Full text of Commercial West : January 14, 1905, Vol. VII, No. 2
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W ESTERN INVESTMENTS,MANUFACTURING, MILLING AND G R A IN .
TH E SOUTHWEST.
T H E CENTRAL-PACIFIC W E S T .
Voi. V II.
T H E NORTHWEST.
SATURD AY, JANUARY 14, 1905
No. 2
C A P IT A L, ONE HILLION D OLLARS, SU RPLU S ONE niLLIO N DOLLARS.
O F F IC E R S:
D IR E C T O R S :
B y r o n L. S m it h , - - President
F . L. H a n k s t , - V ice-P resid en t
G e o r g e P. O r d e , - - - C ashier
T h o m as C. K i n g , - A s s ’ t Cashier
S olomon A . S m it h , A s s ’t Cashier
A r t h u r H e u r t l e y , - Secretary
II. O. E d m o n d s , - A ss't Secretary
H . II. R o c k w e l l , A s s ’t Secretary
E . C. J a r v i s , ........................ A u d itor
The
A . C. B a r t l e t t ,
C. L . H u t c h in s o n ,
J . Ha r l e y B r a d l r t ,
M a r v in H u g h it t ,
W i l l ia m A . P u l l e r ,
A l b e r t A. S p r a g u e ,
S olomon A . S m it h ,
M a r t in A. R y e r s o n ,
B y r o n L . S m it h .
Rookery,
C H I C A G O .
BANKING, SA VIN G S, PORBIGN, AND TRU ST D EPAR TM EN TS.
F is k
&
Bankers
MINNEAPOLIS
AND
and other
Stock
Private Wires
SAVINGS
BANK
Investment Securities
N ew Y o r k
412 to 415 Chamber of Commerce
TRUST
Government Bonds
M embers
Chas. E. Lewis & Co.
FIRST
R o b in s o n
Exchange
G R A I N , P R O V IS IO N S ,
STOCKS, BONDS
New York and Chicago Correspondence
FIRST NATIONAL BANK BUILDING
3 5 C edar S t r e e t
28 S tate S treet
NEW YORK
BOSTON
In te r e s t a llo w e d o n S avin g’s
a c c o u n ts at th e ra te o f th re e
p e r ce n t p e r a n n u m ,
A c ts as T r u ste e , G u a rd ia n ,
R e g is tr a r , E tc. E tc.
E sta tes A d m in is te r e d ,
S p ecia l a tte n tio n g'iven to
in v e stm e n ts.
Municipal and!
Corporation
for
EVERSZ & COMPANY
BANKERS
f
Minneapolis,
YORK
BOSTON
O F F IC E
O F F IC E
-
45 W A L L
-
-
27
STATE
STREET
STREET
I. G. A N D R E W S
M INNEAPO LIS
MEMBER:
Chicago Board of Trade
M inn eapolis C h am b er of Com m erce
M ilw au k ee C h am ber of Com m erce
Safe Investments
WALTER COMSTOCK
New List on Application
i
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410 CH AM BER OF CO M M ERCE
and other
220
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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 l l e S t r e e t , - - - C h ic a g o
Government Bonds
Minnesota Loan & Trust Co.
313 N ico llet A v e n u e
Co.
&
Dealers in
Grain, Stocks, Bonds and
Provisions
SALE
C i r c u l a r
Charles Hathaway
P R IVA TE W IR E S .
JAMES B. FORGAN. Presid ent
DAVID R. FORGAN, V ice-P resid en t
E. K . BOISOT, Vice-Pres. a n d Mgr.
LOUIS BOISOT, Trust Officer
D. V. WEBSTER, Secretary
FORGAN, Treasurer
BO N DS
Pringle, Fitch & Rankin
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
OFFICERS
Send
Bar)ett, Fraxier & Carrington
C H I C A G O
( th e MINNESOTA
I LOAN & TRUST CO.
FOR
Telephone M. 1558
LA S A L L E S T R E E T
C H IC AG O
G R A IN
AND
P R O V ISIO N S
3 Board of Trade,
CHICAGO.
The National Park Bank, of New York
ORGANIZED
Capital $ 3 , 0 0 0 , 0 0 0 . 0 0
O F
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
1856
Surplus and Profits $ 7 , 0 7 6 . 4 2 8 . 1 4
I C E R S
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.
Deposits Nov. 10, 1904 $ 9 6 ,5 7 7 , 9 4 9 .6 2
oseph T. Moore
tuyvesant Fish
George S. Hart
ChariesScribner
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
The Continental National Bank
Saturday, January 14, 1905*
Harrison & Smith Co.
OF C H IC A G O
Capital
Surplus and Undivided Profits
Deposits
-
$3,000,000
i, 4 oo,ooo
51,000,000
Printers, Lithographers, Blank
Book Manufacturers, Elevator
Blanks and Bank Supplies to
order.
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
John C. Black. Präsident
Ira P. Bowen, Asst. Cash.
George M. Reynolds, Vice-Pres. Benj-S. Mayer, Asst. Cash.
N. E. Barker, Vice-Pres.
W m . G. Schroder, Asst. Cash.
Estimates
Cheerfully
furnished.
«24
Herman Waldeck, Asst. Cash.
John McCarthy, Asst. Cash.
<5 2 6 - 6 2 8
South
4th
Straat,
MINNEAPOLIS.
rents'^ Pri-
v p ^ r.O U v a t e S a f e
your Bonds, Securities and all Valuables are Absolutely Safe.
other Valuables.
for One Year, where
Storage Vaults for Silverware and
GUARANTY SAFE D E P O S IT V A U L T S
BANK CLEARINGS FOR 1904The record of bank clearings by
quarters is, perhaps, more representa
tive of the changes which occurred from
reaction to improvement in the general
trade movement than the record of the
year considered as a whole, according
to Bradstreets. The first three months’
total fell 12.5 percent behind 1903, and
the second three months fell 12.7 per
cent behind. The third quarter’s clear
ings showed a fraction of 1 percent
gain, while the fourth quarter gained
38 percent. Taking the year’s clearings
as a whole, it might he said that 1904
was behind 1903 until December 1, and
the entire gain for the year was made
in the last month. That month, by the
way, showed a gain of 2.3 percent over
November, and an increase of 38 per
cent over December, 1903.
It, how
ever, fell four-tenths of 1 percent be
hind the record month of May, 1901.
The total clearings at ninety-two cities
for the calendar year 1904 aggregated
$111,787,363,425, a gain of 3 percent over
1903, but a decrease of 4 percent from
1902 and of 5 percent from the record
year 1901.
T w elve M onths’ Clearings.
B oston .......
1904.
$6,631,546,802
1903.
$6,717,416,678
T ot. N. E.
N ew Y o rk . .
P hiladelphia
P ittsb u rg ..
B uffalo . . . .
$7,553,999,029
68,649,418,673
5,776,306,569
2,063,229,826
327,451,441
$7,665,953,208
65,070,337,955
5,841,630,725
2,356,867,346
327,231,156
T ot. M id .. $77,396,450,822
1,222,815,350
C incinn ati .
694,092,849
C leveland .
525,513,705
D e tro it . . . .
558,163,698
L ou isville .
320,160,803
Ind ian apolis
228,397,200
C olum bus ..
$75,068,354,860
1,154,647,600
802,198,626
532,750,015
529,241,195
317,163,33S
230,290,500
4,174,391,055
§,989,983,764
843,230,773
398,143,063
408,769,461
315,805,391
144,965,473
116,483,425
67,745,902
46,390,656
37,992,069
26,995,390
$4,192,723,730
$8,819,892,945
741,049,342
393,804,541
393,702,609
309,230,101
147,719,869
112,494,934
69,662,702
49,094,655
36,461,289
29,242,112
T ot. N. W . $11,508,256,335
2,793,233,918
St. L o u is ...
1,097,887,155
K an sas C ity
248,113,185
St. J o s e p h ..
188,488,022
F o rt W orth .
$11,208,345,396
2,510,479,245
1,074,869,859
246,210,376
168,902,690
T ot. S. W .
B altim ore .
N. O rlean s.
M em phis ..
R ich m on d .
W a sh in g to n
$4,426,192,883
$1,128,116,473
970,928,984
260,664,326
239,611,040
215,87.7,013
$4,110,676,300
$1,172,474,002
827,710,850
214,009,563
207,467,703
206,1523,255
T ot. S o ..
San F r a n ...
L os A n geles
D en ver . . . .
eattle . . . .
for SFRASER
1,767,252,712
1,534,634,130
345,343,956
235,725,724
223,960,563
$43,520,688,500
$1,522,198,488
307,316,830
237,324,955
210,075,35S
T ot. W est.
C h icago . . . .
M inneapolis
O m aha . . . .
M ilw aukee .
St. P a u l .. ..
P eoria .......
D es M oines.
S ioux C ity.
D av en p ort .
Springfield .
F argo, N. D.
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Salt L a k e ..
P ortlan d, O.
T a co m a . . . .
158,342,475
188,949,460
115,875,515
156,088,266
175,553,741
100,477,201
$2,851,961,043
T ot. F ar W . $2,960,820,589
G. T ot. U. S. $111,787,363,425 $108,618,703,041
42,648,365,086
Out. N. Y . . 43,137,944,752
1,113,984,113
1,065,067,000
M ontreal ..
808,908,260
842,097,066
T o ro n to . ..
246,108,006
294,601,437
W in n ip e g ..
104,549.814
105,749,300
O tta w a . . . .
93,349,633
90,115,783
H a lifa x . . . .
80,432,452
74,502,550
Q u ebec . . . .
66.100,774
74,640,590
V a n c o u v e r ..
53,710,331
59,003,081
H a m ilton ..
49,013,456
St. Joh n. .. .
51,422,085
30,817,928
32,993,113
V icto ria . . .
42,848,578
45,552,230
L on d on . . . .
T ot. C a n ..
$2,735,744,235
$2,689,823,345
THE SIBERIAN RAILWAY PUZZLE.
Recent St. Petersburg reports, that
200,000 more Russian soldiers were
promptly to go forward to Gen. Kuropatkin, over the Siberian Railway, re
vived a discussion, which has lately lan
guished, as to what that railway can
actually do, in the way of transporta
tion. When the war began, an Ameri
can trunk-line manager was asked what
he would expect, if the railway were
given outright into his management.
He laughed and said: “ I should ex
pect to see all the cars crowded at
Mukden within two months.”
His idea was, that with urgent de
mand for eastbound transportation, none
at all for westbound, and probable lack
of storage facilities at the eastern ter
minus, the return of the cars would
be as doubtful as was that of the eastbound American grain cars in 1897. The
event seems thus far to have proved
him wrong, however. Lately the same
question was put to another American
railway officer, president of an exten
sive inland system. His answer w a s :
‘‘People do not seem to imagine how
easy it is to put through trains on a line
with no local or short-haul traffic, no
‘limiteds’ with privileged right of way,
and with a uniform route and destina
tion for all through trains. There is
not an American traffic man who could
not make an entire success of such a
proposition.”
FORESTRY A BROAD QUESTION.
At the recent meeting of the Ameri
can Forestry Association, Secretary
Wilson in addressing the gathering
said:
Forestry is not a local question. It is
as wide as American jurisdiction; it is
not a class question; it affects every
body. Steel . has taken the place of
wood for fencing to a large extent. _It
has taken the place of wood for ships
to some extent. It is being introduced
in housebuilding, and is replacing wood
BASEMENT GUARANTY BUILDING
M IN N E A P O L IS
extensively in the making of machinery
and for other purposes. Coal and gas
are taking the place of wood as fuel,
and cement is taking the place for build
ing. The use of wood, notwithstanding
these substitutes, increases every year
and our forests steadily vanish before
the axman. The extreme East, the ex
treme West and the gulf coast are
now our source of commercial supply.
The industries of our country will be
carried on at greater expense as wood
becomes scarcer and its substitutes be
come dearer.
Agriculture, commerce
and mining will greatly miss the cheap
supply of wood to which they have been
accustomed. The nation is awakening
to the necessity of planting trees and
making the most of those that are ma
ture. Our institutions of learning are
taking up the study of forestry. State
societies are inquiring. The experiment
stations of the several states and terri
tories are making research. The de
partment of agriculture is training a
bureau of forest experts in woodcraft
to serve the nation, the states, com
panies and individuals along forestry
lines.
In the value of its invested capital
and its product, lumbering ranks fourth
among our great industries. But in its
relation to the forest it stands first.
The vast area of the timber lands of the
United States is mainly in the hands of
lumbermen. You have it in your power,
by putting forestry into effect upon
the lands you own and control, to make
the lumber industry permanent, and you
will lose nothing by it. If you do not,
then the lumber industry will go the
way of the buffalo and the placer mines
of the Sierra Nevadas.
GAINS IN CHINESE TRADE.
While steamshipmen and exporters
unite in predicting that at the ter
mination of the war between Russia
and Japan the United States, and
especially the Pacific coast, will reap
enormous gains through the com
merce that will spring up, the de
partment of commerce and labor has
compiled figures for the trade be
tween this country and China for the
first 10 months of the year,_ which
show the increase both in imports
and exports was larger than ever be
fore. The imports from China were
valued at $23,993,324, which is fully
$3,000,000 in excess of the best pre
vious total record. Exports climbed
to a value of $20,557,184. This is a
better showing by ^00,000 than any
earlier period, and yet the trade has
been materially reduced, according
to statisticians, owing to the preval
ence of hostilities in the F a r East.
Saturday, January 14, 1905.
THE
COMMERCIAL WEST
3
The Commercial National
CAPITAL,
OF CHICAGO.
$2,000,000
E S T A B L IS H E D 1 8 6 4 .
Statem e n t at close o f b usin ess N ov . 1 0 , 1 9 0 4
B an k
Surplus and Profits,,
$1,700,000
L IA B IL IT IE S.
R E S OUR CE S .
L oans and d iscou n ts........................................................$21,128,162.42
O verdrafts ..........................................................................
470.44
R eal estate .........................................................................
85,965.35
U . S. bonds at p a r ..........................................................
500,000.00
1,861,688.71
Other bonds and sto c k s..............................................
D ue from U . S. trea su rer..........................................
58,100.00
Cash and due from other b a n k s............................. 14,434,136.19
Capital stock paid in .................................................... $ 2,000,000.00
Surplus fund .................................................................... 1,000,000.00
Undivided profits ...........................................
706,168.73
N ational bank notes ou tstan d in g..........................
500,000.00
D eposits ............................................................................... 33,862,354.38
T otal ................................................................................ $38,068,523.11
T otal ................................................................................$38,068,523.11
O F F IC E R S : Jam es H . E ckels, P re sid e n t; Joseph T . T albert, V ice-P resid en t a n d C ashier; D avid Vernon, Second V ic e President; N . R . L osch, A ssista n t C ashier; H . C. Vernon, A ssista n t C ashier; G. B . Sm ith, A ssista n t C ashier;
H . E . sm ith ,
Auditor.
F O R E IG N D E P A R T M E N T : M. K rell. M anager.
T
m
A11.
D IR E C T O R S : Franklin M acV eagh , of M essrs Franklin M a c V e a g h & C o .; W illia m J. Chalm ers, T reasurer T he AlliaiChalm ers C o .; R obert T . Lincoln, President The Pullm an C o .; E . H . Gary, Chairm an U nited States Steel Corporation; Paul M or
ton, V ic e-P resid en t Atchison, T opeka & S an ta F e R y. C o .; D arius M iller, F irst V ice-P resid en t Chicago, Burlington & Quincy
R ailw ay C o .;
Charles F . Spalding, V ic e-P resid en t Spalding L u m b e r C o .; Joseph T . T albert, V ic e -P re sid e n t; Jam es H . Eckels,
President.
A. C h ilberg, P resid en t
A H. Soelberg, V ice-P res.
J. F. Lane, Cashier
Geo. R. Fisher, Asst. Cashier
The Scandinavian American Bank
Capital Paid Up
- $ 300,000
Surplus and Profits - i7o,oo o
Deposits 3,25 o,oo o
SEATTLE
WE
-
HAVE
AN
WASHINGTON
O FFIC E
AT
BALLARD
U n ità States
Jib r tg a g c & C ru st
Computi
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
FI VE
M I L L I O N S
Crookston
Lum ber C o .
STARTING THE YEAR’S MARKETS.
Disappointment in the markets of the
two or three opening weeks of a new
year has become so habitual that no
body ought to be surprised at the lapse
of a week ago into inertia. The “ rein
vestment demand” has failed to ma
terialize, so far as active participation
of the investing public is concerned, in
all but two or three years of the dec
ade past. The notable exceptions were
1899 and 1901, in each of which years
January opened with the public in full
cry on the Stock Exchange chase. But
in those two years, an accumulated and
overflowing prosperity and optimism
were sweeping everything before them.
No such conditions existed at the
starting of 1904 or 1503, and it can hard
ly he said that they exist today. Four
weeks ago, the market’s judgment was
divided between the opinion that a se
vere, continuous decline in prices had
been started, and the saving belief that
a month or two of dullness and hesita
tion would give room for revival. The
“ end-of-the-year boom” always disturbs
such reasoning, but its grounds must
be at least as logical today as they were
on Dec. T2 or 15.
The philosophy of a collapsed Stock
Exchange boom, such as that which ex
ploded with some violence last month,
is that the outside public usually awaits
some definite development in the situa
tion, which will point to the future
course of events, commercial or finan
cial. Such events do not often happen
in January; unless, like the organiza
tion of the Belmont-Morgan syndicate
in 1895, or the fall of Port Arthur in
1905, they are unconnected with the or
dinary progress of finance. And no-
Rogers Lumber 1
Company
Retail Lumber Yards in
Minnesota, No. Dakota
and Nebraska.
GENERAL OFFICE
B E M ID JI, M IN N .
717-721
ANDRUS
BUILDING
MINNEAPOLIS
A. R. ROGERS
President
G. H. ROGERS l
Sec. & Treas.
1
MILLS AT
BEMIDJI, ST. HILAIRE,
CROOKSTON
W IL L IA M S O N & M ERCHANT
ATTORNEYS AT LAW
ij Shipments
j ^^
—
on Northern Pacific and
Great Northern Railways
..... j
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Patent and Trade Mark Causes. Solicitors of
United States and Foreign Patents
Main Office : 929-935 Guaranty Building
MINNEAPOLIS, MINN.
Branch O ffice: Room 52 M cG ill B ld g., W ashington, D. C.
body lias yet discovered what the fall
of Port Arthur has to do with the
markets.
The great exception was 1899, when
Gov. Flower’s great “ industrial boom”
came into full swing with the opening
of the year. The real reason for that,
however, was that the consciousness of
the “ American invasion,” and of what it
meant to American finance, had swept
over the financial community along with
the record-breaking foreign trade re
turns of November and December, and
the huge import of gold which accom
panied them.—New York Evening Post.
OUR COAL PRODUCTION.
A fruitful Government report is
that of Edward W. Parker on “ The
Production of Coal in 1903.” The
facts and deductions from it are im
portant. In 1903 the record of coal
from the point of view of the pro
ducer was the most satisfactory in
recent years. The production was the
largest ever known; the prices the
highest for twenty-four years; wages,
per unit of work performed, were the
highest for many years; the average
of working hours was shortened. But
from the point of view of the con
sumer the record is the most unsatis
factory for many years.
In 1887 the average price at the
mines of anthracite in the United
States per short ton (2,000 pounds)
was $2.oi. Thence to 1895 it fell to
$1.41.
Thence to 1903 it rose to
$3.04. Bituminous coal has followed
a similar course.
Furthermore, at
the consumer’s house or factory the
price has been unsatisfactory, and
this in spite of improved transporta
tion facilities.
It is in exhibiting the industrial
problems as they are growing and fo
cusing that the coal report is impor
tant. Equally so are the statistics of
the iron trade. What basis in fuel
our homes and our manufactures have
to build upon is shown in the figures
showing our coal production. In 1850
we were mining .278 tons of coal for
every person in the United States.
Tons.
In 1860 ...............................................................514
In 1870 ...............................................................955
In 1880 ........................................................ 1.520
In 1890 ........................................................ 2.050
In 1900 ........................................................ 3.530
E stim ate fo r 1904.................................... 4.400
In other words, since 1850 our pop
ulation has increased 230 percent and
our production of coal 4,084 percent.
ELECTRIC RAILWAYS.
Hastings, Neb.— The survey for the
electrical road from this city to
Omaha has been completed.
Missoula, Mont.— W. A. Clark will
present a petition asking the council
for a franchise and right of way for
the building of an electric railroad
between Bonner and Fo rt Missoula.
THE
4
COMMERCIAL WEST
Saturday, Ja nuary 14, 1905.
F IR S T N A T IO N A L B A N K “
"
MI L WA U K E E , WIS.
I
$2,600,000
OKF1CFRS- F G Bigelow, Peesident; Win. Bigelow, Vice-President; Frank J. Kipp, Cashier; T. E. Camp, Asst. Cashier; H. G. Goll, Asst. Cashier
E R E C T O R S ; E MarineG F. G. Bigelow, C. F. Pfister, H. C. Payne, Geo. P. Miller, Fred T. Goll, W m . Bigelow, F. Vogel, Jr„ J. H. Van Dyke, Jr
CEDAR POLES
For prices on Poles and
Railway Ties, write to
Marshall H. Coolidge Co.
826 Guaranty Building, Minneapolis, Minn.
TELEPHONE CONSTRUCTION.
Hazelton, N. D.— A new telephone
exchange has been opened here.
Edmore, N. D.— A telephone line is
being constructed from here to
Munich.
Wabasha, Minn.—The Greenwood
Telephone Company is extending its
telephone in Highland.
Farmington, Wash.— A new tele
phone line is being extended from
Oakesdale to Farmington.
Broken Bow, Neb.—T h e Central
Telephone Company has increased its
capital from $35,000 to $100,000.
Milan, Minn.—The Lac qui Parle
County Farm e rs’ Mutual Telephone
Company will be extended to Milan.
Holloway, Minn.—Wm. Windhurst
contemplates the construction of a
telephone line between here and M01ton.
Spring Grove, S. D.—The SpringGrove Telephone Company will ex
tend its line to Summit in the near
future.
Wessington Springs, S. D.—T h e lo
cal telephone company has decided
to put in a line to Templeton early
next spring.
Milbank, S. D.—The Dakota Cen
tral Telephone Company is extend
ing its rural lines northwest from the
central office.
Fargo, N. D.—The Tri-State T ele
phone Company is proceeding with
its condemnation work in Fa rg o foi
a right of way.
Gibbon, Minn.—The Nicollet Coun
ty Telephone Company is erecting a
line into Moltke to be connected with
the Stewart line.
Hamilton,
INI out. — 1 he
Rocky
Mountain Bell T elephone Company
intend to build an extension of theii
line from Hamilton to Darby.
Montevideo, Minn.—The Telephone
Company has strung another big cable
from the central office up Sheridan
avenue as far as Tiftli stieet.
De Smet, S. D.—The business of
the local telephone has grown to
such an extent that it will soon be
necessary to install a larger switch
board.
Litchville, N. D.—Material for the
construction of 60 miles of lines for
the Litchville Rural Telephone Com
pany has been ordered and will ar
rive soon.
Winona, Minn.—The Northwestern
Telephone Company is constructing
a neat two-story building at the c o i
ner of Third and Johnson streets, and
rebuilding its exchange.
Aberdeen, S. D.— The Dakota Cen
tral Telephone Company has pur
chased the Western Farm M oitgage
building and will remodel it and use
it for the rapidly growing business
of the company.
Buffalo Gap, S. D.— A company is
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
to be organized to build a telephone
line from Fairburn down to South
Forkland and on to Buffalo Gap. A n
other line is contemplated from the
Smithwick country to Buffalo Gap.
Eau Claire, W is.—The Chippewa
County Telephone Company is string
ing four wires from Jim halls to H ol
combe and two wires from Holcombe
to Flambeau. W o rk has commenced
on extending the line from Jim halls
to Flambeau.
Brainerd, M in n —A telephone ex
tension has just been completed from
Midland, Cr-ow W in g county, to Milaca, Minn., via Vineland, South
Shore, Onamia, Lockes and Page.
The line will be extended up the
southeast and east sides of the lake
to Lawrence Isle and Opstead.
COLORADO PRACTICING FORESTRY.
T w o political platforms in Colo
rado contain a declaration favoring
the creation of a State department of
forestry. This it carried into effect
by the legislature will notably bene
fit both State and forestry, since the
general welfare of Colorado is pe
culiarly dependent upon the rigid
care and protection of its forests. A l
most one-third of the total area of
that State, or 33,500 square miles, is
woodland, of which about 20,000
square miles are covered with valu
able timber. This is chiefly pine, al
though cedar, hemlock, spruce, fir,
and other species are also found in
merchantable size and quantity. But
the greatest value of the Colorado
forests is in their promotion of agri
culture through irrigation. Already
there are nearly 2,000,000 acres of
farm lands under irrigation, but great
stretches of country are still to be re
deemed. This can not be done un
less the watersheds of the State in the
mountains and hills are rigorously
kept under forest cover.
The grazing and lumber industries,
as now conducted, and the ravages of
fires are against the forests.
The
lumbering and still more the grazing
interests of the State are too valuable
not to receive careful consideration.
Each, and more particularly the lat
ter, must be carefully and judiciously
regulated with two ends in view •
their own welfare and continuation,
and the protection of the forests. As
for fire, -it is the same deadly enemy
in Colorado as in other large forested
areas, and restraining regulations
must be enacted and enforced.
The Federal Government has put
something over 3,000,000 acres of the
public land on the watersheds under
forest reserve.
In addition, agents
of the Bureau of Fo restry have, with
in the past two years, made careful
studies of both these reserves and
other public forests of the State, to
the end that the Federal forest re
serves may accomplish the greatest
possible good.
But 3,000,000 acres
are a small part of the 21,440,000
acres of woodland in Colorado. All
the remaining 18,000,000 or more
acres are to a greater or less extent
important in conserving the irriga
tion and farming future of the State.
It is, therefore, fortunate that Colo
rado seems likely to handle its for
ests in this practical way, the only
way by which the best results can be
accomplished.
Business Failures in 1904There were 10,422 failures report
ed to Bradstreet’s for the Calendar
year 1904, involving $143,300,845 of
liabilities, ' and $75,927,364, 53.2 per
cent, of assets. These figures indi
cate an increase in the number fail
ing of 6.7 percent over 1903. A s re
gards liabilities, there was a decrease
of 7 percent from last year.
Commercial failures in the United
States, according to the returns com
piled by R. G. Dun & Co., were 12,199 in number and $144,202,310 in the
amount, against 12,069 defaults in
1903, when the defaulted indebtedness
aggregated $155,444,185.
The Swedish-AmericanNat’l Bank
MI NNEAPOLI S
F. A. Sm ith, Cashier
E. L. M attson, 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 epo s its 2,992,754.01
Foreign Exchange Bought and Sold
A. J . W H IPPLE & CO .
M E M B E R S C H IC A G O C TO CK E X C H A N G E
STOCK BROKERS
Private Wires to all
Principal Exchages
Main Floor New York Life Building
Long- Distance Tel. Central T031 .
Orders
by wire in grain and stock promptly filled
CH IC AG O
WINNIPEG. MANITOBA
CANADA
m
B
a n k of
O
ttaw a
ESTABLISHED 1874
C a p ital A u th o r iz e d
Cnpita) P a id up
S urp lus -
$ 3 ,0 0 0 ,0 0 0
2 .5 0 0 .0 0 0
2 .4 1 5 .0 0 0
A General Banking Business
Transacted
Interest Allowed on Deposits
FOREIGN EXCHANGE BOUGHT & SOLD
ST.
PAUL A G E N T S :
M E R C H A N T S NATIONAL BANK
THE
Audit Company
of Illinois
Suite 6 3 5 -4 2 M arq u e tte H ld g.
C H IC A G O
P u b lic A cc o u n ta n ts an d A u d itors
OFFICERS: L. A. W alton, P res id en t; F. W , L ittle, V iceP resid en t; C. D. Organ, Secy, an d T rea s.j C. W .
K n isely , Manager.
DIRECTORS: A. G. B ecker, A G. Becker & Co., C h ica go;
F. W . Little, V ice-P resid ent P eoria Gas and E lectric I <■ ,
P eoria ; G A. R yther, Cashier N ational L iv e s to c k Bank,
C hicago; J. R. Waish, Presid ent Chicago N ation al B a "k ,
C h icag o; L. A. W alton, V ice-P resid ent Equitable Trust
C om p any, Chicago.
THE COMMERCIAL WEST.
Saturday, Jan ua ry 14, 1905.
S I D N E Y C. L O V E & C O
Stock and Crain
BROKERS
MEMBERS:
Ne w Y o r k Stock E x c h a n g e
C hicag o Stock E x c h a n g e
C hicag o Board of Trade
M inne apo lis C ham be r of C o mm erce
BANK CLEARINGS.
B an k clearin gs fo r the w eek ending J a n
u a ry 5, 1905, and the p ercen ta g es o f in
crea se or d ecrease fo r the w eek o f le a d
in g centers and all w estern p oin ts as
com p ared w ith the corresp on d in g w eek
last year, as reported b y B ra d stre e t’s:
Jan. 5.
Inc. D ec.
N ew Y o r k ......... .{$1,835,614,016 37.8 ___
C h icag o ............. . t
181,713,889 11.7 ___
B oston .............. •4 164,939,568 1 1 . 8
___
117,917,511
P h ilad elp h ia . . .
6.7 ----St. C ouis ........ ..
61,216,284
4.6 ___
P ittsb u rg .........
43,404,916
9.9 ___
San F r a n c is c o .. •t
31,278,694
9.2 ___
B altim ore ........
24,425,054
.8 ___
C incinn ati ........
24,491,350
9.1 . . ..
K a n sa s C i t y .... •Î
18,605,303 ___
14.3
N ew O r le a n s ... •j*
23,997,602 ----7.2
C leveland ......... .t
21,154,352 42.1 ___
M inneapolis . . .
10,976,453 1 1 . 0
___
D etroit ................
11,435,552 24.7 ___
L ou isv ille ........ .
12,477,931 19.9 ___
O'maha ................
S,674,619
2 .1
___
M ilw aukee .......... ■i
7,826.443 ................ 1
P rov id e n ce ........ ■t
7.690,100 . . . .
15.6
B u ffalo ................
7,154,608
9.8 ___
Ind ian ap olis . . . .
6,963.016 1 1 . 2
___
St. Paul ..............
5,952,055
2 .2 ___
L os A n g eles . . . . •î
*6,242,831
St. Joseph .......... ?
4,631,450 ................ 1
D en ver ................
6,423,059 38.3 ___
Colum bus, O . . . .
6.049,100 50.2 ___
M em phis ............
5,133,861 ___
25.1
Seattle ........ .......
3,995,196
8.0
R ich m on d ..........
5,128,731 ----8.7
W a sh in g to n . . . .
4,783,198
8.6 ___
P ortlan d, O r e ... $
3,651,542
8.2 ___
F o rt W o r t h ........
4,955,416
8.4 ___
Salt L ak e C ity. .
4,130,671 13.5 ___
P eoria ................
2,846,732
2.0 ___
D es M oines .......
2,815,191 13.6 ___
Spokane ..............
2,433,124 1 0 .6 ___
T a co m a ..............
2,729,542 51.4 ___
T op ek a ...............
1,093,137 ----9.6
S ioux C ity ........
1,654,580 27.0 ___
E van sville ..........
1,673,515 26.8 ___
D aven port .........
1,261,420 ___
11.1
L ittle R o c k ........
821,034 ----- 39. S
W ich ita ..............
*7S3,700
Springfield, 111...
882,686
8.0 . . . .
H elen a ................
782,016 . . . .
12.7
F argo, N. D ........
594,035 15.1 ___
R ock ford , 111. . . .
365,906
9.2 ___
B lom in gton , 111..
469,094 ___
5.2
Q u in cy ................
302,464 ___
17.9
S ioux Falls, S. D
269.259 ___
2.8
D ecatu r, 111.........
354,992 16.4 ___
Jackson ville, 111.
273,792 ___
5. S
G alveston ...........
11,113,000
.S ___
C edar R a p id s ___ i§
637,407
T otal, U. S ___ .$2 ,771,713,180
T ot. outside N. Y
936.009,164
25.7
7.3
D O M IN IO N OF C A N A D A .
M ontreal ..............
$24,734,507 42.0
T oron to ................
19,475,551
3.6
W in n ip e g .............
7,040,580 18.9
V a n cou v er. B. C
1,501,424 12.5
V ictoria , B. C . . .
520,155 -----
___
___
___
___
___
....
2.9
T ota l ..................
$62,478,967 19.2 ___
i'N ot included in totals becau se co n ta in
in g oth er item s than clearings. {B a la n ce s
paid in cash.
§Not included becau se
com p arison s are incom plete. *L ast w e e k ’ s.
Minnesota Title Insurance
& Trust Co.
=
M IN N E A P O L IS M IN N .
C a pital $ 2 5 0 ,0 0 0 G u ar an ty 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. B arnes, Prest.
C. J. T ryon , Trust O fficer
W. S. J en k in s. Secy.
W allace C am pbell, Yice-Prest.
H. A. Barnes, 2nd Vice-Prest.
W. A. H otchkiss, Treas.
HIGH-GRADE BONDS
Y ie ld in g
1 % to 5% .
COMMISSION ORDERS
Executed upon the
N ew Y o r k S to c k K x e h a n g e .
Spencer Trask & Co.
\v i h ia m an d Pine S t s . , New Y o r k .
P ran ch Office, A l b a n y , N . Y .
W ri i • for descript ive circular.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
I
NEW YORK
CHICAGO
ST. LOUIS
MINNEAPOLIS
YEAR’S OUTPUT OF THE MINT.
The 1argest production of gold
coins in the history of the Philadel
phia mint was that of the calendar
year just closed. The total number
of gold coins minted was 6,996,957,
with a value of $129,144,428. There
was a decrease in the coinage of sil
ver against 1903, the value of the sil
ver coins stamped last year being $8,142,290.95, a decrease of a little more
than $2,000,000. The base coins pro
duced amounted
to $1,683,529.39,
against $2,251,281.18. The total num
ber of pieces of all kinds minted for
home use was 119,701,118, ’ with a
value of $138,970,248.38, as against a
value of but $21,232,256.68 for 1903.
Of the foreign coins struck off,
Panama received balboas amounting
to $2,071,013.83, Venezuela got $185,555-56 in 2-bolivar pieces, Costa Rica
receipted for $100,000 in 5°-centimo
pieces, while the Philippines received
$79,794.30 in pesos and centavos of
different denominations. In all there
were stamped 33.309,063 pieces, valu
ed at $2,436,243.68 in American sub
sidiary coin. These figures, includ
ing the domestic issues show a total
output greatly in excess of former
years.
The work of destroying the dies is
PAPER MONEY AND EXCHANGE IN
HAITI.
The issue by the Government of
nearly $10,000,000 in paper currency
within a very short period produced
great fluctuation of exchange this
year, gold rising from 150 to 600 per
cent. This has been ruinous to all
commercial transactions and there
are but few importing houses re
maining, many having liquidated and
others, because of heavy losses, hav
ing ceased to replenish their stock.
Had this currency been issued grad
ually, it would probably not have
had much effect on exchange.
Another measure, very disastrous
to the credit of the Government and
also to commercial interests, is the
law passed last August taxing in
comes and placing a partial repudiat
ing tax of 1 percent on the bonded
debt and 10 percent on all interest
and amortizements derived from the
Government securities.
Before the passage of this law
Haiti had always paid regularly the
full interest and amortizement on its
bonded obligations.
Hence, there
was great confidence in these securi
ties and many business houses used
them for credit abroad. A fter the
promulgation of this law the former
confidence was lost. Merchants hold
ing these securities and obtaining
credit on them were checked in their
credit; naturally this immediately re
duced imports and caused a great
falling off of trade with the United
States and all foreign countries. It
was fully expectefl, before
these
measures were taken, that, owing
to a very promising coffee crop, with
fair prices, and the expansion of agri
culture in general, prosperity in all
branches of trade would prevail; this
would have increased rapidly the im
ports and exports, but such bright
hopes were not to be realized.
5
TO REFORM BANK LAW.
In his first message to the New
Y o rk legislature, Governor Higgins
touching upon the subject of banks,
urges the enactment of restrictive leg
islation guarding the rights of the
depositor, and protecting him from
loss caused by unsafe banking. S a v
ings banks should be, if possible,
limited to their original purpose of
benevolent institutions organized to
hold and invest the savings of small
depositors and the use of such in
stitutions should be denied to people
of wealth who are capable of manag
ing their own affairs, and who make
large deposits therein for investment
purposes only.
Building and loan associations
should without exception be prohibit
ed from loaning their funds upon sec
ond mortgages. The national bankact limiting the total liabilities for
money borrowed by any person,to 10
percent of the amount of the paid-in
capital stock of the bank are to be
commended. He further says:
“ I recommend that, with reasonable
exception as to the discount of strict
ly business or secured paper, the
similar provision in the state law be
amended by fixing the amount to be
loaned to the individual borrowers at
not more than 20 percent of the capi
tal stock actually paid in.”
The governor deems it worthy of
consideration
by
the
legislature
whether the right of local option now
limited to the towns of the state
should not be extended to the cities.
ENGLANDS’ POSTAL SAVINGS BANKS.
One thousand million pounds or
$5,000,000,000 is the estimated amount
of money to the credit of the thrifty
poor and the working classes in E u
rope which invested fund is backed up
by the security of the government of
each country. Of this sum no less
than two hundred million pounds
sterling, or $1,000,000,000 represent
the amount invested in the Postoffice
Savings bank of Great Britain and
Ireland, and savings banks with al
most equally good security.
The history of the savings banks of
England is one of the most beautiful
chapters of English progress, and like
the story of the Penny-Post is a tri
umph for the English people, in set
ting an example to the rest of the
civilized world which has been eager
ly followed.
Taking the population of Great
Britain and Ireland at slightly over
40,000,000, we find that one person in
every four and one-half has deposits
in the postoffice savings banks, and
that the average amount deposited by
each poor person is exactly £ 1 5 10s
iod. Statistics are generally dull, but
these must be most interesting and
gratifying to all who have the welfare
of mankind at heart.—J. Hermiker
Heaton, M. P., in Arena Magazine.
Saturday, January 14, 1905.
T H E C O M M E R C IA L W E S T .
6
The Northwestern National Bank
M IN N E A P O L I S M IN N .
Reports to the Comptroller of the Currency Condensed Statements), 1900 and 1904
RESOURCES
L IA B IL IT IE S
D ee. 18, 1 9 0 0 N o v . 10, 1 9 0 4
L oans and D iscou n ts.............................$8,770,724.15
$ 7,402,257.07
U . S. and Other B o n d s......................... 1,015.180.76
868,625.84
B a n k in g H ouse and F ix tu re s...........
250,000.00
Cash, and Due from B a n k s.................. 1,925,770.36
3,424,508.15
D ec. 13, 1 9 0 0 N o v . 10, 1 9 0 4
$ 1,000,000 00
C a p ita l.............................................................$1,000,000.00
700,138.37
Surplus and P ro fits..................................
437,095.20
248,600.00
C irc u la tio n ...................................................
99,500.00
45,000.00
U . S. Bond A c c o u n t.................................
9,951.652.69
D e p osits.......................................................... 5,175,080.07
16,711,675.27
$6,711,675.27
$11,945,391.06
$11,945,391.06
An Average of over 8 per cent Annual Dividends Paid to Stockholders Since Organization in 1872.
Dividends Paid Since Organization $2,250,000.
W M . H. D U N W O O D Y, President
JOSEPH CHAPM AN, JR., Cashier
O F F IC E R S
M. B. KOON, Vice-Pres
FR A N K E. HOLTON, Asst. Cash.
E D W A R D W . DECKER Vice-Pres.
CHAS. W , F A R W E L L , Asst. Cash.
R. H. G 0 0 D E L L & CO.
218 LA SALLE STREET, CHICAGO
Merchants’ National
Bank of St. Paul.
Members Chicago Stock Exchange
CAPITAL,
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 Bond
Loans on Approved Security made and Negotiated with Financial Institutions
Information on Local Securities Cheerfully Furnished
Banks and Bankers Commission Orders Carefully Executed
Stock Exchange Daily Bulletin sent on Application
SURPLUS,
r wwww ___ _
_
F
i FIRST NATIONAL BANK \
f c A N A D I A N B A N K Of ]
Í
COMMERCE
j
>
)
/
)
CROOKSTON, MINN.
