Full text of Commercial West : January 16, 1904, Vol. VI, No. 3
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TH E NORTHWEST.
TH E CENTRAL-PACIFIC W E S T .
THE SOUTHWEST.
No. 3
SATURDAY, JANUARY 16, 1904
Vol. VI.
CAPITAL, ONE HILLION DOLLARS, SURPLUS ONE MILLION DOLLARS,
D IR E C T O R S:
O F F IC E R S:
B yron L. Smith, - - P re s id e n t
F. L. Hankby , - V ic e-P re sid en t
George F. Orde, - - - C ash ie r
T homas C. K ing, - A ss ’t C ash ie r
Solomon A. Smith, A s s ’t C ash ier
A rthur Heurtley , - S ecretary
H . O. E dmonds, - A s s 't S ecretary
H . H . Rockwell, A ss ’t S e c re ta ry
E .C . J arvis, ................ A u d ito r
The Rookery,
The Northern Trust
BANK
C O M P A N Y -
CHICAGO
G o ve rn m e n t Bonds
and other
In v e s t m e n t S e c u r it ie s
MEMBERS NEW YORK STOCK EXCHANGE
3 5 C EDAR S T R E E T
2 8 S T A T E S T R E ET
NEW YORK
BOSTON
T
ÖTH
E
n k cr s
Chas. E. Lewis 4 Co.
THE
B A N K E R S
Ba
C H IC A G O
BANICINO, SAVINGS, FOREIGN, AND TRUST DEPARTMENTS.
F is k À R o b in s o n
_
_
_
412 to 415 Chamber of Commerce,
National City
Bank,
NORTHWEST'
H a v e you ever con sid ered the
advantages to your family of naming
this C o m p a n y a s your Executor
or T ru stee ? Amorvtf th e se are:
PERMANENCY: B ecause a corpora
tion;
RE SPO N SIBILITY: B ecause of our
ampie capital and surplus, $ 6 5 0 .0 0 0 .0 0 ;
EFFICIENCY^ Because of the skill,
experience and prompt procedure of
counsel;
ECONOMY: Because the cost of ad
ministration is less than by an individual.
"1All accounts balanced daily. 11All T rust Funds
kept separate. 11All Investments of T rust Funds
m ust receive IN ADVANCE the unanim ous approval
of our President, Secretary, T reasurer and T rust
Officer.
Call or write for further particulars.
The Minnesota
Loan & Trust Co.
G R A IN , P R O V IS IO N S ,
STO CK S, BONDS.
New York and Chicago Correspondents:
H arris, Gates & Co.
B artlett, Frazier & Carrin gton
riembers of all Principal Exchanges.
Commercial Paper
Capital Fully Paid, Shareholders Liability,
Sur. & Undivided Profits,
$25,000,000
$25 000,000
$16,882,152
W . G. H E AT H , M gr., 202 LaSalle S t .
New York. 6 Nassau St.
C H IC A G O .
P R IVA TE W IR E S .
L G. A N D R E W S
We Solicit Your Account
MINNEAPOLIS
Grain, Stocks, Bonds and
Provisions
M EM BER:
C h ic a g o B o a r d o f T r a d e
M in n e a p o lis C h a m b e r o f C o m m e r c e
M ilw a u k e e C h a m b e r o f C o m m e r c e
iikj Ii u r a d i ;
131 G U A R A N T Y BUILDING
RAI LI LOAD
15 O N IKS/ "
(U
N
S
IR
V
A
1
T
V
I
INVI S I MI N I
WALTER C0MS1UCK
2 2 0 LA SALLE ST.,
C H I C A G O
CAPITAL AND SURPLUS, 9,976,137.59
O R G A N IZ E D
RICHARD DELAFIELD. President
STUYVESANT FISH. Vice-Pres.
GEO. S. HICKOK, Cashier.
ALBERT H. WIGGIN, Vice-Pres.
EDWARD J. BALDWIN. Ass’t Cashier.
GILBERT G. THORNE, Vice-Pres. W. 0. JONES, Ass’t Cashier.
J. G. VAN CLEAF, Ass’t Cashier.
0. FOXCROFT, Ass’t Cashier.
FRED’K
W. A. MAIN, Ass’t Cashier.
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Federal Reserve Bank of St. Louis
T elephone M 158*
B A N K E H S .
THE NATIONAL PARK
O F F IC E R S :
MINNEAPOLIS.
P riv a te W ir e s .
John P.Hollingshead&Co.
O F NEW YORK.
O F T H E
313 Nicollet Avenue,
M INNEAPOLIS, MINNESOTA.
A. C. Bartlett,
C. L. Hutchinson,
J. Harley Bradlry,
Martin Hughitt,
William A. Fuller,
A lbert A. Sprague,
Martin A. R ybrson,
H. N. Higinbotham,
Byron L. Smith.
G R A IN A N D
PR O V ISIO N S
3 Board of Trade,
CHICAGO.
BANK OF NEW YORK.
DEPOSITS NOV. 17. $70.461,935.39
1856.
JOSEPH T. MOORE.
STUYVESANT FISH,
GEORGE S- HART.
CHARLES SCRIBNER.
EDWARD C. HOYT,
W. ROCKHILL POTTS,
D IR E C T O R S :
AUGUST BELMONT,
RICHARD DELAFIELD.
FRANCIS R. APPLETON,
JOHN JACOB ASTOR,
GEORGE S. HICKOK,
GEORGE FREDERICK VIETOR.
ALBERT H. WIGGIN,
CORNELIUS VANDERBILT,
ISAAC GUGGENHEIM.
JOHN E. BORNE.
TH E CO M M ER CIAL W EST.
Saturday, January 16, 1904.
Savings Accounts Received by Mail
(Eijiraija.
3 PER CENT INTEREST ALLOWED
CAPITAL
SU R PLU S AND PROFITS
UNITED STATES BONDS
couldn't be
safer investment than an absolutely
guaranteed protection for your bank. You don’t
know what it is to be free from care if you have
not one of our
<a
Autom atic Electric V ault
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in your bank. It is absolutely burglar proof.
You couldn’t rob your own vault if it was pro
tected by one of our systems.
had.
It is the safest, most practical and most eco n o m ica l protector to be
W e would lik e to prove it to you. W rite for our booklet.
AM ERICAN B A N K PROTECTION CO.,
MINNEAPOLIS, MINNESOTA
MtNMCAPOUCl
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•2,000,000
$1,200,000
T H E CO M M ER CIA L W EST.
Saturday, January 16, 1904.
3
The Commercial N ational Bank
OK
C H IC A G O .
E S T A B L IS H E D 1 8 6 4 .
CAPITAL,
$2,000,000
RESO U RCES.
L o a n s a n d d is c o u n t s ...............................................................
O v e r d r a f ts
R e a l e s t a t e .......................................................... .
U . S. b o n d s a t p a r ........................................
O th e r b o n d s a n d s to c k s ............................. .
D u e fr o m U . S. t r e a s u r e r ......................
C a s h a n d d u e fr o m o t h e r b a n k s ......... .
$17,795,546.39
838.70
95,775.23
500,000.00
1,202,873.53
37,500.00
13,123,568.46
T o t a l ..........................................................................................
$32,756,102.31
Surplus and Undivided Profits, $1,500,000
L IA B IL IT IE S .
C a p i ta l s to c k p a id in .............................................................
S u r p lu s f u n d .................................................................................
U n d iv id e d p r o f its ......................................................................
N a tio n a l b a n k n o te s o u t s t a n d i n g ..................................
D e p o s its ............................................................................................
$2,000,000.00
1,000,000.00
635,382.76
500,000.00
28,620,719.55
T o t a l ..........................................................................................
$32,756,102.31
O F F I C E R S : J a m e s H . E c k e ls , P r e s i d e n t ; J o h n C. M c K e o n , V l c e - F r e s i d e n t ; D a v id V e rn o n , S e c o n d V i c e - P r e s i d e n t ; J o s e p h T .
T a l b e r t , C a s h ie r ; N . R . L o s c h , A s s i s t a n t C a s h ie r ; H . C. V e rn o n , A s s i s t a n t C a s h ie r ; G. B . S m ith , A s s i s t a n t C a s h ie r ; H . E . S m ith
A u d ito r.
F O R E I G N D E P A R T M E N T : M. K re ll, M a n a g e r .
D IR E C T O R S : F r a n k l i n M a c V e a g h , o f M e s s r s . F r a n k l i n M a c V e a g h & C o .; J e s s e S p a ld in g , P r e s i d e n t S p a ld in g L u m b e r Co.;
R o b e r t T . L in c o ln , P r e s i d e n t T h e P u l l m a n C o .; W illia m J . C h a l m e r s , T r e a s u r e r T h e A llis - C h a lm e r s C o .; E . H . G a ry , C h a i r m a n
U n ite d S t a t e s S te e l C o r p o r a tio n ; P a u l M o rto n , V i c e - P r e s i d e n t A t c h i s o n , T o p e k a & S a n t a F e R y . C o .; D a r i u s M ille r, F i r s t V i c e - P r e s
id e n t C h ic a g o , B u r lin g to n & Q u in c y R y . C o .; J o h n C. M c K e o n , V i c e - P r e s i d e n t ; J a m e s H . E c k e ls , P r e s i d e n t .
L. LAMB. Pres.
C. F. ALDEN, V-Pres.
C. R. LAMB, Secy, and Treas.
L. Lamb
Lumber
Co.
Operating
Retail
Yards
BANK CLEARINGS.
Income of Winnipeg Postoffice.
In c . D ec.
J a n . 7.
33.9
N e w Y o rk ............. $1,331,689,896
C h ic a g o ....................
162,643.259
14.3
147.434,799
7.9
B o s to n ......................
P h il a d e lp h ia .........
110,464,500
24.8
.i
58,480,660
S t. L o u is ................
P i t t s b u r g h .............
39,477.176
i 6 .7
9.5
28,626,340
S a n F r a n c is c o . . .
24,229,078
J 6 .2
B a l tim o r e ...............
17.9
22,449,450
C in c in n a ti .............
21,715,591
4.7
K a n s a s C ity .........
4.1
( C leveland ...............
14,883,243
M in n e a p o lis .........
15,286,187
25,855,253 45.2
N i w O r le a n s ........
D e tr o it ....................
9,167,100
25.3
10,414,484
17.6
L o u is v ille ...............
8,494,920
1 .8
O m a h a ....................
13.2
M ilw a u k e e .............
7,831,864
9,120,100
8.3
P r o v id e n c e ...........
6,511,532
18.1
B u ffa lo ....................
S t. P a u l ..................
5,819,161
2 0 .1
6,261,091
27.8
I n d ia n a p o lis .........
6,322,413
6.9
L o s A n g e le s .........
4.638,524
2 1 .6
S t. J o s e p h .............
1 .8
4,643,155
D e n v e r ....................
4,344,734
S e a ttle ......................
8 .Ó
4,403,034
W a s h in g to n .........
Ì 8.9
M e m p h is ................
6,858,951 89.7
24.4
S a lt L a k e C ity . . .
3,642,207
3.374,452
14.4
P o r t l a n d , O r e .........
F o r t W o r t h ...........
4,570,870 18.2
2,780,951
18.0
P e o r ia ......................
3,806,912 . . . . * 21.4
H a r t f o r d ..................
2,478,691
4.3
D e s M o in e s ...........
2.199,639
8.8
S p o k a n e ..................
1,302,801
24.7
S io u x C i t y ..............
1,802,724
18.7
T a c o m a ..................
15.2
1,719,356
A u g u s t a , G a ...........
22.4
1,675,486
P o r tla n d , M e .........
31.5
1,210,215
T o p e k a ....................
D a v e n p o r t .............
1,419,416
1 1 .8
1.169,841
37.7
W i c h i t a ....................
896,279 62.0
H e le n a ....................
516,392
iè.9
F a r g o , N . D ...........
495,680
4.2
B lo o m in g to n , 111..
368,774
2 .5
Q u in c y ....................
Ì3 .4
277,445
S io u x F a lls , S. D .
20.8
10,264,771
H o u s t o n .................
7.4
1 1 , 021.000
G a lv e s to n .............
B e a u m o n t, T e x . . .
928.969
G u th r ie , O k la . . . .
1,302,184
C h a r le s to n , S. C . .
In the month of December, 1880, the
income of the Winnipeg postoffice from
stamps was $11,156; in December of 1900
it was $13.205, and December of 1902 it
amounted to some $17,150.
It is not
possible to get at the returns for the
month just closed, but for November the
revenue from the sale of stamps was
nearly $21,000. There are nearly a thou
sand boxholders with an annual income
therefrom reaching toward $5,000. This
has nearly doubled in the past few years.
T o t a ls , U . S ___ $2,203,991,192
T o t., o u ts id e N . Y. 872.301.296
D O M IN IO N O F C A N A D A .
$17,411,263
M o n tr e a l ................
18,784,809
T o r o n to ..................
W in n ip e g ...............
5,916,000
3. Ì
1,814,190
H a lif a x ....................
1,749,145
O tta w a ....................
1,334,754 14.7
V a n c o u v e r , B . C.
1,216,333
Q u e b e c ....................
1,279.066 4 2 .3
H a m ilto n ................
S t. J o h n , N . B ___
1,051,946
741,129 36.4
V ic to ria , B . C . . . .
L o n d o n , O n t .........
1,115,235
T o ta ls
..................
$52,413,870
26.5
11.4
2 1.2
37.4
4 .7
I S .2
General Office :
Andrus B u ild in g
we notice that Guatemala possesses a
State theater, and that the subsidy paid
by the government to the last dramatic
com pany that visited the country was
goo pounds. It is little wonder that a
government whose minister of the in
terior spends over one-fourth per cent
of the total revenue under his control
in supporting the drama cannot afford to
meet its foreign obligations !— Financial
Times, London.
- J
LUMBER, LATH,
SHINGLES
OFFICE; MILL YARDS,
44th Ave N and Lyndale
MINNEAPOLIS,
MINN.
20.9
28.7
Theaters Before Debts.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Manufacturers and Dealers in
2 4 .0
19.8
In a r e tu r n ju s t is s u e d b y th e B ritis h f o r e i g n o ffice o n t h e f in a n c ia l s u p p o r t g iv e n f r o m
s t a t e o r m u n ic ip a l
f u n d s to d r a m a t i c , o p e r a tic a n d m u s ic a l p e r f o r m a n c e s in f o r e i g n c o u n tr ie s ,
MINNEAPOLIS
C. A. SMITH
LUMBER
CO.
j Crookston !
iL um ber C o.
CROO KSTO N
MINN.
MILLS AT
BEMIDJI, ST. HILAIRE,
CROO K STO N
♦ Shipments on Northern Pacific and
j
Great Northern Railways
j
4
T H E CO M M ER CIAL W EST.
Saturday, January 16, 1904.
FIRST NATIONAL BANK
United States Depository
M I L W A U K E E , WI S .
Surplus and Profits
850,000
O F F IC E R S : F . G. B igelow , P re s id e n t; W m . Bigelow, V ice-P resid en t; F ra n k J. K ipp, C ashier; T . E . C am p, A sst. C ashier; H. G. Goll A sst. C ashier
D IR E C T O R S : E . M arin er, F. G. Bigelow, C. F. P f is ttr, H. C. P ay n e, Geo. P. M iller, F re d T. Goll, W m . Bigelow, F . V ogel, Jr., J. H. V an D yke, J r
COTTON EXPORTS DECLINE.
At Low Ebb now but Exporters are
Hopeful for Next Year— China Trade
Hardest Hit,
B rok ers and trading companies en
ga ge d in the exportation of cotton
fabrics have w atched with appre hen
sion the unusual condition of the raw
cotton mark et and the results felt
by the spinners and weavers.
The
export business, which w as at flood
tide a year ago, has receded until it
is n ow at the lowest ebb in a long
time.
T h e se
manufacturers w ho
make a special effort to ge t and keep
an expert trade are much concerned
over the situation.
T h e decline in the exportation of
co tton fabrics this year, as compared
with 1902, is chiefly in the China trade.
E x p o r ts of cotton cloifhs to China in
the first ten months of this year
amounted in value to $8,516,693, while
in the same period of the pre ceding
y ea r the total was $14,633,570. It is
understood that in N o ve m be r and
D e cem b er the business has further
decreased until n ow there is only a
slight m ovem ent of A m erican cotton
fabrics to the East. T h is is borne out
by the go v e r n m e n t’s w e e k ly reports.
Some fear has been expressed that,
because of the advance in raw cotton,
A m erican manufacturers will be at a
disadvantage in the next y e a r ’s conpetition for the E astern trade. It has
been said that the fore ign m anufac
turers became alarmed w eeks before
cotton w ent up to its present high
level and bought more freely than
A m erican mill owners, w ho kept wait
ing for a slump, which has not come.
A s a result it is said the foreign man
ufacturers are in a relatively stro n g
er position than the Americans.
One fact c o m fo rtin g to the export
traders here is that the reduction in
Chinese trade has been general, af
fecting Great Britain and other selling
countries as much, in proportion to
/heir total trade, as this country. It
is believed that the unsettled condi
tions in China and unsatisfactory
financial conditions are la rge ly re
sponsible for the decline.
F e a r F o r C o m in g
Y ear.
Opinions differ as to the prospects
of the com in g year. Some fear that
the Chinese buyers will not take kind
ly to the higher level of prices, and
will order no more goods than are
necessary, and that it will be a year
or more before the business will re
cover from this setback. O th ers are
more hopeful and say that they would
not be surprised to see any day the
start of a lively buyin g movement.
A. J. H in ck of A. J. H in ck & Brother,
brokers in dry goods for export, at
56 Be av er Street, said:
“ T h e proposition before us is that
speculation and legitimate business
are s t ru g glin g for supremacy. T h a t
is a novel contest, and n obo dy can
say w hat the result will be. Suppose
our cotton crop is 10,500,000 bales, a
fair supply. It is easy for the specu
lative element to buy 1,000,000 bales
and put it out of sight. T h a t reduces
the total to 9,500,000, and w e have
a shortage. If the 1.000,000 bales were
bought last year, when the plans*for
the corner m ight have been laid, only
8 cents a pound was paid, and the to
talforcapital
Digitized
FRASERrequired was about $40,-
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
000,000. If the buyin g was on margin
$10,000,000 w as sufficient.
"In these days of gigantic enterprises
such a corner is not difficult for a few
clever financiers, and we must bear in
mind the immense profits that have been
made on the cotton advance. But while
the speculators have profited, the textile
industries of this country and of Europe
have been shaken, and vast damage has
been inflicted upon business.”
Otto Hinck, of the same firm, while
agreeing that the export business is in a
most distressing situation, especially as
to China, the great outside market for
American cotton fabrics, was inclined
to be optimistic as to the likelihood of
a recovery from present conditions. He
said :
“ After the Chinese war the merchants
in that country began to buy very large
ly. In igoi there was a splendid e x
port business. Many orders were placed
then for delivery in the coming year
and helped to swell the records of ship
ment in the government report. A s a
result, 1902 was a banner year in ship
ments of cotton fabrics to the East.
“ There was overbuying in China for
a couple of years, and as a result many
merchants in that country acquired more
'stock than they needed.
So this fall
and winter they have not been able to
see their way clear to the free buying
of more goods, but they have been sell
ing fabrics which cost them fully a cent
or a cent and a quarter less than the
quotations today.
The political
and
military troubles and poor banking fa
cilities all contributed to keeping the
merchants out of the market, but the
main reason was that thev have not
really needed goods.
C h in e s e A g a in B u y in g .
“ Late advices from Niu-Chwang tell
us that the Chinese merchants are again
buying cotton fabrics in moderate quan
tities at an advance, although not up to
the American quotation.
“ This and other indications point out
that the stocks of cotton fabrics in China
are running low. When the time comes
when the Chinese need our cloth they
will buy it and they will pay the price. I
would not be surprised to see a substan
tial revival of business begin almost any
day.
“ W e have the best part of the trade
in the north of China. Our manufac
turers can successfully compete there
with the Russians or any manufactur
ers, unless Russia should impose tariff
or other restrictions upon us.
“ There is no • reason, I believe, for
alarm because of the reports that Brit
ish manufacturers loaded up with raw
cotton.
The southern
manufacturers
were not born yesterday. They are on
the ground where the cotton is grown,
and they see the shipments. It would
be strange if a southern mill owner,
knowing all about the situation, should
see the Englishmen buy up the cotton
while he did nothing. That isn’t the
American spirit, nor the southern spirit.
“ S:ome manufacturers who did not
have the money available may have been
caught short, but I believe that all the
mill owners, both in the north and south,
who had the money, have bought as
much cotton as have the manufacturers
of other countries.”
Complaint is heard that English and
Continental traders imitate American
“ chops,” the Chinese trademarks, and
thus cut in on business that legitimate
ly belongs to American manufacturers.
Mr. Hinck said that the imitation of
A. H, Soelberg, Vice-Pres.
A. C hilberg, P re s id e n t
Geo. R. F isher, Asst,
J . F. L ane, C ashier
C ash ie r
The Scandinavian-American Bank
Ca p ita l P aid Up
S u rp lu s
Deposits
W E H A V E AN
SEATTLE
-
=
300,000
150,000
2,70 0 ,0 0 0
=
$
=
OFFICE A T B A L L A R D
-
-
WASHINGTON
The Swedish-American N at’l Bank
M IN N E A P O L IS
N. 0. W erner, P re s id e n t
C. S. H u lb e rt, V ice-P rest.
F. A. S m ith, C ashier
E. L. M attson, Asst. C ashier
C a p it a l
.
.
.
.
S u r p l u s &. U n d i v i d e d P
D e p o s it s
-
r o f it s
-
$ 2 5 0 ,0 0 0
9 0 ,0 0 0
2 ,7 0 8 ,0 0 0
F o reig n E x c h a n g e B ought and Sold
i CANADIAN BANK OF
COMMERCE
i
<
Head Office, TORONTO
/
<
(
c
Capital Paid Up $ 8, 000,000 Surplus $ 2 , 000,000
B ranches a t D aw son, W h ite H o rs e , Skagw ay
a nd A tlin. E x c e p tio n a l facilities for handling the business of th o se d istric ts.
r\ p
~
Geo. Q. E rsk in e , P res. W in. A nglir
J. W . W h ee le r, C ashier
V -Pres
\
| FIRST NATIONAL BANK
\
CR00KST0N, MINN.
>
7 C a p ita l
$ 7 5 ,0 0 0
( S u r p lu s a n d U n d iv id e d P r o fits
4 2 ,0 0 0
W e n e g o tia te F a rm M ortgages
?
WV'
i H. W. C an n o n , P re s id e n t
t E. J . S ta lk er, C ashier
S. H. M iller, Asst. C ashier
A. B H e p b u rn , V ice-P resident X
C. C. S lade, Asst. C ashier
f
H. K. T w itch e ll, Asst. C ashier +
The Chase National Bank j
OF THE CITY OF NEW YORK.
C a p ita l
$ 1 ,0 0 0 ,0 0 0
S u r p lu s & P r o fits (E a r n e d ) 3 ,4 0 0 ,0 0 0
t
I
j
D esignated D epository of th e U n ited S ta tes, t h e S tate of t
♦ N ew Yoi k an d th e C ity of N ew York. T ra n sacts a G eneral ♦
B an k in g B usiness.
•
J
Accounts of B anks a n d B an k ers received on fa v o rab le ♦
te rm s.
B uy an d se ll U n ite d S ta te s B onds an d m ake ♦
1 tra n s fe rs an d exchanges of Bonds in W a shington w ith
out
ithout^l
t charge fo r services.
Minnesota Title Insurance
& Trust Co.
M IN N E A P O L IS , M IN N .
C
a p it a l
$ 2 5 0 ,0 0 0
G
F u n d $ 1 0 0 ,0 0 0
uaranty
T h e o ldest T itle a nd T ru s t C om pany
w est of P h ila d e lp h ia
Deposits, Loans, Trusts, Abstracts, Title
and Fire Insurance
J. U. B arnes, Prest..
W allace C am pbell, V ice-Prest.
C. J . T ryon, T ru s t Officer
H. A. B arnes, 2nd V ice-P rest.
W. S. J e n k in s , Secy, a n d Treas
Charles Hathaway
& Co.
DEALERS IN
COMMERCIAL PAPER
C
h a s.
W. Fo ld s, R
2 0 5 La S
alle
- N E W Y O R K OFFIC E
)
BOSTON
VW N
OFFIC E
S
e s id e n t
treet
,
-
P
artner
C
h ic a g o
45 W ALL STREET
53
S T A T E: S T R E E T
C
/V ^ /w O
Saturday, January 16, 1904.
THE COMMERCIAL WEST.
YOU ARE MASTER OF THE SITUATION
your Bonds, Securities and all Valuables are Absolutely Safe,
other Valurbles.
vat e Saf e
for One Year, where
Storage Vaults for Silverware and
G U A RA N TY SAFE D E P O S IT V A U LTS
the chop, although common enough, is
not nearly so
serious a damage to
American trade as the imitation of the
fabrics and the substitution of cheaper
cloths. He said that the Europeans are
experts in the art of sizing or filling
the fabrics. A cheap fabric, costing a
couple of cents a yard, is so treated
with chalk, clay, and starch, that the
goods resemble the best American pure
cottons, and even appear firmer and
heavier, so that buyers are deceived.
In Mr. Hinck’s office are specimens
of American and English fabrics, pure
and sized. The American sized cloth
would deceive nobody, for a slight rub
bing between the fingers sends out the
dust in clouds. The English cloth is
so prepared that it takes a vigorous
rubbing to loosen the filling. In actual
wearing qualities, Mr. Hinck says, there
is little difference,
because the first
washing will remove the filling from
both fabrics, but the foreign cloth will
sell even in competition with pure cot
tons. The English and Germans, says
Mr. Hinck, are able to dye or size the
cotton yarns, and weave them afterward
at a low cost. The Americans .find it
too expensive to dye the yarns before
weaving, and the process applied after
the cloth is woven does not give the
same results in improving the appear
ance of the cloth. In this respect, he
says, foreign manufacturers have an ad
vantage which will be overcome when
the Chinese are educated to an under
standing of the camparative worth of
pure and sized fabrics.
Because there is a cotton shortage
and some mills may curtail their pro
duction, it does not follow that the
manufacturers will not desire any larger
market than is found at home.
Said
the representative of a mill interest:
“ The advance in prices may mean a
decrease in the domestic consumption.
The aggregate of the cloth exports is
not large, in comparison with the total
output of the mills, probably not over
5 to 10 per cent. But that percentage
gives an excellent
business to some
mills, and they would miss it very much
if they should not get it. The foreign
outlet for the goods is a sort of balance
wheel, and at times keeps the home
market steady.
When the domestic
consumption falls off too much the e x
port trade steps in and takes any sur
plus.”
The 1903 Salmon Pack.
The San Francisco Trade Journal es
timates the total pack of salmon on the
Pacific coast in 1903 at 3,'8i4,io6 cases,
which is the largest output for any year
in the history of the business except 1901
and IQ02. In 1901 the total pack was
5,040,961 cases, and in 1902 was 4,259,186
cases. In all of the above figures are
included the British Columbia pack. A c
cording to the compilation from which
these figures are taken, British Colum
bia packed 473,547 cases in 1903, against
625,982 cases the preceding year. The
Columbia river output was 334,811 cases,
compared with 367,241 cases in 1902; the
Sacramento pack was 8,500 cases,
against 14,043 cases; the outside rivers
produced 71,996 cases, against 134,190
ca ses: Puget Sound pack was 48o.2c8
cases, compared with 563,307 cases the
preceding year, and the total Alaska out
put was 2,444,994 cases, compared with
2,554,423 cases in 1002. The largest to
tal pack, including British Columbia, for
any vear prior to 1901 was that of 1899,
which
Digitized
for amounted
FRASER to 3,178.040 cases.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
( t o CH rents a Pri-
B A S E M E N T G U A RA N TY B U IL D IN G
M IN N E A P O L IS
“Mr. Samuel Hill of Seattle.”
So m ebo dy has evidently been t r y
ing to disfranchise Mr. Samuel Hill,
for several years one of Seattle’s best
kn ow n citizens.
If not, some other extraordin ary
thing has occurred, because that g e n
tleman sent to the editor of T h e
T im es yesterda y afternoon from St.
Paul a wire coverin g the fo llo w in g
points :
“ Please make the fo llo w in g an
nouncem ent for me at once and ac
cept m y thanks in advance:—
“ S a y that Seattle is m y residence—
and that I have not sold m y interest
in the Seattle Gas Co.
“ Say also that I am try in g to he]p
make Seattle the city of the Pacific
Coast.
“ Mention the fact that just n ow I
am w o r k in g for ‘good ro ads’ in
W a shin gto n.
“ D o n ’t fo rget to tell the public that
I expect to cast m y vote at the m u
nicipal election to be held in Seattle
n ext March.
“ M oreover, I w ant to congratulate
Seattle on being more prosperous
than any other city of its size E ast
or W e st.
“ A n d now, at the beginning of a
new year, let us all join hands, and
pull to ge th er to keep Seattle in the
front rank all the time.”
Does
a n y bo dy w ant any better
New, Y e a r ’s sentiment than those e x
pressed b y Mr. Hill?
W e are sure that the announcement
that Mr. Hill has decided not to re
move from Seattle will meet with un
bounded pleasure on every hand.
Mr. Hill is nothing if not p ro g r e s
sive, enthusiastic, optimistic, and al
w a y s engaged in some go o d w o r k to
help forw ard the wheels of progress.
— Seattle Tim es.
We Invite Your Deposit
Account
èlnitfì)States
JHortgage&Crust
Compiili
GEORGE W. YOUNG, President
NEW YORK
55 Cedar St. 73rd St. & Broadway
CAPITAL AND SURPLUS
FI VE
MILLIONS
Issues Travelers’ Letters of Credit
and Foreign Drafts
C o m p e t e n t O f f ic e H e l p
F u r n i s h e d ‘W i t h o u t C h a r g e
W e are H e a d q u a rte rs for B ookkeeders, S te n
o g ra p h e rs, T im e K e ep e rs, G eneral
S tore C le rk s, E tc.
L e t us know your re q u ire m e n ts. L ocation
unnecessary.
S. A . M O R A W E T Z & C O M P A N Y
4 0 7 K a s o ta B ld g .,
M in n e a p o lis
Railways Planting Locust Trees.
“ If the Pen nsylvania Railroad Co.
had done, twenty-five years ago, w hat
it is n ow beginning to do in co -opera
tion with the United States Bureau of
F o re s tr y for its future supply of ties,
namely, planting x,000,000 y o u n g lo
cust trees, it w ould n ow have the
timber for 5,000,000 ties, worth, say,
$2,500,000. Similarly, if all other rail
w a y companies, as some of the la rg
est system s have n ow decided to do,
had taken the suggestions of a num
ber of farseeing men of affairs,” says
the R a ilw a y A g e , “ and had planted
catalpa, locust and other q u ick -gro w
ing trees along their right of w a y and
on vacant and p ractically valueless
tracts of lano, they long could have
been cutting their own ties alongside
this own lines, at a saving of m any
millions of dollars. A few companies
did take advice and started tre e -g ro w
ing on a limited scale, but the m a jo r
ity lacked the wisdom, in considera
tion for those w h o should come after
them, to plant seed of w hose harvest
they themselves might not reap, and
so the railways have been con su m
ing the natural forests at a trem en
dous rate w ith out m a kin g any serious
effort at replacement. T h e lost time
cannot be restored or credited back
to the treeless land, but it is not too
late to start a general m ovement of
tree-planting for the ra ilw ays of the
next generation, and it is a matter
for co ngratulation that such a m o v e
ment is n ow under w a y .”
BANK
FIXTURES
COUNTERS, SHELVING,
PARTITIONS, ETC., IN
ALL WOODS :: :: ::
Roach & Musser
Sash and Door
Company
MAKERS OF EVERYTHING IN
MILLWORK
MUSCATINE, IOWA
6
TH E CO M M ER CIAL W EST.
Seattle’s Bank Clearings.
1 he story of the bank clearings for
the calendar year 1903, while not
equal in strides to that of 1902, must
be satisfactory to our people.
E igh t years ago, or at the close of
1896, the total bank clearings of Se at
tle slightly exceeded $28,000,000.
H ad it not been for the breaking
out of the gold fever in 1897, the
clearings for that year would not
have been much in excess of the year
before.
But from the middle of July, when
the steamer Portland arrived in the
ha rbor of Seattle with nearly threequarters of a million of gold on board
from D a w so n , by w a y of the lower
Y u k o n and St. Michael, the bank
clearings began to jump and th<Y total
that year reached $36,000,000.
In 1898 the clearings w ent to $68,443,000— an increase of $32,000,000.
A t the close of 1899 the clearings
had gone up to $103,000,000— an in
crease of $35,000,000 over the p revi
ous year.
T h e year 1900 did not do quite as
well, but the a g g r e g a te increase pass
ed $27,000,000.
D u rin g 1901 the a g g r e g a t e reached
$1:44,694,000— an excess of $15,500,000
o ver 1900.
T h e year 1902 show ed a tremendous
advance, the totals reaching $191,885,97 i — an increase of $46,800,000.
D u rin g the first half of the present
year it looked as if w e w ere g o in g
to discount the m ig h ty gains of 1902,
but after July there came a halt and
slight losses occurred oftener than
gains at the end of eve ry w ee k — so
that the year closed with a grand to
tal of $206,913,571— an increase over
1902’s total of slightly more than
$15,000,000.
W h en compared with other cities
P o r tla n d ’s total for the year reached
but $175,854,536— p lacing Seattle over
$31,000,000 in the lead of the w e b
footed city.— Seattle Tim es.
Western Patents.
The following patents were issued this
week to Minnesota and Dakota invent
ors, as reported by Williamson & Mer
chant, patent attorneys, 925-033 Guaran
ty Loan Building, Minneapolis, M in n .:
Anderson, Peter, Grandin, N. D., ro
tary engine.
Anderson, Anders, St. Cloud, Minn.,
saw-sharpening machine.
Berg, Elling O., Madison, Minn.,
pneumatic stacker.
Brown, George R., Rosebud Agency,
S. D., vehicle seat.
Cain, William H., 2 patents, Carlton,
Minn., position-governing means for
load-retaining stakes.
Faust, Emily C., Kasson, Minn., pat
tern for crochet work.
Hanson, Hans C., Albert Lea, Minn.,
oil-supply system.
Kidd, Joseph, Duluth, Minn., mooring
device for vessels.
Kock, Charles, Bigstone, S. D., go v
ernor regulator.
Krueger,
Herman
F.,
Brownton,
Minn., traction engine wheel.
Kubon,
Wrlliam
H., Minneapolis,
Minn., manifolding sales-book.
. Lewis, Henry J., Minneapolis, Minn.,
cigar-box filler.
Melvin and Brusseau, Jefferson, S. D.,
disk-sharpener.
Nelson, Nels L., Crookston, Minn.,
pneumatic stacker.
. Neubert and Weidenback, Minneapo
lis, Minn., brewer’s apparatus.
Scott, Charles, Minneapolis, Minn.,
color-blending wheel.
Smith, Jerome, T., Scotland, S. D.,
heating stove.
Wackerow, George L., Mellette, S. D.,
strainer.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, January 16, 1904.
Interest and Dividends During 1903.
I lie aggregate amount of interest and
dividend payments by railroad, indus
trial, traction, banking and other corpor
ations during the year just ended
reached a figure unprecedented in the
history of the country. A careful cal
culation of these disbursements by cor
porations respecting which accurate data
is available proves that the entire sum
was between $900,000,000 and $1,000,000,000. According to the calculation given
below, which comprehends practically all
of the important railroad and industrial
concerns, the total recorded disburse
ments were $897,072,000, or practically
$30,000,000 more than the total for the
previous year.
The past year was the record year for
the nayment of earnings on capital, not
only because the high tide of prosperity
of 1901 and 1902 found its expression in
dividends in that period, but also because
the incorporation movement had just
culminated. Many old firms and part
nerships had been reorganized as corpor
ations, while new ventures invariably
took shape as stock companies. Thus a
greater proportion of industrial earn
ings probably fell in the category of
dividends during 1903 than ever before.
Another factor in the increase has been
the enormously increasing earnings of
the railroads. In few cases have divi
dend rates been raised by the larger com
panies. But the greater volume of busi
ness has demanded and increased earn
ings, permitted vast expenditures for
improvements. Which has meant bond
issues and more interest payments. This
process has continued, one might almost
say, right up to the last day of the year,
but toward the close of that period other
influences were at work to cut down
the aggregate payments by the corpora
tions.
During every one of the first ten
months of 1903 the total, as shown in
the annexed table, is greater than that
for the corresponding month of the pre
vious year._ In November and December
the necessities of some companies and
the conservatism of others have dictated
the cessation of dividends. The strikes
and the industrial depression of last
summer, which traveled in such close
companionship that it is difficult to draw
a line between them, are responsible
for the decline.
Yet it is worth noting that the pay
ments of January, 1904, practically all
of which are now declared and known,
aggregate more than those of the same
month of 1903 bv several millions. Ob
viously, with most of the industrials pru
dently husbanding their resources, this
increase is due to the great volume of
new railroad bonds issued during the
year, a large proportion of which have
their interest periods in January and
July.
Interest and dividend payments for
the month of January will reach the
total of $141,70,1 888, the largest sum that
has ever been paid out in the history of
the country. Railroads will pay out in
dividends $29,343,000, as compared with
828,577,000 in the same month last year.
Industrial corporations, despite th e 'd is
appearance of several important names
from the paying list, will disburse $21,834,000, as compared with $21,326,000
last Januarv.
West Baden and French Lick Springs.
In the Indiana Highlands, on the Monon Route, excel all other mineral
springs in America in the treatment of
all blood diseases, cutaneous affections,
dyspepsia, alcoholism, etc.
Send for
booklet. T w o trains daily from Chicago.
Frank J. Reed, general passenger agent,
Chicago, or L. E. Sessions,
general
agent, 541 Andrus building, Minneapolis,
Minn.
A. J. W H IPP L E & C O .
M E M B E R S C H IC A G O S T O C K E X C H A N G E
STOCK BROKERS
P riv a te W ires to all
p U T r, .
„
P rin cip al E x c h a g e s
L o I L A C j CJ
M ain F lo o r New Y ork L ife B uilding
L o n g D istan c e T el. C en tra l 1031. O rd e rs
by w ire in g ra in and sto ck p ro m p tly filled
Capital Secured
F o r P u r c h a s e o r C o n s tr u c tio n o f
A p p r o v e d E le c t r ic R a ilw a y s o r
P o w e r P la n t s .
L. C. TWOMBLY
A n d ru s B u ild in g
-
M I N N E A P O L IS
W. H. Horine & Co.
(in
corpo rated
)
COMMERCIAL PAPER
M em ber A m erican and Illinois B a n k e rs ’ A ss’n
171 La Salle Street
CHICAGO
WM. H. H O R I N E , late Nat’l Bank Examiner
BANKS
Send a t once for our
book of M odern C oun
try B ank B uildings,
costing $3,000 to 125 ,000.
P rice, $1 .00.
M odern H om es, 1 S0
pages, p a p er, $ 1 ; cloth,
$ 1 .25.
OMEYER & THORI,
A
r ch ite ct s
,
ST. P A U L , M IN N .
Snoqualmie Falls & White
River Power Co.
SEATTLE-TACOMA
S upplies the E le c tric P ow er utilized by the
F lo u r M ills, S tree t R ailw ays, In te ru rb a n R ail
way, S m elter, S tre e t an d D om estic L ig h ts and
th e In d u stria l M otors of S e a ttle , T acom a and
in te rm e d ia te tow ns. A ddress
C
h a s
.
h
.
B
a ker
P R E S ID E N T A N D C H IE F E N G IN E E R
SEATTLE
WASH.
Illinois Trust & Savings Bank
L a Salle S tre e t and Jackson B oulevard
CHICAGO
C a p ita l a n d S u r p lu s , $ 9 ,8 0 0 ,0 0 0
In te re s t allow ed on d e p o sits in B an k in g and
Savings d e p a rtm e n t. B O N D S —G ov ern m en t,
S ta te , C ounty C ity a nd choice ra ilro ad bonds
bought a nd sold. F O R E IG N E X C H A N G E
—L e tte rs of C re d it, D ra fts, P o s ta l R e m it
ta n c es a nd C able T ran sfe rs.
TRUST D E PA R T M E N T .
A cts as A d m in istra to r, E x e c u to r, G uardian,
C o n se rv a to r, A ssignee, R eceiv er, T ra n s fe r
A gent and R e g istra r; m akes in v e stm e n ts and
a cts as a g en t in th e collection a nd d isb u rse
m ent of incom es. T r u s t funds an d tru s t in
v e stm en ts are k e p t s e p a ra te from th e asse ts
of th e bank.
I l l i n o i s T r u s t S a f e t y D e p o s i t Co.
S a f e t y D e p o s i t V a u lts.
Saturday, January 16, 1904.
INDUSTRIAL DEVELOPMENT OF
JAPAN.
Hemp Manufactures.— Among the in
dustries of Japan which are receiving
especial attention is the manufacture of
hemp. It is reported that orders have
recently been executed for a supply of
fishing nets for Alaska valued at $30,000,
and that a commissioner has~ lately been
sent to Canada to investigate and report
on the prospect of extending the mar
ket for nets in that country. There are
four hemp-spinning companies in Japan,
besides which spinning is carried on as
a household industry in the northern
provinces, and these sources fully sup
ply the domestic demand for all grades
except bleached hemp yarn, which Jap
anese manufacturers have not the means
of producing.
The yarn is manufac
tured in this country into a variety of
materials besides nets. F lax is raised
freely in Japan, but the importation of
flax, hemp, jute and china grass during
the first six months of this year amount
ed to 5,227 tons, a considerable increase
over that of the same period last year,
which was 3,250 tons.
Glass.— It is said the art of making
glass was introduced into Japan about
150 years ago by a Hollander, who set
tled at Osaka. For several generations
the knowledge of the process was con
fined to a single family, and it was not
until about 1879 that the employment
of coal instead of charcoal, and the con
struction of brick chimneys, enabled the
manufacturers to introduce improve
ments which placed the industry on a
substantial basis. Osaka has continued
to be the center of industry, and now
manufactures for export besides sup
plying the home demand. The govern
ment has under consideration a scheme
for subsidizing a company to train w ork
men for the manufacture of plate glass.
The plan, which it is said will be sub
mitted to the Diet at the next session,
calls for 500,000 yen ($249,000) to be
expended during the next four years.
It is proposed to choose a factory, which
will be under obligation to employ a
foreign expert, and 'construct, under his
supervision, two furnaces of the latest
style, each with a capacity of at least
470,400 square feet of plate glass a
month; also to employ 32 foreigners as
trainers of Japanese workmen and train
66 workmen for its own use and 50 for
the government service.
Oil.— The development of the oil in
dustry in Japan has been attended with
pronounced success, there having been
a rapid increase in the amount and
value of the native product. The amount
of kerosene used in the country has in
creased even more rapidly than has the
development of the industry during the
oast 30 years, and larger importations
have steadily accompanied the growing
native production until the first six
months of this year, during which the
importation was only about two-thirds
that of the same period in 1902. W heth
er this falling off marks a turn in the
tide or is only a temporary backward
movement, which will be followed by a
still higher rise, is uncertain, but it is
noticeable that the decrease is entirely
in American imports (those from Rus
sia, the only other country shipping oil
to Japan, having increased), and the
change may be due to the operations of
the International Oil Co.
This is a
branch of the Standard Oil Co. of Am er
ica, and has a large refinery at Naoetsu,
besides owning some important oil wells
in the western provinces. Prior to 190a
there were no less than 40 native oil
companies in the country, and during
the two years following 28 new com
panies entered the field, but the small
er Japanese companies were unable to
compete with the International, and
many of them combined and extended
tbe:r operations to avoid being crushed
out of existence. There are still sev
companies and two large ones
Digitizederal
for small
FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7
T H E CO M M ER CIA L W EST.
which may be properly considered as
rivals of the International, although
neither has more than one-fourth as
much capital as the latter. One of the
large companies has 83 wells worked by
American machinery and 77 by native
methods.
New oil wells have lately
been discovered in the northern prov
inces, and the work of production is be
ing actively pushed. It is reported that
the International is working to secure a
monopoly of the oil fields in the H ok
kaido, where very rich deposits are be
lieved to exist.
