Full text of Commercial West : July 30, 1904, Vol. VI, No. 31
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REPRESENTS® 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 I N . T H E SO U TH W EST. T H E C E N T R A L -P A C IF IC W E S T . T H E N O R TH W EST. No. 31 SATURDAY, JULY 30, 1904 Vol. VI. CAPITAL, ONE fllLLION DOLLARS, SURPLUS ONE IULLION DOLLARS. DIRECTORS: OFFICERS: B ybon L. Smith , - - President F. L. H a n k b y , - Vice-President G eorge F. Orde , - - - Cashier T homas C. K in g , - A ss’t Cashier S olomon A. Smith , A ss’t Cashier A rthur II ku r tle y , - Secretary H. O. E dmonds, - Ass't Secretary H. H. R ockw ell , A ss’t Secretary E. C. J arv is , ...................... Auditor The F is k RooKery, A R A. C. B artlett , C. L. Hutchinson , J. Harley B rad lr y , Marvin Hughitt , W illiam A. F uller , A lbert A, Sprague , Ma rtin A. R yerson , H. N. Higinbotham , B yron L. Smith. T h e N orthern Trust COM PANY C IIIC A r.O C H I C A G O . BANKING, SAVINGS, FOREIGN, AND TRUST DEPARTMENTS. Chas. E. Lewis 4 Co. o b in s o n B A N K E R S 412 to 415 Chamber of Commerce, G o v e r n m e n t Bonds MINNEAPOLIS. and other P riv a te W ire s . I n v e s t m e n t S ec u ri ti e s MEMBERS NEW YORK STOCK EXCHANGE 3 5 CEDAR S TR EET NEW YORK T e l e p h o n e M 158S GRAIN, PROVISIONS, STOCKS, BONDS. New York and Chicago Correspondents: 2 8 S T A T E S T R EET BOSTON B a n k , C h ic a g o Bartlett, Frazier & Carrington Pringle, Fitch & Rankin Hem beraofall Principal Exchange«. „ To T h e B a n k c r s 0 0 / INTEREST ON Charles Hathaway 3 /o SAVINGS ACCOUNTS O F TH E E S T A T E S A D M IN IS T E R E D H ave you ever considered the i advantages to yovr family of naming ,this C om pan y a s your Executor i or Trustee? Am ong t h e s e a r e :'1 S P E C IA L A T T E N T IO N G IV E N T O I N V E S T M E N T S C h a s . W . Fo l d s , - R e s i d e n t P a r t n e r 2 0 5 La S a lle S t r e e t , - - - C h ic a g o TR U S TS EXECUTED NEW O FFIC E O F F IC E - - 45 - 53 W ALL STREET STATE STREET I JAMES B. FORGAN P resid en t DAVID K. FORGAN. V iee-P resident E, K . BOISOT, V iec-Pres a n a Mgr. LOUIS BOISOT, Trust Officer R. D. FORGAN. Asst,. Treasurer D. V. WEBSTER, Asst. Secy. S BANKERS Call or write for further particulars. Safe Investments The Minnesota Loan & Trust Co. New List on Application 410 C H A M B E R O F C O M M E R C E and other 220 LA Grain, Stocks, Bonds and Provisions MEMBER: Chicago Board of Trade M inn eapolis C h am ber of Com m erce M ilw au k ee C h am ber of O om m erct | EVERSZ & COMPANY Government Bonds I. G. ANDREWS MINNEAPOLIS FIRST NATIONAL BANK BUILDING HA11 accounts balanced daily. UAH Trust Funds kept separate. TIAll Investments of Trust Funds mustreceive IN ADVANCE the unanimous approval of our President, Secretary, Treasurer and Trust Officer. 313 Nicollet Avenue, MINNEAPOLIS, MINNESOTA. YORK BOSTON P R IV A T E W I R E S . OFFICERS PERMANENCY: Because a corporation; RESPONSIBILITY: Because of our ample capital and surplus, $ 6 50 .000 .00 ; EFFICIENCY: Because of the skill, experience and prompt procedure of counsel; ECONOMY^ Because the cost of administration is less than by an individual. Co. COMMERCIAL PAPER NORTH WeST f & Dealers in WALTER COMSTOCK G R A IN A N D P R O V ISIO N S SALLE S TR E E T C H IC A G O 3 Board of Trade, CHICAGO. The National Park Bank, of New York ORGANIZED Capital $3 ,000 ,0 00 .0 0 O F F I C E R S Richard Delafield, President Edward J. Baldwin, Cashier Stuyvesant Fish, Vice-President W . O. Jones, Asst. Cashier Gilbert G. Thorne, Vice-Prest. Fred’k O. Foxcroft, Asst. Cashier John C. McKeon, Vice Prest. W . A. Main, AsstJ Cashier John C. Van Cleaf, Vice Prest. Maurice H. Ewer, Asst. Cashier. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 856 Surplus and Profits $7,090,189.54 Deposits June 9, 1904 $90,516,997.66 D I R E C T O R S Joseph T. Moore Stuyvesant Fish George S. Hart CharlesScribner Edward C. Hoyt W . Rockhill Potts August Belmont Richard Delafield Francis R. Appleton John Jacob Astor George S. Hickok George F. Vietor Cornelius VanderbiJ/ Isaac Guggenheim John E. Borne Lewis Cass Ledyard Gilbert G. Thorne THE COMMERCIAL WEST. 2 Saturday, July 30, 1904. Harrison & Smith Co. ÏÏ? Continental National Bank OF C H I C A G O C a p i t a l ................................... Surplus and Undivided Profits Printers, Lithographers, Blank Book Manufacturers, Elevator $3,000,000 1,450,000 Blanks and Bank Supplies to order. John C. Black, President Ira P. Bowen, Asst. Cash. George M. Reynolds, Vice-Pres. Benj. S. Mayer, Asst. Cash. N. E. Barker, Vice-Pres. Wni, G. Schroder, Asst. Cash. Estimates Cheerfully furnished. 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 £ 2 4 '^ 2 6 - 6 2 8 S o u th 4 th Street, MINNEAPOLIS. Herman Waldeck. Asst. Cash. John McCarthy, Asst. Cash. W IL L IA M S O N & M ERCHANT CENTRAL TRUST COMPANY OF ILLINOIS DEARBORN AND ATTORNEYS AT LAW Patent and Trade Mark Causes. Solicitors of United States and Foreign Patents MONROE STREETS Main Office: 929-935 Guaranty Building MINNEAPOLIS, MINN. C H I C A G O o f f ic e r s : C h a r l e s G. D a w e s , President W . I r v i n g O s b o r n e , Vice-President A. U h r l a u b , Vice-President Branch O ffice: R oom 52 M cGill B ld g., W ashington , D. C. W il l i a m R . D a w e s , Cashier L . D . S k i n n e r , Assistant Cashier M a l c o l m M c D o w e l l , Assistant S e c’ A. C hilberg, Presid ent A H. Soelberg, Vice-Pres. : Charles T. Boynton, Pickands, Brown & Co. Harry Rubens, Rubens, Dupuy & Fischer Attorneys Alexander H. Revell, President Alexander H Revell & Co. W Irving Osborne, - Vice-President Charles G. Dawes, Ex-Comptroller of the Currency d ir e c t o r s A. J. Earling, President Chicago, Milwaukee & St. Paul Railway Co. P. A. Valentine, Vice-Prest. Armour & Co. Graeme Stewart, W . M. Hoyt Co. Thomas R. Lyon, Lyon, Gary & Co. Frank O. Lowden. Attorney Arthur Dixon, Prest. Arthur Dixon Trans fer Co. J. F. Lane, Cashier Geo. R . Fisher, Asst. Cashier The Scandinavian American Bank Capital Paid Up Surplus and Profits Deposits - SEATTLE WE HAVE AN - $ 3 0 0 ,0 0 0 - i7o,ooo 2 , 6 4 0 ,0 0 0 WASHINGTON O FFIC E AT BALLARD U^dVutrrirmt (Lrust^arings 38<Otk Savin§s Accounts Received byMail 3 PER CENT INTEREST ALLOWED (iffin n iu . C A P IT A L S U R P L U S A N D P R O F IT S rents a Privat e Saf e for One Year, where Storage Vaults for Silverware and YOU ARE MASTER OF THE SITUATION your Bonds, Securities and all Valuables are Absolutely Safe, other Valuables. GUARANTY SAFE D E P O S IT VA U LTS A R T IS T IC BANK INTERIORS Counters, Partitions, Ornamental Iron, Brass and Wood Grills, Fancy and Decorative Glass, Main Entrance Doors, Side Lights, Transoms and Frames Complete, Store Fronts, Stairways, etc. Roach & Musser Sash and Door Co. MAKERS OF EVERYTHING IN MILLWORK MUSCATINE, IOWA, U. S. A. Western Patents. The following patents were issued last week to Minnesota and Dakota inventors, as reported by Williamson & Merchant, patent attorneys, 925-933 Guaranty Loan building, Minneapolis, Minn. : Belanger, Francois, Langdon, N. D., grading machine. Heiman,^ Julia H., Coldspring, Minn., horseshoe. Kepin, S. J., Duluth, Minn., garment. McLachlan Wm. B., Bemidji, Minn., variable speed gear ing. Potter, Millard F., Albert Lea, Minn., milk pail attach ment. Randall, John S., Jeffers, Minn., draft attachment. Scully, John, Minneapolis, fire-proof theater. St. Clair, W. F., Owatonna, Minn., cash register. Thompson, Guion, Duluth, Minn., block system. Thompson, Robt. W., Minneapolis, telephone attachment. Walsh, John, Northfield, Minn., cultivator cleaner. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $2-50 B A S E M E N T G U A R A N TY B U IL D IN G MINNEAPOLIS = Audit Company of Illinois M iite 0 3 5 -4 2 M a iq u e tte J?I<Ig-. cm c Go P u b lic A cc o u n ta n ts an d A u d itors ESTIMATES CHEERFULLY FURNISHED General Offices, Factories and Warehouses, • 2 , 000, 000 $1 ,2 0 0 , 0 0 0 OFFICERS: L. A. W alton, P resid en t; F. W. Little, V iceP resid en t; C. D. Organ, Secy, an d T reas.; C. W . K n isely , Manager. DIRECTORS: A. G. Becker, A. G. Becker & Co., C h icago; F. W . Little, V ice-P resid ent Peoria Gas and E lectric Co.) P eoria ; G. A. R yther, Cashier N ational Live Stock B ank) C hicago; J. R. W aish, Presid ent Chicago N ational Bank) C hicago; L. A. W alton, V ice-P resid ent Equitable Trust Com pany, Chicago. As a Matter of Public Interest and Information as to Train Service to Esopus. The Home of the Democratic Presidential Nominee. Esopus is on the River division of the West Shore Rail road, sixty-one miles from Albany, and all the great through trains over the New York Central make connection at Albany with West Shore train for Esopus. And in addition to West Shore local trains stopping at that point it has been arranged to stop all through trains to land or pick up passengers. $20.70 CH ICA G O to B O ST O N , MASS., A N D RE TU R N . Via the Baltimore & Ohio Railroad. Tickets good leaving Chicago August 12, 13 and 14, valid for return until August 20, subject to extension to September 30 on payment of a fee of 50 cents. Stop-over at New York, Philadelphia, Baltimore and Washington, D. C. For through rates apply to your ticket agent at vour home city. For full particulars send for circular to R. C. Haase, N.-W. T. P. A., St. Paul, Minn. THE COMMERCIAL WEST. Saturday, July 30, 1904. 3 The Com m ercial N ational Bank o r C H IC A G O . E S T A B L IS H E D 1 8 6 4 . S tatem en t at close o f busin ess J u n e 9 , 1 9 0 4 CAPITAL, RESOURCES. - $ 2,0 00 ,0 00 Surplus and Undivided Profits, $1,675,000 L IA B IL IT IE S . L oa n s and d is co u n ts ............................................... $18,985,665.75 O verdrafts .................................................................... 26.69 R eal estate .................................................................. 93,663.35 U. S. bon ds at p a r .................................................... 500,000.00 Other bon ds an d s t o c k s .......................................... 1,478,313.66 D ue from U. S. tre a su re r..........•........................... 40,000.00 Cash and due fro m oth er b a n k s .......................... 12,467,845.61 Capital stock paid in .................................. ............. $ 2,000,000.00 Surplus fu nd .............................................................. 1,000,000.00 U ndivided profits ................ ............... ; ................... 682,344.58 N ational bank notes ou tsta n d in g ....................... 500,000.00 D ep osits ........................................................................ 29,383,170.48 T ota l .................................................. ..................... $33,565,515.06 T o ta l ........ ............................................................... $33,565,515.06 O F F IC E R S : Jam es H . E ckels, P re sid e n t; Josep h T. T albert, V ic e -P re sid e n t and C ashier; D av id V ernon, S econd V ic e P resid en t; N. R. L osch , A ssista n t C ash ier; H. C. V ern on , A ssista n t C ash ier; G. B. Sm ith, A ssista n t C ash ier; H. E. Smith, A uditor. F O R E IG N D E P A R T M E N T : M. Krell. M anager. D IR E C T O R S : F ra n klin M acV eagh , o f M essrs F ranklin M a cV e a g h & C o.; W illia m J. Chalm ers, T rea su rer T he A llisC halm ers C o.; R o b e rt T . L in coln , P resid en t T he P ullm an C o.; E . H . Gary, C hairm an U nited States Steel C orporation ; P aul M or ton, V ic e -P re s id e n t A tch ison , T o p e k a & S an ta F e R y. C o.; D a riu s M iller, F irs t V ic e -P re sid e n t C hicago, B u rlin gton & Q u in cy R a ilw a y C o .; C harles F. Spalding, V ic e -P re sid e n t S palding L u m b e r C o.; Josep h T. T albert, V ic e -P re s id e n t; Jam es H . E ckels, P residen t. OUR EXCESS OF GOLD IMPORTS. Two facts immediately impress the student of the fiscal year’s showing of gold exports and imports— the magni tude of the total movement, and the fact that, despite the unprecedented $40,000,000 lump-sum remittance to France, gold imports exceeded exports. As for the first point, gold exports and imports combined foot up $180,567,000 for the twelvemonth past, whereas 1903 gave only $94,072,000, and the highest previ ous record was $145,934,000, in the fiscal year 1896. That period, too, was a time of gold shipments under special contract, the Belmont-Morgan syndicate having undertaken to deliver $65,000,000 gold to the treasury, “one-half of which shall be obtained in and shipped from Europe.” The equally striking fact is, that de spite the $60,ooo,oco gold shipment of April and May to Paris, and the $21,coo.ooo earlier exportations, imports for the twelvemonth exceeded exports. This rather remarkable result was thus brought about: During that period, Ja pan has sent us something like $35,000,000 gold, largely in transit. From the Klondike we have drawn $20,000,000, from Mexico $10,000,000, and from A u stralia $7,000,000; these were new gold supplies. But even these large receipts would not have counterbalanced the heavy exports, but for $22,000,000 gold wrenched, forcibly from London last November and December, when the United States literally made tne English market pay cash for its heavy purchases of high-priced cotton. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis HIGH RECORD MONTH OF GOLD. Our gold export movement of last May Avas so pre-eminent as a “ recordbreaker” that the exact data of the month’s operations, published in this week’s final commerce report for May, are worth reviewing, says the New York Evening Post. They show that we sent abroad, that month, $43,069,053 gold, of which $41,422,627 went to France, $1,340,708 to Canada, and the rest, in small lots to Cuba, Germany, China, Mexico and South America. The “high-record month” of our his tory, until last May, was May, 1894. But only $27,406,801 then went out, and the distribution then was very different from last May’s ; for Germany got $10,950,000 of it, England $9,000,000, France $3,600,000, and the West Indies the rest. It may be recalled, in this con nection, that last May, in addition to the largest recorded monthly export, comprised the largest weekly gold ship ment ($15,589,270 in the May 21 week), and the largest shipment by a single steamer ($9,300,000 on the Lorraine, May 12). But the full May figures are interest ing in other ways. Our gold imports for the month were $10,472,000, of which $7,977,000 came from Japan. In the eleven months ending May 31, Japan sent us $29,621,000 gold; in the same eleven months of 1903, she sent exactly $7,989; in 1902, $10,492,000; in 1901, $17,592,000. Obviously, the gold lately received was in transit. The revised figures also show that, notwithstanding May’s huge gold export, we imported during the wdiole eleven months, $14,231,000 more gold than we exported. !C. A. SMITH | LUMBER I CO. I Manufacturers and Dealers in j LUMBER, LATH, j SHINGLES OFFICE: MILL YARDS, 44th Ave N and Lyndale MINNEAPOLIS, MINN. |+4♦♦♦ Crookston L um ber C o . BEMIDJI, MINN. MILLS AT BEMIDJI, ST. HILAIRE, CROOKSTON j Shipments on Northern Pacific and Great Northern Railways T H E C O M M E R C IA L W E S T . 4 Saturday, July 30, 1904. F I R S T N A T I O N A L B A N K United States Depositary MILWAUKEE, W IS. Capi'a' “ ¿ S K ? * Pr°fi'S O FFICER S: F. G. Bigelow, Peesident; W m . Bigelow, Vice-President; Frank J. Kipp, Cashier; T. E. Camp, Asst. Cashier; H. G. Goll, Asst. Cashier D IR ECTO R S: E. Mariner, F. G. Bigelow, C. F. Pfister, H. C. Payne, Geo. P. Miller, Fred T. Goll, W m . Bigelow, F. Vogel, Jr., J. H. Van Dyke, Jr BANKING CONCENTRATION. The exhibit made in another column comparing the condition of the national banks in New York, Chicago and St. Louis with the condition of the banks in the rest of the United States on June 9th, 1904, with June 9th, 1903, shows very clearly the growing concentration of banking power in the city of New York. In a year’s time there has been a very considerable increase in the re sources of the national banks of New York as compared to those of the rest of the country. The New York banks have gained a percentage of loans, in dividual deposits, deposits due other banks, legal reserve and in securities, while their percentage of banking capi tal remains unchanged. This comparison of conditions exist ing last month with those of the same date a year ago is made doubly im pressive if the comparison is carried over a longer period of time. Compar ing the conditions of the New York banks of June 9th of this year with their condition on July nth, 1895, and there is discovered to be a still more marked evidence of this concentration of banking power in this city. The re sources of the banks of New York on June 9th last amounted to 20.96 per cent of the total resources of all the na tional banks in the United States. In shows New York’s share of the banking power of the United States as revealed by the statistics of *the national banks 3895 their percentage of the resources was 18 per cent. The following table in 1904 as compared with 1895: 1895. 1904. 17.69 20.25 Loans ...................... Securities ................ 19.17 21.44 Legal reserve ......... 26.41 40.18 Capital, surplus and undivided profits. 11.08 16.45 Due other banks, etc 43.08 39-63 Individual deposits.. 19-95 15.90 Resources ............... 18.00 20.96 Chicago' has in the ;same time gained slightly in percentage of resources and of loans, but has fallen behind in per centage of legal reserve, of capital, sur plus and undivided profits and of in dividual deposits. St. Louis has gained in every item and its percentage of re sources has grown from 1.35 to 2.38. The resources of banks outside of the three central reserve cities have de clined from 75.83 per cent of the whole to 71.46. An interesting fact is the de cline from 43.08 to 39.63 111 the percent age of deposits due other banks held by New York. This reduction is in spite of a large gain made by New York in the past year. It may be said that the same conditions operating this year to produce a large proportion of deposits due other banks existed in 1895. Now this concentration of banking power of the United States in New York is accompanied by a further con centration of banking power inside the city herself. In 1895, New York’s share of the national bank resources of the United States was divided between fifty national banks; in 1904, they are divided between forty-one banks. Even this statement hardly shows the extent of the concentration. Within this period of nine years there has developed four or five great banks in whicn are con centrated the bulk of the banking busi ness of New York, 'lnese banks are, moreover, closely affiliated with numer ous trust companies, and these groups of banks and trust companies are closely affiliated with the three leading insur https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ance companies. So, whatever may be the facts as regards the trade of New York, whether it be true or not, that this city is gaining or losing in foreign or inland commerce, one fact is very plain that she is gaining in financial power both at home and abroad. This con centration of banking power in New York is a movement of very great sig nificance. We are too close to its de velopment at present to appreciate or measure its probable effects. Whether it is working for strength, or for weak ness, for security or for loss, only the future can disclose. We only know that it is taking place and that, more over, it is a movement alike in char acter to the concentration which is going on among the railroads and the industries, which concentration likewise is being centered in the city of New York.— Wall Street Journal. TELEPHONE CONSTRUCTION. M in n e s o t a . Granger— A new telephone company is to be organized here. Royalton— A rural telephone line is to be erected between here and Morrill. Swanville— A local telephone ex change is to be installed at Gray Eagle. Willmar-— The Tri-State Telephone Company is building a line from here to Fargo. Osage— The Standard Telephone Company will put in an underground circuit here. Duluth— The Duluth Telephone Com pany is building a line to Pike Lake, through Duluth Heights. Fulda— The Fulda Telephone Com pany will extend their line from Kinbrae to Dundee and Westbrook. Norwood— The Norwood-Young Am erica Telephone Company is building a toll line to Glencoe and Green Isle. Windom— Work will soon commence on a toll line from here to Worthing ton by the Minnesota Telephone Com pany. Birkholz— The Banner Rural Telephone Company has been organized at North land. The line is under construction from Grand Forks to Granville by Birk holz & Northland. Fairfax— The Fairfax Telephone Company, with a capital of $10,000, has been incorporated by E. F. Sell, Paul Albrecht, Wm. Dickmeyer, C. W. Heiman, G. A. Rieke, A. E. Fenske and others. North D akota. Monango— A local telephone system is being installed here. Kindred— John Rustad is constructing a telephone line from here to his farm north of Warren. So ut h D akota. Garretson— A rural telephone line is proposed from here to Scatterwood. Trenton— The Caldwell, Wilson & Thompson Telephone Company are erecting a line through West Trenton. Mitchell— The Independent Telephone Company of Yankton are setting poles here for a long distance telephone line. Deadwood — The Home Telephone Company is building a line east of town. The line is also to be re-constructed be tween here and Spearfish. Aberdeen— The farmers southwest of here are putting in an independent tele phone line from Mansfield west to Scat terwood, and will ultimately build into Aberdeen. Io w a . Nashua— A telephone line is to be constructed from here to Ionia. Guttenberg— The Iowa Telephone Company is rebuilding its line from here to McGregor. Nebraska. Hastings— The Independent Tele phone Company installed a new switch board at P'rosser. Humboldt— The Humboldt Telephone Company accepted an offer made them by the new city mutual company of $6,000 for the system in use now. The new company will get possession Aug. 1. Wisconsin. Ono— The Farmers’ Telephone Com pany will continue their line on to Maiden Rock. Brackett— The Ludington Telephone Company will construct a line from here to Fall Creek. Spring Valley— The telephone line from Elmwood to Spring Valley has been purchased by the Highland Tele phone Company. A. J. WHIPPLE & CO . MEMBERS CHICAGO STOCK EXCHANGE STOCK BROKERS Private Wires to all p r ,.p « Principal Exchages U iT I U A L j U/ Main Floor New York Life BuildingLong Distance Tel. Central 1031. Orders by wire in grain and stock promptly filled Selected LisL cf Investment Securities carefully reviewed in our current circular, at prices to yield from 4>% to 5%and over. We shall be pleased to mail copy on application. S p e n c e rT ra sk & C o * William and Pine S-s., New YorK Branch oflice, Albany, N. Y . WINNIPEG, MANITOBA CANADA THE B a n k of E S T A B L IS H E D C ap ital A u th o rize d C apital P aid up S u rp lu s - Ottaw a 1874 - $ 3 ,OO#,0 0 0 2 ,3 7 6 ,9 9 0 2 ,2 7 4 ,2 9 1 A General B a n k in g B u sin e ss Transacted Interest Allowed on Deposits FOREIGN EXCHANGE BOUGHT & SOLD ST. PAUL agents : M E R C H A N T S N A T IO N A L B A N K THE COMMERCIAL WEST. Saturday, July 30, 1904. 5 WESTERN BONDS. Grafton, N. D.— Billings county will issue $15,000 bonds. S I D N E Y C. L O V E & C O . MEMBERS: . Chicago Stock Exchange ELECTRIC RAILWAYS. Oakland, Neb.— An electric road is to be constructed between Tekemah and Decatur. Racine, Wis.— An electric line is to be built from this city to Lake Geneva and Elkhorn, in Walworth county. Winnipeg, Man.— Prominent capital ists intend to construct an electric line from the Lac du Bonnet district to the city. Sioux Falls, S. D.— The electric rail way from here to Colton will be ex tended to Madison within the next year. We Invite Your Deposit Account Hit itestates fEorigagc &Crust Cumgang GEORGE W. YOUNG, President NEW YORK 55 Cedar St. 73rd St. & Broadway CAPITAL AND SURPLUS MILLIONS Issues Travelers’ Letters of Credit and Foreign Drafts THE NATIONAL BANK OF THE R E P U B L IC C H IC A G O $ 2 ,0 0 0 ,0 0 0 $ 7 0 0 ,0 0 0 CAPITAL SURPLUS John A. Lynch W . T . Fenton R. M. McKinney R. L. Cramptou 0 . H. Swan Thomas Jansen A. W . Margraff President Vice-President . Cashier Asst. Cashier - Asst. Cashier Auditor Mgr. Foreign Dept • - Cathay, N. D.— This village will issue $5,oco for a new school house. C H IC A G O BROKERS Chicago Board of Trade FI VE NEW YORK Stock and Grain New York Stock Exchange Cedarbend, Minn.— The town of Cedarbend is advertising $900 bonds. S T . L O U IS BANK CLEARINGS. B an k clearin gs July 21, 1904, and crease or decrease ing centers and all fo r the w eek ending the p ercen tage of in fo r the w eek of le a d w estern points: Ju ly 21* Inc. D ec. .1 N ew Y o rk ........ .±$1,321,985,009 i .6 163,612,726 C hicago ............ 4 134.876,707 Í2.7 B oston ............... 4 159,133.552 28.1 P hiladelphia . . . 4 2.4 49,487,639 St. L ou is .......... 4 39,163,660 28.6 P ittsbu rg h ........ .5 San F r a n c is c o .. 4 27,458,660 i i .i 21,562,393 B altim ore ......... 4 29,479,550 35. i C incinn ati ........ + Ì 5 .3 K an sas C i t y . . . . 16,326,309 13,632,438 .8 N ew O r le a n s .... 4 16.4 13.695,703 C leveland ......... 4 13,037,779 4.9 M inneapolis ___ 4 2.4 11,373,726 D etroit .............. 11,267,135 29.7 L ou isville ......... 4 12.7 6,465,590 O m aha ............... 6.9 7,416,418 M ilw aukee ....... 4 6.528.300 4.0 P rov id en ce ....... 4 6,253,451 6.6 B u ffalo .............. 4 2.6 6,976,650 Indian apolis . . . .1 5,759,374 St. P aul ............ 4 6,552,933 15.8 L os A ngeles . . . . •Î 3,144,942 29.8 St. Joseph ........ 4 16.3 4,112,421 D en ver .............. 4,130,000 13.0 Colum bus, Ohio 2,986,246 3.7 M em phis ........... 5.0 4,429,791 Seattle ............... 4,380.224 6.2 R ich m on d ......... 3,781.475 6. i W a sh in g to n . . . . .9 3,744,728 A lb a n y .............. 3,283,703 Î3.4 P ortlan d, O r e ... •! 40.6 2.003,755 F’ort W o rth . . . . è .4 3,298,453 T o le d o ................ 4 3.451,411 22.0 Salt Lake C ity. Ì5.8 2,038,943 P e o ria ................ 2.6 1,784,086 D es M oines . . . . 2,282,986 8.6 Spokane ............ 4 1,814,694 7. i T a co m a ............. 1,873.691 i .3 Grand R a p id s .. 3.5 1,573,399 D ayton , Ohio .. 17.1 869,959 T op ek a .............. 24.8 885,656 S ioux C ity ....... .2 1,036.716 E van sville ........ 709,676 7.1 D aven port ........ 21.9 651,103 L ittle R o c k ........ 916,595 62.4 W ic h ita ............. 6.9 712,223 Springfield, 111.. 4.7 666,664 K ala m a zoo . . . . 43.7 436,658 Y ou n g stow n , O. 777,921 2 5 .i H elen a ............... ¿.6 397,956 F argo, N. D . . . 19.7 495,000 Canton, O h io ... 9.1 495,525 R o ck fo rd . 111.... 19.0 315.947 Springfield, O .. 331,288 Ì3.Ó B loom in gton . Ill 5.1 319,487 Q u in cy ............... 37.1 181,895 S ioux Falls, S. D. 25.5 169.258 M ansfield, Ohio 2.1 163,396 Jacksonville, 11! 24.0 9.138,293 H o u sto n ............ 8.5 6,638,000 G alveston ......... .8 T otal. U. S . .. . .$2,171,836,208 .8 849,851,199 T ot. outside N. Y. D O M IN IO N O F C A N A D A . $21,431,378 M ontreal ........... 16,044,618 12.9 T o ro n to ............. 5,704,549 26.6 W in n ip e g .......... 2.6 1,710,568 V a n co u v e r B. O. 753,162 50.0 V ictoria , B. C .. .5 6.4 $54,156,208 T ota l .............. tN ot included m totals becau se con ta in ÍB a lins: other item s than clearings. §N ot included b e anees paid in cash. Minnesota Title Insurance & Trust Co. MINNEAPOLIS MINN. C a pit a l $ 2 5 0 , 0 0 0 G uaranty Fund $10 0,0 00 The oldest Title and Trust Company west of Philadelphia Banking, Safe Deposit, Loans, Trusts, Abstracts, Title Insurance BANKS Send at once for our book of Modern Coun try Bank Buildings, costing $3,000 to $25,000. Price, $1 .00. Modern Homes, 150 pages, paper, $1 ; cloth, $ 1.25. OMEYER & THORI, A r c h it e c t s , ST. P A U L , M IN N . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J. TJ. Barnes, Prest. C. J. T ryon, Trust Officer W . S. Jen k in s. Secy. W allace C am pbell, Vice-Prest. H. A. Barnes, 2nd Vice-Prest. W. A. H otchkiss, Treas. The Swedish-AmericanNatT Bank MINNEAPOLIS N. 0 . W erner, P resid en t C. S. H ulbert, V ice-Prest. C a p it a l . S u r p l u s &. U D ep o sits - . F. A. Sm ith, Cashier E. L. M attson, Asst: Cashser . n d iv id e d . P $ 2 5 0,0 00 1 29 ,50 0 2 ,2 4 0 ,0 0 0 r o fits Foreign Exchange Bought and Sold Ardenhurst, Minn.— The village of Ardenhurst is advertising the sale of bonds in the sum of $3,000. Oakland, Neb.— This city is offering $5,500 refunding bonds for the purpose of paying off the existing water bonds. Breckenridge, Minn.— Itasca county voted in favor of issuing bonds to the amount of $50,000 to improve the roads. Underwood, N. D.— The Weller school district will vote on bonding the district for $2,000, to erect new school houses. Artesian, S. D.-— A proposition to bond the county for a court house will be submitted to the voters at the next election. Faulkton, S. D.— Faulk county will vote on issuing bonds in the sum of $50,000 for the construction of a new court house. Clark, S. D.— This city has voted fav orably on the proposition of issuing bonds for the purpose of installing a system of waterworks. La Crosse, Wis.— The city council will soon order issued $20,000 bonds covering the cost of a portion of the street work done this year. Fergus Falls, Minn.— The board of education has decided to limit the bond issue for building the new high school and a grade building, to $45,000. Royalton, Minn.— The special election held recently was in favor of bonding the village in the amount of $10,000 for a municipal electric lighting plant. Casselton, N. D.— An election will be called in the near future to vote on bonding the school district for $20,000 to provide for the building of a new school house. Osceola, Neb.— A special election will be held in the near future for the pur pose of voting bonds to the amount of $25,000 for the construction of a water works system. Duluth, Minn.— At the annual school election July 16, the issuance of $125,000 worth of bonds was authorized, the proceeds to be used for the construc tion of three new school buildings. Frederic, Wis.— Bids for the pur chase of $10,000 bonds of the village of Frederic are being advertised, the proceeds of the sale of these bonds to be used in installing a water works plant in said village. Washburn, Wis.— Bayfield county is advertising the sale of from ten to fif teen of the bonds of said county issued in aid of the Washburn, Bayfield & Iron River Railway Company and other railroad aid bonds. Caledonia, Minn— The school board has been authorized to call a special meeting for the purpose of applying to the state for bonds in the amount of $10,000 to make up the deficiency in the cost of the new school building. Adrian, Minn. — The Independent school district of Adrian voted to au thorize the board of education to sell $7,000 worth of refunding bonds. The new bonds will draw only four and a half percent, instead of five, saving interest during the life of the bonds amounting to about three hundred and fifty dollars. 6 T H E C O M M E R C IA L W E S T . Saturday, Tuly30, 1904. The Northwestern National Bank OF M INNEAPOLIS C o n d e n s e d S ta te m e n t o f June 9, 1 9 0 4 RESOURCES LIABILITIES Loans and Discounts $5,533,355.18 U. S. and Other Bonds 1,014,610.81 Cash, and Due from Banks 2,732,252.60 Banking House Furniture and Fixtures 223,852.42 Capital Surplus and Profits Circulation Deposits U. S. Bond Account $ 1, 000, 000.00 - 692,325.64 237,700.00 - 7,489,075.40 85,000.00 $9,504,101.01 An Average of over 8$ Annual Dividends Paid to Stockholders since Organization in 1 872. Dividends paid since Organization $2,2 30,0 00 $9,504,101.04 OFFICERS W I L L I A M 11. D U N W O O D Y , P re sid e n t J O S E P H C H A P M A N , J R ., C ashier E . W . D E C K E R , V ic e -P re sid e n t F . E . H O L T O N . A sst. C ashier C o n tin e n ta l N a tio n a l B a n k B u ild in g , C H IC A G O R. H. G00DELL M . H. K O O N , V ic e -P re sid e n t C H A S . W . F A K W E L L , A s s t. C ash ier Merchants’ National W. L. FOLDS Bank of St. Paul. R. H. COODELL & CO. CAPITAL, DEALERS I N = Collateral Loans, C om m ercial P ap er List of Offerings Sent to Banks and Individual Investors Upon Request. OFFICERS: Kenneth Clark, President; C. H. Bigelow, Vice-President; Geo. H. Prince, Cashier; H. W . Parker, Ass’t Cashier; H. Van Vleck, A ss’t Cashier. SPECIAL FUND TO LOAN ON APPROVED STO CKS AND BONDS. Head Office, TORONTO Capital Paid Up $8,000,000 Surplus $2,000,000 Branches at Dawson, W hite Horse, Skagway and Atlin. Exceptional facilities for hand ling the business of those districts. 300,000 United States Depository. MUNICIPAL and CORPORATION LOANS, PUBLIC SECURITIES. [CAN AD IAN BAN K OF COMMERCE $ 1, 000,000 SURPLUS, S Geo, Geo Q. Erskine, Pres. W m . Anglim, V-Pres. > J. W . Wheeler, Cashier ) \ FIRST NATIONAL BANK j J CR00KSTON, MINN. i S C apital $ 7 5 ,0 0 0 ? i Su rplu s an d U n d ivid ed Profits 4 9 ,0 0 0 ' W e negotiate Farm Mortgages First National Bank of D U L U T H , M IN N . Capital, THE EQUITABLE TRUST C O M P A N Y - Surplus and Profits, $500,000 - 725,000 152 Monroe Street, CHICAGO Capital Paid Up. $500,000 Surplus, $300,000 Acts as Trustee for Corporations, Firms and lnviduals, and as agent for the registrations and transfer of bonds and stocks of Corporations and the pay ment of coupons, interest and dividends. U. S. GOVERNMENT DEPOSITARY A. L. Ordean, Pres., J. H. Dight, Cash., W . S Bishop, Asst. Cash., W . J. Johnson, 2nd Asst Cash IN T E R E S T P A I D ON D E P O S IT S D IR E C TO R S: W IL L IA M BEST JOHN M. SM YTH F R E D . G. M CNALLY F. M. BLOUNT L. A. W A L T O N M AU R ICE R O SEN FE LD J. R. W ALSH KNAUTH, NACHOD & KÜHNE B A N K E R S O FFICERS : NEW YORK J. R. W A L S H , President L. A. W A L T O N , Vice-President C. D. ORGAN, Sec. and Treas. C. HUNTOON, Ass't Sec’ v and Ass’t Treas. Members of the New York Stock Exchange Letters of Credit and International Travelers’ Checks Foreign Exchange Cable Transfers W A L T E R L. B A D G E R REAL ESTATE ONEIDA BLO C K MINNEAPOLIS, MINN. Bought and Sold on Commission or Joint Account' LOANS made on First-class Improved Security to net lender 4% to 6 per cent. Special attention given to care of property with economical management guaranteed. Best of references. Minneapolis Property R en ts c o lle c t e d ; crea sed results. Bought, Sold and Managed for Non-Residents b u ild in g s im p ro v e d and re co n stru cted to p rod u ce in S a tisfa cto ry re fe re n ce to lo c a l an d eastern parties M O O R E BROS. & SAWYER MINNEAPOLIS ST E P H E N N. BOND R O B E R T F. PERKINS W IL L IA M H. GOODW IN BOND & GOODWIN NOTE BROKERS boston Commercial Paper Corporation Loans. Ch ic a g o Investment Securities Loans Secured by Investment Securities. Manager Chicago Office CHARLES F. MEYER, 226 La Salle Street. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Jones, Caesar & Company CERTIFIED PUBLIC ACCOUNTANTS TRIBUNE BLDG. CHICAGO NEW YORK PITTBURG ST. LOUIS LONDON D E A N BRO S. 8c CO. Commercial Paper MINNEAPOLIS THE COMMERCIAL WEST. Saturday, July 30, 1904. 7 A Year of Northwest Prosperity. 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 B U SIN E SS Published by The Commercial West Company, Minneapolis, Minn. H. V. J O N E S . LEONARD B RO NSO N. Minneapolis Office, Rooms 627-629 Guaranty Building T e l e p h o n e Main 307. CHICAGO OFFICE, 1208 Stock Exchange Building. A D V E R T IS IN G R A T E S ON A P P L IC A T IO N . T h e C om m er cial W e s t w ill not kn o w in g ly p u blish the advertisem ent o f a fin ancially unsound in d ivid u al or com pany. SUBSCRIPTION IN ADVANCE. One Year, $ 3 .0 0 . POSTAGE FREE: Six Months, $ 1 .5 0 . Europe S I . ENTERED AS SECOND-CLASS MAIL MATTER AT THE POST OPPICE, MINNEAPOLIS, MINN. SATURDAY, JULY 30, 1904. PR IN CIPAL CO N TEN TS. E d itorial ....................................................................................................... A Y ea r o f N orth w est P rosperity. N eutrals and T he W ar. R em ed y in g an In ju stice to Banks. T he M innesota State Fair. B ad F aith o f U nion L abor. T he Ja r W a s H elpful. T he B ull ’ 4 E y e ............................................... O bservations ............................................................................................... A Spot on P ro s p e rity ’ s Sun .................................................................. B y H en ry D. Baker. Financial. Our E x cess o f Gold Im p o r ts .................................................................. H ig h R ecord M onth o f G o ld .................................................................. B an k in g C oncentration .......................................................................... B an k C learings .......................................................................................... W estern B onds .......................................................................................... T ru st C om panies E n c r o a c h .................................................................... M inneapolis M oney M a rk e t................................................................... A P rosperou s M innesota C o u n ty .......................................................... E urop ean B an kers in C a n a d a .............................................................. F oster S avin g I n s tin c t.............................................................................. M inneapolis B an k B u ild in g ................................................................... N ational B an k C ircu la tio n ...................................................................... C h icago C orporation F ie ld ...................................................................... M ilw aukee M oney M a rk e t...................................................................... C h icago F oreig n E x c h a n g e .................................................................... C h icago M on ey M a r k e t....................................................... D ividen d s ..................................................................................................... N ew B an ks -and C h a n g e s...................................................................... B an k in g N otes ........................................................................................... C h icago B an k in g N ew s and G o ssip .................................................... W e e k ly R ailroad E a r n in g s.................................................................... N ew M inneapolis B an k in g H o u s e s ..................................................... S avings B anks N eeded in the S o u th ................................................ Grain and Milling. C rops, C onsu m ption and E x p ortable S u rp lu s.............................. M an itoba W h e a t N eeds W a r m th ...................................................... T he W h e a t T ra d e ....................................................................................... F lour and M illin g ...................................................................................... M illfeed ......................................................................................................... F laxseed ........................................................................................................ R ate D iscrim in a tio n A g a in st F lo u r .................................................... M inneapolis C oarse G ra in s..................................................................... L on d on W h e a t R e v ie w ............................................................................. C om m ercial W e st M arket R e v ie w s .................................................... General S ta tistics ...................................................................................... C reation o f G overnm ent Grain R o u t e ............................................... L ive S tock. L iv e S tock M a rk e ts.................................................................................. Land. T he F a rm L an d M o v e m e n t................................................................... M iscellaneous. W estern P a ten ts ....................................................................................... T eleph one C on stru ction .......................................................................... E lectric R a ilw a y s ...................................................................................... Sound D octrin e .......................................................................................... T he P a r ty and R e fo rm ............................................................................ Sugar B eets in the N o r th w e st.............................................................. T he G atew ay o f the S o u th w e st.................................... , ...................... A m erica n L u m ber T ra ffic w ith C a n a d a ........................................... D ev elop m en t N ew s o f C anadian N o r th w e s t.................................. D ev elop m en t o f S outhw estern C opper M in e s................................ T he P a ssin g o f the R osebu d R e s e r v a tio n ........................................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7 It is too early to speak po sitively about the o u t turn of N o r th w e st crops, hut w e think it is not too early to s u g g e st that conditions fa vo r a y ea r of g reat prosperity. T h e crops promise to be good and there are few er n o tab ly w e a k points of pro duction than usual. T h e oat and b a rley crops are practically assured. B o th promise well, the latter especially so. T h e barley acreage has increased to a point that is scarcely understood in the N o rth w est. In some counties there is more barley than wheat. T h e bar ley yields will be full and the crop will not only brin g a m oney return to the people, but it insures a fine tonnage to the railways. Corn is spotted, hut it will contribute handsom e ly tow ard insuring prosperity to m an y sections. In all sections some crop is good, except for an area too limited to call for special comment. T h e g ro w th of the dairy business must not be lost sight of. It has becom e a great factor. B a rr in g t h e 'p o s s i b i l it y of w eath er dam age to late crops T h e C o m m e r c i a l W e s t is pleased to an nounce on the basis of its special investigations a splendid business prospect for the jobbers and m an ufacturers of the N o rth w est. M inneapolis, St. Paul and D u lu th can make ready on the present crop prospect to do business. Neutrals and the War. 9 10 11 3 3 4 5 5 12 12 12 12 12 13 13 15 15 15 16 16 17 18 19 20 20 42 29 31 31 31 32 32 33 33 35 36 87 41 28 27 2 4 4 13 14 14 14 19 22 23 25 Since our last issue the difficulties between R u s sia and Great Britain o w in g to seizure of British vessels and the sin king of one of them, have be come more acute, notw ith stan din g the ex ch ange of notes on the subject. N o t only so, hut while no A m eric an vessels are kn o w n to have been attacked as yet, A m e r ic a n goods have been sent to the b o t tom of the Pacific or seized, and thus the U nited States is likely to becom e diplom atically involved. A s y et w e see no reason to change our opinion that R u ssia is sim ply tr y in g to extend her right of search and confiscation and her definition of con traband of w a r to the farthest possible limits, but that she has no intention of b ecom in g involved w ith other powers. T h e situation is an ex asperatin g one, but will alm ost certainly yield to patiently exercised diplo macy. W h i le w a r talk is rife in E n g lan d and is be g in nin g to be noticed in a veiled w a y in this coun try, as y e t there has been little that directly touches the interests of the U n ited States. T h e w hole g ist of the m atter rests upon the defi nition of contraband of war. T h e old treaty be tw een Ru ssia and the U n ited States provides: First, that free ships make free goods ; that is to say, that goods, except contraband, belo n g in g to subjects of a p o w er at w a r are free from capture and confiscation w h en found on board neutral v e s s e l s ; and, second, that the prop erty of neutrals on hoard the e n e m y ’s vessels is not subject to confiscation unless the same be contraband of w a r .” W h i le the sin king of a British vessel, w ith ou t seizure or condemnation b y a court, is violative of ev ery principle of international law, the real diffi cu lty arises in the Russian definition of contraband. T h is is decidedly sw e e p in g and has not y et been ac- THE COMMERCIAL WEST. 8 cepted b y any other nation. It includes all kinds of fuel, such as oil, naphtha, a lc o h o l; telegraph, tele phone and ra ilw a y m a t e r ia l; in general, e v ery th in g intended for w arfare on land or sea. A lso rice, food stuffs, horses, beasts of burden and other animals w h ich m ay be used in time of w ar, w h en th ey are transported for account of or in destination to the enem y.” T h e r e is no question that such articles consigned to the Japanese g overn m ent or any of its recognized agents w o u ld be contraband, but m aritim e nations of the w o rld deny that such commodities, though consigned to an e n e m y ’s port, are contraband if in tended for private citizens, merchants, etc., in the regular course of trade. If ev e ry th in g wh ich m igh t be of advan tage to an enemy, directly or indirectly, w ere declared con traband, then no com m erce could be carried on w ith belligerents, and noncom batants w o u ld be made to suffer in a w a y w h ich is not approved b y interna tional ethics. T h i s question arises w ith ev ery war. It arose betw een the U n ited States and Great Britain during the B o er war. It is natural enough for a belligerent to seek to establish policies w h ich w o u ld benefit it and cripple the e n e m y ; but the stead y trend of international law has been to w ard a restriction of rights of seizure and a closer definition of contra band ; consequently less interference w ith interna tional commerce. W h e n Ru ssia finds that b y her recent acts she has run up against determined resistance to her claims on the part of any po w er of the first class, she will w ith d r a w or m od ify them. T h erein lies the grou nd for belief that other nations will not be drawn into the conflict, but therein also lies the n ecessity for a firm attitude on the part of m ari tim e powers, including the U n ited States. Remedying an Injustice to Banks. A matter of w h ich the banks have m uch reason to complain is their prolonged liability for forged and raised checks. T h e y do not and cannot ignore their original liability, but that it should be extended to the full length of the statutes of limitations, as that m ay be acco rd ing to the law s of the various states, is u nju st in the extreme. A s it n o w is the d raw er of a check m ay be ever so remiss in his moral obligations to the bank, and ever so n e glect ful of his o w n business and reputation, b u t the bank is held, nevertheless. T h i s lengthening liability is so u gh t to be avoid ed b y m an y banks b y the system of m on thly state ments, in w h ich the bank says to its depositors that unless errors are pointed out w ith in a definite peri od, the account w ill be assum ed to be correct. P e r haps this is sufficient notice to depositors, and y et w e are inclined to think the courts w o u ld not there b y release a bank from a liability sanctioned by custom and upheld b y the courts. B u t h o w ev er th at m ay be, there o u g h t to be definite legislation on this subject. If a depositor is the victim of fo r g e r y or check raising, he o u g h t to be able to discover the fact w ithin a y ea r at m ost; not to discover it is such negligen ce on his part that he o u g h t to bear the burden. T h i s is the v ie w taken https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday, July 30, 1904. b y the legislature of the state of N e w Y o r k , which during its last term passed the fo llo w in g a c t : “ N o bank shall be liable to a depositor for the paym en t b y it of a forged or raised check, unless with in one y ear after the return to the depositor of the vo u ch er of such paym ent, such depositor shall no tify the bank that the check so paid w a s forged or raised. T h is act shall take effect Septem ber first, nineteen hundred and fo ur.” T h is measure is so m anifestly ju s t that the b a n k ers of other states should have no difficulty in secur ing the passage b y their respective legislatures of similar acts and the subject is properly one to come before the various state associations, and the na tional b o dy at its approach ing meeting. The Minnesota State Fair. T h e citizens of M innesota quite gen era lly appre ciate the scope and importance of the annual state fair, w h ich this y ea r is open from A u g u s t 29 to S e p tem ber 3, inclu sive; but those of other states m ay not realize h ow im portant the fair is in the d evelop m e n t ’ of the agricultural and m an u fa ctu rin g inter ests of the state, nor w h a t a h e a v y investm ent the state has made in grounds and buildings. T h e grounds are located in St. Paul, but con venient to M inneapolis, bein g alm ost m id w a y be tw een the tw o cities. H undreds of thousands of dollars have been invested in the plant. T h is year a modern, fireproof building, 120 feet b y 160 feet, has been constructed, in w h ich will be displayed the m an u fa ctu rin g products of M innesota. N e w streets and w alks, new barns and a general renovation of the older buildings are apparent to the passerby. T h e state fair of 1904 will be of unusual interest in some special directions. A national exhibit and sale of both Sh o rt-H o rn and H ereford cattle will be conducted in connection w ith it. T h e prem ium s and purses a g g re g a te $50,000. T h e agricultural de partm ents will be unu su ally complete and m an y of them have been enlarged. T h e fair is both a fete and an educational institution of importance, and so is w o r th y the attention not only of the citizens of the state but of those of adjacent sections. Bad Faith of Union Labor. A rbitra tio n is necessarily based upon good faith. If a p a rty to an arbitration agreem en t is to abandon it sim ply because the results of the a greem en t are not pleasing, then it w o u ld be better not to attem pt arbitration at all. W e stated last w e ek in discussing the pa ck in g house strike and the agreem ent to arbitrate, b y w h ich it w a s supposed at the tim e w e w e n t to press the strike had been ended, that arbitration is mere ly an expedient and only fends off trouble. W e doubted the perm anent value of the agreem ent en tered into on J u ly 20, betw een the packers and their employees, th ou g h w e did not expect trouble to come until the end of the period of forty-five days named therein. B u t no sooner did the em ployees discover that under the terms of the arbitration agreem ent not all of their num ber could at once re turn to w o rk, than the strike w a s renew ed w ith greater virulence in most centers than ever, and has been extended to include nearly or quite all the Saturday, July 30, 1904. THE COMMERCIAL WEST. classes of em ployees connected w ith the sla u gh ter ing and pa ck in g business. T o put the matter in clear light and to have it on record we reprint here w ith the agreem ent, as furnished to the p r e s s : Wages and working conditions of all employees now on strike to be submitted to arbitration, each party to this agreement having the privilege of bringing before the arbi trators for decision any question of wages or conditions, or any other grievance they may have and both to abide by the decision of the arbitrators. The packing companies signing this agreement are to retain all employees now at work who wish to remain and will re-employ all employees now out as fast as possible, without discrimination. Employees to return to work at the wages received when going on strike, pending the decision of the arbi trators; arbitrators to consist of three practical packing house men, to be selected as follows: One representative of the packing companies; one rep resentative of the Amalgamated Meat Cutters and Butcher Workmen of North America; these two to select a third member. The two first named shall meet within fortyeight hours after resumption of work, proceed to elect the third member and shall meet daily for that purpose until this duty has been completed. When the third member has been selected, the three shall meet daily unless adjournment be had by unanimous consent, until the final conclusion has been reached and the award made. An y former employee not re-employed within fortyfive days from date work is resumed is to have the privi lege of submitting his or her case to arbitration, on ques tion of discrimination, decision of arbitrators to govern. — T H O M A S J. C O N N O R S , T H O M A S E. W I L S O N , E D W A R D TTLDEN, Committee on Behalf of Packing Companies. Approved: Committee on Behalf of Amalgamated Meat Cutters and Butcher Workmen of North America. — M. J. D O N N E L L Y , W I L L I A M M. S T E R L I N G , T H O M A S T. K ID D . T h is agreem en t .was also approved and signed individually b y seven of the leading p a ckin g houses of Chicago. U n d e r this agreem ent, as expressed in its second paragraph, the p a ckin g companies w ere to retain all em ployees then at w o r k w h o m igh t w ish to remain. In the latter part of the same paragraph w a s the promise on the part of the packers to re-employ all em ployees out on strike, as fast as possible. T h o s e words, “ as fast as possible,” cannot be misinter preted and w ere due notice to the strikers that not all of them, nor a ny definite portion of them, m ight be re-employed at once or ever. T h e concluding w o rd s of the paragraph, “ w ith o u t discrim ination” could only mean that no o ne’s reinstatement should be prejudiced because of his mem bership in the union or a ctiv ity in legitim ate w a y s in the strike. Y e t w h en the strikers found that o nly part of them w ere b ein g put at w o r k th ey announced their position as “ all or none,” and the strike w a s on again. T h e officers of the union so u gh t to ju s t ify the new strike and the repudiation of the arbitration agreem en t b y s a y in g that the packers violated the agreem ent b y d iscrim inating in their selection of union m e n ; that therefore the agreem en t w a s null and void and a new one m ust be framed if the strike w ere to be settled amicably. T h is, no tw ith stan din g the point w a s covered b y the agreement. T h e em ployers on their o w n behalf sa y that the agreem ent th ey consider still in force and that it furnishes all the necessary means of settlin g every question involved. T h e y are ready to carry out its terms, and, if the strikers think th ey are not doing so, that the m atter can be settled b y the arbitration com m ittee to be appointed. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9 T h e v e r y first paragraph of the agreem en t says that each p a rty thereto shall have the privilege of b rin g in g before the arbitrators for decision any question of w a g e s or conditions, or “ a ny other g riev an ce" th ey m a y have. N o th in g could be more explicit than this, y et because the im mediate result of the arbitration agreem ent w a s not w h a t suited them, the union men denounced the w h o le affair and are using every means in their power, short of w id e spread violence (w h ich is likely soon to fo llo w ), to accomplish b y strike methods w h a t th ey agreed, apparently in good faith, to leave to the decision of arbitrators. W h a t e v e r the sym pathies of the people m ay have been as betw een the tw o sides in the original controversy, such a deliberate violation of a solemn ap-reement on the part of the strikers, such an entire lack of ordinary good faith, or such stupidity in the understan din g of plain E n glish , if w e can assume them to be honest, m ust b rin g the sym pathies of ev ery honest and reasonable man to the side of tile packers. It is difficult to speak tem perately in regard to men w h o will be so false to their pledges. W e can but approve of the present attitude of the packers w h o will have no th ing further to do w ith these men or the union except under the agreem ent given above, which w a s entered into b y them in good faith and b y w h ich they purpose to stand. If they yield it will be under c o e r c io n ; indicating a moral w eakn ess for w h ich th ey will suffer in the future. The Jar was Helpful. It is pleasant to note a possible effect of our re cent reference to the w illin gn ess of the Cincinnati Price C urrent to criticise rival crop reports w ith ou t itself pu ttin g forth effort to enlighten the public on right lines. T h e P rice C urrent issued a bulletin on M o n d a y — the first with in our kn o w led ge on that day— that read as follow s : Latest advices from Kansas reflect much irregularity in extent of losses by excessive rains from almost no loss to nearly a total loss, but bulk of the estimates of loss from important counties range between 15 and 25 per cent. Mis souri also is not turning out nearly as good a crop as was expected earlier in the season. For the three states-of Mis souri, Kansas and Nebraska, thirty million bushels•might be regarded as a conservative estimate of loss within the past several weeks. In regard to quality, reports vary widely, but on the whole it is believed quality of winter wheat crop will be rather below average. Advices from spring wheat states leflect about a seasonable progress of the crop, average con dition being high. T h is is w o rth so m eth in g as a su m m ary and we congratulate our esteemed contem porary on this evidence of a w a k in g up. W e believe the su m m ary represents the situation fairly. W e are skeptical, h ow ever, of the S o u th w est dam age reaching 30,000,000 bushels. W e incline to 20,000,000 as sufficient, but will not at this time dispute the larger total. TH E B U L L ’S E Y E . He was one of four young business men in conversation yesterday in the smoking compartment of a Pullman headed for St. Louis; and this was what he said: “ 1 know he got those fellows to invest in the railroad, and then he pounded down the stock and bought it in at a third of its value. I know that. And he lied like the devil about it, but he lied so they believed him, and that was business.” “ Sure,” said the other three young men, without ever as much as a question in their tone. “But he lied like the devil,” I asked. “ Sure,” THE COMMERCIAL WEST. IO replied the speaker; and, evidently suspecting something, he added: “ Show me a man who never lies and I’ll show you an angel.” “That’s right,” I said. “ The nearer a man comes to never lying the nearer he comes to being an angel.” '!' 'A' Isn’t it a miserable condition of public sentiment when four as fine young business men as these agree without debate that clever lying is “good business ?” The lying this man had done was for the purpose of stealing. Therefore stealing is good business in the estimate of these young men. And I venture to say that these four are men of good average American business morals. And I venture further to say that twenty-five years ago such sentiment would have been below the average grade of American morals. Somebody of large influence is lowering public sentiment in America as to the right and wrong of lying for business purposes. Some bright men are lying. Some men of large ability are stealing. They are doing it in a wholesale and very brilliant way. And their light is shining, not through the grating of a jail window, as it should, but in the searchlight of their automobile com ing down the boulevard. The man who can lie eleven mil lions into his pocket by a crooked stroke of his pen, is not an ordinary thief. He is a maker of public sentiment, a moulder of public morals. He is taken as a copy by more bright young men than ever was the cleanest preacher of righteousness in America. Eleven million dollars held close to the average young man’s eye shines with a light that throws a shadow over the New Jerusalem and every peaceful path and quiet nook on the road thither. And yet every young man owes it to himself to stop and remember that there is a day coming when the eleven million dollars will look to him as poor and unattractive as eleven tons of mud. It will buy lots of things but it won’t buy what you want most. * * * A man might take, say five and a half million, and put it into missions in China and homes for aged women and theo logical seminaries; then take the other five and a half and have a lot of fun with it? Why wouldn’t this first five and a half be counted unto him for righteousness ? It would, the same as though I stole your team and gave one of the horses to the preacher. Public sentiment about it wouldn’t make any difference about our liability in the case. You and I deal directly with The Power that made the moral law for keeping this world fit and habitable. If we transgress it by lying a man out of his railway stocks or by filching bananas from a peddler’s basket, we pay finally for our sin, even though we live in the big house on the boulevard for a few years before the pay day comes. ■— The Sharpshooter. O B S E R V A T IO N S . The tremendous rush of people called “homeseekers” to take advantage of the opening of the Rosebud and Devils 'Lake Indian reservations in South and North Dakota, respectively, serves as a text for many daily newspaper sermons on the land hunger of the race and the alleged fact that land in the United States is becom ing scarce— that the public lands have been given away and sold until now there is practically nothing left. In my opinion you might as well say that the crowd around a bargain counter in a big department store is evidence that there are not enough goods, of the particular kind there displayed, to supply the demand. These distribu tions of land are simply Uncle Sam’s bargain counter at tractions. The lands are not given away, as once they were, but they are sold for very much less than their value, to those who are fortunate enough to be able to buy them; consequently there has been and will be a tre mendous rush for chances. * * * It is probable that the rush for a forty-to-one chance is not so much due to land hunger as to the craze for a bargain and to the quickening of the gambling instinct which exists in every race of people. If every one of the thousands could have been supplied with a quarter sec tion at the given price, we imagine that the interest would not have been nearly so great. If there had been 100,000 quarter-sections of equal value in the Rosebud, we will https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday, July 30, 1904. venture that there would not have been 100,000 people after them. But since there were only 2,500 quarter sec tions, there were 100,000 people that wanted the chance. The interest is enhanced by the fact that not only is there chance about getting any of the allotment, but that there is a further gamble on the character of the allotment. The average register at the Rosebud is interested first in the question as to whether or not he will be lucky enough to be permitted to file, and in the second place as to the character of his allotment. He may get land that is worth $20 an acre, or he may get land that is not worth what he pays for it. How attractive this is to the gambling ele ment in all of u s ! * * * That land hunger alone is not responsible for the rush is further shown by the fact that there are millions of acres of government land open for settlement under the homestead act and other millions of state lands and grant lands to be purchased at as low a price as charged for the Rosebud lands, which these crazy people will not look at, even though they be just as good or better. There are fine lands in the Rosebud reservation and other fine lands at Devils Lake, but there is plenty of land in the country which can be ¿bought on as easy terms and can be brought to a profit producing point in a shorter time; yet your reservation land boomer will have none of it. * * * T o a certain extent the rush is the result of advertis ing. Other desirable lands, many times as great in area, are not being especially advertised. They are scattered around in larger or smaller bodies, here and there, throughout the western half of the United States. T hey require a little independent investigation to discover. But when it comes to the opening of a reservation Uncle Sam himself becomes, with the free assistance of the entire press of the United States, one of the most tremendous advertisers in existence. It works like the bargain day advertising in the dailies. Just as the good housewife says, “ My! I must get down early; there will be such crowd,” so the land looker reads Uncle Sam’s advertise ment and says, “ I will be on the ground early.” * * * In another department of this issue of The Commer cial W est is a very interesting article from a staff corre spondent regarding the character of the people who are registering at Bonesteel and elsewhere. It is evident enough that, as far as most of these people are concerned, the hunger was not merely for land, but for more land. Most of them were well-to-do; at least they had money enough to travel a long distance, to pay tremendously high living expenses and to make the necessary prelimi nary payments if they were successful. With less trouble and expense they could find just as good an investment for their money; but they wish to be with the crowd and in the game. i}i iji It will, however, be a good thing for the Northwest. People who never traveled before have been on the road, figuratively and literally, for the last month. T h ey have had a chance to see what the Northwest is; and, when the gambling fever is abated, thousands of them will be ready to make investments in this favored land. Probably the Dakotas will receive the greater benefit, but adjoin ing sections or those through which the visitors have traveled will all be beneficiaries. Minnesota, Nebraska, Iowa, Wyoming, Montana, and even Manitoba and the Canadian Northwest will receive some appreciable im pulse toward more rapid settlement and development and enhanced values of farm lands. •— The Onlooker. W ELLS &. D IC K E Y CO. ESTABLISHED 18T8 BOND DEPARTMENT H ig h G ra d e S e c u ritie s for T r u s t F u n d s In s titu tio n a l F u n d s an d In d iv id u a l In v e s to rs 802 GUARANTY BLDG., MINNEAPOLIS. Tel. Main 590 THE COMMERCIAL WEST. Saturday, July 30, 1904. 11 A SPOT O N PROSPERITY’ S SUN. By Henry D. Baker of Chicago. When, after the apparent settlement last week of the strike in the packing industry, Mr. J. Ogden Armour was asked by a newspaper interviewer what he thought about the return of peace at the yards, he expressed great pleasuse, but also cautiously refused to commit himself to the theory that no more labor trouble was in store for the packing interests. “ Men may come and men may go,” said he, “but strikes go on forever.” The very next day the settlement was all off, the strike again on, and Mr. Armour, who had been on his way to the east, was on his way back to the west, while Mayor Carter Harrison of Chicago, who was on his way to fish ing grounds near Marquette, Mich., was on the limited train bound for Chicago. This strike in the packing industry illustrates the con stant menace to the prosperity of the country that exists in the always uncertain labor situation. W e may con gratulate ourselves over our ability to keep from becom ing embroiled in foreign wars. W e may take keen satis faction in the prospect of fair crops and of good prices for them. W e may breathe a sigh of relief that we are to have a presidential campaign, with free silver really a dead issue, and no distressing consequences likely to result from the victory of either candidate. Y et largely tending to offset such benefits come labor troubles. A conflagration may break out almost any time in the labor world, and the losses to the country be greater than result from a great fire, such as recently destroyed the business section of Baltimore. The Bible says that the poor are with us always. It is equally true that those who keep men poor and make the poor poorer, namely, unwise and hot-headed leaders of labor, are with us always, and prob ably always will be, until the millenium arrives. Tremendous Cost of S t r ik e s . A long drawn out strike in a great industry will often cost the country more than would a foreign war or a crop failure. The war with Spain probably did not involve nearly the total cost to this country that did the last great strike in the anthracite coal fields. It is doubtful if the disaster to the corn crop in 1901 involved more loss direct and indirect than did this disastrous coal strike. Usually at this end of a big strike the newspapers in the cities will print tables of the “ losses to both sides.” This will include the loss of the men in their pay and of their employers in orders that were unfilled, and also damage to life and property were there such. If the militia was called out the costs to the state might be included. The loss to the public would doubtless be passed up with some general remark to the effect that it was “ incalculable.” But, as a matter of fact, the real and greatest losses from a strike can seldom be measured just when the strike happens to be ended. One serious strike will often start an almost endless chain of individual evils, and the indirect losses may be almost indefinitely prolonged. The industries of the United States are still suffering from the anthracite' coal strike. The higher prices for fuel have meant not only increased cost of living for all our people and reduced by just so much their purchasing power in other things, but it has tended also to reduce their in comes, for it has decreased the earning power of cor porations and impelled them to greater economy in the payment of wages and supplies. This last strike was an exception to the general rule that most strikes result in defeat of the men— but the very fact that this strike was a well advertised triumph for labor made it a Pandora’s box of industrial evils for the country. It created un rest and discontent in every line of industry, and fomented dozens of other strikes. Once given the argument that wages of labor have been advanced in other branches of industry, and have made prices higher, and the cost of living greater, and you have an argument why there must be a strike in some branch that has not yet been reached by the leveling up movement. The reason the strike in the packing industry was un settled the very day after it was “ settled,” was because the butchers found that the industry which they had de https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ranged could not at once afford the same opportunities for employment as before. Only a few of the men were taken back, and the labor leaders called this “ discrimina tion” and in violation of the agreement with the packers, notwithstanding this agreement gave the packers a time limit of forty-five days in which to take back all their men “without discrimination.” It is an easy matter for the leaders of a labor union to call off a strike when they feel so disposed. But the work of restoring to normal conditions an industry that a strike has deranged is not accomplished so easily. Could labor unions realize this fact— that strikes damage the conditions of employment, not only in the industry especially assailed but indirectly in many others, there would doubtless be many less strikes. I n d ir e c t S in is t e r S ig nif ica nce . Will the present strike in the packing trades prove a serious detriment to the present prosperity? This will depend on how long it lasts, and how seriously the produc tion of packing house goods is curtailed. A famine in a necessary of life, is an economic catastrophe. A large in crease in the cost -of living is bound to be attended with serious business consequences— and is really more im portant in its sinister significance than the mere fact that a few thousand men are idle, and that the large amount of capital invested in the industry must for a time yield unsatisfactory return. The building trades strike which afflicted Chicago and New Y o rk several years afforded an illustration of how such trouble begets more serious trouble. These strikes caused a great curtailment in the demand for structural iron, and this created a slump in the general iron market, reduced heavily the profits of the steel industry and caused prolonged decline in the value of steel shares and sympathetically of the general stock market. The extreme depression that till recently prevailed in the security markets, and rendered it extremely difficult to finance new improvements that meant larger employment for labor, was largely a consequence of labor troubles. The damage to business caused by these strikes depressed the labor market as well as the financial markets. There was less work to go around, and instead of the job seeking the man the man began again to seek the job. During the last month, however, business conditions have begun to improve. Unfortunately, however, with these recent manifestations of business improvement labor unions show the unfortunate disposition once again to cripple the goose that lays the golden egg. Are E a rly S ettlem en ts D es ir a b le ? Whenever there is a serious labor difficulty, as at pres ent, there arises a loud public cry for its immediate set tlement. Arbitration is strongly insisted on, and various arbitration boards, some self-constituted, are urged to get into the breach. But it is an interesting question, whether or not in the long run, the public interests are best sub served by early peaceful settlement of labor troubles. It is not unlikely that if contests once started had to be fought to the bitter finish, there would be less hasty calling of strikes. A certain wise bachelor once observed that the reason he never cared to take a leap into matrimony was be cause he feared the alimony charges would come high if he wanted to get out. It is certain that men strike nowa days with too little fear of serious consequences from their action. Many of them appear to feel that they can have several days of enjoyable idleness enlivened by a little exciting riot, and that then some arbitration board will step in and arrange a peace and get them back their old positions again. There are some issues at stake in labor wars which can never be definitely settled until they are settled right. One is the question of the opn or closed shop. It was Lincoln who said the nation could not long exist half slave and half free. Similarly in many industries there can be no permanent peace between labor that is in slavish subjec tion to walking delegates, and labor that is free, independ ent and non-unionized. S 12 THE COMMERCIAL WEST. Saturday, July 30, 1904. T H IN K TRUST COMPANIES E N C R O A C H . (S p ecia l C orrespon den ce to T he C om m ercia l W e s t.) T . J. P e re l e s ’s V i e w s . Milwaukee, Wis., July 28.