank.

Des M o in e s , la.

E d ito r th e

C o m m e r c ia l W e s t :

Replying to your favor of the n th inst. I beg to say
that the business for the year has, we think, been up to
the expectation of our merchants. The farmers through­
out Iowa are each year becoming more wealthy and hence
the sale of their products is not as early as in prior years.
The crop in this section was unusually good; one of the
largest we have ever had and when it begins to move it
will place a very large amount of money in circulation.
We do not expect to reecive much benefit from the crop
until about March 1st.
The demand for money in this locality is only moder­
ate, being much less than in previous years and the
supply seems to be adequate.
Collections have been very good and will be better
from now on, on account of the anticipated movement of
the crop.
Deposits in banks are considerably larger in this sec­
tion than they were a year ago. Our financial condition
is in every way sound and unless some disturbance should
arise in other sections of the country and agitate the
public, we anticipate the business of the coming year will
be the best we have experienced in many years.
-—-Arthur Reynolds,
December 18.
President Des Moines National Bank.
P latte ,

E d ito r th e

s.

D.

C o m m e r c ia l W e s t :

Business fairly slow on account of farmers unable
to get crops harvested. Strong demand at present for
money, but expect it easier within next sixty days. Con­
siderable money will be then in hands of farmers. Mer­
chants have been having a good fall business and pros­
pects are very bright for ensuing year. Bank deposits
are larger than a year ago and prospects for an increase
soon as crops can be marketed.
—Henry Harris,
December 17.
Cashier Platte State Bank.
R e d f i e l d , S. D.

E d ito r th e

C o m m e r c ia l W e s t :

The business outlook in this section has never ap­
peared brighter than now. Crops of all kinds this year
have been bountiful, particularly corn, oats, wheat and
flax. Prices for everything that farmers have for sale
have been good, and consequently farmers have plenty
of money and are financially well to do.
Merchants report an increased volume of business

BRITISH COAL EXPORTS.
Consul F. AY. Mahin reports from Nottingham that the sale
of British coal to foreign countries has made a remarkable
advance this year.
The cause may in the future be mistaken for the repeal
of the export duty on coal, but the fact is that this year’s for­
eign sales far exceeded those of previous years before that
duty was removed on November 1. Prior to that, this year,
the incrfease of British coal exports over the whole of 1905
exceeded 6,000,000 tons, and would have been still greater had


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Fulda,

E d ito r th e

M inn .

C o m m e r c ia l W e s t :

Farmers are better fixed financially than a year ago,
and are planning and executing more improvements; this
naturally calls for more money, as a farmer, when times
are good, is one of the first to attempt things on a part
credit basis and expects his bank to carry him until he
can make a turn. The fall business has been good, but
collections in this locality have been slow, partly due to
the unfavorable season, and partly due to the fact that
our farmers are changing from small grain to cattle,
hogs and corn, and returns for this are never very heavy
until after the holidays. We see nothing that should in­
terrupt the _ present condition of things, though in a
strictly agricultural community everything depends, to
a large extent, on each season’s crops.
-—Jno. S. Tolversen,
December 18.
Cashier Farmers State Bank.
R u g b y , N . D.

E d ito r th e

C o m m e r c ia l W e s t :

I he farmers are fixed better financially this year than
they have been before in this country. We had an aver­
age crop, but the price being rather low they did not
realize as much out of the grain as they thought they
would.
The outlook for business the coming year is good, but
we do not think the bank deposits will increase any this
coming year.
—H. J. Sannan,
December 17.
Assistant Cashier First National Bank.
L a n e , S.

E d i t o r th e

D.

C o m m e r c ia l W e s t :

Business conditions of this section are very satisfac­
tory. The farmers are well fixed financially, and most of
them are improving their farms, or adding to them by
purchase.
This fall has been wet and threshing was late, and
corn picking just fairly completed, but the yield is very
satisfactory, and the price is fair.
The demand for money is strong, but the stuff is
in the country to pay it. Merchants are enjoying a good
trade, and collections are coming in fairly well. Bank
deposits are heavier than a year ago by 35 percent, and
the outlook for the next season is very bright.
— E. H. Wood,
December 17.
Cashier Farmers State Bank.
not many shipments been purposely delayed till after Novem­
ber 1 to escape the tax. The gain in 1905 over 1094 hi coal ex­
ports was only 1,250,000 tons.
The great increase of exports this year is attributed partly
to Germany’s decreased output, making that country unable to
supply the usual demands upon the mines from Spain, France,
and other countries, and partly to enlarged consumption in
those countries. These now look to Great Britain. This trade
with those countries is in a large part merely a return of what
was lost after the imposition of the export duty of a shilling a
ton in 1901. The duty has yielded about $10,000,000 a year.

Saturday, December 29, 1906
Established 1905.

Officers:
Sir. D. H. M cM illa n ,
L ieut. G overnor of M anitoba,
President.
Captain W illiam R o b in so n ,
V ic e President.
J . W . d e C . O ’G r a d y ,
General M anager.
R. C a m p b e l l , I n s p e c t o r .

TH E
$1,250,000
$950,000

Capital Subscribed •
Capital Paid Up •

29

T H E C O M M ER C IA L W E S T

N O RTH ERN

30th S ept., 1906.

BANK

Head Office:

T he only B an k w ith H ead Office in
W estern Canada.

W INNIPEG.

*

B RA N CH ES A T ALL PR IN CIPA L PO IN T S IN T H E W EST ER N PR O V IN C ES.

Highest rates of interest paid for deposits. Special attention given and best rates of exchange allowed to incoming
settlers. Collections receive special attention.
A S E A T T L E C O M P L IM E N T TO MR. L A N E .

“ Take the luggers out of your note case,” said an old
banker to a new banker recently.
By which he meant
that the assets should be brought up to the highest state
of fluidity by having the real estate loans cut out.
In
answer to the question,
“ Where shall we look for in­
vestments?”
the reply was, “ Good commercial paper.”
This is a business which in recent years has been developed
with scientific precision.
Mr. George B. Lane, of Minne­
apolis, is probably the largest handler of high-grade com­
mercial paper west of Chicago.
In Mr. Lane’s literature,
the statement is made that “ No purchaser of paper through
this office has ever suffered a dollar of loss thereon.” On
mentioning Mr. Lane’s name to a New York broker recently,
he said:
“ He’s the best judge of grain paper in the middle,
west.” Mr. Lane limits his purchases to the paper of in­
dividuals, firms and corporations located in the immediate
'vicinity of Minneapolis and these are made only upon close
knowledge of the ways a business has been built up and the
general personality which has made a success of it. Mr.
Lane is located on the first floor of the Northwestern Na­
tional’ Bank building. His business amounts to several mil­
lion dollars a month and he is in a position to quote at­
tractive offerings to Pacific coast banks having surplus
funds and desiring to keep them in a liquid form.—Finan­
cial Briefiet, of Seattle.

than ever before, and 50 percent larger than the fiscal year
of 1905.
The total earnings of the mint service from all sources,
including seigniorage on subsidiary and minor coins, aggre­
gated $3,707,927.
The total expenditures were $1,784,100.
Director Roberts estimates the total consumption of new
gold in the United States in the year to have been 27,621,999
and of new silver 19,411,654 fine ounces.
Suez Canal shipping receipts in November were $1,738,000, against $1,930,000 in the same month in 1905, and $2,060
in 1904.

E U G E N E

IVI .

S T E V E N S

&, C O .

C O M M E R C IA L PAPER
M UN ICIPAL, C O R P O R A T IO N AND RA ILR O AD

BONDS

NORTHWESTERN

NATIONAL

BANK

BUILDING
I

N EBR A SK A BAN K S SO U N D .
(S p e c ia l C o r r e s p o n d e n c e to t h e C o m m e r c ia l W e s t.)

Omaha, Dec. 22.—Secretary Royse, of the state bank­
ing board, has completed a statement of the condition
of state and private banks at the close of business No­
vember 12. He says it indicates a very satisfactory con­
dition and shows substantial growth and increase in busi­
ness. There were 584 banks reporting. In the last year
the number of banks reporting has increased thirty-eight.
Loans increased $7,628,303.08; paid in capital in­
creased
$595,200;
deposits
increased
$7,433,677.33.
With the usual brisk demand for money at this season of
the year the banks are running strong and are amply pre­
pared to take care of all, desirable loans, showing at the
date of this report a reserve of 3 1.1 percent, being more
than double the legal requirement. The detailed statenient is as follows:

I

MINNEAPOLIS

.
___________________________________

The Farm ers & Mechanics
Savings Bank o f Minneapolis

Resources.

L o a n s a n d d is c o u n t s .....................................................................$48,881,566.29
O v e rd ra fts
...................................................................................
613,808.66
B o n d s , s to c k s , s e c u r it ie s , j u d g m e n ts , c la im s , e t c . . . 1,083,012.53
D u e f r o m n a tio n a l, s t a t e a n d p r i v a t e b a n k s a n d
b a n k e r s .......................................................................................... 14,606,640.07
B a n k i n g h o u s e s ............................................................................... 1,823,840.85
221,005.14
O t h e r r e a l e s t a t e ............................................................................
C u r r e n t e x p e n s e s a n d t a x e s p a id ........................................
766,873.88
P r e m i u m o n U . S. a n d o t h e r b o n d s a n d s e c u r i t i e s . .
4,950.71
O th e r a s s e t s ........................................................................................
65,338.66
C a s h .......................................................................................................
3,289,413.75
T o ta l

..................................................................................................$71,356,450.54
L ia b ilitie s .

C a p i ta l s to c k p a id in ................................................................... $9,440,640.00
S u r p lu s f u n d ...................................................................................... 1,915,288.59
U n d iv id e d p r o f its ............................................................................
2,180,027.74
D iv id e n d s u n p a id ..........................................................................
3,729.15
G e n e r a l d e p o s it s ............................................................................. 57,574,385.04
N o t e s a n d b ills r e d is c o u n t e d ..................................................
61,380.02
B ills p a y a b l e ......................
181,000.00
T o ta l

.................................................................................................$71,356,450.54

F A L L IN G O F F IN C O IN A G E .

There was a smaller amount of coinage at the United
States Mint in the last fiscal year than for a long time, ow­
ing chiefly to the exhaustion of the stock of silver bullion.
The annual report of George Roberts, director of the mint,
made public last week shows that the total domestic coinage
was 167,371,035 pieces, of the value of $80,216,747. Of this
$53,002,097^ was in gold coin, $4,016,368 subsidiary silver, $2,302,397 in nickels and $895,884 in bronze one cent pieces.
The Philadelphia mint was idle three months and the
New Orleans mint four months and the San Francisco mint
did not work after the earthquake and fire.
The original deposits of gold bullion at the mints and
'assay offices exclusive of all transfers between the offices
during the year were of the value of $153,109,493.
The
amount of silver received at the mints was 9,451,530 standard
ounces.
The issue of one cent and five cent pieces was larger


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

C om m encing w ith th e n e x t q u a rte r th e T ru stees of th is bank
purpose to increase th e ra te of in te re s t on deposits fro m th re e to
th re e and one-half p e r cent, com pounded q u a rte rly .

A SSETS, O VER $ 1 3 ,5 0 0 ,0 0 0
Surplus and Profits (last statem en t) $ 7 4 7 ,2 4 6 .
Num ber of D epositors, 5 2 ,8 0 0
This bank is a savings bank solely, and it desires only savings
accounts.
I t does no com m ercial banking.
Commercial business should be
ta k e n to com m ercial banks.
I t in v ests its fu n d s only in first m ortg ag es on real e s ta te and in
s ta te , county, city and o th e r m unicipal bonds.
I t is a m u tu a l bank. I t has no stockholders.
A ll its pro p erty , a nd all its profits belong solely to th e depositors.
O ut of th e profits a reasonable su rp lu s is accum ulated to p ro te c t
depositors a g a in st all possible contingencies.
The rem ainder of th e profits is d is trib u te d to th e depositors in th e
form of in te re st.

January 4th 1907
is the last day for depositing money in order to draw
interest during the next quarter.
TR U STEES
H . C. A keley
T. B. J a n n e y
J o h n D e L a ittre
Thom as L ow ry
N . F . H aw ley
C avour S. L angdon
O. C. W ym an
Jo h n

E. H . M oulton
Wm. G. N o rth u p
A lfred F . Pillsbury
W ashburn

k
I

THE COMMERCIAL WEST

30

Business Want Department
A m e d iu m f o r t h e s a le o f S t o c k s a n d B o n d s ,
R e a l E s ta te , F a rm L a n d , S to c k s o f M e r c h a n ­
d is e ; f o r t h e m a n w h o w a n t s a B a n k P o s it io n ,
o r a L o c a ti o n f o r a B a n k , I n v e s t m e n t o r o th e r
B u s in e s s .

R ates fcyr ad v ertisem en ts in th is d e p a rtm e n t
a re one cen t p e r w ord each in sertio n , W ords d is­
played in cap itals, tw o cen ts p e r w ord. In itials
and abbreviations c o u n t as one w ord each. No
advertisem en ts in serte d fo r less th a n 25 cents.
Cash or tw o -cen t stam p s m u st accom pany all
orders. All an sw ers to ad v ertisem en ts u n d e r key
n um bers m u st be accom panied by tw o -cen t stam p.
A ddress C o m m e r c ia l W e s t C o ., M inneapolis,
Minn.___________________________________ _
B U SI N E SS CHANCES.
B an k e rs
w ho
d e s ir e
to
s e ll
th e ir
b a n k s , o r b a n k s to c k , c o r r e s p o n d w ith
u s . W e h a v e s e v e r a l in v e s t o r s w h o a r e
lo o k in g f o r s o m e t h in g .
A ll c o r r e s p o n d ­
e n c e s t r i c t l y c o n fid e n tia l.
M o r tg a g e L o a n a n d I n v e s t m e n t C o.,
S. H . D r e w , S e c .,
G lo b e B u ild in g , M in n e a p o lis , M in n , ( t f )

WATCH TACOMA
Population: 19 00 ,3 7 ,7 14 .

GROW

1906,85,000

Send stam ps, te n cents, for descriptive lite ra tu re to
S ecretary C ham ber of Com m erce and B oard of T rade,

TA C O M A , W A SH IN G T O N .
IN C O R P O R A T E
Y O U R B U S IN E S S —
O v e r f if te e n h u n d r e d c h a r t e r s p r o c u r e d
f o r o u r c lie n ts .
C h a rte rs p ro c u re d u n ­
d e r S o u th D a k o t a la w s a t a v e r y r e a s o n ­
a b le r a t e f o r m in in g , m illin g , m a n u f a c ­
t u r i n g , r a ilr o a d s , te le g r a p h , te le p h o n e , o r
a n y o th e r in d u s tria l p u rs u it. T e n y e a rs
p r a c t i c e in t h e b u s in e s s . A ll c o r r e s p o n d ­
e n c e a n s w e r e d s a m e d a y r e c e iv e d . A s ­
s i s t a n c e g iv e n in m a k i n g o u t p a p e r s . N o
d e la y in s e c u r i n g c h a r t e r .
F u ll s e t b y ­
la w s w i t h e v e r y c h a r t e r .
N o e x tra s .
W r i t e f o r c o r p o r a tio n la w s , b la n k s , b y ­
la w s , a n d fo r m s , f r e e , to P H I L L I P L A W ­
R E N C E , fo rm e r A s s is ta n t S e c re ta ry of
S t a t e , H u r o n , S o u th D a k o ta .
M e n tio n
t h i s p a p e r w h e n w r iti n g .
(S e p t. 25-07)
““ N o tio n S to r e f o r S a le . F . E . M c I n to s h
H a rv a rd , N e b r.
(2 °)
A n e x p e rt salesm an is one th a t h as clev ern ess
a n d skill—ta c t a n d ta le n t, and is p ro m p t to ta k e
a d v an tag e of every op p o rtu n ity . I am an EX PER T
SA LESM A N and can tu rn your Real E s ta te or
B usiness into cash w ith o u t any annoyance to you.
J u s t send description and p rice—I ’ll do th e rest.
F ra n k P. C lev elan d , 1808 A dam s E xpress Bldg.,
C hicago.
F o r S a le — T h e S te m w in d e r H o te l, i n ­
c lu d in g lo ts a n d f u r n i t u r e ; c e n t r a l l y lo ­
c a t e d ; d o in g fin e b u s in e s s ; r e n t s f o r $110
p e r m o n t h ; le a s e o u t o n t h e 1 5 th J a n ­
u a r y ; w ill s e ll f o r $4,000 o n te r m s , o r
$3,500 c a s h .
A d d re ss,
S. A . M u llin ,
P h o e n ix , B. C.________ __________________ (°1
S P E C I A L T O H O T E L M E N :—
rrrr.ii,,_l
W E H A V E F O R A S H O R T T IM E
T W O F I R S T - C L A S S W E L L P A Y IN G
H O T E L S F O R S A L E . O N E IS S IT U ­
A T E D IN TA C O M A A N D T H E O T H E R
IN S E A T T L E . F O R F U R T H E R P A R ­
T I C U L A R S A D D R E S S ,— R E I C H E N B A C H -V O N H O B E C O ., 308-309 C O L ­
L I N S B U IL D IN G , S E A T T L E , W A S H .
F o r S a le — T h r e e - s t o r y b r i c k “h o t e l ;_ 50
s l e e p i n g ro o m s , f u r n i s h e d , m o d e r n im p r o v e m e n t s ; c i t y o f 4 ,5 0 0 ; b a r a t t a c h e d .
A d d r e s s S. A . B o o th , R e a l E s t a t e A g e n t,
G r e e n v ille , M ic h ._______________ ________ ( D
6- C H A I R B A R B E R S H O P F O R S A L E ;
B E S T L O C A T I O N I N D E N V E R , C O L O .;
d o in g g o o d b u s in e s s ; te rm s , p a r t c a s h
a n d b a l a n c e o n tim e .
A d d re ss J. E d ­
w a r d P h e r i g o , 70 S o u t h 1 2 th S t., D e n ­
v e r , C o l o . ___________________________
FO R
SA LE — F IN E
COAL
AND
G R A IN B U S IN E S S , W IT H T R A C K A G E .
A d d r e s s P . O. B o x 1109, P u e b lo , C olo.
F o r S a le — O n e o f t h e
b e s t p a y in g
s m a l l jo b p r i n t i n g p l a n t s in S p o k a n e ;
r e g u la r c u s to m e rs ,
s p le n d id
lo c a tio n ,
ch eap fo r cash . A d d re ss L a w P r in tin g
Co.. A u d i t o r i u m , S p o k a n e , W a s h ,
(2 )
F o r S a le o r R rn it— A ll t h e m a c h in e r y
a n d to o ls c o n n e c te d w i t h t h e L itc h f ie ld
g lo v e f a c t o r y ; a ll in g o o d c o n d itio n ; g o o d
r e a s o n s f o r s e llin g ; a t r a d e w ill b e c o n ­
s id e r e d .' I f i n t e r e s t e d w r i t e G . A . S e t t r g r e n , L itc h f ie ld , M in n .
______________ (26)
F o r S a le — G o o d c le a n s to c k o f m e r ­
c h a n d i s e in o n e o f t h e liv e lie s t l i t t l e
to w n s in N o r t h D a k o t a ; s to c k a n d fix ­
t u r e s ; w ill in v o ic e a t f r o m $ 8,000 to $10 .O'OO. A d d r e s s B o x 178, W ilto n , N . D . (2 )
F o r S a le — T w o f i r s t c la s s h o te ls ; d o in g g o o d b u s in e s s ; o n C. N . R . lin e , P r in c e
A lb e r t b r a n c h ; g o o d o p p o r t u n i t y f o r r i g h t
m a n ; e i t h e r h o u s e w ill b e s o ld s e p a r a t e ­
ly . F o r p a r t i c u l a r s a p p ly to W . K e n n e r
d y , r e a l e s t a t e a g e n t , M e lf o r t, S a s k . (2)
F o r R e n t— A s to r e b u ild in g , 2^x60;
p l a t e g l a s s f r o n t ; r i g h t in t h e b u s i n e s s
c e n te r ; h a s b e e n o c c u p ie d a s a je w e lry
s t o r e s in c e 1 8 9 2 ; w ill b e v a c a t e d J a n ­
u a r y 1, 1907. A g o o d o p e n in g in a liv e
to w n . A d d r e s s H e a t o n B r o t h e r s , C u e r o ,
DigitizedTfor
e x .FRASER
(2 )

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Saturday, December 29, 1900

B U SIN E SS CHANCES

PARTNER WANTED

F o r S a le —T h r e e c h a i r b a r b e r s h o p ,
c o m p le te ; in t h r i v i n g to w n ; p r o f it $100
p e r m o n th , S. M. C ole, 118 S o u th T h i r d
S t., C h ic k a s h a , I. T .
(26)
H I G H G R A D E M A N , e x p e r ie n c e d in
m a n a g e m e n t, c o r r e s p o n d e n c e , b o o k k e e p ­
in g , b e s t r e f e r e n c e s , w o u ld i n v e s t fe w
h u n d r e d d o lla r s a f t e r J a n u a r y 15 w i t h r e ­
lia b le firm , e s t a b l i s h e d b u s in e s s , w h e r e
i n t e g r i t y a n d f a i t h f u l s e r v ic e is a p p r e ­
c ia te d ; c o r r e s p o n d e n c e c o n f id e n tia l. B o x
20, S t a t i o n A . K a n s a s C ity , M o.
(26)
F o r S a le — 50 c o w d a i r y , r o u t e p a y s
$500 p e r m o n t h ; r e a s o n f o r s e ll in g , s i c k ­
n ess.
F o r p a r t i c u l a r s , B o x 251, C o lfa x ,
W a s h ._____________________________________ O )
F o r S a le — R e s t a u r a n t a t L e b a n o n , S.
D .; g o o d lo c a tio n a n d g o o d tr a d e ; r e ­
c e i p t s f r o m $800 t o $ 1,000 p e r m o n t h ;
r e a s o n f o r s e ll in g , s i c k n e s s in f a m i l y .
I n q u i r e o f S. J . G illig , L e b a n o n , S. D .
________________________________________ ( 1 )
F o r S a le — O n e o f t h e o l d e s t a n d b e s t
e s ta b lis h e d g e n e ra l m e rc h a n d is e b u s i­
n e s s e s in e a s t e r n A r k a n s a s ; h e a l t h y lo ­
c a l i t y , fin e l a n d s a n d n o o v e r f lo w s ; fin e
f a r m in g c o u n try ; c a n e x p la in goo d r e a ­
s o n s f o r s e ll in g .
A ls o w e ll e q u ip p e d
m o d e r n g i n n e r y , in f i r s t c l a s s c o n d itio n
a n d w e ll lo c a te d . W ill s e l l a b o v e e i t h e r
t o g e t h e r o r s e p a r a t e l y . W ill b e a r c lo s e
i n v e s t i g a t i o n . S. K r o w & S o n , T r e n t o n ,
A rk ._______________________________________ CD
F o r S a le — H a l f i n t e r e s t in g o o d p a y ­
i n g S te a m L a u n d r y , 'e s t a b l i s h e d fiv e
y e a r s , $ 1 , 000 . p a r t t i m e ; o r w i l l c o n ­
s id e r a tr a d e f o r a n y th in g o f e q u a l
v a lu e a s I n eed a good p a r tn e r r a th e r
th a n m oney. In v e s tig a te .
G. M . D e n ­
h a m . A n o k a , M in n .
(2 6 )
F o r S a le — A n e s t a b l i s h e d n e w s p a p e r
in g r o w i n g P a l o u s e t o w n ; i f y o u a r e a
n e w s p a p e r m a n d o n ’t p a s s t h i s u p ; g o o d
re a so n s
fo r
s e ll in g . L o c k
B ox
3,
R o s a lia . W a s h .
(3 )
F o r S a le — L e a s e a n d f u r n i t u r e in a
fir s t c la s s
m o d e rn th re e -s to ry
b ric k
h o te l. E r i c H . S w e n s o n , . C la y C e n t e r ,
K a n .______________________________________(2 6 )

W a n t e d — P a r t n e r in g o o d a b s t r a c t , r e a l
e s t a t e , i n s u r a n c e b u s in e s s , n e a r P o r tla n d ,
O re g o n .
A . M . H o lto n , S t. H e le n , O re.

MILLS AND ELEVATORS
W a n t e d — E l e v a t o r s a n d m ills in e x ­
c h a n g e f o r g o o d f a r m s in I llin o is , Io w a ,
M is s o u ri, K a n s a s , N e b r a s k a a n d T e x a s .
I f y o u w a n t to b u y se ll, r e n t o r e x c h a n g e
a n e le v a to r w r ite us.
H a v e s o m e fin e
b a r g a i n s in e le v a to r p r o p e r t i e s a n d m ills
f o r s a le f o r c a s h a n d a fe w t h e o w n e r s of
w h ic h w ill e x c h a n g e f o r g o o d f a r m s o r
r e a l e s t a t e . W e h a v e p o s itio n s f o r g r a i n
b u y e r s , m ille r s a n d m a n a g e r s .
I o w a M ill & E l e v a t o r B r o k e r s , I n d e ­
p e n d e n c e , Io w a .
(46)
iF o r S a le — S to c k in a g o o d m ill, p a y in g
23 p e r c e n t a n n u a l d iv id e n d s . A d d r e s s A.
H . B e n n e t t & C o.. T o p e k a , K a n s a s ,
( tf )
F o r S a le — W e o ff e r f o r s a l e a fin e , u p t o - d a t e 7 5 -b b l. m ill, r u n n i n g a n d d o in g
a g o o d b u s i n e s s ; w ill b e s o ld c h e a p f o r
c a s h , o r w ill t a k e l a n d in e x c h a n g e ; r e a ­
s o n f o r s e ll in g , w e w a n t t o q u i t m i l l ­
in g .
For
fu ll
p a rtic u la rs ,
a d d re ss
S w a n s o n & L i n d . B o d e . Io w a .
(1 )

______________________ _______ U)

W a n t e d — P a r t n e r to in v e s t in a r e t a i l
lu m b e r y a rd
in
a g r o w in g N e b r a s k a
to w n ; a v e r a g e y e a r ly s a le s a t p r e s e n t
a b o u t $30,000, w i t h c h a n c e s f o r in c r e a s e d
b u s in e s s .
A d d re ss
S.
W . .L i g h tn e r ,
L y n ch , N eb.
(2)
HELP WA NTED
A M O N G T H E 573 p o s i t i o n s d e s c r i b e d
in O p p o r t u n t i t i e s s h o u l d b e s e v e r a l o f
in te re s t
t o y o u . S a m p le c o p y
fre e .
H a p g o o d s , 26 L o a n & T r u s t B ld g ., M in n e a p o l is . M in n ._________________________ (2 6 )
W a n te d —E x p e rie n c e d
c lo th in g
ro a d
s a l e s m e n to c a r r y l i n e o f c h i l d r e n ’s a n d
m e n ’s
u p -to -d a te
c lo th in g . T re a c y ,
M o r r is & Co.. P h i l a d e p h i a , P a .______ (1 )
FOR SA L E -M IS C E L L A N E O U S
A NEW

BOOK O F N E W SP A P E R ADS
F o r B anks.
G ood co p y fo r y o u r n e w s p a p e r sp ac e
f o r o n e y e a r, on e ith e r c h e c k in g o r
s a v in g s a c c o u n ts .
A v a r ie ty o f ty p e
m o d e ls . O n ly o n e b o o k s o ld in a to w n .
E x c lu s iv e rig h t.
P r i c e $1.50 p o s tp a i d .
C. E . A u r a c h e r , L i s b o n , I o w a .
(1 )

F o r S a le C h e a p — T w o m e d iu m s iz e h o t
a i r f u r n a c e s , b r a n d n e w ; a ls o tw o s e c ­
o n d - h a n d s to r e o r office h e a t e r s , tw o
s h e e t s h ig h . A d d r e s s B o x 556, H ills b o ro ,
N . D._________________________________
(26)
5x7 C A M E R A a n d c o m p l e t e o u tf i t,
w o r t h o v e r $ 10 0 ; s e l l s f o r $60; a l i s t o f
e v e r y t h i n g in c l u d e d w i l l b e m a ile d o n
a p p l i c a t i o n . A p p l y to H . S u h r . K e k o s k e e , W is ._______________________
(2)
REAL E S T A T E - F O R SALE
D o y o u w a n t to s e ll
M IN N E A P O L IS P R O P E R T Y ?
L i s t i t w ith
W A R E -B A K E R C O M PA N Y ,
1026 S e c u r i t y B a n k B ld g ., M in n e a p o lis .
D o y o u w a n t t o s e ll
ST. P A U L P R O P E R T Y ?
L i s t i t w ith
W A R E -H O S P E S C O M PA N Y ,
201 G e r m a n ia L if e B ld g ., S t. P a u l.
Y o u r p r o p e r t y w ill b e w e ll a d v e r tis e d ,
a n d if p r ic e is r i g h t , w e c a n s e ll it.
W E M A K E A S P E C IA L T Y O F L A R G E
___________________ D E A L S ._______________ ( tf )
PORT
p ro p e rty
acreag e
la n d s .
W ash.

W E A R E O W N E R S A N D A G E N T S fo r
c h o ic e L o s A n g e le s a n d S u b u r b a n p r o p ­
e r t y . P a n o r a m i c v ie w o f L o s A n g e le s fo r
2 - c e n t s ta m p .
C. H . L i p p i n c o t t & C o.,
F 915 U n io n T r u s t B ld g ., L o s A n g e le s .
M e m b e r s L o s A n g e le s R e a l t y B o a r d .

