Full text of Commercial West : January 24, 1903, Vol. V, No. 4
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W ESTEBN INVESTM ENTS,MANUFACTURING, MILLING AND G R A IN .
THE SOUTHWEST.
TH E CENTRAL-PACIFIC W E S T .
V o l. V .
S A T U R D A Y , JA N U A R Y 24, 1903
CAPITAL, ONE
SURPLUS, ONE
O FFICER S,
*
B y r o n L . S m i t h , - President
F. L . H a n k e y ,
Vice-President
G e o r g e F. O r d e , - - Cashier
T h o m a s C. K i n g , Ass’t Cashier
S o l o m o n A. S m i t h , Ass’t Cashier
Arthur H e u r tl e y,
Secretary
H . O. E d m o n d s , Ass’t Secretary
H . H . R o c k w e l l , Ass’t Secretary
E . C. J a r v i s ,
Auditor
The
T H E NORTHWEST.
MILLION
MILLION
No 4.
DOLLARS.
DOLLARS.
DIRECTORS.
A. C . B a r t l e t t ,
C. L . H u t c h in s o n ,
J. H a r l e y B r a d l e y ,
Ma r v i n H u g h i t t ,
W i l l i a m A. F u l l e r ,
A l b e r t A. S p r a g u e ,
Ma r t in A . R y e r so n ,
H. N. H i g i n b o t h a m ,
B y r o n L . S m it h .
T he*northern *trust
I*COMPANY t t y B A N K
RooK ery,
C H IC A G O
BANKING, SAYINGS, FOREIGN,
AND TRUST DEPARTMENTS.
T H E
MINNESOTA
LOAN & TRUST
COMPANY
313 Nicollet Avenue,
MINNEAPOLIS
Chas. E. Lewis & Co.
THE
407-408 Chamber of Commerce, Minneapolis.
National City
Private Wires.
G R A IN , P R O V IS IO N S ,
STO C K S, BO ND S.
New Y o r k
CAPITAL (Fully Paid)
- $ 500,000.00
SURPLUS and Und’ved Profits, 1 3 0 ,0 0 0 .0 0
DEPOSITS,
1,215,108.10
V> i
BANKERS.
COMMERCIAL PAPER.
Balance, subject to check.
on Twelve Months Certificate of Deposit
Interest Begins on Day of Deposit.
DIRECTORS:
Capital Fully Paid,
WEARE COMMISSION GO.
Established 1862.
$25,000,000.00
$25,000,000.00
Surplus &Undivided Profits, $15,304,495.42
THE
Wm.H.Golvin & Go.
u k e n
CHICAGO.
&
CO.
BONDS,
S t o c k s , G ra in , P r o v is io n s
Members
New York Stock Exchange.
Chicago Board of Trade.
PIONEER PRESS BUILDING,
ST. PAUL
STOCK BROKERS,
I90 La Salle St., Chicago
M e m b e rs :
N EW Y O R K STO CK
NEW YO R K C O FFEE
C H IC A G O
STO CK
C H IC A G O
BOARD
NATIONAL
PARK
EXCH ANGE.
EXCH ANGE.
EXCH ANGE.
OF
TRABE
STUYVESANT FISH, Vice President.
GILBERT G. THORNE. Vice President.
EDWARD J. BALDWIN, Ass’t Cashier.
W. 0. JONES, Ass t Cash.
WILLIAM A. MAIN. Ass’t Cash
WALTER COMSTOCK
GRAIN AND
PROVISIONS
3 Board of Trade,
CHICAGO.
BANK OF NEW YORK.
[ O R G A N IZ E D 1 8 5 6 .]
D IR ECTO R S,
OFFICERS:
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
& L
CHAS. H. F. SMITH
C A P IT A L A N D S U R P L U S $ 6 , 0 0 0 , 0 0 0 .
RICHARD DELAFIELD. President.
ALBERT H. WIGGIN, Vice President.
GEORGE S, HICKOK, Cashier.
FRED’K 0. FOXCROFT. 2nd Ass’t Cash.
JOHN C- VAN CLEAF, Ass’t Cash.
q u ir e
Grain and Provisions bought and sold on commis.
sion for Future- Delivery- Accounts solicited,
We Solicit Your Account
Member»:
131 Guaranty Bldg, and 410 Chamber of Commerce,
S
243-244 Rialto
Building
GRAIN, PRO VISIO NS, STOCKS, BONDS.
CHICAGO BOARD OF TRADE.
NEW YORK PRODUCE EXCHANGE.
DULUTH BOARD OF TRADE.
MINNEAPOLIS CHAMBER OF COMMERCE.
MILWAUKEE CHAMBER OF COMMERCE.
ST. LOUIS MERCHANTS’ EXCHANGE.
Minneapolis Representatives: HERBERT McNAMEE,
IRA G. ANDREWS. ELISHA D. ELY,
Private Wire Connection:
NEW YORK STOCK EXCHANGE,
CHICAGO STOCK EXCHANGE.
W. Q. HEATH, Mgr., 202 La Salle St.
New York, 45 Wall St.
CH ICAGO.
Formerly with Norton & Switzer.
F. G. W i n s t o n ,
M. B. K o o n ,
A r t h u r M. K e i t h ,
S. S. C a r g i l l ,
H. L . Mo o r e ,
W . A. D u r s t ,
J. M. M a r t i n ,
F. B. S e m p l e ,
W . R Cray,
Charles A. Weare,
Vice-President.
•
Shareholders Liability,
J. E. Be l l ,
F . M. P r i n c e ,
F . A. C h a m b e r l a i n ,
George H uhn,
L . S. G i l l e t t e ,
E. P. W e l l e s ,
E. A. Me r r il l ,
F, W, L y m a n ,
Portus B. Wear®,
President.
Bartlett, Frazier & Co.
John P. Hollingshead &Co.
OF NEW YORK.
3 * on Six Months Certificate of Deposit.
3
C h ic a g o Co r r e s p o n d e n t s :
Members of all Principal Exchanges.
2 # on Gaily Balance, subject to check.
4 on Monthly
and
Harris, Gates & Co.
This Company allows Interest on
Deposits as follows:
Z V t
Telephone M. 1568
JOSEPH T. MOORE.
STUYVESANT FISH.
GEORGE S. HART,
CHARLES STERNR'.OH
CHARLES SCRIBNER.
EDWARD C. HOYT,
W. ROCKHILL POTTS.
AUGUST BELMONT,
RICHARD DELAFIELD
FRANCIS R. APPLETON,
JOHN JACOB ASTOR.
GEORGE S. HICKOK,
GEO. FRED’K VIETOR.
ALBERT H. WIGGIN.
CORNELIUS VANDERBILT
T H E C O M M E R C IA L W E ST .
2
N O TH IN G S A F E R
Saturday, January 24, 1903.
L, LAMB, President,
C. F. ALOEN, Vice-President,
C, R, LAMB, Secretary and Treasurer,
THAN
First Mortgage Farm Loans
in the best Counties of
NORTH DAKOTA.
W e offer you Loans for Investm ent, that are strictly firstclass in every respect, for we m ake none but the best. The
secu rities are all personally inspected, and are gilt edge.
T hese loans draw a good rate of interest for a term of
years, and as the country through which we operate shows a
steady and h ealth y development,
LLAM B
L IM B E R CO .
The Security Continually Increases in Value.
W RITE
FOR P A R T IC U L A R S .
I f you have money to invest in Real Estate, place it where
you can g e t big returns, and
NORTH
D A K O TA
Operating Retail Yards.
LANDS
furnish that kind of an investment. The point is to invest
judiciously, and if you send for our list and write us regarding
your wants in this line, we can offer you some m ighty good
deals, and sell you lands that are bound to increase in value.
J.B.Streeter, Jr., Company
IN V E S T M E N T B A N K ER S .
C a p i t a l and S u r p l us , $ 1 2 5 , 0 0 0 .
LARI M O R E , _
N O R T H DAK OTA .
General Office:
LU M B ER EXCHANGE,
MINNEAPOLIS.
£'« b
p m rxT
'LIU" ,l
io n i
r i
r
TW O TRUE B A N K STORIES.
Bank Burglars Captured,
Wreck Bank, Get $15,000.00.
Sioux City, la ., Dec. 1.—An unsuccessful attempt was
made to rob the bank at Aurora, S. D., this morning,
Electric alarms were sounded and two burglars were cap
tured, one of them being shot twice in the leg. The alarm
awoke Henry Kelsey, cashier, who hurried to the bank
with a rifle. The burglars tried to escape, going towards
Brookings. Kelsey shot one, and he crawled into a straw
stack. The other burglar came to town and gave himself
up, telling where his companion was hiding, and he was
also captured.
Union, Mo., Dec. 27.—Two robbers entered the bank here
about 1 o’clock this morning, blew open the safe with ni
troglycerin and carried off $15,000, the entire contents of
the vault.
The wreck of the bank office was complete, the vault
door and the safe being demolished and the whole interior
of the bank destroyed. The glass front of the building
was also smashed. A. W . Hoffman, the cashier, estimates
the loss at $15,000. The bank carried $10,000 insurance*
against burglary. There is no clew to the robbers,
D on’t these two clippings prove the value of a good protective system for banks'" F ive hundred
successfu l bank robberies is the record for 1902. H aven ’t these a moral for all bankers? T his $15,000 00 robbery w ould not have taken place, if the Missouri bank had been equipped, like the South
D akota bank, w ith our A U T O M A T I C E L E C T R I C V A U L T P R O T E C T I O N
S Y S T E M , costing bu t a few hundred dollars. I t would have saved the destruction of building
and priceless papers besides. Our system costs b ut 25 per cent of other system s, yet it is the O N L Y
one, positively guaranteed in w riting to be undefeatable. W rite us about it.
A M E R IC A N
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
B A N K P R O T E C T IO N
C O . , Minneapolis, Minn.
T H Ë C O M M E R C IA L W E S T .
Saturday, January 24, 1903.
3
STATEMENT OF THE CONDITION OF
The National Bank
of The Republic,
The Commercial National Bank
C H IC A G O .
O F C H IC A G O
CAPITAL, T W O M IL L IO N D O LLAR S.
SU RPLUS, $ 7 0 0 ,0 0 0 .0 0 .
A T T H E CLOSE OF BUSINESS
M ONDAY,
N O V E M B E R 25, 1902
RESOURCES.
$18,156,219.34
612.29
55,079.23
500.000. 00
1,259,161.16
42,000.00
11,197,471.31
$31,210,543.33
Loans and Discounts.....................................................................................
Overdrafts.....................................................................................................
Real E state .....................................................................................................
U. S. Bonds at P a r...
...........................................................
...........
Other Bonds and Stocks...........................................................
............
Due from U. S. Treasurer.............................................................................
Cash and Due from Other Banks..................................................................
Total.
L IA B IL IT IE S .
John A . L y n c h ...................................... President
W . T. F e n to n ............................. V ice-P resid en t
J. H . C a m ero n ............................................Cashier
R. M. M c K in n e y ........................A sst. Cashier
R. L . C ram p ton ........................A sst. Cashiher
W . F. D o d g e .......................... 2d A sst. Cashier
T hom as Jansen ....................................... Auditor
$2,000,000.00
1,000,000.00
Capital Stock Paid in ....................................................................................
Surplus F un d.................................................................................................
Undivided Profits...................................... ...................................................
National Bank Notes Outstanding...................................... . ...................
Deposits......................................... ...................................... .........................
Total
509,517.83
500.000. 00
27,201,025.50
$31,2Í0,543.33
O FFICER S: James H. Eckels, President; John C. McKeon, Vice-President; David Vernon,
Second Vice President; Joseph T. Talbert, Cashier; N. R. Losch, Assistant Cashier.
D IR ECTO R S: Franklin Mac Veagh, of Messrs. Franklin Mac Veagh & C o .; Jesse Spalding,
President Spalding Lumber C o .; N. K. Fairbank, Director Chicago 6c North-Western R y.: Robert
T, Lincoln, President the Pullman Company; W illiam J. Chalmers, Treasurer the Allis-Chalmers
Company: E. H. Gary, Chairman Unitea States Steel Corporation; Paul Morton, Vice President
Atchison, Topeka & Santa Fe Ry. C o .; John C. McKeon, Vice-President; James H. Eckels, President.
F o r e ig n D e p a r t m e n t : M. Krell, Manager; Max Waessel, Assistant Manager.
Letters of credit issued. Foreign drafts and specie bought and sold. Postal remittances and
cable transfers made to all parts of the world.
Special facilities for handling the business of correspondent banks.
SpencerTrask&Co.
BANKERS
27 & 29 Pine Street, N ew Y ork
Transact a general banking
business; act as Fiscal Agents
for corporations, and negotiate
security issues of railroads and
other companies.
Execute
commission orders and deal in
The C h a se N a tio n a l B a n k
IN V E S T M E N T SECURITIES.
OF THE CITY OF NEW YORK.
Branch Office, 65 State St., Albany
Capital,
.
.
.
.
Surplus and Profits (E a r n e d ):
-
Members New York Stock Exchange.
$ 1 ,0 0 0 , 0 0 0
3 ,4 0 0 ,0 0 0
H.W. CANNON, President. A. B. HEPBURN, Vice-President. E. J. STALKER
Cash. C. C. SLADE, S. H. MILLER, H. K. T W 1TCHELL, Ass’t Cashiers.
D esignated Depository of the United States, the State of N ew Y o rk and the
City of N ew York. Transacts a General B anking Business.
Accounts of Banks and Bankers received on favorable terms. Buy and sell United States
Bonds and make transfers and exchanges of Bonds in Washington without charge for services.
KNÂUTH, NÂÜH0D& KUHNE
B AN K ER S.
N E W
Y O R K .
Members of the New Yo r k Stock Exchange.
Illinois Trust and The International
Savings Bank Audit Company
Audits accounts of corporation, copartner
ships and individuals, reports upon finan
cial and business conditions, and generally
performs all the functions of expert ac
countants.
ITS REPORTS ARE VALU ABLE
not only to owners but to possible pur
chasers and investors, and to banks and
capitalists from whom loans are solicited.
Send for our booklet on “ A u d its an d
T h e ir A d v a n t a g e s . ”
L a Salle Street and Jackson Boulevard,
C H I C A G O .
Capital and Surplus,
$9,800,000.00
Interest allowed on deposits in Banking and
Savings department. BONDS.— Government,
State, County, City and choice railroad bonds
bought and sold. FOREIGN EXCHANGE.
Letters of Credit. Drafts, Postal Remittances
and Cable Transfers.
O FFICERS AND DIRECTORS:
John M ’Laren, President, formerly VicePresident of the Union National Bank;
John Leith. Vice-Pres. and Treas., Fellow
of the American Association Public Ac
countants; Robert Nelson. Sec., Chart’d
Accountant, Fellow of the American Assaciation Public Accountants ; W . T. Fenton,
Vice-Pres., National Bank of the Republic;
E. G. Keith, Pres, of the Chicago Title &
Trust Company.
Merchants Loan & Trust Building, C H IC A G O .
Tel. Central 631.
Cable Address “ DUNROBIA,”
Illinois Trust Safety Deposit Co.
Safety Deposit Vaults.
CANADIAN BANK OF COMMERCE.
Head Office,
TORONTO.
Capital Paid Up, $8,000,000.
Surplus, $2,000,000.
BRANCHES at Dawson, White Horse, Skagway
and Atlin. Exceptional facilities for handling
the business of those districts.
Seattle Branch, 0. V. HOLT, Manager.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
WINNIPEG, MAN.
CANADA.
T H E BANK OF
OTTAW A
E
s t a b l is h e d
1874.
Capital Authorized, - $ 3 ,0 0 0 ,0 0 0 .0 0
Capital Paid in, - 2 ,0 0 0 ,0 0 0 .0 0
Surplus, - - 1,935,000.00
A GENERAL BANKING BUSINESS
TRANSACTED.
Interest Allowed on Deposits.
FOREIGN EXCHANGE BOUGHT AND SOLD.
St. Paul Agents:
MERCHANTS’ NATIONAL BANK.
TRUST DEPARTMENT.
Acts as Administrator, Executor, Guardian,
Conservator, Assignee, Receiver, Transfer Agent
and Registrar ; makes investments and acts as
agent in the collection and disbursement of in
comes. Trust funds and trust investments are
kept separate from the assets of the bank.
L e t t e r s o f C r e d i t and
In ternatio nal T r a v e le r s ’ Checks.
Fo rei gn E x c h a n g e .
C ab le T r a n a f a r a .
Fidelity Trust Co. Bank,
F ir s t N atio n al Hank,
TACOMA.
PORTLAND, ORE.
Paid Up Capital, - $300,000.00.
JOHN C. AINSWORTH, Pres.
JOHN S. BAKER, Vice Pres.
ARTHUR C. PRICHARD, Cashier.
P. C. KAUFFMAN, 2d Vice Pres
GENERAL BANKING.
Special Attention Given to Collections.
UNITED STA TE S DEPOSITARY.
Capital and Surplus,
$1,250,000.
H .W . Corbett, President, A. L . Mills, Vice
Prest.; J. W . Newkirk, Cashier; W . C. Alvord,
Asst. Cashier; B. F. Stevens, 2d Asst. Cashier
F irst N a tio n a l B a n k , SEA™ E
P A ID U P C A P I T A L , $ 1 5 0 , 0 0 0 .
JAMES D. HOGE, Jr., President.
MAURICE M ’ MICKEN, Vice President.
LESTER TURNER, Cashier.
F. F. PARKHURST, Asst. Cashier.
A general banking business transacted. Letters of credit sold on all principal cities of the world.
Special facilities for collecting on British Columbia, Alaska and all Pacific Northwest points.
WE HAVE
A BANK
AT C A P E
NOME.
4
T H E C O M M E R C IA L W E ST .
Saturday,
January 24, 1903.
The First National Bank of Renville Minnesota.
OFFICERS:
H. N. STABECK, President.
F. O. GOLD, Vice-President.
H. J. DALE, Vice=President.
A. A. BENNETT, Cashier.
B. F. ROSTAD, Assistant Cashier.
The. Only
National
Bank
MONEY WANTED
amined FirstMortgages
netting 5, 5l/2 and 6 per cent, secured by im
proved farms worth from three to five times
amount of loans. Interested and principal col
lected and remitted free of charge. We have
loaned money in this locality for twenty years
without the loss of a dollar to a single client
Highest references and list of loans furnished
upon application, E . J. L A N D E R & C O .,
Box
A ” G ra n d F o r k s , N . D ., investment
Hankers.
WE
OFFER,
SUBJECT
TO
P R IO R
in Renville County.
8 0 0 ACRE FARM FOR SALE.
House 30x44 w ith furnace and bath room; barn 60x44; grainery 28x48two sheep sheds 28x48; three good wells; two windmills. This land is
all fenced with 4 and 5 wires. 500 acres under cultivation. Price
$50.00 per acre.
A ., H U N T I M E R ,
WINNE & WINNE, Wichita, Kan.
[INCORPORATED*]
Capital $40,000
Map of Minnesota
J E W E T T & S O N , 6 9 4 H o lly
S t. P a u l, M in n e so ta .
W ALK ER
Special attention given to the placing of Farm Loans. Interest collected and remitted a t
par. Correspondence solicited with conservative Eastern investors. References: Merchants
Bank ot Redfield; Algona State Bank, Algona, Iowa.
Ave.
Redfield, Spink County, South Dakota.
F. E. GERLACH,
Real Estate, Loans and Investments,
E L K T O N , SO.
W A L T E R V. G R E E N E ,
IO W A .
Fa e m
Thorpe & Nasset
Real Estate, Loans and Investments.
M ortgages negotiated on improved M in
nesota farm lands. Non-resident property
carefu lly looked after. R e f e r e n c e s :
Kandiyohi County Bank, W illm ar, Minn.
WI LLMAR, MINN.
B A IL E Y ,
F irs t M o rtg a g e Loans, Real E state and A b s tra c ts .
Can place some additional
P lO l
f ullds in selected H Iowa
Farm Mortgages. Absolutely safe. $100,000.00
placed recently. R e a l E s t a t e . Lands all parts
West and South. Special Value, 770 acre Stock
Farm, Wisconsin $15.00.per acre. Easy terms.
References, our clients, or Soesbe. Shepardson
& Co., Bankers
GREENE,
Surplus $300,000
We give special care to negotiating first mortgage farm loans; also to buying and selling re a l
estate, (jilt-edged farm mortgages for sale to eastern investors. Our legal department is under
tiie immediate care of Lewis C. Spooner, long and widely experienced in law matters. We pay
taxes lor and look after property of non-residents, when desired. References : Citizens Bank of
Morris and Merchants’ National Bank of Morris. MORRIS, STEVENS COUNTY, MINN.
Chippewa Indian Reservation
s o o n to b e o p e n e d . P r ic e , $ 1 .0 0 .
County Maps, and 6 and 12 inch Township Plats.
Mail orders receive prompt attention.
Send for list.
D e l l R a p id s , S. D .
Olsen, Outer, Healy Company,
SALE
CHOICE OKLAHOMA
FIRST MORTGAGES
On improved farms, worth from 2lA to 5 times
the amount loaned thereon, netting the investor
Q i interest. Each of the securities has been
personally examined by one of our salaried
examiners. Write for our latest offering.
We Solicit Your Business.
of
F, E. Ge b l a c h ,
n eak
E l k t o n , S. D .
DAK.
Loans made on improved farms guaranteed.
Large tracts of lands for sale. Special atten
tion given to property of non-residents.
References: First Nat’lBank, Brookings, S. D .;
First State Bank, Elkton, S. D. ; The W . W .
Whipple Co., Providence, R. I.
The J. R. Hanson Real Estate Agency.
E s ta b lis h e d 1 8 6 2 .
Farms In Southeastern part of South Dakota, $25 to $60 an acre. In Central and Northern
Counties, $4 to $15 an acre. Have about 40,000 acres in large and small bodies in Southwest part
of North Dakota, 5 to 40 miles from railroad, $3 an acre. These are fine agricultural lands, well
w atered; lignite coal abounds, and lands lie right in the line of the present tremendous rush of
home seekers ; presenting to the investor the last opportunity to secure good agricultural lands
at a nominal price.
__
_
C o r r e s p o n d e n c e S o lic ite d .
I a n J tttO Il, ¡3011X11 D a k o t a ,
DEUEL COUNTY LANDCO.
VV. I. NOBLE, Manager.
Clear Lake,
South Dakota.
Gilt Edge 5^ and 6 Per Cent.
five year loans; none over 50$ cash value of
security. Correspondence solicited. Reference
First National Bank, Bank of Clear Lake, S. D.
BLOOM & MARTIN
W a t e r t o w n , Sou th D a k o ta .
Real Estates, Loans and Investments.
Special attention to investments for non-residents.
Correspondence requested.
Investors Attention!
We can Loan your Money on Gilt=edge Security and net you 6 per cent Interest.
W e m ake a specialty of loaning money on F irst M ortgages on Improved
Real Estate. W e inspect all properties personally before placing a loan.
We Assume all Mortgages before Assigning Them.
IVIoney Lenders !
K E L L E Y ’S
BENSON,
M IN N .
Real Estate, Loans and Investments. Choice
'oans made on improved Minnesota farm lands.
Careful attention given to non-resident prop
erty. Correspondence prompt. Reference: Swift
County Bank, Benson, Minn.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
L ,A IN D
A G E N C Y ,
HURON, SOUTH DAKOTA.
References : \
Bank,
l Citizens National Bank.
P . S. G A L L A G H E R ,
W rite us for further particulars before placing your
money elsewhere.
C. E. C h il d s ,
President.
M. G. C a k l i s l e ,
Vice-Pres. and Mngr.
G eo . Mo r e h o u se .
Secy, and Treas
Brookings Land and Trust Company
(Incorporated 1895.)
Real Estate, Farm Loans, Taxes Paid, First Mortgage Loans on Big Sioux Valley Farms
i roperty carefully looked after for non-residents. Correspondence solicited from R R o n K i pj r <5
prospective investors.
B R O O K IN G S ,
*
S O U TH DAKOTA.
T H E C O M M E R C IA L W E S T .
Saturday, January 24, 1903.
FREE, F A C T O R Y
F A C IL IT IE S
AT
EVERETT, WASHINGTON,
jk
EVERETT
The
c o m in g C o m m e r c i a l a n d M a n u f a c
t u r i n g C i t y o n Pug'et S o u n d .
W r ite for I n fo rm a tio n .
IM P R O V E M E N T
COM PANY.
EVERETT, WASH.,
The greatest young city in the Pacific Northwest.
special information and literature write
For
CHAMBER OF COMMERCE.
Everett Investment Company,
Real Estate— Loans— insurance.
We buy and sell property, pay taxes, collect
rents and act as general agents for non-resi
dents. Correspondence solicited.
E V E R E T T I N V E S T M E N T C O .,
1814 H e w i t t Ave.
EVERETT, W ASH.
FARIBAULT CO. BANK,
Oscar E. Rea,
EVERETT, WASH.
Investment Broker.
12 per ct. net G uaranteed on Investments.
Correspondence Solicited.
ZUEL &
For gi,t edge investd C d t l l l t merits in Seattle or
information about the busiest, most
rapidly growing city in the world,
write to
M O O R E I N V E S T M E N T CO.,
SEATTLE, WASH.
M
A. Chilberg, Pres.
A.H.Soelberg,V-Pres
J. F. Lane. Cash.
Geo. R.l'Fisher, Ass't Cash
The Scandinavian Ameiican Bank
C A P IT A L P A ID U P,
D E P O S IT S ,
-
1 00,000
2,2 5 0,0 0 0
Send at once for our
book of Modern Country
Bank Buildings, costing
$3,000 to $25,000
Price, $1.00,
Modern Homes. 150 pages,
Paper, $1.00; cloth, $1.25.
Omeyer & Thori, Architects,
St. Paul, Minn.
M A N K A T O , M IN N .
E. W . T A Y L O R , ANY UNLISTED STOCKS,
I
T-9-11 Hunt Bldg., Mankato, Minn.
F irst M ortgage Loans on Best
Security.
W estern Investm ents
Secured. Correspondence invited.
R eferen ces furnished.
$
-
BANKS.
JO H N SO N ,
In v e stm e n t B r o k e r s.
INVESTMENT LAWYER.
-
SEATTLE, WASH.
Loans made on Improved Farm Property.
Mortgages for sale at all times. Correspon
Loans made on improved farm and city prop
dence with Eastern investors solicited. Ample erty. Gilt edge mortgages and seen.' ties for
security given.
conservative Eastern buyers. Correspondence
solicited. Reference: National Citizens Bank.
Mankato.
Winnebago City, Minn.
WI L L ARD L. COMSTOCK,
1
A W
Webster,
-
Y P P
South Dakota.
Real Estate, Loans and Investments.
Mortgages made on improved farm
lands for conservative investors.
Correspondence solicited.
Arizona M ining Stocks,
Bisbee Camp Coppers a
Specialty.
WM. KAISER,
Duluth, Minn.
(Established 1888,)
M IL L E R & F O O T E ,
Lawyers and Investment Bankers. First Mortgage Real Estate Loans in the Red
River Valley. Interest collected and remitted at par. Land bought
offered for conservative Investors. Correspondence solicited.
C R O O K S T O N ,
=
=
and
sold.
Large
tracts
E lw o o d L a n d C o .,
/V II IN IN »
Cor. 6th and Jackson S ts.,
SNOQUALMIE FALLS AND WHITE RIVER POWER COMPANY.
S E A T T L E -T A C O M A .
W .
L.
ST. PAUL, MINN.
W E A V E R ,
In v e stm e n t L a w y e r .
Supplies the E lectric Pow er utilized by the F lour Mills, Street Railw ays,
Interurban R ailw ay, Sm elter, Street and Domestic L igh ts and the Indus
trial Motors of Seattle, Tacom a and interm ediate towns. Address
Chas. H. Baker, President and Chief Engineer,
l O O O P e r C e n t increase in seven years
in creamery and dairy industry of South
Dakota, other industries doing almost as well.
Farm lands rapidly increasing in value. Now
is the time to buy. W e buy and sell. Aberdeen,
S. D., our principal branch—other branches
throughout South Dakota, North Dakota and
Minnesota. Send for maps and circulars.
SEATTLE,
WASH.
First Mortgage Loans on improved Iowa tarm
property. Western investments for Eastern
investors. Correspondence solicited.
Reference, First Nat I Bank, Iowa Falls, la .
I O W A F A L L S , IA.
TME FINEST BOOK PAPERS
Can be procured from
McC l e l l a n
paper com pany
J o b b e r s o f E v e r y t h i n g in P a p e r .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M I N N E A P O L I S , M IN N .
T H Ë C O M M E R C IA L W E S T
6
In t e r c h a n g e a b l e
The Pioneer Limited.
MlLEAGEpCKETS
X H E R E is no train in service
ON THE
world that equals in equip
Ne w Y ork
(e n t r a l
Leased
and
Operated
Lines and on Several
on any railw ay
ment the
trains
in
Pioneer
in
be
Aggregating Over
6000 Miles ofTrack
N O RTH ST A R
L IM IT E D
M.& ST. L.
tween the Tw in Cities and
R.R .
Chicago on “ The M ilw aukee
Road.”
T he
R ailw ay Com
pany owns and operates the
sleeping and dining cars on
all its trains? and gives to its
patrons an excellence of ser
vice not obtainable elsewhere.
Connecting Lines,
THE
the
Lim ited
daily service
Saturday, January 24, 1903.
The buffet cars, com partm ent
cars, standard sleeping cars
and
dining
cars
of
“ The
Pioneer” are the handsomest
ever built.
KANSAS CITY
ST.LOUIS
EQUIPMENT
Buffet Library Car*.
Reclining Chair Car*, Coaches.
Compartment and Standard
Sleepers, also Dining Cars,
All Broad Vestibuled,
Pullman's Latest and Best Models
Leave M inneapolis...7 :4 5
L eave St. P a u l........... 7 :1 0
Arrive D ubuque......... 4 .3 5
Arrive R ockford......... 7 :2 6
p. m.
p. m.
a. m.
a. m.
ARRIVE
Winter Tourist Rates
The
Lackawanna
Habit
THE CELEBRATED RESORTS
OF THE SOUTHWEST.
H ot Springs, A rk., San
Antonio, E l Paso, G alves
ton and other resorts of
the G u lf of M exico and
California, are best reach
ed by the
Chicago9:30 a.m.
St.Louis 2:00p.m.
A RRIVE
Returning,leave C hi c a go 6 :1 0
p. m.; arrive M inneapolis 8 : 0 0 ,
S t . P a u l 8 : 4 0 a. m.
J. G. RICKEL, C. T. A., St. Paul.
W. L. HATHAWAY, C. T. A., M’p’ls.
A. B. CUTTS, G. P.& T. A.. Minneapolis
& St.Louis R. R., Minneapolis, Minn.
MISSOURI PACIFIC RY.
AND
IRON MOUNTAIN ROUTE
W hich offer greatly re
duced rates for the season.
For illustrated Booklets,
Rates and further infor
mation, address
Bissell Wilson,
ONCE C O N TR A C TED
HARD TO BREAK
hi
L). P. A.
Adams St. Chicago, II I.
IT IS ERIE RAILROAD
A ll the way from Chicago
to Buffalo, Niagara F alls
and New York. Double daily
through service. Through
sleepers and coaches C h ic
ago to Columbus,O.Through
coaches, b a g g a g e cars,
sleepers and dining cars
Chicago to New Y o r k .
Through sleepers Chicago
to Boston.
A thousand
miles of one railroad, every
mile of which is protected
by safety block signals.
Any one of the numerous Lackawanna
Railroad passenger trains between
New York and Buffalo, Chicago and
St. Louis will give it to you. Smooth
roadbed, lu x u rio u s s le e p in g and
parlor cars, a la carte dining service,
ro o m y c oaches, courteous train
men, absence of smoke and dust
are the causes.
Ticket offices at
NEW YORK
CHICAGO
BUFFALO
ST. LOUIS
For rates, time-tables and detail
information apply to
................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
J
W. 0. McNAUGHTON, T. P. A., ERIE R. R.
Pioneer Press Building, St. Paul.
Chicago’s
Mayor
Says:
“ I f under 30 years of age I would
settle in Oklahoma. I advise young men
to go there. The country is inspiring
and most allu rin g, w ith a future fu ll of
promise. E very one is m aking money.”
T he way to go is over the Santa F e —
most d irectly reaches richest sections of
Oklahom a. Cheap excursion rates to
Great Southwest, one-way or round-trip,
first and third Tuesdays monthly. The
Santa F e is building a new line in
Eastern Oklahoma. A sk for Oklahom a
Booklet.
T ick e t office A. T. & S. F. Ky., 503
Guaranty Bldg., Minneapolis.
Santa Fe.
T H E C O M M E R C IA L W E S T .
Saturday, January 24, 1903.
7
Leave Kansas City to-morrow morning on the
Golden State Limited
and in a little more than two days you will arrive at Los
Angeles.
An hour later you can be on the shores o f the
Pacific, listening to the roar o f the surf, drinking in the
wine-like air; the bluest o f blue skies above you and
the most charming landscapes in America all about you.
Golden State Limited leaves Kansas City daily for Los Angeles,
Santa Barbara and San Francisco, via the El Paso-Rock Island
route and Southern Pacific Company. Daily connections from
St. Paul and Minneapolis. Everything to make you comfortable
—electric lights; electricians; bath room; barbershop; Booklovers’ Library. Tickets, berths and full information at any
railroad ticket office, or by addressing
F. W . C a l d w e l l , C. P. A.,
322 Nicollet Ave., Minneapolis, Minn.
THE MAIN
f -.jJ J M .T T l
TRAVELED LINE
D uring the past fiscal year, “ THE NORTHWESTERN LINE5
carried 21,425,357 passengers. This number is equal to 687,
508,118 carried one mile, or eight and one-half times the tota
population of the entire U nited States. These figures furnish
convincing proof of the popularity of this great railway among
the traveling public.
“ THE NORTH WESTERN LINE55 also carries more people
in and out of Minneapolis, St. P aul and Chicago than any
other road.
THE NORTH-WESTERN LIM ITED every night between
these three large cities is the finest of all fine trains. T. W .
T e a s d a l e , General Passenger A gent, St. P aul, Minn.
North Coast
Limited.
[T H E CRACK TRAIN OF THE NO RTH W EST]
Leaves St. Paul every day
at 9:30 a. m. M inneapolis
at 10:02 a. m. for
FARGO,
BUTTE,
HETENA,
SPOKANE
And all points on the Pacific Coast
via the Northern Pacific Railway.
This train embodies every luxury
and comfort of modern passenger
train equipment.
Illinois Central R.R.
EFFICIENTLY
SERVES
A VAST
TERRITORY
CH ICAGO
G r e a t
W E S T E R N
A Palace
R Y .
orv
Wheels
T h e n e w E lectric Lighted
F re e C h a ir Cars of the
“ G reat W estern L im ited”
by through service to and
from the following cities:
CHICAGO, I L L
OMAHA, NEB.
MINNEAPOLIS, MINN.
ST. PAUL, MINN.
KANSAS CITY, MO.
PEORIA, ILL.
EVANSVILLE, IND.
ST. LOUIS, MO.
Through excursion sleeping-car service between
Chicago and between Cincinnati
AND
R u n n in g e v e r y n ig h t b etw 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 ar s are jvist ou t of t h e s h o p s
a n d are b u il t for c o m f o r t an d b e a u ty .
?
5
5
J. P. ELM ER., General Passenger Agent,
CH ICAG O.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
IL L.
CINCINNATI,OHIO.
NEW ORLEANS, LA,
MEMPHIS, TENN.
HOT SPRINGS, ARK,
LOUISVILLE, KY.
NASHVILLE, TENN.
ATLANTA, GA.
JACKSONVILLE, FLA.
THE
PACIFIC
COAST,
Connections at above terminals for the
EAST, SOUTH, WEST, NORTH.
Fast and Handsomely Equipped Steam-Heated
Trains— Dining Cars— Buffet-Library Cars—
Sleeping Cars— Free Reclining Chair Cars.
Particulars of agents of the Illinois Central and
connecting lines.
A. H. HANSON, Gen’l Pass’r Agent, CHICAGO.
T H E C O M M E R C IA L W E ST .
8
The Northwestern National Bank
18 7 2.
O R G A N IZ E D
Saturday, January 24, 1903.
FIRST NATIONAL BANK
OF MINNEAPOLIS
MINNEAPOLIS, MINNESOTA.
U n i t e d S ta te s
D ep ository
OFFICERS:
James W. Raymond, President.
Wm. H. Dunwoody, Vi ce- President.
E. W. Decker, Vi ce- President.
I Joseph Chapman, Jr., Cashier.
j F. E. Holton, A s sis ta n t Cashier.
| Chas. W. Farwell, A s sis ta n t Cashier.
DIRECTORS:
Jam es S. Bell, President W a sh b u rn -C ro sby C o.; J. E . Carpenter, C a rp enter-L am b
Co., L u m b er; Joseph Chapm an, Jr., C a sh ier; E. C. Cooke, Secretary Minneapolis
T ru st C o .; S. A . Culbertson, C apitalist; E. W . D eck er, V ic e -P re sid e n t; W illia m H .
D unw oody, President St. A n th on y & D a k o ta E lev ator C o .; L . S. Gillette, P re si
dent E lectric Steel E levator C o .; T. B. Janney, Janney, Semple, H ill & Co.,
W h ole sa le H a rd w are; M. B. K oon, K o o n , W h e la n & B ennett, A tto rn e ys; H en ry
L. L ittle, General M anager P illsb u ry -W a sh b u rn Flour M ills Co., L td .; W . G. N o rth rup, President N orth Star W oolen M ills C o .; George W . P eavy, P eavey E levator
S ystem ; George W . Porter, C apitalist; W . A . R am sey, President M inn esota L in
seed Oil Co., L td .; A . T . Rand, President Minneapolis Gas L igh t C o .; Jam es W .
R aym ond, P resident; Geörge W . V an D u se n , V a n D usen E lev ator S ystem ; C. D.
Velie, V ic e -P re sid e n t D eere & W e b b e r C o ., F arm M achin ery; O. C. W y m a n , W y
m an, Partridge & Co., W h olesa le D ry G o o d s; J. T . W y m a n , Sm ith & W y m a n ,
Sash, Doors and Blinds.
A. E. Z o n n e , Y-P. &Treas. E. J. F o r s t e s , Secy.
J. F. Co n k l in , Prest.
G. B. L o o m is , Ass’t Secy
•J. F. CONKLIN &ZONNE CO. Real E state
Temple Court, Minneapolis
Securities
Hirst IVlortgages
Loans and Insurance
Capital,
- $ 1,000,000
Surplus and Profits
400,000
Deposits, 10,000,000
J ohn M a r t in , President.
F. M. P r in ce , Vice President.
C. T. J a f f r a y , Cashier.
D. M ac k er c h ar , Ass’t Cashier.
E rnest C. B r o w n , Ass’t Cashier.
KENNETH CLARK, President.
C. H. BIGELOW, Vice-President.
GEO. H. PRINCE, Cashier.
H. W. PARKER, Asst. Cashier
Merchants’ National Bank
OF SAINT PAUL
Capital... $1,000,000
Surplus .
2 0 0 ,0 0 0
UNITED STATES DEPOSITORY
Special attention given to the care of estates and management of property for non-residents.
R e fe r e n c e s : First National Bank and Northwestern National Bank.
THE EQUITABLE TRUST COMPANY,
152 Monroe Street, CHICAGO.
Capital Paid Up, $500,000.
JOHN M. SMYTH,
ANDREW M cN ALLY,
J. R. W A LSH ,
MAURICE ROSENFELD,
L . A. W ALTON.
WALTER Li BAiJGERi
■
I
8
MK 8
/fm\
f
1
f
W I Ni
ET
Noyes
Saundor»
Watkins
Ordway
Kellogg
C. H. Bigelow
O F F IC E R S .
J. R. W A LSH , President.
L. A. W ALTO N , Vice-President.
C. D. ORGAN, Sec. and Treas.
C. HUNTOON, Asst. Sec’y and Ass’t Treas.
D IR E C T O R S .
W IL L iA M BEST,
E" A
D. R.
E. N.
V. M.
L. P.
F. B.
Surplus, $250,000.
Acts as Trustee for Corporations, Firms and Individuals
and as Agent for the registration and transfer of bonds and
stocks of Corporations and the payment of coupons,
interest and dividends.
Interest paid on deposits.
Q
DIRECTORS:
Crawford Livingston
Kenneth Clark
J. H. Skinner
Louis W. Hill
George H. Prince
Vermilye &Co
BANKERS ,
NEW
YORK,
BOSTON,
B A L T IM O R E .
U. S. G O V E R N M E N T
and
BO ND S
o th e r
IN VEST M E N T SECURITIES
*APOLIS,MINN,
"T * / t “T “ r “
Bought and Sold on Commission
L d I rA 8 EL
or Joint Account.
made on First-class Improved Security to net lender 414 to 6 per
cent. Special attention given to care of property with economical
management guaranteed. Best of references.
Deposits Received and Interest Allowed on
Balances subject to Draft at sight.
New York
I lYfFlvrRTmci j
Boston
Stock Exchange.; M E M B E R S j s t o c k Exchange
P r i v a t e W i r e s to
Boston, Philadelphia, Baltimore, and Richmond.
