Full text of Commercial West : March 23, 1907, Vol. XI, No. 12
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B A N K IN G ,
THE
NORTH W EST.
V
XI
ol.
W ESTERN
THE
IN V E S T M E N T S ,
M IL L IN G
AND
G R A IN .
C E N T R A L -P A C I F I C W E S T .
THE
SOUTH W EST.
SATURDAY, MARCH 23, 1907
An inspection of our New Bank
Building invited.
THE NORTHERN TRUST COMPANY
CHICAGO.
N. W . Cor. La Salle and Monroe Sts.,
Capital, =
S u rp lu s, =
No. 12
$1,50 0,00 0 'ftf
1,000,000 111
First Floor—Savings and Bond Department.
Second Floor—Banking and Foreign Depart
ment.
jj|
Third Floor—Trust Department.
Solom on A. Smith, 2nd Vice Pres.
Thomas C. King, Cashier
Robert M cLeod, Asst. Cashier
G. J. M iller, Asst. Cashier
Artnur Heurtley, Secretary
H. O. Edm onds, Asst. Secretary
H. H. Rockw ell, Asst. Secretary
Edward C. Jarvis, Auditor
Fisk & Robinson
Basement —The Northern Trust Safe Deposit
Co. Vaults.
James B. Forgan
Charles N. Gillett
P resid en t
C a sh ier
Chas. E. Lewis & Co.
BANKERS
412 to 415 Chamber of Commerce
G overnm ent Bonds
MINNEAPOLIS
and other
Private Wires Telephone M. 1558
In vestm en t Securities
G R A IN , P R O V IS IO N S ,
STOCKS, BONDS
MEMBERS NEW YORK STOCK EXCHANGE
NEW YORK
New York and Chicago Corresponden s
BOSTON
Bartlett, Frazier & Carrington
Represented in CtBECAGO
by C. Frederick Childs
135 Adams Street.
M
THE FIRST NATIONAL
BANK OF C H IC A G O
SAFE-GUARD
YOUR ESTATE
This can best be done by mak
ing a responsible Trust Company
the Executor of your Will or the
Trustee of your Estate.
The best lawyers are recom
mending their clients to avail
themselves of the services of a
responsible Trust Company in
the Administration of their
Estates.
The Minnesota Loan
and Trust Co.
313 Nicollet Ave., Minneapolis
embers
of
P
all
Pringle, Fitch & Rankin
Exchanges
r in c ip a l
Charles Hathaway & Co.
Capital and Surplus, $14,000,000
Dealers in
Welcomes and appreciates accounts of
conservative banking houses, believing that
its extensive clientele which has been
gradually developed by more than forty
years of consistent, considerate service is
significant endorsement of the agreeable
and satisfactory accommodations
rendered to its customers.
COMMERCIAL PAPER
D I V I S I O N F, (BANKS A N D BANKERS)
A U G U S T BLUM,
Vice-President
HERBERT W. BROUGH, Assistant Manager
C h a s . W . Fo l d s , - R e s id e n t P a r tn e r
2 0 5 La S a ll e S t r e e t , - - - C h ic a g o
NEW
YORK
BOSTON
ST.
O FFIC E
O F F IC E
LO UIS
O FFIC E
-
-
-
45
-
-
W ALL
STREET
27
STATE
STREET
408
O LIV E
STREET
THE
C
o n t in e n t a l
National Bank
OF CHICAGO.
Capital $4,000,000
Surplus and Undivided Profits 2,500,000
Deposits 60,000,000
F yersz & Company
Solicits Accounts, Assuring Liberal Accommo
dations and Courteous Treatment.
A G en era l F o reign B a n k in g B u sin ess
T ran sa cted.
Travelers’ Circular Letters of Credit issued
available in all parts of the World.
BANKERS
220 LA SALLE ST.
3 7 P IN E ST.
C H IC A G O
NEW YORK
RAILROAD B O N D S
Capital and Surplus $700,000
OFFICERS
G. M. Reynolds, President.
Alex. Robertson, Vice President.
Wm. G. Schroeder, Cashier.
Benjamin S. Mayer. Asst. Cashier
Herman Waldeck, Asst. Cashier.
Frank H. Elmore, Asst. Cashier.
Wilber Hattery, Asst. Cashier.
John R. Washburn, Asst, Cashier.
T h e N a t io n a l P a r k B a n k , of N e w Y o r k
ORGANIZED
C a p ita l $ 3 .0 0 0 ,0 0 0 .0 0
1 856
S u r p l u s a nd P r o f i t s $ 8 , 2 1 3 , 7 0 4 . 9 9
D e p o s its Jan. 2 6 , 1907, $ 9 4 , 6 2 4 , 2 2 8 . 9 9
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
THE
2
C O M M E R C IA L
Saturday, March 23, 1907
W EST
The Commercial
National Bank
o f CHICAGO
Capital, Surplus and Undivided Profits, $ 3 ,9 0 0 ,0 0 0
Deposits, $ 3 9 ,0 0 0 ,0 0 0
JAMES H. ECKELS,
NATHANIEL R. LOSCH,
P r e s id e n t
C a s h ie r
DIRECTORS
FRANKLIN MACVEAGH
E. H. GARY
WILLIAM Y. KELLEY
WILLIAM J. CHALMERS
DARIUS MILLER
JOSEPH T. TALBERT
ROBERT T. LINCOLN
CHARLES F. SPALDING
JAMES H. ECKELS
This bank is pleased to place at the disposal
of its customers the facilities gained
during forty years of continuous
service and growth,
M em b ers
N ew York
and
B oston
S tock
E x ch a n g es
BOSTON
BANKERS.
Investment
and
Securities.
B A L T IM O R E
2 0 5 L aS a lle S t., C H IC A G O .
MEMBERS :
S ID N E Y C. LOVE &, CO.
New York Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
Minneapolis Chamber of Commerce
New York Produce Exchange.
Merchants Exchange, St. Louis.
Stock and Grain
G ra n g e r
F a r w e ll
BANKERS
MEMBERS:
New York Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
Bank Stock
N E W YORK
W m . A . R ead & Co.
AND
C H IC A G O
C o m p
y
New York Office:
71 Broadway
Commercial Paper
Our specialty is purchasing bank stocks. A few
of our clients have money to invest, are experi
enced bankers and we will place you in touch with
them if you are in need of competent help.
A M E R IC A N
BROKERS
2 2 6 L a S a lle S treet
Bonds
£*
NEW YORK
CHICAGO
ST. LOUIS
MINNEAPOLIS
BOND
American Trust and Savings Bank
C H IC A G O .
COM PANY,
532-534 Metropolitan Life Building, Minneapolis, Minn.
Y O U R B U S IN E S S IN V IT E D .