TO EXCHANGE
I f y o u w a n t to e x c h a n g e y o u r f a r m
p r o p e r t y f o r c i t y p r o p e r ty , o r c o n v e r t
s a m e i n to c a s h , y o u w ill d o w e ll to f o r ­
w a r d u s fu ll p a r t i c u l a r s r e g a r d i n g s a m e ,
a n d w e w ill m a k e a n e x c h a n g e . C o n k ­
li n s ’ L a n d O ffice, B a n k o f H a m i l t o n b ld g .,
W in n ip e g . M e m b e r s o f t h e
W in n ip e g
R e a l E s t a t e E x c h a n g e ._______________ (26>
W A T E R N O O K — T h e b e a u tifu l an d
p i c t u r e s q u e h o m e o f D r. W a r d , o n t h e
b a n k s o f D i c k in s o n b a y o u , a t D i c k i n ­
so n ;.. t h e b e s t f a r m in t h e c o u n t y a n d
t h e c h e a p e s t ; w ill e x c h a n g e f o r H o u s ­
t o n p r o p e r t y o r c a t t l e . D r. J . D . W a r d ,
3 10% M a in , H o u s t o n , T e x .
(2 )
I o ff e r o n e o r tw o q u a r t e r s o f f a r m
l a n d in L y o n c o u n ty , M in n e s o ta , v a l u e
$3,500, p e r q u a r t e r , f o r m e r c h a n d i s e o f
l i k e v a lu e . L a n d w e ll i m p r o v e d a n d g o o d
q u a l i t y . B o x 183, M a r s h a l l , M in n . (2 6 )
AGENCY WA NTED
R e l i a b l e lo a n a n d a b s t r a c t c o m p a n y
d e s ir e s A g e n cy fo r good L o a n C om p an y ,
t h a t w ill f u r n is h m o n e y on fir s t m o r t­
g a g e s o n f a r m l a n d s in t h e M is s o u r i
S lo p e C o u n ty , w e s t o f M i s s o u r i R iv e r .
G ood d e m a n d fo r m o n ey a n d b e s t o f
s e r v i c e s ■g u a r a n t e e d .
C o rre s p o n d e n c e
s o lic ite d .
A d d re ss
“ R ,” C o m m e r c ia l W e s t .
(3 )
BANK FIX T UR E S
F o r S a le — G o o d s o lid o a k b a n k f ix t u r e s ,
f it te d w i t h h e a v y F r e n c h p l a t e g la s s e s ,
A b o u t 45 lin e a l f e e t. F i r s t c la s s c o n ­
d itio n .
S u it a b le f o r e i t h e r b a n k o r r e a l
e s t a t e o ffice . W r i t e T h e C itiz e n s B a n k
o f W a l h a lla . W a l h a lla , N . D .
(26)
F o r S a le — A c o m p le te s e t q u a r t e r s a w e d
w h i t e o a k b a n k f ix t u r e s , in g o o d c o n d i­
tio n , a t p r a c t i c a l l y y o u r o w n p ric e . A re
p a y in g s t o r a g e o n th e m a n d w a n t to g e t
r i d o f th e m .
F ir s t N a tio n a l B a n k , L u v e r n e , M in n .
(2)

A N G E L E S a n d C la lla m c o u n ty
f o r s a le ; lo ts f r o m $1 to $ 2 , 000 ;
f r o m $2 to $ 100 ;
a ls o t i m b e r
W m . J. W are, P o rt
A n g e le s ,
(27)

TIMBER LANDS

Is
tir e

YELLOW
P IN E
T IM B E R
a ttr a c tin g th e a tte n tio n

of

th e

en­

COUNTRY
O u r in f o r m a t i o n is a b s o lu t e ly re lia b le .
E V E R Y P R O P O S IT IO N
w e o ff e r y o u is a g o o d o n e . I f y o u a r e in
t h e m a r k e t , n o w is t h e t i m e t o b u y .
W r i t e u s y o u r w a n ts .
C o rre sp o n d e n c e
w ith b o n a fid e b u y e r s s o lic ite d .
B R O B ST O N . F E N D IG &
CO M PA N Y
216 W . F o r s y t h S t.
121 N e w c a s t le S t.
J a c k s o n v ille , F la .
B r u n s w i c k . G a.
9,600 a c r e s , e s t i m a t e d to c o n ta in n o le s s
t h a n 25,000 f e e t p e r a c r e , o n K a ie n I s ­
la n d , B . C ., t h e t e r m i n u s o f t h e G r a n d
T r u n k P a c if ic r a i l r o a d .
T h i s t r a c t is
c o m p o s e d o f 75 p e r c e n t S p r u c e , b a la n c e
H e m lo c k a n d C e d a r. T h i s t i m b e r c a n a ll
b e lo g g e d f r o m t h e w a t e r f r o n t, a n d c a n
b e p u t in to t h e w a t e r a t t h e l e a s t p o s ­
s ib le e x p e n s e . P r i c e $4.75 p e r a c r e . T e r m s
can be a rra n g e d .
23,040 a c r e s , e s t i m a t e d o n e b illio n o r
m o re , C e d a r, S p r u c e a n d H e m lo c k ; s i t u ­
a te d on s o u th w e s t c o a s t of V a n c o u v e r
Is la n d ;
e x c e lle n t h a r b o r a n d
m ills ite ;
p r ic e f o r e n t i r e t r a c t $175,000. C a s h a n d
te r m s .
12,800 a c r e s , c o n s e r v a tiv e e s t i m a t e 20,000 f e e t to th e a c r e ; m o s tly Fii*, b a la n c e
C e d a r ; 140 m ile s e a s t o f V a n c o u v e r o n
C a n a d ia n P a c if ic r a i l r o a d ; o n ly $100 t a x e s
f o r e n t i r e t r a c t p e r a n n u m ; p r ic e $5 p e r
a cre.
C ash . F o r f u r th e r p a rtic u la rs a d ­
d re ss R E IC H E N B A C H -v o n H O B E
C O .,
S U I T E 308-309, C O L L I N S B L D G ., S e a ttle ,
W a s h .___________
(26)
F o r S a le — 1,483 a c r e s o f y e llo w p in e
t i m b e r , l y i n g in F u l t o n a n d I z a r d c o u n ­
t i e s ; w ill c u t 7,000,000 f e e t ; $10 p e r
a c r e ; 10 m i l e s f r o m r a i l r o a d s t a t i o n a t
C a lic o R o c k , w i t h g o o d h a u l. A d d r e s s
W . M . G e n t r y , C a lic o R o c k , A r k .
(1 )

Saturday, December 29, T906

F o r S a le — 3,000 a c r e s w ild l a n d in
I t a s c a c o u n ty , a b o u t 10 t o 12 m i l e s f r o m
G r a n d R a p i d s ; $10 t o $15 a n a c r e m
s m a ll tr a c ts ; e s tim a te d v a lu e o f tim b e r
$ 2 8 ,0 0 0 ; $ 3 0 ,000 w i l l t a k e t h e t r a c t .
O.
L u n d b e r g , 535 A n d r u s B ld g ., M in n e ­
a p o l i s ^ ______________ _________________
F o r S a le — T h e E l l e r f a r m , w e ll k n o w n
to b e o n e o f t h e v e r y b e s t f a r m s in S c o tt
c o u n ty ; p e r f e c t l y b a la n c e d i n ti m b e r ,
p lo w la n d ,
p a s tu r e
and
m eadow ;
fin e
b u ild in g s in g o o d r e p a i r , a n d a p l e n t i f u l
s u p p ly o f g o o d w a t e r ; c o n v e n i e n tly l o c a t ­
e d f o r a ll p u r p o s e s , b e in g t h r e e m ile s
s o u t h o f S h a k o p e e o n t h e S p r in g L a k e
P u b li c h ig h w a y ; 160 a c r e s .
I n q u ir e o f
J a m e s M c H a le , S h a k o p e e , M in n .
(26)
F o r S a le — E l e g a n t f a n c y s t o c k f a r m a d ­
j o in in g W in o n a ; c o n s id e r e d to b e o n e
o f t h e m o s t d e s ir a b l e in t h e s t a t e .
In
o r d e r to s e t t l e th e e s t a t e o f t h e l a t e
S a m u e l H a m ilto n , p r ic e is o n ly h a lf o l
v a lu e p la c e d o n i t b y t h e o w n e r.
For
te rm s a n d fu r th e r p a rtic u la rs , a d d re ss
L o c k B o x 455, W in o n a , M in n ._________(26)
F a r m F o r S a le o r R e n t .
M y 1 6 0 -a c re f a r m , a m ile a n d a h a lf
s o u t h w e s t o f L itc h f ie ld , f o r s a le o r r e n t
to a g o o d t e n a n t . W e ll im p r o v e d . A u g u s t P a lm , L itc h f ie ld , M in n .
__________ (2)
F o r S a le b y t h e o w n e r , 7 a c re s ^ J o in m g ’ t h e s t a t i o n o f L o n g L a k e , w i t h 5ro o m h o u s e a n d a b a rn , a n d o th e r o u t­
b u ild in g s ; p la n te d w ith b e rrie s , a p p le s
a n d p l u m s ; c lo s e to a c a n n i n g f a c t o r y ;
a l l l e v e l l a n d a n d c u l t i v a t e d ; p r i c e $ 2 ,400.
A d d re ss B ox
106, L o n g L a ic e ,
M in n ._______ _______________ ________________ )

1 6 0 -A c re D a k o t a F a r m
F o r S a le —w i l d l a n d ; 1% m i l e s f r o m
F o rm an ,
c o u n ty s e a t o f
S a r g e n t c o u n ty , N o r t h
D a k o ta ;
$25 p e r a c r e . O la f K e ls o n ,
N e w H a m p to n ,
I o w a .____________ (2 6 )

SO U TH DAKOTA.
W e offer in v e stm en ts in S outh D akota lands and
m ortgages.
A g e n ts w an ted
H u n t & H a rrin g to n , Sioux C ity, Iow a.
R e a l E s t a t e — W e b u y a n d s e ll r e lin ­
q u is h m e n ts
in
L ym an and
S ta n le y
c o u n tie s ; p a y c a s h fo r good re lin q u is h
m e n t s ; w r i t e u s to d a y . M u r d o L a n d
Co., D r a p e r a n d P r e s h o , S. D .
(2 )

COLORADO.
F o r S a le — 1 6 0 -a c re f a r m o n L i t t l e C i­
m a r r o n r iv e r , u n d e r f e n c e ; 30 a c r e s in
c u ltiv a tio n ; firs t-c la s s w a te r r ig h t; good
c a b in . A d d r e s s , F r a n k W in g , L u j a n e ,
. C o lo ._____________ ________________________ I l 62

ARK AN SAS.
F o r S a le — 1 y2 m i l e s , f r o m
ra ilro a d
s t a t i o n , in M a d is o n c o u n ty , A r k a n s a s ,
240 a c r e s c l e a r e d ; 200 a c r e s f a i r t i m ­
b e r - b l a c k oak, h ic k o ry , w a ln u t, c h e r r y
a n d w i l l c u t 5,000 l o c u s t p o s t s ; $1,200.
F a y e tte v ille
L and
C o.,
F a y e tte v ille ,
A rk .
_____________________

C A L IF O R N IA .
F o r S a le — A t H e s p e r i a , 40 a c r e s r a i s i n
v in e y a rd , w a te r a n d b u ild in g s , m u s t
b e s o ld i m m e d i a t e l y b y G lo v e r E s t a t e .
M r s A n n e t t e N y e , E x e c u t r i x , M o n r o v ia
C ab
u>
F o r S a le — A ll o r in lo ts o f 250 a c r e s ,
w e ll im p r o v e d la n d in 2 m ile s o f A u ­
b u r n c o u n ty s e a t o f P l a c e r c o u n ty , C a li­
f o r n i a ; t h i s la n d w ill p r o d u c e $500 w o r t h
of b e rrie s p e r a c re e a c h y e a r.
A d d re ss
J a m e s C o o k , A u b u r n , P l a c e r C o ., C al
W a n te d -P u rc h a se r
fo r
b est
1,1 2 0 a c r e tr a c t, o f l a n d in C a l i f o r n i a ; e x c e p ­
t i o n a l l y fin e f o r f r u i t , a l f a l f a o r s w e e t
p o ta to e s ; lo c a te d on ra ilr o a d a n d n e a r
c a n n e r y ; i m p r o v e m e n t s a lo iie c o s t $1 3 00 0 ; p r i c e o n ly $28 p e r a c r e . A d d r e s s
E . M . M in s , N e w M e r c h a n t s ’ h o te l, M c ­
h e rso n , K an.
(°)
forPFRASER

Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

CANADA.

C A L IF O R N IA .
G R E A T B A R G A IN S IN C A L IF O R N IA
H O M ES.
^
„
A ll a b o u t P l a c e r c o u n ty , t h e B a n n e r
c o u n ty o f t h e S t a t e o f C a lif o r n ia . N o
b o o m p r ic e s , a n d s t a t e m e n t s h o n e s tl y
m a d e . F o r e x a m p le , t a k e N o . 3 o n o u r
l i s t s — 80 a c r e s of g o o d la n d , a b o u t 30 in
f r u i t . S o m e fin e N a v e l o r a n g e s . G ood
h o u s e , 8 ro o m s . G o o d o u tb u ild in g s . A il
c lo se to s c h o o l, 3 m ile s f r o m c ity o f A u ­
b u r n . O w n e r c o m p e lle d to g o to E u r o p e ,
w ill s a c r if ic e f o r th & s m a ll s u m of $ 6, 000.
H a l f c a s h . A g r e a t b a r g a in .
_
N o . 191— 20 a c r e s , a b o u t 12 m f r u i t .
F i n e h o u s e , 6 ro o m s . G o o d o u tb u ild in g s .
F r e e d e liv e r y . T e le p h o n e . S p r in g w a t e r
p ip e d to h o u s e . C lo se to s c h o o l. A b o u t
2 m ile s f r o m t h e c i t y o f A u b u r n . P r i c e
$3,250. A g r e a t s n a p .
N o , 16— T h i s c e l e b r a te d o r c h a r d c o n ­
s i s t s o f 65 a c r e s , o f w h ic h a b o u t 40 a r e in
f r u i t s , a n d is s i t u a t e d a b o u t tw o m ile s
f r o m e i t h e r N e w c a s t le , P e n r y n , o r L o o m ­
is, t h r e e o f t h e b e s t m a r k e t s in C a lif o r n ia ,
T h e r e is a fin e r e d w o o d h o u s e of 8
ro o m s , s t a n d i n g o n a lo y e ly k n o ll, o v e r lo o k in g 1 th e c o u n tr y . T h e d e a t h of th e
o w n e r c o m p e ls t h e s a le o f t h i s p la c e . I t
c o s t h im n e a r l y n in e t h o u s a n d d o lla r s .
I n o r d e r to m a k e a q u ic k s a le , w ill s a c r i ­
fice f o r $5,500, w i t h t h e h o r s e s a n d a ll
to o ls o n t h e p la c e t h r o w n in . T h is is o n e
of th e v e ry b e s t b a rg a in s w e e v er h a d on
o u r b o o k s , a n d o u g h t to p a y f if te e n p e r
c e n t u p o n p u r c h a s e p r ic e . A p a r t o f th e
p u r c h a s e p r ic e c a n r e m a i n o n tim e . F o r
in f o r m a tio n o f a n y o f t h e a b o v e a n d a ls o
li s t s o f o t h e r p r o p e r t i e s s e n d s t a m p s to
P l a c e r C o u n ty B u r e a u o f I n f o r m a tio n ,
E a s t A u b u r n , C a lif o r n ia . W . J . M c C a n n ,
_________________________ (26)
M an a g e r.

CANADA.

NORTH DAKOTA.
F o r R e n t— A 4 8 0 -a c re fa rm , 2 m ile s
s o u t h o f B is b e e ; 400 a c r e s u n d e r c u l ­
tiv a tio n ,
b a la n c e
good p a s tu re
w ith
ru n n in g
w a te r ;
good,
c o m fo rta b le
5 -r o o m d w e llin g , w i t h c e l l a r ; g o o d
w a t e r a n d w i n d m i l l ; b a r n r o o m f o r 22
h e a d o f s t o c k ; a b o u t 20 t o n s m e a d o w
h a y o n f a r m ; g r a n a r y h o l d s 6,000 b u s h ­
e ls ; a go o d f a r m f o r a n A - l re n te r.
A d d r e s s i n q u i r i e s to J . M. G r a y , D e v ils
L a k e , N . D . _______ ____________________ (-1-*
F o r S a le — A t $8 p e r a c r e , 160 a c r e s in
N o r t h D a k o ta , 6 % m ile s , f r o m r a i l r o a d ;
te rm s .
A d d r e s s C. E . L u n d i n , E u r e k a
M o n t.__________ __________ _________________ EA
800 a c r e , w e ll im p r o v e d f a r m , n e a r F e s ­
s e n d e n , N . D . (640 a c r e s u n d e r p lo w ),
f o r s a le a t $35 p e r a c r e . P . G. R ie d e s e l,
O to , I o w a .____________ ___________________ (2)
F a r m F o r S a le — $4,000 c a s h w ill b u y
o n e o f t h e b e s t f a r m s in B e n s o n c o u n ty ,
o n e m ile n o r t h w e s t o f K n o x . F o r i n f o r ­
m a t i o n s e e C. F . R u s s e ll a t K n o x , o r
w r i t e T h o s . J . R u s s e ll, P o s t F a lls , I d a h o .
(26)

FARM S AND FA RM LANDS

FA R M S AND FA R M LA N D S

FA R M S AND FA R M LA N D S.

M IN N E S O T A .

31

T H E C O M M E R C IA L W E S T

F o r S a le — F r u i t a n d d a i r y f a r m s , i m ­
p r o v e d a n d u n im p r o v e d ; lo ts fiv e a c r e s to
f if te e n h u n d r e d , in S a lm o n A r m V a lle y ,
B r i t i s h C o lu m b ia , a lo n g b e a u t i f u l la k e ;
s p le n d i d b o a tin g , fis h in g , h u n t i n g ; s h o r t,
m ild w i n t e r s ; g o o d b u s i n e s s c h a n c e s ;
g o o d in v e s t m e n t s . F o r b o o k le t w r i t e M cC a llu m & W ilc o x , S a lm o n A r m , B . C.

F o r S a le — I m p r o v e d a n d u n im p r o v e d
F a r m L a n d s ; t o w n lo t s in a ll p a r t s . S t r a t o n R e a l E s t a t e C o., n e x t d o o r to C. P .
R . T e le g r a p h C o.. S a s k a to o n , S a s k . (30)
F o r S a le , C h e a p — 480 a c r e s o f f i r s t - c l a s s
f a r m la n d , n o r t h e a s t o f c ity , h e a r i n ;
p r ic e r i g h t ; t e r m s . A p p ly to P . P a lle s o n ,
g o v e r n m e n t c r e a m e r y , C a lg a r y , A lb e r ta ,
C anada.
___________________ ____________(26)

FLORIDA.
F o r S a le — D e s ir a b le f a r m s f o r p e r m a ­
n e n t h o m e s ; a ls o c h o ic e b u ild in g lo ts ,
im p r o v e d o r u n im p r o v e d ; c la y r o a d s ; h ig h
r o llin g p in e l a n d ; c le a r w a t e r l a k e s ; p u r e
w a t e r ; p e r f e c tly h e a l t h y lo c a tio n ; p r ic e s
r ig h t . A p p ly to o r a d d r e s s N . H . F o g g ,
O a k K n o ll F r u i t a n d S to c k F a r m , A lta m a n t e S p r in g s , F la .________________
(2 fa)

IOWA.
F a r m — 175y2 a c r e s ; 4 m ile s f r o m c o u n ty
s e a t ; s c h o o l 1 m ile ; tw o m ile s to r a i l r o a d
s t a t i o n s ; tw o o t h e r s t a t i o n s m 4 m ile s ,
fin e lo c a tio n o n p u b lic r o a d ; p le n ty o l
w a t e r a n d t i m b e r ; g o o d b u ild in g s ; p r ic e
$50. R e a s o n , o ld a g e .
F o r fu rth e r p a r ­
t i c u l a r s , a d d r e s s o r c a ll o n I. R . S h e p h e r d
D r a k e v ille , D a v is C o., I o w a . _________ (26)
F o r S a le — 1 0 - a c r e f r u i t f a r m n e a r D e s
M o in e s c i t y l i m i t s ; 8- r o o m h o u s e a n d
o t h e r o u t b u i l d i n g s ; c lo s e t o
car. b .
B r i n k m a n , R . F . D . N o . 2, V a l l e y J u n c ­
tio n , Io w a .________ ______ ________________ ( 6 )

KANSAS,
F o r S a le — L a n d in e a s t e r n C o w le y
c o u n ty , K a n s a s ; o il r e c e n t l y f o u n d in
abundance;
p ric e s
su re
to
advance;
com e a t once a n d le t u s sh o w y o u b ar
g a in s . T r e d w a y & N u c k o lls , B u r d e n ,
K an,
________________ __________________(2 6 )

MICHIGAN.
For
S a le — 1 6 0 - a c r e
M ason
c o u n ty
f a r m ; h i g h l y im p r o v e d ; g o o d s o il, g o o d
b u i l d i n g s ; g r e a t b a r g a i n — $4,000. A d ­
d r e s s O le B r e n n e , C u s t e r , M ic h .
(3 )

(ol)

F O R S A L E '— A b e a u t i f u l u p - t o - d a t e
h a l f s e c t i o n o n C. N . R ., 106 m i l e s w e s t
f r o m W in n i p e g , t h r e e m i l e s f r o m to w n
o f P l u m a s ; s c h o o l o n e m ile ; 275 a c r e s
u n d e r c u l t i v a t i o n , 135 a c r e s r e a d y f o r
w h e a t ; s o il r i c h , b l a c k lo a m ; g o o d f r a m e
b u ild in g s ; n e a r ly n e w ; s p le n d id w a te r ;
f o r 'p r i c e a n d f u l l p a r t i c u l a r s w r i t e o w n ­
e r a n d s a v e a g e n t ’s c o m m is s io n .
A d­
d r e s s F a i r V ie w F a r m , B o x 50, P l u m a s ,
m an.
(2 6 )

British Colum bia Tim ber Lands
W e hav e fo r sale la rg e a nd sm all tra c ts of fine
tim ber, both on rail and w a ter. P rices from $4
p e r acre and up, according to location. Tell us
w h a t you w a n t and w e w ill be pleased to subm it
p a rtic u la rs a n d list.

E U G E N E R. C H A N D L E R ,
No. 4 0 7 H astings St.
V a n co v e r, B. C .—(30)
F o r S a le — 3,000 a c r e s A - l w h e a t la n d
in S a s k a t c h e w a n , $8 p e r a c r e — $2.20 c a s h
p e r a c r e , b a la n c e in 5 y e a r s a t 6 p e r c e n t .
L a r g e t r a c t in, S o u t h e r n A lb e r ta , f a m o u s
f o r i t s w i n t e r w h e a t, s m a l l f r u i t s a n d
s u g a r b e e t s , $9 t o $15 p e r a c r e .
F ru it
l a n d s in t h e f a m o u s K o o te n a y c o u n tr y ,
w h e r e 10 a c r e s f u ll y c u l t i v a t e d g iv e s
a m p le o c c u p a tio n a n d r e m u n e r a t i o n to
o n e s e t t l e r a n d fa m ily .
T e r m s o n a ll.
T h e M a p le C r e e k R e a l t y C o., B o x 33,
M a p le C re e k , S a s k .______________________ W
F o r S a le — T h r e e q u a r t e r s e c t i o n o f
good w h e a t la n d ; w ith la r g e fr a m e h o u se
a n d b a r n s ; a b o u t 125 a c r e s c u l t i v a t e d ,
a n o t h e r 150 a c r e s c l e a r e d f o r b r e a k i n g ,
200 t o n s o f h a y c o u ld b e c u t ; s t o c k a n d
i m p l e m e n t s i f r e q u i r e d . P r i c e $15 p e r
a c r e . H . B ., S w a n R i v e r , M a n .
(1 )
W . R . D o b b in , d e a l e r in A l b e r t a L a n d s ;
O ffices a t L e t h b r id g e , A lta ., a n d S t a t e
C e n te r , I o w a .— 5,760 a c r e s e a s t o f H ig h
R iv e r , A lta ., f o r $7 p e r a c r e ; t e r m s g i v ­
8 s e c tio n s n o r t h
e n ; s o ld in t r a c t o n ly .
o f L e t h b r i d g e a t $12 p e r a c r e ; w ill s e ll
a n y p a r t o f t h e s e s e c tio n s .
4 s e c tio n s
e a s t o f C la r e s h o lm a t $12.50 p e r a c r e ;
w ill s e ll a n y p a r t o f t h e s e s e c tio n s . T h is
is a ll A 1 w h e a t la n d , t h e k in d t h a t a
r e a l f a r m e r w ill b u y .
W h e a t fie ld s a ll
a r o u n d — c o m e a n d s e e th e m .

MISSOURI.
G eo. R . R a t h b u n , D e s o to ., 42 m ile s fr o m
S t. L o u is , o ff e r s 40, 80 o r l a r g e r f a r m s
o n ¡easy t e r m s ; m ild a n d h e a l t h y c lim a te . D e s o to is a N o . 1 m a r k e t ._________
S O U T H M IS S O U R I F A R M S —W r i t e f o r
o u r l i s t o f b a r g a i n s 1 in S o u th M is s o u r i
f a r m s . W e ’v e g o t ’e m in a ll s iz e t r a c t s
a n d a t p r i c e s t h a t w ill s u i t y o u .
O ur
t e r m s a r e t h e e a s ie s t .
T h e M is s o u ri,
O k la h o m a a n d T e x a s L a n d C o., C o n w a y ,
M o.________________ _____________________ (2)
FO R
S A L E — C lo v e rd a le
F a rm ,
near
H o u s t o n ia , P e t t i s c o u n ty , M is s o u r i; 530
a c r e s h ill a n d b o t t o m l a n d ; fiv e c o m p le te
s e t s o f b u ild in g s ; ti m b e r a n d g r a s s ; a t
$69 p e r a c r e , o n e a s y t e r m s to s u i t p u r ­
c h a s e r . A d d r e s s S. M c G in n is , W a r r e n s b u r g , M o.
(26)
100
W EST
M IS S O U R I f a r m s ;
a ll
s iz e s a n d p r i c e s ; p r a i r i e a n d t i m b e r .
W . J . C le v e la n d , O s c e o la , M o.
(3 )
F o r S a le — 80 a c r e s , i n c l u d i n g s t o r e
a n d p o s to f f ic e ; s m a l l g e n e r a l s t o c k ; fin e
h o u s e , o r c h a r d , s p r i n g , e t c .; o w n e r a
c r i p p l e ; m u s t s e l l ; L i g h t , M o., 9 m i l e s
n o r t h e a s t o f R o lla , J . W . H u t t .
(1 )

M IS S IS S IP P I.
A dollar on th e M ississippi g u lf coast. If
you w a n t to find o u t how to in v e st—a nd m ake
it, w rite fo r folder a nd m ap to M ississippi L and
and A b stra ct Company. P. O. box 156. G ulf­
port, Miss. W. H . Bouslog, M. P. Bouslog.

$

N EBR ASK A.
DO YO U W I S H T O M A K E
A CHANCE?
I f you have a fa rm , home, business, or p ro p e rty
th a t you w a n t to sell or exchange, w rite us.
Globe L and a nd In v e stm e n t Co,, O m aha, N eb.
or Sioux City, la .

O H IO .
133 a c r e s ; la y s fin e ; 4 m ile s C h a r d o n ;
liv in g w a t e r ;
12 a c r e s t i m b e r ; g o o d
b u ild in g s ; 6 c o w s, s p a n f a r m m a r e s ; h a y
to w i n t e r ; 8 a c r e s ry e .
A ll f o r $5,800.
L i b e r a l t e r m s ; p o s s e s s io n b e f o r e M a r c h .
B o x 22, H u n t s b u r g , O h io .
(26)

Kootenay Fruit Lands
The best climate in Canada. Fine soil, beautiful scenery, prize_ fruit, good
markets. No doctor’s bills, no frost bites, no rainy season, no mosquitoes; good
fishing, hunting, boating, bathing.
_
... ,
, ,
A ten-acre tract in the Kootenay will give you a better income with less labor
than the average farm on the prairie. These tracts are limited. Buy now.
Prices right. Easy terms. Write at once to the owners.

O.

W.

KERR

COMPANY,

6 2 4 -6 2 5 U nion Bank, W innipeg.

LIMITED

F. E. M cG RAY, M anaging Director.

THE COMMERCIAL WEST

32

MORTGAGE LOANS.

FARMS AND FA RM LANDS

TEX A S.
L a n d s — S o u th w e s t
T e x a s — T ra c ts
40
a c r e s to 40,000; lo w p r ic e s , e a s y t e r m s ;
f e r t i l e s o il; h e a l th f u l c lim a te . W r i t e f o r
t h r e e i l l u s t r a t e d b o o k le ts . A llis o n - R ic h e y
L a n d C o., M o o re bldg;., S a n A n to n io , T e x .
________________________________
(26)

TEXAS

FARM

LANDS

R A IS E

Fr o m $10 to $40 in 18 months.

W . R. S H IR L E Y , S IO U X C IT Y ,

IA.

F o r S a le — I h a v e s o m e fin e f a r m s , fr o m
20 to 10,000 a c r e s o f fin e la n d a s e v e r a
p lo w w a s p u t in , f r o m $10 to $25 p e r
a c r e . F in e r a n c h e s 3,000 to 100,000 a c r e s ,
f r o m $2 t o $6 p e r a c r e . I f y o u m e a n
b u s in e s s , w r i t e o r c a ll o n H . Y o a k u m ,
305% M a in S t., H o u s t o n , T e x a s .
(26)
F o r P a n h a n d l e L a n d t h a t w ill g ro w
c o rn , c o tto n , w h e a t, o a ts , a lf a lf a , m a iz e ,
k a ffir, f r u i t a n d v e g e t a b le s , s e e P . T .
G rib b le , W h e e le r , T e x .
(2)
H O M E S E E K E R S ’ SNAP.

320 a c r e s f in e s t la n d in s t a t e , a ll t i l l ­
a b le ; 40 a c r e s in c u l t i v a t i o n ; 1% m ile s
f r o m r a i l r o a d d e p o t; 2 flo w in g w e lls ; tw o
h o u s e s o f s ix a n d tw o r o o m s ; s u b d iv id ­
e d a n d f r o n t i n g o n c o u n t r y r o a d ; w ill
a c c e p t a lo w p r ic e f o r t h e n e x t f e w d a y s ;
a ls o f a r m
20 to 1,000 a c r e s a d jo in in g above.
A ls o N u e c e s c o u n ty la n d in t r a c t s o f
100 to 7.000 a c r e s a t f r o m $7 to $9 p e r
acre.
J A S . A N D E R S O N & C O ., S o le
A g e n ts , C o r n e r N a v a r r o a n d C r o c k e t t
s t s , . S a n A n to n io , T e x .
(1)

TE X A S LAND S
F o r S a le -— 624 a c r e s 4% m i l e s N . E .
o f S t r a t f o r d , , S h e r m a n c o u n ty , T e x a s ,
o n R o c k I s l a n d f r o m K a n s a s C i t y to
E l P a s o , T e x a s , a t $11.50 p e r a c r e ; a n d
1,150 a c r e s 10 m i l e s S. W . o f S t r a t f o r d
a n d 2 m ile s n o r t h o f C o n lo n , a t $8.50
p e r a c r e o n e a s y t e r m s . T h i s i s a ll
b la c k la n d . N o w a s t e l a n d o n e i t h e r
t r a c t . A d j o i n i n g l a n d i s h e ld a t $15.
B u y of o w n er an d sav e m oney. C an
s h o w t h i s la n d a t a n y tim e . C. A .
A V h ite s c a rv e r, 206 T e m p le C o u r t, D e n ­
v e r . C olo.
_____ ( 1 )
135,000 a c r e s o f T e x a s l a n d to b e s u b ­
d iv id e d in a n y s iz e t r a c t s , a t $6 to $ 12
p e r a c re , o n e -th ir d c a s h . 6 p e rc e n t on
d e f e r r e d p a y m e n t s . A . A. B a l l R e a l t y
C o., N a r a V is a ^ N . M.
(2 )
I r u n n o S le e p e r s o r A u to m o b ile s ,
n e i t h e r w ill I a g r e e to p a y y o u r r a i l ­
r o a d f a r e i f y o u b u y m y la n d , b u t I
h a v e s e v e r a l c h o ic e s e c t i o n s in t h e P a n ­
h a n d le , n e a r A m a r illo , w h ic h I w ill s e ll
c h e a p e r t h a n s a m e k in d is s o ld b y
a g e n t s th e r e . W r i t e f o r p r i c e s a n d p l a t
s h o w i n g lo c a tio n . A ls o h a v e l a n d in
S o u t h T e x a s . A . B . H o y , M a r s h a l l , M o.
(1)

7 P e r c e n t F ’i r s t M o r tg a g e F o r S a l e A m o u n t $3,000, a n d s e c u r e d b y 240 a c r e s
im p r o v e d la n d w o r t h $7,000; a ls o o t h e r s
in s m a l le r a m o u n ts . S t a t e B a n k o f B a r n u m . B a r n u m , M in n .
____________ (2)
W e a r e in a p o s i t i o n to t a k e c a r e o f
a few T m o r e I n v e s t o r s in F i r s t M o r t g a g e
F a r m D o a n s , a n d i n v i t e c o m m u n ic a t io n
l o o k in g to a t h o r o u g h i n v e s t i g a t i o n o f
o u r b u s i n e s s a n d m e th o d s . W e w ill s e n d
l i s t o f o n - h a n d l o a n s a n d b o o k le t u p o n
a p p l i c a t i o n . E . J . L a n d e r & Co., B o x
“ 7,” G r a n d F o r k s . N . D .
(2 6 )

FARM MORTGAGES FOR SALE
On im proved W isconsin. M innesota and N o rth
D akota F a rm L a n d s—V ery choice loans, placed by
ourselves, a n d ready fo r im m ediate delivery—A m ­
ple s e c u rity —P e rfe c t title s. Good p ro m p t m en back
o f th e loans and if requested, w e will, w ith o u t ex­
pense to you, collect a nd re m it In te re s t In s ta ll­
m ents, P a y Taxes and generally look a f te r th e
loan d u rin g its life. F u ll inform ation given. L et
u s h e a r from you.

Surety Mortgage Loan Co.
241 Endicott Bldg.

S t. P a u l, M in n .

M ORTGA G ES FO R SA LE,
r e p r e s e n t i n g l o a n s o n f a r m la n d s , a t
25 p e r c e n t o f v a l u a t i o n .
E a c h lo a n
c a r e f u l l y i n s p e c t e d a s to t i t l e , q u a l i t y
o f la n d a n d c h a r a c te r o f a p p lic a n t.
W r ite fo r in fo r m a tio n r e g a r d in g lo a n s
o n M is s o u r i S lo p e L a n d s .
E v e r e t t R e a l E s t a t e & L o a n Co,.
D ic k in s o n . N . D .
(3 )

Unlim ited M o n ey to Loan
On M inneapolis business or residence pro p erty ,
w ith “ On or before p rivilege.”

Ware-Baker Company,
1026 Security Bank Building,

MINNEAPOLIS

N.

P h o n e s , Z e n ith 1 9 8 9 .
A l l T r a n s a c t io n s

D u lu th 1 9 2 3
C o n fi d e n ti a l.

HEYW00D MFG. CO.

W A S H IN G T O N .
F o r S a le — T o w n lo ts , a c r e t r a c t s , f r u i t
fa rm s , d a iry fa rm s , w h e a t, h a y a n d hop
r a n c h e s , in t h e f a m o u s Y a k im a V a lle y ,
o f w h ic h O u tlo o k c o n tr o ls t h e m o s t a n d
b e s t N . P . t r a n s p o r t a t i o n ; a ls o b u s in e s s
o p e n in g s in n e w to w n o f O u tlo o k c a n n o t
b e s u r p a s s e d . A d d r e s s W . M c F . S te w a r t,
O u tlo o k , W n .
(26)

P a p e r B oxes, P r i n t i n g
AND
St e e l

W E N A T C H E E V A LLEY PR O PERTY .
F r u i t , w h e a t , s to c k r a n c h e s .
B u s in e s s
a n d r e s id e n c e p r o p e r ty . W r i t e K e lle r &
B e l s e r f o r t e r m s . G rig g s b lo c k , W e n a t ­
chee, W ash .
(2)

D ìe E m b o s s i n g

4 2 0 =4 2 8 3 r d S t . N o .