Bought, Sold and Managed to'
Non-Residents.
Rents collected; buildings improved and reconstructed to produce increased
results. Satisfactory reference to local and eastern parties.
M O O R E BROS. & S A W Y E R , Minneapolis.
H A R R IS , G A T E S & CO.
BROKERS.
S tocks, Bonds, G ra in , P rovisions, C otton, Coffee.
No. 1 Board of Trade, Chicago.
STEPHEN N. BOND.
No. 10 Wall Street, New York-
W ILLIAM H. GOODWIN.
ROBERT F. PERKINS
BOND & G O O D W IN ,
BOSTON.
BANKERS»
Commercial Paper.
C o r p o r a tio n
L ,o a n s .
CHICAGO.
Investment Securities.
Loans Secured by Stocks, Bonds and Warehouse Receipts.
Manager Chicago Office:
CHARLES F. MEYER, 226 La Salle St.
Mortgage Loans on Minneapolis Property
Accepted Promptly 4 ^ to 6 p e r cent.
«
COUNTY
AND
SCHOOL
THORPE BROS.,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BONDS
W ANTED.
MINNEAPOLIS.
J. H. Upham, Pres.
W . I. Prince, Cash.
A. M cFarlane, Vice Pres
G. E. Gibson A ss’t Gash
City National Bank
DULUTH, MINN.
Capital Fully Paid in $500,000.00
JUST O R G A N IZE D .
Solicits your Duluth accounts and
collections will extend every court
esy consistent with good banking.
D IR E C T O R S :
J. H. Upham,
A. S. Chase,
A. H. Comstock,
G. G. Barnum, John Panton, R. F, Fitzgerald
John Millen,
W . I. Prince John F. Killorin
A. R. MacFarlane.
T H E C O M M E R C IA L W E ST .
Saturday, January 24, 1903.
9
Business Support Needed For a Bill.
The latest reports from Washington indicate that
there
is a chance for the passage of the Fowler bill
A W E E K L Y J O U R N A L R E P R E S E N T IN G W E S T E R N IN V E S T M E N T S ,
M A N U F A C T U R IN G , M IL L IN G A N D G R A IN .
for credit bank currency by the House of Represen
tatives. The committee on rules promises to act favor
H . V . JONES, Editor and Manager.
ably as to the consideration of the bill, after which it
H ENRY D. BAKER, )
R O L L IN E. SMITH, f ..................... Associate Editors
is a question of votes. It is not so likely that the
D.
E. WOODBRIDGE, - - - - - - - - Editor Mines Department
Senate will condescend to give the bill its time at this
A . W . W A R N O C K , B u s in e s s M a n a g e r .
session ; nevertheless if the bill should only pass the
House of Representatives, some important ground will
Minneapolis Office, Rooms 627-629 Guaranty Building.
T e l e p h o n e , M a i n 307.
have been gained for the cause of currency reform,
so that it would probably become less difficult at the
SUBSCRIPTION IN ADVANCE, POSTAGE FREE:
One Year, $3.00.
Six Months, $1.60.
Three Months, $1.00. Copy, 10 Cents
next session to get a satisfactory bill through both
F O R E IG N S U B S C R I P T I O N S . P O S T A G E P R E P A ID , £ 1 .
houses.
T h e C o m m e r c ia l W e s t w ill not know ingly publish the adv e rtise
m ent of a fin an cially unsound in d iv id u a l or company.
A d v e r tis in g R a te s se n t on ap p lication .
P u b lis h e d b y th e
Commercial West Company, Minneapolis, Minn.
ENTERED AS SECOND-CLASS MAIL MATTER AT THE POSTOFFICE,
MINNEAPOLIS, MINN.
SATURDAY, JANUARY 24, 1903
P R IN C IP A L C O N T E N T S .
Editorial ...............................................................................................
Bu siness Support N eeder for a Bill.
Corporate D em ocracies.
E th ics of the Street Car F are.
R ise of the Com m ercial P aper Broker.
N orth w est Im m igration.
T he Com m ercial Club of Chicago.
Is it ‘-Tim e to L e t U p ? ”
O bservations .....................................................................................
Ed w ard W . D ecker ....................................................................
Joseph Chapm an, J r ........................................................................
M inneapolis Bankers Opposed to F ow ler B ill...............
B ank elections ...................................................................................
M inneapolis M oney M a r k e t......................................................
St. Paul M oney M arket ...............................................................
N e w Y o rk M oney M a r k e t...........................................................
Corporations .....................................................................................
F irst N ational of Chicago Introduces P rofit-Sharing
F inancial N otes ............. .................................................................
South D a k o ta L egal R ate 10 per c e n t..................................
A . O. Slaughter W ill R e tire ........................................................
E.
J. Parker on the F ow ler B i ll............................................
Congress to Consider F ow ler B ill............................................
W e s te rn B ond Is s u e s ......................................................................
N ew Y ork L e t t e r ............................................................................
Chicago S tock M a r k e t....................................................................
A m o n g the B a n k s ..............................................................................
B a n k Clearings ................................... .............................................
M inneapolis Securities ....................................................................
St. Paul S e c u r it ie s .............................................................................
St. Louis S e c u r it ie s ............... ..........................................................
R ailroad E arnings ..........................................
Superior’s Great C o m m e r c e .........................................................
F arm L and M ovem ent ..................................................................
Spring Outlook for L a n d s .............................................................
F arm L and and R eal E sta te in Itasca C o u n ty ...............
N ew Y o rk ’s R eal E sta te V a lu e s ................................................
L ive S tock M a r k e t..............................................................................
E xp o rt of L ive S to c k ........................................................................
Interesting F acts A b ou t the W e s t ............................................
Grain and
20
20
20
21
23
24
25
25
25
25
26
26
27
28
28
29
30
43
43
Milling.
N orthw estern Crop M ovem en t and S to c k s........................
T he Outlook for W h e a t S u pplies..............................................
M inneapolis and the N o r th w e s t................................................
T he Speculative M arket.
A b o u t Prices.
Cash W h e a t.
M inneapolis M arkets ............................................................. ........
M ilw aukee Grain M a r k e t.............................................................
M anitoba Grain A c t U n sa tisfa c to r y .......................................
B iscu it Earnings Show up W e l l ................................................
W in n ip e g Grain E x c h a n g e .............................................................
London W h e a t R e v ie w ....................................................................
Outside M ills R epresented in M inn eapolis............................
Argentine W h e a t Crop and E x p o r ts ........................................
Com m ercial W e s t M arket R e v ie w s............................................
General Statistics ..........................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
14
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15
17
17
18
18
18
19
19
19
19
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33
33
34
36
36
37
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Favorable action on the Fowler bill will depend
largely on the support the business interests of the
country give to it during the next two weeks. Every
business man who appreciates the dangers to his own
business arising from a repetition next autumn in ag
gravated form, of the troubles which beset the money
market the last four months of last year, ought to
promptly write letters to the representatives of his dis
trict and state in Congress, urging the passage of a
sound currency bill. It should make no difference
whether these representatives are Republicans or Dem
ocrats, for while there were radical party lines and di
visions on the subject of gold and silver, yet there is
no good reason why credit currency can not be con
sidered from a non-partisan standpoint, and be favored
by both Republican and Democratic legislators.
The Republican party at its national convention at
Philadelphia in 1900 specifically committed itself to
the principles of sound currency by declaring for a
“ currency responsive to the varying needs of all sea
sons and all sections.” Some bankers feel that the
Fowler bill is not the measure that the country should
adopt, but it ought to be possible to remedy defects
in the Fowler bill if they exist.
And if the Democratic party has been sincere in
its declarations to the effect that there is “ not enough
money’ in the country to carry on business, and that
the “ scarcity in the supply of money” makes it pos
sible for money to be “ manipulated by the money
power to the detriment of debtors, wage earners,
farmers, etc., then the leaders of the Democratic party
should favor a currency bill which would tend to au
tomatically increase the supply of currency when
specially needed, as during crop moving season and in
times of panic. When call money was bid last autumn
above 30 per cent., it might have been good Democratic
argument to have charged this to a “ corner” in money
as the result of the “ manipulations” of the “ money
power.” But if this were possible and true, what
better means could be adopted for the breaking up of
such a “power,” than the passage of a bill which would
force this “power” into a healthy competition with the
credit resources of every community in the country,
including especially the rural communities of the West
and the South ?
The Fowler bill has nothing to do with branch
banks, and there is therefore no reason why country
bankers should feel unfriendly to it, as they did to
ward Mr. Fowler’s first bill. The main purpose of the
present bill is to prevent stringencies in the money
T H E C O M M E R C IA L W E S T .
market. Neither borrowers nor lenders of money are
benefited by stringencies such as the money market
went through last autumn. They hinder and endanger
all legitimate business, and are a very grave menace
to the general prosperity. If the Fowler bill is open
to criticism it is on the lines of the security proposed
as the basis for currency expansion.
Corporate Democracies.
In this week’s issue we are glad to announce that
the First National Bank of Chicago, the second largest
bank in the United States, has numbered itself among
the great corporations which believe in sharing profits
with employes— in giving them an interest in the busi
ness. The First National is the second bank in Chi
cago to encourage investments in its stock by its em
ployes, the lead in this plan having been taken during
the summer by the American Trust and Savings Bank.
The First National has already won considerable repu
tation for its wholesome regard for the interest of its
employes, this institution being one of the very few
in the country which maintains a pension system for
the benefit of those who have grown old in the service.
Wherever the profit sharing system is tried, it ap
pears to work well. It increases the loyalty, thrift and
steadiness of employes. It has been a notable success
in the case of the Illinois Central Railroad. In inter
views in this issue, Mr. A . W . Green, of the National
Biscuit Co., testifies to its success in that com
pany, and Mr. J. J. Abbott tells of its successful work
ing in the American Trust and Savings Bank. W e
have no doubt but that forthcoming reports of the
United States Steel Corporation will show the signal
success of profit sharing in the case of the greatest
“ trust” in the world.
Attorney General Knox, in his recent letter to
Senator Spooner and Congressman Littlefield, noted
very truthfully that “ individualism in production has
its advantages as well as combination. Small indi
vidual enterprises not uncommonly spring up and
thrive within the shadow of the larger ones, though
enjoying none of their supposed advantages of control
of sources of raw material, fuel and transportation fa
cilities, yet realizing large profits per ton of output be
cause of the close economies possible through direct,
personal, interested management.”
The officials of some of our largest and best man
aged corporations appear to fully realize these ad
vantages in individualism, and to appreciate the need
of introducing them into the combinations of which
they are at the head. Thus the National Biscuit
Co., for instance, not only causes its employes to
have a more direct and personal interest in the com
pany’s business through encouraging them to become
company shareholders, but it also has inaugurated the
interesting plan (described in Mr. Green’s interview
in this issue), of having big district meetings or con
ventions where the officials of the company personally
meet with the district salesmen, discuss business plans,
and give and take “ points” on how to work up trade.
These conventions held in different trade districts
through the country are attended by from one hundred
and fifty to two hundred company officials and district
salesmen.
Despite all the unkind remarks heard nowadays
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Saturday, January 24, 1903.
about great corporations, they are more democratic in
their organization than many state governments are,
and the tendency is to become still more democratic.
Nothing could have been more democratic for instance
than the recent annual meeting of the Illinois Central
Railroad Co., where millionaire “ magnates” sat
side by side with stockholding locomotive engineers,
firemen and common laborers employed by the com
pany, and discussed in “ open meeting” the policies of
this great corporation.
Since the formation of great “ trusts” properties
and industries which were formerly closely owned and
operated by a few persons, are now owned and op
erated by thousands of shareholders, a large propor
tion of whom fill the double role of being both em
ployes and yet shareholding “ bosses” of their respec
tive companies.
Ethics of the Street Car Fare.
Probably there is no street car company in the
country which does not lose considerable revenue every
year from uncollected fares. When a car is pretty
well crowded it is difficult for even the most attentive
conductor to notice every one who gets on the car.
And then not all conductors are attentive.
From the standpoint of the passenger, it is a rather
interesting question in ethics, whether or not he should
put himself to trouble to give the conductor the fare
he has not called for. He may reason that there are
plenty of times when he does not get value received for
his fare. He may think of the truism that a large
part of the dividends of most traction corporations
consist of the earnings from the passengers who cling
to the straps. He may recall the times when he was
in an especial hurry, but his car was blockaded so that
he had to walk to his destination.
And yet granting there may be certain extenuating
reasons for not paying the uncalled for nickel, yet it
would seem that if a person is to cultivate a reputation
for honesty in large matters, he should neglect no
chance to cultivate honesty in small matters. The un
paid nickel on the street car, may, so far as a person’s
general integrity is concerned, become like the lack of
a horseshoe nail, which lack caused the ruin of a king
dom.
When a person gets on a street car he takes his
own chance about getting a seat and reaching his des
tination on time. If he becomes maimed or killed as
the result of his ride on the street car, either he or his
estate may recover many hundreds of times the value
of the nickel spent for the ride. A s for being forced
to stand up in the car, it is disagreeable enough, never
theless had the difference in speed between being
moved along without walking, and being moved along
by the energy of one's feet, not been worth the nickel
fare, the sidewalk would have been patronized instead
of the street car. And as for the cases when one has
had what seemed an unusually short haul for a nickel,
they are offset by the many cases when you get really
more than a nickel’s worth of haul. In most European
cities you pay by the distance when you ride in the train
cars, just as when you go to the cafes you dine a la
carte. The graded fare system is nice for the person
who goes but a very short distance, but it is as ex
pensive as the a la carte system is for a hungry man,
T H E C O M M E R C IA L W E ST .
Saturday, January 24, 1903.
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if you go the distances that constitute the average
hauls in American cities.
Therefore there is no reason why the person who
patronizes American street cars should ever fancy that
the street car company owes him a few nickels; which
debt he will allow to be liquidated by the conductor’s
neglect to collect fare. It is his honest duty to pay
the fare whether or not the conductor seems to want
it. And if he has complaint to make about the street
car service, he should take it to the street railway of
ficials, or to the city authorities, and not dishonestly
and pettily seek to take it out of a nickel “ beaten”
from the street car corporation.
R ise of the Commercial Paper Broker.
In most branches of business the tendency of the
last few years has been toward the elimination of the
middleman. Parties who have wants to be supplied
and parties who have the original means of supplying
those wants, have sought to come into more direct re
lationships, and to keep for themselves the profits that
have gone to the middlemen. I11 many instances the
middleman can not be abolished for the plain reason
that he is necessary. In other instances his useless
ness makes it easy to abolish him, and his abolishment
introduces greater economy and efficiency into com
mercial transactions.
The commercial paper broker affords almost the
one instance in modern commercial life of the middle
man gaining in importance, and his business steadily
increasing in scope and profitableness. In this case
the middleman has stepped in between borrowers and
lenders, and has taken profits from both, and yet in
stead of receiving a joint invitation from borrowers
and lenders to step out again, he is jointly requested by
them both to feel at home, and live long and prosper.
rhe reason why the commercial paper broker is an
exception to the tendencies of the time as regards the
middleman, is because he has proved his usefulness
to both borrowers and lenders of money.
He has
saved each side more money than lie has cost them, and
instead of being a handicap to business between them,
he has made possible more intimate business relation
ship. How this has been done is described in the very
interesting and instructive paper delivered last W ed
nesday evening by • Charles W . Folds, of Charles
Hathaway & Co., before the Chicago chapter of the
American Institute of Bank Clerks will be published
next week.
A s the business of the commercial
paper broker is of comparatively recent develop
ment and importance, there are probably not many
business men who understand what it really amounts
to, and who appreciate the fact that in some instances
the persons who conduct this business are more prom
inent factors in the business of banking than are even
the presidents of banks.
W e are therefore pleased
to present to our readers a comprehensive talk about
the business from such an expert authority and active
participant in it as Mr. Folds.
It is interesting to note that Mr. Folds says that it
is the present banking system— with the absence of
branch banks— that has opened up the opportunities
for the business of the commercial paper broker.
Should this country adopt a system of branch banking,
it is very obvious that the commercial paper broker,
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Federal Reserve Bank of St. Louis
11
like so many other middlemen in business, would find
his functions gone and be ultimately forced to shut up
shop. But Mr. Folds truthfully says : “ As long as we
have our present banking system and do' not resort to
branch banking, the note broker will be needed and be
found a valuable agent for both borrower and lender.”
Northwest Immigration.
The railroads of the Northwest are great immi
gration agencies. They are searching out in the older
states and in the old countries, the hundreds of thou
sands of farmers who have come and are coming this
year into the Northwest states. The railroad must
necessarily take the brunt of this w o rk ; the respective
states can express an appreciation of such work, how
ever, in ways that are proper. Just as legislatures at
times adopt resolutions expressive of good will to some
public measure, so can immigration efforts be com
mended.
There is not a jobber or manufacturer in the North
west who is not interested in the growth of popula
tion. And it is fair to presume that no interest in the
Northwest is opposed to it; but there is a public in
difference toward the question that is not encouraging.
A few years back the Soo trains run over un
settled prairies in North Dakota with section houses
to mark the stopping places. The Soo lands are set
tled today for miles away from the track. The state
gave comparatively little assistance to the settling of
these lands, but North Dakota did very much more
than Minnesota has done. The Soo road did most of
the work.
A few years further back the Great Northern road
was without a North Dakota publication and it pro
ceeded to “ settle the country.” The same general fact
is true of the efforts of the other Northwest railroads.
I he jobbers of the Northwest are able to do large
businesses because of the immigration work of the rail
roads. The question is as to whether the Northwest
states should not organize bureau work to assist in set
tling the vacant lands, or is it wise to leave the work
entirely for the railroads to do. The latter have a selfinterest in the matter and will do the work. Each
state could aid it by having at hand suitable informa
tion bureaus that would give the character of sales, the
price of lands, the unsettled areas. This information
would not be expensive to tabulate and it would be of
great benefit. The respective legislatures should pro
vide appropriations for this work— the amount of
money required is small.
The Commercial C lub of Chicago.
The city of Chicago, as well as the Commercial
Club of Chicago, deserves congratulations in connec
tion with the twenty-fifth anniversary of the Com
mercial Club, which will occur next Saturday, fan.
31. A ll through the twenty-five years of its history,
the club has earnestly and wisely worked to carry out
the motive of its existence, which was to further the
commercial prosperity and growth of the city of Chi
cago. There is not a club in the United States which
has achieved more practical results for its community
than this Commercial Club of Chicago.
The membership of this club is limited to sixty,
and the sixty members have for twenty-five years
T H E C O M M E R C IA L W E S T .
12
made up a special roll of honor among the business
names of Chicago.
Jt seems strange that only three other cities, Bos
ton, Cincinnati and St. Louis, should have commercial
clubs with a limited and exclusive membership like the
Commercial Club of Chicago. Probably the difficulty
has been in the selection of the original charter mem
bers, since all business men of standing might claim
the right to be charter members. In Chicago, how
ever, the original members were those who organized
themselves for the entertainment of a party of Boston
capitalists in 1877.
A club with a limited and exclusive membership
like this has advantages over the free for all commer
cial organizations in other cities. When the member
ship is limited, the honor of membership is emphasized,
and all business men become ambitious to become
members. The members of such a club naturally take
an interest and pride in attending meetings and par
ticipating in the work that may be mapped out hence
they become a strong collective force for the good of
the community in which they live.
Is It “ Tim e T o Let U p ” ?
The Minneapolis Journal suggests to T he C om
m ercial W est that it is “ time to let up” on “ this in
spired effort to becloud the public mind and fool the
people as to the merits of consolidation of the North
ern Pacific and the Great Northern by talking about
benefits resulting from control of the Burlington by
Mr. H ill.” W e must dispute the proposition. It is
never time to “ let up” in a stand for a principle that is
right. This paper is seeking no controversy with any
paper; but as the Journal discusses narrowly only one
incident of this paper's argument of a week ago, it is
proper that we should ask the indulgence of our read
ers that the important subject of Minnesota’s attitude
toward her large business interests may be further
analyzed.
The Journal could not easily have been more mis
leading in its statement of the attitude of T he C om
mercial W est . It sa y s:
The current issue of T he C ommercial W est contains an
editorial intended to m agnify the benefits which Mr. Hill
confers upon this community through his control of the
Burlington road.
The editorial in question had no such purpose.
I he Burlington was referred to only as an illustration
of the argument of the editorial as a whole, that Min
nesota should substitute “ co-operation with railroads
and with business” in its public policy for “ senseless
political warfare against railroad interests.”
We
stand on this proposition. The Journal continues:
It speaks with undisguised contem pt of the effort of the
governor of the state to enforce the law and prevent the.
consolidation of the G reat N orthern and N orthern Pacific.
This is an absolute misstatement. T he C ommer
W est has never criticised Governor Van Sant
for instituting the suit against the merger, therefore
this paper has never spoken with “ undisguised con
tempt” of this act. Governor Van Sant’s plain duty is
to enforce the laws of Minnesota. He was doing only
his duty when he brought suit against the merger of
the Great Northern and the Northern Pacific roads.
He had sworn to do his duty, His mistake was made
when he stepped out on the political rostrum and made
cial
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Federal Reserve Bank of St. Louis
Saturday, January 24, 1903.
a political issue of an official act. Governor Van Sant
claims to possess statesmanlike qualities ; but statesmen
do not seek to make capital of duty done. The people
can give credit to Governor Van Sant, but the moment
the governor himself belittled his purpose and placed
the good faith of his action in doubt by making it an
issue, that moment he lost the respect of many of his
party who bore him no ill-will.
T he C om mercial W est is accused by the Journal
of evading the real issue. In order, then, that the
Journal may not again suffer because of this “ evasion”
on our part, let us say that in the judgment of this
paper the state of Minnesota is benefited as much by
the consolidation of the Great Northern and the North
ern Pacific roads as it is by allying with them so power
ful a feeder as the great Burlington system.
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T he C om mercial W est has fearlessly supported
the merger of two railroads in Minnesota. It has
taken courage to face a strong public opinion that has
been opposed to such policy— an opinion that this paper
respects because it believes that outside of political
headquarters it is honest. Because of this support T he
C om mercial W est has been referred to as a “ Hill
paper,” and it has been suggested that it is “ owned by
H ill.” In other words, the conscientious expression
of opinion in Minnesota favorable in the abstract to
the railways of the state costs something to the paper
or the individual that declares it. So far as T he C om
mercial W est is concerned it has chosen to stand the
fire of maliciousness and of misrepresentation, although
it could demonstrate in a moment to the satisfaction of
every individual the untruthfulness of every statement
that this paper is influenced in any degree by any ob
ligation it owes to Mr. James J. Hill, or to any railroad
corporation. It rejects, however, at the outset the
proposition that it would be a fact for criticism should
Mr. Hill be identified with a business proposition.
But in the case of T he C om mercial W est its opinion
is given as its own, regardless of Mr. Hill. He is no
way interested in this paper, financially or otherwise,
never was asked to be and at no time has he been.
The gossipers may continue to indulge their fancy on
this score so far as this paper is concerned until they
weary of it.
T he C om mercial W est had no purpose in sup
porting the merger other than to express its honest
judgment as to the merit of the question. If the law
of the state has been violated, the law must be obeyed
until the people get from under a deeply prejudiced
view of the case and repeal the law. Law must be
supreme, but at times it can be an obstruction to the
furtherance of the best interests of a community.
This paper is no less friendly to legislation for the
people because it supports the merger than is the
Journal, which has become so partisan that it is sup
pressing news, something that a few years back was
not permitted on that paper.
Mr. Hill is under no obligation to this paper for
anything it has said on the merger question, and this
paper is under no obligation to Mr. Hill. It recognizes
in him, however, a great industrial leader, and as such
the state of Minnesota should be his ally in all that is
right and progressive, and this applies equally to all the
railroad managers of tjte state,. ,We do not want Min-
T H E C O M M E R C IA L W E ST .
Saturday, January 24, 1903.
nesota to become hated by capital. Mr. Hill, in com
mon with all mortals, has weaknesses. But because
his policy of railroad operation nlay not be pleasing to
the shipper of a car from some country side track, or
to some larger shipper, it is not a reason in itself why
the railroads should in season and out be made targets
for political tirades.
*
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13
the railroads are not doing “ a blessed thing,” keep
them out of politics, and co-operate with them for the
settlement of the state.
*
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Governor Van Sant, in an address at Duluth last
Saturday evening, emphasized the value of settling
the lands of the northern counties, and he announced
his intention “ to do all within his power” toward this
end. It was his first public utterance on the question,
that we recall. This is splendid. Imagine a campaign
in Minnesota where its great development needs are
emphasized to the exclusion of mere political “ heap
talk” that divides business interests and brings no bene
ficial result. Governor Van Sant can do much to
arouse public interest on the state’s development issue
— but he cannot accomplish a thing without the co
operation of the railways, as we suggested a week ago.
The Journal says we should apologize to Governor
Van Sant for presumably overlooking his brief mes
sage reference to a $50,000 expenditure for state drain
age of lands. This reference seemed to us to be so
inadequate, so merely formal, that from our standpoint
the subject, in relation to its importance, had been
wholly neglected.
It does not speak well for the
Journal’s grasp of the drainage question if it holds that
any adequate progress is being made under the ap
propriation by the state. The subject is so important
that we are inclined to class it with arid lands. N a
tional aid should be extended. In one case lands are
too d r y ; in the other too wet. There is immediate call
for a million dollars for this work. The railroad earn
ings in northern Minnesota are not showing anything
like the increase in North Dakota. The principal rea
son for this is that lands are too wet to permit of rapid
increase of population. W e regard Governor Van
Sant’s mere perfunctory reference to drainage as of
no practical value, because the subject was so hidden
as to call out no general comment. If any injustice was
done Governor Van Sant by this construction, we
cheerfully give him the benefit of a good intention
hidden away in a message that was surely long enough
to have permitted of strong words on the subject.
Governor Van Sant took the right position in his
Duluth address last Saturday evening. Let the ideas
he there advanced be enlarged upon and great good
will result. This paper holds not the slightest preju
dice toward Governor Van Sant in the sense that it is
an enemy of his administration. W e simply ask for
a progressive policy. This paper will support promptly
any move Governor Van Sant makes that is highminded and plainly for the benefit of the common
wealth. It cannot countenance, however, his passing
time in partisan political headquarters, as he did in
the speakership contest; his interference in the speakership contest by a public statement as to how legislators
should vote. That is not a subject for him to pass on.
This paper will support heartily any move he makes
favorable to immigration into the state, to drainage
of lands, to enforcement of law, when these acts are
within the lines laid down by the constitution.
W e cannot judge an individual, a railroad or a
newspaper by its weaknesses, when these are averbalanced by stronger points. If the Journal’s theory
of criticism on the railroads were held against itself,
the public would be warranted in refusing to read it
because some editorial was displeasing, no account be
ing taken of the fact, which we cheerfully grant, that
as a whole the Journal is clean, and at many points
progressive. It is our Alma Mater. W e knew it when
it was struggling for existence in the early days. W e
knew it when as a member of its staff we were in
structed by its editor that a newspaper must be im
partial in its news statements. W e knew it' all the way
up through its growth into a metropolitan daily. W e
left it with a regret that has never been overcome, be
cause the attachments growing out of sixteen years of
service are not easily broken. W e regret keenly that
in these later years the Journal should advocate from
day to day opposition to railways as a cardinal public
virtue, saying practically nothing on the railroad sub
ject from the optimistic side. W e regret also that the
Journal has permitted itself to become a mere organ,
ignoring its old-time principles of impartial publica
tion that made it a Newspaper. The Journal is today
refusing absolutely to print the news of the executive
chamber of this state— news that the public is entitled
t o ; news that would prove beyond question the fact
that Governor Van Sant has no true conception of the
position the governor of a state should occupy. The
Journal is responsible for advising Governor Van Sant
to “ speak” on the speakership canvass in Minnesota,
an instruction that was wrong in principle, vicious, and
outside of the official province of a governor. The
advice was followed and the Journal knows what hap
pened, although it has not said much about it, other
than to suggest that the majority of the legislators
voted the way they did under purchase. If this is true,
then surely the quality of the Van Sant following was
too weak to be trusted with the conduct of the affairs
of state. But the vote on speaker was not on a “ pur
chase” basis, if this paper may be allowed to discuss
politics for a morfient. It was the result of the effort
of Governor Van Sant and his coterie, aided by the
Journal, to foist a personal political machine on the
state and to practically seek to cast out from the Re
publican party all who honesty differed with that ma
chine on policies. If the Journal continues to advo
cate such procedure, with the support of the political
leaders, Minnesota will elect a Democratic governor at
no distant day, just as the Republicans of New York
elected Governor Cleveland by 196,000 plurality for
the same reason. Men are going to exercise their right
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to think in Minnesota, as they have in other parts of
the country, regardless of whether the Journal is
T i-i e C om mercial W est is not seeking a contro
pleased or not.
versy with the Minneapolis Journal, or with any other
If the railroads abuse their privileges as common paper. If the Journal seeks a controversy, we may
carriers, let the proper legislation be enacted, but when decide to “ make a showin’,” although we can “ speak;”
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Federal Reserve Bank of St. Louis
T H E C O M M E R C IA L W E ST .
H
but once in seven days to the Journal’s six chances.
In answer to the Journal’s query, however, we may say
that it is not time to “ let up,” and it will not be time
until there is in Minnesota a party broad enough to re
spect the various shades of opinion that public ques
tions will bring out, broad enough to treat fairly rail
roads and other business interests, broad enough to be
classed with the party that Cushman K. Davis and
other great governors in this state presided over—
when the right to individual opinion “ within the party”
prevailed.
OBSERVATIONS.
Some of our leading statesmen who are engaged in the
quest for a cure for the “ trust evil” are show ing a persist
ency and enthusiasm that is really very praiseworthy. W hen
Ponce de Leon made his expedition in search of the land
which contained the fountain of youth he discovered Florida
and explored a portion of the coast line of the Gulf of M e x
ico. A n d so though he died in the land where he expected
to find the fountain of youth, yet his sacrifices w ere not
w holly in vain, since they added much to the geographical
know ledge of his times. Sim ilarly while our leading states
men are never likely to see realized their dreams of finding
a bona fide cure for the “ trust evil,” nevertheless their inde
fatigable exploration for this wonderful cure need never be
considered altogether fruitless, for they certainly result in
profound observations which m ay further enrich the already
voluminous literature on the subject of trusts.
% %
T he reason w hy our statesmen, search as they will for
a cure for the “ trust evil,” can be no more successful than
was Ponce de L eon in his search for the fountain of youth,
is that, like the unfortunate explorer, they are seeking
an impossible specific to make the nation youn g again; that
is, a solution that industriously speaking will put the country
back where it was m any years ago. T h e y are seeking to
defy time as O ld K in g ICnut defied the tide to the great
dam age not only of his kin gly shoes, but of his royal temper.
* * *
B oyhood has its fun, and m any men often wish they
could live over their boyhood days again. Y e t what boy
is there who does not wish he were a man, and would not
like to have the stature, force and pow er to perform the
wonderful deeds of men like Gulliver, Robinson Crusoe,
K in g A rth u r and even Jesse James? Som e of the founders
of this republic doubtless looked ahead of the national
period of infancy and saw a nation industrially organized
like a great machine, and by reason of its industrial
organization, gaining enorm ous wealth for its team ing popu
lation. W ould they have considered that the “ evils” inci
dent to age were such as to render it undesirable that the
nation should realize its youthful dream of becom ing big,
great and strong?
* * *
Senator H oar, who is the m ost venerable statesman in
the senate, has given out, ex-cathedra like, the result of the
observations and m editations incident to his tireless search
for a rem edy for the trust evil. H e suggests besides pub
licity that any person or corporation that “ sells any article
or product for less than its m arket value” be punished. Fie
also says that he does not wonder that the remedy of re
m oving the tariff on trust made goods has “ occurred to
some good men,” but he thinks a “ better” rem edy would
be his own anti-trust bill, which though “ exceed in gly im
perfect,” also “ experim ental and tentative,” and
such as
will “ undoubtedly require m odification and im provem ent,”
is nevertheless “ all I have to offer today.”
* * *
A ttorney-G eneral K n o x, who is the leading “ anti-trust”
expert in the country, since his recent Pittsburgh speech,
has made some further investigations into the “ trust evil.”
H e announced at Pittsburgh that the greatest “ evil” con
nected with the trusts is “ over capitalization.” B ut in his
letter the other day to Senator H oar and Mr, Littlefield,
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Federal Reserve Bank of St. Louis
Saturday, January 24, 1903.
he noted that practically the only real evil relates to “ such
concerns as fatten on rebates in transportation.” M r. K n o x
says that “ if the law will guarantee to the sm aller producer
protection against piratical methods in com petition and
keep the highw ays to the m arket open and available to him
for the same tolls charged to his powerful com petitor, he
will m anage to live and thrive to an astonishing degree.”
H
5 H
*
If this “ fattening on rebates” is the only real evil that
an anti-trust expert like Mr. K n o x can find, then it would
certainly seem as if President R oosevelt made considerable
much ado about nothing, when in his recent annual message
he discussed at considerable length the “ evils” (w ithout
enum erating them) of the trusts, and suggested as a cure
for them the passage of a “ reasonable and effective law .”
In this message, however, he gave the trusts credit for be
ing “ the inevitable developm ent of modern industrialism .”
* * *
B ut if A ttorney-G eneral K n o x has been acute enough to
discover that there is really no odious feature about the
trusts,” save that unhealthy avoirdupois which came from
the “ fattening on rebates,” it seems strange that he should
not be discerning enough to seek the repeal of the Sherm an
anti-trust law which notoriously has been the cause of un
fair rebates to the trusts. T he railroads are required by
this law to com pete, and are forbidden to make agreem ents
“ in restraint of trade” to maintain their published tariffs.
Incidental to this com petition to get business, which is le
gally required of them, they make secret rate agreem ents
with some of the b ig corporations whose business they fear
rival lines m ay get. W hen rival lines consolidate, the re
bate evil tends to disappear, and the small shipper gets a
far better show than before. In the case of the n orthw est
ern railroad m erger, which A ttorney-G eneral K n o x has been
fighting in the federal courts, the beneficial effects of rail
road consolidation as relates to prevention of injustice from
the “ trusts” have been plainly dem onstrated. F o r instance
the “ coal trust,” which has recently had such terrors for the
people of Chicago and the cities in the east, has been a
com paratively harm less creature in the territory covered
by the m erger, which gets more than its share of coal, de
spite the scarcity.
— Jackson.
The
SW ED ISH AM ERICAN
NATIONAL
BANK,
M IN N E A P O L IS .
N.
C.
E.
E.
O. W ER N ER, President.
S. H U LBER T, Vice Pres.
A. SMITH, - - Cashier.
L. MATTSON, Asst. Cash.
CAPITAL,
- - $250,0 3
SURPLUS and
UNDIVIDED PROFITS. 90,000
DEPOSITS, - - - 2,708,000
Foreign Exchange Bought and Sold,
OUTTHEYGO
To M O RTO N CO., North D akota, to buy
the best Seller. P art of a Township,
about 8,000 acres, at $5 per acre; retails
for $10 to $12, Free Coal; Free home=
steads. W rite or call atM andan, North
Dakota, or 131 L aS alle St., Chicago, 111.
WM. H. BRINTNALL, President.
JOHN BROWN. Vice President
WM. A. TILDEN, Cashier
GEO. M. BENEDICT, Ass’l Cashier.
D R O V E R S D E P O S IT
N A T IO N A L
B A N K ,
U n io n S to ck Yards,
CHICAGO.
Capital and Surplus
-
$ 7 5 0 ,0 0 0
A c c o u n ts o f B a n k s , C o r p o r a tio n s , Firm s
an d I n d iv id u a ls solicited .
Has the same facilities fqr reserve deposits as any other Chicago Bank.
Saturday, January 24, 1903.
T H E C O M M E R C IA L W E ST .
IS
E D W A R D W . D E C K E R , V I C E -P R E S I
DENT
OF T H E
NORTHW ESTERN
N A T IO N A L B A N K .
J O S E P H C H A P M A N , JR., C A S H IE R OF
T H E N O R T H W E S T E R N N A T IO N A L
BANK.
Mr. Edw ard W . D ecker, elected vice-president of the
N orthw estern N ational bank, M inneapolis, at the directors’
annual m eeting on the 13th, was born at Austin, Minn.,
thirty-three years ago. H e left the high school at eighteen,
com ing to M inneapolis in Septem ber, 1887. H e secured a
position as collector in the N orthw estern N ational bank,
at a salary of $15 per week. Mr. D ecker held various posi
tions in the bank, until Septem ber of 1895, when he was
elected assistant cashier of the Metropolitan bank. In 1896
he was advanced to the cashiership, and held that position
until again called to the N orthw estern National as cashier,
in January, 1901.
T h ere has been considerable com m ent regard in g Mr.
D e ck e r’s age— that he should have advanced to the respon
sible position to which he has just been elected, at his years.
Y e t his advancem ent has come slow ly and only after years
of training in the one line of w ork. It is now sixteen years
since youn g D ecker began to draw his $15 per w eek; and
as it was about eight years before this was increased to
$25, he decided that banking was a slow business. W hile
advancem ent has been more rapid during the last few years,
it was due to the early years of preparation.
Mr. Joseph Chapman, Jr., newly elected cashier of the
N orthw estern N ational bank, M inneapolis, is thirty-one
years of age. H is w hole business experience has been with
this bank. H e entered the bank as a boy, just out of the
high school, sixteen years ago. A fter serving as collector,
he was advanced from position to position until finally
elected assistant cashier two years ago. It is not gen erally
known, even by his friends, that Mr. Chapman studied law
and has been admitted to the bar. In 1894 he joined the
evening law class at the state university, and was admitted
in 1897. A ll the w ork in this course was done in the even
ing.
Mr. Chapman is known throughout the state by his
w ork as secretary of the M innesota B ankers’ A ssociation.
H e was first elected as secretary in 1901, and during his
term s of office, and largely through his efforts, the associa
tion has largely increased in membership and usefulness.
M IN N E A P O L IS B A N K E R S O P P O S E D T O FOW LER
BILL-
very much larger indeed, say, 4 or even 5 per cent, m aking
this additional circulation in the nature of a tem porary loan,
which every bank would be anxious to retire as soon as pos
sible.
A gain , it is apparent that country banks which are able
to get 10 and 12 per cent on their money, would find it very
grea tly to their advantage to avail them selves of the full
benefit of this bill at all times, regardless of whether there
w ere any special need of more currency to transact the busi
ness of the country.
Inasm uch as the banks are not required to deposit se
curity for the full amount of the circulation, the local bankers
raised the objection that the best banks in the country would
hardly be w illing to deposit their 5 per cent guarantee fund,
If this m oney could be loaned at 5 per cent and a tax of available for the redemption of notes of other banks, with
only one-half of one per cent per annum made against the whose affairs they were not familiar. This apprehension on
total amount, it would be a profitable investm ent; and, in the part of the best banks in the country might, it is thought,
stead of bein g retired, it seems reasonable to suppose that defeat the very object of the bill.
It seems to be the opinion that the F ow ler bill, if passed,
it would be kept in circulation by a great many banks.
would, instead of p roviding an em ergency currency, encour
Then, should an em ergency currency be required, they would age a further expansion of business in all lines (which now
find them selves already issued to the limit.
seems very great), and that it would also help to encourage,
It is the opinion of the bankers that the tax should be rather than discourage, additional circulation.
M inneapolis bankers are, gen erally speaking, opposed to
the F o w ler bill. T h eir objections are, first that it is not an
em ergency measure— it does not provide for an em ergency
currency, such as is needed at this time, the retirem ent of
which would be forced at the earliest possible moment.
U nder the F o w ler bill a bank with $1,000,000 capital would
be perm itted to issue $250,000 currency w ithout a deposit
of bonds with the secretary of the treasury. T h e bank would
be obliged to deposit a guaranty fund, either in United
States bonds or cash, to the am ount of $12,500, enabling it
to have $237,500 unsecured currency in circulation.
It
would be necessary to maintain a legal reserve of 25 per
cent against the full amount issued, so that the bank would
be enabled to loan of this am ount $175,000.
Chicago Bank Notes.
W in. G. Schroeder and Herm an W aldeck have been ap
pointed assistant cashiers of the Continental N ational Bank
of Chicago. Mr. Schroeder was head of the transit depart
ment, and M r. W aldeck head of the credit department.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
H a rvey C. Vernon,, head clerk of the Com m ercial N a
tional bank, C hicago, has been appointed assistant cashier.
Directors of the Chicago Edison Co. have declared the
regular quarterly dividend of 2 per cent, payable Feb. 2,
i6
T H E C O M M E R C IA L W EST.
Saturday, January 24, 1903.
THE NATIONAL BANK OF NORTH AMERICA
C H IC A G O .
CAPITAL,
-
$ 2 ,0 0 0 ,0 0 0 .0 0
SURPLUS,
-
$500,000.00
O F F IC E R S :
ISAAC N. PERRY, President.
BERNARD A. ELKHART, Vice-President.
CHARLES 0 . AUSTIN, Vice-President.
JULIUS S. POMEROY, Cashier.
FRANCIS V. PUTNAM, Ass’t Cashier.