— One of the topics to come before the meeting of the Wisconsin Bankers’ association at its meeting in La Crosse next month will be the en croachments being made by the trust and safety deposit companies upon the banking business, and an effort will probably be made to formulate legislation that will com pel the latter institutions to confine their business opera tions to the lines for which they were originally organ ized. Milwaukee bankers, as a rule, are not inclined to dis cuss the situation for publication, although some of them are outspoken in denunciation of the trust companies in their comparatively new field. The law under which these companies are organized restricts their business to acting in the settlement of estates, as trustees, administrators, etc., the dealing in securities, the lending of money on bonds, mortgages and other collateral securities, and the transaction of such other business as does not come within the scope of the ordinary bank. “ Our company is not authorized under its articles of incorporation to operate a savings department, and we do not encroach upon the banking business in any par ticular. While our company is called a trust company, it is in fact a trustee, and in that capacity it transacts business for others, by acting as guardian, executor, ad ministrator, etc. W e do not believe that a trust com pany should be permitted to receive money in the nature of savings and pay interest thereon unless there is a proper supervision over the affairs of the company by either the bank examiner or some authority.” Are R e a ll y B a n k s of Dep osit. O f late years, however, the trust companies, or at least most of them, have organized savings departments, and are making strenuous exertions to obtain deposits of this character. While the trust company is forbidden by statute to receive money on deposit subject to check, which is the legitimate field of the bank (they get around this point by allowing the savings depositor to draw his money out upon the signing of a receipt, thus to all intents and pur poses bringing them on an almost equal footing with the banks in this respect. In speaking upon this phase of the controversy, T. J. Pereles, president of the Citizen’s Trust company, said: Minneapolis Money Market. The local money market continues quiet with little prospect of increased activity in the immediate future. The crop and general business outlook, however, inclines bankers to the view that the early fall season will find money in good demand, not only for the purpose of mov ing the grain but for general business purposes. The prevailing sentiment locally, is that, regardless of the influence of the presidential campaign, autumn will bring with it a general revival of commercial activity. Rates are still on an easy basis but, although money is plentiful and conditions favor the borrower, the excess of supply over demand is less pronounced than is the case appar ently in some other financial centers. There is an ex cellent inquiry for good commercial paper but security of this character is scarce. The demand for money to finance the crop movement has not yet begun and will probably be later than usual in consequence of the back wardness of the growing grains. Terminal paper runs at 4@4>2 per cent, good commercial paper at 5@5j/2 per cent, with the bulk of the business transacted at the lower figure, and in some instances loans have been made on gilt-edged paper at slightly lower rates. Clearances' for the week ending Thursday were $13,271,048.49, against $10,411,116.43 for the corresponding week a year ago. Bankers A re Reticent. Washington Becker of the Marine National, and other leading bankers of the city, refused to discuss the ques tion or express an opinion upon the subject, nearly all of them agreeing that they did not believe the subject would be taken up by the Wisconsin Bankers’ association, unless it be to formulate some plan by which the trust companies may be confined to their original objects, and be obliged to give up the savings departments. O liver C. F u l l e r ’s O p in io n. President Oliver C. Fuller of the Wisconsin Trust & Security Company, said that in New York, Illinois and other states trust companies were encroaching on the banks, because they were permitted to do a general bank ing business. He said: “In Wisconsin, however, the laws restrict the business of trust companies to their legitimate field of action as executors, trustees, administrators, etc., dealing in securi ties, lending money on bonds and mortgages and other collateral, and such other business as does not come with in the scope of ordinary banks. None of the trust com panies in this state that I know of is undertaking to do a general banking business.” EUROPEAN B A N K E R S V IS IT CANADA. Four prominent European capitalists, J. Brunner of Brussels, E. J. Jacobs of Antwerp, P. G. W est and R. A. Demme of Paris, arrived in Winnipeg over the Canadian Northern. These gentlemen are heads and directors of banks in Belgium and France and are in the west to seek profitable investment for capital. They will examine the possibilities of successful investment in farming, ranching, and possibly coal mining. Mr. Demme has on several occasions been in the Canadian West, so is well acquainted with conditions here. To the other gentlemen it is all new and their trip across Canada has provided a series of surprises. The greatest surprise of all has been the city of Winnipeg. Its broad streets were first commented upon, then the size of the city, its comparative youth being considered, and finally the bustle of the streets and the amount of business appar ently done. In Toronto, where they spent a day or two, the party was taken over the city in the private car of President Mackenzie, of the Toronto Street railway. One day was spent by them in Fort William inspecting the Canadian Northern elevators. The party will remain for a week or two in the west and will visit several parts of Mani toba and the Northwest Territories. Their plans are not yet definitely fixed but it is likely that before ( h e y return eastward they will have a sight of the Dominion of Can ada Exhibition. A PRO SPERO U S M IN N E S O T A C O U N T Y . Foster the Saving Instinct. Sibley county, Minnesota, has experienced the greatest increase in banking institutions within the past eighteen months ever dreamed of in its history. No less than six new institutions have been established within the past eighteen months and five of these within the past eight months, giving Sibley county eleven banking institutions. Some of the other banks have also undergone changes, being incorporated into state banks. Winthrop, the ban ner town of Sibley county, leads in this line with three good sound institutions. Up .to sixteen months ago there were but five banks in the county. The boom started about sixteen months ago when the Citizens’ State Bank of Green Isle was established, capitalized at $15,000. Taking into consideration that eleven banks are now doing business whereas only five were necessary before and all institutions are on good footing and doing a large volume of business, there can be no disputing the fact that this is an era of prosperous times. Winthrop with her three banks has also a building and loan association doing a large volume of business. A little over a year ago the school savings bank sys tem was started in one of the ward schools of Pierre, S. D., and since that time it has spread to several rooms in other schools, and the savings have reached the amount of $726.24, the average deposit of the pupils who have taken advantage of it being $3.73. The deposits run from a few cents up to twenty dollars or more on the part of a few pupils. The deposit books show that over fifty per cent of the pupils in the rooms where the plan has been inaug urated are among the depositors, and it is likely that every room in the schools will be included before the close of this year. The deposits are carried in the National Bank of Commerce, which pays five per cent on them. The cashier of the bank says that very few of the de positors have drawn out, although Fourth of July and circus was too great a temptation for some of them. But others are increasing their deposits since school closed and these more than make up for the withdrawals. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday, July 30, 1904. THE COMMERCIAL WEST. 13 W ATSO N & COMPANY, B R O K E R S Chamber of Commerce, Minneapolis— S to c k s, B on d s, IV I 15 M N E W YORK STOCK EXCH A NG E . CHICAGO STOCK EXCH ANGE. W IN N IPEG GRAIN E X CH A NG E . 24 Broad Street, New York G r a in , B B P r o v is i o n s , R S : CHICAGO BOARD OF TRADE. N E W YORK PRODUCE EXCH ANG E. M INNEAPOLIS CHAMBER OF COMMERCE ST. LOUIS GRAIN EXCH ANG E. Private Wires to Chicago, New York, and Other Cities. M IN N E A P O L IS B A N K B U IL D IN G . An addition to the list of Minneapolis bank buildings, another one to be devoted almost exclusively to banking purposes, is the building to be erected by the GermanAmerican Bank. The directors of this bank only a short time ago in creased its capital to $100,000, and now a new building is to go up near the present location, on Washington avenue north, near Plymouth avenue. The architects are Boehme & Cordelia, of Minneapolis. Not all the details as to ma terials, etc have been settled upon, but the front will probably be marble. The interior will be finished in ma hogany or quartered oak. The general arrangement of the interior has been approved by Francis A. Gross, presi dent of the bank, and it is intended to be a model of con venience. The building will be 123 by 30 feet, ground area, and 36 feet high. About one-fourth of the front of the build ing has two stories to be used for offices, and in the re mainder of the building the banking room runs up to the full height, being lighted by a glass dome in the roof. The first floor contains the general banking room, offices for the leading officers of the bank, and a directors’ room. The building will have two modern, steel lined vaults; one for the use of the bank exclusively, and the other designed as a safe deposit vault. The latter will have a parlor in connection, for the use of patrons. Before the year is out this building will probably be ready for occupancy. SO U N D D O C T R IN E . It is the sentiment of the people of the United States that in its battle with the great corporations organized labor must have its rights; and it is equally the sentiment of the people of the United States that organized labor in assertion and maintenance of its rights must trample on no rights of others, and specifically not on the rights of the humblest laborer who chooses to stand or fall for himself and declines to sink his individuality in a union. He may be wrong, he may be foolish, he may stand in his own light; but it is his to choose and it is society’s to protect him in his choice. Every man who wants to take a job these striking butchers have left must be pro tected at his work and as he goes and comes, if it takes a regiment of United States troops to do it. Another thing: The mobs should be dispersed. The man who throws up his job at a mill has no business around the mill. It is a piece of the most shameless effront ery for strikers to surround a place of business as they are doing today in many cities and assume the air of mag nanimity for breaking the “guard line” in order to permit bookkeepers, etc., to pass through to the office of the pack ing-house. These men have no business at the plant; they have no right to obstruct the streets. Neither have the turbulent crowds of idle curiosity-seekers who always gather at such places and supply the raw material of a riot. All such should be ordered from the place and forbidden to accumulate in the way of business or traffic. And if the orders are disregarded, obedience should be secured by force. Strikers have no more business around a place at which they refuse to work than they have at any other place where they are in the way of workmen and a menace to the public peace.— Portland Oregonian. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T E L E P H O N E CALLS: M A IN 9 0 6 A N D M A IN 5 1 7 . N A T IO N A L B A N K C IR C U L A T IO N . (S p ecial C orrespon den ce to T he C om m ercial W e s t.) Washington, July 24.— After decreasing slightly for two weeks national bank circulation took another upward turn during the past week. The total amount of new notes issued during the week was $3,789,940 and the amount destroyed was $3,421,611, making the net increase $368,329 and making the total amount of circulation out standing on Saturday $449,439,515. There are indications that the movement to increase circulation is falling off. This is indicated not so much by the decreases for the two previous weeks as by the fact that during the past week the withdrawals of bonds to secure circulation ex ceeded deposits by $33I?S°o, this being the first week since the calls on the banks for public moneys that there has not been a net increase in the deposits of bonds to secure circulation. If this slacking up in deposits of bonds to secure circulation is not merely temporary it will probably result in the total amount of circulation outstanding re maining practically stationary until such time in the fall as Secretary Shaw may determine to stimulate an increase of circulation by permitting the banks to substitute other securities for government bonds as security for public moneys and use the bonds released as the basis for in creased circulation. The following table shows the amount and character of United States bonds and other securities held in trust by the treasurer of the United States for national banks to secure circulation and public moneys on Saturday, July 23: @@ To Secure Title ° f Rate To Secure — Public Moneys in—Loan. of Int. Circulation. Washington. N. York. Philippine loan I9I4-34 . ; ........ 4 .................. $1,902,000 Philippine certificates ............... 4 .................. 3,368,000 State & city V a r ’s Territory of Hawaii ........... 4 .................. 130,000 Territory of Hawaii ................. 4 ^ .................. Dist. of Columbia 3 •65 .................. 745,ooo $839,000 Consols of 1930. . 2 $409,021,700 80,046,050 3,277,900 Loan of 1908-1918 3 1,800,440 5,744,400 1,140,100 Funded loan of 1907 ................. 4 4,323,000 8,122,550 255,000 Loan of 1925....... 4 1,822,100 8,291,050 1,569,000 Loan of 1904........ 100,000 Total ............... ..........$416,967,240 $ 112,536,550 $7,081,000 W eek ending July 22, 1904-—• Bonds Bonds Bonds Bonds to to to to secure secure secure secure circulation deposited................. $997,000 circulation withdrawn................. 1,328,500 deposits pledged......................... 390,000 deposits withdrawn..................... 514,000 THE COMMERCIAL WEST. 14 Saturday, July 30, 1904. The First National Bank of Minneapolis UNITED STATES DEPOSITORY S T A T E M E N T OF C O N D IT IO N JUNE 9 , 1904 RESOURCES L IA B IL IT IE S Loans and Discounts $9,566,079.36 Railroad and Other Bonds 216,080.00 United States Bonds, at par $1,050,500.00 Cash on Hand and Due from Banks 3,013,059.12 1,063,559.12 Capital S t o c k .....................................$2,000,000.00 S u r p l u s ....................................................... 1,300,000.00 Undivided Profits . . . . 117,143.77 C i r c u l a t i o n .............................................. 851,150.00 D e p o s i t s ....................................................... 9,377,424.71 United States Bond Account 200,000.00 $13,845,718.48 $13,845,718.48 O F F I C E R S J. B. GILFILLAN, President F. M. PRINCE D. MACKERCHAR, Asst. Cashier Vice-President C. T. JAFFRAY, Cashier ERNEST C. BROWN, Asst. Cashier BEET SUGAR IN THE NORTHWEST. One of the greatest obstacles at present restricting the further expansion of the beet sugar industry in many districts, is the lack of a sufficiency of the raw material. This diffi culty, which time and continued efforts toward the educa tion of the farmer in the virtues of the sugar beet as a source of income, will eliminate sooner or later, is the result of the rather artificial character of the industry’s growth. Born ot scientific investigation and experiment rather than produced by natural evolution and forced rather than fostered in the early stages of its development because of the enthusiasm which its evident possibilities aroused in investors, the busi ness of manufacturing beet sugar quickly outstripped the business of growing the beets. Thus it is, that the heet sugar industry, with its practicability and profitableness thoroughly demonstrated and its possibilities of development otherwise almost unlimited, must remain content with halting progress until the farmer, in his turn, can be convinced of the practica bility and profitableness of raising the raw material. The beet sugar manufacturer of the northwest has had no less to contend with in this respect than have his fellows else where. Minnesota being primarily a wheat producing state, the farmers of that section have manifested the usual reluc tance to forsake the source of the northwest’s earlier pros perity for anything untried, however promising its aspect. Other grains have forced recognition in increasing quantities, but the transition from wheat to another cereal is hardly so abrupt as from wheat to beet, and the day when the latter will be conspicuous as a Minnesota crop has yet to come. The manufacture of beet sugar, however, has been in prog ress in the vicinity of the Twin Cities for more than five years. During that period the output has been doubled, and at present is in the vicinity of 6,250,000, pounds, or about 40 tons daily during the brief season, never exceeding 100 days after October 1st in which operation is possible. This growth in business, although satisfactory, is small in comparison to the expansion which would be possible except for the scarc ity of raw material on which to work. The Twin Cities, be ing distributing points for the great northwest, afford an ex cellent market ready to hand for the entire 6,000,000 pound output and, in addition annually receive from other sources, including the fifteen beet sugar factories in Michigan, about 2,000 cars of 40,000 pounds each, of the commodity, both cane and beet. As conditions stand today, the influence of the local in dustry on the tone or price level of the local market is infini tesimal but, as has been intimated, the sole obstacle which prevents it from becoming something of a factor, is the dif ficulty encountered in educating the farmer to the value of beets as a source of income. The local demand for sugar beets is about 400 tons a day and for the season approxi mately 40,000 tons. Under the conditions which exist in the Northwest the beet yield of an acre varies from 10 to 20 tons, averaging probably about 15 tons, for which farmer receives $4 a ton or from $40 to $80 an acre, as against a possible $20 an acre for barley or $16 an acre for wheat. Yet the great annual problem is to find the necessary 40,000 tons to permit the plant to operate during the season. When that problem is solved the question of further expansion will solve itself. “ One difficulty also,” said a member of the Minneapolis company, “arises from the manner in which many farmers approach the proposition of raising beets. Some of them appear to think that in planting the seed their labor has been completed and utterly neglect the crop until it is too late and its value has been materially reduced. Then they quit the whole matter in disgust and refuse it another trial.” Certainly the future of the beet sugar industry in the North west seems largely a matter of education. T H E G A T E W A Y OF T H E S O U T H W E S T . an air line between the two great cities of the Southwest, a distance of 295 miles. It gives the Rock Island a most commanding position among its competitors and com pletes the system in the Southwest from a strategic point of view, incidentally making it almost invincible for de fense. The line of the St. Louis, Kansas City & Colorado road extends for the greater part of the way through a virgin country. The construction has been slow and expensive and of the very best. The road is said to be a model as it stands. HeaVy work was necessary through a large section of the line, requiring costly excavation, filling and bridge building, with accompanying approaches. Attention has been attracted once again to the rapid ity of the growth of St. Louis in population and trade importance, by the recent announcement of the comple tion of the St. Louis, Kansas City & Colorado railroad. Statistics show that the annual rail freight tonnage of St. Louis is in excess of 30,000,000 tons. It is the natural gateway through which must pass the commerce of the Southwest. There is good ground for the statement that outside of New York City no other large community in the United States is growing more rapidly in population and trade importance than St. Louis. The census count -in 1900 was 575,238; the latest police enumeration was above 750,000. St. Louisans declare that by 1910 the local population will be x,000,000. It may also be said that the country back of it is filling up more rapidly than any other part of the United States. St. Louis is to the great South west and to the territory immediately to the wesward what Chicago is to the entire Mississippi valleyxwest of its parallel of longitude. It commands ten trans-Mississippi states and territories, having a population of more than 15.000. 000 and an area of 894,000 square miles. Within these ten states and territories— Missouri, A r kansas, Louisiana, Texas, Indian Territory, Oklahoma, Kansas, New Mexico, Colorado and Nebraska— the Rock Island system has over 8,000 miles of road. These states and territories contained, according to the census taken four years ago, 1,370,388 farms, having a valuation of $4,478,000,000 and producing crops aver aging in value $1,100,000,000-. T hey contained in 1900, 27,271,000 cattle, out of a total in the entire United States of 67,800,000. T h ey contained hogs to the number of 22.767.000, out of a total in the entire United States of 62.800.000. The St. Louis, Kansas City & Colorado road is almost https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The Party and Reform. In the August McClure’s, Lincoln Steffens drives home clearly and forcibly a number of important lessons in tell ing the story of the war for political independence in Illinois. “ Political corruption,” he writes, “ is a force by which representative democracy is transformed into an oligarchy representative of special interests, and the me dium of the revolution is the party. So any movement towards practical reform must recognize and deal with parties. Whichever party is in power is the grafter’s party, so must the reformer make it his also, if he would achieve practical reform. In this story of Illinois, as in Missouri, we-have the fighting done within the party, and that is right. For parties do rule us, and if American citizens will ‘stick to party,’ then it is important for all of us to know what each decides within himself to represent, all of us or a few of us, the common interests which ask for nothing but law, order and fair- play, and pay for these in taxes that sustain the state; or those special interests which seek special favors and pay for them in bribes which corrupt the state.” THE COMMERCIAL WEST. Saturday, July 30, 1904. 15 F. A. CHAMBERLAIN, Prest. PERRY HARRISON, Vice-Prest. E. F. MEARKLE, Vice-Prest. THOS. F. HURLEY, Cashier FRED. SPAFFORD, Asst. Cashier THE SECURITY BANK OF MINNESOTA M IN N EA PO LIS, M IN N E S O T A STATEM ENT O F CONDITION AT C L O S E O F B U SIN E SS JUNE 9, 1904. RESOURCES LIABILITIES Loans and D isc o u n ts.............................................................. $6,992,418.41 O verd rafts................................................................................... 33,140.92 U . S. and oth er Bonds, Stocks and S e c u ritie s......... 161,496.89 B a n k B u ilding and oth er R eal E s ta t e ....................... 164,886.03 Cash on hand, and due from B a n k s.............................. 2,453,752.23 C ap ital paid i n ...........................................................................$1,000,000.00 Surplus and U nd ivid ed P ro fits........................................ 399,705.57 D ep osits....................................................................................... 8,405,988.91 $9,805,694.48 $9,805,694.48 FOREIGN EXCHANGE BOUGHT AND SOLD Travelers’ Letters of Credit and Travelers’ Checks good the world over issued THE C H I C A G O C O R P O R A T IO N FIELD. (S p e cia l C orresp on den ce to T h e C om m ercia l W e s t.) Chicago, July 27.— Quaker Oats preferred stock has im proved on the Stock Exchange on the strength of the im proved outlook for the oats crop. The Howland Paper Bag Company and the Norfolk Pulp Company have been incorporated by Mr. Howland and A. C. Getlings, formerly with the Union Bag & F'aper Company. Activity in the stocks of the Allis-Chalmers Company is accompanied by reports of some large contracts. Directors of the National Carbon Company have declared the regular quarterly dividend of 1 per cent on the pre ferred stock, payable Aug. 15. The number of employes laid off by the Pullman company at its manufacturing plant on account o f . light business is given as 2,000. The Glucose Sugar Refining Company has passed the divi dend on its common stock. Very little of the stock has been outstanding since the absorption of the company by the Corn Products Company. R ep u b li c Iron & St eel C o m p a n y . As an illustration of the improving tone of the iron and steel market, it is announced that the Republic Iron & Steel Company has sold 100,000 tons of foundry iron to the Penn sylvania railroad at an advance of 50 cents a ton over recent sales. The company’s mills at Youngstown, Ohio, will be operated on double time beginning next week. It is given out officially that the oil fields controlled by the company in Indiana now yield between $30,000 and $40,000 a month net profits. The company controls 20,000 acres of oil lands in Indiana. Statem ent of t h e Il linois B rick Company. Operations of the Illinois Brick Company for the six months ended on June 30, 1904, resulted in earnings of about 3% ' per cent on the preferred stock. The surplus on that date was $49,656 greater than at the close of the year 1903. Accounts receivable stood at $332,864, as against $270,647. Inventories were $279,182 as compared with $367,628. N a t i o n a l B is c u it Ec ono mies . By concentrating its .plants somewhat the National Biscuit Company expects to secure greater economy of production and distribution, and better goods. With these ends in view the plants at Peoria and Aurora have been closed, and the customers they supplied will receive goods from the large Chicago bakeries. In explanation of the move the management announces that the Chicago plants are equipped with facilities for mak ing better goods than the smaller ones, and by manufacturing here the company saves the cost of shipping raw material. The two plants will be operated only during the busiest seasons. While the management does not admit that this move indi cates a new policy of plant concentration, it is probable that the manufacturing will be centralized so that the immense plants in New York and Chicago will do most of the baking until the growth of the business warrants the construction of large establishments at other centers. E ff ect s of S t o c k Y a r d s S t r ik e . Many lines of business feel the stock yards strike. The packers have bought comparatively little live stock owing to the uncertainty of successful operation of the plants, and the railroads feel the loss of shipments immediately. Two of the main trunk lines of the Chicago City railway draw a large part of their traffic from the stock yards; and travel on them has been lighter since the strike began. One of the difficulties of the packers in handling meat lies in the fact that many men who have been hired to take strikers’ places do not know enough to save the full value of all of the by-products of the animals. It is a truth well estab lished that the profits on by-products alone compensate the packers for handling animals. N ew R efrig erato r Car Company. The Chicago Refrigerator Car Company has been incor porated in West Virginia with a capital of $300,000, fully sub scribed. The incorporators are Henry Veeder, Richard Fitz gerald, Frank Donnelly, A. R. Fay and Louis C. Ebee, Chi cago stock yards men. The company will build its own roll ing stock and operate a private car system. Milwaukee Money Market. Chicago Foreign Exchange. (S p ecia l C orresp on den ce to T he C om m ercia l W e st.) R ep orted b y the N ational B an k o f the R epublic, C hicago, at close o f business, Ju ly 27: S terling— D em and. 60 d a y s’ sight. P osted ................................................... 4.88% 4.86% A ctu a l ................................................... 4.88% 4.86% C om m ercial ........................................ 4.88 4.85%. Cables ............................................ 4.88 60-100 .......... B an k o f E nglan d rate, 3 per cent; private rate, 2 15-16. Milwaukee, July 27.— There is more activity at the coun ters of Milwaukee banking institutions owing to the increase in the jobbing and retail trade, but the demand for money is still below the normal and the supply of idle funds larger than the requirements. With a large crop movement in such close proximity, however, bankers feel the necessity of being prepared for all emergencies, particularly as the shipments of grain from the interior are expected to begin much earlier this year than last owing to the continuance of fine weather. Country banks show no inclination to call upon local banks for aid, and all reports indicate that they are in a position to take care of their customers without any assistance. Dis count rates are firm at 5 per cent for paper, accompanied with collateral security, and 6 per cent for ordinary commercial paper. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M arks—A ctu a l ...........................................................95% .94% C om m ercial ................................................ 95 5-16 .95% Cables ........................................................... 95 9 -1 6 @ l-1 6 ........ B an k rate, 4 per cen t; private rate, 2% ; L on d on check, 20.45%. F ra n cs—■ A ctu al ................................................... 5.17% 5.19% — 1-32 C om m ercial ........................................ 5.18 % 5.20C ables .................................................... 5.16% .......... B an k rate, 3 p ercen t; private rate, 1% ; L on d on check, 25.24%. THE COMMERCIAL WEST. i6 DIRECTORS A. C. ANDERSON CHAS. W . AMES E. H. BAILEY, P residen t C. H. BIGELOW KENNETH CLARK HAYDN S. COLE, V.-P, Si Counsel W .B DEAN ROBERT R. DUN N, V ice -P re sid e n t FREDERIC A. FOGG JULE M, HANNAFORD Saturday, July 30, 1904. Northwestern Trust Company 8 T . P A U I v , M I N N . * Acts as Trustee, Registrar, Transfer Agent, Fiscal Agent, Executor, Administrator, Receiver, Assignee, Guardian, Etc. Assumes General Charge and Management of Real and Personal Estates. DIRECTORS THOS. IRVINE FRANK B, KELLOGG JAMES \V. LUSK A E. MacCARTNEY ALBERT L. ORDEAN GEO. C. POWER EDWARD N. SAUNDERS R . E. SHEPHERD J. H, SKINNER THEO. L. SCHURMIER THOMAS WILSON T H IS C O M P A N Y D O E S N O T R E C E IV E D E P O S I T S OR D O A B A N K IN G B U S IN E S S C H I C A G O MONEY MARKET. (S p ecia l C orrespon den ce to T he C om m ercial W e st.) Chicago, July 27.— The loanable value of money does not change perceptibly in the Chicago market. Developments this week apparently indicate easy rates until the crop move ment sets in. Some relief for the banks in New York is promised by the strong prospect for gold exports to England, but it is not be lieved the shipments will be large enough in volume to make much impression on the enormous cash holdings of the Eastern institutions. Before Chicago could be helped, the position of New York and Boston banks in the money mar ket would have to undergo a more radical change than the export of gold at the present time will make. Commercial paper brokers have all the market they need for what good paper they are able to secure. More country hanks are ready to buy paper, but find it hard to get. The local demand has fallen off with many outside institutions Most of them look for a demand in sixty days or there abouts, but cannot find a satisfactory place of investment in the meanwhile. Therefore city banks continue to receive additions to their deposits and the money draws a nominal interest instead of good rates. Large loans of money at fair rates attract attention. Two local banks report loans of over $3,000,000 to interior man ufacturing concerns in the last few days. Business as a whole, however, does not bear an aspect which at the moment en courages leaders to a belief in renewed activity. Prices of bonds have been a little easier, but are growing firmer again. The buyers of bonds include many hanks which figure they will be able to make at least 2 per cent interest and perhaps more. Attention has been called to this situa tion before, and the sustained prices of active listed bonds on the New York Stock Exchange witness its 'truth. If a compilation could be secured of the money awaiting investment which would be drawn out of the banks should a reaction of consequence in the stock market occur, it would unquestionably reveal enormous totals. Rates hold closely at 4 to 4E2 per cent, but the tendency is towards a little firmness in long time money. DIVIDENDS. Philadelphia.— The Cambria Steel Company has declared a dividend of \V2 percent, payable Aug. 15 to stock of record July 30. New York.— The American Chicle Company has declared a dividend of 1 percent on its common stock, payable Aug. 20. Books close Aug. 13 and reopen Aug. 22. New York.— The City Trust Company has declared a divi dend of 4 percent, payable Aug. 1. Books closed July 26 and reopen Aug. 2. New York.— Trenton Potteries Company has declared the regular quarterly dividend of 2 percent on its preferred stock, payable July 25 to holders of record July 21. The Essex Street Trust has declared a regular semi-annual dividend of $1.50 per share, payable Aug. 1 to stockholders of record July 16. New York.— The Quincy Mining Company has declared a dividend of $2.50 a share for the past six months, payable Aug. 25. Books close Aug. 1 and reopen Aug. 8. Chicago.—1 he directors of the Chicago Edison Company have declared the regular quarterly dividend of 2 percent, payable Aug. 1. New York.— The Great Northern Railway Company has declared the usual quarterly dividend of 1^/4 percent, payable Aug. 1. Books closed July 25 and reopen Aug. 2. Colorado Springs.— July dividends of the Cripple Creek district will be in excess of $325,000, the best in the history of that district. Boston.— The Peppered Manufacturing Company has de clared a dividend of $6 per share, payable Aug. 1 to stock of record July 19. Chicago.—1 he Pullman Company has declared the regular quarterly dividend of $2 a share, payable Aug. 15 to stock holders of record July 30. I he Ames Shovel Company has declared a semi-annual dividend of $1 per share, which was paid July 27 to stock holders of record July 26. 1he Cambridge Electric Company has declared the regu lar quarterly dividend of 1% percent, payable Aug. 1 to stock holders of record July 20. Boston.— I he I remont Building Trust has declared a reg ular semi-annual dividend of $2 per share, payable Aug. 1 to stockholders of record July 16. Boston— T he Cambridge Gas Light Company has declared the regular semi-annual dividend of 5 percent, payable Aug 1 to stockholders of record July 21. New York.— The American Graphophone Company has declared a dividend of 1 percent on its common stock, payable Sept. 15 to holders of record Sept. 1. O N L Y $13.00 TO ST. L O U IS A N D R E TU R N . From Minneapolis via the Minneapolis and St. Louis Railroad. Tickets on sale July 11 and 25, with return limit of seven days, exclusive of date of sale, good in chair cars and coaches. This is your chance to take in the W orld ’s Fair at an extremely low rate. T w o through trains daily, carrying dining cars, through coaches, etc. All trains pass in full view of Exposition buildings and stop at main entrance to grounds. Call on agents for particulars, or address A. B. Cutts, G. P. & T. A., Minne apolis, Minn. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis New York.— The Illinois Central Railroad Company has declared the regular semi-annual dividend of 3 percent, pay able Sept. 1. Books close Aug. 1 and reopen Aug. 22. New York.— The American Light & Traction Company has declared the regular quarterly dividend of \y2 percent on its preferred stock, payable Aug. 1. Books closed July 21 and reopen Aug. 2. Philadelphia.— The Keystone Watch Case Company has declared dividends of 2JY percent on the preferred stock and 31/ 2 percent on the common stock, both payable Aug. 1 as registered July 21. New York.— The Tennessee Coal, Iron & Railroad Com pany has declared the regular quarterly dividend of 2 percent on its preferred stock, payable Aug. 1. Books closed July 20 and reopen Aug. 2. New York.— The H. B. Claflin Company has declared the regular quarterly dividend of 1V4 percent on its first preferred stock and i l/2 percent on its second preferred stock, payable Aug. 1. Books closed July 22 and reopen Aug. 2. London.