Coal.— The coal production of Japan
was almost trebled during the years from
1892 to 1901, and the amount exported
a little more than doubled :n the same
time, while the extension of steamship
and railway lines and the growing num
ber of factories caused the domestic con
sumption to be almost quadrupled. It
has been necessary to import smokeless
coal for the use of the fleet, but a de
posit of smokeless coal, underlying about
1,500 acres, has lately been discovered in
the Hokkaido, and the discoverer is now
applying to the authorities for permis
sion to work the mine.
Miscellaneous.— A n Osaka firm of
dealers in sugar is preparing for the es
tablishment of a sugar-refining plant,
and it is stated that the company, which
is backed by foreign capitalists, has al
ready dispatched representatives to E ng
land and the United States to purchase
machinery.
A company of natives in Yezo pro
poses to import American machinery
for making condensed milk, the island
being well adapted to this industry,
which is already carried on there.
A native journal welcomes the news
that a number of capitalists of Osaka
have decided to form an emigration
company with a capital of 500,000 yen
($249,000). The newspaper advises the
promoters not to confine themselves to
exporting labor, but to purchase suitable
tracts of land abroad and employ there
on the workmen they collect. China and
Korea are mentioned as offering^ ex
cellent fields for such exploitation. There
are already a number of emigration
agencies in the country, but none with so
large a capital as this.
C o n su l -G en er a l B ellow s, a t Yoko
hama.
6.
Indiana’s
OF THE
R E P U B L IC
CHICAGO
$ 2 , 0 0 0 ,0 0 0
$ 7 0 0 ,0 0 0
C A P ITA L
SURPLUS
Jo h n A. L ynch
W. T . F e n to n
R. M. M cK inney
R . L. C ra m p to n
T h o m as J an se n
A. W . M argraft
poultry
F a i r is re c e iv in g - th e s t a f f d e c o r a t io n s a n d
o t h e r o r n a m e n t a l w o rk . T h e b ig d r a g o n s
on th e n o rth fa c a d e p re s e n t a s ta r tlin g
a n d s trik in g a p p e a ra n c e .
A Dayton, O., car company will e x
h i b i t a t t h e W o r ld ’s F a i r tw o h a n d s o m e
r a i l r o a d c o a c h e s , a ll o f th e ti m b e r s a n d
fin is h in g lu m b e r of w h ic h w e r e m a d e
f r o m c a t a l p a tr e e s g r o w n o n a f a r m n e a r
D u b lin , In d .
I™Audit Company
of Illinois
N e w Y o r k L if e B u ild in g :
C H IC A G O
P u b lic A c c o u n t a n t s a n d A u d ito r s
OFFICERS: L. A. W alton, P re s id e n t; F. W. L ittle , ViceP re s id e n t; C. D. O rgan, Secy, a n d T re as.; C. W .
K nisely, M anager.
DIRECTORS: A. G. B ecker, A G. B ecker & Co., C hicago;
F. W. L ittle, V ice-P resident P eo ria Gas an d E lectric Co ,
P eo ria; G. A. R y th e r, C ashier N atio n a l L iv esto ck B ank,
C hicago; J . R. W aish, P re s id e n t Chicago N a tio n a l B ank,
C hicago; L. A. W alton, V ice-P resident E quitable T ru st
C om pany, Chicago.
Bank of Hamilton
W IN N IP E G
H EAD OFFICE!
H A M IL T O N ,
C a p ita l A u t h o r iz e d
P a id - u p C a p ita l
R eserve
. . .
T o ta l A s s e ts
-
ONT.
-
$ 9 ,5 0 0 ,0 0 0
2 ,0 0 0 ,0 0 0
1 ,7 0 0 ,0 0 0
2 1 ,9 5 9 ,5 9 0
-
M IN N E A P O L IS C O R R E S P O N D E N T S :
S E C U R IT Y BANK OF M IN N E S O T A
A M E RICA N E X C H A N G E BANK
D e p o sits R eceived a nd I n te re s t Allowed
G en eral Banking- B u siness T ra n s a c te d
C ollections carefully a nd p ro m p tly effected
at all poin ts in C an a d a . Savings B an k a t all
offices. C o rresp o n d en ce solicited.
W IN N IPEG , M ANITOBA
T h e N evada W o r l d ’s Fair C o m m is
s io n h a s a lr e a d y s e c u r e d s p le n d id s p e c i
m e n s o f 118 v a r i e t i e s o f m in e r a ls fo u n d
in t h a t s t a t e , a ll of w h ic h w ill b e e x
h ib ite d a t t h e W o r ld ’s F a ir .
W ork on the Festival Hall, the last
o f t h e i m p o r t a n t e x p o s itio n b u ild in g s , is
p ro g re s s in g w ith g re a t sp eed.
W e a th e r
c o n d itio n s h a v e b e e n s u c h t h a t t h e c o n
t r a c t o r s h a v e lo s t b u t l i t t l e tim e .
A p r i z e o f $ 10 0 h a s b e e n o f f e r e d b y
D i r e c t o r o f W o r k s T a y lo r to th e o n e w h o
s u g g e s ts t h e b e s t p o in t o f v a n t a g e fr o m
w h ic h to v ie w t h e g lo r ie s o f t h e W o r ld ’s
F a ir.
T h e c o m p e titio n is o p e n to t h e
w o rld a n d w ill c lo se J u n e 15, 1904. C o m
m u n ic a tio n s s h o u ld b e a d d r e s s e d to t h e
s e c r e t a r y o f t h e e x p o s itio n .
A company of Milwaukee men have
o r g a n iz e d a n d a p p lie d f o r a c o n c e s s io n to
i n s ta ll f o u n t a i n s in v a r io u s p a r t s o f th e
W o r ld ’s F a i r g r o u n d s a n d s e ll m in e r a l
w a te r s , ic e c o ld , a t a p e n n y a g la s s . T h e
e x p o s itio n
m anagem ent
has
in s ta lle d
m a n y d r i n k i n g f o u n t a i n s a n d filte r e d r i v
e r w a t e r w ill be s u p p lie d fr e e .
Agricultural
-
,
exhibit at the
W o r ld ’s F a i r w ill c o n s is t of 1,000 b ird s .
The Chinese p a v ilio n a t th e World's
The
P re s id e n t
V ice-P resident
C ash ier
A sst. C ashier
A uditor
Mgr. F o re ig n D ept.
DULUTH c o r r e s p o n d e n t s :
WORLD’S FAIR NOTES.
Idaho Day at the W orld’s Fair will be
S e p t.
THE NATIONAL BANK
Building
at
the
W o r ld ’s F 'a ir c o v e r s 21 a c r e s , which fact
m a k e s R h o d e I s la n d lo o k s m a l l e r than
e v e r.
CANADA
THE B
ank of
E S T A B L IS H E D
C a p ita l A u t h o r iz e d
C a p ita l P a id u p
S u r p lu s
-
Ottaw a
1874
-
$ 3 ,0 0 0 ,0 0 0
2 ,3 7 6 ,9 9 0
2 ,2 7 4 ,2 9 1
A General B an kin g B u sin ess
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
8
TH E COMMERCIAL WEST.
Saturday, January 16, 1904.
The Northwestern National Bank
OF
M IN N E A P O L IS
C a p i t a l , .................................... $ 1 ,0 0 0 ,0 0 0
S u r p lu s a n d U n d iv id e d P r o fits ,
6 0 0 ,0 0 0
An average of over eight per cent annual dividends paid to stockholders since
organization in 1872.
Dividends Paid since Organization, $2,170,000.
O F F IC E R S :
William H. Dunwoody, President.
Joseph Chapman, Jr., Cashier.
J . P. C O N K LIN ,
P resid e n t
E. W . Decker, Vice-President.
F. E. Holton, Assistant Cashier.
A .E ZO N N E ,
V -Pree. and T rea s.
E. J . FO RSTER,
S ecretary
M. B. Koon, Vice-President.
Chas. W . Farwell, Asst. Cashier.
G. B. LOOM IS,
A ss’t Sec’y.
Merchants’ National
Bank of St. Paul.
J . F . C O N K L I N & Z O N N E CO.
M IN N E A P O L IS
B^eal E s t a t e and In su ra n ce in all its B ran ch es
R eferences:
F ir s t M o rtg a g e L o a n s o n I m p r o v e d C ity P r o p e r ty
F ir s t N atio n al B ank.
N o rth w e stern N a tio n a l Bank.
THE E Q U IT A B L E T R U S T C O M P A N Y
152 Monroe Street, CHICAGO
Capital Paid Up, $500,000
D IR E C T O R S :
A N D R E W M CN A LLY
F . M. B L O U N T
L. A. W A L T O N
M A U R IC E R O S E N F E L D
I. R. W V L SH
of DULUTH, MINN.
Capital,
Surplus and Profits,
HEAL ESTATE ®oug:*lt a n d
Sold on C om m ission
or Jo in t A c co u n t 1
S ecu rity to n e t le n d e r 4% to 6 per c en t. S pecial
a tte n tio n given to care oi p ro p e rty w ith eco n o m ical m a n a g em e n t g u a ra n te e d .
B est of re feren ces.
Minneapolis Property
W IL L IA M H . G O O D W IN
Ch ic a g o
Investment Securities
1
B o n d s ,
R O
G r a in ,
K
&
C O .
E R S .
P r o v is io n s ,
Board of Trade, Chicago.
C o tto n ,
C o f f e e .
No. 18 Wall Street, New York
Mortgage Loans on Minneapolis Property
Accepted
Promptly toR6A ™ s c e n t.
•
C O U N T Y
T
H
O
R
P
E
B
A N D
R
O
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
SC H O O L
S .,
B O N D S
M
I N
W A N T E D .
N
E
A
Members of the New York Stock Exchange
Letters of C redit and International
Travelers’ Checks
Foreign Exchange
Cable Transfers
n e a p o l is
Loans Secured by Investm ent Securities.
Manager Chicago Office C H A RLES F. MEYER, 226 La Salle Street.
B
No.
M in
NEW YORK
WIN
HARRIS, G A TE S
S to c k s ,
KNAUTH, NACHOD l KÜHNE
B A N K E R S
i Managed
R O B E R T F. P E R K IN S
&
GOOD
NOTE BRO KERS
Commercial Paper
C orporation Loans.
Boug^ ;
SAWYER
&
600,000
A. L. O rd ean , P re s ., J. H . D ig h t, C ash., W . S
B ishop, A sst. C ash., W . J. Jo h n so n , 2nd A sst C ash
b u i l d i n g s im p r o v e d a n d r e c o n s t r u c t e d to p r o d u c e i n
S a t i s f a c t o r y r e f e r e n c e to lo c a l a n d e a s t e r n p a r t i e s
M O O R E BROS.
$500,000
-
U. S. GOVERNMENT DEPOSITARY
LOANS made 0n First'class Im p ro v ed
BOSTON
3 0 0 ,0 0 0
First National Bank
W A L T E R L. B A D G E R
BOND
$ 1 ,0 0 0 ,0 0 0
-
O FFIC E R S: K e n n e th C lark, P re s id e n t;
C. H . B igelow , V ic e-P re sid en t; G eo. H .
P rin ce, C ashier; H . W . P a rk e r, A ss’t C ashier;
H . V an V leck, A ss’t C ashier.
O FFIC E R S :
J. R. W A L S H , P re s id e n t
L. A. W A L T O N , V ic e-P re sid en t C. D. O R G A N , Sec. a nd T rea s.
C. H U N T O O N , Ass t S ec’y a n d A ss’t T rea s.
S T E P H E N N. B O N D
-
-
United States Depository.
I N T E R E S T P A I D O N D E P O S IT S
R e n ts c o lle c te d ;
c re a s e d re s u lts .
-
SU RPLUS,
Surplus, $275,000
Acts as 1 ru stee for C o rp o ra tio n s, F irm s and ln v id u a ls, and as a g en t for the
re g is tra tio n s and tra n s fe r of bonds and sto ck s of C o rp o ra tio n s and th e pay
m en t of coupons, in te re s t and d ividends.
IO H N m“ « ! ! ™
JO H N M. S M Y 1 H
CAPITAL,
P O
L
I S .
1
Jones, Cæsar& Co.
Certified Public Accountants
of
NEW YORK, CHICAGO, ST. LOUIS,
PITTSBURG AND LONDON
Announce that they have opened a
temporary office at
320 Bank of Commerce Building
MINNEAPOLIS
DEAN
BROS. &
CO.
Commercial Paper
M IN N E A P O L IS
TH E COMMERCIAL WEST.
Saturday, January 16, 1904.
9
Financial Patronage at Home.
A W E E K L Y JO U R N A L R E P R E S E N T IN G W E S T E R N B U SIN E SS ,
Published by T he Commercial W est Company, Minneapolis, Minn.
H . V. J O N E S .
LEONARD B R O N S O N .
H . D. B A K E R ,
A s s o c ia t e
E d it o r .
Minneapolis Office, Rooms 627-629 Guaranty Building.
T elephone, Main 307.
C H IC A G O OFFICE, 1208 Stock Exchange Building.
A D V E R T IS IN G R A T E S ON A P P L IC A T IO N .
T he C ommercial West will not knowingly publish the advertisement
of a financially unsound individual or company.
SU B SC R IPT IO N IN ADVANCE.
One Year, $3.00.
POSTAGE FREE:
Six Months, $1.50.
Europe, * 1 .
E N T E R E D A S S E C O N D -C L A S S M A IL M A T T E R A T T H E P O S T O F F IC E ,
M IN N E A P O L IS , M IN N .
SATURDAY, JANUARY 16, 1904.
P R IN C IP A L C O N T E N T S.
E d i t o r i a l ...................................................................................
F in a n c ia l P a tro n a g e a t H om e.
M r. K r e ll o n F o r e ig n T r a d e .
C o tto n s e e d v s . F la x s e e d .
W h e n F a r m M o r tg a g e s S ig n ify P r o s p e r ity .
T h e B u ll’s E y e ......................................................................
O b s e r v a tio n s ....................................................................
I n d u s t r i a l D e v e lo p m e n t o f J a p a n .............................
J a n u a r y B u lle tin of I n v e s t m e n t s .............................
“ F 'o re ig n T r a d e a n d F in a n c e in 1903,”
B y M . K re ll, o f C h ic a g o ..................................
F in a n c ia l.
B a n k C le a r in g s ...................................................................
S e a t t l e B a n k C le a r in g s .................................................
I n t e r e s t a n d D iv id e n d s in 1903.................................
U n ite d S t a t e s S te e l S t a t e m e n t ................................
C h ic a g o S t a t e B a n k R e p o r t s ......................................
N e w B a n k s a n d C h a n g e s .............................................
S t. L o u is S to c k Q u o t a t i o n s ........................................
C h ic a g o S to c k Q u o t a t i o n s ...............................................
S t. P a u l a n d M in n e a p o lis S e c u r i t i e s .........................
M in n e a p o lis M o n e y M a r k e t ...........................................
C h ic a g o M o n e y M a r k e t .................................................
C o n d itio n o f M in n e s o ta S t a t e B a n k s ....................
C h ic a g o F o r e ig n E x c h a n g e .............................................
S t a t e B a n k s in M in n e s o ta .............................................
M ilw a u k e e M o n e y M a r k e t ...........................................
B o s to n M o n e y M a r k e t ......................................................
S t. P a u l B a n k E l e c t i o n s ....................................................
M in n e a p o lis B a n k E l e c t i o n s ........................................
W e s t e r n B o n d s ......................................................................
G ra in a n d M illin g .
N e w O r le a n s M a r k e t ........................................................
F lo u r a n d G r a in M o v e m e n t in C h ic a g o , 1903.
R e c e ip ts a n d S h ip m e n ts f o r D e c e m b e r ................
N e w S te a m e r s f o r O r ie n ta l T r a d e . ...........................
C o m m e r c ia l W e s t G o s s ip ...........................................
F l o u r a n d M illin g M in n e a p o lis ..................................
M illfe e d .................. .................................................................
F la x s e e d .......................................................... ! ......................
M in n e a p o lis C o a r s e G r a i n s .............................................
W e s t e r n W h e a t P r i c e s ......................................................
M ilw a u k e e G r a in M a r k e t ...............................................
D u lu th W h e a t M a r k e t ......................................................
L o n d o n M a r k e t R e v i e w ....................................................
C o m m e r c ia l W e s t M a r k e t R e v i e w s .........................
R ea l E s t a t e a n d L a n d s .
A c ti v i t y in M ilw a u k e e ...................................... .............
S e t t l e m e n t in N o r th D a k o t a ........................................
F a r m L a n d M o v e m e n t....................................................
L iv e S to c k .
L iv e S to c k M a r k e t .............................................................
S o u th O m a h a S t a t i s t i c s .................... ...............................
M is c e lla n e o u s .
D e c lin e o f C o tto n C r o p s .................................................
S a lm o n P a c k f o r 1903........................................................
L u m b e r R a t e s f r o m P u g e t S o u n d .............................
T e le p h o n e C o n s tr u c t io n ..................................................
Digitized
E l e for
c t r iFRASER
c R a i lw a y s ...............................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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G
6
19
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22
22
12
12
12
12
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O ne idea that potently su g ge sts itself from the
unbounded prosperity of the W e s t as shown in
I903’s figures of commercial expansion, is that the
W e s t, h a vin g immense supplies of capital that
should seek legitimate investment, moreover, vast
undeveloped resources that need for their develop
ment investm ent of capital, should patronize finan
cial institutions at home, w hich make it their busi
ness to conservatively distribute the capital of in
vestors for distribution where it promotes home in
dustries, and should thus save for its ow n people
the enormous amounts in commissions, u nderw rit
ing profits, etc., w h ich annually go to N e w Y o r k .
T h e re are financial institutions in cities like C h i
cago, Minneapolis, St. Paul, St. Louis, K a n sas City,
O m aha, D enver, Portland and Seattle, w hich al
ready have at hand the resources for putting
through deals of large magnitude. T h e power of
these institutions for p rom oting industries at home
w ou ld be far greater, however, if all the business of
local investors that now goes East, would go to
them instead. T h e ir business is of a kind that g ro w s
on the patronage it receives.
It is on the prosperity of the W e s t that financial
W a ll Street depends in a paramount measure for
the means of its subsistence. T h e funds that W a ll
Street generously loans to the upbuilding of W est
ern industries are in large part inclusive of funds
that the W e s t, with more apparent confidence in
W a ll Street than in itself, had allowed W a ll Street
to invest for itself and incidentally get the profits
and commissions therefrom.
N e w Y o r k must a lw ay s be the m arket for the
great standard railroad and industrial securities,
and must a lw ay s be the great clearing house for the
money operations of the country. P ossib ly in time
it will hold this same position for the w orld that
London now holds. Nevertheless, there are num
berless projects throughout the country w h ich
ough t to be financed right in their ow n localities in
stead of in N e w Y o r k .
T h e re are local securities which o ug h t to be
bou gh t and sold b y local brokers and held b y local
investors, which n o w find their only m arket in N e w
York.
T h e re are plenty of home financial institutions
where investors and capitalists can get as fair treat
ment as b y g oin g to N e w Y o r k ; and if these institu
tions g ot all the business that n o w goes to N e w
Y o r k , the gain to the W e s t in wealth and financial
independence w ou ld be enormous.
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Mr. Krell on Foreign Trade.
T h e interesting article appearing elsewhere in
this issue, b y Mr. K rell, manager of the foreign de
partment of the Com m ercial National Bank, Chica
go, on “ Foreign T rad e and Finance in 1903,” con
tains m any points that have an optimistic bearing
on the financial situation in 1903.
H e shows, for instance, that our foreign custo
mers are in good financial condition, and that pros
perity in at least several countries, instead of be
in g on the wane, is on the increase. T h is pros
perous condition, when considered in connection
w ith his statement, that the foreign indebtedness
T H E C O M M E R C I A L WEST.
IO
of the U n ited States has n o w been entirely liqui
dated, su g ge sts that w h a te v e r increased business
our customers m ay g iv e us, th ey can well afford to
g iv e us, and that for us such business represents
direct increase in our o w n funds of capital, since all
our debts are already paid.
Air. K rell hints easier conditions in the m oney
m arket due to our im proved position as regards
foreign trade and finance, W i t h this easier m oney
m arket it is to be hoped that the evils of our in
elastic currency system m a y this yea r not come into
disagreeable prominence.
In this he is quite right and he expresses a long
story in a fe w short common sense words, w hen he
sa y s :
“ W i t h abundant crops marketed at good
prices, the farmers, the essential source of prosper
ity in our country, should be in a condition to help
us tide over the season of dullness which usually
confronts us w ith the approach of a presidential
election.”
Cottonseed vs. Flaxseed.
T h e N o rth w est, w h ich derives great w ealth an
nually from its flaxseed crops, has an interest in the
recent boom in the cotton m arket wh ich is w o r th y
of note.
R apid advances in cottonseed products
have been fo llo w in g the advance in cotton. T h e
higher price for cottonseed products will unques
tionably tend to increase the demand for flaxseed
products. Linseed oil must naturally gain in pop
u larity as a substitute for cottonseed oil especially
in the soap m akin g industry. F o r cattle feeding,
and for fertilizin g purposes, the use of flaxseed
products seems destined to m ake great h ea d w ay
over products from cottonseed.
It is the claim of those interested in recent spec
ulations in the cotton m arket that the quality of
cottonseed has steadily deteriorated of recent years,
this bein g due to the fact that the oil mills demand
the best seed, and that the inferior seed when plant
ed not only yields less cotton, but less cottonseed.
It seems probable that the w orld will this year
consume more linseed oil, and oil cake, than ever
before, this bein g partly due to curtailm ent in the
cottonseed supply, and partly to larger uses for
oil and cake products. T h e situation is one that
must necessarily be g r a t ify in g to the m anufacturers
of flaxseed.
When Farm Mortgages Signify Prosperity.
A false construction as to the m eaning of farm
m ortgages exists in the minds of m any persons not
familiar w ith the changes in econom ic conditions
th ro u gh o u t the W e s t during the past decade. A
decrease in the num ber of farm m ortga g es in a par
ticular co m m u n ity is n o w hailed w ith satisfaction,
w h en it should prob ably instead be considered as
denoting that farmers lack confidence, and do not
dare take risks. O n the other hand, communities
w h ich sh o w an increase in farm m o rtga g es often
feel apprehensive o ver the increase, when, as a m at
ter of fact, w ere the significance of this increased
indebtedness understood, there w ou ld be s a tisfa c
tion because of it.
P ro b a b ly an o v e r w h e lm in g proportion of new
farm
m ortgages at the present time are direct evi
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, January 16, 1904.
dences not of ad v ersity but of prosperity. These
m ortgag es represent the secu rity for debts co n
tracted a lo n g the lines of legitimate expansion. A
farmer desiring to make im provem ents on his farm,
to increase his stock, or to b u y additional acres of
land, will execute a m ortga g e in order to get the
loan. P o ssib ly he has sons w h o m he w a n ts t o as
sist to become ow ners of land, and he will consider
that m ortga g es on land thus acquired would be safe
investm ents for himself as well as a means of help
to his sons.
T h e present condition of W e s te r n farmers,
speakin g generally, is altogether too prosperous
to s u g g e st that in even particular instances, a farm
m ortga g e can n o w denote a n y th in g in the nature of
a loan to keep the w o lf a w a y from the door, as w as
the case with farm m ortgages ten years ago.
T h e history of farm m ortgages has show n that
there is no better class of remunerativ.e and safe in
vestm ents an y w h ere to be found, except m ortga g es
on land in communities where there has been v io
lent speculation in value prospects, instead of in
dustrious cultivation of the soil b y bona fide farm
ers. M oreover, there are plenty of evidences in
the W e s t to sh o w that farm m o rtga g es at the pressent time effectually prom ote and increase the pros
perity of farmers w h o thus take a d v an ta g e of the
secu rity of their land to g et credit with w hich to
legitim ately extend the scope of their profits.
THE
B U L L ’S E Y E .
G o ed go vernm en t is a composite of vo lu n ta ry co n
tributions of the go o d w o r k and the go o d wishes of the
governed. N o governm ent can be perm anently good that
is w h o lly delegated to hired men. W h e n go o d citizens
make connections with their go vernm en t only at the
polls and through the critic s column of the daily paper,
the go vernm en t becom es a machine and the people m a
chine governed. A city full of go o d people could never
have a bad governm en t if the people paid taxes of their
good time, go o d thought and go o d effort as they do of
their go o d money.
*
*
=(:
But A m erican cities are go vernm en tally rotten be
cause rich men have found it cheaper to buy bad aidermen than to elect go o d ones; and fie'eause the men w ho
want to be rich and are not, p r e f e r to bear the disgrace
and burden of a bad govermyrAit rather than spare the
precious time to make it good. W h a t few other citi
zens there are in the com m unity know themselves for a
helpless m inority and either wilt under the problem 01sputter in print and in prayer meeting, and so count
their duty done. Meantime the grafter in office goes
right on g r aftin g in daylight and lo ng after dark, putting
in over time eve ry day at his chosen w ork, and s o m e
times w riting magazine articles on “ H o w I D on e It.”
*
*
^
O nce in a while the yeast of righteousness w orks
an uprising that puts a reform administration into office.
But almost as sure as sunset follo w s sunrise, the powers
of darkness at the next election becom e the powers that
be, and the city returns to the same old wilderness of
dismal dirt. Then all the killing w o rk of cleaning up has
to be done over again by a subsequent ge neration of re
form ers w hose backs k n o w not the aching of the last
spasm of civic regeneration. So the go o d citizens eventu
ally fall into the belief such as once prevailed in M e th o
dist co un try churches, that heaven and the higher life
is reached b y the momentum acquired b y a succession
of impacts received from successive revival meetings in
termitting with seasons of barrenness. But the fact was
v e ry patent then, as it is now, that the devil and the
Saturday, January 16, 1904.
THE COMMERCIAL WEST.
grafter w o r k uninterruptedly and effectively through evil
times and good.
*
*
*
T h e first cause of this curse of bad governm ent is that
the A m erican people are all engaged in pickin g plums,
and the picking is so go od that none of us can afford
to leave our own rich orchard to club the thieves out of
the political plum tree. Must T see m y own private plums
go to w aste while I pre serve plums for a public that
does not appreciate m y self denial? A n d shall I, while
gu arding the political plum tree, see with undisturbed
mind m y n eigh bor piling up in magnificent heaps the
fruit of his own uninterrupted industry? T h e strain is
too great for any man w ho needs m on ey in order to be
successful and happy.
* *
*
T h e cure for this curse is
h am J A rrevery city. Rich
men, by reason of their groaPAmancial successes, have
laid upon them a responsibility for go o d government
that they would not have were they poor. P o w e r can
never be separated from responsibility.
T e n of the
wealth iest men of any average city standing to geth er for
clean governm en t could save their city from the grafter.
T h e y could inspire such a fo llo w in g of the well disposed
voters as w ould put clean men into office and keep them
in. A hundred of these most prominent men giv in g
of their time and labor unselfishly to public office, as
m ay be instanced in m a ny British cities, would give
A m erica the kind of municipal governm en t that now
shames us from across the sea. T h e problem of good
go vernm en t for A m erican cities is up to the rich.
— T h e Sharpshooter.
O B S E R V A T IO N S .
It has been w ittily said that N oah w as the first great
p rom oter in history, since during a period of general liqui
dation he w as able to float considerable stock. N o a h ’s
great success in those try in g times might well have been
envied b y the prom oters of this coun try during the past
year, when during the general liquidation, industrial con
solidations am ounted in their capitalizations to only $102,226,000 pre ferred stock, $146,750,000 common stock and
$26,750,000 bonds, as against in 1902, $273,698,900 preferred
stock, $622,158,300 co m m on stock, and $226,348,000 bonds,
and in 1901, $888,950,000 preferred stock, $1,249,950,000
com m on stock and $566,575,000 bonds. A n o th e r feature
about the consolidations of the last year that had a rather
de pressing significance from the p ro m o ter’s standpoint,
w as the large proportion of new consolidations that w ere
form ed for the purpose of com p etin g with p re vio u s con
solidations in similar lines of business, and which there
fore meant general annoyance to holders of industrial
stocks, and increased indisposition of the investment pub
lic to have anythin g to do with the finely engraved paper
products put on the m arket for them to buy. T h e total
capitalization of rivals for consolidations w as $105,610,000
as against, in 1900, $63,800,000.
*
*
*
It w ill be intere sting to o bserve during the y ea r 1904
what effect the absolute collapse of the movement to forn
“ tru sts” will have on the general business of the country.
T h e business of the prom oter w h o seeks to consolidate
various industrial co mpanies and blanket them with heavy
over-capitalizations, is now almost absolutely dead. W h e n
P. T . Barn um said that the A m erican people loved to be
hum bugged, he ought to have made the statem ent cate
gorical. T h e y m a y love it for a while, but the fascina
tion soons w ears off, and like the people w h o w en t to
M ars Hill, they must be hu m bugged in a variety of w a y s
if th e y are to continue in gullible mood. A n d until the
A m erican public gets a lo ng rest from hearing about collossal combinations of capital, w here the assets combined
are obviously insignificant in proportion to the stock, it
will be useless for reckless promoters to make any plans
of foray on the public resources.
*
*
*
But the important question arises, w hat will the stead
Digitized
FRASER cash re sources of the coun try be invested in,
ily for
in creasing
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11
n ow that this public prejudice has arisen against the se
curities of “tru sts” which represented m ergers which were
intended in the prospectuses to bring about greater econ
omies and larger net profits, but which instead in alto
gether too m a n y cases bro u ght about extravagance, net
losses and collapses in the stock mark et? T h a t there is
a great increase in real capital in this coun try at the
present time as co m pared with a year ago, is evident, not
w ithstanding that the steady shrinkages in W a l l Street
values might indicate the contrary. T h e January interest
and dividend disbursements for instance w ould indicate
greater returns on investments than a year ago. O n rail
roads the am ount is $82,250,000 as against $79,97°>I 75 in
January, 1903. Deposits in savings banks, total m on ey in
circulation, gold production and crop values, all compare
v e ry favo rably with a year ago.
*
*
*
T h e only sensible answer that suggests itself to the
question above, is that the co un try’s supplies of floating
capital will n ow be for the most part invested in projects
which have intrinsic w orth to them. T h e fact that the in
vestors of the country n ow have not only much greater
wealth, but also a much more ana lyzin g and discrim ina
tive turn of mind should mean a better day in store for
the really meritorious industrial flotations. T h e re should
be a much better mark et during the n ext year for the best
classes of industrial and railroad bonds. F arm mortgages,
real estate and the securities of companies org anized to
make real industrial improvements should be in improved
demand.
*
*
*
T h r e e years ago, the only kind of a proposition that
appeared v e ry alluring to our investment public had to do
with consolidating existing companies m a ny of which con
tracted their business whilst they expanded their stock is
sues. But the successful deals of the next year or so in
this coun try will p robably be those which stand for exp an
sion of business opportunities, as well as for expansion
in stock issues. N otw ith sta n din g there m ay during the
y ea r 1904 be no spectacular m ovements in the security
mark ets to indicate great w orks of industrial development,
yet there will probably be no difficulties as to the financ
ing of developments offering reasonable profit on the cap
ital invested. W it h a more reasonable m arket for labor
and for iron and steel products this upbuilding m ovem ent
will probably be still further encouraged and accentuated,
and make the new year one of great prosperity in indus
trial lines.
— T h e Onlooker.
T he “Park R eg io n ” Prosperous.
Isaac H a zlett has extensive banking interests in cen
tral northern Minnesota, known as the “ Park R e gio n .”
Just before leavin g for his w inter vaca tion in California
Mr. H a zle tt said to T h e C o m m e r c i a l W e s t :
“ Business is gen era lly good in our section of M inne
sota. W e have added several new banks to our list the
past year.
In spite of much pessimistic talk in some
quarters I expect 1904 to be a go o d business year. It m ay
not be quite equal to some of the recent years of e x
ceptional activity, but it will not need to be in order to be
called a year of go o d business. O u r banks are doing well
and I expect them to make a go o d sho w ing in 1904. W e
are g o in g ahead with new buildings for some of the
newer banks.”
Mr. H a zlett owns a controlling interest in the fo llo w
ing banks, besides a minority interest in several others:
M e rch a n ts’ National, W a de n a , Minn.; First National,
Vern dale ; First National, H enn in g; First National, P a r
kers Prairie; First National, Staples; F irst National, M o t
ley.
T h e Little Schuylkill N avigatio n Railroad & Coal Co.
has declared a dividend of $1.25 per share, payable Jan. 15.
T h e directors of the United States T r u s t Co. have de
clared a semi-annual dividend of 5 per cent, payable Jan.
1, 1904, to stockholders of reco rd Dec. 28.
T h e A m erican Chicle Co. has declared a re gular quar
t erly dividend of ips per cent on its preferred stock, p a y
able Jan. 2.' B o o k s close Dec. 30 and reopen Jan. 4. T h e
co m p an y has also declared a m on th ly dividend of I per
cent on the common stock, payable Jan. 20. B o o k s close
Jan. 15 and reopen Jan. 21.
12
T H E C O M M E R C I A L WEST.
Saturday, January 16, 1904.
M inneapolis M oney.
Com m ercial W est B usiness N ew s.
E ugen e M. Stevens, Minneapolis, Jan. 14.— “ T h e re has
not been quite so much demand for m o n ey this week,
and the tendency has been toward little easier rates. E a s t
ern m on ey is being offered to some extent, and has had
the effect in some instances of re ducing our rates locally
one-half of one per cent, so that some of the best known
names in endorsed paper have been taken at
per cent
and commission. T h e re is a considerable demand from
outside banks for demand paper without much offering.”
Dean Bros. & Co., Minneapolis, Jan. 13.— “ T h e local
mark et is broadening and there is a stron ger demand for
paper. T h e lower rates quoted from the east are having
their influence and the tendency is toward lower rates here
although this mark et is slow in m eeting the eastern rate
o w in g to the fact that our banks have kept pretty well
loaned up. Rates are 5-/2 per cent to 6 per cent on time
and 5 per cent on demand.”
S. H. Bow m an, president of T h e B o w m an L um ber Co.,
and also several subordinate companies, said to T h e C o m
m e r c ia l W e s t before starting this w eek for the Pacific
coast:
“ I look for a normal business this year.
L ast year
was a go o d normal year and 1902 a normal year.
You
notice the gradual contraction. But I don ’t expect to see
hard times except for some individuals or corporations.
T h o s e w ho have failed to note the signs of the times and
did not ge t a little nearer to shore m a y have some trouble
but on general business prospects 1 am optimistic. B e
sides our extensive lumber interests, which reach from
the A tlantic to the Pacific and south to the Gulf, I am
p ersonally interested in various banks and so have e x
ceptional opportunities for summing up general business
conditions. T his also gives me opportu nity to check up
on yo ur financial news columns, and I want to say that
I find 1 h e C o m m e r c ia l W e s t rem arkably accurate. Y o u
certainly get v e ry close to the facts, and cover the western
country admirably.
Y o u r s would be the last journal I
would dispense with if I was re vising m y list.”
C hicago M oney 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 rc ia l W e s t.)
Chicago, Jan. 14.— M o n ey in Chicago is tending easier.
T h e market is still quoted at 5L2 to 6 per cent, but ba n k
ers find it much harder to secure the high rate than be
fore the turn of the year. C o un try deposits are increasing
in several of the banks at a rate disproportionate to the
change in the demand for funds.
“ W e find it much harder to get 6 per cent for our
m on ey n ow than w e did before the first of the year,” said
the president of one of the leading national banks y e s te r
day. “ The tendency of the market seems to be toward
easier rates. I have not heard of loans of any importance
under 5 ^ per cent as yet, but loans at that rate are not
uncommon. T h e banks gen erally had an excellent year in
1903, but I doubt if they will be able to duplicate the
profits in 1904. Interest rates will not be as high th rou gh
out the year, 1 think, and it seems probable to me that
w e will all make more losses.”
German Am erican N ational Surplus.
O n January 1st, the G erm an-A m erican National Bank
of Minneapolis paid a semiannual dividend of 4 per cent,
also added $10,000 to its surplus fund.
T h e bank has paid dividends re gularly twice each year
since its org anization 1886.
T o ta l amount of dividends p a i d ........ $78,400.00
T h e capital of the bank is ............... 60,000.00
Surplus ....................................................... 40,000.00
Undivided profits .................................. 15,515.00
Deposits about ......................................... 900,000.00
The First N ational Bank, St. Cloud, Minn.
T h e annual m eeting of the stockholders of the First
National bank, St. Cloud, Minn., elected the follo w in g
directors for the year 1904: John Zapp, J. G. Smith, H.
P. Bell, L. W . Collins, T h e o d o r e Bruener, John Cooper,
W . B. Mitchell, E. F. Moore, John N. Benson and Louis
Clarke. T h e only change in the directorate from that
of the last year was the election of T h e o d o r e Bruener to
fill the place of E. B. Smith, resigned. T h e officers elect
ed for the com ing year were as follo w s: President, E. F.
M o o re; vice-president, L. W . Collins; cashier, W . W .
Smith. T he regular semi-annual dividend of 4 per cent
was declared.
Condition of M innesota State Banks.
T h e total resources of the 291 state banks of Minne
sota were $1,116,686.61 less on Dec. 8 than the total re
sources of 257 banks in operation Nov. 25, 1902, according
to a statem ent issued this w eek by Public E x am in er S. T.
Johnson. T h e deposits have fallen off $2,156,805.74, w h e r e
as the capital stock has increased slightly, $371,350, the
surplus and profits $626,784.6U and other liabilities $41,984.52.
R e ga rdin g this statement. Mr. Johnson says:
“ W h ile there is a feeling of caution and a great deal
of care exercised by all financial institutions, I feel that a
comparative statement of the banks is v e ry satisfactory.”
T h e statem ent follow s:
N o v . 25, 1902.
(257 b a n k s .)
T o t a l r e s o u r c e s ...................................... $56,286,248.24
C a p i ta l ........................................................
S u r p lu s a n d p r o f i t s ................................
D e p o s its .....................................................
O t h e r lia b iliti e s ....................................
D e c. 8 , 1903.
(291 b a n k s .)
$55,169,561.63
$7,604,700.00
2,295,775.20
45,761,612.77
624,160.27
$7,976,050.00
2,922,559.81
43,604,807.03
666.144.79
$56,286,248.24
$55,169,561.63
T h e Bank of Gaylord, Gaylord, Minn., opened business
Jan. 12 as the First State Bank of Gaylord. T h e capital
is $15,000. W . G. Com n ick is president; Chas. Busch, vicepresident; T, W . Comnick, cashier. T h e directors are un
changed.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Branch H ouse F or St. Louis.
John P. Hollingshead & Co., commercial paper, C h i
cago, announce the opening of a branch office in St. Louis,
located at 516 Security building, which will be under the
m anagem ent of our H. W . Lahey. T h e business of this
firm is g r o w in g steadily in the W est.
Bond & Goodwin, Boston, announce that T h o m a s F.
B a x te r has becom e a member of the firm.
T h e stockholders of the Good hue Co un ty bank, Red
W in g , Minn., have decided to convert the institution into
a national bank with $150,000 capital.
A t a m eeting of the board of directors of the F a r m
ers’ National bank of D o d g e Center, Minn., the re sign a
tions of President N. Evans, Vice -P resid en t P. H. Evans,
Cashier W . G. B row n and D irector C. LI. B row n were a c
cepted, and the fo llo w in g officers were elected to fill the
vaca ncies:
President, M cD . W illia m s ; vice-president,
W illia m W illiam s and A. A. H a rm er; cashier, W . M. Harmer; assistant cashier, H. W . W h itn e y.
Chicago Foreign E xchange.
T h e N a tio n a l B a n k o f t h e R e p u b lic C h ic a g o , q u o te d f o r e ig n
e x c h a n g e r a t e s a t c lo se , J a n . 13:
S te r l in g —
60 d a y s ’ s ig h t.
D em and.
4 86
P o s te d r a t e s ...................................... 4.82
A c tu a l . . . .............................................
4.8 2 %
4^5%
4 .8 2 %
4 85
C o m m e rc ia l ........................................
C a b le s .................................................... 4.86%
B a n k of E n g l a n d r a t e , 4 p e r c e n t ; p r i v a t e r a te , 3% p e r c e n t.
M ark s—
60 d a y s ’ s ig h t.
D em and.
A c tu a l .............................................................94%
.95
C o m m e r c i a l ................................................. 94 %
. 94 %
C a b le s ............................................................ 95 %
B a n k r a t e , 4 p e r c e n t ; p r i v a t e r a te , 2% p e r c e n t ; S te r l in g
c h e c k s . M. 20.47.
F ran cs—
60 d a y s ’ s ig h t.
D em and.
A c tu a l ...................................................
5 .2 1 %
5 .1 8 % p lu s l - 1 6
C o m m e r c ia l ........................................ 5.2 2 %
5.20
...........
C a b le s .................................................... 5 .1 8 %
B a n k r a t e , 3 p e r c e n t ; p r i v a t e r a t e 2% p e r c e n t ; ' S te r lin g ,
c h e c k s , f r s . 25.18.
Fine D ining Car Service.
T h e W isco n sin Central R a ilw a y has without doubt
the finest dining car service between the T w in Cities and
Ch icago. Cafe cars on all day trains. T ick e t office 230
Nicollet Ave., Minneapolis.
NOTICE TO BOND PURCHASERS.
Sealed bids will be received up to
eight o’clock p. m., February 15th, 1904,
for the sale of $15,000.00 of refundingbonds to be issued by the city of Wahpeton, North Dakota, to draw interest at
the rate of five per cent, per annum, pay
able as follows: $5,000.00 15 years after
date of issue; $5,000.00 20 years after date
of issue and $5,000.00 25 years after date
of issue. Principal and interest payable
in Wapeton, North Dakota.
The city reserves the right to reject
any or all bids and to apportion the
bonds between bidders.
F. B. S C H N E L L E R ,
City Auditor.
Saturday, January 16, 1904.
the
THE COMMERCIAL WEST.
S E C U R IT Y B A N K
13
M IN N E S O T A
of
MINNEAPOLIS
Capital Paid i n ...................................... $1,000,000
S u r p l u s .........................................................
200,000
Solicit Accounts of Banks, Corporations, Individuals & Business Firms
OFFICERS:
F. A. Chamberlain, President
Thos. F. Hurley, Cashier
Perry Harrison, Vice-President
Fred Spafford, Assistant Cashier
Minneapolis Real Estate Board Elections.
T h e annual elections of the Minneapolis Real E state
Board occurred on W e d n e s d a y afternoon. T h e officers
elected w ere:
.
.,
President, S. S. T h o r p e ; vice-president, E. A . Merrill,
office of secretary left open, subject to nom inations, treas
urer, F. B. Ch ute; executive committee, F. G. James, L.
B E lw o o d R D. Cone; valuation committee, W . A.
E gg lesto n , F. E. Rainey, J. U. Barnes, F. W . Lauderdale
and F. C. N ickels; membership committee, F. J. Smith,
W . B. Boardman, L. W . Campbell, M att Gross and M.
F. Schutt; legislative committee, P. C. Dem in g, J. r .
M oore, W . Y . Dennis, W . W . Price and W . W . Clark;
arbitration committee, F. E. Barney, C. L. S a w y e r and
H. A. Barnes.
State Banks Number 300.
T h e r e are n ow an even 300 state banks doing business
in Minnesota. Nine have been added since the last call
w as made, Dec. 8. T h e last one admitted to do business
is the First State B a n k of Gaylord, which has $15,000
capital.
E. F. Markle, Vice-President
M. C. Hamer, Asst. Cashier
Uncalled For Run on a Superior Bank.
T h e F irst National Bank of Superior, W is., this w eek
experienced a run on its savings department, that illus
trated how easily such runs m ay be started from no re a
son at all, or from one essentially silly. T h e only e x
planation given for this run is found in a rumor that
shipyards’ employes w ho are n ow out of w o rk became
angered at the refusal of people connected with the bank
to subscribe for stock for a boat proposed to be built by
Superior citizens. T h e y started to draw out their sav
ings, and this set up a scare.
Im m ediately after the run started gold was secured
and paid out till finally everyone w as satisfied. T h e bank
did not close as usual at 3 o ’clock, but. stayed open till
late in the evening, so that the crow ds of anxious deposi
tors could draw out their savings without w aiting till the
morrow. A quarter 01 a million dollars in cash was sent
from St. Paul and Minneapolis to meet any further run
the next day.
T h e F irst National is the oldest bank in Superior, with
a capital of $200,000, and deposits of about $1,500,000, of
which about $400,000 are savings deposits.
Condensed Report of the
INVESTMENT
=
RQ N H S=
Y IELD IN G 4 T O 6 PER CEN T
S ta te
B an k of C hicago
D e c e m b e r 30, 1903,
A s m a d e to S t a t e A u d ito r .