Correspondence
or
interviews
with
a vie w to
business
relations
cordially
invited.
CHICAGO COMMERCIAL CLUB’S 25th ANNIVERSARY. 1898 Eckhärt, Bernard A . . Pres. E ckh art & Swan M T g Co.
(Special Correspondence to T he C om m ercial W e s t.)
Chicago, Jan. 21.— The com m ercial club of this city will
celebrate on Jan. 31st its twenty-fifth anniversary. A ll the
livin g charter members are expected to speak. T hese in
clude the follow ing six: W illiam T. Baker, John M. Clark,
W illiam A . Fuller, M arshall Field. H enry J. M acfarl nd and
A lb ert A . Sprague.
T he com m ercial club of this city, which, will thus com
plete its twenty-fifth year, is an organization such as exists
in only three other cities of the U nited States, nam ely B o s
ton, Cincinnati and St. Louis. E very two years three of these
clubs arrange for visits at the city of the fourth club which
acts as host. T he feature which distinguishes these four
clubs from the large number of com m ercial and m ercantile
associations in other cities, is their lim ited and exclusive
membership. T h e membership of the C hicago Com m ercial
club is lim ited to sixty, and is a much coveted honor am ong
C hicago business men.
T h e object of the com m ercial club, as specified in the
constitution, is to “ advance by social intercourse, and by a
friendly interchange of views, the com m ercial prosperity
and grow th of the city of C h icago .” M onthly m eetings are
held at which subjects like the follow ing are discussed:
“ B ucket Shops and P ool R oom s and T h eir D a n ger to the
Business Interests of the C ity ;” “ Rapid T ransit for Chi
ca g o ;” “ Com m ercial U nion with Canada;” “ Should the
T heaters of C hicago be Closed on Sundays;” “ T he Relation
of the C olleges to the Developm ent of the N o rth w est;”
"U p o n w hat Term s Should the C ity G rant Franchises for
the U se of Its Streets and A lle y s? ” “ H ow can Juvenile O f
fenders be Cared for and R eform ed?”
Practical Work Done For the C ity.
Considerable practical w ork has been done for the city
by this club. Its members are business men of means, and
ready to m ake large financial contributions in furtherance
of the ends on which they agree. T he club gave to the
U nited States governm ent the site for the F o rt Sheridan
M ilitary reservation. It founded the C hicago M anual T ra in
ing school, and recently has just founded the Glenwood
School for Juvenile Offenders.
T he original membership of this club included sixty citi
zens who in 1877 go t togeth er for the purpose of entertain
ing a delegation of citizens from B oston who came w est to
note how the city in which investm ents of Boston m oney
were heavy, was rehabilitating itself from the effects of the
great fire in 1871. Som e of the most prom inent men in Chi
cago were enrolled in the membership, irelu d in g men like
the late G eorge M. Pullm an and P. D. A rm our. T he pres
ent membership includes the follow in g w ell known citizens:
List of Members.
Y e a r of
Adm ission.
1899 Adam s, G eorge E .............................................. Real Estate
1901 A rm our, J. O g d e n ........................................ A rm o ur & Co.
1889 A yer, Edward E ................................ A y e r & L o rd T ie Co.
1877 Baker, W illiam T . , .................................. Tem ple Building
1882 Bartlett, A dolphus C.
V ice-P res. H ibbard, Spencer, B artlett & Co.
1898 Barton, Enos M .............. Pres. W estern Elec. M fg. Co.
1902 Bissell, R ichard M ............ M gr. H artford F ire Ins. Co.
1881 Bradley, J. H a rle y ........ Pres. D avid B radley Mfg. Co.
1901 Brow n, W illiam L ........Pres. A m erican Ship Bldg. Co.
1899 Buckingham , Clarence. .............. John H. W renn & Co.
1900 Burnham , Daniel H ................................................A rch itect
1897 Butler, Edw ard B ............................................ Butler Bros.
1902 Butler, H erm on B .................. Joseph T . R yerson & Son
1901 Carter, L eslie. .. .P res. South Side Elevated R. R. Co.
1887 Cary, E u g e n e .............. M gr. G erm an-Am erican Ins. Co.
1894 Chalm ers, W illiam J ................ Pres. A llis-C halm ers Co.
1877 C lark, John M ........ .Chairm an Chicago Telephone Co.
1895 Clow ry, R obert C .......... V .-P res. W . U. T elegraph Co.
1899 E arling, A lb ert J .................. .P res. C., M. & St. P. R ’y
1899 Eckels, James H ........Pres. Com m ercial N ational Bank
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1882
1898
1877
1877
1880
1884
1S89
1887
1882
1884
1878
1900
1882
1898
1900
1899
1879
1897
1891
1899
1898
1898
1885
1877
1878
1898
1901
18S7
1878
1890
1898
1888
1901
1898
1899
1877
1901
1898
1878
Farw ell, Charles B ..................... Pres. J. V . Harwell Co.
Farw ell, John V ., J r ................. Treas. J. V . Farw ell Co.
Field, M arsh all................................ M arshall Field & Co.
Fuller, W illiam A ........................................ 171 L aS a lle St.
Gage, Lym an J .............................. Secretary of T reasury
Glessner, John J.,
V ice-P res. W arder, Bushnell & Glessner
H ead, Franklin H .............................. 160 W ashington St.
H iginbotham , H arlow N ............... -.Northern T ru st Co.
H otz, C h risto p h ......................................Schüttler & H otz
H oughteling, James L . . Peabody, H oughtelin g & Co.
H ughitt, M a rvin .................... Pres. C. & N. W . R ’y Co.
Hulburd, Charles IT .................... Pres. E lgin W atch Co.
Hutchinson, Charles L ........ V ice-P res. Corn E x. B ank
Jones, D avid B .................. Pres. M ineral Point Zinc Co.
K eep, Ch aun cey.......... V ice-P res. Raym ond L ead Co.
Keyes, R ollin A .................... Franklin M a c V e a g r & Co.
K eith, E ibridge G ........ Pres. M etropolitan N at’l Bank
K im ball, Charles F.,
Pres, and Treas. C. P. K im ball & Co.
Kohlsaat, H erm an IT.,
Pres. C h icago R eco rd -H erald Co.
Law son, V icto r F ........ Pres. Chicago D a ily N ews Co.
Lefens, T hies J .................................................. Real Estate
Lincoln, R obert T .......... Pres. Pullm an Palace C ar Co.
M cC orm ick, Cyrus H ...P r e s . M cC orm ick H. M. Co.
M acfarland, H enry J ........................ M. D. W ells & Co.
M acV eagh , F ra n k lin .......... Franklin M acV eagh & Co.
M itchell, John J ...P r e s . 111. T ru st and Savings Bank
M orton, J o y .......................................... Joy M orton & Co.
Peabody, Francis B ........ Peabody, H o u gh telin g & Co.
Phelps, Erskine M ...................................... 34 W abash A ve.
Ream , N orm an B .......................................... T he R o o kery
Ripley, Edw ard P ........................ Pres. A ., T . & S. F. R ’y
Ryerson, M artin A ................................ 204 D earborn St.
Shedd, John G .................................. M arshall Field & Co.
Smith, B yron L ...................... Pres. N orthern T ru st Co.
Spoor, John A ........ Pres. U. S. Y ard s and Transit Co.
Sprague, A lb ert A .................... Sprague, W arn er & Co.
Swift, Louis F .............. Second V ice-P res. Sw ift & Co.
W acker, Charles H . ........................................R eal Estate
W alker, G eorge C ............................................Real Estate
Non-Resident Members.
A ndrew B r o w n .....................................................................New Y o r k
W illiam C h ish olm ............................................................... Cleveland
John M. D u ra n d .................................................................N ew Y o r k
A . J. F o rb e s-L e ith .............................................................. N ew Y o r k
L evi Z. L e ite r .................................................. W ashington, D. C.
W illiam M unro.................................................
London
H en ry H . P o r te r ................................................................ N ew Y o r k
O th o S. A . S p ra g u e ........................................................... California
M elville E. S to n e ................................................................ N ew Y o r k
T h e present officers are: D. B. Jones, president; E. E.
A yer, vice-president; C. F. Kim ball, treasurer; Rollin A .
K eyes, secretary.
W . R, M um ford & Co., Chicago, Jan. 21: T he w heat m arket
during the past w eek has show n w hat m anipulation can do ior
it has been alm ost a one m an m arket, w ith all the other large
traders sellers. A s the A rm our people have been the m ain b u y
ers and m ost of the sellers have sold to them the m arket during
the last day or tw o has becom e so very congested the least
buying or selling affected values considerable. T h ey are talking
85c for M ay w heat and looks a t present a s though expectations
w ill be realized. T he corn situation has been a peculiar one,
in there has been an exceptionally good dem and for cash, w hich
w as a bullish feature, but on the other hand the offerings from
N ebraska, K an sa s, M issouri and Illinois have been so very
heavy that it m ore than counteracted the bullish new s.
T he
present cash dem and is accounted for by exporters on the
theory that corn had been sold originally for N ovem ber, then
D ecem ber and then January shipm ent.
Exporters p aying a
prem ium for carrying it over from m onth to m onth being able
to sublet their ocean room to cotton shippers, but now forced
to m eet their obligations and scurrying around to secure the
cash corn to fill their sales m ade som e tw o m onths ago. A lso
have been som e new sales m ade for early spring shipm ent of
corn but considerable m ore w heat sold for prom pt and spring
shipm ent and coars'e grains. Cash demand has been very good
for coarse grains, prices show ing 1A @ 1/2 c advance alm ost daily
of late.
T H E C O M M E R C IA L W E S T .
Saturday, January 24, 1903.
W ATSO N
&
CO.
17
F. A .
Perry
E. F.
T hos.
Fred
M . C.
Chamberlain, President.
H arrison, V ice-P resid ent.
M earkle, V ice-P resid ent.
F. H urley, Cashier.
Spafford, A ssista n t Cashier.
H am er, A ssista n t Cashier.
The Security Bank
B R O K E R S.
O F M IN N E S O T A ,
Chamber of Commerce, Minneapolis.
M IN N E A P O L IS .
Capital Paid in,
= $1,000,000.
Surplus, = = = = = 200,000.
Stocks, Bonds, Grain, Provisions.
MEMBERS
N EW YORK STOCK EXCHANGE
NEW Y O R K PRODUCE EXCHANGE.
CHICAGO STOCK EXCHANGE.
MINNEAPOLIS CHAMBER OF COMMERCE
CHICAGO BOARD OF TRADE.
ST. LOUIS GRAIN EXCHANGE.
W IN N IPEG GRAIN EXCHANGE.
Private
Wires
to
TELEPHONE
Chicago,
CALLS:
New
M A IN
York,
906,
AND
and
M A IN
ST. PAUL BANK ELECTIONS.
A t the annual directors’ m eeting the follow in g officers
and directors of St. Paul banks were elected:
Merchants’ National.
Officers— President, K enneth C lark; vice-president, C. H .
B igelow ; cashier, George H . Prince; assistan t cashier, H . W .
Parker.
D irectors— K enneth Clark, J. W . Bishop, E. N . Saunders,
George H . Prince, D . R . N oy es, C. H . Bigelow , J. H . Skinner,
F. B. K ellogg, Louis W . H ill, C. L ivingston, V . M . W a tk in s.
First National.
Officers— President, H . P. U p h a m ; vice-president, E . H . B a il
ey ; cashier, W . A . Miller.
D irectors— H . P. U pham , T . L . Schurm eier, E . W . W in te r,
E. H . Cutler, J. N . H ill, J. J. H ill, D. C. Shepard, H . E, T h o m p
son, G reenleaf Clark, F. P. Shepard, C. W . A m e s, F . B. Clarke,
W . A . M iller, E . H . Bailey, E . N . Saunders.
Second National.
Officers— President, G. C. P ow er; vice-president, F. D. M o n
fo rt; cashier, C. H . B u ckley; assistan t cashier, Edw in M ott.
D irectors—W . B . D ean, Charles Schunem ann, A . M. P. Crow
ley, Joseph M cK ibbin, G. C. Pow er, F . D . M onfort, T. A .
Schulze, H . W . Childs and I. P. W rig h t.
National Ger man -Ame ric an.
D irectors— F . W eyerhaeuser, A . H . Lindeke, T hom as W ilson,
R. J. Jefferson, Joseph L ockey, J. A . H um bird, J. H . Allen, O. P.
Lanpher and J. W . L usk.
St. Paul National.
Officers— President, A . C. A n derson ; vice-president, C. W .
H a c k e tt; cashier W . B. G eery; assistan t cashier, W . B . Clow.
D irectors— Paris F letcher, J. D . H um phrey, C. W . H a ck ett,
E . C. Stringer, John C. Quinby, J. C. Nolan, L . L , C. Brooks,
A . C. Anderson, F . E . W oodw ard.
S t at e Bank.
Officers— President, M . P. R y a n ; vice-president, Geo. M ichel;
cashier, E . M . Pope.
D irectors— T he officers and R obt. B. Burns, H en ry G. H oar,
Joseph M atz and P eter Schollert.
Capital Bank.
D irectors— Reuben W arn er, J. M. H annaford, Ferdinand H in richs, W illia m D. K irk, C. C. De Coster, Charles P. N oyes, W i l
liam R. Dorr, Edw ard Saw yer and W a lte r F . M yers.
Officers— W illila m D. K irk , president; Charles P. N oyes, vice president; W a lte r F. M yers, cashier; Edw ard H . Miller, assistant
cashier.
National Ger man-American.
D irectors— F . W eyerh aeu ser, John A . H um bird, A . H . L in
deke, R. C. Jefferson, J. H . Allen , O. P. Lanpher, T hom as W i l
son, J. W . L u sk and Joseph L ockey.
Officers— J. W . L usk, president; F. W eyerhaeuser, v ice -p re si
dent; Joseph L ockey, cashier and Theo. D raz, assistan t cashier.
Union Bank.
Officers— M aurice Auerbach, president; R obert R. Dunn, vice president; H erm an n Scheffer, cashier. T he officers, w ith A lm eric H . P ag et and R obert M annheim er, constitute the board of
directors.
DULUTH BANK ELECTIONS.
A t the annual election of directors of the A m erican E x
change bank, on the 13th, the follow ing directors were elect
ed: T. F. Cole, president of the O liver M ining Co. and
M innesota Iron Co.; G. A . Tom linson, the vessel man; W.
C. A gn ew , m anager of the M ahoning mine; James D avidson,
of B ay City, Mien., one of the largest owners of vessel prop
erty on the lakes; IS. G. K n o x, of the K n o x Lum ber Co.;
A . Gowan, lumberman and president of the G ow an-PeytonT w o h y company, and K enneth C lark, president of the M e r
chants’ N ational bank of St. Paul; H. M. Peyton, C. A .
Congdon. J. D. Ensign and James C. Hunter. T he number
of men on the board form erly has been seven, but has been
increased to eleven.
O fficers: President, H . M. Peyton; vice-pre.sident, C. A.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Other Cities.
5 17 .
A General Banking Business Transacted.
W e solicit accounts of banks, cor
porations, private individuals, etc.,
and offer every facility and a c
com m odation
consistent
with
sound banking.
D IR E C T O R S .
E . J. Carpenter.
F. G. W in sto n ,
W . S. N ott,
J. W . Kendrick,
H . M . Carpenter,
Jam es Quirk,
R. M. B ennett,
H. C. A k eley,
F. A . Chamberlain, Louis K . Hull,
Perry H arrison.
r. H . Shevlin,
C. C. W ebb er,
r. H . Queal,
Thos.
F. Hurley,
L. F. D ay,
Geo. F . Piper,
S. T . M cK night,
Geo.
C.
Christian.
E. F . M earkle,
C ongdon; cashier, J. C. H unter; first assistant cashier, W .
G. H egardt, and second assistant cashier. I. S. M oore.
The F irst N ational added W . F. Fitch, president of the
Duluth, South Shore & A tlan tic railway, to the directorate.
T he other members are: A. M. M arshall, of M arshall-W ells
H ardw are Co.; A . D. Thom son, grain; L. M endenhall, pres
ident Duluth Street railw ay; A . B. W olvin, vessel owner;
T. J. Davis, attorn ey; A . C. Jone's, N orthw estern Fuel Co.;
A . L. Ordean, Stone-O rdean-W ells, wholesale grocers; L.
W . H ill, G reat N orthern R ailw ay Co.; F rederick W eyerhauser, lum ber; John Barber, M ichigan City, Ind.
OMAHA BANK ELECTIONS.
T he O m aha bank elections last w eek resulted as follow s:
T he U nited States N ational bank, the N ebrask a N ational
bank, the U nion N ational bank, the F irst N ational bank and the
M erchants’ N ational bank re-elected their old officers and d i
rectors.
T he U nion Stock Y ards N ational bank of South O m aha re
elected its old officers and directors a t a m eeting yesterd ay.
T he directors of the O m aha N ational bank held their annual
m eeting, w hich resulted in a num ber of changes.
Senator M illard rem ains president, W illia m W allace, v ice president, and C. F. M cG rew , vice-president.
T he num ber of directors w as increased from nine to eleven.
Oliver W . M ink and E. W . N a sh retire. T he new directors are:
W . M. B urgess, J. F . Carpenter, N . P. D odge, Jr., and C. F.
M cGrew.
T he old directors who continue on the hoard are:
J. H . M illard, Guy C. Barton, E ra stu s Y oung, C. H . Brow n, N.
W . W e lls , A . J. Sim pson and W illia m W allace.
Charles B . W a ite , w ho has been assistan t cashier, becomes
cashier; F rank Boyd, chief clerk, w as chosen assistan t cashier,
and F rank G raham , auditor.
T he resignation of E . E . Balch, w ho retired from the position
of assistan t cashier D ecem ber 31, w as accepted. M r. B alch had
been connected w ith the bank for m a n y years.
MINNEAPOLIS MONEY MARKET.
Conditions have changed som ewhat during the last ten
days, and the situation is not view ed exactly the same by
all the bankers. F o r instance, some of them have sought
paper of the grain men, while others have not cared whether
any w ere offered them or not. T h ere has been considerable
paying off of paper, but the m oney has gone out again al
m ost immediately. Rates of interest are apparently firm
at 6 per cent as the minimum for endorsed paper and 5J2
for terminals. E xceptions were made, however, and some
straight paper at 5^2 to the borrow er was negotiated, and
a small am ount of term inals at 5. One of the large banks
asserts that it is absolutely not takin g anything under 6 per
cent, and while it buys some term inals at 5H>, it only does
so to turn over to some of its customers.
W eak er m oney in the east is causing some speculation
as to w hether enough eastern m oney will come here to
depress rates. It is thought unlikely that such will be the
case. A little Boston m oney was offered one of the banks
here under the p revailing rates, but was not taken. A fair
am ount of eastern m oney could doubtless be placed w ith
out affecting rates.
T here has been a good outside demand for paper, and
this w eek a couple of Iow a banks came in, probably the
first buying from there this winter. T he brokers have had
no difficulty in selling everyth in g offered.
W ith some of the banks, the late falling off in deposits
has not been offset by a paying off of loans. Therefore they
are rather snugly loaned up. W ith others a fair equilibrium
has been maintained. On the whole, how ever, the indica
tions are for sufficient demand for m oney to keep rates at or
near their present level until spring unless the banks should
make concessions to favored custom ers— unless the borrow-
T H E C O M M E R C IA L W E ST .
l8
ers are better borrow ers than the banks are loaners. Grain
men, from now on, will probably require a decreasing
am ount of money, unless wheat advances, which now seems
probable. Even with smaller stocks of grain, however, the
large use of money in new enterprises throughout the N o rth
west is bound to keep rates of interest high at all country
points, and country banks will not carry large balances with
the city banks. In fact, m any of them will continue to be
borrowers.
O ne instance of the large use of m oney in the country
will show the tendency. Business men of a northwestern
town recently organized an electric ligh t company, and a
land com pany that bought a large tract of land. O nly local
capital was employed. F or the electric light company, $75,000 was used.. Such enterprises are in progress throughout
the N orthw est on a vastly la rge r scale than ever before, and
they are bound to keep more capital than ever before em
ployed during the com ing year.
Currency Movement.
N early as much currency was shipped to the country
last week as was received from it; but a small m ovement
to C hicago continued, and $280,000 was shipped there. The
currency m ovem ent in detail was as follow s:
Currency Received.
.
From the c o u n t r y ............................
From N ew Y o r k ..................................
W eek
ending
Jan. 17.
$326,000
15,000
T otal ........................................................................................................ $341,000
Currency Shipped.
To C h ic a g o ............................................................................................... ...$ 2 8 0 ,0 0 0
T he country ................................................................................................. 284,000
T otal ..........................................................................................................$564,000
ST. PAUL MONEY MARKET.
There is little change in the local m oney situation from
last week. T here is, perhaps, a little better demand for
money and a correspondingly larger inquiry for paper from
outside banks. A s a rule, local banks are loaned up as much
as they care to be; as rapidly as paper is paid off, there is
a demand for the money from other sources. Rates of in
terest are without special change, 6 per cent on best en
dorsed paper being the rate the banks adhere to with but
few exceptions. Term inals are quotable at 5 L per cent
flat. Country bank balances have fallen off somewhat, and
there is a demand for m oney from the country.
NEW YORK MONEY MARKET.
(Special Correspondence to The Com m ercial W e s t.)
N ew Y o rk , Jan. 20.— Tim e m oney is reported a shade
firmer in tone but rates are not quotably higher than M on
day. T here is a general demand for prime mercantile paper
and local trust companies and out of town bankers bought
quite a little paper at the lowest figures yet reported, 4 L
per cent.
CORPORATIONS.
M A N H A T T A N R A I L W A Y — A t a spcial meeting of the
stockholders of the M anhattan R ailw ay Co., the following
resolutions, recommended by the directors, were unanimous
ly adopted:
“ No. 1. That the capital of the company be increased
from $48,000,000 to $60,000,000.
“ No. 2. That 72,000 shares of the new stock be issued
forthwith.
“ No. 3. T hat the rem aining 48,000 shares be issued as
required by the company, but not prior to Jan. 1, 1906, pro
vided the approval of the railroad commissioners be ob
tained for such issue.
“ No. 4. T hat the proceeds from the sale of the new
stock be used for the completion of the improvements, now
in progress, including the change of motive pow er.”
A M E R I C A N S T R A W B O A R D — President Em ery, of
the A m erican Strawboard Co., says the recent advance in
prices curtailed the volume of new orders only slightly, and
the demand is again picking up. T he largest tonnage of any
time during the last three months is now on the books of
the company, he said, and about one-half of the mill capac
ity is sold up to July 31. T he com pany will not book
beyond that date at this time.
U N I T E D B O X — T he directors of the U nited B o x
Board Co. will meet in N ew Y o rk , Feb. 19, to act on the
quarterly dividend on the preferred stock.
T he regular
rate is expected.
A M E R I C A N L I N S E E D — T here is a brisk demand for
linseed oil. Paint and varnish manufacturers all over the
country are busy in anticipation of a year of big business.
An official of the Am erican Linseed O il Co. predicts the
largest sales this year in the history of the company.
C O R N P R O D U C T S — President Mathiessen of the Corn
Products Co. testifies that the company is enjoying great
prosperity in all departments, but he refuses to affirm or
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Federal Reserve Bank of St. Louis
Saturday, January 24, 1903.
deny that dividends are soon to be inaugurated on the com
mon stock. W hen pressed for a statem ent in that respect
he said: "T h e directors will decide the m atter at their
meeting in New Y o rk M arch 17.”
C H IC A G O R A I L W A Y S — A com m ittee has been ap
pointed to receive deposits of N orth Chicago and W est
C hicago Street R ailw ay stock to carry out any plan for new
franchises or improvements which m ay be decided upon
by the U nion T raction Co. The Chicago com m ittee
men are M arshall Field, N. B. Ream , J. J. M itchell, H. N.
H igginbotham , J. H. W renn and Geo. E. Adam s. The
eastern committeemen are Geo. C. Perkins of J. P. M organ
& Co., C. B. Thorpe, of the Mutual L ife Insurance Co.,
N. O rthm an, Securities Co. of N ew Y o rk , P. A. B. W idener, Philadelphia, R. R. Govin and PI. B. Hollins.
N O R T H E R N S E C U R I T I E S — President J. J. H ill of
the N orthern Securities Co., in an interview in N ew Y o r k
says that he cannot discuss the question as to whether the
dividend rate of the com pany is to be increased for the pres
ent period. It has been officially stated that no date
has been set for the m eeting of the directors to act on the
dividend. It is expected, how ever, that the action will be
taken within the next ten days.
M I S S O U R I P A C I F I C — The increase of nearly $108,000
in the N ovem ber net of the M issouri Pacific and of $70,000
in gross for the first w eek in January is believed to be the
beginning of a lon g series of gains in both gross and net.
In view of the excellent outlook, friends of the company
say it will earn 12 per cent on its stock in the current fiscal
year.
P R E S S E D S T E E L — The directors of the Pressed Steel
Car Co. will hold a m eeting Jan. 28, when the subject of
dividends will be considered. T he annual m eeting will be
held Feb. 18, at which time the annual report will be sub
mitted to the stockholders.
A M E R I C A N C A R — “ W ith the recent orders placed by
the Illinois Central railway, we are sold up to n ext A u gu st,”
said an official of the A m erican Car and Foundry Co. “ B e
yond that date car building will depend evry largely upon the
outlook for crops. If large, there will be another rush
for new equipment. These car shortages you hear of are
due la rg ely to a lack of m otive power which allows car
congestion.”
A M E R I C A N R A D I A T O R — T he annual statem ent of
earnings to be issued by the A m erican R adiator Co.
at the m eeting of the stockholders M arch 4 will, in all like
lihood, m ake a splendid showing, notw ithstanding a con
siderable amount of new im provem ent has been charged to
earnings. Interests usually well versed in the affairs of the
company say a liberal show ing has been made on the com
mon shares, but that the m anagem ent is still indisposed to
commence dividends on that class of stock. T he disburse
ment is not being urged by shareholders, since m ost of the
common stock is held by those who control the company.
It is said to be the policy of the m anagem ent to become
very strong physically and in cash before distributing the
surplus.
A M E R I C A N S T R A W B O A R D — N et earnings of the
A m erican Straw board Co. for the fiscal year ending
Dec. 31, 1902, were nearly $300,000, or practically 5 per cent
on the capital stock of $6,000,000. T h is is by far the best
year the com pany has had since the panic of 1893, but does
not equal some of the records of earnings prior to that
time.
P N E U M A T I C T O O L — T he statem ent of earnings of
the foreign branches of the C hicago Pneum atic T ool Co.
very recently received by President D u ntley, far exceeds
the prelim inary estimates of the business during the last
quarter. It is stated that during the last three months of
the year, the earnings w ere two-thirds as much as during
the preceding nine months. Price, W aterhouse & Co. are
about to begin an expert exam ination of the com pany’s
books in preparation for the yearly financial statement.
Bonkers’ Association Secretaries Move Up.
It is rather a peculiar coincidence that at the bank elec
tions on Jan. 13 three secretaries of bankers’ associations
were elected to higher positions in banks than they had
occupied. T he changes were as follow s: Charles L. F a r
rell, assistant cashier of the Capital National bank, of In
dianapolis, arid secretary of the Indiana B ankers’ associa
tion, was called to the F o rt Dearborn National bank, Chi
cago, as vice-president: Fran k P. Judson, secretary of the
Illinois B ankers’ association, was elected cashier of the
B ankers’ National bank, of C h icago; and Joseph Chapman,
Jr., secretary of the M innesota B ankers’ association, and
assistant cashier of the N orthwestern National, M inne
apolis, becom es cashier of the same bank.
Iowa Banker Dead.
Col. J. K . P. Thom pson, of R o ck Rapids, la., died on
Jan, 15, aged 53 years. H e was the oldest and one of the
wealthiest private bankers in Iowa. H e was a candidate for
the republican nomination for governor in 1901.
T H E C O M M E R C IA L W E ST ,
Saturday, January 24, 1903.
19
FIRST N A T I O N A L I N T R O D U C E S PRO FIT SH A R IN G .
(Special Correspondence to T he C om m ercial W e s t.)
Chicago, Jan. 21.— T h e First N ational bank of this city
has devised a scheme of encouragem ent to its employes to
becom e stockholders in the institution. O ne hundred shares
of stock have been purchased, and though its m arket value
is about 403, it will be sold to em ployes at 400; the amount,
how ever, that any one em ploye can thus acquire being
lim ited to five shares.
T he stock can be paid for on the installm ent plan, $10.00
cash down, and $5.00 per month thereafter until it is all
paid for. T he bank has made an arrangem ent w hereby the
stock can be carried for its em ployes until all paid for, on
payment of 4 per cent interest.
This, of course, m akes it easy for the humblest employe
of the bank, who is frugal and steady in his w ork, to ulti
m ately becom e an owner of some of the high priced stock
of the institution which he serves, and therefore to a certain
extent be his own em ployer. It was the idea of Mr. J. B.
F o rgan in introducing this profit sharing scheme into his
bank, that it would tend to develop habits of thrift and
econom y am ong the employes, and give them more direct
personal interest in their w ork. T he scheme has met with
a very cordial reception from the employes, and the amount
of stock available, 100 shares, has been twice over subscribed.
FINANCIAL NOTES.
W in. Ellis, Jr., president of the bank at Peshtigo, W is.,
has purchased a controlling interest. A number of M ari
nette business men, who held stock, disposed of their inter
ests. Mr. Ellis now holds the m ajority.
T he officials of the bank will, however, try and get additional
stock at a low figure to supply the demand.
The American Trust Shares Profits.
T he only other bank in Chicago which has introduced
this profit sharing scheme, is the A m erican T ru st and Sav
ings bank, which at the time of the increase in its capitaliza
tion last summer gave its em ployes an opportunity to ac
quire stock at 180, which was over 20 points below the m ar
ket value. W ith reference to this opportunity, Mr. J. J.
A bbott, the cashier, said today to T he C ommercial W est :
“ It is not the policy of our bank to do anything that may
seem to its em ployes like a bribe to do good w ork. But
it is the purpose to m ake em ployes feel well satisfied with the
conditions of their employment, and to become personally
attached to the institution for which they work. A ll our
employes are treated like gentlem en, are well paid for their
w ork, and have gentlem en’s hours to w ork in. N o petty
surveillance is exercised over them, and if any one is known
to sm oke a cigar or take an occasional drink after w orking
hours it is not counted to his discredit. If an employe is in
com petent we are quick to discharge him, but if we find him
com petent we try to m ake conditions such that he will like
to stay with us. In consequence of this policy our entire
force is true and tried; and it may be truthfully said that
few die and none resign. T here is hardly any one in the
bank who has not been with us for three years. In giving
its em ployes a chance last summer to acquire the bank’s
stock at a low figure, our institution was carryin g out its
general policy to prom ote loyalty by rational means.”
the owner of one-third, and to have the conveyance to Mr.
Thiem an declared void.
*
*
*
1 he supreme court of N ebraska has given a decision in
favor of the O m aha N ational bank in the case wherein the
state of N ebraska sued for the recovery of $210,000, the’
*
♦
*
proceeds of a w arrant presented by ex-State Treasurer Jo
D es M oines will have another state bank, if the present seph S. Bartley. It was the cashing of this w arrant that
effort to organize one is successful. T hose interested are. caused ex-T reasurer B artley’s conviction of embezzlement
said to be John Carey, form erly in the banking business at and sentence to twenty years in the penitentiary. T he O m a
M adrid, la ., now a stockholder in the M arquardt Savings ha N ational bank was a state depository, and the $210,000
bank of D es M oines; and E. R. Clapp. „The new bank is to was deposited to the credit of the state sinking fund. As
have a capital stock of $100,000.
such the state contended that it was not subject to the order
*
*
*
of the treasurer, and the warrant he presented was in the
R. E. W allace, state exam iner for N orth D akota, in his ■ same ca tego ry as a forged check. The court holds differ
report of the condition of the 177 state banks, says the total ently.
*
*
*
resources am ount to $15,253,081; loans and discounts, $8,883,343; individual deposits subject to check, $8,130,109; time
M ichael Snyder, doing business under the title of the
certificates of deposit, $4,141,888. T he capital stock paid in Citizens’ bank, Grinned, la., has filed a petition in volun
amounts to $1,925,830 and the surplus fund is $229,535. The tary bankruptcy in the federal court. Mr. Snyder schedules
undivided profits reach a total of $517,899.
his liabilities at $12,000, claim ing his assets amount to more
*
*
*
than $50,000. I he Snyder bank at Grinned was once a strong
The; receiver for the M erchants N ational bank of Helena financial institution, but in recent years has been doing rath
has made the final payment to creditors of the bank. It was er an unim portant business. O f the liabilities, $10,298 is
11 per cent, m aking a total of 66 per cent paid. T he liabili ow ing to depositors; $1,500 to the Continental National
ties of the bank at the time it suspended on Feb. 12, i 897_, bank of C h icago; $500 to the M erchants’ National bank of
were $1,220,624. E ugene T. W ilson took charge of the trust Grinned. Snyder began business years ago, with a fortune
as a bank exam iner on Feb. 16, four days after the bank had of not less than $75,000. In his declining years loss
closed its doors. H e was made tem porary receiver by the after loss allowed the property to slip from his grasp.
com ptroller of the treasury on June 2 of the’ same year, and a He recently suffered a heavy loss at the hands of the n otori
ous stock buyer of N ew burg, whose overdrafts Snyder had
few months later was made permanent receiver.
to pay.
*
*
*
F. M. L eet & Co., of Audubon, la ., have bought the
Stuart bank of E xira, thus adding one m ore to thetir line of
Iow a banks. L ee t & Co., composed of F ran k L eet and A smus Boysen, now own and control the German Savings
bank of M anning, the Farm ers bank of Gray, the Com m er
cial bank of Audubon, and the Stuart bank of E xira. J. E.
M cG uire, now cashier of the bank at Gray, will have charge.
*
*
A savings bank in Des M oines has adopted a method
of increasing its savings deposits and the. number of its de
positors which it is thought will be a success. A steel bank,
well constructed and of fine w orkm anship, is lent anyone
who opens a savings account with the bank by m aking a
deposit of one dollar or more. A ll deposits are "given 4 per
ceint interest, credited semi-annually. T he presence of one
of these banks in the home is believed to be an encourage
ment to save.
*
*
*
SOUTH DAKOTA LEGAL RATE 10 PER CENT.
A bid has passed the house, in South D akota, reducing
the contract interest rate from 12 to 10 per cent. Those
favoring the bid asserted that the “ g o in g ” rates throughout
the state do not exceed 10 per cent, and rarely exceed 8
per cent. H ow ever, cattlem en m ight have a different storj
to ted.
A . O. Slaughter Will Retire.
A. O. Slaughter will retire from the brokerage business
in Chicago, Feb. 1. H e has already sold his membership
on the N ew Y o r k Stock E xch an ge and it has been posted
for transfer to L ew is A . Sondheim. T he business will be
continued under the firm name of A . O. Slaughter, Jr., &
Co., with A rth u r O. Slaughter, Jr., H en ry B. Slaughter and
F ran k W . Thom as as the partners. Mr. Slaughter, Sr., re
tires altogether, not retaining even a silent partner’s interest.
FIis retirement takes out of the business the oldest broker in
Chicago.
In St. Paul, Charles I. M cC arth y has begun a suit against
the Capitol bank, J. G. D onnelly and J. F. Thiem an, to settle
a controversy over land. T he plaintiff says that in 1884 M c
C arthy & D on nelly and J. J. M cC ardy bought St. Paul land
in the name of Mr. M cC ardy until 1897, when it was placed
The new firm will succeed to a large business on the
in the name of Mr. D onnelly. Mr. D onnelly turned the land N ew Y o r k exchange and the B oard of Trade. Mr. Slaughover to John Thiem an, of M ilw aukee, w ithout consideration t e i, Jr., has been a member o f the N ew Y o r k exchange
and without the consent of the others in the deal. Mr. for three or four years. Mr. Thom as has been the m anager
Thiem an put the land into the hands of the bank to be sold. of the business for several years, and H.. B. Slaugh ter has
Mr. M cC arth y sues for an accounting, for judgm ent that is represented the firm on the B oard of Trade.
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Federal Reserve Bank of St. Louis
T H E C O M M E R C IA L W E S T .
20
Saturday, January 24, 1903.
E. J. P A R K E R O N THE FOW LER BILL.
(Special Correspondence to The Com m ercial W e s t.)
Q uincy, 111., Jan. 20.— M r. E. J. Parker, vice-president
for Illinois of the A m erican B an k ers’ association, has given
out the follow ing statem ent in regard to the new F ow ler
bill (H . R. 16228) which the house committee on banking
and currency recently reported out:
“ W e can secure only one thin g at a time, and it should
be in the direction of m eeting our permanent, rather than
tem porary, needs. Secretary Shaw took the first step to
wards asset currency, and, for that matter, em ergency cir
culation, when he accepted miscellaneous bonds to secure
government deposits. This bill is the second step in recog
nition of the principle of asset currency and em ergency
circulation. T o m y mind, it is a lon g step in the right di
rection.
“ If I understand the bill reported out, the proposed bank
issues, which, with the present national banking capital,
could be increased over $150,000,000, are:
“ T o be protected by a sufficient ta x on the circulation,
and a further extraordin ary tax to be imposed to constitute
a guaranty fund;
“ T o be a first lien upon the respective assets of banks
issuing the notes. (This provision for a first lien practically
means a governm ent guaranty of notes) ;
“ T o be redeemed in gold and received by the go vern
ment, except in payment of custom duties.
“ A further im portant principle is introduced, nam ely:
T he enforced redemption (in gold) in three redemption dis
tricts; notes circulated outside of the redemption districts
to be returned to the bank issuing them, or to its chosen
correspondent at the redeem ing centers for redem ption or
payment in gold.
“ The objectors to an em ergency circulation use the a rg u
ment that we need a permanent, larger and m ore elastic
banking currency, which (as it is alleged) would make an
em ergency, o r panic, currency quite unnecessary.
"In this connection and at this point, I m ight say:
W hile, before the civil war, we had some w ild-cat currency,
we had, at that time, some wild-cat banks— the two go to
gether. W ith stringent national and state banking laws,
such conditions are now impossible, and are a thing of the
past.
“ W e also had, before the civil war, m any state banks,
whose issues were always good; as well as the issues of
New England banks, which were redeem ed through the
Suffolk bank, of Boston.
“ If this bill is passed by congress, and the demand issues
of the governm ent are ultim ately retired, we may, in time,
secure an adequate and perfectly safe currency (redeem able
in gold), with enforced and frequent redemption.
“ W hether, in time, the ten per cent w ar tax will be re
pealed, so that state banks, as well as national banks, will
be allow ed to issue a well-secured asset currency, remains
to be seen.
“ It is a distinct gain for congress to get beyond the idea
that United States bonds (now only about $900,000,000) are
to be the one and only basis for the security of our bank
note circulation.
“ The greater grow th in deposits and business is towards
state banks and trust companies. T here is w ork enough
before us, to retire the demand issues of the governm ent,
and to do away with the sub-treasury system .”
C O N G R E S S T O C O N S I D E R THE FOW LER BILL.
(Special Correspondence to T he Com m ercial W e s t.)
W ashington, D. C., Jan. 21.— T he H ouse Com m ittee on
Rules has agreed that a day shall be assigned for considera
tion of the currency bill known as the amended F o w ler bill.
Its principal feature is the granting of power to national
banks to take out and issue notes to the amount of 25 per
cent of their capital against the assets in their own vaults;
that is, w ithout depositing security therefor in the treasury.
T h e bill provides, how ever, that before receiving such notes
Chicago Banks and Circulation,
(Special Correspondence to T he C om m ercial W e s t.)
Chicago, Jan. 20.— The C hicago banks have received a
circular from Secretary Shaw that substitutes municipal and
state bonds for governm ent bonds as security for United
States deposits last fall, asking the resubstitution of the
governm ent bonds before the first of A ugust.
T his order practically means that the new circulation
that was taken out with these released governm ent bonds
as a basis will have to be retired, as it will be practically
impossible to replace the bonds w ithout running the price
to so high a point that there would be no m oney in the
circulation. A few bonds could probably be borrowed, but
the banks found last fall, when they tried to borrow govern
ment bonds to take out new circulation, that the m arket was
p ractically cleared up.
T he F irst N ational here has already sent in its applica
tion to have $500,000 of its circulation retired in July. This
is the amount it took out last fall on bonds that had been
pledged to secure governm ent deposits, and were released on
the condition that they would secure new bank notes.
In case all the new circulation that was taken out under
this plan is retired the am ount of the contraction will be
about $17,000,000. It cannot be retired, how ever, ifaster than
$3,000,000 a month. T he municipal bonds held by the treas
ury department, accordin g to a statement issued recently
by T reasurer R oberts, approxim ate $20,500,000. O f this
amount $7,200,000 are New Y o r k C ity bonds, $5,840,000 State
of M assachusetts securities and $1,049,000 bonds of the City
of St. Louis.
from the com ptroller, the bank shall deposit cash in the
treasury equal to 5 per cent thereof, to form part of a com
mon guaranty fund for all notes so taken out and issued.