A R T H U R E. M O RG AN ,
CIVIL
ENGINEER,
ST. C L O U D , MIN 'N .
Municipal Engineering, Drainage, Surveys,
Examinations and Reports for Investors,
Plans, Specifications, Estimates of Cost.
Because it is the most centrally
located hotel in the Twin Cities
THE
NICOLLET
HOUSE,
Minneapolis, is the great headquarters for North
western Bankers and Merchants. European Plan.
Rates $ 1.00 and up, per day.
S t a t e m e n t of C o ndit io n
Deposits subject to check (City)....................... $ 16, 000,000
Deposits subject to check (Banks).................... 7, 500,000
Time Deposits (3 per cent interest).................. 5, 500,000
Capital, Surplus and Profits............................... 5, 000,000
L ia b ilitie s .................................. $ 3 4 ,0 0 0 ,0 0 0
Cash on hand and in other banks....................... $ 12, 000,000
Bonds..................................................................... 4, 600,000
Loans..................................................................... 17, 400,000
A s s e t s .......................................... $ 3 4 ,0 0 0 ,0 0 0
H O T E L N IC O L L E .T C O ., Proprietors.
B e a rin g in m ind th at the P ro v id e n t L ife and T ru st C om pan y
in p oin t o f assets is ninth in size o f the reg u lar Old L in e L ife
In su ran ce com p an ies, ex clu d in g tw o com p an ies w h ich w rite in
d u stria l insurance, a co m p a riso n o f rates betw een th e P r o v i
dent an d the oth er nine com p an ies in clu d ed in th e first ten,
is in terestin g to p ro sp e ctiv e insurers.
T h e a v e ra g e rate o f the oth er com p an ies on a 20 P a y
m ent L ife at age 35 i s ................................................................. $37.17
P rov id e n t L ife and T ru st C o m p a n y ’ s rate i s ............................ 33.28
D iffe re n ce in
fa v o r o f the P ro v id e n t on $1,000.......................
3.89
D ifferen ce in
fa v o r o f the P ro v id e n t on $10,000...................... 38.90
D ifferen ce in
fa v o r o f th e P ro v id e n t on $50,000...................... 194.50
T h e a v e ra g e rate in oth er nine com p an ies on 20 y e a r E n
d ow m en t ............................................................................................ 51.06
T he ra te in the P ro v id e n t L ife and T ru st C om p an y is ___ 46.70
D ifferen ce in
fa v o r o f the P rov id en t on $1,000........................
4.36
D ifferen ce in
fa v o r o f the P ro v id e n t on $10,000...................... 43.60
D ifferen ce in
fa v o r o f th e P ro v id e n t on $50,000 ...................... 218.00
T h is is the re g u la r p a rticip a tin g rate in all o f the ten c o m
panies. T he P ro v id e n t has the fu rth e r a d v a n ta g e o f issu ing
a p aid-up p a rticip a tin g p o licy secu red b y su rren d er o f origin al
c o n tra ct w h en the requ ired nu m b er o f p rem ium s are n ot c o m
pleted.
W h e n th e P ro v id e n t ch an ged fro m th e 4 p ercen t to the 3Y2
p erce n t reserve basis, w h ich , redu ced to plain E nglish , m eans
ta k in g a la rg e r am oun t fro m the prem ium to put in to the re
FRASER
Digitized for
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
serve, th ey did not in crease the p rem ium but m aintained the
sam e rates put in to effe ct w h en the c om p a n y w a s organ ized
in 1865, n otw ith sta n d in g the fa c t th at the co m p a n y ’ s prem ium
rates w ere then som ew h a t low er than the a v era g e rate o f oth er
com p an ies.
M ere ch eap n ess or low rates is n ot an inducem ent to insure
in a com p a n y unless there are lo g ica l cau ses w h ich con trib u te
to su ch low c ost, b a ck ed b y the v e r y best fin ancial sta b ility
as in the case o f the P rov id en t.
T h ey do n ot aim to do m ore w ith the in d iv idu al d olla r b y
a ssu m in g g rea ter risks, bu t the su p eriority o f the c om p a n y
is due to the restricted territory fr o m w h ich bu siness is p ro
duced, and the ch a ra cte r o f risk s a ccep ted b y the com p a n y ,
T h is is best exem plified in the w ord s o f one o f th e p o lic y
h old ers in the M in n esota A g e n cy . H is statem en t fo llo w s :
‘ ‘In a n sw er to y o u r fa v o r o f A u g u st 1st, rela tiv e to m y p o l
ic y o f $50,000, recen tly tak en th rou g h y o u in the P rov id en t
L ife and T ru st C om p an y, I w ou ld state th a t this insurance
w a s p laced w ith y ou a fte r a th orou g h in v estig a tion o f several
com p an ies, b eca u se it ap p ealed to m e as offerin g the b est re
turns fo r p rem ium s paid, an d the g rea test secu rity on a ccou n t
o f r e stricted territory in w h ich y ou w rite in s u ra n ce .”
P a tro n a g e is the best rew ard fo r a lon g p eriod o f co n se r v a
tive m an a gem en t.
W a r re n M. H orner,
1038-1040 S ecu rity B an k B ld g ., Gen. A g t, fo r M innesota.
Saturday, March 23, 1907
THE
C O M M E R C IA L
W EST
3
*
U
N
I O
N
B
A
N
K
O
Capital, paid up, $ 3 ,0 0 0 ,0 0 0 .
BOARD
F
OF D IR E C T O R S :
A N D R E W T H O M SO N , E sq.,
H O N . JO H N S H A R P L E S ,
.
.
.
. .
. .
.
P residen t.
V ic e -P re sid e n t.
M. B. Da.vis, E sq. R. T. R iley, E sq. E. J. H ale, Esq.
W m . Shaw , E sq. John Galt, E sq. E. L. D rew ry, Esq.
F. E. K en aston , E sq.
W m . P rice, E sq.
G. H. B A L F O U R ,
G eneral M anager.
J. G. B IL L E T T , In spector.
E. E. C ODE, A ssista n t In spector.
H. B. S H A W - S uperintendent W e ste rn B ranches,
W IN N IP E G .
F. W . S. CR ISPO , W e ste rn Inspector.
H. V e a se y and P. V ibert, A s s ’ t. Inspectors.
A d v iso r y C om m ittee, T o ro n to B ran ch :
Geo. H. H ees, E sa.
T hos. K inn ear. Esq.
124 B R A N C H E S
AND
A G E N C IE S
IN
C
A
N
R e s t /$ 1 ,5 0 0 ,0 0 0 .
CANADA.
Q U E B E C .— D alh ousie S tation, M ontreal, Q uebec, St.
L ouis, St. Q uebec, St. P olycarp e.