M IN N E A PO L IS

W IS C O N S IN .

= M INN.

C H E A P — 80 a c r e f a r m 5 m i l e s f r o m
M e n o m o n ie ;
la rg e
h ouse,
new
b a rn ,
g o o d o u tb u ild in g s ; co w s, h o rs e s , y o u n g
s t o c k ; e v e r y t h i n g i m a g i n a b l e in f a r m m a ­
c h i n e r y ; w e ll, s p r i n g , s t r e a m a n d w i n d ­
m ill o n p l a c e ; g o o d o r c h a r d ; n ic e lo c a ­
t i o n a n d g o o d l a n d ; g o e s a t $4,500, a n d
on e a s y te rm s . S ee m e a t once. F r a n k
M in e r , A r c a d e b ld g ., M e n o m o n ie , W is .
(2 6 )
FARM S AND L A ND S -M IS CE L L AN E OU S
F o r S a le — O n e h u n d r e d a n d s i x t y a c r e
f a r m , 9 m ile s n o r t h o f E a s t G r a n d F o r k s .
A ll u n d e r c u l t i v a t i o n a n d r e a d y f o r c ro p .
T h i s f a r m is lo c a te d in o n e o f t h e b e s t
d i s t r i c t s in M in n e s o ta , ly in g o n ly o n e
m ile e a s t o f M a r ia s . S c h o o l h o u s e o n th e
a d jo in in g q u a r t e r .
P r i c e a n d t e r m s if
ta k e n a t o n ce v e ry easy . F o r p a rtic u la rs
on th is a n d o th e r N o rth D a k o ta a n d
C a n a d ia n l a n d s w r i t e R u s t a d & M c K e e n ,
G r a n d F o r k s , N . D ., 1% S o u th T h i r d
s tre e t.
MORTGAGE LOANS
^FO R
S A L e E f IR S T M O R T G A G E
F A R M L O A N S 5% p e r c e n t t o 6 p e r c e n t ,
SE N T ON A PPR O V A L. K R A T T R E A L ­
T Y C O ., S H E L D O N , N . D .
(26)


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1905 , comes to the front with a “just
cause” for its existence. What busi­
ness man in the United States, whether
he fathers a trust or runs a corner
drug store, can point to a profit like
this: An investment of $2,oco in T864
now produces an annual income of $ 40 .000 ,000 , yet this is one of the records
of the much-maligned agricultural de­
partment. The department introduced
from China and France in 1864 a com­
paratively small amount of sorghum at
a cost of $ 2 ,000 . Now a considerable
part of the molasses consumed in the
United States comes from this outlay
of $ 2 ,000 , and the annual value of the
sorghum crop is at least $ 40 ,000 ,000 .
But the astonishing work of the agri­
cultural department does not stop with
sorghum. The branch of the depart­
ment’s work which endeavors to find
new things for .the farmer to grow, and
to make the United States independ­
ent of foreign countries for all of its
cereals, has been most prolific in tang­
ible results; and its success in trans­
planting alien grains is phenomenal,
and is financially a paying propositon.
—Dewey S. Beebe, in Technical World
Magazine.
A MAN NOT R E S P O N SIB L E FOR
FA ILU R E .
In “ The Mere Incident of Failure,”
by Will Payne, in the January Every­
body’s, the writer says:
“ You may be exactly rght in your
judgment of the particular propositon
that engages your attention, and yet fail
because the flux of numberless and often
inscrutable causes that play upon busi­
ness turns against you. Theodore H.
Price was decidedly right about cotton
in 1900. He said it was too low. It
stood at nine and a half cents a pound
when his firm failed with liabilities of
$13,000,000. The failure did not dis­
turb Mr. Price, however. It did not
change his opinion that cotton was too
low. He raised some more money—
partly, it is said, by writing life-in­
surance—and tried again. Soon after
the failure cotton was up to eleven
cents and Mr. Price was rich again.
Simply being right in your judgment of
a particular proposition counts for as
little as being wrong in your judgment
of it. Wheat at sixty cents a bushel
in Chicago is too low. Anybody can see
that, because it does not repay the cost
of production. Thousands did see it
along in 1894 and 1895. For months
every time the ticker ticked little groups
of them went over like tenpins hit by
a ball. For while wheat was obviously
too low, it wouldn’t go up. Not that
there was any overproduction, nor that
competition was less, nor that there was
any lack of money to carry the stocks of
grain; but just because the country had
the blues. That is illogical; but it
counted quite as much os though it had
come out of Kant’s ‘Pure Reason.’ ”

S.Mitchell

C O PPE R S T O C K S

610-611 FIR ST N A T IO N A L B A N K B U IL D IN G
D U L U T H , MINN.

L A N D S f o r s a l e a n d f o r r e n t to
fa rm e rs . W rite
me
fo r
p a rtic u la rs .
C L A U D M cC A U L E Y , B re c k e n rid g e , T ex.
f 26)

Saturday, December 29, 1906

BUSINESS SUCCESS.

?

McM i l l a n

fur

&

w ool co.

I

5
M IN N EA PO LIS. M INN.
£
* T R A P P E R S ’ G UIDE F R E E -T O TH O SE W H O SH IP T O US. 1
WRITE TOR OUR PRICE

CI RC U LA R

PRICE OUR FOR WRITE

MAKES ENORMOUS PROFIT.
An annual income of $40,000,000 on
an original investment of $2,000 is the
surprising record of the United States
department of agriculture.
To the riddle, “ Why is the depart­
ment of agriculture?” some scoffers
have been wont to reply, “Just ’cause.”
They used to ridicule the agricultural
work of the government because they
said there were no tangible results.
But the department, in its yearbook for

Power to see the future has a cer­
tain place in business—an exceedingly
humble one, however. It is employed
professionally by some ladies and
gentlemen at an average price of about
a dollar a sitting. They can see things
afar off, but not the landlord who is
coming up the stairs to throw them
out, nor the policeman who is coming
around the corner to run them in. Pre­
science and clairvoyance have no place
in the equipment of men who ane able
to make a living in less hazardous and
persecuted callings.
There are plenty of infallible rules
for success. Some men who have suc­
ceeded are rather fond of laying them
down for the guidance of the young.
But nobody—least of all their authors
—ever infallibly succeeded by them—
Will Payne in “ The Mere Incident of
Failure,” in January Everybody’s.

Saturday, December 29, 1906

th e

c o m m e r c ia l

Tri-State Telephone and
Telegraph Company
STATEMENT:
Gross Earnings........... ........................ . $900,000
All Expenses, Including Taxes and
Insurance ........................................ 300.000
$600,000
Maintenance and Depreciation

2 0 0 .0 0 0

Interest and Dividends

$400,000
250,000

S u rp lu s.............

$150,000

1% Preferred Stock
This Company is issuing its preferred Stock
to cover cost of new lines under construction.
Our toll lines extend from Fargo across the
state, reaching Glendive, Montana.
Safety and permanence are combined in
this investment. Complete particulars wil
be given on request.

North Dakota Independent
Telephone Company
Minneapolis Office:
926 Security Bank Building.

The m ost noted a rc h ite c ts a nd c o n tracto rs in A m erica
recom m end

T h e above is th e financial s ta te m e n t of a y e a r’s re c eip ts an d e x ­
p e n d itu re s b ased on th o se o f th e p re s e n t m o n th o f theT ri-State Telephone

The

COmT h ere is now offered to in v esto rs $ 5 0 0 ,0 0 0 of pre ferre d stock, b e a r­
ing 6 p er cent interest, free from tax,
_

ai

me

nlw

“ Colt”

Gas

Generator,

for lighting any building, large or small.
NO MANTLES, NO PUMPING UP, NO ODOR. Gas always
ready to light.—Does not affect insurance. Write for partlc
mars. We have a money making proposition for town lighting
gas plants. A splendid opportunity for Investment. We sell
acetyline burners and carbide.

T he above su rp lu s of $150,000 is sufficient to pay th e dividend on th e
stock now offered fo r sale five tim es over.
F o r an y f u r th e r in fo rm atio n desired please w rite to th e com pany, br
call on E. H . M O U L T O N , th e p resid en t, a t th e M ain E x ch an g e, corner
of Sev en th S tre e t and T h ird A venue South, M inneapolis.

YUIJK LKtUII lò uuuu

33

w est

N. W. A g e n c y , J . B . C O L T C O .
2 1 3 S. F ourth S t .,
M INNEAPOLIS

Harrison & Smith Co.

lnu laiw

Fortieth (40th) Semi-Annual Sale Office Furniture
D ESK S
“ Derby,” “ Dietz,” “ Gunn
Government,” “Cutler.”

C H A IR S

Printers, Lithographers, Blank
Book Manufacturers, Elevator
Blanks and Bank Supplies to
order.
Estimates Cheerfully
furnished.
624*626=628 S o u th F o u rth St.

M IN N E A P O L IS

“ B. L. Marble,” “ Derby,”
“ Ford=Johnson.”

TABLES
C fk
$44 • OvJ

C A SH , or $5

Per M onth.

“ Derby,” “ Imperial Furni=
ture Company.”

F O R T H I S S A L E w e o ff e r , a s th e O p e n in g G u n o f th is G reat
S a l e , 25 F u ll Q u a r te r S a w e d G o ld e n OaK
D ietz
p i c t u r e , i n t h e p o p u l a r s q u a r e e d g e f i n i s h . A S tric tly H igh G rade
D esk R ubbed to th e P o p u la r D ull F in ish , w ith C onveniently A rra n g e d I n t e n o r s In d ex L e tte r F iles—Slides a t each e n d - C e n te r D ra w e r -R a is e d P anels all around
and F u ll B ase M ou ld in g s-5 4 In ch es Long. 34 In ch es D eep;
R e g u la rly ....................................................................................................................... $ 5 8 , 0 0

25 D itto, 54 In ch es L ong;
R eg u larly .......................... ..........................................................................................
T H IS SA L E . ............................................................................................................
C a s h or $ 8 .0 0 D o w n a n d $ 5 .0 0 Per M o n th .

H I D E S

F U R S , P E L T S , WOOL

toM c M IL L A N F U R & W O O L C O .
MINNEAPOLIS, MINN.

W R ITE FOR C IR C U LA R S

SECTIONAL BOOKCASES. FILES and SUPPLIES
“ Macey,” “ Derby,” “American Sectional Furniture Com=
pany,” “ Krag Imperial” (Metal).

T H IS SA L E.

vsoHJ .:

Ship your Hides, Furs, Pelts,
Wool, Ginseng and Seneca Root
to the Old Reliable

$ 4 4 .5 0
$ 6 2 .0 0

$ 4 8 .0 0

New England F" tT fc „
rS £ £ : - » , .
5th St., 6th S t, and 1st Ave. South
-------- M I N N E A P O L I S =

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

M IN N E A P O L IS .

34

T H E C O M M E R C IA L W E S T

Saturday, December 29, 1906

GORDON FUR AUTOMOBILE COATS
Make it possible for you to run your motor all winter in comfort.
Made in the “ Gordon W ay” for Men, Women and Children.

U N E X CELLED PRODUCT
North THE
Selected Stock, Skilled Workmanship
Star N O R T H S T A R S H O E , C O .
Shoes
-O F .

and Knowledge of Western Trade Demands.

M A N U F A C T U R E R S A N D JO BBER S

A g e n ts for th e B ost on Rubber S h o e Co. I O f f i c e a n d W a r e r o o m s TLff*

= B E .S T

G O O D S

“ LAND

IS

THE

M

A D E =

B A S IS

OF

|*

| 424, 426, 428 First A ve . No. r l l l U l C d p O l l S

W EALTH”

Western Debenture and Realty Company
C apita l S to ck,

Principal Office: Andrus Building, Minneapolis.

$ 1 5 0 ,0 0 0 .

Having increased our Capital Stock
$ 5 0 ,0 0 0

00

we offer, subject to prior sale, a limited
number of shares of this desirable stock
at par value of

$100.00 per share.
Will consider attractive unincumbered
real estate.

Accumulative Bonds are issued by this Com­
pany that may be paid for in ten, fifteen or
twenty years. The proceeds from the sale
of bonds are invested in real estate, to be
held for a long term of years and then de­
veloped by the Corporation.
Coupon Bonds are also issued in any multiple
of $500, These are paid for in one sum and
and run for ten years, the interest, at 6 per
cent, being paid semi-annually.

This Company is Under the Supervision of the Public.Examiner.
According to its Charter the Company must Deposit in Trust Securities to Cover its Bond Liability.

The Wyman-Partridge
102 Salesmen from the “ House of Quality“ cover
the territory outlined on map.

$ LOSANGE3

W ym an,

P a r t r id g e

<5 Co.

M I N N E A P O L I S , M IN N .
J o b b e r s o f D R Y G O O D S , N O T IO N S a n d F U R N I S H I N G S
M a n u f a c t u r e r s o f “ F L O U R C I T Y “ M e n ’s W e a r .

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Saturday, December ig, 190b

mt

35

C O M M E R C IA L W E S T

FINANCIAL NEWS OF WESTERN CANADA.
V

(S p e c ia l C o r r e s p o n d e n c e to th e C o m m e r c ia l W e s t.)

W in n ip eg , Dec. 24.— E v e ry business m a n spoken to
is of the opinion th a t the holiday tra d e of the p re s e n t
holiday season is by lo n g odds the m o s t satisfacto ry on
re c o rd for the city of W in n ip eg . A visit to th e retaiieis
and the w h o le s a le rs ’ places of business was s o m e w h a t
of a revelation. T h e shelves to d a y w ere em p ty and
those w h o delayed th eir sh o p p in g fo un d b u t a p oo r
selection of h oliday g oods to choose from. To a large
e x te n t all o th e r business o peration s have been o v e r­
s h ad o w ed by h oliday trade. An activity in real estate
continues an d prices are steady. M o s t of the b uyers are
lo o kin g for inside p ro p e r ty an d th e r e is a distinct cold ­
ness ex isting n ow re g a r d in g th e outlyirjg sub-divisions
th a t have for so lo ng a ttra c te d public atten tio n.
Som e b u y ing of large s u b u rb an areas in the vicinity
of th e large te r r i t o r y acquired by the G rand T r u n k R ail­
way, p re s u m a b ly for rep air shops, has tak en place d u r­
ing th e p a st week. B u t in o th e r resp ects the b u y ers
have been lo o kin g fo r cen trally located properties, t h e

COLORADO LEADS IN GOLD.
T h e b u re a u of th e m in e a n d th e g e o lo g ic a l su rv e y ,
w h ic h a re c o - o p e r a tin g in d e te r m in in g th e a n n u a l p r o d u c ­
tio n of g o ld a n d s ilv e r in th e U n ite d S ta te s , h a v e a g re e d
u p o n th e fo llo w in g t a b u la te d s t a te m e n t of th e o u tp u t b y
s ta te s a n d te r r i t o r i e s fo r th e c a le n d a r y e a r 1905 :
+»
G o ld V a lu e .
A la b a m a
$41,500
A l a s k a ^ .........................
.........................14,925 600
A r iz o n a ...........................................
2,691,300
......................... W ,197,100
C a l if o r n ia "
A
.

S ilv e r v a lu e ,
F in e o u n c e s
$300
169,200
2,605,700
1-082,000

g ° T r &ai f
.........................................: : : : : : : : : :
’ 96;9oo
?dea ° h T a
........... ......................... 1 , 075,600
M a r y la n d ...............................................................
14’800
.......
M ic h ig a n .................................................................

* ’900
8, 125,600

........................... '.................................... 5,359,100

5,863,500

N evada

N o r i h C a r o l i n a ................
K
n
q m lth C a r o l i n a ’ “ .......................
T f n m M * « , ...............................................................
i

®*?-8

...............................

W a s h i n g t o n ..........................................................
W y o m in g ...............................................................

123,900
1,244,900
95,100

253 000
12 900

13,200
88,900
100

3.300

^ 5 ,5 0 0

5 , 140,900

10 , 319,800

370 000
’

119 40 q

T h e to ta l n u m b e r o f o u n c e s of g o ld p ro d u c e d w a s 4 ,265,742 a n d th e c o m m e rc ia l v a lu e of th e silv e r p ro d u c e d
w a s $ 34 , 2 2 1 ,976.
,,
,
•

T h e m o s t im p o r t a n t c h a n g e s m g o ld p r o d u c tio n a re
s h o w n b y A la sk a , w h ic h a d v a n c e s fro m $ 9, 160,500 in 1904
to $ 14 ,925,600 in 1905 . C o lo ra d o s h o w s a n in c re a s e fro m
$ 24, 385,800 in 1904 to $ 25 , 701,100 in 1905 , du e to fre e d o m
fro m la b o r tro u b le s . N e v a d a s h o w s a g a m fro m $ 4 ,307 ,"
800 in 1904 to $ 5 ,359,100 in 1905 , a n d a g a in m silv e r fro m
2695,100 to 1 , 863,500 fine o u n c e s . T h e d ir e c to r of th e
m in t sa y s N e v a d a w ill sh o w fo r 1906 a m u c h l a r g e r g a m
in b o th g o ld a n d silv e r, a n d t h a t th e s ta te w ill lik e ly m a k e
a c o n te s t fo r firs t p la c e as a p r o d u c e r of p re c io u s m e ta l.
T h e to ta l o u tp u t of silv e r is a b o u t $ 1 , 500,000 o u n c e s u n d e r
t h a t of th e p re v io u s y e a r, th e th r e e h e a v ie s t p r o d u c e r s —
M o n ta n a , C o lo ra d o a n d U t a h — all s h o w in g a d e clin e.

MORE FRIENDLY TO TRUST COMPANIES.
( S p e c ia l C o r r e s p o n d e n c e to th e C o m m e r c ia l W e s t.)
O m a h a D e c . 3 .— A m o n g th e b ills w h ic h w ill b e i n tr o ­
d u c e d b y th e D o u g la s c o u n ty d e le g a tio n m th e le g is la tu re
th is w in te r w ill b e s e v e ra l p r o v id in g f o r th e e s ta b lis h m e n t
a n d o p e r a tio n of t r u s t c o m p a n ie s m th e sta te . S e n a to r
C h a rle s L . S a u n d e rs w ill in tro d u c e o n e , a n d it is sa id so m e
l e g is la to r w ill b e s e le c te d b y c e r ta in lo ca l a n d o u ts id e
fin a n c ia l i n te r e s t s to p r e s e n t a m e a s u re w h ic h w ill e m b o d y
m o re lib e ra l id e a s o f th e p ro v in c e of a t r u s t c o m p a n y th a n
th o s e of th e b ill M r. S a u n d e rs h a s fra m e d .
S e n a to r S a u n d e r s ’ b ill, w h ic h s c a rc e ly re s e m b le s its
o rig in a l self, p r o h ib its t r u s t c o m p a n ie s fro m d o in g a n y ­
th in g w h ic h m ig h t b e c o n s tr u e d as a b a n k in g b u sin e ss.
M e n o f fin a n c ia l in te r e s ts o u ts id e th e lo c a l b a n k s sa y
a b ig t r u s t c o m p a n y w o u ld b e o rg a n iz e d in O m a h a s o o n if
a s u ita b le la w s h o u ld b e p a sse d . T h e y p r e d ic t th e i n t r o ­
d u c tio n in th e le g is la tu r e o f a m e a s u re w h ic h w ill n o t o n ly
a llo w t r u s t c o m p a n ie s to a c t in th e o r d in a r y fid u c ia ry
c a p a c ity b u t w ill p ro v id e t h a t t h e y m a y do a b a n k in g
b u s in e s s ’ u n d e r th e sa m e r e s tr ic tio n s n o w laid o n th e
b anks
,
,
T h e N e b r a s k a B a n k e rs A s s o c ia tio n , a t its c o n v e n tio n
in O m a h a , p a s s e d a r e s o lu tio n declaring» in fa v o r of t r u s t
c o m p a n ie s , w ith “ p r o p e r r e s tr ic tio n s
a n d a u th o r iz e d
th e a p p o in tm e n t o f a c o m m itte e to d r a f t a bill. T h e p r e s i­
d e n t h a s n o t y e t n a m e d th e c o m m itte e .
. . .
,
“I th in k th e s ta te h a s g ro w n to a p o in t w h e re it n e e d s


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

latter is in d em an d b o th for r e n t in g and for purchase.
P. O. F ow ler, se c re ta ry N o r th w e s t Grain D e a le rs’
A ssociation, issues the w h e a t situation for D e c e m b e r 15,
I 9°^>‘
B u s h e ls .
E s t i m a t e y ie ld O c t. 1 5 .................................... 00
I n s p e c te d to d a t e ......... .......................................
I n s to r e in c o u n t r y p o i n t s ............................. 19,500,000
I n t r a n s i t ( n o t i n s p e c t e d ) .............................
980,000
S h ip p e d b y G r e a t N o r t h e r n R a i l r o a d . . .
300,000
150,000
M a r k e te d in W i n n i p e g ....................................

B u s h e ls .
86,304,000

T o t a l m a r k e t e d ............................................... ^ ,4 2 0 ,0 0 0
A llo w f o r c o u n t r y m i l l s ....................................
^,000,000
A llo w f o r s e e d ...................................
9,000,000 <1,4^0,000
B a l a n c e t o m a r k e t ......................................
M a r k e te d a t s a m e d a t e l a s t y e a r .............

aaa

5 i,isu ,u u u

T h e C anadian B ank of C o m m erce entered its line new
building at E lm w o o d d u rin g th e week. T h e y were
cro w d ed in th eir t e m p o ra r y prem ises. E lm w o o d , which
is n ow a p a r t of th e city of W in n ip eg , is th r iv in g and sev­
eral factories are in th e course of erection an d its p o p u ­
lation is fully S,ooo. All the business people say th a t
tra d e is excellent.
th e t r u s t c o m p a n y ,” sa id G. W . W a ttle s , o f th e U n ite d
S ta te s N a tio n a l B a n k . “ I do n o t th in k th e b a n k e r s w ill
o p p o s e a la w p ro v id in g fo r c o m p a n ie s to a c t as e x e c u to rs
o f e s ta te s , to h o ld p r o p e r t y in t r u s t a n d to b u y b o n d s
is s u e d b y c itie s a n d to w n s fo r m u n ic ip a l im p ro v e m e n ts .
I a ls o b e lie v e it w o u ld b e a ll r ig h t fo r th e s e c o m p a n ie s
to ta k e d e p o s its , p ro v id e d th e y a re n o t to be u se d in a
b a n k in g w a y .”
S T A T IS T IC A L R E P O R T O F L A K E C O M M E R C E
T h r o u g h C a n a ls a t S a u lt S te . M a rie , M ic h ig a n , a n d O n ­
ta rio , fo r th e M o n th o f D e c e m b e r, 1906 .
E ast Bound.
A rticles_
U. S. C'anal C anadian C anal T otal
Co-pper, n e t tons .......................
6,836
....
6,836
794,698
6,351,189
Grain, bushels ........................... 5,736,491
Building stone, n e t tons ........
....
••••
Flour, b arrels .............................
437,400
35,732
47o,lo2
Iron ore, n e t tons .....................
566,798
26,276
593,074
......
■•••
•• ••
Iron, pig, n et tons ...................
Lum ber, M. ft. B. M.................
15,352
1,197
16,549
Silver ore, n e t tons .................
....
••••
W heat, bushels ....................... 8,716,257
2,183,898 10,900,155
Genl'. mdse., net! tons ............
4,527
95
4,622
P assengers, num ber ................
90
151
241
W est Bound.
Coal, hard, n e t to n s ................
15,800
9,000
24,800
Coal, soft, n e t tons .................. 254,982
51,229
o06,211
Flour, b arrels .............................
••••
••••
---Grain, bushels ...........................
••••
••••
••••
M anf’d iron, n e t tons .............
17,853
4,300
JIM aa
Salt, ba rre ls ...............................
100
17,360
11A ?2
Genl. mdse., n e t tons .............
11,099
20,269
31,368
P assengers, num ber ...............
56
49
105
F re ig h t i
E a s t bound, n e t tons ............. 1,062,162
112,056
1,174,218
W est bound, n e t tons ............ 299,749
84,278
384,027
T otal freight, n et tons . .. 1,361,911
196,334
1,558,245
V essel passages, n u m b e r ........
334
109
44o
R eg’d tonnage, n e t .................. 794,351
132,/7 a
9-/,124
C O M P A R A T IV E

STA TEM EN T O F LAKE COM­
M ERCE
T h r o u g h C a n a ls a t S a u lt S te . M a rie , M ic h ig a n , a n d O n ­
ta rio , fo r th e S e a s o n s o f 1905 a n d 1906 .
T otal T raffic for
Change
Season
Season
Item s
1905.
1906.
A m ount P.c.
Vessels i
Steam ers, num ber ..............
17,197
l 8-438
941 + 5
Sailing, num ber .................
3,263
2,817
446
14
U nregistered, num ber . . . .
1,219
1,200
19 — 2
Total, num ber .................
Lockages, num ber ..............

21,679
13,792

22,155
14,523

R egistered6 ’ n e t .................. 36,617,699
F re ig h t n e t ..........................44,270,680
P assengers, num ber ..........
54,204
Cocil *
H ard, n e t tons ...................
984,701
Soft n et tons ....................... 5,524,355
F lour barrels ..................... 5,772,719
W lheat bushels .................... 68,321,288

41,098,324
51,751,080
63,033

476 -j731 -j-

2
5

4,480,625 + 12
7,480,400 + 17
8,829 + 16

1,011,375
26,674 + 3
7,728,255 2,203,900 + ’40
6,495,3o0
722,631
1*>
84,2 i l,358 15,950,070 -j- 23

C+ + ! S r + h a !\.W! T ). \ 39,229,55S 54.343.1S5

15,113,603 + 39

237,696
391,105
153,409 + 65
Salt, b arrels .........................
423,122
468,162
45,040 + 11
Conner n e t tons ................ 106,520
107,633
1,113 +
1
Iro n ore, n et tons .............. 31,332,637 35,357,042 4,024,405 + 13
Lum ber, M. ft. B. M.............
966,806
900,631
6 6 ,1 7 5
7
Silver ore, n e t t o n s ............
41
••• •
41
loo
Building stone, n e t to n s ..
10,899
6,222
4,677 —- 43
G eneral m dse., n et tons ..
836,583
1,134,851
298,268 + 36
The U nited S ta te s C anal w as opened April 13, and closed
D ecem ber 17, 1906; season, 249 days,
d ^
The C anadian C anal w as opened A pril 14, and closed D e­
cem ber 22, 1906; season 253 days.
The

Visible

Supply.

v isib le s u p p ly o f w h e a t o n D e c e m b e r 22 w a s
43 ,836,000 bus., c o m p a re d w ith 40,467,000 a y e a r a g o .
The

36

T H E C O M M E R C IA L W E S T

Saturday, December 2 Q, îqoô

Minnesota Title Insurance 4 Trust Co.

OFFICERS:

M IN N E A P O L IS , M IN N .

C a p ita l

$ 2 5 0 ,0 0 0 .

G u aran ty F und $ 1 0 0 ,0 0 0 ,

The Oldest Title and Trust Company west of Philadelphia.

B a n k in g ,

S a fe D e p o s it,

PA Y S IN T E R E S T ON D EPO SITS.

W

L o a n s.

T r u s ts ,

A b str a c ts,

T itle In su r a n c e .

F U R N IS H E S 6 P E R C EN T MORTGAGES FO R IN V ESTO R S.

h a t ’s

t h e

J oseph U. Barnes, Prest.
W. S. J enkins, Sec’y.
C. J. T ryon, Trust Officer.
W. A. H otchkiss, Treas.

M

a t t e r

T e xas & Southw est Colonization Company, just] organized, O. W . K err, of M inneapolis,
President of O. W . K e rr Company, President and General M anager ; Grant Robinson, of the
firm of Gran & Robinson, of St. Paul, V ice President, and M r. Gran, of the sam e firm
Treasurer. W e have a quarter of a million acres of selected T e xas land to put on the m arket in
w holesale tracts of 10,000 acres and up at a price the purchaser can retail at a handsome
profit. W e have a special proposition for hustling land men who haven’t sufficient m oney
to make) a large paym ent down. I f you have from $5,000 to $10,000 and the ability to sell
land, w rite us for our proposition. D on’t w rite unless you mean business.
N ow is the time. The next three months w ill be a hummer in T e xas lands.

Texas & Southwest Colonization Company,
Home Office, Corner Nicollet Ave. and Third St.,

C H A R L E S H E A D 6 C O .,
B a n k ers an d B rok ers.
74 S ta te S tree t, B oston, Mass.
20 King S t. W., T o ro n to , O nt.
17 B road S t., New Y ork, N. Y.
86 S t. Francis X avier S t., M ontreal, P. Q.
CO N N ECTED BY P R IV A T E W IR ES

Th

The Hennepin C ounty

Savings Bank:of Minneapolis

MINNEAPOLIS, MINN.

WI L L I A MS O N

& MERCHANT

ATTORNEYS AT LAW
P atent and T rade M ark C auses. S olicitors of
U nited S tates and Foreign P a te n ts
Main O ffice: 9 2 9 -9 3 5 G u a ra n ty B uilding
M INNEAPOLIS, MINN.
Branch Office: 5Z McGill Bldg., Wathington, D. C.

1 F o u r th S tre e t
N atio n al B an k
OF PHILADELPHIA

C a p ita l
Surplus a n d P ro fits

-

$ 3 ,0 0 0 ,0 0 0
$ 5 ,4 0 0 ,0 0 0

R. H . R U SH TO N , P resid en t.
E. F . SH A N B A C K E R , 1st V ice-Pres.
W. Z. M cL EA R , C ashier.
B. M. F A IR E S , 2d V ice-Pres. F . G. ROGERS. M gr. F o reig n E x. D ept.
ACCOUNTS OF BANKS AND B A NK ERS SO L IC ITE D .
FO R EIG N EX CH A N G ES BOUGHT AND
SOLD.

The trustees of this bank voted to increase the
rate of interest from 3 per cent to 3 ^ per cent

Commencing Jan. 1, 1907.
D e p o s its ov er = = = = = = $ 4 ,0 0 0 ,0 0 0
C apital and S u r p lu s = = = =
2 0 0 ,0 0 0

Deposits made from now to January io, draw
interest from January first
BOARD OF TRUSTEES

E S TA B LISH ED 1851

IRVING NATIONAL BANK
NEW YORK

C a p ita l $1 ,0 0 0 ,0 0 0 .0 0
S u r p lu s $1,0 0 0 ,0 0 0 .0 0

Who pass on all investments:
J. E. Bell.
F. M. Prince. W. H. Lee.
F. A. Chamberlain.
David C. Bell.
D. P. Jones.
Andrew Tharalson

P H O E N IX B L D G ., 60 F O U R T H S T .S O U T H
M in n e a p o lis , M inn,

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Samuel S. Conover,
Prest.
C. F. Mattlage,
Vice Prest.

Chas. L. F arrell,
Vice Prest.
Benj . F. W erner ,
Cashier.

We are prepared to give every attention to the
accounts of Western Bankers and will
appreciate your business.

37

THE COMMERCIAL WEST

S a tu rd a y , D ecem ber 29, 1906

The Swedish American National Bank
Surplus and Undivided
Profits, $33o,ooo.

M IN N E A P O L IS
Capital, $5oo,ooo
W e S o L z it

OFFICERS:

B a n k a n d C o m m e r c ia l A c c o u n ts .

N. 0. Werner, President.

C. S. HULBERT, Vice-President.

J. A. LATTA, Vice-President.

Q u o ta tio n s f u r n i s h e d b y E u g e n e M. S te v e n s & C o., C o m m e r ­
c ia l P a p e r a n d I n v e s t m e n t S e c u r itie s , N o r t h w e s t e r n N a t i o n a l
D e c . 26, 1906.
B a n k B u ild in g .
L ast
S a le .
A sk ed .
B id .
185
G e r m a n - A m e r ic a n B a n k
205
2 ÌÒ
205
F ir s t N a tio n a l B a n k ..
134
150
135
190
H e n n e p i n C o u n ty S a v in g s B a n k ................
130
Í5Ó
140
M e rc h a n ts & M a n u fa c tu re rs S ta te B a n k
160
M in n e a p o lis T r u s t C o m p a n y .........................
135
Ì4Ò
135
105
110
100
160
160
155
250
250
N o rth w e s te r n N a tio n a l B a n k .
180
180
S t. A n th o n y I

M p ls.
M p ls.
’30
M p ls.