Such notes are to be a first lien on the assets of the issuing
bank, and in the event of the failure of any national bank,
its notes issued under the provisions of this act shall be
paid at the treasury out of the guarantee fund, and the treas
ury shall recover from the assets of the failed bank an
amount equal to its outstanding notes and pay the same into
the guaranty fund.
W in n ip e g .........................
188,370,003
H a l i f a x ...................................
87,559,418
H am ilton .........................
45,672,053
St. J o h n ............................
41,507,196
V a n c o u v e r ........................
55,225,765
V i c t o r i a .............................
28,551,296
Q uebec ..........................
71,430,958
O ttaw a ..............................
95,409,130
L o n d o n ...................................
23,097,539
$2,536,981,284
134,199,483106,956,79
88,533,96577,276,420
42,439,108 40,240,919
39,381,89735,493,952
47,103,318 45,459,722
31,791,374 31,964,282
49,912,897 N o t estab l-hed
28,827,774 N o t estab l’hed
N o t estab l’hed N o t estab l’hed
$1,980,164,135
$1,572,357,606
Western Bond Issues.
Verndale, Minn.— The village will sell $7,000 of lighting
bonds on the 24th.
Dillon, Mont.— A special election will be called to vote on
issuing $65,000 of waterworks bonds.
Louisville, Neb.— Bonds for the erection of a new high
school building, for $11,000, have been voted.
Beatrice, Neb.— The advisability of issuing bonds for the
purpose of installing an electric light plant is being considered.
Minot, N. D.— A n election w ill be held on Jan. 21, in
school district No. 59, near Donnybrook, for the purpose of
voting bonds to build a new school house.
Fergus Falls, Minn.— The citv council decided to call a
special election for the purpose of voting on the question of
refunding the city’s permanent improvement bonds.
Pony, Neb.— T he $20,000 of water works bonds lately
advertised by the city council have not been sold yet, though
a couple of bids for them were received and rejected by the
council.
Canadian Bank Clearings.
Bond Awards.
(Special Correspondence to T he Com m ercial W e s t.)
The $20,000 L os A ngeles, California, 5 per cent 10^2
year average school bonds were awarded to I. W . Springer
& Co., Pasadena, at 106.379.
Parson, L each & Co. have secured the award of $28,000,000, 30 year 5 per cent gold bonds of the city of H avana,
payable ip A m erican gold at New York;,
W innipeg, Jan. 20.— B ank clearings for the principal cities
of Canada for the last three years, are shown herewith—
W innipe'g has third place:
1902.
M ontreal
............ ,...$ 1 ,0 9 4 ,4 7 6 ,7 9 6
Toronto ................. ............ 805,881,130
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1901.
$895,612,398
022,361,924
1900.
$721,335,891
513,629,628
T H E C O M M E R C IA L W E ST .
Saturday, January 24, 1903.
21
The Continental National Bank of Chicago.
Capital and Surplus,
Deposits, -
-
$4,000,000.00
42,000,000.00
Solicits Accounts, Assuring Liberal Accommodations and Courteous Treatment.
A GENERAL FOREIGN EXCHANGE BUSINESS TRANSACTED.
Travelers’ Circular Letters of Credit issued Available in all parts of the world.
JOHN C. B LACK , President.
GEO RG E M. R EYN O LD S, Vice President,
N- E. BARKER, Vice President.
IR A P. BOWEN, Assistant Cashier.
BEN JAM IN S. MAYER, Assistant Cashier.
W IL L IA M W. H IL L , Secretary.
T he M erchants’ Loan & T rust Company,
A D A M S A N D CLARK STREET, CHICAGO.
E S T A B L IS H E D 1857.
O L D E S T B A N K IN C H IC A G O ,
C a p i t a l and S u r p l u s , $ 3 , 9 0 0 , 0 0 0 ; D e p o s i t s , $ 3 4 , 0 0 0 , 0 0 0 .
H IG H G R A DE B O N D S ,
F O R E IG N E X C H A N G E .
TRUSTS.
S A V IN G S .
SAFE D E P O S IT V A ULTS.
DIRECTORS.
O FFICER S.
Ma r sh a ll F ie l d ,
Albert K eep,
A . II. B u r l e y ,
E l ia s T . W a t k in s
E nos M. B a r t o n ,
E. D. H u lbe r t
C y r u s H . M c C o r m ic k ,
L am bert T ree,
E r s k i n e M. P h e l p s ,
Moses J . W e n t w o r t h ,
E. H. G a r y ,
O r s o n S m it h .
O r s o n S m it h , President.
E. D. H u l b e r t , Vice-President.
J. G. O r c h a r d Cashier.
F . N. W i l d e r , Assistant Cashier.
F. G. N e l s o n , Assistant Cashier.
P. C. P e t e r s o n , Assistant Cashier.
L e o n L . L o e h r , Sec’y Trust Dept.
J oh n E. B l u n t , J r ., Manager Bond Dept
Mercantile Trust Company,
S T . L .O U IS .
CAPITAL, $3,000,000.
SURPLUS, $6,500,000.
NEW YORK LETTBR.
(Special Correspondence to T he Com m ercial W e s t.)
N ew Y o r k Jan. 20.— W hile sentiment in W all Street fav
ored the buying side during the greater part of the past
week, the security m arket for the most part was dull. T here
seemed to be a general disposition to wait for som ething
to turn up. J he bank statem ent has been one of the best
that has been published for months, but it had been quite
gen erally discounted before it made its appearance, conse
quently it did not have the effect of creating much bullish
enthusiasm. W hile the apathy continued oppressive in the
follow ing sessions, a fair degree of steadiness was noted
until the treasury department at W ashington sent out a re
quest to the national banks to replace with governm ent
bonds those state and municipal bonds which they had been
permitted to substitute for governm ent bonds as security
for governm ent deposits in the m onetary stringency of last
autumn. A t first the influence on speculation was mild, but
the im pression was gradually forced that this action of the
treasury department would result in a curtailm ent of nation
al hank note circulation, 'th is belief increased the selling
pressure and hear dem onstrations were added to the liquida
tion of holders who had become tired out by the n arrow
ness of the m arket during the last few’ days. D eclines of one
point or over were scored in St. Paul, Atchison, R ock
Island, Erie, Reading, Baltim ore & O hio, Louisville
&
N ashville, Canadian Pacific, Union Pacific and a few others.
I'lie industrial list suffered reactions, but in a sm aller de
gree, Colorado Fuel and Iron being an exception, falling
over three points. T he new developments in the Venezuelan
con troversy was also taken, in some circles, as a bearish
factor, and added some momentum to the downward course
of prices in the late dealings.
In the great mass of talk which was indulged in again
concerning the Erie railway control, it was m erely fair to
assume that there must he some little truth, especially as it
w’as freely adm itted that within a fortnight inside banking
interests have bought freely to get the control of the road
better in hand. T here is no reason to disbelieve either that
the builders of the vastly enlarged R o ck Island system
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE PLYMOUTH CLOTHING HOUSE
Established 1882.
H. J. B u r t o n , Pres.
H. L . T u c k e r , V-Pres.
W H O LE SA LE
Capital, $300,000.
E. A. D r e w , Treas.
W. C. B u r t o n , Sec’y.
M A N U FA CTU R ER S OF
FURS AND CLOTHING.
JO BBERS AND R E T A IL E R S OF
Men’s Clothing,
Furs,
Boys’ Clothing,
Shoes,
Hats and Caps,
Trunks and Bags,
Shirts,
Cloaks and Wraps,
Furnishings,
Millinery.
“ Plymouth Corner,” Sixth and Nicollet,
Minneapolis.
Transacts a General Trust, Financial
and Real Estate Business.
Income Allowed on Daily Balances.
Accounts of Banks and Bankers In
vited.
should desire to buy any possible outlet to the A tlan tic, in
asmuch as it now practically reaches M exico and the Pacific,
and should be w’illing to pay a price based on more than
the present earnings— a price based on its increase in value
by becom ing a link in the buyers’ own system. There is no
doubt in general opinion that the Gould interest would like
to buy the Erie and would pay w'ell for it; in fact, there is
some ground to suppose that an attem pt w'as made to buy
the property and failed. If control could not be sold to the
Gould party, it is hardly to he supposed that the R ock Is
land could succeed in a similar attempt. T he Pennsylvania
railroad and the V anderbilt lines have jealously guarded all
the trunk line outlets and for the last four years they have
bought up all lines of this nature that they could. In fact,
one reason why the R eading was bought at this particular
time was that an extension from H arrisb urg to Pittsburg
would give a seaboard outlet for the Gould system. H avin g
expended many hundred millions of dollars in securing all
possible outlets, to allow a foreign corporation to secure
the Erie would defeat the entire com m unity of ownership
plan, so far as it concerns the trunk lines. It is natural to
suppose that if the Erie was ever relinquished, as the outlet
for the Northern Securities C o .’s system, it would be in
favor of the Pennsylvania railroad-Vanderbilt alliance. A
more extended com m unity of ownership is, of course, possi
ble, and new traffic alliances, with arrangem ents highly fav
orable to the R ock Island, is at no time improbable.
T here was undoubtedly a wide distribution of R ock
Island, and the stock acted as though the pool was to allow
it to drift with the m arket for the time being. There is still
a prejudice against the stock because it was issued to the
old stockholders w ithout a cash consideration, and may he
said to represent only the earning power of the company
above the interest and dividends on the preferred stock. The
earning power of a security, how ever, is the principal point
in regard to it, and there is every reason to believe that the
com pany is earning in excess of 6 per cent on R o ck Island
common. This would make the price seem low at the first
glance, but the fact that the com pany has been expanding
T H E C O M M E R C IA L W E S T .
22
C H IC A G O B A N K ST O C K Q U O T A T IO N S.
A.
J. W H I P P L E
&
CO
Members Chicago Stock Exchange.
STOCK
Minnesota Title Ins.&TrustCo.
MINNEAPOLIS, MINN.
Capital, $250,000
B RO K ER S.
Guaranty Fund, $100,000
Th* oldest Title and Trust company west of Philadelphia.
CHI CAGO
»rivate Wires to all Principal Exchanges,
flaln Floor New York Life Building.
Saturday, January 24, 1903.
Deposits,
Loans,
Trusts,
J. ü . Barnes, Pres.
Abstracts,
Title
and
Fire
Insurance.
W . S. Jenkins, Sec’ y and Treas.
Long Distance Telephone. Central 1031.
Orders by wire in grain and sto ck s promptly executed.
Book V .
A m erican T ru st . . . . . . .
156
B ankers’ N a t i o n a l ------ 144
Central T ru st . . . . . . . . .
127
Chicago C ity . — . . . . . .
150
Chicago N ational ......... 227
102
Chicago Savings ...........
Com m ercial N a t i o n a l.. 175
Colonial T ru st ..................
127
Continental N a t i o n a l.. 158
Corn E x c h a n g e ..................
186
D rovers’ D eposit N a t . . 230
Federal T rust , ...............
128
F ir s t N atio n al ...............
179
F irst N ational B ank of
Englew ood ....................
168
F ort Dearborn ..................
124
Illinois T ru st . . . . . . . . .
247
M etropolitan T , & S . . .
125
M erchants’ L . & T . Co. 204
M ilw aukee A v e . S ta te. 164
N a t. B a n k of N o. A m . 129
N at. B ank R e p u b lic ...
140
Nat.. L ive S to c k ................
232
N orthern T r u s t .............
240
Oakland N a t i o n a l .........
184
Prairie S t a t e . . . ................
144
R oyal T ru st ...................
173
State B ank of Chicago 133
U nion T ru st .......................
130
112
W e ste rn State ..................
South Chicago Savings
...
D iv. R.
6
6
‘8
*12
Ü
"8
12
8
Ì2
BARNES BROTHERS,
nVnVcicrn
.Tnn
cLIl. 91
61, 19 03 .
u
u r a g u , cJ
Asked.
L . Sale. Bid.
203
198
200
172
167
170
127
1251/2
125
172
160
165
416
410
415
150
150
375
360
380
195
270
260
260
440
430
430
200
150
145
142
142
408
403
405
6
6
12
6
12
6
125
145
719
108
415
117
150
170
330
’è
*12
8
6
6
6
6
iso
130
156
’i
Ì26
150
150
715
Investment Bankers
O n eid a B u ild in g ,
Secured upon improved farms and city property
— $1,750,000.00 net our investors 6 per cent interest.
Correspondence solicited from
BORROWERS AND INVESTORS.
i58
725
110
112
410
115
149
174
320
500
150
135
155
250
165
128
107
422
125
151
180
330
510
165
145
160
265
TUB CLIPPER CLIP.
Its triangular shape prevents entangling and
gives three times the capacity of any other Clip for
attaching papers together.
Best and Cheapest.
C L IP P E R M F G . C O .
All Stationers.
NEW YOR K.
Brass or Steel.
Per free samples and information write to ns
Ü2
112
CENTRAL TRUST COMPANY OF ILLINOIS
Dearborn and Monroe Streets,
■
-
-
Union National Bank
OF GRAND FORKS, N. D.
C a p it a l, $ 1 0 0 ,0 0 0 .0 0 .
David H. Beecher, Pres. Chas. F. Sims, V-Pres.
Sidney Clarke, Cashier.
CHICAGO.
C A P IT A L ,
SURPLUS,
Send us your North Dakota items.
$ 4 ,0 0 0 ,0 0 0 .
1 ,0 0 0 ,0 0 0 .
OFFICERS: Gliarles G. Dawes, President: Irvin g Osborne. Vice-President;
A. Uhrlaub, Vice-President; W illiam It. Dawes, Cashier; Charles T. W egner, A s
sistant Cashier; Law rence 0 . M urray, Secretary and Trust Officer; Malcolm
M cD ow ell, Assistant Secretary; M ax Pam , General Counsel.
DIRECTORS: A. J. E a ilin g, Max Pam, Charles T. Boynton, C harles D eering,
P. A. V alen tin e, Prank O. Lowden, H arry Rubens, Graem e Stewart, Thomas R.
Lyon, A lexander IT. R evell, C h arles G. Dawes.
BANKING, SAVING S AND TRU ST DEPARTMENTS.
in a period of very high cost for all railw ay properties should
cause a feeling of conservatism .
*
*
F o r several days back there has been a very notable
borrow ing demand for A tchison common. A rb itra ge houses
were the borrow ers and borrow ed the stock on time, gen
erally for fifteen days at about the m oney rate. T he total
borrowed is estimated at betw een 60,000 and 80,000 shares.
It is a question w hether this represents the lon g stock sold
from London to be delivered on arrival and borrow ed on
time to avoid a possible squeeze or whether it is a part of
an operation at home to m ake the stock appear scarce.
*
*
*
' T h e buying of the debenture stocks of the C hicago Great
W estern roads was one of the salient features of the week,
and while the leading interests in the property say that the
story that the St. Paul has secured a controlling interest in
the road by the purchase of the “ A ” and “ B ” _stock is w ith
out authority, yet there is the intim ation that some deal
is pending the nature of which cannot yet be made public.
O ne in a position to know the facts states that he believes
an announcem ent will be made, upon President Oppenheim ’s
return from E urope in a few w eeks, of developments which
will be of great advantage to the Chicago G reat W estern
Stockholders.
*
•
*
*
T h e fact that trading continues purely professional and
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Prompt service assured.
Geo. Q, Erskine, Pres. W m . Anglim. Vice Pres.
J. W . Wheeler, Cashier.
H. R. Robertson, Asst. Cashier.
FIRST NATIONAL BANK,
C R O O K S T O N , M IN N .
Capital.
$75,000.00
Surplus and Undivided Profits. 36,280.38
EUGENE
M. STEVENS.
Commercial Paper, Local Stocks and Bonds, In*
vestment Securities. Correspondence invited.
Guaranty Building,
*
M IN N E A P O L IS .
F IR S T M O R T G A G E B O N D S
-
-
-
Minneapolis.
that the public gives little sign of gettin g back into the
m arket, is not regarded as a serious barrier to an upward
movement, for what m ight be called the speculative public,
the small arm y of m illionaire speculators and their followers,
who have made their fortunes in the past two or three years
is large enough to make a very respectable bull m ovem ent
even in the face of opposition from powerful financiers.
M oreover, it is pointed out that this element is now aided
by the increasing ease in money and will be until gold e x
ports or som ething else turns up to change the outlook.
A t present it is a satisfaction to the bull interests to know
that cash is returning from interior cities and that the g o v
ernment is paying out much more m oney than it is taking in.
*
*
*
T he activity recently displayed in the common stock of
the Corn Products Co. caused considerable inquiry. It is
learned on very high authority that the com pany has been
earning upward of 6 per cent on its common stock, and
that it has concluded to pay a dividend thereon at the e xp ir
ation of its first fiscal year. It is understood that the com
pany has adopted the policy of paying dividends on its com
mon stock at the end of each fiscal year, and at such a rate
as the profits during the year shall warrant.
. .
.
*
*
*
Probable gold exports a little later in the season are b e
ing regarded with equanimity in banking circles, The banks
Saturday, January 24, 1903.
T H E C O M M E R C IA L W E S T .
JO H N H. W R E N N & C O .
MASON, LEWIS & CO,
THE ROOKERY,
BANKERS
B O STO N ,
60 Devonshire Street.
C H IC A G O ,
Monadnock Building.
M U N IC IPAL
RAILROAD
CO RPORATION
23
C H I C A G O .
C H O IC E
IS S U E S
BONDS
22 5 La Salle Street,
Street Railway and G as Com panies
Stocks, Bonds, Grain, Provisions,
Coffee, Cotton.
LIST ON APP LIC ATIO N .
PRIVATE WIRES TO NEW YORK A N D M IN N EAPO LIS.
investment
BONDS
Send for List
OTIS,
WILSON&C«
BANKERS.
182LaSalleSt.
CHICAGO.
Charles Hathaway & Co.
BiUon=Crandall=McGeary Bond and
Stock Co., 421 Olive Street, St. Louis, Mo.
BONDS
U n t ie d
AND
STOCKS
p la t e s P
o
Dealers in
COMMERCIAL PAPER,
l a
n
d
N EGOTIATED.
f c t
W e s t E n d O ffic e :
73rd S t. a n d B r o a d w a y .
NEW YORK.
M ain O ffic e :
55 C e d a r S tr e e t,
^nm pang,
Capital, $2,000,000.
Surplus, $3,000,000
Credits Interest Monthly on Depositors’ Balances.
George W . Young, President.
D IR E C T O R S .
C H A R L E S W. FOLDS,
R E P R E S E N T A T IV E ,
2 0 5 LASALLE S T .
CHI CAGO.
4 5 W a ll S t .
N E W YORK. O F F IC E ,
5 3 S tata S t.
B O S T O N O F F IC E ,
Wm. H. Baldwin, Jr.
Frederick O. Barton,
C. Ledyard Blair,
Dumont Clarke,
C. C. Cuyler,
C. A. Coffin,
Gustav E. Kissel,
Charles D. Dickey,
Luther Kountze,
William P. Dixon,
William B. Leeds,
Robert A . Granniss,
Charlton T. Lewis,
G. G. Haven, Jr.
Charles R. Henderson, Richard A . McCurdy,
Clarence H. Mackay,
W .H .H orine& Co. DEAN BROS. & CO.
(INCORPORATED.)
COMMERCIAL
&
PAPER.
( American and Illinois
Members: ^ Bankers Association.
171 LaSalle Street,
CHICAGO.
Commercial Paper.
M IN N E A P O L IS .
Robert Olyphant,
Charles M. Pratt,
Mortimer L. Schiff,
Eben B. Thomas,
James Timpson,
Cornelius Vanderbilt
George W . Young.
G E R M A N IA BANK
M IN N EA P OLIS.
E s t a b li s h e d 1 8 9 3 .
Cap ital, $ 5 0 , 0 0 0
Surplus and Undivided Profits, $8,000,
O. E. Naegele, Pres., Jno. C. Oswald, 1st V-Pres.
L . Paulle, 2nd V-Pres. Directors—H. J, Dahn
E. W . Naegele, C. G. Laybourn, H. Vogt, Jos
Ingenhutt.
Transacts a General and Safe Bankino Business.
Win. H. HORINE, late National Bank Examirer.
Peoples Trust & Savings Bank
CLINTON, IOWA.
CAPITAL AND SURPLUS,
DEPOSITS,
G A R R E T T E. L AM B, President.
-
$
420,000.00
4,000,000.00
C H A S. F. A L D E N , V ice-Presiden t.
CH AS. B. M IL L S , Cashier
slightest degree of m isunderstanding as negotiations are car
ried on. The financial interests are w illing to help the city
procure municipal ownership, and would gladly lease the
lines from the city provided the term of the lease is not
less than fifty years. T h ey are w illing to expend enorm ous
amounts upon the property provided they are given a suf
ficient length of time to get a satisfactory return for the
money put into the properties— amounts ranging, it is said,
from $25,000,000 to $40,000,000. T h e y will not listen to a
franchise extension of less than thirty-five years, as a shorter
franchise would not w arrant them in putting up sufficient
CHICAGO STOCK MARKET.
funds to com pletely rehabilitate the properties and give
(Special Correspondence to T he Com m ercial W e s t.)
Chicago, III, Jan. 20.— The traction stocks and Am erican C hicago the kind of a traction system it needs so badly.
Can issues w ere the principal features of the local stock m ar One financier who is vitally interested in the plans now
ket during the past week. T he form er were stron g because being w orked out said that the m atter must be settled and
there seems to be a splendid chance for a speedy settlement quickly. N o stone will be left unturned to reach a satisfac
of the franchise matter. Financial interests have been busy to ry settlement at the earliest possible time.
T here was considerable buying of the Can issues and
during the last few days with that end in view, and the
some
enhancem ent of the price, but the buying was of a
buying of the various securities has been due to the belief
that they w ill be successful in their negotiations with the m anipulative character. T h ere have been many reports of
city authorities. It is' said that twelve leading citizens have big earnings and early dividends, but none of these have
been selected to act as a com m ittee o r referee on all points come from a strictly official source. It is known that the
Can business has been good during the past year, but aside
or phases of the situation, so that there may not be the
are gettin g strong in cash, and a few millions of gold could
now be spared easily. It is not believed gold shipments
would have any other effect than to check the downward
tendency in m oney rates. T he prospects seem to be that
the return of cash from the interior will be greater than the
outw ard flow of specie, so that it is possible that with a gold
exp ort m ovem ent on, the banks m ay continue to gain in
cash. T his has actually happened many times during e x
port gold m ovem ents in the past.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
24
T H E C O M M E R C IA L W E ST .
Saturday, January 24, 1903.
WE WILL DISCOUNT
W. B. McKEAND ®. CO.
L U M B E R M A N ’S P A P E R .
THe Rookery, CHICAGO.
COMMERCIAL PAPER.
H ftA llim ra n (U u M ^ U rm g S It a n k Savin£s Accounts Received by Mail
3 PER CENT INTEREST ALLOWED.
C lfin tgn .
Capital $1,500,000.
Surplus and Profits $750,000.
O F F IC E R S :
F . G. BIG ELO W , P r e s i d e n t .
W M . B IG ELO W , V ic e P r e s i d e n t .
FRANK J. K IPP, C a s h i e r .
T . E . CAMP, A s s t . C a s h i e r .
H. G. GO LL, A s s t . C a s h i e r
CAPITAL
S U R P L U S A N D PR O F I T S
First National Bank
$ 2 , OOO, 0 0 0
$1,000,000
U n it e d S ta tes D e p o s i t o r y .
DIRECTORS.
E. M ARINER,
C. F. PFISTER,
GEO. P. M IL LE R ,
W M . BIG ELO W ,
H- C- PAYNE,
F. G. B IG E L O tf,
FRED T. G O LL,
F. VOGEL, J r .,
J. H. VAN D YK E, J r .
MILWAUKEE, WIS,
V E R T IC A L S Y S T E M O F FILING L E T T E R S
A N D ALL O T H E R
LABOR SA V IN G O FF IC E
JO HN A. SC H LEN ER & CO.
"
BANK BURGLARY IN SURANCE.
HOOD 4 PENNEY, Phr L “
*’
General Agents for the Northwest of
THE OCEAN ACCIDENT AND GUARANTEE CORPORATION.
All.losses settled by us. We have never contested a bank burglary loss.
DEVICES.
Commercial Stationers and Office Outfitter*
5 1 6 N ¡c ol le t A v e n u e , M I N N E A P O L I S .
declared a dividend of 10 per cent and increased its surplus
from $10,000 to $12,500.
W arren, Minn.— T he First National bank has declared a
dividend of 7 per cent and set aside $631 with which to pay
taxes for 1902, and $1,250 as a surplus fund.
Northfiehl, N. D .— A state bank has been organized by
D avid FI. Beecher, Grand F o rk s; Geo. E. T ow le, of Park
River, and K a rl J. Farup. Capital, $10,000.
Cedar Rapids, la .— Three men supposed to have robbed
the Chelsea bank of Tam a county a year ago, and murdered
M arshal Smith, have been arrested at F o rt W orth, Texas.
Sac City, la .— lh e F arm ers’ bank has been organized. It
is understood that Shafford & Smith are at the head of it,
and will hold the offices of president and cashier, respectively.
H ill City, S. D .— l h e Hill C ity bank will soon begin
business. D. W . W ebster, cashier; capital, $10,000. T he
bank is an offshoot of Pennington County bank and the
Custer County bank.
fiom this, it is hard to tell how much the com pany can call
clear gain. It is known it has spent large sums concentrat
ing various plants and otherwise strengthening its position,
consequently there are a good many who believe that divi
dend? are not as near at hand as the many reports would
have them. T here was quite a good investment demand
for D iam ond M atch at times, and the price was quite firmly
held around 140. I he Biscuit issues were also fairly firm,
the preferred gaining a little. The B o x Board issues were
very dull, there being little or no disposition to trade in
Virginia^ Minn. - I he Bank of V irgin ia has been succeedthem, in spite of the report that the com pany is doing a very
Tirst N ational bank. O. D. K inney is p resident’
large and satisfactory business. L ack of demand for the Si 1/
vice-president, and B. F. Britts, cashier, while
stock caused T itle and T rust to fall back a point or so. fir f P. VV. Peet is assistant cashier.
th e re was absolutely no news bearing on the stock. Sw ift’s
W inona, M inn.— J. W . Rice has decided to close his p ri
stock rallied about 2 points and there appeared to be a m od
erate request for it, even at the higher level. C hicago Pneu vate bank at Lew iston and has been elected a director on the
matic Tool did not prove attractive to speculators or invest F irst State bank there,, which increases its capital stock
ors. Bonds were quiet and w ithout commendable feature. from $15,000 to $20,000.— W inona Herald.
K asson Minn.— T he F arm e rs’ State bank of K asson is
a new bank. It has been open but a month, yet is doing an
Southeast Minnesota Banks.
excellent business; The officers are: H. W . Brow n, presiThe Citizens’ State Bank of Houston, Minn., will com
dent; A . A. Johnson, vice-president; W . N. Parklnirst, cashmence business on Feb. 1, with a paid up capital of $10,000,
a surplus of $1,000, and the follow ing officers: President,
Rushford. Minn — The First N ational bank com m enced
Theodore W old, cashier, Merchants’ Bank of W inona; vicepresident, J. Q. B rig gs; cashier. W. J. Naylor.
Besides business on the 12th. T he capital is $25,000. T he stock is
Messrs. W old and Briggs, the directors are H. C. Garvin
hLd nlXC US1Ven by sJxteen o{ the f a d in g business men of
and C. I . Olson, of the Bay State M illing Co., of W in o n a ; tins place, each one having been limited to $2,000 of stock
l h e officers are: N. P. Colburn, president; H. W Eldred,
Hon. J. C. Kelly, J. P. Onstad and Thomas Rowland.
The Merchants’ Bank of Winona, in its annual meeting vice-president; N'. C. Carpenter, cashier.
this week, declared its thirty-ninth semi-annual dividend of
xt'T7^ 7 ,e ai?nual m eeting of the stockhold
4 per cent and increased its capital to $50,000, its surplus i n g 1 of fh rSV N t tl? nal bank’ S- L. Frazier, who has been
to $25,000. and undivided profits to $10,000. The bank's net dent C eo W
for over f °
was made vice-presi
earnings for 1902 were over 30 per cent.
dent, Geo. W . Em pey was advanced to cashier, and L D
T razier to assistant cashier. I. H azlett is the president'
This was form erly the W adena County bank.
Among the Banks.
W aterloo, la .— T he First National bank will increase its
capital stock to $300,000.
A lbert L ea , M inn.— T he First National bank has in
stalled a burglar alarm in its vault.
O akes, N. D.— T he: M erchants’ National bank has been
authorized to begin business. Capital, $25,000.
M oorhead, M inn.— T he M oorhead N ational bank has
paid a 10 per cent dividend and added $2,000 to the surplus
fund.
Thief River Falls, M inn.— The First N ational bank has
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A Strong Showing.
The National Bank of North America. Chicago Isaac N
Perry, president, C. O. Austin and Bernard A Eckhart viceS
ecnt7
o 2 d shows
l°r bufloans
ness and
Jl," V
6’ I9° 2' $7,471,510Their statement
ot eD
Dec.
31 °io
1902
discounts,
cash
on hand, $5,130,580; deposits, $10,031,909.
"
’
.years in fact not since the building boom in the
70s, has there been under consideration such widespread
preseCn°tmtfme CnS1Ve ? ^
f° r nCW construction as at the
T H E C O M M E R C IA L W E S T .
Saturday, January 24, 1903.
BANK CLEARINGS.
B radstreet’s.
Compared with
Jan. 16, 1902.
W e e k endingInc.
Dec.
Jan. 15, 1903.
p. c.
p. c.
N ew Y ork .....................
$1,907,568,026
21.5
Chicago .............................................................
178,684,611
4.2
150,281,229
Boston .............................................................
3.7
Philadelphia ..................................................
119,893,374
.9
St. L ouis .........................................................
48,741,443
P ittsbu rgh .......................................................
42,184,432
San F rancisco . ; .........................................
30,783,727
19.5
Baltim ore .........
24,901,845
Cincinnati ........................................................
25,476,550
ii !i
20,775,831
K ansas City ..................................................
Cleveland .........................................................
15,562,557
i 9
M inneapolis ....................................................
13,376,163
N ew Orleans ................................................
20,385,269
8.’ 9
D etroit .............................................................
10,230,540
L o u i s v il le .........................................................
11,943,635
9 .*9
O m aha ...............................................................
7,283,046
M ilw aukee .......................................................
7,970,716
5. i
Providence .......................................................
8,554,000
9.1
B u f f a l o ...............................................................
6,248,947
St. P a u l .............................................................
6,750,732
i 9!9
Indianapolis ....................................................
6,385,797
29.5
L os A n geles ..................................................
6,018,529
38.5
St. Joseph .......................................................
4,976,032
13
D enver ..............................................................
4,728,155
R ichm ond .........................................................
4,746,260
5.5
Colum bus, O h i o ............................................
4,380,600
7.7
Seattle .............................................................
3,750,034
27.6
W a s h i n g t o n ....................................................
4,560,546
37.4
Savannah .........................................................
4,077,345
2.7
M em phis ...........................................................
5,209,646
37.5
4,387,197
A lb an y ..............................................................
o0
Salt L ak e C i t y ..............................................
3,414,144
Portland, O re ..................................................
3,286,081
13.9
3,635,852
Toledo ...............................................................
25.4
F ort W o r t h ........................
3,230,681
44.3
P e o r i a ...................................................
3,227,215
12.3
H a r t f o r d ...........................................................
3,225,810
7.3
R o c h e s t e r .........................................................
2,749,177
12.7
A tla n ta .............................................................
3,632,338
14.3
D es M oines .....................................................
2,077,081
8.1
Spokane ...........................................................
1,996,956
41.0
T a c o m a ..........................................................
2,134,844
68.5
T otals, U . S ............................................... $2,790,811,732
T otals, outside N . Y .................................
883,243,706
D O M IN IO N O F C A N A D A .
M ontreal ...........................................................
$22,139,453
T oronto ...........................................................
16,791,428
W i n n i p e g ..........................................................
3,908,692
H a lifa x .............................................................
1,823,163
O t t a w a ...............................................................
1,965,128
Vancouver, B. C ..........................................
1,058,356
Q u e b e c ...............................................................
1,410,887
H am ilton ...............
1,016,420
724,483
St. John, N . B ................................................
Victoria, B. C ..................................................
821,911
791,927
London, O n t....................................................
T o ta ls ............................................................
$51,659,921
14.6
25.5
12.9
24.7
34.4
14.2
17.5
4.1
28.8
18.9
Minneapolis Securities.
Q uotations furnished by Eugene M . Stevens, Comm ercial
Paper and In v estm en t Securities, 123 South Third street, G uar
an ty building, M inneapolis.
M inneapolis, Jan. 21.
L a st
Bid.
Asked.
Sale.
F irst N ation al B ank ..........................................
182
. 182
185
180
G erm an -A m erican B ank ...................................
125
. 125
140
110
G erm ania B a n k .......................................
. 100
105
105
H ennepin C ounty Savings B a n k ..................
150
. 150
150
M inneapolis T ru st C om pany .........................
135
. 135
Ì4Ó
140
M inn esota T itle Ins. & T ru st Co., pfd , 110
115
M inn esota L oan & T ru st C o m p a n y...........
127
135
127
N ational B a n k of Com m erce ......................
140
, 140
145
145
N orthw estern N ational B ank ....................
195
200
195
St. A n th on y F alls B a n k ...................................... 140
140
150
150
South Side State B a n k .................................. 135
130
Security B a n k of M inn esota .............
. 160
Ì65
160
S w ed ish -A m erica n N ational B ank.
122
122
M inneapolis G as L ig h t Co., consolidated
6’s, 1910-1930 .................................................. [ 112
115
115
M inneapolis General E lectric Co., consol
idated 5’ s 1929 ..............................................
103%
104
M inneapolis B rew ing Co., c om m on .........
97
100
97
M inneapolis B rew ing Co., p r e f e r r e d ....
___
106
M inneapolis B rew ing Co., b on d s...............
110
Ü6
110
M inneapolis Syndicate ...................................
102
105
102
M inneapolis T hreshing M achine C o .........
150
160
160
N orth A m erican Telegraph C o ....................... 7575
80
77
T w in C ity Telephone Co., preferred stock
k ..
105
105
1926 ...........................................................
101
T w in C ity Telephone Co., com m on.
100
St. Paul Securities.
T he follow ing quotations on St. Paul securities are fur nished
by P eabody & Co., brokers, 27 M erch an ts’ N ational bank buildm g, St. Paul.
St. Paul, Jan. 21.
L ast
„
,
Bid.
Asked.
Sale.
Capital B a n k ..................................................
112 K.
111
110
F irst N ational B a n k ....................................................
280
M erchants’ N ational B a n k ............................. 137%
135
N ational G erm an -A m erican B a n k .............
130
i36
130
St. Paul N ational B ank .................................
105
S cand inavian-A m erican B ank ....................
130
i 35
Ì3Ó
Second N ation al B a n k ................................................
215
State B ank ...........................................................
[' '
j qq
Union B ank .........................................................
120
Security T ru st C om pany .................................. . . .
100
St. Paul T itle & T ru st C om pany ($ 5 0 ).............
23%
M innesota T ransfer R ailw ay Com pany,
first 5s, 1916................................
*106
109
106
M innesota T ran sfer R ailw a y Com pany,
first 4s, 1916 ....................................................
95
97
St. Paul Union D epot Com pany, first 6s
1930 ........................................................................ *125
130
St. Paul Union D epot Com pany, con
solidated 5s, 1944.................................................*110
115
St. Paul Union D epot Com pany, con
solidated 4s, 1944............................................ *100
106
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
25
Interstate In v estm en t T ru st Com pany
(lim ited) ............................................................. 136
A m erican L igh t & Traction Com pany,
Com m on ............................................................
42
A m erican L ig h t & T raction Com pany,
Preferred ............................................................
93
St. Paul Gas L ig h t Com pany, 1st 6s,
1916 ........................................................................ *117
St. Paul G as L igh t Com pany, Cons. 6s,
1918 .................................................................... .. *116
St. Paul Gas L igh t Com pany, G en’l
5s, 1944 ...............................................................
*92%
St. Paul C ity R ailw ay Com pany, Cable
5s, 1937 ............................................................. *112
W e s t Publishing Com pany, C o m m on ___
200
W e s t Publishing Com pany, P r e fe r r e d ...
103
St. Paul Fire & M arine Ins. C o m p a n y .. 171
St. Paul T rustee Com pany ..........................
96
Superior W a te r , L ig h t & Pow er C o m
p an y ......................................................................
10
Superior W a te r , L ig h t & Pow er C o m
pany, 1st 4s, 1919.........................................
73
Chicago T ran sfer & Clearing C o m p a n y ..
96
*And intere?'
140
140
42%
42%
95
93
120
117
118
116
94
114
921/4
113
200
ÌÒ5
175
100
iii
75
98
75
96
8
*
St. Louis Securities.
Reported for T h e Commercial W e st by B illo n -C ra n d a ll-M c Geary, 421 Olive Street.
January 19, 1903.
Surplus and
Undivided
B ank Stocks.
Capital.
Profits.
Quotations
Am erican E xchange ..
.$ 500,000 $ 577,292.36 332
334
B o atm en ’s ........................
. 2 , 000,000
1,121,200.15 236
238
Brem en ...............................
.
100,000
258,622.86
335
Fourth N ational ...........
. 1. 000,000
1.076,853.32 347
Franklin .............................
.
600,000
267,025.34 190
Germ an Savings I n s t ..
.
500,000
1,274.351 .19 400
405
Germ an Am erican . . . .
150.000
940,079.99 *975
International ...................
.
200,000
98,721.66 175
195
J e ffe r s o n ..............................
.
200.000
110,005.44
240
L afa y e tte ..........................
100,000
700,142.58 550
M anchester ......................
100,000
25,000.00 135
M echanics N ational ............... . 2,000,000
2, 000,000
2.403,753.77 290
292
M erch an ts-L acled e N a t’ l
. 1,400,000
733,894.62 313
317
N a t’l B ank of C o m m e rc e ... 7.000,000
8,141,772.89 389
391
N orthw estern Saving .
.
200,000
164,622.14
195
South Side B ank ...........
.
200,000
60,128.50 i 40
State N ational .............
2. 000,000
722,094.41 199
200
Southern Com. & Sav. B ank;
100,000
33,422.53 *135
Third N ational ...............
. 2 , 000,000
1,300,963.29 345
345%
T ru st Com panies:
A m erican Central T rust
. 1, 000,000
530,665.18 166
167
Colonial T rust ............................. l'500'000
1,500,000
1,583,327.27 201
202 %
C om m onw ealth T ru st ........... . 1,865,000
3,164,500.00
310
E. St. L . T rust & Sav. B k ..
250,000
287,696.07 *
230
Germ ania T r u s t ............. .......... 1, 000,000
1.076,859.06 229
230
Lincoln T ru st ............................., 2,000,000
2 , 000.000
1,676,339.76 260
261
M ercantile T rust ...................... 3,000,000
3.000,000
6,787.609.94 417
419
M issouri T rust .......................... 2,000,000
2, 000,000
347,533.11 128
129
M iss. V alle y T rust ................... 3,000,000
4,643,941.47 465
468
St. Louis U nion T r u s t . . . .
5.000.000
4,187,116.30 375
377
T itle G uaranty T r u s t...........
1,500,000
826,597.19 *98
101
H am ilton T rust ......................
500,000
*110
Street R ailw ay Stocks.
Capital.
Q uotations.
St. Louis & S u b u r b a n .........
71
E a st St. Louis & Suburban
. . 5,000,000
56
60
St. Louis T ransit Co. issued $17,264,300 . .24,000,000
28%
29
6,598,000.. . . 20, 000,000
80%
80%
Canadion Bank of Commerce Report.
A cco rdin g to the directors’ report, 1902 was a prosperous
year with the Canadian Bank of Com m erce, T oronto. The
thirty-sixth annual m eeting of the shareholders was held
on the 13th, at which the directors gave the follow in g re
port :
T he directors beg to present to the shareholders the thirty??,ao . annual reP °rt- covering the year ending N ovem ber 30th,
1902, together w ith the usual statem en t of assets and liabilities:
I he balance at credit of profit and loss account,
brought forw ard from last year, w a s ........................ $ 251,047 84
The net profit of the year ending N ovem ber 30th,
afte r providing for all bad and doubtful debts,
am ounted to .............................................................................. 1,028,509.76
™
, ,
$1,279,557.60
W hich w as appropriated as follow s:
Dividends N os. 70 and 71, at seven per cent, per
a n n u m . ......................................................................................... $ 560,000.00
Transferred to pension fu n d ....................................................
15,000.00
Expenditure on bank prem ises, charged to profit
and loss account ...................................................................
51 736 53
Transferred to rest accou n t.................................................. ’ ’
500 000 00
Balance carried forw ard ..............................................................
152’ 82L07
$1,279,557.60
T he report says:
'T h e profits of the bank have continued to be quite sat
isfactory, and, after providing for an expenditure of $51,736.53 upon bank premises, we have been able to add to
the rest the sum of $500,000.
