Full text of Commercial West : February 11, 1905, Vol. VII, No. 6
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REPRESENTING
W ESTERN INVESTMENTS,MANUFACTURING, MILLING AND G R A IN .
THE SOUTHWEST.
TH E CENTRAL-PACIFIC W E S T .
Voi. VII.
T H E NORTHWEST.
SATURDAY, FEBRUARY 11, 1905
No. 6
CAPITAL, ONE HILLION DOLLARS, SURPLUS ONE fllLLION DOLLARS.
O F F IC E R S :
D IR E C T O R S :
B yron L. Smith ,
- President <
F. L. H a n k e y , - Vice-President
G eorge F. Orde , - - - Cashier
T homas C. K ing ,’ ■■ Ass't Cashier
Solomon A. Smith , Ass’t Cashier
A rthur H eurtley , - Secretary
H. O. E dmonds, - Ass’t Secretary
H. H. R ockwell , Ass’ t Secretary
E. C. Jarvis , - - - - - Auditor
A. C. Bartlett,
C. L. H utchinson ,
J. H arley B radley ,
Marvin H ughitt ,
W illiam A. F uller ,
A lbert A. Sprague ,
Solomon A. Smith ,
M artin A. R yerson ,
B yron L. Smith ,
T h e N o rth e rn T ru s i
COMPANY I U
N
K
c .ic A fio
The RooKery,
C H I C A G O
BANKING, SA VINOS, FOREIGN, AND TRUST DEPARTMENTS.
F isk & Robinson
FIRST
Bankers
TR U ST
SAVINGS
BANK
Government Bonds
AND
and other
Investment Securities
M embers
N ew Yo r k
Stock
Exc h an g e
FIRST NATIONAL BANK BUILDING
3 5 C edar S t r e e t
28 S tate S treet
NEW YORK
BOSTON
C H I C A G O
' th e M in n e s o t a '
LOAN & TRUST CO.
MINNEAPOLIS
Private Wires Telephone M. 1568
G R A IN , P R O V IS IO N S ,
STOCKS, BONDS
New York and Chicago Correspondence
Bartlett, Frazier & Carrington
Pringle, Fitch & Ba.nVin
Charles Hathaway
Co.
&
Dealers in
COMMERCIAL PAPER
C h a s . W . Fo l d s , - R e s i d e n t P a r t n e r
2 0 5 La S a lle S t r e e t , . . .
C h ic a g o
N E W Y O R K OFFIC E
B O S T O N OFFIC E
-
-
-
45 W ALL
27 STATE
STREET
STREET
OFFICERS
We own and offer the following high
grade bonds:
$1 2,000
30.000
5.000
29.000
7.000
10.000
10.000
412 to 415 Chamber of Commerce
M e m b e r s of a l l P r in c i p a l E x c h a n g e s
In terest allow ed on Savings
accou n ts at the rate o f three
per cent per annum.
A cts as T rustee, G uardian,
R egistrar, E tc. E tc.
E states A d m in istered ,
Special attention given to
investm ents.
Minneapolis, Minnesota
Chas. E. Lewis & Co.
Minneapolis Gas Light Co., 6 ’s
Hennepin County, Minn., 4 ^ ’s
City of Minneapolis, 4 ’s
Little Falls W. P. Co., 5’s
Marshall County, Minn., 6’s
CrookstonW. W. L .& P .C o .,5 ’s
Ohio Coal Co., 5 ’s
(Guranteed Pittsburg Coal Co.)
JAMES B. FORGAN. President
DAVID R. FORGAN, Vice-President
E. K. BOISOT, Vice-Pres. and Mgr.
LOUIS BOISOT, Trust Officer
. D. V. WEBSTER, Secretary
R. D. FORGAN, Treasurer
EVERSZ & COMPANY
E a r n in g s a n d S ta t is tic s o f r a il
r o a d s , str e e t
r a ilw a y s , l i g h t
in g a n d in d u s t r ia l c o m p a n ie s
a r e p r e s e n te d in c o n c is e a n d
c o n d e n s e d fo r m .
The book
le t is d is t r ib u t e d g r a t u it o u s ly .
Spencer T ra s k & Co.,
William & Pine Sts., New York.
M e m b e r s N. Y . S t o c k E x c h a n g e .
BANKERS
Government Bonds
and other
WALTER COMSTOCK
Safe Investments
:
We also have on hand olher carefully
: selected bonds, as well as choice city
; and farm mortgages. Our list furnished |
I on application.
J
STATISTICAL TABLES.
1 9 0 5 E d it io n (P o c k e t Size).
New List on Application
220
LA
G R A IN A N D
P R O V IS IO N S
SALLE STREET
C HICAG O
3 Board of Trade,
C H IC A G O .
The National Park Bank, of New York
ORGANIZED
Capital $3 ,000,000.00
185 6
Surplus and Profits $7,091,067.02
Deposits Jan. 1 1, 1905, $90,787,185.73
OFFICERS
Richard Delafield, President
Stuyvesant Fish, Vice-President
Gilbert G. Thorne, Vice-Prest.
John C. McKeon, Vice Prest.
John C. Van Cleaf, Vice-Prest.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Edward J. Baldwin, Cashier
W. O. Jones, Asst. Cashier
Fred’k O. Foxcroft, Asst. Cashier
W. A. Main, Asst. Cashier
Maurice H. Ewer, Asst. Cashier.
D I R E C T O R S
Joseph T. Moore
Stuyvesant Fish
George S. Hart
Charles Scribner
Edward C. Hoyt
W . Rockhill Potts
August Belmont
Richard Delafield
Francis R. Appleton
John Jacob Astor
George F. Vietor
Cornelius Vanderbilt
Isaac Guggenheim
John E. Borne
Lewis Cass Ledyard
Gilbert G. Thorne
John C. McKeon
THE
2
COMMERCIAL
WEST
Saturday, February n , 1905.
Harrison & Smith Co,
Continental National Bank
O F C H IC A G O
Capital
Surplus and Undivided Profits
Deposits
-
$3,000,000
i, 4oo,ooo
51,000,000
Printers, Lithographers, Blank
Book Manufacturers, Elevator
Blanks and Bank Supplies to
order.
Ira P. Bowen, Asst. Cash.
John C. Black. Präsident
George M. Reynolds, Vice-Pres. Benj-S. Mayer, Asst. Cash.
Wm.
G. Schroder, Asst. Cash.
N. E. Barker, Vice-Pres.
Estimates
Cheerfully
furnished.
Solicits Accounts, Assuring Liberal Accommodations and courteous Treatment
A GENERAL FOREIGN BANKING BUSINESS TRANSACTED
Travelers’ Circular Letters of Credit issued auailable in all parts of the World
« 2 4 < 5 2 6 -6 2 8
Herman W aldeck, Asst. Cash.
John McCarthy, Asst. Cash.
S o u th
4 th
S tre e t,
MINNEAPOLIS.
Ç f v rents'^ Priv a te S a f e
for O n e Year, where
Storage Vaults for Silverware and
YOU A R E M A STER OF THE SITUATION
your B on d s, Securities and all Valuables are Absolutely Safe,
other Valuables.
GUARANTY SAFE D EP O SIT V A U LTS
JANUARY BANK CLEARINGS.
Bank clearings at ninety-four cities
for January, as reported to Bradstreet’s, aggregate the largest sum
ever reported in that month, but are
smaller than those of December last
year. It is further to be noted that
southern clearings have begun to fall
behind those of last year, no doubt a
reflection of the smaller cotton crop
movement and lower prices for that
staple. All other sections show gains
over January one or more years ago,
the heaviest increase being in the mid
dle states group, this being explained
by the large volume of New Y o r k ’s
clearings, which surpass even those
for January, 1901, in volume.
The largest gain in any single group
of cities over a year ago is that re
ported in the middle states, 33.5 per
cent. This is, of course, explained by
the gain of 36 percent noted at New
Y o r k City. The other groups show
more moderate gains, varying from
16.6 percent in the far west and 13
percent in the central west to 11.2 per
cent gain in the northwest, 10.7 per
cent in New England and 6.7 percent
gain in the southwest. The only de
crease noted is in the south, 4.3 per
cent.
B oston . . . .
T otal, N. E . .
N ew Y o rk . . . .
P hiladelphia
P ittsbu rg h . . . .
1905.
$656,574,813
1904.
$586,262,745
$743,507,415
7,734,724,554
555,567,599
194,665,956
$671,596,911
5,691,526,119
493,915,706
159,707,214
T otal, M iddle $8,570,046,281 $6,419,970,449
99,719,750
108,433,400
C incinn ati . . . .
60,068,031
69,221,881
C leveland ........
45,838,879
52,934,161
L ou isville ........
41,796,837
49,768,566
D etro it ............
27,739,399
29,536,453
Ind ian apolis ..
17,294,100
24,620,600
C olum bus ........
$391,359,473
814.137,382
69,617,331
36,399,219
35,917,279
25,501,356
18,020,336
9,872,962
7,111,249
3,112,041
3,197,419
2,565,864
$346,371,249
729,587,789
63,322,312
35,465,403
31,961,025
23,916,117
11,803,227
9,627,704
5,828,905
4,104,788
2,824,130
2,124,110
T otal, N. W . $1,036,794,643
254,613,822
St. L ou is ........
93,877,699
K an sas C ity ..
20,834,936
St. Joseph
20,255,059
F o rt W o rth . . .
$931,284,240
241,950,391
95,065,180
21,349,638
5,212,211
T otal, S. W ..
B altim ore ........
N ew O r le a n s ...
M em phis ........
R ich m on d ........
W a sh in g to n ..
$394,366,433
107,599,762
96,447,151
25,308,316
23,930,302
20,315,012
$373,170,901
101,121,501
115,558,900
29,205,430
23,026,314
18,124,534
n
San F ra n cisco .
L os A ngles
D en ver ............
$364,445,172
138,208,835
34,509,280
29,254,437
$381,631,241
127,163,873
28,184,793
18,384,724
T ot., W e ste rn
C h icago ............
M inneapolis ...
M ilw aukee
O'maha ............
St. Paul ..........
P eo ria ..............
D es M oines . . .
S ioux C i t y ----D a v e n p o rt . . . .
Springfield, 111.
F argo, N. D . . .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
S eattle
............
T otal, F a rw estern . . .
19,496,756
$280.359,577
16,934,293
$239,863,697
Grand T otal,
U. S ..............$11,784,878,994 $9,363,888,688
O utside N. Y . . 4,050,154,440 3,672,362,569
77,688,912
M ontreal ........
95,249,202
67,162,794
T o ro n to ...........
86,364,783
21,484,089
W in n ip e g ........
26,276,193
5,941,959
V an cou ver, B. C.
6,430,014
2,589,974
V icto ria , B. C.
3,205,685
T otal, C anada
$253,450,689
$206,846,796
U. S. CURRENCY IN CANADA.
United States Consul Charles Deal,
St. Jo h n ’s Quebec, transmits an article
from a local paper, headed “ Would
drive United States currency out of
Canada,” of which the following is an
ex tra c t:
“ Fo r many years past American sil
ver and paper money has been circu
lating to a large extent in Canada, es
pecially the silver. Hundreds of thou
sands of United States greenbacks,
dimes, quarters, and half dollars are
in circulation in Canada, and their use
is increasing rather than abating. Ca
nadians would prefer their national
currency, yet for years had no particu
lar aversion to the American article.
But after a trip through the states
their views generally changed. There
Canadian money is always regarded
with suspicion, generally refused, and
if accepted at all a heavy discount is
charged. The visitor’s national pride
is assailed in a very vulnerable spot—
his pocket— and on his_ return to
Canada he generally avoids A meri
can money whenever possible.
“ L ast summer thousands of Cana
dian business men and women visited
the St. Louis fair. T o most of them
it never occurred that they should
change their money. T h e y used so
much American currency at home that
they naturally supposed their own
good Canadian hills would be wel
come under the stars and stripes.
But they were not, and the refusal of
the people of St. Louis and other cit
ies to accept the Dominion cash, to
gether with the greed of the money
changers, caused inconvenience and
loss. These people coming back to
Canada brought with them a deter
mination to “ soak” tjie intruding cur
rency whenever and wherever they
found it. The feeling gained strength
from the business and banking, as
well as an emotional standpoint. As
a result strong efforts have been made
to procure legislation to exclude the
undesirable money, so that the field
may be left clear to the Canadian
banks and government.
B A S E M E N T G U A R A N T Y B U IL D IN G
M IN N E A P O L IS
WESTERN BONDS.
Springfield, Minn.—The village has
voted to issue $4,000 to erect a new
school house.
Lincoln, Neb.—The bonds issued
for the purchase of an electric light
ing plant were bought by Messrs.
Moss & Co., of Detroit, at a good
premium.
Woonsocket, S. D.—Civil bonds of
this place to the amount of $10,000,
which recently became due and which
drew 7 percent interest, have been re
funded at 5 percent.
Grand Forks, N. D.— The board of
county commissioners of W ard coun
ty will receive bids for the placing of
$100,000 refunding bonds until April
3. Bonds will draw 4L2 percent in
terest and will he made payable in
twenty years.
Clear Lake, Minn.—Until February
15, the supervisors of the town of
Clear Lake will receive bids for bonds
of the town in the amount of $1,900.
Three of the bonds to be of the de
nomination of $500 each and one of
$400, dated February 15 and bearing
7 percent interest.
Redfield, S. D.— Advocates of the
erection of a new school building are
not discouraged at the recent defeat
received by the proposition and will
endeavor to have the matter sub
mitted to the voters once more at the
regular spring election. The amount
involved is from $12,000 to $20,000.
Thief River Falls, Minn.—The city
council will order a special election
for voting on waterworks and a sew
erage system bonds. The bonds will
aggregate $28,000 in denominations of
$500 each, for twenty years, at 4 ^
percent. The election will probably
be called on Feb. 20. The city will
install a complete system of water
and sewerage.
According
to
the Philadelphia
North American, the
Pennsylvania
Railroad will spend $15,000,000 on lo
comotives and cars this year. Three
hundred and twenty-five locomotives
were recently ordered at Baldwin’s,
and since arrangements have been
made with the same firm for 200 more.
This is the largest amount ever or
dered by the Pennsylvania in any one
year.
THE
Saturday, February u , 1505.
C O M M E R C IA L
W EST
3
The Com m ercial National Bank
CAPITAL,
( >IA C H I C A G O .
$ 2, 000,000
E ST A B L ISH E D 1864.
Statement at close of business January 11, 1905
RESOURCES.
L oa n s and d is co u n ts ................................
O verdrafts ..................................................
R eal e s t a t e ................................................
U. S. bon ds a t p a r ...................................
O ther bon ds and s t o c k s ........................
D u e fro m U. S. tre a su re r......................
Cash an d due fr o m oth er b a n k s ........
T ota l
Franklin MacVeagh
William J. Chalmers
C apital sto ck paid in ................................................ $2,000,000.00
Surplus fu nd ............................................................... 1,000,000.00
U ndivided profits ......................................................
732,020.69
N ational bank n otes o u tsta n d in g ..........................
500,000.00
D ep osits .............................................................
33,000,925.23
6 , 000.00
73,465.35
500,000.00
1,918,048.00
75,000.00
13,161,420.28
T otal
MONTHLY
BULET1N OF
MENTS.
INVEST
Fisk & Robinson of New Y ork and
Boston say of railroad bonds in their
February bulletin:
A. Chilberg, President
J. P. Lane, Cashier
Strength and activity have been the
A H. Soelberg, Vice-Pres.
Geo. R. Fisher, Asst. Cashier
characteristics of the railroad bond
The Scandinavian American Bank
market for the month of January, the
Capital Paid Up
- $ 300,000
demand from outside investors be
Surplus and Profits - i 7 o,ooo
Deposits .
.
.
.
3,250 ,0 0 0
ing sharp and the supply of well se
cured issues limited. The market is
SEATTLE
WASHINGTON
W E H AVE AN OFFIC E AT B A LL A R D
broad, the demand including issues
legal as investments for New Y o rk
savings banks, netting from 3.60 to
3.80 percent per annum; bonds avail
\ able as investments for trust com
panies, insurance companies and pri
vate individuals, netting from about
3.80 to 4M percent, and bonds of the
most favored industrial corporations
Retail Lumber Yards in
J showing a still higher return.
Minnesota, No. Dakota
It is notable that while speculative
issues have declined at times, the de
and Nebraska.
I
mand for bonds of a strictly invest
GENERAL OFFICE
j
ment character has been continuous
and buyers have not been deterred by
717-721 ANDRUS BUILDING j
the daily occurrences which have af
MINNEAPOLIS
j fected the speculative markets. As
we noted last month, this demand is
A. R. ROGERS
G. H. ROGERS l
based upon a liberal Supply of money,
President
Sec. & Treas. a
favorable trade conditions, increasing
railroad earnings and confidence of
investors in the continuance of these
conditions.
WILLIAMSON & MERCHANT
Notwithstanding exports of gold
ATTORNEYS AT LAW
during the month amounting to $10,Patent and Trade Mark Causes. Solicitors ofa
500,000, the surplus reserve of New
United States and Foreign Patents
Y o rk banks remains at about $27,000,000, as compared with $25,000,000 for
I£a:n Office : 929-935 Guaranty Building
the same period in 1904 and about
MINNEAPOLIS, MINN.
Branch Office: Room 52 McGill Bldg., Washington, D. C.
$28,000,000 in 1903.
The money market remains easy,
the highest recorded rate for thè
month being 3^/2 percent, reached dur
ing the first week, the lowest rate 1 %
percent and the present quotation
from 1
to 2 percent. Time rates
are quoted at 3 percent for sixty to
ninety day loans; 3 to 3% percent for
four to five months and 3 J J percent
for six months.
R ogers Lum ber
Company
j
Crookston
¡Lumber Co.
G o v e rn m e n t
B E M I D J I , M IN N .
MILLS AT
BEMIDJI, ST. HILAIRE,
CROOKSTON
I
;
Shipments on Northern Pacific and
Great Northern Railways
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$37,232,945.92
OFFICERS
David Vernon, Third Vice-President
Nathaniel R. Losch, Cashier
George B. Smith, Asst. Cashier
Harvey C. Vernon, Asst. Cashier
H. E. Smith, Asst. Cashier and Auditor
Wm, T. Bruckner, Asst. Cashier
F O R E IG N D E P A R T M E N T . L. Schuetz, Assistant Manager
DIRECTORS
Robert T. Lincoln
Paul Morton
Charles F. Spalding
James H. Eckels
E. H. Gary
^
Darius Miller
Joseph T. Talbert
Gibbon, Minn.— The State Bank of
Morgan has purchased $4,000 Gibbon
village 5 percent refunding bonds, the
bank paying a premium of $275 for
the same.
j
$ 1,7 0 0 ,0 0 0
L IA B IL IT IE S .
$21,499,012.29
$37,232,945.92
James H. Eckels, President
Joseph T. Talbert, Vice-President
Ralph Van Vechten, Second Vice-President
Surplus and Profits,
B onds.
The effect on the Government bond
market of the first payment, due J a n
uary 15, of 10 percent on account of
the recent call of the Secretary of the
T reasury on depositaries for 25 per
cent of their public moneys, was
watched with considerable interest.
As generally expected, the larger part
of the bonds thus released was used
for increasing circulation, resulting in
comparatively small lots being offered
for sale. Owing, however, to uncer
tainty regarding the amount which
might come into the market, there
was a sharp reaction in the price of 2s
just prior to the 15th. This was fol
lowed by a complete recovery and
,
the market at the end of the month
closed quiet and firm on all issues.
The next payment by depositaries
of 15 percent into the Treasury is not
due until March 15 and as there is a
decided disinclination on the part of
banks to sell bonds at prevailing
prices it seems probable that the
steady absorption of 2s for circulation
purposes will result, temporarily, in
somewhat higher prices.
The demand for 3s of 1908 and 4s
of 1907, to be substituted in W ash
ington for 2s, was less in volume than
in preceding months but was sufficient
to keep the market firm on both is
sues. As a result of the transfer of
bonds from public deposit to circu
lation account, circulation showed one
of the largest increases on record for
any one month, amounting to nearly
$7,000,000, making the total now out
standing $467,000,000. During the
month only $200,000 bonds held to
secure circulation were withdrawn
from the Department and up to the
present writing the total of applica
tions filed to retire Circulation in
February is but $32,000.
Disbursements of the Treasury De
partment were again largely in excess
of receipts.
The deficit for the
month, up to and including the 26th,
amounted to $5,600,000,
compared
with $3,400,000 in 1904. Operations
for the fiscal year thus far show a
deficit of $28,000,000, compared with
$5,000,000 a year ago.
BANK NOTES ON INCREASE.
National banknotes outstanding on
February were again the largest on
record, being $2,628,697 above January
1, and $40,565,226 above February 1
last year. This increase is due en
tirely to the expansion in circulation
based on bonds,, circulation secured
by lawful money having fallen off $1,337,419 during January and $7,584,944
during twelve months.
Total circulation outstanding at this
month’s opening compares as follows
with the opening of preceding months,
and with this date in previous years:
F ebru ary 1, 1905........................... $467,422,853
January 1, 1905 ............................ 464,794,156
D ecem b er 1, 1904...............
460,679,075
N ov em b er 1, 1904 ........................ 457,281,500
O ctober 1, 1904 .....................
456,079,408
Septem ber 1, 1904........................ 452,516,773
A u g u st 1, 1904 .............................. 450,206,888
Ju ly 1, 1904 .................................... 449,235,095
F ebru ary 1, 1904 ...........
426,857,627
F ebru ary 1,1903 . . ..........
383,973,546
F ebru ary 1, 1902 ......................... 359,444,615
F'ebruary 1, 1901 ......................... 346,821,871
F ebru ary 1, 1900 .. ....................... 247,068,743
F ebruary 1, 1899 ......................... 243,324,226
F ebruary 1, 1898 ......................
226,529,216
F ebru ary 1, 1897 ......................... 235,094,662
Previous to the records of 1902, the
maximum of circulation was $362,256,662, on October 1, 1882. The low
record of circulation since the civil
war was $167,577,214, on Ju ly 1, 1891,
— New Y o r k Evening Post.
THE
COMMERCIAL
WEST
Saturday, February i i , 1905.
F IR S T N A T IO N A L B A N K
ST ,
M IL W A U K E E , W IS .
D'p“i'7
OFFICERS: F. G. Bigelow, Peesident; Wm. Bigelow, Vice-President; Frank J. Kipp, Cashier; T. E, Camp, Asst. Cashier; H. G. Goll, Asst. Cashier
DIRECTO RS: E. Mariner, F. G. Bigelow, C. F. Pfister, Geo. P. Miller, Fred T. Goll, Wm. Bigelow, F. Vogel, Jr., J. H. Van Dyke, Jr., John I. Beggs
CED AR PO LES
For prices on Poles and
Railway Ties, write to
Marshall H. Coolidge Co.
826 Guaranty Building, Minneapolis, Minn.
TELEPHONE CONSTRUCTION.
many places and also building new
ones.
Minot, N. D.—The Northern T e le
phone Company will build a line from
here to Berthold, and from here to
Anamoose to connect with their line
and to follow along the Soo in the
spring.
Black River Falls, Wis.— L o n g dis
tance stations will be established at
the exchange of the home company at
Alma Center, Hixton, _Sechlerville,
Taylor, Shamrock,
Millston
and
Disco.
Sauk Center, Minn.— A rural tele
phone company, with C. S. McCurry
as president, has been organized at
English Grove. The company pro
poses to connect Sauk Center, Willard
and Osakis.
Sacred Heart, Minn.— The Sacred
Heart Telephone Company is being
organized. The company will com
mence the installation of a local ex
change next spring. Only local par
ties are interested.
Irving, Minn.— The North State
Telephone Company has been organ
ized. The proposed line is to run
from Irving creamery to the Emerson
corner and on west and north. The
system may extend north of Hawick,
also.
Hudson, Wis.—The Hudson Prairie
Telephone Company has organized
and Cad. E. Holden is president and
Lorenzo Crandall, secretary.
They
will run out their lines in all directions
throughout the rural 'parts of St.
Croix county.
L o n g Prairie, Minn.—The Leslie
Rural Telephone Company have re
ceived applications from the towns of
Osakis, Gordon and Leslie for their
service. The lines will also be extend
ed so as to connect with Little Falls
and Sauk Center.
Balaton, Minn.—The Balaton Mu
tual Telephone Company has dis
solved, selling out their right, title
and interest to N. G. Noodgate, of
Slayton. He will proceed at once to
put in a system and will also put in
lines running south.
Osakis, Minn.—The English Grove
Rural Telephone Company has been
incorporated with C. S. M cCurry as
president and John Pennie, secretary.
A rural telephone line is to be con
structed through the towns of Orange
and extending to Osakis, Villard and
Sauk Centre.
Merrillan, W is.— The Central W is
consin Telephone Company will run
their lines into and be connected with
all the exchanges in this county and
at Humbird and Fairchild. L o n g dis
tance stations will be established at
Alma Center, Hixton, Secherville,
Taylor,
Millston, Shamrock, and
Disco.
Randolph, Neb.— A stock company
is to be organized to connect with
Black Hills line.
Rochester, Minn.—The Rochester
Telephone Company will remodel
their system.
St. Cloud, Minn.—The Rice-Opole
rural telephone line is to be construct
ed from Rice.
Steele Center, Minn.—The F a rm
ers’ Telephone Company will extend
their line in the spring.
Superior, Wis.— The People’s T e le
phone Company is maturing plans for
important improvements.
Hallock, Minn.—The Hallock Tele
phone system has been sold to T. M.
George and Ralph Demars.
Spokane, W ash.—The Home T e le
graph & Telephone Company with a
capital of $1,500,000, has been incor
porated.
W est Concord, Minn.—G. N. Bird
has sold his interest in the W est Con
cord Telephone Company to the other
stockholders.
Stillwater, Minn.— Additional rural
telephone lines are contemplated to
connect with the Northwestern T e le
phone Exchange.
Bismarck, N. D.— E. A. Hughes in
tends to build a line east to Ja m e s
town to connect with the line of the
Northwestern system.
Pratt, Minn..— An effort will be
made to organize a rural telephone
company among the residents of McCrady and Prestegaard.
New London, Minn.—The West
Lake New London Telephone Com
pany will construct a line from West
Lake to New London.
Sacred Heart, Minn.—Carl Ander
son has applied to the village council
for a franchise to operate a local tele
phone system in this village.
Zumbrota, Minn.—The Zumbrota
Telephone Exchange has changed
hands, H. H. Howe having sold his
interest to F. G. Marvin.
Chippewa Falls, Wis.— The Chippe
wa County Telephone Company is
planning a number of extensions the
coming spring and summer.
Motley, Minn.—The Cass County
Mutual Telephone Company is ar
ranging to extend a telephone line
from here to Pequot, via Leader.
Areola, Minn.—The Areola Rural
Telephone Association has been or
ganized with Geo. Campbell as presi
dent and Thos. Hoihlan, secretary.
Little Falls, Minn.—The Morrison
County Telephone Company will ex
tend the line from here through D arl
ing, Randall & Cushing to Lincoln
and perhaps on to Staples.
Lismore, Minn.—The Ja sper T e le
phone Company has been completely
absorbed by the Enterprise Company.
This company is extending its line in |
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
small. Here is the clipping referred
to :
The estimate of the expenditures of
the United States for the present year
has been laid before the House _of
Representatives. It consists of civil
list, $ 6 11,9 1 1; miscellaneous expenses,
$310,982; expenses of intercourse with
foreign nations, $269,550; military es
tablishment, $942,992; naval establish
ment, $1,240,000, making altogether
the sum of $ 3,375,435-
U n it à S ta te s
fEûrtgagc&Crust
Cmnpnn
GEORGE W . YOUNG, President
NEW YORK
55 Cedar St. 73rd St. & Broadway
Cash may be obtained in any
city in this country or abroad
by travelers carrying our Letters
of Credit, avoiding inconven
ience or risk.
::
::
::
::
CAPITAL AND SURPLUS
FIVE M I L L I O N S
WINNIPEG. MANITOBA
CANADA
m
B
a n k of
E S T A B LIS H E D
Capital (Paid up)
Rest
Undivided Profits
Total Assets over
-
-
Ottaw
a
1874
$ 2 ,5 0 0 ,0 0 0
2 ,5 0 0 ,00 0
- 73,332
2 3 ,0 0 0 ,0 0 0
A General Banking Business
Transacted
Interest Allowed on Deposits
FOREIGN EXCHANGE BOUGHT & SOLD
S T . PAUL a g e n t s :
M E R C H A N T S N A T IO N A L B A N K
THIS GROWING COUNTRY.
The growth of the United States is
well illustrated in the following clip
ping taken from the London Times,
January 10, 1805, just 100 years ago.
The total expenditures for that year
were estimated at $3,375,435- In these
days of billion dollar congresses and
$7,000,000 or $8,000,000 for a single
war ship, these figures indeed look
A. J . W H IPPLE & CO .
M E M B E R S C H IC A G O S T O C K E X C H A N G E
STOCK BROKERS
Private Wires to all
p u r p af A
Principal Exchages
L n lL n U U
Main Floor New York Life Building
Long Distance Tel. Central 7031. Orders
by wire in grain and stock promptly filled
THE COMMERCIAL WEST.
Saturday, February i i , 1905.
S I D N E Y C. L O V E & C O .
MEMBERS:
S tock and C rain
BROKERS
New York Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
Minneapolis Chamber of Commerce
NEW YORK
CHICAGO
ST. LOUIS
MINNEAPOLIS
BANKS AND TRUST COMPANIES.
BANK CLEARINGS.
A s showing the comparative in
crease in the deposits in the different
classes of banking institutions in the
United States from 1890 to 1903, the
following table compiled from statis
tics contained in the comptroller of
currency reports is of interest:
B an k clea rin g fo r the w eek ending
F ebru ary 2, 1905, an d the p ercen ta g es o f
in crease or d ecrease fo r the w eek o f
lead ing cen ters and all w estern p oints as
com p ared w ith the corresp on d in g w eek
last year, as reported b y B ra d street’ s:
Feb. 2.
Inc. D ec.
N ew Y o rk ........ |$1,871,996,955 44.0
C h icag o ............
183,512,619 13.7
B oston ............... •Í
136,645,123
.4
P h ilad elp h ia . . . i
119,367,849 10.3
St. L ou is ............ t
51,590,465
11.5
P ittsb u rg h ........
50,237,388 30.6
San F ra n cisco . . .$
32,877,585
S .l
B altim ore ..........
25,420,712
8.4
C incinn ati ........
21,285,200
5.5
K an sas C itv . . . t
22,273,762
1.5
N ew Orleans . . . •i
20,394,594
39.9
C leveland .........
13,564,796
3.5
M inneapolis . . . i
14,003,551
.5
D e tro it ..........
10,920,772 19.9
L ou isville .......... ■i
12,059,089
8.6
Om aha ..............
7,460,936
4.6
M ilw a u k e e ........ Í
8,221,798
.5
P ro v id e n ce . . . . Í
7,070,500
9.5
B uffalo ................
6,555,806 16.0
Indian apolis . . .
6,282,034
7.3
St. P a u l .............. Î
5,172,311 10.2
L o s A ngeles . . . . *
7,492,674 17.8
St. Joseph ........ Î
4,341,148
15.5
D e n ver ................
6,975,282 70.4
C olum bus, O hio.
5,037,100 11.5
M em phis ..........
4,690.839
37.1
Seattle ..............
4,132,087 20.7
R ich m on d ........
5,293,238 11.9
W a sh in g ton . ..
4,413,180
5.5
P ortlan d, O re . . . +
3,193,972
9.9
F o rt W o rth . . . .
4,023,994
26.7
T oledo ................ f
3,529,523 30.3
Salt L a k e C ity.
2,809,676
I S .7
P eoria .................
2,987,359 19.4
D es M o i n e s ........
2,169,330 12.5
Spokane ..............
2,101,530
8.3
T a co m a ..............
2,373,828 15.8
T o p e k a ..............
861,395
12.2
S ioux C i t y ........
1,668,513 32.4
D a v en p ort ..........
765,527
18.2
Little P o c k ........
842,510
28.8
W ic h ita ..............
1,269,796 13.5
Springfield, 111.. .
717,224 11.3
H elen a ................
518,279
.3
F argo, N. D ........
465,443
6.2
R o ck fo rd , 111___
367,622
4.1
B loom in gton , 111.
366,300
10.9
Q u in cy ................
322,529
7.7
S ioux F'alls, S. D
204,152 100.0
D ecatur, 111........
307,006 44.1
Jacksonville, 111.
226,465
7.1
F rem ont. N e b ...
183,368
1.6
H o u sto n .............. t
9,774,296
G alveston .......... t
8,960,000
14.9
C edar R ap ids . . .
484,185
P. C. o f
1890.
1903.
Inc.
N at. B k s. $1,521,745,665 $3,200,993,509 110.3
Sav. B k s. 1,524,844,506 2,935,204,845 92.5
St. B k s ...
553,054,584 1,814,570,163 228.0
L. & T . . .
336.456,592 1,589,398,796 372.9
P riv. B ks.
99,521,667
133,217,900 34.3
T ota l
..$4,035,622,914 $9,673,385,303 139.7
The most noticeable fact exhibited
in this comparison is the remarkable
percentage of increase of the trust
companies and state banks. Y e t the
comptroller of the currency reports,
while complete as to national banks,
are not complete as to institutions
under state control, and the increase
of the latter has been actually larger
than is shown in this table. Accord
ing to the comptroller’s figures, the
individual deposits in the trust com
panies in 1903 amounted to about 16
percent of the total in all deposits.
The trust company percentage at this
time is close to 25 percent. In other
words, one-fourth of the $10,000,000,000 deposits in all banking institutions
are in the trust companies.
The effect of their competition upon
national banks is shown by the follow
ing table exhibiting the decrease in
the percentage of deposits in the na
tional banks in the last twenty years:
1882
1892
1902
1904
P. C. o f
T ot.d ep os. N at. bks.
.................
$2,785,407,000
38.3
................................ 4.664,934,250
37.6
................................ 9,583,315,778
32.3
............................... .10,448,545,990
31.7
In view of these facts the future de
velopment and control of trust com
panies becomes a matter of vital con
cern, and makes of large interest Sec
retary S haw ’s recommendation that
trust companies of large capitalization
be given the privilege of incorporat
ing under federal law.—Wall Street
Journal.
Buffalo & Susquehanna Railway Co.
C om p arative in co m e a cco u n t fu rn ished
b y F isk & R obin son , fo r six m onths ended
D ec. 31, 1904 and 1903:
1904.
1903.
M iles o p e ra te d ................. . . 172.53
172.53
G ross earnin gs .............. . .$576,253 $519,692
O'per. exp. and t a x e s ... ... 372,419
327,320
N et earnin gs ............... , .$203,834
O ther in com e ................. . 94,570
$192,372
88,647
T ota l n et in com e . . . . .$298,404
F ix e d ch arges ................. . 107,955
$281,019
73,745
Surplus
.......................... .$190,449
$207,274
iMi
Minnesota Title Insurance
& Trust Co.
MINNEAPOLIS MINN.
C apital $ 2 5 0 ,0 0 0 G u aranty Fu n d $ 1 0 0 ,0 0 0
The oldest Title and Trust Company
west of Philadelphia
Banking, Safe Deposit, Loans, Trusts,
Abstracts, Title Insurance
J. U. Barnes, Prest.
C. J. Tryon, Trust Officer
W. S. Jenkins. Secy.
Wallace Campbell, Yice-Prest.
H. A. Barnes, 2nd Yice-Prest. 1
W. A. Hotchkiss, Treas.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T otal, IT. S ___ .$2 752,002,231 28.2
T ot., outside N. Y.
880,005,236
4.1
D O M IN IO N O F C A N A D A .
M ontreal ............
$21,657,301 99 d
T o ro n to ..............
18,709,779 43.6
W in n ip e g ............
5.180,170 16.2
V an cou v er, B. C.
1.497,045 26.8
V ictoria , B. C . . .
746,895 18.3
T otal ........................
................
$55,118,817 ¿it
. ¿j
....
24.2
fN o t included in totals becau se co n ta in
in g other item s than clearings. ¿B alances
paid in cash. *L ast w eek ’ s total.
ELECTRIC RAILWAYS.
Waupaca,
Wis.— The
Waupaca
Electric road is to be extended to
Camp Cleghorn.
Lead, S. D.—The Burlington Rail
w a y Company will extend the electric
trolley line from Lead to Terry.
Vancouver, B. C.— The B. C. E lec
tric railway will erect an electric line
between this city and Stevenson on
the Fraser river.
Dixon, Neb.-—The farmers of Clark
township are talking of organizing a
company to build an electric railroad
from Sioux City' through that country.
Kalispell, M o n t — It is proposed to
build an electric line from Ravalli to
the foot of Flathead lake, to connect
with, a steamer to go across the lake
to Kalispell.
. Excelsior, Minn.—A formal applica
tion to the village council for an ex
clusive franchise to construct electric
hues within the village has been made
by Col. N. U. Hord, of Philadelphia.
5
TRUST COMPANIES AND LOANS.
During the latter half of 1904 trust
companies of New Y o rk state ex
panded loans $182,000,000. I f the na
tional banks had shown such an ex
pansion, with a resultant increase in
deposits, they would have been forced
to increase their cash reserves—pos
sibly by $45,000,000. The trust com
panies, however, reported a decrease
in reserves for the same period, of
$47,000,000. The ratio of cash, on
hand or in bank, to all deposit liabil
ities of these 81 institutions, was
about 29 per cent on June 30. It was
18 per cent on December 31. This
raises the question, how much further
could the “ shifting” of loans, from
banks to trust companies, have gone?
In default of fresh resources contrib
uted to it by its customers, each new
loan by a trust company involves,
of course, a draft to an equal amount
on its deposit credit in the banks. But
that means a draft on what the com
pany describes as its reserve.
H ow far could this fund be drawn
upon? So far as the state law exer
cises any positive restraint, the whole
deposit fund in bank might be ex
hausted; for the law as it stands does
not stipulate maintenance of reserves
by trust companies. A s against the
18 per cent of last December, the
ratio of trust company cash (depos
ited or on hand) to its own deposit
liabilities, was i6)4 per cent at the
end of 1902 and 15^8 at the end of
1901. In the middle of 1901, after the
wild stock-inflation movement of the
spring, the ratio averaged barely 13
per cent.
Where is the line drawn? The fact
is, that no two companies follow the
same reserve policy, and many admit
frankly that they do not pretend to
carry through the year as much “ cash
on hand and in bank” as their Decem
ber 31 reports show. The president
of a prominent B road w ay company
admitted this week that he had oc
casionally found it necessary to wipe
out his reserve for the benefit of a be
lated borrower. After closing the day
with $400,000 in bank, he would some
times draw out all but $5,000 or $10,000 if a deserving customer needed
the money.
This would use up
his balance and force him to call
loans early the next day. The officer
of another company having $40,000,000 deposits, said that on, no account
would he permanently deplete his
bank balance, which usually averaged,
with cash in vault, 20 per cent of de
posits; but he too admitted that he
might impair it temporarily if he
could accommodate a customer in no
other way.
Some of thei smaller companies of
ten loan out all but 10 per cent of
the funds deposited with them. This
practice has been followed by com
panies having deposits of less than
$10,000,000, the larger companies car
rying* as a rule, between 15 and 20
per cent to protect them against sud
den withdrawals of large sums.—New
Y o r k Evening Post.
The first life insurance policy of
which the details are on record re
sulted in a law suit: William Gybbons insured himself on June 15,
!S 83, for £ 3 8 3 against dying in twelve
months; he did die on M ay 18th of
the next year— and the disgusted un
derwriters (the company of those
days) contested payment on the plea
that he had lived twelve months of
twenty-eight days each!—The W orld ’s
Work.
THE COMMERCIAL WEST.
6
Saturday, February n , 1905.
The Northwestern National Bank
M IN N E A P O L IS M IN N .