) C apital
$ 7 5 ,0 0 0
S .surplus
-,
5 0 ,0 0 0
J
We negotiate Farm Mortgages
Capital Paid Up $8,700,000 Surplus $3,500,000
Branches at Dawson, White Horse, Skagway
ìnd- V
and Atlin. Exceptional facilities for hand
ling the business of those districts.
152 Monroe Street, CHICAGO
Surplus, $ 3 5 0 ,0 0 0
Capital Paid Up. $ 5 0 0 ,0 0 0
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.
IN T E R E S T P A I D ON D E P O S IT S
DIRECTORS :
F R E D . G. M cN A L L Y
F. M. BLOUNT
L. A. W A L T O N
REAL ESTATE
T
M A U R IC E R O SEN FE LD
J. R. W A LSH
OFFICERS :
President
L. A. W A L T O N , Vice-President C. D. ORGAN, Sec. and TreasC. H UNTOON, Ass't Sec’ v and Ass’ t Treas.
W A L T E R L. B A D G E R
L U A iiu
Bought and Sold on Commission
or Joint Account'
Best of references.
Minneapolis Property
W IL L IA M H. G OODW IN
MINNEAPOLIS
CHICAGO
Investment Securities
Loans Secured by Investment Securities.
, D . nl ,
Manager Chicago Office CHARLES F. MEYER, First National Bank Bldg.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Capital,
M IN N .
-
Surplus and Profits,
$500,000
-
770,000
U. S. GOVERNMENT DEPOSITARY
A. L. Ordean, Pres., J. H. Dight, Cash., W . S
Bishop, Asst. Cash., W . J. Johnson, 2nd Asst CaBh
KNAUTH, NACHOO & KÜHNE
B A N K E R S
NEW YORK
Members of the New York Stock Exchange
Letters of Credit and International
Travelers’ Checks
Foreign Exchange
Cable Transfers
JONES, CAESAR, DICKINSON,
WILMOT & COMPANY
CERTIFIED
PUBLIC A C C O U N T A N T S
TRIBUNE BLDG.
CHICAGO
NEW YORK
PITTBURG
S T . LOUIS
LONDON
R O B ER T F. PERKINS
NOTE BROKERS
Commercial Paper
Corporation Loans.
ot D U L U T H .
b uildings Im proved and reconstructed to produce In
Satisfactory reference to local and eastern parties
BOND & GOODWIN
BOSTON
First National Bank
Bought, Sold and Managed
for Non-Residents
MOORE BROS. & SAWYER
ST EPH EN N. BOND
OFFICERS: Kenneth Clark, President;
C. H. Bigelow, Vice-President; Geo. H.
Prince, Cashier; H. W . Parker, Ass’ t Cashier;
H. Van Vleck, Ass’ t Cashier.
ONEIDA BLOCK
MINNEAPOLIS, MINN.
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.
R ents c o llec te d ;
creased results.
United States Depository.
Head Office, TORONTO
)
S/N/O
üüi
THE EQUITABLE TRUST COMPANY
1 R W ALSH
300,000
K/VN
|,Q. Erskine, Pres. W m . Anglim, V-Pres. >
J. W . Wheeler, Cashier
>
W IL L IA M BEST
JOHN M. SM YTH
$ 1,0 0 0 ,0 0 0
D E A N BRO S. & CO.
Commercial Paper
M INNEAPOLIS,
MINN.
Saturday, January 14, 190^.
THE
C O M M E R C IA L
W EST
as Governor Johnson and others believe, it would be
well worth trial.
A W EE K L Y JOURNAL
REPRESENTING WESTERN BUSINESS
Published by The Commercial West Company, Minneapolis, Minn.
H. V. JONES,
LEONARD BRONSON,
P r e s id e n t a n d
M g r .
V ic e - P r e s id e n t
Minneapolis Office, Rooms 625-631 Guaranty Building
T e l e p h o n e M a in
307.
S U B S C R I P T I O N IN A D V A N C E .
POSTAGE F R E E :
One Y t a r , 13 .0 0.
Six Months, Si .60.
Europs£f.
T h e C o m m e rc ia l W e s t w ill not kn o w in gly p u b lish the ad vertisem en t
o f a fin a n c ially unsound in d iv id u a l or co m pan y.
E N T E R E D A S S E C O N D -C L A S S M A I L M A T T E R A T T H E P O » T O r P I C M ,
M IN N E A P O L IS , M IN N .
SATURDAY, JANUARY 14, 1905.
Editorial Comment.
The Cincinnati Price Current chuckles over an
error make two weeks ago- in this paper, the result
of an inadvertent use of wrong government crop totals.
1 he Price Current’s petty spite toward this paper is
manifested so frequently that comment is unnecessary.
We suggest that its editor ponder the bit of wisdom
that he inserted in the Price Current of the same date:
idle more critical we become the more we lose sight
of our own shortcomings.” The Price Current felici
tates itself on sixty-one years of publication, thirtythree of which have been under the charge of Mr.
Murray. We congratulate him on his long record and
the unique position he has occupied as a crop summarist. He dislikes, possibly, the competition that has
come into' his field from different sources, but its ex
istence affords no just reason for mere snarling. An
inadvertent error like that noted above is scarcely wor
thy the attention of a veteran of nearly forty years.
We hope Mr. Murray will be favored with a bigforty before he lays down his pen.
Minnesota’s new governor, John A. Johnson, gives
Minneapolis taxpayers a practical suggestion in the
direction of improved accounting and municipal econ
omy that may serve a good purpose. He recommends
to the state legislature the passage of a general act
governing cities of the first class, like Minneapolis, St.
Paul and Duluth, placing their municipal accounts sub
ject to state supervision by the public examiner. At
the present time the accounts of all county govern
ments in Minnesota, as of state institutions, are thus
examined and audited annually by the public exam
iner. There was also in 1891 a special act passed
placing St. Paul municipal accounts under state super
vision ; and the era of municipal retrenchment which
began that year in St. Paul is supposed to be in part
the offspring of said supervision. The Minneapolis
city council and various expert accountants report
something like $500,000 of city funds still unaccounted
for as the heritage of sixteen years of the permanent
improvement revolving fund. Loose accounting is the
parent of loose business methods in the city depart
ments, and of high taxes as the legitimate accompani
ment; just as strict accounting and a careful audit
place a premium on economy and efficiency in all busi
ness departments, and consequent reduction in tax
ation. Minneapolis needs, in the eyes of the average
business man and taxpayer, to force all city depart
ments down to a bedrock basis of business-like ef
ficiency and economy, with a view to reduction of the
city tax levy and assessed valuation. If state super
vision of accounts will give a spur in that direction,
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Federal Reserve Bank of St. Louis
We, the people of the United States, pride ourselves
on the vast wealth of our country and its adequate
distribution as compared with that of other countries.
We are especially elated over the sensational increase
of wealth during the past quarter century. We of the
Northwest, and particularly those who have never at
tempted to spy out the nakedness of the congested
spots of our larger cities, can with difficulty believe
that there are any great -numbers of honest poor in
our land. To such of us the recent press dispatches
from New York city telling of the distress now exist
ing there for lack of food and clothing and adequate
housing, come as a veritable shock. It does not seem
necessary that such conditions should obtain in a land*
where there is such a surplus and such a waste of food
and material goods. Commissioner General Sargent,
of the bureau of immigration, reports this week that in
New Lork city 100,000 able bodied and willing men
are out of w ork; and that 50,000 children daily go to
school breakfastless as a result of their fathers being
without employment. This is said by the New York
city department of charities to be a situation worse
than has ever been known before in that city. It has
become so serious as to have grown quite beyond the
ability of the department to cope with it.
I f this were a temporary and local trouble the prob
lem would not look hopeless. But facts are obtainable
to show that poverty of the grinding, killing kind is
much too common and of long standing in this, our
rich country. Jacob Riis, of New York, some time ago
collected figures to show that during the eight years
preceding 1890 one-third of the people of New York
city were more of less dependent on charity. The New
York State Board of Charities reported in 1897 that
29 percent of the people of the State of New York had
found it necessary that year to apply for relief. In the
year 1903, in the Borough of Manhattan alone, 60,403
families were evicted from their homes. This was 14
percent of the total number of families in the borough.
During the year 1903, in the city of Boston, over 136,000 persons, or 20- percent of the entire population,
were aided by the public authorities alone. Besides this
it is estimated that 336,000 persons were aided by
private charity; and there are only about 606,000 peo
ple in Boston. Robert Hunter, an authority of some
note on poverty in America, estimates that not less
than 10,000,000 people in America are underfed, under
clothed and poorly housed. Of these about 4,000,000
are public paupers, either being housed and fed at the
expense of the state or given outside and supplemen
tary relief. He estimates that 2,000,000 workingmen
(representing approximately 10,000,000 months to
feed) are without work from four to six months in the
year. About 1,700,000 little children are forced to
work as wage-earners when they should be in school,
and about 5,000,000 women work for wages, of which
about 2,000,000 labor in factories. These figures look
sensational, but they are probably very near the truth.
If true, they show that we are nearing the condition
of some of the old countries we call effete and classruled.
1 hey show in fact that we have received a
goodly percentage of the very people that once lived
in those old countries—a class of people that have
learned only how to work at others’ command and with
others’ tools. The larger part of these poorly fed and
poorly clothed are of the undigested masses that are in
process of assimilation into the “ American” race. Will
our schools and our other institutions bring this mass
up to a desirable level? If so, how and how soon?
If a desirable level is attained one thing must be
compassed. There must he a better distribution of
wealth. Of these poor the greater part are wage-earn
ers who, when employment ceases, are never more than
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8
COMMERCIAL WEST
1 few weeks away from want. 1 hese people do not
J.ave a saving' habit. Many are cumbered so they can
not, but the mass of them do not know bow and do
not give much heed as to) bow to know, t here are a
thousand present incentives to spend where the^ in
centive to save is remote and more or less vague. I be
result of this temper is that savings bank accounts and
other savings are the possession of a comparatively
small percentage of our earning classes. Nor does this
desired condition increase from year to year, lhe cen
sus of 1900 showed that 34 percent of our farmers are
renters and that more than half the families of the
United States do not own their homes. The percentage
in the large cities is worse than this. In Boston for ex
ample, 81 percent of the families do not own their
homes; in New York (Manhattan) 94 percent rent
the houses in which they live. As to the general dis
tribution of property in our country the census shows
that one family in every hundred owns more property
than is owned by the remaining ninety-nine.
This bunching of property to an extreme degree is
neither desirable nor profitable to the general prosper
ity of a nation. We see this run to its natural result in
old Spain. There surfeit and starvation meet and pass
on the same road daily. Such contrasts are an injury
to the spirit of both the rich and the poor, puffing the
spirit of the one and killing that of the other. Ibis
must not be permitted to obtain in America. Commis
sioner General Sargent proposes as a measure of relief
the breaking up of immigrant colonies in our great
cities. It seems reasonable that state aid and guidance
could make vast improvement in the condition of our
poor if a few million of these half-employed willing
workers could be transported to our country places
and set to work getting a living out of the soil. I he
great gummy masses of gregarious poor, those that are
content to1 live on rubbish and alms, could never be so
transported and worked except under guard as penal
colonies. But with agricultural instructors and fair
state aid these two million workingmen who are ever
on the ragged edge between self support and poverty,
could be brought to the country places that are and
have for long been crying for more workers. Any
willing unskilled laborer can be made a self-supporting
and a more or less acceptable farm laborer within six
months of the time he is brought face to face with his
work. Many of them would be profitable farm hands
from the start. They would thus be made better earn
ers and better consumers; the soil would have the bet
ter cultivation it needs; the real earners would be re
lieved of a large part of the burden of charity, and
men would be where they belong, scattered and next
to the ground and not huddled in festering masses be
tween brick walls.
We put a question to Mr. Thornton, of the Duluth
Market Record, last week which he fails to answer.
It was a proper question and it calls for a definite re
sponse. Mr. Thornton is seeking now to stand on his
September wheat estimate for Northwest production
at 156,000,000 because the government reports final
figures at 153,000,000. Unfortunately for Mr. 1 hornton, he visited Chicago a short time ago and while
there he gave out an interview in which he said his
estimate of 156,000,000 was too low, “ that the North
western Miller estimate was nearer right, if indeed it
was not too low.” This was about the language used.
The Miller estimate was 180,000,000 spring and
macaroni. Mr. Thornton says regarding the North
western Miller’s estimate at 173,000,00o1: “ Although
it is anything but clear, as stated by Mr. Jones, that
this estimate excludes macaroni.” We like to have
these, things clear, so we quote from the report by the
Miller, as" follows : “ According to the very best and
most accurate information it is able to secure the actual
crop of wheat * * * a total of nearly 174 million
bushels for the three states. This does not include
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Saturday, January 14, 1Q05-
macaroni wheat.” We trust this will be clear. Now,
Mr. Thornton, you claim to be a crop estimator. In a
Chicago interview about Dec. 1 you made the statement
that your estimate at 156,000,000 was too low, that the
Northwestern Miller was nearer the total than you
were, “ if indeed, (or words to this effect), it was not
too low.” This was said after you had three months
of crop movement to base your opinion on. _You must
either hold to one estimate or the other. \\ ill you take
your opinion one month after harvest or three months
after harvest ? If the latter, why do you attempt tO'
stand with the government in December ,J Let us have
a definite answer as to where you stand on the last
crop.
Minnesota Railway Charges.
In his farewell message to the State of Minne
sota, the other day, Governor Van Sant gave as a
statement of fact an utterance which is a subject of
surprise to every man who is a student of railway
transportation. His statement is, that Minnesota
railroads last year “ overcharged” the public, as com
pared with Iowa railway charges, the vast sum of
$23,000,000.
When the basis of this remarkable statement is
examined it is apparent how the ex-govemor fell
into trouble with his statistics.
He took as the basis of his comparison the earn
ings per mile of road operated in the two states.
Because the gross and net earnings per mile of road
were greater in Minnesota, he assumed that the dif
ference constituted an “ overcharge; whereas any
student of transportation knows that earnings per
mile are elementally an index simply of volume of
business.
If the ex-governor had made his comparison with
railway earnings in the middle states he would have
produced a still more astounding statement. The
report of the interstate commerce commission, or of
Poor’s Manual, show, for example., that by far the
highest gross and net earnings per mile of road op
erated in the United States, or in the world, are in
what is known as the “ middle states railway group,
because of the heavy volume of business per mile,
just as the lowest known average freight rate per ton
is charged in the same group—the cause of both of
these facts being heavy volume of business.
If ex-Governor Van Sant desires a thoroughly
striking parallel in the matter of railway earnings, he
will find it in comparing the middle states group with
the Pacific group of states. Net earnings per mile
of track operated are treble in the middle states
what they are in the Pacific states. On the ex-gov
ernor’s theory, the larger earnings per mile in the
middle states represent “ overcharges;” whereas the
fact is, that the average rate per ton per mile charged
the public in the middle states is approximately onehalf that charged in the Pacific states.
The true theory is the reverse of that propound
ed by the ex-governor. High earnings per mile of
road go hand-in-hand with low average rate per ton
per mile, because they are alike the product of high
volume of business per mile. Per contra, low vol
ume of earnings per mile go hand-in-hand with high
rate per ton, as the result of light volume of busi
ness.
Had the governor made his comparison between
Saturday, Jan ua ry 14, 1905.
THE
COMMERCIAL WEST
9
Iowa and Arizona, instead of between Iowa and
of the country in population and business activity, and
Minnesota, he would have demonstrated that Iowa
with the growing demand for commodities of all sorts,
“ overcharged” the public millions of dollars in freight
and with a favorable market for those who needs must
carrying last year, simply because the net earnings, enhance their own resources by borrowings, the some
per mile of road in Iowa are several times those of
what lethargic money market of today should change
Arizona.
into an active and buoyant market within the next few
Had the ex-governor desired a fair basis of com weeks, or at least within a very few months.
parison, he should have taken the average rate per
There is one exception to note. President Roose
ton per mile. In that event he would .have seen that
velt is aggressive for rate legislation. He is not ap
Minnesota and Iowa stand on practically the same
proaching the subject in the spirit that will inspire the
level; notwithstanding the fact that Iowa is an older
general business public to invest in business
state, has greater population, and no undeveloped
until it can be known “ what* the worst” is. It is unfor
territory. The ex-governor will also find, as T h e
tunate that the president prefers at times to put the
C o m m e r c i a l W e s t shows elsewhere today, that Min
antagonistic side out when it would be easier to work
nesota, under present railroad conditions, is making
the same end by as firm but a more temperate polity.
more rapid development in population, industry,
Antagonisms never help business, therefore never help
commerce, and railway mileage and general growth,
the people.
than Iowa, under the so-called ideal railway condi
tions which the ex-governor thinks he has found
Bank Clearings of 1904.
there. Indeed, a little investigation shows that in
During the year just closed the bank clearings of
few or no sections of the country is greater progress
fifty-five cities of the United States included in the
in railway and industrial development, as well as in report made by Bradstreet’s aggregated $109,493,reduction of cost of transportation to the public, 851 »871, of which New Y ork contributed $68,649,being made, than in Minnesota and the great north 418,673. Of the other leading cities, Boston’s clear
western empire tributary thereto.
ings were $6,631,546,802; Philadelphia’s, $5,776,306,569; Chicago’s, $8,989,983,767; St. Louis’, $2,793,233,Money Rates are Easy.
918. The other cities who.se clearings exceeded one
d he easy money rates with which the year opens billion dollars each were Pittsburgh, $2,063,229,826;
should be stimulating to non-speculative investment Kansas City, $1,097,887,155; Baltimore, $ 1,12 8 ,116 ,and to the installation or enlargement of legitimate in 473 and San Francisco, $1,534,634,130. It will be
dustrial and commercial enterprises. It has been a noted that New York contributed 62.7 percent of the
matter of wonder that during the last year, during total which was a little larger proportion than in the
which the rates for money have been almost continu previous year, but not nearly as large as in 1899,
ously low, more advantage has not been taken of this
1901 and 1902.
condition. The neglect is, however, probably attribu
1 he record clearings of the country were in 1901,
table to the uncertainty felt during the first two-thirds when the total reached the stupendous figure of
of the year as to the possibilities of the future, and to $116,232,506,969. Following that year there was a
the approaching presidential election, the outcome of
decrease, with 1903 showing $106,366,604,343. Last
which was awaited by many before they should defi year, therefore, showed a distinct recovery from the
nitely decide upon their plans for future operations. partial depression of the previous twelve months.
The time has come, however, when there is no excuse
While New Y ork showed its greatest percentage
for further delay.
of .the total in 1902, it has been since that time the
1 he industrial condition of the country is good. All
rest of the country that has gained. The New Y ork
of the usual barometers of trade indicate fair weather,
total of 1904 has been exceeded in two previous years,
and in many lines there has been a swelling of business namely, 1901 and 1902. But for the country outside
which speaks of larger volume of production and trade
of New York last year was the banner year of all,
for 1905 than was experienced in 1904. The railroads
showing a slight gain over 1903, which had recorded
aie busy. In fact, their enlarged equipment and their larger figures than in any previous year.
improved facilities are well employed and in some cases
It is interesting to note where the gain has been.
are even being exceeded. The steel industry is in It has not been in New England, for there has been
creasing the size of its output, encouraged not only by a steady decline in that section for several years.
good prospects for the year but by actual advance or- Neither have the middle states, including New York,
deis in hand, the buying power of the community is approached the record of 1901. The gain has been in
shown m a good volume, for the season, of the whole the western, northwestern, southwestern, southern
sale trade, while collections from retailers are made in and far western states. In comparison with 1903, the
a routine way.
cities that in 1904 showed the most decided gains were
T here is an abundance of ready money in the coun Minneapolis, Cincinnati, Chicago, St. Louis, Fort
try and it is the more abundant for legitimate uses be
Worth, Galveston, New Orleans, Memphis, and many
cause the people for the time being, at least, are a of the smaller cities in the south and west.
little wary about entering into speculative lines. The
As to the record of last year, June marked the
stock market does not attract as much outside money
low point in New Y ork and August for the country
as it did, and the result is that there are money reserves
outside of Y ew York. The speculative activity which
waiting for investment in safe and, at the same time,
began in midsummer had its first effect in the metrop
reasonably profitable lines. And the standard of profit
olis, where Ju ly showed an enlargement of bank clear
is low. Five percent looks larger today than seven
ings which steadily increased with every remaining
per cent did only a few years ago. With the growth
month of the year. The clearings of January, 1904, in
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New Y ork were $5,591,000,000. December showed
clearings of $8,501,000,000. There was no such not
able gain elsewhere. The January clearings outside
of New York were $3,673,000,000, and the December
clearings $4,229,000,000. In 1904, as in many previ
ous years, New Y ork in a marked degree showed
the effect of speculative activity or the reverse. The
rest of the country remained comparatively unaf
fected by this influence, and in the various grand di
visions, as reported by Bradstreet's, the clearings
more nearlv reflect the conditions of active business
and the substantial growth in wealth and banking
transactions.
from tire rocks and air by the power of the sun. f o r
estry takes the adult trees and puts them to the use of
man so that the increase turns not to useless decay.
More and more all classes of citizens are becoming
interested in forest preservation. First, as a capital in
vestment which under a proper management is certain
to yield substantial returns. Second, as a protection
and aid to other interests. Third, as a thing of beauty
and a means of rest and recreation.
We Need the Forests.
The meeting of the American Forestry Congress at
Washington last week was a gathering notable in the
scope of its proceedings and in the character of the
men who gave the various subjects consideration.
These men included representatives of many varied
interests. There were those who advocated forestry
solely from a sentimental consideration; others who
looked to the preservation of the forest as an aid
toward irrigation or the protection of hill slopes against
erosion; there were those who represented particular
interests, like live stock men, lumbermen and railroad
men, who see in forestry principles and administration
things which are likely more or less to affect their par
ticular interests.
The notable feature of the proceedings was their
extreme practicality. There were not lacking senti
mental references to the forest, but its utility was the
chief subject of discussion, and how it could better be
utilized.
That is the keynote of forestry discussion and
methods of the present day. The primary and greatest
value of the forest is the supply of wood it furnishes.
How to keep your cake and eat it, too, is being solved
in regard to the timber resources of the United States.
Then there are other matters of greater or less impor
tance. Some forests that are hardly worth preserva
tion on account of the supply of timber they yield must
at all costs be preserved as a safeguard toi other inter
ests. The use of the forest and at the same time its
preservation, is the problem which is being worked
out by the practical men who are today giving thought
to the cpiestion.
The diverse considerations which enter into the
problem may he briefly illustrated as follows: if a for
est is to he treated simply as a producer of a continuous
crop of logs, the scientific method is to clear away in
strips or sections all the merchantable timber and then
re-plant, going over the entire tract in perhaps thirty
to fifty years; but if it is imperative that the forest
cover of the soil be preserved, a different method must
be pursued. The adult timber must be cut and util
ized, but no clearing is permissible. Thus entirely dif
ferent methods are used, according to the varying con
ditions applicable to a given timber tract or section.
In all modern considerations, however, utility is
given first place. Native, unutilized forest is barren of
profit. Trees grow, but they grow only to come to
maturity and fall and rot, while new ones take their
place. The only advantage is the enrichment of the
soil to which have been added the elements drawn
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Creative Business.
Business is divided into two classes— creative and
non-creative. Our extravagances are appealed to by
the latter, but never by the former. This thought was
suggested by Mr. J. E. Northrup this week in an ad
dress that he gave before a body of business men in
St. Paul. It is worthy of notice.
Mr. Northrup allied with the creative class those
enterprises which give out something that will bring
a reward for a given expenditure of human toil. He
set out in his address the seed trade as a creative busi
ness and made the direct statement that “ through its
direct instrumentality ten dollars an acre has been
added to the value of every acre of farm land in Min
nesota and North Dakota." It is easy to overlook an
important point like this. It cannot he refuted easily
as a proposition.
This increase in land value is realized through a
more scientific agriculture that the seedsman has urged
upon producers. It has taught the farmer what to
sow in order to have both early and late pasturage. It
has given the producers much on which to build.
Applying Mr. Northrup’s idea to growth of busi
ness, every city should see to it that creative business
is looked after carefully. It gives hack a return al
ways. The non-creative takes from the pockets, leav
ing only the vanities satisfied, often with injurious
result.
The Value of Shore Acres.
The state of Minnesota includes no- less than ten
thousand lakes great and small. T his endowment is
so abundant that comparatively little thought has been
given by land owners or speculators to the special value
of lakeside property. Lakes near large cities or towns
have been appreciated as things of value, and their
shores have been active property in the real estate mar
ket. But country lakes and lakes in wild territory have
not till recent years been looked upon as having much,
if any more, value than that of acreage farm lands.
This condition is passing. Attractive lake shores
are now being counted good property to buy for future
profit. Southern and southwestern people, summering
about the lakes of Minnesota, have seen a future for
these lands and have set on foot a buying movement
that has already taken many attractive shore acres in
the state. For example, on Lake Mille Lacs, one of
the state’s largest lakes, but one with attractive shores,
there is now little if any good shore property on the
market. In the “ Park Region," from Alexandria north
to Detroit, speculators are looking up specially attrac
tive lake shore areas. Many such tracts are being
bought, platted and sold at good profit.
The State of Minnesota has for neighbors on the
Saturday, January 14, 1905.
THE
COMMERCIAL WEST
west and south lakeless states, that can never in the
ages to come create anything within their borders so
attractive as one of the thousands of lakes with which
nature has endowed this state. The value of the shores
of these lakes can never he less than it is today. It is
likely to grow rapidly greater from this time on.
T H E B U L L ’S EYE.
One of our greatest rights as rational beings and one
of which we almost universally rob ourselves is the right
of time for meditation. Our age has grown up in an at
mosphere so charged with the electricity of physical ac
tion that the word meditation has an obsolescent, monk
ish meaning to us, a word for the museum and not for
the work shop. W e are in a world of hustle and go, and
we rejoice in the fact. To sit, we imagine is to stagnate.
A quiet hour is a lost hour unless occupied with necessary
sleep. T o be awake, and sit quietly thinking or in medi
tative reading for an hour! The idea is almost distressing
to the active man, unless the hour brings forth some well
ripened scheme for greater profit in business. This is not
meditation, in the specific sense in which it is commonly
understood. It is study. Meditation is thought concern
ing ourselves as members of the human family, as ten
ants in this world and prospective tenants in another.
W h y should not thought on this line be the thought that
most seriously concerns us? Y e t how many men give ten
minutes of honest consecutive thought to it? H ow many
men care to? H ow many dare to? Such thoughts do
pass through the mind of every intelligent man, but they
are not often invited to tarry. Rather than entertain them
men will fill up their minds with the hardest kind of work
or the most trivial rubbish. To avoid a quiet hour men
will keep up an empty clatter, till it finally becomes quite
impossible to entertain serious consecutive thought on
matters pertaining to one’s own life.
*
*
*
One foolish mistake we make regarding daily medita
tion is that we must take it simply as a medicine, an anti
dote against the bitter days along at the end of life. This
is ridiculously wrong. It is good investment for imme
diate use. It pays daily dividends. It keeps a man’s,
mind so clear as to his real relation to the world that he
avoids the error that brings bitterness. He will go far
astray from the pleasant and profitable paths unless he
runs his correction lines often. B y running them often
he comes back to the profitable line of action without the
jolt and strain that is necessary after a long run on the
wrong bearings. The man of meditative mind— do you
know one? Is he not calm and much at peace with the
world? Is his voice heard clamoring in the street? Does
he cause his neighbors much unnecessary fret and dis
tress? Those of m y acquaintance are satisfactory people
and well worth while to know.
>¡5 jj;
W e become so enamored of action, or so fretted into it
for fear we will fall behind in life’s scramble that one’s
mental processes often degenerate into a kind of Saint
Vitus’ dance. Our thought hops about like a mechanical
top rooster, getting nowhere, doing nothing worth the
effort but exhausting itself and leaving no room for re
flection or calm. This abnormal activity we tell ourselves
is great business, the kind that pushes the world along,
modern scientific hustle, when in fact it is nothing but
fuss and fizzle. A man will stuff himself with daily papers
night and morning and lunch on the noon edition; he will
fill his valuable Sunday hours with the padding of the
Sunday editions, and think he is thereby keeping in touch
with his time and making his mind fertile and fit for
profitable action. One might as well think of raising a
good ci op of corn in a valley daily swept with freshet
water.
Such mental abuse destroys the processes of
study as well as the higher ones of meditation. So does
the filling of the mind with any mass of profitless details,
or with weak mental activities. Such action consumes the
hours also in which one might think to profit. If one will
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11
be content to be ignorant of many things; if he will learn
to discriminate and throw away much that seems good in
order that he may use the best to better advantage, he
will find his mind fitter for meditation and his hours freer
for it. Feeding on husks may look like large living, but
it is unprofitable when the finest of the wheat may be
served as our portion.
•— The Sharpshooter.
Milwaukee Money Market.
(S p ecia l C orresp on den ce to T he C om m ercial W e s tp
Milwaukee, Jan. 1 1 . — More activity prevails in the Mil
waukee money market than a week ago and merchants,
jobbers and manufacturers are borrowers to a considerable
extent as a result of the expansion in trade since the
new year opened. Discount rates have not shown any
indication of hardening, however, as the supply of funds
is very large and rates are quoted at q@5 percent for
large lines and S@ 6 percent for smaller amounts, where
prime paper with collateral security is offered, while ordi
nary commercial paper is discounted at 6 percent.
WELLS
&
D IC K E Y
E STA B L IS H E D
BOND
CO.
1870
DEPARTMENT
H ig h G ra d e S e c u ritie s for T r u s t F u n d s
In s titu tio n a l F u n d s a n d In d iv id u a l In v e s to rs
BANK FLOOR GUARANTY BUILDING,
MINNEAPOLIS.
P R IN C IP A L CO N TEN TS.
E ditorial C om m ent ...................................
M innesota R a ilw a y Charges.
M on ey R ates A re E asy.
B an k C learings F or 1904.
W e N eed the F orests.
C reative B usiness.
T he V alu e o f Shore A cres.
B u ll’ s E y e ................................................................................................
M ilw aukee M oney M a r k e t.....................................................................
Financial.
B ank C learings F or 1904.........................................................
S ta rtin g the Y ea r’s M a rk ets.......................................
B an k C learings .............. .......................................................
T o R eform B ank L a w ........................................................
E n glan d ’ s P osta l Savings B a n k ......................... A T
T hree V ery S tron g M a rk ets.— B y H en ry D. Baker
M ileage E arnin gs vs. R a te s ............................................
W is co n sin B an kers to M e e t..............................................
R ed R iv er V a lley F arm M o rtg a g e s................................
N ew B anks and C h a n g es....................................................
F arm L oa n s in Jim R iv er V a lle y .......................
M on ey in C om m ercial P a p e r . . . ............................
D ividen d s ..........................................................................'
D uluth B an ks are P ro s p e r o u s............................................
R ailroad E arnin gs ............................................ .
B an k S tock Q u o ta tio n s.......... .............................................
A c tiv ity in F arm M o r t g a g e s .............................................
M iscellaneous.
T he S iberian R ailw ay P u z z le ....................................
F orestry a B road Q u estion ............................................J
Gains in C hinese T r a d e ................................................’ ’ ’ ’
Our Coal P ro d u c tio n ................................................
E le ctric R ailw ay s .....................................................
T eleph one C on stru ction ........................................ ..
C olorado P ra ctices F orestry ..................
B usin ess F ailures in 1904...................................
The O u tlook fo r B u sin e ss....................................................
F a rm L oans in Jim R iv e r ..................................................
L egal D ep artm en t ..............................................
P ow er D evelop m en t at D u lu th ............................... ...........
D evelop m en t N ew s of C anadian N o r t h w e s t . . . . . . . . .
W h a tc o m C oun ty L um ber B u sin e ss................................
P ortla n d ’ s H ea v y L um ber S h ip m en ts................... . . ' . !
S olving a D ifficult P ro b le m ............................................
A lask a n F ish eries D e v e lo p .......................................... . . . .
Grain and Milling.
John Inglis on A rgen tin a C r o p s ..........................
T he W h e a t T r a d e ..........................................................
F lou r an d M illin g ........................................
M illfeed .......................................................... ............................
F laxseed ................................................ ..
Snow C overs K an sas W h e a t ...........................................'
P ortlan d F lou r F'or P ort A r th u r ....................
M inneapolis C oarse G ra in s...........................
S outhw est F aces C ar F a m in e .................. . . . . . .
M illion D ollar O m aha E le v a to r ......................
M ilw aukee G rain M a rk e ts..................
P ortlan d W h ea t Shipm ents L ig h t ..............
Seattle a G row in g W h ea t M a rk e t..........
C om m ercial W e s t M arket R e v ie w s ....................
G eneral S ta tistics ............................................................... '/
7
^1
n
3
!
5
12
13
15
15
16
18
19
20
20
22
23
26
2
2
2
3
3
4
4
4
17
18
19
19
24
25
25
37
38
30
31
32
32
32
32
33
33
34
34
34
35
35
36
37
Real Estate.
F arm L an d M o v e m e n t...........................................................
Live Stock.
L ive S tock M a r k e ts..................................................
28
THE
12
COMMERCIAL WEST
Saturday, Ja nuary 14, 1905.
WATSON & COMPANY,
B R O K E R S
Chamber of Commerce, Minneapolis---- 24 Broad Street, New York
Stocks,
Bonds,
M
N EW YORK STOCK EXCH A NG E .
CHICAGO STOCK EXCH ANGE.
E
Grain,
M
B
E
R
S
Provisions.
!
CHICAGO BOARD OF TRADE.
N E W T O R K PRODUCE EXCH A N G E .
M INNEAPOLIS CHAMBER OF COMMERCE
ST. LOUIS GRAIN EXCH ANG E.
W INNIPEG GRAIN EXCH A NG E .
P riv a te W ire s to Chicago, N ew Y o rk , and Other Cities.
MATNiosH«NDEMC«mLl . :7.
THREE VERY STRONG MARKETS.
By Henry D. Baker, of Chicago.
of Iron and Steel,” Jam es N. Hatch remarks that the an
nual consumption of steel in the United States is now
10,000,000 tons—“ an amount which if rolled into a single
50 pound railroad rail, would make a rail long enough to
reach from Pittsburg to the moon, or enough for a rail
road to the moon every second year.”
But on the basis of steel consumption during the first
week of January, the railroad from Pittsburg to the moon
could be built in one year instead of two—for the Iron
Trade Review estimates the consumption during the first
week of January to be at the yearly rate of 19,000,000 tons
as against 10,000,000 to 11,000,000 tons during the first
week of last year.
T w o years ago when the steel market was beginning
to illustrate quite forcibly the remark of Andrew Carnegie
that “ When steel is not king, it is pauper” —the reason for
the descent from kingship to pauperism was largely as
sociated with troubles in the labor market.
The great
strikes and lockouts in the building trades of New Y o r k
and Chicago caused a sharp curtailment in the demand
for structural steel. The railroads began to find that in
stead of a shortage of cars there was a shortage of
freight, and so they shortened their orders for new equip
ment, and this still further shortened the demands on the
steel industry, but did not decrease the short selling on
the New Y o r k Stock Exchange, where United States Steel
preferred got as low as 51 Lt and the common as low as
Sjg. Securities of all kinds, good and bad, were forced
way down because the steel “ barometer of prosperity
was giving out dangerous indications, so that the general
investing public felt scared and worried.
At present there is peace in the labor market, and re
cent severe lessons seem to be borne seriously in mind,
so that big strikes and lockouts are not now in sight nor
prospect. The building industry was never more prosper
ous. In Chicago there is more new building erection now
than at any time since the world’s fair year. In the Chi
cago district orders for steel amounting to 250,000 tons
have already been booked for 1905.
It would now look as if the only, possible centers of
disturbance to the prosperity of the United States in 1905
would be either W all Street where they sometimes overdo
matters as regards speculation, or Washington where they
sometimes overdo matters as regards legislation.
It will be particularly unfortunate if Congress goes too
far in well meaning efforts to revise, the tariff and to regu
late railroads. The security markets are sensitive to any
attacks on large interests. As I have endeavored to show
in this article, the present extraordinary prosperity is
due largely or chiefly to the willingness and ability of
investors to invest. There are, of course, certain features
about the “ system,” to use Mr. L a w so n ’s term, that are
not nice, and make it look as if the United States were,
as a business nation, unscrupulously mercenary. N ever
theless American finance, notwithstanding some bad in it,
is necessary to make our wheels of progress go around,
and if American capital were made unduly timid, the per
sons who inveigh the most against capital would be the
worst sufferers.
A country parson was asked— “ Do you think it is
wrong to marry for money?”
“ Y e s ,” he replied, “ it is very wrong, mercenary, unAmerican to marry for money. Still I see no harm in
marrying where money is.”
This delicate distinction which the country parson
thus drew, is one that some of our national legislators
ought to bear in mind before they attempt to attack capital
and scare it. because of some of the evil things that cap tal
is responsible for.
Given a strong market for bonds, strong market for
steel, and a strong market for labor, and you have a tri
angular basis for general business prosperity as deep and
strong as the concrete walls which in Chicago connect
the superstructures of the great new skyscrapers with
the understratum of limestone w ay below the earth’s sur
face. And it is an interesting feature of the present
general business situation, that the great strength thereof
is due largely to the collaborative bull forces of these
three markets—just like the tremendous strength of Port
Arthur was due to the ability of different forts in the
chain of forts to co-operatively support each other.
The strong market for bonds began last _ M ay and
June. The strong market for steel began late in the fall.
The strong market for labor is really just getting its start
now. The strength in the bond market would thus seem
to have been a primary stimulating cause for the present
strength in these other two markets.
The steel market is commonly looked on as a barome
ter of national prosperity. But the bond market is really
a far more sensitive indicator—and close observance of
the course of the bond market will usually furnish a reli
able forecast of the course of the steel market— for it is
on the proceeds of sales of bonds that the steel market
must depend as the chief source of its life and strength.
Probably never has this country’s ability to absorb new
issues of securities been greater than at the present time.
And the financial greatness and prosperity of a nation is
never better measured than by such ability to absorb
new securities. Leadin g experts in the bond business have
estimated'that in 1905, the investors of the United States
will absorb somewhere in the neighborhood of one billion
dollars of new securities. Judging from the reports from
the different bond houses, of almost phenomenally large
sales of bonds so far this month, it would certainly look
as though there was no immediate prospect of any finan
cial malady like in 1903 and 1904 to be caused b y “ undi
gested securities.” If there are to be any securities undi
gested before the end of this year, it will probably be be
cause they are naturally indigestible, not because there
will be anything really wrong with the public appetite and
digestion. The nation’s crops last year brought it in
money about $400,000,000 more than during the preceding
year. The bond market will undoubtedly continue to
strengthen partly because of this fact, partly because of
the increasing gold supply which tends to cheapen money,
and partly because investors outside of W all Street see no
reason for doubt or anxiety as to the future.
In Wall Street where “ conscience doth make cowards,”
the sensational articles of Mr. Law son appear to have in
spired considerable pessimistic wonder as to whether or
not the public will want to have anything to do with
stocks and bonds now that it has been initiated into the
mysteries of “ frenzied finance.” But if in W all Street
Mr. Law son is now a kind of giant bogey, and too awful
to be really interesting, it is certain that the rest of the
country considers him an interesting genius but of the
Lilliputian genus and has no fear of what lie says or
does. Th e W est has plenty of money to invest, and it
sees plenty of prosperity on every hand, so why should
it w o rry because certain vulnerable members of the “ sy s
tem” feel uncomfortable about Mr. Lawson?
The proceeds of the new security issues of 1905 will go
into railroad development and into construction of vari
ous kinds that will make enormous demands on the steel
market and on the labor market, and so will give tremen
dous momentum to general business.
In an interesting article in the current Engineering
Magazine on “ Mechanical Handling in the Manufacture
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE
Saturday, Ja n u a ry 14, 1905.
COMMERCIAL
W EST
13
The First National Bank of Minneapolis
UNITED
’
STATES
DEPOSITORY
S T A T E M E N T OF C O N D IT IO N N O V E M B E R 10, 1 9 0 4
RESOURCES
LIABILITIES
Loans and Discounts
.
.
.
.
$10,402,186.16
Railroad and Other Bonds
101,380.00
United States Bonds, at par $1,050,000.00
Cash on Hand and Due from
Banks
4,359,626 27 5,409,626.27
Capital S t o c k ........................................... $2,000,000.00
S u r p l u s ...................................................