"D u rin g the year the bank has opened new branches as
fo llo w s: In Ontario, at W ia rto n ; in Manitoba, at Carman,
Dauphin, E lgin, Gilbert Plains, Grandview, Neepawa, Swan
River and Treherne; inBritish Columbia, at Ladysm ithand in the N orthw est T erritories, at Calgary, Edm onton’
Medicine H at, and M oosom in. A branch is at the moment
being opened at Sydney, N ova Scotia. The branch at Rossland, B. C., taken over from the Bank of British Columbia,
has been dosed.
“ The various branches, agencies and departments of the
bank have been inspected during the year.”
California.
The Chicago Great Western Ry. offers the choice of three
through tourist cars via different routes making fast time and
having every comfort. A sk for booklet about them
T H E C O M M E R C IA L W E S T .
2Ô
Saturday, January 24, 1903.
Gash Capital One Million Dollars.
STATE BANK OF CHICAGO.
General Banking, Savings, Letters of Credit ’
Investment Bonds, Foreign Exchange Trusts
ESTABLISHED 1879.
OFFICERS: H. A. HAL GAN, Pres. JOHN H. D W IG H T , Vice-Pres.
JOHN R. LINDGREN, Cash. PRANK I. PACKARD, Ass’ t Cash.
HENRY S. HENSCHEN, Ass’t Cash. SAM UEL E. KNECHT, Sec.
Interest Allowed on Deposits.
Are frequent. The porch climber is alert.
D u r g l d n e s » o•
$2.50 Rents a Private Safe one year
Where your Diamonds and all Valuables are beyond his reach.
G U A R A N T Y SA F E DEPOSIT V A U L T S ,
B a s e m e n t G u a r a n t y B u i l d i n g ', M i n n e a p o l i s .
RAILROAD EARNINGS.
Earnings Second Week January.
1903.
1902.
Buffalo, R ochester & P ittsbu rg:
2d w eek J a n ..
$118,312
$108,052
F rom July 1 . .
3,945,264
3,576,753
Canadian Pacific:
2d w eek J a n ..
$743,000
$627,000
From July ! . .
24,006,757
21,121,549
Chicago, Indianapolis & L ouisville:
2d w eek J a n ..
$71,335
$76,241
F rom July 1 . .
2,680,920
2,506,720
Chicago T erm inal T ran sfer:
2d w eek J a n ..
$30,609
$30,175
From July 1 ..
938,861
866,958
Toledo, St. Louis & W e ste rn :
$46,617
2d w eek J a n ..
$54,710
From Jan. 1 ..
110,929
D enver & R io Grande:
$321,700
2d w eek J a n ..
$299,500
631,400
From July 1 . .
9,685,400
N orfolk & W e ste rn :
$326,835
2d w eek J a n ..
$344,986
9,210,488
From July 1 . .
10,625,786
N ational R . R . of M exico:
$139,729
2d w eek J a n ..
$178,038
272,885
F rom Jan. 1 ..
322,679
Rio Grande Southern:
$10,108
2d w eek J a n ..
$9,247
319,038
F rom July 1 . .
32,468
Toledo & Ohio Central:
$55,710
2d w eek J a n ..
$50,931
1,589,989
From July 1 . .
1,712,204
T exas & Pacific:
$243,304
$246,214
2d w eek J a n ..
469,990
439,110
F rom Jan. 1 ..
W ab ash :
$382,577
$356,297
2d w eek J a n ..
10,669,273
11,562,188
From July 1.
T w in C ity Rapid T ran sit:
2d w eek J a n ..
$69,522
$60,911
From Jan. 1 ..
139,289
124,242
D etroit Southern:
2d w eek J a n ..
$25,532
$25,264
F rom July 1 . .
748,958
692,650
Evansville & Terre H a u te :
2d w eek J a n ..
$19,013
$18,303
F rom July 1 . .
935,132
816,644
Evansville & Indianapolis:
2d w eek J a n ..
$5,925
$7,095
F rom July 1 . .
223,566
188,724
K an aw h a & M ichigan:
2d w eek J a n ..
$19,621
$21,232
F rom July 1 . .
551,987
581,707
L ouisville & N ash v ille:
2d w eek J a n ..
$650,965
$624,685
From July 1 ..
18,726,460
16,377,722
M issouri Pacific:
2d w eek J a n ..
$686,000
$616,000
From July 1 ..
1,291,480
1,158,304
Central B ranch:
2d w eek J a n ..
$20,000
$14,000
F rom July 1 ..
36,016
27,487
M issouri, K an sa s & T e x a s:
2d w eek J a n ..
$311,750
$301,942
F rom July 1 . .
9,863,000
9,534,313
Inc.
Changes------Dec.
$10,260
368,511
T otal
$116,000
2,885,208
$4,90t
$173,200
$434
71,903
$8,093
$22,200
SUPERIOR’S GREAT COMMERCE.
$18,151
1,415,298
(Special Correspondence to T he Com m ercial W e s t .)
$38,309
49,812
$861
$4,430
$4,779
$122,215
$2,910
$30,880
$26,280
$892,915
$7,611
15,047
$268
56,308
$710
118,488
$1,170
$34,842
$1.611
29,720
1895 .......................................................................... 3,362,514
1897
$70,000
133,176
$6,000
8,529
W est Superior, W is., Jan. 20.— T he port of Superior han
dled 9,041,920 tons of freight in 1902. T his puts Superior
ahead of Chicago with 8,772,905 tonnage for the year. N o
figures have yet been given out from Duluth.
Cleveland and M ilw aukee and Buffalo still lead by a nar
row m argin, the form er with 9,097,468 tons, Buffalo with
9,727,364, and M ilw aukee with 9,097,468.
Business of port of Superior since establishment of the
customs house has been as follow s:
Tons.
1883 ...................................................................
15,730
1884 ....................................................................
86,423
1885 .......................
213,127
1886 .................................................................... 200,724
1887 .................................................................... 346,794
1888,.................................................................... 730,942
1889 .................................................................... 889,408
1890 .....................................................................1,083,938
1891 ................................................................ 1.676,755
18 9 2
.............................................................2,050,319
1893 .................................................................... 2,429,801
18 9 4
....................................................... ...2,596,514
1896 .....................................................................3U37,5i 4
$26,280
2,348,738
...........
$9,80S
328,685
Railway Improvements.
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
................................................................................................. $389,000,000
In arrivin g at these figures it has not been possible to
estimate closely in all cases, nor will all the m oney be
expended during the current year, but a ggreg atin g the re
ports of amounts to be expended for construction either
under way or to be commenced in the spring and adding
available known figures for replacing equipment and m aking
betterments to existing right of way, such as reducing
grades, straightening lines, etc., it is probable that the total
is under the actual am ount now planned.
$54,000
W all Street Journal: F our hundred millions of dollars
represents approxim ately the amount of expenditures for
new construction, im provem ents in eqnipment and better
ments generally now either contracted for or determined
upon by the railroads of the U nited States and Canada. The
distribution of this sum is substantially as follow s:
A t c h i s o n .........‘.....................
St. L . & San Francisco.
R ock Island ........................
Chicago Great AVestern
G reat N orthern .............
N orthern P a c i f i c .............
Union Pacific ....................
Southern Pacific ...........
St. Paul ..............................
N orthw estern ...................
D enver & Rio Grande .
Burlington ..........................
M issouri P a c i f i c ...............
a b a sh .................................
forWFRASER
30,000,000
P e n n s y lv a n ia .......................
N . Y . C. & V a n d e rb ilts.................................................................
20,000,000
Baltim ore & Ohio ............................................................................
10,000,000
Southw estern lines ..........................................................................
10,000,000
Central lines .......................................................................................
5,000,000
Southern R ailw ay ............................................................................
7,000,000
M iscel. Southern lines .................................................................... 15,000,000
Canadian lines ................................................................................... 160,000,000
$10. 000,000
10,000,000
8,000,000
20. 000.000
10.000.000
12. 000.000
10 , 000,000
10 . 000.000
3.000.
5.000.
1. 000.
5.000.
8.000. 000
20 , 000,000
..................................................................... 3 75 4 ,5 0 6
18 9 8
.............................................................4-194,443
1899 .....................
4,837,812
1900 .................................................................... 5.139,240
1901 .....................................................................6,775,550
1902 .................................................................... 9,041,920
Bond Sale of the Village of Detroit, Minn.
T he follow ing bids w ere opened at a special m eeting of the
village council held January 12, a t D etroit, M inn:
$14,000.00 bonds, 5 per cent, 15 years, interest payable se m i
annually.
Chas. H . Coffin. Chicago, 111............................................................$14,141.00
S. A . K ean, Chicago, 111...........................................................
14,477.40
J. S. M cE w en, M inneapolis, M in n ....................................... ....
101.11
Otis, W ilso n & Co., Chicago, 111.................................................. 14,286.90
W e il, R oth & Co., Cincinnati, 0 ................................................ 14,630.00
T row bridge & N iver Co., Chicago, 111....................................... 14,431.75
F . L . Fuller & Co., Cleveland, O ................................................ 14,630.00
John N uveen & Co., Chicago, 111................................................. 14,427.00
J. K . Cum m ings, Detroit, M inn., check 5 per cent, en
closed ...................................................................................................... 14,000.00
F irst St. Bank, D etroit, M inn., check 10 per cent, en
closed ............. ...................................................................................... 14,225.00
D etroit L igh t & Land Co., check 10 per cent, enclosed.. 14,301.50
Bonds aw arded to D etroit L igh t & Land Co. because they
would take them a t once and had deposited certified check w ith
bid.
000
000 T he A m erican Car & Foundry Co. has declared a quarterly
000
dividend of 1 per cent on com m on stock, an increase of % per
000
cent over the last paym ent.
This places the stock on a 4 per
cent basis. T he usual quarterly dividend of 1% Per cent on pre
ferred stock also has been declared.
T h e F a rm L a n d M o v e m e n t.
The follow ing are late farm land transfers, as taken from
official county records. T h ey indicate the value of farm lands
in the respective localities:
M IN N E S O T A .
M orrison County.— S W jJ and
° f se% , 14-128-30,
$5,000; land in 6-41-30, $2,500; se% of se% , 12-41-30, $2,400.
Red L ake County.— N'WJ4 34-154-45, $3,900; e*4 neJ4,
se% , 7-150-42, $3,000; seJ4> 14-150-41, $1,000; nwj4, 12-150-43,
$2,400; w y2 w y2, sec. 26, e L ej^, 27-151-43, $1,755Freeborn County.— N W jJ , 18, Freeborn, $9,600; s y se% ,
sec. 25, N ew ry, $4,000;
sw ^4 and w1/ e j j swH , sec. 8,
and t i e / seJ4, sec. 7, $2,500.
T odd County.— SEJ4 sw J4 , 9-132-33, seR[ s e jj, e J
A ne}4 ,
14-132-33, $3,360; sej4 n e jT nej^ s e ^ , 4- I29-.35, $1,050; s y
s e L ,19-127-34, $1,500.
Stearns County.— N W jJ and other. 1-122-29, $7,500; e j4
n t% , 12-124-31, $1,800; n l/ 2 ne% and other, 1-124-34, $8,000.
O tter T ail County.— N W ^ neJ4 > n e jj nw % , 23-136-37,
$1,025; s L se% , sec. 12, n e ^ n e jj, 13-137-37, $1,700; sei4
neJ4 , ne/4 s e jj, 20-135-36, $2,000; wjd sw j4 , 9"0 2 -44, $2,500.
NORTH DAKO TA.
Cass County— N W jJ , 33’ and the n w jC 34- i 42-54, $2,448;
sw Ya and n w % , 10-142-55, $6,400; n w 29-142-51, $4,400;
seRt, 32- 142-53, $3,450; s e f4 , 25-139-55, $3,200; s y , 24-138-52,
$1,088; n w jj, 14-143-55, $1,300; ne% , 25-139-55, $1,800; n L ,
3-141-55, $2,647.20.
Stutsm an County.— N E jJ , 20-142-62, $1,500; w L , 26-13763, $4,000; ne% , 20-142-62, $1,120; w jj , 31-143-66, $1,065;
swj4, 24-142-64, $1,200.
Benson County.— W jJ se% , n j4 swj4 , 34-154- 7°> $2,000;
CHUTE REALTY CO.
301 Central Ave., M inneapolis.
R.
n w jj, sec. 22, and s w jj, i 5-I54-7°, $3>6oo; se,/4 nej4 ,
se^
s e L , s e L , 35- 155-69, $2,400; nej4 , 17- 153-68, $1,760.
SO U TH D A K O TA .
M innehaha County.— N L sw*4 , 23-104-50, $4,000; und. e j4
sw j4 , 29-102-47, $3,800; ty 2 sej^, sec. 32,
s w jj, 33- i o i -47,
$7,700.
B rookings County.— N j^ neJ4 > 12-111-49, $2,060; ne% ,
31-109-50, $4,000; ne% , 34, and sej4 27-112-51, $10,000; ne%
19-110-47, $2,560.
IO W A .
G rundy County.— Nj/2 nwj4 , 24-88-15, $6,4°°; SJ2 n e jj,
23-88-17, $5,200; e y s e jj, 26-89-16, $6,000; e j4 s e jj, 25-87-18,
$6,000; s y2 n e jj, 26-87-16, $6,400; n e jj and s ^ s j4 nej4 , x587-15, $20,400.
Butler County— N L n w jj, sec. 26, and w L wjd nw jJ
nw.1'4, 25-91-16, $5,000; swl4 n w k i’ 22-93-16, $2,400; swJ4
9-91-18, $8,565; w L n e jj and se% nwJJ and 10a. n e jj nwH ,
6-92-15, $6,000.
W oodbury County— W 4 nekt, 32-89-44, $6,400; 78.28 a.
in sec. 21 and 28-86-45, $6,000; wR> swJT 22-88-42, $4,000;
78.28 a. in sec. 21 and 28-86-45, $6,000; n y> n e jj, 31-89-46,
$4,000.
H an cock County.— N *4 seRn 6-97-25, $2,800; n ^ seJ4 ,
6-97-25, $3,600; ne fr.
4-96-25, $5.723; und.
se% , 2294-25, $4,000; pt. swJT 10-97-26, 6,535.
H um boldt County.— N L nej4 , 26-91-28, $5,280; neJJ sw %,
36-92-27, $2,000; nwj4 36-91-29, $5:500.
W righ t County.— W j4 WL neki, sec. 35, Lincoln, $1,500;
n e jj se y and siy seJ4 , and lots 3 and 4, sec. 16, Grant, $10,000.
A ppanoose County.— W y n e jj, e y nwjj> 20-67-18, w d,
$6,000; sw y sw y , 36-70-17, w d, $2,500: n y 'SWJT 13-70-16,
w d, $2,500; part of s w jj, 13-70-16, w d, $3,500.
Cerro G ordo County.— E jd n w y , ne% sw l4 , and 11JJ se y
sw*4> sec. 18, and sy> n w ^ , and that part n w jj swki north
of Lim e creek in 19-97-22, $10,637; sw %, 36-96-19, $6,000.
D. P. Jones, Pits. W. H. Davis, V-Pres. W. C. McWhinney, Sec. & Trei
DAVID P. JONES & GO.
(Established 1868. Incorporated 1900.)
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.
J.
. 27
T H E C O M M E R C IA L W E S T
Saturday, January 24, 1903.
Mortgage Loans, Real Estate and Rentau
Special attention given to management of
estates of non-residents. Satisfactory refer
ence to local and eastern parties.
2 0 0 O N E ID A B L D G .,
M IN N E A P O L IS
C A L H O U N , JAEGER
500 Oneida Building, MINNEAPOLIS.
Agent for the Drexel Estate
Real Estate and Loans.
Bonds, Lands and Mortgages.
& TORELLE
MINNEAPOLIS REALTY,
Minnesota and Wisconsin Lands,
Suburban Property, especially Lake Minne
tonka Lots, Cottages, Fruit Farms and Acres.
Catalogue on application.
References: Drexel Estate, Philadelphia, or any Bank in Minneapeli
310 Bank of Commerce,
MINNEAPOLIS.
W . Y. D e n n i s , Pres.
J. S . H o o p e r , Sec’y
G e o . T. H o l b e r t , Attorney.
F. C. S a m m i s , Mngr.
F O R S A L E —$75,000 Investment Nets 12 per cent. We offer to
investors a block of 24 apartments in 3 separate buildings of 8
apartments each. These are the most complete, modern and upto-dat apartments in the city. Ideal location. Here is an income
for life, 3 times as large and just as safe as Government Bonds.
Can be sold subject to mortgage of $50,000 or less, 5 years 5 per
cent.
Incorporated—Capital $50,000
1 0 1 -2 B a n k of C o m m e r c e B u ild in g , M IN N E A P O L IS .
D a v id C. B e l l , Pres. W a l t e r A. E g g l e s to n , S e c ’ y
J a m e s B. S u t h e r l a n d , Treas.
David C. Bell Investment
Co., Minneapolis
Established 1880.
Incorporated 1889.
CHOICE FIRST MORTGAGES
Secured on new m odern re sid e n ce p ro p e rtie s in
M in n eap olis, each se cu rity h a vin g h een p e rs o n a lly
in sp e cte d and app roved by us. M any years e x p er
ie n c e en ab les us to get th e b est s e cu ritie s .
R e fe r to any Bank in M in neapolis.
A No. 1 investment paying
SJJ
t
a good per cent. One of
the best located apartment houses in the city of
Minneapolis, twenty-five flats, seven rooms
each, fully modern, very desirable, always full,
land 110x165 feet; income over $900 per month.
It will pay you to look into this. Non-resident
owner, very anxious to dispose of the property
L A U D E R D A L E
Temple C o u rt,
&
C O .
Minnenpolis.
E lw ood S. C orser, Pres. L ester B. E lw ood, V -P res
W illia m B. T u ttle , T reas. Edward B. N ic h o ls , S ecy
C o r s e r I n v e s t m e n t Co.,
E S T A B L IS H E D
1870,
Manager New York Life Building.
Mortgage Loans, Raal Estate and Insurance
Special attention given to Manage
ment of Estates for Non-Residents.
N e w Y o r k Life B u il d in g , M I N N E A P O L I S ,
THE AMERICAN MORTGAGE AND INVESTMENT CO. LUTHER S. CUSHING
216 -2 18 E n d ic o tt B l d g ., St. P a u l, M in n ., offer choice
FARM
M O R T G A G E S to conservative investors at
attractive rates. Correspondence invited. All loans per
sonally inspected. Send for our list of loans.
A. D.
W
arner,
President.
E. F. A n d ru s,
H
Vice Pres.
e n r ik
Care and
Management of
REAL ESTATE.
John Townsend,
in s u r a n c e
Endicott Building, ST. PAUL.
St r o m ,
Sec’y and Treas
R. D. CONE 4 CO.
T o se le c t from a t from $ 5 to $ 5 0
p e r A c r e . 50,000 acres in Red River
Valley, Minnesota and North Dakota; 20,000 acres in Manitoba; 35,000 acres in Ait
kin county, Minn.; 22,000 acres in Washburn county, W is.; 15,000 in Southern Min
nesota, Lyon and Redwood counties.
It costs nothing to write for maps and descriptions. Our specialty is in large
tracts. Write for wholesale proposition. W e are owners, not agents.
2 5 0 ,0 0 0 A c r e s
BurcHarci*Hult>urt Investment Go»,
705-708 Manhattan Building,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-
ST . P A U L , MINN.
517 Guaranty Bldg., M INNEAPOLIS.
Mortgage Loans negotiated. Estates man
aged for residents and non-residents.
J. B. TA B O U R
Solicits the placing of your money and the care
and sale of your property. Twenty years’ ex
perience. References.
410 First Ave. South, MINNEAPOLIS.
28
T H E C O M M E R C IA L W E ST .
Saturday, January 24, 1903.
THE S P R IN G O U T L O O K FOR LANDS.
the land companies of St. Paul and M inneapolis look
forward to good business during the spring months. A ll
agree that the speculative m ovem ent for northwestern lands
will not be as great as last year, but instead lands will be
bought by actual settlers who are lookin g for new homes
on cheaper and virgin soil.
even if there were a tendency on that line, ow ing to the
tightness of the m oney market.
John G rove, of the John G rove Land Co., believes that
the Red R iver valley is due to settle up rapidly. H is set
tlers come m ostly from Illinois, Iow a and the South and
East. F ive farms were sold to people as far east as R o ch es
1he F arm ers’ Land and Cattle Co., which makes a spec ter, N. Y . Mr. Grove thinks the outlook is encouraging for
ialty of settling Pine county on the N orthern Pacific, be a good settlement year.
tween the Tw in Cities and Duluth, said: “ L ast year we sold
The Red R iver V a lley Land Co. say the farm ers of Il
124,000 acres in Pine county to actual settlers, and the pros linois, Iowa and southern M innesota are still alive to the
pects are even more favorable for this year. F o r the most great advantages offered by the Red R iver valley for farm
part our settlers come from the dry parts of N orth and ing, and that there is a good healthy demand for farms to be
South D akota, N ebraska and Kansas. Pine county is m ost settled at once.
ly tim ber country and a settler can raise diversified crops
I he firm of H. Lohrbauer & B rother offer timber lands
and make better m oney than simply raising wheat on a between St. Paul and Duluth. Ten years ago these lands
much larger farm in other parts. O f course we think di were w orth from $6 to $7 an acre; today the im proved land
versified crops are the farm ers’ salvation, and Pine county is w orth from $30 to $50, and the unimproved $15. T he set
offers good land plentifully supplied with good wood, good tlers are m ostly Germans, and Mr. L oh rbauer says this
w ater and a climate adapted to raising all crops, as well as nationality makes such good settlers his firm is now adver
cattle and horses. 1 he people we have settled are well tising "G erm ans W anted.”
pleased with their new homes and are happy.”
A . J. W allen, representing the M anitoba im m igration de
I he H ackn ey-B oyn ton Land Co. confine their operations partment of W innipeg, made some interesting statements
to N orth D akota east of the M issouri river, on the N orthern regard in g the Canadian northwest. In 1902 100,000 people
Pacific and Soo lines. T he com pany sold several hundred em igrated to the W innipeg country from the U nited States,
thousand acres last year, sales being made to actual settlers and to the present time there have been 200,000. Specula
except in some special cases.
One man bought a town- tion in Canadian lands was stron g two or three years ago,
site and retailed it out, having sold the last acre recently. but today only bona fide settlers are buyin g lands. Mr.
Land in this territory is w orth from $6 to $10 an acre. The W allen gave it as his opinion why the Canadian No. 1 hard
prospects for continued settlem ent this year are flattering.
is of such good quality because the frost sinks into the
The W estern Land Co. offer western M innesota for set ground so deep, the seed is nourished with m oisture until
tlement, and declare the prospects good for a firm demand late in June, thus insuring a grow in g soil. T he settlers into
for lands, by actual settlers, this year. L ast year the com Canada are from the south and southeast, many go in g from
pany placed between 60 and 70- families on new farms. These Iow a, a carload from M issouri recently show ing how groups
families are u rgin g their friends to follow their example.
of families are m oving together. Mr. W allen says W inni
W . F. Carter confines his efforts to W isconsin lands. peg and the M anitoba country is experiencing the steadiest,
H e believes a good settlers’ m arket will be on this season. healthiest grow th in its history and that 1903 promises to
Speculative land buying, he thinks, would be prohibitive, be a wonderful year for the whole Canadian northwest.
and the superintendent had received many letters asking as
to the success met with in cultivating it. A s a result of care
ful tests, it was found that the Canadian and Russian va
Grand Rapids, Minn., Jan. 19.— T h ere have been some rieties were best for M anitoba. N ative flax yielded 9 bush
large transfers of timber lands and m ining properties since els, 36 pounds to the acre, and of the Russian varieties, one
the first of the year. A lso, there has been a fair amount of had yielded 11 bushels 44 pounds, and another n bushels
business done in town property. T im ber land sales have 22 pounds to the acre. The A rgen tin e flax had a much
been large. The instrum ent of conveyance of the F. P. larger seed, but like the Bom bay and East Indian varieties,
Sheidon tim ber to B ackus-B rooks, wherein the considera was much too short and unproductive. In grow in g flax, the
tion is named as $79,642, was filed for record last week. labor of reaping was the greatest trouble, as it took an im
This is the biggest deal. It was followed by transfers of mense amount of labor to harvest it.
tim ber from B. N. Johnson to the Thief River Falls Lum ber
T he Am ericans usually sowed 15 pounds to the acre, but
Co. of thirteen forties in 156-27, which brou ght $15,000. M anitoba tests showed that from 30 to 50 pounds to the acre
F ran k P. Sheldon purchased tiie A le x H arris timbered lands was better.
in 61-23 and 61-22, thirteen parcels, for which he paid $5,000.
F lax was most successful when sowed very shallow ; so
R. A . M ather, of K eew atin , O nt., sold the tim ber upon eight long as it was deep enough to germ inate it was all right.
forties in 60-25 for $12,000 to the M ueller Lum ber Co, of T he germ inating power of the seed was largely determined
D avenport, Iowa.
by frost; very slight frost killed its germ inating power.
Transfers of m ining properties have been light, the two
O ne good thing about flax was that it was very hard to
most important being the conveyance w hereby P. Coffey de drown out. Som e of the experim ental farm crop was un
veloped the H olm an mine in sec. 21-56-24. for which he got der water for a considerable time last spring and still gave
an interest, transfers all his claim in the mine to A. M. a fair yield.
M iller of Duluth for $5,000, and the assignm ent by Geo. H.
T he flax-grow er must beware of weeds, as flaxseed was
Crosby, of Duluth, who holds a lease of the northeast quar usually filled with noxious weeds. The w ay they kept their
ter of northeast quarter, sec. 23-57-22, running from the seed clean was by hand picking it, and also w atching the
M ississippi Land Co., of an undivided one-half interest there fields early in the season and rooting out the weeds. T he
in to the Edmund Iron Co. This latter com pany is develop past yea r’s crop was poor, owing, possibly to the heavy rains
ing the property at present, and the lease calls for a royalty which packed the ground and hindered the growth.
of 25 cents per ton, with a minimum output of 40,000 tons
per year, royalties to accrue after O ct. 25, 1902.
Canadian Government Sells 5,009,000 Acres.
T he Felthouse Land Co., of St. Paul, is a heavy buyer
of Itasca county farm lands, this week seeing the completion
A n O ttaw a dispatch says the governm ent has agreed to
of the big deal with the Shevlin-Carpenter Co.
allow the N orthw est Irrigation Co. to purchase 5,000,000
acres in the Southern A lberta district, L ethbridge for $3 per
Experimental Farm Work In Canada.
acre. T he lands are in what is generally known to be the
A t a farm ers’ institute meeting at Brandon, Manitoba, arid belt, but the com pany undertakes by means of irriga
S. A. Bedford, superintendent of the experim ental farm, tion, to brin g them into a state of cultivation.
spoke of the w ork of the farm. On wheat, Mr. Bedford said
that 'goose wheat had. as usual, given bv far the largest yield,
Homeseekers’ Excursion.
but it was not in demand bv millers. If wheat were required
for feed purposes goose wheat took the lead. A test was
Homeseekers’ rates to nearly all points on sale at low
made by selecting the largest heads from the gro w in g crop rates by Chicago Great W estern Ry., on the first and third
of wheat, but only a difference of five pounds to the acre Tuesday of each month, to April. Available in the through
was garnered in over unselected heads.
tourist sleeping cars. F or particulars apply to any Great
The incom ing Am ericans were much interested in flax, Western agent, or J. P. Elmer, G. P. A.. Chicago, 111.
Farm Lands and Real Estate in Itasca County, Minn.
(Special Correspondence to The Com m ercial W e s t.)
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, January 24, 1903.
T H E C O M M E R C IA L W E S T .
29
NEW Y O R K ’S REAL ESTATE V A L U E S .
(Special Correspondence to T he Com m ercial W e s t.)
N ew Y ork, Jon. 20.— W hen New Y o r k ’s assessment rolls
for 1903 were opened for inspection, and many property
owners thronged the tax office to see whether the valuation
o f their holdings had been increased over the assessments of
1902. A general increase was found in all the books, and this
year real estate in the five boroughs has been assessed $1,425,452,387 over last year’s figures. In many instances real estate
will have to bear assessments at least 50 per cent over last
year’s figures, and in many cases 100 per cent has been added.
In spite of the assertions made by the tax officials of the
tax department that this year’s assessments would show a full
valuation upon properties, examination of the rolls shows
that this result has not been attained, at least in a large num
ber of cases.
Real estate men who looked over the lists of the new as
sessments soon discovered that, while t ere had been very
general advances in nearly all classes of property, there had
apparently been little effort upon the part of assessors to ar
rive at full values, and that the new valuations will in all
probability be the subject of just as much protest on account
o f their inequalities as were the old ones. Recent transactions,
which might have afforded some basis for the calculation of
full values, seem to have been in large measure disregarded.
The Trinity building, at 111 Broadway, for instance, is
assessed at $1,990,000, although it was sold recently to the
United States Realty and Construction Co. for $2,250,000.
The property 50 W all street, purchased last spring by the
New Y o rk L ife Insurance and T rust Co. for $1,000,000, ap
pears in the list at $890,0000. The Corn Exchange bank, al
though during the last year it has added to its site a plot
costing $375,000 and erected thereon a building costing, say,
$500,00, has had its assessment increased less than $200,000—
from $575,000 to $760,000. T he Eagle Fire Insurance build
ing, at W all and Pearl streets, sold several months ago for
$400,000, is put down at $300,000.
Scarcely less striking instances are afforded by some of
the larger structures in the down-town district, using the
known cost of the ground and m aking most conservative al
lowances for the cost of the buildings. The site of the Board
Exchange building was acquired from the various owners for
a total o f about $3,000,000. The estimated cost of the building,
as shown by the building department records, was $4,000,000—
a total of $7,000,000, which even with liberal allowances, shows
a considerable margin over the new assessment of $4,900,000.
The Boreel Building block, which will be taxed on a basis of
$2,700,000, has been transferred for $3,000,000. The land cov
ered by the Bow ling Green building was bought six years ago
for $3,000,000, and the new tax valuation of it allows only
$800,000 over that figure for the increase in its value in the
meantime, and for the cost of the building. The aggregate
amount of the
Singer M anufacturing Co.’s purchases at
Broadway and Liberty street, that is, the land alone, is in
excess of the amount of this year’s assessment— $1,425,000.
MINNEAPOLIS ORE TESTING CO.
Examinations and Reports on Mining properties.
Mines Managed.
Development Work Superintended, Mine Surveys and Maps. Mine
Plants and Reduction Works Designed. Ores Tested in Small or Carload
Lots by Concentration or any Metallurgical Process. Ores Sampled,
Assayed and Analzed. Extensive Field Experience in the United
States, Canada, Mexico and South America.
5 2 3 - 5 2 4 A n d r u s B u il d in g ,
M IN N E A P O L IS , M IN N
Telephones: N. W . Main 3061-L ; T. C. 242.
14 YEARS
IN THE
STATE
WE BUY, SELL AND DEVELOP
MINES,
Make a Specialty of S to c k s a n d B o n d s .
Secure Franchises, Organize and Finance
Corporations. Correspondence Solicited.
CaseInvestment Co., IVtl»!'»"«“1-
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The Fifth A venue hotel is put down at $4,350,000, approx
imately the figure for which it was^ sold at auction three
years ago, and in spite o f the fact that bona fide offers of
over $5,000,000 for it have been refused within the last two
months.
Further north on Broadw ay the same discrepancy between
current prices and the assessments may be observed. The
valuation of the Metropolitan Opera House is fixed at $2,650,000, yet recent sales in that neighborhood, such as that of
the Rossmore hotel property, have been made at the rate of
about $75 per square foot, at which figure the Opera House
block would be worth at least $3,700,000. The old Olympia,
the block front on the east side of Longacre square, between
Forty-fourth and Forty-fifth streets, would undoubtedly be
snapped up as a fine bargain by real estate buyers at the
amount of this year’s assessment— $1,400,000— it being held
at at least $2,000,000, a figure which is amply justified by the
dealings of the last year, in that section. The Victoria T he
atre, at Seventh avenue and Forty-second street, shows a
correspondingly low assessment— $440,000.
The Plaza hotel, sold last M ay for $3,000,000, appears on
this year’s rolls at $2,300,000, while the new St. Regis, at
Fifth avenue and Fifty-fifth street, is down at $1,700,000,
which is less than the estimated cost of the building alone.
The Hotel M ajestic, at Central Park W est and Seventy-sec
ond street, has been raised from $750,000 to $1,000,000— al
though the latter figure would probably not represent more
than the value of the site without the building.
The New Y o rk Tim es expresses a general sentiment in
its editorial reference to the “ 100 per cent” plan of assess
ment: “ The full valuation plan of assessing real estate de
vised by the mayor and the controller breaks down on the
very first trial of it. If the mayor and the controller took
careful thought about their plan they must have expected it
to break down. It was too suddenly sprung upon the public
and too soon applied to permit of that diligent, systematic
w orking out which was demanded by so important a piece
of municipal business. The consequence is that the published
list of assessments is fantastic and funny rather than full,
and it will be laughed at by those from whom it does not
evoke groans.
“ The general result is an increase in the assessed valua
tion o f the realty of the entire city from $3,330,647,579 in 1902
to $4,756,099,966 in 1903. This is an increase of $1,425,452,387,
or about 50 per cent. That full valuation, that is to say, the
price which property w ou ld-brin g in the open market, has
not been reached by the assessors will be evident to anybody
who examines the published list of assessments. There are
many instances in which prices recently paid or offered put
before the assessors a ju st measure of full value. They have
rejected this evidence, substituting their own guesses. The
result is that in the case of the most valuable pieces of real
estate in town their assessments run from 75 to 90 per cent of
what would generally be considered market value.”
T o B usiness P a rtn e rs .
Insurance on the life of a partner is more necessary than
fire insurance on the firm ’s property.
Property is the creation of the firm and m ay be replaced if
lost, but the death of a partner withdraws both his capital and
his personality.
A loss by fire is m erely a possibility, but a firm is sure to suf
fer the death of a partner unless the life of the firm is short.
T he expense for fire insurance is a total loss if there be no
fire, but any life policy is realized some time.
The ideal provision for partnership insurance is a policy u n
der the protection of the M assachusetts law in the old State
Mutual Life Assurance Company of Worcester, Mass. T he current
cash and paid-up values under the Massachusetts law elim inate
all risk in an investment of this kind. Your age and address to
any of undersigned w ill secure specimen policy and particulars.
C. W, VAN TUYL, General Agent, 505-9 Lumber Exchange.
S P E C IA L A G E N T S .
Augustas Warren,
Geo, B, Graves,
A. Ainsworth,
T H E C O M M E R C IA L W E ST .
30
21, 1903, as com pared w ith the sam e period last year, show ing
the increase or decrease:
1903.
1902.
Inc.
Dec.
Cattle ........................................... 7,654
5,660
1,994
...........
Calves ........................................... 1,006
688
338
...........
H o gs ............................................. 67,480
47,280
20,200
...........
Sheep ........................................... 21,605
52,588
...........
30,983
H orses .........................................
66
32
34
...........
Cars .............................................. 1,232
1,056
176
...........
(Special Correspondence to T he C om m ercial W e s t.)
Hogs.
South St. Paul, Jan. 21.— Receipts of hogs at the six
leading live stock m arkets for the first three days this week
a gg reg ate about 209,500, against 211,000 for the same three
days last w eek and 279,000 for the corresponding period last
year. T he supply here for the first three days this week
totaled about 14,800, against 12,496 for the first three days
last week and 9,625 for the like period last year.
S ix large m arkets had an aggreg ate supply last week
of 384,000, against 332,800 for the preceding week, 341,500
for the corresponding w eek a month ago, 379,100 for the
corresponding w eek a year ago and 383,800 for the like
w eek two years ago. Receipts at South St. Paul last week
totaled 24,812 against 23,205 for the week before, 22,185 the
corresponding w eek a month ago, 14,538 for the same week
last year and 13,553 for the like w eek two years ago.
Values have fluctuated up or down every day save T ues
day this w eek but at the close today prices show about a
ioc advance over a w eek ago today.
T he bulk today sold from $6.i5@6.30, against $6.o5@6.20
a w eek ago, $5.90(0)6.05 a month ago, $5-75@6.oo a year ago
and $5.05(0)5.10 two years ago today.
Cattle.
Cattle receipts at the six leading m arkets during the first
three days this week a ggreg ate about 109,500, against 132,000
for the corresponding three days last week and 97,000 tor the
corresponding period last year. L ocal receipts for the first
three days this week totaled about 2,700. compared with
2,345 the same period last week and 3,005 the corresponding
period last year.
T he six leading m arkets had an aggreg ate cattle supply
last w eek of 169,900, against 152,100 for the preceding week,
152,200 for the corresponding week last month, 149,000 for
the same w eek last year and 119,400 for the corresponding
week two years ago. South St. Paul received a total cattle
supply last w eek of 2,983, com pared with 3,109 for the w eek
before, 3,555 for the same w eek a month ago, 2,613 for the
like w eek a year ago, and 3,098 for the corresponding week
two years ago.
Sharp slumps in values at eastern and southern m arket
points caused a dull and low er trend in prices on killing
cattle on the local m arket and, while a little more strength
was noted today, a decline of 20@35c has been effected since
a w eek ago today. The demand is ,stron g at the decline.
T he stocker and feeder m arket has ruled gen erally active
and has held about steady with a week ago.
Sheep.
Saturday, January 24, 1903.
R eceipts of live stock at South
W ed n esd ay, January 21, 1903:
Cattle.
Thursday, Jan. 15...........
375
F riday, Jan. 16.................
243
Saturday, Jan. 1 7 ...........
120
M onday, Jan. 19...............
603
Tuesday, Jan. 2 0.............
1,481
W ed n esd ay, Jan. 2 1 . . . .
650
T otals
............................
3,472
R eceipts of live stock at South
W ed n esd ay, January 22, 1902:
Cattle.
Thursday, Jan. 1 6 .........
370
Friday, Jan. 1 7 .................
198
Saturday, Jan. 1 8 .............
184
M onday, Jan. 2 0 ...............
733
T uesday, Jan. 2 1 .............
1,694
822
W ed nesd ay, Jan. 2 2 ___
T otals
............................
4,001
St. Paul for the w eek ending
H ogs.
3,742
3,839
4,735
3,342
6,987
4,450
Sheep. H orses.
209
..
334
..
5,104
14
3,694
34
1,021
..
525
..
27,095
10,887
48
Cars.
58
57
88
85
137
84
509
St. Paul for the w eek ending
H ogs.
1,806
2,366
1,881
2,046
4,181
3,398
Sheep. H orses.
6,223
..
5,011
..
615
..
1,204
..
313
..
2,901
..
15,678
16,267
..
Cars.
64
58
32
59
107
78
398
Range of Hog Sales.
T his W e e k .
Thursday ................................................$5 .8 0 @ 6 .6 5
Friday ....................................................... 5 .9 0 @ 6 .7 0
Saturday ................................................. 5 .9 0 @ 6 .6 0
M onday ..................................................... 5 .7 5 @ 6 .4 0
T uesday .................................................... 5 .7 5 @ 6 .4 0
W ed n esd ay ............................................
6 .0 0 @ 6 .6 0
Previous W e e k .
$5 .8 0 @ 6 .4 5
5 .7 5 @ 6 .5 0
5 .9 5 @ 6 .4 0
5 .9 0 @ 6 .5 0
6 .0 0 @ 6 .7 0
5 .7 5 @ 6 .6 0
Bulk of Hog Sales.
This W e e k .
T hursday .................................................$6 .1 0 @ 6 .3 0
F riday ........................................................ 6 .2 0 @ 6 .3 5
Saturday ................................................... 6 .1 0 @ 6 .2 5
M onday ..................................................... 6 .0 0 @ 6 .1 0
T u e s d a y ............. ...................................... 6 .0 0 @ 6 .1 5
W ed n esd ay ............................................. 6 .1 5 @ 6 .3 0
Previous W e e k .
$6 .1 0 @ 6 .2 0
6 .0 0 @ 6 .1 0
6 .1 5 @ 6 .2 0
6 .1 5 @ 6 .2 0
6 .2 0 @ 6 .3 5
6 .0 5 @ 6 .2 0
Condition of Hog Market.
T his W e e k .
Previous W e e k .
T h u r s d a y ...................5c to 10c higher.
B ig .10c higher.
Friday ........................ M ostly 5c higher.
10@ 15c lower.
S a t u r d a y ....................10c lower.
5c higher.
M onday ......................15c lower.
5c to 10c higher.
T uesd ay ....................Steady.
Strong to 5c higher.
W e d n e s d a y ...............10@ 15c higher.
15@ 25c lower.
Comparative Hog Receipts.
L a s t W e e k . Previous W e e k . Y ear Ago.
Chicago .................................. 211,900
170,000
'
165,000
K an sa s City ........................
44,000
38,000
64,300
South O m aha .....................
39,500
37,000
49,400
South St. J osep h ...............
33,300
28,200
43,800
E a s t St. L o u is .....................
30,500
36,400
42,100
South St. P a u l.................... 24,800
23,200
14,500
T otals ................................ 384,000
332,800
379,100
Receipts of sheep at the six most prom inent m arkets
Comparative Cattle Receipts.
during the first three days this week aggreg ated about 93,300,
L a s t W e e k . Previous W e e k . Y ear A go.
against 102,100 for the same three days last week and 81,300 Chicago .................................. 73,700
67,400
71,400
34,200
33,700
for the corresponding period last year. L ocal receipts of K an sa s City ........................ 41,200
South O m aha ......................