O N T A R IO .— A lexan d ria, B arrie, C arleton P lace, C ook stow n, C rysler, E rin, F en w ick , F o rt W illiam , H aileybu ry,
H a stin g s, H illsburg, Jasper, K em ptville, K inbourn, M a n otick, M elbourne, M etcalfe, M errickville, M oun t B ryd ges,
A
D
A
Head S Z i J Z X * * -
Total Assets, $ 3 0 ,0 0 0 ,0 0 0 .
N ew boro, N ew L iskeard, N orth G ow er N orw ood, O sgoode Station, P akenh am , P lan tagen et, P ortlan d, R o e sneath, Shelburne, S m ith ’s Falls, Sm ithville,
S tittsville,
Sydenham , T h orn ton , T oron to,
W a rk sw orth ,
W ia rton
W in ch ester.
M A N IT O B A .— A lton a,
B aldur,
B irtle,
B oissevain ,
B randon, C arberry, C arm an, C rystal City, C ypress R iver,
D auphin, D eloraine, G lenboro, G retna, H a m iota H a rtn ey,
H olland, K illarn ey, M anitou, M elita, M innedosa, M into,
M orden, N eepaw a, N inga, R ap id City, R oblin, R ussell,
Shoal L ake, Souris, Strathclair, V irden , W a w a n esa , W a s kada,
W ellw ood ,
W in n ip eg ,
W in n ip eg ,
(N orth
E nd
B ran ch ).
S A S K A T C H E W A N .— A reola, B lairm ore, B ow d en C a r
lyle, C laresholm , C ow ley, Craik, Cupar, E sterhazy,’ F ill
m ore, H u m boldt, Indian H ead, L em b erg, L um sden, M a
ple Creek, M ilestone, M oose Jaw , M oosom in ,
O xbow ,
Pense, Q u’A ppelle. R egina, S askatoon, S intaluta, S trassburg, S w ift Current, W apella , W eyb u rn , W olseley, Y o rk ton.
A L B E R T A .— A irdrie,
C algary,
C ardston,
Carstairs,
D idsbury, E d m on ton , F t. S aska tch ew an ,
F rank,
H igh
R iver, Innisfail, L acom b e, L eth bridge, M acL eod , M edicine
H at, O'kotoks, P in ch er Creek.
A g e n ts and corresp on d en ts at all im porta n t C entres in
G reat B ritain and the U nited States.
WESTERN BONDS.
F U T U R E BOND ELEC T IO N S.
March 25.—Harris County, Tex (Houston); $1,000,000 bonds, $500,000 to be court house bonds and $500,000 to be permanent road, bridge, ditch and drain bonds.
March 25.—Mt. Ayr, la.; electric light plant bonds,
amount not given.
March 28.—Pomona, Cal.; $300,000 bonds for acquir
ing the waterworks system of the Consolidated Water
Company, $25,000 for acquiring land and development,
protection and conserving water, and maintaining sys
tem, and the acquisition and construction of two school
houses, and $35,000 for the construction of a city hall.
March 30.—El Paso, Tex.; $100,000 school bonds, $50,000 storm sewer bonds, $20,000 Sonora street extension
bonds.
April 1.—Eaton County, Mich. (P. O. Charlotte); $8,500 court house bonds.
April 1.—Wayland, Mich.; $15,000 waterworks bonds.
April 1.—Larimore, N. D.; waterworks bonds; amount
not given.
April 1.—Oceana County, Mich. (P. O. Hart); court
house bonds.
April 1.—Dowagiac, Mich.; $20,000 sewer bonds.
April 1.—Battle Creek, Mich.; $55,000 paving bonds.
April 1.—Montcalm county, Mich. (Stanton), $30,000
court house bonds.
April 1.—Red Lodge, Montana; $35,000 sewer bonds.
April 2.—LaCrosse, Wis.; $65,000 auditorium bonds.
April 2.—$33,000 refunding bonds.
April 2. Canon City, Colo.; $400,000 waterworks
bonds.
April 2.—Fergus Falls, Minn.; $24,000 electric light
dam.
April 2.—Red Cloud, Neb.; $25,000 school bonds.
April 2.—Lindsay, Neb.; $8,000 waterworks bonds.
April 2.—Shakopee, Minn.; $10,000 park bonds.
April 25.—Kanawha County, la.; $5,000 waterworks
bonds.
Spring .Election.—Webster, S. D.; $10,000 sewer bonds.
Spring Election.—Henders;on, Minn.; waterworks
bonds.
Spring Election.—Aberdeen, S. D.; $26,000 school
bonds.
Spring Election.—Browerville, Minn.; $8,000 water
works bond.
Spring Election.—Bay Lake township, Minn. (Brainerd); road bonds.
Spring Election.—La Crosse Wis.; $65,000 auditorium
bonds.
Spring Election.—Bode, Iowa, waterworks bonds.
Spring Election.—Mason county, Mich. (Ludington),
$25,000 highway improvement bonds.
Spring Election.—Willmar, Minn., not to exceed $30,000 city hall bonds.
Spring Election.—Virginia, 111., waterworks bonds.
Spring Election.—Ingham county, Mich. (Mason), $2,000 bonds for heating plant in court house.
Spring Election.—Grand Traverse county, Mich.
(Traverse City), $12,000 poor farm bonds.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Spring Election.—North Alton, 111., $10,000 school dis
trict building bonds.
FU T U R E BOND SA LE S.
March 23.—University Place, Neb.; $5,000 waterworks
extension bonds; interest 5 percent; 10-20 year optional;
certified check for $200 required. R. E. Shelley, city clerk.
March 23.—Town of Popple Grove, Minn. (P. O. Waubun) ;_$5oo town bonds. Christ Buchette, chairman town
supervisors.
March 23.—Wright County, la.; drainage bonds; inter
est 5 lA percent. County auditor, Clarion.
March 23.—Whitefish, Mont.; $20,000 not to exceed 6
percent waterworks bonds; deposit 3 percent. Address
town treasurer.
March 25.—Cedar Rapids, la.; $125,000 city hall bonds;
interest 4 percent.
March 25.—Uinta County, Wyo. (P. O'. Evanston),
School District No. 14. $900 building bonds; 3-5 year op
tional; interest, not to exceed 6 percent. Chas. H. Peter
son, district clerk, will receive the bids at the office of the
county treasurer in Evanston.
March 26.—Clay Center, Neb.; $18,000 waterworks
bonds; maturity 20 years; interest 5 percent. R. A. Byrkit, village clerk.
March 26.—New Orleans, La.; $200,000 school teachers’
salary bonds; 10-20 year optional; interest 4 percent. T.
Wolfe, Jr., secretary board liquidation.
