Full text of Commercial West : June 20, 1908, Vol. XIII, No. 25
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BANKING, WESTERN INVESTMENTS, MILLING AND GRAIN.
THE NORTHWEST.
THE CENTRAL-PACIFIC WEST.
THE SOUTHWEST.
VOL. X III
SA T U R D A Y, JU N E 20,
E IN V I T E ALL O R PART OF----T H E B U S I N E S S OF IN DIVIDUALS.
C O R P O R A T I O N S A N D F I R M S W HO
A P P R E C IA T E C ON SER V ATIVE B ANKING.
HE N O R T H E R N
TRUST COMPANY
W
N .W . C o r L a S a l l e A n d M o n r o e S t s .,C H I C A G O
CAPITAL
SURPLUS
* 1 ,5 0 0 ,0 0 0
* 1 , 0 0 0 ,0 0 0
Banking. Bond.Savings and Trust Departments.
D I R E C T O R S
A .C .B A R T L L T T .
' CH AS. L.H UTCH I N SO N,
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O F F IC E R S
6YRON L SM ITH P R E S ID E N T
E. L H A N K E V V IC E P R E S ID E N T
SOLOMON A SMITH 209 VICE PRES
ARTHUR h Eu RT l EY SECRETARY
THOM AS C K IN G
CASHIE R
H 0 EDM ONDS ASST SECRETARY
ROBERT MCLEOD ASST CASHIER
HH ROCKWELL ASST SECRETARY
G J. M IL L E R
ASST C ASH IE R
EDWARD C J A R V IS
AUDITOR
BK
^jALBERTA^SPRAGUET.
MARVIN HUGH ITT.
BYRON L .S M ITH .
PRES. CHI CAGO S NORTHWESTERN RY C®
PRESTHE NORTHERN TRUST CO
F isk & R obinson
Charles N. Gillett
James B. Forgan
President
Cashier
M IN N E A P O L IS
Private Wires.
STOCK S, BONDS
BOSTON
Chicago and New York Correspondents:
Bartlett, Frazier'£]Carrington
S . B. Chapin 4 Co.
C H I C A G O O F F I C E : 135 A d a m s St
Members o f All Principal Exchanges
Telephone Cent. 6216
It is a Pleasure
To be able to assure our
patrons that there will be
no overcharge for adminis
tering- estates.
Tf This we do by giving-them,
when their wills are drawn,
a written memorandum,
showing- just what our
charg-es will be.
T We draw wills without
charg-e,when this company
is named as executor,
g-uaraian or trustee.
THE FIRST NATIONAL
BANK OF C H IC A G O
Capital and Surplus, $15,000,000
W e lc o m e s and appreciates accounts of
conservative banking houses, believing that
its
extensive
clientele w hich
has been
gradually developed b y m ore than forty
The Minnesota
Loan & Trust Co.
313 Nicollet Ave.
M i nneapolis, M in n.
Capital and Surplus, $750,000
Charles Hathaway & Co.
DEALERS IN
COMMERCIAL PAPER
CHAS. W . FOLDS, -
Resident Partner
205 La Salle Street, CHICAGO.
NEW YORK OFFICE
45 Wall Street
BOSTON OFFICE - 27 State Street
ST. LOUIS OFFICE - 408 Olive Street
years of consistent, considerate service is
significant endorsement of the agreeable
and satisfactory accommodations
Capital, Surplus and Profits
$ 7 ,o o o ,o o o
rendered to its customers.
D I V I S I O N F, (B AN K S A N D BANKERS)
A U G U S T B L U M, V i c e - P r e s i d e n t
HERBERT W. BROUGH, Assistant Manager
F v e r s z & C ompany
BANKERS
Has your will been written?
Telephone M. 1568
G R AIN , PROVISIONS,
MEMBERS NEW YORK STOCK EXCHANGE
C, Frederick, Childs, Mgr,
Chas. E. Lewis & Co.
4 1 2 to 4 1 5 Chamber o f Commerce
BANKERS
Government Bonds
City of NewYorK Bonds
Investment Securities
NEW YORK
No. 25
1908
TH E
CONTINENTAL
NATIONAL
BANK
2 0 6 L a S a lle Street
C H IC A G O
Write us for special offering
OF
I CHICAGO
C h ic a g o R a ilw a y s C o .
First Mortgage 5 %
Gold
Bonds,
Due 1927,
to net over 5 percent.
Deposits
$70,ooo,ooo
GEORGE M. REYNOLDS, President
The National Park Bank, of New York
ORGANIZED
C a pita l $ 3 ,0 0 0 ,0 0 0 .0 0
1856
S u rp lu s and P rofits $ 9 ,3 4 0 ,2 7 6 .1 5
D e p o sits May 14, 1908, $ 1 0 4 ,3 2 2 ,3 0 4 78
O FFI CERS
Richard Delafield, President.
Gilbert G. Thorne, Vice-Prest.
John C. McKeon, Vice-Prest.
John C. Van Cleaf, Vice-Prest.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Maurice H. Ewer, Cashier.
W. O. Jones, Asst. Cashier.
W. A. Main, Asst. Cashier.
F. O. Foxcroft, Asst. Cashier.
DIRECTORS
Joseph T. Moore
Stuyvesant Fish
George S. Hart
Charles Scribner
Edward C, Hoyt
W. Rockhill Potts
August Belmont
Richard Delafield
Francis R. Appleton
John Jacob Astor
George F. Vietor
Cornelius Vanderbilt
Isaac Guggenheim
John E Borne
Lewis Cass Ledyard
Gilbert G. Thorne
John C. McKeon
o
THE COMMERCIAL VVES'l
Saturday, June 20, 1908
The Commercial
National Bank
o f CHICAGO
Capital, Surplus and Undivided Profits,
$ 7 ,0 0 0 ,0 0 0
Deposits, $ 4 0 , 0 0 0 , 0 0 0
O F F IC E R S
GEORGE E. ROBERTS .
JOSEPH T. TALBERT .
RALPH VAN VECHTEN,
DAVID VERNON . . .
NATHANIEL R. LOSCH
. .
. ,
2 nd
3 rd
. .
P resident
V ice-P res .
V ice-P res .
V ice-P rES.
. C ashier
GEORGE B. SMITH . . A ss 'T
HARVEY C. VERNON . A ss 'T
H. ERSKINE SMITH . . A ss- t
W M . T . BRUCKNER . . Ass’T
C ashier
C ashier
C ashier
C ashier
This bank is pleased to place at the disposal
of its customers the facilities ¿ained
during forty years of continuous
service and growth
SIDNEY C. LOVE
MEMBERS:
New York Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
Minneapolis Chamber of Commerce
New York Produce Exchange
Merchants Exchange, St. Louis
FREDRICK SW IFT
FREDRICK C. ALDRICH
S ID N E Y C. LOVE & C O .
Stock and Grain
Fellow of the American Association of Public Accountants
Fellow of the Minnesota Society of Public Accountants
NEW YORK
CHICAGO
S T . LOUIS
MINNEAPOLIS
AUDITS
SYSTEMS
Marwick, Mitchell & Co.,
H erbert
PUBLIC
CHARTERED ACCOUNTANTS
M . T em ple
ACCOUNTANT
AND
AUDITOR
Business System s a Specialty
ST. PAUL
Germania Life Bldg.
N. W . Main 519
Tri-State 1239
760 Tempie Court
MINNEAPOLIS
Lumber Exchange
N. W . Main 2406
Tri-State 2781
M . C . M IL L E R ,
Consulting Promoter
Companies Organized.
New, Original and Effective Plans for Financing
Enterprises.
Special Form o f Underwriting for Realty
and Industrial Corporations.
418-21 Andrus Bldg.,
LO W
P R E M IU M S
Minneapolis, Minn.
MINNEAPOLIS
79 Wall Street, NEW YORK
CHICAGO
ST. PAUL
PITTSBURG
WINNIPEG
LONDON
GLASGOW
Reliable Investments
N e t t i n g
&
%
We offer for sale choice Farm Mortgages in large
or small amounts, to net the investor 6 per cent.
5 ye r mortgages backed by 25 years experience,
time-tested methods and ample security.
If in
terested, see us or write for printed list o f Loans
for Sale.
E ,.
J.
L A N D E R
CO.
Security Bank Building, MINNEAPOLIS, MINN.
Northwestern Building, GRAND FORKS. N. D.
E C O N O M IC A L M A N A G E M E N T
completed the A gency force for the Provident L ife and Trust Company in Minneapolis
to the normal capacity o f the office, I am desirous o f bringing the Agencies at both St. Paul
and Duluth up to the same degree o f efficiency. I shall be glad to meet personally or correspond with
any high grade men who would want to take up the work at either point.
There is also a good opportunity for Bankers or Lank clerks and Keal Estate and Fire Insurance men
in the smaller cities and towns throughout Minnesota to reprrsent this most excellent Company and add ma
terially to their income in the course o f a year. I have an efficient corps of Agents to send out to assist in
closing business.
The Provident L ife and Trust Company o f Philadelphia occupies a commanding position in American
L ife Insurance because o f the very conservative and logical position it has always maintained in all funda
mental matters which go to make a sound, low cost L ife Insurance institution.
I shall be glad to see personally or correspond with any one interested in the foregoing, or with any in
dividual or collection o f individuals who are interested in taking on new insurance.
W A R R E N M. H ORN ER,
General Agent for Minnesota.
1038-40 Security Bank Bldg., Minneapolis, Minn.
H
a v in g
LO W DEA TH RATE
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A S S E T S $ 6 0 ,9 6 4 ,0 9 4 .8 0
Saturday, June 20, 1908
THE COMMERCIAL WEST
3
UNION BANK OF CANADA
1865
QUEBEC*
Capital Authorized, $4,000,000.00 — Capital Paid up, $3,180,000.00 — Rest, $1,700,000.00
B o a rd
of
D ir e c to r s .
H on . John Sharpies, P re sid e n t; W m . P rice, E sq.,
V ic e P re sid e n t; R , T. R iley, E sq., E. L. D rew ry, E sq.,
W m . Shaw , E sq., F. E . K en aston , E sq., John Galt,
E sq., M . B. D avis, E sq., E. J. H ale, E sq., Geo. H.
T h om pson , E sq., G. H. B alfou r, G eneral m an a ger; F. W .
A sh e, Supt. E astern b ra n ch e s; J. G. B illett, In sp e ctor;
E . E. C ode, A sst. In spector.
H.
B. Shaw , Supt W . bran ch es, W in n ip e g ; F . W .
S. C rispo, W e ste rn In sp e cto r; H. V e a se y , A sst, In sp e ctor;
P. V ibert, A sst. In sp e cto r; J. S. H iam , A sst. Inspector.
A d v is o r y C o m m itte e , T o r o n t o
Geo. H . H ees,
E sq.,
B ra n c h .
T h om as K in n ear,
E sq.
B ra n c h e s a n d A g e n c ie s .
Q u ebec.— D alh ou sie
Station, M ontreal, Q uebec, St.
L ou is St., Q uebec, St. P olycarp e.
O n tario.— A lexan d ria, B arrie, C arlton P lace, C o o k stow n, C rysler, E n gleh a rt, E rin, F en w ick , F o rt W illia m ,
H a ileyb u ry, H a stin gs, H illsburg, Jasper, K em ptville, K in burn,
K in g sv ille,
L eam in gton .
M anotick, M elbourne,
M etcalf, M errickville, M ount B ryd ges, N ew boro, N ew
L iskeard , N orth G ow er, N orw ood , O sgoode S tation, O t
taw a, O tta w a (M arket B ra n ch ), P akenh am , P ortlan d,
P lan tagen et, R oseneath , Shelburne, S m ith ’ s Falls, S m ith -
ville, Stitsville, Sydenham , T h orn ton , T oron to, W a r k w orth , W h eatley , W ia rton , W in ch ester.
M anitoba.— B aldur, B irtle, B oissevain , B randon, C arberry, C arm an, C rystal City, C ypress R iver, Dauphin,
D eloraine, G lenboro, H a m iota, H a rtn ey, H olland, K illarney, M anitou, M elita, M innedosa, M into, M orden,
N eepaw a, N inga, R apid City, R oblin, R ussel, Shoal L ake,
Souris, S trathclair, V irden , W ask ad a, W a w a n esa , W e llw ood, W in n ip eg , W in n ip e g N. E. B r., W in n ip eg S a r
gent, ave., Br.
S ask a tch ew an .— A reola, A squ ith , Carlyle, Craik, Cupar,
E sterh azy, F illm ore, H u m bolt, Indian H ead, L anigan,
L em b erg , Lum sden, M aple Creek, M ilestone, M oose Jaw ,
M oosom in , O xbow , P en se Q u’A ppelle, R egina, S askatoon,
Saskatoon, W e s t E nd B ranch, Sintaluta, S trassburg,
S w ift C urrent, W apella, W eyb u rn , W olseley, Y ork ton .
A lb erta .— A irdrie, B lairm ore, B ow en, C algary, C ardston, C arstairs, C laresholm , C ochrane, C ow ley, D idsbury,
E dm on ton , S askatchew an, F rank, H igh R iver, Innisfail,
L acom b e, L eth bridge, M acleod, M edicine H at, Okotoks,
P in ch er Creek.
B ritish C olum bia.— V an cou ver.
A g en ts and corresp op d en ts at all im porta n t cen ters in
G reat B ritian and the U nited States.
WESTERN BONDS.
FUTURE
June
20. — L o n g
B each ,
BOND E L E C T IO N S .
Cal.,
sch ool
d istrict,
$43,000 sch ool
bonds.
J u n e 20.— P orterv ille, Cal., P leasan t V ie w sch ool d istrict,
$6,000 bu ildin g bonds.
J u n e 20. — L o n g B each, Cal., School D istrict, $3,000 school
bonds.
J u n e 23.— B rainerd, M inn., $120,000 w a te rw o rk s bonds.
J u n e 24.— C avalier C ounty, N. D., (P . O. L a n g d o n ), $3,500
cou n ty bonds.
J u n e 24.— Sargent C ounty, N. D. (P . O. F o rm a n ), $50,000
cou rth ou se bonds.
J u n e 24.— W illia m s C ounty, N. D. (P . O. W illisto n ), $19,000
cou n ty ja il and cou rth ou se bonds.
J u n e 24.— L a M oure cou n ty, N. D ak. (P . O. L a M ou re), $5,000
cou rt house and ja il bonds..
J u n e 27. — M ills C ounty, Iow a, (P . O. G len w ood), $75,000
cou rt house bonds.
J u n e 29.— B oise, Idaho, $100,000 p ark bonds.
J u n e 30.— W a te rto w n , S. D., sch ool d istrict, $65,000 buildin g
bonds.
J u n e 30. — F o rt M organ, C olo., $55,000 w a te rw o rk s bonds.
J u n e 30.— P oca tello, Idaho, $108,358.96 sew erag e bonds.
J u n e 30.— C otton w ood, Idaho, $7,000 park and street im p rov e
m ent bonds.
J u n e 30.— Chehalis, W a sh ., $175,000 w ater system bonds.
J u n e 30. — B em id ji, M inn., $50,000 road and $200,000 in d ebted
ness bonds.
J u ly 4.— L os A ngeles, Cal., $110,000 street im provem en t bonds.
A u g u s t 1.— K ala m a zoo, M ich ., $30,000 fu n d in g bonds.
F U T U R E BOND SALES.
J u n e 20.— M ason coun ty, W ash ., (P . O. S heldon), sch ool d is
trict, $20,000 sch ool bon ds; 10-20 year (o p tio n a l). E. B. R o b in
son, cou n ty treasurer.
J u n e 20.— C lyde P ark . M ont., sch ool d istrict N o. 22, $800
bu ildin g bon ds; 6 % ; 10 year (o p tio n a l). W illia m Garr, clerk,
s.chool d istrict.
J u n e 20.— Chatfleld, M inn.. $2,500 tow n bon d s; denom ination
$500; 5%, 3-20 y e a r (o p tio n a l). C ity recorder.
J u n e 20. — C hatfleld, M inn., $2,000 city b on d s; denom ination
$500; 5% ; 3-20 year (o p tio n a l). C ity record er.
J u n e 20.—W a sh in g to n cou n ty, Idaho, (P . O. W e is e r), school
d istrict No. 29, $1,500 bu ilding bon d s; not to ex ceed 6% ; 10 years.
E . D. W allace, clerk, boa rd o f trustees, M ead ow s S tate Bank,
M eadow s.
J u n e 20. — M ason coun ty, W ash ., (P . O. S h eld on ), sch ool
d istrict, $20,000 sch ool bon ds; 10-20 year (o p tio n a l).
E . B.
R obin son , cou n ty treasurer, Sheldon.
J u n e 20. — P ierce, Idaho, sch o o l d istrict No. 94, $10,000 sch ool
bonds, n ot to ex ce e d 6 % ; 5 y e a rs; certified ch eck 5% . M. A.
E llis, clerk.
J u n e 20. — L a C rosse coun ty, W is., (P . O. L a C rosse), $50,000
sch ool bon d s; 5 % ; 5-10 year (o p tio n a l). C. H. R allinson, clerk.
J u n e 20.— W en a tch ee, W a sh ., sch ool d istrict N o. 44; $2,400
sch ool bonds. C ou n ty treasurer.
J u n e 20.— T rou t L ake, M inn., $8,000 road and brid ge b on d s;
6 % ; 12y2 year (a v e r a g e ). M artin M athson, Grand R apids, Minn.
J u n e 20.— A rbo, M inn., $5,000 village b on d s; 15 years. H. E.
R andahl, clerk, Grand R apids, M inn.
J u n e 20.— F erg u s C ounty, M ont. (P . O. L e w isto n ), S chool D is
trict N o. 52, $1,250 b u ildin g bon ds; 6% ; 10-20 year (o p tio n a l);
certified ch e ck 5% . D. S. M otheral, clerk, M oore, M ont.
J u n e 20. — H am iota, M an., $25,000 electric light, gas and te le
phone d ebentures; denom ination $500; 4 % ; 20 years,. J. A ndrew ,
secreta ry -tre a su re r.
J u n e 20. — B elgrade, M inn., $4,000 road b o n d s; denom ination
$1,000; 6 % ; tw o and o n e -h a lf year (a v e r a g e ). W illia m P e te r
son, tow n clerk, B o x 454 M ankato, M inn.
J u n e 20.— V a n co u v e r, B. C., $2,430,000 c ity d ebentures; 4%
40 years. G. F. B aldw in, city com ptroller.
J u n e 22.— Odessa, W ash ., $7,000 w a te rw o rk s b on ds; city clerk.
J u n e 22.— W ilso n Creek, W ash ., $7,000 w a terw ork s bon ds;
d en om in ation $500; 6% ; 20 y ea rs (o p tio n a l); certified ch eck 5%.
T . B. Southard, tow n clerk.
J u n e 22. — G illette, W y o ., $20,000 w a te rw o rk s; d enom ination
$500; 6 % ; 10-30 y e a r (o p tio n a l); certified ch eck $1,000. N. B.
B enn ett, tow n clerk.
J u n e 22.— S acram en to C ounty, Cal. (P . O'. S a cra m e n to ), $660,000 cou rt house an d ja il b o n d s; $600,000 road and h igh w ay
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
bonds,; $225,000 b rid ge bonds. A ll 4 % % ; tw e n ty -fo u r year (a v e r
ag e) ; certified ch eck 1% . W . B. H am ilton, cou n ty clerk.
J u n e 22.— San B ernardino. Cal., V icto r School D istrict, $2,500
sch ool b on ds; denom ination $500. Chas. P ost, cou n ty clerk.
J u n e 23.— W aseca, M inn., $10,000 s.ewer b on d s; 5 % ; 10 years.
John M adigan, c ity clerk.
J u n e 23.— M iles City, M ont.. $10,000 electric light im p ro v e
m ent bon ds; 6% ; 10-20 y ea r (o p t io n a l); certified ch eck 5%. J. E.
F arnum , c ity clerk.
J u n e 24.—W illia m s coun ty. N. D .. (P . O. W illisto n ). $19,000
cou n ty ja il b on ds; d enom ination $500; 5% . E . M. A tterb erry
cou n ty auditor.
J u n e 25.— Janesville, M inn.. $12,000 villa g e b on d s; 5 % ; 6%
year (a v e r a g e ); certified ch eck $100. M. J. T aylor, pres, city
coun cil.
J u n e 25.— D es M oines, la., $180,000 indebtedness b on d s; 4% ;
20 y ears; certified ch eck $1,000. John B. L u cas, c ity treasurer.
J u n e 25.— B oy n e City. M ich., $20,000 street im provem en t
bon ds; 5% ; tw elve year (a v e r a g e ); certified ch eck 5% . E. A .
R uegsegger, city clerk.
J u n e 26.— V a n cou v er, B. C., $1,975,000 d eben tu res; 4 % ; 40
years. T. F. B aldw in, c ity com ptroller.
J u n e 26.— M itchell, S. D., sch ool d istrict. $69,000 sch ool bon ds;
denom ination $1,000; n ot to ex ceed 5 % ; 10-20 y ea r (op tion a l).
A. B. M 'cKeel, clerk.
J u n e 26. — L in coln C ounty, Idaho (P . O. S h osh on e), $28,000
refu n d in g bon ds; not ex ceed in g 6 % ; 10-19 y ea r (s e r ia l): certified
ch eck $2,000. H. W . A nderson, cou n ty clerk. Sec. B oard o f
C oun ty C om m issioners.
J u n e 27.— Y ellow ston e coun ty, M ont., (P. O. B illin g s), school
d istrict N o. 15. $8,000 sch ool b on d s; denom ination $500; 6% ;
5-10 year (o p tio n a l); certified ch eck 5%.
Jam es A . Clifford,
clerk.
J u n e 27. — Y ellow ston e coun ty, M ont., (P . O. L a u rel), school
d istrict No. 7. $14,500 sch ool bon ds; denom ination $500; 6% ;
10-20 years. B. J. B rock w a y , chairm an.
J u n e 27.— Sandpoint, Idaho. Independent sch ool d istrict N o. 1,
$25,000 sch ool bonds, not to ex ceed 6% .
John Southm ayde,
chairm an.
J u n e 29.— San D iego, Cal.. $265,891.45 w aterw ork s exten sion
bonds. 38 year (seria l). $50,000 culvert bon d s; 33 year (seria l).
$65,000 fire departm en t bonds, 33 year (seria l). $52,894.54 sew er
im prov em en t bonds, 35 year (seria l).
$4,648.54 sew er bonds.
$12,834.58 sew er bonds. 26 y ear (seria l). $4,389.34 sew er bonds.
9 year (seria l). $5,500 sew er bonds, 11 y ea r (seria l).
$9,400
L in coln Park sew er bonds, 19 y ear (seria l). A ll 4 % % ; c e rti
fied ch eck $5,000. J. T. B utler, c ity clerk.
J u n e 29.— G ogebic county, M ich., (P . O. G og eb ic).. $25,000
cou n ty poorh ouse bon ds; 4% ; 4!4 year (a v e ra g e ). A . D. J oh n
son, cou n ty clerk, B essem er.
J u n e 29. — St. A nthon y, Idaho. $20,000 city and cou n ty b u ild
ing bonds, not ex ceed in g 6% ; 10-20 year (op tio n a l).
W . A.
C alderhead, c ity clerk.
J u n e 29.— G reat Falls, M ont., $100,000 refu n d in g b on d s; 4 % % ;
10-20 year (o p t io n a l); certified ch eck $1,000. W . P. W ren , c ity
clerk.
J u n e 30.— B oise City, Idaho, Independent sch ool d istrict, $75.000 high sch ool addition bonds, 5% ; 10-20 year (op tion a l), c e rti
fied ch eck 5%. L. M. Beal, clerk, board of trustees..
J u n e 30.— L adysm ith, B. C., $25,000 5% d ebentures; John
Stew art, C. M. C.
J u ly 1.— Jordan. U tah, S chool D istrict, $40,000 bu ildin g b on d s;
d enom ination $1,000. 10-20 year (o p tio n a l); certified ch eck 5% .
N eils T hom pson, d istrict clerk.
J u ly 1.—V illard, M inn. (P . O’. M o tley ), $1,500 bridge b on d s;
n ot ex ceedin g 6% ; 10 years. S. F ra n cisco, clerk.
J u ly 1.— D raper, U tah.. Jordan S chool D istrict.. $40,000 bu ild
in g bon ds; 4V2% ; 10-20 year (o p tio n a l); certified ch eck 5%. N.
T hom pson, clerk.
F IN A N C IA L
A S S IS T A N C E
G IV E N
to Corporations. Stock and bond issues prepared, sold and bought
N e w C o r p o r a t i o n s O r g a n iz e d in A n y S tate.
First class bond issues, municipal, tax, water or otherwise, sold
quickly. We are open for promotion propositions.
I N T E R -S T A T E
IN V E S T M E N T
Stock Exchange Building, Chicago
Metropolitan Building, Minneapolis, Minn.
CO.
THE COMMERCIAL WEST
4
Saturday, June 20, 1908
The FIRST NATIONAL BANK
Capital $1,000,000.00
ST. PAUL, MINN.
U. S. DEPOSITORY
Surplus $1,000,000.00
O f f ic e r s : E. H. Bailey, Prest. E. N. Saunders, Vice Prest. Wm. A. Miller, Cash. F. A. Nienhauser, Asst. Cash. O. M. Nelson. Asst. Cash.
D ir e c to r s ; H. P. Upham. James J Hill, Howard Elliott, D. C. Shepard, H. E. Thompsom, E. N. Saunders, Louis W. Hill E P Shenard E H Curtle
Chas. W. Ames, E. H. Bailey, Theo. A. Schulze, Chas. W. Gordon. T. L. Schurmeir, W. A. Miller.
J u ly 2.— C alifornia State, $250,000 seaw all bon ds; 4%.
W il
liam R. W illiam s, state treasurer, Sacram ento.
J u ly 6.— Grand F ork s coun ty, N. D., (P . O. Grand F o rk s ),
$14,000 drainage b on ds; denom ination $2,000; not to ex ceed 7% ;
7 year (o p tio n a l); certified ch e ck $1,000. H ans A nderson,
cou n ty auditor.
J u ly 6.— F ergu s coun ty, M ont., (P . O. L iv in g sto n ), school d is
trict No. 59; $800 bu ildin g bon ds; 6% ; certified ch eck 5%. W . A.
Stingley, clerk.
J u ly 7.— Caldwell, Idaho. $5,000 brid ge bon ds; denom ination
$500; 5%. H. C. Smith, m ayor.
J u ly 7.— San L u is O bispo County, Cal., (P . O. San Luis.
O bispo). $20,000 bridge b on ds; 5 % ; 4-11% y ear (o p tio n a l); c e r ti
fied ch eck 10%. John K elsh aw , cou n ty treasurer.
J u ly 7.— E ugene, Ore.. $300,000 w aterw ork s bon ds; not e x
ceed in g 5 % ; 39% year (a v e r a g e ); certified ch eck 5% .
B. F.
Doris, city record er.
J u ly 8.— B elgrade, M ont., sch ool d istrict N o. 44, $15,000 school
bon ds; d enom ination $1,000; 5 % % ; 7% year (a v e r a g e ); certified
ch eck 5%. G. R. P ow ers, clerk, sch ool district.
J u ly 9. — M innedosa, M an., S chool D istrict N o. 232, $20,000
school d ebentures; 5% ; 20 years. E. B ailey Fisher, se creta ry treasurer.
J u ly 18.— G lasgow , M ont., $11,000 e le ctric lig h t bon ds; 6% ;
15-20 year (o p tio n a l); certified ch e ck $500. J. J. M uellers, tow n
clerk.
A u g u s t 1.— D aw son county, M ont., (P . O. G lendive), sch ool
d istrict No. 26, $500 school b o n d s; 6% ; 5-7 y ear (o p tion a l).
Chas. E rskine, F airview , M ont.
A u g u s t 1.— C arbon county, M ont., (P . O’. R ed L o d g e ), school
d istrict No. 2, $1,200 sch ool bon ds; denom ination $400; 6% ;
10-20 year (o p tio n a l); certified ch eck 5% . E. T. B ostic, clerk,
B ridger.
Any
D a te .
Peterson, la .— $1,500 village bon ds; 5% . J. F. F asten ow , city
clerk.
A squ ith , Sask.— $625 debentures; 6% ; 10 years. S ecreta ry treasurer.
LeM'ars, Io w a .— $5,000 refu n din g b on d s; 4% % , 5 years. Otto
G ortell, city clerk.
Sedley, Sask., $1,000 village d ebentures; 6 per ce n t; 10 years.
J. O. S cott, overseer.
B onesteel, S. D., S chool D istrict.— $4,500; 15 year sch ool bonds.
C. J. A lexander, d istrict clerk.
R edfield, S. D.. School D istrict No. 20.— $20,000 building
bonds. A . D. E ckh art, chairm an. B ond C om m ittee.
Y orkston , Sask.— $45,000 w a terw ork s d ebentures; 5 % ; 40
years. $15,000 sew erage d e b e n tu r e s;. 5% : 40 years. $10,000 im
p rovem en t debentures; 5 % ; 20 years. R. H. L ock , se creta ry treasurer.
A itk in County. M inn., (P . O. A itk in ). $4,200 d itch No. 1,
bonds,; denom ination $840; not to ex ceed 6% ; 7 year (a v e ra g e ).
$500 ditch No. 2 b on ds; not to ex ceed 6% ; l(i years.
$4,000
ditch No. 3 bon ds; denom ination $800; not to ex ceed 6% ; 8 year
(a v e ra g e ). $5,000 ditch No. 4 bon ds; denom ination $1,000; not
to ex ce e d 6% ; 8 year (a v e r a g e ). C oun ty clerk.
A t O n ce .
A squ ith , Sask.— $2,600 20 year debentures. Ja m es M allas,
secretary -treasu rer.
Sidney. N eb.— $20,000 6% w aterw ork s bonds. L eslie N eu bauer, village clerk.
B urnaby, B. C.‘— $12,000 sch ool debentures; 5 % ; 50 years.
S ecreta ry - T reasurer.
D auphin, M an.. $26,500 sidewralk d ebentures; 5% ; 20 years.
J. W . Johnson, tow n clerk.
R oth say, Minn.-—$3,500 indebtedness bon ds; m atu rity 5-10
years. O. L ein, village record er.
B oulder, Colo., $15,000 fire house bon d s; denom ination $500;
5% ; 5-15 year (o p tio n a l). C ity clerk.
L edu c. Alta.-— $10,000 fire p rotection and $5,000 park d eb en
tures; 5% interest. C. E . A . Sim onds.
Tom ah, W is., $10,000 im provem en t b on d s; denom ination $1,000; 5 % ; 13% year (a v era g e ). C ity clerk.
A n tigo, W is., $15,000 street im provem en t bonds, denom ination
$1,000; 4 % % ; 14 year (a v e ra g e ). C ity clerk.
Sparta, W is .— $8,000 w ater .system and im provem en t bonds;
denom ination $500. W illia m H. B lyton , city clerk.
D urban, M an., C entral V alley S chool D istrict, $2,000 6%
sch ool debentures. H. W . Lee, secretary -treasu rer.
N eelin, M an., H u ntley S chool D istrict, $3,000 sch ool d eben
tures.; 5 % % ; 20 years. W . M. E aston, secretary -treasu rer.
R acin e, W is., $50,000 street im provem en t and $30,000 sch ool
bon ds; denom ination $1,000; 4 % % ; 10% year (a v e ra g e ).
C ity
clerk.
R ed w ood C ounty, M inn. (P . O. R ed w ood F a lls).— $40,000 ditch
bon ds; denom ination $1,000; 5% ; 8 year (a v e ra g e ). L. P. L a r
son, cou n ty auditor.
K am loops, B. C.— $6,500 e le ctric lig h t; 5% ; 25 year $6,000
w a terw ork s; 5% ; 25 years, and $10,000 sew er debentures 5%;
50 years. J. J. Carmen, c ity clerk.
F ergu s County, M ont.. School D istrict N o. 53. $1,000 building
bonds, denom ination $1,000; 6% ; 7 year (o p tio n a l). Certified ch eck
5%. A . P. Green, clerk, Green, M ontana.
BOND
NOTES.
M arquette, M ich .— $15,000 firehouse bon ds have recen tly been
v oted b y this city.
O lym pia, W ash ., S chool D istrict.— $1,500 school bon ds will
soon be offered fo r sale.
Oakland, Ore.— The proposition to issue $15,000 w aterw orks
bonds, w a s defeated a t an election held recently*.
Indianola, la .— Geo. M. B echtel & Com pany, D aven port, w ere
aw ard ed the $20,000 5% , 10-20 year (op tion al) w aterw ork s bon ds
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
’
ottered on June 8th, at a prem ium o f $100 fo r 4% s— 100.50, a
basis o f 4.44%.
..„C a d illa c , M ich.— T he cou n cil has authorized an issu ance o f
$37,000 5% p av in g bonds.
G unnison, C olo.— $12,500 5% refu n din g bonds, have been
au th orized b y the c ity council.
P rosser, W a sh .— T he $10,000 artesian w ater bon ds have been
declared illegal b y the purchaser.
Grand Plain, M inn.— T his city will p rob ably issue bon ds for
the p urpose o f con stru ctin g ditches.
Superior, W is .— The c ity council is con sid erin g the qu estion
o f issu ing bon ds for a n ew high school.
P rescott, A riz.— $25,000 5% 20-year bu ildin g bonds have been
au th orized b y the board o f supervisors.
E'than, S._ D., School D istrict.— A special election w ill be held
to v ote on issuing $5,000 bu ildin g bonds.
Parkland, W ash., S chool D istrict No. 302.— A n election held
recen tly au th orized $7,000 buildin g bonds.
M onrovia. Cal.— A special election will be held to v o te on the
p rop osition o f issuing $10,000 sch ool bonds.
M iddleton, Idaho, S chool D istrict.— $10,000 bu ildin g bonds
w ere v oted b y the people, at a recen t election.
H eaton , N. D.— T he p rop osition o f bon din g the d istrict w as
carried at a recen t election by the v o te o f 45 to 39.
Glendale, Cal., S chool D istrict.— $15,000 1-15 year (serial)
building bonds, w ere au th orized at a recen t election.
L incoln, N eb.— $1,700 5%, 1-10-year (seria l) p avin g bonds
w ere aw arded to W . E. B arkley, Jr., L incoln, at par.
A riz., school d istrict.— T he p rop osition to issue
$50,000 sch ool b on d s w as carried by a large m ajority.
T oppenish. W ash., School D istrict N o. 49.— A recent election
au th orized $23,000 bu ildin g bonds, b y a large m ajority.
B roadview , Sask.— A b y -la w has been passed au th orizing the
issuance o f $10,000 sidew alk and im provem en t debentures.
.... ™ ? k ja sk a City, N eb.— T he local in vestors will purch ase 'th e
$5,000 4% , 10-year (op tion al) park bonds, v oted M ay 26th.
V isalia. Cal.— T he p rop osition to issue $100,000 im provem en t
bonds, will be subm itted to the v oters in the near future.
Colo. Iow a, S chool D istrict.— A n election held recen tly
au th orized $1,500 sch ool addition bonds, b y a v ote o f 111 to 25.
B lue E arth County, M inn. (P . O. M a n k a to).— T he cou n ty
com m ission ers h a v e authorized the sale o f $20,000 d itch bonds.
. P ilger, N eb., S chool D istrict.— T he $13,000 5%, 20-year b u ild
ing bonds w ere aw ard ed to W . E. B arkley, Jr., L incoln, a t par.
M ason City, la .— T he city has sold to Geo. M’. B echtel &
C om pan y D aven port, $34,000 fu n d in g bonds, at a prem ium of
$405— 101.19.
C rookston, M inn., Independent School D istrict N o. 1 — The
state has purch ased the $20,000 4%, 7 -yea r (a vera g e) bu ilding
bonds, o f this district.
S ch oolcra ft C ounty, M ich. (P. O. H ia w a th a ).— A n election
w ill be held to v ote on the p rop osition of issu ing $4,000 5% 1-5
year (serial) bridge bonds.
Coeur d ’A lene, Idaho, School D istrict.— The qu estion o f b o n d
in g the district fo r $10,000 to erect a new sch ool bu ildin g w as
carried b y a large m ajority.
St. L ou is County, M inn., (P . O. D u lu th ).— T he $600,000 4% % ,
10-year cou n ty bonds w ere awmrded to T h om as J. B olger C om
pany, C hicago, for a prem ium o f $9,780.
L y on C ounty, M inn. (P . O. M arsh a ll).— T he $25,000 4% % ,
6-year (a v era g e) ditch bonds, offered on June 2nd, w ere aw arded
to T hos. J. B olg er & Co., C hicago.
C olum bia Falls, M ont., School D istrict No. 6.— T he state has
been aw arded the $25,000 10-20 year (op tion a l) bu ilding bonds
offered on M ay 26th, at par, fo r 4.75 s.
S anta B arbara County. Cal. (P . O. S anta B a rb a ra ), R afa ela
S chool D istrict.— A n election w ill be held to v ote on the .p rop o
sition o f issu ing $7,000 bu ildin g bonds.
L ush ton , N eb., S chool D istrict N o. 94.— T he $2,000 6% 10-year
sch ool bonds, offered on M ay 10th, w ere sold to the F irst N a
tional Bank, Y ork, at 125.25, a basis o f 5.32%.
Franklin County, la. (P . O. H a m p ton ).— $36,000 6% drainage
bon ds have been sold to the banks o f H am pton , at 102.50 for
$22,000 and 101.51 fo r $14,000, a basis o f 5.65%.
B elgrade, M ont., School D istrict.— B y a v o te o f 63 fo r and
non e against, the electors o f B elgrade apnroved the bond issue
o f $15,000 for the erection o f a new sch ool building.
B oise, Idaho.— T he city cou n cil has sold $50,000 7% 10-year
sew er bonds, offered on M ay 16th, to the B oise C ity N ational
Bank, actin g fo r T row b rid g e & N iv er C om pany, C hicago, at par.
Collins S chool D istrict, Cal.— T he $3,000 6%, 3 % -y ea r (aver^
a g e), bu ilding bonds, offered on June 2nd, w ere aw arded to
Sarah E . F ox, San Jose, at a prem ium o f $60— 102, a basis o f
5.36%.
B elvidere, Cal., S chool D istrict.— T he $30,000 5% 15% year
(a verag e) bu ilding bonds, offered on M ay 4th, w ere aw arded to
the L os A n geles T ru st C om pany, L o s A ngeles, at 101.75 a basis
o f 4.84%.
P la cer C ounty, Cal. (P . O. A u b u rn ), S chool D istrict.— The
$20,000 5%,- 1 0 % -y ea r (a v era g e) school bonds, offered on June
1st, w ere aw arded the F irst N ational B ank, Oakland, at 101.027,
a basis o f 4.87%.
W aitsbu rg , W ash., School D istrict.— T he F irst N ational Bank,
W atisbu rg , w as aw arded the $10,000 5% 10-20 y ear (option al)
buildin g bonds, offered on M ay 27th, at a p rem ium of $200—
102, a basis o f 4.75%.
R hinelander, W is .— M essrs. M acD onald, M cC oy & Com pany,
C hicago, w ere aw arded the $25,000 5% , 9-yea r (a vera g e) city
hall bonds, offered on M ay 23rd, a t a prem ium o f $1,137^50—
104.55, a basis o f 4.38%.
B urlington, la ., Independent S chool D istrict.— O f the $150,000
4% , 5-yea r (op tion a l) bu ilding bonds, offered last July, $100,000
has ju st been sold to C hicago investors at par. T h e ba lan ce has
nearly all been taken b y local investors,
Saturday, June 20, 1908
THE COMMERCIAL WEST
5
Established 1882.
Central Trust Company
The Plymouth Clothing House
H. J. B u r ton . Pres.
E. A . D r e w , Treas.
H. L. T u c ke r . V-Pres.
W. C. B u r ton . Secy.
O F ILLINOIS
152 MONROE STREET
Men’s Clothing,
Boys’ Clothing,
C H IC A G O
Hats and Caps.
Capital, $2,000,000
^
Furnishings,
$1,000,000
profits
FURS.
OFFICERS
Shoes,
C iia r l e s G. D a w e s , President
L. D. S k in n e r , A sst. Cashier
W. W. G a t e s , Asst. Cash.
A l b e r t G. M a n g , Secretary
R. D a w e s , Cashier
M a l c o l m M c D o w e l l . Asst. Sec
DIRECTORS.
W. I. Osb o r n e , I v i
A. U h r l a u b ,
Jv
W il l ia m
Trunks and Bags,
p
Cloaks and Wraps,
Millinery.
A.
J. Earling,
President Chicago, Milwaukee & St. Paul Railway Co.
P. A. Valentine,
.
Capitalist.
Arthur Dixon,
Prest. Artmir Dixon Transfer Co.
Charles T. Boynton,
Pickands Brown & Co.
Alexander H. Revell,
Prest. Alexander H. Revell & Co.
S. M. Felton,
•
Prest. Mexican Central Ry., Ltd.
T. W. Robinson,
Vice Prest. Illinois Steel Co.
Chandler B. Beach,
C. B. Beach & Co.
Geo. F. Steele,
Port Edwards Fibre Co.
W. Irving Osborne,
Vice-President.
Charles G. Dawes,
Ex-Comptroller of the Currency.
U N IO N
Com plete S p rin g and S u m m er Outfits
For Men, Women and Children.
Goods sent on approval and accounts opened with responsible
retail buyers having Bank references.
"Plymouth Corner,” 6th and Nicollet, Minneapolis.
IN V E S T M E N T
Bank o f Commerce Building,
f ! e .' k e n a s t o n !’ vice-Prest.
BERT WINTER, Sec. & Treas.
COMPANY
MINNEAPOLIS
l is t s o n a p p l i c a tio n .
HIGH GRADE MUNICIPAL BONDS YIELDING 4 to 4X PERCENT.
Carefully Selected First Mortgages on Improved Farms yielding 5 to 6 percent.
Notice of Removal to
Barnes Brothers
Farm
Mortgages
Minneapolis,
Ground Floor
Corn
Exchange
B an k
B u ild in g
C hicago
196
La S a lle
S tre e t
VonFrantzius&Co
J. W. WHEELER, Pres. C. F. MIX. Cashier WM. ANGLIM, V. Pres.
F IR S T
N A T IO N A L
SID E STATE
M in n eap olis,
Capital, $100,000
jr l
1
OF
.
.
.
.
MINOT, N. D .
O T T A W A
I N N I P E G
C a p it a l ( f u l l y p a id u p )
R e s t a n d U n d iv id e d P r o f it s
T o ta l A sse ts
-
BANK
$3,000,000
3,327,832.48
32,353,934.97
A General Banking Business Transacted.
= M innesota
Interest Allowed on Deposits and credited quarterly.
F r e d E. B a r n e y , President.
F. E. K e n a st o n . I Vice-Prests
F O R E IG N E X C H A N G E B O U G H T and S O L D .
I sa a c H a z l e t t , J v lce rrests -
k J i
$ 1 0 0,000.00
Established 1874.
D.
L. Ca s e , Cashier.
N e w A c c o u n t s an d C o l l e c t i o n s S o l i c i t e d .
v
Home Office.
W
Corner University and Central Avenues
H A Y
CAPITAL,
S u rp lu s $ 5 0 ,0 0 0
We Negotiate Farm Mortgages
EAST
Loans
GRANT S. YOUMANS, President
B A N K
BANK
Crookston, Minn.
Capital $ 7 5 ,0 0 0
6%
T H E UNITED S T A T E S LAND
AND IN V E S T M E N T C O M P A N Y
MEMBERS
NEW YORK STOCK EXCHANGE
C H IC A G O S T O C K E X C H A N G E
C H I C A G O B O A R D OF T R A D E
Minnesota
Choi ce
6 Per
C en t
F arm
Loans
Run 5 and 7 years. Interest payable annually by
coupons attached. First Mortgages in amounts
from $300 to $1200 and secured on 160 acre im
proved farms worth from three to six times the
amount of loan.
Loan Brokers and Bankers
should write uo for terms for handling our farm
loans. Interest collected and remitted free of
charge. Loans made in five counties. Highest
references. Write for loan lists.
FARM
S t. Paul A gen ts:
R
rS T U R G I S
MERCHANTS NATIONAL BANK.
b a n k e r s a n d
U I X t J liJ j
50 Congress St., BOSTON.
b r o k e r s
Members Boston Stock Exchange.
Direct and Exclusive Private Wires to BOSTON, NEW YORK, CHICAGO and HOUGHTON, MICH.
D U LU TH B R A N C H : 328
W estSuperior St.
G. HUB
G O L D -S T A B E C K L A N D & C R E D IT C O .
F. O.
C/O. R. STABECK, Vice-Prest.
;H rN. s t a b e c k . Secretary
f.P. O. HEIDE, Treasurer
j
Capital and Surplus
r
-
$200,000.00
Northwestern Fire & Marine Ins. Co. Bldg.
M I N NE A P O L IS
w
1^
f tri
p h o n e s
1 n.
state
w.
3310
NI C. 7 8 3
FARM LOANS, COMMERCIAL PAPER AND OTHER HIGH CLASS INVESTMENTS
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6
THE COMMERCIAL WEST
Saturday, June 20, 1908
The Northwestern National Bank
M IN N E A P O L IS .
MINN.
C a p ita l.......................................................$ 1 ,0 0 0 .0 0 0
Surplus (earn ed).................................
1 ,2 5 0 ,0 0 0
D ep o sits................................................... 1 8 ,0 0 0 ,0 0 0
O F F IC E R S
WM. H. DUNWOODY, President
M. B. KOON, Vice President.
EDWARD W, DECKER, Vice President
JOSEPH CHAPMAN. JR., Vice Prest.
A. A. CRANE, Vice President
I. F. COTTON,
For thirty-six
identified with the
Dividends paid
Accounts of
banks invited.
THE
A M E R IC A N
$500,000
years this bank has been prominently
development o f the Northwest.
since organization, $2,550,000.00.
individuals, firms, corporations and
EXCHANGE
DULUTH,
Capital
FRANK E. HOLTON, Cashier
CHAS. W. FARWELL, Assistant Cashier
R. E. MACGREGOR. Assistant Cashier
W. F. McLANE, Assistant Cashier
S. S. COOK, Assistant Cashier
Assistant Cashier
MINN.
Surplus and Undivided Profits (earned)
BANK
(Established 1879)
$835,000.00
Deposits
$5,986,000
OFFICERS .-—HAMILTON M. PEYTON, President
CHESTER A. CONGDON, Vice President
WILLIAM G. HEGARDT, Cashier
ISSAC A. MOORE, Ass’ t Cashier
COLIN THOMPSON, 2d Ass’t Cashier
T h e F I R S T N A T I O N A L B A N K of F A R G O
L. B. HANNA, President
FARGO,
^RED A. IRIS hT Cashier^61**
NORTH
DAKOTA
Capital and Surplus, $300,000
states.
Total Resources,
$2,500,000
DEPOSITORY
^ H ^ M A N N & Ä d S S '" -
OF THE u n i t e d
THE OLDEST AND LARGEST BANK IN THE STATE.
SEND US YOUR NORTH DAKOTA BUSINESS
THE DOMINION BANK
FRED W. DEAN,
Head Office— Toronto.
H ig h e s t G r a d e
E. B. Osler , M. P.,
C. A. B ogert,
President.
General Manager.
Com mercial Paper,
M inneapolis, M inn .
Capital A u th o riz e d .................................$ 5 ,0 0 0 ,0 0 0
Capital Paid Up.........................................
3 ,8 0 0 ,0 0 0
R eserve Fu nd and U ndivided P ro fits, 5 ,0 0 0 ,0 0 0
WINNIPEG
F. L. PATTON, Manager
BRANCH
A. R. SAMPSON, A ss’t Manager
Collections on W estern Canada Solicited
Minneapolis Property
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TEJOMAS W . ANDREW, Cashier
WM. A. LAW, Vice Prest. W. P. BARROWS, Ass’t Cashier
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OF PHILADELPHIA
Capital, Surplus and Profits, $ 1 , 8 5 0 , 0 0 0
THE COMMERCIAL WEST
Saturday, June 20, 1908
A WEEKLY JOURNAL
REPRESENTING BANKING AND W ESTERN BUSINESS
Published by the Commercial West Co., Minneapolis, Minn.
H. V . JONES, President
W . S. JONES, Business Manager
Ch a s . R. A d a m s,
E d w in M e a d ,
M anaging Editor._________________ Manager Advertising.________
Minneapolis Office, Suite 112 Lumber Exchange
T e l e p h o n e M a in 307.
Branch O ffices:
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Milwaukee, Evening Wisconsin Bldg.
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Portland, Oregonian Bldg.
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C. S. Clark.
John Appleton.
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ENTERED AS SECOND-CLASS MAIL MATTER AT THE POST OFFICE,
MINNEAPOLIS, MINN.
SATURDAY, JUNE 20, 1908.
Editorial Comment.
The Minnesota Bankers’ convention date has been
changed from July 23 and 24 to July 24 and 25.
VThe meeting of Group 2 of Minnesota at F air
mont on June n was one of the largest and most
interesting conventions of the group, lh e report
of the meeting will be published next week.
The Sioux City Tribune, in commenting on A.
J. Fram e’s address on deposit insurance before the
Iowa Bankers Association says that it seems “ a
pennywise, pound foolish attitude for bankers to
take, this of opposing a policy so popular and so
reasonable.” On the other hand, the very fact that
it is “ so popular” is the strongest possible reason
why bankers who, like Mr. Frame, appreciate the
dangers involved in the proposition should use
every effort to show the country that it is not “ so
reasonable” as the Tribune seems to think.
• From a comparison of the capital, surplus and
deposits of the three largest banks in Minneapolis
with those of the three largest banks of other cities
which are in the same class as to population a local
newspaper draws the conclusion that, as a banking
center, Minneapolis leads the rest. Proof is abund
ant of Minneapolis’ high position as a banking cen
ter, but in this particular case it would be interest
ing to know why three banks were selected as a
basis for comparison rather than four or five, or
even all of the banks in each of the cities consid
ered.
Bank deposits in South Dakota are keeping pace
with the rapid increase in population and the high
standard of $ioo per capita is being maintained.
The showings of the banks, both state and national,
at the time of the call for condition in March give
individual deposits to the amount of $53,686,885.
W hile the state has for a number of years held the
record of the states of the union for the greatest
per capita production of new wealth it is also hold
ing its own in its bank deposits, they keeping step
with the creation of new wealth, and making a
good showing both for the banks and the people
of the state.
No steps have been taken in Minneapolis to
ward the formation of a national currency associa
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Federal Reserve Bank of St. Louis
tion under the provisions of the Aldrich-Vreeland
law. Many bankers are of the opinion that, except
in a time of general panic, little occasion will exist
for such associations outside of the three central
reserve cities. In all ordinary money stringencies
the central reserve cities should be able to secure
a sufficient amount of assets, through the taking
out of emergency circulating notes, to make it un
necessary for cities in other sections of the country
to take any action. There is an argument in favor
of early organization of such associations, how
ever, in the fact that if formed now they will create
no uneasiness while if the organization was delayed
till the need was imminent the very formation of
such an association might cause distrust.
Secretary Elihu Root’s discovery that under the
Constitution states may, with the approval of Con
gress, agree to pass uniform statutes, has not received
the response possibly to which by virtue of its poten
tiality as a method of providing law to cover “ the
gap” between the states and the nation, it is en
titled. Nevertheless, that the suggestion is apropos,
is illustrated by the gathering in Chicago of the rail
way commissions of five great states in informal con
vention for the purpose of forming a permanent or
ganization. The five states represented are Illinois,
Michigan, Ohio, Indiana and Wisconsin. Other states
may be invited. It is stated : “ The purpose of the
new organization is to form a bond of union among
the states, to exchange the results of investigations
and reports, and to work for the improvement of
railroad facilities in the middle west.” The conference
shows the tendency of the times.
An Anti-Injunction Plank.
Joseph Choate, the distinguished lawyer, in 1896
said that the Altgelt anti-injunction plank in the
Chicago platform of that year expressed the most im
portant issue that had been presented to the American
people since the days of slavery.
In Chicago this week Samuel Gompers, president
of the American Federation of Labor, together with
other prominent union labor men, attempted to influ
ence the resolutions committee of the republican party
to insert an anti-injunction plank in the republican
platform of 1908.
Mr. Gompers openly threatened a labor union war
upon the republican presidential ticket unless his de
mand was satisfied. “ Labor wants more than a prom
ise,” he said, “ it wants a principle laid down in the
party platform. Labor is in earnest in this matter,
and we are prepared to enter the coming campaign
with a united labor organization. The party that does
not consider labor in its platform cannot expect labor
to consider it at the polls.”
It may be doubted whether Mr. Gompers has the
power to deliver any considerable labor vote to any
candidate as against a rival candidate. In the first
place the percentage of union labor members to the
whole body of labor is astonishingly small, especially
when the noise made by union labor is considered.
In the second place Mr. Gompers and his associated
chiefs of labor never have been able to make their
threats good at the polls. Union labor members do
not vote wholly as union members, but as American
citizens who are influenced by many arguments, tra
ditions, prejudices and interests.
Certain republican leaders, however, including the
president, apparently believe that Mr. Gompers is so
strong that he must be conciliated in regard to his
8
THE COMMERCIAL WEST
pet idea, that of abolishing or emasculating the power
of the courts to enjoin striking workingmen from such
wrongs as hostile picketing of plants, as violence upon
the persons of non-union workingmen, as destruction
of property.
Mr. Gompers also wants exemption of the unions
from the provisions of the Sherman anti-trust law.
He would like to see capital forbidden to combine, and
labor permitted to combine. If he were just and
abreast of the economic development of the present,
he would insist that both labor and capital be allowed
to combine.
But just as he wishes to have labor given the
privilege of combination and capital forbidden it, so
he would have labor given the privilege of making
war, while capital is forbidden to retaliate in kind.
For what the -anti-injunction demand amounts to
is immunity for violence in strikes. Stripped of cant
about human rights it means the privilege of tramp
ling on the human rights of employers and non-union
workingmen. Stripped of pretense regarding sacred
right of trial by jury, it means that a large class of
workingmen have no right of protection for their lives
and limbs; and that employers cannot invoke the
courts to save their property from threatened and sure
damage.
In other words the proposition is to abolish the
great safeguard of equity and to revert to the inade
quacy of the common law, which equity was invented
to remedy. If a man threatens to burn your house,
you cannot prevent him beforehand, so to speak, but
you must wait until he commits the arson and you
may then sue him for damages and collect the judg
ment if he is a responsible party. If a man threatens
you in life or limb, you cannot get protection from
the courts before the deed, but you can have the satis
faction after you are dead of hoping your assailant
may be hanged.
That is the bald statement of what Mr. Gompers
proposes. Only this immunity is to be limited to
union labor men on strike. If an ordinary farmer
threatens to burn his neighbor’s barn, he may still
be enjoined. If a banker threatens to shoot his
rival banker, he also may still be enjoined. The
labor unionist is to be granted a special immunity,
is to enjoy a special privilege in his manner of
breaking the law.
It may be that commission of violence is essential
to winning a strike. There are labor leaders who
candidly admit as much. And there are labor leaders
who will not admit it, but who conduct strikes upon
that principle.
Now, it may be that a strike to succeed must be
waged as war, that a non-unionist is a reptile to be
despised and kicked, that the property of an obstinate
employer invites righteous destruction. These are
certainly the ideas of many union labor leaders and
these leaders are endeavoring to render these ideas
into facts. Moreover, it is certain that if the en
joining power of the courts be abolished so far as
labor unions are concerned, these ideas will become
facts, so far as the “ imprimiatur” of the law is con
cerned.
The Commercial West has always been in.sym
pathy with the labor union movement wherever the
energies of the labor union have been directed along
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Federal Reserve Bank of St. Louis
Saturday, June 20, 1908
legitimate lines. But an effort such as that in the
present instance is of an importance reaching far be
yond sympathy with the labor union. It is a question
as to whether we, as a people, can permit a privileged
body of men to violate with impunity the primal man
dates of social order and security in the service of any
cause, no matter how high or holy. Is a very small
minority of laborers and craftsmen to be privileged to
commit felonies, while the rest of us are compelled
to conduct ourselves decently and discreetly?
As it is, as the law stands, union labor, or an ele
ment of union labor for which, however misrepresentative, union labor must bear the blame, for the
reason that it countenances that element’s activities,
is not prevented from exercising violence in strikes
upon employers, non-union laborers and even indi
viduals belonging to the public. Not all the present
powers of the courts have been sufficient to prevent
cars being blown up by dynamite within a month in
Cleveland. Not all the tyrannous injunctions pre
vented a woman being stripped of her clothing by
rioters in the St. Louis car strike, of horses being
hamstrung and non-union drivers being maimed and
killed in the Chicago teamster strike. If such be the
non-preventable occurrences under an injunction-issu
ing regime, what would they be under a regime such
as Air. Gompers demands?
If violence be necessary to win strikes, it is better
even from the union point of view that violence be
committed in spite of the law, rather than with the
connivance of the law. For violence in connivance
with the law would become so monstrous that an out
raged public would speedily require not only the resto
ration of the injunction but even greater guaranties
of order and protection.
I he abolition of the injunction would he poor
politics. It would sooner or later arouse the majority
and it might only invite the unions themselves to de
struction by tempting them to extremes.
American Millers and Canadian Wheat.
At the miller’s convention held at Detroit last
week under the auspices of the M illers’ National
Federation, the matter of importing and grinding
Canadian wheat in bond was earnestly discussed.
If the millers, or any of them or anv members
of the grain trade ever seriously considered the
possibility of having the duty on wheat removed,
the idea has probably been entirely abandoned.
The possibility seems so remote that no champion
willing to undertake the task has appeared; and,
futhermore, a movement toward the removal of the
duty would not meet with general encouragement
among millers.
Y et owing to the great milling capacity of the
country, far in excess of domestic requirements,
there is a very urgent demand for wheat that can
be ground for the export flour trade. When Can
ada has a good crop the wheat goes to Europe at
a price that makes American flour competition, at
a profit, quite out of the question. Furthermore,
cheaper rates on wheat down the lakes than can
be obtained on flour is an additional handicap to
western millers.
Now what the millers of the country want, is
Saturday, June 20, 1908
THE COMMERCIAL WEST
some provision of tariff drawback which will per
mit them profitably to grind Canadian wheat for
export. They cannot do so under the present sys
tem of milling in bond.
The suggestion that met with the most favor in
the discussion at Detroit was that the drawback be
on a basis of value of the flour exported. Also, it
is impracticable to export the millfeed, as at pres
ent is required. It is probable that something defi
nite may be evolved from the Detroit meeting; and
should the millers be enabled to grind the Canadian
wheat for the export trade under some system of
drawback that would encourage rather than dis
courage them, the export flour trade would quickly
revive and the milling business of the country
would begin an era of prosperity now stranger to
it for several years.
Safeguarding Commercial Credits.
The American Bankers Committee on Credit In
formation presents a plan for securing greater pub
licity and protection in the matter of commercial
credit which contains many admirable features. It
is to be regretted that the committee, in prefacing
its recommendations with a statement of the con
ditions which make desirable increased information
concerning the credit standing of concerns whose
paper is offered for sale through brokers, does scant
justice to the many sound and reputable note brok
ers. The abuses which have developed in the com
mercial paper business are exaggerated until the
picture that is drawn resembles more what might
lie if present evils were permitted to grow un
checked than it does conditions as they really exist.
However, this does not detract from the value of the
suggestions made by the committee, which are in
essence:
That, through the co-operation of the clearing
house banks in each of the various cities there be
brought about a system of annual audits of the
books and accounts of all concerns selling paper
through brokers, the reports covering in detail every
essential fact necessary or desirable in granting
credits. These audits would be made by competent
experts working under the supervision of a clear
ing house committee and would be supplemented
at least semi-annually by an intermediate report
signed by the officers of the company showing any
operations undertaken meanwhile which would
affect its credit. These reports would be filed at
the clearing house and kept as a permanent record
and certified copies would be furnished members
on application. They would, also, be supported by
a simple system of registering at the clearing house
all notes sold by brokers. There might be ex
empted from the necessity of audit and registration,
at the discretion of the individual clearing houses
such classes of notes as two-name paper growing
out of actual trade settlements between unasso
ciated concerns, notes secured by satisfactory col
lateral and notes of corporations where the officers
or stockholders have filed with the clearing house
a satisfactory joint guarantee for an amount suffi
cient to cover the paper. A certain freedom of
privilege would also be permitted to banks with
respect to the paper of their own customers.
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Federal Reserve Bank of St. Louis
9
To these recommendations the committee adds
the suggestion that a comprehensive and uniform
law effective in all states is needed, making it a
crime punishable by imprisonment for a borrower
to issue a false statement of financial condition.
The adoption of a system of audit and registra
tion along the lines of these recommendations would
go a long ways toward protecting the note holders
and would do much to correct bad methods and
eliminate objectionable paper. Tt would exert a
strong influence for conservatism in business by
checking the loose granting of credit which may
well cause many hitherto conservative business men
to go unwisely into debt. Once it had passed the
innovation stage it is unlikely that such a plan
would meet with important opposition. Solvent
borrowers with nothing to conceal would not
object to proper methods of protecting the holders
of their paper, particularly as the increased confi
dence in the paper would ultimately procure lower
rates for the registered notes. Note brokers of the
highest standing, have alw ays favored any means
by which the buyer’s knowledge of the credit
of the concerns whose paper they handle may be in
creased. On the whole, the committee would seem
to have pointed a w ay to the solution of a problem
of rapidly growing importance.
Aside from the technical features of the plan it
is interesting to note two tendencies which it
strongly illustrates. One is the constant trend
toward concentration of supervisory powers over
the banking business of the country in the
clearing house associations. This tendency re
ceived new impetus from the panic of last fall and
will be further increased by the provision for na
tional currency associations, as these associations
will be merely organizations through which the
regular clearing houses will act where emergency
currency issues are concerned. The second is that
tendency of modern business thought towards pub
licity of the affairs of corporations and others who
are debtors to the public.
Mr. Forgan’s Well-Earned Vacation.
Jam es B. Forgan, president of the First N a
tional Bank, of Chicago, left this week for Europe to
be gone until September. His vacation is well
earned, for he has had a strenuous year. His ser
vices to the public in last fall's panic were great
and honorable and on his shoulders as chairman
of the Chicago Clearing House committee much
of the weight of upholding confidence in the W est
rested. He has been to W ashington many times
this year, always with patriotic purpose. If he did
not secure from Congress the financial legislation
that as a scientific financier he considered requisite,
he did succeed in killing some vicious features. To
his influence as much as any man’s outside Congress
is to be attributed the merit of stopping the Aldrich
Bill as it was passed by the Senate.
Mr. Forgan drew upon himself this spring the
notice of Mr. Bryan, in the matter of the latter’s
proposed guaranty of national bank deposits. Mr.
Forgan attended the dinner of the Chicago Bankers’
Association a few weeks ago, where he listened to
Mr. Bryan ’s argument in favor of the guaranty.
10
THE COMMERCIAL WEST
Mr. Forgan has now had printed his address before
the annual meeting of Group Tw o of the Bankers’
Association of the State of Illinois on the subject
and he has been sending the pamphlet to his friends
and associates.
His argument is virtually a reply to Mr. Bryan,
a comprehensive and succinct statement of the
objections to the proposals of the Nebraska politi
cian. The address was printed in the Commercial
W est of June 13. It is to be recommended to the
study of everybody, for it is politically probable
that Mr. Bryan in his campaign for the presidency
this fall will make much of the guaranty of bank
deposits. In fact the proposal may become one of
the principal issues of the campaign. Mr. Bryan
evidently believes he has picked a winner in it, a
horse that at least will carry him a lap in the endur
ance race to the White House.
Therefore Mr. Forgan’s brochure, apart from
its merits, should attain a wide circulation. It should
be freely distributed among the people. Our people
in the country have leisure and still read seriously
and the proposition of government insurance of de
posits is one which, if it is to be defeated, can only
be defeated by a thorough campaign of education.
S. A. Harris.
In the death of Samuel A. Harris, president of
the National Bank of Commerce, Minneapolis has
lost a citizen whose influence, quietly and unobtrus
ively but none the less strongly exercised, was a
potent force in the' city’s growth, while the bank
ing fraternity is deprived of one of its ablest and
most respected members. Throughout a continu
ous official career of thirty-eight years in Minne
apolis Mr. Harris displayed qualities of judgment,
thoroughness and breadth and clarity of thought
which caused his counsel to be sought and valued
by leaders of affairs, while his unswerving integrity
and fidelity of purpose won him the reputation of
being a man to “ bank on.” But the regret which
is occasioned by his death is less a tribute to his
high abilities than to the modesty, rectitude and
helpfulness by which his life was characterized.
THE
B U L L ’S E Y E .
Years ago I lived on a line of road where we used to
see train after train of cattle cars pass daily hauling range
beef from the Texas plains to the great packing houses
of Kansas City and Chicago. This stock, as I remember it,
was not a highly finished product as compared with the
stall-fed stock that used to go to market from father’s
farm. Most of the steers we saw, as we looked at them
through the battens of the cattle cars, gave more or less
evidence of having come upon pot luck provisions. Some
of them looked as though they had lived at the deep end
of the trough, and the rest looked as though they had
habitually eaten at the second table. On father’s farm we
sold fat steers at two years old. These cattle were three
and four years old. Old ranch men always reckoned in
those days that they would lose a certain percent of their
stock each year from sheer neglect. This loss did not
move them in the least. On our farm we never lost a
fatting steex-, and if a calf died it was an event to mourn
over. The difference in these methods of stock raising is
the difference between dealing with animals as individuals
and animals in bunches. In years gone by men made for
tunes handling cattle in bunches, in spite of big losses.
Some of this is done today, but you will notice that little
by little the individual plan is crowding out the range plan
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Federal Reserve Bank of St. Louis
Saturday, June 20, 1908
of cattle raising, and the time is coming when the only
profitable cattle growing business will be that in which
each animal is treated as an individual with peculiar tastes
and feelings and powers of assimilation.
❖
*
*
This week I was in attendance at the commencement
of one of the greatest state universities in America. Stu
dents in flocks and shoals and bunches everywhere; thou
sands and thousands of them. Though the school had a
great equipment of buildings, and a faculty as numerous
as the population of some good-sized schools, yet pot-luck
marks were plainly to be seen. One parent told me that
the “ class advisor” of the class of which his son was a
member, had sent home an unfavorable report of the son’s
scholarship. The father made haste to write back that he
would come immediately and confer with the instructor
about the boy. The instructor replied that it would not be
necessary for the father to come. “ It’s up to the boy to
make good,” he said, “ and that’s all there is of it.”
'
❖
sj:
This is what might be called the old Texas ranch
method of handling students. It is going out of style on
steers. It ought to go out of style on boys. The time has
gone by when a beef animal can profitably be left to find his
way to market alone. And the time never was when neg
lect agreed with the moral health of a boy. A teacher’s
calling is a most responsible one. A part of his job is the
making of human character. His duty is not done when
he has thrown a forkful of instruction into the class man
ger and told the herd to eat while he goes fishing; and to
make good on it or git! I had a teacher once in a certain
branch of science who fed his flock this way. The feed
was good, for he was an expert; but we forgot him about
a week after we left his class. But the president of the
university! Ah, I remember with a warmth around the
heart, the first private interview I had with him! I left
his room saying to myself: “ That’s the greatest man I
ever yet met.” And when after that, I would meet him on
the street and he would speak my name and smile at me,
I could have fought for him— and I wasn’t of the fighting
type either. Cut the warm personal element out of a
child’s school education and you might almost as well send
him into a factory. If I were choosing a school for my boy,
I should say less style and more soul, if he can’t have
both.
— The Sharpshooter.
HON. P E TE R
W H IT E
OF
MARQUETTE.
The sudden death of Hon. Peter White of Marquette,
Mich., which was recently announced from Detroit, re
moves from business life one of the most prominent fig
ures in banking circles in the Upper Peninsula.
As one of the earliest pioneers Mr. White was known
as a man of remarkable ability in the many lines of busi
ness in which he was interested. Personally he had a very
wide acquaintance and through his unique signature, one
of the most unusual that adorn national bank notes, he
was known in a much wider circle, and among bankers
his peculiar autograph was the subject of much comment.
Mr. White was known as “ the father of the Lake Superior
country.” He was born in Rome, N. Y., in 1830 and lo
cated in Green Bay, Wis., in 1839. He has been in the
lake country ever since, chiefly in Wisconsin and Michi
gan, and for many years has been one of that locality’s
most prominent and valued citizens. He rejnoved to Mar
quette, Mich., when that picturesque little city was first
placed on the map. Successively a merchant and a law
yer, he had also been connected with the banking, mining,
insurance, railway and other interests, had been a mem
ber of each branch of the Michigan legislature, was reg
ister of the United States land office at Marquette, post
master of the town, collector of the port, had held several
county and city offices, been park and cemetery commis
sioner for more than forty years, and had been president
of the Mackinac island state park commission for ten
years. In recognition of his labors for educational inter
ests, the state board of education named one of its build
ings the Peter White Hall of Science. He had been presi
dent for forty-one years of the First National Bank of
Marquette. Of the American Historical Association he was
a prominent member.
S E N T IM E N T
AND
IN T E R E S T .
The only thing in the world that collects no sentiment
is a dollar, and it collects interest, which some people
think is better.— Atchison Globe.
W ESTERN
11
THE COMMERCIAL WEST
Saturday, June 20, 1908
BANKERS
C O N V E N T IO N S .
June 26, 2 7 ......... O re g o n .............................Salem.
July 1, 2 .................No rth D a k o t a ............... Bismarck.
July 15, 1 6 ........... W i s c o n s i n . . .................M ilw aukee.
Marquette.
July 8, 9. . . . . . . . M i c h i g a n . ........... ..
July 23, 2 4 .............Co lorad o .........................Colorado Springs
July 8 and 9 ........ South D a k o t a .............. Deadwood.
July 23, 2 4 ..............M in n e s o ta ......................Duluth.
July 23, 24, 2 5 ___ A. I. B ............................Providence, R. I.
July 27, 2 8 .............M o n t a n a ......................... Billings.
S epte m ber 2 7 . . . .A m e r ic a n B a n k e r s . . Denver.
1851
ORGANIZED
Irving National Exchange Bank
M em ber o f New York Clearing House
West Broadway and Chambers St., NEW YORK
S tate Bank of Springfield, Springfield, Minn.
The last statement of the State Bank of Springfield, of
Springfield, Minn., shows deposits o f $260,013, loans and
discounts of $236,783, cash and exchange amounting to
$59,645 and total resources of $309,236. Capital stock is
$35^000, surplus, $7,000 and undivided profits, $7,223. M.
Lehrer is president, J. C. Rothenburg, vice president, W.
G. Frank, cashier and J. R. Schmid and E. L. Nijpolt, as
sistant cashier.
C ap ital an d Surplus,
$ 3 ,2 0 0 ,0 0 0
R esou rces,
2 6 ,0 0 0 ,0 0 0
-
-
Strictly a
BANK N O TE R E D E M P T IO N S LARGE.
The amount of national hank notes presented at the
treasury for current redemption during May, 1908, was
$43 009 410, which is the largest amount ever redeemed
in one month and is $15,730,760 more than the previous
high record for May redemption in 1905. Redemptions
in May 1908 were 6.15% of the total circulation outstand
ing a t ’ the close of the month. The previous high per
centage of redemptions for May was 6.08% in 1905. The
total national bank notes presented at the treasury for
current redemption during the first five months of 1908
were $196,023,173, comparing for like periods with $113,508 890 in 1907, $137,919,139 in 1906, $138,917,324 in 1905,
$121,143,057 in 1904, $89,900,475 in 1903, $83,168,425 in
1902’, $70,134,427 in 1904, and $47,109,561 in 1900.
-
Commercial Bank
O ffic e r s .
Lewis E. Pierson, President; James E. Nichols. VicePresident; Chas. L. Farrell, Vice-President; Rollin P.
Grant, Vice-President; Benj. F. Werner. Cashier; David
H. G. Penny, Asst. Cashier; Harry E. Ward, Asst.
Cashier.
CHICAGO MONEY AND BOND MARKET.
(S p ecial C h icago C orresp on den ce to the C om m ercial W e st.)
Chicago, June 15.— President James B. Forgan of the
First National Bank anticipates higher money rates after
July first because of the increase in state bank reserves
required by the new New York state banking law.
Before leaving for Europe on Monday Mr. Forgan com
mented on the peculiarities of the money market, as fol
lows:
“ While the money market remains in a state of de
moralization more or less, nevertheless in my opinion we
are now rapidly approaching the time when the present
large accumulations of idle funds, will cease to burden the
banks.
“ In asserting as much, I am not anticipating the usual
crop requirements of a later season in the year, neither
the natural increase in general business throughout the
west in the event of great crops. I am simply considering
the straight requirements of banks in the east after July
first, the date upon which the new state banking law goes
into effect in New York state.
“ The new law requires of the state banks and trust
companies within the state to carry increased reserves.
And as nearly as I can figure it, the provisions of the
new law will result in tying up some $40,000,000 in re
serve which are now available for loaning purposes. That
amount of $40,000,000 is not far short of the surplus held
in excess of legal reserves by the clearing house banks of
New York City, as shown by the weekly statements.
“ The effect of the new New York state law should be
to advance the rates for money in the east, and in turn
it is only natural that the west should also feel the in
fluence of the same.”
There is perhaps already discernible a disposition to
wards a tightening of rates, rather in the minds1of bank
ers than in actual loan transactions. The influence of crop
movement in the southwest is said already to be felt here.
While rates remain at 4% to 5% both on commercial and
collateral loans, the general feeling is that they will ad
vance.
Buying of commercial paper by the banks has been
light for "the last week, little choice paper being offered.
The ruling price has been 4%, only superlative quality
commanding 344%Eastern paper has predominated in the offerings, and
while much of the paper is renewals, the new paper is
taken to mean increasing business activity.
G ood
In v e s tm e n t
D em and
For
B o n d s.
Investment demand in the bond market continues stead
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ily. The municipal bond market is also firm. Various
issues of the city of Chicago are selling at retail on a
basis, to yield the investor about 4.05%. Choice western
city issues range from 4% to 4% % basis compared to
4 y2 to 5 three months ago.
T y p ic a l
M u n ic ip a l
B onds.
The Harris Trust and Savings Bank furnishes the fol
lowing quotations as typical of the general municipal bond
market:
B onds
C ook C ounty, 111., 4’s ....................................
B oston, M ass., 3 % ’ s and 4’ s ....................
N ew Y ork City, 3 % ’ s, 4’s an d 4V2’ s ........
Pittsburg-, Pa., 4% ’ s ......................................
C leveland. O., 41/4’s ..........................................
C ity o f C hicago, 4’ s ........................................
C h icago S an itary D istrict 4’ s and 4 % ’s.
C hicago, W e st P ark, 4’s ..............................
L ynn, Mass... 4 's .................................... .........
W aterbu ry, Conn., 3 % ’ s ..............................
O skaloosa, la., 4 % ’ s ........................................
D ubuque, la ., School 4’ s ............ .................
Seattle, W ash ., 4 % ’ s ............................. . . . ,
J ersey City, N. J., 4 % ’s .............................. .
Q uincy, 111., 4 % ’ s ...........................................
K in g C ounty, W ash ., 5’ s ..............................
W a sh in g ton C ounty, Pa., 4 % ’ s ................
M em phis, Tenn., 4 % ’ s ................................
B ea v er Falls, Pa., School 4 % ’ s ................
Joplin, M o., School 4 % ’ s ............................
T ra v erse City, M ich., 4 % ’ s ......................
H em stead, N. Y ., School 4.60’ s ................
H olland, M ich., 5’s .................... ....................
B ellevue, P a., 4 % ’ s ........................................
S outham pton , N. Y ., School 5’s ..............
S an ta M onica, Cal., 5’ s ..............................
O klahom a City, O kla.v 5’ s ..........................
B ozem an , M ont., 5’ s ....................................
Glendale, Cal., School 5’ s>..........................
C larendon C ounty, So. Car., 5’s and 6’s
T ifton , Ga., 5’s ..............................................
M eridian, M iss., 6’s ......................................
T o yield about
. 3.75 to 3.80
3.80
. 3.90 to 4.10
. 3.90 to 4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.13
4.13'
4.13
4.13
4.13
4.13
4.15
4.15
4.20
4.20
4.25
4.25
4.25
4.25
4.35
4.50
4.50
4.50
4.60
. 4.65 to 4.88
4 .7«
4.75
EXCEPTIONAL INVESTMENT OPPORTUNITY
We own and offer
At
95
and interest, to net about
5.40 %
$12,000 MINNEAPOLIS GAS LIGHT CO.
FIRST GENERAL MORTGAGE 5% BONDS
D ated 1 9 0 3 :
Due 1 9 3 0 .
A bond that is certain to advance in value, issued by one of the most
successful public utility corporations of the Northwest.
Full descriptive circular on request.
W E L L S 6 D IC K E Y CO.
Established 1878
Capital and Surplus, $ 5 5 0 , 0 0 0
Securities
M IN N EA P O LIS
12
THE COMMERCIAL WEST
Saturday, June 20, 1908
Intelligent, conscientious efforts to
please are making our service un
surpassed in this field. The increas
ing volume of business entrusted to
this institution by banks, corporations
and individuals is proof of the effi
cient service rendered.
The Commercial
National Bank
RESOURCES (over) $4,500,000.00
C A P IT A L and SURPLUS
W A T E R L O O , IO W A
$ 2 5 0 ,0 0 0 . 0 0
The Des Moines
National Bank
W. W. MILLER, President
E. L. JOHNSON, Vice President
H. C. SCHULTZ, Cashier
E. W. MILLER, Ass’t Cashier
DES M OINES, I O W A
DIRECTORS
ARTHUR REYNOLDS. President
J. H. BLAIR, Vice President
A. J. ZW ART, Cashier
C. A. BARR, Assistant Cashier
W. W. Miller Geo. E. Lichty J. W. Krapfel
E. L. Johnson H. M. Reed
Warren Brown
F. C. Platt
A. J. Edwards H. C. Schultz
J. S. Tuthill
C. W. Illingworth
Our facilities for Best o f Service are Unexcelled
WE SOLICIT ACCOUNTS OF BANKS AND BANKERS
The
The
Security National Bank First National Bank
of Sioux City, Iowa
UNITED STATES DEPOSITORY
Established 1884
Capital, $300,000.00
U. S. DEPOSITARY
SIOUX CITY, IO W A
Statement o f Condition June 1, 1908
Statement of Condition, May 14, 1908.
RESOURCES
Loans and Discounts...........................................$1,656,593.10
Bonds and Sundry Stocks (Cash Securities) ..
276,713.42
150,000.00
Security Bank Building.......................
3,040.64
Overdrafts..........................................................
U. S. Bonds................
260,000.00
Due from Banks and
U. S. T reasurer.....................$895,767.44
U. S. Bonds................................... 50,000.00
Cash ................................................. 311,332.78 1,257,100,22
$3,603,447.38
LIABILITIES
Capital Stock...................................................... $ 250,000.00
Surplus and P ro fits............................................
180,639.51
Circulation............................................................
250,000.00
Deposits................................................................ 2,922,807.87
$3,603,447.38
W. P. MANLEY, President
C. L. WRIGHT, Vice President
T. A. BLACK, Vice President
C. N. LUKES, Cashier
C. W. BRITTON, Ass’ t Cashier
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
RESOURCES
Loans and Discounts.............................
Overdrafts...............................................
U. S. and other Bonds.........................
Banking House Fixtures ....................
Cash and Due from Banks..................
Total................
$1,285,369.009.468.00
571.220.00
6.369.00
937.412.00
$2,809,838.00
LIA B ILITIE S
C a pita l.....................................................
Surplus and Profits...............................
Circulation...............................................
Deposits...................................................
Total
O F F IC E R S
Jam es
F. T o y , President
President
A c k l e y H u b b a r d , Vice
J . F r e d T o y , Cashier
F. W. K a m m a n n , Ass’ t Cashier
I. C. B r u b a c h e r , A ss’ t Cashier
$300,000.00
85,925.00
200 , 000.00
1,223,913.00
$2,809,838.00
*
Saturday, June 20, 1908
THE COMMERCIAL WEST
13
IOWA BANKERS AT SIOUX CITY.
(S p ecial C orresp on den ce to the C om m ercial W e st.)
Sioux City, la., June 12.— The twenty-second annual
meeting of the Iowa Bankers Association on June 11 and
12 was a great success in every way. With fine weather
a large attendance and an interesting program of consider
able variety, every one present was happy. Sioux
City, through its clearing house, took care of the visitors
in splendid shape, and provided ample entertainment of all
sorts. Nothing but the warmest praise was heard for the
Sioux City bankers as hosts.
Six hundred and fifty bankers, representing national
and state hanks and trust companies, whose institutions,
according to J. M. Dinwiddie, of Cedar Rapids, secretary
for the organization, contain deposits of more than $300,000,000, were registered.
The hankers association of the Hawkeye state now is
composed of 1,180 members and is the largest state organ
ization in the United States.
After an invocation by Rev. R. P. Smith of Sioux City,
few sh ort m onths to bring v iv id ly b efore us h ow suddenly
the un expected happens.
The bankers o f Iow a do not ask or ex p ect any special favors.
T h ey n ever have and will not seek now the enactm ent o f any
law or the repeal o f an y law likely to p reju d ice the righ ts and
p rivileges o f the general public. T h ey do feel, how ever, that
in ju stice has som etim es, been done them in the past and there
are p ow erfu l influences now at w ork to an end that m eans grave
danger, if not disaster. W e ow e it to ourselves, to our ow n
self respect, to our ow n pride and to the w elfa re o f the very
g reat nu m ber w h ose affairs are so closely in terw oven w ith our
own, to perm it no default, to allow no w av e o f un reasonin g
p reju d ice to injure, w reck or ruin v ery great interests w ithout
a p rotest or a dem and fo r ju stice. T o th is end I urge that our
m em bership be m ade p ra ctica lly unanim ous, that our o rg a n iza
tion be fu rther protected , united and trained and w e be ready
to defend our righ ts w h en ever the tim e m ay com e fo r action.
At this point President Carpenter reviewed the events
in Iowa of the recent panic, commenting on the same in
the following language:
Y ou will k n ow the story. It w as bu rn ed in the m em ory o f
the m an w h o told ov er and over again about “ ev eryth in g bein g
tied up in C h ica g o,” of “ clearin g h ou se” rules., o f “ w e had to
follow C h ica g o,” and it w as also burned into the m ind o f the
m an out in the cou n try w ho listened at the other end o f the
wire. It w a s n ot sa tisfa ctory , but he had to be satisfied. T he
“ clearin g h ou se” had said so. T hese w ords began to take on a
new m eaning. E v ery th in g w as “ clearin g h ou se.” It bobbed up
m an y tim es a day. L ik e the m an in the ocean it w as clearing
house, clearin g house everyw h ere but not a dollar in sight. H e
w as advised over the phone to g et togeth er w ith his neigh bors
and form associa tion s in tow ns and counties. T o explain to the
p eople— to arrange to issue som e su bstitu te for the cash. H e
though t o f this and alm ost laughed out aloud even in th at
hour o f g loom w hen he saw h im self try in g to explain to H ans
Schm idt of the Gold S pring cream ery, how easy it w ould be
fo r him to p ay the patron s S aturday w ith som eth in g like a
fou rth cou sin to m oney. O f goin g over the cu rren cy problem
w ith M rs. R eilly, w h o w ou ld be in T u esd a y w ith her $7.25 egg
check, and stan d in g off Bill Johnson, w ho had sold his hogs
and never w ould have an yth in g but the long green fo r his. T he
cou n try ba n k er w as the m an behind the gun and in fron t o f
it, too, those days last fall.
In s is ts o n C h a n g e in L a w s .
N ow I ask th at I be n ot m isun derstood in w h at has here
been said about a rb itra ry m eth ods o f clearin g house a ss o cia
tions or c ity bankers. W e d o n ot y e t k n ow how serious the
situation w ith these c ity banks or their a ssocia tes really w a s
W e have never been fu lly in form ed as to h ow real the cause
fo r the frig h t a ctu ally was,. N o on e k n ow s w h at the ou tcom e
w ould have been if tem p orizin g had prevailed rather than the
radical and the arbitrary.
B ut w e do know , and in this I w ish also to be v e r y clearly
un derstood that w e m ust em ph atically insist that som e radical
chan ge m ust be m ade in our law s, our cu rren cy system or our
m ethods, so th at such a situation w ill not again com e upon
us. In this land o f freed om and o f thrift, in this peerless state
ot Iow a, in this grand, g ood hom e state o f ours, it m ust be
that in a tim e o f plenty, o f peace, o f happiness and o f p r o s
perity, it m ust n ow and shall be that an y h a lf dozen m en u n
know n to us alm ost can, in their w isd om or in their folly as a
clearin g hou se com m ittee or an y other com m ittee, or on an y
p retex t w h atever, in C hicago or an yw here else, over nigh t or
over the S abbath d ay w ith ou t n otice and w ith ou t w arn in g
d ecide and declare that w e shall not have our own. T h at the
lifelon g establish ed law o f p rop erty righ ts shall be ruthlessly
and indefinitely and illegally set asid e— that hundreds o f sound
and solvent ba n k s be p ra ctica lly forced into a state o f su spen
sion ; that the prudent, con serv a tive banker be placed on an
ab solu te equ ality w ith the reck less and sp ecu lative on e; and
that the good nam e and repute o f thousands, o f cou n try bankers
handed d ow n from fa th er to son be sm irch ed and blackened
n c a u iib L d s u n y in c o u n t r y .
John
T . B ro o k s , p r e s id e n t o f t h e F i r s t N a t io n a l B a n k o f H e d
r ic k , la .
P r e s id e n t E l e c t o f th e
Io w a
B a n k e rs
A s s o c ia t io n .
Hon. W. G. Sears, mayor of Sioux City, welcomed the
guests in a cordial manner befitting the occasion.
Annual Address of the President.
In his annual address to the members of the Iowa
Bankers’ association H. M. Carpenter, of Monticello, yes
terday warned bankers to stand together against harmful
legislation as to financial matters.
Mr. Carpenter said in part:
T h e fiscal year has been one o f but triflin g loss to our m em
bers from bu rglary, frau d or other rascality. Our firm and well
establish ed p o licy o f v ig orou sly and m aterially aiding in the
appreh ension and co n v ictio n o f an y and all w h o co m m it crim e
ag ain st our m em bers has been the g re a te st fa cto r in keeping
a w a y these un desirable visitors.
T he b a n k ers’ a ssocia tion o f Iow a g iv es value receiv ed to
all o f its m em bers. T he in d irect benefit from group and annual
m eetin gs, the g a th e rin g together, the e x ch an ge o f ideas w ith
one another, the frien d ly feelin g p rom oted and the cen tra lizin g
o f the p ow er w e p ossess are m ore than sufficient reason s fo r the
a ss o cia tio n ’s existen ce.
A dd to this the m aterial and d irect
m on eta ry returns from the tim e lo ck and in d em n ifyin g bond
fea tu res n ow so w ell established, and no possible ex cu se can
be g iven by an y bank fo r n o t bein g w ith us and o f us.
T h ere is a deeper and fa r m ore im porta n t reason fo r our
closin g up the ranks, fo r our b e co m in g m ore th orou gh ly united,
fo r stren gth en in g ourselves fo r offen se and fo r defense, for
p rep aration fo r w ar in tim e o f peace, if you please. T he clouds
o f h ostile legislation, both national and state, already darken
the horizon both east and w est. T here ,is m uch cause o f fear
from ha sty and ign oran t m inds and un reasonin g preju d ice.
E xam ples are not la ck in g and w e have but to think ba ck a
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Federal Reserve Bank of St. Louis
I repeat, th ese things m ust not be again. T he seeds o f d is
trust, d oubt and d isaster then sow n in the m inds o f the c o u n
try bank cu stom er will not have m atured and b ecom e era d i
cated for a lifetim e. T he effect o f that dark, dark period cam e
to the city ba n ker q u ick ly and the re co v e ry corresp on d in gly so
T he cou n try banker does n ot feel the results o f such frig h ts
prom ptly, but they are fa r m ore lasting. He hears o f it alm ost
d aily yet, and the though t of w h at w as fea red w ou ld happen
and did not happen is the tu rn in g fa cto r even now in d ecid in g
to w ith d ra w deposits from the cou n try ba n k s and invest in
other w ays.
W h a t is the rem ed y fo r all these troubles,? W h a t shall be
done to p reven t recu rren ce? W h a t new law , or am endm ent to
present law , should be enacted that our nation m ay n ot again
be so stricken and h u m iliated ? I say hum iliated, for is it not
g rea t hum iliation' fo r this, a cou n try m ost rich in intelligence
in natural resources, in m aterial w ealth and w ith the brigh test
fu tu re o f them all, to be forced to adm it to the nations o f the
w orld that in a tim e o f p eace and p lenty w e are .plunged into
w ild est frig h t and panic, all becau se w e have no w a y o f su pp ly
ing- som e m on ey ev iden ce o f but a slight fra ction o f the total
o f our enorm ous resou rces?
E le v e n th
H o u r R em edy.
T he problem should be a sim ple one, but it seem s m ost c o m
plex. Our w isest m en are disagreed. T he rem edy decided on
after long and fa ir consid eration by our ow n A m erican B ankers
A ssocia tion , and w h ich it w ould seem should be w orth y o f In
dorsem en t by the rank and file o f that a ssocia tion , seem s to
have been discred ited both from w ithout and from w ithin
Our
nation al law m akers, inspired perhaps b y tw o th ou g h ts p olitical
to one p atriotic, finally began to sit up and take notice, and the
last d ay in the aftern oon gav e the cou n try a law, m ore or less
a m akesh ift, but a long step forw ard, and for w h ich w e are d uly
gratefu l. H o w fa r this n ew ena ctm en t will go tow ard o v e r
com in g the w eakn ess in our n a tion ’ s cu rren cy system only the
test o f tim e and ex perien ce w ill prove. It should have a fa ir
and u n prejudiced trial and not be condem n ed in ad van ce
In fla tio n A d ju s t s It s e lf.
W e have heard m uch ab ou t the frig h tfu l dangers o f asset
cu rren cy and the inflation that m ust g o w ith it. W h ile it is
true that inflation m ay, like eatin g and drinking, be carried so
fa r as to brin g d isaster or death, is it not a fa c t that w ithout
m som e w ay increasin g, at least tem p orarily, the total o f the
nation s m on ey it is not possible to ch eck and ov ercom e the
frig h t and clam or fo r actual cash that sw eep s over the land
m tim e o f p a n ic? Did we not do this v ery thing last fa ll?
