Full text of Commercial West : February 1, 1902, Vol. III, No. 5
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REPRESENTING
W ESTERN INVESTMENTS, MANUFACTURING AND DEVELOPMENT
THE SOUTH W EST.
TH E NORTH W EST.
T H E C E N T R A L -P A C I F I C W E S T .
V oi. III.
S A T U R D A Y , F E B . i, 1902.
CA PITAL, ONE MILLION
SURPLUS, ONE MILLION
O F F IC E R S ,
B yron L . S m it h ,
- President
F. L . H a n k e y ,
Vice-President
G e o r g e F. O r d e , - - Cashier
T h o m a s C. K i n g , Ass’t Cashier
Arthur H e u r tle y ,
Secretary
H. 0 . E d m o n d s , Ass’t Secretary
The
1
MINNEAPOLIS.
CA PITAL,
= = = = = = = = $500,000
SURPLUS and UND’ V ’ D PROFITS, 100,000
Administers
TRUSTS: Trust funds and
trust investments are kept separate
from the assets of the company.
Receives
DEPOSITS, on which in
terest is allowed from day of deposit.
B u y s and Sells
BONDS: government, muni
cipal, railroad, gas and electric.
Sells
MORTGAGES: c h o i c e
city and farm.
M akes
LOANS on improved farm
and city property.
V a u lts .
DIRECTORS:
J. E. Bell, S. S. Cargill, W. R. Cray, W. A.
Durst, L. S. Gillette, W. J. Hahn, George
Huhn, Arthur M. Keith, M. B. Koon, E. A.
Merrill, H. L. Moore, P. M. Prince, F. G.
Winston.
I. G. AN D REW S,
E. L. BROW N,
D IR E C T O R S .
A. C. B a r t l e t t ,
C. L. H u t c h in s o n ,
J. H a r l e y B r a d l e y ,
M a r v in H u g h it t ,
W i l l i a m A. F u l l e r ,
A l b e r t A. Sp r a g u e ,
M a r t in A. R y e r s o n ,
H. N. H ig in b o t h a m ,
B yro n L . S m it h .
•CO M PAN Y t
t t
BANK
C HICAGO.
BANKING, SAVIN GS, FOREIGN,
AND TRUST DEPARTM ENTS.
THE MINNESOTA
LOANS TRUST COMPANY,
D e p o s it
DOLLARS.
DOLLARS.
H E* N O R T H E R N -T R U S T
RooKery,
S a fe ty
No. 5
H. MAC N AM EE.
PR IN C IPA L CO N T E N TS.
E .
GRAIN, PROVISIONS,
STOCKS, BONOS, COTTON,
CHAS. H. F. SMITH & CO.
Wm.H.Colvin & Co.
Members
j New York Stock Exchange.
I Chicago Board of Trade.
ST. PAUL.
STOCK B R O K ER S,
190 La Salle St.,. Chicago
H O IT G R A IN CO.
R eceivers and Shippers.
M EM BERS OF
BONDS,
Stocks,Grain, Provisions
MINNEAPOLIS,
M em b er s:
N E W Y O R K STO C K E X C H A N G E .
NEW Y O R K C O F F E E E X CH AN G E.
C H IC A G O
STOCK
EXCH ANGE.
C H IC A G O
BOARD
OF
TRADE.
Chicago Board of Trade, Minneapolis
Chamber Commerce.
Private Wires.
CHAS. LEWIS & CO.
Pages.
E D I T O R I A L ..................................... 5
I, 2, 3, Chamber of Commerce, MINNEAPOLIS.
Telephone M. 1568
The Bull’s-Eye .................................. 2 Private Wires.
F IN A N C IA L , M O N E Y A N D
S T O C K S.
Bills to Stop Hoarding of Public
9
Money .......................
Relations of Trust Companies to
New York Correspondents,
CLARKE, DODGE, & CO
Banks ............................................... 10
Chicago
Correspondents,
By E. A. Merrill.
BARTLETT, FRAZIER & CO.
Minnesota Bankers’ C on feren ce.... 25
J. F. HARRIS.
Surprising Law for Bankers.............. 2,3
D a ily
P ric e
C u rre n t
M a ile d
Free on
G R A IN A N D M IL L IN G .
A p p lic a tio n .
Wheat Feeding in the Northwest. .. 16
Northwestern Flax Acreage.............. 16
Millfeed Consumption........................ 20 N o r t o n & S w i t z e r
Washington Wheat Y i e l d . . . . ........... 21
Successors to Norton & Worthington.
R E A L E S T A T E A N D FAR M L A N D S
V i S T CHICAGO
T ax Bill and Realty......... .................. 27
Kansas City and Mortgage T a x ....... 27 j Grain, Seeds and Provisions bought and sold on
commission for Future Delivery. Accounts so
* IN D U S T R IA L .
licited.
Louisiana Purchase Exposition........ 33
Great Northern Seattle Tunnel......... 26
Portland Business Men Organize__ 27
Correspondence and
Business Solicited.
THECHICAGONATIONALBANK
No. 152 Monroe St.
CH ICA G O .
CAPITAL - $ 1 ,0 0 0 ,0 0 0
SURPLUS - 1 ,0 0 0 ,0 0 0
PROFITS - 2 5 0 ,0 0 0
This bank now occupies Its new building and Is
fully equipped to care for the accounts of banks and
bankers. It respectfully solicits correspondence with
those who contemplate making changes or opening
new accounts.
308 G ra in E x c h a n g e , M in n e a p o lis, M inn.
Mew York and Chicago Correspondents.
WEARE COMMISSION CO.
L .T .
ESTABLISHED
1884.
Sowle & Sons
G R A IN , P R O V IS IO N S ,
STOCK S AN D BON D S,
21 Cham ber of Com m erce,
M inneapolis, Minn,
Members Chicago Board of Trade and Minneapolis
Chamber of Commerce.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
D I R E C T O R S :
C. K. G. BILLINGS,
i. R. WALSH,
ANDREW McNALLY,
F. M. BLOUNT,
J. T. W’ y m a n , Pres. L. S. G i l l e t t e , V-Pres.
MAURICE ROSENFELD,
JOHN M. SMYTH.
F. E. H o l t o n , Cash. W. J. Byrnes, Ass’t Cash’r
WILLIAM BEST.
Metropolitan Bank of Minneapolis.
M in n e a p o lis, M inn.
CAPITAL, $200,000.
.SURPLUS, $57,000
DEPOSITS, $1,154,000.
General Banking Business Transacted.
J. R. WALSH, President.
A. McNALLY. Vice-President.
F. M. BLOUNT, Vice-President.
T. M. JACKSON. Cashier.
F. W. McLEAN, Assistant Cashier.
A, UHRLAUB, Assistant Cashier,
T H E CO M M E R C IA L W E S T .____
2
Seattle’s
Strong
Saturday, Feb, i, 1902.
Banking
Combined Capital, $1,680,000.00
Institutions
Combined Deposits, $17,394,255.79
DEPOSITS HAVE DOUBLED IN FIVE YEARS.
CLEARINGS HAVE QUADRUPLED IN SAME PERIOD .
J ac ob F o r t h , President.
J. S. G o l d s m it h , Vice-President.
R. V- A n k e n y , Cashier.
PUGET
SO U N D
N A TIO N A L B A N K
OF SEATTLE.
CAPITAL, $ 300,000.00
DEPOSITS, $2,810,109.60
Correspondents at all points in Alaska and Yukon Territory.
A. C h il b e r g , President.
A. H. So e l b e r g , Cashier.
E. L. G r o n d a h l , 1st Vice-President.
O. O. Se a r l e , 2d Vice-President.
J. F . L a n e , Assistant Cashier,
THE SCANDINAVIAN AMERICAN BANK
CANADIAN BANK OF COMMERCE
H ea d O ffice T O R O N T O .
Capital Paid Up, $ 8 ,0 0 0 ,0 0 0 .
Capital Paid Up, $ 1 0 0 ,0 0 0 .0 0 .
Surplus, $ 2 ,0 0 0 ,0 0 0 .
.Assets, May 31, 1901, $67,553,578.13.
OF SEATTLE.
Deposits, $ 1 ,5 0 0 ,0 0 0 .0 0 .
T ra n s a c t s a G e n e ra l B ank in g B u s in e s s .
Haying established branches at Dawson, White Horse, Skagway and
Atlin, this bank has exceptional facilities for handling the business of
those districts. Seattle Branch.
D. A. CAMERON, Manager.
SN O Q U A LM IE F A L L S P O W E R C O M P A N Y
E. O. B urdon & Co.
(Established by W m . T. Baker.)
Globe B uilding,
SEATTLE
Total Available Efficiency, 100,000 H orse Power, Supplying Light and Power
to Seattle, Tacoma, Everett. Correspondence solicited from persons desiring to
locate large or small m anufacturing plants at any of the' above cities.
Chas. H. Baker, President and Manager,
SEATTLE, WASH.
SEATTLE IS GROWING!
Its grow th Is rapid, but healthy, natural and permanent. Investment conditions
are ideal even for the most conservative investor. W rite for inform ation to the
1
1
2 Columbia St.,
SEATTLE WASH-
Moore Investment Co.
Financial agents for the
Chelan Transportation
& Smelting Co. w ash?
A P roposition of M erit
To. which we invite investigation. W e
furnish reliable
mining
inform ation
about mining properties in the State of
W ashington.
R E F E R E N C E S:
Puritan Trust Co.,
Boston, Mass.; Boston National Bank,
Seattle, Wash.
A POWER
FOR PROTECTION
Is needed by all those who are trying to care for the cash
and other valuables deposited by their customers. Every
banker very justly desires to have the people know that he
is taking every precaution he believes to be practical to con
serve their interests and guard against even the chance of
loss.
Members of the American Bank Protection Company
have for years made a study of the best methods to protect
banks from B u r g la ry and R obbery. It has been dem
onstrated in their experience that E l e c t r i c i t y is the
B u r g la r ’s special aversion and the only protection, so far,
that has successfully stood his attacks.
The installation of one of our complete Automatie E lec
trical Systems, that is a double system throughout, will con
vince you that a feeling of security will take the place of
past fears, in the posession of a
O ur E le c trica l P ow er 48--C ell
Special M ake B a tte ry
P o sitiv e P ro tectio n
Full details by booklet and letter upon request.
AMERICAN BANK PROTECTION COMPANY
2 1 5 -2 2 1 Second A v e. So., W in d o m B ldg.
F. E . K E N A S T O N , President.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
O. B . M c C U N T O C K , Sec’y and Treas
R E P O R T O F T H E C O N D IT IO N
OF
The COM M ERCIAL N A TIO N A L BANK
T H E N A T IO N A L B A N K
O F T H E R E P U B L IC
OF C H IC A G O
CHICAGO
At Close of Business, Tuesday, December 10, 1901.
John A. L y n ch .................. President
W . T. Fenton ........ Vice-President
J. H. Cam eron.......................Cashier
R. M. M cK inney....... Asst. Cashier
RESOURCES:
Loans and D iscounts.................................................................................................... $18,130,875.39
Overdrafts .......................................................................................................................
656.32
Real Estate ....................................................................................................................
55,079.23
U. S. Bonds at par .. . .................................................................................................
500,000.00
Other Bonds and Stocks..............................................................................................
840,923.79
Due from U. S. Treasu ry..........................................................................................
30,000.00
Cash and Due from other banks.............................................................................. 10,545,320.40
Total ..................................................................................................................... $30,102,855.13
LIABILITIES:
Capital Stock paid in ....................................................................................................
Surplus Fund .................................................................................................................
Undivided Profits .........................................................................................................
National Bank Notes outstanding........................................................
Deposits ............................................................................................................................
Total
3
T H E C O M M E R C IA L W EST.
Saturday, Feb. I, 1902.
$2,000,000.00
1,000,000.00
441,048.24
500,000.00
26,161,806.89
C A P IT A L
O N E M IL L IO N D O L L A R S
Illinois T ru st and
S a v in g s Bank
.................................................................................................................... $30,102,855.13
OFFICERS:
JAM ES H. ECK ELS, President.
JOSEPH T. TA L B E R T , Cashier.
JOHN C. M cKEON, Vice-President.
N. R. LOSCH, Assistant Cashier.
D. VERN O N , Second V ice President.
DIRECTORS:
La Salle St. Bnd Jackson Boulevard.
Jesse Spalding
Wm. J. Chalmers
Robert T. Lincoln
James H. Eckels
John C. M cKeon
Letters o f credit issued. Foreign drafts and specie bought and sold. Postal
remittances and cable transfers made to all parts of the world.
CHICAGO
Capital and Surplus, $9,000,000.00
Franklin M acVeagh
N. K. Fairbank
THE
CHASE
NATIONAL
BANK
TRUST DEPARTM ENT
O f the C ity of New York
Capital:
Surplus and Profits:
$1
, 000,000
$ 2, 440,000
H. W. CANNON, P r e s id e n t .
A. B. H E PBU R N , V ic e -P r e s id e n t .
E. J. S T A L K E R , C a s h ie r .
C. C. SLA D E,
S. H. M ILLER,
H. K. TW ITC H E L L,
W. O. JON ES, A ssistant C a s h ie r s .
Designated Depository of the United States, the
State of New York, and the City of New York.
Transacts a General
Banking Business.
Accounts o f Banks and Bankers received on favorable terms. Buy and sell
United States Bonds and make transfers and exchanges of Bonds in W ashington
without charge for services.
AMERICAN
DESK CO.
A. L, BELKNAP AGENCY I"SSr
Representing
•
■
Send for No.
5 Catalogue.
«fJí.X.V.TL Fire Insurance
313
Office, N. Y. Life Building, MIIN1NE:a .F »O L ,IS
Minneapolis Property
Hennepin Ave.
MINNEAPOLIS.
Bought, Sold and Managed for
Non-Residents
Rents collected; buildings improved and reconstructed to produce
increased results. Satisfactory reference to local and eastern parties.
MOORE BROS & SAWYER
3 11 Nicollet Avenue,
MINNEAPOLIS, MINN.
Walter L.
Badger
NEW YORK
LIFE BUILDING
Minneapolis,
R E A L
MINNEAPOLIS PROPERTY bought and sold
on commission or joint account.
L O A N S
Made on first-class improved security to net
lender 5 to 7 per cent.
__ —j. -j,™ . . „
Special attention given to the care of propfix.lL.ra 1 A L S
erty and collection of rents.
Economical management guaranteed.
• Minn.
Business
Furniture!
We are specialists, fur
nishing the BEST as it
appears in the market.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
enee solicited.
Correspond”
Best of references furnished.
Northwestern Agency for the Derby Desks
Send for Catalogue.
W E SELL THE
DANNER
SECTIONAL
BOOK CASE
Interest allowed on deposits in Banking
and Savings department. BONDS.—G ov
ernment, State, County, City and choice
railroad bonds bought and sold. FO R
EIGN EX C H A N G E .—Letters of Credit,
Drafts, Postal Rem ittances and Cable
Transfers.
F. Gage & Co.
9 Fifth Street South,
MINNEAPOLIS
A cts as Administrator, Executor, Guar
dian, Conservator, Assignee, Receiver,
Transfer Agent and Registrar; makes in
vestments and acts as agent in the col
lection and disbursement o f incomes.
Trust funds and trust investments are
kept separate from the assets of the
bank.
ILLINOIS TRUST S A F E T Y DEPOSIT CO.
S A F E T Y DEPOSIT VAULTS
THE INTERNATIONAL AUDIT COMPANY
OFFICERS
JOHN M’ LAR E N ,
JOHN LEITH .
President.
V-Pres. and Treas.
R O B E R T NELSON, Secretary.
DIRECTORS
JOHN M ’LAR E N , Form erly V ice-Presi
dent The Union National Bank, Chi
cago.
W . T. FENTON, Vice-President, The Na
tional Bank of the Republic, Chicago.
E. G. K E ITH , President, The Metropoli
tan National Bank, Chicago.
R O B E R T NELSON, Chartered A ccount
ant, Fellow of the American A ssocia
tion of Public Accountants.
JOHN LEITH , Fellow of the American
Association of Public Accountants.
REFERENCES
A. G. Becker, of A. G. Becker & Co.,
Chicago; Henry Dibblee, of Dibblee &
Manierre, Chicago; W illiam A. Fuller,
Capitalist, Chicago; James H. Gilbert,
President Garden City Banking and Trust
Company, Chicago; Honorable O. H.
Horton, Judge Circuit Court, Chicago;
E. D. Hulbert, Vice-President Merchants
Loan and Trust Company, Chicago; H on
orable C. C. Kohlsaat, Judge United
States D istrict Court, Chicago; David B.
Lyman, form erly President Chicago Title
and Trust Company, Chicago; J. W . DeCourcy O’ Grady, Manager Bank of Mon
treal, Chicago; John A. Roche, Otis Ele
vator Company, Chicago; John A. Spoor,
President Union Stock Yards and Transit
Company, Chicago.
Note.—Under the rules of the company,
all inform ation procured in the course of
its business is held strictly confidential,
and is confined to the officers and those
making the examinations. All account
ants and engineers employed by the com
pany are sworn to secrecy.
investment ^
OTIS,
RD hU NR IUV OQ WILSON
BANKERS.
1
8
la SalleSt.
Send for List " 2
CHICAGO.
IH E C O M M E R C IA L W EST.
Saturday, Feb. I , 1902.
REPORT TO THE COMPTROLLER OF THE CURRENCY
FIRST NATIONAL BANK
(co ndensed)
O F M IN N E A P O L IS
United States
Depository
OP THE CONDITION
The Northwestern
National
Bank
O F M IN N E A P O L IS , M IN N .
Liabilities:
Loans and Discounts......... $5,240,124.02 Capital .................................. $1,000,000.00
U. S. and Other B o n d s.... 883,406.33 Surplus ................................ 250,000.00
230,489.08
Cash, and Due from Banks. 2,905,459.33 Undivided Profits .............
Circulation ..........................
141,700.00
Deposits ............................... 7,406,800.60
$9,028,989.68
$9,028,989.68
E. W . D ecker, Cashier.
J. F. C o n k l in , Prest.
A. E. Z o n n e , Y-Prest. & Treas.
250,000
9,000,000
-
KENNETH CLARK, President.
C. H. BIGELOW, Vice-President.
GEO. H. PRINCE, Cashier.
H. W. PARKER, Asst. Cashier.
Merchants National Bank
OF SAINT PAUL
Capital... $1,000,000
Officers:
J am es W . R aym o n d , President.
$ 1, 000,000
J ohn M a r t i n , President.
F. M. P r in c e , V-President.
C. T. J a f f r a y , Cashier.
D. M a c k e r c h a r , Ass’t Cashier.
E r n e s t C. B r o w n , Ass’t Cashier.
A t Close of Business, December 10th, 1901.
Resources:
Capital,
Surplus,
Deposits,
UNITED STATES DEPOSITORY
W m . H. D unwoody , Vice-President.
J oseph C h a p m a n , J r., Ass’t Cashier.
E. J. F o s t e r , Secy.
G. B. L o o m is , Ass’t Secy.
DIRECTORS:
Crawford Livingston
Kenneth Clark
J . H. Skinner
Louis W. Hill
George H. Prince
D. R. Noyes
E. N. Saunders
V. M. Watkins
L. P. Ordway
F. B. Kellogg
C. H. Bigelow
J. F. CONKLIN & ZONNE CO. Real Estate
Vermilye & Co.
Temple Court, Minneapolis
H ir s t M o r t g a g e s
L o a n s and Insurance
Securities
Special attention given to the care of estates and management of property for non-residents.
R e f e r e n c e s : First National Bank and Northwestern National Bank.
BANKERS
Nassau and Pine Streets, NEW YORK
13 Congress Street, BOSTON
d e a l e r s in
U. S. GOVERNMENT BONDS
p la te s P o r i g ^
mtd © ru s t ^ o m p n g ,
59 Cedar Street, New York.
Capital, $2,000,000
Surplus, $2,750,000
nn Accounts
Letters of Credit
Transacts a General
1"subject ” 0 Check S for Foreign Travel
Trust Business
OFFICERS.
W Young .....................President
Clark W illiam s............................Treasurer
Kountze ............ V ice-President
W illiam P. E lliott...........
Secretary
T i m p s o n ...... 2d Vice-President
Richard M. H urd............ Asst. Secretary
Turnbull......... 3d Vice-President
Calvert Brewer. ....... ...A sst. Treasurer
Alexander Phillips, Manager Foreign Department.
D IRECTORS.
Samuel D. Babcock.
wr-m tt Tiniriwin Tr Charles D D ickey
Gustav E. K issel
Charles M!. Pratt
FTederickB0 ldBarton ' W illiam P. Dixon
Luther K ountze
Mortimer L. Schiff
C Ledvard Blair
Robert A. Granniss Charlton T. Lewis
James Timpson
B nrr^ni Clarke
G G Haven, Jr.
Richard A. McCurdy Eben B. Thomas
C C Cuyler
Charies R. Henderson R obert Olyphant
‘ Geo. W . Young
Oeorire
L u th fr
James
Arthur
AND OTHER
INVESTMENT SECURITIES
Deposits received and interest
allowed on balances.
ledmond,
Kerr & Go.!
BAN K ERS,
DEAL IN
HIGH GRADE
INVESTMENT
SECURITIES.
41 WALL STREET, N. Y.
List of current offerings sent on application.
Transact a General Banking Business.
Business Men
Investigate
OUTSIDE
OWNERS
o f M in n e a p o lis P ro p e rt y
Rare opportunity to purchase profitable
wholesale and retail hardware business,
centrally located in live, grow ing w est By Sending Description Can Obtain F R E E
ern city. Business established 20 years,
doing over $200,000 a year, and fast in
a m ap o f th e c it y sh o w in g
lo c a tio n o f t h e ir p ro p e rty .
creasing. The center for large territory
Present owner has made a fortune, and
wishes to retire on account of failing
health. W e have other attractive propo THE FINANCE COMPANY OF MINNESOTA
sitions in all lines to offer.
ODLUM-KURTZMAN CO.
Phoenix Building,
MINNEAPOLIS, MINN.
David C. Bell, Pres. W alter A. E ggle
ston .Secretary. James B. Suther
land, Treasurer.
David C. Bell
MINNEAPOLIS
620 TEMPLE COURT, MINNEAPOLIS.
S ea ttle E n gra vin g Co.
Investment
I V PRINTERS’ PLATES &
Company
M ortgage Loans, Real Estate, Rentals,
SAMPLES ON APPLICATION.
Fire Insurance. Special attention given
to collection of mortgages, care and sale
o f property fo r non-residents. R efer to
any Bank or mercantile house in Minne S e attle , W ashin gton , . . . U. S. A
apolis.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Receive deposits subject to draft. D ivi
dends and interest collected and remitted.
A ct as Fiscal Agents for and negotiate
and issue loans o f railroads, street rail
ways, gas companies, etc.
Securities
bought and sold on commission. Mem
bers o f New Y ork Stock Exchange.
Issue Travelers’
LETTERS OF CREDIT
Available the World Over.
Chicago Office: Rookery Building.
Philadelphia; Graham, Kerr ^ Co.
N. O. W e r n e r , President.
C. S. H u l b e r t , Vice-President.
F. A S m it h , Cashier.
E. L. M a t t s o n , Assistant Cashier.
The Swedish American National Bank
M inneapolis, Minn.
Capital,
. . .
$ 2 5 0 ,0 0 0 .0 0
Surplus and undivided profits,
6 5 ,64 -3 .6 5
Deposits, 2 ,3 7 3 ,0 2 5 .0 6
Fo re ig n E x c h a n g e B o u g h t and S o l d
Saturday, Feb. i, 1902.
T H E C O M M E R C IA L W EST.
T h e C o m m e rcia l W est
A W eekly Journal representing Western Investments, Manu
facturing and Development.
H. V . JONES, Editor and Manager.
HENRY D. BAKER,
|
Associate Editors
ROLLIN E. SMITH, f
D. E. WOODBRIDGE,.................................. Editor Mines Department
MILTON O. NELSON, Advertising Manager.
Minneapolis Office, Rooms 627-629 Guaranty Building.
T e l e p h o n e , M a in 307,
SUBSCRIPTION PRICE.
United States and Canada...................................................... per year, $3.00
Six months.................................................................................................. 1.50
Three months.............................................................................................. 1.00
Foreign Countries......................................................................... £1 per year
Payable in advance.
Single copies.....................................................................................Ten Cents
The Commercial West will not knowingly publish the advertisement
of a financially unsound individual or company.
A dvertisin g Rates sent on application.
Published b y th e
Commercial West Company, Minneapolis, Minn.
ENTERED AS SECOND-CLASS MAIL MATTER AT THE POSTOFEICE,
MINNEAPOLIS, MINN.
S A T U R D A Y , F E B R U A R Y i, 1902.
Governor Van Sant’s Letter.
Thirty-seven of the leading jobbers and manu
facturers of Minneapolis— a large majority of the
firms in the city of the grade to whom the petition
was presented— signed a request to Governor Van
Sant to withhold prosecution of the merger case
until such time as it could be demonstrated that the
merger is opposed to public interest. This request
was presented to Governor Van Sant on Tuesday,
and on Wednesday he replied to the petitioners in a
manner that suggests that he has overlooked the real
point at issue.
After citing the law bearing on railroad consoli
dation in Minnesota, on which the prosecution before
the United States supreme court is based, he says:
“ The consolidation of the Northern Pacific and the
Great Northern Railway companies through the or
ganization of the Northern Securities company, is
clearly a violation of the provisions of the statute
quoted above. * * * It is my bounden duty to
prevent, if possible, the consolidation referred to.
* * * Competition in the matter of rates always
has been, and ever will be, beneficial to the public.”
Governor Van Sant has, by this declaration,
transformed himself into a court of last resort. He
has the right of every citizen to an opinion on the
merits of merger and of competition, but he has no
right to tell the people of Minnesota what that opinion
is, and incorporate it in a statement that should have
to do only with his duty in relation to official action in
the merger case.
Governor Van Sant had one duty to perform in
connection with the merger— the duty of seeing that
the law of the state is complied with. The courts are
established for the purpose of passing on such ques
tions,
and Governor Van Sant had discharged his
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5
full duty when he brought legal action to determine
the question.
It is quite unnecessary for him to declare the law
in advance of the decision of the United States su
preme court. It is equally unnecessary for him to de
clare that competition is “ and ever will be” in the
interests of the people. He may be wrong in one or
both instances.
There are thinking and law-abiding men in this
state— outside of railroad offices— who do not agree
with him on the competitive proposition. They have
the right to their judgment without having their mo
tives questioned. They believe that competition as
we have had it has practically ceased to have influ
ence because a higher and stronger competitive law
has come into play— one that will prevent, in large
part, ruinous competitive practices, and give instead
stability of rates that will grow steadily less until the
lowest level is reached on which business can be con
ducted. They believe the merger is the first step in
this direction.
These men believe that the competition the gover
nor refers to is opposed to the interests of the people,
hence, following the evolution of all law, ruinous com
petition will be checked by mergers, and Governor
Van Sant will find himself supporting a theory that is
dead, although it may have for some time sufficient
influence to make it valuable as an “issue.”
Governor Van Sant has made a mistake that indi
cates his prejudice in the matter by stopping to dis
cuss questions outside of the legal aspect of the case
before him. This is a gratuitous offering on his part,
just as was his “ call to arms” in his attempt to bring
other states to his support. The issue is as strong
before the supreme court with the State of Minnesota
the petitioner as it would be with many states asking
legal decision.
Governor Van Sant’s petitioners are business
leaders of the state. They are the men who have ac
complished results. They are in the habit of think
ing for themselves, and they are not to be deterred
in that course by the “ play” of Governor Van Sant
to lofty patriotism. This fact may as well be under
stood now as at any other time.
Publicity and Public Confidence.
This country excels all others in the proportion
of middle-class people, outside the farming class, who
are thrifty as well as industrious and intelligent.
These people make up a large part of the population
of small investors— the savings bank depositors or
people with small sums seeking better dividends than
savings banks offer. During the past five years the
capital of this class has accumulated with a rapidity
quite in step with the increase of wealth among other
classes. During these years the larger investors have
had many opportunities for highly profitable invest
ments. The farming class has found land a ready and
safe depository for its surplus. But the class first
mentioned has had to take lowered rates of interest
on its savings or cast about for better investment.
Few openings are more attractive for this class of
capital than industrial stocks of good reputation.
The extent to which such stocks were being scattered
in small hands is shown by the great number of suf-
T H E C O M M E R C IA L W EST.
6
ferers in the Amalgamated Copper slump not long
since. This same episode also forcibly emphasizes
the duty of this government to itself and to this most
desirable middle class, in compelling publicity of ac
counts of great industrial corporations.
President
Roosevelt made no more wholesome or timely sug
gestion in his first message than his recommendation
of such publicity.
The reconciliation of classes, now more or less
hostile to each other, can be hastened and strength
ened in no more practical way than by the investment
of small savings along with large capital in corpora
tions of this kind— corporations that shall be as frank
toward small as toward large stockholders. Invest
ment then will be true investment, and not the species
of gambling it now is where blind pools take the
money of the small outsiders through a slot in the
door and pass out through the same slot dividends
or disappointment as the manipulators inside shall de
termine.
Secrecy begets distrust. Publicity produces con
fidence. And confidence makes for continuous pros
perity.
The Governmental Distrust of Banks.
It is with pleasant surprise that we note that Con
gressman Sulzer, of New York, whose political asso
ciations have presumably always been of the Popu
listic sort, should have introduced into congress a bill
that is genuinely friendly to the business interests of
the United States— a bill with faults, yet clear and
to the point, and which, if passed, would be a big step
in the reform of our cumbersome, unbusinesslike and
dangerous financial system.
On another page we print the joint resolution in
troduced by Congressman Sulzer. It provides for
the deposit of all surplus government funds in na
tional banks, with capital, also surplus, of not less than
$500,000; such deposits not requiring United States
bonds as security, though a first lien on the assets of
the bank, and receiving 2 per cent interest per year;
and no deposits being greater than the combined cap
ital and surplus of such bank.
Objections will undoubtedly be urged against the
bill on grounds such as these: First: Discrimination
against state banks; second, discrimination against the
great number of banks with a capital of less than
$500,000, and surplus of less than $500,000; third, the
government’s preference over other depositors in case
of bank failure; fourth, possible losses to the govern
ment from bank failures; fifth, sudden withdrawal of
government funds from banks might precipitate a
financial panic.
Only two of these objections (Nos. three and four)
seem to us to possess valid importance, and these two
could be met by amendments not in conflict with the
general purpose of the bill.
Reviewing such objections in turn, we would note,
as our opinions, first, that the bill does not discrimi
nate against state banks, since any state bank may
become a national bank, and enjoy all privileges as
such, provided it agrees to submit to the restrictions
and regulations of the national banking act; secondly,
that it would not be fair for only comparatively large
banks to be favored with the government deposits;
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Saturday, Feb. I, 1902.
third, that it would be very unjust to the ordinary
depositors of the bank, if the government should have
a prior lien on the assets of a failed bank, for in the
case of some individual depositors the losses from the
failure might be sufficient to wreck their lives, while
in the case of the government no loss could amount
to more than a small drop out of a great bucket of
national resources; fourth, the government would be
taking no more chances for loss on its deposits than
all individual depositors take, and in case of loss
should receive no more pity nor salvage than any in
dividual depositor; fifth, that while the government
could undoubtedly precipitate financial panic by with
drawing its deposits from the banks on the approach
of an emergency, yet no sensible secretary of the
treasury would ever pursue such policy, but, on the
contrary, would, despite increasing risk of loss, al
low government deposits to remain in the banks dur
ing an emergency period, to help as a bulwark for
confidence and credit.
That section of the Gilman bill which provides for
deposit of surplus government funds with incorpora
ted clearing houses meets both of the main objections
to the Sulzer bill. Every member of the clearing
house, whether a large or small bank, could be a bene
ficiary of the governmental deposits, and the govern
ment would not be preferred to any other depositor.
But the government could get the guaranty of all the
banks thus united in the clearing house, and in other
clearing houses associated with it, against loss, and so
would be almost absolutely safe from loss. Nev
ertheless, a great many persons who would cordially
approve of a bill whose sole purpose was to stop the
hoarding and locking away from industry of public
funds, as under the present sub-treasury system,
would never give their consent to the Gilman bill,
which makes this purpose only an incidental feature,
the main purpose being a clearing house currency.
No civilized nation of the world treats the money
that it collects from its citizens as does the United
States, which hoards and locks it away from use, just
as any of the tyrant princes of the feudal ages would
have done. If the United States government can not
have confidence enough in the banks of the United
States to deposit its money with them, it is difficult
to see why every state, county, municipality, corpora
tion or individual, should not also be distrustful of
the banks, and in consequence of such distrust, why
all business should not come to a standstill.
A Potent Form of “ Community of Interest.”
The recent bank elections afforded some interest
ing evidence of how the “ community of interest” prin
ciple is at present not only at work between banks
(concerning which a great deal has already been said),
but between banks and railroads, banks and insurance
companies, etc.
For instance, President E. P. Ripley, of the Atchi
son, Topeka & Santa Fe Railroad company, and Pres
ident T. B. Shonts, of the Indiana, Illinois and Iowa
Railroad company, were elected directors of the Amer
ican Trust and Savings Bank, Chicago, and Mr. Paul
Morton, vice president of the Atchison, Topeka &
Santa Fe Railroad company, was elected a director
in the Commercial National Bank, Chicago. Mr.