March 29. Waterville, W^ash.; $15,000 waterworks
bonds; 81-3-year average; interest not to exceed 6 per
cent. M. E. Liese, city clerk.
March 30. Converse County, Wyo. (P. O. Douglas),
School District No. 17; $5,000 refunding bonds; interest
5 percent, 5-20 year optional. C. F. Maurer, district clerk.
March 30.—North Yakima, Wash.; School District
iso. 7; $150,000 building bonds; 10-20-year optional; inter
est not to exceed 6 percent; deposit 1 percent required.
Lee Tittle, county treasurer, North Yakima.
March 30. Seattle, Wash.; $2,250,000 water bonds;
maturity 20 years; interest not to exceed 5 percent’ de
posit $10,000 required. H. W. Carroll, city comptroller.
April 1. Lincoln, Neb.; $111,004.17 serial bonds, 1-10
year; interest not to exceed 5 percent. Beman C Fox
city treasurer.
’
April 1.—McCook School District, Neb. (McCook);
$36,000 5-20 year optional building and furnishing bonds’
interest 4y2 percent.
April 1.—Decatur county, Iowa, (Leon), $70,000 10-year
court house bonds; interest 4 percent; $35,000 optional
after 5 years.
April 2.—Centralia, Mo.; $35,000 water and light
bonds. H. W. De Jaruatt, city clerk.
April 2.—Sawyers Bar, Siskiyou County, Cal.; $3,000
building bonds of school district; interest 6 percent’ 514year average. W. J. Neilon, clerk of board of supervis
ors, Yrelca.
April 2. Sanborn County, S. D. (Woonsocket), $40000 5-20-year optional court house bonds; interest 5 per
cent; certified check for $500 required. Lewis Strand,
county auditor.
’
April 2. Fergus County, Mont. (Lewiston); $100,000
15-20-year optional court house bonds; interest 4*4 per-
THE
C O M M E R C IA L
Saturday, March 23, 1907
W EST
The F I R S T N A T IO N A L B A N K
Capital $1,000,000.00
ST. PAU L, MINN.
U. S. DEPOSITORY
Surplus $1,000,000.00
O f f i c 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 i r e c t o r s - H P Upham. James J Hill, Howard Elliott, D. C. Shepard, H. E. Thompsom, E. N. Saunders, Louis W. Hill, E. P. Shepard, E. H. Cutler,
’ Chas- W. Ames, E. H. Bailey, Theo. A. Schulze, Chas. W. Gordon, T. L. Schurmeir, W. A. Eiller.
cent; certified check for 5 percent required. C. L. Myersiclc, county clerk.
April 2.—Beaumont, Tex., $75,000 sewer bonds, $25,000
paving bonds, $25,000 school building bonds, $5,000 school
repair bonds; interest 5 percent; bonds 20-40-year optional.
J. G. Sutton, city secretary.
April 4.—Decatur County, la. (Leon); $70,000 10-year
court house bonds; interest 4 percent. N. G. Scott, coun
ty auditor.
April g.—Park County, Mont. (P. O. Livingsston),
School District No. 4; $18,000 bonds; interest not to ex
ceed 4 percent; certified check for $500 required. E.
M. Sybert, clerk.
April 10.—Billings, Mont.; auction; $400,000 water
works bonds; 10-20 year optional; interest to be bid, not
to exceed 6 percent; certified check for $500 required.
April 22.—Port Angeles, Wash.; $80,000 waterworks
bonds; interest 6 percent.
May 12.—Wichita, Kan., $54,262.19 sewer bonds. In
terest 5 percent, 61/ 2 year average. R. N. Dorr, city clerk.
Any Time.—Owen Sound, Ont.; $45,000 gas works ex
tension debentures, maturity 20 years; $45,000 electric
light extension debentures, maturity 20 years; $12,500 steel
bridge debentures, maturity 20 years; $10,000 Collegiate
Institute addition debentures, maturity 10 years; interest
4 percent. A. J. Spencer, town treasurer.
Any Time.—Mount Pleasant, Mich.; $20,000 20-year
waterworks bonds; interest 4 percent.
Any Time.—Marquette, Kan.; $12,000 water and light
bonds; 5-28 serial. H. E. Bruce, city clerk.
Any Time.—Sault Ste Marie, Mich.; $40,000 4 percent
refunding bonds; 1-4 serial. Chas. L. Clark, city comp
troller.
Any Time.—Saginaw, Mich.; $41,000 street improve
ment and $38,800 sidewalk bonds; 3^/2 percent interest, 110-year. Wm. Seyffardt, city comptroller.
BOND NOTES.
Center City, Minn.—The commisisoners of Chisago
county have voted to sell $28,000 ditch bonds.
Lake Andes, S. D.—A special election will be held to
vote on issuing $4,000 bonds of the school district for a
new school building.
Sentinel Butte, N. D —The school board of Sentinel
Butte district is considering a plan to issue $7,000 bonds
for a new school building.
Pella, Iowa.—The plan for municipal ownership of the
waterworks system was defeated at the special election
by a margin of seven votes.
Adams, N. D.—The election held in the town of Adams
to vote on issuing $6,300 school bonds resulted 111 a vote
of 40 to 1 in favor of the bonds.
Carthage, Mo.—The election held in Carthage, on
issuing $200,000 waterworks bonds, resulted in a vote ot
1,146 for the bonds and 274 against.
Thief River Falls, Minn—School District 121, in the
ST. PA U L BU SIN E SS LE A G U E ELEC T IO N .
At the recent annual meeting of the St. Paul Business
League the following officers were elected:
President, C. W. Gordon; first vice president, J. I. H.
Field; second vice president, William Hamm; treasurer,
W. C. Read; executive committee, Kenneth Clark. John
R. Mitchell, D. S. Culver, Pierce Butler, J. W. Cooper,
Walter J. Driscoll, Jacob Dittenhofer, R. A. Kirk, L. P.
Ordway, D. R. Noyes, Albert Schuneman, L. S. Cushing,
Webster Wheelock, Gustave Scholle and Eli Warner.
It was decided to hold regular meetings of the society
on the second Saturday of each month from September
to May.
.
, ,
,.
Secretary James, in Ins report, outlined the achieve
ments of the league during its first year and the projects
which it has under consideration for the bringing of in
dustries to St. Paul. "It would hardly be expected, he
said, “ that the first year of our existence would show the
results of older organizations, but some good has been
accomplished.”
The Hill system of railways has granted what will be
equivalent to 11 percent increase in wages to their em
ployes.
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Federal Reserve Bank of St. Louis
town of Thorwick, has been bonded for $600, the money
to be used in constructing a school house.
Hudson, Wis.—The city of Hudson proposes to borrow
$20,000 from the state of Wisconsin at 3)4 percent inter
est, same to be used in paying off a like amount of bonds.