19,500
16,400
17,900
sheep for the first three days this w eek totaled about 5,240, South St. J osep h ............... 10,800
10,900
8,900
against 3,360 for the first three days of the w eek previous E a s t St. L o u is ..................... 21,700
20,100
14,500
South St. P a u l.........................
3,000
3,100
2,600
and 4.418 for the same period last year.
T he six leading m arkets last w eek had an aggregate
T otals ................................ 169,900
152,100
149,000
supply of 166,600, com pared with 140,300 for the w eek pre
vious, 203,500 for the corresponding week a month ago,
Comparative Sheep Receipts.
152,000 for the corresponding w eek a year ago and 96,000
L a s t W e e k . Previous W e e k . Y ear A go .
86,400
93,900
for the like w eek two years ago. T he supply received at Chicago .................................. 99,400
K
an
sa
s
C
ity
........................
16,500
10,400
South St. Paul last w eek was 9,007, against 6,130 for the South Om aha ..................... 17,300
24,900
6,300
13,800
preceding week, 9,719 for the same week a month ago, 24,792 South St. J osep h ...................
7,600
5,600
2,600
8,400
19,400
6,500
far the same week a year ago and 15,951 for the same week E a s t St. L o u i s .......................
South St. P a u l.......................
9,400
6,100
24,800
two years ago.
T he sheep and lamb trade has shown no quotable changes
T otals ............................... 166,600
140,300
152,000
from a w eek ago. T here is a good, stron g undertone to
the trade on all good grades of both fat sheep and lambs
Change in Lumber Firms.
while common, half fat stuff rather drags on the market.
The Smith & Rogers Lumber Co. of Minneapolis will be
L ocal feed lot yearling wethers have sold up to $5.10 this succeeded by the Rogers Lumber Co. C. A. Smith has sold
w eek and choice ewes up to $4.10. Feeding stuff, unless his interest in the former company to A rthur R. Rogers and
good, is not much wanted.
George H. Rogers. T he capital stock of the new company
has been doubled to $300,000, all paid in. The company oper
ates yards on the “ Soo” line and at other northwest aoints.
Receipts to Date.
T he following- table show s the receipts at South St. Paul, It is one of the most prosperous young companies in the
from January 1, 1903, up to and including W ed n esd ay, January Northwest.
SOUTH ST. PAUL UNION STOCK Y A R D S.
S O U T H ST. PAUL, M IN N .
Is the best equipped and most advantageous market for live stock shippers in the Northwest.
It is eonnected with all the railroads and wants 1000 beeves and 5000 hogs daily.
Y our shipments are invited.
M. D, FLO W LR , President
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
H. B. CARROLL, General Superintendent.
T H E C O M M E R C IA L W E S T .
Saturday, January 24, 1903.
31
Allis'Chalmers Company
!
Chicago, Illinois.
Builders of
FLOUR MILL
MACHINERY,
R e y n o ld s ’ C o r lis s E n g i n e s .
Power for Every Glass of Work.
ALUM INUM
Ingots, Castings, Sheet, Wire,
Bars and Tubing.
Aluminum Wire and Cable, Bare
and Insulated for Electrical Conductors.
The Waterloo Gasoline Engine Co. waterlog, ia
Branch Houses: David Bradley & Co.
Council Bluffs, Iowa ; Bradley, Clark & Co.,
Minneapolis, Minn.
P ric e s on
A pplication.
The Pittsburgh Reduction Co.
Harrison & Sm ith
Co*
Pit t s b u
rgh
,
p a
.
Printers, Lithographers, Blank
Book Manufacturers, Elevator
Blanks and Bank Supplies to
order.
Estimates
Cheerfully
furnished.
B u y a T H O M P S O N = L E W IS and
h a v e a r e l i a b l e G a s or
Gasoline Engine
That w ill alw ays be ready and easy to start, safe
con ven ien t, e co n o m ica l and durable. F o r d e
scriptive catalogue, address the m anufacturers.
J. Thompson & Sons Mfg. Co., Beloit, Wis.
6 2 4 -6 2 6 -6 2 8
South
4th
Stroot,
MINNEAPOLIS.
G. T . H O N S T A I N ,
A TOP NOTCHER
Successor to Honstain Bros.
C o n tra cto r a n d B u ild e r of
GOOD PRINTING IS NOT EXPENSIVE; ITS AN
INVESTMENT WITH PROFIT.
Job of Printing is one that catches
the eye, then the mind, and fin
ally the pocketbook. The out
put from the Lumber Exchange Printing Go. is
of known quality, and you run no risk when
placing your orders in our hands. Modern
facilities, up-to-date ideas and competent
workmen are ever at your disposal. Sug
gestions and estimates cheerfully furnished.
A GOOD
LUMBER EXCHANGE PRINTING CO.
122 LUMBER EXCHANGE,
MINNEAPOLIS.
GRAIN ELEVATORS.
313 Third Ave. So,
MINNEAPOLIS.
Patents and Trademarks.
F E E D M IL L .
The strongest easiest running Feed
Mill on the market, is unquestion
ably T h e N o r th w a y , Not because
we say so—but because actual users
say so. Guaranteed to grind more
bushels to the Horse Power than any
other feed mill. Complete line of
Elevator and Flour Mill Supplies.
P. H . G U N CK E L,
STRONG & NORTHWAY MFG. CO.
Counselor and Solicitor in Patents
and Trade-Mark Cases in the Courts
and Patent Office.
MINNEAPOLIS, MINN.
7 4 5 -7 5 0 T em p le C o u rt, M IN N E A P O L IS, MINN.
L. O. HICKOK,
Grain Elevator Builder
517 G u a r a n ty L o a n B u ild in g ,
M in n e ap o lis,
M in n .
Long Distance ’Phone Main 1466.
Over thirty years’ experience.
Correspondence Solicited.
W. S. Cleveland Elevator Building Co.
(Incorporated)
1018 Guaranty Building, Minneapolis.
General Contractors & Builders.
OUR S P E C IA L T Y :
G R A J IV E L E V A T O R S ,
Frame, Iron Clad, or Absolute Fire Proof.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
LEATHER FURNITURE
{K a (“ As a special inducement for the next 30
N tL H
days we will sell this beautiful, full steel
“
■v
wire frame, leather Patent Rocker for $45.
It is covered with the very best quality hand
dressed leather, upholstered with hair, and has the
celebrated ‘ ’Karpen Construction.” Send for our
Catalogue of Office Desks and Furniture.
Boutell Bros.,
Complete Office Furnishers,
First Ave. S. and 5th St., M IN N EAPO LIS.
32
T H E C O M M E R C IA L W E ST .
Saturday, January 24, 1903.
b^GRAIN @ ,M ILLING^|
EDITED BY RO LLIN E. SMITH.
NORTHWESTERN CROP MOVEMENT AND STOCKS.
North Dakota.
Berthold ..................... ........... 80
sam e
The table which follows shows the estim ated percentage H am ilton ..................
10 more
W ah p eto n ................. ............. 80
sam
e
at various stations in the N orthw est, of wheat, flaxseed and H ankinson ............... ............. 70
20 more
70 less
barley sold by farm ers; am ount of wheat in farm ers’ hands, St. Thom as ............. ........... 90
D rayton ...................... ............. 75
25 less
as com pared with a year ago; yield per acre of flax and corn, O jata .......................... ........... 80
10 more
.................... ............. 60
20 more
and the condition of the corn crop. T hese figures have been Granville
H ope ............................ ............. 75
10 more
tabulated from private reports received by the H. Poehler N iles ............................
Brainsm ade ............. ........... 70
5 more
Co., grain commission, M inneapolis, and are believed by M innew aukon ......... ............. 60
10 more
H a rvey ...................... ............. SO
25
less
that company to be approxim ately correct. A cco rd in g to Sheldon ...................... ........... 80
10 more
these figures, 66 per cent of the w heat crop in M innesota Oakes ..........................
10 less
5 less
has been m arketed; 78 per cent in N orth D akota, and 73 N ew Salem ............... ............ 90
Johnstown ............... ........... 85
20 less
per cent in South D akota. T he figures in detail follow :
K indred ...................... ............. 75
sam e
Minnesota.
D oyon .......................... ............. 80
10 less
10 less
Corn B athgate .................... ............ 90
Per Cent *0
......................
D
akota
........... 85
Flax Yield Barley Corn Con50 less
STATION.
50 less
Sold Acre Sold Yield dit’n T ow er C i t y ............... ............ 85
sam e
M into .......................... ........... 70
B . Ellendale ....................
10
more
90
Brow erville ............... ........... 75
25 more
10
90
10 more
A sh ley ......................... ........... 75
M onango ...................
35
B . M ichigan C i t y ......... ............. 80
20
33
7
50 more
48
A lp h a .......................... .......... 50
40 less
40
m
ore
N ew ark ........................ ........... 50
B athgate .................... ............. 90
10 less
B* Carpio ........................ ........... 80
Vining ......................... ........... 65
B.
25 less
H en ning ...................... ............ 75
O m em se ...................... ............ 90
15 less
B.
Ì5
30 more
R oyalton .................... ........... 70
Leeds .......................... ........... 66
sam e
lóó
25 less
Freeport .................... ........... 75
W alh a lla .................... ........... 75
10 less
75
20
B .’ Anam oose ................. ............ 90
100
50 less
sam e
Fulda .......................... ........... 75
ii.
95
20 less
C om stock .................. ........... 90
B.
¿ó
75
5 less
W estb rook ............... ........... 40
99
6
15 less
M enahga ................... ........... 95
South D akota.
B.'
60
10
60
20 less
SO
Blue B arth C ity ------ .............50
sam e
Cold Springs ............. ........... 06
Bruce .......................... ........... 80
sam e
Ì2
90
15 less
95
K ennedy ...................... ............. 85
Bowdle ........................ ............. 75
40 more
90
95
8
less
Chandler .................... ........... 80
W ilm o t ...................... ........... 80
sam e
90
13
Plato ............................ ...........25
Dell Rapids ............. ........... 66
sam e
F.' W oon sock et .............
90
40
10
90
10 less
Sleepy B ye ---------- ............. 70
........... 75
B.
80
12
100
A drian . . .> ............... .......... 90
W illow L ak e ...........
20 more
B.
Ì5
ÍJ5
18 100
20 more
Sacred H e a r t ...........
Salem .......................... ........... 75
95
90
sam e
D um ont ........................ ........... 75
T yndall ...................... ........... 75
50 less
B . Palm er ....................... ............. 75
20
90
8 100
20 more
.......... 80
W h eato n ............. ..
20 less
B.
80
100
20 less
W in n eb ago C ity . . . ............ 65
Arlington ................. ........... 80
25 less
25
B.
io
90
95
50 more
Iona L ake ................. .......... 90
V olga ..........................
B
.
75
25
7
90
10 less
E aston ........................ .......... 60
Baltic .......................... ............. 75
20 less
25
B.
75
95
25 less
Jackson ...................... ........... 50
Bridgew ater ............. ............. 80
20 less
B.
90
13
10 less
Perham ...................... ........... 65
W e b ste r .................... ............. 70
5 less
B.
SO
95
8
50 less
H eron L a k e ............. ........... 80
Sioux Falls ............. ............. 80
25 less
B.
25
10
11
10 more
85
A ppleton .................... .......... 60
Langford .................... ............ 65
10 more
25
B.
80
9
5 more 100
T racy ............................ ........... 70
B radley ...................... ............. 75
5 less
90
12
80
33 more
Olivia ............................
Britton ...................... ........... 60
20 more
80
90
25
less
...........
75
H ector ..........................
H azel .......................... ........... 80
35
80
B.’ Brookings .................. ............. 60
90
7
15 less
W in d o m ...................... ............ 80
35 more
100
h
83
20 more
Stephen ...................... .......... 65
Y ankton .................... ............. 65
10 less
20 more 100
Brainerd ...................... ........... 80
Bristol ........................ ............. 90
20 less
75
i2
100
40 less
B attle L a k e ............. ........... 65
U tica .......................... ........... 50
20 more
sam e
N orwood ...................... ........... 33
H osm er ...................... ........... 80
5 more
70
iff
10 less
H endrum .................... ........... 80
M itchell ...................... ............ 70
25 more
8 lòò
90
25 less
H alstad ...................... ........... 7.5
R evillo ........................ ............ 65
10 less
45
B.
50
95
8
20 less
L ake C rystal ........... .......... 60
C anistota .............
50 more
B.
30
50
90
12
10 more
Springfield ................. ........... 50
Eureka ........................ ............ SO
10 more
B.
40
more
Cokato .......................... ........... 40
Sisseton .................... . . . . . . 75
10 less
B.
40
95
6 more
H a n le y F alls ........... .......... 60
Pierpont
............... ........... 60
10 more
B.
95
30
90
25 more
Benson ........................ ........... 50
W ate rto w n ............... ............. 66
10 more
8 75 40 B . W a v e r ly .................... ............. 75
75
5 more
W orth in g ton ........... .......... 75
50 less
B.
35
12
15 more 100
Franklin .................... ........... 60
Strandburg ............... ............. so
90
18
20 more
Brandon ......................
A rta s .......................... ........... 80
5 more
¿5
80
B .’ Frederick ................. ........... 80
90
7
25 less
W a ln u t G r o v e ......... ........... 75
10 less
M elrose ......................
Tulare ........................ ........... 80
sam e
10 less
W a se c a ........................ ........... 30
V a lle y Springs . . . . ........... SO
60 more
25
B . Faulkton ................... ........... 60
95
5 less
D aw son ...................... ........... 70
20 more
75
Í2
10 more
Fergus Falls ............. ........... 85
South Shore ........... ........... 90
20 more
•** Y an k to n ..................... ............. 60
St. Cloud .................... .......... 60
10 more
20 less
Frazee ........................ .......... 80
E lk Point ................. ............. 50
75
iò
sam e
Pelican Rapids . . . . .......... 75
66
sam e
G ayville .................... .........
70
95
20 less
Foss ton ...................... ........... 75
Flandreau ................. ........... 80
25 less
B.
25
10 less
W a d e n a ...................... ........... 66
:s5
'9
T w in Valley ........... ........... 75
30
12
B .’
90
15 less
Olivia ..........................
Iowa.
25
B.
20
20 more 100
N ew Auburn ............. ........... 50
90
5
more
..........
70
F orest City ............. ............. 66
less
A lexandria ...............
sam e
A kron ......................... ............. 75
5 more
A lb an y ........................ .......... 66
25
B.' Badger ........................ ..............75
90
8 1ÒÓ
10 less
90 less
Canby .......................... ........... 75
7
90
90
25 less
Orange C ..................... ............. 70
10 less
Pipestone ................. ........... 75
sam e
M ilford ...................... ............. 70
10 less
D eer C r e e k ...............
45
15 more
Ocheyedan ............... ............. 75
25 less
N elson ........................
B.’ N orthville ................. ............. 70
iò
97
i3
10 less
...........
66
15 more
D anube ......................
75
90
17
sam e
H arris ........................ ............. 80
75 less
Brow nton ................... ........... 45
B .’ L e M ars ..................... ............. 50
90
35.
90
20
25 less
sam e
H u tch inson ............. ........... 60
100
12
40 less
M atlock ..................... ........... 75
sam e
Glencoe ....................... ........... 50
20
10
80
B .’ L ak e Park ............... ............. 75
80
20 less
20 less
Buffalo L ake ........... ............. 70
25
10
B . Chatsw orth .............. ............. 70
90
17
20 more
20 less
Bird Island ............... ............. 70
90
35
SO
13
30
more
50 more
W o lc o tt ..................... ............. 15
Clarkfield ................. ........... 70
15
8
B." Sibley .......................... ............. SO
sam e
66
50 less
D aw son ...................... ........... 66
B.
80
90
12
25
30 more
Sheldon ...................... ............. 65
25 less
Bovd ............................ ........... 70
B.
15
85
30
95
30 more
50 less
Larrabee .................... ............. 50
75
B.
14
25
90
15 more
........... 65
20 less
D oon ........................... ............. SO
60
35
F.
80
15
25 more
........... 50
George ........................ ............. 50
20 less
B.
75
20
90
16
20 more
............. 60
25 more
R em sen ...................... ............. 50
90 9-16 25 40-60 B . Luverne ..................... ............. 20
sam e
50 less
H anley F alls ......... . : . . . . 65
35
B.
90
17
10 less
10 m ore
E stherville ............... ............. 65
Franklin .................... ........... 60
95
15
50
sam e
........... 40
75 less
W e b s te r C i t y ......... ............. 66
10
25
30
B . Raleigh ....................... ............. SO
85
35 more
50 less
W in th rop ................. ........... 65
.30
90
15
80
20
less
.............
80
...........
50
50 less
H
aw
ard
en
...............
Gaylord ......................
90
80
20 less
Goldfield ....................
Edgerton .................... ............. 75
B.'
45
35
B.
ii
85
95
St. Jam es .................. ........... 80
B.
10
80
20
100
25
more
N ebraska.
...........
66
Ellsw orth ..................
15
B.
90
7
10 more
B row n’s V alley . . . ........... 60
25
B . Ponca .......................... ............. 60
90 8-12
sam e
15 more
12
B.
14 100
100
20 less
50 less
Oakland ...................... ............. 60
Staples ........................
90
sam
e
.............
80
10
less
Lyons
..........................
............. 65
6
90
75 less
25 more
T ekam ah ................... ............. 65
Gary ............................ ........... 90
.............
60
20
less
Blair
...........................
«Compared w ith year ago.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
50
80
50
95
80
90
70
80
90
70
85
95
95
35
90
85
14-3
12
10
10
10
3-5
10
8
8
90
80
70
70
100
5
6
85
is
12
1ÒÒ
90
90
7
7
1ÒÒ
1ÒÒ
9
7
8
2Ò
G.
30
B.
100
14
8
10
75
90
B.
100
100
100
B.
80
100
30
90
HO
80
75
95
F.
B.
5
75
80
90
95
95
95
95
75
75
85
90
8
50
90
80
6
7
80
7
10
95
70
8
60
6
6
75
95
85
80
7
90
7
100
10
95
80
90
3
90
50
80
65
1.00
8
95
1.00
25
B.
20
B.
40
B.
12
B.
85
75
B.
40
B.
30
B.
20
B.
25
B.
80
60
25
B.
90
25
40
25
F.
B.
18
35
30
35
B.
B.
B.
B.
5
80
80
90
90
6 60
8
SO
3
75
7% 25
100
75
90
95
90
80
100
10
4
iò
3
50
100
100
75
90
50
90
700
1ÒÒ
100
75
80
8
8
3
iò
8
IÒ
50
80
100
80
70
65
20
50
80 10-40
100
45
80
35
60
20
90
55
50
55
85
75
35
80
50
20
B.
B.
B.
B.
B.
B.
F.
B.
R.
B.
80
66
75
90
1ÒÒ
4Ò
20
25
25
F.
B.
R.
B.
75
100
35
50 20-40
80
95
40
40
40
45
35
R.
B.
B.
F.
B.
F.
B.
Saturday, January 24, 1903.
T H E C O M M E R C IA L W EST.
33
TH E O U T L O O K FOR W H E A T SUPPLIES.
A t the close of the third week of January the wheat
supply situation has not materially changed, as outlined,
prospectively, in this department last fall and several times
since. No new factors have appeared; and'unless they do,
there must inevitably be a greater shortage of wheat in the
northwest next summer than was experienced last summer.
It is a plain proposition of milling and shipping demand
and the supply. The only uncertainty .is in the amount that
will be marketed by farmers. Should the price be high enough,
say from 80c to $1.00 in Minneapolis, during the spring and
early summer, more wheat would probably be marketed by
the farmers than last season.
The farmers always have
something back, which nothing under 90c will induce them
to sell. Some farmers in the northwest can doubtless be
found that have two crops of wheat in their bins; but they
would no more sell at less than around 90c than some old
depositors would draw their few dollars out of the savings
bank for any less reason than a run on the bank. N o one,
unless personally familiar with farming communities— who
has not been among the farmers, can understand the tena
city with which they hold to a part of their wheat. T h e y all
live in hopes of a dollar a bushel again, and they want a
little wheat on hand when that glorious day comes around.
Therefore, while the farmers always have some wheat, it
does not follow that the movement will be above the average
in any ordinary season, after the bulk of the crop has
moved.
— not all milling wheat, of course. In fact, the receipts of
milling wheat have not equaled consumption.
Last year the mills ground, from Jan. 1 to Aug. 1, an
average of 1,295,000 bushels per week. Shipments averaged
214.000. Total ground or shipped, 1,500,000 per week from
Jan. 1 to Aug. 1, 1901.
During that time the average receipts were 1,158,000
bushels per week. Some of this came from country elevators
and some from Kansas. Not much can be expected from
Kansas this year, and less fromc ountry elevators than a
year ago.
On Jan. 24 elevator stocks at Minneapolis will be 14,850,000 bushels, approximately. A year ago they were 17,721.000. Here is a loss of 3,000,000. On Jan. 1, 1903, coun
try elevator stocks were 4,000,000 less than a year ago.
Added to loss at Minneapolis, gives 7,000,000 bushels less
supplies than a year ago. The last of July, Minneapolis
elevator stocks were 5,300,000 bushels. W ipe this out en
tirely, and it does not offset the 7,000,000 less in sight at
the beginning of the year.
Assuming, therefore, that the mills will run as heavily
as last year— they will run heavier if they can get the wheat,
and that shipments will average the same, and, unless farmers
sell wheat much more freely than they did last spring and
summer, there will not be a bushel of wheat in Minneapolis
elevators on A ug. 1. T o come out even on that date, re
ceipts at Minneapolis must average 1,000,000 bushels per
Minneapolis R e q u i r e m e n t s and S u p p l i e s .
week. In 1902 they averaged 1,158,000, and, as already men
A t present the Minneapolis mills are grinding approxi tioned, 4,coo,ooo more came from country elevators than
mately 1,350,000 bushels of wheat per week, and shipments can come this year, and probably 8,000,000 from Kansas.
for the three weeks this month have averaged over 230,000 W h at prospect is there of receiving 1,000,000 bushels per
bushels per week. This is a consumption of nearly 1,600,000 week at Minneapolis during the next six months, is a ques
.
— R. E. S.
per week. Receipts have averaged nearly 1,900,000 bushels tion for the trade to solve.
MINNEAPOLIS AND THE NORTHWEST.
The Speculative M arket.
Commercial W e s t Office, Minneapolis, Thursday, Jan. 22.
— There has been an active professional market this week.
T here is no increase of outside interest in wheat, and those
who were in the market have largely taken their profits.
T he first part of the week there was heavy selling of long
wheat. It now looks as if the country would maintain its
indifference, and keep out; though should wheat advance a
few cents more, there might be a change of sentiment.
Today, when Chicago advanced over a cent while this
market could hardly hold steady, there was a general feeling
of disgust by the longs in Minneapolis M a y on ’change, and
some changing over to Chicago. But for heavy buying here
by one commission house, Minneapolis M a y would have de
clined. This commission company, which is supposed to be
already long several million bushels, bought nearly a million
more today.
Buying orders were limited in this market,
while selling was heavy. Besides large realizing, the elevator
companies were putting out hedges here. Some of this was
changing from Chicago, while some was supposed to be
hedging against the lower grades of wheat which had been
carried unhedged. Later in the season Minneapolis and Chi
cago should w ork closer together.
F o r several days many traders have looked for a break in
wheat, or, rather, a sharp reaction. Chicago wheat has ad
vanced 7c with but one reaction of ic. T o day the market
was stronger than at any previous time, and, as there is no
large outside long interest to. shake out, there is no apparent
reason for much reaction. Still, it may come at any time.
A t present there are a go od many traders waiting for sl re
action, to buy in again. Should it come, they might weaken,
but there would be some buying on say ic decline.
A b o u t P ri c e s .
There is no getting around the fact that wheat acts as if
it were going higher— a good deal higher. No one can con
scientiously advise buying wheat on top of a big advance,
and any one doing so is taking chances. But the fact re
mains that the market is in control of an avowed bull; one
who is now recognized as the greatest trader the wheat mar
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Federal Reserve Bank of St. Louis
ket has ever had.
W h at he will do with it can only be
guessed at, but it does not seem reasonable to suppose that,
having it in perfect control, he will be content with a few
scalping operations. It looks like a big game, and it will
probably be played to the limit. Ninety-cent wheat in Chi
cago is easily possible,
The strong legitimate factors in the situation are the ap
parent grow in g scarcity, of milling wheat in the northwest,
the small stocks of contract wheat in Chicago, and milling
and export demand. Chicago has but 4,000,000 bushels of
contract wheat.
T o show the feeling regarding future supplies at Minne
apolis, it can be said that some hard winter wheat is being
shipped in. That this should be so in January, would seem
to indicate a belief in light supplies later.
C a sh W h e a t .
There is an unprecedented demand, for the season, for
wheat here from outside mills— in southeastern Minnesota,
Wisconsin, etc. Shippers have made large sales of stuff to
go out this month and next. There is now nearly 1,000,000
bushels sold for such shipment. Shipments are running over
a quarter of a million per week. T he mills are grinding over
1,300,000 per week.
Elevator stocks rwill show a small decrease this week,
which will leave a total of 14,850,000 bushels, as compared
with 17,721,000 a year ago.
The movement of wheat in the country is light. Farmers
are not selling freely. A s yet the higher price has not had
any appreciable effect in this direction. Stocks in country
elevators have decreased this month, and are light. So, on
the whole, there does not seem much prosnect for any ma
terial increase in receipts. .
Business Opportunities for All.
Locations in Iowa, Illinois,'Mirinesota and Missouri, on the
Chicago Great Western railway; the very best agricultural sec
tions of the United States, where farmers are prosperous and
business men successful. W e have a demand for competent
men with the necessary capital for all branches of business.
Some special opportunities for creamery men and millers.
Good locations for general merchandise, hardware, harness,
hotels, banks and stock buyers.
Correspondence solicited'
Write for maps and Maple Leaflets. W. J. Reed, Industrial
Agent; 604 Endicott Bldg., St. Paul, Minn.
T H E C O M M E R C IA L W EST.
34
Q uotation s
FLOUR AND MILLING.
It is only natural that the advance in wheat during the
last ten days should cause flour buyers to hold off some
what. F or the last two years it has been their steadfast
policy not to buy on advances, but to hold off for reactions.
In this policy they have been successful, as a rule. This
time, however, the millers believe that they have miscalcu
lated, and that they will have to come in at higher prices.
Still, some of the mills sold more than their output last
week. This week there is general complaint of dullness,
except with mills having a large grocers’ trade— carload
customers. This class of trade buys regularly, when stocks
are reduced. Foreign markets are up somewhat, but as a
rule keep behind millers’ prices. London has not responded
so well as some other markets.
Some patent has been
worked for export at prices considerably higher than could
be obtained at any previous time on this crop.
If the wheat market holds steady, neither advancing
rapidly nor declining, the mills will probably w ork con
siderable stuff for export during the next thirty days.
Manipulation in wheat may carry this market too high for
export trade. A nd yet, this might not be an evil without
some good, for the present outlook is for a scarcity of wheat
before another crop. T he mills will probably need all the
supplies they can get, to provide for their domestic trade,
before there is new wheat to mill.
T he mills are running without special change from last
week, and will turn out 300,000 barrels of flour. L ast w ee k ’s
output was a trifle above that amount. This is slightly
above the average weekly output last year from Jan. 1 to
Aug. x. The average was 287,000 barrels per week.
F l o u r P r i c e s , F. O, B. M i n n e a p o l i s , C a r L o t s , f o r E a s t e r n S h i p
m ent.
Per bbl.
$ 3 .8 0 @ 3.95
2 .7 5 @ 2.90
2 .5 0 @ 2.60
2.00(g) 2.20
1 7 .7 5 @ 1 8.2 5
P aten t, w ood ........................
F irst clear, w ood ..................
F irst clear, 140 lb. j u t e . . . .
Second clear, 140 lb. ju te .
R ed-dog, 140 lb, jute, ton
M inneapolis
F lour O utput.
Y ear ago.
254,200
295.800
344.800
219,400
340,950
400,500
331,300
Barrels.
305,300
278,700
326.800
238,200
315,400
282.800
346,900
E xp ort Shipm ents.
W e e k ending—
January 17 ...........
January 10 ............
January 3 .............
D ecem ber 27
D ecem ber 20
D ecem ber 13 . . . .
D ecem ber 6 .........
.................................
.................................
.................................
.................................
.................................
................................
.................................
Y ear ago.
39,200
41,300
47,800
38.100
46.100
56,900
64.100
Barrels.
92,800
63,800
111,200
71,360
66,160
49,900
61,200
Market on Supply and Demand Basis
M illstuffs,
Boston
Basis.
FLAXSEED.
Firmness in Cash Prices—Crushers Take all the Receipts— Country
Elevator Stocks Generally Small.
The sharp falling off in receipts of flaxseed is in part
credited to the advance in wheat, which probably causes
more cars to be utilized for shipping wheat to market. F l a x
seed has been correspondingly neglected. A cco rd in g to the
latest reports of elevator and commission companies, coun
try elevator stocks of flaxseed in North D akota are, with
few exceptions, small. Receipts here will therefore depend
on the marketings of the farmers, and at present these are
not liberal. •
The local market is quiet and without special feature.
The crushers are taking all the receipts; shippers are not
getting anything. Cash is strong, but there seems no special
interest in futures. Local elevator stocks again increased
last week, and were, on the 17th, 1,598,000 bushels, against
1,078,000 a year ago.
Presumably, judging from the steadiness of the price of
late and the indifference of the crushers, no difficulty is e x
pected in the matter of supplies between this and next crop.
Last year, from Jan. 1 to A ug. 1, receipts at Minneapolis
were 1,570,000, part of which was shipped out again. O nly
one crusher ran through the summer; all the others were
short of seed. Possibly they did not want to run, anyway,
but if they had, they could not all have go t seed enough.
Unless the farmers hold a large amount of flaxseed, there
will hardly be enough obtainable to supply all the crushers
throughout the summer. There is now an additional crusher,
the Daniels, which will soon start up. In round numbers,
the crushers would require 5,000,000 or more of seed to
run them until A ug. 1. W h at their private stocks are is of
course not known, but even allowing 1,000,000 bushels, which
seems liberal, receipts would have to be nearly double what
they were last year to keep all the crushers in seed until
A u g. 1.
R aw linseed oil is quotable at 42.C, in car lots f. o. b. Min
neapolis.
O 'l cake, $21.50(0)22, for export, prompt ship
ment. Demand is good for prompt, but very slow for de
ferred shipment.
Minneapolis cash ..
Y e a r ago ...............
M ay .............................
Chicago cash ...........
S o u t h w e s t ................
M ay ...........................
D uluth cash ...............
M ay ............................
July .............................
MILLFEED.
Local Feeling Mixed
of
Ton.
Bran, 200 lb. s a c k s ........................................................................$
21.00
Standard m iddlings, 200 lb. s a c k s ....................................... 2 0 .7 5 @ 2 1 .0 0
Flour m iddlings, 200 lb. s a c k s ..............................................
22.00
M ixed feed, 200 lb. s a c k s ...........................................................
22.25
R ed -d og, 140 lb. ju t e ...................................................................
24.50
M illstuffs in 100 lb. sacks 50c per ton over above quotations.
R ed -d o g in 100’s 25c over.
Advance in Wheat Checks Flour Sales—Last Week Some Mills
Sold More Than Output- Mills Running Above Average.
W e e k ending—
January 17 ...........
January 10 ...........
January 3 ...............
D ecem ber 27
D ecem ber 20
D ecem ber 13 . . . .
D ecem ber 6 .........
Saturday, January ¿4, Í903.
New
..
..
..
..
..
..
..
..
..
F lax
Prices.
Fri.
Jan.
16.
1 .1 9 %
1 .6 4 %
1 .2 2 %
1.24
1.18
1.23
1 .1 9 %
1.23
1.23
Sat.
Jan.
17.
1 .1 9 %
1 .0 4 %
1 .2 2 %
1.24
1.19
1.25
1.19
1 .2 2 %
1.23
Mon. Tues. W e d .
Jan.
Jan.
Jan.
19.
20.
21.
1.20
1 .1 9 % 1.20
1.65
1 .6 5 % -----1 .2 2 % 1 .2 2 % 1.22
1.24
1.24
1.24
1.19
1.19
1.19
1 .2 3 % 1.23
1.23
1.19
1.19
1.19
1 .2 2 % 1 .2 2 % 1.22
1.23
1.23
1 .2 2 %
Thur.
Jan.
22.
1.20
i .22
1.24
1.19
1.23
1.19
1.22
1 .2 2 %
Factors Could Move Prices Either Way.
The millfeed market is in a waiting position, or, rather,
the local trade is— waiting to determine which way to jump.
Prices are high, and, unlike a year ago, the brokers are
mixed in their views as to the future. A year ago prices on
bran were a dollar or more per ton higher than now, and
every one was bullish. It was too unanimous, for the local
traders loaded up, and then, as the demand was slack, had
to make concessions to get rid of the stuff. The result was
a dull and declining market for weeks. W ith no one par
ticularly bullish now, and therefore with none of the brokers
carrying big long lines, the market is in a fairly healthy
condition. It is apparently, on a supply and demand basis,
and would respond to any strong factor on either side.
Heavier running of the mills would have a depressing effect.
On the other hand, active buying by the east would stiffen
prices to the limit the buying trade_ would stand. T he mills
are operating 300,000 barrels capacity per week. This is a
trifle above the average weekly output from Jan. 1 to A u g. 1
of last year. It is not likely that they will run heavier m
January, but may in February. New England is at piesent
drawing on this market for coarse grains.
Considerable
quantities of oats are goin g out, and the surplus corn is now
goin g there.
Q u o t a t i o n s o f M i l l s t u f f s in C a r
1*1Clll, - 1111 iM. ocieiv ■•••
Lots,
F. O.
B. M i n n e a p o l i s .
Ton.
...................................
...................................
..............................
...................................
14.25
15.00
16.00
16.25
M illstuffs in 100 lb. sacks 50c per ton over above quotations.
R e d -d o g in 100’s 25c over.
FRASER
Digitized for
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
MINNEAPOLIS COARSE GRAINS.
Cor n .
Receipts of corn have this week exceeded local require
ments, and an easier market is the result. Shippers are
taking the surplus stuff. Some of it is goin g to New E n g
land. Line elevator companies report a demand from the
northern part of the spring wheat territory, and shipments
are being made from northern Nebraska to the north.
Elevator stocks on the 17th, 53,800 bushels, against 194,000
a year ago.
D aily closing prices of N o. 3 corn during the w eek w ere:
Y ear
N o. 3 Yel. No. 3.
ago.
.
.
42%
42
57%
F riday, Jan. 16 ..
. . 42%
42
57%
Saturday, Jan. 17
.
.
42
41%
58%
M onday, Jan. 19 .
. . 42
41
57%
T uesday, Jan. 20
;
T
he
A
lbert
D
ic k in s o n
DEALERS
C
o
.
IN
FLAX S E E D
GRASS SEEDS, CLOVERS,
BIRD S E E D ,
B U C K -W H E A T, E N S ILA G E C O R N , PO P -C O R N ,
B EAN S, PEAS, C R A I N B A G S , ETC.
M IN N E A P O L IS O F F IC E :
9 1 2 C H A M B E R OF C O M M E R C E
C H IC A G O
T H E C O M M E R C IA L W EST,
Saturday, January 24, 1903.
W ed n esd ay, Jan. 21 .......................................
T hursday, Jan. 22 .........................................
41
41%
40
40%
1 hard . . . . ...............
1 northern ...............
2 northern . ...............
O a ts .
Shippers are taking nearly all the oats, and besides their
purchases last week, shipped out of store over 100,000 bush
els. The stuff is goin g east. Elevator stocks on the 17th
were 948,100, against 231,000 a year ago. The oats move
ment to this market seems to be about over. T o the north
west, where the good oats were raised, a large part of the
remainder of the crop will be used locally, for feed. R e
ceipts last week, 415,400 bushels; shipments, 170,800.
D aily prices
of w hite
No. 3 W .
34 @ 35
33% @ 3 4 %
33% @ 34
33% @34
33% @34
33% @ 34
No. 2 W .
34% @ 35
34% @ 35
34
@ 34%
34
@ 34%
34
@ 34%
33% @34%
Y ear
ago.
43%
44%
45%
44%
B a r le y and R y e .
Barley is strong— a go od healthy market. Everything is
wanted, and the lower grades are relatively high. The
lower grades of malting have increased steadily in strength,
and feed grades, owing to the active demand for oats, are
strong. The former sell at 47@ 50c, while choice malting
brings 60c. The barley situation has changed materially
since harvest. Then it was thought the country had raised
a large surplus. O f late, however, malsters have discov
ered that they will want about all the barley they are likely
to get.
While the northwest raised a large crop, good
prices have prevailed, and a still larger crop this year will
probably be sown.
Receipts of barley last week were
173,900 bushels, and shipments 152,000. E levato r stocks on
the 17th, 436,800, against 103,700 a year ago. Stocks de
creased last week.
The rye market is narrow and unimportant. Receipts
lighter and stocks decreasing.
D aily closing prices of rye during the w eek w ere:
F riday, Jan. 16 ...............
Saturday, Jan. 17 .........
M onday, Jan. 19 .............
Tuesday, Jan. 20 ........... . . . . . . . ,
W ed n esd ay, Jan. 21 . . . .
Thursday, Jan. 22 .........
46% @47
47 @ 4 7 %
47 - @ 4 7 %
47 @ 4 7 %
47 @ 4 7 %
47% @ 48
Y ear
ago.
56
56%
56%
56
16.
78%
77%
76%
D uluth
1 hard ......... ...............
1 northern ...............
2 northern . ..............
Cash
W h e a t Future
May W heat.
Fri.
Sat.
Jan.
Jan.
16.
17.
M inneapolis ........................ ■ 77%
77%
Y e a r ago ........................• *76%
77%
Chicago ................................. ■ 78%
78%
Y e a r ago .......................... . S0%
81
D uluth ....................................• 78%
78%
K an sa s C ity ........................ • 69%
70
St. Louis .............................■ 76%
75%
N ew Y ork ................... .......■ 82%
82%
M on.
Jan.
19.
78%
76%
79%
79%
79%
70%
76%
82%
Tues. W e d . Thur.
Jan.
Jan.
Jan.
20.
21.
22.
78%
78%
75
75%
75%
79%
80%
81%
78%
79%
79%
79%
79%
79%
70%
70
70%
76%
76%
77%
82%
83%
83%
Ju ly W h e a t.
Fri.
Sat.
Jan.
Jan.
16.
17.
M inneapolis ......................... 78%
78%
Y ear ago ..........................
77%
78%
Chicago ................................. ■ 74%
74%
Y ear ago ..........................
80%
80%
D uluth ................................... , 79
79
K an sa s City ....................... • 67%
67%
St. Louis ...............................
72%
72
N ew Y ork ............................
79%
79%
M on.
Jan.
19.
78%
76%
74%
79%
79%
67%
72%
79%
Tues. W e d . Thur.
Jan.
Jan.
Jan.
20.
21.
22.
78%
78%
78%
76%
77%
76%
74%
75%
75%
78%
79%
79
72%
79%
73
67%
66%
67%
72%
72%
73
79%
80%
80%
19.
79%
78%
77%
66@ 9 66@-9
69@70 69
20.
79%
78%
77
21.
79%
78%
771/4
29
79 %
78%
77%
771/4
761/4
IDA
78%
77%
75%
78%
77%
75%
W heat.
76%
75%
73%
-76%
75%
73%
77%
76%
74%
W heat.
66@ 9
69%
6 6 @ 8 % 6 6 % @ 8 % 67@9
69%
69%
70
Liverpool W h e a t Prices.
M arch Close.
Friday, Jan. 16 ....................................................
6s 2 % d
Saturday, Jan. 17 .............................. .................
6s 2 % d
M onday, Jan. 19 ..................................................
6s 3% d
T uesday, Jan. 20 ................................................
6s 3% d
W ednesday, Jan. 21 .......................................... 6s 4 % d
T hursday, Jan. 22 ..............................................
6s 4% d
W h e a t Receipts.
M ay Close.
6s l% d
6s l% d
6s 2% d
6s 2% d
6s 2y8d
6s 3% d
M inneapolis.
Duluth.
Chicago.
Cars. Y ear ago. Cars Y e a r ago. Cars. Y ear ago.
F ri., Jan. 1 6 . . . . .364
375
24
17
34
41
Sat., Jan. 17. . . . 281
470
15
39
40
35
M on., Jan. 19. . . . 757
536
39
61
69
38
T ues., Jan. 2 0 ..
285
180
79
15
63
58
W e d ., Jan. 21 ..
264
237
21
174
45
54
T hur., Jan. 2 2 ..
311
177
32
56
31
22
D aily R eceipts of Coarse
F ri., Jan. 1 6 ...................
Sat., Jan. 1 7 ..................
M on., Jan. 1 9 ...............
T u es., Jan. 2 0.............
W e d ., Jan. 21 .............
T hurs., Jan. 22 ...........