Statement at Close of Business, January nth, 1905
RESOURCES
L ia b il it ie s
L oa n s and D isco u n ts...................................................... $ 7,165,320.34
U. S. an d O ther B o n d s ..................................................
863,625.84
B a n k in g H ou se, F u rn itu re an d F ix tu r e s..............
250,000.00
Cash, and Due fr o m B a n k s .......................................... 8,336,840 30
C a p ita l................................................................................... $1,000,000 00
Surplus and P r o fits ..........................................................
700,802.90
C ir c u la tio n ...........................................................................
246,650.00
U. S. B on d A c c o u n t .........................................................
45,000.00
D e p o sits................................................................................ 9,628.338.67
$11,615,786.57
$11,615,786.57
An Average of over 8 per cent Annual Dividends Paid to Stockholders Since Organization in 1872 .
Dividends Paid Since Organization $ 2 ,290,000.
W M . H. D U N W O O D Y , President
JOSEPH C H A P M A N , JR., Cashier
O FFIC E R S
M. B. KOON, Vice-Pres.
F R A N K E. H OLTON, Asst. Cash.
E D W A R D W . D E C K E R , Vice-Pres
C H A S. W . F A R W E L L , Asst. Cash.
First National Bank
R. H. G00DELL & CO.
oi DU LU TH ,
M IN N .
218 L A SALLE STREET, CHICAGO
Surplus and Profits,
B A N K E R S A N D D E A L E R S IN C O M M E R C IA L P A P E R
Railroad, Corporation and Municipal Bonds
Loans on Approved Security made and Negotiated with Financial Institutions
nformation on Local Securities Cheerfully Furnished
Banks and Bankers Commission Orders Carefully Executed
Stock Exchange Daily Bulletin sent on Application
W A L T E R L. B A D G E R
D P AT
" P '^ T 'A T ''F '
$500,000
803,000
Capital,
Members Chicago Stock Exchange
U. S. GOVERNMENT DEPOSITARY
A. L. Ordean, Pres., J. H. Dight, Cash., W. S
Bishop, Asst. Cash., W. J. Johnson, 2nd Asst Cash
ONEIDA BLOCK
MINNEAPOLIS, MINN.
B °u£ht and Sold on Commission
or Joint Account'
TOAN^
made on First-class Improved Security to net lender 4% to 6 per cent. Special
attention given to care of property with economical management guaranteed.
Best of references.
THE EQUITABLE TRUST COMPANY
152 Monroe Street, CHICAGO
Capital Paid Up, $ 5 0 0 ,0 0 0
Surplus, $350,0 00
Acts as Trustee for Corporations, Firms and lnviduals, and as agent for the
registrations and transfer of bonds and stocks of Corporations and the pay
ment of coupons, interest and dividends.
INTEREST P A ID ON DEPOSITS
W ILLIA M BEST
JOHN M. SMYTH
DIRECTORS:
F R E D . G. M cN A L L Y
F. M. BLOUNT
L. A. W ALTON
The Swedish-AmericanNat’l Bank
MI NNEAPOLI S
M AURICE ROSEN FELD
J. R. WALSH
OFFICERS :
J. R. W ALSH, President
L. A. W ALTO N , Vice-President C. D. ORGAN, Sec. and Treas.
C. HUNTOON, Ass’ t Sec’ y and Ass’ t Treas.
[C A N A D I A N B A N K O f I
COMMERCE
]
Head Office, TORONTO
Capital Paid Up $8,700,000 Surplus $3,500,000
Branches at Dawson, White Horse. Skagway
‘ Atlin. Exceptional facilities for handthe business of those districts.
E
3
U W , Wheeler. Pres. Wm. Angiim, V -P res!3
v
C. F. Mix, Cashier
/
! FIRST NATIONAL B AN K |
CROOKSTON, MINN.
C a p i t a l .................................. $ 75 ,0 00
S u r p l u s ..................................
5 0,0 0 0
W e negotiate Farm Mortgages
l___
□
N. O. Werner, President
C. S. Hulbert, Yice-Prest.
F. A. Smith, Cashier
E. L. Mattson, Asst; Cashser
C apital
.
.
.
.
$ 2 5 0 ,0 0 0
S u r p l u s &. U n d i v i d e d P r o f i t s 1 5 8 , 0 0 0
D e p o s its 2,992,754.01
Foreign Exchange Bought and Sold
IS Audit Company
of Illinois
Suite 6 3 5 -4 2 Marquette Bldg.
CHICAGO
Public Accountants and Auditors
OFFICERS: L. A. Walton, President; F. W. Little, VicePresident; C. D. Organ, Secy, and Treas.; C. W.
Knisely, Manager.
DIRECTORS: A. G. Becker, A. G. Becker & Co., Chicago;
F. W. Little, Vice-President Peoria Gas and Electric Co.,
Peoria; G. A. Ryther, Cashier National Live Stock Bank,
Chicago; J. R. Waish, President Chicago National Bank,
Chicago; L. A. Walton, Vice-President Equitable Trust
Company, Chicago.
D E A N B R O S . & CO.
Com m ercial P aper
MINNEAPOLIS,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
MINN.
Saturday, February ix, 1905.
THE
COMMERCIAL
A W EE K LY JOURNAL
REPRESENTING WESTERN BUSINESS
Published by The Commercial West Company, Minneapolis, Minn.
H . V. JO N E S ,
P r es id e nt and M gr,
LEO NARD BR O N S O N ,
V ic e - P r e s id e n t
WEST
7
so rapidly wiped out, is a greater discredit to the
framer of the bill. What our state should have in the
way of a tree statute, if it be found unconstitutional
to fine prairie farmers for not planting groves, is a
law giving bonuses in so< large and wisely regulated a
way that farmers will find it profitable to' plant tillable
acies to permanent tree crops. The only reason the
average ^farmer will not do this without a bonus is
that he is not willing to devote a part of his income
bearing estate to posterity.
Minneapolis Office, Rooms 625-631 Guaranty Building
T elephone Main 307.
SUBSCRIPTION IN ADVANCE.
POSTAGE FREE:
One Y««r, $3.00.
Six Months, $1.50.
Euro p e*! .
T he Commercial W est will not knowingly publish the advertisement
or a financially unsound individual or company.
ENTERED AS SECOND-CLASS MAIL MATTER AT THE POST OFFICE,
MINNEAPOLIS, MINN.
SATURDAY, FEBRUARY 11, 1905.
Editorial Comment.
I he legislature of Minnesota has before it an op
portunity to do a grateful job of house cleaning in
the office of state insurance commissioner. It appears
that during the past four years, covering the incum
bency of Insurance Commissioner Dearth, a law has
been in force permitting the Insurance Department
to value for a certain fee all the policies held in the
state, to determine the legal reserves accruing on them.
Under this apparently harmless law the insurance
commissioner has been able to1 extract from the in
surance companies in four years the sum of $63,073.57.
Actuaries were lxired for this work, who while they
refuse to disclose the portion of this sum they re
ceived, admit to the investigating committee that they
were well paid. The head of the department is com
monly believed to have received no less than $40,000
as his share of the graft.
The C o m m e r c i a l W e s t exercises due discretion
in its use of the word “ graft” in this connection. With
what intent the law permitting this graft was devised
does not appear in the investigation, but that the al
lowance for the work done was wholly gratuitous can
not be denied. If the state’s interests were better
guarded by this valuation of policies, it could easily
have been done by the Department’s regular force
without added emolument. This is readily admitted
by those familiar with the duties of the office. It is
probable that the law permitting this plundering of
policy holders was passed by a majority of legislators
who did not then see the effect of the law. But is it
too much to expect of our high state officials, that dis
covering such a law and the possibility of graft in it,
they should have the honor to refrain from taking
money not honestly earned, even though permitted by
a defective law to do it? Will the time come when
we can expect a state officer to keep his hand out of
the state’s till just as scrupulously as we expect a
bank’s officer to keep his hands out of the bank’s
money bags?
A bill has appeared in the Minnesota legislature
calling for a repeal of the law granting bonuses for tree
planting in the state. The law’s intent is to encourage
the cultivation of groves in our treeless sections; and
that the law is in some measure operative is shown b f
the fact that about $20,000 a year is being paid out
for these bonuses. That farmers in prairie sections
should need any bonus to induce them to plant groves
is a discreditable commentary on their thrift. But
that anyone should seek to take away the small in
ducement offered by the state for such improvement,
and that at a time when our forest wealth is being
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Federal Reserve Bank of St. Louis
The Minnesota Agricultural Experiment Station
issues a bulletin this week covering certain potato ex
periments made the past season. The information
given pertains chiefly to potato diseases and the meth
ods of successfully treating the crop for their preven
tion. The result of the experiments show very con
clusively that a certain few varieties of the fifty plant
ed are vastly superior for this soil and climate; and
that thorough application of wet Bordeaux mixture is
almost certain proof against the diseases to which the
potato is subject. The potato crop of the state varies
from 16,000,000 to 20,000,000 bushels annually, from
one-third to one-half of which is shipped to points out
side the state. Minnesota ranks second as a potato
growing state, and in quality her product is counted
of the highest standard. This bulletin will have a
large economic value in the product of the coming
year, for the great potato growing sections of the state
follow more or less closely the lead of the state’s ex
periment station.
Taxing Insurance Premiums.
1 he state of Minnesota levies a tax of two percent
on all premiums paid for insurance (life or fire) by
Minnesota policy holders. In this practice this state
is not alone. It is a policy common to many states.
1 he motive of the law seems to be a desire on the part
of the state to tax the profits of wealthy insurance
companies. Inasmuch as the greater part of this
state’s premium money goes to corporations without
the state, so much better color is given to the argu
ment in favor of the tax.
There are two great fallacies underlying this course
of reasoning. The one is the idea that the tax falls
upon a rich corporation, and the other is that the tax
on an insurance premium is a fair tax at all. As to
the first fallacy: The great bulk of life insurance is
done on a mutual basis. That is to say, all profits not
used in the legitimate expenses of insurance belong to
the policy holder and are or should be returned to
him. T his profit should come to him in the way either
of reduced premiums or in dividends at the end of
certain periods. This two percent tax, therefore, is
but an added item in the expense of insurance, and
must be taken out of the policy holder’s dividends.
Take this example in illustration: A man at thirtyfive years of age takes a $5,000 20-payment participat
ing life policy. He pays annually for this say $190.
Of this the state takes each year in tax, $3.80. If his
money is worth to him six percent annually, the state
has of his property at the end of twenty years approx
imately $148.00. If the state had not taxed his pre
miums, this sum or something like it would have been
added to his dividends at the end of twenty years.
The insurance company, whether a stock or a mutual
company, is neither the richer nor the poorer for this
two percent tax. The policy holder has paid it all.
Now the balance of this $190 has all these years
presumably paid its due share of tax in the locality
THE
8
COMMERCIAL
WEST
Saturday, February 11 , 1905.
sota, is that the president finally gets to look upon it
as his own private enterprise and property. After
36 years at the head as founder and active manager,
President Clement seemed to have been intrusted by
all, directors and the public, with undisputed sway
down tO' minute details. He was not only the man
ager, but the discount committee and the directorate.
The directors had so long failed to exercise their
official functions, that one of them, even the vice presi
dent, stands aggrieved because the national examiners
from Washington have not kept him posted in re
gard to the character of the loans which he himself
as officer and director was supposed to have not only
passed upon before making but made after due de
liberation.
This is not saying, however, that there may not be
merit in the point made by Judge Buckman. It may
be that public examination paid for by general taxation
should be extended ff> a minute and particular in
spection of the character and value of each loan. At
the present time, national and state examination in re
gard to loans customarily stops with a more or less
general review and is made specific and thorough
going only when the general condition of the loans
seems to be doubtful or bad and the bank in need of a
thorough overhauling. Too much examination can
scarcely be had. It is apparent that two national ex
aminers have their hands full in attempting to cover
212 national banks in Minnesota; and that two, and
sometimes a third state examiner, have a still greater
contract to cover 370 state banks in Minnesota. It is
a fact of great credit to the department of state ex
amination in Minnesota as well as to the financial
standing, esprit du corps and efficient co-operation of
Minnesota’s 370 state banks, that during the past six
years there have been only two failures or suspensions,
Responsibility for Bank Failure.
Col. Willis S. Paine, former superintendent of and one of these was due to a robbery by an em
banks of New York, and new president of the Con ploye.
Minnesota state banks start the year 1905 with a
solidated National Bank of New York, contributed
paid
in cash capital of $9,000,000, about $25,000,000
a thoughtful paper, the other day, that is attracting
of
commercial
deposits and $23,000,000 of certificates,
wide attention, on the comparative duties of bank di
close
upon
$40,000,000
of loans and $70,000,000 of ag
rectors and public examiners in the matter of fre
gregate
resources.
To
examine these 37° institutions,
quent bank examination, a paragraph from which fol
together with a score of savings banks and trust com
lows :
“ I venture to express, in the interests of justice to panies holding $20,000,000 of depositors’ savings, the
all, the conviction that while banks may continue to state, through the office of public examiner, employs
fail shortly after they have secured a certificate of two regular bank examiners with occasional assist
soundness from the national or state bank examiner, ance from a third. It is plain that with this number
as they have failed in the past, no such failure should of examiners only one examination a year is possible;
take place following a like verdict of a board of direc while two examinations a year are desirable and
tors of a bank, though such cases have been. The should be the rule.
That even such examination as the state now pro
official examiner at Washington or Albany may not
vides
is fairly effective is apparent from the fact, that
be presumed to know of the standing of many of the
with
an
average of 300 state banks thus examined dur
promisors or indorsers of notes. For this reason it
ing
the
past six years there have been only two sus
may be impossible for him to detect worthless paper;
pensions
of state banks, as compared with a score or
but no such plea can be accepted for the directors of a
so
of
failures
among the less than 150 private banks
bank, some, if not all, of whom should have knowledge
not
subject
to
state examination. This showing cer
of the value of the paper upon which they lend de
tainly
warrants
the state legislature in passing the
positors' money. And what are directors, if not trus
measure
now
before
it for the conversion of the re
tees of the moneys of others committed to them in per
maining
130
or
more
private banks into state banks
fect confidence, and to whom no language too severe
subject
to
public
examination;
and it likewise justifies
can be applied when they fail to direct?’
the
demand
for
more
extended
public examination of
Apparently one of the dangers of banking, espe
state
banks
and
a
larger
appropriation
to the public
cially when the bank is an old and long established
banking
department
for
that
purpose.
The
one exam
institution in which the public has unbounded con
ination
a
year
should
be
increased
to
two.
It is true
fidence, as seems to be the case at Faribault, Minne
where it has been invested. Suppose this man at the
same time he bought his life insurance contract had
bought a home on the installment plan, paying $190
per annum for it. Would it be wise for the state to
tax his installments two percent while taxing his
house also? The cases are parallel.
The premium paid for the purely protective life
insurance policy, and that portion of the premium
paid for the protective element in every policy, stand
in the same class as the fire insurance premium. It
is itself a tax. A tax upon this, therefore, is a tax
upon a tax, and such taxation has always been counted
unwise. This premium payment is in no way an in
vestment for profit. It is merely a tax paid to guard
against calamity to one’s own household primarily, but
to the public as well. If a man is reckless, or unable
to curb present desires sufficiently to lay by a little
for the future good of those dependent upon him, this
is no reason why he should be exempt from the tax
levied on the better citizen.
Another inequality in the Minnesota insurance tax
law that shows the law to be based upon expediency
and not upon principle, is that while old line insurance
premiums are mulcted two percent, all premiums paid
to fraternal insurance associations are permitted to go
tax free. This is probably done with the intent to
take tribute from the rich insurance corporations and
let the poor man’s insurance company go free. But
its effect is in fact to make good stable insurance two
percent harder for the poor man to get than weak, in
secure insurance. The whole theory of taxing in
surance payments, life or fire, is erroneous and its
application is a government burden clumsily mis
placed.
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Federal Reserve Bank of St. Louis
Saturday, February n , 1905.
THE
COMMERCIAL
that the state cannot protect bank directors from the
consequences of their own negligence; but it can well
afford to extend all reasonable protection to depositors
and stockholders. The hanking laws of Minnesota
require the directors of each state bank twice a year
to make and file with the public examiner a report
covering a searching examination by a committee of
three; in addition to the monthly financial statements
and the called quarterly reports. The director of a
Minnesota state bank, therefore, has no opportunity
to be in the predicament complained of by Judge
Buckman; provided, of course, the directors comply
with the law, and the public examiner apparently sees
that they do. The force of examiners in the public
examiner’s office, however, the state should increase
so- as to provide two state examinations a year. The
$70,000,000 of bank savings by Minnesota depositors
in state and savings banks demand that much pro
tection.
The Concrete Age.
The convention of cement concrete men held in this
city two weeks ago was an event of more than ordi
nary interest. It even seems safe to say that it is an
epoch mark in the development of building. In its im
portance it is not alone. Oother similar conventions—
notably the one at Indianapolis the preceding week—
point to the same fact, namely, that concrete is coming
to be known as a marvelously adaptable and a sur
prisingly economical building material. The possi
bilities of concrete, with or without steel reinforce
ment, have never been appreciated by builders great
and small until within two or three years. If no more
than those adaptations already proven practicable shall
become generally known and applied, this country will
have made a long step in advance in the matter of
building.
One curse of our country from its early years has
been the temporary nature of our structural work.
In large measure this was natural and necessary. We
have grown so fast that “ time makes ancient good un
couth,” and a very short time at that. Knowing that
our sons would wreck or remodel the old house, we
put up a structure easily demolished. Invention of
“ all modern” house equipments has made house wreck
ing desirable, so much so that the average thrifty
westerner of fifty years ago has remodeled or de
liberately pulled down at least one house of his own
building.
On the other hand, this temporary temper has ex
tended beyond the house. Its unthrifty footprints are
seen everywhere. On the farm it appears, not only in
the house but in the barn, the fences, the crops and
the stock. In even greater measure it is seen in the
abomination of desolation that makes distressing land
scape in every city and country town. Only here and
there can a business block or residence be found that
has been erected apparently with a well conceived in
tent to hand it down fit for the use of succeeding gen
erations.
The instability, the dilapidation that has resulted
from cheap construction has laid a heavy patching tax
on present and succeeding generations. Every Ameri
can farmer and farmer’s son in his lifetime must build
a house at his own expense. The average farmer is
compelled to remake the fences on his farm at least
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Federal Reserve Bank of St. Louis
WEST
9
three or four times in his lifetime. Barns and sheds
have had to be rebuilt as often. Unless a farmer
builds houses, barns and fences new in his old age,
he cannot expect to hand valuable improvements down
to his children. Cheap buildings in cities and towns
melt away at equal or greater speed. We are glad
enough to- see them go, but their going means a dead
loss to the community.
Concrete construction has been made as cheap for
large and small structures as is wood. Wood is com
ing to be an impossibility as a structural material in
the old lavish way. Fifty years from now we shall
use lumber abundantly, but we shall be within speak
ing distance of a lumber famine. Concrete promises
to be not only the salvation of our forests but the sal
vation of our architecture as well. The man who
builds a concrete house or barn ought to sit down and
take thought and an architect’s plan; for he is building
for posterity. He can build a house that his great
grandchildren can occupy with comfort. He may
even set fence posts that will be a monument to him
in the twenty-first century and later. All this can be
done in everlasting cement at no greater expense than
in decaying wood. Succeeding generations can then
use their savings in something more profitable than in
paying for endless patchings and remodelings. It
would be a unique and electrifying experience for the
West to find its real estate possessed of improvements
against which we need not charge ten percent per
annum for deterioration. From this useless loss the
concrete age promises to save us.
Politics Versus Wheat.
Following the precedent of the North Dakota state
legislature, which recently adopted a resolution
memorializing congress against the admission of Cana^
clian wheat free of duty for seed and milling, United
States Senator Flansbrough of that state announces
that he is going to fight the mixing privilege enjoyed
under the present tariff law as interpreted by Attorney
General Moody and Secretary Shaw and stop Amer
ican millers from using a percentage of American
wheat with that imported from Canada for making ex
port flour; and certain Minnesota congressmen in
Washington are quoted as favoring the Hansbrough
idea.
Are these political gentlemen aware that they are
making their fight, if they persist in their purpose,
against the plain and direct interests of their constitu
ents, not only as flour manufacturers, but as wheat pro
ducers ?
What is it these congressmen object to? Do they
know what mixing high-grade Manitoba hard wheat
with this year’s low-grade Minnesota and Dakota No.
3 and No. 4 in making export flour does for the Min
nesota and Dakota farmer? It gives him an export
market for wheat that had no export market, and a
very poor home market demand, before.
Take an illustration. The Winnipeg Free Press
estimates that up to Jan. 31 there was 1,052,000 bush
els of western Canada wheat shipped south to Minne
apolis millers. This grain was largely high-grade hard
wheat. At Minneapolis it came to a market where
the prevailing Minnesota and Dakota grades this year
were No. 3, No. 4, rejected, and no grade. The bulk
of this Minnesota and Dakota wheat has no export
IO
THE
COMMERCIAL WEST
Saturday, February n , 1905.
market either as wheat or flour. Moreover, without export duty on Manitoba wheat shipped south, or the
importation of higher grade wheat to mix with it, much Chamberlain tariff policy, on the ground that, “ Cana
of this low-grade Minnesota and Dakota wheat has dians should look to Canadian interests.” The same
little or no milling value at all, and as a consequence result, however, could be accomplished another way
is being dumped on the market at prices that yield namely, to elect to the senate and lower house in
no profit to the farmer while yielding poor earnings to Washington men of the Hansbrough idea who’ stand
the miller. Suppose the 1,052,000 of hard Manitoba opposed to the utilization of Canadian wheat to make
is mixed with 3,000,000' bushels of domestic No. 3 und an export market for American wheat and flour.
4 to make something like 800,000 barrels of export
T H E B U L L ’S E Y E .
flour, and thereby a milling demand and export mar
More than half the hardships of our life are hardships
ket for 3,000,000 bushels of low-grade domestic wheat only because we tfiink them so. The man who believes his
that had poor home demand and no export market be life is full of hardships is in miserable case. Nothing
fore? The Minnesota and Dakota farmer and the lessens one’s powers of resistance much more than the
Minnesota miller have profited together by the tran habit of pitying one’s self. Hard tasks and hard knocks
saction; as likewise the workingmen who made and are to be courted provided that one does not wilt under
the tasks or fall before the knocks. Th e test of hardship
handled the product, and the communities which had
is whether or not the man falls under it. And by this test
business relations with both the farmers and millers.
there is not much difference between the lot of the billion
The politician who opposes this wise and beneficent aire’s boy who is compelled to get up to an eight-o clock
provision of the government for bridging over the breakfast every morning, and that of the Russian Moujik
hardships of a bad wheat crop holds his constituents who goes without his breakfast and who rises early be
cause his bed forbids morning sleep. This is providing
too cheaply. He banks on prejudice that approaches
of course that each is crushed under his special hardship.
lunacy, and ignorance that verges on stupidity. Our
Blessed is that boy whose early years have made him a
Washington statesmen certainly do not suppose that familiar friend of compelling work—work that cannot be
the Minnesota and Dakota farmer is so dense as to put off for play; work that must be done on time if at all;
oppose a movement which creates and strengthens work that furnishes gainful occupation for each returning
both the home demand and export market for his day’s ability to do it. When the boy has learned to con
sider work, not as a disagreeable barrier between him and
wheat.
fun, but as a natural, wholesome and continuous condi
What would be the outcome if the mixing privilege
tion of things, he will begin to enjoy life in real earnest,
were prohibited, as Senator Hansbrough is supposed and not before. If this conquering of the bogie of hard
to favor? Suppose the Canadian wheat is brought in work comes in one’s early years the rest of one’s life is a
under bond or drawback, but has to be milled by itself life of ease in the midst of work.
% *
*
without any admixture of Minnesota or Dakota wheat?
There
was
once
a
farm
boy,
born
and raised in the corn
In that event the flour made from it is exported as
belt in the days before machinery and systematized good
before, and the Canadian wheat finds an export mar
sense had entered the cornfield. Before he was ten years
ket via Minnesota mills; but no Minnesota and Da of age he learned how not to let his courage collapse
kota wheat goes with it. The Minnesota and Dakota when his father Sent him to hoe alone on a sixty-acre
wheat loses just that much local milling demand and field of corn. He learned also how to lighten the monot
export market. The losers are the Minnesota and ony of corn hoeing by picking potato bugs a day or two,
Dakota wheat producers,—the constituents of near coming back to the corn field refreshed like a boy after a
whipping. And when the early November snow caught
sighted politicians. In fact, it is the mixing privilege
the standing corn unhusked, as little boy on the down
that makes the recent wheat and milling decisions of row,” he learned to labor and suffer in silence behind the
the government of so1 much value to the Minnesota wagon, husking and sniveling quietly to himself with the
ache in fingers and feet— quietly for fear the big boys
and Dakota producer. The Hansbrough idea admits
would
see him and think him a baby, or worse, pity him
the 1,052,000 of Manitoba hard wheat; but stops the
and send him to the house to get warm. H ow could this
milling demand and export market of 3,000,000' bush boy, when grown a man, ever, in the common course of
els of Minnesota and Dakota low-grade wheat to mix
life in free America, know hardship. He never did. B e
with it. Senator Hansbrough forgets that his con fore he was seventeen he had whipped everything in the
stituents live on the American side of the line and nature of old farm hardships and was taking his work,
have wheat to sell—wheat that needs a home milling winter and summer with a fair degree of enjoyment. And
in after years the unconscious or conscious recollection of
demand and an export market.
his little boy days with the down row in the snow, made
Meantime, over on the other side of the boundary,
all work and all physical discomfort seem comparatively
Robert Meighan, president of the Lake of the Woods
light. Y e t the best lesson of those early days consisted
Milling Company, tells the Montreal board of trade, of the fact that he never knew he was undergoing anything
that the export of Canadian wheat to American mills out of the ordinary. His brothers and all the neighbor
boys were doing the same thing. It was not the heroic,
must be stopped by the levy of an export duty upon
but the commonplace.
it, as the exported Canadian wheat is making an ex
a,
* * *
port market for American wheat and flour. He is
fnan ever did great things in the course of his life
sues the warning: <£Make no mistake about i t , the _ jf fo had not done great foundation work when a youth—
Americans are not out of the export business, eitherm
who had not learned to look on a hardship as a pretty
wheat or flour. They will continue to be our aggres small affair. W e all know how our country fairly rushed
into development in the years immediately following
sive competitors. ”
Never, if the Hansbrough idea prevails. We would 1865. What was the cause? T w o million men—most of
them big boys—had just been putting in from one to four
be out of it both as to wheat and flour, if the fate of years at whipping hardships. Coming home, these farm
the wheat and flour industries rested upon the states hardships I have described seemed like such petty potter
manship of a few Washington politicians. Our Lake ing that these men simply had to have harder work or
of the Woods milling friend would invoke either an exolode. So they packed up and faced west, capturing a
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Federal Reserve Bank of St. Louis
THE
Saturday, February n , 1905.
COMMERCIAL WEST
wild country and whipping it into shape and wealth in so
brief a period that all the world wondered. It was not
hard for them. W hat was the making of a new farm in
Iowa, Nebraska or Minnesota compared to the wonc they
had done in Virginia, Tennessee and Georgia? It was
this same contempt of hardship that1 made it possible for
southern men to bring wealth again out of a wrecked and
riddled south. The rise of the south out of its ashes,
though not so spectacular as the opening of the west, is a
greater wonder and a finer display of courage—a courage
born of a close and victorious experience with hardship.
So great was this seasoning effect of the Civil W a r on the
men of our nation that even with four years thrown
away, a million of the best men dead or crippled, and bil
lions of wealth wasted we made greater material progress
in one decade after 1865 than we had made in three before
it. E a rly familiarity with hard work and contempt for
discomfort were the secret of this great victory.
— The Sharpshooter.
J. A. Latta, Vice-President of Swedish American National
Bank.
The growin g business of the Swedish American N a
tional bank of Minneapolis, has made necessary an ad
dition to the list of active officers. J. A. Latta has be
come a stockholder and director and as vice-president
will be active in the management.
Mr. Latta comes to Minneapolis from Detroit, Mich.,
where he was associated with the Peninsular Savings
Milwaukee Money Market.
(S p ecia l C orresp on den ce to The C om m ercial W e s t.)
Milwaukee, Wis., Feb. 8.— There have been no changes
to record since the beginning of the month and present
indications point to a continuation of the lessened activity,
which is not unusual. The demand for accommodation
fell off considerably, business houses and property own
ers having taken care of accumulating liabilities and now
being in easy circumstances.
Deposits so far this month have been large, showing
a material gain compared with those of a year ago and
clearings for the week were $8,839,606 and balances $1,417,612, against $8,236,761 and $903,703 the same week last
year and $7,274,584 and $907,461 in 1903. The accumula
tion of funds has been steady and considerably exceeds
the demand from all sources. Discount rates are easy at
5@6 percent for commercial paper, the inside rate being
for collateral security, and 4p2@5 percent for large
amounts secured by gilt-edged paper.
The demand for money for building improvements on
real estate is almost at a standstill, due to the severity
of the weather. There is an ample supply of money
available for this purpose, but the opportunities for invest
ment are limited for the causes above named.
Little money is going to the interior, except for the
shipment of live stock, but this character of business is so
generally confined to interior banks that little or nothing
now reaches city institutions.
P R IN C IP A L C O N T E N T S .
/A
E d itorial C om m ent
T a x in g Insurance P rem ium s.
R esp on sib ility fo r B an k F ailure.
The C oncrete A ge.
P olitics v ersu s W h eat.
The B u ll’s E y e ...........................................................
F in a n c ia l.
January B an k C lea rin g s..............................
W estern B ond s ..............................
B ulletin o f In v e stm e n ts..............................
B an ks and T ru st C om p a n ies......................
B an k C learings ..................................
T ru st C om pan ies and L o a n s ............................
M ilw aukee M on ey M a rk e t ......................
T h e F aribau lt B an k F a ilu r e ............................
The W a n in g S entim ent fo r F in an cia l R e fo r m ...
M on ey in the N o r th w e st ...................................
E a st L ook s fo r F irm er M o n e y ..........
K an sas M on ey S itu a tion ...............................................
C hicago F in an cia l G o ssip ......................
N ew B an ks and C h a n g es......................
B an k in g N otes ......................................
D ividen d s ..................................
R ailroad E arnin gs ..............................
B an k S tock Q u o ta tio n s..................
J. A. LA T T A
\ ice-President Swedish-American National Bank, Minneapolis.
bank. Lie has already entered upon his new work with
the Swedish American.
N. O. W erner remains as president, the position he
has held since 1893- The Swedish American was organ
ized in 1888 as a state bank, with $100,000. This was in
creased to $250,000 111 1890 and m 1894 the bank was
changed to a national. O. N. Ostrom was the first presi
dent with Mr. Werner as cashier.
Statistics compiled by the United States Department
of Commerce and Labor show that the exports of Iron
and Steel products of 1904 exceeded those of the year pre
vious by 841,000 tons, while the imports for 1904 were
912,000 tons less than the year before. E xpo rts during
1904 exceeded imports by 901,000 tons.
WELLS
DICKEY
&
E S T A B L IS H E D
BOND
CO.
1 87 8
DEPARTMENT
H i g h G r a d e S e c u r i t i e s fo r T r u s t F u n d s
In stitu tio n a l F u n d s a n d In d iv id u a l In v e s t o r s
BANK FLOOR GUARANTY BUILDING,
MINNEAPOLIS.
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Federal Reserve Bank of St. Louis
17
013
og
00
G ra in a n d M illin g .
G rain and F lou r E x p o r t s ..........................
T he W h e a t T r a d e ..............................
F lour and M i l l in g ..................................
F lax seed ..............................................
M illfeed ........................................................................
•
M inneapolis C oarse G ra in s ...............................
L on d on W h e a t R e v ie w .........................................
M ilw aukee G rain M a rk e ts ...................................
C om m ercial W e st M arket R e v ie w s ................
W e st C anadian G rain M o v e m e n t ......................
F lou r fo r R u ss ia n s .....................................................
W a sh in g ton F la x F a c to r v ........................................................
General S ta tistics .........................................
P ortlan d G rain S h ip m en ts ......................................
M is c e lla n e o u s .
T eleph one C onstruction .........................................
E lectric R a ilw a y s ..................................................................
M innesota R ailroad R e p o r t .....................................................
H o w to Secure R ight M e n ...............................................
L eg al D ep artm en t ..................................................................
C anadian N orth w est D ev elop m en t N e w s . . . ...................
L a k e S uperior Ore S h ip m en ts ...................... ...............................
Sugar B eet In d u s try ....................................................................
R ea l E s ta te .
Seattle B uilding A c t iv e ...............................................
E ast M inneapolis R eal E s t a t e .........................................
F a rm L an d M ov em en t .............................................................
L iv e S to c k .
L ive S tock M a rk ets .................................................................
M ovem en t o f L ive S to c k .........................................
St. Paul L ive S tock M ov e m e n t ........................................................................
H igh S ugar B eet P r ic e s ..................................................
39
33
09
9a
3g
3g
97
THE
12
COMMERCIAL WEST
Saturday, February n , 1905.
W ATSO N & COMPANY,
B R O K E R S
Chamber of Commerce, Minneapolis-----24 Broad Street, New York
S to ck s,
B on d s,
NEW YORK STOCK EXCHANGE.
CHICAGO STOCK EXCHANGE.
G r a in ,
P r o v is i o n s .
m
e m
b e r s «
CHICAGO BOARD OF TRADE.
NEW YORK PRODUCE EXCHANGE.
MINNEAPOLIS CHAMBER OF COMMERCE
ST. LOUIS GRAIN EXCHANGE.
WINNIPEG GRAIN EXCHANGE.
Private Wires to Chicago, New York, and Other Cities.
MaTnl80a" ndemc»‘ nlm7.
THE FARIBAULT BANK FAILURE.
When the First National Bank of Faribault, Minne
sota, closed its doors on Jan. 2, and the affairs of the
bank went into the hands of the receiver, Lym an G.
Baird, national bank examiner, the first question to arise
was the responsibility for the bank’s condition.
Judge Buckman, vice-president and a director of the
bank, charged the failure in part, or in main, to the laxity
of the national bank examiners. He said that the officers
of the bank had been lulled into a state of fancied security
through the misleading reports of the national examiners,
and the failure of the latter to expose the condition of the
loans and the impairment of the capital.
Referring to this criticism expressed by the directors,
the government deputy comptroller in Washington said
in reply: “ The loans are made before they come to the
knowledge of the examiners. The board of directors should
know to whom they are lending the bank’s funds, and 011
what security. The best banking practice requires that
the directors of a national bank meet weekly to determine
what loans are to be made, and in order that they may
keep themselves informed as to the condition of the insti
tution. The record of our office shows that the directors
of the bank met not oftener than twice a year during the
past four or five years, and then only for the purpose of
declaring dividends. Three-fourths of the paper in this
bank was from three to eight years old, and was kept
alive to avoid being charged off as a loss by payment or
crediting of interest thereon. It was the duty of the direc
tors to know these facts and not the duty of the examiners
to keep them advised as to the character of their loans.
T h e A r r e s t o f P r e s id e n t C le m e n t.
Close upon the heels of the above interviews, Thomas
B. Clement, the veteran president and founder of the bank,
was arrested on a federal warrant charging him with mis
appropriation of funds; the arrest being made under the
general powers of the examiner and receiver. The report
of the receiver to the comptroller of the currency sched
ules the assets as $87,428 good, $238,570 doubtful, and
$203,882 worthless. The comptroller announces that an
assessment of 100 percent will be made upon the $50,000
of capital stock held by the stockholders, and estimates
that this assessment will probably net about $25,000. The
individual deposits, amounting to upwards of $500,000 by
something like 1,300 depositors, are expected to be set
tled on the basis of about 20 percent.
New Street Railway For Seattle.
(S p e cia l C orresp on den ce to T he C om m ercia l W e s t.)
Seattle, Feb. 6.—There is promised a second com
plete railway system in the city of Seattle. A rival cor
poration now stands ready, with a capital of six millions
of dollars, to enter the field which for years has been
practically controlled by the Seattle Electric Company
and build forty miles of street railway here at an initial
cost of $3,000,000. The new company offers 4-cent tares,
transfers on tickets, transfers with all existing lines, 2
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Federal Reserve Bank of St. Louis
The attempt of the president to support two Georgia
development companies by loans amounting in the aggre
gate to upwards of $150,000 is charged as being a prime
factor in the bank’s difficulties. President Clement’s son
and Dr. A. C. Rogers, superintendent oWthe state school
for' the feeble minded at Faribault, are the principal pro
moters of two Georgia investment enterprises, the De Soto
Fruit, Agricultural and Manufacturing Company and the
Minneota Lumber Company, for which the Faribault bank
has been furnishing money for improvement. T w o drafts
issued Ja nuary 20, 1904, f ° r $10,000 and $8,500, respective
ly, in favor of Dr. Rogers, are the principal items enumer
ated by the government in the charge against President
Clement for misappropriation of funds.
F in a n c ia l S ta te m e n t W id e o f F a c ts .
The 1904 annual report of the comptroller of the cur
rency, which is issued to the public for general distribu
tion this week, contains the financial statement of the F iis t
National Bank of Faribault on Sept. 6, as follows: Loans
and discounts, $387,686; bonds and securities, $ 128, 575 »
bank and other property, about $40,000; specie and legal
tenders, $54,376; due from reserve agents, $24,214. The
liabilities include $50,000 capital, $34,567 surplus and un
divided profits, and $ 533,674 of individual deposits. It is
apparent from the report now filed by the receiver that
the September financial statement was wide of the actual
facts; especially in view of the receiver s announcement
of a settlement on the basis of 20c on a dollar.
The comparative responsibility of the bank directors
and the national examiners in regard to the mismanage
ment of the Faribault First National is a nice question of
financial ethics. Does the appointment of a bank examiner
or two by the general government to examine the 200 na
tional banks of Minnesota exempt the directors of these
banks from their responsibilities as regards the standing
of the securities and the character of the loans made with
the savings of depositors? Apparently not. On the other
hand, should the government go behind the records as
shown by the books and employ a force of examiners
sufficient to make a thorough-going and detailed study of
the character and security of each loan for the protection
of depositors and stockholders? That is something which
bank examination has seldom attempted except in par
ticular cases where bad prima facie conditions were ap
parent. The opinion of bankers on that point would be
interesting.
percent of the gross receipts and the reimbursement to
the city of amounts expended from the general fund 011
such regrade improvements as those of upper Second ave
nue, Fourth avenue and Westlake boulevard.
Jam es A. Moore and D. H. Gilman are the two Seattle
men who will file the petition for the necessary franc nse
with the city council. T h e y represent Eastern investors
commanding the sum of money named above, and will
proceed with the construction of the lines just as soon
as the franchise is in their hands. All funds are imme
diately available.
THE
Saturday, February n , 1905.
COMMERCIAL
WEST
The First National Bank of Minneapolis
UNITED
STATES
DEPOSITORY
S T A T E M E N T O F C O N D IT IO N J A N U A R Y 1 1 , 1 9 0 5
RESOURCES
Loans and Discounts
- $10,125,569.96
Railroad and Other Bonds
155,380.00
United States Bonds, at par $1,050,000.00
Cash on Hand and Due from
Banks
4,312,500.05 5,362,500.05
L IA B IL IT IE S
' Capital S t o c k .....................................$2,000,000.00
1,400,000.00
S u r p l u s .......................................................
Undivided P r o f i t s ......................................
81,602.25
C i r c u l a t i o n ..............................................
874,995.00
D e p o s i t s ....................................................... 11,086,852.76
United States Bond Account
200,000.00
$15,643,450.43
$15,643,450.01
O F F I C E R S
F. M. PRINCE, President
D. MACKERCHAR, Asst. Cashier
C. T. JAFFRAY, Vice-President and Cashier
ERNEST C. BROWN, Asst. Cashier
THE WANING SENTIMENT FOR FINANCIAL REFORM.