Saturday, Feb. I, 1902.
T H E C O M M E R C IA L W EST.
7
Marvin Hughitt, president of the Chicago & North the bank that was a rival to his own bank, and that
western Railroad company, was re-elected a director in might break down its rates. In the bank competition
the Northern Trust Company, Chicago, and Mr. A. of the future the bank customer will see his self inter
J. Earling, president of the Chicago, Milwaukee & St. est only with the bank that has his account, or with
Paul Railroad company, was elected a director in the the banks that belong to the group of which his bank
Continental National Bank, Chicago. The directo is a member. This greater loyalty to the customer
rate of the First National Bank of New York includes will therefore be an interesting extra force in the
the following new names: John A. McCall, president competition. As good generalship in forming com
of the New York Life Insurance company; J. Pier- binations, and devoted loyalty of soldiers, counts for
pont Morgan, whose financial connections are too military success in warfare between nations, so, also,
broad for description; D. Willis James, a director in skill in arranging themselves into the best kind of
Northern Pacific, and on many other boards; James groups, and increased lovalty amongst their custo
J. Hill, one of the foremost railroad leaders of the j mers, will count in the bank competition of the future.
United States; William PI. Moore, who controls the In the new competition the opposing forces will have
Rock Island system, and J. J. Mitchell, president of a power, energy, momentum, and stick-to-it-iveness
the Illinois Trust and Savings Bank, Chicago.
far surpassing what was ever known before. If such
The First National Bank of New York is already competition were not to be tempered by personal gen
in full community of interest with the Chase Na tility of the participants it might come to be consid
,
tional Bank of New York, and a community of inter ered “ ferocious.”
est relationship has also just been established with
the Commercial National Bank of Chicago. Conse
Minnesota’s Tax Bill.
quently the important additions to the directorate of
The legislature of Minnesota has been summoned
the First National of New York are also of signifi to convene in special session next week to consider
cant interest in connection with these other two bank the report of the tax commission. The report involves
ing institutions.
the interests of the state and of all the people to a de
The general character of a bank’s accounts can
always be ascertained by looking over its list of direct
ors. The directors of a bank, representing as they
do the stockholding interests of the bank, are nat
urally desirous of doing all they can to extend the
business of the bank. Flence they exercise their in
fluence to throw desirable business the way of their
bank. Perhaps, also, they use their “ pull” with their
bank to obtain certain concessions in rates, when these
other business concerns with which they are directly
or indirectly connected become borrowers of money.
Thus there is great advantage to a bank in securing
for its directorate a person of large business influence.
It is also of advantage to the other interests
with which this new director is connected, that he has
attained a position of influence in this bank. Thus
the “ community of interest” between the bank and the
big corporation in some other business becomes as
close and as advantageous as is the “ community of
interest" between this bank and other banks.
The development of this “ community of interest”
between banks and their customers, as well as be
tween banks themselves, does not mean that the era
of competition is over, but only that competition has
assumed different form and adopted different meth
ods. The banks hereafter will compete with each
other to get into the most “ fashionable” groups, and
then whatever groups they get into, be they aristo
cratic or plebeian, will compete with other groups to
secure the most influential “ connections” possible in
the general business world. And the “ connections”
thus secured will participate as allies in the struggle
of their respective bank groups to secure still more
important connections in the general business world,
and further additions to their bank groups, possibly
by subtraction from other groups, possibly by consol
idation with other groups, or possibly by picking up
banks that till then had got into no groups.
In the bank competition of the past, the customer
of a bank has often felt his self interest to be with
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Federal Reserve Bank of St. Louis
gree that makes it imperative that the legislature shall
exercise most conservative judgment in consideration
of the tax report.
T h e C o m m e r c ia l W e s t believes that practically
all interests in the state are willing to be taxed equit
ably. Objection is made to the bill proposed by the
commission on the ground that it does not carry out
the instructions by the legislature to the commission,
and that it does not represent the best form of tax
ation in the judgment of the commission. The state
constitution does not permit of the submission of the
best form of taxation, hence the commission recom
mends that amendments shall be submitted to the peo
ple that will permit of a bill that shall, among other
good features, include an income tax in lieu of per
sonal assessment.
The fact that the tax commission says in a dozen
statements, by implication at least, that the bill does
not represent its best judgment is the leading point on
which the legislature should rest its investigation.
We want the best system. Should the state of Min
nesota adopt a bill that calls for radical change of the
tax plan, when the tax commission says the bill is
defective?
The present tax laws of the state are inefficient.
There can be no difference of opinion on this proposi
tion. A great deal of property escapes taxation under
the present laws, and it is right that a more just as
sessment should be encouraged. The interests of the
people in this particular will not be subserved, how
ever, by enacting hurriedly into law tax provisions
that will embody much that the people wish to discard
and will omit principles and forms of taxation that
the people demand as in the best interest of all.
No tax measure will be complete that does not
provide for an income assessment. The personal tax
should be abolished. It will never be a success. Cor
porations and individuals should pay a tax on their
incomes with proper exemptions. The savings bank
depositor and the workingman should be pro-
T H E C O M M E R C IA L W EST,
â
tected. There is nothing in the report of the tax
commission to indicate that it does not indorse prac
tically these principles of taxation. The constitution
of the state will not permit of their enactment into
law.
On this account sentiment in favor of postponing
action on the bill is growing. The only alternative to
postponement is to amend and adopt the bill, postpone
its date of enforcement until after the legislature meets
in 1903, and at the election in 1902 submit the desired
amendments, looking to the people to support them
under threat of the enforcement of the adopted bill.
With the amendments adopted the new legislature
would amend the tax bill.
The important fact to keep in mind is that the
pending bill should not go on the statute book, except
as the people have opportunity to vote on constitu
tional amendments in advance of its enforcement.
Whether it should be experimented with to that ex
tent is a question that should be considered carefully.
At the National Conference on Taxation, held in
Buffalo in May, 1901, James R. Garfield, of Ohio,
son of the martyr president, said: “ The Inquisitor
law (in Ohio), instead of affording a remedy has driv
en millions of capital away from the state and has
brought the state into disrepute.”
American Interests in Canadian Lands.
The Canadian government has for years been
spending good money in tempting an inferior class
of foreigners to come over and take as a gift their
pick of her superior lands. For example, the province
of Manitoba— a province that has shown a high aver
age yield of wheat— has appropriated $20,000 or more
annually for bringing over colonies of Russians and
Asiatics which it has planted in its raw paradise, often
furnishing them seed and houses ready built, only to
see them later abandon their homes or whimper and
make trouble for the government that fostered them.
This is not the history of all such colonies, but it has
been a history general enough to show the foolishness
of such immigration promotion.
While the Manitoba government has been paying
for this lost labor, American farmers, crowded out
or selling out by reason of advancing land values at
home, have been going over the line and testing west
ern Canadian lands. Today the American invasion of
Canada has come to be the most prominent event in
the agricultural development of Northwest Canada.
There are American colonies in Manitoba and Assiniboia that have in two or three years grown rich— as
farmers count riches— while farmers from Iowa, the
Dakotas, Minnesota and states further south can now
be found in almost every section of these two prov
inces. The opening of the spring will see many more
such emigrant farmers headed that wray.
In view of this interest and the buying of blocks
of Canadian lands by American land companies, the
Canadian Pacific railway advanced its lands Jan. 1
one dollar per acre, while private companies and hold
ers of large grants have generally followed suit. In
general, land values in these provinces have advanced
from 50 cents to two dollars per acre within the past
two months. Inasmuch as one seasoned American
volunteer farmer is worth to the Canadian govern
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Federal Reserve Bank of St. Louis
Saturday, Feb. 1, 1902.
ment ten dead-head importations from across the sea,
it would seem that that government might better
spend its immigration fund establishing recruiting
agencies among American farmers in the middle
northwest. Or better yet, save its money and prepare
for the coming of men who do not have to be hired
to take up good farms in a good country.
THE BULL'S-EYE.
Very few human habits, aside from willful offenses, eat
out the heart and defeat the ends of human life like the
habit of hurry. It is contagious in America— in some sections,
epidemic.
It comes in the guise of a virtue; it is preached
to young men as the gospel; it is counted the royal way
to the front for the individual with an ambition; and to it
is credited the conquest of Industrial England by Industrial
America. Tireless push is the sum of business virtues. So
the ambitious young man, in the city at least, starts life with
this as the cardinal principle of success, when he should have
known that to possess one’s self is far and away the greater
virtue, and the greater working principle.
* * *
The man who possesses himself may push without hurry.
But the average American man of ambition has not yet en
tered, or has not been born into, this happy state. This man
begins the day on the stroke of the alarm clock, drinks his
morning coffee with his hand on his watch, and his eye on the
morning paper, catches a car that will bring him to his office
five minutes late, and no fretting at the slow speed of the elec
tric current or the overcrowding of the car will put him ahead
of his lost five minutes, though something of his morning
endeavor is spent in this way. Items undone or forgotten yes
terday block today’s work, and hurry causes today to. overlap
tomorrow to the further disturbance of spirit and waste of
strength. The evening is spent in an attempt to mend a defec
tive day, and Sunday is but a scrap basket filled with the odds
and ends of a broken week.
* * *
Is there much in such a life to be desired? How much of
a home can this man make and sustain? His wife hurries and
worries because of his hurry, and is likely to take short cour
tesy as her share of conjugal regard. Children, lacking the
parental thought that is wasted in hurry, grow up into the
specimens that have already put a stamp of popular contempt
on the half-grown American child. Husband and wife hurry
through life, pushed by a mutual necessity, but not stopping
for mutual communion. All the good, substantial todays are
sacrificed for a fictitious tomorrow, or are driven into tomor
row by a disappointed yesterday.
* * *
Today is the only day we have in hand for actual use. If
it does not contain its due of rest, of calm, of enjoyment, of
satisfaction for things well done, it is wasted to that extent,
for it is a day cut off and lost from a limited supply of days.
The habit of hurry kills all these daily goods. It may seem
to accomplish things, but it kills today just as surely as it
kills the average man before his full normal number of days
has been made up. The man with this habit is in a serious
condition. If he is not beyond the enjoying of the calm life,
there is but one thing for him to do, namely, to content him
self with seeing others hurry to wealth and death while he
breathes before breakfast, gets acquainted with his wife and
baby after supper, and thinks of heaven (this side and the
other side of the grave) on Sunday, and enjoys the good
things that come only to him of the calm spirit and open
mind. The man who hustles may inherit the earth; but so
shall the “meek”— which is the man unruffled by the world’s
rush to riches.
— T he S harpshooter .
The North Iowa Loan & Trust Company has been or
ganized by Estherville, Iowa, capitalists with an authorized
capital of $100,000, paid up capital, $30,000. This company
will also open a bank at Fergus Falls, Minn., about Feb. 1,
with L. P. Gjermo as cashier, and Chas. A. Root, assistant
cashier.
The Bank of Buffalo County, Gann Valley, S. D., has
been incorporated by E. E. Dye, Arthur G. Hill and D. H.
Henry. Capital, $5,000.
T H E C O M M E R C IA L W EST,
Saturday, Feb. I, 1902.
f in a n c ia l
9
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OBSERVATIONS.
proven to be good paying local manufacturing plants that
have both increased the city’s population and its aggregate
invested wealth.
* * *
The present lively interest in the remaking of taxation
laws in Minnesota recalls the recent action of the state of
Wisconsin along similar lines. A tax commission was ap
pointed early in Goveror La Follette’s administration, with
instructions to investigate the evils to be remedied and to
suggest a remedy at the coming legislative session. This
they did, with the result that they made the front of their
attack on the railroads, recommending that they pay an ag
gregate increase of $600,000 into the state treasury. This
recommendation did not meet the approval of the legisla
ture, though it had a strong minority report. The argument
in defense set up by the railroad interests was that the tax
commission’s bill was unjust in that it singled out one of
the state interests for increased taxation, while a great mass
of personal property, distributed among other interests, es
caped taxation altogether. This point the tax commission
and the governor, too, who strongly favored the new law,
admitted. The governor, however, in his message on this
point, to the legislature, greatly overestimated the property
of banks, by reckoning all deposits of all banks as taxable
personal property. He had, in fact, in his figures, reckoned
money two or three times, when it should have appeared but
once— a very easy trap for an amateur statistician to fall
into. The present outlook for a new taxation law in W is
consin is now hardly more favorable than though no move
had been made in that direction.
* * *
A good example of the hardship that may be worked
upon legitimate business and upon communities, by an in
adequate state tax law is shown in a certain city of central
Wisconsin— a town of 50,000 people and good average wealth.
It has so come about that the powers that assess property in
that city are desirous of taxing mortgages at their full value,
as well as the real estate that secures the mortgages- So
strong is this pressure that one of the money loaners in the
city is moving his residence to another city, where the as
sessor is of less aggressive disposition; while many of the
mortgage holders of the city have disposed of their mort
gages. Of course, all new mortgages made there will lay the
increased taxation on the borrower. One incidental good
has come, however, in part, from this taxation trouble. For
mer money loaners have put their money into what has
A good story of the recent panic days is told by the
cashier of a leading bank of Fargo, N. D., illustrative of the
delicate poise of public confidence at that time and the
necessity of avoiding the very appearance of evil, even while
doing good. In the fall of 1892, being greatly worn by the
severe strain of the times and close confinement to the
bank, this cashier, with another member of the bank’s staff,
took a week’s vacation at a famous duck pass in the state,
with good results in health and game bag. When the shoot
ing was over a total of more than three hundred ducks, most
of them of the right kind to grace the table of banker or
king, had been secured. These they made up in braces and
labeled with the names of about one hundred and fifty of the
best patrons of the bank, and shipped to Fargo. To dis
tribute these with least trouble and best results, one hundred
and fifty postal cards were sent, asking the recipients to call
at 9 a. m. on a given morning and get a brace of ducks
with the compliments of the bank. When nine o’clock of
the appointed day came a line of the bank’s best customers
and Fargo’s best citizens were at the bank’s door. Such a
demonstration sent a thrill of apprehension through the town
and a local panic and run on the bank would have been pre
cipitated had it not been that a hundred and fifty braces of
ducks coming from the bank’s back door, calmed the ex
citement. The cashier himself believes that any evidence of
the bank’s solidity, less persuasive than the ducks, would
hardly have been received by the people.
* * *
I was interested in the testimony of Mr. James J. Hill,
given in Chicago before the inter-state commission. Mr.
Hill spoke with great frankness and he interested thousands
of broad-minded people over the country. When he said he
had given “ advice” to the Burlington managers two or three
newspapers of narrow breadth made a play on the word and
amused themselves with what appeared to them to be a
huge joke. But this kind of criticism has never affected Mr.
Hill. While he has grown steadily larger, his critics have
grown smaller by comparison. There is something pitiful
in the assumptions of small-calibred men who criticise with
an air of superior wisdom those who have wrought out by
individual effort and industrious application, a great business
result.
JACKSO N .
BILLS TO
STO P H O A R D IN G OF PUBLIC M ON EY.
The abolition of sub-treasuries as hoarding places for pub
lic funds is contemplated by two bills that have been intro
duced into congress during the last fortnight.
One of these is a joint resolution (H. J. Res. 112) (intro
duced by Congressman Sulzer, of New York), “to designate
governmental depositories.” It reads as follow s:
Whereas, absorption of money by the United States treas
ury is detrimental to the business interests of the country:
Therefore, be it
Resolved by the Senate and House of Representatives of
the United States of America in Congress assembled, That
the secretary of the treasury be, and he is hereby, directed to
deposit all surplus funds belonging to the United States gov
ernment with national banks having a capital of not less than
five hundred thousand dollars and a surplus of not less than
five hundred thousand dollars.
That such deposits be made without requiring United
States government bonds as security, that on such deposits
the United States treasury receive interest at the rate of two
per centum per annum, and that such deposits shall be a first
lien on the assets of the bank.
No deposit in any one bank shall be greater than the com
bined capital and surplus of such bank.
The bill for a clearing house currency, prepared by Mr.
Theodore Gilman, of New York, introduced into the house
of representatives by Chairman C. A. Pugsley, of the com
mittee on banking and currency, and into the senate by Sen
ator Platt, of New York, covers the same point in the fol
lowing clause (Section 23 of bill, H. R. 7950) :
That the secretary of the treasury, in his discretion, may
deposit with clearing houses of issue organized under this
act, in the ratio that the capital of the banks composing same
bears to the total capital of all banks associated in all clear
ing houses, or in any other ratio or manner which may seem
to him fit, any part of the surplus funds in the treasury of
the United States not required for immediate use; provided
said clearing houses of issue, under authority given by their
bank members, shall give an obligation satisfactory to the
secretary of the treasury for their return. These deposits
shall be for such time and at such rate of interest as the said
secretary shall fix. The said secretary shall have power to
recall and demand payment of such deposits at his discretion,
and to enforce such demands. Such deposits, which received
by a clearing house of issue, shall be loaned only to its mem
bers and on security approved by the loan committee of such
clearing houses.
The State Savings bank, of Butte, Mont., in its report of sold to the following persons, all of whom are business men
Jan. 13 shows total resources of $4,133,888.58; capital stock, of the town: C. Guenthner, John Gross, Dr. A. A. Wipf,
$100,000; undivided profits, $174,879.87; and deposits of Jacob Wollman, Gottlob Haar, Wm. Jans, Paul Hofer and
$4,088,987.87.
Joseph A. Hofer. Gottlob Haar will be the new cashier. The
The Merchants’ State bank at Freeman, S. D., has been new corporation will take charge of the bank Feb. 1.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T H E C O M M E R C IA L WEST,
10
RELATIONS OF
Saturday, Feb. i, 1902.
TRU ST C O M P A N IE S TO BANKS.
Address Before the State Bankers of Minnesota« at St. Paul, Jon. 30, 1902, by E. A . Merrill, President of the Minnesota Loan & Trust Co.
Mr. Chairman and Gentlemen:
It has occurred to me that the reason the subject of the
“ Relations of Trust Companies to Banks” has been given
me, is because I have always been so firm a believer in the
most cordial and intimate relations between banks and trust
companies. In the organization of the trust company which
I represent, a large proportion of the first board of directors
were bankers, and the proportion has steadily inceased un
til now in our board of thirteen we have but three members,
outside our own officers, who are not either officers or di
rectors of banks, and at our annual meeting next May we
are to add the presidents of two more large banks to our
present board.
I have always had great respect for the way in which a
good banker manages his business. He is intelligent, ac
curate and conservative; considerate of the interests of his
depositors, and at the same time careful of the interests of
his stockholders.
On Good Terms W ith Country and C ity Banks.
Among our valued clients are some thirty country bank
ers, who have come to be our friends; who know the class
of securities we require, and who, when they have a really
fine farm loan offered, which they are sure is a prime in
vestment for a trust fund, send it to us, and we give them
prompt reply and courteous treatment, and a fair division of
the profits. These country bankers assist us, not only in our
mortgage loan business, but also in the purchase of the
bonds of their cities and towns and school districts.
On the other hand, we find that our city bankers are
among our best clients in the purchase of securities. Our
business with them has constantly increased and our relations
with them grown more intimate and confidential, until it has
come to pass that we feel free to avail ourselves of their
counsel and advice in the careful consideration which we al
ways desire to give to any considerable issue of securities
offered to us.
In return, we are pleased to give them a first chance in
the purchase of such securities as we can approve, and in
many cases, where the size of the issues warrant, give them
an interest with us in the purchase of such securities.
Can B etter Manage Bond Propositions.
The banks realize that a trust company has certain un
usual advantages in the procuring of securities— it can act as
trustee; it can have the titles examined and the papers pre
pared by its counsel, who is especially experienced in such
matters, and because of its greater familiarity with bond is
sues, can, as the phrase goes, “ lick the bond propositions in
to shape,” and better procure such issues as can be approved
by the most careful investors. These facts are the result of
some eighteen years’ experience, and are among the best
evidences that banks and trust companies are of advantage
to each other.
Formerly I think there was a feeling among bankers
that trust companies were illegitimate, and that they en
croached upon the business of banks. I never believed that
this was true, and experience has shown that it is not.
You all realize that it is an advantage to the country
bankers to have a trust company in the Twin Cities that is
constantly supplied with money to take the best farm ap
plications and make quick returns. It is equally desirable
to the city banker to have the account of a trust company,
which necessarily must keep good-sized balances, and keep
them of good size uniformly.
Can B etter Handle Real E state Securities.
Immediately before, and during the panic, there were
many city banks which had good customers, with first-class,
unencumbered real estate, and those banks found it a de
cided advantage at that time to have a trust company with
which its customer could negotiate a first-class real estate
loan and pay off his personal loan to the bank. It often
happens also that banks desire the title to real estate or
other property, which it may find expedient to take as se
curity, held in trust, and a trust company can be useful to
the bank in that, as well as in other matters.
During these last years there have been offered some
large issues of municipal bonds and some large corporation
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Federal Reserve Bank of St. Louis
issues, of such high grade that trust companies, as well as
banks, are glad to take them for themselves and their clients,
and in such cases we have found it mutually profitable and
satisfactory to have the banks of our acquaintance join with
us in the taking of such issues.
The development of our cities and of this state, and of the
states to the west of us, will constantly furnish more and
more ways in which a trust company can be useful not only
to its stockholders and the immediate locality in which it is
located, but also to the banks and bankers throughout the
northwest.
The above is doubtless sufficient to give some small idea
of the extent and intimacy of the relations already existing
between trust companies and banks, and we are but at the
beginning of a business in which they will naturally co
operate with each other. The relations of eastern banks and
trust companies are even more useful and intimate since
they have learned how to use each other, and at the same
time afford to each other the greatest profit and satisfaction.
W estern Business Going to Eastern T ru st Companies.
Trust companies have come to be found to be a neces
sity in any considerable business community, and if there
are no trust companies in this state the business properly be
longing to this locality will be taken to trust companies in
the east, as was the estate of the late ex-Gov. C. C. Wash
burn. It would surprise many of you to know how many of
our larger merchants and manufacturers and capitalists in
the northwest keep accounts with, and borrow money from,
the Illinois Trust & Savings Bank, and the Northern Trust
Company of Chicago, as well as the trust companies of New
York, Boston and Philadelphia. It certainly is not to the
advantage of the northwest that this business, which orig
inates here, and which should contribute to our growth and
strength, should be transacted away from home. It is of no
advantage to our banks to have a trust created and taken to
Philadelphia, or to Chicago or New York, and the business
transacted there and the moneys from time to time depos
ited with the banks and trust companies there, but it is to
their advantage to have all of the business which originates,
and which can be properly transacted here, remain at
home, and the deposit of balances made with our own banks
and trust companies.
The banks of our state, both city and country, have of
late, I think, realized the necessity and value of trust com
panies, at least in a degree, and have felt differently toward
a legitimate trust institution than formerly, and I believe that
this good will will not only steadily increase, but that it will
result in the development of first class trust companies in the
northwest.
It has doubtless seemed to some of you that if trust com
panies were really needed here, they would have better suc
cess, and you have doubtless felt that it was a surprising
fact that greater success had not come to the trust com
panies in this state.
The T ru st Companies’ Hard and Small Beginning.
In reply to this suggestion, I can only say to you that the
business of a trust company must, like the business of a
lawyer, have very small beginnings, especially in a new coun
try, where the amounts of money are not large, where com
paratively few people have died, where estates have not ac
cumulated and been left in the hands of trustees; where in
vestors are not numerous, and where the business of a trust
company is not, at least in the beginning, well understood.
Even in the east the beginnings of trust companies were
very small. Many of you may not know that the famous
Farmers’ Loan & Trust company, of New York, which is, I
think, the oldest and perhaps the best known of any trust
company in the United States, had great difficulty in procur
ing its charter. So great was the prejudice against it that
it was only able to obtain a charter by the aid of the farmers
of the state of New York, and upon an agreement, which
I think was inserted, that it would loan a certain amount
each year to the farmers of the state of New York, and adopt
as its name, the “ Farmers’ Loan & Trust Company.” Nor
may it be known to many that the Illinois Trust & Savings
Bank, which has now attained such great strength and high
character, had a most discouraging beginning, being obliged
at one time to write off $400,000 of its $500,000 of capital,
and practically to begin anew with only $100,000.
The building up of the business of a trust company is a
slow process, but, if well done, it is a very substantial and
safe and secure business- It is one in which the community,
from the banker down to the*orphan, has an interest, and in
which all may be benefited.
T H E C O M M E R C IA L W EST.
Saturday, Feb. i, 1902.
WATSON & CO.
F. A. Chamberlain, President.
Perry Harrison, Vice-President.
E. F. Mearkle, Vice-President.
Thos. F. Hurley, Cashier.
Guy C. .Landis, Assistant Cashier.
The
Security Bank «Minnesota
BROKERS.
Minneapolis,
11
Minnesota.
MINNEAPOLIS.
Capital Paid in, $1,000,000.
Stocks, Bonds, G rain, Provisions.
Members of the New York Stock Exchange, Minneapolis Chamber of Commerce,
Chicago Board of Trade, New York Produce Exchange
and other leading Exchanges.
A G e n e ra l
B ank in g
B u s in e s s T ra n s a c te d .
We solicit accounts of banks, cor
porations, private individuals, etc.,
and offer every facility and accom
modation consistent with sound
banking.
D ire c to rs .
Private Wires
to Chicago,
TELEPH ON E
CALLS:
New York, and Other Cities.
M A IN
906,
AND
M A IN
NEW YORK LETTER.
Stock Speculation Is Waiting on the Northern Securities Decision
and Other Developments—The Rail Tonnage Decision.
(Special Correspondence of The Commercial W est.)
New York, Jan. 28.— Sentiment in Wall street changes
very quickly some times and it may shake off its present
lethargy at any moment, but there is much reason to ex
pect the narrow fluctuations which have been witnessed for
some weeks, will continue until there is some development
to give prices a strong impetus one way or the other. It
is uncertain when the supreme court in Washington will
render a decision in the Northern Securities case, but a
favorable one would without doubt stimulate speculation, as
it will clear the way for other corporations of similar char
acter. The Southern Securities company and the South
western Securities company, have been incorporated and are
now believed to be waiting for the decision regarding the
Northern Securities company to be rendered before they
begin operations. The release of large sums of money now
tied up, is also contingent upon the decision. It would not
be surprising should the supreme court decide that the
Northern Securities company is acting within the law, that
it would be the beginning of a period of great activity, with
speculative sentiment fed by a succession of railway deals.
* * *
It seems clear that the buying of such stocks as Dela
ware, Lackawanna & Western, Chicago & Northwestern
and other high-priced issues has been based on knowledge
of coming developments. Both of the companies named are
earning enormous dividends, and have been accumulating a
treasury surplus which should in some way be shared with
the stockholders. Five years ago the present volume of
trading would have been considered enormous, but since
then there have been such radical changes in the times that
dealings of 500,000 shares daily seem insignificant. It is
obvious that many large interests are taking active part in
the proceedings. Speculation is by no means so general as
it was a decade ago, but the operations of ten combinations
now equal the former speculations of five hundred individ
uals. Business on the floor is not so well distributed as it
was. Pool and clique brokers have plenty to do. Brokers
with a peculiarly public clientelle are wholly idle. An ex
animation into the activity of individual stocks shows that
the central point of liquidation was in Atchison, which was,
by a small margin, the most active stock. There is appar
ently no reason for singling it out, unless it be the belated
influence of its recent bond issue. Experts continue to fig
ure that the new debenture 4 per cent bonds are prior in
the matter of interest to the adjustment .s, but are sub
sequent in the matter of the annual sinking fund. Consid
ering that earnings on the common stock have been for a
year more than double the common dividend, the distinction
is of no great speculative moment, but it continues to be
talked of nevertheless.
* * *
The trade situation, as reflected by the record of bank
clearings, continues to compare favorably with last year, but
the percentage of increase is not so large. The decrease in
exports is also an indication of a contracting tendency in
trade. Railroad earnings hold up beyond all expectations,
and are certainly most encouraging, especially in view of the
small movement of grain. The chances seem good for a re
duction in the war taxes, which will prevent the United
States treasury from being a constant menace to the money
market, or at any rate some provision will probably be made
for larger
deposits by the government in the national banks.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
517.
F. G. W inston
J. W . Kendrick
James . Quirk
H. C. Akeley
F. A. Chamberlain
S. T. M cKnight
E. F. Mearkle
W . S. Nott
H. M. Carpenter
R. M .Bennett
Louis K. Hull
Perry Harrison
C. C. W ebber
Thos. F. Hurley
The volume of loans by the banks is very large, and in the
opinion of some this constitutes an obstacle to any extended
advance in the stock market. It is probably a fact that sel
dom before was the Wall street public such a small borrower,
and the large interests such large borrowers. This, of
course, gives such strength to the situation that it would take
a very serious adverse development to shake it.
* * *
The season of crop uncertainty is approaching, and the
large interests would hardly care to attempt to bring about
a bull market at that time. During the week the price of
wheat fell sharply from an influence which should have
operated to the good of the stock market. Heretofore the
winter wheat region has been much in need of a protecting
blanket of snow. A fall of three inches in Iowa, while
greatly beneficial, is not of as much importance, as an equal fall
in the winter wheat sections of western Kansas. The weath
er the past few weeks has been the most favorable in a
number of years for the entire tract of country in a north
and south line from Manitoba to the southernmost point of
Texas, but has been poor in the winter wheat regions north
of the Ohio river. Coincidently, current railway returns are
making the least favorable showing in the agricultural sec
tions, where the outlook is best for another season. The
north and south lines west of the Mississippi river are gen
erally complaining, not that business has fallen off materially,
but that they appear to have reached the height of traffic
development, if not to have passed it. There is no sign of
falling off of traffic in the northwest. The St. Paul, for ex
ample, reports good business in everything but cattle. There
is no falling off of business in the south and the eastern
south, neither is there falling off in the southern states west
of Texas.
* * *
The scarcity of gilt-edge investments is generally ad
mitted. The quick absorption of the $30,000,000 debenture
issue by the Atchison is proof enough that there is a market
for first-class investments. The fact that securities of a
lower class are not taken readily by the public, notwithstand
ing the large earnings shown in some cases, is evidence of
the feeling of distrust which has taken hold of small invest
ors and speculators. The time was when such a stock as
United States Steel preferred, having a margin in earnings of
$45,000,000 over dividend requirements, would have been ea
gerly taken at par, but now the public is indifferent to it at
under 95. Besides the conviction that the year 1901 was
abnormally prosperous, there is reason to be found for this
attitude in the numerous failures of industrial companies in
the past, some of them launched over the names of promi
nent banking houses, accompanied by a prospectus which
made dividends on the preferred stock seem absolutely safe.
The Steel corporation has pursued a policy of frankness with
stockholders by publishing quarterly statements of earn
ings, and this fact and others, which might be cited, tends
to inspire more than the ordinary confidence in its securi
ties, but nevertheless they have not overcome the aversion
to an industrial stock. The fear that the present conditions
of general trade and the stock market cannot be maintained,
arises from the troubles which have come to the surface in a
number of instances, and lately the prominence given to the
large issues of new securities has added another element of
doubt. The leaders of the market have laid great stress on
the improvement of railway properties by the use of surplus
earnings, until the public were convinced that there would be
no need of bond and stock increases, but these have been an
nounced very frequently during the past few months. The
effect has been a feeling of distrust as to whether the re
turns reported by the railway companies were not made at
the expense of the properties. It can be said unreservedly
T H E C O M M E R C IA L W EST.
12
MASON, LEWIS & CO.
JOHN H. W REN N & C O .
THE ROOKERY,
B A N K E R S
BOSTON,
60 Devonshire Street.
CHICAGO,
Monadnocck Building.
MUNICIPAL
RAILROAD
CORPORATION
Saturday, Feb. i, 1902.
C H I C A G O
B O N D S CHO,CE
Stocks,
ISS U E S
Street Railway and Gas Companies
LIST O N APPLICATIO N
225 La Salle Street
Bonds, Grain, Provisions
Coffee, Cotton
PRIVATE WIRES TO NEW YORK AND MINNEAPOLIS
î U 'i n n 't u u n t t ô :
IfytAntm ratt (ir a s U ^ tim u js l a n k
< Ü líÍ K l0 fl.
Capital, Surplus and Profits
$1,700,000
O F F IC E R S :
F. G. BIGELOW, P r e s id e n t .
WM. BIGELOW, V ic e P r e s id e n t .
FRANK J. KIPP, C a s h i e r .
T. E. CAM P, A s s t . C a s h i e r .
H. G. GOLL, A s s t . Ca s a i e r .
G e n e r a l B a n k in g ,
S a v in g s , T r u s t
C a p ital a n d S u r p lu s $ 1 , 4 0 0 * 0 0 0
First National Bank
MILWAUKEE, W1S.
that an analysis of the fresh capital issues by the railways
would prove that they have been nearly all for new property,
either mileage, real estate or equipment, and that where such
issues have been for the cost of improvements it is almost
certain that the net income will be increased thereby suf
ficiently to cover the additional charges. The public will
not be convinced by this reasoning, however, and, especially
in the case of the Atchison, is firm in the belief that the re
cent bond issue indicates that the property is not in the con
dition which it has been represented. This is one of the
things which must be overcome before any public support
of the market can be looked for.