W a s not the tens o f m illions o f dollars im ported from oth er
cou n tries at g reat co st inflation pure and sim ple? H as n ot the
14
THE COMMERCIAL WEST
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T he C orn E xchange National Bank
OF C H I C A G O
C a p ita l
S u rp lu s
U n d iv id e d P ro fits
ERN EST A. HAM ILL, President
CHARLES L. HU TCHIN SON, V ice President
CH A U N C E Y J. BLAIR , V ice President
D. A. MOULTON, V ice President
JOHN C. N E E LY, Secretary
F R A N K W . SMITH, Cashier
B. C. SAMMONS, A ss’t Cashier
J. EDW ARD M A A S S , Ass’t Cashier
JAMES G. W AK EFIE LD , A ss’t Cashier
inflation adju sted itse lf qu ickly, sim ply and n a tu ra lly? I f so,
w h y w ould not all inflation or increase o f our m oney supply
w ithin our nation w ith ou t toll to foreig n coun tries, based on the
sam e a ssets o f our ow n and carefu lly safeguard ed, ad ju st itself
in the sam e w a y ?
The question o f insurance or gu a ra n ty hy state or nation
o f m on ey d eposited in banks is one that is now rapidly bein g
forced upon the public, and esp ecia lly on bankers.
T he pro
and con o f it is to be discu ssed at som e length b y gentlem en
on our program .
B oth have given the su b je ct m uch con sid
eration, and w ill certain ly be able to hold y ou r close atten tion
fo r the b rie f tim e it is possible to giv e them . In v ie w o f this
it w ould be d oubtfu l taste fo r m e to dw ell on the m atter at all.
Following the reports of the secretary, treasurer and
various committees Judge A. D. Baillie of Storm Lake
answered many legal questions that had been sent in.
Receiverships For Insolvent Banks.
L. J. Yaggy, manager of the Davenport clearing house
then spoke as follows on “ Receiverships for Insolvent
Banks” :
T o kn ow a truth and its relation s to other truths, is to know
it scientifically.
W e attain scien tific tru th s b y daily experien ce, and b y su m
m in g up daily ex perien ces, m an has, been lead to b elieve that
natural even ts fo llo w each other, in an orderly and con n ected
w a y ; that th ey do so is eviden ced b y m ore law s o f nature than
one. T h at the nigh t fo llo w s the day we know , that the harvest
follow s the sow ing, w e know , and w h ereas the m ost com p lex
p rop osition s are solved, b y the application o f g eom etrica l p rin
ciples, h a v in g fo r their base, natural laws, and w h ich can n ot be
in telligen tly or lo g ica lly dem on strated b y the un inform ed, so,
m ay w e not in all sane reason in g presum e w ith ou t fear o f s u c
cessfu l co n tra diction , th a t the ba sic prin cip les un derlying su c
cessfu l and profitable m an a gem en t o f em barrassed financial in
stitu tion s, calls from the operative, n a tu re’ s m ost logic g ifts of
resou rcefu ln ess, scien tifically directed.
T he old threadbare adage, “ n ecessity is the m oth er o f in
v e n tio n ,” has fo r ages log ica lly w ith stood storms, and abuses of
m aster m inds, w h o w ou ld righ tly revise it b y saying, n e c e ssity is
the m oth er o f preparation, w h ich w e have all long sin ce learned
b y close observation or p ossibly b y bitter experien ce, to be the
b etter version , so that w e now reason, in tim e o f p eace prepare
fo r w a r; in health, fo r sick n ess; in plenty, fo r ad v e rsity ; and in
k eep in g w ith this log ic w e fou nd our sch ools and colleges, em
p loy as in stru ctors m en o f broad m inds w h ose ability to d em on
stra te has been enriched b y delvin g deep and co m in g in close
tou ch w ith n a tu re ’s storeh ouse o f experien ce.
W e th erefore reason ably contend that the loss or gain to a
financial d irelect bears the sam e p rop ortion to the final squaring
o f a ccou n ts as the in telligen t app lication o f undeniable b a n k
ing theoreum a com m an ded b y the op era tor is com p ared w ith the
segregated assets w ith w h ich he is intrusted.
It has been tru ly said “ to kn ow a little is d an gerou s” and in
no case is it m ore true, m ore hazardous, un profitable and in
con sisten t w ith all good bu siness m eth ods than in that of the
last sad financial rite com m on ly called receivership. It is to be
regretted that in som e instan ces these p osition s are handed out
as p olitical plum s, and w e all no doubt have instances, in m ind
w here the fa cts su bstantiate the fo re g o in g statem en t and we
r efer w ith sham e to th ose w h om w e as confid ing con stitu en ts
have b y our ballots p laced into the h igh er offices, m en w ho will
so fa r fo rg e t or ov erlook the financial and m oral obligation they
ow e to us., and attem pt to p lace in such position , under pressure
o f local dictorial pow er, one w h o w ou ld be grossly incom petent,
expen sive, irrespon sible and detrim en tal to the com m u n ity in
terests represen ted b y a financial institution w h ich has becom e
em barrassed.
N ot alw ays but. w e say, too often, is this, the case, and it
becom es us as holders in tru st to b y w ord and deed stam p out
this p ra ctice w h ich is the inevitable un derm ining o f higher
citizensh ip, and tam p erin g w ith the m ost sacred inh eritan ce of
m en, that o f confidence.
In the early y ears o f banking, w hen an institution becam e in
volv ed to the ex ten t o f em barrassm ent, its com p e tito rs looked
on w ith som e degree o f co m p lacen cy. T h ey argued that if such
a bank failed, it w ould take one o f their rivals out o f business
and their co ffe rs co rresp on d in g ly filled, but toda y w e realize
that the w elfa re o f one is. the w elfa re o f all and unless there is
g larin g in stab ility or corru ption in a fianancial institution all
rally in its support, so fa r as is consistent, and the com m un ity
interests dem and.
W e cann ot refrain fro m repeatin g, “ to kn ow a little is d a n
g erou s,” th erefore the n ecessity o f startin g right, w h ich is
equally true w ith the ending as o f the beginning.
F ailures are so varied in cause, fo rce d b y so great a num ber
o f circu m stan ces, that to form u late a rule w ould be, aside from
im possible, im practicable, unreliable and o ft tim es w ould be
erron eou sly applied, so that again w e can only sa y “ know fo r
th y self.”
W e too often trea t an em barrassed institution like the p a r
able o f the m an w ho fell am ong thieves, w*e pass by on the
other side and fa il to rem em ber that receiverships are not alw ays
in d icative o f a financial in stitu tion ’s fu n eral; they are som e
tim es only breath in g spells or enforced rests, and w hen an in
stitu tion is in this state o f relaxation it is in its m ost critical
condition , and it is at th is tim e that if log ica lly adm in istered to
it com es out o f the purging fire, brighter, m ore stable and m ore
useful than b efore, and w e m ake this statem en t that logica l
brain s prop erly skilled and p olished b y the diam on d cu tter of
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, June 20, 1908
$ 3 ,0 0 0 ,0 0 0 .0 0
3 ,0 0 0 ,0 0 0 .0 0
1 ,7 5 0 ,0 0 0 .0 0
DIRECTORS
CHARLES H. WACKER
MARTIN A. RYERSON
CHAUNCEY J. BLAIR
EDWARD B BUTLER
CHARLES H. HULBURD
CLARENCE BUCKINGHAM
ISAAC G. LOMBARD
BENJAMIN CARPENTER
WA I'SON F. BLAIR
EDWIN G. FOREMAN
EDWARD A. SHEDD
CHARLES L. HUTCHINSON
FREDERICK W. CROSBY
ERNEST A. HAMILL
FOREIGN EXCHANGE
LETTERS OF CREDIT
CABLE TRANSFERS
tim e w ill save thousands o f dollars to the com m un ity, tem p orary
and lastin g em barrassm ent to com m ercia l lines and reflect credit
rather than d iscred it on our ba n kin g organ ization s as a w hole.
W e con clu d e then w ith this sim ple plea, that w e w h o are all
at this tim e so fortu n a te as to be fa r from the rem otest p ossi
bility of the p ra ctical app lication o f th is su b ject m atter, r e
m em ber that tim e plays h a voc, and fo r the good o f financial
institutions let us use all fa ir and hon orable m eans to have
su ch a degree o f p roficien cy required before an ap p ointee qu ali
fies as. w ill insure speedy, safe and sa tisfa ctory adm inistration.
Mr. F r a m e ’s Address.
The feature of the afternoon session was the address
of Andrew J. Frame, president of the Waukesha National
bank of Waukesha, Wis., whose prepared address was on
the subject, “ Insuring Bank Deposits.” Mr. Frame gave
considerable attention to William Jennings Bryan, whom
he styled “ the several times candidate for president.” He
referred to Mr. Bryan as a demagogue and said he did not
value his opinion on questions of finance.
Mr. Frame presented a strong case against the plan of
government guaranty of hank deposits. He briefly re-
H e n ry
M . C a r p e n te r , o f th e M o n t ic e llo S ta te B a n k .
P r e s id e n t o f th e Io w a B a n k e r s A s s o c ia tio n .
R e t ir in g
viewed the New York “ safety fund system” and European
history which he thought might he classed fairly under
the head of insuring hank deposits. He also sketched the
Australian banking system and concluded by asking why
the government should guarantee hank credits and not all
other credits.
His address was as follows:
It is claim ed that insuring bank deposits w ill p reven t d is
trust, bank failu res and panics. I assert there is nothin g in h is
tory or reason to confirm any such assertion.
A gain, the several tim es cand id ate for p residen t claim s, in
addition, that such insurance will not lead to reckless, banking,
but in su bstance, will bring the m illennium . L isten to his log ic:
“ M an a gers becom e reck less! W h y, m y friends, the officers of
the bank are selected by the d irectors, and the d irectors are
chosen b y the stock h old ers, and the stock h old ers w ould lose all
o f their capital, and all o f their surplus, and then th ey w ould
have to respond to the 100% liability before an y other bank could
Saturday, June 20, 190S
THE COMMERCIAL WEST
14-a
The Fourth Street National Bank
OF
Capital,
$3,000,000
P H I L A D E L P H I A
R. H. Rushton, President
E. F. Shanbacker, 1st Vice-Prest.
B. M. Faires, 2d Vice-Prest.
lose anything.
W o u ld n ’ t that be enough to m ake the officers
ca re fu l? If that is n ot enough suppose w e try the crim inal law
an d see if that w ill m ake them careful. W h a t has been the
difficulty w ith ou r b a n k s? Our fin anciers w ill tell you that the
banks that have failed have failed, in alm ost every instan ce,
becau se the officers o f the bank have violated their tru st and
used the m on ey o f other people to ad van ce their ow n in terests!
Isn ’ t that true, Mr. G a g e ?”
Mr. G age: “ Y es, sir.”
M r. B ry a n : ‘ ‘Isn ’t that true, Mr. B a k e r ? ”
Mr. B aker (P resid en t F irst N ational Bank, o f N ew Y o r k ) :
‘ ‘Y es, sir.”
Mr. B rya n :
‘ ‘W h y h a sn ’ t it been rem ed ied ? B ecause the
m anagers o f bad banks do not w an t to be restrained, and the
g ood bank is, n ot an xiou s to have the others restrained, becau se
the g ood bank can p oint to the recklessness o f the others- and
draw a w a y d ep osits.”
B roth er bankers, I ask in all sin cerity, does not. such a
d em a gog ical thrust stir y ou r hon est h ea rts? B ecau se it com es
from one w h o— apparently spurred on. a cco rd in g to the N ew
Y ork W orld, b y a $280,000 cam pa ign fu nd contributed in 1896
b y the silver m ine owners'— ad voca ted , w ith all his eloquence,
the p ay m en t o f all obligations, includ ing those to labor and bank
depositors, in 50 cent dollars, w hen, alm ost to a man, the b a n k
ers o f the U nited S tates stood like a stone w all fo r a 100 cent
dollar. “ C onsisten cy, thou art a je w e l!”
Again, Mr. B ryan says: “ N ow . there is an oth er safeguard.
I w ou ld like to see a law that w ou ld m ake it a crim inal offense
fo r an y bank official to b ecom e a g am bler upon the sto ck m a r
ket. D o n ot w a it until he has lost, or has com m itted su icid e;
but m ake it crim inal to begin.
Save the m an ’ s life, and his,
honor, and his fa m ily b y p ro te ctin g him from the tem p ta tion .”
A m a zin g d ecla ra tion s! N otw ith sta n d in g the undisputed fa ct
that fo r all tim e the statutes o f civilized nations have w ritten
in them rigid law s to p rev en t crim inal acts, y e t the ja ils and
p en iten tiaries o f the nation s have not y e t been closed fo r la«k o f
occu pa n ts w h o b roke those laws, and even our splendid land is
no excen tion to the un iversal rule. Mr. B y ra n ’ s m agica l “ be it
e n a cted ” th erefore will not brin g ab ou t the m illennium , even if
he does declare it unto us. If he could, b y law, ch an ge human
natu re and reform the ov erzealou s w ho becom e inoculated with
the g et rich qu ick fever, then w e m igh t abolish the bible and
the penitentiary. But. alas, “ m an that is born o f w om an is of
few days and full o f trou b le.”
T he Vital Question.
T h e v ita l qu estion at issue then seem s to be, if it is im p os
sible to w h olly elim in ate the patien t w ith the get rich quick
fev er and the sm ooth high fin anciers w ho build pyram id banks
even in the fa ce o f rigid laws' reg u latin g hum an actions, is it
equitable or ju st to com p el the hon est or co n se rv a tive banker
to in d orse the liabilities o f the crim inal high financier and
gam bler w ith the get rich qu ick fever, also the incom petent and
the n on con serv ativ e fa ir w eath er b a n k er?
L et us reason togeth er a little on the last tw o p oin ts: A
cu stom er calls on a con serv a tive old tim e banker fo r a loan of
$5,000. H is securities' are o f su ch a sh ady ch aracter that the
ba n k er— d isrega rd in g the alluring high interest rate— declines
the loan. T h e cu stom er im m ed iately repa irs to the fa ir w eather
banker w ho takes the b ig in terest bait and gran ts the loan. The
bank exam iner p asses the loan becau se it is not ex cessiv e and
he can n ot kn ow its ex act ch aracter. T he fa ir w eather ba n k er’ s
p ortfolio is soon filled to the lim it w ith sim ilar assets, and then,
under the im petus o f illegitim ate inducem ents, o f higher rates
paid fo r deposits, selling e x ch an ge for nothing, or in m an y other
w ays, in n ocen t and even g o o d people w ill w ith d ra w their funds
from the con serv a tive banker to deposit w ith the fa ir w eather
banker, becau se the con serv ative is liable fo r the debts, o f his
com p etitor. I appeal to y ou r intelligence, gentlem en , is this fa ir
or equ ita ble? W ill not such con d ition s in tim e underm ine, as by
an insidious disease, the health y con stitu tion o f a con serv ative
banking system , and thus, d e fe a t the v e ry o b je ct sou gh t? R e a
son says so, and history confirm s it.
I do n ot value Mr. B ry a n ’s op inion in the m atter. H is p o s i
tion on e con om ic qu estion s has alw ays been o f a p opu listic or
socia listic order.
H e w as w ro n g tw elve years ago, and the
fa lla cies o f his com ed y o f sixteen errors to one tru th have all
been exposed b y the b ea con lights o f historic fa cts. H is in
sin cerity is ju st as apparent now as ever. L et us see. I lis
tened to his tru th ful and bea u tifu l lecture, w h ich he delivers to
C hristian audiences, entitled “ T he Old W o rld and the N e w ,” in
the M eth odist ch u rch at W a u k e sh a lately. A ll w ere charm ed
w ith his eloqu ent con tra sts o f social and religiou s, as w ell as
m aterial, con d ition s betw een Oriental, E uropean and A m erican
peoples. T h e y can fa irly be sum m ed up as fo llo w s:
T he social gap betw een those o f high and those o f low estate
in O riental cou n tries is w id er than elsew h ere on earth. T hat
g ap n a rrow s m aterially in E urope, but in the U nited States, the
con d ition s are fa r m ore closely allied. T he con d ition o f w om an
is one o f a b je ct servitu de to m an am on g Orientals. In E urope
she is raised to a con d ition o f se m i-so cia l equality. In A m erica
if w e disagree on the 16 to 1 theory, w e can all agree that m an
and w om an are as 1 to 1. H e fo r c ib ly illustrated the degrading
O riental religion s w ith the u p liftin g teach in gs o f Christ. H e d e
clared that labor w as better paid, b etter housed, better clothed
and better fe d in the U nited States than an yw h ere on earth
H e declared th at the con stitu tion o f the U nited States w as the
m odel o f the w o rld ’ s p roductions, and that the ad vanced nations
o f E urope w ere stu d y in g and ad op tin g m an y o f its provision s,
but p re s to !— ch an g e— . T he sam e evening, at a political g a th e r
in g and elsew here, he con tin u a lly preach es the gospel o f d is
con ten t o f labor, stirs up class hatred and seeks to tear the
con stitu tion from its m oorin gs b y ad v o ca tin g socialistic heresies,
ap p arently becau se he thinks them popular. Is he any m ore
sa fe or sane than he w a s tw elve years a g o ? Is he sin cere?
A m I not ju stified in resen tin g undignified and untruthful
aspersion cast upon a bod y o f m en w ith 14,000 m illions o f the
p eop le’ s m on ey in their care, w ho, w ith rare ex ception s, are the
equals, if not the superiors, o f those in an y o f the p ro fe ssion s?
S. S. C ook o f the N ation al B ank o f C om m erce, M inneapolis,
con sisten tly asks, “ W h y stru ggle to p ay dividends on large
cap ita liza tion w hen it ceases to be a. d ra w in g card fo r d e p os
it s ? ” Mr. C ook also refers to the “ p op u lar” banker w ith his
“ g lad h a n d ” exten ded w ho, under the insurance plan, w ould
p a y fo r deposits w ith fla m boya n t p e rtin a city . I have eviden ce
th a t su ch an un fortu n a te con d ition is even n ow crop p in g slow ly
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
R. J. Clark, Cashier
W. A. Bulkley, Aas’t Cashier
F, G. Rogers, Mgr. Foreign Ex.
pro fits3
“ d $5,800,000
out in O klah om a and, as su rely as h istory repeats Itself, th*a
insidious disease will underm ine the health y constitu tion .
I could quote- stron g argum ents in corroboration from m any
em inent authorities, but tim e forbid s. P ra ctic a lly the w h ole
m e .o f banking p eriod icals o f the U nited States from the A t
lan tic to the P acific, the F in an cia l C hronicle, the F inan cier,
the A m erica n B an ker, the F in an cia l A g e o f N ew Y ork the
T ex as B anker, the W estern B an ker o f Om aha, the Chicago”
B anker, the C om m ercial W e s t o f M inneapolis, the P acific
B an ker o f P ortlan d, Ore., and others op en ly sound their w a rn
ings ag ain st the inequitable p rop osition and its ten d en cy to
underm ine conservatism .
D oes not h istory fu rn ish us som e b ea con lights to guide us
m solvin g this m om en tou s p rob lem ?
■
in c w
t u ii\
« c u c iy r u n a o y s re m .
P erm it m e to qu ote as briefly as possible to cov er the p oints
from John J K n o x ’ “ H istory o f B an k in g ” as to the N ew Y ork
S afety F und S ystem w h ich w as enacted b y the N ew Y ork le g
islature in 1829. One m em ber p rop osed a fund “ to 'be raise#
from an annual p aym en t o f all the banks a cco rd in g to capital
to be applied to the paym en t o f the debts o f su ch ba n k s as
shall fa il; to g o on a ccu m u la tin g until it shall am oun t to
$500,000 or $1,000,000. W h en d im in ished b y p aym en ts it w as
to be brou g h t up by fu rth er con trib u tion s, e tc .”
H is plan
called fo r bank com m ission ers, under a carefu lly prepared b a n k
ing law, to regulate p aym en t o f capital, lim it loans, e tc
to
insure con serv a tive banking. L ater, a com m ittee w as appointed
to d ra ft a bill in co n fo rm ity to the plans. The report, f i su m
m in g up, said, “ The com m ittee fla tter them selves that they
have hit on a m easure that w ill p ossess the invaluable r e co m
m endation of crea tin g a com p lete and infallible secu rity fe
cred itors, and w ill im part a solid ity and cu rren cy to the ban*K
pap er o f the state not equaled by an y in the w orld .”
A fte r a fight fo r its passage, w ith eloquent perorations, w h ich
could be likened to those o f the present day, as to the ethical
beauties o f the plan, the ob je cto rs record in g d issen tin g view s
aff o f w h ich sh ow s history repea tin g itself, the bill becam e a law!
I h e d istin ctive fea tu res o f the la w w ere that all new banks
and old ones rech artered should p a y in to the state oontroller
and trea su rer o n e -h a lf o f 1 per cent on cap ital stock annually
until a fund o f 3 per eent w as aecum ulated.
T hree bank com m ission ers w ere provided, to su pervise and
exam ine each bank on ce in fou r m onths, and in addition to
m ake special exam inations, if deem ed neceseary. -They w ere
not allow ed to be personally interested in an y bank. Other
lig id regulations w ere o f a ch aracter to Insure con serv a tive
m anagem ent and lim it failures. W h a t w as the resu lt?
K n o x sa y s:
“ T he stock s o f new banks wen« sought fo r
Iow a S ta te
N ational Bank
SIOUX CITY, IOW A
U. S. DEPOSITORY
Statement of Condition May 14, 1908
RESOURCES
Loans and Discounts............................................437 141.97
Overdrafts........................................................
’ 2 094 57
United States andOther Bondsand Securities..
584,266.71
Banking House and RealEstate. .......................
90,’406^00
Cash and Sight Exchange..................................
743’o 17.58
Total.............................$2,856,926.83
LIABILITIES
£ aPltal................................................................... $200,000.00
Surplus and Profits...............................
ins 9 ks 84
Circulation.................................................... i : : . "
185^00
Deposits ............................................................... .363,661.49
Total............................ $2,856,926.83
OFFICERS
GEORGE W EARE,
JOHN McHUGH,
President
Vice President
H. A. JANDT,
h . A. GOOCH,
Vice President
Cashier
George Wears
W . H. Beck
DIRECTORS
John McHugh
Henry G. Weare
M. L. Flinn
H. A. Jandt
F. A. McCornack
Saturday, June 20, 1908
THE COMMERCIAL WEST
14-b
w ith m uch eagerness, both b y in vestors at hom e and from
other states. T he latter w ere induced to purchase, becau se ol
the p opu larity and su pposed sa fe ty o f the system , and the
form er by the hope that the dem and fro m ab roa d w ou ld force
the stock to a prem ium , w h ich th ey could realize by selling
° U“ C ontest fo r the co n tro l o f the in stitu tion s had the effect
o f in creasin g the nu m ber o f su bscriptions, and the co m m is
sion ers speak o f the num ber o f ap p lications fo r new a cts ol
in corporation as fa r as ex ceed in g an y pru den t calcu lation s oi
prudent in v estm en t.’ ’ “ T he sto ck o f the sa fe ty fu nd banks w as
distribu ted b y agen ts selected from the n eigh borh ood o f the
institutions, and w as in m an y in stan ces divided am on g the
p olitical friends or fa vo rite s o f the a g e n ts.”
W ith all this ju g g lin g as to w h o should have the pie, and
the claim s o f p erfection , K n o x says, the bank n otes even w ere
su b ject to a serious d iscou n t a t tim es, and d istrust also
occu rred .
B y 1832 on a ccou n t o f the large increase o f cu rre n cy and
the establish m en t o f new ba n ks the expansion helped a g e n
eral ov ertrad in g in the coun try, en cou ra ged by the fa cilities
afforded b y those b a n k s.”
,
, ,.
,
In 1834-’ 35 a financial crisis on a cco u n t o f o vertrad in g and
ex cessiv e bank issues w a s w eathered.
In 1837 sp ecie fu n d paym en ts w ere suspended and the T ree
B an king L a w ” w as also passed, w h ich indicates clearly the
sa fety fund law w as not sa tisfa cto ry .
.....
K n o x says, becau se o f tne g uarantee fu n d :
A fictitiou s
cred it seem s to have been g iv en to the ch artered institutions,
w h ich w as used b y them in reck lessly co n tra ctin g debts fo r
the em olum ent o f their m an a gers.” T hese fa cts su ggest g rave
danger to us.
T he sa fe ty fu nd banks su rvived till 1841, w h en ten out ol
the w h ole nin ety then e x istin g failed, and w ith their fall the
doom o f the infallible sa fe ty fund law w a s at hand, becau se
the fu nd w as seriou sly inadequate to p ay the d ebts o f the
fa iled banks. It w a s claim ed the fu nd w ou ld have paid the
notes outstanding, w h ich w ere not secured, bu t w ould not pay
the deposits.
.
,
In 1842 the law as to insuring the d eposits w a s repealed.
In 1845 the con troller reported that the losses chargeable
to the sa fe ty fu nd agg rega ted $2,519,170; paid on accou n t of
losses, $1,502,170; still to be p rovid ed for, $1,017,000.
T he assessm ents con tin u ed to be m ade to m ake up this
deficiency, entailin g losses to holders o f claim s ran g in g from
20% to 25%, caused b y d elay in m aking Anal paym en ts. The
last o f the losses w ere n ot w ip ed out till 1866.
W ith the b ea con light o f such h istorica l fa cts to guid e us,
as again st plausible, w ell m eanin g theories, can our statesm en
plunge this cou n try into an oth er and w ider sea o f trou bles b y
ad op tin g again an u n su ccessfu l experim en t d iscarded b y the
g reat state o f N ew Y o rk ?
E u ro p e a n
H is t o r y .
L isten to som e m ore h istory w h ich can fa irly be classed
under the head o f insurance bank deposits.
In 1878 the W e st o f E nglan d and South W a les B an kin g c o m
p an y fa iled fo r £5,000,000 w ith fo r ty to fifty branches. In the
sam e year the C ity o f G lasgow bank fa iled fo r £14,000,000
w ith 131 branches.
T h ese great a g g rega tion s o f banks in d orsin g one fo r another,
m igh t be likened to the banks o f one o f our states under an
insurance law, an d yet, n o tw ith stan d in g the fa ct that each
w as liable fo r the d ebts o f the other, and n otw ith stan d in g that
under the unlim ited liability a ct ev ery stock h old er w as liable
to the exten t o f his fo rtu n e fo r the debts o f the banks, yet
the banks fa iled and p an ic b roke loose, thus p rod u cin g a m em
orable calam ity in B ritain.
W hat
H appened
in A u s t r a lia .
L isten again to w h at m igh t be term ed a nation al insurance
law as exem plified in the A u stralian B ran ch B an k in g System .
T he A m erican E n cy clo p e d ia fo r 1893 says “ T h at out o f tw en ty eight banks w ith 1,700 branches, thirteen, w ith 800 or 900
branche's, failed in six m onths ending M ay, 1893, fo r the stu
pendous sum o f £90,000,000.” W h e n w e con sid er th at the b a n k
in g p ow er o f A u stralia w a s then but o n e -six th th at o f the
U nited States w e can begin to realize the colossal calam ities
that in d orsin g one fo r another, as is done under the branch
ba n kin g system , leads to at tim es.
T hese fa cts d isprove the absurd th eory th at insurance will
p reven t distrust, ba n k failu res and panics. N o sound p olitical
econ om ist w ou ld risk his repu tation b y any such d eclaration.
A gain , I w on der if the bankers o f the cou n try have g iven
a secon d though t as to w h at it m eans fo r each bank to take
from its assets 1% o f its deposits, as the O klahom a law or the
D avid son bill in con g ress requires, as a g uarantee fund and as
an indorsem en t o f ev ery other ba n k ’ s liabilities, b ig and little,
in N ew Y o rk or A rizonia, w h eth er co n se rv a tiv e ly or re ck le s s
ly m an a ged ? L et us d iagn ose the case a, little fu rther.
I f w e a p p ly the O klah om a or the D avid son bill to all the
banks in W iscon sin , both nation al and state, _ the banks in
M ilw aukee alone will have to d eposit into the insurance fund
ab ou t $600,000. T he co u n try banks $1,900,000. A ll the banks
in the state about $2,500,000.
If this fu nd is in cash, does the bank p a y in g it in lose the
in com e from it, and if securities, w ill th e y g e t over 3% in te r
est on it? T w o m illion five hundred thousand w ou ld n ot go fa r
tow ard liqu idating $16,000,000 o f liabilities o f the F irst N ational
bank o f M ilw aukee in 1905, w h ich as certain as fa te w ou ld have
suspended becau se o f d ecep tion in its m anagem ent w h ich even
the w a tch fu l eye o f the exam iners had not p reven ted, w ere it
n ot fo r the fa c t th at m an ly m en p ledged th eir fortu n es to
p reven t it. If th at bank had su spen ded the banks o f W is co n son w ou ld have had a shakeup th at no state bank insurance
could allay. T he 1841 ex perien ce in N ew Y o rk w ou ld have been
repea ted in W iscon sin , under con d ition s clearly viola tin g the
rigid N ational bank act, under w h ich the decep tion s w ere
practiced.
In 1896 the N ational B an k o f Illinois in C h icago fa iled fo r a
sum ap p rox im atin g $22,000,000. In 1905 the C hicago N ational
ba n k fo r over $20,000,000, both under d ecep tive a cts in spite of
rigid supervision.
A state deposit fu nd from all the banks in the w h ole state
o f Illinois on those dates w ou ld have paid but a fra ctio n of
the liabilities o f those banks.
. .
The failu re o f the F id elity N ational bank o f C incinnati m
1887, under the d ecep tive v iolation o f the bank act, w ou ld have
p roved a like fa te fo r Ohio.
I could cite sim ilar parallels in the g reat cities o f M ontana,
C alifornia, C olorado, M issouri, K an sas, A rkansas, L ouisiana,
V irgin ia, T enn essee, M assach usetts, P en n sy lv a n ia and last but
n ot least N ew Y ork City, under fa ilu res in the clo sin g m onths
o f 1907 ag g re ga tin g ov er $125,000,000 the w orld receiv ed a ja r
th at h istory w ill n ot fail to record. Is there rhym e or rea son in com pelling1 the cou n try banks to stand fo r losses under
p yram id banking and high finance in the g re a t c itie s?
I f insurance fa iled in 1841 to keep banks from destru ction,
and stron g parallel con d ition s as cited under the b ran ch b a n k
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Federal Reserve Bank of St. Louis
in g sy stem s also failed, w h y w ill it su cceed in these latter d ay s?
‘ ‘H e w h o w ill n ot profit b y the ex perien ce of the p ast gets
kn ow led g e w hen trou ble overtakes h im .”
T he D avid son bill, if passed, w ill take from the national
banks 1% o f their total deposits, or about $60,000,000. T his
m eans ap p rox im ately 7% of the total cap ital o f the banks.
W h a t is to be done w ith it— keep it in cash or in v est it in
2% U nited States or high class state, cou n ty or m unicipal
b on d s? If invested in bonds, and large failu res o ccu r under
p an ic condition s, h ow will they be turned qu ick ly in to cash to
p a y off the d ep ositors?
If d eposited in banks, can fa v oritism be avoided, and w ould
not the call fo r cash to liqu idate large fa ilu res w ith d ra w from
reserves and ag g rav ate trou bles? I f 1% of all the deposits in
the banks o f the U nited States w as held in cash on Jan. 1,
1908 it w ou ld require ev ery dollar of it to liqu idate the d e
p osits in suspended banks. N ew Y ork C ity alone w ou ld require
$94,000,000.
W ill
th e
P la n
W o rk ?
It is a fine theory, but w ill it w ork ?
If each banker w ou ld figure ou t w h at a hole 1% o f d e
p osits w ill m ake in his b a n k ’ s ca p ita l; how m u ch his bank will
ex perien ce in loss o f incom e on the tra n sa ction ; h ow m u ch he
will be helping to b a ck up the high fin anciers under failu res
su ch as I have en u m erated ; the sober, th ou g h tfu l ba n ker will
think tw ice before he leaps. Further, to m y m ind the sta te s
m an w ho w ou ld com p el any bank to help pay the losses oi any
other bank in his ow n or an y other state, w ou ld put upon the
statute books a law that could be fa irly ch aracterized as leg a l
ized robbery. Its con stitu tion ality can seriously be doubted.
Such a law is n ot to be com p ared to Are insurance, becau se
that is p urely v olu n ta ry on the p art o f both. T he insurance
com p an y k n ow s to a m ath em a tical certa in ty the probable losses
b y fire under the varied b u t norm al con d ition s, elim in ating as
fa r as p ossible the m oral hazard fvhich is alw a ys considered
E v en in this the g reat fires of C hicago, B oston, B altim ore and
San F ra n cisco— w h ich m igh t bo likened to p anics com p ared to
the s u b je ct under d iscu ssion— upset the average loss theory anoi
m any bankrupt com p an ies resulted.
W e m ust n ot fo r g e t that, under Are insurance, rates vary
a cco rd in g to the risk. T he rate on a firep roof buildin g m ay be
on e-q u a rter the rate on a w ood en bu ildin g o f equal cost. Stocks
o f g ood s are insured a ccord in g to risk, and n ot upon a Axed p er
cen tage o f value. T h erefore to Ax an arbitrary rate upon all
deposits, regardless o f the b a n k ’ s cap ital and surplus, the e x
perien ce integrity, ability, con versatism , etc., o f m anagem ent
as a g ain st op posite cond ition s, is sim ply inequitable, iniquitous
and indefensible.
, ,
, ,,
„
In case o f deposit insurance, the m oral hazard, the in com p e
tent hazard and the high A nancier hazard have not, nor can
they be, elim inated w h olly, as has been proved, althou gh the
banks w ere under carefu l supervision and con trol under the
sa fety fund system as w ell as under ours o f the p resent day.
T hese ex traord in ary risks u n dou btedly have p reven ted e x
p ert insurance m en w h o w a tch ev ery op p ortu n ity to enter le g iti
m ate Aelds, from en terin g the w h ole held as proposed.
The
K an sas legislature la tely sh ow ed its g ood sense in leav in g the
m atter to be settled betw een the in su ran ce com p an ies and the
banks in their individual cap acities. T h e Ohio legislature, d is
regardin g Mr. B ry a n ’ s eloquence, also turned d ow n the fallacy.
T he Illinois legislature did likew ise. A s age creeps upon O kla
h om a the dear sch ool o f ex perien ce w ill p rob a b ly teach her
legislators w isdom . T h ey seem u n w illin g to learn m an y other,
as the m an y frea k and injurious law s lately passed w ill soon
giv e eviden ce.
.
T he N ew Y ork ba n k com m ission ers said :
B ecau se of the
p opu larity and supposed sa fety o f the system , the num ber of
ap p lication s fo r new a cts o f in corp oration fa r ex ceed any p ru
dent calcu lation of proA table in v estm en t.”
Is hum an nature
an y d ifferen t toda y than th en ? W ill n ot insured banks m ultiply
so fa st as to d isorga n ize the w h ole b u s in e s s . W ill not p ro
m oters induce gullible p eople (and the w ood s are full o f them )
to put up n ecessa ry capital, becau se there is m illions in it.
A n d com p etition itself, regardless o f the present p ira tes— who,
lik - the poor, are alw ays w ith us— w ou ld v a stly increase the
A erce com p etition fo r business, b y bribin g cu stom ers in a h u n
dred w a v s in order to increase their b u sin ess; fo r c in g the full
lim it o f interest paid to depositors, because, under an in c o r
r e ct su pposition, the insurance clause w ou ld m ake the p ro
m oted as safe as the con serv a tive bank.
U nder the insurance plan the in n ocen t depositor w ould not
use anv discretion as to the in teg rity and ab ility o f the bankers
w ith w h om he d eposited his m oney, until he realized to his
sorrow his error w hen a panic stru ck the cou n try and his losses
w ould be com poun ded in consequence.
. . .
^ ,
A ll h istory p roves that rigid law s reg u latin g hum an conduct
do n ot brin g p erfection . B an ks under good law s som etim es tail,
becau se their m anagers can n ot be called to accou n t until they
have done som eth in g ra d ica lly w rong.
Indorse the p rom oter
and he w ill be op tim istica lly sw im m in g bey on d con serv ative
d epth s continually. T h eoretically you can w eed such p rom oters
nut, bu t p ra ctica lly you can do so on ly after serious dam age is
H m h ideals are certain ly com m endable, bu t p erfection is im
possible
A s fa r as sa fety to d epositors is con cern ed , the n a
tional banking system is the highest ideal as com p ared w ith
th at of any p rog ressiv e nation on earth. T o raise this standard
still high er all should take to heart the em inently sound su g
gestion of C ontroller R id g ely in a late rep ort to con g ress,
w herein he says:
‘ ‘I am con v in ced b y ex perien ce that w ith
carefu l and efficient w ork on the part o f the exam iner, aided by
intelligent and thorough letters o f criticism based on the e x am in ers’ reports, an y board o f bank directors, of tair intelli
een ce w ith an honest desire to ob ey the law can, b y fo - o j^ r a t in g w ith the bank exam iner, and the controller, m ake the failure
o f their bank p ra ctically, if not absolutely, im possible. _
A p p ly the national cu rren cy a ct to the state, savin gs and
p riv ate banks and also to tru st com pan ies, ap p lyin g regulations
con sisten t w ith d ifferen ces o f con d ition s and m eth ods o f o p era t
in g and losses will be elim inated as far as it is p ra ctica b le for
hum an ingen uity to accom p lish it, and w ith ou t doing v iolen ce
to the con serv ative banker b y com p ellin g him to indorse for the
non con serv ativ e under a com p u lsory law. Such a law in effect
is pure socialism , and every though tful statesm an should be
carefu l n ot to start this great c ou n try dow n g rade under that
regim e, w h ich generally results in anarchy.
I have no doubt the a d v oca tes o f the plan have done so w ith
the intent to subserve the high est in terests of the_ general w el
fare but I am firm lv con v in ced that the plan is im practicable,
ou trageou sly u n ju st 'in its operation , and w ou ld w ork a general
revolu tion in city and cou n try alike. C on servatives w ou ld fiee
for sa fetv and the reck less w ould soon land us on the shoals
o f financial distress. A fter m ature d eliberation w ith historical
failu res to enlighten our pathw ay, can w e a fford to t iy the ex Pe'w h a t abouthla k govern m en t gu a ra n tee? I w ill not trespass
fu rth er upon vour tim e to argue this unth inkable proposition
In a land of individual freed om , but will quote from tw o em inent
a u \piiat stu rd y d em ocra tic senator, John W . D aniel o f V irginia,
w hen lately ask ed the question, “ W h a t do y o u think o f the idea
o f the g ov ern m en t o f the U nited States guaranteein g bank d e
p o s its ? ” answ ered, “ I think the g h ost o f A n d rew Ja ckson w ou ld
rise up if this w ere seriously undertaken. I have n ot y e t m et a
single sen ator or represen ta tive w h o is in fa v o r o f it, and I think
it w ould sh ock the plain p eople o f the U nited States to know
that th ey w ou ld be tax ed to p a y p ossible lo sse s o f the m an who,
o f his ow n ch oice, put his m oney in a bank— m on ey w h ich th ey
had not r e ce iv e d and w h ich th e y had n oth in g to do w ith but
to leave him to m an a ge it to suit him self. T he fa c t is this
sp ecies o f patern alism is foreig n to d em ocracy, w h ich p rotects
ev ery m an in his righ ts and leaves him to m anage his business
to suit h im se lf.”
A gain , T h om as Jefferson declared that, “ A griculture, m an u
fa ctu res, com m erce and n avigation , the fo u r p illars o f our p ro s
perity, are m o st th rivin g w hen le ft m ost fre e to individual en terp rise.”
T h ese m en e viden tly believ ed that all h istory teach es p a te r
nalism , d ebau ch es the p ublic se rv ice and deadens hum an energy;
th at the sole p ro v in ce o f govern m en t is to p ro te ct its p eople in
life, lib e rty and the pursuit o f happiness; and also that the
largest lib erty in the free ex ercise o f individualism w ill p r o
m ote the g rea test p rosp erity to cap ital and labor alike. The
sap ling needs continual support, but the stu rd y oak stands
through storm as w ell a s sunshine.
W h y should the g ov ern m en t guarantee bank cred its and not
all other cre d its?
D.
L. H e ins h e im e r For Deposit Insurance.
The last address of the afternoon was made by D. L.
Heinsheimer, president of the Mills County National bank
of Glenwood. His subject was akin to that of Mr. Frame,
being “ Insurance of Bank Deposits,” and he made a force
ful plea for the guaranty of deposits proposition.
Mr. Heinsheimer thought the question before the coun
try today was not so much that of getting hold of more
dollars but how to keep busy those we have. In his
opinion the object lesson of last October should convince
the bankers of this country that confidence was their great
est asset and that when confidence was gone dollars dis
appear. He reminded his fellow bankers of the fact that
one day last October there were plenty of dollars and that
the day following there were scarcely any.
He spoke as follows:
It is n ot so m uch the qu estion o f m ore dollars, bu t h ow to
k eep b u sy w h at w e have. T he o b je c t lesson th at w e had last
O ctob er ou g h t to c o n v in ce the bankers o f this c o u n try that
confid ence is our g re a te st asset, and w h en confidence is gone,
our dollars disappear.
T here w ere p lenty o f dollars, the d a y before, bu t sca rcely
any the d ay after, the n o tice fro m our corresp on d en ts o f the
lockou t, nor fo r m an y w eeks th ereafter, n o tw ith stan d in g the
m illion s o f gold that w e re im ported, an d the un lim ited c ir c u
lation o f clearin g house certificates and ca sh ie r’ s ch ecks, all
try in g to do the little bu siness that there w a s to do.
W ha't does this p ro v e ? N o m a tter w h at the p roper rem edy
m ay be, w e are n o w all agreed th a t our present system is
n ot sa tisfa cto ry .
B a n k in g
B u s in e s s
15
THE COMMERCIAL WEST
Saturday, June 20, 1908
H a z a rd o u s .
I reg ard the ba n kin g business, under ou r p resen t financial
system , as the m ost hazardous o f an y in existen ce. The public
g ran ts the ba n ker a g re a te r cred it on his repu ta tion than a
banker w ou ld gra n t to a m an u factu rer or m erchant. A sta te
m ent fo r cred it fro m one o f these, w ith a sh ow in g o f $25,00<f
cap ital, and $100,000 indebtedness, nearly all o f w h ich is due
on dem and, w ou ld not be regarded b y a banker as strictly
“ g ilt-e d g e ,” and secu rity w ou ld be ask ed fo r a loan in any
am oun t, and y e t this is a b etter statem en t than the average
ba n k er offers o f his con d ition to the public.
Is it th e re fo re su rp risin g that it is p ossible to distu rb so
rad ically, the ex istin g com m ercia l affairs through the ba n k s?
N o, I am on ly surprised that w e get alon g as w ell as w e do.
T here is n o g o o d reason w h y the banks, and through them
the com m e rce o f 85,000,000 o f people, should be so rad ica lly
d istu rbed at a tim e w h en oth er con d ition s and resou rces w ere
n ever equalled, becau se o f the a ction o f a fe w high grade p r o
m oters and gam blers.
T h ese w e shall alw a ys have, but their p ow er to injure ough t
to be kep t d ow n to the m inim um , so that th ey w ou ld n ot be
able to cre a te d istress beyon d th eir ow n a sso cia te s and im m e
diate con n ection s. B u t under our p resen t system this is im p o s
sible.
T he h isto ry o f all p an ics p ro v e s th at th e y w ere inexcusable,
and cam e at tim es w hen the co u n try w a s fu ll o f resources,
an d w ere brou g h t ab ou t by the action s o f a fe w individuals,
an d in ev ery instan ce, on ly b y the d estru ction o f confidence.
o f these m easures c ry “ socia lism ,” p atern alism ” and oth er bad
nam es at the believers in the gua ra n tee o f deposits, w h en w e
are w illin g to fu rn ish the funds fo r the p ay m en t o f depositors,
and do not ask the G overnm ent or the State to a ct otherw ise
than as a d ep ository fo r the fu nds.
It seem s to m e that this c ry is u n fair and m isleading. L ook
at it from a n y standpoint, and ca refu lly an alyze all the p r o
posed rem edies, and y ou w ill find th at the g ov ern m en t w ill have
m ore to do w ith the ba n k in g business under these plans, than
under the g u a ra n tee o f deposits. A n d w hile you are at w ork
d igestin g all these p roposed rem edies, please do n ot ov erlook
the stren gth o f the P osta l S avings B an k p rop osition , endorsed
b y the P ostm a ster-G en era l an d the P resid en t o f the U nited
States.
T h is m easure is v e r y form idab le, and un less the bankers
Come to their senses and d o business, w e w ill have the g o v e rn
m ent in the ba n k in g bu siness on a grand scale, and ou r stro n g
est com p etitor, so m uch so, th at w h en w e look backw ard , the
friends o f the in su ran ce o f d eposits w ill be looked upon as
ex trem ely con serv ative, and not as socia lists an d destroy ers o f
the repu tation s o f banks that fla tter them selv es that they are
able to do bu siness regardless o f the rest o f the w orld.
I w ish it un derstood that I fu lly ap p reciate the personal w orth
and repu ta tion o f the hon orable banker w h o has, and is d eserv
ing of, the confid ence o f the people. T his is g en erally true of
m ost banks and the un deservin g are few in com parison.
D u rin g the recen t unpleasantness, m an y o f the cou n try
banks, deprived o f th eir d eposits as they w ere, and n o tw ith
stan d in g the ad v ice and action o f their corresp on d en ts paid out
cash in un lim ited am oun ts to their cu stom ers, w hile du rin g the
A. T. BENNETT,
President
W . H. HART,
Vice Prest.
R. A. BENNETT,
Secretary
The Bennett
Loan & Trust Co.
Capital $50,000.00
Surplus 12,500.00
SIOUX CITY, IO W A
First M o rtg a g e
Farm and C ity L oan s
Bought and Sold
Care of Real Estate for N on-Residents
W r i t e us for in fo rm a tio n
in S io u x C it y
A. T. BENNETT,
President
on
in v estm en ts
and vicin ity
W. H. HART,
Vice Prest
ROY G. HOFFMYER.
Cashier
The Bennett Bank
B e n n e tt B lock
SIOUX
c it y
, IO W A
C o n fid e n c e N e e d e d M o re T h a n C u rre n c y .
N ow , w h a t is the rem ed y ? Is it em e rg e n cy or asset cur*
r e n cy ? T h is rem ed y is, at the p resent tim e, the lead ing onci
p rop osed in C ongress.
B u t I am unable to understand, w ith ou r recen t experien ce,
h ow w h en the cause w a s a lack o f confid ence an increase of
c u rren cy w ou ld be the p rop er m edicine.
W h en it requires 96%. o f confid ence and 4% o f cu rre n cy to do
the business o f the cou n try, w h y take up so m uch o f our v a lu
able tim e in d iscu ssin g the kind o f secu rities necessa ry to b o l
ster up the 4 % ? W h y n ot d evote m ore tim e to the m ore im p ort
ant fea tu re, and insure the sta b ility o f the 96% ?
It seem s to m e th at w e keep on d iscu ssin g cu rren cy and m ore
cu rren cy, w h en it is on ly through a lack o f confid ence that
w e have been deprived o f the cu rre n cy th at rig h tfu lly belon gs
to us.
N ow , I d o n ’t w an t to be m isun derstood, and have y o u believe
th a t I think th at the g u a ra n tee o f d eposits will, in itself, c o r
r e ct all the e x istin g evils, fo r it w ill not. T here should be a
g o o d em ergen cy law in co n n ection w ith this so that, if at any
tim e, there is a genu ine dem and fo r ad d ition a l curren cy, it
cou ld be provided.
H ow ev er, I w an t to be d istin ctly un derstood, that an e m e r
g e n c y curren cy, based on fu rn ish in g sufficient con fid en ce fo r
the 96% used in business, w ill be a failu re an d a d is
appointm en t, for, in tim es o f panic, the e m e rg e n cy cu rren cy
w ou ld be locked up as fa st as it w a s issued, and w ou ld not
do the business expected.
T here have been m an y p lans su gg ested to im prove and
rem ed y our fin ancial system , bu t all, e x ce p t the guarantee
o f deposits, are based on the issu ance o f m ore cu rre n cy in tim es
o f strin gen cy, and not on e w ith ou t a guarantee, or else backed
up b y the govern m en t, or both, T hen w h y should th e friends
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Federal Reserve Bank of St. Louis
Bankers and Real Estate Men
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or other office help, or when you know of any young
people who intend to enter a Business School, you should
investigate the
National
Business T ra in in g School
309 Nebraska St.,
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A. T. BENNETT.
President
H. E. REISTER,
Secretary
W. A. BARRETT.
Manager
16
THE COMMERCIAL WEST
sam e period, their corresp on d en ts locked up everyth in g in sight,
and gave as their reason fo r so doing, that “ they w ere afraid
o f trhe cou n try ba n k er.”
C o u n tr y
B a n ks and
C it y
B anks.
T here are m an y m ore o f the co u n try banks than o f the large
c ity banks, and if their deposits are not as great, neither are
their liabilities. Y e t in tim es o f strin gen cy, as in 1907, their
repu tation w ill com p are fa v o ra b ly w ith the larger banks, and
it is fo r the stability and p ro te ctio n o f their capital, and fo r
their profits in th eir bu siness that the “ gua ra n tee o f d ep osit”
sen tim ent has been g ro w in g am on g them , and like the city
bankers, th ey are inclined to look at the qu estion from a selfish
standpoint.
Mr. F organ, o f the F irst N ation al B an k o f C hicago, has been
quite bu sy o f late, circu la tin g op position to the insurance of
deposits, and a m on g his v ariou s objection s, he says it w ould
p lace all banks on an equ ality and a d epositor w ou ld deposit
his funds in the first bank he cam e to, and the repu ta tion of
years w ould n ot count.
If this, be true, w h y do the First
N ational and other old and tried c ity banks continue to increase
their b a n k in g cap ital and surplus, when, as their repu tation
in creases, they could keep their d eposits w ith less.
T h e fa cts are, gentlem en, banks are lim ited by law in loans
in p rop ortion to their com b in ed cap ital and surplus, and the
com m ercia l interests from the sm allest to the g re a te st are b o r
row ers, con seq u en tly the banks that can a ccom m od ate their
needs are the ones selected b y them , and w ith them they d e
posit. T his is w h y the g re a t banks in recen t years have in
creased, and are still in creasin g their ba n kin g capital.
T he in feren ce o f Mr. F organ, that a com m ercia l institution
w ou ld deposit in one bank, and seek an oth er fo r n ecessa ry funds
to con d u ct his business, w ould n ever be perm itted b y him or
any other v e ry long. H e w ou ld soon g iv e him to understand
that both go together.
Mr. F org a n also appears to be afra id o f an in crease in fr a u d
ulent ba n k in g in the event o f insurance o f deposits, an d that
it w ou ld be w ro n g fo r the banker o f high stan d in g to be m ade
to p ay fo r the recklessn ess and bad m anagem ent o f others. T o
this o b je ctio n I can on ly say, the insurance fu nd could be used
on ly fo r p ayin g deficiencies, a fte r all assets are exh a u sted and
assessm en ts have been m ade again st the stock h old ers as p r o
vided b y law, th erefore I am unable to see w here there can be
an y ind ucem ent on the part o f any one to do reckless banking,
w hen, as now , their ow n cap ital is involved, and on ly d ep os
ito rs’ d eficien cy is to be paid from this fund.
A s it is now , if there is a failu re in his tow n, the banker w ill
d iscov e r that his deposits w ill shrink fro m the effects o f loss
o f general confidence, w h ile on the oth er hand, under the g u a r
an tee plan, the d epositor w ill find a ready m arket fo r his claim .
So the rem a in in g banks w ill receiv e the benefit and business
o f the failure. A nd the com m u n ity in general w ill n ot find
their funds, w h ich are necessa ry to con d u ct their business, tied
up and un available fo r an indefinite period.
O therw ise the banks w ou ld be obliged to co n tra ct their loans,
and accu m u late a reserve to co u n te ra ct a loss o f confidence, and
th ereby a ssist in p araly zin g business. B ut did the C hicago
C learing H ouse, o f w h ich Mr. F organ w as president, apply this
m eth od o f reason in g at the tim e o f the failu re o f the C hicago
N ation al B an k ? D id the clearin g house sa y to Mr. W alsh, “ Y ou
h a ve done frau du lent banking, and it w ou ld en cou ra ge others
to do the sam e if w e paid y ou r d e p o sito rs.” N o, like sensible
m en, look in g out fo r their ow n interests, they w isely paid the
depositors, and su bstan tially applied the prin ciple th at w e are
ad v oca tin g today.
B u t w e, as independent bankers, cann ot a ccom p lish w h at the
b ig clearin g house banks can, w ith their p e rfe ct organization,
and the m illions o f dollars behind them . T hen w h y should they
n ow oppose so v ig o ro u sly the sam e p rin ciple to p reven t a p an ic
that the clearing houses, applied fo r their ow n p rotection , in the
case o f the C hicago N ation a l?
The
A s s o c ia tio n
and
F r a u d u le n t
B a n k in g .
T he Iow a S tate B a n k ers’ A sso cia tio n , in the p ast years, has
been interested in, and has a ccom p lish ed m uch in m atters p e r
tain in g to their fin ancial w elfa re. I f w e had deposit insurance,
it is reason able to su ppose that they, bein g fin ancially in te r
ested, w ou ld interest them selv es in w e e d in g out fraudulent
banking. T his w ou ld becom e an im portant fea tu re o f thenbusiness, and I w ill v o u ch fo r m uch cleaner banking, w h en these
com p eten t m en, m any o f w h om I have served w ith on c o m m it
tees, in terest them selves in this m atter. T h e y are m uch b etter
in form ed as to the banks and their m anagem ent than it is p o s
sible fo r a fe w m en to be, on w h om all the resp on sibility and
d u ty o f in vestigation now devolves.
G entlem en, I do not intend to w o rry you w ith sta tistics and
figures as I have on form er occa sion s, as this qu estion has been
so frequ en tly discu ssed o f late. T he item o f the co st o f this
insurance is con ced ed to be so com p arativ ely slight, that our
oppon ents do not usually argue from that standpoint.
T he
com p tro lle r’ s rep ort show's that the loss is ab ou t 1-20 o f 1% on
the average y early d eposits o f nation al banks sin ce they have
been in existen ce, and fo r the last ten years it has been very
m uch less, so the loss is but nom inal.
T he m ain argu m en t again st insurance o f deposits used b y our
oppon ents is n ot so m uch the expen se as the prin cip les involved.
I am free to adm it that I do n ot like to p ay fo r other p eop le’ s
deficiencies and crim e but do w e n ot do so and do it w illingly
w h en w e p atron ize fire, burglar, fidelity and num erous other
form s o f in su ran ce? W ou ld not the banker d ecline or decrease
the line o f cred it to the m erchant w h o refused to insure again st
fire becau se he w as opposed to p ay in g fo r the carelessness and
crim e o f oth ers?
No, w e m ust look at both sides o f the ledger and cut out all
sen tim ent and non sense and not depend so m uch on the length
o f our pedigree.
W e m ust not fo r g e t th at su ch m en as B igelow , Stensland,
C rocker, and m any others, up to a short tim e ago, could o u t
shine the m ost o f us in th at resp ect, and that n ow and then
our d epositors rem ind us o f this at a tim e w hen w e try to c o n
vin ce them that they are p e rfe ctly safe and call their atten tion
to our repu tation and stand ing in the com m u n ity. W e cann ot
depend too m uch on our repu tation s as w e have w itnessed tim e
and tim e again that general confid ence declines m ore rapidly
than W a ll Street stock s w h en there is som eth in g special doing.
R uns are com m on even am on g the largest and the oldest
banks and on ly a w ord from an evil disposed person w ith ou t a
repu tation can, at certain tim es, in terfere m aterially w ith a
b a n k ’ s career and expectation s. W h a t w e need and m ust have
at all tim es in banking is confidence and stabilitv. It is e v e r y
thing to the banker and w e can n ot have it as lon g as w e are
s u b je ct to such p e rform a n ces as w e had in 1907. A t that tim e
w e w ere politely told that w e could sh ift fo r ourselves and our
correspondents, w ould care fo r our funds. I do not criticize the
big banker in this becau se he, like everyon e else, had lost c o n
fidence in ev eryth in g and w as obliged to look out fo r h im self
regardless o f results.
W e w ere all to blam e and yet it is not our fault but the fault,
o f our banking system . O’Ur banks w ere suddenly transform ed
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Federal Reserve Bank of St. Louis
Saturday, June 20, 1908
into h oa rd in g in stitu tion s and th ereby crea ted m ore m isch ief in
a few hours to the com m erce o f the cou n try than can be r e
paired in years.
T he p resent is an age o f insurance and security. W e, as
bankers, dem and the high est recom m en d ation s from our b o r
row ers and em ployes and y et w e ask secu rity from both. This
is righ t and it is also righ t and proper to grant the depositor the
sam e secu rity th at the g ov ern m en t and state dem and o f us,
esp ecia lly w hen it is to our interest to do so. Is it surprising
that the d epositor loses, confidence w hen the only privilege
g ran ted to him fo r s a fe ty is to exam ine our public statem en ts
w h ich , in alm ost every instan ce in unsound banks, fa iled to
state the truth. O ften, after a large failure, the bank e x a m
iners or their su periors adm it that the bank w as insolven t long
b efore but, for fea r o f general loss o f confidence they did not
a ct as provid ed b y law. Is it su rp rising that the depositor
should lose confidence w h en the truth is w ithheld and he is d e
ceived so th at he con tin u es to increase his d eposit w hile the
con d ition o f such banks has been cov ered up b y the public
officials?
T he w ealth, sa fety and repu tation o f con serv a tive banks are
tod a y too m uch depen den t on the m ovem en ts o f the unprincipled
stock jo b b e r y an nexes to the g reat b a n k in g institutions. W e
m ust have som eth in g that w ill d iscon n ect the affairs o f the
leg itim ate ba n ker from these. W ith the g u a ra n tee o f deposits
su ch m en as M orse, H ein ze and others w ill n ot be perm itted
b y bank exam iners and public officials to co v e r up their p e cu
lations o f lon g stand ing fo r fea r o f p rod u cin g a panic. W ith
the gua ra n tee o f deposits the career o f this class o f banks
w ou ld be shorter. T here w ou ld be every inducem ent to expose
their con d ition as soon as th eir ba n kin g m eth ods w ere d is
cov ered and their p ow er and influence fo r harm to com m erce
in general w ou ld be g rea tly dim inished.
In con clu sion I will say that w h en a p rop osition is fa vored
by p rob ably on e -h a lf o f the bankers and p ra ctica lly all of thencustom ers, is it w ise to a ct as the railroads did, w h o now a p
p reciate the fa c t that th ey w ere too slow to a ct an d rem edy
their fa u lts and so com p elled the p eople to act.
Insurance o f deposits can n ot be dow ned becau se o f the in
dividual banker w h o places him self, through pride in his
stren gth , p erson ality and repu tation , again st w h at is for
the g ood o f the nation. T he dem ands o f g rea t com m ercia l in
terests, stagn a n t and prostrated at this, tim e, will not consider
this kind o f log ic as o f m uch im portance.
T he banker w h o op poses the g uarantee o f deposits, becau se
it m igh t help a w eak com p etitor and m ake all banks safe m ust
give his atten tion to som eth in g m ore logica l b eca u se this a r
gu m en t is not sufficient. B y this plan w e hope to m ake all
banks safe becau se our system is like a fen ce, it is no stronger
than its w eakest place. T he guarantee o f d ep osits m ay have
its fa u lts but a plan that will furnish and m aintain confidence,
the p rincipal asset needed in the com m ercia l w orld is one that,
I believe, w ill in tim e ov ercom e all the m in or objection s.
Object to Insurance.
C.
D. Ellis, of Charles City, and Frank H. Helsell,
of Sioux Rapids, in a general discussion which followed
this address, made strong arguments against the proposi
tion of insuring deposits. Mr. Helsell demanded to know
if there was any clamoring on the part of the public for
the insurance of deposits. He was in Oklahoma when the
legislature which passed the new banking law of that
state was in session and he said he could not believe the
cool headed, clear eyed bankers of Iowa were driven to
such straits that they were going to accept the lawmakers
of that baby state for a criterion.
A resolution favoring guaranty of deposits was before
the committee on resolutions but was not reported out of
that body.
Richmond Fights for Bill.
Upon the arrival of L. T. Richmond, of Albia, Friday
morning, the bankers favoring the innovation decided to
take the matter to the floor of the convention. Mr. Rich
mond is one of the originators of the movement and has
prepared a bill which he desires to submit to the next
general assembly.
As the convention was about to adjourn, Mr. Richmond
obtained the floor. He did not seek to explain the measure
or its object, but in order to keep the question before the
association moved that the resolution which had been sub
mitted to the resolutions committe be referred to the legis
lative committee without recommendation. Mr. Richmond
thought the matter thus would get closer attention.
C. B. Mills, of Clinton, moved that the motion be laid
on the table. C. D. Ellis, of Charles City, said the ques
tion was out of order, as the resolution had not been re
ported to the convention by the resolutions committee.
President Carpenter ruled that the matter was one on
which the association could act.
The motion of Mr. Mills that the motion be laid on the
table was put and carried.
William Mee at once moved that a special committee
be appointed to investigate the merits of the plan and re
port at the next convention. Mr. Mills at once moved
that this motion also be laid on the table, and this action
was taken.
Reform in Land Titles.
The convention was not opened until after 10:30 o ’clock,
in view of the fact that the committee on resolutions was
not ready to report, F. Y. Locke, president of the Security
Saturday, June 20, 1908
Trust company of St. Paul, Minn., was introduced and
read an interesting paper on “ The Torrens System of
Land Titles.” The question is one in which Iowa bankers
are greatly interested and Mr. Locke received close atten
tion. He urged the need of reform in the present system
and spoke as follows:
Sentim ent is general th rou gh ou t the U nited States th at the
p resen t m eth od o f land tra n sfers is inadequate to the needs of
the people, that it is in serious need o f sim plification and im
p rovem en t or com p lete reform .
T h ose fa vo rin g the present
system , but realizin g its' faults, desire that no chan ge should
be m ade therein, ex ce p t perhaps a lon g the lines, o f secu rin g
g reater efficien cy and eco n o m y w ith ou t d istu rbing the p re s
ent state o f affairs. On the other hand, there seem s to be a
g row in g dem and fo r the ad op tion o f som e system o f re g is te r
ing titles' to lands and d oin g aw a y w ith the old system o f r e
cord in g evidences, o f title. In the U nited S tates eight states
and tw o territorial possession s have ad op ted sy stem s o f c o n
v ey a n cin g b y reg istration o f title, w h ich are now in fo rce , n a m e
ly: C alifornia, C olorado, H aw aii, Illinois, M assach usetts, M in
n esota, N ew Y ork, Oregon, P hilippines and W ash in gton . N in e
teen o f the rem aining states have n ever con sid ered the q u es
tion o f the ad op tion o f such a system . N ine o f the states. Iow a,
M issouri, M ontana, N ebraska, Ohio, T enn essee, T exas, U tah and
W y o m in g have con sid ered the qu estion , but in those state bills
fo r the ad op tion o f the system have fa ile d to receiv e legislative
ap p roval and there seem s to be no m ovem en t on fo o t looking
tow ards the resu b m ission o f this m atter fo r legislative action.
(In Ohio an attem p t w as m ade to ad op t the system but the a ct
o f the legislatu re w a s d eclared u n con stitu tion al b y the suprem e
cou rt o f that sta te .)
In the rem aining ten states and terri
torial possessions, the m atter is either now pend ing before the
legislature or bills fo r the ad op tion o f su ch system w ill be su b
m itted to the n e x t session. T he ad op tion in the U nited States
o f a system fo r re g iste rin g titles is stren uou sly opposed by
title insurance com p an ies and ab stractors. It is natural that
these tw o classes should be opposed to the ad op tion o f such
a system fo r reason s that are obvious, but w h erev er the s y s
tem prevails and sufficient tim e has elapsed to have enabled the
cou rts to pass upon the con stitu tio n a lity o f the a ct and fo r the
p eople to becom e acqu ain ted w ith the p ra ctica l w ork in g o f it,
it is looked upon w ith fa v o r and a s h a v in g m an y advantages
over the older system , w h ich in v olv es the record in g o f deeds,, the
v erifica tion o f bu lky a b stra cts and the carefu l search into m any
m atters often tim es fo re ig n to the record.
B y reason o f the fa ct that w e are so th orou gh ly acqu ainted
w ith the p resent system o f con v ey an cin g, and have had little
or no ex p erien ce w ith any other, w e are pron e to look upon the
sy stem fo r reg isterin g titles, as an in n ovation — som eth ing new
and untried— but such is not the case. In an im p erfect and
undeveloped form , land title reg istration has existed in certain
cities o f A u stro -H u n g a ry , G erm any and S w itzerland fo r m any
centuries. R e co rd s o f tra n sa ction s o f c o n v e y a n cin g b y r e g is
trations, o f titles e x ist in V ienna, run ning ba ck to the y e a r 1369,
and in P rague, run ning ba ck to 1686; in M unich there are sim
ilar record s run ning ba ck to the 15th cen tu ry and in L u cern e
som e o f the record s are alm ost as an cien t. In 1812 the A u s
trian civil cod e w as adopted and it apparently w as the first
statu tory e n a ctm en t in the Germ an lan gu age ex p licitly p re s crib
in g the in d efea sib ility o f registered titles.
T he provision s,
how ever, w ere m ade applicable on ly to th ose p ortion s o f A u stria
w h ere land title reg istration w as then in operation . In 1874 the
registration o f titles w as m ade com p u lsory th rou gh ou t the
A u stro-H u n g a ria n em pire.
In G erm any the reg istration o f
titles becam e general in 1872 and was, m ade com p u lsory in 1900.
T he basis o f the sev eral system s o f co n v e y a n cin g b y re g istra tration of title in use in A u stro -H u n g a ry , G erm any and S w itzer
land is the C adaster, w h ich is a com b in ation o f land ta x m ap
and assessm ent book.
T he m ap sets forth every parcel of
real p rop erty in detail, each o f these parcels are sep arately
num bered, the bou ndaries th e re o f ca refu lly d elineated and the
p h y sical division s, such a s buildings, walls, fen ces, etc., clearly
ind icated. W h e n e v e r a ch an ge o f ow n ersh ip occurs, the r e c
ords are im m ed iately brou gh t d ow n to date. If there has been
a su bd ivision or com b in ation o f parcels, the C adaster m ap is
ca refu lly co rre cte d to con form therew ith , n ew nu m bers are
aw a rd ed and ap p rop riate entries th e re o f are m ade in the
C adaster book. A pecu liar fo rm o f reg istration o f instrum ents
equ ivalent in its p ra ctica l results, to reg istration o f title existed
in D en m ark as early as 1550.
In spite o f the fa ct that Germ an cou n tries w ere the first to
ad op t the system o f reg isterin g titles to lands, A u stralia is
m ore generally identified w ith the system , becau se it w as an
A u stralian statesm an, R obert R ich ard T orren s, w h o first a d a p t
ed it to m odern cond ition s. T orren s w as n ot a law yer, bu t he
w a s a m an o f m arked ab ility and un tiring energy. A s collector
o f cu stom s he becam e fa m iliar w ith the sh ipping law s, and
about the year 1850 he con ceiv ed the plan o f ap p lyin g their
principles, in the tra n sfer o f in terests in ships to the r e g is tra
tion o f land titles'.
F or y ears he labored, w ith ou t avail, to
secu re the ad op tion o f his system , but finally his efforts w ere
crow n ed w ith su ccess. In January, 1856, the “ T orren s a ct’’ b e
cam e law in South A ustralia. A m en d m en ts w ere m ade in 1860
and 1861, and in 1862 the system was, adopted throughou t the
w h ole o f A ustralia. F urth er am endm ents' w ere fro m tim e to
tim e adopted, and in 1886 all the statutes on the su b je ct w ere
em bod ied in one act. T orren s w en t to E nglan d in 1863, w as
elected to p arliam en t five years later and died at F alm outh in
1884. H is a d v o ca cy o f the system w h ich bears his nam e and
the industry and p erseveran ce w ith w h ich he sought to extend
its usefuln ess never relaxed, and before his death he had the
sa tisfa ctio n o f k n ow in g o f its ad op tion b y a score o f cou n tries
and o f n o tin g a w ell defined m ovem en t in its beh alf in m any
cou n tries w h ere it w as not a lread y establish ed law. S ince his
d eath the system has been ad op ted in the U nited K ingd om , in
alm ost all o f the B ritish colonies and in n ea rly ev e ry cou n try
o f con tin en tal E urope.
In B ritish C olum bia it has been in
op era tion since 1870, and in O ntario, M a n itoba and the N o rth
w e st T errito ry sin ce 1885.
The
T o rre n s
S y s te m
in th e
U n ite d
S ta te s .
T h e h istory o f the T orren s system in the U nited States b e
g in s w itn the m ovem en t inaugurated in 1891 b y the Illinois
S tate B ar A sso cia tio n look in g to its adoption in the state. A t
the instan ce o f the a ssocia tion the legislature au th orized the
appointm en t o f a com m ission to in v estig ate into and rep ort upon
the a d visability o f ad op tin g the system in Illinois. A n affirm a
tiv e report by this com m ission led to the p resen tation to the
legislature in 1893 o f a bill in w h ich w as in corporated the T o r
rens system .
T he a ct contem p lated cou n ty local op tion and
C ook cou n ty, w h ich includes the city o f C hicago, adopted the
law on N ov em b er 5 o f that year b y a v o te o f 82,000 y eas and
5,000 nays.
T he first title to be registered under the T orren s system in
th e U nited States, w a s registered in C ook coun ty, Illinois.
B efo re m ak in g an an alysis o f the Torrens, system it m igh t be
p rop er to state the p osition taken b y the cou rts in the several
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17
THE COMMERCIAL WEST
states w h ere the con stitu tion ality o f the “ T orren s a c t ” has been
raised. A s ab ove stated, Illin ois’ w as the first state to adopt the
system o f con v ey a n cin g by registration o f title. T he a ct c re a t
ing the system w as declared un constitu tion al and v oid b y the
suprem e cou rt o f the state (P eop le vs. Chas, 165, 111. 527) upon
the ground that the a ct attem p ted to con fer ju d icia l p ow ers
upon the record er and ex am in er o f titles. In con seq u en ce of the
fore g o in g d ecision Illinois ad op ted a revised system in 1903, and
the act crea tin g this revised system w as d eclared con stitu tion al
by the suprem e cou rt of that state in P eop le vs. Simon, 176,
111. 527.
O hio was. the next state to adopt a sim ilar system (L a w o f
1898). T he a ct crea tin g the system w as d eclared u n con stitu
tional and v oid fo r p ra ctica lly the sam e reason s the first a ct
in Illinois w as held to be u n con stitu tion al (S tate vs. Guilbert, 56,
Ohio 575) and con seq u en tly the law w as repealed.
C aliforn ia w as the next state to adopt a sim ilar system and
the a ct crea tin g it w as declared con stitu tion al by the suprem e
court o f that state (R obin son vs. K errigan, 90 P ac. R ep orter 129).
M assa ch u setts adopted the system in 1898 and the law w as
am ended in 1899, 1904, 1905 and 1906.
T he a ct crea tin g the
system was declared con stitu tion al by the suprem e court o f that
state (T y le r vs. Judges, 175, M ass. 71).
T he opinion in the
M assach usetts case w as w ritten b y the then C hief Ju stice
H olm es, w h o has sin ce becom e an associa te ju stice o f the U nited
S tates su prem e court, an d it has been follow ed b y the suprem e
cou rts o f all o f the other states w here the qu estion has since
been raised.
In M innesota the a ct crea tin g the system w as d eclared c o n
stitu tion al by the suprem e court (e x rel D ouglas vs. W estp h a l, 85,
M inn 427).
See also N ational B ond & Surety C om pan y vs.
H opkins, 96, M inn. 119 and B aart vs. M artin, 99, M inn. 197.
A
S u p re m e
C o u r t D e c is io n .
In one instan ce, the M assa ch u setts case, the qu estion o f the
v a lid ity o f the a ct w a s carried to the suprem e cou rt o f the
U nited States', w hich cou rt v ery properly d eclared that no
fed eral qu estion w as involved.
In order to ap p reciate the op eration and ad v an tag e o f the
T orren s system it is w ell to bear in m ind the other tw o h istoric
m eth ods o f dealing w ith tra n sfers o f real prop erty.
F irst:
T ra n sfer b y instrum ent un recorded and sim ply held by the
ow ner. S econd: T he record in g o f instrum ents o f tra n sfer and
in cu m bran ce and the g iv in g o f con stru ctiv e n otice by such
record.
T he second, m ethod, w h ich is used in this state and
in m ost o f the states, o f this coun try, g row s m ore cum bersom e
as it becom es older, and in spite o f efforts to m ake it iesis
bu rdensom e it is in the older settled p ortion s of the cou n try
break in g d ow n under its ow n w eight. U nder the record in g s y s
tem of land tra n sfer land titles, pass and liens are created by
the execution , delivery and record in g in the office o f the re g is
ter or record er o f deeds o f the legal instrum ent needfu l for such
purposes. T itles pass at the risk o f the purch aser and su b ject
to an y interest or lien w h ich the ex istin g record show s. M ore
over, there are a v a riety o f circu m sta n ces w h olly outside the
record w h ich , if ignored, m ay at any tim e cast an irrem ovable
cloud upon the title. If there is a m ista ke in the ab stra ct of
title or n egligen ce or error on the part o f the p u rch aser’ s a tto r
ney w h o exam ines the title, the purch aser has only his rem edy
again st the seller.
T he seller m ay be irresponsible and the
p u rch aser m ay find, as has frequ en tly been the case, that he
has bou ght not a fee sim ple title to real estate as it w as his
purpose, but a law suit» instead. A ll that m ay be said as to
the in secu rity o f a p u rch aser under the record in g system applies
w ith equal force to those w ho loan m oney on real estate
security. N o opinion in regard to a title represen ts m ore than
the ability, know ledge, skill and care o f the attorn ey w h o
exam in es it. T he in terven tion o f clerks and officials and the
h aste incident often to an a ctiv e law p ra ctice, the carelessness
borne o f the ab sen ce o f a true sense o f the resp on sibility or
natural in d ifferen ce to oth ers’ righ ts and interests, and the
d ish on esty w h ich p resen ts itself to v ie w in so m an y bu siness
tra n saction s, all op erate to m inim ize the slender secu rity fou nd
in the p revailin g system o f land transfers.
C e r t a in t y
and
P ro m p tn e s s .
T he vital essentials, certa in ty and p rom p tn ess are n e c e s
sarily absent 'when an attorn ey has to exam ine this, year w hat
an oth er a ttorn ey is supposed to have exam ined last year, or
m aybe ten or tw en ty y ears ago. B oth d elay and un certainty
are inevitable and alm ost to a certa in ty w ill the second attorn ey
require certain things to be done or ev iden ce fu rn ished that
the first’ a ttorn ey either oevrlook ed or though t unim portant.
N o person w lio has had ex perien ce w ith the p e rfu n cto ry and
often tim es alm ost crim in a lly careless m eth ods o f notaries public
can be ignoran t o f the ease w ith w h ich forg ed instrum ents
can find their w ay to our land record s. In the state of Iow a,
w ithin the recollection o f ev ery m an here present and to the
financial loss of som e o f you, ex ten siv e and organ ized system s
o f forg ery of deeds and m ortg ag es p u rportin g to con v ey titles,
to lands w ithin the state have been resorted to. T h ese exten sive
frau ds w ere m ade possible b y the record in g system in use
throughou t the state, but w ou ld have been im possible under a
system o f registration. E xpen se and delay are the v ery essence
o f the record in g system in alm ost ev ery tra n sfer o f land. It is
necessa ry that the ab stra ct o f title to the land m ust be e x
am ined at an expen se o f tim e and m oney, dependent upon the
value o f the p rop erty sou gh t to be tra n sferred and w ith the
con tin g en cy alw a ys in sigh t that the p u rch aser’ s attorn ey w ill
think the title d e fectiv e or w ill insist upon tak in g certain p re
ca u tion a ry steps, w h ich som etim es are im possible.
T he fa lli
bility of the hum an m ind and the u n certa in ty of human
tra n saction s are bound to be brou gh t hom e to the seller one
w a y or an oth er b efore he has concluded the transactions, w h ich
in itself should be as sim ple as the tra n sfer o f any other thing
o f value. U nder our law s and the d ecision s o f our courts, no
law yer can d ecide w ith certain ty a fter exam in in g an ab stra ct
that the title is p erfect in any one a fter there have been m any
tra n sfers from the patent. N oth in g is offered to the p urchaser
save eviden ce at on ce com p licated and un certain o f the v e n
d or’ s righ t to the land. N o legal title is established and in
m an y ca ses none can be since so m uch depends upon the e x
am ination of m atters w h olly outside the record .
A s tim e ad van ces the difficulties in the path o f p resen tin g a
clear title increase, and no m atter how often or how carefu lly
the title m ay be exam ined under the old system , no benefit
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18
T H E C O M M ER C IA L W E S T
enures, to the p rop erty itse lf; the sam e process m ust be fo l
low ed w ith each con v ey a n ce with a stead ily lessen ing assurance
o f the soundness o f the con clu sion s reached.
T he additions
m ade year a fte r year to the record s under the old system
render it im perative that som e rem edy should b e fou nd soon er
or later. T he so -ca lle d “ block sy ste m ” has been in operation
in N ew Y ork and other states w h ereb y it is sou gh t to cla ssify
the ind ex deeds and other instrum ents a cco rd in g to the lo c a
tion o f the property, but this has, already been fou nd to be the
m erest m akesh ift. In the register o f d eeds’ office in R am sey
cou n ty, M innesota, m y hom e coun ty, there are at the present
tim e m ore than 2,000 v olu m es o f land record s and about 40
volum es are added thereto each year.
M in n esota is com p arativ ely a y ou n g state and titles are
easily traced, as, com p ared w ith the labor incid ent to tra cin g
titles in an old com m un ity. In B oston the increase o f record
book s has been such that during the last tw e n ty -fiv e years m ore
book s have been filed than d uring the entire p eriod that p re
ceded. F ifty years from n ow the record s o f real estate tra n s
fers in any p rogressive A m erican city will becom e too un w ieldy
fo r use. B e fo re that tim e in m ost such cities it will be fou nd
im possible fo r an yone not an expert to exam ine the real estate
records,, and, as is now the case in N ew Y ork and other large
cities, “ official search ers” w ill be necessary. T he nu m ber of
qu estion able titles w h ich m ust exist under such a state of
affairs is not easily estim ated. Of the record s thus, piled up it
c a n ’ t be even said th at th ey represen t all the eviden ce n e c e s
sary to the ex isten ce o f a legal title in all cases.
A n y on e m ay present a deed to a g iv en piece o f p rop erty to
the register o f deeds and he w ill record it as is, his duty, w ith
out seekin g to pass on m any essen tial facts,. T he signatu re o f
the g ra n tor or o f the officer taking the ack n ow led g m en t m ay be
fo r g e d ; the deed offered fo r record m ay never have been d e
livered, it m ay have been secured dishon estly from the m aker o f
it; the p a rty ex e cu tin g the instrum ent m ay be under age or
oth erw ise legally disqualified in the p erform an ce o f su ch an a ct;
the instrum ent m ay be loosely draw n, or the d escrip tion e m
bodied in it m ay be in correct. It goes on record, nevertheless,
w ith ou t let or hindrance, and w ith ou t regard to the righ ts
o f the real p arties in interest.
T hen there are m any other
fa cts w h ich no reg ister or record er o f deeds ever deem it n e ce s
sary to v e rify w hen an instrum ent is record ed under the old
system . T he qu estion o f heirship, fo r instance, is one in the
experien ce o f ev ery co n v e y a n ce r w h ich m ay call into ex isten ce
b rood s o f difficulties in the passin g o f title.
Q uestions arise
daily g ro w in g out o f m arriage and divorce, and in these d ay s
o f in creasin g d ivorces in this cou n try this phase o f the question
is one o f g re a t im portance. N ot on ly the v a lid ity o f the d ecree
o f d ivorce m ay have to be settled, but its e ffe ct on prior e x is t
ing righ ts o f d ow er a n d ' courtesy. R ig h ts g row in g out o f 'p r e
em ption m ay in cu m ber or chan ge the title, as m ay those arising
out o f adverse p ossession fo r the statu tory period. So, too, in
the case o f instrum ents execu ted by corp oration s. N o eviden ce
is offered to the reg ister o f deeds o f the au th ority o f the officers
signin g to disch arge that fu n ction , and such eviden ce, if it
exists, m ust be sou gh t in the office o f the corp oration , and som e
tim es it is difficult to g e t the n ecessa ry inform ation. In the case
w h ere land escheats to the state or the righ t o f em inent dom ain
has been exercised, or w h ere the claim o f ow n ersh ip is, based
on tax certificates, the exam inations' in su ch cases are in m any
instan ces alm ost endless- and difficult to con d u ct to an in telli
g en t conclusion , the so -ca lle d eviden ce o f title, often th row in g
no light w h atev er on the questions, involved.
T he g row th in popu lation and the d evelopm ent o f the
natural resources have enorm ously enh an ced the value o f real
estate and increased the im p orta n ce o f a ccu ra te identification
o f each tract, not only to the land ow n er bu t to the lien c r e d
itor.
In spite o f all the chan ges brou gh t about by the rapid d e
velopm ent o f the coun try, the law has rem ained un chan ged, the
d octrin e o f “ caveat em p tor” still places the burden on the p u r
chaser o f land that he m ay sa tisfy h im self that the deed offered
to him is, really w h at it purports to be, the g ran t o f a fee sim
ple and not a pretense. A t each sale and m ortgage the n ew
bu yer or lender is to bew are and exam ine, or try to exam ine,
the title offered to him from the origin al gov ern m en t entry down,
and p ay fo r the ev er-len g th en in g search each tim e it is m ade.
T h e law should n ot sa y “ ca v ea t e m p to r” and at the sam e tim e
m ake the inquiry dem anded im possible, or even difficult. Sound
public p o licy dem ands that the law should afford the purch aser
better protection .
E ach recu rrin g legislature p laces upon the statu te book s
scores o f so -ca lle d “ cu rative a c ts” p u rportin g to supply som e
d eficien cy in the ex ecu tion and record in g o f deeds and other
instrum ents a ffectin g title to real p roperty. H u ndreds o f affi
d av its a ffe ctin g deeds and other instrum ents find, their w a y to
p ublic record s in the attem p t to patch up or co v e r fo r the tim e
bein g som e latent d e fe ct in the ex ecu tion or record in g o f such
instrum ents.
A n y attem p t to “ p a tch ” the system has been
sh ow n to be a radical failure.
T he present system has given rise in m any o f the large cities
to the form ation o f corp ora tion s w h ose bu siness it is to insure
titles to real estate. T he m ost eviden t dangers, how ever, are
n ot insured against. T he correctn ess o f d escrip tion is' never
guaranteed and liability does not arise until ev iction takes, place.
T he p olicy indem nifies the loss in m oney but does n ot preven t
the loss o f in con v en ien ce o f d efen d in g again st adverse claim s,
and every n ew tra n saction in volves a new insurance and a n
other paym en t o f prem ium b y the assured. T he e x isten ce of
such a bu siness in any com m u n ity is p ro o f p ositiv e that the
present system is not w h at it should be and that its safeguards
are w h olly inadequate. U nder the present system the m ost that
an y purch aser can p rocu re is such ev iden ce o f title as the seller
has to offer, eviden ce w h ich m ay be believed con clu siv e today
and tom orrow be ju d icia lly d eclared w orth less.
E v ils o f P re s e n t S y s te m .
T h e m ost m an ifest evils o f the present record in g system m ay
be su m m arized as follow-s:
1. E xpen se. T h is includes the co st o f the ab stra ct or its
continuation and the fee paid an attorn ey fo r his opinion on
sam e each tim e a tra n sfer is, m ade.
2. D elay. T he tim e n e cessa ry to exam ine into the title to
any given p rop erty bein g dependent on the num ber o f transfers,
the value o f the p rop erty and w h eth er or not it is n ecessa ry to
fill gaps in the chain o f title.
3. Insecu rity.
E rrors m ay and often tim es do creep into
abstracts.
4. T h e con stan tly len gth en in g chain o f deeds, and other in
strum ents to be exam ined, w h ich increases the expense, d elay
and insecu rity.
5. A n y d e fe cts op erate as a perpetual ta x on the real estate
and depreciates its value.
In m akin g an analysis o f the T orren s system it m ay be said
at the ou tset that it is a reform intended to rem ed y the evils
o f the present record in g system , in that it m akes titles to real
estate as nearly secure as hum an instrum entalities w ill perm it
and that no claim adverse to the registered title can be asserted.
It does not attem p t to m ake bad titles g ood. It is sim ply an
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Federal Reserve Bank of St. Louis
Saturday, June 20, 1908
ad ju d ication upon titles as th ey are presented or finally proved.
U nder op eration o f the T orren s system the title becom es by
a d ju dication again st the w hole w orld an indefeasible title, it
con tin u es so fa r all tim e and is sh ow n instan tly to be such by
an in spection o f the certificate held by the ow ner. T h e p rin
ciples w hen applied accom p lish the follow in g:
a. T he public exam ination o f title b y a cou rt of com petent
ju risdiction .
b. A registration o f the title fou nd upon such exam ination.
c. Issu ance o f a certifica te o f title.
d. T he registration o f title upon ev ery su bsequ ent transfer.
e. N otice on the certificate of an y m atters a ffectin g the r e g
istered title. Claim s not registered have no validity.
In d escribin g the m eth od p ointed out b y law (I shall refer
p articu la rly to the law o f M in n esota unless otherw ise stated) for
obtain in g origin al reg istration of the title to land, it is im p or
tant to bear in m ind that the law provid es for the appointm ent
o f tw o officers w h ose duties m ay be briefly stated as follow s:
• F irst. _ A n E x am in er of T itles. T h is officer is, appointed by
the district court and m ust be a com p eten t and qualified a tto r
n ey at law. T o him all a p p lication s fo r registration are r e
ferred in the first instance, and it is his duty not only to ex a m
ine the record title, but in particular to in spect the property,
the title to w h ich it is sou gh t to have registered , and ascertain
w h o is in p ossession of the land. It is his duty a lso to search
all p ublic record s and m ake a full and com p lete in vestigation
o f every fa ct w h ich m ay in any m anner a ffect the title, and to
su bm it to the d istrict cou rt his report thereon. T h is report is
not bin din g upon the court, but it is a v ery im porta n t step in
the reg istration proceed ings, and the law th erefore requires
that it shall be as com p lete a s it can be m ade. T he ex a m in er’ s
report is in _no sen se the opinion o f an a ttorn ey on the fitle
only, but it is a full and com p lete statem en t o f all o f th e fa cts
p ertain in g to the title.
Second. A R eg istrar o f T itles. T his officer acts as a re g is
tration officer under the law and issu es all certifica tes o f title
provided b y it. H is duties com m en ce w h en the certified cop y
o f the ap p lication is filed b y the clerk o f cou rts in the office of
the reg ister o f deeds, w h o is reg istra r o f titles under the law
and his deputies d epu ty registrars. W h en the certified cop y o f a
decree is fu rn ished and filed, the registrar proceed s at on ce to
enter the sam e and to prepare the certificate o f title, w h ich is
duly entered b y him in a b ook called the “ reg ister o f titles.”
A d uplicate of this certificate m arked “ ow n e r’s' d u p lica te” is
g iven to the person declared b y the d ecree to be the owner.
T he certificate sets forth the title o f the ow ner. It also sets
forth all liens, in cu m bran ces and interests, to w h ich the ow n er’ s
estate is su bject.
T he in cu m bran ces or other adverse claim s
against the ow n er’ s estate are noted in and at the end o f the
certificate o f title in the form o f m em orials and an notations.
T he instrum ents crea tin g or • ev iden cin g such liens, in cu m
brances, etc., are filed w ith the registrar o f titles instead of
b ein g recorded, as under the old system .
A cco rd in g to, the usual and ordin ary m eth od the ow n er o f
land w ho d esires to reg ister his title, to the sam e m ust file w ith
the d istrict cou rt o f the cou n ty w ithin w h ich the land is situ
ated, his duly verified petition settin g forth his interest in the
land and a d visin g the cou rt of all kn ow n liens upon the land
and o f adverse claim s to sam e, w h eth er record ed or unrecorded.
T h e law p rescribes the form of this ap p lication and m akes it the
duty o f the ow n er to state therein ev ery fa c t w h ich can affect
the title, togeth er w ith the nam e and address o f every person
w h o can by an y p ossibility have any in terest in or claim again st
it. T he ow n er m ust also file w ith his a p p lication a com plete
and properly certified a b stra ct o f title, w h ich ap p lication is r e
ferred to the exam iner o f titles, w h o p roceed s to exam ine the
title in the m anner alread y in d icated and to m ake his full and
com p lete report upon the sam e. U pon the filing o f the e x a m
in er’s report the law makes, it the d u ty o f the cou rt to exam ine
all the file and record s in the reg istra tion p roceed in g s and to
ascerta in and d eterm in e all persons w h o m ay have any interest
in the land adverse to the applicant, or any liens of an y sort
upon or again st the sam e. On the order o f the cou rt a su m
m ons is then issued directed to ev ery person w ho is in p os
session o f the land, or who, in the opinion o f the court, has an y
interest therein or any adverse claim thereto.
A n y person,
w h eth er nam ed in the su m m ons or not, has righ t to appear in
the registration p roceed in gs and assert his. interest in the land
or his lien again st the sam e. I f an y d efen d an t appears the
issues are tried, as in an y ordin ary civil action, but if no person
appears the cou rt again exam ines the record and d irects a d e
cree of registration to be entered, if, in the opinion of the court,
the ow n er is entitled thereto, d irectin g the registrar o f titles
to m ake reg istration o f the land. T h is decree o f registration is
record ed in the office o f the clerk o f the d istrict court, and a
certified cop y th ereof is at on ce transm itted to the registrar o f
titles, w h o thereupon enters in a b ook kep t fo r that purpose
w h at is know n as a “ certificate o f title,” the form o f w h ich is
p rescribed by law . W hen th is has been done the a ct o f r e g is
tration is com p lete and the land has been brou gh t th ereby under
the p rov ision s o f the law and m ust be dealt w ith in the m anner
p rescribed by law . A t the tim e the land is registered the r eg is
trar delivers to the ow n er an “ ow n er’ s, d uplicate certifica te,”
w h ich he retains as ev iden ce of his ow nership.