RESOURCES.
EMBRACING
$8,367,310.19
7,290.99
703,292.90
3,494,075.30
L o a n s a n d d i s c o u n t s ...........................................
O v e r d r a f ts .............................................................
B o n d s .........................................................................
C a s h a n d d u e f r o m b a n k s .............................
$12,571,969.38
S E C U R I T Y
I N C O M
E
PERMANENCY
WRITE OR CALL AT BOND
DEPARTMENT
UI A B I L I T I E S .
$ 1 , 0 0 0 , 0 0 0 .0 0
C a p i ta l s to c k ........................................................
S u r p lu s ..............r .....................................................
U n d iv id e d p r o f its ........... , .................................
D e p o s its ...................................................................
200 ,000.00
248,017.93
11,123,901.45
$12,571,969.88
O F FIC E R S.
H . A . H A U G A N , P r e s id e n t.
J O H N H . D W IG H T , V ic e - P r e s id e n t .
J O H N R . L I N D G R E N , C a s h ie r.
F R A N K I. P A C K A R D , A s s i s t a n t C a s h ie r.
H E N R Y S. H E N S C H E N , A s s i s t a n t C a s h ie r.
S A M U E L E . K N E C H T , S e c r e ta r y .
B O A R D OF DIRECTO RS.
American Trust &
Savings Bank
C H IC A G O
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THOM AS M URDOCH.
D A V ID N . B A R K E R .
A. P . JO H N S O N .
W M A. P E T E R S O N .
G E O . E , R IC K C O R D S .
JO H N
C A L V IN D U R A N D .
J O H N H . D W IG H T .
M O SES J. W E N T W O R T H .
THEO. FREEM A N .
H . A. H A U G A N .
.. L I N D G R E N .
G E N E R A L B A N K IN G , S A V IN G S ,
L E T T E R S O F C R E D IT , IN V E S T M E N T B O N D S,
F O R E IG N E X C H A N G E , T R U S T S .
A c c o u n ts a n d c o lle c tio n s of b a n k s
s p e c tf u l ly s o lic ite d . E s t a b l i s h e d 1879.
and
b an k ers
re
14
THE COMMERCIAL WEST.
Saturday, January 16, 1904.
The First National Bank of Minneapolis
U N IT E D S T A T E S D E P O S IT O R Y .
C a p i t a l , ...................................
Surplus and Undivided Profits,
$ 2,000,000
1 ,2 5 0 , 0 0 0
O F F IC E R S :
J. B. Gilfillan, President.
F. M. Prince, Vice-Pres.
C. T. Jaffray Cashier
____
D- Mackerchar, Asst. Cashier.
Ernest C. Brown, Asst. Cashier.
E N JO Y S W E ST E R N H O S P IT A L IT Y
(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.)
p arently p rospering and the business houses re port exce l
lent collections. L a n d prices seem too high, but if such
crops as have been produced can be raised steadily, the
prices are only moderate.
T opeka, Kan., Jan. 11.— “ T h e condition of the S o uth
w est and W e s t is simply m arvelous.” T h is is a statem ent
made to 1 h e C o m m e r c i a l W e s t representative b y G eorge
Otis, of the W a l l Street Journal, w ho is m akin g a tour of
central K a n sa s studying the conditions of the smaller
towns as well as the cities. He has been through T ex a s,
O klah o m a and a portion of Kansas. “ T h e people e v e ry
where are successful, and I can now understand w h y they
are feeling so independent of W a l l Street,” he co ntin
ued. “ T h e re is a reliance on the W e s t that is remarkable,
and is the result of fine crops and good balances in the
banks. In southern T e x a s the boll weevil has made the
crop returns moderate, and there is less bu o y a n cy there
than in other parts of the Southwest. Central and north
ern T e x a s is one broad grin. T h e high price of cotton has
made the farmer feel rich and the banks are loaded with
money. O ne bank in Dallas has nearly five million dol
lars on deposit. T h e co tton p rosperity reaches clear up
into Oklahom a, and is then succeeded by the boom that
comes from w heat and immigration. E v e r y town is ap
“ O ne thing is noticeable:
T h e re is v e r y little an
tagonism compared with w hat there w as a few years ago.
It is this w a y with the man w ho has made m o n ey : W h e n
he is poor he envies those p rospering and thinks w hat he
will do when he gets rich to punish them. W h e n he be
comes well-to-do he forgets that and is glad w hen he
sees others prosper. O n m y w a y W e s t I heard a man in
Io w a express himself on the E ast in sneers. ‘I don’t care
w hat becom es of the E a st,’ w as his remark. ‘W e don ’t
need it any more and it can go w here it w ish es.’ But no
w here else was there a n y indication of such feeling. O f
ten bankers say, ‘w e have no W a ll street stocks and do
not have to w o r r y about the flurry in the E a st,’ but in
general they consider that we are all a part of one great
coun try and are anxious to see the w hole thing p ro s
per. It is a healthy, big-hearted lot of people you have
in the W e s t and it is a delight to meet them.”
M ilwaukee M oney Market.
lieve within the next w e e k or ten days rates will be shaded
from those w e have quoted a bove.”
(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 rc ia l W e s t.)
Milwaukee, Jan. 13.— A n easier feeling prevailed in the
M ilwaukee m o n ey m arket during the past week, the sup
ply of idle funds gradually increasing until they were con
siderably in excess of the demand. A ft e r the first of the
year the demand for m o n ey fell off and demand rates of
discount were quoted at 5 to 5/4 per cent and co mmercial
paper at 6 per cent, though it is am o ng the possibilities
that before the present month comes to an end there will
be a considerable shaving of discount rates b y bankers
w ho wish to keep their funds employed. T h e currency
m ovement from the interior is larger and some shipments
are being made E a stw ar d but none of any consequence to
the W est.
St. Paul Banks E lect Officers.
St. P a u l’s six national banks held their annual elec
tions T uesd ay. In almost every instance the officers and
directors were re-elected, there bein g but three changes in
the entire list of sixty-eight directors.
T h e va ca n c y in the directorship of the Second N a tio n
al bank caused b y the death of L. P. W r i g h t w as filled by
the election of C. H. Buckley. T h e o d o r e A. Sch ulze and
Charles W . Gordon w ere elected to the First National
board, to succeed E. W . W in te r and F. B. Clark, w h o
have left the city. T h e re w ere no changes in the list of
officials. T h e v a ca n c y on the board of the St. Paul N a
tional caused b y the death of C. W . H a ck e tt w as filled by
the election of H. B. Gates.
B oston M oney 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 rc ia l W e s t.)
Boston, Jan. 11.-— Bond & Goodwin, co mmercial paper,
report as follows on the m on ey market:
F o r the past -week the ten dency in rates here for de
mand and time m o n ey has been rapidly downward, and
to day there is an abundance of m o n ey to be had on short
or lo ng time loans at rates practically one per cent under
those quoted a w eek ago.
“ Business paper has begun to move freely in the city
and with the country banks, first quality selling at 5 per
cent, and $l/ 2 per cent quoted for names not as well known.
In exceptional cases, the best N e w England mills, with
selling house endorsement, are secu ring m on ey as low
as 4J2 per cent on six to twelve m o n th s’ time, which co m
pares favo rably with the rate for notes of Massachusetts
cities and towns, issued in anticipation of taxes for the
present municipal year, which are selling at 4 ^ per cent.
T h e se municipal notes are legal investments for M a ss a
chusetts savings banks, w here the city or town issuing
same has a net debt not exceedin g 5 per cent of its total
valuation for purposes of taxation.
“ Dem and m o n ey is readily obtainable by the best bo r
rowers at 414 per cent and 5 per cent is the maximum rate.
“ T w e lv e m o n th s ’ m on ey in the savings banks is quoted
at 4J2 per cent to 5 per cent, depending on the quality of
the collateral pledged.
M o n ey at the clearing house is
freely offered at 4^4 per cent, and looks lower. W e be-
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
E U G E N E
M.
ST E V E N S,
CO M M ER CIAL PAPER AND
IN V E ST M E N T SE C U R ITIE S
Municipal, Corporation and Railroad Bonds.
Local Securities.
127 G u a r a n t y B u i l d i n g .
Bank Stocks and
M IN N E A P O L IS , M IN N .
C H A R L E S A. C H A P M A N
C O N SU L T IN G E N G IN E E R
1040-42 Marquette Building,
-
-
CHICAGO
=
,
, ---------------------j . Safe investment on
v
£ improved farm loans from $200.00 to $500.00 upon 160
£ acres. Best of references.
^
|
M . J . K O L B & C O ., B a g le y , M i n n .
THE COMMERCIAL WEST.
Saturday, January 16, 1904.
W A T SO N & COMPANY,
BROKERS
Chamber of Commerce, Minneapolis-----24 Broad Street, New York
S to c k s ,
B on d s,
N E W YORK STOCK E X C H A N G E
CH ICAG O STOCK E X C H A N G E .
W IN N IP E G G R A IN E X C H A N G E .
G r a in ,
P r o v is io n s ,
M B M B B R 8 :
C H ICAG O BOARD OF T R A D E .
S e w Y O RK PR O D U C E E X C H A N G E .
M IN N E A P O L IS C H A M B ER OF CO M M ERCE.
ST. LO U IS G R A IN E X C H A N G E .
Private Wires to Chicago, New York, and Other Cities.
T E L E P H O N E CALLS:
M A IN 9 0 6 A N D M A IN 5 1 7 .
M IN N E A P O L IS B A N K E L E C T IO N S.
A ll of the national and some of the state banks of
Minneapolis held their elections on T ue sd ay , except in the
case of the G erm an -A m erican bank, w here a successor
was to be chosen to the late G eo rge H uhn as president,
there w as no special interest in the elections.
G e r m a n A m e r ic a n .
T h e G erm an -A m erica n ba n k’s official list is n ow
as
fo llo w s:
President, Francis A. Gross.
F irst V ice-Presiden t, Charles Gluek.
Second Vice-Presiden t, J. M. Griffith.
Assistan t Cashier, Geo. E. Stegner.
Mr. Gross, w h o succeeds the late G eo rge H uhn as
president, w as born in Hennepin county, and has been a
resident of this city since 1870. H e became connected
with the G erm an -A m erican bank in 1889 in the ca pacity
of a clerk. In 1896 he w as appointed to the position of as
sistant cashier, and in 1898 w as made its cashier.
Mr. Stegner, the n ew ly appointed assistant cashier, has
been an employe of the bank since 1892, and for the past
four years was its p ayin g teller.
T h e list of new directors is as follo w s:
Charles Gluek, vice-president of Gluek B r e w in g Co.
J. M. Griffith, capitalist.
G. J. Heinrich, treasurer of Minneapolis B r e w in g Co.
H e n r y D oerr, of W in e c k e & Doerr, wholesale to bac
E. W . L ym a n , O. M. L a r a w a y , G. H. Partridge, E. J.
Phelps, F. B. Semple, H. H. T h a y e r, F. H. W e llco m e,
John W a s h b u r n and E. C. W arn er.
N o rth w e ste rn N a t io n a l.
President, W m . H. D u n w o o d y ; vice-president, M. B.
K o o n ; vice-president, E d w ard W . D e cke r; cashier, Joseph
Chapman, Jr.; assistant cashier, F ra n k E. H o lto n; assist
ant cashier, Charles W . Farwell.
D irecto rs— James S. Bell, J. E. Carpenter, .Joseph
Chapman, Jr., E. C. Cooke, S. A. Culbertson, E. W . D e c k
er, W illia m H. D u n w o o d y , L. S. Gillette, T . B. Janney,
M. B. K o o n, H e n r y L. Little, W . G. Northrup, G eo rge
W . Pea ve y, G eo rge W . Porter, W . /\. Ram sey, A. T. Rand,
James W . R aym ond, G eo rge W . V a n Dusen, C. D. Velie,
O. C. W y m a n and J. T. W y m a n .
S w e d is h -A m e r ic a n N a t io n a l B a n k .
President, N. O. W e r n e r ; vice-president, C. S. Hulbert; cashier, F. A. Smith; assistant cashier, E. L. M a tt
son.
Directors, C. M. Am sden, W . S. Amsden, C. S. Hulbert, Marcus Johnson, C. C. W y m a n , C. J. W y m a n , C. À.
Smith, F. A. Smith, A u g u st Sa ndberg, A. Ueland, N. O.
W e r n e r and E. L. Mattson.
T h e only change in the directorate w as the election of
A u g u s t Sa ndb erg in place of S. J. Turnblad.
C la r k e N a t io n a l B a n k .
President, A . D. Clark e; vice-president, F. L. W illia m s;
V. G edney, vice-president of M. A. G edn ey Picklingcashier, S. P. Barr.
D irectors, A. D. Clarke, E. Baco n, D. C. Filkins, F.
Co.
Jacob Kun z, of K u n z Oil Co.
L. W illiam s, S. H. T a y lo r, E. R. Gaylord , J. A. Modisette
A. E. Eichhorn, of E ichhorn & Sons, insurance loans.
and S. P. Barr.
Pe ter J. Scheid, capitalist.
S e c u r it y B a n k of M in n e so ta .
W m . J. V o n der W e y e r , of V o n der W e y e r & L ohm ar,
President, F. A. Chamberlain; vice-presidents, P e rr y
conists.
I.
dry goods.
Geo. M. Bleecker, attorn ey at law.
Geo. Salzer, president of Salzer L u m b er Co.
Francis A. Gross, president of G erm an -A m erican bank.
F ir s t N a t io n a l.
President, J. B. Gilfillan; vice-president, F. M. Prince;
cashier, C. T. Jaffray.
D ir ecto rs — G eo rge C. Ba gley , E. L. Carpenter, R. HChute, H o v e y C. Clarke, W a l t e r D. D ouglas, A. C. L oring, J. D. McMillan, John Martin, S. G. Palmer, E. P e n
nington, A lfr e d F. Pillsbury, R. R. Rand, O. T. Swett, F.
B. W e lls , E. P. W e lles, A. M. W o o d w a r d , J. B. Gilfillan,
F. M. Prince and C. T. Jaffray.
E. L. Carpenter and J. D. M cM illan are the tw o addi
tions to the old list.
N a t io n a l B a n k of C o m m e rce .
Harrison and E. F. M earkle; cashier, T. F. H u rley ; as
sistant cashier, F red Spafford.
Directors, F. G. W in ston , T. H. Shevlin, H. C. A kele y ,
G eorge F. Piper, L. F. D a y, G eo rge C. Christian, F. A.
Chamberlain, S. T. M c K n ig h t, J. H. Queal, W . S. Nott,
Louis K . Hull, W . O. W in ston , P e r r y Harrison, T h o m a s
F. Hurley. H. M. Carpenter, C. C. W e b b er , E. J. Carpen
ter, R. M. Bennett, C. F. D e av er and E. F. Mearkle.
G e r m a n ia B a n k .
President, O. E. N a eg ele; vice-presidents, J. C. O sw a ld
and L. Paulle; assistant cashier, E. W . Naeg ele.
D irecto rs— O. E. Naegele, J. C. O sw ald, L. Paulle, H.
J. Dahn, C. G. Laybo urn, Joseph In gehu tt and H. V o g t.
P e o p le 's B a n k .
President, W a lla c e Campbell; vice-president, G. S.
Shere r; cashier, C. E. Cotton; assistant cashier, H. D.
President, S. A. H arris; vice-president, H. H. T h a y e r ;
cashier; A. A. Crane; assistant cashier, W . S. H arris; as
sistant cashier, G. E. W illiamson.
D irecto rs— S. H. Bo w m an , S. A. Culbertson, A. A.
Crane, S. A. Harris, F. T . Heffelfinger, F. E. Kenaston,
Davis.
Directors, E m e rso n Cole, G eorge S. Sherer, Marshall
H. Coolidge, O. H. Havill, W e n d ell Hertig, W a lla ce
Campbell and C. E. Cotton.
T h e N e w U lm N e w s says there is general complaint
a m o ng local bankers in the smaller towns and villages in
this portion of the state about the scarcity of m o n ey to
loan or discount go o d paper with. Is the speculative fever
of recent years to invest in land the cause? It is said by
persons w h o ought to kn o w that the amount of ^Springfield m o n ey alone invested in land in northern Minnesota
the D ako tas and Canada amounts to more than $200,000,
and the amount of B r o w n county m oney similarly invest
ed in recent years must amount to at least three-fourths
of a million dollars.
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Federal Reserve Bank of St. Louis
THE COMMERCIAL WEST.
i6
D IR E C T O R S :
A. C. Anderson.
C has. W. Ames.
E. H. Bailey , President.
C. H. B igelow .
K enneth C lark .
Haydn S. C ole , V.-P. & Counsel
W. B. D ean .
R obert R. D unn, V.-Pres.
F rederic A. F ogg.
T H IS
Saturday, January 16, 1904.
Northwestern Trust Company
S T .
P A U L ,,
M ItV tV .
-------------------------------------- ACTS A S ----------------- ----------------------
Trustee, Registrar, Transfer Agent. Fiscal Agent, Executor,
Administrator, Receiver, Assignee, Guardian, Etc.
A ssum es G en eral C harge and M an ag em en t of R eal and P e rso n a l E s ta te s.
D IR E C T O R S :
T hos. Irvine .
F rank B. K ellogg .
James W. L usk.
A. E. Macartney .
A lbert L. Ordean .
Geo . C. P ower .
E dward N. Saunders.
R. E .S hepherd .
J. H. Skinner .
T heo . L. Schuermier
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 I N E S S
F O R E IG N T R A D E A N D F IN A N C E IN 1903 .
By M. Krell, Manager of the Foreign Department of the Commercial
National Bank, Chicago.
T h e industrial activity during the first half of 1903 was
v e ry great and remunerative.
Continued disturbances
due to the demands of labor unions and frequent strikes
caused a general feeling of caution to manifest itself
throughout the w hole country and new orders in almost
all branches of m anufacturing lessened as co mpared with
the correspondin g figures of the previous five years.
T h e y e a r 1903 opened with a firm m o n ey market,
which prevailed throughout the year. T h e m on ey con
ditions thus not only prevented active stock exchange
speculation but forced a thorough liquidation of long
stocks at an enorm ous sacrifice to those w h o were obliged
to sell their holdings. N o tw ithsta ndin g this great decline
in the values of stocks only a few failures or em barrass
ments of importance occurred, and although the condi
tion of the m o n ey mark et became at times most un co m
fortably close, banks were able to withstand the pressure
and thus prevent a general collapse o f confidence and
credit. A s the year p rogressed it became evident that
the iron and steel industries were laboring under diffi
culties, and it w as found hard to maintain prices for their
products— for which the demand had largely fallen off.
N e w difficulties for the banks arose when the annual
demand for m on ey for the purpose of m o vin g crops began
to be felt. T h e western banks, apprehensive on this point,
provided their funds earlier in the year than usual, but
when harvesting was fully under w a y it was found that
in quantity and quality the crops were so bountiful and
excellent that the handling of them required more m o n ey
than was anticipated. T h e co tton crop, estimated to be
about 500,000 bales belo w last y e a r ’s yield, was a late
one, and a large part of it was mark eted with an un
precedented rush during November.
F o re ig n In d e b te d n e ss L iq u id a te d
O w i n g to the facts stated, our fore ign trade and inter
national m o n ey transactions offered m a ny intere sting fea
tures. Until the beginning of Septem ber our imports were
only a little less than our exports and w e were obliged to
ship gold abroad to the amount of about $20,000,000. T r e
mendous exports of cotton, however, soon gave us a
large balance abroad, and it is officially estimated that
the year 1903 will close with a trade balance in our favor
of at least $400,000,000. O u r fore ign indebtedness, which
at the be ginning of the year was not more than normal,
has been entirely liquidated during the fall months; be
sides we were able to import $25,000,000 of gold in p a y
ment of our exports of cotton, grain, provisions, etc.
A s the home markets w ere sufficiently able to continue
to consume the output of the various industries, no spe
cial efforts were made to increase our sales abroad until
later in the year when the home demand slackened and
stocks began to accumulate. If no great reduction in pro
duction takes place, manufacturers will la rge ly look to
foreign mark ets in 1904 in order to maintain their v o l
ume of business and keep their skilled w o r k in g forces
employed.
T h e low prices of stocks and bonds have once more
attracted foreign investors. T h e purchases of such securi
ties on the part of European capitalists have not as yet
assumed large proportions; such buying will, however, in
crease rapidly when m o n ey in the European capitals be
comes abundant, as is usually the case at the beginning
of the year.
G r e a t B r it a in .
. Has been and still is in the throes of a great agitati° n as to her future tariff policy. Until the question of
tariff or free tra d e ” is settled, enterprise naturally will
hold back. Business was gen erally satisfactory and signs
point to a continued remunerative activity.
O f course, there is the threatenin g danger of the
A m erican steel industries invading the E nglish m arket by
underselling home m anufacturers; also the supposed large
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Federal Reserve Bank of St. Louis
shortage in the cotton crop of 1903-1904, which has already
caused the price of raw cotton to advance 40 per cent;
further there are possible political complications in the far
east, which will tend to make L on d o n bankers act v e ry
cautiously in the new year. M o n e y com m anded a go o d
rate in the discount as well as in the call loan mark et
thus afford ing French and German capital remunerative
employment until needed in their respective home m a r
kets.
F re n c h
In v e s to rs v s . A m e r ic a n S e c u r it ie s .
France has labored under almost the same difficulties
as in 1902, viz: strikes, political disturbances and a vast
accumulation of idle money.
F rench investors still ad
here to their principle of avoiding A m erican bonds and
stocks, no matter how go o d a security they m a y offer.
T h e time must come, how ever, when the F rench public
will change its attitude tow ards A m er ica and gradually
prefer North A m erican issues of securities to bonds of
some states in South A m erica, where millions of F rench
m o n ey has been invested, with double returns.
Efforts
have been made for some time by several of the leading
banks of Paris to gather exhaustive information about
A m erican railroad and industrial conditions in order to
submit reliable reports to their customers w h o wish to
invest in A m erican securities.
It should be mentioned
here that it was one or two of the great Paris ba nks that
furnished the m o n ey necessary to successfully carry out
the co rner in cotton in June and July, 1903. Great satisfaction is felt on the part of the F rench holders of the
unfortunate Panam a Canal Co. stock over the fact that
tin ough the paym ent of $40,000,000 which the com pany
is v e ry likely to receive from the United States g o v e r n
ment, at least a part of the vast losses in that enterprise
will be recouped.
P r o s p e r it y of G e r m a n y .
T ra d e reports are more favorable than for any year
smce 1901, when the great boom in G erm an y came to a
sudden end. Business has been satisfactory in most lines
of trade and industry, and that coun try will soon consider
the crisis of 1901 a thing of the past. A s the cotton spin
ning industry is v e r y important, it remains to be seen
what effect the rapid advance in the price of cotton will
have upon it.
German banks continue to prosper under their con
servative and very able m anagem ent.
T he im m ense
m oney-pow er of the joint-stock banks, in co-operation
with the Im perial bank, enables the Berlin market to carry
out transactions involving hundreds of m illions w ithout
causing the sligh test disturbance to legitim ate business.
During the fall the Im perial bank again issued in one
week oyer M 300,000,000 of its notes, all of which w ere re
tired within tw o w eeks time. If this system were not in
existen ce the m oney requirem ents of that country could
American securities may depress rates to the point where
it pays to import gold.
R e s u m e of 1903 .
In summing up the results of the year 1903 we find that
trade was as a w hole v e ry active; capital found ample e m
ployment at remun erative rates. O u r fore ign trade has
been satisfactory, especially with regard to prices obtained
abroad for our principal staples: Cotton and grain. T h e
prospects are favorable for continued fair business activity
m 1904. Bankers expect easier m on ey conditions, which
should help to stimulate new enterprises. O ne of the fa
v o rin g conditions to bring about this situation will be a
general readjustm ent along conservative lines of both
w ag es and prices of raw and finished materials.
W it h abundant crops, mark eted at good prices, the
farmers, the essential source of prosperity in our co un
try, should be in a condition to help us tide over the
season of dullness which usually confronts us with the
approach of a presidential election.
T H E CO M M ER CIAL W EST.
Saturday, January 16, 1904.
S. A . H A R R I S , P r e s id e n t .
H . H . T H A Y E R , V ic e - P r e s id e n t .
17
A . A . C R A N E , C a s h ie r .
W . S. H A R R I S , A s s t. C a s liie r .
THE NATIONAL BANK OF COMMERCE
M
I K K B A P O L I S ,
Capital and Surplus,
S O L I C I T S
C o u n t r ie s
Do
I N N E S O T A
=
$1,200,000
Y O U R
not be satisfied w ith out recurring serious disturbances and
a considerable advance in the rate of interest.
O th e r
M
W e ll.
Italy has had another year of prosperity.
T h e state finances are v e r y satisfactory and the co un
try is g r ea tly aided b y the fact that the bulk of the
Italian state debt is n ow held by Italians. Besides, it is
estimated that Italians living abroad, make remittances of
m o n ey to their relatives or to savings banks in Italy
amounting in the aggregate to 150,000,000 lires per year.
Conditions in Austria-Hungary look somewhat better,
but on account of the pro lo nged and stubborn fight for
petty political favors between the various nationalities of
the empire, and further o w in g to the unsatisfactory state
of politics in the Balkan countries, full confidences has
not yet returned thus ca using business to lack spirit and
enterprise.
Russia, too, has m a n y difficulties. T h e rem oval of her
great Minister of Finance, W itte, has apparently disturbed
the imperial finances and once m ore the treasury is re
ported to be lo o k in g for a m arket w here it can b o rro w
a few hundred million roubles to enable the government
to ca rry out its plans. Business is not yet in a normal
condition, but prospects are n ow more favorablue than
for some time past, provided, of course, peace is further
maintained.
Our neighbor, the United States of Mexico, had a fair
ly satisfactory business year. F o re ign capital continued
to flow thither, and silver, the principal M exican product,
recovered more than 15 per cent from the lowest price of
1902. Gold production is increasing and m a y reach a total
o f $15,000,000 in 1903. In order to place the currency of
the coun try on a stable basis the governm en t has ap
pointed a commission, which after m akin g an extensive
B U S I N T E S S
visit to European capitals, is n ow pre paring a law destined
to change the standard of M e xico from silver to gold.
O u r trade with the South A m erican countries is still
insignificant but the time is approaching when, with the
building of the Pan am a Canal, A m erican trade marks will
become favorites not only in Colombia and Panama, but
all along the w est and east coasts of the great South
A m erican continent. It is to be hoped that be tter bank
ing facilities will be provided to help the American export
er in the cultivation of these promising territories.
M a rk e t fo r F o re ig n
Exchange.
Governed by the law of supply and demand, the m ar
ket for foreign exch an ge has shown a wider range of
fluctuation than for a number of years past. H ig h est and
lowest rates at which actual business was done co mpares
as follo w s:
Ch eck
Ch eck
Check
L on don .
Paris.
Berlin.
515 5-8
96 11-16
H ig h es t .......... 48825
L o w e s t ........... 48275
521 7-8
94 5-16
In June, large exports of gold were made to A rgentine,
Germany, F rance and L ondon, while, beginn in g in N o
vember, a re trograde m ovem ent set in, when gold came
to the United States from London and from Japan. The low
rates of exch an ge prevailing during the second half of the
year have been of great benefit to importers. It is true
that exporters suffered through the cheapness of fore ign
exchange, but th e y were able to more than co mpensate
this apparent loss through the excellent prices obtained
abroad for such staples as cotton and grain.
T h e course of fore ign exch an ge in 1904 will be v e ry
irregular. E a s y m o n ey conditions on this side, w hich will
come later, should cause an advance over present quo
tations, while large exports and fore ign purchases of
Report of the Condition of
Condensed Statement
The Merchants Loan
and Trust Co.
F ed eral T ru st and
Savings Bank
OF CHICAGO
CHICAGO
A t t h e C o m m e n c e m e n t o f b u s in e s s D e c e m b e r 30, 1903.
A t the close of business Decem ber 31, 1903
RESOURCES.
RESOURCES.
Loans and D isco u n ts......................................... $1,604,963.95
Bonds and S to c k s................................................ 1,395,561.29
Furniture and F ix tu r e s....................................
23,895.75
Cash on hand and Sigh t E x ch a n g e .............. 3,712,632.11
L o a n s a n d d is c o u n t s ......................................................$24,628,418.71
I n v e s t m e n t s e c u r i t i e s .................................................... 5,355,929.87
D u e f r o m b a n k s a n d b a n k e r s . . . .$6,169,962.30
C ash a n d c h ec k s fro m
c le a r in g
h o u s e ...................................................... 7,653,481.53 13,823,443.83
$43,807,792.41
LIABILITIES.
C a p i ta l s to c k ...................................................................... $3,000,000.00
S u r p lu s f u n d ...................................................................... 3,000,000.00
U n d iv id e d p r o f its .............................................................
293,738.38
R e s e r v e d f o r a c c r u e d i n t e r e s t ..................................
6,542.09
D e p o s its ................................................................................ 37,507,511.94
$43,807,792.41
OFFICERS.
O R S O N S M IT H . P r e s i d e n t .
E . D . H U L B E R T , V ic e - P r e s id e n t .
J . G. O R C H A R D , C a s h ie r .
F . N . W I L D E R , A s s i s t a n t C a s h ie r .
F . G. N E L S O N , A s s i s t a n t C a s h ie r.
P . C. P E T E R S O N , A s s i s t a n t C a s h ie r .
M g r. F o r e ig n E x c h a n g e D e p a r tm e n t.
L E O N L . L O E H R , S e c ’y T r u s t D e p a r tm e n t.
J O H N E , B L U N T , J R .,
M a n a g e r B o n d D e p a r tm e n t.
M A R S H A L L F IE L D .
C Y R U S H . M cC O R M IC K .
ALBERT K EEP.
LAM BERT TREE.
E R S K I N E M. P H E L P S .
M O SES J. W E N T W O R T H .
E. H . GARY.
E N O S M. B A R T O N .
CHAUNCEY K E E P.
T. J. L E F E N S .
C L A R E N C E A. B U R L E Y . , E . D. H U L B E R T .
O R S O N S M IT H .
for FRASER
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•$9,737,053.40
L IA B IL ITIE S.
C a p ita l.....................................................................$2,000,000.00
S u rp lu s................................................................
500,000.00
Undivided P ro fits................................................
241,752.18
Reserved for Taxes and Accrued In te r e st..
23,152.05
D ep o sits.................................................................. 6,737,149.17
$9,737,053.10
O FFIC ER S.
E. H. Gary, Chairman of Board
Thomas H. Phillips, Pres.
Charles S. Castle, Cashier
N athan G. Moore, Vice-Pres. Irving J. Shuart, S ec’y.
B O A R D OF DIRECTO RS.
E. H. Gary
Norman B. Ream
W. J. Chalmers
Charles Deering A. H . M ulliken
T. B. Phillips
C. B. Shedd
A. E. N usbaum
N. G. Moore
J. N. Vance
D. W. Burrows
W. E . Phillips
E. J. Buffington
I'JtiE COMMERCIAL WEST.
i8
B u sin e s s E s ta b lis h e d
Saturday, January 16, 1904.
1873.
Western Trusï Sc Savings Bank, Chicago.
Capital
-
SI,OOO,OOO
TRANSACTS A GENERAL DOMESTIC AND FOREIGN BANKING, SAVINGS, TRUST COMPANY AND BOND BU SIN ESS.
OFFICERS:
JO S EP H E. OTIS, President.
W I L L I A M C. COOK, Cashier.
WA LT E R H. W ILS O N - Vice-President.
H. W O L L E N B E h G E R . Asst, to the President.
January Bulletin of Investm ents b y F isk
N ew York.
& Robinson,
R a ilro a d B o n d s.
T h e past year has been in a sense a test year for prices
of bonds of all classes, but as co m pared with the declines
in even the highest grad e of stocks, bonds have shown
considerable stability. T h e decline in prices, as a rule, has
been gradual, alth ough persistent.
T h e mark et at the
close of 1903, h o w ev er ,.sh o w s some of the loss recovere d
and a fair prospect of further advance.
T h e total transactions in railroad and miscellaneous
bonds on the N e w Y o r k Stock E x c h a n g e during the year
1903 w ere $684,300,400 par value as co mpared with $879,749,100, par value, in 1902. T h e se figures do not include
the vast am ount of bonds traded in, in the outside market,
or the amounts placed directly abroad. It is of course im
possible to state with any degre e of accuracy, the a g g r e
gate of these.
T h e year 1903 began with a better investment demand
incidental to the January payments of interest and the
railroad bond m arket held firm during the larger portion
of the month and during part of February, but the ge n
eral tendency of prices after this period was dow nw ard
until the latter part of the year. T h e adverse factors in
the situation, early in 1903, were the large loan accoun t of
the associated banks in N e w Y o r k , the depleted reserves
of these institutions and the extended positions of many
large capitalists and individuals, w ho had heav y obliga
tions in underw riting syndicates.
T h e labor situation
w as also threatening during the greater portion of the
year. T h e re w ere besides heav y demands upon the m on ey
market, such as the b o rro w in gs by the Pen nsylvania and
L a k e Shore roads, during January on notes running six
month s and a year, at 4J4 and 5 per cent, respectively, and
the placing of large amounts of equipment obligations
during the year b y various railroad companies at high
rates of interest to provide the needed facilities for han
dling their large traffic. Such transactions have tended to
restrict investment in the old issues netting a smaller re
turn. T h e Pen nsylvania Railroad Co. during the spring
also placed $75,000,000, par value, additional capital stock
at 120, calling for cash to the amount of $90,000,000. It is
understood, however, that out of this sum, provision was
made for the paym ent of the $35,000,000 notes referred to
above.
Du rin g March and April, it will be remembered the
burden of the b o rro w in g w as shifted, to a great extent, to
Europe, by the placing of sterling loans in large amounts,
which it w as expected would be paid in the autumn
through m o n ey received from the crops. It is understood
that such has been large ly the case, and our p ower of re
cuperation is show n not only by this fact but also by the
fact that w e have besides been able to draw large sums
of gold from Europe, the autumn m ovem ent to date
amouting to $24,375,000, including some engagem ents yet
to be received. T his result has been achieved through the
harvesting of go od crops and high prices received for the
same.
T h e ten dency to an advance in the investment market
during the fall has been checked at times b y further e x
tensive borro w in gs b y the railroads; as, for instance, dur
ing N o ve m b e r when m any large issues of bonds were an
nounced, including $10,000,000 Philadelphia, Baltimore &
W a s h in g t o n 4s, $10,000,000 L o n g Island Railroad Co. 4s,
guaranteed b y the Pen nsylvania Railroad Co., $40,000,000
L a k e Shore & Michigan Southern R a ilw a y Debenture 4s,
additional amounts of Ba ltimore & O hio P rior Lien 3l/ 2s,
Baltim ore & O hio F irst 4s, Baltimore & O hio So u th w es t
ern Division 3L>s and £1,500,000 sterling loan of the
Great N orthern R a ilw a y Co. T h e A tc hison, T o p e k a &
Santa he Railroad Co. also sold in Decem ber, $10,000,000
o f its general m o rtg a g e 4s.
T h e year closes with m a ny favorable factors in evi
dence; a m o n g these m a y be mentioned the excellent s h o w
ing made by the foreign trade figures, the maintenance by
the railroads of earnings in most cases up to or beyond
those show n b y the co rrespondin g periods of last year and
the foreign demand for the best class of our railroad
bonds.
G o v e r n m e n t B o n d s.
T h e United States governm ent begins the new year
with a total intere st-bearing debt, expre ssed in round fig
ures, of $900,000,000, upon which the interest charg e is
$24,500,000
per annum.
O f the total debt $541,000,000 is in 2s of 1930, $77,000,https://fraser.stlouisfed.org
000Reserve
in the Bank
3s ofof 1908-1918,
Federal
St. Louis $157.000.000 in the "4s of 1907,
L A W R E N C E NEL SON . Vice-President
H. L. C HA P M A N. Bond Officer.
$118,500,000 in the 4s of 1925, and $6,500,000 in the 5s of
1904. t h e only reduction in the total amount has been in
the 5 per cent bonds. S ecretary Shaw, finding in Se pte m
ber last that the rates for m on ey w ere w o r k in g too high,
announced that the payment ot the 5s due F e b r u a ry 1,
1904, with interest to maturity, w ould be anticipated upon
the presentation of the bonds. H olders of $12,750,000 ac
cepted the secretary's offer, leavin g the amount as stated
outstanding.
Individual investors hold a com paratively small amount
of governm en t bonds. O f the total debt, $389,000,000 is
held in the treasury department as secu rity for circulation
and $169,000,000 is likewise held as security for g o v e r n
ment deposits in National banks, m akin g a total of $558,000,000, or 62 per cent of the grand total.
O f the re
mainder the greater part is held by corporations and es
tates and for the investment of trust funds.
W h ile there has been a com p aratively unimportant
change in the total debt outstanding, there have been im
portant changes in the outstanding amounts of the vari
ous issues, through the operation of the refunding privi
lege granted by the secretary of the treasury last March
and again in September.
T his refunding privilege was
in accordance with the act of C o n gress approved March
14, 1900, and ga ve the right to turn in 3s of 1908-18 and 4s
of 1907 at a price to return an income of 2^4 per cent per
annum to maturity, and receive in exch an ge 2s of 1930 at
102.
D u rin g the year $20,000,000 3s and $76,000,000 4s
w ere thus converted into 2s.
T h e capital of national banks throughout the United
States, which n ow number 5,180, has increased about $28,000,000 during the year, making the total capitalization
about $767,000,000. T h e increase in capital is the result
of the organization of 503 new banks during the year, and
also of some additions to the capital of old-established
banks. T h e total deposits in National banks n ow amount
to $4,500,000,000, of which amount $158,000,000 belongs to
the United States government. T h e se deposits of the g o v
ernment are held by 845 national banks, and are secured
b y United States bonds and other issues.
T h e widest fluctuations have been in the twos. T h e
conditions which caused the advance in the price of this
issue to i i o /J4 in January last and again in Septem ber were
due to the substantial increase in go vernm en t deposits in
national banks, which were granted by Se cre tary Shaw
in order to relieve the m on ey m arket at a time when rates
for both call and time loans had be com e a bnorm ally high.
T h e effect of this action was prompt and satisfactory.
T h e low level w as due to the action of the secretary in
ren ew ing the privilege of refunding the threes and “ s h o rt”
fours into twos, and the advance in price of the two
form er issues was due to the same cause.
In addition to the issue on F ebrua ry 1 next of $7,000,000 Philippine 4 per cent bonds to provide funds for the
payment of friar lands recently purchased, it is probable,
that there will be a further issue of bonds by the Ph ilip
pine gov ern m e n t to provide for the retirement of the $3,000,000 Philippine 4s which will mature on M a y 1 next and
another issue of the same am ount to take care of the
bonds which will mature September 1 next. T h e se cannot
technically be classed as United States bonds, but they
are issued by the authority and with the approval of the
United States governm en t and are accepted b y the s ecre
tary of the treasury as security for go vernm en t deposits in
national banks, and have, therefore, a direct bearing upon
the governm en t bond situation. T h e greatest interest as
to future developments in the mark et centers in the e x
pected issue of United States twos in connection with the
Panam a Canal. It is possible that nothing definite m ay be
known in this re gard until tow ard the close of the present
session of Congress. T h e re is no doubt, however, but
that most national banks expect such an issue during 1904,
or certainly early in 1905. It is' expected also in this con
nection that the secretary of the treasury will call a p or
tion, say $10,000,000 of the governm en t deposits n ow in
national banks to provide funds for the initial Panam a
Canal payments. T h e se features of the present outlook
would seem to give promise of a lower mark et for twos.
Should the present outlook be realized it doubtless will
result in a mark ed increase in national bank circulation.
In respect to increased circulation, how ever, it is proba
ble that the secretary of the treasury will prefer to have
such action on the part of the banks deferred until the
early fall, as in that w a y the increased demands upon
the m o n ey mark ets incident to that season of the year
will be to some extent offset and the interests of the
business com m unity in general be tter served.
.
19
THE COMMERCIAL WEST
Saturday, January 16, 1904.
Hamilton M. Peyton , P re s id e n t.
W illiam C. Hegardt , A ss’t C ash.
James C. Hunter , C ashier.
Isaac S. M o o r e , 2nd A ss’t C ash j
The American Exchange Bank
OF DULUTH ,
M IN N .
(E sta b lis h e d D ecem b er, 1879)
Capital,
-
$500,000.00
Surplus,
-
$275,000.00
D IR E C T O R S ;
T. F. COLE
G. A
S. G. KNOX
H. M. PEYTON
TOMLINSON
A. GOWAN
C. A . CONGDON
W . C. A G N E W
JA M E S D A V ID S O N
KENN ETH CLA R K
JA M E S C . H U N T E R
J. D . E N SIG N
Ï2S Merchants’Loan & Trust
Company
p E PLYMOUTH CLOTHING HOUSE
ADAMS AND CLARK ST., CHICAGO
W H O LESA LE M ANUFACTURERS OF
Capital and Surplus, $6,000,000
Deposits, $36,000,000
HIGH GRADE BONDS
TRUSTS
FOREIGN EXCHANGE
SAVINGS
SAFE DEPOSIT VAULTS
FURS AND CLOTHING.
O LD E S T BANK
IN C H I C A G O
E S T A B L IS H E D
1857
D IR E C T O R S .
L ambert T ree
Marshall F ield
Moses J. Wentworth
Albert K eep
E. H. Gary
E rskine M. P helps
C hauncy K eep
E nos M. Barton
E . D . Hulbert
T. J. L efens
Orson Smith
C larence A. Burley
C yrus H. Mc C ormick
o f f ic e r s :
Orson Smith , President
E. D. Hulbert, V ic e-P re sid en t
J. G. O rchard , C ashier
F. N. W ilder , A ssista n t C ashier
F. G. Nelson, A ssista n t C ash ie r
P. C. Peterson , A ssista n t C ashier
L eon L. L oehr , Sec’y T r u s t D ep t.
J. E. Blunt , Jr ., Mgr. B ond D e p t.
U N IT E D S T A T E S S T E E L C O R P O R A T IO N S T A T E
M ENT.
T h e reason w h y the United States Steel Corporation
directors at their recent m eeting decided to pass the
com m on stock dividend is easily seen in the fact that the
N o v e m b e r and D e cem ber earnings were only $14,845,042,
co m p aring with $31,985,760 for the same period last year.
T h e statem ent for the year ending Dec. 31 last, co m
pared with that for 1902, shows:
N e t E a r n in g s .
1903.
$7,425,775
7,730,361
9,912,571
10.905,204
12,744,324
12,992,780
12,384,647
10,918,174
9,120,134
7,675,141
4,069,901
3,100,000
1902.
$8,901,016
7,678,583
10,135,858
12,320,766
13,120,930
12,220,361
12,041.914
12,972,729
11,930,846
12,652,707
10,686,906
8,646,147
J a n u a r y ...........................................
F e b r u a r y ..........................................
M a r c h ................................................
A p ril ..................................................
M a y ....................................................
J u n e ...................................................
J u l y .....................................................
A u g u s t ..............................................
S e p te m b e r .......................................
O c to b e r .............................................
N o v e m b e r ......................................
D e c e m b e r ( e s t i m a t e d ) ............
T o t a l n e t e a r n in g s a f t e r d e d u c tin g , e a c h m o n th , th e
e x p e n d i tu r e s f o r o r d i n a r y
re p a irs ,
r e n e w a ls ,
and
m a in te n a n c e
of
p la n ts .
a ls o I n t e r e s t o n b o n d s
a n d fix e d c h a r g e s o f th e
s u b s i d i a r y c o m p a n ie s . . .
L e s s , a p p r o p r i a t e d f o r th e
f o llo w in g p u r p o s e s , v iz :
S in k i n g f u n d s o n b o n d s o f
s u b s i d i a r y c o m p a n ie s . . . . $1,590,352
D e p r e c ia tio n a n d e x t i n g u i s h
m e n t fu n d s (re g u la r p ro
v is io n s f o r t h e y e a r ) ........ 4,485,120
E x tra o rd in a ry
r e p la c e m e n t
f u n d s ( r e g u l a r p r o v is io n s
f o r t h e y e a r s ) ......................... 9,194,715
S p e c ia l f u n d f o r d e p r e c i a
tio n , im p r o v e m e n ts a n d
c o n s t r u c t i o n ........................... 10 , 000,000
B a la n c e of n e t e a rn in g s fo r th e y e a r
D e d u c t:
I n t e r e s t o n U n ite d S t a t e s
S te e l C o r p o r a tio n
bonds
f o r t h e y e a r ............................. $19,086,945
S in k i n g
fu n d s
on
U n ite d
S t a t e s S te e l C o r p o r a tio n
b o n d s f o r t h e y e a r .............. 3,797,500
C a p ita l, $300,000.