* * *
The predictions of interests, who have looked carefully
into conditions in the section of the country reached by the
Missouri Pacific railway system, that the earnings were not
likely to suffer much by reason of the damage to the corn
crop, are being substantiated by the weekly statements of
earnings issued by the company for the first three weeks of
January. The figures for the third week show an increase of
$30,000. For the second week the gain was $31,000, and for
the first week $20,000, a total of $81,000, or an average of
$27,000 a week for the three weeks. It is understood that a
prominent official of the company who has gone over the
territory thoroughly, does not expect any material falling
off in earnings for some time.
* * *
The advance shown by all the bonds of the Central of
Georgia railway is regarded by bond experts as fully war
ranted,, as the property is steadily growing in intrinsic value.
Earnings are constantly increasing and the road is being
gradually brought to a high standard physical condition.
Like the “ Nickel Plate” stocks, which have risen phenom
enally, because the road was nursed into a high-class prop
erty, so the Central of Georgia’s first incomes are expected
to advance as the property is developed, and some conser
vative investment brokers predict par for them. The bonds
pay the full 5 per cent interest and at 80 they net the in
vestor over 6% per cent.
* * =k
The increase in the operating expenses of the Brooklyn
Rapid Transit company is said to be due entirely to the pol
icy of using net earnings to pay the cost of _improvements
on the road. The gross earnings are increasing at the rate
of about $2,000 per day. The new powerhouse, when com
pleted, will give the company sufficient capital not only for
its present needs, but for operating cars over the proposed
new bridges. The policy of the company has disappointed
those who were expecting dividends, but it is gradually in
spiring confidence in the ultimate value of the stock as an
investment, providing that the gross earnings continue to
gain. This seems pretty safe to count on in view of the
growth of the population along the line. It has always been
the belief of the insiders that the franchise is capable of
earning dividends and this belief is being confirmed by the
growth in the gross earnings.
* * *
The speculation in sugar has been on the prospect of
favorable legislation at Washington, and so-called trade ex
perts have figured out that the company is making very large
profits. Everything relating to sugar is, however, guess
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Federal Reserve Bank of St. Louis
United States Depository
D IR E C T O R S :
C. F. PFISTER,
E. MARINER,
WM. BIGELOW,
GEO. P. MILLER,
F. G. BIGELOW
H. C. PAYNE,
F. VOGEL, J r .,
FRED T. GOLL,
J. H. VAN DYKE, Jr .
work. The same may be said of Amalgamated Copper,
which has shown some strength, without any material ad
vance in price. The copper metal market shows a better
tone, but the purpose of the Amalgamated interests are not
yet clear. The buying movement of copper is broadening
and, as the Amalgamated stocks on hand are reduced, the
company will not be able to exercise the same control over
the market. The division of sentiment towards the A tchi
son stocks has been intensified by the recent bond issue, and
while the public is generally bearish on them, they receive
good support. It may be said that while the records of rail
road earnings and general trade are not particularly en
couraging to those who believe in lower prices, neither are
they of a character to make the bulls enthusiastic. Money
rates have reached a low level, but notwithstanding this,
and the short interest in exchange, there is nothing heard
of gold exports.
Chicago Stock Market.
(Special Correspondence of The Commercial W est.)
Chicago, Jan. 28.— Prices on the local stock exchange
ruled comparatively steady last week. Fluctuations were
narrow, but the trend of values, for the most part, was up
ward. The most notable feature of strength was Lake Street
debenture 5s. Under a decision in the local courts the ex
change of these bonds for first mortgage bonds will prob
ably be completed at once. The first mortgage bonds now
outstanding amount to $1,376,000 and the debentures out
standing are $4,484,000. These are secured by a deposit of
first mortgage bonds- The total amount of the latter, after
the exchange is completed, will he $5,860,000.
In stocks, the issues of the American Can company com
manded the most attention and they were the weakest on
the list. The preferred declined about two points to 56JÍ
and the ordinary drifted down to 14!^ in sympathy. There
is a report going the rounds that the big concern is cutting
prices in order to force its small competitors out of the field
and to this is attributed the weakness. The street is of the
opinion that the company can ill afford to enter an active war
fare without dire results. The concensus of opinion is drat
the company has been a losing proposition from the start
and they believe that, inasmuch as it is more than a year in
arrears in its preferred stock dividend, that the chances of a
disbursement are rather slim, if the price cutting continues
for any great length of time.
Match eased a little toward the end of the week hut not
enough to cause more than passing comment. It is said the
net profits of the company for 1901 will be almost ^exactly
$2,000,000, or about the same as last year. The year’s earn
ings, however, are said to be the greatest in its history,
but expenditures have been heavy in the way of betterments
and extension of the business, consequently the showing
will only be about the same as a year ago. There will be a
surplus left of about $500,000 above the dividend require
ments, disregarding the charge for depreciation.
Biscuit issues were quiet and the railroad issues were firm.
There was not much business done in either. Elsewhere on
the list quotations were almost stationary and trading was
almost nil.
,
_
,
,
Aside from the transactions m the Lake Street bonds
there was but little doing in that department. Northwestern
Elevated 4s were in limited supply at g8 lA c.
T H E C O M M E R C IA L W EST.
Saturday, F eb. I, 1902.
C. H . D a v id s o n , J r ., P res’t.
C. H. Ross, V-Pres’t.
T. F. McCue, Sec’y- and Trcas
The Farm Mortgage
Loan and Trust Co.
13
Henry Hemmelgarn.
H. HEMMELGARN & CO.
COMMISSION MERCHANTS.
GRAIN,
SEEDS
AND
C a p ita l $ 1 0 0 , 0 0 0 .
MINNEAPOLIS OFFICE,
503 Phoenix Building.
PROVISIONS.
315-319 RIALTO BUILDING,
C A R R IN G T O N , N O . D A K .
C H IC A G O ,
IlM U I I N O I S .
Members Chicago Board of Trade.
C H IC A G O BAN K S T O C K Q U O T A T IO N S.
A. J.
Phillip H. Schifflin.
W H IP P L E
&,
T H E
CO.
Members Chicago Stock Exchange.
STOCK
BROKERS.
Private Wires to all Principal Exchanges.
Main Floor New York Life Building.
CHICAGO.
Long Distance Telephone, Central 1031.
O rd e rs by w ire in g ra in and s to c k s p ro m p tly e xe c u te d .
Jan. 23, 1902.
Book V. Div. R. Li. Sale. Bid. Asked.
American Trust ........... . 144
6
210
205
210
Bankers N ational.......... . 129
5
165
165
170
Chicago City ................. . 138
8
160
160
165
Chicago National .......... . 226
*12
370
365
375
Commercial National . . 172
12
340
340
345
Continental National .. . 132
6
195
190
195
Corn Exchange ........... . 195
12
402
398
405
Drovers National ........ . 210
8
205
215
First National .............. . 174
12
393
391
395
Fort Dearborn National . 124
6
127
130
135
Garden City ................... . 128
6
109
107%
112
Illinois Trust .............. . 224
12
740
735
745
Merchants L. & T. Co. . 195
12
395
395
400
Merchants National ... . 281
10
410
410
Metropolitan National . 170
10
291
288
293
Milw. Ave. State Bank . 158
6
110
110
120
National Bank Republic. . 128
5
158
154
156
National Live S tock__ . 223
*12
315
315
325
Northern Trust ............. . 232
6
400
400
500
Oakland National .......... . 199
6
165
165
Prairie State .................. . 132
4
115
120
130
Royal Trust
................ . 168
5
139
140
142
State Bank o f Chicago. . 123
6
215
230
250
Union Trust (N ew )...... . 132
175
W estern State ................ . 110
4
ÌÓ2L4
101
Ì05
An extra dividend of three per cent annually paid on those
stocks marked with star.
Bond Awards.
The Binghamton, N. Y., $50,000 3 ^ per cent semi-annual
35/Yyear bridge bonds were awarded to N. W. Harris & Co.
at 106.34.
I h e Wayne, N. Y., $28,000 3^2 per cent u j 4 -year average,
refunding bonds, were awarded to E. C- Jones & Co., New
York, at par.
The $600,000 Cleveland, Ohio, 4 per cent 24%-year bonds
were awarded to R. L. Day & Co. and Estabrook & Co., joint
ly, at 113.097.
The Bath, Me., $85,000 3^2 per cent semi-annual 4^-year
average refunding bonds were awarded to the Bath Savings
Bank, at 101.16.
The $30,000 Dartmouth, Mass., 3 J4 per cent semi-annual
i to 12-year bonds were awarded to the New Bedford Sav
ings bank at 101.30.
Ihe $40,000 to $50,000 Ridgefield, Conn., 3 /
l 2 per cent semi
annual 20 to 30-year optional sewer bonds were awarded Jose
Parker & Co. at 101.
Dubuque, la., has sold $16,000 of its refunding 4-per cent,
twenty-year bonds to McDonald, M cCoy & Co., Chicago, at
a prem'um of $1,477.
The village of Bottineau, N. D., has sold $3,000 of village
5 per cent, 15-year bonds, to Kane & Co., Minneapolis, at
101^2 and accrued interest.
The Rochester, N. Y., $150,000 3 ^ per cent 5-10-year op
tional high school bonds were awarded to Ladenburg, Thalman
6 Co. on a 3.20 per cent basis.
The Hempstead, N. Y., $22,000, 3% per cent semi-annual
10-year average registered gold bonds were awarded to George
M. Halm, New York, at 100.07.
The Rochester, N. Y., $150,000 3^2 per cent semi-annual,
5 to 10-year optional registered high school bonds, were
awarded to Ladenburg, Thalman & Co., at 101.43.
Ih e Pasadena, Calif., $300,000 4 per cent semi-annual 15year and five months average improvement bonds were
awarded to the Union Savings Bank, Oakland, at 101.50.
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Federal Reserve Bank of St. Louis
Western Bond Issues.
Edgerton, Minn., has voted $6,000 water works bonds.
Alexandria, S. D., will vote February 11 on the issuance
of water bonds.
Dillon, Mont., will hold an election Feb. 10 to vote on the
proposition to issue $24,000 water bonds.
The city council of Mankato, Minn., are discussing the
issuance of $25,000 4 per cent lighting bonds.
The Supreme Court of Minnesota has upheld the validity
of the proposed $60,000 water bonds of the city of Duluth.
Harmony, Fillmore county, Minnesota, will receive bids to
Feb. 20, on $9,000 of serial, 19-year, 4 per cent water bonds.
Yellowstone county, Montana, will soon vote on the issu
ance of $50,000 bonds for building a court house at Billings.
Beltrami county, Minnesota, will vote at the spring elec
tion on the issuance of $75,000 bonds for a court house and
jail.
Little Falls, Minn., will receive bids to Feb. 10 for $35,000
of bridge bonds and $40,000 of refunding bonds, to bear five
per cent interest and to run not longer than 30 years.
Financial.
The First National bank, of Staples, Minn., will have a
new building next spring to cost upwards of $6,000.
*
*
*
The executive council of the National Bankers’ associa
tion of Louisiana has decided to hold the association’s annual
convention in New Orleans April 29-30.
*
* *
The State Savings Loan & Trust company, of Quincy, 111.,
has increased its capital from $300,000 to $400,000. A t its re
port of Dec. 11 last, the deposits were $3,537,387, as against
$2,839,411 Oct. 1,1900.
*
* *
Knight,Donnelly& Co., of Chicago, have issued the first
number of Pit and Post, a “magazine of the markets for
traders and investors.” The booklet, which is to be sent out
monthly, is to be edited by Louis Lamb, the company’s statis
tician, and will contain graphic diagrams showing the earning
capacity of the various railroads of the country. The con
tents include articles on “ Trading Customs,” “ Stock Market
Conditions,” “ Grain and Provision Situation,” “Anticipating
Advances” and many valuable tables and statistics. The pub
lication will be devoted solely to advertising the firm which
issues it.
jjc
>fc
The First National bank, of Chicago, made a net profit
of $1,118,216 during the year 1901, or 22.36 per cent on its
capital of $5,000,000. This is nearly double the profits of the
preceding year.
*
*
*
The First National bank, of Duluth, at its recent election
re-elected all its old officers and directors. Its surplus is
$458,000— this being exceeded by but one other bank in the
state.
T H E C O M M E R C IA L W EST.
14
ABOUT THE NEW MINNESOTA TAX LAW.
A daily paper in Minneapolis made the statement that,
should the tax revision act become a law, the work of the
assessor would be greatly facilitated in the matter of getting
at the amount of individual bank deposits, by getting a list
of depositors at the office of the state examiner.
Doubtless it would, if such a thing were possible. In the
first place, the state examiner does not have lists of bank
depositors. Secondly, if he did have, there is no law that
could compel him to disclose them. On the contrary, it
would be his duty to guard them carefully.
Moreover, the state examiner has no jurisdiction what
ever over national banks, nor is it likely that any revision of
the tax law or amendment to the state constitution can be
made which will subject national bank depositors’ balances
to the scrutiny of the assessor. Whether the state could
compel the national banks to produce a list of their deposi
tors, under the new act, if it becomes a law, is a question
that the national banks would contest to the court of last
resort.
Saturday, Feb. I, 1902.
furnished the trade with nearly enough money from this
source to handle the light receipts.
A t the close of the week ending Jan. 25 the elevator stocks
of wheat amounted to 17,421,188 bushels, against 17,538,500 a
year ago. The increase for the week was 724,000 bushels.
Flax increased nearly 200,000 bushels, and the amount is
1,245,377 bushels.
There has been a little lumbermen’s paper on the market,
but very little. Some firms that expected to be borrowers
this month have not been; and it is now expected that the
lumbermen will need comparatively little money, aside from
their own resources, this season. They are probably in a
better position to get along without borrowing heavily than
ever before.
The banks are paying 30c premium for New York ex
change and selling it at 80c. Chicago exchange they buy at
par and sell at 50c premium.
Demand terminals ...........................................................
Time' terminals .................................................................
Prime endorsed, 4 to 6 m onths......................................
Good endorsed, 4 to 6 m onths........................................
London 60 days’ sight docum entary exchange:
Friday, Jan. 24....................................................................
Saturday, Jan. 25...............................................................
Monday, Jan. 27.................................................................
Tuesday, Jan. 28.................................................................
Wednesday, Jan. 29...........................................................
Thursday, Jan. 30..............................................................
Guilder, three days’ sight, Jan. 30..............................
4 @
4%@
5 @
5 @6
4.83%
4.83%
4.83%
4.84
4.84
4.84
•40%
LYMAN D. BAIRD APPOINTED NATIONAL EXAMINER.
Lyman D. Baird, president of the Citizens’ National bank,
of Austin, Minn., was on Tuesday appointed national bank
examiner for this district, comprising southeastern Minne
sota and western Wisconsin, to fill the vacancy caused by the
resignation of Geo. C. Power.
Mr. Baird has lived in Austin for the last twenty years
and is about forty-five years of age. While not taking the
entire active management of the Citizens’ National bank, he
has kept in close touch with its affairs, besides being inter
ested in real estate and other enterprises. He is regarded
as a successful and energetic business man, and will doubt
less make an efficient examiner.
Omaha Money Market.
(Special Correspondence of The Commercial W est.)
Omaha, Jan. 29.— There is no change in rates of commer
cial paper, the ruling rates being 6 to 8 per cent.
Seattle Money Market.
(Special Correspondence of The Commercial W est.)
Seattle, Jan. 27.— N. H. Latimer, manager of the Dexter
Horton bank, when asked for a statement concerning the local
money market, said : “ The year has opened up auspiciously,
and the prevailing conditions are most promising. There
is a very healthy demand for money for local uses, a demand
which is noticeably stronger during the past two or three weeks
New York Money Market.
than it was before that time. However, the local banking
(Special Correspondence o f The Commercial W est.)
New York, Jan. 28.— Call loans were made today, both in institutions have so far been able to supply all demands. Re
and out of the Stock Exchange as low as 2^2 per cent. cent special dispatches from some of the larger agricultural
Large sums were placed from 3 per cent down. On time centers of the state indicate that there are unusually large
rates for all periods, 4 per cent is quoted and the tone is amounts of idle money in the prosperous farming districts.
easy. The banks continue to gain money, both from the This is notably true in the case of Colfax, where the banks
sub-treasury and interior. The rates of mercantile dis have over two million dollars idle, and where the two na
counts are easier in tendency. Quotations for prime paper tional banks recently offered to refund the entire Whitman
county debt at 4^2 per cent and pay a premium for the priv
are as low as 4 per cent for best quality.
ilege.”
Chicago Money Market.
(Special Correspondence of The Commercial W est.)
Chicago, Jan. 29.— Money rates are tending easier in Chi
cago, although bankers are reluctant to admit that conces
sions from the previous firm figures are made. The lowest
rate quoted at any of the banks, however, is 4J2 per cent,
but some high-grade commercial paper has been bought at 4
per cent. The western market for commercial paper is so
attractive to eastern lenders now that New Y o rk brokers
are represented here in fairly large numbers, and recently
representatives of two Boston houses have been in Chicago to
place paper. The Boston dealers offered paper at 4 per cent,
but from their statements to bankers, expected to find an
easier market. Deposits at the national banks from country
customers are increasing, and the next call from the comp
troller of the currency, which is not anticipated until the
latter part of February, will show good gains generally. The
local demand for paper continues good, but the easier tone for
money in New York is influencing rates. New York dis
patches reported a large Chicago trust company as offering
money there on Tuesday, with a number of New York banks
and trust companies, at 3 per cent and under, but this was
denied at the office of the bank here.
Minneapolis Money Market.
For the first time in several months eastern money is
unsettling local rates. All the fall and winter, rates have
been as low or lower here than in the east, but during the
last week or ten days eastern money has been offering lower
than pleases Minneapolis bankers. The result is, of course,
easier money here. The rate on time terminals is 4V2 per
cent, and 4k2@5 on best endorsed paper. Country bankers
are after grain paper and take all they can get at 4 per cent
and commission. There is a demand from the country for
more than is offered. Money is apparently plentiful through
out the northwest.
Grain men are taking care of some renewals, but are not
doing much else. The light receipts of wheat have affected
demand for money, and the declining wheat market has made
it easier for the grain men. On a declining market, the
Chamber of Commerce clearing house returns a portion of
the margins to the grain men, while on an advancing market
they are kept busy paying money into the clearing house in
the shape of margins. The decline in wheat has therefore
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Federal Reserve Bank of St. Louis
Kansas City Money Market,
(Special Correspondence of The Commercial W est.)
Kansas City, Mo., Jan. 28-— Unchanged rates and a quiet
market is what the bankers say of the money situation. The
ending of the drought in the southwest created a better feel
ing in all lines of business and made some perceptible im
provement in a few lines. Prospects of normal crop con
ditions the coming season is much to be hoped for by ev
eryone. Mercantile trade is about normal.
St. Paul Money Market.
This is a dull season in the local money market, or, rather,
between seasons, as far as heavy borrowing is concerned. Job
bers, in some lines, are beginning to put out spring goods,
but they will not be in the market for much money for from
two to four weeks. No grain paper is offering, owing to light
receipts of wheat, and general demand for money is light.
Deposits keep up well, and, as the banks are well loaned up,
there is nothing unfavorable in a temporary inactive demand
for money. Rates are nominally 4 per cent for call money
and 4j2@5 for time. Some call money placed in New York
by one of the local banks when rates were higher there, was
paid during the week, as the bank would not accept the rate
now offered— 3 per cent. The money was placed in Chicago
at 4 per cent. A quiet situation with an easy tendency for
money is expected for the next two weeks.
St. Paul Local.
The Union bank has elected the following officers and
directors: Maurice Auerbach, president; Robert R. Dunn,
vice-president; Herman Scheffer, cashier. Directors— The
officers and Almeric H. Paget, New York, and Robert Mann
heimer, St. Paul.
The following officers of the St. Paul Clearing House
were re-elected at the January meeting: President, J. W.
Lusk; vice-president, A. C. Anderson; manager, H. P. Upham.
It was reported here on Monday that F. G. Ingersoll, at
torney, of this city, would receive the appointment of national
examiner for this district, therefore the announcement of the
appointment, on Tuesday, of Lyman D. Baird, of Austin,
Minn., came as a surprise.
Saturday, Feb.
I,
1902.
T H E C O M M E R C IA L W EST.
15
New State Banks in Minnesota.
The State Bank of Chandler, Minn., was organized Jan. 8,
ri hree new state banks have been organized in Minnesota with a capital of $12,000. President, C. L. Todd; cashier,
this month, according to the records in the office of the state Myron Dodding.
examiner, S. T. Johnson, as follow s:
An application to organize the First National Bank of
State Bank of Pelan, at Pelan, Kittson county, with cap Willmar, Minn., has been approved by the comptroller of
ital of $10,000. Officers, Bendix Haldahl, president, and A. E. the currency. The applicants are Russell Spicer, C. W.
Wahl, cashier.
Odell, O. E. Ruble, Phillip J. Haley and Isaac Nordstrom.
State Bank of Chandler, at Chandler, Murray county, with Capital, $50,000.
$12,000 capital. Officers, C. L. Todd, president, and Myron
The controller of the currency has approved the appli
Godding, cashier.
cation of C. A. Ransom, Clint L. Luce, R. G. Ransom, Edw.
State Bank of Belview, at Belview, Redwood county, Olson and Augustus Armstrong to organize the Citizens’
with $10,000 capital. Officers, W. H. Gold, president, and J. National Bank of Albert Lea, Minn., with a capital of
M. Thompson, cashier.
$50,000.
Adolph Sucker and F. M. Gillett, of Amboy, Minn., will
start a private bank at Louisville, Minn., with a capital of
Nebraska Bank Closed.
$10,000. This will later be organized as a state bank.
(Special Correspondence o f The Commercial W est.)
The Kenmare, N. D., State Bank will begin operations
Omaha, Jan. 29— The Platte Valley bank, of Bellwood,
Neb., was closed yesterday by the state bank examiner, and about Feb. 1. John N. Fox and others connected with the
A. H. Gould, the cashier, is under arrest, charged with forg f irst National Bank of Breckenridge, Minn., are interested
ing notes to the amount of $40,000. H. R. Gould, of Omaha, in this new venture.
The controller of the currency has approved the National
secretary of the State Banker’s association, was president
of the defunct bank, but has had no part in its management Bank of Commerce, Minneapolis, and Western National bank,
for four years, having disposed of all but a nominal interest New York, as reserve agents for the First National bank of
at that time. The forged paper is said to have been dis Kenmare, N. D.
The Farmers & Merchants’ State bank, of Cokato, Minn.,
counted at Omaha, Lincoln and New York.
has been incorporated with a capital stock of $20,000.
The Bank of Benson, Minn., will organize as a national
Minneapolis Local.
bank.
State Bank Examiner Johnson has authorized the State
H. M. Martinson, cashier of the Bank of Emmons, at
Emmons, Minn., was in Minneapolis last Saturday, on his Bank of Pelan, Kittson county, capitalized at $10,000 to begin
way home from Lac Qui Parle county, where he had been business.
The controller of the currency has authorized the Barneslooking after some land interests.
F. F. Murray of the Merchants’ bank, at North Branch, ville National bank, of Barnesville, Minn., to begin business;
capital, $25,000; E. B. Hawver, president; M. D. Hawver,
Minn., was a caller at the Metropolitan bank on Tuesday. cashier.
North Branch is in the “potato belt,” and that locality raised
The controller of the currency has authorized the conver
a large crop of potatoes last summer. Mr. Murray said
that from 50 to 60 per cent of the crop has been marketed. sion of the Farmers and Mechanics’ State bank into the First
The movement has been light for the last few weeks, ow National bank of Volga, S. D .; capital, $25,000; George More
ing to lower prices, but has improved again. North Branch house, president; C. W. Smith, cashier.
The National Bank of Commerce, Minneapolis, is approved
is shipping potatoes to Texas and Oklahoma and other south
as reserve agent for the First National bank of Detroit, Minn.
ern and southwestern points.
The First National bank of Britton, S. D., the old Citizens’
Minneapolis bank clearings for the week ending Thurs bank of that place, is now in commission.
day, Jan. 30, amounted to $11,869,935, as compared with $10,The First National bank, of Windom, Minn., has declared
477>386 for the same week a year ago. The increase for its regular semi-annual dividend of 5 per cent and has put
the week this year was $1,392,549.
$25,000 into the surplus fund.
The creditors of the Irish-American bank, Minneapolis,
The report of the condition of the national banks of W is
will receive about 55 per cent of their claims, according to consin at the close of business, Dec. 10, 1901, shows the banks
the report of the receiver.
to be in excellent condition. Compared with the correspond
ing statement of a year ago substantial gains are noted in
the banks’ total resources. In December, 1900, the resources
Among the Country Banks.
of the banks in Wisconsin, outside of Milwaukee, aggregated
The First National Bank of St. Paul and the Western Na $53,984,519, as compared with $61,237,617 in December last.
tional Bank of New Y o rk have been approved as reserve Individual deposits have increased more than $5,760,000 in the
agents for the First National Bank of Bottineau, N. D. year. In December, 1000, this item aggregated $39,228,749,
This bank was recently converted from the Merchants’ Bank whereas the recent report shows individual deposits at $44,of Bottineau, with increase of capital from $10,000 to $25,000. 995,937- Loans and discounts have increased from $32,297,157
The State Bank of Woodstock, Minn., has increased its in December, 1900, to $36,585,855. The issuance of national
capital from $10,000 to $20,000 and has added $1,000 to its bank notes has increased, now aggregating $3,390,120. The
surplus.
present holdings of gold coin aggregate $1,568,625.
MR. GILM AN
DISCUSSES
(Special Correspondence of The Commercial W est.)
New York, Jan. 28.— Mr. Theodore Gilman, whose bill (LI.
R- 7950) for a clearing house currency has been introduced
into both branches of the present congress, said today to T he
C om m ercial W
est:
“I find that many prominent bankers who are in favor of
a currency through clearing houses differ as to the details of
the measure which congress should pass. Some think that
clearing houses of issue should be confined to a few of the
leading cities, such as New York, Chicago, Cincinnati and St.
Louis.
“ I do not think it is practical to carry a measure through
congress on any such restricted basis. States like Iowa and
Indiana would demand participation in its benefits, though
they have no cities whose clearing houses have as large trans
actions as those I have named.
“ I surmise that it will be impossible to get these clearing
Mexican Bonds in Demand.
A significant tendency in American investments is the in
creased interest in foreign government securities. German
and Mexican bonds are largely held in the west, and within
the last year heavy purchases of Swedish and Russian loans
have been made by American insurance companies and other
large financial institutions. Recently Japanese government
securities have been exploited and an effort is now being made
to broaden the market for these bonds.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
HIS
BILL.
houses to agree upon a measure except under the pressure of
a panic. They would discuss details after details, even if the
differences of opinion were exceedingly trivial. How long
this discussion may be prolonged, it is impossible to say.
They should put their ideas into the form of a bill, so that it
can be discussed. I think it is desirable to go on with the
agitation of this subject, because that will hasten some action,
and it seems inevitable to me that it will be in the direction
of giving clearing houses the powers which I have outlined
in my bill.
“ I do not know that banks have ever united upon a bank
ing measure, and I think the history in our country and in
England on such measures is that they have been devised by
the legislative power, without the unanimous consent of bank
ing interests. Bankers are so divided in opinions by their
political ideas and geographical situation, and by their finan
cial interests, that it is difficult for them to agree on any
single measure.”
BANK
BURGLARY
AND HOLD-UP INSURANCE.
F o r P a rtic u la rs A d d re s s
The Chadbourn and Braden insurance Agency,
M INNEAPOLIS,
M INN.
Ì6
T H E C O M M E R C IA L W EST.
THE WHEAT SITUATION.
Speculatively, wheat is decidedly lacking in interest. The
steady decline from 8o^c, high point for Minneapolis May,
on Dec. 6, to 74c with no reactions worth mentioning until
that point was reached, has completely discouraged invest
ment buying, turned some bulls to bears and chased others
out of the market.
Wonder is frequently expressed that those speculatively
inclined do not take more interest in wheat. A diagram of
the course of wheat since the first of December furnishes one
answer. Advances are frequently too artificial and short
lived, and declines follow too swiftly on their heels, fpr the
average investor, if he is not also something of a speculator
who can keep one eve on the market and the other on his
business.
While it cannot be denied that wheat is in a bad way, it is
well to remember that it is entering the period which a sick
market always reaches, namely, a period of friendlessness.
When wheat hasn’t a friend in the world, and it appears
good for another 10c decline; when people laugh at the men
tion of wheat— then is a good time to buy, taking general
averages for a rule.
The 1901 crop is a thing of the past, as far as general in
terest is concerned. Still, there are the unknown factors of
feeding wheat to stock, and the unprecedented consumption
of wheat as human food— there will be a final accounting of
these before another crop. But it is the next crop that will
largely dominate the market from now on. Crop conditions
and weather, actual damage and prospective damage, will
be the influencing factors more than will the wheat which is
now in elevators and farmers’ hands.
Saturday, Feb. i, 1902.
the natural crop for these new lands is flax, and with the pros
pect of more than paying for their farms with one crop, the
farmers can be depended upon to sow a larger percentage
than in 1901, while newly broken lands will to a certainty be
put into flax.
Furthermore, much of the plowing in the far northwest
was unavoidably put over last fall until spring. By the time
plowing is finished in the spring the season will be too far
advanced for wheat seeding, and land that might otherwise
be seeded to wheat will go to flax. A t present, therefore,
conditions seem to be shaping themselves for a larger acre
age of flax in the northwest than last year, although it is
early to express positive opinion.
WEATHER AND MILLFEED.
While all lines of trade have suffered more or less in the
northwest by reason of the first three weeks of January be
ing extremely mild, probably nothing has been adversely af
fected more than millfeed. During January, zero weather can
usually be depended upon in the northwest— wintry weather,
indeed, the kind that requires hearty feeding for both man
and beast. Stock absolutely requires more feed when the
mercury ranges from zero downward than when it is from
twenty to forty above, as was the case most of January.
This condition was regarded as providential by stockmen and
farmers throughout the northwest, owing to the high prices
of feed. Owing to the high price, they fed less millfeed
than had it been lower. But owing to the mild and unsea
sonable weather, they fed much less than would have been
the case had the weather been severe.
It seems a conservative estimate to say that from 10 to 20
per cent more millfeed would have been consumed in the
northwest during the first three weeks of January, had the
weather been seasonable. With this amount drawn from the
country mills, and therefore not placed on the market, as
WHEAT FEEDING IN THE NORTHWEST.
was the case, the market would have been sustained.
On another page of this issue are given a number of let
The lower prices of last week induced more buying of
ters from leading millers in the three spring wheat states, millfeed by the farm ers; and the cold wave which swept over
received by T he C om m ercial W est in reply to an inquiry the entire northwest on the 25th cannot but have a beneficial
regarding the feed situation. Information about the feed effect on the feed market. However, while at present pries
ing of wheat to stock was especially desired, as reports from farmers will buy considerable quantities of millfeed, any mate
the country have, from time to time during the last two rial advance would curtail its use, relatively.
months, indicated that, owing to the high price of millfeed,
THE MILLS OF THE COUNTRY.
farmers were using some wheat for feed.
Less than half the replies received report any knowledge
A preliminary report made by the census bureau this week
of the feeding of wheat, while those that reported any feed on the mills of the country, for 1900, places the number of
ing at all, gave the quality of the grain so used as no grade flour and grist mills at 25,258, an increase since 1890 of 37
per cent. The capital employed is given at $218,714,100, an
or damaged. Southern Minnesota and South Dakota re increase of 5 per cent
port the greatest amount of wheat feeding. North Dakota
The number of mill employes is given in the report as
and northern Minnesota raised an unusually large crop of being 37,073, a decrease of 22 per cent in ten years; wages,
feedstuffs, or doubtless those sections would have fed a $17,703,400, a decrease of 2 per cent.
These figures show that while the number of mills in the
large amount of low grade wheat. Some of the replies re country increased 37 per cent in ten years, the capital em
ceived were, in substance, as follow s:
ployed increased but 5 per cent, and the number of employes
Minnesota— Faribault: Only the poor grades of wheat decreased 22 per cent. That the number of employes should
have been fed. H astings: All the low grade wheat has decrease is not surprising, for the efforts of the mill-furnish
ers have been concentrated upon the one idea of economy
been fed. M arshall: A few instances of wheat feeding. in milling methods during the last ten years, and the result
W aseca: Considerable was fed when feed was high.
is many labor-saving machines. But while this is true, the
North Dakota— Cavalier:
Considerable low grade has decrease in the number of employes is a remarkable one.
As for the increase of only 5 per cent in the capital em
been fed. Caledonia: A good deal of wheat will be fed.
ployed, the complete report of the census bureau may ex
South Dakota— Aberdeen: Considerable low grade has plain what without further information is difficult to com
been fed. W ebster: Only the poor grades are being fed. prehend.
Huron: No feeding to speak of. Valley Springs: Some
MINNEAPOLIS AND THE NORTHWEST.
feeding; amount small. Yankton: Feeding damaged wheat
The Week.
only. Redfield: Only that not fit for milling. M itchell:
C om m ercial W est O ffice , Minneapolis, Jan. 30.— Grain
Only damaged wheat being fed.
While damaged and low-grade wheat make a showing receipts and shipments at Minneapolis last week were as fol
in totals, the stuff that has been fed in the northwest is of lows:
Recepts.
Shipments.
no interest to bread-eaters; nor is it probable that the amount W h e a t...........................
1,121,100
230,000
is sufficient so that its disappearance will be noticed when Corn ....................................................