G a s L i g h t C o. 6’s, 19 1 0 -3 0 ................
G a s L i g h t C o. G e n . M tg e . 5’s, 1914.............................................................................
G e n . E l e c t r i c C o. 5’s, 1 9 3 4 .,...........

104

98
103
180
107

ÜÓ
105

ÌÓ5
103

102

102

175

iiò
ÌÒ2
200

90
170
95

100
Ì 8Ò
100

111

M in n e a p o lis B r e w in g C o.,
M in n e a p o lis S y n d ic a te . . .

220

104

M in n e a p o lis S te e l & M a c h in e r y C o., p fd .
M in n e a p o lis S te e l & M a c h in e r y C o., c o m
M in n e s o ta T i tle I n s u r a n c e & T r u s t Co-. .
N o r t h A m e r ic a n T e le g r a p h C o. ................
N o r t h w e s t e r n F i r e a n d M a r in e I n s . C o ..

103
125

104
180
107

no
100
ÌÓ2
120

■95

170

Ch ic a go

115

Se c ur iti e s .

T h e fo llo w in g q u o t a t i o n s o n C h ic a g o u n lis te d s e c u r i t i e s a r e
f u r n i s h e d b y B u r n h a m , B u t l e r & C o., 159 L a S a lle 24”’ l9"o6Ca^ ° '

A m e r.

School F u rn itu re

A u to m a tic

E le c tric

( c o m b in e d

...

...........................................

B id .
188
105
4

12

• 92
180

no

C h ic a g o R y . E q u i p m e n t ( p a r v a lu e $10)
C h ic a g o & M ilw a u k e e E le c . R y ..................
» C h ic a g o S u b w a y C o ...........................................
C o n g r e s s H o te l C o m m o n ................................
E l g i n N a t i o n a l W a t c h C o ................................
F e d e r a l L if e I n s u r a n c e ..................................

» K n ic k e r b o c k e r Ic e

p f d ....................................


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

260
8
53
43
141

86

118
183
90
25
47
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65

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195

112

6
13
99
185

112

265
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55
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147
95

12 1

187
‘ ¿Ó
49
92
70

2

43
4

3

240
40
225

Ì2

A m . S c h o o l F u r n i t u r e 6’s .......................
» A u d ito r iu m 5’s ...........................................
D o. C o n s. 5’s ...........................................
B o a r d o f T r a d e 4 ’s ....................................
» C h ic a g o A th le tic A s s n . 1 s t 6’s .........
** D o. 2 n d 6’s ...........................................
» C h ic a g o & M ilw a u k e e E le c . R y . 5’s
D o. R . R . n e w 5’s .........................
C ic e r o G a s 5’s .............................................

S a lle , S t.,

C h ic a g o .

N a tio n a l B a n k s —
{ B a n k e r s N a t i o n a l ...........
C a l u m e t N a t i o n a l .............
tC ity N a tio n a l E v a n s to n
{ C o m m e rc ia l N a t i o n a l . .
{ C o rn E x c h a n g e N a t i o n a l
{ D r o v e r s ’ D e p o s it N a tio n s
F e d e r a l N a t i o n a l ................
F i r s t N a t i o n a l ....................
f F o r t D e a rb o rn N a tio n a l .
•¡■Hamilton N a t i o n a l .........
M o n ro e N a tio n a l ................
•¡N a tio n a l L iv e S t o c k ....................
{ O a k la n d N a t i o n a l ......................
P r a i r i e N a t i o n a l .............................
S ta te B a n k s —
•¡A m e ric a n T r u s t a n d S a v in g s .
§ A u s tin S t a t e ....................

4

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6

73
98
80

10 1

100
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95
99
93
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no

D r e x e l S t a t e .............................
D r o v e r s T r u s t S a v in g s ----F o r e m a n B ro s . B a n k i n g Co.
{ H il b e r n ia n B a n k e r s ’ A ss o c i:
■¡Illinois T r u s t a n d S a v in g s
K e n w o o d T r u s t a n d S a v in g s
M u tu a l T r u s t a n d S a v i n g s ..

{ P r a i r i e S t a t e B a n k ..................
P u ll m a n L o a n a n d T r u s t ----R a i lw a y E x c h a n g e ..................
R avensw ood E x c h a n g e B a n k
{ R o y a l T r u s t C o ...........................
{ S ta te B a n k o f C h ic s
S ta te B a n k of E v a n s
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{ U n io n T r u s t Co. . .

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95
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262

259
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165
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210

{ M e tr o p o lita n T r u s t ....................
N o r t h S id e S a v in g s ..................
{ N o r th e r n T r u s t C o .......................
O a k P a r k T r u s t a n d S a v in g s

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D e c . 24, 1906.
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157
215
212
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199
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240
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285
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t tD iv . o f 50 p e r c e n t d e c l a r e d M arc;h 31.

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D o . 2 n d 6’s .............................................
D o. 1 s t n e w b ld g . 4 % ’s ..................
D o . n e w b ld g . 5’s ................................
G r e a t W e s t e r n C e r e a l 6’s .....................
H a r t f o r d D e p o s it 6’s .............................
D o . n e w b ld g . 5’s ................................
» Illin o is T u n n e l 5’s ..................................
» K n ic k e r b o c k e r Ic e 5’s .........................
M a s o n ic T e m p le 4’s ...........................................
N o r t h S h o r e G a s 5’s .............................
N o r t h S h o r e E l e c t r i c 5’s ....................
N . W . G a s. L . & C. Co. 5’s ................
» P a g e W o v e n W ir e F e n c e 5’s ................
U . S. B r e w in g 5’s ....................................
» W e s te r n S to n e 5’s ...............................

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225
30
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R a i lw a y E x c h a n g e ......................
S to w g e r A u t o m a t i c T e le p h o n e
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La

100

T w in C ity T e le p h o n e C o., p r e f e r r e d ----- 110
T w in C ity T e le p h o n e C o.. 1 s t M tg s . 5’s,
97
98
95
1913-26 ........................... '.......................................
S t. P a u l S e c u r itie s .
T h e f o llo w in g q u o t a t i o n s o n S t. P a u l s e c u r i t i e s a r e f u r n i s h e d
b v P e a b o d y & C o., b r o k e r s , 27 M e r c h a n t s ’ N a t i o n a l B a n k b u ild ­
in g S t. P a u l.
. D e c - 24. 10 O6-S a le .
A sk ed .
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id .
no
A m e r ic a n N a t i o n a l B a n k ................................ 105
125
C a p i ta l N a t i o n a l B a n k .................................... 12»
265
268
F i r s t N a t i o n a l B a n k ........................................... •••
162%
ièó
M e r c h a n t s ’ N a t i o n a l B a n k ..............................
160
155
N a t i o n a l G e r m a n - A m e r ic a n B a n k ...........
160
140
155
S c a a d i n a v i a n - A m e r i c a n B a n k .............
156
iéé
160
S e c o n d N a t i o n a l B a n k ...........................
125
S t a t e B a n k ................................................................. no
110
12 1
Ì25
123
N o r t h w e s t e r n T r u s t C o m p a n y ....................
. . .
105
M in n . T r a n s f e r R y . 1 s t 5s, 1916..................... 103
100
M in n e s o ta T r a n s f e r R y . C o ., 1 s t 4s, 1916 *95
iòò
100
S e c u r i t y T r u s t C o m p a n y ................................
130
S t. P a u l U n io n D e p o t C o. 1 s t 6s, 1 9 3 0 .. *Ì25
ÌÓ9
115
U n io n D e p o t C o ., c o n so l. 5s, 1944.............. *109
106
100
U n io n D e p o t C o ., c o n so l. 4s, 1944.............. 100
Ì3Ò
140
I n t e r s t a t e I n v e s t m e n t T r u s t C o .................. 130
100
102
A m e r ic a n L i g h t & T r a c t i o n C o., p f d ----113
116
A m e r ic a n L i g h t & T r a c tio n C o., c o m ----- Ü 2
*
1
11%
*
1
1
1
*110
S t. P a u l G a s L i g h t C o., 1 s t 6’s o f 1 9 1 5 ..
*100
» 10 Q
S t. P a u l G a s L i g h t C o., g e n ’l 5s o f 1944
*114
*114
Ü
2
S t. P a u l G a s L i g h t Co., 1 s t c o n s . 6s. 1918
*94
*100
S t. C r o ix P o w e r C o., 1 s t 5s, 1929.............. *95
12 %
P i o n e e r P r e s s C o., c o m . ( P a r $ 5 0 )...........
42%
P i o n e e r P r e s s C o ., p f d ( P a r $ 5 0 )................
375
W e s t P u b . C o ., c o m ...........................................
108
W e s t P u b . C o., p f d ...............................................
ióò
T ib b s , H u t c h i n g s & C o ., c o m .......................
102
T ib b s , H u t c h i n g s & C o., p f d .........................
‘ iò
‘ 10
iò
S u p e r io r W a t e r , L i g h t & P o w e r C o ...........
S u p e r io r W la te r, L i g h t & P o w e r C o ., 1 s t
*62%
*62y2
4s. 1931 ...............................................................
155
S t. P a u l F i r e & M a r in e I n s . C o .................. isò
S t. P a u l U n io n S to c k Y a r d s C o. 1 s t 5 s
91
of 1916 ...................................................................
»A nd In te re s t.

A. V. Ostrom, Asst Cashier

* M a n u f a c tu r e r s F u e l Co.
N o r t h S h o r e E l e c t r i c 5’s .

M i n n e a p o li s S e c ur iti e s .

S w e d is h - A m e r ic a n N a t i o n a l
S o u th S id e S t a t e B a n k -----

E. L. Mattson, Cashier.

46

Bank Stock Quotations.

220
165
200
no

W r ite f o r O u r L ib e r a l T e r m s .

Ì3Ò
186

179
154
147
no
115
189
108
118
132
228
209
265
117
124
232
143
111
207
145
123
148
172

102

no
203
127
190
214
159
182

12 1

128

C a p i ta l in c r e a s e d

t0

§ S to c k ° d iv id e n d 100% d e c l a r e d a n d p a id J u l y 23 f r o m s u r p lu s .
C a p i ta l n o w $50,000.
____________________________

GEO. B. LANE,
COMMERCIAL

PAPER,

N o rth w e stern N a tional B an k Building,"

M IN N E A P O L IS ,

M IN N .

THE COMMERCIAL WEST

38

Saturday, December 29, 1906

THE MERCHANTS
NATIONAL BANK
SAINT PAUL, MINNESOTA
Capital $1,000,000

Surplus and Profits $500 ,0 00
U N IT E D STA TES

OFFICERS: Kenneth Clark, Pres!

Geo. H. Prince, Vice-Prest.

D E P O S IT A R Y

H. W. Parker, Cashier,

H. Van Vleck, Assl. Cashier.

NEW BANKS AND CHANGES.
M IN N ESO T A .
Pelican R apids.— M alcolm W eic k le has been ap p ointed
cashier of the F ir s t N a tio n al B ank of Pelican Rapids.
St. Cloud.— T h e St. Cloud B an k in g & L o a n A sso cia­
tion has filed articles of in corpo ratio n , capital $200,000.
M onterey.— A. C. Paulson, a ss istan t cashier of the
P e o p le ’s Bank, has resig ned to take a p osition as cashier
in a b an k at Conger.
Plainview.— T h e N atio n al B ank of the Republic, ChiChicago has been ap pro v ed as reserv e ag e n t for the F irst
N a tio n a l B an k of Plainview.
Stew artville.— T h e Corn E x c h a n g e N atio nal B ank of
C hocago has been ap pro ved as reserve a g e n t for the F irst
N atio n al B ank of Stewartville.
Stillwater.-—D avid B ronson, vice p residen t of the L u m ­
b e r m e n ’s N atio n al Bank, has been elected to th e p res i­
dency. A. L ehm ick e has been ap p oin ted vice president.
W a lk e r.— T h e F ir s t N atio n al B an k of W a lk e r has been
organized, capital $25,000. T h e officers are E. I. P. Stade
president, M. J. Guam vice presid en t, F. B. D aw es cash ­
ier.
D e x te r.— T h e S tate B ank of D e x te r has been in c o r­
p o rated by B enjam in and G. W . W ri g h t, of G rand M ea­
dow, H e n r y W e b b e r and D. W . M edb u rg , of D exter. T h e
capital sto ck will be $10,000.
N O R TH DAKOTA.
Blabon.— E. J. P e p p e r has been elected cashier of the
B labon S tate Bank. H e will tak e up the w o rk about
J a n u a r y 1.
M c C lu s k e y — T h e F ir s t N atio nal B ank of M cC luskey
has m ad e application to organize. T h e capital stock is
$25,000, in c o r p o ra to rs E. B. R o b ertso n , J o h n A. Beek S.
W . Leavitt, an d E. B. W eek s.
SO UTH DAKOTA.
Buffalo Gap.— T h e Buffalo Gap S tate B ank has opened
for business.
C resbard .—T h e S tate B ank of C resbard, a new in sti­
tution, will be m a n a g e d by W . P. H o lm es, of F au lk ton ,
S. D.
F o re s tb u rg .— Articles of in co rp o ratio n have been filed
for the F o r e s t b u r g State Bank, w ith a capital -of $5,000.
T h e in c o r p o ra to rs are Ben. H. Millard, Ben Meidt, and
S. M. B ennett, of A rtesian.
C uthb ert.—A rticles of in co rp o ratio n have been filed
for the C u th b e rt S tate Bank, capital $5,000. T h e in co r­
p o ra to rs are O. L. B ran son , M itchell; W m . E. Ryan, D a n ­
iel H o y , L e tc h e r ; H o y t H u n te r, W o o n so ck et.
C ham b erlain .— I t is u n d e rs to o d th a t a n ational bank
will be sta rte d in C h am b erlain in th e n ear future. W . H.
P ra t t, fo r m e rly cashier of the F ir s t S tate Bank, is o r g a n ­
izing a stock c o m p a n y w ith a capital of $25,000.
W IS C O N S IN .
B arabo o.—T h e co rp o ra te existence of the F ir s t N a tio n ­
al B ank of B ara b o o has been extended.
H a m m o n d .— I t is u n d e rs to o d th a t th ere is to be a
new b an k opened at H a m m o n d in the n ear future.
E d g e r to n .— R o y F. W r i g h t has been app o in ted assist­
ant cashier of th e F ir s t N atio n al B an k of E d g e rto n .
O co n o m o w o c.— P e t e r Pinzel has been elected vice
p resid ent of the F ir s t N atio n al Bank, vice G. L. W ilsey.
W a u to m a .— R. C. S tu a r t has been chosen cashier of
th e F ir s t N ation al B ank of W a u to m a , succeeding- E. B.
Redford.
Sparta.-—A pplication to in c o rp o ra te has been m ad e by
the Citizens S tate B an k of S parta, capital $25,000. W i l ­
liam A. Jo n es is one of th e organizers.
IL L IN O IS .
P eoria.—W illiam A. H e rro n , p re s id e n t of the P eoria
Savings Bank, is dead.
G epeseo.— T h e M aple City Bank, of Geneseo, is beingestablished by local men.
M o n m o u th .— C. V. C h an dler is c o m pletin g a r r a n g e ­
m e n ts for th e re o p en in g of his b an k recen tly failed.
C olchester.— A pplication to organ ize has b een m ad e
by the National B ank of C olchester, capital $25,000. T he
p ro m o te rs are A lb ert E ads, B. F. M cL ean , J. W . Bailey,
M. L. H u n t and L. F. C um bart.
Litchfield.— T h e F ir s t N atio n al B ank of Litchfield has

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

elected S. M. G rub bs president, an d Dr. G. A. Sihler,
cashier.
C olchester.— G. A. Shipple is a ssisting th e citizens to
organize a natio nal ban k to take the place of the private
b an k w hich recen tly failed.

IOWA.
P isg ah .— O tto E m al has been elected cashier of the
P is g a h S tate Bank.
Jefferson.— T h e B ank of Jefferso n will open for busi­
ness ab o u t J a n u a r y 1.
Redfield.— T h e Citizens Savings B ank has in c o rp o ra te d
here w ith a capital of $2,000.
M eservay.— E. W . Russell has resig ned from the cashiership of th e F a r m e r s Bank.
Boone.—T h e B oone C ounty B an k has opened for busi­
ness w ith Julian Hill president.
H u d so n .— D. C. Isem in ger, a ss istan t cashier of the
F ir s t N atio n al Bank, has resigned.
Sully.— F. C. A n d reas has b o u g h t an in te re st in the
B an k of Sully and succeeds L. H. S h e rm a n as president.
F ran klin.— T h e F ir s t N atio n al B an k of F ra n k lin was
placed in v o lu n ta ry liquidation at th e close of business
D e cem b er 8.
Clarinda.— T h e sto ck ho lders of th e P a g e C o u nty S tate
B an k have p urch ased th e sto ck held by L. W . Lewis, the
vice president.
C edar Rapids.— R. T. F o rb es, cashier of th e Citizens
N atio nal Bank, has been ch osen cashier of th e D ro v ers
D ep o sit N atio n al B ank of Chicago.
S carsb oro.— It is u n d e rs to o d th a t th e B ank of Scarsboro, has been sold to W . M. McNeil,, of Boone, la. Mr.
M cN eil will take ch arg e J a n u a r y 1.

NEBRASKA.
Superior. -J. S. J o h n s o n , p re s id e n t of the S u perior N a ­
tional Bank, is dead.
Phillips.— W . I .F a rle y has been elected p re s id e n t ancf
A n n a L. F a rle y vice p res id en t of the B ank of Phillips.
B ru no .— T h e sto ck h o ld ers of the B ru n o S tate B ank
have v o ted to increase th e capital stock of th e bank«-to
$10,000, and erect a new m o d e r n brick building.
W alth ill.— T h e F ir s t N atio n al B ank of W alth ill has
m ade application to organize, capital $25,000. T h e or-

COMMERCIAL

PAPER

A. R. Macfarlane & Co.
INVESTMENT BANKERS
D U LU TH , M IN N.
Members American Bankers and Minnesota State
Bankers Associations.

We also act as special or general agents
for the purchase or sale of Duluth properties
or investment securities.
Burglary Insurance” —“ We Issue Surety Bonds.”

N IT R O

G L Y C E R IN E

Is cheap. T h at’s why the
burglar can get it

B A N K

B U R G L A R Y

Insurance is cheaper if you buy the
best, and we sell it

T he Ocean A ccident & Guarantee Corp.
(L IMITED)

H O O D & P E N N E Y , G e n . A gts.
P H O E N IX B U IL D IN G .

M IN N E A P O L IS ) M IN N .

THE COMMERCIAL WEST

he N a t io n a l B a n k of th e
R E P U B L I C
Confidently believes it can meet every re­
quirement of the most discriminating bankers.
ganizers are C. C. M a r y o tt, D. M ath ew s o n , H a r r y
Keefe, C. P. M a th e w s o n and C. M. M ath ew so n .

L.

MONTANA.
Kalispell.— J. P. Jo n e s and C. Bean, b o th of D awn,
Missouri, will open a b an k at Kalispell, to be k n o w n as
the K alispell Bank. T h e capital stock will p ro b ab ly be
$50,000.
Glasgow .—T h e U n io n N atio n al B an k of G lasgow has
m ad e application to organize, capital $25,000. T h e o r g a n ­
izers are j. E. A rno t, A d am s N o rth , J. D. L asso n , D avid
H. Beecher, R o b e rt A r n o t and F r a n k B. F o o th a n .

IDAHO.
S an d p oin t.— A. W . B oen has b een chosen assistan t
cashier of the F ir s t N atio n al Bank.
Council.—A r r a n g e m e n ts are well u nd er w ay for the
o rg an izatio n of a state b ank at Council, by local parties.
It is u n d e rs to o d th a t the b an k will be ch an g ed to a n a ­
tional in th e spring.
Mull an.—T h e F ir s t N atio n al B ank of Mullan has m ade
application to organize. T h e p r o m o te rs are W . D. Greenough, J. H. T h e m m e s , T. L. G reen o u gh , W . J. C. W a k e ­
field and A. W . W ith e rs p o o n .

WASHINGTON.
A n ato n e.— T he F ir s t B an k of A n a to n e has chosen
Clyde E. Cox for cashier.
O dessa.— T h e G e rm a n -A m e ric a n B an k has ch o sen • E.
E. Glenn, of Ritzville, fo r ass istan t cashier.
'Colton.— L a n g le y Bros., of J o h n s o n , W ash ., will re-in ­
c o rp o r a te the F ir s t S tate B ank at Colton w ith a capital
of $25,000.
N o r th Y akim a.— Jo s e p h Clift, for som e tim e assistant
cashier of the b an k at B abton, W ash ., has resig ned to
take a similar p osition w ith the Y ak im a T r u s t C ompany.
W e n a tc h e e .— J. M. T o m p k in s, p re s id e n t of th e F a r m ­
ers & M e r c h a n ts Bank, died at S eattle recently. Mr.
T o m p k in s has been p re s id e n t of the F a r m e r s & M e rc h a n ts
B a n k since its organization.

OREGON.
Sellwood.— P e t e r H u m e, of B rownsville, Ore., will open
a new b an k at Sellwood, w ith a capital stock of $30,000.

W A LTE R F1F IE L D .

JA S . C. F IF IE L D .

A L B E R T W . F IF IE L D

FIFIELD & FIFIELD.

717-721 A n d ru s

B u ild in g ,

-

-

M IN N E A PO L IS.

R E A L E S T A T E B O U G H T and SO L D .
M O R TG A G E L O A N S -Y o u r B u s in e ss S o licited .
Local a nd E a s te rn refe re n c es fu rn ish e d on application.

IF Y O U W A N T F IR S T -C L A S S

Bank Signs
W E RECOM M END

ENGRAVED BRASS SIGNS,
GOLD PLATED METAL WINDOW LETTERS,
RAISED LETTER BOARD SIGNS,
RAISED LETTER WIRE SIGNS,
PLATE GLASS SIGNS,
CAST BRONZE SIGNS.

E .E . PETERSON SIGN MEG. CO,
222

N ic o lle t A v e n u e , M in n ea p o lis, M inn.
W rite fo r D esigns and E stim ates.

Geo. W eare, P res.
Jo h n M cH ugh, V. P res.
A . H . J a n d t, V. P res.
H . A. Gooch, Cashier.

The Iowa
State
National
Bank
o f Siou x C ity , Iow a
C apital $200,000.
S u rp lu s $100,000.
D eposits $2,387,719 44

BANKING NOTES.
W a k o n d a , S. D.— F ire d am ag e d th e b uilding of the
F ir s t N atio n al Bank.
T o led o, 111.— T h e F ir s t N a tio n al B ank of T o le d o has
m ov ed into n ew quarters.
C larkson, N e b — R ainfold Folda, a ss ista n t cashier of
the C larkso n S tate Bank, died recently.
W a lu m , N. D.— T h e F a r m e r s S tate B an k of W a l u m
has its new fixtures installed an d all wo.rk on the build­
ing is n ow practically completed.
Merrill, W is .— T h e F ir s t N atio n al B an k of M errill
will erect a new building. P la n s have been d raw n by
H a r r y W . Jones, of M inneapolis.
W in o n a , M inn.— A lb ert E. R au has been elected to
the p osition of a ss istan t cashier of th e Second N atio n al
B ank of W in o n a . A t p re s e n t Mr. R au is ass istan t cash­
ier of the R o c h e s te r N a tio n al Bank, of R o chester, Minn.
Alvin S ch w ager, w ho has held th e p osition w ith the Sec­
ond N a tio n a l d u rin g th e p ast year, has resigned.
M ank ato , M inn.— T h e several b a n k s of th e city have
ag reed to accept su bscrip tion s to th e new s tre e t railw ay
p ro je c t b ein g p ush ed by H o r a c e E. H an ce, in tru st, thus
p ro te c tin g subscribers. T h e new c o m p a n y will be kn ow n
as th e M a n k a to T ra c t io n C om pany, and th e stock su b­
scriptions shall be p ayable after th e co m p letio n of the
n o t later th a n J a n u a r y 1, 1908.
Digitized for line,
FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

ESTA BLISH ED

1 85 3

TH E O R IEN TA L BANK
O F N E W YORK

182=184 B r o a d w a y
B ranch, B ow ery a nd G rand S tre e t

Capital $750,000.00

Surplus and Profits, $1,100,000.00

R. W. JONES, JR., President
NELSON G. AYRES, 1st Vice President
LUDWIG NISSEN,
)
ERSKINE HEWITT, \ Vice Presidents
CHARLES J. DAY, j
GEO. W. ADAMS, Cashier
R. B. ESTERBROOK, As.t. Cashier
E s p e c ia lly E q u ip p e d f o r H a n d lin g
th e A c c o u n ts o f B a n k s a n d B a n k e r s

40

THE COMMERCIAL WEST_________

Saturday, December 2p, igo6

North Dakota Land and Mortgage Investments
We have a number of attractive investments in Farm Lands, also choice farm mortgages
netting 6 per cent. Correspondence solicited.

W HEELOCK e

W H E E L O C K , 24 W a ld o rf

B lo c k ,

F a rg o , N. D.

COST ACCOUNTS.
Written for the Commercial West by James Marwick, of Marwick, Mitchell & Co., Chartered Accountants.
I he necessities of modern business and manufacturing
life are such that the manufacturer, in order to conduct the
operations of his business intelligently and successfully, must
be thoroughly acquainted with all the facts relating to the
cost of manufacturing his products. The march of progress
brings with it ever greater developments in industries, proc­
esses become more complicated and refined, and competition
more keen. So the struggle for success becomes more acute.
These circumstances all tend toward a reduction of the profit
obtainable from the manufacturer to his particular industry.
As an offset to this tendency the manufacturer should avail
himself of every possible advantage that may be derived from
effectiveness in organization and more particularly from a
knowledge of exact costs of production and distribution.
It is becoming generally recognized that to cope with com­
petitors, to know when and where the conduct of business
could he improved, and to attain permanent success, a th o r­
oughly efficient system of workshop records or cost accounts
must form an important part of all manufacturing businesses.
Cost accounts, scientifically instituted and operated, are to the
manufacturer the key to a full understanding of his oper­
ations, a‘‘tell-tale register” of success or failure.
An exceedingly small percentage of manufacturing busi­
nesses possess such a reliable' system of cost accounts. Of
the cost systems at present in use a large proportion are
misleading in some respects. They too often depend entirely
on the arithmetical accuracy of work done by half-educated
clerks, being seldom devised in such a way as to permit of
the verification of the results with the financial books.
In order to devise a satisfactory system of cost accounts
many details require to be considered. There does not exist
a “cast-iron” system applicable to all industries, nor is there
any royal road to the preparation of satisfactory systems.
An essential element in devising them is ripe experience, not
only in the practical side of manufacturing, but also in scien­
tific accounting. T h u s the most satisfactory cost systems are
evolved where the practical superintendent and the qualified
accountant co-operate, exchanging their views regarding the
actual requirements and so determining the methods to be
adopted for the ascertainment and presentation of the essen­
tial facts.

( 7 ) . A p e rp etu al in v en to ry of m ate ria l and supplies and
a p ro p e r check on qualities.

(8 )
. Reasonableness of the expense of running the sys­
tem consistent with the benefits derived.
(9)
. A ready method of reconciliation of the results
shown by the^ cost records with the results shown in the
financial books.
(1 0 )
. A presentation of the results arrived at in such
a way that the superintendent, manager, etc., can understand
the final results and the bearing of the figures prepared for
him without his having to be an experienced accountant.
In many industries the fixed charges remain practically
the same, regardless of fluctuation in the output. The aim
of the manufacturer naturally is to obtain as large an out­
put as possible, realizing that the greater the output, the
smaller will be the percentage of fixed charges to be appor­
tioned to the various products. He should be in a position
from the knowledge and experience gained from his cost
system, to gauge what output per man or per department
might be considered a fair maximum.
Failing the attain­
ment of this standard, he should be able by an examination
of the details of the cost to ascertain the reasons of any
deficiency. The manager must be alert and use all means in
his power to discover any leakages, for it is obvious that no
m anufacturer could hope to compete with other m anu­
facturers whose workers were large producers. The cost
system may also show the manufacturer the error of remunatmg labor in certain ways, and help him revise his methods,
and so give to each worker his just reward for special skill,
aptitude and diligence. Thus he might create a better moral
tone that would have a beneficial effect not only upon his own
business but upon those workers who attain the higher levels
of efficiency. In all industries there are men who have
risen from the ranks of manual workers and who . are filling
responsible positions in business, not infrequently on their
own account. Many of these men have gained high positions
through the inducements offered by their employers to exert
themselves to do good work to their own and their employer's
advantage.

The estimating department of the manufacturer should
be looked upon as of prime importance. It should be managed
by one who thoroughly understands the details of the costs
as ascertained in the past, and who is able to determine the
( i ) . A fitness for the business to which it is applies and
modifications necessary for future estimates.
The results
proper consideration of the point of view of the management.
shown by the cost system should be reliable, so that they may
(2 )
. The ascertainment of the cost in wages and m ater­be of use as a guide for all details of quantities, labor, the
ials of each process through which the product passes.
particular class of tools and machinery used and the total
The necessity for
(3 )
- A proper allocation of the overhead and generalcost of manufacture and distribution.
accuracy in this w ork will, therefore, readily be realized,
expenses to the product from process to process during its
especially in industries where an error of a fraction of a
progress through the works or factory.
cent per unit of materials or ingredients used would turn into
(4 )
. The recording of the true results in profit or loss
a loss what would otherwise be a profit.
of the exceptional conditions which may have arisen in the
Instances occur where one department of a factory is
manufacture of the product in the past, conditions which may
knowingly operated at a loss, the only object of continuing
be of value in estimating work. (Such conditions might occur
it in operation being the necessity of providing its particular
where work is performed under over-time charges; where
product for sale with those of the more profitable depart­
considerable portions of the factory are idle necessitating
ments. But cost accounts have developed many more cases
the distribution of overhead and general expenses over
where, through ignorance, whole departments have been run
a reduced production, or through errors in manufacture
continuously at a loss. Quotations of two manufacturers
causing spoiled w ork).
for similar products may differ greatly. In some cases the
(5)
. The distribution of the duties required of store­
difference may be accounted for through one manufacturer
keepers, foremen, etc., regarding the requirements of the
being content to accept the contract at an unusually small
cost records, should be such as to assure an absence of
mlargin of profit over prime cost, but the differences are
friction between such employees.
more frequently due to ignorance of exact costs. In times
(6 )
. The avoidance of an undue amount of clerical workof dullness' manufacturers are sometimes pleased to accept
to be performed by foremen or production labors.
a contract which shows any surplus over prime cost, as the

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The following are some of the points which should be
covered by a cost sy stem :

Saturday, December 29, 1906

THE COMMERCIAL WEST

additional contract will aid in reducing the percentage, of the
overhead expenses chargeable to other contracts. T o avoid
the risk of loss in shading prices in this way the m anu­
facturer must be sure, however, that the accuracy of his
cost accounts can be depended upon.
T he following actual instances , of cost records which
were grossly misleading may be mentioned. Only the labor
and material which went towards the manufacture of the
articles sold from the factory, that we have in mind, were
recorded. To that cost the superintendent added 10 per­
cent to cover overhead and general expenses. Unfortunately
the superintendent did not carry his cost accounting any
further, for no attempt was made to collect the individual
costs into totals or to compare the totals with the financial
books. Based on the costs thus shown the company should
have made a handsome profit, but on the contrary, the actual
results showed an exceedingly small profit. I h i s circum­
stance prompted a request to the superintendent to explain
how he arrived at the 10 percent referred to. His answer
was to the effect that similar and larger organizations than
his showed that percentage. Needless to say he was be­
wildered when he learned that the actual results of the opera­
tions showed that the percentage which he should have used
was about 27 percent.' The following figures illustrate
forcibly the great difference between the actual results and
those estimated by the superintendent on sales of $600,000:
Estimate.
Actual.
Labor and material ...................................... $450,000
$450,000
Overhead and general expenses.................. 4S,°o°
121,500

41

..................................................................

Profit

105,000

28,500

Total .......................................................$600,000 $600,000
The labor and material cost being $450,000, the super­
intendent would add for overhead and general expenses 10
percent, or $45,000, thus making his total cost $495,000,
which, deducted from the sales, shows a profit of $105,000. *
The financial books at the close of the year would, how­
ever, show that the overhead and general expenses amount­
ed to $121,500, or 27 percent of the labor and material and
that the profit was only $28,500. Thus this elementary and
unsatisfactory cost system showed $76,500 profit in excess
of the actual amount. A scientific cost system would require
a further amendment, as the percentage for overhead and gen­
eral expenses would probably not be calculated on the combin­
ed value of labor and material used.
Another case recently observed, disclosed unsatisfactory
results in the profit and loss account for which the manage­
ment could not account. In a very short time, however, after
the institution of proper storeroom accounts in conjunction
with a cost system, it was found that shortages of a particu­
lar class of material were being shown. Having found where
the leak existed, a little detective work was all that was
necessary in order to show that several of many barrels which
were daily sold as “empties,” and carted away each evening,
were being filled with this material, an employee of the
factory being in collusion with the purchaser of the “emp­
ties” in this systematic stealing.
In conclusion let your cost system be devised and installed
by those who possess the necessary scientific knowledge, who
have familiarized themselves with practical conditions and
whose work is based on actual experience, observation and
familiarity with facts.