Balaton, Minn.—The people have under consideration
a proposition to vote bonds for the purpose of building a
new school house. An election is predicted for the near
future.
Fairmont, Minn.—The city of Fairmont has finally dis
posed of its $21,000 bonds to F. E. Magraw, of St. Paul.
The bonds were voted some time ago for water and light
purposes.
Henderson, Minn.—The city council will submit to
the voters a proposition to issue bonds sufficient to de
fray the expense of constructing a waterworks system for
the village.
Rugby, N. D.—The election in Rugby to vote on a
proposition to issue school bonds for $5,000 resulted in
favor of such an issue. The bonds will probably be given
to the state.
Grand Rapids, Minn.—An election will be called for
the citizens of Grand Rapids to vote on issuing $12,000
bonds to be used for the purpose of completing roads in
the township.
Big Falls, Minn—It is possible that the town of Big
Falls will issue bonds, proceeds of the sale to be used in
constructing and improving roads in the township. The
proposition is now being discussed by the voters in that
town.
Winnipeg, Man.—Coates, Son & Co., of London,
through Hanson Bros., of Montreal, have offered to take
the entire issue of Winnipeg 4 percent debentures. The
amount of the issue was $1,594,506, Coates, Son & Co. of
fering “ ninety-seven pounds five shillings and nine pence
for each one hundred pounds of the whole issue.” In ad
dition they offered to pay accrued interest to date of de
livery. The proposition was accepted by the board of
control.
Appleton, Wis.—The Appleton Waterworks Company
started proceedings for an injunction restraining the city
from issuing bonds for the construction of a waterworks
system, alleging that the law confers upon the city no
such right and that the city cannot construct a water
works system suited to the city’s needs without incur
ring an indebtedness, which taken with the present in
debtedness, will exceed the 5 percent of the value of tax
able property as allowed by law.
Fergus Falls, Minn.—Present indications are that the
waterworks problem of Fergus Falls will soon be set
tled. The Fergus Falls Waterworks Company is now
willing to sell the plant at the price fixed by the apprais
ers. The outstanding bonds against the plant amount to
$75,000, and the appraisers’ price on the plant was $77,863. This leaves about $3,000 for the stockholders and
they will turn the plant over to the city as soon as the
money is forthcoming, which will probably be within
a week or two.
FARGO BA N KS BU SY.
(S p ecia l C orresp on den ce to the C om m ercia l W e s t.)
Fargo, March 18.—Fargo banks are just now doing a
rushing business and the financial outlook is of the
brightest and rosiest hue. Out in the country large quan
tities of wheat are moving over the railroads, money is
circulating more freely in the country towns and trade
is increasing at a rapid rate. The effect of all this is be
ing felt in Fargo, and much more money is coming in
from the country banks than is usual at this time of year.
“ I look for the biggest country business we have had
in many years,” said Fred A. Irish, cashier of the First
National Bank, in discussing the situation. “The bulk of
wheat is still in the hands of the farmers and they will
be marketing it for the next six months, and this will be
sure to make business, particularly in the western part of
the state, where the crop was large.
“ Local financial institutions will feel the effects of this,
because they have relations with so many of the smaller
banks throughout the state. If there is a good crop in
the valley this year local business will also boom.”
Marshall Field & Company report orders since the first
of the year equal to those of last year which were un
precedented.
Saturday, March 23, 1907
THE
C O M M E R C IA L
W EST
Established 1882.
Central Trust Company
T h e Plym outh Clothing H o u se
H . J . B u r t o n . Pres.
H. L. T u c k e r , V-Pres.
O F ILLINOIS
152
MONROE
5
E . A . D r e w , Treas.
W. C. B u r t o n . Secy.
Men’s Clothing,
STREET
Boys’ Clothing,
C H IC A G O
Hats and Caps,
SURPLUS
and PROFITS $ 9 0 0 ,0 0 0
C ap ital, $ 2 ,0 0 0 ,0 0 0
Furnishings,
FURS,
OFFICERS
C h a r l e s G. D a w e s , President
W . I. O s b o r n e , t
A . Uh r l a u b ,
j Vice-Pres.
W i l l i a m R . Da w ;es . Cashier
Shoes,
L . D. S k i n n e r , Asst. Cashier
W . W. G a t e s , Asst. Cash.
A l b e r t G. M a n g , Secretary
M a l c o l m M c D o w e l l , Asst. Sec
Trunks and Bags,
Cloaks and Wraps,
DIRECTORS.
Millinery.
A. J. Earllng,
President Chicago, M ilwaukee & St. Paul Railway Co.
P. A. Valentine,
Capitalist.
Arthur Dixon,
Prest. Arthur Dixon Transfer Co.
Charles T. Boynton,
Pickands Brow n & Co.
Alexander H. Revell,
Prest. Alexander H. Revell & Co.
S. M. Felton,
Prest. Chicago & Alton Ry. Co.
T. W. Robinson,
Vice-Prest. Illinois Steel Co.
Chandler B. Beach,
C. B. Beach & Co.
Geo. F . Steele,
Port Edwards F ibre Co.
W. Irvin g Osborne,
Vice-President.
Charles G. Dawes,
Ex-C om ptroller o f the Currency.
U N IO N
F. H. WELLCOME, President.
F. E. KENASTON, Yice-Prest.
BERT WINTER, Sec. & Treas.
T h e Finest Spring O u tfits
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 C O M P A N Y
^
Authorized Capital
,
FARM
M ORTGAGES
BARNESBROTHERS
A 6% I N V E S T M E N T
Established 1874.
Capital (fully paid up)
Undivided Profits - Total Assets - - - Banking
6_ «
M U N IC IP A L B O N D S
ALLIS-CHALMERS 5’s
M A N IT O B A .
General
PAPER
DEB. B O N D S a t l O O a n d I N T E R E S T
W IN N IP E G
A
SECURITIES
C O M M E R C IA L
SCHWARZSCHILD
& SULZBERGER
BANK OF OTTAW A
Correspondence and Personal
Interviews with Country Bankers and Investors Solicited.
M IN N EA PO LIS
INVESTMENT
BANK LOANS
$500,000
Bank of Commerce Building,
Members
1 1 2
C H IC A G O
1
EXCHANGE
$3, 0000,00
3, 236,512
32,453,938
c h bioardg o
OF TRADE
La
I
Investment Securities.
"
Farm Mortgages.
Salle St.
CHICAGO
VonFrantzius & Co.
Business
Minneapolis. ■ Minnesota
CIRCULAR AND PRICE ON APPLICATION
Transacted
Interest Allow ed on Deposits
and credited quarterly
C H A R L E S H E A D 6 CO.,
Rankers and Brokers.