P erh ap s the m ost valuable fea tu re o f the law is the fa ct that
after the expiration o f six m onths from the date th ereof every
certificate o f title in the hands o f the origin al ap p lican t is un
assailable ex cep t fo r fraud. T his p rov ision is usually referred
to as the statute o f lim itations. In this resp ect the statute is
v e r y full and com p lete and cov ers not on ly decrees and certifi
cates h eretofore rendered and issued, but also all decrees and
certificates that m ay be at an y tim e h ereafter rendered or issued
p ursuant to the law . F rom a legal stan d p oin t this is perhaps
the m ost valuable fea tu re o f the law. W h en the utm ost care is
exercised m istakes, m ay o ccu r in any registration p roceedings,
and it is entirely possible th at w ith the ex ercise o f the utm ost
good faith persons havin g actu al liens or interests m ay in som e
Way be om itted and m ay not be notified o f the p en d en cy o f the
reg istration proceed ings. E ven in such case their interests are
ab solu tely barred and th ey can only a tta ck the d ecree in the
hands o f the origin al ap p lican t upon the ground o f fraud. This
im portant fea tu re of the law has been recog n ized and fu lly up
held in the recen t ca se o f B aart vs. M artin, 108, N. W . Rep. 945,
w h ere the cou rt held that “ a fter the expiration o f the period
fixed by the statute a title duly and regu larly reg istered under
the T orren s system is, un less such reg istration w a s obtained by
fraud, indefeasible.
A n additional fea tu re of the law w h ich w as recog n ized in
this case, an d w h ich likew ise is o f inestim able value as that in
the hands o f an in n ocen t person fo r value the certificate of
title is ind efeasible fo r an y purpose. R eg istered land is also
free from the su bsequ ent a cqu irem en t o f easem ents or estates
b y p rescrip tion . T h is in itself is a p riceless boon.
A certificate o f title under the T orren s system declares that
the p erson in w h ose nam e it stands is the ow n er in fee sim ple
o f the p rop erty described. T h e lan gu age o f the decree is a b
solu te and certain and con fers upon the ow n er the highest
form o f ow nership kn ow n to law . T he d ecree recites the nam e
of the ow ner, his particu la r address, his age, the nam e o f his
w ife, if m arried, an d if n ot m arried th at fa c t is stated, and also
that he is under no legal d isability. A n d it also sets up an
19
THE COMMERCIAL WEST
Saturday, June 20, 1908
The Security National Bank
MINNEAPOLIS
has every facility to act as a responsible and
efficient reserve agent for banks throughout
the Northwest.
Correspondence Invited
Capital and Surplus,
accu rate d escrip tion o f the p roperty. W h e n a tra n sfe r o f this
p rop erty is m ade the new certificate o f title carries upon its
fa c e the sam e in form ation regardin g the new ow ner.
T he origin al certifica te o f title, togeth er w ith the “ O w n er’ s
D u plicate C ertifica te” are b y the express p rov ision o f the law
to be re ceiv ed in ev iden ce in all o f the co u rts o f M innesota,
and they are declared to be co n clu siv e ev iden ce o f all m atters
and th in gs con tain ed therein. T he p ro o f o f title so fa r as the
ow n er o f registered land is con cern ed is th erefore a v e ry sim ple
m atter.
H e has on ly to p rod u ce his certificate find w ith ou t
oth er o r differen t eviden ce m ay rest thereon. T he im porta n ce
o f this p rovision w hen one con sid ers the difficulty o f p rov in g
ow n ersh ip under the general law can hard ly be oversta ted . L ik e
the decree, the certificate o f title is fre e fro m atta ck a fte r the
lapse o f six m onths from its date.
P r o v is io n s
S im p le
and
P la in .
T h e p rov ision s o f the law in regard to dealing w ith land after
it has been reg istered are sim ple and plain, and the case of an
ord in a ry tra n sfer b y deed m ay be taken as an illustration of
the p ro ce e d in g s n ecessa ry. W h e n an ow n er desires to sell land
th at has been reg istered he has only to present his certificate of
title to the reg istra r togeth er w ith a deed in the usual form
c o n v ey in g the land to the purchaser.
T he reg istra r files the
d eed o f co n v e y a n ce , can cels the certifica te o f title w h ich is
presented, and as a part o f the sam e tra n saction prep ares and
delivers to the p u rch aser a n ew ce rtifica te o f title. T he tra n s
a ction is then com p lete and in v olv es neither expen se nor d e
lay. If the ow n er desires to m o rtg a g e the p ro p e rty the p rocess
is sim ilar. T h e o w n e r’ s d up licate certificate m ust be presented
w ith the m ortg a g e so proper flotation o f the m o rtg a g e m ay be
m ade thereon. I f the m ortg ag ee so requests, the reg istrar m ust
issue and d eliver a d u p lica te ce rtifica te o f title, like the ow ner,
e x cep t a cro ss its fa ce m ust be w ritten o r prin ted in large letters
“ m ortg a g e e ’ s d u p lica te.” In p ra ctice the m ortg ag ee holds the
ow n er’ s certifica te on w h ich is noted his m ortg ag e. T he sim
p licity o f the tra n saction is its g reatest recom m en d ation .
In M in n esota and all oth er states o f the union it is option al
w ith the ow n er w h eth er or n o t he shall h a v e the title to his
p rop erty registered under the T orren s system . T he a ct forces
n oth in g upon eith er an u n w illin g citizen or an un w illing p ublic,
it sim ply su pplies a rem ed y fo r e x istin g and adm itted evils to
th ose w h o d esire it. In Illinois the p rop erty ow n ers o f C ook
cou n ty appealed to the legislature at its session fo u r y ears ago,
and secured an am endm ent w h ich m akes it the d u ty o f trie
ex ecu to rs or ad m in istra tors app ointed a fte r July 1st, 1903, to
reg ister the title to all un registered estates and in terests in
th eir control.
N otw ith sta n d in g the b itte r op position o f the
T itle Insurance C om p an y w h ich n ow virtu a lly has a m on op oly
on the bu sin ess in C h icago the m easure receiv ed the alm ost
un an im ous a p p roval o f both leg islative bod ies w ith the proviso
th at the co u rt m igh t fo r g ood reason ex cu se such registration ,
and th e fu rth e r p rov iso that its adoption should be left to the
v o te rs o f the coun ty. T h e ad op tion o f su ch a p rov ision in the
law w here reg istration is left op tion al m u st result in the_ s y s
tem com in g into general use w ith o u t hardship or in con ven ien ce,
nu blic or private, at the earliest p ossible date.
T h e n ew system o f land reg istration has n atu rally en cou n
tered op position in e v e ry sta te in w h ich it has been adopted.
So com p lete and rad ica l a ch an g e in e x istin g m eth ods m ust
n ecessa rily h a v e p rod u ced su ch a result.
T he op position has
D roceeded fro m certain com m ercia l interests w h ich have im a g
ined them selv es as lik ely to su ffer p e cu n ia ry loss b y the d isuse
o f the old system , and it has been au gm en ted b y the selfish
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Federal Reserve Bank of St. Louis
$ 2 ,0 0 0 ,0 0 0
p rofession a l interests o f som e attorn eys, w h o too frequ en tly
p oison the m inds and w eaken the energies o f those w h ose op in
ions oth erw ise d irected w ould hasten its adoption . T he o p p o
sition, how ever, has not been from the m em bers o f th e . p ro
fession o f law taken as, a whole. . On the con tra ry the p rog res
sive m em bers o f the bar in the several states have alw ays been
its ardent ad voca tes. W ith o u t the p ositiv e a id o f the leading
m em bers o f the bar the new system w ou ld still be stru gglin g
fo r r ecog n ition again st the in d ifferen ce w ith w h ic h A m erican
so ciety is w on t at the ou tset to regal'd the reform a tiv e aim s of
its m ost valued m em bers. W ith o u t the a ctiv e co-o p e ra tio n of
the m em bers of the bar the p ublic w ould p rob ably have r e
m ained in total ig n oran ce fo r years to com e o f the ad van tages
o f the T orren s system . T he o b jection s m ost stren uou sly urged
ag ain st the law in the several cou rts in w h ich its v a lid ity has
been tested are that the law con fers ju d icial fu n ction s upon e x
am in ers o f titles and reg istrars o f titles, and also op erates to
deprive the citizen o f his p rop erty w ith ou t due p rocess o f law.
A n exam in ation o f the d ecision s referred to h eretofore in this
p aper w ill s a tisfy an y m an th at there is no fo r c e in the o b
je c tio n s raised.
It is fu nd am ental that the state has con trol over real p ro p
erty w ith in its lim it and that this con trol carries, w ith it the
p ow er to regu late the p rov ision s o f the law relatin g to the
con d ition s o f its, ow n ersh ip, its tra n sfer and the m ode of e s
tablish in g title thereto. W e are all fa m iliar w ith the action s to
qu iet title. The ob je ctio n s raised to the leg a lity o f the T o r
ren s system m igh t w ith equal fo rce be urged ag ain st the ord i
n a ry a ction to quiet title. T he prin cip al d ifferen ce betw een the
tw o a ction s is that in the one case the state has provid ed courts
w ith ap p rop riate ju risd iction in w h ich the ow n er can have his
righ ts a scerta in ed and establish ed ag ain st tfie ow n er only of
an ad verse claim , and in the other, the state has provided a
m eth od b y w h ich one can have his title ascerta in ed and esta b
lished a g ain st all the w orld.
G r o w th
of
B u s in e s s
Under
th e
Law .
In M assa ch u setts the g row th o f bu siness under the law in
fo r c e there has stead ily in creased both in the nu m ber o f ap p li
cation s filed and the assessed valu a tion o f the p rop erty r e g is
tered. In 1899 it w a s $626,000, in 1902 $1,991,000, in 1907 $3,643,000. T o qu ote from the rem arks m ade before the N ew . Y ork
State B ar A ssocia tion in January last b y H on. Chas. T. D avis,
ju d g e o f the M assa ch u setts land court, “ P eople w h o on ce apply
fo r reg istration o f title com e ba ck again.
N o suit has ever
been b rou g h t a g ain st the com m on w ea lth , n or have I ever heard
o f an y claim bein g su ggested that an y b od y has ever been cut
off from an y righ t or interest in land during the ten years in
w h ich the iand reg istra tion a ct has been in operation .
We
h a v e registered the title to over tw en ty m illions of dollars w orth
o f p rop erty a t assessed valuation s, and to a v a stly larg er
am oun t o f actual v aluation as the sam e p rop erty stands today.
W e have som e 8,000 instrum ents in ex isten ce in the m etrop oli
tan d istrict alone. T he ch a ra cter o f our w ork has chan ged
v e r y m uch sin ce the act first w en t in to operation. A t first w e
had v e r y sm all and u n im p orta n t and usually d efectiv e titles.
I should say that tod a y the g re a t bulk o f our w ork is in titles
in v olv in g a v e r y consid erable am oun t of m on ey and in w h ich
no real d efect is p resen ted .”
In Illinois w h ere the law has been in p ra ctica l op era tion in
CooM co u n ty fo r ab ou t ten years, I am ad vised b y the r e g is
tra r o f titles th at at first there w as m uch hesitation on the part
o f p rop erty ow n ers in u sin g the system , due to natural c o n
servatism and to the repea ted w arn in gs o f persons interested
20
THE COMMERCIAL WEST
in the C h icag o T itle & T ru st Co., and law yers affiliated w ith
that com pan y. M y in form an t fu rth er says, “ I am glad to say,
how ever, that this is bein g o v e rco m e ; that there is no d ifficulty
in selling registered land o r in m akin g m ortg a g es or tru st
deeds upon them . In the last fe w m onths there has been a
v ery noted increase in the nu m ber o f p ersons seek in g to r e g is
ter their prop erty. F or the current six m onths o f the p resent
fiscal year there has been an in crease o f m ore than 100%
over last year in ap p lication s fo r registration .
I think that
p rop erty o f the value o f ov er $1,500,000 w ill be registered this
y ea r.”
In R a m sey cou n ty, M innesota, 4,685 certificates have been
issued co v e rin g 19,630 lots at an av erag e co st o f n ot to ex ceed $3
per lot.
T he title to 124 lots w a s re ce n tly reg istered at an
expen se o f a little less than $1.25 per lot, including cost o f a b
stra ct o f title, sh e riffs’ fees, a tto rn e y s’ fe e s and all other costs
o f w h atev er kind.
In H en nepin cou n ty, M innesota, 1,964 certificates have been
issued co v e rin g 5,000 lots.
The record s fo r St. L ou is coun ty,
M innesota, the third and on ly other cou n ty in M innesota w here
titles are registered , w ere n ot at m y com m an d, but I am in
form ed that ab ou t the sam e relative num ber o f certificates
have been issued as in R a m se y and H en nepin cou n ties and that
the nu m ber is con sta n tly grow in g.
In M innesota no claim o f a n y kind has been m ade again st
the A ssu ra n ce F und and the in d irect benefit to the coun ties in
terested in the m atter o f the p aym en t o f ba ck taxes incident to
the registration o f titles is o f sufficient im porta n ce to be w orth y
o f note.
In M anitoba about 90% o f the titles in the W in n ip e g d is
trict is reg istered in spite o f the fa ct that registration is not
com p ulsory. P u rch asers and in v estors appear to be un w illing
to take un registered lands. M ore than $60,000 net revenue w as
turned ov er to the govern m en t by the W in n ip e g office alone
d u rin g the year 1907, and the reg istra r gen eral ad vises m e that
not to ex ceed $5,000 has been paid out o f the A ssu ra n ce Fund,
sin ce the office w a s first opened.
In O ntario the M aster o f T itles, as the reg istrar is term ed,
advises m e that the gu a ra n ty fund now am oun ts to ov er $81,000
and that this fu nd has been called upon to m ake good losses
b y reason o f m istakes in the v ariou s offices throughou t the
p rov in ce to the ex ten t o f $1,957.70.
G ran ting that there is a dem and fo r an im provem en t or a
radical reform in the m eth ods o f c o n v e y a n cin g and that the
legal o b je ctio n s raised have been ov ercom e, it is p ertinen t to
inquire, is the system o f registerin g land titles d esira ble? If
clearness, certain ty, speed, sa fe ty and eco n o m y o f tim e and
expen se are to be considered, the an sw er m ust be in the affirm
ative. T he stron g est argu m en t in fa v o r o f the adoption o f the
system seem s to be the g ro w in g fa v o r in w h ich it is held
w h ere it is in p ra ctical op eration .
A n a ct w h ich g row s in
p rop ortion to the p ublic dem and fo r it, p ra ctica lly p ay in g its
ow n w ay and eventually a ffe ctin g a large and real sav in g in the
rapidly in creasin g expen se o f the p resent record in g system , is
free from the prin cip al o b je ctio n s w h ich have been urged
again st the adoption o f the T orren s system . W h e th e r or not
such system w ou ld be m ade use o f in Iow a is a qu estion that
you you rselv es m ust solve.
In the cou n try com m u n ities it
likely w ou ld be years before it w ould com e into general use,
not becau se o f the expense, and it does cost m ore in cou n try
d istricts to have a title registered than to p roceed under the
old system , but rather becau se m ost o f the titles are read ily
m arketable under the re cord in g system .
In y ou r cities, ju d g in g by the ex perien ce in states w h ere the
system is in use, the system w ould un dou btedly be used w ith
ever in creasin g fa vor. W h e re v e r the tw o sy stem s are in use
they are fou nd to be neither in com pa tible nor inconsisten t, but
the one is slow ly but su rely crow d in g out the other. If you
giv e the T orren s system a sy stem a tic, thorough and careful
in vestigation you w ill find it has been a su ccess w h erev er it
has been put to p ra ctica l use, and you will realize that you
can nO longer rest con ten t w ith a system w h ich has com e dow n
to us from the d u sty p a st and w h ich has little else than its
age to recom m end it.
Resolutions Are Adopted.
As chairman of the committee on resolutions, D. H.
McKee reported the resolutions upon which the body had
decided. They were all adopted without a dissenting vote.
The resolutions which concern the abstracters’ liability to
employes declare it to be to the interests of business that
legislation be enacted making abstracters liable to any
and all interests affected by their work and also favor
legislation whereby state banks, savings banks and trust
companies may act in the capacity of trustees of estates.
The resolutions indorse the selection of C. H. McNider as
nominee for member of the council of the American Bank
ers’ association, extend thanks to Sioux City bankers for
splendid treatment and ask and pledge the assistance of
each member toward bringing about a uniform law regu
lating bills of lading as proposed by the American Bankers’
association. Resolutions concerning the fee system of
paying national bank examiners urge that examiners be
placed upon a salary basis.
C. H. McNider, of Mason City, moved that the com
mittee on resolutions be instructed to prepare a set of
resolutions on the death of Charles R. Hannon, a former
president of the association. These resolutions were pre
pared and later read from the floor of the convention by
Mr. McKee. They recited the fact that Mr. Hannon had
been one of the pioneers in the organization of the asso
ciation and that he had done much toward the formation
of the present group system.
Gavels fo r Presidents.
At this point Ackley Hubbard of the First National
bank of Sioux City, was presented. He spoke of the past
history and of the nineteen men who have officiated as
presidents of the Iowa Bankers’ association. In conclud
ing he said that the early presidents never had had a
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Federal Reserve Bank of St. Louis
Saturday, June 20, 1908
gavel from the association and there were some 12 ex
presidents still living. He took pleasure in presenting to
all these a handsome ivory gavel.
T he
Co untry
Banker.
One of the more entertaining addresses was that of
E. R. Guerney, vice president of the First National bank
of Fiemont, Neb. His talk was full of good humor with
occasional serious thought to give it weight.
He spoke as follows:
Th J n L w n f tiorL o f ,.T im e lias prod uced the C oun try B anker
1he p ow er o f p iod u ction , and the geniu s o f trade and pommpri'P
hi^V o p erltion 1S d evelop m en t- A nd A m erica affords, the field of
T buS WG see
him , the fortu itou s p rod u ct o f boundless
under the inspiring in flu en ces o f the A m erican flag
the , T o , ^ nCe ! ° the Star Spangled B anner m ay be taken as
exu b era n ce in cid en t to the season o f the year but
it is the solem n truth, ju s t the sam e
’
A n d rew C arnegie has circu la rized civiliza tion
declarin g
ours the w orst ba n kin g system in the world. P ossib ly true" but
J?
+tbep thA w orst hanking system in the w orld has ’rtroduced the best bunch o f bankers, in the w orld
T his is anoma
lous but it is an un qu estion ed fact.
an om a Ih u s in the study o f our su b ject we find first that hiq
habitat is N orth A m erica — he is a sort o f hom o pecu nicus
Am ericanus'.
th e r e are bankers in H aiti in H olland i n H o n
duras, in H a lifax, and d ou btless in H eaven , but the real C oun try B an ker is fou nd only in the U nited S tates of A m erica usuaL
fora
iiT ',adds
'i T ^num
lOV;bers
n ’ and
w h erevirtues
thGre ¡-sa nroom
tor im
outt tonereeT
one
T hu
huss he
to tw
hiso other
d in
m any a village the hilarities of con flict lend g a ie t y ’ to the
m on oton y o f an otherw ise p eacefu l existence.
8
y o t e
D if f e r e n t
in
O th e r
C o u n tr ie s .
o f ii1
CGUntries' the ca se is, qu ite different. T he banker
o f E gypt, T u rk ey or the Orient sits in state, w earin g a m antle
n n a W ' T flow in g robe, and a far a w a y look.
H is la t r ia r e h a !
stHkeP 1ffmr i fnr ™hiskers 80 disguise his fa ce that w hen you
strike him for a loan you can n ot qu ite d ecid e w hether lie is
°J Ahe ci op ou tlook or the p erils o f race su icide for
w h ich he holds, a fine scorn. A nd w hen he says he will think it
over and let you know in a few m onths, you d ecide that he is
con g ressteSt d ellberate body on earth and as slow as the sixtieth
„ T.he banker o f S cotlan d is canny, even cantan kerou s, and the
applican t fo r a loan finds his fa m ily history,, h is present a sp ira
tions and his hope fo r p osterity closely in v e stig ?a te d -if sa titfn Ch?Jy ,h-r S i ° ld tn
tw o signers, either o f w h om fa irly rev els
m his. a b ility to say No.
R ev ertin g again to A n d rew Carnegie
w h o so feelin gly deprecates our banking system , I im agine I see
him, a m ere lad w ork in g a S cottish M ellon for a fifty thousand
f a c e ! t0 SWmS hls flrst bri<3ge con tra ct, on the secu rity of his
Or, w ho ever heard o f a Germ an banker, or F ren ch or R u sZ
’p ! r i C^
d ' an financier, g oin g dow n to the stock ya rd s
ch u te and helping a farm er to load a car o f hogs,! Or see him
grasp the h orn y handed ruralist, and invite him into the v ery
san ctu m sanatorium of w ealth even though his locks have
Wisps o f tim oth y w ithin them , and his boots, as friend S ey
m ou r’s little girl said, have P eru na upon them .
y
O n e o f th e P e o p le .
B ut the banker in A m e rica is d ifferen t from all the other
bankers o f the world, in that he is a part and parcel o f the
] ,C la bone of their bone, flesh o f their flesh. In
hern
he w ea rs spurs, and can cut a steer from the
herd ju s t as nea tly as a captain o f finance can ex ecu te a bull
m ovem en t on the sto ck exchan ge. If he live in a sheep cou n ibA’ b ® know s a ]1 about m utton and w ool— in the south he join s
the F arm ers A llian ce and boosts, the price o f co tto n — in Iow a
he attends H olden lectu res and stud ies corn, talks corn thinks
corn, drin ks corn, and corn ers w ealth.
K n ow in g all these
things, the cou n try banker becom es the a d viser o f his c o m
m unity, the chosen confidant o f the ‘ ‘old m en and m oth ers the
y ou n g m en and m aiden s” — the clearin g house o f ideas as w ell
i!!g dhouse cei-tificatesStli,>Uter ° ' S“ <1 Ch!" ?r
‘
ffrom
r T ” Ithe* T
k i F office to study the $ ‘ ‘book o f ru les,” but each a
head
dyn am ic p ow er— the m igh tiest com m ercia l force the w orld ever
saw , not on ly the guardian s and tru stees o f ten thousand m il1 ™ S, o i w e a ^h, but directors' o f and p articip a n ts in a business
developm ent that has astonished ourselves as w ell as the rest of
the world. T he cou n try banker then is A m erican through L d
through, and is both cause and effect, the inspirer and the
p roduct, the d eveloper and d eveloped o f the con d ition s that
prevail now here else on earth.
ls ln a t
D e p e n d e n t on C lie n t s ’ P r o s p e r ity .
T he seconrl observation w h ich I w ou ld offer is closely correai f d *? ttbe last, nam ely, that the cou n try banker is, m ore
vitM ly interested in, and dependent upon, the p rosp erity o f his
clients than are the m en o f any other o f earth ’ s v o ca tion «
feeder, fo r instance, finds' his interests q u ffc op
Rosed to the corn grow er, the form er desirin g on ly cheap corn
the latter a high p rice fo r the con ten ts o f his crib
T he kindfv
and ben evolen t fa rm er looks, fon d ly upon his large herd of
healthy, m atu red hogs, and finds a sooth in g balm in the c o n
sciousn ess that a large section of the w est has been d evastated
b y cholera, w ith a large fa llin g off in receip ts and a better price
fo r his ow n.
T he corn er grocer, w ell stock ed w ith canned
goods, looks w ith equ anim ity upon the late frost that again
d estroy s the fru it crop, w hile the su rgeon looks bravely to the
future, n otw ith stan d in g the approach o f the season o f the tov
pistol and the cannon cracker, and the un dertaker is resigned
to the sad fa te com m on to all m ortality. E ven our good friends
the law yers, w h ose splendid assista n ce w e need to p ro te ct us
from other law yers, and w ho are v ery prin ces o f p eace fight
like dogs for us in the court room , but under the cov er o f d a rk
ness drink togeth er to the clin k in g o f steins, realizin g that only
one side can win, and he only to a v ery m oderate extent, net
B u t the banker can b y no p ossibility secure profits or s a t
isfa ction in the a d v ersity o f his borrow er, nor gain d eposits in
the im poverish m en t, either o f the individual or the com m un ity.
T h e sh rin kage in the flow o f com m erce cuts dow n his ex ch an ge
earnings, and a p an ic on ly helps in the increased rentals o f his
sa fe ty d eposit boxes. F ea r and strin gen cy, su fferin g and fa il
ure w ith his cu stom ers are the bane o f his life, w h ile ev ery
sm ile on the fa ce o f his client finds a reflection in his own.
T hu s p opulism m ay rave at the m oney p ow ers and darkly
hint at ruinous cabals c o n cocted at m idn igh t con feren ces and
d em a gog y m ay p reach from the colum ns o f a yellow press in
d en u n ciation o f p red a tory w ealth, but the fa c t rem a ips that
the A m erica n c ou n try banker is in evitably and ov erp ow erin g ly
affected b y the p rosp erity o f his com m un ity, an d he is the one
m an o f all m en w h o se self interest leads him to labor alw ays
f ° r C on ced in g fhen,’ fo r the sake of argum ent, th at the cou n try
ba n ker is a v e ry p arag on o f p erfection , a sort o f royal flush in
the hands of the com m u n ity, the qu estion arises how m ay he
be p reserved to p e rp e tu ity ? Is there any fa llin g o ff in the su p
p l y — or any insiduous v isita tio n ,— a financial green bu g to rum
his crop,, or m icrobe m alignan ce b u rrow in g at the base o f his
e x isten ce ?
No
S h o rta g e
in
th e
S u p p ly .
A s to the first section o f our inquiry there appears to be
no cause fo r alarm . T he supply is am ple. W e have bankers to
burn som etim es w e put them in cages. There is a su ggestion
ap p earin g fro m tim e to tim e that a sch ool fo r tra in in g b a n k
ers be establish ed, p ossibly a Sheldon school, or an Ia te ra a tlY*E
C orresp on den ce C ourse fo r m aking bankers b y m ail, or again
that som e m illionaire, w earied o f bu llyin g the ro y a lty m arket
in foreig n “
and w orried w ith the cares o f cou p on c lip
p ing m ay see fit to endow a chair in som e great u n iv ersity for
the d issem in ation o f financial acum en.
. .
A ll this sounds good and m eets, in the theory, our heartiest
ap p robation , y et the fa ct rem ains th at som e o f the ablest
bankers w e have ever know n, have stepped from the farm , tne
t o o ffic e ? t h e hardw are store, or even the cou n try »
»
office and have becom e m asters o f finance! A n d it w ou ld seem
that so long as all bu siness is fou n d ed upon selfishness,— e n
lightened selfishness,— and as ba n k in g is the refinem ent o
buiness w e need have no fea r that there w ill be a dearth. i .
the supply o f m en, sh rew d enough to p ro te ct the funds intru ed to their care, and g re a t enou gh to be fea rless in the ligh t.
N o C a u se f o r “ V ie w in g
w it h
A la r m .”
Now' as to our secon d inquiry,— is there any insidious v isita -
S H
as
01 t S S ? are
d istu rb in g elem ents w ithin
the range o f ’ our p erspective. T he first one is the lack o f c o oneration am on g m en at a tim e w hen union counts. V\ e bank
op era tion ainoiio i
,,
in the WOrld on o cca sion .
I say
f—
K
t^ a ^ th L T x tS lS
SuSSi
the w orld know s, m en w h o have been tried out in the g u n d m g
o f tim e and tested in the cru cib le of ad v ersity , borne o f these
splendid fe llo w s I consid er the equal o f any presid en t or any
km s o w e m eet here today, w ith the w arm hand clasp o f fr ie n d
ship ch affin g t h f w i n e o f social g reetin g , refresh m en t and en ■invrnpnt • w c ire alm ost ch u m m y w hen the sum m er zeph yrs blow ,
and the dew drops, diam on d like, sparkle upon the opening flower^
p ort ^ f Gone ha n o th e rfSweC°fight, 'ifo t' i S S S S J o E » i M
|
and w oe unto the one upon w h om the trap is sprung
T hen
w ou ld take a d eposit from you as ruthlessly as the high w aym a n
w ou ld take y ou r coin. A nd y o u grab ba ck , n ev er car ng
the m otiv e that induces the tra n sfer, nor g iv in g th ou gh t to the
rpunlts it is a n v th in g to get the funds. Just so w itn loans.
Y ou dum p vour b orrow ers on to m e, and I m ine upon you, if
w ^ m a T - w e listen to the sligh test rum or o f our n e ig h b o r s
solv en cy n ot w ith confidence, w ith forbea ra n ce, or w ith th
suirit o f ’ helpfu lness but w e strike q u ick ly w ith the fe r o c ity o f
w o[v es to g e t our ow n be fo re the crash com es, and th ereby
help to bring on the crash. W e condem n hoard ing in the s e
v erest tei m s yet I m aintain that we are the m ost g lu tton ou s
an unreasonable hoarders on earth. N ow , this all com es about
n ot through m a levolen ce or lack o f p u blic spirit, bu t becau se we
are w ork ers in a system that has its one great w eakn ess, that
o f a lack o f co -o p e ra tio n . W e do these th in gs b e ca y se w e m ust.
Our independence, usually a splendid influence in ou r u p
building, is, in the hour o f peril, our extrem e w eakn ess, to
our ow n g re a t disad vantage, and to the infinitely g reater loss
to our b orrow ers, fo r in su ch tim es w e v irtu a lly have to su s
pend the loan in g fu n ction . T he one rem ed y fo r panics, reco g
nized b y financial p a th olog ists the w orld over, is to loan
m on ey — freely ,— bu t that is the v e ry th in g w e dare n ot do. A s
w ell m igh t one bank, sin gle-h an ded and alone go to sh ovin g
out its m oney in such tim es to relieve strin gen cy, as fo r a
m an in the d epths o f w in ter clad on ly in gau ze underw ear,
stand out in the A r ctic bla st and attem p t to w arm up the a t
m osph ere.
A nd thus is our great w eakn ess, w e co -o p e ra te
w h en no help is needed, and stru ggle, ev ery m an fo r him self,
w h en the crisis com es.
, , T
It is not w ith in m y p ro v in ce to su gg est a rem edy, bu t 1
offer this hint, that there w ill com e a tim e w h en w e shall have
a m ore w isely con stru cted banking law , enacted b y the federal
g ov ern m en t, than w e have now , and its benefits w ill
be so
great and its p rov ision s so w'ise, that as a m atter o f business,
no bank can afford to stay out, any m ore than he n ow can stay
out o f the Io w a B an kers A ssocia tion , and a un iform system
o f banks, a ctin g under the sam e regu lation s as to capital, r e
serves and supervision, will supply m uch o f the confidence
now la ck in g in our rather h etero geneou s assortm en t o f bankinginstitutions.
T h e P o s ta l S a v in g s B a n k Id e a .
A n d an oth er peril co n fro n ts the c o u n try banker, o r to speak
w ith m ore ex actn ess, threatens his bu siness com m u n ity. T his
is the P osta l S avings B an k idea, w h ich is co m in g on apace.
I am firm ly con v in ced that su ch an institution w ould be of the
m ost a g g ra v a tin g ch aracter, d am ag in g to the ba n k er and to his
clien t alike. It is a hideous th in g o f fo re ig n g row th , d irectly
in op position to the great A m e rica n system o f localized banks,
and its effects w ould be som eth in g un pleasan t to contem plate.
T h is system is rap idly gain in g fa vor, and though it seem s im
p ossible that the A m erican p eople can ap p rov e o f it w h en on ce ,
th ey w e ig h its m erits, there is y e t g ra v e d anger that it w ill be
en g ra fted upon our financial system at alm ost an y m om ent,
as a m easure or p olitica l exped iency.
T he effe ct of a P osta l S avin gs B an k w ou ld be banefu l even
in the tim es o f norm al business cond ition s. E v e ry dollar that
the fa rm er or w a g e earner ch eck s out o f the cou n try bank to
p lace in the k eep in g o f the govern m en t, goes d irectly out o f the
com m u n ity, and o f the co m m u n ity ’ s life blood ,— gold. In ord i
n a ry transactions, a d ollar ch eck ed ou t b y A is re -d e p o sited a l
m ost at on ce b y B, and this p rocess go e s on a thousand tim es
to the ease o f financial institutions, and the fa cilita tin g of e x
changes, bu t w h en a d ollar goes ou t o f y ou r cou n try banks to
the g ov ern m en t stro n g b o x it is gone, ab solu tely in abandonm ent
o f the b a n k in g fu n ctio n and to the p aralysis o f trade. It is
id le to say th a t the funds so re ceiv ed w ill be r e -d e p o sited or
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21
THE COMMERCIAL WEST
Saturday, June 20, 1908
re-loa n ed at the p oint of receipt.
A n y m an of sense k n ow s
better.
B ut in the hour o f panic, w hen the crisis is im m inen t and
even the best citizen s b ecom e alarm ed b y floating rum ors, and
the bravest turn tim id, w hen the in stitu tion s that are b ra v ely
stru g g lin g to p rovid e fu nds to tide ov er the fa rm er _and the
business m an need help not hindrance, then the in vitin g hand
o f the govern m en t, reaching* forth from the postoffiee w indow
and p rom isin g a b solu te safety , w ou ld be a peril com p ared to
w h ich an y terrors o f 1893 and of 1907 w ere m ere ch ild ’ s play.
S om e o f our g ood frien d s w ou ld tra n sfer a part o f their funds,
say $500 to $1,000, ju st as a sort of an ch or to w in d w a rd in
case anything- m ight happen. Others w ould tra n sfer their all
fo r a little tim e, “ ju st w hile the storm la sts.” Still others lh
sheer hatred and d iscon ten t and terror w ou ld rush their funds
across the w ay, th row in g all th ou gh t o f in terest retu rn to the
w inds
D on ’ t tell m e that the sa fety of even the stron g est bank
w ou ld com p are w ith the sa fe ty of the govern m en t in the m o
m ent o f com p arison , or that restriction s m lim itation o f the
am oun t any one m an m igh t deposit w ou ld be of any effect
T he A m erica n is alw ays resou rcefu l, and he could read ily get
som e p ro x y to d eposit fo r him, and no law to p reven t an a s
sign m en t o f such righ ts or deposits w ou ld be con stitu tion al
T he P ostal S avings B an k schem e is dam nably iniquitous, and
spells d isaster to our bu siness institutions. W ith it in op era
tion and a p an ic com in g on, no cou n try banker w ould dare to
loan a dollar, and p anic, alw ays frigh tfu l, w ou ld m ou n t to u n
told severity. N or should it be im agined that the P ostal S a v
ings B ank m ovem en t is a w eakling.
It is stron g tod a y and
seem s to be gaining. In ev ery com m u n ity w h ere a bank fa il
ure has occu rred , it finds its ad voca tes. In ev ery cen ter of f o r
eign born lab orers it is popular.
M ost o f the m etrop olitan
dailies are fa vorab le, regardless of party. M an y of the great
banks in the reserve cities are in a recep tive m ood in a n tic i
p ation o f increased deposits b y the govern m en t.
T he postm aster general urges its adoption, the presiden t ot
the U nited S tates w arm ly endorsed the proposal. T here is no
organized op position to it and a law, establish ing P osta l S a v
ings B an k w ill be one of the en a ctm en ts of the near fu tu re u n
less the cou n try banker begin s soon, his cam paign or education.
B ut, after all, our lines have been cast in pleasan t places.
P rosp erity has been our p ortion, and p eace has been w ithin our
w alls. It will be rem em bered that M oses o f old sent his m es
sen gers ahead, to spy out the prom ised land of Canaan.
I hey
view ed the lan dscape o ’ er and cam e ba ck w ith m arvelou s tales
o f its fertility.
“ T he land flow s w ith m ilk and hon ey ’ they
said, “ behold, w e b rin g unto you the fru its thereof. H ere are
the grapes from the vineyard s, and the w h eat from the g r a n
aries.”
B ut that prom ised land w as indeed poor, and d esti
tute bu rdened and oppressed com p ared w ith y ou r m agn ificen t
Iow a w ith y ou r bou ndless w ealth in y ou r lands and cattle, your
g reat barn s and m odern hom es, and splendid sch ools and c o l
leges, and y ou r citizensh ip b etter than all,— while to com p are
the land o f Canaan w ith m y ow n N ebraska w ould be like p u t
tin g a can celled revenue stam p beside a govern m en t bond.
So I close, bu t w ith ou t defining m y su bject. I do n ot know
ju st w h at con stitu tes a cou n try ba n ker— do y ou ? In F ort Dodge,
th ey call R em sen a cou n try bank tow n.
Des M oines classes
F ort D od ge alon gside of D yersville and D ubuque in the cou n try
bank list,— w h ile in all p rob ability L ond on classes the C om m er
cial,) The’ C ontinen tal or The F irst o f C hicago, or those fa ir
sized institutions in W a ll Street as “ C oun try Banks.
I su spect
that w e are all cou n try bankers. One of the early day saints
said. “ If vou w ould see H eaven , look about y o u .” If you w ould
find the cou n try banker, look about, look to every m an w h ose
asp iration s are for the w elfa re of his com m u n ity, and w h ose
heart is attuned to the needs o f a com m on hum anity.
M en of Iow a!
Y ou have w on derfu l op portu n ities and a
royal d estin y opened before you. T here su rely n ever w ere a
p eople under the shining sun m ore blessed than you, nor g r e a t
er grow n. W h a t a splendid indebtedness! H e w ho reaps m ust
in turn give fo r the sow in g, else is he lack in g in sense as w ell
as in gratitude, and I can not look upon y ou r thousand m ein bers strong, able, courageous, clea n -ch a ra ctered fellow s, w ith
out, bein g thriled w ith a realization o f y ou r pow er, our t r e
m endous liftin g ca p a city w h en each one lifts a little, nor doubt
the w a v es o f hon est though t, w h ich you shall put m m otion, to
m ake fo r a b etter day!
The final address was on the “ Work of the American
Bankers Association” by L. E. Pierson, president of the
Irving Exchange National bank of New York. As Mi.
Pierson is also chairman of the executive council of the
American association he spoke with full authority and was
given close attention. His address was as follow s.
R ecogn izin g the ben efits o f co-op era tion , a few courageous
ba n k ers organized the A m erican B a n k ers’ A ssocia tion in 137b.
L ater follow ed the organ ization o f state ba n kin g association s,
and in 1895 the nation al associa tion g av e the state association s
represen tation on its ex ecu tiv e council.
F rom m odest begin n in gs these organ ization s have gathered
m om en tu m until today a carefu l study o f the w ork accom p lish ed
leads to the con v iction that their a c tiv ity con stitu tes a great
fo r c e for the w elfa re o f the entire coun try.
T he p an ic of 1907 w ou ld have been m ore disastrous bu t tor
our banking associa tion s.
E v e ry p reviou s p an ic w as m arked
b y the large num ber o f bank fa ilu res; in 1893_ over six ty (60)
national banks closed their d oors; in 1907, w ith nearly
a s m any nation al banks doing business, the fa ilu res w ere but
th irty (30), and yet, never w as a panic so sharp and severe
as that of last fall.
.
.
T his splendid record w as due p rin cip ally to one con d ition —
un ity o f action — brou gh t about through personal acqu aintan ce
and a better un derstan din g o f m eth ods n ecessa ry to p rotect
ctll interosts.
In 1893 a n d iin p reviou s panics, each in stitu tion outside the
large cities stood p ra ctica lly alone— in 1907, w h ere m ore than
one bank existed in each com m un ity, all stood together.
T his unity of action has com e through the w ork o f the b a n k
in g associa tion s; the op p ortu n ity to form acqu aintan ce, learn
of oth ers’ experien ce, draw con clu sion s as to p ast m istakes, and
form resolu tion s regardin g fu tu re situations has been o f im -
American Tent
Awning Co.
, TENTS, FUGS, HORSE AND WAGON COVERS,
WINDOW SHADES.
P h o n e s - T . C.
N. W .
777
307-309-311 Washington Ave. N.
MINNEAPOLIS
22
THE COMMERCIAL WEST
mens.e value to ev ery banker atten d in g con v en tion s. E a ch has
g on e hom e w ith a b e tte r u n derstan din g o f his ow n business,
has carried su gg estion s receiv ed to his n eigh bors and e v e r y
w h ere the local ba n kin g situation has been im proved.
T h e P ro s e c u tio n
o f C r im in a ls .
A step o f g reat p ra ctica l benefit w a s un dertaken b y the
A m erican Bankers.’ A sso cia tio n in 1894; this w a s the form ation
o f a p ro te ctiv e com m ittee charged w ith relentless p rosecu tion
o f crim inals atta ck in g its m em bers. P in k e rto n ’ s N ational D e
tectiv e A g e n c y w a s em ploy ed and the record fo r thirteen years
sh ow s 722 arrests w ith co n v ictio n s fo r a total o f 2,522 y ea rs;
only 161 m em bers w ere atta ck ed in that p eriod w ith losses o f
bu t $111,000, again st 941 n o n -m e m b e rs atta ck ed w ith losses
o f $1,230,000, con clu siv ely p rov in g that banks not m em bers of
the a ssocia tion are bein g selected fo r crim inal atta ck s and that
the m em bersh ip fe e o f the asso cia tio n is the ch eap est possible
b u rglary insurance.
One o f the w ise st m oves fo r the im provem en t o f bu siness
con d ition s throughou t the co u n try w as the appointm en t a few
years ago, b y the g ov ern ors o f the several states, o f a b o d y of
m en know n as the C om m ission ers on U n iform State L a w s—
and one o f the first results o f the w o rk o f these com m ission ers
w as the d ra ftin g o f the n egotiable instrum ent act, recom m ended
fo r state ad op tion in 1896.
U n ifo r m
Law s
on
N e g o tia b le
In s tr u m e n ts .
T h rou g h the e fforts o f an ex cellen t com m ittee o f the A m e r i
can B a n k ers’ A sso cia tio n c o -o p e ra tin g w ith the state a ss o cia
tions, this act, m ak in g u n iform the law o f n egotiable in stru
m ents, has now been passed in 32 states,, 2 territories, and by
con g ress fo r the D istrict o f Colum bia.
In like m ann er these com m ission ers have r e ce n tly drafted
fo r state adoption a u n iform w areh ou se receip t a c t w hich,
through the a ctiv itie s o f the ba n kin g associa tion s, is now b e
in g rap idly adopted b y the several state legislatures.
A com m ittee on b ills-o f-la d in g , w h ich w a s appointed three
y ea rs ag o b y the a ssocia tion , afte r m an y co n feren ces w ith other
interested parties, prepared and sa w in trod u ced in to this last
session o f con gress an act, w h ich , if passed, as it is hoped— next
session , w ill co rre ct m any o f the ev ils n ow atten d in g the use
o f that d ocu m en t as an instrum ent o f cred it in m o vin g the
co u n try ’ s crops.
B i ll s - o f - L a d i n g
R e c o m m e n d a tio n s .
P ra ctica lly the sam e p rov ision s o f this p roposed a ct w ill be
em bodied in the final b ill-o f-la d in g recom m en d ation s fo r state
ad op tion b y the com m ission ers on un iform state law s w ith
w h om the a sso cia tio n ’s com m ittee has been in con stan t touch,
national legislation bein g sou gh t to co v e r in tersta te shipm ents
w hile states legislation will co v e r sh ipm ents w ithin the border
o f each state.
T he im porta n ce o f th is su b je ct in y ou r ow n state is em p h a
sized b y losses sustained last year b y m erch a n ts p ay in g dra fts
upon the su pposed in te g rity o f b ills -o f-la d in g attach ed, c o v e r
ing bu tter and p ou ltry sh ipm ents— but as su ch b ills -o f-la d in g
had been issued b y the railroad agen ts w ith ou t receip t o f g oods
■
— w h ich n ever w ere shipped— the railroads repu diated the billso f-la d in g on the au th ority o f a fe w legal d ecision s to the effect
that railroads w ere n ot responsible fo r the acts o f their agen ts
in issu ing b ills -o f-la d in g b e fo re goods, are in actual p ossession
o f the railroad.
T hat a p rin cip al should not be bou nd b y the acts o f his
authorized agen t is to us bankers, a n ew doctrine, and the
■courts shirk their obligation s to the great m ercan tile public
w hen th ey m ake d e cision s upon the th eory that a b ill-o f-la d in g
is sim ply and only a co n tra ct betw een shipper and carrier and
that fa ilin g receip t o f the g o o d s no obligation ex ists to an
in n ocen t holder fo r value.
C ourts in other states have taken a broad er v ie w o f this
situation and p rotected holders o f b ills -o f-la d in g fo r value—•
the M in n esota Suprem e C ourt in R atzer vs. B urlington, etc. Co.,
64 M innesota 245, su m m ing up the situ ation in this m anner
said:
“ A w ell-e sta b lish e d cu stom has g row n up in com m ercial
circles b y w h ich su ch b ills -o f-la d in g are treated as the sym bols
o f title to the p rop erty in transit, are taken as secu rity for
m on ey ad van ced and endorsed, and delivered as a tra n sfer of
the p rop erty.
“ T his is w ell un derstood b y the railroad com p an ies and
everyon e else. T o allow the railroad com p an ies to ignore this
cu stom w ou ld be to d estroy the cu stom itself.
“ T his w ou ld cause g reat hardship, rev olu tion ize bu siness
m eth ods and drive all bu yers and shippers o f sm all m eans out
o f bu siness, as th ey could no longer giv e read y and available
secu rity on com m od ities in transit and th ereby turn their lim ited
cap ital su fficiently qu ick ly and o fte n to enable them to do b u si
ness. T his in turn w ould d estroy com p etition and leave the
bu siness in the hands o f a fe w co n cern s w ith un lim ited capital.
“ N eith er have the railroad com p an ies an y righ t to ignore
this custom . On the con tra ry, it m ust be held that these c o m
p anies have been d oin g business, w ith re feren ce to this cu stom
as m uch as the shippers them selves, and the con sign ees, banks,
com m ission m erchants and others w h o are con tin u a lly a d v a n c
ing m on ey on the fa ith o f the se cu rity o f these b ills-o f-la d in g .
“ T he e ffe ct o f this custom , independent o f statute, is to m ake
b ills -o f-la d in g to som e ex ten t and fo r som e p urposes n egotiable
and to giv e su perior righ ts to in n ocen t tra n sferees in the usual
cou rse o f bu sin ess.”
F ra n cis B. Jam es, chairm an o f the com m ittee on co m m er
cial law o f the com m ission ers on u n iform state law s in his
g reat speech on this su b je ct b e fo re the M issouri bankers last
m onth, w ell said :
“ It has. been the p rovin cialism o f m ost cou rts in expou nding
the law and the g reat d ive rsity o f statutes o f the v ariou s states
upon the law o f carriers and b ills -o f-la d in g and a tech nical
rather than a m ercan tile co n stru ctio n o f th ese statu tes and p a r
ticu larly the failu re o f co n g re ss to p erform its w h ole co n stitu
tional duty, w h ich have resulted in the cu m bersom e d ocu m en t
n ow used, and insisted upon b y railroad com pani'es w ith som e
sh ow o f ju s tice .”
T he b ill-o f-la d in g has becom e a p art o f the cu rre n cy o f the
cou n try w ith a co m m o d ity b a ck o f each bill, and, as the q u es
tion involves the fin ancing o f ev ery p rod u ct o f the soil and
fa ctory, no su b je ct b e fo re co n g re ss tod a y is m ore im porta n t than
legislation w h ich w ill cla rify and co d ify the righ ts o f all p arties
in these instrum ents o f com m erce.
Our com m ittee w as g lad to note that the able congressm an
from y ou r state, H on ora ble W illia m P. H epburn, as chairm an
o f the house com m ittee on interstate com m erce, du rin g the last
session of con g ress evinced an a ctive in terest in the M aynard
bill, w h ich em bodied the p rov ision s sought, and w a s in stru
m ental in referrin g the m atter to an excellen t su b -co m m ittee,
con sistin g o f C ongressm en Stevens o f M innesota, L o v e rin g o f
M assach usetts and R ussell o f T ex as, fo r in v estig ation and r e
p ort at the n ex t session o f congress.
T h e C u r r e n c y C o m m is s io n .
A fe w y ears ago ev ery banker had his ow n rem ed y fo r the
reform o f the curren cy, bu t the w o rk o f the cu rre n cy co m m is
sion o f the associa tion has brough t ou t o f the m an y ideas a
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Federal Reserve Bank of St. Louis
Saturday, June 20, 1908
co n cre te plan com m an din g the resp ect o f bankers everyw h ere
and the leg islative com m ittee o f the a ssocia tion o f w h ich the
chairm an is your w ell-k n ow n banker, Mr. A rth ur R eynolds,
presiden t o f the D es M oines N ational B ank, a ctin g w ith the
com m ission , su rely aided in p reven tin g the ad op tion o f m uch
un w ise legislation a t this, last session o f congress.
N o m atter is o f m ore im portance to bankers at this tim e
than to be able to d eterm in e the am oun t ou tstan d in g and the
qu ality o f com m ercia l paper offered on the m arket by note
brokers; m w h ich the in vestm en t o f our funds is in creasin g
ev ery year.
A com m ittee o f the association , headed by Joseph T. T albert
v ice-p resid en t o f the C om m ercial N ational B an k o f C hicago, 111 ’
is now stu d yin g ways, and m eans to w ork out this problem ’ and
ev ery banker should ca refu lly read the able report o f that
com m ittee, w h ich , w ith other com m ittee reports, has been r e
cen tly distributed.
c A y re s s
com pany
m oney u ra e rs .
P rior to 1870, the transm ission o f fu nds b y the p ublic w as
th iou g h the sale of bank d ra fts; sin ce that date, h ow ever, this
business has been largely absorbed by the express com p an ies
through their sale o f m on ey orders and dealings in foreig n and
d om estic exchan ge.
&
T h ese ex p ress com pan ies are tod a y huge in stitu tion s d oin g a
^aL ch ba n kin g bu siness on the cu rren cy and through the use
ot the m ach in ery o f the banks, to w h om th ey p a y no revenue
i i l e^ are n,ot Fnder the ju risd iction o f an y ba n kin g departm en t
— hold no banking charters, nor p ay an y banking taxes.
. .n Ah? y,£F® com m on carriers pure and sim ple, and, in the rate
bdl,
1906» w ere placed under the ju risd iction of the In ter
state C om m erce C om m ission. A s su ch com m on carriers they
are a b k to ship free fo r them selves the cu rren cy th ey require
m , their illegitim ate com p etition w ith the banks, w ho are c o m peiied to p a y such rates fo r their ow n shipm ents o f cu rren cy
as th ese com p etitors m ay dictate.
A n en erg etic com m ittee, ably led by Mr. Fred. I. K en t of the
h irst N ational B ank of C hicago, w ith com p eten t coun sel is
p ush ing a case fo r the a ssocia tion before the In tersta te C om
m erce C om m ission, w hich, if su ccessfu l, w ill result in a p r o
hibition o f fu tu re b a n k in g and ex ch a n ge business b y these
com m on carriers,.
T his com m ittee also has ab ou t read y fo r ad op tion a c o m
preh ensive plan fo r the sale o f A m erican B an k ers’ A ssociation
travellers ch eck s redeem able in ev ery part o f the w orld, as well
as an im proved plan fo r the sale o f A m erican B an k ers’ A s s o
cia tion m on ey orders.
T h e T h re e
S e c tio n s .
•
t? tbree section s o f the associa tion , T ru st C om pany. S a v
ings L an k and C learing H ou se, have been all d oin g m agnificent
w ork tor their m em bers—form s for use in tru st com p an ies and
savin gs banks have been prepared and p rov en o f g reat service
In terestin g legal situ ation s have been ex h a u stively d iscu ssed and
oth er lines o f valuable w ork ca refu lly follow ed up.
T he stand ing law com m ittee o f the a ssocia tion , appointed
som e tw o years ago, has been industrious in callin g attention
to beneficial law s passed in som e states and p roposin g1 sim ilar
legislation in other states, and their pam ph let issued a few
m onths ago em bodies a com p reh en sive p resen tation o f several
im portant legislative and legal condition s.
B y the establish m en t o f the Institute o f B an king, the A m e r i
can B an k ers’ A ssocia tion placed itself on record as fa vorin g
w ith its m oney and coun sel the ed u cation o f bank m en and
tod a y ev ery em ployee o f a m em ber o f our a ssocia tion has the
op p ortu n ity to p e rfe ct his education in ba n k in g through the
efficient ch ap ter an d corresp on d en ce w ork n ow used by 9 000
students,.
J
A revised and com p lete ciph er code is about to be distributed
and will im m easurably fa cilita te bu siness betw een m em bers
of the a ssocia tion all ov er the country.
A n effort is bein g m ade through an a ctive com m ittee to
secure u n iform ity in the p rin tin g and w ord in g o f the vou ch er
ch eck s n ow so largely used and paid under m eth ods involving
m an y elements, o f risk to banks into w h ose hands th ey com e.
R e c e n t I m p o r t a n t S te p s .
A t the last m eetin g o f our execu tive cou n cil three im portant
steps w ere taken:
1st. T he crea tion o f a finance com m ittee o f ten w h ose m em
bership does n ot include the m em ber o f an y com m ittee or officer
of any section requestin g appropriations.
T his com m ittee is charged, under the supervision o f the
e x ecu tiv e coun cil, w ith the d irection o f the expen diture o f the
annual in com e o f the a ssocia tion , n ow am oun tin g to $156,000.00.
2nd. T he ap pointm en t o f Thom as, B. P aton as general c o u n
sel of the associa tion , Mr. P aton h a v in g rendered h igh ly effi
cient legal a ssista n ce to a num ber o f im porta n t com m ittees in
the past, and w ill h ereafter g iv e his entire tim e to the legal
w ork o f the several sections, com m ittees and m em bersh ip along
general lines.
3rd. In stru ctin g the secreta ry to publish and m ail to each
m em ber, free from ad v ertisin g and su bscrip tion cost, a m onthly
bulletin d evoted to associa tion m atters through w h ich it is
believed the m em bersh ip w ill be brough t m ore closely into the
w ork o f the associa tion section s and com m ittees.
In this, b rie f m ann er I have endeavored to b rin g to y ou r a t
tention the im portant m atters in w h ich the associa tion has in
terested itself, but, w ith ev ery great m ovem ent, the active
en cou ra gem en t o f all benefited is essen tial to fu tu re su ccess.
The state o f Iow a boa sts o f 1,600 ba n kin g institutions', 1 200
are m embers, o f your state a ssocia tion — a m agn ificen t tribute
to the efficient w ork o f your able secreta ry and other officers
in the past, but in the A m erican B a n k ers’ A ssocia tion your
m em bersh ip is but 314. Y ou r state should have a larger v oice in
the cou n cils o f the A m erica n B a n k ers’ A ssocia tion than at
present. M ore o f your en ergetic bankers should be placed by
you into the activities, o f the nation al associa tion . T h is can only
be done b y in creasin g y ou r m em bersh ip nu m ber in the a s s o
ciation.
Officers
Elected.
President—J. T. Brooks, cashier of the First National
bank, Hedrick.
Vice President— J. H. Ingwerson, president of the
Peoples Trust and Savings bank, Clinton.
Secretary— J. M. Dinwiddie, Cedar Rapids, re-elected
for the 22nd term.
Treasurer— D. L. Heinsheimer, president of Mills Coun
ty National bank, Glenwood.
C. H. McNider, president of the First National bank
of Mason City, was voted as the choice of the convention,
as member from Iowa on the executive council of the
American Bankers association.
Waterloo won out by a large majority as a place for
next year’s convention.
C A P ITA L
W IL L IA M A. T IL D E N ,
P re s id e n t
NELSO N N. L A M P E R T ,
V ic e -P re s id e n t
H E N R Y R. K E N T ,
C a s h ie r
CHARLES FERNA LD ,
A s s is ta n t C a s h ie r
C O L IN S. C A M P B E L L ,
A s s is ta n t C a s h ie r
$ 1 , 0
L IS T
0 0 , 0
SURPLUS AND
0 0
P R O FITS
$400,000
National BANK
C H I C A G O
BOND
23
THE COMMERCIAL WEST
Saturday, June 20, 1908
We have exceptional facilities for handling
the accounts of banks and appreciate them
YOUR BUSINESS SOLICITED
A T T R A C T IV E .
(S p e cia l C h icago C orresp on den ce to the C om m ercial W e st.)
Chicago, June 13.— Manager George B. Caldwell of
the bond department of the American Trust & Savings
Bank says:
“ We have a very strong market for bonds. The de
mand is good, nothing very large, but of the right sort.
Buyers do a great deal of shopping around, although their
inquiries result commonly in purchases.
“ The comparatively small advance in the price of bonds
still makes the list attractive to investors seeking a safe
resting place for their funds. It is true that the volume
of bond transactions is not so large as might be expected,
but the investor at the moment resembles the merchant in
the matter of the placing of his funds. He looks around
a long while before buying. A great many are looking
around. New currency legislation is going to help the
bond market.
“ The only selling pressure in the bond market at this
time comes from the regular dealers who have securities
to sell. Three or four months ago selling came from
every quarter. The banks at that time were forcing bor
rowers to sell bonds they had up as collateral for loans,
but the banks have been accumulating so rapidly since
the panic that they have for some time ceased to encour
age that species of liquidation.”
N IN E T E E N
M IL L IO N
IN D E P O S I T S .
Much interest attaches to the statement of the North
western National Bank, made on June 12, following the
consolidation of the Northwestern and National Bank of
Commerce. The statement is as follows:
R e s o u rc e s .
L oa n s and d iscou n ts ......................................................
U. S. and other b o n d s ......................................................
B an king house ....................................................................
O verdrafts ............................................................................
Cash, and due fro m b a n k s ..............................................
$14,296,987.03
1,543,450.00
250,000.00
2,328.03
6,673,663.60
W e handle carloads of
B a n k and O f f i c e
EQUIPM ENT
Direct from the factories.
We buy right, We sell right.
CJ Thousands of up-to-date bankers and store
keepers throughout the Northwest find that they
save time, money, worry and annoyance by using
Dow S y s te m ’ s--that’ s one reason why Dow
handles more office fixtures than any house in the
West. <J Write for catalogues and any particu
lars you may wish. Let us know whether or not
our traveling salesmen see you regularly.
Sole Agents for the famous Globe-Wernicke
Cabinets and Book Cases. Sole Agents for the
celebrated Victor Manganese Steel Burglar
Proof safes.
LOUIS E DOW CO.
PRINTERS - LITHOGRAPHERS - STATIONERS
3 3 6 - 3 3 8 - 3 4 0 MINNESOTA ST.,
ST. PAUL
$22,766,428.66
L ia b ilit ie s .
C apital ....................................................................................
Surplus and p rofits ( e a r n e d ) . . . ..................
C ircu lation ............................................................................
B ond a ccou n t ......................................................................
D ep osits ................................................................................
$1,000,000.00
1,335,028.99
800,000.00
372,600.00
$19,258,799.67
$22,766,428.66
OF F I N A N C I A L
IN T E R E S T
IN C H IC A G O .
(S p e cia l C hicago C orresp on den ce to the C om m ercial W e s t.)
Chicago, June 15.— Fred D. Countiss, a member of the
brokerage firm of Messrs. S. B. Chapin & Co., was elected
vice president of the Chicago Stock Exchange to succeed
Walter B. Smith last week. W. B. Wrenn was re-elected
secretary and chairman.
The standing committees for the year were named as
follows:
Finance Committee— C. C. Adsit, chairman; B. R. Cahn,
'Walter Brewster, J. J. Townsend, F. W. Thomas.
Arrangements Committee—J. J. Townsend, chairman;
H. D. Sturtevant, Walter S. Brewster.
Admission Committee—Walter S. Brewster, chairman;
Orville E. Babcock, S. R. Jewett, F. W. Thomas, Ford R.
Carter.
Arbitration Committee—B. R. Cahn, chairman; Alfred
L. Baker, F. D. Countiss, C. C. Adsit, C. G. King.
Stock List Committee— Edward S. Adams, chairman;
Orville E. Babcock, S. Liebenstein.
Law Committee—Alfred L. Baker, chairman; W. B.
Smith, F. C. Aldrich.
Printing Committee— H. D. Sturtevant, chairman; J. J.
Townsend, C. H. Canby.
Commissions Committee— F. D. Countiss, chairman;
Edward S. Adams, H. C. Hackney.
Clearing House Committee— H. C. Hackney, chairman;
C. H. Canby, C. G. King.
In the country at large, about one-third of the single
women between the ages of 15 and 25 are engaged in oc
cupations outside of their homes, and in the cities about.
50%; so that very nearly half of all the young women in
the country are at work. Between the ages of 25 and 35,
about one-fifth of the number are so engaged.
The number of families in France is estimated at 11,315,000, o f which 1,804,720 have no children.
V IC E P R E S ID E N T
KETTLE
R I V E R Q U A R R I E S CO.
W. S. Harris, formerly cashier of the National Bank of
Commerce, has been elected vice president of the Kettle
River Quarries Company.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Capital .............................................
S u r p l u s ..............................................
D ep osits
......................................
$ 1 ,5 0 0 ,0 0 0 .0 0
3 0 0 ,0 0 0 .0 0
7 ,5 4 5 ,2 6 7 .5 9
CORRESPONDENCE
is cordially invited from Banks, Bankers and
others contemplating the opening o f an account
or making changes in present arrangements,
by
The National City Bank
OF CHICAGO
THE TEMPLE, S. W . Cor. La Salle and Monroe Sts.
Our officers give personal attention to the in
terests of Correspondents. We aim to please
and to take care of our customers at all times.
OFFICERS
DAVID R. FORGAN. President
L. H. GRIMME. Assistant Cashier
ALFRED L. BAKER, Vice-Prest F. A. CRANDALL, Ass’t Cashier
H. E. OTTE, Cashier
W. D. DICKEY. Assistant Cashier
R. U. LANSING, Manager Bond Department
DIRECTORS
ALFRED L. BAKER, of Alfred L. Baker & Co.; AMBROSE CRAMER, Trustee
Estate of Henry ,J. Willing; EDWARD F. CARR V, Vice-President American Car
and Foundry Co.; A. B. DICK, President A. B. Dick Company; E. G. EBERHART, Vice-Pres. and Gen. Mgr. Mishawaka Woolen Manufacturing Co., Mish
awaka, Ind ; STANLEY FIELD, Vice-President Marshall Field & Company;
DAVID R. FORGAN, President; F. F. PEABODY Brest, of Cluett.Peabody & Co.;
JOSEPH SCHAFFNEIt, of Hart, Shaffner & Marx; JOHN E. WILDER, of Wil
der & Company; H. E. OTTE, Cashier.
Write our bond department.for list of high-class bonds.
24
Saturday, June 20, 1908
THE COMMERCIAL WEST
D E A T H C A L L S S. A. H A R R I S .
S. A. Harris, for 16 years president of the National
Bank of Commerce, of Minneapolis, died at his home in
this city on June 12, of pneumonia, the funeral taking
place on Monday. Mr. Harris had been in indifferent
health for some time and it had been his intention to
retire from active business life following the consolida
tion of the bank of which he was the head with the North
western National, after a continuous connection of 38
years, in official capacities, with banking in Minneapolis.
Mr. Harris was born at Goshen, Ind., in 1847. When he
reached his majority, in 1868, he came to Minneapolis. He
was first connected with the hardware firm of Hedderly &
Vrooman, and then with the lumber firm of Harris & Put
nam. After this firm went out of business he spent a few
months as clerk in the State National bank.
Mr. Harris’ career as a hanker really began with the
formation of the Hennepin County Savings bank in 1870,
when he became a trustee and was appointed assistant
cashier. He remained with this bank until 1879. At that
time Mr. Harris was called to the service of the North
western National Bank. He was first assistant cashier,
then cashier and, finally, president. He resigned the presi
dency in 1890 to take a rest. He later was made treasurer
of the Duluth Elevator company.
In December, 1891, Mr. Harris was chosen president of
the National Bank of Commerce, which position he held
until its absorption by the Northwestern National.
Mr. Harris, from the commencement of his career as
a bank official, was one of the strong forces in Minneapolis
banking circles. In resolutions adopted this week the Min
neapolis Clearing House pays the following tribute:
“ Always self-controlled and clear-headed, never con
fused nor losing his balance, Mr. Harris clearly perceived
his objective, and steadily went forward to the goal. He
saw more clearly than most men the factors and agencies
affecting the business and social situations of life and
brought to bear upon them the resources of a mind accus
tomed to careful thought and to thoroughness in all things.
“ His judgment and counsel were sought and highly
valued by the leaders of affairs, and such was the confi
dence in his sagacity and ability that in times of greatest
panic and alarm the public were never in doubt about the
stability of the institutions he directed.
“ A believer in industry, he applied himself ardently and
uncomplainingly to the labors of his position until the end.
“ Temperate in all things, quiet, modest, self-controlled,
speaking evil of no man, never vain, never boastful, never
obtrusive, never seeking public notice or preferment, never
indulging in display or obtrusion, he, more than most men,
lived his own life, unswayed and unmoved by the fickle,
shifting example and influence of others, or by the follies
and frivolities of his time.”
W hose
S. A . H A R R IS ,
D e a th O c c u rre d on
June
12.
Safety of Gas Bonds
In a recent classification of bonds from the standpoint of
safety, a large Insurance C om pany, which has charge of the in
vestment of m any millions of dollars a year, spoke of gas bonds
as “of almost unparalleled stability.” For m any years we have
made a specialty of buying and selling carefully selected bonds
of corporations which furnish the public with gas and similar
necessities. W e have prepared a booklet based on this experi
ence, treating o f the general subject of the safety o f Public Ser
vice Corporation Bonds.
U p on request, we shall be pleased to
mail this booklet, also circulars describing special issues of bonds
of the gas companies of N ew York, Chicago, St. Louis, Seattle,
Houston, Utica and other important cities.
Price to Yield from 41 to 51 Per Cent.
BOND
DEPARTMENT
Harris Trust & Savings Bank
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Organized as N. W . H A R R IS & C O . 1 8 8 2 .
MARQUETTE
Incorporated 1907.
BUILDING, C H IC A G O
Saturday, June 20, 1908
THE COMMERCIAL WEST
25
MILLER-DAVIS PRINTING CO.
-----------------------------------------------------
THE LEADING
--------------------------------------------------- -
Bank and Office Supply House
OF THE NORTHWEST.
O u r C o n v e y a n c in g B la n k s
_____ a re th e Best on th e M a r k e t.
P r in t in g ,
and
_________
S en d fo r S p e c ia l C a ta lo g s
______________ on a n y s u b je c t.____________
AGENTS:
L it h o g r a p h in g , C o p p e r P l a t e
S t e e l D ie E n g r a v in g .
O f f ic e D e s k s
and
“ Universal Adding Machines.”
Edison’s Mimeograph and Supplies.
Ch a ir s .
S e c t io n a l B o o k C a s e s .
Ca r d In d e x Sy s t e m s .
“ D a v i s ” R . B. L o o s e L e a f L e d g e r s .
R a p id R o l l e r C o p ie r s . ,
213-215 N icollet A ve.
F IL IN G
C A B IN E T S
MINNEAPOLIS,
MINN.
WISCONSIN AND MINNESOTA BANKERS AT LACROSSE.
(S p ecia l C orresp on den ce to the C om m ercia l W e s t.)
m en to clim b to the high est m ountain p eak on ly to be dashed
to p ieces on the rock s below , a genu ine p rosp erity ?
La Crosse, Wis., June 9.— The plan of holding a joint
F or m e rather a p rosperity that leaves ev ery industrious
meeting of two groups from adjoining states, was tried
frugal m an w ith the result o f his in d u stry and fru g a lity still
his ow n to en joy, and not w iped out b y con d ition s fo r w h ich
for the first time at La Crosse today, and was found to
he is in no w ise responsible.
T he suprem e question, w h o is resp onsible for this destruction
work satisfactorily. Group 7 of the Wisconsin Bankers
o f business.? T h is qu estion brings us into the realm o f d is
association and Group 1 of the Minnesota Bankers’ associa
cussion , and m an y and v ariou s reason s have been presented
F rom the hot beds o f speculation, w e have this doleful sigh
tion were both guests of La Crosse. A large attendance
“ A fte r a season o f prosperity, w e always, have had, and w e m ost
alw ays ex p ect to have a p eriod o f liqu idation follow in g ’ ’
resulted, the register showing something over 130 including
T h is expla n ation w e m igh t accep t as p rop erly applied to the
the visitors.
sto ck ex ch an ge and to the gam bler in general, bu t this sta te
m ent o f the case will not suffice as a reason for the in ju ry done
The first meeting was called to order by President W.
to the ordin ary business, of the country.
T h at reck less plunging, huge tra n saction s o f a gam bling
G. Williams of Sparta and was a joint session. George
nature have had m uch to do w ith bu siness convulsion s there is
no doubt.
W. Burton, president of the National Bank of La Crosse,
T he bankers o f the east, had they follow ed the con serv ative
welcomed the delegates in his usual happy manner. He
methods, o f w estern bankers, could have done m uch to prevent
the
crash. H ad they refu sed to ba ck the plunger in his d o u b t
said that he had heard it said one time that when bankers
fu l schem es w ith the p eop le’s m oney, there w ould have been no
crash.
held a meeting it was to see what to do, whom to do and
B ut ba ck of all this is our fa u lty m on etary system , w hich
how to do it, but he assured the visitors that this was not
m ust be corrected before w e can be im m une from su ch c o n
vulsions.
the purpose of this gathering. He said that six months
Our recen t con gress has been dealing w ith the p roblem o f
ago, during the financial flurry, a number of the same
curren cy. T h ey could not agree upon an y reason able m easure,
becau
se a g reat m a jority o f the m em bers had never given this
bankers present today were in the city but that he was
g rea test o f all qu estion s a m om en t’ s serious consid eration .
T
he
general op inion o f our law m akers seem ed to be that
much more glad to see them here today than at that time.
th ey m ust p rov id e fo r fixing up emergencies., and to m ake sure
He referred to the currency legislation and believed the
that th ey w ou ld not go dow n in h istory as the “ D o-n o th in g
C on g ress” they did do som eth ing, h en ce w e have the A ld rich passage of the bill just before the Adjournment of congress
V reeland bill as an em erg en cy m easure. It w ould seem to m e
that the cause o f the em erg en cy should be d iscov ered and r e
will be a great benefit to the country in case there should
m oved. T his done, there w ou ld be no occa sion fo r an y so-called
he another depression during the next six years.
em erg en cy legislation.
T he em erg en cy that should w arran t an increased cu rren cy
D.
C. Armstrong, cashier of the State bank of Albert su pply
w ou ld be that occa sion ed b y the g row th and d evelop
m ent o f our coun try, and cu rren cy so issued should go out to
Lea, responded on behalf of the Minnesota group, and H.
rem ain in the p erform a n ce o f its fu n ction , as long a s there are
C. Proctor president of the First National bank of Viroqua,
com m od ities to sell, or labor to be em ployed.
gave a response for the Wisconsin delegation.
Election of Officers F or Minnesota Group.
For the coming year the conventions elected the fol
Minnesota Group Meets.
lowing officers:
At 11:30 the joint session adjourned and the two groups
President—D. C. Armstrong, cashier of the State bank,
held separate meetings. The Minnesota bankers called
Albert Lea.
their meeting to order in the council chamber, while the
Vice President—F. M. Beach, cashier of the First Na
Badger state group met in the small council chamber. The
tional bank, Lyle.
former was presided over by President T. J. Meighen of
Secretary and Treasurer— George Pfefferkorn, vice
Preston, Minn.
president of the Citizens State bank, St. Charles.
Executive committee— J. G. Roberton, vice pres, of the
Annual Address of President Meighen.
Rushford State bank, Rushford; C. M. Cooper, cashier of
The annual address of the president was short but had
the First National Bank, Dodge Center.
some suggestions on banking matters worthy of special
Members executive committee state association— O. M.
mention.
Green, First National bank, Winona.
He spoke as follows:
Resolutions Adopted.
G oing beyon d the border o f our ow n state to m eet in c o n
The following resolutions were adopted:
ven tion is an in n ovation w h ich I am sure w ill p rove v ery a g re e
able to the m em bers o f the groups w ho are the gu ests today
o f the bankers, and , other e n terprisin g c itiz e n s o f L a Crosse.
T h ese grou p meetings., it seem s to m e, are o f the first im
p ortan ce, and should be sustained. I w ou ld urge an y banker,
not now a m em ber, to jo in the state associa tion .
T his will
entitle him to a grou p m em bership.
T he group m eetin g is the m ore d e m o cra tic gathering, b e
cau se it is, closer, m ore in tou ch w ith its m em bers.
Men
feel freer to express them selves w hen am ong their neighbors,
and it is b y a free interch ange o f op inion at these m eetin gs
th at w ill finally enable you to a ct w ith w isd om in the se ttle
m ent o f the im porta n t question s th at are b e fo re the co u n try
at this tim e.
Since our last annual gathering, the p rosperity o f the cou n try
has receiv ed a severe jolt. A bolt o f lightning from a clear sky
w ould not have been a g reater surprise to m ost o f our people.
In the m idst o f apparent g reat p rosperity in the tw inkling
o f an eye, m an y thousands o f our laborin g p eople and those
en ga ged in legitim ate bu sin ess pursuits, find them selves on the
v erge o f p overty, their equ ities w iped out, savin gs gone, and
they, w ith added years, less able to repeat the struggle, find
them selves in a financial w ay ju st w h ere th ey started w h en this
¡era o f so -ca lle d p rosp erity began.
I subm it, gentlem en, is the kind o f p rosp erity that tem pts
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Federal Reserve Bank of St. Louis
“ Be it R esolved, T h at the first d istrict grou p o f the M in
n esota B a n k ers’ associa tion go on record as bein g in fa v or o f
ab olish in g the present system o f rem u neration to the bank
exam iners, p u ttin g them on a salary basis, instead o f co m m is
sion, and if p ossible ta k in g the appointm en ts o f exam iners out
o f p olitics and g iv in g them adequ ate assista n ts for proper
exam ination.
“ B e it fu rth er R esolved, T h at the first d istrict group m ost
earn estly recom m en d the p assage o f the bill o f lading bill, r e c
om m en ded by the A m erican B an k ers’ a ssocia tion on bills of
lading, and ev ery ba n ker o f this d istrict take the m atter up
w ith their con gressm en , urging the passage o f said bill as it
is o f vital in terest to bankers.
“ A nd be it fu rth er R esolved, T h at the first d istrict group
o f M innesota recom m en d to our legislative com m ittee o f the
state associa tion the p assage o f a bill p rotectin g banks issu ing
their certificates and savin gs book to tw o parties, p ayable to
either or su rvivor. F ash ion the bill after the one n ow in force
in N ew Jersey as that seem s to be the m ost effectiv e and
sim ple.
“ W e recom m end that ev ery bank in our district, w h ich is
n ot a m em ber o f the A m erican B a n k ers’ associa tion jo in at
once.
“ B e it fu rth er R esolved, T h at w e fa v o r the am endm ent
THE COMMERCIAL WEST
26
Saturday, June 20, 1908
in the Com
pany selected by the Minnesota Bankers’ Association—the N ational
Surety C o m p a n y o f N e w Y o r k , and im m ed iately send information
concerning the dates on which your present policies expire, to
Charles R. Frost, Assistant Secretary of the Association, Northwestern
National Bank Building, Minneapolis, Minnesota.
P la ce yo u r Fidelity Bonds and B u rglary
BEST COMPANY!
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o f the nation al ba n k in g law in su ch a m anner as to perm it
nation al banks to loan on im proved fa rm real estate in am oun ts
and under su ch regu lation s as m ay appear w ise.
“ W e fu rth er recom m en d the action o f the A m e rica n B a n k
ers' a sso cia tio n as to the status o f ex press com p an ies in the
ba n k in g business, an d recom m en d the c o -o p e ra tio n o f all
bankers.
“ B e it resolved that Group 1, M innesota B an k ers’ association ,
exten d to the B a n k ers’ club o f L a C rosse its thanks and ap p re
ciation o f the m an y cou rtesies exten ded during the m eeting.
“ B e it fu rther resolved, T h at w e exten d to the officers o f
the group, w h o h a ve so fa ith fu lly served us during the last
y ea r our than ks and ap p reciation o f their services.
“ R esolved, T h at G roup 1, M innesota B a n k ers’ association ,
m em oralize the regents o f the u n iv ersity to take early and
p rom p t action to org an ize a depa rtm en t to be d evoted to the
econ om ics o f com m erce, fin ance and accou n ts, and to so lib
eralize this class o f in stru ction as to m ake it available to c it i
zens in all parts o f the slate, as w ell as to the students o f
the u n iv e rsity .”
Business Session of
Wisconsin
Group.
The Wisconsin group met with W. G. Williams, vice
president of the Monroe County bank, of Sparta, as presi
dent. His annual address was as follows:
T he p ast year has been, in m an y resp ects, a v e r y im portant
one fo r m ost o f us, and it w ill go dow n in the h istory o f the
cou n try as the m ost p ecu liar o f years, in that w h ile w e w ere
apparently in the m idst o f plenty and sailin g upon the crest o f
the w ave, surrounded b y p rosp erity on ev ery hand, alm o st in
stan tly w e w ere ca st into the ab yss below , w h ere there w a s a
g reat scare and a good deal o f gu essin g as to w h a t the o u t
com e m igh t be.
N ot m any m onths ag o the m an u factu rers
w ere r e ce iv in g orders beyon d their a b ility to fill, and m oney
Could be obtain ed at reason able rates. T hen a run began on
one of the financial in stitu tion s o f N ew Y ork City, the hotbed
o f g ig a n tic schem es, p rom otion s and d oubtfu l ba n kin g m eth
ods.
Im m ed iately nearly ev e ry leading bank o f the coun try
closed its doors, so fa r as p erform in g the com m on d u ty o f a
bank is concerned, th ey refused to p ay out m on ey w h ich they
had on deposit, and refused to m ake loan s upon the best
secu rities w h ich could be offered them , and the c ry w en t up
as usual fo r the im m ed iate increase o f the cu rre n cy o f the
country, w h en in fa ct, the circu la tion per ca p ita on O ctober,
1907, w as $33.08—and on F ebruary 1, 1908, fou r m onths later, it
had g on e to $35.65— an increase from all sou rces o f ab ou t $282,000,000, nearly 3-5 o f the am oun t that can be provid ed by the
new cu rren cy bill, and the m ost it had ever been during the
y ears o f our prosperity.
T h e G ood Sense o f th e P u b lic .
W e had a m ost novel ex perien ce during this tim e, fo r w hile
h eretofore m on etary crises have been brou g h t about b y d is
trust of the public, culm inating in that p an ick y sentim ent, w h ich
is alm ost alw ays follow ed by a run on the banks, in the present
in stan ce the banks them selves; w ere p an ic stricken , w hile the
public sh ow ed m ost com m en d ab le com m on sense and fo r b e a r
ance. T he banks did e veryth in g in their_ p ow er to invite the
distrust w h ich they have been in the ha bit o f denoun cing, but
th ey failed to stam pede the people, and to this alone can w e
p oint as a reason o f so fe w fa ilu res du rin g our recen t e x
perience.
M any reason s are g iv en •fo r . the recen t cu rre n cy fam in e,
politicians' and large m anipulators o f the w ealth o f the cou n try
w ere try in g to ca st reflection upon the national adm in istration ,
is the v iew o f som e, and others seem to think that w ild ' sp e cu
lation in stock s en cou ra ged m ore or less b y the banks th em
selves, until confid ence w as shaken, then the in stitu tion s o f the
cou n try closed their vaults, and individuals their p ock etbook s,
on all the cash they had, a large p ortion o f them hold ing m any
fold m ore than th ey needed in their business.
I fail to see w h y this m ay not happen again w h en the public
is seized w ith a m ania to speculate.
A g a in s t E x p a n s io n
T h e E m e rg e n c y C u r r e n c y M e a s u re .
It does seem this co u n try has all the cu rre n cy it needs, if
con serv ed fo r legitim ate dem ands, bu t there has been a g r o w
ing sen tim ent and a dem and, in the p ast fe w y e a rs fo r an
em erg en cy or an elastic currency, one that w ou ld expand w hen
cu rren cy w as needed, and shrink w h en the dem and ceased.
S everal bills have been in trodu ced in con g ress during the last
session w h ich have failed o f p assa ge; but at the last m om ent
the com p rom ise A ld rich -V re e la n d bill w a s passed, w h ich is
som eth in g o f a m akesh ift, that p ossibly w ill sa tisfy som e p e o
ple and do som e g ood in restorin g confidence, and w ill be like
the’ p ins that have saved the lives o f m any little b o y s w h o
have not sw allow ed them , so this cu rre n cy law w ill do m uch
good b y n ot bein g put into op eration
...
E v e ry banker realizes the danger o f tinkering w ith the c u r
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Federal Reserve Bank of St. Louis
P O L IC Y !
BEST
RA TES!
ren cy law s, fo r its effe ct m ay be fa r rea ch in g and dangerous
to the com m ercia l in terest o f the c o u n try ; the m ore the c u r
ren cy qu estion is con sid ered and delved into, the m ore in tri
cate it becom es, requiring m ore care and study than at first
thought, hence con g ress has w isely appointed a com m ission
w ith alm ost un lim ited p ow er to in v estig ate the cu rren cy system
o f the cou n try and to rep ort to con g ress n ex t w inter.
A
L e s s o n In C o n s e r v a tis m .
T he old ad age still rem ains good, th at there is no loss w ith
ou t som e gain, and as ba n k ers w e have been g iv en an oth er
lesson in con serv atism , w h ich is an essen tial elem ent in the
bu siness o f sound banking.
In p rosperou s tim es, there are
m any dangers that lurk in the p ath w ay o f the banker, he will
be tem p ted and tried in m an y w ay s, to d ivert the fu nds o f his
ba n k into som e side issue or g et rich qu ick schem es, but he
m ust alw a ys rem em ber that he is m erely the tru stee and c u s
todian o f his n eig h bor’ s m oney, and m u st never consider it as
his ow n.
T h e losses o f W . M on tg om ery , cash ier o f the A l
legh an y N ational B an k am ou n ted to ov er $1,000,000; this en or
m ous sum w as sunk, as it is said, in sto ck sp eculation. T he
cash ier o f the F irst N ation al B an k o f C hariton, Iow a, who
com m itted suicide, lost over $500,000 in un fortu n a te sp ecu la
tion.
T h ese enorm ous losses, and m an y m ore th a t could be
cited, w h ich have w reck ed p rosperous banking institutions,
sh ow how d an gerou s a bu siness it is. T he fa te o f the cashiers
w h o w ere ruined b y sp eculation ou gh t to be a lesson and a
w arn in g to all bank officials, to let oth er p eop le’s m on ey alone
if th ey w an t to sp ecu late, or b etter still, to let speculation
alone. F or one banker w h o succeeded, there are a hundred w ho
h a ve paid fo r their sp ecu lative in clin a tion s either w ith their
lives or their liberty.
T he true ba n ker should put beh ind him all tem p ta tion to
speculate, m aking the bank his first thought, his personal in
terest secon d ary, and if this, rule and the ba n kin g law s are
strictly adhered to, the ch an ces o f a failu re are alm ost entirely
elim inated.
Officers for
Wisconsin
Group.
The following officers were elected for Group 7:
President—W. F. Windsor, president State Bank,
Mauston.
Vice President—H. P. Proctor, president First National
bank, Viroqua.
Secretary and Treasurer—John A. Bayer, State Bank
of La Crosse (re-elected).
Additional members of executive board—E. F. Clark,
pres, of Bank of Galesville; F. J. Bohri, pres. First State
bank of Fountain City.
Resolutions Adopted
By Wisconsin
Group.
Group 7 adopted the following resolutions:
“ W h ereas, the bankers o f L a C rosse h a ve exten ded fo r the
third tim e to G roup 7 an in v itation to m eet in their c ity and
have prep ared a fine p rogram and enterta in m en t fo r all v is it
in g bankers and their friends, and
“ W h erea s, their sm ile o f w elcom e appears to us fa r m ore
genial and perm an ent than said sm ile did six m onths ag o w hen
w e had occa sion to m eet them from tim e to tim e, and
“ W h ereas, w e ou rselves feel d ifferent at this tim e, w e do
h ereby ex press to the L a C rosse B a n k ers’ a ssocia tion in behalf
o f G roup 7, ou r w arm a p p reciation o f th eir efforts in ou r b e
half. W e hope and trust th at the experien ces o f last fall will
never be repea ted bu t that through them w e m ay all be brought
close together.
“ W e w ou ld fu rth er express to the retirin g officers the thanks
o f the grou p fo r th eir efficien t efforts in p rom otin g the g row th
and g ood w ill o f the a ss ocia tion .”
Resume Joint
o f th e C u r r e n c y .
P ersonally, I am opposed to the expansion o f the currency,
fo r ev ery expansion has the ten d en cy to d ecrease the p u r
ch asin g p ow er o f a dollar, and the p ayee class su ffer a loss
thereby.
Our cu rre n cy should be as staple as possible, th at no in
ju stice be done to an y class. W e never seem to thoroughly
im press ourselves w ith the lesson, that it is the a c tiv ity and
n ot the bu lk o f m on ey that pays debt, th at a dollar that is
stangn ant p ays n oth in g ; th at a dollar in a ctiv e op eration m ay
p ay ten d ollars in a sin gle day. W h e n the w h ole _A m erican
people becom e im pressed w ith that single p rop osition in finance,
w e w ill n o t have the g re a t press o f the coun try, ev ery tim e
w e have a little flurry, clam ou rin g fo r the d ebasem ent o f the
currency.
Insurance
Meeting.
At 2:00 P. M. the both groups again met in joint ses
sion with Thomas J. Meighen, president of the First Na
tional bank of Preston and president of Group 1, in the
chair.
F.
M. Beach Discusses Comm ercial
Paper.
The first paper was on “ Commercial Paper” by F. M.
Beach, cashier of the First National bank of Lyle, Minn.
This was a carefully prepared address on the subject of
judicious investment of the surplus funds of a country
bank, and the phases of commercial paper that the country
banker must consider.
He spoke as follows:
In order to giv e a b rie f h istory o f the date that prom issory
notes becam e in use, leading up to present use o f com m ercial
paper, and to g iv e as m uch in form ation as I am able to obtain
in regard to the early use o f notes in trade relation s, I qu ote
from an address b y Mr. L. E. P ierson, p residen t o f the Irving
N ational E x ch a n ge Bank, N ew Y ork City, before the M assa
ch u setts ba n k ers’ con ven tion , D ecem b er 5, 1906, in w h ich he
m en tion s their use in the close of the seven teen th cen tu ry and
the beginn ing o f the eighteenth cen tu ry con cern in g the d evelop
m ent o f p rom issory notes as then ex istin g to com m ercia l life.
27
THE COMMERCIAL WEST
•Saturday, June 20, 1908
THE NATIONAL GERMAN-AMERICAN BANK
ST . PAUL,
Capital,
$1,000,000
M IN N E S O T A
Surplus,
UNITED
$500,000
S T A T ES
Deposits, $9,000,000
DEPOSITORY
O F F IC E R S :
JAMES W. LUSK, President
F. WEYERHAUSER, Vice President
DONALD S. CULVER, Cashier
H e said: “ Out o f this dem and cam e the p rom issory note, about
the year 1670, trade necessities' n ot h a v in g been en tirely m et
b y foreig n and inland bills o f exch an ge, the on ly instrum ents of
com m erce then fu lly n egotiable. P ro m isso ry notes at th at tim e
w ere m ade payable to bearer and to order, and issued by bankers
fo r cash deposits, as w ell a s b y traders in ordin ary tra n sa ction s;
their tra n sfer b y d elivery or indorsem en t w as frequ ent, and
through cu stom th ey w ere accord ed the sam e negotiable qu alities
as bills o f exchan ge.
“ A con flict o f d ecision s arose, h ow ever, w h en ever litiga tion
ensued, and the co n tro v e rsy w a s in 1702 b rou g h t to a crisis
b y tw o d ecision s p ro n ou n cin g again st the n eg otiability o f p rom
issory notes, and d ecla rin g the a ttem p t to m ake them n egotiable
an en croach m en t upon the com m on law in v en ted b y m erchants
“ T h is inven tion , how ever, w a s one o f w h ich n ece ssity w as
the m other, and in spite o f the old sch ool law yers1, P arliam en t
in 1704 passed the law A nn e, w h ich e n a cted th at p rom issory
n otes ‘shall be assign able or indorsed over in the sam e m anner
as inland bills o f ex ch an ge are, o r m ay b e a cco rd in g to the
cu stom o f m e rch a n ts.’ In a treatise on b ills -o f-e x c h a n g e and
p rom isso ry notes b y Isa a c E dw ards, coun sellor at law , published
by B ank & B roth ers, N ew Y ork and A lban y, 1863, he says, ‘ B illso f-e x c h a n g e are o f m odern origin ; th ey are said to have been
brough t in to general use by the Jew s and L om bards, w hen
banish ed fro m cou n try to cou n try, fo r their usury and other
v ices, in order to ca rry w ith them the m ore easily their effects.
O thers again assert that they g rew into use on the coasts of
the M editerranean, in the earliest p art o f the fou rteen th c e n
tu ry ; and all a u th orities con cu r th at that w a s about the period
w hen th ey began to be g en erally em ployed as a con ven ien t
m eth od o f exch an ge. B ut they w ere o cca sio n a lly used at an
earlier d a y ; and it is p robable that the Jew , g ro w in g q u ick
w itted under p ersecu tion , first brou gh t them into p u blic n otice
and dem on strated their utility in a con sp icu ou s m an n er.”
T re m e n d o u s
U se o f C o m m e rc ia l
P a p e r.
A s th e n atu ral resou rces o f the U n ited S ta tes h a ve becom e
m ore and m ore developed, the use o f cap ital in startin g new
enterprises, bu ildin g o f fa cto rie s and m a n u fa ctu rin g o f g ood s
in d ifferen t lines, com m ercia l paper fo r the la st th irty y ears
h as b eco m e m u ch in use in cities in the U nited S ta tes ou tsid e
o f N ew Y o rk City, w h ere it is said to have origin ated in this
c o u n try ; and d u rin g the p ast ten y ears it has g ro w n to e n o r
m ous p rop ortion s.