— The directors of the National Telephone Com pany, Ltd., have declared a dividend for the half year ended June 30 at the rate of 6 percent per annum on the preferred stock and at the rate of 5 percent per annum on the deferred stock, carrying £100,oco to reserve and about £9,000 forward. T h e T h o u s a n d Islands. In all the land, range up, range dow n, Is there ever a p lace so pleasant an d so sw eet? T here m ay be som ew h ere on the earth a m ore d eligh tful region than that o f the T hou sand Islands, hut if there is, it has not been d iscovered . It is as fine as the B a y o f N aples, w ith 2,000 picturesqu e Islands sca ttered alon g the tw en ty -fiv e m iles o f one o f the m ost bea u tifu l riv e rs in the w orld. Y ou can find out a great deal reg ardin g it in N o , 10 o f the ’ ’ F o u r -T r a c k S eries,” "T h e T h ou san d Islan ds” ; issued b y the N ew Y ork Central. A co p y w ill be m ailed free on receip t o f a tw o -c e n t stam p, b y G eorge H . D aniels, General P assen ger A gen t, Grand C entral Station, N ew Y ork. THE COMMERCIAL WEST, Saturday, July 30, 1904. 17 N E W BANKS A N D CHANGES. Mi nnesota. Norcross— John Lund will open a private bank. Felton— C. J. Lofgren will open a bank here. Hayward— The State Bank has been opened here. Forest Lake— The State bank has been opened with a capital of $6,000. Sanborn— W. A. Gleason has been elected cashier of the Sanborn State Bank. Richville— A new bank has been organized at this place, with C. F. Franz as cashier. Scotland— The State Bank of Scotland has been or ganized by Julius Pleth. Capital, $10,000. Halstad— The State Bank has elected B. B. Larson president, and Norman A. Rosholt vice-president. Floodwood— The new bank at Floodwood has been opened for business, with James Mayer, as cashier. Albert Lea— The Citizens’ National Bank elected W. FI. W ood director, to succeed R. G. Ransom, resigned. Farmington— Norman H. Crowell, of Storm Lake, Iowa, has accepted the position of cashier of the Exchange Bank. Browns Valley— L. J. Olson of the First National Bank has accepted the position of assistant cashier in the Sec ond National. Big Lake— Frank Bradford, recently from a Clarrisa bank, has accepted the position of assistant cashier in the Citizens’ State Bank. Hewitt— L. E. Campbell has sold his interest in the First State Bank, to E. A. Christensen, of Hendricks, who succeeds him as cashier. Perham— Fred L. Weber has been elected president, and J. H. Shea, cashier, of the Bank of Perham. The paid-up capital is $30,000. Georgetown— The State Bank of Georgetown has been incorporated with capital stock of $10,000. A. M. Eckman is president, P. O. Ingberg, vice-president, and Theo. S. Nelson, cashier. Brooks— A charter has been granted the First State Bank of Brooks, which is being established by Messrs. Bourdon & Simons of Red Lake Falls, Minn. The bank will be capitalized at $10,000. Beardsley— The First National Bank has been organ ized, the stockholders being C. B. Westfall, Wm. E. Moroney, Wm. Bartlett, W. E. Field. John Minkiewitz, Jr., John Sknudberg, Lars Anderson and C. E. Purdy of Minneapolis. This bank succeeds the bank of Beardsley. North Dakota. Hensel— Hensel is to have a new bank with a capital of $10,000. Galesburg— The officers in the new Dank are: O. P. Satrom, president; Andrew Knudson, vice-president; John Wadman, cashier. South Dakota. Java— The First National Bank of Java has recently been purchased and reorganized by local business men. The new officers are, E. G. Hicks, of Minneapolis, presi dent; John Hofmeyer, vice-president; W. C. Hicks, cashier. The capital stock of the bank has been increased to $15,000. N ebraska. Blair— The Citizens’ State Bank has been incorporated. Capital, $50,000. The directors are: F. H. Mattheison, A. O. Praud, and others. Norfolk— The Nebraska National Bank has been opened. Capital, $50,000. C. D. Butterfield is president; C. A. Johnson, vice-president; H. J. Miller, cashier. Elkhorn— The Elkhorn Valley Bank has recently elect ed L. A. Sturat, president; C. E. Burnham, vice-president; C. A. Smith, cashier; Clyde Baker, assistant cashier. Burwell— The First National Bank of Burwell has been authorized, with capital of $25,000. J. L. McCullen, presi dent; E. Bailev, vice-president; J. M. Conrad, cashier. North Bend— The North Bend National Bank has been approved, with capital of $25,000. The directors are Robert Scott, C. M. Black, M. Johnson, and David Scott, Jr. Iowa. Earlville— D. F. Laxon was elected cashier of the State Bank of Earlville. Sioux City— The First National Bank has elected Harry A. Gooch cashier and director. 'Rock Rapids— John Tolyerson has resigned his posi tion with the Citizens’ National Bank. « Macedonia— C. R. Aggson has been elected assistant cashier of the State Bank of Macedonia. Gilmore City— R. H. Van Alstine was elected presi dent and L. Beers cashier, of the State Savings Bank. Martinsburg— The Martinsburg Bank elected B. F. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Campbell as one of the directors, succeeding D. Swickard. Fort Madison— The Fort Madison Savings Bank has elected D. A. Morrison, president, and J. A. S. Pollard, cashier. Ottumwa— W. S. Hogue has resigned as cashier of the Ottumwa National Bank, and Robert W. Funk was elected to succeed him. Davenport— The Farmers’ & Mechanics’ Savings Banklias elected John Pleinz, as director, to succeed Fred Heinz, deceased. Boone— The Boone National Bank elected E. C. Jor dan and T. L. Ashford directors in place of T. A. Tremble and G. H. Garmon. Garnavillo— The Savings Bank of Garnavillo has been incorporated with a capital of $ro,ooo. W. F. Mayer is president, and Henry Dittmer is cashier. Lake Andes— The Lakeside State Bank has been in corporated. The officers of the new bank are: T. E. A n drews, president; A. Van der Voort, cashier. Hudson— The First National Bank will open for busi ness with $30,000 capital. James F. T o y is president; C. C. Haas, cashier; Sam N. Cutts, assistant cashier. Dundee— The Dundee Savings Bank has opened for business with a capital of $10,000. The officers are: H. A. Von Oven, president; E. H. Hoyt, vice-president, and E. C. Hesner, cashier. Princeton— T h e Princeton Savings Bank has been in corporated with $10,000 capital. The officers are: Thomas J. Wilcox, president; A. K. Schmalz, first vice-president; J. H. Shaff, second vice-president; B. S. McCully, cashier. Monroe— The Bank of Monroe, recently approved as the Monroe National Bank, will have a department known as the Monroe Savings Bank. Capital, $10,000. The stock holders are: A. J. Porter, Geo. Lackey, C. B. Livingston, and others. Atlantic— Senator J. E. Bruce, who was to open a bank here January 1, next, has instead closed a deal whereby the Commercial Bank will, August 1st, be succeeded by the Iowa Trust & Savings Bank, with a capital of $100,000. Ex-Senator Titus, Charles Van Gorder, of Audubon, W. J.McBroom, of Genessee, Illinois, will be stockholders. W is c o n s i n . Oshkosh— R. H. Hackett has resigned his position as cashier in the National Union Bank. Genoa Junction— The Bank of Genoa Junction has been incorporated with capital stock of $5,000. La Crosse— The National Bank of La Crosse has elected Joseph Boschert assistant cashier. Prentice— Thomas Tollefson has resigned as cashier of the Bank of Prentice, and E. A. Lissack succeeds him. Prairie du Chien— The Bank of Prairie du Chien has elected Charles Grelle, Jr., president; o. N. Bisbee, vicepresident; Henry Otto, cashier. Chippewa Falls— The Northwestern State Bank has been opened with a capital of $80,000. The officers are: Thomas Kelley, president; P. W. Ravell, cashier. Knapp— The State Bank of Knapp has been incorpor ated with a capital of $10,000, by A. R. Hall, Charles Townsend, W. H. Francis, and R. D. Watterson. F. H. Wellcome, of Minneapolis, is president, and C. R. Case, cashier. Woodville— T he Citizens’ State Bank has been opened here with capital of $ro,ooo. The following officers were elected: J. C. Johnson, president; G. W. Harmon, of Spooner, vice-president; C. E. Harmer, of Spooner, cashier. Kan sas . Durham— The State Bank of Durham has elected S. L. Armstrong, president. Home City— The State Bank of Home City recently elected Jos. Thomas, president, and J. B. Wuester, cashier. Fort Scott— Grant Hornaday, president of the First National Bank, recently purchased of J. T. Long, of Kansas City, the entire capital stock of the Bank of Fort Scott. The entire business of the bank has been trans ferred to the First National Bank. B ank B urglary In s u r a n c e IN M A R Y L A N D C A S U A L T Y C O . . AS SE TS $3, 062 ,47 1 S U R E T Y B O N D S FOR B A N K S IN BANKERS SURETY C O ., AS SE TS $ 6 9 4 ,2 2 8 F R E D S . B R Y A N T C O . , 4 0 3 P i o n e e r P r e s s B l d g , ST. P A U L , M I N N . N orthwestern M anagers for M in n e s o t a , North & S outh D akota ïg THE COMMERCIAL WEST. S. A . H a rris, Pres. F re d e ric k E. K e n a sto n , Y ic e -P r e s . A . A . C ran e, C a sh ier. Saturday, July 30, 1904. W . S. H a r r is , A sst. Cash. G. E . W illia m s o n , A s s t. C ash. THE NATIONAL BANK OF COMMERCE M I J V K B A P O I .I S , C a p ita l a n d S u r p lu s , SOLICITS M I N W S O T A = $ 1 ,2 8 0 ,0 0 0 YOUR B A N K IN G N O TE S. Lawton, N. D.— A new building is being erected for the State Bank. Humboldt, Neb.— The new bank building here is near ing completion. Viborg, S. D.— The Bank of Viborg has increased its capital to $10,000. Grinnell, la.— Henry C. Spencer, of the First National Bank, recently died. Udell, la.— It is reported that the Bank of Udell has been sold to J. J. Taylor. Octavia, Neb.— The Octavia State Bank is now making preparations to erect a fine building. Parkston, S. D.— The German-American Banking Com pany will erect a new bank building; Cobden, Minn.— The citizens of this town are desirous of having a state bank organized here. Warren, Minn.— Warren is to have a new bank building. The material to be used is pressed brick. Hastings, Minn.— The charter of the First National Bank has been extended to July 25, 1924. Gayville, S. D.— G. W. Berkeley has let the contract for the erection of a new bank building here. St. Hilaire, Minn.— The Merchants’ State Bank building will be completed about the first of September. BUSI 1VBSS head National Bank is to be remodeled. A new burglar proof safe, constructed of manganese steel will also be installed, at a cost of $1,600. Groton, S. D.— At the annual meeting of the stock holders of the Brown County Banking Company, Colonel W. A. Burnham was elected president, to succeed D. B. Johns, who remains as one of the directors. Sheldon, Neb.— The Farmers’ Bank has amended its articles of incorporation by providing for a board of from three to five directors with power to elect the bank offi cials. An annual meeting also is provided for. Montgomery, Minn.— The creditors of the defunct Farmers’ & Merchants’ Bank received their first dividend of ten per cent this week. The second dividend will be paid after three months, but will probably be only 5 per cent. Dubuque, la.— Repairs consisting of marble floor, new ceiling, handsome entrance and similar improvements which are being made on the building of the German Trust & Savings Bank will make it one of the finest banks in the city. Special Summer Tourist Rate to Detroit, Mich. The Chicago Great Western Railway will sell round trip tickets at one fare plus $2.00. Tickets on sale daily. Good returning until October 31st. For further information apply L. C. Rains, Gen’l Agent, Cor. Nicollet Ave. and 5th St., Minneapolis. Carlos, S. D.— The Park Region Bank will open soon in its new building. F. W. Stevens will be in charge. Britt, la.— The First National Bank increased its funds from $20,000 to $23,000 at the semi-annual meeting. Crookston, Minn.— The bank building for the Sortedahl Land, Loan & Abstract Company, is being completed. St. Cloud, Minn.— The First National Bank has de clared its usual semi-annual dividend of 4 per cent. Bottineau, N. D.— Albert Newhouse has accepted the position of assistant cashier in the Security Bank at Mohall. Thief River Falls, Minn.— The Citizens’ State Bank is occupying its fine new quarters in the Evenson brick block. New Salem, N. D.— The contract for the new First Na tional Bank building has been let. The building is to cost about $8,000. Millville, Minn.— The State Bank of Millville, is erect ing a building which will be completed about October 1st, when the bank will begin business. Great Falls, Mont.— The contract has been let for the new First National Bank building, which will be one of the finest buildings in northern Montana. Warren, Minn.— F. W. Flanders, cashier of the First National Bank will leave this fall for Colorado. He will be succeeded by H. L. Wood, of Powell, Wood & Co. Felton, Minn.— C. J. Lofgren, of Ada, recently pur chased the banking house and fixtures of the Clay County Bank, Moorhead, and a new bank will soon be in operation here. Montgomery, Minn.— The creditors of the Farmers’ & Merchants’ Bank received their first dividend last week, amounting to 10 per cent. An additional 5 per cent is yet to be paid. Minn.— The entrance and front of the Moor Digitized for Moorhead, FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis EUGENE M. S T E V E N S C O M M E R C IA L PAPER MUNICIPAL, CORPORATION AND RAILROAD BONDS I OW N AND OFFER $ 10,000 P e r e M a r q u e t t e R a i l r o a d C o . 4-R p e r c e n t B o n d s , d u e A u g u s t 1st, 1 9 3 2 . S e c u r e d by a f i r s t m o r t g a g e a t t h e ra te of $ 1 5 ,0 0 0 per m ile . T h is r o a d ’s r e c e n t c o n s o l i d a t i o n w i t h t h e C i n c i n n a t i , H a m i l t o n &l D a y t o n h a s m a te ria lly s tr e n g th e n e d an u n u s u a l ly g o o d p r o p e r t y . H a v i n g s o l d l a r g e b l o c k s o f t h e s e b o n d s to b a n k s a n d c a p i t a l i s t s in t h e T w i n C i t i e s , I o f f e r a r e c e n t p u r c h a s e a t 103 a n d i n t e r e s t , to n e t o v e r 4 . 3 0 p e r c e n t S p ecial c ir c u la r and list of o th e r h ig h g r a d e b o n d s on a p p lic a tio n . NORTHWESTERN NATIONAL BANK BUILDING MINNEAPOLIS Saturday, July 30, 1904. THE COMMERCIAL WEST. 19 B u s in e s s E s ta b lis h e d 1873. Western Trust $c Savings Bank, Chicago. C apital - 8 1 ,0 0 0 , 0 0 0 TRANSACTS A GENERAL DOMESTIC AND FOREIGN BANKING, SAVINGS, TRUST COMPANY AND BOND BUSINESS. OFFICERS: JOSEPH E. OTIS, President. WILLIAM C. COOK, Cashier. WALTER H. WILSON-Vice-President. H. WOLLENBERGER, Asst, to the President. LAWRENCE NELSON, Vice-President W. G. WALLING, Secretary. C H I C A G O B A N K IN G NEWS A N D GOSSIP. Development of Communities of Interest— Many New Savings Banks. capital of $250,000 and a surplus of $50,000. The surplus Chicago, July 27.— Recent and pending developments lead will be formed by issuing the new stock at $125 a share. to the conclusion that in time there will be distinct communi Stockholders of the Prairie State bank will be offered half ties of ownership in Chicago banks. In New York this sit of the stock of the new bank. The Prairie State will declare uation exists today. There are well-defined groups of banks a special dividend of about 30 per cent to help in the trans there. action. In its last official statement the Prairie State showed Chicago is a city of more recent growth than New York, a capital of $250,000 and surplus and undivided profits of and its wealth is not so great, but with the passing of time $140,898. its banks and financial groups are becoming better estab The two banks will be managed by substantially the same lished and more widely known in the country at large. officers. The other half of the stock will be placed with peo There is no city in the country where the banking situation ple located near the bank, which will have its quarters in the as a whole is in stronger shape than here. National Life building, in the room which was prepared two Consequently it is not strange that some of the old families years ago for the proposed Mercantile National. As the and old institutions should begin to think of progress in new Western Trust & Savings bank is already established in that fields. With the growing density of population, neighbor building, the new bank will make the second institution in the hood banks will be necessary in Chicago. structure. Changes looking to an extension of banking facilities are The Harlem Trust & Savings bank has been organized being made in important directions. Among these may be with a capital of $50,000 by interests connected with the Ave •mentioned the proposed State street bank which Northern nue State bank of Oak Park. The new bank will be located Trust Company interests will start; the First Trust & Sav on Madison street in Harlem. ings bank, established by the First National; the Drovers’ Eversz & Co. report sales of bank stocks as follows: Chi Trust & Savings, controlled by Drovers’ Deposit National cago Savings, 132L2; Federal Trust, 140; Bankers’ National, interests, and the Stock Yards Savings, controlled by the 181P2; Hamilton National, 116V2 ; First National, 36Ó/Y National Live Stock people. The Chicago National bank, They quote National bank stocks as follows : the Equitable Trust Company and the Home Savings bank B ook Bid. A sked. value. have many common stockholders and all located in the same . . . 183 185 152 B ankers N ational B a n k ..................... building. Some of the principal men in the Western Trust . . . 360 375 243 C h icago N ational B an k ..................... . . . 300 310 184 C om m ercial N ational b a n k ............... & Savings bank are also stockholders in the Chicago Savings. . . . 242 242 146 C ontinental N ational b a n k ................ The latest instance is the proposed Prairie National, to be . . . 392 395 208 Corn E x ch an ge N ational b a n k ........ . . . 109 200 142 D rov ers’ D ep osit N ational b a n k ... started by the controlling interests in the Prairie State. *194 . .. 367 370 F irst N ational b a n k ............................. 194 ... 225 ' F irst N ational bank of E n g lew ood . . These illustrations point to a strong tendency in Chicago . .. 160 Ì65 133 F ort D earborn N ational b a n k ......... banks toward extension on the community of interest plan. 139 125 H a m ilton N ational b a n k .................... . .. U7y2 141 . . . 139 137 N ational of N orth A m e r ic a .............. The F'rairie National Bank is the name of a new institu 165 144 . .. 160 N ational B an k of the R e p u b lic .... tion which is to be started in the down town district by in ... 290 295 228 N ational L ive S tock b a n k ................ 195 . .. 200 O akland N ational b a n k ...................... terests in the Prairie State bank, at Desplaines street and *B ook value o f F irst N ational bank o f C hicago includes ca p i Washington boulevard on the West Side. It will have a tal and surplus o f F irst T ru st and S avin gs bank. (S p ecia l C orresp on den ce to T he C om m ercial W e st.) A M E R IC A N L U M B E R T R A F F IC W I T H T H E C A N A D IA N S. The exports of lumber and wood products from Canada to the United States this year, so far as they have been reported, show a falling off as compared to results last year. On the contrary, exports of lumber from the United States to Canada have increased. The following exhibit is from the report of the depart ment of trade and commerce of the dominion government: 1903. 1904. $1,052,921 Lumber and Wood, Product«.......... .$729,929 Decrease. 1903. 1904 $631,648 Planks and boards...............$347,191 $284,457 18,674 Deals, spruce and other.. 12,696 31,363 5,031 Lath, palings and pickets. 30,776 35,Si5 12,189 Staves and heading .......... 4,256 7,933 In respect to both shingles and pulpwood the value of exports from Canad to the United States this year in April considerably exceeded exports in the like month of 1903, as will be seen by the following figures: 1904. 1903. Shingles .................................................$136,429 $122,576 Pulpwood .............................................. 142,204 _ 117,318 It is somewhat difficult to account for the increase^ in the Canadian export of shingles into this country during April, since the market on this side at that time was especially dull. Probably the shipments from British Co lumbia of red cedars may in a measure account for the gain of about 10 per cent over the preceding year. For the ten months ended April 30, this year, the total exports of unmanufactured wood— logs, waney pine, etc — from Canada amounted to a valuation of $25,712,000; for a like time ended with April 30, 1903, the amount was $28,273,094. Of the total exports of this class of product that coming to the United States was valued at $13,363,368 in 1903 and $11,337,811 in 1904. These figures https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis indicate a considerable falling off in the value of exports of coarse products, whiéh may have been caused by the decline of demand in England for board pine and in the United States for logs; the difference in value may also partly indicate a fall in prices since 1903. The noteworthy feature of the exhibit is the fact that importations of lumber into Canada have increased, which is attributed to the rapid settlement of the Northwest Territories and the development of Manitoba. Importa tions of lumber into Canada for April, 1904, were valued at $588,087, as against$436,i28 in the like month in 1903. For the period of ten months ended April 30 of the present year, lumber was imported into Canada, largely from the United States, to the value of $4,679,556, as against $2,920,876 in the corresponding period the year previous. Thus American lumber sent over the line into western Canada almost doubled in value in the last ten months as stated. It is not to be wondered at, therefore, that the British Columbians are anxious to dam back this inflow of Ameri can lumber by some sort of fiscal legislation. The lumber situation in Ontario is not entirely satis factory. Owing to the continued dullness of the English market, corresponding to the lack of demand in the states, the mill operators on the Ottawa river have been seriously affected, and some are holding back their logs. Prices on the Toronto market show a slightly downward tendency in both t he common and higher grades. The local demand is fairly active, though not sufficient to make good for the falling off in export requirement. There is reported a decline in prices to the extent of $1 to $1.50 a thousand at the mills in the north shore Lake Huron district. Calculations on the supposed exhaustion of last season’s stocks have proved unfounded, as the quantity on hand is larger than it was estimated it would be earlier in the season. This result has had an unset tling influence.— American Lumberman. T H E C O M M E R C IA L W E S T . 20 HAPCOODS INCORPORATED Minnesota Loan & Trust Building M IN N E A P O L IS - M IN N E S O T A Saturday, July 30, 1904. FINDS THE MAN FOR THE JOB P R IN C IP A L O F F IC E S ! No matter how exacting its require ments. Stenographers to General Managers. 309 B roadway . . . . NEW YORK H a r tfo r d B u ild in g CHICAGO W il l ia m s o n B u ild in g CLEVELAND C h e m ic a l B u il d in g ST. LOUIS P io n e e r B u il d in g . . . . SEATTLE P e n n s y lv a n ia B u ild in g PHILADELPHIA C o lo r a d o B u ild in g - WASHINGTON P a r k B u ild in g . . . . PIT TSBURG I t finds the right jo b for good m en . WEEKLY RAILROAD EARNINGS. ------ C hanges-----1904. 1903. Inc. Dec. A labam a Great S o u th e rn : 1st w eek Ju ly. $51,299 $53,721 $2,422 C hicago Great W e ste rn : 2d w eek J u ly .. $113,957 $130,373 $16,410 July 1-July 14. 230,855 272,154 41,299 C incinnati, N ew Orleans & T ex as P a cific: 1st w eek Ju ly. $116,347 $124,509 .............. $8,162 C olorado & Southern: 2d w eek J u ly .. $109,648 $128,679 .............. $19,031 21.282 July 1 -July 14. 235,960 257,242 .............. D en ver & R io Grande: $326,600 .............. $33,800 2d w eek J u ly .. $292,800 Ju ly 1-July 14. 574,600 634.900 $60,300 Grand T ru nk: $738,885 2d w eek J u ly .. $681,941 .............. $56,944 18,189,383 .............. 1,284,753 Jan. 1-July 14. 16,904,630 H o ck in g V alley : $8,440 2d w eek Ju ly. . $122,957 $131,397 .............. 284,694 .............. 19,491 July 1-July 14. 265,203 International & Great N orth ern : $85,741 2d w eek J u l y .. $84,737 $1,004 Jan. 1-July 14. 2,465,928 2,713,949 $248,021 Iow a C entral: $47,964 2d w eek J u ly .. $44,507 $3,457 July 1-July 14. 92.196 85,773 6.423 L ouisville & N ash ville: 2d w eek J u ly .. $650,745 $697,560 $46,815 July 1-July 14. 1,239,580 1.346,683 107.103 & St. L ouis M inneapolis 2d w eek J u l y .. $56,632 $56,376 $256 July 1-July 14. 109,616 111.007 $1,391 M issouri P a cific: 2d w eek J u l y .. $617,000 $652,000 $35,000 Jan. 1-July 14. 20,794,209 20,775,161 $19,048 C entral B ran ch : 2d w eek J u ly .. $21,000 $20,000 $ 1,000 Jan. 1-July 14. 843,539 645,081 198,458 R io G rande Southern : 2d w eek Ju ly. . $9,068 $10,755 $1,687 Ju ly 1-July 14. 17,545 22,104 4,559 St. L ouis S outhw estern : 2d w eek J u ly .. $138,067 $118,233 $19,834 July 1-July 14. 281,777 241,966 39,811 S outhern R ailw ay : 2d w eek J u l y .. $837,320 $801,488 $35,832 July 1-July 14. 1,639,654 1.562,896 76,758 T ex as & P acific: 2d w eek J u ly .. $161,002 $175,908 $14,906 Jan. 1-July 14. 5,748,041 5,917,773 169.732 T oledo, St. L ou is & W e ste rn : $61,652 2d w eek J u ly .. $47,224 $14,428 July 1-14 .......... 121.754 94.801 26.953 A laba m a G reat Southern: 2d w eek Ju ly. . $50,528 $51,268 $740 Ju ly 1-July 14. 101,827 104,989 3,162 Central o f G eorgia: 2d w eek J u ly .. $166,900 $156,900 $10,000 July 1-July 14. 338,800 315.100 23.700 C hattanooga Southern: 2d w eek Ju ly. . $2,530 $2,394 $136 Ju ly 1-Ju ly 14. 4.653 4,488 165 Two New Minneapolis Banking Houses. On Monday of this week The Northwestern National Bank and the National Bank of Commerce, both of Min neapolis,, moved into their new quarters. The beautiful new building of the former, which has been in process of erection for nearly a year past, is one of the finest structures of its class in the United States, and we shall take pleasure in presenting illustrations of it in an early issue. Its fine Corinthian facade is one of the most strik ing architectural effects in the city. On either side of the entrance are offices for rent, but otherwise the entire building is devoted to the uses of the bank. In its state ment of July 18 the bank lists the building and fixtures at $263,000. The National Bank of Commerce moved into its re modeled quarters in its own building. In view of the difficulty of changing over a bank and office building to give the necessary space in a convenient form the result was quite as remarkable as in the case of the Northwest ern. The building is a six-story structure at the corner of First Avenue South and Fourth Street, its greater length being on Fourth Street, where is the entrance to the office part of the building. The rear two-thirds of the building on Fourth Street has its first floor on the street level. The front third, on First Avenue South, has a depressed basement above which was the bank, oc cupying a room one and one-half stories high, the floor being about midway between the first and second floors of the remainder of the building. The problem was how to find room for the growing business of the bank without reconstructing the building. It was solved by running a https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C incinnati. N ew Orleans & T ex a s P a cific: 2d w eek Ju ly. . $117,263 $126,112 July 1-Ju ly 14. 243,110 260,121 M inneapolis, St. Paul & Sault Ste. M arie: 2d w eek J u ly .. $142,640 $135,417 $7,223 Ju ly 1-July 14. 275,019 266,855 8.164 M obile & O hio: 2d w eek J u ly .. .............. $108,221 $125,427 July 1-Ju iy 14. 223,386 243,369 .............. C hicago. Indianapolis & L ou isv ille: .............. 2d w eek Ju ly. . $99,823 $104,266 Ju ly 1-July 14. 206,012 206,576 .............. C hicago T erm inal T ra n sfer: 2d w eek J u ly .. $29,357 $31,730 .............. July 1-Ju ly 14. 55,589 63,461 .............. D etroit U nited: 2d w eek J u ly .. $93,244 $94,439 .............. Jan. 1-Ju ly 14. 2,157,056 2,105,927 $51,129 Duluth, South Shore & A tla n tic: 2d w eek Ju ly. . $53,472 $57,573 July 1-July 14. 102,684 109.269 G u lf & Ship Island: 1st w eek Ju ly. $34,907 $36,050 K an aw h a & M ich igan: 2d w eek Ju ly. . $32,474 $28,296 $4,178 July 1-July 14. 57,934 54,184 3,750 M ineral R ange 2d w eek J u ly .. $13,207 $11,460 $1,747 July 1-July 14. 23,017 21.349 1.668 T oledo, P eoria & W estern : 2d w eek J u l y .. $19,373 $25,451 Ju ly 1-Ju ly 14. 43,064 50,659 U nited R ailroads of San F ra n cisco: M onth J u n e .. . . $524,013 $488,113 $35.900 Jan. 1-June 30. 3,211,949 2,966,670 245,279 M obile, Ja ck son & K an sas C ity: 1st w eek Ju ly. $9.317 $7,032 $2,285 N ational R. R. of M ex ico: 2d w eek J u ly .. $191,231 $222,400 Jan. 1-July 14. 5,947,194 5,669,216 $277,978 T ex a s C entral: 2d w eek J u l y .. $8,530 $7,459 $1,071 T oron to, H a m ilton & B u ffalo: 3d w eek June. $13,062 $11,550 $1.512 July l-.June 21. 646,840 520.202 126,638 D etroit Southern: 1st w eek Ju ly. $20,248 $28,338 2d w eek J u ly .. 22,875 30.721 P ere M arquette: 2d w eek J u ly .. $213,922 $202,997 $10,925 July 1-July 14. 441,562 425,072 16,490 S eaboard A ir L in e: 1st w eek Ju ly. $248,969 $261,041 2d w eek Ju ly. . 230,309 224,951 $5,358 lo r o n to , H am ilton & B u ffalo: 4th w eek June. $17,098 $15.065 $3,033 W h eelin g & L ake E rie: 2d w eek J u ly .. $76,197 $93,553 July 1-July 14. 148,173 174,572 W iscon sin C entral: 3d w eek Ju ly. . $128,700 $142,451 Ju ly 1-July 14. 389,346 412,195 $8,849 17.011 $17,206 19,983 $4,443 564 $2,373 7,872 $1,195 $4,101 6.585 $1,143 $6,078 7,595 $31,169 $8,090 7,846 $12,072 $17,356 26,399 $13,751 22,849 short stairway, with a rise of perhaps six feet, from the rear of the old banking room to the second story of the office part. Partitions were removed, and now there is a clear view the whole length of the building. The old banking room is devoted to officers, vault and the public departments, while the second floor back of it is used for the clerical force, etc. The whole has been beautifully decorated, and newly furnished, so that it is as attractive and convenient as anything can be in a building not erected especially and solely for banking use. U. M. STODDARD & CO. Buy and sell County, School and Municipal BONDS Correspondence Solicited Long Dist. Phone Main 2317-L -1 209 National Bank of Commerce Building. TP. A. MINNEAPOLIS, MINN. JAM IESON CHOICE F IR S T M ORTGAGE LO A N S R E A L E S T A T E AND IN SU R A N C E M ANAGING E S T A T E S A S P E C IA L T Y Correspondence Solicited Telephones, Twin City 2465 205 Andrus Building Northwestern Main 2010 MINNEAPOLIS, MINN. THE COMMERCIAL WEST. Saturday, July 30, 1904. 21 The FIRST NATIONAL BANK T f * M ? NCapital $1,000,000.00 Surplus and Profits $850,000.00 O FFICERS: H e n r y P. U p h a m , Pres. E. H. B a i l e y , Vice-Pres. W m . A. M i l l e r , Cash. F. A. N ie n h a u s e r , Asst. Cash. O. M. N e l s o n , Asst. Cash DIRECTO RS: H. P. Upham, James J. Hill, Greenleaf Clark, D. C. Shepard, H. E. Thompson, E. N. Saunders, James N. Hill, F. P. Shepard, E. H. Cutler, Chas. W . tm es, E. H. Bailey, Theo. A. Schulze, Chas. W . Gordon, T. L. Schurmeier, W . A. Miller. M in n e a p o li s D IV ID E N D S . New York.— The American Steel Foundries Company has declared a dividend of i percent on its preferred stock, pay able Aug. i. Books closed July 25 and reopen Aug. 2. The previous dividend on the preferred stock of this company was 1Yi percent and was paid on May 1. The period tor which the dividend is declared is not specified. Beaumont, Tex.— The Paraffine Oil Company has declared a dividend of 1,000 percent on its capitalization of $10,coo, the dividend aggregating $100,000. This is the second dividend declared by this company, which was the original Boston company, having been organized by W. L, Douglass, the dis coverer of the field. New York.— The Butte Electric & PoWer Company has declared the regular semi-annual dividend of i R percent on its common stock, payable Sept. 15. Books close Sept. 10; also two regular quarterly dividends of 1J4 percent on its pre ferred stock, payable Aug. 1 and Nov. 1, respectively. Books for the first dividend close July 26 and for the second divi dend Aug. 25. The retiring officers and directors have been re-elected. SP E C IA L A D V E R T IS E M E N T S . T he C om m ercia l W e s t w ill publish w an t ad v ertisem en ts u n der this general h ea din g fo r one cen t a w ord, no a d vertisem en t to be inserted fo r less than 25 cents. A d dress is to be counted. B old fa ce head 10 cen ts extra. P rice the sam e w h eth er one or m ore insertions are taken. Cash or tw o -c e n t stam ps m ust a c com p an y the order. C opy m ust be received W e d n esd a y o f each w eek to insure p u blication in the cu rren t num ber. W anted. W e can p lace $100,000 in loans o f $1,000 to $3,000 on M in n e apolis hom es, to net the lender 6 per cent and on a basis of less than 50 per cen t o f the cash m arket value o f the security. Interest collected free o f ch arge on all loan s placed b y us. Y ale R ea lty C om pan y. “ T he H om e B u ild ers,” 206 S outh F ourth Street. M inneapolis, M inn. R e fe re n ce : A n y m ercan tile ratin g com pan y. F or Sale— H igh grade investm ent bonds, includ ing M inne apolis. Gas, M inneapolis S treet R ailw ay, C ham ber o f C om m erce and other local securities. M innesota L oan & T ru st C om pany, 313 N icollet avenue. W a n ted — T o purch ase the un derlyin g bonds o f eith er the M inneapolis Gas, E lectric or S treet R a ilw a y C om panies. M in n e sota L oan & T ru st Co., 313 N icollet A ve. W anted, b y experien ced banker, w h ole or con trollin g interest in establish ed cou n try bank or nam e of desirable tow n w here bank is needed. A d dress B ox 194, Starbuck, Minn. Investm ent Opportunity. F or Sale— S tock in h igh ly su ccessfu l lum ber com p an y. full particulars, ad d ress S. Z ., care T he C om m ercial W est. F or F o r S a le — B oun d v o lu m e s of T h e C o m m e r c i a l W e s t . E ith er in cloth or h a lf m o ro c c o ; six m onths bound togeth er— fo r years 1902, 1903 and first h a lf o f 1904. F o r fu rth er in fo rm a tion call or w rite T he C om m ercial W e s t C om pany, M inneapolis, M innesota. C hic ago B a n k S t o c k Q u ot a tio n s. R ep orted b y A . J. W h ip ple & Co. , C hicago, July 13. B o o k V . Div. R. L. Sale. Bid. A sked. 163 6 195 A m erica n T ru st ............ 192 197 B a n k ers’ N ational . . . . 153 8 181 183 185 C entral T ru st ................ 132 4 120 119% 121 159 8 C hicago C ity .................. 170 162 176 C h icago N ation al .......... 239 *12 350 355 370 C h icago S avings .......... 135 145 C om m ercial N ational . . 182 Ì2 ¿io 300 310 C olonial T ru st .............. 131 180 175 205 C ontinen tal N ation al .. 148 8 245 240 245 C orn E x ch a n ge ............ 210 12 400 390 396 D rexel State .................. 107 6 107 115 125 141 D r o v e rs’ D ep osit .......... S 180 185 200 F ederal T ru st .............. 139 141 139 142 F'irst N ational .............. 179 Ì2 367 364 370 F irst N ation al B an k o f E n g lew ood ................ 194 6 200 F o rt D earborn .............. 133 6 162 160 170 H a m ilton N a tio n a l........ 125 114% 115% 118 Illinois T ru st .................. 249 *Ì2 625 600 610 J a ck son T. & S .............. 120 120 120% 125 M etrop olitan T. & S ... 128 6 120 120 123 M erch an ts’ L. & T . . . . . 218 12 340 334 342 M ilw aukee A ve. State. 186 6 118 114 118 N at. Bk. o f N o. A m ... 136 140 138% 142 Nat. B an k o f R epublic 144 6 162 160 165 N ational L iv e S t o c k .. . . 230 *32 300 280 295 N orth ern T ru st .............. 262 8 450 500 Oakland N ation al ........ 195 6 195 196 225 P rairie State .................. 8 156 165 180 R oy al T ru st .................. 180 6 139 138% 142 S ta te B an k C h ic a g o ... 148 6 250 235 242 W estern T. & S............ 112 6 135 140 145 So. C h icag o S a v in g s ... 109 102 110 U nion T ru st C o.............. 144 200 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis S e c ur iti e s . Q u otations fu rn ished b y E ugen e M. S tevens, C om m ercial P ap er and In v estm en t S ecurities, N orth w estern N ational Bank, Building. Ju ly 27, 1904. L ast Bid. A sk ed . Sale. G erm a n -A m erica n B an k .............................. 160 F irst N ation al B a n k ...................................... 175 180 175 G erm ania B a n k ................................................ 100 105 105 H en nep in C ou n ty S avings B a n k .............. 160 M inneapolis T ru st C o m p a n y ...................... 132 M in n esota T itle Ins. & T ru st Co., p f d .. Í2Ó 125 M innesota L oa n & T ru st C om p a n y .......... 120 125 120 N ational B an k o f C o m m e r c e ...................... 132 135 135 N orth w estern N ation al B an k ...................... 194 195 194 St. A n th on y F alls B an k .......................... 150 160 150 S outh Side State B an k .............................. 160 130 S ecu rity B an k o f M innesota .................. 155 Í57 157 S w ed ish -A m erica n N ational B a n k .......... 150 150 M inn. Gas L igh t Co., com . 6’s, 1910-30.. 108 Ü2 Minn. General E lectric Co., con. 5’s, 1929 103 104 104 M inneapolis B rew in g Co., c o m m o n .......... 104 107 105 M inneapolis B rew in g Co., p r e f e r r e d .... 107 110 107 M inneapolis B rew in g Co., b o n d s .............. 110 113 110 M inneapolis S ynd icate .................................. 102 100 M inneapolis T h resh in g M achine C o........ Ì75 200 M inneapolis Steel & M ach in ery Co., pfd. 100 100 M inneapolis Steel & M ach in ery Co., com . ios 110 108 N orth A m erican T elegrap h C o.................... 80 77 80 T w in C ity T eleph one Co., first m ortgage 5’s, 1913-16 .................................................. 92 98 T w in C ity T eleph one Co., c o m m o n .... 100 T w in C ity T eleph one Co., p re fe rr e d ........ iió iió 110 S t. P a u l Se c ur iti e s . T he follow in g qu ota tion s on St. P aul securities are fu rn ished b y P ea b od y & Co., brokers, 27 M erch an ts’ N ation al bank bu ilding, St. P au l: St. Paul, July 25. L ast Bid. A sked. Sale. A m erican N ation al B a n k .............................. 