99,100
102,100
Oats .....................................................
148,700
69,300
the figures for the crop year are footed up.
Barley .................................................
57-8oo
17,800
Rye ......................................................
7,400
18,200
NORTHWESTERN FLAX ACREAGE.
Flax .....................................................
160,500
53,400
The assurance of high prices for flaxseed until another crop
Wheat in store in Minneapolis’ regular elevators Jan. 25,
would seem to guarantee a larger acreage than last year. 17,421,200 bushels. Flax, 1,245,400 bushels.
There is a considerable area of land in North Dakota and
Flour output last week, 284,500 barrels. This week it will
northern Minnesota under cultivation for the first, second, or approximate 240,000.
third year. Farm lands have had a boom in that section, and
Bank clearings for the week ending Thursday, Jan. 30,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, Feb. I, 1902.
T H E C O M M E R C IA L W EST.
17
were $ 11 ,869,935, against $ 10,477,386 for the same week last freely than for three months, and they are expected to be
year.
large consumers of millfeed during February and March.
Millfeed— Market still lacks life, though prices have prob
A t present quotations the brokers are, in some cases, sell
ably touched bottom.
ing feed for less than it cost them. The mills are not offering
Flax— Strong on heavy oil demand. Mills sell oil only anything only as they can sell patent flour, and the flour
trade is dull. They are sold ahead on shorts heavier than
as they can get seed. Will go higher.
Cash Wheat— Receipts this week curtailed by storm and on bran, and have none to offer. This week the mills are
extreme cold throughout the northwest. Farmers not sell running two-thirds capacity. Quotations follow:
FFS IN CAR LOTS F. O. B.
ing freely and not expected to before spring. Milling de QUOTATIONS OF M ILLSTU
M INNEAPOLIS.
mand takes all the best grades at a heavy premium. A
-LOil.
week ago Minneapolis and Duluth quotations for No. 1 hard Bran, 200 lb. sacks................................................................... $15.50@16.00
Bran,
in
bulk
...........................................................................
14.75@15.00
wheat were the same. On No. 1 northern Minneapolis led Standard middlings, 200 lb. sacks........................................ 16.00(5)16.25
Me, and iM c on No. 2 northern. Today Duluth leads Mc 011 Flour middlings, 200 lb. sacks.............. ............................... 17.25@17.50
No. 1 hard, and Minneapolis Mc °n No. 1 northern and ij^c Mixed feed, 200 lb. sacks........................................................ 17.75@18.00
Red-dog, 140 lb. ju te .................
17.75@18.00
on No. 2 northern. Kansas City closed today: No. 2 hard, Screenings,
bulk ..................................................................... 13.50@14.00
76^ 0; N o . 2 red, 87M@88c, against Minneapolis No. 1 north
Millstuffs in 100 lb. sacks 50c per ton over above quotations.
R ed-dog in 100’ s 25c over.
ern at 74McThe visible supply of grain on the 25th was as follows:
QUOTATIONS OF M ILLSTU FFS, BOSTON BASIS.
Year Ago.
Ton.
Wheat .............................................. 59,373,000
60,791,000 Bran, 200 lb. sa ck s.................................................................$21.00@21.25
C o r n .................................................. 11,632,000
14,137,000 Standard Middlings, 200 lb. sacks...................................... 21.50@21.75
Oats .....................................................
4,133,000
10,154,000 Flour Middlings, 200 lb. sacks.............................................. 22.75@23.00
Feed, 200 lb. sacks....................................................... 23.25@23.50
Barley ...............................................
2,161,000
................ Mixed
Red-dog, 140 lb. ju te ............................................................... 23.00@23.75
Rye ......................................................
2,284,000
...... Millstuffs in 100 lb. sacks, 50c per ton over above' quotations.
R ed-dog in 100’s 25c over.
Cash Wheat.
Lighter receipts of wheat are the result of considerable
stuff from northwest being diverted to Duluth. This has
caused the premium to advance, and now No. 1 northern is
selling at practically the May price, with No. 2 northern
% @ ic under May. No. 2 northern, the milling grade, is rela
tively stronger than heretofore; and cash wheat is, as com
pared with the option, as strong as at any time on this crop.
The mills are taking most of the best grades arriving, as the
receipts do not exceed their wants. In fact, the receipts of
milling wheat are not sufficient for the mills. Some wheat
has been drawn from terminal elevators this week for the
mills, and yesterday one milling company bought 100,000
bushels of country elevator lines, to come out of country
houses.
The premium on cash wheat will cause some wheat to be
sold out of country elevators. Farmers’ deliveries are partic
ularly light this week, owing to severely cold weather and a
storm the early part of the week. Farmers are holding their
wheat to a considerable extent, however, and it is not ex
pected that they will sell freely before seeding time. A t
present there seems little prospect of heavier receipts only
as the movement of wheat toward Duluth may turn this way.
Receipts of wheat are running from 150 to 225 cars daily,
and last week amounted to 1,121,100 bushels. Stocks in reg
ular Minneapolis elevators increased 724,100 bushels, to 17,421,200 bushels, against 17,538,500 a year ago. Last year
elevator stocks began decreasing the last week in January.
Wheat quotations follow :
CLOSING W H E A T FU TU RE PRICES.
M AY W H E A T .
Fri. Sat. Mon. Tues. Wed. Thur.
Jan. Jan. Jan. Jan. Jan. Jan.
24.
25.
27.
28.
29.
30.
Minneapolis ............. .............. 75%,
74%
741/4
75%
74%
74%
Year ago .............. .............. 76y2
76%
75%
75%
75%
75%
Chicago ..................... .............. 79%
78%
78%
78%
7794
7794
Y ear ago .................. .............. 76%
77%
76%
76%
76
7594
Duluth ....................... .............. 77%
7644
77%
75%
76%
7594
Kansas City ........... .............. 77%
75
75%
75
76%
St. Louis .................. .............. 8694
85%
85
85%
8544
8444
New Y ork ................ .............. 8494
84%
83%
83%
84%
84
No.
No.
No.
No.
No.
No.
No.
No.
M IN N EA PO LIS CASH W H E A T , O FF IC IA L CLOSE.
Fri. Sat. Mon. Tues. Wed. Thur.
Jan. Jan. Jan. Jan. Jan. Jan.
24.
25.
27.
28.
29.
30.
1 hard __ ........................7744
761/4
761% 7594
77
7694
1 northern ...................... 75
74
74
74%
7394
7544
2 northern ........................73%
73
72%
72%
74%
73%
DULUTH CASH W H E A T .
1 hard __ ........................7794
76%
77%
77
7694
7644
1 northern ........................7494
73%
74%
72%
7394
7344
2 northern ...................... 7244
70%
72%
69%
VLA
7094
KANSAS CITY CASH W H E A T .
2 hard __ ........................76
75%
75
76
76
76%
2 red ........ ........................ 86
85%
86
85%
87%
8794
MILLFEED.
Buyers Continue to Hold Off—Feeling That Prices Are Low
Enough—Broker Makes Large Purchase,
The Diamond E levator & Milling Co., Minneapolis, quotes
as follow s on the 29th:
Ton.
OO corn and oat feed .............................................................$19.00@19.50
H ominy feed ............................................................................ 20.75@21.25
Coarse corn meal .................................................................... 19.50@20.50
No. 1 feed .................................................................................. 20.50@21.00
No. 2 feed ................................................................
21.50@22.00
No. 3 feed ................................................................................. 22.50@23.00
Bbl.
Gran, yellow corn m eal.............................................................$2.65@2.75
Gran, white corn meal ............................................................ 2.75@2.85
H ominy ......................................................................................... 2.85@2.95
Table grits ................................................................................. 2.95@3.05
Pure fam ily rye flour............................................................... 2.65@2.75
X X X best rye flour .......................................
2.55@2.65
Standard white rye flour........................................................... 2.45@ 2.55
Swedish rye flour ....................................................................... 2.75@2,85
Pure rye graham ...................................................................... 2.45@2.55
Pure wheat graham .....................................................
2.90@3.00
Standard graham ...................................................................... 2.65@)2.75
W hole wheat flour ................................................................... 3.40@3.50
Pure buckwheat flour .............................................................. 4.90@5.OO
Above prices are for 98 and 49 lb. cotton sacks. Small sacks
at the usual difference in price. In wood add 20c per bbl.
FLOUR AND MILLING.
Milling in a Dull Period— Domestic Buyers Make Rediculous Offers
— Decline of Millfeed Offsets Drop in Wheat—Mills
Run Two-Third Capacity.
This week is one of dullness and dissatisfaction in mill
ing. Not satisfied with the steady decline of the last two
weeks, buyers, both domestic and foreign, expect still lower
prices. Some offers for flour from domestic markets this
week are regarded as ridiculous by the mills, and some ex
port offers are from a shilling to is 6d under mill prices. On
Wednesday 20s c. i. f. London was cabled one mill for patent,
— about what the mill would sell a second patent for. Buy
ers apparently do not understand, or will not, why flour
prices are not lower with the decline in wheat. They do not
take into consideration the decline in millfeed, which prac
tically offsets the wheat decline.
The dullness this week is not surprising. In fact, it is
only what may be expected on a weak and lifeless wheat mar
ket. This is only one of the periods of depression which
come like the inevitable fluctuations in the wheat market.
The milling situation is in a calm, waiting for a breeze.
Stocks of flour are nowhere large, and a steady trade will
come with a return of confidence. A return of confidence
does not necessarily mean materially higher prices, but a firm
er tone. The situation seems to warrant a substantial basis
around present prices.
About tw'o-thirds, or a little less, of the milling capacity, is
in operation this week, and the output still approximates
250,000 barrels of flour. The output last week was 284,500
barrels.
The mills are in a favorable position as regards sales of
millfeed, and they are not selling anything only as they can
sell patent flour. This market is also in a relatively favor
able position as to wheat prices, as compared with other
markets. Cash wheat, however, is at a stiff premium, bring
ing, as it does, about the May price, for No. 1 northern.
Minneapolis flour quotations follow :
“ Never has there been a time before,” said a broker to
day, “when a reduction of quotations failed to sell some mill- FLO U R PRICES, F. O. B. M INNEAPOLIS, CAR LOTS, FOR
E A ST E R N SH IPM EN T:
feed.” For another week buyers have held off with surpris
Per Bbl.
ing tenacity. They have simply not been in the market, ex Patent, w ood .......................................................................... $ 3.60@ 3.70
First
clear,
w
ood......................................................................
2.55@
2.65
cept that eastern jobbers have taken a little transit stuff. A
clear, 140 lb. jute ........................................................... 2.25@ 2.40
feeling is developing here, however, that prices are low First
Second clear, 140 lb. ju te ....................................................... 2.10@ 2.15
enough, and that a reaction is due. One brokerage firm Red-dog, 140 lb. ju te .............................................................. 18.50@19.00
bought 80 cars of millfeed on Wednesday, and reports that
they are selling a fair amount of stuff to dealers in the cen
Webster Mill Company, Webster, S. D.— “About twotral states, where it will go into consumption and not come thirds of the wheat crop has been marketed. Since the de
on the market again. The lower prices and the cold wave cline in wheat, receipts have been very light. Farmers be
over the west have induced farmers to begin buying more lieve in higher prices.”
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T H E C O M M E R C IA L W EST.
18
Saturday, Feb. i, 1902.
Hulburd, Warren & Co. CARRINGTON, HANNAH & COI
Capital, $250,000
W. S, Warren,
Members of the
Chicago Board of Trade,
President
A. C. Davis,
Vice-President
Charles H. Hulbnrd,
Treasurer
C. J. Northup,
Secretary
COMM ISSION M E RCH AN TS
G RAIN
AN D
PRO VISIO N S
D irectors:
COMMISSION MERCHANTS
6 & 8 S h e r m a n S t .,
Charles H. Hulburd
W. S. Warren
A. C. Davis
D. H. Winans
C. J. Northup
47
B o a rd of T ra d e
s
:
C h ic a g o
Receiving - Shipping - Futures
Business Solicited in Any
Surplus, $50,000
Department
Branch Investment and Banking Office
115 MONROE STR EET,
NEAR
DEARBORN
LOGAN & BRYAN
C H IC A G O .
Orders executed for the purchase or sale of
grain and provisions for FUTURE DELIVERY
on margins or for cash.
Charles Hathaway & Co.
Dealers in
C o m m e rc ia l Paper.
SUCCESSORS TO F. Q. LOGAN
CH ARLES W . FOLDS,
Representative.
2 B O A R D O F T R A D E , C H IC A G O .
Bonds : Stocks : Provisions : Grains
Members New York and Chicago Stock
Exchanges and Chicago Board of Trade
2 0 5 L a S A L L E STR E E T ,
C H IC A G O .
N e w Y o r k Of f i ce ,
26
Pine
Street.
Alfred L. Baker & Co.
K N IG H T ,
STO CKS
STOCK
BON D S
D O N N E L L E Y
& c o■■. ■
Members
N. Y. Stock Exchange,
G R A IN
Chicago Stock Exchange,
P R O V IS IO N S
217 LA SALLE ST. (ROTUNDA, THE ROOKERY)
Chicago Board of Trade.
M embers NEW YORK STOCK EXCHANGE
N e w Y ork C o ff e e E xch ang e
C hicago S tock E xch ang e
C hicago B oard of Trad e
J tO Q
Bank Stocks and Unlisted Securities
Milmine, Bodman & Co.,
STOCKS, BONDS,
GRAIN,
PROVISIONS,
COTTON.
5 & 7 B o a r d of
Tra de, Chicago.
Minneapolis Office:
J. C. VERHOEFF, Manager.
Armour Grain
Company
A. 0, Slaughter
& Company
205 La Salle Street,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
S tr e e t,
Bartlett,Frazier & Co.
S T O C K S
AND BONDS
G R A I N and P R O V I S I O N S .
Western Union Bldg., Chicago.
No. 7 New St., New York.
Minneapolis—Milwaukee.
115-17 La Salle Street, Chicago
M EM BERS
New York Stock Exchange, Chicago Stock
Exchange, Chicago Board of Trade.
WEARE
Commission Co.,
GRAIN, PROVISIONS,
GRAIN S Ë
L a S a lle
C H IC A G O .
BANKERS and BROKERS
N ew
Y o r k O ffic e :
401 Produce Exchange.
BROKERS.
STOCKS and BONDS.
MEMBERS:
Chicago Board o f Trade, New Y ork
Stock Exchange, New Y ork Produce E x
change, New Y ork Coffee Exchange,
Chicago Stock Exchange, Liverpool Corn
Trade Association, New Y ork Cotton E x
change, Milwaukee Chamber o f Com
merce.
PRIVATE W IRES TO ALL
POINTS.
JAMES P . SMITH & CO.
GRAIN MERCHANTS,
4 1 7 -4 1 8
R ia lto
B u ild in g ,
C H IC A G O .
Orders in options carefully executed.
PRIVATE W IR ES TO A L L PRINCIPAL
EXCHANGES OF THE UNITED ST A T E S.
CHICAGO Old Colony Building,
CHICAGO.
R. R. CO RD N ER,
D D D Y 17P
D K V JIY E K
In Flour, Grain and IVlillstuffs.
M ID D L E T O W N , N . Y .
Saturday, Feb.
19
T H E C O M M E R C IA L W EST.
I, 1902.
FLAX.
Daily closing prices of rye during the week w ere:
Friday, Jan. 24 __
Strong Demand for Oil Mills Will Sell Only as They Are Sure of Saturday, Jan. 25 ..
Monday, Jan. 27 ...
Seed Prospective Shortage Being Supplied by
Tuesday, Jan. 28 ...
Wednesday, Jan. 29
Argentine Seed.
Thursday, Jan. 30 .
Oil is in active demand, and the flax situation seems
dominated by this one factor at present. It is genearlly be
lieved in the trade that there will be a shortage of flaxseed
before another harvest, and Argentine seed is, therefore, be
ing bought. The demand for oil indicates a consumption this
year far in excess of any previous year. The amount of pros
pective building and improving also points in that direction.
The situation is so strong that local crushers deem it un
safe to sell oil unless they have or can get the seed. Oil has
been sold on a considearbly higher basis than present prices
of seed.
Receipts of flax in Minneapolis have fallen off, and are
running from 17 to 30 cars daily. Last week the receipts
amounted to 161,500 bushels. Duluth receipts are now run
ning as heavy as Minneapolis. Stocks in regular Minneapolis
elevators increased about the amount of the receipts, and are
1,245,400 bushels.
W. A. Ramsey, president Minnesota Linseed Oil company,
Minneapolis: “ The flax receipts continue fair for this time
of the year, and the market exhibits no signs of weakness.
It is reported that quite an amount of Argentine seed ffa,s
been purchased by one of the larger eastern crushing inter
ests, for the reason, we persume, that there is a good prospect
of a larger demand for linseed oil the coming season than
can be furnished form the domestic crop of flaxseed, although
the market at present for linseed oil is exceedingly quiet, the
crushers encouraging a hand-to-mouth policy by refusing to
make a price except for immediate delivery. Linseed oil may
be quoted at 5g@62c per gallon here. The oil cake market
is quiet at $24(0)25 per to n ; meal, one dollar higher.”
Quotations follow :
D A IL Y CLOSING PRIC ES OF F L A X .
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
24
25
27
28
29
30
Minneapolis.
Duluth.
Chicago.
Year
Cash.
ago.
May. Cash. May. Cash. May.
... ......... 1.65%
1.69
1.67% 1.65% 1 .68% 1.70
1.71
1.69
... ......... 1 . 66% 1.69
1 .66% 1.69
1.70
1.71
1.70
1.69% 1.67% 1.70
1.70% 1.71%
... ......... 1.67
... ......... 1-67% 1.70% 1.70
1 .68% 1.70% 1.71% 1.72%
... ......... 1 .68% 1.71
1.70% 1.69
1.71
1.72
1.73
1-72% 1.71
1.73% 1.71
... ......... 1.70% 1.71
1.73
Corn.
Shipments of corn are running ahead of receipts, and ele
vator stocks were reduced 60,000 bushels last week, to 134,900 bushels. Shipments were 102,000 bushels. Local feed
mills report a waiting market and an unsettled condition.
The congestion at Kansas City, where there were 2,000 cars
on track, has been relieved, and this permits stuff previously
sold from here to go forward. No new sales to that market
are reported.
Daily closing prices of No. 3 corn during the week w ere:
Year
ago.
Friday, Jan. 24 ......................................................................... 55%
36%
Saturday, Jan. 25 .................................................................... 54%
36%
Monday, Jan. 27 ....................................................................... 53
35%
Tuesday, Jan, 28 ......................................................................54
35%
Wednesday, Jan. 29 ................................................................54
35%
35%
Thursday, Jan. 30 .................................................................... 54
Oats.
The situation in corn applies largely to oats also, as far
as the outside demand is concerned. Receipts are from 17
to 27 cars daily. Shipments last week were 69,300 bushels.
Stocks in regular elevators are small and decreasing, being
only 227,500 bushels, against 2,143,500 a year ago. The best
grades are in strong demand for local feeding.
D aily closing prices o f No. 3 white oats during the week
w e re :
Year
ago.
Friday, Jan. 24 ......
42%
25%
Saturday, Jan. 25 ..
42
25%
Monday, Jan. 27 __
39
25%
Tuesday, Jan. 28
39%
25%
W ednesday, Jan. 29
25%
41%
Thursday, Jan. 30 .
42
25%
R ye and B arley.
Distillers are good buyers of rye, but receipts are so light
that the market is uninteresting. There are indications that
the foreigners are buying some stuff in the large markets.
Elevator stocks decreased last week to 58,000 bushels.
Barley is strong and there is a good inquiry for all grades,
but especially for high malting. Local and eastern makers
are in the market. Receipts are averaging about 10 cars
daily, and elevator stocks are 106,000 bushels against 35,900
last year.
Rye quotations follow :
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
.53%
.53%
•52%
.54
,55
55%
Year
ago.
47%
48
47%
47%
47%
47%
COARSE GRAINS IN R E G U L A R M IN N EA PO LIS E L E V A
TORS.
Jan. 25.
Jan. 18. Year ago.
Corn ........... .-.........................................
134,900
194,050
132,500
Oats ........................................................ 227,500
231,200
2,143,500
Barley .................................................... 106,000
103,700
35,900
58,000
72,900
11,300
R ye ........................................................
Flax ....................................................... 1,245,400
1,078,800
641,500
G RAIN REC E IP TS AND INSPECTION.
Receipts o f grain, by months, in Minneapolis since the be
ginning o f the crop year, on September 1 have been as follow s:
September. October. November. December.
Bushels. Bushels. Bushels.
Bushels.
W heat .................................9,573,280
13,177,740
12,979,200
9,207,200
Corn ................................... 136,510
214,230
367,800
1,084,600
Oats .................................... 969,150
1,020,960
977,900
792,950
Barley .................................1,094,420
1,172,310
571,900
469,400
R ye ..................................... 157,000
189,240
181,000
113,000
Flax ................................... 596,060
1,672,400
1,546,500
1,251,400
M INNEAPO LIS W E E K L Y R E C E IP TS OF GRAIN.
Receipts of grain at Minneapolis for the week ending on
the dates given, with comparisons, were:
Jan. 25.
Jan. 18.
Jan. 11.
Jan. 4.
Wheat, bu .................. 1,121,100
2,240,500
2,560,800
1,246,800
Corn, bu ...................... 99,100
137,500
156,600
198,700
Oats, bu ...................... 148,700
114,400
139,600
72,100
Barley, bu .................
57,800
58,800
79,000
55,000
Rye, bu ........................
7,400
105,500
15,600
19,400
Flax, bu ..................... 161,500
292,200
323,000
213,800
M INNEAPOLIS AND D ULUTH W H E A T RECEIPTS.
Minneapolis.
Duluth.
Cars. Year ago.
Cars. Y ear ago.
173
84
24
Friday, Jan. 24 ........................ 221
Saturday, Jan. 25 ..................... 194
230
217
31
Monday, Jan. 27 ..................... 265
479
24
15
Tuesday, Jan. 28 ..................... 150
216
279
57
237
48
44
Wednesday, Jan. 29 .............. 121
Thursday, Jan. 30 ................... 200
347
121
28
D A IL Y R ECEIPTS OF COARSE G RAIN IN M INNEAPOLIS.
Corn, Oats, Barley, Rye, Flax, Duluth
Cars. Cars. Cars. Cars. Cars. Flax.
Friday, Jan. 24 ............. 19
17
10
2
29
25
Saturday, Jan. 25 ........ 26
27
13
0
29
41
Monday, Jan. 27 ........... 30
27
21
6
23
8
17
9
1
17
36
Tuesday, Jan. 28 ........... 21
W ednesday, Jan. 29 .... 6
12
9
2
21
15
Thursday, Jan. 30 ........ 25
12
7
1
19
20
W H E A T IN R E G U L A R M IN N EAPO LIS E LE VATO RS.
Jan. 25.
Jan. 18. Y ear ago.
No. 1 hard ...........................................
31,400
29,000
...........
No. 1 northern ..................................... 6,455,900
6,277,500
...........
No. 2 northern ................................... 2,100,650
2,109,800
...........
No. 3 ...................................................... 329,900
319,850
...........
Rejected ................................................
21,500
21,500
...........
Special bin ........................................... 8,481,900
7,938,600
...........
No grade .............................................................
...........
...........
Totals .............................................. 17,421,200
Minneapolis increase', 724,100.
Duluth stocks, 9,903,500.
Duluth increase, 185,200.
16,697,100
17,538,500
STOCKS OF G RAIN IN M INNEAPOLIS PUBLIC
ELE VATO RS.
Stocks of wheat, oats and flax in public elevators o f Minne
apolis on January 25:
E levator—
Increase. W heat.
Oats.
Flax.
25,112
Atlantic .......................................
10,000 401,805
6,600
“ C” ................................................. 16,000 415,300
Crescent ........................................ 38,000 301,600
52,900
16,777
840
Exchange' ....................................
13,000
........
336,570
586,000
Electric ....................................... 167,000
........
26,885
Great Eastern ........................... 73,000 617,400
1,349,900
Great Northern No. 1
Great Northern No. 2
Great Northern “ B ” Com o..
1,000
140,100
13,329
17,780
Great W estern 1 .......................
20,000 399,700
........
31,523
Great W estern No. 2 ...........
8,000
863,700
Interior 1 ...............................................
1,454,200
......
77
Interior 2 and 3 .....................
7,000 1,085,000
7,882
1,167
Inter-State No. 1 ....................
18,000 460,200
Inter-State No. 2 .......................
47,000 610,800
22,297
K .................................................... *8,000 213,200
89,799
Midway No. 1 ..........................
72,000 187,600
M idway No. 2 .......................................
332,900
Monarch ....................................
4,000 1,019,000
2,048
113,173
Northwestern No. 1 ..............
7,000
158,600
........
39,240
Northwestern No. 2 ..............................................
61,559
6,374
Pillsbury ......................................
31,000 164,400
........
542,255
Pioneer Steel ...........................
8,000
734,600
Republic ..................................................
1,531,500
56,506
Shoreham ..................................... 11,000 373,300
St. Anthony ................................. 51,000 1,381,600
18,902
Standard ....................................
7,000
272,700
939 ...........
Star ................................................
56,000 976,200
Union ............................................. 32,000 609,100
V ictoria ........................................
30,000 366,900
12,841 ...........
W oodw orth ................................
8,000
73,500
........
22,373
“ X ” ...............................................
*5,000 297,300
Total
...........................
735,000 17,421,200
227,471
*Decrease.
(Grain Markets Continued on Page 21]
1,245,377
T H E C O M M E R C IA L W EST
20
MILLFEED CONSUMPTION IN THE NORTHWEST.
Formers Have Not Fed Usual Amount - High Price Against It—
Good Feed Crops Raised—Some Low Grade
Wheat Fed.
Farmers in Minnesota and the Dakotas have bought
much less millfeed from the country mills during the last
two months than they usually do in December and January.
In some localities they have not used more than half the
usual amount, and in few have they used as much as a year
ago.
The principal cause of the smaller use of millfeed has been
the high price, caused by a shortage of feed crops in other
parts of the country. Then, too, an open winter has fa
vored comparatively light feeding. But in North Dakota and
northern Minnesota a larger crop of corn and other feedstuff
was raised than ever before. That section has in previous
years shipped in large quantities of corn from southern Min
nesota and South Dakota, but has this year needed but little
from outside. Every kind of feedstuff raised has been fed
by the farmers, rather than pay the price asked for bran and
middlings. But for the large crops, the farmers might have
been compelled to pay the price for millfeed. On the other
hand, but for the heavy shipping demand, the mills would
have been obliged to reduce prices until farmers would
take the stuff. It was a combination of fortunate condi
tions, perhaps, for both.
Two good feeding months are just ahead, and in some
localities the farmers have used up nearly every feedstuff
grown. They will, of course, have to buy. Generally,
throughout the northwest, the farmers will buy freely of millfeed at prices around present basis, until the spring work is
done. The result will be that the output of the northwestern
country mills will largely be consumed in their own states,
and the big markets, therefore, relieved of what might other
wise be a heavy load.
T he C om m ercial W est gives herewith the replies from
a number of the leading northwestern mills, to an inquiry re
garding the feed situation. The matter of wheat feeding has
been touched upon, and the replies indicate that some low
grade and damaged wheat has been fed. None of the mills
report any milling wheat having been so used. No estimate
has been made of the amount of wheat fed in the northwest.
The millers’ letters follow:
Minnesota.
Sheffield Milling company, Faribault: There has been a large
decrease in the consumption o f m illfeed this year compared
with other years. This is partly on account of the price and
partly on account o f the open and com paratively warm winter.
W e look for a much larger demand for millfeed in February
and March, as butter is bringing a better price and farmers
must have' some bran. There has been a net decline of $5 from
the hight point. The price is now more attractive to the farmer
The recent extreme prices were never warranted and were the
result o f speculation. W e think, however, that there may be
a slight advance during February and March.
Farm ers have fed some w h ea t'in this section, but only the
poorer grades.
New Ulm Roller Mill company, New Ulm: The 1 demand for
millfeed from farm ers is small. W ithout being able to state
how much less it is than form er years, we have no hesitation
in saying that the high prices have interferred with demand.
There is no wheat being fed in our section.
Seymour Carter, H astings: Our sales o f millfeed to farmers
at the mill door for the past two months have amounted to
practically nothing. N ow that prices have materially declined,
the demand is improving, and I look for a very fair local trade
in February and March, especially as about everything in the
shape of a substitute has been fed and disposed of.
All the low grade wheat has been fed to animals and is
largely used up.
H. C. Ervin, manager Geo. Tileston Milling company, St.
Cloud: There is a marked falling off in the demand for feed
this year from farmers. Last year the demand was extra
ordinary, owing to poor hay crops, also poor crops of corn and
oats. H ay sold at $10 per ton, bran and shorts at $10 to $11, and
feed was preferred. This year hay sells for $5 to $6 and was a
tremendous crop, and corn and oats good; while bran and shorts
are selling for $16 and have been up to $19.
Farm ers are not feeding any wheat in this vicinity.
Marshall Milling company, Marshall: Local demand for
millfeed is very light.
Very little wheat being fed, though know of a few instances.
W arren Manufacturing company, W arren: Farm ers are not
feeding wheat. The feed crop w as short and consequently the
demand for feed is brisk, much more than in previous years.
Coarse grains will be in demand during February and March
to enable farmers to prepare stock for spring work.
Minnesota Mill company, Little Falls: Demand for millfeed
by farm ers is very light, and has been during the winter. Our
farmers have 1 a large amount o f corn which they are feeding,
and which, o f course, curtails demand for millfeed. W e pre
sume that demand will be somewhat better in February and
March, particularly if we have cold, seasonable weather.
Farmers are' feeding no wheat.
Blue Earth City Milling company, Blue Earth: Not selling
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, Feb. I, 1902.
so much to local trade as in past years. Prices too high and
so the farmers are using their own corn, oats and barley, o f
which they had an excellent crop. Cold weather during Feb
ruary would create a good demand for bran.
Farm ers in this section have not fed any wheat.
Parker-Leland Mill company, W innebago City: Farmers are
taking about the usual amount of millfeed, as compared with
form er years, and we look for an increased demand through
February and March, as many have not enough coarse grain
to carry them through.
No wheat is being fed to stock, unless possibly some damaged
w heat not fit for the market.
Everett, Aughenbaugh & Co., W aseca: Farm ers fed con
siderable wheat during the past 30 days, while feed prices were
so very high. However, with the drop in feed values they are
turning more’ to millfeed and using- less Wheat. A great many
of our farm ers stocked up in the fall with an entire season’ s
supply, and we look for less demand from that source than is
usual during the months of February and March.
L. Nichols & Co., F airfax: Farm ers having received a good
crop of corn and oats, and with sufficient hay, they are buying
little feed this year.
Eagle Roller Mill company, N ew Ulm : The demand for millfeed by farmers is about half what it was last year. Price of
feed being too high, farmers will not buy it.
There is no wheat being fed to stock in this vicinity.
L. G. Campbell Milling company, Bloom ing Prairie: The de
mand for feed from farm ers is not as heavy this year, ow ing to
good crops in this section. They will buy more in February
and March, as their supply will be reduced considerably.
V ery little, if any, wheat is being fed.
Madison Milling company, Madison: Millfeed o f all kinds
is in good demand, farmers taking nearly all that we can make.
W e find the demand much better than a year ago. W e look
for a healthy demand for all kinds of feed until another crop,
as many farm ers will have to buy feed, owing to the shortage
in oats and corn last season.
To our knowledge there is not much wheat used here for
feeding purposes.
North Dakota
Russell-Miller Milling company, Jam estown: There is a very
light demand for millfeed locally. W e look for a good trade
on it in the early spring, though not as large’ as last spring.
Fargo Roller Mills company, F argo: Farm ers in this vicinity
use very little millfeed at any time, nothing like the amount
used in other localities. They have used less so far this winter
than ever. Do not figure on any great demand for early spring
feeding.
Farm ers are not feeding any wheat as far as we can learn.
Braseth & Sargeant, Caledonia: Only an ordinary demand
for millfeed prevails. Nothing like last year.
A good deal o f wheat will be’ fed.
Ellendale Milling company, Ellendale: Farm ers have not
used as much feed this winter as usual, but they will need
plenty of it soon, for they must soon begin to feed up for spring
work, and alm ost every one has to buy. So we look for a good
demand at good prices in the near future.
Cavalier Roller Mill company, Cavalier: The demand for
millfeed is very much lighter than usual, the lightest since
w e have been in the business, probably owing to there being
a good crop of coarse grains and high price of offal, also owing
to the fact that considerable wheat that was damaged by the
fall rains is being fed. Farm ers will not have to buy much
feed during February and March.
Considerable of the lower grades o f wheat has been used for
feeding purposes.
North D akota Mill and Grain company, Courtenay: Our
farmers are all well fixed for feed this year and will buy very
little.
H oney Bros., Park River: Demand for millfeed is not quite
as brisk as usual. However, we look for increased demand in
February and March. H ay and coarse grains turned out well
last season, but as there is a great deal of farm w ork to do, we
think there will be an average demand for millfeed during
the season.
Farm ers are not feeding wheat.
Goose R iver Mill company, M ayville: Demand for millfeed
is good, considering the high prices. Farm ers readily take our
entire output. W e are inclined to think the m ajority of farmers
have coarse grain enough to carry them through, as there is
considerable more oats and barley in farm ers’ hands than last
year.