. ,
,
In sta rtin g a bank, a num ber o f m en a sso cia te them selv es
togeth er, p a y in a cap ital sto ck in ca sh and establish their
cred it, then the bank b e co m e s a cu stod ia n fo r the un em p loyed
m oney b elon gin g to the p eople w h o d ep osit w ith them — this is a
g rea t a d v an tag e to the com m u n ity, as it brin gs into use the
idle m oney, w h ich perh aps has been hoarded, and the use o f
the m on ey w ou ld be m ultiplied several tim es over. In fa ct, the
value o f a co u n try ’s, cap ital is redou bled m an y tim es through
the a g e n cy o f credit, w h ich m akes cap ital read ily available.
It has been estim a ted th at the losses that have been in
cu rred on the a g g rega te am ou n t o f com m ercia l paper d isco u n t
ed am oun ts to a v e ry sm all p ercen ta g e w h en on e ta k es in to
con sid eration the am ou n t o f paper o f this class that is put in
use d irectly or in d irectly and on the fa ce o f it it looks like a
desirable class o f paper fo r the co u n try ba n k s to have, should
th ey be seekin g outside loans. I tak e it fo r gran ted that the
cou n try banker w hen look in g fo r an outside loan looks fo r the
h ig h est grade o f paper obtain able rather than fo r p aper that
carries a high rate o f in terest or that m ay be d iscou n ted at a
rate that even com p ares fa v o ra b ly w ith his; hom e dem and for
m on ey on paper that m atu res in from fo u r to six m onths.
C o u n tr y
B a n ks and
C o m m e rc ia l P a p e r.
It w a s n o t m an y y ears a g o th at th e co u n try ba n ker w a s a
borrow er or that he had to red iscou n t som e o f his p aper during
som e p eriod o f the year so that he could su pply his cu stom ers
w ith their dem and fo r m oney, and this is true tod a y in som e
localities in ou r ow n state, but in som e lo c a litie s the fa rm ers
are b eco m in g so rich that the d eposits o f the cou n try ba n k s are
g radu ally in crea sin g and the hom e dem and fro m the fa rm er
fo r fu n d s is v e r y m u ch d im in ished and the fa rm e r in a great
m an y in stan ces is look in g ab ou t fo r loans in the sam e channel
in w h ich the ba n k er is loan ing, an d he is w illin g to a c c e p t ju s t
a little high er rate o f in terest than his ba n ker w ould p ay him ,
so th at the co u n try ba n ker has o fte n fou n d in the p ast few
years that it is b e tte r to tak e ou tsid e paper at a low er rate o f
in terest an d p reserve his hom e in terest rate than to en ter into
com p etition w ith the fa rm er in m akin g loans. If th e banker is
n ot able to read ily do this h e finds that his in terest paid a c
count togeth er w ith current expenses, w ill soon eat up his profit
and he fe e ls th a t he m ust g e t his m on ey loan ed in order to
m ake dividends.
,
,
T here are m an y issues o f bon ds to be had— railroad, m u n icipal and co rp o ra tio n — that bea r a fa ir rate o f in terest on a long
tim e investm ent, and he b u y s all he thinks his ba n k should
c a r ry in th is line bu t finds, th at he still has fu n d s and looks
ab ou t fo r good com m ercia l pap er w h ich m atu res in from fou r to
six m onths. One m ay v ie w com m ercia l loan s as o f tw o classes—
one class w h ere the regular cu stom er d iscou n ts his note, not
exD ecting to p ay it in full at m atu rity, but p a y s part and e x
tends the ba lan ce fo r six m onths and keep s redu cin g the am oun t
in this w a y until it is fin ally paid— this class o f p ap er is v ery
seldom held b y cou n try ba n k s unless taken direct. T he oth er
class in m ind is p ap er taken in d irectly w ith the ex p ecta tion
that it w ill be paid in full at m atu rity. T here is som e a d v a n
tage in h a v in g deposits an d a p art o f y ou r loan s e n tirely m d e Dendent o f each other so that w h en outside pap er is purch ased,
if it is. fo r no other reason than to g et a desirable note and
w hen it b e com es due it is paid and th e b a n k m a y r e -in v e st as
it m av see fit. W h e n a cou n try ba n k w ish es t o b o rro w m oney,
a detailed statem en t is fu rn ish ed to its corresp ond ent, sh ow in g
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
H. VON DER WEYER, Ass’ t Cashier
GUSTAV C. ZENIUS, Ass’t Cashier
M. ROY KNAUFT, Ass’t Cashier
the con d ition o f the ba n k w hen ask in g fo r the accom m od ation ,
w h ich is p e rfe ctly prop er— in addition to this, the bank puts up
som e o f its ow n bills receiv ab le as collateral to the loan, w h ich
is alw ays custom ary.
W h a t d oes the cou n try banker k n ow ab ou t the outside p aper
that is on, the m a rk et?— often tim es v ery little. P ap er that is
offered fo r sale or d iscou n t b y firm s th at have som e specifi'c
com m od ity that is read ily con v ertib le or th at has a defined cash
m arket value, s.uch as grain, m eat and lum ber, have assets on
w h ich a larger line o f paper can be issued than on som e m e rca n
tile and m an u factu rin g lines. I presum e on the form er as high
as 90% o f the m ark et value is realized, esp ecia lly w h ere defined
w areh ouse receip ts are g iv en ; bu t as near as I am able to learn
there is no u n iform p ercen ta g e o f liabilities to assets w h ich a
firm obtain s a line o f cred it on, n eith er is there an y u n iform
m eth od o f m akin g statem en ts fo r the use o f banks or individuals
p u rch asin g their paper, so that the p ercen tage o f liabilities to
assets on p aper issu ed depends in a g rea t m easu re upon the m en
w h o are in m anagem ent o f the in stitu tion offerin g p aper fo r sale.
D u rin g the strin g en cy last fa ll it w as said th at th e east a t
tributed the con d ition s to the h oa rd in g o f cash b y w estern
bankers.. T h is m ay have been tru e to som e exten t, from the
fa ct that the cou n try banker m ay n ot fu lly understand w h at a
qu ick asset com m ercia l paper is su pposed to be w h ich m ay have
a v ery stron g bearin g in hoarding cash at tim es w h en they have
fu nds on hand to loan. N o d oubt the m ost of the cou n try banks
in our first d istrict are bu yers o f com m ercia l p aper to a g reater
or less1 exten t, and it is legitim ate fo r them to tak e it, fo r it not
on ly g iv es the cou n try ba n k er a place to em ploy his loanable
funds, but it m ay p rov e an advantage to their c ity corresp on d
ent, w ho m ay take the lim it o f any p a rticu la r line o f p aper and
thus th ey m ay be able to fu rn ish th eir c ou n try corresp on d en t
w ith paper from one o f their custom ers. In this w a y the m on ey
is kep t in chan nels w h ere it belon gs and w h ere it is m ost needed.
W h a t C o n s titu t e s G ood P a p e r,
F irm s d ealing in grain or p rov ision s have a com m od ity w h ich
is usually sold on sh ort tim e and fo r w h ich there is alw a ys cash
m arket. M ercan tile firm s and firm s in a m an u factu rin g line
w h o sell their g o od s to cu stom ers w h o are depen den t on g ood
crop s, m ay be u n fortu n a te and fa c e a p artial or a lm ost en tire
crop failu re, and thus, the m erch a n t him self m ay be hard pressed
to m eet his obligation s. In v iew in g paper o f this class, to be
sa tisfa cto ry it should be issued by g ood firm s du rin g the norm al
p eriod o f a ccu m u la tin g sto ck in tra de w h ich is to be paid w h en
the accou n ts o f the cu stom ers o f the firm s are settled. I p re
sum e there is m u ch paper d iscou n ted and p urch ased w h ich does
n ot m eet this te st; unless it does, the cou n try ba n ker tak es a
chan ce o f h a v in g his m on ey tied up. In fa ct, in com m ercia l
b a n k in g it is quite im porta n t to k n ow w h eth er the loa n s rep re
sen ted by liquid assets w h ich in the natural cou rse o f business
are p erm ittin g the firm to m eet their p aper prom ptly.
In looking over a m ercan tile statem en t to an alyze the sam e
I w ou ld con sid er it quite im porta n t to see w h at relation the
qu ick assets', includ ing a ccou n ts, notes, in v en tory and cash, have
to cu rren t liabilities w h ere the notes and a ccou n ts payable are
o f sh ort tim e and m ust be paid w hen due. It is hardly p r o b
able that the firm issu ing paper o f this kind should b e entirely
fre e fro m debt w hen the p aper m atures, esp ecia lly w h ere new
sales are bein g m ade w h ich in v olv e new liabilities, and an in
debtedn ess or a line o f credit at such tim es should be consid ered
fair. T h ere is no d oubt bu t w h a t a g re a t deal o f paper issued
is sold or d iscou n ted d irectly or in d irectly upon the g ood stan d
in g o f the m en in m anagem ent o f the institution an d w ho also
m ay be con n ected in other lines o f bu siness w h ere the a p p ea r
an ce of the firm s, ju d g in g from the group o f m en interested,
g ives them a color o f stability, and a personal resp on sibility
both fin ancially and m orally.
S ta te m e n ts o f B u s in e s s .
T here are firm s w h o are selling paper w h o are v e r y relu cta n t
ab ou t m aking an y statem en t o f their business. T o illustrate,
su pp osin g a firm in corporated a few years a g o fo r the m a n u fa c
ture o f fa rm im plem ents, ha vin g a p a id -in cap ital o f $500,000.
T h ey have in a fe w y ea rs su cceed ed in accu m u latin g a surplus
o f $600,000; th ey have bills p ayable o f $1,000,000; insurance, c o m
m ission and current expen ses o f $100,000; they have invested in
plant, buildin gs and m achinery, $300,000; raw m aterial an d m an
u factu red g ood s in ven toried at $400,000; they have bills r e ce iv
able o f $1,300,000; a ccou n ts in course of collection , $75,000; cash
in bank $25 000. H ere the liabilities, ex clu siv e o f cap ital and
su rp lu s,’ represen t ov er 75% o f their assets— this supposition,
perhaps, is n ot overdraw n . T he firm m igh t be classed as one
w ho w ou ld not w ish to fu rn ish a statem en t o f th eir business,
con sid erin g it u n n ecessa ry to do s.o, bu t th ey are ab le under the
p erson ality o f their m an a gem en t to float $1,000,000 in com m ercia l
paper. In the early p art o f the season th ey have sold ex te n siv e
ly to d ealers th rou gh ou t the cou n try and find upon the h a rv est
in g o f the crop th at it is n ea rly a fa ilu re and a m on ey strin g en cy
is also felt in the fall d uring the natural course o f the collection
period and the dealers, are unable to p ay m ore than o n e -fo u rth
o f the entire am oun t ow in g to the m an u factu rer— the cou n try
bankers are holding the $1,000,000 in paper, w h ich is m atu ring
rapidly on the natu ral liqu idating je rio d o f the year. S u p p os
in g the officers o f this firm n ev er ind orsed their p ap er p erson
ally nor w ere they in the habit o f havin g som e reliable public
a ccou n ta n t audit their b ook s to m ake a statem en t fo r the b e n e
fit o f the bu yers o f their paper. W h o holds the sa c k ? The
c ou n try banker, o f cou rse; he has b ecom e a partn er in the m an
u fa ctu re an d the collection o f a ccou n ts o f a farm im plem ent
com p an y.
,
,
,
„
.
,
W h ere crop con d ition s have a valu ed effect on an y line o f
m an u factu rin g, or w h ere som e u n foreseen difficulty m a y crop
ou t and a nu m ber o f con cern s in any im m ediate m an u factu rin g
cen ter should su ffer to the ex ten t o f bein g unable to m eet their
obligation s as they becom e due, w ou ld p recip ita te a p a n ic in
28
THE COMMERCIAL WEST
FIRST N A T IO N A L
C ap ital,
R A N K
OUR
(ESTABLISHED 1853)
S u rp lu s,
HENRY KLOES, Cashier
OSCAR KASTEN, Assistant Cashier
A. W. BOGK, Assistant Cashier
B A N K IN G
MILWAUKEE, WIS.
^
$ 2 ,0 0 0 ,0 0 0
OFFICERS-FRED VOGEL, Jr.. President
WM, BIGELOW, Vice-President
FRED T. GOLL, Vice-President
Saturday, June 20, 1908
F A C IL IT IE S
AR E
$ 3 0 0 ,0 0 0
E. J. HUGHES, Assistant Cashier
W. C. HAAS, Manager
Foreign Department
UN EXCELLED
We place them at your disposal and invite correspondence with a view o f permanent business relations.
com m ercia l paper and as it appears to m e it w ou ld seem e x
pedien t that som e plan in safeg u ard in g this paper should be
taken, esp ecially w nere there is no security, an d d iscou n ted
w ith ou t a personal ind orsem en t o f the officers or an y o f the
d irectors o f the institution. I see no reason w h y a firm w h ich
is w ell financed in the b egin n in g o f their business, and w h o find
it to their ad van tage to be b orrow ers o f m oney, should not be
w illing at least on ce a year to have their b o o k s audited by
som e reliable public accou n tan t and in addition to this indorse
their paper personally, fo r this w ou ld in a great m easure r e
lieve the cou n try banker o f that fea r o f g e ttin g hold o f a gold
brick and it w ou ld add m aterially, esp ecia lly the indorsem en t of
the paper by its. officers, to con tin u e a stability o f cred it rather
than com p letely dem oralize it as it w ou ld naturally do w here a
num ber o f firm s in a m an u factu rin g line w ou ld be unable to
m eet their obligation s as the audit o f the book s and the in
d orsem en t o f their paper w ou ld at least su bstitu e fo r the se c u
rity w h ich the purch aser o f the pap er w as unable to obtain,
and he w ou ld kn ow that the firm w as at least officered b y m en
o f in teg rity and w ho had fa ith in th em selv es to do things.
Should an attem p t be m ade to induce firm s w ho issue c o m
m ercial paper to have their institution audited by a public a c
countant, also ask in g them to indorse their paper personally,
it w ould be v ery natural fo r them to say, “ t h a t the cou n try
banker does not have to bu y our paper unless he w an ts to, as
we can dispose o f it in cities outside o f our ow n s ta te .”
T h is m igh t be true, but w ou ld they n ot be p ayin g a higher
rate o f interest than they w ou ld if audited by a p u blic a c c o u n t
ant and indorsed their paper personally— tne paper to be bougnt
by banks in their hom e territory. Interest rates m igh t be quite
in fa v or o f the firm ; as fo r banks. I think th ey w ou ld m uch
p refer to have p aper o f this, class than to take som eth in g th ey
knew v ery little about. T he better un derstan din g the banker,
b orrow er and depositor have o f their bu sin ess relation s tends
to in crease confidence. P riv ate banking is bein g done a w a y w ith
in m any o f the states fo r the reason that their m ethods o f doing
bu siness w ere under co v e r and the relation o f liabilities to
assets ofte n reached the danger line but this w as rarely d is
cov ered until a bank failu re. T he p riv ate banker could ju s t as
w ell say, “ Y ou can either deposit w ith me, or not, ju st as you
see fit,” but w hen trou ble cam e it not only w as fe lt by the p r i
v ate banker, but it als.o had a ten d en cy to cause d istrust am on g
d epositors in banks' under gov ern m en t su pervision, so it w ou ld
seem , v iew in g m ercan tile or m an u factu rin g establish m en ts along
the lines o f private banking, issuing “ com m ercia l p aper c u r
re n cy ,” as one m igh t call it, selling it to w h oever w ill buy it
to the am oun t o f a high p ercen tage o f liabilities, to assets
w h ich oftentim es, under unfavorable cond ition s, are an yth in g
but o f a liquid nature, by not fu rn ishin g a statem en t from a
p ublic a cco u n ta n t and indorsing their paper p ersonally, they
are cov erin g up in form a tion and are not fu rn ish in g the sa fe
guard the bu yers o f their paper should have, so w hen a failure
com es to an in stitu tion o f this kind, it natu rally causes, d is
tru st to the co u n try banker o f all firm s issu ing com m ercia l
paper and the e ffe ct is the sam e as in a private bank
failu re— all banks are ap t to be classed the sam e— s.o it is w ith
the firm s that issue com m ercia l paper.
In order to elim in ate “ w ild ca t m erch a n d isin g” w ould it not
be better fo r firm s selling their paper w h ose assets are n ot rep
resented by a co m m o d ity o f a cash m arket value, to fu rn ish a
statem en t o f their bu siness ev ery six m onths or on ce a year,
audited b y a public accou n tan t using a sp ecific form to answ er
the sam e p urpose the “ tra n scrip t” does w h ere n ation al banks
report to the con troller o f cu rren cy and in addition to this in
d orse th eir paper personally.
C oun try bankers, as a rule, stand v ery little ch an ce o f loss
on paper purchased through their city corresp on d en t or a reliable
com m ercia l paper dealer. I have no doubt the c ity banker or
com m ercia l dealer w ou ld be v ery glad to add w hen en closin g a
note to you in ad d ition to the cu stom a ry, “ W e bu y this paper
in liberal am ounts, ourselves and consider it first-cla ss,” and,
“ T his note is indorsed p erson ally and we send statem en t of
the firm herew ith as audited b y a p u blic a cco u n ta n t.”
“ O ur C ity Relations.”
The subject, “ Our City Relations,” was handled by
Frank Drew, cashier of the Bank of Tomah. Mr. Drew’s
talk was a lively, good humored talk, spiced with serious
thought on the various relations between a country bank
and its city correspondent, and how they change, when
placid times give way to the trying days of panic.
Mr. Drew spoke in part as follows:
T h e relation s o f the cou n try banker to the c ity banker is the
them e, in other w ords our “ city re la tio n s,” a broad su b ject
as the w orld relation s w ill let in kinds “ w a rio u s” as our friend
W eller w ould say.
1st. L et m e say w e have the m arriage relation. M any of
you, and in fa c t I trust m ost o f you, en jo y that proud relation
in life. A n d to those w h o are livin g the life o f w h at is called
single blessedness, I exten d m y sym path y, fo r I think you need
it.
2nd. L e t us say w ife ’ s relations.
3rd. S trained relations.
4th. M any relations.
5th. N o relations.
6th. B usin ess relations.
W e could go on w ith this list bu t it seem s to m e that m y
lim it o f tim e will n ot allow o f any additions.
I* is w ell to take up the co rre ct m eanin g o f the w ord rela
tions. W e b ste r defines it as kindred, kinsm en, associa ted , near
and related from w h ich w e g ath er that relation ship is on ly c o m
passed b y the w7orld and o f relation s there are good, bad and
indifferent. B ut as the v ariou s relation s in life have to do w ith
m y s u b je ct I shall draw from them as required.
T he true ba sis o f m arriage relation I take it is confidence,
“ T he great asset o f our b u sin ess.” B y som e it is called love,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
w h ich is a good nam e w ell used. T he m an w h o has confidence
in his w ife ’s a b ility to prepare the daily flapjack, m end his
socks, sew the bu ttons on his shirts, to p lay the piano, to be
presiden t of the w om a n ’ s club, to entertain so ciety and to paint
china, is endow ed w ith m ental ego enou gh to be a g ood bank
d epositor becau se you see his confidence is unlim ited.
Strained relation s som etim es appear w h en th ey are least
looked for. T h ey exist w h en the m orn in g biscu it is in m ou rn
ing, w eighted dow n w ith its ow n sorrow s, and your m ind and
hand turns g lad ly to toasted corn flakes or E lija h ’ s m anna, or
w hen the annual fea st o f house clean in g com es on and you
stand on a high ch a ir w ith the fa m ily stove pipe neatly balanced
in one hand, the oth er try in g to sustain y ou r balance, your eyes
full of soot and w ife y ask in g w h at you w ill have n e x t? M y
‘ good brothers have y ou ever had strained relation s?
T hen com es m an y relations, w here, for instance, “ M a’ s ”
folk s have_ com e to m ake a visit. A shake dow n on the floor,
fo u r kids in a bed, all the spare leaves in the ex ten tion table.
Do you rem em ber w h en w e h itch ed up the fa m ily horse and
sh ow ed them the crea m ery, ja il, ch u rch and the finest residence
in to w n ? T he th ou gh t rev iv es the pleasure w e have had w hen
our relation s cam e to tow n.
A nd then w e have no relation s.
W e banish the thought.
L ife w ould not be w orth the living. It is relation ship that join s
us togeth er and m akes the ideal life. W e som etim es note in the
paper an item relatin g to the d eath o f a person w h ere it says,
“ he had no k in .” C ould you im agine a w orse fa te ? B etter have
bu siness relation s than none at all.
B o u q u e ts f o r th e C it y B a n k e r s .
T h at brin gs us to the su bject, and I will a sk : “ W h a t are
our relation s w ith our c ity b r o th e r s? ”
S peaking p erson ally I
think they are a lot o f m igh ty good fellow s. W h en I look on
this brigh t June d a y the m onth in the year w h en natu re w ith
a tou ch o f sunshine and rain brightens the dull and cold w orld
to a thing o f beauty, w hen the flow ers as b y m ag ic sprin g up
and blossom and adorn ou r hom es, our w iv es and our s w e e t
hearts, and w h en w e are w elcom ed to a city like L a Crosse
w ith its bea u tifu l hom es, chu rches and p ublic institutions, by
our broth ers in bu siness I w ill say at the start th a t I feel o u j
relation s are v ery cord ial and that w e have started w ell. And
w hen I go to M ilw aukee, a c ity m ade fa m ou s b y its hospitality
and oth er things, I m ust say that w h atev er m y relation s are
at the start th ey are certain ly v ery pleasan t at the finish.
A n d w h en w e go to the g rea t city at the fo o t of the lakes noted
fo r her m onum ental buildings, street car serv ice and sm oke we
feel that w hile the w eath er is m ostly under the con trol o f the
sm oke in spector y et the w arm hand of friend sh ip is extended,
w h ich brid ges qll m inor d efects. L ik ew ise I m igh t g o north to
W in o n a and the “ T w in s,” bu t you all k n ow how7 I feel. Of
cou rse there w a s a tim e w hen the reserve cities w as too m uch
reserved.
In fa c t in all m y ex p erien ce I never felt such a
sudden ch an ge in tem perature.
In our northern clim e w e are inured to hardship and u su
ally provide fo r inclem ent w eath er and, in fa ct w e had provided,
but fou n d ourselves m uch in the sam e p osition as the boys
w ho w ere in the sw im m in g hole and som e larger b oy s took
their clothes-. A s I look at it now it seem s like a bad dream
or com m on ly called nigh tm are and I w ill say n o m ore sporty
old girl ever cam e d ow n the pike. T a m ’ O ’ Shanter and his w ild
m are never ran a h otter pace.
It w as on or ab ou t O ctob er 28th w h en a cloud w h ich a p
p eared in the east g radu ally spread over our fa ir land. S om e
b od y said' m on ey w as tied up in N ew Y ork. W e w h o live in
the rural d istrict n ever g av e it a though t. H ow could it . harm
the w e st? Our banks w ere the b est ever and w e w en t to sleep
w ith sy m pa th y fo r the fellow s in N ew Y ork. A d ay or tw o
and our w estern reserve
cities w ere in fected .
On or about
this tim e our relation s began to stretch.
W e asked in the
v o ice o f the teleph one girl if th ey w ou ld please send dow n or
up a few to show their g ood intentions. A nd it w a s at this tim e
that the circu la r o f w h ich you all have a copy, appeared. N ext
our cou n try cu stom ers w h o en joy ed the use o f th e rural m ail
began to m ake use o f the teleph one and betw een the cou n ter
an d the teleph one w e h o t-fo o te d it. B ut, as I said about the
boy s in the sw im m in g hole, w e w ere in the hole, and the b igger
boy s had our cloth es. W e spread before our cu stom ers the
liberal expla n ation o f our c ity banks.
W e added to it our
personal m agnatism and m ost pleasing m anner.
T old them
w h a t a lot o f lobsters the c ity bankers w ere an d did our best
to put our city relation s beh ind the lighthou se and consequently
the tie that binds b eca m e m ore strained. W e began to w rite
at this tim e ask in g all sorts o f qu estion s as to how lon g this
thing w ou ld last and I have n ow sa fely laid in the a rch ives o f
m y office a collection of the m ost p olished letters that w ere
ever penned. T h ey all rem in ded m e in a w a y of the text of
that fa m ou s R u ssian general in the late Japanese w ar w ho
started all his letters w ith “ I reg re t.”
The- S e v e ra n c e o f C a s h
R e la tio n s .
It w as at this tim e that I w a s ask ed b y the associa ted banks
o f C h icago to lead them out of the w ild ern ess b y w ritin g on the
situ ation , I later fou n d th at ev ery cou n try rela tion w as also
asked and fou nd I w a sn ’ t so m uch. A n y h ow I had a w ell d e
fined n otion th at I could do b etter than th ey w ere doing and
g a v e them m y ad vise at length. A n d b y the w a y it w as a$
this tim e that I w as asked to fu rn ish in form ation som ew hat oh
the follo w in g : H o w m uch cash have y o u ? Is it n orm al? W ill
y ou send us w h a t cash you have ab ove norm al and other
qu estion s. T o these I an sw ered in good fa ith a n d -th e re b y d is
closed m y hand." B u t I also returned the com p lim en t b y askin g
them the sam e question s to w h ich th ey gave no answ er. You
read ily see that our relation s w ere ebbing.
F in ally I called a m eetin g w ith m yself and agreed to adopt
the c ity plan, to -w it, keep w h at you have and g et all you can.
Just so you have som eth in g to count. C h icago said if w e pay
out all our cash ou r clerks w ill be w ith ou t a job . T he ty p e
w riter girl w ill not have a C hristm as present and w hen w e do
b eg in to do bu siness w e will be out o f p ra ctice so we better
keep our cash and cou n t it in and out ev ery night.
F rom
this I figured it out th at a ba n k presiden t at $25,000 a y ea r in
THE COMMERCIAL WEST
Saturday, June 20, 1908
C apital, $ 5 0 0 ,0 0 0 .0 0
Surplus, $ 1,0 0 0 ,0 0 0 .0 0
29
Undivided Profits, $ 1 2 5 ,0 0 0 .
F IR S T N A T IO N A L B A N K
D U L U T H , M IN N .
t a g & T Æ J ! “ *U N IT E D S T A T E S G O V E R N M E N T D E P O S IT A R Y
Out-of-town accounts are accepted on favorable terms, and every accommodation consistent with prudent banking is
accorded depositors. Prompt attention given collections and financial matters.
C h icag o w a s a p oor in v estm en t fo r I fe lt I could do as w ell m y
self. A n d I could n o t1 at that tim e rate m yse lf at so high a
value. Y ou see how the nigh tm are w a s plodd ing alon g by this
tim e.
Our relation s as to cash w ith our city brothers inpl
ceased. W e fe lt that it w as d irty stu ff an y w ay and as lon g as
they w an ted to k eep it, w e w ould try to ed u cate our people
to go ba ck to the first p rin cip al and sw ap.
T h e storm th a t bea t on the shore o f ou r nation al finances
and w h ich threatened to w re ck our in stitu tion s has happily been
held a t bay. W e cau g h t our breath, exten ded our hands an d
grasped that o f our n eigh bor and the circu it bein g com p leted
con fid en ce w a s re stored and born anew . A nd b y v irtu e o f th at
con fid en ce w e are here tod a y aroun d this cam p fire, veteran s
assem b led fro m the w ars. Som e o f you no d ou bt have seared
in y ou r m e m o ry 1873. M ore 1893. A n d all o f us 1907. B u t I
think that the con d ition s o f 1907 w ere m ore h a rrow in g than
those o f our oth er financial crises or panics.
W h e n you sp eak o f w ar and ta k in g se rv ice therein, it the
serv ice should be on the firin g line it w ill not be lon g before
you are a hero or y ou r life has been offered up as a sacrifice.
In either ca se y o u are n o t like a bese ig e d cam p out o f the
n ecessa ries and look in g each d ay fo r the relief tram . It occu rs
to m e that such a con d ition requires m ore genuine n erve than
a ctiv e se rv ice in w ar fo r each d ay behind the cou n ter you had
to m eet the p rob lem as to h ow y o u should handle the fea tu res
and bran ch es o f y ou r business h a ndicapped b y the circu la tin g
m ediu m be in g at a prem ium . It o ccu rs to m e that at such
tim es our bu siness relation s betw een the co u n try hank and the
c itv ba n k should be m ore intim ate and m ore confiding'.
th e
c ity banker m ust realize th at his cou n try corresp on d en t is
w orth y o f con sid eration and tru st and can be depended up°R
to use that ju d g m e n t and fo re sig h t that has m ade the banking
business o f W is co n sin one that w e all can feel proud of. It is
im possible fo r one to su cceed w ith o u t the other. To you of the
citv w e need you, w e are w illin g to lay our trea su res at your
com m an d but 'we m ust o f n ece ssity be acqu ain ted o f y ou r b u si
ness, w h en w e see again in the n ew spapers th at the cities of
the W e s t are loan in g to N ew Y ork. It is reason able to expect
th at the co u n try banker w ill begin to in crease his cash and lik e
w ise his bu rglar insurance.
B oth are bad and show an u n hcakh j. ^condit
,g that there is not full freed om o f m on ey
betw een p u rch aser an d b orrow er, and the banker or the m id
dle m an is n ot used as m uch as he should be
A ll lack of c o n
fidence
B u t ab ove all let us seek to m aintain relation s that
have a m utual benefit, in other w ords, g et togeth er. Y ou b e
lon g to a g re a t guild, a n cien t o f itse lf and honorable.
We
represen t as a business, one o f the g re a t arteries o f the c o m
m ercial w orld, like to the m igh ty F ather o f M a te rs that flow s s i
len tly b y y o u r d oors ca rry in g on its p lacid w aters the c o m
m erce o f the m iddle w est. W e m u st th erefore let our relation s
have th at dignified bu t cord ial qu ality th at w a s com m on am ong
the bankers o f the earlier days.
. . . . . . . .
It is n ot all o f a b a n k e r’ s life to lay up fo r his in stitu tion a
lar°-e surplus, but rath er th at he shall ed ucate his su rroun d
ings to co rr e c t business m eth ods th at our financial fa b rics shall
have the true m easure and that he m a y e n jo y his share o f the
in tellectu al progress.
The
Id e a l
B a n k e r.
It o ccu rs to m e th at the old fa sh ion ed banker, the one w h o
th ou g h t o f his institution, as a child o f his hand, that p erm ea t
ed his ev ery w a lk o f life, th at he w ou ld guard w ith his very
life and th a t all o f his a b ility w ou ld be g iv en to its su ccessfu l
m an a gem en t
T h is it seem s to m e is the ideal o f a ba n ker and
hi so d oin g he tak es into his life a desire that his relation s
w ith his fellow m en , m ore esp ecia lly his c ity banker shall be ot
the m o st cord ial and tru stw orth y.
, . . ,
the id ea that w e had been held up and I had several high e x
p losiv es th a t I th ou g h t m igh t be a good th in g to tou ch off,
1 W h e n I started this paper m y m ind w as filled m a w a y w ith
bu t realizin g th at confid ence is the one con d ition that will
m ake a rou g h w a y sm ooth I su bm itted this paper to one w ho
a cts as a cen sor 'for m e in m any things, m y w ife, and w ith
the blu e pencil she elim in ated su ch as m igh t reca ll unpleasant
m em ories and cau se u n favorab le com m ent.
So fro m a very
stron g pap er w h ich I th ou gh t I had at the start I g e t o ff as
ft w ere at the p lace w h ere I began . T he relation s o f the c o u n
try ba n k er to the c ity banker.
, r
A nd in closing, let m e say that I find them m ost cordial, I
find a desire to im p rov e on our p ast cond ition s. I find a w ish
on the part o f our city frien d s to so chan ge m eth ods that c o n
ditions! like to th at o f la st y e a r m ay not o ccu r again. I find
that the hope of our financial su cce ss lies in the desire to m ake
co rr e c t bu siness m eth ods this one th in g essen tial in the c o n
d u ctin g o f the ba n k in g bu siness. I find that if w e can think
th a t our relation s should be m utual that m uch o f our form e!
tria ls in fin ancial w a y s will be ended and m y friends, th rou g h
ou t this a rticle I h a v e tried to keep b e fo re y ou the one idea—
confidence.
Congressman Esch on Cu rrency Legislation.
Hon. J. J. Esch of La Crosse, congressman from this
district of Wisconsin, addressed the convention on the
financial legislation of the sixtieth congress.
Without
claiming any expert knowledge on matters of finance, his
work in Congress being principly along other lines, Mr.
Esch explained the special features of the original Aldrich
bill, which provided for other banks than those of the
United States as a basis for circulation, and the Vreeland
bill which made a feature of commercial paper in addition
to bonds.
He then took up the different sections of the
bill as finally enacted and analysed the special features
of this law wihch provided for an emergency currency.
Short T a l k s on Live Topics.
J. M. Holley, president of the State bank of La Crosse,
then took charge of the meeting and five minute talks
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
were given on guaranty of bank deposits, postal savings
banks, bank examinations, bills of lading, panic experience,
etc. After a short discussion of the guaranty of bank de
posits Mr. Holley asked for a standing vote on the subject
and found only nine out of 130 or more to vote in favor
of such plan.
Luncheon A t the Schaghticoke Country Club.
After an auto ride about the city, the delegates were
the guests of the La Crosse bankers at a luncheon at
Schaghticoke Country club. Following the lunch George
E. Roberts, president of the Commercial National bank
of Chicago, addressed the bankers on “ Lessons of the
Panic.’’
Mr. Roberts T a lk s On Lessons of the Panic.
Mr. Roberts said that “ world-wide conditions made a
universal depression with high money rates” last fall, but
that “ the United States was the only country that sus
pended cash payments.” “ The whole civilized world looked
on in amazement at this break down in our currency
system. No matter what conditions prevail in Wall street,
there should be some way to move farm products at all
times. A scientific currency will not prevent panics but
will enable us to carry on business in spite of them.” The
recent act of Congress lifts the currency question out of
purely academic discussion and makes it a live practical
problem.
A Central Bank the Solution.
Mr. Roberts compared our recent purchase abroad of
$100,000,000 in gold at great expense and difficulty, with
the issue of a like amount of notes by the Bank of Ger
many with no disturbance whatever, and argued that a
central bank, such as all other commercial nations now
have, was the only way out of our difficulties. Our weak
ness was most strikingly shown in contrast to the strength
of foreign nations in this purchase of gold. W e had $900,000,000 of gold locked up in the United States treasury
and yet bought gold of the Bank of England when its gold
reserve was only $160,000,000.
Mr. Roberts would have a Central bank with at least
$100,000,000 capital, that would hold the gold reserves of
the country, issue all the currency and would serve as a
central reservoir equal to any emergency. This would be
a “ bank for banks” and quite a different thing than any
United States bank we have ever had.
“ When we have
such a bank to bind our scattered banks into a solid unity
of strength” then we will be conforming to the “ general
principle of banking, which is, that money must always be
available at some rate.”
This is what gives foreign nations their financial stabil
ity. The interest rate, which is the natural regulator is
made to govern the movement of reserves but giltedge
securities command money at some rate at all times.
Mr. Roberts was given the closest attention during his
address and a rising vote of thanks was tendered him at
the close in appreciation of his masterly handling of this
important subject.
Imports of precious stones at New York in May were
$463,455, comparing with $2,981,453 a year ago.
The STOCKGROW ERS’ BANK
( in c o r p o b a t e d )
Capital, $25,000.00
C o d y , W y om in g
THE BIG HORN BASIN IN WYOMING FOR IRRIGATED LAND LOANS
We act as trustee for parties wishing to invest in this country. We
have many opportunities for good investment, including loans on irriga
ted lands, which security is the best and getting better, also live stock
loans and advances on wool clip. Anyone wishing to get in touch with
the best of western investment should write immediately for any infor
mation desired.
30
THE COMMERCIAL WEST
Saturday, June 20, 1908
PROGRAM FOR THE NORTH DAKOTA MEETING.
Following is the program for the North Dakota Bank
ers Association, to be held at Bismarck, July 1 and 2:
W e d n e s d a y , J u ly 1.
9 A . M.
C om m ercial Club room s, m eetin g o f ex ecu tiv e council.
10 A. M.
C onven tion called to order b y the president.
P rayer, R ev. C. W . H arris, F irst P resbyterian C hurch, B is
m arck.
A d dress o f w elcom e on beh alf o f the c ity o f B ism arck, F. R,
Sm yth, m ayor o f B ism arck.
R esp on se fo r the a ssocia tion , M. B. C assell, F irst N ational
B ank, H ope.
A nn ual ad d ress b y the president.
R ep ort o f secretary.
R ep ort o f treasurer.
R ep ort o f ex e cu tiv e coun cil.
A nnual report's o f stand ing co m m itte e s: P ro te ctiv e c o m m it
tee, F idelity and B u rg lary Insurance, T im e L o ck s, M em bership,
T ax ation , L egislation .
A p poin tm en t o f sp ecial com m ittees.
P resen tation o f su b je c ts fo r d iscu ssion at this convention.
A n n ou n cem en ts.
A d jou rn m en t fo r lunch.
2 P. M.
C onven tion called to order b y the president.
R ep ort o f d elegates to A m e rica n B a n k ers’ A sso cia tio n c o n
vention.
R ep orts o f general con d ition s th rou gh ou t the state b y district
m em bers o f ex ecu tiv e coun cil.
E lectio n o f m em ber o f ex e cu tiv e cou n cil A m erican B an k ers’
A ssocia tio n convention.
A ddress, “ C urrency and F in an cia l M eth ods at H om e and
A b ro a d ,” Jam es E. B oyle, Ph. D., N orth D a k ota U niversity,
Grand F orks.
A ddress, “ P u b licity ,’ E m erson D eP uy, N orth w estern Banker,
D es M oines, Iow a.
R ecitation , “ T rou bles o f the C oun try B a n k er,” C R V errv
cash ier C itizen s’ B ank, L ankin. N. D.
A ddress, “ Our N ational R esou rces, H o w to C onserve T h e m ,”
F a r o x ) 11^ ^ ^
W orst, N orth D a k ota A gricu ltu ral College,
Thursday, July 2.
10 A. M.
9 ^ vention ca ^ e<3 t ° order b y the president.
A d dress “ T he N orth D a k ota C oun try B an k er,” W esley C.
M cD ow ell F irst State B ank, M arion, N. D. A ddress, “ B ills of
L ading, C lay H. H ollister, chairm an bills o f lading com m ittee,
A m erican B ankers A ssociation , Grand R apids, M ich.
G eneral d iscu ssion o f su b jects presented fo r con sid eration :
C urrency L egislation , T he C entral B ank or S tate Clearing
H ouse, Insurance o f B ank D eposits, A P u rch a sin g D epartm ent,
A n A ssocia tion A ttorn ey , Group M eetings.
R ep orts o f special com m ittees.
A uditin g.
R esolutions.
N om inations.
S election o f p lace for n ex t convention
E lection and installation o f officers.
A d jou rn m en t.
„ „
En terta in m e n t.
Wednesday, July 1 .
„
8 P. M.
R ecep tion and ball in C om m ercial Club room s w ith buffet
luncheon.
Thursday Morning.
R ecep tion to visitin g ladies b y the ladies of B ism arck.
.
.
Thursday Afternoon.
I rips b y special cars to cap itol building, state p enitentiary
and F ort L incoln. A n exh ibition drill w ill be g iv en at F ort L in
coln fo r the benefit o f visitors.
SOUTH DAKOTA BANKERS’ PROGRAM
The program of the seventeenth annual convention of
the South Dakota Bankers Association, which will be held
at Deadwood on Wednesday and Thursday, July 8 and 9,
is as follows:
9 o ’ clock.
A ddress.
Our State Banks, T heir L on g and S h ortcom in gs ”
L. Jones, public exam iner, South D akota.
A d dress, “ T he C entral B a n k ,” H on . Geo. E. R oberts, p resi
dent C om m ercial N ational B ank, C hicago.
A ddress, “ T he W e st and the M on ey M a rk et,” H on E W .
M artin, m em ber F ifty -s ix th C ongress.
A d dress “ N eigh borh ood G ossip ,” W m . B. H u ghes, secretary
N ebrask a B a n k ers’ A ssocia tion , Omaha.
A general d iscu ssion : E qual A ssessm en ts, Group M eetings,
A ssocia tion B etterm en ts.
R ep orts o f com m ittees.
E lection o f officers.
N ew business.
A d jou rn m en t.
j
M eetin g o f ex ecu tiv e coun cil.
N OON R E C E SS .
S e ssio n .
M e e t a t 2 O ’ c lo c k
IN S U R A N C E O F B A N K
T h u r s d a y E v e n in g a t 7 O ’ c lo c k .
M oonlight ride to B ald M ountain.
F r id a y .
V isit to Spearfiah Canon.
Side trips to p oin ts o f in terest in the B lack H ills.
H ea d q u arters: F ranklin H otel.
A rate o f one and. on e-th ird fa re on the certificate plan has
been secured. Y ou p ay full fa re for the tick et g oin g, securing
a certificate w h ich will entitle you to o n e-th ird fa re returning.
A s m ileage is not g ood w est o f the M issouri, all should buy
tick ets to aid in secu rin g the required num ber fo r the reduced
rate. D ead w ood and the B la ck H ills exten d a m ost cord ial in
v ita tion to com e and ev ery bank should be represented.
assistant
Johnson,
C ity N a
B ennett,
L. P ratt,
D E P O S IT S .
A Brief Discussion of the Subject by Samuel H. Lockin,
Cashier of the F ir s t National Bank of Red Win g,
Minn., at the Round T ab le of Group 3,
Minnesota.
T he fu n d am en tal prin ciple o f the ba n k in g bu siness is c o n
fidence. It is con fid en ce the d epositor rep oses in the banker
w h en he entrusts him w ith the care o f his m on ey ; confidence
in his a b ility ; confidence in his in te g rity ; arid con fid en ce in
his ju d gm en t. T he ba n ker m u st also have confid ence in h im
self and in his com m u n ity b e fo re he is equipped to en g a ge the
con fid en ce o f the people, w h ich is n ecessa ry to his su ccess,
and it mayi be read ily realized that through the m an y e v o lu
tions o f confidence, his g reatest asset— ju d gm e n t— is developed
and m atured.
S uccess is the rew ard o f years o f p rep aration and stu d y ;
y ears sp ent in righ t living, right' th in k in g and righ t d o in g ,1in
order th at confid ence m igh t be obtain ed and m aintained. In
short, it takes a lon g tim e to establish a su cce ssfu l banking
business, and on ce establish ed requires a trained, c o n se rv a
tive and tech n ical m ind at the helm — a m an o f ju d gm en t.
Som e on e has said that “ poets are born and n ot m ad e” and
the sam e th ou gh t is ofte n applied to bankers. H o w e v e r true
this inay be we have all kinds. W e m ay h a v e ,b o rn , ba n k ers;
w e have m ade bankers, and “ then sdm e„” and it is the “ so m e”
elem ent th at crea tes h a v o c in tim es o f stress. In fa ct, w e m ay
say it is he w h o is resp on sible fo r the los§ o f confid ence that
con fron ts the cou n try, fro m tim e to tim e, in t h e ’fo r m ’ o f panics,
H e is the sp ecu lator; the one w h o is o v e r-a n x io u s to m ake a
good sh ow in g ; the one w h o e x a g g era tes the ba sis,,of v alu es and
cred its fo r the p urposes o f profit. H e i k t h e ’fenferny w ith in our
m idst, and his ill-a d v ise d m eth ods p erm eate w ith su spicion the
w h ole bu siness w orld, to a g re a t or less degree.
;•
; T he con se rv a tiv e arid su ccessfu l banker— the banker o f ju d g m erit-—is entitled to the prem ium w h ich his repu ta tion as such
hq,s w on fo r him , and th e un scru pu lous, o f w h ich th ere are
com p a ra tiv ely few , (le t us hop e) is d eservin g o f no equity.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
P. M.
V isit to the m ills and un dergroun d w ork in g s o f the H om estake M ines at L ead, South D akota.
S e s s io n .
A ddress, “ T he D a y ’s W o r k ,” R alph C. W ilson ,
cash ier B an k ers’ N ational B ank, C hicago.
A ddress, “ T h e N ation al B an k in g S y ste m ,” J. C.
nation al bank exam iner, S outh D akota.
A ddress, “ D ep osit In su ran ce,” E . L. A bel, p residen t
tional B ank, H uron, S. D.
A ddress, “ P rob ate P ro b le m s,” H on. G ranville E.
ju d g e L a w re n ce C ou n ty Court.
A ddress. “ W a ll S treet and the C ou n try ,” Sereno
ed itor o f W a ll S treet Journal.
GOVERNMENT
Second Day— Thursday, July 9th.
J.
C onven es a t 10 o ’clo ck sharp.
C onven tion called to order b y the president, H . L. Sheldon.
In v ocation , R ev. M. F. M ontgom ery.
A d dress o f w elcom e, H on . H. E. A d am s, m a y or o f D ead w ood.
R esp on se, R. H . D riscoll, v ice -p re sid e n t o f a ssocia tion and
cash ier o f F irst N ation al B an k o f L ead.
A nn ual address o f the president, H. L. Sheldon.
A p poin tm en t o f com m ittees: C om m ittee on resolutions, c o m
m ittee on auditing, com m ittee on n om in a tion s o f officers, and
delegates, other com m ittees.
R ep ort o f s e c r e ta r y ,. J. E . P latt.
R ep ort o f treasurer, E. J. M iller.
R ep ort o f d elegates to n ation al con ven tion , C. IT. B arrett,
A . W . Swayne.
R ep ort o f chairm an o f the ex e cu tiv e com m ittee, John R.
H ughes.
A ft e r n o o n
E v e n in g .
8 o ’ clock.
R ecep tion and ball at the F ranklin hotel.
M o r n in g S e s s io n .
F ir s t Day— July 8th.
W ed n esd a y m orn in g d elega tes w ill reg ister w ith the s e c r e
tary and secure their badges.
M o r n in g
W ednesday
;
[
I;
j
j;
j
|
j’
:
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Y et, m en a ctin g a la w gu a ra n teein g d eposits w e w ou ld com pel
the form er to g o in to partn ership, as it w ere, w ith his u n
scrup ulous broth er; tra n sferrin g to him , as accru ed interest,
all the rights, p rivileges and ben efits o f h is y ea rs o f u p rig h t
ness. T h is w ou ld g iv e an u n fair advantage. It w ou ld tend to
i m ake the unscru pu lous m ore so, an d w ou ld offer no incentive
; to the p rogressive ba n ker fo r fu rth er effort.
S upervision o f ba n k s b y the fed eral and state gov ern m en ts
is en tirely w ith in the prop er fu n ction s of govern m en t. R esults
i sh ow that su ch su pervision has done m u ch in the w a y o f p roi tectin g the depositor, and in ov ercom in g m any o f the difficul
ties o f banking. L oss to the d epositor has been redu ced to a
; v ery sm all p ercen tage.
S ta tistics sh ow th at the loss to N a ! tional bank depositors, ex ten d in g over a p eriod o f ab ou t fo r ty
!' years, is a trifle ov er 2% — a v e r y sm all p ercen ta g e indeed,
f T h is too, under a su pervision that all ad m it can be m ade better
and still m ore effectiv e.
G overn m en t su pervision p rescribes certain channels o f op era f tion ; certain con d ition s to be m ade effectiv e an d still oth ers not
to be tolera ted ; all the result o f p ra ctica l experien ce. It also
p rov id es fo r suitable punishm ent in the case o f failu re to c o m
ply, and yet, in the even t o f our h a v in g a law gau ra n teein g
the d epositor again st loss, the g ov ern m en t assum es the resp on si
bility w h en a bank fails, through failu re to con d u ct its bu siness
a c c o rd in g to its p rescribed law s, thus relievin g the ba n k er of
: resp on sibility, and tak in g from , him the v ery pinnacle o f his
:, achievem ent.
S
T here m u st be resp on sibility w h ere g ood m an a gem en t and
j! initiative are required.
j
A lth ou g h su pervision has done m uch, it can do m ore. Give
ius a thorough and exh a u stive su pervision. T h is w ou ld be n eces[jsary in case o f a law g u a ra n teein g deposits. W h y not have a
ij com p lete system o f supervision w ith ou t the dangerous e x
p e r im e n t o f g u a ra n teein g d ep osits? It is ou t o f the dom ain of
Ijg ov ern m en t to g u a ra n tee a g ain st loss.G u aran teein g deposits w ill n ot p rev en t p a n ics; it m a y in i crea se d eposits in banks, to a certain exten t, bu t it w ill not
insure confidence. T he v e r y fa c t that it m ay increase deposits
is in itself d angerous. T h at w ould tend tow ard easier and in
itiated credits, and inflated cred it plays the lead in g part in p re
c ip it a t in g p an ics.
,,
Saturday, June 20, 1908
31
THE COMMERCIAL WEST
The Exchange National Bank
SPOKANE,
A
W A S H IN G T O N
Capital, $750,000
DEPOSITS FEBRUARY 14, 1908,
DEPOSITS MAY 14, 1908,
-
Chas. Sweeny.
Pres.
Surplus, $500,000
$2,430,632.58
$2,883,863.93
Officers:
Edwin T. Coman,
C. E. McBroom,
Vice Pres.
Cashier
E. N. Seale.
Ass’t Cash,
WE DESIRE YOUR NORTHWESTERN BUSINESS
150,000 CLUB BOOSTS HOME INDUSTRY.
(S p ecial C orrespon den ce to the C om m ercial W e s t.)
estate holdings in Spokane into the Bunks Realty Co.
with a capital of $100,000. His 40 acres west of Manito
Spokane, June 13.— The 150,000 club held a largely
park will be platted and placed on the market this sum
attended meeting and smoker at the Elks temple, Thurs
mer. On his present trip, Mr. Burns will probably also
day night to inaugurate the 1908 home industry campaign.
consider the organization of a new trust company with
The feature of the meeting was the turning over to Secre
a capital of about $100,000. He had plans almost matured
tary A. W. Jones of 500 circular letters, addressed to
for such an institution last fall when the financial flurry
different grocery firms in the city, hearing the words: “ You
put a temporary quietus on the project.
are hereby instructed to fill all orders from us for goods
The blockade of the northern transcontinental rail
in your line with ‘Spokane-made’ goods, unless otherwise
ways by washouts, floods and landslides in Montana and
specifically mentioned.”
Alberta caused an interruption to the movement of freight,
A list of home manufactures will be tabulated and a
mails and passengers that for six or seven days was
systematic campaign inaugurated to secure other signa
quite acute and the situation is not yet normal. The
tures to the circular letter. It was the general opinion
floods in Montana are said to be unprecedented and it
that while the benefit of home industry is recognized in
may be several days yet before the damage done can
theory, home merchants and home manufacturers are not
be repaired.
patronized as they should he and that the circular letters
The Geiser . Manufacturing Co. of Waynesboro, Pa.,
were a step in the direction of practical boosting for home
has leased two lots on the Great Northern right of way
industry. These letters will be mailed to the grocers to
as a site for a 54x100 foot corrugated iron warehouse
Corbaley made his address.
which will be built at once. Spokane will be the dis
Charles Larkin, chairman of the home industry com
tributing point for this firm’s Pacific northwest business.
mittee, presided over the meeting until after President
A. Kunkel is agent. The company manufactures engines
Corbaley made his address.
and threshing machines.
Lloyd E. Gandy gave an interesting talk eulogizing the
spirit that has made Spokane and giving a brief retrospect
N e ig h b o rh o o d F in a n c ia l Item s.
of the growth of the city since its earliest days in 1880.
The First National bank is being organized at" Har
Mayor Herbert Moore told of the experience of his native
rington with a capital stock of $50,000 of which $20,000
city in forming a commercial club and securing factories
has been taken by the Traders National bank of Spo
that have resulted in doubling the population. Superinten
kane. The remainder of the stock is being subscribed
dent J. A. Torney followed with an excellent talk on “ The
by Harrington parties.
Economic Waste in Not Patronizing Home Industries.”
The Latah County State hank, with a capitalization
Gordon C. Corbaley showed that while the Inland Em
of $10,000, has been incorporated and will open for busi
pire consumes $70,000,000 worth of manufactured goods
ness in the new town of Deary, Idaho, on the Washing
every year only $15,000,000 worth is produced here. He
ton, Idaho & Montana railroad, as soon as its two story
said that with the proper development our resources would
brick building can be erected. The officers are J. A.
mean that Washington could have as many people as
Harsh, president; F. C. McGowan, vice president; H. D.
Massachusetts, which has 383 population to the square
Warren, cashier.
mile, while Washington has only 13 population.
W. E. Grace, president of the Citizens National bank
R.
L. McWilliams spoke interestingly on the topic,
at Baker City, Ore., has retired and F. P. Bodinson has
“ Home Industry Means Enlarged Opportunity.” R. L.
been elected to the position. The bank is laying founda
Rutter showed how patronizing local life and fire insurance
tions for a new $30,000 home.
companies keeps money at home. J. Stanley Webster
Henry Christensen, the Sitzville banker who is organ
spoke on “ What is Made in Spokane,” giving a carefully
izing the Ralston State bank, capital $10,000, at the new
tabulated list of home manufactures.
town of Ralston on the Chicago, Milwaukee & St. Paul
Music by the Elks quartette was frequently interspersed
road, has bought three lots and will erect a two story
throughout the program and refreshments of buttermilk,
brick building which the bank will occupy.
sandwiches and cigars were served.
Plans for reopening the Capital State bank of Boise,
C om m e rc ial B rie fs of Spokane.
Idaho, which collapsed during the recent financial flurry,
The hoard of education this week awarded contracts
have fallen through and the receiver is proceeding with
for seven new school buildings and additions, aggregating
the work of winding up the affairs of the bank. He ex
$112,251. The contracts were made conditional upon the
pects to pay a dividend to depositors in a few weeks.
acceptance of the recent $250,000 bond issue. The awards
are as follows: Four room addition to the Longfellow
The Bank of Vollmer will erect a handsome two story
school, F. E. Nelson, $10,438; four room addition to the
brick and granite block building, costing about $10,000, at
Logan school, G. Laslett, $13,318; eight room school build
Vollmer, Idaho. The bank will occupy quarters in the
ing in the school section, F. E. Peterson, $32,074; four room
new building.
building in Whitehouse addition, J. B. Sweatt, $14,178;
The shipments of ore from the Granby mines in the
four room building on Northwest boulevard, J. B. Sweatt,
Boundary, B. C., district for May totaled 93,316 tons, the
$13,978; four room building in Rossvale addition, J. B.
largest monthly tonnage, with the exception of last March,
Sweatt, $13,978; four room building in South Manito,
ever sent out from the mines. The shipments for the first
.T. B. Sweatt, $14,178. They are to be completed by Nov.
five months of 1908 were 294,317 tons as compared with
1, 1908.
206,073 tons in the same period last year.
Spokane hank clearings for the week ending June 11
were $5,532,774, as compared with $6,256,885 in the cor
responding week last year.
Established 1882
The Pioneer Bank of the Spokane Country
J. M. Campbell, president of the Realty Abstract Co.,
and R. D. Miller, formerly of the Exchange National
bank, have taken a five year lease on the Grand hotel
block, corner of Main and Howard, for the Spokane
Spokane, W ashington
Trust Co. The total consideration is said to he about.
Capital and Surplus $270,000
Deposits $1,086,000
$95,000. The Spokane Trust Co. will move into the new
Business on Eastern Washington and Northern Idaho Solicited
quarters about Jan. 1, 1909, and will on that date also
George S. Brooke, Prest.
D. K. McPherson, Vice-Prest.
inaugurate its banking business.
Thomas H. Brewer, Vice-Prest.
A. W. Lindsay. Cashier._________
Owen Burns, Chicago banker, will incorporate his real
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Federal Reserve Bank of St. Louis
Fidelity National Bank
32
THE COMMERCIAL WEST
FOUNDEDI1870
Saturday, June 20, 1908
"OLDEST BANK IN WASHINGTON”
INCORPORATED 1887
D E X T E R H O R T O N A C O .,
C A P IT A L ,
-
BANKERS
$ 1 ,0 0 0 ,0 0 0 .0 0
S E A T T L E
E.
L. Grondahl, President.
A. H. Soelberg, Vice-Prest. & Cashier.
John Erikson, Vice-President
A. C. Kahlke, Assistant Cashier.
TH E S T A T E BA NK OF SEATTLE
SEATTLE, W ASH.
Capital Paid in, $ 1 0 0 ,0 0 0 .0 0
Y o u r C o l l e c t io n s S o l ic it e d .
P r o m p t A t t e n t io n .
JACOB FURTH, Pres.
THE
R. V. ANKENY, Cashier.
Puget Sound National Bank
SEATTLE, W A S H .
Capital, Surplus and Profits,
$750,000.
Excellent facilities for handling Pacific Coast business. Send us
your collections. Save time and ensure promptness as we have corres
pondents everywhere in Washington. Oregon. Idaho, Montana, British
Columbia and Alaska.
SEATTLE BUILDING SHOWS MORE ACTIVITY.
(S p ecial C orresp on den ce to the C om m ercial W e st.)
Seattle, June 15.— Reduction in the cost of building
operations has resulted in a decided stimulation of build
ing industries in Seattle. Among the plans for improve
ments in the near future are a seven-story building to be
erected by George S. McLaren and associates at Third
avenue and Prefontaine Place. It will cost several hun
dred thousand dollars.
Michael Donohue will spend not less than one-quarter
of a million dollars on a hotel or office building at Third
and Stewart.
Silas Archibald is erecting an eight-story building to
cost $125,000 at Second avenue and Stewart.
J. H. Haight is to begin the erection of a $100,000
building on Second and Pine.
Work is progressing rapidly on the excavations for the
foundation for the new Leary building to be erected at
Second avenue and Madison street. The National Bank
of Commerce expects to be in the first floor in the fall.
These are only a few of the buildings on which work
has recently begun. Many other projects, large and small,
in the business section are in progress, while the building
of small homes was never equalled in the city. Many
more pretentious residences costing from $8,000 to $20,000 and $30,000 are also under construction. The stimula
tion in building is partly due to the willingness of labor
to accept smaller wages than formerly were paid. There
is an abundance of labor for all present needs.
SEATTLE TO PAY FOR GOLD DUST IN EXCHANGE.
(S p ecia l C orresp on den ce to the C om m ercial W e st.)
Seattle, June 13.— All difficulties in the way of making
payment in New York or Chicago exchange for gold dust
received at the United States assay office have been
cleared up.
A telegram was received by assayer in charge, C. E.
Vilas yesterday saying that the treasury department had
decided to make an exception in the case of Seattle in
regard to the recent order requiring payment for gold dust
in coin or currency. Gold dust may be deposited in the
Seattle assay office against New York or Chicago exchange.
Prior to June 10 all payments for gold dust were made
in New York or Chicago exchange instead of coin or local
check if the owner of the gold so desired. On account of
the congested condition of its vaults, the treasury depart
ment issued an order that payments would be made in
coin or currency. This was later modified so that the as
sayer in charge could give checks on the local depositaries,
which in turn could order the money transferred to their
eastern correspondents. This was not satisfactory, how
ever, and Mr. Vilas, wrote to the director of the mint ex
plaining in detail the cumbersome methods entailed by the
carrying out of the order in the Seattle office, as well as
the greatly increased cost to the government in shipping
the gold and coin back and forth. Mr. Vilas’ letter was
responsible in part for the new order.
COMMERCIAL NEWS FROM SEATTLE.
(S p ecia l C orresp on den ce to the C om m ercial W e s t.)
Seattle, June 13.—Bank Examiner A. W. Engle has
been appointed to succeed J. H. Easterday as Governor A.
E. Mead’s personal representative on the state board of
finance. The other members of the hoard are the state
auditor and state treasurer.
The board has supervision of the state’s loans, buys
securities for its permanent funds, determines state de
positaries and fixes the rate of interest to be paid by banks
holding such moneys. There will be no change in the
policy of the hoard by reason of Mr. Engle’s appointment.
Basis o f Assessable V a lu a ti o n .
Stock in investments held by a bank may not be de
ducted from the market value of the bank’s stock to form
a basis for assessable valuation according to the opinion
given to County Assessor Thomas A. Parish this week.
The opinion was written by deputy prosecuting at
torney D. B. Herald. The law directs the county assessor
to deduct the value of real estate holdings from the mar
ket value of corporation stock to procure a basis for as
sessment values.
Some of the banks of Seattle have holdings in realty
and investment companies and it was to obtain an inter
pretation on such claims that Mr. Parish asked for an
opinion from the prosecuting attorney.
T o A s s i s t In A n n u a l S e t t l e m e n t o f M i n t .
Calvin E. Vilas, assayer in charge of the United States
assay office in Seattle, left this morning for San Fran
cisco, where he will assist in the annual settlement of the
United States mint in that city. The duty will consist of
weighing and counting the bullion in the mint, which is a
part of the annual checking up of the institution. Mr.
Vilas was appointed for the duty by the directors of the
mint, in conjunction with J. M. Hetrich, of the United
States mint, in Denver; and R. J. Hillegass, of the mint
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Federal Reserve Bank of St. Louis
bureau, and E. C. Robinson of the treasury department.
The duties will begin on Monday and will consume about
two weeks.
It is a compliment to the Seattle assay office that the
officers should be frequently called upon for duty in the
work of testing the accuracy of other departments. Leo
S. Kerfoot, chief clerk recently returned from Philadel
phia where he was on duty in checking up the fineness of
the coins. Later he was sent to Helena, Montana to sup
ervise certain work in the assay office.
M oran
C o m p a n y to
S p e n d $500,000.
Half a million dollars will be spent by the Moran Com
pany in betterments at the plant in the near future. The
money will be used for enlargement of the plant and prep
aration to handle more work.
The money will be raised by a bond issue to secure
which a mortgage was filed this morning, running against
the plant and site. The Title Trust Company was named
as trustee. The bonds will be at 6% interest.
James A. Moore, president of the Moran Company said
today that the ample assurances that the issue will be
taken up at once, principally by eastern capital.
C l a i m s t o be B a n n e r G r a i n
C ounty.
Whitman county, Washington, claims to be the banner
grain producing county of the world. S. C. Armstrong,
manager of the Pacific Coast Elevator Company of Colfax,
has compiled the statistics of the 1907 grain acreage which
shows that 800,000 acres in Whitman were devoted to
grain.
The average yield of wheat was 23 bushels per acre;
oats 60 bushels; barley 40, a grand total of 22,449,551
bushels of grain.
A la s k a Road Resum es E x te n s io n s .
The Copper River & Northwestern Railway, the Gug
genheim Alaska road, has resumed operations on the Catal-
la branch, extending from tide water at the town of
Catalla to the coal fields, about twenty-five miles. Ope
rations on this section of the Guggenheim roid were sus
pended last fall pending the settlement of the rights of
coal land locators in Alaska by congress. The Guggen
heim and Morgan interests have taken about 2,800 acres
of coal lands near Catalla and the construction of the
Catalla branch is intended to open these fields.
S h ip
F'reight to
S t a t e G e ts S c h o o l
Bonds.
M ILL S W A IT
FOR N E W
CRO P.
(S p ecial C orresp on den ce to the C om m ercial W e st.)
Seattle, June 15.— Slack export flour business combined
with the high price and scarcity of wheat will result in
most of the "flour mills of the state remaining closed until
the new crop is harvested. Few mills are now opeiating
and of these the majority will be closed more than halt
the summer. Nearly all mills shut down for a- part of the
summer, but the period of closing will be longer this year
“ There is no export flour business this summer, said
L Bauman of the Centennial Mill Company. “ High priced
flour cannot he sold in China and the price delivered there
this year is nearly twice as high as a year ago. This is
due to two causes, first the high price of wheat in this
country and second that the price of silver is lower. Chin
ese are paid in silver and Mexican dollars are only worth
43 cents this year as compared with 52, cents last year.
Everything is sold to China on a gold basis, which brings
the price way up. With the poor export business few
mills are running. Our Spokane mill is the only one we
are operating. We are looking for as big a crop in Wash
ington this year as last, and expect a good business next
fall. We do not expect the yield per acre to be quite as
large, but the increased acreage will bring the total yield
up to that of last year.”
The Hammond mill is closed for the summer.
The
Novelty mill was started again Tuesday, but will be shut
down more than half the time this summer.
“ Mills of this state will be universally closed through
out the summer,” said S. Wylde, of the Novelty Mill Com
pany. “ Business is in itself poor, and there is less wheat,
and" what there is is high priced. The indications for a
big crop are good, and I believe the state’s yield will be as
large as last year. The winter wheat is safe now and is
better than a year ago. I hear there is more danger of a
drought in the Rattlesnake and Horse Heaven country
than there was a year ago. The scarcity of wheat this
year is due to the tremendous export to California, where
there was a poor crop and where indications point to an
other poor crop this year."
WOOL
MARKET
DULL.
(S pecial C orrespon den ce to the C om m ercia l W e s t.)
Seattle, June 13.—Although nearly all Washington
sheepmen have completed their shearing, the wool market
throughout the state is dull and featureless. Occasional
sales "are made at 12 cents, but at the best the market is
only spotty. Seattle dealers profess no interest, saying
there is absolutely no chance for speculation. They state
that there has not been an eastern buyer in Washington
this year, and that the market apparently holds no chance
of improvement this summer.
Thousands of pounds of wool remain in the hands of
the farmers of this state. Many of the big ranchmen have
sold (heir crop at 12 cents, but the little men are holding
almost as a unit. The big men of the Yakima valley are
also reported to be holding their wool.
The clip this year, dealers state, will be about the same
as last, as the ranges are well stocked and the ranchmen
are only selling their increase each year. Inquiries are
coming to the Seattle buyers daily as to where their buy
ers are, but each house here states that there are no buy
ers out.
“ The dealers are just as much in the dark as are the
ranchers,” said Mr. Babcock, of the H. F. Norton Company,
yesterday. “ Until something transpires none of us are
anxious to make any purchases. Every report we receive
from the east indicates that none of the woolen goods
men are buying, as they have enough of last year’s clip
to carry them through. What purchases that are made
are at low prices.”
The hide market in Seattle holds firm. Hides are bet
ter in quality at this season, and butchers’ hides are sell
ing well at 6% cents, while farmers’ hides are bringing 0
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Federal Reserve Bank of St. Louis
D issolve C le a rin g
House A sso cia tio n .
Pacific county, Washington, Clearing House Association
was dissolved last week. The three banks composing the
association at that time retired its clearing house certifi
cates.
Big
The state of Washington was the only bidder for $2,800
W A S H IN G T O N
worth of school bonds issued by Chinook district of Pacific
county a few days ago. The state took the bonds at 5%
interest.
A u s tra lia .
E. Wagner & Son, fruit growers, of Wenatchee propose
to ship their entire crop of apples valued at $ 10,000, direct
to Australia this fall.
Last year the head of the company went to Australia
with a trial shipment of 2,000 boxes of his fruit, and not
only received $10,000 for the apples, but sent for his fam
ily of eight, all of whom tcjok a trip through the Austialian
states, bringing home a surplus of $5,000. The Australian
crop will be a failure again this year, and good prices are
expected.
W A S H IN G T O N
33
THE COMMERCIAL WEST
Saturday, June 20, 1908
Sa le o f
School
Land.
Eight thousand acres of school land on Brewster flats
in Okanogan county were sold a few days ago for $250,000.
This is regarded as one of the best public land sales ever
held in the state. Wide advertising brought 250 bids.
E. F. Blaine of Seattle, the largest individual buyer,
will pay $24,960 for 728 acres. All the purchasers are
Washington men. The land had been appraised at $10
an acre, but the price obtained was slightly in excess of
$30.
Of the Brewster tract 865 acres remain unsold. The
money goes into the permanent school fund.
cents. This is an increase of one-fourth of a cent ovef
last week. The held-over hides from winter are hard to
sell and are drawing poor prices.
The tallow market is good, with an increase of an
eighth of a cent over last week, tallow now bringing 4 to
4*4 cents. These prices are for tallow that is in good pack
ages or barrels for export shipment.
NEW
R A ILR O A D
FOR T A C O M A .
(S p ecial C orresp on den ce to the C om m ercial W e s t.)
Tacoma, June 13.—Construction of the Denver, Laramie
& Northwestern Railroad, a line to be built from Denver
to Puget Sound, is reported to be under way in Colorado.
The proposed line connects with the Chicago & North
western at Lander, Wyo., and is believed to be a part of
the Northwestern’s extensions in the west.
The proposed road is to be built northwest from Den
ver in as direct a line as possible, through Wyoming, to
the southern boundary of Yellowstone park. From there
the line runs direct to Lewiston, Ida., following the Sal
mon river through the Rocky mountains, a route that has
been recognized as the only feasible one for a railroad
through that section.
From Lewiston the road follows almost a direct line
through Washington to Tacoma. It is believed here that
the engineers recently engaged in the surveys on the
east side of the bay were employed by representatives of
the new road.
Construction work was commenced a month ago and
was the occasion of a big celebration under the auspices
of the Denver Chamber of Commerce. It is said that the
projected road will open one of the richest mineral, timber,
and agricultural sections in the west, virtually now with
out transportation facilities.
National Bank of Commerce
O F SEA TTLF
C A P IT A L ,
- “
SURPLUS A N D PRO FITS,
RESOURCES,
-
“
* -
.
-
$1,000,000.00
550.000.00
12,500,000.00
THE LARGEST BANK IN W ASH IN GTO N.
First National Bank of Seattle
SEATTLE,
W ASH.
M . A . ARN O LD, President.
J. A . HALL, Cashier.
Northern Bank & Trust Company
S E A TT LE , WASH.
C a p ita l f u l l y p a id ,
$ 1 0 0,0 0 0 .0 0
Ageneral commercial, trust and savings bank business transacted. We
solicit the accounts of banks, firms and individuals on the most liberal terms
J. G. PRICE, Prest.
Carl M. Johanson, 1st Vice-Prest.
F. J. Martin, 2nd Vire-Prest.
S. J. Rice. Cashier.
L. P. Schaeffer, Asst. Cashier«
THE C A N A D IA N B A N K OF
COMMERCE
Head Office, TORONTO, CANADA. Over 150 branches
in Canada and the United States, including
New York, San Francisco and Portland.
Seattle Branch,
z
;
,
•
:
G. V, HOLT, Manager
34
THE COMMERCIAL WEST
Saturday, June 20, 1908
FIV E N E W R A IL R O A D S F O R T A C O M A
T h e C h ic a g o , M ilw a u k e e
St. P au l
T h e U n io n P a c ific
T h e G o u ld S y s t e m
T h e C h ic a g o <5 N o r th w e s te r n
T h e C a n a d ia n P a c if ic
All are headed this way.
Terminals have already been secured
T a c o m a is th e G a te w a y to th e O rie n t!
Remember we have been telling you for the past four years that
Tacoma Real Estate is
The Safest and Best Investm ent in the Northwest
You have missed handsome
profits if you failed to take our advice, but it isn’t too late.
Ta co m a Real Estate Values will Double in the Next Tw e lve Months.
Tacoma Land and Improvement Co. TÀcoMXnu.s‘s.e,A.
W ASH IN G TO N
AFTER B A N K E R S ’ C O N V E N T I O N .
(S p ecia l C orresp on den ce to the C om m ercial W e s t.)
Tacoma, June 13.—While bankers of Washington are
gathered in North Yakima, June 18 to 20 discussing cur
rency reforms, ways and means of bringing country and
metropolitan banks into closer relationship and numerous
kindred subjects, a plan will be launched to secure either
the 1910 or 1911 convention of the American Bankers As
sociation for Washington. The 1908 meeting convenes at
Denver in September.
I n t e r e s t in S t a t e o f W a s h i n g t o n .
P. C. Kauffman, secretary of the Washington Bankers
Association, recently returned to Tacoma from Lakewood,
N. J., where he attended the spring meeting of the exec
utive council of the American Bankers Association, of
which he is a member. While gone Mr. Kauffman was in
conference with bankers from all parts of the United
States, all of whom, he states, evince the deepest interest
in the state of Washington and express a desire to see
with their own eyes the great Pacific Northwest, in which
many of them are heavily interested.
“ The spring meeting of the executive council was one
of the most successful and enthusiastic I have ever at
tended,” said Mr. Kauffman. “ There were over seventyfive of the leading hankers of America present at the ses
sions, and from all of them I heard expressions of keen
est interest in Washington. Everywhere I went I found
bankers and business men enthusiastic about this state
and surprisingly well informed on conditions prevailing
here. The members of the council expressed a strong de
sire to have one of the annual conventions held in the
Pacific Northwest, and it is probable the 1910 or 1911 meet
ing will be held in one of the Washington cities. If it is,
we can expect between 2,000 and 3,000 representative
bankers from all sections of the United States, and the
convention will prove of untold value not only to this
state but to the entire Pacific Northwest.
B u s i n e s s is
Im p ro v in g .
! “ On my return I stopped off in North Yakima to make
arrangements for the annual convention of the Washing
ton Bankers Association, which is to he held in that city
June 18 to 20. This meeting promises to be one of the
most successful in the association’s history. The people
of North Yakima are making elaborate plans to entertain
NORTH
T a f t A p p e a rs a Sure W in n e r .
“ Election is always a factor in business development,
and it is only reasonable to assume that until after both
political parties have held their conventions and outlined
their policies and platforms business conditions will re
main in a degree uncertain. There seems to be no doubt
but that Mr. Taft will be nominated by a powerful ma
jority and will carry the country by an overwhelming
vote. It is therefore felt throughout the country at large
that the election will not greatly interfere with general
business conditions, and with good crops—now fairly well
assured— the close of 1908 should find the country at large
in a highly prosperous condition and, while we may not look
forward to a period of wild speculation, we may confidently
expect steady growth, and development in all sections,
and particularly in the Pacific Northwest.”
C O A S T BU ILDING T O PUGET S O U N D .
(S pecial C orresp on den ce to the C om m ercial W e s t.)
Tacoma, June 13.—Fifty miles of roadbed for the Nortl>
Coast Railroad are completed and ready for the rails and,
according to statements made by President Robert Strahorn while on the Sound last week, there is to be no delay
in pushing the new road through to Tacoma.
“ The engineers are now engaged in the final work on the
west side of the mountains and we are securing right-ofway,” said Mr. Strahorn, “ and the North Coast will be
built to the Sound as originally contemplated. The con
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Federal Reserve Bank of St. Louis
the visiting bankers, who will number 97% of the bankers
of the entire state.
“ Two important addresses are to be delivered. W. O.
Jones, assistant cashier of the National Park Bank of
New York City, will speak along the lines of the relation
ship o f the country and metropolitan banker. Arthur
Reynolds, president of the Des Moines National Bank, Des
Moines, la., chairman of the National Bankers Association
committee on federal legislation, and a member of the
currency commission, will speak on ‘Currency Reform.’
These subjects are of great importance to the banking
world, and their discussion will prove extremely interest
ing and profitable.
“ General business conditions throughout the country
are materially improved over two months ago. Trade
among manufacturers is not booming. The iron industry,
which is the business barometer of the entire east, was
seriously hit by the events of last fall, and also by exten
sive retrenchment in railroad construction. The indus
try is picking up again, however, and the prospects are
for a considerable increase in the near future. Heavy
oversubscription of the recent $40,000,000 issue o f secur
ities by the Pennsylvania railroad has demonstrated that
there is plenty of money in the country for investment. It
is pretty generally believed that if the Union Pacific
should issue the bonds recently authorized they would be
oversubscribed and money for the Puget Sound and other
extensions would be easily secured.
struction east of the mountains is being pushed as rapidly
as possible. We now have fifty miles of road completed.
Most of this is in the Yakima Valley, and there is a small
section in the Big Horn country that is finished.”
This is the first official announcement made by the
North Coast that it will build to the Sound since its ap
plications for certain franchises were withdrawn some
months ago.
R oute
In to C ity
Unknown.
There is some speculation as to how the North Coast
35
THE COMMERCIAL WEST
Saturday, June 20, 1908
will enter Tacoma. A survey run some time ago from the
tidelands south to the Tacoma Eastern tracks has recently
been checked over. This survey parallels the Tacoma
Eastei'n from Tilton, and it is believed by many that the
Strahorn line will strike tidewater at Tacoma along that
survey.
President Strahorn made no announcement while on
the Sound as to when the line will probably be ready for
business, but it is predicted that eighteen months at the
outside will see the line in operation between North
Yakima and Tacoma. Since President Strahorn’s visit,
speculation as to the backing of the North Coast has again
come to the front with the Chicago & Northwestern in
first place among the possibilities. President Strahorn
has zealously guarded the secret of the North Coast, and
no one can say whether the Northwestern, the Canadian
Pacific, or the Harriman line will use this highway through
the center of the state.
M ILW AU K EE TERM INAL W O R K
(S p ecia l C orresp on den ce to the C om m ercial W e s t.)
Tacoma, June 13.— With 27 teams, wheel scrapers, dump
wagons and a pile-driver, the Chicago, Milwaukee & St.
Paul is making rapid progress on the east side. On the
right-of-way on the south side of east Twenty-fifth street
the grading is progressing west from O street toward the
local freight yards and depot site.
On the other side of P street a pile-driver crew is
building the trestle on which the trains will cross the
reservation.
The construction of the main line from P street to the
passenger depot will be costly. Part of the distance the
road will be on the surface and in the factory district it
will be on a trestle higher than some of the buildings. The
ground here is of a marshy formation and to secure a
foundation for some o f the factory buildings it was neces
sary to use 40-foot piles.
TACOMA
HEADQUARTERS
OF
S H IP L IN E .
ANOTHER
STEAM
(S p ecia l C orresp on den ce to the C om m ercial W e s t.)
Tacoma, June, 12.—With the advent of the Milwaukee
Railway, Tacoma will become headquarters for another
big steamship line and terminal for an absolutely new
traffic business which shipping men say will be immense
from the start. A well informed shipping agent said this
week:
“ The Milwaukee has men in Japan and China now es
tablishing agencies and working up trade for its new line
of freighters. The Osaki Shosen Kaisha, which is to ope
rate the line, is preparing to give better than monthly
sailings and has promised the Milwaukee people that the
new steamers will be better than any now engaged in
Oriental traffic. The Japanese company, as is well-known,
has a large number of steamships and it is probable that
some of the best of the steamers now in service may be
put on the run, but with them will be at least two or three
new steamers, the finest on the Pacific.
“ The Milwaukee is going after this business right, in
my opinion, and it will make a large increase in the ship
ping of this port. Most American companies have felt
themselves too important and powerful to make any traffic
arrangements with the Japanese, but instead have ‘bulled’
into the business on their own hook. They have obtained
business, as Americans will, wherever they go, but they
have -not reaped the harvest that might have been theirs
if they had been willing to concede something to their
customers.
“ The Japanese are a clannish people and the Japanese
company will get business that no American or other for
eign company could get on that side, while here the Mil
waukee will get more business than any Japanese steam
ship company could alone.
It is a combination with
strength on both sides, and it- means one of the strongest
steamship services on the Pacific.
“ I am assured that Tacoma will be made the principal
port for the Milwaukee steamships. They have plenty
of dock room here, whereas it would be impossible for
them to have such space in Seattle or elsewhere. An
other season will see Tacoma’s Oriental shipping greatly
increased— possibly doubled.”
W A S H I N G T O N ’S M A Y
F IN A N C IA L
REPORT.
(S p ecia l C orresp on den ce to the C om m ercial W e s t.)
Tacoma, June 13.—Retirement of $150,000 in state
bonds during the month of May brought state disburse
ments up $510,021, with total receipts $552,101, accord
ing to the monthly statement of State Auditor C. W. Claus
en given out today. The general fund balance June 1 was
$186,623.
The report gives striking evidence of the fact that
comparatively little of the state’s income is derived from
state taxation. Of the more than half million receipts but
$141,510 came from direct taxation into the general fund,
$23,227 into the highwa*y fund, $9,376 into the military
fund, or $174,115 in all.
The permanent school fund as usual represented the
largest individual income from special source, the fund
deriving its income from the sale of school lands. Liquor
licenses brought in $15,592 and corporation licenses and
fees collected by the secretary of state totaled $19,655.
The current school fund derived $43,583 from school land
leases, interest of contracts, etc.
The oil inspector, grain inspector, fish commissioner,
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Federal Reserve Bank of St. Louis
IN T A C O M A .
On L street an overhead crossing is to be constructed
which will provide an easy grade for teams from Twentyfourth to Twenty-sixth street.
In consideration of the vacation of portions of some
of the cross streets on the east side the Milwaukee is grad
ing east Twenty-sixth street from L street to Bay street.
This will make another driveway through the east side
from Pacific avenue to the city limits. The opening of
Twenty-sixth street is being done according to plans ap
proved by the city engineer and the grades of the cross
streets will be made to conform to that of Twenty-sixth
street.
The pile bents placed in the middle of east P and Bay
streets are only temporary and will be replaced with
steel girders. This will leave the streets unobstructed.
It is necessary to place one bent in the middle of the
street to carry the pile-driver, but the piles are being
driven far enough apart so that traffic is not obstructed.
all contributed in inspection fees or excises taxes and the
tax commission brought in a revenue of $5,200 in inherit
ance taxes.
A
R E G IS T E R
FOR
V IS ITO R S .
(S p ecial C orresp on den ce to the C om m ercia l W e s t.)
Kansas City, June 15.—The National Bank of Com
merce now has a register for visitors. The book is to be
found at the desk of Charles Moore, second vice presi
dent, near the main entrance. All visitors, and particularly
bankers from other cities and towns, are asked to register
when they call. It is the first public register to be used
by a bank in Kansas City.
F ID E L IT Y TRUST
Tacom a,
CO.
W a sh in g to n
C a p i t a l , $ 3 0 0 ,0 0 0
S u r p lu s , $ 1 5 0 ,0 0 0
D e p o s i t s , $ 3 ,3 0 0 ,0 0 0
Transacts a general Banking Business. Accounts of banks and bankers
solicited and handled on most favorable terms. Correspondence invited.
O L D E S T T R U S T C O M P A N Y IN W A S H I N G T O N .
J. C. Ainsworth, Prest. John S. Baker, Vice Prest. P. C. Kauffman, 2nd
Vice Prest. Arthur G. Prichard, Cash. Forbes P. Haskell Jr., Ass’tCash.
T A C O M A’S
Commercial Importance on the Pacific Coast is just beginning to make
itself felt.
Because we have the largest pay roll. We are
W H Y ?
the third city in the United States in exports,
We have fertile soil back of us and the wealth of the ocean in front.
R eal Estate
M ortgage Loans
R. E. A N D E R SO N & C O .,
Berlin Building, Tacoma, Wash.
A. M . RICHARDS 4 CO.
(INCORPORATED)
Real Estate, Loans
and Investm ents
Specialties:—BARGAINS in Real Estate
for out-of-tow n customers.
RICH MINES under aggress
ive and expert development.
Correspondence solicited.
5 0 8 = 9 B a n k e r s T r u s t B u ild in g
T A C O M A ,
-
-
W A S H IN G T O N
36
THE COMMERCIAL WEST
Saturday, June 20, 1908
The First National Bank
of Minneapolis
United
States
Depository.
Capital and Surplus,
STATEM ENT
$4,000,000.00
M AY
1 4 , 1908.
RESOURCES.
LIABILITIES
Loans and Discounts...................... $11,898,892.74
Railroad and Other Bonds.........
917,000.00
United States Bonds, at par......... 1,360,000.00
Bank Building...............................
300,000.00
Cash on hand and due from Banks 5,342,137.92
Capital Stock............................... ---$2,000,000.00
Surplus and Undivided Profits - •. . . 2,021,125.66
Circulation................................... . . . 1,376,350.00
Deposits...................................... •-13,658,555.00
Bond Account............................. •.
762,000.00
$19,818,030.66
$19,818,030.66
OFFICERS:
F. M. PRINCE, President
C. T. JAFFRAY, Vice-President
GEO. F. ORDE, Cashier
D. MACKERCHAR, A sst. Cash. E. C. BROWN, Asst. Cash. H. A. WILLOUGHBY, A sst. Cash.
N orth w estern
National
Life Insurance Company
Minneapolis
DIRECTORS
Leonard K. Thompson, President
F.
A. CH AM BERLAIN
President Security National Bank
C. T. J A F F R A Y
A WESTERN COMPANY, INSURING THE
LIVES OF WESTERN PEOPLE, AND LOAN
ING AND INVESTING ITS FUNDS IN THE
WEST FOR THE UPBUILDING OF THE
TERRITORY IN WHICH IT OPERATES.
V ice President First National Bank
E. W . DECKER
V ice President N orthwestern National'Bank
A. A. CRANE
V ice President National Bank o f Comm erce
B. F. NELSON
Nelson-Tuthill Lumber Company
GEO. E. TOW LE
JANUARY 1, 1908
Treasurer
Admitted A s s e t s .................................................$5,231,828.94
Amount Paid Policyholders
........................
6,620,024.92
Insurance in Force
...................................... 22,633,623.00
Total Liabilities, including Legal Reserve
•• 5,081,008.25
S u r p lu s ..............................
150,820.69
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Federal Reserve Bank of St. Louis
111
JOHN T. B A X TE R
Counsel
W . J. GRAH AM
V ice President and A ctuary
L. K. THOMPSON
President
Saturday, June 20, 1908
THE COMMERCIAL WEST
THE
STATES
U N IT E D
PORTLAND,
37
N A T IO N A L
BANK
OREGON
Submitted to the Comptroller of the Currency, at the Close of Business, May 14, 1908
ASSETS
Loans and Discounts.............................
500,000 00
U. S. Bonds to secure Circulation........ ........................
878.149.20
U. S. and other Bonds and Premiums-.■........................
.........................
125.000.00
Bank Building........................................
Due from Banks...................................... ....$1,073,429.74
Cash........................................................... .... 2,698.764,48 3,772,194.22
$9,021,992.41
Total......................... ...........
LIABILITIES
$500,000.00
Capital...............................................
471,114.27
Surplus and Undivided Profits.....
500,000.00
Circulation........................................
483.00
Dividends Unpaid...........................
Due to Banks ................................ .... $2.150 557.81
Individual Deposits.......................... ........ 5.399 837 K3 $7,550,395.14
$9,021,992.41
Total.............................
W O R K OF THE PO R TLA N D C O M M E R C IA L CLUB.
(S pecial C orrespon den ce to the C om m ercial W e st.)
Portland, Ore., June 11.—An important event in com
mercial circles is that scheduled for tomorrow, when the
Portland Commercial Club’s new home will be opened offi
cially by a reception to members. The club’s new $350,000
home at Fifth and Oak streets will be thrown open for
mally and the function tomorrow night will signalize the
complete success of the club’s campaign for a new and
handsome club building.
In April, 1906, a fire swept the club’s quarters on the
top floor of the Chamber of Commerce building, completely
destroying the records and furnishings of the organiza
tion. The fire was regarded as a dire calamity but today
the members recognize it was the best thing that could
have happened. Out of the ashes of the old club, like
a Phoenix, a newer and better organization has arisen that
promises to do wonderful things toward the development
of this state.
Today the club has a membership of 1,325, while one
year ago the members of the club numbered 800. The
number in daily attendance at the luncheons exceeds 400,
which is generally believed to be the largest daily attend
ance at any popular commercial body in the United States.
The board of governors, consisting of 15 members, meets
every Tuesday noon and each meeting is marked by an
average attendance of 12.
Two
D is tin c t
Lin e s
of A c t iv it y .
The club comprises two distinct lines of activity. One
is the social side and it is a strong feature, but perhaps
the most important work of the club is the publicity work
for this city and state that is carried on under the direc
tion of Tom Richardson, manager of the club. This work
has been productive of great good and is achieving bigger
results than anything ever before attempted in this sec
tion of the country. The board of governors manages the
social side of the club, while the publicity work is done
under the direction of the executive committee.
Actual results of the most definite kind have followed
the great advertising campaign inaugurated and carried on
by Manager Richardson. He has written thousands of per
sonal letters in answer to inquiries about Oregon from all
parts of the world. Inquiries have come from every coun
try in every language. On three different occasions, elabH IL L
IN D IC T M E N T S
D IS M IS S E D .
(S p ecial C orresp on den ce to the C om m ercia l W e s t.)
Portland, June II.— The four indictments that have
been pending against George H. Hill, vice president of the
defunct Title Guarantee & Trust Company, since last Nov
ember, have been dismissed by Judge Cleland, who did so
upon the recommendation of Deputy District Attorney
Bert Haney, who said that a careful examination of the
books of the defunct bank failed to reveal evidence that
Hill was responsible for any of the shady transactions
carried on in the institution and for which President J.
Thorburn Ross has been sentenced to serve five years in
the peniteniary and to pay a fine sufficient to keep him
in jail for 700 years longer, serving it at the rate of $2 a
day. Hill was indicted jointly with Ross. District At
torney Manning does not intend to prosecute State Treas
urer Steel, although he threatened to do so at an earlier
date. He will leave that for his successor in office, who
takes charge early next month.
DOLLAR
B IL L S
BY
W E IG H T .
“ Dollar bills are worth almost their weight in gold,” a
bank president said the other day to a depositor.
“ Yes, I suppose they come in handy for change and are
easy to carry,” the depositor replied absently.
“ No, I was speaking literally,” the bank president said.
“ We got into an argument in the bank here the other day
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Federal Reserve Bank of St. Louis
orate advertising has called the attention of 50,000,000
readers to the farming opportunities of Oregon, the chances
for the newcomer in dairying, fruit-raising, mining, etc.
The resulting inquiry has been enormous.
Advertising with light leaflets that gave the railroad
rates to different points in the state and gave statistics
of the resources of he commonwealth, have been sent
broadcast, 750,000 of them being distributed upon one oc
casion within 12 weeks.
Increase
in O r e g o n ’ s P o p u l a t i o n .
Twenty-seven thousand, two hundred and fifteen one
way tickets to Portland and other points in this state were
sold in four months from various parts of the United
States and in 15 months, the population of the state has
been increased 11%, a tribute to energetic and effective
organization and advertising that has never been excelled.