FOREIGN EXCHANGE BOUGHT & SOLD
ST. PAUL AGENTS :
74 State Street, Boston, Mass.
17 Broad St., New York, N. Y.
MERCHANTS NATIONAL BANK
20 King St. W., Toronto, Ont.
86 St. Francis Xavier St., Montreal, P. Q.
CONNECTED BY PRIVATE WIRES
J. W. WHEELER, Pres.
C. F. MIX, Cashier
WM. ANGLIM, V. Pres.
F IR S T N A T IO N A L B A N K
Crookston, M inn.
Capital $ 7 5 ,0 0 0
Surplus $ 5 0 ,0 0 0
We Negotiate Farm Mortgages
THE C A N A D IA N B AN 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,
E A S T SID E S T A T E B A N K
=
Capital $100,000.
N e w A c c o u n t s a nd C o l l e c t i o n s S o l i c i t e d .
Steele Bros. Investments (Ltd.)
WINNIPEG, MAN.—364 Portage Ave.
REAL ESTATE, INSURANCE and FINANCIAL AGENTS.
Farm Lands in Western Canada.
British Columbia Fruit Lands a Specialty.
Send for List.
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Federal Reserve Bank of St. Louis
;
,
:
:
G. V. HOLT, Manager
CHICAGO
Minn.
F r ed E. B a rn et , Prest.
F. E. K enaston , ) V1 p
,
I8AAC HAZLETT, i V1Ce l rtSlSH ow ard D t k m a n , Cashier.
:
ILLINOIS TRUST AND SAVINGS BANK
Corner University and Central Aves.
M in n eap olis
:
and Surplus
$ 1 1 , 8 0 0 , 0 0 0
Interest Allowed on Savings and Checking
Accounts.
Absolute Security Afforded.
No Safer Place for Your Valuables than a Box
in Our Vaults, Inexpensive. Convenient. The Best.
GUARANTY SAFE DEP O SIT VAULTS
Metropolitan Life Bldg.
M IN N E A P O L IS .
Formerly Guar. Loan Bldg.
THE
6
C O M M E R C IA L
Saturday, March 23, 1907
W EST
The Northwestern National Bank
MINNEAPOLIS, MINN.
Capital...............................................................$ i.000,000
Surplus and Profits (earned)..................
i,000,000
Deposits............................................................. 12,000,000
O FF IC E R S
WM. H. DUNWOODY, President.
M. B. KOON, Vice President.
FRANK E. HOLTON, Asst. Cash.
EDWARD W. DECKER, Vice President. CHAS. W. FARWELL, Asst. Cash.
JOSEPH CHAPMAN, JR., Cashier.
ROBERT E. MACGREGOR, Asst. Cash.
D IR E C TO R S
EDWARD W. BACKUS
JOSEPH CHAPMAN, JR.
WILLIAM H. DUNWOODY
M B. KOON
GEORGE W. PEAVEY
A. T. RAND
C. D. VELIE
O. C. WYMAN
THE AM ERICAN EXCHANGE BANK,
DULUTH,
FRED W . D E A N ,
(Established 1879)
M IN N .
Highest Grade
D ep osits $ 8 , 6 7 0 , 0 0 0
Surplus ( ea rn ed ) $ 5 0 0 , 0 0 0 ;
C apital $ SOO, 0 0 0 ;
J. E. CARPENTER
JAMES S. BELL
E. W. DECKER
E. C. COOKE
T.
B. JANNEY
L. S. GILLETTE
W. G. NORTHRUP
HENRY L. LITTLE
W.
A. RAMSEY
GEO. W. PORTER
GEORGE W. VAN DUSEN
E. P. WELLS
E S. WOODWORTH
J. T. WYMAN
Commercial Paper,
O F F IC E R S :
HAMILTON M. PEYTON. President
CHESTER A. CONGDON, Vice-President
ISAAC S. MOORE, Asst. Cashier _
WILLIAM G. HEGARDT, Cashier
COLIN THOMPSON. 2d Asst. Cashier.
D IR E C T O R S :
a
„
T F Cole
G. A. Tomlinson,
W. C. Agnew,
C. A. Duncan,
S. G, Knox,
A. Gowan,
A. H.'Crassweller, William G. Hegardt,
Kenneth Clark, H. M. Peyton, Chester A. Congdon.
W A L T E R L. B A D G E R
M
in n e a p o l is
,
M
in n
.
Security Bank Bldg.
Correspondence
Invited
^
m
ONEIDA BLOCK
M IN N E A P O L IS , M IN N .
Bought and Sold on Commission
or Joint Accounti
made on First-class Improved Security to net lender 4% to 6 per cent. Special
LOANS attention given to care of property with economical management guaranteed.
Best of references.
REAL ESTATE
!
THE DOMINION BANK
M. P.,
President.
17
C. A. B o g e r t ,
General Manager.
Capital Paid Up, $ 3 ,0 0 0 ,0 0 0
Reserve Fund and Undivided Profits, $ 3 ,9 2 8 ,7 0 8
A s s e ts , $ 4 9 ,6 9 4 ,3 7 9
D eposits, $ 3 6 ,8 7 6 ,1 5 6
t t t
’
•
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W m n ip e g
_
o r a n c il
F. L. PATTON, Manager
A. R. SAMPSON, Assistant Manager
Solicits your b u s in e s s as Collecting A gen ts in
W estern Canada.
ROBERT E. PERKINS
EDWARD N. FENNO, JR
STEPHEN N. BOND
THOMAS F. BA XTER
BOND
BOSTON
Commercial Paper
Corporation Loan,.
Loan, Secured b^
& GOODWIN
NEW Y O R K
N O T E BROKERS
^
CHICAGO
Investment Securities
f cnh\^ e^ rÌ t cS; , CH ARLES F. M E Y E R , Fir.t National Ban* Bldg
M inneapolis P ro p e rty
Bought, Sold and Managed
for Non-Residents
Rents collected; buildings improved and reconstructed to produce in
creased income. Satisfactory reference to local and eastern parties.
MOORE BROS., BRACE & CO., Minneapolis
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Federal Reserve Bank of St. Louis
t
i a
Head Office— Toronto.
E . B. Osler,
a
S
u
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n
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o u t h
l
,
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t
.
B A L T I M O R E ,M D .
TH E P O L I C y O F TH IS
B A N K 15 TO T R E A T
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D E P O S IT O R S
L IB E R A L L Y
A N D
W IT H
U N 1F O R O )
C O Ü R T E S y
R E .
G A R b L E S S
OF
THE ACOOUNT O F
B U S IN E S S
THEY
ENTRUST TO OUR
C A R E .
LARGE RESOURCES,
C O N 5 E R G /IT N E © A N .