E , A. D rew , T re a s.
W. C. Burton, Sec’y,
JO B B E R S A N D R E T A IL E R S O F
F u rs ,
M en’s C lo th in g ,
Shoes,
R oys’ C lo th in g ,
T ru n k s a n d B ags,
H a ts a n d C aps,
C lo a k s a n d W ra p s,
S h irts,
M illin e ry .
F u rn is h in g s ,
“Plymouth Corner,” Sixth and Nicollet,
Minneapolis.
T h e corp oration ’s fiscal year corresponds w ith the cal
endar year, and complete annual report comprising ge n
eral balance sheet, financial statem ents, statistics, etc.,
will be submitted at the annual m eeting in April, 1904,
or earlier.
_A c c o r d i n g to this statem ent the surplus has been cut
down nearly 66 per cent. T h e r e has been a steady de
crease in earnings since A u gu st, 1903, and the last two
months to ge th er show a decrease of $1,500,000 as co m
pared with D ecem ber, 1902, alone. A s Decem ber, Janu
ary, and F ebrua ry are the poorest months in the year,
earnings will have to show a violent improvement in o r
der to exceed those of the last quarter.
T h e statem ent also shows that the net s aving to the
corporation due to the bond conversion plan last year was
$1,367,004. T h e increase in sinking fund w as $757, 5°°Garland, W y o . — T h e Garland Bank has closed its doors
as a result of the failure of the B a nk of N ewcastle. S t o c k
holders say they will be able to meet their obligations
and resume business at once.
S p encer T r a s k &
$108,979,012
Co.
BANKERS
$133,308,763
W illiam & Pine Streets, N ew Y o rk
624,064
4,834,710
IN V E S T M E N T SECURITIES
Members New York Stock Exchange
Branch Office, Albany, N , Y .
9,315,615
D avid C. Bell , P re s .
W alter A. E ggleston, Sec’y
James B. Sutherland , T re a s .
10, 000,000
25,270,187
$24,774,389
DAVID C.
BELL INVESTMENT InCO.,
Minneapolis
E s ta b lis h e d
c o rp o ra te d
$83,708,825
$108,534,374
CHOICE, F IR S T M O R T G A G E S
15,187,850
1880
1889
Secured on new m odern resid en ce p ro p e rtie s in M inneapolis, each sec u rity
having b e en p erso n ally in sp ec te d and a pproved by us. M any years e x
perience e n ab les us to get th e b e st sec u rities.
R e fe r to any B an k in M inneanolis.
3,040,000
22,884,445
$18,227,850
B a l a n c e .............................................................
L e s s c h a r g e d o ff f o r d e p r e c i a tio n in i n
v e n to ry v a lu a tio n s a n d fo r a d j u s t
m e n t o f s u n d r y a c c o u n ts
(e s ti
m a t e d ) ...............................................................
$60,824,380
$90,306,524
B a l a n c e a v a i la b le f o r d i v i d e n d s .........
D iv id e n d s f o r y e a r o n s to c k s
o f U n ite d
S ta te s
S te e l
C o r p o r a tio n , v iz :
P r e f e r r e d , 7 p e r c e n t ............... $30,404,173
C o m m o n , 2T£ p e r c e n t ............. 12,707,562
$55,074,380
ESTA BLISHED 1880.
~ 1
E. H. R O L L I N S & SONS.
5,750,000
$90,306,524
35,720,177
20,332,490
43,111,735
U n d iv id e d p r o f its o r s u r p l u s f o r th e
$11,962,645
y e a r ......................................................................
U n fille d O rd e rs on H a n d .
D e c. 31, 1903, ( t o n s ) ........................................................
D e c.for
31,FRASER
1902, ( t o n s ) ........................................................
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
E s ta b lis h e d 1882.
R. J Burton, P re s .
H. L. T ucker , V -Pres.
I N V E S T M E N T BO N D S*
CAREFULLY SELEC TED ,
Municipal and Railway Securities.
$34,253,657
3,215,123
5,347,253
$ BO STO N .
V W /'
C H IC A G O .
DENVER.
SAN FRA NC ISC O ,
20
TH E C O M M ER CIAL W EST.
Saturday, January 16, 1904.
W E W ILL D ISC O U N T
L U M B E R M E N ’S P A P E R ..
W. B. M cK E A N D A N D CO.
C O M M E R C IA L P A P E R .
PEOPLES
TRUST
T H E R O O K E R Y , CH ICA G O .
& SAVINGS
G A R R E T T E. LA MB ,
President
C H A S F. A L D E N , Vice-President
C H A S . B. M I LL S, - - Cashier
BANK
of C L I N T O N , I O W A
l ia b il it ie s
C a p ita l
S u r p lu s
D iv id e n d s
R e s e rv e d fo r T a x e s
D e p o s its
:
S T A T E M E N T OF D EC EM B ER
$ 300,000.00
140,000.00
12,000.00
31ST,
1903
r e s o u r c e s
L oans
C ash a n d S ig h t E x c h a n g e
.
.
:
$ 3,864,908.93
616,761.64
.
5,000.00
4,024,670.57
-
$ 4,481,670.57
C H IC A G O
STATE
BANKS
REPORT.
T h e state banks of Illinois, in response to the state
auditor’s call, have made a statem ent of their business as
of D ecem ber 30.
D u rin g the eleven w eeks covered by the statem ent
period from Oct. 15 to Dec. 30, the banks lost in a g g r e
gate deposits 0.8 per cent, and e xcluding the two new
banks, the Jackson State and the F irst Trust, the loss was
2.1 per cent. L oa n s increased 6 per cent and cash means
decreased 8 per cent. F o llo w in g are the total increases
for the eleven w eeks and the year in the three principal
items:
11 W e e k s , In c .
D e p o s its ................................................................. *$2,047,347
L o a n s .......................................................................
9,180,594
*6,133,146
C a s h m e a n s ..........................................................
Y e a r , In c .
$18,451,116
19,100,093
5,151,455
* D ecrease.
T bp tn tiiIs '
D e c. 30, ’03.
O c t. 15, ’03. D e c . 22, ’02.
D e p o s its
....................................... $233,532,445
$235,579,792 $215,081,329
L o a n s ............................................... 160,684,819
151,504,225 141,584,726
C a s h m e a n s ................................. 71,558,902
77,692,048
66,407,447
T h e in d iv id u a l b a n k s m a k e t h e fo llo w in g s h o w i n g o n t h e t h r e e
p r in c ip a l ite m s :
D E P O S IT S .
O c t. 15, 1903. D e c. 30, 1903.
A m e r ic a n T r u s t ..................
. $15,380,853
$16,315,544
A u s t in ........................................
585,872
580,843
C e n t r a l ......................................
5,401,662
5,944,798
C h ic a g o C ity ..........................
1,075,963
1,096,114
C h ic a g o S a v in g s ..................
1,000,482
949,434
C o lo n ia l ......................................
627,503
726,519
C o o k c o u n ty ............................
277,584
241,624
D r e x e l ..........................................
636,082
592,460
D r o v e r s ’ T r u s t & S a v in g s
1,466,126
1,382,911
F i r s t S a v in g s & T r u s t . . . .
2,344,216
F e d e r a l T r u s t & S a v in g s .
6,177,910
6,303,662
F o r e m a n B ro s . B a n k C o ..
4,096,587
3,793,481
H i b e r n i a n ..................................
. 13,606,922
13,335,794
H o m e S a v in g s .......................
3,182,599
3,006,170
Illin o is T r u s t .........................
. 75,353,180
78,055,219
J a c k s o n ......................................
180,005
M e r c h a n t s ’ .............................
. 37,507,512
38,444,464
M a n u f a c t u r e r s ’ ....................
142,738
114,989
M e tr o p o lita n ...........................
3,066,629
3,765,027
M ilw a u k e e A v e n u e ...........
2,899,959
2,893,132
N o r t h e r n T r u s t ....................
. 22,770,555
22,967,076
N o r t h S id e ...............................
204,141
203,864
P r a i r i e S t a t e ...........................
4,851,099
4,798,590
P u ll m a n ....................................
.
2,765,294
2,759.879
R o y a l T r u s t ...........................
3,694,337
3,819,304
S o u th C h ic a g o .......................
637,715
650,058
S t a t e B a n k .............................
. 11,123,951
11,301,845
S to c k Y a r d s .............................
1,080,335
956,357
U n io n T r u s t ...........................
8,321,036
7,922,853
W e s t e r n S t a t e .......................
2,973,598
2,638,281
T o t a ls ....................................
$233,532,445
$235,579,792
LO A N S.
A m e r ic a n T r u s t .......................
A u s t in ...........................................
C e n t r a l T r u s t ...........................
C h ic a g o C ity .............................
C h ic a g o S a v in g s ....................
C o lo n ia l ........................................
C o o k C o u n ty .............................
D r e x e l .............................................
D r o v e r s ’ T r u s t & S a v i n g s ..
* F ir s t S a v in g s & T r u s t .........
F e d e r a l T r u s t & S a v i n g s __
F o r e m a n B ro s . B a n k i n g Co
H ib e r n i a n ....................................
• H o m e S a v in g s .........................
Illin o is T r u s t ..............................
J a c k s o n ..........................................
M e r c h a n t s ’ ....................................
M a n u f a c t u r e r s ’ ........................
M e tr o p o lita n ...............................
M ilw a u k e e A v e n u e ..................
N o r t h e r n T r u s t .........................
N o r t h S id e ..................................
P r a i r i e S t a t e .............................
P u ll m a n ........................................
R o y a l T r u s t ................................
S o u th C h ic a g o ..........................
S t a t e B a n k ..................................
S to c k Y a r d s S a v i n g s ...............
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
O c t. 15, 1903.
. $10,287,486
485,230
6,899,041
946,358
820,435
726,389
273,107
649,446
1,225,951
2,630,266
4,795,359
3,572,467
9.365,093
.
3.263,000
. 45,651,139
265,192
. 24,628,419
251,663
2,680,808
2,205.721
. 12,744,193
199,101
3,761,005
1,887,131
3.131,020
309,372
8,367,310
791,684
D e c. 30, 1903.
$10,696,891
300,844
8,143,421
955,608
777,541
593,310
243,967
626,103
1,184,766
5,670.148
3,398,735
9,590,381
3,121,000
41,122,089
23,265,875
85,166
3,222,700
2,165,800
9,932,289
206,153
3,841,336
1,751,569
3.327,474
456,761
8,665,522
727,069
$ 4.481.670.57
W e s te rn S ta te
5,214,309
2,557,374
5,094,894
2,340,902
..$160,684,819
$151,504,225
“I n v e s tm e n ts .
A m e r ic a n T r u s t ....................
A u s t i n ..........................................
C e n t r a l T r u s t ..........................
C h ic a g o C ity .............................
C h ic a g o S a v in g s ....................
C o lo n ia l ........................................
C o o k C o u n ty ...........................
D r e x e l ...........................................
D r o v e r s ’ T r u s t & S a v in g s .
F i r s t S a v in g s & T r u s t .........
F e d e r a l T r u s t & S a v i n g s ..
F o r e m a n B ro s . B a n k i n g C<
H i b e r n i a n ....................................
H o m e S a v in g s .........................
I llin o is T r u s t ...........................
J a c k s o n ......................................
M e r c h a n t s ’ ...............................
M a n u f a c t u r e r s ’ .......................
M e tr o p o lita n .............................
M ilw a u k e e A v e n u e ...............
N o r t h e r n ’f r u s t .......................
N o r t h S id e ..................................
P r a i r i e S t a t e ...........................
P u l l m a n .......................................
R o y a l T r u s t .............................
S o u th C h ic a g o .........................
S t a t e B a n k ..............................
S to c k Y a r d s .............................
U n io n T r u s t .............................
IS.
O c t. 15, 1903.
.. $6,133,702
159,440
2,470,482
298,873
280,858
163,148
61,111
132,424
300,595
632,950
2,724,049
1,418,265
4,048,660
222,139
. 17,464,684
85,625
.. 13,823,444
60,383
804,448
797,159
7,167,912
59,253
1,084,499
358,385
900,636
331,547
3,494,075
336,433
3,186,378
2,557,374
. $71,558,902
D e c . 30, 1903.
$6,739,277
153,477
1,500,270
302,761
186,225
323,852
53,189
107,749
245,472
2,053,270
1,254,476
3,666,326
176,092
22,236,478
16,576,336
198,707
890,505
825,277
10,072,374
49,220
980,284
470,081
993,161
245,043
3,391,647
248,201
2,994,573
748,414
$77,692,048
Bank of R epublic’s N ew Cashier.
R obert M. M c K i n n e y has been elected cashier of the
National B a nk of the Republic, Chicago, to succeed J. H.
Cameron, w h o resigned to accept the vice-presidency of
the H amilton National bank.
T h e directors of the bank have made the fo llo w in g
official statem ent in regard to Mr. M c K i n n e y ’s p ro m o
tion:
“ Mr. M c K i n n e y has been identified with this bank
almost from the time of its organization, occu p y in g the
position of assistant cashier for ten years. Be fo re co m in g
to C h icag o • Mr. M c K i n n e y w as for a number of years
engaged in the banking business at his form er home in
Burlington, Iowa. In a large measure the careful atten
tion received b y our depositors is due to his activity in
lookin g after their requirements. H e is regarded as one
of the most able bank officers and m anagers in Ch icago,
and is of a v e ry genial temperament. T h e directors of the
bank consider themselves, v e r y fortunate in ha vin g such an
efficient and experience d ge ntleman to occu p y the im
portant office of cashier.”
T h e First National B a n k of Storm Lake, Iowa, w as
closed Jan. 1st b y order of the controller of the currency.
A representative of the department will be placed in
charge. W . E. Brow n , president of the F irst National
bank and owner of about 65 per cent of its stocks, was
also the chief owner of the L in n G ro ve bank, w hose
cashier, H a r r y Mayne, re cently co mmitted suicide ow in g
to business troubles. T h e F irst National bank had a
capital of about $50,000. It was opened in 1882.
T h e National B u tch ers ’ and D r o v e r s ’ B a n k of N e w
Y o r k resumed dividends last w eek, the directors havin g
declared a disbursement of 3 per cent. T h e net profits of
the bank on N o ve m b e r 25th last year w ere $91,641, and on
N o ve m b e r 17th this year, $123,736, a gain of $32,095, or
over 10 per cent of capital. T h e profit accoun t shows
this increase after eve ry item of a doubtful character has
been written off. T h e deposits of the bank acco rdin g to
the last report made to the com ptroller w ere n early $3,000,000. T h e stock of the bank has been advancin g lately,
and while 150 is bid, none is offered at that price.
W H E T H E R YOU ARE
AN
INVESTOR
--------------OR A N ---------------
21
THE COMMERCIAL WEST.
Saturday, January 16, 1904.
Y o u s h o u ld g e t s o m e r e l i a b l e i n f o r m a t i o n i n r e g a r d to N o r t h D a k o t a M o r t g a g e s ,
b e f o r e d e c i d i n g w h e r e to i n v e s t y o u r f u n d s , o r th o s e o f y o u r c l i e n t . W i t h o v e r 20 y e a r s
o f e x p e r ie n c e w e f e e l t h a t w e c a n g iv e y o u s u c h i n f o r m a t i o n . O u r M o r tg a g e s n e t 6 p e r
c e n t , y o u c a n n o t e x p e c t m o r e w h e n t h e s e c u r i t y is a b s o l u t e l y g i l t e d g e d . W e w a n t to
p r o v e to y o u —a s w e h a v e d o n e to h u n d r e d s o f in v e s t o r s , t h a t o u r M o r tg a g e s a r e j u s t w h a t
w e s a y t h e y a r e , a n d t h a t w e w ill s t a n d t h e c lo s e s t i n v e s t i g a t i o n , w i t h t h a t e n d i n v ie w .
W o n t y o u d r o p u s a lin e f o r c o m p le te d e s c r i p t i v e l i s t o f o n - b a n d M o r tg a g e s , o u r b o o k l e t :
“ W e ’r e R i g h t O n T h e G r o u n d , ” f u ll p a r t i c u l a r s , r e f e r e n c e s , e tc ., a n d i n v e s t i g a t e u s
a n d o u r m e t h o d s o f d o in g b u s in e s s f r o m a n y s o u r c e y o u m a y s e e fit? D ro p u s a l i n e a n d
l e a r n w h a t i t h a s t a k e n u s o v e r t w e n t y y e a r s to le a r n .
(E S T A B L IS H E D
INVESTOR’S AGENT
E. J. LANDER & CO.
N ew Banks and Changes.
Gaylord , Minn.-— T h e B a nk of G aylo rd has been re
organized as the F irst State Bank of Gaylord.
St. Paul, Minn.— John L. H o a r has been elected cash
ier of the State Bank, to succeed Gen. E. M. Pope.
T h e P eople s B a n k at L o n g Prairie is open for business.
M. C. T i f t is president, and John Reichert, cashier.
Shell L ake, W i s .— T h e paid up capital of the L u m b e r
m e n ’s B a n k has been increased from $15,000 to $25,000 for
which latter sum it is capitalized.
Storden, Minn.— T h e First State B a n k of Storden has
been organized, w ith a capital of $15,000. W . J. Clark is
president; and C. H. Ruhlberg, cashier.
O rtonville, Minn.— John Mitchell has been appointed
as rece iver of K e i t h ’s bank, w hich recently failed. He
reports that all claims will be paid in full.
Hoople, N. D.— A t the directors’ m eeting of the State
Bank of Hoople, John Dinnie, of G rand Fork s, w as re
elected president, and Steve Collins, elected vice-president.
T h e Chase National Bank of N e w Y o r k , also the First
National B a n k o f Minneapolis, have been approved as
re serve agents of the F irst N ational Bank of Hunter,
N. D.
Fertile, Minn.— Carl M. B erg, fo rm e rly assistant cash
ier of the F irst National B a n k M cIntosh, Minn., has been
elected cashier of the Citizens National bank of this
place.
W e s t Duluth, Minn.— T h e W e s te r n State Bank of W e s t
Duluth has been admitted to do business, with a capital of
bo x
11
1883)
Grand Forks, N. D.
$25,000. James Cochrane is president, and J. A. Scott,
cashier.
Sio ux Falls, S. D .— G. L. Struble, cashier of the defunct
Bank of E gan, which is n ow in the hands of a receiver,
stated to the Sioux F alls Press that depositors would be
paid in full.
Milwaukee, W i s .— L ouis J. Pettit, vice-president of the
W isco n sin National Bank, will succeed Captain F red
Pabst at the head of that institution. F rederick K a s to n
will becom e vice-president.
Clark s Grove, Minn.— T h e stockholders of the State
B a nk of Clarks Grove have chosen officers as follo w s:
A lfred Christopherson, president; J. C. Johnson, vicepresident; Charles E. Paulson, cashier.
Storm L ake, la .— A . L. W ilso n , of Boone, has been ap
pointed rece iver of the First National Bank, which was
re cently closed by direction of comptroller of the currency.
T h e capital stock is $50,000; liabilities $296,532.
Mankato, Minn.— A t the annual m eeting of the M a nk a
to Savings Bank, the fo llo w in g officers w ere elected: L.
G. M. Fletch er, president; G eo rge E. Brett, vice-president;
W . W . Davis, Jr., tre asurer and cashier.
Edinburg , N. D .— T h e co m ptroller of the currency has
granted authority for the organization of the F irst N a
tional Bank of Edinburg, N. D., with $25,000 capital. C.
A. Jeghem, C. D. L ord, H arold Lord, Flans Chally and
A. A. F laten are incorporators.
St. Paul, Minn.— T h e National B a nk of N orth A m e r i
ca, Ch icago, has been approved as reserve agent for the
A m erican National B a n k of St. Paul; also the F irst N a
tional B a nk of St. Paul as a reserve agent for the F irst
National Bank of T w in Va lle y , Minn.
FIRST TRUST &
SAVINGS BANK
--------C H I C A G O
—
JAMES B. FORGAN
Prsident
DAVID R. FORGAN
- Vice- Presidnt
EMILE K. BOISOT
V ice-President and M anager
ROBERT D . FORGAN
A ssistant Treasurer
DAVID V. W EBSTER
A ssistant Secretary
3
Per Cent Interest
on Sa v in g A c c o u n t s
TRUSTS—A ccep ts and executes trusts for corporations
and individuals.
THE STOCK of this bank is owned by the Stockholders
of the First National Bank of Chicago.
DIRECTORS— E v e ry Director is and always must be a
PEERLESS MOTOR CAR
E. H. M OULTON, JR .
316 Fourth Avenue So., MINNEAPOLIS
Director of the First National Bank of Chicago.
R ep airs, Storage and A ccessories
BOND DEPARTMENT — Buys and sells Government,
BASKET WORK A SPECIALTY
Municipal, Railroad and Corporation Bonds.
Open your commercial account with the First National
Bank of Chicago.
Open your savings account with the First Trust and
Savings Bank.
Make your bond investments through the Bond D ep art
ment of the First National Bank of Chicago or the
First Trust and Savings Bank.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FRANKLIN MOTOR CAR—Four Cylinder Air Cooled
T H E C O M M E R C I A L WEST.
22
Saturday, January 16, 1904.
F a r m M o rtg a g e s—{Six P e r C e n t
A Resident of 22 years, 18 years Banking- and R e e l Estate.
Personal
knowledge and approval of every loan offered. Not a foreclosure of my mort
gages and not a dollar of delinquent interest.
The closest investigation
courted.
Write for references.
W .
Xy.
W I I vI vIA M SO IV ,
W E S T E R N M IN IN G .
F igures closely a pproxim ating the w o r ld ’s copper out
put of 1903, co mpared with kn ow n totals of 1902 and 1901,
are as below. T h e year's production of Montana is short
ened by reason of the shut-down of the A m alg am a ted
mines for a couple of weeks, and the closing down of the
A nacond a smelter for ten weeks. Production from M e x
ico is materially larger by reason of the enlarged output
of the Greene Consolidated and other mines. A riz o n a is
increased b y the Ca lumet & A rizona, and Michigan by
the new south range group. Spain and P o rtuga l dimin
ish by reason of strikes at Rio T in to and elsewhere. T h e
figures are in pounds:
U n ite d S t a t e s —
A r iz o n a ....................................
C a lif o r n ia ........... ...................
M ic h ig a n .................................
M o n ta n a ...............................
U t a h ..........................................
O th e r ........................................
— P r o d u c ti o n
1902.
119,841,285
25,038,724
170,663,999
___ 220 , 000,000
240,050,000
___ 35,000,000
23,939,901
___ 40,000,000
40,436,228
1901.
126,183,744
33,667,456
155,511,513
229,870,415
20,116,979
43,823,105
T o t a l U n ite d S t a t e s . .
M e x ic o .....................................
S p a in a n d P o r t u g a l ...........
j a p a n .......................................
C h ile ..........................................
A u s t r a l i a ...............................
O th e r s ......................................
___
___
___
___
___
___
619,970,137
81,280,000
101,534,000
60,502,000
59,786,000
58,196,000
87,257,137
609,173,212
67,626,000
107,242,000
54,950.000
62,598,000
62,742,000
100,460,788
.................................. . . 1 , 110 , 000,000 1,067,526,000
1,074,762,000
T o ta l
1903.
___ 160,000,000
___ 20, 000,000
97,000,000
95,000,000
65,000,000.
53.500,000
52,000,000
82,500,000
Cripple C r e e k ’s gold production in 1903 fell off about
$3,500,000, to a total of about $14,500,000. T h is decline was
due to strike. It is stated that Cripple C reek is now go od
for a production of nearly $2,000,000 a month. Cripple
Creek dividends for the year were about $7,000,000.
U tah mine dividends for the year were about $5,000,000. L ake Superior Copper dividends for the year were
$4,380,000. A m erican Sm elting & Refining Co. pays its
first dividend on common stock Jan. 14, $1.25 a share, or
$625,000.
A m a lg a m a te d Copper Co. n ow has 12,000 men at w o rk
as follo w s: Butte mines, 6,000; smelters, 3,700; coal mines,
1,200; mills and woods, 800; railroads, etc., 300. Its Butte
mines are producin g 9,700 tons of ore a day. It is reported
that 15 per cent of this ore runs as high as 8 per cent
copper, the rest about 4 per cent. T h e s e figures are un
doubtedly too generous.
St. L ouis Q uotations.
C o r r e c te d b y B illo n - C r a n d a ll B o n d a n d S to c k C o m p a n y .
S t. L o u is , J a n . 9.
C a p ita l.
Q u o ta tio n s .
B a n k S to c k s —
A m e r ic a n E x c h a n g e
$500,000
336
350
B o a t m e n ’s ....................
2 , 000,000
230
B r e m e n .........................
100,000
335
1 , 000,000
342
600,000
F r a n k l i n ......................................
500,000
400
G e r m a n S a v in g s I n s t i t u t e .
150,000
G e r m a n A m e r ic a n ................
200.000
I n t e r n a t i o n a l .............................
J e f f e r s o n ....................................
200,000
230
L a f a y e t t e ....................................
100,000
M a n c h e s te r ...............................
100,000
2 . 000.000
274
276
1,400,000
285
295
7,000,000
296
295
200,000
N o r t h w e s t e r n S a v in g s .............................
200,000
S o u th S id e B a n k ...........................................
i 64
165
S t a t e N a tio n a l ............................................. 2 , 000,000
100.000
S o u th e r n C o m . & S a v in g s B a n k . . ..
272
275
T h i r d N a tio n a l ............................................ 2 , 000,000
T r u s t C o m p a n ie s —
151
A m e r ic a n C e n t r a l T r u s t . . . . ................ 1 , 000,000
C o m m o n w e a lth T r u s t ............................... 2 , 000.000
249
255
250,000
228
E . S t. L o u is T r u s t & S a v in g s B a n k .
222
G e r m a n ia T r u s t ........................................... 1 , 000,000
2i S
L in c o ln T r u s t ............................................... 2 , 000,000
233
3,000,000
335
330
120
M is s o u ri T r u s t . . .
2 , 000,000
117
3,000,000
348
350
M is s is s ip p i V a lle y
300
5,000,000
S t. L o u is U n io n T r
1,500,000
60
75
S t r e e t R a i lw a y S to c k s 2,500,000
S t.
5,000,000
S t. L o u is T r a n s i t Co. is s u e d $17,13%
14
264,300 ........................................................ : 5,000,000
U n ite d R a ilw a y s , p fd ., is s u e d $16,57%
755,440 ........................................................: ’0, 000,000
57%
B onds—
R a te .
8,292.000 4
76
76%
https://fraser.stlouisfed.org
fla t.
H e ld in t r u s t , $13,708,000.
Federal Reserve Bank of St. Louis
I^islioix,
JVo.
U ak.
M in n e a p o lis S e c u r it ie s .
Q u o ta tio n s f u r n i s h e d b y E u g e n e M . S te v e n s , C o m m e r c ia l P a
p e r a n d I n v e s t m e n t S e c u r itie s , 127 S o u th T h i r d S tr e e t, G u a r a n t y
B u ild in g , M in n e a p o lis .
M in n e a p o lis , J a n . 5
L ast
^
B id .
A sk ed .
S a le .
G e r m a n - A m e r ic a n B a n k .................................. 130
110
F i r s t N a t i o n a l B a n k ............................................. 170
175
175
G e r m a n ia B a n k ...................................................... 100
105
105
H e n n e p i n C o u n ty S a v in g s B a n k . ................ 150
150
M in n e a p o lis T r u s t C o m p a n y ......................... 125
129
130
M in n e s o ta T i tle In s . & T r u s t C o., p f d . . . 115
120
110
M in n e s o ta L o a n & T r u s t C o m p a n y ...........
118
119
127
R a t i o n a l B a n k o f C o m m e rc e ........................... 125
130
125
N o r t h w e s t e r n N a tio n a l B a n k ......................... 190
192
195
S r. A n th o n y F a lls B a n k . . . . ........................... 127
130
127
S o u th S id e S t a t e B a n k ...................................... 135
130
S e c u r ity B a n k o f M i n n e s o t a ........................... 153
157
155
S w e d is h - A m e r ic a n N a tio n a l B a n k ............. 130
130
M in n . G a s. L i g h t C o., c o n . 6 ’s, 1 9 1 0 -3 0 ... 108
iii
111
M in n . G e n e r a l E l e c tr ic C o., con. 5’s, 1929 103%
104
M in n e a p o lis B r e w in g C o., c o m m o n ...........
101
105
ÌÒ3
M in n e a p o lis B r e w in g C o., p r e f e r r e d ......... 106
112
M in n e a p o lis B r e w in g C o., b o n d s ................ 110
iió
M in n e a p o lis S y n d ic a te ...................................... 102
105
102
M in n e a p o lis T h r e s h i n g M a c h in e C o ...........
175
200
M in n e a p o lis S te e l & M a c h in e r y C o., p fd . . . .
100
ióó
N o r t h A m e r ic a n T e le g r a p h C o ....................
70
80
76
T w in C ity T e le p h o n e C o., f ir s t m o r t g a g e
5 ’s, 1913-16 ........................................................
92
98
T w in C ity T e le p h o n e C o., c o m m o n .......................
100
T w in C ity T e le p h o n e C o., p r e f e r r e d ......... 106
107
HO
S t. P a u l S e c u r itie s .
T h e fo llo w in g q u o ta tio n s o n S t. P a u l s e c u r i t i e s a r e f u r n is h e d
b y P e a b o d y & C o., b r o k e r s , 27 M e r c h a n t s ’ N a t i o n a l b a n k b u ild
in g , S t. P a u l:
S t. P a u l. J a n . 13.
L ast
B id .
A sk ed .
S a le .
A m e r ic a n N a tio n a l B a n k .................................
100
102%
102%
C a p i ta l B a n k ..........................................................
120
125
F i r s t N a tio n a l B a n k .......................................................
250
M e r c h a n t s ’ N a t i o n a l B a n k ........................................
142
138%
R a t i o n a l G e r m a n - A m e r ic a n B a n k .............. 130
135
130
S t. P a u l N a tio n a l B a n k ...............................................
107
108
S c a n d i n a v i a n - A m e r i c a n B a n k ..................... 130
135
130
S e c o n d N a tio n a l B a n k ........................................ 220
225
S t a t e B a n k ..........................................................................
ÌÒÒ
N o r t h w e s t e r n T r u s t C o ...................................... 105
M in n . T r a n s f e r R y . 1 s t 5s, 1916.............................
ÌÒB
M in n e s o ta T r a n s f e r R y . C o., f i r s t 4s,
1916 ........................................................................ ‘90
95
S e c u r ity T r u s t C o m p a n y ..................................
100
S t. P a u l U n io n D e p o t C o. f ir s t 6s. 1930. ‘ Ì25
Ì3Ó
U n io n D e p o t Co. c o n so l. 5s, 1944.........
*109
115
109
U n io n D e p o t C o., c o n so l. 4s, 1944..............
‘ 100
106
I n t e r s t a t e I n v e s t m e n t T r u s t C o .................. 125
132
A m e r ic a n L i g h t & T r a c t i o n C o. p r e f ___
83
87
A m e r ic a n L i g h t & T r a c t i o n Co. c o m . . . .
44
41
47
S t. P a u l G a s L i g h t C o., 1 s t 6s, 1916......... *110
112
S t. P a u l G a s L i g h t Co. C o n s. 6s, 1 9 1 8 ... *110
111
iió%
S t. P a u l G a s L i g h t C o., g e n ’l 5s, 1 9 4 4 ...
90
87%
S t. P a u l C ity R y. C o., c a b le 5s, 1937___ *105
HO
108
W e s t P u b l i s h i n g C o m p a n y , c o m m o n . . . . 250
300
250
W e s t P u b li s h in g C o m p a n y , p r e f e r r e d . . .
105
105
S t. P a u l F i r e & M a r in e I n s . C o m p a n y .. . 175
175
S t. P a u l T r u s t e e C o m p a n y .............................
96
ÌÒÒ
S u p e r io r W a t e r , L i g h t & P o w e r C o. f i r s t
4s, 1931
*67%
S o u th S t. P a u i U n io n S to c k Y a r d s C o.
f i r s t 5s, 1916........................................................
78%
82
77
*A nd in te re s t.
C h ic a g o S t o c k Q u o ta tio n s.
C o r r e c te d b y A . J . W h ip p le & C o .:
C h ic a g o , J a n . 1 2 th , 1904.
B o o k V.
iv. R. L . S a le .
B id .
A sk ed .
161
A m e r ic a n T r u s t ...........
6
167
167
172
B a n k e r s ’ N a tio n a l . . . .
151
6
188
186
190
C e n t r a l T r u s t ................ 131
123
123
126
C h ic a g o C ity .................. 154
"8
170
163
175
C h ic a g o N a tio n a l ......... 239
*12
375
350
360
C h ic a g o S a v in g s ........... 102
150
137
142
C o m m e r c ia l N a t i o n a l .. 182
12
325
300
320
C o lo n ia l T r u s t ............... 130
180
175
C o n tin e n ta l N a t i o n a l . . 143
"8
240
243
250
C o rn E x c h a n g e ............. 203
12
400
388
400
D re x e l S t a t e .................... 104
6
109
109
115
D r o v e r s ’ D e p o s it ......... 137
8
180
185
200
F e d e r a l T r u s t ................ 136
139
138
141
F i r s t N a t i o n a l ............... 188
Ì2
370
360
367
F i r s t N a tio n a l B a n k of
E n g le w o o d ................ 181
6
165
F o r t D e a r b o r n ................
130
6
150
152
ieo
H a m ilto n N a t i o n a l . .. 133
118
116
120
Illin o is T r u s t .................. 249
*12
650
625
640
.. »
J a c k s o n T . & S .........
120
120
125
M e tr o p o lita n T . & S . . . 130
6
ióó
110
115
M e r c h a n t s ’ L o a n & T . 208
12
325
320
330
M ilw a u k e e A v e . S t a t e . 175
6
118
117
121
N a t ’l B a n k N o. A m . . . 133
129
130
133
N a t ’l B a n k R e p u b l i c . . 143
'è
155
155
165
*12
N a t i o n a l L iv e S t o c k . . . 234
300
275
285
8
N o r t h e r n T r u s t ............. 257
450
500
6
O a k la n d N a tio n a l ......... 193
200
250
195
8
P r a i r i e S t a t e ................. 151
160
175
6
R o y a l T r u s t .................... 177
iió
135
140
6
S t a t e B a n k C h i c a g o . .. 143
250
240
260
6
129
129
W e s t e r n T . & S .............. I l l
133
105
So. C h ic a g o S a v i n g s . . . 108
112
U n io n T r u s t C o .............. 141
180
220
TH E COMMERCIAL WEST.
Saturday, January 16, 1904-
6%
23
F ir s t M o r tg a g e L o a n s
On improved farms in the Red River Valley, North D ak ota and Minnesota.
t it le - m a k e careful and prompt collection of interest and principal.
6%
W e furnish complete evidence of perfect
ALL SECURIIY CAREFULLY INVESTIGATED.
R e f e r e n c e s : J . B . C o lg a te & Co., 3G W a ll S tr e e t, N e w Y o r k C ity ; F i r s t o r F a r g o N a t io n a l B a n k s , F a r g o , N . D .
e
s
t
a
b
l
i s
h
e
MORTON
l a g s .
d
B usiness B lock for E verett, W ash.
T h e A m erican National Bank Building, Everett, W ash.,
will be one of the handsomest structures in Evere tt. It
is in course of construction by the E ve re tt Im provement
Co. and the A m erican National bank, and will cost $n o ,ooo. T h e first story is of Ch uckanut stone and the other
four of Ph iladelphia pressed brick.
N ebraskan’s B uying K ansas Lands.
(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.)
T o p e ka , Kan., Jan. 6.— If the present rate of purchase
continues, much of the land in north central Ka nsa s will
be owned by Nebraskans, f o r more than a year the farm
ers of N ebraska have been co m in g into this portion of
K a n sa s and b u y in g land. It is cheaper here than in N e
braska. Much land near W akefield, in C lay county, was
purchased by people from N ebrask a last year, and last
w eek a colony of N ebraskans were in Clay county to buy
more land. T h e price of farm land has advanced throughout the section as a result of the increased demand, and
in a short time it will be as high as that in Nebraska.
T h e r e is a go o d demand for all classes of K ansas
land T h e school lands are bein g sold every day, and m
a short time all this will be gone. T h e immense w heat
crop of last year has caused m any people to buy land as
an investment. K a n s a s capitalists are ge ttin g possession
of large tracts of farm ing land and will hire it planted to
wheat. T h i s is a much better investment than buyin g and
selling the land.
OO., Eargo,
No.
year I see nothing but prosperity and believe that the
real estate business of 1904 will exceed that of the year
just closed.
S ettlem ent In N orth D akota.
T h e year ending Dec. 31 mark ed the close of the busi
est year ever experienced by land office officials at B is
m arck and show s the extent to which the settlement of
the w estern part of the state has been carried on. T he re
were 1,250,000 acres of go vernm en t land appropriated dur
ing the year, and the total cash receipts of the land office
were more than $225,000. T h e fo llo w in g data will show
how the land was appropriated:
H o m estead entries ...................................... 5.563
H o m e ste ad proofs ........................................
757
T im b e r culture proofs ..................................
11
Cash (commuted) proofs .........................
855
R eservoir filing ...............................................
614
S o ldie rs’ homesteads ..............
33
Coal entries ..........................................
1
N o tw ithsta ndin g this large segregation of land from
the public domain, there remains over 8,500,000 acres v a
cant in the district. O f this Billings, Stark and Morton
counties contain over 6,000,000 acres. D u rin g the year
there have been 1,068 contests filed against land entries,
850 decisions made, 400 cases pending be fore the general
land office, 300 cases dismissed by the local office and
400 decisions received from the officials of the general
land office. T h e se figures give some idea of the settle
ment of the w estern part of the state.
R E A L E S T A T E A C T IV E IN M IL W A U K E E .
Buffalo & Susquehanna Railroad.
B y F red W . R o g ers, President of the Milwaukee Real
E state Board.
T h e real estate business in M ilw aukee and its suburbs
has been unusually go od during 1903. I hat the bona fide
sales made for actual building purposes were larger than
at any time in previous years demonstrates beyond ques
tion that the city is e n jo y in g a substantial growth. _ A
large number of the realty transfers to persons buyin g
for home building purposes have been made in the n orth
eastern part of the city as well as on the south side and
in the m anufacturing district. So far as I know, the
building operations in the w est and north sections of the
city have been v e ry extensive, but this was carried on
la rge ly by real estate men w h o own un improved property
and w h o make a business of building houses and selling
them on the installment plan. Quite a number of lots
have been sold at auction, and with the exception of sales
of certain high class properties, have been of benefit to
the re alty business. L o o k i n g fo rw ard into the com ing
T h e Buffalo & Susquehanna Railroad Co., in line with
its policy of purc hasing additional coal lands and develop
ing the same, has just purchased, after thorough investiga
tion extending over several months, ana at a most attrac
tive figure, lands underlaid with upwards of 40,000,000 tons
of coal located in Indiana and A rm s t r o n g counties, Pa.,
in the vicinity of Plumville. Includin g this purchase the
Buffalo & Susquehanna Railroad now owns over 110,000,000 tons of coal and controls the transportation of al
most half as much more. T h e extension of the road to the
coal properties is bein g constructed with a view to insur
ing economical operation. T h e w o r k has been delayed
som ew hat on account of changes made in the plans to o b
tain this result. In several places tunnels are be ing built
to secure lower gradients. T his course has somew hat de
layed the opening of the extension, but will redound to
the benefit of the property. It is now expected that the
extension will be partially opened early in the spring and
com pletely so shortly thereafter.
FAR M
For
D.
THEODORE
Glenwood, Minnesota
__________
AUN E
Detroit, Minnesota
LUTHER
S. C U S H IN G
R E A L E S T A FE
JOHN T O W N S E N D
C are and M a n a g em en t of
FIRE INSURANCE
Endicott Building,
■
ST. PAUL
J. F . C A L H O U N
500 Oneida Building, MINNEAPOLIS
i\ > r
t l i e
1 >r e x e l
K s t i i t e
Real Estate and Loans,
Bonds, Lands and Mortgages.
References: Drexel Estate, Philadelphia, or any Bank in Minneapolis
E lwood S. C orser , P res.
W illiam B . T uttle , T re a s .
L ester B . E lwood , V ice-P res.
E dward B. Nichols, Secy.
C orser In vestm en t C o .
E s ta b lis h e d 1870
M an ager N ew Y o r k L ife B u ild in g
MORTGAGE LO A N S, R E A L E S T A T E and IN S U R A N C E
S p FRASER
ecial atten tio n giv en to M an agem en t
Digitized for
New York Life Building.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
W. H. Davis, V-Pres.
of E s ta te s for N o n -R esid en ts
MINNEAPOLIS
W. C. McWhinny, Sec. & Treas.
P. J OIn cN
E S & CO.
o rp o rate d 1900.)
( E s ta b lish ed 1868.
Mortgage Loans,
LANDS BOUGHT AND SOLD
A g e n t
P. Jones, Pres
M ORTGAGES 6% D A V I D
Sale in Central Minnesota
Real Estate and
Rentals
Special a tte n tio n given to m anagem ent of esta te s of non-residents.
S atisfactory reference to local aud e aste rn p a rtie s.
Main Floor Bank of Commerce Building,
M IN N E A P O L IS
TABOUR REALTY COMPANY
S o licits th e placin g of your m oney and th e care a nd sale of yo u r p ro p e rty
T w enty y e ars’ experience. R eferences.
Y IO
1s t A v e .
M IlV iV E A U O E I S
CHUTE
REALTY
CO.
301 Central Ave., Minneapolis.
Manufacturing sites and trackage, business and residence
property in Minneapolis and St. Paul for sale or rent. Five
story manufacturing plant with machinery, elevator, etc.,
centrally located.
T h e S ta m p M a h e r s
RUBBER
AND
M ETAL
N o rth w estern Stam p W orks
5T. P A U L a n d M I N N E A P O L I S
.
e c lo g u e
24
TH E C O M M ER CIAL W EST.
The F arm Land M ovem ent.
The following are late farm landtransfers, as taken from
official county records. They indicate the value of farm lands
in the respective localities:
M innesota.
P o lk County.— A nderson, swR4 sec. 24, nwRi nwJ4 sec.
25 - i 54- 50) $3,762; D riscoll to Bradford, s y2 s e% sec. 36,
s w A sec. 35-152-49, $3,200; L-riscoll to Bradford, w A
swJ 4 sec. 25-152-49, $1,600; W o o d r u ff to Perry, an und. %
mst. in sec. 15-149-47, $5,530.
St. L ouis County.— Spring Garden Co. to Snively, nwJ 4
ne% SW/4 sec. 31-51-13, $1,000; Jones to Snively, n e A nw %
sw% sec.. 31-51-13, $1,250; Snively to Snively, n ^ sw %
sec. 31-51-13, $8,000; B ardon to Island, s w *4 neR^ nRi s e A
sec. 3-48-15, $36,000; K e h l & D e a r y Co. to Hick s, lands
in 59-20, 63-20, 60-20, 60-20, 64-20, 46-21, 63-19, 60-21, 59-20,
$18,019; Moe to Grady, wfC of ne% , se% of n e A , n e A of
sec. 27-50-15, $1,500; W a t te r w o r t h to Snively, q/x 2 n e A
s w Aa sec. 31-51-13, $1,500.
O tte r 1 ail County.— M cM a n u s to Murray, 2 acres in
se corner of s w A sec. 7-134-41, $40; H o o k e r to Zosel, s w ^
s e L , s e L s e A sec. 1-132-36, $1,300; Bell to Schmitz, e ^
n w /4 sec. 29-135-41, $1,000; Cossentine to Parks, e A seRR
n w 4 s e A , neJ4 s w ^ sec. 2-131-36, $2,400.
Jackson Co u n ty — Halsten to Iverson, part nwRi s e A
24-102-35, $x,ooo; H achm eister to Golir, ne% 16-104-34,
$5 0 2 0 ; W e ld to L y n g ,
n w j j and nw 4 n w A 7-104-35,
$4,211; Se ge rstro m to M oore and Smallwood, n /l 2 n e A
34" io 3 - 38 , $4,000; Bode to A lbertus, eRs seRi 29-102-38,
$3)500 .- S a w y e r & Britsch L an d Co. to Britsch, se% 28-10136, _seL n e T
4 t i - 102-37, and tract in 33-103-36, $12,000;
Schick to M cN ab, n w A 4-102-38, $5,000.