The Commercial Club has just concluded a prize article
contest in which $5,000 was distributed to 80 prize-winners
for articles on Portland, Oregon and the Pacific North
west. Interest was excited all over the United States and
in many foreign countries. The contest called out articles
totaling over 1,000,000 words about Oregon, articles appear
ing in great metropolitan newspapers, magazines, com
mercial publications, foreign periodicals, a s ' well as in
hundreds of more modest mediums. The resulting pub
licity for this state was enormous.
Passenger and immigration officials of the country
have been kept advised of the progress of the great cam
paign for publicity and they have assisted in every way
possible.
The
New
Oregon
S p irit.
A great result of the new Oregon spirit has been the
community of interest that is felt by all sections of the
state and the end of petty jealousies that have previously
made themselves felt. Communities smaller than Port
land have followed the lead of this city and have joined
in the campaign for publicity, many of them having em
ployed advertising experts of their own to forward the
interests of their sections. This new spirit promises to
accomplish a great deal for this state and the Portland
Commercial Club is responsible for the better general feel
ing, the get-together spirit and the forward movement that
is now on in full swing.
as to how much a dollar bill weighed. A $20 gold piece
weigh 540 grains. We found that twenty-seven crisp, new
$1 bills weigh the same as a $20 gold piece. We tested
some clever descriptions regarding the marvels of wealth
but twenty-six of them to balance the gold piece. I sup
pose that twenty-six used bills gather an accumulation
of dirt in passing from hand to hand that weighs about
what one new bill does.” — Kansas City Star.
Governor Gillett of California has perfected a plan for
a state road to run through the valley region and along
the coast from one end of the commonwealth to the other,
which he is to present to the legislature at its next ses
sion. He would have the state issue bonds to the extent
of $18,000,000 for these improvements. This would giveabout $6,000 for the average mile of road.
E LN A T H A N SW EET,
P O R T L A N D R E A L ESTA TE
GOODNOE HILLS FRUIT LAND
The N ew Fruit W onder
204 Corbett Building-,
P ortland, O regon
38
THE COMMERCIAL WEST
• Saturday, June 20, 1908
ESTABLISHED 18 7 2
The Northwestern
National Bank
M in n e a p o lis
will increase its capital and surplus from
$2,000,000.00 to “$4,000,000.00
The business o f the National Bank o f Commerce has been
absorbed and amalgamated with this bank, making it one
o f the strongest financial institutions in the West.
C U S T O M E R S o f th e
N A T IO N A L B A N K O F C O M M E R C E
will be taken care of at the office of the
Northwestern National Bank.
All business entrusted to us will be taken care of promptly and courteously.
WM. H. DUNWOODY,
M. B. KOON,
E. W. DECKER,
JOSEPH CHAPMAN, JR. A. A. CRANE, -
President
Vice President
Vice President
Vice President
Vice President
I. F. COTTON,
FRANK E. HOLTON.
CHAS. W. FARW ELL,
ROBT. E. MACGREGOR,
W. F. McLANE,
S. S. COOK,
. . .
Assistant Cashier
Cashier
Assistant Cashier
Assistant Cashier
Assistant Cashier
Assistant Cashier
Wait! Don’t Trade
your old safe for a new one until you have
learned more o f our
Burglar P roof
Electrical System .
Ever since the introduction of safes, bankers have
been buying the burglar proof kind, and burglars have de
stroyed them and carried away their contents.
O u r E l e c t r i c a l S t e e l V a u lt L in in g
costs less than the modern safe and it is guaranteed to pro
tect the entire contents of your vault, including the safe.
Neither it or anything like it has ever been burglarized.
227-229 Fifth St. South
M IN N E A P O L IS ,
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Federal Reserve Bank of St. Louis
MINN.
Officers and Directors:
ALVIN ROBERTSON, Prest.
H. N. STABECK, Vice Prest.
W. A. LAIDLAW, Treasurer.
C. R. GREEN, Secretary.
GEO. E, TOWLE
OTTO O. TOLLEFSON
CHAS. CAROTHERS
c. b . McMi l l a n
W. E. JONES
Saturday, June 20, 1908
THE COMMERCIAL WEST
39
M ILW AU K EE,
R E S O U R C E S
W ISCONSIN
$4,000,000.
UNITED STATES DEPOSITORY
ACCOUNTS OF COUNTRY
BANKS SOLICITED.
$1,500,000
N EW TELEPHONE STOCK.
(S p ecia l C orresp on den ce to the C om m ercial W e st.)
Milwaukee, June 16.— Present stockholders in the W is
consin Telephone company have this week given another
striking evidence of improving general business conditions,
by requesting the privilege of taking all of a proposed
large issue of new stock in that company. The new stock,
to the amount of $1,500,000, will not be issued until
August 1, but every new share has already been engaged
y the present share holders and will be issued to them
par.
At a meeting of the board of directors of the company,
•eld a few days ago it was voted to issue $1,500,000 of new
tock of the company. This will place the total stock
capital at $9,000,000, all of which will be out. The cash
which will be received for this new stock will be largely
used during the balance of the year in making extensive
improvements to the company’s property, including im
portant new lines, extensions of toll lines, new exchange
buildings and similar improvements, the intention of Pres
ident Burt being to make improvements to the present sys
tem wherever such are found to be needed and desirable.
In this connection, and as further evidence of the value
which is attached to Bell telephone stock, it may be stated
that recently the legislature of Massachusetts passed a law
making the bonds of the Bell company legal securities for
investment as saving bank funds in that state, where
there are strong laws regulating such investments. This,
it is said, is the first and only instance in which a tele
phone corporation has been in this way endorsed by a
state legislature. The Wisconsin Telephone company, which
of course is a separate corporation, forms a part of the
great Bell system of the country, as it also does a part of
the American Telegraph'and Telephone company which is
just about completing its underground wire system be
tween Milwaukee and Chicago, to be operated by the W is
consin company, from this end.
T o C o n so lid a te Z in c
Mines.
A tentative agreement has been reached in this city
between owners of the Empire, Acme, Royal and Mitchell
Hollow zinc mines, located near Platteville, Grant county,
Wis., by which these properties will be taken over by a
syndicate of business men, which will organize a stock
company with a paid up capital of $1,000,000. The Wiscon
sin owners of the mines will receive a total of $400,000
for their stock, $195,000 in cash and the balance in new
stock of the consolidation. All but the Mitchell Hollow
property have mills and developments and have for some
time been good producers.
M ilw a u k e e ’s Ita lia n
„
_ ,,
Geo. Brumder, President
AHrpH
Vice-President
E. A. Reddeman, Ass't Cashier
Alfred G. Schultz, Cashier
M. W. Tobey. Ass’t Cashier
Bank.
The third Italian bank to be conducted in the United
States was opened in this city on Monday of the present
week. This is the Milwaukee Italian Savings bank (Vaglia
Banco di Napoli), which started with fifty accounts on the
first day by Italian residents of the city. It has thirty-two
stockholders, all Italians; a board of twelve directors, also
Italians, and the following named Italian officers: Presi
dent, M. Cesaro; first vice president, John Buralacchi;
second vice president, Eugenio Lamacchia (of Kenosha,
Wis.) and cashier and manager, Count Armino Conte,
Italian consul in Milwaukee. There are but two other
Italian banks in this country, one in New York and
the other in San Francisco. The Milwaukee Italian bank
has been organized under the state laws, with $50 000
capital invested.
Money
in
F a ir
Milwaukee, June 18.—F. W. Rogers of this city returned
a few days ago from a trip to Idaho, with a party of friends
of the J. G. White company of New York, which has a
contract for damming the Snake river, near Boise City,
and of constructing irrigation ditches, for the government
and state of Idaho, which will represent in all an outlay
in expense of $3,000,000.
“ The government in conjunction with the state of Idaho
has undertaken the reclamation of 160,000 acres of the arid
and heretofore useless and valueless lands in Idaho,” said
Mr- Rogers to the Commercial West correspondent. “ To
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Federal Reserve Bank of St. Louis
6 Percent.
Records fo r th e W e e k .
A total of 214 deeds were filed here last week, which
hf ' O
totial value of $64,856.57, against 186 deeds, valued
a; Vo74 l 9i 5 th e.l,revious week; 182 mortgages filed, valued
at $277,240, against 197, valued at $352,880 the previous
106 building permits, for buildings valued at
$¿>25,826, against 153, valued at $224,338, the week previous.
F re d e rick
K a ste n
Home fro m
Italv.
NT Frederick Kasten, vice president of the Wisconsin
National, with his wife, returned a few days ago from a
three months’ pleasure stay in Italy. “ We passed nearly
all the time on the beautiful Italian lakes, and I did not
inquire with regard to business while abroad,” said Mr.
Kasten to the Commercial West correspondent. “ However, it may be said that as a rule, Europe is feeling the
effects of last year’s American depression, along with our
own country, and business is still somewhat more quiet
there than usual. There are not so many American tour
ists as are usually seen all over Europe, and other things
go to make business lighter than ordinary.”
In A i d o f E m p l o y e s .
At a banquet given a few evenings ago in honor of thè
sixtieth anniversary of the formation of the Pfister-Vogel
Leather company, this city, it was announced by President
Fred Vogel, Jr., who is now president of the First National
bank as well, _that 500 shares of the company’s stock
would be set aside to form a fund for the care of employes
who become ill or who may be injured by accident. This
fund will be added to from time to time by the company
Mr. Vogel responded to the toast, “A Banker, Still a Tan
ner at Heart.” For twenty-five years, and until the re
organization of the First National bank became necessary
Mr. Vogel was the active head of this great tannery, one
of the largest in the United States.
T o Iss ue $2,500,000 in B o n ds .
Permission has been granted by the state railway com
mission to the Milwaukee Light, Heat and Traction com
pany (the Milwaukee Electric Railway and Light system)
to issue $2,500,000 par value refunding and extension mort
gage 5% gold bonds. This issue is to pay for obligations
extension, equipment and development of the company’s'
property.
A suit, started last year in an effort to compel an ac
counting by the Milwaukee Electric Railway and Light
company, under a charge growing out of the -extension in
1900, of the franchises in the city held by this company
for a period of thirty years from the dates of their expira
tion, under charters granted the old original horsecar lines,
has just been decided by the state supreme court. In this
decision, the court declares that the suit has no standing
and that the company, not proven guilty of any crime in
securing its franchise extensions, cannot be made to di
vulge its business affairs or be compelled to give up its
charter.
C O N T R A C T O R TALKS OF IRRIGATION
(S p ecial C orrespondence to the C om m ercial W e st.)
D e m a n d — 5 to
Money continues to be in fair demand in Milwaukee
at the rates of from 5 to 6%, with the larger number of
loans being made at 5%% . Bankers state that there is no
very large call for money, but that business is fair and
about what it should be at this time of year.
nVcn iCio^ n ngS *n
banb;s of the city last week reached
$10,b50,163.29, and the balances, $1,487,151.28. This al
though not up to the clearings of the previous week are
up to the normal.
ENTERPRISE.
accomplish this the White company will expend a total of
$3,000,000, including a great concrete dam across Snake
river. As fast as the work is done and water turned on
these lands their value at once advances from nothing to
$100 per acre, which is a fair valuation and not a boom
Price. When this land is reclaimed it will produce all that
can be raised in Wisconsin, Minnesota or the Dakotas and
the finest apples, peaches, pears, plums and other fruit
as well as all the small grains, can be raised in great
abundance. To my mind, this is one of the grandest and
most important schemes of the government in the north
west, working in conjunction with the states directly inter
ested.”
40
THE COMMERCIAL WEST
Saturday, June 20, 1908
The Canadian Bank of Commerce
H E AD
Paid-up Capital, $ 1 0 ,0 0 0 ,0 0 0
O F F IC E ,
T O R O N TO
Rest, $ 5 ,0 0 0 ,0 0 0
Total Assets, over $ 1 0 0 ,0 0 0 ,0 0 0
B. E. W ALKER, President
ALEXANDER LAIRD, General Manager
T. F. ASPEDEN, Supervisor of Banking, Accounts & Exchanges.
BRANCHES TH ROUGHOUT CAN AD A,
AND
IN
THE
U N IT E D
STATES
AND
ENGLAND
I n c l u d i n g the f o l l o w i n g in W e s t e r n C a n a d a :
Bawlf
•
Calgary
Claresholm
Crossfield
Edmonton
Gleichen
Granum
Hardisty
IN ALBERTA
High River Ponoka
Innisfail
Red Deer
Innisfree
Stavely
Lethbridge
Stony Plain
Macleod
Strathcona
Medicine Hat Vegreville
Nanton
Vermilion
Pincher Creek Wetaskiwin
A
IN MANITOBA
Brandon
Grandview
Carman
Neepawa
Dauphin
Portage la Prairie
Durban
Swan River
Elgin
Treherne
Elkhorn
Winnipeg (7 offices)
Gilbert Plains
GENERAL
BAN KIN G
B U SIN E SS
IS
IN SASKATCHEWAN
Canora
Melfort
Saskatoon
Drinkwater
Moosejaw
Vonda
Humboldt
Moosomin
Wadena
Kamsack
Nokomis
Watson
Langham
N. Battleford Weyburn
Lanigan
Prince Albert Yellowgrass
Lashburn
Radisson
Lloydminster Regina
TRANSACTED.
A Savings Bank Department is Open at All the Branches Named Above.
A Y E A R S ’ B U I L D I N G IN
(S pecial C orresp on den ce to the C om m ercial W e s t.)
Winnipeg, June 15— The outstanding feature of the
annual report of building done in the chief industrial cen
ters of Canada, issued by the federal department of labor
at Ottawa, is the showing made by Winnipeg, which in
1907 moved up to third place among the cities of the Do
minion in point of magnitude of building operations. What
makes this all the more notable and all the more worthy of
attention as furnishing evidence of the stability of the
foundations upon which Winnipeg’s rapid growth is based,
is the fact that the total of building operations in Winni
peg during 1907 fell no less than $0,305,100 short of the
total for 1906; the explanation of the abnormally large
total for 1906 being that that year’s figures were swollen
by the big building operations of the railway companies,
including the Royal Alexandra hotel and the extensive
depot and offices of the Canadian Pacific Railway. Among
the cities of Canada, Toronto heads the list in point of
magnitude of building operations during 1907, Montreal
coming second, Winnipeg, as already stated, third, and
Vancouver fourth. Toronto’s total was $14,325,800, Mont
real’s, $8,406,136, Winnipeg’s, $6,455,350, and Vancouver’s,
$5,596,594.
The list of remaining cities in which the value of
building during 1907 exceeded $500,000 is worth giving in
full for the evidence it furnishes of how large a part
western Canada is bearing in the progress of the Domin
ion. The figures are as follows: Hamilton, Ont., $3,030,240; Ottawa, Ont., $2,364,950; Edmonton, Alta., $2,275,218;
Calgary, Alta, $2,109,249; Victoria, B. C., $1,500,000; Re
gina, Sask., $1,177,840; Medicine Hat, Alta., $1,000,000;
London, Ont., $875,000; Halifax, N. S., $626,603; Berlin,
Ont., $770,000; Stratford, Ont., $667,038; Brandon, Man.,
$557,180; Quebec, Que., $529,820; Sherbrooke, Que., $520,100; New Westminster, B. C., $520,000; Brantford, Ont.,
$510,020; and Guelph, Ont., $520,750.
The classification of the new buildings erected in
Winnipeg during 1907 is as follows:
W o o d fram e bu ildings w ith ou t or w ith on ly lim ited
san itary im provem en ts ..................................................
W o o d fram e w ith stone basem en t, all m o d e r n ....
B rick dw ellings, all m o d e r n .................................
B rick veneer, all m o d e rn ..................................................
Stores, one story ................................................................
A p artm en t and office b lo c k s ............................................
Churches', sch ool and institutional b u ild in g s..........
W arehouses, and fa c t o r ie s ..................................................
G arages and public b u ild in g s..........................................
Stables, sheds and w o r k s h o p s ........................................
A dditions, repairs and a lte ra tio n s................................
N o.
627
532
S2
17
44
23
20
64
20
443
965
Value.
737,450
1,762,150
555,900
140,200
65,’900
696,150
23'8,550
1,132,200
129,100
178,450
812,000
Brandon— Some 230 permits for new buildings, valued
at $556,230, and 2 permits for repairs, valued at $950
were issued. These prices are bare contract prices and
do not include the value of sub-contracts awarded for
heating, plumbing, painting, etc.
The following sums
AND
W EST OF W IN N IPE G .
were expended on construction work by the municipalit
during 1907:
N ature o f w ork —
Value.
N ew pavem en ts ................................................................................ $8,804
N ew sew ers ........................................................................................ 32’ 780
14,497
W a terw ork s exten sions, m a in s...................................................
W a terw ork s extensions, new s e r v ic e s .......................................
4^848
W a terw ork s extensions,, n ew m e t r e s . . . . . ............................
5312
N ew bridge ..................................................................................... ..
20’000
Regina—Four hundred and seven permits for new
buildings, valued at $1,145,240, and 73 permits for repairs,
valued at $32,600, were issued, making a total of 418 per
mits issued and a total valuation of $1,177,840. This was
an increase of 60 in the number of permits, though the
total valuation of buildings begun in 1906 exceeded that
of 1907.
Edmonton— Seven hundred and eighty-eight permits
for new buildings valued at $2,017,407, and 122 permits
for repairs, valued at $257,811 were issued, making a total
of 910 permits issued and a total valuation of $2,275,218,
compared with a total of 930 permits and a total valuation
of $1,869,069 in 1906.
Medicine Hat—It was estimated that the value of
building operations would approximate $100,000. Among
important buildings under construction were:
B an k building- ....................................................
Club bu ilding ........................................................
P ostoffice ............................................................
H igh school ..........................................................
B rick fa cto r v ................................................
A rm ou ries .................................................................. . . .
W estern canneries esta b lish m en t........................
Value.
ift'nnn
The sum of $16,175 was expended on waterworks, $10,140 on sewers and $15,700 on gas mains during 1907.
Lethbridge— The number of building permits issued
was 103, for buildings aggregating $353,900 in value.
Among the more important buildings under construction
were the following:
One w oolen m ill.................................................................................. $40,000
One flour m ill...................................................................................... 60^000
One flour m ill.....................................................................................
20 000
One b rick p la n t.......................................................................
l s ’ ooo
One kindergarten s c h o o l................................................................’
5,’oOO
T w o brick bu siness b lo c k s .............................................................. 2 l ’000
A d dition s to brew in g p la n ts ......................................................... 30 000
One hospital ........................................................................................
4’ 500
A d dition s to h o te l......................................................................’ ’ ’ ’ 10^000
T hree brick r e sid en ces.................................................................... 12^300
F ifty -e ig h t fram e r e sid e n c e s...........................................................l o i ’ lOO
C. P. R. w ater tank, addition to roun d house an d various
buildings' ............................................................; .........................
26,500
The building record for the census of western Canada
taking them altogether, from Winnipeg to the coast, show
that last year was a year of notable growth. In addition
to the places already mentioned, Calgary stood high in
the list with a total of $2,095,164 eclipsing both Edmonton
and Medicine Hat, the total number of new buildings
erected in Calgary during the year being 505. In the
Coast Province list Ferine -figures with 15 new buildings,
at a total value of $232,000, New Westminster with 300 at
$480,000, and Nelson with 11 at $92,929.
M A N I T O B A ’S L O C A L FIRE I N S U R A N C E C O M P A N I E S .
(S p ecial C orresp on den ce to the C om m ercial W e s t.)
Winnipeg, June 15.—-Interesting light upon the growth
of purely provincial fire and hail insurance companies do
ing business under charter from the Manitoba government
is furnished by the annual report just issued by the prov
incial department of insurance, which gives the figures of
the business done by these companies up to the close of
1907. The first striking fact which presents itself upon a
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
review of these figures is that the joint stock companies
are shown as having made greater progress than the
mutual companies. Some of these Manitoba companies,
with joint stock and mutual, apparently had a very trying
year, especialy those that did a hail insurance business.
Nevertheless, they appear, on the whole, to be doing very
well and gathering strength, despite the overshadowing
magnitude of the old established companies whose strength
THE COMMERCIAL WEST
Saturday, June 20, 1908
THE
NORTHERN
15th January, 1907.
The Only Bank with Head Office
in Western Canada
Highest rate of interest paid for deposits. Special
attention given and best rates o f exchange allowed
to incoming settlers.
Collections receive special attention.
1905.
Asets’ ...............................................................$259,838
ai labilities ...................................................... 60,755
eceipts .......................................................... 211,778
xpen d iture .................................................. 146,452
1906.
1907.
$474,744 $661,871
196,115
310,052
416,072
632,202
354,752
495,232
Individually, the companies during the year 1907 fared
f veil with but one exception, where the receipts for the
year were $133,378 and the expenditures $162,349. This
company was the Central Canada Insurance Company,
which does a mixed business—handling fire, hail and live
stock risks. Like the government of the Province of Sas
katchewan, this company sustained heavy loss from its
hail business. Under the head of losses paid is shown an
amount of $30,201 for fire, live stock $8,750 and hail $47,780.
The paid-up capital of this company is $37,500, and upon
this the amount paid in dividends last year was $1,792.
The companies doing a fire business which report to
the Manitoba government are as follows, together with
their paid-up capital, their subscribed capital unpaid and
the amount they have deposited with the government:
P aid up
C apital
B randon F ir e .................................. $11,000
C entral C a n a d a ................................
37,500
10,000
C olonial ................................................
N orth w est F ir e .................................. 33,960
S ubscribed
D ep osit
but n ot
with
paid. G overnm ent.
$100,350
$5,000
112,500
7,500
40,000
8,760
50,940
8,000
P A C IF IC S O O N
(S p ecia l C orresp on den ce to the C om m ercial W e s t.)
Tacoma, June 13.— Recent developments in railroad
circles indicate the early running of Union Pacific trains
from Portland to Tacoma. Railroad officials will neither
confirm or deny the report of an arrangement with the
Tacoma Eastern and Chicago, Milwaukee & St. Paul for a
temporary entrance to Tacoma and Seattle. It has been
assumed for some time that the Union Pacific would have
a line from Portland to Puget Sound before the Alaska
exposition opens next year and the application of the Chi
cago, Milwaukee & St. Paul for a “ Y” to connect with the
Tacoma Eastern explains the situation to those who have
kept in close touch with the railroad situation.
T ra c k s H a lf W a y to P o rtla n d .
About half the distance between Tacoma and Portland
is already traversed by the tracks over which Harriman
will gain an entrance to Puget Sound. Ten miles of track
was built last year from Centralia by the Union Pacific.
It was announced that this was simply a branch line to
reach the Union Pacific coal mines, but it now transpires
that it is to become a part of the main line between Ta
coma and Portland. From the Centralia branch a line is
to be built to the Salsich Lumber Company’s property on
the Nisqually river, where connections will be made with
the Tacoma Eastern branch.
The Tacoma Eastern extension to the Nisqually was an
nounced as a logging spur to supply the lumber company
with raw material. Now that Harriman is ready to act
the “ logging spur” turns out to be in just the right place
to give the Union Pacific a short cut to Tacoma.
From Centralia to Portland the distance is compara
tively short and the line can be built, according to rail
road engineers, in 90 days.
th e
M ilw a u k e e .
This brings the Union Pacific into Tacoma, where there
is a depot and freight warehouses conveniently located
E X P A N S IO N
OF T R A D E A N D
B A N K IN G .
Between 1887 and 1907 the business of the country as
shown by the bank clearings increased from $52,126,704,480
to $154,662,515,258. Deposits in banking institutions increased
from $4,208,510,750 during the same period to $12,948,563,123. It is the contemplation of this vast expansion of trade
and banking business, and the relatively small sums lost
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Sir D. H. McMILLAN,
Lieut. Governor of Manitoba,
President
Captain WILLIAM ROBINSON.
Vice-President
BRANCHES AT ALL PRINCIPAL POINTS IN THE
WESTERN PROVINCES.
\
t:
was gathered in eastern Canada and outside the Dominion.
The following table shows the aggregate business of the
point stock fire companies, operating under provincial
charters, during the past three years:
Connects w it h
O FFICER S:
W IN N IPEG
$1,250,000
$1,200,000
$50,000
UNION
BANK
H ead O ffic e :
Established 1905.
Capital Subscribed
Capital Paid Up
Reserve Fund
41
J. W.de C. O’ GRADY,
General Manager
R. CAMPBELL,
Supt. of Branches
O ccid en tal F ire................................ 75,903
P a cific C o a s t.................................... 111,416
P ion eer .............................................. 19,920
P rin ce R u p e r t..................................
8,300
W in n ip eg .......................................... 25,300
223,580
38,584
179,280
74,700
89,700
5,000
10,913
5,000
5,000
7,300
Provincial mutual companies do not appear to have
grown as rapidly as the joint stock companies. Their re
ceipts and expenditures for the past three years have been
as follows:
1905.
1906.
R eceip ts ..........................................................$113,528 $137,997
E x pen ditu res ................................................
91,839 128,146
1907.
$142,153
115,246
Hail insurance companies on the mutual plan appear
to have had a very hard struggle. For the past three years
the receipts and expenditures of the four companies have
been as follows:
1905.
R e ceip ts ........................................................... $188,697
E xpen ditu res ................................................. 113,878
1906.
1907.
$131,041 $172,647
117,901 186,459
The amount at risk by the joint stock companies shows
a very substantial gain, as shown below:
1906.
B randon F ire ........................................................
$162,764
C entral C a n a d a ...................................................... 4,846,3'97
C olonial .................................................................... 1,581,935
N orth w est .............................................................. 4,998,999
O ccid en tal .............................................................. 2,743,485
P a cific C oast ........................................................ 2,970,561
P rin ce R up ert ......................................................
103,000
P ioneer ........................................................................................
W in n ip eg .........................
1,546,276
1907.
$1,123,410
6,410,241
2,525,968
6,160,268
4,208,830
3,933,373
517,557
560,850
3,931,930
$18,963,417
$29,372,430
TO
ENTER T A C O M A .
and large enough to accommodate the business of the
Union Pacific temporarily. The problem of getting to
Seattle with the exposition crowds is solved by a connec
tion with the Milwaukee. The franchise asked for by the
Milwaukee for the “ Y” to connect with the Tacoma East
ern will be granted by the council as soon as the time limit
has expired. Orders have been given to complete the Mil
waukee line to Black River junction, where it connects with
the Columbia & Puget Sound Railroad, a leased line into
Seattle. That leaves only two short stretches of track to
be built by the Union Pacific.
C onnecting
the
Gap s.
The time required to build the bridge across the Puy
allup river will govern the completion of the Chicago,
Milwaukee & St. Paul line from Tacoma to Seattle. With
the exception of the bridge, the heavy work is done and
all that remains is to close the gaps. This is being grad
ually done and the first train can be run over the line
when the last rail is spiked on the Puyallup river bridge.
The Milwaukee has a connection with the Northern
Pacific on the Dempsey mill spur on the east side of the
Puyallup river and an agreement with the latter road for
the delivery of material and equipment. This gives the
Milwaukee a chance to equip the Tacoma-Seattle line and
establish a local service between the two cities.
H a rrim a n
to
Rush
C o n s tru c tio n .
The sale of the $100,000,000 bond issue for which Harri
man has been waiting was negotiated this week and the
report comes from a source of undoubted authority that
this summer will see the beginning of extensive opera
tions for the development of the Union Pacific terminals
here, including the tunnel.
According to railroad authorities, Harriman is more
than ever in a position where he must fight Hill in his own
territory and nowhere can he do this better than in the
Puget Sound country. Any day may see the beginning of
work on the Tacoma terminals.
through defalcation or bad management which inclines
men to believe that the world is not growing worse, as
some pessimists would have us believe it is.— San Fran
cisco Chronicle.
Manchuria already receives 1,000 cable messages a day
from Japan. The doubling of the cables is probable,
42
THE COMMERCIAL WEST
Saturday, June 20, 1908
S H O R T T IM E M U N IC IP A L IM P R O V E M E N T BONDS A N D
CERTIFICATES OF T H E
NORTH W EST
IN
FOR
COURSE OF
BEST SM ALLER
SALE.
TH EY WERE
BUSINESS, A N D
%%.A M O U N T S,
6 TO 6
CITIES
OF T H E
TAKEN
BY US
C A N BE SOLD TO
NET
O N E TO FIFTY T H O U S A N D .
KETTLE RIVER QUARRIES CO.
954
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
S
e c u r it y
B
a n k
B
u il d in g
,
M
in n e a p o l is
,
M
in n
.
Saturday, June 20, 1908
THE COMMERCIAL WEST
43
Swedish American National Bank
M IN N E A P O L IS
CAPITAL, $500,000
SURPLUS AND PROFITS, $400,000
Accounts of Banks and Business Houses Invited.
DEPOSITS, $3,300,000
Foreign Exchange Department.
N. O . W E R N E R , President.
C. S. H tJEB ER T, Vic e -P resid en t.
J . A. L A T E A, Vice -P resid en t.
E. L. M A T T S O N , C ashier.
A. V. O S T R O M , Asst. Cashier.
Bank Stock Quotations.
State Banks—
Minneapolis Securities.
Quotations furnished by Eugene M. Stevens & Co., Com
mereiai Paper and Investment Securities, Northwestern National Bank Building.
June 16,1908.
Bast
Bid.
Asked.
Sale.
German-American Bank .................................
. . . 186
First National Bank......................................... 210
...
210
...
110
East Side State Bank ............................................
Germania Bank ................................................ 140
150
134
Hennepin County Savings B a n k ........................
...
190
Merchants & Manufacturers State Bank 140
150
130
Metropolitan State Bank...............................................
...
112
Minneapolis Trust C o m p a n y .......................................
...
155 .
Minnesota Loan & Trust Company.......... 135
140
135
National Bank of Commerce ......................... 165
...
165
Northwestern National Bank ..................... 260
...
265
Peoples Bank ....................................................................
110
125
St. Anthony Falls Bank..........................................
Security National B ank..................................
. . . 250
Swedish-American National B ank...........................
...
200
South Side State Bank ................................... 200
...
Union State B ank............................................ 110
...
110
Mpls. Gas Light Co., 6’s, 1910-30........................
100
100%
Mpls. Gas Light Co., Gen. Mtge. 5’s
1914-30 . ....................................................................
96
98
105
104
Mpls. Gen. Electric Co., 5’s, 1934........................
Minneapolis Brewing Co., common.........................
175
...
110
107
Minneapolis Brewing Co., pfd........................ 105
Minneapolis Brewing Co., bonds.............................
...
105
Minneapolis Syndicate ..................................................
105
100
Minneapolis Threshing Machine C o........................
200
Minneapolis Steel & Machinery Co., pfd. . . .
102
102
Minneapolis Steel & Machinery Co., com . . .
120
127
95
100
North American Telegraph Co.....................
Northwestern Fire and Marine Ins. Co.. 175
200
180
Tri-State Telephone Co., pfd...........................
80
90
Twin City Telephone Co., pfd............................
...
100
Iw in City Telephone Co., 1st Mtgs. 5’s
1913-26 .................................................................
90
95
St. P a u l S e c u ritie s .
The following quotations on St. Paul securities are furnished
by Peabody & Co., brokers, 27 Merchants National Bank build
ing, St. Paul.
June 16, 1908.
Bid.
Asked.
Sale.
American National Bank ................
113
115
..C apital N ation al B a n k ..........................
125
130
260
255
First National B a n k ...........................
175
M erch an ts N ational B an k . . . . . . . . .
175
N ation al G e rm a n -A m e rica n B an k .
168
175
170
200
204
S ca n d in a via n -A m erica n B an k ........
176
175
Second National Bank ........................
180
S tate B an k ............................................
125
125
Northwestern Trust Company ........
123
...
100
. ••
Minn. Transfer Ry. 1st 5’ s, 1916...
Minn. Transfer Ry. 1st 4’s, 1916...
95
100
100
Security Trust C o m p a n y ....................
115
St. Paul Union Depot Co.. 1st 6’s, 1930..
108
Union Depot Co., consol. 5’s 1944___
100
Union Depot Co., consol. 4’s 1 9 4 4 ....
..•
100
Interstate Investment Trust C o___ ........
95
A m erica n L igh t & T ra ctio n Co., p fd ___
93%
A m erica n L ig h t & T ra ctio n C o., c o m .. . ÌÒ5
107
106
*105
St. Paul Gas L igh t Co., 1st 6’s of 1915..
*107
St. Paul Gas Light Co., gen’l 5’s of 1944
*95
*93
St. Paul Gas Light Co., 1st cons. 6’s. 1918 •. •
*104
*102
St. Croix Power Co., 1st 5’s. 1929..
*95
*96
*94
Pxcneer Press Co., com. (Par $50). . . •. • •. .
•••
12%
Pioneer Press Co., pfd. (Par $ 50 )..,
35
W est Pub. Co. com................................
400
W est Pub. Co., p fd................................
108
T ibbs, Hutchings & Co., com ........
ÌÓÓ
T ibbs, H u tch in g s & Co., p fd ............
97
97
Superior W ater, Light & Power Co
ÌÒ
10
Superior W ater, Light & Power Co. , 1st
4’ s, 1931 .................................................
*65
60
St. P au l F ire & M arine Ins. C o .................. 200
205
200
tu. Paul Union Stock Yards Co., 1st 5’s
of 1916 .............................. ...................
85
♦And Interest.
C hicago
Bank
S tocks.
Furnished by Burnham, Butler & Co., 159 La Salle St. , Chicag o, June 16.
National Banks—
Bid
Asked R ate% Value
■¡•Bankers N a tion al .............................. 185
190
8
168
C ity N ational, E v a n s to n .................. 250
10
185
•¡Continental N ational ...................... 235
239
8
184
tC om m ercial N ational ...................... 2SS
293
12
245
fC orn E x ch a n g e N a tio n a l................ 365
375
12
264
tD rov ers D ep o sit N a tio n a l.............. 212
220
10
163
■¡•First N ation al .................................... 365
375
12
250
First Natl, o f E n g le w o o d .............. 200
250
10
207
fF o r t D earborn N ational .................. 173'
185
8
141
H am ilton N ational ............................ 130
136
5
131
•¡■Live S tock E x c h a n g e ........................ 215
222
10
128
M onroe N a t i o n a l ................................
120
142
4
120
■¡•National B ank o f R e p u b lic ............ ISO
185
S
163
•¡National C ity B an k ........................
144
147
130
N ation al P rod u ce .................. .......... 120
123
123
Oakland N ational ............................ 160
6
138
P ra irie N ational ...................
160
131
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Federal Reserve Bank of St. Louis
D rexel State
fIllinois' T ru st and S a v in g s ..
K en w ood T ru st and Savings
fM erch an ts L oan and T ru st.
•¡■Northern T ru st C o ............................
fP ra irie State B an k ..........................
R a ilw a y E x ch a n g e ..........................
R oy al T ru st C o ..................................
South C h icago S avings ................
tS tate B an k o f C h ic a g o ....................
S tate B an k o f E v a n s to n ................
S tock Y ards S a v in g s........................
S tock m en ’ s T ru st and S a v in g s ...
U nion S tock Y ards S ta te ................
U nion B ank o f C h ic a g o ..................
W e st Side T ru st and S a v in g s ....
215
142
150
116
170
110
135
178
115
210
460
112
335
110
116
105
320
250
105
190
120
300
240
170
100
120
120
135
140
mge.
rities.
A m erica n In v estm en t S e c u rities................
A m erican S eatin g C om pan y p f d ..................
A m erica n L u m b er C om pan y (p ar $ 1 0 )...
A m erica n T y p e F o u n d e r s................................
A m erican T y p e F oun ders p fd ........................
B utler B roth ers ................................................
Chi. and Mil. E le ctric R a ilw a y ....................
C olum bian N ation al L ife ..............................
C on g ress H otel ..................................................
C ongress H otel, p fd ..................................•____
C ream ery P a ck a g e ..........................................
D erin g C oal C om p an y ..................................
E lgin N ational W a t c h ......................................
G reat W estern C ereal ....................................
G reat W estern Cereal p fd ............................
International H a rv ester p f d ..........................
In tersta te T eleph one ......................................
M ich igan State T el. c o m ................................
M ich igan State Tel. p f d ..................................
N orth w estern Y ea st ........................................
O'tis E lev ator C om pan y ................................
Otis E lev ator C om pan y p fd ............................
*P age W ov en W ire F en ce p fd ......................
P a rk e -D a v is Co. (p a r $25)............................
R oy a l B ak in g P ow der c o m ............................
R oy a l B ak in g P ow d er p f d ..............................
T oasted Corn F lakes ......................................
U nion C arbide ....................................................
U nited S tates Gypsum , c o m ........................
U nited S ta tes G ypsum p f d ............................
W estern E le ctric ..............................................
Local Bonds.
♦C hicago & Mil. R y. n ew 5’ s (1922)..........
D eerin g Coal 5’ s ..............................................
G reat W e stern C ereal 6’ s (1921)..................
H a rtford D ep osit 6’ s (1912)..........................
H a rtford D ep osit N ew B ldg. 5’ s ................
In tersta te Tel. and T eleg. 5’ s (1 927)..........
M ich igan State Tel. 5’ s (1934)....................
N ational Safe D ep osit 4’s ............................
N orth w estern Gas L igh t & C oke 5’ s (1928)
♦Page W o v e n W ire F en ce 5’s ......................
♦Page W o v e n W ire F en ce 5’ s ......................
TWO
HOLES
IN
225
145
8
7
10
124
180
ió
6
6
6
6
8
20
6
12
6
Ì85
120
220
490
114
345
116
123
120
330
’s
8
4
8
6
12
8
6
5
6
6
120
210
130
255
105
130
126
145
146
'6
Bid.
2%
20
Asked.
3%
2 Vs
2%
35
95
265
25
110
145
80
111
20
152
20
95
101
13
47
86
247
39
87
11%
70
140
93
13
87
7
47
32
92
255
15
100
130
70
109
146
16
90
99
10
45
83%
240
36
82
8%
67
130
88
10
S5
4
43
175
65
60
90
100
66
100
55
92
94
92
50
50
98
60
94
99
95
56
55
185
150
133
120
189
114
123
143
119
166
266
122
251
147
132
131
222
122
106
215
139
219
220
168
107
131
120
122
132
Dividend
Rate.
4
7
10
7
12
5
8
S
8
12
3
1
6
6
6
5
5
8
ONE.
Postmaster-General Meyer at a dinner in Washington
was advocating postal banks.
“ These banks,” he said, “ have so many good points
and so few bad ones that they who find fault with them
have to exaggerate and dwell on their defects like an old
librarian I used to know.
“ This librarian was very strict and censorious. Once,
when I was a boy, I returned a volume of Scott to him.
He, as usual, looked closely into the book’s condition be
fore marking it off on my card.
“ ‘Page 89’, said he, glaring at me over his spectacles,
‘a hole.’ Then he turned the leaf. ‘Page 90’, he added,
‘another hole.’ ”—Washington Post.
G E O . B. L A N E ,
C O M M E R C IA L
PAPER,
Northwestern National Bank Building,
M IN N EAPO LIS, MINN.
THE COMMERCIAL WEST
44
Saturday, June 20, 1908
T H E , O L D E S T B A N K IN T H E U N I T E D S T A T E S
(CHARTERED BY CONTINENTAL CONGRESS IN 1781.)
THE
BANK
O(F
NORTH
N A T IO N A L BANK)
AM ER ICA
P H IL A D E L P H IA , PEN N A.
President.................. ........................H. G. MICHENER
Cashier .................... ........................... JOHN H. W ATT
Assistant Cashier. . . .................... SAML. D. JORDAN
Assistant Cashier...
CAPITAL............................................. ... $1,000,000.00
SURPLUS ................................................. 2,000,000.00
UNDIVIDED PROFITS, OVER (Aug.22,07) 346,000.00
DEPOSITS, OVER (Aug. 22, 07) ......... 11,000,000.00
Solicits
the
Accounts
of
Banks,
Firms,
Individuals
and
Corporations
RECENT LEGAL DECISIONS.
R eturn
of Checks A f t e r
T im e
L im it
of C le a rin g
House
R ul e s.
In the case of Citizens Central National Bank vs. New
Amsterdam National Bank, 109 New York Supplement,
872, the supreme court of New York trial term, New York
county, says that both banks were members of the New
York Clearing House Association. On December G, 1907,
the defendant presented for payment through the clearing
house a check for $2,000 drawn by Alfred Epstein on the
plaintiff dated December 5, 1907, payable to the order of
the Aster Company and indorsed by the Aster Company.
This check was paid by the plaintiff in settling its bal
ances with the clearing house in the usual course. On
December 6, 1907, and for about a week theretofore and
since, Alfred Epstein had on deposit with the plaintiff only
$143.73. Between 5 and 12 minutes after 3 o’clock on De
cember 6, 1907, the plaintiff returned this check to the de
fendant and demanded the repayment of the money paid
through the clearing house, which was refused on the
ground that the demand for payment was made too late.
The contention of the plaintiff was that the payment
made through the clearing house was not final, but tenta
tive; that the purpose of the rule that checks “ not good”
should be returned before 3 o’clock of the same day mere
ly fixed the time at which a member bank might assume
that a check presented by it was good, in order that it
might pay out the proceeds to the depositor. The de
fendant insisted, that payment under the rules until 3
o’clock was revocable, but at 3 o’clock it became absolute
and irrevocable. If not revoked within said time, it be
came absolute. The record did not disclose that the de
fendant actually paid out the proceeds of the check be
cause of the failure of the plaintiff to present it before 3
o’clock.
The payment through the clearing house could not be
treated as voluntary with full knowledge of all the facts.
The check was not extinguished by this payment, nor was
the indorser thereon discharged. It was within the power
of the defendant bank to protect itself after 3 o'clock of
that day by protesting the check. The plaintiff bank stood
helpless in that regard. If the defendant had repaid the
amount of the check at 10 or 12 minutes past 3 o’clock, it
would have been in no worse position towards the mater
and indorser than it was at 3 o'clock. There was no evi
dence of any change of position of the defendant. The in
terpretation of the rule invoked by the defendant would
work a forfeiture of the plaintiff’s property, even though
a delay of 10 or 12 minutes did not release either the
maker or indorser of the check. The law does not favor
forfeitures. The maker of the check was not released.
The presentment of the check after business hours on
December 6, 1907, was sufficient to hold the indorser.
While the particular questions raised in this action as
to the force, effect, and limitation of the New York clear
ing house rules have not been passed upon in New York
state directly, very analogous rules have been considered
and decided at least twice in the supreme judicial court
of Massachusetts. The basis for and the reasons stated
by the court in Massachusetts for its determination are
logical, sound, and just. In the case of Merchants Na
tion Bank vs. National Eagle Bank, 101 Mass. 281, the
court bases its decision on the ground that an error such
as is under consideration may be corrected when discov
ered, if it places the party to whom the check was re
turned in no worse condition than it would have been in
if it had been returned within the time provided. The
court in that case construed a rule somewhat similar to
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
the one of the New York clearing house, which required
that checks which were found not good should be returned
at a certain hour of the day on which they were received
from the clearing house. In that case the plaintiff at
tempted within the requisite time to comply with the rules,
and sent its messenger to the defendant bank with a
check, who went to the wrong address and had to return
for further instructions, causing a delay of a few moments.
Colt, J., writing for the court, said:
“ The manifest purpose of the provision is to fix a time
at which the creditor hank may be authorized to treat
the check as paid and be able to regulate safety its rela
tions to other parties. We cannot adopt the theory that
the failure to present a had check before the time named
to the bank sending it through the clearing house works
an absolute forfeiture, and is in itself a perfect bar to
any action to recover the amount of such check. The
whole arrangement, in all its provisions and declared pur
poses, is to he construed together. And the law will not
construe any portion so as to subject the parties to a pen
alty or forfeiture of their rights, where other reasonable
interpretation can be given which will give effect and con
sistency to the whole. The parties have in terms affixed
no penalty or forfeiture to the stipulation under consider
ation, and a failure to comply with its terms must leave
the parties in the same position and precisely as they
would stand when a payment is made under a mistake of
fact in the ordinary way.”
Judgment directed for the plaintiff for $2,000, with in
terest from December 6, 1907, with costs.
The court also says in this case that the constitution
and rules of the clearing house create a contractual rela
tion between the members of the association, and only
members are bound by same. Non-members are in nowise
affected, and have no remedy against any member of the
association for a breach of its rules. The rights of a de
positor in a member bank are not affected by the clear
ing house rules.
*
❖
*
No A c tio n
M a in ta in a b le
on N o t e P a i d
M ¡ s ta k e .
by
T h ird
P a rty
by
C. T. Charnock purchased the interest of Jonah Jones
in the firm of Jones & Dew. Previous to this Jones. &
Dew had given the Racine-Sattley Company a note for
$146.42, and therafter Charnock gave the company a note
for about the same amount. When the Jones & Dew note
was sent to the bank for collection, Charnock, thinking
that it was his note, paid it. Discovering his mistake a
few days later, he notified the bank, the cashier of which
informed him that the money had been remitted to the
company, but that he would indorse the note, which had
been paid, to Charnock. Charnock then sued Jones &
Dew on the note. But the supreme court of South Da
kota holds, Charnock vs. Jones, 115 Northwestern Re
porter, 1072, that he was not entitled to recover anything.
It says that though paid by mistake, the debt was extin
guished, and the note surrendered to the plaintiff in its
original form was no longer the subject of sale or trans
fer, and any subsequent indorsement by whomsoever made
could not restore its previous characteristics as a writing
obligatory. Nor does the right of subrogation exist in
favor of a stranger who, without authority, pays the debt
of a third person.
The purchase of a promissory note requires the assent
of authorized persons, and the transaction is a contract
“ by which, for a pecuniary consideration called a ‘price’ ”
Saturday, June 20, 1908
THE COMMERCIAL WEST
45
THE OLD RELIABLE
ESTABLISHED 1861
the seller transfers his property to the buyer, while pay
ment therof is in no sense a contract, but essentially the
performance of a promise by which such instrument is dis
charged and taken out of circulation. Therefore the court’s
conclusion must be that there was no privity of contract
express or implied between the defendants and the plain
tiff, and that this action on the promissory note was not
maintainable.
Whether as against any one the facts and circum
stances under which he paid the note would justify the en
forcement of any equities in his favor was a question not
in the case, and concerning which no opinion could be prop
erly expressed.
*
*
*
R ig h t
„j
of
A ctio n
on
Bank
A g a in s t
Bank
as
Surplus.............. 225,000.00
$450,000.00
Liberal Terms to Banks
Special facilities for handling
Southern Minnesota points
V. H. VanSlyke,
Prest.
M. R. Waters,
Vice-Prest.
G arn ish e e .
In a case where a bank was garnisheed in a suit against
a firm that did business with it, the supreme court of Ore
gon says, Caldwell Banking & Trust Company, vs. Porter,
95 Pacific Reporter, 1, that if the garnishee bank was in
debted to the firm or the firm had a balance to its credit
on the books of the bank, at the time the garnishee process
was served, it was liable to seizure under an attachment
in the action brought by the plaintiff against the firm, and,
if the answer of the bank was not satisfactory to the plain
tiff, it had a right to proceed in the manner provided by
statute. A proceeding against a garnishee on an attach
ment or execution issued in an action at law is in no
sense equitable, but strictly at law, and the pleadings are
framed and issues of fact arising thereon tried as in or
dinary law actions.
*
❖
*
C. F. Wyant,
Cashier
METROPOLITAN
STATE
B A N K
M etropolitan B u ild in g ,
M inneapolis, M inn.
Capital, $ 1 0 0 ,0 0 0
Surplus,
1 0 ,0 0 0
Checks.
In a suit by a payee against a maker of a bank check,
the court of appeals of Georgia holds, Purcell vs. Armour
Packing Company, 61 Southeastern Reporter, 138, that the
plaintiff makes out a prirna facie case by proving the exe
cution and delivery of the check and that it has been
duly presented to the drawee for payment, and payment
thereof refused. The check itself imports its own con
sideration in the sense that consideration will be presumed
until the contrary appears.
A declaration setting forth a bank check, and alleging
that it was given to the plaintiff by the defendant in con
sideration of merchandise which the plaintiff delivered to
a third person, and that said check had been duly pre
sented for payment, and that payment thereof was re
fused by the drawee, sets forth a good cause of action.
Between the immediate parties a bank check must be
supported by a consideration in order to be enforceable
against the maker.
(a) When sued thereon by the original payee, the
maker can show by oral evidence that the check is with
out consideration, or that the consideration has failed.
(b) A plea alleging that a check was given to the
plaintiff by the defendant without any present consider
ation, but with the understanding that, if a third person
would turn certain money over to the defendant at a fu
ture time, the check would be paid out of such money,
and further alleging that the money has never been turned
over to the defendant, sets forth a good defense.
*
*
*
P roceedings
Capital...............$225,000.00
FIRST
National W IN O N A Bank
M inn.
W e do a general banking business and solicit accounts.
MINNESOTA TRANSFER
MIDWAY BETWEEN
MINNEAPOLIS and ST. PAUL.
THE
ONLY
D IS T R IC T
IN
THE
WORLD
where car load shipments to and from TEN SEPARATE SYSTEMS
OF RAILWAYS are made WITHOUT SWITCHING CHARGE TO
SHIPPER, and where TEN ROADS RECEIVE and DELIVER
FREIGHT FROM ONE DEPOT.
THE MOST DESIRABLE
M A N U F A C T U R IN G
and
W AREHOUSE
S IT E S
FOR SALE BY
GEO. H. W A T S O N
530
G u a ra n ty B u ild in g
M IN N E A P O L IS
H. T . H O L T Z 6 CO.
P u b lic S e c u r it ie s
171 LA SALLE STREET
CHICAGO
ILLINOIS TRUST AND SAVINGS BANK
CHICAGO
Capital, $ 5,000,000.00
S u rp lu s,
8,000,000.00
Interest Allowed on Savings and Checking Accounts
D ouble T a x a tio n .
To tax to the individual shareholders the shares of a
bank, and to tax at the same time to the bank the shares
owned by it in other banks, the supreme judicial court of
Maine says, Inhabitants of East Livermore vs. Livermore
Falls Trust & Banking Company, 69 Atlantic Reporter,
306, imposes to that extent an extra burden on the share
holders of the bank so taxed. While the tax statutes of
the state of Maine specifically and explicitly subject the
real estate of a bank to taxation to the bank, notwith
standing its shares are also subjected to taxation, they
do not specifically and explicitly subject to such taxation
shares in other banks owned by it, and hence it cannot
be held liable to taxation upon such shares.
*
*
*
N ot
L i a b l e f o r T a x e s on B a n k S t o c k .
In the case of the City of Atlanta vs. Bankers Financing
Company, 61 Southeastern Reporter, 112, the supreme
court of Georgia holds that, under existing laws of Geor
gia, shares of stock in those domestic corporations, such
as banks, whose property is required by law to be re
turned for taxation by the president thereof, are not tax
able in the hands of the shareholder. It follows that a
corporation whose principal office is in the city of At
lanta is not liable to the city of Atlanta for taxes on
shares of capital stock which it holds in other domestic
banks.
https://fraser.stlouisfed.org
Federal Reserve
É Bank of St. Louis
ENGRAVER— ' P R I N T E R - EM B O S S E R HI GH
GRADE
S O C I E T Y a O F F IC E
STATIONERY
BARCLAY- WEST BROADWAY & GREENWICH STREETS
,N ew >£>rk
Saturday, June 20, 1908
THE COMMERCIAL WEST
46
THE
M ERCHANTS
S AIN T
N A T IO N A L
PAUL,
BANK
M IN N E S O TA .
Capital $1,000,000
Surplus $ 6 0 0 ,0 0 0
UNITED
STATES
D E P O S IT A R Y .
OFFICERS:
K E N N E T H CLARK, President
GEO. H. PR IN C E, Vice-President
H. W. PARKER, Cashier
H. V A N V LEC K , Asst. Cashier
DIRECTORS:
Crawford Livingston
Thomas A . Marlow
Daniel R. Noyes
Kenneth Clark
James H. Skinner
L. P. O rdw ay
W. B. Parsons
E. N. Saunders
Frank B. Kellogg
Louis W. Hill
V. M. Watkins
Charles H. Bigelow
J. M. Hannaford
Charles P. Noyes
Geo. H. Prince
NEW BANKS AN D CHANGES.
M IN N E S O T A .
in g been elected to the p resid en cy o f the D en ver S tockyards
B an k of D enver.
E agle E ake.— It h a s been reported that a new bank is bein g
organized.
P eterson .— C. M. A nderson is p resid en t; N. J. A m ble, v ice
president, and C. E. Retrurn, cashier, o f the new P eterson State
Bank.
— F ulda.— T he C itizens State B an k is bein g organized by F . D.
L indquist, cash ier o f the State B an k o f Dundee, and George
B row n in g o f Fulda.
M orton — F . W . Orth w as recen tly elected presiden t and
H en ry B eckm an, cashier, o f the n ew ly organized State Bank,
cap italized at $25,000.
A itk in .— A t a m eetin g o f the directors, o f the F irst N ational
Bank, heid recen tly, F reem an E. K rech w as elected v ice p re s
ident, to su cceed A. R. D avidson.
W a t k in s — P eter S kogland has tendered his resignation as
cash ier o f the S tate Bank, havin g a cce p te d a sim ilar position
w ith the new state bank bein g organized at Delano.
St M ich ael.— A. D. B o o ck h a s tendered h is resignation as
cash ier o f the State B ank o f St. M ichael, Mr. B ro o ck and his
associa tes havin g organized a new bank at Spencer, W is.
C ordova.— W . O. S ou th w ick is reported h a v in g been elected
president, an d L. E. S outhw ick, v ice president, o f the C ordova
State B ank.
P ierce.— A. F. M agdanz, Jr., has r ecen tly been elected ca sh
ier o f the P ierce State B ank, to su cceed M. Inhelder, w h o has
been elected to the presiden cy.
B ea trice.—-Hubert H. W a ite has resigned his p osition as
cash ier o f the B eatrice N ational Bank, and W a lla ce R obertson
has been elected to su cceed him . D. W . C ook, Jr., su cceed s Mr.
R obertson as assistant cashier.
B roken B ow .— A t a m eetin g o f the stock h old ers o f the S ecu
rity S tate B ank, held recen tly, it w as v oted to increase the c a p
ital from $15,000 to $35,000. L. H. J ew ett w a s e le c te d cashier
to su cceed R. D. P ick ett, resigned.
W althill.-—T he State B an k is the title o f the new institution
w h ich w as recen tly organized b y Z. B oughn, C hester A. B oughn,
A. C. Carroll, M. N. W in ebren n er, Chas. H udec, Chas,. W .
B ough n and Cecil R . B oughn. T he cap ital is $20,000.
W illm a r.— M. J. O redson has resigned his p osition as cashier
o f the State B ank, havin g a ccep ted a sim ilar p osition w ith the
F irst N ational B an k o f E lm ore. N. D. Sanderson will su cceed
Mr. Oredson.
... P ierz — A t the annual m eetin g o f the sto ck h o ld e rs o f the
Germ an State Bank, held recen tly, the fo llo w in g d irectors w ere
elected- A. R . D avidson, A . E. M acho, T. A . H artm ann , Chas.
V an H erke and A. P. Stoll. A t the directors-’ m eetin g officers
w ere elected as fo llo w s:
A . R. D avidson, p resid en t; A. E.
M acho, v ice president, and A . P. Stoll, cashier.
W IS C O N S IN .
Spencer.— A. L. B o o ck o f St. M ichael, M inn., and associa tes,
are organ izin g a new bank here.
A lm en a.— T he A lm en a S tate B ank has been in corporated by
M. C. H ow ard , C. H . S tu ck and others, w ith a cap ital o f $10,000.
^ F o x L ak e.— Paul C. Y an k ey , fo rm e rly w ith the W isco n sin
N ational B ank o f M ilw aukee, has been elected to the assistant
cash iersh ip o f the State B ank o f F o x L ake, to su cceed D e M ott
Church.
Iron R iv er.— T he W is co n sin State B an k has opened fo r b u s i
ness w ith the fo llo w in g officers: R. A. S teckbauer, presiden t;
T . F. M ackm iller, v ice president, and B y ron R ipley, cashier.
Capital, $10,000.
St C roix F alls.— T he corp orate ex isten ce o f the State B ank
"Kas been extended. Capital, $50,000. T. H. T hom pson, is p res
ident; A lfred Isaacson, v ice presid en t; G eorge H. T hom pson,
v ice p resid en t; F red O lcott, cashier, and W . C. T hom pson, a s
sistan t cashier.
NEBRASKA.
NORTH DAKOTA.
N ekom a.— T he N ek om a S tate B ank has been absorbed b y the
State B ank.
M ountain.— A rticles of in corporation have been filed b y E.
Sw ain and S tigure T h orw ald son fo r the F irst State Bank, c a p
italized at $10,000.
.
D u n seith .— A t a m eetin g o f the d irectors o f the D unseith
S tate Bank, held on June 2nd. Jam es E. M cG rath w as elected
president, and C. I. F. W agn er, cashier.
M inot.— It has been reported that a deal has been con su m
m ated w h ereb y the con trollin g interest in the M inot State Bank
has been sold to a num ber o f Iow a capitalists.
R ham e.— A rticle s of in corp oration have been* filed b y Simon
B row n, T h eod ore T orhenson, A lbert Johnson and Ole P aulson of
N om e for the F irst State Bank, to be cap italized at $10,000.
M arion.— T he F irst N ational B an k h a s been incorporated
w ith a cap ital o f $25,000. B. W . S chouw eiller is p resid en t; W .
H. Cox. v ice p resid en t; M'. C. M cD ow ell, cash ier, and L ew is
B aertsch , assistant cashier.
SOUTH DAKOTA.
A berd een .— W . C. B lan ch ard w as recen tly elected assistant
cash ier o f the F irst State Savings Bank.
A. R. M A C F A R L A N E & CO.
DULUTH,
M onm outh.— A new bank is b ein g organized here.
O ttu m w a.— M. B. H u tch in son has recen tly been elected vice
presiden t o f the F irst N ational Bank.
B uffalo C enter.— L. L. B lem hauser o f C edar R ap ids has been
elected to the assista n t cash iersh ip o f the S tate Bank.
L ak e C ity.— A rth u r B ruce has resigned as assista n t cash ier
o f the C itizens B an k and L. E. N ok es h a s been elected to su c
ceed him.
N ew L on d on .— R oss W a lk er has been su cceed ed b y O. H.
T yner, fo rm e rly assista n t cash ier o f the S avings B an k o f Salem ,
as cash ier o f the N ew L on d on N ation al Bank.
D ow s.— C. M. B enson o f C edar R apids has recen tly been e lect
ed cashier o f the F arm ers E x ch a n g e S tate B ank. G. H. J a m e
son, form e rly cashier, has been elected president.
M ason C ity.— T he officers o f the new P eoples S avings Bank,
capitalized at $50,000, are as fo llo w s; W . R. F lem in g, presid en t;
John D. Glass, v ic e president, and W m . O utjes, cashier.
D ecatu r.— T he D ecatu r S ta te S avings B ank has been a u th or
ized to com m en ce business.. T he fo llo w in g are the officers: J.
TL Hill, presid en t; F rank E u ritt, v ice president, and Jam es C.
Cozad, cashier.
A lbu rn ett.— T he A lbu rn ett S avings B an k has been a u th or
ized to com m en ce business, w ith a cap ital o f $15,000. F. M. F a n
n in g is presid en t; Sam uel M oier, v ice president, and H om er
P itner. cashier.
C edar R a p i d s . — C harles F letcher, Jr., has resign ed his p o si
tion as assistant cash ier o f the C edar R ap ids S avings B ank, h a v
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Federal Reserve Bank of St. Louis
MINN.
DEALERS IN
IO W A .
COMMERCIAL
PAPER
We act as special or general agents for the purchase or sale of Duluth
properties or investment securities.
B a n k e r :— L et us quote rates, send sam
ple policy, give you statement of our com
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it e d
)
HOOD & PEN N EY, Gen. Agts.
PHOENIX BUILDING
MINNEAPOLIS, MINN.
THE COMMERCIAL WEST
Saturday, June 20, 1908
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transacting a legitimate com m ercial banking business
in the city ® 9 ®
o f C h ic a g o , 9 9 9 9 believes it
can meet the requirements o f discriminating bankers.
La Salle and Monroe Sta,
r m r A m
JOHN A . L Y N C H , President
W . T . F E N T O N , Vice-President
R. M . M c K I N N E Y , Cashier
O. H. S W .AN , Asst. Cashier
T H O S. JANSEN, Asst. Cashier
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V ienn a.— O scar P ry slie has been appointed assistant cashier
o f the B an k o f V ienna.
L a k e A n d es.— It has been reported that F red H offm a n of
A rm ou r has acqu ired the controlling' interest o f the Johnson
B roth ers B an k and has been elected to the v ice presid en cy.
M adison.— M artin E. B erth er was, recen tly elected cash ier o f
the L a k e C oun ty Bank, to su cceed Geo. E’. C ochrane, deceased.
---- - ' F loren ce.— S. X . W a y has re ce n tly been elected to the v ice
p resid en cy o f the State B ank o f F loren ce.
R ay m on d .— A t a m eetin g o f the d irectors o f the R aym ond
State B ank, held recen tly, G. W . H art, presiden t o f the M er
chants. B ank o f B ryant, w h o re ce n tly acqu ired the in terest o f
R . H. A rm stron g , w as elected, v ice president.
T h e present
officers are as fo llo w s: W . M. D an forth, p resid en t; G. W . H art,
v ice president, an d P. H. Schaller, cash ier. It w as also v oted
to in crease the capital from $5,000 to $10,000.
M o n e y to L o a n
on F a rm L an d s
Send me your applications.
MACKEY J. THOMPSON,
514 Pioneer Press Building,
ST. P A U L , M IN N .
I F Y O U W A N T F I R S T -C L A S S
MONTANA.
B ak er.— A rticle s
B an k o f B aker.
of
in corp oration
have
been
filed
fo r
the
ID AH O .
D eary.— J. A. H arsh, H. D. W arren and F. C. M cG ow an are
p rom otin g the establish m en t o f a new bank, to be capitalized
at about $10,000.
C aldw ell.— T he A m erican State B an k has been au th orized to
com m en ce business, w ith a capital o f $25,000. T he fo llo w in g are
the officers: S. D. Sim pson, presiden t, and H. S. C rosby, cash ier.
W A S H IN G T O N .
K elso .— H. P osta d w a s recen tly elected cash ier o f the F irst
N ation al B ank, to su cceed W . B. K iebert.
R alston .— G. L eon ard , E. H. H e rrin g and others are the
p rim e m overs o f a new bank bein g organized.
P ort O rchard.— A rticles o f in corp oration have been filed for
the K itsap C oun ty B ank, to be cap italized at $20,000.
T opp en ish .— It h a s been reported that a n ew bank w ill p ro b
ably be organized here b y the bu siness m en o f the w e st side.
A n a ton e.— C lyde G. C ox has tendered h is resignation as ca sh
ier o f the F irst B an k o f A naton e, to take effect Ju ly 1st. W a lter
S an gster w ill su cceed Mr. F ox.
H a rrin g ton .— A rticles o f in corporation have been filed by A.
G. M itchu m , John F. Green, C. D. E llis, M. F. A d a m s and A. U.
H a yn es fo r the H a rrin g ton N ation al Bank, cap italized at $50,000.
O dessa.— A t a m eetin g o f the d irectors o f the F irst N ational
B ank, held recen tly, H. E. C hristensen w as elected cashier, to
su cceed W . P. C hristensen, and E. E. Green w a s elected a s
sistan t cashier.
OREGON.
H a in es.— T he B ank o f H aines has been organized to su c
ceed to the bu siness o f the B aker L oan & T ru st C om pany, w ith
a cap ital o f $10,000. W m . Pollm an, o f B aker City, is president,
and B. E. H arder, o f M ilton, cashier.
C latskan ie.— A t a recen t m eetin g o f the d irectors o f the new ly
organized S tate Bank, C. H. S tockw ell, Sr., w as elected p resi
dent; J. E. H all, v ice p resid en t; C. H. S tockw ell, Jr., cashier,
and Miss, A g n es T icken or, assista n t cashier.
C A L IF O R N IA .
P asad en a.— W . M. E ason has recen tly been elected presid en t;
M. D. Painter, v ice p resid en t; C. M cL ain , cash ier, and F rank
W . H ill, se cre ta ry and treasurer, o f the State B ank.
O akland.— T he ap p lication o f T. E. B ow les, O. B. J o co b y , E.
W . R un yon, L. D. B urpee, E. A. H eron, O. L. S tone, W . H.
T aylor, H. C. M orris, W a lla ce E verson and L. E. M oreh ouse to
organ ize the F irst T ru st & S avings Bank, w ith a cap ital o f
$300,000, has, been approved b y the state bank, exam iner.
UTAH.
L ew isto n .— Chas,. P ond is p rom otin g the establish m en t o f a
new bank.
NEVADA.
R aw h id e.— T he M erch ants & M iners B ank and the B ank o f •
R aw h ide have consolidated. S. W . C ollins is presiden t o f the
n ew bank and V o ln e y G. L eonard, cashier.
A R IZ O N A .
G lobe.— A t a m eetin g o f the d irectors o f the Globe N ational
B ank, held recen tly, W . A . H olt w as elected presiden t and E. M.
W h ite and P. R ose, v ice presidents.
COLORADO.
H a rtm a n .— Jam es E. A d am son w as recen tly elected president,
and A u g u st P. B irck, cashier, o f the F arm ers Bank.
D eln orte.— C. M'. F ra n ce has tendered his resign ation as ca sh
ier o f the B ank o f D elnorte.
D en ver.— Joseph F. S. D avis w a s recen tly elected cash ier of
th e D en ver S tock yard s Bank.
S ievert.— T h e State B an k has been in corporated w ith a c a p i
tal o f $10,000. T he new institu tion will open fo r business about
July 1st.
A sp en .— H en ry B e ck w as re ce n tly elected v ice presiden t o f
th e P eoples N ational B an k to su cceed V . R. K o b e y , and R. C.
P arr, cashier, to su cceed E. F. P um phrey.
S ed gw ick .— A t the annual m eetin g o f the d irectors o f the
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Federal Reserve Bank of St. Louis
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____________
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The Minnehaha National Bank
S IO U X
Capital $ 1 0 0 ,0 0 0
FALLS,
S. D.
Surplus and Profits, 1 0 0 ,0 0 0
The Largest Banking Capital in
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P. F. SHERMAN. Prest.
W. L. BAKER. Cashier
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NATIONAL COMMERCIAL BANK
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Capital $ 1 ,0 0 0 ,0 0 0
Surplus
and Profits Ì,758,1 3 3
Deposits, 1 7 ,7 9 5 ,5 3 7
OFFICERS:
R o b e b t C. P r u y n ,
President.
Gr a n g e Sa r d ,
Vice-Prest.
E d w a r d J. H u sse y ,
Cashier,
W ALTERW. BATCHELDER
Asst. Cashier.
J a c ob H. H er zo g .
Asst. Cashier.
W e make a specialty
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D rafts.
Saturday, June 20, 1908
THE COMMERCIAL WEST
48
The Wollaeger Mfg. Company
M IL W A U K E E ,, W I S .
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Federal Reserve Bank of St. Louis
D e s ig n s
R.
BANK
and E stim a te s
FIXTURES
F u rn ish ed
ALEXANDER
197 East Island A ve.
MINNEAPOLIS, M lN N .
Saturday, June 2Ô, 1Ô08
THE COMMERCIAL WEST
*-
NORTHWESTERN
M ARBLE AND TIL E CO.
(Successors to Northwestern Mantel Co.)
Designers and Manufacturers
of
High Grade Bank Fixtures
In Marble,
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We also furnish office and store fixtures.
Drug and Jewelry Stores a Specialty.
Office and Salesrooms:
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MINNEAPOLIS
N
S ed gw ick B an kin g C om pany, held on M ay 7th, E. D. H am ilton
w as re-ele cte d p resid en t; E. P. C layton, v ice president, and W .
F. M iles, cashier.
ARKANSAS.
Shuler.— T he D ick son S treet B an k is in p ro ce ss o f o rg a n i
zation .
S earcy.— T he S earcy B ank has been con v erted to the B ank
o f S earcy.
H a rtley .— T he H a rtle y C oun ty B ank has been in corporated
w ith a ca p ita l o f $10,000.
P erry .— M. M'. C reasey w as recen tly elected assistant cash ier
o f the F irst N ational Bank.
W ilton.-—T he B an k o f W ilto n has been in corp orated w ith a
cap ital sto ck o f $25,000. W . G. G reenin g is. president.
T in sm an .— D. W . B oss is presiden t and W . R. W atson , c a s h
ier, o f the new B an k o f T insm an , cap italized at $10,000.
St. P aul.— T he B ank o f St. P aul and the C itizens B an k have
consolid ated and w ill resum e business under the form er nam e.
G assville.— T h e C itizens B an k has been in corporated w ith a
cap ital o f $5,000.
M. P. C ov in g ton is presiden t, and H. C.
B row ning, cashier.
P aragou ld .— A recen t m eetin g o f the d irectors o f the S ecu
r ity B an k & T ru st C om pan y resulted in the election o f the fo l
low in g officers:
I. C. L eg itt, p resid en t; A . A . K n ox, v ice
presiden t, and G. O. L igh t, se cre ta ry and treasurer.
KANSAS.
In d u stry .— A new bank has been organized b y J. L ew is and
others.
D ex ter.— T he D ex ter S tate B an k has been con verted into the
F irs t N ation al B ank. Capital, $25,000.
W h itin g .— A new state bank is bein g organized w ith a capital
o f $15,000. L e slie H a rrison will be cashier.
P lain v ille.— C harles B aird o f L ea v en w orth has been elected
presiden t o f the F arm ers & M erch ants State B ank.
M orland.—W . R- C unningham has been su cceed ed b y J. L.
Stanfill as v ice presiden t o f the M orland State Bank.
L a C ygn e.— A . B. H a llow ell and C. R. H allow ell, assistant
cash ier, have sold o u t their sto ck in the L a C ygne State Bank.
A tch ison .— T he fo llo w in g officers have been elected b y d ire ct
ors o f the C om m ercial State B an k:
Sheffield Ingalls, second
v ice p resid en t; N. I. A y ers, assista n t cash ier, and L eo N u sbaum , secretary.
OKLAHOMA.
C yril.— W . P. Sm ith o f C ache is p rom otin g the establish m en t
o f a new bank here.
Ind iah om a.— A new state bank has been organized. W . S.
H uddle w ill be presiden t.
L u th er.— T he title o f N ational B ank o f L uthu r has been
chan ged to the F irst N ational Bank.
M ead.— E. P. B lake is presiden t an d T. J. H artm an, v ice
president, o f the new F irst S tate Bank.
D av is.— T om G rant w as recen tly appointed president, an d J.
F. E llis, cash ier, o f the F irst State Bank.
B essie.— R. B en ke w as elected presiden t, an d H. C. W a lle rstadt, cash ier, o f the State B an k o f B essie.
P on d C reek.— F. J. G en try has been elected presiden t, and
C onrad S trecker, cash ier o f the F irst N ation al B ank.
C addo.— H . M. D unlap is. president, and H. E d w ards, cashier,
o f the n ew B ryan C ou n ty State B ank, cap italized at $40,000.
E u fau la .— M. B oard, C. B. M 'cCluskey, R. A . Josey and P. W .
Sam uel have p urch ased a con trollin g in terest in the E'ufaula
N ation al B an k from J. A . S terrett.
B ristow .— L. N. S tou tm ore is reported h a v in g sold his stock
in the International B ank to T. XV. H en dricks, a local cap italist
w h o su cceed s Mr. S tou tm ore as president o f the institution.
Clad P u rdy su cceed s Jess C ates as a ssista n t cashier.
B artlesville.— A recen t m eetin g o f the d ire cto rs o f the B a r
tlesville N ation al B ank resulted in the election o f the fo llo w in g
officers: R. L. B eattie, president, to su cceed W m . Joh nstone;
O la W ilsh ite, v ice president, to su cceed R. J. R en n ; and G. R.
M cK in ley , cash ier, to su cceed Mr. B eattie.
TEXAS.
H ou ston .— Jesse H. Jones has been elected p residen t o f the
N ation al C ity Bank.
D alla s.— Jas. A. S teph enson w a s elected presiden t o f the
C olu m bia T ru st C om pany.
A bilen e.— W . M cC ullough h a s been elected v ice p residen t
o f the C om m ercial N ational Bank.
H ou ston .— H. M. G arw ood w as re ce n tly elected v ice presiden t
o f the L u m berm en s N ation al B ank.
C om m erce.— J. T. J a ck son has been elected presiden t o f the
P lan ters & M erch ants N ation al Bank.
S nyder.— W . W . E ddlem an w as app ointed v ice presiden t o f
the F irst S tate B an k & T ru st C om pany.
G reenville.— F. J. P hillips has r e ce n tly been elected president
o f the G reenville N ational E x ch a n ge Bank.
F risn a.— G eorge L. W rig h t, L. H. R ussell, M. R. D ick, D. W .
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Federal Reserve Bank of St. Louis
M cM illen and others have in corp orated the F irst State Bank,
w ith a cap ital o f $15,000.
B ron te.— J. B. M cC u tchen has been elected president, and C.
B. H ines, cashier, o f the F irst N ational Bank.
B allinger.— T hos. W a rd has been elected president, and M'. A
T raylor, cash ier, o f the C itizens N ation al Bank.
G orm an.— W . A . W ald rop w a s recen tly elected president, and
W . A . H artsel, cashier, o f the F irst N ational Bank.
O chiltree.— Jas. T. T ry er and E. A. P erry have recen tly been
elected v ice presiden ts of the F irst N ation al Bank.
L ind ale.— O. A . T unnell and J. W . Ogburn w ere recen tly
elected v ice presid en ts o f the F irst N ational Bank.
L ip scom b .— T he L ip scom b State B ank has been in corporated
b y C. H . L ock h ard t, D. B arton , A . S. B ursan and others,. C a p i
tal, $10,000.
E l P a so.— T he d irectors o f the C ity N ational B an k recen tly
elected U. S. Stew art, president, to su cceed A ug. G. A n d reasA ug. G. A nd reas, v ice president, to su cceed B. P. M ich elson ’
and J. F. W illia m s, v ice presiden t and cashier.
C enter P oin t.— E. M cE lroy has resigned his position as
cash ier o f the F irst N ational B an k here to a cce p t a position
w ith the Charles S chreim er B an k at K errville. Jam es L. M c
E lroy w ill su cceed Mr. M cE lroy as cash ier of the F irst N ational
B ank.
. E l P a so.— T h e N ation al B an k o f C om m erce has been a u th or
ized to com m en ce bu siness, w ith $200,000 capital. J H N otion s
is p resid en t; John T. M cE lroy and Jam es M. S coggin v ice
p resid en ts; W . L. T olley, cash ier, and T . M. T uebedeau x, a ssistan t cashier.
L O U IS IA N A .
N ew Orleans.— T he title o f the M erchants N ational B ank has
been chan ged to the P eoples Bank.
D en ham S prings.— T he d irectors o f the new B an k o f D enham
Springs have elected G. O. L an d ry v ice president.
M onroe.— T he new O u ach ita V alley B ank has. opened for b u si
ness w ith a cap ital stock o f $100,000. T he officers o f the bank
are as follow s:
H. L. G regg, p resid en t; Charles E. C heney
v ice presiden t, and G. M. C rook, cashier.
ALABAMA.
S ylacauga.— T he C itizen s B an k has been incorporated. J B
B atson w ill be president.
C haton .— T he C haton S tate B an k has been organized bv
Jam es N. G ranade o f St. Stephens, and others.
. F lorala.—-At a recen t m eetin g o f the d irectors o f the B ank
o f F lorala the follow in g officers w ere elected : W . H B ritton
p resid en t; W . C. M cL au ghlin, v ice president, and Theo. S L a n z ’
cashier.
M IS S IS S IP P I.
L eland.— A new bank has, been organized w ith H Geopel as
president, and S. C. Bull, cashier.
M cC om b C ity.— T he M ech an ics B ank is the title o f a new
institution o f w h ich W . W . L ake is p resid en t; D. F L am pton
cash ier, and P. J. A lbright, assista n t cashier.
M IS S O U R I.
A lton .— J. M. F ranks has recen tly been elected presiden t of
the B an k o f A lton .
W illow S prings.— C hristian Sass has been elected v ice p resident of the State B ank o f W illow Springs.
Springfield.— T he O zark T ru st C om p an y is the title o f a
new institution bein g org an ized w ith a cap ital stock of $500 000
b y Jam es R. F olts and others.
W ith a m .— A ch arter has been issued to W . A . R ankin B H
D urham and A lex an d er R ankin fo r the organ ization o f 'th e
B an k of W itham , cap italized a t $10,000.
A p p leton C ity.— T he d irectors o f the M erch ants B an k have
elected P hil K lein, presiden t, to su cceed E dw in M ason d e
ceased. W . F. M cC olley w as elected v ice president.
C olum bia.— T he new C entral B ank o f C olum bia has opened
fo r bu siness w ith the fo llow in g officers: P residen t W T C on
ley ; v ice president, G. B. D orsey ; cashier, Ira T. G. Stone- a s
sistan t cashier, A llen P ark. C apital, $25,000.
IL L IN O IS .
P aris.— E d w ard L ev m g s, form erly assistant cashier, w as r e
cen tly elected presiden t o f the C itizens N ational B ank to s u c
ceed J. W . Snyder.
Z ion C ity.— T he d irectors o f the F irst S tate B an k have e le c t-
High Grade
Bank Fixtures
L . P A U L L E C O ., Minneapolis, Minn.
ed the follow in g officers: Chapin A . D ay, p resid en t; W illia m G.
Finn, v ice presiden t, an d D u ncan G. B ellow s, cashier.
C hicago.— T he d irectors o f the N orth ern T ru st C om pany, at
a m eetin g held on June 9, elected R ich ard M. H anson, assistant
cashier. Mr. H a nson has: been co n n ected w ith the savin gs d e
p artm ent fo r a num ber o f years.
IN D IA N A .
U p ton .— A rticle s o f in corp oration have been filed fo r the U p
ton S tate Bank.
F arm land.— John W . C layton has resigned as p resid en t o f the
F arm land State B ank.
W in slo w .— T he F irst N ational B an k has been authorized to
com m en ce business, w ith a capital o f $25,000. Joel B ailey is
p resid en t; L og a n R oblin g, v ice p resid en t; E lm er W . R ust, c a s h
ier, and Chas. W . Bee, assista n t cashier.
P rin ceton .— T he stock h old ers o f the F arm ers B an k have
elected the fo llo w in g d ire cto rs: Joseph S. H eston , W illia m D u n
can, E. B. Funk, W . D. D ow n ey, R. P. M oore, H e n ry C. B arr,
J. N. D avidson, J. A rth u r M auck and Sam T. H eston . T h e
d irectors su bsequ ently elected officers as fo llo w s: Sam T. H e s
ton, p resid en t; W . D. D ow n ey, v ice p resid en t; F rank M. H arris,
cashier, and W a lte r P. A nthon y, assista n t cashier.
Indian apolis.— T he fo llo w in g officers w ere elected b y d ire c t
ors, o f the G erm an A m erican T ru st C om p an y: A lbert E . M e tz
ger, presid en t; G ustav A . Schnull, first v ice p resid en t; H en ry L.
A tk in s, secon d v ice p resid en t; A rm in B ohn, third v ice presid en t
and trea su rer; W illia m J. K asberg, se cre ta ry ; F ra n k E . Gates,
assistant secretary , and T h eod ore F. V onn egut, tru st officer.
M iddletow n.— T h e annual m eetin g o f the stock h old ers o f the
F arm ers S tate B an k w a s held re ce n tly an d d irectors w ere e lect
ed a s fo llo w s: W m . H. K esslin g, John D avis, W illis W iseh art,
I. W . C ooper, Charles C. W iseh art, Jap V a n M atre and A.dolph
C ooper.
T he d irectors elected W m . H. K esslin g, p resid en t;
John Davis', v ice p resid en t; A d o lp h C ooper, cash ier, and Jap
V a n M atre, assista n t cashier.
M IC H IG A N .
D u rand.— F . W . L a w ren ce has been elected as. cash ier o f the
F irst N ation al B ank.
N orw a y .— W illia m B ond su cceed s L . F . S pringer as v ice p res
ident o f the F irst N ation al Bank.
C helsea.— T he n ew F arm ers & M erch ants S tate B an k has
been ch artered b y the state ba n kin g departm en t, w ith a capital
o f $25,000. .
B y ron .— F. W illia m N othnagel has resign ed his p osition as
cash ier o f the S tate B ank, havin g a cce p te d the p o sition of
au d itor o f the F irst N ation al B ank o f M enom onie, Wis,.
R och ester.— T he stock h old ers o f the new F irst N ation al B ank
have recen tly elected the fo llo w in g d ire cto rs: C harles -S. C hap
m an Charles S. Chase, John C. D ay, Sam uel A . F lum erfelt,
F ra n k H. H ale, John T. N orton and Charles W . U pton. I h e
officers elected are: P residen t, John C. D a y ; v ice presiden t,
Charles S. C hapm an ; secon d v ice president, F rank H. H a le;
cash ier pro tem , C. S. Chapm an.
T he in stitu tion w ill open
fo r bu siness a b o u t S ep tem ber 1.
O H IO .
C am bridge.— J. W . S cott w as re ce n tly elected cash ier o f the
G uernsey N ational B ank, to su cceed A. A . T aylor.
A rca n u m .— T he F arm ers B an kin g C om p an y has been c o n
verted into the F arm ers N ation al B ank. Capital, $50,000.
M arietta.— T he d irectors o f the G erm an N ation al B an k r e
ce n tly elected W . J. Speer, cashier, in p lace o f S. L. Angle,, and
C H. N ixon, assista n t cash ier, in p lace o f Mr. Speer.
B ellville — T he P eoples Savings B an k h a s been in corporated
w ith a cap ital sto ck o f $25,000. T he in corp orators are R H.
C ockley, H. F arber, R. H. R itch ie, O. H. G urney and W . E.
Y oung.
B rad ford .— T he Firs.t N ational B an k has been organ ized w ith
a capital o f $25,000, w ith the fo llo w in g officers: Ja cob E. D eeter,
p resid en t; A lfre d M. B rant, v ice presiden t, and J. A . Crow ell,
cashier.
G uysville.— T he F arm ers & M erch ants B an k C om pan y has
been in corp orated w ith a capital sto ck o f $25,000. J. W . S ch ool
er, R . E. H all, J. M. B riggs, J. P erry and E. W . C unningham
are the in corporators.
P E N N S Y L V A N IA .
L a trob e.— T he corp orate ex isten ce o f the C itizens N ational
B ank has been extended.
N orth E a st.— O. C. H irtzel h a s been elected to the v ice p re s
id en cy o f the N ation al B ank o f N o rth E ast.
E ast S trou dsburg.— J. N. Gish su cceed s N . S. B rittain as
cash ier o f the M onroe C oun ty N ational Bank.
A v o n m o re .— T. P . S turgeon has been elected presiden t, and
G. M. H ine, cash ier, o f the F irst N a tion al Bank.
T e rre H ill — T he T erre H ill N ation al B ank, cap ital $25,000,
has. been in corp orated by S. F. F oltz, Joseph M arks, Christian
Show alter, S. S. W a tts, H. Ja cob y, and E rw in W . Schraeder.
C orrespondent, L . O. D avis.
W ilk e s -B a rre .— T h e a p p lication o f John B. Y eager, W . C.
Shepherd G eorge K. P ow ell, C. W alter, L ou is T isch, John W il
liam son and B. F. M ahon ey to organ ize the L u zern e C oun ty
N ational B ank, w ith $400,000 capital, has been ap p roved b y the
con troller o f the currency.
NEW YORK.
L a k e G eorge.— E . R. Z ieb ach w a s elected v ice presiden t of
the F irst N ation al Bank.
B r o o k l y n . . __v ic t o r A . L e rn e r w a s appointed secon d assistant
cash ier o f the W illia m sb u rg S avings B ank.
Ja m estow n .— O. N. Rush,worth has, been elected presid en t of
B A N K IN G NOTES.
V a lle y City, N. D .— T h e F irst N ation al B an k is rem odeling
its building.
P aris, K y .— P . I. M cC arthy, cash ier o f th e D ep osit B ank,
died recen tly.
Corning, la .— A new bu ildin g w ill be erected fo r the F irst
N ational Bank.
Sheridan, Ore.— T he Sheridan State B an k is1 n ow loca ted in
its new quarters.
C am bridge, N eb.— T he C am bridge S tate B an k is n ow located
in its new quarters.
L o ck n e y , T e x . — T he F irst N ational B ank, cap ital $25,000, has
opened f o r ’ business.
<
C larksburg, W . V a .— Jam es T. .D rudy, cash ier o f the H om e
S avings B ank, is dead.
M ilford, U tah .— It has been reported b y M. C. Ipson, cash ier
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, June 20, 1908
THE COMMERCIAL WEST
50
the F arm ers & M ech an ics Bank, to su cceed H a rlow J. Crissey,
resigned.
A u burn.— G. B. L on g street, cash ier o f the N ational B an k of
A uburn, has been elected presid en t o f the institution.
B ath .— F ra n k Cam pbell has been elected presid en t o f F a rm
ers & M ech an ics B an k to su cceed A . B eekm an, deceased. W .
R. C am pbell w a s elected v ice p resid en t an d F red W ebster,
cashier.
N ew Y ork .— G eorge N. H a rtm a n n su cceed s Ja cob C. K lin ck
as secretary o f the M etrop olitan T ru st C om pany, Mr. K lin ck
h a v in g resigned his p osition to a cce p t the v ice p resid en cy of
the W illia m sb u rg T rh st C om pany.
MASSACHUSETTS.
B oston .— T he corp ora te ex isten ce o f the C om m ercial N ational
B an k h as been extended.
L e ice s te r.— A t a m eetin g o f the directors, o f the L eicester
S avings Bank, held recen tly, Charles T. M onroe w as elected
president, to su cceed Julius O. M urdock, w h o resigned.
Springfield.— T he annual m eetin g o f the stock h old ers o f the
Springfield F ive C ents S avings B an k wras. held recen tly and the
follow in g board w as re-e le cte d : P residen t, R ob ert O'. M orris;
v ice presidents, H en ry M. Phillips, O liver M arsh and C harles
A. N ich olas; tru stees, R obert O. M orris, O liver M arsh, A aron
B agg, A lfred M. C opeland, H en ry D. M arsh, N ew rie D. W inter.
D aniel J. M arsh, H en ry M. P hillips, C harles A . N ichols. Ralph
W . Ellis, Jam es H. P y n ch on , G eorge L eonard, W illia m H . Gray,
T h om as F. C ordis and E d w in F. L y ford .
C O N N E C T IC U T .
W in sted .— A t a m eetin g o f the d irectors of the H u rlb u t N a
tional B an k R u fu s E. H olm es w as elected president, to su cceed
the late H en ry Gay. W illia m T. B atch eller w a s elected v ice
presiden t, to su cceed Mr. H olm es.
H artford .-—T he stock h old ers o f the U nited States B an k have
elected the fo llow in g d irectors: M organ G. B ulkeley, Sam uel
G. D unham , John R. H ills, A tw ood Collins, John O’. E nders,
W illia m E. A. B ulkeley, M organ B. B rainard, D. N ew ton B a r
n ey and H en ry L . B unce. T he officers elected are: P resident,
H en ry L. B u n ce; v ice president, M organ B. B u lk eley ; cashier,
W illia m B. D avidson.
D IS T R IC T
OF
C O L U M B IA .
W a sh in g ton .— A. G. Clapham has recen tly been elected third
v ice p residen t o f the C om m ercial N ation al B ank.
W a sh in g ton .— T he d irectors o f the N ational C ity B ank have
elected E. Q u in cy Smith, presiden t, in place o f P. A. D ru ry; E.
S. M unford, v ice president, in p lace of F . T. S anner; and E dw .
S. M unford, cash ier, in p lace o f A . G. C lapham .
N EW JERSEY.
W estfield .— A n ew nation al bank w ill p rob ably be organized
here.
L am bertv ille.— F rank A . P hillip s w as recen tly elected cashier
o f the L am bertv ille N ation al B ank, to su cceed I. P. Smith.
N ew ton .— A t a m eetin g o f th e d irectors o f the S ussex N a
tional B ank, T h eod ore Sim onson, form erly v ice president, w a s
elected president.
S O U T H C A R O LIN A .
P ark sville.— A new bank has been org an ized here w ith a
cap ital o f $25,000.
A n d erson .— T he C itizens N ation al B ank has been in c o r p o
rated, w ith a cap ital o f $50,000.
G reenville.— J. P. R ick m a n is the prim e m over o f the org a n
iza tion of the F ou rth N ational B ank. Capital, $100,000.
Joh n ston .— T he F arm ers B an k and the B an k o f Johnston
have con solid ated under the latter nam e, and the cap ital in
creased from $50,000 to $75,000.
Calhoun F alls.— T he B an k of Calhoun is the title o f a new
institu tion cap italized a t $20,000. B. B. G ossett is presid en t;
Jam es P. G ossett, v ice president, and H . V . G. C ooley, cashier.
T he institution will open fo r bu siness early in S eptem ber.
G EO R G IA.
B lairsville.— John D. W a lk er w ill p rob ably be presiden t o f the
recen tly organized B an k o f B lairsville.
W a y cr o ss.— T he A m erica n N ation al B an k is bein g organized
w ith $50,000 capital. W . W . G astin ger is the p rom oter.
V illa R ica .— A t the annual m eetin g o f the d irectors o f the
M erch ants & P lan ters B ank, J. M. M oore w as elected president
and E. R. A y res, cashier.
F LO R ID A .
J a ck son ville.— A rticles o f in corp oration have been filed fo r the
A m erica n E x ch a n ge Bank.
Jen sen.— H. B. R ace is president, and H . B. W a tts, Jr.,
cash ier, o f the new St. L u cie C oun ty B ank, cap italized at
$15,000.
TENNESSEE.
C h a ttan ooga .— T he C itizens B an k & T ru st C om pan y has r e
cen tly been con v erted into the C itizens N ation al Bank. C ap i
tal, $300,000.
N E W M E X IC O .
C utter.— L. Clapp su cceed s J. A. R eed as cash ier o f the F irst
N ational Bank.
CANADA.
W in n ip eg .— W . H . W o o d is rep orted h a v in g been appointed
m anager o f the W in n ip eg b ran ch o f the B an k o f N o v a Scotia.