101 103 103 C apital B an k .................................................... 120 125 130 F irst N ational B a n k ...................................... 250 M erch an ts’ N ational B an k .......................... 140 145 13Sy2 N ational G e rm a n -A m erica n B a n k .......... 132 135 130 St. Paul N ational B an k .............................. 105 S ca n d in a via n -A m erica n B an k .................. 135 130 S econd N ational B a n k ................................ 220 225 State B an k ...................... ............................... ioo N orth w estern T ru st C om p an y .................. 107y3 110 M inn. T ra n sfer R y. 1st 5s, 1916.............. io5 M innesota T ra n sfer R y. Co., first 4s, 1916 ................................................................. *95 100 S ecu rity T ru st C om p a n y ............................. 100 110 100 St. Paul U nion D ep ot Co. first 6s, 1930.. *125 130 U nion D ep ot Co., consol, 5s, 1944.............. *109 115 109 U nion D ep ot Co., consol, 4s,1944.............. *100 106 In tersta te In vestm en t T ru st C o .............. 122 121 A m erica n L ig h t & T ra ction Co. p r e f . . . . 91 93 A m erica n L ig h t & T ra ction Co. c o m . . . . 50 52 50% St. P aul Gas L igh t Co., 1st 6s, 1916........ *110 112 *111 St. Paul Gas L igh t Co., cons. 6s, 1 9 18... *110 111 *110 St. P aul Gas L igh t Co., g e n ’l 5s, 1944.. 95% 95 St. P aul C ity R y. Co., cable 5s, 1937.-... *Í05 110 108 W e s t P u blish in g C om pany, c o m m o n .... 250 300 250 W e s t P ublish ing C om pany, p r e fe r r e d ... 105 105 St. Paul F ire & M arine Ins. C o m p a n y .. Í7Ó 175 St. P au l T ru stee C om p a n y .......................... 96 iòó Superior W a ter, L igh t & P ow er Co. first 4s. 1931 .......................................................... 60 South St. Paul U nion S tock Y ards Co. first 5s, 1916 .............................................. 85 82 *A dd interest. St . Lo ui s Q u ot a tio n s. C orrected b y B illon -C ran da ll B ond & S tock Co., 421 Olive St., St. L ou is July 26, 1904: B an k S tock s— Capital. Q uotations. A m erica n E x ch a n ge ............................ $ 500,000 342 350 B oa tm en ’ s .............................................. 2,000,000 227% 230 B rem en ........................................ ■*.......... 100,000 F ourth N ational ...................................... 1,000,000 325 F ranklin .................................................... 600,000 Germ an S avings Institute .................. 500,000 4ÒÒ Germ an A m erican .................................. 150,000 International ........................................... 20,000 2ÌÓ Jefferson .................................................... 200,000 230 L a fa y e tte .................................................. 100,000 M anch ester ................................................ 100,000 152 M ech an ics’ N ational ...................... , . . . 2,000,000 266% 268 M erch a n ts-L ecled e N a t i o n a l .............. 1,400,000 286 292 N ational B an k o f C o m m e rce .............. 7,000,000 267% 272 N orth w estern S avings ........................ 200,000 South Side B an k .................................. 200,000 Ì6Ó State N a tio n a l.......................................... 2,000,000 155% 160 S outhern Com. & S avings B a n k .... 100,000 T hird N ational ...................................... 2,000,000 276% 280 T ru st C om pan ies— A m erica n Central T ru st .................. 1.000,000 C om m on w ealth T ru st .......................... 2,000,000 269% 270 E. St. L ouis T ru st & S avings B an k. 250,000 227 L in coln T ru st ........................................ 2,000,000 Í92 M ercan tile T ru st .................................... 3,000,000 340 M issouri T ru st ............................. .......... 2,000,000 Ü 6% 117% M ississippi V alley T ru st .................... 3,000,000 315 317 St. L ou is T ru st .................................... 5,000,000 325% 327% T itle G uaranty T ru st .......................... 1,500,000 61 S treet R a ilw a y S tock s— St. L ouis & Suburban .......................... 5,000,000 64 St. L ou is T ra n sit Co, issued 17,264,300 .......................................................... 25,000,000 10% 11 U nion R y., p f d ...........................................20,000,000 54% 54% THE COMMERCIAL WEST. Saturday. July 30, 1904. UNIO N IN V E S T M E N T C O M PA N Y F. H. W e l l c o m e , President F E KEN ASTON vipp BERT WINTER, Sec. & Treas! Authorized Capital Bank of C om m erce B uilding I N V E S T M E N T BANK LOANS_____________FARM MORTGAGES - $500 ,000 „ MINNEAPOLIS S E C U R IT IE S COMMERCIAL PAPER . . _ Correspondence and Personal andWS|n^estoi’s“ " s o l ic fted ’ MUNICIPAL BONDS DEVELOPMENT NEWS OF C A N A D IA N NORTHWEST. (S p ecia l C orrespon den ce to T he C om m ercial W e st.) Winnipeg, July 27.— Within the last few days the annual meetings of three of the largest land companies doing busi ness in the west were held in this city. The reports pre sented to the directors indicated that the investments made m the last few years have been among the most profitable in the experience of these various capitalists in control of affairs. J he Saskatchewan Valley Land Company, which controls nearly all the Canadian Northern Railway town sites and 2,000,oco acres of the company’s land grants, besides the vast tracts of fertile lands in the Saskatchewan valley, is perhaps the best known of these three companies. Among the directors present were Col. Davidson, A. D. McRae of Duluth, A. R. Davidson of Little Falls, Minnesota; Geo. C, Howe, Duluth; G. L. Washburn, Duluth; Mr. Kenaston, president of the American Abell Threshing & Machine Company; D. H. McDonald, Fort Q11 ’Appelle; A. J. Adam son, Rosthern, and Geo. F. Piper. Minneapolis. Mr. G. O'. Howe, one of the largest shareholders, who has just returned from an inspection of the Saskatchewan Valley lands, presented his report. He spoke of the great advance ment made in the past year in the company’s settlements. During that time several towns had sprung up and in dis tricts in which two years ago there was no sign of habitation there are now prospering farming communities. Talks with new settlers showed they were delighted with the prospects for the future. Homesteads are being taken up very quickly twenty miles and even as far back as fifty miles from the railway. The Mennonite colony established at Quill Lake by the Hon. Peter Jensen, of Nebraska, is composed of very wealthy farmers and having plenty of money, are going right ahead. The German Catholic colony in the Humboldt plains, along the main line of the Canadian Northern Railroad, now consists of over one thousand families, who have moved in within two years. This colony will be largely increased this year. The annual meetings of the North West Colonization Com pany, The Canada Land and Colonization Company, and The Elk Lumber Manufacturing Company, were also held here. Mr. O. A. Robertson, of St. Paul, is the president of these three companies, and with him were C. D. Wright and F. G. Barrows, of Fergus Falls, Minn.; J. C. Wood, of St Paul; C. G. Comstock and W. H. Davy, of Moorhead, Minn. During the past three years these six men have invested in the Canadian west about $2,500,000 of capital, and have bought and sold nearly 1,000,000 acres of land in southeastern Assiniboia, besides building large mills at Red Deer and Elk River. The annual output of these two mills is 70,000,000 feet. * European Investm ents in West Canada. Among the large investors in the last few years in Cana dian west land have been a party of four bankers from Eu rope, including Rod. A. Demme, of London; J. Brenner, of Brussells; P. G. West, of Paris, and Edward Jacobs, of Ant werp. Mr. Brunner is a delegate of King Leopold, known to be the wealthiest monarch in the world, and assisted in establishing a $50,000,000 colonization company in Belgium for the purpose of building a great colony on the Congo in Homeseekers’ Rates. On the first and third Tuesdays of each month the Minne apolis & St. Louis Railroad sells special homeseekers’ round trip excursion tickets to points in the northwest, west, south west, south and southeast, at one fare plus two dollars. Return limit twenty-one days from date of sale and stop overs permitted. Call on agents for full particulars or address A. B. Cutts, G. P. & T. A., Minneapolis, Minn. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Africa. He is now of the opinion that western Canada is better adapted to the Belgese than Africa. Lord Monk Britton, representing a large amount of Eng lish capital, is in the city, returning from a tour of western Canada, particularly inspecting the irrigated district of A l berta. He particularly praised the American settlers that he met and said the European emigrants could not be compared to the thrifty former residents of the States, who had settled m Canada. Considerable English capital will be invested in western Canadian lands as a result of Lord Britton’s visit. • R a n c h in g Prospects B r i g h t . At this season of the year particularly glowing reports are received from the ranching country of Alberta. The grass this year is particularly luxuriant and the cattle are in fine condition, shipments having already started for the old coun try. thousands of cattle (stockers) are being brought in from Texas, New Mexico, Missouri and Utah. Ranchers have found grazing lands much cheaper to lease and the feed ing richer than in these southern states. A Kansas City firm is now negotiating with the Canadian F'acific Railroad irrigation department, for several thousand acres of land. All this will greatly benefit the City of Calgary, which has al ready had an extraordinary growth, the assessment of the city having doubled in the last four years, being now over the four million-dollar mark. The export of grain through Cal gary ten years ago was 50 cars. This year it will be over 1,500 cars. W. F. Brooks, the Minneapolis millionaire, returned this week from the big water power dam which is now in prog ress of construction on the Rainy river at Fort Frances Mr. Brooks says that the plans as now prepared show an expenditure of over five million, all over-subscribed by United States capitalists. He expects to see two of the best cities of the north, one on each side of the boundary line, where the work is in progress. Mr. Willis S. Osborne, of La Crosse, Wis., who has large investments in western Canada, being president of the Osb'orne-McMillan Grain Company of St. Paul, was in the city consulting with his associates with a view to extending the company’s elevator system in the northwest, which is the Colonial Elevator Company, recently organized here, and which has already in operation 19 elevators. Mr. New, of Hamilton, Out., is about to invest $60,000 in a manufactory for sewer pipes here. A cement company has been organized at Edmonton with a capital of $50,000. W i n n i p e g Secures D o m in i o n F a ir . Winnipeg is honored this year in receiving the privilege of holding the Dominion of Canada fair here, which opened on Monday and will be continued for two weeks. Several train loads of exhibits have been received from various parts of Canada and the city is crowded with representatives from the surrounding community and the manufacturers of Can ada. The expenditure is $100,coo in exhibits and attractions. The Hon. Clifford Sifton, minister of the interior, made the opening speech. To show that there is no decrease in the immigration to this country, four trains of home-seekers arrived in the city on Friday and are now scattered throughout the west. There were some two thousand people on board. St. Louis Exposition. The Chicago Great Western railway will allow a ten day stop over at either Chicago or Kansas City on pay ment of $1.00 fee on through tickets to the W orld ’s Fair. For rates and other information apply to L. C. Rains, general agent, corner Nicollet avenue and Fifth street, Minneapolis. Saturday, July 30, 1904. THE COMMERCIAL WEST 23 PHOENIX FURNITURE CO. jp ! A r tis tic Furniture for Banks, Offices, Ch u rch es and Public Buildings. Send us floor plans and we will do the rest. EAU CLAIRE, - WISCONSIN DEVELOPMENT OF SOUTHW ESTERN COPPER MINES. (Written for the Commercial West by Dwight E. Woodbridge.) cut 100 feet of ore, most of which has been rich black sulphide, assaying much better than 10 per cent cu. This working lies some 700 feet west of Lowell shaft of the Copper Queen, and drifts connecting the three may be holed through shortly. Development of ore bodies show ing in the Oliver workings will be undertaken this year, and the discovery of sulphides there has been especially pleasing to the company, as it has had a surplus of car bonates and oxides and rather a dearth of sulphides in the Mag. These Mag developments cover about 12 acres of the claim of that name, and copper was encountered from the 8oo-foot level to the foot of the shaft. A dia mond drill working in the bottom of the mine has been cutting mineralized ground for several hundred feet more. The mine is developed with ore blocked out for several years’ production, there being perhaps six or eight years’ reserves in sight, with new workings in ore frequently. The most striking thing about the new southwestern copper camps is their youth. Cananea is less than five years old, but it is a fully developed producer on a grand scale and represents an almost incredible amount of work. The Calumet & Arizona Company at Bisbee is little more than three years old, the first spade was driven into the ground on the site of its Irish Mag shaft only four years ago, but it is one of the great copper mines of the world, so far as production and earnings are concerned. Its associated companies are from one to two years of age, but one is a mine and another seems to be as sure as anything but death and taxes can be, while the third is now cutting ore. In the course of a few months it will be possible for a man to walk underground from a point beneath the center of the village of Bisbee south to No. 3 shaft of Lake Superior & Pittsburg, a distance of more than two miles by direct line, though much more by the course followed; or if he wished to turn at right angles to that course he can travel from Congdon shaft of the Pittsburg & Duluth to Junction shaft, in a straight line about one mile. These openings are partially through Copper Queen ground and in part through those of the Calumet & Arizona group, for the companies have pur sued a most commendable course of mutual interdepen dence and association of exploration. Practically all this ground thus opened is in the limestone formation in which the ores of Bisbee are to be found. With the exception of the original workings of the Copper Queen, which cover about 3,000 feet in the north end of this area, every foot of these horizontal openings has been driven since three years ago. It was in November, 1902, that the first furnace of the Calumet & Arizona was blown in. It was built for a smelting capacity of 250 tons of material daily. The sec ond furnace blew in five months later. Since then both have been operated steadily. In the eighteen months that have intervened since the mine commenced production it has paid off a debt of some $350,000 incurred in construc tion, paid in dividends $1,000,000, and has accumulated a surplus of about $1,800,000. The mine is now earning net at the rate of better than $2,000,000 a year. In compari son with this new copper mine in the far southwest, the entire dividends of the Cripple Creek gold region, with all its large and important producers, was for 1903 about $2,500,000. Th.e entire Coeur d’Alene region, with its silver-lead mines forming the basis of several important smelting combinations, earned net last year just about the same as the Calumet & Arizona. These are remarkable comparisons. Underground development at this mine is now con fined almost entirely to its Irish Mag claim. A threecompartment vertical shaft 1,300 feet deep is situated 900 feet southwest from Spray shaft of the Copper Queen and about 4,000 feet in the same direction from the town. T he workings are all in carboniferous limestone, in which all ore yet found in the camp has been discov ered. Stoping in this mine began in the fall of 1902 and before the close of that year it was hoisting 300 tons daily, which was increased the middle of the following year to 600 tons, and this is about the present rate. A second shaft, named the Oliver, after the late Henry W. Oliver, of Pittsburg, who was the largest holder of the company’s shares, is now going down 1,600 feet southeast from for theFRASER Mag. It is at the depth of 850 feet, and has Digitized https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The C h a r a c t e r of t h e Ore. Ores shipped last year to the company’s smelter aver aged a recovery of 8.88 per cent cu., with .59 per cent lost in slag, showing the average of all ore shipped to have been 9.47 per cent cu. T w o furnaces are maintained in operation, with one in reserve. It has been decided to add a fourth stack, and to put in power sufficient to drive all four, in which case the capacity of the mine will be doubled. It is not probable that all this additional capac ity will be used by the Calumet & Arizona mine for some time, but that a part will be available for either of the associated companies that may first have ore for reduc tion. The general character of the mineralization of the Cal umet is similar to that of the remainder of the district; the ore occurs in carboniferous limestone, on the south west side a great fault and closely associated with a great mass of intrusive granite-porphyry. The United States geological survey makes the following illustration of the structural relations: “ If the half of a broken saucer be placed on a table with the fractured edge lying about W N W , and if the back of a book be laid against this edge, we shall have a rough illustration of the geological structure. The saucer represents the synclinal attitude of the paleozoic beds, from the upper limestone down to and including a cambrian quartzite. The broken edge is the great fault, while the book is pre cambrian schist, against which limestone has been dropped by this fault, with a throw of more than 1,500 feet.” Ore occurs as large masses within the limestone, cross ing its stratification, and the horizontal extent of the ore lenses is usually much greater than their vertical. Near the northern limit of the saucer ores occurred at surface and have been worked down for 400 feet. The ores are irregular replacements of limestone, originally pyritic they owe their value to secondary concentrations effected by processes of sulphide enrichment and oxydation. Strange ly enough, the oxjffiation of ore bodies has proceeded downward in Calumet more than 1,000 feet, while chalcocite has been found at a considerably higher level. T o the east of the Calumet, and separated from it by ihe Copper Queen’s Lowell mine, lies the Calumet & Pittsburg, in which most active work is now under way. A shaft was sunk here two years ago, and at 915 feet so much water was struck that it was impossible to go much deeper. Pumps of a capacity for 3,000 gallons a minute against a static head of 1,500 feet are now being 24 T H E C O M M E R C IA L W E S T . Saturday, July 30, 1904. MINNEAPOLIS TRUST COMPANY NO 4 S O U T H FOURTH S T R E E T M IN N E A P O L IS - CAPITAL, $ 2 5 0 , 0 0 0 - M IN N E S O T A UNDIVIDED PROFITS, $ 1 5 0 , 0 0 0 Transacts a T rust and A g e n c y business on ly. Does n o t do a b a n k in g b usines A c ts as E x e c u to r; A d m in istra to r, G uardian and Trustee. First Mortgage Loans on Improved Farms in Central Minnesota for sale to net the Investor 5% and 6 per cent. OFFICERS AND D IR E C T O R S ’ Elbridge C. Cooke, President W m . H. Dunwoodv, Vice-Pres. W m . G. Northrup, Vice-Pres. Robert W . W ebb, Sec’ y & Treas. Howard S. Abbott Jas. J. Hill A. H. Linton Cavour S. Langdon John B. Atwater Samuel Hill A. C. Loring A. F. Pillsbury John Crosby T. B.Janney J. R. Kingman 22 Merchants’ Loan & Trust Company E S T A B L IS H E D O L D E S T BANK IN C H I C A G O 18 5 7 ADAMS AND CLARK ST., CHICAGO Capital and Surplus, $6,000,000 HIGH GRADE BONDS Deposits, $40,000,000 TRUSTS FOREIGN EXCHANGE S A F E DEPOSIT VAU LT S D IR E C T O R S . M a r s h a l l F ie l d L am bert T ree A lber t K eep M o s e s J. W e n t w o r t h E r s k in e M. P h e l p s E. H. G a r y E n o s M. B a r t o n C hauncy K eep T . J. L e f e n s E. D. H u l b e r t C l a r e n c e A. B u r l e y O r so n S m it h C y r u s H. M c C o r m ic k o f f ic e r s : O r s o n S m i t h , President E. D. H u l b e r t , Vice-President J. G: O r c h a r d , Cashier P. N. W i l d e r , Assistant Cashier F. G. N e l s o n , Assistant Cashier P. C. P e t e r s o n , Assistant Cashier L e o n L . L o e h r , Sec’ y Trust Dept. J. E . B l u n t , J r ., Mgr. Bond Dept. installed in one of the largest shafts in the west, 5 by 30 feet inside timbers. The work of enlarging this from a two-compartment shaft was begun in February and was completed in early May. The shaft is 964 feet deep. On the 910-foot level, just above water level, drifting has been carried forward in several directions for a total length of 3,500 feet. Much of this ground shows ore and still more shows leached or oxydized material which in this camp is a good indication of ore bodies near by. Calumet & Pittsburg ground lies close to the intrusive porphyry that seems to have had much to do with the con centration of ores in the camp, and its surface is seam ed with ferruginous dykes, which though barren of copper, have been shown by experience to be frequently associated with an underlying ore body. Though without, as yet, the actual presence of ore in minable quantities, no property in the district has better showings for the work done. Directly south and southeast of Calumet & .Ari zona and joining both Lowell and Calumet & Pittsburg, lies the 640 acres of Lake Superior & Pittsburg, for which the company has recently paid $1,200,000. The Cole shaft, 4,000 feet south of Oliver and Lowell, has cut on the 1,000foot level a body of rich oxide ore averaging not far from 20 per cent cm, and carrying considerable gold. This was run out of in 130 feet, and several cross-cuts, as well as an upraise and a winze, have shown it to be of consider able dimensions. Drifting is now in progress on the 1,100foot to cut this ore, which is almost sure to make there also. From No. 3 shaft, 3,000 feet still further south, con siderable ore that appears to be related to that in the Cole, has been cut. Cole shaft is 1,140 feet and No. 3 is 900 feet deep. Some 5,000 feet of drifts have been driven in this mine. Surface and Underground In d ic a t io n s Ex c e l le n t . Pittsburg & Duluth, which lies adjoining and west of Calumet and Lake Superior properties, has a shaft 2,000 feet west of the Oliver and down 1,000 feet. Drifts from M ag and Cole shafts are working toward it. Both sur face and underground indications at this property are ex cellent and ore is being cut, a 12 per cent chalcopyrite. Junction, the latest of this group, lies adjoining and directly east from Calumet & Pittsburg, its shaft is 3,000 feet east from Lowell. This shaft is down about 750 feet, and will shortly he connected with the C. & P. The loca tion is considered favorable, and some low grade copper has been found. Calumet & Arizona has a smelter at Douglas, a town https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis SAV IN G S 1 T he PLYMOUTH CLOTHING HOUSE Established 1882, H. J. B u r t o n , Pres. H. L . T u c k e r , Y-Pres. W H O L E SA L E Capital, $300,000. E. A. D r e w , Treas. W . C. B u r t o n , S e c ’y* M ANUFACTURERS OF FURS AND CLOTHING. JOBBERS AND R E T A ILE 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. located 25 miles from Bisbee, for smelter purposes by the Copper Queen and C. & A. companies. This smelter consists of three rectangular standard type waterjacket furnaces, 44 by 180 inches in size, hand-fed. There are two copper bessemerizing stands, with 7 by 10-feet con verters of the trough or "Bisbee ' type. The whole is con tained in a steel building. This plant cost less than $600,000, with two furnaces in operation, has several times averaged for 30 consecutive days, more than 100,000 pounds of blistered copper, 99 per cent fine, per day. This plant was built during 1902, at a time when all material was difficult to secure, in eleven months from the time plans were begun, a record of which both the mining com pany and the Allis-Chalmers Company of Milwaukee, its builders, are very proud. I his group of mines is certain to make a much larger production as its development proceeds, and it will be many years before its ground is thoroughly prospected. The probability is that, once developed, the companies that find mines will be consolidated with Calumet & Ari zona, and that the combination will be one of the leading copper producers of the world. B IE N N IA L E N C A M P M E N T K N IG H T S OF P Y T H IA S Louisville, Ky., August 16-29. I lie Chicago Great Western Railway will, on August 12th to 15th, inclusive, sell tickets to Louisville at very low rates for the round trip. Good to return until August 31st. For full information apply to L. C. Rains, Gen’l Agent, Cor. Nicol let Ave. & 5th St., Minneapolis. The Only Line With a W orld’s Fair Station. 1 his refers to the Minneapolis & St. Louis Railroad and means: 1st— The shortest line. 2nd— The most comfortable route. 3rd— T w o fine through trains direct to the Gates of the Fair. 4th— A saving of about three hours in time. 5th— You avoid the crowds at the Union Depot and on the street cars. 6th— You save money by being landed just where you want to go. There are many other reasons but “ a word to the wise is sufficient.” For excursion tickets, berth reservations and a com plete Guide to the Fair, free, address A. B. Cutts, G. P. & T. A., Minneapolis, Minn. THE COMMERCIAL WEST. Saturday, July 30, 1904. 25 WE W ILL DISCOUNT L U M B E R M E N ’S P A P E R . W. B. McKEAND AND CO. COM M ERCIAL PAPER. PEOPLES TRUST T H E R O O K E R Y , CH IC A G O . & SAVINGS of C L I N T O N , STATEMENT C apital S urplus U n d iv id e d P rofits S ig h t D eposits T im e D ep osits - L IA B IL IT IE S - - OF M ARCH $ 300,000.00 -• 140,000.00 52,738.65 - $1,042,421.85 - 2,986,807.61 4,029,228.96 $ 4,521,967.61 BANK IOWA 21ST, 1904 L oans . . . Cash . . . Due fro m B an ks RESOURCES - - - - - $3,600,422.51 $ 79,360.01 842,185.09 921,545.10 $ 4,521,967.61 THE PASSING OF THE ROSEBUD RESERVATION. (S p ecia l C orrespon den ce to T he C om m ercia l W e st.) Yankton, S. D., July 28.— The formal drawing for the 2,400 claims in the Rosebud Indian reservation takes place today in Chamberlain, S. D. As a result of Uncle Sam’s big lottery for the disposal of these lands, 106,296 names were registered at the four places named for this purpose. Out of the registered names will be chosen the fortunate ones who will secure quarter sections of the finest land in the North west. The people who will be given claims in the Rosebud country represent only a small portion of the people who will settle in South Dakota as a result of the big registration, however. The state is peculiarly fortunate in that while the registra tion was in progress, all the crops of the state were at their best. From the car windows the incoming home-seeker could see the green tops of miles of growing corn, spreading out as far as the eye could reach. Dotted here and there in the vast verdant expanse could be seen fields of oats and wheat, all looking better than they ever did before. Grass and everything else made the best possible appearance. It was an advertisement for the Northwest that could not have been secured even with the aid of thousands upon thousands of dollars judiciously distributed throughout the advertising agencies and papers of the country. And South Dakota, the hostess of the occasion, did not-pay a nickel for the adver tisement. Instead, the settlers paid their own way here to see the beauties of the land, and left enough of their money here as payment for their expenses to more than reimburse the state for all the entertainment provided. Never was there such an advertisement before secured on such favor able terms. Everything worked together for good to the people of South Dakota this time, as a result of which their number will be augmented by more than 200,000 settlers of the best kind. This means a lot to a state, most of the great ness of which is saved for the future to bring forth. Years would not have sufficed to bring so much immigration to the state by the usual means employed to obtain settlers. Instead of coming singly or even by scores, they came as a great army. The state offered them the best she had to spare. They saw it was good, and here they are contented to stay. That is the story of the sudden growth which has come upon South Dakota. The state will for a long time bless the means employed by the government to bring people here. S e t t le r s of E x c e l l e n t C h a r a c t e r . A representative of T he Commercial W est was on the ground for several days during the registration, and made a careful study of the settlers. Several surprising things were revealed. Not the least among these was the character of the people. Every conceivable profession and occupation was represented. There was a generous quota of riff-raff, of course, just as there always is when people imagine there is a chance to get something for nothing, but the vast majority was composed of decent, manly-lookiim- fellows— just the kind needed to build up a new country the way in which it should go. They came here to gain homes, and here they will stay if they get a chance, whicli many of them will. A great many came supplied with money. Others have plenty of money back home where they can get it when wanted. This https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis class will settle on the Rosebud agency if they can get some thing to suit them. If they can’t, they will settle in other portions of the Northwest, it has been announced that those failing to draw homesteads in Gregory county, where the In dian lands are located, can be easily supplied in the county of Lyman, just across the river. If not in Lyman, there are plenty of other places where virgin land can be purchased on favorable terms and small prices. Much of the glamor surrounding the Rosebud country is traceable to the great excitement attending the preliminary features of the opening and the opening itself. The would-be settlers are intelligent, and know they can be suited just as well elsewhere, and here is where the great benefit to the Northwest will come in. If anyone draws a claim which he wants to relinquish in time he will find no trouble in doing so at its face value. H o m e s e e k e r s F r o m W e s t e r n S ta tes . Home-seekers came mostly from the central western states, though the East was well represented. An interesting feat ure was the surprisingly large number from the Southwest. Kansas sent thousands. Nebraska was a close second. Then came Iowa, Missouri, Minnesota, Colorado, Oklahoma and other western states. One party from Arkansas was seen. In most of these western states represented in the great lottery up here there are vast quantities of cheap land which can be liad at prices just as favorable as here. This being true, the fact that the people came here speaks well for the advantages of South Dakota, and furnishes another illus tration of the old, time-tried idea that people must move just so often. The opening of a new country is every bit as at tractive now as it was in the days of our Revolutionary fore fathers. Then they bravely penetrated the untried dangers of the great West— Kentucky, Ohio and Tennessee, leaving comfortable homes to do so. The same idea, with slight va riations, and the elimination of danger from the Indians, holds good now. People are always ready to- go to a new country, make a new start with a minimum of capital and become prosperous or even great, whereas, if they had stayed in the older states, they would not have been heard of out side a small circle, and where their chief business was to someway get together enough money to pay the grocery bill the first of every month, and to bring up their children in a way a little better than they themselves trod. It is these honest, industrious, as well as many times unfortunate, fel lows that the great Northwest is today receiving with open arms. They will be heard from in the future development of the state, too. You may count on that. South Dakota has all the elements of greatness. All she needs is people of the proper kind, and right now these are coming in droves. W h a t t he L u c k y Ones Secure. The 2,400 claims in the Rosebud may be divided into three general classes. Eight hundred level claims, with the richest of land; 800 broken, suitable mostly for grazing; 800 mixed, consisting of both first-class farming and grazing land. The soil in the Rosebud is a rich, black loam, with clay subsoil. About twenty sections in the extreme southwest are sandy. You do not find such a great quantity of sand, however, un til you get on over the Nebraska line. Generally speaking, the best of the lands in the reservation are found on a broad THE COMMERCIAL WEST. 2Ó Saturday, July 30, 1904. 50“ ^ WOULD 7 % INTEREST YOU? I enehr „ r ,g^s ^ ^ ----------------------------------------------- --------------------------------m o r tg a g e is secured b y 160 acres of g o o d farm ing land. T h ese m ortga g es represent less than one-half the original purchase price. If interested send for detailed list to W H E E L O C K & W HEELOCK, strip extending northwest and southeast along Ponca creek. The rougher lands lie southwest toward the Missouri river. There is considerable level land among the hills, but it is not so accessible. There is considerable townsite talk. It remains to be seen which of the new municipalities will get in the lead. South Dakota sold a number of sections of school lands last Tuesday, and these will be largely devoted to the purpose of establishing towns. The town which gets the first start will have no trouble in winning out, it would seem, as it will be able to thoroughly entrench itself before all of the titles to the lands can be perfected. There will be no government reservations for townsite purposes, as none will be necessary. S t. E l m o , t h e P r o b a b l e M e t r o p o l i s . The town of St. Elmo has gotten a fair start, thereby showing the advantage of being on the ground first. The promoters of this site were able to get possession of Indian township lands. Telephone wires are already being strung between Bonesteel and St. Elmo. The promoters think they will persuade the Northwestern to build through there, on account of the mammoth building stone quarry. The question of leading town is by no means settled, however, as the townsite fight in other parts of the county is still open, and there will be plenty of opposition and rivalry. There is apt to be a lively business in the transferring of claims, if the general character of the settlers is any criterion. While the home-seeking element predominates, there are many who hope to get hold of the land as. an investment only. These will have no difficulty in disposing of their claims to bona fide settlers when the proper forms are gone through with. Real estate agents are getting ready to reap a harvest. They are here from nearly every city of importance in the Northwest. Many of them will locate here and take part r ~ W .~Y. ) n w aldorf blo ck , farg o , n o . dak . in the future development of the country. Others are here for the purpose of taking the disappointed ones to lands which they represent as “just as good.'’ Real estate men are making a good thing out of this opening. For the most part, they are a reliable outfit. The settler has no trouble in finding a reliable firm to help him select his claim, or do other things which require the services of an expert. O p p o rtu n itie s fo r Banks. As soon as any of the new towns get fairly started the establishment of banks will follow. There is plenty of money among some of the settlers, and financial institutions will be a necessity. The bankers will get in as soon as a chance is open. Yankton real estate men, as well as those in Chamberlain, tell 1 he Commercial W est that they expect a lively advance in prices from now on throughout the state. The people who came here to register, have, when they returned home, spread the news of what there was up here for those who would seek. Letters are already beginning to arrive from all portions of the Southwest and other states asking for information. These people were not interested until the others reached home and recounted the advantages of the Northwest. H O M E S E E K E R S ’ E X C U R S IO N S . The Missouri Pacific Railway and Iron Mountain Route will sell excursion tickets to points in Arkansas, Texas, Louisiana, Oklahoma, Indian Territory and Kan sas, at rate of one fare plus $2.00 for tiie round trip, tickets on sale first and third Tuesday of each month. Tickets good for stop-overs. The above lines reach the great Farm, Timber and Mineral Products of the W est and Southwest without change. Free Literature on application. For rates and other information address— E LLIS FARN SW O RTH , D. P. A., h i Adams St., Chicago, 111. J. K. CABH O U N G E O . T . H A L B E R T , VlC E-PR EST D E N N IS , Pr e s id e n t J. S . H O O P E R , S e c y - T r e a s . YALE R E A L T Y C O M P A N Y 6 500 Oneida Building, MINNEAPOLIS 1 A gent fo r t lie D rexel In sta te Real Estate and Loans, Bonds, Lands and Mortgages. M I N N E A P O L I S References: Orexel Estate, Philadelphia, or any Bank In Minneapolis Real Estate Bought, Sold, and Exchanged on Commission ■ —• = E l w o o d S. C o r s e r , Pres. W il l i a m B. T u t t l e , Treas. Write for our list of investments in amounts from $5,000 to $100,000, netting good rates of interest. Money loaned on improved Minneapolis Real Estate. Prop erty carefully managed for non-residents. L e s t e r B. E l w o o d , Vice-Pres E d w a r d B. N ic h o l s , Secy. Corser Investment Co. Established 1870 Manager New York Life Building M O R T G A G E L O A N S , R E A L E S T A T E and I N S U R A N C E Special attention given to Management of Estates for Non-Residents New York Life Building, Best of References Furnished. n/\a Ì v w MINNEAPOLIS L U T H E R S. C U S H I N G REAL ESTA TE JOHN T O W N SE N D Care and M a n a g e m e n t o f ^Regarding Our Canadian Lands! Quite a number have examined the same of late. W e are going to sell, and the best bidder gets them. It is the C h oicest and Cheapest B and on th e M a r k e t; so, if you want it, act quick. Address, Í W . R. MUMFORD 1 FARM L CHICAGO LANDS BOUGHT AND SOLD j THEODORE D. P. Jones, Pres. | ♦ I REALTY CO. j DAV I D 310 CENTRAL AVENUE, MINNEAPOLIS J Specialty: Manufacturing Sites, Trackage, Etc. A large number of large and small manufacturing buildings with or without trackage. j ♦ I https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6% MORTGAGES AUNE Glenwood, Minnesota i CHUTE ST. P A U L For Sale in Central Minnesota COMPANY Room 428-30 Rialto Building FIRE INSURANCE Endlcot t Buil ding, - Detroit, Minnesota W. H. Davis, V-Pres. W. C. McWhinny, Sec. & Treas P. J O N E S (Established 1868. Mortgage Loans, & CO. Incorporated 1900.) Real Estate and Rentals Special attention given to management of estates of non-residents. Satisfactory reference to local aud eastern parties. IVlain Floor Bank of Commerce Building, M IN N E A P O L IS 27 THE COMMERCIAL WEST. Saturday. July 30, 1904. Two Kinds m o n e y is id le, som e is in d u striou s. Id le m o n e y is that w h ic h y o u ca rry in y o u r P o ck e t S OME B o o k , or k eep a b o u t the hou se, or som e oth er p la ce, w h ere it earns y o u n o th in g . In d u s triou s m o n e y is th a t w h ic h is so in v ested as to be earn in g a fa ir retu rn , and y et be a b so lu te ly safe. I f y o u w ish to have som eth in g to show for y o u r e c o n o m y , th en in v e st y o u r fu nds in our Of Money FARM MORTGAGES, NETTING SIX PER CENT W e have o v e r T w e n ty Y ears ex p erien ce in the Held. o n -h a n d loan s, referen ces, fu ll p articu la rs, etc. E. J. LANDER & CO., A line from y o u w ill b rin g b o o k le t, list o f Box 11 GRAND FORKS, N. D. WE WANT LIVE AGENTS IN EVERY PART OF THE U. S. TO SELL OUR MORTGAGES W rite fo r p articu la rs, etc. The Farm Land Movement. The following are late farm land transfers, as taken from official county records. T hey indicate the value of farm lands in the respective counties: M innesota. Blue Earth County.— Fuller to Fuller, the west half of the swRi of swRi of section 21, Lime township, $1,000; Rafter to Cooling, the west half of the neRi of section 29, Cresco, $4,500. Fillmore County.— Ober to Dettloff, part neRi neRi sec. 10 and part w A neRi sec. n , Jordan, $6,500; Delan to Dolan, seRi swRi sec. 7 and neRi nwRi sec. 18, Pilot Mound, $2,000; Cherniak to Cherniak, neRi neRi nwRi and part swRi neA and west 5 acres nwRi neRi sec. 24, Jordan, $4,000; Simon to Simon, neRi neR sec. 26 and se seRi sec. 24, and seRi swRi sec. 24, and sRi nwRi swRi sec. 24> Bloomfield, $2,000; Syhre to Haljom, swRi sec. 3» an<^ neA seRi sec. 4, an(i Paft SA seRi sec. 3, and part seRi seR sec. 4, Holt, $2,282. Freeborn County.— Buchanan to Buchanan, eRi seRi sec. 28, Shell Rock, $100; Peterson to Christensen, nR> nwbi and n R nwRi sec. 36, Bath, $500; Christensen to Christen son, n ji nwRi and 11R2 sR> nwRi sec. 36, Bath, $2,000; John son to Brown, nwR seR nwRi swR and neR seR nwR sw R and seR seR nw R sw R sec. 29, Genevo, $150. Grant County.— Meagher to Ross, eRi of sec. 17-127-44, $8,960; Chance to Olson, eR of sw jj of sec. 23-130-42, $825; Witt to Fletcher, nw R of sec. 29-129-43, $5,060; Noel to Rich ards, neR of seR of sec. 13-127-44, $2,000 Morrison County.— Anderson to Stein, n R of nw R sec. 13-127-31, $2,800; Northern Pacific Railway to Husmann, neR sec. 17-131-30, $560.¡Lindbergh to Frick, nwR of sec. 10-13030, $8,600. Pipestone County.— Davis to Aldrich, 100x324 feet on neR sec. 11-106-46, $600; Wright County to Thralow, seR sec. 29108-45, and w R of eR of n w R sec. 8-107-45, $7,200; laylor to Mark!, w R and neRi sec. 17-106-44, $24,000. Polk County.— Zenor to Soil, w R sw R and eR sw R sec. 8-149-44, n w R sec. 3-148-46, $8,820; Railway Company to Charron, n R swR sec. 15-149-45, $760; Railway Company to Wheeler, nw R swR sec. 123-148-47, $280; Amundson to trus tees, 1 acre of land in southwest corner of nw R nwR sec. 33-148-48, $25.00. Rice County— O ’Brien to Nolen, north 94 acres of neR of ne!4 of sec. 21”, Richland, $4,000; Logghe to Batchelder, south 26 acres of neR of swR and west 18 acres of sec. 4 of swR of sec. 4, Walcott, $600; Zabel to Zabel, nwR and n R of neR of neRi of sec 3, Walcott, $600; Harkins to Tripp, sy2 of seR of sec. 29, and nw R of nwR of sec, 32, Walcott, $600. St. Louis County.— Foiling to Gamble, w R neR 11R swR sec. 35-66-18, $1,200 ; Newman to Smith, lots 3 and 4, swR of n w R sec. 11-68-18, $700; Railway Company to Anderson, neR of seR sec. 8, swR swR and nR of seR sec. 9-59-29, $800; Martin to Erickson, nwR neR nw R sec. 2-50-15, $200. Swift County.— Hoefer to Paulson, nR of neR sec. 10, A p pleton, 80 acres, $1,600; Barnes to Hilstrom, nwR sec. 3, A p pleton, rbo acres, $5,600; Stone to Dolan, swR and w R of sejj, sec. 31, Six Mile Grove, 240 acres, 4,800; Matthews to Bodell, neR of sec. 20, Moyer, 160 acres, $4,800. Iowa. Boone County.— Samberg to Satnberg, lot 5, block 66, Boone, n w R sec. 22-83-27, $15,000; Peterson to Peterson, sR swR sec. 8-85-27, $900; Nelson to Nelson, nR w R seR sec. 16-84-25, $2,500; Fellingham to Crooks, lot 2, block 178, sev- The American Mortgage & Investment Co. 2 5 1 - 2 - 3 - T E n d ic o t t B ld g . S t. P a u l , M in n . Offers CHOICE FARM MORTGAGES to conservative Investors at attractive rates. Correspondence in vited. A ll loans personally Inspected. Send for our list of loans. H E N R IK STROM , G. B. E D G E R T O N President. V ic e President. W . T. S U C K O W , Sec. and Treas. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W e requ ire an d fu rn ish referen ces enth add. Boone, $1,500; Johnson et al. to Peterson, lot 1, block 6, Pilot Mound, $700. Blackhawk County.— Hostetler to McElhinney, land in sec. 10-90-12, $14,300; Steeley to Hostetler, land in sec. 10-90-12, $13,200; Bollinger to Johnson, lot in West Waterloo-, $2,400. Hamilton County.— Inks and wife to Inks, widower, wRa seR; and nw-JJ neRi sec- 28-89-23, $5,000 ; Sexy and wife to Mansager, widower, part of neRi neRi sec- 36-87-24, bounded by line 33 feet from north line east 33 feet from east line south 336 feet from north line west 561 feet from east line, $1,800. Winnebago County.— Elliot and wife to Wilson, seRi sec. 16-100-27, $11,300; Bayers and wife to Cassili and hrazer, nwRi and wRi neRi and nwRi swRi sec. 35-98-23, $15,000; Hansen, single, to Anderson, sRl seRi and nwRi seJi sec- 1-98-26, $4,8co; Olson to Olson, wRi nwRi sec 3°-99-26, $2,500Plymouth County.— Booge to James, widower, date July 1, ’04, filed July 5, 04, $3,700, s j j of swRi and swl4 . of seRi sec. 30-90-47; Johnson to Johnson, widower, date March I I , ’04, filed July 5, ’04, $1,500, nl/ 2 of lot 2, in block 5, Akron; Smith to Hinde, wd., date June 20, 04, filed July 2, ’04, $5,000, n/2 of neRi and nfR of nwRi sec. 24-90-47; Williams to Plueger, wd., date July 1, ’04, filed July 2, ’04, $13,600, sRi swl4 sec. 16 and np2 nwRi sec- 2I-93-46Woodbury County.— Barker and wife to Tyson, nl/2 of swRi, °f sec- 34-89-42, $5,000 ; Molyneaux and wife to Barker, nl/2 of swRi °f sec- 34-89-42» $4,800 ; Smith to Huffman, part of wR> of nwRi ° f sec- 5-87-42, $1,500. S outh D ako ta . Brookings County.— Johnson to Coder, seRi sec- i 5-IIO-5°» $3,200; Presentation Sisters to Coder, neRi seRi nwRi sec25-110-50; Jepson and husband to Johnson, lot 3, sec. 3-109-52, $800; Reed and wife to Everhard, sA swRi sec- 29 and nR2 nwRi neRi sec- 32 all(f nw R sec. 33-110-52, $9,100. Charles Mix County.— Pease and wife to Comr. State Bank, eba seRi sec. 31-96-63, $1,600; Boynton and wife to Pease, eRi seRi sec. 31-96-63, $1,600; Thunderhorse and wife to Thunderhorse, swRi neRi sec- 15-95-64, $560.40; Omaha and wife to Strohbom, swRi seRi sec. 16-94-62, $320; Bud and wife to Harney, neRi seRi sec. 5-95-03, and nwA sw%. sec. 4-95-63, $1,600; Bud and wife to Harney, wY2 ne% sec. 5-95-63, $1,670.40. TIughes County— Lake to Dodson, seRi of seRi °f neRi sec. 1-110-79, $375 5 Lake to Minor, swRi °f neA of neRi °f sec. 1-110-79, $375; Cook and wife to Tracy, sj4 of swj^ of sec. 25-112-77, $350; Doughty and wife to Doughty, neRi sec. 24-111-77, $500. Lake County.— Eggebraaten to Eggebraaten, half interest in 11y2 seRi seci 14-108-51, $250; Holdridge to Stenberg, com mencing 1,284 feet south and 1,602 feet west of northeast corner of sec. 2-106-53, north 618 feet west 71 feet south 618 feet east 71 feet, $100; Hackett to Fischer, sRi seRi sec.- 6 and wR> sec. 22-105, $9,200; Holdridge to Seid, commencing 415 feet 4 inches south of northeast corner of ne% sec. 12-106-53, west 1,049 feet, south 1.049 feet, north to beginning, $625; Rooney to Kramer, nwRi sec- 3 an(t neRi sec- 4- io7-53>$12,000; Williamson et ah, neRi sec. 3-106-54, $1,800. N orth D ako ta . Cass County.— Neagle to McIntyre, w. d„ Casselton, lots 9, 10, 11, 12, block 18, $600; Eide to Askegaard, w. d., Ohmer’s sub. div., part of block 30, $300; Michael Doran to James Doran, w. d., H sec. 17-137-53, $8,000. Richland County.— Kiel and wife to Lenz, neRi sec. 4-12950, $3,200; Thompson and wife to Frederickson, seRi sec24-129-48, $6,400. Traill County.— Flory to Kelly, sA sec. 10-148-51, $6,400; Falconer and Anderson to Johnson, lot 1, sec. 24-144-49, $115; Anderson to Johnson, lot 1, sec. 25-144-49, $50. Burleigh County.-—Lindblom to Lindblom, sebi sec. 7-14279, $200, and others ; Kurmon to Louch, lots 3 and 4 and swRi sec. 1-144-75, $3,300; Heron to Eide, nwRi sec. 11-144-75, $1,500; Clifford "to Speilmau, nwRi sec. 17-142-79, $1,200. N A T IO N A L E N C A M P M E N T G. A. R. Boston, Mass., Aug. 15-20. The Chicago Great Western Railway will, on August nth to 13th, sell round trip tickets to Boston at very low rates. It will pay you to write or inquire of L. C. Rains, Gen’l Agent, Cor. Nicollet Ave. & 5th St., Minneapolis. 28 THE COMMERCIAL WEST. Saturday, July 30, 1904. grades of milk cows and springers are in good demand, others slow. Sh eep . (S p ecia l C orrespon den ce to T he C om m ercia l W e s t.) Hogs. South St. Paul, July 28.— Receipts of hogs at six large markets for the first three days this week total about 47,000, compared with 8,400 for the first three days last week and 151,800 for the same three days last year. South St. Paul received about 4.950 hogs during the first three days this week, against 4,54.2 for the first three days of the preced ing week and 5,750 for the like three days last year. Six markets had a combined supply of 168,200 hogs last week, against 150,800 for the preceding week, 288,200 for the same week last month, 271,600 for the like week last year and 217,100 for the corresponding week two years ago. Local hog receipts last week were 6,646, compared with 11,191 for the week previous, 17,872 for the corresponding week last month, 8,544 for the like week last year and 7,634 for the same week two years ago. I he hog market declined about 20c on Thursday of last week in sympathy with a bad break in prices at other points, but since that day values have steadily improved here on light runs and a gradual strengthening in the demand. Prices now stand 5 to 10c lower than on' Wednesday of last week on all but good light and best medium weight hogs which are a little stronger than a week ago. Unless further complica tions in the strike situation arise, the local demand will be sufficient to care for normal receipts from now on. The demand is especially strong for light hogs while rough heavies are selling at a big discount. Rough, packing sows sold today around $4.35, common heavy and mixed hogs from $4.70 to $'4-85, good heavy, fair light and fair mixed from $4.90 to $5-05, and good to choice light and medium weights from $5.10 to $5.30. The bulk sold from $4.95 to $5.05, against $5.00 to $5.05 last Wednesday, $5.00 to $5.15 a year ago today, ?7-35 to $7.45 two years ago, and $5.50 to $5.80 the corre sponding day three years ago. C attle. There were about 32,700 cattle received at six large mar kets during the first three days this week, against 42,900 for the first three days of the preceding week, and 132,700 for the same period last year. South St. Paul received about 3,480 cattle during the first three days this week, compared with 1,942 for the same three days last week and 3,183 for the corresponding three days last year. Aggregate cattle receipts at six important markets last week were 84,500, compared with 92,100 for the preceding week, 144,000 for the same week last month, 140,200 for the like week last year, and 140,200 for the corresponding week two years ago. Cattle receipts here last week were 2,727, against 4,370 for the week previous, 3,859 for the correspond ing week last month, 2,789 for the same week last year, and 4,078 for the like week two years ago. The local trade on beef and butcher cattle has been in a normal condition this week, as far as the demand has been concerned, although business at Eastern and Southern mar kets is still greatly hampered by the strike of the butchers and allied trades. Chicago has received less than 12,000 cat tle this week to date, only about one-fourth of the average marketing at that point for the same period. Local packers and commission men are now advising shippers to the South St. Paul market that normal shipments may be safely re sumed. No western range cattle have as yet been received, though some are expected before the close of the week. Good beef and butcher cattle are selling about 10c higher than a week ago. An extra good class of 1,316 pound beeves sold here Tuesday at $5.60. A pretty good class of butcher cows are selling from $3.00 to $3.25, with choice fat grades reaching $3-75 to $4.00. Canners and cutters are still very dull and low and should be held back for the present. Good, fat bulls are selling well while bologna grades are slow. Veal calves sold lower Monday but have advanced since and fair to good kinds are now going from $3.75 to $4.25. There has been a little better inquiry for Stockers and feeders but not enough to cause any improvement in values. Desirable https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Supplies of sheep at the six principal markets during the first three days this week aggregated about 38,700, compared with 29,500 for the first three days of the preceding week and 109,300 for the like three days last year. There were about 880 sheep received here during the first three days this week, against 5,665 for the first three days of the week previous and 2,805 for the like three days last year. Sheep receipts at the six big markets last week aggregated 65,800, against 91,100 for the preceding week, 155,goo for the same week last month, 161,100 for the corresponding week last year and 121,700 for the same week two years ago. Local sheep receipts last week were 6,345, compared with 3,629 for the week previous, 2,371 for the corresponding week last month, 4,024 for the like week last year and 1,829 for the same week two years ago. Receipts of sheep and lambs have been very small during the past few days, and with the demand back to normal, prices have advanced 25 to 50c from a week ago. The big end of the advance was noted today when choice lambs sold at $6.25, good fat grades from $5.75 to $6.co, and a fair class for slaughter from $5.00 to $5.50. Choice ewes sold today at $4.00, showing a gain of a big 25c from ruling prices last Wednes day. Ewes that sold from $3.50 to $3.75 were of only a fairly desirable class. Local prices are now about the same as at Chicago where only light receipts can at this time be han dled. Thousands of western sheep are being held back await ing the settlement of the strike, and the opinion prevails that there will be enormous runs at Chicago that will cause a bad slump in prices there and cause sheep declines at all other points. There is a fair inquiry for stock and feeding sheep and lambs at last week’s prices. C o m p a r a t i v e R e c e i p ts . T he follow in g table show s the receip ts at South St. P aul this year, up to and including W edn esday, July 27, as com p ared w ith the corresp on d in g p eriod last year, sh ow in g increase or d e crea se: 1904. 1903. Inc. Dec. Cattle 90,099 92,232 2,133 Calves 22,620 27,798 7.178 H ogs . 561,579 438,124 123.455 Sheep 269,110 203,285 65,825 H orses 1,789 2.361 •572 Cars .. 11,780 10,526 1.254 T he follow in g table sh ow s the receip ts at South St. P aul this m onth, up to and including W edn esda y, July 27, as com p ared w ith the corresp on d in g p eriod last year: 1904. 1903. Inc. Dec. ....................................................... 1 0 7SQ 77,740 740 9 Q4Q 10,789 3,349 Calves 2,089 2,146 57 H ogs 36,693 35.455 1,238 Sheep 14,584 18,233 3,649 H orses 1.254 1,506 252 Cars .. 1,067 1,058 9 R eceip ts o f live sto ck at South St. Paul fo r the w eek ending W edn esda y, Ju ly 27, 1904: rp, , T , „. C attle. H ogs. Sheep. H orses. Cars. T hursday, Ju ly 21........... 401 935 348 21 F riday, July 22................. 206 796 69 " Saturday, July 23............ 178 573 263 ’ 17 M onday, July 25.............. 1,501 1,938 122 " 83 1,548 194 507 79 T uesday. July 26............ 1.247 W edn esda y, July 27........ 730 1,465 563 .. 49 T ota ls ............................ 4,263 7,255 1,559 507 279 R eceip ts of live stock at South St. Paul for the w eek ending W edn esda y, July 29, 1903: rp, , T 1 no Cattle. T hursday, July 23............ 397 F riday, Ju ly 24.................. 209 S aturday, July 25............ 85 M onday, July 27.............. 775 T u esd ay July 28............ 1,584 W edn esda y, July 29----824 T ota ls ............................ 3,874 Range of T h u rsd ay . F rid ay S aturday .. M onday . . , T u esd ay .. W edn esda y H ogs. 1,610 908 975 833 3,026 1,891 9,243 Sheep. H orses. Cars. 416 147 45 296 176 S39 1,715 251 52 00 21 45 559 172 118 3J593 930 318 66 H o g Sales. T his W eek. ......................$4 .7 0 @ 5 .10 ..................... 4.75® 5.10 ...................... 4 .60 @ 5 .05 ...................... 4 .6 5 @ 5 .15 ...................... 4. 7 5 @ 5 .20 ........ ......... 4.75@ 5.30 P rev iou s W eek. $4 . 8 0 @ 5 .15 4 . 8 5 @ 5 .05 4 . 8 0 @ 5 .15 5 . 0 0 @ 5 .15 5 .0 5 @ 5 .3 0 4 .7 5 @ 5 .2 5 B u l k o f H o g Sales . T his W eek . T h u rsd ay ............................................$4.85@ 4.90 F rid ay .................................................. 4.8 5@ 4.90 S aturday ............................................. 4.85@ 4.90 M on d ay ................................................ 4,85® 4.95 T u esd ay .............................................. 4.90® 5.00 W ed n esd a y ........................................ 4.95@ 5.05 P reviou s W eek. $ 5 .0 0 ® .... 4.95® 5.00 5.05® 5.10 5.05® 5 10 5.15@ 5!26 5.00® 5 05 TH E COMMERCIAL WEST. Saturday, July 30, 1904. C o m p a r a t i v e C a t t l e Receipts. C on d it io n of Ho g M a r k e t . T his W eek. T h u rsd ay .................. 20c low er. F rid ay ...................... S teady to stron g. Saturday ................ .G en era lly steady. M onday ............ ' . . . . S teady to 5c higher. T u esd ay .................. M ostly 5c higher. W ed n esd a y ............ F ully steady. ■ 29 P rev iou s W eek. Big, 10c to 15c higher. A v e ra g e steady. F ully 5c higher. Steady. M ostly 10c higher. G enerally 15c low er. L a st W eek . C hicago .................................. 31,400 K an sas C ity ...................... 27,900 South O m aha .................... 6,500 6,300 South St. J o se p h .............. E ast St. L o u is .................. 9,700 S outh St. P a u l..................... 2,700 T ota ls ............................. C om parative C hicago ................................ K an sas C ity .......... , ......... South O m aha .................... S outh St. J o s e p h .............. East St. L o u is .................. South St. P a u l.................. T ota ls ........................... H og L ast W eek. 76,200 40,900 17,400 16,000 11,100 6,600 Receipts. P reviou s W eek. 84,200 15,900 11,800 10,000 17,700 11,200 168,200 150,800 84,500 P reviou s W eek. 44,900 9,300 6,000 8,700 18,800 4,400 • 92,100 Y ear A go. 62,900 27,300 12,800 9,300 25,100 2,800 140,200 C o m p a r a t i v e Sheep Receipts. Y ear A go. 117,900 35,000 40,200 37,200 32.800 8,500 C h icago ................................ K an sas C ity ...................... South O m aha ................. South St. J o s e p h .............. E ast St. L o u is ................... South St. P a u l.................. 271,600 T ota ls ............................. L ast W eek. 35,800 5,200 10,400 5,300 2,800 6,300 P reviou s W eek. 56,300 ' 1,500 10,500 5,400 13,800 3,600 65,800 91,100 Y ear A go. 84,100 12,100 41,900 6,900 12,100 4,000 161,100 CROPS, C O N S U M P T IO N A N D EXPORTABLE SURPLUS. The growing certainty that the next twelve months will find Europe laboring under the necessity of finding, else where than at home, a quantity of wheat measurable in hun dreds of millions of bushels, has led to general speculation concerning the probable extent to which the wheat yield of the United States will permit this country to participate as a purveyor to the continental needs. Some weeks ago, before the crop situation at home or abroad had reached a sufficiently advanced stage of development to permit of definite estimates of the year's production, the possibility of continued: indiffer ence toward American wheat on the part of European buyers was among' the most effective arguments in the bear category. One of the greatest deterrents to peace and comfort on the part of the wheat bulls was the apparently justifiable fear that, in the absence of a vastly improved foreign demand, the United States would find itself in the unenviable position of seeking a market for large surplus stocks. Today, the shoe seems to be on the other foot and every indication points to an increased demand from Europe and decreased ability to supply foreign needs on the part of the United States. The question at present is not how much of America’s surplus will Europe consent to take, but rather how far will the amount of American wheat which will be available for export satisfy European needs. In this connection, certain statistics contained in a recent issue of the Wall Street Journal are valuable, although they lead to no new conclusions, as a means of expressing in terms of exactness, a condition which has been chiefly dealt with in broad generalities. The W heat Crop. The records of the past ten years indicate that the aver age wheat crop in the United States during that decade has been 544,000,000 bushels. The proportions of the yield of the present year is still a matter of dispute, but T he Commer cial W est figures which, with the single exception of the recent estimate of James J. Hill, are the smallest yet offered, are 36,000,000 bushels greater than the ten-year average. Over against this situation must be set, however, the fact that con ditions have altered rapidly in the United States in the period under consideration. Not only has the population increased from 68,coo,000 in 1894 to approximately 81,000,000 in 1904, but the per capita consumption appears to have undergone a material increase during the same interval, as the following table will indicate: P e r C a p i t a C o n s u m p t i o n of W h e a t and F l o u r in Bushels. 3.44 4.59 4.85 3.95 4.29 6.09 4.74 3.95 6.50 5.81 1894 1895 1896 1897 1898 1899 1900 1901 1902 1903 A v era g e .............................................................................................. 4.82 These figures offer an opportunity for two reasonable se ries of conclusions. Assuming that the population of the United States is 8i,ooo,oco, and estimating on a basis of the per capita consumption of 1903, or 5.81 bushels, the amount necessary to supply domestic needs during the next year will be 470,000,000 bushels, only 110,000,coo less than the probable crop. If, however, the ten-year average per capita consump tion of 4.82 bushels be substituted for the 1903 figure of 5.81 bushels, the conclusion reached will be that only 390,000,000 bushels will be required for home necessities, leaving 190,000,000 bushels for disposition elsewhere. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis E x p o r t s of W h e a t and Fl our . Statistics show that during the past decade the annual average exports from the United States have been 185,000,000 bushels. Expressed in percentages, the annual exports in their relation to the yearly crop have been: 1894 1895 1896 1897 1898 1899 1900 1901 1902 1903 41.47 31.46 27.07 33.93 40.91 32.97 34.00 41.36 31.37 30.28 A v era g e 34.48 i tius if the export demand is equal to the ten-year aver age and the crop is 580,000,000 bushels, i8o,ooo,ooO' bushels will be required from this year's crop. This would be 70,000,000 more than the amount left from domestic consump tion, if the per capita consumption is equal to that of 1903, but the export supply would be sufficient, if the domestic consumption was equal to only the average of ten years. Which estimate of the per capita consumption will prove more nearly accurate only time can tell, for the element of price, as well as the quality of the grain and the price of other food, such as meat, is always a patent influence in raising or lowering the average consumption of wheat and flour. This difficulty, of course, obviates the possibility of reaching abso lute conclusions from the figures given, but the general indi cations seem to point toward a reduced amount for export, consequently reduced exports and, in the face of a strong European demand, higher prices. The last mentioned feature of the situation, the unusually sharp European demand stimulated by the prospective con tinual shortage, .estimated by authorities at from 150,000,000 to 200,000,000 bushels, is one, the exact effect of which can not be accurately forecasted in a statistical estimate. That it is one of the most potent factors in the problem is, of course, self-evident, and that its influence will be strongly toward higher prices is-equally obvious, but just how far the European shortage may augment the average continental de mand on American supplies is one of the’ questions which the future alone can answer with certainty. I. G. Andrews, grain commission, whose main office has hitherto been on the ground floor of the Guaranty building, Minneapolis, has removed to 409-11 Chamber of Com merce where he will be in closer touch with the mar ket. F A C T S YOU OUGHT TO K N O W . 1 Season tickets, St. Paul or Minneapolis to St. Louis and return, $25.60; sixty-day ticket, $21.3 5 ; ten-day ticket, $19.20. 2 Fair opens about May 1 and closes December 1. 3 Five daily trains to Chicago, each making close connections with St. Louis trains. 4 No extra charge to go via Chicago. 5 Tickets good on the Fast Mail and Pioneer Limited elec-, trie lighted trains. 6 Full information about rates, routes and accommodations will be cheerfully furnished on application to W. B. Dixon, N. W. P. A., Chicago, Milwaukee & St. Paul Ry., St. Paul, Minn. 3° J ______ ______ W i l l i a m Co mm on » _ THE COMMERCIAL WEST. _ Frank W . Commons Saturday, July 30, 1904. H ow ard W . Commons COMMONS & COMPANY Tie Tan Dnsen-Harrinfiton Co. Grain Commission Herchants Minneapolis and Duluth. Commission Merchants Receivers and Shippers of W heat, Coarse Grains and Flaxseed. Or ders for Future Delivery Executed in all Markets. GRAIN CHICAGO CORRESPO NDE NTS: ARMOUR GRAIN COMPANY. LIVE STOCK Minneapolis and Duluth South Saint Paul TH E ST. A N TH O N Y ELEVATO R CO. W . P . A N D E R S O N & CO. COMMISSION MERCHANTS Capacity, 3 , 3 5 0 ,0 0 0 Bushels GRAIN AND PR O V ISIO N S Consignments Solicited GRAIN MERCHANTS AND WAREHOUSEMEN 71 Chamber of Commerce Ground Floor 4 Sherman St. MINNEAPOLIS, MINN. Wm. H. Dun woody, Pres. John Washburn, Vice-Pres. Chas. J. Martin, Sec’y and Treas. W. G. Ainsworth, Gen’l Manager THOMAS E. WELLS BENJAMIN S. WILSON T. E. W E L L S & C O M P A N Y COMMISSION MERCHANTS GRAIN, PROVISIONS, STOCKS AND BONDS Telephone Harrison 1256 1011-1017 Royal Insurance Building, CHICAGO J .F . Whallon Chas. M . Case CHICAGO, ILL. C H A S . W. G I L L E T T C O M M IS S IO N & CO. MERCHANTS STOCKS, BONDS, GRAIN, COTTON, COFFEE 1 40 -1 42 Nat’l Life Bldg., 159 La Salle St., Ground Floor, CHICAGO MARKET LETTER ON A P P L IC A T IO N Mem bers : Chicago Board of Trade St. Louis Merchants Exchange New York Produce Exchange Milwaukee Chamber of Commerce Baltimore Chamber ofCommerce BARNUM GRAIN COMPANY Minneapolis and Duluth Q R AI 1V AXD COM M ISSION Geo. P . Caie G e». C . Bagley WHALLON, CASE & CO. M E R C H A N T S L. BARTLETT & SON STOCKS, BONDS. GRAIN and PROVISIONS 58 Chamber of Commerce, COMPANY Up town Office, 315 1st Ave. So MINNEAPOLIS Commission Merchants M E M B E R S : New York Stock Exchange, Chicago Board of Trade, Minneapolis Chamber of Commerce. J. R. MARFIELD, P r e s . C. D. TEARSE, S W m . GRIFFITHS, VICE PRES ec. A T NEW Capital, $350,000. Surplus, $50,000. MERCHANTS, GRAIN AND PROVISIONS. Business Solicited in Any Department, OF C O M M E R C E RECEIVING—SHIPPING— F U T U R E S . o f f ic e s : C HICA G O , M IL W A U K E E , D UL UT H M IN N E A PO LIS , Hulburd, W arren & Co. COMMISSION C O M M IS S IO N CHAMBER Branches: Minneapolis, St. Louis, Kansas City, Chicago. reas. Marfield-Griffiths Co. G R A IN 23 Chamber of Commerce MILWAUKEE - M IN N E S O TA O FFICERS: W . S. Warren, Pres.; A. C. Davis, Vice-Pres.; Charles H. Hulburd, Treas.; C. J. Northup, Sec.; John Gillies, Asst. Treas. D IR ECTO R S: Charles H. Hulburd, W . S. Warren, A. C. Davis, O. T Hulburd, C. J. Northup. 47 Board of Trade, CHICAGO. George W . Peavey Frank T . Heffelflnger Frederick B . Wells Charles F . Deaver The Peavey System of Grain Elevators A . R. T. D E N T A . C. M O R G A N Dent -Morgan C o m p a n y BROKERS IN GRAIN, PROVISIONS, STOCKS Embraces the greatest number of Grain Elevators with the largest aggregate storage capacity of any Elevator System in the world. Total capacity in eight states, 3 5 ,8 0 0 ,0 0 0 bushels. HEADQUARTERS MINNEAPOLIS Branch Offices: Chicago Duluth Kansas City https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Omaha MINNEAPOLIS, Members Private Wires Minneapolis MINNESOTA Chamber of Commerce Country Orders a Specialty Saturday, July 30, 1904. THE COMMERCIAL WEST. 31 k s ^ G R A I N yy M I L L I N G 73H M A N ITO B A W H E A T NEEDS W AR M TH . (S p ecia l C orresp on den ce to T he C om m ercial W e s t.) Winnipeg, July 27, 1904.— Except that the weather has been rather cool for the time of year it has been generally favorable during the past week for the growing crops over Manitoba and the Northwest Territories. In the more west ern part of the wheat country very little rain has fallen, al though some districts visited by thunder showers have had sufficient moisture for the time being. Further east and especially in Eastern Manitoba, the rainfall has been greater and more general, but also the product of thunder showers, and no general wet weather has been experienced over any part of the country. With a few degrees higher average temperature during the week it would have been said that the weather was all that could he desired, but the want of full summer heat spread evenly over the whole country causes growth and development to be somewhat slower than seems desirable. Yet the ultimate result depends on our having fine warm, dry weather from about the middle of August onward. At this date we have the prospect of a full average crop, provided we have moderately favorable weather until the crop is secured. In the meantime the average low tem perature causes apprehension, because owing to the isothermal lines in which this country lies, we may have fine, bright, fairly warm days and yet the temperature can get down to the freezing point in the small hours of the night just be fore the sun comes round again, and a half hour’s time with the temperature under 32 degrees can do a lot of damage. Should we have no touch of frost at all for a month, our crop TH E W H E A T TRADE. Commercial W est Office, July 28.— The upward prog ress of the market during the week was not without inter ruption, but with the exception of occasional isolated in stances when the bears, inspired by some unusually favor ing circumstance, threatened to turn the speculative tables on their triumphant adversaries, the bull domination of the situation suffered no serious disturbance. Certain of the conditions which the week disclosed appeared to contain possibilities of a material price reaction, but the majority of developments were added elements of strength to the market. The bears were quick to seize any opportunity to carry discomfiture into the bull ranks, but the spirit as well as the numbers of the short faction have suffered from repeated reverses and the efforts against the bull position were rather tentative and indicated a disposition to run to cover at the first sign of failure. The prevalence of bullish sentiment rendered the task of the short seller additionally arduous as well, for there seemed to be a ten dency to ignore circumstances of bearish tenor and an eagerness to accept and even to magnify incidents of the contrary character. In short, the market was a genuine bull affair, responding readily to every upward impetus but resisting and giving way reluctantly before bearish pressure. One feature of the week’s market was a particular source of disappointment to the bearishly inclined and of surprise to traders generally, regardless of proclivities. In view of the cash premiums a heavy run of new wheat to the southwest markets was anticipated at the opening of the week, together with the consequent depreciation of values. A part of the wheat materialized, but its influence was nullified by the readiness with which it was absorbed and additional strength was induced by sensational ad vances in foreign markets. Indeed, although bullish in fluences have been plentiful at home much of the wheat strength of the week had its inception in foreign condi tions, political and- agricultural. The prevailing sense of European advices seemed to confirm earlier reports of un favorable conditions on the continent and to foreshadow an increase in the estimated quantity of wheat which non pro ducing countries must secure during the coming year. Rus sia, Germany and Great Britain all contributed their quota of ill tidings, while France, although various reports indi https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis will be assured in quantity. If no frost for six weeks, we will have both quantity and quality. Manitoba wheat trade is more active in a speculative way than in the turnover of actual business. Car shipments from the west continue to overrun for the same date last year, and as export business is difficult to work, and shipping on a moderate scale, this tends to keep the stocks in lake port elevators at over twice as large as corresponding date last year. - In the aggregate this does not in our opinion mean that there is any more old wheat available than last year, as we believe the country is now practically cleaned out of the old crop, and all the wheat available is in store lake port elevators. The following are the stocks of grain in these elevators at end of week 23d of July, 1904: S to cks of G ra in in S tore F o rt W illia m , E levators. C. N. R. and K i n g ’s 1 hard .......... 1 northern . 2 northern . . 3 northern .. N o. 4 w h eat. Other grades 1904. bus. 31,535 672,004 535,857 333,383 178,020 260,568 1903. bus. 329,373 66,016 199,051 110,110 T ota l ........ L a st w eek .. 