Farm ers are not feeding any wheat.
South Dakota.
Aberdeen Mill company, Aberdeen: Demand for millfeed by
farmers is exceedingly light. They are using what feed they
raised, hence the demand is lighter than previous years when
price was lower. They will purchase' millstuffs to some extent
the latter part of March, but not before.
Considerable of the low er grades o f wheat is being fed to
stock.
W ebster Mill company, W ebster: W e have not been selling
locally more than half the amount of feed we did last year.
It is now cheaper, and we believe there will be good demand
during February and March.
Only poor grades o f wheat are being fed.
J. W . K elley & Son, H uron: Local trade on millfeed is about
one-half of form er years, ow ing to high prices. W ill be some
demand in February and March.
No feeding of wheat to speak of.
Geo. P. Sexauer, Brookings: Find about same demand for
millfeed among the' farmers as in form er years. There will be
a good demand in February and March, especially for shorts,
for hogs. There is no wheat fed in this section. Had a good
crop o f all kinds o f coarse grain in this section.
Valley Springs Roller Mill company, V alley Springs: Farm ers
are buying more feed this winter than usual. The demand will
be good for bran and shorts in February and March.
There is some wheat fed to stock but the amount is small.
Excelsior Mill company, Yankton: Farm ers are feeding dam
aged wheat only. Shipping demand for millfeed has been firstclass, but locally there is plenty o f corn and so no extra de
mand.
T H E C O M M E R C IA L W EST.
Saturday, Feb. i, 1902.
Mound City Roller Mills, Mound City: Farm ers are not
feeding w heat in this section. They will buy very little. Most
farm ers will get along with what feed they raised.
Lake Preston Milling company, Lake Preston: The demand
for millfeed by farmers is about one-half of what it was a year
ago. They will buy some bran and shorts in February and
March.
H. S. Comer, manager Geo. C. Christian Mill, Redfield: Owing
to splendid feed crops in this vicinity this year, and the scarcity
in other sections, our offers for millfeed are more than local
farm ers will pay.
No wheat being fed except such as is not marketable for
milling purposes.
__
___
_____
21
Mitchell Merchant Mills, M itchell: The demand for millfeed is far in excess o f what we can supply. Feed will be
needed through February and March.
No wheat has been fed here except what was damaged.
Arm our Roller Mill, Arm our: The demand for millfeed is
much greater than heretofore, and looks as though it would
keep up through February and March.
W. H. Stokes Milling company, W atertow n: The demand for
m illfeed is about the same as in form er years, and we have
not heard of the farmers feeding wheat. There is usually a
good demand among the farmers for feed during the months
of February and March.
THE WASHINGTON WHEAT YIELD.
(Special Correspondence
: The Commercial W est.)
Seattle, Jan. 27.-—Statistics of recent wheat and flour ex of flour. Reducing the flour to wheat and adding this would
ports from Puget Sound indicate that the 1901 wheat crop make a total equal to 15,209,970 bushels of wheat. O f this
of the state was a great deal larger than it has been popularly amount but 31 per cent was exported during the first four
estimated to be. The wheat year in exports begins with Sep months of the year. Estimating the present year’s exports
tember 1. For the four months of September, October, No from the figures of the first four months on this basis, and
vember and December, 1901, the exports of wheat were 5,128,- the amount will reach 23,500,000 bushels. But fully one509 bushels as compared with 2,960,361 bushels for the corre fourth of the surplus wheat raised in the state (some esti
sponding period of the preceding year. During the same mates place it as high as one-third) is exported through Port
period the flour exports were 498,755 barrels, equivalent to land. Estimating the Portland exports of Washington wheat
2,244,397 bushels of wheat as compared with 393.510 barrels, for the year at 6,000,000 bushels, and the home consumption
equal to 1,760,795 bushels of wheat last year. This makes a for flour, seed and all other purposes at 6,000,000, and we
total of exports of wheat and flour for the four months equal have an estimate of the 1901 crop of 35,000,000 bushels. The
to 7,372,906 bushels as compared with 4,721,156 bushels for the popular estimate of the crop of the state is 33,000,000 bushels.
preceding year.
The wheat exports from Puget Sound ports for ¿he calendar
For the wheat year, ending with August 31, 1901, the ex year, 1901, were 11,444,427 bushels as compared with 5,126,728
ports were 10,355,132 bushels of wheat and 1,078,885 barrels for the preceding year, a most remarkable showing.
Kansas City Grain Market.
(Special Correspondence of The Commercial W est.)
Kansas City, Mo., Jan, 28.— .\fter leading the grain mar
kets of the country in an upward tendency for months, the
Kansas City market, influenced almost entirely by the coun
try speculator, took a downward turn this week and de
clined more than other markets did. The break in prices
here was severe enough to eliminate the premium that has
existed here all season for all kinds of grains. The Kansas
City May price and the Chicago May were together today,
the first time since the drought of last summer sent prices
here skyward. The premium on cash corn has also been ma
terially reduced. A week ago corn was consigned here
from Chicago, in spite of the fact that receipts here were
larger than at Chicago. In another week, if present condi
tions continue, the movement of corn will be turned away
from this market to a considerable extent. With elevator
stocks of nearly 1,000,000 bushels, and nearly an equal
amount on track in cars, waiting shipment, on blockaded
railroads, it is no surprise that things took a header. The
week’s slump in prices here amounted to about 6c. For a
day or two it looked as if the country demand had been shut
off suddenly, but after the break in prices buying became ac
tive again and a better condition developed in the cash mar
ket. The large elevator holdings of corn are largely spec
ulative and this corn is not likely to be put on the market
for consumption for several months. A decrease in receipts,
though, is all that seems possible that can prevent still lower
prices.
brace and the traders were again in clover. The depressingmarket had a bad effect on the speculators, as they seem to
prefer the bull side always. Let the bears get their say for a
few days and trading drops off about half, but the moment
there is a half-cent advance the trades begin to pile up rap
idly. Option trading has been only fair, there being on an
average of 6,000,000 bushels a day, but yesterday the jump
came and the trading amounted to over 9,000,000 bushels.
The cash*market has been very dull of late. There has
been little buying in wheat, and that taken has been of the
choicest grades, the millers passing the other by. Only fair
prices have been paid. One of the millers who has been out
out of the market for some time, appeared today and bought
up most of the wheat that has been held over for two weeks.
Rye is dull and without buyers, having declined to 60c
bid and 61c asked for No. 1. Barley is picking up a bit, but
has been very dull. No. 2 barley sold today for 63c, the best
price paid the past week. Corn is quiet, but stronger today,
having advanced iy 2 cents. Oats have been weak, but are
picking up.
The mills are quiet, there being very little business, either
in export or domestic. Millstuff is also quiet at present.
The range of No. 1 northern wheat the past week was as
follows.
Jan. 2 2 ................................. 77L 1Jan.2 7 ..................................7514
Jan. 2 3 ................................. 76*41Jan.2 8 ................................. 7514
Jan. 2 4 ................................. 76 l4 |Jan.2 9 .......................... 75JL 6J4
Jan. 25 ............................ 75L - 6 I
The Snow Relief.
The snow brought additional relief to the winter wheat
crop and put an end to the crop damage talk for some time
to come. There are some sections where the wheat is in
a bad way and all through the spring more or less crop scares
are likely to keep the trade unsettled. The Kansas Grain
Dealers’ association estimate of the farm reserves, issued to
day, is 22 per cent of last season’s crop, which amounted to
90,000,000 bushels. This will leave very little wheat to be
marketed during the remaining four months of the crop year.
Not much wheat is coming in and not much is wanted, ap
parently. A little shipping demand developed on one or two
days, but generally the car lots are left for the mills. The
cash prices here have declined only half as much this week
as the futures.
Chicago Grain Market.
(Special Correspondence o f The Commercial W est.)
Chicago, Jan. 29.— While wheat today is about %c under
the close of the May delivery last Wednesday, the general
situation is believed to show considerably more strength.
I his, at least, is the opinion held by many of the larger in
terests in the local trade, and they base their view on the
fact that “the outsider” is again becoming a factor. Logically,
he is on the bull side of the market, and it is to orders of
this character that the advance from 77c Monday to 79c today
has been brought about. There were days during the week
when the price was higher, as is shown by the quotation of
797
/sÇ a week ago today, and 7954c on Saturday last; but in
The Oats M arket.
making a comparison in values it should be borne in mind that
Elevator stocks of oats here have been materially re the severe set-back, which had its foundation in the oats mar
duced this week, which suggests the possibility of a stronger ket on Monday last, had a sympathetic and very decided ef
market later. The demand this week has been rather poor fect on all other grains. It is becoming a question in the
and prices are 2 to 3c lower.
minds of the trade if old wheat is not pretty well out of the
Kansas City cash prices today were:
Wheat, 2@ 2 )4 c country, especially in the southwest. The statement by the
lower; No. 2 hard, on track, 75@ 77<L No. 3 hard, 73@74Lc; secretary of the Kansas Grain Dealers’ association, claiming
No. 2 red (soft) 86c; No. 3 red, 84(0)850. Corn, 5@6c lower; only a fraction over 22 per cent of last year’s crop, would
No. 2, 6 i@ 6 i j 4 c; No. 3, 59@6oc; No. 2 white, 63*4(0)640; figure a low reserve on March 1. This had quite a bullish
No. 3 white, 63c. Oats, 2 to 3c lower; No. 2, 45@45j4c influence at the time of the publication, and has since made
(seed 48*4 c); N o . 3, 44j4 c; No. 2 white, 451/2@46%c; No. 3 more or less converts to that side of the market. The diffi
white, 45LC. Rye, 2 j 4 c lower; No. 2, 60c. Bran, 554c lower, culty experienced by many of the western and southwestern
$1.00. Future: Wheat— May, 75c; July, 74j 4 @ 74l4 c. Corn millers in securing supplies tends, it is claimed, to prove this
— January, 5854c; February, 5834c; March, 6o54c; May, 61 y2 theory.
@61 .%c; September, 59(4 c. Oats— May, 44c; July, 3424c.
In a local statistical way the position is generally admitted
to be reasonably strong. Contract stocks are down to a trifle
Milwaukee Grain Market.
over 5,000,000 bu., whereas a year ago the supply of this
(Special Correspondence of The Commercial W est.)
grade was 9,600,000 bu. The weekly decrease, while not
Milwaukee, Wis., Jan. 30.— Speculative business has not large enough on any one occasion to attract particular atten
been on the boom the past week, although today it took a tion, is steady. Last week it was over 45,000 bu.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T H E C O M M E R C IA L W EST
22
Saturday, Feb. I, 1902.
The Com Situation.
Snow Helps Wheat in Nebraska.
Corn is generally recognized as showing a strong disposi
tion to recover from its recent depression. The close today
finds May exactly where it stood last Thursday, and 1 A c
higher than the low point on Tuesday. The sentiment which
drifts up from the southwestern country is very largely re
sponsible for local change of sentiment. The bull talk comes
mainly from Kansas City, which point is rapidly becoming the
principal distributing center for that country. Stocks are re
ported as extremely light and are being consumed at the rate
of about 50 ears daily. In connection with this grain one of
the popular things to do locally has been to buy corn and sell
provisions, Spreads of this kind have been decidedly prof
itable.
(Special Correspondence of The Commercial W est.)
The Oats M arket.
Oats kept the center of the stage in point of speculative
interests during the greater portion of the week. During the
bad break of Monday May dropped off from 44A C to 39 l/&c,
all sorts of theories were advanced as to the cause of the
break, but the trade has now made up its mind there was no
special attempt to “go gunning” for Patten’s line of some
8,000,000 bu. He held onto it during all the excitement and is
daily adding to it in a moderate way, whenever he runs across
what he believes are cheap oats. The trade generally, how
ever, is rather shy of this market, and cannot figure out ex
actly what is going to happen when it comes time to market
the property. The confidence of the holder is supreme. As
against the 8,000,000 bu. long line there is a contract stock of
only 550,000 bu.
The Pork Situation.
Omaha, Jan.^29.— Reports from the interior of the state
are to the effect that the present snow storm is of great
benefit to the winter wheat, which before this precipitation
was suffering, the land being too much exposed to the cold
weather. On the other hand, cattlemen report a small amount
of loss by reason of the range being covered.
The India Flax Crop.
Beerbohm’s, Jan. 17: Latest cable reports state that there
have been scattered showers in parts of Behar, Central Prov
inces, Rajputana and Guzerat, sufficient in places to benefit the
crops. According to information received in London, present
prospects are for a crop about equal to last year in the dis
tricts supplying Calcutta, and in Bombay probably somewhat
better than last year. The exports from India during the past
eight years w ere:
O f which Bombay
qrs.
exported.— qrs.
1901.................................. 1,725,000
482,000
1900.................................. 1,413,000
236,00c
1899..................................2,358,000
679,000
1898..................................2,414,000
832,000
236,000
1897................................. 964,000
1896.................................. 1,771,000
944,000
1895.................................. 1,411,000
807,000
1894................................. 2,745,000
1,560,000
Average .....................1,850,000
720,000
LIVERPOOL. W H E A T PRICES.
Liquidation appears to be about over in pork, enough hav
March March
ing been held by the country to be more or less of a menace
Close.
6siy2d
to prices earlier in the week. This is shown by the decline Friday, Jan. 24 ............................................................... 6siysd
Saturday, Jan. 25 ............................................................ 6sl%d
6s2y4d
of $1 a barrel from last Wednesday up to Tuesday. The Monday, Jan. 27 .............................................................. 6s %d
6sl%d
market closes tonight only slightly higher than the low point, Tuesday, Jan. 28 ............................................................ 6s %d
6sl)4d
6sl%d
and more or less depressed because of the long stuff which W ednesday, Jan. 29.......................................................... 6sl)4d
Thursday,
Jan.
30
.........................................................
6
sl%d
6
s2%d
may continue to come out, and in the absence of any special
demand either of a short or speculative account. Lard and
The English Elax Market.
ribs have held decidedly steady, all things considered, and
have been without special feature.
Beerbohm’s, Jan. 17.— The advices received from the Con
tinent towards the close of last week that America was buy
ing back large quantities of Duluth seed to be reshipped from
Speculative Gossip.
Antwerp and Rotterdam to New York, and that several
Harris, Gates & Co. will be the style of the new firm that steamer cargoes of Plate for prompt shipment had also been
will start in the stock, grain and provision business, March bought for the same destination, have given a steady tone to
1 next, succeeding to the firm of J. F. Harris & Co., Chicago. the market, and near Calcutta has improved about 9d on the
The partners are J. F. Harris, Charles G. Gates, son of John week; new crop is about unchanged so far as London is con
W. Gates, and Samuel C. Scotten. John W. Gates and John cerned, but for the Continent is rather dearer, with more dis
Dupee, late of Schwartz, Dupee & Co., will be special part position on the part of buyers to operate.
ners each putting a large amount of capital into the concern.
The Sovereign Bank of Canada, with head officers at T o
The active partners are themselves men of means, while the
special partners are among Chicago’s men of millions. Mr. ronto and executive officers in Montreal, is a new incorpora
Harris has been active in the Chicago field for several years, tion of first-class magnitude. It will have an authorized
capital of $2,000,000, a paid-up capital of $1,000,000 and a re
as has Mr. Dupee. The combination is strong.
serve fund of $250,000. The president is LI. S. Holt, of Mon
LI. Poehler Company, Minneapolis: “ We are having good treal. This bank has the best of connections in New York
weather for crops and the season is advancing. Farmers’ and the countries of Europe.
deliveries of wheat are very light everywhere, but there is a
large amount still in farmers’ hands, and receipts some day
A t a banquet of the members of the Sioux City (Iowa)
will prove too heavy for the market. For the near future, clearing house, a committee was appointed to promote the
market will be a sale on fair advances and a purchase for a formation of a tri-state bankers’ association. This contem
quick turn on the sharp declines.”
plates including the bankers of northwestern Iowa, southeast
James Doran & Co., St. P au l: “ The price of corn looks ern South Dakota and northeastern Nebraska. The com
mighty high— so high that it must be sustained more by the mittee named, which will act in conjunction with the Com
inertia of sentiment than by real conditions. The trouble is, mercial club of Sioux City in this enterprise, is comprised of
we have all gone up into the second story window to look at John McHugh, cashier of the Iowa State National bank:
corn— when we come down on to the actual ground it looks James F. Toy, president of the First National bank, and Abel
higher still. There is no doubt that the crop was short. There Anderson, president of the Northwestern National, all of
is little doubt that, so far as actual needs are concerned, this Sioux City.
country has already hedged against it. When the shortage
became apparent the big feeding section in the west and south T. P. BAXTER, Pres’t.
F. A. ROENNIGKE, Secretary.
west gobbled up everything in sight at absurd prices away JAMES PARROTT, V. Pres’t
TRAVE ELMORE, Treasurer.
above Chicago bids. Bran, shorts, screenings and low grade
wheats were raked in from all points of the compass to feed
PARROTT-BAXTER GRAIN COMPANY
to live stock— and they kept the corn to look at. They are
looking at it yet and trying hard to get somebody else to
C O M M IS SIO N ,
look at it. There is a surplus and a small, decreasing de
G
r
a
in
,
H
a
y
a
n
t!
S
e
e
d
s
.
105 Chamber of Commerce, S T . L O U I S
mand.”
R. MumforcJ Co
CASH
AND
FUTURES.
VV. F. JOHNSON.
GEO. A. WEGENER.
W . F. JQHMSGM & CO.
Grain. Seed and Provision
GRAIN, SEEDS AND PROVISIONS COM M ISSION M ERCHANTS.
HAY A N D M ILLSTU FFS.
MAIN OFFICE:
528-532 RIALTO BUILDING, CHICAGO.
MINNEAPOLIS, 23 CHAMBER OF COMMERCE.
ST. LOUIS, GO LA CLEDE BUILDING.
MILWAUKEE, 113 MICHIGAN STREET.
KANSAS CITY, 605-606 BOARD OF TRADE.
MEMBERS DIFFERENT EXCHANGES.
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Orders for future delivery care
f u l l y executed. Consigdments
and correspondence solicited.
ROOM 59,
BOARD OF TRADE
CH ICAG O .
T H E C O M M E R C IA L W EST
Saturday, Feb. I, 1902.
23
SURPRISING LAW FOR BANKERS.
An Answer to Two Unusual Decisions Regarding Possible Bank Liability.
FOR THE COMMERCIAL WEST, BY W IL L IA M
S. MILLER, ATTORNEY
FOR TH E NORTHERN TRUST COM PANY, CHICAGO.
any of the papers delivered to the bank, neither of these
parties had a right to expect that the bank knew its terms,
and it is elemental that one cannot become bound by a con
tract unless he knowingly enters into it.
O f course, it is true that the bank had no greater rights
to demand payment of the draft than had Lattin Brothers, but
from this it does not follow that it assumed all the liabilities
of Lattin Brothers in connection with the transaction. The
assignee of a chose in action takes it subject to all defenses
that could have been urged against the assignor, but does not
become liable for obligations of the assignor arising from a
collateral agreement in connection with the subject matter
of the assignment, unless he has assumed those obligations
Nor is it correct to say that the bank elected to reap the
benefit of the contract between Landa and Lattin Brothers.
It simply received payment of a draft for which it had in good
faith paid full value, and receiving the bill of lading as col
lateral security until the draft might be paid, could not by
even the most forced construction be regarded as an agree
ment by the bank to see to the performance by the seller of
the terms of a contract of the terms of which the bank knew
nothing. A rule of law very much in point is laid down in
Goetz vs. Bank of Kansas City, 119 U. S- 551: “A bank in
discounting commercial paper does not guarantee the genu
ineness of a document attached to it as collateral security.”
If it does not guarantee the genuineness of the document,
much less does it become a party to a warranty of the quality
of the goods represented by the document. It seems clear,
therefore, that the bank ought not to be held liable on thé
grounds of a breach of warranty as to the quality of the goods
sold.
It would probably very much surprise the average banker
to he told that any courts have held that by discounting a
draft drawn by the seller against the purchaser of goods,
with bill of lading attached, he might be held liable for dam
ages in case the goods did not come up to some warranty
the seller might have made in regard to their quality, but
that is exactly what has been decided in two recent cases. In
Landa vs. Lattin, 46 S. W. 48, a decision by the court of civil
appeals of Texas in 1898, the facts were as follows: Lattin
Brothers, of Kansas, contracted to sell wheat of a certain
grade to Joseph Landa, of Texas. The wheat was loaded into
sealed cars and sent “ shippers’ orders.” Lattin Brothers en
dorsed the bill of lading in blank and drew a draft on Joseph
Landa for $1,005 (the contract price of the wheat), payable to
the cashier of the First National bank of Hutchinson, and
delivered the draft, with bill of lading attached, to that bank,
who credited Lattin Brothers with the full amount of the
draft, less collection charges, etc. The Bank of Hutchinson
then sent the draft and bill oi lading to its Texas correspond
ent, who presented same to Joseph Landa, and he, without
having had an opportunity to inspect the wheat, paid the
draft. The wheat proved to be of an inferior quality, but the
Bank of Hutchinson had no actual knowledge of the war
ranties made by Lattin Brothers as to its quality, nor as to
the breach thereof. On the above state of facts the Bank of
Hutchinson, as well as Lattin Brothers, were held liable to
Joseph Landa for a breach of warranty, and judgment was
rendered against them for the difference between the value
of the wheat contracted for and the value of the wheat de
livered.
The only other ground on which the bank could be held
Again in Finch vs. Gregg, 126 N. C. 176, a decision by the liable to the purchaser of the goods would be on the ground
supreme court of North Carolina in 1900, the facts were sub that he was entitled to the return of money paid under the
stantially the same as in the previous case, and the same de equitable principles of quasi contracts, but the authorities are
cision was rendered, the court relying on the Landa case for clear that there can be no recovery even on that ground.
its authority, and also adopting the reasoning contained in
Kansas R ajlw ay Not Sustained.
that decision.
The purchaser of the goods was the drawee of a draft of
The Decisions Are Analyzed.
which the bank was payee, and his only reason for demand
That the above decisions are incorrect I believe is clear
ing a retnrn of the money paid is a partial failure of con
from an examination of the principles involved and previous
sideration between himself and the drawer. The rule of law
authorities.
is laid down in Aspin vs. Owens, 140 Mass. 144, to the effect
The grounds given for the decision of the Landa case are
that want of consideration between the drawer and acceptor
briefly as follow s: “ The First National bank of Hutchinson
(who, of course, is the drawee) of a bill of exchange is no
purchased from the consignor................. the wheat in ques
defense to an action against the acceptor by the payee, al
tion................. and undertook to deliver the same to the con
though he took the bill before acceptance, and this rule has
signee, and in effect carry out the contract which had been
been recognized in Hoffman & Co. vs. Bank of Montreal,
entered into between the appellant (Landa) and Lattin Broth
12 Wallace 181, Goetz vs. Bank of Kansas City, 119 U. S. 551,
ers.” ................. “ When the bank purchased the wheat, it was
Nowak vs. Exelsior Stone Company, 78 111. 307, and other
substituted to the same rights, and no more, possessed by its
decisions of Courts of the highest standing. In Goetz vs.
vendors to enforce against Landa the contract entered into
Bank of Kansas City, the bills of lading attached to a draft
between him and Lattin Brothers.” ................. “ The bank in
which had been accepted by the purchaser of the goods turned
this way (i. e. by accepting payment of the draft) electing to
out to be forgeries, and yet the acceptor was held liable to
reap the benefit of the contract existing between Lattin Broth
pay the bank who had discounted the draft the amount there
ers and appellant (Landa), become bound by it.”
of at maturity, and in Hoffman & Co. vs. Bank of Montreal,
As authority, the court quotes at length from decisions
under the same state of facts, but where the draft had al
holding that the holder of a bill of lading who has become
ready been paid before the forgery was detected, it was held
such by endorsement, has the same rights to demand accept
that there was no recourse by the consignee against the bank.
ance of the accompanying draft that the shipper has, and no
If the consignee has no recourse against the payee bank
more. That these decisions are correct there can be no doubt,
where the bill of lading is a forgery, or in other words where
but they are not at all in point.
no goods at all are delivered to the consignee, and there is
Interpretation Is Erroneous.
The interpretation which the court placed upon the trans a total failure of consideration, much less has he any recourse
action is entirely erroneous. In the first place it is incorrect where goods of an inferior quality are delivered, and there is
to say that the bank purchased the wheat and undertook to only a partial failure of consideration.
In Tolerton & Stetson Co. vs. Anglo Californian Bank,
carry out the contract which had been entered into between
Landa and Lattin Brothers. To be sure, the delivery of the 50 L. R. A. 777, a case decided by the Supreme Court of
bill of lading to the bank operated as a transfer of title to Iowa in January, 1901, the facts were the same as in the
Landa case, but the Court expressly refused to follow the
the wheat to it, but this was done merely to secure the bank decisions of that case and the one of Gregg vs. Finch (supra),
for discounting the draft, and its ownership was a limited and held that the bank which discounted the draft was not
one, ceasing entirely as soon as the draft might be paid. Nor liable either for breach of warranty or for a return of the
did the bank undertake to carry out the contract between the money paid.
In view of this well considered decision and the strong
seller and buyer. It knew nothing of the terms of that con reasoning and authority against the doctrine announced in the
tract, and as the contract was a private agreement between Landa case, it is extremely improbable that that decision will
Landa and Lattin Brothers, its terms not being disclosed by be followed in any more states.
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Federal Reserve Bank of St. Louis
24
T H E C O M M E R C IA L W EST.
Saturday, Feb. i, 1902.
LUMBER T R A D E O F W A S H I N G T O N .
(Special Correspondence of The Commercial W est.)
Seattle, Jan. 25.— Complete statistics of the lumber trade
of the state of Washington for the year 1901 bear out the pre
dictions which have been freely made during the past several
months that the industry would make a most excellent show
ing. During the year the cargo shipments reached 504,970,046
feet as compared with 492,765,447 feet for 1900, 422,211,262
feet for 1899, 377,333,903 for 1898. The rail trade makes a
much more favorable showing, the shipments for the year in
this class amounting to 364,530,000 feet as compared with
284,280,000 for 1900, and 225,625,000 for 1899. Still more
Improvements Contemplated.
The Improvement Bulletin reports the
following:
Alta, la.— The town will vote on in
stalling a steam heating plant.
Avon, Minn.— It is rumored that a
party from Albany, Minn., will construct
a new flour mill.
Butte, Mont.— Armour & Co. contem
plate erecting a warehouse and storage
plant here.
Hillsboro, N. D.— An independent ele
vator is under consideration. Guilder
Howard is interested.
Madison, S. D.— Farmers west of the
city, near the Herman creamery, want
to erect a farmers’ elevator there.
Moorhead, Minn.— W. H. Merritt has
the contract to erect a cold storage and
office building for the Val. Blatz Brew
ing company. Cost $8,000.
A BUSINESS
PROPOSITION
TO PROGRESSIVE
Bankers and Trust Companies
favorable is the showing made in the shingle shipments which
amounted to 4,485,000,000 for the year, as compared with 3,560.000. 000 for 1900, 3,476,000,000 for 1899, and 2,896,000,000 for 1898. The largest cargo shipments of lumber to
one destination were those to California, which amounted to
267.000. 000 feet as compared with 240,000,000 feet last year.
Probably the most gratifying showing made in the cargo
trade is the increase in the China shipments, which amounted
to 22,000,000 feet as compared with 17,000,000 feet last year.
The shipments of lath amounted to 80,000,000 pieces as com
pared with 73,000,000 for the preceding year.
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IMMEDIATE SHIPMENT.
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Saturday, Feb. I, 1902.
T H E C O M M E R C IA L W EST.
25
M IN N ESO TA STATE BANKERS’ CONFERENCE.
In response to a call by S. T. Johnson, state bank exam
iner of Minnesota, a conference of state bankers was held in
the senate chamber of the state house in St. Paul, Thursday
morning, Jan. 30. The response to the call was much more
general than expected, over one hundred banking houses and
trust 'companies being represented. Ferdinand Willius, presi
dent of the Minnesota Savings bank of St. Paul, was chosen
chairman and Perry Harrison, cashier of the Security Bank
of Minnesota, Minneapolis, secretary.
The meeting opened with a brief talk by Gov. Van Sant
touching principally the tax bill proposed by the tax commis
sion, which he commended heartily to the favorable consid
eration of the bankers of the state.
Bank Examiner Johnson explained his object in calling
the conference of state bankers to be to receive from them
suggestions as to his duties as bank examiner, and not to
instruct them in their duties. He suggested that a permanent
committee of seven be appointed to act in conjunction with
him in suggesting banking legislation or united action in any
direction favorable to state banking interests. This suggestion
was later put into form and the chairman instructed to create
a committee of nine, one to represent the trust company in
terests, one the savings banks and seven the state banks
proper.
J. T. Wyman, president of the Metropolitan Bank of Min
neapolis, and state senator, in an address on desirable bank
legislation, spoke very forcibly in favor of a closer federation
of state banks; of reserve centers among banks in the state,
of which he recommended fifteen or twenty for the state; and
of legislation to perfect the reciprocal relation of the banks
to these reserve centers. He advised the bankers to urge such
legislation upon the state legislature.
Following Mr. Wyman’s address, Charles Mylius, president
of the Adrian state bank, read a very suggestive and instruct
ive paper on bank books and systems of accounting.
J. R. Mitchell, president of the Winona Deposit bank,
speaking of the advantages of state banks, said that his own
bank incorporated as a state bank less than two years ago
because they believed it would derive greater advantages by
such action than by incorporation as a national bank. The
results had been so good that they doubled their capital last
August.
One of the advantages of the state bank over the national
bank, he said, is its freedom to make loans on real estate,
taking a mortgage on a farmer’s land as security, where the
national bank takes his unsecured note. The speaker be
lieved there is danger to bankers in being carried away by the
boom in land values, but he believed, while recommendnig
reasonable conservatism in making land loans, that land values
are as stable as any values and that the advance of land
values in Minnesota have been justified by the large immigra
tion into the state. During the panic of ’93 farm mortgages
and grain paper were about the only assets that could be real
ized on in the northwest. A farm mortgage properly and ju
diciously made, he believed to be the safest security next to
government bonds, that this country affords. It cannot be
affected by legislation, for land, its security, is back of all
values. Farming is growing more diversified and therefore
more secure. The present great increase of deposits in the
west is caused by the farmers’ deposits. Mr. Mitchell favored
a movement on the part of the state bankers to bring about
an equalization of rates on the lower basis now necessary.
The best evidence the speaker found of the popularity of
state banks is their increase in this state in three years by 83
banks, making a total of 230 at the present time. He did not
fear the organization of central banking institutions as hos
tile to state banks, nor the development of the “community
of interest” among banks.
E. A. Merrill, president of the Minnesota Loan & Trust
Company, of Minneapolis, spoke on the relation of trust com
panies to banks. His address in full will be found elsewhere
in this issue.
L. Ellington, cashier of the Scandia Bank of Crookston,
spoke briefly and in an interesting way of the necessity for
state bank supervision. There were fewer failures he said,
and generally better profits,
among state banks in Min
nesota than among national banks. This he attributed to the
state’s good bank laws and bank supervision. National bank
laws are cumbersome, he said, because framed to meet widely
differing conditions over the entire nation. The state law
that forbids an officer of a bank getting a loan from the
bank without a vote of the directors he thought a safeguard
of no small importance. He thought that loans by country
banks on real estate securities should be restricted to farm
lands alone, and that all securities on large transactions
should be subjected to the scrutiny of the state bank super
intendent.
The conference recommended to the legislature for action
in the coming session, an increase in the compensation of
state bank examiner, whose remuneration it held was wholly
disproportionate to the increased duties of the office. ExExaminer Pope was thanked by rising vote for his work as a
state official.
A considerable sentiment developed in favor of a separate
association of state banks, but this movement did not have
general favor because of the fear that divided action would
weaken the influence of the associated bankers.
The session in the senate chambers was adjourned to the
banquet room of the Ryan hotel where an elaborate luncheon
was given by the state banks of the Twin Cities to a hundred
and fifty guests.
After the feast ex-Attorney General Childs, a member of
the taSc commission, explained the provisions of the commis
sion’s bill and answered questions regarding its particular ef
fect on banks and bank property. The bill was modeled, he
said, after the Indiana tax la w ; it did not increase the tax on
banks because they now pay a larger proportionate tax than
any other state interest. He believed that under the new law
the assessed property of the state would be five times its
present valuation. There is no provision in the law whereby
a banker shall be forced to disclose his list of depositors, but
if a taxpayer refuses to give a fair return of personal prop
erty, a banker or any other man can be summoned to testify
in the case.
This meeting of Minnesota state bankers is the largest ever
held in the state, and was highly satisfactory to the promoters
and to the attending bankers.
TACOMA EXPORTS IN JANUARY.
show a gain of $1,650,486 over the corresponding fiscal month
a year ago.
Tacoma’s exports for the customs month of January, 1902,
were equal in value to more than one-quarter of the total ex
ports from the port for the year 1901.
(Special Correspondence of The Commercial W est.)
Tacoma, Wash., Jan. 27.— During the fiscal customs month
for January, which ended yesterday, there were twenty-three
clearances for foreign ports, carrying cargoes valued at $3,091,963. The wheat, shipments amounted to 1,439,929 bushels
and the flour shipments 122,431 barrels. The total exports
BUILDING
(Special Correspondence o f The Commercial W est.)