Mr. W o o d w as form erly in ch arg e o f the bran ch at S askatoon,
Sask.
o f the State B ank o f B eav er C ounty, th at a new. tw o -s t o r y bu ild
in g w ill be erected.
W eb ster City, la .— The F irst N ation al B an k b u ildin g will be
rem odeled and enlarged.
W a ln u t Creek, Cal.— A new b u ildin g w ill be erected for the
San R am on a V alley Bank.
St. M aries, Idaho.— T he L um berm en s State B an k w ill soon
be located in its new building.
W ash in g ton , la .— On June 1st the C itizens N ational B an k w as
p laced in v olu n ta ry liquidation.
bbing, M inn.— A new b rick b u ildin g w ill be erected fo r the
aants & M iners S tate Bank.
3
ttanning, P a .— Geo. W . D overspik e, ca sh ier o f the Farm ers
nal B ank, died on M ay 26th.
Lke B enton, M inn-— T he F arm ers S tate B an k has filed an
dm ent to its articles o f in corp oration , in crea sin g the cap -
Saturday, June 20, 1908
THE COMMERCIAL WEST
ital from $10,000 to $15,000. R ob ert S. Carlisle is president, and
A lfred Soderlind, cashier.
M arshfield, O're.— T he F irst T ru st & Savings C om pany r e
cen tly m oved into' its n e w quarters.
P hiladelphia, P a .— T he C onsolidation N ation al B an k on June
8th w en t into v olu n ta ry liquidation.
B ryson City, N. C.— T he cap ital o f the B ryson C ity B an k has
been increased from $10,000 to $15,000.
Im boden, A rk .— T he cap ital sto ck o f the P eoples B an k has
been increased from $25,000 to $200,000.
Oslo, Minri.— A co n tra ct has been let b y thé C itizens S tate
B an k fo r the erection o f a new building.
C oalinga, Gal.— T h e cap ital o f the B an k o f C oalinga w as
recen tly in creased fro m $25,000 to $50,000.
H ersh ey. la .— T he cap ital o f the B an k o f L in coln C ounty
w as recen tly in creased fro m $5,000 to $10,000.
F aribau lt, M inn.— T he F irst N ation al B ank bu ilding w ill be
rem od eled and rebuilt and m aterially im proved.
F ostoria, Ohio.— T he F o sto ria M ech an ics B an king C om pan y
has increased its cap ital fro m $50,000 to $100,000.
E d geley, N. D .— W o rk on the con stru ction o f the new F irst
N ational B an k buildin g is p rog ressin g satisfa ctorily.
Steen. M inn.— E. J. E dm on ds, p resid en t o f the State B an k of
Steen, died at his hom e at M arcu s, la ., on M ay 28th.
M ason City, la .— T he death o f J. A dam F elth ouse, president
o f the C om m ercia l S avings B ank, has been announced.
L ew istow n , M ont.— T he E m pire B an k & T ru st C om pany will
erect a new cem en t and b rick bu ilding. Cost, $25,000.
W estp h a lia, M'ich.— It has been determ in ed b y the d irectors
o f the W e stp h a lia State B an k to erect a new building.
Colville, W a sh .— P lans h a ve been m ade fo r the B ank o f C ol
v ille fo r the erection o f a n e w tw o -s to r y stone building.
L exin gton , K y .— T he cap ital o f the L e x in g to n B an k in g &
T ru st C om pan y has been redu ced fro m $600,000 to $500,000.
Shelton, N eb.— O w ing to the rapid g ro w th o f the M eisner’ s
B ank the cap ital w ill be in creased from $10,000 to $25,000.
B urlington, N. J.— N athan H om er, presiden t o f the M e
ch an ics N ation al B ank, died recen tly at the age o f 75 years.
San F ra n cisco, Cal.— T he stock h old ers o f the B an k o f Italy
v oted re ce n tly to increase the capital fro m $500,000 to $1,000,000.
K en n ew ick , W a sh .— P lans have been m ade fo r the F irst N a
tion al B an k fo r the co n stru ctio n o f a n ew t w o -s t o r y b rick
building.
P rosser, W a sh .— It w a s re ce n tly v ote d b y the stock h old ers
o f the P rosser S tate B an k to in crease the cap ital from $40,000
to $45,000.
W y m o re , N eb.— T he C ity N ation al B ank, a recen t con version
o f the W y m o re State B ank, w ill increase the cap ital from $25,000 to $50,000.
N ew Y ork , N. Y .— T he qu estion o f in crea sin g the capital stock
from $100,000 to $200,000 is bein g discu ssed b y the stock holders
o f the C helsea E x ch a n g e Bank.
E lgin; N eb.— P lans have been m ade fo r the E lgin S tate B an k
fo r the co n stru ctio n o f a n e w building. T he new stru ctu re is to
be o f b rick and one story high.
S heboygan, W is .— T he C itizens State B an k h as filed an
am endm ent to its articles o f in corporation , in creasin g the c a p
ital sto ck fro m $50,000 to $75,000.
R aym on d , S. D .— O w in g to the rap idly in creasin g bu siness
o f the R ay m on d State B an k the stock h old ers recen tly v o ted to
in crease th e cap ital sto ck fro m $5,000 to $10,000.
M errim ac, W is .— P lan s have been m ade fo r the S tate B ank
o f M errim ac fo r the erection o f a new o n e -s to r y b rick bu ild
ing. the c o s t o f w h ich is estim a ted at ab ou t $5,000.
N ew A lban y, Ind.— A re ce n t m eetin g o f the stock h old ers o f
the S econd N ation al B an k resulted in the ra tify in g o f the
p rop osition to in crease the cap ital fro m $100,000 to $200,000.
L ow ellsville, O hio.— T he stock h old ers o f the L ow kllsville
Savings & B an k in g C om p an y have filed an am endm ent to the
a rticles o f in corporation , in creasin g the cap ital fro m $30,000 to
$50,000.
F o rt Collins, C olo.— T h e F irs t N ation al B an k is n ow in its
n ew quarters, the $50,000 bu ildin g h a v in g been com pleted. T his
bu ildin g is con sid ered one o f the finest in this part o f the state.
T he interior o f the bu ildin g is finished w ith m ahogan y, tiled
floors, m arble co u n te rs an d p artition s, m arble seats arid c o p
per and brass fixtures.
C olorado Springs, Colo.-—It w as re ce n tly v o te d b y the d ire c t
ors o f th e E x ch a n g e N ation al B an k to ere ct a new building, to
be con stru cted o f steel and stone at the p resent site o f the
bank.
T h e old bu ildin g w ill be dem olished.
A . G. Sharp is
the p resid en t; J. R. M 'cKinnie, v ice p resid en t: J. F. L illy, v ice
p resid en t; S. J. Giles, cash ier and C. G. Graham , assista n t
cashier.
A P P R O V A LS OF RES ER V E AGENTS.
M innesota.
A lex a n d ria .— F arm ers N ation al Bank.
B ank, C hicago.
C ontinen tal N ational
M ichigan.
Grand R ap ids.— F ou rth N ation al B ank. F irst N ation al Bank,
D etroit.
L a k e L in d en .— F irst N ational B ank. F irst N ational Bank,
D etroit.
T rá v erse C ity.— F irst N ational Bank. F irst N ational B ank,
D etroit.
H a n co ck .— F irst N ation al Bank.
N ational C ity Bank, C hi
cago.
A lleg an .— F irst N ational Bank. F irst N ation al B ank, D etroit.
A nn A rb o r.— F irst N ation al B ank. F irst N ational B ank, D e
troit.
D urand.— F irst N ation al B ank.
F irst N ational Bank, D e
troit.
N orth
D áko ta .
W a lh alla .— F irst N ation al B ank.
A m erican E x ch a n ge N a
tional B ank, N ew Y o rk ; B an kers N ational B ank, C hicago.
M arión.— F irst N a tion al B ank. N orth w estern N ational B ank
M inneapolis.
51
B ank, N ew Y o rk ; C om m ercial N ational B ank K an sas C ity;
U nion N ational Bank, K an sas City.
P ra tt.— N ational B an k o f P ratt.
C entral N ation al Bank,
T op ek a ; Kansas. N ational B ank, W ich ita .
T opek a .— Central N ational Bank. N ational P a rk B ank, N ew
Y ork.
C alifo rnia .
D inuba.— F irst N ation al B ank.
C hicago.
A D D IT IO N A L BOND NOTES.
Juneau, W is .— T he city w ill soon offer for sale $7,000 w ater
and gas plant bonds.
....„H um boldt, la ., School D istrict.— It has been v oted to issue
$12,000 bu ildin g bonds.
Jefferson, W is .— A recen t election au th orized $7,500 bonds
to p u rch ase p rop erty fo r the city.
D ou glas, A riz., S chool D istrict N o. 27.— T he $20,000 6% 20year bu ilding bonds, have been sold at 106.625.
G ilbert Plains, M an.— T he ra te-p a y ers w ill v ote on a b y -la w
to issue $15,000 6%, 20-year sch ool debentures.
D elta C ounty, M ich. (P . O. E sc a n a b a ).— T he su pervisors have
au th orized an issu an ce of $25,000 road bonds.
Suisun, Cal.;—T he $20,000 sew er bonds, w ere sold to the state
board o f exam iners at par w ith accru ed interest.
A lden, M inn.— A special election will be held to v o te on the
p rop osition of issu ing $5,000 pum pin g station bonds.
B loom field, A lta., School D istrict.— W illia m C. B rent, has
p urch ased $5,000 7% , 20-year bonds, o f this d istrict.
Cheyenne, W y o .— E. H. R ollins & Sons, D enver, have p u r
chased from this city $160,000 5% w aterw orks, bonds.
N ew L ondon, W is .— $15,000 4 % % , 8-yea r (a v era g e) sew er
bonds, w ill soon be offered fo r sale b y the city.
R ed Oak, Iow a, School D istrict.— T he boa rd o f education
has au th orized the issu an ce o f $17,000 refu n din g bonds.
R ichm ond C ounty, B. C.— $5,000 7%, 15-year debentures have
been p urch ased b y W illia m C. B rent, from this coun ty.
M artinez, Cal., Stege S chool D istrict.— T h e sch ool bon ds w ere
sold to B. F ern an dez fo r $25,437.50 and accru ed interest.
D ouglas, W y o .— T h is city has sold to W m . E. S w eat & C om
pany, $50,000 bonds, at par, less a com m ission o f ab ou t 4%.
C rystal Falls, M ich .— A n election w ill be held to v o te on the
qu estion o f issu in g bon ds fo r g ood roa d s in this, tow nship.
L os Angeles,. Cal.— A special election w ill be held to v o te
upon the qu estion o f issu in g $350,000 fire departm en t bonds.
B randon, M an.— M essrs. W ood , G undy & C om pany, have
p urch ased $36,000 5% 30-year sew er debentures, from this city.
Telluride, Colo., C ortez S chool D istrict.— T he p rop osition to
issue $5,000 sch ool bon ds w as carried a t an election held r e
cently.
A berd een, S. D., School D istrict.— T his city w ill hold a sp ecial
election to v ote on the p rop osition o f issu ing $9,000 refu n din g
bonds.
S askatoon, Sask., S chool D istrict.— $35,000 5 % % 25-year
sch ool d eben tu res have been sold to M essrs. W ood , G undy &
C om pany.
A tk in son , N eb., S chool D istrict.— A n election held recen tly
d efeated the p rop osition o f issu ing $6,000 sch ool bonds, b v a
v ote o f 67 to 53. R iverside. Cal., School D istrict.— A n election held recen tly
au th orized $40,000 5% , 5-14 y ea r (serial) bu ilding bonds, b y a
v o te o f 97 to 11.
C algary, A lta .— M essrs. G. A . S tim son & C om pany, T oron to,
have been aw arded the $743,000 ligh t and w a ter exten sion d e
bentures, at 92.53.
M acleod, A lta .— $48,000 5% , 40-year sew er, w aterw ork s, and
e lectric light d ebentures have been p urch ased b y M essrs. W ood ,
G undy & C om pany.
Carlsbad, N. M ex.— A n election will be held to v o te on the
qu estion of issu ing $25,000 sew er, $15,000 road and brid ge and
$15,000 high sch ool bonds.
Jackson, M ich .— T he c ity cou n cil is con sid erin g the qu estion
o f callin g a sp ecia l election to v ote on the p rop osition o f issu
ing $50,000 refu n din g bonds.
G reat Falls, M ont.— T he $100,000 4% , 10-20 year (op tion al)
refu n din g bonds, offered on M ay 29th, w ere not sold.
T h ey
w ill be r e -o ffe re d on June 29th, a t 4% s.
Green B ay, W is .— T he $30,000 4f4% , 10-year (a v e ra g e ) paving
bonds, offered on M ay 27th, have been aw arded to th e K ellog g
N ation al B ank, Green B ay, at a prem ium o f $864.40— 102.881,
a basis o f 4.15%.
M erced C ounty, Cal. (P . O. M erced ), School D istrict.— T he
$24,000 6%, 1-15 y ea r (seria l) sch ool bonds, offered on June 1st,
w ere sold to N. W . H a lsey & C om pany, C hicago, at a prem ium
of $1,399.20— 105.103%.
M erced C ounty, Cal. (P . O. M erced ), E lm S ch ool D istrict.—
T he $2,500 6%, 1-10 year (seria l) school bonds, offered on June
1st, have been aw arded to Ja m es H . A d am s & Co., L os A ngeles,
at 101.48, a basis o f 5.685%.
Since 1905 there has been a steady decline in the sal
mon pack of Pacific coast canners from 4,653,158 cases
of all classes of fish in that year to 3,697,891 cases in
1907. In 1901 the pack was 5,040,961 cases, and this yield
also fell off between the year and 1904 when only 3,323,654 cases were canned.
The American Mortgage â Investment Co.
251-2-3-4 Endicott Bldg.,
ST. PAUL, MINN.
M ontana.
G reat F alls.— G reat F alls N ational Bank.
B ank, Om aha.
O m aha N ational
N ebraska.
L in co ln .— Central
B ank, C hicago.
N ation al
B ank.
C om m ercial
N ational
Kansas.
W ic h ita .— F ou rth N ation al B ank. H am ilton N ational Bank,
C hicago.
B urlingam e.— B urlingam e N ational Bank.
Chase N ational
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C om m ercial N ational Bank,
Offers
C H O IC E
FARM
M O R TG A G E S
to conservative investors at attractive rates. Cor
respondence invited. All loans personally inspect
ed. Send for our list o f loans.
HENRIK STROM,
G. B. EDGERTON
President.
Vice-President.
W. T. SUCKOWc Sec. and Treas.
Saturday, June 20, 1908
THE COMMERCIAL WEST
52
A GOOD
U n e x c e lle d P r o d u c t
S k i l l e d W o r k m a n s h ip
SHOE
S e le c t e d S t o c k
C o r r e c t P r ic e s
THESE IMPORTANT FEATURES ARE ALL EMBODIED IN
NORTH
BU SINESS
OF
$
B u t t e ,
Manufacturers and Jobbers
Office and Warerooms, 424, 426, 428 First Ave. No.
A gents for the Boston Rubber Shoe Co.
- - BEST GOODS MADE. -
TRUST CO.
M IN N E A P O L IS
-
The North D akota Independent
BUTTE.
=
Telephone Company
M o n ta n a
(E st a b l is h e d 1882)
Capital and Surplus, $300,000.00.
OFFICERS:-John G. Morony, Prest.; John D. Ryan, Vice-Prest.; C. C.
Swinborne, Cashier; R. A. Kunkel. Asst. Cashier ; R. W. Place, Asst.
Cashier.
.
Transacts a general banking business; issues letters of credit and
drafts payable in the United States and Foreign Countries.
We aim to extend to our customers every accommodation consistent
with conservative banking.
W e respectfully solicit your business.
In its 7 % preferred stock, offers to invest
ors a desirable rate o f income on a safe
investment.
Inquiries regarding this stock made of
any of the Company’s officers will be given
prompt and courteous attention.
Minneapolis Office:
ALBERT (. BUTLER
JOHN BUNNHAM
:-fe4®?.K
924 SECURITY BANK BUILDING.
B U T L E R &. C O .
H. R. LYON, President. M in n e a p o l is ,
JAMES D. BROWN, 1st Vice-President, Minneapolis,
ROBERT JONES, 2nd Vice-President, F a r g o , N. D.
E. J. WEISER, Treasurer, F a r g o , N. D.,
A. B. COX, Secretary, V a l l e y C it y , N D.,
L. D. RICHARDSON, General Manager, Fargo, N. D.
S T O C K S , BO N D S , G RÂIIM ' •• '' " '
BANK 4
SHOES
NORTH STAR SHOE CO.
must be built from
the quality and gen
eral attractiven ess
of the lineshandled.
DALY BANK
STAR
UNLISTED
STOCKS,
1
159 LA SALLE STREET
CH ICAGO
---------------------—----
WYMAN, PARTRIDGE & CO.
QUALITY
Established
M ERCHANDISE
OUR
SPECIALTY
o
e
187s
J
b
b
r
s
o
f
Dry Goods, Notions,
R u g s, Furnishings
M a n u fa c tu re rs
of
“ Flour C ity’ " (Men’s)
“ M a d e r i t e” (Ladies’)
Furnishing Goods
M A IN BU ILD IN G
M A IN BU ILD IN G
Between Sixth and
North
First Avenue North
M INNEAPO LIS,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N E W W AREHO USES
FACTORY
Corner Fourth Street and First Avenue
Seventh
Streets on
On Tracks at Third Avenue North and
Seventh Street
M INNESOTA
Saturday, June 20, 1908
THE COMMERCIAL WEST
53
M U R P H Y -T R A V I S C O
Lithographers, Printers and Blank Book Manufacturers.
We make a specialty of BANK and OFFICE SUPPLIES.
TELEPHONE
Let us do your Lithographing
C O N STR U CTIO N .
M IN N E S O T A .
C lifton (M ail K n ife R iv e r ).— A rural telephone line is w an ted
in C lifton.
A itk in .— E x ten siv e im provem en ts w ill be m ade b y the A itk in
T eleph one C om pany.
M ountain L ak e.— T he M utual T eleph one C om pan y w ill c o n
stru ct a line to C arson.
O strander.— T he O strander T eleph one C om pan y e x p e ct to put
an ex ch a n ge in this city.
H en dru m .— T he T eleph one line w ill be exten ded fro m F len stad into D a k ota territory.
N orth field.— T he N orthfield T eleph one C om pan y have applied
fo r a fra n ch ise to op era te a teleph one line.
E rhards G rove.— T he E rh ard T eleph one C om p an y has sta rt
ed the co n stru ctio n o f its line in E rh ard G rove.
In tern ation a l F a lls.—A teleph one com p a n y w ill exten d its
line to several tow n s sou th o f International Falls.
L u c to r (R . F. D. fro m P ip e sto n e ).—A fa rm ers teleph one line
will p ro b a b ly be co n stru cte d from L u cto r to H olland.
N orth B ran ch .— T he T ri-S ta te T eleph one C om pan y w ill c o n
stru ct an oth er line to L in d strom in the near future.
B reck en rid g e.— T he G reat N orth ern R ailw ay is con stru ctin g
a teleph one system betw een B reck en rid ge and ' M inneapolis.
B row n s V a lle y .— T he fa rm ers o f F olsom tow nsh ip are c o n
stru ctin g a teleph one system w h ich will co n n e ct w ith this city.
W a ite P a rk .— A num ber o f fa rm ers have started the c o n
stru ction o f a teleph one line run ning n orth w est fro m W a ite
Park.
Delafield.-—T he N orth w estern T eleph one C om pan y is p r o
m otin g the o rg an ization o f a teleph one com p an y am on g the
fa rm ers in this vicin ity .
N ew U lm .— John C. Skuse, su perintend ent o f the N ew Ulm
R u ral T eleph one C om pany, has sen t in his resig n ation to take
e ffe ct Ju ly 1st. O tto K oh n w ill su cceed him .
C lough (R . F. D. from F rid le y ).— T he R an dall R ural T e le
phone C om pan y w ill hold a special m eetin g o f the d irectors to
d iscu ss the a d v isa b ility o f co n stru ctin g a teleph one line.
G lenw ood.— T he L ake A m e lia T eleph on e C om pan y has been
in corp orated w ith a cap ital sto ck o f $3,000. T he in corporators
are: E . D. H unt, W illiam V on L ilienthal, E. L. W rig h t, H. E.
W e st, S im on H u tchin s, B. A . F alkner and Jam es H anrahan.
M ankato.-—T he fo llo w in g officers w ere elected a t a recen t
m eetin g o f the board o f d irectors o f the C itizens T eleph one
C om p an y :
H. A . P atterson , p resid en t; N ick P eterson , v ice
p resid en t; W . D. W illa rd , se cre ta ry -tre a su re r, and C. H . E d
w ards, m anager.
C arlos.— A t the annual m eetin g o f the d irectors, o f the C en
tral T eleph on e Co., the fo llo w in g officers w ere elected :
M at
Clark, p resid en t; J. R oth , v ice p resid en t; J. B. H ove, treasurer,
and A . N. K oh lh ass, secretary . T he d ire cto rs are: A . J. B an k son, S ven Johnson, and N els N elson.
W IS C O N S IN .
G lenw ood.— T he W e s t W is co n sin T eleph one C om pan y is e x
ten d in g its lines to H em ple.
M ilw au kee.— T he Independent T eleph one C on stru ction C om
p an y has been organized w ith a cap ital sto ck of $10,000 b y H.
D. C ritchfield, S. T. W yla n d and R. W . Dunlap.
M ay v ille.— A rticle s o f in corp oration have been filed b y the
M ayville R ural T eleph one C om pany. It has a cap ital sto ck of
$2,400, and the in corp ora tors are: A lb e rt Z a strow , F. A . J u stm an, H. F. R ingle and others.
C oon V alley .— The C oon V a lle y F arm ers T eleph one C om
p an y has been organ ized b y the fa rm ers in this v icin ity .
S w itch board s will be installed a t C oon V alley and C haseburg.
P lans are bein g m ade fo r the co n stru ctio n o f a line betw een
S toddard and W e stb y .
IO W A .
M adrid.— A rra n g em en ts are bein g m ade fo r the con solid ation
o f the tw o local teleph one com pan ies.
Iow a F alls.— Mr. C handler o f R ed Oak, w ill becom e m anager
o f the local office o f the Io w a T eleph one C om pany, to su cceed
D. N. C am eron, w h o will retire.
M arshalltow n .— T he M arshall T eleph one C om pan y has p u r
ch ased the local p l a n t .o f the Io w a T eleph one C om pany. Im
p rov em en ts w ill be m ade in rebuilding the lines, and erectin g
a new e x ch a n ge building.
B len coe.— T he B len coe T eleph one C om p an y has been in c o r
p ora ted w ith a cap ital sto ck o f $500. T he officers are: John
B row n , presiden t, and W m . M cF arlan d, secretary .
T h ey will
begin the co n stru ctio n o f the line at once.
NEBRASKA.
South Om aha.— T he Independent T eleph on e C om pan y will in
stall a plant w h ich will g iv e the city con n ection w ith . Om aha,
and points in Io w a and N ebraska.
T he co st o f con stru ctin g
these d ifferen t lines w ill be about $200,000.
P an a m a .— T he B en n ett T eleph one C om pan y o f P anam a and
P E C U L IA R V A L U E OF B A N K STOCK.
Bank and trust company stocks possess one character
istic in far higher degree than other classes of stock. Ow
ing to the general practice of self-regulated banking in
stitutions to distribute only about one-half their earnings
in dividends and to credit the rest to surplus account, a
steady rise is assured in the book value of the stock. No
other class of stock possesses quite the same promise of
appreciation in value. Bank and trust company stocks are
especially sought by wealthy men, who can forego some
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Minneapolis, Minn.
the F arm ers M utual T eleph one C om pan y o f B en n ett have been
con solid ated and reorganized under the nam e o f the F arm ers
U nited T eleph one C om pany. T h ey w ill install new equipm ent
and exten d their lines.
Ord.— T he control o f the Independent T eleph one C om pan y has
been acqu ired b y I. V. R eason er, a L in coln capitalist. T he new
organ ization o f w h ich R. R. Sorenson has been elected presiden t
and W . W . H askell, secretary , will com m en ce the con stru ction
o f a num ber o f n ew lines.
NORTH DAKOTA.
L id g erw ood .— T he R utlan d C om pan y has p urch ased the C a
y u g a teleph one line.
R a y .— T he G reat N orth ern T eleph one line w ill soon be c o n
n ected w ith W illiston .
B y esville.— A n Independent T eleph one C om pany has been
organ ized b y D. S. Burt.
P ark R iv e r.— T he F arm ers T eleph one C om pan y has c o m
m enced the con stru ction o f its line to Garfield.
SOUTH DAKO TA.
Clear L ak e.— A nu m ber o f n ew lin es w ill be con stru cted by
the Clear L ak e T eleph one C om pany.
C orsica .— The F arm ers C o-op era tiv e T eleph one C om pan y will
con stru ct ab ou t 60 m iles o f line in this v icin ity.
A rm our..—A F arm ers T eleph one C om pan y has been organized
b y the fa rm ers o f D ou glas cou n ty, w ith a cap ital stock o f
$10,000. T h ey w ill op erate lines in this p art o f the state.
W h ite .— T he F arm ers T eleph one C om pan y w ill hold a m eet
in g fo r the purpose o f d iscu ssin g the p ossib ility o f org an izin g a
fa rm ers cou n ty teleph one associa tion .
It has been p roposed
th at the new associa tion should take over or c on n ect all the
fa rm ers teleph one lines in the coun ty.
M ONTANA.
B u tte.— A n ex ch an ge bu ildin g is bein g erected b y the Bell
T eleph one C om pany.
M iles C ity.— J. E. E d w ards has been g ran ted a fran ch ise to
con stru ct a telephone line in this city.
T oledo (P . O. H a v r e ).— A telephone line w ill be con stru cted
from T oledo to con n ect w ith Chinook.
F ors y th .— T he Bell T eleph one C om pan y will p rob ably m ake
lon g dista n ce con n ection w ith Billings.
V irg in ia C ity.— T hq R o c k y M ountain B ell T eleph one C om
p any w ill install an entire new system o f w irin g on all the
p hones east o f the central office in V irg in ia City.
ID AH O .
W a lla ce.— T he In tersta te T eleph one C om pan y of Spokane has
secured a line run ning from K ellog g to W allace.
D eary.— T he In tersta te T eleph one C om pan y w ill ex ten d , its
line to D eary and establish an ex ch an ge in this city.
F orest.— T he fa rm ers in this v icin ity have organized a tele
phone com p an y w h ich w ill con n ect w ith the N ez P erce C o -o p
erative T eleph one C om pan y at Ho.
E lko.— A n Independent T eleph one C om pan y has been org a n
ized by the business m en in this vicin ity . A line w ill be c o n
stru cted betw een E lko, N evada, and M ountain H om e. T h ey will
exten d their line from M ountain H om e to B oise, w h ere they w ill
install an exchan ge.
NEVADA.
R en o.— T he H om e T eleph one C om pan y o f N ev ad a has been
organized b y W illia m L aS helles and others. L in es are to be
con stru cted in R eno, V irg in ia C ity and Fallon.
C A L IF O R N IA .
O n tario.— T he San B ernardino T eleph one and T elegrap h
C om pan y has filed a rticles o f in corp oration w ith a capital sto ck
of $200,000. T he follow in g d irectors have been elected : J. A .
F letcher, R. P. C arter, L. R. K en n ed y, J. N. H a rtley and R. L.
Dunbar. A line w ill be con stru cted to L os A ngeles and another
from U pland to R edlands.
OREGON.
L ln n ton .— A rticles o f in corp oration have been filed b y the
H om e T eleph one C om pany, w ith a cap ital stock o f $2,500. T hose
interested are: M. Crandall, W . F. H arris, J. C. N oy es and
others.
W A S H IN G T O N .
P a rk er.— T he Y a k im a V a lley T eleph on e C om pan y w ill m ov«
its ex ch a n ge from P ark er to W apa to.
W e n a tch ee.— A fran ch ise has been granted to A. L. M cM ullen
to operate a telephone line alon g the S tem ilt H ill road, to W e
natchee.
CANADA.
V a n cou v er, B. C.— T he B ella Co'ola T eleph one L ig h t and
P ow er C om pan y has been in corp ora ted w ith a cap ital stock of
$25,000.
thing in the way of income return for the sake of increas
ing the amount of their principal. The general character
istics of bank stocks are great safety, a low rate of in
come, limited convertibility and practically certainty of ap
preciation in value.— George Garr Henry, in System.
Zinc coffins are largely used in Vienna. The more ex
pensive ones are made of copper, and cost as much as
$2,500, while a bronze and copper coffin recently made for
a Russian archduke cost over $5,000.
Saturday, June 20, 1908
THE COMMERCIAL WEST
54
WISCONSIN SAVINGS, LOAN AND TRUST COMPANY
H U D S O N , W IS
$ 100 , 0 0 0 .0 0
MAKES A SPECIALTY OF SELLING
P R IM E
FARM
M O RTGAGES
And looks after collection of interest and principal,
when due, remitting same to its clients at par.
Is s u e s Its D ebenture Bonds
E x e c u te s a ll T ru sts
OFFICERS AND DIRECTORS
N . B. B a i l e y , President.
F. B. B r o w n , Vice President.
F. E. S e t t e r g r e n , Vice President.
C. N. G o r h a m , Sec’y and Treas.
G. W . B e l l , S p e n c e r H a v e n , B. E. G r in n e l l .
MONTANA
A STATE WITH GREAT
AGRICULTURAL POSSIBILITIES
W e Own and Offer For Sale
at Wholesale
2 0 0 ,0 0 0
ACRES
on C., M. & St. P. Ry. and N. P. Ry.
FELTH0US LAND & INVESTMENT CO
312-314 Endicott Building,
IN WESTERN NORTH D A K O T A
AN D EASTERN M O N TAN A.
St. Panl, Minn.
W e have just purchased 30,000
acres in the Lethbridge dis
trict, Sunny Southern Alberta,
which is the finest land we
have ever had for sale.
Send for Mop*. Pomphlot, Price* and Term*.
Upper Snake
River* V alley
*
Clay 68b Huston, Idaho Falls, Idaho,
will tell you about a country that
cannot be beaten. D rop them a card.
It is all good— none better.
Prices and terms right.
Join one of our weekly excur
AT LA VET A, COLORADO
sions leaving M i n n e a p o l i s
every Tuesday morning via
2 5 6 0 .A.Cr© R a n c h —well improved,
with houses, barns, fences, etc.
200 to 300 acres irri
gated and in crops.
More than 100 head of High Grade Hereford Cattle,
besides Horses, Hogs, Crops and Implements. A good
supply of water for irrigation. And the price, including
everything, $14.00 per acre.
the
S oo
line,
and
see
for
yourself.
Other Irrigated Ranches.
For further information write
C.
E.
T Y L E R
Low prices.
V
4
<3 C O .
C o lo r a d o S p r in g s, C o lo r a d o
The 0. W. Kerr Company
Cor. Third and Nicollet,
Minneapolis,
8 0.0 00
•
Minn.
ACRES
of Irrigated Land in the Big Lost River country in
Idaho is now ready for entry under the Cary act.
$25 and $80 per acre.
Ten years time to pav for it.
For full information write DODGE & HEADLINE.
No. 7 West Fourth Street, St . P a u l , M in n .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
TIMBER.
W
e
i-
O f f e r F o r S a l e :—
500,000,000 feet of A1 Yellow Fir, in Curry County,
Oregon, at 80c per M. feet.
1600 acres in Clallam County, Washington, cuts sixty
million feet, at 75c per M. feet.
16000 acres in Pacific County, Washington, at *$22 per
acre.
We have larger and smaller tracts in Oregon, Wash
ington and British Columbia, with or without mills.
Correspondence solicited.
BENJ,
34 Washington St.
CHICAGO, ILL.
M.
FORD
<3
CO.
496 Arcade Building,
SEATTLE, WASH-
4
Saturday, June 20, 1908
THE COMMERCIAL WEST
The Farm Land Movement.
Poq11^ 'SA f nV 4A ; 75’ IV i’00;, J a y H - F osd ick to De Groff, nw 22H en rv 01« ™ ° | I /wT e lsch o w , ,to Upland, sw 7-139-75, $2,152.98;
H en ry Olson to Pfiffner, nw 11, and ne 9-141-80, $3,100- W F
W oodw orth to L aram ore, s nw an d lots 3 and 4 4-139-75, $2,000ionre ? e^ ryT3R o b lt i)ll ta R obid ou, w sw sw nw se sw 13-137-80!
$900, J C. B en n ett to B ennett, w se 21-137-76, $1; L ou ise G urr
to L un dberg, e ne 34-143-78 $1,200.
The; fo llo w in g are late farm land tra n sfe rs as taken from o f
ficial cou n ty record s. T h e y in d icate the value o f farm land in
the resp ectiv e counties.
M IN N E S O T A .
$6 ¿00Urray
C ou n ty-— CharIes
F - S tarr
SOUTH DAKOTA.
to
Sm ith,
se
7-105-42,
M innehaha C oun ty.— J orgen son se 3-104-48, $9,60Q.
-Rr.fPbai-rleS^ r iix C ou n ty-— Johann K irsch en m an n to Johnson
B ros. L an d Co., se ne sw 33-98-65, $8,000; W a lte r S m eeton to
Joh nson B r o s , L and Co s se 33-96164. $2,7007V e r n a A B o w lls
p
n w oo-£m - u4, ihl,bUU.
rTn 2" 95*63 $6’ 500; G eorge S trieker to Johnson,
ti IIw
ru u ? ve»nStL 0V / ? “ A '
K u y p e r to Schultz, nw 29, P epperton,
$2,000, A . W . W ilb er to W arn er, s 28, S tevens, $10,240.
C oun ty.— G eorge Senn to Senn, e ne ne se w se 18(V eek ' ,v ?°2o6 ° 6 R ' B erland t0 R yan, ne ne 28-104-7, M oney
r-,
"4
*
W IS C O N S IN .
R ock C oun ty.— W . F. M cG ee to K uhn, s sw 10-102-44, $4,200;
R udolph L a n g to Sundem , se 6-101-46, $9,600; C. O E n g e r to
H usen, ne 8-102-45, S12.480.
H P eT,one C oun ty.— F. M. B unn to Sm alley, s s 18-107-44,
$6,400; M ary E. D avis to M cM ains, nw 7-108-46, $5,000; L. E.
H illier to B ro ck b e rg , nw 8-105-45, $6,880.
cm T ® dw; ood C oun ty.— T. E. F a w se tt to R ehfeld, ne se 1G, V esta,
$1,100; J a co b Giem to Green, w se 15, M organ, $4,000; L a rs P.
Sorensen to F fed erick sen , n ne 11, B rookville, $2,900.
Stearns C oun ty.— M. U ndersan der to U ndersander, n sw 24124-29, $3,081; L o u is L od erm eier to W ern ert, sw se 15-125-29,
$1,925; John S ch ica ta to K orn ek, w se 6-125-30, $1,490. W rig h t C oun ty.— E m ily E. P rib yl to H a gg e rty, l a 30, $1,100;
M arth a J. Oakes to D od gon, 8, 17, $3,500; W . L em p e to S herwin, 10, $1,500; G. A . P eh leteta l to G alvin, 133a 23, $7,000.
O ttertail C oun ty.— M arie L. W illso n to Johnson, nw sw 16,
e se 17-132-37, $2,000; T. S. B uckham to W rig h t, % o f sw 13133-39, $1,000; C harles C atlin to V itt, w sw se nw ne w se sw
8-137-36, S3,400.
M orrison C ou n ty.— John W o lte r to W o lte r, w 24-42-29, an d e
ne e se 28-39-30, $4,833.30; John F. O kerstein to P eterson , e
ne 14, n 30a ne se 15-129-31, $2,600; P e te r S chubloom to Smith,
nw se 5-129-31, $1,000.
L esu eu r C ou n ty.— D aniel O’ N eill to B urns, s 40a n 58a e nw
23-112-25, $3,510; L ou ise M. H o b d a y to E ck h ard t, und 1-3 w se
12-111-26, $2,000; A lb ert J. T um a to K im es, s se 17-112-23, $4 000; T h eresa T u m a to K lim es, s se 17-112-23, $2,800.
B row n C oun ty.— Julius F. W e n d t to W en d t, 40a 1-109-35, $1,300; F ried rich M ueller to B raun, 80a 36-110-32, and 72.80a 1-10932, $7,500; M ich ael D u m ke to D um ke, 200a 18, 40a 19-119-32, $1,550; M ich ael D u m ke to D um ke, 6.97a lot 4, 26-111-32, $1,550.
R ice C oun ty.— R. E . L o o k e r to Gallagher, se se sw, B rid g ew ater, $1,600; A u g u st B. K a rsch to R och a ck er, lot 16 in ne,
W ells, $1,650; D on ald W . G rant to T hom as, nw F orest, $6,400;
T h om as A . D onnell to D onnell nw sw C annon City, $1,000.
M eeker C oun ty.— A ug. B lock to B lo c k ,. n se 13, C edar Mills,
$3,000; H ein rich B lock to W ilk ie, n sw 24, C edar Mills, $4 800’
Joh n W . A n d erson to N elson, se se 8, ‘Sw ede G rove, $1,000; A n
ders G. Plagglund to Ostlund, sw ne 11, C ollinw ood, 40a, $1,800.
St.. L ou is C oun ty.— John A . L in d g ren to L ing, n nw sw nw
8-54-17, $1,100; Sam uel P o rte r to A ron s, lots 1, 2, 3, se ne 6, lots
1, 2, 7-66-19, $3,000; M innie Olson to M agnuson, s sw ne sw nw
se 22-51-17, $1,550; M arth a Olson to O ppagard, e ne 12-51-18,
T y ler to C arver, e sw 15-50-4, $1,200, W m , K n ig h t to W eb ster, n se 3-50-4, $1,280; A E T v ler to
C arver, e sw 15-50-4, $1,200.
’
y
ir ? U<fik BiSi0U-tIt y ' C4ark E - p ,li,liPs to H enkel, nw sw e sw 3636—b, $1,800; H en ry E w er to E w er, nw ne 32-35-8, $900- E hm e E
A nkes to B riggs, sw 27-35-8, $2,200.
Iow a C oun ty.— T ore B ole to A rneson, pt sw sw 15, pt nw nw
22, ne ne 21-5-4, $2,500; John D od ge to H arris, se se 11 se nw
w nw 13, © n e e nw' ne 14-7-3, $7,855.
— H annah Joh nson to E im on , p t se 6-47-12,
$4,500; St. C roix L an d Co. to R osieky, sw 17-46-11, 160a, $1,440;
loba^' $1^260dbUry t0 FerrlS’ n s sw s nw sw s s nw sw 21-47-12,
Juneau C oun ty.— H a rry W ey m ou th to W en tow sk i, p t s se 7
P4 ? f w 8-15-4, $5,000; M ary Jane M cC u tch eon to L an ge, lot 1
4-16-4, lot 2 33, sw sw 34-17-4, $3,700; E m m a J. M iller to B ailey
sw se se sw, s 10a ne se 29-14-3, $4,000.
'
Gcmnty.— N ap oleon A rch an to H ou g, w sw 1-35-16 $1 600; D e v e r e M . P uffer to Clark, se 14-36-20, $1,600; A n d rew E
Johnson to Tholen, s ne 21-36-16, $1,280; P eter E. D an ielson to
D anielson, n ne sw ne se n w 3-36-18, $1,200.
IO W A.
C ounty.-—Geo.. J. S cholz to Irion, ne se 15-97-13, $2,000; Ed Slam a to M eyer, .1-6 frac. 4-97-11, $1,124; W E P eav ev
29-100H4 $7 200 29' 100’ 14’ $G-400; J ’ A - G risdale to Sprung, nw
on * i on ° na C oun ty.— J. R. W is e to T orticill, lots 1 and 2 ne 5« 9~k4959 qI V 0^,0 ’ ■V!?®r/rlff M °n o n a C oun ty to H aub, s ne 35-82-45,
oc o a a I * a.?h^ 7
1r1?rvM on on a C oun ty to H aub, s w n-w se nw n sw
oo- ö4-4 o, oo,b75.oü.
H en ry C oun ty.— S. A . D ou glass to H in ch m an, ol 44 and
w est m iddle part ol 12, H illsboro, $1,400; J. K. A lte r to M ath
ew s n se 2, B altim ore, 80a, $2,000; E. June to M axw ell, w n s
1, Salem , 120a, $6,000.
’
C ounty.— Geo. H. Ja ck son to Smith, sw 31-100-25,
$11,216; P earl E. Sm ith to Sullivan, sw 31-100-25 $11,216- Guv
Steadm an to Steadm an, 1-6 int. in ne 22-98-24, $1,200- M arv E
P eters to Steadm an, 1-6 int in ne 22-98-24, $1,200.
Cerro G ordo C oun ty.— M ich ael Conrin to St. P aul & Des
M om es R y. Co., a strip 100 ft. w id e over s 5-94-20, $3 600- J en
nie W a rn er to St. P aul & D es M oines R y. Co., 100 ft. ov er w se
17-94-20, $1,200; Gerd R oben to St. Paul & D es M oines R y Co
100 ft. ov er se 20-94-20, $2,500.
™AnlSJin C ou n ty.— C aroline H elv ig to E ngland, nw 28-90-20,
$11,200; C aroline H elv ig to H elvig, sw 15-90-21 $8,000; Caroline
H elv ig to Graff, n ne 29-90-20, $5,620; B utler T h rossel to Sheffield
C em ent T ile and B lock Co., pt. s se 5-93-20, $1,250- T B T aylor
to S chlesinger, lots 7 and 8, blk. 19, H am pton , $3,000.
Iow a C oun ty.— M atilda B au ser to M onnett, w sw se se sw
s 32a sw 18, e nw 19-81-11, $14,000; L ou is W a g n er to W a g n e r
se 25-80-9, s 27a se ne 25-80-9, 187a, $7,000; A . J. H artm an to
Sankot, 7a n w 5-14, 63a 5-81-12, $1,081.50; A. J. H a rtm a n to
Sankot, n ne n se nw s 5a n 1114a sw ne 5-81-12, $6,034.
C herokee C ounty.— L ars O tto L a rson to H obbs, und. % o f
240a in 7-92-42, $11,500; W illia m H ale to W eb b , lot in Cherokee
$1,850; F. W . Ja ck son to W ill, 160a in 10-90-40, $5,200; Jam es
W a rren to W arren , lot in C herokee, $1,000; E lias D ubbs to G ra
ham , 40a in 12-90-40, $3,800; J. A. L ou isa to P erry; 40a in 3357-40, $1,000.
$1,200.
K an d iy oh i C ounty.— M artin C. T o lle fso n to H andy, sw e x o
3.45a, 20, 154a,$7,700; K an d iy oh i County! B an k to H a rris, se 4,
153.50a, $5,335; L ars O. T h orpe to H arris, nw ne 9, 40a, $1,400;
W illia m H . F edd em a to W eid n er, se ne, se nw, ne sw 5, 320a’
$7,900.
D od ge C ounty.— E lsie B aker to C astner, und 5-6 n,
30a, s
n w 4, M antorville, $1,125; E lsie B ak er to C astner w 30a s nw
4, M antorville, $1,350; A u g. Sorn to M ensing, e sw 2, C oncord,
$3,700; E d w ard D. M ich m ael to T vedt, w se se se 12, and ne ne
13, C an isteo, $9,600.
P olk C ou n ty.— W . C. M cK ee to M iller, se 18-149-44, $2,400;
T h om as H en d rick son to T hom pson, s se 23-154-50, $1,500; Ole
T ollefson to T ollefson , nw 28, s se 20-149-41, $5,000; Joseph M en
ard to B io w n , se 23-150-47, $5,800; A n d rew S teen erson to V in
cent, 520a in 22, 23 and 27-148-48, $12,600.
B lue E arth C oun ty.— P eter H. K e lly to Ja cob son , sw sw 5,
L era y, $2,400; R udolph F. Stolzm ann to Zellm er, s sw 7, P le a s
a n t M ound, $4,400; G eorge D asch n er to S chram l, sw se 15, L e R ay, $3,000; Y o u n g M en’ s In vestm en t C om pan y to the M ankato
P o st e 72 ft o f lot 10, blk. 12, M ankato, $3,000.
M artin C oun ty.— C harles E. L an d in to H in rich s, se 3, M any ask a , $8,800; M artin Shum ski to Salter, sw 9, Silver L ake, $9,600; A u g u st A. R inke to B oyn ton , n w ne 18, W e stfo rd , $1,000;
O liver J. Clark to V ick e ry , se n w 25, C enter Creek, $1,800; W il
liam J. C onner to Conner, e sw 26, Jay, $1,000.
M artin C oun ty.— E d w ard W e b ste r to P eterson , nw 10, E lm
C reek, $5,680; W illia m J. C onner to C onner, e sw 26, Jay, $1,000C harlie E. T h om pson to T hom pson, w sw 17, W e stfo rd , $4,000;
O liver J. C lark to V ick ery , se nw 25, C enter Creek, $1,800;
C harles E. Landin' to B rogan, ne n w se, lots 1 and 2, 5, L ake
B elt, $17,658.35.
C lay C ou n ty.— E llen S. A nd erson to A nderson, frac. ne 1140-45, $1,000; E llen S. A n d erson to A n d erson , frac. se 1-140-45,
$1,400; John I. L ew is to H ilker, ne 9-141-45, $4,500; W h eeler
L an d C om p an y to W heeler, nw 34-141-47, $4,800; E lias H. R eese
to C leven, e se 7, ne 18-142-47, $10,800; S co tt M. E lrick to E lrick, s 15-142-44, $11,095.
F illm ore C oun ty.— H a lv o r T ollefson to F inneseth , e sw se se
35, sw sw 36, Chatfield, $8,586; Ingval L. F inneseth to K olstad,
e nw 15a nw ne 36, C hatfield, $5,700; Ole L. V in g ess to J e n
son , ,e sw n w se s 24% a se nw 30, N orw ay , $11,000; Jon athan
4 B roa d w a ter to D ornink, e pe nw 16, B ristol, $1,600; J. G. Lund
to N orton , lot 233 C anton, $2,000; H a lvor T ollefson to F inneseth
e sw se se 35, sw sw 36, C hatfield, $8,586.
NORTH DAKOTA.
"Cass C ou n ty.— B arn ey S im on itch to E lliott, s 4-143-50, K in y on , $14,000; G ustar B ehlke to U tke, sw 20-137-54, H ighland
$4,000.
: M cL ean C oun ty.— A lice R eiten to A n d erson , e ne n w ne w
s\y ne 14-144-81, $3,200; C. M oellen d orf to P utz, s sw 2-150-74
$1/500; J. W ittm a y e r to B arron, ne 32-147-74, $4,000.
Stu tsm an C oun ty.— L oren R. W o o d c o c k to H je lm o e v ik , se 14142-69, $2,200; G reat N orth ern L an d & S to ck Co. to R oy, w 21139-66, $4,960; M ary E. G aige to D u ru ot, nw 23-142-62, $3,600;
H a rr y A- H u n ter to E rick son , se 19-1T4-68, $1,920.
T ra ill C oun ty.— D avid M. B ohb to E dw ards, e 34-146-52 $9 000; M. L . E lken to A nd erson, se 29-148-51, $1,500- K n ud ’B e n
son N yhu s to E lken, se se 29-148-51, $4,000; Carl B. K ald or to
H)a i46r 5in $ ^ 00 0°"146" 51’ $2’ 000; C ' ° ' K a ld or to K aldor, s sw
B urleigh C oun ty.— T h om as E. P eters to H a rrin g ton
$2,400;' E d w ard M arquette to the K an d iy oh i
138-75;
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
55
n w 11C oun ty
NEBRASKA.
D ou gla ss C ounty.— Joseph in e Green to D ou glas C oun ty tax
lot 19 26-15-13, $16,350.
UTAH.
Salt L a k e C oun ty.— F. M. L y m an to W rig h t, land in 9-2-1
$2,000; A. B. S aw y er to N orburg, land in 19-2-1, $1,600’ M urray
R eal E state and In vestm en t C om pan y to H ow e, land in 7 -2 -i
$2,500.
MONTANA.
C uster C oun ty.— N orth ern P a cific R a ilw a y Co to F erris 193-45, $2,291.40; H erbert A. W h ittie r to N ason 1, ne 3 n n se’ lots
1, 2, 3 and 4, 11-12-51, 25. 27, 29, 31, 33, 35, 13-51, lot’s 1, 2 and 3
7-12-52,frac. 31-13-52, w h en su rveyed w ill be nw s ’ 3-12-51
7665.64a, $45,993.83.
’
13-2^6di19-a -P °$ 2 OOO-P a C e "W 0 ° dS MP' C° ' tG P o sso n ’ w n se
OREGON.
-
M ultnom ah C ounty.— Carl B lech in ger to H eilm an 15a up nw
28-1-1, $7,000; G eorge W e th erb y to C oopey, lot i ne nw l l
TH IS
W E E K
w e o ffe r fo r s a le o u r s e c tio n
2 3 -1 3 9 -6 4
S T U T S M A N C O U N T Y , N. D.
A well improved farm only three miles south o f James
town, N. D. Our price is $20 per acre; $2,000 cash down
balance on easy terms.
G. M. F O R M A N
<3 C O .,
C ham ber o f C om m erce
C H IC A G O ,
IL L IN O IS
THE COMMERCIAL WEST
56
DENVER,
FIRST
COLORADO
Established 1865
NATIONAL
C A P IT A L ,
SURPLUS
D E P O S ITS
BANK
$ 1,000,000
1,000,000
17,0 0 0 , 0 0 0
United States Depository
Saturday, June 20, 1908
OFFI CERS
D. H. M OFFAT,
President
THOS, K E E L Y , V ic e Prest.
F. G . M OFFAT,
Cashier
a S. HAUGH W OUT,
A ss’t Cashier
J. C. HOUSTON,
A ss’t Cashier
S P E C I A L C R O P S IN C O L O R A D O .
(S p ecial C orrespon den ce to the C om m ercia l W e s t.)
Denver, June 12.— With the single exception of corn,
there is not a crop common to the temperate zone that can
not be raised in the valleys of Colorado, of a quality equal
to that elsewhere. But there are certain crops that have
been found so perfectly adapted to Colorado’s soil and^ cli
mate that they almost might be claimed as exclusive Colo
rado products.
Alfalfa and field peas have a double importance to the
state, for they not only afford profitable crops, upon which
are based immense and rapidly increasing live stock in
terests, but they afford a safe, sure and inexpensive methof renewing the soil’s fertility.
Nitrogen is an element which every plant has to have,
to grow "well. Nitrogen does not come from the grinding
up of rocks, and it is therefore the only essential of fer
tility which is not to be found in Colorado soil in inex
haustible quantities. More than half of the air we breathe
is nitrogen, but in this form it is not available for plant
growth. But* by a peculiar partnership with certain bac
teria, alfalfa and field peas possess the property of draw
ing nitrogen out of the air, not only enough for their own
use but a surplus which is left in the ground for following
crops. The eastern farmer, when his crops languish, buys
nitrates at a cost of $20 to $40 per ton, and spreads them
on his fields, but the Colorado farmer has simply to put
in a crop which is itself profitable, and reap the same
benefits.
The
B e n efits
of
“ A lk a li.”
And here nature again supplements the advantages of
Colorado with still another advantage. Nitrogen products
tend to be acid. A field in the east that gets too rich in
nitrogen gets sour. The farmer has to buy gypsum, or
old plaster, or lime, or wood ashes, or some sort of alkali
and sweeten his ground before he can raise a crop on it.
But there are mountains of lime and gypsum at the head
of almost every Colorado valley, and all the soil has fine
particles of lime and gypsum through it. So no matter
how rich the ground becomes, it is still sweet and alkaline.
The alfalfa and peas bacteria, too, need an alkaline soil
to develop their full strength.
The
A lfa lfa
digestible elements that a ton of the best timothy hay
contains. Alfalfa is so rich that it cannot be cured except
in a dry climate. In the east the hay musts and spoils
in the dampness.
S u g a r Be ets .
All the sugar in a beet comes from the sun that shines
on the leaves. It is the sun, which, by some mysterious
chemical action, changes the starch in the juices into
sugar. The sugar is taken up from the soil in connection
with certain mineral salts. Colorado soil is rich in these
salts, so plenty of starch is made in the roots. The leaves
are bathed in sunshine all day, so the starch is converted
into sugar. This is why the sugar beet is a different plant
in Colorado. Every year the average sugar content of the
beets raised for the factories of the state is increased, and
at the same time the average tonnage per acre is in
creased.
In eight years from the opening of the first sugar fac
tory in Colorado, the state has become the greatest pro
ducer of sugar among the states of the Union. The total
investment in sugar factories and machinery in Colorado,
exclusive of real estate, is more than $16,000,000. Millions
of dollars besides has been spent in building railway lines
to bring the sugar beets in from the fields to the factories.
There were in operation in the state in 1906, fifteen sugar
factories, which produced refined sugar worth at the low
est wholesale price $12,412,680. To the farmers who pro
duced the beets from which this sugar was made, the fac
tories paid $7,388,500. To employes the factories paid a
total of $2,011,000.
The total acreage planted to beets was 111,670. Divid
ing the amount paid farmers for beets, $7,388,500, by this
acreage, gives $66 as the average gross value per acre of
the beets. Careful estimates show that the cost of pro
ducing an acre of beets, figuring in seed, labor, stock, tools
and interest on the money invested in land, is about $40,
so that the average profit per acre on land planted to
beets in Colorado in 1906 was about $26.
The following table shows the location of the fifteen
Colorado factories and the figures of the year’s work in
1906:
Bonanza.
Alfalfa, without any regard to what it does for the soil,
is in itself a bonanza crop. It is a plant of the clover
family, a perennial, which sends long, tapering roots ten
to thirty feet into the ground. This immense root is sup
plemented by a mass of smaller rootlets, with attendant
nitrogen nodules. With this great root system, the plant
grows at the rate of more than an inch a day. Three and,
four crops of hay are harvested every season.
Alfalfa while growing is the deepest, living green that
ever beautified a landscape. When ready to cut, an alfalfa
field is a sea of fragrant purple blossoms, making the finest
bee pasture and honey known. Alfalfa hay is rich green
in color, sweet in taste. It is the staff of life in a Colorado
barnyard. Horses work on it without grain, dairy cows
give their richest milk, cattle and sheep fatten with only
a little corn, even pigs eat the dry hay readily and can
be pastured all summer in a field.
For chickens, finely ground alfalfa meal is sold at high
prices in the east as an egg-compelling nostrum. Chemical
analysis shows alfalfa to contain almost exactly twice the
T H E C IT Y OF D E N V E R .
Denver, by natural location, is the metropolis, the per
manent center and business market, of a larger and more
important section of the United States, than is tributary
to any other city of three times its size. This territory is
more than 1,200 miles in diameter. Within Denver offices
is conducted the management of the most important in
terests in more than 1,500,000 square miles of territory;
from Salt Lake almost to Kansas City; of a region ex
tending from the Canadian frontier and even unto Alberta
and British Columbia on the north, to points well within
the state of Texas on the south.
From Denver go out engineers, superintendents and
managers to great enterprises all over this immense re
gion. From the overflowing banks of Denver, money is
constantly being sent to aid development in all of this
region, to finance all sorts of important schemes— money
supplied by the able business men of Denver, who have
proven in a thousand well directed efforts that they know
what to do and how and when to do it, in order to pro
duce profitable results.
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Federal Reserve Bank of St. Louis
L oca tion of F actory .
E aton ..................................
G reeley ..............................
W in d sor ............................
F ort C ollins ......................
L ovela n d ......................
L on g m on t ..........................
Sterling ..............................
B rush ..................................
F t. M o rg a n ........................
Grand Ju nction ..............
R o c k y F ord ......................
L am ar ................................
Sugar C ity ........................
H olly ..................................
S w ink ..................................
C ap acity
T on s
...
600
...
600
. .. 6,000
. . . 1,200
. .. 1,200
. . . 1,200
...
600
...
600
...
600
...
500
. .. 1,000
...
400
...
500
600
. . . 1,200
A cres o f
B e e ts
5,980
8,000
11,000
11,000
11,700
11,300
5,600
3,880
4,000
4,100
13,600
5,000
6,700
6,000
9,000
T ons
B eets
S liced
90,500
110,000
201,000
158,000
201,000
175,000
68,000
50,000
58,000
52,000
153,000
50,200
67,000
60,000
100,000
No.
D ays
150
153
138
141
138
139
145
125
55
100
150
145
150
100
110
Colorado now leads all the states in beet sugar product
and is also first for high average of saccharine matter.
Her beet sugar factories, representing an investment
of $24,000,000, produced in 1907— 422,000,000 pounds of
sugar from 138,300 acres valued at $25,000,000. Michigan
was second with 165,000,000 and California third with 164,000,000 pounds.
Denver as the center of a vast farming, stock growing
and fruit growing region, has come to be fully recognized.
These interests alone would build up a great city. Alfalfa,
sugar beets, potatoes, fruit and grain. It is scarcely nec
essary to go over the list of magic wealth which has been
found in the soil of Colorado.
Denver as a social and educational center for the
states of Colorado, Wyoming, New Mexico, the Dakotas,
Montana, Idaho and parts of Utah and Texas, has a future
not easily over-estimated. Out of all these states and
territories, and even from our northwestern states and
British Columbia, come men who have been successful in
many varieties of business enterprises, to make their
homes in Denver, to give their children the benefits of
Denver’s schools, and their families the benefits of Den
ver’s social advantages.
TO H A N D L E E X P O S IT IO N CROWDS.
(S p ecia l C orrespon den ce to the C om m ercial W e s t.)
Seattle, June 12.—Seattle proved her ability to handle
the crowds that probably will attend the Alaska-Yukon-
'
<
Saturday, June 20, 1908
THE COMMERCIAL WEST
O. H. H o w e , President
P. O. H e id e , Vice President
H O W E - HEIDE
Main Office:
H. N. St a b e c k , Secretary
P. O. G o l d , Treasurer
INVESTMENT
13 North Fourth Street, MINNEAPOLIS
WE
70,000
57
OWN
Branch Office:
AMD
COM PANY
W ILD HORSE, COLORADO
CONTROL
A C R E S OF FARM LA N D S IIM E A S T E R N
COLORADO
Now is the time to Buy— Colorado is the Place
y•
Pacific Exposition, in the manner in which the city took
care of the visitors who came to Seattle to the exercises
on the visit of the Alantic fleet to the waters of Puget
Sound.
It is estimated that more than 125,000 persons came
to Seattle for the occasion. Steps taken by the chamber
of commerce to nip in the bud any attempt at extortion,
were successful as far as is known. The hotels were
crowded and many persons opened their homes in order
to provide quarters for the visitors. In spite of the large
crowd there was not one serious accident to mar the
festivities in Seattle. The streets were well policed for
the parade and the huge, good-natured crowd co-operated
with the police in keeping the entire street clear for the
paraders, although First and Second avenues were
thronged the entire four miles of the route of the parade.
RESUME
O R IE N T A L
RATE
S LA S H IN G .
(S p ecial C orresp on den ce to the C om m ercial W e st.)
Pacoma, June 12.—Jebsen & Ostrander, who provoked
an attack of rate slashing among line companies by char
tering tramp steamers and operating them in the Oriental
service, have again assumed the offensive. They tired
a broadside into their opponents when the British steamer
Sheila left the Sound carrying a full cargo for the Orient
taken at the extremely low rate of $1 per ton.
It is understood that the first part of the flour cargo
taken by the Sheila at Tacoma was at the rate of $2.07
per ton, but, failing to get a complete cargo, the remainder
was taken at $1 per ton. Just how this difference in rate
is to be adjusted the courts will probably be required to
decide.
She carried 255,000 sacks of flour loaded at Portland,
Tacoma and Seattle for Hakodate and Hongkong.
M O N T H L Y R E P O R T P U G E T SO U N D D IS T R IC T .
(S p ecia l C orresp on den ce to the C om m ercial W e st.)
V
Tacoma, June 13.— In the monthly report of Collector
of Customs F. C. Harper of the Puget Sound district is
to be found evidence of the general depression prevailing
in shipping circles. Both foreign imports and exports
show a decline, but there is an increase in collections,
which is a healthy sign.
During May the foreign imports of the district were
valued at $1,127,281, as against $1,525,917 in April of this
year and $1,868,909 in May, 1907. Foreign exports in May
totaled $2,158,164, while the figures for April were $3,325,867.
For last month the collections of the district totaled
$152,536, which is a decided gain over April’s collections
of $111,318 and $138,122 in May, 1907. Tacoma contributed
more than one-third of the total exports of the district, this
port shipping most of the wheat, flour and lumber ex
ported.
From Japan came the most valuable imports, listed at
$556,346, most of which was raw silk, probably the most
valuable of all imports. Into the district were brought
147,489 pounds, worth $480,601. Flour, wheat and lumber
constituted the principal exports.
Following is the official statement of the customs busi
ness of the district of Puget Sound during the month of
May, 1908:
Movement of vessels in foreign trade.
Entra n ces.
No.
105 A m erican ............................................
92 F oreign ...............................................
T onnage.
. . 95,200
. . 49,182
197
. . 144,393
T ota ls ..............................................
IR R IG A T E D L A N D
in the famous
San Luis Valley
Improved Land is selling at $40 to $75 per acre, on very
easy terms. Unimproved lands at from $5 to $20 per acre.
Do not overlook the opportunity of being able to buy a
farm in the “ LAND OF THÈ FIELD P E A ” at these
prices.
L a r g e T r a c t s f o r C o l o n iz a t io n .
Write for descriptive literature and other Information.
C . C . K E R R C C O ., Monte Vista, Colo.
COLORADO— NEAR DENVER
2 0 0 ,0 0 0 A C R E S
GOOD F A R M IN G LA N D
FOR SALE AT LOW PRICES
C le a r a n c e s .
No.
110 A m erican ............................................
100 F oreig n ........................: .....................
210
T onn age.
. . 04,954
. . 02,985
T o ta ls ...................... ............................................................ 127,939
Custom s
B u s in e s s
by
P orts.
C ollections.
P o rt T o w n se n d ...................... . $1,188 .92
T a com a .................................... . 11,391 .19
Seattle ..................................... . 124,074 .13
E v erett ....................................
636 .40
B ellingham ............................
186 .91
B laine ......................................
4,527 .11
P ort A n g e le s ..........................
74 .11
N orth port ..............................
5,514.,77
R öch e H a r b o r ........................
10.,94
A berd een ...............................
224 .13
A n a cortes ................................
59..24
Sum as ......................................
300. 3(;
D an ville ..................................
412. 54
F rid a y H a rb o r ........................
S outh B e n d ..............................
5. 40
Spokane ..................................
3,875. 75
O'roville ....................................
M olson ....................................
55. 07
C h op aka ..................................
T otals
...................... .........
$152,536. 97
Im ports.
$5,600
143,548
679,607
5,471
4,560
42,S66
E xports.
$13,663
772,303
884,639
71,786
23,028
121,821
62,662
84,390
13', 372
16.799
14S,12S
31,886
927
88,484
39,754
1,263
943
927
1,535
$1,127,281
WANTLAND
<®, S H E L T O N
(Colorado Land Headquarters)
814 Seventeenth St.
COLORADO
DENVER, COLO.
LANDS— DRY OR IRRIGATED
IN
LARGE
TRACTS.
Tell me the size you desire and I will submit tracts for selection.
I have some very desirable and money-making propositions.
Small irrigated farms in the Greely district.
C. A. VAN S C 0 Y , 1640 B ro ad w ay, DENVER, COLO.
18,837
1.706
395
4,545
$2,15S,164
DENVER CITY IMPROVEMENT
6 % BONDS
L E A R N IN G HON ES TY .
In a little towri a few years ago there was a shiftless
negro boy named Ransom Blake, who, after being caught
in a number of petty delinquencies, was at last sentenced
to a short term in the penitentiary, where he was sent
► to learn a trade. On the day of his return home he met
a friendly white acquaintance, who asked:
“ Well, what did they put you at in the prison, Ranse?”
“ Dey started in to make an honest boy out'n me, sah.”
“ That’s good, Ranse, and I hope they succeeded.”
“ Dey did, sah.”
“ And how did they teach you to be honest?”
“ Dey done put me in the shoe shop, sah, nailing’ paste
board onter shoes fo’ soles, sah.”—Youth’s Companion.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
PAID BY TAXES
A. E. WILSON 721 Equitable Bldg., DENVER, COLO.
DELTA
FRUIT
LANDS
SUI T AB LE PROPOSITIONS
TO I N C O R P O R A T E
Will Pay Large Dividends
WARD
DARLEY,
DELTA,
COLO.
Saturday, June 20, 1908
THE COMMERCIAL WEST
58
is a valuable adjunct to any business
establishment.
A Good
WALL MAP
o f the
UNITED STATES
The Burling-ton Route has just
published a new, enlarged and up-todate edition of its wall map of the
United States. It is 57x37 inches,
printed in six colors, mounted on roll
ers, shows every state, Alaska, the
Island possessions, mountains and all
railroads and important towns in the
Union.
Sent prepaid on receipt of
25c, stamps or currency.
P. S. E U S T I S ,
Passenger Traffic Mgr.,
,C. B. & Q. R. R.,
K
R oom 2, “ Q” Bldg-.,
C HICAGO
M ONTANA
TO
THE
L a u rel and Y e llo w s to n e
FRONT
V a lle y
Lead.
Opportunities for the investor, the home seeker, the farmer. Irri
gated lands at moderate prices. Business openings for the wholesaler
and retailer. Write for our circular. It tells just what you want to know.
L . E . Y O U N G 6 C O .,
L a u r e l, M o n ta n a
EASTERN MONTANA LANDS
FOR
C O L O N IZ A T IO N
PURPOSES.
We have two large tracts. 20,000 and 70,000 acres, in Yellowstone
county, well adapted for dry farming. Joins Northern Pacific
R. R. Terms low and reasonable. For further information write
R A IF F
<5 T H A Y E R ,
C o lu m b u s , M on ta n a
IDAHO
VIEWS
FREE
V
BEAUTIFUL VIEWS OF A
BEAUTIFUL CO U N TR Y
A T T E N T IO N
OF IN V E S T O R S
First class First M ortgage Farm Loans to net 7 per cent.
$250,000 bonds o f Large W ater P ow er, E lectric P ow er Com
pany, with 50 miles o f transmission line in operation, fo r sale.
A.
S cott B u il d in g
V.
S C O T T
Id a h o F a lls , Id a h o
MONTANA FARM LOANS
On gilt edge security. Red Lodge city property.
Improved and watered ranches for sale
in all parts of Carbon county.
GEO. E. M U SH B A C H ,
RED LODGE, M ONT.
EASTERN MONTANA LANDS
17.000 acres, 65 per cent good farming land. Price $4.50 per acre.
Extremely good terms.
.
.
.
5.000 acres, mostly bottom land. Splendid colonization proposi
tion, Well improved farms. $7.00 per acre.
Several good ranch propositions. Also irrigated farms,
Write for particulars.
C u ste r C o m m i s s io n C o .,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M ile s C ity , M o n ta n a
THE
GEM
STATE
where sunshine, flowers, health and hospitality
abound.
Is the heart of a land so rich in natural
resources that any o f them will make a great
state—and all are developing rapidly and soundly.
Fruit growing, stock raising, wool, lumber, gold,
lead and other mining, general farming, poultry
raising—these and other industries are pouring
forth riches untold and making opportunities for
everyone in Idaho. There the natural resources,
the land, the mines, the timber, can be bought for
less money than anywhere else in the Union.
OPPORTUNITIES
FOR A L L
A CHANCE TO DO SOMETHING
A CHANCE TO BE SOM EBODY
A CHANCE TO G ET
THERE
The railroads are selling cheap tickets to Idaho on
the first and third Tuesday o f each month.
Find
out about Idaho before you make a move.
Send
for free views and reading matter.
League of Southern Idaho Commercial Clubs
B O IS E
t
Saturday, June 20, 1908
THE COMMERCIAL WEST
IRRIGATION
IN C U S T E R C O U N T Y , M O N T .
(S p ecia l C orresp on den ce to the C om m ercial W e st.)
Miles City, Mont., June 15.— Montana has come grandly
. to the front within the last two years. The people of the
Middle West are just beginning to learn of the wonderful
agricultural possibilities of this state. They have heard
such amazing stories of fabulous wealth taken from its
mines that it is but natural that they should suppose that
most of the people in Montana are engaged in mining.
And yet, nine-tenths of the precious metals are mined from
a hill less than a mile across and but a fraction of the
people of Montana have even the remotest idea of the
mining business. There are today only about 350,000 peo
ple in Montana and yet this state is larger than New York,
Pennsylvania and Ohio combined, and you could fill in the
chinks with New Jersey, Delaware and Rhode Island and
still have some room left. Measured in acres, there are
94,000,000.
Until a few years ago, when several generous slices
were cut off Custer county, this was the largest county
in area in the United States. It is now second in size in
the state. It has about 13,600 square miles and extends
108 miles east and west and 126 north and south. There
are still over 6,000,000 acres of government land as yet
unclaimed within this county, and a large part of this land
can be classed as agricultural, the balance can be utilized
as grazing land, and will always be available for this
purpose.
Ir r i g a t e d L a n d s S till Cheap.
Miles City is located right in the heart of the great
Yellowstone country and claims the distinction of being
the earliest part of the valley to recognize the value of
irrigation. As far back as 25 years ago, the first work on
what is still the largest irrigation canal in the county was
undertaken. Tongue river, which joins the Yellowstone at
Miles City, was dammed at a point about 14 miles above
town and a canal constructed that would insure water for
about 12,500 acres in the Tongue River and Yellowstone
valleys. At no time has there been over 6,000 acres of this
under cultivation and any of this land can be bought today
at prices that are astonishingly cheap. And it is not be
cause the farmers of Tongue River and the Yellowstone
are unable to make farming pay that so little of this land
has been cultivated in the past and still remains at a
point that marks only a fraction of its full productiveness.
The fact of the matter is that there have never been many
real farmers in these valleys. Such land as has been taken
up was utilized by cattlemen who wanted a farm or ranch
for the purpose of raising a little winter feed for their stock.
A forty-acre field usually sufficed to raise all the native
bluejoint, or clover, or alfalfa, that they needed, and the
rest of the farm was allowed to run to sagebrush.
K in g
of
Forage
P lants.
The best you can say of a farm in this country is that
it is alfalfa land. Given land on which sagebrush thrives,
turn water on it and you have ideal alfalfa land. Alfalfa
is the king of all forage plants. It does all that corn does
for the eastern farmer and more besides. Horses, cattle,
hogs and sheep thrive on it and it gives better feed at less
cost and labor per acre than anything else.
S o il C o n d i t i o n s .
There is no mountain district in Custer county. Here
, and there are small areas of rough, hilly country, but often
these hills have extensive plateaus on which the finest
crops of all kinds can be raised. As illustrating this, the
Pine Hills, twelve miles from Miles City, are an example.
The soil of the valley is a sandy loam, averaging from
2 to 6 feet in depth, and is underlaid with gravel. On the
higher benches that skirt the river and along the great
slopes of the hills, the soil is equally productive and much
of these lands will eventually be turned into great grain
fields. Farming on these slopes and benches is in no wise
different from farming in Illinois or Iowa.
T h e T o n g u e R iv e r D itc h .
The Tongue River Ditch is the largest as well as the
oldest irrigation project in Custer county, having a total
length of about thirty miles. The water is taken from
Tongue River, which is dammed at a point about fourteen
miles from where it empties into the Yellowstone. It
waters all that part of the east side of the Tongue River
valley, that is, between the dam and the Yellowstone, and
extends along the south side of the Yellowstone valley
for a number of miles. The present capacity of the ditch
is 12,500 acres, but an extension of the canal would bring
several thousand acres more under water. The land is not
owned by the company, but held by individuals, and can
be bought at prices ranging from $25 to $100 per acre.
At the present time only about 6,000 acres of this land is
under cultivation for the reasons already stated. The
ditch company was organized in the first place and has
always been maintained more for the public benefits de
rived than as a money making enterprise, and the fact
that its capitalization is fully represented in the costly
improvements and that it has never been conducted as a
dividend proposition is evidence of the favorable rates and
contracts that exist between the water consumers and
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Federal Reserve Bank of St. Louis
59
the company. By actual comparison, the cost of water
(which varies according to acreage and uses) is actually
less than that incurred under government projects where
the water users’ associations are supposed to control the
canals.
60,000
A cres of Irrig a te d Lands.
In addition to Tongue River Ditch, there is a co-opera
tive ditch on the north side of the Yellowstone, called the
Buffalo Rapids Ditch. This takes its water from the Yel
lowstone and covers some five thousand acres. There are
also a number of small community and individual ditches
in various parts of the county and it is an easy matter for
any rancher to construct his own ditch at small expense,
provided he can secure a sufficient fall of water.
The following is an estimate of the amount of irrigated
la n d in C u s t e r c o u n t y :
O tter C reek .......................................
7,680
T rib u taries ............................................................ 3,000
B eav er C reek ........................................................
400
U pper T on g u e R iver ........................................ 3,740
B uffalo R apids .................................................... 5,000
C ed ar C reek ..........................................................
400
P um pkin C reek and T rib u ta r ie s.................. 3,360
U pper M izpah ........................................................
500
P ow der R iv er and T rib u ta rie s......................... 5.000
F allon C reek ........................................................
800
Cabin C reek ..........................................................
600
B eav er C reek ........................................................ 2,000
B o x E lder .............................................................. 1,200
L ittle M issouri .................................................... 5,000
L ittle P ow d er ...................................................... 1,000
T h om pson C reek ........
1,200
W illow C reek ........................................................
600
Y ellow ston e and L ow er T o n g u e .................... 18,000
T o ta l.....................................................
G o vernm ent W ill
B u ild
61,480
Canal.
An irrigation project that will mean much to Miles
City contemplates the reclamation of a large strip of coun
try in the Yellowstone valley just west of Miles City. This
is known as the Fort Keogh project and the total area
reclaimed will approximate 10,000 acres. This project will
be carried out by the federal government, and Secretary Gar
field, of the Department of the Interior, has a corps of gov
ernment engineers now in the field making a preliminary
survey. The government also contemplates the abandon
ment of Fort Keogh as a military post and throwing the
great reservation, containing over 50,000 acres, open for
settlement under the homestead act. A townsite will be
reserved for the extension of Miles City across the river
and the buildings and other improvements at Fort Keogh,
costing originally over $1,000,000, will be divided up among
the state, county and city, for public uses.
P u m p s and R ese rvo irs.
The reservoir system of irrigation has recently come
into vogue in the southern part of the county and the idea
is spreading. There are many fine fields that can be
reclaimed in this manner at small expense and in a few
years it will become more general.
Another idea that has become popular with farmers and
ranchmen within the past two years is that of pumping
water instead of conveying it in ditches. This has been
demonstrated to be thoroughly practicable where it is im
possible to construct ditches, or where the expense would
be too great. Gasoline engines are used and as they are
portable they can be conveyed to different points along the
river or creek bank, if necessary, and the water either
pumped into a reservoir or directly into the laterals. In
one instance a 15-horse power engine conveys 2,000 gallons
of water a minute, a lift of twelve feet at a cost of one
gallon of gasoline for each horse power in a ten-hour run.
Saturday, June 20, 1908
THE COMMERCIAL WEST
60
CORPUS CHRISTI, T E X A S ,
V E G E T A B L E LANDS
I can furnish for colonization, from 160 to 5,000 acres,
at right price.
Close to R. R.
W.
G IL L IS ,
C o rp u s
C h rist!,
T ex a s
For Real Estate Propositions in the Corpus Christi section,
write
E D W .
C U B A G E ,
Corpus Christi, Texas
My specialties are city property and small farm tracts, but
my list includes colonizing propositions as well.
Can offer good vendor lien notes at good interest rate.
The R IC H E ST SPO T
in
We have thousands of acres in both large and small tracts. Prices from
$8.00 per acre up, according to location and size.
For further information, call or address
SONS
Land and Immigration Agents
VICTORIA, TEXAS
IP fv n
Q A T 1 T
30.000
A C R E S of rich
£ V-r l x
black land, ID miles of railroad
front. No better colonization tract in Coast Country.
Other large tracts suitable for investment or colonization.
Write for particulars.
C R AIG -H U G H ES L A N D CO .
C O R P U S C H R IS T I.
TEXAS
STOP SPENDING YOUR MONEY
for Coal. —Use it to buy a Farm under the great
est Irrigation Canal in the Lower Rio Grande
Valley, at M E R C E D E S , T E X A S .
GEO.
S.
C O A ST LAND
Victoria, Texas
CO.
P onhondlo Farmc Convenient to good town on railroad. W e
r annanaie r d i l l l d are subdividing and selling in small tracts
r
Torm c
the well-known H ereford Grove ranch land
Oil E,aSy 1 c l fill».
in Childress County. This ranch contains as
fine farming land as can be found in the Panhandle. A lfalfa, cotton
and all kinds o f grain crops grown successfully on this ranch for sev
eral years. P rices reasonable, Terms easy.
U. S. W E D D IN C T O N , M a n a g e r
C H IL D R E S S , T E X A S
S u g a r B e e t an d
W h e a t Lands
PAN H AN D LE
OF
TEXAS
See Us for Attractive Colonization
Tracts.
C U R R IE & D O H O N E Y ,
C arson B u ild in g , A m a rillo , Texas
TEXAS
LAND
In the El Paso Valley of the R io Grande is the most
fertile spot in the world.
In climate, fertility and pro
ducts it is superior to the Delta of the Nile.
The Elephante Butte Dam now being built by the United
States Government near El Paso, Texas, is the largest irri
gation p ro je ct in the world. W e own and control more land
in this valley than any other agency. W e can sell you land
$25.00 to $100.00 per acre that can be made to produce from
$200 to $600 per annum. This is your opportunity to make a
fortune in Land.
THERE W IL L NEVER BE ANOTHER LAN D CROP
F or further information write to
R e fe r e n c e ;
First Nation Bank,
El Paso, Texas
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Federal Reserve Bank of St. Louis
A \J
0
0
A
C
R
E
S
COLONIZATION PROPOSITION.
From 8 to 12 miles o f Stanton, county seat of
Martin county.
All good farming land.
Price $10.00 per acre.
Terms reasonable.
S T A N T O N R E A L T Y C O .,
S ta n to n , T e x a s
1 3
R
3
3
A
C
E
S
18 miles south o f Falfurrias, lying alongside the R. R.
survey from Falfurrias to Hidalgo; a fine bargain at
$6.00 per acre. For further information write
MAH0NY REAL ESTATE CO.,
Falfurrias, Texas
S T IN
EL PASO, TEXAS
McCulloch County,
T exas
The Garden Spot of the Great Southwest
Im proved stock farm o f 981 acres 5 miles from railroad sta
tion, $12.00 per acre. Small cash payment, balance on long time.
Beautiful farm place of 320 acres 4 miles from railroad town
o f 3000. 220 acres in cultivation: rich soil. Good house, barns,
e tc. $18.00 per acre. $2000 cash, balance on easy terms.
Good agricultural lands at reasonable prices for a cash pay
ment o f one dollar per acre and balance in ten years time.
Write us for Full Particulars.
THE HAILE LAND COMPANY
P. O. Box 273
BRADY, TEXAS
B u y W h e r e Y o u Get
WATER FOR IRRIGATION
AT
COST.
We have for sale 12,000 acres choice lands, from
3 to 7 miles east o f Brownsville, on the
FREEMAN
WRITE for our new list of splendid bargains in
rich, black lands. Large and small tracts suit
able for the farmer and colonizer.
TEXAS
, 4
FINE
TEXAS
The Great Garden and Fruit Belt.
C. S. L A C Y
6
Indiana Co = operative Canal
in tracts of any size to suit, from ten acres up, on
easy terms.
It will pay you to investigate our
proposition.
E. F . R O
The White Front Office
32,000
W SO N
&
C O .
B r o w n s v ille , T e x a s
ACRES OF LAND
In Central W est Texas, 75% choice agricultural land.
Plenty of water from 60 to 120 feet. Ample firewood.
North Concho River runs through this property for two
miles. Thousands of fine pecan trees along this stream.
Railroad projected through edge of tract. Owner lives
in Europe. Fine colonization proposition. Lands within
four miles of this being settled rapidly by Illinois and
Iowa farmers who are paying $20 to $25 per acre for
small, unimproved tracts.
W e are exclusive agents.
Terms, $8.00 per acre, one-fourth cash, balance six an
nual payments at 7% interest. W e have plenty of other
large and small tracts suitable for investment and coloni
zation.'
Jackson, Hicks & Jones, San Angelo, Texas
W EST
TEXAS
Offers Many Opportunities for the Actual Settler.
W e need men for the small farm s — A l
falfa, — Dairy, — T ru ck , — and F ru it
Farm ing yield better returns in the
P E C O S V A L L E Y than in any other
section.
W e have locations that will interest you ; write
to us, or come see us ; you will want to stay.
PECOS ABSTRACT CO.,
Pecos, Texas
Saturday, June 20, 1908
THE COMMERCIAL WEST
61
FORTUNES IN FIG ORCHARDS
TEXAS
F IG S
ARE
W ORLDS
F A IR
P R IZ E
W IN N E R S
Fig Preserver made at Aldine, near Houston, best known. Figs never fail to bear here. O n e a cre set in Figs,
Payable $10 down, $10 a month without interest, no payments when
and one tow n lot at A ld in e , both for $ 2 3 0 .
sick, clear warranty deed in case of death. Single crop of figs more than pas cost of land and lot. Local cash market for fruit. If you want to enjoy
life in South Texas under your own vine and fig tree, make a small, safe.profitable investment, better than bonds, savings banks or life insurance, write
for particulars. Agents wanted.
E. C. ROBERTSON, Gen’l Mgr, 316 Kiam Bldg., Houston, Texas
R e a l E state in A ll its R ela tio n s
LAND VALUES
IN R I O G R A N D E
(S p ecial C orresp on den ce to the C om m ercial W e st.)
El Paso, June 13.— In estimating the actual present
selling value of the lands in the Rio Grande valley, seven
factors .should enter into consideration:
First—Is the land regularly entered or “ signed up”
under the government regulations applying to the Rio
Grande project?
Second— What will the land actually produce in gross
value of crops and in net profit when planted to vineyards,
orchards, small fruit, gardens, grain or forage crops, or
when used for dairying, stock fattening, or poultry raising?
Third—What is the nature of the soil?
Fourth—How near is the particular tract to a railroad
or a main public highway?
Fifth—What will it .cost to level, clear and ditch the
land and get it ready.for crops?
Sixth— Is the land already under a paying crop?
Seventh— Is the title perfect?
Let us take these factors up in detail for discussion.
E n t r y of L an d s F o r Inclusion.
First as to entry into the Rio Grande project. Nearly all
the land possible of inclusion under the Rio Grande irri
gation project, has already been entered and formally
mortgaged to insure the repayment of $4 per acre per year
to the government to reimburse it for the cost of the
project according to the requirements of the reclamation
act as elsewhere described. If one is considering the
purchase of valley land not already so entered, he should
know that he is taking a risk of not having his land in
cluded at all under the project, in which case his prospect
of getting water on the land would depend mainly on the
possible ultimate extension of the area now deemed ir
rigable, or upon the development of underground water
by pumping; water rights in the “ natural flow of the
stream” in this valley under existing conditions, inde
pendent of participation under the Rio Grande project
itself, are of such uncertainty and slight value as prac
tically not to be regarded.
H o w to F in d O u t A b o u t It.
To ascertain if any particular tract of land is “ signed
up” under the Rio Grande project, it is only necessary to
inquire at the office of the county clerk of El Paso county,
Texas, Dona-Ana county, New Mexico, or Sierra county,
New Mexico, where copies of all the mortgages are regu
larly filed; or inquiry in person or by letter at the office
of the El Paso Valley Water Users’ Association, Center
Block, El Paso, Texas, or at the office of the Elephant
Butte Water Users’ Association of New Mexico at Las
Cruces, New Mexico, will enable the inquirer to secure
authoritative information upon this subject.
G ive D e s c rip tio n of T r a c t.
It is only necessary to give the name of the last
owner and a description of the land in the form used in
deeds in order that the records of the county clerk or of
the Water Users’ Associations may be properly searched.
The description of the tract is of much more importance
than the name, inasmuch as entry may have been made
under a different name from that supposed, while the de
scription must be the same in any case for the same
tract of land. Annoying mistakes and misunderstanding
may occur if the name alone be sent.
W h a t the
Land
W ill
Produce.
As to what the land will produce, it is only necessary
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Federal Reserve Bank of St. Louis
VALLEY.
to refer to the actual experience of farmers in this valley
itself. It is not necessary to take isolated cases of con
spicuous success and profitable operation of small tracts
intensively farmed, though it would not be hard to point
out instances in which experienced growers in this valley
have taken several thousand dollars in a year off an acre
of ground. For the purposes of this discussion, it is better
to take the average product so that newcomers need not
be disappointed if they fail to break the records the first
year they live upon the land.
A l f a l f a th e S ta p le Crop.
Alfalfa is the staple crop in the valley at present be
cause the safest under all climatic conditions, the cheapest
to grow, and the easiest to take care of. The market for
this crop is enormous and impossible to supply from home
production. Alfalfa 'is today being shipped into El Paso
from Colorado and Kansas notwithstanding the fact that
20,000 or 25,000 acres are under this crop at the present
time.
Demand
In sa tia ble .
The demand for alfalfa produced in this section is, of
course, very great right at home for work stock, dairy
stock, and horses stabled in El Paso; but there is a steady
and increasing demand, especially from all the mining
camps of Arizona and New Mexico, where there are
tens of thousands of work animals and practically no
home production of forage whatsoever.
Very little land is under close cultivation as yet in
this southwestern country, and animals consume forage
very must faster than the country under present condi
tions can produce stuff for them to eat. A single dairy
enterprise in this city has shipped in as much as $20,000
worth of alfalfa in one year from other states because its
needs could not be supplied from home production. The
consumption in the mining camps of the two territories is
so great that California, Colorado and other states are
heavily drawn upon to supply the deficiency.
An
A verage
Crop.
The average irrigated alfalfa farm in this section will
produce five cuttings in a season. Some farmers take
seven or eight cuttings and with extreme care it is pos
sible to take even more. But five may be taken as the
normal for purposes of conservative calculation.
The
cutting will never run less than one ton per acre and will
Do You Want an Investment
where the element o f risk is wholly eliminated ?
Where the climate—winter and summer—is superior
to the best of California ?
Where the soil is unsurpassed and water in unlimited
quantities can be obtained from the Rio Grande for
Irrigation ?
Let us tell you about some Large Tracts for Development.
H A L L A M C O L O N IZ A T IO N CO.
B R O W N S V I L L E .,
TEXAS
Room 306 Merchants Nat’l Bank Building
Saturday, June 20, 1908
THE COMMERCIAL WEST
62
frequently average two tons per acre over considerable
tracts.
The average cutting over the average*' farm will thus
run between five and ten tons per acre per year.
In recent years alfalfa has not sold in this valley under
$10 per ton to the grower on board cars at initial shipping
point; the average price to the grower has been much
higher, being, in fact, in the neighborhood of $12 or $14
per ton in car lots. Alfalfa sells in small quantities at
$16 to $20 per ton and by the single bale sometimes at
even higher prices. But it is to the practical alfalfa
grower who farms on a considerable scale for the wider
market and expects to sell his products by the carload
and the train load that this article is especially addressed.
Accordingly, it is safe to estimate the gross product
from an alfalfa farm at from $50 to $125 per acre at a net
profit of from $25 to $75 per acre above all expenses.,
Taking $40 per acre as a fair average of net profit from
practical alfalfa farming on a broad scale, and capitalizing
this net earning on a basis of 20%, it is seen that alfalfa
SOME
(S p ecia l C orresp on den ce to the C om m ercial W e st.)
C ity
of
V ic to ria .
Victoria, which is the county seat of Victoria county,
is near the center of the county, at the crossing of the
Houston and Beeville Southern Pacific with its San An
tonio and Port Lavaca division. A new road has been
graded from Yoakum, via this place, to O’Connor Port,
opposite Pass Cavalia on the coast. The city is on the
east side of the Guadaloupe river. It has a little more
than 8,000 people. There are three banks, one daily and
three weekly newspapers, a sash and door factory, three
lumber yards, electric lights and an ice plant, a water
works and sewerage, two bottling works, three laundries,
a cotton oil mill, three gins, two cotton warehouses, two
wholesale grocers, three public schools, one for white and
one each for Mexicans and negroes, and eight churches.
The Catholics have a large school and convent, which cost
$65,000. The opera house will seat 750 people. There is
a good court house and city hall. A $100,000 government
building is to be erected here and the government is to
put the Guadaloupe river in first-class navigation to the
coast, about fifty miles from here. This will make this
city a water-rate town and of great benefit to the people
of this entire country.
To
Make
R iv e r N avig a ble .
The San Antonio river joins the Guadaloupe a few
miles this side of its mouth. It will require but little work
to make the river navigable from here to the San Antonio
bay, into which it empties. In boring for oil, gas has been
struck, which is believed will be all that is needed for
all practical purposes. Victoria has a large number of
people with plenty of money, push and energy; there is
scarcely a doubt but that Victoria will soon have 20,000
to 80,000 people. With its water-way this will be a city of
great importance as a manufacturing and a great trade
center for wholesale and for an immense retail trade.
The river here has all the w ater'that is necessary for
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<
Pears of F in e s t Q u a lity .
If it is desired to go into fruit raising, the surest and
most profitable crops are perhaps pears, grapes, and can
taloupes, with peaches and apples next. The Rio Grande
valley seems to be particularly well adapted to raising
pears of the very finest quality and in the greatest abund
ance. The Bartlett pear especially, of the Rio Grande
valley has in years past been regarded in the New Orleans,
Chicago, and eastern markets as the very finest pear pro
curable. In fact, at many expositions of choice fruit, the
El Paso pear has set a new standard. It comes on the
market quite early and commands the very highest prices
for fancy fruit. An average pear crop is 15,000 pounds
per acre, worth to the grower not less than $450 per
acre, of which a very large proportion is clear profit.
The crop is one of the safest and surest of afi the fruit
crops in this region.
t
r<
R E S O U R C E S OF V IC T O R IA , TEXAS.