NEW LAND COMPANY FOR MINNEAPOLIS.
A co m p a n y has ju s t been organized, co m p o sed of
T w in City men, called T h e T e x a s & S o u th w e st C oloni­
zation C om pany, of w hich co m p an y O. W . K e rr, p resi­
den t of the O. W . K e rr C om pany, M inneapolis, is p re s i­
den t; G ra n t R obinson, a p ro m in e n t land m a n of the St.
P aul firm of G ran & R o b inson, vice p res id en t; L. F.
Gran, also of the firm of G ran & R o b inso n , St. PaM, is
tr e a s u r e r ; W . H. Sulflow, of th e Sulflow -D redge C o m ­
pany, secretary.
T h e new c o m p a n y has p u rch as ed a q u a rte r of a mil­
lion acres of land in T ex as, a large p o rtio n of w h ich is
in Bailey county, in th e fam ous P an h an d le. T h e land will
im m ediately be placed on the m ark et, b o th in retail and
w holesale tracts.
T h e n ew o rg an iz a tio n gets t o g e t h e r som e of the m o s t
successful an d la r g e st land o p e ra to rs in the n o rth w est.
T h e O. W . K e rr C o m p an y sold at retail d u rin g the y ear
1906, som e 150,000 acres in su n n y so u th e rn Alberta.
Messrs. G ran & R o b in so n are officers and m e m b e rs of
the N o r th w e s t C olonization C o m p an y , of St. Paul, which
co m p a n y has b o u g h t and sold several h u n d re d th o u s a n d
acres of C anadian land d u rin g the p ast five years.
T h e new co m p an y will have a capital of $500,000.00,
and in ad ditio n to th e q u a rt e r of a million acres of land
th e y already own, th e y are n eg o tia tin g for several o th er
large tracts.
T h e c o m p a n y ’s h o m e office for the p re s e n t will be
in the sam e suite of the O. W . K e rr C om pany, co rn er
of N icollet avenue and T h ir d street, M inneapolis. T h e y
will also have an office at K an sas City, and offices in
T exas. T h is will be one of th e la rg e st colo nization c o m ­
panies in th e country.
S p eakin g of the future of T exas, Mr. K e rr says: “T h a t
while n o r t h w e s te r n C an ad a is a g re a t country, the p o ssi­
bilities for b o th h o m e s e e k e rs and in vesto rs are all th a t
we have claimed for it an d a g re a t deal more. T exas,
how ever, has m o s t of th e ad v a n ta g e s of Canada, an d in
addition has m a n y a d v a n ta g e s w hich C anada has not.
B eing a so u th e rn state, th e clim ate is m ild er and has
necessarily a g re a te r v ariety of crops. I saw growingon a fa rm ad jo in in g o ur tr a c t of land in Bailey county,
w heat, oats, barley, milo maize, kaffir corn, alfalfa, tim o th y
co tton , pean u ts, sw eet p o tato es, Ir is h p o tato es an d a rti­
chokes besides nice o rc h a rd s of apples, peaches and
pears,
“T h e im m ig ra tio n into the s o u t h w e s t d u rin g th e c o m ­

ing year prom ises to be enormous, In fact, at the p re s ­
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

ent time th ey are g o in g in by the th o usan ds. Solid train
loads of land seekers are leaving K a n sa s City every tw o
weeks. T h e tw o lines of ro ad ru n n in g into T e x a s from
K an sas City to o k in $35,000 the last excursion day for
tickets.”

TO PUBLISH LAND MAGAZINE.
T h e O. W . K e r r Com pany, of M inneapolis, will issue
a m o n th ly b o o k let on th e lan d business. T h e first n u m b e r
is ju s t being circulated and it is th e in ten tio n to publish
every m o n th . T h e p ro je c t is in ch arg e of A. C. B oh rn sted t and E. E. MacGill as editors, and pro m ises to be
full of in terest to land buyers. I t will be dev oted to the
land business in general, bu t especially to th e C anadian
lands of th e O. W . K e r r C om p an y and to th e T e x a s
lands of th e T e x a s & S o u th w e st Colonization Company.
T h e first n u m b e r is well prin ted on g o o d p ap er and
w ith n u m e ro u s illustrations p re s e n ts an a ttractiv e a p p e a r­
ance. I t has been ch ristene d “ K e r r L a n d D o in ’s.”

Minneapolis Real Estate Directory.
The following are well established firms in MINNEAPOLIS
REAL ESTATE and LOANS and are active members of the
MINNEAPOLIS REAL ESTATE BOARD.
W ALTER

L.

BARNES

BROTHERS,

D. C.

BELL

CHUTE
R.

D.

IN V .

& Z O N N E CO ., C ity P r o p e r t y L o a n s & R e n t a ls .

JONES

& COMPANY,
JONES,

M IN N E A P O L IS T R U S T
M IN N . T IT L E

C ity P r o p e r t y & L o a n s .

COMPANY

C ity P r o p e r t y L o a n s & R e n t a ls .

T. A. J A M IE S O N ,
P.

E a s t S id e P r o p e r t y .

P ro p e rty .

IN V E S T M E N T

D. W H E E L E R

L oans.

C ity P r o p e r t y L o a n s & R e n t a ls .

COMPANY,

C ity

J. F . C O N K L I N

D.

C ity P r o p e r t y & F a r m

CO .,

REALTY
CONE

CORSER

C ity P r o p e r t y , L o a n s & R e n t a ls .

BADGER,

C ity P r o p e r t y L o a n s & R e n t a l s

C ity P r o p e r t y L o a n s & R e n t a ls .
CO .,

C ity P r o p e r t y & L o a n s .

IN S. & T R U S T

CO .,

C ity P r o p e r t y & L o a n s .

M O O R E B R O S ., B R A C E & CO ., C ity P r o p e r t y L o a n s & R e n t a ls .
N IC K E L S
J U L IU S

&

S M IT H ,

SCHUTT

&

S L O A N -M cC U L L O C H
C.

H.

S M IT H ,

C ity P r o p e r t y L o a n s & R e n t a ls .
SON,

C ity P r o p e r t y L o a n s & R e n t a ls .

AGENCY,

E x c lu s iv e

C ity

P r o p e r ty

&

R e n t a ls .

L oans.

THORPE

B R O S .,

C ity P r o p e r t y L o a n s & R e n t a ls .

TABOUR

REALTY

CO ., C ity P r o p e r t y L o a n s I n s . & R e n t a ls .

W ELLS &
YALE

D IC K E Y

REALTY

C O M P A N Y , F a rm

C O M P A N Y , C ity

L ands & L o a n s ~

P ro p e rty L oans & ~RentalS

THE COMMERCIAL WEST

42

Saturday, December 29, 1906

E sta b lish e d 1 8 8 5 .

P u r e ly M u tual.

N orthw estern National Life Insurance Company
M I N N E A P O L I S
LEONARD K, THOMPSON, President.

A Western Company for Western People
DIRECTORS

HOME

B

a

n

k

F. A. C H A M B ER LA IN ,
E. W. D EC K ER ,
P resid e n t S ecurity Bank.
V ice-Pres. N o rth w e stern N a t’I Bank.
B. F , N ELSO N ,
S. A. H A RR IS,
N elson-T uthill L um ber Company,
P resid e n t N ational B ank of Commerce.
N. O. W E R N E R ,
GEORGE E. TO W LE.
P res. Sw edish-A m erican N a t’I Bank.
Treas. and M gr. Loan D ept.
C. T. JA F F R A Y ,
W. J . GRAHAM ,
V ice-P resident F ir s t N ational Bank.
V ice-P resident and A ctuary,
L. K. THOM PSON.
P resid e n t and G eneral M anager.

OFFICE

F

i

x

t

u

r

e

s

WE M A N U F A C T U R E
ALL KINDS OF OFFICE
AND STORE FIXTURES
Send Y ou r Floor Plans

THE NAUM A N CO.

CATALO GU E FR EE

Waterloo, Iowa.

PHOENIX FURNITURE CO.
Artistic Furniture for Banks, Offices,
Churches and Public Buildings. Send
us floor plans and we will do the rest.
EAU CLAIRE,

PARTICULARLY!' CHOICE TRACT OF
2,000 acres in Bayfield County, Wisconsin.
Level and well watered.
For sale at $10.00 an acre.

A

R. B. KNOX & CO., Duluth, Minn.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

.

.

.

.

WISCONSIN.

F IX T U R E S

B an k , S to r e,
C h u rch
an d O ffic e

Fine In terio r Finish, M an tels, S id eb o a rd s, E tc.
M ill W ork o f A ll K in ds.

A L F R E D BLOOM C O .
1502 California St.

Omaha, Neb.

The W o l l a e g e r Mf i g. C o m p a n y ,
M IL W A U K E E , W IS .
Makers of

Fligh Grade and Up to Date

B A N K

F I X T U R E S

Designs and Estimates Furnished,

Saturday, Öecember âÿ, îgôè

t t î È COMMERCIAL WEST

43

THE HIGHEST DAM IN THE WORLD.
(S p e c ia l C o r r e s p o n d e n c e to t h e C o m m e r c ia l W e s t.)

Cheyenne, Dec. 22.—The highest dam in the world is a
most common expression to the promoter and the press, but
the highest dam in the world is actually under construction
by the United States reclamation service on the Shoshoni
river in northern Wyoming. I he structure from foundation
to flood flow] line will be 310 feet, and including parapet and
probably low places in the foundation, is likely to exceed this
dimension by a few feet. The width of the canon at streambed is 65 feet, and at the 250-foot reservoir contour the
canon walls are only 155 feet apart. W o rk was begun in
September, 1905, and has been carried on continuously since.
The low flow of the river is taken care of by a diversion
tunnel, xo feet square and 500 feet long, through the solid
rock around the dam site. 1 he run off is so large and con­
tinuous throughout the summer that it is necessary to build
the structure in the winter time. Owing to the severity of
the climate the canon is to be housed in.
The water impounded and regulated at this reservior will
be sufficient to cover 400,000 acres of land three feet in depth,
and will be the supply for the Shoshoni project. The water,
after being impounded is carried' down the natural stream of
the Shoshoni river for a distance of sixteen miles, where
it is diverted by a tunnel, three and one-half miles long, on to
lands about Garfield. W ork on this three and one-half mile
tunnel, which is ten feet square, was commenced eaily in
1905, and will be completed in the spring of 1907. t h e work
is being carried on by the reclamation service engineers,
owing to the failure of the contractor.
T he main canal which conveys, the water from the tunnel
to the lands is under construction, and will have a capacity
of 1,000 cubic feet of w ater per second. Owing to the dif­
ficult conditions encountered, the tunnel will cost between
$40,000 and $50,000 per mile.
D i s t r i b u t i o n S y s te m .

The construction of the distribution system to cover the
first 50,000 acres of land to be irrigated will be begun early in
the spring of 1907. W o rk on the other three main canals
will be commenced at appropriate times.
The project is located on the right side of the Yellow­

stone river, and extends some twenty miles along the bottom
lands. It is traversed by both the Chicago, Burlington &
Quincy railroad and the N orthern Pacific railroad.
The
area for the first development is 30,000 acres. T he con­
struction of the project is. something over one-half finished,
and it is expected that the first unit of 10,000 acres will be
put under irrigation some time during the year 190 7.
P ro ject

Has

In ternatio nal

Features.

The Milk river project possesses great interest on ac-1
count its international features.
T he water supply for
lands situated along the Milk river will be obtained from the
St. Mary lakes, which now discharge through the St. Mary
river into the Saskatchewan, and ultimately into H udson
bay. The project contemplates the storage of the St. Mary
lakes water, and its conduction by canal, twenty-six miles
long, to the headwaters of the north fork of the Milk river
down which it will flow 100 miles through Canadian terri­
tory north of the international boundary line, before re­
turning to the United States.
On account of the difficulties of construction, and the high
prices bid by contractors, it was decided by the secretary
of the interior to be necessary for the government to con­
struct this canal, and the work is being carried on by the
engineers of the reclamation service. A suitable plant has
been acquired and is now being assembled at the works. It
will consist of steam excavators, steam shovels and other
devices of similar size.
The location of a fine vein of good steaming coal near the
canal will materially reduce the cost of construction. It
will be the policy to utilize steam machinery wherever pos­
sible. The canal will have a carrying capacity of a little
less than 1,000 cubic feet per second and actual construction
was begun with the local Indian teams in July, 1906. The
canal runs through the Blackfeet Indian reservation and
180 teams owned by the Indians were employed at one time.
Ultimately it is proposed to create the two St. Mary lakes
into an enormous reservoir, so as to conserve all of the
water to the United States which otherwise would flow
northerly into the Canadian territory.

THOMAS COCHRAN PASSES AWAY.
Thomas Cochran, president of the N orthwestern Invest­
ment Company, of St. Paul, died at his home in that city on
Monday.
In his death St. Paul loses one of its most promi­
nent citizens, one who always had the best interests of the city
at heart and who was willing and ready at all times to give
his services in the furtherance of any movement for the ad­
vancement of the city’s interests. His native abilty and wide
experience made his services of value and his optimistic
spirit and untiring energy helped to carry through many
public projects which were in danger of succumbing to o p ­
position or inattention.
While it was quite generally known that Mr. Cochran had
not been in good health for several months, the serious condi­
tion in which he had been for the past week or more was
not generally known outside of the family circle, and the
announcement of his death was an unexpected shock.
Although a member of the bar of the state Mr. Cochran
never practiced his profession in Minnesota.
Soon after
settling in the city he became interested in real estate, and
during his residence in St. Paul that had been his principal
occupation .
Since 1898 he has been president of the
Northwestern Investment company.
Mr. Cochran was born in Brooklyn, N. Y., July 3C *843.
His education was received in the polytechnical school in
Brooklyn and the University of the City of New York, where
he graduated in the class of 1863, one of the honor men of
his class. His brother-in-law, James R. W alsh of St. Paul,

DEATH OF H. B. MOORE.
H e n r y B. M oore, s e c r e ta ry of the D u lu th B o ard of
T ra d e , died su ddenly on Sunday, th e 23d, fro m h e a rt fail­
ure. Mr. M o o re had been se c r e ta ry of the b o a rd for th ree
years. H e h ad previo u sly been in th e lu m b er business,
and at one time was m a y o r of D uluth. H e was 63 y ears
of age.

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Federal Reserve Bank of St. Louis

was also a member of this class. Mr. Walsh stated yesterday
that so far as he knew, Mr. Cochran’s death was the third out
of the membership of that class. Mr. Cochran then took a law
course in the Columbia college and was admitted to the New
York bar. H e practiced in New York a short time in the
firm of Hutchinson & Cochran, and in the fall of 1868 he came
to St. P au l on acco unt of his health, bein g th r e a te n e d w ith
pulmonary troubles. H e returned to New York in the spring
of 1869, but was taken sick a few months later and returned
to St. Paul, where he had lived ever since.
H e did not take up the practice of law in St. Paul, but in
1869 he joined in organizing the Minnesota Mutual Life I n ­
surance company, which was absorbed a few years later by a
Milwaukee company. Since then Mr. Cochran had been en­
gaged in the real estate business. In 1871 he became associat­
ed with his brother-in-law, James R. Walsh, under the firm
name of Cochran & Walsh. This firm continued until 1878.
when Mr. Walsh withdrew, and Mr. Cochran continued the busi­
ness alone for a short time, when he became associated with
R. M. Newport, as Cochran & Newport. After two or three
years the firm of Cochran, Rice & Walsh was formed, in
which Edmund Rice, Jr., and Silas B. Walsh were partners.
Mr. Rice retired a short time later and the firm of Cochran
& Walsh continued in existence until about 1898. At this
time the Northwestern Investment company was organized,
with Mr. Cochran as president, a position he held up to the
time of his death.

MONTANA COAL LANDS.
Butte.—According to the state coal mine inspector, M on­
tana has 32,000 square miles of coal land and in 1906 produced
2,000,000 tons of coal, in the production of which 6,000 men
were employed. Most of the product was used by the A mal­
gamated and other mining companies, and by the Great
N orthern and Northern Pacific Railroads.

44

T H E C O M M E R C IA L W E S T

Saturday, December ÊQ, tQoS

O.W. K ER R COMPANY, Investment B ankers
M I N N E A P O L I S {Si
We have on hand carefully selected F A R M M O R T G A G E S netting 6£ per cent in amounts from
$500 to $2,000. Write for particulars.

BURGLARY INSURANCE

The

.

Surety Company

OF

NEW

W e

a re

o ffe r in g

T im b er L a n d

YORK.

6%Bonds

Selected by the Wisconsin Bankers Association to
write the Insurance of its members.

secured by first mortgage on southern

FRED L. GRAY COMPANY,

timber lands at less than 50 per cent

N o rth w e stern M anagers.

of their present market value. Issued

Security Bank Building,

-

-

Minneapolis.

by large, well-established, responsible

DULUTH COPPER

STOCKS.

I buy and sell on Regular Commission Rates
for Cash Only.

F R E D H . M E R R IT T
S t . P a u l , M in n .
339 E n d ico tt building.
B oth phones. No. 3318

D u l u t h , M in n .
404-5 Palladio b uilding
Telephone: D u lu th 1408.
Z enith 971.

N e g a u n e e , M ic h .
K irkw ood Block.
Telephone 63.

lum ber companies.

Full particulars

will be mailed on request.

CLARK L. POOLE 4 CO.
Successors to

H. C. BARROLL & CO., Bankers.
First National Bank Bldg.

CHICAGO.

THE WESTERN CANADA LAND COMPANY,
LA N D FO R S A LE

Ltd.

------- --------------------------------------------------- ’OOO— --------------------------------------------------------

In th e fa m o u s V e r m ilio n V a lle y in N o r th e r n
P r ic e $8 to $15 a n a c r e .

A lb e r ta .

This is the Coming Granary of Alberta. Terms: One Sixth Cash, balance in Five
Annual Payments with interest at Six per cent.

A p p l y t o N A R .E S , R O B I N S O N <S B L A C K ,
G eneral A g en ts, 381 M ain S t., WINNIPEG.

INVESTORS
PROTECTIVE ASSOCIATION
W IN N IP E G

7 1 7 M cIntyre Block
-

CANADA

We own and control over 8 0 ,0 0 0 acres of wild land in M A N IT O B A and S A S K A T =
C H E W A N . Prices ranging from $ 6 .0 0 and up.
2 5 ,0 0 0 acres of improved land, in the most Productive Section in W e s te r n C a n a d a .
Prices from $ 1 1 .0 0 and up.
Most of the above lands are selected by a pioneer of 40 years experience.


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Federal Reserve Bank of St. Louis

EVERY facility placed at the disposal of intending purchasers.

Saturday, December 2 Q, 1906

T M E C O M M E R C IA L W E S f

The Farm Land Movement.
The following are late farm land transfers as taken
from official county records. They indicate the value of
farm land in the respective counties.
MINNESOTA.
A V inona C o u n ty — M rs. E l i z a b e t h F e l t z t o E r p e ld in g , 120 a c r e s ,
H ills d a le , $2,200.
D a k o t a C o u n ty — N ic h o la s K im m e s to P e in e , 80, a c r e s , 17,
D o u g la s , $4,800; J . E . D o ffin g to K im m e s , 160 a c r e s 12, D o u g la s ,
$11,200.
I s a n t i C o u n ty — B r o r S t a t e to S w e d m a r k , n s e n w 33, S t a n c h fie ld a n d p a r t o f s w s e 11, C a m b r id g e , $1,20.0; G u s t B. J o h n s o n
to O lso n , s e s e 9, O x fo rd , $1,050.
P o lk C o u n ty — W illia m H . G a r la n d to D a n a , s 11-150-48, $10,500; A m e lia U n z to S te v e n s , n 21-151-48, $12,800; G e o rg e U n z
to S te v e n s , a ll o f 20-152-48, $25,600.
F a r i b a u l t C o u n ty — F r a n k G. W a s g a t t to C la rk , s w 10-104-28,
$8,800; D. N . O ld s to B lu e g g a r , s e 7-104-24, $8,000; H . A . S to d ­
d a r d t o T w a it, n s e s w 19-102-27, $15,700.
P ip e s to n e C o u n ty — G eo. W . S c h e e to F ie , s w 28, s w 29, s 20107-46, $26,400; J o h n AVI- P e n g e lly to W a llin g , n 36-105-44, $16,000; H a t t i e I s e b r a n d s to G ra y , n w Z /-1 0 8 -4 6 , $3,200.
O t t e r t a i l C o u n ty — P . H . M u r p h y to R e c to r , s w 25-136,37,
$3,000; J o s e p h H a r t to R o d e k u h r , n n e s e n w 29-134-37, $4,500;
F . J . P f e f f e r le to Y o u n g b e rg , s n e n e n e 12-131-44, $5,000.
S t e a r n s C o u n ty — D. P . S o r e n s o n to S o r e n s o n , e s w w se 36~
126-34, $4,800; B a r b a r a G e ig e r to S c h w a lb e , s w s e s e s w 9-12530, $2,000; C .D . A V est to H u g h e s , n e s e n w 13-122-28, $7,000.
T o d d C o u n ty — R e n a J o h n s o n to H e r b e r g e r , n n e 28-128-35,
$3,000; H e n r y R o s e m e ie r to S m o k s ta d , w n e , 95 a c r e n w 20-12735, $3,500; T h e o d o r e S c h m itz to C o w ie , e n w 1-132-35. $3,000.
W ilk in C o u n ty — F r a n k B a rk h u ffi t o W e n g e r , n 29-131-45,
$10,240; S a m u e l S a m p s o n to P e te r s o n , s 26-136-45, $10,500; R e u ­
b e n M ille r to P l a i s t e d , n w s e n e n w n e 6-132-46, $10,000.
M a r tin C o u n ty — C a tlin . t o E v e r e t , s n w n w n w 16, W e s tf o r d ,
$5,500; A lb e r t A . S w if t to F a n c h e r , e n e 35, R o llin g G re e n , $4,000; S a n f o r d N e ls o n to P h il e n , e n w 6, B a k e F r e m o n t , $4,000.
A n o k a C o u n ty — D o lp h is B e m a y to B e m a y , 60 a c r e s in 24-31 22, $1,500; O c ta v e B e m a y to B e m a y , 60 a c r e s in 23 a n d 24-31-22,
$1,500; J o h n C o le m a n to S a n d b e r g , s n w 15-32-24, 80 a c r e s , $1,800.
B a c q u i P a r l e C o u n ty — T h o r w a ld B jo r n lie to A c k e r , s e 10,
w s w e s e 11-118-44, $13,400; S i v e r t E . A re to M o r tv e d t. s e 30117-43, $7,300; O ie P . S e tr e to E ls e n , s w 2, w n w 11-117-44, $11,900.
B e S u e u r C o u n ty — J o h n W id r n e r to A V idm er, s 40 a c r e s o f
s w 14-111-25, $1,900; S im o n B e i s c h e r to B e is c h e r , n w o f s e 36110-24 $2,630; W illia m R . E v e r e t t to J a e g e r , n e o f s e 9-110-25,
$2,675.’
S t. B o u is C o u n ty — S a r a h B. W ils o n to W r ig h t, w o f s w a n d
s w o f n w 2 8-49-15, $1,080; W illia m J . W a l la c e to N e v ille I r o n
M in in g C o m p a n y , s® o f se 21, n e of n e 28, w o f n w 27-61-13,
$7,200.
R e d w o o d F a l l s C o u n ty — S y lv e s te r D ic k e r s o n to S a w y e r, n w
13-109-38, $5,600; A l b e r t G a r s d o r f to B o c k , s w 29-111-37, $6,400;
M a r g a r e t M c B r a c k e n r id g e to G r a h a m , s e 11, s s w 12, a l l 23109-39, $9,000.
S te e le C o u n ty — A lb e r t P . S k a lic k y t o S k a lic k y , s e s w 1,
S u m m it $2,100; R o b e r t R a s m u s s e n to J e n s e n , 120 a c r e s 25-26,
S u m m it’, $5.000; W a l t e r Ah K a s p e r to P h illip s , w n w 32,
O w a to n n a , $3,500.
R ic e C o u n ty — C a t h e r i n e G r a v e s t o B r a n e s , n o f n e 21,
W e b s t e r $2,600;; J o h n J . B a r r e t t to S ir e k , s e o f n e a n d e o f s w
o f n e , A V h e a tla n d , $4,400; G e o rg e S e a m a n to S tr e e t, s w o f se,
31, N o r th f le ld , $2,000.
S te v e n s C o u n ty — J o s e p h A r n o ld to W a r d , s e 26-123-43, $4,480;
I. C. H o w a r d to B o effle r, s 2-124-43, $9,000; J o h n O. B e e to
S t e in f o r t, s n e n e 36-126-43, $6,400; A . O'. G a a r d e r to G a a r d e r ,
n e 10-123-44, $4,000.
M o r r is o n C o u n ty — C h a r le s P . ’S il v e r n a le to H e ila n d , n w n e
s n e 32 s w n w 33-40-29, $2,OOo; D u n c a n F . M c G re g o r to M c G re g o r,
u n d o n e - h a l f n w 3 2 -4 2 -3 0 , 2 .5 0 0 ; A. N . J o h n s o n to K r u s c i u te ,
s s e 19, e n w 29-130-29, $4,000.
M e e k e r C o u n ty — A n d r e w G. B e r g lu n d t o P e te r s o n , n e s w s
n w s e 17, D a s s e l, 60 a c r e s , $2,100; W . H . D a r t to B e w is , s s w
w s e 11, D a r w in , 160 a c r e s , $6,400; F r a n c i s T u m a n to N e ls o n ,
s s e 16, D a s s e l, s’O a c r e s , $3,200.
R e n v ille C o u n ty — S t a t e B a n k o f H e c t o r to W e b e r , n n e
23 s s e 14-115-33 $6,400; F a r m e r s a n d M e r c h a n ts B a n k of
H e c t o r to A lle n , n w 22-115-32, $5,520; E l i z a b e t h M o r s t a in , s
s e s n se 29, sw 28-115-34, $12,360.
F il lm o r e C o u n ty — E v e n B e n s o n to B e n s o n , n e a n d n n w 30,
H a r m o n y $12,000; P e t e r J o h n s o n N o e m to R a s m u s s e n , n n e 33
a n d e s e ’28, H o lt, $6,300; E 'm e ry B. J o h n s o n to J o h n s o n , s w a n d
w s e 9, a n d n w n e n e , 16, C a n to n , $8,500.
K a n d iy o h i C o u n ty — H a n s J . D a le t o O r th , n w 7, n s e s e s e
7-119-36, a ls o s w 32-119-36, 600 a c r e s , $7,757.54; H e r m a n A p itz t o
M in k e l, s e 27. e n w w n e 34, 320 a c r e s , $8,400; C. A . A d a m s o n
to H a le , n w 33, e n e 32 240 a c r e s , $7,300.
B ig s t o n e C o u n ty — D . A . H o e l t o B o w e r y , s e e sw 14, w s w 13,
w s w 13, w n e 23-122-46, $17,000; R ic h a r d N o rr7isA 9t04 , S t ???nnn-’
s 12-122-45. s s n e s e 13-122-45, w s w s e s w 7-122-44 $25,000
J o h n C a s e y t o O ’D o n n e ll, s e s e n e n e 11, n w 12-124-48, $12,62b.
S w if t C o u n ty — O c ta v e B e m a y to B e m a y , u n d . o n e - h a lf o f s e
n e 23 w s w n w 24, C e n te r v ille , 60 a c r e s , $1,500; D e lp h is B e m a y
to B e m a y , u n d . o n e - h a lf o f n w n w a n d o n e - h a lf o f s w n w 24,

INSURANCE IN JAPAN.
Vice Consul-General E. G. Babbit sends front Yokohama
the following information concerning the insurance business
in Japan:
A scheme is on foot in Kobe to form a marine insurance
company with a capital of $2,500,000. Among the promoters
are 15 foreign residents of Kobe and Yokohama, 5 Chinese,
and steamship owners and large shippers of cargo in different
ports of Japan.
A director of a Japanese life insurance company, in refer­
ence to the future of that class of business in Japan, states
that there are at present in the country about 30 life insurance

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Federal Reserve Bank of St. Louis

45

C e n te r v ille , 60 a c r e s , $1,500;
n w 15, G ro w , 80 a c r e s , $1,000.

John

C o le m a n

to

S a n d b e rg ,

s

NORTH DAKOTA.
B a r n e s C o u n ty — G eo. H . S e e le to A Vilson, s n w 21-142-60,
$1,200; F r a n c i s J . A lg e o to A lg e o , n w 18-143-56, $3,500.
T r a i ll C o u n ty — F r e d B. G o o d m a n to F le n g s ta d , s w 10-146-51,
$4,000; T h e o d o r e O. B-ee t o H a a g e n s e n , s w 19-146-49, n w
30-146-49, $9,600.
B o t t i n e a u C o u n ty — O'. I v e r s o n to G r a n t, s w 34-160-82, $1,800;
E„ AAA P a g e to P a g e , n w 11-163-83, $4,000; AY. B a r b e r t o S m ith ,
se 33-163-81, $4,000.
T o w n e r C o u n ty — C. J . B o rd to K r u e g e r , s w 6-159-66, $3,725;
M. A . R o d e h a a v e r t o A lle n , n e 6-158-66, $3,500; C. B o r d to M o r ­
ris , a ll 4-169-68, $22,000.
S t u t s m a n C o u n ty — G e o rg e A y r e t o V in c e n t, n e s w 18-142-35,
$ 3 ,200; C h a r l e s S tu f f to F r i e d , n 4 -1 4 1 -6 2 , s 33-1 4 2 -6 2 , $ 1 0 ,300;
M o llie M a r t i n to G la d e , s w 32-141-66, $2,560.
G r ig g s C o u n ty — E m e lie S c h lin s s to D u s b a b e k , s w 10, s e 9147-60, $7,000; W illia m G la s s to G a lle g ly , 29-146-61, $17,280;
J e n s A n d e r s o n to T h o r n , n w 5-147-59, $3,360.
G r a n d F o r k s C o u n ty — S id n e y G. F a r n s w o r t h to B je r k lie ,
h a lf in G ilb y , $10,000; B e r n a r d H a g g e r t y to F ly n n , 160 a c r e s in
F e r r y , $4,476; F . AV. C o n v e r s e t o AVoods, h a lf in B r e n n a , $9,300.
S te e le C o u n ty — C h a r le s M u r r a y to J o n e s , w 11, B r o a d la w n ,
$13,600; AAA D . T h o m p s o n to M u r r a y , n e 10, w 11, B r o a d la w n ,
$12,500; R o b e r t H ic k e y to H o p e N a tio n a l B a n k , s w 10, C o lg a te ,
$4,590.
P i e r c e C o u n ty — R . B. K ir k to K ir k , n s e s w s e n e s w s
n w n s w 5-155-72, $4,000; I. S. B a s s e l to G isi, s s e 18, n e s e 19, e
n e n e s e 30-151-72, $11,400; B e rd in .e s O s te n s o n t o T h o m p s o n ,
s e 8-158-81, $4,500.
C a v a lie r C o u n ty — S a r a h J . H u t t o n to H e lg e r s o n , n s w s e
n w s e 15, e 16, n e 21-162-58, $17,000; J a m e s A n d e r s o n to O r m is to n , s w 31-159-59, $5,000; M ic h a e l D o u g h e r ty to P o w e r , w n e e
n w 1-160-63, $4,000.
C a s s C o u n ty — E . T . M o o re to B r a d b u r y , 320 a c r e s in A r t h u r ,
$11,500; M . H . H a b b e r s t a d to H a b b e r s t a d , 760 a c r e s in N o r m a n n a , $17,160; H a n n a M a th e w s to S c h r o e d e r , 160 a c r e s in E r ie ,
$4,200; B o t t i n e a u B a n d & B o a n Co. to E v e r s o n , 160 a c r e s
in R o c h e s te r , $5,000.