The Bank of Aurora, S. D., has declared a dividend of 11
per cent out of the profits of 1901 business.
IN MINNEAPOLIS.
property at 100 Hennepin avenue, 43 South Third street, 411Minneapolis, Jan. 31, 1902.— Today in mid-winter there are 413 Nicollet avenue, 243^2 First avenue south, 255 First ave
119 buildings of importance being erected, and labor and nue south, and 19 houses in Walton Park. Building always
materials are as scarce as in mid-summer. Edmund G. W al seems to follow the rise in price of materials, and this win
ton is the largest single builder, having let contracts for ter is no exception.
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Federal Reserve Bank of St. Louis
26
T H E C O M M E R C IA L W EST.
Saturday, Feb. i, 1902.
THE GREAT N O R TH E R N ’S SEATTLE TU N N EL
(Special Correspondence of The Commercial W est.)
Seattle, Jan. 27.— The announcement, published exclusively
in T he C om m ercial W est, Jan. 25, that the Great Northern
would construct a tunnel through Beacon Hill, in order to
reach the location of the proposed new Union passenger sta
tion for this city, was wired to Seattle in a special dispatch
on the day it appeared in Minneapolis and published by The
Times that afternoon with full credit. To say that the story
caused much interest in local railroad and real estate circles
is putting it mildly. The matter is now being discussed in
this city, where its great importance to the future develop
ment of the commercial interests of the city and of Puget
Sound, is thoroughly appreciated.
The announcement, on account of the source from which
it comes, is given the fullest credit. And its significance lies
in the fact that it contemplates a complete change of the
heretofore announced plans for the joint terminals of the
Great Northern and Northern Pacific railroads. Before it
will become necessary for the Great Northern to tunnel
through Beacon Hill in order to reach the site of the new
Union passenger station, it will be necessary for the road
to enter the city by the back door route, instead of along
the water front, as at the present time. This means that the
proposed route will branch from the present line at a point
near Ballard, some six miles out of the city, and skirting the
shores of Lakes Union and Washington, along the route of the
government ship canal, leave Lake Washington at some point
north of the Madison street ferry landing, and proceed thence
southwesterly to and under Madison street at the point
where it now crosses a deep gulch on a high trestle, on
through the Walla Walla addition at about Twenty-third
avenue, and thence southward, following the course of the
gulch to the narrowest point of Beacon H ill; thence through
the hill, emerging on the south end tide flats, where the depot
is expected to be constructed. The greater portion of this
route lies through a gulch so deep that it is practically a nat
ural tunnel with the cover off. Assuming that the tunnel
through the hill can be constructed for $750,000, the cost of
the entire improvement will be in the neighborhood of $1,500,-
000, while an additional million will be spent on the depot and
yards.
The significance of the proposed improvement is that it
will free the busy water front of the city from the objection
able railroad traffic, which during busy hours is a constant
inconvenience, not to speak of the menace to life. A t the
present time the passenger depot is located at the foot of
Columbia street, facing the water front, and the trains are
made up across the streets leading to the principal wharves
and docks. For years the problem of providing some means
of doing away with the vexatious necessity of all water des
tined freight being hauled across the tracks along which are
moved all in-coming and out-going trains has been a most
troublesome one. This inconvenience is already a very seri
ous impediment to the proper handling of traffic, but with the
developments of a few years it would become worse. It has
been suggested from time to time that overhead roadways be
constructed to the water front, but this plan would not only
be very expensive in its original cost, but would always be
unsatisfactory and expensive in operation.
The new scheme contemplated by the plans of the com
pany as announced by T he C om m ercial W est, provides on
the whole the most thoroughly satisfactory solution of the
problem yet offered. It contemplates taking the railroad
tracks almost entirely from the water front, bringing trains
into the city from the rear, and leaving the thoroughfares
leading to the wharves and docks free from interference.
In order to accommodate the increasing traffic of the Great
Northern through and coast line trains, it will be necessary
for the new approaches to the city to consist of at least four
tracks, and the fact that the tracks for a considerable dis
tance will be run underground will probably necessitate the
operation of all trains by electricity, in order to insure the
greatest safety to passengers. As the company has already
practically decided upon plans for the operation of trains
over the Cascades and through the Cascade tunnel by electric
power, the additional adoption of that method for the termi
nal portions of the line will probably result in the company
including in the electric portions of the system all that por
tion of the main line west of Leavenworth.
THE TAX BILL A N D REALTY.
Edmund G. Walton, the Minneapolis real estate broker,
“ O f course, under the present law the form of taxation
has this to say about the proposed Minnesota tax bill, from of money is very stupid and unfair. For instance, I own a
a real estate standpoint:
house worth $2,000 and sell it for $300 down, balance on
“I cannot see how the new tax law is going to help real es monthly payments. The man buying the house is supposed
tate in any way, or how it will relieve the real estate owner. At to pay the tax on the property, and I am supposed to pay
the present rate of taxation, real estate here has no higher an additional tax on the amount of money he owes me, which
rate of tax than in other cities of its class, the rate in Sioux is ridiculous and absurd. The new law, as I understand it,
City, la., being .067 mills. Taxes are higher in Omaha and heightens this absurdity.
just as high in Milwaukee.
“ The present system of assessment of real estate has al
“I can imagine an instance where this law would not be ways seemed to me fair. In all my ownerships I never but
perfectly equitable. For instance, a man having $1,000 in the once applied to the special committee on tax assessments
savings bank would pay a tax of $30. The bank would then without being heard, understood and helped. Taxes are as
loan the money and pay 3 per cent on this mortgage. Pro sessed on the best judgment of the man in authority; a sug
viding this mortgage was not placed well and the owner of gestion that he is incorrect will seldom fail to bring relief.
the property failed to pay the taxes, as is frequently the case, I do think the system of taxation of personal property very
the bank would be paying the county and state tax on the weak. We ask outside money to come into the state without
taxation, and refuse to allow our own citizens the same priv
property, amounting to $30, making a total of $90, that this ilege; in fact, we practically force ourselves to buy securities
$1,000 would be taxed for.
such as government bonds to avoid oppression.”
O M A H A REALTY TAX EXCESSIVE.
(Special Correspondence of The Commercial W est.)
Omaha, Jan. 29.— The Omaha Real Estate Exchange de
cided today to apply to the courts to have the assessment of
real and personal property made by the city tax commis
sioner, and altered and approved by the city council as a
board of equalization, set aside and another assessment or
dered. The exchange claims that investments in Omaha real
estate are delayed by reason of the excessive tax which is
levied upon that form of property compared with the taxes
collected from personal property of the same value. The
chief object of their attack is the public service corporations,
which they claim are assessed at from 11 to 20 per cent of
their actual value, while real estate is assessed at 40 per cent
of that value.
Notable among the special portraits in the magazine num
ber of The Outlook for February is one from a full-length
photograph of Senor Palma, the newly elected president of the
Republic of Cuba. The photograph was taken for The Out
look by Mr. Henry Hoyt Moore, who accompanies it with a
talk about the personality of Senor Palma.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, Feb. x, 1902.
T H E C O M M E R C IA L W EST.
27
PORTLAND BUSINESS MEN O R G A N IZE D .
(Special Correspondence of The Commercial W est.)
Portland, Ore., Jan. 27.— The business men of Portland
are thoroughly organized for effective work for the interests
of the city and the state of Oregon in the body known as
the Portland Chamber of Commerce. The annual meeting
of this body, held recently, emphasized through the annual
reports, the growth the city is making, based on encouraging
growth throughout the state. Policies of advancement were
also decided on.
President Henry Hahn said in his annual report:
“ Portland is adding to its population at the rate of 10,000
or 15,000 annually. Our jobbing trade last year approxi
mated $121,000,000. Our prompt response to the call Tor
pledges to the stock of the Lewis & Clarke Centennial Fair,
gave birth to a new spirit and enterprise in Portland. The
subscribing of some $305,000 in two days was in itself a
small matter for a city having a population of over 100,000,
a banking power of between $20,000,000 and $25,000,000, and
a mercantile capital, not including ‘foreign houses,’ of nearly
$23,000,000.”
Columbia River Improvement.
Referring to the subject of the improvement of the Co
lumbia and Snake rivers for transportation purposes, Presi
dent Hahn said:
“ Realizing that transportation is one of the main needs
of the Columbia River Valley, we have given unremitting at
tention to the subject of opening the Upper Columbia and
Snake rivers to navigation and improving the mouth of the
Columbia so as to provide a 40-foot channel for the accom
modation of our foreign and coast-wise commerce. In some
quarters the cry has been raised that if upper-river improve
ment be too strongly pressed there will be danger that con
gress will not give the mouth of the river the attention it
merits. In other quarters the fear has been expressed that
river navigation would injure the business of the railroads
and make their operation unprofitable.
In my judgment
neither of these positions has foundation in fact. The rivers
and harbors bill which was talked to death at the last ses
sion of congress carried provisions for appropriations
amounting to $1,400,000 for the mouth of the Columbia. If
a rivers and harbors bill is passed at this session of congress,
there can be no doubt that the mouth of the Columbia will
be amply provided for, as it is recognized in and out of
congress as being among the meritorious projects that are
entitled to national appropriations. The fear that advocacy
of the opening of the upper rivers will injure the mouth of
the Columbia does not arise so much for friendship for the
mouth of the Columbia as from other causes.
“ The opening of the Upper Columbia and Snake rivers
would so develop the country that there would be traffic
enough for the railroad now occupying the south bank of
the river, for the steamboats and for the often-projected rail
road on the north bank of the Columbia. It is not to be
presumed that the project for opening the upper rivers to
navigation will escape the opposition of the railroad com
panies. Water-borne transportation is an active competitor
KANSAS
of the railways, and will always be fought by them. In the
Pacific northwest at the present time the railroads are op
posing not only the improvement of the inland waterways,
but the construction of competing railways. Thus we find
Hill and Morgan keping Harriman out of the Lewiston coun
try, and each of the conflicting interests fighting the other
away from the Nehalem-Tillamook country. But free navi
gation on the Columbia and its tributaries is not a local or
sectional issue. It appeals with equal force to every resi
dent of Oregon, Washington and Idaho, embracing 250,000
square miles— a region as large in area as all the New Eng
land states and New York, Pennsylvania, New Jersey, Ohio
and Kentucky combined. There is room here for the rail
roads, and the steamboats, too. The people are entitled to
competitve transportation, and if they will unite in their
own interest they will be able to obtain from congress the
relief they so urgently need.”
Secretary Fleischner on Local Development.
Secretary I. N. Fleischner, of the Chamber of Commerce,
submitted a report that in part had to do with local develop
ment in the territory tributary to Portland:
“ The secretary has recently been instructed to make in
vestigation of fields into which it may be possible to extend
Portland’s trade. This work will be carried on in a sys
tematic manner, and the results reported from time to time
to the board of trustees. Several parts of Oregon with
which we now do little business— notably Coos, Curry, K la
math and Lake counties-—are very anxious to buy from
Portland, and they probably would if transportation condi
tions were more favorable. Without having looked fully
into the subject, I am disposed to the opinion that a coast
wise fleet would bring a considerable amount of business to
Portland from the coast of Oregon and Washington, and
from Alaska. We should be prepared to follow the Colum
bia Southern Railroad when it builds into central Oregon,
and secure whatever trade may develop.”
By direction of the board of trustees of the Portland
Chamber of Commerce there will hereafter be issued month
ly, beginning with January, a bulletin informing members
of the progress of work before the trustees, together with
a list of pending subjects on which the advice of the mem
bers will be solicited. The purpose of this is to bring the
governing body and the large body of the membership into
close touch with each other, and keep up interest in the
work of the association. One of the great problems before
commercial organizations throughout the country at the
present time is that of keeping up interest in their work.
On this point Secretary Fleischner says: “ Business men,
as a rule, are favorable to the idea of being members of a
live, progressive commercial organization, but as a rule, too,
they find that they have no time to attend meetings. How
ever, they are interested in what is going on, and the ques
tion is how to keep them informed. Several plans have been
suggested in eastern cities, but none of them have, I think,
the merit of our proposed monthly bulletin.”
CITY A N D
M O R TG AG E TAX.
(Special Correspondence of The Commercial W est.)
Kansas City, Mo., Jan. 28.— After being practically a dead the cities, where the matter was freely discussed, the votes
letter for more than a year, the local city assessor has re were against the amendment, but the necessary majority was
vived the mortgage tax law and threatens to search the rec secured and the amendment became a law. It raised such a
ords for every existing note secured by real or personal prop stir among money brokers and lenders that it soon came to be
erty and levy taxes thereon. The plan has stirred up dis a dead letter, no effort being made to carry out its provisions.
cussion locally among money lenders. The general opinion Not until the present assessor made known his intention of
is that the thing has more of evil than good in it. Beside enforcing the measure did it reach public consideration again.
creating a double taxation system, it has a tendency to re After making considerable fuss about it, this assessor has
strict loans; it makes money harder to get, especially outside now submitted the matter to the city counsellor for an opin
money.
ion, where the matter now rests.
A t the general election in 1900 an amendment to the state
When the recent announcement was made the loan agents
constitution was submitted to the voters, providing for the declared their intentions of raising their rates so as to cover
taxation as personal property, of all credits in the shape of the taxes, and this will likely be the result if the law is en
notes secured by deeds of trust, mortgages or otherwise. In forced.
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Federal Reserve Bank of St. Louis
28
T H E C O M M E R C IA L W EST.
Saturday, Feb. i, 1902.
If R E A L E S T A T E & F A R M
WHO IS BUYING FARM LANDS?
One of the most wholesome features of the farm land busi
ness in the middle west is the fact that much of the buying is
being done by farmers who have accurate knowledge of the
lands they buy. In all seasons of great activity in land, there
is a large element of adventurers who buy land because it
is far away, new and enchanting because distant. This ele
ment, however, is just now a small minority in the great
movement for farm land.
the recent advance of land prices, sensational though they
seem, have been normal, and, being normal, will hold.
FARM AND FARM LAND DEVELOPMENT.
A treaty will soon be ratified with the Rosebud Indians of
South Dakota whereby 416,000 acres of their land in Gregory
county will be ceded to the government and opened for set
tlement. I hese lands are located in the extreme southern
central part of South Dakota along the Nebraska line. Thou
sands of people are ready to move in and take up these lands
as soon as they are open for settlement, which it is hoped
will be in time for spring farm work.
The question is often asked by men in districts of middle
price lands, as to who will pay from $50 to $80 per acre for
farm lands? The reply is that these are men who own the
adjoining $50 to $80 land, or men who have sold out farms
* * *
at $100 and are looking for something just as good at lower
prices. This is the case in Illinois, Iowa, Southern Wiscon
W. W. Redhead, jobber of farm implements at Spokane,
sin and Southern Minnesota.
Wash, in Minneapolis this week on a business trip through
It is also the case in districts of cheaper land. North the east, says the territory about Spokane has developed rap
Dakota and South Dakota farmers are buying adjoining un idly in a farm way the past year, immigration being very
improved or improved lands with returns of this year’s crop. large. The class of immigrants who open farms are largely
In the cut over lands of Central and Northern Minnesota, old farmers from the middle west or their sons, who are buy
and Northern Wisconsin and Michigan, settlers, having be ing $10 land with the proceeds of the old $75 land in the
come aware that the lands next to them are in demand with valley of the Mississippi. Land in that country, except the
prices advancing, are buying before the rush, and making fruit lands, which are higher, range in value from $10 to $30
farms large enough to satisfy their increasing ambitions.
or $40 per acre, according to the improvements and location.
Such sales as these are the best possible indication that
The demand for implements has increased very much the
J. B. STREETER, JR. COMPANY,
IN V E S T M E N T B A N K E R S ,
LARIMORE, NORTH DAKOTA.
NE HUNDRED
A N D S IX T Y
THOUSAND ACRES
Makes First Mortgage Farm Loans in all the Best
Counties of Northern North Dakota. Has branch
offices and the best of field men, and controls a Fine
Line of Loans, all of which have been personally in
spected. Write for Particulars.
W
B
O W N
A N D
C O N T R O L
A great deal of land which we offer on very liberal
terms. Correspondence solicited.
J. B . S T R E E T E R , J R . C O M P A N Y ,
Mixed Timber Lands, Very
Desirable for Farm Purposes,
in the Minnesota Counties of
AITKIN , ITASCA, BELTRAM I, M O RRISON ,
CASS, C R O W W IN G , H U BB ARD ,
BECKER AN D W A D E N A
LARGE TRACTS
A SP E C IA LT Y
W E A L SO H A N D LE L A N D S IN TH E
Capital and Surplus $125 ,000 .
FIRST MORTGAGE LOANS
AIND INARAI LANDS,
Larimore, Grand Forks County,
North Dakota-
M IN N ESO TA T IT L E IN S U R A N C E & TR U S T Go
M IN N E A P O L IS ,
Capital, $250,000
M IN N .
Guaranty Fund,$100, 000
The oldest Title and Trust company west of Philadelphia.
D e p o s its , L o a n s ,
T r u s t s , A b s tra c ts .
** G O O D
T it le an d F ire
In s u ra n c e .
N E W S ”
PACKAGE A N D
“ O P P O R T U N IT Y "
One Year only 10 cents. All about the homes and opportunities of the
wonderful Northwest. Send 10 cents to
O P P O R T U N I T Y P U B L I S H I N G C O . , S t . Pa ul, M in n .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FAM OUS
RED
R IV E R
VALLEY
PRO PO SITIO N S O F IN T E R E S T TO
L A R G E OR SM ALL IN VESTO RS.
MINNESOTA FARM L A N D
r^rV\7TO A
V^WlVLr/VLN Y
316-318 ENDICOTT BLDG.,
ST. PAUL, - MINNESOTA.
Jaeger & Torelle
LAKE MINNETONKA PROPERTIES
MORTGAGE LOANS NEGOTIATED
Realty interests of non-resident
owners given particular attention.
310 Bank of Commerce,
Minneapolis, Minn.
Saturday, Feb. I, 1902.
T H E C O M M E R C IA L W EST.
HARVEST IN KITTSON COUNTY, MINNESOTA.
These counties are well developed along lines of railroad al
ready in operation, and such development has shown abound
* * *
ing fertility and capabilities, equal in all respects to any land
C. H. Ross, vice-president of the Farm Mortgage Loan & in this famous valley. But to the east of the Great Northern
Trust company, of Carrington, N. D., and Minneapolis, and line, particularly in Marshall, Kittson and Roseau counties,
a leading stockholder in a line of banks in the northwest, is a great belt of excellent new land waiting the coming of a
tells of a North Dakota depositor at one of his banks, a new road for its best development. In price this land is
farmer, who ten years ago came to the country and bought waiting, rather more than land nearer existing roads, but in
320 acres of land for $1,000— a sum that represented about his fact the country is being opened up by the pioneers. A good
entire capital. He is a very thorough and careful farmer, sample of the development of this country is shown in the
however, and is counted an authority on flaxseed culture. little town of Pelan, Kittson county. This point is about
He has added greatly to his farm land holdings during ten twenty-five miles from the nearest railway station, and thirty
years, and from his own land this year he sold 35,000 bushels miles from its actual railway market, yet it has one bank
of flaxseed for which he received $45,000. His gross income and a second one in sight, and a good nucleus of business
per flax acre was $25. He can buy land near him, just as houses for a thrifty town. It is believed that a new line of
the Great Northern will be extended northward from Thief
good as his flax land, for $12.50 per acre.
River Falls, soon, to tap this country. The illustration given
H
* 'fc ^
herewith is a harvest scene on a section of a large wheat
On the east side of the Red river in the northwestern part farm in Kittson county. Farms and undeveloped land are
of Minnesota is a tier of counties that in the next ten years being handled now with excellent profit to the man who
are due to see great development in an agricultural way. has the money to handle them.
past year because of immigration, while a yet larger immigra
tion is looked for the coming year.
WE OFFER, SUBJECT TO PRIOR SALE, TYPEWRITER BARGAINS.
Choice Oklahoma
First Mortgages
on improved farms, worth from V-A
to 5times the amount loaned thereon.
Netting the Investor
6
P er
C e n t.
In te re st.
Each of these securities has been per
sonally examined by one of our sal
aried examiners.
Write for our
latest offering.
All standard makes at prices defying compe
tition. Shipped everywhere for examination.
Prices and specimen work on application. We
are also sole Northwestern agents for the won
derful Lambert $25 Typewriter, and Storm’s Su
perior Ribbons and Carbons.
General Typewriter Co.,
311 N i c o l l e t A v e .
M in n e a p o lis , M in n .
H O L D ON THERE !
IF YOU HAVE MONEY TO BURN
Don’t bum it—better invest it
IN
A
RED
R IV E R
VALLEY
FARM
The land will not run through the holes in your
pockets; neither will thieves carry it off, nor
fire burn it up. If you want a farm for actual
improvement, we can supply the want and save
you f r o m 10 t o 2 0 p e r c e n t in the purchase,
compared with prices made by our competitors.
The reason is plain. Our expenses are light and
Winne Building,
Wichita, Kansas. we operate on small profits, both to the advan
tage of
ÍÍQMAPQ,, ^ire our s p e c i a l t y ,
the buyer. Ol i Hl O whether you are in the
Mention this paper.
market to sell or buy. Don’t buy or sell your
Northern Minnesota land until you have seen or
written us.
WINNE & WINNE,
POOR
TITLES
We buy defaulted Mortgages, Tax Ti
tles and Property subject to Taxes
and Tax Titles in Minnesota and the
Dakotas.
HENDRICKS & DODGE,
A L B E R T O D E T T cS.- C O M P A N Y ,
C r o o k s t o n , Po lk C o u n t y , M in n e s o t a .
Minneapolis, Minn.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
150,000
acres of agricultural and meadow
lands in the Northern counties of Minnesota.
These lands are now retailing from $4.50 to $7.00
an acre.
They offer at above wholesale prices an abso
lutely secure investment for Banks, Estates
and Individuals. Will pay good commissions
to live agents on both wholesale and retail
sales. Send for plats and prices.
W. D. W A S H B U R N Jr.
300 Guaranty Bldg.,
Minneapolis, Minn.
Farm and Mineral Land.
Want a good responsible party to buy a half
interest with me in 2000 Acres of good Farm and
Grazing land, located in Northern Minnesota.
This land has good Mineral indications and
may become very valuable—iron having been
been found near this tract.
For further information address
509 Pioneer Press Bldg,
ST. PAUL, MINN
A SAFE INVESTMENT.
4 7 0 0 A c r e s Agricultural land, Carlton
County, Minnesota, all within six miles of R. R.
Station, meadows, streams, some timber. Ad
joining lands selling at $6.00 to $7.00. Price
FOR SALE.
of this $3.85 per acre. Send for plat. Ask for
1,700 acre Plantation in Cuba. Suitable for my latest circular of farm lands.
stock raising, coffee, tobacco. Abundant hard
CHAS. I. FULLER,
wood timber. Well watered.
801=2=3 Phoenix Building,
MINNEAPOLIS.
H. A. ZAYAS, Helena, Mont.
1023 Guaqaanty B ldg.,
Farm Lands in Minnesota
Aitkin county....................... 15,000. .$3.00
Becker comity.............
* 3,500 .. 3.50
Beltrami county.................... 2,000.. 3.00
Cass county.............................30,000.. 3.00
Crow Wing county................ 15,000 .. 3.00
Itasca county.......................... 50,000.. 2.50
Morrison county......... ......... 5,000.. 3.00
Hubbard county.................... 6,000.. 2.75
Todd county.......................... 6,000.. 3.25
Luther S. Cushing
Care and Management of
REAL
ESTATE
John Townsend, U L .n „ e .
224 Endlcott Building, ST. PAUL, MINN.
30
T H E C O M M E R C IA L W EST.
The Farm Land Movement.
The following are late farm land transfers, as taken from
official county records. They indicate the value of farm lands
in the respective localities:
M IN N E SO T A .
Saturday, Feb. i, 1902.
5, s e y 6-102-48, $15,500; swy 6-104-49, $2,800; nwy 13102-49, $4.5oo; nwy 32-101-50, $4,000.
Brown County— S E G 1-126-65, $1,200; swy 8, s e y 17127-62, $20,000; nw y 25-121-65, $1,250; s e y 7-128-63, $500;
s e y 6-125-60, $1,000; swy 23-126-61, $1,000; s e y 11-121-65,
$1,600; nw y 8-125-60, $1,600.
Hughes County— N E y , e y s e y 31, w y2 swy 32-112-76,
$1,200; eG n e y nw y sw y 27-111-79, $500; sw G I2-110-77,
$500.
Freeborn County— S J
/2 n ey , n y sey 8, Freeborn twp.,
$6,000; nwH swH 24, Mansfield twp., $900; se% s e y 35, Bath
twp., $2,050; e J
/2 nwH, e L w L nwH 3. Albert Lea twp., $5,IO W A.
000; s L se y n ey s e y 11, Pickerel Lake twp., $2,600.
Morrison County— E L sejy 13-131-30, $600; nwx
/\
Henry County— 40 acres 25 Tippecanoe twp., $1,200; 80
31-42-29, $240; e L seH 30-131-30, $250; se% 30-33-39, $6,000. acres 36 Salem twp. $4,940; 99 acres 35 Salem twp., $2,916.67;
Ottertail County— Nj4 se y , swy s e y sec. 1. jttlmo twp., n ey 7, Trenton twp., $5,750; n ey 29, Canaan twp., $9,000.
$1,500; se y neH, eG se}4 18, sw% swG 17, Carlisle twp.,
Shelby County— W G n ey , e y n e y 36-79-37, $8,000; w y
$4,000; s L sejd 3, Parkers’ Prairie twp., $640; eG nwG, sw % nw y n-79-38, $5,000; aw y 2-79-38, $5,000; eG nwy , n y
n e y , n e y swG 5, Eagle Lake twp., $4,500; se% 32, St. Olaf n ey swy 22-81-38, $3,800; e l/2 sw G 17-81-39, $3,200.
twp., $3,500 ; ne twp. 2, western twp., $2,826.
Clayton County— Eighty acres Elk twp., $2,000; 40 acres
Stearns County— S G se%, sG swG 31-127-33, $1,700; nwG Cox Creek twp., $1,160; 160 acres Grand twp., $6,000; 40
15-126-35, $4,200; w y2 nw% 16-123-30, $2,500; eG swG 3°- acres Millville twp., $615; 83 acres Boardman twp., $3,000; 128
126-29, $1,076.
acres Boardman twp., $3,840.
Polk County—
24-154-47, $1,920; seG 10-151-48, $2,400;
Boone County— N G swG n ey 13-82-25, $4,500; n e y se1^
swG 7-153-48, $2,700; ne% nwG 33-148-47, $280; swG 22-152- 21, nw y sw G 22-82-26, $2,000; sw y nw y nw y 19-82-25,
46, $2,240; nwG nwy 11, s e y 10-149-46, $5,400; neG 26-147- $1,000.
47, $2,920; nG 3- 152-47, $3430 .
Fayette County— N W G 18-94-9, $9,000; n e y s e y 31-94-7,
Faribault County— N eG nc y 36-103-24, $2,000; ne G 23- $2,000; n y2 seG n e y sw y sG nw y 8-91-8, $1,000; e l/2
101-24, $6,000; ny2 nwy 8-103-28, $3,200; nG nwG 31-102- s e y 32-91-8, $3,760; n e y n ey 27-97-7, $1,200; sG n ey 2824, $3,000; swy , swy sey 28-101-28, $7,500; s e y 12-101-24, 958 , $2,500.
$3,000.
Keokuk County— N E G se y 3-74-10, $1,800; s e y n ey 8,
Steele County— One hundred and twenty acres 5, Berlin sw y nw y 9-74-12, $2,200; nwG seG 24-75-i3, $2,200.
twp., $6,000; 80 acres 16, Summit twp., $1,000; 60 acres 16,
Iowa County— N y2 swy 24, English twp., $3,600; nwy
Berlin twp., $1,400; seG nwy 30, Summit twp., $1,600.
nwy 15, Honey Creek twp., $2,000.
Webster County— W l/2 nw 4 , sw 4 nwy 30-86-30, $5,000;
N O R TH D A K O T A .
Barnes County— N E G 19-138-58, $720; n ey 28-139-56, $800; e L n e y 18-89-29, $3,200; s e y 27-87-30, $5,120; w y se y 2786-28,
$2,009; eL s e y 27-86-28, $2,000.
nw y 15-143-57, $1,600; nwG 5-143-61, $2,600; s e y 15-142-57,
Cerro Gordo County— 'W y nw%, swy n e y 33-97-22, $9,$1,200.
Cass County— S E G 4-141-49, $2,500; swy 24-137-53, $2,- 400; w y nwy 31-97-22, $2,800 n l/2 s e y s e y n e y 33-97-22,
400; swJ4 32-143-50, $2,500; n ey 17-142-54, $1,600; s e y 23- $5,050; sw hr 27-9520, $9,800; n L nw y 23-97-20, $3,600.
Allamakee County— E y n ey sw y 13-97-6, $1,000; se y 34138- 52, $7,100; sG 28-143-54, $6,400.
4, $2,500.
Stutsman County— N W G 3°-I42-65, $320; swG 10-138-66, 96Story County— E L sw L 25-82-24, $5,360; n ey sw y 31-84$2,500; nwG 9-142-62, $800; w y2 20-140-62, $1,400; s e y 18139- 69, $500; s e y 18-139-69, $500; nwr4 29-142-64, $937.06; 24, $2,000.
Clayton County.— 50 acres Cass twp., $1,750; 80 acres
sw y 21-141-64, $800.
Millville twp., $1,000; 72 acres Millville twp., $1,000.
SO U TH D A K O T A .
Montgomery County— S y s e y 34-71-36, $3,400; n e y
Minnehaha County— N E y 19, nwy 20-103-51, $9,000; nwG n e y 16-71-36, $1,920.
11-104-48, $5,200; swy nwy , w y2 swy 8, nwy nw y 17W right County.— S y s e y 36 Vernon twp., $4,750; W y
101-50, $8,000; w y 5-102-48, $9,000; s e y 6-102-48, $3,800; w y sepd 23, Blaine twp., $5,300.
TO
INVESTORS
FARM LANDS FOR SALE.
M IN N E S O T A .
DO Y O U W A N T A
B A R G A IN IN .,.......
STEVENS COUNTY—
We have a number of choice farms, both wild and im
proved ; German and Scandinavian settlements, close to
schools and churches, at prices ranging
Farm, Meadow
or Timber Land
in Minnesota? If so write to us for
information. We have just bought
272,000 A C R E S
of the Great Northern railway,
which is now placed on the market
for the first time. These are great
bargains to be had if you will in
vestigate.
From $18 to $30 per acre
RED LAKE COUNTY
8.000 acres of fine level prairie within eight miles of mar
kets ; black loam and clay subsoil.
Price $12 to $15 per acre
MARSHALL COU NTY12,000 acres of selected land, partly covered with poplar
timber and hazel brush; just the thing for mixed farming.
Good water, schools, settlement, and within five or ten
miles of market.
Price $10 to $16 per acre
NORTH
DAKOTA.
PEMBINA COU N TY30 quarter sections, regular Red River soil, within five
miles of town. Every adjoining quarter occupied and cul
tivated.
Price $15 to $18 per acre
Will quote bargain figures to close out the tract.
NELSON COUNTY
6.000 acres, nearly all under cultivation, with good build
ings and within seven miles of town. This is excellent,
rolling land, heavy black soil with clay subsoil.
Price $15 to $18 per acre
W IS C O N S IN T IM B E R L A N D .
M IN N E S O T A
LAND& COLONIZATIONCO.
424=432 E n d i c o t t B ld g .,
ST. PAUL,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
=
H IN N .
20,000 ACRES
of Hardwood land; loamy clay soil; good water; mixed
settlement, within live miles of county seat. The best
stock raising and dairy country in the United States.
Price $6 to $10 per acre
REMEMBER: The above lands were all selected and are
first class.
Write for particulars.
C e n tra l
M innesota
162 E. Third St.,
-
Land
ST. PAUL, fllNN.
Co.
31
T H E C O M M E R C IA L W EST,
Saturday, Feb. i, 1902.
Range of Hog Prices.
Receipts o f hogs at all markets so far this week show a
nominal decrease as compared with the same three days last
week, but still show a substantial gain over the corresponding
weeks a year and tw o years ago. At the six most prominent
markets receipts during the first three days this week total
about 202,000, against 275,100 for the same period last week, 166,000
for the same period a year ago, and 169,500 for the same period
two years ago. Last w eek’s total receipts at these leading
markets were about 455,400, as com pared with 379,100 for the
week before, 386,600 for the corresponding week a year ago, and
314,300 for the corresponding week two years ago.
Receipts here during the first three days this week total
about 5,200 against 9,625 for the same period last week, 6,211 for
the same period a year ago and 5,106 for the same period two
years ago. The supply here last week totaled 18,068, as com
pared with 14,538 for the week before, 10,706 for the correspond
ing week a year ago and 8,082 for the corresponding week two
years ago. Prices were very irregular again the past week
and at the close sales show a decline of 5c to 10c from sales a
week ago.
Cattle.
Receipts o f cattle at all markets the first three days this
week show an increase over the marketing during the same
period last week. During' the first three days of the current
week, receipts at the six big markets total about 102,600, against
96,500 for the same period last week, 91,000 for the same period
a year ago and 73,700 for the same period two years ago. At
these same leading markets, receipts last week totaled 132,400,
as compared with 149,000 for the previous week, 69,100 for the
corresponding week a month ago, 105,900 for the corresponding
week a year ago and 104,700 for the corresponding week two
years ago.