By Henry D. Baker, of Chicago.
The popular desire for reform of the nation’s financial
system always tends to rise and fall with the money mar
ket. When money grows tight, public impatience with
Congress for doing nothing to rectify the evils of our cur
rency system waxes strong and indignant; when money
grows cheap this criticism of Congress dies out, and in
stead we lose patience with the currency reformers who
have not the smartness to discern that it is folly not to let
well enough alone.
It is curious that banking sentiment in this regard is
usually beautifully altruistic. When the average banker
has customers urgently seeking him with propositions to
borrow on the best of collateral at 6 percent, he sees
evils in our currency system that he thinks he owes it to
his country to discuss at the next meeting of the bankers’
club, or the next state or national convention. But when
he is trying hard to find customers to borrow his stag
nant funds at 3^2 percent, he seems convinced that the
currency reformers were after all entirely wrong, and that
the United States really has the best financial system of
any nation in the world.
This connection between the rise and fall of sentiment
for financial reform and the' rise and fall of rates for
money is of course due to the popular presumption that
such reform always implies a fixed addition to money sup
plies, hence greater plethora in the money market. In a
time of dear money the banker and his customer would
both like to see the bankers’ power for extending credit
enlarged. In a time like the present, of exceptionally
cheap money, the banker would shudder at the thought of
the oppressive glut in the money market being further
increased, while the bankers’ customer, on the other hand,
naturally sees no reason at all for complaining with rates
which from his standpoint, already seem ideal.
P o w e r to
C o n tr a c t as W e ll
as to
Expand.
There seem to be comparatively few persons who asso
ciate an “ elastic” currency with the power of contraction
as well as of expansion. In a period of monetary tightness
banxers look to the Secretary of the Treasury for bright
schemes for inflating the currency, and when his expedi
ents bring “ relief,” he gets considerable praise. But when
money becomes very cheap, as now, it is to the promoter
of new companies and to the pyramiding speculator in
stocks and to other heavy users of money that bankers
must then turn for relief from depressed conditions that
were brought about largely by some previous inflation ex
pedient that they had themselves urged the Secretary
of the T reasury to try. It is in periods of abnormally
cheap money like the present that the germs of subsequent
trouble originate and multiply. The bank, to make its
regular dividends is liable to exercise less scrutiny over
its loans. It may extend credits where the true good of its
customers, of its depositors and of the community, might
demand restriction. It may grant accommodation in many
cases where such accommodation would later on prove to
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Federal Reserve Bank of St. Louis
have been the exciting cause for some great festering sore.
Sometimes an extravagant public debauch in high
finance may go on even after money has become tight,
but there never was an important instance of such a
debauch originating except in a period of over abundant
money supplies, which a sound currency system with
powers of contraction as well as of expansion in response
to true business needs, would probably have prevented.
After such debauch, as this country knew three years ago,
comes the inevitable depression, such as marked the clos
ing months of 1903— and then the usual popular remedy
for the depression is sought of and often furnished by the
Secretary of the Treasury, who, as in 1903, may tempt the
bankers to inflate the currency, by making it easy for them
to get around the government restrictions as to note is
sues. After tight money has thus sobered the nation into
a condition of solid consciousness like last year and so
has worked its own cure, the intoxicating effects of the
inflation remedy again begin to be felt, and we see as now
the first florid beginnings of another great debauch. The
mode 'of curing financial depressions by injecting addi
tional currency into the circulation is a good deal like the
remedy suggested by a certain doctor, to a patient who
came to him to be cured of his red nose.
“ Keep on drinking,” the doctor said, “ and your nose
will turn from red to blue.”
The
C au se
of
F re e
B o n d s a t W a s h in g to n .
T reasury statistics show that something like $2,000,000
of free bonds are now held in Washington awaiting in
structions as to their disposition. The fact of the matter
is the bankers of this country are facing an ugly problem
as to what to do about the notes that Secretary Shaw
got them to issue over a year ago. These free bonds
in Washington reflect the mental indecision of the owners
of them, who are between the Charybids of selling the
bonds at a loss and the Scylla of using them as a basis for
circulation that under present conditions can not be put
out with profit. The last report of the Controller of the
Currency shows that throughout the country as a whole
99 percent of all of the bank notes issued are outstand
ing (according to the computations of the National City
bank). And yet persons who talk of substituting for
the present non-contracting bond-secured circulation a
credit currency that can contract as well as expand with
the needs of business, just like check and draft media of
exchange, are popularly considered inflationists, whose
propaganda is all right when money is tight, but unneces
sary and pernicious when money is a drug on the market.
Several years ago the Treasury surplus was considered
one of the great ills of this country. It represented a
whole lot of money that Wall Street needed to bolster up
values on the Stock Exchange, and prevent a rich men’s
panic. The famous Aldrich bill was introduced into the
Senate, the effect of which, had it passed, would have
been to concentrate the government’s money in Wall
THE
14
F. A. CHAMBERLAIN, Prest.
J. S. POMEROY, Cashier.
COMMERCIAL
WEST
PERRY HARRISON, Vice-Prest.
FRED. SPAFFORD, Asst. Cash.
Saturday, February n , 1905.
E. F. MEARKLE, Vice-Prest.
GEORGE LAWTHER, Asst. Cash.
THE SECURITY BANK OF MINNESOTA
M IN N E A P O L IS , M IN N E S O T A
S T A T E M E N T O F C O N D I T I O N A T C L O S E O F B U S I N E S S J A N U A R Y 11. 1 9 0 5 .
LIABILITIES
Capital paid in ................................................„, ... .......... $1 000,000.00
Surplus and Undivided Profits.................. ...
Deposits............................................................ . ... ........ 10,348,498.03
RESOURCES
Loans and Discounts.................................................
...$7,918,118.87
5,390.58
161,496.89
U. S. and other Bonds, Stocks and Securities.. ...
71,871.53
Cash on hand, and due irorn Banks....................... ... 3,723,798.12
$11,880,675.99
$11,880,675.99
FOREIGN EXCHANGE BOUGHT AND SOLD
Travelers’ Letters of Credit and Travelers’ Checks good the world over issued
Street. This bill was defeated, chiefly owing to the un
expected opposition of bankers in Chicago. This defeat
seriously disheartened the interests in Wall Street which
had great burdens to carry, and so it accelerated the gen
eral disgorgement of “ undigested” securities.
H ow
to
G e t R id o f th e S u rp lu s .
But there is more than one way by which an embarrass
ing surplus can be redistributed amongst the people. One
way is by spending the money. This is what Congress
during the last two years has been doing on a most lavish
scale, until now there is no longer need of worrying about
a surplus, since surplus has given way to deficit. A deficit
of nearly $42,000,000 was reported during the last fiscal
year, but for this there was the excuse that but for the
Panama Canal payments amounting to $54,000,000 there
would have been a surplus of over $12,000,000.
The ordinary expenses of the government, however,
C h ic a g o
Bank
S to c k
Q u o ta tio n s .
R ep orted b y A . J. W h ip p le & Co., C hicago, F eb. 8:
Bid.
B o o k V . D iv. R. L. Sale.
225
224
8
A m erican T ru st .......... 168
190
190
8
B an k ers’ N a tio n a l----- 154
139
140
4
Central T ru st .............. 135
185
8
C hicago C ity .............. 169
385
380
*12
238
C h icago N ational ........
145
C h icago S avings ........ 112
345
325
Ì2
C om m ercial N a tio n a l.. 186
190
180
C olonial T ru st ............ 140
287
290
8
C ontinental N a tio n a l.. 150 .
405
400
12
214
C orn E x ch a n ge ..........
120
115
6
D rexel State ................ 107
195
195
8
D ro v e rs’ D ep osit ........ 143
155
156
F ederal T ru st .............. 141
402
403
Ì2
F irst N ational ............ 195
F irst ^National B an k
225
6
198
o f E n g le w o o d ........
200
3.75
6
131
F o rt D earborn .............
118
120
H a m ilton N a tio n a l....... 128
605
610
*12
Illinois T ru st .............. 249
129
125
J a ck son T. & S ............ 124
373
370
3.2
215
M erch an ts’ L. & T . . . .
130
130
6
M etrop olitan T. & S .. 130
120
117
6
M ilw aukee A ve. State 198
38
40
N a t’l Bk. o f N o. A m .. 139
173
174
6
N a t’l B an k R e p u b lic .. 146
284
285
*12
N a t’ l L iv e S to c k .......... 231
520
520
8
N orth ern T ru st .......... 270
200
6
197
Oakland N a t’l ...............
160
8
P ra irie State ................ 135
Ì6Ò
157
6
R oy a l T ru st .................. 1S7
255
250
6
State B an k C h ic a g o .. 153
175
160
6
W este rn T. & S .......... 116
103
102
So. C h icag o S a v in g s.. 111
200
149
U nion T ru st .................
SEATTLE
B U IL D IN G
A sked.
228
194
141
395
355
are now greater than the receipts. L a st month the ex
penses exceeded the receipts by $6,000,000. During the
expired seven months of the current fiscal year the ex
penditures exceeded the receipts by $28,600,000. There
is a balance in the Treasury of $291,000,000, so that the
government is in no immediate danger of poverty, nor the
gold reserve in danger of depletion, nevertheless unless
Congress becomes more economical and stops consider
able scandalous waste, like the $200,000 that goes every
year into buying from seed firms ordinary seeds for the
constituents of Congressmen who can buy these seeds if
they want them, in private stores, the time is not remotely
distant when the government T reasury will be turned
inside out into the money market. With little or no funds
then left for the government to bank, the financial re
formers need no longer w orry about the evils of the go v
ernment being in the banking business.
January
Ja n u a ry
Ja n u a ry
Ja n u a ry
January
Ja n u a ry
Ja n u a ry
J a n u a ry
January
January
Ja n u a ry
January
295
410
February Industrial Dividends.
Ì6Ì
260
185
108
A C T IV E .
(S p ecial C orrespon den ce to T he C om m ercial W e s t.)
2— 16
3— 54
4— 57
5— 41
6— 36
7— 50
9— 56
10— 40
11— 38
12— 44
13— 38
14— 27
16— 58
17— 48
........
........
........
........
........
........
........
........
........
........
........
........
........
-------
............................................................$
..............................................................
...............................................................
.................................................................
.................................................................
............................................................
......................................................
.................................................................
..............................................................
.................................................................
.................................................................
..............................................................
..............................................................
.................................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
18,150.00
31,255.00
65,253.71
17,391.05
22,145.00
96,065.17
41,569.40
36,985.00
126,212.28
28,285.00
35,164.19
48,145.00
Industrial dividends payable in February show
a
marked decrease as compared with the corresponding
month a year ago. The total stands about $15,342,000,
against $19,364,000. There are a number of important
changes this year. There are some other dividends to
come not yet declared, which will swell the total possibly
to the extent of $1,000,000. Some of these, however, may
be carried into the following month.
Seattle, Feb. 6.—Seattle real estate transfers during the
month were almost twice as great in value as during the
preceding January, The total by days, and the comparison
with January, 1904, is as follows:
Ja n u a ry
Ja n u a ry
January
Ja n u a ry
January
January
Ja n u a ry
Ja n u a ry
January
January
Ja n u a ry
Ja n u a ry
January
Ja n u a ry
........................................................
..........................................................................
.........................
............
...............................................................
...........................................
..........................................................................
...................
.......................................................................
..........................................................................
.............................
.....................................................................
T ota l— 1.057 ..........................................................................$1,765,906.65
T otal, Jan., 1904— 881.........................................................
979,108.62
205
160
406
2ÌÒ
121
620
133
380
133
125
42
176
288
18— 27
19-—35
20-—50
21— 36
23— 45
24— 44
25— 45
26— 40
27— 35
28— 28
30— 32
31—-34
18*,146.00
146,972.40
34,620.50
50,790.00
98,476.85
148,122.60
67,210.00
49,022.00
22,929.00
77,248.00
59,330.61
196,155.00
148,991.99
82,967.00
We own and offer subject to prior sale
♦
High Grade Commercial Paper
Municipal and Corporation Bonds j
and CHOICE FARM MORTGAGES
on IMPROVED FARMS
In Minnesota, North and South Dakota
and Wisconsin
CALL
FOR
OUR
LIST
U N IO N IN V ESTM EN T CO M PAN Y
203 Bank of Commerce Building
MINNEAPOLIS
MINNESOTA
.J
THE
Saturday, February i i , 1905.
COMMERCIAL
WEST
15
Northwestern Trust Company
D IR E C T O R S
A. C. ANDERSON
CHAS. \V. AMES
E. H, BAILEY, President
C. H. BIGELOW
KENNETH CLARK
HAYDN S. COLE, Y.-P. A Counsel
W. B DEAN
ROBERT R. DUNN, Vice-President
FREDERIC A. FOGG
JULE M. HANNAFORD
® T .
P A U Ir ,
M
IX tV .
*
*
Acts as Trustee, Registrar, Transfer Agent, Fiscal Agent,
Executor, Administrator, Receiver, Assignee, Guardian, Etc.
Assumes General Charge and Management of Real and Personal Estates.
D IR E C T O R S
THOS. IRVINE
FRANK B. KELLOGG
JAMES W. LUSK
A E. MacCARTNEY
ALBERT L. ORDEAN
GEO. C. POWER
EDWARD N. SAUNDERS
R. E. SHEPHERD
J. H. SKINNER
THEO. L. SCHURMIER
THOMAS WILSON
TH IS C O M P A N Y D O E S N O T R E C E IV E D E P O S IT S OR DO A B ANKING B U S IN E S S
ANNUAL REPORT ON MINNESOTA RAILROADS.
The twentieth annual report of the Minnesota state
railroad and warehouse commission is in press and will be
ready for the public about March 1. From a perusal of
the advance proof sheets at the office of the commission,
it appears that Minnesota railroads built 217.2 miles of
new main track within the state last year, bringing the
total to 7,467.2 miles. The gross earnings of the entire
lines were $63,257,702. a decrease of $4,803,797, due proba
bly to the wheat shortage. The net income was $30,065,960, a decrease of $5,693,243, partially due an increase in
the operating expenses.
Statistics of mileage extension, earnings, dividends,
taxes and surplus, by roads, follow:
R a ilro a d
M ile a g e in
M in n e s o ta .
The tota'l number of miles of main lines of railroads
operating in Minnesota (not including local transfer lines,
union depot tracks and private logging roads) on June
30, 1904, was 7,467.21 miles, and on June 30, 1903, as shown
in our report for that year, 7,250.01, which shows an in
crease for the year of 1904, of 217.20 miles.
The mileage of transfer and terminal railways for the
year ending June 30, 1904, shows 88.94 miles, and for 1903,
86.94 miles, showing an increase of two miles, which is
accounted for by the addition of the Duluth Belt Line.
The increase is principally in the mileage of the Chi
cago, Milwaukee & St. Paul; Duluth, Missabe & Northern;
Duluth & Northern Minnesota; Duluth, Virginia and
Rainy Lake; Great Northern; l'So o” Line; Minnesota &
North Wisconsin and Minnesota & International Rail
ways.
4 he Chicago, Milwaukee & St. Paul Railway shows an
increase of 55.37 miles, which is a completion of their
branch lines from Le Sueur to Mankato; Faribault to Zumbrota, and Preston to Isinours. The Duluth, Virginia &
Rainy Lake Railway has 27.70 miles completed of new
line from Virginia to Ashawa. The Great Northern has
extended its branch from Thief Riv er Falls north about
: 3-40 miles. The “ S oo” Line has extended its Winnipeg
extension north from Glenwood 84 miles. The Minnesota
& International extended its line to Northome, a distance
of about 18.09 miles, the balance of the increase in mile
age being principally in mine and logging spurs.
G ro ss E a r n in g s .
The total gross earnings of railroads doing business in
the State of Minnesota from passengers, freight, express,
mail, storage, demurrage, car mileage and miscellaneous
for the year ending June 30, 1904, were $63,257,702, and for
the previous year were $68,061,499, which shows a decrease
of $4,803,797 for the year 1904.
O p e r a tin g E x p e n s e s .
The total proportion of operating expenses in the state
of Minnesota, as reported by the railroad companies for
the year ending June 30, 1904, was $33,191,742, and for .the
previous year the same was $32,302,296, which shows an
increase for the year 1904 of $889,446.
N e t In c o m e .
I he net income for Minnesota reported by the rail
road companies for the year ending June 30, 1904, was
$30,065,960, and for the previous year the same was $35,759>203 > which shows a decrease for the year 1904, of
$5,693,243.
C a p ita l
S to c k
and
Funded
D e b t.
The total amount of capital stock and funded debt
of railroad companies reporting to this commission for
their entire lines for the year ending June 30, 1904, was
$2,184,549,685, consisting of capital stock $955,009,728, and
funded debt $1,229,539,957. The total amount of stock
and debt reported for the year 1903 was $1,995,869,128,
which consisted of capital stock $901,839,239, and funded
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
debt, $1,094,029,889, thus showing a total increase of capi
tal stock and funded debt for the year 1904 of $188,680,557.
D iv id e n d s .
The total amount of dividends paid by the various rail
road companies doing business in the state and reporting
to this commission for the year ending June 30, 1904, for
the entire lines, was $58,164,548, being $51,701,464 on com
mon stock, and $6,463,084 on preferred stock. The total
amount of dividends paid the previous year was $47,974,415,
being $40,308,643 on common stock, and $7,665,772 on pre
ferred stock. This will show a total increase for the year
1904 of $10,190,133. The apparently large increase paid
m dividends for the year T904 is caused by a partial distri
bution of accumulated net profits of the Duluth & Iron
Range and Duluth, Missabe & Northern railroads among
stockholders, as it has been the policy of these companies
to accumulate their earnings instead of dividing them an
nually, and the dividends so declared must not be con
sidered as showing their net profits for the year 1904.
The following companies paid dividends for the year 1904,
as shown by the following list:
C hicago, B urlington & Q uincy, c o m m o n ......................$ 7,758 737.00
C hicago, M ilw aukee & St. Paul, c o m m o n .................. 4,072 873.00
Chicago', M ilw aukee & St. Paul, p r e fe rr e d .................. 3,345|608.00
C h icago & N orth W estern , c o m m o n ................................ 3',383*324! 00
C h icag o & N orth W estern , p re fe rre d ............................ 1*79L60o ! oO
C hicago, R o ck Island & P acific, c o m m o n ...................... 5!985,*06o! 00
C h icago G reat W estern , d eb en tu re.................................. 1,044!976'00
C h icago Great W estern , p re fe rr e d ..................................
*284^310! 00
C hicago, St. Paul, M inneapolis & Om aha, c o m m o n .. 1,113,*330.”00
C hicago, St. Paul, M inneapolis & Om aha, preferred
787,976.00
D uluth & Iron R ange, c o m m o n ........................................ 4,500,000.00
Duluth, M issabe & N orthern, c o m m o n .......................... 3*768*750.00
D uluth T erm inal, com m on ................................................
3 000!00
Great N orthern, com m on .................................................. 8,683|925.00
Green B ay & W estern , c o m m o n .......................................
100,000! 00
M innesota & International, com m on ............................
7^500.00
M inneapolis & St. L ouis, c o m m o n ..................................
150*000.”00
M inneapolis & St. L ouis, p re fe rr e d ................................
200*000!00
N orth ern P acific, com m on ................................................ 10,849*,989! 00
W illm a r & S ioux Palls, c o m m o n ...................... ...............
*280,000! 00
M ason C ity & F t. D odge, p re fe rr e d ..............................
53*590.00
In addition to the above, the St. Paul, Minneapolis &
Manitoba Railway Company, whose lines are leased and
operated by the Great Northern Railway Company, paid
dividends for the year ending June 30, 1904, amounting to
*$1,200,000.
T axes.
The total amount paid by the railroad companies on
their gross earnings in the state of Minnesota for the cal
endar year ending December 31, 1903, amounted to $1,97 L 729 -67- and for the previous year the same was $1,922,204.22, which shows an increase for the year 1903 of
$ 49>52 5-45- The total amount of gross earnings from op
eration for the entire lines of all railroad companies do
ing business in this state and reporting to this commis
sion for the fiscal year ending June 30, 1904, were $344,612,5T4. The total amount of taxes paid on the same
in all the states through which they operate is reported
as $11,552,632, which shows a tax rate of .03352 percent
upon their gross earnings.
During the past year back taxes have been collected on
items which hitherto had not been reported for taxation,
resulting in collecting throuhg this department, the sum
of $5,042.38. The 1egislature of 1903 passed an act to
increase the taxation of railroads in this state to four per
cent, which was submitted to the people at the last general
election in November, 1904, and ratified so that the taxes
for the year 1905 are to be collected 011 the basis of four
percent, instead of the present basis.
S u rp lu s .
4 he
following 27 companies operating railroads in
Minnesota report a surplus for their entire lines after pay
ing operating expenses, taxes, interest, rentals, dividends,
etc., on June 30, 1904, which includes the surplus from pre
vious years, as follows:
THE
i6
COMMERCIAL
WEST
Saturday, February n , 1905.
Tip (Chase 'National Tank
A. B. HEPBURN, President
A. H. WIGGIN, Vice-President
O F T H E C IT Y O F N E W Y O R K
E. J. STALKER, Cashier
UNITED
S. H. MILLER, Asst. Cashier
C. C. SLADE, Asst. Cashier
H. K.TWITCHELL, Asst. Cashier
STATES
D EP O SITARY
(J A N U A R Y 1 1 T H , 1 9 0 5 )
C A P I T A L ..................................................................$ 1 , 0 0 0 , 0 0 0
S U R P L U S A N D P R O F IT S (E A R N E D )
4 ,1 7 5 ,1 7 9
D E P O S IT S
6 1 ,0 5 6 ,3 6 2
C hicago, B u rlin gton & Q u in c y ......................
C hicago, M ilw aukee & St. P a u l..................
C h icag o & N o rth w e ste rn . . . . _ . ......................
C hicago, R o ck Island & P a c ific .................. .
C h icag o G reat W e ste rn .................................
C hicago, St. Paúl, M inneapolis & O m aha
D u lu th & Iron R a n g e .......................................
D uluth & N orth ern M in n e so ta ....................
Duluth, M issabe & N o rth e rn ........................
Duluth, V irgin ia & R a in y L a k e ..................
G reat N orth ern ................................................
Green B ay & W e ste rn ....................................
Iow a Central .....................................................
Ita sca L u m ber C o .............................................
M innesota & N orth W is c o n s in ....................
M innesota & International ..........................
$30,599,908.00
26.799.571.00
10.997.282.00
22.343.955.00
21.674.00
3.899.600.00
1.454.876.00
160.550.00
. 3,163,565.00
128.790.00
, 14,507,460.00
137.923.00
. 1,916,945.00
11.937.00
55.923.00
170.038.00
D IR E C T O R S
H. W. CANNON, Chairman
OLIVER H. PAYNE
GRANT B, SCHLEY
GEORGE F. BAKER
JAMES J. HILL, St: Paul, Minn.
A. B. HEPBURN
JOHN I. WATERBURY
A. H. WIGGIN
M inneapolis & St. L o u is ...................................................... 1,229,509.00
“ S oo” L in e ............................................................................... 3,595,957.00
M inneapolis E astern ............................................................
106,199.00
M inneapolis W estern .....................
26,937.00
N orth ern P a c i f i c ...................................................................... 11,104,977.00
R ed L ak e T ra n sp orta tion C o ............................................
1,636.00
61,584.00
Split R o ck & N o r th e rn .......................
W illm a r & S ioux F a lls .........................
291,377.00
W in o n a B ridge .......................................................................
22,126.00
W iscon sin , M in n esota & P a c ific ......................................
47,299.00
W is co n sin C entral .................................................................
433,045.00
T ota l ....................................................................................$133,290,643.00
The total surplus reported last year was $119,331,418,
which shows an increase for the year 1904 of $13,959,225.
MONEY IN THE NORTHWEST.
Quiet, pronounced and general, prevails in the north
western money situation, while the easiness which char
acterized the opening month of 1905 appears to be grow
ing more, rather than less, accentuated with the progress
of the year. B orrowing in the Twin Cities is of scanty
proportions and the light demand on the hanks is general
and entirely lacking in feature. Jobbers, so far as the
money market is concerned, are apathetic, grain men are
more interested in paying off than in making paper and
the deficiencies thus created in the ranks of the borrow
ers has not been supplied from any other quarter.
One or two St. Paul institutions report the presence
of a demand from the country banks equal or exceeding
that which existed at this time a year ago. This condi
tion is not general, however, and is not participated in by
many of the banks. One banker recently made inquiry
of a correspondent in the Red Riv er Valley for farm
mortgages at 6 percent, but was unable to secure a great
deal of satisfaction in this direction for the reason that
the country bank was holding its mortgages as an in
vestment for its own surplus funds instead of disposing
of them, as would be the case if any pressing demand for
money existed in its neighborhood.
The limited demand lias resulted in a marked dearth of
paper at anything like satisfactory rates in the Twin
Cities. This condition, most pronounced in St. Paul, be
cause of that city’s comparative distance from the source
of the grain paper, is becoming more or less manifest in
Minneapolis. A great deal of Chicago and Eastern paper
is offering at 3 J/ 2 percent, but almost without exception the
St. Paul banks prefer for the present to permit their
money to remain on deposit to accepting this investment.
Rates 011 the good local paper that is offered the banks
by brokers do not run above 4 percent, and most of it is
3 l/ 2 percent flat. The rates quoted by the banks vary from
4@5 to 4R>@5 percent, but very few loans on the best
endorsed paper are being made above 4/ percent and in
not a few instances 4 percent has been readily accepted.
S o m e S t. P a u l O p in io n s .
The keenness with which the prevailing conditions are
felt by the various hanks varies, of course, with the in
dividual institutions. The following expressions, how
ever, will indicate that they are felt in greater or less de
gree by all.
SELO VER , B A T E S & CO.
507, 508,
INVESTMENT BANKERS
5 0 9 A N D R U S BUILDING
MINNEAPOLIS
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
George C. Power, president of the Second National
Bank of St. Paul, says:
“ W e have more money on hand then we would like
and, with borrowing very light, the supply of paper is
limited. Considerable paper is being offered here from
Chicago at 3R2 percent, but for the present we prefer to
allow our money to remain on deposit to taking this paper
at the rates named. The market is very quiet and easy.”
George H. Prince, vice president of the Merchants’
National Bank of St. Paul:
“ The market is dull and stagnant. Such loans as we
are making are at 4R) to 5 percent, but the demand is only
nominal. There will undoubtedly be some improvement
soon for the jobbers will have to begin borrowing.”
L. H. Ickler, cashier of the American National Bank
of St. Paul:
“ B orrowing with us is light and general in character.
None of the jobbers have as yet taken out their full lines.
W e have been offered and have refused a good deal of
outside paper at 3 /T2 percent lately, preferring to let any
funds remain on deposit.”
John A. Swenson, cashier of the Scandinavian Am eri
can Bank of St. Paul:
“ A very quiet market, with rates at present tending
lower. Paper is hard to get and a good deal of St. Paul
money is in demand terminal grain paper at 3 /J 2 percent.
Jobbers are doing little and the outside paper offered is on
a 3V2 percent basis.”
T h e M in n e a p o lis S it u a t io n .
F.
A. Chamberlain, president1' o f the Security Bank of
Minneapolis:
“ Rates are about 4J^ percent. The market is quiet,
quieter than is pleasant. There is little borrowing and
paper is scarce. W e have not turned to Chicago for
paper yet, but that may become necessary.”
E.
W. Decker, vice president of the Northwestern N a
tional Bank of Minneapolis:
“ Rates are running at 4@ 5 percent with most of the
business probably being done around 4 L percent. W e
meet with no difficulty in loaning our money, but, of
course, have to be contented with the prevailing low rates
in order to do so. The country hanks are not overloaded
with funds and will need money when spring business
I opens up.”
U. M. S T O D D A R D & CO.
HIGH GRADE
MUNICIPAL
CORPORATION
n A
f t i n i l
I I ¡I H II V
D If H 1#U
NETTING
4 TO 5 ^
PER CENT.
209 National Bank of Commerce Bldg., MINNEAPOLIS, MINN.
THE
Saturdav, February i l , 1905.
C O M M E R C IA L
WEST
17
Centrally Located
Excellently Equipped
Conservatively Managed
THE NATIONAL BANK OF COMMERCE
We Extend to our Patrons the Best Service
OF M I N N E A P O L I S , M I N N E S O T A
C a pital a n d S u r p lu s
OFFICERS
S. A. HARRIS, President
A, A. CRANE, Cashier
F. E. KENASTON, Vice Pres.
W. S. HARRIS, Asst. Cash.
G. E, WILLIAMSON, Asst. Cashier
$ 1 ,3 0 0 ,0 0 0 .0 0
EAST LOOKS FOR FIRMER MONEY.
E. W. Decker, vice president of the Northwestern N a
tional Bank of Minneapolis, returned this week from a
trip to N ew Y o r k and says of conditions there:
“ Money is undoubtedly very cheap in the East, but
the tendency there during the last few days has been to
ward firmness rather than greater easiness. Many New
Y o r k bankers are inclined to look for firmer money with
the advent of spring and the opening of spring business.
“ The E ast is taking an optimistic view of the year in
business. With the presidential election out of the way
a good business is expected to develop.”
MONEY PLENTY IN KANSAS.
(S p ecia l C orresp on den ce to T he C om m ercial W e s t.)
Topeka, Kan., Feb. 10.— Kansas bankers report that
money is very plentiful, but that investments of the right
kind are hard to find. Whenever there is a chance.to get
in on some bond issue for a city or something of that kind,
there is no wait experienced by the people who have the
bonds for sale. Cities are getting good premiums for the
bonds, and could sell a much larger quantity if they had
them. Farm ers are not borrowing any money this spring
— none to, speak of. On the contrary, they are payingback into the banks the money they borrowed a few
months ago to move the wheat crop. Even this amount
is not so large as in former years. It was feared that
the shortage in the crop would cause something of a
shortage1 in the local money market, but the large prices
received for the wheat have created exactly the opposite
condition.
Id le M o n e y in B a n k s .
As a result, the banks of Kansas and Missouri are full
of money that is lying practically idle. Both the owners
of the money and the banks would jump at the chance
The American Trust and
Savings Bank, Chicago
Capital Stock paid in $2,000,000.00
Surplus and Profits
1,350,000.00
O F F IC E R S
EDWIN A. POTTER,
President
JOY MORTON,
.
Vice-President
JAMES R. C H A P M A N ,................................2nd Vice-President
JOHN JAY A B B O T T , ........................................................ Cashier
OLIVER C. D E C K E R ,........................................Assistant Cashier
FRANK H. J O N E S , ........................................................... Secretary
W ILLIAM P. K O P F , ................................Assistant Secretary
GEO. B. CALDWFLL,
Manager Bond Department
WILSON W. L A M P E R T , ..................................................... Auditor
INITRO
GLYCERINE^
Is cheap, Thats why the
burglar can get it
BANK
G ood L o a n s H a r d to F in d .
As an example of how hard good loans are to find, the
president of one of the largest banks in Kansas City said:
“ A man who has a loan of $100,ooo1 with our bank called
up this morning and inquired what rate we would give
him for a renewal of the loan. I told him we would give
him the present rate if he would increase his loan to onefourth of a million dollars. He accepted the offer. I wish
we could find some more good loans. Money is plenty.”
A M E R IC A N B A N K E R S ’ A S S O C IA T IO N REPORT.
Th e annual report of Secretary Branch is just issued
giving the full proceedings of the thirtieth annual con
vention of the American B ankers’ Association, held at
New York, September 14, 15 and 16, 1904. It is a volume
of considerable size and embellished with handsomely
done portraits of the officers engraved on steel. The fol
lowing are the officers portrayed: E. F. Swinney, presi
dent. president of the First National of Kansas City; John
L. Hamilton, first vice-president, vice-president of Hamil
ton & Cunningham, Hoopeston, 111.; C. S. Whitson, chair
man of the Executive Council, vice-president National
City of New Y o r k ; Jas. R. Branch, secretary, Hanover
Bank Building, N ew Y o rk ; Ralph Van Vechten, treasurer,
vice-president Commercial National, Chicago; Wm. G.
Fitzwilson, assistant secretary, Hanover Bank Building,
New York.
R E C E IP TS A N D E X P E N D IT U R E S OF T H E
U N IT E D ST A T E S.
C om p arative statem en t fo r the fiscal year ending: June 30,
1905 and 1904:
R e c e ip ts .
BURGLARY
Insurance is cheaper if you buy the
best, and we sell it
The Ocean Accident & Guarantee Corp.
(L IM IT E D )
HOOD & P EN N E Y, Gen. Agts.
^ P H O E N I X B U IL D IN G
to put out some of the surplus on something that would
bring in a fair amount of interest. Farm mortgage busi
ness is good, but not so much for the banks. It is an
entirely different kind of farm mortgage business than
obtained a few years ago, too. Then the farmer bor
rowed because he had to, and all the advantage was on the
side of the money-lender. N ow the money-lender is will
ing to give the farmer the advantage or anything else, just
so the farmer will take the money. The man who loans
the money knows he can get it again when he wants it.
He doesn’t want it, though. He is satisfied to leave it
where he can make a little more.
M IN N E A P O L IS, MINr^ J
Since July 1,
1904.
C ustom s .................................................. $154,209,790.89
Internal revenue ................................ 139,185,268.51
M iscellaneou s ...................................... 27,665,078.62
T ota l ............................................. ...$321,060,138.02
BURNHAM
ALBERT
BURNHAM
BUTLER
E. B U T L E R
&, CO.
S T O C K S , B O N D S , G R A IN
BANK
&.
U N L IS T E D
1 9 9 LA S A L L E S T R E E T
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
STOCKS
C H I C A G O
$319,425,843.01
E x p e n d itu r e s .
C ivil and m iscella n eou s.................... $
Wtar ..........................................................
N a v y ......................................................
Indians ...................................................
P en sion s ................................................
In terest ..................................................
T ota l
JOHN
S ince July 1,
1903.
$154,989,727.01
139,192,314.21
25,243,801.79
90,680,152.04
80,345,334.39
71,666,803.72
8,216,484.90
82,628,238.98
16,120,730.75
$82,450,313.00
71,402,827.83
58,347,374.47
6,328,568.93
83,061,615.48
16,193,463.92
..................................................$349,657,744.78
$317,784,163.63
Colonists’ Rates to Points in the Southwest.
The Chicago Great Western Railway will on Ja nuary
17th, February 21st and March 21st sell one w ay Colon
ists’ tickets to points in Missouri, Arkansas, Kansas, Okla
homa, Indian Territory, Te x as and Colorado at greatly
reduced rates. F o r further information apply to R. H.
Heard, Gen’l Agent, Cor. Nicollet Ave. and 5th St., Min
neapolis.
THE
i8
COMMERCIAL
B u s in e s s E s ta b lis h e d
WEST
Saturday, February XI, 1905.
1873.
Western Trust fc Savings Bank, Chicago.
Capital
-
$ 1 ,0 0 0 ,0 0 0
TRANSACTS A GENERAL DOMESTIC AND FOREIGN BANKING, SAVINGS, TRUST COMPANY AND BOND BUSINESS.
OFFICERS:
WALTER H. WILSON. Vice-President.
H. WOLLENBERGER, Asst, to the President.
JOSEPH E. OTIS, President.
WILLIAM C. COOK, Cashier.
LAWRENCE NELSON, Vice-President
W. G. WALLING, Secretary.
CHICAGO FINANCIAL NEWS.
R e o r g a n iz a tio n o f D e t r o i t S o u th e r n .
(S p ecial C orrespon den ce to The C om m ercial W e s t.)
Chicago, Feb. 7.— Stockholders of the Illinois Brick
Company voted this week to reduce the authorized stock
of the corporation from $5,000,000 common and $4,000,000
preferred to $4,000,000 all of one class. To accomplish
this the retirement is necessary of the stock now in the
treasury and unissued, and in addition 1,253 shares of pre
ferred at 60 and one share of common at 10 and the ex
change of the remaining preferred stock, share for share,
for the new stock and the exchange of the common at
six shares for one.
The balance sheet shows an increase of $106,000 in the
surplus after the payment of 6 percent on the preferred
stock and the creation of ‘'insurance" and “ construction”
funds amounting to $76,000. These figures indicate earn
ings of about 10.5 percent on the proposed new capital
stock.
Several changes were made in the board of direc
tors. The new list of officers and directors follows:
President— George C. Prussing.
Vice-President— Adam J. Weckler. .
Treasurer— C. D. B. Howell.
Auditor— C. B. V er Nooy.
Secretary—William Schlake.
Directors— The above and William Legnard, Phillip
Lichtenstadt, Joseph W. Moulding, David R. Forgan,
Marvin A. Farr, E. C. Potter.
T h e A m e r ic a n R a d ia t o r E a r n in g s .
Since the American Radiator Companies’ organization,
it has earned 10.2 percent on its $4,893,000 of common
stock in the year ended Jan. 31, 1900, 6.5 percent in 1901,
8.5 percent in 1902, 10 percent in 1903 and 6.75 percent in
1904. This percentage on the common stock was after
the payment of 7 percent dividends on the $3,000,000 pre
ferred. The earnings in the year ended Jan. 31, 1905, are
understood to be better than the average in the precedingfive years.
The
Germania National Bank
MILWAUKEE, WISCONSIN
Capital, $300,000
RENDER
W ATER
Surplus, $40,000
G eorge B r u m d e r , Pres.
G eorge P. M a y e r , Vice-Pres.
WE
Assessments of $5 per share on the common stock and
$10 on its preferred shares are levied by the reorganization
plan of the Detroit Southern Railroad Company. P a y
ment of the assessment will entitle each share of com
mon stock to receive consolidated 4TA percent bonds at
par for the cash paid and 40 percent of the cash paid in
new preferred stock. Each share of preferred stock, after
payment of the assessment, will be entitled to receive con
solidated 4P2 percent bonds at par for the sum paid and
new preferred at par for the sum paid. The plan pro
vides for the issuance of $4,253,000 in 4 percent first mort
gage fifty-year bonds to bear interest from Dec. 1, 1905;
$22,500,000, seventy-five-year 4 percent consolidated gold
mortgage bonds; $7,500,000 noncumulative 4 percent and
$5,000,000 of 5 percent noncumulative second preferred
stocks and an amount of common to be determined later.
A Boston commission house has issued a circular on
Chicago Junction Railway and Union Stock Yards, in
which it is figured that earnings are at the rate of 23.7
percent on the $6,500,000 common stock outstanding, or
practically three times the amount required to pay the 8
percent dividend. It is shown that in 1899 -to 1903 gross
increased $1,221,305, or more than 30 percent. Operatingexpenses, however, absorbed the entire increase of those
earnings, leaving slightly less than in 1899. The firm
estimates that about one-half the increase in expenses, or
$600,000, represents concealed surplus for the common
stock. The contract with the packers expires next year,
but it is believed the company should have no difficulty in
renewing the agreement for the use of the yards.
The payments for City Railway shares are having the
effect of causing further ease in the local money market.
Rates are nominally unchanged at 4 to 4^2 percent, al
though it is asserted that more money is being placed at
lower figures than a week ago.
Wanted $30,000 to develop a water power in
Iowa. Have customers who will contract
for enough of the power to insure operating
expenses and a handsome profit. Have
measurements on the stream for past year,
surveys, estimates and data by experienced
engineer so that proposition can be fully
investigated.
A lfred G. Sc h u l t z , Cash.
M a r tin A. G r a e t t in g e r , Ass’ t Cash.
S A T IS F A C T O R Y
S E R V IC E
Central Trust Company
O F IL L IN O IS
POWER
M A C K E Y
901
J.
T H O M P S O N
P IO N E E R P R E S S B U IL D I N G ,
S T . P A U L . M IN N .