1,400,000.00
Undivided Profits
67,920.46
C i r c u l a t i o n ...........................................
850,095.00
D e p o s i t s .................................................... 11,395,176.97
United States Bond Account
200,000.00
$15,913,192.43
$15,913,192.43
O F F I C E R S
J. B. GILFILLAN, President
F. M. PRINCE, Vice-President
C. T. JAFFRAY, Cashier
D. MACKERCHAR, Asst. Cashier
ERNEST C. BROWN, Asst. Cashier
MILEAGE EARNINGS VERSUS RATES.
Railroads in the state of Iowa in 1903 carried an
equivalent of 2,903,103,266 tons of freight one mile—that is,
18,955,'620 tons an average distance haul of 153 miles—
and charged Iowa shippers for the service $32,960,005.80
of freight revenue.
In the same year, over a far less thickly populated ter
ritory, both the Great Northern railroad and the North
ern Pacific, single-handed, performed for the great north
western empire stretching from the Mississippi river to
Pacific tidewater a greater freight service for less money.
The Great Northern carried 3,606,835,176 tons of reve
nue freight one mile—16,148,673 tons an average distance
haul of 224 miles— for $31,373,216.08 of freight revenue.
In other words, the Great Northern hauled 700,000,000
more tons one mile for $1,500,000 less cost to the ship
pers, than Io wa railroads for Io wa shippers on Iowa busi
ness.
The Northern Pacific hauled 3,815,942,943 tons one
mile—that is, 12,794,747 tons an average distance haul of
298.3 miles— for $32,725,997 of freight revenue. This is
nearly one-third greater freight service for less money,
than is charged Iowa shippers on Io wa business.
Inasmuch as the claim is advanced that Iowa roads on
Iowa business radically undercharge the freight cost in
Minnesota, a recapitulation of the above comparison will
be interesting—the figures in each instance being taken
from the Io wa and Minnesota official railroad reports.
Tons Carried
One Mile.
Total State of Io wa B usin ess. .2,903,103,266
Great Northern ......................... 3,606,835,176
Northern Pacific ......................... 3,815,942,943
Freight
Revenue.
$32 960,005.80
3 U 373,2 1 6 . 0 8
32,725,997.23
The average rate per ton per mile was about 1.1 cents
on Iowa business, as compared with .85 of a cent charged
by the Great Northern and Northern Pacific railways,
the principal Minnesota freight carriers.
It is apparent that Iowa secured no lowe>r average
rates than the average of the entire lines of the principal
carriers doing business in that state. F o r example, the
Burlington, in 1903, carried 4,873,589,690 tons of freight
one mile for $42,131,982.56 of freight revenue, or, .864 of a
cent per ton per mile; the Milwaukee carried 4,021,755,418
tons one mile for $34,797,045-37, or .865 per ton per mile;
while the Northwestern carried 4,042,788,811 tons one
mile for $35,944,222.13, at an average rate of .889 per ton
per mile.
Again, the Rock Island in 1903 carried a total of 2,452,729,874 tons of freight one mile for $24,845,456.73 of freight
revenue. In 1899 (see page 191 of 1899 report of Iowa
state railroad commissioners), a less volume of freight
mile tonnage, 2,399,142,895 tons carried one mile, was
carried by all roads within the state of Io wa at a freight
cost of $31,347,979.96; or, about $6,500,000 higher trans
portation cost for less freight service.,
I he average rate per ton per mile in Minnesota 011 the
principal carriers— such as the Great Northern, Northern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Pacific, "So o,” Milwaukee, Northwestern, Omaha, Great
Western, Rock Island, Burlington, and Minneapolis & St.
.Louis—is not far from .85 of a cent. On the iron range
roads in northeastern Minnesota the average is some
what higher, about r cent and a fraction. On the “ S oo”
and Great Western the average is about .75 of a cent per
ton per mile; while a six-year average for the Eastern
railway branch of the Great Northern between the Twin
Cities and Duluth-Superior shows the low-water mark of
.6 of a cent, which compares favorably with the minimum
averages of roads in the middle states where the densest
traffic is found.
Notwithstanding the above facts, certified to by the
state railroad commissioners of Minnesota and Iowa, ex
governor Van Sant in his, farewell message states that
Minnesota roads in 1903 “ overcharged” the state over
$23,000,000, the result of oppressive and unreasonable rates
in a single year.”
E x -G ov er n or
Van
S a n t ’s
Indictment.
In order that the ex-governor may not be misrepre
sented by a garbled quotation, T h e C o m m e r c ia l W est
herewith publishes entire and verbatim that passage of his
farewell message which presents the foundation for his
indictment of Minnesota railroads; with reference to the
alleged “ overcharge” of “ more than $23,000,000” :
—
uj. Liic u u w a j com m ission ers
m Iow a, ending- N ov. 30, 1903, and the report fo r the sam e length
of tim e o f our _ com m ission ers, ending June 30, 1903. In our
state at that tim e, in round num bers, w e had 7,250 m iles of
railw ay ; in Iow a, 9,500. In Iow a, g ross earnings, $57,159,085PC
state, $68,061,499.
O peratin g expen ses in M innesota’,
$32,303,296; m Iow a, $40,752,847.
be observed that the net earnings in M innesota w ere
$35, <59,_0o; in Iow a, $16,406,236— over tw ice as m uch as in Iow a.
I he net profits per m ile in our state w ere ab ou t $4,900 and
m Iow a about $1,700— nearly three tim es as m u ch profit per
m ile m our state.
I f you a llow the sam e profit per m ile in M innesota as Iow a
receiv ed — and I can see no reason w h y it should n ot be a p p ro x
im ately the sam e— you w ill find that M innesota w a s o v e r
charged m a single y ea r on each and ev ery m ile $3 ,200, w h ich
totals the v a st sum o f $23,238,452.
C onsider this fabulou s
sum, m ore than $23,000,000, the result of oppressive and u n rea
sonable rates m a sin gle year.
I he cause of ex-Governor Van Sant’s faulty indictment
is apparent at once in the erroneous basis used for com
parison, namely, earnings per mile of road operated.
Earnings per mile of road are an index of volume of
business simply, and, as we shall see in a few comparisons
to follow, are no gauge of the comparative rates charged
and no measure of the reasonableness of the rates.
Application
of the
Van
Sant
Theory.
An interesting comparison which shows the point at
once is made by taking
Iowa roads operated parallel
in the same state under the same laws and handling sub
stantially the same class of business.
6)n page 105 of the report of the Iowa railroad com
missioners for 1903 (the report from which ex-Governor
Van Sant takes his figures), it is given that the net earn
ings per mile of road on the principal Iowa carriers for
that year ran as follows:
Santa Fe, $4,297; Omaha,
$4,269; Northwestern, $2,797; Rock Island, $1,896; Milwau-
TH E
14
PERRY HARRISON, Vice-Prest.
E. F. MEARKLE, Vice-Prest.
COMMERCIAL W EST
F. A. CHAMBERLAIN, Prest.
Saturday, Ja nuary 14, 1905.
J. S. POMEROY, Cashier.
FRED. SPAFFORD, Asst. Cashier.
THE SECURITY BANK OF MINNESOTA
M IN N E A PO LIS , 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 N O V E M B E R IO, 1 9 0 4 .
~
RESOURCES
Loans and D isc o u n ts................................................
$8,241,876.41
O verd rafts...................................................................................
37,61.1.56
161,496.89
U. S. and oth er B onds, Stocks and S e c u ritie s.........
R e a l E s t a t e ...............................................................................
98,948.78
Cash on hand, and due from B a n k s.............................. 8,512,155.13
LIABILITIES
C ap ital paid i n .................................................... .. ................ $1 000,000.00
Surplus and U nd ivid ed P ro fits.................. . ................
549,711.54
D ep osits....................................................................................... 10,501,874.23
$12,051,585.77
$12,051,585.77
FOREIGN EXCHANGE BOUGHT AND SOLD
Travelers’ Letters of Credit and Travelers’ Checks good the world over issued
ness is heavier on the Minnesota than on the Io wa lines,
kee, $1,404; Great Western, $1,385; Iowa Central, $840,
the Northwestern has a heavier volume on its Iowa than
Illinois Central, $456; while the Wabash is reported with
its Minnesota mileage; because its average rate per ton
a loss of $804 per mile on Iowa business.
per mile is reported lower in Iowa than in Minnesota.
The Van Sant theory is, that because the average Min
Reverse of the Correct Rule.
nesota net earnings per mile of road are $3,200 higher than
E x-Governor Van Sant’s theory, that high earnings
the Io wa net per mile, this $3,200 constituted an over
per mile of road imply high and exorbitant transporta
charge, which on 7,250 miles of road aggregates “ more
than $23,000,000, the result of oppressive and unreason
tion rates, is diametrically opposed to the true law of
rates; which is, that both large earnings per mile of
able rates in a single year."
Applying this theory to the Iowa roads, with thenroad and low transportation rates are produced by heavy
varying amounts of net earnings per mile of road, we get
volume of traffic— in other words, that large earnings pei
mile and low rates per ton, being produced by the same
this absurd result:
The Santa Fe on its Io wa business “ overcharges,” as
cause, go hand-in-hand.
Fo r an interesting comparison to illustrate this rule,
compared with the Illinois Central—$4,297 versus $456 net
place Ohio against Iowa, taking the 1903 railway com
earnings per mile— the sum of $3,841 pei m ile!
The Omaha, as compared with the Iowa Central, “ over
mission reports of the two states as authorities foi the
facts. H ea vy volume of traffic in Ohio has produced net
charges” $3,457 per mile of road!
The Northwestern, as compared with the Wabash,
earnings per mile of road aggregating several times those
shown in Iowa; at the same time that the Ohio aveiage
"overcharges” $3,601 per mile!
As compared even with the Milwaukee and Rock I s
per ton per mile rate is nearly one-third less.
land, the Santa Fe and Omaha “ overcharge” upwards of
A s against $1,000 to $4,000 per mile of net earnings in
$2,000 per mile, while as against the Wabash the two
Iowa, the principal Ohio freight carriers show $5,000 to
roads last named “ overcharge” more than $5,000 per mile,
$10,000 per mile and upwards. On Ohio business in 1903.
“ the result of oppressive and unreasonable rates” !
the Ohio report credits the Baltimore and Ohio with $10,If these so-called “ overcharges” were applied to the
872 of net earnings per mile; the Hocking Valley, with
entire mileage of the roads which show greatei net earn
$13,693; the Nypano branch of the Erie, with $14,861, the
ings per mile than their nearby Iowa competitors, it would
Lake Shore & Michigan, with $16,494, and two branches of
appear, on the basis of the Van Sant theory, that even
the Pennsylvania system, with $27,524 and $28,125 net per
the leading Iowa roads were guilty of millions of dollars
mile of road, respectively.
of “ overcharges,” which the ex-governor would asciibe
The two branches of the Pennsylvania road togethei
carried more tons of Ohio freight, than all the Iowa
to “ oppressive and unreasonable rates.
It would be easy to figure out on the basis of the Y an
freight carried by all roads; and, while earning ten times
Sant theory how even the Northwestern, on 1,200 miles
as net revenue per mile of road, charged the public oneof road in Iowa, “ overcharged more than $2,500,000 111 a
third less per ton per mile of haul.
single year,” because its net earnings were upwards ot
The Baltimore and Ohio alone carried more Ohio
$2,000 more per mile of road than those of the Illinois
freight than the Iowa total, and, while earning five times
Central on Iowa business.
as much net revenue per mile of road, charged the public
That the net earnings per mile of road have little 01about one-half the average Iowa rate.
nothing to do with the case, so far as reasonableness of
The Erie and Hocking Valley together carried about
rates is concerned, is shown by the fact, that the roads
the same Ohio tonnage as the Iowra tonnage total; earn
which carry freight at the minimum rate per ton per mile
ing more than six times the net revenue per mile, while
are often those which show maximum net earnings per
taking from the shipper 40 percent less of freight tolls per
mile; whereas roads which collect the maximum average
ton of freight for a given haul.
rate per ton per mile often show the lightest net earnings
The six Ohio lines named in the Van Sant theory,
per mile.
.
“ overcharged’ the public, as compared with the net earnF o r example, as shown by the Iowa, 1903, repoit, the
ings per mile in Iowa, from $8,000 to $25,000 pei mile of
Northwestern, on an average .78 of a cent per ton per
road, or an aggregate of millions of dollars on their milage
mile rate for Iowa business, showed net earnings ot
total, “ the result of oppressive and unreasonable rates ’ ;
nearly $r,ooo per mile of road higher than the Rock I s
whereas, the fact is, that these Ohio roads charged the
land. with a .99 of a cent per ton per mile rate. Again,
public the least oppressive, indeed, the lowest known
the Santa Fe on its Iowa business showed net earnings
rates in the world. Volume of traffic was the cause which
of $4,297 per mile of road, whereas the Union Pacific,
produced in Ohio the two joint results—low rates and
credited by the Iowa commissioners, with charging the
large earnings per mile—just as light volume of traffic in
highest average per ton per mile rate in the state, showed
Arizona and New Mexico produces the highest rates in
a heavy net "loss on its mileage.
the country hand-in-hand with small earnings pei mile of
Another interesting problem for ex-Governor Van
road.
Sant to solve is that the Northwestern is credited by the
railroad commissioners with earning $1,572 net per mile
more on its Iowa than on its Minnesota business in 1903!
T H E EAU C LA IR E N A T IO N A L B A N K CHANGES.
Does this imply that the Northwestern on its 1,200
The Eau Claire National of Eau Claire, Wis., reports
miles of Io wa road “ overcharged” Iowa shippers in 1903
the retirement of O. FT. Tngrahm and the election of
the large sum of $1,886,400, “ the result of oppressive and
former cashier, W. K. Coffin, to the presidency. C. W.
unreasonable rates in a single ye ar” ?
Lockwood is vice-president and cashier. E. J. Law m ark
That would be the logic of the Van Sant theory. The
and Otto Von Schraeder assistant cashiers.
fact is, that although on the average the volume of busi
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Federal Reserve Bank of St. Louis
THE
Saturday, January 14, 1905.
D IR E C T O R S
A. C. ANDERSON
CHAS. W . AMES
E. H. BAILEY, P resident
C. H. BIGELOW
KENNETH CLARK
HAYDN S. COLE, V .-P. fc Counsel
W . B. DEAN
ROBERT R. D U N N , V ice -P re sid en t
EREDERIC A. FOGG
JULE M. HANNAFORD
T H IS
COMMERCIAL WEST
15
Northwestern Trust Company
8 T .
P A U L ,
M I N N -
1
J
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
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 I T S OR D O A B A N K IN G B U S IN E S S
RED RIVER VALLEY FARM MORTGAGES.
(S p ecia l C orresp on den ce to T h e C om m ercial W e s t.)
Grand Forks, Jan. 9.— E. J. Lander of Grand Forks,
speaking to T he Commercial W est, gives a good report
on the farm loan business for 1904 in the famous valley
of the Red.
Mr. Lander is one of the pioneers in this line of North
Dakota investments having handled an increasing busi
ness during the past twenty years with the splendid
record of not a single loss for any client. He contrasted
the early days, when it was so difficult to induce eastern
investors to consider North Dakota, with the situation to
day, when old customers are constantly asking for more
securities of this sort. Those that know the most of the
actual value of the land are the most liberal buyers of
these farm mortgages.
Loans Based on C onser vat ive Values.
North Dakota is so well settled now, not only in the
Red Riv er valley, but far beyond, that conservative loans
■ based on conservative farm land values are considered as
safe as a government bond and are certainly much more
profitable. When a firm has become so well known as
the E. J. Lander Company and the confidence of investors
is gained, business is constantly on the increase. Mr.
Lander says, “ The past y e ar’s business has been most
satisfactory. I have never found it-so easy to dispose of
farm mortgages. The difficulty at times is to keep a sup
ply equal to the demand. Rates, of course, are not what
they were in the pioneer days, yet six percent is satisfac
tory to most clients when they are absolutely sure that
there is no risk. Collections have been excellent with us
and continue to come in promptly. W e have no com
plaint of 1904 as a business year and look for a still bet
ter one during 1905.”
It is only such men as Mr. Lander who appreciate the
long hard struggle it has taken to gain recognition for
North Dakota securities in the field of investment. It is
gratifying to see those who have had the courage and the
persistence to “ keep everlastingly at it,” now reaping
their reward in the enjoyment of a large and profitable
business. Too much credit cannot be given these pioneers
for the large measure of prosp erity' now seen on every
hand throughout the Northwest.
W E S T E R N W IS C O N S IN B AN K ER S TO M EET.
Statement of Condition of
N orthw estern Trust
Com pany
SAINT
PAUL,
MINNESOTA
A t the close o f business, D ecem b er 31, 1904, c ov erin g a
p eriod o f 20 m onths, less five «days.
R esources.
G u aranty F und, d eposited w ith State A u
ditor, in vested in first m ortg a g e bon ds
o f the fo llo w in g ra ilw a y s:
N orth ern P a cific 4%, par v a lu e ............ $50,000.00
U nion P a cific 4%, p ar v a lu e ...............
30,000.00
B altim ore & Ohio, 3% %, par v a l u e ... 22,000.00
F irst M ortg ag e R a ilw a y B on d s:
A tch iso n , T o p e k a & S an ta F e 4%, par
valu e ...................................................... 28,000.00
M issouri P a cific C ollateral T ru st 5%,
due 1917, p ar v a lu e .............................. 15,000.00
O regon R ailroad & N a v ig a tio n C o m
p a n y 4%, par v a lu e .............................. 15,000.00
P ere M arquette R a ilw a v C om pany,
L a k e E rie & D e tro it R iv e r D iv i
sion ............................................................ 5,000.00
C ost ....................................................
C ertificates o f Ind ebted ness of, and J u d g
m ents again st. C ity o f St. P aul and
R a m se y C o u n t y ................................................
F irst M ortg ag e F arm L o a n s ..............................
F irs t M ortg ag e C ity L o a n s ................................
S afe D ep o sit V a u lts ..............................................
F u rn itu re an d F ixtu res (ch a rg ed off, $2,-
$166,155.00
6,821.25
30,000.00
11,300.00
13,500.00
000.00) ........................................................... ■
A c co u n ts C ollectible ............................................
C ash in B an k an d O ffice....................................
T ru st F un ds in B an ks and O ffice..................
966.93
11,724.75
20,395.96
T o ta l ........................................................
$260,863.89
L iabilities.
C apital S tock .................................................................................$200,000.00
Surplus ............................................................................................ 10,000.00
U n d iv ided P r o f i t s .......................................................................... 28,227.93
R ese rv e d fo r T a x e s ....................................................................
2,240.00
T ru st F un ds .................................................................................
20,395.96
T o ta l
T.
Cashier Bartlett, of Stanley, Wis., has nearly completed
the program for the meeting of the bankers of Western
Wisconsin, to be held at Eau Claire next Wednesday,
the 18th inst., for the purpose of organizing Group No. 1
of the Wisconsin B ankers’ Association. Sessions will be
held both forenoon and afternoon in the rooms of the
E lk s ’ hall, and the meeting will close with a smoker
tendered the visiting bankers in the evening by the banks
of Eau Claire. The program for the meeting is as follows:
Morning Session.
Call to order b y Geo. D. B artlett, C ashier C itizen s’ State
B ank, Stanley.
E lection o f tem p ora ry C hairm an and S ecretary.
A d dress o f w elcom e on beh alf o f E au Claire, b y M ayor R ow e.
A d dress of w elcom e on beh alf o f E au Claire B an kers, b y W .
P . B artlett, P residen t B an k o f E au Claire.
R esp on se on beh alf o f delegates, by L ew is L arson, Cashier
Island C ity B ank, C um berland.
R oll Call of B anks.
A p p oin tm en t o f C om m ittees upon C onstitution, R esolutions,
etc.
P ap er upon “ U n iform C ollection and E x ch a n ge C harges,” by
A . C. B o h rn s te d t; C ashier C itizens State B ank, C adott.
G eneral d iscussion.
Aft er n oon Session.
Paper, “ T he W is co n sin B a n k ers’ A sso c ia tio n ,” b y its V ic e P residen t, P. J. Carr, C ashier B an k o f H u dson.
R ep ort of C om m ittee on C onstitution and B y -L a w s.
A ddress, “ M unicipal and L a b or Orders as B ills R eceiv a b le,”
b y A tto rn e y C. T. B undy, o f E au Claire.
General d iscu ssion of su bject, “ T a x a tion of B an k S tock s.”
E lection o f officers fo r 1905.
A d jou rn m en t.
About seventy-five banks have been invited to attend
and as this is the first “ Group” to be organized by the
Wisconsin Bankers’ Association, many prominent bank
ers from all parts of the state outside the territory of
this Group are expected to be present. Geo. D. Bartlett
was appointed by the executive committee of the state
association to organize these Groups, and his efforts will
doubtless result in a profitable meeting the 18th and in
creased interest in the Wisconsin Bankers’ Association.
............................................................................... $260,863.89
A.
J AMI E^SOIV
CHOICE F IR S T M ORTGAGE LOANS
R E A L E S T A T E AND IN SU RANCE
MANAGING E S T A T E S A S P E C IA L T Y
Correspondence Solicited
Telephones, Twin City 2465
Northwestern Main 2010
205 Andrus Building
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Federal Reserve Bank of St. Louis
MINNEAPOLIS, MINN.
BANKERS
5 0 7 -5 0 8 -5 0 9
A N D R U S B U IL D IN G ,
MINNEAPOLIS
THE
i6
C O M M E R C IA L
W EST
Saturday, Jan ua ry 14, 1905.
T lje C h a s e -N a tio n a l B a n k
A. B. HEPBURN, President
A H. WIG GIN, V ice-P resid en t
OF T H E CITY OF N E W YORK
E. J. STALKER, C ashier
U NITED
S. H. MILLER, Asst. C ashier
STATES
(N O V E M B E R
C. C. SLADE, Asst. Cashier
OLIVER H. PAYNE
GRANT B, SCHLEY
DEPOSITARY
10TH,
GEORGE F. BAKER
1904)
JAMES J. HILL, St. P au l, M in n .
C A P I T A L .......................................................................$ 1 , 0 0 0 , 0 0 0
S U R P LU S AND PROFITS (EARNED)
4,180,584
D E P O S I T S .............................................................
66,928,311
H. K.TW ITCH ELL, Asst. Cashier
D IR E C T O R S
. W . CANNON, C hairm an
A. B. HEPBURN
JOHN I. W ATERBURY
A, H. W1GGIN
NEW BANKS AND CHANGES.
IVI innesota.
Clarkfield.—Th e First National bank has elected B. A.
Angel president.
Mangolia.—At the recent meeting of the Mangolia
State bank, R. H. Adams was elected cashier of the in
stitution.
Belle Plaine.—The Merchants’ National Bank of St.
Paul has been approved as a reserve agent for the First
National Bank of Belle Plaine.
Cambridge.— The public examiner yesterday author
ized the First State Bank of Cambridge to begin busi
ness. The capital stock is $20,000. President, Godfrey
G. Goodwin; cashier, T. C. Blomgren.
Bemidji.— Frank Snyder of the Beltrami County A b
stract Company, and H arry Silver are endeavoring to se
cure the co-operation of Minneapolis capitalists in estab
lishing a savings and investment bank here.
Tracy.-—A petition in involuntary bankruptcy has been
filed with Court Commissioner Eberhart against G. _H.
Jessup & Co., who are hankers here. The petition recites
that the bank is insolvent. The petitioners claim that the
hank owes $43,000. The hearing was held Jan. 9.
Cokato.—The directors of the State Bank of Cokato
at their annual meeting found the business to be in a
prosperous condition and a dividend of 10 percent was
declared and ordered paid. Edwin Osterberg was elected
as a teller.
Buffalo.—The C. E. Oakley & Co. bank is to be in
corporated as the “ Oakley State Bank of Buffalo,” with
a capital of $25,000. The Oakley hank is one of the oldest
in the country. Mr. C. E. Oakley started the hank in 1886,
and it was the fourth in the county.
Moorhead.— At the annual meeting of the directors of
the First National bank everything was found to be in a
most satisfactory condition as is evidenced by the fact
that a dividend of 10 percent was declared later, and $3,000
ordered carried to surplus. This action now places the
capital and surplus of the First National at $60,000.
Tracy.— The T ra c y State hank opened for business
with the beginning of the new year. The capital stock
is $20,000 and 'th e officers and directors are: President,
D. A. M cLarty. Granite Falls; vice president, J. R. F itc h ;
cashier, L. J. Fitch, both of Minneapolis; assistant cashier,
A. Swoffer, of Tracy, and C. S. Orwoll, of Clarkfield.
Duluth—The City National Bank announce the follow
ing changes: Capt. Jos. Sellwood, president, succeeding
J. H. Upliam; M. H. Kelley, as director, succeeding R. F.
Fitzgerald.
A recent statement of the City National
shows deposits of $1,066,830, with loans and discounts of
$1,184,906. The capital is $500,000. Th e other officers of
the bank are A. R. MacFarlane, vice-president, and W. I.
Prince, cashier.
Vincent.-—The Farm ers & Merchants’ State bank, with
a capital of $10,000, opened for business on January 2.
R. E. Bennett is cashier and the incorporators are John
Birkholz, T. M. George, Robert E. Bennett, James
Wright, Joh n Ash, Thom as Ash, Hugh Griffith, J. C.
Powers, Wm. J. Ford, Alexander Turner, Jr., Jam es T u r
ner, Walter Ford, George Ash, Sr.
North
Dakota.
Hoople.— N. C. Olson of Reynolds has been elected
cashier of the State bank.
Great Bend.— O. M. Hatcher of Hankinson is one of
the promoters of a new bank to be started here.
Hannaford.— Christ Reite has been appointed assistant
cashier of the Griggs County State Bank of Hannaford.
Hunter.—The First National Bank of St. Paul has been
approved as a reserve agent for the First National Bank
of Hunter.
Niagara.— L. B. R a y is president and George B. Kirk,
Jr., vice president of the Bank of Niagara, recently or
ganized here.
A yr.—A charter has just been issued for the First State
Bank of A y r.“ The promoters and incorporators are: S.
G. More of Buffalo, L. B. Hanna of Fargo. A number of
prominent farmers living adjacent to the town of A y r
and a number of the business men are subscribers to the
capital stock which is authorized at $10,000.
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Federal Reserve Bank of St. Louis
S o u th
D a k o ta .
Tea.— The F arm ers’ Savings bank has elected W. C.
Hollister president and A. W. Dula cashier.
Garden City.-—H. R. Dennis, president of the Sioux
Falls Savings bank, has purchased an interest in the Gar
den City State bank and will be vice president.
Oacoma.-—The L ym an County bank has opened for
business. The institution is conducted by W. G. Kenaston and J. R. McLain, both well known residents and
business men of this place. Mr. M cLain is cashier of the
new bank, which has a capital of $35,000.
N e b ra s k a .
Edgar.— The Clay County State bank elected F. A.
Voorhees assistant cashier.
Jefferson.—The bank of Otis & Murphy has been re
organized and incorporated with a capital of $25,000.
Oshkosh.—T h e Deuel County bank elected J. W.
Welin, president; C. H. Burk, cashier, and J. H. Wehn,
assistant cashier.
Funk.— The State Bank of Funk has been incorporated
with capital of $10,000. S. C. Stewart, J. S. Johnson, Nels
Anderson and J. M. Stewart are the incorporators.
Macon.—The Macon State bank has been incorporated
with a capital of $25,000. C. Hildreth, I. E. Montgomery,
W ard Hildreth and Pe rry Plildreth are the incorporators.
Verdon.-—Th is community is to have two new banks
that will probably be open for business by the first of the
year. The bank of Verdon has recently been organized
with a capital of $15,000. L. B. Cornell is president and
W. E. Starr, formerly of the Brock bank, is cashier. The
stockholders are wealthy farmers and capitalists of Rich
ardson and Nemaha counties and of St. Joseph, Mo. The
Farm ers and Merchants’ Bank of Verdon was opened
Ja nuary 3, witli a capital of $16,500. The officers are Ed.
Auxier, president; E. L. Bowers, vice president, and E.
E. Ewing, cashier. Th e bank is backed by wealthy farm
ers of the county. The Verdon State bank, which was
organized about twelve years ago, has recently increased
its capital from $15,000 to $25,000. Th e y occupy a fine
new brick building built for them recently.
Iowa.
Pisgah.—A new state bank is being organized with $15,000 capital. It \yill be ready for business by February 1.
New Virginia.— The New Virginia Savings bank, cap
italized at $25,000, has been incorporated and opened by
Robert Davidson and others.
Cumberland.—-A new savings bank was opened January
2. The capital is $10,000. Bert Laird is cashier, and C.
P. Shearer, assistant cashier.
Everly.—The Farm ers & Mechanics’ bank has been
sold to a stock company headed by L. Scharnberg, and
they will take possession this month.
Pioneer.—The Farm ers’ Savings bank has been organ
ized with a capital of $10,000. H. S. Van Olstine is presi
dent, Charles Ehinke, vice president, and D. R. Mills,
cashier.
W isconsin.
Milwaukee.— The National E xchange bank has opened
a savings department.
Strum.—John A. Nelson of Little Falls, Minn., is the
new cashier of the First State Bank of Strum.
Fond du L a c — The First National bank celebrated on
January 9 the completion of the first half century of its
existence, having been on January 8, 1855, as the Bank
of the Northwest. The bank was chartered as a national
bank October 27, 1864. The present officers are: J. B.
Perry, president; E. A. Carey, vice-president; FI. D.
Hitt, Oakfield, second vice-president; and E. J. Perry,
cashier. These, together with M ajo r E. R. Plerren, J. C.
Fuhrman, A. G. Ruggles (a son of the first cashier). T.
L. Doyle and Dr. George W. Earle, Hermansville, Mich.,
constitute the directors.
In contrast to the first statement fifty years ago, which
showed a capital stock of $25,000 and deposits of $8,912.69,
the statement of the bank at the close of business Dec. 31,
1904, is interesting. This statement showed a capital
stock of $125,000, with a surplus of $25,000, and deposits of
$1,001,485.57.
THE
Saturday, Jan ua ry 14, 1905.
O R G A N I Z E D 1891.
J O H N A. L Y N C H
President
r
.
m
. M cK i n
O. H. S W A N
Asst. Cashier
IN VITES
17
C A P I T A L A N D S U R P L U S $2,700,000.00
T uet
W a t i / i m a s
R
a m i
/
I H t N A IIU N A L D A N K
W . T. F E N T O N
Vice-President
OF THE
R. L. C R A M P T O N
REPUBLIC
THOS. JAN SEN
ney
Cashier
COMMERCIAL WEST
THE
CHICAGO
ACCOUNTS
OF
Asst. Cashier
Asst. Cashier
BANKERS
THE OUTLOOK FOR BUSINESS.
The jobbing trade of the Twin Cities has entered upon
the new year under favorable auspices and, so fas as ex
isting conditions are a criterion of future developments,
the prospect for satisfactory business during 1905 is good.
The 'year, as yet, is too young to permit jobbers to ven
ture more than tentative and qualified opinions, but the
prevailing atmosphere among the wholesale houses is not
suggestive of gloomy anticipations.
Orders are being
placed with somewhat more freedom than a year ago,
collections are generally better than at that time while
conditions throughout the tributary states, aside from
certain districts are an improvement over those which
existed in 1904.
Jobbers, however, while gladly assenting to the pro
position that prospects merit classification as at least
“ pretty fair” are not disposed to lend encouragement to
the idea, entertained in some quarters, that the situation
contains the essential elements of any unusual “ boom”
in business and the tone generally adopted is one of mod
eration. Once the anxiety attendant on the rust visita
tion had been dispelled and the actual state of affairs in
the Northwest had been revealed by the manner in which
the section’s money piled up in the coffers of the local
banks, there was a tendency manifested to turn from un
founded pessimism to an equal unjustified extreme of
optimism and to expect that the present year would wit
ness business activity of unusual proportions. Such a
condition of affairs m ay materialize with the progress of
the season, but jobbers are not prepared to admit that
the present indications warrant predictions to that effect.
The Effect of Cold Weather.
The ve ry substantial arrival of cold weather during
the last week has dispelled the fear of an “ open winter”
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Federal Reserve Bank of St. Louis
which has led clothing men to force their goods hitherto
and will result in increased business in many lines. The
absence of snow over the territory surrounding the Twin
Cities, previous to the holidays was generally regarded
as militating against business. A local retail dealer ex
presses the opinion, however, that it was a help rather
than a hindrance, being cold enough to necessitate winter
purchases while not severe enough to force the poorer
class to devote all their earnings to buying fuel. There
is the psychological effect to be considered, also, for the
people feeling that five or six weeks have been lopped off
an otherwise long winter and that spring would soon be
here were liberal in their holiday purchases.
S ome Brief Opinions.
There is little incident to the situation aside from
the mere statement that conditions are reassuring which
the following brief expressions from representative Min
neapolis jobbers will indicate. Julius C. Eliel, vice presi
dent of the Lym an-Elie l Drug Company, said: “ Business
is good considering the weather and we are having no
difficulty with collections. The outlook is fairly good.”
Joh n A. Lucy, secretary North S t a r 'S h o e Company:
“ Spring orders are coming in a little more freely than
was the case a year ago and collections are a little better
than at that time.”
George C. Pettigrew, George R. Newell & Co.: “ This
is naturally a quiet period of the year, but businessi is
comparatively fairly good with collections reasonably so.”
W. A. Broom, Wyman, Partridge & Co.: “ W e are
finding both business and collections good and have more
house buyers than last year at this time.”
THE
3. A . H a r r is, P rès.
C O M M E R C IA L
F re d e ric k E . K e n a sto n , V ic e -P r e s .
Saturday, January 14, 1905-
W EST
A . A . C rân e, C a sh ier.
W . S. H a r r is , A sst. Cash.
G. E . W illia m s o n , A s s t. C a sh .
THE NATIONAL BANK OF COMMERCE
M
C a p it a l a n d
I N N E A P O
L I S ,
S u r p lu s ,
S
O
E
I C
I T
M
I N N E S O
T A
$ 1 , 2 0 0 , 0 0 0
'
S
Y
O
U
R
B
U
S
I N
E
S
S
FARM LOANS IN JIM RIVER VALLEY.
(S p ecia l C orrespon den ce to T h e C om m ercial W e s t.)
Fargo, Jan. 9.— H. H. Wheelock, of Wheelock & W h ee
lock, Fargo, dealers in farm lands and loans in Wells,
Stutsman, Barnes and other counties along the Jim River
valley, reports a good business the past year. Speaking to
a C ommercial W est representative he said: “ The farm
land and mortgage business during 1904 was very good
with us. Farm lands in our section were in good demand
and the activity was maintained even through the month
of December. Our plan of crop payment is very popular
and is demonstrating the quality of lands in our section.
Without disparaging the worth of lands in the Red River
valley it is being proved every year that adjoining lands
are all right also and counties form erly thought of small
agricultural value are coming to the front with excellent
yields. Most of our farm loans are for small amounts on
B A N K IN G N OTES.
Luxemburg, Wis.—The Bank of Luxem burg has moved
into its new building.
Ethan, S. D.—The State bank is having plans prepared
for a new building.
Hillsboro, N. D.— A. L. Intlehouse, for two years cash
ier of the First National bank, has resigned his position.
Grand Forks, N. D.—The Scandianvian American Bank
of Grand Forks reports over $100,000 deposits. This Bank
was established about six months ago with a capital of
$60,000.
quarter sections that will bring an average of $2,000, at
present market price.
“ While these are purchase money mortgages most
of the buyers are going ahead raising crops and putting
up buildings so that the mortgage soon comes into the
class of a loan on improved farms. A loan of $400 to $800
on a farm worth $2,000 is certainly a safe investment.
“ Many of our loans run like that and are netting the
eastern buyer 6}/2 to 7 percent. In view of the low money
rates prevailing in the east this is a most attractive pioposition.
“ W e are doing an excellent business in this line as well
as in farm lands and look forward to an increasing volume
during 1905.
“ Our banks at Sheldon, Medina and Chaffee are all
doing a splendid business and report prosperous condi
tions of business in their sections.”
The officers are Anthon Eckern, president; A. Abrahamsen, vice president; Samuel Torgerson, cashier, and
T. T. Risteigen, assistant cashier. Mr. Torgerson and his
associates are just opening a new private bank at Badger,
Minn., which will bear same name as the Grand Forks in
stitution.
nertha, Minn.—The new building of the First National
bank has been completed. Th e interior furnishings are
especially fine and the whole appearance of the structui c
conveys the appearance that the institution is solid and
permanent. Th e bank has a capital of $25,000 and its
officers report a prosperous and growing business.
TELEPHONES
M A I N 20
M A IN 4 6 8 7
A U T O M A T IC 2707
Fritz Von Frantzius
Ben Marcuse
P R IV A T E W IR E S
E U G E N E M. S T E V E N S
C O M M E R C IA L PAPER
VON FRANTZIUS
& GO.
M U N IC IP A L , C O R P O R A T IO N A N D RA ILR OA D
BONDS
I OWN AND OFFER
S 2 5 ,ooo
H a m ilt o n (O nta rio) C a t a r a c t P o w e r,
L ig h t & T ra c tio n C o .,
fu n d in g
M o rtg a g e
1 9 4 3 , o w n in g
all
a b le w a te r
rig h ts
F irs t a n d
Bankers and Brokers
Re
5 per cent Bonds, d ue
e le c tric
r a i l w a y p r o p e r t i e s in
fu rn is h in g
L td .,
lig h t a n d stre e t
H a m ilte n
and
in t h e W e l l a n d
e le c tric
power
under
Chicago
v a lu
C a n a l,
Stock Exchange Building
112 La Salle Street
CHICAGO
larg e
co n tract.
P rice an d
s p e c ia l c i r c u l a r on a p p lic a t io n .
MEMBERS
Chicago Stock Exchange, Chicago Board of Trade
STOCKS, BONDS, GRAIN
and COTTON
NORTHWESTERN NATIONAL BANK BUILDING
MINNEAPOLIS
ASK
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FOR
OUR
STATISTICAL
CARDS
THE
Saturday, January 14, 1905.
M akes
just
a
s p e c ia lty
the
rig h t
of
m an
p la c e , no m a t t e r
how
its r e q u i r e m e n t s .
W EST
the
M i n n e s o t a Loan « . T r u s t B l d g . M I N N E A P O L I S
309 B roadway
.
.
.
.
NEW YORK
H a rtfor d B u ild in g
CH IC A G O
W il l ia m s o n B u ild in g
CLEVELAND
C h e m ic a l B uilding
S T . LO U IS
P io ne e r 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 o l o r a d o B u il d i n g
W A S H IN G T O N
IN C O R PO R A TED
exa ctin g
MAN HUNTERS
It a ls o fin d s
a p l a c e to s u i t a n y g o o d
POSITION
m a n ..
19
P R IN C IP A L O F F IC E S :
HAPCOODS
fin d in g
for
C O M M E R C IA L
HUNTERS
WE WILL DISCOUNT
L U M B E R M E N ’S PAPER..
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 .
MONEY AND COMMERCIAL PAPER.
Commercial paper in the Twin Cities is dull and the
money market is about in the same case for while the de
mand for paper has strengthened somewhat of late, there
has not been a corresponding increase in the demand for
money. Rates continue unchanged on a basis of 4?/2@5
percent, but the money market, if anything, is a shade
easier.
A Minneapolis commercial paper broker dis
cussing the rather featureless situation said:
Little Paper Being Made.
“ The bulk of the demand for grain money is over and
more paper of this character is being paid off than made.
Relative to the date of the beginning of the crop move
ment the grain firms appeared to borrow for the purpose
of handling their line business rather earlier than usual
and now a great deal of the money thus secured is avail
able for application to the terminal necessities. Jobbers,
at present, are not doing a great deal.
LEGAL
DEPARTM ENT.
Recent Decisions of Courts of Last Resort of Interest to
Bankers.
Garn ishment
of
Bank A f t e r
Receipt of
Draf t fo r
Collection.
Deposits made with bankers, the supreme court of
Georgia says (Nashville Produce Company vs. Sewell, 48
Southeastern Reporter, 945), may be divided into two
general classes, viz., those in which the banker becomes
the bailee of the depositor, the title to the thing deposited
remaining with the latter, and those where money is the
thing deposited in accordance with a custom peculiar to
the banking business, where the depositor, for his own
convenience, parts with the title to the money, and loans
it to the banker, and the latter, in consideration of the
loan of the money and the right to use it for his own
profit, agrees to refund the same amount, or any part
thereof, on demand.