SOUTH DAKOTA.
M in n e h a h a C o u n ty — Bi. P . G a lle g h e r to S c h ic v e lb e in , e n e
20-102-52, $3,500; B. P . G a lla g h e r t o S o rin , s w 32-102-52, $7,000.
D o u g la s C o u n ty — S a r a h H . C h a m b e r s t o S e m m le r, n e 32-9962. $6,400; G. D . D e n g e r to R e e tz , n e 21-99-64, $5,000; AVI. H .
R o w e to. S p e rlic h , e n w 9-99-62, $3,200.
M a r s h a ll C o u n ty — K l a a s B o k k e r to B u s s , w 19-126-57, $8,610;
F r a n k AV. S to w e ll to O g re n , n e 26-125-58, $4,500; W illia m X .
R o b e r ts to S c h a r f , s 28-125-58, $12,000.
C h a r le s M ix C o u n ty — V e r n a A . B o w lu s to O ld a k e r , n w 2897-66, $6,000; F r a n k H o m o lk a t o G a b le , n w n e 27-96-64, $1,400;
AV. J . J a n d a , to M c F a r la n d , s s w 35-97-63, $2,400.
F a u l k C o u n ty — AV. J . F r e n c h t o H u s t o n , s w 25, n e 35-119-70,
$5,000; F . C. B r s k i n e t o E r s k i n e , n e 13-117-72, s e 2-119-71, $4,000;
F r e d B . G u lz o w to B r ig h t, s 23-119-68, $6,500; J o h n P e t e r s o n to
W a y , n e n 20 a c r e s o f s e 35-120-69, $5,400.

IOWA.
H o w a r d C o u n ty — P e t e r B e c h te l to O ’D o n n e ll, s s e 8-97-14,
$4,800.
P a g e C o u n ty — M a r y A . O rm e to O rm e , s 25 a c r e s n w n w 169-36, $1,000.
S io u x C o u n ty — J . H e iz e m a n to G riffith , s n e n w s e 7, s n w
96-43, $7,700.
C la y C o u n ty — P e t e r C h r is te n s e n to H a g e d o n , n n w 30-95-37,
$4,200; H je lm J e n s to' H je lm , n s w 26-96-38, $6,400.
P l y m o u th C o u n ty —N . D . C a r lis le to V o ss , n n e e n 14-90-48,
$4,800; C h a r le s C. P i k e to V o ss , e n w 14-90-48, $2,400.
H a r d i n C o u n ty — T h o s . R . N e w b y to W o o d , w 18 a c r e s , n n w
n w 16-86-19, $1,440; J o h n S c h o o r m a n n to C o b ie , s e 13-89-19, n e
n.w 1-88-19, $1,550.
D e c a t u r C o u n ty — C. M. K e lle r to J e n k i n s , 160 a c r e s in B o n g
C re e k , $10,000; H . R . G ilb e r t to A k in s , 120 a c r e s in H ig h P o in t ,
$6,700; C. J . A k in to A k in , 120 a c r e s in H ig h P o in t , $7,800.
C e r r o G o rd o C o u n ty — R e t t a H ill to H ill. u n d . o n e -fif th , n w 5.
15 r d s w o f n e c o r n w , s 20 r d s , w 24 r d s , n 20 r d s , e to b e g
a n d u n d . o n e - f if th o f w n e 5, e x c e p t 40 a c r e s in 95-19, $1,937.90.
W e b s t e r C o u n ty — E l i z a b e t h S c h m itz to M c C a rv ile , w se se
s e e s w 11-87-27, $12,000; J o h n H e a th e r i n g to n , t o H e a t h e r i n g t o n ,
u n d . o n e - h a lf , n s e 20-88-28, $3,261; P . C. C a r ls o n to W ilk in s o n ,
n w w n e 29-86-30, $17,000.
F a y e t t e C o u n ty — J o s e p h in e B e a h y to B e a h y , u n d . o n e - t h i r d
n n e n e n w n w s w n w 1 -92-7, se e s w 36-93-7, $5,200; A d d is o n
D e w e y t o B a s h a m , n e n w w e 11-92-9, $8,000; B o u is B a ile y
to W ilb u t, w s e s w 35-95-8, $1,200.

WISCONSIN.
B a y f ie ld C o u n ty — G. A . J o h n s o n t o C a tlin , w 21-48-5, $3,200.
R u s k C o u n ty — F r a n k K iz e r to T r a c h te , w s w s e s w s w se
17-34-5, $2,400.
D o u g la s C o u n ty — W . A . H e n r y t o D a lto n , w n e n w 15-47-12,
240 a c r e s , $2,880; B in a S c h im m e l to' S c h im m e l, 740 a c r e s in 4612 a n d 46-13, $2,000.
B a f a y e t t e C o u n ty — O le C. O le s o n to O le so n , 146.05 acres in
W a y n e a n d W io ta , $9,490; J o h n F . M e lo y t o Q u in la n , 30.51 acres
in B e n s o n , $2,288.25.
P o lk C o u n ty — J o h n D e m u llin g to D e m u llin g , s s w 17-32-18,
$3,500; J e n s H . F a h r e n d o r f f to H a n s o n , e n w 9-35-17, $5,500;
S h e ff in g to n B u r n s to P il g r im , e s w s e 22-34-18, e x c e p t 10 a c r e s
in n e n e , $10,000.

companies, including foreign companies; and the persons in­
sured number about 800,000. These are insured to the amount
of about $120,000,000, and half the amount is in the hands of
three
Japanese 'companies
and
the
remaining half
among other 27 or 28 companies. Not a few of these hold
only about $500,000. There can be no doubt that the life in­
surance business steadily increases, and it will be a number of
years before all the companies take proportionate shares of the
new business possible. In the meantime very keen competition
will take place, and it will not be an easy task for foreign in­
surance offices to obtain good business in the interior of
Japan, concluded this authority.

THE COMMERCIAL WEST

46

ARMOUR GRAIN CO.
Milwaukee Elevator Co.
Specialty, Barley

B A R T L E T T , F R A Z IE R
a n d C A R R IN G T O N

C H IC A G O

2 0 S La S a lle S t r e e t

M ILW A U K EE, WIS.

L. W. BODMAN.

Saturday, December 29, Î906

S T O C K S and B O N D S
G R A IN a n d P R O V IS IO N S
Western Union Building, CHICAGO.
MINNEAPOLIS.

25 Broad Street, NEW YORK
MILWAUKEE.

M e m b e r s : Chicago B oard of Tr ade, New Y o rk S t o c k E x c h a n g e , New York
Produce Ex c h a n g e , New Y ork Coffee Exc ha nge , Chicago Sto ck E x c h a n g e ,
Liverpool Co rn T r a d e Association, New Y ork C ott on Ex c h a n g e , Mil­
waukee C h am b er of Comme rce.

SID N E Y M ITC H ELL.

M IL M IN E , B O D M A N G R A IN C O
(N O T IN C O RPO RA TED .)

P R IV A T E . W IR E S TO A L L P O IN T S

Tax=Free Denatured Alcohol
Its Bearing Upon Corn Prices.
Its benefit to the Agricultural Industry.

COMMISSION MERCHANTS.
Grain and Provisions.
Receivers and Shippers.

A pamphlet sent upon
receipt of 10 c in stamps.

E. W . W A G N E R ,

CH ICAGO : 5 and 7 Board of Trade.

C H IC A G O

9 9 B o a rd o f Trade,

L o n g D ista n c e T e lp h o n e H arrison 6 3 2

C. H. THAYER & CO.

Hulburd, Warren & Chandler
STOCK B R O K E R S AND
COMMISSION MERCHANTS

S uccessors to

W . R M U M F O R D CO.

C O M M IS S IO N M E R C H A N T S

2 12 and 2 14 LaSalle St.

GRAIN, SEED S, FUTURES.
Y o u r C o n sig n m e n ts an d F u tu re O rd ers S o lic ite d .
--------------\

“ O ur u n ta rn ish e d record fo r th e p a s t 25 y ears, backed u p w ith over
$100,000.00 and p e rfe c t w illingness to m ake liberal advances a g a in st con­
signm ents an d help o u r frien d s o u t financially in tim es o f w a n t,” c er­
ta in ly speak s fo r itself.
Rooms 51. 55, 56. 57, 58, 59, 2 and 4 Sherman St„ C H I C A G O ,
Mention This Paper.

CH ICAGO

M em bers—N ew Y ork Stock E xchange
Chicago Stock E xchange
Chicago B oard of T rade
M inneapolis C ham ber of Commerce
S t. Louis M erchants E x change

Minneapolis Office, L. L. WINTERS, Manager.
110 C ham ber of Commerce

E . L. W e l c h , P re st. a nd T reas.
C. A. Ma l m q u ist , V ice-P rest.
J . W. M cC l a t c h ie , Secy.

LOGAN & BRYAN

E , L . Welch C o m p a n y

2 BOARD OF TRADE, CHICAGO

Stocks, Bonds, Grain, Provisions

Grain Commission Merchants

MEMBERS:

Chicago Board of Trade
New York Stock Exchange
Chicago Stock Exchange
New York Cotton Exchange
Minneapolis Chamber of
New Orleans “
“
Commerce
Liverpool Cotton Association
St. Louis Merchants Exchange.

Correspondence and Consignments
Solicited

DULUTH

M IN N E A P O L IS

O'CONNOR & VAN BERGEN
BROKERS

G R A IN
P R O V IS IO N S
341 Robert St., ST. PAUL, MINN.

STOCKS
BONDS
Members Chicago Board of Trade

E sta b lish ed

W R IG H T -B O G E R T & CO.
GRAIN—PROVISIONS

JO H N

1895.

D IC K IN SO N

171 L a S a l l e S t ., C h ic a g o

-

6

42 B ro a d w a y ,

CO.
N e w YorK

S T O C K S ,G R A IN , P R O V IS IO N S

306-307-308 Postal Telegraph Bldg., CHICAGO

M pmretu ? f Chicago B oard o f T rade

[ N Y . C onsolidated Stock E xehange
D ir ec t P riv a te W ir e s E a st.

m embers

J. ROSENBAUM GRAIN COMPANY
(IN C O R P O R A T E D )

GR A IN

M E R C H A N T S

O R D E R S F O R F U T U R E D E L IV E R Y S O L IC IT E D


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Federal Reserve Bank of St. Louis

C H IC A G O

Saturday, December 29, 1906

47

T H E C O M M ER C IA L W EST

P hoto by Rollin E. Sm ith.

G. J. S. Broomhall, of Liverpool, on the left, an d I. Mcllory, flour importer, of Bristol, on the right. Mr.
Broomhall has an international reputation as a statistician, and is a Fellow of the Royal Society of Statisti­
cians of London. He is also a member of the Royal Societies Club of London.


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48

M

T H E C O M M E R C IA L W E S T

i g r a i n

«

m

Saturday, December 29, 1906

i l l i n g æ

4

REVIEW OF THE WHEAT SITUATION.
C o m m e r c ia l W e s t Office, Dec. 26.—Conditions, gen­
erally speaking, rem ain p ractically the sam e as a week
ago, except in the speculative w h e a t m ark et, w hich has
u n d e rg o n e con sid erab le liquidation.
T h e d em an d for
cash w h e a t in the local m a r k e t continues so m e w h a t in
excess of the supply, which, of course, m eans a s t ro n g
m ark et, relative to futures. N u m b e r 1 n o r t h e r n b rin gs
the M a y price to % c over, while No. 2 n o r t h e r n sells at
r Mc under May.
The outside mills, to the southeast, are
steadily in the m ark et. Yet, o w in g to the co m p arativ ely
light running of the local mills, rather than to the size
of the receipts, elevator stocks are increasing. T h e r e
will be a n o th e r goo d in crease th is week.
The

M ovement.

T h e exp ectatio n s of th o se w ho expected a free m o v e ­
m e n t of g rain have been dispelled, o w ing to the heavy
sno w s in N o r th D akota. Since the sto rm of tw o weeks
or so ago it has part of the time been severely cold,
w hich m eans th a t the snow will stay an d continue to be
a m en ace to traffic. I t will drift and co n tinu e to drift,
and so be a tro u b leso m e facto r for the railroads until a
w a r m spell settles it. I n v e ry cold w e a th e r the railroads
c a n n o t possibly give the service th e y can u nd er m o re
norm al conditions. E v e r y th i n g w o rk s ag ain st them.
T h e m a n a g e r of one of th e larg e line elev ato r c o m p a ­
nies w ith 100 or m o r e h o uses in N o r th D ako ta, said to
the C o m m e r c l a l W e s t that an unheard of situation now
obtains. T r y as h a rd as th e y can, he said, it has been
im possible to reduce th e a m o u n t of g rain in th eir houses,
The to tal a m o u n t n o w is p ractically th e g re a te s t it has
been this crop year. T h e m a n a g e r said th a t such a co n ­
dition has n ev er existed before at this season.
In a
no rm al y ear sto ck s w ould n ow be well reduced, and the
co m p an y w ould be g e ttin g re a d y to close som e houses.
A n equally ab n o rm a l situation, b u t different, prevails
in southern Minnesota and parts of South Dakota, where
th r e s h in g is n ow in p ro g ress, an d w h ere m a n y stacks
will n o t be th r e s h e d this winter.
On the whole, therefore,
of receipts this w in te r m ay
m e n t will be steady, an d
w hen it should, ordinarily,
Durum

anyone who expects a big run
be disappointed. T h e m o v e ­
will continue so n ext sp rin g
diminish.
W heat.

T h e d em and for d u ru m co n tinu es u nab ate d an d prices
are well m aintained. T h e C o m m e r c i a l W e s t is advised
th a t th e M e d ite rr a n e a n m a r k e ts have p u rc h a s e d about
all of this w h e a t th e y desire an d th a t th e y are now t u r n ­
ing th e ir atte n tio n to w a rd th e R ussian h a rd or m aca ro ni
wheat. There was a short crop of the latter this year,
and it w as slow in moving.
A re

En g lis h

M il le rs

U si ng

Durum ?

m iller , will have to take off his hat to them , fo r he has
n o t yet been able to do it.
The

S p e c u la t iv e

M arket.

The delivery of about 100,coo bus. of wheat, on Saturday, on D e c e m b e r co ntracts, gave the m a r k e t a w eak
tone. Y et th e speculative m a r k e t has been a slow affair
since th e b re a k of 10 days ago. T h e setb ack d iscour­
aged ho lders of lon g w heat, and seem ed to indicate th a t
interest is not general enough to sustain an advance.
Chicago is the w eigh t on the m ark et. T h e stocks
there, over 14,069,000, public and private, act as a drag
and encou rag e sh o r t selling on every advance.
The
stocks in th a t m a r k e t continue to increase, and this en ­
cou rages th e sh o r t sellers.
P rices seem to have p re tty well established them selves
aro u n d the p r e s e n t, level. A n y m aterial ch an g e w ould
likely be b r o u g h t ab o u t only by new conditions or the
fu r th e r dev elopm ent of som e of th e ex istin g ones, do­
m estic or foreign. A fluctuation of a cent o r so a p p a r ­
ently has no significance, as the m a r k e t has of late been
a scalping affair.
T h e Liverpool m a r k e t rem ain s ab o u t as indifferent as
possible.
I m p o r te r s are ap p a re n tly c o n te n t to aw ait
the natu ral dev elopm ent of things. N e ith e r th e sh o r t
crop estim ates of Russia, n o r th e rains w h ich are delay ­
ing h a rv e s t in the A rg en tin e, have an y w eig h t w ith th e m
as yet.
A rg en tin a.

T h e re p o rts of rains in th e A rg e n tin e have been fre­
q u en t of late. B ut until the m o v e m e n t of th e new crop
to th e seab o ard is, to_ a certainty, g o in g to be delayed,
L u ro p e a n im p o rte rs will n o t be m u ch alarmed.
Rain d u rin g h a rv e s t is hard ly a legitim ate factor for
stiength m the market.
14 is ^merely a speculative feature.
et th e re is s o m e th in g in th e A rg e n tin e situation
w o rth y of serious consideration. T h a t is, no estim ates
of the crop m ak e it large e n ou gh to supply E u ro p e a n
req u irem en ts for the nex t six m o n th s w ith o u t help from
A m erica or elsewhere. T h e U n ited K in g d o m will co n ­
tinue to d raw supplies from America, unless o ur prices
should becom e prohibitive.
H o w far im p o rte rs would
tested' an advance
tIlls c o u n tr y is a m a t t e r y et to be
W h e a t Exports.

The smaller world’s shipments for the week, with
America only a little over 3,000,000, suggests that the
heaviest ex p o rt m o v e m e n t has passed until th e A rg en tin e
new crop begins to move. T h e h eavy A m erican e x po rts
have not, of course, been m ad e up of re cen t sales. T h e
w h eat th a t has be,en g o in g out for tw o m o n th s past w as
sold lo n g ago, or th e bulk of it was. If th e w e e k ’s A m e r ­
ican e x ports are indicative of the nex t few w eeks ’it
w ould seem th a t th e im p o rte rs have n o t been so dep en d ­
ent upon us for supplies as we could wish.
E x p o r ts fro m the D an u b e are a lm o st certain to fall
0 111 January
And as the amount on passage is some
2,000 ooo bus. less th a n a y e a r ago, th e re is a probability
ot th e L u ro p e a n im p o rte rs bein g compelled to take a
U rg e a m o u n t of stuff fro m America, to p re v e n t th e ir supph es falling too low, before A rg e n tin e w h e a t is available.
I he follow ing table show s the ex p o rts of breadstuffs
tr o m th e various e x p o rtin g cou ntries fro m A u g u st 1 to
D e c e m b e r 8, 1906, c o m p ared w ith th e sam e period of

A lth o u g h the M e d ite rr a n e a n d e m a n d for d u ru m m ay
be practically over, new m a r k e ts are o p en in g up for it.
T h e r e is some d e m a n d — w h a t it will develop into no one
can n o w tell— fro m E n g lish and S cotch ports. T h a t it
is b o u g h t because it is relatively cheap, seem s reaso n ab le;
and th a t it is inten d ed for ex p erim en tal pu rp o ses, seems
probable.
The British millers cannot know much about
the milling qualities of d u ru m w h e a t; an d som e m e m ­
bers of the tra d e here believe th e y are te m p te d by th e
low price to “take a ch a n c e ” on it. T h e d esp erate fight
w hich has been g o in g on for the last y e a r b etw een tw o of
the big E n g lish milling com panies w ould seem to m ake
a n y th in g th a t was w heat, an d cheap, p a rtic u la rly d esir­
able.

Tt ., . . „ .
,
1906.
T in te d K ingdom ....................................... 70,192,000
£ ran.ce .......................................................... 12,232.000

A lth o u g h the E n g lish m illers are ex p erts at b len d in g
and te m p e rin g w h eats fro m all p arts of the world, and al­
th o u g h th e y are successful in m a k in g g oo d flour from
various m ixtu res, th e y will have a new p ro b lem in m a c a ­
roni w heat. If th ey solve if successfully, th e A m erican

H olland ........................................................ 23,256.000
G erm any ...................................................... 10,920.000
Lta T .............................................................. 23,088,000
P ortugal ......................................................
64,000
Greece
2,952,000
Scandinavia ...............................ì'.hìhOOa


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Federal Reserve Bank of St. Louis

A m erica ..................
R ussia .....................
D anubian ...............
India .........................
A rgentina ...............
A u stra lasia
A u stria -H u n g a ry .
Chili, N orth A frica

1906.

81.936.000
45.624.000
37.272.000
11.288.000
15,464.000
5.648.000
2.504.000
4.240.000

T otals .................................................... 203,976.000

1905.

51.032.000
74.376.000
44.584.000
11.456.000
28.680.000
3.632.000
152,000
1.264.000
215,176,000

he amount of breadstuffs received by the import­
ing cou ntries fro m A u g u st 1 to D e c e m b e r 8, and the
a m o u n t on passag e to th e m on D e c e m b e r 8, is xsho w n
m th e follow ing table:

Austria-Hungary

............................... '

' ....... .

1905.
70.328.000

7.856.000

26.140.000
32.352.000
12.480.000
18.960.000
10.128.000
280.000
3.456.000
5.440.000
336,000

240,000
26,576,000

1,096,000
26,424,000

............................................................ 203,976,000

215,176,000

N o r t h A f r i c a , e tc
O th e r c o u n tr ie s ..
T o ta ls

H e r e w i th is given th e a m o u n t of ex p o rts of flour,
w h e a t an d co rn fro m th e A tlan tic p o rts w ith th e n am es
of the markets to which exported, for the week ending
D e c e m b e r 22, 1906:
_
L iv e r p o o l

..................................

49

T H E C O M M E R C IA L W EST

Saturday, December 29, 1906

F lo u r ,
B b ls .
15,800

W h e a t,
B u.
444,000

C o rn ,
B u.
240,000

41,100
22,900
4.800
7.700

L o n d o n ..................
G la s g o w ................
B r is to l ....................
O th e r E n g l is h ..
A n tw e r p ................
G e r m a n y ..............
H o lla n d ..................
F i a n c e ....................
O th e r c o n t i n e n t a l
E l s e w h e r e ...........
T o ta l

240.000
16,000

7,200
74,800

381, ÓÓÓ
227.000
64.000
64.000
16.000
295.000
1,000

204,700

1,748,000

6.700
23,700

83.000
35.000
17.000
101,000
65.000
432.000
289.000
279’, ÓÓÓ
63.000
1,704,000

CHAMBER MAY ERECT OFFICE BUILDING.
W h ile n o t definitely settled, it is p ro p o sed by th e di­
re c to rs of th e M inenapolis C h am b er of C o m m erce to
erect a io - s to r y steel-fram e office b uilding on F o u r t h
s tre e t a d jo in in g th e p re s e n t building.
T h e C h am b er
ow ns th e lot, an d m o re office ro o m is b adly needed. T h e
C h a m b e r of C o m m erce buildinjg p ro p e r and the old
building are occupie d to th e limit o f 's p a c e , and th ere
are inquiries fo r offices at th e se c re ta ry s office w hich
can n o t be satisfied.
A lth o u g h the d em an d for additional offices is pressing,

the advisibility of th e C h a m b e r of C om m erce association
ta k in g on an additional debt will dou btless be well co n ­
sidered before definite steps are taken. I t seem s an en ­
terprise m o re suited to som e individual capitalist th a n
to an association w h o se directors are m en too busy w ith
th eir ow n affairs to give it the time and a tte n tio n n eces­
sary to m ake it a p ay in g investm ent.
T h e follow ing c o m m ittee has the m a t te r in hand : H.
F. D ouglas, c h a irm a n ; G. F. Piper, Jo h n W a s h b u r n , C.
M. H a r r i n g t o n and P. L. H o w e.

DURUM SUPPLIES AT MARSEILLES.
( P h . C a r a m a n o & C o. to t h e C o m m e r c ia l W e s t.)

Marseilles, F ran ce, Dec. 10.— T h e r e has been received
at th is p o r t 35,000 tons, or ab o u t 1,285,000 bus., of A m e r ­
ican m a c a ro n i w heat, since th e m o v e m e n t of th e new
crop began. A m e ric a n e x p o rte rs say th a t 4,000,000 bus.
has been sold fo r F re n c h sem o lina mills, b u t we believe
th a t only 3,000,000 (78,000 to 80,000 to n s ) has really been
sold to this port. T h is w ould m ean th a t ab o u t 1,500,000
bus. is still to arrive.
S tocks of h a rd w h e a t here are a little less th a n 1,000,-

000 bus. (25,000 to n s ). A dd in g to this the 1,500,000 du ru m
yet to arrive from A m erica, and th e w h e a t w hich we
shall receive from o th e r countries, especially N o r th
Africa, and supplies will be sufficient to last to M arch
or April.
O u r m a r k e t keeps weak, w ith a v e ry lim ited dem an d
for sem olina an d flour.
D u ru m or m a c a ro n i w h e a t is quotable, for No. 1, at
I 7@ I 7/^ francs for D ecem ber, and i 6 @ i 6 % for No. 2.
T ra n s a c tio n s are insignificant.

WESTERN CANADA GRAIN MOVEMENT.
( S p e c ia l C o r r e s p o n d e n c e to t h e C o m m e r c ia l W e s t.)

W in n ip eg , Dec. 24.— D u r in g the period fro m S ep tem b er
1 to D e c e m b e r 12, 1906, th e r e w as shipped fro m the
head of the lakes 25,160,266 b u shels of w heat, while du ring
th e sam e period last y e a r th e sh ip m en ts w ere 30,411,195
bushels. O a ts sh ow an in creased s h ip m e n t of m o re th a n
tw o million bushels, due to th e d em an d for w e s te r n oats
for the A m erican Cereal C om pany, at P e te r b o ro u g h , and
barley and flax sh ow a small increase. I t is n o te w o rth y
t h a t no coarse g rain s w ere carried in A m erican vessels,
and no ne w ere carried to A m erican p o rts by C anadian
vessels. I n the decrease in w h e a t sh ip m en ts th e main
falling off has b een in A m erican vessels.
F r o m the s t a te m e n t of th e o u tw a rd sh ip m en ts for the
w hole period of n av ig atio n (A pril 17 to D e c e m b e r 12), the
to tal sh ip m e n ts of w h e a t have been 31,978,334, as ag ain st
29,334,881 bushels last year, or a gain for 1906 of 3,350,493. 'Jffie in crease of g rain of all kinds to C anadian
p o rts w as 8.652,269 bushels.
D u rin g the period fr o m S e p te m b e r 1 to D e c e m b e r 12
the a m o u n t of w h e a t rea c h in g M o n tre a l via th e great
lakes w as only 4,202,950 bushels, while in th e sam e period
P o r t H u r o n received 7,528,348 bushels, a pow erful a r ­
g u m e n t for the d eep en in g of the canals, n o w m u ch talked
about.
T h e th r e e schedules give m u ch valuable in fo rm atio n
and sho uld be k ep t for future reference.
S t a t e m e n t S h o w in g S h i p m e n t s by Vessels F r o m F o r t W i l l i a m
and P o r t A r t h u r w i t h d e s t in a t io n s of s a m e f r o m Se pt. 1,
1906, to Close of N a v i g a t i o n (D e c . 12) 1906.

C a n a d i a n V e s s e ls :
O w e n S o u n d ...........
M id la n d ....................
T iffin .........................
D e p o t H a r b o r ___
C o llin g w o o d ...........
P o in t E d w a r d .. . .
M e a f o r d ....................
G o d e ric h ..................
T h o r o ld ....................
P o r t S ta n l e y .........
M o n tr e a l ..................

W heat
O a ts .
b u s h e ls .
b u s h e ls .
969,632.20 1,476,674.14
1,587.364.40
115,195.10
100,000.00
3,034,728.10
181,006.06
507,032.20
26.342.32
1,536,480.10
81,268.24
1,176,145.20
803,491.00
454,687.50
125,200.00
4.202,950.00
358,281.32

14,497,711.50 2,238,769.16
P o rt H u ro n . . . . . .
619,806.50
B u ffa lo ....................... 1,890,270.10
E r i e .............................
238,101.40
2,748,178.00
T o t a l in C a n a d ia n v e s s e ls
F ’o r e ig n V e s s e ls :
P o r t H u r o n ............ 6,908,542.20
B u f f a lo .......................
934,525.50
E r i e ' .............................
71,307.30


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Federal Reserve Bank of St. Louis

T o t a l in f o r e ig n v e s s e ls

7,914,375.40

G r a n d t o t a l .......................................................................... 25,160,266.10
C o m p a r a t i v e S t a t e m e n t — S h i p m e n t s of G r a i n by Vesse l F r o m
F o r t W i l l i a m and P o r t A r t h u r 1905 a nd 1906, ( S e p t e m b e r
1 to Close of N a v i g a t i o n in Ea c h Y e a r . )

C a n a d ia n V e s s e ls , 1906:
T o ta ls .
T o C a n a d ia n P o r t s . F o r e ig n P o r t s .
b u s h e ls .
b u s h e ls .
b u s h e ls .
2,748,178.40 17,245,890.30
W h e a t .................................... 14,497,711.50
2,238,769.16
O a ts .........................................
2,238,769.16
379,548.08
B a r le y ....................................
379,548.08
207,226.34
F l a x ..........................
207,226.34
C a n a d ia n V e s s e ls , 1905:
1,383,764.40 19,153,313.10
W h e a t .................................... 17,269,548.30
200,440.12
O a ts ...........................................
200,440.12
266,835.30
B a r le y ...................................
266,835.30
147,469.00
F l a x .........................................
147,469.00
F o r e ig n V e s s e ls , 1906:
7,914,375.40
7,914,375.40
W lh e a t ....................................
O a ts .........................................
F l a x .........................................
F o r e ig n V e s s e ls , 1905:
11,257,882.10 11,257,882.10
W h e a t ....................................
195,851.16
195,851.16
O a ts ........................................
18,829.52
18,829.52
F l a x ...........................................
T h e s e ta b l e s s h o w c o m p a r a tiv e fig u r e s in t h e c a r r y i n g o f g r a i n
a s fo llo w s :
C a n a d i a n v e s s e ls : W h e a t, a d e c r e a s e o f 1,907,422.40 b u s .; o a ts ,
in c r e a s e of 2,038,329.04 b u s .; b a r le y , in c r e a s e o f 112,712.06 b u s .;
fla x , in c r e a s e of 59,757.34 b u s .
F o r e ig n v e s s e ls : W h e a t, d e c r e a s e 3,343,506.30 b u s .; o a ts , d e ­
c r e a s e 195,851.16 b u s .; fla x , 18,829.52 b u s .
T h i s m a k e s a t o t a l d e c r e a s e o f b o th c la s s e s o f v e s s e ls o f
5,250,929.10 b u s h e ls o f w h e a t.
C o m p a r a t i v e S t a t e m e n t f o r t h e W h o l e Season of N a v i g a t i o n ,
A p r i l 17, 1906, t o D e c e m b e r 12, 1906, S h o w in g S h i p ­
m e n t s by Ves sels F r o m F o r t W i l l i a m an d P o r t A r t h u r .

C a n a d i a n V e s s e ls , 1906:
T o ta ls .
T o C a n a d ia n P o r t s . F o r e i g n P o r t s
b u s h e ls .
b u s h e ls .
b u s h e ls .
4.053.906.10 31.978.334.50
W h e a t .................................... 27,924,428.40
B a r le y .
F la x ,
4.053.906.10 31.978.334.50
O a ts .........................................
5,741,564.28
b u s h e ls .
b u s h e ls .
683.759.44
B a r l e y ......................................
683,759.44
67,195.32 49,108.45
284.923.45
F la x ...........................................
284,923.45
C a n a d ia n V e s s e ls , 1905:
2,050,539.50 29.334.881.00
W h e a t .................................... 27,284,341.10
17,578.26
527,561.26
30,737.44
O a ts .........................................
527,561.26
331.262.46
60,358.32 158,117.45
B a r le y ....................................
331,262.46
334,966.48
F la x ...........................................
334,966.48
F o r e ig n V e s s e ls , 1906:
12,398,003.40
12,398,003.40
W h e a t ....................................
97.130.51
97.130.51
O a ts ........................................
203,677.18
F o r e ig n V e s s e ls , 1905:
11,690,964.00 11.690.964.00
W h e a t ............................. ..
195,851.16
195,851.16
379,548.08
207,226.34
O a ts ...........................................
18.829.52
18.829.52
F l a x .........................................
R E C A P IT U U L A T IO N .
b u s h e ls .
3,350,493.30 I n c r e a s e o v e r 1905
W h e a t ....................................................
O t h e r g r a i n ........................................... 5.301.776.00 I n c r e a s e o v e r 1905
17,§45.890.30
640,087.30 I n c r e a s e o v e r 1905
W h e a t to C a n a d ia n p o r t s ...........
O t h e r g r a i n t o C a n a d ia n p o r t s . . 5.516.457.00 I n c r e a s e o v e r 1905
1.710.406.00
I n c r e a s e o v e r 1905
W h e a t to f o r e ig n p o r t s ................
117,550.00 D e c r e a s e o v e r 1905
O t h e r g r a i n to f o r e ig n p o r t s . , . ,

T H E C O M M ER C IA L W E S T

50

Saturday, December 29, 1906

THE ANTWERP GRAIN MARKET.
(H . W ie n e r & Co. to t h e C o m m e r c ia l W e s t)

B arley is very firm and even h ig h e r on accoun t of the
con tin ued scarcity of R ussian offers, w hich surely can­
n o t be expected to increase d uring winter.
W h eth e r
th ere is really such a large crop in R ussia as was hoped
seem s to us to becom e ra th e r doubtful now. A nd it
would be surprising, if in s p rin g th e re should come such
a ladical change in the supplies, whigh w ere deficient
up to now ; as we see no reaso n w h y fa rm e rs should have
le tain ed th e ir barley, in face of such a distress as the
R ussian a g riculture is evidently in.

A n tw erp, Dec. 7-— C o n tin en tal m a r k e ts are quiet, but
w ith an im p ro ving tendency, especially in duced by the
stiffness of sellers in the ex p o rtin g cou n tries; where, with
w in te r advancing, the supplies are n atu rally decreasing.
I t is especially Russia an d A m erica th a t keep th eir stuff
alm o st out of reach for export. F r o m the D anube, our
g re a t provider, the quantities so far have g re a tly dim in­
ished; while fro m th e Plate, supplies ap p e a r alm o st to
be exhausted.
U n d e r such circu m stan ces the situation app ears to
us alw ays u n der a favorable light, w hich we have de­
scribed so often, an d th o u g h th e news for the g ro w in g
ciop in the P late are quite good, p o in tin g to a yield not
in ferio r to last y e a r ’s, th e possible arrivals are still too
far off to come into account now. Besides, th ere is m o re
reserve on the p a rt of the P la te sellers after th e regular
business of th e last few weeks.