Blue Earth Co un ty— Jones to Peterson, the n e A of
sec. 1, Shelby, $7,800.
B row n C o un ty— Bendixen to W allin, 80 acres, 21-10834 ) $1,040; M oose Jo Smith, 240 acres, 31-108-34, $14,400;
M c K e n z ie to Hopfinspirger, 128 acres, 25-111-33, $3,000.
( Steele Co u n ty — Piper to K a s p e r about 20 acres in sec.
28, town of O w aton n a, $1,000; K a s p e r to Krause, about
20 acres in sec. 28, town of O watonna, $990; T ro tm a n to
Cashman, seRf east of Ry. sec. 34, and s w ^ sec. 35, town
of A urora, $4,000: Phillips to Mann, about 15 acres in sec.
2, city o f O w aton n a, $2,200.
Fillm ore Co un ty— B o r lo g to Okkastad, neJ4 nw % and
s V2 n w H sec. 36, Rushford, $1,955; H o y v e to Peterson,
sA
J s e A s w ^4 sec. 14 and part n e A n e A sec. 23, Rushford,
$1,000.
Rosea Co un ty— T a y l o r to Jones, n y2 swR* sec. 8, w y2
nwR* 17-162-36, $1,600.
Stearns Co un ty— M cM a s te rs to Kinsella, n y2 n w ^ and
others, 1-125-35, $4,000; K o lb to W e s se l, wR2 s w ^ 3-126-33,
$2,000; W h itn e y to Rosenan, seRi 27-126-35, $4,800; B o r
gerding to Zenzen, swR; swJ4 and others, 36-125-34, $1 600.
Red L ak e Co un ty— Stenseth to Larson, seR; 1-155-43,
$3,200; Con ely to A rndt, land in sec. 15-T55-40, $2,000;
Simonson to A a r v e g , n j 4 n w R 13-156-44, $1,200; Spurgin
to Stenseth, s e A of 1-155-43, $1,600.
W a t o n w a n Co u n ty — M urdo ck to H o w e, n]/2 of s e A and
nf A of n e L sec. 16-105-32, $5,575; H o w e to H o w e, e L
of s e A and lot 7 of subdiv. of s A of swRR all of sec. 20105-32, $4,500.
Iow a.
Sioux Co un ty— Caswell to Fink, part nwRf
R o ck twp., $2,200; Peursem to Peursem, w R n w A
Sherm an twp., $5,600; D u y n to Fo lger, part seR;
R o ck twp., $3,200; Bloemdal to Hustein, e L n e A
Plato twp., $5,600.
se.c.
sec.
sec
sec.
28,
17’
29
21’
F lo y d Co u n ty — Harden to Bum gardner, e A of seRj
29-96-18, $3,000; Sch nedler to Quinby, ne% of seR; 5-96-18,
$2,760.
O ooW o ° l bur^ Coun ty — Paulsen to Shontz, seR^ n e A sw A
8-88-43, $10,000.
H am ilton Co un ty— T e e f e y to Smith, nw A of the n e A
and the neRi of the nwRi of sec. 34-87-43, $2,000.
South D akota.
B row n Co u n ty — Dickm an to W r ig h t, seR; 23-127-64,
$4,000; Buhr to Rindlaub, w A 7-122-64, $5,440; Squire to
Saturday, January 16, 1904.
Y o d e r, neRi 27-123-60, $4,480; Janssen to Slonneger, w A
s e A and e A swRi 34-123-60, $3,840; P a b st to Rhodes, sw A
30, nw A 3 i " i 2 6 - 6 o , $8,000; H arm an to Buffington, s A 6 126-60, $5,000.
Broo k ing s County— W h itn e y to W esselink , neRi and
w A se A 14-111-51, $7,8oo; M cC arl and H o llida y to Fishback n e A and s e A n w R 10-100-50, $6,500; J. M arche to
bishback, s e A 14-110-49, $6,000.
Charles M ix Co u n ty — F loete to Junge, nw A 22-99-69,
$3,520; Isaac and O m ah a to Kirschenm ann, e O seRi 2797 - 65 , $1,360.
/4 X
Coddington County— Durrant to Case, s e A s e A n and
Aa 12-116-52, $5,000; Po w er s to Case, nwR; 12-116-52,
$4,000; W a dsw o rth to M o n tg o m ery , n e A and n w A 34-11855, $6,400.
North Dakota.
Cass C o un ty — M e tz ga r to Staples, the nw A of the n w R
of the n e A of sec. 5-140-53, $4,000; A k in to E n gebretson ,
the nw A and the eRl of the swRj of sec. 28-137-52, $5,000.
W a ls h Co un ty— Zuelsdorf to Feldm an, n e A 12-156-52,
$4,500; Midgarden to Lian, n e A i 9 - i 57-‘53, $3,50o; A rn o t
to A rn o t s w R 22-157-54, $5,000; Miller to Misealek, neRi
2-156-52, $4,065.
Stutsman Co u n ty — Gipson to Hillinshead. s e A 12-14262 $2,000; L e h r to Masterson, s A 27-137-64, $4,500; Lund
to Kraus, swR; 10-138-63, $2,400.
Barnes Co un ty— Turnbull to Quarters, nw A 24-141-37
$1,400; L lo y d to Pesek, n y2 7-141-59, $2,240.
TheAmericanMortgage&InvestmentCo.
216-218 Eiulicott Bldg-.
St. P a u l, M in n .
O ffers
CHOICE FARM M O R IG A G E S
to c o n s e r v a t iv e in v e s to r s a t a t t r a c t iv e
r a te s. C o r r e s p o n d e n c e in v it e d . A ll lo a n s
p e r s o n a lly in s p e c te d . S e n d fo r o u r lis t o f
lo a n s .
A. D. W A R N E R ,
E . F. A N D R U S
P r e s id e n t.
V ic e P r e s id e n t
H E N R I K ST R O M , S e c . a n d T reas.
THE VERY
BEST
LANDS
in the very
Best States.
Timber, Prairie, Wild
and Improved la n d s
I n M in n e s o ta , W is c o n s in , N o r th D a k o ta .
W e a r e o w n e r s, a n d c a n s e ll y o u fa r m la n d s t h a t
w ill p le a s e y o u a n d m a k e y o u m o n e y , n o m a t te r
w h a t k in d y o u w a n t or w h e r e y o u w a n t it . W r ite
fo r o u r d e s c r ip t iv e c ir c u la r s .
L a r g e tr a c ts a
s p e c ia lty . A g e n t s w a n te d in e v e r y c ity .
Burchard-Hurlburt Investment Co.,
MANHATTAN BUILDING,
ST. PAUL, MINN.
QUESTION
Have you Minneapolis
real estate to sell?
I f so w e w o u ld g r e a t l y a p p r e c i a t e a l i s t i n g o f s a m e .
1 h e s e a s o n f o r s e ll in g r e a l e s t a t e is n o w c o m in g o n
W e a r e i n a p o s i t i o n to d is p o s e o f a n y g o o d r e a l e s t a t e .
W e a lw a y s t r y to g e t t h e B E S T P R I C E S —a n d g e n e r a l l y
succeed.
G iv e u s a t r i a l —l i s t i n g b l a n k s fn i’n l s h e d o n a p p l i c a t i o n .
N o c h a r g e s u n le s s w e g e t y o u r e s u l t s .
QUESTION
Do you wish to purchase
Minneapolis real estate?
F o r a n i n v e s t m e n t —a h o m e —o r s p e c u la tio n ?
W e h a v e g o o d I N V E S T M E N T S f r o m $5,000 to $100,000
n e t t i n g 7 to 15 p e r c e n t .
’
'ü D T n ? ,eo l r a t , l e H O M E S i n a l l l o c a tio n s a t R I G H T
A S P E C U L A T I O N in M I N N E A P O L I S R E A L E S T A T E
w ill p r o v e a S U C C E S S .
W e a r e g la d to f u r n i s h t h e b e s t o f r e f e r e n c e s .
C O R R E S P O N D E N C E s o l i c i t e d — Q u e s tio n s a n s w e r e d
c h e e r f u lly .
YALE
2 0 6 SO U TH FOURTH
REALTY C O M P A N Y ,
ST.
M IN N E A P O L IS ,
M IN N .
An Excellent Opening for a Wholesale Grocery
------- ------------------------- A T ________________________
E V E R E T T , W A S H IN G T O N
For further information, address
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
EVERETT
IM P R O V E M E N T C O M P A N Y , E v e r e tt, W a sh in g to n
Saturday, Jan uary 16, 1904.
THE COMMERCIAL WEST.
A Protest from Puget Sound.
T o t h e I n t e r s t a t e C o m m e rc e C o m m is s io n , W a s h in g to n , D . C.
I n th e M a t t e r o f t h e P u b li c a tio n a n d F il in g o f T a r i f f s o n E x
p o r t a n d I m p o r t T r a f fic :
T h e u n d e r s ig n e d , S e a ttle C h a m b e r o f C o m m e rc e , M e r c h a n t s ’
A s s o c ia tio n , in c o r p o r a te d , T h e M a n u f a c t u r e r s ’ A s s o c ia tio n a n d
P a c if ic C o a s t L u m b e r M a n u f a c t u r e r s ’ A s s o c ia tio n , w o u ld r e s p e c tf u l y r e p r e s e n t to y o u r h o n o r a b le b o d y t h a t in t h e i r j u d g
m e n t t h e a d o p tio n b y th e I n t e r s t a t e C o m m e rc e C o m m is s io n of a
r u le r e q u i r i n g t h e p u b lic a tio n a n d filin g o f ta r i f f s o n e x p o r t a n d
im p o r t tr a f f ic w o u ld m o s t i n j u r io u s ly a f f e c t t h e lu m b e r i n d u s t r y
o f P u g e t S o u n d a s w e ll a s t h e e x p o r t a n d i m p o r t t r a d e f r o m th e
O rie n t. A m o n g t h e r e a s o n s w h ic h h a v e le d u s to th i s c o n c lu s io n
a r e t h e fo llo w in g :
T h e r a t e o n l u m b e r f r o m P u g e t S o u n d to S t. P a u l is n o w
f o r t y c e n t s a h u n d r e d p o u n d s o n fir a n d f if ty c e n t s o n c e d a r a n d
o n c e d a r s h in g le s a s a g a i n s t n i n e t y c e n t s e le v e n y e a r s a g o . T h e
p r e s e n t r a t e c a n b e m a in ta in e d , w e a r e a s s u r e d , o n ly o n t h e c o n
d itio n t h a t t h e r a i l r o a d s c a n s e c u r e a r e t u r n lo a d f o r t h e l u m
b e r c a r s , f o r if t h e c a r s w h ic h t a k e o u r l u m b e r a n d s h in g le s
to m a r k e t h a v e to b e b r o u g h t b a c k e m p ty t h e r e s u l t w ill b e a
lo s s t o t h e r a i l r o a d c o m p a n y o n t h e w h o le t r i p , a n d n o c o m p a n y
c a n b e e x p e c te d to d o b u s in e s s a t a lo s s f o r a n y l e n g th o f tim e .
A s w e n o w in th i s p a r t o f t h e c o u n tr y , p r o d u c e th e l a r g e r p a r t
o f w h a t w é u s e , o u r lo c a l r e q u i r e m e n t s _ a r e n o t s u ff ic ie n t to
lo a d t h e r e t u r n i n g c a r s , a n d t h e o n ly p o s s ib le w a y in w h ic h t h e
r a i l r o a d s c a n g e t a r e t u r n lo a d f o r t h e i r c a r s is b y t h e d e v e l
o p m e n t a n d e x te n s io n o f th e e x p o r t a n d i m p o r t t r a d e w ith th e
O rie n t.
A s is w ill k n o w n , t h e m a r k e t s in t h a t n a r t o f t h e
w o r ld a r e l a r g e ly o c c u p ie d b y t h e s h ip p e r s a n d m a n u f a c t u r e r s
o f E u r o p e a n d i t r e q u ir e s e x t r a o r d i n a r y e f f o r ts o n t h e p a r t of
A m e r ic a n s to g e t in to th o s e m a r k e t s .
T h e E u ro p ea n m a n u
f a c t u r e r s c a n , f o r t h e m o s t p a r t , r e a c h t h e c itie s o f t h e f a r
E 'a s t b y s te a m s h ip s , t h e p a r t p la y e d b y r a i l r o a d s in t h e i r c a s e
b e in g a n e g lig ib le q u a n t i t y , w h ile , o n t h e o t h e r h a n d , in A m e r ic a
a v e r y i m p o r t a n t p a r t o f t h e t r a n s p o r t a t i o n is b y la n d . Y e t th e
c o s t of t r a n s p o r t a t i o n , w h e t h e r fr o m E u r o p e o r A m e r ic a , m u s t
b e o f c o n tr o llin g im p o r ta n c e in a c o n t e s t f o r th e t r a d e w ith
J a p a n , C h in a , t h e P h il ip p in e I s la n d s a n d t h e S t r a i t s S e t t l e
m e n t.
S te a m s h ip f r e i g h t r a t e s to a n d f r o m t h a t p a r t o f th e
w o rld f l u c tu a te f r o m d a y to d a y a lm o s t lik e b a n k e x c h a n g e .
I n o r d e r to m e e t t h e c h a n g i n g r a t e s o f t r a n s p o r t a t i o n o n th e
p a r t o f r e g u l a r lin e s a n d t r a m p s t e a m s h i p s b e tw e e n E u r o p e
a n d t h e O r ie n t, t h e s t e a m s h i p lin e s e n g a g e d in T r a n s - P a c i f i c
t r a d e a n d t h e A m e r ic a n r a i l r o a d s r u n n i n g to P u g e t S o u n d m u s t
b e in a p o s itio n to m e e t a n y r a t e s w h ic h m a y b e p u t in f r o m d a y
to d a y b y t h e f o r e ig n s t e a m s h i p s f r o m E u r o p e a n p o r t s to t h e
O r ie n t o r f r o m t h e O r ie n t to E u r o p e . T o do th i s th e r a i l r o a d s
s h o u ld b e a t li b e r t y u n d e r t h e la w to c h a n g e t h e i r r a t e s e v e r y
d a y in t h e w e e k if f o u n d n e c e s s a r y to a id t h e s h ip p e r s , p r o
d u c e r s a n d m a n u f a c t u r e r s o f A m e r ic a to c o m p e te w ith th o s e
of E u r o p e f o r t h i s T r a n s - P a c i f i c t r a d e .
I f th i s c o m m is s io n
s h o u ld a d o p t a r u le r e q u i r i n g t h e r a i l r o a d s to p u b lis h a n d file
ta r i f f s o n t h i s e x p o r t a n d i m p o r t tra ff ic , w h ic h , u n d e r t h e la w
r e q u ir e s t h r e e o r t e n d a y s ’ n o tic e , a s t h e c a s e m a y b e , i t is
p la in to b e s e e n t h a t o u r e x p o r t a n d i m p o r t t r a d e w o u ld b e a t
o n c e p u t u n d e r a v e r y s e r io u s h a n d ic a p .
T h e r u le o f c o u rs e
c o u ld n o t b e m a d e to a p p ly to th e f o r e ig n s t e a m s h i p s e n g a g e d
in t h a t tr a d e . T h e y w o u ld b e j u s t a s f r e e a s th e y a r e n o w to
m a k e r a t e s a n d c h a n g e t h e m a s t h e e x ig e n c ie s o f s h ip p in g
m i g h t r e q u ir e , w h ile t h e i r A m e r ic a n c o m p e tito r s w o u ld b e tie d
u p so t h a t t h e y c o u ld n o t m a k e a lo w e r r a t e e x c e p t u p o n t h r e e
d a y s ’ n o tic e o r a h i g h e r r a t e e x c e p t u p o n t e n d a y s ’ n o tic e .
A s t h e b u s in e s s in t h e O r ie n t is d o n e , w h e t h e r f r o m A m e r ic a
o r f r o m E u r o p e , c h ie fly b y c a b le , a n d a d e c is iv e a n s w e r is g e n
e r a lly r e q u i r e d w i t h i n t w e n t y - f o u r h o u r s , t h e e x t e n t o f th e
h a n d ic a p to o u r s h ip p in g i n t e r e s t s u n d e r s u c h a o n e - s id e d r u le
m u s t b e a p p a r e n t to e v e r y o n e . W i t h i n th e l a s t y e a r a n A m e r i
c a n s t e a m s h i p lin e , o w n e d b y t h e B o s to n S te a m s h ip C o., h a v
in g fiv e n e w s t e a m s h i p s r a n g i n g f r o m te n t h o u s a n d to e ig h te e n
th o u s a n d to n s c a r r y i n g c a p a c ity , h a s b e e n p u t in to t h i s t r a d e
f r o m P u g e t S o u n d to t h e F a r E a s t . T h e s e s t e a m s h i p s s a il u n
d e r t h e A m e r ic a n fla g . T h e c o m p e titio n w h ic h t h e y a r e e n
c o u n t e r i n g w ith f o r e ig n s h ip s f r o m e v e r y p a r t o f E u r o p e to
t h e p r in c ip a l p o r t s o f C h in a , J a p a n , t h e P h il ip p in e s a n d t h e
S t r a i t s S e t t l e m e n t is n a t u r a l l y v e r y k e e n , a n d , u n le s s th e s e
v e s s e ls c a n r e ly u p o n t h e p r o m p t c o - o p e r a tio n o f th e t r a n s
c o n tin e n ta l ra ilro a d s te rm in a tin g on P u g e t S ound, th e y c a n n o t
m a i n t a i n t h e s t r u g g le a n d m u s t g o d o w n b e f o r e E u r o p e a n c o m
p e titio n .
T h e t r a d e w i t h t h e f a r e a s t e r n c o u n tr ie s a c r o s s th e
P a c if ic c a n n o t b e b u i l t u p o r m a i n t a i n e d w i t h o u t r e g u l a r lin e s
o f s t e a m s h i p s h a v i n g r e g u l a r s a il in g d a y s o n w h ic h t h e y d e p a r t,
w h e t h e r t h e y h a v e a fu ll lo a d o r n o t. T h e s h i p p e r m u s t k n o w
w i t h c e r t a i n t y t h e d a y o n w h ic h t h e s t e a m s h i p s a ils a n d w h e n
i t is s c h e d u le d to a r r i v e a t i ts p o r t o f d e s t i n a t i o n . O th e r w is e h e
c a n n o t b u ild u p o r c a r r y o n h is t r a d e w ith C h in a , J a p a n o r
o th e r O r ie n ta l c o u n tr ie s in c o m p e titio n w i t h E u r o p e a n tr a d e r s .
U n le s s , th e r e f o r e , r e g u l a r lin e s o f s t e a m s h i p s c a n b e m a i n
ta i n e d a c r o s s t h e P a c ific , w e n o t o n ly c a n n o t b u ild u p a la r g e
c o m m e rc e w i t h t h e O r ie n t, b u t th e t r a d e w h ic h w e n o w h a v e is
b o u n d to d w in d le . I t g o e s w i t h o u t s a y i n g t h a t t h e p r o s p e r ity
of th e P a c if ic N o r t h w e s t a s w e ll a s t h a t o f th e w h o le c o u n tr y
w ill b e g r e a t l y p r o m o t e d b y t h e b u ild in g u p o f a la r g e r f o r e ig n
t r a d e b e tw e e n A m e r ic a a n d t h e O r ie n t, a n d o u r lu m b e r i n t e r
e s t s t h e o u t p u t o f w h ic h is n o w w o r t h tw e n ty - f i v e m illio n s p e r
a n n u m , is a b s o lu t e ly d e p e n d e n t f o r its p r o s p e r i t y a n d f u r t h e r
d e v e l o p m e n t u p o n th e g r o w th a n d e x p a n s io n o f t h i s fo r e ig n
c o m m e rc e , b e c a u s e t h e o n ly h o p e of m a i n t a i n i n g t h e p r e s e n t
r a t e s o n lu m b e r to th e E a s t , to s a y n o t h i n g o f t h e p r o s p e c t
o f a s p e c ia l r a t e f o r th e c o a r s e r c la s s e s o f lu m b e r w h ic h is
n o w w a s t e d o r b u r n e d a t th e m ill, d e p e n d s a b s o lu t e ly u p o n th e
a b i l i t y o f t h e r a i l r o a d s to g e t a r e t u r n lo a d f o r t h e lu m b e r
la d e n c a r s t h a t a r e t a k e n E a s t . B u t th e o n ly w a y t h e r a ilr o a d s
c a n g e t s u c h a r e t u r n lo a d is b y c a r r y i n g t h e n a t u r a l a n d
m a n u f a c t u r e d p r o d u c t s o f A m e r ic a to P u g e t S o u n d to b e th e n c e
s e n t a c r o s s t l j e o c e a n b y r e g u l a r lin e s o f s t e a m s h i p s to t h e m a r
k e t s o f C h in a , J a p a n a n d o th e r E a s t e r n c o u n tr ie s . I n o r d e r to
g iv e y o u r h o n o r a b le b o d y a n a d e q u a t e id e a of t h e im p o r ta n c e
o f t h e lu m b e r i n d u s t r y o f th e s t a t e o f W a s h in g to n , i t m a y n o t
b e o u t o f p la c e h e r e to s e t f o r t h t h a t t h e o u t p u t o f l u m b e r in
W a s h i n g t o n f o r t h e y e a r 1902 w a s o n e b illio n , o n e h u n d r e d a n d
t h i r t y - f o u r m illio n s (1,134,000,000) f e e t, o f th e m a r k e t v a lu e
o f a b o u t f if te e n m illio n d o lla rs .
O f t h i s q u a n t i t y of lu m b e r,
fiv e h u n d r e d a n d s i x t y - t w o m illio n s (562,000.000) o f f e e t w e r e
s h ip p e d o v e r th e r a i l r o a d s to m a r k e t s in t h e i n t e r i o r o f t h e
U n ite d S t a t e s . I n a d d i t i o n to t h e lu m b e r , fiv e b illio n s , o n e h u n
d r e d a n d t w e n t y - e i g h t m illio n s (5,128,000.000) o f s h in g le s , h a v
in g a m a r k e t v a lu e o f t e n m illio n s o f d o lla rs ($ 10 , 000, 000) w e re
m a n u f a c t u r e d in W a s h i n g t o n a n d s h ip p e d b y r a i l to m id d le
w e s t e r n a n d e a s t e r n m a r k e t s . E v e n in a m u c h o ld e r a n d r ic h e r
s t a t e t h a n W a s h i n g t o n s u c h a n i n d u s t r y w o u ld b e d e e m e d
w o r t h y o f c o n s id e r a tio n a n d p r o te c tio n , a n d w e a r e n a t u r a l l y
s o lic ito u s f o r t h e w e lf a r e o f so i m p o r t a n t a n in t e r e s t .
I t w ill b e a g r e e d u p o n a ll h a n d s t h a t th e d e v e lo p m e n t a n d
e x te n s io n o f o u r O r ie n ta l tr a d e , t h e o p e n in g u p o f n e w m a r k e t s
in J a p a n , C h in a , t h e P h il ip p in e s , t h e S t r a i t s S e t t l e m e n t a n d
A u s t r a lia , to t h e p r o d u c ts o f o u r f a c t o r i e s a n d o u r f a r m s , is
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Federal Reserve Bank of St. Louis
25
a m a t t e r o f g r e a t i m p o r ta n c e to t h e w h o le c o u n tr y . T h e d e
m a n d f o r o u r flo u r a lo n e , w h ic h in t h e l a s t fe w y e a r s h a s b e e n
c r e a t e d in th o s e c o u n tr ie s la r g e ly b y t h e e f f o r ts o f t h e G r e a t
N o r t h e r n R a i lw a y C o., h a s a l r e a d y a d d e d a t le a s t fiv e c e n t s
a b u s h e l to th e v a lu e o f o u r w h e a t. S e v e r a l y e a r s a g o f o r e
s e e in g t h e n e c e s s it y o f s e c u r i n g n e w m a r k e t s f o r th e p r o d u c ts
of t h i s c o u n tr y , t h e G r e a t N o r t h e r n s e n t a b le a n d e x p e r ie n c e d
m e n to C h in a a n d J a p a n to s t u d y a n d r e p o r t th e c o n d itio n s a n d
r e q u i r e m e n t s o f th e m a r k e t s o f t h o s e c o u n tr ie s a n d t h e b e s t
m e a n s of s e c u r in g t h e m f o r t h e A m e r ic a n p r o d u c e r . T h e tim e ly
i n f o r m a tio n t h u s o b ta in e d h a s b e e n o f in c a lc u la b le a d v a n t a g e to
A m e r ic a n s h ip p e r s . I n d e e d i t is a m a t t e r o f c o m m o n k n o w le d g e
h e r e t h a t m o r e h a s b e e n d o n e b y t h e G r e a t N o r t h e r n R a i lw a y
C o. to o p e n u p , d e v e lo p a n d e x te n d o u r t r a n s - P a c i f i c t r a d e
t h a n b y a ll o th e r a g e n c ie s c o m b in e d .
N o one h a s a g re a te r
i n t e r e s t in p r o m o t in g t h i s e x p o r t a n d i m p o r t t r a d e , in fin d in g
n e w m a r k e t s o n t h e o t h e r s id e o f th e P a c if ic t h a n t h e N o r t h
w e s t e r n t r a n s c o n t i n e n t a l r a i l w a y lin e s . T h i s c o m m e r c e is s till
in i t s in f a n c y . I t is c a p a b le o f e x p a n d i n g to v a s t o ro p o r tio n s .
B u t p e r h a p s t h e m o s t i m p o r t a n t f a c t o r in i t s d e v e lo p m e n t is t h e
e le m e n t o f t r a n s p o r t a t i o n . I t is b e lie v e d t h a t w ith in t h e n e x t
t e n y e a r s t h a t n a t i o n w ill h a v e t h e l a r g e s t s h a r e in th o s e m a r
k e ts , w h ic h h a s a t i t s s e r v ic e t h e b e s t s y s t e m of t r a n s p o r t a t i o n
b y la n d a n d s e a .
I n c o n s id e r i n g t h e s u b j e c t n e w b e f o r e th i s c o m m is s io n it
s h o u ld a lw a y s b e b o r n e in m in d t h a t th e c o m n e titio n f o r th o s e
O r ie n ta l m a r k e t s is n o t o n e a m o n g A m e r ic a n p r o d u c e r s a n d
s h ip p e r s , b u t b e tw e e n A m e r ic a n s o n t h e o n e h a n d a n d E u r o p e a n s
o n t h e o th e r . I f t h e r u le y o u p r o p o s e to m a k e h e r e c o u ld b in d
t h e fo r e ig n s t e a m s h i p a s w e ll a s th e A m e r ic a n r a ilw a y , _w e
s h o u ld , p e r h a p s , h a v e n o c a u s e o f c o m p la in t.
B u t i t p la in ly
c a n n o t . A n d in t h a t c a s e le a v in g , a s i t m u s t, o u r c o m p e tito r
f r e e , its o n ly e ffe c t, if a d o p te d , w ill b e to f e t t e r a n d r e s t r a i n
A m e r ic a n c o m m e rc e , a n d in t h a t w a y h a m p e r a n d im p e d e th e
p a r t y y o u w o u ld h e lp .
W e , th e r e f o r e , s u b m i t t h a t in t h e i n t e r e s t s o f A m n c a n c o m
m e rc e , f o r e ig n a n d d o m e s tic , n o r u le s h o u ld b e a d o p te d b y
y o u r h o n o r a b le b o d y w h ic h b in d s t h e t r a n s p o r t a t i o n c o m p a n ie s
of A m e r ic a in r e g a r d to e x p o r ts a n d im p o r ts w h ile n e c e s s a r il y
le a v in g t h e i r f o r e ig n c o m p e tito r s f r e e to m a k e s u c h r a t e s fr o m
d a y t o d a y a s w ill e n a b le th e m to k e e p p o s s e s s io n o f t h o s e e x
p a n d in g m a r k e t s a n d k e e p o u t t h e A m e r ic a n p r o d u c e r a n d
s h ip p e r .
A ll o f w h ic h is r e s p e c tf u l ly s u b m itte d .
P A C IF I C C O A S T L U M B E R M F G . A S S N ,
B y E . G. G rig g s , P r e s ., V ic to r H . B e c k m a n , S e c ’y.
S E A T T L E C H A M B E R O F' C O M M E R C E ,
B y J . W . C lise, P r e s ., J a m e s B . M e ik le , S e c ’y.
M E R C H A N T S ’ A S S O C IA T IO N ,
B y J . S. G o ld s m ith , P r e s .
M A N U F A C T U R E R S ’ A S S O C IA T IO N O F S E A T T L E ,
B y J . M . F r a n k , P r e s ., H . G. S to e lin g , S e c ’y.
T elephone Construction.
Zu mbrota, Minn.— A new switchboard is bein g in
stalled.
Morrill, Minn.— A telephone line is to be built from
here to Buck man.
Edm ore, N. D.— It is proposed to build a telephone
line from here to P a rk River.
Fosston, Minn.— A telephone line is to be built from
here to T h e o d o r e in the spring.
Silver Creekj Minn.— A new telephone line will be es
tablished betw een this village and Monticello.
Blackduck, Minn.— T h e Bla ckduck Electric and T e l e
phone Co. has been incorporated, with a capital of $25,000.
Blue Earth, Minn.— T h e telephone poles for the Jo
Daviess Central telephone line are up and the wire will be
strung soon.
Sacred Heart, Minn.— A new switchboard has been in
stalled in the central office by the M innesota Central
T eleph o ne Co.
H a rm on y, Minn.— T h e farm ers’ telephone lines have
form ed a trust and will build a joint line from D a n iel’s
Corner into H arm ony.
Dassel, Minn.— T h e Co llin gw oo d F a r m e rs ’ Teleph one
E x c h a n g e Co. ha.s been organized.
Chas. H o glu nd is
president, and John Engquist, secretary.
L ou p City, Neb.— T h e Loup City T ele p h o n e Co. has
been granted a franchise by this village, and the line is
bein g extended from A rcadia to this town.
Crookston, Minn.— T h e Blackduck E lectric & T e l e
phone Co., with a capital of $25,000, has been- incorporated
by M. D. Stoner, D. J. Bourgeois, and C. W . Jewett.
Shell Lake, W is .— T h e Clam L ake telephone line has
been connected w ith the lines of the Minnesota Mutual
T eleph o ne and T e le g r a p h Co., w hose principal offices are
at N orth Branch, Minn.
L aM o u re, N. D.— T h e farmers of D ic k e y county are
building a line from L a M o u r e to Fullerton.
Thirteen
miles of the line are now completed and the line will be
extended to F ullerton in the spring.
Lincoln, Neb.— T h e N ebraska T ele ph o n e Co. will in
stall in its Lin coln office, improvements costing more than
$150,000, principal of which is a $55,000 central energy
switchboard with a ca pacity of nearly 10,000 telephones.
Mankato, Minn.— T h e South Bend F a r m e rs ’ Teleph one
line have over a hundred miles of wire strung and con
template putting up 160 miles more. T h e y pretty well
cover South Bend, Cambria, Judson and Butternut Valley.
D ead w o o d, S. D .— T h e Nebraska T eleph o ne Co. will
commence the introduction of cable in the underground
conduits this month. T h e new telephone system will be
in operation by the first of March. T h e new plant and
system will cost over $30,000.
2Ó
THE C O M M ER CIAL W EST.
¡¡I National Live Stock Bank
O F C H IC A G O
C a p i t a l , ............................. $1,000,000
Surplus and Profits,
1,300,000
The Volume of our business exceeds that of any bank in the United
States of equal footings. The most courteous and liberal
treatment is extended to all who may be in need of
first-class banking facilities
Your account is respectfully solicited whether large or small, per
sonal or corporate.
WM, H. BRINTNALL, President.
JOHN BROWN. Vice President
N A T IO N A L B A N K .
U n i o n S to ck Y ard s,
CH IC A G O .
C apital and S u rp lu s
J
H o g s.
H o g receipts at the six la rgest mark ets for the first
three days this w ee k were about 231,000, co mpared with
240,800 for the first three days last w eek and 211,000 for
the corresp ond in g period last year. H o g receipts here
during the first three days this w ee k were about 18,300,
against 22,532 for the first three days last w ee k and 12,496
for the same three days last year.
Six prominent mark ets had an a g g r eg a te ho g supply
last w eek of 442,200, against 337,200 for the pre ceding
week, 396,400 for the like w eek last month, 332,800 for
the same w eek last year and 458,100 for the correspondin g
w e e k two years ago. South St. Paul received 37,346
hogs last week, compared with 21,582 for the w ee k pre
vious, 23,292 for the co rrespondin g w ee k last month,
23,205 for the same w eek last year and 20,726 for the
like w ee k two years ago.
W i t h receipts during the latter half of last week, hog
values advanced fully 10c but reacted again M o n day un
der an old time run of 60,000 at Chicago on that day and
liberal receipts at all the other large centers. O n T u e s
da y prices ruled 5c higher and, with only a fair W e d n e s
day m a rk eting at the various large centers today, trad
ing ruled active at a big 10c to 15c advance, leaving
values on about a 15c higher basis than on W e d n e s d a y of
last week. T h e quality of t o d a y ’s offerings w as the best
for the week.
E x t r a good medium and heav y w eight
hogs sold up to $4.80 and the bulk from $4.55 to $4.65,
against $4.35 to $4.50 last W ed n esd a y, $6.05 to $6.20 the
same day last year, $5.95 to $6.20 the like day tw o years
ago and $5.05 to $5.10 the correspondin g da y three years
ago.
C a ttle .
T h e re w ere about 136,700 cattle received at the six
large mark et centers during the first three days this
week, compared with 121,700 for the like period last w eek
and 131,900 for the same three days last year. L o c a l
cattle receipts during the first three days this w eek were
about 2,625, against 1,184 for the first three days last w eek
and 2,245 for the co rrespondin g three days last year.
A g g r e g a t e cattle receipts at the six most prominent
mark ets last w ee k were about 156,500, against 112,000
for the w eek previous, 161,600 for the same w ee k last
month, 152,100 for the like w eek last year and 135,800 for
the co rrespondin g w ee k tw o years ago. Cattle receipts
here last w eek w ere 2,729, co mpared with 1,101 the pre
ce ding week, 3,030 for the co rrespondin g w ee k last month,
3,109 for the like w ee k last year and 2,379 for the same
w ee k two years ago.
S tro n g mark ets w ere had here on all gr ades of cattle
during the closing m arket days of last w ee k with prices
on beef and butcher grades advancin g about 10c during
that time. H e a v y receipts E a st M o n d ay and a sharply
lower mark et there caused a sympathetic decline here
M o n d ay and T u e s d a y and with a steady trade to day prices
n ow stand w ea k to 10c lower than last W e dn esda y. T h e
demand is stro n g at the decline. A p retty go o d class
of beef steers are n ow selling around $4.25 to $4.50, go od
butcher cows around $3.00 to $3.50, medium grad es from
$2.50 to $2.75 and canners and cutters from $1.50 to $2.25.
Bulls have held steady and veal calves are stro n g with
most of the go o d kinds selling at $4.75. T h e Stocker
and feeder m arket has held up well, co nsidering the de
cline in fat cattle values and prices to day at about steady
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-
3 7 5 0 ,0 0 0
Has the sail’"' facilities for reserve deposits as any other Chicago Back.
SO U T H S T . P A U L , MINN.
( 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.)
-
A c c o u n t s o f B a n k s , C o r p o r a t i o n s , F irm s
a n d I n d i v i d u a l s s o l i c i te d .
SOUTH ST . PA U L
UNION STOCK YARDS
Live Stock M arkets.
WM. A. TILDEN, Cashier
GEO. M. BENEDICT, A ss’t Cashier,
D R O V E R S D E P O S IT
O F F IC E R S :
S. R . F L Y N N , P resid en t
G. F . E M E R Y , A sst. C ashier
G. A . R Y T H E R , C ashier
W . F . DOGGETT, A sst. C ashier
r
Saturday, January 16, 1904.
I
S th e b e s t eq u ip p e d and m o s t a d van tag es
o u s m a r lie t fo r li v e s t o c k s h i p p e r s in
t h e N o r t h w e s t . It is c o n n e c t e d w i t h a ll
th e r a ilro a d s a n d w a n ts 1 ,0 0 0 b e e v e s and
5 ,0 0 0 h o g s d a ily .
Y our s h ip m e n ts are in v ited .
M. D. FLOWER, Prest.
H. B. CARROLL, Gen’l Sept.
with a w eek ago. T h e better grade of 800 to 1,000 pound
cattle are in the best request with most of tire above
kinds selling around $3.15 to $3.60.
Sheep.
Combined receipts of sheep at the six big mark ets
during the first three days this w ee k w ere about 137,400
compared with 113,300 for the co rrespondin g period last
w eek and 102,100 for the same three days last year. Sheep
receipts here during the first three days this w ee k were
about 17,480, against 8,507 for the first three days last
w eek afid 3,360 for the like three days last year.
Supplies of sheep at the six largest mark ets last w eek
totaled 185,600, against 124,900 for the w ee k previous,
195,600 for the same w ee k last month, 140,300 for the like
w eek last year and 142,100 for the corresp ond in g w eek
two years ago. South St. Paul received 21,888 sheep last
week, compared with 11,228 for the p receding week, 25,859
for the like w eek last month, 6,130 for the correspondin g
w eek last year and 16,840 for the same w ee k two years
ago.
This has been another favorable w ee k in the sheep and
lamb trading, with prices at the close of t o d a y ’s trading at
the high point of the season. W h ile the m arket has been
stron g and active on all grades of both sheep and lambs
suitable for slaughter, advances have been confined largely
to mutton grades. W e t h e r s have shown the most strength
and are n ow selling 15c to 25c higher than a w eek ago.
A v e ry choice class fo 115-pound fed western w ethers
sold today at $4.25, good to choice mutton ewes from
$3.50 to $3.75 and some v e ry desirable fat lambs at $5.50.
A load of prime lambs, a ve ra gin g 96 pounds, sold M on day
at $5-75 and 88-pound fed w estern yea rlin g wethers
brought $5.00 on the same day. F ee din g stock has been
in small supply but the little received has sold at higher
figures.
C o m p a r a tiv e R e c e ip ts .
T h e follow ing- ta b le s h o w s th e r e c e i p ts a t S o u th S t. P a u l th i s
y e a r u p t o a n d in c lu d in g W e d n e s d a y , J a n u a r y 13, a s c o m p a r e d
w i t h th e c o r r e s p o n d in g p e r io d l a s t y e a r , s h o w in g i n c r e a s e o r d e c re a se :
1903.
1902.
In c .
D e c.
C a t tle ...................... ..................
4.827
4.368
459
C a lv e s .................... ....................
713
625
88
H o g s ......................... ................... 60.008
38,818
21.190
S h e e p ...................... .................. 44,789
9.472
5.317
H o r s e s .................... ..................
21
IS
3
C a r s ......................... ...................
1.106
693
413
R e c e ip ts of liv e s to c k a t S o u th
W e d n e s d a y , J a n . 13, 1904
C a ttle .
T h u r s d a y , J a n . 7 .............
403
F r id a y , J a n . 8 ....................
313
192
S a tu r d a y , J a n . 9 ...............
664
M o n d a y , J a n . 1 1 .............
T u e s d a y . J a n . 1 2 ............... 1.297
W e d n e s d a y , J a n . 1 3 ........
666
T o t a ls ...............................
3,535
R e c e ip ts of liv e s to c k a t S o u th
W e d n e s d a y , J a n . 13, 1904:
C a ttle .
350
T h u rsd a y , J a n . 8. . .
334
F r id a y , J a n . 9 ...........
148
S a t u r d a y , J a n . 1 0 . ..
287
M onday, J a n . 1 2 ....
1.112
T u e s d a y , J a n . 1 3 . ..
846
W e d n e s d a y , J a n . 1 4 ___
T o t a ls ...............................
3.077
3,077
S t. P a u l f o r th e w e e k è n d in g
H o g s.
4,520
6.173
4,121
6,400
6,790
5,109
33,113
S h e e p . H o r s e s . C a rs .
681
73
7.416
115
5,284
78
9.135
i
148
6,871
18
144
1,472
96
30,859
19
654
S t. P a u l f o r t h e w e e k e n d in g
H o g s.
1.215
3.216
3.135
2.383
4.086
6,027
20.062
R a n g e of H og S a le s .
T h is W e e k .
T h u r s d a y .................................................. $4 .2 5 @ 4 .7 0
F r i d a y ......................................................... 4 .2 5 @ 4 .7 0
S a t u r d a y ................................................... 4.35 @ 4 .7 5
M o n d a y ....................................................... 4 .1 5 @ 4 .4 5
S h e e p . H o r s e s . C a rs .
193
36
1.245
61
6
42
1.170
42
420
89
1,770
114
4.804
384
P r e v io u s W e e k .
$4.25(0)4.60
4.15@ i4.65
4.25(0)4.60
4 .25@ 4.75
27
TH E C O M M ER CIAL W EST.
Saturday, January 16, 1904.
T u e s d a y ...................................... ............. 4 .2 0 @ 4 .6 0
W e d n e s d a y ...............................
4 .3 5 @ 4 .8 0
B u lk o f H og S a le s .
T h is W e e k .
P r e v io u s W e e k .
T h u r s d a y .................................................. $4 .4 5 @ 4 .5 5
$4 .4 0 @ 4 .5 0
4 .4 0 @ 4 .5 0
F r i d a y .......................................................... 4 .4 5 @ 4 .5 5
S a t u r d a y ..................................................... 4 .5 0 @ 4 .5 5
4 .3 5 @ 4 .5 0
M o n d a y ....................................................... 4 .3 0 @ 4 .4 0
4 .4 5 @ 4 .6 0
T uesday
4 .4 0 @ 4 .4 5
4 .4 5 @ 4 .5 5
4 .5 5 @ 4 .6 0
4 .3 5 @ 4 .5 0
W e d n e s d a y ..................................
T o t a ls
40,700
34,200
21,600
28,200
36,400
23,200
............................... 442,200
337,200
332,800
C o m p a r a tiv e C a t tle R e c e ip ts .
L a s t W e e k . P r e v io u s W e e k .
56.100
. 67,600
25,400
. 38,200
11,000
.. 17,700
6,100
. 10,600
12.300
. 19,600
1,100
2,800
K a n s a s C ity . . .
S o u th O m a h a .
S o u th S t. J o s e p
E a s t S t. L o u is .
S o u th S t. P a u l .
C o n d itio n o f H og M a r k e t.
T h is W e e k .
P r e v io u s W e e k .
T h u r s d a y .................. G e n e r a lly 10c h ig h e r . 5c h ig h e r .
F r i d a y .........................S te a d y .
B a r e l y s te a d y .
S a t u r d a y ....................S te a d y .
s h a d „eA lo5 e J
M o n d a y ...................... 15c lo w e r.
B ig 10c h ig h e r .
T u e s d a y .................... 5c h ig h e r .
.
S te a d y to 5c lo w e r.
W e d n e s d a y ............... B ig 10c to 15c h ig h e r . F u ll y 10c lo w e r.
C o m p a r a tiv e H o g R e c e ip ts .
L a s t W e e k . P r e v io u s W e e k .
C h ic a g o .................................. 231,800
166,400
K a n s a s C ity ......................... 46,600
33,800
40,500
S o u th O m a h a ...................... 43,300
33,000
50,200
37,300
S o u th S t. J o s e p h
E a s t S t. L o u i s . . .
S o u th S t. P a u l . . .
4 . 2 5 @ 4. tO
4 .1 5 @ 4 .7 0
152,100
112,000
. 156,500
a r a t i v e S h e e p R e c e ip ts .
L a s t W e e k . P r e v io u s W e e k .
73,000
.. 83,700 '
8,000
. . 20.500
23,200
.. 39,800
4,000
6,900
5,500
. . 1 2 .S 0O
11,200
, . 21,900
K a n s a s C ity . . .
S o u th O m a h a .
S o u th S t. J o s e p
E a s t S t. L o u i s .
S o u th S t. P a u l .
Y e a r A go.
170,000
38,000
37,000
Y e a r A go.
67.400
34,200
16.400
10,900
20,100
3,100
Y e a r A go.
86.400
16,500
6,300
5,600
19.400
6,100
140,300
124,900
. . 185,600
U N IO N ST O C K Y A R D S C O M P A N Y O F O M A H A .
S ta te m e n t
of
r e c e i p ts
and
d is p o s it io n
C a t tle .
1903
.
In c re a se
........