Where a draft drawn by a non-resident creditor on a
debtor in Georgia was sent to a Georgia bank for col
lection, and before collection an attachment was sued
out against the non-resident creditor, and levied by service
of garnishment on the bank, and subsequently to such
service the bank collected the draft, and, in answer to the
garnishment, stated that at the time of the service it held
for collection and remittance to Nashville, Tenn., a cer
tain draft by the defendant in attachment upon a named
person, who had afterwards paid the draft, the proceeds
of which the garnishee held subject to the order of the
court, the money in the garnishee’s possession was tangi
ble property, subject to attachment, and did not constitute
a mere debt due to the non-resident.
The court says that it could not supply by inference
or otherwise the particular course of dealing which ex
isted between the bank and the defendant in attachment
(drawer of the draft), or assume that there was any spe
cial contract between them respecting the manner in
which collection of commercial paper should be made by
the bank, and the proceeds turned over to the defendant.
The relation between the bank and the defendant when
the bank collected the money was that of bailor and
bailee, and not that of debtor and creditor. Th e service
of the summons of garnishment gave the bank warning
not to mingle with its general funds any money belonging
to the defendant which might come into its hands there
after; and it seemed that the bank gave heed to this
warning and when it collected the draft kept the pro
ceeds separate and distinct as a fund belonging to the
defendant. Th e bank might have returned the draft to its
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Increased Demand for Paper.
“ The slight increase which has been noted in the de
mand for paper is chiefly due to the fact that some which
has been held is maturing and very little is being made.
I do not believe that, important as is the part played by
the Ja nuary dividends in other markets they affect con
ditions here materially. The amount involved locally is
too small and too widely scattered.
“ In this connection it is interesting to notice the re
versal of the usual rule in New Y o r k this year. Ordi
narily the amount of money tied up in New Y o r k banks
preparatory to paying dividends results in a tight money
market just before N ew Y e a r ’s which is followed, on the
release of these funds, by easier money conditions. This
season, for the first time in years, this state of affairs,
because of the general slackness of demand, did not oc
cur.”
non-resident customer and apprised it of the condition of
affairs; but when the bank elected to collect the money,
and thus receive tangible property belonging to the non
resident, the bank became liable to hold this fund subject
to the direction of the court.
*
*
*
Rights of Creditors of Insolvent Bank.
In actions of the character of one to enforce the statu
tory liability of the stockholders of an insolvent bank
to its creditors, each and every creditor, whether he is
named as a party in the action, or does not come into the
suit, the first appellate division of the supreme court of
N ew Y o r k says (In re Ziegler, 90 N ew Y o r k Supplement,
681), is entitled to the benefits of the decree entered
therein, and is authorized to prove his claim, bear the bur
den, and share in the distribution; and actions to enforce
liability under the Stock Corporation L a w must be brought
on behalf of the parties named, and of all other creditors.
Consequently a judgment in such a case inured to the
benefit of a depositor of an insolvent bank. The penalty
which attaches to a failure to prove the claim does not
operate to deprive a creditor of all benefits derived from
the judgment unless there has been a final distribution of
the fund, based upon claims proven thereunder. A t any
time before such distribution a creditor m ay come in and
be permitted to prove his claim even though a schedule of
those who are entitled to share in the fund and the
amounts has been made up for distribution. Under such
circumstances, the court has the power to open the pro
ceeding for the purpose of establishing the claim; and the
applicant, in moving the court to its exercise, is required
to show an excuse, by satisfactory proof, for failing to
prove his claim within the prescribed period.
*
*
*
A c t as to Deposit o f Co un ty Funds Valid’ and Enforceable.
The supreme court of Nebraska holds (State ex rel.
First National Bank of Atkinson vs. Cronin, County
Treasurer, 101 Northwestern Reporter, 325) that the act
of 1903 amending sections 18 and 20 of article 3, chapter
18, and section 3a of article 13, chapter 83 of the Com
piled Statutes of 1901, so far as it relates to the deposit
of county funds, was constitutionally adopted, and is a
valid law. Under the law as thus amended (section 10,870,
Cobbey’s Ann. St. 1903) it is the duty of each county
treasurer to keep at all times on deposit in each of the de
pository banks of his county such a proportionate share
of the public money, subject to deposit, as the amount of
the paid-up capital stock of each bank bears to the whole
amount of paid-up capital stock of all of such banks.
Mandamus will lie to compel such officer to perform his
duty and comply with the provisions of said law.
THE
20
COMMERCIAL WEST
Saturday, January 14, 1905-
U N IO N IN V E S T M E N T C O M P A N Y
Authorized Capital
F . H. WELLCOME, President
F . E. KERASTON, Vice-Prest.
BERT WINTER, Sec. & Treas.
BANK LOANS
-
$500,000
M IN N EA PO LIS
Bank of Commerce Building
INVESTMENT
C o rre sp o n d e n c e and Personal
In te rvi e w s with C o untry B a n k
ers and In ve sto rs Solicited
SECURITIES
FARM MORTGAGES
COMMERCIAL PAPER
MUNICIPAL BONDS
PHOENIX FURNITURE CO.
Artistic Furniture for Banks, Offices,
Churches and Public Buildings. Send
us floor plans and we will do the rest.
EAU CLAIRE,
W ISCONSIN
DIVIDENDS.
B o s t o n —The Boston Co-operative Building Company
has declared a dividend of 5 percent, payable Jan. 16 to
stockholders of record Jan. 1.
Boston.— The directors of the Bangor & Aroostook
Railroad have declared the regular semi-annual dividend
of i ]/2 percent, payable to stockholders of record Jan. 1.
New Y o rk .—The Alliance Realty Company has de
clared the regular quarterly dividend of 1J2 percent, payaole Jan. 16. Books close Jan. 10 and reopen Jan. 17Boston.—The Omaha Electric Light & Power Com
pany has declared the regular semi-annual dividend ot
$2.50 per share, payable Feb. 1 to stockholders of lecoic
Jan. 20.
Chicago.— The Schwarzchild & Sulzberger directors
have declared a dividend of $1.25 per share payable Jan.
30 to stockholders of record Jan. 16. Books close jan.
15 and reopen Jan. 31.
N ew Y ork.—The Rock Island Company of New J e r
sey has declared the regular quarterly dividend of 1 per
cent on its preferred stock, payable Feb. 1. Books close
Jan. 13 and reopen Jan. 16.
Boston.— The Worcester Railways & Investment Com
N E W SAFE C O M P A N Y IN M IN N E A P O L IS .
Omaha has come to Minneapolis and intends to do
the safe business for the Northwest. The J. J. Deright
Company of Omah,a has established a safe house at 318
Second avenue south. This company are agents for the
famous Manganese steel sate in eight different states hav
ing recently bought out the Modisette agency in Minne
apolis. B. W. Shryock, recently of their Kansas City
establishment, is in charge of the Minneapolis house. I he
Deright Company’s territory now includes Minnesota,
North Dakota, South Dakota, Iowa, Wisconsin, Nebraska,
Kansas and Missouri.
W estern Patents.
The following patents were issued last week to Min
nesota and Dakota inventors, as represented by William
son & Merchant, Patent Attorneys, 925-933 Guaranty Loan
Building, Minneapolis, Minn:
Blackmarr and WUlford, Minneapolis, filtei.
Cannon, E dward A., Minneapolis, desk.
Fladby, O. A. and J. B., Rutland, N. D., coupling.
Johnson, Olof A., Minneapolis, pitman coupling.
Lorol, Knud K . Jr., Amerst, Minn., gate.
Moore, H enry F., Hopkins, Minn., drill.
Overby, T. A. and J. O., Melette, S. D „ regulator.
Renz, Frank J., Saint Paul, Minn., dovetailing machine.
Sampson, Joseph, Sioux Falls, S. D., excavator.
Smith and Waterston, Scanlon, M inn, wire stretcher:
Spence, Charles K., St. Paul, Minn., conveyor.
Stark, Charles W., Mountain Lake, M inn, wire reel.
Thornley, Frederick S., Pierre, S. D., ball-caster.
Wynkoop, J0I110I F., Minneapolis, spectacle shade.
Fargo, N. D.—The Commercial Bank of Fa rg o makes
a report of satisfactory progress for the year 1904. Their
statement shows deposits of $136,482, with loans and dis
counts of $120,393, on a capital of $50,000. The officers
are W. C. Macfadden, president; F. C. Gardner, vicepresident, and Geo. H. Phelps, cashier. The commercial
bank was established less than a year ago.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
pany has declared a semi-annual dividend of $2 per shaie,
payable Feb. 1 to stock of record Jan. 20. This is a reduc
tion of 25 cents from the previous dividend.
N ew Y ork.—The National Licorice Company lias de
clared a dividend of 1 percent» on its common stock, pay
able Jan. 10. Books closed Jan. 6 and reopen Jan. n . i k e
previous dividend on the common stock was J2 of 1 per
cent and was paid on Ju ly 16 last. In January, I 9° 4, 1 per
cent was paid on the common stock.
N ew Y ork.— The R o gers Locomotive W orks has de
clared its regular quarterly dividend of
percent on the
preferred stock for the quarter ending Jan. 31 out of the
net earnings, to be paid Feb. 1. Th e y have also declaren a
dividend of 1 J2 percent on the common stock, payable
Feb. 1. Books close Jan. 16 and reopen Feb. 2.
New Y ork.— The Associated Merchants Company has
declared the regular quarterly dividend of
percent on
its preferred stock and of i j j percent on its second pre
ferred stock and an extra dividend of ^ of 1 percent
on its first and second preferred stocks. The regular divi
dends are payable Jan. 16. Books closed Jan. 7 and re
open Jan. 17. The extra dividend will be paid m tour
quarterly instalments.
D U L U T H B AN K S A R E PRO SPERO U S.
(S p ecia l C orrespon den ce to T h e C om m ercial W e s t.)
Duluth, Jan. 9.— The banking business in Duluth during
1904 was generally profitable and satisfactory. The usual
dividends were paid and deposits show a healthy increase.
A. L. Ordean, president of the First National, chatted
freely with a C ommercial W est representative: “ Some
may be disappointed,” he said, “ that business m 1904 was
not up to the volume of 1903, but we must remember that
1903 was an exceptional year. 1 consider last ye ar’s busi
ness that of a good normal year. Money rates were firm
the first half and low the latter part of the year, but it
made a fair average. Our bank paid two regular and two
extra dividends which made a total of 12 percent. The
larger jobbing houses of Duluth report a good ^business
for 1904 and excellent prospects for the future.”
Central Trust Company
O F ILLIN O IS
DEARBORN AND MONROE STREETS
CHICAGO
Capital, $4,000,000
Surplus, $1,000,000
OFFICERS
C h a r l e s G . D a w e s , President W i l l i a m R . D a w e s , Cashier
W . I r v i n g O s b o r n e , Vice-Pres. L . D. S k i n n e r , Asst. Cash.
A. U h r l a u b , Vice-Pres.
M a l c o l m M c D o w e l l , Asst. Sec.
DIRECTORS
A. J. Earling, President Chicago, Milwaukee & St. Paul Railway CoP. A. V a l e n t i n e , ...................................Vice-Prest Armour & Co.
Graeme S tew art,....................................................,
- W . M. Hoyt Co.
Thomas R. Lyon, ...................................L y °nFrank O. L o w d e n . ...................................'
'
’ m ^ G r r 'n
Arthur Dixon,
P r e s t . A r t h u r 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 Osborne,
- ' ~
*
"
" Vice-President
Charles G. Dawes,
Ex-Comptroller of the Currency
Saturday, January 14, 1905.
THE
COMMERCIAL WEST
21
B u s in e s s E s ta b lis h e d 1873.
Western Trust fc Savings Bank, Chicago.
C a p ita l
-
-
-
$ 1 ,0 0 0 ,0 0 0
TRANSACTS A GENERAL DOMESTIC AND FOREIGN BANKING, SAVINGS, TRUST COMPANY AND BOND BUSINESS.
O FF IC E R S :
J O S E P H E. OTIS. Presiden t.
W IL L I A M C. COO K. Cashier.
W A L T E R H. W I L S O N , V ice-P re side nt.
H. W 0 L L E N 8 E R G E R , Asst, to the President.
L A W R E N C E N E LS O N , V i ce -P re sid e n t
W. 6. W A L L I N G , Secretary.
POWER DEVELOPMENT AT DULUTH.
By D. E. Woodbridge, of Duluth.
In the present state of electrical arts, and of trans
city. At this point will be the main power development,
mission of power over long loops of attenuated wires, a
though it is not to be undertaken until after two others
water fall is claimed to be as valuable as a coal mine.
have been completed and fully utilized. This is called the
This being the case the waste of power that has been g o
Duluth Heights development, and by the diversion of 30
ing on at the head of Lake Superior for past years is a
percent of the rainfall from 1,300 square miles, with an
serious matter. But all this is to be changed now as the
effective drop of 740 feet through steel pipe to wheels in
result of final culmination of the plans of the Great N orth
the powei house 105,000 horse power will be generated.
ern Power Company of Duluth, which has raised money
This will require the provision of storage reservoirs for
sufficient to harness a total of 200,000 io-hour power from
holding 397 square mile feet, which are estimated to cost
the St. Louis river and tributaries at Duluth. Upon the
not to exceed $1,500 per square mile foot of capacity.
plans necessary to carry out this immense operation, work
This low cost is due to the small value of the lands to be
begins immediately.
flooded and the character of the ground, which is ideal for
In many ways this is to be excelled in interest by no
the construction of reservoirs.
power development in this country. The high head possi
Another system of power is called the Thomson de
ble, and the great drainage area covered by the water
velopment. It will consume water from most of the re
courses flowing into Lake Superior at this point, permit
maining drainage areas, and will generate at the end of a
a magnificent concentration of development. The power
canal and pipe line of three miles combined length a total
proposed to be developed is greater than that of any sin
of 90,000 horse power. This is io-hour power, and regle company in the world. The situation with reference to
quii es 30 pei cent of the annual rainfall from a drainage
steam plants already located at Duluth and vicinity is such
area 2,400 square miles in extent. The pipe will lead
that it permits the immediate utilization of a large power,
water down 378 feet to the wheels, and for the continuous
and it will not be necessary to cast about for industries
operation of this system there must needs be provision for
that may require what is to be developed. The units of
the storage of water to the extent of 712 square mile feet,
power are to be equal in size to any ever contemplated, and
wdiich is estimated at a cost per foot similar to that of
some interesting engineering problems have been worked
tjie larger development. All estimates, by the way,
out by the experts employed by the company. In the final
whether of water, flow, storage, development and trans
consumption of 200,000 horse power from this power plant
mission of power, and probable consumption, have been
there will doubtless be inaugurated the most extensive and
checked by engineers acting for the bondholders and with
important freight railway haulage by electricity that has
the utmost care and conservatism.
ever been seriously considered; also the electrical equip
A third system of power development is to be direct
ment of mining plants aggregating more than 50,000 horse
hydraulic. It will take water that has gone through the
power.
Thomson wheels or has come unimpeded down the river,
I h ir ty years ago J a y Cooke, then engaged in financing
and pass it over a dam 70 feet high. Here 12,500 horse
the Northern Pacific road, between the head of Lake Supower will be generated for use in paper and pulp mills, or
peiior and Puget Sound, realized the future importance of
similar plants, arrangements for the location of which are
the cities that were to spring up where Duluth and Su
now pending. I his dam will be within the city limits of
perior now are, and their need of cheap power, and he
Duluth, as will also be the generating station for the D u
gathered in the lands along the famed and picturesque
luth Heights system. The Thomson station is some three
dalles of the St. Louis, where within six miles there is a
miles outside city limits.
fall of about 400 feet. Since that time he has had fre
Powei transmission from any of these stations to the
quent opportunity to associate himself with power devel
center of the city will be short. It is 50 to 60 miles from
opment of this splendid fall, but either promoters, meth
generating stations to the Mesabi range, where 40,000
ods or the times did not appeal to him. The present plan
horse power are required for mine operation, and it is 75
takes advantage of the latest developments in power trans
miles to the group of great mines on the Vermillion range.
mission, is backed by men of great wealth and influence at
Doubtless the greater portion of these mines will be
Duluth, and presents an array of contracts for power that
equipped electrically within a brief period. Negotiations
insures the highest financial success. Mr. Cooke’s original
toward that end have been pending and estimates of costs
idea was for a series of dams along the river, ten in num
have been made. I he three railway lines yearly moving
ber, to utilize, step by step, portions of the fall over and
fifteen to eighteen million tons of ore from these mines
o\er again, for diiect hydraulic power. He was to line the
to Lake Superior require something like 100 heavy steam
river for six miles with factories. The present plan calls
locomotives. Estimates upon the adoption of electricity
foi the delivery of all power developed at transforming
on these lines indicate the saving by such substitution of
stations in Duluth or other centers of distribution, to be
more than $500,000 annually for each of the three roads
used where the consumers now exist.
interested. I here is little question that this change will
T he Main Po wer Development.
take place. It is the most magnificent scheme for the
alteration of steam roads to electric that has been serious
The St. Louis river drains an elevated plateau lying
ly considered. The power stations of this company will
600 to 800 feet above Lake Superior, and coming very
be about 125 miles from Minneapolis and St. Paul, and the
close to the shores of the lake before it drops away. The
same distance from the Gogebic range, and that distance
drainage area covers about 3,700 square miles, and it is a
vast series of swamps and timbered ridges, affording the
1S_ no bar to the economical transmission of power by
wire. Fuel is expensive at all inland points near the head
most favorable situation for the natural conservation of
of Lake Superior, and is not especially low priced even
flow and also for what storage reservoirs are required for
at Duluth, though the cost of bringing it from Lake Erie
the full operation of the system. A t one point, by the
is less than the expense of carrying it from the sidewalk
construction of a few side dams and the cutting of two
to the adjacent cellar.
or three^ short channels through gravel and drift, the flow
of the river and it» tributaries may be brought to within
Dam Will Flood 480 Acres.
four miles of the harbor of Duluth and 600 feet above the
W ork at the Thomson improvement will include a dam
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE
22
COMMERCIAL WEST
Saturday, January 14, 1905.
MINNEAPOLIS TR U ST COMPANY
NO
4 S O U T H FOURTH S T R E E T
M IN N E A P O L IS
-
-
M INN ESO TA
UNDIVIDED PROFITS, $ 1 5 0 , 0 0 0
CAPITAL, $250,000
o n ly. Does n o t do a b an k in g b usiness
T ransacts a T rust and A g e n c y business
A cts as E x e c u to r; A d m in istra to r, G uardian and Trustee.
Coupons Due and Payable at this Office: January 1 st, 1905.
The Miller Publishing Company,
Helena Gas Light and Coke Company,
Lake Minnetonka Club (Lafayette Club),
Minneapolis Club,
.......
„
The Koochiching Company,
Northwestern Consolidated Milling Co.,
Minneapolis Western Railway Company,
Seattle Gas and Electric Light Company,
Port Arthur, Duluth & Western Railway C o.;
Sandstone Supply Company,
Minnesota Debenture Company.
Kaslo and Slocan Railway Company,
THE
Merchants’ Loan & Trust
Company
O L D E S T BANK
IN C H IC A G O
e s t a b l is h e d
18 5 7
ADAM S AND CLARK ST ., CHICAGO
Capital and Surplus, $6,000,000
h igh g r a d e b o n d s
™
%
Deposits, $49,000 000
sS
D IR E C T O R S .
M a r s h a l l F ie l d
L am bert T r ee
M o ses J. W en tw o rth
Albert K eep
E . H. G a r y
E r s k i n e M. P h e l p s
C hauncy K e e p
E n o s M. B a r t o n
E
. D. H u l b e r t
T . J. L e fe n s
O r s o n S m it h
C l a r e n c e A. B u r l e y
C y r u s H . M c C o r m ic k
“ is “
“
o f f ic e r s :
O r s o n S m i t h , President
E . D . H u l b e r t , Vice-President
J. G. O r c h a r d , Cashier
F. N. W i l d e r , Assistant Cashier
F. G. N e l s o n , Assistant Cashier
P . C. P e t e r s o n , Assistant Cashier
L e o n L . L o e h r , Sec’ y Trust Dept.
J . E . B l u n t , J r ., M gr. B o n d Dept.
dam now in existence and will be carried out m part din
ing the present winter. From this dam a canal 1/2 mi es
long leads to the forebay, itself a mile in length and
following the contour of the hillsides. This canal wi
provide for 90,000 horse power. A set of steel pipes wil
convey the water from the foot of the forebay to wheels
in the power house, with an effective head of 37« feet, l h e
wheels in their general arrangement will be similar to those
of the Cataract Construction Company of 12,500 horse
Dower each, all to be water balanced and with oil througho u f bearings. Th ey will be coupled to interna revolving
generators of 7,500 Kilowatts each, similar to those being
built for Niagara, the housings of which were such a consnicuous feature of the recent display of the General
Electric Company at the St. Louis fair. Both wheels and
generators are of larger size than have yet been placed m
T he PLYMOUTH CLOTHING HOUSE
Established 1882.
H. J. B u r t o n , Pres.
H. L . T u c k e r , V-Pres.
W H O L E SA L E
Capital, $300,000.
E . A. D r e w , Treas.
W . C. B u r t o n , Sec’y.
M ANUFACTURERS OF
FURS AND CLOTHINGJOBBERS AND R E T A ILE R S OF
Men’s Clothing,
Furs,
Boys’ Clothing,
Shoes,
Hats and Caps,
Trunks ana Bags,
Shirts,
Cloaks and Wraps,
Furnishings,
Millinery.
“ Plymouth Corner/’ Sixth and Nicollet,
Minneapolis.
service. The current will be 25-cycle, 3 phase, 6,600 \ olts,
and will be stepped up to 30,000 volts for* transmission to
distributing stations.
The charge for direct hydraulic power at the Fond du
Lac dam will be $10 per horse power year; that for the
electric power will be somewhat similar to the N iagaia
schedules. For installations with low load factors it is
slightly higher than Niagara, for a high load factor it is
less. Approximate cost of producing steam power at the
head of Lake Superior is from $65 per horse power, for
say, 100 horse power, to $32 for • a 1,000 horse power
plant. The equivalent rates established by the Great
Northern Power Company, based on its franchises, vary
from $33 to $23, or from 12.78 to 9 mills per kilowatt hour.
Considering the actual effective power produced at ma
chines, the difference is from 5 to 30 percent greater, thus
further reducing the cost of electric power in comparison.
WEEKLY RAILROAD EARNINGS.
1904.
C anadian P a cific:
4th w eek D e c .. ?JF13,000
4,535,000
M onth ..............
July 1-D ec. 31. 26,800,000
D en ver & R io G ran de:
4th w e e k D e c . .
$J2 o’ £aa
M onth ..............
1,41^, *0U
J u l y 1-D ec. 31.
8,794,500
1903.
$1,493,000
4,239,000
24,568,000
$ 20,000
296,000
2,232,000
$376,900
1,199,800
8,790,500
$49,700
212,900
4,000
$627,007
4th w e e k D e c ..
$717,664
1,881,092
M onth ..............
2,032,399
12,262,729
July 1-D ec. 31. 13,801,973
W is co n sin C entral:
$150,758
4th w eek D e c ..
485,497
M onth ..............
- ao’ ???
3,429,112
July 1-D ec. 31.
3,503,441
C hicago G reat W e ste rn :
$207,464
4th w eek D e c ..
. 644,100
M onth ..............
645,032
4,420,793
Ju ly 1-D ec. 31.
3,983,782
C olorado & S outhern:
$122,471
4th w e e k D e c ..
$136,292
469,838
M onth ..............
545,683
3,273,492
Ju ly 1-D ec. 31.
3,185,805
D e tro it U n ited :
4th w eek D e c ..
$126,526
$110,^o4
M onth ..............
368,751
337,308
Jan 1-D ec. 31.
4,522,697
4,370,723
D uluth, South S hore & A tla n tic:
4th w eek D e c.
{§2,829
Ju ly 1-D ec. 31.
1,354,308
1,398,884
G ulf & Ship Islan d:
$34,285
3d w eek D e c ..
$39,068
903,328
Ju ly 1-D ec. 21.
897,064
T w in C ity R ap id T ra n sit:
$81,853
3d w e e k D e c ..
$84,800
3,921,996
Jan. 1-D ec. 21.
4,143,322
M issouri, K an sas & T e x a s:
July 1-D ec. 31 10,917,506
9,640,525
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
:------C hanges----- Inc.
D ec.
$90,657
151,307
1,539,244
$242
23,503
74,329
$1,118
437, Òii
$13,821
75,845
$88,287
$15,792
31,443
151,974
$10,215
5,470
44,576
$4,783
$2,947
221,326
1,276,981
$6,264
M inn., St. P aul & Sault Ste. M arie:
$33,089
4th w eek D e c ..
$180,762
$147,673
116.452
700,586
584,134
M onth ..............
517,551
Ju ly 1-D ec. 31.
4,604,521
4,086,970
N ation al R ailroad o f M ex ico:
4th w eek D e c ..
$367,007
$356,229
$718
..........
M onth
............
1,076,389
1,066,889
9,500
..........
Jan. 1-D ec. 31
11,054,924
10,806,128
248,796
..........
R io Grande S outhern:
4th w eek D e c . .
$12,695
$2>921
..........
M onth ..............
43,908
34,791
9 ,lli
...................
Ju ly 1-D ec. 31
246,093
236,840
9,253
..........
St. L ou is S ou th w estern :
„„„
4th w eek D e c . .
277,741
266,778
10,963
..........
M onth
............
874;578
768,787
105,791
..........
July 1-D ec. 31.
4,753,032
3,936,002
817,030
..........
D ecem b er earnings are m uch the largest fo r that m onth
the h istory of the com p an y.
T oledo & Ohio C entral:
4th w eek D e c ..
$100,582
$92,064
$8,518
........
M onth ..............
312,641
287,331
25,310
........
July 1-D ec. 31.
2,110,780
1,921,086
189,694
........
T oledo, P eoria & W este rn :
4th w eek D e c .
$46,526
$35,163
$11,¿>63
........
M onth ..............
127,326
105,636
21,690 .................
July 1-D ec. 3 i.
646,041
618,560
27,481
........
T oledo, St. L ou is & W e ste rn :
„„„
4th w eek D e c .
$94,318
$86,665
$7,6o3
........
M onth ..............
304,837
257,764
47,073
........
Ju ly 1-D ec. 31.
1,982,316
1,666,659
315,657
........
A la b a m a G reat S outhern:
3d w eek D e c ..
$68,006
$61,396
$6,610
........
Ju ly 1-D ec. 21.
1,564,885
1,469,417
95,468
........
C incinnati, N ew Orleans & T ex a s P a cific:
........
3d w eek D e c ..
$127,467
$117,642
$9,825
July 1-D ec. 21.
3,504,103
3,261,365
242,738
........
International & G reat N orth ern :
$20,928
$213,227
$192,299
4th w eek D e c ..
19,667
597,647
577,980
M onth ..............
139,041
5,821,200
5,682,159
Jan. 1-D ec. 31.
M ineral R an ge:
$507
$12,765
$13,272
4th w eek D e c . .
6,921
45,964
52,885
M onth ..............
58,683
290,816
349,499
July 1-D ec. 31.
THE
Saturday, January 14, 1905.
C O M M E R C IA L
W EST
23
The FIRST NATIONAL BANK ST„ ,PA
J L S N'
Capital $1,000,000.00
Surplus and Profits $871,000.00
OFFICERS: H e n r y P. U f h a m , Pres. E. H. B a i l e y , Vice-Pres. W m . A. M i l l e r , Cash. F. A. N i e n h a u s e r , Asst. Cash. O. M. N e l s o n , 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.
Minneapolis Securities.
Q u otation s fu rn ish ed b y E u gen e M. S tevens, C om m ercial
P ap er an d In v estm en t Securities, N orth w estern N ational B ank
B uilding.
Jan. 11, 1905.
L a st
Bid.
A sked .
Sale.
G erm a n -A m e rica n B an k ............................
160
F irst N ation al B a n k ...................................... 180
Í9Ó
Ì85
G erm ania B a n k .............................................. 100
105
105
H en nep in C oun ty S avin gs B a n k ..............
160
M inneapolis T ru st C o m p a n y ......................
145
Í25
M in n esota T itle Ins. & T ru st Co., p f d .. 120
M in n esota L o a n & T ru st C o m p a n y ..........
120
125
Ì 2Ò
N ation al B a n k o f C o m m e r ce ...................... 150
150
N orth w estern N ation al B a n k ...................... 225
250
225
St. A n th o n y F alls B a n k ............................... 150
150
160
S outh Side S tate B a n k ..................................
160
130
175
175
S ecu rity B an k o f M in n e so ta ......................
S w ed ish -A m e rica n N ational B a n k ............ 150
150
M inn. G as L igh t Co., com . 6’ s, 1910-30.. 106
ÌÒ9
109
104
M inn. G eneral E le ctric Co., con. 5’ s, 1929 103
104
M inneapolis B re w in g Co., c o m m o n ........ 114
iiò
M inneapolis B re w in g Co., p r e f e r r e d .... 107
ÌÓ7
113
110
M inneapolis B re w in g Co., b o n d s .............. 1 1 0
102
100
M inneapolis S y n d ica te ................................
200
M inneapolis T h resh in g M achine C o ........ Ì75
100
M inneapolis Steel & M ach in ery Co., pfd.
ióò
HO
108
M inneapolis Steel & M ach in ery Co., com . ió s
80
80
N orth A m e rica n T elegrap h C o ..................
T w in C ity T eleph on e C o., first m ortg ag e
93%
98
5’ s, 1913-16....................................................
ióò
T w in C ity T eleph one Co., c o m m o n ..........
Ü5
115
T w in C ity T eleph one Co., p re fe rr e d ........ i i ó
Chicago Bank Sto ck Quotations.
R ep orted b y A. J. W h ip ple & Co., C hicago, Jan. 11.
B o o k V.
A m erican T ru st .......... 165
152
B a n k ers’ N ation al . . . .
C entral T ru st .......... .... 134
C h icago C ity .................. 165
C hicago N ation a l ........ 238
C hicago S avin gs .......... 1 1 2
C om m ercial N a tio n a l.. 1 S6
C olonial T ru st .............. 141
C ontinental N a tio n a l.. 145
Corn E x ch a n g e ............ 212
D rexel State ................ 107
143
D r o v e rs’ D ep o sit ........
F ederal T ru st .............. 141
F irs t N a tion al .............. 195
F irst N a tion al B a n k o f
E n g lew ood ................ 198
F o rt D earborn .............. 131
H a m ilton N a tion al .. . 125
Illinois T ru st ................ 249
Ja ck son T. & S ............ 124
215
M erch an ts’ L. & T . . . .
130
M etrop olitan T . & S . ..
M ilw aukee A v e. S ta te. 192
N a t’l B an k o f N o. A m . 139
N at. B an k R e p u b lic ... 146
N ation al L iv e S to c k .. 231
N orth ern T ru st ............ 263
Oakland N a tion al ........ 203
125
P ra irie State ................
182
R oy a l T ru st ..................
State B an k C h ic a g o ... 153
W estern T 1. & S ............ 114
So. C h icag o S a v in g s ... 1 1 1
U nion T ru st .................. 149
D iv. R.
6
8
4
8
*12
12
8
12
6
8
12
6
6
*12
12
6
6
6
*12
8
6
8
6
6
6
L. Sale.
217
192
133
350
3Ì5
180
285
400
107
ISO
150
403
162
120
610
120
360
129%
117
46
172
300
500
Ì 6Ò
255
157
102
Bid.
216
189
131
185
360
140
325
190
288
403
115
190
150
402
225
166
118
605
127
365
129
118
43
172
290
500
200
160
158.
250
160
100
200
A sked.
220
193
135
370
150
335
300
410
120
200
153
408
175
121
615
132
375
136
125
47
176
300
505
162
260
165
108
A CLEVER PARODY.
The following parody upon the well known lines o f
Jacques in “ A s Y o u Like I t ” is by our entertaining friend
J. A. S. Pollard of Ft. Madison, Iowa. Coming from a
bank cashier it will be appreciated by bankers generally-as
it was when given at the L a Crosse meeting of the W is
consin B ankers’ Association:
A ll the w o rld ’ s a bank
A n d all the m en and w om en, m erely cu stom ers
T h e y have th eir cred its and their overdrafts,
A n d one m an in his tim e d raw s m an y ch eck s—
H is w isd om gain ed b y sta g es; A t first the infant
P u sh in g a p en n y in his n e w to y bank,
T h en the rude sch o o l b o y w ith his bended w ire
A n d gleeful, un w ash ed fa ce, sw ip in g the coin
T o purch ase c ig a re tte s; A n d then the lo v e r
S igh in g that e ig h t-p e r-w e e k g iv es w oefu l p rospects
O f early m atrim on y. T hen a plunger
F ull o f w ild schem es, an d sh ea r-ed like the L am b
S m ok in g the d opefu l pipe— a p rey to g e t-ric h -q u ic k -p la n s.
C hasing the bu bble corp oration ,
In to the m aw o f W all S treet; then the C ity D ad
In fa ir roun d paunch, lined w ith g ood turtle soup
W is e to sure things and su ndry liquid stocks,
H e learns a th in g o r tw o. T h e six th stage shifts
In to th e keen, ex perien ced business m an,
W ith sp ecs on nose and ask in g on ly fo r
T h e cu rren t rate and berth on E a sy Street,
T u rn in g again to ch ild h ood ’ s to y in m em ory.
H e banks his surplus fu n d s a t three per cent.,
Seeks b u t in vestm en ts sou nd ; L a st scene o f all
H e w ills his lo v in g heirs, ex ecu tors, assigns,
Sans debt, sans loss, sans cost, san s “ litig a te !”
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
St. Louis Quotations.
R ep orted b y B illon -C ran da ll, 319 B an k o f C om m erce B u ild
ing., St. L ouis, M o., Jan. 7, 1905.
Bank Stocks.
Surplus and
un divided
profits.
L a st D ividen d.
Q uotations.
A m erica n E x ch a n g e .$ 702,381.74 Jan. 1905, 3%, qr. . 34914 . . .
257%
B o a tm e n ’ s ................. 1,432,334.45 D ec. 1904, 2V2%, qr. 252
324,064.82 Jan. 1905, 8%, s -a . 350
B rem en ......................
F ou rth N a t io n a l___ j_,335,376.07
Jan. 1905, 2% % , qr. 321% 323
F ra n klin ....................
395,263.16 D ec. 1904, 4%, s-a . 227% . . .
Germ an Sav. I n s t ... 1,268,459.22 Jan. 1905, 4%, q r . .. 400
G erm a n -A m erica n .. 1,009,435.83 Jan. 1905, 20%, s -a 900
In tern ation a l ............
120,498.47 u e c . iju t, ± / 2 /o, qr ¿¿>¿72 . . .
Jefferson ....................
120,921.26 Jan. 1905, 2%,q r ...........
230
L a fa y e tte ..................
805,410.83 Jan. 1905, 10%, s -a 600
M anch ester ..............
46,640.58 Jan. 1905, 3%f, s -a . 160
290
M ech an ics N ational. 2,495,738.57 Jan. 1905, 3%,q r ............
306
M er’ ts -L a c le d e Natl.
953,237.92 D ec. 1904, 3%, q r . . 305
N a t’l Bk. o f C o m ... 8,595,835.24 Jan. 1905, 3%, qr. . 302% 303%
203
N orth w estern S avin g 242,858.20 Jan. 1905, 4%, s -a . . . .
South Side B a n k .. . .
86,014.57 N ov. 1904, 3%%, s -a 169ys . . .
773,577.62 D ec. 1904, 3%, s-a . 188
190
S tate N ational ........
So. Com . & Sav. Bk.
59,467.75 Jan. 1905, 3%, s -a . . . .
140
T hird N a t i o n a l ........ 1,829,062.83 Jan. 1905, 3%, q r ...........
316%
T ru st Companies.
C om ’ w ealth T r u s t .. .$3,851,730.94 Jan. 1905, 3%, q r .. 299%
M ercan tile T r u s t ___ 6,708,946.60 J a n .’ 05, $1pr. m th. . . .
M o.-L in co ln T r u s t .. 1,000,000.00 Jan. 1905, 1% %, qr. 132%,
M o. T ru st R e c e ip t s .........................................................................
M iss. V a lley T ru st.. 5,319,390.85 Jan. 1905, 4%, q r ...........
St. L ou is U. T r u s t .. 5,569,719.10 Jan. 1905, 3%, q r .. 350
62%
T itle Guar. T r u s t ...
844,324.78 July 1903, 1 % % ___
Street Railway Stocks.
75
A lton , G ranite & St. L ouis, p fd ........................................
A lton , G ranite & St. L ouis, c o m .................................................
E ast St. L ou is & S u b u rb a n ........ N ov. 1904, 1%, q r ............
St. L ou is & S u b u rb a n ...................................................................
St. L ou is T ra n sit Co., issued,
$17,264,300 ..........................................................................
8%
N a t’l B an k o f Com . C /D T. C o ........................................
9
U nited R y .’ s preferred , issued,
$16,755,400 ....................................Jan. 1905, 1%%, qr. 70%
U nited R y .’s, Com. V o tin g T r u s t ......................................
21%
B row n B ros. S u b scrip tion .................................................... 108%
300
370
133
...
360
64
35
100
64
...
__
70%
21%
109
S P 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 w ill publish w an t a d vertisem en ts u n
der this general hea din g fo r one cen t a w ord, n o ad vertisem ent
to be inserted fo r less than 25 cents. A d d ress is to be coun ted.
Bold 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 t w 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 ed n esd a y o f each
w eek to insure p u blication in the cu rren t num ber.
W an 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 cent and on a basis o f
less than 50 per cen t o f the cash m arket value o f the security.
Interest collected free o f ch arg e on all loans p laced by us.
Y ale R ea lty C om pany, “ T he H om e B uild ers,” 206 S outh F ourth
Street. M inneapolis, M inn. R e fe re n ce : A n y m ercan tile ratin g
com pany.
F or Sale— H igh grade in vestm en t bonds, in lu d in g M inne
apolis Gas, M inneapolis S treet R ailw ay, C ham ber o f C om m erce
and other local securities. M innesota L oan & T ru st C om pany,
813 N icollet avenue.
W a n ted — T o p urch ase the u n derlyin g bon ds o f eith er the
M inneapolis Gas, E lectric or S treet R a ilw a y C om pan ies. M in n e
sota L oan & T ru st Co.. 313 N icollet A ve.
TREASURY DEPARTM ENT.
Office o f C om p troller o f the C urrency.
W ash in g ton , D. C., D ecem b er 12, 1904.
W H E R E A S , b y sa tisfa cto r y eviden ce presented to the u n
dersigned, it has been m ade to appear that
“ The F irst N ational B an k o f M inneapolis,”
located in the C ity o f M inneapolis, in the C ou n ty of H en nepin
and State o f M innesota, has com p lied w ith all the p rovision s
o f the A c t o f C ongress “ to enable N ational B an k in g A s s o c ia
tions to exten d their corp orate existence, and fo r oth er p u r
p oses,” ap p roved Ju ly 12, 1882, as am ended b y the A ct, ap p roved
A p ril 12, 1902;
N O W , T H E R E F O R E , I, W illia m B. R idgely, C om ptroller of
the C urrency, do h ereb y ce rtify that
“ T he F irst N ation al B an k o f M in n ea polis,”
located in the C ity o f M inneapolis, in the C oun ty o f H en nepin
and State o f M innesota, is au th orized to have su ccession fo r the
p eriod specified in its am ended articles o f a ssocia tion : nam ely,
until close o f bu siness on D ecem b er 12, 1924.
IN T E S T IM O N Y W H E R E O F w itn ess m y hand and seal of
office this T w elfth d ay of D ecem ber, 1904.
(S E A L )
C harter No. 710.
W M . B. R ID G E L Y ,
C om p troller o f the Currency.
E x ten sion No. 368.
THE
24
C O M M E R C IA L
W EST
Saturday, Ja nuary 14, 1905.