A Q EOENT A N b A
S T R O N G P O S IT IO N
IN T H E F I N A N C I A L
V I O R L D E N A B L E IT
TO OFFER y O U UN.
EXCELLED F A C IL IT
IES IN A L L I T S D E .
PART0JENTS
S E N D U S Y O U R BALTIm O R E B U S IN E S S IFY0U
W A N T P R O D P T SERVICE
ON REASONABLE TERO S
C /1 M T /3 L
S
I .O O O .O O O .
Saturday, March 23, 1907
THE
C O M M E R C IA L
A W EEKLY JOURNAL
REPRESENTING BANKING AND WESTERN BUSINESS
Published by the Commercial West Co., Minneapolis, Minn.
H. V . JONES, President
W . S. JONES, Business Manager
Minneapolis Office, Suite 112 Lumber Exchange
T e l e p h o n e M a in 307.
Chicago Office: 1221 Stock Exchange Bldg., C. B. M a c D o w e l l , Representative
SUBSCRIPTION IN ADVANCE.
POSTAGE FREE.
One Year, $3.00.
Six Months, $1.50.
Europe, £ 1 .
T h e C o m m e r c ia l W e s t w ill not k n o w in gly publish th e a d vertisem en t
o f a fin an cially unsound in dividual or com pany.
e n t e r e d a s s e c o n d - c l a s s m a il m a t t e r a t t h e p o s t o f f i c e .
MINNEAPOLIS. MINN.
S A T U R D A Y , M A R C H 23, 1907.
Editorial Comment.
The fifth annual report of the Minnesota Sur
veyors and Engineers Society just issued by the
Secretary, Arthur E. Morgan of St. Cloud, con
tains much of interest to every citizen of Minnesota.
Among the factors working toward increasing, con
serving, reclaiming and developing the resources
of the state, none is of greater importance than that
which is being done in the drainage of wet lands,
the construction of good highways and in kindred
lines. Phases of this work are discussed in author
itative fashion in the various addresses published
in the report.
Last week Friday, after stocks had dropped
thirteen points in 48 hours, the secretary of the
treasury authorized three measures to relieve the
money market. The $18,000,000 of new circulation
based on state and other bonds, authorized by
former Secretary Shaw to be taken up at this time,
was permitted to stand. The purchase of $25,000,000 of 4 percent bonds with interest to July 1 was
authorized. The secretary also authorized that last
September’s deposits by the treasury in the banks
be left undisturbed for a time, instead of being
taken up as formerly ordered.
There is a certain family resemblance in the
actions of the state legislatures which is not con
fined to the introduction of anti-corporation and
railroad measures. Thus Minnesota imposes a
greatly increased burden of work on the public ex
aminer’s office and neglects to make provision for
anything like adequate facilities to permit its proper
performance. South Dakota, likewise, passes a
law requiring the examination of all banks applying
for charter under the state law before the applica
tion is granted and then in the slaughterfest in the
closing days of the legislative session kills the bill
giving to the bank examiner the additional assist
ants requisite to the proper performance of the
duties created by the first law. A good law made
farcical by lack of means for its enforcement is, in a
good many cases, worse than no law at all.
The foreign and domestic trade are unparalleled
in volume. Farm and factory production are at
the maximum. Railroad earnings and industrial
earnings have broken all yearly records. The coun
try is at peace with the world. The currency circu
lation is the largest known, both in volume and per
capita. New legislation has just been enacted by
congress, making both the currency and bankingmore active and effective and beneficial in their
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
W EST
7
effects upon business. Such are the conditions un
der which a stock liquidation movement in a little
over sixty days squeezes over two billion dollars
out of the market values of railroads alone. The de
feat of the plans of American railroad managers to
raise capital with which to make heavy and needed
improvements in railroad extension, termed im
provements and equipment, has been followed by
the most reactionary general movement on record
in times of prosperity.
Canadian banks make an unusually fine showing
for 1906, and their advocates are prone to draw
odious comparisons with leading American banks
in New York. For example, the Bank of Montreal
shows $131,539,000 of deposits, or a gain of $14,497,000 during the year; while the leading Ameri
can bank, the National City of New York, shows
$118,000,000 of deposits, with a loss during the
year. The Canadian Bank of Commerce last year
gained $21,000,000 of deposits; while the New York
Bank of Commerce lost $6,000,000 of deposits. The
comparison is drawn as showing the benefits of the
branch bank system of Canada, which allows the
big eastern bank through its many western
branches to receive deposits in every portion of the
interior, and thereby avoid the losses suffered by
the New York banks through the autumn currency
movement to handle the crops of the interior. Cer
tainly the Canadian institutions are making a great
and prosperous record.
Prosperity and Panic.
Last week Wednesday saw stocks drop five
points. Thursday saw them drop eight points
more. On Friday there was a recovery of six points.
On Wednesday and Thursday the shrinkage in mar
ket values, applied to both railroad and industrials,
exceeded a billion dollars. Friday’s recovery repre
sented nearly half a billion gain in values. Pros
perous times have never witnessed fluctuations of
such enormous volume within three days.
From the first week in January to the middle of
March, or in less than 75 days, railroad stocks have
declined 32 points. On a total railroad par value of
$6,500,000,000, the decline of 32 points represents
an aggregate valuation shrinkage of $2,000,000,000.
This equals a year of railroad gross earnings and
over two years of railroad net earnings. It equals
the coD of the Russian-Japanese war, and nearly
that of the Civil war of 1861-5 in the United States.
Yet so great is the country’s prosperity, that this
shrinkage, which is greater than the total wealth of
many a country, takes a place without the causation
of a single financial failure traceable to the decline
of railroad and industrial shares.
It is perhaps idle at this close perspective to dis
cuss causes. The money market at home and
abroad, anti-railroad agitation both state and na
tional, sensational investigations and yellow jour
nalism, car shortage and consequent reduction of
earnings, curtailment of prospective improvements
and a general reaction in the season’s promised
railroad and industrial expansion—all had their
place and part. Then there were those who saw
an opportunity to profit by any or all of these re
actionary influences by throwing stocks upon the
market.
The one significant fact which stands out bold
and sharp in this period of prosperity-panic is this
8
THE
C O M M E R C IA L
—the solid industrial wealth and the enduring gen
eral prosperity of the nation which withstands the
greatest capitalistic shrinkage of history without so
much as the failure of a broker or a single bank.
In the country at large, there is no change even in
the money rate, and without the telegraphic wire and
the press to herald the news the public would be
entirely oblivious of the fact, that there had been
any fluctuations whatever.
Increased Earnings of U. S. Steel.
During the week which makes a breaking down
of the price of United States steel shares, the com
pany issues its annual report showing heavily in
creased earnings. Such are the ironies and incon
sistencies of the stock market.