DEARBORN AND MONROE STREETS
CHICAGO
Capital, $ 4 ,0 0 0 ,0 0 0
Surplus, $ 1 ,0 0 0 ,0 0 0
OFFICERS
C harles G. D a w e s , President W illiam R. D a w e s , Cashier
W . I rving O sborne , Vice-Pres. L. D. Sk in n e r , Asst. Cash.
A. U h rlaub , Vice-Pres.
M alcolm M c D o w e l l , Asst. Sec.
DIRECTORS
A. J. Earling, President Chicago, Milwaukee & St. Paul Railway Co.
P. A. V a l e n t i n e , ................................Vice-Prest. Armour & Co.
Graeme S tew art,.......................................................W. M. Hoyt Co.
Thomas R. L y o n , ............................................... Lyon, Gary & Co.
Frank O. L o w d e n . ............................................... Attorney
Arthur Dixon,
Prest. Arthur Dixon Transfer Co.
Charles T. Boynton, - - - - Pickands, Brown & Co.
Harry Rubens,
Rubens, Dupuy & Fischer, Attorneys
Alexander H. Revell,
- President Alexander H Revell & Co.
W. Irving O s b o r n e , ............................................... Vice-President
Charles G. Dawes,
Ex-Comptroller of the Currency
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Federal Reserve Bank of St. Louis
AUDITS
Marwick, Mitchell & Co.
CHARTERED A N D CERTIFIED
PUBLIC
ACCO U N T AN TS AND AUDITORS
130 Temple Court
MINNEAPOLIS
79 W all Street N E W YORK
CHICAGO
TOLEDO
LONDON
THE
Saturday, February n , 1905.
THE
COMMERCIAL
WEST
19
M ERCHANTS NATIONAL
S A I N T
C a p it a l $ 1 , 0 0 0 , 0 0 0
P A U L ,
BANK
M I N N E S O T A
S u r p lu s $ 3 2 5 , 0 0 0
U N IT E D S T A T E S D E P O S IT A R Y
OFFICERS:
Kenne'h Clark, Prest.
C. H. Bigelow, Vice-Pres.
Geo. H. Prince, Vice Pres.
H. W. Parker, Cashier
H. Van Vleck, Asst. Cash
NEW BANKS AND CHANGES.
Minnesota.
Swanville— The People’s bank will be converted into a
state bank.
Browerville— The First National bank has increased
its circulation from $6,500 to $25,000.
Durand— A. J. Fowler, form erly of the Citizen’s bank
of Lake City has been elected cashier of the State bank of
Durand.
Zumbrota—The Security bank of Zumbrota has been
converted into a state bank to be known, as the Security
State bank.
Brownsdale—William Waterman has resigned from the
cashiership of the Brownsdale bank and will be succeeded
by G. M. Short.
Grand Rapids— C. E. Aiken has been elected cashier
of the First National bank succeeding F. P. Sheldon, the
present vice-president.
Melrose—The Merchants’ National bank of St. Paul
has been approved as a reserve agent for the Trust N a
tional Bank of Melrose.
Belle Plaine— Dr. G. R. Maloney, vice-president of the
State Bank of Belle Plaine, has retired and J. R. Stratton
has been elected to take his place.
Clitherall— Assurance has been given that E. P. Walsters bank is in condition which will permit the ultimate
payment of all indebtedness in full.
W ykoff—The First State bank of W ykoff has been au
thorized by the public examiner. The president is A. L.
Ober and J. J. Walker is cashier. Capital is $15,000.
Madison— The public examiner has authorized the M ad
ison State bank to begin business. The capital is $25,000
and T. H. Ffoserlank is president with O. G. Dale, cashier.
Beltrami.— The First State bank of Beltrami has been
authorized by the public examiner to do business. The
capital stock is $10,000. J. W. Wheeler is president and
C. C. Fleath, cashier.
Adams— Authority has been granted for the organiza
tion of the First National Bank of Adams, capital $25,000;
J. G. Schmidt, W. W. Dean, L. H. Carter, Mrs. Sophronia
Dean and W. H. Dean, incorporators.
St. Cloud—The Mille Lacs County bank has been in
corporated as a state bank, with $16,000 capital, under the
title of “ Farm e rs’ State bank.” Charles Keith is president;
S. S. Petterson, vice-president, and J. S. Anderson, cashier.
Blue Earth.—The Farm e rs’ National bank has suc
ceeded the Farmers and Merchants’ State bank. The capi
tal is increased to $50,000, and the officers remain as be
fore. Geo. D. McArthur, president; Anthony Anderson,
vice president, and F. FI. Davis, cashier. This bank was
started in 1890 as^' a private bank by Anderson Bros, and
McArthur. A recent statement shows deposits of $175,000.
N o r t h D a k o ta .
Edinburg— C. Buck has bought J. E. Peterson’s share
in the Merchants’ bank of this place.
Great Bend— About March I, Hatcher Brothers of
Grand Forks will open a state bank here. The institution
will be known as the German American bank and capital
ized at $10,000.
Hannah.—The Union Investment Co., acting with David
H. Beecher, has purchased the Citizens’ Bank of H an
nah. The capital is $10,000, and officers now are Thos.
H. Prior, president; David H. Beecher, vice president;
Wm. Dryburgh, cashier, and N. B. Felton, assistant cash
ier. Reservation has been made with the comptroller for
the name First National, and the bank will be national
ized later on.
S o u th D a k o ta .
Revillo—The Security Bank of Revillo has incorporated
as a State Bank under the title of First State Bank of R e
villo.
Twin B rooks— L. H. Bentley has been elected president
of the State bank and K. P. Theimer has been chosen
cashier succeeding G. G. Lasell.
Mt. Vernon— The First National bank has been au
thorized. The capital stock is $25,000. A. F. McCormack
is president and J. M. Newall, cashier.
Raymond—The Raymond
State bank, with C. S.
Amundson, president; R. FI. Armstrong, vice-president,
and P. M. Schaller, cashier, has opened for business.
Groton— The private bank of A. M. Neff is being re
organized as a State bank under the name of The Bank
of Groton with a capital of $25,000. The officers will be
as follows: President, A. M. Neff; vice-president, Dr. L.
K. Neff; cashier, W. B. Miller; assistant cashier, F. E.
Bandimere.
Nebraska.
. E x ete r—Wallace & Company, bankers, have increased
their capital from $25,000 to $40,000.
Macon—The Macon State bank has elected C. Hildreth
president and F. M. Hildreth cashier.
Emerson— H. L. Lundernick succeeds Frank E. Sweetzer as cashier of the First National bank.
Callaway— M. E. Schneringer has resigned the cash
iership of the Callaway State bank and has been succeeded
by R. C. McGrew.
Io w a .
Sexton— Edward Johnson will open a new bank here.
Durrant— The Durrant Savings bank elected William
Bierkamp, Jr., president.
McClelland—The McClelland Savings bank elected R o y
Maxfield a director to succeed W. F. Lively.
Cambria— The Savings bank of Cambria has elected
William S. McMains cashier to take effect March 1.
Montezuma—The First National bank elected Chas. R.
Clark as president to succeed John Hall, Jr., resigned.
W oolstock—The Woolstock State bank elected W. A.
Spangler a director to succeed E. G. Lewis and B. F.
McDaniels was elected vice-president.
Germania— A new bank has been established in Ger
mania to take the place of the defunct Finn bank. Among
the chief organizers are E. J. Murtagh, and C. C. Chubb of
this town and Gardner Cowles of Des Moines.
Pilot Mound—J. H. Roberts disposed of his banking
interests to William P. Linn, Alfred Lundblad and R. R.
Linn. The new company will take charge March 1. R.
R. Linn, who has been assistant cashier, will become
cashier.
Sibley— The owners of the Sibley Savings bank have
purchased a large interest in the Sibley State bank, and
the two institutions have been consolidated, maintaining
the name of the Sibley State bank. The stock purchased
by the savings bank people includes the interests of Frank
Y. Locke, H. C. Lucas and L. Sperbeck. The bank is
doing business under the new officers, elected as follows:
G. W. Lister, president; C. E. Hanchett, vice-president;
Alfred Morton, cashier; Ed. W. Bailey, assistant cashier.
W is c o n s in .
Stockbridge—A new state bank is to be established
here at an early date.
Stevens Point—The Citizen’s National bank elected
E. J. Pfiffner president, vice, L. Brill, resigned.
Marshfield— E. E. Winch has been elected vice-presi
dent of the American National bank to succeed R. L.
ivraus. Director J. C. Marsh has disposed of his inter
est in the institution and retired from the directorate.
Britton— The Marshall County bank has increased its
capital to $32,000.
Strandburg— K arl P. Theimer has resigned as cashier
of the First State bank.
Bancroft—-The State bank of Bancroft has increased its
capital from $10,000 to $15,000.
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Federal Reserve Bank of St. Louis
Ramsey County Bonds.
Edw. G. Krahmer, county auditor of Ramsey, will re
ceive bids on $35,000 short term bonds, until February 20
at 10 a. m. These bonds are 4 percents and run five to
eight years from date of issue.
THE
20
COMMERCIAL
WEST
Saturday, February n , 1905.
U N IO N IN V E S T M E N T C O M P A N Y
F. H. WELLCOME, President
F. E. KENASTON, Vice-Prest.
BERT WINTER, Sec. & Treas.
Authorized Capital
Bank of Commerce Building
I N V E S T M E N T
FARM MORTGAGES
BANK LOANS
$ 5 0 0 ,0 0 0
M IN N E A P O LIS
Correspondence and Personal
Interviews with Country Bank
ers and Investors Solicited
SECURITIES
COMMERCIAL PAPER
MUNICIPAL BONDS
DIVIDENDS.
New Y ork.— The Adams E xpress Company will pay a
dividend of $2 a share on March 1 to holders of record
Feb. 11.
New Y ork.— The American Telegraph & Cable Com
pany will pay the usual quarterly dividend of 1% per cent
on March 1. Books close Feb. 13 and reopen March 1.
Chicago.— The Glucose Sugar Refining Company has
just paid a dividend of 1 per cent on its common stock.
The Ju ly and October disbursements were passed.
New Y ork.—The Consolidated Gas Company has de
clared the regular quarterly dividend of 2 JJ per cent, pay
able March 15. Books close Feb. 24 and reopen March 16.
New Y ork.—T h e American Chicle Company has de
clared the customary monthly dividend of 7 per cent on
its common stock, payable Feb. 20. Books close Feb. 14
and reopen Feb. 21.
Boston.— The directors of the N ew England Telephone
& Telegraph Company have declared the regular quarterly
dividend of 1J/2 per cent payable Feb. 15 to stockholders
of record Jan. 31.
New Y ork.—The Cleveland & Pittsburg Railroad Com
pany has declared the regular quarterly dividends of 1J4
per) cent on its original guaranteed stock and I per cent
on its special guaranteed betterment stock, payable March
1 to holders of record Feb. 10.
London.— The Anglo-American Telegraph Company
has declared a dividend of 17s. 6d. per cent on its ordi
nary stock, making 2^4 per cent for the year to Dec. 31,
1904, and 1^4 Per cent on its preferred stock. L ast year
16s. per cent was declared on the ordinary stock, making
£ 3 is. for 1903 and 1J2 per cent on its preferred ordinary
and 4s. on the deferred ordinary stocks.
New Y ork.— The Niles-Bement-Pond Company has de
clared the regular quarterly dividend of 1*4 per. cent
on its preferred stock, payable Feb. 15. Books closed
F'eb. 8 and reopen Feb. 16. The directors have also de
clared a dividend of 3 per cent on the common stock,
one-half payable March 18 and the balance on June 17.
Books for the first payment close March 18 and reopen
March 20 and for the second books close June 10 and re
open June 19.
B A N K IN G N O T E S.
Portland’s Lumber Shipments.
Waverly, Minn.—Th e State Bank of W a ve rly has had
an elec.trical alarm system put in.
Bozeman, Mont.—The National Bank of Gallatin V a l
ley has decided to open a savings department in connec
tion with that institution.
Henning, Minn.— The Bank of Henning narrowly es
caped destruction by fire, recently, being damaged to the
extent of $250 before the blaze was extinguished.
Pine City, Minn.— The Pine City State bank has pur
chased the building now occupied by Douglas Greeley and
will move in as soon as the building can be fitted for oc
cupancy.
Aberdeen, S. D.— The Aberdeen National bank reports
deposits of $560,000. The capital is $100,000, and officers
are J. C. Bassett, president, Isaac Lincoln, vice-president
and H. N. Bouley, cashier.
Elling, Mont.—Mrs. M ary B. Elling has been elected
president of the Elline State bank to succeed S. R. Budford deceased. Mrs. Elling is the only woman in Mon
tana occupying the presidency of a bank.
Grand Island, Neb.—The First National bank has
moved into its new banking building. The building has
been in course of construction for the last year and as
now completed is one of the most modern and up-to-date
buildings in this part of the state.
Moorhead, Minn—The First National bank of this city
has moved into its splendid new quarters after making
improvements of thousands of dollars. An entirely new
front of stone has been put in the building and the offices
and banking rooms are finished in mahogany.
The capital of the First National is $50,000, and offi
cers are John Lamb, president; David Askegaard, vicepresident, and L. A. Huntoon, cashier. Th e latest state
ment at hand gives deposits of $250,000.
Miller, S. D.— County Treasurer Trythall has been or
dered to show cause why he should not be restrained
from depositing the county funds in the First National
and the Hand County State bank. The complaint is by
W. H. W ater of the Citizen’s bank, which was not se
lected as a depository.
Though there were three times as many coastwise
vessels cleared with lumber from Portland, Ore, as were
dispatched to foreign ports during January, the smaller
craft carried only 841,414 feet more than the far fewer
long-haulers. The coasters transported to California ports
and G ray’s Harbor, 9,215,000 feet, while the offshore clear
ances aggregate 8,373,586 feet, valued at $71,329.74. This
brings the combined shipments for the first month of the
year to 17,563,611 feet.
Fritz Von Frantzius
Ben Marcuse
P R IV A T E W IR E S
TELEPH O N ES
M A IN 2 0
M A IN 4 6 8 7
A U T O M A T IC 2 7 0 7
VON FRANTZIUS
& GO.
Bankers and Brokers
Chicago
Stock Exchange Building
112 La Salle Street
CHICAGO
Western Patents.
The following patents were issued this week to Minne
sota and Dakota inventors, as reported, by Williamson &
Merchant, patent attorneys, 925-933 Guaranty Loan Build
ing, Minneapolis, Minn.: Alsip, William P., Grand Forks,
N. D., brick conveyor; Cain, William M., Carlton, Minn.,
chain holder; Higgens, Adelbert, Minneapolis, pail sup
porter; Hutchins, S. J. and L. A., St. Paul, Minn., inhaler,
etc.; Jesperson, Christian, Minneapolis, drawer support;
McPhail, Neal A., Bemidji, Minn., gate hinge; Miracle &
Dow, Minneapolis and Sioux Falls, S. D., building wall;
Moebeck, Hans L., Ulen, Minn., grain bin alarm; Pierce,
Simeon W., St. Paul, Minn., furnace; Robinson & Jacoby,
Minneapolis, vault-lining machine; Thompson, George F.,
Minneapolis, spring coupling.
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Saturday, February i i , 1905.
THE
Makes
HAPGOODS
just
a
the
sp e cia lty
right
of
fin d in g
man
for the
p la c e , n o m a t t e r h o w
e x a c tin g
its r e q u i r e m e n t s ,
WEST
IN C O R P O R A T E D
MAN HUNTERS
It a l s o f i n d s
a p l a c e to s u i t a n y g o o d
COMMERCIAL
P O S IT IO N
m an.
HUNTERS
21
P R IN C IP A L O F F IC E S :
M i n n e s o t a L o a n & T r u s t B l d g . M IN N E A P O L IS
309 B roadway
.
.
.
.
NEW YO RK
H a rtfor d B u ild in g
.
.
.
C H IC A G O
W il l ia m s o n B u ild in g
C LEVELAN D
C h e m ic a l B u ild in g
S T . LO U IS
P io neer B u ild in g
- SEATTLE
P e n n s y l v a n ia B u ild in g
P H IL A D E L P H IA
P a r k B u ilding .
.
.
.
P IT T S B U R G
C olo rado B u ild in g
W A S H IN G T O N
HOW TO SECURE RIGHT MEN.
By H. J. Hapgood, President of Hapgoods.
H u ndreds o f firm s w h ich have in oth er d epa rtm en ts high ly
d evelop ed sy stem s le a v e the w o r k o f secu rin g em ployes to be
carried out by rule o f thum b. T h e y w ill be fou n d u sin g the
hit or m iss m eth od o f selectin g a m an w ith n o certain ty o f his
fitness fo r the place and p u ttin g him, at w ork on the ch an ce
that he w ill be able to m ake g ood. T h ere are a su rp rising n u m
ber of resp on sible p osition s w ith w ell kn ow n com p an ies w h ich
fo r y ears have not been sa tisfa cto rily filled. M an a fte r m an has
been tried in them , but the righ t one fo r the p lace is y e t to be
found.
Of course, this con d ition o f affairs m ay he caused in som e
m easure by the sc a r c ity o f really cap able m en. John B. M c
D on ald, the su cce ssfu l con tra ctor, w h o has ju st com p leted the
N ew Y o rk su bw ay, say s “ H on est, capable, fa ith fu l m en are so
rare, that n otw ith stan d in g the un dou bted clevern ess of the
present gen eration o f y ou n g m en, w h ich keen business rivalry
h a s , begotten , the d em and m ore than equals the su pp ly .” Y et
m u ch o f the difficulty can certain ly be attribu ted to the im
p e rfe ct m eth ods used by em ployers in their search o f m en. A n d
som e em ployers have n ot y et learned to retain com p eten t m en
b y p a y in g th em their m ark et value.
in the p ast em ploy ers have been accu sto m e d to secu rin g m en
in tw o w a y s— b y ad v e rtisin g and b y h irin g frien d s o r relatives.
T here is n o d en y in g that ad v ertisin g fo r m en will bring
replies; the qu estion is w h eth er it brings the best obtain able
m en. Insert, if you will, an ad v ertisem en t fo r an y kind of
m en, oth er than the com m on la b o re r or m ech an ic in a new s
or trade paper, an d y ou w ill be ov erw h elm ed w ith replies, no
m atter h o w m eag er details c o n ce rn in g the p osition you m ay
give. W h en you see the nu m ber o f replies it w ill seem certain
that a m on g so m an y there w ill be at least a fe w m en w ho
are really fitted fo r the place. E x p erien ce show s, h ow ever,
th at in m o st ca se s y ou w ill be lu ck y to g et a sin gle capable
m an, and that the net results o f ad v e rtisin g fo r th e better
grades o f bu siness and tech n ical em ployes (b y this I do not
n ecessa rily m ean high p riced m en ), will be ou t o f all p rop ortion
to the tim e, expen se and an n oy a n ce in v olv ed in sep aratin g a
v ery little w h ea t from, a great deal o f chaff.
A n ad v ertisem en t fo r a $1,200 co st accou n tan t, recen tly in
serted in a single issue o f a N ew Y o rk paper, brough t 42 r e
plies b y m ail and 27 p ersonal calls,
and
not one o f the
69
m en
m et
the requirem ents
o f the
p osition .
F ully
h a lf o f the a p p lican ts w ere old m en, b oy s or m en w ho had lon g
been out o f em ploym ent. A n d less than 25 per cen t o f the
entire nu m ber had actu al ex perien ce in cost accou n tin g . A s few
o f the letters g a v e an y definite idea as to the age and experien ce
o f the ap p lican t, it w as n ecessa ry to arrange in terview s w ith
m an y o f the w riters in a d d ition to th ose w h o called a t the
office. A ll this tim e sp ent in in terview in g am oun ted to nothin g
and the p osition rem a in ed unfilled.
F r ie n d s h ip
and
B u s in e s s .
John Granam , the s e lf-m a d e m erchant, d isposes o f the secon d
m eth od v e ry tersely w hen he say s th a t “ T he easiest w ay in the
w orld to m ake en em ies is to hire frie n d s.” F riendship does
n ot m ix w ith bu siness and it w ork s the g rea test harm w hen it
is allow ed to influence em ploym en t m atters. T he em ployer
w h o hires frien d s or rela tiv e s o f his ow n or o f his heads of
d epa rtm en ts is ta k in g the qu ick est possible m eans o f m aking
his fo r c e w eak and incom petent.
T he new m eth od o f finding righ t m en w h ich has alread y been
fou n d su cce ssfu l by a large nu m ber o f firm s is to turn the w ork
over to sp ecialists, w h o m ake a bu siness o f k n o w in g w h ere the
m ost cap able business and tech n ical m en are to be fou nd. In
m an y corp oration s this w ork is delegated to sp ecia l w ell o r
g an ized depa rtm en ts under the d irection o f high salaried men.
F o r m o st em ployers su ch a plan is im possible and there have
sp ru n g up a nu m ber o f organizations w h ich are prepared to
su pply all sorts o f high grade m en and also to un dertake e x
T R A N SF E R S
IN T E R E S T
IN
POW ER
COM PANY.
(S p ecia l C orrespon den ce to T he C om m ercial W e s t.)
Seattle, Feb. 4.— Air. Charles H. Baker, who founded
the Snoqualmie Falls Power Company of Seattle and T a
coma, and who since its beginning six years ago has been
the active president and chief engineer thereof, and who
also as manager and chief engineer has promoted and
planned the White River Power Company, has sold a
controlling interest in both companies to a party of capi
talists who have elected N. H. Latimer, manager of the
Dexter Horton Bank of Seattle, as president.
Air. Baker is planning an early trip to Ja pan and China
for pleasure and rest, and for the purpose of exploring
the water power and electrical possibilities of those coun
tries with a view to development by American capital.
or.
A .
J A M I B S O H
tensive searches fo r sp ecia l m en, and this em ploym en t expert
idea seem s to fill a lon g fe lt want.
Such organizations, o f course, only find the m en and subm it
in form a tion con cern in g them . It still rem ains fo r the em ployer
to d ecide w h ich ones are best adapted fo r his needs and on this
d ecision hinges the su ccess or failu re o f m an y a business. G ood
bu yers o f hu m an a b ility are ex trem ely rare.
T h e S e le c tio n o f H ig h
A
205 Andrus Building
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Federal Reserve Bank of St. Louis
MINNEAPOLIS, MINN.
D u t y o f th e
E m p lo y e r .
One th in g w h ich should be rem em bered is that you have
som eth in g to tell the m an ab ou t y ou rself and y o u r business, as
w ell as m any things to learn ab ou t him . T he m an w h o is ready
to step in to a p osition ab ou t w h ich he has had no ad v an ce in
form ation , w ill seldom m ak e a desirable em ploye. Y ou should
tell him fu lly ab ou t the w ork he w ill have to do an d b y d is
cu ssin g it w ith him , you can learn w h eth er he is g o in g to be
able £0 handle it. A n d if he is the m an you w an t, you w ill
take a lon g step tow ard m ak in g him a first class em ploye b y
sh ow in g th at you are his frien d and that su ccess fo r both you
and him depends upon fa ith fu l effort and h ea rty co-op era tion .
W ith y ou n g men, especially, the in terest and enthusiasm you
sh ow in y ou r in terview s w ill do m u ch tow ard sta rtin g them on
the righ t track.
The capacity of the Snoqualmie Falls plant as built by Mr.
Baker is 19,000 horse power and of White Riv er 50,000
horse power.
n J. J. D E R I G H T & CO
Largest Stock of New and Second Hand
BANK S A F E S
In the Northwest
G E N E R A L AGENTS
MANGAN E S E
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CHOICE F IR S T M ORTGAGE LO A N S
R E A L E S T A T E AND IN SU R A N CE
M ANAGING E S T A T E S A S P E C IA L T Y
Correspondence Solicited
Telephones, Twin City 2465
Northwestern Main 2010
G ra d e M e n .
T he selection o f an y high grade m an is a m atter that should
n ot be hurried and the m ore im porta n t the p osition you have
to fill, the m ore tim e y ou should g iv e it. T he can d id ate’ s ap p li
cation should be in y ou r hands several days before the in ter
v iew w ith him , and, if possible, you should p erson ally talk
w ith som e of his form er em ployers. P ersonal expression as to a
m an ’ s ab ility an d ch a ra cter is w orth m ore than an y qu an tity
o f statem en ts in form al letters o f recom m en d ation . So m any
firm s are in the h a b it o f g iv in g letters o f g low in g praise to
ev ery one w h o w as ev er con n ected w ith them and esp eciallly
to the hon est in com p eten t w h om they w an t to let out easy,
that w ritten testim on ia ls ca rry little w eight.
T he o b je c t o f y ou r Interview w ith the candidate him self
should be to draw him out as m uch as possible, and g et a clear
idea of all phases of his ch a ra cter and ability. I f he is a m an
w orth con sid erin g a t all, he w ill natu rally put his b est efforts
forw ard , bu t the w ise em ployer will w a n t to see the other side
too. N ine a p p lican ts out o f ten, have a n ice little m ade up
speech, a unique argum ent, or a few set rem arks con cern in g
their ex perien ce and cap abilities, but you should try to sw itch
them off these, an d g e t them to talk freely and naturally. F or
this purpose it is often a good idea to m eet the m an outside
y ou r office. S tu dy him as a m an, as w ell as fo r y ou r particular
position.
A fte r the m an has told you his stron g points, he should be
asked as to his w ea k points. H is reply to this m ay in itself
be w orth little, but the w a y he m eets the su rprising qu estion
will reveal m ore o f his character. T he ablest m an usually
k n ow s his w eak points. One o f the m ost capable m en I ever
k n ew said in reply to the question, “ I have a ten d en cy to w ork
b y spurts, k ey in g m y self up to a high p itch fo r a sh ort period,
and then “ d rop p in g d ow n a fe w n o tch es.” In the tw o years
that he held the p osition fo r w h ich he w as engaged, he proved
a rem arkably stead y w orker, and his em ployers w ere unable to
d etect an y such deficiency, sim ply becau se he realized his fa il
ing. and w as con sta n tly on h is guard again st it.
If a m an im presses you u n fa v ora b ly at the first in terview
and y ou are still d ou btfu l as to w h eth er y ou r op inion is right,
it is best to arran g e fo r a n oth er m eetin g. M any m en are se lfcon sciou s and d o n ot sh ow th eir true w orth a t th e first m eet
ing, but as you learn to kn ow them b etter it appears. A little
eg otism is n ot bad, b etter that than alw ays U riah H eep ’ s
“ Y es, sir.” I f on seein g him tw o or three tim es you are still
in d ou bt o f his m ak in g good, d o n ot hire him .
318
S econ d A v e . S ou th
M IN N E A P O L IS
THE
COMMERCIAL
WEST
Saturday, February I I , 1905.
M IN N EA PO LIS T R U S T CO M PAN Y
NO
4
SOUTH
M IN N E A P O L IS
FOURTH
-
-
STREET
M IN N E S O T A
CAPITAL, $250 ,0 00
UNDIVIDED PROFITS, $150,000
T ra n sa cts a T ru st and A g e n c y business o n ly . D oes n o t d o a b a n k in g bu siness
A cts as E x e c u to r ; A d m in is tra to r, G u ardian and T rustee.
O FFICER S
E l b r id q e C. C o o k , President
W il l ia m H. D u n w o o d y , Vice-President
W il l ia m G. N o r t h r u p , Vice President
R o b e r t W. W e b b , Secretary and Treasurer
C o u p o n s Due and P a y a b le at t h is O ffice:
F e b rua ry
Butte Anaconda and Pacific Railway Company.
1st 1905.
The Ohio Coal Company
THE Merchants’ Loan & Trust
«TABusnED
Company
ADAM S AND CLARK S T ., CHICAGO
Capital and Surplus, $6,000,000
Deposits, $49,000,000
HIGH GRADE BONDS
TRUSTS
FOREIGN EXCHANGE
SAVINGS
SAFE DEPOSIT VAULTS
Ma rsh a ll F
D IR E C T O R S .
ie l d
L am bert
O F F IC E R S :
T ree
Albert K eep
M o s e s J. W e n t w o r t h
E r s k i n e M. P h e L p s
E. H. G a r y
E n o s M. B a r t o n
C hauncy K e e p
T. J. L e f e n s
E. D. H u l b e r t
C l a r e n c e A. B u r l e y
O r s o n S m it h
C y r u s H. M c C o r m ic k
O r s o n S m i t h , President
f ' ( T O ^ cha ^ d ,’
F. N. W i l d e r , Assistant Cashier
F. G. N e l s o n , Assistant Cashier
P. C. P e t e r s o n , Assistant Cashier
L e o n L . L o e h r , Sec’ y Trust Dept.
J. E. B l u n t , J r ., Mgr. Bond Dept.
TH£ PLYMOUTH CLOTHING HOUSE
Established 1882.
H. J. B u r t o n , Pres.
H. D. T u c k e r , Y-Pres.
Capital, $300,000.
E. A. D r e w , Treas.
W. C. B u r t o n , S e c ’j ,
W HOLESALE MANUFACTURERS OF
FU RS AND CLOTHINGJOBBERS AND R E TA ILE R S OF
Men’s Clothing,
Furs,
Boys’ Clothing,
Shoes,
Trunks and Bags,
Hats and Caps,
Cloaks and W raps.
Shirts,
Millinery.
Furnishings,
“ Piymouth Corner,” bixtn and Nicollet,
MinneanolLsc
WEEKLY RAILROAD EARNINGS.
------ C hanges-----Inc.
D ec.
1905.
1904.
B uffalo, R och e ste r & P ittsb u rg :
4th w eek Jan. .
$201,279
$155,800
$45,479
M onth ..............
598,675
482,959
115,616
July 1 -Jan. .31.
4,799,991
4,525,716
274,275
C olorado & Southern:
4th w eek J a n ..
$149,292
$100,705
$48,587
495,583
416,452
79,131
M onth ..............
July 1-Jan. 31.
3,695,095
3,689,945
5,150
A la b a m a G reat S outhern:
3d w eek J a n ..
$58,057
$56,073
$1,984
July 1-Jan. 21.
1,852,123
1,725,229
126,894
C incinnati, N ew Orleans & T ex a s P a cific:
3d w eek J a n ..
$126,057
$115,343
$10,714
July 1-Jan. 21.
4,085,469
3,761,401
324,068
C anadian P a cific:
4th. w eek J a n ..
$971,000
$802,000
$169,000
July 1-Jan. 31. 30,046,000
27,464,000
2,582,000
LEGAL
DEPARTM ENT.
Recent Decisions of Courts of Last Resort of Interest to
Bankers.
L ia b ility
o n C a s h ie r ’s In d o r s e m e n t o f N o te .
A party to whom the cashier of a bank indorsed a
note which was made payable to the bank sued the bank
thereon. In effect, the evidence of the defendant, being
largely the testimony of the cashier, tended to establish
that he acted in the taking of the note and a chattel mort
gage securing same as agent and friend of the plaintiff;
that the note drew usurious interest, and that he took the
same in the name of the bank, and indorsed the bank’s
name thereon, for the purpose of delivering the note to
her free from the taint of usury, and to avoid the defense
of usury, and that the bank had no interest whatever in
the note; and that he took the chattel mortgage securing
the note, from the maker thereof, in the name of the
plaintiff. On cross-examination the effect of the witness’
testimony tended to establish the fact that the bank owed
and held notes of the maker of the one in question in a
large amount, possibly $1,400 or more. The evidence fur
ther showed that when the cashier loaned the plaintiff’s
money to the maker of the note in question and took said
note in the name of the bank, it used a large part of the
money for the purpose of taking up the indebtedness due
the bank from the maker of said note, and thereafter the
cashier indorsed the name of the bank, without qualifica
tion, to the plaintiff.
Under the evidence in this case, the court of appeals of
Indian Territory says (First National Bank of Duncan vs.
Anderson, 82 Southwestern Reporter, 693) that the trial
court was bound to submit the matter of whether there
was consideration to the bank to the jury, and that said
court plainly told the jury, if there was no consideration
running to the bank, and the cashier simply used the in
dorsement of the bank to transfer the paper to the plain
tiff, that the jury should find for the bank. The testi
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
D en ver & R io G rande:
$448,200
$393,700
4th w eek Jan ..
M onth ..............
1,331.000
1,211,000
Ju ly 1-Jan. 31. 10,125,500
10,001,500
H o ck in g V alley :
4th w eek J a n ..
$91,110
$91,872
M onth ..............
398.114
381,106
July 1-Jan. 31.
3',613,979
3,617,183
W a b a sh :
4th w eek Jan.
$564,042
620,257
M onth ..............
1,852,048
1,771,410
July 1-Jan. 31. 15,654,020
14,034,139
Iow a C entral:
4th w eek J a n ..
$71,280
$67,840
M onth ..............
214,445
206,349
Ju ly 1-Jan. 31.
1,538,613
1,422,759
M inneapolis & St. L ou is:
4th w eek Ja n . .
$69,351
$57,481
M onth ..............
220,845
206,625
July 1-Jan. 31.
1,798,754
1,802,141
$54,500
120,000
124,000
$762
17,008
3,204
$56,215
80,638
1,619,882
$3,440
8,096
115,854
$11,870
14,220
$3,387
mony of the cashier himself went to show that the bank
obtained money by reason of this loan to take up a large
indebtedness owing it by the person to whom the loan was
made, and the ju ry found from the evidence in the case
that the bank had consideration for its indorsement upon
the note. Wherefore the court of appeals is of the opinion
that there was no error in the trial court’s instructions
and that there was evidence to support the finding of the
jury, so that a judgment in favor of the plaintiff must be
affirmed.
*
*
*
N o te
N o t R e n d e re d
N o n - n e g o tia b le
by
M o rtg a g e .
While the two instruments will be construed together
wherever the question as to the nature of the actual trans
action becomes material, the supreme court of Wisconsin
says (Thorpe vs. Mindeman, ior Northwestern Reporter,
417) that this does not mean that the mortgage becomes
incorporated into the note, nor that the collateral agree
ments to nay the taxes or to insure the property, or that
the mortgagee might insure in case of default by the mort
gagor and have an additional lien therefor, become parts
of the note. These agreements pertain to another sub
ject, namely, the preservation intact of the mortgaged
property. The promise to pay is one distinct agreement,
and if couched in proper terms, is negotiable. The pledge
of real estate to secure that promise is another distinct
agreement, which ordinarily is not intended to affect in
the least the promise to pay, but only to give a remedy
for failure to carry out the promise to pay. The holder
of the note may discard the mortgage entirely, and sue
and recover on his note; and the fact that a mortgage had
been given with the note, containing all manner of agree
ments relating simply to the preservation of the security,
would cut no figure. A pleading alleging such facts would
be stricken out as frivolous or irrelevant. Therefore, it
can not be said that by construing note and mortgage to
gether, the note requires the performance of other acts
besides the payment of money, and is rendered uncertain
as to amount and time of payment, and hence rendered
non-negotiable by provisions in the mortgage.
Saturday, February i i , 1905.
THE
COMMERCIAL
WEST
23
The FIRST NATIONAL BANK % ,P*ÏÏÆ T
Capital $1,000,000.00
Surplus and Profits $871,000.00
OFFICERS: H en r y P. U p h a m , Pres. E. H. B a il e y , Vice-Pres. W m . A. M il l e r , Cash. F. A. N ihnh auser , Asst. Cash. O. M. N elson , Asst. Cash
DIRECTORS: H. P. Upham, James J. Hill, Howard Elliott, D . C. Shepard, H. E. Thompson, E. N. Saunders, Louis W. Hill, F. P. Shepard,
E. H. Cutler, Chas. W . tmes, E. H. Bailey, Theo. A. Schulze, Chas. W. Gordon, T. L. Schurmeier, W. A. Miller.
SP E C IA L A D V E R T IS E M E N T S .
T he C om m ercial W e st will publish w an t a d vertisem en ts u n
der this general h ea din g fo r one ce n t a w ord, no a d vertisem en t
to be inserted fo r less than 25 cents. A d d ress is to be counted.
B old fa ce head 10 cen ts extra. P rice the sam e w h eth er one or
m ore insertions are taken. Cash or tw o -c e n t stam ps m ust a c
com p an y the order. C op y m ust be received W e d n esd a y o f each
w eek to insure p u blication in the cu rren t num ber.
W a n te d .
W e can p lace $100,000 in loans o f $1,000 to $3,000 on M in n e
apolis hom es, to net the lender 6 per cen t and on a basis of
less than 50 per cen t o f the cash m arket value o f the security.
Interest collected fre e o f ch arg e on all loans placed by us.
Y ale R e a lty C om pan y, “ T he H om e B uild ers,” 206 South F ourth
Street. M inneapolis, M inn. R e fe r e n c e : A n y m ercan tile rating
com p an y.
W a n te d - ^ T o corresp on d w ith p a rty w h o has cash to put into
a bank p rop osition . Sm all tow n. G ood real estate and loan
bu siness in con n ection . A d d re ss: W ., care C om m ercial W est,
M inneapolis, Minn.
F o r S a le : F’irst M ortg ag e F arm L oans. H ere is one: Sillm an
$800 net the bu y er 6 per cent, due D ec. 1, 1910. Secured b y 160
acres o f land in B o ttin ea u C oun ty in w ell settled com m un ity.
T he n ew S oo R. R. is su rv ey ed w ithin tw o m iles o f this land.
R ich bla ck loam w ith y ellow cla y soil. E ntire qu arter tillable—
half n ow un der plow. F ra m e house on land. W e value this
p lace at $2,500. W e have at the present tim e 41 o f these loans
on hand, ran g in g in am oun ts from $500 up. Send fo r com p lete
d escrip tiv e list, also our b ook let “ W E ’R E R IG H T ON T H E
G R O U N D .” W ill also sen d you 128 p ages d escrip tiv e literature
o f the coun try. W rite today. E. J. L an d er & Co., B o x “ 11,”
G rand F orks, N. D.
F o r S a le — One outfit o f secon d -h a n d bank fixtures fo r sale
v e r y cheap. A rra n g ed suitable fo r sm all bank. A d d ress G erm a n -A m e rica n B ank, M inneapolis.
F or Sale— H ig h grade in vestm en t bonds, in lud ing M in n e
ap olis Gas, M inneapolis S treet R ailw ay, C ham ber o f C om m erce
and other local secu rities. M in n esota L oan & T ru st C om pany,
813 N icollet avenue.
W a n te d — T o purch ase the un derlying bon ds o f either the
M inneapolis Gas, E lectric or Street R a ilw a y C om panies. M in n e
sota L oan & T ru st Co.. 313 N icollet A ve.
C hicago Curb Securities.
T he fo llo w in g qu ota tion s on C hicago unlisted secu rities are
fu rn ished by B urnham , B utler & Co., 199 L a Salle S t.:
Feb. 9, 1905.
Bid.
A sked. D ivid.
A m erica n Chicle c o m m o n ................................. „ 123
123
127
12
D o p fd ..........................................
94
97
6
A m er. S chool Fur. (co m b in e d )
6
11
A u d itoriu m H otel ........................
8
12
A u to m a tic E le ctric ................................................ 110
110
120
8
B ord en ’s Con. M ilk C o m ....................................... 133
133
140
S
D o p fd ......................................
110
114
6
B utler B ro s.................................
220
240
10
C h icago R a ilw a y E qu ipm ent
6
7
7
C h icag o & M ilw aukee E lec. R y . . .................... 45
60
C ongress H o te l c o m ............................................... 135
135
150
Ü
D o pfd
85
100
6
C ream ery P a ck a g e ............................................... 103
109
8
E lgin N ation al W a t c h ..
170
180
8
F ederal L ife In su ran ce.
80
110
G reat W e ste rn C e re a l...
40
H a rtford D ep o sit ..........
Illinois B rick c o m ..........
10
Ì2D o p f d ...........................
69
70
6
Illinois T unnel ................
In tern ation a l H a rv ester
. . 90
'è
' 98
K n ick e rb o ck e r Ice p f d ..
60
65
6
M ason ic T em p le A s s o c ia t io n ................................