FLOUR AND MILLING.
T h e r e is little to be said ab ou t th e milling situation
this week, fo r this is the q u ietest w eek of a lo n g -co n ­
tinued dull period. T h e local mills and the large m e r ­
c h a n t mills g enerally in this te r r it o r y closed dow n from
S a tu r d a v nigh t until this— W e d n e s d a y — m o rn in g , and
some of th e m will be dow n until to m o rro w .
T h e re has been no featu re of in terest or of im p o r­
tance in the tra d e d u rin g the week. T h e flour trade is
lifeless, as was anticipated, and th ere is at p resen t n o t h ­
ing 111 sig ht to m a te ria lly chan g e it. O w in g to the a b ­
sence of ex p o rt trade, the flour b u yers have the ad v a n ­
tage of o v erm uch com petition. Y et a b e tt e r flour dem and
is pro bab le in J a n u a r y than was had in D ecem ber. T h e re
has been so little d o in g th e last m o n th , and stocks of
flour m d e a le rs’ h a n d s n ot b ein g large, ra t h e r a ¡rood
tra d e m ay re a s o n a b ly be expected n e x t m o n th . W h ile
p u c e s of w h eat have held well, th ere has, nevertheless,
been sufficient decline to induce flour b u yers to take hold
if .a little low on supplies.
T h e position of the local m ark et, it b ein g relatively
tire highest_ in the cou n try , is a han dicap to the mills.
B ut there is som e little relief because of M inneapolis
w heat lo sing tc of the p rem iu m over Chicago. N u m b e r
t n o rt h e r n w h eat co m m an d s the M ay price, and th e la t­
ter is I @ l j 4 c over the Chicago May, w h ereas it should
be 2c or m o re under. T h is is a h andicap of over 3c a
bushel the millers are la b o rin g under.
M illfeed.

In s te a d of a w e a k e n in g in millfeed, as m a n y in the
trade expected, there has been a s tre n g th e n i n g ten d e n c y
d u rin g the week, and prices are higher. Som e of the
mills feel v ery s t r o n g re g a r d in g the situation, and predict
h ig h e r prices before th e y are lower.

MINNEAPOLIS FLOUR OUTPUT.
W eek ending
Septem ber 1 . . . . . .
Septem ber 8 ..................
Septem ber 15 .........
Septem ber 22 ................
Septem ber 29 ........................
O ctober 6 ................
October 13 ................
October 20 ......................
October 27 .............................
N ovem ber 3 ...............
N ovem ber in ..................
i\Tovember 17 ................
Nov. 24 ........................

B arrels

443,300

8 ...........................
15 ........................................
22 ...............................

EXPORT SHIPMENTS.
W eek ending
Septem ber 1 ......................
Septem ber 8 ...........................
Septem ber 15 ........................
Septem ber 22 .........................
Septem ber 29 .........................
O ctober 6 ..................................
O ctober 13 ................................
O ctober 20 ..............................
O ctober 27 ..................................
N ovem ber 3 .............................
N ovem ber 10 .........................
N ovem ber 17 .............................
Nov. 24 ......................................
Dec. 1 ...........................................
Dec. 8 ...........................................
Dec.
.

Barrels.

Y ear ago.
38,140
43.730
105,800
102,470
95.900

48 700

22 ........................................

76.720
78,500
70.715
51.710
83.066
58.700
79.150
64.800
53,900

FLAXSEED AND LINSEED OIL.

T h e lo c a l fla x se e d m a r k e t is q u ie t a n d a lm o s t fe a tu r e less. T h e c r u s h e r s ta k e D u lu th D e c e m b e r as th e b a sis
fo r p ric e s , a n d th e r e is n o g r e a t co m p etitio n for the re-


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Federal Reserve Bank of St. Louis

ceipts. T h e crush ers are ra t h e r indifferent bu yers ow ing
to the ex tre m e dullness of the linseed oil m a r k e t O n e of
the term in al eleva tor com panies picks up a little choice
flaxseed, p a y in g ab o u t % c over the m arket. T h e fact
t iat the c ru s h ers let th e elevator have it is indicative
of th e ir p re s e n t lack of aggressiveness.
T h e G o v e r n m e n t Re p or t.

t h e final figures of the a g ricultural departm ent,, esti­
m a tin g the flaxseed crop of th e c o u n tr y at 25,600.000
bus., was_ received by the trad e w ith little in terest T h e
estim ate is re g ard ed as a lt o g e th e r too low, and th e re fo re
u n w o rth y of serious consideration.
T h e tra d e has clung to the 30,000,000 bus. idea and
while som e m ig h t be willing to shave off 1,000,000, a 15
p e rc e n t shave is so m ew h at too radical to th in k serio u s­
ly about.
Oil

Cake

an d

M e al .

I he linseed oil m a r k e t is decidedly dead, perh ap s a
little deader than_ usual d u rin g the ho liday season. T h e
pric^ o ra w oil, in carload loats, f. o. b. M inneapolis, is
no m inally 37c.
’
T h e linseed cake d em and and in qu iry show som e im ­
prov em ent. Cake is quotable at $23.50 for J a n u a r y sh ip ­
ment.
F
T h e dem an d for meal is stron g, and the mills are doing
a big business in it. It is quotable at $26.
ocal elevator stocks of flaxseed gained 51,000 bus.
d uring th e last week, and were, on the 22d, 271,600 bus.
a g a in s t 2,219,000 a y e a r ago.
Cl osing F l a x Prices.

D e c.
20
M in n e a p o lis c a s h ..1 .1 9 %
L a s t y e a r ................1.05
D u lu th c a s h ..............1.2 0
D e c e m b e r ................... 1 .1 9 1
J a n u a r y .......................1.19 a
M a y . 1 ......................
1.23

T ear ago.

D ec. 1 ..................................

Dec.
Dec.
Dec.

In corn a re g u la r business is passin g at un ch an g ed
prices. T h e P la te js still a good provider, and if the
D anu be is perh ap s a less eager seller fo r n e a r shipm ents,
pi ices for sp rin g are at a considerable discount and atti a c t buyers. It will now depend on the condition of the
new A m erican crop. If th e quality is sound, we m a y see
low er prices.

D e c.
zx
21
1.19
1 19
-1 06%
~~1 19%
1 19
1 19%
1 23

D ec.

22

1.1 8 %
1.07
1.19%
1.1S%
1.19
1 . 22 %

D ec.
24

D e c.
25

i . 06%

....

26

1 .18
1 .07%
1 .18%
1 .18
1 .18%
1 22 %

OATS.
T h e local_ m a r k e t for oats is still a little out of line—
too high— with o th e r m ark ets. Choice No. 3 w hite oats
In ing w ithin 3c of Chicago May, and som e have even
sold at 2jq under. Som e of th e shippers are n o t v ery
much m evidence in the m arket. T h e best bu y ers are the
term in al eleva tor com panies, w ho are p u ttin g th e oats in
store.
e ' evat ° r stocks of oats on the 22d a m o u n te d to
3,686,000 bus., ag ain st 6,388,000 a y ear ago.
_ If the receipts are at all good, th e r e is likely to be a
big in crease 111 stocks nex t m onth. T h e eleva tor co m p a­
nies, or som e of them , ap p a re n tly are m ak in g an effort
to keep th e oats here ra t h e r th a n to let th e m get to an
easy sh ip pin g basis. T h e e m p ty bins in the big houses
are a m en ace to dividends, and, as w h e a t is n o t to be had
oats m a y be m ad e to take its place, at least to som e ex ­
tent. I t req uires m u ch less m o n e y to bu y and to carry
the oats. If th e r e were la r g e r stocks of w heat, it is pos-

T h e A l b e r t

D ic k in s o n

C o.

D E A L E R S IN

FLAX SEED
GRASS SEEDS,
CLOVERS,
BIRD SEED,
BU CK -W H EAT,ENSILA G E CO RN,POP-CORN
BEANS, PEAS, GRAIN BAGS, ETC.
M IN N E A P O L IS OFFICE,
2 C ham ber of co m m erc e

9 1

If* A f * f l
v I l I v l I U U

T H È C O M M E R C IA L W E S T

Saturday, December 29, 1906

sible th a t the local price of o ats w ould be lo w er— on a
g o od sh ip pin g basis, as the quality is n o t such as to
induce storing.
In th e absence of an e x p o rt tr a d e d urin g the fall, the
follo w ing table m ay be of interest, as it show s th e e x ­
p o rts fro m th e several co u ntries fro m A u g u st 1 to D e ­
cem b e r 8:

5T

M in n e a p o li s Cash W h e a t , Offi cia l Close.

.. so%-

D u l u t h Cash W h e a t .

79
78%

1906.
R u s s i a ........................................ t .......................... 23,528,000
A m e r ic a ................................................................. 3,160,000
S w e d e n ........................................................................................
R o u m a n ia a n d T u r k e y .................................. 6,728,000
A lg e r ia a n d T u n i s . ......................................... 3,000,000

1905.
48.128.000
15.712.000
48,000
1.296.000
1.288.000

N o . 1 h a r d .............. 79%
N o. 1 n o rth e rn . . . .
79%
N o. 2 n o r t h e r n . . . .
77%
. . I n d ic a te h o lid a y s .

36,416,000

66,472,000

D e c e m b e r 20 ........................................................................
D e c e m b e r 21 ........................................................................
D e c e m b e r 22 ........................................................................

T o ta l

W h ile the ex p o rts of oats from all countries have been
small, c o m p a r e d w ith the fall of 1905, corn ex p o rts have
been large.
T h e follow ing table gives the e xports of corn from
N o v e m b e r 1 to D e c e m b e r 8:
A m e r ic a ....................................
R u s s i a ........................................
D a n u b e a n d n e ig h b o r h o o d
A r g e n t i n e ..................................
O t h e r c o u n t r i e s ....................
T o ta l
Closing

Oa t s

1906.
6.112.000
704,000
2.496.000
15,816,000
96,000

1905.
8,096,000
312,000
504,000
10,840,000
............

25,224,000

19,752,000

Pr ices.

D a ily c lo s in g p r ic e s o n N o . 3 w h ite o a ts in M in n e a p o lis :
D ecem ber
D ecem ber
D ecem ber
D ecem ber
D ecem ber
D ecem ber

20
21
22
24
25
26

.33%
32%
32%
32%

Y e a r.
ago.
28%
28%
28%
28%

'3 2 %

28%

BARLEY.
T h e r e is an easier ton e to the b arley m ark et, and
while prices are, p e rh a p s V2C low er all aro u n d ex cep t for
feed barley, it c a n n o t be said th a t th e r e is an y weakness.
A b re a k w ould be w elcom e d by m a n y b u yers w h o are
g e tt in g a little anxious ab o u t prices. Nearly_ every one
has, until recently, con tin u ally p red icted heavier receipts
and a break. B u t n e ith e r comes, n o r are the h eav y r e ­
ceipts likely to - appear. As for th e b re a k — well, th ere
are so m a n y m a lts te rs w aitin g to tak e a d v an ta g e of it
t h a t it is likely to be delayed in its coming. T h e close
of nav ig atio n had no effect on th e M in neapolis m arket.
T h e r e is no accum u latio n of b arley in th e local ele­
v a to r s ; it goes o ut as fast as received. T h e total stocks
in re g u la r houses were, on th e 22d, 263,000 bus., as c o m ­
p ared w ith 265,000 the w eek before.
T h e idea th a t the crop of th e n o rt h w e s t w as g reatly
o v eres tim ated , is b e g in n in g to take definite shape w ith
the trade. T h e r e are few n o w w h o are in te re ste d in
barley th a t do n o t at least ex press som e d o ub ts abou t
th e size of the crop.

RYE.
T h e rye m a r k e t is inactive and weak. O th e r m a r k e ts
seem to be in the sam e situation. B u y ers are a p p aren tly
filled up for th e present. Still, n o t m u ch decline in prices
is probable, o w in g to the fact th a t th e r e is alw ays so m e ­
one ready to pick up the arriv als on breaks, to hold for
an advance. Speculative buying, it really is. . B ut w hen
the m a r k e t seem s th e w ea k e st is ju s t the time it will
g e t g o od su p p o r t fro m this source.
S tocks in local elev a to rs are small and sho w a slight
d e c re a s e for the last week. O n th e 22d th ey w ere 37,000 bus.
Closing

Ry e

Pr ices.

N o. 2 r y e a t M in n e a p o lis
...........
...........
...........
...........

.........
.........

59% @ 60%
58% @ 60%

.........

58% @ 60%

Y e a r.
ago.
59% @61%
59 3/. "¿60%
59% @ 61%
59% @ 61%

D e c . 26 ...........

.........

58% @ 59%

59% @60%

D ec.
D e c.
D ec.
D ec.

20
21
22
24

CLOSING W HEAT PRICES.
December W h ea t.

D e c.
20
M in n e a p o lis .
81%
Y e a r a g o .. ...........
74%
C h ic a g o ......... ...........
S3%
Y e a r a g o .. ...........
78%
D u l u t h ........... ...........
. . I n d ic a te h o lid a y s .
D e c.
20
...........
79%
M in n e a p o lis
Y e a r a g o .. ......... 86%
78%
'C h ic a g o ......... ...........
87%
Y e a r a g o . . ...........
...........
80%
D u l u t h .........
72%
K a n s a s C ity ...........
77%
S t. L o u is . . . ...........
S4%
N e w Y o r k . ...........
76%
"W in n ip e g ... ...........

. . I n d i c a t e h o lid a y s .

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

D e c.
21
76%
81
74%
82%
78

D ec.
22
76
80%
74%
82%
77

D e c.
24
76%

D e c.
25

D e c.
26
76%
80%
¿3%
83%
76%

D e c.
25

D e c.
26
791/g
85
77 %
8 t Vs
79%
71%
16 %
83%
76%

74%

M ay W h eat.

D e c.
21
79%
84%
78
87
80
72
't 'i

%

83%
76%

D e c.
22
78%
85
77 %
87%
79%
71%
76%
83%
76%

D e c.
24
79%
77%

83%

D e c.
25

D e c.
24
79%
78%
76%

D e c.
22
79%
78%
76%

D e c.
21
80%
79%
77%

D e c.
20
N o. 1 h a r d ...........
N o. 1 n o r t h e r n .. . . 79%
N o. 2 n o r t h e r n . . • ■ 77%
. . I n d i c a t e h o lid a y s .

79%
79
77%

78%
78%
76%

Li v e r p o o l W h e a t Prices.

M ay .
6s 4 d
6s 41/gd
6s 4 % d

S p o t.
6s
6s
6s

DURUM WHEAT.
M in n e a p o li s

D ecem ber
D ecem ber
D ecem ber
D ecem ber
D ecem ber
D ecem ber

Closing

Prices.

0.

20
21
22
24
25
26

1.
66%
65
65%
65%

N o. 2.
62%
.61%
60%
60%

65%

60%

D u l u t h Closing D u r u m Prices.

..
..
..

20
21
22
24
25
26

D ecem ber
D ecem ber
D ecem ber
D ecem ber
D ecem ber
D ecem ber

..
W heat

D e c.
D ec.
D e c.
D e c.
D ec.
D ec.

20
21
22
24
25
26

D ecem ber
M ay
N o. 1. N o. 2. N o . 1. N o. 2.
65
68%
65%
61%
64%
68%
65
61
64%
61
6S%
65

C h ic a g o .
19 Oo
1906
13
45
34
49
78
8S

D u lu th .
M in n e a p o lis
1905
1905
1906
1906
128
19
507
221
49
78
686
316
92
120
421
275
619

.
.
.
.

535

.

M in n e a p o li s

D ecem ber
D ecem ber
D ecem ber
D ecem ber
D ecem ber
D ecem ber

69

2Ü

972
D aily

R ece ip ts

of

.

43

54

W in n ip e g .
1905
1906
209
82
106
102
23b
105

145

62

C our se

G r a in .

O a ts B a r le y R y e
C ars C ars C ars
12
25
26
—
9
39
9
29
. 35
14
75
73

20
21
22
24
25
26

64

68

60

64

R ec e ip ts — Cars.

Ì7

335

443

C o rn
C ars
24
21
30
63

F la x
C ars
28
31
29
54

Y ear
A go.
40
80
57

43

47

149

—

D u lu t h D a i l y R ece ip ts of Coarse G r a in .

D ecem ber
D ecem ber
D ecem ber
D ecem ber
D ecem ber
D ecem ber

21
21
22
24
25
26

O a ts
C ars
—
7
.

17

B a r le y R y e
C ars
C ars
—
1
5
O
2
12

5

F la x Y e a r
C ars A go
16
56
47
32
4S
58
115

31

HOLIDAY EXCURSION RATES.
O n D e c e m b e r 20, 21, 22, 23, 24, 25, 30, 31 and January
is t, th e M inneapolis & St. Louis will sell rou n d trip ex­
cu rsion tickets at rate of one and on e-th ird fare, limited
for r e tu rn to an d in cluding J a n u a r y 7, 1907.
F o r particu lars and fo lders call on agents.

T H E C O M M E R C IA L W E S T

52

Saturday, December 29, 1906

STEEL ELEVATORS
Steel Storage Tanks
a n d

AN

EXAMPLE

O F O U R W O R K IN S T E E L S T O R A G E T A N K S .
3 3 5 , 0 0 0 B U S H E L S C A P A C IT Y .

A Partial List of the Steel Elevators and Steel Grain Storage
Tanks we have built:
Capacity.
T h e Electric Steel Elevator Co., Minneapolis, storage tanks.......................... x,000,000

Capacity.
Manhattan Malting C o .,

Manhattan,

M ont., elevator and storage

..........

70,000

335,000

Russel Miller M illing Co , Valley City,
N . D ., storage tanks..........................

103,000

Independent Elevator C o ., Omaha, Nebr.
elevator and storage........................... 1,000.000

Pioneer Steel Elevator Co., Minneapolis,
M inn., storage tanks..........................

175,000

Winona Malting C o ., W inona, M inn.,
elevator and storage..........................

350,000

James Quirk Milling C o ., Montgomery,
M inn., elevator and storage..............

250,000

650,000

Salt Lake & Jordan M ill & Elevator C o ..
Salt Lake City, Utah, elevator..........

40,000

Red

W in g Malting C o ., Red W ing,
M inn., storage tank..........................

Albert Dickinson Co.,
Minneapolis.
M inn., elevator and storage..............

Let us submit plans and estimates on any
work you may contemplate.
Send for Our Booklet “ K ”

M in n e a p o lis S te e l a n d M a c h in e r y C o .
O ffic e a n d W o r k s :
2 9 t h a n d < M in n e h a h a .


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

M inneapolis.

T H E C O M M E R C IA L W E S T

Saturday, December 29, 1906

GEN ERAL

CEREAL EXPORTS, W ITH DESTINATIONS.

S T A T IS T IC S .

W HEAT AND FLOUR EXPORTS.
( B r a d s t r e e t ’s .)
T h e q u a n t i t y o f w h je a t ( i n c lu d in g h o u r a s w h e a t ) e x p o r te d
f r o m t h e U n ite d S t a t e s a n d C a n a d i a n p o r t s f o r t h e w e e k e n d in g
w i t h T h u r s d a y is a s fo llo w s in b u s h e ls :
1906.
1905.
1904.
A u g u s t 2 ................................................ 2,895,020
1,041,696
1,379,198
A u g u s t 9 .................................................. 1,292,638
1,152,441
695,202
A ugust 16 ............................................. 2,827,954
1,068,519
1,703,047
A u g u s t 23 ............................................. 3,196,375
1,170,340
1,084,333
A u g u s t 30 ................................................ 5,081,999
1,429,250
1,830,511
S e p te m b e r 6 ......................................... 2,466,032
1,194,215
1,995,621
S e p te m b e r 13 ...................................... 4,953,216
1,682,404
935,834
S e p te m b e r 20 ...................................... 4,677,522
2,178,428
864,373
S e p te m b e r 2 7 ......................................... 4,574,653
2,064,932
1,182,293
O c to b e r 4 ............................................... 4,917,021
1,072,642
1,105,928
O c to b e r 11 ............................................. 3,257,886
2,774,462
1,357,175
O c to b e r 18 ............................................. 4,931,841
2,831,482
l,0o6,462
O c to b e r 25 ............................................. 5,188,817
4,267,109
1,479,613
N o v e m b e r 1 ........................................... 4,492,974
6,283,399
1,482,202
N o v e m b e r 8 ........................................... 4,155,811
3,532,429
1,459,276
N o v e m b e r 15
3,742,331
4,730,211
1,289,642
N o v e m b e r 22 ....................................... 4,025,073
3,353,068
1,332,366
N o v e m b e r 29 ......................................... 4,204,917
3,706,690
2,101,773
D ecem ber 6
4,791,020
4,245,162
1,139,169
D e c e m b e r 13 ...................................... 4,383,957
4,435,962
1,444,890
D e c e m b e r 20 ...................................... 3,203,824
4,473,482
1,080,708

CORN EXPORTS IN BUSHELS.
( B r a d s t r e e t ’s .)
1906.
...............
623,146
............. 2,262,961
..............
525,773
...............
663,504
...............
361,461
...............
328,179
...............
985,393
................
545,751
...............
465,864
................
846,099
.............. 1,202,430
............. 1,319,036
............... 1,495,111
............... 1,300,221
...............
870,924
.................. 1,229,352
...............
594,861
............... 1,040,970
............... 1,109,477
............. 1,381,774
............... 1,325,964

A u g u s t 2 ----A u g u s t 9, . . .
A u g u s t 16
A u g u s t 23 . .
A u g u s t 30 . .
S e p te m b e r 6 .
S e p te m b e r 13
S e p te m b e r 20
S e p te m b e r 27
O c to b e r 4 ___
O c to b e r 11 . .
O c to b e r 18 . .
O c to b e r 25 . .
N ovem ber 1 .
N ovem ber 8 .
N o v e m b e r 15
N o v e m b e r 22
N o v e m b e r 29
D ecem ber 6 .
D e c e m b e r 13
D e c e m b e r 20

1905.
1,013,675
865,002
1,777,039
987,204
1,163,370
1,404,662
1,226,063
1,272,495
1,212,992
1,186,388
962,474
776,435
708,138
1,009,310
751,050
1,054,633
1,010,522
1,643,824
2,402,317
3,407,776
3,088,658

1904.
273,365
1,281,399
520,362
763,846
710,562
476,231
429,158
657,399
700,862
652,811
857,517
797,898
449,151
346,927
148,051
139,978
29,692
364,841
276,989
453,713
1,862,893

CHICAGO COARSE GRAIN-.
D e c .— C a s h c o rn , N o . 2, n o t h i n g d o in g ; N o . 3, 41c.
D e c e m b e r , 42c; M a y , 43% c.
C a s h o a ts , N o . 2, 35V4,c; N o . 3, 34% @ 35c.
D e c e m b e r , 34c; M a y , 3 6 % @ 36% c.
R y e , c a s h , 66% c. B a r le y , c a s h 43@ 56c.
D e c . 21.— C a s h c o rn , N o . 3, 4 0 % @ 4 0 % c.
D e c e m b e r , 4 1 % c ; M a y , 43% c.
C a s h o a ts , N o . 2, 35c; N o . 3, 34% c.
D e c e m b e r , 3 3 % @ 3 3 % c; M a y , 35% c.
R y e , c a s h , 66c. B a r le y , c a s h , 43@ 56c.
D e c . 22.— C a s h c o rn , N o . 3, 40% c.
D e c e m b e r , 41c; M a y , 43 % c.
C a s h o a ts , N o . 2, 3 4 % c; N o . 3, 34% c.
D e c e m b e r , 331,4 @ 3 3 % c; M a y , 35% c.
R y e , c a s h , 65@ 67c. B a r le y , c a s h , 43@ 56c.
D e c .2 4 .— C a s h c o rn , N o . 2, n o t h i n g d o in g ; N o . 3, 39% @ 40c.
D e c e m b e r , 4 1 % c ; M a y , 43% c.
C a s h o a ts , N o . 2, 3 4 % c ; N o , 3, 34c.
D e c e m b e r , 3 3 % c; M a y , 35% c.
R y e , D e c e m b e r , 63c. B a r le y , c a s h , 43@ 56c.

CEREAL EXPORT BY PORTS.
From the United States and Canada.

T o t. U .S . .298,072
V a n c o u v e r .................
M o n tr e a l ...................
H a l i f a x ......... 2,011
S t. J ’n , N .B ..
350
T o t.

C an.

2,361

T o t a l . 300,433
forG r.
FRASER

328,471
22,7Ì8
13,300
1,549
1,996
2 4,5 ÓÓ
152,002

C o rn , b u s h .
L ast
T h is
w eek.
w eek.
338,773
543,221
77,143
71,723
471,827
284,643
78,524
53,041
12,857

104’, ÒÒÒ

136*,ÒÓÓ

226,000
285,000

26, ÓÓÓ
211,996
....

463,2Ì3
160,150

355', ÒÒÓ
18,336

225,000
134.000
43,650

339,674 1,778,876 2,759,360 1,325,964 1,381,774
1.792
___

73,000

....
88,000

---------

---------

1.792

73,000

88,000

-----

-----

Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Shipments.

W h e a t, b u s ................................................................... 291,040
F lo u r , b b ls ..................................................................... 310,299
M ills tu ff, t o n s ..........................................................
8,482
B a r le y , b u s .................................................................... 248,400
R y e , b u s .........................................................................
30,740
F l a x s e e d ...................................................
149,340

341,466 1,851,876 2,847,360 1,325,964 1,381,774

366,720
297,774
7,412
75,040
7,830
59,840

WORLD’S SHIPMENTS.
W h e a t.
A m e r ic a . . .
R u s s i a .........
D anube . .. .
In d ia
.........
A rg e n tin e ..
A u s t r a l i a ..
A u s tr ia - H u n g a r y ..
C h ili a n d N . A f r i c a

T o t a ls

W INNIPEG CASH GRAIN.

F ro m
N e w Y o rk .
P h i l a ...........
B a l tim o r e .
B o s to n
----N e w p ’t N . . .
N o r f o lk .........
P o r t l ’d, M e ..
N . O r l e a n s . n,òóó
1,600
G a lv e s to n ..
M o b ile ......... 12,674
San F r a n . .. .
P o r t l ’d, O '.. .
19,550
Tacom a . ...
S e a t t l e .........

MINNEAPOLIS GRAIN RECEIPTS.
R e c e ip ts a t M in n e a p o lis f o r t h e w e e k e n d in g D e c . 22, w e r e :
D e c . 22.
Y e a r A go.
W h e a t ..............................................
2,092,440
3,794,570
C o rn .............................................................................. 191,580
283,100
O a ts .............................................................................. 413,280
881,760
B a r le y .......................................................................... 269,620
483,960
R y e .................................................................................
50,400
50,160
485,070
F l a x s e e d ..................................................................... 196,730

..

A r g e n tin e

D e c . 21.— N o . 1 h a r d , 75c; N o . 1 n o r t h e r n , 7 3 % c ; N o . 2 n o r t h ­
e r n , 7 1 % c ; N o . 3 n o r t h e r n , 6 9 % c; N o . 4 n o r t h e r n , 6 6 % c; N o . 2
w h i t e o a ts , 3 4 % c ; N o . 3 b a r le y , 4 2 % c; N o . 1 fla x , $1.17.
D e c . 22.— N o . 1 h a r d , 7 4 % c ; N o . 1 n o r t h e r n , 7 3 % c; N o . 2 n o r t h ­
e r n , 7 0 % c ; N o . 3 n o r t h e r n , 6 9 % c ; N o . 2 w h i t e o a ts , 3 4 % c; N o .
3 b a r le y , 4 2 % c; N o . 1 fla x , $1.17.

b ush.
L ast
w eek.
800,400
176,962
132,000
411,635

T o t a l ......................................
2,915,968
1,163,587
359,667
I n a d d itio n to th e a b o v e , 171,820 b u s h e ls o f o a t s a n d 91,977
b u s h e ls o f b a r l e y w e r e e x p o r te d .

T o ta ls

CHICAGO CASH WHEAT.

( B r a d s t r e e t ’s .)
b b ls .
W h e a t,
T h is
L ast
w eek.
w eek.
586,659
47,221
172,000
35,980
136,000
3,739
181,750
26,757
9,912

T h e e x p o r t s o f w h e a t a n d c o rn ( in b u s h e ls ) a n d o f flo u r ( in
b a r r e l s ) f r o m t h e U n ite d S t a t e s a n d C a n a d a ( c o a s tw is e s h i p ­
m e n t s in c lu d e d ) , w ith p o r t s o f d e s ti n a tio n , f o r th e w e e k e n d ­
in g D e c e m b e r 13, 1906, fo llo w s :
F lo u r
C o rn
W heat
To
28,823
276,995
370,590
L iv e r p o o l ...........................................
11,390
120,286
160,000
L o n d o n ...............................................
4,000
60,285
B r is to l .................................................
19,900
85,714
24,000
G la s g o w .............................................
37,858
96,000
L e i t h ....................................................
1,170
43,682
H u ll ......................................................
. 2,100
146,500
N e w c a s t le ........................................
350
60,890
42,857
M a n c h e s t e r ......................................
2,457
B e l f a s t ................................................
350
D u b lin .................................................
O th e r U n ite d K i n g d o m ..............
239,213
U n ite d K in g d o m , o r d e r s ...........
505
97,500
268,745
A n tw e r p .............................................
17,961
40,000
132,804
H o l l a n d ..................................................
152.000
F r a n c e .................................................
224.000
188,856
G e r m a n y ...........................................
P o r t u g a l , I ta ly ,
S p a in a n d
1,750
651,103
A u s t r i a - H u n g a r y .....................
88,000
700
55,095
S c a n d in a v ia ....................................
176,502
384,150
A s i a ......................................................
A f r i c a .................................................
70,000
46,019
W e s t I n d ie s ....................................
7,832
200
A ll o t h e r s ............................................

A m e r ic a . . .
R u s s ia .........

D e c . 20.— N o . 2 r e d , 7 5 % c ; N o . 3 re d , 74@ 75c; N o . 2 h a r d , 74%
@ 76c; N o . 3 h a r d , 71@ 74% c; N o . 1 n o r t h e r n , 82@ 84c; N o . 2
n o r t h e r n , 78@ 82c; N o . 3 s p r in g , 74@ 82c.
D e c . 21.— N o . 2 re d , 7 5 % c; N o . 3 re d , 73@ 77c; N o . 2 h a r d , 74%
@ 76c; N o . 3 h a r d , 71@ 74c; N o . 1 n o r t h e r n , 81@ 83c; N o . 2 n o r t h ­
e r n , 77@ 82c; N o . 3 s p r in g , 74@ 81c.
D e c 22.— N o . 2 re d , 75c; N o . 3 re d , 71@ 74c; N o . 2 h a r d , 73% @
7 5 % c ; N o . 3 h a r d , 71@ 74c; N o . 1 n o r t h e r n , 81@ 83c; N o . 2 n o r t h ­
e r n , 77@ 83c; N o . 3 s p r in g , 73@ 81c.

F lo u r ,
T h is
w eek.
70,250
45,383
70,094
44,771
22,750

S3

..

L a s t W e e k . P r e v io u s W e e k . Y e a r A go.
5,496,000
.................. 3,328,000
4,824,000
1,520,000
2,192,000
..................1.082,000
1,928,000
.................. 2,000,000
2,000,000
160,000
649,000
..................1,200,000
768,000
.................. 560,000
712,000
32,000
.................. 136,000
264,000
96,000
.................. 144,000
56,000
89,000
.................. 224,000
200,000
.................. 8,624,000
C o rn .
..................1,332,000
.................. 146.000
.................. 796,000
..................1,439,000

9,736,000

11,248,000

1,276,000
293,000
780,000
1,999,000

3,502,000

..................3,713,000

4,348,000

4,698,000

57,000

220,000
919,000

D u l u t h W h e a t S to c k s .
W h e a t in D u lu th e le v a to r s is r e p o r t e d a s fo llo w s :
Y e a r A go.
D e c . 22.
2,542
..
12,695
1 h a r d ...........
.
3,946
4,005
1 n o rth e rn .
3,284
2 n o r t h e r n .................................................................
1,713
15,388
N o . 3 ...............................................................................................
1,307
N o. 4 ...............................................................................................
980
R e j e c te d ......................................................................
466
25,664
M a c a r o n i ...................................................................... 618,133
3,250,449
S p e c ia l bin. .................................................................. 1,023,116
T o ta l

.........................................................................1,660,128
Coa rse

3,303,560

G ra in s .