.
„ , ..
The number o f cattle received here during the first three
days this week w as about 3,000, against 3,249 for the same period
last week, 2,032 for the same period a year ago and 2,711 for the
same period tw o years ago. Last week’ s receipts here totaled
9,806, as com pared with 24,792 for the week before, 6,835 for the
same week a year ago and 21,635 for the same week two years
ago. Conditions in the beef and butcher cattle trade have shown
very little change from a week ago. Canners rule 10c to 25c
lower, but all other kinds are generally considered steady.
Sheep.
Sheep receipts for the first three days this week show a
slight increase over the same period last week. The six big
markets reported a total of 89,300, against 83,500 for the first
three days last week, 81,100 for the same period a year ago,
and 83,500 for the same period tw o years ago. Last week’ s
total receipts at these six big markets totaled 125,300, as com
pared with 152,000 for the previous week, 66,600 for the cor
responding week a month ago, 107,500 for the corresponding
week a year ago and 139,000 for the corresponding week two
years ago.
„
,, .
, , , , .
The run here during the first three days this week totaled
about 1,000, against 4,418 for the same period last week and
2 711 for the same period tw o years ago. The week’ s supply
here last week totaled 9,806, as com pared with 24,794 during the
week before, 6,835 for the same week a year ago and 21,635 for
the same week tw o years ago. There was a little better inquiry developed to the killing' sheep trade. Choice’ fat lambs
show an advance o f from 10c to 15c over last week, while fair
to good fat lambs and all grades of fat sheep, only rule strong.
This Week.
Thursday ................................................ $5.50@6.25
Friday ...................................................... 5.60@6.40
Saturday ................................................. 5.70@6.25
Monday ................................................... 5.75@6.20
Tuesday ................................................... 5.65@6.15
W ednesday ............................................ 5.60@6.10
Previous Week.
$5.65@6.25
5.60@6.35
5.70@6.45
5.60@6.45
5.70@6.40
5.70@6.25
Bulk of Hog Sales.
This W eek. Previous Week.
Thursday ................................................ $5.90@6.15
$5.90@6.10
Friday ........................................................ 5.95@6.20
5.90@6.15
Saturday ................................................... 5.90@6.20
6.05@6.20
5.80@6.10 6.10(y/6.25
Monday .....................................
Tuesday ................................................... 5.75@ 6.00
5.90@6.20
W ednesday .............................................. 5.70@5.85
5.75@6.00
Condition of Hog M arket.
This Week.
Thursday ................ Mostly 10c lower.
Friday .....................Shade stronger.
Saturday ................Average flat 5c lower.
Monday ................... Flat 5c lower.
Tuesday ..................10 to 15c lower.
W ednesday ........... W eak to 5c lower.
Previous Week.
M ostly 10c lower.
About steady.
M ostly 10c higher.
About 5c higher.
Generally 15c lower.
Generally 20c lower.
Comparative Hog Receipts.
Chicago ...................
Kansas City .........
South Omaha ........
South St. Joseph...
East St. L ou is......
South St. P au l......
Last Week.
............. 211,000
............. 77,300
.............
61,600
............. 43,900
............. 43,500
............. 18,100
Totals ................ ............. 455,400
Three days current w eek.. 202,000
Same W eek Same W eek
Year Ago. 2 Years Ago.
147,000
173,000
59,500
78,000
36,400
47,700
25,800
36,700
37,500
40,500
8,100
10,700
386,600
166,000
314,300
169,500
Comparative Cattle Receipts.
Last Week.
Chicago ................... ............. 58,200
Kansas City .......... ............. 30,300
South Omaha ........ ............. 16,400
7,300
South St. Joseph... .............
East St. L ouis...... ............. 16,100
4,100
South St. P au l........ .............
Totals ................ .............
Three days current w eek..
132.400
102,600
Same W eek Same W eek
Year Ago. 2 Years Ago.
41,900
37,800
32,300
36,600
13,500
12,000
4,500
5,100
9,800
11,800
2,700
2,600
105,900
91,000
104,700
73,700
Comparative Sheep Receipts.
Chicago ...................
Kansas City .........
South Omaha ........
South St. Joseph...
East St. L ou is......
South St. P au l......
Last Week.
............. 79,000
............. 13,000
............. 14,900
.............
3,300
.............
5,300
.............
9,800
Totals ................ .............
Three days current w eek..
125,300
89,300
Same Week Same W eek
Year Ago. 2 Years Ago.
79,000
66,000
12,200
12,300
18,200
14,000
4,600
5,200
3,400
3,200
21,600
6,800
107,500
SI,100
139,000
83,500
interesting Facts About the W est.
Receipts to Date.
The follow ing table shows the receipts at South St. Paul
from January 1, 1902, up to and including W ednesday, January
29, as compared with the same period a year ago, showing the
increase or decrease:
Inc.
1901.
Dec.
1902.
620
9,817
Cattle ...................................................... 10,437
196
1,568
Calves ..................................................... 1.372
11,608
56,185
H ogs ........................................................ 6?.85o
19,048
42,613
Sheep ...................................................... 61,661
129
161
Horses ...................................................
32
240
1,298
Cars ........................................................ 1,538
January R eceipts.
The follow ing table' shows the receipts at South St. Paul
for the month o f January up to and including Wednesday,
January 29, as compared with the same period a year ago, show
ing the increase or decrease:
Inc.
1901.
Dec.
1902.
620
9,817
10,437
Cattle ............................................
196
1,568
1,372
11,668
56,185
67,853
H ogs ..
19,048
42,613
61,681
Sheep .
129
161
32
H orses
240
1,298
1,538
Cars ..
The W e e k ’ s Receipts.
Receipts at South St. Paul for the week ending Wednesday,
January 29, 1902:
Cars.
Sheep. Horses.
Cattle. Hogs.
34
97
........
2,060
261
Thursday, Jan. 23.........
70
4,889
........
2,809
318
Friday, Jan. 24..............
57
402
........
3,574
267
Saturday, Jan. 25..........
36
218
........
1,555
438
Monday, Jan. 27...........
100
659
........
2,996
1,682
Tuesday, Jan. 28...........
64
95
........
2,615
895
Wednesday, Jan. 29—
361
6,360
........
15,609
T otsls
^ 3,861
Receipts at South St. Paul for the week ending Wednesday,
Jan. 30, 1901:
Cars.
Sheep. Horses.
Cattle. Hogs.
30
212
1,393
376
Thursday, Jan. 24.
32
30
2,147
181
Friday, Jan. 25......
23
48
1,513
121
Saturday, Jan. 26..
19
12
1,027
160
Monday, Jan. 28—
76
385
73
2,934
1,122
57
982
2,250
750
Wednesday, Jan. 30---237
1,669
73
11,264
2,710
Totals ........................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
North Dakota (Grand Forks) Review: Steps are being
taken to put in a telephone line between Walhalla and Neche,
N. D., connecting the different farm residences along the
line that desire its use. About $8oo in stock has been sub
scribed.
The cheese factory in Lisbon, N. D., did a satisfactory
business last year. Besides a large number of young Ameri
can xo-pounders, the factory turned out 1,338 flats, weighing
about 29 pounds each. Before the factory closed for the
winter every cheese was sold, the average price being 10
cents a pound.
The govenment estimate puts the total value of the prod
ucts from the farms in Manitoba last year at $40,000,000.
This amount, which will be divided among some 25,000
farmers, is exclusive of the revenue derived from the sale
of stock, hay or root crops, which have not been included
in the government calculations.
Great Falls, Mont., Tribune: “ The Business Men’s A s
sociation is moving in the right direction in deciding to pre
pare to receive the homeseekers who are expected to land
here during the coming spring. It should follow its ini
tiatory move in this direction until every thing possible is
done that will tend to get these people satisfactorily settled
here.”
The Nor’west Farmer, of Winnipeg, says, speaking of con
ditions on the Canadian side in the Red River valley : “ The
sheep is the cheapest of all weed killers, and is about the only
animal that can turn bad weeds into good money. There is
about the worst lot of weeds in the Red River valley that
can be found on this continent. The land is saturated with the
accumulated seeds of 50 years that would need the price of
new land to clean them out, and sheep would turn all these
into good mutton. Yet there is hardly a sheep to be found
in the very part of the country that needs them most. Some
day a man will turn up with the faculty of seeing this thing
properly. Meantime we must see one of the best soils in
America beggared by the annual production of two or three
crops in a season of such weeds as come first and stay last
and consume more plant food tha nthe legitimate crops.”
32
T H E C O M M E R C IA L W EST.
SAMUEL HILL,
Pres’t and Treas.
ELBRIDGE C. COOKE,
Y. Pres’ t and Sec’y.
ROBERT W . W EBB,
A s s ’t Sec’y and Treas.
MINNEAPOLIS TRUST GO.
Capital P
a
idin, $500,600.09.
Saturday, Feb. i, 1902.
TH O R PE BRO S.
4 South Fourth Street,
M inneapolis, M inn,
L i s t Your Reai Estât» Witb U s f o r S a l s
Guaranty Fond with State Auditor, $100,006.00.
Acts as Executor, Administrator, Trustee, Guardian and Transfer Agent.
Insurance Agency.
Safety Deposit Vaults.
mJSiïiïiïi$ïD THORPE BROS.
Fire
THOS. PEEBLES,
Directors: Samuel Hill, Wm. H. Dunwoody, James J. Hill, Elbridge C. Cooke, Wm. G.
Northrup, A. H. Linton, John B. Atwater, Cavour S. Langdon, Robt. W. Webb.
F. C. NICKELS
[Established 1878.J
F. G. SMITH
NICKELS & SMITH
S e c o n d F lo o r ,
3 1 1 N ic o lle t A v e n u e .
Sell Real Estate, Negotiate Mortgages,
Manage Estates with Care aid Ecanomy.
Oldest Continually Successful Operators in the City.
Refer: American Loan & Trust Co., Boston; Union
Mutual Life Ins. Co., Portland; American Baptist
Missionary Union, Boston; A. W . McLaughlin * Co.,
New York; F. E. Patterson, Philadelphia.
Manager.
CO RSER
H. E. L A D D ,
E sta te and
Mortgage
Loa ns.
properties and
values the specialty of our business. This in
cludes paying taxes, handling, improving and
renting city property.
E s t a b l is h e d 1874-.
M IN N E A P O L IS .
CL
J
A M
¡w e*,
City aud Suburban Lands
FACTORY SITES.
714 G U A R A N T Y B L D G . , M I N N E A P O L I S .
Best References Famished.
Bank Clearings,
Reported by Bradstreet’ s.
W eek ending Jan. 24. 1001.
Jan. 23, 1902. Inc.
New Yrork ...... ...$1,406,148,883
Chicago ........... ... 166,737,769
27.7
Boston ............. ... 136,367,536
2.4
Philadelphia .. .. 117,481,413
20.6
St. Louis ........
52,842,166
36.1
Pittsburgh ......
45,389,243
18.1
Baltimore ........
25,630,788
21.1
San Francisco
21,495,520
16.6
Cincinnati ......
20,379,000
Kansas C ity__
20,681,978
25.7
Cleveland ........
12.558,795
10.2
Minneapolis __
13,833,453
45.5
16,203,822
New Orleans .
15.1
17,886,133
82.2
Detroit ............
Louisville' ........
10,039,535
13.7
10,044,614
Indianapolis ...
28.8
Providence __
8,029,200
23.1
Omaha .............
7,414,555
13.1
Milwaukee ......
6,803,634
3.5
Buffalo ............
5,642,656
5.9
St. Paul ...........
5,254,273
12.3
St. Joseph ......
4,956,685
31.9
Denver ............
5,081,165
14.4
Salt Lake City
3.040,070
5.8
Los Angeles ..
4,057,689
39.7
F ort W orth ...
2,884,135
Seattle ..............
2,821,282
51.9
Portland, Ore .
2,384,931
24.8
1,699,324
Des Moines ...
12.7
Sioux City __
1,580.119
25.3
Tacom a ...........
1,097,369
1.2
Spokane ..........
1,385,633
41.9
Topeka ............
20.4
1,395,710
Davenport ......
1,401,219 101.8
Helena ..............
570,118
W ichita ............
795,801
56.1
Fargo, N. D ......
490,782
47.1
Sioux Falls, S. D.
247,587
21.0
Fremont, N e b .,
188.856
5S.3
Beaumont, Tex
365,405
Totals. U. S...$2,225,599,076
1.2
Tot. outside N. Y. 819,450,193
18.1
DOMINION OF CANADA.
Montreal .............. $16,805,442
10.0
Toronto ..............
13,771,790
28.0
W innipeg ..............
2,936,447
56.0
H alifax .................
1,716,713
8.4
Vancouver, B. C.
840,659
21.2
Hamilton ..............
807,930
16.4
St. John, N. B ......
703,344
9.6
Victoria, B. C ........
537,992
1,192,112
Quebec ...................
Ottawa ...................
1,802,72$
Totals ............... $38,120,317
18.3
A Rich Section of Washington.
The Yakima Valley is making such
rapid progress in the way of settle
ment and products as to attract the
general attention of the people west
of the mountains as well as through
out the eastern states. There is per
haps, outside of Seattle, of course, no
section of Washington that has been
and is so thoroughly advertised as is
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
CO.
Loans Real Estate and
Insurance.
N e w Y e rk L ife
B u ild in g ,
M IN N E A P O L IS .
MINNEAPOLIS, MINN.
J.
F 1.
D. P. Jones, Pres.
W. H. Davis, Y-Pres.
W. C. McWhinney, Sec. & Treas.
CALH OUN,
DAVID P. JOKES & COMPANY
500 Oneida Building. MINNEAPOLIS.
(Established 1868. Incorporated 1900.)
Agent for the Drexel Estate
Mortgage Loans, Real Estate and Rentals
Real Estate and Loans
Bonds, Lands and Mortgages.
Special attention given to management of
estates of non-residents. Satisfactory refer
ence to local and eastern parties.
References: Drexel Estate, Philadelphia, or any Bank in Minneapolis
200
FL
IN V E S T M E N T
Special Attention Given to Manage
ment of Estates of Non-Residents.
Personal care and management of property.
Acting as Trustee. Correspondence solic
ited. 302-303 Andrus Building. References.
M INNEAPOLIS.
MARSH & BARTLETT ESTp-aft
Conservative Investments
Offered.
(Established 1870. Incorporated 1893)
Twenty Years’ Successful Experi
ence in Handling Minneapolis Realty
Real
M in n e a p o l is .
Managers of Andres Building.
R . D.
CONE
Real Estate and
Mortgage Loans,
O n e id a
B u ild in g ,
M IN N E A P O L IS .
& CO,
517 Guaranty Building,
M IN N EAPOLIS.
J. B. TABOUR
Mortgage Loans negotiated secured by first
mortgage on carefully selected real estate in
Minneapolis. Real Estate, improved and va
cant, bought, sold and managed on commis
sion. Rents Collected. Estates managed
for residents and non-residents.
Solicits the placing of your money and the care
and sale of your property. Twenty years’ ex
perience. References.
410 First Ave. South, M IN N EAPOLIS.
In M A R C H a n d A P R I L
The
Northern Pacific Railway
W I L ,L
SE LL
SETTLERS’ TICKETS
---------------------------- -
a t
----------------------------
VERY LOW RATES
F o r P r i n t e d IVlcitter A d d r e s s
CHAS. S. FEE,
G. P. A., N. P . R .
S T .
the Yakim a Valley, and the results
have been so very satisfactory that
from a country village North Yakima,
in two years’ time, has grown to be
a thriivng, prosperous little city— Se
attle Trade Register.
Snohomish County Prosperous.
The Snohomish county auditor’s re
port at Everett for 1901 shows a large
increase over the business of 1900.
The total for the year is $8,454, while
that for 1900 was $6,482, a gain of $1,972.— The Trade Register.
Gifts of Millionaires.
It is estimated that American mil
lionaires gave during 1901 to charitable
and educational institutions the sum of
$73,000,000. In nine years it is esti
mated that Americans have given for
P A U L , M IN N .
the benefit of charitable or educational
purposes the sum of $388,000,000.
The state horticultural commissioner
of Washington reports that fully 250,000 fruit trees were set out last fall in
the state of Washington, the largest
average being in western Washington.
The California rasin crop for 1901 is
estimated at 72,000,000 lbs., a decrease
of 20,000,000 lbs. compared with the
pack of 1900. The California Fruit
Grower attributes this shortage to
frosts in April.
The management of the Northwestern
road has determined to adopt the stand
ard code of railway signals for its en
tire system. The change will be gradual, so that the men may become accus
tomed to the new rules in sections.
Saturday, Feb. i, 1902.
T H E C O M M E R C IA L W EST,
33
THE LO U ISIAN A PURCHASE EXPOSITION.
(Special Correspondence o f The Commercial W est.)
St. Louis, Jan. 27.— A general revision of the names of the
exhibit buildings has been recommended by the executive
committee for adoption. The changes are as follows.
Former Name.
New Name.
Dimensions.
Education .......................Mines and M etallurgy......... 525 X 750
Social E co n o m y .............Liberal Arts ...................... 525X 750
Liberal A r t s ................... Textiles ................................ 6oox 525
Manufacturers and Lib-Manufactures ...................... 525x1200
eral Arts ................... Electricity and Machinery. 6oox 525
Electricity .....................-Varied Industries................ 525x1200
Mines and M etallurgy.. Machinery ............................ 525x800
T ran sportation ...............Transportation ................... 525x1000
M ach in ery....................... Agriculture ......................... 700x2000
A g ric u ltu re ..................... Horticulture .......................
Education ...........................
Social E co n o m y .................
The work on none of the buildings, except perhaps the
Transportation building, has progressed as far as the deco
rative details. The drawings of buildings now in the hands
of the draftsmen in Director Taylor’s office have to do only
with the construction details. The decorative details, the
groups of statuary, the mouldings, and the inscriptions will
come later, and these will be adapted to the uses to which
the building is to be put.
*
*
*
experience in manufacturing as a director of various im
portant concerns. He has traveled extensively and at the
Paris Exposition in 1900 was one of the department di
rectors for the United States, in charge of “ Varied Indus
tries,” which corresponds in many particulars to the D e
partment of manufactures. He served the French govern
ment as a juror and was decorated with the Order of the
Chevalier of the Legion of Honor.
Prof. W. Elwell Goldsborough has been appointed di
rector of the Department of Electrical Exhibits. Professor
Goldsborough is director of electrical engineering in Purdue
University, Lafayette, Indiana. Professor Goldsborough
was born at Baltimore in 1871, and at the age of eight years
went to China with his parents, his father having been ap
pointed American consul to Amoy. He traveled extensively
in the Oriental countries. He entered Cornell University
at Ithaca, N. Y., in 1889, and after his graduation took
charge of the electrical work of the International Corre
spondence School at Scranton, Pa. He became professor
of electrical engineering at Arkansas University, Fayette
ville, and from there went to Purdue University. He has
made important contributions to electrical literature.
The First Flying Machine Entry.
John A. Ockerson, member of the Mississippi River Com
mission, has been appointed chief of the Department of
Liberal Arts for the Louisiana Purchase Exposition. Mr.
Ockerson is one of the most eminent American engineers, for
many years having had charge of coast and river surveys
requiring the highest skill and executive ability. He was
a member of the International Jury of Awards at the Paris
Exposition in 1900.
Frederic W. Taylor has been appointed chief of the D e
partment of Agriculture of the W orld’s Fair and acting chief
of the Department of Horticulture. Mr. Taylor was di
rector of concessions at the Pan-American Exposition and
superintendent of the divisions of Horticulture, Foods and
Forestry. He was formerly director of the Iowa State H or
ticultural Society and professor of horticulture at the Ne
braska State University, at Lincoln.
Milan H. Hulbert, of Brooklyn, has been appointed chief
of the Department of Manufactures. He is a graduate of
the Brooklyn Polytechnic Institute and has had a large
The first entry for the airship contest at the Louisiana Pur
chase Exposition has been received. The inventor who an
nounces his intention to compete for the prize offered by the
exposition is Gustave Whitehead, of Bridgeport. Conn. Mr.
Whitehead has been at work along practical lines, building
one machine after another, preserving the good points of each
and discarding those that have been found undesirable. He
has met with an encouraging success in his efforts. He writes
as follows:
“ I have read in different papers that you are going to offer
a prize for the best dirigible air-ship or flying machine. I
have been working on the problem for the last ten years. The
latest of my results is a one-and-a-half mile flight. I am im
proving every day, employing a force of men in order to come
to a practical conclusion in regard to the flying machine. You
will kindly put my name down on your list as one of the com
petitors.”
Mr. Whitehead sends a number of views of his machine.
He calls it the Aeroplane Flying Machine, and he has now
reached number 21 in his series of machines. He says regard
ing it:
“This machine is built of wood and bamboo and covered
with silk. The body is 16 feet long, 3 feet wide and 3 feet
deep, something in the shape of a fish or bird. On each side
are great wings or aeroplanes stretched tightly on a bamboo
framework. Four wheels support the machine while stand
ing on the ground. A ten-horse power engine is connected
with the wheels in order to get the running start in the way
a bird starts to fly. In front of the wings and across the body
is a double compound high-pressure engine (about 20-horse
power), revolving a pair of propellers in opposite directions
about 700 revolutions per minute. These propellers are 6 feet
in diameter and while running at full speed will thrust 365
pounds. The entire weight of the machine is 280 pounds
complete. This machine on June 3, 1901, with an operator on
board, flew one and one-half miles. It has done so several
times since with safety. This is the first machine of its kind
that has ever risen in the air with a human being on board, in
an upward course.”
The earning power of money loaned on good security in
the larger money markets in the east and middle west is not
above 4JJ per cent gross, or netting to the investor who places
his money through second hands, perhaps 4 per cent. This
would be counted a good average. In fact, many good bonds
of recent sale are earning the investor not to exceed three
per cent. Winne & Winne, of Wichita, Kan., are offering
first Oklahoma farm mortgages to net the investor 6 per
cent. Their offer is worth the careful attention of anyone
desiring to earn more than 4 per cent on his money and sat
isfied with farm securities. Winne & Winne are the best
known loan agency in their section of Kansas, their experi
ence covering a long term of years. Up to Jan. 1, 1902, they
have loaned a total of $2,806,420, of which amount $2,475,294
was loaned for the Union Central Life Insurance company,
of Cincinanti, whose financial correspondents they are;
and $331,126 for individual investors, savings banks,
colleges, fire insurance companies, etc. They have yet to lose
their first dollar for any client or for themselves upon a real
estate mortgage. They hold no real estate taken on mortgage
foreclosure for themselves or for any* client. During the
panic of 1893 and following they did take such property, but
it was all disposed of at an average profit of 25 per cent.
Their total overdue interest Jan. 1, 1902, was less than $500.
This record is as good a one as any section of the United
States can show. Their farm securities net the investor six
per cent.
If St. Louis had given a four-months’ note for the
$5,000,000 which the Federal Government appropriated for
the Louisiana Purchase Exposition and had been permitted
to pay it with the internal revenue receipts, only a very
small part of it would have required renewal. The total col
lections in the first district of Missouri, comprising the east
ern half of the state, for 1901, were $14,490,581. The rev
enues from this district, which were $6,566,750 in 1896, grew
to $15,677,548 in 1900. They dropped back a little in 1901,
owing to the abolishment of certain war taxes. In the six
years ending with 1901 the total collections were $69,723,798.02, or approximately four and two-thirds times the amount
paid for the million square miles in the Louisiana Purchase
a century ago. It is almost 14 times the amount appro
priated by the federal government for the exposition. The
city of St. Louis pays about one-third of the entire revenue
received by the United States treasury from tobacco.
* * *
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T H E C O M M E R C IA L W EST.
34
Earnings Third "Week January.
Ann Arbor:
3d week Jan................
Prom July 1..............
Iow a Central:
3d week Jan................
From July 1 .............
Missouri Pacific—
3d week Jan..............
Prom Jan. I .............
Central branch—
3d week Jan................
1902.
$34,648
1,065,317
1901.
$28,367
971,554
-----Ch
Inc.
$6,281
93,763
$52,234
1,428,318
$50,970
1,312,434
$1,264
115,884
$652,000
1,823,428
$622,000
1,741,185
$30,000
82,243
$15,000
$22,000
43,950
41,466
Minneapolis & St. Louis—
$59,110
3d week Jan ..............
$63,015
1,822,S68
Prom July 1 ............. 2,029,187
Texas & Pacific—
$249,221
$249,115
3d week Jan ..............
From Jan. 1................
716,252
672,278
W abash—
$353,660
3d week Jan................
$393,907
12,004,879
Prom July 1.............. 11,060,180
Wisconsin Central—
$91,650
$97,000
3d week Jan................
3,012,784
From July 1 .............
3,315,558
Chicago Great W estern
$121,489
ed week Jan ...........
$131,637
3,866,106
Prom July 1 ...........
4,373,434
Chesapeake & Ohio—
$282,276
3d week Jan ...........
$291,865
8,763,250
From July 1 ...........
9,348,080
Canadian Pacific—
$448,000
3d week Jan ...........
$606,000
17,007,131
Prom July 1 ........... 21,690,817
Denver & Rio Grande—
$186,300
3d week Jan ...........
$212,800
6,503,000
Prom July 1 ...........
6,876,100
Missouri, Kansas & Texas$329,916
3d week Jan ...........
$337,128
8,855,906
9,871,548
From July 1 ...........
Mexican National—
$141,218
3d week Jan ...........
$148,438
394,500
From Jan. 1 ...........
421,323
N orfolk & W estern—
$308,915
3d week Jan ...........
$343,362
9,010,178
9,553,850
Prom July 1 ...........
Rio Grande Southern—
$9,298
3d week Jan ...........
$9,948
319,304
From July 1 ...........
328,986
St. Louis Southwestern—
$156,262
$144,449
3d week Jan ...........
4,159,299
Prom July 1 ...........
4,132,063
Chicago Terminal Transfer—
$26,035
3d week Jan ...........
$31,285
791,961
Prom July 1 ...........
884,454
Chicago, Indianapolis & Louisville
3d week Jan ...........
$78,922
$70,237
2,586,642
2,313,945
Prom July 1 ...........
Chicago & Eastern Illinois—
3d week Jan ...........
$160,600
$135,800
Prom July 1 ...........
3,580,578
3,241,010
Grand Trunk System—
3d week Jan ...........
$525,360
$506,457
From July 1 ........... 16,793,494
16,040,033
H ocking Valley—
3d week Jan ...........
$100,157
$98,581
Louisville & Nashville—
3d week Jan ...........
$621,045
$563,890
15,507,830
Prom July 1 ........... 16,934,819
Twin City Rapid Transit—
3d week Jan ...........
$61,046
$53,649
Prom Jan. 1 ...........
185,289
158,400
Deo.
$3,905
206,319
.
.,
43,974
$40,247
$106
944,699
$5,350
302,774
164,834
19,696
$325,639
2,423,444
The Missouri Pacific Railw ay Co. reports for November—
•---- Changes---- 1901.
1900.
Inc.
Dec.
Gross earnings ........ $3,343,455
$2,924,693
$418,763 ..................
Oper, expenses ........
2,136,496
1,838,621
297,876 .................
Net earnings ........ $1,206,959
Prom Jan. 1 to Nov. 30:
Gross earnings ........ $33,794,284
Oper. expenses ........ 21,561,615
Net earnings ..
.. $12,232,669
$1,086,072
$120,887
$29,315,166
19,378,629
$4,479,118
2,182,986
$9,936,537
$2,296,132
Pressed Steel Car Co. reports for year ended Dec.:
----- Changes----Inc.
Dec.
1901.
1900.
$147,256
$2,075,181 .
Profits ...................... ... $1,927,925
875,000
875,000
Dividend, preferred
147,256 .
1,200,181
... 1,052,925
143,635 .
143,635
Depreciation .........
290,891
1,200,081 .
909,290
500,000 ..
Dividend, common
500,000
290,891
700,181 .
Surplus ....................
409,290
$9,589
584,830
$158,000
4,683,6S6
$26,500
373,100
$7,212
1,015,642
Dividends.
$7,220
26,823
$34,447
543,672
$650
9,682
$11,813
27,236
$5,250
92,493
$8,685
272,697
$24,800
339,568
$18,903
753,461
$1,576
$57,155
1,426,989
$7,397
26,889
Earnings Second Week January.
Cincinnati, New Orleans & Texas Pacific—
-----Changes----1902.
1901.
Inc.
Dec.
2d week Jan................
$97,504
$83,828
$13,676 ..................
From July 1................ 2,943,241
2,632,067
311,174 ..................
Seaboard Air Line—
2nd week Jan .............
$211,479
$219,212 ..................
$7,733
Prom July 1..............
6,039,716
5,652,345
387,371 ..................
Chicago Terminal Transfer—
2nd week Jan ...........
$30,740
$25,738
$5,002 ..................
From July 1 ...........
835,169
765,926
87,243 ..................
Northern Pacific—
2nd week Jan ...........
$658,212
$532,902
$125,310 ..................
From July 1 ........... 24,120,633
L 119,342
5,001,291 ..................
Pere Marquette—
2nd week Jan ...........
$160,740
$145,830
$14,910 ..................
Prom July 1 ...........
5,110,957
4,621,730
489,227 ..................
St. Louis & San Francisco—
2nd week Jan ...........
$404,033
$342,235
$61,798 ..................
From July 1 ........... 11,373,892
9,953,091
1,420,801 ..................
December Reports.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$5,396
48,780
Annual Reports.
$10,148
507,329
Atchison reports for December—
Inc.
1900.
1901.
$572,323
$4,756,629
Gross ............................ $5,328,952
341,833
3,017,558
2,675,725
Oper, expenses ...........
230,489
2,030,905
Net ................................ 2,311,394
F or six months—
3,929,640
26,946,616
30,876,256
Gross .............................
1,468,271
15,935,344
Oper, expenses .......... 17,403,615
11,011,273
2,461,368
Net ................................ 13,472,641
Chicago & Eastern Illinois reports for Decem ber—
$29,760
$522,397
$552,157
Gross .............................
17,158
273,242
290,400
Oper, expenses ...........
12,372
277,336
289,708
Total net income __
Prom July 1:
277,092
2,854,652
.
3,131,744
Gross .............................
1,309,442
241,046
Total net ................... . 1,550,488
Omaha—
$889,352
$90,907
$980,259
Month December ......
10,341,998
854,403
Fiscal year ................. 11,196,401
W isconsin Central reports for December$29,685
$412,291
$441,976
Gross ...........................
33,024
270,943
303,967
Oper. expenses ...........
3,339
142,347
139,008
Net ................................
From July 1—
......
$306,780
$2,744,421
Gross ............................ $3,051,201
195,939
1,735,597
1,931,536
Oper. expenses ...........
110,841
1,008,824
Net ................................ 1,119,665
Chicago & Alton reports for December—
$761,092
$766,488
Gross ............................
Surplus ........................
251,653
300,433
Prom July 1—
Gross ............................. 4,903,424
4,738,590
Surplus .........................
1,670,009
1,650,313
N orth w estern Month December . ... $3,618,773
$3,293,134
Prom June 1 .............. 28,584,103
26,160,659
November Reports.
$7,000
2,484
.,
.
Saturday, Feb. i, 1902.
Dec.
The American Ice Co. has declared a dividend of 1 per cent,
payable Peb. 15. Books close Feb. 1 and reopen Feb. 17.
W est Chicago Street Ry. quarterly dividend of 1% per cent
guaranteed by the Union Traction Co., is payable p eb. 15.
Books close Peb. 5.
The Pressed Steel Car Co., has declared the regular quar
terly dividend of 13 per cent on the preferred stock and 1 per
cent on the common.
The Jefferson & Clearfield Coal & Iron Co. declared a divi
dend of 2y2 per cent on its preferred stock, payable Peb. 15
to stock of record Peb. 6.
The Erie Railroad Co. declared regular dividend o f 1Y2
per cent on its preferred stock, payable Peb. 28. Books close
Jan. 31, and reopen March 1.
The Allis-Chalmers Co. declared the regular quarterly div
idend of 1% per cent on the preferred stock, payable Peb. 1.
Books close Jan. 25 and reopen Feb. 3.
The Peoples Gas Light & Coke Co., o f Chicago, declared
the regular quarterly dividend of 1% per cent, payable Peb.
25. Books close Peb. 15 and reopen Peb. 26.
W estinghouse & Electric M anufacturing Co. declared quar
terly dividend of 1% per cent upon the assenting stock, payable
Peb. 15. Books close Jan. 31 and reopen Peb. 17.
The National Carbon Co. has declared its regular quarter
ly dividend of 1% per cent on the preferred stock, payable
Feb. 15. Books close Jan. 31 and reopen Feb. 15.
Cleveland, Cincinnati, Chicago & St. Louis Ry. Co. de
clared the regular semi-annual dividend o f 2 per cent on its
common stock, payable March 1 to stock of record Peb. 8.
The New York Central and Hudson River Railroad will pay
a dividend of 1% per cent on the stock of the1Rome, W atertown
and Ogdensburgh R. R. on Peb. 15 to stock of record Jan. 31.
The Buffalo Rochester & Pittsburg Ry. declared regular
semi-annual dividend of 3 per cent on its preferred stock and
2 per cent on the common, payable Peb. 15, to stockholders of
record Peb. 6.