.. 4444
47
3
M an u factu rers F uel Co
6
10
P a g e W o v e n W ir e F en ce p fd ...............................
.. 4545
55
5
N orth w estern Y east
223
225
16
R a ilw a y E x ch a n ge ................................................
.. 105
S trow g er A u to m a tic T e le p h o n e ........................
.. 11
io
i
U nion R en d erin g ..............
.. 33
3
W estern E le c tr ic ............
255
275
8
W e stern Stone ..................
.. 22
25
C h icag o S ubw ay ..............
. 40
52
U nlisted B on d s:
A m . S chool F urniture 6’s
.. 65
80
A m . Steam ship 5’s ............
.. 98
103
A u d itoriu m 5’ s ..................
.. 97
102
D o Cons. 5’ s ..................
. 70
95
B oard o f T ra de 4’ s ............
102
104
C h icag o A th . A ssn . 1st 6’s ................................
. . 103
D o 2nd 6’s .......................................... .
. 95
C h icago & M ilw aukee E lec. R y. 5’ s
.. 99
i 05
C icero Gas 5’ s ..........................................
. 95
100
C ongress H o te l 1st 6’s ..........................
. 105
D o 2nd 6’s ............................................
.. 95
D o 1st new bldg. 4 % ’ s ....................
ióó
D o 2nd n ew bldg. 5’ s ......................
100
G reat W e ste rn C ereal 6’ s ....................
. 85
100
H a rtford D ep osit 6’ s ............................
. 103
D o new bldg. 5’ s ..............................
99
.. 96
Illinois T unnel 5’s ..................................
95
971/2
K n ick e rb o ck e r Ice 5’s ..........................
. 96
99
M ason ic T em p le 4’s ..............................
. 98
102
N ation al Safe D ep o sit 4’s ..................
.. 98
102
N orth Shore Gas 5’s ............................
.. 94
99
N orth Shore E le ctric 5’s ....................
. 95
100
.. 100
N. W . Gas L. & C. C o ........................
103
P ag e W o v e n W ire F en ce 5’ s ............
. 75
85
South S hore Gas 5’ s ..............................
. 85
‘ 92
U. S. B re w in g 5’ s ..................................
W estern Stone 5’ s .................................................. 85
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M in n e a p o lis
S e c u ritie s .
Q u otation s fu rn ished b y E ugen e M. Stevens, C om m ercial
P ap er and In v estm en t Securities, N orth w estern N ation al B ank
B uilding.
Feb. 8, 1905.
L ast
Bid.
A sked. Sale.
G e rm a n -A m erica n B an k ............................
160
F irst N ational B an k ...................................... 180
190
185
G erm ania B an k .............................................. 100
105
105
H en nep in C oun ty S avings B an k ................
160
M inneapolis T ru st C om pan y ....................
150
145
M innesota T itle Ins. & T ru st Co., p fd .. 120
125
M in n esota L oa n & T ru st C om p a n y ..........
120
125
120
N ation al B an k o f C om m erce ....................
150
150
N orth w estern N ation al B a n k .......................... 240
250
245
St. A n th on y F alls B an k .............................. 150
160
150
South Side State B an k .................................. 160
130
S ecu rity B an k of M in n e s o ta ...........................
185
1S5
2ÓÒ
S w ed ish -A m erica n N ation al B an k ............ 150
150
M inn. Gas L ig h t Co., com . 6’ s, 1910-30.. 106
109
109
M inn. General E lectric Co., con. 5’ s 1929 103
104
104
M inneapolis B rew in g Co., c o m m o n .............. 129
130
M inneapolis B rew in g Co., p re fe rr e d ..........
107
iió
107
M inneapolis B rew in g Co., b o n d s .............. HO
113
HO
M inneapolis S y n d ica te ....................................
102
100
M inneapolis T h resh in g M achine C o .......... 175
200
M inneapolis Steel & M ach in ery Co., p fd .
100
100
M inneapolis Steel & M ach in ery Co., com . ÌÓ8
HO
108
N orth A m erica n T elegrap h C o ..................
80
80
T w in C ity T elep h on e Co., first m ortg ag e
5’ s, 1913-16 ......................................................
98
93 i/2
T w in C ity T eleph one Co., c o m m o n ..........
ióò
T w in C ity T eleph one Co., p re fe rr e d ........ i i ò
Ü5
115
S t. P a u l S e c u ritie s .
T he fo llow in g qu ota tion s on St. P aul secu rities are furnished
b y P ea b od y & Co., brokers, 27 M erch an ts’ N ational hank bu ild
ing, St. Paul.
F’eb. 6, 1905.
L ast
Bid.
Sale.
A sked.
A m erica n N ational B a n k ..............................
101
103
C apital B an k .................................................... Ì25
130
125
F irst N ational B a n k ...................................... 260
255
M erch an ts’ N ation al B a n k ..........................
143
145
Ì471/2
N ational G erm a n -A m erica n B a n k ..........
146
146
St. P aul N ational B a n k ................................ ÍÓ5
S ca n d in a v ia n -A m erica n B an k .................. 140
Ì3Ò
Second N ation al B an k .................................. tl40
State B an k .......................................................
ióò
N orth w estern T ru st C o m p a n y .................. i i ò
iió
M inn. T ra n sfer R y. 1st 5s, 1916...............
103
i 05
M innesota T ra n sfer R y. Co., first 4s, 1916 *95
100
S ecurity T ru st C om pan y ............................
100
ióò
St. Paul U nion D ep ot Co. first 6s. 1930.. *Ì25
130
U nion D ep ot Co., consol. 5s, 1944.’ ............ *109
115
ióó
U nion D ep ot Co., consol. 4s, 1944.............. *100
106
Interstate In vestm en t T ru st C o ................
140
Ü5
A m erican L igh t & T ra ction Co., p r e f..
’ 99
100
99i/4
A m erica n L ig h t & T ra ction Co., c o m ,...
74
75%
74
St. Paul Gas L igh t Co., 1st 6s, 1 9 1 6 .... *114.
*111
St. Paul Gas L igh t Co., cons. 6s, 1918.. *110
iii
*110
St. Paul Gas L igh t Co., g en ’l 5s, 1944..
*97
*96%
St. P aul C ity
R y. Co., cable 5s, 1937_______
*ÌÒ5
110
108
St. C roix P ow er Co., 1st 5s, 1929.............. *93
*95
*94
W e st P u blish in g C om pany, c o m m o n .... 300
... '
300
W e st P u blish in g C om pany, p r e fe r r e d ... 107
106
St. Paul F ire & M arine Ins. C o m p a n y .. 180
175
St. P aul T ru stee C om p a n y ..........................
96
ióó
S uperior W a ter, L igh t & P ow er Co. first
4s, 1931 .......................................................... *55
60
60
South St. P aul U nion S tock Y ards Co.
1st 5s, 1916....................................................
*85
*85
♦Add interest.
tN ew stock w hen issued.
S t.
L o u is
Q u o ta tio n s .
R ep orted b y B illon -C ran da ll B ond & S tock C om pany, 319
B an k C om m erce B uilding, St. L ouis, Mo.
St. L ouis, Feb. 6 1905.
L a st D ividen d.
Q u otations.
B an k S tock s—
360
A m erican E x ch an ge ............... Jan. 1905, 3%, q r ........ 355
255
B oa tm en ’ s ..............................\ . D ec. 1904,2% % . q r . . . .
B rem en .........................................Jan. 1905, 8%, s - a ........ 350
F ou rth N ation al ........................Tan. 1905, 3%, q r .........
322% 360
F ranklin ....................................... Dec. 1904, 4%, s - a ........ 227%
Germ an S avings I n s t ............... Jan. 1905, 4%, q r .......... 400
Germ an A m erican .....................Jan. 1905,20%. s - a . . . . 900
232%
International ............................. D ec. 1904, 1%%, qr. . . .
Jefferson .......................................Jan. 1905, 2%, q r ........
2ÓÓ
220
600
L a fa y e tte .................................... Jan. 1905, 10%, s - a ___
M anch ester ................................. Jan. 1905, 3%, s - a ........ 160
M ech a n ics’ N ation al ............... Jan. 1905, 3%, q r .......... 280
283
306%
M erch a n ts-L a cled e N a t’l . . . . D e c . 1904, 3%, q r .........
N a t’ l B an k o f C o m m e r c e .. . . Jan. 1905, 3 %, q r ........ 304%
203
N orth w estern S avings .......... Jan. 1905, 4%, s - a ........
South Side B a n k ....................... Nov. 1904,31/2%, s - a .. Ì72%
187
Ì92
State N ation al ........................... Dec. 1904, 3%, s - a ___
Southern Com. & Sav. B k ..J a n . 1905, 3%, s - a ........
140
3Ì5
T hird N a t io n a l........................... Jan. 1905, 3%. q r .........
T ru st C om pan ies—C om m onw ealth T ru st ............. Jan. 1905, 3%. q r .........
258% 298%
M ercan tile T r u s t ....................... .Tan. 1905, $1 per m o . . 363
M issou ri-L in coln T ru st ....... Jan. 1905,1% % , q r . . . 136% Ì36%
349
M iss. V a lley T r u s t .................... Jan. 1905, 4%, q r .........
St. L ou is U nion T r u s t ........... Jan. 1905. 3%, q r .......... 351
T itle G uarantee T r u s t ............. J u ly 1903, 1% % ..........
63%
THE
24
COMMERCIAL
WEST
Saturday, February n , 1905.
HUNTER, COOPER & COM PANY
WINNIPEG,
C AN AD A
H IG H C L A S S C A N A D I A N IN V ES TIVI E N T S
I
W E A R E N E T T IN G O U R C L IE N T S 6 PE R C E N T ON
T IM E A N D C A L L L O A N S
Correspondents
A n d e r s o n , C o o p e r &. A n d e r s o n , L o r d s C o u r t , N e w Y o r k
H u n t e r , C o o p e r & C o ., 7 2 B i s h o p g a t e S t ., L o n d o n , E n g .
DEVELOPMENT NEWS OF CANADIAN NORTHWEST.
G as W e ll a t M e d ic in e H a t.
(S p ecia l C orresp on den ce to T he C om m ercial W e s t.)
Winnipeg, Feb. 9.— The Canadian Pacific Telegraph
Company, according to a statement made yesterday by
B. S. Jenkens, general superintendent of telegraph, have
decided, owing, to the tremendous growth in the business
during the past year, to string about 2,000 miles of new
wire, exclusive of new wires to be strung on new branch
lines. An additional copper wire will be strung west
and other additional wires on portions of the main line
and Crow’s Nest line. The Canadian Pacific also ex
pects to open a new direct connection with St. Paul in
connection with the Soo Line. Last year in addition to
ve ry heavy work in reconstruction of the older poles of
the company over 2,000 miles of new wire were strung.
In railway construction the company have a great deal
left over from last year to complete and though it is an
nounced that appropriations for new work this year have
been made to the extent of $4,000,000, the greater por
tion of which will be spent in the west, no contracts up
to date have ben let for extensive construction of new’
lines. It is learned here that the company will con
tinue the line running through Fort Mountain V a lle y (
from Kinkella on the main line to Saskatoon and even-'
tually to Edmonton. About 460 miles of this new line
have already been built and a recommencement of the
grading will be made in May. The opening of this ter
ritory will be followed no doubt by a big influx of settlers
and everything is being done to provide adequate trans
portation facilities. On L ost Mountain Lake, which is
about 350 miles long, a steamboat service has been in
stalled. Just west of this lake lies the land known as the
Saskatchewan Valley, and reports from the Saskatchewan
Valley Land Company show that about 10,000 acres was
disposed of during the past month to new settlers.
A n t ic ip a t e B r is k B u s in e s s .
From western towns reports are arriving of the stimu
lus business is. receiving in anticipation of a big spring.
A t Regina real estate is brisk and town lots have been
selling at prices between fifty and one hundred percent
higher« than they were six months ago. A good demand
for business sites is noted. The Calgary board of trade
have met and elected officers. There
are now 150
members in this organization. The officers elected are as
follows: President, R. J. Hutchings; vice president, J.
E. Cross; standing committees: civil improvement, W.
G. Hunt; finance, M. M orris; immigration, A. Allan; new
industries, W. A. Pearce; freight rates, W. H. Cushing;
arbitration, Hon. J. S. H all; manufacturers, Wm. Carson;
wholesalers, F. G. Dawson; retailers, J. Em m erson; pro
fessional, R. B. Bennett; agriculture and live stock, P.
Burns; civic franchises, Dr. Lafferty.
The following
were elected general councillors: C. W. Rowley, D. J.
Young, J. S. Dennis, F. MacBeth, R. R. Jamieson, Col.
Porter, Mr. Watson, J. R. Janes, F. F. Higgs, Dan
Cashman, C. F. Comer, C. W. Bowles, J. R. Miquelon,
Dr. SteAvart, Mr. Hanna, M. S. McCarthy, M. P., J. J.
Young, W M. Davidson, H. Neilson, Mr. Morris.
Moose Ja w , another territorial town, is showing won
derful advances. In 1904, according to M. J. M cLeod, a
prominent resident merchant of that town who is at
present in Winnipeg, the town had the most successful
vear in its history. A company of citizens is at present
formed to bore for gas, as indications of its presence
are clearly visible. The value of real estate at Moose
J a w is also advancing and lots purchased by Mr. M c
Leod a few years ago at prices ranging from $300 to
$500, have been sold by him at from $2,500 to $3,000.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Medicine Hat has a great natural gas well which
promises great things for the town. A rock pressure
of 455 pounds was found on capping the new well in 8
minutes. The town council have decided to sink an
other 1,000 foot gas well.
The Canadian lumber interests have decided to apply
for additional duty on lumber coming into the country.
The Canadian Lumbermen’s Association have petitioned
parliament for a duty of $2 per thousand feet on lum
ber except oak and pine cabinet woods. The contention
of the association is that such a duty would not increase
the price of lumber here but would secure the market
for the lumber industry. The farmers of the Canadian
Avest are now prosperous and able to bear their share of
the taxation and should not object to the imposing of
this duty. It is qot at all likely, however, that such a
duty will be put on lumber according to what can be
learned from members of parliament.
A d d it io n a l
R o llin g S to c k f o r C a n a d ia n
P a c ific .
L a rge additions to the rolling stock of the Canadian
Pacific Ry. are being made and it is announced here from
Montreal that orders have been placed for 3,000 box cars
and fifty combined passenger and freight engines. Ten
of the latter are to be built by the locomotive works at
Kingston; thirty by the Montreal Locomotive and Ma
chine Company, and ten at the Canadian Pacific Ry. A n
gus shops. Another order has been placed for forty
vans with the Canadian Pacific Ry. shops at Farnham.
About six months will be required to turn out the work.
The new stock will be largely, if not entirely, for western
lines.
F. W. Morse, second Auce president of the Grand
Trunk Pacific Ry., was in Winnipeg this week en route
to the far west, and hinted, when asked for news con
cerning the building of this much talked of second na
tional line across the continent, that he would have some
interesting announcements to make on his return trip.
Mr. Morse was accompanied on his trip by George and
Jam es Carruthers, of the Chicago & St. Lawrence Steam
ship Company; E. T. Russell, consulting engineer, and
G. A. McNicholl, secretary to the general manager. It
is expected that Mr. Morse will make statements re
garding the Winnipeg terminals on his return.
T h e E x p o r t D u t y on W h e a t.
While there is a good deal of discussion being indulged
in regarding the idea of an export duty on wheat the side
in favor of such a duty does not appear to be very
strong. Mr. Robt. Meighen, president of the Lake of the
Woods Milling Company, takes the stand in favor of such
a duty, but grain men here are strongly against such a
move and do not think that millers are strong enough
to have the duty put on. Mr. A le x M cFee, a very prom
inent exporter of wheat, states in a published interview
in part: “ It is absurd. The wider market Canada has
the better it will be for her. Th e Canadian market has
been little better than a close preserve for the English
miller and new trade with the United States gives the
western farmer another string to his bow and he should
not be restricted.” It is felt here by farmers that should
such a duty be placed on our wheat it will hasten the
end that naturally presents itself, that American millers
will be forced to come across the line .and establish their
mills here. In view of this feeling there is not a great
deal of heat shown in the discussion in the west. The
western farmers believe their position so firmly estab
lished that with or without an export duty they cannot
lose. W estern grain men are against an export duty.
Saturday, February n , 1905.
THE
COMMERCIAL
WEST
Loans vary in size from $500 to
$5,0 0 0 and run for five years.
Write for our offerings. 25 years’
experience in the loaning field.
References furnished upon appli
cation.
M INNESOTA
FAR M MORTGAGES A T
6 PER C E N T
25
Tile A. G. W H I T N E Y
LAND & LOAN CO.
Whitney Block, ST. CLOUD, MINN.
PH O ENIX F U R N IT U R E CO.
Artistic Furniture for Banks, Offices,
Churches and Public Buildings. Send
us floor plans and we will do the rest.
EAU CLAIRE,
A n n u a l M e e tin g o f W e s te r n G ra in
E xchange.
The first annual meeting of the Western Grain E x
change was held here yesterday when 96 applications for
membership were acted upon. Followin g are the. officers
elected: President, N. T. MacMillan; vice president,
Ja cob Friesen; and secretary-treasurer, O. A. Glenn.
Council.— T. J. Noble, J. M. Black, D. N. MacMillan,
Jas. Lawrence, A. M. Lewis, W. G. Potter, C. C. R ob
inson, W T. Gibbons, Jacob Friesen.
Arbitration Board.— N. T. MacMillan, Ja cob Friesen,
T. J. Noble, A. M. L ew is and Jam es Lawrence.
Board of Appeals.— J. M. Dick, D. N. McMillan, W. T.
Gibbons, W. G. Potter and Alex. Morrison.
During the month of December 305,760 acres of free
grant lands were taken up in western Canada. This is
equal to 1,911 homesteads of 160 acres each and is a big
-
W ISCONSIN
record for a mid-winter month.
The Regina district
led the van with 382 entries, while Yorkton followed
with 320. There was also considerable activity re
ported from the Prince Albert district.
Inquiry was received here at the Canadian Pacific Ry.
offices from Otto Zwag, Elselben Germany, who was in
Canada about two years ago. Mr. Z w a g wishes to bring
to Canada a number of well to do farmers’ sons , to es
tablish themselves as farmers in the northwest. He was
much impressed with the Canadian farming facilities and
thought they offered much more inducements to young
farmers than did Germany.
The aggregate bank clearings in Montreal, Toronto
and Winnipeg for January increased $41,565,000 over J a n
uary of 1904.
Alaskan Trade Increases.
L A K E SU P E R IO R ORE SH IP M E N T S.
The report of Collector Jarvis, of Alaska, for 1904
shows a large increase in both exports and imports. The
figures are as follows:
The total value of merchandise shipped from the United
States to Alaska was $11,053,997 in 1904, as against $9,001,205 in 1903. The increase in the total volume of busi
ness of 1904 over 1903 is given at $2,052,792.
Shipments of Alaska products from the territory to the
United States during the year totaled $10,586,000. The
total value of exports and shipments of domestic gold
reached $21,423,991, as against imports, domestic and for
eign, of $12,550,783, showing an excess over imports of
$8,873,208.
The total shipments of iron ore from the Lake Su
perior region, by both rail and water routes, for the cal
endar year 1904, were 21,920,433 tons.
Compared with 1903 when 24,491,265 tons were shipped,
this is a decrease of 2,570,832 tons, while it is 5,946,087
tons below the shipments of 1902.
The shipments by different ranges for the last three
years compare as follows:
Steel Corporation Report.
The report of the United States Steel Corporation for
the December quarter showed net earnings of $21,458,734
and unfilled orders on hand December 31 of 4,696,203 tons.
The net earnings compare with $18,775,932 in the previous
quarter and $15,037,182 in the December quarter of 1903.
This makes a highly favorable comparison in favor of the
last quarter of 1904.
The orders on hand compare with 3,027,436 tons on
October 1, 3,192,277 tons on Ju ly 1, 4,138,961 tons on April
1, 3,215,123 tons on Ja nuary 1, 1904, and 5,347,253 tons on
January 1, 1903. Thus it will be seen that the orders on
hand far exceed those in any previous quarter except the
single one beginning January 1, 1903.
The surplus after charges and preferred dividend for
the quarter ended December 31 last was $3,833,338, against
$1,312,988 in the previous quarter. In the corresponding
quarter of last year there was a deficit of $4,251,485.
Winnipeg Near 100,000.
1904.
1903.
1902.
G ross tons.
G ross tons.
G ross tons.
M esaba ........................................ 12,156,008
12,892,542
13,342,840
M enom inee ................................. 3,074,848
3,749,567
4,612,509
M arquette .................................. 2,843,703
3,040,245
3,868,025
G og ebec ....................................... 2,398,287
2,912,912
3,663,484
V erm illion .................................. 2,282,513
1,676,699
2,084,263
M ich ipicoten ..............................
117,153
201,387
295,399
B araboo .......................................
47,922
..............
T otal ........................................ 21,920,433
24,491,265
27,866,520
Canadian Exports For Japan.
(S p ecia l C orrespon den ce to T h e C om m ercial W e st.)
Vancouver, F eb. 7. — Canadian exports to Japan have
received a stimulus since the annihilation of the Russian
fleet in the eastern waters. E v e r y steamer for the orient
is now carrying large cargoes of Canadian goods, and
there is a marked improvement in the exportation of Can
adian flour. Butter from the Northwest is also going
to Ja pan in considerable quantities.
The Empress of Japan, which sailed from Vancouver
a few days ago for H ong K o n g via Yokaham a had 4,040
sacks of Canadian flour consigned to Japanese ports. On
the same steamer was about a ton of butter from Calgary
for the Japanese. An interesting portion of the cargo
was a ton and a quarter of silver bullion from the smelter
at Trail, B. C., which was consigned to Shanghai, and
which will be converted into currency.
(S p ecia l C orresp on den ce to T h e C om m ercial W e st.)
Winnipeg, Feb. 7.■ —The population of Winnipeg, as
estimated by the twenty-seventh annual Henderson’s di
rectory, which has just been issued to subscribers, reaches
the gratifyingly large total of 97,401, wanting less than
3,000 of being 100,000. This estimate is based upon the
number recorded of individual names, this year 32,467, to
which the multiplier 3 is applied. The increase in popula
tion during the past year is thus determined as $20,096,
the increase in individual recorded names being 8,681.
In all other respects the volume just to hand also re
flects the abounding growth of the city. The volume con
tains 32,467 individual names, as against 23,786 last year,
and contains as well, 2,282 names of addresses of corpora
tions and firms.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Double Daily Service to Mexico.
Over nineteen hours saved via the Iron Mountain
Route through the Laredo Gateway.
Leave St. Louis
2:21 P. M., arrive City of Mexico 10:50 A. M. third morn
ing. Another good train leaves St. Louis 8:20 P. M., ar
rives Mexico City 7:30 P. M., third evening. Through
sleepers without change passing through Mexico scenery
in the day time. L o w round trip rates now in effect.
F o r descriptive literature and other information, ad
dress
Ellis Farnsworth, D. P. A.,
h i Adams St.,
Chicago, 111.
THE
26
C A N YO U SE LL
FARM
MORTGAGES
FO R U S
C O M M E R C IA L
W EST
Saturday, February II, 1905.
Or do you want to buy good First Farm Mortgages for an investment
(as good mortgages as can be made) then write for our proposition.
At this time we have a nice bunch of loans on hand and shall be
glad to send you a complete descriptive list of same, also our 32
page booklet “ W e ’re Right on theGround” , explaining our methods
of doing business. We have been doing business at this point since
1883 and will furnish references that will prove absolutely satisfact
ory. Our mortgages net six per cent.
E. J. LANDER & CO.
Box 11
Grand Forks, N. D.
EAST MINNEAPOLIS PROSPECTS EXCELLENT.
L. P. Chute, vice-president of Chute Bros., the East
Minneapolis real estate firm, said to a C o m m ercial W est
representative recently.
“ Business is generally good on
this side of the river,” said Mr. Chute, “ and improvements
of a substantial kind are being' made right along.
“ The McMullen block is a sample of the better busi
ness blocks going up. W e expect to improve our prop
erty next to this new block this spring. Our building
will be double store width or 50 feet. Across on the
opposite corner the St. Anthony Falls bank will-soon be
gin to remodel their building and will spend some $10,000,
making it practically a new bank building. One manu
The F a rm Land Movement.
The following are late farm land transfers, as taken
from official county records. T h e y indicate the value of
farm lands in the respective counties:
M in n e s o ta .
Freeborn County— Berglund to Berglund, 40 acres of
s p s e p , sec. 21, Albert Lea, $1,400: Tostenson to Tostenson, s e p s e p , sec. 31, Hayward, $600; Peterson to Opdahl,
s w p , sec. 12, Mansfield, $6,400; Peterson to Opdahl, s w p
s e p , sec. 12, Mansfield, less 2 acres, $1,600; Sistek to Prazler, s w p u w p , sec. 28, Oakland, $2,000.
Fillmore County—Willford to Willford, s p s e p sec. 21,
Canton, $2,500; Stevens to Crane, n e p n e p s e p sec. 13,
Jordan, $250; Cunningham to Crane, n p n e p n e p n e p sec.
7, Chatfield, $150; Narveson to Lieberg, e p n w p and part
n w p n e p sec. 36, Chatfield, $5,450.
L a c qui Parle County— Bascom to Bascom und. A int.
s e p of sec. 15-119-45, $2,400; Gulbrandson to Powelson,
s e p of sec. 24-117-46, $4,500; Larson to Larson, s p of sec.
2-118-44, 320 acres, $16,000; Larson to Larson, s p of sec.
2-118-44, $16,000; Karels to Flam, n e p of sec. 21-120-46,
$8,000.
Todd County—White to Mitchell, s e p n e p sec. 3-12835, $1,600; Miller to Orth, sep) sep) sec. 30-127-33, $2,000;
Ripley to Passon, swp) nep) sec. 31-129-35, $1,400; Cornmans to Richter, n w p n w p sec. 17 and e p nep) nwp)
nep) sec. 18-133-32, $1,500; Hayden to Swort, swp) nep)
and sep) nwp) sec. 24-132-33, $1,000; Plummer to Vonder,
swp) sec. 34-L33-33, $4,000.
Steele County— Jones to Thompson, e p of swp) of
sec. 10, Havana, $3,600; Ryan to Connolly, und. p of s p
of nep) of nep) sec. 2-108-20, $250; Brennan to Balcor, s p
of 11 pi of nep) of sep) see. 28-107-20, $500; Olson to Ander
son, nwp) of n w p o f sec. 3-105-21, $1,350; Evenson to
Marion, nwp) of nep) of nep) sec. 6-105-21, $2,121.30.
Morrison County—Johnson to Loziske, e p of sep) 27129-31, $640; Hilgor to Bergheim, swp) of nwp) 2-T27-31,
$440; Whitney to Kelley, nwp) 29-40-29, $2,400; Fleckenstein to Poster, ep) of nep) 21, and w p of nwp) 23-41-33,
$4,300; Desmond to Kosoubski, swp) of n w p 24-42-30,
$240; Gilbert to Peterson, e p of sep) 28-39-32, $600.
Rice County— Degnan to Peasley, s e p , Richland, $8,000; Factor to Kaisersatt, Jr., w p of s p of nwp) Erin,
$1,750; Frejlach to Frejlach, nwp) and nwp) of swp) and
w 10 acres of sep) of nwp) and nwp) nwp) and s 19 acres
of swp) of nwp), Wheatland, $ t,ooo; H oly to Holy, w p
of sep), Erin, $2,000.
Stearns County—Branson to Thayer, swpp nep) and
other 20-122-28,, $3,500; Platte to Cooper, nwp) and other
22-123-34, $5,800; Halverson to Fanske, lot 3 in s w p
36-125-35, $300; Weiler to Pinch, n e p s w p 24-122-31, $1,000; Teigland to Imsdalen, s w p 32-123-35, $2,800.
Red Lake County—Healy to Enevoldsen, w p n e p
sec. 27-151-43, $1,500; Hanney to Sagdalm, s e p sec. 13152-44, $3,200; Remick to Withers, n e p sec. 28-150-43,
$2,500.Anoka County— Chase to Robertson, n w p n e p sec. 6,
40 acres, Centerville-, $600; Greenwald to Day, s w p n e p
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
facturing concern has let contracts for a large structure
on Seventh Street and others are inquiring.
“ W e still need more flats on the east si<$e especially in
southeast Minneapolis and modern houses of a moderate
price are in demand. While some parts of Minneapolis
are well supplied with flat buildings, our side of the river
is still lacking in these accommodations.
“ The general prospects were never better for an active
market in real estate. I can recall no year since 1887
w'hen all indications pointed this way to such a marked de
gree and there is certainly nothing in sight now to inter
fere with a splendid business, both in building activity and
in transfers.”
sec. 9, 40 acres Bethel, $400; Kipp to St. Paul, w p s e p
sec. 26, 80 acres, Columbus, $400; Nelson to Dwyer, n p
n w p sec. 8, 40 acres, Ramsey, $900; Johnson to Lindberg, n e p s w p sec. 12, Ham Lake, 40 acres, $350; Lindberg to Hart, n e p s w p sec. 12, Ham Lake, $350.
Martin County—-Empey to Jorgenson, lots 3, 4, 5 and 6
block 11, Sherbnrn, and part s e p n w p sec. 7, Manyaska,
$1,000; Jossart to McLellan, e p n e p sec. 18, F o x Lake,
$3,000; Cooper to Comstock, n p n w p and s w p n w p sec.
3, Manyaska, $2,000; Catlin to Stockman, n p n e p sec. 11,
Waverly, $3,200.
Ottertail County—Johnson to Johnson, n p n w p sec.
22-137-39; s p s w p sec. 15-137-39, $2,400.
Renville County— Beekmann to O’ Connor, n e p 16-11636, $5,100; O ’ Conner to Beekman, n e p 18-116-36, $6,000;
Witte to Murray, s p of s e p 7-115-32, $3,000; Peterson to
Walker, n e p of n w p 7-115-32, $460.
Lincoln County— Laveson to Olson, the s e p of sec. 13,
Ash Lake, $6,400; Lund to Nielson, lots 2, 3 and 4 and
n w p of n e p of sec. 34, Marshfield, $7,000; Lavesson to
Anderson, the s w p , the w p of the n w p , and the n e p
of the n w p , all in sec. 2, Marble, $8,000; Eivendson to
Jensen, the s p of the n w p and the n w p of the n w p of
sec. 17, and the n e p of the n e p of sec. 18, all in Marble,
$2,000; Drake to Race, the s p of the n e p and s p of s p
of n p of n e p sec. 35, Drammen, $3,000.
Redwood County— Lamberton to Neal, s p of - n w p
and s w p of sec. 5-T09-37, $7,500; Matthews to Stevens,
n e p of sec. 5-J 09-38, $4,900; Gilfillan to Friederich, s w p
of n w p , and w p of s w p , sec. 4-111-34, $2,000; Gilfillan to
Sternberg, s p of s e p and s e p of s w p sec. 4-111-34, $2,400; Johnson to Hanson, s w p of sec. 14-110-35, $8,800;
Kolbe to Kolbe, n w p of sec. 8-111-38, $1,050.
Goodhue County— Larson to Larson, s w p of s w p sec.
T7, n w p of n w p sec. 2 0-111-14, Belvidere, $3,200; Foster
to Akerman, lot 16 and sub. of sec. 22 and w p of sec. 23112 -13, Florence, $1,424; Foot to Foot, n w p of n e p 6-57100 ac. of n e p of n e p 2-112-15, $2,500; Bakke to Willie,
s w p 28-111-18 , $8,000.
Grant County— Dahlman to Fickes, n w p of 26-127-44,
$5,000; Stewlow to Papke, s p of s e p , s e p of s w p , n w p
of s e p of 10-130-44, $3,600; Boore to Haavig, s e p of 20130-43, $8,000; Mattson to Westberg, w p of s w p of 34-12741, $1,900; Hodgson to Johansen, s p of n w p of 16-128-43,
$2,400.
St. Louis County— Bryant to Land Co., s p s e p 76-48t2, 80 acres, $350; Land Co. to Schauble, s p s e p 16-48-12,
80 acres, $640; Cullyford to Gill, n p n w p 29 and s w p 3348-13, 240 acres, $1,400; Gill to Bird, n p , n w p 29-48-13,
80 acres, $800; Gill to Gillis, s w p 33-48-13, 160 acres, $1,222.40.
Winona County— Mark to- Zessin, 25 acres in New
Hartford, $650; Smith to Shultz, lot 10, sec. 1, Rollingstone, $150.
Swift County— Foerman to Bank, n e p of sec. 33, Clontarf, 160 acres, $600; Collins to Hoban, s e p of sec. 17, and
s e p of sec. 18, Clontarf, 320 acres, $8,000.
Bottineau County— Batie to Berg, s e p 35-161-74, $2,700; Mork to Mork, s e p n e p 1 n e p s e p 29-163-76, $1,500;
Lescault to Lescault, lot 16 block 14, Bottineau, $750;
Mork to Mork, n p s w p 23, n e p s e p 22-163-77, $1,160;
THE
Saturday, February n , 1905.
A
COMMERCIAL
SAFE
WEST
27
IN V E S T M E N T
We have on hand first mortgages netting 6 per cent and
per cent on amounts of $400—$600—
$800—$1,000 and up.
Security, improved farms worth on conservative valuation three times
amount of loan. Write for our list.
W H EELO CK <&. W H EELO CK ,
6 WALDORF BLOCK, FARGO, NO. DAK.
Homeseekers’ Excursions.
The Chicago Great Western Railway will on the first
and third Tuesdays of each month sell tickets at one fare
plus $2.00 for the round trip to points in Alabama, Flo ri
da, Georgia, Iowa, Kentucky, Louisiana, Michigan, Min
nesota, Mississippi, Missouri, North Carolina, Tennessee,
Virginia and Wisconsin. F o r further information apply to
R. H. Heard, Gen’l Agent, Cor. Nicollet Ave. and 5th St.,
Minneapolis.
n
.7 ]
W . Y. D E N N I S , P r e s i d e n t
GEO. T. H A L B E R T , V ic e -P r e s t ,
J . S . H O O P E R , S e c -y - T r e a s .
YALE R E A LTY C O M P A N Y
1
M I N N E A P O L I S
Real Estate Bought, Sold, and Exchanged
on Commission • ----------------—
Write for our list of investments in amounts from $ 5,000
to $ 100,000, netting good rates of interest. Money
loaned on improved Minneapolis Real Estate. Prop
erty carefully managed for non-residents.
Best of References Furnished.
L
The American Mortgage & Investment Co.
2 5 1 -2 -3 -4 E n d icott B ldg’.
St. P a u l, M inn.
Offers
CHOICE FARM M O R TG A G E S
to conservative investors at attractive
rates. Correspondence invited. A ll loans
personally inspected. Send for our list of
loans.
H E N R IK STROM,
G. B. E D G E R TO N
President.
Vice President.
W . T. SUOKOW , Sec. and Treas.
CHUTE
REALTY
CO.
Specialty:
Manufacturing Sites, Trackage, Etc.
A
large number of large and small manufacturing build
ings with or without trackage.
J. P. CALH O U N
500 Oneida Building, M INNEAPOLIS
for
tlve
Drexel
Kstnte
Real Estate and Loans,
Bonds, Lands and Mortgages.
References: Drexel Estate, Philadelphia, or any Bank in Minneapolis
E lw ood S. C orshr , Pres.
W illiam B. T u ttle , Treas.
L ester B. E l w o o d , Vice-Pres
E d w a r d B. N ichols , Secy.
C orser Investm ent Co.
Established 1870
Manager New York Life Building
M O R T G A G E L O A N S . R E A L E S T A T E and I N S U R A N C E
Special attention given to Management of Estates for Non-Residents
______________ New York Life Building,
MINNEAPOLIS
L U T H E R S. C U SH IN G
REAL ESTATE
JO H N T O W N S E N D
Care and Management of
F IR E IN S U R A N C E
________ E r n d l c o t t B u i l d i n g .
.
.
D. P. Jones, Pres.
W. H. Davis, V-Pres.
gp. PAUL
W. C. McWhinny, Sec. & Treas
D A V I D (Established
P. 1868.
J OIncorporated
N E S1900.)&
M ortgage Loans,
Real E sta te and
CO.
Rentals
Special attention given to management of estates of non-residents,
featlsfactory reference to local aud eastern parties.
Main Floor Bank of Commerce Building,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N o r t h D a k o ta .
Foster County— Leonard to Trembley, sbi 15-147-64,
$3,660; Sterling to Waller, w y2 of nwbi and wbi of swbi
2 9" i 45“63, $1,600; Phelps to Bath, wbi of nw }4 and wbi of
swbi 10-146-64, $1,600; Posey to Nelson, sebi 34-146-63,
$1,600; W in g to Hecker, swpf 16-146-66, $2,000.
Ram sey County—Newbre to Newbre, sebi 35-153-62,
$2,000; Voss to Huesgen, hi 11-158-61, $1,950; Weed to
Weed, bi 25-154-65, $3,000; Mikeljohn to Bottolfson, swbi
11-157-64, $ 3, 350.
W ard County—Sjoberg to Bank, sebí swbi lot 4, sec.
7-160-90, $593.42; Bank to Kamps, se% 18-158-86, $1,400;
Erdmann to Osborn, swbi 27-163-92, $2,000; Cooper to
Wishart, sebi 35_i 64-94, $1,400; Sorensen to Johanson, nbi
swbi 24-161-88, $1,000.
Stutsman County— Chase to Trimble, sebi 2-140-63,
$ L 333 03; Haas to Haas, sR> s]/2 sebí 21-141-67, $500; M or
gan to Fogarty, s /7 2 10-140-63, $2,500; Klinek to Brown,
sebi 28-143-62, $2,700; H ussy to Willyard, swbi 2-144-65,
$2,000.
Traill County—Nilson to Tveten, nebí sec. 6-147-53,
$7,250: Isaacson to Fosness, nwbi sec. 6-147-51, $4,525;
Strand to Anderson, 3 acres in sebi corner swbi sec ' 17147-53, $100.
Barnes County—Bennett to Wright, wbi nebí 34-143-59,
$600; Gaylord to Granger, sec. 27-140-58, $6,300; Ottinger
to Yanish, nwbi 18-139-56,- $1,600; L angley to Holcomb,
nbi 31-142-57, $2,560.
S o u th D a k o ta .
Hughes County— Dennerline to Walker, nwbi sec. 27H2-76, $186.79; Barcus to Fish, swbi sec. 12-110-76, $500.
Minnehaha County— K irby to Fernyhough, wbi of se%
of nebí 15-101-49, $250.
Turner County— McDermott to McDermott, swbi 22IO° - 53, $8,000; Willms to Schroeder, sbi of sbi of nw}|
I 5-99- 55, $1,369; Noordhoff to Schultz, 160 acres in 25-9853, $8,600.
Io w a .
310 CENTRAL AVENUE, MINNEAPOLIS
Agent
Wilson to Brynjolfson, sebí 32-160-79, $1,865.39; Brynjolfson to Willson, sebi 31-161-74, $3,200.
Stevens County— Vaughn to Van Sant, nebí, 8-123-43,
$6,000; Ry. Co. to Whitman, nwbi nwhi 33-123-42, $400.
Mankato County— Cookson to Clark, n]/2 sebí nebí
sec. 7, Garden City, $1,250; Cookson to Estelle, s /72 sebi.
nebí sec. 7, Garden City, $1,250.
M IN N E A P O L IS
Mitchell County— Hospers to Dokter, ebi houselots 1,
2 in nwbi sec. 33, Holland township, $1,250; Dealy to
Dettmer, w ^ nebí nwbi sec. 3, Read township, $1,794;
Dealy to Dealy, n /72 sebi se% nebí spi sec. 7 8o-'iooth acre
nebí n s e c . 3, Reading township, $8,946; Dealy to
Linnan, ebi swbi sec. 5, Sherman township, $5,200.