S to c k s o f c o a r s e g r a i n s in D u lu th e le v a to r s w e r e :
D e c . 22.
Y e a r A go.
O a ts ............................................................................... 650,828
4,700,097
B a r ie v
........................................................................ 240,606
528,118
R y e .................................................................................
95,950
101,930
F l a x s e e d ...................................................................... 1,467,760
1,632,604
W h e a t in M in n e a p o li s R e g u la r E le v a to r s .

W e e k E n d in g
D e c . 22.
D e c . 15.
. 271,378
275,173
.1,252,946
1,019,971
.2,269,595
1,643,491
. 614,630
679,660

N o . 1 h a r d ....................................
N o . 1 n o r t h e r n ...........................
A ll o t h e r g r a d e s .........................
T r a n s f e r t o t a l s n o t in c lu d e d
T o t a ls

.................................... 3,793,919

C o rn . . .
O a ts . . .
B a rle y .
R y e ----F la x . . .

....................................
35,288
...................................3,686,165
.................................. 263,729
..................................
37,413
.................................. 271,658

Coarse G r a in .

2,938,635
56,454
2,732,620
265,098
39,147
213,741

THE GOVERNMENT REPORT.
T h e final estim ates, issued on D e c e m b e r 20, of the
crop re p o r tin g b o a rd of th e bu reau of statistics of the
d e p a r t m e n t of a g riculture (in w hich p relim in ary esti­
m a te s m ad e earlier in th e y e a r are revised and co r­
re c te d ), in dicate th e acreage and th e crops, in bushels,
of th e U n ite d States, to have been as follows:

A c re a g e .
C o r n .................................................................... 96,737,581
W i n t e r w h e a t ................................................ 29,599,961
S p r in g w h e a t ................................................17,705,868

B u s h e ls .
2,927,416,091
492,888,004
242,372,966

47,305,829
30,958,768
6,323,757
2,001,904
798,208
2,505,927

735,260,970
964,904,522
178,916,484
33,374,833
14,641,937
25,576,146

T o ta l w h e a t
O a ts ..............
B a r le y . . . .
R y e .............
B uckw heat
F la x s e e d ..

54

T H E C O M M E R C IA L W E ST

M. D. FLOWER Presd,
W. R. INGRAM, Supt.

H. B. CARROLL, Acting Manager.
A. A. McKECHNIE, Secy.-Treas.

U N IO N S T O C K Y A R D S
SO UTH

ST.

PAUL,

MINIM.

Live Stock Markets.
( S p e c ia l C o r r e s p o n d e n c e to t h e C o m m e r c ia l W e s t.)
Hogs.

S o u th St. Paul, Dec. 26.— R eceipts of ho g s at six big
m a r k e ts for th e first th re e days of this w eek to ta l 200,000, c o m p ared w ith 210,000 for the first th ree days of last
week, and 220,000 fo r th e sam e th r e e days last year.
S outh St. Paul received ab ou t 2,883 h o g s the first th ree
days this week, a g a in s t 9,644 for th e first th r e e days last
week, an d 3,190 for th e like th re e days last year. C o m ­
bined receipts of ho gs at six larg e m a r k e ts last w eek were
358,886, a g a in s t 383,472 for th e w eek previous, 350,000
for the sam e w eek last m o n th , 417,257 fo r the sam e w eek
last year, 424,852 for the sam e p eriod tw o y e a rs ago.
R eceipts h ere last w eek w ere 19,686, co m p ared w ith 25,272 for th e p reced in g week, 25,096 for th e sam e week
last m o n th , 19,227 for th e sam e w eek last year, 28,152
for the like p eriod tw o y e a rs ago.
The hog run was moderate for the week.
The quality
of th e offerings averag e ab o u t fair and the spread in
prices w as g en erally n arro w . B u y ers w ere favored the
la tte r p a r t of last w eek by a d ro p of a dim e on Friday,
followed by a n o th e r d ecrease in price of five cents on
S aturday. M o n d a y prices revived five cents. T u e sd a y
being a holiday th e r e was no m ark et, an d to d a y bulk sold
at $6.10(0)6.15, against $6.10 last week, $4.95(0)5.00 one y ear
ago, $4.15(0)4.25 tw o y ears ago to day, and $4.30(0)4.40 three
years ago today. Q u o tatio n s, light, $ 6 . o 5 @ 6 . i o ; mixed,
$ 6 .io @ 6 . i 5 ,
b u tch ers, $6.15(0)6.20; heavy p a c k i n g ,
$5.90(0)6.00.
Cattle.

C om bined receipts of six im p o r t a n t m a r k e ts for the
first th r e e days of th e w eek to tal ab o u t 145,000, c o m ­
p ared w ith 115,000 for th e first th r e e days of last week,
and 170,000 the sam e th ree days last year. S o u th St.
P aul received 1,728 th e first th re e days this week, 3,569
the sam e th r e e days last week, and 637 the like th ree
days last year. T o ta l receipts of cattle at six big m a r ­
kets last w eek w ere 181,599, co m p ared w ith 234,574 the
previous week, 125,000 for the sam e w eek last m o nth,
119,949 for the sam e w eek last year, an d 145,800 fo r the
c o rr e sp o n d in g w eek tw o y ears ago. L o cal receipts last
w eek w ere 6,099, ag ain st 8,274 for th e w eek previous, 21,294 for the like w eek last m o n th , 6,049 for th e sam e w eek
last year, an d 8,253 for the co rre sp o n d in g w eek tw o years
ago.
T h e supply of killing cattle was ra t h e r lig h t an d the
quality of the offerings largely com m on. O n ly a few
g o o d grain fed cattle came to m ark et. Several head of
finished steers driven in on M o n d a y to p p ed th e m a r k e t
a t $5.00. P rices rem ain ed ab o u t ste a d y d u rin g th e six
'■days all alo n g the line, w ith the ex cep tio n of th e bull
m ark et, w hich w as s tro n g er. S to ckers an d feeders ex ­
perien ced a dull w eek o w in g to th e a p p ro a c h in g holi­
days. C o u n try b u y ers w ere few in n u m b e r an d dealers
had h a rd w o rk clearing th e pens. C o m m o n s to ck ers and
feeders w ere q uo ted ten to tw e n ty cents lo w er th e la tte r
part of the week, and even the good kinds were weak.
Veal calves w ere dull to 25 cents lo w er the la t te r p a rt
of the w eek on co m m o n kinds, w ith g oo d stuff ab o u t
stead y an d con tin ued so at th e o p en in g this week.
Sheep.

Six im p o rt a n t m a r k e ts sh o w a g g re g a t e sheep receipts
fo r the first th r e e days of this w eek of 98,000, co m p ared
w ith 105,000 for the first th r e e days of last week, and 100,000 for the sam e th r e e days last year. S o u th St. P au l
received ab o u t 139 sheep th e first th r e e days th is week,
8,385 for the first th re e days last week, an d 9 for th e like
th r e e days last year.
A g g re g a te sheep receipts at six b ig m a r k e ts last w eek
w ere 167,500, c o m p a re d w ith 239,992 fo r th e w eek p r e ­
Digitized vious,
for FRASER
273,600 fo r the sam e w eek last m o n th , 397,058 for
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Saturday, December 2 Q, 1906

I

S th e best eq u ip p ed and m oat advan ta­
g e o u s m a r k e t fo r l i v e s t o c k s h i p p e r s in
t h e N o r t h w e s t . It i s c o n n e c t e d w i t h a l l
railroad s and w a n ts 1000 b e e v e s , 5000
h o g s , a n d 1 0 0 0 s h e e p d aily. Y o u r s h ip ­
m e n ts In vited .

B ig S a l e B a r n fo r H o r s e s
th e like w eek last year, and 250,142 fo r the c o rr e s p o n d ­
ing period tw o years ago. R eceipts here last w eek were
9,059 sheep, a g a in s t 10,022 for th e prev iou s week, 32,339
for th e like w eek last m o n th , 3,658 for th e sam e w eek last
year, and 11,512 for the c o rr e sp o n d in g period tw o years
ago.
T h e sheep run was light an d included little stuff th a t
was b e tte r th an com m on. W e th e rs , ewes and yearlings
recov ered fully from th e decline of ten cents n oted
at th e ,b e g i n n in g of last week. Som e choice w e th e rs sold
later in the w eek at five cents above th e top quoted. T h e
w eek op ened w ith a dull m ark et, ligh t receipts, and little
good stuff, w ith prices ab ou t steady. A few feeders w ere
on th e m arket, g o in g at ab o u t ste a d y prices.
C o m p a r a tiv e r e c e i p ts o f liv e s to c k a t S o u th
in 1906, w i t h c o m p a r a tiv e f ig u r e s :
1906.
1905.
C a t t l e .............. ................422,023
433,421
C a lv e s ........... ................ 59,209
53,309
H o g s ............. ................847,467
837,315
S h e e p .............. ................729,991
817,455
H o r s e s ........... ................ 9,326
5,559
C a r s ................
30,972

S t. P a u l t h u s f a r
In c .
5,900
10,152
3’,767
1,222

D ec.
11,398
8 7,4 6i

R e c e ip ts o f liv e s t o c k a t S o u th S t. 'P a u l f o r w e e k e n d in g
W e d n e s d a y , D e c . 26, 1906.
C a t tle .
H o g s.
S heep. H o rse s. C a rs.
T h u r s d a y ............................... 1,333
4,340
2,366
114
522
3,816
1,079
69
F r i d a y ......................................
S a t u r d a y ..................................
289
2,855
13
.
14 1
M o n d a y .................................... 1,078
1,833
139
65
T u e s d a y , h o l i d a y ..............................
.......
.......
W e d n e s d a y ...........................
650
1,050
___
!!”
“ 37
T o ta l

.................................... 3,872

13,894

3,597

426

R e c e ip ts of liv e s to c k a t S o u th S t. P a u l f o r w e e k e n d in g
D e c . 29, 1905.
C a t tle .
H ogs.
S heep. H o rse s. C ars.
T h u r s d a y ..................................
745
2,931
140
64
687
4,316
105
78
F r i d a y ........................................
S a t u r d a y ..................................
168
2,197
5
35
M o n d a y , h o lid a y ............................
....
__ _
T u e s d a y ....................................
330
652
___
"2 0
W e d n e s d a y .............................
301
2,538
9
42
T o ta l

.................................... 2,231
Range

of

12,634
H og

259

239

Sales.

mT_
,,
T h is W e e k .
T h u r s d a y .................................................. $6 .0 0 @ 6 .2 0
F r i d a y ........................................................ 5 .9 5 @ 6 .1 0
S a t u r d a y ................................................. 5.90@ 6.0'5
M o n d a y .................................................... 6 .0 0 @ 6 .1 0
T u e s d a y ....................................................
h o lid a y
W e d n e s d a y ............................................. 6 .1 0 @ 6 .2 0

D a s tW e e k .
$5 .8 0 @ 5 .9 5
5 .8 0 @ 5 .9 0
5.75@ 5.95
5 .9 5 @ 6 .0 5
5.95 @ 6.05
6 .0 0 @ 6 .2 0

B u l k of H o g Sales.

,
T h is W ee k .
T h u r s d a y .................................................
$6.10
F r id a y
......................................................
6.00
6.00
S a t u r d a y .................................................
M o n d a y .................................................... 6 .0 0 @ 6 .0 5
T u e s d a y ....................................................
h o lid a y
W e d n e s d a y ............................................. 6 .1 0 @ 6 .1 5

L a s t W eek.
$5.90
5 .8 0 @ 5 .8 5
5.85 @ 5.90
6.00
6.00
6.10

C o n d it io n of H og M a r k e t .

T h i s W feek.
T h u r s d a y .................. S te a d y
F r i d a y ............................10 c e n t s
lo w e r
S a t u r d a y ...................... 5 c e n t s lo w e r
,
M o n d a y ......................... 5 c e n t s h i g h e r
T u e s d a y .................... H o lid a y
W e d n e s d a y ................10 c e n t s
h ig h e r

L a s t W eek.
c e n t s h ig h e r
5 c e n t s lo w e r
O p e n s te a d y , c lo se 5
c e n ts h ig h e r
10 c e n t s h ig h e r
S te a d y
10 c e n t s h i g h e r

5

C o m p a r a t i v e R ece ip ts of C a t t l e .

L a s t W e e k . P r e v i o u s W e e k . Y e a r A go.
C h ic a g o ............................................. 77,700
75,800
78,400
K a n s a s C ity .................................... 42,400
50,800
44,200
S o u th O m a h a .................................. 25,200
43,900
18,200
S o u th S t. L o u is ............................. 16,200
49,800
19,500
E a s t S t. J o s e p h ........................... 14,000
46,000
11,300
S o u th S t. P a u l ................................ 6,099
8,274
6,049
T o ta l

.............................................181,599
C o m p arative

234,574

T h is W ee k . P re v io u s W ee k .
C h ic a g o ..............................................163,700
155,500
K a n s a s C ity ...................................... 53,900
63,000
S o u th O m a h a ................................... 44,700
43,900
E a s t S t. L o u is ............................... 36,500
49,800
S o u th S t. J o s e p h .......................... 40,400
46,000
S o u th S t. P a u l ................................. 19,686
25,272
T o ta l

.............................................358,886
C o m p arative

119,949

R ec e ip ts of H ogs.

383,472

Y e a r A go.
190,900
54,300
61,900
44,300
42,000
19,227
417,527

R ece ip ts of Sheep.

L a s t W e e k . P r e v i o u s W e e k . Y e a r A go.
C h ic a g o ............................................. 84,000
123,300
190,900
K a n s a s C i t y .................................. 25,200
26,600
54,300
S o u th O m a h a ............................... 32,500
38,500
61,900
E a s t S t. L o u i s ................................ 10,000
14,200
43,300
S o u th S t. J o s e p h ...................... 16,200
18,300
42,000
S o u th S t. P a u l ........................... 9,059
10,022
3,658
T o ta l

............................................. 167,500

239,992

397,058

T H E C O M M E R C IA L W E S T

Saturday, December 29, 1906

Si

HENDERSON, BASSFORD & CO.
B ro k ers in S T O C K S , B O N D S , G R A I N a n d P R O V I S I O N S
G e r m a n ia L if e B ld g ., S T . P A U L , M in n .
B a rtlett, F r a z ie r <3 C arrington

O u t - o f - t o w n i n v e s t m e n t a n d s p e c u l a tiv e a c c o u n ts s o lic ite d .
“ N o s p e c u la tin g on o u r o w n a c c o u n t.’ ’

N e w YorK a n d C h i c a g o C o r r e s p o n d e n t s

F red erick B. W ells
C harles F. D eaver

G eorge W. Peavey
F ra n k T. H eifelfinger

The Peavey
System of Grain Elevators

GRAIN COMMISSION MERCHANTS
M IN N E A P O L IS
D U LU TH

W IN N IP E G
E m braces the greatest number of G rain E levators w ith th e
la rg e st a g g re g a te sto ra g e capacity of an y E lev ato r System
in th e world. T otal c apacity in e ig h t states, 35,800,000 bu.

LIVE STOCK COMMISSION
S o u th S t . P a u l
G eo. H . G illette
V ic e-P r e s

L . S . G ille tte
P resid en t

Chicago

■

=

O maha

C, E . T h ayer
S ec. Û T reas

Electric Steel Elevator
Company
C a p a c ity ,

H E A D Q U A R T E R S , M I N N E A P O L IS
B ranch Offices:
D uluth
K an sas City

The Van Dusen=Harrington Co.
Commission Merchants

2 ,7 0 0 ,0 0 0 B u s h e l s

GRAIN D EALERS AND
W AREHOUSEM EN
WHEAT, FLAX AND BARLEY

GRAIN

LIVE STOCK

Minneapolis and Duluth

Sout h Sai nt Paul

M INNEAPOLIS

OFo t c o m m He r c I EB

What’s in a Name?
—Shakespeare
The best of prophets of the future
is the past • — Byron
gaso :

Pillsbury's
Best

For a generation

Pillsbury

has meant “ best” to every
seller and user of flour.

It has a good name.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

THE FLOUR

T H E C O M M E R C IA L W E S T

52

Wililam Commons

Frank W. Commons

Saturday, December 29, 1906

Howard W. Commons

COMMONS & COMPANY
G ra in C o m m is s io n M e r c h a n ts

M i n n e a p o l i s and

Duluth.

Receivers and Shippers of Wheat,
Coarse Grains and Flaxseed. Or­
ders for Future Delivery Executed
in all Markets.
C H IC A G O

ARMOUR

CORRESPONDENTS:

GRAIN

J. L. McCAULL, President
R. A. DINSM ORE, Vice-Pres.

COMPANY

S. J. McCAULL, Secretary
A. M. DINSM ORE, Treasurer

The McCaull-Dinsmore Co.
GRAIN COMMISSION
MERCHANTS
015-10-17 CHAMBER OF COMMERCE
MINNEAPOLIS
MINNESOTA

BARNUM WAIN COMPANY
MINNEAPOLIS
AND DULUTH

Grain and Commission
Merchants
C l in t o n Mo rr iso n , P res.
L. C. M it c h e l l , V -P res.

E . E. M it c h e l l , Secy.
H . F . D ouglas , Treas. and Gen. Mgr.

G r ea t W e s t e r n
E le v a t o r C o m p a n y
MINNEAPOLIS,

-

MINNESOTA.

Cargill Commission
Company
D U L U T H A N D M I N N E A P O L IS

Grain and Commission Merchants

M A R .F IE L D = = T E ,A R .S E , <3 N O Y E E S
(.I N C O R P O R A T E D )

G R A IN C O M M IS S IO N .
«Offices:

M IN N E A P O L IS


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Federal Reserve Bank of St. Louis

""«S S E*

CH IC AGO, M ILW A U K E E , D U LU TH ,

M IN N E S O T A

Saturday, December 29, 1906

T H E C O M M E R C IA L W E ST

53

ENORMOUS PRODUCTION OF COPPER.
(Special C orrespondence to th e C om m ercial W est.)

Duluth, Dec. 24.—-The year 1905 was one of extraordinary
prosperity for the American copper trade. It witnessed a pro­
duction exceeding 901,000,000 pounds, an enormous home con­
sumption, prices which have been very remunerative, and an
«export trade w hich w as n e a rly up to the record. I t m u s t be
noted, however, that there would have been a serious falling
off in shipments abroad had it not been for the fact that
China took nearly 80,000,000 pounds as compared with
10,000,000 pounds in 1904, when the movement first began.
L a k e S u p e r io r D is t r ic t .

In the lake Superior district the Calumet & Hecla and the
Champion group are chiefly responsible for the large product­
ion. In Montana the N orth Butte company chiefly deserves
credit for the increase in the state. I n Arizona the Old Do­
minion and the Copper Queen made the largest additions. In
U tah nearly every one of the leading producers increased its
output. The decline in Californa and Tennessee was due to
temporary local conditions. Both will more than recover in
1906. Alaska will show an increase this year, and Nevada
will, in 1907, begin to be an important factor.
W ith the increased activity of old producers in nearly every
district, with peace in Montana, and the certainty of profitable
ores in depth in the Butte district, with the increased facilities
for handling enormous bodies of low-grade ore in Utah, T en n ­
essee, Nevada, California and elsewhere, a very large increase
in the production is certain for 1906 and particularly for 1907.

sumption of work in old properties and development of hither­
to virgin ground. Among these prospective new producers are
the Keweenaw Copper company, which is drilling on the Mandan-Medora property; the old Delaware;- the old Cliff, owned
by the Tamarack Mining company; the old Colony and the
Mayflower; the Superior, on the Baltic lode, acquired by in­
terest connected with the Calumet & Hecla company; the Tecumseh and Rhode Island, which are opening the Kersarge
amygdaloid; the Globe, south of the C ham pion; the King
William, south of the Winona, and the Challange, the ErieOntario; the Elm R iv e r; the Lake Copper company which is
exploring the old Belt property and the Copper Crown, which
is exploring the old Norwich.
A r iz o n a D e v e lo p m e n t.

In the Lake Superior region there has been great activity
not alone in the work of established mines, but also in the re­

The rapid strides in the development of the copper product­
ion which Arizona made in 1904 continued in 1905, the in
crease being slightly more. I t was in the Bisbee, Globe and
Jerome districts that the growth was most striking the Clin­
ton district showing only a slight change owing to floods.
The quantity of Arizona ores smelted by the American Smelt­
ing! & Refining company was large.
U tah is on the eve of very im portant additions to output,
chiefly owing to the erection of a number of large mills to
treat the low-grade ores of the Bingham district and to the
building of a very large copper smelting plant at Garfield by
the American Smelting & Refining company. D uring 1905 the
three largest producers—the U tah Consolidated, the United
States and the Bingham—showed substantial gains, and the
copper produced from U tah ores, obtained by the existing
smelting works of the American Smelting & Refining com­
pany, was also considerably larger.

HOMESEEKERS’ EXCURSION.
The Minneapolis & St. Louis R. R. will sell round trip
excursion tickets every Tuesday to points in Minnesota,
Wisconsin, the Dakotas, Manitoba, Saskatchewan and the
Canadian Northwest, and on the first and third Tuesdays

of each month to points in South, Southeast, West and
Southwest. Rate one fare plus $2.00. Liberal limits and
stop-over privileges. For rates and further particulars
call on agents or address A. B. Cutts, G. P. & T. A., Min­
neapolis, Minn.

O ld M in e s P ro d u cin g -.

Some in a

Washburn-

Store

Crosby Co.,

Means More.

Minneapolis.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

MEDAL

54

THE COMMERCIAL WEST

HARDSHIPS

OF PROSPERITY.

The country apparently is suffering
from the hardships of prosperity.
The volume of business is so enor­
mous that railroad facilities are inade­
quate. Hence, from all sections comes
the complaint of the shortage of cars
necessary for the proper movement of
freight. If, as is claimed, the railroads
are guilty of favoritism in some in­
stances the fact merely emphasizes the
inadequacy of the equipment to accom­
modate the vast trade and throws out
in strong relief the very great h ard ­
ship this situation works upon Ameri­
can business interests.
T he crops have been so abundant and
all mercantile activities have been on
so large and prosperous a scale as to
demand more labor than can be sup­
plied. F ro m all points is heard the cry
for labor. Good wages are offered, but
they have not served to bring forth the
laborers needed. The prosperity, there­
fore, makes the labor problem one of
profound seriousness, and it *presses
upon the commercial and industrial
world with such force as to be a real
hardship.
T he volume of business makes such
heavy draughts upon the money m ar­
ket that money is scarce and many a
business man finds himself hard put to
raise the capital necessary for the con­
duct of his business. Thus we find that,
under our miserable currency system,
the prosperity of the times brings with
it a monetary stringency, which entails
a hardship upon all classes.
The wave of prosperity carries values
up. Real estate goes up, rents go up,
the increase in the demand sends build­
ing material soaring, foodstuffs and or­
dinary necessaries of life go upward
with the rest, and so the consumer finds
himself confronted with higher and
higher prices. Yet, except in a few in­
stances, salaries and wages remain what
they have been heretofore. Prosperity
has not altered them, except for the
worse, by reducing their purchasing
power. Thus, observe, is borne upon
American people as an accompaniment
of prosperity the hardship of the g reat­
er cost of living..
Verily, even as peace has victories
not less renowned than war, prosperity
has hardships that can pinch, in their
way, as acutely as the hardships of ad­
versity. —Louisville Courier-Journal.

No Rules for Success.
There is no such thing as a single,
particular proposition in business. No
doubt this was always true in a
measure; but it becomes more inclusive­
ly, more vitally, true every day with the
increasing coordination of business.
The whole business web knlits ever
closer, and each particular concern is
bound more tightly in it. W h at other
people do realcts more quickly than
formerly upon your own affairs.
A
martial blast sounded in Buenos Ayres
blew some very peaceful Boston gentleinen out of Union Pacific. Stockholders
in Kansas banks got better dividends
because some Russian grand dukes
wanted w ar with Japan. The peculiar
operations of the ducal brain cells made
wheat higher. Who will pretend that
he can reason out what a grand duke
is going to do?—Will Payne in “The
Mere Incident of Failure,” in the
January E v ery b o d y ’s.

Failure Does Not Prove Incompe­
tency.
“There is a general conspiracy to lie
about business success,” says Will Payne
in “The Mere Incident of Failure,” in
January E v ery b o d y ’s.
“The news­
papers, having roasted the rich citizen
when alive, feel, bound to say some­
thing flattering about him when dead.
So in the obituary notices they make
him out a kind of seer who pierced the
future with unerring vision, and laid
out his money accordingly. They en­
him with infallible judgment and
Digitizeddow
for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

great imagination. Other wealthy citi­
zens, nervously aware of the times they
missed going over by a hair’s breadth
and of the large part pure luck played
in their success, fall in with this ami­
able fiction and give reminiscences of
the deceased calculated to bolster up
his prophetic character.
Hence, very
naturally, arises a popular fallacy that
the man who fails must be only a
second-class business man, since he
obviously lacks the first-class business
m an ’s ability to foresee the future. Of
course this is nonsense. Failure, es­
pecially in modern business, is a mere

Saturday, December 29, 1906
incident, and of itself proves nothing
w hatever concerning the ability of the
bankrupt.
Courage, not prescience, is
what is chiefly needed to succeed. The
best and' safest business ability concerns
itself exclusively with the thing im­
mediately under its nose.”

Complete Equippers of Grain Elevators

Modern
Grain Elevator
Machinery
ELEVATOR BOOTS
ELEVATOR BUCKETS
TURN HEADS
POWER SHOVELS
BELT CONVEYORS
CAR PULLERS
INDICATOR STANDS
LINK BELTING
FLEXIBLE LOADING SPOUTS

In fact everything for the Com­
plete Equipment of Country and
Terminal Elevators. Our Catalog
Sent Promptly on Request.
Double daily train service to New Orleans.
Send for a free descriptive booklet.
Connects with Southern Pacific Steamship
leaving every Wednesday afternoon for Havana.
Send for free illustrated folder on Cuba.
Through tickets, rates, etc., of I. C. R. R.
agents and those of connecting lines.

The

Midland Machinery Co.

A. H. H A N S O N , P a s s . T r a f f i c M g r ., C h i c a g o .
S u m a t c h . CirwroAi. P a r r . A g f n t . C m c » r "

MINNEAPOLIS, MINN.

Good Reasons for
Chicago Travelers
Using the

North-W estern Lim ited
The cars on this train are all new and built
with heavy steel frames, reinforced with
steel girders in such a way as to secure a sum
total of strength to stand any emergency.

T

he

NORTH-WESTERN LINE

Has 245 miles of double track (more building-).
This in itself adds to the safety of travel, and as
a further precaution the entire distance—Twin
Cities to Chicago — is protected by the Block
Signal System, the best device known for the safe
handling of trains.
T lf 'lf iT T C
I I l iV L l u

* / ........................................ 3 9 6 R o b e r t S t r e e t , S t . P a u l .
................. 6 0 0 N i c o l l e t A v e n u e , M i n n e a p o l i s .

T H E C O M M E R C IA L W E ST

Saturday, December 29, 1906

55

SUCCESS
In the Gulf Coast Country
Here is an example of what YOU could do.

$ 1 0 0 f r o m a n e ig h th
a c re o f C e le r y .
O U i c. n p

i>i u »?

i r %Mi i>i

■

TP ST LOUIS I

*!üíP CHICAGO

T H E S H O R T L IN E
TO O M A H A ,D E S MOINES
A N D K A N S A S C IT Y
J. G. R I C K E L , C. T . A .
4 2 4 Nicollet Avenue,
M INNEAPO LIS ,
M IN N .

I

Mr. Chas. Lindsey, of Olmito, Tex., is the pioneer cel­
ery raiser in the Gulf Coast Country. He had no experi­
ence in raising- it and it had not before been tried in that
country.
This spring, as an experiment, he plantd an
eighth acre. The crop sold for $100. Judge for yourself
what the result would be if you should plant five or ten
acres and give it the proper care.
If you will w rite Mr. L indsay, at O lm ito, he will, tell you
m o r e ab o u t his w o n d erfu l success.
M aking m o n e y seems to be the easiest th in g in th e w orld
for th e Gulf Coast farm er. B ut he gains m o r e th a n that. H e
m ak es a ho m e for him self in a climate like th a t of S o u th e rn
C alifornia— mild in W i n t e r and cooled by Gulf breezes in
S u m m er.
W ou ldn’t you like to have a small farm in the Gulf Coast
Country where success does not depend on uncertain weather
with irregular rainfall?
N o w th e lan d is cheap and you can get it on easy term s.
T w e n t y acres will cost you a b o u t $500. T h e cost of clearin g it
is ab o u t $5 an acre. T h e cost of w a te r for irrig atio n varies. You
m a y w a n t an a rtesia n well of y o u r ow n; you m a y get w a te r from
som e river; o r you m a y get it from y o u r neigh bo r. B ut th e
cost is n o t g re a t and th o s e w ho have tried it have n e tte d from
th e first crop, a sum w hich has paid all expenses, and left a
g ood surplus.

It is n o t only a good place to m ak e m oney, b u t it is also a
goo d place for a home. T h e sunny, mild w in ters are delightful
and th e s u m m e rs are te m p e re d by th e cool breezes from the
Gulf.

T h e W in t e r V f e g e ta b le
G a r d e n o f A m e r ic a
Ma p l e
L eaf R oute

BETWEEN

e Chicago, StPaul,
M inneapolis,
Des Moi nes,St.Joseph,
Kansas City,
Council B lu ffs and
O m aha.
E Q U I P M E N T R IGH T,
T IM E R IG H T,
SERVICE R IG H T ,
I T ’S A L L R I G H T .
jr .P .E lm e r,C t.P . A .,S t .P a u l,M in n .


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

T a k e a trip d o w n th e re a n d
see
fo r
y o u r s e lf — t h a t ’s
th e
best
w ay.
E v e ry
firs t
and
t h i r d T u e s d a y o f e a c h m o n th ,
w e w ill s e ll r o u n d - t r i p t i c k e t s
to a n y p o in t in t h e G u lf C o a s t
C o u n tr y a n d
re tu rn ,
at
th e
fo llo w in g r a t e s :
F ro m
C h ic a g o ......................... $25.00
F ro m
S t. L o u i s ................... 20.00
F ro m
K a n s a s C i t y ............ 20.00
F ro m
P e o r i a ........................... 23.00
F r o m S t. P a u l ......................... 27.50
F ro m
M in n e a p o lis ............... 27.50
T h e s e t i c k e t s w ill he g o o d
30 d a y s a n d t h e y w ill p e r m i t
y o u to s to p o v e r a t a n y p o in t.

L e t us send you ou r bo ok s describing th e w ond erful crops
p ro d u ced in th is m arv elo u s country. D o n ’t delay, w rite me
today.

JNO. SEBASTIAN, Passenger Traffic Manager,

R O C K I S L A N D - F R I S C O LI NES,
LaSalle St. Station, Chicago, III., or Frisco Bldg., St. Louis, Mo.

56

THE COMMERCIAL WEST

H. POEHLER CO.

John H. Wrenn & Company

E S T A B L IS H E D 1 8 5 5

GRAIN

Saturday, Decem ber 29, 1906.

THE ROOKERY, 225 La Salic St.

C O M M IS S IO N

CHICAGO

S O L IC IT O R D E R S A N D C O N S IG N M E N T S

M IN N E A P O LIS ,
C H IC A G O
OUR

AND

STOCKS,

DULUTH,

PRIVATE M A R K ET LET T ER

M AILED

UPON

REQUEST "

Gregory, Jennison & Company,
and

G RA IN , P R O V I S I O N S

/Private Wires to New York and Minneapolis

JO H N M ILLER,
H. F. CH A FFEE,
W A LTE R R, R E E D
P res, and Gen. M gr.
T reasu rer.
S ecretary

T H E JO H N M ILLER CO.

C O M M IS S IO N M E R C H A N T S ,

M in n e a p o lis

BONDS,

COFFEE AND COTTON

M IL W A U K E E .

Grain Commission

D u lu t h .

Grain Elevators, Total Capacity, 1,800,000 Bushels.

W h ea t,

O a ts,

B a r le y ,

R ye

G fio m b e r o f C o m m e r c e
M in n e a p o lis ____________

an d

F la x
B o a r d o f T ra d e
D u lu th

IS THE FLOUR YOU NEED
Address

Correspondence Invited

THE NORTHWESTERN CONSOLIDATED MILLING CO., Minneapolis

DO YOU WANT
Fat, Healthy, Marketable Cattle?
USE O U R

G R O U N D L IN S E E D CAKE
(O IL M E A L )

rhc prize cattle at the Chicago Stock Show were fed meal made
by our Company.
A majority of the meal made in the United States is exported to Europe, where
competition is greater and the farmer must make the most out of his cattle in the
shortest space of time. This is a proof of the merits of oil meal. Write for prices.

AMERICAN LINSEED COMPANY

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

M IN N EA PO LIS, MINN.