Victoria, Tex., June 15.—Among the many and varied
resources which are contributing to the growth and pros
perity of Victoria, agriculture in many and varied forms
contributes most largely. During the last season, accord
ing to estimates from reliable sources, between six and
eight cars of pecans were shipped. In favorable years as
many as thirty cars or 750,000 pounds of these nuts have
been marketed here. The cotton wagon receipts will reach
17,000 bales at the end of the present season. The county
last year produced 750 barrels of fine cane syrup. About
forty cars of poultry products have been shipped to date.
Messrs. Welder & Rathbone have exported to Hamburg,
Copenhagen and other European ports eighteen tons of cot
ton seed products. In addition to these there are large
shipments of live stock— cattle, horses and hogs. Also
wool, hides, vegetables and other .country produce.
The loans and discounts of the three banks will reach
$1,500,000.
The
land properly equipped and under active cultivation is
worth in actual earning power, $200 per acre with $100 as
an absolute minimum.
all navigation purposes, as well as for irrigation for the
raising of rice.
The following industries are needed: A cotton factory,
a canning factory, a cotton compress, a woolen mill, a
dairy and cheese factory, a sugar mill, all kinds of wood
work factories, a brick factory— there is the best of clay
here for that. Doubtless there is a plenty of silica sand
near here in the river to establish glass factories.
.
V ic to ria C ou n ty.
Victoria county is divided by the 97th degree, west, and
the 28th parallel divides it north and south. This place is
only about 50 miles south of a strip of land, 100 by 60
miles wide, which breaks all of the “ northers” which
makes this, from the Brazos river to Beeville, one of the
best parts of the country, in which we can raise most
anything that can be grown in the great Florida country,
a little north of this. Victoria is about midway in that
territory. In this territory oranges, lemons and plums
grow well. The people are just beginning to awake to the
cultivation of fruits. Several orchardists are opening up
fruit farms in the county.
The best of alfalfa has been raised here;- as much as
five tons an acre were raised last year. Watermelons
and cantaloupes pay well; also pomgranates, Irish pota
toes and sweet potatoes grow as well here as elsewhere.
For a number of years the people are beginning to culti
vate figs, oranges and all kinds of fruits common to this
part of the country in place of raising cotton and corn, as
in years past. Strawberries grow all the year, bearing
about four months, paying from $150 to $250 an acre.
Cabbage and onions grow all the winter, ready for market
in the early spring before the northern marketman’s stuff
has sprouted. Peanuts grow here to perfection. There
is scarcely a month but most vegetables will grow here.
English walnuts and pecans can be grown from the seeds.
They come into bearing from the fifth to the sixth year.
The cotton interest averages about 20,000 bales a year,
worth $1,100,000. Other fruits and vegetables added to
this will make about as much as cotton. It has been
demonstrated that there is no better sugar country than
this in this state or Louisiana. About half of this county
is still devoted to raising cattle. Hog raising pays extra
well in this county. Lands here are too high for raising
cattle. The large cattle owners are selling to people who
want homes. Lands are sandy, some black sandy and
black lands.
C * O O f t C r o n s *n Southwest Texas satisfy thous1 u w
ands o f investors and insure high
er values for farm lands in the near future. Buy now and
make money. Write for information about onions, mel
ons, garden truck, cotton, etc.
R. H. W E S T E R
320 East Houston Street,
CO.
SAN ANTONIO, TEXA S
V
Saturday, June 20, 1908
v
THE COMMERCIAL WEST
S A V I N G S BA NK IN L A R G E R O FF I CE .
(S p ecial C h icago C orrespon den ce to the C om m ercial W e st.)
The Garden Spot of the Southwest
Chicago, June 16.—The First Trust and Savings Bank of
Chicago, which was organized in December, 1903, has had
a healthy, steady growth during the four and one-half years
of its existence, and now finds it necessary to occupy con
siderably enlarged quarters, owing to the generous sup
port given it by the savings and investing public. Its office
space on the ground floor of the First National Bank build
ing has been nearly doubled, and the enlarged room will,
no doubt, insure a continuance of the superior service
which has been characteristic of the institution.
This bank, whose president, James B. Fo'rgan, is also
president of the First National Bank of Chicago, is under
the management of the same board of directors as is the
First National, and the Stock is owned by the stockholders
of that institution.
The functions include those of a savings bank, trust
company, bond house, and reserve depositary—in fact,
ev.ery conservative form of financial service except that of
a commercial bank.
Primarily established to provide savings and fiduciary
facilities to the clients of the First National Bank of Chi
cago, the First Trust and Savings Bank has received such
liberal endorsement from the general public that its de
posits, representing the accounts of many thousands of
people, now exceed $33,000,000, and are still growing.
is the
Gulf Coast Country of Texas.
Write
The Allison-Richey Land Co.
San A n to n io , T e x a s ,
for illustrated descriptive literature.
For rates and routing write our eastern office, Union
Depot, Kansas City.
Branch Offices:—-Victoria, and El Campo, Texas.
28,450 A C R E S
M A V E R IC K C O U N T Y , T E X A S
Fronting on railroad and opposite the mines of the
R. G. & E. P. Coal Company, whose capacity is 600
tons daily. This tract lies in a solid body and is prac
tically all level, smooth land; at least 85 per cent ag
ricultural; black soil, clay subsoil. The country is
very open, no cactus or pear. One o f the grandest
colonization propositions offering, with the added pos
sibilities of coal which underlies the entire tract.
Price, $7.00 per acre.
R E S U M E W O R K ON R A I L R O A D P R O J E C T .
(S p ecia l C orrespon den ce to the C om m ercial W e s t.)
Portland, June 4.— Orders were given last week for
the resumption of construction work on the Elgin-Joseph
branch of the O. R. & N., one of the most important proj
ects now under way in this state. The road, when com
pleted, will be 63 miles in length and will tap the Wallowa
country, a section long neglected by railroad building and
consequently isolated. About $450,000 will be spent in com
pleting this line, upon which $900,000 has been spent so
far. Operations were suspended last fall when the finan
cial stringency stopped work on a number of other Harriman lines in this state. The new road will be one of the
most important feeders of the O. R. & N. in the state, and
will add a large and fertile territory to lands available for
settlement in Oregon.
N IC H O L S O N , F U R N I S H <3 S M IT H ,
Ground Floor, Moore Building,
San A n to n io , T e x a s
T E X A S LAND
44.000 acres in McMullen county, fronting 8 miles on
the Frio River and 10 miles on the Nueces River.
60%
open prairie land.
Oil, coal and gas have been found on
adjoining tracts. 90% is fine agricultural land. The best
large body o f land in Texas. Price $7.00 per acre. Write
for complete information and Blue Print.
The Banque de Paris, notwithstanding decreased prof
its and increase in capital last year, had a reserve equal
to 98% of its capital.
H idalgo County.
1 0 .0 0 0 a cres in Hidalgo county. 98% fine agricultural
land. Proven artesian belt.
A fine body o f land to di
vide into truck farms.
Write for Blue Print and full de
scription.
J. A. Clopton, 102 W. Houston St., San Antonio, Texas
The personnel o f our Company have for many years been associa
ted with the Land and Live Stock interests in Southwest Texas.
We know the COUNTRY and the PEOPLE, Our list embraces
the best agricultural lands in Frio, La Salle, Dimmit, Webb and
other counties, as well as thousands o f acres in the Coast Country.
Tell us in what section o f the State you are interested, and let us
give you RELIABLE information that may be o f value to you.
If you contemplate investment in TEXAS LANDS, get OUR
prices.
We have it listed DIRECT FROM THE OWNER.
Write us today.
CHEAP MEXICAN LANDS
BUY NOW
PROSPERITY is written all over Mexico and Texas. Land bought
there now will yield fortunes. We have some choice grazing, agri
cultural and timber tracts for sale very cheap. Land very fertile, det
lightful climate, fruits and garden truck grow abundantly. Don’t waitill prices rise - buy now. Write us at once for prices and size of lots
PHINNEY «X
& UU
BUTTERFIE!
D,
I 1 E ivrIE .L .U
50Conr°yBldff
t in n ir n i
SAN ANTONIO, TEXAS.
R . B . P U M P H R E Y & C O .,
114 BLUM STREET, opposite Menger Hotel, SAN ANTONIO, TEXAS
LIV E BEE L A N D :
40.000 acres in the famous counties o f Bee and Live Oak. A townsite In the centre o f tract. Any size tract from ten acres up on easy
Rainfall sufficient but not too much. Artesian water at depth of
325 foot. Farming on small tracts a proven success in this vicinity. Buy
where you can plant any month in the year.
C lifton G e o rg e ,
M a ck a y B u ilding,
“ IR R IG A T E D
CARTWRIGHT, TAYLOR & CO.
227 E. Houston Street,
San Antonio, Texas
San A n ton io, T exas
j H D A I
Better than Stocks or Bonds.
i
Texas and Mexican Lands.
*.....
500,000 acres in Pecos county,
Texas, $2.00 per acre. 1,300 acres Henderson county Texas
well timbered, $10.00 per acre.
2,000,000 acres, 30,000
graded cattle, ranch buildings, Chihuahua, Mexico, $i.00 per
acre. And then some more, anywhere in Texas. You can
never buy them cheaper thanyou can today.
Write me I
will tell you all about them.
A . L. H O D G E,
A
PANHANDLE FA R M S
Fertile Land
Any Sized Tract
$6 to $15 Acre
Nine Years Time
Cheap Lumber
Healthy Country No Green Bugs
Good Neighbors No Overflow
Good Schools
No Johnson Grass
No Malaria
No Crab Grass
No Boll Weevils
Raise Everything
. The above refers to a 13,000-acre beautiful body of land, portion
° f the Moon ranch, Cottle county, lower Panhandle o f Texas, r.ow
subdivided for settlement.
Write the undersigned (exclusive agent) mentioning this paper,
for full descriptive circular.
P.
W.
H U N T
Land and Live Stock Broker
4 0 9 H oxie B ld g ., Ft. W orth , T ex a s
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Federal Reserve Bank of St. Louis
LANDS”
4100 acres in the greatest artesian belt in Texas. Ber
muda onion and alfalfa land. 90 per cent tillable. Arte
sian flow of 1200 gallons per minute now on the property.
Price, $17.50 per acre. For further information, address
( P . 0 . B ox 7 3 )
j
UE A L
____________________________
625 Wilson Building. DALLAS. TEXAS.
Fine list of bargains in Old Mexico
Ranch, Timber and Agricultural lands.
Write
for
Descriptions
and
Prices.
C A P IT O L LAN D & IN V E ST M E N T C O ., A u stin , T exas
Saturday, June 20, 1908
THE COMMERCIAL WEST
64
INLAND
EMPIRE
INDUSTRIES AND IM PROVEMENTS.
(S p ecial C orrespon den ce to the C om m ercial W e s t.}
Spokane, June 13.—Advices from Kennewick state that
the Northern Pacific irrigation canal has been sold to Fechter & Rudkin, North Yakima real estate dealers. Accord
ing to the report, 14,000 acres of adjoining land go with
the canal and the total consideration is given at $200,000.
Enthusiastic citizens of North Yakima, Toppenish and
other towns in that section have organized the Yakima
County Good Roads association and a campaign of edu
cation will be inaugurated at once with a view of taking
a vote on a county bond issue of between $200,000 and
$300,000 at the next general election for a comprehensive
program of road work.
A Prosser dispatch says that the $10,000 bond issue
recently authorized for the sinking of deep artesian wells
for water has been declared illegal by the attorney for the
parties who purchased the bonds.
At the sale of Brewster flat state school lands at Conconnully by Land Commissioner Ross last Saturday, 8,000
acres were sold, leaving 865 acres unsold. The average
price per acre was a little over $30, the total amount of
the sales being $250,000.
Nearly 500,000 pounds of wool were sold at Pendleton,
Ore., last Tuesday, practically completing the transfer of
the season’s crop of the county. The prices paid ranged
from 6% to 13% cents a pound and was somewhat better
than that offered at the first sale early in May.
A. B. KELLY
Real Estate and investments
I n uke a specialty of large tracts for
Colonization and Ranch purposes.
3 1 5 - 3 1 6 F irst Nat’ l B ank B ld g .,
TEXAS
H O U ST O N , T E X A S
LANDS
JU N K E R & E D W A R D S
G u lf
C o a st L a n d
BEAUMONT, TEXAS
References:
First National Bank,
Commercial West
COLONIZING PROPOSITION. S S S S i S
able land. Within quarter mile of two railroad stations, on Santa Fe Ry.
All fenced; with some improvements. This is a splendid colonizing prop
osition, as land adjoining is rapidly being improved in small farms by
Northern Settlers. This land is in the Truck and Fruit belt of East Tex
as, being twenty miles from Gulf and having an elevation of 25 feet, mak
ing it healthful and desirable. Price $10.00 per acre; one-third cash, bal
ance to suit.
T H E O S W A L D R E A L T Y C O ., B e a u m o n t , T e x a s
SINGLETON BRYAN
H. W.VAUOHELET
BRYAN
6
VAUCHELET
G en eral R eal E state O w ners and A gen ts
Gulf Coast Truck and Farm Lands a Specialty.
Publishers of maps of Texas Counties; Prices, $1.50 each.
53-54 Alexander Bldg.,
Beaumont, Texas
A FINE INVESTMENT
3 8 6 4 A c r e s in a body, 12 miles from Beaumont, Jefferson County.
Texas, two miles from Railroad, Irrigating Canal on east end of tract,
about 1,000 acres Rice Land, 1,100 acres Timber, principally Oak, Ash,
Hickory, Pine and Gum, balance high rolling prairie, soil a sandy loam,
clay subsoil, suitable for diversified farming and a splendid location for
a Fine Stock Ranch. A Bargain at $10,00 per acre.
T e x a s R ealty C o., Beaum ont, T e x a s
Port Bolivar, T e x a s
If you own them and wish to sell them, give me your lowest price and
most favorable terms; if you wish to buy them, tell me for what purpose
you wish to use ihem, and how much you wish to invest and how much,
if any. you will go in debt Then I will submit you the best bargain I
can, suited to your purpose and means.
Occupies the superior half of Galveston Harbor, which is the great
gulf gateway.
A magnificent system of wharves under construction.
Lots from $75.00 to $400.00, on easy payments. Write today for maps
and full information.
J. S. D AU G H ER TY,
Port Bolivar City Co. AiexLadedr Bidg. Beaumont, Texas
JAM ES
H.
Houston. Texas
AGEN
COM PANY
General Real Estate and Loan Business.
LARGE AN D SM A LL TRACTS OF LAN D .
We have some fine sugar, rice, cotton, corn, wheat, oil and timber lands
in all parts of Texas. Prices range from $3.50 per acre up. Terms easy.
We handle city property.
We buy. sell and exchange property.
Jam es H . A g e n & C o .,
ZllVz
M ain S t., H ou ston , T exas
Superior, Wisconsin, Office:
Agen Block
Texas Farm Lands—Gulf Coast Truck
and Fruit Acreage.
Houston City and Suburban Property.
CORRESPONDENCE SOLICITED.
S. A. K1NCAIDE, Real Estate and Investments,
4 10 Temple Building,
IRVIN
K IB B E
VICTORIA, TEXAS
The Concho - Colorado Valley of Texas wm
grow A lfalfa, Corn, Wheat, Oats, King Cotton, Maize,
Kaffir Corn, Barley, Sorghum, Fruits, Vegetables,
Melons, etc., can be successfully grown, in the ideal
climate, where the Winters are mild and Summers are
cool, on any part of the 50,000 acres of land recently
subdivided by the undersigned into tracts of 160 acres
and upwards, located convenient to both the Santa Fe
and Orient R ailroads, at prices ranging from $15.00 to
$25.00 per acre, terms reasonable.
Literature of Runnels County for the asking.
F or further particulars call on or write,
C. A . D O O S E 6
C.
A. DOOSE, Pres’t First Nat‘1 Bank,
Ballinger, Texas
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A t t o r n e y at L a w
(Established in 1849)
------------- -------------------------------------SUCCESSOR T O ---------------------------------------- -----------
Powers & Maxan,
Powers & Wells,
Wells & Rentfro,
Wells, Rentfro & Hicks,
Wells & Hicks,
Wells, Slayton & Kleberg.
Examination of Land Titles; and Litigation Land Corporation Practice,
Specialties.
, „
,
,
Practice in all State and Federal Courts, When Especially Employed.
Abstract of Cameron County and the City of Brownsville.
Titles in Office;—J. H. Scales in charge of Abstract Department.
BROW NSVILLE,
TEXAS
Houston, Texas
2 5 ,0 0 0 A c r e s in tracts of 40 to 10,000 acres,
at $10.00 per acre and up.
Ground floor proposition for colonization purposes.
Levi Bank Building
J A M E S B. W E L L S
CO .
Ballinger, Texas
D O Y O U KNOW
T h at the D elta o f the R io G ran de in T e x a s contains
ab ou t one m illion acres o f the rich est sed im en t land on
E arth , w ith abund an ce o f river w a te r fo r irrig a tion ?
T h a t In clim ate, fe rtility and p rod u cts it is equal to, or
su perior to the N ile D elta in E g y p t?
T h a t in S ugar Cane esp ecia lly it is su perior to any
part o f the w orld ?
,
. .,
T h at in T ru ck g row in g it p rod u ces earlier v eg eta bles
and fru its than an y oth er part o f the U n ited S ta tes?
T h a t it is the g rea test onion g ro w in g c ou n try in tne
w orld, n ettin g the fa rm ers from $200 to $400 per a c r e .
T h at citru s fru its an d figs can be cu ltiva ted w ith entire
su ccess?
,
.
T h at th is land, un der d itch, can he b ou g h t fo r from
$50 to $ 1 0 0 an acre, a ccord in g to location , etc., and land
w ith ou t irrigation, bu t cap able o f th at d evelopm ent, fo r
$20 an a cre u p w a rd ?
.
T h a t irrigated land is w o rth fu lly $500 an acre, b e
cau se o f the profitable crop s it w ill p rod uce, and that it
w ill su rely g o to th at p rice in a fe w y e a r s?
T h a t it is still “ a c ou n try in th e m aking,
and that
th ose w ho b u y now , w h eth er fo r im m ed iate im provem en t
or investm ent, w ill su rely reap a r ic h rew ard, w ith ou t any
P° ST h a t T o w n 27^000 acres o f th is lan d in H id a lg o coun ty,
on the R io Grande river, and h a v e canal, all com plete,
reaThaft°yourl^ o u ° d a ct qu ickly, fo r th e land w ill Increase
In v alu e as n ew settlers a rriv e?
F or m ore com p lete Inform ation, call or address
JO H N J. C O N W A Y ,
509 A ndrus B ldg., M in n ea polis, M inn.
An DnnTirnQvrl llo TPYfl
Saturday, June 20, 1908
A. B. HEPBURN, Brest.
A. H. WIGGIN, Vice-Prest.
S. H. MILLER, Cashier
E. A. LEE, Asst. Cashier
H. M. CONKEY, Asst. Cashier
C. C. SLADE, Asst. Cashier
W. E. PURDY, Asst. Cashier
A. C. ANDREWS, Ass’t Cashier
Foreign Exchange
Department.
THE COMMERCIAL WEST
T ip
(fljc ts c
65
-N a tix m c d
D IR E C T O R S
B u n k
OF T H E C IT Y OF N E W YOR K
UNITED S T A T E S
(M A Y
DEPOS I T ARY
14. 1908)
S U R P L U S A N D P R O F IT S (E A R N E D ) D E P O S I T S ........................................................................................
5 ,0 1 9 ,4 8 4
9 5 ,6 4 5 ,7 4 1
H. W. CANNON, Chairman
JAMES J. HILL
OHANT B. SCHLEY
A. BARTON HEPBURN
JOHN I. WATERBURY
GEORGE F. BAKER
ALBERT H. WIGGIN
GEORGE F. BAKER, Jr.
BANK CLEARINGS.
B an k clearin gs fo r the w eek ending June 11, 1908, and the
p ercen tage o f increase and d ecrease fo r the w eek o f leading
cen ters and all w estern points as com p ared w ith the co rre sp onding w eek last year as reported b y B ra d street’
Juñe 11
Inc. Dec.
June 4
N ew Y o r k ............................ $1,286,999,000 ___
13.5 $1,504,392,000
C h icag o ..............................
214,981,000 ___
12.5
208.586.000
B oston ................................
131,941,000 ___
135.372.000
17.3
P hiladelphia ......................
21.9
105,679,000 ___
115.484.000
St. L ou is..............................
55,201,000 ___
11.2
51.928.000
P ittsbu rg h .........................
39,090.000 ___ 27.6
44.327.000
San F ra n c is c o ....................
31,720,000 ___
19.2
30.019.000
K an sas C ity ........................
29,716,000
8.1
30.461.000
T w i n C i t i e s ..........................
25,039,000
27.185.000
B altim ore ..........................
22,643,000 ___
24.8
22.684.000
C incinn ati ..........................
21,684,000 ___ 22.4
19.445.000
M inneapolis ......................
17,212,000 ___
23.5
16.410.000
N ew Orleans ....................
13,697,000 ___
2 0 .0
10.246.000
C leveland ............................
31.1
13,051,000 ___
12.601.000
D etroit ................................
12,462,000 ___
12.4
11.500.000
L ou isville ..........................
10,652,000 ___
21.3
9.728.000
L os A n g e le s........................
9,644,000 ___
25.3
9.192.000
O m aha ................................
11,320,000 ___
3.4
10.507.000
M ilw aukee ........................
10,491.000 ___
6.3
8.851.000
S eattle ................................
7,644,000 ___
23.2
7.496.000
St. P aul...............................
7,827,000 ___
4.8
10.775.000
B uffalo ................................
7,747,000 ___
12.4
7.202.000
7,731,000 ___
D en ver ................................
1.3
6.948.000
7,468,000 ___
Indian apolis ......................
14.5
6.416.000
F ort W o r t h ........................
9,578,000 13.7 ___
6.864.000
P rov id en ce ........................
6,047,000 ----- 17.3
5.458.000
P ortlan d, O re......................
5,798,000 ___
33.6
4.274.000
A lban y ................................
5,254,000 ----- 30.2
5.240.000
R ich m on d ..........................
5,836,000 ___
9.3
5.938.000
W ash in g ton , D. C ............
6.4
6,346,000
6.485.000
Spokane, W a s h ................
5,532,000 . . . .
11.5
5.188.000
Salt L ake C it y ..................
5,955,000 ----5.6
4.342.000
St. J o s e p h ...........................
4,848,000 . . . .
15.7
4.992.000
T a com a ..............................
4,442,000 ___
12 .6
3.425.000
D es M o in e s........................
2,928,000 ----3.4
2.707.000
P e o ria ..................................
2,088,000 ___
28.9
2.076.000
S ioux C it y ..........................
2,056,000 ----- 1 2 . 2
1.827.000
Oakland, C a l......................
1,479,000 ___
48.3
1.314.000
L incoln, N e b ......................
1,529,000 ___
14.8
1.392.000
W ich ita ..............................
1,619,000
6.7 . . . .
1.281.000
D a v en p ort ..........................
877,000
6.6
___
905.000
h’ oneka ................................
1,047,000
6.6
....
868.000
H elen a ................................
820,000
5.1 . . . .
623.000
Springfield, 111...................
881.000 ___
32.7
830.000
C edar R apids, I o w a ........
655,000 ----- 13.4
621.000
R ock ford . I ll................
662,000 . . . .
16.7
399.000
F argo, N. D ......................
535,000 ----- 20.9
462.000
S ioux Falls, S. D ..............
484,000
4.5 . . . .
486.000
B loom in gton , 111................
450,000 ----5.6
389.000
Q uincy, 111..........................
434,000
0 .2
___
435.000
D ecatur, 111........................
359,000 ----- 1 2 . 2
313.000
F reem ont, N e b ..................
295,000 ----- 18.0
305.000
Jacksonville, 111................
205,000 ----- 18.0
195.000
O klah om a ........................ §
936,000
1.174.000
H ou ston ............................t
15,245,000 . . . .
37.6
16.596.000
G alveston ........................f
10,953,000 . . . . 15.8
8.938.000
S acram en to, C al..............§
836,000
621.000
T otal, U. S ....................
T ota l ou tsid e N. Y ..........
$2,226,049,000
939,080,000
---------
13.6
16.6
$2,427,811,000
923,428,000
2.6
$30,771,000
22,378,000
9.290.000
3.545.000
1.165.000
1.381.000
784,000
D o m in io n of Canada.
M ontreal ............................
T oron to ..............................
W in n ip eg ...........................
V an cou ver, B. C ..............
C algary ..............................
V ictoria , B. C ....................
E d m on ton ..........................
$28,252,000
21,84.3,000
9,154,000
3,310,000
1 , 100,000
1,180,000
690,000
------------___
-------------
15.8
21.7
9.8
19.4
6.5
26.3
C h o i c e F a rm M o r t g a g e s
Carefully negotiated, netting the in
vestor 6 % . Will be pleased to sub
mit list o f offerings.
The best reference :
a satisfied clientele.
WARREN W. HURD
Investment Securities
G erm ania L ife B ld g .,
ST . P A U L , MINN.
C A P I T A L NATIONAL BANK
OF SAINT PAUL
This bank has all the advantages afforded
$
by ample capital, a large list of correspon
dents, and desirable connections at the large
commercial centers for making collections
and handling the business o f banks and bank
ers.
Reserve accounts are solicited upon
which interest is allowed.
JOHN R. MITCHELL,
WILLIAM B. GEERY,
President
Vice President
WALTER F. MYERS, / HARRY E. HALLENBECK,
Vice President
Cashier
EDWARD H. MILLER, Ass’t Cashier
E. A. SCHROEDER, Ass’t Cashier
S u rp lu s
C A P IT A L
EUGENE
M.
$100,000
S 5 0 0 . 0 0 0 .0 O
S T E V E N S
C O M M E R C IA L
&
m
CO .
PAPER
M U N I C I P A L , C O R P O R A T I O N A N D R A IL RO AD
BONDS
T otal ......................
$76,686,000 . . . . 1 0 . 1
$80,769,000
fN o t included in totals becau se con ta in in g oth er item s than
clearings.
§N ot included in totals becau se com p arison s are
incom plete.
NORTHW ESTERN NATIONAL BANK BUILDING, MINNEAPOLIS
CHICAGO FOREIGN EX CHA NGE .
STATE SAVINGS BANK BLDG., ST. PAUL.
R ep orted fo r the C om m ercial W e st b y the foreig n exchan ge
d e p a rtm e n t^ o f the N ational B ank o f the R epublic, C hicago,
S terling—
A ctu a l ......................................
C om m ercia l ..............................
Cables: ........................................
B ank rate 2y2% ; private rate 1 y2% .
M arks—
A ctu a l ........................................
C om m ercial ............................
C ables ........................................
B an k rate 4 % % ; p rivate rate 3y2% .
F ra n cs—
A ctu a l ....................................
C om m ercia l ..............................
C ables ........................................
B an k rate 3% ; p riv ate rate 1 % % .
60 days sight.
M arket firm.
Dem and.
4 -SHA
4.87y2
•JO t)”lU
LITHOGRAPHING
.95 11-16
€ g g j£
£ IK
In the eleven counties of southeast Missouri, contain
ing swamp or overflowed lands, thirty-one drainage ditches
or canals have been constructed, with a total length of
about 660 miles. These ditches have reclaimed 255,000
acres of land. Lands which were practically worthless
before drainage are now worth from $35 to $65 an acre
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
c|o
Established 1856
IOWA
LITHOGRAPHING
DES MOINES,
CO
IOW A
Bank and Commercial Stationery
a Specialty
„ , ,,
No trouble to quote prices
THE COMMERCIAL WEST
66
Business
"r ‘
A medium for the sale o f Stocks and Bonds,
Real Estate, Farm Land, Stocks o f Merchan
dise; for the man who wants a Bank Position,
or a Location for a Bank, Investment or other
Business.
Rates for advertisements n this department
are one cent per word each ins îrtion, Words dis
played in capitals, two cents >er word. Initials
and abbreviations count as on 3 word each. No
advertisements inserted for less than 25 cents.
Cash or two-cent stamps must accompany all
orders. All answers to advertisements under key
numbers must be accompanied by two-cent stamp.
Address C o m m e r c ia l W est C o ., Minneapolis,
Minn.__________________________________________
BUSINESS CHANCES.
IN C O R P O R A T E
Y O U R B U S IN E S S —
N early eigh teen hundred ch arters p r o
cured fo r our clients. C harters procured
under S outh D a k ota law s a t a v e r y re a
son able rate fo r m ining, m illin g m an u
fa ctu rin g ,
railroad s,
telegraph,
te le
phone, o r an y oth er industrial pursuit.
T en y e a r s’ p ra ctice in the bu siness. All
corresp on d en ce an sw ered sam e d ay r e
ceived. A ssista n ce g iven in m akin g out
papers.
N o d elay in secu rin g charter.
N o extras. W rite fo r corp oration law s,
blanks, b y -la w s and form s, free, to
P H IL L IP L A W R E N C E , fo rm e r A s s is t
ant S ecreta ry o f State, H u ron , South
D akota. M ention this p aper w hen w r iti n g , _____________________________________(t f)
W ATCH
TACO M A
GROW
P op u la tion : 1900, 37,714. 1907, 100,000.
Send stam ps, ten cents, fo r d escrip tiv e
literature to S ecretary C ham ber o f Com
m erce and B oard o f T rade.
T A C O M A . W A SH IN G T O N .
F O R S A L E — G ood repu blican paper.
F or term s and fu rth er in form ation w rite
G. W . Y ou n g, A d m in istrator, P a rk R iver,
N. Dak.________________________________ ( 6 - t f )
F O R S A L E — $12,000 sto ck o f d ry goods,
shoes' and g e n ts’ fu rn ishin gs, w ith trade
o f $100 .00 per day, loca ted in the hu stlin g
tow n o f R aym ond, W ash . A d dress H eim
M ercan tile Co., R aym ond. W ash.
(7-26)
F or Sale— One o f the b est p a y in g b u si
nesses in the w est.
Sm all investm ent.
F or particulars, w rite B o x 463, A reola,
Sask.
(9-25)
F O R S A L E — M eat M arket, high class,
establish ed 1 2 y e a rs; retiring, p rice $2 ,000. A d dress R oom 930-112 Clark S treet,
______________________ (8-25)
C hicago, 111.
F or Sale— S to ck o f general m erchandise,
w ill in v oice about $25,000 d oin g a splendid
business, g o o d reason fo r selling, this
store has alw a ys m ade m o n e y an d w ill
con tin u e to do so, w e are loca ted 635
m iles w e st o f St. P aul on the m ain
line o f the N. P . R y., in the cen ter o f a
large sto ck and fa rm in g cou n try, address
H . K . Schuster, W ilb a u x , M ont.
(8-25)
F O R S A L E C H E A P .— A g o o d w eek ly
new spaper, on g ood p a y in g basis, large
circu la tio n ; tw o w ell located bu siness
buildings, p a y in g 11V2% on in vestm en t;
an d a w ell im proved % section fa rm in
B oyd Co., N ebr. Sickness sole reason fo r
selling. A d dress P . O. B o x 301 H u m
phrey, N ebr.
(8-27)
I N V E S T , IN A F I E L D W I T H O U T F A I L
U R E S , w ith su ccessfu l m en, w hom you
can in v estig ate th rou gh Dun or B rad street’ s or St. P aul Banks.
W e offer
d irect ow n ersh ip (n ot sto ck ) in a b u si
ness w h ere the su pply -is alarm ingly d e
crea sin g and the dem and
con stan tly
g row in g ,— the
T IM B E R
LAND
B U S I
N E S S . It has prod uced m illionaires, but
no failures.
L e t us show you h ow an
investm ent o f $400.00 will purch ase one
m illion fe e t o f stan d in g tim ber.
T his
is a great m o n e y -m a k in g opportunity.
N o blind guessing.
Send address and
receiv e m ap and free booklet, “ M oney
Seeks T h e T a ll T i m b e r . ”
C. E. Stone &
Co., P ion eer P ress B uilding, St. P aul,
M inn.
(10-26)
W a n te d — H a rd w are,
D ru g
S to re ,
B u tch er Shop, Im plem ent H ou se and
H a rn ess Shop, also an a ttorn ey and
doctor, at the new tow n o f B ainville,
M ont.
G ood location fu rn ished .
F or
fu rth e r
particulars,
apply,
B ain ville
T ow n site Co., B ain ville. M ont.
(10-25)
' FOR
SALE
AN
O P P O R T U N IT Y — I
have bu ilt up a cash business o f ab ou t
$30,000 a y e a r w ith a sto ck o f $4,500; am
m ak in g good m on ey now , bu t I have a
chan ce to m ake m ore w ith less w ork,
so offer to sell, at cost to m e, m y stock ,
and w ill rent or sell the buildin g;, new
b rick , 20x80; rent, $22.50 per m on th ;
w rite today.
A d dress P. O. B o x 473,
D ecatur, 111.
(9-25)
F O R S A L E — T hree u p righ t m achine
shingle m ill w ith fu ll d ry kiln cap acity,
all in first-cla ss order.
20 . 000 -fo o t c a
p a c ity saw m ill w ith u p -to -d a te b o x f a c
tory on sam e site. B oth m ills situated
on the N o o k sa ck river.
Shingle bolts
b ou g h t on the m arket at $3.25 per cord,
delivered in boom .
L o g s sam e at $5.00
per 1,000 feet. A d d ress all co rre sp o n d
ence to M O R R ISO N M IL L CO., F erndale,
W ash.
(10-26)
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, June 20, 1908
BUSINESS CHANCES
HELP WANTED
B an kers w h o desire to sell th eir banks,
or bank stock , corresp on d w ith us. W e
have several in v estors w h o are looking
fo r som eth ing. A ll corresp on d en ce s t r ic t
ly confidential.
M ortg ag e L oan and In v estm en t Co.,
S. H . D rew , S ec.,
206 N. Y . L ife B ldg., M inneapolis, M inn.
F o r Sale—A g ood crea m ery in Germ an
com m u n ity ; new tow n ; ev eryth in g in
good con d ition , 380 patron s.
P rop erty
con sists o f crea m ery, icehouse, coal house,
dw elling and other out buildings, nearly
three acres o f lan d; 80 rods to d ep ot; on
tow n site. P resen t m ake o f bu tter per
w eek ov er 6,000 pounds.
R eason s fo r
sellin g: H a v e p rop erty in other part of
the w est that I w ish to develop.
O n ly
those that have m on ey to invest need in
quire.
T h is is one o f the b est in the
state.
L. A. H yam es, S treeter, N orth
D akota.
(10-25)
A gen ts W a n ted — E x cep tion a l op portu n i
ties, liberal term s, im portant positions.
R equ ired good m en in ev ery com m u n ity
to solicit farm ers, m ills, elevators, etc.,
sh ow in g ad vantages in ex portin g prod u ce
d irect to E urope.
P rod u cers M ercantile
Co., Ltd., Guthrie, O klahom a,
(7-27)
AN
O P P O R T U N IT Y W O R T H
G A T IN G .
IN V E S T I
E ith er to p u rch ase all or a part interest
in a new, u p -to -d a te planin g m ill w ith
d ry kilns, etc., ad ap table to an y kind of
w ood w ork in g , in heart o f the Southern
hardw ood field. C ity location . A d dress
“ Y ,” C om m ercial W est.
(10-26)
F O R S A L E — D E S IR A B L E G E N E R A L
bu sin ess; situated in one o f the best
fa rm in g section s in w estern O n tario;
sto ck fresh and clean ; nearly a cash
tra de; sto ck $3,500.00; w ill rent p rop erty ;
p ostoffice and ’phone in con n ection . A d
dress b o x 200. Shetland, Ont.
(10-26)
G R O C E R Y —F or sale, g r o ce r y ; have
other bu siness; m ust sell. A p p ly 2704 S.
Jefferson, St. L ou is. M o.
(10-25)
F O R S A L E — $5,000 the b est bu siness in
Grand R apids, M ich., fo r the am oun t of
cash invested.
Ow ner is obliged to go
to C olorado on a ccou n t o f his d a u g h ter’s
health. T h is business show ed $3,100 net
profit in fifteen m onths. T he on ly b u si
ness o f the kind in w estern M ich igan.
N o trade. In v estig ate this. H olt, 519 N.
O tta w a St., Grand R apids, IVIich. (10-25)
F o r Sale— 4-cylind er, 5-passenger, 30horse pow er, Queen tou rin g car, fu lly
equipped w ith top, lam ps, etc. C ar cost
ow n er $2,500.00. W ill sell a t a bargain.
L. H . F letch er, 410 B an k o f C om m erce
B ldg., M inneapolis, M inn.
(11-25)
G O VERNM ENT H OM ESTEADS.
G overnm ent H om estead s and h ow to s e
cu re them. T h is is the title o f a new
book ju st issued. Tells, w here hom estead
lands m ay still be secured a lon g the P a
cific C oast exten sion o f the C hicago,
M ilw aukee & St. Paul R ailw ay in D a
k otas and M ontana. G ives com p lete in
form ation .
Is free fo r the asking.
F.
A.
M iller,
G eneral P assen g er A gent,
C hicago.
C ity T ick e t O ffice, 328 N icollet A ve.,
M inneapolis, Minn.
W . B. D IX O N ,
A ssista n t General P assen ger A gen t, St.
Paul, Minn.___________________________ (11-25)
A p ra ctical invention patented. E ntire
U nited States righ t for sale. $500. A d
dress ow ner, E arl D avison , R. R. N o. 3,
R ussell, Iow a.
(9-26)
F or Sale or E x ch a n g e: R ecen tly p a t
ented C ollapsible C rate or Cases. P aten t
issued in U nited States, M ex ico and p en d
ing in C anada; an y size cra te or case can
be m ade from this con stru ction . A t p res
ent w e m an u factu re tw o sizes in egg
cases, 15 and 30 dozen, bein g m ade of
galvan ized iron. A n y m aterial m ay be
used.
B ig seller.
T he righ t m an can
m ake m illions o f dollars out o f it.
If
you are a m an o f a b ility and m eans,
look in g fo r a g ood live p roposition, d on ’ t
delay, but in v estig ate this at once. P rice
($200,000.00) T w o H u ndred T hou sand D o l
lars. Address, ow ner, John S. M cK ibbin,
1003 Sum m it St.. K an sas C ity M o. (11-25)
B R IC K A N D T IL E P L A N T S .
F or
Sale.— D oin g
splendid
business.
S ickness cause o f selling.
B uy from
ow n er, Jas. H op p el, B o x 98, N ey, Ohio.
(11-27)
On a ccou n t o f ill health and no one to
run farm , I w ill sell m y T hreshin g R ig
cheap.
$600— com p lete outfit; large R ig ;
25 H. P. E ngine. P hilip D ank, R. 4, M an
kato, M inn.
(10-27)
F o r Sale.— A w ell established and u p to -d a te sto ck of general m erch a n d ise in
prosperous N orth D a k ota tow n.
C rops
look finest fo r years. S tock about $6,000,
store bu ildin g $2,000, dw elling $1,500; lib
eral term s; fo r particu la rs address M. O’.
M adson, M entor, M inn.______________ (11-26)
B U S IN E S S
C H A N C E .— F or sale, a
hardw are, fu rn itu re, harn ess and un d er
tak in g bu siness in a g ood tow n , and the
best fa rm in g d istrict o f N orth D a k ota ;
sto ck about $6,000. buildin g 44x70, d oin g
a business o f $25,000 to $30,000 a year, and
on the increase. If y ou w an t a g ood th in g
look this up.
A d d ress B o x D, A neta,
N. D.
(U -2 5 )
TELEPHONE EXCHANGE FOR SALE
F O R S A L E .— E X C H A N G E A T B IS m ark, 100 su bscribers, S w ed ish -A m erica n
equipm ent. W rite W m . E. P abor, F red ericktow n , Mo.
(11-26)
SITUATION WANTED
E X P E R IE N C E D
M ALE
STEN O G
R A P H E R desires position . H a s speed
and a ccu ra cy .
Can handle corresp on d
ence. G ood referen ces. A d dress b o x 233,
F argo, N. D.
______________(10-25)
W A N T E D — A p osition as m iller in a
m ill o f fifty to one hundred ba rrels c a
p a city w ith a firm that is desirou s of a
m an w h o can p rod u ce g ood results and
w ill take an in terest in the w elfa re of
his em ployer.
I am n ot a h ig h -p riced
m an, bu t will m ake w a g es an in terestin g
fea tu re to a firm th at w ill ap p reciate a
g ood m an.
H a ve had 30 y ea rs’ ex p eri
en ce w ith all sy stem s and m y results
have n ev er been condem n ed. Can com e
on sh ort n otice. A d d ress D. B. Johnson,
A d am s, N. Y .
. (T . F .)
E x p erien ced grain m an, g ood ju d g e of
grain and cap able o f handling a line of
cou n try hou ses or term inal, ex p ert on
grain books, w ill be open fo r p osition
A ug.
1st.
A d d ress
“ X ,”
C om m ercial
W est.
(10-27)
BIDS WANTED.
B ID S W A N T E D F O R E L E C T R IC L IG H T
PLANT.
Sealed bids w ill be receiv ed b y the
C ity C ouncil o f the c ity o f V a lley City,
N orth D akota, up to 8 o ’ clo ck p. m.,
M onday, Ju ly 6 , 1908, fo r the sale o f the
c ity ’ s ele c tr ic lig h t plant.
Said bids
m u st be addressed to the C ity A u d itor
o f said c ity and m u st be endorsed on the
ou tsid e th ereof, “ B ids fo r E lectric L igh t
P la n t.”
N o bid w ill be consid ered w h ich is for
a less sum than $40,000, and all bids
m u st be a ccom p a n ied b y a certified ch eck
fo r 5 % o f the am oun t o f bid, and m ade
p ay able to the C ity T rea su rer o f said
city .
A n ex clu siv e 20 y ea r fra n ch ise w ill be
g ran ted the su ccessfu l bidder, the term s
and con d ition s o f w h ich w ill be agreed
upon on the a cce p ta n ce o f an y bid.
A n in v en tory and an y in form ation d e
sired can be obtain ed from the c ity a u
d itor o f said c ity upon application.
T he righ t is reserved to r e je c t an y and
all bids.
B y order o f the c ity coun cil.
D ated
M ay 12, 1908.
H . F. H alverson ,
C ity A u d itor o f V a lley City. N. D. (9-261
STOCKS AND BONDS
D o you w an t a g ood in v estm en t? 25,000
shares fo r sale in a g ood L um ber C om
pany.
Splendid op ortu n ity fo r those
d esirin g to con n ect w ith lum ber industry
in B ritish Colum bia.
2 g ood M ills: 1 in V a n cou v er 1 in
L angley. T im b er tra cts: 1 o f 2,700, one
o f 16,000 acres.
W rite R. L. M iller, B o x 540, V an cou ver,
B. c.
___________
( 4-32)
MILLS AND ELEVATORS
SE C O N D H A N D 6 h. p. steam engine
and b oiler; A1 con d itio n ; bargain . Shadeg g E ng. Co., 317 So. 3d St., M inneapolis,
Minn._______________________________ _________
F or Sale.— F lou r M ill and B eau tifu l
H om e; E a sy T erm s; in C ity o f A lb u
querque, in R io Grande V alley , N ew M e x
ico. B est clim ate on ea rth ; cyclon es, su n
strok es or drou ghts un know n . R esid en ce
finest hom e in the c ity ; m odern im p rov e
m en ts; m ill ca p a city , 200 barrels flour
ev ery 24 h ou rs; m odern roller m achinery.
T ra ct fron ta g e 178 feet. Size o f mill 178
b y 40 feet, all brick. A B argain. Good
reason s fo r selling. E a sy Terms.. John
B orradaile, R eal E sta te A g en t, A lbu qu erque, N ew M exico.___________________ (11-29)
FOR
SALE.
Several desirable elev ators situated on
the C. M. & St. P. and C. G. W . R y s.;
also term inal elev ator K at M inneapolis.
A d dress
S H E F F IE L D M IL L & E L E V A T O R CO.,
C ham ber o f C om m erce,
(11-26)________________ M inneapolis, Minn.
BANK FIXTURES
F o r Sale— S a fety D ep osit B ox es good
as new , standard m akes, m anagenese
safes. T w o sa fe ty D ep osit V a u lts; second
hand ba n k safes.
T he la rg est stock of
high grade safes in the cou n try alw ays
on hand.
D O N N E L L S A F E CO.,
200 & 202 W a sh in g ton St..
C hicago, 111.
E stablish ed 1886.__________________________
F O R S A L E — W ill sell cheap for cash,
one second hand safe w ith bu rglar p roof
ch est; safe takes bu rg lar insurance. In
quire o f the F arm ers S ecurity Bank,
Chaffee, N. D.
(10-27)
r<
Saturday, June 20, 1908
HOTELS AND RESTAURANTS.
F or Sale— H otel F urniture and L ease
running- fo u r year.
35 R oom s, receip ts
ov er $12,000 a .year. G uess th a t’ s goin g
som e.
K lein H otel,
H a stin gs,
N eb.
________________________________________ (10-26)
H O T E L — 3 -sto ry brick, 32 room s, 3 lots
and plenty o f outbu ildin gs fo r sale, trade
or rent.
A d dress A . W . C rook, Owner,
O ttum w a, Iow a.______________________ (10-25)
F or Sale-—-E leg a n t, profitable hotel;
b est h ere; b ig bargain, picture, term s
free. B ig bargain . A . C. G uthrie, Sulphur Springs, A rk.__________________ (10-26)
F IN E op en in g fo r first-class, hotel at
M cV ille, N. D.
G ood tow n and p lenty
o f transient trade. E nou gh y ou n g m en
in the tow n to su pport hotel. R ig h t p arty
will be w elcom e. W rite C om m ercial Club
at M cV ille, N. D.___________________ (11-25)
F or Sale.— Sum m er H otel, furnished,
near Old O rchard B each, M aine; 28 sle e p
ing room s, 2 dining room s, hot and cold
w a ter; elegant b a th in g and boatin g. P rice
$6,000.
P reble & S aw yer, R eal E sta te
A g en ts, Saco, M aine.________________ (11-25)
FOR SALE OR EXCHANGE
TO E X C H A N G E O R F O R
SALEQ U A R T E R OR h a lf m y fine section land
near L os V e g a s; deep rich soil, splendid
clim ate;
b ig cro p s w ith ou t irrig a tion ;
w h eat 35 bushels a c r e ; land selling $15
per acre.
P ra tt, 8821 L o o m is St., C hi
cag o, 111.
(10-25)
W ill sell or trade p artly im proved farm
land, in new and rap idly g ro w in g a g ri
cultural section .
E qu ally adapted fo r
g rain g r o w in g and dairyin g, w ith n u
m erou s crea m eries an d flour m ills in o p
eration.
(10-27)
S jo b e rg B ros., R oseau, M inn.
REAL E S T A I E—FOR SALE.
F O R S A L E — T w o t w o -s to r y brick store
bu ildin gs, in tow n o f C enter, T e x a s;
cou n ty site; located in prin cip al b u si
ness se ctio n ; rented at $80 per m on th ;
w ill sell fo r p art cash and rem ainder
g ood note or desirable bank stock . L uke
M otley. T enaha, T exas.______________ (9-25)
G R A IN , F R U IT , D A IR Y A N D P O U L try F arm s F o r Sale, b y the L ead in g
R eal E sta te B rokers, S L A U G H T E R &
B A K E R o f D over, D elaw are, U. S. A .
__________________________
(10-26)
TIMBER AND MINERAL LANDS
T IM B E R
IN
B R IT IS H
C O L U M B t/L
B efore bu yin g w rite fo r m y book let and
list o f ov er 1 0 0 p rop erties com p risin g
25,000,000,000 fe e t o f the best tim ber in
B. C. A. T. F R A M P T O N , M ahon B ldg.,
V ictoria , B. C.
B R IT IS H C O L U M B IA T IM B E R .— L arge
and sm all tracts. O p eratin g and holding
prop ositions.
C orresp on den ce
solicited
from bon a fide investors. W . L. K eate,
C row e & W ilson C ham bers, V an cou v er,
B. C.
(6-27)
FARMS AND FARM LANDS
AR K AN SAS.
C H E A P L A N D , im proved, Ozark fru it
belt, sure crops, no chills, new railroad,
good society . G. W . B R O W N , F airban ks,
Ark,___________________________________ (11-26)
H E R E ’ S a b a rg ain ; 240 acres, five m iles
from co u n ty seat, 15 m iles from railroad ;
60 acres in cu ltiva tion , 150 acres fen ced ;
g ood oak tim ber; 3-ro o m fram e residen ce;
fa ir barn, w ith sh eds; 500 apple and 100
peach trees, b ea rin g; w a te r; near school,
chu rch and p o sto ffice ; p rice $2 , 000 .
I. L . F R A N K S ,
(11-28)_________Salem , F u lton C ounty, A rk.
C A L IF O R N IA ^
W H A T DO Y O U W A N T IN C A L IF O R nia fa rm in g lan ds?
W rite to L . C. M O N T F O R T , 1311 L
st., S acram en to. Cal.
(8-25)
S A N T A C R U Z ranch es fo r sale in
tracts, city lots, fu rn ished h om es fo r ren t;
list. F. H. P arker, 125 P a cific A ve., S anta
Cruz. Cal._____________________________ (11-25)
CANADA.
CANADA
SWAN RIVER VALLEY
1905,
1906,
500.000 bushels shipped.
750.000 bushels shipped.
Av. yield of wheat per acre, 35 bushels.
Fall wheat largely grown.
Improved Farms $15 to $30 per acre
Unimproved “
8 to 20
“
EASY TERMS
Farm Loans, 8% on First Mortgages.
Correspondence solicited.
A P P L Y TO
C. A. F. CRESSWELL,
Swan River,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
67
THE COMMERCIAL WEST
FARMS AND FARM LANDS
FARMS AND FARM LANDS.
M ONTANA.
CANADA.
F arm L ands in qu arter section s or
m ore in the fa m ou s S aska tch ew an V a l
le y ; $10 to $20 an acre.
E a sy term s.
L and brok en and cropped, if desired.
R e fe re n ce s given. A d d ress the F R A N K
L IN R E A L T Y & T R A D IN G CO., L T D .,
N O K O M IS, SA S K .____________________ (9-32)
"S u n n y S outhern A lb e rta ” fa rm lands
can n ot be equalled fo r a gilt ed ge in v e st
m ent. W e have several ch oice block s fo r
sale cheap.
W rite at on ce to W eber
B ros., L eth bridge. A lberta.________ (10-26)
C O LO R A D O .
F O R S A L E — 990 acres irrigated Fruit
land fo r colon ization or d evelopm ent
p rop osition,
tw o
m iles from
railroad.
W rite W E L C H & M E R R IL L , D E L T A ,
COLO.__________________________________(9-26)
F O R S A L E — 800-acre stock ranch, best
outside ran ge in state, sch ool section
a d join in g. Old ditch rights, 350 acres in
alfalfa, corn and oats.
B arns, corrals.,
scales and ranch house, also cattle.
P len ty w ater.
S. F. K im ner, B ox 563,
P ueblo, Colo.______________
( 10-25)
ID A H O .
640 A C R E S T O C K R A N C H F O R S A L E .
F irs t-cla s s w ater right, near T w in Falls,
Idaho, well im p rov ed ; w rite fo r p a rticu
lars.; price $40 per acre.
M ilner Real
E state & E n gin eerin g Co., M ilner, Idaho.
____________________________(11-28)
K A N SA S.
I H A V E tw o good fa rm s I have to sell
soon. One 160 acre, one 320 a cre near
A lton , Kan.
W rite me.
W m . F orm an,
A lton , K an . N o com m ission , I ow n land.
(10-25)
G R E A T S P E C U L A T IO N
ON T H E ‘ ‘ S T R O N G L IN E S ”
80 acres, ripe for platting. T ra n sp orta
tion from K an sas C ity to Olathe. R ight
to rough it. $150 per acre only. F arm
value. Be quick.
H. S. B U R G IN ,
558 Sheidley Building,
(11-25)___________________ K an sas City. Mo.
l o r Sale.— 200 acre tra ct in city lim its.
Gilt edge p roposition, 1,120 acres near
Garden City, K a n sa s; 40 acres tim ber
near M uscatine, Iow a.
A d dress H orton
P o n y F arm , M uscatine, la .
(11-28)
M E X IC O .
W e have to offer as ow ners, 130,000
acres y e llo w pine land in M ex ico, 175
m iles south o f E l P aso, T ex as, 25 m iles
from p resent term inus o f S ierra M adre
R ailw ay. E stim ated 500,000,000 ft. m er
ch an table tim ber.
P rice $2.00 per acre,
(4 cash, ba lan ce term s.
A lso 100,000 acres y ellow pine, in M exico,
40 m iles S. E. o f D ouglas, A rizona, 55,000
acres o f w h ich w ill cu t 175,000,000 ft. m er
ch an ta ble tim ber.
T he balance is good
g ra zin g land. P rice $2.50, 14 cash, balance
term s.
T h ese are the high est m arkets
fo r lum ber to be fou n d anyw here.
W ill sell ab ove tim ber ou trigh t or g iv e
an in terest to p arties w ho w ill put in
tra m w a ys and saw mills.
B ook er and C om pany, Sheldon H otel,
E l P aso, T exas.
R eferen ce, F irst N a tional Bank.____________________________ (t f.)
M IN N E S O T A .
F O R S A L E — L A R G E L IS T O F F A R M
lands in St. L ou is and Ita sca cou n ties;
low est p rice s; best term s.
John Q. A.
C rosby, 209 P alladio building, Duluth,
Minn.___________________________________ ( 9-27)
FOR SA LE —N
section 20, in tow n
o f Pelan. T his is a g ood p iece o f land,
and w ill sell at a bargain. W rite or see
R O B E R T G R IF F IT H , St. V in cen t, M inn.
(10-26)
M ISS O U R I.
F O R S A L E — 361 acres,
unim proved,
clear, in L acled e Co., M issouri, near tow n
and railroad ; w ill fu rn ish a b stra ct and
W a rra n ty deed. Im proved orch ards near
are w o rth from $150 to $200 per a cre;
w ill sell ab ove fo r $15 per acre. M ills
R eal E state A g en cy , 211 E . D ou glas,
R o o m 2, W ich ita , K ansas.___________ (8-25)
F O R S A L E — 300 acres stock and grain
farm , V ern on Co., Mo. T w o sets im
p rov em en ts; land all under cu ltiva tion .
P ossession giv en at on ce; price $50 per
a cre ; term s. M ills R eal E sta te A g en cy ,
211 E. D ou glas, R oom 2, W ich ita , K a n sas.
________________________________ (8-25)
FO R S A L E .— L arge and sm all stock and
fruit farms.; 50 m iles n orth w est o f St.
L ouis. W m . Crews, W rig h t City, Mo.
________________________________________ (11-25)
F O R SA LE , cheap, large or sm all tra cts;
L ittle M aries V alley, ad join in g D ix on ;
good fo r an y purpose. J. F. Dann, D ixon,
Mo.____________________________________ (11-25)
M ONTANA.
10, 000
acres, fine grass, % steam plow
p rop osition , tw o sets o f bu ildings, ru n
nin g w ater, coal, .wood, good w ater. I r
rigation
not
necessary.
L arg er
and
sm aller tracts, easy term s.
H om estead
lands.
A b stra cts o f title.
Investm ents
m ade. P rop erties inspected.
S E C U R IT Y L A N D & L O A N CO.,
S ecu rity L an d & L oan Co.,
M iles City, M ontana.
-------------- M O N T A N A ---------------
13.000 A cres o f ch oice W ild L and in
E astern M ontana, D aw son C ounty, near
Glendive.
T he b est cheap land on the m arket.
P rod u ces big crops. G ood clim a te; p len
ty rain ; g ood w ells from 1 0 to 20 feet;
abundan ce o f the best grade o f lignite
coal. W h a t m ore can you ask ?
K eep y ou r eye on M ontana.
Send fo r D escrip tiv e B ooklet.
W E S T E R N L A N D & L O A N C O M PA N Y ,
A rlin gton , So. Dak.
_________________________________________ (8-26)
32.000 acres of the finest agricu ltu ral
land in eastern M ontana for sale at a
snap price.
W ill divide the tra ct and
sell either half. A d dress the ow ner, A. F.
K elly, Glendive, M on tan a.__________ (11-27)
N EBR ASK A.
F or Sale.— 320 acre farm , well im proved,
P aw n ee C ounty, N ebrask a ; 2 m iles to
m arket.
P rice $60 per acre. T erm s to
suit.
80 acres g ood land, no buildings, fen ced
and in cu ltiva tion ; sch ool on land; on
teleph one and R. F. D. lines. P rice $50
Xrer acre. W rite C. L. R othell, C rab O rchard, N ebraska.____________________ (11-25)
F or Sale.— A good relinqu ishm ent on
640 acres, close to D unning, N eb. P. O.
address B ox 8 , D unning, Neb.______ (11-25)
NO RTH D AKO TA.
B E S T 440 A C R E F A R M IN B A R N E S
C ounty,
N orth
D akota.
Im provem en ts
co st ov er $10,000.
One m ile g ood tow n
m ain line N. P.
E x cep tion a l bargain,
g ood term s. S. F. Sherm an, T ow er City,
N. D._____________________________________ (t f)
F or Sale— P ra irie farm s, large and
sm all fro m $10 to $45 per acre. F or
particulars, address M. J. H a n ley, B o x 1,
P on n y b rook , N. D.__________________ (8-25)
F or Sale— 640-acre farm , con v en ien t to
tow n and school, all in good state o f c u l
tiva tion , g ood w ater, fa ir buildin gs and
grove. $45 per acre. A lso, g ood 240-acre
fa rm fo r $35 per acre. T erm s easy. N o
trades.
A ddress, B ox 191, St. T hom as,
P em b in a C ounty, N orth D akota.
(10-26)
F O R S A L E .— 320 A C R E S C H O IC E roll
ing prairie, 7 m iles from good tow n ; 90
acres b rok e; no bu ildin gs; $20 per acre,
o n e -h a lf cash, balance easy paym ents.
A d dress L o ck B ox 66 , M ichigan, N. D.
________________________________________ (11-25)
O KLAH O M A.
10,000
F A R M IN G
ACRES
LAND.
W e have 10,000 A C R E S O F F A R M IN G
land for sale in the new state of O klah o
m a, an y size tracts, an y loca tion and
a n , tJr ice . Call on or w rite us before
buying. T erm s to su it purch aser. F ine
a lfa lfa land.
A M E R IC A N
T R U S T CO , B Y A R S , O K L A .
____
____________________J___________ (1-25)
BIG C R O P S— NO F A IL U R E S .
F ine F ru it C ou n ty; G ood H ealth ; F ine
C lim ate; G ood F arm in g L an d from $10 to
$35 per acre. Call or w rite
JA M E S G. W IL L IA M S ,
(11-25)___________ D oley Springs, Oklahom a.
O REGO N.
F R E E L A N D IN OREGON. Irrigated
under C arey act, at low cost. W rite to
L and C om m ission er, D esch u tes Irrigation
& P ow er C om pany, Bend, C rook County,
Oregon._______________________________ (11-25)
SO U TH D A K O TA .
F R EE HOM ESTEADS.
L a st chan ce to get free W estern D akota
hom esteads. L et m e locate you on fine,
ch oice govern m en t land. W rite John T.
M ilek, Sturgis, South D akota._______ ( 8-25)
TEXA S.
W e deal in R ealities. A llow us t o prove
the above.
W e are head qu arters for
tim ber, ranch , farm , tru ck and fru it land.
S w itzer-B u ch h olz Co.. H ou ston . T ex.
— B A R G A IN S A N D S N A P S .
T H E B L U F F C IT Y R E A L T Y CO.
o f C orpus Christi, T ex ., is offerin g 80acre tra cts o f the finest land in T ex a s in
the A rtesia n B elt, w ithin 5 m iles o f depot
at $15 p er acre, on reason able term s. W e
on ly guarantee this p rice fo r 30 days.
A d dress M. A. M aupin, M gr., H . R. S u th
erland, A tty ._________________________________
I S E L L b la ck land fa rm s in Collin,
D en ton and D allas C ounties and P lano
c ity p rop erty. M. C. P O R T M A N , P lano,
T «.
CAT F LARGE OR SMALL TRACTS
J tlL L ,
j n tj ,e lrrigated D is t r ic t o f Texas
W . R. S H IR L E Y , S IO U X C IT Y ,
IA .
700-A C R E high ly im proved B razos b o t
tom plantation (600 acres in cu ltiva tion ),
w ithin 1% m iles o f R ichm ond, F o rt Bend
coun ty, T exas.
A p ply d irect to ow ner,
Chas.. K . F rost, G alveston. T exas.
(4-25)
W E P A Y R A IL R O A D F A R E .
I can sell you a fa rm in S em i-T rop ica l
T ex a s fo r $200. P a y $10 cash, $10 per
m onth w ith ou t interest.
P len ty w ater,
rich soil, finest p rop osition in the state
o f T exas. D on 't fail to w rite fo r b o o k
let. A . D elcam bre, H ou ston , T exas, (t f)
FARMS AND FARM LANDS
FARMS AND FARM LANDS
TEXA S.
TEXA S.
O R A N G E S — FIGS,
y ou r opportunity.
D on ’ t w o rk fo r the other fe llo w all your
life—
B E IN D E P E N D E N T .
Start to -d a y and
$3,000.00 to $5,000.00 a vear
will be y ou r incom e from 1 0 acres
o f F igs and Oranges.
O P P O R T U N IT Y
K n ock s at ev ery m an ’ s d oor at least once.
It is n ow k n ock in g on y ou rs!
W ill you grasn it or let it pass from
y ou r reach N e v e r to com e again.
TEN ACRES
fo r
F iftv ($50.00) D ollars cash and T en d o l
lars per m onth.
Y ou can develop and
im prove v ou r land in O ranges and F igs
at sm all expen se and p ay it out o f your
salary, and w ithin three y e a rs’ tim e it
will be p rod u cin g you an independent in
com e fo r life, and be w orth from
T E N TO F IF T E E N T H O U S A N D
DOLLARS
in cash. Mr. Stout h as 12 acres in O ran g
es and F igs fo u r m iles fu rth er out from
the c ity than ours and has refused $20 .000.00 cash fo r it less than six ty days
ago. P rice s o f T en acres, f o r 30 d a y s o n l y
$500.00. T h ese lands are the rich est in
A m erica on ly 11 m iles from H ou ston , the
largest and m ost im porta n t C om m ercial
C ity in the S outhw est. W rite us to -d a y —
A d dress Dept. “ C .”
A . C. S W A N S O N & C O M PA N Y ,
4 u i-2 -3 -4 -5 -6 M ason Bldg.
H ou ston , T exas.
N ote.— P o sitiv e ly bu t 50 tra cts will be
sold on ab ove term s.
R ep resen ta tion s
g u a r a n t e e d . R e fe re n ce s— A n y Bank,
B an ker or T ru st C om pan y in H ou ston .
(t f)
TO S T O C K M E N — T w en ty section s o f
sch ool land to ex ch an ge fo r farm lands,
sm all im proved ranch , city p rop erty or
sto ck d ry g ood s and groceries. A d dress
B O X 91, S anderson, T ex.
(9-28)
FRED
C.
PABST
2304 Strand, G alveston, T exas.
R eal E sta te and B rok era ge Co., negotiate
B onds, S tock and R ealty. A n y nu m ber o f
large or sm all colon iza tion L ands all over
T e x a s and M exico, esp ecia lly the fertile
coa st coun try.
C orresp on den ce solicited.
R e fe re n ce s: C ity N a tion al B an k and W .
L. M ood y & Co., B ankers.
F O R A C O L O N IZA T IO N
P R O P O S I
T IO N W R IT E TO US A B O U T T H E 10.000 A C R E S W E H A V E F O R S A L E IN
T H E B E A U T IF U L C O L O R A D O R IV E R
VALLEY.
SA N
ANGELO,
TEXAS.
G A R L A N D & JA C K S O N .
R io
Grande
V a lle y
Land.
I have 1,000 acres o f fine orange, fru it
and veg eta ble land, un der the San B e n
ito irrigation ditch, 2 to 4 m iles o f San
B enito depot, w h ich I am selling in 20acre tra cts d ire ct to farm ers. N o m id
dle m an ’ s com m ission to p a y on this,
w orth $150 p er acre, bu t am selling it at
$50 to $100 per acre on e asy term s. T his
is an ex cep tion al op p ortu n ity to g e t a
home. W rite to
W . O. C O L M A N , Owner,
B row n sville. T ex .
C o m e t o T e x a s ! — For prices on
desirable land, see R. B. H1GBEE,
Germania Life Building, St. Paul, Minn.
T H E M A N T H A T H A S T H E B A R G A IN S
In T ex a s and M exico, have lived in this
section 52 years, and k n ow w h ere the
ba rgain s are. G. K . P age, 622 Chapparal
St., C orpus Christi. T exas.
/l^MilesRioG^deRivInFrontageV
3 lA
M iles on G u lf o f
M ex ico
|R. R. Station on this 27,000 acre, Easy Irriga- |
tion, cheap Colonization Proposition.
■ R io G rande V a lle y Im m igration C o. >
1
B
Saturday, June 20, 1908
THE COMMERCIAL WEST
68
k
O W N SV IL L E ,
Farm
Lands
and
TE X A S
3
Ranches.
In tra cts o f 160 to 10,000 acres. P rices,
$2.25 to $15.00 per acre. W rite us fo r d e
scription.
Green R e a lty Co., Stanton,
T ex as.
(10-27)
T h e R io Grande V a lle y is bein g r e
claim ed b y the U nited S tates g o v e rn
m ent at a co st o f $8,000,000.
T he
govern m en t tests o f soil show no rich er
dirt on earth. 200,000 acres o f this fe r
tile land will soon be tra n sform ed into
one o f the m ost beautiful strips o f g a r
den, orch ard and fa rm in N orth A m erica,
b y w ater from the largest artificial re se r
v oir ever con stru cted .
Our clim ate is
dry, pure, healthful. El P aso is in the
center. W e are in El P aso. W e have
im proved and un im proved land on the ir
riga tion d itch es cheap from $10. 0 0 per
acre up to $150.00, in an y size from one
acre up to 10,000 acres. T he R io G rande
has land and w ater— w h at w e need is
m en w ith braw n and brains.
B roaddu s & L eavell,
E l Paso, T ex.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C O R PU S C H R IS T I C O U N T R Y — 19,231
acres, b la ck prairie land, 7 m iles railroad
point, station on lan d; in 40-acre tra cts;
easy term s. B est p oor m an ’s cou n try in
T ex as.
W rite fo r sw orn statem ents.
R O B E R T S & W H IT E , C orpus Christi,
T ex.__________________________________________
F O R S A L E — F ine tw en ty section s W est
T ex a s ranch land, sh allow w ater, fine c li
m ate, fine grass, on railroad, $3.00 per
acre, h a lf cash.
A n investm ent w orth
in vestigatin g. E U G E N E W O O D & C O M
P A N Y , A bilene, T exas.
F o r Sale— 640 acres o f ra w land in
L u b b o ck C ounty, T exas. E v e ry fo o t till
able and adapted to all the cereals, c o t
ton and fru it.
F ine w ater and clim ate
and near railroad. P rice $16.00 per acre.
A ddress,
J. W . DODSON,
W a co , T exas.
_________________________________________ (9-25)
M A K E A GOOD M O V E
TO F IN E F A R M S
IN H E A L T H F U L
H IG H L A N D T E X A S .
D on ’ t live in fea r o f floodfe— com e w here
they are im possible and th ere’ s big m oney
to be m ade.
T he B L A C H ranch and fa rm s o f 10,000
acres,
S h a ckelford
C ounty,
10 m iles
northeast o f A lban y, T exas, can be bou ght
entire, includ ing fine ranch dw elling, s e v
eral tenant houses, barns, etc., or in 80
acre, 160 acre farm s' or larger. U n failin g
w ater, p len ty tim ber, 1,0 0 0 acres now
under cu ltiva tion and p ra ctica lly all the
rest is b la ck h o g -w a llo w soil.
W e ’ve
m ade 1 y2 bales c otton to the acre, raise
5 .crops a lfa lfa a year. T his season w e ’ll
have a bum per grain crop. C attle bred
and raised here took first prize at last
F o rt W orth show . T here are chu rch and
school house on p rop erty and .tow nsite
laid out.
T h is is y ou r chan ce, look w ell into it,
and DO IT N O W . W rite to or see M ax
B lach, care J. B lach & Sons, T hird A ve.
at 19th Street, B irm ingham , A la. (11-25)
O V E R 200,000 A C R E S in fa rm s and
ranch es o f the finest lands in T e x a s; can
sell you farm , ranch or un im proved tract,
,any size to su it; easy terms.. F or in fo r
m ation, w rite K . R. S E A T O N , S w eetw ater, T exas._________________________(11-28)
FARM ' L A N D S
IN T H E
FA M O U S
F R U IT A N D T R U C K B E L T IN E A S T
T E X A S IN T R A C T S FR O M 10 A C R E S
TO 10,000 A C R E S. P R IC E S FR O M $9.00
A N A C R E U P W A R D . F O R P A R T IC U
L A R S A D D R E S S , P. E. B A R T O N , K IL (11-26)
G ORE, T E X :_____________________
H A M L IN , T E X A S , on the g reat K an sas
C ity, M ex ico & O rient R. R., is tw o years
old, popu lation 4,000. A lot in H am lin and
40 acres’ o f land fo r $140. $10 cash, $10
per m onth. W rite fo r particulars. A gents
w an ted. O rient D evelop m en t C om pan y of
T ex as, H am lin, T ex.
(11-28)
NAM ES W AN TE D
W e w an t the nam es o f ev ery fa rm er
or investor w h o intends to buy land to
w rite fo r our m ap and land list of b a r
gains. near new railroad ; $5.00 to $25.00
per acre, no better land.
G ood people,
health, school and chu rches. N o insects,
plenty rain.
R ailroad fa re paid if you
bu y in C raw ford pasture.
NORMAN & STOVALL,
(11-25)
_________________ Graham , T exas.
W IS C O N S IN .
JU S T R E A D T H IS !
A n Im proved Farm , w ith good buildin gs
thereon, abundan t w ater, a d ja cen t to
high w ay, % m ile to school, 3y2 m iles from
good tow n. Small p aym en t dow n, balance
on lon g tim e at low rate o f interest.
If you are interested in this 60 acre b a r
g a i n in D unn C ounty, W iscon sin soil, call
on or w rite S T A T E B A N K OF K N A P P ,
K N A P P , W IS .
W e have also a dandy 100 acre p rop osi
tion at $25.00 per acre, and an im proved
eighty in St. C roix C oun ty w orth y in v e sti
gation.
____________________________ (11-26)
MORTGAGE LOANS.
W A N T E D — T he A g e n c y o f a first-cla ss
L oa n C om pan y. W e p lace m on ey on gilt
edge p rop erties 40% to 50% v aluation at
7%.
C orresp on den ce solicited .
H ig h est
B an k references.
T H E JO H N M cL E O D C O M PA N Y ,
B o x 879, V a n cou v er, B. C.
R E A L E S T A T E M ORTG AG ES FOR
sale in sum s from $10 0 to $1 , 000 , nettin g
the in vestor 7 per cent. John Q. A . C ros
by, 209 P alladio building, Duluth, M inn.
________ (9-27)
W a n te d — M oney to loan.
F irst class
se cu rity ; high ra te; bank referen ces.
Orin A. Clark, 12 E a st Y a k im a A v e.,
N orth Y akim a, W ash .
(10-36)
MUNICIPAL BONDS.
P R O P O S A LS FOR D R A IN A G E
— D R A I N N O . 4.—
BONDS.
N otice is h ereby given that the board
o f cou n ty com m ission ers o f the cou n ty o f
Grand F orks, N orth D ak ota will receiv e
sealed p rop osals fo r the purch ase o f fo u r
teen
thousand dollars
($14,000.00)
of
drainage bon ds of said cou n ty up to 1 0
o ’clo ck a. m. o f the 6 th day o f July, A . D.
1908.
Said bon ds w ill be issued in d en om in a
tions of on e-sev en th each and will bear
date July 6th, 1908, and becam e due July
6 th, A . D. 1915, w ith p riv ileg e of paying
one o f said issu es on Ju ly 6 th, A . D. 1909,
and one on each in terest p ay in g date
thereafter, until paid, each issue d raw ing
interest at a rate n ot to ex ceed 7 per
cen t per annum p ayable an nu ally on the
6th d ay of July in each year.
T he said bonds will be aw arded to the
high est resp onsible bidder a t a sum not
less than par and accru ed interest, and
each bidder shall state in his bid at w h at
rate o f in terest he will take the bonds,
and p ay par th erefore w ith accru ed in
terest and fu rn ish the blank bonds.
E a ch bid to be consid ered m ust be a c
com pan ied b y a certified ch eck on a n a
tional bank in this state, payable w ith
out con d ition s to the cou n ty o f Grand
F orks, in the sum o f one thousand d o l
lars ($ 1 , 000 . 00 ), as a guarantee that the
p arty m ak in g the bid will, if the sale
shall be aw arded to him , take and p ay
fo r the bon ds w ith in th irty d ays o f the
a ccep ta n ce o f his bid.
Said bon ds shall con tain a recital that
the sam e are issued in a ccord a n ce w ith
the p rov ision s and p ursuant to the a u
th ority o f ch ap ter 93, law s o f 1907.
E a ch bidder m ust sa tisfy h im self as to
the leg a lity o f the bon ds before filing his
bid, and in the ev en t that his bid is a c
cepted, and he fa ils to take up and p ay
fo r said bonds w ith in th irty (30) days of
the a ccep ta n ce o f his bid, the am ount o f
his certified ch eck fo r the sum o f one
thousand dollars ($ 1 , 000 . 00 ) shall be re
tained b y said cou n ty boa rd o f Grand
F orks coun ty, N orth D akota, as and fo r
liqu idated d am ages fo r the b rea ch o f the
con tra ct on the part o f said bidder.
T he p ay m en t an d d eliv ery o f said
bon ds shall be m ade at the office o f the
cou n ty treasurer o f said cou n ty in tin
c ity of Grand F orks, N orth D akota.
A ll bids m ust be sealed and addressed
to the undersigned, m arked (P R O P O S
A L S F O R D R A IN A G E B O N D S ).
The righ t to re je c t an y or all bids is
h ereby reserved.
D ated a t Grand F orks, N orth D akota,
this 4th d ay of June, A . D. 1908.
B y order of the boa rd o f cou n ty c o m
m issioners.
(10-26)
H AN S ANDERSON.
C oun ty A u d itor, of
Grand F orks coun ty, N orth D akota.
THROUGH
E N G L A N D BY C A N A L .
If you look at the map of London
you will see, besides the blue curvings
that mark the course of the Thames,
another thread of blue, shorter indeed
and narrower, hut not without its
provocation to inquiry. It begins at
the heart of the world’s shipping in
the neighborhood of the London
docks, and you trace it meandering
for a mile or two northwards through
a forest of brick and districts— Stephney, Mile End, Bethnal Green, Hack
ney, and so on— that to the Londoner
of clubland and the W est End are
mere names, until it heads decisively
westward, and after some four or five
miles of further perseverance achieves
a brief but joyous contact with the
world, if not of fashion, at least of a
“ residential gentility.”
It is the Regent’s Canal. Most Lon
doners and most visitors to London
will have seen its waters once; very
few will have seen them more than
once.
I have mentioned that just before
it straggles off the map of London the
wavering blue line that traces the
course of the Regent’s Canal grows
thinner. The point -where it grows
thinner marks the point of its union
with the Grand Junction Canal. And
if you examine a map not only of Lon
don but of all England, you will find
that the Grand Junction Canal, head
ing northwards in a determined fash
ion, joins on with other canals that
ramify to the Wash on the east coast,
to Manchester and Liverpool on the
northwest, and even as far north as
Leeds, clustering round the Midlands
in a veritable web of waterways. So
THE COMMERCIAL WEST
Saturday, June 20, 1908
that it is a physical possibility to en
ter the Thames, pass through the Re
gent’s Canal, and without disembark
ing, visit nearly every town of any
consequence in the country, until York
itself is reached.— Sidney Brooks.
Pr event abl e Wa s t e of Property.
Still the waste keeps up. The losses
by fire in the United States and Can
ada during April averaged $1,000,000
a day. The average for the first four
months of the year was $783,000 a
day, against $719,000 a day in the cor
responding period last year.
At least one-half of this loss is pre
ventable waste. At the present rate
the total fire loss of the year will be
$283,000,000. It is not unreasonable
to say that with proper precautions
the loss would not be at most over
one-half this sum. Let it be assumed
that $140,000,000 could be saved in
this way. That would he sufficient to
pay the big sum which the United
States every year distributes among
its war pensioners.
Lumber Exchange
Company
Hotel Cumberland
NEW
$ 5 0 0 ,0 0 0 .0 0
H. C. Akeley, President
F. A. Chamberlain, Vice-President
J. S. Porteous, Sec’y and Treas.
S A F E D E PO SIT V A U LTS
oxes
$ 4 .0 0
u p w a rd s
Remodelled, Handsomely Furnished
New Throughout
THE
ALBANY
41st Street and Broadway
NEW YORK
S. W. Cor. Broadway at 54th Street
Near 50th St. Subway and 53d St. Elevated
and accessible to all surface lines
Ideal Location,
Near Theatres,
Shops,
and Central Park.
N ew and
F irep roof.
Strictly Firstclass in every
respect.
All
Outside Rooms.
No Carpets.
All Hardwood
Floors and
Oriental Rugs.
European Plan.
Transient Rates, $2.50 with bath, and up
Restaurant Unexcelled,
Prices Reasonable.
Send for Booklet.
i H arry P . Stim son
R . J. Bingham
I Formerly
I with Hotel Imperial
MINNEAPOLIS.
P a id U p C a p it a l,
YORK
69
The Hotel
Formerly
with Hotel Woodward
PIERREP0NT
ABSOLUTELY FIREPROOF
In the heart of the City
500 Rooms
300 Bath Rooms
European Plan.
Cuisine Unexcelled
Gentlemens’ Cafe, Ladies’ Restaurant and
Moorish Rooms.
Popular prices.
Plenty of life—but home-like.
Single Room and Suites with and without Bath
$ 1 .0 0 P e r D a y a n d U p .
Send for Booklet,
ROBERT P. MURPHY
Meet me at the College Inn, under The Albany
. New York’ s Leading Rathskeller, a place
to eat, drink and be merry. Music.
W est 32d St. and Broadway
N E W
PITTSBURG,
Y O R K
FIREPROOF
per year
PENN.
HOTEL SCHENLEY
Surrounded by three acres o f lawn and gardens,
away from the noise and smoke.
Absolutely Fireproof
BUFFALO, N. Y.
The Niagara Hotel
A m e r ic a n P l a n ,
$3.00 a day and upwards.
Away from the city’s
noise and smoke.
QUIET, REFINED AND MODERN
European Plan
The rates are $2.50 and $3.00 per day for a
single and bath; $4 00, $5.00 and $6.00 per day
for two rooms and bath; $6.00, $7.00 and $8.00
per day for three rooms and bath.
The most comfortable hotel in Buffalo.
Beautiful P a lm Garden.
Large, airy
rooms, with Bath. Two blocks from Lake
Erie and Niagara River. Niagara Falls
electric cars one minute from the door.
Wire at our expense, or write for reserva
tions and carriage will meet you and taxe
you to hotel free o f charge. Six minutes
from down town.
Reduced rates to Tourists, Profes
sional and Traveling Men.
SPAULDING HOTEL CO.
Mrs. C. J. S paulding
C. A. SPAULDING •Props
HARRY
L.
BROWN
o f Hotel Victoria, Boston, and Islesboro Inn
Visitors from all over the country are attracted
to Pittsburg by that great gift o f A. Carnegie.
THE CARNEGIE TECHNICAL SCHOOL
AND INSTITUTE
To see that alone is worth a trip to Pittsburg. The
Schenley Hotel is opposite this National Work of
Art. Rooms for Business Meetings furnished free
o f charge. Wire or write us at once, and we will
Reserve Rooms for you. The most attractive Ho
tel in Pennsylvania.
The Schenley is the Waldorf-Astoria of
Pittsburg.
Special rates will be made 'for parties of 10 or
over, to Schools and Universities and Library In
stitutions. Guides furnished free of charge.
Send for Booklet.
Porter Ave. & 7th St.
JA M ES RILEY,
Proprietor and Manager.
ww S H I P
l YOUR
R
C om pany
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T°
8McMillan Fur & Wool Co:
A
S
IJIACt MARK REGISTERED
FURS
MINNEAPOLIS, MINN.
WRITE
FOR C I R C U L A R S
I L L U S T R A T E D TRAPPERS’ GUIDEl
FREE TO THOSE WHO SHIP UsJ
THE COMMERCIAL WEST
70
Saturday, June 20, 1908
OFFICERS:
Interest Paid
on
Time Certificates
First Trust 4 Savings Bank
JNO. B. ARNO LD,
V ice-Prest.
o f Deposit.
Paid-up Capital, $ 1 0 0 ,0 0 0 .0 0
Write for Booklet on “ Banking by M ail”
GEO. M. H A Y S ,
Secretary
Billings, Montana
P. B. MOSS,
President
PLAN FLOUR MILL FOR BILLINGS.
(S p ecial C orresp on den ce to the C om m ercial W e st.)
Billings, June 16— Some days ago representatives of
Colorado parties were in the city looking over the field
with a view to locating a flouring and cereal mill. When
they left it had been decided to make the venture. A part
of the necessary machinery was at hand, consisting of the
plant of Yegen Bros., who a few years ago intended to
erect a mill here, but for some reason abandoned the
project.
While there is no doubt that another flouring mill here
would pay handsomely, the new concern proposes to make
a feature of the manufacture of oat cereal foods. The
oats raised in this county have a reputation coextensive
with the country itself for their weight and quality. Oats
weighing as high as forty-eight pounds to the bushel are
common, while fifty-two pounds is not unusual. Last fall
immense quantities were shipped from here to the markets
of Superior and Duluth, to be used in mixing with eastern
oats to bring them up to grade.
Goo d P r o s p e c t s F o r S u b u r b a n
L in e .
Indications are favorable for the early construction of a
suburban trolley line west from Billings into the heart of
the rich agricultural district. Several times the project
has been taken up and preliminary moves made in the
direction of such a line, but on each occasion something
interfered and the matter was allowed to drop. After
waiting a long time for outsiders to give them the desired
connection with the city, the farmers themselves have
taken up the matter, with every prospect of success. The
great obstacle heretofore has been the lack of power.
With the consolidation o f the two electric companies and
the introduction of additional current from the Madison
river plant practically unlimited power is assured. With
this assurance before them, a number of the more enter
prising farmers have taken the lead to organize a company
which will issue bonds, secured by the land through which
the proposed road will run. Enough land has already been
pledged to justify a gentleman prominently connected with
the Billings and Eastern Montana Power Company, now
in the east, to undertake the placing of the bonds.
Not only will a right-of-way be given without cost, but
many of the farmers have volunteered to construct the
grade through their farms without charge to the company,
trusting to the increased values the road will give their
land for the returns. Great demand exists for small tracts,
and should the line be built, the large farms will be cut
into smaller holdings, thereby more than doubling the pop
ulation of the district.
under way in about ten days. Contracts have been let and
the contractors are now assembling their forces and mate
rial. This canal will be completed by the first of January.
Good progress is making on the other canals under con
struction, while the government forces on the Huntley
national project are engaged in taking out laterals and
supplying the settlers with water. Next year will see
many thousand more acres added to the irrigated section
of Yellowstone county.
C ollege
Pre pa rin g
For
W e e k ’s C a rn iv a l.
Working in conjunction, the Chamber of Commerce and
the 25,000 club have arranged for a week’s carnival during
the latter part of August. It is proposed to make it the
biggest event of the kind ever undertaken in the state,
and Billings will receive increased fame and publicity
through the advertisement the attraction is bound to be
for the city.
Much
Irrig a tio n
C o n s tru c tio n .
Work is in progress on the different irrigation canals
building in the ceded portion of the Crow Indian reserva
tion. Two machines and a half hundred teams are engaged
on the Big Horn Low Line ditch. It is expected that exca
vating will be completed in about four months, by which
time the headgates and structural work will be done and
the entire canal will be in readiness for use of the farmers
by November 15th.
Final surveys have been completed of the Bair & Shep
herd canal, near Hardin, and construction work will, be
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P o ly te c h n ic
Sc h o ol .
E
A
L
E
S
T
A
T
E
City Property, Acre Tracts, Farms and Ranches. Any
place in Billings, Yellowstone and Carbon counties, Mont.
Resident of Billings 25 years.
W.
P.
RIXON
CO. ,
B illin gs,
M ontana
Reference: Yellowstone National Bank and Billings State Bank
BILLINGS C IT Y P R O P E R T Y
YELLOW STONE V A L L E Y FA R M S
M O N T A N A H IG H L A N D S
Write for prices and terms.
NORTH
R EAL ESTA TE,
LOAN & TITLE
Opposite Court House,
Fe d e ra l B u ild in g A ssu red .
Whatever doubt may have existed in respect of the
building of a postoffice by the government has been dis
pelled by the advertisements which appeared in the local
newspapers a few days ago. Proposals are invited for a
site of approximately 176 feet long by 160 feet wide, con
veniently located to the business district of the city. Nat
urally considerable rivalry exists between different sec
tions, and the government is likely to have some rare bar
gains offered it before the selection is finally made. It is
hinted that a free site is not among the impossibilities.
and
A site of forty acres and an endowment fund of $20,000
marked the conclusion of less than a week’s actual can
vass for the establishment of the Billings College and
Polytechnic school that a few of the more deeply inter
ested in higher education hope to see established. Prom
ises of subscriptions to swell the fund to more than $50,000 have been received from reliable parties, with the field
practically still untouched. The Eaton Brothers, who es
tablished the Montana College at Deer Lodge, have been
secured to forward the movement. One of them is at
present in the east, in response to encouraging letters
received from well known philanthropists. It is believed
that a fund of no less than $250,000 will have been raised
before the end of the present year. It is hoped that build
ings capable of housing at least 100 students can be built
this summer. Already a very generous enrollment of stu
dents is assured, as a considerable number are waiting
further developments.
Because of its central location, Billings is regarded by
educators everywhere as an ideal place for an institution
of that sort, being the centre of a large territory project
ing not only into Montana, but also Wyoming and the Da
kotas.
U n ite d
S ta te s
COMPANY
BILLINGS, MONTANA
D e p o s ita ry .
Yellowstone National Bank
BILLING S,
a
. ... ¿ E K f t U .
L . C. Babcock, V- Pres.
W . E . Waldron, Cash.
HOWE
M ONTANA
Y O U R
B U S IN E S S
IN V IT E D
M ATH ESON
G E N E R A L R E A L E S T A T E and L O A N BUSINESS
FARM LANDS ON EASY PAYMENTS.
We make a specialty of large tracts for colonization and ranch pur
poses. Best sheep ranch in the Northwest can be bought now at the
right price.
Correspondence solicited.
205-206 Stapleton Block,
B IL L IN G S , M O N T .
“ INVESTM ENTS”
We have some choice blocks of land adjoining the city suitable for whole
sale or manufacturing locations, or they can be purchased and sold as
city lots at a fine profit. Do not overlook this opportunity.
SUBURBAN HOMES COMPANY,
/. D. O ’DONNELL. Secretary.
BILLINGS, MONTANA.
Saturday, June 20, 1908
THE COMMERCIAL WEST
71
LUMBER PRODUCTION OF THE LAKE STATES.
The lake states, one of the greatest forest regions that
ever contributed to the lumbering activities of any coun
try, are rapidly falling behind in timber production, ac
cording to a preliminary statement just issued by the bu
reau of the census.
Statistics concerning the annual output of forest prod
ucts, collected by the bureau of the census in co-operation
with the United States Forest Service, from more than
2,100 saw-mill operators in Michigan, Wisconsin and Min
nesota—the big three—have shown that the cut last year
was only 5,500,000,000 feet, of lumber, a big pile, yet 12%
less than the cut of the preceding year.
The heavy inroads made in the exploitation of the tim
ber resources of the large lumber states on the Great
Lakes have been too much for the great forests and the
amount available for cutting is getting lower each year.
The decadence of the lumbering industry in this region
is forcefully illustrated in the drop in the white pine cut
during the past ten years. Michigan’s forests of this val
uable tree were the richest in the world and were often
said to be inexhaustible. The folly of such a statement
is shown by the report that the cut of white pine in Michi
gan last year was only one-fourth of what it was in 1899,
only eight years before.
In lumbering the forests no thought was given to any
thing but immediate money returns, and consequently the
countless fires running over the land, after the timber was
stripped, have killed young growth over wide areas and
greatly impoverished the soil. Now, 6,000,000 acres, or
nearly one-sixth of the state of Michigan, known as the
“ pine barrens,” have been thrown on the delinquent tax
list and are a burden to the people. Under proper forest
management this land would have been producing timber
today. Between 1899 and last year the white pine pro
duction fell off nearly as much in Wisconsin as in Michi
gan. In Minnesota, the state which now contains the
largest amount of virgin white pine, the decrease in the
same period was nearly one-third.
Taking the three states together, pine constituted near
ly 46% of the total lumber production in 1907, hemlock a
little more than 27% and maple 10%, the balance being
made up mostly of basswood, birch, tamarack, elm, beech,
oak, spruce, ash, and cedar, in the order given. The pine
is mostly white and Norway, which are grouped together
under the general trade term of “ northern pines.” Pine
made up over nine-tenths of the lumber produced in Min
nesota, one-third of that produced in Wisconsin, and less
than two-fifths of the total cut of Michigan.
Along with this great decrease in pine, there have been
relatively as heavy decreases in the most valuable of the
hardwoods, oak, elm, and ash. Little more than one-fifth
as much oak was cut in the lake states last year, for in
stance, as in 1899,, while the cut of elm and ash was but
half of that of eight years earlier. As is always the case,
the decreasing supplies o f the more valuable woods have
caused those once considered of little or no value to be
drawn upon heavily. This has been particularly true with
hemlock, so that now more hemlock than pine lumber is
manufactured in Wisconsin, and twice as much hemlock
as pine cut in Michigan. There have been heavy increases
in the use of maple, birch, and beech within the past few
years, but the maximum cut of these species is probably
near at hand; and taking all of the hardwoods together,
there has been a slight falling off since 1899.
BIG BUILDING YEAR FOR GREAT FALLS.
(S p ecia l C orresp on den ce to the C om m ercial W e st.)