HUNTER, COOPER & COMPANY
WI NNI PEG,
CANADA
HIGH C L A S S C A N A D IA N I N V E S T M E N T S
WE ARE N E T T IN G
OUR
T IM E AND
C LIE N T S 6 PER
C E N T ON
Correspondents
CALL LO ANS
( A n d e r s o n , C o o p e r & A n d e r s o n , Lo r d s C o u r t , N ew Y o r k
/ H u n t e r . C o o p e r & Co ., 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.
(S p ecia l C orrespon den ce to T he C om m ercial W e st.)
Winnipeg, Jan. n . — The sale of what is known as the
Commonwealth block was put through this week. The
block occupies a prominent corner in the northern part
of the city and is an old three-story building with no
very modern improvements. The sale price was $200,000,
an advance of $20,000 over the figure the present vendors
paid for it a matter of nine months ago. The sale of this
property is significant from the fact that it is understood
that the purchasers are acting for the Grand Trunk P a
cific railway. Property lying along Rupert street, which
is a street beyond where the Commonwealth block is,
has been purchased by the Grand Trunk Pacific railway,
and all indications point to the fact that the railway ter
minals will be located at this point. Real estate move
ment has taken an impetus in consequence of this transfer
of property and brokers look for a very good business
this month. The sale was put through by Messrs. Mark
Fortune & Son.
A s an example of the increases being made in busi
ness in the province might be mentioned a fev,r companies
who have recently applied for an increase of capital at
the provincial government. These are the McDonaldMcMillan Company who apply for supplementary letters
patent authorizing them to increase their capital stock
from $150,000 to $1,000,000, and to transfer their chief
place of business from Westbourne to Winnipeg. This
firm carry on the business of railway contractors.
The House Furnishings Company, Ltd., has received
letters patent of incorporation under the laws of the
province. The capital stock is placed at $400,000. W in
nipeg will be the chief place of business.
The Hingston-Smith A rm s Company, Ltd., has been
incorporated under the laws of the province for the pur
pose of purchasing and taking over the business now car
ried on by Maurice Putnam under the name of the Plingston-Smith Arms Company. The members of the com
pany include Maurice Putnam, Kate Tow nley Putnam,
Charles McA. Scott, Helen Archibald and H enry B. T o t
ten, all of Winnipeg. The capital stock is placed at
$50,000.
The Inland Revenue Collections.
The inland revenue collections in the district of W in
nipeg during the year 1904 amounted to nearly one million
dollars, the largest sum ever collected in this country
during a similar period. The receipts each month were
as follows:
January, $63,806.65; February, $61,580.85;
March, $68,970.42; April, $73,855.18; May, $68,353.13; June,
$76,124.43; July, $81,906.81; August, $78,369.58; September,
$86,235.61; October, $91,883.45; November, $105,673.36; De
cember, $102,254.49.
Total, $959,040.19.
The Lake of the Woods, as a mining country is again
attracting considerable attention. Mr. Silas Griffis, Sr.,
of Rat Portage, who is prominent in mining matters, was
in Winnipeg the other day. Speaking of affairs in the
Lake of the Woods he gave your correspondent the follow
ing facts, which m ay be of interest. He said: “ In the
Lake of the Woods proper, there are five or six very
promising looking propositions, that no doubt, under
proper management, will, in course of time, be good pro
ducers and yield the investors a handsome return; in
short we are simply going through the same ordeal that
all other good gold mining districts have gone through,
such as Cripple Creek, Rossland, etc., on first discoveries
an unwarranted boom, a reaction, and then a gradual de
velopment on merits. This process has also a parallel
in Winnipeg as this city has suffered long from the effects
of the first great boom.
“ Most of the best of our deposits are found on the
contact of the slates with igneous rocks and the history
of mining has shown, and the science of mining is its
history, that contact deposits are not only the richest,
but the most permanent among all modes of occurrence
of mining deposits. It is true that a great deal of money
has been sunk in our district, but this has been caused
more by, what I call, speculative mining than the lack of
payable ore deposits together with the unskillful handling
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Federal Reserve Bank of St. Louis
of those which might have been made to pay if developed
by better and more experienced men.
“ The old Sultana, which has always been famous in
the Lake of the Woods, has now been working for the
past year and a half and from what I can gather, the
mine has been paying during that time; while they are at
present in one of a very high quality. This has done
much to re-establish the confidence of our people in the
industry.
Great Progress in W est ern Canada.
Hon. A. G. Blair, chairman of the Canadian railway
commission, paid a visit to Western Canada recently and
has the following to say regarding the progress of W e st
ern Canada:
“ I certainly was very greatly surprised at the progress
which has been made in the W est during the last two
years. I saw almost all the towns, with the exception of
those off the main line and all had grown in population
and business. There were none that failed to show evi
dences of prosperity. It goes without saying that W in
nipeg’s progress has been phenomenal. Some of the of
ficials there told me that no less than 700 new buildings
were now in course of erection. One very noteworthy
fact is that all the Eastern wholesale houses have estab
lished branches in Winnipeg. Th e y are not scattered
through the city, but whole blocks of them, five or six
storied structures of brick or stone, are to be seen, and
those previously located are adding to and extending
their accommodation. In my opinion there is a great
future in store for Winnipeg. It is the conduit through
which the business originating in the vast area north of
Winnipeg and westward as far as the Rockies must pass.
The Canadian Pacific railroad have acquired. the neces
sary property and are now establishing yards which are
claimed to be the largest of any railway in the world,
consisting of 70 miles of tracks. T h e y are erecting a new
station and an enormous hotel. The sum of their ex
penditures in Winnipeg amounts to about $3,000,000.
There has been very marked progress in Regina. The
country north of it, which is tributary to the Regina,
Qu’Appelle & L o n g Lake railway, is absorbing quite a
number of settlers. Prince Albert is improving and has
excellent prospects of becoming a very fine town. Cal
gary has grown immensely, and has a very promising fu
ture before it. The Canadian Pacific railroad has made
substantial progress with irrigation work in the vicinity
of Calgary, which are intended to serve a million and a
half acres of land. I saw a 55-foot cutting in connection
with the main irrigation canal, and the soil was a fine
rich loam. H ow much deeper that rich soil goes I can
not tell. There will be three secondary canals a ggregat
ing in distance 115 miles, in addition to the main channel.
Then there will be distributing canals, comprising a total
•length of 900 miles. The area of land to be served by the
irrigation works will support it is computed, a fa'rming
population of 250,000 souls.
“ Subsidiary to the area watered by the irrigation
works are another million and a half of grazing lands of
the best quality. I ran up from Calgary to Edmonton.
The latter is steadily growin g in importance. All along
the intervening distance are established towns and set
tlements that are rapidly growin g in importance. There
is a numerous settlement of Galicians extending eastward
from Edmonton, and comprising perhaps about 15,000
souls. The other settlers speak ve ry highly of them.
Th e y are hard working, thrifty, and have a well-to-do ap
pearance. A number of roller mills have been sent into
the country north of Edmonton, one of them for the Hud
son B a y Company. I took the trouble while in Winnipeg
to inquire of Governor Chipman of the Hudson B a y Com
pany, as to the truth of this statement. He said they
had erected a mill at Dunvegan, 1,200 miles northwest of
Edmonton, and were grinding wheat raised in the locality
and meeting the wants of the people there. That I
consider a remarkable fact.”
Foley, Larson & Stewart, St. Paul contractors, have
been awarded the seven million dollar contract for con
structing the double track between here and Fo rt William.
This is the largest individual contract yet let in Canada
and will employ five thousand men.
THE
Saturday, Jan ua ry 14, 1905.
M INNESOTA
FAR M MORTGAGES AT
6 PER C E N T
COMMERCIAL WEST
Loans vary in size from $500 to
$5,000 and run for five years.
Write for our offerings. 25 years’
experience in the loaning field.
References furnished upon appli
cation.
25
The A. G. WHITNEY
LAND & LOAN CO.
Whitney Block, ST. CLOUD, MINN.
PORTLAND LUMBER SHIPMENTS HEAVY.
(S p ecia l C orresp on den ce to T he C om m ercial W e st.)
Portland, Jan. 9.— Portland closed the year with lum
ber shipments aggregating 132,497,601 feet to her credit.
Of this amount 87,810,966 feet was dispatched to ports on
the Pacific and Hawaiian Islands, and the remainder, 44,686,635 feet, valued at $148,486 went to offshore harbors.
The coastwise fleet during the year, carrying whole or
part cargoes of lumber, was made up of 157 vessels, and
the foreign coterie numbered 42 craft.
The first month of the year 9 coasters cleared with
4.294.000 feet. In February 16 sailed with 7,865,750 feet.
M arch’s fleet was made up of ix carriers, which took away
5.745.000 feet. April had but 7 ships, and moved 3,982,000
feet. In M ay 16 got away, taking 8,684,023 feet, and 13
cleared in June with 6,545,000 feet. In Ju ly an even dozen
made up the number, to which were credited 7,890,508 feet,
and the August sailings numbered 1 1 vessels, moving
5,988,376 feet. The September fleet was the same size, but
carried more lumber, 6,820,832. October proved a larger
period, as the 20 craft cleared took away 10,846,000 feet.
November was smaller, only 8,083,892 feet going on 14
coasters, but the dinky fleet broke the record for the 12
months in December, as the last sailings today bring the
total to 11,065,585 feet, transported by a coterie com
posed of 18 carriers.
WHATCOM COUNTY LUMBER BUSINESS.
(S p ecia l C orresp on den ce to T he C om m ercial W e st.)
Bellingham, Jan. 9.—The production of lumber and
shingles is the industry that yields by far the largest re
sults to the people of Whatcom county.
W. F. Miller, of the firm of Miller Bros, has gathered
data from all over the county, embracing in detail the
number of mills, lumber and shingle, the number of log
ging camps, the daily capacity of the mills and the camps,
the number of men employed and so forth.
Mr. M iller’s statement, compiled for his own infor
mation, shows that there are in this county at the present
time 129 shingle and lumber mills having a daily com
bined capacity of 9,365,000 shingles. Twenty-seven mills
out of this total are cutting lumber, twelve of which manu
facture lumber exclusively. Seven million is a fair average
of the number of shingles daily manufactured in W h at
com county for which a market has been found. Com
manding an average of $1.50 a thousand it means $10,500
in cash would daily enter the county. In his statistical re
SEATTLE
B U IL D IN G
O P E R A T IO N S
HEAVY.
search Mr. Miller finds that there are nearly 4,000 men em
ployed in the shingle, lumber and logging industry of the
county. If these men receive as an average $2.25 per day
their combined wage is $9,000. This leaves a margin of
profit for the 129 mill owners and 9 logging camp owners
of $1,500 per day from the shingle business, leaving what
ever may accrue from the manufacture of lumber to be as
profit.
These figures represent averages only.
There are
perhaps fifty percent of the mills that are not making ex
penses.
Mr. Miller’s statistical statement summarized i's as fol
lows :
Shingle and lumber mills in Whatcom county number
129. L o g gin g camps, 9. Men employed, 3,813. Daily
capacity of the logging camps in number of feet cut,
386,000. Daily capacity of shingles expressed in thou
sands, 9,365,000.
PU G ET SOUND AN D O R IE N T A L COM M ERCE.
(S p ecia l C orresp on den ce to T he C om m ercia l W e st.)
(S p ecia l C orresp on den ce to T he C om m ercia l W e st.)
Seattle, Jan. 7.— At the close of business for the year
1904, there had been issued out of the building inspector’s
office 7,351 building permits of a total valuation of $7,783>3i 5, as against 6,914 permits of a total valuation of
$6,495,781 for the year 1903.
The increase in the building business of Seattle for
1904 over 1903 is 437 permits, and in valuation $1,287,534.
The tabulation of the inspector’s office, showing the
two years in comparison at the close of business last
night, is as follows:
—1903—
—1904—
Seattle, Jan. 9.— Much has been said by the press about
the Minnesota and the possibilities of the Oriental trade
growth, but no paper has produced any evidence yet to
demonstrate a reason for such belief. The Seattle Trade
Register has produced some statistics that are pertinent.
The exports of 1895 were $5,578,900; last year they
were $22,756,403, an increase in nine years of $17,177,503,
or over four times greater. The exports of November,
last month, were $4,376,150, or as much as the whole of
1893-4— ten years ago.
The imports of 1895 were $4,680,707; last year they
were $11,285,096, an increase of $6,604,389 in nine years, or
nearly three times greater. L a st month’s imports were
$879,352.
In 1895 wheat exports were 3,539,738 bushels, valued at
$1,719,886, against 1,724,543 bushels, valued at $1,363,355,
last year. The great increase in the value of wheat is
here shown.
In 1895 flour exports were 394,263 barrels, valued at
$944,126, against 1,7x4,864 barrels, valued at $5,993,631, last
year. Despite the Russo-Japanese war and consequently
decreased wheat and flour shipments, the increase in the
flouj trade proves the early prophecies made as to its pos
sibilities as the Orientals became used to its consumption.
During 1895 Seattle handled $155,472 of the imports for
local consumption and did 85 percent of the local Ori
ental trade of Puget Sound. The population of Seattle
was then but 65,000, against 175,000 today.
During the past fiscal year, 1903-4, the Oriental ex
ports of Puget Sound were valued as follows: Japan
$8,120,604, H ongkong $2,063,223, Philippines $1,630,493,
China $1,445,990, Russian China $303,475, Asiatic Russia
$ 99,995- Korea $61,165, Straits Settlements $39,059, British
China $28,156, French China $1,560, other Asia $42; total
$ i 3,793,762 of the total $22,756,403 of the Sound exports.
M onth—
P erm its.
J a n u a ry ................ ............. 478
F ebru ary .............. .............. 575
M arch ................... .............. 558
A p ril ..................... .............. 589
M ay ........................ .............. 547
June ....................... .............. 539
Ju ly ........................
A u g u st .................. .............. 577
Septem ber ............ .............. 618
O ctob er ................ .............. 748
N ov em b er ............ .............. 566
D ece m b e r ............ .............. 559
T ota ls
............
Value.
$408,239
827.560
409,957
459.065
553,233
438,767
503,713
526,652
534,387
389.614
963,009
481,781
$6,495,781
P erm its.
532
591
561
692
643
570
597
732
757
680
578
407
7,351
V alue.
$234,322
382,622
742,374
805,801
762,374
1,443,574
714,728
1,033,771
657,392
371,934
462,930
171,493
$7,783,315
N E W F IS H E R IE S F IRM A T B E L L IN G H A M .
The old Pacific Packing & Navigation Company, a cor
poration that at one time controlled the salmon indus
try on Puget Sound, but whose property was recently sold
at auction in the city of Bellingham, has been reorganized
under the name of the Pacific American Fisheries. The
new company has been incorporated under the laws of the
state of Maine for $1,500,000.
The officers of the reorganized company are: P resi
dent, J. F. H arris; first vice-president and general man
ager, E. B. Deming; second vice-president, J. G. Snydaker; secretary, Frank L. Deming; treasurer, Sam Scatten.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE
26
C A N YO U SE L L
FARM
MORTGAGES
FO R US
COMMERCIAL WEST
Saturday, January 14, 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.
ACTIVITY IN FARM MORTGAGES.
Minneapolis dealers in farm mortgages are enjoying a
business active to a degree unusual even at this particular
season when the recipients of January dividends annu
ally apply themselves to the task of finding remunerative
investments for their newly acquired funds. Applications
for loans, meanwhile, are also numerous with the result
there are few leisure moments in the “ Farm Loans and
M ortgages” departments of the investment firms handling
this class of securities. The demand for mortgages is
general in character and quite independent of geographical
lines, emanating as much from N ew England and the
eastern states as from districts less remote. The explana
tion of its unusual proportions lies primarily in the pre
vailing low interest rates on bonds and in the growing
appreciation among investors generally of the combined
advantages of safety, convenience and large returns af
forded by northwestern farm mortgages. A member of
the farm mortgage department of the Minnesota Loan and
Trust Company, however, suggests another reason for
the interest displayed by investors in these securities. He
said:
Afraid of the S to ck Market.
“ Whatever the animus which has prompted the recent
alleged exposures of stock market methods by Lawson
there can be no doubt that their influence on the small
investor has been general and great.
His assertions,
whether fact or fiction, have had the effect of rendering
the small outside dabbler in stock transactions cautious
about exposing himself to the dangers of the market. The
result has been that many investors who have hitherto
devoted their attention to stocks are now looking for
some other disposition for their money. Farm mort
gages, with returns impossible in the East, naturally prove
attractive substitutes.
“ There is a great deal of money available in the
Northwest for investment and local firms, of course, are
getting a good share although possibly not their full
share of the business. W e have not yet succeeded in
wholly eradicating the natural, although entirely unjustifi
able, notion that firms in the larger cities possess advan
tages lacking in the home firms. A certain proportion of the
people still are under the impression that “ N ew Y o r k ”
carries with it an additional guarantee of some sort. Then,
also, very few local concerns make a practice of regularly
handling railroad bonds and as these are always favorites
with many investors they have to turn elsewhere to satis
fy their wants.”
Both Loans and Mortgag es in Demand.
H. A. Barnes, of the Minneapolis firm of Barnes
Brothers, said: “ Business from both ends of the line is
unusually heavy even for this period of the year. Appli
cations for loans are numerous and the demand for mort
gages is strong. The latter condition is probably due to
the combination of the January dividend season and to
the prevailing low interest rates on bonds which is caus
ing investors to turn to the more attractive proposition of
farm mortgages.”
11 acres of sj-i of s w j j of n e jj of sec. 5, Beauford, $220.
Thomas to Barnes, und. j4 of ej4 , ej4 , sec. 22, Lincoln, for
$4,000; Barnes to Gerlitz and others, ej4 of ne)4 sec. 22,
The following are late farm land transfers, as taken
and e /
J2 of se% , sec. 22, town of Lincoln, $8,000.
from official county records. T h e y indicate the value of
Pipestone County— Koch to Scherer, n e j j 4-105-44,
$8,000; Lenz to Rum River Land Company, s e j j 35-108-45,
farm lands in the respective counties:
$6,240; Arlington to W. & S. F. Ry. Company, 6.81 acres
Minnesota.
on w j4 sw% 33-107-45, $408.60; Miller to W. & S. F. Ry.
Company, 2.81 acres in s e j j 32-107-45, $140.50; Van Orden
Marshall County.— Larson to Klappenback, sej4 sec.
to Gessell, s w j j 30-108-44, $6,720; M ayer to Anderson, s e j j
27-155-41, $2,500; Lynch to Brenner, s e j j and n(4 sec. 5155- 46, $7,300; Gunderson to Lawson, sj4 s w j j swf4 sec.
Chisago County— Rosander to Anderson, und. j4 of sj4
32, lot 4 sec. 31-155-50, lots 3 and 4 sec. 5-154-50, $4,000;
of n e j j of nej4 and s e j j of n w j j of n e% 14-35-21, town of
Stay to Grinden, wj4 nwj4 sec. 28-156-5, nejq ne/4 sec. 29j
Branch, $300; Anderson to Rosander, und. J/2 of nj/2 of nej4
156- 50, nwj4 sec. 34-156-50, $4,000; Gast to Cast, ej4 s w j j of nepj and n e jj of n w (4 of ne% 14-35-21, town of Branch,
sec. 17-156-45, $1,280.
$320; Johnson to Anderson, n w )4 of n w j j 7-37-21, town of
Nessel, $1,200; Anderson to Hedenland, w 54 of n w j j 30Lac qui Parle County.— Iverson to Sandbakken, e j j
36-22, town of Fish Lake, $1,000.
of s w J j and wj^ of se% and nej4 of s e j j sec. 16, range 43,
$3,600; Hammer and Oppem to Anderson, s e j j sec. 15Bigstone County—-Oleson to Behlen, swj4 and s w j j of
118-45, $5,200; Dale to Wallsmith, sej4 sec. 18-117-44, $5,nw)4 , lot 10, blk 18, $5,000; Townsend to Marty, lots 1, 2,
600; Wishard to Rue, ej4 of nwj4 sec. 29, wj4 of n e jj
3, sec. 4-120-44, $3,000; Torgerson to Torgeson, s w j j of
sec. 29, se)4 of nej4 of sec. 29-117-43, $8,000; McAllister
swJ4 and lots 5, 6, 7, 8, sec. 34-122-44, $1,000; Rebecca Vanto Spaude, se% of sec. 2-117-46, 160 acres, $4,400.
dermark to Rothwell, s w jj , sec. 8-123-46, $8,000; Weiser
to Arrowsmith, ne% sec. 22-121-45, $3,200.
W right County.-—St. P., M. & M. Ry. to Bredeson,
nwj4 se)4 sec. 3, Silver Creek, $320; Melrose to Melrose,
Swift County— Hanson to Torskognes, lots 1, 2, 10 and
sw% s e j j sec. 25, Silver Creek, $2,000; Parker to Parker,
s w (4 of ne(4 43-122-43, $1,845; Moran to Munier, n ]/2 of
interest s x/2 se% sec. 19, Otsego, $800; Varachek to
sw)4 , 32-121-38, $4,000; McCarten to Sorlien, n w j j of sec.
Hudek, se)4 sec. 20, Mlaple Lake, $3,000; Hudek to V a ra
2 and ne)4 sec. 3-122-43, $7,800; Berge to Hagan, nwj4 of
chek, swRj se)4 sec. 20, Maple Lake, $1,000.
ne% , 9-120-37, $956; Johnson to Johnson, s w (4 sec. 31, and
e}4 of swj4 of sej4 and )4 int. in ej4 of nej4 of sej4, 26Freeborn County.— Berglund to Berglund, 40 acres of
122-34, $6,000.
s j j se% sec. 21, Albert Lea, $1,400; Tostenson to Tostenson, se^j sep; sec. 31, Hayward, $600; Peterson to Opdahl,
Fillmore County— Zimmer to Zimmer, sj4 sej4 sec. 31,
s w j j sec. 12, Mansfield, $6,400; Peterson to Opdahl, s w J j
Fillmore, $600; Dahlen to Helgeson, part n w j j n w j j sec.
s e j j less 2 acres, sec. 13, Mansfield, $1,600; Sistek to
14, Harmony, $1,300; Taber to Stroud, part ne)4 sec. 34,
Prajzler, swj4 n w j) sec. 28, Oakland, $2,000.
Newburg, 57^2 acres, $4,312; Gagan to Rank, n J/2 sw )4 and
swj4 n w j j sec. 12, Newburg, $6,240; Galvin to Utley, n w j j
Stearns County.— Holton to Diekman, s w j J and others
n e j j sec. 2, Carimona, $1,400.
in sec. 3-123-35, $7,680; Peasley to Woodbury, n w j j sec.
6-125-35, $4,800; Valley to Cunningham, w 4 > nej4 sec. 14Dakota County— Benesch to Security Trust Company,
122-28, $1,360; Olson to Quarve, n w j j n e j j and others in
119 acres in secs. 17 and 18 and 80 acres in sec. 19, Empire,
sec. 11-124-35, $2,000; Olson to Quarve, swj4 nej4 and
$11,000; Bullock to Shumway, 40 acres in sec. 13, Greenothers in sec. 11-124-35, $2,000.
vale, $800; Dodge to Newburgh, 12 acres in sec. 2, Inver
Grove, $500; Rich to Cherry, 77 acres in sec. 31, Empire,
Mankato County.— Voeks to Scheider, w j4 sw )4 s e j j
sec. 33, Rapidan, $900; ITeslop and Heslop to Healey, east
$6,500; Myers to Liddie, 16 acres in sec. 3, Nininger, $320.
The Farm Land M ovem ent.
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Federal Reserve Bank of St. Louis
THE
Saturday, Jan ua ry 14, 1905.
A
C O M M E R C IA L
SAFE
27
W EST
INVESTM ENT
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.
WHEELOCK
&.
WHEELOCK,
6 W ALDORF BLOCK,
H om eseekers' Rates.
North
On the first and third Tuesdays of each month the Minne
apolis & St. Louis Railroad sells special homeseekers’ round
trip excursion tickets to points in the northwest, west, south
west, south and southeast, at one fare plus two dollars.
Return limit twenty-one days from date of sale and stop
overs permitted.
Call on agents for full particulars or address A. B. Cutts,
G. P. & T. A., Minneapolis, Minn.
r>
~
~
~
~
W . Y. D E N N I S ,
r]
P r e s id e n t
G E O . 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 REALTY C O M P A N Y
M IN N E A P O L IS
Real Estate Bought, Sold,
on Commission
"
and
FARGO,
Exchanged
1
■■■■—
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 oi References Furnished.
w vl
V A A / 1
NO.
DAK.
Dakota.
Towner County— Lisk ey to- Mauger,
sec. 25-16166, $2,500; Lam berg to Viel, swj^ 15-161-67, $3,000; Haug
to Erickson, nwj4 22-160-68, $2,500; Miller to L ord and
Thompson, ne% 8-160-65, $3,000; F o x to Stensrud, \n /
9-161-68, $5,000.
Cass County— Hunter to Amenia & Sharon Land Com
pany, se% 3-140-53, $4,000; H ea gy to Dodge, n ]4 of s e ^
31-140-49, $1,600; Wheelock & Wheelock to Hayrtz, n w j j
9_I38-54, $t,92o; Batchelder to West, n w J4 of 29-142-54,
$1,000; Volkman to Sawyer, n w J4 of 8-140-52, $5,000.
Traill County—Burroughs to Kraabel, sec. 9-145-53,
$9,000; B eaty to Arneson, s w j j sec. 3-147-49, $3,600; Mydland to Tolen, lot 4 s e j j sec. 35-147-53, Portland, $1,100;
Sarah and Annie Houghton to Norby, e j j sec. 27-144-53,
$7,000.
Steele County— Pladson to Heskin, wU> of n w j j sec. 14,
Newburgh, $4,000; Pederson to Pederson, n y2 sec. 21,
Golden Lake, $1,760; The Dwight Farm and Land Com
pany to Eriksen, n\v% sec. 3, Finley, $1,600; Swisher to
Johnson, n l/ 2 sec. 33, Melrose, $3,250; Noecker to Valding,
seJ4 sec. 2, Willow Lake, $2,900.
Stutsman County— Thom to Thom, sp2 5-140-65, $4,800; Trimble to Klose, all 3-138-64, $4,260; Stebbins to
Emo, nwj4 6-133-66, $1,700; United States to Holiday,
part sec. 24-143-68, $400; Clendenning to Feckler, n e Ji
13-142-62, $3,000; Lane to Larson, wV2 wj-j 8, \w/
l 2 se% 5,
s e j j 6 and eps e ^ 7-142-63, $7,000.
South Dakota.
Charles M ix County— Ingelson to Lucklum, s w j j sec.
25-99-69, $4,500; W agner to Paul, lots 7 and 8 of ne}4 and
n w j j of n e s e c . 18-96-61, $2,800; Lencrien to Johnson
2 5 1 -2 -3 - 4 E n d ic o tt B ld g .
Bros. Company, ny2 of sej^ sec. 34-97-66, $1,000; Gammon
St. P a u l, M in n .
and Wellington to Janda, n e jj of se% sec. 6-95-63, $744.
Offers
Brookings County—Gerlach to Williams, swp; 28-11047, $6,000; Holden to Tyler, e j j n w }4 29-111-48, $2,325;
Holden to Sherwood, w j 4 n w j j 29-111-48, $3,000; Burges
to conservative investors at attractive
to Steim, n e /J4 12 and s /
J> nwj4 7-111-48, $6,000; Herrick
rates. Correspondence in vited. A ll loans
inspected. Send for our list of
to Lamb, w j 4 s e y 25-109-50, $1,200.
fiersonally
oans.
Marshall County—Bates to Bates, lot 4 sec. 21-126-54,
H E N R IK STROM ,
G. B. E D G E R T O N
$400; Zufelt to Marble, swki 4-127-59, $1,800; Asleson to
President.
V ic e President.
W . T. S U O K O W , Sec. and Treas.
Äsleson, sw}4 ne% SJ2 n w j j n w s w % 11-127-56, $1,500.
Turner County— Allen to Chamberlain, strip of land in
nw corner of sec. 17-99-53, $7,200; Lamis to Van Buiskirk,
s e j j sec. 15-99-53, $8,000.
Codington County—Williams to Morris, s w o f 8-11854, $3,000; Simonson to> Kaas, n T
/2 of
of 30-120-51,
310 CENTRAL AVENUE, MINNEAPOLIS
$3,500; Nichols to Nichols, J J int. in n w y of 20-118-55,
$2,000; Johnson Land Company to Loomis, n l/2 of se%
Specialty: Manufacturing Sites, Trackage, Etc.
A
of 19 and \n 1
/ 2 of s w j j of 20-117-55, $1,300; Tonnes to
large number of large and small manufacturing buildTonnes, s]/2 of n e jj of 18-118-55, $1,500.
\ mgs with or without trackage. Iowa.
J
The American Mortgage & Investment Co.
CHOICE FARM MORTGAGES
nC H U T E R E A L T Y CO.
1
J. V. CALHOUN
500 Oneida Building, MINNEAPOLIS
A g e n t
fo r
t lie
D r e x e l
E J stn te
Real Estate and Loans,
Bonds, Lands and Mortgages.
References: Drexel Estate, Philadelphia, or any Bank in Minneapolis
E lw o o d S. C o r s e r , Pres.
W i l l i a m B. T u t t l e , Treas.
L e s t e r B. E l w o o d , Vice-Pres
E d w a r d B. N i c h o l s , Secy.
C orser In vestm en t C o .
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 an d 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
C are and M a n a g e m e n t of
F IR E IN S U R A N C E
E ndicott B uilding,
.
.
D. P. Jones, Pres.
D A VID
W. H. D av is, V -P res.
a r . PAUL
W. C. M c W h in n y , Sec. & T r e a s
P. J O N E S & C O .
(Established 1868.
Mortgage Loans,
Incorporated 1900.)
Real Estate and Rentals
Special attention given to management of estates of non-residents.
Satisfactory reference to local aud eastern parties.
Main Floor Bank of Commerce Building,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M IN N E A P O L IS
Plymouth County— Button to Trumbauer, nwj4 ‘ 1-9149, $3,161.40; Seid to Peter and Margaretha Blum, swl4
32-93-48, $1,200; Mohlmann to Mohlmann, nwJ4 1 9-93-47,
$9,000.
Humboldt County— DeSmidt to DeSmidt, w j j n
31 92-29, $5,200; Boore to Boore, nw % 18-98-28, $10,000.
Dubuque County—Walsh to Walsh, 40 acres in sec. 35,
Vernon twp., $1,200; Leibold to Sass, 78 acres in sec. 15,
Concord twp., $3,300.
Osceola County— Dagel to Wallrich, w ^4 s w 6-98-41,
$4,490; Biles to Mullikin, und.
int. in n w ^ 25-99-41,
$4,000; Mullikin to Cloyd, n w JJ 25-99-41, $8,000.
TO C A L IF O R N IA F IR S T 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. F o r tickets and reservations call at
Minneapolis & St. Louis Ticket Offices.
IM P R O V E D
S E R V IC E T O KANSAS C IT Y AND
C A L IF O R N IA .
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” and “ Golden State Lim ited” trains.
This is the only line operating sleeping cars connecting
with the California Limited trains. Fo r ticket and berth
reservations call at Minneapolis & St. Louis Ticket
Offices.
THE
28
COMMERCIAL WEST
Saturday, Ja nuary 14, 1905.
!
S O U TH ST. PAUL
I U N IO N S T O C K Y A R D S
S the b e s t e q u i p p e d a n d m o s t ad= £
v a n t a g e o u s m a r k e t fo r liv e s t o c k
s h i p p e r s in the N o r t h w e s t . It is
c o n n e c t e d w ith a ll th e r a i l r o a d s and
w ants 1 ,0 0 0 b e e v e s and 5 ,0 0 0 hogs
d a il y .
Y o u r s h i p m e n t s a re i n v it e d .
I
M .D . FLOWER, Pres. H. B. CARROLL, Gen. Sup.
S O U T H ST. PA UL, M I N N .
Live Stock Markets.
(S p ecia l C orrespon den ce to T he C om m ercial W e st.)
Hogs.
South St. Paul, Jan. i t .— R eceipts of hogs at six promi
nent markets for the first three days this week total about
235,300, compared with 230,600 for the first three days last
week, and 225,900 for the like period last year. South St.
Paul received about 11,045 hogs during the first three days
this week, against 14,925 for the first three days last week,
and 18,299 for the corresponding three days last year.
There were 387,700 hogs received at six leading mar
kets last week, against 192,900 for the preceding week,
479,200 for the corresponding week last month, 442,200
for the like week last year, and 322,300 for the same week
two years ago. Local hog receipts last week were 23,171,
compared with 10,435 for the week previous, 29,022 for
the same week last month, 37,346 for the like week last
year, and 23,205 for the corresponding week two years ago.
H og values have fluctuated on a narrow margin this
week and have been governed to a large extent by the
size of the run East. Since last Frid ay the tendency in
prices has been upward until today when a supply of
50,000 hogs at Chicago and liberal runs at all points re
sulted in a 5c decline. Closing values were on about a
ioc higher basis than on Wednesday of last week. The
receipts here this week have fallen short of expectations,
the severe weather of Monday cutting Tuesday’s receipts
down far below the normal Tuesday marketing for this
season of the year. Traders are still inclined to the belief
that prices will go lower before they go higher and are
anticipating liberal receipts for the next few weeks. The
bulk of the hogs here today sold from $4.25 to $4.35,
against $4.15 to $4.25 last Wednesday, $4-55 to $4.60 a
year ago today, $6.05 to $6.20 two years ago, and_$5_95 to
$6.20 the corresponding day three years ago. Light and
light mixed hogs are quotable from $4.15 to $4.40, butcher
and desirable mixed grades from $4.25 to $4.50 and heavies
from $4.25 to $4-55-
I
in strong demand, with today’s prices showing a ioc to
15c advance over current values a week ago today. The
bulk of the receipts have been western feeders direct to
local dealers and the supply of killing grades has not been
equal to the requirements. Good to choice fat lambs
are quotable from $6.35 to $6.65, common to fair $5.50 to
$6.15, good to choice fat ewes $4.35 to $4.50, common to
fair $3450 to $4.15, good to choice wethers $4.90 to $5.15,
good to choice yearling wethers $5.65 to $6.00. Practically
no feeding stock is being offered.
Comparat ive Receipts.
T he following- table sh ow s the receip ts at South St. P aul fo r
1905 to date, com p ared w ith the corresp on d in g period in 1904:
1905.
1904.
Inc.
Dec.
C attle ................................
4,900
3,168
1,732
C alves ................................
583
409
174
H og s ...................................
34,164
48,109
13,945
45,743
36,446
9,297
3
H orses
T3
70
Cars ..
827
8G6
39
R eceipts o f live stock at South
W edn esda y, Jan. 11, 1905:
Cattle.
T hu rsday, Jan. 5 .. ........
546
F riday, Jan. 6 ........ ........
592
Saturday, Jan. 7 .. ........
89
M onday, Jan. 9 . . . . ....... 1,043
T uesday, Jan. 10.. .......
426
W edn esda y , Jan. 1 ........
S95
T otals
................ ........
3.591
R eceip ts o f live stock at South
W edn esda y , Jan. 13, 1905.
Cattle.
T hu rsday, Jan. 7 .. ........
403
F riday. Jan. 8 ........ ........
313
Saturday, Jan. 9 . . . .......
192
M onday, Jan. 11 . . . ........
664
T uesday, Jan. 12.. ........ 1.297
W edn esday, Jan. 13 ........
666
T ota ls
................
St. P aul fo r the w eek ending
H og s.
2,756
3,156
2,334
5,033
1,257
4,755
Sheep. H orses. Cars.
311
56
15,172
2
119
5,182
55
3,057
1
120
10.562
84
7,875
133
19,291
42,159
3
567
St. Paul for the: w eek ending
H ogs.
4,520
6.173
4,121
6,400
6.700
5,109
Sheep. H orses. Cars.
681
73
7,416
115
5,284
78
9,135
1
148
6,871
18
144
1,472
96
33,113
30,859
Range of Hog Sales.
T his W eek.
19
654
4.05(04.35
4.10(5)4.40
4.10(5)4.50
4.25(04.55
4.15(04.55
P rev iou s W eek.
$4.15(04.40
4.20(04.55
4.15(04.45
4.00(04.30
4.00(04.40
4.00(04.35
Bulk of Hog Sales.
T his W eek .
T h u rsd ay ..................................... ...$4.20(5)4.30
F rid a y .................................................. 4.15(04.25
S atu rd ay ............................................ 4.20(04.30
M ond ay ............................................... 4.20@ 4.30
T u esd a y .............................................. 4.30@ 4.35
W ed n esd a y ........................................ 4.25(04.35
P rev iou s W eek.
$4.25 @ 4.35
4.35@ 4.40
4.25@ 4.30
4.10(04.20
4.15(04.25
4.15(04.25
T h u rsd ay ................
F riday ......................
Saturday ..................
M ond ay ....................
T u esd ay ..................
W ed n esd a y ..............
..
..
..
..
..
Cattle.
Combined receipts of cattle at six large markets dur
ing the first three days this week were about 127,100,
compared with 91,200 for the first three days last week,
and 134,800 for the like period last year. Cattle receipts
here during the first three days this week were about 2,365,
against 1,882 for the first three days last week, and 2,627
for the corresponding three days last year.
With light receipts here and moderate runs at Eastern
markets, the trade on beef and butcher cattle has been in
highly satisfactory condition the past week. T o d a v con
ditions were less favorable to the selling side, Chicago
reporting a big Wednesday run of 33,000 and naturally
a lower market, but the decline E ast today resulted in
only a slight weakening in the local trade and prices still
show an advance of ioc to 25c over a week ago, with the
good grades showing the most strength. Several loads
of good beef steers selling at $4.75 arrived during the
week, but there has been nothing choice among the of
ferings and common to fair warmed-up grades have again
predominated. Good to choice butcher cows are quotable
from $2.75 to $3.75, fair to medium grades from $2.35 to
$2.65, and canners and cutters from $1.50 to $2.15. Bulls
are fullv 25c higher than ten days ago and veal calves
are holding strong with last week’s closing. The stocker
and feeder market has been very active during the past
week and the supply not equal to the demand. A s a result
prices have advanced fully 15c to 25c on all kinds. Good
to choice feeders are quotable from $3.35 to $ 3-75, fair to
good $2.75 to $3.25, good to choice stockers $2.85 to $3.25,
common to fair $2.00 to $2.65.
Sheep.
Supplies of sheep at the six largest markets during
the first three days this week total about 127,300, com
pared with 94,800 for the first three days last week and
138,300 for the like three days last year. Sheep receipts
here during the first three days this week were about
21,495, against 3,584 for the first three days of the preced
ing week and 17,478 for the corresponding three days
ewes today, the only material change on sheep during
the past week. Lambs have been scarce and have sold
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Condition of Hog Market.
T his W eek.
P rev iou s W eek.
T h u rsd ay ................Strong.
Strong.
F rid a y ...................... A bou t 5c low er.
B ig 5c higher.
S aturday ................. 5c higher.
10c low er.
M ond ay ................... S teady to 5c higher.
10c low er.
T u esd a y .................. B ig 5c higher.
Steady.
W ed n esd a y ............. B ig 5c low er.
S teady to 5c low er.
Comparat ive Receipts of Hogs.
L a st W eek . W e e k P reviou s.
___ 199,200
81,200
___
46.300
21.400
----- 35.700
28,500
___
37.100
21,600
___ 46.200
29,800
___
23,200
10,400
('h icag o ........................
K an sas C ity ..............
S outh O m aha ............
South St. J o s e p h ....
E ast St. L o u is ..........
South St. P a u l..........
T ota ls .................... ___ 387,700
192,900
C om parative R eceipts of Cattle.
L ast W eek. W e e k P revious.
___
62.100
69,600
___
20.300
19,500
___
9.800
9,100
4,900
___
6,400
___
12.500
11.300
___
3,100
1,300
C hicago ........................
K an sas C ity ..............
South Om aha ............
South St. J o s e p h ...
E a st St. L o u is ..........
South St. P a u l........
T ota ls .................... ___ 114,200
115,700
C om parative R eceipts of Sheep.
L ast W eek. W e e k P reviou s.
81.200
68.400
C h ica g o........................ ___
9.200
___
13,700
K an sas C ity ............
28.500
South O m aha .......... ........ 26.700
___
12,300
6.000
South St. J o s e p h ...
9,900
10.300
E hst St. L o u is ........ ___
24.200
2,600
S outh St. P a u l........ ___
T ota ls
..................
. . . . 155,600
137,400
Y ear A go.