The Omaha R y. Co. declared regular semi-annual dividend
of 3y2 per cent on its preferred stock and regular annual div
idend of 5 per cent on its com mon stock, payable Peb. 20 to
stock o f record Peb. 5.
Fowler Bros., Limited.
The annual report of Fow ler Bros., Limited, shows highly
satisfactory results. The statement is for the year ended Oct.
31. It states that after allow ing for all expenses, including
depreciation and debenture interest, the net profit amounts to
£73,587, out of which the half year’s dividend on the preference
shares to April 30 was paid in May last.
The directors now recommend the payment of the preference
dividend for the half year ended October 31, at the rate o f
7 per cent per annum, and also a dividend o f 7 per cent for
the year on the ordinary shares.
This means that the common will get tw o per cent more
for the previous twelve months, while the substantial sum of
nearly £36,000 is added to reserve, bringing that fund up to
£101,800.
California V ia the "Sunshine Route.”
If you contemplate a trip to California this fall or winter
consult the Chicago, Milwaukee & St. Paul Railway.
Beginning Tuesday, October 15th, and every Tuesday
thereafter during the season, a high class Pullman tourist
sleeping car will leave St. Paul and Minneapolis, running
through to Los Angeles without change, arriving Los A n
geles Saturday morning, four days.
The line is via the celebrated C., M. & St. P. “ Hedrick
Route” to Kansas City, thence over the A., T. & S. F. Ry.,
making the most popular and interesting route to the south
Pacific coast.
This service includes the “ personally conducted” feature
west of Missouri river— a special conductor accompanies
each car, whose duty it is to carefully look after the wants
of each individual passenger.
J. T. Conley,
Asst. General Passenger Agent C., M. & St. P. Ry., St. Pau.l
Saturday, Feb. I, 1902.
T H E C O M M E R C IA L W EST.
Pacific Coast Wheat Stocks
G E N E R A L G R A IN S T A T IS T IC S
Cereal Exports With Destinations.
(Reported by Bradstreet’s.)
The exports o f wheat, corn and flour from the United States
and Canada (coastwise shipments included), with ports of
destination, fo r the week ending January 16, follow :
To
W heat.
Corn.
Flour.
36,152
102,914
Liverpool
535,406
27,009
London ..
111,823
10,000
Bristol ..
74,249
87,249
17,143
73,297
Glasgow
Leith __
40,000
421
H ull ......
71,764
Newcastle
3,500
Manchester ......................................
88,000
4,599
Belfast ................................................
23,000
Dublin ..................................................................
Other United K in gdom __
27,493
United Kingdom, orders__
1,383,289
Antwerp ................................
112,000
11,206
Holland .................................
14,723
42,857
France ...................................
5,373
Germany ..............................
233,630
3,039
Portugal, Italy and Spain
15,985
14,290
Scandinavia .........................
25,854
Asia ........................................
37,58»
899
A frica ...................................
15,981
33,887
42,950
W est Indies .........................
36,766
360,917
2,550
All others .............................
326,838
Totals ........................................
3,191,644
209,313
Season—July 1, 1901, to January 16, 1902:
Corn.
To
W heat.
18,123,712
4,970,757
Liverpool ..............................
8,207,926
1,954,907
London ................................ .
3.409.059
59,999
Bristol ...................................
2,275,242
1,362,849
Glasgow ................................
2,137,546
17,147
Leith ; ................................... .
Hull ........................................
3,217,878
139,314
687,035
244,605
N ewcastle ...........................
2,390,406
287,361
Manchester .........................
39,000
233,598
B elfast .................................
739,111
111,285
Dublin .................................
1,439,947
53,564
Other United K in gdom __
19,257,347
...........
United Kingdom, orders.
13,349,285
917,497
Antwerp .............................. .
13,352,775
2,297,663
Holland ................................
3,262,778
226,053
France .................................
13,377,114
4,247,271
Germany ..............................
847,424
55,983
Portugal, Italy and Spain
3.472.060
1,689,282
Scandinavia ........................
37,580
49,532
Asia ......................................
310,109
51,834
A frica ...................................
12,456
1,093,648
W est Indies ......................
4,057,438
853,564
A ll others ...........................
Flour.
1,203,510
1,725,579
393,045
978,089
244,612
40,881
15,576
50,354
357,557
229,040
85,848
69,625
30,857
792,478
5,310
384,819
59,934
268,833
1,194,798
187,903
1,017,022
676,376
20,917,713
10,012,046
On Canals ..
On Miss. R iver ........
Total ....................
Last year ................
Total visible oats ..
Total visible rye ...
Total visible barley
Portland, O re..
Tacoma, W ash
Seattle, W ash.
1.075.000
1.854.000
459,000
Total January 18, 1902............................................................ 3,389,000
W eekly comparisons since December 1, 1901, follow :
December 7 ........................................, .......................................... 3,443,000
December 14 ................................................................................... 3,437,000
December 21 ................................................................................... 2,932,000
December 28 ................................................................................... 3,317,000
January 4, 1902............................................................................... 3,415,000
January 11 ...................................................................................... 2,582,000
January 18 .....................................................................................................
Wheat Exports in Bushels.
(Reported by Bradstreet’ s.)
The quantity o f wheat (including flour as wheat) exported
from United States and Canadian ports for the week ending
with Thursday is as follows, in bushels:
W eek Ending—
1902.
1901.
1900.
1899.
January 2....................
4,818,471
3,914,301
2,509,682
6,860,268
January 9....................
3,567,710
5,961,095
4,248,926
5,647,071
January 16..................
4,690,202
3,336,054
3,061,000
5,198,671
January 23...................
3,639,679
4,838,678
3,581,197
4,997,522
Indian Corn Exports In Bushels.
(Reported by Bradstreet’ s.)
W eek Ending—
1902.
1901.
1900.
1899.
January 2....................
270,236
4,470,521
4,019,036
4,844,288
January 9....................
136,873
4,897,345
3,314,576
3,297,072
January 16...................
298,093
5,184,550
3,199,312
2,928,191
January 23...................
179,520
3,972,152
3,526,834
3,695 733
Available Stocks of Wheat and Corn.
Corn, bu.
U. S. east o f “ R ockies” ...................................... 59,373,000
11,632,000
Afloat on ocean, U. Kingdom ........................... 27,976,000
4.248.000
Afloat on ocean, Con. Europe ......................... 9,120,000
2.896.000
Total, Jan. 27, 1902.
Previous week ............
Total, Jan. 28, 1901........
Total, Jan. 29, 1900......
Total, Jan. 30, 1899......
Total, Jan. 31, 1898 __
Stocks of Grain in New York.
Jan. 25,
Jan. 18,
1902.
1902.
4,344,000
935,000
686,000
65,000
177,000
177,000
Foreign Exports.
Jan. 25,
1902.
257,700
1,426,000
257,000
45,000
96.469.000
96.201.000
,90,071,000
76.021.000
52.973.000
70.042.000
18,776,000
19,808,000
27,825,000
27,518,000
39,859,000
53,061,000
Jan. 26,
1901.
6,385,000
623,000
271,000
17,000
371,000
Jan. 27,
1900.
2,090,000
829,000
568,000
210,000
355,000
Jan. 18,
1902.
Flour brls ..
225,100
Wheat, bu .
1,373,000
bu ...
128,000
W eek Ending Corn,
Oats, bu ..
35,000
Jan. 18, 1902.
Rye, bu __
1,000
Wheat,, Corn, Barley,
bu
.
9,000
bu.
bu.
2,670
’ "3,440
230,000 Pork, brls .
704,000
8,118,000
6,980,000
1,989,000
509,000 Lard, lbs ...
25,487
29,460
644,000 Meat, boxes
5,691,000
84,000
538,000
Wheat, Flour and Corn on Ocean Passage.
6,837,000 4,720,000
Jan. 25,
Jan. 18,
417,000
United Kingdom —
1902.
1902.
212,000
623,000
..............
Wheat,
Flour,
bu
................
27,976,000
26,648,000
9,591,000
281,000 Corn, bu ............................ .
................ 4,248,000
5,064,000
511,000
To Continent—
3,658,000
Wheat, bu ........................... .............. 9,120,000
9,280,000
500,000
Corn,
bu .............................. ................ 2,896,000
2,992,000
150,000
290,000
846,000
1,686,000
World’ s Wheat Movement.
91,000
452,000
Jan. 25,
Jan. 18,
194,000
16,697,000
1902.
1902.
9,000
45,000
Bu.
Bu.
50,000 Am erica ................................
450,000
................
3,640,000
4,690,000
935,000
4,344,000
Russia .................................................... 1,480,000
1,512,000
960,000
1,136,000
317,000 Danubian ports .................. ................
573,000
...... 563,000
353,000
264,000
36,000
848,000
40,000 Argentina ............................ .................
...... 686,000
42,000
664 000
65,000
......
70,000
Australia
..............................
................
916,000
336,000
1,450,000
2,430,000
...... 2,093,000 1,513,000
987,000
211,000
...... 133,000 1,071,000
Total ............................... ................ 7,260,000
8,374,000
37,000
......
30,000
3,000
46,000
3,000
......
46,000
World’s Corn Movement.
Jan. 25,
Jan. 18,
1902.
1902.
Bu.
Bu.
,59,373,000 11,632,000
59,273,000 11,752,000 Am erica .................................................
180,000
298,000
,60,791,000 14,137,000
61,196,000 11,743,000 Russia .................................................... 1,568,000
1,176,000
728,000
Last Year. This Year. Danubian ports ................................... 1,600,000
................................. 10,154,000
4,133,000
29,000
................................ 1,214,000
2,441,000
2,231,000
Total ............................... ....................3,348,000
.................................. 1,939,000
2,073,000
Jan. 26,
1901.
281,000
1,988,000
3,848,000
490,000
13,000
Totals ........................................ 114,003,228
Visible Supply of Grain.
W eek Ending
Jan. 25, 1902.
W heat, Corn,
bu.
bu.
197.000
...... 648,000
Baltimore ...
511.000
...... 1,950,000
Boston ........
...... 5,256,000
579.000
Buffalo ........
84,000
...... 538,000
do. afloat .
...... 6,796,000 4,597,000
Chicago ......
...... 417,000
do. afloat
190.000
...... 494’000
D etroit ........
...... 9,904,000
250.000
Duluth ........
...... 511,000
...... 4,068^000
Ft. William,
...... '478,000
180,000
...... 252,000
Indianapolis
967.000
...... 1,608,000
Kansas City
85.000
...... 513,000
Milwaukee ..
135.000
...... 17,421,000
Minneapolis
12.000
......
35,000
Montreal __
59,000
...... 397,000
New Orleans
804.000
...... 4,466,000
New Y ork .
Peoria ..........
Philadelphia
Port Arthur,
St. Louis ...
Toledo ..........
35
Publisher’s Department.
Articles—
Wheat, bu .
Corn, bu ...
Oats, bu ......
Rye, bu ......
Barley, bu ,
£370
15,447,000
30,725
Jan. 26,
1901.
21,584,000
6,592,000
7,696,000
7,096,000
Jan. 27,
1901.
Bu.
4,839,000
1,408,000
848,000
168,000
544,000
7,807,000
Jan. 26,
1901.
Bu.
3,972,000
792,000
56,000
24,000
4,844,000
with which these mills are equipped by C. D. Holbrook &
Co., are the Coffield gasoline engines, a very superior type
both in structure and operation. A feed mill equipped with
a 20-horse engine of this type is capable of an average run of
1,000 bushels in ten hours. These engines are built up to
ioo-horse power, but a more common size in use in feed
mills is the 20-horse engine.
It is announced that the Penman Steel & Iron Works, which
was recently incorporated under the laws of Texas, will erect
a large plant at Beaumont, Texas, for the manufacture of
tank cars and steel tanks for the storage of oil. This concern
has a large plant in operation at East Chicago, Ind. This
will be removed to Beaumont. It has secured contracts for
building oil storage tanks of capacity aggregating 1,000,000
Portland, Ore., Tradesman: “ F. W. Kettenbach, of
barrels for the Southern Pacific company, also contracts for Lewiston, Ida., says that the Kettenbach and Vollmer-Clearthe construction of tanks of capacity aggregating 1,000,000 water grain companies operating throughout the Clearwater
barrels for other companies.
and Potlatch grain belts, are endeavoring at present to get
off the present season’s flax crop. There is still about 20,000
4= *
*
C. D. Holbrook & Co., of Minneapolis, have had a lively bushels of this year’s flax in store and unsold, and although
business all fall and winter furnishing feed mill outfits with the nominal quotation of $1.10 a bushel is given, Mr. K et
gasoline power to elevators and independent mills. The tenbach says that his company could and would pay up to
good demand for millfeed has had much to do with this $1.25 a bushel to get the flax out of the way before the time
growth
the feed mill business in the west. The engines for making next season’s contracts.”
Digitized
for of
FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
36
T H E C O M M E R C IA L W EST.
Saturday, Feb. i, 1902.
ELECTRIC STEEL ELEVATOR CO.
CARTER, SAMMIS & CO.
C a p a c it y , 1 , 7 0 0 , 0 0 0 B u s h e ls .
14 Chamber of Commerce. MINNEAPOLIS.
Room 701 Board of Trade, DULUTH.
O ldest C om mission H ouse in
G r a in D e a le rs and W a r e h o u s e m e n .
S T R IC T L Y F IR E P R O O F E L E V A T O R S .
T rade
GRAIN COMMISSION MERCHANTS.
N O IN S U R A N C E N E C E S S A R Y
Office 4 t 2 l Corn Ezchange,
the
We execute orders for future delivery in all
markets. We buy all classes of grain on track.
MINNEAPOLIS.
T H O M A S & CO.
Daily Capacity, 1,000 Barrels.
Gregory, Cook & Co.
PROPRIETORS, COMMANDER MILLS.
DULUTH, MINN.
Daily Market Letter Free on Application.
Chamber of Commerce.
MINNESOTA GRAIN CO.
M ILLERS.
Paid-up Capital, $50,000.
Manufacturers of Highest Grade Spring Wheat Flour.
Bran, Shorts and Mixed Feed.
Grain, Commission and Stock Brokers,
46 Chamber of Commerce, Minneapolis
T h e St. Anthony Elevator Co.
N. O. Werner, Pres.
C. M. Beese, V.-Pres
C. A. Werner, Sec. & Treas.
L. H. Paige, Mgr
Corn Exchange, MINNEAPOLIS, MINN.
E. S. WOODWORTH & CO.
S H I R R IN G
A .I N L )
C O M
M
I S S I O N .
C a p a c it y , 3,250,000 B u s h e ls .
GRAIN M E R CH A N TS AN D W A R EH O U SE M EN .
Room 322 Flour Exchange.
MINNEAPOLIS, MINN.
C h a s . J. M a r t i n , Sec’y and Treas.
W. G. A i n s w o r t h , Gen’l Manager.
W m. H. D u n w o o d y , President.
J o h n W a s h b u r n , Vice-President.
Diamond Elevator & Milling Co.
G R A IN
CORNM EAL
M ILLE R S.
M ILLER S.
MANUFACTURERS AND DEALERS IN
Rye, Graham, Buckwheat, Entire Wheat and Spring Wheat Flour.
B est F acilities for
L oad in g M ixed Cars.
R olled O ats, Hominy,
Ground F eed, Etc.
M IN N E A P O L IS , M INN.
G e o . P. C a s e .
J. F . W h a l l o n .
G e o . C. B a g l e y .
C h a s . M. C a s e .
Minneapolis, Duluth, Milwaukee and Chicago
ORDERS FOR FUTURES
EXECUTED IN ALL MARKETS.
E. S. W o o d w o r t h , President.
G. P. H a r d i n g , Vice-President.
W . S. W o o d w o r t h , Sec’y and Treas.
The McCaulL W ebster
Grain Company,
GRAIN
COMMISSION,
MINNEAPOLIS,
MINNESOTA.
ADVANCES MADE ON CONSIGNMENT.
CORRESPONDENCE SOLICITED.
Whallon, Case & Co.
G. B. GUNDERSON & CO.
STO CK S, BONDS, G R A IN and P R O V IS IO N S .
Grain
Commission
Merchants
C h a m b e r of C o m m e r c e ,
MEMBERS:
M IN N E A P O L IS .
New York Stock Exchange, Chicago Board of Trade, Minneapolis Chamber of Commerce.
Board of Trade, DULUTH, MINN.
33 Chamber of Commerce, * MINNEAPOLIS.
C. G. Pierce.
L. Bartlett & Son M. G. Rankin & Co.
M. G. Rankin.
COM PANY,
COMMISSION MERCHANTS.
BR AN CH ES:
M inneapolis, St. Louis, Kansas City, Chicago.
23 CHAMBER OFCOMMERCE,
M IL W A U K E E
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
62 M itchell B ld g., M ILW A U K EE.
42 0 Guaranty B ld g., M IN N EAP O LIS.
FEEDING STUFFS
and GRAIN.
Bran, Middlings, Mixed Feed,
Low Grade Flour.
JE R SE Y M ALT
oil Meal,
SPROUTS.
Dried Brewers’ Grain.
Berger = Crittenden
COMPANY
Grain
Commission
Merchants
49 Chamber of Commerce
MILWAUKEE,
-
WISCONSIN
T H E C O M M E R C IA L W EST.
Saturday, Feb. I, 1902.
William Commons,
Frank W. Commons,
Howard W. Commons.
THE VAN DUSEN-HARRINGTON CO.
COMMONS & CO.
Grain Commission Merchants
Minneapolis
and
37
C O M M IS S IO N
c* D A TNT MINNEAPOLIS
Aj I v / V IIN
M ERCH ANTS,
L IV E S T O C K
and DULUTH.
SOUTH
ST. PAUL.
Duluth.
Receivers and Shippers of
Wheat, Coarse Grains and
Flaxseed. Orders for Fu
ture Delivery Executed in
all Markets.
Chicago Correspondents:
ARITOUR GRAIN COMPANY.
«-**•*«*• The Peavey
System of Grain Elevators
Embraces the greatest number of
aggregate storage capacity of
world. Total capacity in eight
Grain Elevators with the largest
any Elevator System in the
states, 35,800,000 bushels.
HEADQUARTERS:
CARGILL
COMMISSION CO.
D u lu t h a n d M in n e a p o lis .
\ «:IT ’*'-
Chicago.
MINNEAPOLIS.
Branch Offices:
Duluth.
Kansas City.
Omaha.
“C eresota”
Flour
Has a world=wlde reputation for uniformity
of quality.
Manufactured by
Grain and
Commission Merchants.
The
Northwestern
Consolidated
Milling Co.,
Daily Capacity,
18,000 Barrels.
M in n e a p o lis ,
M in n e s o ta .
Barnum Grain Go.
Minneapolis
and Duluth.
USE WASHBURN - CROSBY’S
GRAIN and C O M M ISSIO N
M ERCHANTS.
STOCKS
BONDS
GOLD MEDAL
GRAIN
PROVISIONS
M. E. DORAN { CO.
BRO K ERS.
ARCADE, NEW YORK
LIFE BUILDING.
MINNEAPOLIS,
-
-
MINNESOTA
PILLSBURY-WASHBURN
FLOUR MILLS COMPANY.
(Limited.)
E. L. Welch.
C. A. Malmquist.
E . L . W e lc h & Co.
Grain Commission.
400 Corn Exchange.
MINNEAPOLIS, MINN.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
H E N R Y L. L ITTLE ,
Manager.
M inneapolis, M inn., U. S. A .
Capacity, 30,000 Barrels per day.
T H E C O M M E R C IA L W EST.
38
T o Use Fuel Oil.
Fuel oil from the wells of Texas will
probably be used under the boilers cf
the big power plant of the Louisiana
Purchase Exposition to be held in St.
Louis in 1903. The director of works
of the expositon is looking into the
feasibility of using Texas oil instead of
the soft coal.
TO
THE SOUTH
VIA THE POPULAR
MONONROUTE
LOUISVILLE and FRENCH LICK SPRINGS
Car Building in 1901.
NORTHERN
Special Sleeper to the Springs.
FOUR TRAINS DAILY TO
Indianapolis and Cincinnati
Parlor Chair Cars and Dining Cars on day
trains. Compartment Sleeping Cars on
night trains. For Folders, Tourists’ and
Homeseekers’Rates,French Lick Pamph
lets, Booklet “ Ten Routes to the South,”
address
L. E. SESSIONS, General Agent Passenger Department,
541 Andrus Bldg., Minneapolis. Minn.
FRANK J. REED, General Passenger Agent, Chicago.
T h e hope of commercial and agricultural
America. A fact not yet fully compre
hended. Keep your eye on the Orient.
G R E A T NORTHERN R Y .
“ Across America” to Asia.
Information and Rates, 413 Broadway, N. Y.
or F. I. Whitney, G. P . & T. A., St. Paul, Minn.
GOING TO CALIFORNIA?
Our Upholstered Tourist Cars Are Best.
W ISC O N SIN
RAILWAY
FARM LANDS
FOR SALE.
All the comforts and con
veniences of a good club
or your home are found in
The Chicago, St. Paul, Minneapolis
& Omaha Railway has choice farm lands
for sale in northern Wisconsin, at low
prices and easy terms of payment.
Early buyers will secure the advant
age of locations on the many beautiful
streams and lakes, which abound with
fish and furnish a never ending and most
excellent water supply, both for family
use and for stock.
Land is generally well timbered, the
soil fertile and easy of cultivation, and
this is rapidly developing into one of
the greatest sheep and cattle raising re
gions in the northwest.
Chicago, Milwaukee, St. Paul, Minne
apolis, Duluth, Superior, Ashland and
other towns on “ The Northwestern
Line” furnish good markets for stock
and farm produce.
For further particulars address:
GEO. W. BELL,
Land Commissioner, Hudson, Wis., or
G. H. MacRAE,
A ss’t Gen’l Pass. Agent, St. Paul, Minn.
HOMES FOR
THE MILLION
O n tbe
L in e o f th e
LIBRARY
B U FFET
SM OKING
CARS
in daily use on Burling
ton Limited Trains be
tween the Twin Cities
and Chicago. Supplied
with card tables, easy
chairs, and the l a t e s t
periodicals.
A s k y o u r hom e ag ent to
send you by the B u rlin g to n
T j
\
Southwestern Missouri, Western
Arkansas, Eastern Texas and
Western Louisana
K. C. S.
K ansas C ity
Southern
R a i lw a y
^OTDAIPUT 10 TU
C PDflU/ C
l IC
O
” FROM KANSAS CITY TO THE GULF through
ulnAIUni n o me bnU
TT ILILO the cheapest land now open for settlement in the
United States. A magnificent country adapted to the cultivation of small grain, corn, cotton,
rice, sugar cane, apples, peaches, berries, commercial truck farming, and the raising of horses,
mules, cattle, hogs and sheep at prices ranging from
FREE G O VE R N M E N T H O M E S TE A D S
to T w e n t y - f i v e D o l l a r s and M o r e P e r A c re .
Write for a copy of
“CURRENT EVEN TS”
Published by the
Kansas City Southern Railway
S. G. WARNER, G. P. & T. A.
H. D. DUTTON, Trav. Pass. A gt.,
Temple Block, KANSAS CITY, MO.
Kansas City, Mo.
F. E. ROESLER.Trav. Pass, and Immigration Agent, Kansas City, Mo.
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Federal Reserve Bank of St. Louis
Oriental
Trade
g )) C"lCA£0-lHPIARAI>OUSfrloillSVim R a iw a y ((<;
TWO TRAINS DAILY TO
The Pullman Company built 626 pas
senger and 10,945 freight cars in 1901.
The American Car and Foundry Com
pany made 81,000 freight and 610 pas
senger cars. These are the principal
companies, and, with others, including
the Pressed Steel Car Company out
put and construction in shops of vari
ous railroads, the total number of
freight cars built during the year ag
gregate 106,000, and of passenger cars
2,500. The output of engines from all
sources was about 4,600, and of steel
rails 2,700,000 tons. The year was by
far the largest ever known and the cur
rent period bids fair to exceed it.
Saturday, Feb. I, 1902.
The Minneapolis & St. Louis Railroad
runs elegant upholstered tourist cars to
Califorina points without change, leav
ing St. Paul 8 p. m., Minneapolis 8:35
p. m., every Thursday, via Omaha, Den
ver and Salt Lake— The Scenic Line.
Remember our excursions are person
ally conducted and select, no objection
able persons are taken, and the sched
ule is such that you pass through all of
the grand scenery in day time, advant
ages offered by no other line.
Through sleeping car berths only $6.
For information as to ticket rates, or
berth reservations, address A. B. Cutts,
General Passenger and Ticket Agent,
Minneapolis & St. Louis Railroad,
Minneapolis, Minn.
Send for descriptive matter.
T H E C O M M E R C IA L W EST.
Saturday, Feb. i, 1902.
STATE
BANK OF KNOX,
KNOX, N. D.
NEGOTIATE MORTGAGES ON BEST FARMS
BENSON AND PIERCE COUNTIES
C. A. SMITH, Pres’t.
A. R. RO G E R S, Vice-Pres’ t.
IN
E. AND ERSON , Treas.
G. H. RO G E R S, Sec’ y.
C. A. SMITH LUMBER CO.
Loans run from $400 to $800 per 160 acres.
Same farms selling for $1,200 to $2,500. Corres
pondence with investors is solicited.
Harrison & Sm ith C o
39
M AN U FACTUR ER S AND D EALER S IN
Lumber, Lath, and Shingles
Office, Mill and Yards, 44th Avenue North and Lyndale.
Printers, Lithographers, Blank
Book Manufacturers, Elevator
Blanks and Bank Supplies to
order. Bstimates Cheerfully
furnished.
6 2 4 -6 2 6 -6 2 8
Sou tb
4th
MINNEAPOLIS
-
M IN N ESO TA
HAVDENs
S t re e t ,
M IN N E A P O L IS .
OMAHA,
LETSO N &
BURPEE
Canning Machinery
Special Attention Paid to Cannery Work.
144-148 Alexander St.,
VANCOUVER, B. C.
F a ir h a u e n ,
W a s h .
S E A T T L E BRIDGE
COMPANY
Office Furniture
H A Y D E N BROS. A R E M A K IN G A S P E C IA L T Y O F T H IS
Branch and can supply any want in this line with the newest designs
from the most reliable manufacturers in America. Our tremendous
business enables us to sell at the lowest possible figures. Send for
our Catalogue of Office Furniture or for any other lines in which you
may be interested.
W e G u aran tee to Supply Y o u
W it h the B est and Save Y o u M oney
Bridges, W harves and all kinds of H ar
bor Improvements. Owners o f the larg
est Dredging Plant on the Pacific Coast.
H AYD EN BROS.
Office, Room 511 Pacific Block
OMAHA,
SEATTLE, WASH.
Life Insurance.
The payment in one check of one
million dollars for life insurance to the
estate of the late Frank H. Peavey, of
Minneapolis, is one of the most strik
ing evidences of the value of life in
surance as a business investment. Mr.
Peavey was insured for a total of $1,308,000, which amount in cash has been
paid to the estate.
There are other leading business men
of Minneapolis and St. Paul heavily
insured, as a business proposition.
N ext to Mr. Peavey, in the amount
carried, is Mr. C. A. Smith, of the C.
A. Smith Lumber company, he being
probably the largest holder of standing
timber, next to Frederick Weyerhaeu
ser, and the owner of more California
timber than any other man. Concern
ing insurance for investment, Mr.
Smith says:
“ I believe that every conservative
business or professional man should
carry life insurance for the protection
of his family. The history of the pe
riod from 1893 to 1896 is the strongest
argument which can be cited.
For
peace of mind and the safety of our
families or our business, I believe that
such insurance should be paid up as
speedily as possible. Where a business
depends largely on an individual, and
where such business is carried on to
some extent with borrowed capital, I
believe it a good policy to carry some
insurance, the cheapest which can be
secured, for the benefit of the business,
for its protection, and that of the cred
itors.”
Egan, S. D.— Flart & Manson will
erect an elevator at once.
Greene, la.— Bryant & Sons have let
the contract to Mr. Rome, of Clarksville,
la., for a 25,000-bushel elevator.— J. E.
Miller will make improvements to his
elevator.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
NEBRASKA
call attention to their large line of
Patentees and Manu
facturers of the Letson
& Burpee Can Wiper
and Topper.
NEBRASKA
There is a Time for Everything
The present is a period of great prosperity. The business and professional
men of the Northwest are making money, and a great deal of it. IS IT NOT
A GOOD TIM E TO PUT SOME OF IT INTO L IF E IN SU RAN CE? During the
panic of 1893 many financial institutions failed and a very large amount of
money was lost in this way. No Massachusetts life insurance com pany ever
failed, and no one ever lost a dollar in a Massachusetts company. Is not the
present a good time to put some of your money where it will be absolutely
safe and where it will also give your families and estates the benefit of insur
ance? The Old
State Mutual Life Assurance Company
o f W orcester, Massachusetts, offers unsurpassed advantages to the insurer.
Your age and address to either of the undersigned will secure a specimen policy
with full particulars.
C. W. VAN TU YL, General A g e n t , ..........................................
505-9 Lumber Exchange
SPECIAL AGENTS:
Augustus Warren,
Geo. B. Graves, Geo. A. Ainsworth, Allen K. Beach, John B. Calhoun.
Geo. L. Nichols, Fergus Falls, Minn.
DOMINION
FAST
LINE
M A IL S T E A M S H I P S
Boston to Liverpool.
5.5. “ New' England” Mar. 8
5.5. “ Commonwealth.” “ 22
5.5. “New England” Apr. 9
5 .5 . “ Commonwealth” “ 23
5.5. “ New England” May 7
5.5. “ Commonwealth” “ 21
Boston to Mediterranean.
S.S.“Commonwrealth”Feb.l2
5 .5. “ Cambroman”
“ 26
5 .5.
“
Apr.9
5 .5.
“
May21
5.5.
“
July 2
5.5.
“
Aug.13
From Portland to Liverpool.
To Gibraltar,
Naples, Genoa,
Alexandria.
Send for “ Mediterranean Illustrated” Descriptive of Trip to
Southern Europe.
5.5. “ Dominion”
5.5.
“
5 .5.
“
Feb. 1
Mar. 8
Apr. 12
For R e s e rv a tio n s , R a te s and In fo rm a tio n ,
X . H .
L,A.RKI 2 ,
General Northwestern Agent, 127 So. Third Street, (Guaranty Bldg.) Minneapolis.
T H E C O M M E R C IA L W EST.
40
H.
P O E H L E R
E s t a b l i s h e d 1 8 5 5.
C O M P A N Y ,
I n c o r p o r a t e d 1 8 9 3.
Saturday, Feb. i, 1902.
G
eo.
D. C
ook
C o.
Investment
GRAIN COMMISSION MERCHANTS,
Minneapolis and Duluth.
Securities...
A ls o M e m b e r o f C h i c a g o B o a r d o f T r a d e a n d M e m b e r o f M ilw a u k e e C h a m b e r o f C o m m e r c e .
T h e N a tio n a l B a n k o f C o m m e r c e ,
238 La Salle S t, CHICAGO.
Broad Exchange Bldg, NEW YORK.
Minneapolis, .Winn.
C ap ital and Surplus,
-
W E BUY
A N D SE LL
$ 1 ,2 0 0 ,0 0 0 .
O F F IC E R S :
S. A .
H a r r is ,
P r e s id e n t.
A. A.
S.
H. H. T h a y e r , V i c e - P r e s i d e n t .
W.
C r a n e, C a s h ie r .
H a r r is , A s s is ta n t
C a s h ie r .
We give special attention to out=of=Town investments and
speculative accounts. Our private wires and our connec=
tions with all of the principal exchanges enables us to give
prompt and accurate service.
Correspondence invited.
JAMES DORAN & CO., L
r L n T “ "
C . D. H O L B R O O K & C O .
M1LLAND
mmm
1^ ^
ST. PAUL, MINN.
M exican Governm ent
and State Bonds.
Write for Prices.
EUGENE
G u a r a n ty B u i ld in g ,
D u lu th
P IP E R
&
CO .
-
-
M ilw a u k e e
E. A. B R O W N
Flax Seed and
C o m m i s s i o n ...
M. S T E V E N S .
C o m m e r c ia l P a p e r , L o c a l S t o c k s a n d B o n d s , In=
v e s tm e n t S e c u r itie s .
C o r r e s p o n d e n c e in v i t e d .
-
M i n n e a p o l is
C h ic a g o
& CO.
Grain C om m ission M erch an ts
522 Corn Exchange, Minneapolis, Minn.
Coffield Gasoline Engines.
* • ]' > ------- *
M I N N E A P O L IS , M IN N .
C orresp on d en ce.
MINNEAPOLIS, MINN.
L ib e r a l A d v a n c e s m a d e o n C o n s ig n m e n ts .
AMERICAN LINSEED CO.
Monadnock
Building,
Chicago
100 W illiam Street, New York
______M A N U F A C T U R E R S O F __ ___
Linseed Oil, Cake and Meal
Branches in all of the Principal
Cities of the United States.......
ESTABLISHED
1 8 7 9.
Minneapolis WOODWARD 4 CO., GRAIN COMMISSION.
O R D E R S F O R F U T U R E D E L IV E R Y E X E C U T E D IN A L L M A R K E T S .
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Federal Reserve Bank of St. Louis
.......
@FedFRASER