W oodbury County— Frederickson to Burger, w /J 2 of the
seJ 4 of the sebi of the swbi of sec. 1-87-48, $7,200; Elston
to Grimesey, s j i of the swbi of sec. 4-88-47, $1,416 ; Camp
to Miller, swJ 4 of sec. 9-88-47, $7,200; B rowning to Norcross, ny2 of nebí: of sec. 33-86-44, $3,000; McDermott to
Wilier, ebi of sebi nwbi of sebi of sec. 36-89-45, $7,800.
Cerro Gordo County— Howe to Howe, n /l 2 nwbi nebí
35, also wbi sebi 26, except 10 acres in nw corner, all in
97- 19, $ 2, 3° ° ; Barton to Hardman, nbi nwbi I 9 -95 _i 9,
$3,680.
Hamilton County— Baker to Hughes, sebi and swbi
nebí 15-89-26, $5,000.
Sioux County— Bryant to Langfort, nwbi sec. 32, L in
coln township, $8,360; Kleinhesselink to Lubbers, ebi e j í
swbí ebí w y2 ebí swbi sec. 5, Nassau township, $5,400;
Aalders to Wathier, s 2-3 ebi nwbi sec. 22, Nassau town
ship, $4,266, Stabenow to Potsma, nebí sebi sec. 16, Lynn
township, $1,800; Beyer to Puckett, nwbi sec. 4, Sioux
township $9,000.
Clay County— Cuthbert to Helsell, ebi 30-94-36, $9,100;
Griffin to Jensen, sebi sebi 15-97- 35- $1,600; H ardy to Hilli
ard, 2 acres m swbi swbi 6-96-36, $1,600; Martin to Updegraft, lot 22 and sbi\ 23 block 7, Peterson, $950.
W is c o n s in .
Polk County—Simonson to Searle, nebí nebí 4, nwbi
nebí nbi nwbi nwbi sebi sbi sebi 6, nebí nwbi nbi sebi
9-37-16, $1,552; Hoegen to Hanson, s j i swbi 12-32-16, $800;
Anderson to Anderson, sebi nebí 21-32-18, $350; Anderson
to Booice, sebi sebi 25-33-15, $500; Bean to Lidstrom, 80
acres, sbi sebi 34~35- i 6, $530'; Hjelstuen to Hjelstuen, sebi
nwbi 10-32-1, $800.
THE
28
COMMERCIAL
WEST
Saturday, February n , 1905.
!
S O U TH ST. P A U L
I U N IO N S T O C K Y A R D S
S th e b e s t e q u ip p e d a n d m o s t a d ^ J
v a n ta g e o u s m a r k e t fo r liv e sto c k
s h ip p e r s in the N o r th w e s t. It is
c o n n e c te d w ith a ll th e r a ilr o a d s and
w a n t s 1 ,0 0 0 b e e v e s a n d 5 , 0 0 0 h o g s
d a ily .
Y o u r s h ip m e n t s a re in v ite d .
^
M. D. FLOWER, Pres. K. B. CARROLL, 6en. Sup.
S O U T H ST. PAUL, M IN N .
Live Stock Markets.
n
l^V/\
(S p ecia l C orresp on den ce to T he C om m ercial W e st.)
H ogs.
South St. Paul, Feb. 8, 1905.— Receipts of hogs at six
prominent
markets
for
the first
three, days
of
this week total about 236,000, compared with 211,200 for the first three days last week and 201,300
for the like period last year. South St. Paul received
13,100 hogs during the first three days this week, against
13,710 for the first three days of the week previous and
11,234 for the corresponding three days last year.
There were 371,600 hogs received at six large m ar
kets last week, against 472,000 for the preceding week,
387,700 for the like week last month, 341,300 for the
same week last year and 321,000 for the corresponding
week two years ago. H o g receipts at South St. Paul last
week were 21,803, compared with 23,168 for the week
previous, 23,171 for the same week last month, 20,066
for the corresponding wek last year and 16,227 for the
like week two years ago.
With moderate receipts of hogs, here and elsewhere
during the greater part of the past week, the market has
shown a gradual advance. During the latter half of last
week prices advanced 5 to 10c and another full nickel was
tacked onto values on Monday. On Tuesday the mar
ket showed a slight reaction on all hogs grading under
good, and today, with prices ruling fully 5 to 10c lower,
the market still shows an advance of about 5c over
Wednesday of last week. The quality of the offerings is
running hardly as good as recently and is of only a fair
average. Weights are also somewhat lighter, the average
for the week being about 198 pounds, two pounds lighter
than last week. In the opinion of most traders, the m ar
ket should hold fully steady during the coming week.
The bulk of the hogs here today sold from $445 to $4.55,
against $4.40 to $4.50 last Wednesday, $4.90 to $ 4-95 a
year ago today, $6.35 to $6.65 two years ago and $5.80 to
$6.00 the corresponding day three years ago.
C a ttle .
Combined receipts of cattle at six large markets dur
ing the first three days of the week were about 116,000,
compared with 104,300 for the first three days last week,
and 115,800 for the like period last year. Cattle receipts
here during the first three days this week were about
2,895, against 2,749 f ° r the first three days last week and
i,S35 for the corresponding three days last year.
Six markets had an aggregate cattle supply last week
of 137,300, against 153,000 for the week previous, 114,200
for the same week last month, 122,500 for the correspond
ing week last year and 135,100 for the like week two
years ago. There were 3,947 cattle received here last
week, compared with 4,136 for the preceding week, 3,109
for the corresponding week last month, 2,625 for the like
week last year, and 3,325 for the same week two years
ago.
The market on beef and butcher cattle has shown little
change during the past week, with the possible exception
of slight weakness on the lower grades. The trade has
been active on the good kinds at fully steady prices.
Several loads of right good grain-fed Dakota steers sold
here Monday at $4.65 and choice beeves are quoted around
$5.00 to $5.25. Most of the fair short-fed cattle are sell
ing around $4.00 to $4.25 and common killers from $3.00
to $3.75. Some very good black polled heifers brought
$3.75 here today and an occasional fat, heavy cow sells
up to $4.00, but most of the good cows and heifers are
selling from $2.85 to $3.25, medium grades from $2.40 to
82.65 and canners and cutters from $1.50 to $2.25. Bulls
are holding in a steady notch, fair to good butcher bulls
from $2.60 to $3.25 and bologna ano feeding grades from
$2.00 to $2.50. Veal calves are selling from $4.25 to $5-00
for fair to best with common and rough heavy calves
down to $1.75. Good stockers and feeders are in fair
request at about last week’s prices, others are slow and
light stockers lower. Good to choice 800 to 1,100 feeders
are quotable from $3.15 to $3-75, common to fair $2.50 to
$3.00, good to choice stock steers $2.75 to $3.25, common
to fair $2.00 to $2.60 and common stock calves down to
$1.50.
S heep.
Supplies of sheep at the six leading markets during
the first three days this week total 169,000, against 112,800
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
I
for the first three days last week, and 143,700 for the
like period last year. South St. Paul received 8,490 sheep
during the first three days this week, compared with
8,189 for the first three days last week and 10,212 for the
corresponding three days last year.
A ggregate sheep receipts at six prominent markets
last week were 176,600, compared with 203,200 for the
week previous, 155,700 for the corresponding week last
month, 167,200 for the same week last year and 153,400 for
the like week two years ago. Sheep receipts here last
week were 11,026, against 26,500 for the preceding week,
24,249 for the like week last month, 18,577 for the same
week last year and 27,293 for the corresponding week
two years ago.
Sellers of sheep and lambs are having everything
their own w a y on the present market. With an active
demand and light receipts buyers have been forced to
pay sharply advanced prices over last week and have had
to snap supplies up quickly in an effort to fill their or
ders. Native ewes of a good fat class are selling here up
to $5.00 and the first bunch had scarcely crossed the
scales at this price when predictions were made of $6.00
ewes in the near future. All mutton sheep are fully 15
to 25c higher than last week. A big string of choice
western wethers were contracted last Saturday at $5.35
and a band of Dakota wethers of good quality landed at
$5.50 on Tuesday of this week. Y earling wethers are
quoted up to $6.25. There has been a scramble for lambs
at a big quarter advance over a week ago. Choice na
tives sold at $7.20 here Monday, and good lambs for
slaughter are quotable from $6.75 to $7.00. A country
buyer startled traders by paying $5.00 for a band of over
500 head of 72-pound breeding ewes here yesterday.
William Rea, of the big Montana firm of Rea Brothers,
predicts $8.00 shorn lambs before spring at Chicago and
25c wool on the range. Verily, the sheep feeder is wear
ing “ the smile that won’t come off.”
C o m p a r a tiv e R e c e ip ts .
T he fo llow in g table sh ow s the receip ts at South St. Paul fo r
the y ea r 1905 to date, as com p ared w ith the corresp on d in g p eriod
la st year:
1905.
1904.
Inc.
D ec.
C attle ..............................
19,855
14,804
5,051
C alves .............................
2,293
2,123
170
H og s ................................
134,933
145.150
10,217
Sheep ..............................
137,837
133,898
3,939
H orses .............................
202
31
171
Cars ..................................
3,035
2,916
119
R eceip ts o f live stock at South
W edn esda y, F ebru ary 8, 1905:
Cattle.
T hursday, F eb. 2 . . . . ___
504
F riday, Feb. 3 ..........
560
S aturday, F eb. 4. . . .
134
M onday, Feb. 6 ........
936
T uesday, F'eb. 7 ........ . . . . 1.197
W edn esda y, F eb. 8 ..
763
T ota ls
..................... . . .
4,094
St. P aul fo r the w eek ending
H ogs.
2,349
4,066
1,678
3,217
4,416
5,465
Sheep. H orses. Cars.
1.452
56
279
71
1,106
32
7,346
1
110
360
20
94
786
98
21,191
11,329
R eceip ts o f live stock at South St. Paul
W edn esda y, F eb. 10, 1904:
Cattle.
H og s.
T hu rsday, Feb. 4 . . . .
390
2,253
F riday, Feb. 5 ..........
438
3.530
Saturday, Feb. 6 ........
145
2,329
M onday, F eb. 8 ........
284
2,012
T uesday. F eb. 9 . . . . ___
614
4,540
W edn esda y , F eb. 10
537
4,682
T otals
.................... . . .
2,408
19,346
21
461
fo r the; w eek ending
Sheep. H orses. Cars.
24
43
5,62S
82
34
8,971
70
635
1
81
616
82
15,874
1
402
R a n g e o f H o g S a le s.
This W eek.
T h u rsd ay .............................................$4.35(5)4.65
F rid a y ................................................. 4.30@ 4.70
S aturday .............................................. 4.35(5)4.75
M on d ay ............................................... 4.35@ 4.75
T u esd ay .............................................. 4.30@ 4.75
W ed n esd a y ........................................ 4.35@ 4.70
P rev iou s W eek.
$4.40(5)4.80
4.30@ 4.70
4.25 @ 4.65
4.15@ 4.55
4.25@ 4.60
4.25(5)4.65
B u lk o f H o g S ales.
T his W eek .
T h u rsd ay .............................................$4.45(5)4.50
F rid a y ................................................. 4.45@ 4.50
S aturday ............................................. 4.50(5)4.55
M ond ay ............................................... 4.50(5)4.60
T u esd ay .............................................. 4.50(5)4.60
W ed n esd a y ........................................ 4.45@ 4.55
C o n d itio n
o f H og
P rev iou s W eek.
$4.50(5)4.60
4.45@ 4.55
4.40@ 4.45
4.25(5)4.35
4.35(5)4.45
4.40@ 4.50
M a r k e t.
This W eek .
T h u rsd ay ................ S trong.
F rid a y ..................... S teady to strong.
S atu rd ay ................. 5c higher.
P rev iou s W eek.
B ig 5c higher.
5c to 10c low er.
5c to 10c low er.
THE
Saturday, February n , 1905.
COMMERCIAL
WEST
29
W E W IL L DISCOUNT
L U M B E R M E N ’S P A P E R .
W . B. M cK E A N D A N D CO.
C O M M E R C IA L P A P E R .
T H E R O O K E R Y , C H IC A G O .
M on d ay ................... F u lly 5c higher.
M ostly 10c low er.
T u esd a y .................. S teady to sh ade
M ostly 10c higher.
low er.
W ed n esd a y ............. Open 5c to 10c low er. F ully steady.
close 10c low er.
K an sas C ity ...................... 31,800
South O m aha .................... 16,000
9,500
South St. J o s e p h .................
E ast St. L o u is.................... 13,800
S outh St. P a u l.....................
3,900
C o m p a r a tiv e R e c e ip ts o f H o g s.
L a st W eek .
C h ica g o ............................... 183,600
K an sas C ity ...................... 48,100
S outh O m aha .................... 44,100
South St. J o s e p h .............. 31,000
E ast St. L o u is ...................
43,000
S outh St. P a u l.................. 21,800
T ota ls
P rev iou s W eek .
213,100
73,400
57,100
47,100
58,100
23,200
............................ 371,600
T ota ls
Y e a r A g o.
159,900
41,800
45,500
33,900
40,100
20,100
472,000
341,300
P rev iou s W eek .
. 70,600
............................ 137,300
28,100
11,800
8,700
21,300
2,600
153,000
122,500
C o m p a r a tiv e R e c e ip ts o f S heep.
C o m p a r a tiv e R e c e ip ts o f C a ttle .
L a st W eek .
C h icago ................................ 62,300
34,500
17,700
9,500
16,600
4,100
Y e a r A go.
50,000
L a st W eek .
C hicago ................................ 78,700
K an sas C ity ...................... 31.500
S outh Om aha .................... 28,800
Sopth St. J o s e p h .............. 15,500
E ast St. L o u is...................
11,100
South St. P a u l.................. 11,000
P rev iou s W eek .
79,000
34,000
26,500
24,100
13,100
26,500
T ota ls ............................ 176,600
203,200
Y ea r A go.
82 700
16 100
26’ 500
13 600
9’ 700
18’ 600
167,200
Omaha Union Stockyards Company.
S tatem ent o f receip ts and d isposition o f sto ck fo r m on th ending Jan. 31, 1905, and m onth ending Jan. 31, 1904:
R e c e ip ts .
C attle.
H ogs.
1905-
1904-
,
,
1905.
1904.
R ailroads.
Cars. N o. H ead. Cars. No. H ead.
C., M. & St. P. R y ........................
117
2,824
141
3,185
W a b a sh R. R ..................................
28
600
34
681
Mo. P ac. R y ......................................
56
1,563
49
1.467
U. P. R. R ........................................
381
9,556
494
12,298
C. & N. W . R y ..............................
93
2.197
120
2,891
F. E. & M. V. R. R ......................
627
13,967
661
14,418
C., St. P., M. & O. R y ..................
373
8,061
473
10,200
B. & M. R. R ...................................
685
18.223
739
19,024
C.
, B. & Q. R y ................
142
3,251
146
3,247
K. C., St. J. & C. B. R y .............
12
451
23
543
C., R. I. & P. R y. E a s t ................
155
3,236
134
2,966
C., R. I. & P. R y. W e s t ..............
12
378
30
734
Illinois Central R y ........................
100
2,455
53
1,305
C. G. W . R y ......................................
71
1,435
78
1,700
D riven i n ..........................................
1,845
1,402
Cars. No. H ead. Cars. No. Head.
390
28.843
535
38,686
16
1.143
18
1,134
39
2,412
21
1,326
498
32,998
370
24,541
213
14.861
231
16,428
721
44,619
5 Ì4
34,022
173
11,389
178
11,596
482
31.691
437
27.999
146
10,382
80
5,476
5
307
12
1.015
190
12.993
114
8.576
27
1.766
37
2.285
75
5,082
3,862
64
4.109
74
5.662
3,032
1,980
Grand total ..............................
F ro m Ja n u a ry 1st to' d ate.
3,039
3.039
205,626
205,626
304
21,038
In crease ............................................
D ecrea se ..........................................
A v e ra g e w eig h t o f h o g s ........
2,852
2,852
70,042
70,042
3,175
3,175
76,061
76,061
.
323
6,019
...........................................................................
qv,ppr,
P' 1904.
1905.
Cars. No. H ead.
7
795
2
183
7
1,411
289
70,632
4
504
42
8,061
45
9,004
123
-28,451
5
459
256
184.588
184,588
Head.
112
550
2,922
54,853
1.157
19,687
9,051
54,471
474
20
5
5
4
2,259
939
654
497
7,875
708
708
155.501
155,501
618
2,625
531
14
1,496
1
1
148
195
2,101
540
540
123,440
123,440
168
32,061
15
4,177
224
984
3
31
7,901
12
12
10
40
9
2
3,627
■ 52
10.236
2,239
689
116
1
419
30,129
215
91,589
__
2,735
2,735
Cars.
1
5
25
236
8
104
50
241
4
250
S h ip m e n ts .
C.. M. & St. P. R y ...................... ..
W a b a sh R. R ..................................
Mo. P ac. R y ......................................
TT. P. R. R ........................................
C. & N. W . R y .................... : .........
F. E. & M. V. R. R .......................
C., St. P.. M. & O: R v ................
B. & M. R. R ....................................
C.
, B. & Q. R y ................
K. C., St. J. & C. B. R y ..............
C., R. I. & P. R y. E a s t ................
C., R. I. & P. R y. W e s t ..............
Illinois Central R y ..........................
C. G. W . R y ......................................
24
9
37
62
36
91
51
61
53
39
25
5
33
638
265
942
1.923
1,101
2,988
1,524
1,933
1.647
1,018
701
120
961
302
25
23
9
35
90
68
49
39
89
43
31
37
7
689
696
242
1,206
2.578
2,330
1.529
1,213
2,465
1,334
917
2
1,047
137
537
133
2,091
16,063
3.362
48,102
546
116
2,435
16,385
2,831
54.885
G rand total ................................ 2,761
C onsum ed in South O m aha from
Jan. 1 to d a t e ................ ........... 2,091
67,527
3,097
74,101
48,102
2,435
54,885
T ota l sh ipm ents ......................
D riv en to' c o u n tr y ..........................
C onsum ed in South O m a h a ....
h
1
..........
49
8
5,002
893
4
468
2,828
2
32
2,889
4 i4
5.133
7,645
57
5,895
4
468
2,976
199,270
2,733
184,237
3,033
205,165
2,737
184,705
536
121,933
693
152,194
2,976
199,270
2,733
184,237
419
91,589
527
113,818
112
527
25.699
12.677
113,818
T H E M O V E M E N T OF L IV E STO C K.
T h e fo llo w in g table sh ow s the m ovem en t o f cattle ("calves includ ed ), hogs and sheen a t the five leaJintr rr> «rW « m To , „ o , .
w M le ^ ^ e ^ O -t ^ ffg ^ e s 1are6 offlcikf.P° n<^ ng'
C attle receip ts in January:
1905....................................................
.......... .'...........................
1904
In crea se ............................................
D e c r e a s e ..........................................
H o g receip ts in Ja n u a ry:
1905
........................................
1904
........................................
In crea se ............................................
Sheep receip ts in January:
1905
........................................
1904....................................................
in crea se ...........................................
19° 4'
The laSt d,a3Ts receip ts in the January totals o f t h i J T e f r ^ e s & e d T
K a n sa s City.
.. 142,382
. . 169,527
..
27,145
.*257,188
.
62,928
. 107,398
. . 82,432
. 24,966
D e c r e a s e .............. ...........................
Fast Tourist Car Service to California.
The Chicago Great Western Railway in connection
with the C. R. T. & P. Railw ay will run a through tourist
sleeping car every week to San Francisco. Leaving Min
neapolis at 8:00 p. m.. St. Paul 8:.to p. m., Tuesdays via
Omaha, Colorado Springs and Ogden. Arrive San F ran
cisco Saturday 5:20 p. m. Fo r further information apply
to R. H. Heard, Geivl Agent, Cor. Nicollet Ave. and 5th
St., Minneapolis.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C hicago.
332.922
306.342
26,580
Om aha.
69.940
76,061
6,121
8,832
13,552
29,070
930.176
869.814
60,362
205.886
184.588
21,298
216,241
190.725
25,516
186.902
148,722
38,180
1,796.393
1,587,722
208,671
345.898
355,926
120.769
155,501
10.028
34,732
48,315
42.600
5,715
69,854
39.077
30,777
692.234
675.536
16.69S
St. L ouis.
69.982
78,814
St. Joseuh.
35.373
48,925
T otal.
650,599
679,669
Hot Springs, Ark.
The- best known health and pleasure resort on the
continent. Elegant through service and low excursion
1 ates via Iron Mountain Route, the shortest and quickest
line to above point. Four Daily Trains from St. Louis.
Descriptive and illustrated pamphlets on application to
Ellis Farnsworth, D. P. A..
h i Adams St .
Chicago, 111.
THE
30
W illia m C om m oni
Frank W . C om m on s
C O M M E R C IA L
W EST
Saturday, February n , 1905.
H ow ard W . Com raom
GOMMONS & COMPANY Tie Tan Dnsen-Earrinfiton Co.
Qrain Commission nerchants
Mi nne a pol i s and Dul ut h.
Commission Merchants
Receivers and Shippers oi Wheat,
Coarse Grains and Flaxseed. Or
ders for Future Delivery Executed
in all Markets. : : : : : : :
G R A IN
CHICAG O COR RESPO ND EN TS:
A R MOUR
GRAIN
J. L. McCAULL, President
R. A. DINSMORE, Vice-Pres.
COMPANY.
S. J. McCAULL, Secretary
A. M. DINSMORE, Treasurer
The McCaull-Dinsmore Co.
L IV E STO CK
M inneapolis and Duluth
South
Saint
Paul
McHugh, Christensen &
Company
GRAIN COMMISSION MERCHANTS
Chamber of Commerce
M INNEAPOLIS
GRAIN COMMISSION
C H A S . W. G IL L E T T
MERCHANTS
C O M M IS S I O N
915-16-17 CHAMBER
OF
COMMERCE
-
MINNESOTA
CO.
STOCKS, BONDS, GRAIN, COTTON, COFFEE
140-142 Nat’ I Life Bldg., 159 LaSalle St., Ground Floor, CHICAGO
MARKET
MINNEAPOLIS
&
M ERCHANTS
LETTER
ON
A P P L IC A T IO N
M embers :
Chicago Board of Trade
St. Louis Merchants Exchange
New York Produce Exchange
Milwaukee Chamber of Commerce
Baltimore Chamber ofCommerce
THE ST. A N T H O N Y E LE V A T O R CO.
UPDIKE COMMISSION CO.
C a p a c ity , 3 , 250 ,0 0 0 B ushel«
C R A I N
A N D
P R O V IS IO N S
GRAIN M ERCH A N TS AN D W AREHOUSEMEN
1 2 0 R ia lt o B u i l d i n g . C H I C A C O
CONSIGNMENTS GIVEN SPECIAL ATTENTION.
71 Chamber of Commerce
MINNEAPOLIS, MINN.
Wm. H. Dunwoody. Pres.
John Washburn. Vice-Pres.
Chas. J. Martin, Seo’y andTreas.
W. G Ainsworth. Gen’l Manager
L. BARTLETT * SON
COMPANY
Minnesota & Western Grain Co.
C H A M B E R OF C O M M E R C E
MINNEAPOLIS
MINNESOTA
Owning and Operating Lines of Country Elevators in
Minnesota, No. Dakota, So. Dakota and Iowa.
J . F . W hallon
CORRESPONDENCE SOLICITED,
Geo. P . Case
G e». C . B a g le y
Chas. M . Case
WHALLON, CASE & CO.
Commission Merchants
23 Chamber of Commerce
MILWAUKEE
Hulburd, Warren & Co.
(INCORPORATED)
COMMISSION MERCHANTS
GRAIN AND PROVISIONS
STOCKS, BONDS' GRAIN and PROVISIONS
58 Chamber of Commerce,
Branches; Minneapolis, St. Louis,
Kansas City, Chicago.
Business solicited in any Department
Up town Office, 315 1st Ave. So
Receiving, Shipping, Futures
D irectors : W. S. Warren, Pres.; O. T. Hulburd,
Yice-Pres. ; Charles H. Hulburd, Treas. ; C. J. Northup, Sec’y ;
Jno. Gillies, Asst. Treas.
Officers
MINNEAPOLIS
M E M B E R S : N ew Y o rk Stock E xch an ge, Chisago Board of T rade, Minneapolis
Chamber of Commerce.
and
47 BOARD OF TRADE,
CHICAGO
A. R. T. D E N T
J. R. M A R F IE L D ,
W m . G R IF F IT H S ,
PRES.
C. D. T E A R S E ,
S e c .
A
VIC E
A . C. M O R G A N
PRES
T r e a s .
Dent-Morgan Company
Marfield-Griffiths Co.
g r a in
NEW
c o m m is s io n
CHAMBER
OF C O M M E R C E
BROKERS IN
GRAIN, PROVISIONS, STOCKS
MINNEAPOLIS,
Members
O FF IC E S :
•
Minneapolis
MINNESOTA
Chamber
of
Commerce
C H IC A G O , M IL W A U K E E , D U L U T H
Private W ires
M IN N E A P O L IS ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-
M IN N E S O T A
Country Orders a Specialty
Saturday, February n , 1905.
THE
fcaf^GRAIN
COMMERCIAL
W EST
31
M ILLIN G ifel
GRAIN AND FLOUR EXPORTS O F 1904.
A t last the T reasury department has issued its report
on exports and imports of 1904 and has given with it the
corresponding figures for the previous two years. The
figures for last year are in some respects appalling, for
the entire export of wheat in the berry amounted to only
13,015,277 bushels, as against 73,372,755 in 1903 and 129,466,280 in 1902. That is to say the exports for last year
were only about one-half of those of two years previous.
The decrease of flour exports was not so marked but
was sufficient to warrant the gloomy attitude taken by the
millers and to excuse their efforts to bring about tariff
conditions more favorable to their industry— an industry
which, by the way, is of very great importance to the
wheat growers of the United States.
A summary table showing the exports of the different
grains and their quantity during the last three years is as
f o llo w s :
K in d —
1902.
B arley, bushels ......................
8,712,874
B read an d biscu it, l b s .......... . 10,870,930
B u ck w h eat, bushels ............
2239,203
Corn, bushels ........................ . 18,723,960
Corn m eal, b b ls ......................
256,361
Oats, bushels ..........................
5,968,653
O atm eal, l b s ............................. . 67,373,534
R ye, bushels ..........................
4,855,263
R y e flour, b b ls ........................
2,515
W h eat, bushels .................... .. 129,466,280
W h e a t flour, b b ls .................. 18,327,767
B ran, etc., t o n s ......................
49,821
D ried g ra in s and m alt
sp rou ts ................................
70,080
1903.
9,779,564
11,960,543
31,702
91,732,780
683.463
1,494,857
35,517,429
2,758.395
3,995
73,372,755
19.555,311
27,911
1904.
8.415,409
12,652,774
175,028
46,498.607
349,406
1,220,134
23,757,494
94,455
2,944
13,015,277
11,542,618
20,916
62,204
63,519
There is no occasion for concern in the above com
parative figures until we come to wheat. The export of
corn was of fairly good size though fat below that of
1903. The oat export was light, but at the best it is of
comparatively little importance. In wheat, however, the
situation is almost startling. In 1902 the United K in g
T H E W H E A T TRADE.
C o m m ercial W est Office, Feb. 9.— There
is really
nothing new to offer in the w ay of an opinion. The mar
ket is still in the same rut it has been for some time past.
The trade in general continues to talk bearish and predic
tions are numerous, but every time the leaders flood the
market with depressing news and opinions and try to sub
stantiate their talk by selling freely and causing some de
cline they are suddenly brought face to face with a de
mand and that quickly absorbs all offerings, and not only
causes the market to recover the lost ground but places it
in the same position it was. The bears may be right in the
end but there is a long time between now and the end and
if they allow the bull clique to work for a profit of a cent
or so every other day, they will become so tired and
weary that they will some day “ step in,” buy in their
short wheat, pocket their losses. This is what the bull
clique is waiting for. In the meantime it is quite profit
able for the clique to spend its time in milking the market.
In the end it is possible that there will be a smash in
prices, but before that time comes it is also quite likely
that the shorts will run and buy in at a big advance. This
is what has usually happened under like circumstances in
the past and it is quite likely it will happen again.
Receipts during the next two or three weeks will have
most to do in deciding the course of the market. If they
run light, as has been generally predicted and expected, a
higher basis of prices will result. O11 the other hand,
should receipts continue larger than expected and the
visible supply does not decrease more rapidly than it has
since the first of the year, lower prices will follow unless
the W all Street bull interest offers the right kind of sup
port. There has been all kinds of talk regarding con
centrated holdings of long M ay wheat in Wall Street, but
so far no one seems to know how much wheat is held.
E ven if one should assume that there is no clique and
that the amount of wheat held in Wall Street is less than
generally supposed, it would not necessarily make the
speculative position of M ay wheat weaker; it would if any
thing make it stronger, for then it could be clearly shown
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
dom took over 68,000,000 bushels. L ast year the whole
world took only 13,000,000 bushels, a figure which was
surpassed in 1902 by Germ any and almost equalled by
Belgium and Italy. A table showing our principal custo
mers and their requirements for the past few years may
be of interest:
W h eat, bushels—
1902.
1903.
1904.
U nited K in g d om ..........
68, 125,164
29,917,662
8,960,712
B elgium ............................
12,742,230
6,430,352
731,312
P ra n ce ..............................
1,155,022
2,730,630
389,540
G erm any ..........................
15, 896.086
10.876,089
1,590,556
N etherlands ....................
12,692.019
5,799,496
617,895
B ritish N orth A m erica .
6,360,974
2,213,392
72,963
A sia and O cean ica . . . .
1, 328.257
4,928,249
195,336
B ritish A fr ic a ................
4,672,011
4,450,500
83,411
T ota l ..........................
. 129,466,280
73,372,755
13,015,277
: decreased only about one-third
ving table shows the countries
1904 imp or ted from the United
States more than 500,000 b b ls :
W h e a t F lour, B bls—
1902.
1903.
1904.
U nited K in gd om ..................
9,247,216
10,126,356
4,561,988
G erm any ..................................
800,478
842,931
241,514
N etherlands ............................
1,180,802
1,084,007
669,591
C uba ..........................................
O ther W e st Indies and B e r
m uda ....................................
B razil .........................................
H on g k on g ................................
Japan .......... ................. ............
B ritish A fr ic a .................. !
560,062
548,423
639,753
875,473
534.655
1,449,528
485.577
942,362
934,058
437,537
1,351,757
1,382,104
507,852
811,800
307,933
1,247,813
1, 159,162
307,117
18,327,767
19,555,311
11,542,618
The only noteworthy gain is in Japan. It is evident
in 1903 she was getting ready for war. It is, however,
gratifying to note the increase of trade with Cuba, which
though not large, is increasing. The Russo-Japanese war
was responsible for some flour trade with Russia. That
country bought nothing from us in 1902 but purchased 47,841 barrels in 1903 and 78,900 barrels in 1904.
that present prices are not being maintained through
manipulation and that in consequence there need be no
fear of a great amount of wheat being forced on the mar
ket at any moment.
As yet receipts are not decreasing as rapidly as ex
pected. It was hoped that by this time receipts here
would be running around 150 cars per day instead of 200
cars. T h e y may soon be averaging 150 cars per day, but
if they keep up around the 200 mark much longer there
will be disappointment among the bulls. One thing certain
is that receipts are almost wholly at the expense of coun
try elevator stocks, farmers’ deliveries being extremely
light, and as this shipping out process of country elevator
stocks has been going on since the first of the year, there
ought to be a let up in shipments to Minneapolis and
Duluth very soon.
The Government’s decision that Canadian wheat can
be brought in bond” into this country and mixed with
American wheat, is in favor of higher prices for our lower
01 ades of wheat, but practically neutral as to the higher
grades, especially the contract grades. Millers that will
ciraw the best Canadian wheat in bond to this country will
no doubt mix it with the lower grades of native wheat
and naturally the demand for low grade wheat will be in
creased. A s the Canadian wheat coming in this country
must again be exported in the shape of flour, it should not
materially affect the prices of the higher grades of native
wheat. It might be inferred that the demand for the high
er grades, especially the contract grades, would be less
ened, but as the amount of wheat to supply domestic pur
poses would not be increased the higher grades of wheat
would remain in the same position they are now. L o w
grade prices are already crowding the price of tlie high
grades and any increased demand for the former would
also mean increase in price to the extent that the latter
would soon be as cheap, if not more so, from a general
milling standpoint. Therefore those that now argue that
the price of contract grade wheat is bound to suffer in
consequence of the decision, will in the end be disappoint
ed. All in all the decision, if anything, should prove bene
ficial to the market in general.— G. L. D.
THE
32
C lo s in g
W h e a t F u tu r e
M a y W h e a t.
Fri.
Sat.
F eb. Feb.
3.
4.
M inneapolis .................... 1.15% 1.16%
.93% .92%
Y ear ag o ....................
C hicago ............................ 1.16% 1.17
94
Y ear ag o ....................
D uluth .............................. l ‘.14% 1.14%
K an sas C ity .................. 1.06% 1.06%
St. L ou is .......................... 1.15% 1.16%
1.16%
N ew Y o rk ........................ 1.16
COMMERCIAL
M on. Tuea.
Feb.
F eb.
6.
7.
.15% 1.15%
.92% .94
.16% 1.16%
.94
.95%
.13% 1.143/4
.06% 1.06%
.15% 1.15%
.16% ..1.16%
..
..
..
..
..
..
..
..
M inneapolis . . . .
Y ea r ago . . . .
C hicago ...............
Y ea r ago . . . .
D uluth ................
K a n sa s C i t y ----St. L ou is ............
N ew Y ork ..........
W ed . Thur.
F eb. Feb.
1.15
.94%
1.16%
.96%
1.13%
1.06%
1.15%
1.15%
1.15%
.94%
1.16%
.95%
1.13%
1.06%
1.15%
1.16%
Sat. M on. Tues. W ed.
F'eb.
F eb.
Feb.
Feb.
8.
6.
7.
4.
1.13% 1.13% 1 .12%
1.14
.93 %
.91% .93
.91%
1 .01% 1.01% 1 . 00%
1.02
.87%
.84% .84% .86%
1.14% 1.13% 1.13% 1 .12%
.91% .91% .91% .90%
.98% .97% .98
•97%
1.05% 1.05% 1.05% 1.04%
Thur.
Feb.
9.
1.13%
.94
1 .00%
.87%
1.13%
.90
.96%
1.04%
•
Fri.
Sat. M on. T ues. W ed. Thur.
F'eb. Feb.
Feb.
Feb.
Feb. Feb.
9.
8.
6.
7.
3.
4.
1.15%
1.16
1.16%
1.16%
. . . 1.16% 1.16%
1.14% 1.13% 1 .14%
, .. 1.14% 1.14% 1.14
1 .11%
. . . 1.11% 1-12% 1 .11% 1.11% 1 . 1 1
M in n e a p o lis C ash W h e a t, O ffic ia l C lo se .
N o. 1 hard ..........
N o. 1 n o r th e r n ..
N o. 2 n o r th e r n ..
D u lu th
C ash
W h e a t.
. . . 1.12% 1.12% 1 .11% 1.12% 1 .11% 1 .11%
. . . 1.05% 1.05% 1.04% 1.05% 1.04% 1.04%
N o. 1 n o r th e r n ..
N o. 2 n o rth e rn ..
K a n s a s C it y C ash W h e a t.
. . . 1.11
. . . 1.16
N o. 2 h a rd ..........
No. 2 r e d .............
1.12
1.15
L iv e r p o o l
W heat
1.14
1.15
M in n e a p o lis
1.12
1.13
1.15
1.14
T e r m in a l
M ay Close.
6s ll% d
6s ll% d
7s
6s ll% d
6s ll% d
6s ll% d
July Close.
6s l l % d
6s l l % d
7s
6s l l % d
6s 11 d
6s l l % d
S to c k s .
W e e k ending
Feb. 4.
19,729
3,983,491
..........
..........
..........
..........
..........
9,S36,915
No. 1 hard . . .
N o. 1 northern
N o. 2 n orthern
N o. 3 ................
R e je cte d ........
Special bin ..
N o grade ........
Others ............
1.13
1.15
P ric e s .
...
...
,...
...
...
...
F riday, F eb. 3
Saturday, Feb. 4 ..
M onday, F eb. 6 ..
T uesday, Feb. 7 ..
W edn esda y, Feb. 8
T hu rsday, F eb. 9 .
13,840,135
163,000
4,754,186
151,716
T ota l ......................
M inneapolis decrease
D u lu th s t o c k s .......... .
D uluth increase -----
Y ea r ago.
2,592
4,130,597
627,742
11,066
56,576
7,901,258
136,003
..............
12,877,807
........ ..
..........
..........
W h e a t R e c e ip ts .
Fri., F eb. 3 ........ . .
Sat., F eb. 4 . . . . ..
Mon., Feb. 6 ----- . .
Tues. , Feb. 7 . . . . .
W ed., Feb. 8. .. ..
Thur. , Feb. 9. .. . .
M inneapolis.
D uluth.
C hicago.
Cars. Y ea r ago. Cars. Y ear ago. Cars. Y ea r ago
35
8
34
6
302
214
17
24
8
22
344
209
21
22
14
35
441
382
44
58
27
33
260
199
10
21
14
28
213
241
13
13
27
36
201
196
S ta te G ra in
In s p e c tio n .
T he fo llo w in g table sh ow s the d aily grad in g
receiv ed a t M inneapolis d u rin g the w eek ending
N o. N o.
1 N. 2 N. No. 3. N o. 4.
46
45
30
.............
12
T hu rsd ay ..............
63
45
39
F’riday ....................
65
38
58
..............
20
Saturday .............. .
101 118
82
M ond ay ................................ 35
28
37
7
16
T u esd ay ................ ..............
70
49
42
W ed n e sd a y .......................... 24
T ota l
................ .............. 116
245
335
390
of. the w h eat
W e d n esd a y :
No.
R ej. Grd. T ot.
1 164
30
2 216
49
1 214
32
401
7
58
1 109
30
29
6 220
228
18
Quiet Uneventful Market— Business Moderate and Gen
eral— Demand Light and Scattered
— Patent Prices Lower.
The week in the flour market was uneventful and gen
erally unsatisfactory. Business failed to manifest the im
provement anticipated, at no time rising above moderate
proportions and the daily aggregate of orders received by
the mills compared unfavorably with the trade of the cor
responding days of the previous week. The business was
of a very general character and shipping directions gave
no evidence of coming forward with any more freedom
than during recent weeks. A firmer wheat market today
brought in some buyers and the situation assumed a more
cheerful aspect, but there was nothing to indicate that the
improvement was more than temporary. Price changes
were comparatively few, a reduction in patents of 10c be
ing the only change.
First patents are quotable at $6.20(0)6.30; second pat
ents, $ 6@ 6.io; first clears, $4.15(0)4.35; second clears, $2.60
@2.70.
M in n e a p o lis F lo u r O u tp u t.
Barrels.
285,070
285,060
278.640
308,705
291,725
188,150
261,740
264,250
279,370
270,945
333.150
313,228
270,316
263,840
289,595
292,895
309,680
312,040
321,690
313.460
282,925
182,345
278.215
191,915
128.390
118.735
215.035
200,245
W eek ending—
February 4 ..........
January 28 ..........
January 21 ..........
January 14 ..........
January 7 ..........
December 31 ___
December 24 ___
December 17 ----December 10 ___
December 3 ........
November 26 . . .
November 19 ___
November 12 ..
November 5 . . . .
October 29 ..........
October 22 ..........
October 15 ..........
October 8 ..............
October 1 ............
September 24 . . . .
September 17 . . . .
September 10 . . . .
September 3 . . . .
August 27 ............
August 20 ..........
August 13 ............
August 6 ..............
July 30 ..................
,
Year ago.