231.800
46,600
43.300
33,000
50,200
37.300
442,200
Y ea r A go.
67.600
38,200
17.700
10.600
19.600
2.800
156,500
Y ear A go.
83,700
20,500
39.800
6.900
12.800
21.900
185,600
THE
Saturday, Ja nuary 14, 1905.
W illia m C om m on »
Frank W . C om m on s
COMMERCIAL WEST
H o w a rd W . C om m ons
COMMONS & COMPANY
Grain Commission flerchants
Mi nneapol i s
and
Dul uth.
GRAIN
CHICAGO CORRESPONDENTS:
GRAIN
'J. L. M cCAU LL, President
R. A. D1N SM ORE, Vice-Pres.
Tie Van Dnsen-Harrington Co.
Commission Merchants
Receivers and Shippers of Wheat,
Coarse Grains and Flaxseed. Or
ders for Future Delivery Executed
in all Markets. : : : : : : :
ARMOUR
29
COMPANY.
S. J. M cCAULL, Secretary
A. M. D iN S M O R E , Treasurer
The McCaull-Dinsmore Co.
L IV E STO CK
Minneapolis and Duluth
South
Saint
Paul
McHugh, Christensen &
Co mp an y
GRAIN COMMISSION MERCHANTS
Chamber of Commerce
M INNEAPOLIS
GRAIN COMMISSION
CHAS. W. G I L L E T T & CO.
M ERCHANTS
C O M M IS S IO N
915-16-17 CHAMBER
OF
COMMERCE
MARKET
MINNEAPOLIS
-
MINNESOTA
THE ST. ANTHONY ELEVATOR CO.
Capacity, 3,350 ,0 0 0 Bushels
LETTER
A P P LIC A TIO N
BARNUM GRAIN COMPANY
M
i n n e a p o l i s
a n d
71 Chamber of Commerce
ON
Mem bers :
Chicago Board of Trade
St. Louis Merchants Exchange
New York Produce Exchange
Milwaukee Chamber of Commerce
Baltimore Chamber ofCommerce
'
G R A irf
GRAIN MERCHANTS AND WAREHOUSEMEN
MERCHANTS
STOCKS, BONDS, GRAIN, COTTON, COFFEE
1 4 0 - 1 4 2 Nat’l Life Bldg., 1 59 La Salle St., Ground Floor, CHICAGO
I> u l u t l i
A N D C O M M IS S IO N
M E R C H A N T S
MINNEAPOLIS, MINN.
W m . H. D unw o o dy , Pres.
Jo hn W a s h b u r n , V i c s - P r e s .
Ch as . J. Martin, Sec'y and Treas.
W. G. A i ns w o rth , Gen'l Manager
L. BARTLETT * SON
COMPANY
Minnesota & Western G rain C o.
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 . Whallon
G«o. P . Case
Gee. C . Baglcy
Cha». M . Case
WHALLON, CASE & CO.
STOCKS, BONDS. GRAIN and PROVISIONS
58 Chamber of Commerce,
WM. G R IFFITH S ,
C . D. T E A R S E , S
ec.
& T
Receiving, Shipping, Futures
47 BOARD OF TRADE,
CHICAGO
A . C. M O R G A N
PRES
OF C O M M E R C E
o f f ic e s
(IN C O R P O R A T E D )
COMMISSION MERCHANTS
GRAIN AND PROVISIONS
A. R. T. D E N T
V IC E
GRAIN C O M M I S S I O N
CHAMBER
Hulburd, Warren & Co.
reas.
Marfield-Griffiths Co.
NEW
Branches: Minneapolis, St. Louis,
Kansas City, Chicago.
Of f i c e r s a n d D i r e c t o r s : W . S. Warren, Pres.; O. T. Hulburd,
Vice-Pres. ; Charles H. Hulburd, Treas.; C. J. Northup, Sec’y;
Jno. Gillies, Asst. Treas.
M E M B E R S : New York Stock Exchange, Chleago Board of Trade, Minneapolis
Chamber of Commerce.
PRES.
23 Chamber of Commerce
MILW AUKEE
Business solicited in any Department
Up town Office, 315 1st Ave. So
MINNEAPOLIS
J. R. M A R F I E L D ,
Commission Merchants
Dent-Morgan Company
BROKERS IN
GRAIN, PROVISIONS, STOCKS
MINNEAPOLIS,
Members
:
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
M IN N E A P O LIS ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-
M IN N E S O TA
Private W ires
Country Orders a Specialty
THE
30
h ^ G R A IN
COMMERCIAL WEST
Saturday, January 14, 1905.
IQ M I L L I N G i & s j
JOHN INGLIS ON ARGENTINA CROPS.
Editor T h e C o m m e r c ia l W e s t :
I have just run through the northern part of the
province of Buenos Ayres and the southern portion of
Santa Fe. All crops are promising. The wheat is late,
but a few fields are coloring, while some are not yet in
the milk. The stand is good and filling well, heads large,
will run, should it mature perfectly, 10 to 25 bushels.
Some will go as high at 30. F la x about ready to cut and
will make in this section (which is the real flax country)
8 to 20 bushels, but as the acreage is greatly reduced, the
crop may fall a thousand tons short of last year. Th e y
lose so much in cutting and threshing, especially when
it rains at cutting time, that farmers are inclined to sow
less.
Corn is the coming staple. It stands from knee high
to just coming up, and they are still planting it. Old
corn is piled up at every station. T h e y have a slow way
of handling it, all bagged, carried on the'back, into the
warehouses, then carried out and emptied on tarpaulins,
sunned and aired, then bagged and carried back again.
When loading their dinky cars 10 to 20 persons trot be
hind each other with it on their backs, and load a car in
a short time.
Y esterday I saw three fields of oats. V e ry few raised
in this country. Th e y would make probably 20 bushels.
Found a field of macaroni wheat in m y drive here. It
promises 35 bushels.
Old wheat is exhausted in the province of Santa Fe
and Cordoba, but there is considerable in the province of
Buenos Ayres.
There is still a large quantity of corn.
On one
estancia here a farmer just sold his corn for $21,000 paper,
and is now shelling.
I passed near D uggan’s estancia. He has some 500,000
sheep and over 200,000 cattle, owns 647 square miles, and
also rents large tracts. Met an American as I passed, who
is shearing his sheep with an American machine.
I cabled Monday it was hot and showery.
lod a y ,
Thursday, it commenced raining about 5 a. m. and at noon
is still raining; looks as if it was general, it m ay only be
local. A s all the papers are Spanish in the country, can
learn nothing of report in other sections.
This town has over 3,000 inhabitants, and not one
English-speaking person in town. I tried to make the
landlord know I wanted a single room, but he bowed
me in graciously into a double. So far have not had a
room to myself, and it is disagreeable. Had a large man
in m y room last night, as black as a negro. He came in
after midnight with considerable noise, but I was up by
5 a. m. and he still in bed. The cooking is all right were
it not for grease and garlic. M y greatest trouble is in
getting a cochero (driver). There is no breakfast any
where in this country, cup of coffee, in the morning, break
fast 12, dinner 7 p. m. The water is bad, no ice.
I will return from here to Buenos A yres over another
line and start on Monday for northern province, where I
expect they will be starting to cut.
There are 28 flour mills in the province of Santa he;
make splendid flour. The bread is very good, but all
crust, have to soak it in the coffee. V e ry few vegetables,
but much meat—mutton, veal and beef, each a separate
course. I would like a beefsteak for once, and a glass of
ice water. W hat a luxury it would be.
On the large estancias they get neither bread, butter
nor milk, only meat. In a few instances they have hard
tack.
The streets here are not paved and all is mud today;
and yet there is a small park that for beauty surpasses
anything in Minneapolis or Chicago. There are seats all
round, palms, flowers, scrupulously clean, the reverse of
their houses. Flies and fleas are abundant.
The broad leaf on the wheat is rusted, rather unusual
here, but the stalk is clean so far. Rain is coming down
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Federal Reserve Bank of St. Louis
heavier and every rain storm will do damage, as growth is
ranker than usual. Should hot weather set in with such
an abundance of moisture wheat in milk may yet suffer.
English, and especially Americans, are disliked here,
so I pass for a Scotchman. But it is only at the hotel.
All are English or American to the natives. Roosevelt is
feared. T h e y all seem to know about the Panama canal
and they have a fear that the Americans want this great
country, but I assure you Americans will never live on
farms here.
-—John Inglis.
Junin, Argentina, Nov. 25.
Editor T h e C o m m e r c ia l W e s t :
Wrote you yesterday from Junin. Rains extended 200
miles west. Rufino is 1 1 5 miles west from Junin—only
about 10 percent of the land is under cultivation. Wheat
poor, 5 to 8 bushels; acreage unimportant. There are
great possibilities in the near future, as they are breaking
up considerable. Antonio Devoto, a wealthy Italian, has
just purchased west from here 116 leagues for $6,500,000
paper money. He is opening it up for a colony. Arrival
of immigrants for three days this week over 3,000; last
month 20,000.
See that strikes are becoming general
in Buenos A yres and Rosario. A general strike at harvest
is feared, especially on the docks and railroads. It opens
up hot this morning.
—Jo h n Inglis.
Rufino, Argentina, Nov. 25.
Editor T h e C o m m e r c ia l W e s t :
This is the northern limit of the wheat belt. Wheat
will run 5 to 15 bushels, quality fair, commenced cutting,
raining. Left Buenos A yres Monday morning, run to
Rosario, thence to Santa Fe, then north to this point some
500 miles. V e ry small acreage of wheat until north of
Santa Fe. Fo r every 50 acres of wheat there is a thou
sand of corn. Corn fine, some tasseling, while others are
still planting. From Santa Fe north no corn, all wheat
and flax. One would imagine they were running from
Ortonville to Grand F o rk s— never out of the sight of
wheat. But wheat is not maintaining its early promises.
Late wheat on lowlands has a dirty appearance, not filling
well and poor quality. Rains have injured quality very
much. T h e y head both flax and wheat in Santa Fe,
but cut low. All wheat is stalked and they are expert
stackers; could give pointers to American farmers, al
though there is great waste. The country is saturated
with rain, and it has poured today. Drove four hours
here and fortunately got back just as the heavy rain
started. Found considerable smut.
B y accident struck Mr. Reed's estancia, 567 leagues,
over one million acres. Accepted his invitation to lunch.
Elis home is a palace. The house cost £25,000; offices
are very fine. He has only 8,000 acres in wheat and some
15,000 in flax, but he cares for neither, as it is only broken
up for alfalfa. He employs 250 hands. In discussing the
question of acreage with him, he said no dependence
can be placed on government’s acreage. He reports for
all this section, and he admits he never saw much of his
district.
It now looks as if the grand promise we had is dis
appearing. Fo r over 75 miles wheat is dead ripe and
water is standing in the fields, with no prospects of dry
weather. Fear that late wheat will rust, as there is con
siderable wheat only in milk yet. The grain acreage is
in province of Buenos Ayres. Will not get down there
until about December 15th. L a st year they lost much of
their crop by a frost on the 12th of December. It is an
immense country with immense possibilities, but will ever
be very uncertain.
Since leaving Buenos A yres have not met one E n g
lish speaking person on the train or at the hotels, and yet
get along all right. Have got a few words, such as:
THE
Saturday, Jan ua ry 14, 1905
COMMERCIAL WEST
“ Conduceme a el pais, ver el trego.” (I want to see the
country to see the wheat.) M y hardest time is to make a
bargain for time. “ I want a coach, how much cost per
hour.” T engaged one today cheap, one dollar per hour,
was gone four hours. As all the,hotels are saloons we
had a lively scene when I paid $4. “ Oh cho, 0I1 cho,” he
cried, swinging his arms. 1 swung mine and gesticulated,
“ No, no, Cuarto, Cuarto.” (Four.) I saw the crowd were
with me, as they laughed heartily, so I waved my arms
and talked a perfect streak. The crowd roared, as they
could not understand a word. M y driver ran off and left
me victor.
T H E W H E A T TR A D E .
Office, Jan. 12. — The wheat market
is running close to a parallel with a year ago in its general
fluctuations. About this time last year there was a sharp
break and then the advance did not stop until it culmi
nated. M ay wheat has touched $1.19(4 in Minneapolis
this week, and in Chicago it sold a fraction above $1.18.
There has been a break since Monday of 2(4 cents. As
has happened on all previous breaks this winter, predic
tions are made cpiite freely that the top price has been
scored, just as at the height of the advance early in the
week there were those who said it would cross $1.25 with
in a week. These prophecies are usually premature, as
they are made regardless of season or conditions.
There is a speculative line of wheat held by capitalists.
Some prefer to call the owners of this wheat a clique.
This clique has not made its influence felt in the way of
crowding up the price of wheat unduly until within a
week, when it developed that there was a scarcity of of
ferings. The market is credited with having a large
short interest that has sold wheat at considerably lower
prices than are now ruling. This is undoubtedly true to
some extent, whether it is to the full extent of the claims
made or not. The owners of the wheat have plenty of
money to back up their judgment if they choose to force
the issue. The amount of contract wheat in the country
is so small as to make it easy for them to carry the day.
In the meantime the market is going through the usual
fluctuations incident to a rising or falling market. There
are the weak ones to shake out every few days, otherwise
the market would become congested and liquidation would
be forced. No matter what the price m ay be, there are
always eleventh hour buyers. Wheat was bought this
week at $ r. 19. Those who bought at that price are proba
bly among those who liquidated in the last two days, on
the moderate decline.
A s we have remarked before in this column, the ad
vancing market would be imperiled if it should make
headway too rapidly in January. It is a difficult market
situation for the miller and handler of grain, as it is be
yond the power of any individual or interest to forecast
except in a general w ay the market tendency. Conserva
tism is a good policy to follow.
I he week's theories as to price do not change the
conditions. There is a scarcity of wheat in the United
States as proven by a considerable closing down of mill
capacity and the loss of export trade. There are six
months to a new crop. The plain logic of this situation
is a high, firm market, regardless of the operations of
speculators. A heavy decline in price now can lie only
temporary, because just as wheat becomes oversold it
will advance sharply. Millers will help their cause by
buying supplies on sharp breaks rather than on bulges.
The market is likely to be erratic and, as the season ad
vances, wild.
, — H. V. J.
C o m m e r c ia l W est
W as very uneasy today, as the train hands were to
go out at 9 a. m., and as 1 am over 300 miles beyond
civilization, with roads knee deep with mud, would have
been in a fix. Would never have known a thing about
it but for Mr. Reed. Saw there was some excitement
as we were three hours late. M y Spanish seems to be
all right, but blessed if 1 know a word when they talk
Pack, so when eating when they talk to me I say: “ Si.”
(Yes.)
—Joh n Inglis.
San Cristobel, Santa Fe, Nov. 30.
July Wheat.
Fri.
Sat. M on. Tues. W ed.
Jan. Jan.
Jan. Jan.
Jan.
6.
7.
9.
10. 11.
M inneapolis .................... 1.1434 1.14% 1.15% 1.15% 1.15%
Y ea r ago ..........................86%
.85% .85%
.86% .86%
C h icago ..................................98%
.98% .99%
.99% .99%
.81% .81%
.82% .82
Y ear ago .......................... 82%
K an sas C ity ......................... 90%
.90% .91%
.90% .90%
St. L ou is ................................96
.96% .96%
.96% .96%
N ew Y ork ........................ 1.03
1.03% 1.03% 1.03% 1.03%
Thur.
Jan.
12.
1.14%
.85%
.99s/s
.81%
.90%
.96%
1.03%
No.
N o.
No.
Minneapolis Cash Wheat , Official Close.
Fri.
Sat. M on. Tues. W ed.
Jan.
Jan. Jan.
Jan.
Jan.
6.
7.
9.
10.
11.
1 h a r d ....................... 1.17% 1.18% 1.19% 1.18% 1.18%
1 n o rth e rn ............... 1.15% 1.16% 1.17% 1.16% 1.16%
2 n o rth e rn ............... 1.13% 1.13% 1.15
1.14% 1.13%
Thur.
Jan.
12.
1.17%
1.15%
1.12%
No.
No.
Duluth Cash Wheat .
1 n o rth e rn ............... 1.14% 1.15% 1.15
2 n o rth e rn ............... 1-07% 1.08% 1.08%
1.14%
1.07%
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Federal Reserve Bank of St. Louis
W heat
Sat.
Jan.
7.
1.17%
•86%
1 .15%
.86
1.17%
1.06
1.18%
1.16%
Mon.
Jan.
9.
1.18%
■86%
1.17%
■85%
1-17%
1-07%
1.19%
1.17%
Tues.
Jan.
10.
1.17%
.87%
1 .16%
•87%
1.17%
1.06%
1.19
1.16%
W ed.
Jan.
11.
1.17%
.87 3/8
1.17%
.87%
1 .17
1.06%
1.18%
1.16%
Thur.
Jan.
12.
1 .1 6%
.87
1.16%
.86%
1.16%
1.06%
1.17%
1.16%
1.15% 1.15
1.08% 1.08
Kansas City Cash Wheat .
No. 2 hard ...................... 1.09 1.10
1.10
1.10
No. 2 red .......................... 1.12 1.12
1.13
1.13
Liverpool
W h ea t
F riday, Ja n u a ry 6 .......
Saturday, January 7 .
M onday. January 9 . . . .
T uesday, January 10 ..
W edn esda y, January 11
T hursday, Jan. 12 . . . .
1.10
1.13
Prices.
M ay Close.
7s %d
7s %d
7s 1 d
7s % d
7s % d
7s % d
Minneapolis Terminal Stocks.
W e e k ending
Jan. 7.
No. 1 h a r d ..................
20,235
No. 1 n orthern ........
. 3,545,481
No. 2 northern ..........
No. 3 ............................
R e jected .....................
S pecial bin ...............
N o grade ....................
O thers ..........................
10,942,408
T otal ......................
M inneapolis increase
D uluth stock s ............
D uluth increase .......
14,508,124
128,867
4.109,528
327.422
1.10
1.13
July Close.
7s %d
7s 1 d
7s l% d
7s % d
7s % d
7s %d
Y ear ago.
2,850
4,090,711
591,045
5,562
56,576
7,706,719
128,684
12,593,920
Representative Sales.
T he follow in g table ind icates the highest, low est and a v e r
age prices paid fo r M inneapolis cash w h eat during the past
w eek:
N o.
No.
No.
IN .
2 N. No. 3. No. 4. R ej. Grade.
F rid ay
.............. 1.15% 1.14
1.13
1.05
.95
.82
1.15
1.11 %t 1.08
.98
.90
•57%
1.14% 1.11
1.06%
.89
.55
.56
Saturday .
................ 1.17% 1.14% 1.10
1.03
1.00
.90
1.15% 1.123% 1.08
1.00
.80
.65
1.15% 1-12% 1.06
.96
.65
.60
M onday
1.04
.............. 1 1 7% 1.14% 1.11
.91
.81
1.17
1.14
1.09
1.00
.85
.81
1.16% 1.13
1.03%
.85
.58
.s i# ;
T u esd ay .
.............. 1-18% 1.15% 1.12
1.08
.92
.80 ■
1.17% 1.14% 1.09
1.05
.84
1.17% 4.14
1.08
.75
.62
.60
W ed n esd a y
............. 1.17% 1.14
1.11
1.07
.94
.80
1.17% 1.12% 1.09
1.01
.80
1.16
1.12% 1.06
.97
.55
•72%
T hu rsday
1.05
.............. 1.17% 1.14% 1.08
.90
.85
1.16% 1.13% 1.07
1.00
.80
1.16% 1.12% 1.06
.91
.55
.85
Fri., Jan. 6
..
Sat., Jan. 7. . . . . .
M on., Jan. 9 . . . ..
T ues., Jan. 1 0 . ..
W ed., Jan. 1 1 .. ..
T hur., Jan. 1 2 .. . .
Closing W h ea t Future Prices.
May
Fri.
Jan.
6.
Minneapolis .................... 1.16%
Y ea r ago .......... ..............87%
Chicag o .................. .......... 1.15
Y ear ago .......... ..............87%
Duluth .................... ........ 1.16%
K an sa s City ........ ........ 1.05%
St. L ou is ................ ........ 1.18%
N e w Y o r k .............. ........ 1.16
31
W heat Receipts.
M inneapolis
Duluth.
C hicago.
Cars. Y ear ago. Cars. Y ea r ago. Cars. Y ear ago.
280
401
46
54
38
19
264
480
53
58
22
34
512
588
53
55
58
37
177
302
114
68
27
52
246
445
41
6
S
19
290
392
6
50
18
30
State Grain Inspection.
The follow in g table ind icates the grad in g o f w h eat receip ts
at M inneapolis on the six d ays en d in g W ed n esd a y :
No. No.
No.
1 N. 2 N. No. 3. No. 4.■R ej. Grd. T ot.
T h u rsd ay ................ .............. 8
37
48
71
37
10
201
F rid ay .................... .............. 9
34
44
73
46
7
213
42
69
76
57
5
M onday ................ .. .............. 14
59
158
127
101
4
419
T u esd ay .................. .............
8
21
34
40
19
3
125
W ed n esd a y ............ ............. 5
33
48
57
30
4
177
T ota l
..................
226
370
475
200
33
1477
THE
32
COMMERCIAL WEST
Saturday, Ja nuary 14, 1905.
SNOW COVERS KANSAS WHEAT.
(S p ecia l C orrespon den ce to T he C om m ercial W e st.)
Topeka, Ivan., Jan. 13.— The heaviest snow since 1899
fell throughout Kansas today. The wheat belt was espe
cially favored. The winter wheat is now covered with a
line, evenly-laid blanket of snow, and will be immensely
benefited thereby. Followin g are the reports received by
T h e C o m m e r c ia l W est correspondent from leading points
in the wheat-growing portion of Kansas:
Wellington.— Snow four inches deep on a level with
excellent prospect for more. Wheat in fine shape.
Great Bend.— Over eight inches of snow fell. It did
not drift and covers the wheat in excellent shape.
Kingm an.—The heaviest snow of the year fell here
Tuesday. It is six inches deep on the wheat fields.
F L O U R AND M IL L IN G .
Higher Wheat and Lower Millfeed Cause Price A d v a n c e Increased Capacity in Operation— Business Sea
sonably Good— Some Export Trade
in Clears.
Although coming to a conclusion rather less satisfac
tory than its beginning the developments of the week
have been far from discouraging. Demand has been fair,
as have the average shipments and trade has been sea
sonably good. Patents, of course, continue practically
impossible so far as foreign markets are concerned, but
inquiry for clears for export is occasionally received and
some business in the lower grades has been transacted.
Conditions, however, would not seem, superficially to
justify capacity in excess of that operated a week ago,
but another large mill has been added to the running list
which will result in a considerable increase in the output.
The strength in wheat combined with the decline in
millfeed values then in progress caused an advance of
20@25c in patent prices on Saturday. This was followed
by a second advance on Tuesday, the aggregate amount
ing to a gain of 40@50c, clears meanwhile holding on an
unchanged basis. T o d a y a tendency toward easiness dev e l o p e d b u t q u o t a t io n s r e m a in e d u n c h a n g e d .
F ir s t p a t e n t s a re q u o t a b le at $ 6 .5 o @ 6 .6o ;
en ts, $ 6 .3 0 (0)6 .4 0 ; fir s t
c le a r s ,
se co n d p a t
$ 5 .1 4 (0 )4 .3 5 ; s e c o n d
c le a r s ,
Salina.—This portion of Kansas is covered with snow
from three to six inches deep. It will be a great thing
for the wheat, which needed the moisture.
Abilene.—A steady fall of snow has covered the wheat
fields to a depth of fully five inches. It is exceedingly
helpful and highly appreciated.
Fredonia.—Four inches of snow which fell here will
be of immense help to the wheat.
Lincoln Center.—A 12-hour snowstorm here has pro
vided the wheat with plenty of moisture with which to go
through the winter.
Sterling.— Four inches of snow fell here. This will
be a fine thing for the wheat, and will carry it through
most of the winter.
M IL L F E E D .
Market in a Healthy Condition—Millers Report Sales to
the Southwest— Demand Fair With Prices
on Upward Slant.
Millers report a fair general demand and say that the
market is in an unusually healthy condition. A signifi
cant feature of the present situation is the number of sales
which have been consummated, of late, with the south
west. For some weeks, the principal bull argument has
been based upon the decreasing production of the winter
wheat mills and the consequent probability that the south
west would be forced to turn in this direction for its feed
supply, a view of the case which is borne out by recent
orders from that section.
The decline which had its beginning two weeks ago
carried prices sufficiently low to create a strong buying
sentiment. With this assistance prices turned on an up
ward slant once more regaining somewhat less than half
of the ground previously lost.
Quotations of Millstuffs in Car Lots, Prompt Shipment, F. O. B.
Minneapolis.
T on.
Bran, in 200 lb. sa ck s ..........................................................$1 5 .0 0 @ .........
Bran, in bulk ........................................................................ 1 4 .0 0 @ ........
Standard m iddlings. 200 lb. s a c k s .................................. 1 4 .5 0 @ ........
F lou r m iddlings, 200 lb. s a c k s .......................................... 1 6 .5 0 @ ........
M ixed feed, 200 lb. s a c k s .................................................. 17.00_@.........
R e d -d o g , 140 lb. ju t e .............................................................. 1 8 .0 0 @ ........
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.
$ 2 (0)2 .7 0 .
W e e k ending;—-
M inneapolis Flour Output.
B arrels.
..................................
............................................
............................................
........................................
............................................
.......................................
............................................
...........................................
............................................
............................................
............................................
............................................
188,150
261,740
264,250
279,370
270,945
333.150
313,228
270,316
263,840
289,595
292,895
309,680
...........................................
321,690
............................................
............................................
............................................
............................................
............................................
............................................
............................................
282,925
182,345
278,215
191,915
128,390
118.735
215,035
............................................
227,420
Y ear a*o.
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
261,125
294,280
242,515
240,050
290,495
282,200
246,005
238,025
E xport Shipm ents.
W e e k ending—
January 7 ............ .............................................
............................................
............................................
............................................
..........................................
............................................
..........................................
............................................
..............................................
......................................
Barrels.
53,629
37,085
53,170
41,885
19,640
33,100
57,205
47,643
29,345
40,440
............................................
............................................
.............................................
..............................................
..............................................
..............................................
.............................................
..........................................
Septem ber 3 . . . .
........................................
..............................................
..........................................
............................................
..............................................
July 23 .................. ..............................................
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
33,185
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T ea r ago.
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
37,595
46,525
30,315
17,880
23,655
Quotations of Millstuffs, Boston Basis, All Rail Shipment.
T on.
Bran, 200 lb. s a c k s ..................................................................$ 2 0.90 @ .........
Standard m iddlings. 200 lb. s a c k s .................................... 2 0 .4 0 @ ........
F lour m iddlings, 200 lb. s a c k s ........................................... 2 2 .4 0 @ ........
M ixed feed, 200 lb. s a c k s .................................................... 2 2 .9 0 @ ........
R e d -d og , 140 lb. ju t e ............................................................ 23.90(0)........
M illstu ffs in 100 lb. sack s 50c per ton over ab ove quotation s.
R e d -d o g in 100’ s 25c over.
FLAXSEED.
Market Dull and Firm—Price Tendency Upward— Light
Receipts the Chief Influence—Market Awaits
Spring Buying Activity.
The general situation is unaltered and promises to so
continue until the crushers’ spring campaign and the buy
ing of dealers, who note a tendency toward early stock
ing up with cake and oil, results in a broadening of the
trade. The local market has been narrow, decidedly dull
and firm. The light receipts latterly have resulted in
some competition for the arrivals and the price tendency
has been upward. Enough flax is available, however, in
spite of the slackening of the receipts, to hamper any m a
terial advance until greater activity in the products ma
terializes. There were in store at Minneapolis last Satur-
T h e A l b e r t D ic k in s o n C o .
DEALERS
IN
FLAX SEED
GRASS SEEDS, CLOVERS,
BIRD SEED,
BUCK-WHEAT. ENSILAGE CORN, POP-CORN,
BEANS, PEAS, GRAIN BAGS, ETC.
M IN N E A P O L IS O F F IC E !
• 1 * C H A M B E R OF C O M M E R C E .
CHICAGO
THE
Saturday, January 14, 1905.
COMMERCIAL
WEST
33
PORTLAND FLOUR FOR PORT ARTHUR.
(S p e c ia l C o rre sp o n d e n c e
to
The
C o m m e r c ia l W e s t .)
Portland, Jan. 9.— Inquiries have been had for quota
tions on war risks to Port Arthur, and it was stated the
coverings were wanted for a tramp steamer which is to be
chartered for Seattle loading. It is not thought, in view
of the conditions on the other side since the success of
the Japanese arms in securing possession of the coveted
position, that the risks will be above 1 percent.
Part of the space on the steamer to depart from Seattle
will be occupied b)^ Portland shipments. Flour will form
the most part of the cargo, and as some of it will un
day 1,637,639 bushels of flax, approximately the same as
the stocks on the corresponding date a year ago. Duluth, on the other hand, has 7,454,811 bushels in store,
against 5,582,880 bushels a year ago.
Closing
M in n e a p o lis c a s h
..
Y e a r a g o ..................
M a y ...............................
.............
C h ic a g o c a sh
S o u t h w e s t ................
Ja n u a r y
.....................
M a y ...............................
D u l u t h c a s h ..................
Ja n u a ry
.....................
M a y ...............................
. ..
. ..
. ..
. ..
...
...
...
...
...
. ..
Flax Praces.
1.22% 1 . 22 % 1.23
1 .22% 1 .22%
1.00% 1.00% 1.00 1 .00% 1.00%
1.22% 1 . 2 2 % 1.23 1 .22% 1 . 22,3/
1.22% 1 .22% 1.22%
1.22%
1.15
1.15
1.15
1 . 15
1.15
1.15
1.15
1.15
1.22% 1 92 1 22
1 22
1.23
1 . 23 % 1 . 23 % i . 23 % 1 . 23 %
1.23
1.23
1.23
1.23
1 .23
1 . 24 % 1 . 2 4 % 1 . 25 % 1.25
1 . 24 %
1 .22%
1 .01%
1 .22%
1.23
1.16
1.16
1.2 1
1 . 23 %
1.23
1.25
M IN N E A P O L IS COARSE GRAINS.
Corn.
A falling off in local receipts during the last few days
due to cold weather unfavorable to the movement and a
flattening out of the export business in consequence of
recent heavy clearances which are keeping foreigners out
of the market about offset each other so far as influence
on values was concerned. Prices continue on practically
the same basis that has been maintained for some weeks
past and the demand is quite sufficient to absorb the re
ceipts although the decrease in arrivals has resulted in
some lessening of activity. The market is primarily a
shippers’ affair and the bulk of the buying is from this
direction, although local feed men have been interested to
a greater or less extent throughout the week. A few days
ago the sugar refineries showed a disposition to reduce
bids but with the decrease in receipts they have found »it
advisable to return to the old basis.
The prices' obtainable for export via Galveston has
sent southern buyers into Iowa and Nebraska, latterly.
A s the feeders’ demands in these states are proving un
usually heavy it is possible that the influence of this buy
ing m ay become a factor locally.
In spite of the falling off in receipts on Tuesday and
Wednesday the week’s total amounted to 235 cars, against
197 the previous week and 395 cars two weeks ago. Prices
today were 39T
A@ 393A ^ for No. 3 yellow and 38 @ 38 jjc
for No. 3.
Closing Corn Prices.
D a i ly c lo s in g p r ic e s o f N o . 3 y e llo w
co rn
in M i n n e a p o l i s :
Year
F rid a y , Ja n u a r y 6 . . . .
S a tu r d a y , Ja n u a r y 7 . ..
M onday, Ja n u a ry 9
T u e s d a y , J a n u a r y 10 ..
W ed n esd ay, Ja n u a r y 1 1
T h u r s d a y , J a n u a r y 12
39%
39%
39%
39%
39 %
39%
AM E S -B R O O K S
CO .
D ULU TH , M IN N .
THEA MES-BA RNES C O .
N EW YORK C IT Y
THE
ZENITH GRAIN CO.
ago.
39%
39%
39%
39%
39%
39%
questionably be distributed to the Russian garrison it is
not thought there would be any interference on the part
of the Czar's sea forces, even should the Baltic fleet be
in the vicinity. F o r some weeks past heavy lots of flour
have bifen stored at Japanese ports in anticipation of
the fall of Port Arthur, and the expectations of Portland
exporters are that these supplies will be rushed to the
Russian port at once, leaving an opening for placing ad
ditional stocks from the Pacific Coast in Ja pan and some
also at Port Arthur.
Oats.
The market ruled dull and firm early in the week, but
there has been a broadening of interest during the last
few days and prices have moved gradually upward to a
39F2C basis for No. 3 white. The factors contributing most
to the advance were the decreasing stocks and visible sup
ply and the recent improvement noted in the demand
from eastern and southern points. The long anticipated
buying from N ew England appears to be materializing at
last and no small amount of this business was transacted
during the week. This trade formed the chief feature of
the market which was essentially a shippers’ affair. The
decrease in the visible appeared to lend weight to the
assertions that in spite of the increased production sup
plies of good oats are not large and the terminal demands
approximate the receipts. Local stocks decreased from
5,731,000 bushels on December 31 to 5,628,360 bushels on
Jan ua ry 7 and the week’s receipts were 172 cars against
157 cars a week ago. No. 3 white sold today at 3 9 @ 3 9 JA c
and No. 4 white was salable at 38^2(^390.
Closing Oats Prices.
D a ily c lo s in g p r ic e s o f N o . 3 w h it e
o a ts
F r i d a y , J a n u a r y 6 ..........
S a tu rd a y , Ja n u a r y 7 ..
M onday, Ja n u a ry 9 . . . .
T u e s d a y , J a n u a r y 10 . . .
W ed n esd ay. Ja n u a r y 1 1
T h u r s d a y , J a n u a r y 12 ..
in
M in n e a p o lis :
,
Year
ago.
28
35%
28%
35%
28%
35% @6
28%
35%
28%
36
28%
36%
Barley.
The presence of the usual after-holiday demand for
barley together with the recent falling off in local receipts
in consequence of unfavorable weather resulted in s.ome
competition for the arrivals during the week. Prices moved
up slightly and the market has been holding firm at the
advance. The firmness, however, seems to lack the ele
ments of permanency and it is probable that either an
increase in receipts or the slackening of the demand will
cause the market to resume its former state of dull irreg
ularity. The impression exists in the trade that the heavy
stocks in farmers’ and shippers’ hands as well as at
Buffalo and locally, will prove an effectual obstacle to a
strong market. Fo r the present, however, firmness and
activity rule. The top figure on malting barley remains
unchanged, but sales have been made on a basis about ic
higher than a week ago. Feed sold at 35@37c and malting
3§@44c. Stocks increased from 1,247,399 bushels on
December 31 to 1,279,126 bushels on Ja nuary 7. Receipts
for the week were 170 cars, against 175 cars a week ago.
Rye.
R ye prices fell back slightly from the high points
reached last week, but the market has been firm and active
at the decline. The primary strengthening factors are the
moderate receipts, a good demand from distillers and the
stimulating influence of a strong wheat market. Receipts
approximated those of a week ago, being 29 cars, against
the 30 cars which came in at that time. Local stocks on
last Saturday showed an increase to 78,776 bushels from
the 51,549 bushels in store the previous week. No. 2 rye
sold at 7 6 (1/ 77c with No. 3 salable at 74(0)750.
Closing Rye Prices.
Year
ago.
W IN N IP E G . M A N .
S H I P P E R S
A N D
M E R C H A N T S .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
G E N E R A L
C O M M I S S I O N
F r i d a y . J a n u a r y 6 ...........................................................
S a t u r d a y , J a n u a r y 7 ......................................................
M o n d a y , J a n u a r y 9 .........................................................
T u e s d a y . J a n u a r y 1 0 ...................................................
W e d n e s d a y . J a n u a r y 1 1 ..............................................
T h u r s d a y , J a n u a r y 1 2 ...................................................
75% © 76%
74% @ 75%
74% @ 70%
74% @ 76%
75% @ 76%
75% @ 76%
53%
53%
53%
53%
54
54%
THE
34
COMMERCIAL WEST
Saturday, January 14, 1905.
SOUTHWEST FACES CAR FAMINE.
t o T h e C o m m e r c i a l W e st.)
The shortage is caused by the unusual demand for cars
Omaha, Jan. 10.— Southern railroad lines are facing a
to carry the export grain to Galveston and New Orleans.
car famine. Not a road entering Omaha in the competi
This movement is the largest in years, and the situation is
tion for the southern grain haul can get all the equipment
aggravated by the fact of the shortage of the corn crop in
it needs. Some of the lines have been forced to turn
Missouri and the failure in parts of Kansas, which were
away business because it could not promise the cars.
While the present shortage is greatest on the lines inter
devastated by floods. Second crops of corn were planted,
ested in the gulf hauls, it is by no means confined to these
but the grain did not mature. This has created a demand
lines, for some of the eastern lines are complaining of a
for northern grains and has made a demand for cars which
shortage of equipment.
is usually divided with the exclusively southern lines.
“ W e had to turn down a haul of 1,000,000 bushels of
“ The southern shipments are abnormal. While we are
wheat the other day because we could not promise the I
not as bad off as some of the other lines, the situation is
cars,” said a Union Pacific man. “ A Northwestern ship
bad enough. W e have not really been short, but we have
per wanted 1,000 cars, but we could not promise them and
not been able to get all the cars we could use.”
we had to lose the haul.”
( S p e c ia l C o rre s p o n d e n c e
M IL L IO N B U SH E L E L E V A T O R F O R O M A H A .
( S p e c ia l C o r r e s p o n d e n c e to T h e C o m m e r c ia l W e s t .)
Omaha, Jan. 10.—The Updike Grain Company of Chi
cago is to build a 1,000,000-bushel elevator. It is to be lo
cated on land obtained from the Union Stock Yards Com
pany. Contracts are to be let at once and the building
is to be in operation by May.
“ We have been thinking of a terminal house here ever
since the beginning of the grain exchange,” said N. B.
Updike, president of the firm. “ But we had not definitely
decided to go at it until about a week ago. W e have se
cured ample ground from the stock yards company for fu
ture expansion and we have excellent trackage. The ele
vator will be much like our terminal house in Missouri
Valley, which was recently finished, but it will be a larger
and a faster elevator. W e are sparing no expense in
rushing the building forward.”
The elevator will be of wood, but entirely modern in
construction. It will have a capacity of loo cars in ten
hours and the original storage capacity will be 1,000,000
bushels. There can be a large addition if wanted later by
the use of tanks. The house will be an up-to-date termi
nal elevator, and cleaning and mixing house. The Updike
company owns and operates thirty-three elevators, most
of them in Nebraska, but some of them in South Dakota.
Coarse Grains
in Minneapolis
W e e k e n d in g
J a n . 7.
..................................
1 2 8 ,2 3 8
...................................... 5 ,6 2 8 ,3 6 0
...................................... 1 , 2 7 9 , 1 2 6
.......................................
7 8 ,7 7 6
...................................... 1 , 6 3 7 , 1 6 9
C o rn
O a ts
.
B a r le y
R y e ..
F la x
Daily
F r i., Ja n .
S a t .,
Ja n
M o n ., J a n .
T u e s ., J a n
W e d .,
Ja n
T h u r ., J a n
Receipts of
O a ts,
C ars.
30
37
43
13
14
35
Elevators.
W e e k e n d in g
D ec. 3 1.
3 8 ,2 4 6
5 ,7 3 1 ,0 0 0
1,2 4 7 ,3 9 9
5 1 .5 4 9
1 ,5 9 9 ,6 8 7
Coarse Grain
C o rn ,
C ars.
6 .........................
25
. 7 ........................ 4 1
9 .....................
56
. 1 0 ...............
31
. 1 1 ...................
31
. 1 2 .................
51
Y e a r ago.
12 1,7 9 0
1 ,9 3 5 ,3 8 4
1 ,6 8 0 ,4 5 3
6 8 ,54 7
1,6 3 2 ,8 13
in Minneapolis.
B a r le y ,
C ars.
28
39
40
25
15
23
Rye,
C ars.
1
5
8
7
1
7
F l a x , D u lu t h
C ars.
F la x .
20
40
37
31
31
26
12
45
11
5
10
8
E. W H E E L E R
GRAIN
AND STOCK
&
Milwaukee Grain Markets.
( S p e c ia l C o r r e s p o n d e n c e to T h e C o m m e r c ia l W e s t .)