Corn,
Cars.
37
6
28
24
50
49
Grain
Oats,
Cars.
61
38
111
35
58
49
M inneapolis W e e k l y
in
M inneapolis.
B arley, R ye,
Cars.
Cars.
35
7
26
4
67
9
21
4
35
6
23
8
Receipts of
F lax D uluth
Cars. F lax.
27
26
10
6
38
28
18
78
16
11
25
23
G rain.
R eceipts of grain at M inneapolis for the weeks ending on the
dates given w ere:
W e e k ending W e e k ending W e e k ending
Jan. 17.
Jan. 10.
Jan. 3.
W h e a t, bushels ...........
1,936,500
1,716,700
2,045,700
Corn, bushels ...............
88,700
53,600
89,300
Oats, bushels ...............
415,400
291,200
329,800
Barley, bushels ...........
173,900
148,100
161,100
R ye, bushels ....................
25,000
29,600
36,600
F lax, bushels ...............
135,500
156,600
261,600
W h e a t in R e g u l a r
Closing
17.
79%
78%
76%
K a n s a s C ity Cash
N o. 2 hard ...............
N o. 2 red ...................
oats during- the w eek w ere:
Friday, Jan. 16 .........
, Saturday, Jan. 17 . . .
M onday, Jan. 19
T uesday, Jan. 20
W ed n esd ay, Jan. 21
Thursday, Jan. 22 . .
35
M inneapolis
Prices.
Elevators.
W e e k ending
Jan. 17.
Y ear ago.
...........
689.800
6.179.700
...........
1,675,300
...........
230,200
...........
1,400
...........
5.965.700
...........
176.800
...........
N o. 1 hard .............
N o. 1 northern . . .
N o. 2 northern . . . .
No. 3 ..........................
R ejected ....................
Special bin ...............
N o grade, in bond
T otal .........................
M inneapolis increase
D uluth stocks ...........
14,918,800
118,600
...........
16,697,000
...........
9,591.000
C o a r s e G r a i n in R e g u l a r M i n n e a p o l i s E l e v a t o r s .
M i n n e a p o l i s C a s h W h e a t , Off ic ia l C lo s e .
Fri.
Sat.
M on. T ues. W e d . Thur.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Corn .....................................
O ats .....................................
Barley .................................
R ye ......................................
F lax .....................................
W e e k ending
Jan. 17.
53,800
948,100
436,800
73,000
1,598,000
W e e k ending
Jan. 10.
72,900
1,059,600
480,600
74,800
1,557,200
Y ear ago.
194,000
231,000
103,700
72,900
1,078,000
W h e a t M ovem ent.
R eceipts of w heat at the four principal spring w heat m a rkets from A ug. 1 to Jan. 22:
1902.
1901.
Minneapolis ...............................................................
59,308,070
59,150,516
M ilw aukee ................................................................
5,816,847
7,320,480
D uluth ........................................................................... 29,012,435
34,800,162
Separators, Scourers,
Oat Clippers and Cleaners.
Flour, Bran and Food Packers.
The S. HOWES CO.
“EUREKA” WORKS,
Silver Creek, N. Y.
M IN N E A P O L IS O F FIC E :
W. E. SHERER,
5 Chamber of Commerce
CataHllah««' 1 8 8 » ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE COMMERCIAL WEST.
36
Chicago
T otal
.....................................................................
29,009,409
30,828,152
................................................................ .... 123,176,761
132,099,310
R eceipts of w heat at the four principal w inter w heat m a r
kets from the beginning of the crop m ovem ent July 1, to Jan. 22:
1902.
1901.
Toledo
.......................................................................
10,559,312
5,887,033
St. Louis .................................................................... 26,944,520
14,546,151
D etroit
....................................................................
3,018,809
2,566,552
K an sa s C ity ................................................................
20,732,300
15,936,058
61,254,941
Total
Saturday, January 24, 1903.
in force, is detrimental to the best interests of the country
in restricting and interfering in trade and commeirce, and is
manifestly unfair to those in the grain trade who have capi
tal invested in elevators, and we, therefore, request that the
Dominion government have such legislation enacted at the
coming session of parliament as will remove such restric
tions and make the operations of said act fair and equitable
to all.”
38,935,794
Flaxseed Shipments.
G r a i n in M i n n e a p o l i s E l e v a t o r s .
R eport of the Cham ber of Com m erce regular elevators for the
w eek ending January 17:
Elevator-—
Inc. D ec. W h e a t.
Oats.
Flax.
59,500
367,057
A t l a n t i c .....................................
8
46,000
17,865
202,612
“ C” .....................................
7
66,861
Crescent ........................... 31
’ 3,900
52,281
Exchange .................
2
243,500
1,167,558
12
<.
E l e c t r i c ............................
4,150
338,110
422,680
G reat E astern .............
5
5,924
150,700
G reat Nor. N o. 1 ....................
18
G reat Nor. N o. 2 ....................
96,158
75,191
G reat N . “ B “ C o m o ..
..
7
82,800
1,290
351,749
G reat W e ste rn 1 ...........
..
28
267,652
G reat W e ste rn 2 ...........
41
347,560
8
Interior 1 ........................
700
801
877,840
Interior 2 and 3 ...........
7
27,400
4,285
398,918
In ter-S ta te N o. 1 ..................
9
331,780
In ter-S ta te N o. 2 .........’ . .
2
4,363
320,970
K ..................................................
4
159,000
88,470
M idw ay No. 1 ..........................
2
282,723
M idw ay No. 2 ..........................
6
81,923
M is s is s ip p i...............................
4
1.062,848
M onarch ..........................
..
2
55,800
6,182
71,288
N orthw estern 1 ...........
5
51,600
N orthw estern 2 .....................
3,400
202,579
181,422
P i l l s b n r y ..................................
1
439,300
947,266
Pioneer Steel ................ 109
55,477
1,035,026
Republic ...........................
2
156,500
293,280
S h o r e h a m ........................
4
1,409,648
St. A n th on y 1 ................ 11
119,800
1,509,240
St. A n th on y 3 ...............
6
4,413
71,100
210,812
Standard ..................................
2,665
993,230
S t a r .............................................
9
880,952
3,791
U nion „ .....................................
66
101,000
115,280
V ictoria . ........................
24
20,200
19,610
61,851
Concrete ..................................
111,100
25,638
292,186
X ..........................................
7
T otal
........................
281
166
14,918,800
948,150
The shipments of flaxseed from India from April 1 to Jan.
2 amounted to 11,752,000 bushels (Calcutta 8,112,000 bushels
and Bom bay 3,640,000 bushels), against 13,240,000 bushels
last season (Calcutta 9,880,000 bushels and Bom bay 3,360,000
bushels), and 10,280 bushels in 1900-1 (Calcutta 8,864,000
bushels and Bom bay 1,416,000 bushels).
T he receipts of flaxseed in the Argentine for the week
ended Dec. 11 were 52,000 bushels, against 44,400 bushels in
the previous week, and none in the same week last year.
The receipts from Jan. 1 to Dec. 11 amount to 15,112,000
bushels, against 15,496,000 bushels in the corresponding
period in the previous year.
The receipts of flaxseed at Bom bay for the week ended
Dec. 18 amounted to 485 tons., against 450 tons in the pre
vious week and 610 tons in the same wmek last year. The
total receipts at Bombay from Jan. 1 to Dec. 18 amount to
100,690 tons, against 90,576 tons in the corresponding period
in 1901.
Milwaukee Grain Market.
(Special Correspondence to The Com m ercial W e s t.)
Milwaukee, Jan. 21.— There has been very little change
in the option market the past week, the general feeling
being that it is strictly an “ A rm o u r” market and good to
keep clear of. There has been considerable trading, but
the traders keep getting in and out and do not wish to take
any decided stand. The advance in wheat, which _would
naturally mean increased business, has not had that stimulat
ing effect this time. Stocks, too, have been quiet, and the
outlook at the present time is none too bright.
In cash grain there has been considerable activity,
especially in wheat and barley. No. 1 northern has advanced
with the option from 78 to 8 1 whi l e No. 2 northern has
ranged from 76 to 86J2. There has been a steady demand
right along for the best grades and medium grades have also
sold well.
.
Barley has been active and in very brisk demand until
today when an easier feeling prevailed. H ow ever the de
mand continues good, especially for Wisconsin and Eastern
Minnesota barley, it being taken in preference to other states.
Oats continue firm and are a shade higher today, with
an excellent demand for the choice grades. No. 3 white
have advanced from 34J2 to 3 5 ^4 - T here is a good shipping
demand for oats. Corn shows an easier feeling, although
today’s prices were a shade better. Rye, too, holds steady
and choice grades are in good demand.
T he flour market was brisk at the opening of the week,
but the advance in wheat has caused a decline in the de
mand. There has been no export demand whatever and
none is looked for at present. Millstuff is firm and the
prices hold the same as early in the week. T he re is a good
demand for the best grades of millstuff; in fact all grades
are in good demand.
1,598,000
Manitoba Grain Act Unsatisfactory,
(Special Correspondence to T he Com m ercial W e s t.)
Winnipeg, Jan. 20.— A special meeting of the Northw est
Grain Dealers’ association was held in Winnip eg last week,
at which the present grain act and its effect on the grain
trade of the West was discussed. The members of the asso
ciation say that several of the provisions of the act now in
force are unreasonable, and in fact, as at present construed,
w ork such damage to the interests of the elevator people
that unless some steps are taken to relieve the situation, the
elevator owners may as well go out of business so great is the
handicap under which they do business. One of the . provis
ions of the act working the greatest harm to the elevator in
terests is that which provides that elevators shall only obtain
car for car with other applicants for cars.
T he meeting was a lengthy one, and at its conclusion a
resolution was unanimously adopted, which was submitted
to the Hon. Clifford Sifton, minister of the interior, who vis
ited the exchange and listened to the remarks made by John
Love, president of the association, and several other mem
bers who addressed the minister.
T he resolution as passed at the meeting and submitted to
the Hon. Mr. Sifton, was as follows:'
“ That the operation of the Manitoba Grain Act, as now
G . B . G u n d erson & C o.
Your orders
in futures and
consignments
of cash grain
solicted.
Write for my
Daily and
Weekly
Market
Letters.
Grain Commission.
M IN N E A P O L IS.
W IL L IA M
>-
D U LU T H .
D A L R Y M P L E
G R A IN C O M M ISSIO N .
Receiving and Selling Grain by Sample a Specialty.
GOOm
C O M M ISSIO N
M E R C H A N T
G r a in ,
&
P h illip s
S e e d s
P r o v i s i o n s
2 3 1 -2 3 5
R ia l t o B ld g .
CH IC A G O -
Mv daily and weekly market letters are published in lull in the Chicago Evening Post. Also the
Chicago Evening Journal. Will send either paper gratis to anyone interested in the market.
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Federal Reserve Bank of St. Louis
D
U
LU
TH
—M
IN
N
EAPO
LIS.
J. R. Marfield, Pres. C. D. Tecrse.Sec’y &Tréas
Wm. Griffiths, Vice-Pres, & Manager.
BROOKS - GRIFFITHS CO.
Grain Commission,
Offices: CHICAGO, MILWAUKEE, DULUTH
New Cham ber of Com m erce,
MINNEAPOLIS.
THE COMMERCIAL WEST.
Saturday, January 24, 1903.
37
B IS C U IT E A R N IN G S S H O W U P W ELL.
Notwithstanding Increased Cost of Flour, Etc., Profits Will Approximate the Same as Last Year.
Big Increase in Sales.
introduce right away— an almond shaped sugar wafer, whose
Chicago, Jan. 20.— In view of the interest that is felt in name, Festina— the Italian word for feast— appropriately
financial circles over the forthcoming report of the National suggests its deliciousness. Notwithstanding the new special
Biscuit Co., the representative o f T h e C o m m e r c i a l W e s t ties we have introduced, the ‘Uneda biscuit’ is still the most
called today on Mr. A. W. Green, chairman of the executive popular stand-by. W e are now at w o rk on two new plants
committee of the board of directors of this company, to ascer for our manufacture of ‘Uneda biscuits,’ a twelve-oven plant
tain if possible, whether or not the report would be of a sort in Chicago and a ten-oven plant in New Y o rk. These will
have a combined capacity of 500,000 packages a day, which
pleasing to the company’s stockholders. Mr. Green said :
“ A s our year does not end until Feb. 1, it is impossible increased capacity we will easily need during the next year.
to tell just how our statement to the stockholders at the T h e y will be the two finest bakeries in the United States.
annual meeting on Feb. 16 will compare with last year’s. The Chicago plant will probably be completed June 1; the
I can predict, however, that our earnings will not be so N ew Y o r k plant several months later.
large as some of our friends in L a Salle street are guessing
Interesting R elation s w ith E m p lo yes.
for according to L a Salle street gossip, our statement will
O u r relations with our employes during the last year
show profits of $4,000,000. I am inclined to think that our
have been quite satisfactory, notwithstanding certain news
profits will approximate the same as last year. A * though
paper reports to the contrary. Just one year ago today,
of course until the figures for the full year are in, I cannot
1,324 of our employes were stockholders in our company.
tell. But there need be no fear that profits will not be large
T o d ay 1,622 are stockholders, a gain of almost 300. Within
enough to justify the present dividend rates.
the last thirty days 650 shares of National Biscuit preferred
“ If the statement shows that the company has held its
stock have been added to the holdings of our employes.
own for the year in the matter of profits, stockholders ought
W e find that our employes who have become shareholders
to be very well satisfied, for there was a greatly decreased
in the company have become better men. T h e y have worked
percentage of profit B* on sales during the y e a r ; this be
harder and have saved their earnings more than before.
cause of the higher cost of almost everything entering into
“ W e have worked one new plan this last year, that has
the production of biscuit, including especially flour, lard,
borne good fruit. I refer to our big ‘district meetings,’
fuel and railroad transportation.
when the officials of the company and the district salesmen
“ Despite the heavy increase in expenses we have not ad
come together. O ur last one was at St. Joseph, and we had
vanced prices on our standard goods, except in several un
an attendance of nearly two hundred— a go od sized conven
important instances, like an advance of five cents per dozen
tion. A ll the salesmen from this section of the Missouri
in standard soda biscuit, which was neutralized by an equiv
valley were present, and listened to speeches delivered to
alent drop in the V erona grades. Nearly every kind of food
them by the officials of the company. T hey were told the
that people eat has advanced in price during the last year
best ways to exploit the company’s goods, and arguments
with the exception of the products of the National Biscuit
were provided them for them to furnish in turn to the trade.
Co. But for further economics in our manufacture, and fur
In the convention hall were a great lot of our goods for
ther improvements in our company organization, we could
purposes of illustration. O ur next convention will occur in
have made no profit on our goods the last year, at least not
several weeks at Memphis, Tenn., and will be attended by
at the prices at which we sold them.
all the salesmen in the lower Mississippi valley district.
S a l e s I n c r e a s e 25 P e r C e n t .
Since we have inaugurated these* district meetings, some of
“ O ur sales for the year will show a splendid increase. our officials wffio had never before spoken in public meet
On one of our brands of pack age goods the increase over ing, have developed marked ability as ‘orators.’ ”
last year will probably amount to about 25 per cent. W e are
a* T he N ational B iscu it C om pany’s profits for the tw elve
doing an enormous business, and our facilities are taxed m onths ended Jan. 31st, 1902, were $3,670,445. It appears from
to the utmost. W e are the largest single consumers in the Mr. G reen’s interview that the profits for the year to be ended
Jan. 31st, 1902, w ill be approxim ately the sam e.
U p to this
United States, of flour, lard, sugar, card board, and wooden year every year in the com pany’ s history has shown large gains
boxes, and in our consumption of tin cans we rival the in profits and sales, as the follow ing show s:
Sales.
Profits.
leading packing companies. I presume that in 1902 we con
............................................................................ $34,051,279
$3,292,143
sumed about 2,000,000 barrels of flour, about two-thirds of 1898
1899 ............................................................................
35,651,898
3,302,155
3,318,355
which was winter wheat flour. W e use about 25 tons of 1900 ............................................................................... 36,439,160
1901 ...............................................................................
38,625,134
3,670,445
card board every day. W e make about 2,000 glass front
b* T he percentage of profit on sales w as last year 9.50.
A ccording to M r. G reen’s interview the sales are likely to be
tin boxes every day.
about 25 per cent, larger than la st year, and the percentage of
“ There is one new pack age specialty we are going to profit about 25 per cent, smaller.
(Special Correspondence to The C om m ercial W e s t.)
B LA C K H IL L S S Y N D IC A T E
Controlling and Operating 7440 Acres of Semi-Anthracite Coal Lands Known as the
S U N DANCE COAL FIELD S
Offer a limited amount of fully paid up, Non-assessable stock at
30
OFFICERS:
CENTS
IN
B L O C K S O F lO O
SHARES
AND
UP.
E. G. Potter, President; A. E. Johnson, Vice-President; Carl L. Wallace, Secretary;
Phillip O. Harris, Treasurer; L. C. Twombly, General Manager.
Write for Prospectus.
B L A C K H IL L S S Y N D IC A T E ,
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Federal Reserve Bank of St. Louis
sum i n n e a p
0 1
is
dg'
THE COMMERCIAL WEST.
38
Saturday, January 24, 1903.
merce at O ttawa relative to a report made to the depart
ment by Warehouse Commissioner Castle, dealing with
certain questions of eastern grading of western grain, is set
Winnipeg, June 20.— The annual meeting of the Winni
forth in full in the council’s report, which also states that
peg Grain & Produce Exchange was held on the 14th. The
up to date the exchange has not been notified as to what
first business was the election of officers, which resulted as has been done in the matter.
fo llo w s:
Insurance at F o rt W illiam .
President, Fred Phillipps; vice-president, A. R. Hargraft, and secretary-treasurer, C. N. Bell.
The council took up with General Superintendent L e o n
The secretary presented the fifteenth annual report of ard the matter of the difficulty of placing insurance on grain
(he council, which was unanimously adopted as printed. in store at Fort William. N o notice is given to shippers
J he report dealt with the matters coming before the coun as to what elevator grain forwarded to F o rt William will be
cil and outlined the steps taken by the council, to deal with stored in; and as western shippers cannot know until bills
them. The report is in part as follows
are received from F o rt William as to the particular elevator
in which their grain has been placed, it is found necessary
O pening of N a v ig a tio n .
to carry considerable insurance in each elevator for protec
In April the matter of the necessity of the exchange
tion to meet this situation. It has occurred that the limit of
adopting some rule as to the official date of the opening of
insurance that will be carried by the insurance companies
navigation was considered by the council, and afterwards on grain stored in the elevators at F ort William was
the exch ange adopted the following by-law:
reached, while the amount of grain actually placed in the
"T he opening of navigation shall be construed to mean
elevators was far below the amount insured; hence some
the arrival in Fort William or P o rt A rthur harbor of the
grain actually placed in elevators could not obtain insur
first vessel from lower lake ports through the Sault canal,
ance, while some shippers were carrying an unnecessary
and that the entrance or entrances to the Fort William or
amount of insurance in order to protect their deliveries
Port A rth u r harbors shall be free of obstructions from ice. to the elevator.
In the event of ice remaining in sufficient quantities to
Car Shortage.
obstruct navigation, then all the contracts based upon the
opening of navigation shall be extended for as many days
O w in g to the great scarcity M cars for moving grain,
as such obstruction exists.”
¡ in February last the exchange and the council had several
Later on statements were procured from officials at Port meetings with the officials of the C. P. R., urging that some
A rthur and F o rt William defining the exact date of the relief be afforded, and the officials were pressed to arrange
opening of navigation in 1902, and this date is filed in the with their southern connections so that shippers might con
secretary’s office for the information of members.
sign grain to Duluth when the C. P. R. could not supply
C o n tra c t G rades.
cars to transport it to F o rt William. Such arrangement was
I lie council, on Sept. 30, fixed the contract grades of made, and to a limited extent grain was carried by the Soo
grain that shall govern all trades made on the floor of the line and the Great Northern to Minneapolis and Duluth. The
exchange during the established hours of trading for the Hon. Mr. Bulyea and a representative of the Grain G ro w
ers’ association of the Northwest Territories attended a gen
crop of 1902, as follows:
" I h e contract grade of wheat for the ensuing year shall eral meeting of the exchange on Feb. 19, when the C. P. R.
be No. 1 northern, provided that No. 1 hard wheat may be freight officials announced that they would receive grain
delivered at a difference of 2c over, but the council, after for shipment to points east of F o rt William, but compara
giving notice by posting on the bulletin board of the e x tively little grain was taken out of the country by that
change for one month, may cancel such right to deliver route. E a rly in April, members complained to the exchange
N o . 1 hard, all contracts, however, made prior to such that the C. P. R. company were only accepting shipment
cancellation to stand as made; also that No. 2 white oats of grain for F o rt William from certain points, and a com
munication was forwarded to Mr. Leonard stating that it
shall be the contract grade of oats.”
was the desire of the exch ange that shipments for F o rt
E x p o rt Grades.
William should be received from all points in the west, but
T he council were advised by the Canadian Pacific rail this state of affairs continued for some time, causing great
way in November (for the T runk Line association, New dissatisfaction to the trade.
Y o r k ) that only a certain number of grades of grain to be
E xcessive Charges.
exported from Canada will.be received at New Y o r k , Phil
H a vin g received many complaints from members of the
adelphia or Baltimore, and that such grain will be received
at the frontier junction point only when each car is accom exchange re gardin g the excessive charges imposed at
panied by a proper certificate from the duly appointed in K i n g ’s elevator, Port Arthur, for storage on rejected wheat,
spector at the point of shipment or at the frontier showing the council wrote the C. P. R. traffic officials protesting
it to be one of the list of specified grades; and the council, against the charges on rejected wheat made in the Port
being asked to designate eight grades for Manitoba grain, Arthur elevator, which is operated by Joseph G. K in g &
decided on the following, viz: 1 hard, 1, 2 and 3 northern Co., the charge being one cent per bushel for elevation and
wheat, two commercial grades of wheat (to be determined fifteen days’ storage and one cent for every succeeding fif
teen days or any part thereof. A copy of the letter of com
later), No. 2 white oats and feed oats.
L ater on. the council were notified by the Trunk Line plaint was also sent direct to Mr. King. The Canadian
association that only six grades of Manitoba grain, instead Pacific railway officials have not yet given a definite an
of eight, would be allowed this year, and accordingly one swer to the protest of the exchange, and Mr. K i n g simply
of the commercial grades and feed oats were struck from refuses to make anv reduction.
1 he exchange has complained to the warehouse co m
the list; but the exch ange made it clear that this agreement
should not establish a precedent, and that the full number missioner as follows:
"T he exchange understands that, as warehouse commis
of eight grades would be expected next season.
sioner, you have authority and are charged with the duty
W e ig h in g at W innip eg.
of protecting the public against extortionate storage
Many complaints have been made regard ing the difficul and elevator charges, and claims your protection, asking
ties surrounding the securing of proper weights of the grain that you restrain Messrs. K i n g & Co., from levying on un
in cars consigned to W innip eg for local delivery, as there treated grain double the storage imposed upon treated
are no facilities in the railway yards for definitely ascertain grain; and, further, the exchange claims protection in that
ing the exact quantity of grain ai riving in any particular Messrs. K i n g & Co., should be restrained from scouring,
car; and, as a consequence (say, in the case of oats), the without the consent of the owner thereof, rejected wheat
out-turn has to be determined by sacking the grain in the sent to the elevator.”
car and weighing at the consignee’s warehouse or other
M em bersh ip .
place of business. This is a very unsatisfactory system, and
During the year 1902 twenty-two associate memberships
as a result of representations made by members of the e x
change at outside points the council have now a committee and one hundred and four active memberships were taken
investigating the whole situation, with instructions to re out. Included in these actives are a number who exchanged
from associate memberships by paying the difference in
port thereon.
the membership entrance fee.
Fifteen active seats were
C o m p l a i n t s Re G r a d i n g .
transferred during the year. On January 1, 1903, 210 active
The correspondence passing between the secretary of and twenty-six associate members were on the. member
the exchange and the deputy minister of trade and com- ship role.
WINNIPEG GRAIN EXCHANGE.
(Special Correspondence to The C om m ercial W e s t.)
Charles A. Chapman
CONSULTING ENGINEER.
1 0 4 0 -4 2 M arquette B u ilding,
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Federal Reserve Bank of St. Louis
CHICAGO.
CROOKSTON LUMBER CO.
M IL L S AT
S h i p m e n t s on
B E M iD J i, s t . h il a i r e
Crookstoii, Minn.
CROOKSTON.
- - - - - - - - - - - - - - - - - - - - - - -- - - - -
Northern Pacific and
Great Northern R js .
Saturday, January 24, 1903.
THE COM MERCI AY WEST
39
L O N D O N W H E A T REVIEW.
(Special Correspondence to T he Com m ercial W e s t.)
London, Jan. 10.-— The position of wheat is reviewed by
F. Lenders & Co., as follows:
T he position appears to be that there is general confi
dence in near positions, owing to the very moderate stocks
held this side and the impossibility of their being largely
augmented in the near future, this feeling being accentuated
by the steadiness which pervades the American markets,
and the reported scarcity of go od milling wheats not only
for export but for home use; and, on the other hand, the
highly favorable reports respecting the Argentine crop, and
the prospects of large supplies throughout the Spring from
North America, Canada, and Russia, with a fair quantity
from India, act as a deterrent to speculators and induce
importers to act with great caution.
A s regards the Argentine, the latest estimate published
by the. representative of the Corn Trade News, namely 10,000,000 quarters for export, rather took the trade by surprise,
as this is larger than any other which we have seen from a
responsible quarter.
Our Buenos A yres house estimates the total quantity
for export at about 7,000,000 quarters, which includes fair
quantities for Brazil and South Africa, so that the quantity
for Europe may not exceed 5 ]/2 to 6 million quarters, and
this spread over the entire year cannot, in our opinion, be
considered an excessive quantity, or one likely to weigh
heavily on European markets. It is just as well, however,
OUTSIDE MILLS REPRESENTED IN MINNEAPOLIS.
Last week, under the above title, a partial list of outside
mills owned by Minneapolis companies, or those having M in
neapolis offices, was published; inadvertently the* list was not
given in full. The following companies having Minneapolis
offices operate country mills:
James Q uirk Milling Co.; mills at Waterville, M o n tg o m
ery and Montevideo, Minn.
D w igh t M. Baldwin, Jr.; mills at Graceville and M o o r
head, Minn. Mill at Crookston burned Dec. 24.
Sheffield-King Milling Co.; mill at Faribault, Minn.
Smith & Helm of the Russell-Miller Milling Co., mills
at Jamestown, V a lle y City and Grand Forks, N. D.
W. J. Jennison & Co.; mills at Appleton and Royalton,
Minn.
L. Christian & Co.; mill at Shakopee, Minn.
Morton Merchant Milling Co.; mill at Morton, Minn.
H. R. K e a r n y & Co.; mill at Detroit, Minn.
E lk Valley Milling Co.; mills at Larimore, N. D., and
Belle Plaine, Minn.
FI. H. Corson; mill at Langford, S. D.
L. L. Nerlein; mill at Eden Valley, Minn.
Geo. C. Christian; mills at A shton and Redfield, S. D.,
besides his Minneapolis mill.
British Flour Trade and Manufacture.
to bear in mind that such estimates, even in the present
advanced state of the wheat movement, are of an elastic
character, and we are not disposed to pin our faith to either
one or the other, but we think that our A gency's estimate
will prove pretty near the mark.
T he demand for Australia, which had been quiescent for
some time, has revived again, and further purchases have
been made of Walla W alla wheat for Melbourne, and if this
demand should continue, as we have no doubt it will for
some time to come yet, it will help to maintain the position
of white wheats and limit still further the quantity available
for Europe.
A cargo of Russian wheat loading has been sold during
the past week, and a steady trade continues to be done in
parcels, but shippers do not seem much disposed to deal
largely in cargoes, and offers are generally 6d. to 9d. above
U. K. parity. If prices could only be reduced to a more
reasonable level a good trade could be done, especially in
the fine strong qualities which are in demand on account of
the scarcity of suitable American qualities.
Private American advices are, generaly speaking, favor
able to wheat, and we look for a continuance of steady
markets for some time to come yet, although operators
must always bear in mind the possibility of the Argentine
appearing as a free seller, which might have the effect of
temporarily weakening values, but, so far as the position can
be gauged from the data at our disposal, we think purchases
on such depressions might be safely made.
A t first sight it might appear that British millers have
done very well during the past year with this increased out
put, but unfortunately, during a greater part of the year,
prices were very unremunerative, which tends to show that
home competition is just as bad as American competition,
as far as prices are concerned.
Prices in London compare with the past two years as
follo w s:
Top price ............................................................. .
T ow n patents, delivered .................................
Tow n households ...............................................
B est A m erican spring patents, ex-store.
1902.
29s
26s9d
23s9d
24s9d
Th e A rgen tin e W h eat Crop and
1901.
28s
25s6d
22s 6d
23s3d
1900.
30s
27s6d
24s6d
25s3d
Exports.
Beerbohm, Jan. 9: The promise of important shipments
from Argentina, from which country the offers have in
creased considerably, tends to restrict any immediate de
sire to operate; but the firmness of the American markets,
and the absence of any pressure to sell Russian wheat, makes
one reflect that the Argentine surplus, whatever it may
amount to, will be handled with comparative ease. O ur
cable from Buenos Ayres this morning reports the weather
favorable for harvest, which is drawing to a close, and says
that the threshings are giving satisfactory results. Other
cabled reports state that an export surplus of fully 10,000,000
quarters may be reckoned upon, which would indicate a total
yield of about 14,000,000 quarters. This is practically the
same as we suggested as probable in our review of Nov. 21,
and would compare with previous year’s as follows:
Beerbohm, Jan. 9: There has been a very quiet trade
generally in flour this week. In London American brands
are rather easier, but Town-made is unchanged. H o use
Crop— qrs.
E xp orts— qrs.
holds are quoted at 23s ex-mill lowest price and Whites at 1902-1903 .........
*14,000,000
*10,000,000
26s. T he first American Sp ring Patents, such as Pillsbury’s 1901-1902 ____
7,000,000
3.150.000
8.250.000
4.150.000
Best and Duluth Imperial, sell at 24s 9d ex-store, but cer 1900-1901 .........
.........
12.750.000
9.750.000
tain top brands are held at 25s 3d to 25s 6d. English country 1899-1900
1898-1899 .........
12.250.000
8, 000,000
flour is unchanged, country roller Whites ranging from 20s 1897-1898 .........
6.500.000
3,000,000
*E stim ated .
3d up to 22s on rail, according to the amount of foreign
wheat in the manufacture. Liverpool quotes a very quiet
The largest previous export was, it will be seen, in 1900,
market at 24s 6d to 28s for city-made patents and 25s to 26s viz., 9,750,000 quarters, of which 9,200,000 quarters came to
for Minnesota patents. Glasgow also is very quiet.
Europe. Of this quantity 6,750,000 quarters were shipped in
T he stock returns from all English ports were given in last the first six months, viz., from Jan. 1 to July 1; granting
Tuesday’s List, according to which the total on Jan. 1 was that the present crop estimates are well founded, the same
621,000 sacks, against 814,000 sacks last year and 916,000 exports are, of course, possible this year. This is a large
sacks in 1901. Lon do n ’ s stock was 238,000 sacks, of which quantity certainly, but it loses much of its force when we
about 60,000 sacks are English flour in the Great Eastern remember how large the United K in g d o m ’s requirements
and Great Northern depots.
are; and when we find the American markets pursuing an
T h e following statement is interesting as showing our independent bullish course in spite of this promised co m
imports and home manufacture of flour during the past 11 petition from Argentina, it makes one begin to think that,
years, in sacks of 280 pounds:
after all, the power of America to make prices is greater
Estim ated. E s tim ’d H om e. than that of Argentina.
1902
1901
1900
1899
1898
1897
1896
1895
1894
1893
1892
.................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
...............
...............
...............
...............
...............
...............
...............
...............
................
...............
...............
Im ports.
7,775,000
9,030,000
8,616,000
9,175,000
8,400,000
7,472,000
8,528,000
7,325,000
7,653,000
8,163,000
8,850,000
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Federal Reserve Bank of St. Louis
Consum ption.
37,000,000
36,600,000
36,400,000
36,250,000
36,000,000
35,700,000
35,400,000
35,000,000
34,600,000
34,300,000
34,000,000
M anufacture.
29,225,000
27,570,000
27,784,000
27,100,000
27,600,000
28 228,000
26,872,000
27,675,000
26,947,000
26,137,000
25,150,000
A Choice of Ways.
T o California is afforded by taking the Chicago Great West
ern Railway. Close connection is made at Kansas City, with
the finest trans-continental “ Limited.” The choice of two
through tourist cars via the different routes may be had via
this line. For further information apply to any Great West
ern agent, or J. P. Elmer, G. P. A., Chicago, 111.
THE COMMERCIAL WEST.
40
C O M M E R C I A L W E ST M AR K E T
H . Poehler Co., M inneapolis, Jan. 21: The local m arket has
not advanced as rapidly as Chicago and a spread seem s out of
lm e. Before M ay w e w ill likely either go up or Chicago come
down com paratively. Evidently w e are at resting figures on
M a y w heat, and if prices should not advance m aterially the
balance of this w eek, it would be ju st as healthful. T he s itu a
tion of w heat rem ains strong, but w e do not advise buying' on
these advances, but to do so on all soft spots. Duluth advanced
their cash m arket relatively lc today, and it speaks well for the
faith being developed in th a t quarter. E xporters are evidently
gettin g ready for spring business.
*
*
*
V an D u sen -H arrin gton Co., M inneapolis, Jan. 21: W h e a t
has been Arm all day, holding very steady around 78% c until
the last hour, w hen it sold off a little, but rallied slightly ju st
at the close. The feature of the day w as the w eakness of July,
w hich closes l-1 6 c under M ay.
A few trades were m ade a t y8c
under M ay. _ R eceipts were 264 cars a t M inneapolis and 21 at
Duluth, again st 237 and 174 last year.
Considerable w inter
w heat is received, w hich m akes our receipts a little larger than
they otherwise would be. Our m arket w as relatively w eak and
the local crowd are still playing for a break.
Cables closed
higher.
D ull gossip is the rule and the A rm our interests in
Chicago are still long and buying m ore. Clearances sm all, but
a good export business w as done today. A good deal of w heat
has been sold out by the longs.
*
*
*
Barnum Grain Co., M inneapolis, Jan. 21: Before the close
the m arket sold off to 7844c, but w as bid up to 78%@7844¡c in
the la st ten m inutes by one of our largest com m ission houses,
who is reported to have a large line of long w heat. M a y closed
a t 7 8 % @ 7 8 % c , and July a t 78% c. Chicago showed considerable
strength com pared w ith this m arket. T he spread show ing a
difference of 2 !4 c a t one tim e this m orning. In cash w heat,
m illing off-grades were easily salable a t No. 3 price. Outside
m illers continue brisk buyers, paying from 44c to y2c a bushel
better than the hom e m illers claim they can afford. T he feeling
is th a t cash w heat prem ium s w ill steadily increase unless re
ceipts pick up m aterially. Our m illers are eager buyers of 1 d e
gree w heat to arrive, paying lc over M ay for last half of F ebru
ary delivery.
*
*
*
K arrick, Gray & W illia m s, Chicago, Jan. 21: T his w eek has
seen a very strong w heat m arket, the more rem akable on
account of the absence of an y m aterial reactions.
There is a
good deal of talk about m anipulation causing fictitious values,
b ut we believe it is m erely the developing of a situation that
w as bound to follow the conditions that have existed through
out the fall. W h ile we feel that there should be som e m aterial
reaction afte r the sharp advance already experienced, we still
have confidence in u ltim ate values, especially as long as the
export dem and continues at the high range of prices.
Coarse grains are neglected and dull, although show ing a
fair undertone.
The transportation question is the principal
factor in the m arket, and the course of values depend very
largely on w hether the E astern or W e ste rn situation is relieved
first.
»
*
*
Hulburd, W a rren & Co., Chicago, Jan. 21: Strength and a c
tivity still pervade the w heat m arket, and the advance goes
steadily on. N ew factors of strength are appearing, the latest
being crop dam age in F rance, and the Paris m arket has lately
been steadily advancing, today being up the equivalent of from
144c to 14£c per bushel.
There w ere foreign acceptances on
last n igh t’s offers, both w heat and flour, from U nited K in g
dom and the Continent, including France, w hich m ight be
called liberal a t an y season of the year, but a t this tim e are
nothing short of phenomenal. In spite of their large im ports,
stocks in Europe are depleted, and the continued unfavorable
character of the w eather in A rgen tin a has deprived them of
that long expected source of supply a t this tim e. In spite of
the large m ovem ent into K an sa s C ity and St. Louis, however,
the stuff seem s to be all w anted, the discount in St. Louis, on
their cash w heat, being reduced on e-h alf today, and w e know
of sales of hard w heat in K an sa s C ity late yesterd ay at an a d
vance of a full cent over the day before. T he feature of the
local speculative situation is the continued enlarging of the
leading line of long w heat, by taking over the holdings of
lesser bulls. A feature th at should not be lost sight of is that
all the w heat anyone is long for M ay delivery, is actually short
by som e one else.
*
*
*
J. R osenbaum Grain Co., Chicago, Jan. 21: T od ay the e x
port business w as of a large volum e and the cash inquiry w as
good.
Local bull operators were inclined to take profits, but
m arket m et all offerings and closes firm, y2c higher than y e s
terday.
Outside m arkets were not inclined to follow our a d
vance and this led to som e short selling, especially when
Broom hall cabled that the Argentine shipm ents this w eek
would run close to 500,000 bushels, but the m arket proved stu b
born and early sellers w ere compelled to cover later on. N ew
Y ork reported h a lf m illion bushels taken for France and the
U nited K ingdom also strong buyers.
E xport business w as
placed at 67 loads, w hich is certainly a strong feature w hen
our advance the past w eek is taken into consideration.
R e
ceipts, both prim ary and at N orthw estern points, were sm all.
T he leading bull interest w as not taking m uch part in the m a r
ket, but still talks confidently of m uch higher prices.
The
situation is certainly very strong and we will, no doubt, see
higher prices for last year’s crop.
The M cC a u ll-W e b ste r Grain Co., M inneapolis, Jan. 21: D u r
ing the past two w eeks the Chicago w heat m arket had advanced
544c and the M inneapolis m arket 4c. T his looks strange when
the advance seemed to start on account of a shortage in the
N orthw est and an excellent flour trade. It can only be account
ed for by the fa c t that the trade generally believes th a t the
Chicago m arket is being m anipulated by the A rm our interests.
T his belief has caused elevator concerns to put out their hedges
in M inneapolis, and m any traders who had bought w heat in M in
neapolis and sold it in Chicago have closed out their spreads.
W ith 25 m illion bushels less in the N orth w est than last year
Minneapolis M ay w heat w ill sell a t 3c over Chicago M ay before
June 1, unless Chicago M ay w heat is cornered. Minneapolis
traders generally believe that 80c is too high for M ay w heat, and
are inclined to go short on the m arket; but ow ing to the u n
usual conditions prevailing, and the strong export demand, we
think short selling of M ay w heat is poor speculating. Prim ary
receipts w ere large today. The export trade w as excellent and
65 loads of w heat and 30 loads of corn were taken at the s e a
board. One M inneapolis m iller reports 12,000 barrels of flour sold
today for shipm ent to A ustralia.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
|
I
Saturday, January 24, 1903.
REVIEWS.
A rm our Grain Co., Chicago, Jan. 21: W h e a t has advanced
a, ce5 t e,°Ter yesterday, gettin g to the high point so far.
It
closed % @ % e over. T he foreign demand is the influence. The
alarm ot shorts is a subordinate factor and keeps this m arket
m o v m g . faster than the outside. T he seaboard has sold six ty
leads for export. A third as m uch has been done from here d irf cí, » y w ay of the gulf.
E veryth in g goes a t advance, m uch
ot it iy2c better than yesterd ay’s. L arge flour sales have been
m ade from St. Louis and its cash w heat discount is less.
Argentine cables tell the sam e story, the w eather im peding
threshing.
S outhw est receipts are large, increased by the a d
vance and fine w eather, but it is a m ovem ent of low grade
gram .
0
Jan. 22: A lth ough the price is up this w eek over 3c and up
w ijh m three weeks 7c, the other side h a s taken today about
750,000 bushels. It illustrates the position. The foreigners have
advanced their cash bids faster than the traders here have
m oved up the futures. A ll the speculative em bellishm ents are
subordinate.
It is a cash position, a spring w heat position,
and it happens to be dom inating.
Cables were all up and
Paris again up the m ost. London M arch prices are up m ore than
this m arket. Argentine still has unsettled w eather. Clearances
were 637,000 bushels. T he advances are increasing Southw est
receipts.
T his m arket w ith the trade centered here naturally
is leading- the others.
Shorts here have been covering.