165,630
319,295
325,830
305,285
328,635
165,255
177,185
341,460
388,015
410,130
454,150
364,025
417,615
376,730
371,210
369,960
290,500
189,870
130,995
216,189
338.025
261,126
294,280
242,515
240.050
290.495
282,200
246,005
E x p o r t S h ip m e n ts ,
W eek ending—
F’ebruary 4
January 28
January 21 ----Ja n u a ry 14 . . . .
January 7 ........
December 31 ..
December 24 ..
December 17 ..
December 10 ..
December 3 . . .
November 26 .
November 19 ..
November 12 ..
November 5 . . .
October 29 ___
October 22 . . . .
October 15 . . . .
October 8 ........ .
October 1
September 24 ..
September 17 ..
September 10 .,
September 3 ..
August 27 ........
August 20 ........
August 13 ........
August 6 ..........
July 30 .. . /J . . .
Barrels.
75,505
61,425
52,645
54,735
53,629
37,085
53,170
41,885
19,640
33,100
57,205
47,643
29.345
40,440
37.355
38,525
67,125
32,560
25.920
38,415
35,805
20,105
39,735
19,645
16,130
11,535
23,610
24,355
Year ago.
17,827
57,710
35,355
92,820
47,490
22,100
35,745
65,040
57,135
99,445
115,625
90,270
77,970
126,970
114.795
71,460
47,476
46.445
25,320
43.850
85,670
48.360
72,680
49,075
37,695
46,525
30.315
17,880
1324
R e p r e s e n ta tiv e S a le s.
T he fo llo w in g table sh ow s the highest, low e st an d average
price paid fo r cash w h eat a t M inneapolis during the p ast w eek :
N o.
No.
No.
2 N. No. 3. No. 4. R e j. Grade.
1 N.
.73
.93
1.03
1.10
1.13
..........
1.16%
F rid a y ....................
.73
.75
.99
1.15% 1 .12% 1.08
.70
.73
.92
1.03
1.12
1.15
.85
1 .11% 1.08 1.02
S aturday .......... ... .......... 1.15
.80
.98
1.14% 1 .11% 1.07
.85
.60
1.14% 1 .11% 1.05
.95
'.85
1.04
1 .12% 1.10
M ond ay ................ .......... 1.16
.98
.90
1.08
1.15% 1.12
'.76
.66
.90
1.14% 1 .11% 1.03
.96
1.03
.95
1.08
T u esd ay ................ .......... 1.14% 1.12
.88
.85
.98
1.07
1.14% 1 . 1 1
.82
.67
.80
1.14
1 . 1 0 % 1.04
1.04
.90%
W ed n esd a y .......... .......... 1.15% 1.13% 1.07
.82
.98
1.12
1.06
.62
.85
1 . 1 0 % 1.02
1.14
'.67
.87
T h u rsd ay ............. ........... 1. 14% 1 .11% 1.07% .99
.67
.97
.75
1.13% 1 .10% 1.05
.67
.54
.88
1.03
1.10
1 -12%
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, February u , 1905.
F L O U R A N D M IL L IN G .
P ric e s .
J u ly W h e a t.
Fri.
Feb.
3.
1.13%
.92%
l.OO1^
.86
1.13%
.90%
.96%
1.04%
WEST
A M ES-B R O O K S
CO.
D U L U TH , M IN N .
ThM A M E S - B A R N E S CO.
NEW YORK C ITY
THE
ZEN ITH GRAIN CO.
W IN N IPE G . M A N .
SH IP PE R S AN D GENERAL COM M ISSION
MERCHANTS.
THE
Saturday, February n , 1905.
COMMERCIAL
WEST
33
LONDON W HEAT REVIEW .
F. Lenders & Co., London, discuss the wheat situation
under the date of Jan ua ry 26, as follows: Markets since
our last have ruled firm, and prices have been well main
tained, in some cases fully 6d. advance being established.
Various reasons are assigned for the improvement, but
we think it can be explained on very obvious grounds.
The tenor of our recent reviews has been somewhat bull
ish, and our reasons, we hope, were clearly and fully
stated. Our contention was that after such a long period
of dullness in trade— approaching at times almost com
plete stagnation—an improvement would shortly, in the
ordinary course of trade, take place. W e also felt that
really good wheats were likely to become scarce as the
season progressed, which ought to stimulate purchases of
Australian and fine Russians, and this in turn ought to
favorably affect the general market. The continued mod
erate shipments, with the possibility of a continuance of
same until the Plate get into full swing, also should prove
a stimulating feature, and as a matter of fact a combina
tion of all these circumstances has brought about the im
provement we anticipated.
It is rather unfortunate that during the period when
depression was most marked, buyers refused to recognize
the probabilities of the situation, and, with one or two
exceptions, refused to operate until the market hacf
strengthened and quotations were raised. It was ever
thus, and thus we suppose it will ever be.
At time of writing the market is very firm, and it looks
as if prices would reach a still higher level. Moderate
shipments, with a dwindling floating quantity and Ameri
can visible supply, strengthen the position of holders,
whilst the indifferent quality of the new Rosario-Santa Fe
wheat tends to increase the value of good wheat in all
directions. Latest reports received from the Plate tend
to confirm the somewhat- gloomy accounts which were
circulated some time ago in reference to the crops of the
northern districts, and it is now extremely doubtful
whether the. surplus of the South will be sufficient to off
set the deficiency of the North, so that it is questionable
whether the entire crop will, after all, be equal to the l a s t . .
The report reaches us today that the rainy weather
at the end of last year did enormous damage, and the esti
mates are, that the yield in the provinces -of Santa Fe
and Cordoba will be only half the quantity of the previous
year.
Considerable a n x ie ty exists respecting the situation in
Russia, and further developments are narrowly watched
by British traders, who may be considerably affected by
the result. I f the strike movement should spread to the
southern ports, shipments m ay be seriously interfered
with. Then, again, there is the question of spring sow
ings, which will also become prominent later on. Fo r our
own part we may as well say that we do not anticipate
any interference with shipments from Russia, but if such
should be the case, we think it will be of only a temporary
character, and under any circumstances not sufficient to
affect the market.
FLAXSEED.
M IL L F E E D .
Situation Unchanged— Receipts Fall Off and Shipments
Marked Improvement In Situation— Good Trade In South
Increase— Some Activity Toward W eek’s
west and Large Export Sales— Eastern
Close— Prices Higher.
Markets Continue Weak-.
Conditions in the local market remain unchanged. A
good demand exists and the receipts are readily taken
while the price tendency continues upward. The market
is firm and as an increase in shipments and decrease in re
ceipts is noted, a further improvement in the demand for
cash should materialize.
To w ard the close of a dull and uneventful week char
acterized by the same features or lack of features which
have been manifest for weeks, a little flurry accompanied
by a price advance varied the monotony of the Duluth
markets. A demand from outside sources was in evi
dence and considerable seed is being shipped but the quan
tity of seed in store at the head of the lakes continues on
the increase, the stocks on February 4 being 7,680,228
bushels, against 7,665,956 bushels on January 28. Minne
apolis stocks on February 4 were 1,686,695 bushels as com
pared with 1,655,254 bushels on the preceding Saturday.
A marked improvement in the local situation has ma
terialized during the week and the Minneapolis market
is strong and active. The immediate cause of the bettered
conditions was heavy buying by a few interests but at
present the trade is generally good with an excellent de
mand from the Southwest and large export sales on a
domestic basis. The east dlone seems apathetic and the
situation in that section continues weak. The character
of the demand and the tone of the market leads many
dealers to the conclusion that the bottom has been seen.
C lo s in g
M inneapolis ca sh . . .
Y ea r a g o ..............
F ebru ary ..............
C h icago cash ............
S outhw est .............
F ebru ary ..............
M ay ........................
D u lu th cash ..............
M ay ........................
T
he
A
...
...
...
...
...
...
...
...
...
F la x P ric e s .
Fri.
Feb.
3.
I .2 314
1 .14%
I .2 314
1.22
1.16
1.16
1.20
1.24%
1.24%
lbert
Sat.
Feb.
4.
1.23%
1.14
1-23%
1.22
1 .16
1.16
1.20
1.24%
1.2-4%
Mon.
Feb.
6.
1.23%
1.13%
1.23%
1.22
1.15
1.15
1.20
3.24%
1.24%
W ed.
F'eb.
8.
1.24%
1.14%
1.24%
1.23
1.16
1.16
1.20
1.25%
1.25%
Thur.
Feb.
9.
1.24
1.15%
1.24
1.23
1.16
1.16
1.20
1.25%
1.25%
D ic k in s o n C
o.
FLAX SEED
GRASS SEEDS, CLOVERS,
BIRD SEED,
BUCK-WHEAT, ENSILAGE CORN,POP-CORN,
BEANS, PEAS, CRAIN BAGS, ETC.
M I N N E A P O L I S O F F IC E :
CHAMBER
OF C O M M E R C E .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Bran, in 200 lb. s a c k s ............................................................$14.00@14.50
B ran, in bulk ....................................................................... 1 3 .5 0 @ ........
S tandard m iddlings, 200 lb. s a c k s ............'....................... 14.00(5)14.50
F lou r m iddlings, 200 lb. s a c k s .......................................... 16.00@16.50
M ixed feed, 200 lb. s a c k s ...................................................... 16.50(5)17.00
R ed -d og , 140 lb. ju t e .............................................................. 17.00@18.00
M illstuffs in 100 lb. sack s 50c per ton over ab ove quotation s.
R e d -d o g in 100’ s 25c over.
Q u o ta tio n s o f M ills t u f f s , B o s to n
Tues.
Feb.
7.
1.23%
1.14%
1.23%
1.22
1.15
1.15
1.20
1.24%
1.24%
DEALERS IN
»13
Q u o ta tio n s o f M ills t u f f s in C a r L o ts , P r o m p t S h ip m e n t, F. O. B .
CHICAGO
B a s is , A il R a il S h ip m e n t.
Ton.
Bran, 200 lb. s a c k s ................................................................$19.40(5)19.65
Standard m iddlings, 200 lb. s a c k s .................................. 19.40@19.65
F lour m iddlings, 200 lb. s a c k s ........................................... 21.40@21.65
M ixed feed, 200 lb. s a c k s ...................................................... 2 2 .1 5 @ ........
R e d -d og , 140 lb. ju t e .............................................................. 22.40@23.40
M illstuffs in 100 lb. sack s 50c per ton over ab ove qu otation s.
R e d -d o g In 100’ s 25c over.
M IN N E A P O L IS C O AR SE GRAINS.
C o rn .
A sharp, falling off in the movement, generally attrib
uted to weather conditions but viewed by the bullishly in
clined as preliminary substantiation of their claims of
overestimated production and underestimated consump
tion, resulted in a rather narrow but firm market. With
only 72 cars in for the week, little more grain was avail
able than was necessary to meet the requirements of the
feed men and questions of rates and export demand were
subsidiary ones during the week so far as the local market
was concerned. The reported revival of foreign interest,
however, had its strengthening effect on the situation as
did the continued indications of unusually heavy consump
tion which cheap livestock and consequently increased
THE
34
COMMERCIAL
feeding requirements has caused throughout the country.
Most of the corn coming in went to the feed men, prices
moving up l/ 2c from 40 J2 to 41c for No. 3 yellow and from
30(0)400 to 40l/ 2c for No. 4 yellow. An increased interest
in the poorer grades was noticed. Receipts were 72 cars,
against 160 cars a week ago and local stocks on February
4 were 95,127 bushels, against 96,304 bushels on- the pre
ceding Saturday.
C lo s in g C o rn
P ric e s .
D a ily closin g p rices o f N o. 3 yellow corn in M inneapolis:
Y ear
ago.
F rid ay, F ebru ary 3 ...................................
40%
41
Saturday, F ebru ary 4 .................................................... 40%
41%
M onday, F ebru ary 6 ...................................................... 40%
40%
T nesday, F ebru ary 7 ...................................................... 40%
41 ~
W edn esda y, F ebru ary 8 ................................................ 40%
41%
T hursday, F’ebruary. 9 - .................................................... 40%
42
WEST
Saturday, February ir, 1905.
'caused a fractional price recession and dealers are finding
the grain less easy to sell than formerly. The demand
from shippers and distillers is still sufficiently good, how
ever, to absorb the receipts without any difficulty. For the
week, 36 cars were received as compared with 27 cars a
week ago and stocks on February 4 were 101,136 bushels,
against 89,892 bushels on Ja nuary 28. The price difference
between the grades is less pronounced than a week ago,
No. 2 selling at 76j^@77c and No. 3 at 74@76c.
C lo s in g
R ye P ric e s .
F rid ay, F ebru ary 3 ............................................
S aturday, F ebru ary 4 ........................................
M onday, F ebru ary 6 ............................................
T uesday, F ebru ary 7 ..........................................
W edn esda y , F ebru ary 8 ....................................
T hursday, F ebru ary 9 ........................................
Y ear
ago.
63
63%
62
62
62
62
76% @ 77%
76% @ 77%
76% @ 77%
75% @ 77%
74% @ 77%
74% @ 77%
O a ts.
Unfavorable weather retarded the movement during
the week and the comparatively light receipts in conjunc
tion with a good demand resulted in a firm market at prac
tically unchanged prices. Only 128 cars came in and the
shipping demand, although small for this season of the
year— February under normal conditions seeing the crest
of the shipping business—was entirely adequate to take
care of all the arrivals. The buying was practically mo
nopolized by shippers and the local elevator companies.
Unsatisfactory as the shipping situation naturally is—
in view of relative prices— some shippers have noticed an
improvement in the inquiry during the week. Cash prices
have moved up to within ij^ c under the M ay figures, No.
3 white selling at 2’B>l/ 2c and No. 4 white being salable at
Rjc less. Receipts were 128 cars, against 184 cars a week
ago and stocks on February 4 were 5,314,147 bushels,
against 5,258,443 bushels on Ja nuary 28.
C lo s in g
O a ts
P ric e s .
D a ily closin g p rices o f N o. 3 w h ite oats in M inneapolis:
Y ear
clftV.
F riday, F ebru ary 3 .......................................................... 28%
40%
S aturday,' F e b ru a ry 4 .................................................. 28%
40
M onday, F e b ru a ry 6 ....................................................... 28%
38
T uesday, F ebru ary 7 .....................
28%
39%
W edn esda y, F ebru ary 8 ................................................ 28%
39
T hu rsday, F ebru ary 9 .................................................... 28%
39%
B a rle y .
The situation in barley shows continued improvement.
Feed has been in strong demand, the chief stimulating in
fluence being the export inquiry from the Orient although
a good business has been done for domestic account, par
ticularly to the Southwest. One large local elevator com
pany has been a heavy buyer of feed grades during the
week, of which the destination is probably the F ar East.
Maltsters complain somewhat about the elevation of prices
but malting grades, although less active than feed, are in
good demand. Decreased receipts were an additional
source of strength to the market. Receipts for the week
were 198 cars, against 234 cars a week ago and stocks
on February 4 were 1,275,478 bushels, against 1,183,957
bushels the previous week. Malting barley sold at 38j/2@
45c and feed at 38^2(0)450.
R ye.
The situation in rye is not essentially different from
that of a week ago, but whatever changes have occurred
have not been in the direction of improvement. Increased
receipts and a perceptible slackening of buying interest
C o a rs e G r a in
in
M in n e a p o lis
W eek ending
Feb. 4.
Corn ......................................
95,127
O ats ........................................ 5,314,147
B arley .................................... 1,275,478
R y e .........................................
101,136
F lax ........................................ 1,686,695
D a ily
R e c e ip ts o f C o a rs e G r a in
Corn,
Cars.
F ri., F eb. 3 ................. 17
S a t.,-F e b . 4 ...................
7
M on.,
F eb. 6 ..............
40
T ues.,
F eb. 7 ............... 12
W ed.,
F eb. 8 ..............
14
T h u r.,
Feb. 9 ............... 15
Oats,
Cars.
28
21
45
13
29
16
E le v a to r s .
W e e k ending
Jan. 28.
96,304
5,258,443
1,183,957
89,892
1,655,254
in
Y ear ago.
135,285
1,916,602
1,589,785
34,475
1,690,659
M in n e a p o lis .
B arley, R ye,
Cars.
Cars.
36
8
26
7
49
10
39
4
40
7
31
3
F lax, D uluth
Cars. F’lax.
14
5
8
14
33
9
6
4
6
4
9
10
M in n e a p o lis W e e k ly R e c e ip ts o f G r a in .
R eceip ts o f grain at M inneapolis fo r the w eeks ending on the
dates given, w ere:
W e e k ending W e e k ending
F eb. 4.
Jan. 28.
Y ea r ago.
W heat, bu shels .................. 1,361,350
1,594,950
1,440,530
Corn, bushels .......................
124,230
133,900
82,800
Oats, bushels .......................
203,060
290,540
565,600
207,580
232,650
205,580
B arley, bushels ..................
R ye, bushels .......................
25,560
20.440
43,740
F lax, bu shels .......................
44,520
70,520
139,070
Milwaukee Grain Markets.
(S p ecial C orrespon den ce to T he C om m ercial W e s t.)
Milwaukee, Wis., Feb. 8.—There have been no new con
ditions entering upon the situation in wheat, which has
been steady and in fair demand for milling grades. A n y
thing else has been stationary and unsalable, with the re
sult that there has been considerable accumulation. No. 1
northern quoted at $1.15(0)1.16, No. 2 northern at $ i . i o @
1 . 1 4 , No. 3 spring at 8 oc@ $ i .o9 and No. 4 spring at 6o@
80c. *
R ye is advancing, prices gaining R j@ lc with an active
demand for the better qualities. No. 1 sold at 8 i J^ @ 8 2 U c,
No. 2 at 76@8 i t/2C, and No. 3 at 7i@ 77’c. There is little
coming into market.
Oats are firmer and there is an active demand, even
the ordinary qualities selling more freely. No. 2 white
ranged at 32@ 32Uc, standard at 3ip2@32c, No. 3 white at
30j/2@3ij4c and No. 3 at 28j^@3oc.
Weakness continues to prevail in the Milwaukee barley
market, with the really choice malting grades leading in
the break. Malt is very weak and dull, and maltsters are
not carrying a big line of barley but the product as well.
E x tra 3 sold at 43@5oc, No. 3 at 38(0)450 and No. 4 at 36(a)
43 CFlour is so dull that millers hate to discuss the situ
ation. Prices are unchanged at $6.00 for patents and $4.05
@4.15 for rye in wood. Millstuffs are 75c per ton higher
at $16.00 for sacked bran and $15.75(0)16.00 for standard
fine middlings.
J. ROSENBAUM GRAIN COMPANY
(INCOR PORATED)
GRAIN
MERCHANTS
ORDERS FOR FUTURE DELIVERY SOLICITED
ROLLIN
E. S M I T H
G R A IN C O M M IS S IO N
C H IC A G O
HARRIS,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
CORRESPO NDENTS
SCOTTEN
CO.,
37
C H IC A G O
& CO.
C H A M B E R OF C O M M E R C E ,
M IN NEAPO LIS.
B o a r d of T rade
THE
Saturday, February ir , 1905.
COMMERCIAL
35
WEST
CO M M ERCIA L W EST M ARKET REVIEW S.
- E. W'. W a g n er, C hicago, F eb. 8: It has n ot alone been an
error to figure “ fa rm re se rv e s” sufficient to p reven t high prices,
bu t a still g reater error to con clu d e w h eat p rod u cers w ere m ere
ch a rity laborers, w h o are satisfied w ith a bare living. It has
all the tim e seem ed th at w h o e ve r could figure out ju st enough
w h ea t to save us fr o m a fa m in e had d iscov ered sufficient to
fu rn ish all the w orld w ith a bou n tifu l fea st, and that the fa rm er
could n ot p ossibly k n o w enou gh to drive a ba rgain fo r his
w h eat w ith m ercan tile foresig h t. A ll that class are n ow d rop
p in g ou t o f the stru ggle poorer, but sadder an d w iser m en. T h ey
have d iscov ered that, becau se it has been d isastrous to them to
sell, it is n ow d an gerou s fo r others to bu y w heat.
G oin g righ t stra ig h t up ag ain st palaver o f this kind, I believe
this is the reason a b ove all others that m akes the p u rch ase of
w h eat sa fe an d w ill m ake it v e ry profitable. In sp eculation you
w ill m ake y ou r m on ey alw a ys out o f other p eople’s fa ilin g s and
v ice s ; and never out o f their co rre ct notion s an d virtu es. N o
one w ill try so hard to g e t you w ron g as he w h o has been and
still is w ro n g him self. T h a t’ s the co m p a n y that m isery loves.
W h en w h eat w a s v e ry low and the v isible w a s enorm ous, e v e r y
one w as load ed w ith it and you w ere told to buy becau se it w as
all in sight, in the sh ow w in d ow s, on the ba rgain coun ters, and
th erefore there w a s n oth in g m ore to com e into m arket.
F or a
y ea r past, w h ile the p rice has been good, an d is n ow called high
an d the v isible is sm all, y o u have been told to sell becau se there
w as v ery little in sight, a s it w as all b a ck in fa rm e rs’ hands
an d m u st com e fo rw a rd and seek a m arket. D o n ’ t you rem em
ber th ose tim es? D o n ’ t you kn ow this is tru e? Y ou do, if you
w ere here then. l o u are g e ttin g the sam e stu ff now . It lost
y ou m on ey then and it is losin g you m o n e y now . G et righ t!
A s I see it, the situation in w h eat is strained, but the p rice
is not. T he p rice an d the supply do not y e t harm onize, but they
m ust. T he q u an tity and the value are a t ou ts; how can th ey be
m ade to a g re e ? T h ere are but tw o w a y s; either the p rice m ust
a d v a n ce or the q u an tity m u st enlarge. W h ic h is likely 'to first
h a pp en ? The p rice m igh t ad v an ce tom orrow or n ex t w eek and
equ alize the con ten d in g fo r c e s ; the n e x t crop can n ot produce
that result b y in crea sin g the q u an tity fo r som eth in g nke six
m onths. D o n ’ t be “ too lu ll o f the m ilk o f hum an kindness to
ca tch the n earer w a y .” B u y an d restore the m a rk et’ s and your
ow n equilibrium .
4*
Joh n H . W re n n & Co., C hicago, F’eb. 8: W h e a t has been
dull and low er. T he v olu m e o f business b ein g v ery sm all.
T h ere w as som e com m ission hou se bu yin g o f July, an d selling
o f sam e w as b y people w h o bou gh t early in this late ad v an ce
on that delivery.
T he w eath er con d ition s w ere n ot in fa v o r
o f an y fu rth er ad vance, there bein g a con tin u a tion o f sn ow s
in the w in ter w h eat states. P rim ary receip ts w ere a g a in under
last years, ex p orts v e ry light, K an sas C ity reported a dem and
fo r w h eat there, M inneapolis said the flour business w as dull,
T he d irectors o f the St. Douis e x ch an ge have decid ed to p erm it
O regon red w in ter w h eat d eliverable on con tra cts. T he w orld ’ s
stock s o f w h eat fo r Ja n u a ry d ecreased 9,738,000 bushels. T he
w orld ’s v isible on F ebru ary 1st, 179,900,000, a g ain st 169,718,000
bushels la st year. R u ssian stock s o f w h eat in January sh ow
an in crease o f 3,700,000 bushels ag a in st a decrease o f 7,500,000
in 1904. T h is m eans that R u ssia is g o in g to con tin u e to ship
w h eat.
*
H
s *
M ilm ine, B od m an & Co., C hicago, F eb. 8: T he op en in g in
w h eat w as a sh ade lo w e r as a result o f m ore sn ow in the
w in ter w h ea t belt and low er cables. T here w as som e c o m m is
sion hou se dem and, w h ich stead ied the m arket fo r a tim e, but
this let up, the scalp ers and p ro fe ssio n a ls w ere ag ain st it, and
it w ork ed o ff sligh tly un til o n e -h a lf hou r be fo re the close w hen
general liqu idation set in, an d the close ton ig h t is a t the b o t
tom , $1.00% fo r July, and $1.16% fo r M ay. T he new s w as
“ b ea rish .” T he cash dem and had let up every place, and the
receip ts in the N orth w est w ere larger than expected. India,
A rg en tin a and R u ssia are ap p aren tly able to su pply all the
w an ts o f E urope, an d it becom es a qu estion o f local supply and
dem and. T h ere w as n oth in g to in d icate an y selling b y the E a s t
ern “ bu ll” clique, and there w as n o su pport given the m arket
b y them . A p p aren tly th e y are le ttin g it take its ow n course.
T on ig h t it I o o k s w eak, but w e w ou ld be cautious about g ettin g
en th u siastic on the “ b e a r” side, as w e have seen num erous
breaks sim ilar to this.
*
* *
J. R osen b a u m Grain C om pany, C hicago, Feb. 8: T he past
w eek has w itn essed qu ite general sh iftin g o f sp eculative in ter
est fro m the M ay op tion to July, and trade has been on a very
liberal scale w ith a d v a n cin g p rices the fore p art o f the w eek,
w ith ab ou t a 2c re a ctio n lately. T he bu y in g w as quite general
becau se o f the extrem e cold that exten ded ov er the entire w inter
w h eat belt. T he past fe w days, h ow ever, sn o w has fallen in
liberal qu antities, an d the p lan t is now w ell protected . C om
m ission houses, w h o a c t fo r the clique in M ay w heat, bou ght
fre e ly o f Ju ly and this cau sed a general tailin g on b y local
op era tors. T he a d v a n ce w as helped con sid erably b y the c o n
v ictio n that the relative d ifferen ce betw een the tw o op tion s w as
too g re a t and, therefore, July w as a better purch ase than M ay;
w ith this v ie w w e do n ot agree. M ay is an old crop and sales
m ust be filled b y d eliveries o f old w heat. July, on the other
hand, is a new crop p rop osition, and should n oth in g un tow ard
happen, m igh t sell a g reat deal below present p rev a ilin g p rices.
S om e stress is laid on the fa c t that deliveries o f new w h eat
in Ju ly at C h icago fo r several years p ast have been sm all, but
con d ition s n ow are m aterially chan ged. W ith E urope c o m
p letely out o f line w ith us on export business, and A rgen tin a
su pp lyin g large qu antities a w a y be lo w our level, w e ca n n ot see
h ow p resent p rices fo r Ju ly can be m aintained. T he early
m ovem en t o f K an sas an d O klah om a w h ea t has usually been
b y w a y o f g u lf p orts fo r export, therefore, unless an ex p ort d e
m and should develop, large qu antities o f n ew w h eat w ou ld
be diverted to this m arket, and the result will be a consid erable
decline. W e believe the p resen t tim e a fa vora b le one to put out
sh ort sales o f Ju ly and S eptem ber w heat, and con fid en tly pred ict
handsom e p rofits be fo re the e x piration o f either option.
*
*
*
*
*
E d w ard G. H eem an , C hicago, F eb. 8.— T he late ad van ce in
Ju ly w h eat w a s sim ply a d em on stration ag ain st a sleep ing sh ort
in terest and the purpose has been a ccom p lish ed . Shorts have
p retty w ell covered and th ere h as been crea ted quite a lon g
interest. W h ile it is argued that no g rea t am ou n t o f n ew w heat
can be g otten h ere in July, the fa ct m ust be taken in to c o n
sid era tion that sin ce N o. 2 hard w in ter w h eat has been d eliver
able on con tra cts in our m arket, w e have had tw o w e t h a r
vests, 1903 and 1904, but w ith a fa ir crop in the Southw est,
and norm al w eath er during June and July, and an y th in g like
d ollar w h eat, it m ay su rprise m an y to see h ow m uch new w h eat
can be brou gh t here in July. N o one is able as y e t to tell a n y
th in g ab ou t the new crop, bu t record s w ill sh ow that the b ig
g est an d b est crop s o f w in ter w h ea t ev er g row n w ere seeded
in the dust. It m eans the plant roots deeply and is ab le to
w ith stan d the usual v icissitu d es b etter than w h en seeded in
the w et. In the latter case th e plant stools to o near the su r
fa ce. F u rth erm ore, d ry fa lls are in variab ly follow ed b y plenty
o f snow , like this w inter, and an a b u n d an ce o f m oistu re in the
spring, and it w ill p rob ably turn ou t as usual, th at those w h o
bu y too early, or in F ebruary, on ex p ected crop dam age in
M arch or A pril, w ill have to sell out a t a loss. I ca n n ot advise
b u y in g July w h ea t sim ply becau se it is a d iscou n t. In 1898
it w as selling at 60c under the M ay, bu t declin ed 60c m ore. L a st
year in F ebru ary it w as ab ou t 10c d iscou nt. N evertheless later
declin ed m ore than 15c. It w ou ld be an oth er m a tter if the p rice
w as around or under 80c.
*
*
*
W . P. A n d erson & Co., C hicago, F'eb. 4.— T h e m ark et has
ruled n erv ou s w ith in l % c range fo r M ay and 3% c range fo r
July, M ay closin g l % c higher, Ju ly 3 % c h igh er than last S atu r
day. T h e volu m e o f trade in July has increased m aterially,
som e of the p u rch ases bein g cred ited to the la rg e h old ers of
May.
T h e latest rep ort fro m W a sh in g ton g iv es the a ttorn ey g e n
eral’ s op in ion upon the rem ission o f d uties paid on im ported
C anadian w h eats w h en re-ex p orted , ground, blended w ith A m e r
ican w heats, g ives this privilege and a d v an tag e to N orth w estern
m illers, w h ile it w ill p erm it o f larger flour exports, it w ill also
a llow larg er qu antities o f co n tra ct w h eats rem aining to d e
liver upon M ay con tra cts. A g a in the rum ors o f the co n ce n
tra ted h old in gs bein g liqu idated have b een freely circulated,
bu t w e believ e the im porta n t lines have been little if an y d i
m inished.
M in n ea polis-D u lu th receip ts fo r the w eek 1,691 cars, last
w eek 2,107 cars, and their stock s w ill d ecrease ab ou t 50,000
bushels fo r the w eek. St. L ou is d ecrease ab ou t 100,000 bushels,
w ith K e n tu ck y m illers a lread y com m en cin g to d ra w supplies
from that m arket, there should be a ctiv e com p etition fo r their
2,975,000-bushel stock .
W e are close to the season o f freezin g and th a w in g tem p era
tures, w h ich w ill stim u late the Ju ly a ctivity . M ay w h eat c o n
g estion look s like cau sin g som e sharp advances.
*
*
*
Irw in, Green & Co., C hicago, Feb. 7.— It n ow seem s probable
that th e near fu tu re o f prices of w h eat fo r M ay in this m arket
w ill depend en tirely on the attitu d e o f the p a rty supposed to be
the prin cipal “ lo n g ,” b eca u se there is little d isposition on the
p art of oth ers to m ak e n ew trades fo r that m onth. A tte n tion
n ow is cen tered on the “ Ju ly,” and it w ill be strange if the
d iscou n t on that is n ot n a rrow ed to v e r y m u ch less than the 15
cen ts o f today. So fa r as the m arket range fo r the la tter m onth
d epends on the cash dem and it m ay be regarded as certain that
it will have a stron g upw ard tendency, independently o f any
dem and that m a y be m ade upon us to su pply E'uropean w ants.
It goes w ith ou t sa y in g that th e p rosp ect o f an oth er sm all crop
w ou ld v a stly stim u late the m arket, and up to date the chan ces
fo r th at crop are fa r from bein g good, fo r reason s hin ted at
above.
A lrea d y the flour m ark et is rising, and th e m illers
(th a t is, som e o f them ) appear to be d oin g th eir best to keep
d ow n the prices o f w heat, w h ich is p retty good cog en t p roof
that th ey ex p ect to have to bu y a great deal m ore o f it. W e
note that a n x iety ov er a possible interru ption o f shipm ents
from R ussia, ow in g to rev olu tion ary excitem en t, is fa r from
h a v in g vanished, and th at current hints of “ p olitical trou ble in
A r g en tin a ” m ay prove to be an oth er um bra a tten d in g the p ro
cession o f “ C om in g events (w h ich ) ca st their sh adow s b e fo re .”
TO C A L IF O R N IA F IR ST CLASS.
Improved service over the Minneapolis & St. Louis
Railroad. Through palace sleepers connecting at Kansas
City Union Depot with the fast limited trains over the
Santa Fe and Rock Island Roads. The only line with
through sleepers. Fo r tickets and reservations call at
Minneapolis & St. Louis Ticket Offices.
*
S idn ey C. L ov e & Co., C hicago, F eb. 3: T he w h eat trade
ap p ears to be su fferin g fro m a severe a tta ck o f nervous p ro s
tration .
It is epidem ic, and n eith er the bulls n o r bears are
im m une. T he fo rm e r are u n n erved b y the inherent fe a r that
the leaders w ill slip out o f th eir holdings w ith o u t p reviou sly
con su ltin g them , w h ile the bears have fou n d their a ttem p ts to
an ticip ate su ch action, a t least, p rem ature, and d ecid ed ly u n
profitable.
W h y the lo n g side should be aban d on ed b y those w h o have
sto o d it thus far, is not quite clear, n o r do w e see an y eviden ce
o f su ch lack o f confidence. T he sta tistica l fa cto rs, w hile in
individu al in stan ces perhaps con tra d ictory , as a w h o le , continue
to em ph asize the stren gth o f the d om estic situation, and w e a n
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ticip a te the near fu tu re w ill m ore clearly d em on strate this,
an d v in d ica te the b elief that sc a r c ity o f con tra ct grades is not
only a fa ct, bu t will be the real basis o f a h igh er level, in d e
pendent o f the so-ca lled , though in our ju d gm en t, m iscalled
m anipulation.
The leg itim a te elem ents, m ixed in p rop er p rop ortion s w ith
the speculative, are crea tin g a force, w h ich m ay b ecom e irresistable.
T hese argum ents ap p ly w ith a lm ost equal righ t to the July
op tion . It has been un usually popu lar to sell Ju ly w h eat on the
price, and in h ed g in g operation s, until the sh ort in terest has
reached large p rop ortion s in this m arket. T he tim e fo r the a n
nual crop d isaster ap p roach es. R u m blin gs of the sam e are a l
read y in the air. Ju ly w h ea t is not essen tially a n ew crop
fea tu re, and w ith a p rosp ect o f depleted, if n ot exhausted su p
plies in M ay, this op tion w ill be pecu liarly sen sitive to an y
attem p ted sp ecu lative bu yin g, or to an y u n fav orab le new s, r e
gard in g new supplies from the g row in g crop.
W e ad v oca te the b u y in g side of both M ay and Ju ly w heat.
IM P R O V E D
SE R V IC E TO K A N SA S
C A L IF O R N IA .
C IT Y
AND
Through palace sleeping cars will leave St. Paul at
9:00 a. m., Minneapolis 9:35 a. m., except Sundays, mak
ing connection in Kansas City Union Depot with the
“ California Lim ited” aqd “ Golden State Lim ited” trains.
This is the only line operating sleeping cars connecting
with the California Limited trains. F o r ticket and berth
reservations call at Minneapolis & St. Louis Ticket
Offices.
36
THE
COMMERCIAL
W E S T C A N A D A ’S G RAIN M O V E M E N T .
(S p ecial C orresp on den ce to T he C om m ercial W e st.)
Winnipeg, Feb. 6.— The total amount of wheat in
spected here from Sept. 1, 1904, the beginning of the
present crop year, up to and including Jan. 31, the first
five months of the crop year, was 26,616 cars or 27,946,800
bushels, compared with 24,595 cars and 24,840,950 bushels
in the corresponding period the previous year, and 31,851
cars and 31,851,000 bushels from Sept. 1, 1902, to Jan. 31,
1903.
Of No. 1 hard grade only 155 cars were inspected of
the 1904 crop, compared with 476 cars of the 1903 crop
and the enormous total of 14,719 cars in 1902. T w o north
ern also shows a big falling off, but three and four northern are considerably in excess of previous years. The
percentage of the higher grades of wheat inspected in
the three years compares ; as follows:
G rades—1904. 1903.
1902.
1.89
19.45
29.50
27.68
21.48
Tacoma, Feb. 6.—Contracts have been signed up by
the farmers of Lewis county so far for about 400 acres
of flax for the proposed flax factory to be located at Chehalis and the factory is now practically assured. The in
dustry being new to the ranchers, they did not, at first,
take very kindly to it. When it was proved by reports
from the Agricultural Department of the Government that
Washington is well adapted to the successful growth of
flax, the farmers took hold of the proposition, and it is
now only a matter of time until the required acreage will
be subscribed.
It is the purpose of the company at the start to sep
arate the fiber from the seed and stalk and ship it east to
the linen mills. Later they expect to put in oil mills for
the manufacture of linseed oil. When the acreage is suffi
ciently large, the company will put in spinning wheels
and machinery for a complete linen factory.
46.21
29.09
11.19
8.02
5.49
F L O U R FOR R USSIANS.
Up to a few days ago the total number of cars of Canadian wheat exported to the States was 1,002 or 1,052,100
bushels.
Below is given in detail the total of the different grades
months of the crop
years 1904, 1903 and 1902:
Wheat—1904.
1903.
1902.
No.
h a rd .
155
476 14,719
No. northern
2,746
4,783
9,268
No.
No.
No.
e x tr a .
No.
No.
F eed ..................
F eed t w o ..........
R e je c te d one .
R e je c te d tw o ..
N o grade ........
R e je cte d ..........
C ondem ned .. .
S creen in gs . . . .
7,737
6,577
1,715
2,082
1,497
711
145
449
450
1,977
340
T ota l w h eat
Oats—
E x tra N o. 1 . . .
No. 1 ................
N o. 2 ...................
No. 3 ................
R e je cte d ..........
N o g r a d e ..........
Feed ...................
C ondem ned . . . ,
AN
IR R E G U L A R
7,146
6,810
664
1,128
464
388
273
1,302
65
152
285
171
11
86
8
21
. 26,616
24,595
31,851
4
238
171
336
109
20
364
347
38
73
36
29
.
.
.
200
8
3
W HEAT
(S p ecia l C orrespon den ce to T he C om m ercial W e st.)
Portland, Feb. 4.— Notwithstanding the activity of the
Japanese fleet, vessels continue to load on the Pacific
Coast for Vladivostok. Advices were received in Seattle
today that the British steamer Forest Brook sailed from
Maji, Japan, on Ja nuary 10 for either Portland or Seattle,
to load for the Russian port.
A t least three vessels which have sailed from San
Francisco in the past sixty days with grain for Vladivo
stok have been captured by the Japanese. It is under
stood that the Albers Bros. Milling Company, of Port
land, has contracts to send many tons of grain to Vladi
vostok. The Forest Brook is heavily insured against
seizure by the Mikado’s ships.
3,562
2,555
1,749
8
Holland imported net in December 696,000 bushels
wheat and 744;°°o sacks flour, equalling together 912,000
bushels wheat. The net importation of the two articles in
the five months ending December was 7,456,000 bushels,
compared with 8,328,000 bushels in the corresponding pe
riod of last season.
1
10
3
21
BARNIJM CRAIN COM PANY
MARKET.
(S p ecial C orrespon den ce to T he C om m ercial W e s t.)
New York, Feb. 7.—Wheat rules alternatively strong
and weak, and the fluctuations in our M ay during the past
week has ranged within about 1 cent. The opinion of
traders here is very changeable, but it is,safe to say that
the sentiment is generally bearish; which may be attrib
uted to the absence of export business, a poor flour de
mand, and also owing to their not being in close touch
with the milling trade of the Northwest.
. While many are of the opinion that wheat is too high
at piesent, yet they would not think of selling M ay short,
as it appears to be so easily controlled. If there should be
any serious impairment to the winter wheat crop, the
bearish feeling now prevalent would quickly disappear,
and the discounts at which the Ju ly and September are
selling would not be near so great.
New Y ork exporters are not cabling on Manitoba
wheats for export, and state that the business is too far out
of line. It is more than likely that American millers will
require all the Manitoba springs which can be spared this
year. Manitoba No. 1 northern on the spot is offered at
$ i . n j ^ f. o. b. ocean vessel at New York.