2,799
69,569
f o r m o n t h e n d in g D e c. 31, 1903, a n d m o n t h e n d in g D e c. 31, 1902.
R e c e ip ts
H ogs.
1902.
N o.
H e ad . C ars.
R a i lr o a d —
C a rs.
170
3,422
C ., M. & S t. P . . . .
152
529
28
W a b a s h R . R ...........
98
2,664
M o. P a c . R y ...........
103
519
14,583
U . P ..............................
552
224
1,664
C. & N . W ................
69
687
10,656
F . E . & M. V ----470
545
5,745
C ., S t. P . M. & O .
266
805
19,533
730
B . & M .......................
154
2,669
124
C.
f B. & Q
54
R822
K .C . ,S t . J . & C. B
64
196
3,417
C ., R . I. & P . E a s t .
158
58
374
C. R . I. & P . W e s t
15
61
580
I llin o is C e n t r a l . . .
25
917
C. & G. W ................
43
994
D r iv e n i n ...............................
G ra n d to ta l
F ro m Ja n . 1
to d a te . . . .
o f s to c k
3,594
1903.
N o.
N o.
N o.
H ead.
C a rs .
H e ad . C ars. H e ad .
12,927
53,464
187
779
3,666
2,247
1,979
34
32
492
1,916
1,559
34
26
2,637
75,786
24,442
335
378
13,629
23,284
774
21,109
5,324
326
32,554
30,947
5i0
525
15,151
9,120
141
22,300
352
11,780
26,985
22,924
403
371
20,444
13,350
11,235
210
169
3,478
415
1,046
7
14
1,684
17,539
10,989
274
156
4,312
1,591
1,628
25
29
1,743
5,224
4,945
76
79
1,511
6,541
88
2,570
2,281
1,690
87,541
217,668
3,339
,071,177 39,541 1,010,815 32,832 2,231,067
4,996
1902.
1.509
60,362
3,025
31,323
T o ta l
Sheep.
1903
1902.
1903.
N
o.
N o.
C ars.
H ead.
C ars.
H ead.
C ars.
942
1,350
12
2,186
11
67
490
5
1,022
7
145
1,855
13
1,911
14
1,161
67,045
263
55,864
218
412
3,214
24
2,686
17
33,624 1,170
157
33,135
149
725
11,573
90
16,980
106
29,979 1,231
137
21,975
128
313
5,256
38
2,447
20
85
222
2
1,494
5
321
2,940
30
1,186
7
56
723
3
1,071
5
118
68
1
1,600
14
137
595
6
7,450
6,497
225,229
2,247.428
150,649
775
7,412
1,863.763
7,090
322
121,224
707
165,789
6,883
C ars.
1902.
C a rs .
372
62
147
1,126
1,024
1,382
779
1,355
403
63
501
96
138
7,448
79,592
7,178
16,361
A v e r a g e w e ig h t o f h o g s , 1903, 265; 1902, 256.
C a t tle .
1903
1902.
N o.
H e a d . C a rs .
R a i lr o a d —
( a rs .
9
275
10
C., M . & S t. P ----21
878
29
W a b a s h ....................
21
764
24
M o. P a c ....................
56
1,914
59
U . P ..............................
23
1,141
41
C. & N . W ................
138
2,712
80
F ., E . & M. V ----27
1,502
52
C ., S t. P ., M & O .
100
3,420
107
B . & M .......................
46
1,741
61
C.
, B. & Q .
64
1,897
63
K . C. S t. J . & C. B.
19
683
22
C. R . I. & P . E a s t
5
66
2
C. R . I. & P . W e s t
3
679
24
Illin o is C e n t r a l . ..
2
2
C. & G. W ................
T o ta l s h ip m e n ts ..
D r iv e n to c o u n tr y
C o n s u m e d in
S o u th O m a h a . .
N o.
H ead.
258
559
548
2,016
553
4,675
798
3,222
1,071
1,S83
471
165
45
S h ip m e n t s .
H o g s.
1902.
1903.
N o.
N o.
H ead.
C ars.
C ars. H e a d .
75
803
i
76
4,879
212,693
2
576
114
17,674
2,769
532
92
16,264
2,372
76
2,119
49,600
2,841
65,660
3.262
2,809
G r a n d t o t a l ...........
C o n s u m e d in So.
O m a h a J a n . 1 to
d a t e ....................... 12,500
70,043
3,465
735.158 25,097
3,338
217,572
610,281 32,130
¡,177,981
84.296
T o ta l C ars.
Sheep.
1902.
1903
1902.
1903.
N o.
N o.
C ars.
C ars.
H ead.
C a rs .
C ars.
H ead.
37
21
8,179
27
3,177
11
43
38
5,060
20
1,860
35
126
1,744
10
3,307
23
74
80
3,881
14
4,952
19
40
91
5,539
16
16,033
48
150
115
2,258
12
8,157
33
62
81
4,448
33
4,661
29
105
123
759
3
3,654
13
76
69
6,949
22
1,495
5
100
5,782
87
28
3,086
15
83
52
13,210
54
5,988
23
11
5
2,423
774
6
3
9
33
668
4
423
2
231
16
029
3,029
29,662
225,556
497
249
29
57,567
3,979
471
96,932
225,556
744
158,478
749
2,075,743
3,440
881,359
3,199
6,866
923
130
825
153
91,825
5,878
6,341
159,591
6,931
7,319
60,900
815,442 68,070 57,958
Perfection in the Accounting Department
if you don’t have it after installing The Jones Inter
changeable Leaf System and Devices, TH E FAULT
IS IN “ T HE MAN B E H IN D T H E SYSTEM.”
W e claim for our Accounting System superiority in every
essential of Mechanical Construction, in adaptability to the
requirements of Merchants, Bankers, and business institutions
generally, in Economy, Durability and Convenience...............
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areemadCe0ntro nrdenrC.eW°e h a ^ e o L n n i U m
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Federal Reserve Bank of St. Louis
Northwestern Office, 503 Oneida Building, Minneapolis, Minn.
28
T H E C O M M ER CIAL W EST.
N ^ G R A I N
Saturday, January 16, 1904.
M IL L IN O IS !
N E W O R L E A N S I N 1903.
T o t h e E ditor of T h e C o m m e r c i a l W e s t :
I take pleasure in g iv in g you belo w a brief review of
the business of the port of N e w Orleans for the calendar
y ea r 1903, w hich will no doubt be of interest to your read
ers.
T h e re has been a mark ed development in every de
partment of our c it y ’s life during the year just closed,
and not only have m a n y new public and private build
ings been erected and shipping facilities been increased
and improved, but the banks have increased their business
about 38 per cent over and above the clearings for 1902,
placing our bank clearance at $827,710,850 for the calendar
year. O ur postoffice receipts have increased, the death
rate has decreased, and the merchants have reported
business far in excess of that of form er years.
A s w as the case during the year preceding, cotton
stood out conspicuously in 1903 a m o n g the various articles
comprising our agricultural export trade. T h e shipments
of this product amounted to 2,102,492 bales for the fiscal
y ea r ending Septem ber 1, 1903, and the amount of cotton
handled during the three month s ending N o ve m b e r 30
w as 534,901 bales.
Gain in Grain E xports.
T h e increase in grain exports during the year just
closed w as due to the fact that the shipments of corn
reacted from the extre me depression into which they were
thrown b y the failure of the 1901 harvest. T h e total w heat
shipments for the year from all United States ports show
a decrease of about 60,000,000 bushels. In this decrease
Baltimore, Boston, N e w Y o r k , Philadelphia and San F ra n
cisco have participated heavily, while the falling off at
N e w Orleans has been in the neighborhood of 3,500,000
bushels. In 1903 our exports of grain were in excess of
those of 1902, with the United K in g d o m decidedly our
largest customer.
Germany, the Netherlands and B e l
gium were also heav y purchasers. T h e total shipments
for the year were 12,801,734 bushels of corn and 11,855,860 bushels of wheat, a total of 24,657,594 bushels.
Increase in Flour Shipm ents.
I11 flour, the remarkable increase of 1,209,202 sacks over
and above the same period in 1902 is recorded, the total
shipments amounting to 1,800,300 sacks.
A s in previous years, cotton-seed products again fo rm
ed an important factor in our exports. T h e shipments for
the tw elve months ending N o ve m be r 1, 1903, amounted
to 2,682,817 sacks of cotton-seed cake and meal and 143,995 sacks of co tton seed.
N e w Orleans, during the twelve months ending July 31
I 9° 3, handled 879,660 sacks of rough rice. F ro m A u g u st
1 to date 1,126,271 sacks were handled. T h e total p roduc
tion of Louisiana and T ex a s, is approximately, 4,000,000 sacks.
A s a whole, N e w Orleans has maintained its im port
ance as the second co mmercial city of this country, sur
passed only by N e w Y o rk, and gainin g rapidly on that
city.
O u r imports during the year co vere d by this report are
the largest N e w Orleans has ever handled. This fact is
especially enco uraging, as the smallness of our import
business has alw ays been a matter of w eakness operating
g r ea tly against the port, and naturally increasing fre ight
charges, as a large proportion of the vessels corning into
port arrived in ballast.
F red Muller,
AT
S ecretary N e w Orleans Bo ard of T ra d e
N e w Orleans, Dec. 31, 1903.
F L O U R A N D G R A IN .
T h e e n t i r e m o v e m e n t o f th e s e p r o d u c ts a t C h ic a g o d u r i n g 1903:
R e c e ip ts .
F lo u r ,
W h e a t,
B rls .
B u.
L a k e ............................................................................
17,967
2.633.500
C a n a l ..................................................... ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ’
9,800
C h ic a g o & N o r t h w e s t e r n R a i l w a y ........... . . . . . ' '
1,194,418
1,900,752
I llin o is C e n t r a l R a i lr o a d ....................................
546,868
424,780
C h ic a g o , R o c k I s la n d & P a c if ic R a i l w a y . . . ! ! . '! !
811,387
3,106,305
C h ic a g o , B u r lin g to n & Q u in c y R a i l w a y ..................
911,400
5,876,340
C h ic a g o & A lto n R a i l r o a d .............................
458,357
2,565,875
C h ic a g o & E a s t e r n I llin o is R a i l r o a d ................
136,500
C h ic a g o , M ilw a u k e e & S t. P a u l R a i l w a y ...........
1,367,900
3,995,225
W a b a s h R a i lr o a d ( W e s t o f C h i c a g o ) ....................
108,800
506,375
C h ic a g o G r e a t W e s t e r n R a i l w a y .........................
806,600
1.033.500
A tc h is o n , T o p e k a & S a n t a F e R a i l w a y ..............!!
410,312
3,155,400
W is c o n s in C e n t r a l L in e s .......................; ........................
1,046,923
1,875
E lg in , J o l i e t & E a s t e r n R a i l w a y ............................... !
200
1,525,150
C h ic a g o , I n d ia n a p o lis & L o u is v ille R a i l w a y . ! ! ! ’
8,928
172,232
♦ E a s t e r n L in e s ........................................................................
70,167
80,976
T o t a l r e c e i p ts ...................................................................
7,760,227
27,124,585
F l o u r m a n u f a c t u r e d in t h e c i t y ..............! ! ! ! ! ! ! ! ! !
838,878
I n s t o r e a n d a f l o a t in h a r b o r , D e c e m b e r 31, 1902
38,400
7,831,282
G ra n d to ta ls
8,637,505
C o rn ,
B u.
1,350
232,118
31,250
188,525
940,825
14,850
3,800
1,069,800
37,050
78,650
95,350
19,016
278,900
9,123
14,542
9,426,900
6,015,200
96,747
91,769
O a ts ,
B u.
128,700
58,600
15,340,066
8.056.500
12,426,700
11,660,350
4.764.650
3.876.650
17,339,250
3.156.500
4,210,050
2,975,700
216,050
4,259,150
50,694
68,776
98,545,534
88,588,386
3,015,149
23,273,519
1,596,807
997,988
343,287
1,223
34,955,867
100,142,341
89,586,374
3,358,436
23,274,742
W h e a t,
B u.
C o rn ,
B u.
O a ts ,
B u.
R ye,
B u.
B a r le y ,
B u.
12,088,884
20,448
190,000
44,739,029
1,421,500
4,668,715
1.933,950
633,096
282,520
5,968,128
648,996
5,295,412
20,410,400
9,120,550
25,737,735
9,625,725
6,132,275
3,288,625
4,673,050
955,350
6,453,700
S h ip m e n t s .
To
To
To
To
To
To
To
To
To
To
To
To
To
To
L ake—
B u ffa lo ..........................................................
E r ie .....................................................
O g d e n s b u r g ........................................... . . . ’. ! ! . . .
P o r t H u r o n .......................................... ! . . . . . . . . . .
o t h e r U n ite d S t a t e s p o r t s .........................
M o n tr e a l ....................................................................
D e p o t H a r b o r ........................................ '. ! ! . . '. . ".
S a r n i a .............................................................
M id la n d ......................................................
C o llin g w o o d ............................................ ..
M e a fo r d ..............................................................' . ! !
G o d e ric h ........................................................
K in g s to n .......................................................
o t h e r C a n a d ia n P o r t s ..........................! ! ! ! ! !
T o t a ls b y L a k e ......................................................
C a n a l ........................................................................ ! . . . ! !
C h ic a g o & N o r t h w e s t e r n R a i l w a y ..................!
Illin o is C e n t r a l R a i lr o a d ........................................
C h ic a g o , R o c k I s la n d & P a c ific R a i l w a y ___
C h ic a g o , B u r lin g to n & Q u in c y R a i l w a y ___
C h ic a g o & A lto n R a i l r o a d ........................................
C h ic a g o & E a s t e r n Illin o is R a i l r o a d ................
C h ic a g o , M ilw a u k e e & S t. P a u l R a i l w a y ___
W a b a s h R a i lr o a d ( W e s t o f C h i c a g o ) ................
C h ic a g o G r e a t W e s t e r n R a i l w a y .........................
A tc h is o n , T o p e k a & S a n t a F e R a i l w a y .........
W is c o n s in C e n t r a l L in e s .........................................
E lg in , J o l i e t & E a s t e r n R y .....................................
C h ic a g o , I n d ia n a p o lis & L o u is v ille R a i lw a y
♦ E a s t e r n L in e s ................................................................
F lo u r ,
B rls .
874,715
279,193
7,796
2.022
97,769
282,000
3,988
2,002,164
830,460
1,265,483
100.000
4,555,649
641,709
304,100
709,307
220,259
2,316,498
728,728
16,443,522
420,805
249,349
425,250
100,475
12,525
539,047
18.700
384,475
95,625
68,093,622
12,281,627
371,960
137,000
212,328
835,354
1,687,168
932,713
262,301
350,721
591.965
203,200
278,085
17,071,172
7.500
39,350
443,250
327,625
R ye,
B u.
1,378,590
365,577
157,703
B a r le y ,
B u.
9,043,687
438,300
1,907,925
714,900
2,100
1,322,900
9,500
239,324
157,000
990
9,993
25,000
170,166
170,000
26,066
2,268,102
25,000
1,090
4,700
2,500
109,344
108,325
49,850
78,450
21,900
8,700
239,150
21,750
60,100
950
4,600
44,477
43,950
11,900
148,169
4,273,411
327.600
147,207
5,201,368
1,600,125
17,441
19,244,477
192.950
507,921
44,619,711
6.650
108,105
526,876
16,050
128,810
2,496,760
................................................................ 5,834,871
T o t a l s h ip m e n ts
In s t o r e a n d a f l o a t m h a r b o r D e c e m b e r 31, 1903................
17,700
C ity c o n s u m p t io n a n d u n a c c o u n te d f o r ...................................... 2 784 934
24,369.548
2 768 291
7 ’818’(F8
90,179,115
2,244,068
7,719.158
63,539,179
1.227.728
24.819,467
2,923,573
242,279
192,584
2,986,816
271,310
20.016.616
Digitized
for
By:
? FRASER
e^ r n&^ r r c
R. R.
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Federal Reserve Bank of St. Louis
e t&e
23.393
42,037
16,828
8,000
1,000
17,600
35,800
3,150
.........
2,200
3.600
j p ^ L: .* R*y .«a *n d ct h e nC h ic asg o: r& oE r ie:
Saturday, January 16, 1904.
29
T H E C O M M ER CIAL W EST.
F O U R NEW STEAM ERS FOR O R IE N T A L TRADE.
( 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.)
Portland, Ore., Jan. 11.— The Portland & Asiatic Steamship
Company have made arrangements with the China Commer
cial Steam Navigation Company by which the Oriental serv
ice out of this port will be increased by the addition of four
steamers, making a total of seven vessels with a combined
carrying capacity of over 50,000 tons.
This pleasing an
nouncement was made yesterday by President A. L. Mohler,
who has just returned from the east, and is in effect the car
rying out of the promise made by Mr. Harriman on his recent
visit here. The increased service goes into effect next month,
and the schedule shows a China Commercial steamer sailing
every 25 days, and a Portland & Asiatic liner every 30 days.
The first of the new liners to arrive will be the Clavering,
which is due next month, and will follow the Indrasamha,
which is due here the latter part of January. The Clavering
will be followed at intervals of 25 days by the Lothian,
Ching W o and Athol. The four steamers of the China
Commercial Company will all come direct to F'ortland from
Salinas Cruz, which is their first port of call, after leaving the
Orient. A s their business with the Mexican ports will re
quire the greater part of their inward space, they will bring
no inward cargo for Portland, for the present at least.
In c re a se d
F a c ilit ie s fo r F lo u r .
In securing this big addition to their fleet, the Portland &
M IN N E A P O L IS A N D T H E N O R T H W E S T .
C om me r ci a l W est Office, Jan. 14. — T h e feature of inter
est in the w heat m arket for the w ee k has been the sup
port given M a y w heat by A rm o ur. In the middle of the
w eek when there w as indication of a break, A rm o u r
bo ught freely and turned the m arket upward, and it closes
the w eek with upward tendency. T h e significance of this
is that the A rm o u r line of w heat has not been sold and
that, if held intact until May, it will mean higher prices
for the option, because the line is supposed to be in e x
cess of the contract w heat that will be available for de
livery. B e yo n d this there has been little of interest in
the market.
T h e w ar news has had un settling effect
because of its co n trad icto ry character. A declaration of
peace would be likely to bring about a decline in price,
and the beginn in g of hostilities would in turn cause a
sharp advance because of the anticipated effect that w ar
betw een Russia and Japan would have on w heat supplies.
T h e expectation is that Russia would reduce her e x
ports on the one side, and that Japan would increase her
purchases of A m erican flour on the other hand.
T h e elevator companies report deliveries of wheat
from farmers as running light. T h e re is a minority senti
ment to the effect that the farmers are holding a co nsid
erable amount of w heat in anticipation of higher prices,
but no evidence is at hand to support the proposition. In
our view of the case, farm ers ’ holdings are moderate,
amounting perhaps to not above 15,000,000 bu that is for
sale to terminal markets.. T h is is outside of country
stocks.
Som e of the low grade w heat is bein g sold in M inne
apolis for export, but not enough to indicate w hether it
will amount to much.
’ T h e m ovem ent of w heat out of Minneapolis is about
one-sixth of the receipts. T h e millers are accredited with
ow n in g a large part of the terminal wheat, or controlling
it through elevator companie's that are allied with them.
Receipts of winter w heat have been heav y for several
days which, if taken from the total of receipts, leaves the
-sprin g w heat m ovem ent on about the same basis as last
yean.
F L O U R A N D M IL L IN G .
E xcellen t D em and and Sales U nusually Large For T his
T im e of Y ear—F oreign D em and Spasm odic,
But D om estic Orders Come in Steadily.
Sales of flour slightly above the output, and a business
v e r y favorable for this time of year, is the report of the
w ee k in the flour market. Millers are selling the product
readily
at s atisfacto ry prices, and as the total production
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Asiatic Steamship Company have not only provided Portland
with a service adequate to her present demands, but they have
settled the ruinous rate war which has been making such
inroads on the profits of the trans-Pacific business and in
fused such an element of uncertainty into the flour trade. In
placing the credit for the excellent service now assured, Port
land shippers, T. B. W ilcox of the Portland Flouring Mills
will probably come in for a full share, as it was his promise
to Mr. Harriman to increase his business out of the port that
first induced the railroad magnate to take steps toward im
proving the service. Mr. Wilcox is also credited with having
considerable to say about the settlement of the rate war and
restoration of prices, as the China Commercial has been un
able to get much freight up north from any other concern
but the Portland Flourin g Mills Company.
U n f a ir D iffe re n t ia l A b o lis h e d .
The differential, created by the rate war, in favor of Sau
Francisco, was very bad for the Oregon and Washington
millers, and the amalgamation of the disturbing line and the
Portland line will again place all Pacific coast ports on even
terms in the trade.
Under the official schedule the new additions to the line
will sail from Portland as follows.:
Clavering— Feb. 2, June 9, Sept. 17, Dec. 26.
Lothian— March 26, July 4, Oct. 12, 1904: Jan. 20, 1905.
Ching W o — April 20, July 29, Nov. 6, 1904; Feb. 14, 1905.
is heavier than usual at this time that means go od busi
ness. F o reign ers have bought fre ely at times, although
this demand has been rather spasmodic, increasing when
the w heat mark et firmed up and enabled European buyers
to accept offers made on lower basis, and falling off again
when a decline in w heat put another face on it. M e an
while the domestic trade has been sending in a great m any
orders, running principally to small and medium sized
lots but m akin g up a go o d volume in the aggregate.
Price are higher than for some time and are being firmly
maintained.
Shipments are not quite so h e av y at the m om ent as ,
should be the case, the instructions on old lots not co m
ing in as freely as millers w ould like to see.
T h e prospect in the trade is v e ry favorable with e v e r y
thing to indicate go o d business from this time on.
E x p o rt S h ip m e n ts .
W e e k e n d in g —
J a n u a r y 9 .............
J a n u a r y 2 ................
D e c e m b e r 26 . . . .
D e c e m b e r 19 . . . .
D e c e m b e r 12 . . . .
D e c e m b e r 5 .........
N o v e m b e r 28 . . . .
N o v e m b e r 21
JN o v e m b e r 14
N o v e m b e r 7 ...........
O c to b e r 31 ...........
O c to b e r 24 .............
O c to b e r 17 .............
O c to b e r 10 ...........
O c to b e r 3 ...............
S e p te m b e r 26
S e p te m b e r 19 . . . .
S e p te m b e r 12 ___
S e p te m b e r 5 . . . .
A u g u s t 29 .............
A u g u s t 22 ..............
A u g u s t 15 .............
A u g u s t 8 ................
A u g u s t 1 ..................
M in n e a p o lis F lo u r
W e e k e n d in g —
J a n u a r y 9 ..........................................................
J a n u a r y 2 ..........................................................
D e c e m b e r 26 .....................................................
D e c e m b e r 19 ....................................................
D e c e m b e r 12 ....................................................
D e c e m b e r 5 ....................................................
N o v e m b e r 28 ....................................................
N o v e m b e r 21 ....................................................
N o v e m b e r 14 ...................................................
N o v e m b e r 7 ......................................................
O c to b e r 31 ........................................................
O c to b e r 24 ........................................................
O c to b e r 17 .........................................................
O c to b e r 10 ........................................................
O c to b e r 3 ............................................................
S e p te m b e r 26 ...................................................
S e p te m b e r 19 ....................................................
S e p te m b e r 12 ..................................................
S e p te m b e r 5 ......................................................
A u g u s t 29 ........... ...............................................
A u g u s t 22 ..........................................................
A u g u s t 15 ..........................................................
A u g u s t 8 ...................................... , ...................
A u g u s t 1 ............................................................
B a r r e ls .
47,490
22,100
36.377
65,040
57,135
99.445
115,625
90.270
77,495
126,970
114,775
74,460
47,476
46.445
25,222
43,850
85,670
48.400
72,700
40,000
37,600
46,500
30,300
17,900
Y e a r ago.
63,825
111,195
71,360
66,165
49,965
64,060
66,655
81,216
77,215
150,050
84,510
89,345
108,810
96.760
102,620
100,235
86,495
99,500
63.600
48,100
65.800
69.800
61.600
62.800
O u tp u t.
B a r r e ls .
. . . 328,635
. . . 165,255
. . . 177,885
. . . 341,460
. . . 388,015
. . . . 410,130
. . . . 454,150
. . . 364,025
. . . . 417.615
. . . 376,730
. . . 371,210
. . . 369,060
. . . 290,500
. . . . 189,870
. . . 195,795
. . . 130,995
.. . 338,025
. . . . 261,100
. . . 294,200
. . . 242.500
. . . 240,000
. . . 290,500
. . . 282,200
___ 246,000
Y e ar ago.
278.680
326,840
238,230
315,370
288,885
346,050
353,120
401,135
367.175
447,710
426,620
436.680
426,965
471.070
471.070
372,300
367,785
234,200
251,950
305.100
278.600
275,800
362.600
345.100
THE COMMERCIAL WEST.
30
M IL L F E E D .
Bullish F eeling Still P revalent in M illing Circles— This
N ot Fully Shared on the O utside— Prices
Q uoted H igher A ll Around.
Millers are bullish as ever and are holding prices at
a further advance of 25 to 50c a ton all around. Bran is
n ow quoted locally at $15.25(0)15.50, and red dog in jute
$18.75, while red-dog on Bo ston basis is n ow up to
$24.40. T h e se are millers figures and the trade on the
outside says they are high. O ccas io n ally offers to sell
are heard at prices even with the figures put out by mill
ers, and quotations even a shade under have been heard
on bran. T o this easier tone outside and evident deter
mination of the trade to take a less extre me view of the
stro n g side, millers are indifferent. T h e y are selling the
product at satisfactory prices, and assert that no cuts
have been necessary to keep the output moving.
Q u o ta tio n s of IV !illstu ffs, B o sto n
B a s is , A ll
R a il S h ip m e n t .
Ton.
B r a n , 200 lb. s a c k s ...........................................................................$20 .90@ 21.15
S t a n d a r d m id d lin g s , 200 lb. s a c k s ........................................ 20.90(5)21.15
F lo u r m id d lin g s , 200 lb. s a c k s .................................................. 22 .9 0 @ 23.15
M ix e d fe e d , 200 lb . s a c k s . . ........................................................ 2 2 .1 5 @ .........
R e d - d o g , 140 lb. j u t e ...................................................................... 2 4 . 4 0 @ . . . . .
M ills tu ffs in 100 lb. s a c k s 50c p e r to n o v e r a b o v e q u o ta tio n s
R e d - d o g in 100’s 25c o v e r.
Q u o ta tio n s of M ills t u ffs in C a r L o ts, P ro m p t S h ip m e n t, F . O. B.
M in n e a p o lis.
Ton.
B r a n , in 200 lb. s a c k s ...................................................................... $1 5 .25@ 15.50
B r a n , in b u lk ....................................................................................... 14.25(5)14.50
S t a n d a r d m id d lin g s , 200 lb. s a c k s ........................................ 1 5 .25@ 15.50
F l o u r m id d lin g s , 200 lb . s a c k s ................................................. 1 7 .5 0 @ .........
M ix e d fe e d , 200 lb. s a c k s ............................................................. 1 6 .5 0 @ .........
R e d - d o g , 140 lb. j u t e ...................................................................... 1 8 .50@ 18.75
M ills tu ffs in 100 lb. s a c k s . 50c p e r to n o v e r a b o v e q u o ta tio n s .
R e d - d o g in 100’s 25c o v e r.
FLAX.
Crushers M ay Soon H ave to D raw on S tock s— D em and
H ere V ery G ood—W aiting B uying Orders in
Duluth M ay Flax.
L o c a l crushers have not yet been compelled to draw
upon stocks for their seed requirements, but a run of only
28 cars into Minneapolis on T h u r s d a y put before the
trade the suggestion that the time m a y not be far off when
the turn will be made and the stocks scaled down a little.
T o date the oil mills have been able to get enough seed
from the cash tables, alth ough receipts have at no time
been heavy, and the total for 6 days is only 226 cars, a
daily average of about 38. Some in the trade took the
easier tone w hich caused a sag for a day or two, to in
dicate that cash seed here would again sell under $1.00.
But receipts were too light and demand too g o o d for the
cash m arket to take the lead while in Duluth M a y there
appeared to be h e av y resting orders around $1.04 and the
strongest support w as shown even above this figure.
F o ur cuts under Duluth M a y has been the local basis for
cash seed, but the incre asing firmness of the local sup
p ly situation made buyers less inclined to ha gg le over
fractions and some lots sold a little closer.
A slight advance in cake has been a help to the crush
ers but in oil proper there is no general change reported
and complaints of p oor business, 'a lthough not quite so
numerous, are still heard.
C lo s in g F la x P r ic e s .
F r i.
S a t.
M on.
Jan. Jan .
Jan.
8.
9.
11.
M in n e a p o lis c a s h ........... 1.0 0 % 1 .0 0 % 1.0 0
Y e a r a g o ......................... 1 .2 0 % 1 .1 9 % 1.2 0
J a n u a r y ...................................99
.99%
.99
M a y ..................................... 1.0 2 % 1 .0 2 % 1.02
C h ic a g o c a s h ...................... 1.04
1.04
1.03
S o u t h w e s t e r n ........................ 98
.98
.97
J a n u a r y ...................................98
.98
.97
M a y ..................................... 1.02
1.03
1.02
D u lu th c a s h ...................... 1 .0 0 % 1.0 0 % 1 .0 0 %
M a y ...................................... 1 .0 4 % 1 .0 4 % 1.04
J u l y ...................................... 1 .0 5 % 1.0 5 % 1.05
T u es. W ed. T h u r.
Jan.
Jan . Jan.
12.
13.
14.
1 .0 0 % 1.0 0 % 1.01%
1.2 0
1 .1 9 % 1.2 0 %
.99% .99%
1.00%
1 .0 2 % 1 .0 2 % 1.03%
1.03
1.03
1.04
.97
.99
.98
.97
.97
.'98
1.01
1.01
1.02
1.0 0 % 1.0 0 % 1.01%
1 .0 4 % 1.04
1.05
1.0 5 % 1.0 5 % 1.06%
M inneapolis Coarse Grains.
O a ts.
T h e m arket has been on steady rise. G radually and
by small fractional gains prices have been w orke d up
until 36}'2@37c has been heard on choice No. 3 white.
T h is has been affected not only w ith out the help of the
cereal mill buyers, but against them. N o important part
of the receipts has gone to the cereal men, w h o would
only take an occasional lot and w ho stood upon the con
tention that it w as impossible to buy them profitably at
the prices ruling relative to prices of their finished p ro d
uct. Shippers have been ready to take them, however,
and the m arket suffered nothing from the w ith draw al of
the cereal men. This is in co ntrast to conditions here
last fall when these buyers w ithdrew and threw the cash
oats trade from a firm and active m arket into one of d rag
gin g dullness.
T h e w ee k brought in 365 cars in all.
C lo s in g O a ts P ric e s .
D a ily c lo s in g fig u r e s f o r N o. 3 w h ite o a ts in M in n e a p o lis :
Y ear
ago.
F r id a y , J a n . 8 ............................................................... 35%
32 @ 32%
S a tu r d a y , J a n . 9 ........................................................ 35%
32 @33
M o n d a y , J a n . 11 ........................................................ 35% @36 32% (5 )33 %
T u e s d a y , J a n . 12 ........................................................ 35%
33 @34
W e d n e s d a y , J a n . 13 .................................................. 36
33% @ 34%
33%@ 35
T h u r s d a y , J a n . 14 .................................................... 36%
B a rle y .
F ro m a mark et quiet and not especially firm, barley
made a quick change into strength and activity. M a lt
sters w h o filled up some time ago have been feeling
around again in the mark et of late, with a view to buying,
but were unable to find any such proportion of choice t©
■ fan cy stuff as would enable them to be as independent as
' form erly. A maltster cannot n ow place an order with
the specifications so strict, and it is not a question of
finding just the exact lots in mind as of finding lots at
fair prices that can be made to go through profitably.
O f the total of 232 cars received only a relatively small
part was choice malting stuff. A t the same time the p ro
portion of v e r y bad barley has lessened, and . there is not
so much seen or heard of the low grade feed stuff.
R ye .
Fifty-five and one-half cents w as bid here recently for
rye. T h is was a high figure and it would have to be fine
to brin g the price, but for a car of choice No. 2 such as
occasionally turns up here, there are buyers w illin g to
pay the v e ry top. O n T h u r s d a y 55c was actually paid for
a car which contained fine rye, something that w ou ld be
called choice, yet was hardly fancy. T h e strength in r y e
is a feature of the local coarse grain mark et and the sur
prising thing is that present prices, which are 4 to 5c up
from prices of a month to six w eeks ago, and 7 to 8c
above the ruling prices a year ago, do not draw in more
rye.
O n ly forty-fou r cars were received for the six
days. N o t one car in many will have the quality to bring
the top, but the differences between the best and the
ordinary is not great, and anythin g at all good will sell
for 53 /^@ 54 c.
C lo s in g R y e P ric e s .
D a ily c lo s in g p r ic e s f o r N o . 2 r y e in M in n e a p o lis :
F r id a y , J a n . 8 .................................................................
S a t u r d a y , J a n . 7 .............................................................
M o n d a y , J a n . 11 ...............................................................
T u e s d a y , J a n . 12 .............................................................
W e d n e s d a y , J a n . 13 ......................................................
T h u r s d a y , J a n . 14 ..........................................................
M in n e a p o lis
Y ear ago .
C h ic a g o . . . .
Y ear ago .
D u lu th .........
K a n s a s C ity
S t. D o u is . ..
N e w Y o rk . .
C lo s in g C o rn P r ic e s .
D a ily c lo s in g p r ic e s f o r N o . 3 y e llo w c o r n in M in n e a p o lis :
Y ear
ago.
39%
43
F r id a y , J a n . 8 ...........
39%
43
S a tu r d a y . J a n . 9
43%
39%
M o n d a y , J a n . 11 . ..
39%
43%
T u e s d a y , J a n . 12
39%
43
W e d n e s d a y , J a n . 13
43%
39%
T hfor
u r s FRASER
d a y , J a n . 14 .
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Y ear
ago.
46% @47
46@47
46% @ 47
46% @ 47
46% @ 47
46% @ 47
53%
53%
53%
53%
54
54%
C lo s in g W h e a t F u t u r e P ric e s .
M a y W h e a t.
F r i.
S a t.
M on. T u e s .
Jan . Jan .
Jan.
Jan.
8.
9.
11.
12 .
87%
S6 %
86 %
87%
75%
75%
75%
75%
86
87%
85%
87%
76%
76%
75%
76%
86 %
85%
85%
86 %
72%
71%
72%
71%
84%
83%
83%
S4%
89%
90%
89%
90%
C o rn .
T h e scarcity of contract grade in the corn receipts is
the feature of the trade the country over. L o c a lly this
has had effect for there is a steady outside demand here
for cash corn, and not only are the cash tables cleaned up
well, but corn to arrive is salable at prices about even with
spot. G ood y ello w corn brings top, regard less of inspec
tion, and the cash mark et has held just under 40c, threaten
ing to go into the 40s daily, but not really go in g above
39 j J c as a fair mark et price. Shippers have orders in
hand and are w illin g to take the offerings. A total of
277 cars were in for the week.
Saturday, January 16, 1904.
M in n e a p o lis
Y ear ago .
J u ly W h e a t.
F r i.
S a t.
Jan. Jan.
9.
8.
86%
85%
75%
75%
M on.
Jan.
11.
85%
75%
T ues.
Jan .
12 .
86 %
76%
W ed. T h u r.
Jan . Jan .
13.
14.
87%
87
75%
7Y
87%
86 %
76%
86 %
86
72
72%
84
83%
90%
90%
W ed. T h u r.
Jan . Jan .
13.
14.
86%
85%
76%
77%
T he A l b e r t D ic k in s o n C o .
DEALERS
IN
G
R
A
S
S SEEDS. CLOVERS,
BIRD SEED.
BUCK-WHEAT. ENSILAGE CORN, POP-CORN,
BEANS, PEAS, GRAIN BAGS, ETC.
M IN N E A P O L IS OFFICE:
012 CHAMBER
OP C O M M E R C E .
V
n
l w
A
V
l i i
T H E C O M M E R C IA L W EST.
Saturday, January 16, 1904.
C h ic a g o ...................................
Y e a r a g o ............................
D u lu th .....................................
K a n s a s C ity .........................
S t. L o u is ................................
N e w Y o rk .............................
82%
73%
85%
70%
81%
87%
81%
73%
84%
69%
80%
81%
73%
84%
69%
80%
86
86
N o.
N o.
N o.
M in n e a p o lis C a s h W h e a t, O ffic ia l
F r i.
S a t.
M on.
Jan.
Jan.
Jan.
8.
9.
11.
1 h a r d ............................. 87%
86 %
86 %
86%
85%
85%
1 n o r t h e r n ...................
2 n o r t h e r n ................... 84
82%
82%
N o.
N o.
N o.
D u lu th C a s h W h e a t.
1 h a r d ............................ 86 %
85% 85%
1 n o r t h e r n ................... 84%
83% 84
2 n o r t h e r n ................... 82% . 81% 81%
82%
73%
85%
69%
80%
86 %
82
73%
85 1%
69%
80
86 %
C lo se .
T u e's.
Jan.
12.
87%
86%
84%
W ed. T h u r.
Jan . Jan.
13.
14.
87%
87%
86 %
86 %
83% ;
82%
86 %
84%
81%
K a n s a s C it y C a s h W h e a t.
N o. 2 h a r d ......................... 74
73%
73%
74
N o . 2 r e d ........................... 86
86.
86
87
81%
74%
85%
7u%
79%
86 %
86 %
84%
82%
75
87.
S6
84%
82
73@76
87@88
L iv e rp o o l W h e a t P r ic e s .
M a y C lo se.
F r i d a y , J a n . 8 ............................................................................................ 6s 5 % d
S a tu r d a y , J a n . 9 ...................................... ..............................................
6s 5 % d
M o n d a y , J a n . 11 ..................................................................................... 6s 4 % d
T u e s d a y , J a n . 12 .....................................................................................
6s 5 d
W e d n e s d a y , J a n . 13 ........... ............................................... • • • • • .........' 6s 4% d
T h u r s d a y , J a n . 14 ................................................................................... 6 s 4 % d
M in n e a p o lis W e e k ly R e c e ip ts of G r a in .
R e c e ip ts o f g r a i n a t M in n e a p o lis f o 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 W e e k e n d in g
D e c . 31.
J a n . 2.
J a n . 9.
2,299,440
2,366,000
W h e a t, b u s h e ls . .. ...............2,637,200
246,450
245,620
291,066
C o rn , b u s h e ls ......... ...............
610,450
531,080
..............
514,150
O a ts , b u s h e ls .........
156,320
179.190
219,520
B a r le y , b u s h e ls . . . ...............
50,670
38,070
...............
32,800
R y e , b u s h e ls ...........
189,200
118,700
212,520
F la x , b u s h e l s ......... ...............
M in n e a p o lis T e r m in a l S to c k s .
W e e k e n d in g W e e k e n d in g
J a n . 2.
J a n . 9.
2,650
2,650
N o . 1 h a r d ............. ................
3,859,316
N o. 1 n o r t h e r n . . . ............... 4,090,711
425,587
591,045
N o. 2 n o r t h e r n . . . . ...............
2,405
5,562
N o. 3 ............................ ................
56,576
56,576
R e j e c te d .................. ................
6,651,253
...............
7,706,719
S p e c ia l b in ..............
118,980
128,684
N o g r a d e .................. ...............
11,973
11,973
M a c a r o n i ................ ................
W e e k e n d in g
D e c . 26.
2,650
3,638,089
475,369
2,405
56,576
5,940,388
118,980
11,973
.................. ................12,593,920
11,128,740
10,246,430
D u l u t h s to c k s . • • ................ 2,256,061
264,693
D u lu th in c r e a s e .. ................
1,991,388
1,762,374
T o ta l
C o a rse
C o rn .
O a ts .
B a r le y
R y e ..
F la x .
F r i. J a n . 8 ..............
S a t., J a n . 9 .............
M o n ., J a n . 1 1 .........
T u e s ., J a n . 1 2 . . . .
W e d ., J a n . 1 3 ----T h u r ., J a n . 1 4 . . . .
D a ily
G r a in in M in n e a p o lis E le v a t o r s .
W e e k e n d in g W e e k e n d in g W e e k e n d in g
J a n . 2.
D e c. 26.
J a n . 9.
121,790
22,384
70,340
1,935,380
1,579,305
1,740,807
1,680,453
1,396,455
1,565,303
68,547
68,551
66,946
1,632,817
1,564,892
1,599,784
W h e a t R e c e ip ts .
M in n e a p o lis .
D u lu th .
C h ic a g o .
C ars. Y e a r ago. C ars. Y e a r ago. C ars. Y e a r ag o .
38
19
15
54
401
271
51
34
39
■58
480
337
39
37
.
20
55
558
332
70
52
86
114
302
241
27
19
13
41
445
248
19
30
46
50
392
237
R e c e ip ts
F r i ., J a n . 8 . . .
S a t., J a n . 9 . .
M o n ., J a n . 11
T u e s ., J a n . 12
W e d ., J a n . 13
T h u r ., J a n . 14
of 1C o a rse G r a in in
O a ts , B a r le y ,
C o rn ,
C ars.
C ars.
C ars.
34
59
46
45
64
47
46
73
69
27
48
39
37
66
42
43
55
34
M in n e a p o lis.
F la x , D u lu th
R ye,
C a r s . F la x .
C ars.
53
3
33
18
45
5
37
39
9
3
61
27
49
54
12
46
28
12
SAMUEL W. OSGOOD
C O N S U L T IN G M INING EN G IN EER .
G r a in in M in n e a p o lis E le v a t o rs .
R e p o r t of th e C h a m b e r of C o m m e rc e r e g u l a r e le v a to r s f o r
th e w e e k e n d in g J a n . 9, 1904:
F la x .
O a ts .
W h e a t.
E le v a to r—
In c . D e c
32,725
137,322
166,235
A t la n tic ...................... . . 28
81,188
79,320
17,195
“ C ” .................................. . . 14
175,230
3,378
C r e s c e n t .......................
265
2,420
195,538
E x c h a n g e ....................
36,537
96,915
1,225,196
E l e c tr ic
....................... . . 6S
87,602
69,502
694,797
G r e a t E a s t e r n ......... . . 71
91,884
120,192
4
G r e a t N o r. N o. 1 . . .
13,670
i
D ib b le ...........................
197,007
58,473
2
149,082
G re a t W e s te rn 1 . .. .
49,044
238,123
G r e a t W e s t e r n 2 ----- . . 42
1,041,551
I n t e r i o r 1 .................... . . 212
249,584
290,637
1,462
1
I n te r i o r 2 a n d 3 .........
602
465,871
80,138
I n t e r - S t a t e N o. 1. . . . 157
2,654
243,608
6
K ......................................
342,130
16,797
M id w a y N o. 1 ........... . . Ì 6
551
525,487
5
M id w a y N o . 2 . .........
75,295
5
M is s is s ip p i .................
920,416
8
M o n a r c h .......................
28,470
177,635
3,813
N o r t h w e s t e r n 1 . . . . . . 13
N o rth w e s te rn 2 . . . .
22,751
199,964
164,917
P il ls b u r y ...................... . . Ì 6
560,745
553,621
9
P io n e e r S te e l ...........
753,601
R e p u b lic ....................... . . 98
113,719
125,944
38,097
S h o r e h a m .................. . . 16
653,647
S t. A n th o n y 1 ........... . . 338
3,971
1,785,325
S t. A n th o n y 3 ......... . . 175
120,440
96,286
S t a n d a r d ...................... . . 54
197,901
812
S t a r ........................ ........ . . 41
24,903
1,031,820
20,273
U n io n ........................... . . 223
66,039
115,226
7
V ic to r ia ...................... . .
73,336
212,521
351,073
C o n c r e te .................... . . 26
218,897
156,045
14,702
X .................................... . . 25
T o t a l ....................... . .1,476
Milwaukee, Jan. 13.— W h e a t and corn w ere in an un
settled state, o w in g to the co ntradictory statem ents which
came from the far East, and prices fluctuated violently,
but closed at within a fraction of the best figures ob
tained during the week. T h e cash w heat trade, however,
was fairly satisfactory, due to the fact that a great deal
w as low grade., with which M ilw aukee tracks are blo ck
aded and is almost unsalable. T h e re was a fair business
in the best spring w heat and winter grades, but it was
hardly sufficient to counterbalance the lack of business in
the inferior grades. No. 1 northern sold at 87 to 88c, No.