Great Falls, Mont., June 15.-—Considerably over $1,000,000 is being spent this season in buildings and im
provements in Great Falls. Compare this expenditure with
that of any year of the 20 years of its history and the
greatest year is small in comparison. No more substan
tial evidence of the city’s growth is to be found than the
figures given.
Every building is well founded evidence of some in
vestor’s confidence in a prosperous future for Great Falls.
Every home confirms the claims that Great Falls is one of
the most desirable and most beautiful residence cities in
the northwest. Every business or manufacturing building
is further evidence of the substantial character of this in
dustrial and commercial center, of the permanence of the
mineral resources that surround the city and the wealth
of the immense agricultural areas that are not surpassed
by any section of the west.
Doubles A n y
F o rm e r Year.
To compare the building industries this year with that
of any previous year accurately is impossible since no rec
ords are kept in the city of buildings erected. When the
city reaches a size that will warrant a building depart
ment, then satisfactory comparisons can be made one year
with another. This year it is safe to say that the amount
of buildings now under way is more than twice that of any
previous year in the history of the city. This is the uni
versal opinion of the contractors who have been interview
ed in procuring the information contained in this article.
The amount of building that is planned for next season is
greater over this year than this year is over last. The
trade is generally pleased with the outlook, and the grad
ual increase in the volume of the business without any
boom or sudden spurt is the best indication that these fig
ures show a substantial growth.
G re a t B u ild in g Era.
Of the buildings now under contruction more than 50
will exceed $1,000 in cost; more than 30 will exceed $2,000;
more than a dozen will exceed $5,000 in cost and eight
will cost from $10,000 to $60,000 each. In this list/n o
business blocks are included, since at the present time
none is under construction. The single exception is the
telephone building which will house the new exchange
and which will be completed in the course of a few weeks,
giving Great Falls, a modern and up to date telephone
service. In tabulating the cost of this building only the
cost of the bare building was considered, which is only
a small part of the cost of the completed exchange.
B u ild in g U p In d u s trie s .
In the way of manufacturing buildings there is listed
a $10,000 machine shop for the Great Falls Iron Works,
and a $20,000 plant for the Mackey Wall Plaster Company.
The Great Falls Iron Works is one of the important in
dustries of the city. It supplies to the territory about the
city and to the smaller cities of the state iron in its many
manufactured forms, and it is that at a no very distant
day the blast furnaces will be added.
WESTERN UNION LIFE WILL BUILD.
(S p ecia l C orresp on den ce to the C om m ercia l W e s t.)
Spokane, June 11.—A classic building in the shape of an
L, built around a park or open court upon the street, is
the unique and attractive style of a home office building
planned by the Western Union Life Insurance Company.
This company is a Spokane concern which has been in ex
istence only a little over a year and a half and already
has considerably over $5,000,000 worth of life insurance
in force.
To carry out their plans, the company has bought from
W. O. Parker an additional lot at the southeast corner of
Riverside avenue and Madison street for $20,000 which,
together with the lot recently bought from Janies Gerahty
for $25,000 gives the company 100 feet on Riverside and
120 feet on Madison.
The lot bought from Mr. Gerahty is on the corner and
that bought from Mr. Parker adjoins it on the east. It
is the plan of the Western Union Life to build on the
M E X I C O ’S N E W
BANKING
LAWS.
A bill containing the new banking laws has been sent
to the Mexican congress by Minister Limantour. One of
the chief provisions of the bill prohibits any bank from
lending money to its own officials during the first year of
its existence and restricting such loans after the first
year.
Under no circumstances may an official of a bank bor
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Parker lot facing Riverside and on the rear of both lots
facing Madison, thus leaving the front part of the corner
lot for a park. ,T. C. Olmstead, the Boston landscape ar
chitect, will design the landscape features for the prop
erty.
“ The building will be erected in three sections,” said
L. M. Davenport, one of the directors of the company.
“ The first section, facing Riverside, will be 55x60 feet. This
will provide office room for the present and as soon as
needed the second section, also 55x60 feet, will be built
on the rear of the same lot. At some later date the third
section, 60x45 feet will be erected.
“ The building will be three or four stories high and each
section will be carried the full height as built. The walls
will be capable of sustaining an additional two or three
stories. It is expected to have the three sections com
pleted within two years. The building will cost at least
$ 1 0 0 , 0 0 0 .”
row from his own institution any funds unless he gives
security 50% in excess of the amount of the loan.
The bill limits loans of bank issue to periods of two
months, prohibits uncovered drafts, prohibits government
bank cashiers from holding office in states in which
chartered banks are situated, and raises the minimum
capital of chartered banks to 1,000,000 pesos, or $500,000
in gold,
THE COMMERCIAL WEST
72
GENERAL PARTNERS :
John F. Harris
H. R. Winthrop
Theodore E. Cunningham
Woodward Babcock
Hugh Blythe
G. A. McClellan
SPECIAL PARTNER :
Julien A. Ripley
Saturday, June 20, 1908
E. L. W elch , Prest. and Treas.
C. A , M a l m q u ist , Vice-Prest.
J. W. M c Cl a t c h ie , Secy.
E. L. Welch Company
HARRIS, WINTHROP & CO.
2 5 Pine Street, New York
Branch Office: The Plaza
2 4 0 LaSalle Street, Chicago
The Rookery, Chicago
Grain Commission Merchants
Stocks,
Bonds,
Grain,
Provisions and Cotton
Correspondence and Consignments
Solicited
-M E M B E R S New York Stock Exchange
Chicago Board o f Trade
New York Cotton Exchange
Chicago Stock Exchange
New York Produce Exchange
DULUTH
A
Our conservative and untarnished record, backed up with
over $100,000.00 capital, certainly speaks for itself.
M . C lement
llan
When making consignments, or sending in future orders,
use the same judgment as when placing insurance. Select
a good company—try
M IN N E A P O L IS
J ohn F. L . C ur ti s
F rank R . M c M ullin
C L E M E N T , CURTIS & CO.
St o c k B r o k ers
C. H. THAYER & CO.
GRAIN
SEEDS
M inneapolis
C h ic a g o
FUTURES
M E M BE R S
NE W Y O R K ST OC K EXCHAN GE
NE W Y O - K C O T T O N EXCHA NG E
NE W Y O R K COFFEE EX CHANGE
CH IC A GO S TOC K EXCHANGE
C H IC A GO BO AR D OF TR A D E
2 and 4 Sherman St., C H I C A G O
Long Distance Telephone
Harrison 632
Milwaukee
St . L ouis
L a S a lle S t., R o o k e r y B u ild in g
2 19
K ansas City
TELEPHONES:
HARRISON
1431
A U T O M sT I C 1 0 3 4
W^hile Your Business is Dull
MAY
CORN
1 9 0 9
g iv e
som e
p r o v is io n
p o r tu n itie s
Write for my special circular on May 1909 Corn.
My market letter is forwarded anywhere on ap
plication. Send your address.
“ Grain Speculaulation Not A Fine A r t ” is the grain trading
classic. Sent free.
a tte n tio n
m a rk e ts.
t h is
year.
to
T h e y
th e
g r a in
p r o m is e
b ig
and
o p
W r it e to
W . G . P R E S S <S C O .
GRAIN, PRO VISIO N S, STOCKS
2 and 4 S h e r m a n S t., C H I C A G O
for their Daily Market Report, mailed free.
E. W . WAGNER, 99 Board of Trade, Chicago
30 Years Active Members Chicago Board of Trade.
LAMSON BROS.
CO.
Established 1874.
Hulburd, Warren & Chandler
C O M M IS S IO N
M E R C H A N T S
--------------------------------- AND --------------------------
STOCK B R O K E R S AN D
COMMISSION
MERCHANTS
T R A C K
B U Y E R S
O F
<&
G R A IN
6 B oard of T r a d e
Des Moines
Iowa City
Parkersburg
Sioux City
BRANCH OFFICES IN IOW A
Ft. Dodge
Storm Lake
Iowa Falls
Independence
Atlantic
A s k fo r B id s
202
C H IC A G O
L a
S a lle
Cedar Rapids
Waterloo
Mason City
Cherokee
C H I C A G O
Minneapolis O ffic e :—L. L. WINTERS, Manager
C o n s ig n m e n ts S o lic it e d
JAMES CRIGHTON
S tre e t,
Members—New York Stock Exchange
New York Produce Exchange
Chicago Stock Exchange
Chicago Board of Trade
Minneapolis Chamber of Commerce
St. Louis Merchants Exchange
110 Chamber of Commerce
FRED . D. AUSTIN
CRIGHTON & CO.
Cash-GRAIN COMMISSION a n d
BOGERT, MALTBY & CO.
F u tu re s
G R A IN -P R O V IS IO N S
C H IC A G O
Minneapolis
Milwaukee
3 0 6 -3 0 7 - 3 0 8
All Drafts on Chicago Office
P o sta l
T e le g r a p h
B ld g .,
C H IC A G O
J. ROSENBAUM GRAIN COMPANY
( I IN C O R P O R A T E D )
G
R
A
I
N
M
E
R
ORDERS FOR FUTURE DELIVERY SOLICITED
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C
H
A
N
T
S
CHICAGO
Saturday, June 20, 1908
THE COMMERCIAL WEST
73
ACREAGE AND CROP OF WESTERN CANADA.
The acreage in wheat in western Canada— Manitoba,
Saskatchewan and Alberta— this season is estimated by
F. A. Fowler, secretary of the Northwest Grain Dealers
Association, as being 15% greater than in 1907. Accord
ing to his figures for last season, this increase makes the
present total area 5,767,000 acres. But the Commercial
West has repeatedly expressed the opinion that the in
crease in Canada has been greater than the estimates, and
that last year’s acreage was probably 5,250,000. A 15%
increase this season seems a very conservative estimate,
but the total area should probably be placed at 6,000,000
acres rather than 5,767,000.
In 1906 western Canada raised 94,400,000 bus. of wheat,
which was 18 bus. per acre on 5,250,000 acres, the same
area as in 1907.
Now, with the splendid start the crop has had it is not
unreasonable to expect a high average yield this season.
Eighteen bus. per acre on 6,000,000 acres would give a
total of 108,000,000 bus.; and even 20 bus. per acre is not
improbable, and this would result in 120,000,000 bus. This
is the utmost that can reasonably be expected, and to
think or talk of a greater crop would be visionary. On
the other hand, there is no reason to expect any adverse
conditions that will reduce the crop to below 90,000,000
bus. The crop has such an early start that frost is not
likely to be a factor. Black rust is so seldom an im
portant factor in crop damage that it hardly need be taken
into consideration. Rains during and after harvest are
the most to be feared. But, on the whole, it requires a
good bit of pessimism in ones nature to expect, this sea
son, less than 90,000,000 bus. for western Canada, while
110,000,000 is pleasanter to think about.
REVIEW OF THE WHEAT SITUATION.
Commercial West Office, Minneapolis, June 17.— No
features have developed during the last week, though the
continued rains in the southwest have resulted in addi
tional damage to the crop. The market has been subject
to the same influence that have so long dominated it,
namely, professional traders. No leader for the bull side
of wheat has yet appeared, and as a result, in the absence
of outside trade, there is no one to maintain the advances.
And on every advance there has been persistent selling of
July wheat in Chicago, which is attributed to the big ele
vator company. Sentiment has pretty generally turned to
the bull side of wheat, though the big Chicago commission
house that was the bull leader last year still adheres to
the bear side. The big elevator company referred to ex
presses a believe in higher prices, but sells July wheat
just the same, which suggests that this house is scalping
^ the market with the assistance of the several million
bushels of red winter wheat in the Chicago elevators. Appai'ently no one wants the wheat, and there are trade
rumors to the effect that the quality of it is such that
the elevator company is not particularly eager to deliver
it on contracts.
A noteable feature of the present market situation is
the light trade and the lack of outside interest in wheat.
The market is almost altogether a professional affair;
and, as experienced traders are prone to take profits on
fair advances, the market is left without enough buyers,
when the profit-taking is going on, to hold the price.
In regard to the winter wheat from Illinois to Okla
homa, it may confidently be said that the excellent prom
ise of June 1 will not be fulfilled, by a very large per
centage. While serious damage has been done in Illinois
and Missouri, Kansas and Oklahoma are the heaviest suf
ferers. Secretary Smiley of the Kansas Grain Dealers
Association estimates that 750,000 acres (12,750,000 bus.)
will not be cut. In addition to this total loss there is
a great amount of deterioration, due to the Hessian fly as
well as the rains. It is not probable that the Kansas crop
can exceed 80,000,000 bus.; and should the rains continue
for another week the loss will be much greater.
In 1904 the loss was approximately 23% from floods
and rains alone. That season was very similar to the presFLOUR
AND
MILLING.
The only feature of interest or importance in the flour
trade situation at present is that buyers are making of
fers for September and October shipment. Some of the
mills have already sold fair amounts of flour for Septem
ber.
The difference in the price of wheat in the Minneapolis
market between the old and the new crop is so great that
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ent one, though the rains continued until July 10. The
greatest loss occurred between July 1 and 10th, and har
vesting was not completed until after July 15.
In the northwest crop conditions are favorable in North
and South Dakota, though warm, dry weather is needed.
Generally speaking, there is no reason to feel any appre
hension regarding the wheat crop of the Dakotas. With
seasonable weather they will raise a good crop. In Min
nesota, however, the outlook is not so promising. There
has been too much rain, though until the state has had
two or three weeks of warm, dry weather, the crop prob
ability will not be clear. All that can be said now is that
low lands and low spots in many fields have been drowned
out. Also, there are large areas that are very weedy. Still,
it is altogether too early to say that an average crop can
not be raised.
Considering the country as a whole, there seems no
probability whatever of a big crop; and any one who has
fixed his ideas on 700,000,000 bus. is likely to be sadly dis
appointed. Any one who has carefully observed conditions
during the last month cannot help being impressed with a
“ moderate crop” probability.
And what is true of crop conditions in America is true
of those of Europe. This department has repeatedly called
attention to the fact that conditions in Europe indicate
only a moderate crop total. This position was confirmed
this week by Mr. Seibt, a miller of Highland, 111., one of
the oldest and best-known members of the St. Louis Mer
chants Exchange. Returning from Europe this week, Mr.
Seibt made the statement that not a country in the world
has an average crop of winter wheat this year. The writer
is personally acquainted with Mr. Seibt, and has great con
fidence in his ability to arrive at accurate conclusions re
garding the crops in Europe.
. With the present prospects in America and Europe, par
ticularly in Russia, taken in connection with the depleted
stocks and known world’s requirements, it is obvious that
there can be no burdensome surplus at the end of the
1908-09 crop season. The world must raise another bumper
crop 3,300,000,000 bus. or more— before it can again ac
cumulate even a fair surplus, visible and invisible.
,
— R. E. S.
flour buyers will not buy more than necessary to tide
them over.
Besides the relatively high price of wheat, the mills
now have a big break in millfeed prices as an additional
handicap. The millfeed demand has gone to pieces, and
the mills are quoting bran in iOO’s at $19. Country ’mills
have sold it equal to $18.50 f. o. b. Minneapolis.
The output of the local mills is gradually being re
duced, and is now hardly 60% of capacity.
CLOSING W H E A T
M INNEAPOLIS FLOUR OUTPUT.
T e a r ag o
271,100
289.000
294.900
286,250
287.300
248,865
250,175
275.900
281,700
298.300
282.000
.................................... 2 M ^ 00 S’
e" d l” S
A p ril i r :: :: : :: :: :: ................................................. 5 » . ™
M ay 2 ......................................................................
258.000
M ay
M ay
Tuno
June
265.600
248,170
231,bUO
23 ....................................................................
30 ....................................................................
6
............................................................
1
3
..........................................
222,200
4 ........................................................................
11 ......................................................................
18 ........................................................................
25 ......................................................................
2 ......................................................................
9 ......................................................................
18 ....................................................................
23 ....................................................................
30 ....................................................................
6
13 ..................................................................
June
11
T e a r ago.
39,370
24,900
36,700
54.300
46.300
45,000
32,160
22,135
21.660
45,120
31,245
30,910
28,200
32.080
46,000
40,215
40,565
39,000
42,285
29.000
27,800
25.140
11
M inneapolis' c a s h .. .1.2544
1.25%
1.24
Duluth c a s h ...............1.24
1.24
July ............................1-24
1 .2 1 %
S eptem ber .................1.21%
1 .20%
O ctober .......................1.2014
F la x
June
12
1.24%
1.24%
1.24%
1.2 2
1.203%
1.2 1
June
12
1.05%
94%
88 %
89%
1.04%
853%
82%
95%
1.03%
June
June
13
1.06
94%
89%
893%
1.05%
863%
83%
96%
1.05
June
15
1.243%
1.24%
1.24%
1.213%
1.2 1
June
11
M inneapolis' . . .
Y ea r a g o .. . .
C hicago ............
Y ear a g o .. . .
D uluth ..............
St. L ouis...........
K an sas C i t y ...
N ew Y o r k ........
W in n ip eg, O ct.
June
16
1.24%
1.24
1.24
1 . 2 iy 4
1.2014
June
17
1.24
1.24%
1.24%
1 .2 1%
1 . 20 %
89i%
93%
85
92
89i%
83i%
791%
92%
86 %
June
June
11
12
1 .10%
1 .08
1.06%
D ulu th
No. 1 h a rd .......... ....1 .0 7 %
No. 1 n o rth e rn .. . ..1 .0 5 %
No. 2 n o rth e rn .. . . . . 1 . 0 1 %
92i%
91%
84%
80%
93%
87%
June
13
1.103%
1.08%
1.063%
C as h
1.09
1.07
1 .02%
The Minneapolis oat market continues to he a local af
fair, as receipts are hardly more than required here. The
terminal elevator companies are shipping some stuff on
old orders, hut there is no new business with the east.
Eastern buyers are holding out against buying Patten’s
oats as strongly as possible. Yet Patten maintains his
prices and peddles the oats out to people that have to
have them. On the 16th his house was reported to he a
heavy buyer of July and September oats. The crop out
look is generally reported to be good in the big oat states,
though dry weather is wanted.
Receipts of oats at Minneapolis September 1 have
amounted to 16,900,000 bus., against 18,100,000 in the same
time last season.
Stocks in Minneapolis elevators on the 13th were 124,700 bus.
C lo sing O ats Prices.
D aily closin g p rices on No. 3 w h ite oats in M inneapolis:
Tu n l i t ..................................................................................................- ....................
T n o 1 6 ................
..........................................................................................
4S%@48%
47% @47%
C lo sing Rye Prices.
N o 2 rye in M inneapolis:
......................
T ” 1® 11...........................................................................................
69% @ 71%
69% @ 7 1 %
•|u n e
69% @ 7 1 %
.....................................
S T : : : : :::::: :::..: ...................................
June
15
1.09%
1.07%
1.05%
W heat.
1.10
1.09%
1 .08
1.07%
1.033%
1.03%
June
16
1.06%
97%
89
91%
1 .06
86 %
83%
96%
1.053%
June
17
1.06
97%
88 %
92%
1.06%
87
83%
97
1.06
June
16
91
96%
87%
94%
91%
85%
81%
94%
S7i%
June
17
91i%
97%
87%
95
92
86
81%
94%
87%
June
16
June
17
1.11
1.11 %
1.09
1.07
1.09%
1.07%
1 .10%
1.08%
1.03%
1 .10 %
1.08%
1.033%
L iv e rp o o l W h e a t Prices.
..
..
..
..
DURUM
M inn e a po lis
June
June
June
June
June
June
7s
7s
7s
7s
7s
7s
7s
7s
7s
1
d
%d
%d
%d
%d
Prices.
No. 1
86 %
86 %
863%
87
87
87
1 1 ................
1 2 ................
13................
15.
16.
17.
D u l u th C lo sin g D u r u m
J une
June
June
June
June
June
5 d
4% d
4% d
4% d
5 d
WHEAT.
C lo sing
No. 2
85%
85%
85%
86
S6
86
Prices.
On T rack.
No. 1
N o. 2
87%
86 %
88 %
87%
89%
88 %
89%
88 %
893%
88 %
89%
88 %
11 .
12.
13.
15.
16.
17.
Sept.
No. 1
78
79%
80%
SO
80%
SO
W h e a t R ec e ip ts -—C ar s.
June
June
June
Ju ne
June
June
11.
12.
13.
15.
16.
17.
W in nipeg.
C hicago.
M inneapolis. Duluth.
190S 1907 1908 1907 1908 1907 1908 1907
18
2.79
29
18
19 1.05 1.94
....................1.60
2.22
20
16 1.16 1.90
33
45
....................1.89
41
75 2.26
16
21
16
....................1.34
2.18
22
20
16 1.37 1.84
....................2.49
4.28
66
18
29 1.62 3.63
74 1 . 0 S
......................2.06
2.00
48 1.68
2.19
6
30
4
25
.................... 1 . 6 6
M i n n e a p o l i s D a l l y R e c e i p t s o f C o a r s e G r a i n.
June
June
June
June
.1une
June
Oats,
Cars.
18
11.
12.
20
9
43
23
29
13.
15.
16.
17.
D ulu th
D a ily
B arley,
Cars.
15
16
S
13
9
8
Oats,
Cars.
June
June
June
June
June
June
R ye,
Cars.
4
3
6
3
2
Corn, Flax,
Cars. Cars.
4
11.
5
31
4
19
5
39
7
31
5
18
R eceipts o f Coarse G ra in .
OAT S.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
June
15
89%
95%
86 %
93%
90%
84i%
80i%
93%
86 %
86
June 1 1 ...............
1 2 ................
June 15................
June 16................
June 17................
BARLEY.
There is practically no demand from maltsters for bar
ley in the Minneapolis market. A buyer for a local malt
ing house picks up a little, but most of the demand is
for feed purposes. Malting houses throughout the coun
try are pretty generally closed down. There is a big one
at Buffalo, one at Milwaukee, and one at Minneapolis in
operation. The tail end of the season is likely to be a pe
riod of extreme dullness.
Receipts of barley at Minneapolis from day to day are
equal to the demand, while the elevator stocks are de
creasing slowly. The amount in public elevators at Min
neapolis on the 13th was 553,400 bus.
Receipts at Minneapolis since September 1 have
amounted to 18,000,000 bus., against 10,230,000 in the same
time last season.
.....................................
June
15
1.043%
96%
88 %
91
1.05%
S6 %
83%
96%
1.05%
June
13
90
94
12
87%
96
841%
941 %
88 %
823%
78%
91%
85%
No. 1 h a rd .......... ...1 .0 9 %
No. 1 n o rth e rn . . ....1 .0 7 %
No. 2 n orth ern .. .. .1.05
Prices.
June
13
1.25
1.24%
1.24%
1 .22%
P RI CE S .
M i n n e a p o l i s C as h W h e a t O f f i c i a l Close.
There is practically no change in the linseed oil sit
uation from a week ago, unless it is a little duller. De
mand for oil continues to be decidedly of the hand-tomouth order, with indications that it will continue so dur
ing the summer. The oil cake demand held up remark
ably well, and prices are firm at $25.50@25.75 for prompt
shipment.
.
Receipts of flaxseed at Minneapolis have increased
this week, and there should he fair arrivals foi two oi
three weeks, if there is any seed left in the country, the
farmers are selling wheat rather freely in some parts of
the northwest, and will also sell some flax if they have
any, for there is always an increased movement of grain
in June. As a result of the increased receipts of flaxseed,
the price has eased off somewhat as compared with Du
luth July.
Receipts of flaxseed at Minneapolis since September
1, have amounted to 10,485,000 bus., against 9,525,000 in
the same time last season.
Minneapolis stocks in public elevators on the 15th were
23,460 bus., and stocks at Duluth, were 2,215,000.
C lo sing
.1.03%
. 96%
• 97%
• 91%
■1.03%
. 843%
. 81 %
• 943%
•1 . 0 2 %
Y ear ag o..
C h icago ........
Y ear a g o ..
Duluth ..........
St. L ou is........
K an sas C ity.
N ew Y o r k . ...
F L A X S E E D A N D L I N S E E D OI L.
June
FUTURE
J u ly W h e a t.
S eptem ber W h e a t.
EXPORT SHIPMENTS.
Week ending
A p ril
A p ril
A pril
A pril
M ay
M ay
M ay
M ay
M ay
June
June
Saturday, June 20, 1908
THE COMMERCIAL WEST
74
B arley,
Cars.
F lax, Y ear
Cars. A go.
6
11.
12.
13.
15.
16.
17.
17
12
19
39
14
M in n e a p o lis
W e e k ly G rain
R e c e i p ts .
R eceip ts of grain at M inneapolis fo r the w eek ending June
13 w ere as follow s, in bushels:
W h ea t .................................................................................................... 1,777,000
Corn ........................................................................................................
27,000
Oats ........................................................................................................ !55,940
67,100
B a r l e y .......... ........................................................................................
R ve ..........................................................................................................
21,120
F laxseed ............................................................................................... 132,060
T H E A L B E R T D IC K IN S O N CO .
D E A L E R S IN
FLAX SEED
G R A SS SEEDS,
CLOVERS,
BIRD S EED
BUCK-WHEAT,ENSILAGE C O R N ,PO P-C O R N
B EA NS , P EA S, GRAIN B A G S , ETC.
MI NNEAPOLI S OFFICE,
CH ICAG O
1 0 9 CHAMBER OF COMMERCE
“
■■*“
”
****
Saturday, June 20, 1908
G ra in
in
M in n e a p o lis
THE COMMERCIAL
= = = WEST
= = = ____________________________ ?5
R eg u lar
E levators.
Grain in M inneapolis p ublic elevators on the 15th w as as fo l
lows, in bushels:
W h ea tNo. 1 h a r d ..............................................
47 504
N o. 1 n orth ern ..............................................' . ! ! ! ! ! ! ! ! . " ! ! ” ” !! 1,2051497
A ll other g ra d e s................................................................................ 1,717,516
„ T ota l .............................................................................................. 2,970,514
......................................................................................................
11,658
^ ata ......................................................................................................
124,708
B arley ..................................................................................................
553, 443
........................................................................................................
23,040
F lax ......................................................................................................
23,462
M in n e a p o lis W h e a t
Inspection.
R eceip ts o f w h eat a t M inneapolis last w eek graded as fo l
lows., b y cars:
N o. 1 n o rth e rn .....................................................................................
99
N o. 2 n orth ern ...................................................................
309
n o . 3 ................................................................ ' . ! ! ! ! ! ! ! ! ! ! ! ! ! ! ; ; ; ; !
135
No. 4.......................................................
45
R e je cte d ...............................................................
23
N o grade .................................................
A
3 37
H ard w in ter ...................................................
M acaroni ........................................................
i ill
M ixed.........................................■
32
W estern ............................................
q
T ota l
1,088
W h ea t—
A m erican ..............
R u s s i a ....................
D anube ..................
In d ia ......................
A rgen tin e ............
A u stralia ..............
A u stria H u n gary
C h ile-N . A fr ic a ..
W o r l d ’s S h i p m e n t s .
L ast W k.
2.968.000
1.352.000
366,000
^ T ota ls ........................................................
C o r n ..................................................................
3,602,000
80,000
16,000
96,000
L ast Yr.
3.568.000
1.744.000
2 . 688.000
304.000
2.864.000
208.000
40,000
152,000
8,480,000
3,730,000
11,568,000
7.020.000
Duluth W heat S tocks.
E lev ator stock s o f w h eat at the H ead o f the L akes on June
15 w ere as follow s, in bushels:
No. 1 h a rd .............................................................................................
20 523
N o. 1 n orth ern ................................................
.............................. .. 350 215
.300472
No. 2 n orth ern ................................................... ! ' . " ! ! ! ! ! ! . ' .W
N o; 3 . . . ..................................................................................................
58,620
R ejected ..................................................................
920
M acaroni ..................................................................! ! ! " ! ! ! ! ! ! ! ! ! 611.000
Special b i n ............................................................................................ 982,982
M i x e d ......................................................................................................
3,049
W estern ......................................................
18 791
W i n t e r ...................................................... 7412
B onded ........................................................................................!.’ ! ! ! 120^000
T ota l
.................................................................................................2,473,990
Crop Y ear R eceipts.
?nn ^ ipts o f w h e a t at M in n ea polis and D uluth from
Septem ber
1, 1907, t ° June 13,w ere
as follow s, w ith com parisons, in
bushels:
1907-8
1906-7
M inneapolis .............................................. 60,700,610
79,120,940
D u lu t h .......................................................... 38,958,905
45.737,725
T ota ls ....................................................
99,659,515
124,858,665
CHI CAG O CASH W H E A T .
June 11.— No. 2 red, 90@91'% c; No. 3 red, 88@90c; N o. 2 hard
90@ 92c; N o. 3 hard, 89@91c; No. 3 spring, 90c@ 1.03.
June 12.— N o. 2 red, 91 @ 9 2% c; N o. 3 red, 88 @ 9 0% c; N o. 2
hard, 91@99c; No. 3 hard, 89@98c; N o. 3 spring, 98c@ $1.03;
oth ers nothing.
June 13.— No. 2 red. 91 % @ 93c; No. 3 red, 90 @ 9 1% c; N o. 2
hard, 91 % @ 98c; N o. 3 hard, 89 @ 9 1% c; N o. 3' spring, 96c@$1.03.
June 15.— No. 2 red, 92 @ 9 3% c; N o. 3 red. 89@91c; N o 2
hard, 92@ 93% c; N o. 3 hard, 89@91c; N o. 3 spring,* $ 9 8 c @ $ l.03.
June 16.— No. 2 red, 92@93c; No. 3 red, 89% @ 92c; N o. 2 hard.
92@93c; N o. 3 hard, 88@92c; N o. 2 northern, $1; N o. 3 spring,
95 c@ $l.
June 17.— No. 3 red, 90@91c; N o. 2 hard, 92@93c; No. 3
hard, 89@92c; N o. 1 northern, n oth in g d oin g ; No. 2 northern
$1.05; N o. 3 spring, 9Sc@$1.03.
CHICAGO
C O A R S E G R A I N.
June 11.— Ju ly corn, 6714c; Septem ber, 66 c ; cash corn, N o
68 c.
3,
Oats, July, old, 42% c; July, 40% c; Septem ber, 35y8 @3514c;
M ay, 37% @ 37% c.
J une 12. Corn, July, 6714c; Septem ber, 5614c; D ecem ber,
5614c. Cash corn, No. 2, 6914c; N o. 3, 70c
Oatosc',/Ju ly ’ old ’ 4 2 % c ; July, 41% c; Septem ber, 35 % @ 3 5 % c;
M ay, 38 72 .
June 13.— Cash corn No. 3, 66 % @ 69c; July, 66 % @ 6 6 % c ; S ep
tem ber, 6 5 % @ 6 5 % c; D ecem ber, 55%— .
@ 3 8 Y tS’ JUly’ ° ld ' 43C’ Ju ly ’ 42C’ SePtem ber* 3 5 % c; M ay, 38%
Ju ne 15.— Corn, July, 66 % @ 66 % c ; Septem ber, 66 % c ; D e ce m
ber, 57%c.
at' 0 at 0si , / ^ I y ’7/ old > 4314c ; July, 4214c; Septem ber, 35%(®36c;
M ay, 38 % @ 38% c.
July 16.— July corn. 67% c; Septem ber, 6714c.
Ju ly oats, 44% c; Septem ber, 36%c.
June 17.— Corn, July, 6714@ 67% c; Septem ber, 6 7 % @ 6 7 1 4 c ;
D ecem ber, 58%c.
Oats, July, old, 4414c; July, 43% c; Septem ber, 3714c.
W I N N I P E G CASH G RAI N.
June 12.— No. 1 northern, $1.02%; No. 2 northern. 99%c* N o 3
northern, 96% c; N o. 4 northern, 9014c; N o. 2 w h ite oats ’ 41 % 'c
barley, 4814c; June flax, $1.22.
June 13.— N o. 1 northern, $1.0414; N o. 2 northern $1.01V, •
N o. 3 northern, 9814c; No. 4, 9214c; No. 2 w h ite oats, 42c* N o 3
w h ite oats, 4114c; barley, 4814c; flax, $1.22.
June 15.— N o. 1 northern, $1.04%; No. 2 northern $1.01%- N o
3 northern, 98% c; N o. 4 northern, 9214c; N o. 2 w h ite oats 43c:
barley, 45c; flax, $1.21.
June 16.— N o. 1 northern, $1.05%; N o. 2 northern, $1.02%;
N o. 3 northern, 99% c; N o. 4 northern, 9314c; N o. 2 w h ite oats
42% c; barley, 4814c; flax, $1.22.
June 17.— N o. 1 northern, $1.06; No. 2 northern, $1 03- N o 3
northern, $1; N o. 3 w h ite oats, $42% c; flax, $1.22.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C H A N G E IN M I N N E A P O L I S G R AI N F IRM.
The Minneapolis Grain Commission firm of McIntyre.
Ingold & Co, Corn Exchange building, is succeeded by the
Mclntyre-Frerich company.
S. A Mitchell, president of the First National bank of
Rock Valley, Iowa, is president of the new firm
Mr
Mitchell has been many years in the banking business and
is well known in financial circles in southern Minnesota
and northern Iowa.
J. H. Frerich and A. H. McIntyre formerly operated a
me of elevators in South Dakota and Iowa, but Mr. Me*
^een a Minneapolis resident and a member of
the Chamber of Commerce for several years.
W H A T A ‘- YE G G ” IS.
Some years ago, when the United States government
was experimenting with high explosives, wishing to secure
some death-dealing and destructive shell that would cause
more damage than any before manufactured, some one
suggested that nitro-glycerin be tried. Up to that time
this most powerful of explosives had not been utilized in
this way The government experts went to work and the
results of their experiments were from time to time pub
lished broadcast through the community. At last they
succeeded in making a shell in which nitro-glycerin was
the chief component part and which made all former ones
sink into insignificance.
In a town in the middle west, at the time, there lived
a man named John Yegg. In his earlier days he had been
one ot the most expert electricians as well as all-round ex
perienced mechanics in the country.
Later through
drink and bad associates he had descended t o ’ a life of
crime, his principal art being that of safe blowing. He
was attracted by the published accounts of the experi
ments of the government authorities with nitro-glycerin.
The thought struck him— why could not this be used in
blowing safes? The method at that time was to drill a
hole in the safe to be wrecked, fill this with powder or
dynamite and then touch the fuse. This method however
required considerable time to pull off “ a job,” and was
noisy and dangerous.
. YeS§ went to work on the nitro-glycerin method. He
tiied it and it was a complete success. Furthermore
after he had performed job after job he had the police
of the country baffled. They did not know how the work
was done. Yegg instructed others in the art and soon
from one end of the country to the other safes were be
ing wrecked, but by what manner no one knew.
^ egg s method was to take some of the explosive which
he and those with him called “ soup,” and, by the way
this term is still extant, and pour it in the crack of the
safe near the hinges of the door. The small aperture
was then covered with soap to hold the explosive in
place. The fuse was applied and with the explosion off
went the doors, slick and clean. The entire job took but
a few minutes. It remained for a young Pinkerton detec
tive to solve the matter on a safe that was blown in Coldwater, Mich., where a bank was wrecked and many thou
sands of dollars secured. The crime was traced to Yegg
and some of his companions and they were found guilty
and sent to prison. Thereafter those who employed the
nitro-glycerin instead of the older methods were called
“ yeggmen,” or ‘-yeggs.”
This was the beginning of the term, but since that time
the application of it has grown greatly. Today a “ yegg,”
viewed from whatever aspect, is the most' dangerous
criminal with which the police of the country have to deal.
He is one who rides the country o ’er on freight trains,
working through the south in the winter and migrating
to more exhilarating climes during the summer. He wiìl
beg when he is hungry and will steal and commit murder
when he sees an opportunity of benefiting himself.
Today there are thousands of “ yeggs” scattered
throughout the country. Most of them belong to some
certain band, eacn one of which has a leader. He is the
king. It is his duty to enlist recruits. To him also is
shipped all the loot and he in turn converts it into money
and places the amount to the credit of the member send
ing it. For this the king receives a commission.
Most of the “ yegg” gangs carry what is known as a
‘kitten” with them. The “ kitten” Is a boy, young man or
cripple, whose duty it is to visit houses and places of
business, apparently begging food or selling shoestrings,
lead pencils, etc., and who then reports to the gang “ the
lay of the land’ so that when the time comes for pulling
off the job all are familiar with the premises. The “kit
tens” are often runaway boys, and later become “ yeggs”
themselves, destined to follow a life of crime and degrada
tion.— Pittsburg Gazette.
Last year England imported 249,000,000 pounds of tea
from India and Ceylon, of which 215,000,000 were retained,
and the rest re-exported. Of these re-exports, 4,500,000
pounds went to Russia, and only 1,700,000 came to the
United States.
French imports during the first four months of the
year fell off $17,000,000, while exports fell $29,700,000.
Saturday, June 20, 1908
THE COMMERCIAL WEST
76
COMMERCIAL WEST MARKET REVIEWS.
w G P ress & Co., C h icag o: A s con d ition s n ow stand, w e
believe this' w h eat m arket is sco rin g fo r a decid ed advance.
T he on e bte C o n sid e ra tio n at this tim e is the chan ce o f p e r
m anent in ju ry to the W inter w h eat harvest of the sou th w est
k o m Ions continued rains. F or days, d ispa tch es have reported
w t a t d < f a d r i p e and fallin g dow n in the fields w hile ram p reb r a c fn - ar g o o d ^ r t S ^ o f K a n sa l, M issouri, O klahom a
S
th at the
r a 5 r i l t t \ i I e points
penrfodP°w°hrleyn
bfoom ° S ecretary °S m iley of the K a n sa s Grain D ealers A sso c ia -
w h eat prom ise from the ^ " ^ L o n - ?ocal influences have held
“ S
in 1 c h e c b l i l t h j f a e e
li, K ” w i“
S( s r s s
h
a
v
e
s
i
s
{ £ ! w eed s g row in g f i l t e r than the late planted corn.
T he heavy
®
reaction
yesterd ay, w hile Septem ber at the close sh ow ed an ad vance of
ju st l c per bushel and D ecem b er also w a s l c higher. T he new s
o f the early m orn in g brou gh t us low er cables, but the w eath er
m ap sh ow ed h ea v y rains through the sou th w est again, and p re
dictions. are fo r general rains through the w est and sou th w est
tom orrow . I f this keeps on, as it now looks as though it w ou ld
do, it w ill m ean that w e m ust have higher p rice s in w h eat, and
as the m arket is a w eath er m arket pure and sim ple, . naturally
the fu tu res a ct qu ick ly in response to the new s receiv ed from
the sou th w est. T h e S eptem ber will be the option that w ill a ct
m ore in sym pa th y w ith the new s bein g received from the sou th w est than the other m onths, and that is w h y w e advise oui
friends to bu y the Septem ber w heat.
,
^
.
T here w as continued liqu idation o f July w h eat throughou t
the session today. In all fu tu res y ou will note there is an in
clination on the part of the trade to g o a w a y from the July
and p lace their trades, in the S eptem ber.
*
*
*
p n »iS bEly W
for the
pn
urpose
W ag
er, C hicago, June 13.— R ain in A pril. R ain in
May.' R ain in June. F loods. D row ned out W h e a t
R u st
T h e secon d half o f June is destined to see a 1904 w a v e o f
“ harvest w o rry .”
Scheduled ahead lie certain d eterioration in
the three b ig states and C anada, sharp redu ction s in supplies
and the July 1st rep ort on w h ea t reserves w h ich p rom ises to
t 0 W e ehavedfe lt that oats p rices f r e too far under corn to m ake
stay fo r an advance.
t
,,
*
M arfield, T earse & N oyes, C h icag^ ^ Ju n e
W h ile J o s s mid
dam age to the so T T T o H ta U v e estim ate o f actual loss s'usacknow ledged,
n » “ i j 0™
,;.' tim
how
promthe
ise
tained,
can be published
^ ?this
tim ee, w
w ith
it^ M
w eever,
v , the y•
o f yield v ery large previou s to the claim ,ge^jeP p robable any
crop ma^ L T ^ e r n asr to dfh e qu1 ility or m aterial loss in ou t-tu rn ,
serious disaster as to tne qua y
seasonable ha rvestin g
can n ot be confidently exfP®c t ^
w h eat prospect, con fiw eath er s h o r t l y and a tav ora oie sp
|,
range o f values m ay
dence is likely to ^return and the pr esent r a r i g ^ ^
T here ia
p rov e as high as the trad
supp ort o f Ju ly w h eat by our
lacking also, the late strenuous
yn
there .g a m ark ed
prom inen t ja fluen tial local o p era te o’utgide p u b lic. T he hom e
sca rcity o f bu V1
T u e s (1 iscou ragin gly sm all and foreig n re m illing dem and continues d isco
g ^
b y o th c - exportin g
quirem ents are bein g supp a(i Vaneirm m arket it ste m s n eces- E
„ T S a t S p f e 'i l o p - 5
2
con tin u e and t „ a , the
dam aged area m ust largely increase.^
„
B nn Phicasro Tune 16: W h e a t— N ervou sness
w a s ^ ^ l^ ^ a r a c t e r is t i^ 'o ^ the m ^rk^ ta gain ^ tod a y p r i c e s ^flvictuA c co r d in g ^ o '^ n a n y
w h eat6 belt t h a T u is impossi^ble fo r the hai^ester^^^^
fields to cut the w h eat w hich s fa st .b e c o m in g overr P^
not only m eans delay inf the
em ent,gQUthw est bought a little
in m uch deterioration o f qu a ity.
.
over the continued
general enough as yet to stim u
w h eat fo r shipm ent here
has been a little m ore offerin g o f
tn gales o f 30,000 bushels
in July- A ^ H l ^ ^ s h e i s new hardP w in ter w h ea t— latter for
o f old and 50,000 bushels new xia.
be re an(j at the seaS eptem ber shipm ent, but m ost e x p o ite rs here
board claim bu siness v e ry ^duli.^
#
? E * i S " p S e , " S 0 n et.m 0e S ts” »
It w as 2% c last S aturday.
half w ay through the session had
m g w as higher, and at a b o u t.h a lt w ay tn ro u t
house
K
l
h
t
h
l
Supplies tn 1 first and second hands on July 1 w ill he around
65,000,000 to 7 5 , 000,000 bushels, com p a rin g w ith 135,000,000 m
1 9 5 Mo’?e r a i n ® K V a n S a n c e o f 1 0 cents from p resen t p rices
ex ten siv e ^ p i u r ^ i l f ^ t S e “t o ^
7 m ? lfn ' b u S ffi $ & £
the final r e s u lt 1 T he low ly in g lands h a v e suffered irreparable
dam age
R M nfall has averaged o n e -h a lf inch per day fo r three
w eeks in m an y w in ter w h eat section s.
.
.
W a te r fo r c e s w h eat grow th , but too m u ch p recip ita tion cuts
dow n the m illin g qu ality of the berry. T here is an im m ense
acreag e o f thin w h eat w ith sh ort heads. M uch m ore th at is
rusted and m ore that bears the b la stin g tradem ark o f the
H essian fly. T he m illin g qu ality of 1908 w in ter w h eat w ill be
fUllM'ore^° rafn°'uneans a repetition of 1904, w h en S eptem ber
w h ea t ju m p ed from 83 to 93 cen ts on continual h a rv est d o w n
pours that flooded C hicago w ith reports o f m oulding,
sprout
in g 1 in sh ock ’ and “ ru st.”
T he final w in ter w h eat yield in
1904 bein g redu ced to 325,000,000.
.
,
F ollow in g June 1 there has resulted a deterioration o f sev eia l
points in Illinois, M issouri, K en tu ck y , .K ansas, O klahom a and
T exas, w h ich territory represen ts 45% ot the w in ter w h eat y ie ld
T he trader m u st rem em ber the desolate elev ators m the
northw est.
Supplies are d ow n to the v a n ish in g p oin t and a
period of ten w eeks w ill elapse b efore “ sack in g
o f the n ew
SPri t Sis Wah weatbh S nm arket, and in v ie w , o f the slender supplies
I w ould h old som e w h eat again st the
p ossibilities
A t this
level, the ch an ces of loss are trifling, w hile a 5 -cen t advance
ca iife a s ily b e astb° 11f d^etg in sou th w est and w h ea t gets a fa ir
hrenk on such a chan ge, I advise purch ase o f w h ea t on a r e a
sonable recession on the ground th at d ow n fa lls and floods to
date will brin g a h ea v y crop o f dam age reports throughout
n 6 XBear^elc'hould note th at the claim ed flaw less June condition s
in the n orth w est and C anada are n ot deliverable on con tra ct
E v en ts are sh apin g tow ards a new crop m ovem en t that f u l
not be early or liberal. T he fa rm er is overw h elm ed w ith w ork
H e has a large oats acreag e an d a g ian t hay crop to cut. H is
corn shelling is heaped righ t on top o f his cultivation . A s a
lost trouble he has the w orry o f “ w et w h ea t’ and all the m isery
this ex asp eratin g con d ition im plies, k ittle w on der that to date
cou n try offerin gs of new w h eat are absent.
*
*
*
HIDE
AND
FUR
MARKET.
N orth w estern H id e & F u r Co., M inneapolis, June 13.— H ide
m ark et firm at the p rices quoted. C hoice lots o f all butchers,
late ta k e-off, will brin g !4 c over qu otation s.
T allow firm ; that of good qu ality and in g ood p ackages.
W o o l is com in g to m arket quite freely, but so fa r no car lots
have been sold. One bu yer is in the m arket, bu t thinks our
p rices are rather high. D ealers here think they w ill g e t a
sm all profit by holding. F rom the am oun t arrivin g, it show s
shippers consider this the best outlet fo r their w ool .W ool in
good con d ition and not tied w ith bin din g tw ine brin gs full
p rices.
* « “ a * « ™'
G ER M AN SAVINGS BANKS.
In furnishing the following information concerning the
savings banks of Germany, Consul Robert J. Thompson, ot
Hanover, reports that the deposits are absolutely guar
anteed by the public property and taxing powers ot tie
municipalities. The savings banks of Germany have some
19 000 000 pass books out and their deposits amount to 13,500,000,000 marks ($3,213,000,000). These deposits are
practically all guaranteed by the various municipalities of
the empire. An examination of the financial page ot a
local daily paper discloses the advertisements of five dif
ferent institutions absolutely insuring savings and liust
funds, and paying from 3% % to 4% per annum in
terest on the same. These advertisements are explanatory
and helpful toward a general understanding of a condition
that is practically universal throughout the German empire,
S
as the establishment of confidence is concerned and the encouragement from this standpoint as
well of the receipt of a good fair rate of interest for money
deposited, would seem to leave nothing to wish tor m the
wav of bringing into use and circulation the savings and
Tash possessions of the whole population. It will be seen
that the municipal or city government stands good or ie
deposits with its taxing powers which put such deposits on
exactly the same basis, so far as security goes, as a city or
county bond, which is perhaps as good a guaranty as has
been devised At any rate the thrifty German considers
himself well secured by the guaranty of his own city.
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Federal Reserve Bank of St. Louis
STRETCHING
A JOKE.
Once there was a country boy who came to the city
to forge his way in the world.
He secured a position in a wholesale grocery, working
conscientiously and faithfully. By stint and sacrifice he
saved a nice portion of his earnings, until at the end of
two years he had about two hundred dollars in the bank
to his credit.
Coincident with this date chronicled above, a welldressed and smooth-talking agent of a Nevada gold-min
ing company came along and met the country boy. After
some clever descriptions regarding the marvels of wealth
buried in the shaft of a certain mountain and the immense
quantities of glittering treasures dragged from the bowels
of the earth, the two hundred dollars was transferred
from the bank to the agent, and a pretty engraved share
of stock with the name of the country boy upon it was
carefully packed away in the tray of his trunk.
A month passed and then a letter came. On the out
side of the envelope was the name of the Nevada mining
company. On the inside was a check for one thousand
dollars, the first monthly payment on one share of stock.
Moral— Some humorists try to carry a joke too far.—
Judge.
In order to increase our commercial relations with
Great Britain and Ireland by facilitating the sending of
parcel post packages of merchandise to those countries,
Postmaster General Meyer has increased the weight limit
to 11 lbs., effective July 1, next.
«
Saturday, June 20, 1908
THE COMMERCIAL WEST
WALLA WALLA WHEAT.
A Walla Walla despatch to the Spokane Spokesman Re
view says:
"Fall wheat is heading out all over the valley and
— farmers are beginning to think seriously of harvest and its
many problems. Usually, harvest begins about July 4, but
this year a delay will occur unless warm weather ripens
the grain too fast. Already the fields are waist-high, and
the heads are appearing above the boot, where fall grain
has had a good chance, and in spring grain the growth has
been phenomenal since the rains of last week. Everyere prospects are much better than they were two weeks
1
,o.
.
From 1,500 to 2,000 men from outside this valley will be
leeded to harvest the crop during July and August, and
, ust where the men are to come from is a problem that
farmers are trying to solve. Usually farmers from the
Palouse, miners from Idaho and homesteaders from the
newly settled districts make up most of the large number
f ° f men who come and stay through the season, but this
year the report is that men are short in the mining sec
tions because of the closing down of mines last fall, and
'
ie harvest in the Palouse will be nearly as early as that
this section, while usually there is about a month difirence in the time of ripened grain. There is but little
3ason to fear a shortage from the sections where men are
milding homes on government land, but the two other
sources are sure to be short of the usual number of men
supplied.
On the coast there are idle men, left without employnent by the closing down of mills and by the discontinunce of work on buildings and streets, but it has been the
experience here that sawmill men seldom come to the har
dest fields and work satisfactorily. Miners seem to enjoy
he change from underground to surface work, even with
she increased hours daily, and many of them increase in
weight and recuperate perfectly in the grain fields of
V' Washington and Oregon.
While the hours are long, the wages are correspondingly
gh. Men usually draw from $1.50 to $6 a day, with board,
and lodging is always provided in tents and in strawstacks,
which furnish open air enough to cure tuberculosis in one
season. The industrious harvest hand figures on clearing
every dollar of his wages, as he has practically no expense
from the day he starts work until he leaves the country.
The improvident hand always spends his money in riotous
living as fast as he earns it, or a trifle faster if the “ boss”
will advance the coin.
Last year', in order to secure men, free employment of
fices were opened in this city, where men could secure
employment and be taken to the country without delay
or expense. The plan proved successful but expensive,
and it is doubtful if the same plan will be adopted this
year. The Farmers’ Educational and Co-operative union is
planning to solve the problem this year or next and per
haps a new idea will be evolved in time to try it out well
this season. In handling the sack problem and in manipu** lating the warehouse difficulty the union has been success
ful, and the result of its efforts in controlling the labor
jt situation will be watched closely by farmers all over the
northwest.
F R E S H W A R N I N G A G A I N S T S T O L E N GOODS.
About the middle of February, 1907, it was discovered
that a very large amount of railroad bonds had been stolen
- from the Savings Bank of New Britain by William F.
Walker, its former treasurer. The bank immediately gave
notice broadcast through this country of the theft, and the
description of the bonds stolen, and warned people against
dealing in those securities. Several of the bonds, how
ever, had been negotiated before the notice was given,
and some had already come into the hands of bona fide
holders. There remained, however, a large number of
bonds which the holders were evidently unable or afraid
- to dispose of, on account of the warning given out by the
bank.
Facts seem to indicate that efforts are now being made
by the parties who hold these securities to negotiate them,
believing that the banking fraternity has forgotten the in
cident of the theft, and that the securities might slip
through the channels of collection unnoticed. The Sav
ings Bank of New Britain therefore wishes to caution all
parties against loaning on, or purchasing, any of these
bonds, or accepting any coupons from them, or making
any advances upon them. Payment of both principal and
interest on all of these bonds has been stopped at the of
fices of the various railroad companies and all places
where they are payable.
The Savings Bank of New Britain would esteem it a
great favor if any bank who hears of the securities be
low mentioned would immediately communicate by wire
with Pinkerton’s National Detective Agency, Savings Bank
of New Britain, or Merrill & Rogers, No." 128 Broadway
New York City, and obtain all information possible as to
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
77
the party presenting the coupons or negotiating the secur
ities. Any action taken by a bank to promote these ends
would be greatly appreciated, and the Savings Bank of
New Britain would be glad to defray any necessary and
legitimate expenses which such bank would be put to.
The following is a list of securities stolen:
St. L ou is & M erch ants B ridge C om pany, first m ortgage
bonds, guaranteed by T erm inal R ailroad A ssocia tion of St L ouis
P ay able at F arm ers L oan & T ru st C om pan y N ew Y ork. O d Np n£43 1909- D efinite 1929.
Six percent.
One bond, $1,000.00,
"Philadelphia, H a rrisbu rg & P ittsb u rg R ailroad C om pany, gold
bonds, first m ortgage, 5% cou p on ; due O ctober 15, 1925. In ter
est A p ril and O'ctober 15th. N os. 309, 311, 312, 313 314 315 316
317, 330, 331, 332, 333, 334, 357, 358, 359. 360, 361, 409, 410. ’
H arlem R iv er and P ortch ester bonds, $10,000. N Y
N H
& H. R. R ., first m ortg ag e 4% gold bonds, due M ay 1st, 19541
Interest p ayable M ay and N ov em b er 1st, at L in coln N ational
B ank, N ew Y ork ; 10 bonds, $10,000. N os. 4923' 4924 4925 4926
4927, 4928, 4929, 4930, 4931, 4932.
R och ester & P ittsb u rg (B . R. & P ) Cons, m ortgage 6 ’ s- in
terest June and D ecem ber, p rincipal due 1922, payable at Union
t r u s t C om pany, N ew Y ork. Nos. 1753. 1754, 2765 2766 2919
2920, 3082, 3'280, 3730, 3941, 4893, 4894, 4895, 4896, 4897
C hicago, M ilw aukee & St. Paul, C hicago & W estern D ivision
$1,000 each, first m ortg ag e 5% bonds, gold, due January Ï,
1921. Interest January and July. O ffice in N ew Y ork. N os 266
2782, 2783, 2809, 3302, 4155, 4321, 5292, 5397, 5752, 6329 6467 6470’
6778, 6996, 7053, 7237, 7493, 12789. 14670, 15878, 16041 16042,’ l753o’
17604, 17857, 19226, 20683, 20754, 21762, 21871, 23009 23027 23272,
24083.
C hicago & E astern Illinois.
General con solid ated coupon
5% , due 1937. N ovem b er 1st. Interest due M ay 1st and N o v e m
ber 1st, at C entral T ru st C om pany, N ew Y ork C ity; $49,000.
N os. 6312, 6912, 693'6, 7079, 7726, 9401, 9893, 11887, 12201, 12202,
15218, 15219, 15220, 15221, 15222,
15223. 15224, 15225, 15226, 15227,
15228, 15229, 15230, 15231, 15232,
15233, 15234, 15235, 15236, 15237.
15694, 18318, 18324, 20323, 20324,
20325, 20326, 20327,
20328 203‘19
20330, 20331, 20332, 20333, 20334, 20335, 20336, 20337, 20338.
LA SA L L E S T R E E T NOTES.
(S pecial C h icago C orresp on den ce to the C om m ercial W est.)
Chicago, June 16.— The Commonwealth-Edison Company
is. producing electric power so cheaply that negotiations
are under way between it and the Chicago City Railways
Company for the former to supply the latter with the elec
tric power to run its cars. It is prophesied that the Chi
cago Railways Company will come to a similar conclusion
that it is cheaper to buy electricity from the Common
wealth-Edison than to produce the power itself. The Chi
cago City to supply its own need would require to invest
five or six million dollars in power plants. Instead of do
ing so, it is proposed to abandon the power houses it has.
The Chicago Railways by going to the CommonwealthEdison would save $7,500,000 in investment, it is estimated.
C hicago R a ilw a y s Bonds.
Messrs. Babcock, Rushton and Louderbach say of the
demand for Chicago Railways 4% series B bonds: “ The
B bonds pay 4% until 1912, then 5% to maturity; or, say,
19% years to run. The present value of the bonds is 80.
They would earn on 4% basis of maturity 5%%. At the
end of 3% years the bonds go on a 5% basis, and at the
then value would earn to maturity 7%, or taking a general
average for the full period of the bonds, both on the 4%
and 5% basis, would net 6% % to maturity if purchased
now.”
Messrs. Harris, Winthrop & Co. have issued a pamphlet
entitled “ The Emergency Currency at a Glance.”
Edward R. Stettinius has been elected treasurer of The
Diamond Match Company to succeed the late J. K. Rob
inson.
O rganizes
In ve s tm e n t
B u s in e s s.
Vice President Herman Wollenberger of the Western
Trust & Savings Bank has resigned to go into a general
investment and banking business under the firm name of
Wollenberger & Company, with offices in the Corn Ex
change National Bank building. Mr. Wollenberger an
nounces that “ our mortgage department will be carried
on under the name of Ohrman Mortgage Company, an Illi
nois corporation, controlled by our firm and will be in
charge of Mr. Elmer L. Ohrman, who, for a number of years,
was manager of the real estate loan department of the
Western Trust & Savings Bank.” Mr. Ohrman has an in
terest in the firm.
President Otis of the Western Trust & Savings Bank,
on behalf of the board of directors of that institution, pub
lishes a letter of eulogy on Mr. Wollenberger. Mr. Wollen
berger may be regarded as a graduate of the Deutsche
Bank of Berlin.
Har r i s T r u s t & Savi ngs Dividend.
Hail is Trust & Savings Bank has declared a dividend
of 2% payable July 1st to stockholders of record June
Gregory, Jennison
C O M M IS S IO N
&
Company,
M E R C H A N TS ,
Minneapolis and Duluth.
Grain Elevators, Total Capacity, 1,800,000 Bushels.
¡Saturday, June 20, 1908
THE COMMERCIAL WEST
78
J ohn J. F lanagan , President
J ohn S. B angs , V ice Pres.
W . E. B riggs , Cashier
S t o c k y a r d s National Bank,
S O U T H ST. P A U L , M INN.
Established 1897
Live Stock Markets.
(S p ecial C orresp on den ce to the C om m ercial W e st.)
Hogs.
South St. Paul, June 17.— Receipts of hogs at the six
important markets the first three days this week totaled
about 100,000 compared with 109,000 the like three days
last week and 90,000 the same days last year. Local re
ceipts the first three days this week w.ere about 11,550
against 10,660 the same three days last week and 10,860
the like three days last year. Receipts at the six im
portant markets last week were 825,940 compared with
406,600 the week previous 419,750 the same week last
year and 432,200 the like week last year. Local receipts
last week totaled 15,240 against 18,000 the previous week
18,270 the same week last month 19,150 the like week last
year and 21,300 the corresponding week two years ago.
Hog receipts have been fairly liberal with a fair aver
age of quality. Comparisons with the previous Wednes
day show a gain in values, the result of fluctuations during
that period resulting in a net advance in the price level.
The gain was made during the latter part of last week,
advances of 5 to 10 cents, 10 to 15 cents and 10 cents be
ing recorded on those days. The week opened with heavier
marketing and a big 10 cents was taken off. This was
practically regained Tuesday when the market again ad
vanced. Today with 3,300 hogs on sale prices were weak
to 5c lower with bulk selling around $5.50@5.55 compared
with $5.25 a week ago, $5.95 the like day last year, $6.40
the same day two years ago and $5.15 to $5.20 three years
ago today.
Capital..................................................... $100,000.00
Surplus and Undivided P ro fits.. 23,000.00
D e p o sits................................................. 900,000.00
Our Specialty is Loans to Farmers,
Stockmen and Ranchers.
the previous week 5,460 the same week last month 1,550
the like week last year and 1,900 the corresponding week
two years ago.
Sheep supplies have been rather light and mostly small
odd lots. Some western stuff was received but it was not
placed on sale. The market showed a weak tone yesterday
and prices were quoted a dime lower than the previous
day when the market showed little change from the clos
ing days last week. Good spring lambs are readily sale
able but common kinds are hard sellers. Common grades
in all lines are hard to move, orders calling for good qual
ity.
R eceip ts at the South St. Paul yards thus fa r in 1908 with
com p arativ e figures
D ec.
Inc.
1907
1908
23,930
88,375
C attle ........................ . 112,305
497
25,035
C alves ........................ . 25,532
166,650
435,040
H ogs .......................... . 601,690
36,791
62,787
Sheep .......................... . 99,578
135
1,831
1 966
2,134
9,362
.
11,496
Cars ............................
R eceip ts of live stock at South St. Paul fo r the w eek ending
W edn esda y, June 17, 1908:
Cars.
H orses.
Sheep.
H ogs.
Cattle.
4S
580
2,220
726
T h u rsd ay ___ . . .
45
' ‘ 9Ì
53
2,246
561
F rid ay ............ . . .
30
143'
1,714
216
S aturday ........ . . . .
97
‘ "so
238
3,524
M onday .......... ___ 1,555
1
1
1
1,285
4.724
T uesd ay ........ . . . 2.095
68
400
3,300
900
W ed n esd a y .. ___
Saturday ...
M onday
T u esd a y . .
W edn esda y
Cattle.
Receipts of cattle at the six important markets the
first three days this week totaled about 46,000 compared
with 71,000 the like three days last week and 52,000 the
same days last year. Local receipts the first three days
this week were about 3,560 against 4.420 the same three
days last week and 3,515 the like three days last year.
Receipts at the six important markets last week were 133,220 compared with 100,200 the week previous 176,825 the
same week last year and 152,100 the like week last year.
Local receipts last week totaled 5,920 against 4,300 the pre
vious week 6,800 the same week last month 4,525 the like
week last year and 5,000 the corresponding week two years
ago.
The demand for butcher cattle continues good ana
values are fully up to last week’s level. Buyers want
good dryfed cattle but are unable to get many of them
the bulk of the receipts being grassers. For anything on
the order in grain fed prices are relatively as high as other
markets and up to the high point of the year. Veals are
selling practically steady with the forepart of last week
extra choice bringing up to $5.25 with a practical top of
$5.00. The supply has been fairly liberal, quality fair.
Stocker and feeder movement continues slow and prices
are generally quoted 15 to 25 cents off from Monday a
week ago. The call is slack in all lines. Only choice cows
are taken by feeder buyers. Bulls are moving at prices
steady with the decline noted last week.
399
171
2,699
17,728
. 6,053
■e stock at South St;. P aul for the wee
> 19, 1907:
H orses.
Sheep.
H ogs.
C attle.
27
263
2,396
.
656
2
20 1
2,578
.
377
155
3,249
.
339
151
2,898
.
949
i
670
3,941
. 1,903
28S
4,023
.
663
R a n g e o f Sa le s P r i c e s .
L a st W k.
,$5.20@ 5.35
5 .25 @ 5 .40
5 .30 @ 5 .35
5.25@ 5.40
5 .2 0 0 5 .4 0
5.20@ 5.35
T h is W k.
$5 .2 5 @ 5 .40
5.40@ 5.55
5 .5 0 @ 5 .65
5 .4 0 @ 5 .50
5.50@ 5.65
5.4 0@ 5.6 2%
T h u rsd ay .
F riday
Saturday ..
M onday . . .
T u esd a y ..
W ed n esd a y
B u lk
of
Hog
..............
..........
..........
........
........
..............
W e d n e s d a y ......................
406
30
1,728
19,085
. 4,887
Cars.
54
51
58
70
97
76
Sales .
L a st W k .
$5 .25 @ 5 .30
5.30@ 5.35
5.30@ 5.35
5.30@ 5.35
5 .3 0 @ 5 .35
5.25@ 5.30
T h is W k .
$5, 3 0 @ 5 .35
5.45@ 5.50
5 .5 5 @ 5 .60
5.45 @ 5.50
5 .5 5 @ 5 .60
5.50@ 5.55
M a r k e t C ondition.
T h u r s d a y ..
F r id a y ........
S a tu r d a y ...
M o n d a y ----T u e s d a y ...
W ed n esd a y
T h is W eek.
5 to 1 0 c h ig h e r ..............
10 to 15c h ig h e r -----,1 0 c h ig h e r ......................
B ig 10c lo w e r ..............
-1 0 c h ig h e r ......................
.W ea k to 5c l o w e r ....
RECEIPTS
AT SIX
P rev iou s W eek.
M ostly 10c low er.
M ostly 5c higher.
S teady to 5c low er.
Steady.
5c low er.
5c low er.
MARKETS.
C attle.
................
K an sas C it y .................... ................
..................
..............
..............
................
Sh e ep .
Receipts of sheep at the six important markets the
first three days this
week
totaled about 56,000compared
with 60,000 the like
three
days last week and30,000 the
same days last year. Local receipts the first three days
this week were about 1,925 against 1,360 the same three
days last week and
1,100
the like three dayslast year.
K an sas C ity ..................
Receipts at the six important markets last week were
108,350 compared with 163,600 the week previous 164,750
the same week last year and 140,600 the like week last
year. Local receipts last week totaled 2,150 against 1,800
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
L a st W k.
56.400
14,100
17,300
29,500
10, 000
5,920
............ 133,220
H ogs.
L ast W k.
.................. 152,000
.............. 1 1 , 0 0 0
................ 51,200
.......... 52,300
___
42,200
............ 15,240
Sheep.
L a st W k.
.................... 65,400
....................
1,800
.................... 17,700
................
18,300
..............
5,000
................
2,150
.................... 10S.350
P rev. W k .
32,600
24,500
13,200
19,700
5,900
4,300
100 ,200
L a st Y r.
69,000
3'5,800
31,000
26,900
9,600
4,525
176,825
43,500
18.000
L a st Yr.
157,900
86,700
60,600
40,100
55,300
19,150
406,600
419,750
P rev. W k .
130,000
89,600
59,500
66,000
P rev. W k.
81,700
26,300
28,600
16,200
9,000
1,800
163,600
L a st Yr.
82,600
22,400
15,500
23,800
4,900
1,550
164,750
Saturday, June 20, 1908
THE COMMERCIAL WEST
79
BIG GRAIN SHIPMENTS FROM TACOMA IN MAY.
(S p ecia l C orrespon den ce to the C om m ercia l W e s t.)
Tacoma, June 12.—Although the grain season is rapidly
approaching an end, May passed into history with a record
of 815,838 bushels of wheat, barley and oats shipped from
Tacoma to foreign and coastwise ports. This grain was
valued at $708,673.
Of the total, 474,024 bushels were sent to the foreign
market, while 341,814 bushels were sent to California and
the Hawaiian Islands. The coastwise record is the largest
for a month in years and is a record that may stand for a
long time, although the prospects are that coastwise ship
ments during June will be large.
Big
Demand
fro m
C alifo rnia .
April established a high record when
of wheat are sent coastwise. This total
000 bushels the coastwise shipments from
entire year of 1907. During May twice as
shipped to the domestic market as during
166,432 bushels
exceeds by 34,Tacoma for the
much grain was
April, so it can
readily be seen what a great demand there has been in
California for Washington grain.
California’s supply of 1907 grain was exhausted, early
this season, so that it was necessary to draw from the
Washington crop. All the grain now being sent to the
south is to supply the local demand, as California has had
none for export or home use in several months.
O ld
Crop
a ll
D is p o s e d
of.
Receipts of grain at Tacoma were unusually heavy last
month and the local warehouses have been fairly bulging
with wheat, oats and barley. Reports from the interior
indicate that the granaries and warehouses are now prac
tically empty, so that receipts will be .much less during
June. The old crop is practically all shipped out from the
Inland Empire, but it will be some time yet before all the
grain at tidewater is put afloat. Shippers expect to do a
big business this month, as the domestic demand is still
brisk.
PORTLAND BOARD TO DEAL IN OPTIONS.
(S p ecia l C orresp on den ce to the C om m ercia l W e s t.)
Portland, June 11.— The Portland Board of Trade will
deal in grain options. This matter has been up for dis
cussion for some time among the members, and it was
decided last night at a meeting of grain men at the rooms
of the board. Nearly all the leading grain firms were rep
resented and the vote was almost unanimous. A com
mittee has been appointed to carry out the plans of the
members along this line and rules governing the opera
tions upon the new exchange of the board of trade will be
formulated within the next few days. Fixed quotations on
T A C O M A GRAIN
FIRM
B U Y S 14 W A R E H O U S E S .
(S p ecia l C orresp on den ce to the C om m ercia l W e s t.)
Tacoma, June 13.—Opening of the coming grain season
will witness the entry into the Inland Empire of the KerrGifford Company of Tacoma, Seattle and Portland. A
deal has just been closed whereby the Kerr-Gifford Com
pany secures the business o f the Kettenbach Company of
Lewiston, Idaho, one of the largest grain dealing concerns
in eastern Washington and Idaho. The Kettenbach Com
pany operated 14 warehouses on the Northern Pacific, and
these are all taken over by Kerr-Gifford.
The deal is of importance to Tacoma in that it extends
the field of operations of one of the heaviest grain buyers
here and will increase the importance of this city as a
grain shipping port. The Kerr-Gifford Company is one of
the most prominent of the heavy grain exporting firms
in the northwest. Tacoma is the firm’s principal export
shipping point, and the acquisition of the business will
increase the volume of grain shipments from here.
Prospects for a big wheat crop this year are better
than they were a year ago, when the crop broke all pre
vious records.
The acreage has been increased and
weather conditions during the winter and spring have
been favorable.
The prospects for an increased demand, both foreign
and domestic, are good. There is considerable competi
tion among the buyers and the growers are looking for
good prices. It is expected that the shipping season will
open earlier than last year.
G O V E R N M E N T TO ST U D Y SHELTERBELTS.
Uncle Sam’s tree planting and farm experts have just
undertaken a practical and scientific study of the use and
effect of timber windbreaks and shelterbelts in the agri
cultural regions of fourteen western states. This is the
first time in this country that a study of this much dis
cussed question has been undertaken over a wide region
under one plan, for the purpose of collecting data for the
benefit of the agriculturists who are developing the west
ern plains. At present windbreaks are planted haphazard,
one kind here, another there. If one kind is better than
other, the government experts think that fact ought to be
known, and it is believed that the study about to be un
dertaken will settle the question once for all. It will at
least collect such facts never before brought together.
The work will be done by the United States Forest
Service. In some states the agricultural experiment sta
tions will co-operate in the studies, and in these cases the
Forest Service will provide the necessary apparatus, and
the other expenses will be shared half and half by the gov
ernment and experiment stations. The investigations will
be taken up in five states this year and extended to the
other nine as rapidly as the investigations are completed.
Four of the states in which the study will be made this
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
grain and feed is believed to be a benefit that will follow
the new departure. Grain dealers declare that Portland
is the only large city in the country handling large
amounts of grain that is without an option board and it
has been the experience elsewhere that the presence of
exchanges and the dealing in options tends to bring grain
to those points for producers and middle men in the in
terior prefer to ship their grain to markets where there
are fixed prices. Portland dock facilities are said to be
ample to take care of all deliveries made in connection
with grain option contracts.
year are Nebraska, Colorado, Oklahoma and Kansas. The
fifth will be either Minnesota, North Dakota or Iowa. Ulti
mately the investigations will cover Minnesota, North Da
kota, South Dakota, Nebraska, Iowa, Kansas, Oklahoma
Colorado, Texas, New Mexico, Utah, California, Washing
ton and Idaho.
Corn will be the crop studied behind the windbreak
this year. Trustworthy conclusions cannot be obtained by
comparing results from different crops. Each crop makes
its own demand upon the soil, so that what would destroy
one might do little harm to another. Corn is a partic
ularly good crop to experiment with because it is easily
injured by hot dry winds, will not stand shading, and is
very sensitive to frost.
FLOUR
BY
STEAMER
TO
LIVERPOOL.
(S p ecial C orrespon den ce to the C om m ercial W e st.)
Tacoma, June 12.— Tacoma is furnishing more cargo
for the new French steamer Ceylan than any other port on
Puget Sound. While here the big liner loaded 2,000 tons
of flour for Liverpool and 750 tons of wheat for Liverpool
and Antwerp, in addition to about 100,000 feet of lumber
for Mexican ports.
It is unusual to ship flour from Tacoma to Liverpool
by steamer, although in former years considerable flour
went to the United Kingdom on sailing ships. The’ Ceylan
loaded flour at the wharves of the Puget Sound Flouring
Mills Company, and grain at the Balfour warehouse.
WESTERN
PATENTS,
The following patents were issued last week to Minne
sota and Dakota inventors, as reported by Williamson &
Merchant, Patent Attorneys, 925-933 Guaranty Bldg., Min
neapolis, Minnesota.
A. Anderson, Minneapolis, Minn., lady’s work box.
J. Anderson, Hatton, N. D., rail fastener.
M. Anderson and M. F. Ogden, Stanley, N. D., disk
plows.
A. B. Brown, Ipswich, S. D., trap nest.
O. K. Chance, Minneapolis, Minn., flying machine.
C. A. Fischer, Grand Forks, N. D., shoe holder.
A. A. Giard, Big Falls, Minn., milk pail holder.
H. Heintz, Elkton, S. D., letter holder.
A. O. Hubbard, Minneapolis, Minn., wheelbarrow.
P. Libak, and A. and P. Winden, Madelia, Minn., milk
ing stool.
G. P. Paine, Fargo, N. D., railway signaling kit.
W. F. Roettger, Ronneby, Minn., sleighs.
T. Rustad, Cisco, Minn., stump and brush cutter.
A. M. Smith, Minneapolis, Minn., barrel replacer.
G. W. Smithson, Madelia, Minn., buckle.
E. G. Staude, Minneapolis, Minn., gluing machine.
C. R. Thompson, Minneapolis, Minn., filter.
THE COMMERCIAL WEST
80
Saturday, June 20, 1908
GENERAL STATISTICS.
W H E A T AND
F LO UR EXPORTS.
(B ra d s tre e t’s.)
T he q u an tity o f w h eat (in clu d in g flour as w h ea t) ex p orted
from the U nited S tates and C anadian ports fo r the w eek ending
w ith T h u rsd ay is as fo llo w s in bushels:
1906.
1908.
1907.
3,839,741
4,255,270
January 2 ___
............ 5,119,394
4,768,772
4,073,110
January 9 ........
............ 6,804,273
3,448,862
2,636,460
January 1 6 ___
............ 5,412,867
3,433,585
3,328,255
Ja n u a ry 23 ___
............ 4,418,213
3,056,208
2,102,261
January 30 . . .
............ 4,328,205
3,241,939
3,319,930
F ebru ary 6 . . . .
............ 4,507,456
2,951,642
. .......... 4,037,680
2,500,139
F ebru ary 13 . .
2,357,068
2,932,491
F ebru ary 20 . . .
2,300,476
............ 4,244,832
2,857,420
F ebru ary 27 . . .
2,563,983
............ 2,953,908
2,251,303
M arch 5 ............
2,080,034
2,010,237
M arch 12 ........
2.293,012
1,878,614
............ 2,793,021
M arch 19............
1,542,852
2,707,566
............ 2,293,964
M arch 26 ..........
2,155,816
3,460,872
............ 2,911,364
A pril 2 ..............
1,831,105
2,362,347
............ 2,451,099
A p ril 9 ..............
1,844,798
3,102,467
A p ril 16 ..........
.......... 2,470,177
2,149,684
2,580,242
. . . ___ 2,417,003
A p ril 23 ..........
2.104,748
2,234,756
. . . . . . . 1,620,589
A p ril 30 ............
2,994,419
2,142,062
............ 1,956,883
M ay 7 ..............
............ 2,701,806
2,800,177
2,716,783
M ay 14 .......... ....
............ 2,930,254
3,684,683
4,334,373
M ay 21 ..............
2,401,994
2,526,739
............ 2,878,289
M ay 28 ............
5,263,138
............ 3,366,204
3,301,007
June 4 ..............
3,376,962
2,329,242
............
3,064,547
June 11 ............
CORN E X P O R T S
............ 1,171,428
........ .. 1,947,827
............ 1,835,196
............ 1,678,071
............ 1,539,382
............ 2,481,394
............ 1,485,499
............
383,649
............
845,123
........
............
............
. ___
............
545,714
292,938
371,347
407,002
333,278
..............
75,892
............
............
286,433
126,338
1906.
6,265,333
5,342,569
5,944,571
5,633,265
8,289,359
3,660,750
4,163,853
4,403,007
3,767,063
2,394,445
2,235,282
3,873,126
2,643,479
3,103,586
1,725,799
1,673,972
1,428,921
1,035,315
1,573,740
1,089,706
818,097
614,815
573,139
320,486
1907.
1,974,599
1,296,187
1,906,873
2,064,883
2,157,677
2,407,089
1,997,720
1,688,638
3,360,456
2,631,572
1,998,254
2,508,780
1,844,633
2,917,004
1,475,719
1,939,622
1,611,041
1,817,695
1,744,800
1,906,908
1,669,115
864,255
1,135,065
783,455
C E R E A L E X P O R T S BY P O R T S .
From the Uni ted States and Canada.
F rom
N ew Y o r k ........
P hiladelphia ..
B altim ore ........
B oston ..............
N ew p ort N ew s.
N orfolk ............
P ortland, M e ...
N ew O rle a n s ...
G alveston ........
M obile ..............
F lour,
T his
w eek
68,857
49,20S
10,870
7.667
7,000
(B ra d stre e t’ s.)
bbls.
W h eat,
L ast
This
w eek
w eek
66,180 581,291
32,633
187,652
24,006
80,000
2,204
175,495
7,240
___
13,000
-----
bush.
L a st
w eek
657,359
249,440
24,000
160,966
Corn, bush.
L a st
This
w eek
w eek
14,886 132,706
___
42,890
1,700
18,343
8
42,816
___
92,548
8,000
14,000
4,200
5,600
___
___
2,000
T ota l A t l . . . 169,802 150,263 1,024.43S 1,184,313
San F ra n cisco .
P ortlan d, O . . . .
T a co m a ............
S eattle ..............
31,043
T ota l P a c ...
31,042
4,349
___
___
ll0,093
21,468
___
65,817
110,093
122,670
6,700
32,594
243,455
122,670
___
SAVE INSURANCE
BY BUILDING IN FIRE PROOF
Write us for Designs and Estimates of Cost
TheBARNETT& RECORDCO.
General Contractors
MINNEAPOLIS, MINN.
WHOLESALE
ELECTRIC POWER
o f electric energy at a price
less than the cost o f steam.
Address Contract Engineer.
32,594
243,455
14,687
376
1,0 0 0
___
963,466 1,014,578
-----
93,744
42,978
13,945
16,063
963,466 1,014,578
93,744
42.97S
Gr. t o ta l___ 214,789 232,143 2,097,997 2,321,561
126,338
286,433
The Minneapolis General Electric Co.
15-17 South Fifth Street
OREGON F E E L I N G C H E E R F U L .
(S p ecial C orrespon den ce to the C om m ercia l W e s t.)
Portland, June 11.—“ This state just now is like a merchant who has not been selling any goods lately,’ said a
national banker of the city this week, “ but things are
looking better for wool is being sent away in large quan
tities and at good prices. Hops are moving to the east.
The wheat outlook is splendid and within the next few
weeks there will be quantities of fruit to ship to the mar
kets of the world. All these things make the outlook very
much brighter than it has been for the past month or
two. The wheat crop is practically marketed, making no
further income from that source to the producers; lum
ber, usually a very large staple product of this state at
this season, has been sent away in very small quantities
as compared with this time last year. As a consequence,
times have been dull with little new money coming in.
The splendid prospects of a full wheat crop, however, keep
the people of the state cheerful and if the present hopes
in the grain yield are realized, the state is bound to be on
easy street after the harvest.”
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Ir1
A thoroughly equipped corps of Engineers are ready
for consultation on any proposition, large or small.
13,945
T ota l C a n ...
T
2 5 ,0 0 0 Horse Power
14,000
....
T ota l U. S .. 200,844 216,000 1,134,531 1,306,983:
V a n cou v er . . . .
M ontreal ..........
H a lifa x ............
St. John, N. B .
ill Buildings and Heavy Structures
IN B U S H EL S .
(B ra d stre e t’ s.)
1908.
............
741,691
.............. 1,111,874
January 2 ........
January 9 ........
January 1 6 ___
Ja n u a ry 23 ___
Ja n u a ry 30 . . .
F ebru ary 6 ___
F ebru ary 13 ..
F ebru ary 20 ..
F ebru ary 27 . . .
M arch 5 ............
M arch 12 ........
M arch 19..........
M arch 26 ........
A p ril 2 ............
A p ril 9 ..............
A pril 16 ............
A p ril 23 ............
A p ril 30 ............
M ay 7 ..............
M ay 14 ..............
M ay 21 ............
M ay 28 ............
June 4 ..............
June 11 ............
GRAIN ELEVATORS
Minneapolis
A DRY CAR.
Is an absolute necessity to shippers of Flour
and other Milling products.
“ K j W O J T A L L ” is the most effective barr - - rier to moisture, to be
C a r L tn tn g
had for this purpose.
“ Knoxall” has been thoroughly tested—and has
invariably made good. Try it.
P rice, $ 3 .0 0 th e c w t .
McClellan Paper Company
M in neap olis
Saturday, June 20, 1908
THE COMMERCIAL WEST
PIPER, JOHNSON & CASE
COMMONS
&.
81
COMPANY
STOCKS, BONDS, GROIN aid PROVISIONS-
M I N N E A P O LI S , MINN.
410 and 411 Chamber
o f Commerce.
Receivers and
Shippers of Grain
and Flaxseed
Up town Office
New York Life Arcade.
M IN N E A P O L IS.
THOS. L. WANN, Mgr. St. Paul Office,
102 Pioneer Press Bldg.
New York Stock Exchange,
Chicago Board of Trade,
New York Produce Exchange, Chicago Stock Exchange,
Minneapolis Chamber of Commerce,
Duluth Board o f Trade.
Winnipeig Grain Exchange.
Me m b e r s :
C h ic a g o C o r r e s p o n d e n t s ,
AR MO U R GRAIN C O .
J. L. McCAULL, President
R. A. DINSMORE, Vice-Prea.
S. J. McCAULL, Secretary
A. M. DiNSMORE, Treasurer
CO.
A M E S - B R O O K S
DULUTH. M IN N .
The McCaull-Dinsmore Co.
S
CO.
G R A I N
CO.
THE A M E S - B A R N E
z
N EW YORK C IT Y
G R A IN CO M M ISSIO N
M ERCHANTS
ThE Z E N I T H
W IN N IP E G . M A N .
915-10-17 CHAMBER
MINNEAPOLIS
OF
-
COMMERCE
MINNESOTA
S H IP P E R S A N D G E N E R A L O O M M IS S IO N
MERCHANTS.
BARNUM WAIN COMPANY
M IN N E A P O L IS
A N D DULUTH
A. HIJHN. President.
JOHN WASHBURN. Vice Brest.
P. B. SMITH, Secy, an Treas.
Grain and Commission
Merchants
C lin t o n M orriso n , Pres.
« L . C. MiTOHELLi V-Pres.
Hu m Elevator Co.
M IN N EAPO LIS* M IN N .
E- E. M it c h e l l , Secy.
H. F. D ou g las , Treas. and Gen. Mgr.
Great W estern
H levator C o m p an y
MINNEAPOLIS,
-
'LOO0,000 BushelsT apacity
Capital $' 200.000°-°
We make a specialty of furnishing any desired quality of mill
ing wheat that our experience teaches us can be manufactured into
flour profitably.
We solicit your correspondence.
A NORTHWESTERN PRODUCT FOR THE NORTHWEST
MINNESOTA.
You Get What the World Can
not Excel When You Buy
Cargill Commission
Company
DULUTH AND
“ COW HAM ”
SYSTEM
BRANDS
Every barrel guaranteed
absolutely uniform, and
of the highest quality.
M IN N E A P O LIS
Grain and Commission Merchants
Northwestern States Portland Cement Co.
(Annual Capacity 1,500,000 Barrels)
Works and Sales Office :
Minneapolis Office:
Mason City, Iowa.
515-16-17 Andrus Building
M A R F IE L D = = T E ,A R S E , «S N O Y E S
CINCORPORA TED)
GRAIN COMMISSION.
Offices:
C H IC A G O , M ILW A U K E E , D U LU TH ,
M I N N E A P O L I S ................................................ ----------------------:—
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M IN N E S O T A .
|
;------------------------ ----------- ---------------------------- --------------------------------- i
THE COMMERCIAL WEST
82
Saturday, June 20, 1908
PILLSBURYS
BEST
FLOUR.
r-
W --Ì &
'4? -
THE BEST—
SEHCE WHEAT
WAS EIRST SOWN
■...S?
J
Frank Kell, Prest.
M. Lasker, V .-Prest.
T. P. Duncan, Sec-T reas
The Wichita Mill and Elevator Co.,
W IC H IT A
.
FALLS, TEXAS,
High Grade Flour for Domestic and Export Trade
C A P A C IT Y
800 Barrels Flour
Use Robinson’s Code,
Cable Address,
“ W ich ita,”
SPENCER, MOORE&CO.
DULUTH, MINN.
M A N U FA C TU R E R S OF
Extra High Patent—
Belle o f W ichita,
Texan Beauty.
ELEVATORS
Special—Violet.
High Patent—
W ichita High Pat
Jolly, Iow a Park,
ent, Monogram,
Harrold, Oklaunion,
Althea, Japonica,
W ichita Falls,
W edding Bells,
Muenster and Rhome,
W hite Rose.
Texas.
S econd Patent—
Princess, Crescent.
Extra Fancy—
Bonanza.
Successful Selling
Careful Handling
Prompt Remitting
Progressive Methods
Courteous Treatment
The VanDusen-Harrington Co.
Grain and Live Stock
Minneapolis, Duluth
V
South St. Paul
^
Shipping & Commission Merchants
W.
S. N O T T C O M P A N Y
LEATHER BELTING
MILL SUPPLIES
200-212 First Ave. So.
L O O M I S
MINNEAPOLIS
- B E N S O N
CO.
GRAIN COMMISSION
MINNEAPOLIS
DULUTH
Liberal A dvances on Consignm ents
John H. W renn & Company
THE ROOKERY, 225 La Salle S t . '
CHICAGO
We Make a Specialty of Car Lining
THE JOHN LESLIE PAPER CO.
Wholesale Paper Warehouse
Best Prices and Quality
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M INNEAPOLIS
STOCKS,
BONDS,
G R A IN , PR O V ISIO N S
COFFEE AND COTTON
/Private Wires to New York and Minneapolis
Saturday, June 20, 1908
THE COMMERCIAL WEST
83
What Else Please?
W ashburn -C rosby 's
Established 1895.
ARBOGAST 4 BALL
JO H N D IC K IN S O N «S CO.
5 B oard o f T ra d e Building, C hicago.
M IN N E A P O L IS
and
D irect Private W ir e s E ast.
Frederick B. Wells
Charles F. Deaver
Grain Commission Merchants
The Peavey
M in n e a p o l is — D u l u t h
M cH U G H ,
C H R IS T E N S E N
A N D CO .
System of Grain Elevators
Embraces the greatest number o f Grain Elevators with the
largest aggregate storage capacity o f any Elevator System
in the world. Total capacity in eight states, 35,800,000 bu.
Chicago
HEADQUARTERS, MINNEAPOLIS
Branch Offices :
Duluth
Kansas City
Live Stock Commission
Omaha
(
ARMOUR GRAIN CO.
C onsign m en ts Solicited.
2 0 5 La Salle Street
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
42 B roadw ay, N ew Y ork .
Mtoriîhs Î Chicago Board of Trade
m e m b e r s } N. Y. Consolidated Stock Exchange
DULUTH
George W. Peavey
Frank T. Heffelfinger
-
STOCKS, GRAIN, P R O V IS IO N S
GRAIN COMMISSION MERCHANTS
CHICAGO
S outh St . P au l
ROBERT PRINGLE.
WALTER FITCH.
JAMES A. RANKIN
T. W. BROWNING.
Pringle, Fitch & Rankin,
Slocks, Bonds, Grain & Provisions,
New York stock Exchange
Chicago Board of Trade
Chicago Stock Exchange
and other principal
Exchanges.
I Board of Trade,
L i r* o rrr\
v ^ I ilC ä g O «
T H E C O M M E R C IA L W EST
84
H. Poehler Company
ESTABLISHED 1855.
Grain Commission Merchants
Solicit Consignments and Orders in Futures.
MINNEAPOLIS
DULUTH
Chicago
Milwaukee
St. Louis
Imperial
Saturday, June 20, 1908
Bank of Canada
Capital Authorized..........$10,000,000.00
Capital Paid U p............... 4,930,000.00
Rest................................... 4,930,000.00
D. R. W ILKIE,
Hon. ROBERT JAFFRAY,
President.
“ PRIVATE MARKET LETTER FOR CUSTOMERS’’
Vice-President.
H EA D O F F IC E ,
Branches
of
P r o vin ce
of
TOR ON TO , CANADA
M a n it o b a —Brandon, Portage la Prairie,
Winnipeg.
in t h e P ro vin ce o f S a s k a t c h e w a n —Balgonie,
Broad
view, North Battlefield, Prince Albert, Regina, Rosthern.
B ra n c h e s in t h e P ro vin ce o f A l b e r t a —Athabaska Landing, Banff,
Calgary, Edmonton, Red Deer, Strathcona, Wetaskiwin,
B r a n c h e s in t h e P ro vin ce o f B ritish Co l u m b ia —Arrowhead, Cranbrook. Golden, Nelson, Revelstokc, Vancouver, Victoria.
Branches
8.
H . W OODW ORTH,
P r e s id e n t .
E . S. W O O DW ORTH.
V ic o -P re s .
R. P . W O O D W O R T H ,
S e c . an d T r e a s .
Woodworth Elevator
Company
MINNEAPOLIS
MINNESOTA
Also Branches throughout the Provinces of Ontario and QuebecSAVINGS DEPARTMENTS A T ALL BRANCHES.
Current rate of interest on deposits allowed from date of deposit and
credited quarterly.
IS THE FLOUR YOU NEED
Correspondence Invited
Address
THE NORTHWESTERN CONSOLIDATED MILLING CO., Minneapolis
USE
OUR
Ground Linseed Cake
( O I L
M E A L )
Put up in 100 lb. bags, as follows:
“ A ” M eal—Extra fine ground.
“ B ” M eal— Ordinary ground.
Pea size—{for sheep).
Nut size— (for sheep).
If you are interested, send in your name and address to any o f the offices
named below, and we will mail you some “ Facts for Practical Feeders
also samples and prices.
AMERICAN LINSEED COMPANY
NEW YORK
ST LOUIS
OMAHA
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
CHICAGO
ST. PAUL
KANSAS CITY
SAN FRANCISCO
MINNEAPOLIS
DES MOINES
SIOUX CITY
PORTLAND
@FedFRASER