Milwaukee, Jan. 1 1 . — Wheat is 2c higher, but closed
rather easier this afternoon, although offerings were small
er. No. 1 northern ranged for the week at $1.15(0)1.17, No.
2 northern at $ i . i o @ t . i 5 P > and No. 3 spring at 85 c@ $ i .09.
R ye is ic higher and all classes of buyers want choice
No. 2 and No. x, which are lacking in supply. No. 1
sold at 8 o @ 8 t c , No. 2 at 75@8oc and No. 3 at 70(0)740.
Oats are firm at the recent advance, No. 2 white rang
ing at 32@32jdc, standard at 3ip2@32c, No. 3 white at 30@
32c and No. 3 at 28@ 30^c. Receipts are smaller.
Barley steadier and more active, with smaller offerings
of all grades. E x tra No. 3 sold at 44(0)510 and No. 3 at
38@45c.
Minneapolis W e e k ly Receipts of Grain.
R e c e ip t s o f g r a in a t M in n e a p o lis fo r th e w e e k s e n d in g o n th e
d a t e s g iv e n , w e r e :
W e e k e n d in g
W e e k e n d in g
J a n . 7.
D ec. 3 1.
Y e a r ago.
1 , 1 0 6 ,7 6 0
2 ,6 3 7 ,2 0 0
W h e a t , b u s h e l s ....................... 1,4 9 8 ,6 8 0
C o r n , b u s h e l s .............................
2 3 1 ,0 0 0
2 3 3 ,2 6 0
2 9 1,0 6 6
O a t s , b u s h e l s .............................
2 1 1,1 4 0
2 6 0 ,0 5 0
5 1 4 ,1 5 0
B a r l e y , b u s h e l s . ..................
1 6 0 ,1 6 0
15 1,8 4 0
2 1 9 ,5 2 0
R y e , b u s h e l s .............................
15 ,6 0 0
2 0 ,7 2 0
3 2 ,8 0 0
F i a x , b u s h e l s .............................
1 5 0 ,5 2 0
12 9 ,2 2 0
2 1 2 ,5 2 0
C.
O R EGON W H E A T F O R T H E SOU TH .
An official of the Union Pacific discussing the unusually
heavy wheat movement from the Pacific Coast eastward
said recently: “ Most of the wheat that is moving east
ward is used for breakfast foods. It is Oregon wheat, and
owing to the fact that the grain is unspotted by rain it
rolls into a beautiful white flake. The Oregon wheat
is a large, round berry and it makes a softer flour, but
it is not so good a wheat for some purposes as the harder
varieties. This year they are shipping some of it to the
southern mills and mixing it with hard wheat. W e are
shipping large quantities to Memphis. T h e y like the soft
wheat in the south.
“ Little or no wheat is being exported this year. The
foreign wheat usually controls the price, but it is not the
case this year. Except in the Pacific northwest the crop
has been short and wheat has been ve ry high. While we
are shipping some wheat east, most of it is going south,
and we are having some difficulty to get all the cars we
want. We had to turn down a shipment of 1,000 cars the
other day because we could no't handle it. There was a
shipment of 1,000,000 bushels that would have gone over
our lines from the Northwest, but we had to turn it down.
Oregon wheat does not go through the elevators. Th ey
sack it up there and pile it up like cord wood. Sometimes
you see it stacked up along the railroad tracks two stories
high. There is nothing to hurt it. There is a steady ship
ment east and south and we have had all we can haul.”
Corn is firmer and in active demand, No. 3 selling at
42@42p>c, No. 3 yellow at 42(0)430 and No. 4 at 41(0)420.
There is more offering, but the demand is more active.
Flour is 20c higher, but dull at $6.20 for hard spring
wheat patents in wood. Rye flour is 5c up at $4.05(5)4.15
for city brands in wood. Millstuffs are weak and dull at
$16.50 for sacked bran, $16.25 for standard middlings and
$18.50(0)19.00 for flour middlings.
WANTED
CO.
FARGO, N O . DAK.
GRAIN
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 in n e a p o l is C h a m b e r of C o m m e r c e
P r iv at e W ir e s
ROLLIN
E D W A R D
G R A IN C O M M IS S I O N ,
E. S M I T H
ELEVATORS
A.
V A U G H A N
G U A R A N T Y B LD G .,
M IN N E A P O L IS
& CO.
C H A M B E R OF C O M M E R C E ,
M IN NE A PO LIS .
C HIC A G O
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
PURCHASE
From 10,000 to 50,000 bushels capacity
G R A IN C O M M I S S I O N
HARRIS,
t o
A number of country
BROKERS
CORRESPONDENTS
SCOTTEN
CO.,
37
Board
of
T
rade
THE
Saturday, January 14, 1905.
COMMERCIAL WEST
35
SEATTLE A GROWING WHEAT MARKET.
( S p e c ia l C o r r e s p o n d e n c e to T h e C o m m e r c ia l W e s t .)
O a t s ..............................................................
B a r l e y ...................................................
C o rn
.............................................................
Rye
Seattle, Jan. 7.— Seattle is rapidly climbing to the
front as a wheat market. Deputy State Grain Inspector
K in g has made two tables, one for the twelve months
ending September 1, which is considered the close of the
old wheat season, and the opening of the new, and an
other table giving the figures for the three months ending
December 1. Fo r the cereal year the receipts in bushels
for Tacoma, Seattle and Spokane, the inspection points of
the state, are:
Tacom a.
W h e a t ...................................................... . 5 ,8 1 6 , 4 1 0
O a t s ............................................................. .
5 6 5 ,5 0 0
B a r l e y ........................................................ . 1 , 2 1 8 ,7 8 0
C o r n ..............................................................
7 0 ,0 0 0
Rye
...............................................................
S e a ttle .
1,0 0 0
The statistics for the three mon ths of the passing
year, ending December 1, are :
T acom a.
...................................................... . 3 ,0 15 ,0 6 0
W heat
S e a ttle .
1,5 2 2 ,5 6 0
2 8 0 ,5 0 0
19 3 ,110
..........
20,000
..........
2,000
16 3 ,5 0 0
9 1 ,0 2 0
.. .
...........
Mr. K in g announced that he had received rather dis
couraging reports of the condition of the fall wheat in
east side districts.
'T h e dry weather over there,” said he, “ gave much
trouble to the farmers during the seeding period and was
the potent factor in preventing much of the wheat from
coming up. Recently the rains began and some of the
wheat that had laid in the ground for nearly two months
is now sprouting and peeping through the earth. In many
of the fields the wneat has partially rotted and will not
sprout. J hese conditions Vvi 11 produce a heavy acreage of
spring wheat. The present outlook for fall wheat all
over the E ast Side is discouraging, but light snows cover
the earth in some of the wheat sections and affords an
ample protection for all the wheat that has come up.”
Spokane.
1 , 4 5 2 ,8 7 5
6 12 ,0 0 0
18 3 ,0 0 0
5 ,0 0 0
3 ,9 7 3 ,0 6 0
1,0 7 7 ,0 0 0
6 0 3,0 8 0
2 2 6 ,5 0 0
3 8 2 ,5 3 0
Spokane.
4 3 5 ,8 4 0
PORTLAND’S WHEAT SHIPMENTS LIGHT.
( S p e c ia l C o rre s p o n d e n c e
to
The
C o m m e r c ia l W e s t .)
Portland, Jan. 7.— Since the opening of the present
cereal season, Ju ly 1, this port has dispatched 19 vessels
of the regular grain fleet, only one of which carried a
straight cargo of flour. The wheat exported amounted to
F377>678 bushels, valued at $1,166,081. Not included in
the total are 20,256 bushels of wheat, worth $18,517, which
was cleared at different times on the Oriental liners. The
barley dispatched on the squareriggers for the six months
aggregated 417,864 bushels, cleared at $282,044 and the
flour reached 94,202 barrels, the valuation of which was
placed at $342,600. The cargoes credited to the graincarriers reached a total valuation of $1,790,725.
The showing is anything but remarkable. In fact, the
trade of the port in that line for the six months is the
poorest since the latter part of the last century. Puget
Sound has dispatched but ten grain vessels for the first
half of the year, all with wheat, and one cargo included
20,000 barrels of flour, valued at $72,000. The wheat car
ried by the ships from the Sound aggregated 1,108,696
bushels, worth $944,740, and Portland exceeded that show
ing by 268,982 bushels.
The million-bushel Maple L eaf grain elevator at K a n
sas City, Kas., together with its contents, was destroyed
by fire on Jan ua ry 8.
In the bins of the elevator were 300,000 bushels of
wheat, 10,000 bushels of barley and 3,000 bushels of rye,
representing a value of $326,750.
The elevator, which was builded about seven years
ago, was one of the two largest elevators in Kansas City,'
Kas. Its value was placed at $155,000.
W . P. ANDERSON & CO.
COMMISSION MERCHANTS
GRAIN
AND
PROVISIONS
Consignments Solicited
Ground Floor, 4 Sherman St.
CHICAGO, ILL.
L. T. SO W L E & S O N S
ESTA B LISH E D
1884
GRAIN, PROVISIONS, STOCKS and BONDS
113-114 New Chamber of Commerce, MINNEAPOLIS
( Ground Floor )
Members Chicago Board of Trade, Minneapolis Chamber of Commerce
J.
ROSENBAUM
The statement for the six months is appended
Shipments Since July 1 ,, 1 9 0 4 A u g u st.
19 — R a io r e
5— B e a c o n
.............................................
R ock
..
4— E m i l i e .....................
6— B r i z e u x
...............
1 4 — E s k a s o n i .............
1 5 — H a r t f i e l d .............
22— W r a y C a s tle . . .
22— C a r n a r v o n B a y
2—
5—
7—
11—
29—
D u p le ix
................
P ie r r e L o ti . . . .
C am b ro n n e . . . .
..................
C r illo n
A s i e ..........................
1—
2—
6—
24—
27—
30—
L a n g d a le
R u th w e ll
E u r o p e ..................
Ju le s G om m es
D u n reg g an
....
G l a u c u s ................
.
W h e at.
1 1 9 ,6 8 9
.
11 3 ,0 9 1
V a lu e .
S ep te m b e r.
O cto b er.
.
18 ,6 7 2
1 1 0 ,6 6 7
9 7 ,8 4 7
11 ,7 3 7
2 8 ,0 7 2
2 1 ,6 5 2
19 ,5 0 0
N o v e m b e r.
.
D ecem b er.
.......................
.......................
9 2,0 0 0
.
.
1 1 0 ,8 6 7
2 2 ,4 0 4
9 1 .4 7 0
1 0 8 ,1 9 6
1 3 2 ,5 8 3
.
115 ,3 13
9 6 ,8 6 3
.
2 6 .1 3 3
12 1,5 2 3
1 0 ,2 5 0
117 ,5 12
78,0 0 0
9 ,0 19
T o t a l ..........................
rn ! a
W
: ........................................................................ 1 ,3 7 7 ,6 7 8
$ 1 ,1 6 6 , 0 1
rn 7 . w l l e a t e x p o r t e d , 1 , 3 7 7 ,6 7 8 b u s h e l s , v a l u e d a t $ 1 , 1 6 6 , 0 8 1
I o t a f l o u r e x p o r t e d , 9 4 ,2 0 2 b a r r e l s , v a l u e d a t $ 3 4 2 ,6 0 0 .
t o t a l b a r l e y e x p o r t e d , 4 1 7 ,8 6 4 b u s h e l s , v a l u e d a t $ 2 8 2 ,0 4 4
H O P A C R EA G E ON T H E IN CREASE.
( S p e c ia l C o rre s p o n d e n c e
to
The
C o m m e r c ia l W e s t .)
Portland, Jan. 9.— Good prices for hops several years
in succession have caused quite an increase in the acreage
devoted to hopraising on the Pacific Coast, and new acres
are being added to the hopgrowing area from week to
week at this time.
' Oregon, which raised 85,000 bales last year, will proba
bly produce 120,000 this y e a r , ’ said A. J. Ray, a wellknown hop dealer of this city today, “ and in California
one firm alone, the Horst Bros., is putting in 4,000 acres
of nops in the Sacramento Valley. This firm expects to
produce 25,000 bales of hops this year, although the vines
only grow about half a crop the first season. The output
of California in 1905 will reach fully 100,000 bales, against
60,000 in 1904.
Eastern hop firms who understand the situation and
the tendency of the hop industry are preparing to take
care of 3 and 4-cent hops again within the next few
years. When hops reach this low price growers get dis
couraged and begin uprooting their vines, as they have
done before in Oregon. It is not at all probable that
hops will always pay so well as they have this year and
last, because the consumption of hops is limited and it
does not take a very heavy surplus to cause a decided
slump in the hop market.
GRAIN
COMPANY
( I N C O R P O R A T E D )
GRAIN
M ERCHANTS
ORDERS FOR FUTURE DELIVERY SOLICITED
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
CHICAGO
THE
36
C O M M E R C IA L
W EST
Saturday, Ja nuary 14, 1905.
COMMERCIAL WEST MARKET REVIEWS.
E d w a r d G . H e e m a n , C h ic a g o , J a n . 1 1 :
I a m p r o b a b ly a s
g o o d a b u ll o n w h e a t a s a n y o n e o n t h e t h e o r y o f a n a c u t e
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o ld k i n d o f w h e a t b e f o r e a n o t h e r c r o p i s a v a i l a b l e .
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h o w e v e r , f o r c e d to b e lie v e t h a t t h e r e is m u c h r o t in t h e la t e
t a lk o f a g o o d d e m a n d a n d th e h ig h p r ic e s re p o r t e d fo r th e
lo w e r g r a d e s .
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served .
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C o ., C h i c a g 'o , J a n .
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o f s m a ll o f f e r i n g s a s a n y t h i n g e ls e .
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it r a n in to h e a v y s e llin g o r d e r s , b u t th e d e m a n d k e p t g e t t in g
b e t t e r a s th e m a r k e t w o r k e d lo w e r , a n d a t $ 1 .1 0 % t u r n e d it u p
a g a in .
T h e c lo s e w a s s t r o n g a t - $ 1 .1 7 % .
T h e b u y in g w a s b o th
b y lo c a l “ b u lls ” w h o w e r e r e in s t a t in g t h e ir lin e s s o ld o u t a d a y
o r s o a g o , a n d b y “ b e a r s ” t a k in g p r o fits o n “ s h o r t ” s a le s .
T h e n e w s w a s “ b u l l i s h ” a s u s u a l — c a s h d e m a n d in K a n s a s
C it y , S t . L o u is a n d M in n e a p o lis w a s g o o d ; th e r e c e ip t s w e r e
o n ly a b o u t h a lf w h a t t h e y w e r e a y e a r a g o .
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fiv e lo a d s o f lo w g r a d e M a n it o b a w h e a t s o ld to L iv e r p o o l; M in
n e a p o l i s s t o c k s d e c r e a s e d 480 ,0 0 0 b u s h e l s i n f o u r d a y s ; K a n s a s
C i t y w o r k e d 2 5 ,0 0 0 b u s h e l s P a c i f i c C o a s t w h e a t .
T h e f a c t is th e c ro w d a r e g e t t in g v e r y tim id o f th e “ s h o r t ”
s id e , a n d w h e a t w e s t c o m m a n d s a p r e m iu m
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a r t ic le a t th e s e a b o a r d . T h e r e is s o m e t a lk o f $ 1.3 5 , a n d s t a t i s
t ic s , m o v e m e n ts a n d th e g e n e r a l s it u a t io n s e e m to w a r r a n t s o m e
s u c h a p r ic e e v e n t u a lly .
E v e r y “ b e a r ” t h a t s e lls c o v e r s w ith a
s m a ll p r o fit o r s m a ll lo s s , w h ile m a n y o f t h e “ b u lls ,” c o n
fid e n t o f t h e ir p o s it io n , a r e h o ld in g f o r g o o d b ig p r o fits .
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E . W . W a g n e r , C h ic a g o , J a n . 1 1 :
T h r o u g h in v e s tig a t io n w h a t
b e c o m e s o f th e t a lk a b o u t in c r e a s in g s to c k s ?
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In s te a d o f a la r g e r v is ib le th a n w e h a d a y e a r a g o , a s so o f
t e n i m p r e s s e d u p o n u s , w e h a v e in t h e U n i t e d S t a t e s p r o p e r
1,7 0 0 ,0 0 0 b u s h e l s l e s s t h a n w e h a d a y e a r a g o , t o s a y n o t h i n g
o f t h e 'q u a lit y o f t h e w h e a t .
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e ls o f w h a t is c a lle d o u r v is ib le s u p p ly t o d a y r e q u ir e s th e p a y
m e n t o f 25 c e n t s a b u s h e l b e fo r e it c a n b e s o c o n s id e r e d .
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f a l s if i c a t io n to le t s u c h d i s c r e p a n c ie s g o u n c h a lle n g e d , to s a y
n o t h in g o f u s in g t h e m w it h d e lib e r a t e in t e n t to d e c e iv e .
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d i t i o n t o t h i s t h e r e a r e n o w 80 0 ,0 0 0 b u s h e l s o n t h i s s i d e t h e
C a n a d ia n b o r d e r t h a t a r e in b o n d , a n d t h is , to o , g o e s to s w e ll
t h e m is c o u n t . I t is p a r t o f t h a t d e fic it o f w h ic h I h a v e so o fte n
s p o k e n t h a t w i l l in t h e e n d b e d i s c l o s e d .
O n ly h a lf th e c r o p y e a r g o n e , v i r t u a l l y n o n e e x p o r t e d fr o m
t h e c r o p , a n d h e r e w e a r e in a w h e a t s t r i n g e n c y t h a t t h o s e w h o
h a v e s c o ffe d a t d o n o t n o w h e s i t a t e to w a r n p e o p le to b e w a r e
o f a s “ d a n g e r o u s m a n ip u la t io n .”
M ille r s p a y in g m o re fo r w h e a t
t o m a k e flo u r o f t h a n s p e c u la t o r s w ill g iv e a n d t h is is c a lle d
m a n ip u la t io n .
W h y , i t is m a s t i c a t i o n , n o t m a n i p u l a t i o n .
I t is
c a u s e d b y th e ja w m o v e m e n t o f th e h u n g ry , n o t b y th e d e ft
h a n d lin g o f th e s p e c u la to r s .
T h e e le v a t o r m e n h a v e n o t lo c k e d
it u p . b u t th e m ille r s h a v e b o lte d it d o w n : a n d t h a t ’s w h a t h a s
t a k e n it o u t o f s ig h t . W e h a v e b e e n b r o u g h t to t h is b y th e u n
s a t is fie d a p p e tite o f fe e d e r s , n o t b y th e in s a tia b le g r e e d o f
o p e ra to rs.
E v e r y b u s h e l w e n o w e x p o r t is w o r k in g i n ju r y to u s
n a t i o n a l l y ; e v e r y b u s h e l t h e s p e c u la t o r l a y s h is h a n d u p o n is
m i t i g a t i n g t h e s t r i n g e n c y a m o n g o u r o w n p e o p le b y r e t a i n in g
a t h o m e w h a t w e n e e d d o m e s tic a lly .
B u y it, a n d s to p th e e x
p o r ta tio n a t o n ce .
T h a t ’ s th e w is e p o lic y .
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e x p o r t a t a lo w p r ic e t h a t is g o in g to w o r k t h e h a r d s h ip , n o t
w h a t w e r e t a i n a t h o m e b y p u t t in g a p r o h ib i t o r y p r ic e u p o n it .
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T h o m p s o n , S o n s & C o ., W i n n i p e g , J a n . 1 0 :
T h e W in n ip e g
o p t io n m a r k e t w a s s t r o n g a n d a c t i v e , M a y w h e a t o p e n in g a t
$ 1 .0 5 b i d a n d s e l l i n g a s h i g h a s $ 1 .0 6 , b u t w i t h t h e b r e a k in
o u t s id e m a r k e t s o u r m a r k e t a ls o t u m b le d , c lo s in g % c u n d e r
y e ste rd a y .
S t o c k s o f w h e a t a t P o r t A r t h u r a n d F o r t W illia m
u p t o J a n . 6, t o t a l 4 ,13 8 ,9 8 4 b u s h e l s , w h i c h s h o w s a n i n c r e a s e
f o r t h e w e e k o f 2 7 6 ,4 3 5 b u s h e l s , w h i l e l a s t y e a r t h e i n c r e a s e
w a s 4 19 ,10 1 b u s h e ls .
M a n i t o b a c a s h w h e a t in g o o d d e m a n d , b u t
m o s t ly on a c c o u n t o f s p e c u la t iv e b u y in g a n d a lt h o u g h p r ic e s
o n th e h ig h e r g r a d e s a r e a lit t le le s s th a n y e s t e r d a y , th e lo w e r
g r a d e s a r e h ig h e r .
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J o h n H . W r e n n & C o ., C h i c a g o , J a n . 1 1 :
D u ll, n e r v o u s a n d
u n in te r e s tin g w h e a t m a r k e t.
I t d e v e lo p e d w e a k n e s s a t t im e s
u n d e r th e in flu e n c e o f th e e a s ie r to n e o f t h e N o r t h w e s t e r n
m a rk e ts.
I t is w o r t h y o f n o te t h a t M in n e a p o lis a n d D u lu t h a r e
f a s t lo s in g t h e ir p r e m iu m s o v e r th e C h ic a g o m a r k e t .
T h e tra d
i n g i s o f s u c h a b e w i l d e r i n g c h a r a c t e r t h a t w e h e s i t a t e in t r y
in g t o f o llo w it . I t is n o t m i s - s t a t e m e n t to m a k e t h a t t h e o p e r
a tio n s o f th e W a ll S t r e e t c ro w d o v e r s h a d o w s th e g e n e r a l ru n
o f a d v ic e s .
T h e p r im a r y m o v e m e n t w a s c o n s id e r a b ly u n d e r la s t
y e a r ’s.
M in n e a p o lis a g a in r e p o r te d t h a t th e c a s h d e m a n d w a s
g o o d a n d t h a t m o re m ills w e r e ru n n in g t h a n b e fo r e o n th e c ro p .
O n th e o t h e r h a n d t h e r e w e r e o t h e r a d v ic e s t h a t t h e m ills
t h e r e — a t l e a s t s o m e o f t h e m — w e r e g o in g to s h u t d o w n .
E x
p o r t s c o n t in u e v e r y s m a ll, a n d a r e a ll o f flo u r .
T h e re w ere
g o o d s n o w s fr o m T e x a s to th e u p p e r la k e s , c o v e r in g th e e n tir e
w in te r w h e a t te r r ito r y .
C o r n h a s b e e n v e r y fir m , a t o n e t im e s h o w in g a s li g h t g a in
o v e r y e s t e r d a y ’s p r ic e s .
S h o rts w e re m o d e ra te b u y e rs.
The
w e a t h e r c o n d it io n s w e r e a g a i n s t a fr e e m o v e m e n t a n d lig h t e r
r e c e ip t s a r e lo o k e d fo r .
T o d a y ’ s c a r l o t s 18 4 a n d 2 2 3 e s t i m a t e d
fo r to m o rro w .
T h e e x p o r t s f o r t h e d a y w e r e h e a v y , 9 3 1 ,0 0 0
b u s h e ls .
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I r w i n , G r e e n & C o ., C h i c a g o , J a n . 1 0 :
A lr e a d y w e a re fa c in g
th e q u e s tio n o f e x p o r t d e m a n d .
N o t y e t q u ite s u r e o f th e fa c t,
b u t w ith c ir c u m s ta n c e s p r e t t y s tr o n g ly in d ic a tin g t h a t th e d e
m a n d h a s b e g u n , w h ile it c o u ld n o t b e s t a v e d o f f m u c h lo n g e r
in a n y e v e n t .
T h e w o r l d s h i p m e n t s f o r l a s t w e e k w e r e d .o w n t o
a c o n s id e r a b le d is t a n c e b e lo w e ig h t m illio n b u s h e ls , th e q u a n
t i t y o n o c e a n p a s s a g e d e c r e a s e d t w o a n d a q u a r t e r m illio n s , a n d
E a s t e r n C a n a d ia n s a r e c la i m in g t h a t O n ta r io w ill w a n t a b o u t
a ll th e r e m a in in g s u r p lu s o f th e M a n ito b a r e g io n to m a k e g o o d
it s o w n d e fic ie n c y .
T h e m ills a t M in n e a p o lis h a v e b e e n ru n n in g
r ig h t th ro u g h th e C h r is t m a s h o lid a y s e a s o n , n ig h t a n d d a y ,
s o m e o f th e m S u n d a y s , b e s id e s w h ic h s to c k s t h e r e h a v e b e e n
d r a w n u p o n r a t h e r lib e r a lly f o r s h ip m e n t to o t h e r m illin g p o in ts .
O f c o u rs e it is n o t y e t a d m itt e d b y th e m ille r s t h a t t h is m e a n s
a g o o d f o r e i g n d e m a n d f o r t h e i r flo u r .
B u t “ it n e e d s n o s p ir it
fro m , t h e g r a v e ” to t e ll u s t h a t t h o s e g e n t le m e n a r e in t e r e s t e d
i n k e e p i n g t h e f a c t q u i e t a s l o n g a s p o s s i b l e w h i l e t h e y a r e in
th e m a r k e t fo r w h e a t, a n d a ls o it r e q u ir e s n o g r e a t a m o u n t o f
a c u m e n to c o n n e c t t h is w ith th e f a c t t h a t K a n s a s C it y a n d S t.
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L o u is , a s w e ll a s M in n e a p o lis h a v e h a d s t r o n g m a r k e t s fo r c a s h
w h e a t, a s c o m p a re d w ith C h ic a g o fo r s e v e r a l d a y s p a s t.
S u p p o s in g t h e r e b e n o m is t a k e a b o u t th is , t h e r e s t ill r e
m a in s th e im p o r ta n t q u e s t io n if th e fo r e ig n d e m a n d b e o th e r
th a n te m p o r a r y , fo r th e b r id g in g o v e r o f a s h o r t tim e -g a p
till th e A r g e n t i n a c r o p b e g in s to m o v e f r e e ly , w h e n , a id e d b y
I n d ia a n d o t h e r s o u r c e s o f s u p p ly , it w ill b e a b le to fill th e
im p o r t w a n t s o f E u r o p e w it h lit t le o r n o r e fe r e n c e to o u r s e lv e s .
T h e r e is lit t le d o u b t t h a t s o m e fo lk s o n t h e o t h e r s id e o f th e
A t la n t ic a r e s p e c u la t in g o n t h is a s a p o s s ib ilit y , a n d it is a
p o in t t h a t w ill b e a r t h in k in g o f h e r e .
A ls o it m a y b e w e ll to
t h in k o f th e e x t e n t to w h ic h th e c o rn c r o p s o f th e U n it e d S t a t e s
a n d A r g e n t i n a c o u ld b e m a d e a v a i l a b l e f o r h u m a n fo o d in c a s e
o f a s h o r t a g e in t h e s u p p l i e s o f w h e a t a n d r y e .
B u t it se e m s
p r o b a b le t h a t w h e n a l l t h is is a llo w e d f o r t h e r e s t i ll r e m a in s
a b u n d a n t r e a s o n to e x p e c t t h a t w h e a t h a s g o t to s e ll a g r e a t
d e a l h ig h e r in t h is m a r k e t b e fo r e w e c a n u s e th e p r o c e e d s o f
a n o t h e r h a r v e s t , a n d t h is fo r th e r e a s o n t h a t o t h e r p e o p le w ill
w a n t fr o m u s m o re th a n w e h a v e to s p a re .
T h e r e r e m a in s , h o w e v e r , th e im p o r ta n t f a c t t h a t , a t le a s t
t ill th e s c a r c i t y b e c o m e s m o r e g e n e r a lly a p p a r e n t t h a n i t is
n o w , e v e r y c e n t o f a d v a n c e is lik e ly to b e s e iz e d u p o n b y s o m e
h o ld e r s a s a n o p p o r t u n it y to r e a liz e a g o o d p r o fit, so t h a t th e
fu r t h e r r is e is lik e ly to b e a “ c h o p p y ” o n e, m u c h m o re s o th a n
on th e a v e r a g e m a r k e t.
A m e s - B r o o k s C o m p a n y , D u lu t h , J a n . 1 1 :
W e h ave had very
lit t le o f in t e r e s t to r e p o r t fr o m th is p o in t th e p a s t tw o o r t h re e
w eek s.
T h e c o u n t r y m o v e m e n t n o w is e n t ir e ly d iv e r te d to
M in n e a p o lis .
O u r p r e s e n t r e c e ip t s a r e r u n n in g 5 to 10 c a r s p e r
d a y o f w h e a t a n d m o re w h e a t is b e in g lo a d e d fr o m D u lu t h t h a n
is n o w a r r iv i n g . W e t h in k i t to b e a p e r f e c t ly p o s s ib le d e v e lo p
m e n t t h a t D u lu t h s h o u ld h a v e le s s w h e a t a t th e o p e n in g o f
n a v ig a t io n in it s e le v a t o r s t h a n t h e y n o w c o n ta in .
In o u r o w n b u s in e s s , w e h a v e fo u n d a n im p r o v e d e a s t e r n
d e m a n d fo r c a s h w h e a t a n d h a v e s o ld s e v e r a l p a r c e ls t h e p a s t
f e w d a y s to B u f f a l o m ille r s w h o t o ld u s a t th e c lo s e o f n a v i g a
t io n , t h a t t h e y h a d b o u g h t m o r e t h a n t h e y c o u ld u s e t h is
w in te r .
L o c a l m ills a t t h is p o in t r e p o r t t h e ir m illin g t r a d e a s
f a ir fo r t h is s e a s o n o f th e y e a r .
A t p r e s e n t o n ly th e s m a lle r
m ills a r e r u n n in g , b u t th e la r g e r m ills e x p e c t to b e ' a b le to s t a r t
v e r y soon .
In o u r e x p o r t t r a d e w e h a v e t h is w e e k s o ld s e v e r a l p a r c e ls
o f lo w g r a d e M a n ito b a s to th e U . K . a n d - w h ile t h e ir p r ic e s on
h ig h e r g r a d e M a n ito b a s h a v e a d v a n c e d s h a r p ly , it h a k n o t
e q u a lle d th e a d v a n c e w h ic h h a s t a k e n p la c e in th e W in n ip e g
m a r k e t , s o t h a t t h e r e i s p r a c t i c a l l y n o e x p o r t t r a d e d o i n g in
th e h ig h e r g r a d e M a n ito b a s .
T h e c o r n e x p o r t b u s i n e s s h a s f l a t t e n e d o u t in a v e r y d i s
a p p o in tin g w a y a n d t h e r e is s c a r c e ly a p o r t a b r o a d to w h ic h th e
b u s i n e s s is n o t n o w b e in g d o w n b y r e s e l l e r s a lo n e .
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W . P . A n d e r s o n & C o ., 'C h i c a g o , J a n . 7 :
T h e m a rk e t sh ow s
t h e e f f e c t o f t h e l a r g e c o n c e n t r a t e d h o l d i n g s in a d e c r e a s e d
v o lu m e o f t r a d e a n d e x t r e m e c a u t io n w i t h w h ic h t r a d e r s a r e
o p e ra tin g .
T h e s t a t is t ic a l a n d c a s h n e w s is g r a d u a lly v e r i
f y i n g a ll t h e c la im s o f th e m o s t a r d e n t b u lls .
P r im a r y r e
c e ip t s a r e d r o p p in g to s m a ll p r o p o r t io n s , w h ile c a s h p r ic e s
e v e r y w h e r e a r e a d v a n c in g , r a d ic a lly fo r so m e o f th e s p r in g
w h e a t s , w it h m ills in s h a r p c o m p e t it io n f o r t h e m e a g e r o f f e r
in g s .
M ills a t M in n e a p o lis h a v e c o m m e n c e d to d r a w u p o n v i s
ib le s t o c k s f o r s u p p lie s , a n d t h e s h ip m e n t s to c o u n t r y m ills
h a v e a s s u m e d lib e r a l p r o p o r t io n s .
S o m e S o u th w e s te r n m ills a r e
fin d in g th e P a c ific c o a s t w h e a t u n s a t is f a c t o r y , a n d
t h is is
s tim u la t in g a n in c r e a s e d d e m a n d fo r w in t e r w h e a t s fo r m ix in g
p u rp o ses.
O u r c r o p s fo r fo u r y e a r s , a c c o r d in g to g o v e r n m e n t b u re a u
fig u r e s , a r e :
19 0 4 ............................................................ 5 5 2 ,4 0 0 ,0 0 0 b u s h e l s .
19 0 3 .............................................................6 37 ,8 0 0 ,0 0 0 b u s h e l s .
19 0 2 .............................................................6 7 0 ,0 0 0 ,0 0 0 b u s h e l s .
1 9 0 1 ............................................................ 7 4 8 ,4 0 0 ,0 0 0 b u s h e l s .
I n A u g u s t , 19 0 4 , o u r v i s i b l e s u p p l y w a s u n d e r 12 ,0 0 0 ,0 0 0 b u s h
e l s , a n d g o i n g in t o t h i s c r o p w i t h p r a c t i c a l l y n o r e s e r v e s , w i t h a
c r o p 10 0 ,0 0 0 ,0 0 0 b u s h e l s u n d e r a f o u r y e a r s ’ a v e r a g e , w e h a v e h a d
e v e r y in d u c e m e n t in p r ic e a n d w e a t h e r to m o v e it, a n d in s i x
m o n t h s w e h a v e m o v e d 6 ,0 0 0 ,0 0 0 b u s h e l s l e s s t h a n l a s t y e a r ,
y e t t h e v i s i b l e s u p p l y i s b u t 2 ,5 0 0 ,0 0 0 b u s h e l s m o r e , w i t h e x
p o r t s s i n c e J u l y 3 6 ,0 0 0 ,0 0 0 b u s h e l s , a g a i n s t 9 1,0 0 0 ,0 0 0 b u s h e l s
l a s t y e a r , s h o w in g e x t r a o r d in a r y h o m e r e q u ir e m e n t s .
W h ere
a r e t h e s u p p lie s to c o m e fr o m fo r th e n e x t s ix m o n th s w ith o u t
la r g e im p o r t a t io n s o f C a n a d ia n o r A r g e n t in e w h e a t , a n d w o u ld
E u r o p e a n m a r k e t s c o n tin u e t h e ir p r e s e n t in d iffe r e n c e to s u c h
im p o r ts b y A m e r ic a ?
A r g e n t i n e w e e k ’ s s h i p m e n t s 5 7 6 ,0 0 0 b u s h
e ls .
B r a d s t r e e t ’ s A m e r ic a n 1,4 11,0 0 0 b u s h e ls .
A u s t r a l i a 4 2 4 ,000 b u s h e l s .
O u r m a r k e t i s in c o m p l e t e c o n t r o l o f s t r o n g f i n a n c i a l i n
t e r e s t s e n c o u r a g e d b y th e p o s s ib ilit y o f s c a r c i t y o f s u p p lie s .
S h o r t s e l l e r s a r e t h e b e s t b u y e r s w h e n t h e m a r k e t s t a r t s -u p
w a r d , a n d w e b e lie v e t h e y w ill b e fo r c e d to c o v e r t h e ir s a le s a t
th e h ig h e r r a n g e o f v a lu e s to w h ic h w h e a t p r ic e s s e e m t e n d in g .
*
*
*
H . P o e h le r C o m p a n y , M in n e a p o lis , J a n . 1 1 :
L o c a l sto c k s
o f w h e a t f o r f o u r d a y s s h o w d e c r e a s e o f 480 ,0 0 0 b u s h e l s .
D e
m a n d fo r c a s h w h e a t w a s le s s b r is k , o w in g p r in c ip a lly to th e
f a c t t h a t m ille r s h a v e b o u g h t s to r e w h e a t , w h ic h is n o w b e in g
l o a d e d o u t . T h i s h a s f o r t h e t i m e b e i n g p l a c e d b u y e r s in a m o r e
i n d e p e n d e n t p o s i t i o n , t h a t i s t h e y a r e n o w in a p o s i t i o n t o b a r
g a in , m a k e b e t t e r s e le c tio n s a n d n o t fo r c e d to a c c e p t a n y
p r ic e a s k e d b y s e lle r s o f f r e s h c o u n t r y a r r iv a ls .
T h a t is a ll
t h e r e is b a c k o f th e “ le t u p ” in th e b r i s k c a s h w h e a t d e m a n d
a n d it s h o u ld n o t b e a c c e p te d a s a f e a t u r e r e fle c t in g w e a k n e s s
o r m a t e r i a l c h a n g e in t h e s it u a t io n .
T h e r e is n o t h in g n e w
r e g a r d in g f a r m e r s ’ d e liv e r ie s .
R e c e ip t s w ill n o d o u b t ru n lig h t
th e b a la n c e o f th e w e e k .
M a r k e t a f t e r o p e n in g a t y e s t e r d a y ’s
c lo s in g p r ic e ,
la te r
a d v a n c e d % c , b u t r u le d v e r y d u ll.
N e w s w a s sca rce .
L a te r,
o n p r o fit t a k i n g b y s c a t t e r in g lo n g s , a lit t le s h o r t s e llin g a n d
s e l l i n g o u t b y a p r o r r iin e n t C h ic a g o lo n g , t h e m a r k e t d e c lin e d
s h a r p ly l% c .
A t t h e d e c lin e s e v e r a l p r o m in e n t s h o r t s in C h i
c a g o to o k a d v a n t a g e a n d b o u g h t fr e e ly w ith th e r e s u lt th a t a
q u i c k r e a c t io n o f l c to l % c fo llo w e d .
A t th e c lo s e o ffe r in g s
w e r e v e r y lig h t.
T h e e x p e c te d n a t u r a l r e a c tio n o c c u rre d .
S o m e s c a tte r in g
l o n g s t o o k p r o f i t s a n d s o m fe w e a k o n e s w e r e s h a k e n o u t a n d
th e m a r k e t is t h e r e f o r e in a h e a l t h y p o s it io n a g a i n .
T h e s itu a
t i o n a l r e a d y o u t l i n e d in o u r t w o p r e v i o u s l e t t e r s i s u n c h a n g e d .
T h e r e m a y b e le s s a c t i v it y d u r in g th e n e x t fe w d a y s a n d th e r e
m a y b e a l i t t l e d e c l i n e , b u t t h e m a r k e t i s n o w in a p o s i t i o n t o
a d v a n c e s h a r p l y a n y d a y in th e n e a r f u t u r e .
N e x t M on d ay’s
s t a t is t ic a l n e w s w ill v e r y lik e ly b e v e r y b u llis h a n d d u r in g th e
b a la n c e o f t h is w e e k w h e a t s h o u ld b e b o u g h t o n a ll t h e lit t le
s o ft sp o ts.
THE
Saturday, January 14, 1905.
C O M M E R C IA L
W EST
V is ib le
G E N E R A L ST A T IST IC S.
T h e e x p o r t s o f w h e a t a n d c o r n ( in b u s h e ls ) a n d o f flo u r (in
b a r r e ls ) fr o m th e U n ite d S t a t e s a n d C a n a d a ( c o a s t w is e s h ip
m e n t s in c lu d e d ) , w it h p o r t s o f d e s tin a t io n , fo r th e w e e k e n d in g
D e c e m b e r 29 , 19 0 4 , f o l l o w :
W h e at.
1 3 4 ,1 5 6
80 ,0 0 0
C o rn .
F lo u r .
3 6 1 ,7 9 3
4 2 ,8 5 7
2 5 ,7 15
2 ,8 2 0
1,9 0 0
1,4 0 0
1 4 ,4 2 7
357
6 7,0 0 0
2 6 ,0 5 0
7 7 .1 4 3
7 7 .1 4 3
1 2 ,8 5 7
2 3 4 ,3 6 6
5 7 ,12 5
2 ,0 0 0
7 ,1 4 5
3 2 0 ,6 2 6
2 9 1 ,0 5 1
4 2 ,8 5 6
16 1,6 0 3
3 ,9 4 7
3 ,5 0 0
30 ,0 0 0
2 0 .5 7 9
4 5 ,0 2 5
3 1 ,8 5 7
2 4 ,5 2 2
7 ,3 0 0
8 ,1 0 3
T o ta l
..............................................................
5 7 2 ,6 4 7
1,3 0 1,5 16
I n a d d i t i o n t o t h e a b o v e , 1 0 7 , 1 7 2 b u s h e l s -o f o a t s a n d
b u s h e ls o f b a r le y w e r e e x p o rte d .