2 northern at 84 to 86c and No. 3 at 65 to 79c. B a rle y
was stron ger and prices advanced i c for the choice, while
the poorer grades were unchanged, though selling more
freely than for some time past. E x t r a 3 sold at 52 to 61c
and No. 3 at 37 to 54c. Rye was stro n g at 57 to 58c for
No. 1 and 54 to 57c for No. 2. Corn advanced i c and No. 3
sold at 40 to 42c and No. 3 yello w at 41 to 42^0. Oats
were higher and sold at 36 to 38c for No. 3 white and
35 to 37c for No. 3. T h e flour mark et w as w ea k the latter
part of the week, but rallied early this w ee k and recovere d
the loss of the w ee k before, hard spring patents ra n gin g at
$4.75 to $4.85 in barrels. Millstutfs were stro n g and 50c
higher, bran selling at $16.23 to $16.75, standard middlings
at $16.00 to $16.50 and flour middlings at $19.25 to $20.00.
Grain Carloads at N ew York.
T h e N e w Y o r k Produce E x c h a n g e co mmittee on in
form ation and statistics has adopted the fo llo w in g quan
tities to constitute carloads of grain at this port, to be in
force from date to March 1, 1904: W h ea t, 975 bushels;
corn, 1,075; oats, 1,500; barley, 1,200; rye, 950; malt, 1,500;
buckwheat, 975; peas, 850; flaxseed, 1,000. O f wheat, co m
pared with the last rates, there are 25 bushels more in a
carload; of corn, 75 bushels, and of rye, 50 bushels.
THOMAS
BENJAM IN
S. W I L S O N
T. E. W E L L S & C O M P A N Y
Telephone H ar r is o n 1 2 56
C H IC A G O
1011-1017 Royal Insurance Building,
SQUIRE
H. R A F T E R Y
905 Stock Exchange, C H IC A G O , ILL.
J.
C H R I S T E N S E N , P R ES ID EN T
243-244-
CHICAGO
& LUKEN
FO RM ERLY W IT H
Pamphlets, B usiness Exploitation, Railroad Publications
arranged and matter prepared. WRITE FOR TERMS.
A
E. W E L L S
COMMISSION MERCHANTS
GRAIN, PROVISIONS, STOCKS AND BONDS
SPECIAL WRITER
C
1,632,813
Milwaukee Grain Markets.
Telephone Harrison 280 5
JOHN
1,935,384
12,593,920
12
( 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 p e r a ti o n an d E x a m in a tio n Mines and Mills
15 Temple Court Building,
31
NORTON
RIALTO
& S W IT Z E R
BLDG,
CHICAGO
GRAIN AND PROVISIONS bought and sold on commission for Future
Delivery. Accounts solicited
E. S T A I R , SECRET ARY
J.
V . M c H U G H , TR EA SUR ER
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31
C
h a m b e r
of
C
o m m e r c e
,
M IN N E A P O L IS ,
M IN N .
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32
Duluth 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.)
Duluth, Jan. 13.— T h e w heat m arket has been up and
down, fo llo w in g w ar rumors and w atchin g Arm our. It
is significant, however, that it does not decline far, even
when far eastern news is most pacific. M a y at Duluth is
selling above 85 all the time and has been over 86 fre
quently. Mills find it hard to sell flour at the advance,
but two of them are busy and grindin g for domestic
trade.. Receipts are still large, flax and w heat for the
w ee k bein g 270,000 bu each and there will be 6,000,000 bu
flax here in tw o weeks.
Mills are w ith d ra w in g some
w heat from store as receipts are either not w hat they
w an t or are tied up on sales elsewhere. T h e elevators
are buyers of all they can get. T ra d in g is v e ry quiet,
though flax occasionally gets a day in which 100,000 bu
are sold.
London Market Review.
( 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 rc ia l W e s t.)
London, Dec. 31.— F. L enders & Co. say: O w i n g to
the Christmas holidays our present review covers a period
of fourteen days.
T h e w eather up to Christmas was rather damp, with
occasional rain, but the w hole of this w eek we have e x
perienced cold and fro sty days and similar conditions are
reported from all over the Continent.
W h e a t shipments amounted to 1,too,000 and about 900,000 quarters respectively, last week, there fore s h o w in g a
distinct falling off. T h e quantities afloat were increased
by 19,000 quarters in the first w eek but decreased 159,000
quarters last week.
In spite of the holidays the mark ets have been of rath
er an animated character and several cargoes of Australlian w heats and Plates have changed hands at full prices.
T h e w eath er advices from the Plate have varied a go od
deal during the last fortnight, and serious da mage is re
ported by frost in the Bahia Blanca district, which should
shorten original estimates by about 300,000 tons for this
class of wheat. T h e re is no doubt, however, that on the
w hole the A rge n tin e is about to harvest one of the finest,
if not the finest crop, as most of the offers are above 63
lbs., and there are even offers in the mark et of 64% lbs.
Buyers are especially interested in v e ry near ship
ments and several cargoes have been sold for end of
D ecem ber, early January shipment, as much as 30s havingbeen paid for 64 lbs., shipment not later than Jan. 5.
Should the weather in the Plate be favorable for the
next few w eeks w e shall no doubt have continually a fair
quantity of go o d Plate w heat offered, which would consid
erably help to fill the gap caused by the shorter shipments
in the winter from A m erican and E ast European ports.
T h e last A m erican Bureau Report again shows a fall
ing off in the estimates, which has no doubt helped to
keep up the firm option markets in A m erica, but acco rd
ing to all private advices the primary receipts at the pres
ent moment are falling short everywhere, and it is quite
expected that present values in A m erica for w heat will
be easily kept up throughout the winter, and a further
rise is expected even if European mark ets should not be
disposed to follow the advance.
Russian offers have been quite above the m arket lately,
only a small parcel business having been put through to
L ondon. N o doubt the enormous shipments which have
taken place during the autumn have som ew hat exhausted
the stocks in the interior, as well as at shipping ports.
T h e cold w eather having set in prevents to a great extent
the transport from the interior, and w e shall no doubt
have a scarcity of offers from Russia until the re-opening
of navigation.
It appears that the autumn sowings in South Russia
have not been made under such unfavorable conditions as
it is generally reported, and if this by the spring turns
out to be correct, w e shall no doubt find that Russia will
ROLLIN
73
be rather a ready seller of old wheat, of which we are told
there is still a fair amount in the country.
Australian sellers continue to offer at fair prices and
a go o d trade has been done in the last fortnight. T h e
crop in A ustralia seems to have turned out a v e ry go od
one indeed, and this class of w heat will be v e ry w elcom e
to our shores, they ha ving been missed for quite a time.
O f course we shall have no arrivals until the spring, and it
is expected that a good amount of business will be done
in the next months if prices keep within reason.
Quite apart from the w ar cloud which has been h a n g
ing over the mark ets for the last three weeks, it appears
that there is more disposition from all sides to discard the
leth argy at last and to undertake some operations, and
with the tem pting offers of early shipments, heavy
w eigh ts from the A rgentine, also reasonable offers from
Australia, the market has at last go t a more active appear
ance, and we can only hope that it will last into the new
year and be profitable all round.
T h e position in itself, for wheat, seems safe enough,
although with every prospect of large offers from the
Plate and Australia, one can hardly expect a big rise
unless some unexpected event interfers.
President Jackson Makes
OF
T h e ju r y in the case against Edw ards, W o o d s & Co.,
grain commission, tried in Duluth, ch arged by the state
railroad and warehouse commission of Minnesota with
m akin g false return in a grain deal for V icto r Carlson of
Hallock, Minn., w h er eb y Carlson was defrauded out of
$4.23, returned a^ verd ict of guilty Jan. 8.
T h e re are similar cases against the grain firm and nu
merous other cases involving alleged infractions of the
state law. T h e case determined last night is a m isde
meanor and the penalty is a fine of from $25 to $100. T h e
case will be appealed to the state supreme court. E d
wards, W o o d & Co. deny any irregularity and hold that
the verdict is technical and not in accordance with the
facts.
COMMERCE,
GRAIN AND STOCKS— Orders executed in the principal markets.
Appointments.
T h e first m eeting of the new Ch icag o Board of T ra d e
directory was held T uesday.
President Jackson an
nounced the fo llo w in g standing committees: Executive,
A dam s, Jones and W h ite ; room, Jones, Fitch and Crighton; finance, Patten, Sickel and Me Reynolds ; membership,
M cR eyno lds, T ietgen s, Jones; real estate, T a y lo r, T i e t
gens, Sa ge r; warehouse, W a g n e r , Sickel, Bines; rules,
Crighton, T a y lo r, A d a m s ; grain committee, Sager, C. B.
Pierce, B. A. Eckhart, James T em pleton , W . N. E ckhardt; legal advice, W a rren , W a re , Patten; clearing house,
Richardson, Sickel, W a g n e r ; transportation, Sickel, M c
Reynolds, Patten, J. J. Bryant, E. S. Merritt, E. H. B in g
ham, H e n r y Zeiss, D. A. Eckhart, Richard Gambrill;
market report, Fitch, W arren , M cR e y n o ld s ; w eighing,
W a re , Richardson, Crighton; violation of rules, Bines,
W hite, W a re , T a y lo r, Bridge, Patten; claims, Bridge,
Jones, T ietg e n s; provision inspection, T ietge n s, W h ite, J.
A. Bunnell, John Roberts, Charles Berrell, Jr.; legislation,
W h ite, Richardson, W a g n e r , W a re , Pitch; flour inspec
tion, B. A. Eckhart, Tsaac Horner, R. S. Johnson, Jacob
Mauser, H. B. Smith and F rederick Dickinson.
T h e re is to be a new co mmittee appointed by P r e s i
dent Jackson to take up the matter of the inspection of
grain in this mark et and the relations of the exchange
with the state inspection department. Director Slaughter
w as at the head of the co mmittee which re cently reported
on this matter and which criticised the inspection depart
ment. T h e new committee will take up the matter where
the Slaughter co mmittee left it.
T h e new Board of T ra de administration p rom ptly re
appointed Se cre tary G eorge F. Stone and paid him the
merited co mpliment of m akin g his salary $8,500. A t t o r
ney Robbins w as also reappointed.
E. S M I T H
CHAMBER
Saturday, January 16, 1904.
& COMPANY,
M INNEAPOLIS.
Members Chicago Board of Trade and Minneapolis Chamber of Commerce.
C hicago C o r r e s p o n d e n t s : R I C H A R D S O N & C O., 3 7 B o a r d of t r a d e .
M ill a c c o u n t s fo r s o u t h w e s t e r n h a r d w h e a t d e s ir e d .
I f you w a n t in f o r m a t io n a b o u t a n y m a r k e t or a n y p h a s e o f t h e m a r k e t , w r it e to us.
J. V. McHUGH
C. A. CHRISTENSEN
J. E. STAIR
A Reliable Firm to which
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to Consign Your Grain
THE COMMERCIAL WEST.
Saturday, January 16, 1904.
33
Portland Cement Plant for W hatcom.
W estern Bonds.
Spokane, W ash., will open bids for school bonds
Feb. 1.
Cass county, N. D., w dl vote on court house bonds
Jan. 26.
Crookston, Minn.— T h is city will vote on the proposi
tion of $50,000 bonds for the erection of a high school
building.
H in ckley, Minn.— T h e township of K o rs ch el is ad
vertising for sale the $2,500 bonds that it is issuing foi
road improvem ent.
Maple L ake, Minn.— T h is village has voted $8,000
bonds for the purpose of installing a w ater w o r k s and
electric light plant.
M cG re g o r , Minn.— T h e township of W o r k m a n , Aitkin
county, has voted $4,800 bonds for road purposes and to
pay old indebtedness.
L e g a l proceedings will be commenced to determine the
legality of the Minneapolis a rm o ry bonds which N. W .
H a ls ey & Co. of N e w Y o r k purchased but refused to a c
cept w ith out the co urt’s indorsement upon them.
E lectric R ailw ays.
/
Marshalltow n, la.— A n interurban line has been p ro
posed from here to Parkersburg.
Elmore, Minn.— A n electric line is proposed from Britt
to Buffalo Center, and thence to E lm o re and Fairmont.
E xcelsior, Minn.— T h e Minnesota P o w e r & T r o l l e y Co.
will erect an electric line from the T w i n Cities to Lake
Minnetonka.
St. Joseph. Mo.— T h e M aryville & St. Joseph E l e c
tric R a ilw a y Co. will build an electric line from M a r y
ville to St. Joseph.
Beaman, la .— A franchise has been granted to the
M arshalltow n E lectric & Interurban R a ilw a y Co.
T he
franchise grants the com pany right of w a y over two
streets.
W h a t c o m county, W ash., is soon to have a large P o r t
land cement factory. It will be located at the limestone
fields near Kendall. T h e possibilties of this industry can
scarcely be overrated. T h is is more clearly seen when
it is known that 800,000 barrels of Portla nd cement, va l
ued at about $2,000,000, w ere imported into the Pacific
coast states in 1902. T h e annual importation to P u g e t
sound is from 125,000 to 175,000 barrels, according to J.
Gillison, Jr., the representative of Balfour, Guthrie & Co.
at Seattle. T h e present price of Portla nd cement per bar
rel on P u ge t sound is, wholesale, $3; retail, $3 -35 Through to California W ithout Change of Cars.
T he M inneapolis & St. Louis R. R. w ill operate tw o
w eekly tourist car lines to California this season.
V ia
T r a d e
B o a r d
o f
Florida and the South Via the M onon
Route.
T a lk s ”
T r a d e ,
C H IC A G O
M e m b e r C h ic a g o B o a r d o f T r a d e .
C O M M ISS IO N M E R C H A N T O N L Y .
D o in g no tra d in g w h a te v e r o n m y o w n a c c o u n t, w h i c h e n a b l e s
m e t o j u d g e t h e m a r K e t f r o m a n u n b i a s e d s t a n d p o i n t . ________
f Consignments of cash grain and orders in
All business transacted through I
J futures have my personal attention.
and confirmed by Hately Bros, f
My “ GRAIN TRADE TA LK S” are published in full in the Chicago Evening Post
and Chicago Journal. 4®” Will send either paper free to customers.
L . R. F Y F E .
STOCKS,
L in e.”
V ia the “ S a n ta Fe R ou te.”
Edward G. 1Iceman
7 0
“ Scen ic
T he second car w ill leave St. Paul, W ednesday, Oct.
21 st, Train N o. 2 at 9:00 a. m ;j continuing each W ed n es
day thereafter, and w ill run via M. & St. L., Iow a Central,
W abash to K ansas City; thence the popular Santa Fe S y s
tem through N ew M exico and Arizona, arriving L os A n
geles 8:00 a. m. follow in g Sunday.
T he rate for double low er berth, through to the Coast
is $6.00 from St. Paul and Minneapolis.For full inform ation as to rates and berth reservations,
apply to. agents or address
A. B. C U T T S, G. P. & T. A., M inneapolis, Minn.
W rite f o r m y
“ G r a in
the
T he first car w ill leave St. Paul, Thursday, Sept, ioth-,
at 8:00 p. m., continuing each Thursday thereafter, and
will run via Omaha, D enver, “T he Scenic R oute,” through
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34
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Saturday, January 16, 1904.
C O M M E R C IA L W EST M A R K ET R EVIEW S.
W . P . A n d e r s o n & C o., C h ic a g o , J a n u a r y 9.— M ille rs r e p o r t
a n im p r o v e d d o m e s t ic flo u r d e m a n d , th o u g h f o r e ig n b u y e r s a r e
r e l u c t a n t to fo llo w th e a d v a n c e a n d a s y e t do n o t in d ic a te a n x i
e t y o v e r t h e g e n e r a l ly c ir c u la te d w a r r u m o r s .
E x p o r t e r s r e p o r t b u y e r s in d if f e r e n t, th o u g h a m o d e r a te b u s i
n e s s h a s b e e n w o r k e d in N o r t h e r n - g r o w n s p r i n g w h e a t. T h e a t
tim e s b u o y a n t te n d e n c y o f th e m a r k e t h a s b e e n c h e c k e d b y
lib e r a l s e llin g o f th e A r m o u r in t e r e s t , a n d t h o u g h t h e i r lin e h a s
b e e n re d u c e d , it is s till s u ffic ie n t to c o m m a n d c o n tr o l of th e
M a y f u t u r e , w h ic h c o n g e s ts q u ic k ly o n a p p e a r a n c e o f a n y v o l
u m e of b u y in g . T o d a y ’s b r e a k lo o k s lik e a n e f f o r t to s h a k e o u t
s m a l l h o ld e rs .
T h e J u l y is a t t r a c t i n g m o re s p e c u la tiv e a t t e n t i o n ; th e u n
u s u a l d is c o u n t a t w h ic h it is s e ll in g m a k e s i t lo o k a t t r a c t i v e ,
e s p e c ia lly in v ie w o f th e p o o r c o n d itio n in w h ic h t h e w i n t e r
w h e a t c ro p h a s s t a r t e d in to t h e w in te r , th e s e v e r i t y o f w h ic h ,
w ith th e l i g h t s n o w c o v e r in g a n d g e n e r a l la c k o f m o is tu r e , is
d r a w n a t t e n t i o n to b y t h e w e e k ly w e a t h e r b u lle tin .
N o w t h a t w h e a t s e e m s f a i r l y e s ta b lis h e d o v e r 85c f o r M ay ,
t h e r e is a g r o w in g n u m b e r of t r a d e r s w h o b e lie v e t h a t w e s h a ll
s h o r t l y s e e i t w e ll o v e r th e 90c m a r k , o n th e th e o r y t h a t s m a ll
s u p p lie s a n d t h e la r g e d o m e s t ic c o n s u m p tio n in d ic a te s u n u s u a ll y
c lo se m a r k e t i n g b e f o r e a n o t h e r c ro p is h a r v e s te d . P u r c h a s e s
lo o k a d v is a b le o n b r e a k s .
*
*
*
E d w a r d G. H e e m a n , o f C h ic a g o , r e v ie w s th e w h e a t s i t u a t i o n
a s .follow s,- J a n . 9: “ B a r r i n g w a r a n d p o s s ib ly e v e n w ith it, I
b e li e v e .t h e a d v a n c e in w h e a t h a s .c u lm in a te d . .W ith a c t u a l h o s
ti l i t i e s t h e r e m a y c o rn e a q u ic k t e m p o r a r y flu rry ,, b u t a d e c l a r a
tio n o f p e a c e ,v w h ic h is n o t im p r o b a b le , m a y c a u s e a v ic io u s
b r e a k , a s th e s h o r t i n t e r e s t h a s b e e n p r e t t y w e ll fo r c e d in. I
h a v e b e e n a p e r s i s t e n t b u ll o n w h e a t f o r m o re , t h a n e ig h t
m o n th s , o r s in c e S e p te m b e r w h e a t w a s s e llin g u n d e r 70c, a n d
b e lie v e t h e a d v a n c e o f a b o u t 20c p e r b u s h e l fu lly o ff s e ts th e
d o m e s tic s i t u a t i o n . I t w a s n e v e r a w o r ld ’s p r o p o s itio n . T h e r e
a r e a ls o to o m a n y 65c b e a r s w h o a r e n o w $1.00 b u lls a n d th e
b e a r s u s u a ll y c o lle c t d iv id e n d s d u r i n g J a n u a r y a n d F e b r u a r y .
O n th e t h e o r y o f a s c a r c i t y o f s u p p lie s b e fo re th e n e x t c ro p isa v a ila b le , w h ic h c a u s e d t h e a d v a n c e to d a te , o r o n th e t h e o r y
t h e u s u a l s p r i n g c ro p s c a r e s w ill b e a f a c t o r l a t e r o n, I s h o u ld
s a y J u l y w h e a t a t th e d i s c o u n t w ill p r o v e th e b e s t p u r c h a s e , b u t "
b e lie v e it, to o , c a n b e b o u g h t a t a m u c h lo w e r p r ic e s o m e tim e
d u r i n g th e n e x t 60 d a y s . ”
I r w in , G r e e n & C o., C h ic a g o , J a n u a r y 12.— T h e f o r e ig n e r s
h a v e a d v a n c e d p r ic e s s o m e , b u t i t is c la im e d t h a t t h e y d o n o t
a n t i c i p a t e a n y m a t e r i a l in te r f e r e n c e w ith th e r a t e o f s u p p ly ,
a n d if t h e r e h a s b e e n a n y e x c i te m e n t in t h e e x p o r t d e m a n d f o r
w h e a t a n d flo u r i t is c a r e f u lly c o n c e a le d b y t h e . m e n w h o h a n d le
th e b u s in e s s o n th i s s id e o f th e A tla n tic . B u t u n m i s t a k a b l y th e
d o m e s tic s i t u a t i o n is s tr e n g t h e n i n g , a n d j u s t i f y i n g - t h e b e lie f in
h ig h p r ic e s . a t h o m e , w h e t h e r o th e r p e o p le g o to w a r o r n o t.
F e w n o w a r e s u f f ic ie n tly h a r d y to d e n y t h a t o u r c ro p o f th is
y e a r m u s t h a v e b e e n b a d ly o v e r - e s t i m a t e d b y th e o fficial , s t a t
is tic ia n s , a n d p r o m i n e n t m e n in o u r R e d R iv e r r e g io n e x p r e s s
th e m s e lv e s a s c o n fid e n t t h a t w h e a t w ill to u c h t h e d o lla r m a r k
b e fo re a n o t h e r c ro p c o m e s a r o u n d , w a r o r n o w a r . I t a ls o
w o u ld a p p e a r t h a t C a n a d ia n s u p p lie s m u s t b e g e t t i n g p r e t t y w e ll
e x h a u s te d , a s C a n a d ia n m i l l e r s 'a r e o ff e r in g M in n e a p o lis M a y
p r ic e s f o r W in n ip e g M a y w h e a t, a n d t a k e i t d e liv e r e d a t F o r t
W illia m . T h is h a r d l y c o u ld b e t h e c a s e if t h e c ro p o f t h a t s e c
tio n h a d n o t b e e n g r e a t l y o v e r - e s t i m a t e d b y m e n w h o p r e
te n d e d to k n o w a n d d id n o t k n o w . “ T h e C o m m e r c ia l W e s t ”
s u m s u p a: re v ie w o f th e s i t u a t i o n b y s t a t i n g t h a t “ in d ic a tio n s ‘
a r e t h a t th e U n ite d S t a t e s w ill c lo se t h e y e a r J u l y 1 w ith th e
s m a l le s t s u p p ly o f w h e a t o n h a n d in a ll p o s itio n s in i t s h is to r y ,
a n d th i s o n a b a s is o f o n ly 150,000,000 b u s h e ls f o r e x p o r t . ” I t
a d d s t h a t i f t h e q u a n t i t y s h ip p e d o u t s h o u ld m u c h e x c e e d th is
t o t a l th e s i t u a t i o n w o u ld b e c o m e s e n s a tio n a l, a n d t h a t t h e w i n t e r
w h e a t y ie ld th i s y e a r p r o m i s e s to b e u n d e r t h a t o f th e y e a r
j u s t c lo se d . L a r g e a r e a s n o w a r e s u f f e r in g f r o m d r y n e s s , e s p e
c ia lly in th e S o u th w e s t, a n d it is. w e ll- k n o w n t h a t th e s e e d in g
w a s n o t d o n e u n d e r th e , b e s t c o n d itio n s . A r e t u r n to w h e a t
in t h e lo w s e v e n tie s in th is p a r t o f t h e w o rld w o u ld s e e m to b e
im p o s s ib le till w e h a v e a f a r g r e a t e r q u a n t i t y to d e a l w ith t h a n
w e a r e lik e ly to h a v e fr o m th e Crop o f n e x t s u m m e r .
C o rn is in a s t r o n g p o s itio n , a n d o u g h t to b e r e g a r d e d a s g o o d
p r o p e r t y to b u y o n a ll w e a k sp o ts'. T h e r e h a s b e e n a f a i r lo c a l
tr a d e , w ith a l i t t l e b e t t e r e x p o r t d e m a n d , w h ile t h e l a t t e r w o u ld
b e m u c h la r g e r if i t w e re n o t f o r f e a r s o f c o n d itio n . T h e r e
n o w is n o ro o m to d o u b t t h e t r u t h o f t h e c la im t h a t a la r g e p e r
c e n t a g e o f o u r l a t e s t c ro p is so p o o r t h a t it is n o t lik e ly to g ra d e ,
e v e n u n d e r t h e m o s t f a v o r a b le c ir c u m s ta n c e s , a n d t h a t e v e r y
b u s h e l of g o o d c o rn w ill b e w a n te d b e f o r e a n o t h e r c ro p is a v a i l
a b le . W e s e e i t r e p o r te d t h a t w h ile ' t h e s o f t c o r n is b e in g
c ro w d e d in to h o g s a n d c a t t l e a s f a s t a s p o s s ib le it is n o t p r o
d u c in g g o o d r e s u l t s in f a t t e n i n g . A n d th e S o u th e r n s t a t e s a r e
R . H. G O O D E L L
W.
L. F O L D S
R. H. G O O D E L L & C O .
B R O K E R S IN
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218 LA S A L L E S T R E E T , C H I C A G O
E GFRASER
O T IA T E L O A N S ON
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Federal Reserve Bank of St. Louis
STOCKS,
B O N D S AND
G RA IN
b e g in n in g to b u y n o r t h e r n c o rn , t h o u g h i t h i t h e r t o h a s b e e n
c o n c e d e d t h a t t h e y h a d a g o o d c ro p of t h e i r o w n . I n th i s c o n
n e c tio n w e t a k e th e l ib e r ty of q u o tin g fr o m o u r l e t t e r of S e p t.
22 la s t , a s f o llo w s : “ A m a n w h o h a s b e e n r e a lly k ille d is n o t
a p t to r e v iv e b e c a u s e h is m u r d e r e r h a s c e a s e d to s h o o t, a n d w e
h a v e a n id e a t h a t th is r e m a r k w ill a p p ly w ith s o m e v a r i a t i o n
to a g r e a t d e a l of c o rn in N e b r a s k a , I o w a a n d Illin o is , a s w e ll
a s in s o m e o t h e r s t a t e s . ” A n d th e co ld w e a t h e r n o w is s h o w in g
its i n a b ility t o c u r e c o rn t h a t w a s k ille d s e v e r a l m o n th s a g o .
O a ts h a v e b e e n r e l a t i v e l y s tr o n g , w ith m u c h s m a l l e r r e c e i p ts a n d
a b e t t e r d e m a n d f o r s h ip m e n t.
H u lb u r a , W a r r e n & C o., J a n . 13: W h e a t h a s b e e n f a ir l y a c
tiv e , b u t a g o o d d e a l u n s e t t l e d to d a y a n d th e c lo se w a s Ysc
h ig h e r f o r M a y a n d 44c lo w e r f o r J u ly . C o n s o ls w e re h ig h e r , a n d
fo r e ig n m a r k e t s w e re e i t h e r u n c h a n g e d o r lo w e r. R e c e ip ts a t
p r i m a r y m a r k e t s c o n tin u e lib e r a l 951,000 b u s h e ls to d a y , a g a i n s t
523,000 b u s h e ls a y e a r a g o . F i f t e e n b o a t lo a d s w h e a t r e p o r te d
ta k e n a t t h e s e a b o a r d f o r e x p o r t, a n d 240,000 b u s h e ls , w h e a t
a n d flo u r, le f t th e re ;. A r g e n tin e n e w s w a s s o m e w h a t c o n flic tin g ,
o n e c a b le r e p o r t i n g c o n s id e r a b le d a m a g e a s h a v in g b e e n d o n e
b y w e t w e a th e r , a n d a n o t h e r r e p o r t i n g t h e d a m a g e h a s b e e n
s m a ll. W e t h i n k th e r e is n o d o u b t d a m a g e h a s b e e n d o n e to
th e A r g e n tin e c ro p b y w e t w e a th e r , b u t it is y e t to o s o o n to te ll
h o w s e r io u s i t is. T h e s n o w m a p s h o w s a l i t t l e s n o w in n o r t h
e r n M is s o u ri, w ith a f a i r c o v e r in g a s f a r s o u t h a s c e n t r a l I l l i
n o is a n d e a s tw a r d , w h ile th e w e a t h e r m a p th i s m o r n i n g s h o w s
t h a t y e s t e r d a y ’s s n o w e x te n d e d to th e O h io r iv e r .
S o u th e r n
M is s o u ri, K a n s a s a n d N e b r a s k a a r e b a re , h o w e v e r , a n d t h e r e
is n o s ig n o f a n y p r e c i p i t a t i o n in t h a t re g io n . T h e c lim a te a n d
c ro p b u ll e t i n f o r D e c e m b e r, s h o w s v e r y s e r io u s d e fic ie n c y in
t h e r a i n f a l l d u r in g N o v e m b e r a n d D e c e m b e r, in C a l if o r n ia a n d
o n t h e P a c if ic c o a s t g e n e r a lly .
C o rn r e c e i p ts a r e r u n n i n g m o d e r a te a g a i n , — 263 c a r s b e in g
in s p e c te d th is m o r n in g , a n d 285 e s t i m a t e d f o r to m o r r o w . T h e
in s p e c tio n k e e p s p o o r, a l ittl e o v e r t h r e e - f o u r t h s of th e c u r r e n t
R ec e ip ts p a s s i n g N o. 4, a n d n o g r a d e . T h e o ff e r in g s in th e s a m
p le ..m a r k e t w e re n o t q u ite , so h e a v y , a n d w ith g o o d d e m a n d
p r ic e s w e re 14 @ V2 c h ig h e r . T h e f u t u r e m a r k e t h a s b e e n s t r o n g
a n d a c t iv e , o p e n in g a t th e b o tto m a n d c lo s in g n e a r t h e to p ,
W hich w a s y2 c u p fr o m l a s t e v e n i n g ’s clo se.
R e c e ip ts of o a ts a r e v e r y lig h t, 88 c a r s in s p e c te d in th i s
m o r n in g , a n d 75 e s t i m a t e d f o r to m o r r o w .
T he dem an d w as
s h a r p a n d ^sam ples w e re ' A 4@ % c h ig h e r . T h e f u t u r e m a r k e t w a s
s t r o n g ' a n d a c tiv e , M a y s e llin g u p to 40% c a n d c lo s in g th e r e ,
b e in g t h e h i g h e s t p r ic e o n th e c ro p — 40% c, o n S e p t. 1 8 th l a s t ,
b e in g t h e h i g h e s t p r ic e h e r e to f o r e to u c h e d .
H o g s w e r e 10@ 15c h ig h e r , a n d p r o v is io n s w e r e f a i r l y a c
tiv e a n d s tr o n g , p o r k c lo s in g 25c, l a r d a n d r ib s e a c h i y 2 c h ig h e r ,
a ll fo r J a n u a ry .
78,300 h o g s w e r e r e c e i v e d in t h e w e s t to d a y ,
a g a i n s t 107,000 l a s t w e e k a n d 92,000 a y e a r a g o .
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R o llin E . S m i th & C o., M in n e a p o lis , J a n . 14: D e v e lo p m e n ts of
th e .la s t fe w , d a y s : s e e m to le a v e th e t r a d e r b e tw e e n tw o p o in ts
• o f; g r e a t u n c e r t a i n t y . O n o n e s id e is. t h e - p r i c e o f w h e a t, w h ic h is
h ig h , w h ile d e m a n d f o r c a s h w h e a t is p o o r ,
e x c e p tin g f o r
c h o ic e .
O n th e o t h e r s id e o f t h e p r o p o s itio n is A r m o u r , w h o
s till h a s a b ig lin e of lo n g w h e a t. I t is b e lie v e d t h a t h e is a ls o
lo n g in M in n e a p o lis a n d K a n s a s C ity . I t is a s s e r t e d b y s o m e
t h a t th e p r ic e o f M a y w h e a t is b a s e d o n l e g i t i m a t e c o n d itio n s ,
b e c a u s e of t h e a p p a r e n t s h o r t a g e of c o n t r a c t w h e a t.
But
w h e r e w o u ld t h e le g i t i m a t e c o n d itio n s b e if A r m o u r s h o u ld u n
lo a d h is lo n g w h e a t. I t is p o s s ib le t h a t h e m a y p u s h t h e p r ic e
m u c h h ig h e r , y e t n o o h e p r o f e s s e s to b e lie v e h e w ill c a r r y h is
lin e u n t i l M ay .
T h e m a r k e t is e x c e e d in g ly n e r v o u s , b e c a u s e
n o o n e d a r e s s e ll it s h o r t.
W i t h N o. 2 n o r t h e r n w h e a t ( th e
m illin g g r a d e ) 4c u n d e r M a y a n d N o . 3 3@ 8c u n d e r N o . 2, a n d
a b ig t r a d e in c o n tr o l of t h e C h ic a g o m a r k e t , i t s e e m s a b s u r d
to t a l k a b o u t l e g i t i m a t e c o n d itio n s d o m in a tin g t h e p r ic e o f
M a y w h e a t.
W e b e lie v e c a s h w h e a t in M in n e a p o lis w n l s e ll
a t $1 n e x t s u m m e r , b u t w e do n o t b e lie v e i t p o s s ib le to m a i n
t a i n M a y w h e a t a t a b o v e 86c f r o m n o w u n t i l M ay . T o d a y A r
m o u r w a s a s e ll e r a r o u n d 874^0, c a u s in g a s h a r p b r e a k , w h ic h is
o n ly a s l i g h t in d ic a tio n of w h a t w o u ld h a p p e n if h e t r i e d to d i s
p o s e o f h is lin e . C o rn a n d o a ts a r e s tr o n g , a n d M a y o a ts m a d e
a n e w h ig h r e c o r d t h i s w e e k . T h e r e h a s b e e n g o o d b u y in g of
b o th c e r e a ls , a n d p r ic e s lo o k h ig h e r , b u t o a ts s e e m b e t t e r t h a n
c o rn a t p r e s e n t. A l i t t l e l a t e r C orn m a y o ffe r a b e t t e r m a r k e t
f o r th e c o n s e r v a tiv e t r a d e r t h a n w h e a t.
P
t a
n
t
R ubber €*•,
M a n u f a c t u re rs of
L e a t h e r B e lt in g , R u b b e r B e lt in g ,
M e c h a n ic a l R u b b e r G o o d s P a c k in g ,
G ard en H o s e ,F ir e H osca'^Apparatus.
R u b b e r B o o ts,e tc. etc.
M I N N E A P O L IS .M 1 N N .
G E N E R A L STATISTICS.
E x p o r t s , w ith D e s tin a t io n s .
T h e e x p o r ts o f w h e a t a n d c o r n ( in b u s h e ls ! a n d flo u r (in
b a r r e l s ) f r 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 tw is e s h i p
m e n t s in c lu d e d ) , w i t h p o r ts o f d e s ti n a tio n , f o r th e w e e k e n d
in g D e c e m b e r 30, 1903, fo llo w :
F lo u r .
C o rn .
W h e a t.
To—
31,277
167,742
199,983
L iv e r p o o l ..................................
84,240
111,082
. 269,345
L o n d o n ......................................
12,260
.
120,000
B r is to l .........................................
91,046
69,188
.
151,000
G la s g o w ......................................
L e i t h ...............................................
H u ll .............................................
N e w c a s t le ..................................
17,142
29,887
M a n c h e s t e r .........................
B e l f a s t ........................................
D u b lin ..........................................
5,491
O th e r U n ite d K i n g d o m . . .
170180
U n ite d K in g d o m , o r d e r s . .
...........
...........
9..Í
404
A n tw e r p .....................................
3,470
128,569
H o lla n d .......................................
F r a r ic e ......................................
30,966
241,448
94,759
G e r m a n y ........... :.......................
300
P o r tu g a l , I t a l y a n d S p a in .
898
S c a n d in a v ia .............................
91,413
3,525
21,500
A s i a ...............................................
30,949
10,0.00
13,000
A f r i c a .......................................
4.073
4,500
W e s t I n d ie s ..................
A u s t r a l a s i a ..............................
6,613
A ll o th e r s ..................................
392,998
753,196
. . . 1.095,118
T o t a ls
To—
L iv e r p o o l ..................................
L o n d o n .................................... ..
B r is to l .........................................
G la s g o w ......................................
L e i t h .................. ........................
H u ll ...............................................
N e w c a s t le .................................
M a n c h e s te r .............................
B e l f a s t ........................................
D u b lin .........................................
O th e r U n ite d K i n g d o m . . .
U n ite d K in g d o m , o r d e r s . .
A n tw e r p ....................................
H o lla n d ......................................
F r a n c e ........................................
G e r m a n y ...........................
P o r t u g a l , I t a l y a n d S p a in .
S c a n d in a v ia ............................
A s ia
A f r i c a .........
W e s t In d ie s
A u s tra la s ia
A ll o th e r s . .
30, 1903:
W h e a t.
. . . 7,534,567
. . . 6,291,475
. . . 2,117,143
. . . . 2,150,625
. . . 2,283,259
. . . 1,395,582
...
726,811
. . . 1,254,373
173,203
. . . 1,109,748
...
288,451
1 800 572
. . . 3,881,027
. . . 2,038,887
951,807
. . . 5,006,414
...
419,614
___
756,761
...
901,415
...
909.040
___
12,250
___
C o rn .
4,835,996
2,804,986
474,340
1,558,181
497,877
60.408
192,978
707,111
177,819
261,741
111,524
F lo u r .
935,682
1,470,754
276,528
1,314,371
375,623
28,344
8,779
24,778
623,344
269,716
58,719
1.652,427
3,370,I tó
392,165
7,577,196
67,645
1,473,322
3,525
822,313
532,130
262,506
35,741
460,215
18,885
349,741
32.418
123,995
l,725,9uo
436,569
719,935
4
522,144
27,836,333
9,812,233
26,951
___ 42,089,976
T o t a ls
S a n F r a n . ..
P o r t l ’d, O re .
Tacom a ....
S e a ttle ........
S t. J o h n . . . .
C e re a l E x p o r t s b y P o rts .
B r a d s t r e e t ’s.
W h e a t, b u s h .
L ast
T h is
L ast
T h is
w eek.
w eek.
w eek. w eek.
14,759
39,703
100,361 82,779
54,137
155,400
16,429
90,870
89,429
112,560 89,841
155,578
360,528
3.564 22,403
9,513 35,644
11,145
141,637
127,773
577,000
3,000
39,000
408,000
136,000
490 19,600
1,875
170,000
125,000
3,508
6,387
14,900
61,200
21,000
113,0.00
17.000 30.000
76,000
195,000
19.000 30.000
T o t a ls
319,020 396,279 1,933,733 1,131,981
F ro m —
N e w Y o rk .
P h il a d e lp h ia
B a l tim o r e .
B o s to n . . . .
N e w p ’t N e w
N o r f o lk ........
P o r t l ’d M e . .
N e w O r le a n s
G a lv e s to n . .
M o b ile
...........
V is ib le S u p p ly of G r a in .
W e e k e n d in g
J a n . 9, 1903.
C o rn ,
W h e a t,
b u.
b
u.
I n S to r e a t —
1,007,000
625,000
B a l tim o r e .................. . . .
199,000
459,000
82,000
B u ffa lo ......................... . . . 5,303,000
220,000
2,394,000
C h ic a g o ........................ . . . 2,814,000
70,000
279,000
D e t r o i t ......................... . . .
1,000
D u lu th ......................... . . . 2,256,000
F t . W illia m , O n t. . . . . . 1,858,000
209,000
G a lv e s to n ................... . . . 1,357,000
96,000
235,000
I n d ia n a p o lis ..............
178.000
K a n s a s C ity .............. . . . 1,355,000
50,000
735,000
M ilw a u k e e ................. . . .
122,000
M in n e a p o lis ............. . . .12,594,000
159,000
126,000
M o n tr e a l ....................
95,000
683,000
N e w O r le a n s ...........
470,000
N e w Y o rk .................. . . . 2,002,000
do. a f lo a t
400.000
2.000
P e o r i a .........
138.000
159.000
P h il a d e lp h ia
938.000
P o r t A r th u r , O n t .
27,000
5,728,000
S t. L o u is .........
do. a f lo a t . .
356,000
285.000
T o le d o ................
34,000
T o r o n to .............
155,000
152.000
O n C a n a ls . . .
O n M iss . R i v e r ................................
...........
In d . C o rn , b u s h .
L ast
T h is
w eek.
w eek.
155,378
140,579
146,014
335,524
496,799
574,282
400
L^.,500
69,994
25,714
19,000
129,000
3,000
30,000
4,500
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6,208,000
6,995,000
W . H. L A I D L E Y & CO.
STOCKS, BONDS,
GRAINS, PROVISIONS
BANK STOCKS AND INVESTMENT SECURITIES
Member Chicago Board of Trade
T e l e p h o n e , 170 M a in , P eivate E xchange
186=190 Iva S a l l e S t .,
CHICAGO, IIvIv.
L. B A R T L E T T & S O N
COMPANY
Commission Merchants
Branches: Minneapolis, St. Louis,
Kansas City, Chicago.
23 Chamber of Commerce
MILWAUKEE
MILMINE, BO D M A N 6 C O
6RAIN, PROVISIONS, STOCKS, BONDS, COITON
Invites Correspondence Regarding Unlisted Securities
CH IC AGO , 5 and 7 Bo ar d of T ra d e
N E W Y O R K , 401 P r o d u c e E x c h a n g e
J. C . V E R H O E F F , M a n a g e r
M I N N E A P O L I S O F F I CE :
E. S. WOODWORTH & CO.
SHIPPING
AJVD
COMMI SSI ON.
19,000
Minneapolis, Duluth, Milwaukee and Chicago.
925,085
ORDERS FOR FUTURES EXECUTED IN ALL MARKETS.
W e e k e n d in g
J a n . 2, 1904.
C o rn
W h e a t,
bu.
bu.
852.000
561,000
223.000
557,000
175.000
5,812,000
220,000
2,316,000
2,729,000
135,000
288.000
1,000
1,991,000
1,523,000
102,000
1,401,000
91.000
208,000
137.000
1,111,000
43.000
586,000
70.000
11,129.000
160.000
106,000
41.000
515,000
504,000
2,069,000
2,000
226,000
854,000
5,791,000
358.000
133.000
289.000
34,000
152.000
................
257,000
30,000
155,000
5.783.000
38,204,000
6.584.000
49,738,000
T h is Y e a r. L a s t Y e a r .
4.537.000
O a ts ................................................................................ 8,700,000
1.068.000
R y e ......... .’ ....................................................................
1,239,000
2,503,000
B a r le y .......................................................................... 5,369,000
Digitized
............
O n for
L a FRASER
k e s ...............................................
............
T o t a l .............................40,199,000
L a s t y e a r ........................ 50,116,000
35
1HE COMMERCIAL WEST.
Saturday, January 16, 1904.
W . S. W o o d w o r t h ,
Sec and T re a s.
G. P . H a r d in g ,
V ice-P res.
E . S. W o o d w o r t h ,
P resid en t.
T H E ST. A N T H O N Y E L E V A T O R C O .
C a p a c it y , 3,2 50 ,0 00 B u s h e l s
GRAIN MERCHANTS AND WAREHOUSEMEN
71 Chamber of Commerce
MINNEAPOLIS. MINN.
Wm. H. Dunwoody, Pres.
Chas. J. Martin, Sec'y and Treas.
John Washburn, Vice-Pres.
W. G. Ainsworth. Gen’l Manager
BARNDM GRAIN COMPANY
M
i n n e a p o l i s
m
i d
GKALX AND
1>
11 1 n
t l i
COMMISSION
MERCHANTS
36
T H E C O M M E R C IA L W E ST.
W h e a t and F lo u r E x p o r t s .
B r a d s t r e e t ’s.
T h e q u a n t i t y o f w h e a t ( in c lu d in g flo u r a s w h e a t) e x p o r te d
f r o m U n ite d S t a t e s a n d C a n a d ia n p o r ts fo r t h e w e e k e n d in g
w ith T h u r s d a y is a s fo llo w s in b u s h e ls :
W e e k e n d in g —
1903.
1902.
1901.
1900.