2,011,367 2,394,597 841,419 1,135,732 383,230 294,313 bus. 264,041 34,953 35,692 D ecrease Oats . B arley F la x .. . bus. 34,988 15,705 108,135 136,869 — Thompson, Sons & Co. cate wonderful elasticity on the part of the French crop, will probably fail of the average yield. T o round out the bull argument, James J. Hill offered an estimate of 542>000,000 bushels for the United States, rust was reported as endangering the spring wheat of the northwest and there were occasional moments of international uneasi ness. The brief bear periods were the result in turn of esti mates pointing to a heavy northwest crop and of a favor able weather map. Today the market declined on good weather and lower cables, but gave no evidence of in trinsic weakness. Aside from the temporary influences which affect the day’s trading and are forgotten the bulls’ position has been strengthened during the week. The decrease in continental crops and the consequent necessity of greater imports into Europe than ordinary have been partially confirmed and in some cases accentuated. The probability of a reduced crop in the United States and consequent diminished ability to supply the augmented European demand is no less than a week ago. F L O U R A N D M IL L IN G . Business Only Fair— Buyers Await New Crop Movement and Orders Are Small— Export Trade Lifeless. There has been nothing to warrant enthusiasm in the week’ s developments, although as an average the volume of business transacted has been moderate rather than poor. Buyers have manifested a disposition, however, to await the new crop movement before making heavier pur chases than the occasion absolutely demands and, in con sequence, the bulk of the trade has been composed of small orders and sales of large lots were rare. There is a tendency to look at the position of the September option and the 11 cent difference which they see between that and the cash commodity which the mills are grinding has a restricting influence on the size of their orders. Export trade continued lifeless and millers say that if the limited character of the foreign inquiry at present is any cri terion, there is no immediate prospect of the local millls duplicating the European sales credited to the southwest this week. A t present one-half of the local mills are in operation with an output of about 225,000 barrels weekly. First patents are quotable at $5.io @5-2o ; second patents, $5@5.io; first clears, $3-55@3-6s; second clears, $2.50. THE COMMERCIAL WEST. 32 M in n e a p o lis F lo u r O u tp u t. W e e k ending— July 23 .................... July 16 .................... July 9 ...................... July 2 ...................... June 25 ................. June 18 ................. June 11 .................... June 4 ...................... M ay 28 .................. M ay 21 .................... M ay 14 .................... M a y 7 ...................... April 30 .................. April 23 .................. April 16 ................ April 9 .................... April 2 .................... M arch 26 ............... M arch 19 ............... M arch 12 ................. M arch 5 .................. F ebruary 27 ......... F ebruary 20 ......... February 13 ......... F ebruary 6 ........... J a n u a ry '30 ........... . January 23 ........... January 16 ........... January 9 ......... . January 2 ............... D ecem ber 2 6 ......... D ecem ber 19 ......... D ecem ber 12 . . . . D ecem ber 5 ......... N ovem ber 28 ....... N ovem ber 21 . . . . N ovem ber 14 . . . . N ovem ber 7 ......... October 31 ........... October 24 ........... October 17 ............. October 10 ............. October 3 ............... Septem ber 26 ....... Septem ber 19 . . . . Septem ber 12 . . . . Septem ber 5 ........ Barrels. Year ago. 227,420 214,895 235,845 320,625 287,050 245,110 236,690 190,655 240.615 246,680 217,775 103,530 180.630 127,115 99,800 187.885 250,565 169,240 331,935 332,960 336,705 313.995 325,590 347,375 165.630 319.295 325,830 365,520 328,635 165.295 177.885 341,460 388,015 410,130 454,150 364.025 417.615 376,730 371,210 369,060 290,500 189,870 195.795 130.995 338.025 267,100 294,200 238,025 259,225 269.710 280,180 305.790 243,185 276.790 307.325 325,420 328,715 320,770 308,080 311.480 168,535 229,600 352,035 366,385 359.480 355,310 330,590 286,520 287,005 274,740 300.325 287,295 319,580 309,165 305,285 278,630 326,840 238,230 315,370 288,885 346,050 353,120 401,135 367,175 447.710 426,620 436.680 426,965 471.070 471.070 372,300 367,785 234,200 251,950 ers in increasing the value of their property easy and, at the same time, comparatively safe. Locally there has been a good demand for No. 1 seed at about the July price, from crushers, much of it having Duluth for its ultimate destination. The rise in seed prices had its usual effect in bringing in many buyers of products who had been holding out for a decline, but orders of this character were all hunted in quantity in consequence of a fear that the present price level would not be sustained. Spot oil is in excellent de mand at 40(0)420 a gallon, and there is a good demand for meal and cake for prompt shipment. Dornbusch has the following to say concerning the foreign cake situation: There has been more doing in these and prices are gradually hardening up. Offers from abroad are difficult to get and more money asked with stocks here very short. Buyers show more disposition to purchase for near and forward position at much enhanced prices over spot, but sellers are very reluctant owing to the price of seed. C lo s i n g F l a x P r i c e s . Fri. July 22. M inneapolis cash .......... 1.2D/2 Y ea r a g o .......... ................i'51/4 S eptem ber . . . . .......... 1-211/2 C hicago cash ........ ......... 1.22 S outhw est . . . . .......... 1-171/2 S ep tem ber . . . . .......... I . I 71/2 D uluth c a s h .......... .......... 1.21% Septem ber . . . . .......... 1.223% O ctober ............. .......... 1.22% N ovem b er ........ ......... 1.221% Mon. July 25. 1.23 .96 1.23 1 .231% 1.18 1.18 1.23% 1.241% 1.24 1.233% T ues. July 26. 1.23% .96 1.23% 1.23i% 1.18 1.18 W ed. July 27. 1.233% •651% 1 .233% 1.24 1.181% 1.161% 1.24 1.24i% 1.24 1.24i% Thur. Ju ly 28. 1.23% .95 3% 1.23% 1.24 1.171% 1.17!% 1.23% 1.24 1.24 1.23% Again— Increased Demand and Light Output Factors in Market’s Struggle— Bran E x p o rt S h ip m e n ts . W e e k ending— Sat. Ju ly 23. 1.22% .961% 1.22% 1.221% I . I 71/2 1.18 1.22i% 1.233% 1 .231% 1.23 M IL L F E E D . Prices Advance B arrels. 33.185 23,235 24,130 47,145 28,640 16,985 27,105 29.505 42,125 44,300 23,560 23,465 26,345 18,525 21,685 26,155 27.185 23,210 28,305 42,925 53,415 39,050 34.850 34,485 17,827 27,200 35,335 40.505 47,490 22,100 36,377 65,040 57,135 99.445 115,625 90,270 77,495 126.970 114,775 74.460 47.460 46.445 25.222 43.850 85.670 261.100 72,700 Ju ly 23 .............. July 16 .............. Ju ly 9 ................ Ju ly 2 ................ June 25 .............. June 18 .............. June 11 .............. June 4 .............. M ay 28 .............. M ay 21 .............. M ay 14 .............. M ay 7 ................ A pril 3 0 .............. A pril 23 ............ A p ril 16 .......... A pril 9 .............. A p ril 2 .............. M arch 26 .......... M arch 19 .......... M arch 12 .......... M arch 5 ............ F ebru ary 27 . . . F ebru ary 20 . . . F ebru ary 13 . . . . F ebru ary 6 . . . . January 30 . . . . Ja n u a ry 23 ___ January 16 ____ Ja n u a ry 9 ........ J a n u a ry 2 ......... D ecem b er 26 .. D ecem b er 19 D ecem b er 12 . . , D ecem b er 5 N ov em b er 28 ... N ovem b er 21 .. N ov em b er 14 N ovem b er 7 O ctober 31 ........ O ctober 24 ......... O ctob er 17 ........ O ctob er 10 ........ O ctober 3 .......... Septem ber 26 .. Septem ber 19 . . , S eptem ber 12 S eptem ber 5 ___ Saturday, July 30, 1904. Year ago. 23.655 25,21u 42,180 30,880 60,890 43,840 39,715 34,265 38.215 47,185 35,070 90,020 25,830 13,150 27.965 76,255 101,635 100,515 87,490 90,230 72,720 53,470 34,855 50,315 43,090 78,780 90.360 92,820 63,825 111,195 71.360 66,165 49.965 64,060 66.655 81.216 77,215 150,050 84,510 89,345 108,810 96.760 102,620 100.235 86.495 234.200 63,600 FLAXSEED . Comparatively Dull. A good demand of a general character together with a light production due to the small capacity at which the mills are ^operating, caused increased firmness and higher prices except in the case of bran which was rather dull at unchanged prices. The only salient feature of the market has been the popularity of split car orders, buy ers, in view of the prevailing high prices of feed and flour preparing to restrict their purchases of both to the lowest possible limit. . Except in this particular the week disclosed nothing demanding comment, the business trans acted being confined to no particular quarter and the advance in price due, as has been indicated, to the com bination of small production and good demand. 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 L o t s , P r o m p t S h i p m e n t , F. O. B. Bran, in 200 lb. s a c k s ..............................................................$14.50@15.00 Bran, in bulk ............................................................................ 13 .50@ 14.00 S tandard m iddlings, 200 lb. s a c k s .................................... 17.00@17.50 F lour m iddlings, 200 lb. s a c k s .......................................... 19.50@20.00 M ixed feed, 200 lb. s a c k s ...................................................... 18.00@18.50 R ed -d og , 140 lb. ju t e .............................................................. 20.50@21.00 M illstuffs in 100 lb. sa ck s 50c per ton ov er a b ove quotations. R e d -d o g in 100’ s 25c over. Q u o ta tio n s o f M ills tu ff s , Boston B a s is , A l l R ail S h ip m e n t. T on. Bran, 200 lb. s a c k s .................................................................. $19.50@20.00 Standard m iddlings, 200 lb. s a c k s ...................................... 22.00@22.50 F lou r m iddlings, 2 „ j lb. s a c k s .............. ............................ 24.50@25.00 M ixed feed, 200 lb. s a c k s ...................................................... 23.00@23.50 R ed -d og , 140 lb. ju t e .............................................................. 25.50@26.00 M illstuffs in 100 lb. sack s 50c per ton over a b ove quotations. R e d -d o g in 100’ s 25c over. G ood general dem and from all section s. Market Strong With Prices Steadily Advancing— Demand Good and Indications Point to Smaller Crop— Trade in Products Good. I h e market has been active with prices tending stead ily higher, although the advance of late has been more deliberate than during the initial days of the present up ward movement. The crop situation in the northwest favors the position of the long interest in the market, for an extensive decrease in the acreage is generally admitted. This, combined with the situation abroad which obviates the danger of an influx of imported seed, undoubtedly ex plains the present advance, making the action of the hold https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T he A lbert D ickinson C o . DEALERS IN FLAX SEED GRASS SEEDS, CLOVERS, BIRD SEED, BUCK-WHEAT, ENSILAGE CORN, POP-CORN, BEANS, PEAS, CRAIN BAC8, ETC. M IN N E A P O L IS O F F IC E i • IS C H A M B E R OF C O M M E R C E . C H IC A G O 33 T H E C O M M E R C IA L W E S T . Saturday, July 30, 1904. R A T E D IS C R IM IN A T IO N A G A IN S T FLOUR. Its Present Influences and Ultimate effect on the Milling Industry of the United States, as Indicated by C. C. Bovey in an Address at the recent meeting of Traffic Managers in New York. T h e only repre sentative of Minneapolis millers present at the recent m eeting in N e w Y o r k , w h ere the rate situa tion as it relates to flour came up for consideration, was C. C. B o v e y of the YVashburn-C rosby Company. The case pre sented by the millers w as substantially as follo w s: T h e milling business is the third largest industry of the United States, and as such em ploys a v e r y large amount of labor at g o o d w ages, both directly and indirectly. T h e discrimination this last spring, w h e r e b y w heat was brou ght from Buffalo to N e w Y o r k for export for twotenths of a cent per bushel of sixty -tw o pounds, w hereas railroad companies continued charg ing g/2 cents per 100 pounds on flour, is nothing less than penalty. T h a t is, m anufacturers of w h ea t are forced to p ay railroad c o m panies for the privilege of e m plo yin g A m erican labor and p ay in g United States taxes. Milling in Lo ndo n. T o d a y there is a milling plant being co mpleted in L o n don b y British millers w ith a capitalization of $2,500,000, and this British miller boasts that the only reason he is building the plant is the fact that the railroad companies of the United States, b y tra nsporting w heat for export so much cheaper than flour, enables him to get his w ehat much cheaper than the A m erican miller can land his flour in L on don , and thereby co mpete with Am erican -m ade flour to the detriment of the A m erican laborer, farmer and miller. If w e could grind all the w heat in this coun try that w e raise instead of havin g it exported in its raw state, we could give e m ploym ent to a great m a ny more men. O ur farmers would be able to buy bran and other feeding stuffs for their cattle at much less cost, and there fore be able to produce a greater volume of milk and beef, which would necessarily, b y competition, make it much cheaper for the workingm an. A s it is now, railroads, b y transporting raw material, are m a kin g it possible for the foreign farmer to get cheap bran and thereby eitable the British w orkm a n to get cheaper food than w e can obtain in this country. T o prove that the milling business of the United States is of benefit to the farmer, w e only have to point out the fact that A m erican w heat is w orth to day from 20 cents to M IN N E A P O L IS C O AR SE GRAINS. Corn. T h e ge neral tendency of the narrow, featureless mark et was toward greater firmness, although values varied little from the level of the previous week. Receipts were slightly heavier but the increase w as not sufficient to permit of much activity. T h e bulk of the reecipts found disposition w ith the local feed mills, while some of the better grades w ere taken for eastern shipment by w a y of Duluth. A s a general proposition the demand was only fair, however, and the m anner in which prices w ere maintained w as due, in a measure, to the rather doubtful crop prospects. No. 3 y e llo w sold at 53@53l^c. Receipts for the w ee k w ere 38 cars, against 31 cars received during the previous week. Closing Corn Prices. D a ily closin g prices fo r No. 3 yellow corn in M inneapolis: Y ear ago. 52 F rid ay, Ju ly 22 .................................... .......................... 53@4 52 Saturday, Ju ly 23 .................................. .......................... 53i/2 M onday, Ju ly 25 .................................... .......................... 53 521/2 52% T uesday, Ju ly 26 .................................. .......................... 52% 53 W edn esda y, July 27 ............................ .......................... 53 T hu rsday, Ju ly 28 .............................. .......................... 53 53 Oats . Prices declined under increased receipts and uniformly favorable reports concerning crop conditions. A n ticip a tion of the approaching m o ve m e nt of the new grain and the prospect that a little w aiting would soon be rewarded b y attractive discounts exerted a restraining influence on buyers. G ood oats w ere in demand by the cereal co m panies at the decline, and these concerns took the bulk of the No. 3 w hite and No. 4 white at 38(0)390 and 3 5^@ 38c respectively. T h e other grades, however, were dull and draggy. T h e east gives no evidence of forsaking its apathetic attitude tow ard the local market, and shippers report that the p rospect o f transacting further business with that sec https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 25 cents per bushel more than any other wheat. T h is is due to the competition of the A m erican miller. If w e had no m illing plants in this country w e would be in the same position as the A rge n tin e republic, Canada and Australia. T h e se countries be ing purely agricultural co un tries, have to export m ost of their w heat in its raw state, because they have no competition at home. Consequently that w heat is sold in foreign mark ets at from 20 cents to 25 cents a bushel less than A m erican wheat. W it h our splendid system of milling and the progress and e nergy displayed by the millers, w e can co mpete with this differential from other countries, p roviding the rail road companies of the United States give us an equal show and do not transport A m erican w heat at a less price than they would transport A m erican flour. R a i lr o a d s Fighting. But with the railroads fighting against the A m erican laborer, as well as the cheapness of w hea t from other countries, w e are fast losing our hold on foreign mark ets as regards our flour. If this condition is continued, the m illing business of the United States must decline and w heat be exported in its raw state, and consequently the laboring man will lose his employment,, the farm er will lose his bran and will be forced to pay for such feeding stuffs a still higher price than he does today, thereby raising the price of meats, and— more important still— the price of milk, which is of such inestimable value to our com ing generation. Surely, in view of the fact that the manufacturing in dustry has la rg e ly built up the railroads of the United States, the railroads as a bo d y should endeavor to support A m erican industires. If it were not for our manufa cturing industries the farmers of the United States w ou ld not be able to get anythin g like the price they obtain to d ay for their goods. C onsequently the coun try could not maintain anything like the amount of p rosperity it n ow has, and necessarily the m om ent prosperity begins to decrease, the w orkman is the chief sufferer, and railroad companies, b y their present discrimination and penalization, are fast killing off one of the greatest industries we have in this country. tion before the crop m o vem ent is practically out of the question. A t present prices it seems doubtful that the east will come into the m arket for oats, w hether old or new, with the Ohio, and Indiana crops available at lower figures. Receipts for the w ee k were 245 cars, against 195 cars a w ee k ago. D ally Oa ts Prices. D aily closin g prices of No. 3 w h ite oats in M inneapolis: Y ear ago. 39 33@ 4% F riday, July 22 ........................................................... Saturday, July 23 ...................................................... 39 33@4 M onday, Ju ly 25 ......................................................... 38% 33@4 T uesday, July 26 ........................................................ 38 33@4 W edn esday, J u l y 27 .................................................. 37% @ 8 33@4 T hu rsday, July 28 ...................................................... 37 @V2 33(0)4 B a r le y . T h e situation in barley has not m aterially ch anged d u r ing the week, and the market has held about steady at unaltered prices. Feed w as m oderately stro n g and active and w as in go o d demand from shippers and mixers at 32@ 37c. T h e other grades w ere rather quiet at 44@50c for the best m altin g and 40(0)4.40 for medium grades. In com m on with the other coarse grains, except corn, the mark et has suffered in a ctivity from the p ro x im ity of the new crop m ovem ent and the indications of an unusu ally large acreage and heav y crop. T h e se conditions, t o gether with the ample stocks, 377,774 bushels against 15,713 bushels last year, contain no incentive for any sharp demand from any direction. Receipts were 56 cars, against 59 a w ee k ago. Rye. T h e mark et was stro n g w ith prices slightly higher. T h e advance had a ten dency to take the edge off the de mand for all but the best grades, No. 2 finding ready b u y ers in the shippers at 7i/'2@72c, while No. 3 w as rather slow at 68(0)690. B u y e rs are disposed to look for a mate- T H E C O M M E R C IA L W E S T . 34 rial reduction in values w ith the new crop and refuse to be interested in rye to arrive at present prices. Receipts for the w eek w ere 16 cars, against 10 cars a y ea r ago. Closing R ye Prices. Saturday, July 30, 1904. N o grade 121,471 T otal ...................... M inneapolis d ecrease D uluth stock s ............ D uluth d ecrease . . . 4,969,822 559.947 971,365 15,861 3,363,163 D aily closin g p rices o f No. 2 rye in M inneapolis: F rid ay, Ju ly 22 . . . . Saturday, July 23 .. M onday, Ju ly 25 T uesday, July 26 . . W edn esda y, Ju ly 27 T hu rsday, July 28 . 71 71% 71 71 71% 71 T ea r ago. 47@8 47@S 47 @ y2 47@8 47@8 47@8 Closing W h e a t F u t u r e Prices. July W h ea t. M inneapolis ...................... Y ea r ago ...................... C hicago .............................. Y ear ago ...................... Fri. Ju ly 22. 97% 85% 95% 76% Sat. Ju ly 23. 97 86% 93% 76% M on. Ju ly 25. 97% 87% 94% 77% M inneapolis ...................... Y ear ag o ...................... C hicago ............................... Y ear ag o ...................... D uluth ................................. K an sas C ity ...................... St. L ou is ............................ N ew Y ork .......................... Sat. Ju ly 23. 87% 75% 86% 77 87% 76% 85% 91 M on. Ju ly 25. 88% 76% 87% 78% 88% 77% 86% 92% F ri., July 22.. Sat., July 2 3 .. M on., July 25 T ues., July 26 W ed., July 27 T hur., Ju ly 28 Corn, Cars. 10 6 13 4 0 5 M in n e a p o li s T ues. July 26. 98% 87% 95% 77% W ed. Thur. July July 27. 28. 99% 99% 87 87 97% 95% 78% 79% September W h e a t. Fri. Ju ly 22. 87% 74% 87% 76% 88% 77% 86% 92% D a i l y Rece ip ts of Coarse G r a in in M in ne ap ol is . T ues. W ed. Thur. July July July 26. 27. 28. 88% 89% 89% 76% 77% 78% 88% 89% 89% 77% 79% 79% 89 90% 89% 77% 79 78 87% 88% 87% 93% 94% 93% W eekly Coa rse G r a in M inneapolis ...................... Y ear ago ...................... C hicago ............................... Y ea r ag o ...................... D uluth ................................. K an sas C ity ...................... N ew Y o rk .......................... M on. Ju ly 25. 85% 75% 87% 78% 85 77% 91% M in n e a p o li s Cash W h e a t , Official N o. N o. No. Fri. Ju ly 22. 1 hard ..................... 1.00 1 n o rth e rn ................ 99 2 n o rth e rn ............... 97 D uluth N o. 1 n o rth e rn .................... No. 2 n o rth e rn .................... Cash T ues. W ed . Thur. Ju ly Ju ly July 26. 27. 28. 86% 87% 86% 75% 76% 77% 87% 8.8% 88% 78 79% 79% 85% 86% 86 78 79 78% 92 92% 92% Close. W heat. 98 94 1.00 1.02% 1.02% 1.01% 95% 98% 98% 97% L i v e r p o o l W h e a t Prices. Sept. Close. 6s 9 d 6s 8 d 6s 8% d 6s 8% d 6s 9% d 6s 8% d F riday, July 22 ................................................ Saturday, July 23 .......................................... M onday, July 25 ............................. T uesday. Ju ly 26 ............................................ W edn esda y, July 27 ...................................... T hu rsday, July 28 .......................................... F’lax, D uluth Cars. F lax. 17 34 14 17 30 23 13 50 4 23 7 8 in M in n e a p o l is El e v a t o r s. G RAIN W eek ending July 16 20,836 378.138 424.080 8,564 112,997 Y ea r ago. 3,481 127,077 15,713 9,001 724,810 M A R K E T S. (S p ecia l C orresp on den ce to T he C om m ercial W e s t.) Sat. M on. Tues. W ed. Thur. Ju ly Ju ly Ju ly Ju ly July 23. 25. 26. 27. 28. 99% 1.00% 1.01 1.02% 1.01% 98% 99% 1.00 1.01% 1.00% 96% 97% 98 99% 98% 99% 95% R ye, Cars. 1 1 7 3 2 2 R ece ip ts of G r a in . W eek ending Ju ly 23. Corn ...................... 11,540 <>ats ...................... . 242,677 B arley .................. . 377,774 R ye ........................................ 4.617 F lax ........................ . 100,448 W h eat. Fri. Sat. Ju ly Ju ly 22. 23. 85% 84% 74 74% 87% 86% 76% 77% 85 84 77% 76% 90% 90 Barley, Cars. 4 13 22 9 3 5 R eceip ts o f grain a t M inneapolis fo r the .weeks ending on the dates given, w ere: W eek ending W e e k ending July 23. July 16 Y ear ago. W h eat, bushels ................ . 733,360 1,075,500 760,060 Corn, bushels .................... 33.200 21,560 24,250 Oats, bushels .................... . 245.760 275,220 240,000 B arley, bushels ................ 55,680 51.240 25,620 R ye, bushels ...................... 8,640 5,600 11,700 F lax, bushels .................... 72,800 77,700 86,100 M IL W A U K E E December Oats, Cars. 17 83 62 32 22 29 D ec. Close. 6s 9% d 6s 8% d 6s 8% d 6s 8%d 6s 9% d 6s 8%d Milwaukee, July 27.— Wheat continues to mount upward and the good to choice grades are very scarce, being a ready sale at the best figures that have been reached so far. No. 1 northern has ranged at $i.0i@i.O3, No. 2 northern at $o.Q7@ 1.or, No. 3 spring at 85(0)950, and No. 4 spring at 65(0)780. Corn is firm and the demand for sound grain is active at 5i@52c for No. 3, 51 J^@52^c for No. 3 yellow and 49(0)510 for No. 4. Barley is almost unsalable except at lower prices. Some new crop samples are being exhibited here and the quality is fine, but elicit no bids. E xtra 3 sold at 50(0)580 and No. 3 at 37(0)490. Rye is lower and weak at a decline of 5c, due to receipts of a new grain. No. t sold at 75@79c, No. 2 at 7i@78c, and No. 3 at 68(0)720. Oats are i @ 2 c lower and weak at the decline for the in ferior grades. There is some demand for choice. No. 3 white sold at 38(0)420, No. 3 at 35@38c and No. 4 at 33@37c. F l o u r is d u ll a n d in s p i t e o f t h e a d v a n c e in w h e a t , m i ll e r s a r e a s k i n g l o w e r p r i c e s , $5.50(0)5.15, f o r t h e i r p r o d u c t , th o u g h s o m e p re te n d to m a in ta in v a lu e s . Millstuffs are easier at $i575@ i6.oo for sacked bran. The demand shows less activity. Receipts are light and the offer ings smaller. Rate Less Than Half Fare. ( F o r round trip tickets, will be in effect via Minneapolis M inneapolis. Duluth. C hicago. & St. Louis Railroad for fo llo w in g occasions: Cars. Y ea r ago. Cars. Y ear ago. Cars. Y ea r ago. B O S 1 O N , M A S S ., G. A. R. Encam pm ent. Dates of F ri., July 22.......... 74 108 87 13 23 16 sale A u g u st 11, 12 and 13. Final limit A u g u st 20th, with Sat., Ju ly 23.......... 98 107 115 11 57 60 M on., July 25 ___ 322 174 116 13 82 89 privilege of extension to September 20th. T ues.. July 26___ 91 209 155 24 154 141 S A N F R A N C I S C O A N D L O S A N G E L E S , K n igh ts W ed ., Ju ly 27----- 76 148 64 18 79 57 T em p la rs Conclave. Dates of sale A u g u st 15th to Se p 61 126 60 7 85 58 T hur., Ju ly 28___ tember 10th. Final limit O cto b e r 23rd. T ick e ts go o d g o in g one route and returning another and stopovers al M in n e a p o li s T e r m i n a l St ocks. lowed. W e e k ending P O R T L A N D , O R E ., A m erican M in ing Congress. Ju ly 29. Y ear ago. Dates of sale A u g u st 15 to 18. Final limit s ixty days No. 1 hard .......................................................... 1,048 52,238 No. 1 northern .................................................. 3,035,979 1,716,910 from date of sale. Diverse routes and stopovers per N o. 2 northern .................................................. 94,530 426,590 mitted. No. 3 ...................................................................... 11,066 ........ Call on agents for particulars, or address A. B. Cutts, R ejecte d .............................................................. 51,179 ......... G. P. & T. A., Minneapolis, Minn. Special bin .......................................................... 1,654,549 1,166,425 W heat Receipts. ROLLIN 73 E. S M I T H CHAMBER OF C O M M E R C E , GRAIN COMMISSION—Orders executed in the principal markets. CHICAGO COR RE SP O ND EN TS & COMPANY, M IN NEA POLIS. Members Chicago Board of Trade and Minneapolis Chamber of Commerce. HARRIS, SC O TTEN CO. 37 BOARD OF TRADE T O RICHARDSON 4. CO. SUCCESSORS Send for “ The Theory of Investment and Speculation,’ ’ a hook on market factors. SAMUEL W. OSGOOD CONSULTING MINING ENGINEER. Operation and Examination Mines and Mills Telephone Harrison 2 8 0 5 15 Temple Court Building, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis RANDALL, GEEand MITCHELL GRAIN C O M M IS S IO N CHICAGO MERCHANTS Minneapolis, 206-210 Corn Exchange Duluth, 514 Board of Trade LONDON W H E A T R E V IE W . F. Lenders, London, July T4.— Markets since our last have ruled firm, and prices show a further improvement, but the amount of business concluded has been somewhat limited This arises evidently not so much from want of confidence in the position of wheat on the part of buyers, but rather from a disinclination on the part of shippers to contract largely ahead in view of the continued unsatisfactory news respecting some of the crops about to be harvested. This is especially the case with America, and the unfavorable weather in the southwest, which is expected to interfere with the movement of the new wheat, has led to a considerable rise in July op tions. Not only that, but crop estimates have been again lowered, that of the T he Commercial W est indicating a crop of 580,000,000 bushels. No notice was taken of the be lated government report, as this could not take account of the injury caused by storm and flood between the dates of its compilation and its publication. If we accept the above esti mate as even approximately correct, it is obvious that the United States will not be able to spare Europe as much as last year, and the call therefore, on other exporting countries to feed the European masses may be so stupendous as to give one pause, and to wonder where all the wheat is to come from, unless prices should be made much more attractive to the sellers than they are at present. We do not wish to- give ex pression to any alarmist ideas or to take an unwarrantably pessimistic view of the situation, but it would be idle to deny that the position is ‘ daily growing more serious, and with a continuation of unfavorable conditions in America, might at any moment become acute. To briefly summarize the position, which we have endeavored to put as completely as possible before our readers in recent reviews, might be useful. W e find the estimates of the American crop gradually re duced, until, as we have already mentioned, the surplus for export to Europe may not equal the exceptionally small quan tity received last year. The persistently bad reports from central and southeastern Europe indicate that the total de ficiency in Hungary, Russia, and Roumania may easily e x ceed 15,000,000 quarters, compared with last year. THE WHILE OTHERS TALK W e ’re g ettin g ou t the w o rk th at y o u in tru sted to us. I t d o e sn ’t take us h a lf the season to g et y o u r rolls o u t—and the best o f it is th a t w hen y o u g et th e m y o u ’ve g o t a jo b th a t’s g u a ra n teed b y the best p eop le in the N orth w est. I t ’s a n ice h a n d y tim e n o w to d o it. T h in g s are a little sla ck er th an th e y w ill so o n b e —sort o f betw-een-seasons. W e can give y o u p e rfe ct sa tisfa ctio n n ow b o th as to speed and a p erfect jo b . L e t’s give y o u a g reater p e rce n ta g e o f m id d lin gs on y o u r breaks. L e t’s c o r r u gate y o u r feed rolls so that t h e y ’ll stay sharp lon g er than th e y ever did. STRONG & NORTHWAY MFG. CO. M IN N E A P O L IS - 35 T H E C O M M E R C IA L W E S T . Saturday, July 30, 1904. M IN N E S O T A https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The Argentine and Australia have shipped the bulk of their surplus, and only small quantities can be expected from those countries until the new wheat becomes available. Indian shippers seem satisfied with the sales they have al ready made, and for the moment are not offering seriously. The German crop is only medium, and tre n ch harvesting returns are not satisfactory, although for all practical pur poses the last-mentioned country may be dismissed as a factor in the international situation. The English harvest promises to be the smallest on record. Against these can be put the fact that the floating supplyleaves large quantities to be drawn up on ; but it may be noted that this quantity is being rapidly reduced without any ap parent increase in port stocks. Another point is that if the weather in western Europe should continue quite favorable, the amount of home grown wheat available for immediate use in the mills may be considerably larger than either last year or the year before, and therefore foreign wheat would not be required to the same extent as in the years men tioned; but anyone looking calmly at the situation can see at a glance that the position is one of more than usual inter est, if not anxiety, and although there may be a tendency in certain cases to exaggeration, the strengthening features are to our mind so obvious that we should not be surprised to see a further advance in prices, even though we are now within measurable distances of the new crop movement. John H W ren n & Co., C hicago, July 27: A g a in a big, active, stron g and high er w h eat m arket, w ith sen tim ent bullish, yet tra d in g is largely p rofession a l and local, w ith the influential in terest largely on bull side. A d eclin e of % c in B ritish consols revised the w ar scare, w hile L iverp ool up l c of our m oney. P riv a te cables said the F ren ch crop w as dam aged, and som e ask ed fo r offers from seaboards fo r S ep tem b er-O ctob er sh ip m ents thus su gg estin g E urope w as g ettin g a little anxious. T he usual b a tch o f g ood and bad reports o f yield cam e m from threshers. P aris d ow n 1A @ 1/2c, B erlin and B uda P esth y8@ % c , L on d on !4 @ % c fo r Jnly and Septem ber, up 114c fo r D ecem ber. P rim ary receip ts liberal, fo r three days ab ou t 40 per cent m ore than last year, sh ipm ents 25 per cen t less. C ars here l ® l i / 2c low er but l c up at St. L ouis, y2@ l c up a t K an sas City. Cleaners t h e 'b u y e r s , an d turned out 47 cars N o. 2 red. S hip pers took n oth in g here, bu t D uluth sold 30,000 to eastern m illers. S eaboards reported tw o loads. C learances 35,000 bushels w h eat and flour. On the sw ells longs sold freely but bou g h t b a ck on the so ft spots. Shorts g ood bu yers also. D A M A G E TO W HEAT. K A N SA S In the Southw est a loss of over 20,000,000 bushels in the w heat crop of K ansas means a good deal, both to the railroads and to the farm in g and business co mmunity. It is equivalent to a loss of 20,000 cars of w hea t to haul, assuming that the greater part of the crop will move out of the state, or between different points within the state. T h is loss w ou ld be divided mainly betw een five railroads. W e r e the com m unity in central Kansas, where the loss has been greatest, de pendent upon w heat alone for their crop, it would be a different proposisition; but with diversified farm ing as now carried on there, it is far from a grave calamity. Ka nsa s of to day and Ka nsa s of ten years ago, are, in fact, tw o w h o lly different propositions. T h e r e have been three years w hen the w heat crop there has exceeded 60,000,000 bushels, and two when it w as over 80,000,000 bushels, and still a crop of 60,000,000 bushels this y ea r w ould be the fourth largest on record. W it h fair oats and corn crops, and with the farmers and tradespeople as a w ho le in go o d c o n dition financially, there is little p ro s pect of general business bein g poor, except in sections that are hit hard by crop losses, and these extend over but a small part of the state. T h u s far, cancellation of orders for goods sold to K ansas merchants for fall delivery have not exceeded I per cent of the sales. Some of these ca ncel lations, moreover, have beenmerely requests that the goods be held in abeyance as future developments m ight change the situation and the orders m ight be filled later. South Dakota Leads. South D a ko ta is usually first of the three n orthw estern states in ge ttin g into line for harvest, and this year again leads Minnesota and North D ako ta again in early reports. B a r ley is bein g cut all over the state, rye is all cut, and w hea t will be cut in some of the more advanced places in another fortnight. F arm ers fear that harvest hands m a y be scarce this y ea r o w in g to the opening of the Rosebud reservation and the rush of the floating population thitherward. FOR RESULTS u s e the “ W A N T E D ” AND “ FOR. S A L E ” * COLUMN OF The Commercial West 36 T H E C O M M E R C IA L W E S T . Saturday, July 30, 1904. C O M M E R C IA L W E S T M A R K E T R E V IE W S . W rig h t, B ogert & Co., C hicago, July 27: A prom inen t w heat statistician has figured out that w ith a crop o f 28 m illion bushels sm aller than last year the q u an tity exported in the p reviou s year can be enlarged 21 m illions by redu cin g d om estic c o n sum ption and d ra w in g 22 m illions from the reserve supply. A c cord in g to the com p u tation o f this statistician the reserve supply o f w h eat a year h en ce will be only 50 m illion bushels or less than 2y2 pecks per capita. W h y not w ipe it out entirely and stop eatin g bread and “ sin k e rs?” W e ad m ire the a p parent faith o f our frien d s that the G reat P rovid er will take care o f us as H e does the birds, but, bo rro w in g the sen tim ent o f an old story, w ou ld it n o t be b etter to export less w h eat and have a little m ore at the end o f the year betw een 81 m illion people and starvation . * * * H . P oeh ler C om pany, M inneapolis, July 27: T he m arket still rem ains in a n ervou s p osition accou n ted for, on the one side, b y bearish con d ition s such as a good N orth w estern crop w ith lack o f exports, and export basis bein g w a y b elow p resent p rices on w heat. F lou r business nom inal. On the other hand, the fo re ig n situ a tion causes m u ch uneasiness and cables c o n tinue to respond fa irly w ell to our advances. A g reat m any reports o f rust are com in g in from different section s, togeth er w ith disap poin tin g yields from M issouri, Illinois an d M ich igan. T he storm center seem s to be p retty close to the pit and there is m ore or less w ind in prices at p resent controlled b y sen tim ent w h ich chan ges from day to day. T he con tin u a tion o f our large p rim ary receipts w ould u n d ou bted ly argue fo r som e a ccu m u lation s soon. A ll in all p resent con d ition s w ou ld w arran t p urch ases on breaks fo r a sh ort tim e a t least. * * * E dw ard G. H eem an, C hicago, July 23: Cash w h eat fo r m ore than six m on th s has ruled around and ab ove $1.00 per bushel— it seem s to be w o rth ab ou t that p rice toda y and m ay not rule m uch low er this entire crop year. If so, there w ill be no m oney m ade selling the fu tu res sh ort a t the terrific discou nts. T he next big bull turn is likely to com e from the g r o w in g crop outlook N orth w est. T he crop there w as seeded late, has n ot cau g h t up, is fu lly tw o to three w eek s late, and there is the danger, if n ot the certain ty, o