A good business is doing in No. 2 corn from New
York, and today 16 loads were worked at 51 J j to 51^3
f. o. b. ocean vessel prompt loading.
There are many orders in the market from abroad to
day, but limits are about L cent out of line.— The AmesBarnes Company.
According to official statistics Germany imported for
home consumption from Aug. 1, 1904, to Jan. 15, 1905, 34,296,000 bushels wheat and exported 3,992,000 bushels the
net import for the period being thus 30,304,000 bushels.
In the corresponding period of last season the net quantity
was 31,336,000 bushels.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, February n , 1905.
F L A X F A C T O R Y IN W A S H IN G T O N .
(S p ecial C orresp on den ce to T he C om m ercial W e s t.)
N o 1 h a r d ..................................
N o. 1 northern ......................
No. 2 n o r th e r n ........................
N o. 3 n o rth e rn ..........................
O ther g rades ..........................
WEST
MINNEAPOLIS
AND DULUTH
Grain and Commission
Merchants
W. P. ANDERSON & CO.
COMMISSION MERCHANTS
GRAIN
AND
PROVISIONS
Consignments Solicited
Ground Floor, 4 Sherman St.
CHICAGO, ILL.
_____ ___ ._ _ w
(
E S T A B L IS H E D
1870
----------------------------------------------------------}
W. R. Mumford Co.
COMMISSION MERCHANTS
GRAIN, PROVISIONS, STOCKS AND BONDS
C H IC A G O , 4 2 8 - 4 3 0 R IALTO B U IL D IN G
M IN N E A P O L IS , 79 C H A M B E R OF C O M M E R C E
S T . L O U IS , 3 0 6 C H A M B E R O F C O M M E R C E
K A N S A S C ITY , 6 0 6 B O A R D O F T R A D E
NEW YORK, 200 PRODUCE EXCHANGE
ACCOUNTS
OF S P E C U LATIVE
IN V E S T O R S
AND
HEDGERS
S O LIC IT E D
L i b e r a l A d v a n c e s on C o n s i g n m e n t s of G r a i n , S e e d s , H a y , Et c .
c
MEMBERS
OF
ALL
EXCHANGES
■ W\l
THE
Saturday, February n , 1905.
COMMERCIAL
WEST
37
V is ib le
G E N E R A L ST A T IS T IC S .
C e re a l E x p o r t s b y P o rts .
F lour,
T his
w eek.
F rom
N ew Y o rk ___ 22,332
P hilad elp hia .. 3,929
, 13,591
B altim ore
B oston ............. . 2,475
N ew p ort N ew s. *59,542
N orfolk ............
P ortlan d, M e ..
N ew Orleans .
G alveston .......
M obile . . . ____ . 2,630
San F ra n cisco . , 7,023
P ortlan d, O r e ..
T a co m a ..........
. 6,000
St. John, N. B . . 11,900
B ra d stre e t’s.
bbls.
W h eat, bush.
L ast
T h is
L a st
w eek.
w eek.
w eek.
39,980
46,229
..........
3,912
..........
28,215
23,892
54,959
11,221
............. ...
Corn,
T h is
w eek.
861,281
68,570
743,972
300,977
*
_________
64,000
10,555
11,638
12,000
17,000
104,000
10,500
140,000
T ota l .......... .129,442 151,270
♦Tw o w e e k s’ shipm ents.
362,959
C e re a l E x p o rt s , w it h
473.280
25.000
bush.
L a st
w eek.
453,777
91,999
779,488
124,042
.................
102,227
128,000
50,153
.......... 1,813,000 1,419,000
.......... *916,000
14,200
..........
18,270
led on o
..........
63,000
32,000
51,000
420,872 5,302,503 3,035,733
D e s tin a tio n s .
T h e ex p orts o f w h ea t an d co rn (in bu shels) and o f flour (in
ba rrels) fr o m the U nited S tates and C anada (c o a stw ise sh ip
m ents in clu d ed ), w ith ports o f d estin ation, fo r the w eek ending
J a n u a ry 26, 1905, fo llo w :
To
W h ea t.
Corn.
F lour.
2,266
349,004
L iv erp o o l ............................................ 40,000
21,213
334,073
L on d on ................................................ 134,892
2,135
34,172
B ristol ..................................................................
34,720
214,000
G lasgow ............................................... 40,000
L eith ...................................................................
6
H u ll ......................................................................
162,858
N ew castle ...........................................................
140,445
M an ch ester .......................................................
B elfa st .................................................................
5,786
133,010
D ublin .................................................................
715
42,857
O ther U nited K in g d o m .................................
U nited K in gd om , o rd e rs................................
168
225,734
A n tw erp .............................................. 39,980
1,287
422,867
H ollan d ...............................................................
102,857
F ra n ce ................................................................
2
190,953
G erm any ............................................................
P ortu ga l, Italy and S p a in ...........................
1,920
582,639
S can d in a via .......................................................
29,100
A sia ...................................................... 16,670
8,122
1,097
A fr ic a ..................................................................
32,896
34,238
W e s t Indies ......................................................
A u stra la sia .......................................................
24,712
4,628
A ll o t h e r s ...........................................................
T ota ls .............................................. 271,542
2,975,432
165,048
In a d d ition to the ab ove, 68,525 bushels o f oats an d 272,670
bushels o f b a rley w ere exported.
W h e a t and
C o rn E x p o r t s , In B u s h e ls .
January 5 .......................
Ja n u a ry 12 ......................
J a n u a ry 19.......................
Ja n u a ry 26 ....................
F eb ru a ry 2 ...............
(Bradstreet’s.)
1903.
1904.
868,741
710,562
476,231
844,818
429,158
787,167
779,239
650,399
1,123,871
700,082
1,101,118
652,811
1,410,412
857,517
1,809,885
797,898
1,392,214
449,151
1,459,936
346,927
1,688,282
148,051
1,391,625
139,978
29,629
1,520,941
364,841
1,098,951
641,945
276,989
453,713
637.857
816,054
1,862,893
925,085
1,582,342
1905.
1904.
3.186.532
1,249.599
2.932.014
977,769
3,186,529
1,150,202
3,035,733
1,469,396
5,302,503
1,411,185
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
D etroit .......................
D uluth ........................
F t. W illia m , O n t ...
G alveston .................
Indian apolis ............
K an sas C ity ............
M ilw aukee ................
M inneapolis ..............
M ontreal ...................
...
579,000
.. . 4,754,000
. . . 3,504,000
...
105,000
. ..
288,000
. . . 1,484,000
. ..
919.000
.. .13,849,000
56,000
............... . .. 1,444,000
N ew Y ork
o f G r a in .
W e e k ending
Feb. 4.
AVheat,
Corn,
bu.
bu.
989,000
759,000
801,000
314,000
3,010 000
1,590,000
3,186,000
1,481,000
P hilad elp hia ............
22,000
P ort A rth ur, O n t. . . . . . 1,530,000
St. L ou is .................. .. . 2,955,000
188.000
T oled o ........................ . . .
140,000
17,000
T ota l .................... .. .38,979,000
L ast y ea r .................. . . .39,200,000
Oats ..........................
R y e ..............................
B arley ...................... .
79,000
54,000
221,000
92,000
404,000
335,000
95,000
52,000
2,203.000
973,000
W e e k ending
Jan. 28.
Corn,
W heat,
bu.
bu.
1,030,000
798,000
668,000
275,000
3,000
3,470,000
L590.000
2,995,000
1,511,000
586,000
4,602,000
3,240,000
130,000
294,000
1,473,000
929,000
14,004,000
56,000
170,000
717,000
158,000
863,000
1,509,000
27,000
1,520,000
3,038,000
179,000
86,000
38,000
290,000
199,000
465,000
309,000
96,000
55,000
2,781,000
896,000
177,000
733',000
148,000
713,000
16,000
11,395,000 39,387,000 11,682,000
8,061,000 39,760,000
7,190,000
T h is Year.
L ast Y ear.
8,596,000
1,085,000
4,772,000
Portland Grain Shipments.
(S p ecia l C orresp on den ce to T he C om m ercial W e s t.)
Portland, Feb. 4.—Total wheat shipments from Port
land in January, including the cerea^ sent both foreign and
coastwise, reached 20,353 bushels. In January, 1904, the
amount dispatched was 442,134 bushels. Fo r the cereal
year to date, the figures are 2,400,195 bushels, and for the
same period last season the exports were 3,169,132 bushels.
Flour sent to the Orient and California last month ag
gregated 28,710 barrels, and a year ago the shipments
were 48,337 barrels. Fo r the season to date the exports
have been 589,468 barrels, and for the preceding period
they reached 766,188 barrels.
F lo u r E x p o rts .
(Bradstreet’s.)
The quantity of wheat (including flour as wheat) exported
frdm United States and Canadian ports for the week ending
with Thursday Is as follows in bushels:
1902.
1901.
1904.
1903.
4,406,064
6,276,299
3,131,839
September 1 ................... 1,830,511
5,444,146
6,648,609
3,045,040
September 8 .................. 1,995,621
3,840,574
1,909,083
5,435,323
September 15 ................
935,834
4,470,352
3,050,430
5,077,070
September 22..................
864,375
6,195,749
6,870,578
4,082,681
September 29 ................ 1,182,293
4,719,898
2,378,722
5,645,779
October 6 ...................... 1,105,928
5,536,073
2,865,610
5,240,688
October 13 ...................... 1,357,175
4,952,134
7,060,137
4,265,080
October 20 ...................... 1,066,462
5,997,620
6,672,888
4,094,873
October 27 ...................... 1,479,613
5,469,645
5,715,555
4,340,281
November 3 .................. 1,482,202
4,983,734
4,440,160
3,659,823
November 10 .................. 1,459,276
2,974,227
5,277,672
5,518,930
November 17 .................. 1,289,642
3,851,767
5,117,478
4,179,685
November 24 ................ 1,332,366
4,201,504
4,604,846
5,704,440
December 1 .................. 2,101,773
4,607,610
3,879,809
3,761,047
December 8 .................. 1,139,369
4,332,832
3,363,035
3,256,037
December 15 .................. 1,444,890
2,335,606
3,560,486
4,291,543
December 22 .................. 1,080,708
2,915,236
3,336,206
4,818,471
December 29 ..................
981,140
1904.
1903.
1905.
1902.
3,567,710
1,369,323
5,098,051
January 5 ........................ 1,411,947
4,690,202
2,771,215
4,878,624
January 12 ......................
700,950
3,538,192
3,639,679
3,538,757
January 19 .................... 1,138,974
2,017,602
4,420,065
3,702,368
January 26 .................... 1,101,587
2,604,226
3,965,916
February 2 ....................
945,358
4,880,457
S ep tem ber 1 ..................
S eptem ber 8 ..................
S ep tem ber 15 ................
Septem ber 22 ................
S ep tem ber 29 ................
O ctob er 6 ......................
O ctob er 13 ......................
O ctob er 20 ......................
O ctob er 27 ......................
N ov em b er 3 ..................
N ov em b er 10 ..................
N ov em b er 17 ..................
N ov em b e r 24 ................
D ecem b e r 1 .....................
D ecem b e r 8 ..................
D ecem b e r 15 ..................
D ecem b er 22 ..................
D ecem b er 29 ............
In Store at—
B altim ore ................. . . .
B oston ...................... . ..
...
...
C hicago ...................... . . .
S u p p ly
1902.
21,196
91,512
49,508
74,952
141,423
180,358
180,674
84,564
153,205
130,847
281,901
243.381
255,174
1,151,563
1,301,286
1,526,141
1.502.551
2,537,542
1903.
2.856.981
2,394.612
2,376.683
2,045,000
2,400,316
1901.
550,876
7 7 7 ,8 3 1
611,258
585,706
907,924
678,246
640,033
1,188,288
606,159
708,284
629,924
445,351
630,968
362.844
278,307
330,941
424,336
270,236
1902.
136,873
298,093
179,520
427,018
169,145
Buy Duluth Mill Property.
The McCarthy Brothers Company, of Minneapolis, has
purchased the plant of the Imperial Milling and Elevator
Company, of Duluth. The consideration is said to have
been $250,000 cash. The mill was erected about fifteen
years ago at a cost of $700,000 and was absorbed by the
McIntyre milling trust, which has been wound up by a
receiver.
Since its absorption the plant has been idle.
The new owners have a large water front and it is their
intention to erect another elevator on the tract.' The mill
has a capacity of 8,000 barrels a day and the elevators
have storage room for 1,600,000 bushels.
Articles of incorporation have been filed with the clerk
of the county court at Omaha by the Farm ers’ Grain E x
change, representing Kansas and Missouri interests to the
extent of $200,000. The incorporators are Jam es Butler
and W. T. Redmon of Kansas City; S. H. Allen of Shaw
nee county, K ansas; S. W. McComb and C. Vincent.
C.
E. W H E E L E R
G R A IN
&
CO.
AND STOCK BRO K ERS
F A R G O , NO. D A K .
B r a n c h O f f i c e s : H i l l s b o r o , N . D. C a s s e l t o n , N . D.
M embers
C h i c a g o B o a r d o f T r a de
M i n n e a p o l i s C h a m b e r of C o m m e r c e
P r iv a t e W ir e s
Special
Letter on C h i c a g o G r a in
M arkets FREE
and
Produce
E,. W. W A G N E R
Your Business has my Personal Attention
Board of Trade Building,
-
-
CHICAGO
THE COMMERCIAL WEST.
38
S T . PAUL UNION S T O C K Y A R D S C OM PANY.
H O M E S E E K E R S RUSH
Calves.
T ota l
Cars.
3j0
129
67
H ogs.
1,241
7,011
Sheep.
547
122
2,482
882
1,303
221
125
356
117
81
25
8
29,127
12,466
16,171
1,612
508
944
139
1,379
338
17
8
467
199
266
31
11
1,847
3,897
2,629
740
365
605
125
22
9,401
25,317
6,174
561
1,922
26,197
94,681
108
41
72
21
184
569
602
.............. 15,285
1,771
109,589
126,394
166
?,488
T ota l last y e a r .. 11,821
1,758
120,397
114,713
31
2,417
C. M. & St. P . .
M. & St. L .........
C. St. P. M. & O.
C. B. & Q ..........
W is. C e n t..........
M. St. P. & S.
S. M .................
Gt. N o r ................
N or. P a c .............
D riven in ..........
T ota l
H orses.
24
C. R . I. & P ___
C. G. W ..............
C. M. & St. P . ..
M. & St. 1...........
C. St. P. M. & O.
C. B. & Q ..........
W is. C e n t..........
M. St. P. & S.
S. M .................
Gt. N o r ..............
N or. P a c ..............
D riven out . . . .
T ota l
............
Calves.
97
1
79
H ogs.
2,093
14
H orses.
1
6,818
92
Í92
14,870
963
31
1
58,948
145
39
24
1,227
273
16
169
271
7,939
470
9,459
6
Sheep.
7,052
19,891
15,949
Topeka, Feb. 7.—-Three roads are preparing to build
into the B ig Horn basin country in anticipation of the
rush that is expected when the Shoshone reservation is
opened to settlers. The Burlington will build into the
reservation by way of Thermopolis. The Northwestern
from Casper and the Colorado, W yom ing & Idaho from
Fort Collins by way of Laramie City. If the Mondell bill
for the opening of the reservation goes through it is ex
pected that 1,440,000 acres of the Shoshone lands will be
disposed of by lottery on June 15, 1906. It is to be pre
pared for this rush that the railroads are building into the
country.
High Prices For Sugar Beets.
S h ip m e n ts f o r J a n u a r y .
Cattle.
576
893
563
137
2,374
2,106
FO R L A N D .
(S p ecia l C orresp on den ce to T he C om m ercial W e s t.)
R eceipts fo r January.
Cattle.
C. R. I. & P . . . .
261
C. G. W ..............
898
Saturday, February n , 1905.
112
8
23
T ota l
Cars.
55
155
97
4
147
151
1
4
6
(S p ecia l C orresp on den ce to T he C om m ercial W e s t.)
Milwaukee, Feb. 7.— Capt. Jam es Davidson, owner of
the Rock county beet sugar plant, and President R. G.
Wagner of the Menomonee Falls concern met with a
committee from the Rock County Beet Growers’ associa
tion to discuss certain concessions desired by the farmers.
These were contained in a specimen contract submitted by
the committee, which provided that $4.75 instead of $4.50
be paid per ton for the roots, that beet seed be furnished
without cost to the growers, and that the beets be tared
and weighed at the station from which they are shipped
instead of at the factory. Both of the manufacturers, after
laying some stress on the fact that they are ever in danger
of ruinous competition with the cheap Cuban products
definitely stated that they could grant none of the requests.
New Railroad in Prospect.
620
(S p ecial C orresp on den ce to T he C om m ercial W e s t.)
T ota l last y e a r ..
6,232
436
17,545
77,586
L a st Year.
13,579
120,397
21
2,417
114,713
Des Moines, Feb. 7.— F. S. Moradunt of the St. Joseph,
Albany^ & Des Moines railway, states that the contracts
for the construction of the road will be let early in March.
Mr. Moradunt comes from the east, where he was in con
ference with the Goulds. He states that the bonds of the
road have been sold and the money will be furnished as
needed. He says that neither the Goulds nor the Missouri
Pacific is backing the present road, though interests close
ly allied to them have furnished money to buy the bonds.
L a st Year.
6,668
17,545
77,586
25
693
A11 official crop bulletin for Italy, covering the period
10th to 20th January, says that welcome snowfalls have
occurred in northern Italy. The wheat crop and agri
cultural conditions generally continue favorable, although
storms and frosts caused field work to be interrupted in
some parts.
25
693
S u m m a r y O ne M o n th .
R E C E IP T S .
T his Y ear.
C attle ..................
H og s ......................
H orse s ................
Cars ......................
Sheep ..................
166
.. .
126,394
S H IP M E N T S .
T h is Y ear.
C attle ..................
H o g s ....................
Sheep ...................
H orses ................
Cars ......................
58,948
620
Telephone Service Growing.
Exclusive of Alaska, Hawaii and
the Philippines, we had in operation
at the end of 1902, 9,136 telephone
systems and independent lines, hav
ing 4,900,451 miles of single wire and
2,371,044 telephones.
The value of
the construction and the equipment
of the telephone systems was $349,287,462. Of the total liabilities, $274,049,697.
The total revenue of all
telephone systems, from operation
and all other sources, amounted to
$86,825,536, or a yearly average of
$37-50 per telephone, and of 1.7 cents
per message or talk. Of this amount
$.8 i >599;769, or 94 percent, was de
rived from the actual operation of the
systems, and $5,225,767, or 6 percent,
from dividends and interest on in
vestments, lease of lines, etc.
You'll Strike
Something Good
When you buy this Feed Mill. In fact,
you’ll make the strike of your life. Sucb
a m ill to grind, you never saw before.
THE NORTHWAY FEED MILL
Can be run from either side—four or six
rolls—is easy of adjustment—very durable
—easy running—and grinds more to the
H. P. than any other mill. Hundreds of
satisfied owners will verify this. Send^for
catalog showing it, and our fu ll line of
Elevator Supplies.
STRONG & NORTHWAY MFG. CO.
E le v a t o r a n d F lo u r M i l l S u p p lie s
M IN NEAPO LIS
-
M IN N ESO TA
IN V IN C IB L E C L E A N E R S
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
W rite fo r m y
"Grain Trade Talks”
Edward G. Heeman
G R A IN AN D P R O V ISIO N S f
STOCKS, BONDS, COTTON AND COFFEE.
IS O L a S a l l e S t . , Ground Floor, Home Insurance Bldg.
C H IC A G O
Member Chicago Board of Trade.
C O M M IS S IO N M E R C H A N T O N L Y ,
D o in g no t r a d in g w h a t e v e r on m y o w n a c c o u n t , w h i c h e n a b l e s me
to j u d g e t h e m a r k e t f r o m a n u n b i a s e d s t a n d p o i n t .
All business transacted through and
j Consignments of cash grain and orders in
confirmed by Chas.W. Gillett & Co.
1 futures have my personal attention.
My “ GRAIN TRADE TALKS” are published in full in the Chicago Evening Post
and Chicago Journal. 4®“ Will send either paper free to customers.
CERESOTA
IS NOT ONLY
KNOWN BY THE TWO UNI QUE FI GURES
( T H E JAPANESE
SCROLL. , MEANI NG GOD- GI VEN
FOOD,
THE BOV CUTTI NG A LOAF OF BREAD)
IDENTIFIED
WI TH T H I S
BRAND
of
VERY
POPULAR
FLOUR
BUT BY T H O U S A N D S U PO N T H O U S A N D S
WHO USE IT DAI LY, AND IN THI S WAY T EST I FY
TO ITS R E L I A B I L I T Y AN D ECONOMY.
SEND
POSTAL
FOR
ILLUSTRATED
BOOKLET
COR RESP ON DEN C E I NVI TED
THE
A D D R E S S
INIM ITABLE
BOV
THE NORTHWESTERN CONSOLIDATED MILLING CO.
M I N N E A P O L I S , MI N N .
M ANU FAC TU RERS
Georg* W . P ea v ey
F ra n k T . H effeifinge«
Frederick B . W elle
Charles F . Deavee
The Peavey
System of Grain Elevators
C . S . G ille t t e
P r e s id e n t
G e o . M . G ille t t e
V ic e - P r e s
Electric Steel Elevator
Company
C a p a c i t y
Em braces the greatest number of G rain Elevators with the largest
ag £reSat* storage capacity of a n y E levato r System in the world.
T e ta l capacity in eight states, 3 5 ,8 0 0 ,0 0 0 bushels.
HEADQUARTERS
Chicago
MINNEAPOLIS
Branch Offices:
Duluth
Kansas City
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C. E . T hayer
S e c . & T re a s.
2 ,2 0 0 ,0 0 0
K u s lie ls
G R A IN D EALERS A N D
WAREHOUSEMEN
WHEAT, FLAX AND BARLEY
Omaha
OFFICE 75 CHAMBER
OF COMMERCE
M IN N E A P O L IS
THE COMMERCIAL WEST.
40
A R M O U R G R A I N CO.
GRAIN
DEALERS
205 L a Salle Street
GRAIN
G REEN & CO.
Market Letters Mailed on Application
CHICAGO
l i
F . Q.
F . S. F R O S T
P R IV A T E . W I R E S T O A L L P O IN T S
C arg ill Commission
Company
BADGER
DULU TH AND M IN N E A PO LIS
F. S. F R O S T & CO.
GRAIN COMMISSION
Members
M ilwaukee Chamber o f Commerce
Chicago Board o f Trade
Grain and Commission Merchants
M ILW A U K EE
CHICAGO
MILWAUKEE
E. A. BROW N & CO.
MILMINE, BODMAN 6 CO.
GRAIN, PROVISIONS, STOCKS, RONDS. COTTON
Wholesale Coal, Grain-Commission Merchants
923 Chamber of Commerce,
YORK.
MILWAUKEE
1854
^ ^ 128-131 Rialto Building
DULUTH
7 New Street, NEW
Chicago Board of Trade, N ew York Stock Exchange, New York
Produce Exchange, New York Coffee Exchange, Chicago Stock Exchange,
Liverpool Corn Trade Association, New York Cotton Exchange, Mil
waukee Chamber of Commerce.
M I L W A U K E E , W IS .
E S T A B L IS H E D
No.
M em bers:
GRAIN-PROVISIONS-STOCKS-BONDS
,
S T O C K S and B O N D S
G R A IN and P R O V IS IO N S
Western Union Building, CHICAGO.
MINNEAPOLIS
DEALERS
Specialty, Barley
rIR W IN ,
BARTLETT, FRAZIER
a n d
CARRINGTON
CHICAGO
Milwaukee Elevator Co.
Saturday, February n , 1905.
MINNEAPOLIS, MINN.
Invites Correspondence Regarding Unlisted Securities
Liberal Advances made on Consignments
THOMAS E. WELLS
CHICAGO, 5 and 7 Board of Trade
NEW YORK, 401 Produce Exchange
BENJAMIN S. WILSON
T. E. W E L L S & C O M P A N Y
COMMISSION MERCHANTS
GRAIN, PROVISIONS, STOCKS AND BONDS
MINNEAPOLIS OFFICE:
Telephone Harrison 1256
1011-1017 Royal Insurance Building,
C
O
I P P I N G
M
M
N
.
ORDERS FOR FUTURES EXECUTED IN ALL MARKETS.
G. P. H a r d i n g ,
Vice-Pres.
President.
C l in t o n M o r r is o n , Pres.
L. C. M i t c h e l l , V-Pres.
JOHN F. L. CURTIS
EDWARD A. YOUNG
219 LA SALLE STREET, CHICAGO
W . S. W o o d w o r t h ,
Sec. and Treas.
ROOKERY BUILDING
D. L. R a y m o n d , Secy.
H. F. D o u g l a s , Treas. and Gen. Man.
M E M B E R S : N e w Y o r k S to c k E x c h a n g e ; N e w Y o r k C o ffe e E x c h a n g e ; C h ic a g o
S to c k E x c h a n g e ; C h ic a g o B o a rd o f T ra d e .
P R IV A T E
Great W e ste r n
Elevator C om pan y
M IN N E A P O L IS ,
.
.
.
1
M IN N E S O T A
o r r n Q
? u t b U u
I
from
W IR E S
THE w o r l d ' s
GOLDEN GRAIN BELT
Grass Seed, C lov er Seed, Seed W h ea t,
Seed Oats, S eed B arley, Seed R y e,
L. T . S O W L E & S O N S
ESTABLISHED 1884
GRAIN, PROVISIONS, STOCKS and BONDS
113-114 New Chamber of Commerce, MINNEAPOLIS
( Ground Floor )
Members Chicago Board of Trade, Minneapolis Chamber of Commerce
w .
J. C. VERHOEFF, Manager
S T O C K S , B O N D S , G R A IN ,
P R O V IS IO N S , C O T T O N & C O F F E E
Minneapolis, Duluth, Milwaukee and Chicago.
E . S. W o o d w o r t h ,
-
Kneeland, Clement & Curtis
A 1 V D
I S S I O
-
L. D. KNEELAND
ALLAN M. CLEMENT
CHICAGO
E. S. WOODWORTH & CO.
S H
-
E tc ., V e g e ta b le Seeds, F lo w e r Seeds.
C atalog u e free.
1 NORTHRUP. KING & COMPANY
f
M IN N E A P O L IS ,
M IN N E S O T A
A. GARDNER«3 & CO.
S u c c e s s o r s
Commission Merchants.
to
C o t> t)
«Sc G t » r-«:l n
r
Grain, Provisions, Cotton and Stocks.
317 C H A M B E R O F C O M M E R C E , ST . L O U IS
L e a s e d
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T ra d e M a rk
W i r e «
t o
o 11
Pri*» o i p a l
M a r l c e t s
THE
Saturday, February n , 1905.
W . S. McLaughlin, Pres.
COMMERCIAL
GRAIN
CO.
-
-
MINN.
M CLAUGHLIN & E L LIS,
Winnipeg
M IN N EAPO LIS
John H. Wrenn & Company
CO LUM N
THE
Private Wires to New York and Minneapolis
d. a
. M cD o n a l d
G R A IN
. sum n er
Gregory, Jennison
E. L. WELCH
Company
&
CO.
C. A. MALMQUIST
E. L. W ELCH
M INNEAPO LIS
G R A IN E L E V A T O R S
Storage Capacity: Terminal 1,300,000 Bu.
WEST
106-107-108-119 Rialto Building, C H I C A G O
Minneapolis, Minn.
&
COMMERCIAL
G R A I N — P R O V IS IO N S
C O M M IS S IO N
806-807 Chamber of Commerce,
OF
WRIGHT-BOGERT
co.
&
M INNESO TA
“ W A N T E D ”
and “ F O R S A L E ”
STOCKS, BONDS, GRAIN, PROVISIONS
COFFEE AND COTTON
e. w
-
USE THE
C H IC A G O
McDo n a l d
R. P. WOODWORTH,
Sec. and Treas.
FO R R E SU L T S
TH E ROOKERY, 225 La Salle St.
d . a.
E. S. WOODWORTH,
Vicc-Pres.
Woodwort h El evator
Company
GRAIN COMMISSION
MINNEAPOLIS
41
B. H. WOODWORTH,
President.
A. B. Ellis, Sec’y
AMERICAN
WEST
CO.
&
GRAIN COMMISSION
10 11 Chamber of Commerce
Country 500,000 Bu.
MINNEAPOLIS, MINN.
T h r e e G ran d P rizes
Go to
the
Fam ous
“PILLSBURY’S BEST” FLOUR
A G R A N D PRIZE FO R THE HIG HEST G R A D E OF FLOUR
A G R A N D PR IZE FOR THE B EST LO AF OF B R E A D
A G R A N D PRIZE FOR THE F IN EST EXH IBIT
T h is
p ro d u ct
of
is
c e r ta in ly
th e
a
P ills b u r y
g ran d
c o m p lim e n t
C om pany,
in a s m u c h
to
th e
a s th e
“ G r a n d P r i z e ” is th e “ h i g h e s t ” a w a r d t h a t c a n b e b e
s t o w e d o n a n y p r o d u c t ; a n d , w h e r e a s it
q u it e
a
d is t in c t io n
to
is
c o n s id e r e d
r e c e i v e o n e “ G r a n d P r i z e ” , th e
h o n o r o f r e c e i v i n g t h r e e s u c h p r iz e s is r a r e l y b e s t o w e d
o n a n y s i n g l e fir m .
“ Pi l l s bur y ’s Best” Flour for Sale Everywhere
D A I L Y C A P A C I T Y 3 5 ,0 0 0 B A R R E L S
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T H E COMMERCIAL WEST.
42
SU G AR B E E T IN D U S T R Y .
Melville Stone speaking of the
possibilities of the development of
beet sugar manufacturing in this
country, as suggested by a recent
publication in the Seattle Times, said:
“ Being interested in the growth and
development of the beet sugar indus
try, as are many others on the Pacific
coast, the recent article in the Times
entitled “ The S ugar W e E a t,” natur
ally attracted my attention.
“ The figures quoted from Willet &
Gray's- Sugar Trade Journal are very
striking. That of the 2,767,162 tons of
sugar consumed in the United States
only 521,094 tons were derived from
strictly domestic sources, and after
adding the amount received from our
island possessions (469,787 tons), we
yet lacked 1,776,281 tons of supplying
our needs. T o supply this demand we
are paying annually more than $125,000,000 for an article that should be
produced at home.
“ What would be the effect of in
stalling a sufficient number of beet
sugar plants to supply the 1,776,281
tons of sugar that we are now import
ing? The ordinary plant of 600 tons
daily capacity will produce 7,000 tons of
sugar during a campaign, under favor
able conditions. It would therefore
require 254 such plants to produce the
above stated amount of sugar, or an
investment approximating $155,000,000. It would employ in profitable
agriculture more than 1,000,000 acres
of land. It would open new avenues
of labor to more than 200,000 people;
it would distribute to farmers for beets
more than $50,000,000 annually.
It
would broaden the field for skilled la
bor, mechanics, machinists and engi
neers. It would build railroads, steam
boats and electric lines. In fact, it
would expand our commercial and in
dustrial lines in all directions almost
beyond power of mind to estimate.
“ In a country so full of diversified
Lewis
and
interests as ours these results are
worth working for, and should not be
lightly cast aside, to be gathered up
by foreigners. W e have heard much in
the latter days about commercial ex
pansion and world power. What more
satisfactory commercial
expansion
could we ask than to save to our own
people the results above indicated?
“ Germany, with conditions less fa
vorable than ours, has 380 beet sugar
factories, supplies her own needs and
is a large exporter of sugar. Can we
attain these results? Y e s! When the
American people have awakened to
the fact that the beet sugar industry is
no more an experiment, but is a safe,
legitimate and remunerative business,
open to the employment of capital that
will yield some returns. And it is the
duty as well as the privilege of every
live journal to so understand this in
dustry as to mold public sentiment in
the right direction, establish the con
fidence of capital and secure wise and
just legislation upon the subject.
“ There is a large amount of land in
this state well adapted to sugar beet
culture, particularly in eastern W ash
ington. The factory at W a ve rly has
proved that the industry can be suc
cessfully and profitably conducted
here. A company of Seattle capital
ists has been formed to1 build a 600ton plant at or near North Yakima,
and its success is practically assured.”
INCOM ES IN P R U SSIA .
At the direction of the Prussian
secretary of the treasury, the statis
tical bureau has prepared an income
tax statistical statements, from which
the following data are taken:
T a x a b le
T otal
net Incom e, in com e tax.
Y ea r—
1902 ....................... $1,418,812,636 $29,712,598
1903 . ..................... 2, 163,786,085 44,353,278
1904 ....................... 2,254, 026,260 45,512,965
Comparing 1904 with 1903, it is seen
that the increases were much greater
than those in 1903 compared with
1902, or 1902 compared with 1901.
T h e increases in 1904 over 1903, are,
Saturday, February II, 1905.
however, much smaller than are those
of 1901 over 1900, the banner year of
German material prosperity, but the
increases are very gratifying, and in
dicate a decided improvement in the
economic situation of Prussia.
As the increase of taxable net in
come in 1904 over 1903 has relatively
increased much more than the amount
of receipts from the income- tax, it
appears, in view of the progressive
character of the Prussian income tax.
that the increase in the number of
taxpayers must be mainly on account
of the lower grades, indicating that a
large number of new low incomes
have been created.
The number of income taxpayers
inclusive of the family, compared with
the total population of Prussia, was
37.1 per cent in 1904, against 35.9 per
cent in 1903, and 29.3 per cent in 1896.
In the cities the proportions were 47.6,
46 and 37.3 per cent respectively, and
in the rural districts 28.7, 28.1 and
23.5 Per cent respectively.
A New Marine District.
A move is now on foot in Seattle
to have the government establish a
new; marine district on Puget Sound,
which will comprise Portland, Seat
tle and Alaska. Instead of appointing
an assistant to Inspector John Bermingham, of San Francisco, steps will
be taken to provide for another su
pervising officer with headquarters in
this city.
It is generally known among steam
ship men and government officers
that Inspector Bermingham now has
a larger field that it is possible for
one man to cover. The local inspec
tors of hulls and boilers are also in
need of assistants, and new men are
to be appointed by the head of the
department of commerce and labor at
Washington.
The attention of the members of
the chamber of commerce is to be
called to the conditions as they are
today, with a view of having the pro
posed change made.
Clark Exposition
PORTLAND, ORE.
YELLOWSNONE NATIONAL PARK
S e n d f o u r c e n t s f o r L E W IS a n d C L A R K
B O O K L E T to
A. M. CLELAND, General Passenger Agent, ST. PAUL, MINN.
LOW
RATES
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FROM
ALL
POINTS
CHICAGO
T H E S H O R T LIN E
TO OMAHA,DES MOINES
AND KAN SAS C ITY
J. G. R I C K E L , C. T . A.
424 Nicollet Avenue,
MINNEAPOLIS,
- MINN.
-------------------------------- t Q
Saturday, February n , 1905.
THE
COMMERCIAL
WEST
WANTED:
43
ERIE RAILROAD
The most delightful scenery between
Chicago, Buffalo and New York.
Cereal Mills,Lumber Yards
and Factories
They are wanted by towns
where they would pay.
trains
every morning,
Limited
afternoon
and
evening for Buffalo, New York, Albany
and Boston.
Finest
Pullman sleeping cars
and
superb dining car service.
Stop-over without extra charge
at
Cambridge Springs and Niagara Falls.
Booklet«, time-cards, «to., furnished by H. B.
SMITH, Traveling Passenger Agent, St. Paul, or D. M.
BOWMAN, General Western Pass. Agent, Chicago.
If you are really interested, get particulars of
W . H. M A N S S ,
In d u s t ria l C o m m i s s i o n e r ,
2 0 9 Adam s S t.,
C h ic ag o.
For Results
Use the
N451
T H E C O M M E R C IA L W E S T is tlie leading: com m er
cial and financial paper o f the N orthw est, and every
B an k er, G rain M erchant and Business Man should be
a subscriber. I t ’s reliab le and up-to-date.
“ Wanted” and
“For Sale”
Column of
The Com m ercial W est
IS
TH E
NORTH-WESTERN
LIMITED
T o Chicago
The equipment is of the most modern de
sign, constructed to give the greatest
degree of comfort and safety with every
possible convenience for travelers.
THE BEST OF EVERYTHING
M in n e a p o lis O f f ic e :
600
N ’ c o lle t
Avenue
T. W . T E A S D A L E , G e n 'l
S t. P a u l O f f ic e :
3 9 6 R o b e r t S t. ( R y a n H o te l)
Passenger
A g e n t, S T . P A U L , M IN N .
Double daily train service to New Orleans.
Send for a free descriptive booklet.
Connects with Southern Pacific Steamship
leaving at 2.00 p. m. every Saturday for Havana.
Send for free illustrated folder on Cuba.
Through tickets, rates, etc., of I. C. R. R. agents
and those of connecting lines.
A . H . H A N S O N , G. P. A ., C H IC A G O -
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T H E COMMERCIAL WEST.
44
Allis-Chalmers Co
Saturday, February n , 1905.
World-Famous “ B ig R e lia b le ”
M ilw a u k e e , W is., U . S. A .
A m e r ic a ’ s G rea te st
B u ild e rs
of
Corliss Engines
for
E le c t r ic
L ig h tin g an d
Pow er
P u rp oses.
Bullock
5000 h. p. Allis-Chalmers Engine and Bul.ock 5000 h. p. Generator, which furnished
current for decorative lighting of St. Louis
Exposition.
Electrical Apparatus
for all purposes.
Canadian representatives, Allis-Chalmers-Bullock, L td ., Montreal
E s t a b lis h e d
1855
H. POEHLER CO.
GRAIN
COM MISSION
Buying for Country
Milling Trade a
Specialty
In c o r p o r a te d
1893
Orders in Futures
Executed in any
Market
8 1 6 -1 9 Chamber of Commerce, MINNEAPOLIS
B o a rd o f T r a d e , D u lu th
B o a rd o f T r a d e , C h ic a g o
C h a m b e r o f C o m m e rc e , M ilw a u k e e
W ILLFO RD
MILL
James Doran & Company
We give special attention to out-of-town in
vestments and speculative accounts. Our
private wires and our connections with all
the principal exchanges enable us to give
prompt and accurate service. Correspon
dence invited.
GERMAN-AMERICAN BANK BUILDING
ST . P A U L ,
-
-
M IN N E S O T A
M AN U FACTU RIN G
BUILDERS
CO
AND DEALERS IN FLOUR MILL AND
ELEVATOR MACHINERY AND SUPPLIES
Special attention given to Roll Grinding and Corrugating
General Agents for Barnard & Lees Manufacturing Co.
Office:
303 Third Street So., MINNEAPOLIS
“ Eternal vigilance is the price of liberty.”
It is also the source of profit to every man
who makes a business of feeding stock for the market.
C O M B IN A T IO N S , C O M P E T IT IO N
and R I V A L R Y are the three forces that
inspire E N E R G Y , I N D U S T R Y and
IN D E P E N D E N C E .
Don’t lose heart and don’t be forced out
of business because the price of fat stock
has declined.
Brace up— improve your
methods, and don’t be a “ has-been.”
The most highly concentrated food on
earth is O L D P R O C E S S G R O U N D
L IN S E E D C A K E (oil meal). It is cheaper
than corn, oats, bran, or any other kind of feed
GROUND LINSEED CAKE IS
A FAT-FORMER— A FLESH-PRODUCER— A HEALTH-GIVER
A TIME-SAVER— A MONEY-MAKER.
The prize cattle at the late Chicago Stock Show were fed Linseed
Meal made by our Company.
Write for prices. Send us your address and we will mail you our
bcok giving “ up-to-date” methods for feeding stock.
A M E R IC A N
L IN S E E D
CO M PANY
M IN N EAPO LIS, MINN.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
@FedFRASER