14 3 ,0 6 0
12 1,1 9 4
T o ta l
............. 1 8 3 ,7 6 9
1 1 3 ,5 9 6
5 8 4 ,9 8 7
C o rn ,
T h is
w eek
8 4 3 ,7 3 6
3 3 1 ,7 6 6
36 0 ,9 9 9
3 2 4 ,2 6 3
4 5 4 ,5 4 9
b u sh .
1 ^ast
w eek
3 9 3 ,1 3 7
7 6 ,5 7 1
3 1 2 ,8 5 7
2 1 3 ,7 0 7
840 ,0 0 0
4 9 6 ,00 0
3 1 ,2 2 0
9 ,0 7 0
8 1,0 0 0
469,968 3 ,1 8 6 ,5 3 3 1 , 5 8 2 ,3 4 2
W h e a t and Flour Exports.
(B ra d stre e t’s.)
T h e q u an tity o f w h eat (in clu d in g flour as w h eat) exported
from U nited S tates and C anadian ports fo r the w eek ending
w ith T h u rsd ay Is as fo llo w s in bu shels:
19 0 4 .
A u g u s t 4 ............. ................ 1 , 3 7 9 , 1 9 8
A u g u s t 1 1 ...........
A u g u s t 1 8 .............
A u g u s t 2 5 ..........
S e p t e m b e r 1 . . . ................ 1 , 8 3 0 , 5 1 1
S e p t e m b e r 8 . . . ................ 1 , 9 9 5 ,6 2 1
S e p te m b e r 15 ..
S e p te m b e r 2 2 ...
S e p t e m b e r 29 . . ................ 1 , 1 8 2 , 2 9 3
O c t o b e r 6 ........... ................ 1 , 1 0 5 ,9 2 8
O c t o b e r 1 3 ...........
O c t o b e r 20 ........... ................ 1,0 6 6 ,4 6 2
O c t o b e r 2 7 ...........
N o v e m b e r 3 . . . ................ 1,4 8 2 ,2 0 2
N o v e m b e r 1 0 . . . ................ 1 .4 5 9 ,2 7 6
N o v e m b e r 17 . . .
N o v e m b e r 2 4 . . ................ 1 , 3 3 2 ,3 6 6
D e c e m b e r 1 . . . ................2 , 1 0 1 , 7 7 3
D e c e m b e r 8 . . . ................ 1 , 1 3 9 ,3 6 9
D e c e m b e r 1 5 . . . ................ 1,4 4 4 ,8 9 0
D e c e m b e r 2 2 . . . ................ 1,0 8 0 ,7 0 8
D e c e m b e r 29 . . . ................
9 8 1 ,1 4 0
19 0 5 .
Ja n u a r y
5 ............. ................ 1 , 4 1 1 , 9 4 7
In S to re a t —
bu.
B a ltim o r e
................
B o sto n
....................... ..........
18 6 ,0 0 0
....................... ____ 4 , 1 2 1 ,0 0 0
B u ffa lo
d o . a f l o a t .......... .......... 1 , 9 1 1 , 0 0 0
C h ic a g o
..................... .......... 1.6 5 4 ,0 0 0
d o . a f l o a t .............
D e t r o i t ....................... ..........
7 1 3 ,0 0 0
D u lu th
....................... .......... 4 , 1 1 0 ,0 0 0
F t . W i l l i a m , O n t . .......... 2 ,7 7 6 ,0 0 0
G a lv e s to n
................ ..........
17 2 ,0 0 0
I n d i a n a p o l i s .......................
2 4 2 ,0 0 0
K a n s a s C i t y .......... .......... 1 , 3 8 1 ,0 0 0
M i l w a u k e e ................ ..........
8 0 1,0 0 0
M in n e a p o lis
....................... 14 .5 5 8 ,0 0 ( 1
M o n tre a l
..................
N e w O r l e a n s ..........
N e w Y o r k ................ .......... 1 ,3 2 2 ,0 0 0
d o . a f l o a t .............
P e o r i a ............................ ..........
1,0 0 0
.......... ..........
P h ila d e lp h ia
3 2 ,0 0 0
P o r t A r t h u r , O n t . .......... 1,4 1 9 ,0 0 0
S t . L o u i s .................... .......... 3 ,1 6 7 ,0 0 0
T o l e d o ........................... ..........
2 3 7 ,0 0 0
d o . a f l o a t ............. ..........
14 0 ,0 0 0
T o ro n to
.......................
O n C a n a l s ..................
O'n L a k e s ...................
O n M is s . R i v e r . . . .
T o ta l
...................... .......... 4 0 ,26 6 ,0 0 0
L a s t y e a r ............................ 4 0 ,19 9 ,0 0 0
O a ts
...............................
Rye
..................................
B a r le y
.......................
Cereal E xports b y P orts.
B r a d s t r e e t ’s.
F l o u r , b b ls .
W h e a t, b u sh .
T h is
L ast
T h is
L ast
F ro m —
w eek.
w eek.
w eek
w eek
N ew Y o rk
3 6 ,9 3 9
3 4 ,2 6 4
8 7 ,9 1 4
5 7 ,12 5
P h i l a d e l p h i a . . 2 0 ,0 8 4
6,940
B a ltim o r e
. . . . 3 0 ,0 0 9
8 ,4 5 2
B o s t o n .................
9 ,2 3 9
854
7 0 ,7 9 5
2 4 ,0 0 0
N e w p o r t N e w s . 1 1 ,4 8 0
2 ,8 4 7
N o r f o l k ...............
P o r tla n d , M e . .
14 8 ,2 0 0
1 1 0 ,0 0 0
N ew
O r le a n s ..
2 ,0 0 0
4 ,000
G a l v e s t o n .........
M o b ile
.................
2 ,6 8 0
4,9 6 0
S a n F r a i l .............
4 ,13 8
111,0 7 8
2 0 ,5 7 9
11 2 ,8 4 3
P o r tla n d ,
O . . . 3 9 ,0 0 0
2 6 ,0 0 0
1 1 7 ,0 0 0
1 3 1 ,0 0 0
.............
T acom a
S e a t t l e ................. 10 ,0 0 0
S t . J o h n , N . B . 1 8 ,2 0 0
4 ,7 0 0
5 0 ,0 0 0
3 5 ,0 0 0
19 0 3 .
19 0 2 .
19 0 1.
3 ,0 4 0 ,6 2 9
3 ,4 13 ,19 1
3 ,3 7 2 ,7 8 9
3 ,2 4 5 ,0 5 6
3 ,1 3 1,8 3 9
3 ,0 4 5 ,0 4 0
1,9 0 9 ,0 8 3
3 ,0 5 0 ,4 3 0
4 ,0 8 2 ,6 8 1
2 ,3 7 8 ,7 2 2
2 ,8 6 5 ,6 10
4 ,2 6 5 ,0 8 0
4 ,0 9 4 ,8 7 3
4 ,3 4 0 ,2 8 1
3 ,6 5 9 ,8 2 3
2 ,9 7 4 ,2 2 7
3 ,8 5 1 ,7 6 7
4 ,2 0 1.5 0 4
4 ,6 0 7 ,6 1 0
3 ,3 6 3 ,0 3 5
2 .3 3 5 ,6 0 6
2 ,9 1 5 ,2 3 6
4 ,2 4 4 ,3 6 3
4 ,5 9 1,8 0 5
5 ,9 5 4 .7 5 9
5 ,4 3 6 ,5 3 0
6 ,2 7 6 ,2 9 9
5 ,4 4 4 ,14 6
5 ,4 3 5 ,3 2 3
5 ,0 7 7 ,0 7 0
6 ,8 7 0 ,5 7 8
5 ,6 4 5 ,7 7 9
5 ,2 4 0 ,6 8 8
7 ,0 6 0 ,1 3 7
5 ,9 9 7 ,6 2 0
5 ,7 15 ,5 5 5
4 ,4 4 0 ,16 0
5 ,2 7 7 ,6 7 2
4 ,17 9 ,6 8 5
5 ,7 0 4 ,4 4 0
3 ,7 6 1 , 0 4 7
3 ,2 5 6 ,0 3 7
3 ,5 6 0 ,4 8 6
3 ,3 3 6 ,2 0 6
8 ,8 3 1 ,1 9 9
9 ,0 3 9 ,7 6 1
6 ,6 0 6 ,9 8 9
6 ,6 0 7 ,6 1 1
4 ,4 0 6 ,0 6 4
6 ,6 4 8 ,6 0 9
3 ,8 4 0 ,5 7 4
4 .4 7 0 ,3 5 2
6 ,19 5 ,7 4 9
4 ,7 19 ,8 9 8
5 ,5 3 6 ,0 7 3
4 ,9 5 2 ,1 3 4
6 ,6 7 2 ,8 8 8
5 ,4 6 9 ,6 4 5
4 ,9 8 3 ,7 3 4
5 ,5 1 8 ,9 3 0
5 ,1 17 ,4 7 8
4 ,6 0 4 ,8 4 6
3 ,8 7 9 ,8 0 9
4 ,3 3 2 ,8 3 2
4 ,2 9 1 ,5 4 3
4 , 8 1 8 ,4 7 1
19 0 4 .
1,3 6 9 ,3 2 3
19 0 3 .
5 ,0 9 8 ,0 5 1
19 0 2 .
3 ,5 6 7 , 7 1 0
A u gu st 4 . . . . . .
A u g u s t 1 1 ...........
A u g u s t 1 8 ............
A u g u s t 2 5 ........... ................
7 6 3 ,8 4 6
S e p t e m b e r 1 . . . ................
7 1 0 ,5 6 2
S e p t e m b e r 8 . . . .............
4 7 6 ,2 3 1
S e p t e m b e r 1 5 . . ................
4 2 9 ,1 5 8
S e p t e m b e r 2 2 . . ................
6 5 0 ,39 9
S e p t e m b e r 29 . . ................
7 0 0 ,0 8 2
O c t o b e r 6 ...........
O c t o b e r 1 3 ........... ................
8 5 7 ,5 1 7
O c t o b e r 2 0 ........... ................
79 7 ,8 9 8
O c t o b e r 2 7 ..........
N o v e m b e r 3 . . . ................
3 4 6 ,9 2 7
N o v e m b e r 1 0 . . . ...............
1 4 8 ,0 5 1
N o v e m b e r 1 7 . . . ................
13 9 ,9 7 8
N o v e m b e r 24 . . ................
2 9 ,6 2 9
D ecem ber 1 ...
D e c e m b e r 8 . . . ................
2 7 6 ,9 8 9
D e c e m b e r 1 5 . . . ...............
4 5 3 ,7 1 3
D e c e m b e r 2 2 . . . ............... 1 ,8 6 2 ,8 9 3
D e c e m b e r 29 . . . ................ 1 , 5 8 2 ,3 4 2
8 8 4 ,4 2 8
7 0 7 ,3 8 7
5 0 9 ,4 9 5
8 6 6 ,3 2 0
8 6 8 ,7 4 1
8 4 4 ,8 18
7 8 7 ,1 6 7
7 7 9 ,2 3 9
1,12 3 ,8 7 1
1,10 1 ,11 8
1,4 10 ,4 12
1,8 0 9 ,8 8 5
1,3 9 2 ,2 14
1 :4 5 9 ,9 3 6
1 ,6 8 8 ,2 8 2
1,3 9 1,6 2 5
1,5 2 0 ,9 4 1
1 .0 9 8 ,9 5 1
6 4 1,9 4 5
6 3 7 ,8 5 7
8 16 ,0 5 4
9 2 5 ,0 8 5
19 0 5 .
3 ,1 S 6 , 5 3 2
19 0 4 .
1,2 4 9 ,5 9 9
Ja n u a ry
5
............. ...............
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
19 0 2 .
19 0 1.
70,611
990,714
9 3 ,4 2 3
5 1 ,6 4 9
11 5 ,1 5 0
2 1,19 6
9 1,5 12
4 9 ,5 0 8
7 4 ,9 5 2
14 1,4 2 3
1 8 0 ,3 5 8
18 0 ,6 7 4
8 4 ,56 4
1 5 3 ,2 0 5
13 0 ,8 4 7
2 8 1 ,9 0 1
2 4 3 ,3 8 1
2 5 5 ,1 7 4
1,15 1,5 6 3
1,3 0 1,2 8 6
1,5 2 6 ,14 1
1.5 0 2 .5 5 1
2 ,5 3 7 ,5 4 2
5 0 8 ,8 0 4
5 2 3 ,8 8 3
4 4 1 ,9 1 8
5 5 0 ,8 7 6
6 11,2 5 8
5 8 5 ,7 0 6
9 0 7 ,9 2 4
6 7 8 ,2 4 6
6 4 0 ,0 33
1 , 1 8 8 ,2 8 8
6 0 6 ,15 9
70 8 ,28 4
6 2 9 ,9 2 4
4 4 5 ,3 5 1
6 30 ,9 6 8
3 6 2 .8 4 4
2 7 8 ,3 0 7
3 3 0 ,9 4 1
4 2 4 .3 3 6
2 7 0 ,2 3 6
19 0 3 .
2 ,8 5 6 ,9 8 1
19 0 2 .
13 6 ,8 7 3
of
G r a in
W e e k e n d in g
D e c . 3 1.
W h e at,
C o rn ,
bu.
bu.
899,0 00
17 2 ,0 0 0
4 .6 2 4 ,0 0 0
2 ,0 2 1,0 0 0
1,6 5 6 ,0 0 0
1 ,6 0 1 ,0 0 0
4 19 ,0 0 0
2 5 ,0 0 0
2 ,2 6 5 ,0 0 0
1 2 1 ,0 0 0
3 5 ,0 0 0
bu.
1,3 8 4 ,0 0 0
2 5 4 ,0 0 0
7 5 ,0 0 0
2 14 ,0 0 0
7 3 2 ,0 0 0
2 7 2 2 000
2 ’, 5 0 1,0 0 0
17 8 ,0 0 0
2 4 0 ,0 0 0
1,7 6 0 ,0 0 0
8 0 5 ,0 0 0
14 ,3 7 9 ,0 0 0
5 0 3 ,0 0 0
896,000
5 7 ,0 0 0
5 5 0 ,0 0 0
6 4,00 0
18 2 ,0 0 0
6 6,000
2 ,2 9 4 ,0 0 0
6 84,00 0
1 3 1 ,0 0 0
8 6 5,0 0 0
6 8 ,000
59 6 ,0 0 0
10 3 ,0 0 0
5 8 ,0 0 0
6 3,0 0 0
1 ,3 7 9 ,0 0 0
40 ,000
1,0 0 0
3 2 ,0 0 0
1 . 3 6 1 ,0 0 0
3 ,1 4 9 ,0 0 0
2 4 9 ,0 0 0
1 4 0 000
16 ,0 0 0
19 5 .0 0 0
7 5 3 ,0 0 0
16 0 ,0 0 0
5 4 9 ,0 0 0
’ 50 7*0 00
2 9 0 ,0 0 0
5 8 7 ,0 0 0
17 7 .0 0 0
52 4 ,0 0 0
1 0 ,9 19 ,0 0 0
4 0 ,6 19 ,0 0 0
9 ,5 7 7 ,0 0 0
6 ,2 0 8 ,0 0 0
3 8 ,2 0 4 ,0 0 0
5 ,7 8 3 ,0 0 0
T h is Y e a r .
L a st Y ear.
754*000
5 ,3 6 9 ,0 0 0
SO LVING A D IF F IC U L T PROBLEM .
The new accounting company organized in Minneapolis
and incorporated under the laws of Minnesota as Marwick,
Mitchell & Company, is a somewhat marked example of the
way men of intelligence are solving a somewhat difficult prob
lem. While independent auditing of accounts has been prac
ticed for years in Minneapolis and in the Northwest, notably
in the case of leading jobbers and manufacturers, it has not
become the rule, and is still the exception. A number of the
leading bankers and business men of Minneapolis who appre
ciated the importance of having all large institutions exam
ined^ appreciating the advantage to a section in having located
within it a first class auditing organization, set themselves
to the task of providing such a thing. At the same time
they recognized the fact that a man engaged in business
should not manage a public accounting concern which would
pass upon his own affairs. Therefore Marwick-Mitchell &
Company, in which are interested Minneapolis business men
whose names were given in these columns a few weeks ago,
employed Marwick, Mitchell & Company,, the well-known
public accountants of New York, to manage the new organiza
tion, so while the Minneapolis parties interest themselves in
furthering the practice of independent auditing, and in assur
ing as far as possible the New York firm that it will find a
profitable field in the Northwest, they absolutely divorce
themselves from any voice in the management of the business,
even going so far as to incorporate in the stock certificates
an option on sale at a specified price to the managers. Thus
Marwick. Mitchell & Company will have all the advantgae
that can be secured from the active support, as well as the
friendship of leaders in the commercial world, and yet at the
same time are left entirely free to manage the business as
though it were their own exclusively, without interference
from any person whatsoever.
|w \/
ES TA B LIS H E D
1870
W . R. Mumford Co.
Corn Exports, In Bushels.
( B r a d s t r e e t ’ s .)
19 0 4 .
19 0 3 .
S u p p ly
W e e k e n d in g .
J a n . 7.
W h e at,
C o rn ,
Cereal E xports, with D estinations.
To—
L i v e r p o o l .......................................
L o n d o n ............................................
B r i s t o l ..............................................
G l a s g o w ...........................................
L e i t h ...................................................
H u l l ....................................................
N e w c a s t l e ......................................
M a n c h e s t e r ...................................
B e l f a s t ..............................................
D u b l i n ..............................................
O th e r U n ite d K in g d o m ..
U n it e d K in g d o m , o r d e r s ..
A n t w e r p .........................................
H o l l a n d ............................................
F r a n c e .............................................
G erm an y
........................................
P o r tu g a l, I t a ly a n d S p a in .
S c a n d i n a v i a ..................................
A s i a .....................................................
A fric a
...............................................
W e s t I n d i e s ..................................
A u s t r a l a s i a ..................................
A l l o t h e r s ......................................
37
COMMISSION M ERCHANTS
GRAIN, PROVISIONS, STOCKS AND BONDS
C H IC A G O , 4 2 8 - 4 3 0 R IA LTO 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 . LO U IS , 3 0 6 C H A M B E R OF C O M M E R C E
K A N S A S C ITY , 6 0 6 BO ARD OF T R A D E
NEW YORK, 200 PRODUCE EXCHANGE
777,831
ACCOUNTS
OF
S P E C U LA T IV E
IN V E S T O R S
AND
HEDGERS
SO LICITED
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 , Etc
c
MEMBERS
OF
ALL
EXCHANGES
'W>|
U PDIKE C O M M IS S IO N CO
1 2 0 R ia lto B u ild in g , C H I C A G O
CONSIGNMENTS GIVEN SPECIAL ATTENTION.
CORRESPONDENCE SOUCITEB,
T H E C O M M E R C IA L W E S T .
38
Saturday, Jan ua ry 14, 1905.
ALASKAN HALIBUT FISHERIES DEVELOPE.
( S p e c ia l C o r r e s p o n d e n c e to T h e C o m m e r c ia l W e s t .)
Washington, Jan. 9.— Statistics of the halibut fisheries
of Alaska have just come to the department of commerce,
showing the total amount of fish shipped from Alaska to
the United States during three months of 1904. It was
formerly believed by most people that the only fisheries in
Alaska which were destined to make any impression upon
commerce were the salmon fisheries. Halibut fishing is
increasing so rapidly, however, that the prospect of a .tre
mendous output within the next year or two is assured.
The rapid development of this infant industry in Alaska
within a little more than a year is shown by the fact that
while the total shipments in September of 1903 were
30,200 pounds, valued at $854, the shipments in November
of 1904 amounted to 905,000 pounds, valued at $36,912.
AN E N CO U R AG IN G IN D IC A
T IO N .
One of the most encouraging de
velopments in the present situation,
and one that clearly indicates the
views of prominent railway officials as
to the outlook for business, is the an
nouncement that the Pennsylvania
Railroad will restore to duty the re
mainder of more than ten thousand
employes laid off by the company
under a retrenchment order issued on
Ju ly I last. It is also the company’s
intention to push work on the build
ing of locomoties and endeavor to
ing of locomotives and endeavor to
tive power. An officer of the Penn
sylvania’s motive power department
is quoted as saying that the shops at
Altoona will be kept running steadily
in getting out locomotives. The ca
pacity of the plant is about 300 a
year. Under extra pressure an aver
age of one locomotive a day may be
reached. This company is consider
ing a small order for locomotives to
be built by some manufacturing firm,
but the contract will not be given un
til after the first of the year. Presi
dent Cassatt now has the steel rail
order under consideration, but action
on it is not expected for several
weeks.
The order to clerks and mechanics
to resume working full time was
gratefully received in all departments.
Since the first of last Ju ly the cleri
cal force has been compelled to take
furloughs each month. Ten days were
required for a time, and then it was
reduced to five days, and later to two
and a half days. So heavy is the
work now that no vacations will be
allowed until after the new year. All
shop men and train crews laid off
have been taken back gradually, and
Moreover, the increase in output has been steady, month
by month.
Here is a record of the Alaska halibut fisheries for
September, October and November in 1903 and 1904, re
spectively :
— 19 0 3 —
P ou n d s.
V a lu e .
S e p te m b e r
...........................
O c t o b e r ...................................
N ovem ber
................................
T o t a ls
...............................
2 5 6 ,0 0 0
$8 5 4
1,19 4
3 ,9 2 7
$ 5 ,9 7 5
5 9 ,3 5 0
2 5 4 ,2 8 0
9 0 5 ,5 0 0
1,2 19 ,13 0
$ 3 ,0 3 8
7 ,2 9 7
3 6 ,9 1 2
$ 4 7 ,2 4 7
The reports from Alaska are that the December catch
was much larger than in any other month in the short
history of the halibut fisheries, but the official figures have
not yet been received by the department of commerce.
the order just issued will bring back
the remaining forces. Until the first
of the year the Pennsylvania Rail
road will devote its energy to work
now under way and repairing its
equipment and motive power, both of
which suffered by the retrenchment
order in effect for almost six months.
In a month the directors will take up
the completion of the New Y o r k tun
nels.
Specifications for the tunnel
under New Y o r k City are now _in
preparation. When completed, bids
will be asked and the contract given
out about the middle of J a n u a r y New Y o r k Stockholder.
The Supply of Potatoes.
W h y can’t enough potatoes to sup
ply the home market be raised on the
6,000,000 farms of the United States?
The home crop amounts to from 250,000,000 to 275,000,000 bushels a year,
say three bushels for every man, w o
man, child, nursing-infant, and Indian,
taxed or untaxed, in the country. Y e t
in the last ten years it has been nec
essary to import into the United
States an average of 1,500,000 bushels
of potatoes a year. One week last
summer 60,000 sacks of foreign pota
toes—old crop potatoes, mind you,
not Bermudas— came to N ew York.
These potatoes were worth a little
more than a dollar a bushel. T w o
hundred and fifty bushels to the acre
is said to be a fair average yield on an
acre of good soil. A re n ’t some or
many American farmers throwing
away good money by neglecting po
tatoes?— E v e ry b o d y ’s Magazine.
Since the school savings bank sy s
tem has been established in Pierre, S.
D., the pupils have deposited $1,215.02,
and the deposit bank has just paid
the pupils $28.27 semi-annual inter
est on their deposits. No interest is
paid until an individual deposit has
reached $10 or more.
Write f o r m y
“ Grain Trade Talks ”
«Edward G. Heeman
G R A IN A N D P R O V IS IO N S ,
STO C K S, B O N D S , C O T T O N A N D C O F FE E .
19 9 L a S a lle S t . , Ground Floor, Home Insurance Bldg.
Member Chicago Board of Trade.
C H IC A G O
COMMISSION M E R C H A N T O N LY,
D o in g no tra d in g w h a te v e r on m y o w n a c c o u n t, w h ic h e n a b le s me
to ju d g e th e m a r k e t fro m an u n b ia s e d s ta n d p o in t.
j Consignments of cash grain and orders in
All business transacted through and I
confirmed by Chas.W. Gillett & Co.
(
futures have my personal attention.
0. \f
My “ GRAIN TRADE TALKS” are published in full in the Chicago Evening Post
and Chicago Journal. J®“ Will send either paper free to customers.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3 0 ,2 0 0
50 ,3 u 0
1 7 5 ,5 0 0
-19 0 4 P ou n d s.
V a lu e .
THOUSANDS IN U S E — P R I CES »15. * 3 5 .» 50.
Thexton Electric Envelope Sealer Co.
FARMS and RANCHES
W H EA T LANDS
KANSAS $6 to $10 Per Acre
Splendid sections. Combined farming and
stock raising. $ 1 .7 5 to $ 5 .0 0 p er A c r e . Kan
sas, Colorado and Nebraska.
Only one-tenth
cash. Best land bargains in West. Ask
B. A. McALLISTER. Land Commissioner
Dept. B.. U. P. R. R.Co.
Omaha, Neb
CERESOTA
IS N O T O N L Y
K N O W N BY T HE T WO U N I Q U E F I G U R E S
(T H E J A P A N E S E
FO O D ,
T H E
IDENTIFIED
S C R O L L ., M E A N IN G
G O D -G IV E N
B O V C U T T IN G
A LOAF OF B R E A D )
WITH THIS
BRAND
o f
VERY
POPULAR
FLOUR
B U T BY T H O U S A N D S U P O N T H O U S A N D S
W H O U S E I T DAI LY, A N D IN T H I S W A Y T E S T I F Y
TO ITS R E L I A B I L I T Y A N D E C O N O M Y .
SEND
P O S T A L F O R I L L U S T R A T E D BOOKLET.
C O R R E S P O N D E N C E INVITED
THE INIMITABLE
BOY
ADDR ESS
THE NORTHWESTERN CONSOLIDATED MILLING CO.
M I N N E A P O L I S , M IN N.
M A N U F A C T U R E R S
Georg« W . Peavey
Frank T . Heffelfinger
Frederick B . Well*
Charles F . Deaver
The Peavey
System of Grain Elevators
L . S. G illette
P resid en t
HEA DQ UARTERS
Chicago
M IN N E A P O L IS
Branch Offices:
Duluth
Kansas C ity
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
a p a c i t y
2 , 2 0 0 ,0 0 0
B
u s h
e l s
G R A IN D EA LER S A N D
WAREHOUSEMEN
W H E A T,
O m aha
C. E . T h a y e r
S e c. & Treas.
Electric Steel Elevator
Com pany
C
Embrace* the greatest number of Grain Elevators with the largest
aggregate atorage capacity of any Elevator System in the world.
Total capacity in eight states, 3 5 ,8 0 0 ,0 0 0 bushels.
G eo. M . G illette
V ic e -P re s
FLA X
OFFICE 75 CHAMBER
OF COMMERCE
A N D
B ARLEY
M IN N E A PO LIS
THE COMMERCIAL WEST.
40
Saturday, January 14, 1905.
A R M O U R G R A I N C O . BARTLETT, FRAZIER
205 La Salle Street
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
CHICAGO
Western Union Building:, CHICAGO.
MINNEAPOLIS
Milwaukee Elevator Co.
P R IV A T E . W IR E S TO A L L PO INTS
M ILW A U K EE, W IS.
r
E S T A B L IS H E D
CARGILL COMMISSION CO.
1854
IR W IN , G R E E N & C O .
DULUTH AND M INNEAPOLIS
GRAIN-PROVISIONS-STOCKS-BONDS
(
No. 7 New Street, N EW YORK.
M ILW AU K EE
M e m b e r s : Chicago Board of Trade, New YorkStockExchange, New York
Produce Exchange, New York Coffee Exchange, Chicago Stock Exchange,
Liverpool Corn Trade Association, New York Cotton Exchange, Mil
waukee Chamber of Commerce.
G R A IN D E A L E R S
Specialty, Barley
CARRINGTON
and
G R A IN D E A L E R S
Market Letters Mailed on Application
L
CHICAGO
f -131 Rialto Building
L i Grain and Commission Merchants
F . G.
F. S. FROST
&
F . S. F R O S T
BADGER
M IL M IN E , B O D M A N
CO.
GRAIN COMMISSION
Members
Milwaukee Chamber of Commerce
Chicago Board of Trade
DULUTH
CO.
GRAIN, PROVISIONS, STOCKS, BONDS. COTTON
M IL W A U K E E
MILWAUKEE
Invites Correspondence Regarding Unlisted Securities
CH IC AG O
CHICAGO, 5 and 7 Board of Trade
NEW YORK, 401 Produce Exchange
E. A. BROWN & CO.
Wholesale Coal, Grain-Commission Merchants
923 Chamber of Commerce,
6
MINNEAPOLIS OFFICE:
-
-
-
J . C. VERH O EFF, Manager
MINNEAPOLIS, MINN.
Liberal Advances made on Consignments
THOMAS E. W ELLS
L. D. KNEELAND
ALLAN IVI. CLEMENT
JOHN F. L. CURTIS
EDWARD A. YOUNG
BENJAMIN S. WILSON
T. E. W ELLS & CO M PAN Y
Kneeland, Clement & Curtis
COMMISSION MERCHANTS
GRAIN, PROVISIONS, STOCKS AND BONDS
S T O C K S , B O N D S , G R A IN ,
P R O V I S IO N S , C O T T O N & C O F F E E
Telephone Harrison 1256
1011-1017 Royal Insurance Building,
CHICAGO
2 1 9 LA SALLE STREET, CHICAGO
E. S. WOODWORTH & CO.
SH IPPING
ROOKERY BUILDING
AJVD
MEMBERS: New York Stock Exchange : New York Coffee Exchange ; Chicago
Stock Exchange ; Chicago Board of Trade.
P R IV A T E W IR E S
C O M M IS S IO N .
S p e c ial
Minneapolis, Duluth, Milwaukee and Chicago.
Letter
on C h ic a g o G rain
M a rk e ts FREE
and
P roduce
ORDERS FOR FUTURES EXECUTED IN ALL MARKETS.
E . S. W o o d w o r t h ,
President.
G. P. H a r d i n g ,
Vice-Pres.
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.
E..
W . S. W o o d w o r t h ,
Sec. and Treas.
D. L. R a y m o n d , Secy.
H. F. D o u g l a s , Treas. and Gen. Man.
.
.
.
i
Long Distance Telephone Harrison 675
W
.
-
A .
-
C H IC A G O
G
A
R
S t io o e s s o r is
Commission Merchants.
D
t o
-
FROM THE WORLD'S
GOLDEN GRAIN BELT
! NORTHRUP, KING & COMPANY
Trade Mark
E
«Sc
G
R
&
C O .
a r d n e r
Grain, Provisions, Cotton and Stocks.
317 CHAMBER OF COMMERCE, ST. LOUIS
L e a s e d .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
W
i r e
CHICAGO
M IN N E A P O L IS , M IN N E S O T A
N
C o b b
-
Grass Seed, C lov er S eed, Seed W h ea t,
Seed Oats, S eed B arley , Seed R y e,
E tc., V e g e ta b le Seeds, F lo w e r Seeds.
C atalog u e free.
I
MERCHANTS
-
Q r r n n
: U LLU U
M IN N E S O T A
Offices in Minneapolis, Milwaukee, Peoria
97 Board of Trade,
A G N E R
Board of Trade Building,
RUMSEY & COMPANY
C O M M IS S IO N
W
Your Business has my Personal Attention
Great W e ste r n
E levator C om pan y
M IN N E A P O L IS ,
W.
s
t o
a
l l
P
r i n
c
i p
a
l
M
a
r k
e
t s
THE
Saturday, Ja nuary 14, 1905.
W . S. McLaughlin, Pres.
C O M M E R C IA L
A. B. Ellis, Sec’y
W EST
41
B. H. WOODWORTH,
E. S. WOODWORTH,
President.
AMERICAN
GRAIN
CO.
Woodworth Elevator
Company
GRAIN COMMISSION
MINNEAPOLIS
-
-
MINN.
McLAUGHLIN & ELLIS,
Winnipeg
John H. Wrenn & Company
MINNEAPOLIS
G R A IN ,
“ W ANTED”
and “ F O R S A L E ”
P R O V IS IO N S
COLUMN
COFFEE AND COTTON
Private Wires to New York and Minneapolis
D.
a.
M cD o n a l d
d. a
MINNESOTA
USE THE
C H IC A G O
BONDS,
-
FOR RESULTS
THE ROOKERY, 225 La Salle St.
STO CKS,
R. P. WOODWORTH,
Sec. and Treas.
Vice-Pres.
THE
OF
COM M ERCIAL
WEST
E. W. SUMNER
. M cD o n a l d &
G R A IN
co.
WRIGHT-BOGERT & CO.
G R A IN — P R O V IS IO N S
C O M M IS S IO N
806-807 Chamber of Commerce,
Minneapolis, Minn.
Gregory, Jennison Company
106-107-108-119 Rialto Building, C H IC A G O
E. L. WELCH
MINNEAPOLIS
E. L. WELCH & CO.
G R A IN ELEVATO RS
Storage Capacity: Terminal 1,300,000 Bu.
Shippers of Oats and Rye
GRAIN COMMISSION
Country 500,000 Bu.
Write for Quotations
C. A. MALMQUIST
10 11 Chamber of Commerce
MINNEAPOLIS, MINN.
T h r e e G ra n d P riz e s
Go to the F a m o u s
“PILLSBURY’S BEST” FLOUR
A GRAND PRIZE FOR THE HIGHEST GRADE OF FLOUR
A GRAND PRIZE FOR THE BEST LOAF OF BREAD
A GRAND PRIZE FOR THE FINEST EXHIBIT
This is certainly a grand compliment to the
product of the Pillsbury Company, inasmuch as the
“ Grand Prize” is the “ highest” award that can be be
stowed on any product; and, whereas it is considered
quite a distinction to receive one “ Grand Prize” , the
honor of receiving three such prizes is rarely bestowed
on any single firm.
“ P i l l s b u r y ’ s B e s t ” F l o u r f or ¿>ale E v e r y w h e r e
D A IL Y C A P A C IT Y
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
35,000
BARRELS
Saturday, January 14, 1905.
T H E C O M M E R C IA L W E S T .
42
Americans at their own expense.—To
ronto Globe.
From the Canadian Viewpoint.
The curious feature of the situation is
that Canadian wheat entered for con
sumption in the United States must con
tinue to pay duty, so that the American
consumer is doomed to have the price
of his flour fictitiously kept high, while
it is sent abroad to the detested foreign
er at a lower price. But this is not the
only tariff absurdity perpetuated by
The German Rye Crop.
The greatest surprise comes from
Germany in the report of its rye crop.
The latter is of the most importance
to Europe. A cable says: “ Official
German government report about rye
crop has stunned the continental mer
chants, who expected last ye ar’s crop
would be 500,000 to 600,000 tons
smaller than 1903 crop. The govern
ment’s statistics prove it to be 300,000 tons larger than the tremendous
crop of 1903.”
“ Hi t the T r a i l ”
FOR T H E
Lewis and
Clark Exposition
A T P O R T L A N D , O R E G O N , IN
1905
V IA
N O R T H E R N P A C IF IC R A ILW A Y
SU PER B NEW TRAIN
W h i c h fo llo w s closely t h e O r ig in a l T ra il
79 ST. LOUIS
of t h e G r e a t Explorers
A-*P CHICAGO
T H E S H O R T LINE
TO OMAHA,DES MOINES
AND KA NS AS C I T Y
S e n d f o u r c e n t s f o r L e w i s a n d C l a r k B o o k l e t to
A. M .
J. G. R I C K E L , C. T . A.
C L E L A N D , C enerai Passenger A gent
ST.
PAUL,
424 Nicollet Avenue,
MINNEAPOLIS,
- MINN.
M IN N .
-
THE
o t
»«*
PLACE TO GET A HOME
is
MONTANA
IDAHO
or
WASHINGTON
OREGON
THE WAY
via
NORTHERN
PA C IFIC
T H E T IM E
S E P T E M B E R 1 5 to O C T O B E R
VERY L O W
15
RATES
O N E -W A Y C O LO N IST T IC K E T S
FREE
GOVERNMENT
Good for Fruit, Grain,
and
LOW
PRICED
RAILWAY
LAND
Dairying and Poultry, Fine Summer and Winter Climate, Splendid
Schools and Churches
R e g a r d i n g R a t e s a n d T r a i n S e r v i c e w r i t e to
F o r I n f o r m a t i o n a n d M a p s w r i t e to
A. M . C L E L A N D
C. W . M O T T
G e n e ra l P a s s e n g e r A g e n t, N. P. R.
S t. P A U L , M I N N .
G e n e r a l E m i g r a t i o n A g e n t , N . P. R.
ST. PAUL, M IN N .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1
Saturday, January 14, 1905.
THE
C O M M E R C IA L
W EST
43
Burlington
Route
W ANTED:
ERIE RAILROAD
The most delightful scenery between
Chicago, Buffalo andNew York.
Cereal Mills,LumberVards
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.
Booklets, time-cards, etc., furnished by H, B.
SMITH, Traveling; Passenger Agent, St. Paul, or D. M.
BOWMAN, General Western Pass. Agent, Chicago.
I f you are really interested, get particulars of
W . H. M A N S S ,
Industrial Commissioner,
209 Adams St.,
Chicago.
For Results
U s e th e
T H E C O M M E R C IA L W E S T is the leadin g 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 he
a subscriber. I t ’s reliab le and up-to-date.
“ W a n t e d ” and
“For Sale”
Column of
The Commercial West
Illinois Central R:R.
A lliy § \
EFFICIENTLY
SERVES
A VAST
TERRITORY
by through service to and
from the following cities:
CHICAGO, ILL.
OMAHA, NEB.
MINNEAPOLIS, MINN.
ST. PAUL, MINN.
KANSAS CITY. MO.
PEORIA, ILL
EVANSVILLE, IND.
ST. LOUIS, MO.
CINCINNATI,OHIO.
NEW ORLEANS, LA.
MEMPHIS, TENN.
HOTSPRINGS.ARK,
LOUISVILLE, KY.
NASHVILLE, TENN.
ATLANTA, GA.
JACKSONVILLE, FLA.
Through excursion sleeping-car service between
Chicago and between Cincinnati
AND THE PACIFIC COAST.
Connections at above terminals for the
EAST, SOUTH, WEST, NORTH.
Fast and Handsom ely Equipped S team -H eated
T ra in s —D ining C ars—B uffe t-L ib ra ry C ars—
S leeping C ars—Free R eclining C h a ir C ars.
Particulars of agents of the Illinois Central and
connecting lines.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A. H HANSON, G en i Pass’r Agent, CHICAGO
Saturday, January 14, 1905.
T H E C O M M E R C IA L W E ST .
44
Allis-Chalmers Co
WoricT Famous
“ Big Reliable”
Milwaukee, Wis., U. S. A.
A m e ric a ’ s
G reatest
B u ild e rs
of
Corliss Engines
for
Electric Lighting and Power Purposes.
Bullock
Electrical Apparatus
for all purposes.
Canadian representatives, Allis-Chalmers-Bullock, Ltd., Montreal
Established
18 5 5
H.POEHLERGO.
Incorporated
Buying for Country
Milling Trade a
Specialty
GRAIN
18 9 3
Orders in Futures
Executed in any
Market
COMMISSION
816-19 Chamber of Commerce, MINNEAPOLIS
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 B U IL D IN G
Board of Trade, Chicago
Board of Trade, Duluth
Chamber of Commerce. Milwaukee
W ILLFO RD
5000 h. p. Allis-Chalmers Engine and Bul.ock 5000 h. p. Generator, which furnished
current for decorative lighting of St. Louis
Exposition.
ST. P A U L ,
-
■-
M IN N E SO T A
MANUFACTURING
BUILDERS
C O.
AND D E A L E R S IN FLOUR M ILL AND
ELEV ATO R M ACHINERY AND SU P PLIES
Special attention given to Roll Grinding and Corrugating
M
. . f-»n
Office: 303 Third Street So., MINNEAPOLIS
General Agents for Barnard & Lees Manufacturing Co.
______ ______________________________ __ _______________________ _
“ 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
ENERGY,
INDUSTRY
and
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
IN D E P E N D E N C E .
D on ’ t lose heart and don’ t be forced out
of business because the price of fat stock
L I N S E E D C A K E (oil meal).
GROUND
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 LJnseed
Meal made by our Company.
Write for prices. Send us your address and we will mail you our
book giving “ up-to-date” methods for feeding stock.
A M E R IC A N
L IN SE E D
COM PANY
MINNEAPOLIS, MINN.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
@FedFRASER