S e p te m b e r 24 .................. 3,050,430
5,077,070
4 470,352
3,242,810
O c to b e r 1 ........................... 4,082,681
6,870,578
6 195,749
4,450,167
5,645,779
4 719,898
O c to b e r 8 .......................... 2,378,722
4,292,855
5,240,688
5 536,073
O c to b e r 15 ........................ 2,865,610
3,796,643
O c to b e r 22 ........................ 4,265,080
7,060,137 4 952,134
4,932,978
O c to b e r 29 ........................ 4,094,873
5,997,620 6 672,888
3,612,421
N o v e m b e r 5 ...................... 4,340,281
5,715,555
5 469,645
3,555,507
N o v e m b e r 12 .................... 3,659,823
4,440,160 4 983,734
4,062,020
N o v e m b e r 19 ................... 2,974,277
5,277,672 5 518,930
3,827,296
N o v e m b e r 26 .................... 3,851,767
4,179,685 5 117,478
3,497,880
5,704,440 4, 604,846
D e c e m b e r 3 ...................... 4,201,504
3,432,159
D e c e m b e r 10 .................... 4,590,530
3,761,047 3! 879,809
4,785,577
D e c e m b e r 17 .................... 3,363,035
3,256,037 4. 332,832
4,123,350
D e c e m b e r 24 ...................... 2,335,606
3,560,4.^6 4, 291,543
3,868,165
3,336,21)6 4 818,471
D e c e m b e r 31 .................... 2,915,236
3,914,301
C o rn E x p o r t s , in B u sh e ls .
B r a d s t r e e t ’s.
1903.
1902.
1901.
779,230
74,952
585,706
1,123,871
141,423
907,924
1,101,118
180,358
678,246
1,410,412
280,674
640,033
1,809,885
84,564
1,118,288
1,392,214
153,205
606,159
1,459,936
130,847
708,284
1,688,282
281,901
629,924
1,391,625
243,381
445,351
1,520,941
255,174
630,968
1,098,951
1,151,563
362,844
659,025
1,301,286
278,307
637,857
1,526,141
330,941
816,054
1,502,551
424,336
925,085
2,537,542
270,236
W e e k e n d in g —S e p te m b e r 24 ................
O c to b e r 1 ........................
O c to b e r 8 ........................
O c to b e r 15 ......................
O c to b e r 22 ......................
O c to b e r 29 ......................
N o v e m b e r 5 ....................
N o v e m b e r 12 ..................
N o v e m b e r 19 ..................
N o v e m b e r 26 ..................
D e c e m b e r 3 .....................
D e c e m b e r 10 ..................
D e c e m b e r 17 ..................
D e c e m b e r 24 ....................
D e c e m b e r 31 ..................
1900.
2,156,171
2,364,249
2,896,037
2,886,993
3,365,651
3.920,110
3,287,627
3,976,014
5,235,568
4,801,000
5,371,377
4,853,458
5,465,578
4,011,105
4,470,521
Bangor, W i s .— Receiver E. K o e h ler of the defunct
F a r m e r s ’ & M e rch a n ts ’ Bank has announced that a divi
dend of about 35 cents on the dollar will be paid deposi
tors. H e estimates that about 60 per cent will finally be
paid.
L ow R ates to the Coast.
On January 7, 8 and 9, 1904, the Minneapolis & St.
Louis will sell round trip tickets to' Portland, Ore., at one
fare for the round trip; limit for return January 31. T i c
kets go o d go in g via St. Paul and northern lines, returning
through O gden, Denver, etc., or vice versa. T ic k e ts also
on sale with privilege of returning through San Francisco
and L o s A ng ele s, at v e ry small additional charge.
See
agents for particulars or address A. B. Cutts, G. P. & T.
A., Minneapolis, Minn.
RUMSEY & COMPANY
COM M ISSION
Tie Tan Dnsen-Harrinfiton Co.
Com m ission Merchants
GRAIN
LIV E STO C K
M inneapolis and Duluth
South
Saint
Paul
W . R. MUMF0RD CO.
G R A IN ,
H A Y ,
S E E D S
A N D
M IL L F E IL D S
C h ic a g o , 428=430 R ia lto B u ild in g
M in n e a p o lis , 79 C h a m b e r o f C o m m e rc e
Offices also at Milwaukee, St. Louis and Kansas City
O rders
in
F utures
C l in t o n M o r r i s o n , P res.
L . C. M i t c h e l l , V -P res.
E xecu ted
in
all
M arkets
D . L . R a y m o n d , Secy.
H. F . D o u g l a s , T re a s. and G en. M a n .
Great W estern
Elevator C o m p a n y
M IN N EA PO LIS,
.
.
.
M IN N ESO TA
CARGILL COMMISSION CO.
DULUTH AND MINNEAPOLIS
Grain and Com m ission Merchants
CHICAGO
M IN N E A PO L IS
ME RCH A N T S
Offices in Minneapolis, Milwaukee, Peoria
Edwards, W ood & Co,
Long Distance Telephone Harrison 675
97 Board of Trade,
Saturday, January 16, 1904.
-
-
-
C H IC A G O
Main Office, Manhattan Building,
St. Paul, Minn.
Thom pson, Sons &
Com pany
STOCKS—BO NDS—G RAIN
PROVISIONS
Grain Commission Merchants
W IN N I P E G ,
-
CANADA
Members important Exchanges
Private Wires
|
SEND YOUR ORDERS FOR
|
®
FUTURES AND CONSIGNMENTS TO
|
Ship Your Grain to Us
j G EO . H . P H IL L IP S j
©
;
•
Rialto Building, CHICAGO
©
Best Facilities
9
Write for My Daily Market Letter —
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Federal Reserve Bank of St. Louis
Liberal Advances
Prompt Returns
«
9
c
|
r: : J
DULUTH
W IN N IPE G
Ceresota Flour
■—.
the Best 'Bread
—
A million housekeepers say so by using it in prefer
ence to any other, but we don’t ask you to believe
without the proof. Try C.E R E S O T A F L O U R
in your next baking and then decide for yourself.
Every Sack Warranted
M oney back if you are n ot satisfied
----------------------------- M a n u fa c t u r e d b y
.................... — —
The Northwestern Consolidated Milling Co.
Minneapolis, Minnesota.
UPDIKE COMMISSION C<>(IN C O R P O R A T E D )
R. C. CHANDLER & CO.
C r a in and P ro v is io n s
Members Chicago Board of Trade
6 4 0 -41 -4 2 Rialto Bldg.,
CHICAGO
W
.
A .
6
S h e rm a n St.
G A R D N E R
S u ccessors
Commission
Grain and Provision.
Branch Offices:
550 Bee Bldg., Omaha, Neb., Missouri
Valley, la , So. Omaha, Neb.
Merchants.
to
Cobb
Grain,
C H IC A G O
Se C O .
<
5
t
e G ardner
Provisions, Cotton and Stocks.
317 CH A M B E R O F COMMERCE, ST. LOUIS
Leasecl
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
'W
r1 r e s
to
all
P rin cip al
Ma r k e t s
TH E COMMERCIAL WEST.
38
Receipts and Shipments of Grain at
Principal
Points
for
W illia m C om m o n s
M in n e a p o lis.
R e p o r te d b y G. D . R o g e r s , s e c r e t a r y C h a m b e r o f C o m m e rc e :
— R e c e ip ts —
— S h ip m e n ts —
A r tic le s —
1903.
1902.
1903.
1902.
W h e a t, b u s h e ls ...............12,248,370
12,604,030
1,306,490
1,092,040
C o rn , b u s h e ls ..................
886.200
527,220
113,680
84.120
O a ts , b u s h e ls .................. 2,657,620
1,542,140
1,078,920
572,350
B a r le y , b u s h e ls ............. 1,032,980
951,090
829,430
792,240
217,940
162,690
141,290
102,950
R y e , b u s h e ls ....................
F la x s e e d , b u s h e l s ___
854,790
1,299,290
316,860
326,680
F lo u r b a r r e l s ..................
27,904
22,254
1,547,901
1,371,611
R e p o r te d
change.
S t . L o u is .
b y G e o rg e H . M o rg a n , s e c r e t a r y
A r tic le s —
W h e a t, b u s h e ls ..............
C o rn , b u s h e ls ................
O a ts , b u s h e ls ..................
F lo u r , b a r r e ls ................
— R e c e ip ts —
1903.
1902.
3,174,865
1,535,440
834,425
3,466,180
1.405.350
1.208,220
230.970
223,670
M e rc h a n ts ’ E x
— S h ip m e n ts —
1903.
1902.
1,351,042
2,103,840
625,595
1.822.340
922,205
890,900
284,595
300,685
C in c in n a t i.
R e p o r te d b y C. B . M u r r a y , s u p e r i n t e n d e n t C h a m b e r o f C o m m e rc e .
— R e c e ip ts —
— S h ip m e n ts —
A r tic le s —
1903.
1902.
1903.
1902.
B a r le y , b u s h e ls ..............
152,000
148,462
5,605
918
631.211
412,064
238,646
C o rn b u s h e ls ................. 1,153.916
O a t s ’ b u s h e ls ..................
358,798
320,200
95,314
268,969
R y e , b u s h e ls ..................
39,106
66,114
12,610
34,081
157.200
152,169
115,465
146,002
W h e a t, b u s h e ls .............
F ’lo u r, b a r r e l s ................
168,845
314,118
127,276
268,578
R e p o r te d b y H . A . W
A r tic le s —
W h e a t, b u s h e ls ______
C o rn , b u s h e ls ..................
O a ts , b u s h e ls ..................
B a r le y , b u s h e ls ..............
R y e , b u s h e ls ....................
F lo u r , b a r r e l s ................
B a ltim o r e .
r o th , s e c r e t a r y C h a m b e r o f C o m m e rc e :
— R e c e ip ts —
— S h ip m e n ts —
1903.
1902.
1903.
1902.
674,425
278,043
506,209
95,907
2,547,573
3,398,851
1,619,653
2,952,078
285,377
134,399
19,938
990
31,319
89,311
17.670
40,826
154,413
330,740
25,714
194,484
579,589
443,479
524,682
241,390
P h ila d e lp h ia .
R e p o r te d b y A . D . A c h e s o n , s e c r e t a r y C o m m e rc ia l E x c h a n g e :
— R e c e ip ts —
— S h ip m e n ts —
A r tic le s —
1903.
1902.
1903.
1902.
W h e a t, b u s h e ls .............
498,707
223.918
319.551
238,915
C o rn , b u s h e ls ..................
456.711
1,668,968
366.038
1.545,591
O a ts , b u s h e ls ..................
300,650
316,591
............
............
F lo u r , b a r r e ls ..................
368,255
440,010
313,018
290,441
R e p o r te d
change:
by
T.
C.
S a n F r a n c is c o .
F r ie d l a n d e r , s e c r e t a r y
— R e c e ip ts —
A r tic le s —
1903.
1902.
W h e a t c t l s ............................
590,658
324,218
C o rn , c tls .......................
22,830
12,546
O a ts ,
c t l s ............................
134,555
71,218
F lo u r b a r r e l s .......................
201,316
115,574
M e rc h a n ts ’ E x
— S h ip m e n ts —
1903.
1902.
512,888
161.873
2,889
2,294
20,824
2.349
151,086
68,686
Bo sto n.
R e p o r te d b y E . G. P r e s t o n , s e c r e t a r y C h a m b e r o f C o m m e rc e :
— R e c e ip ts —
— S h ip m e n ts —
A r tic le s —
1903.
1902.
1903.
1902.
F lo u r , b a r r e ls ..................
224,709
214,113
68.162
113,391
W h e a t, b u s h e ls ............... 1,747,544 1,457.081
880.761
1,326.058
561,708
164,164
152,008
90,078
C o rn , b u s h e ls ..................
O a ts , b u s h e ls ..................
509,406
484.876
32,056
51.164
F o r t h e y e a r e n d in g D e c. 31:
— R e c e ip ts —
— S u in m e n ts —
A r tic le s —
1903.
1902.
1903.
1902.
F lo u r , b a r r e ls .................... 1,868,743 1.945.758
808.053
934.646
W h e a t, b u s h e ls ............. 6,661,376 13.780.193
6,738.533 15.307.351
C o rn , b u s h e ls .................. 9,041,585
1.373.358
7.063.855
798,097
O a ts , b u s h e ls .................. 6,610,464
6,334,520
185,542
514,741
R e p o r te d
by A.
A r tic le s —■
W h e a t, b u s h e ls . . . .
C o rn , b u s h e ls ...........
O a ts , b u s h e ls ...........
B a r le y , b u s h e ls . . . .
R v e , b u s h e ls .............
R e p o r te d
m e rc e :
by W .
A r tic le s —
W h e a t, b u s h e ls . . . .
C o rn , b u s h e ls ...........
O a ts , b u s h e ls ...........
B a r le y , b u s h e ls . . . .
R y e , b u s h e ls .............
F la x s e e d , b u s h e ls .
F lo u r , b a r r e l s ...........
T oledo.
G assaw ay , s e c re ta ry P ro d u ce E x c h a n g e :
-R e c e ip ts - S h ip m e n ts 1903.
1902.
1903.
1902.
226,000
507.000
72,806
222.010
. . . 1,269,000
1.014.000
1.094,305
807,500
...
288,300
382.800
151,400
484,415
11.300
870
12,633
4.720
16,720
35.420
18,000
11,200
J.
...
. ..
. ..
. ..
C ham ber
— R e c e ip ts —
1903.
1902.
817.600
1,259,200
199.500
265.050
622.650
447,200
1,635,250
1.921,750
140,000
134,600
23,400
28.800
201,250
293,500
— S h ip m e n ts —
1903.
1902.
113.490
166,045
60.207
59.625
671.280
201.470
1.174.018
1.101,947
78.700
107,810
1,800
409,315
476,165
of
H ow ard W . Com m ons
Grain C om m ission fle r c h a n ts
Minneapolis
and
Duluth.
Receivers and Shippers of W h eat,
Coarse Grains and Flaxseed. Or
ders for F uture D elivery Executed
in all M arkets. : : : : : : :
CHIC AGO C O R R E S P O N D E N T S :
ARMOUR
GRAIN
COMPANY.
George W . P ea vey
F rank T . H effeifinger
Frederick B . W ells
Charles F . Deaver
The Peavey
System of Grain Elevators
Embraces the greatest number of Grain Elevators with the largest
aggregate storage capacity of an y Elevator System in the world.
T o tal capacity in eight states, 35,800,000 bushels.
HEADQUARTERS
MINNEAPOLIS
Branch Offices:
Chicago
Duluth
Lt. S. G ille tt e *
P re s id e n t
Kansas City
G eo M . G ille tt e
V ic e - P r e s
Omaha
C. E . T h ayer
S e c . & T r eas.
Electric Steel Elevator Co.
CAPAC ITY 2,200,000 BUSHELS.
GRAIN DEALERS AND WAREHOUSEMEN.
W H E A T , FLAX A N D BARLEY.
OFFICE 75 CHAMBER OF COMMERCE
J . F . Whallon
Geo. P . Case
MINNEAPOLIS.
Geo. C . B agley
Chas. M , Case
W HALLON, CASE & GO.
STOCKS, BONDS. GRAIN and PROVISIONS
58 Chamber of Commerce,
Up town Office, 315 1st Ave. So
MINNEAPOLIS
M E M B E R S : N ew Y o rk Stock Exchange, Chicago Board of Trade, Minneapolis
Chamber of Commerce.
J. R. M A R F I E L D ,
Pres.
Win. G R I F F I T H S , V i c e P
C . D. T E A R S E ,
S
ec.
&T
res
reas.
Mariield - Griffiths Co.
GRAIN C O M M IS S IO N
NEW
CHAMBER
OF C O M M E R C E
O FFIC ES :
C H IC A G O , M ILW AUKEE, DULUTH
M IN N E A P O L IS ,
M ilw a u k e e .
L a n g so n , s e c re ta ry
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
F ra n k W . C o m m o n s
COMMONS & COMPANY
Months of December.
K a n s a s C it y .
R e p o r te d b y E . G. B ig e lo w , s e c r e t a r y B o a r d o f T r a d e .
— R e c e ip ts —
— S h ip m e n ts —
A r tic le s —
1903.
1902.
1903.
1902.
W h e a t, b u s h e ls .............. 5,638,500
1,848,800
3,732,300 1,221,600
C o rn , b u s h e ls ................ 1,045,800
2.429,600
462,600 1.901,600
O a ts , b u s h e ls ..................
439,200
578,400
344,400
337,200
B a r le y , b u s h e ls .............
57,000
1,000
29,A00
1,000
31,200
21.600
28,800
9,600
R y e , b u s h e ls ..................
Saturday, January 16, 1904.
-
M IN N E S O T A
C om E.
L. WELCH
C. A . M A L M Q U I S T
E. L. W e l c h & Co.
GRAIN COMMISSION
1011 Chamber of Commerce
MINNEAPOLIS, MINN.
T H E C O M M E R C IA L W EST.
Saturday, January 16, 1904.
Galveston.
V e s s e ls c a r r y i n g g r a i n c le a r e d f o r f o r e ig n p o r ts d u r in g th e
m o n th of D e c e m b e r, 1903:
W h e a t,
C o rn ,
P o r t of D e s tin a tio n —
B u s h e ls .
B u s h e ls .
A n tw e r p ............................................................................
16,000
................
A n tw e r p ..........................................................................
120,000
................
A v o n m o u th ...................................................................
136,000
................
A v o n m o u th .....................................................................
120,000
................
C o p e n h a g e n ........................................................................................
61,200
G la s g o w ..........................................................................
40,000
................
H a m b u r g ........................................................................
112,000
..............
H a m b u r g .........................................................................
128,000
...............
H a m b u r g ........................................................................
80,000
................
H a m b u r g ........................................................................
80,000
................
H u ll .....................................................................................
80,000
................
L e i t h ........................
48,000
................
L iv e r p o o l ............................................................................................
17,143
L iv e r p o o l ..........................................................................
40,000
26,226
L iv e r p o o l .........................................................................
24,000
22,255
L o n d o n .............................................................................
40,000
..............
L o n d o n ...................................................................... ’
40.000
................
L o n d o n ..............................................................................
120,000
................
M a n c h e s te r ....................................................................
32,000
................
M a n c h e s t e r ...................................................................
8,000
34,286
M a n c h e s te r .....................................................................
80,000
................
M a n c h e s te r ....................................................................
24,000
17,143
R o t t e r d a m ......................................................................
32,000
................
R o t t e r d a m ......................................................................
24,000
8,571
186,824
633,107
T o t a l f o r D e c e m b e r, 1903....................... .............. 1,424,000
822,509
T o t a l f o r D e c e m b e r, 1902....................... ..............
.............
446,283
T o t a l s in c e S e p te m b e r 1 ........................................ 8.388,631
T o t a l s a m e tim e l a s t y e a r .................... .............. 6,047,409
833,453
962,787
.............. 2,341,222
129,334
...................................................
T o t a l f o r tw e lv e m o n t h s ................ ................18,780,858
O n s h ip b o a r d , n o t c l e a r e d ............... ...............
New
BaM, Frazier & Carrington
S T O C K S and B O N D S
G R A IN a n d P R O V IS IO N S
W e s t e r n Union Bu i ld in g , CH IC AGO .
MINNEAPOLIS
No. 7 N e w S t r e e t , N E W Y O R K .
MILW AUKEE
M e m b e r s : C h icago B oard of T ra d e, N ew Y o r k S t o c k E x ch a n g e , N ew Y o rk
P ro d u ce E x ch a n g e , N ew Y o r k C offee E x ch a n g e , C h icago S to ck E x ch a n g e ,
L iv e rp o o l C orn T ra d e A sso ciation , N ew Y o r k C o tton E x ch a n g e , M il
w au kee C h am ber of C o m m erce.
P R IV A T E , W IR E S
T O
A L L
P O IN T S
T R O U B L E S behind and MONEY
ahead by shipping to
601,491
D e c r e a s e ....................................................
D ecrease
39
L
asier
&
H
o o per
RECEIVERS AND SHIPPERS
4,333,231
60,000
518,720
102-103 R ialto B u ild in g ,
CHICAGO
Orleans.
V e s s e ls c le a r e d a t N e w O r le a n s f o r fo r e ig n p o r t s d u r i n g th e
m o n th o f D e c e m b e r, 1903:
P o r t of D e s tin a tio n —
C o rn .
W h e a t.
L iv e r p o o l ...............
48,000
L iv e r p o o l .............................................................................................
40,000
L iv e r p o o l .........................................................................
25,714
................
L iv e r p o o l ........................................................................
42,857
40,000
M a n c h e s te r ........................................................................................
72,000
M a n c h e s te r ...................................................................
88,000
................
B r is to l ........................................................................
40,000
205 La Salle Street
CHICAGO
24,000
B r is to l ..........................................
A a r h u u s ................................................................................................
16.000
A a r h u u s ...........................................................................
85,714
26,90f
A a r h u u s ..........................................................................
17,143
................
C o p e n h a g e n ........................................................................
31.147
24,000
C o p e n h a g e n ....................................................................
8,571
40,000
C o p e n h a g e n ........................................................................
34,285
49,200
H a m b u r g .......................................................................................................
40,000
H a m b u r g .......................................................................................................
80,000
R o t t e r d a m ...................................................................................................
48,000
R o t t e r d a m ....................................................................................................
48,326
Specialty, Barley
MI LWA UKE E, WIS.
R o t t e r d a m ...........................................................................................
152,000
A n tw e r p .................................................................................
72,000
A n tw e r p ........................................................................................................
80,000
N e w c a s t le ...........................................................................................
136,000
E S T A B L IS H E D 1854.
L o n d o n . . . . I .......................................................................................
16,000
L o n d o n .............................................................................................
24,000
D u n k i r k .........................................................................................................
40,000
ARM OUR
G R AIN
CO.
G R A IN D E A L E R S
M ilw au k ee
E le v a to r Co.
G R A IN D E A L E R S
T o t a l D e c e m b e r 31, 1903........................................
T o t a l D e c e m b e r 31, 1902........................................
D e crease
...................................................................
245.431
1,276,332
1,244,433
2,080,905
1,030,901
836,472
IRWIN, G R E E N 6 CO.
GRAIN— PROVISIONS— S T O C K S - B O N D S .
128=131 R ia lto Bldg:., CHICAGO.
M a r k e t L e tte r M a ile d on A p p lic a tio n .
( IN CO RPO RATED )
J. R o sen b au m G rain
C om p an y
GRAIN
MERCHANTS
Orders for future delivery solicited
CHICAGO
L. D. KMEELAND
ALLAN M. CLEMENT
JOHN F. L. CURTIS
Kneeland, Clement & Curtis
S T O C K S , B O N D S, GRAIN ,
P R O V I S I O N S , C O T T O N &, C O F F E E
219 LA SALLE STREET
ROOKERY BUILDING
M E M B E R S: New York Stock Exchange : New York Coffee Exchange ; Chicago
Stock Exchange ; Chicago Board of Trade.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
PRIVATE
W IRES
To California
Thro’ Colorado
That’s the only way to go if
you want to see the grandest
scenery on the globe.
For hundreds of miles the mag
nificent p a n o r a m a of R o c k y
Mountain scenery unrolls before
your eyes— then on thro’ Salt
Lake City, with its far-fam ed
Mormon Temple and Tabernacle.
The Burlington C a li f o r n i a
Excursions (which leave the Twin
Cities every Thursday evening)
travel via this route.
F.
M. RUGG, Northwestern Passenge
r Agent,
40
T H E C O M M E R C IA L WEST.
Henry Poehler Alvin H. Poehler George A. Duvigneaud
Chas. F. Poehler
Walter C. Poehler
GREGORY, JENNISON CO.
MINNEAPOLIS
H. PO E H LE R C O .
ES TA B LIS H E D
1855
CORPORATED
GRAIN COMMISSION
B
C
oard
ham ber
Bo
of
ard
T
of
C
ELEVATORS
Shiprers of Oats and Rye
D uluth Minn.
, M ilw aukee, W is.
e , C h icago . 111.
r a d e
GRAIN
Storage Capacity: T erm in a l 1 ,3 0 0 ,0 0 0 B n sh els
C o u n try 5 0 0 ,0 0 0 B u sh els
1893
Saturday, January 16, 1904.
James Doran &
Company
W e give sp e cia l atten tion to out oftown in v estm en ts and s p e cu la tiv e
accounts.
O ur p riva te w ires and our
co n n ection s w ith all th e p rin cip al
ex ch an ges en ab le us to giv e prom pt
and accu rate serv ice.
C o rre sp o n
d en ce in vited .
::
::
::
::
Write for Quotations
,
om m f.r c e
of
T
r a d
816-19 C H A M B E R O F C O M M E R C E
D U LU TH
M IL W A U K E E
C H IC A G O
E. A. B R O W N & CO.
M IN N EA P O LIS
W holesale Coal, Grain
Commission Merchants
B u y in g for C o u n try M illing T ra d e a S p ecialty
O rders in F u tu res E x ecu ted in any M arket
G E R M A N -A M E R IC A N
ST. PAUL,
-
-
BANK
-
B U IL D IN G
MINNESOTA
9 2 3 C h a m b e r o f C o m m e r c e , M IN N E A P O L IS , M IN N .
Liberal Ad\ances> made on Consignment
H O I T G R A I N CO.
R E C E IV E R S
AND
S H IP P E R S
O A T S , BARLEY, C O R N
CORRESPONDENCE
AND
B U S IN E S S
B. H. WOODWORTH.
E. S. WOODWORTH,
President.
Vicc-Pres.
R. P. WOODWORTH,
Sec. and Treas.
S O LICITED
■
WOODWORTH
ELEVATOR C O .
1012 Cham ber of Commerce, M IN N E A P O L IS
John H. W renn &
Company
CHICAGO
U. R. Denniston
SPENCER &
DENNISTON
COM MISSION
MERCHANTS
M INNEAPOLIS, M INN.
W. B. B O G E R T &
COM PANY
TH E R O O K E R Y , 225 L a S a lle St.,
Corwin H. Spencer
Grain and Provisions
4 0 7 -4 0 8 Home Insurance Building
C HI C A G O
Stocks, Bonds, Grain, Provi
sions, Coff ee and Cotton
GRAIN— PROVISIONS
2 0 3 Chamber of Commerce, St. Louis
348 Produce Exchange, New York
Private Wires to New York and Minneapolis
106-107-108 Rialto Bldg.,CHICAGO
T E L E P H O N E C E N T R A L 4643
PILLSBURY’S BEST
Made in the largest mills in the world, with 30,000 Barrels Daily Capacity.
We have had so much experience making
FLO U R
FOR
ALL
N A T IO N S
that we know how to make the quality desired. Our large and growing
trade in Australia, South Africa and other foreign countries indicates that
PILLSBURY’S BEST is popular in all parts of the globe, and substantiates
the claim that
WE
FEED
T H E
W O R LD
We solicit correspondence with buyers in China, Japan, the Philippines and
the Orient in general. Our facilities insure prompt attention to orders.
sbury-Washburn Flour Mills Co,M
MINNEAPOLIS, MINN., U. S. A.
Members A n ti-A d u lte ra tio n L eagu e.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T H E C O M M E R C IA L W E S T .
Sa turday' January 16, 1904.
H u lb u rd ,
W arren
&
Co.
4i
W. P. ANDERSO N
&
CO.
CO M M ISSIO N M E R C H A N T S
C a p i t a l , $ 2 5 0 ,0 0 0 .
C O M M I S S IO N
M ERCHANTS,
S u r p lu s ,
G R A IN
$5 0 ,0 0 0 .
GRAIN AND PRO VISIO NS
AND P R O V I S I O N S .
G round F lo o r 4 S h e rm a n S t.
C H IC A G O , IL L .
B u s i n e s s S o l i c i t e d in A ny D e p a r t m e n t ,
RE Cr
IV IN G — SH IP P IN G —
L. T .
FUTURES.
E S T A B L IS H E D
D I R E C T O R S : C h arles H. H ulburd, W . S. W a rren , A . C . D a v is , 0 . T
H u lburd, C J. N orthup.
of T rad e,
R AN D ALL, GEE
and
G R A I K
2 0 6 -2 1 0
Corn Exchange
M ITCHELL
Duluth,
514
r o u n d
F l o o r )
M e m b e rs Ch ic a g o Board of Tr a d e and Minne ap olis C h a m b e r of Co m m e rc e .
W . S. M c L a u g h l in , P re s.
Board of Trade
A . B. E l l i s , Secy
A M E R IC A N G R A IN CO.
C ra in Com m ission
MINNEAPOLIS,
COMMISSION MERCHANTS
Minneapolis,
1 1 3 - 1 1 4 N e w C h a m b e r of C o m m e r c e , M I N N E A P O L I S ,
(G
C H IC A G O .
SONS
&
1884
CRAI N, P R O V I S I O N S ,
S T O C K S AND B O N D S ,
O F F I C E R S : W . S. W a rren , P res.; A. C. D a v is, V ice Pres.; C h arles H.
H u lbu rd, T rea s.; C. J. N orthup, S ec.; John G illies, A sst. T rea s.
47 B o a r d
SO W LE
-
-
MINNESOTA
McLAUGHLIN & ELLIS, Winnipeg, Canada
THE BARNETT & RECORD COMPANY
M IN N E A P O L IS , M INN.
Elevator Builders and General Contractors.
We design and build Grain Elevators of every Type:
. Tile, Steel, Concrete and Wood,
Dock Work and Heavy Construction a Specialty.
Returning Prosperity in Germany.
A fter two years of anxious waiting,
the crisis in industrial values which be
gan in the spring of 1901 is apparently
past, and a general recovery, which bears
all the outward indications of perma
nence, has set in. To what extent the
values of the prosperous period which
preceded the collapse have been regained
is best illustrated by stating that the av
erage market value of twenty-two stand
ard industrial stocks on April 17. 1900,
when the general prosperity reached its
height, was 276.74, while the average
quotation for the same stocks on Sep
tember 26, 1901, when the low point of
depression had been touched, was 154.55,
which contrasts with 176.81 on Decem
ber 31, 1902, when recovery had definite
ly begun, and 208.91 on November 20,
1903, when the effects of returning activ
ity had become manifest. According to
Frank H. Mason, consul-general at Ber
lin, this recovery may be ascribed to two
or three primary causes, the first being
the fact that the negotiations between
Germany and the several European gov
ernments over the commercial treaties
based on the new German tariff are un
derstood to be progressing favorably.
Secondly, that several of the leading
electrical
manufacturing companies—
which have recently combined to avoid
competition— have secured some import
ant contracts for lighting and power
plants, street railway installations, etc.,
in fore;gn countries, notabl- Mexico and
South America. Many of these orders
have been taken at what would seem
in America low prices, but the German
electrical industry is enormously devel
oped, is equipped with up-to-date ma
chinery, has an abundant supply of
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
cheap, docile, skilled labor, and can turn
out electrical machinery, cables and all
that class of work at minimum cost. F i
nally, there is behind the present recov
ery the natural fact that the crisis of
panic, doubt and suspicion has run its
course. German exports in most lines
are steadily increasing, and their farreaching merchant marine, backed by the
enterprise, the thorough, skillful methods
of their merchants, salesmen and capital
ists in remote countries, combine to se
cure for German manufacturing export
ers a constantly widening market for
their products. As a people they under
stand the ethics of foreign commerce;
they educate their young men for it, and
make a systematic study of the wants
and tastes of alien people and the best
methods of supplying them.
Carbuilding in 1903.
Official returns from all but two car
building plants in the United
States
show that 154,808 cars were built dur
ing the year 1903. O f this total figure
approximately 152,801 are freight cars
and 2,007 are passenger coaches; 153,195
for domestic use and 1,613 for export.
Last year the total number of cars built
was 164,547, which is about 9,700 in ex
cess of this year. During the year 5,1 S2
locomotives were built at the various lo
comotive works
in the country, as
against 4,070 last year. The number in
cludes 88 electric locomotives.
T h e N o rth w ay F e e d M ill is g u a ran
teed to grind more bushels to the H.
P. than any other feed m ill m ade.
T h a t is w hy
A n important decision has been
handed down by the United States
circuit court of appeals at Cincinnati,
O., confirming the validity of the Iner-Seal trade-mark of the National
Biscuit Co.
STRONG & NORTHWAY MFG. CO.
----------------------------~ ~
HERE’Sthe POINT
NORTHWAY
FEE» MILLS
are such prim e favo rites. T h e ir im
m ense ca p acity and easy running and
w ea rin g q u a lities secure the unani
mous endorsem ent of all users. If
you w ant a feed m ill that w ill do the
m ost and best w ork w ith the least
tro u b le— you w ant the N orthw ay.
W rite us.
M IN N E A P O L IS .
M IN N .
42
T H E C O M M E R C IA L W E ST.
The Gpysum Deposits of Wyoming.
In the course of work for the United
States Geological Survey, Dr. W. C.
Knight has made a report on the gpy
sum and plaster industry in Wyoming.
The gypsum deposits of the Laramie
Plains are very extensive and varied.
They occur in or are associated with the
Red Beds, and extend along the foot
of the Laramie mountains iron) the Col
orado line northward for a distance of
more than 60 miles. In this distance
there are some faults and also some
slight folds which prevent the deposits
from following the strike of the range.
The deposits belong to two classes,
the primary and secondary gypsum. The
primary beds are located about 700 or
800 feet below the top of Red Beds.
T hey vary in thickness from 6 to 50
feet, and usually dip to the west at an
angle of less than 10 degrees. The thick
est beds are at the south end of the
plains, in the vicinity of Red mountain.
The gypsum, so far as tested, is very
pure and makes a first-class plaster of
Paris, as well as good land plaster, and
also the new kind of wall plaster in
which a retarder is used and which is
fast taking the place of lime in general
construction work. The secondary beds
are superficial or nearly so,
and
are composed
of
gypsum
in
a
finely divided state, mixed with sand
and granular
carbonate
of
lime.
These deposits occur in undrained de
pressions below the Red Beds, and out
crop occasionally along the entire length
of the Red Beds. These secondary ac
cumulations often cover many acres in
extent, and are of exceptional value on
account of the cheapness of quarrying,
the dust-like condition of the product,
and its superior quality. Beds of this
kind are plowed, and the gypsum is
carried in wheeled scrapers to the mill,
where, without passing through the usu
al grinding machinery, it is simply put
through the regulation boiler for plaster
of Paris ; and the product is finished.
The development of the gypsum in
dustry has been very backward until re
cent years.
Butter Shipments from Iowa.
Butter shipments from the state of
Iowa last year showed a marked in
crease over the previous year, and in
fact an increase over either one of the
previous four years, but the aggregate
shipments out of the state are not yet
back to the record years of i8g6 and
1897. 1 he total net pounds of butter
reported as shipped for the year ended
Oct. 1 last was 77,079,794. This was a
gain of 4,365,210 pounds over the previ
ous year. A s butter prices have been
generally good the past year, the value
of the product probably ranks well up
with the best years. The greatest year
was in 1897, when there was shipped
from the state over 83,000,000 pounds of
butter; but as long ago as 1890 the total
shipments were 71,000,000 and over.
A Good Average Crop.
If favorable weather prevails during
the next few months the orange crops
now coming on the market will be the
largest ever produced in the United
States. A conservative estimate of the
Florida crop places it at about 1,600,000
boxes, and if present promises are ful
filled there will be shipped from the
orange groves of California to eastern
markets between 10,000,000 and 11,000,000
hexes, or (including about 3,000 cars of
lemons) from 29,000 to 30,000 carloads
of 360 cases to the carload.
T h e coinage of the United States
mints for the calendar year 1903 a g
gregated a total of 240,012,714 pieces,
of w hich 176,721,203 pieces were coins
of the realm, 60,861,511 w ere for the
Philippine governm ent, 1,800,000 for
Ven ezuela and 630,000 for Costa Rica.
T h e A m erican coinage represented a
face value of $65,809,691, of which
$43,683,970 was gold, $19,874,440 silver
and $2,231,281 nickels and cents. T h e
new 5-cent pieces placed in circula
tion during the year numbered 28,006,725, and the i-cent pieces 85,094,493. of which 20,600,000 were coined
in the month of Decem ber.
Sunshine in California
From now on through the winter season there is no
place so comfortably warm and attractive as California.
T he rates are low. Until November 30th only.
$ 32.90
V ia the Sunshine R oute
Through tourist car service every Tuesday morning
from St. Paul and Minneapolis. T he berth rate is $ 6 .
Route is via the
C h icago,
Milwaukee & St. Paul Ry.
AN D THE
SANTA F E ROUTE
For Additional Information Write to
W. B. DIXON, N. W. P. A., 365 Robert St., St. Paul
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, January 16, 1904.
KANSAS C IT Y
ST.LO 'UIS
E Q U IP M E N T
Bufret Library Cars.
Reclining Chair Cars, Coaches.
Compartment and Standard
Sleepers, also Dining Cars,
All Broad Vestibuled,
Pullman’s Latest and Best Models
L e a v e M in n e a p o lis...7 :4 5 p . m .
L e a v e S t. P a u l..............7 :1 0 p. m .
A rrive D u b u q u e .......... .4 .3 5 a . m .
A rrive R o c k fo r d ........... 7 :2 6 a. m .
A RRIVE
Chicago 9:30 a.m.
A R R IV E
St.Louis 2:00 p.m.
R e tu r n in g ,le a v e C h i c a g o 6 :1 0
p. m .; arriv e M in n e a p o lis 8 :0 0 ,
S t . P a u l 8 :4 0 a. m .
J. G. RICKEL, C. T. A., St, Paul.
W . 1 . HATHAWAY, C. T. A., M’p’Is.
A. B. CUTTS, G. P .& T. A.. Minneapolis
& St. Louis R. R., Minneapolis, Minn.
Chicago’s
Mayor
Says:
“ If under 30 years of age I would
settle in Oklahoma.
I advise
young men to go there.
The
country is inspiring and most al
luring, with a future full of prom
ise. E v e ry one is making money.”
T he way to go is over the Santa
F e — most directly reaches richest
sections of Oklahoma. Cheap e x
cursion rates to Great Southwest,
one way or round trip, first and
third Tuesd ays monthly.
The
Santa Fe is building a new line in
Eastern Oklahoma. A sk for O k
lahoma Booklet.
T ick e t office A. T. & S. F. Ry.,
503 Guaranty Bldg., Minneapolis.
Santa Fe
T H E C O M M E R C IA L W E ST.
Saturday, January 16 , 1904.
43
FIVE
Like a
Welcome Guest.
P O IN T S O F
EXCELLENCE
“ It is doubtful if such kind
ness and courtesy can be met
anyw here else as is shown by
the railroad em ployes on the through
trains west of C h icago . T h e y are all
mind readers. A ll you have to do is
to look a little anxious and som ebody
will im m ediately volun teer th e exact
inform ation you need. Y o u are looked
after lik e a welcom e guest. Y o u have
e v e n convenience that a first-class
apartm ent home affords excep t a bath
tub, and I presum e the porter could
have produced that if n ecessary.”
L ea vin g the center of the city
from which you start; reaching
the center of the city of your des
tination; over smooth and level
tracks; giving rest and comfort;
riding beside running waters most
of the way; through the centers of
population to the gateways of
commerce; when you travel by the
Thi» letter was written by a lady who made the trip to
California in a Rock Island tourist sleeping car. It tells its
own story.
All that it is necessary to add is that Rock Island tourist cars
leave St. Paul and Minneapolis four times a week for San Francisco and
Los Angeles.
Choice o f routes — “ Scenic” or
“ Southern.”
Call or write for folder giving full information.
New York Central Lines.
A Copy of the Illustrated Catalogue of the “ Four
Track Series ' w illb e sent free, on receipt of a
two-cent stamp by George H. Daniels, General Pas
senger Agent, New York Central & Hudson Kiver
R .R ., Grand Central Station, New York.
t . W. C a l d w e l l , C. P. A.,
32a N icollet A ve ., Minneapolis.
Í 7ASIGNIFICANT
T U B
T h e N orth -W estern L in e runs m ore train s and
carries m ore people in and out of St. P a u l, M in n e
apolis and C h icago every d ay than any oth er R . R .
FACT
N O R T H --W B S T B R N
( f a m
o
u
s
l i i
H
o a r
I y lM lT B D
T r a i i x
ERIE RAILRO AD
B est train
e v e ry n ight
betw een
M in n eapolis,
St. P au l and
C h icago
and co sts no
m ore to ride on
T h e m ost d e lig h tfu l scen ery betw een
C h icago , Bu ffalo and N ew Y o rk . L im ite d
train s e v ery m orning, aftern oon and
e v en in g for Buffalo, New Y o rk , A lb a n y
and Boston.
F in est P u llm an sle e p in g cars
superb d in in g car service.
and
Stop-over w ith ou t ex tra ch arge at
C am brid ge S p rin gs and N iagara F a lls.
than any oth er.
Booklets, time-cards, etc., furnished by H. B.
SMITH, Traveling Passenger Agent, St. Paul, or D. M.
BOWMAN, General Western Pass. Agent, Chicago.
L
MINNEAPO LIS OFFICE. 600 Nicollet Ave.
ST. PAUL OFFICE, 382 Roberts St.
T. W. TEASDALE. General Passenger Agent, ST. PAUL, MINN,
CHICAGO
GREAT
WESTERN RY.
P a la c e
on
Wheels
TFve n e w E l e c t r i c L i g h t e d
F ree C hair Cars o f th e
G r e a t W e s te r n L im it e d
IllinoisCentralR.R.
EFFICIENTLY
SERVES
A VAST
TERRITORY
b y th ro u g h s e rv ice to an d
fro m th e fo llo w in g citie s:
CHICAGO, ILL.
OMAHA, NEB.
MINNEAPOLIS, MINN.
ST. PAUL, MINN.
KANSAS C ITY , 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.
T h ro u g h e x cu rsio n sleep in g-ca r s e rv ice b e tw ee n
C h icago a n d b e tw e e n C in cin n ati
AND THE PACIFIC COAST.
R u n n in g ev e r y n ig h t fcstw een
C h i c a g o , St. P a u l a n d M i n n e a p o l i s .
T h e s e c a r s are jvist o u t o f t h e s h o p s
a n d a re b u i l t for c o m f o r t a n d b e a u ty .
5
J.
5
3
E L M E R , G e n e r a l P a s s e n g e r A g e n t.
CH IC A G O ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
IL L.
C o n n ection s a t a b o v e te rm in a ls fo r th e
EAST, SOUTH, WEST, NORTH.
F a s t a n d H an d s o m e ly E q uip pe d St e a m - H e a t e d
T r a i n s — D in in g C a r s — Bu f fe t- L ib ra ry C a r s —
S l e e p i n g C a r s — F re e R e c li n in g C h a i r C a rs .
P a rtic u la rs of ag e n ts of th e Illin o is C e n tral and
co n n e ctin g lin es.
A . H . H A N S O N . G e n ’l P a s s ’r A g e n t, C H IC A G O
44
T H E C O M M E R C IA L W EST.
Saturday, January 16, 1904.
A L L I S - C H A L M E R S C O .,
C HICAGO
Reynolds Corliss Engines
Nürnberg Gas Engines
Flour Mill, Saw Mill and
Mining Machinery
NEW s t a n d a r d EK YNO Lus
coKLiss
e n g in
MINNEAPOLIS OFFICE
K
:: CORN EXCHANGE
W I L L F O R D M A N U F A C T U R I N G CO.
Mil I 03111 nCDO
IYIi LL eUlLUtnd
AND DEALERS in f l o u r h il l a n d
e l e v a t o r m a c h in e r y a n d s u p p l i e s
Special atten tio n given to Roll Grinding and Corrugating.
General A gen ts for Barnard & Leas M anufacturing Co.
Offices 303 Third Street South,
JV
lIIN
IN
EA
PO
LdS
ALUMINUM
A lu m in u m
In su lated
P r ic e s o n A p p lic a tio n .
I n g o t s , C a s t i n g s , S h eet,
W ir e , B a r s a n d T u b in g .
W ir e a n d C a b le , S i r » r e * a n d
foi- E l e c t r i c a l
C o n d u c to r s.
THE PITTSBURGH REDUCTION CO., Pittsburgh, Pa.
‘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.
CO M B IN A T IO N S, C O M P E T I T I O N
and RIVALRY are the three forces that
inspire E N E R G Y , I N D U S T R Y and
I N D EP EN D EN C E.
Don’t lose heart and don’t be forced out
of business because the price of fat stock
has declined.
Brace up—improve your
methods, and don’t be a “ has-been.”
The most highly concentrated food on
earth is O L D P R O C E S S G R O U N D
LINSEED CAKE (oil meal). It is cheaper
than corn, oats, bran, or any other kind of feed
G R O U N D L I N S E E D C A K E IS
A FAT-FORM ER
A F LESH -PRO D UCER
A T IM E -SA V E R
A H EA LT H -G IVER
A M ON EY-M AKER.
The prize cattle at the late Chicago Stock Show were fed Linseed
Meal made by our Company.
Write for prices. Send us your address and we will mail you our
book giving “up-to-date” methods for feeding stock.
A ME R I C A N L I NS E E D C O M P A N Y
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M IN N E A PO LIS, MI NN.
@FedFRASER