*
*
*
Irwin, Green & Co., Chicago, Jan. 20: A w eek ago we re
ported that the m arket had not yet recovered from holiday
* e ss’ This applied principally to w heat, and in regard to
that we stated that a radical change of sentim ent m igh t set
m alm ost an y day. The change has occurred. A stu d y of the s ta
tistical situation by the foreigners m ade their m arkets p ersisten t
ly strong, and those in our N orthw est responded briskly. Ours fo l
lowed in the upward m ovem ent, though the a c tiv ity of demand
w as m et by alm ost an avalanche of selling for parties w ho acted on
the old -tim e theory that it generally is safe to sell for a reaction
after a few cents of advance. B u t it becam e evident that m uch
of the w heat thus offered had been taken up by the shippinginterests, and since then the bears have exhibited m ore caution.
M eanw hile the bull new s is com ing stronger each succeeding
day. A t hom e we had a decrease of 10 per cent la st w eek in
prim ary receipts, w ith a decrease in the visible supply indicating
that the m axim um point w as reached Jan. 10th, at a total of
8 000,000 bushels less than a year previously, and 11,730,000 less
than two years ago, while there is a sharpness of dem and for
the cash property, w hich far exceeds that of la st January, and
a, com parison of figures indicates a hom e consum ption thus far
in the crop year of 23,000,000 in excess of that for the sam e tim e
on the crop of 1901, though that w as nearly 80,000,000 larger than
the one of 1902. A nd abroad we find a recognition of the fact
that the Old W orld is more than ever dependent upon us for
supplies. Our exports of 4,878,000 bushels of w heat and flour last
w eek constituted nearly 73 per cent of the entire world shipm ents
and the 1,824,000 shipped from other sources of supply w as but
a trifle m ore than the 1,642,955 w hich we shipped la st w eek alone
to A sia , the W e s t Indies, A fric a and A ustralia. T he shipm ents
to Europe for the last five w eeks averaged scarcely more than
tw o-th ird s of the average for the sixteen w eeks previous. U nder
such circum stances it is no w onder to find Beerbohm adm itting
that E nglish buyers regard the problem of supplies during the
next two or three m onths as by no m eans an easy one, and he
adds that “ If the Argentine crop be seriously dam aged by rain
the large shipm ents from that quarter, now confidently reckoned
upon, m ay not be forth com ing.”
On the bear side of the question w e have the official s ta te
m ent that the latest grain crops of R ussia exceeded the average
of the last ten years by about 27 per cent, that A rgentina has
an exportable surplus of about 70,000,000, and that perhaps hair
as m uch as that rem ains to be m arketed from the Canadian re
gion to the north of us.
A lso that w e are going to have a
phenom enally big crop of w inter w heat this year. T he latter
point has not m uch bearing on the question of supplies for the
next six m onths, and it already has been discounted in a lower
price for July than for M ay delivery in this and other m arkets.
Fam ine conditions nrevail in N orthern Sweden. Finland fo u r
teen provinces of European R ussia, and in several of those in
A sia tic R ussia, facts w hich help us to understand the rumor
last w eek that holders of w heat on the northern shore of the
Black Sea were fearing their stocks would be officially seized
for distribution am ong the starvin g ones in the dom inions of
the Czar.
*
*
*
Geo. H . Phillips, Chicago, Jan. 17: A s a rule, com m ission
houses base their view s and advice on existing conditions, or
the routine new s, and as they believe the m arket w ill go during
the im m ediate future, rather than on w h at m ay be in store
or probably w ill develop in course of a few w eeks or m onths
The only exception to this is the different periods of the year
approaching the respective crop scare seasons.
T his sort of
advice is, generally speaking, the best to give and take for
those w ho are m erely scalping the m arket or trying to guess
the daily fluctuations, but every speculator has a decided lean
ing on one side or the other. The greater portion of the class,
known as professionals, are usually bears, but the m ajority of
the general public, known as the outside trade, are by force of
habit or nature invariably bulls, and it is difficult, indeed, to
educate them to sell stuff short a t any tim e or a t any price,
even though a t tim es a decline appears alm ost certain. T he ques
tion has been asked m e m an y tim es of late w hy I swerved from
the bull side of w heat three w eeks ago w hen the price w as over
77c, and afterw ard s declined to 74% c. In a general w ay I will
answ er that— in m y w eekly m arket letters especially— it is a l
w ays m y purpose to read a m arket ahead w eeks, or som etim es
m onths, rather than from day to day, i. e., the inevitable in
stead of the im m ediate. I fully realize that daily developm ents
— h eavy buying or selling by certain interests, reported sales
for export, or the routine new s in general— m ay tem porarily
affect values.
T he question that is param ount, however, is:
“ W h a t is the outlook for prices a m onth or tw o h ence?”
Som e m onths ago, w hen the price of w heat w as hovering
around 68c, it w as very hard to find a bull, and a price as high
as 75c seemed absurd; but at that tim e I w as m ost vehem ent
in predicting 80c or higher, and I fu lly believed it would sell
there.
Conditions prevailing at that tim e and indicated w a r
ranted that m uch advance and more, but w ithin the past m onth
there has been a decided change in the situation, and though I
knpw bear predictions are not popular, I w ill venture to say
that unless there is a wonderful, alm ost com plete change in the
situation from w h at is now indicated in thirty or six ty days,
present prices for w heat m ay then look high.
Saturday, January 24, 1903.
THE COMMERCIAL WEST.
W HEN T H E PO W ER S
W O U LD BE SER VED
W E LL they come to Uncle
Sam.
>4*
PE R H A P S W HEN Y O U
DESIRE T O BE W ELL
SERVED, you will look
us up.
3
.
'P
'P
ì lì o ^ c n b a u m G r a i n Co.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Athicaoo -HU.
THE COMMERCIAL WEST.
42
G E N E R A L S T A T IST IC S.
W h e a t and Flour E xp orts.
Brads treet’s.
T he quantity of w heat (including flour as w heat) exported
from United States and Canadian ports for the w eek ending
w ith Thursday, is as follows, in bushels:
1900.
1901.
W e e k ending
1903.
1902.
3,758,972
,018,832
July 3 .................................. 3,211,215 3,787,639
3,263,815
,829,010
July 1 0 -.................................. 4.404,115 5,016,149
029,400
July 17 .................................. 3,775,200 5,221,900
3.366.400
,363,700
July 24 .................................. 3,981,000 6,974,500
4.711.600
,327,000
July 3 1 .................................. 4,3S8,500 6,463,400
3,616,100
,318,700
A u g . 7 .................................. 4,244,300 8,831,200
4.040.000
,113,600
A u g . 14 ................................ 4,591,800 9,039,700
3.343.800
,695,100
Aug. 21 ................................ 5,954,700 6-,607,000
3.613.500
,248,300
Aug. 28 ................................ 5,435,500 6,607,600
4.353.900
,373,100
Sept. 4 .................................. 6,276,300 4,406,000
4.536.000
, 666,000
Sept. 11 ................................ 5,444,000
6,648,000
4.030.800
,53b,800
Sept. 18 ................................ 5,435,300 3,840,600
3.872.000
,242,800
Sept. 25 ............................ 5,077,000
6,470,300
5.183.400
,450,200
Oct 2 .................................. 6,870,600 6,195,700
5.265.600
,292,800
Oct 9 ................................... 5,645,800 4,720,000
4.160.600
,796,600
Oct 16 ................................. 5,240,700 5,536,000
4.416.500
,933,000
Oct 23 ................................. 7,060.100 4,952,100
3,046,856
Oct 30 ......................
5,997,620 6,672,888 ,612,421
4.650.800
,555,500
N ov 6 .................................. 5,715,500 5,469,600
4.540.000
,062,000
N ov. 13 ................................ 4,440,100 4,983,700
3.688.700
,827,300
N ov. 20 ................................ 5,277,700 5,518,900
3.699.400
4,179,700 5,117,500 ,497,900
Nov. 27
5,133,300
,432,100
4
.................................. 5,704,400 4,604,800
Dec.
3.208.600
785,600
Dec. 11 ................................ 3.761,000 3,879.800
2.813.700
123.300
Dec. 18 ................................ 3.256.000 4,332,800
3.610.500
,868,200
D ec 25 ................................. 3,560,500 4,291,500
1899.
1900.
1903.
1902.
2.509.700
Jan 1
3,336,0004,818,500 914.300
4.248.900
ja n ' 8
5,099,0003,567,700 961,100
3.061.000
336,000
Jan! 15 ................................ 4,878,600 4,690,200
In store a tBaltim ore ..............
Boston .....................
Buffalo ....................
do. afloat ...........
Chicago ..................
do. afloat .........
D e t r o i t ......................
D uluth ....................
F t. W illia m , O nt.
G alveston ..............
Indianapolis .
K an sa s City
M ilw a u k e e .............
M inneapolis .........
M o n t r e a l.................
N ew Orleans
N ew Y ork .............
P e o r i a ......................
Philadelphia .
Port Arth ur, O nt.
St. Louis ...............
do. afloat . . . .
T o l e d o ......................
Toronto ..................
On Canals ..............
On L akes ...............
On M iss. R iv e r ...
is ib l e S u p p l y o f G r a i n .
W e e k ending
W e e k ending
Jan. 10.
Jan. 17.
Corn,
W h e a t,
Corn,
W h e a t,
bu.
bu.
bu.
bu.
510,000
236,000
344,000
.
256.000
68,000
1,006,000
38,000
.
989,000
1,000
4,761,000
. 4,354,000
.
200,000
2,009,000
7,735,000
2,156,000
. 7,580,000
137,000
170,000
107,000
606.000
103,000
.
580,000
1,000
3,693,000
1,000
. 3,785.000
2,861,000
. 3,072,000
232,000
1,091,000
192,000
.
914,000
76,000
309,000
110.000
.
283,000
314,000
1,732,000
286,000
. 1,779,000
15.000
600,000
16.000
.
600,000
73,000
54,000 14,800,000
.14,919,000
46,000
54,000
21,000
53,000
- 371,000
1.214.000
613,000
.
993,000
371,000
3,129,000
371,000
. 3,292,000
393,000
816.000
.
820,000 - 404.000
229,000
301,000
267,000
.
305,000
175.000
.
188,000
1,810,000
3,809,000
1.570,000
. 3,766,000
.
963,000 .
25,000
334,000
978,000
21.000
229,000
6.995.000
50, 116,000
58, 077.000 11,643,000
Y
e
a r ago.
Jan 17.
4.212.000
................................................. 4,196 ,000
O ats .
2.284.000
................................................... 1.071 000
R ye .
2.161.000
...........................
2,362 ,000
Barley
C ereal E x p o r ts b y Ports.
B radstreet’s.
Ind. corn, bush.
W h e a t, bush.
Flour, bbls.
L ast
T his
L ast
This
L a st
This
week.
week.
w eek.
week.
w eek. week.
189,358
293,948
274,615
539,024
87,406 132,646
336,606
57,354
350,107
25,635
Philadelphia . 50,792 25.193
902,631
920,141
16,000
119,659 44,322
114,246
56,531
520,638
'
453,633
47.776
22,751
267,860
39,332
176.110
66,689 38,444
N e w p ’t N e w s.
6,000
3,000
1,566
4,715
165,274
344,645
11,022
500,000
446,000
1,031,000
480,000
N ew Orleans . 16,000 63,000
T otal .
L a s t year
7,050,000
11,752,000
.49,727,000
.59,273,000
22,250
581
9,129
48,836
12,705
G alveston . . . .
San F r a n .........
P ortl’d O r e ..
T ac o m a .........
N orfolk .........
St. John, N . B
T otals
7,000
Saturday, January 24, 1903.
15 000
1,925
75,792
10,771
61,880
716
5,600
312,000
196,000
345,300
284,000
332,000
34,000
70,000
2,394,612 2,856,986
468,513 535,653 2,770,316 2,688,513 2
....
I n d ia n C o rn E x p o r t s in B u s h e l s .
B rad street’s.
W e e k ending
1901.
1902.
1903.
3,614,294
July 3 ........................ . . .
127,969
2,240,933
4,022,068
July 10 ...................... . . .
2,800,738
185,131
4,182,100
July 17 ........................ . . .
130,700
1,714,100
July 24 ........................
3,264,700
79,600
1,155,300
3,890,000
July 31 ........................
563,600
28,400
70,600
990,700
2,890,700
Aug. 7 ........................
3,017,000
93,400
508,800
Aug. 14 ......................
3,493,400
Aug. 21 ......................
523,900
51,600
Aug. 28 ......................
3,717,500
115,100
441,900
Sept. 4 ........................
21,200
550,900
3,162,300
777,800
2,402,800
91,500
Sept. 11 ......................
2,134,200
611,200
Sept. 18 ......................
49,500
585,700
2,156.100
Sept. 25 ......................
74,900
907,800
2,364,200
Oct. 2
...
141,400
678,200
2,896,000
Oct. 9 .......................... . . .
180,300
2,887,000
180,700
640,000
Oct. 16 ........................
84,600
1,188,300
3,365,600
Oct. 23 ........................
153,205
606,159
3,920,110
Oct. 30 ........................ . . .
• 708,284
3.287,627
130,847
Nov. 6 .......................... . . .
3.976,900
281,900
629,900
Nov. 13 ........................ . . .
243,400
445,300
5,235,500
Nov. 20 ........................ . . .
255,200
630,900
4,801,000
N ov. 27 ........................ . . .
362,800
5,371,400
Dec. 4 .......................... . . . 1.151,500
278,300
4,853,400
Dec. 11 ........................ . . . 1,301,300
5,465,600
330,900
Dec. 18 ........................ . . . 1,526,100
.
.
.
1,502.500
424.300
4,011.100
Dec. 25 ........................
1902.
1901.
1903.
270,200
4,470,500
Jan. 1..............................
136,900
4,897,300
Jan. S .......................... . . . 2,857,000
298,100
5,184,500
Jan. 15 ........................ . . . 2,394,600
1900.
4,097.144
4,553,739
3,666,300
3,700,300
5,027,700
5,950,300
5,531,400
4,596,100
4,167,800
4.786.900
3,282,700
3,795,000
3,523,100
4,238,700
3,836,800
5.058,700
4,525,500
4,503,425
4,581,447
4.603,700
4,149,500
4,441,500
3,815.700
4,017,200
3.910,000
3,226,200
1899.
4,019,000
3,314,600
3,197,100
Cereal Exports, w ith D estinations.
B rad street’s.
T he exports of w heat, corn and flour from the U nited S tates
and Canada (coastw ise shipm ents included), w ith ports of d e s
tination, for the w eek ending January 8, 1903, follow :
Flour.
Corn.
T o—
W h e a t.
26,062
912,427
Liverpool ...................., ............................
540,735
111,079
87,377
London .......................................................
411,874
B ristol .........................................................
194,641
19,438
35,699
171,808
G lasgow ....................................................
102,857
L eith ......................................................
32,020
H u ll ......................................................
N e w c a s t le ...........................................
70,000
VTóóó
M anchester .......................................
19,250
120,000
B e lfa st .................................................
Dublin ...................................................
’ i ",i Ó9
Other U nited K in g d o m ...............
U nited K ingdom , orders...............
227,912
64.504
85,609
A ntw erp . ..........................................
519,914
120,285
23,440
Holland ................................................
24,000
17,142
F ian ce ..................................................
’
2,100
160,000
147.445
G erm any .............................................
3,783
42,300
Portugal, Italy and S p a in ...........
1,248
’ 8,000
419,998
Scandinavia .......................................
139,010
96.672
A sia .......................................................
46,022
81,936
108,563
A frica ..................................................
28,760
21,667
W e s t I n d i e s ..................................................................
A u stralasia ..........
114,003
69,83
6,404
A ll others ..................................................
51,905
. 2,787,551
2,235,247
526,833
ary 8. 1903:
W h e a t.
Corn.
Flour.
842,739
.14,458,755
1,898,412
. 9,158,143
1,148,865
1,991,542
348,985
240,197
. 2,253,887
433,932
976,261
. 2,249,082
214,143
322,656
357,249
. 3,383,529
16.873
. 1,149,672
50,834
43,252
. 1.626,972
218,571
21,869
41,000
471,677
437,788
. 1,283,241
282,775 ■
321,242
. 1,283,728
236,128
66,692
. 9,413,605
175,000
715
. 9,920,749
774,363
44,485
666,441
. 9,193,586
1,756,838
.
908,393
78,117
440
T otals,
SeasonT o—
Glasgow
H ull
B elfast
U nited K ingdom , orders.
Holland
H. S. W ILLIAM S.
C. E. GRAY.
H. L. KAERICK.
64,000
97,000
237,000
229,379
KARRICK, GRAY & W IL L IA M S ,
G R A IN
C O M M IS S IO N ,
S U IT E 4 0 BOARD OF TR A D E ,
C H IC A G O .
MEMBERS
M INNEAPO LIS
ST. L O U IS
CHAMBER
MERCHANTS
OF C O M M E R C E .
EXCHANGE,
DULUTH
S.
H . L. K a r r i c k .
G. W i l l i a m s .
C H IC A G O
B OA R D OF T R A D E ,
M ILW A U K E E
CHAMBER
CHAMBER
OF C O M M E P C C .
OF C O M M E R C E
R . J.
A. R . G A R D N E R .
J. L. SW ANTO N
HEALY.
H E N R Y KARR IC K CO.
G R A IN C O M M IS S IO N .
MEMBERS
M IN N E A P O L IS
C H I C A G O
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M IL W A U K E E
DULUTH
S T . L O U IS
C H AM B ER OF C O M M ERC E,
M IN N E A P O L IS
AND
DULUTH.
THE COMM ERCIAL WEST.
Saturday, January 24, 1903.
G erm any ........................................... . . . .
Portugal, Ita ly and Spain. . .. ........
Scandinavia ..................................... ___
........
A frica .................................................. ___
W e s t Indies ....................................
....
A ll others .......................................... ___
9,858,978
1,143,441
1,720,381
96 672
3,421,626
1,557,412
187,424
714,984
1,566.723
L136.212
277,323
400,315
79,771
217,018
1,290,273
859,372
819,621
36,081
804,344
T otals, bushels ........................ . . . .88,806,380
12,049,601
10,499,989
305,083
561,486
G overnm ent E xport S tatistics.
T he following' table giv e s.in detail the exports of breadstuffs
during D ecem ber and the tw elve m onths ending therew ith, c om
pared w ith figures for the previous years:
DECEM BER.
1902.
902,442
8,589,652
35,167
339,096
11,510,761
697,271
7,540,890
1,888,294
1901.
1,045,985
1,215,645
29,803
868,711
8,069,197
106,326
10,297,636
1,621,995
1902.
8,616,592
18.434,269
249,477
5,864,042
67,257,318
4,855,194
128,361,712
1901.
8,397,925
101,470,116
673,648
25.776.575
72,568,894
2,598,372
178,317,454
B arley, bushels . .
Corn, bushels
Cornm eal, bbls . . .
Oats, bushels ........
O atm eal, lb s ............
R ye, b u s h e ls ...........
W h e a t, bushels . .
W h e a t flour, bbls.
3.
Barley, bushels
Corn, bushels .
Cornm eal, bbls.
Oats, bushels . .
O atm eal, lb s. .
Rye, bushels ..
W h e a t, bushels
43
W h e a t flour, b b ls ...................................................
17,998,531
19,234,779
■ products for the peallows:
DECEM BER.
1902.
21,658
10,034,410
21,188,540
3,631,889
2,990,461
25,209,992
19,983,905
9,S78,087
62,321,566
8,710,456
546,964
385,780
1,337,015
1901.
28,997
304
6,926,494
25,025,27 0
3,882,952
4,689,530
37,830,255
17,050,374
16,997,681
53,658,207
13,342,282
407,532
1,489,632
1,095,741
1902.
259,954
3,285
80,997,278
241,101,514
45,505,608
21,158,918
266,724,673
215,354,034
107,941,911
496,335,444
108,064,589
6,088,058
8,087,555
18,737,822
1901.
389,943
11,548
52,552,318
352,607,718
50,545,036
51,408,751
442,117,530
226,086,495
150,106,320
593,075,172
163,607,642
5,106,025
23,465,300
30,831,589
Cattle, num ber .
H o gs, num ber . ..
Beef, canned, lbs.
B eef, fresh, lb s ..
Beef, salted, lb s ..
T allow , lb s .............
122
Pork, lb s .............
Bard, lb s ...............
Oleo. oil, l bs . . . . . .
Oleo. butter, lbs.
Butter, lb s ...........
Cheese, lb s ...........
T W E L V E M ONTH S.
Cattle, number ................................................
H ogs, num ber ..................................................
B eef, canned, lb s ..................................................
Beef, fresh, lb s .........................................................
Beef, salted, lb s ......................................................
T allow , lb s .................................................................
Bacon, lb s ...................................................................
H a m s, lb s ...................................................................
Pork, lb s .....................................................................
Lard, lb s .....................................................................
Oleo. oils, lb s ...........................................................
Oleo. butter, lb s ....................................................
Butter, lb s .....................................
Cheese, lb s .................................................................
EUROPEAN WHEAT EXPORTS FOR SIX MONTHS.
Europeon Imports for the Six Months Ending December 31, 1902, With Comparisons.
A float July 1 ...........................................................................................................
Shipped, 26 w eeks ...................................................................................................
34,240,000
239,250,000
40,710,0.00
228,757,000
31.188,000
187,645,000
32,170,000
178,298,000
32,270,000
181,311,000
T otal ...........................................................................................................................
L ess afloat D ec. 3 1 .....................................
273,490,000
23,032,000
269,467,000
32,820,000
218,825,000
28,450,000
215,468,000
19,450,000
213,581,000
28,890,000
N e t am ount ..........................................................................................................
250,45S,000
236,647,000
190,375,000
196,018,000
184,691,000
sion is that providing for the adoption of the Torren registra
tion system.
The campaign for the establishment of a grain market in
It is reported that the gold product of the Black Hills last
Omaha is now under way.
year was $8,373,392, compared with $7,500,000 in 1901. Since
I he J. I. Case Threshing Machine Co. has its new build 1876 $121,153,212 is said to have been taken from the mines
ing in Fargo, N. D., well under way.
of southwestern South Dakota.
Among the bills to be considered in North Dakota this sesThe Minneapolis rental board is of the opinion that all
INTERESTING FACTS ABOUT THE WEST.
Fairbanks Scales
F a ir b a n k s = M o r s e G a s & G a s o lin e E n g in e s .
F a ir b a n k s = M o r s e S te a m
P u m p s.
Eclipse Standard and Fairbanks Galvanized Steel Mills.
FAIRBANKS-MORSE CO.,
ST. P A U L .
M IN N E A P O L IS .
Seymour Carter
MERCHANT MILLER,
HASTINGS,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
MINNESOTA.
The Gardner Mill, Daily Capacity 1,500 Barrels.
44
THE COMMERCIAL WEST.
Saturday, January 24 , 1903 .
W ASH BURNC E O S B Y ’S
G O L D
GRAND
M EDAL
PRIX
FLOUE
H as again been
aw arded a G old
M edal; this tim e
it is the
at the
P a ris
E xposition.
W rite us w hen again in the m arket.
WASHBURN-CROSBY CO •9
rents on both flats and houses should be advanced and an
advance is scheduled to take effect next fall of 10 per cent
on flats and about 10 to 25 per cent on all houses.
County Treasurer Bell, of Hennepin county, Minneapolis,
Minnesota, is congratulating himself over the success at
tained by his office in the past year in the collection of taxes.
The tax levy of 1901, collected in 1902, shows that 95 per cent
of the taxes was collected.
Representatives of the Merchants’ Association of Minne
apolis and St. Paul are making arrangements for excursions
to the Twin Cities for retailers in the territory tributary to
Minneapolis. It is the intention to have an excursion this
month, another in February and a third in March.
Several schemes are on foot for the formation of new
counties in Washington at the present session of the legisla
ture. One contemplates the division of Yakima county, with
Prosser as the new county seat, to be known at Riverside
county.
Another would divide Kittitas, calling the new
county Mineral county, with Cle-elum as the county seat.
Mukiltoe, Wash., is on the eve of experiencing a boom.
Within a very short time E. A. Nickerson, formerly of the
Clark-Nickerson mill at Everett, will build a saw mill at that
place to cut 150,000 feet of lumber a day. The White ship
yard will also, it is said, build a large three-ways yard, and
California parties will build a large fish cannery there.
A n instance of country town prosperity is suggested by a
report from Volga, S. D. During the past twelve months
an aggregate of 168 carloads of building material have been
received at this place. The shipments contained a total of
2,489,000 feet. This amount of lumber was used in the con
struction of new buildings there and on the farms in the
vicinity, where the farmers have also been making extensive
improvements.
According to a table published in the “ Shipbuilding Edi
tion” of the Marine Review, two of the largest ships to be
built on the great lakes will be constructed at the Superior
shipyards. W o r k on one of these has begun, and it is ex
pected that both of them can be launched in the spring.
These two boats are duplicates. Each is 468 feet long, 52
feet beam and 28 feet depth. They will have a capacity of
6,900 tons, and will cost $315,000 each.
Nehawka, Neb., business mpn report an increase of about
10 per cent in sales of dry goods and groceries, with fewer
book accounts than last year. The bank business increased
33 per cent, with a 25 per cent dividend. _ Lumber shows a
slight decline from last year, with indications for a recordbreaking year in building. T he Van Court stone quarries
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M IN N E S O T A 18
have put out 2,100 cars of rock, of which about 60 per cent
was crushed, the balance being rip-rap, sugar stone and smel
ter rock.
National Bank Examiner W. A. Gordon has received no
tice that charters have been granted for the establishment
of the First National bank of T o w er City and the First N a
tional bank of Buffalo, both in Cass county. This makes 63
national banks in North Dakota for which charters have
been granted, and a number of applications have not been
acted upon. T w o years ago there were twenty-four national
banks in the state, but the increase has not meant new banks
in all instances, as many private and state banks have been
transformed into national banks during that period.
Oliver Dalrvmple on Christmas day presented deeds of a
farm on the Great Northern railroad in the Red River valley,
adjoining the city of Hillsboro, to his sons, William Dalrymple of Duluth, and John S. Dalrymple of St. Paul. This farm
is equipped with a large new elevator, eighty head of work
horses and all necessary seed, feed and machinery, and is
valued at $120,000. This farm is separate and incidental to
Mr. Dalrymple’s large bonanza farm at Casselton, N. D., to
which he has in recent years made several additions, having
been from the first a firm believer in the value of Red River
valley farm lands.
There were but two cities in the country where more
building permits were taken out in 1902 than in Minneapolis.
In cost of buildings for which permits were issued Minne
apolis stands ninth, the only cities ahead of it being N ew
York, Chicago, Philadelphia, Brooklyn, San Francisco, St.
Louis, Washington and Los Angeles. The total number of
permits in Minneapolis in 1902 was 6,265, involving a cost of
$6,766,303. This was a decrease of 5 per cent over 1901. -'But
at that Minneapolis exceeds in number and cost of permits
such cities as Kansas City, Cleveland, Milwaukee, Buffalo,
Detroit, Cincinnati, Denver, St. Paul and Indianapolis.
T w o years ago the seventh legislative assembly of Mon
tana unanimously passed a memorial directed to congress,
asking that body to re-enact the Chinese exclusion law, which
expired May 5, 1902. Since then congress enacted a sub
stitute law 'in' place of the old act. The census of 1880
showed that there were no Jananese in Montana. Ten years
later in 1890, there were six Japanese, while the census of
1900’ showed that there were 2.441 in the state. In view of
the fact that there has been an increase in the number of
Japanese in the state during the past few years, it is under
stood that the legislature will be asked to pass another me
morial, petitioning congress to exclude Asiatics from the
country.
THE COMMERCIAL WEST,
45
N A T IO N A L S T A R C H CO.
CARRINGTON,
PATTEN s COMPANY
S a tu rd a y ,
J a n u a ry
2 4 , 1903.
General Offices: The Rookery,
CHICAGO.
B U Y E R S
O F
F L O U R .
J O S . P . OKtlFFIIN, M a n a g e r G r a in D e p a r t m e n t .
Hulburd, Warren & Co.
Capital, $250,000.
Surplus $50,000.
C O M M ISS IO N M ERCHANTS, GRAIN AND PR O VISIO NS.
Receiving - Shipping
-
Business Solicited in Any Department.
Futures.
6 AND 8 SHERM AN
ST.
CHICAGO.
Successors to
CARRINGTON, HANNAH & CO.
Commission Merchant»
G ra in , P ro v is io n s ,
S to c k s & C o tto n .
O FFICER S: W . S. Warren, President; A. C. Davis, Viee-President ; Charles H. Hulburd,
Treasurer; C. J. Northup, Secretary; John Gillies, Asst. Treasurer.
DIR ECTOR S: Charles H. Hulburd, W . S. Warren, A. C. Davis, O. T. Hulburd, C. J. Northup.
M e m b e rs C h icago Board o f T ra d e .
47 Board of Trade, CHICAGO.
E S T A B L IS H E D 1854.
I. P. RUMSEY.
F. M. BUNCH.
R U M S E Y »Sr C O M P A N Y
SUCCESSORS TO
RU1V1SBY, U G H T N E R
GOMiVtlSSIOIN
Grain, Provisions and Seeds,
Cash and Future Deliveries,
M ITR C H A INT.S
M a rk e t L e tte r M ailed
on A p p l ic a t i o n .
97 Board of Trade Building, CHICAGO.
COMPANY,
C o m m issio n M erch an ts.
2 3 Cham ber of Com m erce,
M ILW A U K E E ,
Branches:
M inneapolis, St. Louis
Kansas City, Chicago.
LASIER & HOOPER,
GRAIN MERCHANTS,
R e c e iv e r s ,
O a ts M a in ly ,
Rooms 102-103 Rialto Bldg,
MILMINE, HODMAN & CO.,
Grain, Provisions,
Stocks, Bonds, Cotton.
Invites Correspondence Regarding Unlisted Securities. |
C H IC A G O , 5 a n d 7 B o a r 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 .
MINNEAPOLIS OFFICE:
J. C. V E R H O E F F , M an ag er.
Armour Grain
Company
S h ip p e r s .
CHICAGO.
BANKERS and BROKERS
STOCKS AND BONDS
GRAIN and PROVISIO NS
Western Union Building, Chicago.
No. 7 N e w Street, New York. *""'**
Minneapolis— Milwaukee.
MEMBERS: Chicago Board of Trade, N ew
fj«*îYork Stock Exchange, New York
I IProduce Exchange, New York Coffee
jfTjfc Exchange, Chicago Stock Exchange,
Liverpool Corn Trade Association,
“
N ew York Cotton Exchange, MilXL. waukee Chamber of Commerce.
PR IV A TE W IR E S TO
A LL POINTS.
and Duluth.
115-117 La Salle Street, Chicago
GRAIN and COMMISSION
MEMBERS
MERCHANTS.
New York Stock Exchange, Chicago Stock
Exchange, Chicago Board of Trade.
W. H. LAIDLEY & CO.
STO CKS,
BONDS,
Oriental
Trade
Bank Stocks and Investm ent Securities.
The hope of commercial and agricultural
America. A fact not yet fully compre
hended. Keep your eye on the Orient.
SEND FOR OUR DAILY MARKET LETTER.
G R E A T N ORTH ER N R Y .
Member Chicago Board of Trade.
Telephone, Main 4412 or Main 170.
CHICAGO
BARTLETT, FRAZIER & CO,
A. 0. Slaughter Barnum Grain Co.
& Company
Minneapolis
G R A IN S , P R O V IS IO N S
GRAIN S
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C R A IN - PROVISIONS— STOCKS BONDS
128=131 R i a l t o B l d g .,
C H IC A G O .
CO.
L. BARTLETT (tl SON
205 La Salle Street,
IRWIN, GREEN & CO.
190 LaSalle Street,
C H IC A G O , IL L .
'Across America” to Asia.
Information and Rates, 415 Broadway, N. Y.
or F. I. Whitney, G. P. & T. A., St. Paul, Minn.
THE COMM ERCIAL WEST.
46
William Commons,
Frank W. Common«,
Howard W. Commons.
COMMONS & CO.
S a tu rd a y ,
J a n u a ry
24,
1903.
V A N D U S E N -H A R R IN G T O N C O .
THE
COMMISSION
G R A IN
MINNEAPOLIS
and DULUTH.
M ERCHANTS,
L IV E S T O C K
SO UTH
ST. P A U L.
Grain Commission Merchants
The Peavey
System of Grain Elevators
Frederick B. Wells.
Charles F. Deaver.
George W. Peavey.
Frank T. Heffelfinger.
Minneapolis
and
Duluth.
Receivers and Shippers of
Wheat, Coarse Grains and
Flaxseed.
Orders for Fu
ture Delivery Executed in
Grain Elevators with the largest
any Elevator System in the
states, 35,800,000 bushels.
Embraces the greatest number of
aggregate storage capacity of
world. Total capacity in eight
all Markets.
HEADQUARTERS:
MINNEAPOLIS.
Branch Offices:
Chicago Correspondents:
ARMOUR GRAIN COMPANY.
Chicago.
Duluth.
Omaha.
Kansas City.
CARGILL
COMMISSION CO.
D u lu t h a n d M in n e a p o lis .
G R A IN ó P R O V IS IO N S
Grain and
LONS DISTANCE. TEL.
Commission Merchants.
B. H.WOODWORTH, Pres’t. E.S.WOODWORTH, V-Pres't
R. P. WOODWORTH, Sec’y&Treas.
M IN N E A P O L IS ,
Capacity, 3,250,000 Bushels.
C O .,
M IN N .
THOM AS & DUNNETT,
GRAIN COMMISSION.
Daily Market Letter Free on Application.
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 .
GRAIN MERCHANTS AND WAREHOUSEMEN.
4 .1 7 -4 1 *
R ia lte
B u ild in g ,
C H IC A G O
O rdari in option« oarefully exeo-’ Wd
D u lu t h
M ilw aukee
wc*,rr*1*Grain Commission M erchants,
W R MUMFORD, President.
O R A J IN ,
SHIPPING
SHEDS, COMMISSION.
Consignments and Orders for Future Delivery Executed.
VIAI IN O F F I C E :
5 2 8 = 5 3 2 R ia l t o B u i ld i n g ,
MINNEAPOLIS, 7 9 Chamber of Commerce.
KANSAS CITY, 6 0 5 - 6 0 6 Board of Trade.
C H IC A G O .
S T . LOUIS, 6 0 Laclede Bldg.
MILWAUKEE, 113 Michigan St.
Liberal Advances on Consignments. Daily Market Letter Mailed Free on
Application. Members Different Exchanges.
J. F . W h a l l o n .
G e o . P. Ca s e .
C h a s . M. C a s k .
G e o . C. B a g l e y .
Whallon, Case & Co.
STOCKS, BONDS, G R A IN and P R O V ISIO N S.
E. S. WOODWORTH & CO.
a n d
CLARENCE H. THAYER, Sec’y and Gen. Mgr.
W . R. M UM FORD CO.
522 Corn Exchange, Minneapolis, Minn.
Liberal Advances made on Consignments
C h a s . J. M a r t i n , Sec’y and Treas,
W. G . A i n s w o r t h , Gen’l Manager.
W m . H , D u n w o o d y , President.
J o h n W a s h b u r n , Vice-President.
C h ic a g o
E. A. BROWN & CO.
MINNEAPOLIS, M IN N .
Room 322 Flour Exchange.
JAMES P. SMITH & CO.
GRAIN MERCHANTS,
C H IC A G O
The St. Anthony Elevator Co.
W OODW ORTH
E L E V A T O R
.ftO A fíó Of TOAOCL
/lAfiMON 1923
C h a m b e r of C o m m e r c e ,
MEMBERS:
M IN N E A P O L IS .
New Y«rk St«ck Exchange. Chicago Board of Trade, Minneapolia Chamber af Cemaierce.
c o iv u v iis s io r s .
Minneapolis, Duluth, Milwaukee and Chicago
O RD ER S FOR FU TUR ES
EX EC U TED IN A L L M A R K E T S .
B . S. W o o d w o r t h , President.
G. P. H a r d in g , Vice-President.
W. S. W o o d w o r t h , S ec’ y and Trea*
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
R e f e r e n c e :—Swedish
American National Bank.
D u l u t h O f f ic e :
ee & Co.
WALTER A. THOMAS 8 TC 0 . Randall,G RG
A IN
*
606 Board of Trade.
M IN N E A P O L IS , M IN N .
S h i p us you r G R A I N , a nd send us
y o u r o rd e r s on f u t u r e s .
C O M M IS S IO N
MERCHANTS.
Minneapolis Office, Corn Exchange
Saturday, January 24, 1903.
THE COMM ERCIAL WEST.
47
“ B R E A D IS T H E S T A F F O F L IF E ." -S W IF T .
Pillsbury’s Best
Flour
W ith o u t a. R iv a l a n d
W ith ou t a P e er.
A ll that Science, Skill and Capital can do
has been done for this Celebrated Brand.
Pillsbury’s Best
M arks the Zenith o f F lou r M a k in g in the T w entieth C entury.
Pillsbury -Washburn Flour Mills Co., Ltd.
MINNEAPOLIS, MINNESOTA.
C
eresotaFlour
■■
M a K ef the B est B r e a d
—
.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 not satisfied
---------------------------- M a n u f a c t u r e d b y < - -
«—
'
The Northwestern Consolidated Milling Co.
Minneapolis, Minnesota.
ELECTRIC STEEL ELEVATOR CO.
E. L. Welch.
C a p a c it y , 1 , 7 0 0 , 0 0 0 B u sh e ls .
E. L. Welch & Co.
G ra in D e a le r s and W a r e h o u s e m e n .
S T R IC T L Y F IR E P R O O F E L E V A TO R S
O ffic e 413 C o r n E x c h a n g e ,
The McCaull -Webster
Grain Company,
G R A IN C O M M IS S IO N ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
drain Commission.
NO IN S U R A N C E NECESSA R Y
M i INN E A L H ) U S .
Minneapolis, Minn.
C. A. Malmqulat.
400 Corn Exchange.
rn rr
thtt
sample
MINNEAPOLIS, MINN
We w ill send, without
ENVELOPES S S T ' J S , ;
flour sample envelope«. They are made from
cloth-liued paper, and are approved by the
ostal authorities. Also sample envelopes of
e«t rope paper stock for grain and mill prod
ucts, cereals, seeds, merchandise, catalogues,
etc. We manufacture tag* of every description,
S
Northwestern Envelope Co., Minneapolis,
THE COMM ERCIAL WEST.
48
Henry Poehler, Alvin H. Poehler, George A. Duvigneaud, Chas. P. Poehler, Walter. C. Poehler
H. PO EH LER C O M P A N Y ,
ESTABLISHED 1855.
Saturday, January 24, 1903.
GEO. D. COOK CO.
INCORPORATED 1893.
INVESTMENT
SECURITIES.
G R A IN COM M ISSION,
BOARD OF TRADE: DULUTH, MINN.
CHAMBER OF COMMERCE: MILWAUKEE, WIS.
BOARD OF TRADE: CHICAGO, ILL
8 1 6 - 8 1 9 C h a m b e r of C o m m e r c e ,
MINNEAPOLIS.
Buying for Country M illing Trade a Specially.
Orders in Futures Executed in any Market.
Counselman Bldg.,
238 La Salle St.,
CHICAGO.
Broad Exchange Bldg.,
25 Broad Street,
NEW YORK.
W e Buy and Sell
The National Bank of Commerce,
M in n e a p o lis , M in n .
C a p ita l an d S u rp lu s,
-
O FFICER S:
8. A. H a r r i s , President.
H. H. T h a y e r , Vice-President.
„ , .
A. A. C r a n e , Cashier.
W . S. H a r r i s , Assistant Cashier.
and
STATE
BONDS.
Write for descriptive lists to
Geo. D. Cook Company,
NEW YORK.
CHICAGO.
Our private wires and our connec
tions with all of the principal exchanges enable us to give
prompt
AND
$ 1 ,2 0 0 ,0 0 0 .
We give special attention to out-of-town investments and
speculative accounts.
MEXICAN GOVERNMENT
accurate
service.
JAMES DORAN & CO. ,
C. D. H O L B R O O K & C O .
MILL AND
ELEVATOR
Correspondence invited.
MACHINERY
ST. PAUL, MININ.
Bank Building,
SUPPLIES,
Coffield Gasoline Engines.
HAMILTON M. P e y t o n , President.
W i l l i a m C. H x g a r d t , Ass’t Cash.
J a m e s C. H u n t e r , Cashier.
I s a a c S. M o o r e , 2nd Ass’t Cash.
THE AMERICAN EXCHANGE BANK
OF D U L U T H , M INN.
[Established December, 1879.]
Capital,
-
- $50 0,0 0 0.0 0
H am ilto n M . Peyton,
G. A. T o m l i n s o n ,
Surplus,
D IR E C T O R S !
J a m e s C. H u n t e r ,
Jo s ia h D. E n s ig n ,
-
- $200,0 0 0.0 0
MINNEAPOLIS, MINN.
HOIT GRAIN CO.
Receivers and Shippers
O A T S, B A R L E Y C O R N
Correspondence and Business Solicited.
Joh n H . U p h a m ,
C. A. C on g d o n .
308 Grain Exchange,
MINNEAPOLIS.
AMERICAN LINSEED CO.
Manhattan Building;, Chicago
100 William Street, New York
----------- MANUFACTURERS OF—
— .
Linseed Oil, Cake and Meal.
Branches in all of the Principal
Cities of the United States......
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
@FedFRASER