f bein g cau gh t b y frost. T hat w ould com p lete the ch ain o f acciden ts. S eptem ber w h eat could a d v an ce fr o m 90c to over $1.00 qu ick er than it has a d van ced from under 80c. * * * W . R. M um ford C om pany, C hicago, July 27: T here has been an ex cellen t dem and the last ten d ays fo r hard and so ft w in ter W heat from the Ju ly shorts in this m arket. T here w as quite a bit bou gh t in K an sas C ity fo r im m ediate sh ipm ent here, and there w as also quite a bit con sig n ed o f late b y K an sas C ity and St. L ou is houses, as w ell as from Illinois an d other w e st ern states to this m arket to be sold on the m arket. It is g e ttin g so v e ry late in the m onth now , that the elevator p eople — w h o w ere buyers, tod a y d iscrim in ated again st the p oor w heat, and b ou g h t only upon their ow n lines, that is on roads g o in g to their elevators, as su ch w h eat w ill be d elivered to their elevators by the roads ton ig h t or early in the m orning. T h e y w ou ld not take ch an ces on b u y in g w h eat on off lines, o w in g to the fea r o f not g e ttin g cars aroun d to be delivered a t their elevators w ithin the n e x t 36 to 48 hours. Ju st w h at the m arket will d o a fte r this w eek is hard to say, but w e lo o k fo r som e low er values as sh ippers and m illers are b id d in g w a y below present spot prices. * * * Irw in, Green & Co., C hicago, July 26: T he p rim ary receip ts for last w eek sh ow ed an increase o f about 60 per cent, though a qu arter less than fo r the sam e tim e last year, an d this fa v ore d the ex p e cta tio n o f still larger arriva ls o f new w h eat this w eek, n e x t S aturday m arking the close o f the tim e d u rin g w h ich deliveries can be m ade on Ju ly con tra cts. T he m ovem en t from the h a rvest fields in the S outhw est is north w a rd up to date, e x ce p t w h at goes d irect to d om estic m ills, as there is said to be no export dem and at the G ulf p orts at figures high enough to draw w h eat thither. F o r this reason the local bears have been talk in g of, if not co u n tin g on, a pressure sufficiently great from offerin gs in this part o f the w orld to abolish a large part o f the prem ium - fo r cash lots over Septem ber, and a w eaken in g o f the latter in sym path y. T h e y say that S eptem ber n ow is about 10 cents high er than a year ago, and fu lly that m uch ab ove the av erag e at this date fo r several years past, and that the d ifferen ce is too great to be m aintained. H en ce th ey fa v o r sellin g b y others, even though som e o f them are afra id to do it them selves. W e can n ot agree w ith this view o f the case, and think it v ery strange there should be so m uch bearishness here w hen the tone o f foreig n advices, including their m arket quotations, en cou ra ges to m ore stren gth here. C ables w ere stro n g last w eek, an d w ere h igh er again yesterd ay, an d eviden tly this is fa r fro m bein g en tirely on acco u n t o f w ar p rospects, though the latter are w orryin g, to say the least. T he p reviou sly p oor crop con d ition s in the U nited K in g d om have been su cceed ed b y a season o f such extrem e heat that the crop s there are w ithering. T he w h eat yield o f A u stria is officially estim ated to be 20 per cen t less than th at o f last year, w ith on ly a relativ ely sm all gain in rye. L ate ad vices from R u ssia tell o f g reat loss in m an y departm en ts through p rotra cted drou th ; they state that in som e section s the unripe crops have been fed to cattle, an d in other d istricts the live sto ck have been sold fo r n ex t to n o th ing, the distress bein g so great th at the R ussiam govern m en t has ap p oin ted com m ittees to relieve it. T he m ovem en t from the B la ck Sea already sh ow s a m arked fa llin g off, and p rom ises to be v ery sm all ere long. B room h all cables an estim ate b y a firm in P aris that the F ren ch w h eat crop w ill be only 280 m il lions, ag ain st 360 m illions last year. And, b y the bye, that w ell know n au th ority, B room hall has m ade an exten ded com p arison of figures from w h ich he deduces the con clu sion that the w h eat crop of the U nited States last year m ust have a g grega ted less than 560 m illion bushels in stead of the 638 m illions officially estim ated, this su pportin g a claim w e m ade several tim es during last ’ fall and winter. A n d he su ggests that our exportable surplus from the crop of this year m ay n ot ex ceed 80 m illions, ad d ing sign ifica n tly that “ seldom has the outlook been so ap p arently in fa v o r of a high cost o f breadstuffs as n o w .” T he last nam ed d edu ction h a r m onizes w ith the claim b y “ T he C om m ercia l W e s t ” that the total crop of the U nited States will not ex ceed 580 m illions, and even that figure includes an a llow a n ce o f 185 m illions fo r M innesota and the D akotas, “ a total that can be realized but w h ich this paper is not a n ticip a tin g .” W e hold it fa ir to claim that the larger estim ates recen tly m ade by som e trade papers have not su fficiently taken into a ccou n t the g rea t losses, that and the d eterioration in qu ality o f w h eat saved a fte r flooding at h a rv est tim e. ^"We note that, fo r the first tim e in tw e n ty seven years, B altim ore has been sh ipp in g w h eat to the W e stit has sen t som e 100,000 bushels to m illers as fa r W e s t as C incinnati. C onsidering the ab ove noted fa cts and d edu ctions w e cann ot but con clu d e that one dollar per bushel in this m ark et is a reason able figure to ex p ect on the crop this year, and that not a sensational^ result of tem p orary sp ecu lative pressure, but a p rice that is likely to rule for m onths as a m inim u m rather than a m axim u m . W e are w ork in g un der a new set o f con d ition s now , crop sh ortage obtain in g in the Old W orld at the sam e tim e that it does in the U nited States, and the trade is slow to recog n ize the fa ct. B u t it is a fa ct all the sam e, and it will have to be ad m itted as one, soon er or later * * * iviiimine R odm an & Co., C hicago, July 27: W h e a t— A n active ^ i J ? a,r , ^ ^r0m start to finish, w ith the sam e influences at w ork that kept things stirred up yesterday. M ore em phasis toda y w as placed upon the w a r-lik e p osition of E urope L on don sent over big selling orders in stock s. T he in feren ce b ein g that com p lication s w ere g row in g m ore serious. C onsols sold 5 16 low er than yesterday. L on d on is figurin g h ow m uch w h eat can be spared fo r E uropean con su m p tion the com in g year. She m .a .k ®s Sut thLat ov er 400,000,000 bushels w ill be needed w h ich w ifi be beyond the p ow er of surplus cou n tries to fu rn ish ex cep t as th ey draw from th eir reserves, -with the in cen tiv e o f largely increased p rices. T he hom e new s w as n ot en tirely “ bearish ” though p rim ary receip ts w ere 200.000 bushels in excess o f last year at this tim e, Som e th resh in g returns from M issouri are disappoin tin g. Cash w h eat in K an sas C ity is 2c higher. D uluth had a fa ir cash dem and. M inneapolis reported that there w as talk of rust in South D ak ota and M innesota, though not m uch aL yi?t' + T h ? P acific coa st is g ettin g the “ bu ll” fever, and the high est price fo r cash w h eat fo r a lon g tim e w as quoted. Our m arket sh ow ed a stead y ad v an ce from the op ening to the close. T here w as only one break o f % c du rin g the day w h ich w as qu ick ly recovered. R A IL R O A D S P R E P A R E FOR M O R E G RAIN . I he 1 ailroads of the northw est are m akin g ample preparations for the handling of that section ’s crop during the com in g movement. Terminals, w here the great co ngestion occurs, are in better shape than last year, and the motive p ower is in fine condition, while new orders for box cars are being filled gradually. The St. L ouis road is in excellent shape for the crop movement. It has n ow 5°o new 60,000 capacity b o x cars coming, and has p ractically rebuilt the m ogul engines bought four years ago. T h e co m p an y expects to be able to handle with facility its share of even a bumper crop. -The Soo road is also well equipped for handling all offerings this fall. It has unfilled orders for new cars, and has sufficient motive po w e r to take care of its traffic. T h e O m ah a has more cars than it had a year ago at this time, and has spent, and is spending, much m on ey on terminals, which the road considers the k e y to the situation. The shops have been run nearly full force in the slack season gettin g equipment ready. T h e Milwaukee, W isco n sin Central and the R o ck Island are preparing for heav y traffic this fall. A lth o u gh it is a new line, the R o ck Island has not been for two seasons able to handle the crop traffic offered— a fairly good record. It expects to do well this season. J. V. McHUGH C. A. CHRISTENSEN J. E. STAIR A Reliable Firm to which https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis to Consign Your Grain T H E C O M M E R C IA L W E S T . Saturday, July 30, 1904. Co rn E x p o r t s , in Bushels. G E N E R A L STATISTICS. C ere al E x p o r t s , w i t h D e s t in a t i o n s . T he ex p orts o f w h eat and corn (in bu sh els) and o f flour (in ba rrels) from the U nited S tates and C anada (co a stw ise sh ipm ents in clu d ed ), w ith p o rts o f d estin ation, fo r the w eek ending Ju ly 14, 1904, fo llo w : Flour. Corn. W heat. T o— 1,228 90,355 189,026 L iv erp ool . . . ...................................... 46,252 107,000 69,746 L on d on ........ ...................................... 3,044 .............................. 200.131 8,934 25,612 64,688 G lasgow ........ ....................................... 6,000 TTnll M an ch ester . ...................................... B elfa s t ............................... D ublin ................................ O ther U nited K in g d om . U n ited K in gd om , orders A n tw erp ............................ H ollan d . .................................. F ra n ce ...................................... G erm any ................................. P ortugal, Italy and Spain. S candinavia ........................... A s ia .......................................... A fr ic a ....................................... W e st Indies .......................... A u stralasia ............................. A ll others ................................ 26,125 715 1,097 112,087 29,384 16,000 34,577 886 36,557 3,781 76,519 5,580 36,156 2,528 32,036 507,387 251,434 468,142 T otal 37 (B ra d street’ s.) 1902. 1903. W eek ending— 243,381 N ov em b er 19 ................ 1,391,625 255,174 N ov em b er 26 . . . . ........ 1,520,941 1,151,563 D ocem b er 3 .................. 1,098,951 1,301,286 659,025 D ecem b er 10 . . . . , ........ 1,526,141 D ecem b er 17 . . . . ........ 637,857 816,054 1,502,551 D ecem b er 24 ................ 2,537,542 925,085 D ecem b er 31 ................ January 7 ............ ........ January 14 .................... January 21 .......... ........ January 28 .......... ........ F ebru ary 4 ............___ _ F ebru ary 11 .................. F ebru ary 18 ........ ........ F ebru ary 25 ........ ........ M arch 3 ................ M arch 10 .............. ........ M arch 17 .............. ........ M arch 24 .............. ........ M arch 31 .............. ........ A p ril 7 .................. ........ A p ril 14 ................ ........ A p ril 21 ................ ........ A p ril 28 ................ ........ M ay 5 .................... ........ M ay 12 .................... ........ M ay 19 .................. ........ M ay 26 .................. June 2 .................... ........ June 16 .................. ........ June 23 .................. ........ June 30 ................ ........ July 7 .................... ........ July 14 .................. ........ July 21 .................. ........ 1904. 1,249,599 977,769 1,150,202 1,469,396 1,411,186 589,362 1,291,846 1,486,732 1903. 2,856,981 2,394,612 2,376,683 2,045,000 2,400,316 1,830,170 3,739,457 2,368,939 3,817,609 3,257,999 3,072,068 3,618,210 2,852,068 2,654,732 1,677,621 1,499,906 2,210,155 1,631,709 1,431,257 1,814,186 1,179,739 1,013,871 1,089,353 1,282,724 1,420,172 1,525,084 1,402,404 1,501,338 2.026,810 1,573,289 1,527,676 1,438,212 1,028,907 583,339 626,792 190,193 523,451 120,156 118,337 327,166 298,998 387,062 536.087 613,124 574,929 706,647 1901. 445,351 630,968 362,844 278,307 330,941 424,336 270,236 5,235,568 4,801,000 5,371,377 4,853,458 5,465,578 4,011,105 4,470,521 1902. 136,873 298,093 179,520 427,018 169,145 527,366 257,830 312,664 352,406 183,414 339,891 139,205 330,531 158,565 400,733 376,186 128,679 126,755 82,795 90,969 71,478 86,254 110,979 130,102 127,969 185,031 130,679 79,611 1901. 4,897,343 5,184,550 3,972,152 2,487,707 4,171,440 4,760,422 3,267,668 4,185,440 3,956,137 3,246,575 2,605,084 3,582,943 2,990,541 2,623,884 2,136,401 1,344,656 2,371,892 1,583,831 2,704,594 2,204,902 2,037,343 2,455,102 2,435,487 2,455.460 2,240,933 2,800,738 1,714,081 1.155,276 1900. W h e a t an d F l o u r E x p o r t s . (B ra d stre e t’s.) T h e q u an tity o f w h eat (in clu d in g flour as w h eat) exported from U n ited S tates and C anadian ports fo r the w eek ending w ith T h u rsd ay is as fo llo w s in bushels: W e e k ending— N ovem ber 19 .................. N ovem ber 26 .................. D ecem ber 3 .................... D ecem ber 10 .................. D ecem ber 17 .................... D ecem ber 24 .................. D ecem ber 31 .................. 1903. 2,974,277 3,851,767 4,201,504 4,590,530 3,363,035 2,335,606 2,915,236 1902. 5,277,672 4,179,685 5,704,440 3,761,047 3,256,037 3,560,486 3,336,206 1901. 5,518,930 5,117,478 4,604,846 3,879,809 4,332,832 4,291,543 4,818,471 1900. 3,827,296 3,497,880 3,432,159 4,785,577 4,123,350 3,868,165 3,914,301 January 7 ........................ January 14 ...................... January 21 ...................... January 28 ...................... F ebruary 4 ...................... F ebruary 11 .................... F ebruary 18 .................... F ebruary 25 .................... M arch 3 ............................. M arch 10 ........................... M arch 17 ........................... M arch 24 ........................... M arch 31 .......................... April 7 ................................. April 14 ............................. April 21 ............................. April 28 ............................. M ay 5 .*............................... M ay 12 ............................... M ay 19 ............................... M a y 26 ............................... June 2 ................................. June 16 ............................... June 23 ............................... June 30 ............................. July 7 ................................. July 14 ............................... July 21 ................................ 1904. 3,369,323 2,771,215 3,538,192 2,917,602 2,604,226 1,746,255 1,657,510 2,091,488 1,643,086 1,834,632 2,606,124 1,801,845 1,267,430 1,854,370 1,213,855 1,645,428 1.010,850 1,192,718 734,736 1,225,763 1,132,157 1,937,208 2,044,251 1,271,437 1,127,885 878,910 1,412,498 1,281,301 1903. 5,098,951 4,878,624 3,538,757 4,420,065 3,965,916 2,856,-439 2,713,792 2,656,879 3,491,486 3,366,796 2,395,598 2,401.987 3,130,974 2,833,285 2,977,777 3,888,542 3,418,289 3,201,680 4,097,596 5,293,373 4,677,678 4,708,995 3,617,415 3.518,152 2,966.682 2,3S0,410 3,652,784 2,781,088 1902. 3,567,710 4,690,202 3,639,679 3,702,368 4,800,457 3,175,481 3,609,435 3,234,540 4,095,944 2,906,250 4,326,304 2,904,110 4,446,917 3,842,012 4,118,108 3,750,589 5,308,155 3,302,240 5,172,634 5,184,839 3,900,645 4,600,055 3,860,434 3,382,701 3,211,215 4,404,115 3,775,222 3,980,969 1901. 5,961,095 3,336,054 4,838,678 3,776,000 4,997,813 4,814,878 3,424,302 5,233,313 4,229,528 4,690,939 3,256,644 4,494,635 4,698,693 6,405,401 5,306,217 4,282,129 5,100,763 4,178,872 3,981,968 4,796,084 4,138,970 6,644,644 5,520,831 4,364,147 3,787,630 5,016,149 5,221,880 6,974,926 C . A. C H R I S T E N S E N , PR E S ID E N T V is ib le In Store at—• B altim ore ............ B oston .................. B uffalo .................. C h icago ................ ........ ........ ........ ........ Su p p ly of G r a in . W e e k ending July 23. Corn, W h eat, bu. bu. 437,000 132,000 209,000 20,000 314,000 563,000 2,858,000 1,043,000 W e e k ending July 16. Corn, W h eat bu. bu. 89,000 217,000 69,000 126,000 386,000 591,00U 1,118,000 2,803,000 102,000 971,000 7,000 3,000 63,000 987,000 25,000 3,000 F t. W illiam , Ont. ........ 1,365,000 144,000 34,000 122,000 152,000 54,000 79,000 82,000 1,583,000 155,000 15,000 93,000 182.000 86,000 110,000 106,000 D etroit D uluth ................. ........ .................. ........ Ind ian apolis ........ ........ K an sas C ity ........ ........ M ilw aukee .......... ........ M inneapolis ........ ........ 4,970,000 177,000 M ontreal ............... ........ N ew Y ork ............ ........ 552,000 ........ ........ ........ ........ ........ ........ On Canals ............ ........ On L ak es ............. ........ On M iss. R iver .. 1,000 21,000 645,000 230,000 25,000 26,000 104,000 471,000 P eoria .................... P hiladelphia . . . . P ort A rthur, Ont. St. L ou is .............. T oled o .................. T ota l ............ ............ 12.175,000 L ast year ........ ............ 12,950,000 R y e ...................... B arley ................ 12,000 14,000 60,000 224,000 5,530,000 186,000 8.000 271,000 1.000 9,000 812,000 61,000 8.000 26,000 32,000 424,000 133,000 221,000 138,000 959,000 557,000 21,000 14,000 71,000 325,000 8,000 221,000 251,000 285,000 17,000 1,137,000 6,084,000 5,778,000 12,719,000 7,619,000 7,311,000 13,067,000 T h is Year. L a st Y ear. 5,229,000 .............. 3,007,000 634.000 .............. 811,000 365,000 .............. 955,000 U PDIKE C O M M IS S IO N C R Al N A N O PR O V IS IO N S 1 2 0 R ia lto B u ild in g , C H I C A G O CONSIGNMENTS GIVEN SPECIAL ATTENTION. J. E . S T A I R , SEC RETARY CORRESPONDENCE S0L1CITE0. J. V . M c H U G H , TR EA SUR ER MINNESOTA AND WESTERN GRAIN GO. 31 C h a mb e r of C o m m e r c e , M I N N E A P O L I S , M I N N . OWNING AND OPERATING LIN ES OF COUNTRY ELEVATORS IN MINNESOTA, NO. DAKOTA, SO. DAKOTA & IOWA W . Commission A . G A R D N E R Suooessors to Cobb « & s Gardner Merchants. Grain, Provisions, & Cotton C O . and 317 C H A M B E R OF CO M M E R C E , ST. LO U IS I*e a s e cl https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W ires to all Prinoipal Markets Stocks. Ceresota flou r ------------- M a K e s th e 'B e s t B rea 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 Money back if you are not satisfied -------------------------------------------- M anufactured by - .................. The Northwestern Consolidated Milling Co. Minneapolis, Minnesota. For Results Use the “ W a n te d " and . “For Sale” Column of The Commercial West https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis SECURE A HOME IN THE GREAT SOUTHWEST! The rapid increase in population is pushing land prices upward. The Southwest was never so prosperous as now, and never before has there been such a demand for good farm lands. Through the M . K . & T. LAND BUREAU thousands of acres of rich farm lands (improved and unimproved), located along the line of the M isso u ri, K a n sa s & T exas K y ., are now offered for sale. The lands are especially adapted to the growth of corn, wheat, oats, fruit and vegetables, rice, cotton, sugar-cane, and for stock farming. The lands are well located as to markets, schools, etc. If you are inter ested in this new and prosperous country, offering so many opportunities, and rich farming* lands which can be secured at low prices, we will gladly furnish you information about lands, business chances, etc. Advise exactly what you want, what State or Territory you prefer, and the amount you have to invest. — THp HnmPSPPkPlV FYPlirQinnQ on the first and third Tuesday of each month, I lie nuiliebeeneib CAUUIblUllb aff ord an opportunity to visit the great SouthI west at a small cost. If you are interested write today for full information. Address, GEORGE MORTON, G. P. A., M. K. & T. Ry., Katy Bldg., ST. LOUIS. T H E C O M M E R C IA L W E S T . Saturday, July 30, 1904. 39 ARMOUR GRAIN CO. B A R T L E T T , F R A Z I E R G R A IN 205 and DEALERS La Salle Street S T O C K S and B O N D S G R A IN and P R O V ISIO N S CHICAGO Milwaukee Elevator Co. C A R R IN G T O N Western Union Building, CHICAGO. MINNEAPOLIS No. 7 New Street, NEW YORK. MILWAUKEE Chicago Board o f Trade, New York Stock Exchange, New York Produce Exchange, New York Coffee Exchange, Chicago Stock Exchange, Liverpool Corn Trade Association, New York Cotton Exchange, Mil waukee Chamber of Commerce. M em bers: G R A IN DEALERS Specialty, Barley MILWAUKEE, WIS. L . S. G illette Geo. M. G illette V ice-P res President C. E . T h a yer Sec. & Treas. P R IV A T E , W I R E S T O A L L P O IN T S CARGILL COMMISSION CO. D U L U T H A N D M IN N E A P O L IS Electric Steel Elevator Com pany C a p a c i t y 0 ,2 0 0 ,0 0 0 B u s h e ls Grain and Commission Merchants MILMINE, BODMAN 6 CO . GRAIN, PROVISIONS, STOCKS, BONDS, COTTON GRAIN DEALERS AND WAREHOUSEMEN Invites Correspondence Regarding Unlisted Securities WHEAT, FLAX AND BARLEY CHICAGO, 5 and 7 Board of Trade NEW YORK, 401 Produce Exchange OFFICE 75 CHAMBER OF COMMERCE M IN N EAPO LIS J. C. VERHOEFF, Manager MINNEAPOLIS OFFICE: E S T A B L IS H E D 1854. IRWIN, GREEN <3CO. GRAIN— PROVISIO NS— STOCKS— BONDS. 128=131 R ia lt o B ld g ., CHICAGO. M a r k e t L e tte r M a ile d on A p p lic a tio n . L. D. KNEELAND ALLAN M. CLEMENT Kneeland, Clement & Curtis S T O C K S , B O N D S , GRAIN, P R O V I S I O N S , C O T T O N A, C O F F E E E. S. WOODWORTH & CO. S H IP P IN G 2 1 9 LA SALLE STREET, CHICAGO A N D O O M NT I S S I O N . Minneapolis, Duluth, Milwaukee and Chicago. JOHN F. L. CURTIS EDWARD A. YOUNG ROOKERY BUILDING MEMBERS: New York Stock Exchange ; New York Coffee Exchange ; Chicago Stock Exchange; Chicago Board of Trade. P R IV A T E W IR E S ORDERS FOR FUTURES EXECUTED IN ALL MARKETS. E. S. W o o d w or t h , President. G. P. H a r d i n g , Vice-Pres. W. S. W o o d w o r t h , Sec. and Treas. L. T . S O W L E & S O N S E S T A B L IS H E D , C l int on M orr ison , Pres. L. C. M i t c h e l l , V-Pres. D. L. R a y m o n d , Secy. H. F. D o ug la s , Treas. and Gen. Man. Great W e ste rn Elevator C om pany MINNEAPOLIS, . . . 1884 GRAIN, P R O V IS IO N S , S T O C K S AND BONDS, 113-114 New Chamber of Commerce, MINNEAPOLIS, (Ground Floor ) Members Chicago Board of Trade and Minneapolis Chamber of Commerce S p e c ial MINNESOTA Letter on C h ic a g o G ra in M a rk e ts FREE and Prod uce RUMSEY & COMPANY E,. W. W A G N E Your Business has.my Personal Attention C O M M ISSIO N M E RC H AN TS Board of Trade Building, - - CHICAGO Offices in Minneapolis, Milwaukee, Peoria Long Distance Telephone Harrison 675 97 Board of Trade, DULUTH - - MILWAUKEE E. A . B R O W N - CHICAGO CHICAGO & CO. Wholesale Coal, Grain-Commission Merchants 923 Chamber of Commerce, MINNEAPOLIS, MINN. Liberal Advances made on Consignments https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I SEEDS FROM THE WORLD'S GOLDEN GRAIN BELT Grass Seed, C lov er Seed, Seed W h ea t, S eed Oats, S eed B arley , S eed R y e, E tc., V e g e ta b le Seeds, F lo w e r Seeds. C atalog u e free. NORTHRUP, KING & COMPANY M IN N E A P O L IS , M IN N E S O T A Ü Trade Mark 40 T H E C O M M E R C IA L W E S T . W. S. McLaughlin, Pres. A. B. Ellis, Sec’y AMERICAN GR A IN CO. B. H. WOODWORTH, President. - - MINN. McLAUGHLIN & ELLIS, John H. Wrenn Winnipeg Company & MINNEAPOLIS STOCKS, BONDS, 225 G R A IN , R. P. WOODWORTH, Sec. and Treas. - MINNESOTA WRIGHT-B0GERT La Salle St. C H IC A G O THE ROOKERY, E. S. WOODWORTH, Vice-Pres. W o o d w o r t h El evat or Company GRAIN COMMISSION MINNEAPOLIS Saturday, July 30, 1904. & CO. G R A IN — P R O V IS IO N S 106-107-108-119 Rialto Building, CHICAGO P R O V IS IO N S COFFEE AND COTTON MANITOBA Private Wires to New York and Minneapolis FOR RESULTS W e invite enquiries from Exporters, Millers and Investors, when in the market, for Manitoba Grain. Orders executed for spot or future delivery. :: :: :: USE THE “ W A N T E D ” and “ F O R S A L E ” Thompson, Sons COMMERCIAL Gregory, Jennison WEST E. L. WELCH Company MINNEAPOLIS Shippers of Oats and Rye Co. C. A. MALMQUIST E. L. W E L C H G R A IN ELEVATO RS Storage Capacity: Terminal 1,300,000 Bu. & Grain Commission Merchants W IN N IPE G , CANADA COLUMN OF THE WH EAT & CO. GRAIN COMMISSION Country 500,000 Bu. 1011 Chamber of Commerce Write for Quotations MINNEAPOLIS, MINN. Pillsbury’s Bes1 Flour M a d e in th e la r g e s t m ills in th e w o r ld , w ith 3 0 ,0 0 0 B a r r e ls D a i l y C a p a c i t y . W e h a v e h a d so m uch e x p e r ie n c e m a k in g flo u r f o r a ll n a tio n s t h a t w e k n o w h o w to m a k e th e q u a li t y d e s ir e d . O u r l a r g e a n d g r o w i n g t r a d e in d ic a t e s P I L L S B U R Y ’S B E S T IS th a t PO PU LAR W e s o lic it c o r r e s p o n d e n c e w it h f lo u r b u y e r s in a ll p a r t s o f th e w o r ld . Our fa c ilit ie s in s u r e p r o m p t a tte n tio n to o r d e r s . PILLSBURY=WASHBURN FLOUR MILLS CO., Ltd. M IN NEAPOLIS, M INNESOTA, U. S. A. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE COMMERCIAL WEST. 41 TROUBLES • SEND YOUR ORDERS FOR • FUTURES AND CONSIGNMENTS TO ahead by shipping to L a s ie r I g e o . h . Ph i l l i p s • • behind and M ONEY Rialto Building, CHICAGO & H ooper RECEIVERS AND SHIPPERS Write for My Daily Market Letter Rialto Building, 102-103 T. ROSENBAUM GRAIN CHICAGO COMPANY ( I N C O R P O R A T E D ) GRAIN MERCHANTS ORDERS FOR FUTURE DELIVERY SOLICITED CREATION OF A GOVERNMENT YOU NEED THEM WE SELL THEM GRAIN ROUTE. Recently The F lour City — I MPROVE D = = Sir Wilfred Laurier an nounced in the House of Commons at Ottawa that proposals have been made to the Canadian government for the Distributing Spout purchase of Canada Atlantic Railroad. Also contractors for Steam, Hot W a ter and Hot Blast Heating. cause it means that one of the so-called The “ foreign grain routes” may fall into the hands THE POND & HASEY CO., f1ft„za34 nuFso Minneapolis announcement is important be of the Canadian government. Such a purchase would bring that g o v ernment into business competition with W rite fo r m y " G r a i n T r a d e every railroad which carries a ton of T a l k s ” ■Edward G. Heem an G R A IN A N D P R O V IS IO N S , STOCKS, BONDS, COTTON AND COFFEE. 1 9 9 L a S a lle S t ., Ground Floor, Home Insurance Bldg. Member Chicago Board of Trade. O H IO AGO C O M M IS SIO N M E R C H A N T O N L Y , D oin g no tra din g w h a te v e r on m y ow n a c c o u n t, w h ic h e n a b le s m e t o j u d g e t h e m a r k e t f r o m a n u n b i a s e d s t a n d p o i n t . __________ j Consignments o f cash grain and orders in A ll business transacted through and ) 1 futures have m y personal attention. confirmed by Chas.W. Gillett & Co. f M y “ GRAIN TRADE TALK S” are published in full in the Chicago Evening Post and Chicago Journal. 4 ® “ W ill send either paper fre e to customers, Pocket Maps Road Guide AND These maps are beautifully printed in colors and show on a large scale the streams, lakes, highways, trolley lines and railroads in N ew York, N ew __ and Pennsylvania, reached by the Jersey Lackawanna Railroad and its connections. Invaluable to Automobile Tourists, Fishermen and Travelers. A good map is a silent courier of out-door enjoyment. Each of the maps in this edition is 17 x 28 inches. T hey are neatly bound in one cover and may be had by sending 10 cents in stamps to • » it ■ VV . * r > |p JL/ L JCLs, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Gervera.1 P a .s s e n g e r A gervt, L a c k a w a n n a R^ailroa.d, N e w Y o r k C ity . “ lake-and-rail” freight to the Atlantic for export. The route made by a consolidation of Canada Atlantic and Intercolonial, al ready owned by the government, would be about 1,800 miles of good railroad connecting Depot Harbor, an upper lake grain port, St. John, N. B., and Hali fax. The direct grain route, Depot Harbor to Halifax, would be about 1,100 miles. From Depot Harbor to tidewa ter at Montreal is nearly 400 miles, or less than the shortest line Buffalo— New York. It is in this last fact that the im portance of the proposed purchase lies. If this route were utilized in its fullest possibilities it is difficult to see how Buffalo could get any Duluth grain for export. Depot Harbor lies some hun dred miles nearer Duluth than does Buffalo, and it is also, as noted, nearer tidewater than is Buffalo. There ap pears good ground for the belief that these northern rail and water routes will get all the Lake Michigan and Lake Superior summer export business. Certainly, that is what Canada is aft er. Within five years past her canals have been made tax-free; her grants to Georgian Bay ports have been tre mendous ; her subsidies and aids of va rious sorts to Canadian Northern, Can ada Atlantic, etc., have been enormous. It all has but one object— namely, the creation of a lake-to-ocean commerce at the expense of uie Erie canal and the trunk lines. 42 THE C O M M E R C IA L W E S T . Saturday, July 30, 1904. SAVINGS Whads to be seen at the St Louis Fair f o E V E R Y T H I N G from E V E R Y W H E R E — paintings, statues, machinery o f all kinds and for all sorts o f purposes; strange people from the four corners o f the globe. E V E R Y T H I N G from E V E R Y W H E R E . You can’tafford to miss it. BANKS NEEDED SOUTH. IN THE “ One of the most interesting ques tions in connection with the situation of the southern states today is, what are the people going to do with their money?” declares the Chattanooga Tradesman. “ This may seem a strange question to one who is not conservant witli the various channels from which money lias been coming into the south, but it is an important one, partly for the reason that outside of the large cities there is practically no system for husbanding the surplus money of the people which they have accumulated from the agricultural industry and oth er vocations. Within the last few years, and especially since the law allowing Only a N ight1s Ride J'rom the Twin Cities via the Rock Island System. duced rates in effect daily Re T ickets at offices o f connecting lines or at 322 Nicollet A v e ., Minneapolis; 6th and Robert Sts., St. Paul. W. L. H athaw ay, Dist Pass’ r Agent, Minneapolis. ERIE R A IL R O A D The most delightful scenery between Chicago, Buffalo and New York. trains THE COMMERCIAL WEST is the leading1commer cial and financial paper of the Northwest, and every Banker, Grain Merchant and Business Man should he a subscriber. It’s reliable and up-to-date. every morning, Limited afternoon and evening for Buffalo, New York, Albany and Boston. Finest Pullman sleeping cars and superb dining car service. Stop-over without extra charge at Cambridge Springs and Niagara Falls. B ooklets, tim e-cards, e tc., fu rn is h ed b y H. B. SMITH, T raveling Passenger Agent, St. Paul, or D. M. BOWMAN, G eneral W estern Pass. Agent, Chicago. How are Y O U going to St». Louis? If your ticket reads via the CHICAGO GREAT WESTERN M aple L eaf R oute R a il w a y can go by way of either Chicago, Waterloo, Marshallt»own, Des Moines, St». Joseph or Kansas Cit»y, without extra charge. Four daily trains You making connections with the best trains to St. Louis. For information as to special rates and routes, apply to any agent or J. P. ELMER, General Passenger Agent, 113 Adams St., Chicago. Illinois Central R.R. EFFICIENTLY SERVES A VAST TERRITORY by through service to and from the following cities: CHICAGO, ILL. OMAHA, NEB. MINNEAPOLIS, MINN. ST. PAUL, MINN. KANSAS CITY. MO. PEORIA, ILL. EVANSVILLE, IND. ST. LOUIS, MO. CINCINNATI,OHIO. NEW ORLEANS, LA, MEMPHIS, TENN. HOTSPRINGS.ARK. LOUISVILLE, KY. NASHVILLE, TENN. ATLANTA, GA. JACKSONVILLE, FLA. Through excursion sleeping-car service between Chicago and between Cincinnati AND THE PACIFIC COAST. Connections at above terminals for the E A S T, S O U TH , W E S T , NO RTH. Fast and Handsom ely Equipped S team -H eated T ra in s —D ining C ars— B u ffe t-L ib ra ry C ars— S leeping C ars—Free R eclining C h a ir Cars. Particulars of agents of the Illinois Central and connecting lines. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A. H. HANSON. Gen’l Pass’r Agent. CHICAGO THE Saturday, July 30, 1904. national banks to be organized on a capital of less than $100,000, the bank ing facilities in the south have increased very rapidly. A conservative estimate shows that during the last five years this increase represented over 100 per cent in the resources of the national banks alone, a considerably larger per centage than in other parts of the coun 43 C O M M E R C IA L W E S T . try. The total resources of the various banks in this section probably aggre gate today at least $1,000,000,000, an in crease of fully 25 per cent in the last four years. But by far the great bulk of this money is in the national and state banks and trust companies, for the number of savings banks is so small outside of the larger communi ties as to be insignificant.” “ In all the land, range up, range down, Is there ever a p lace so pleasan t and s w e e t? ” THE 1000 ISLANDS Stop Over in Chicago on St. Louis Fair Tickets T h e r e m a y be som ew here on the earth a more delightful region than that of the T h o u sa n d Islands, but if there is, it has not been dis covered. It is as fine as the B a y of Naples, with no danger of being buried in hot ashes. T h e r e are 2,000 picturesque islands scattered alon g the twenty-five miles of one of the most beautiful rivers in the world. Y o u can find out a great deal re ga rd in g it in No. 10 of the “ F o u r - T r a c k Series,” “ T h e T h o u s and Islands,” of the St. L aw re n ce river, issued by the N o e x tr a charge to go via C h i c a g o and ten days stop will be given in C hi ca go both goi ng and returning, if desired, on all St. Loui s Fair tickets, via the Chicago, Milwaukee 6 St. Paul New York Central R a ilw a y A co p y will be m ailed free on receipt o f a tw o -c e n t stam p, b y G eorge H. D aniels, General P assen ger A gent, Grand C entral S tation, N ew Y ork. F i v e dai ly trains to Chi cago, 8:30 a. m., 4:00 p. m., 7:20 p. m. ( Th e Fast Mail), 8:35 p. m. (Pioneer L i m i ted) and 11:00 p. m. E a c h has a g oo d connection for St. Loui s and East er n points, BYRON Û W IL L A R D PRINTERS W RITE US FOR WORLDS FAIR RATES 2 9 F ifth S tr e e t South W. B. DIXON, N. W. Pass. Agt. 365 R O B E R T S ST., ST. PA UL , MINN. M IN N E A P O L IS, M IN N ESO T A TO TH E G ATES OF $25.75 To BOSTON' AND RETURN V ia 1 The North-Western Line "T H E WORLD'S F A IR *1 h Official Route to the G. A. R. ENCAMPMENT August 15 to 20 MINNEAPOLIS &ST.L0 UISP.R. TRAINS T i c k e t s will be on sale A u g u s t 11, 12, 13, with return limit to leave Boston, A u g u s t 20. Th i s limit can h o wev er be e x t e n d ed to S e pt e mb e r 30 on deposi t of t icket with Joint A g e n t at Boston, No. 75 F e d e r a l Street and p a y i n g a fee of fifty cents. For time of trains, berth reservations, etc, address T. W. T E A S D A L E G ene r a l P a s s e n g e r A g e n t https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis S T . PAUL, M IN N . STOP A T TH E MAIN ENTRANCE AND TH E ST.LOUIS UNION DEPOT TAKE THE WORLDS FAIR SPECIAL PLENTY OF ROOM AT THE HOTELS JUST OUTSIDE THE FAIR GROUNDS o — A.B. CUT T S . y<— G e n 'l P a s s r a K<> T ic k e t A g e n t . 44 THE C O M M E R C IA L W E S T . Saturday, July 30, 1904. ALLIS-CHALMERS COMPANY C H I C A G O BULLOCK Electrical Apparatus f o r al l p u r p o s e s Canadian Representatives, AIlis=Chalmers=BuIIock, Ltd , Montreal. Established 1855 H. POEHLER GO. Buying for Country Milling Trade a Specialty GRAIN Incorporated 1893 James Doran & Company We give special attention to out-of-town in vestments and speculative accounts. Our private wires and our connections with all the principal exchanges enable us to give prompt and accurate service. Correspon dence invited. Orders in Futures Exe uled in any Market COMMISSION 8 1 6 -1 9 Chamber of Commerce, MINNEAPOLIS Board of Trade, Duluth GERMAN-AMERICAN BANK BU ILD IN G Board of Trade, Chicago ST. PAU L, Chamber of Commerce, Milwaukee - - M IN N ESO TA W I L L F O R D M A N U F A C T U R I N G C O. Mil I Dim nCDO MILL DUILUtnO AND d e a le r s in flour H IL L AND ELEVATOR MACHINERY AND S U P P L I E S Special attention given to Roll Grinding and Corrugating. General Agents for Barnard & Leas Manufacturing Co. Offices 303 Third Street South, IVUININBAPOLISr 'Eternal vigilance is the price of liberty.” It is also the source of profit to every man who makes a business of feeding stock for the market. C O M B IN A T IO N S , C O M P E T IT IO N and R IV A LR Y are the three forces that inspire E N E R G Y , I N D U S T R Y and INDEPENDENCE. Don’t lose heart and don’t be forced out of business because the price of fat stock has declined. Brace up— improve your methods, and don’t be a “ has-been.” The most highly concentrated food on earth is O L D P R O C E S S G R O U N D LINSEED CAKE (oil meal). It is cheaper than corn, oats, bran, or any other kind of feed GROUND LIN SEED CAKE IS A FAT-FORMER— A FLESH-PRODUCER— A HEALTH-GIVER A TIM E-SAVER— A MONEY-MAKER. The prize cattle at the late Chicago Stock Show were fed Linseed Meal made by our Company. Write for prices. Send us your address and we will mail you our book giving “ up-to-date” methods for feeding stock. A M E R IC A N L IN S E E D COM PANY M IN N E A P O L IS , M I N N . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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