The annual report of the United States Steel
Corporation for the calendar year ending Dec. 31,
1906, shows gross receipts aggregating $696,756,000, as against $585,331,000 last year; the increase
being $111,000,000, or nearly 20 percent.
The net earnings for 1906 are $136,624,000,
against $119,787,000, in 1905, a gain of $37,000,000
or over one-third.
The balance, after paying interest and other
fixed charges, together with a $30,000,000 appropria
tion for extraordinary improvements, is $98,000,000,
against $68,000,000 the year preceding; a gain of
$30,000,000, or about 45 percent.
The dividends were increased by $10,166,000 for
the common stock, which paid no dividend in 1906;
while the surplus is $62,742,000, or nearly $20,000,000 greater than for 1905.
A Sound Legislative Investment.
The Minnesota legislature is placing upon the
department of public examiner, as usual, in these
days when public examination is all the fashion, a
vast amount of additional work, as did its pre
decessors two and four years ago. The practical
question now is, are the legislators consistent in
their professions of publicity and will they appro
priate to the department of public examiner money
enough to employ men to do the work imposed
upon it ?
,
The South Dakota legislature had before it two
bills; one to impose upon the public examiner a
vast labor in the examination of corporations, and
the second to appropriate funds to do the work.
The legislature passed the first, and then killed the
second, and thereby made the whole transaction a
meaningless farce.
But Minnesota does not need to look so far as
South Dakota for an example of folly in this direc
tion. The example exists in our own state. The
last two legislatures did almost the same thing as
that of South Dakota. The two preceding Minne
sota sessions doubled the work of the public ex
aminer’s department, while increasing the force less
than one-fourth.
It refused to grant the contingent fund asked
for, and it left the salaries so low that the public
examiner himself, the experienced head of the de
partment, resigned to accept far higher salary in
^rork outside of public service.
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Federal Reserve Bank of St. Louis
W EST
Saturday, March 23, 1907
During the past two years the Minnesota de
partment of public examiner has paid its cost of
operation twice over in actual moneys recovered
into public treasuries, not to mention the constant
influence for good which it has in protecting the de
positors of nearly 500 state financial institutions
and the tax payers who pay revenue into the treas
uries of over eighty counties, all of which are sub
ject to public examination and supervision.
Money invested in sound and rational public
examination pays better on its investment, than
almost any other known. During the next few
weeks of the Minnesota session it will be develop
ed whether this Minnesota legislature will appre
ciate its investment opportunity to properly equip
the department of public examiner, or will defeat
the purpose and mission of the department by not
appropriating adequate funds to efficiently man
and operate it.
Bank Statements Abroad.
It was noted that the heavy movement in throw
ing stocks upon the market last week began in
Europe, notably in Berlin. This makes interesting
and instructive the analysis of the European bank
statements. As the marketable stocks are the only
class which is thrown upon the market when finan
cial stringency enforces liquidation, the fact that
Berlin began heavy selling of leading American rail
way stocks is not strange.
The statement of the Imperial Bank of Germany
for March 3 is in the nature of a revelation. Com
pared even with one year ago, when German finan
ces were at comparatively low ebb as a result of
the enormous shrinkage in Russian investment
values, the bank statement of the imperial institu
tion at Berlin speaks significantly. The gold and
coin reserve shows a shrinkage of nearly $20,000,000; the deposits are decreased about $15,000,000,
and the bond and stock assets nearly $10,000,000;
as against an expansion of $21,000,000 of bank cir
culation, and of $23,000,000 in loans. This unfav
orable financial condition in Berlin, fanned by anti
railroad agitation on this side of the water, gives
a reasonable ground for the selling movement in
Germany. German finances require cash, and
American railroad shares afforded the timely means
of raising it.
The Bank of England has been paying what
was virtually a premium on gold for three or four
months steadily, advancing its rate steadily from
3 to 4, 5, 6 and 7 percent, in order to repair its re
serve. And still the Bank of England reserve on
March 14 was approximately $10,000,000 lower than
on the same day last year.
Still more unsatisfactory are the Bank of France
conditions. Since the unfavorable financial condition
of France a year ago, as a result of the fiasco of
heavy Russian investments, there not only has
not been improvement but material loss in the
specie reserve of the Bank of France. March 14,
1907, showed a gold shrinkage of $56,000,000 com
pared with March 15, 1906; although bills dis
counted showed enormous expansion amounting to
over one-third during the year.
Both the Bank of Belgium and the Bank of Hoi-
Saturday, March 23, 1907
THE
C O M M E R C IA L W E S T
land show loss in gold reserve during the year,
although not to so great an extent as the imperial
banks of France and Germany.
Recent fears of new political revolution in Rus„sia appear to have had their effect upon European
finance during the month. The first half of March
records unusually heavy reserve losses for nearly
all the imperial banks. During the last week record
ed, the Imperial Bank of Germany lost $8,000,000
of its gold reserve in a single week, while the Bank
of France lost $12,000,000.
The above facts disclosed by the bank state
ments throw a strong light upon the European
movement in the sales of American stocks.
THE BULL’S-EYE.
The youthful days of this column were spent in a farm
ing country where every foot of soil had a present or po
tential tillable value; a country where amid oak open
ings, the farmers looked out over the rich, undulating
prairies of northern Illinois. To the east were solid
miles of heavy hardwood timber, lying beyond a little
river that twisted and squirmed through its alluvial val
ley like a miniature Missouri, carrying toward the gulf
its load of soil in solution so saturated that the bullheads
on the bottom had to wink two or three times before
they could see the angleworm on your hook. Wealth
in the soil was everywhere apparent. Farmers scram
bled for it. They wore the land threadbare on the prai
rie patches and then invaded the wood areas with axe
and saw to get virgin soil that would grow 40-bushel
wheat and 100-bushel corn. The groves retreated acre
by acre and finally faded off the landscape, leaving the
hills as bald and featureless as a goose egg. The timber
belt beyond the river melted like frost when the first
railroad ran through it. Only here and there are to be
seen now a few remnants of the forest primeval, and
those are chiefly crippled specimens unfit for the saw.
The hand of man has “ improved ” the country much as
age improves the appearance of a bald headed man.
* * *
When I first left home and traveled through rough,
hilly and stony country, I wondered what the Lord was
thinking of to have built such surfaces and such soil.
Why had he sanded the soil in central Wisconsin or made
for Connecticut a mean red clay mixed with flint and
all manner of unprecious stones, with the bare bones
of the earth sticking up above the soil in great granite
humps? Such niggardly dirt, fit to wear the edge off the
patience of a Quaker or of a cast-steel plow! I despised
this soil because it was not as rich as that of the prairies
of northern Illinois. Though I had read that the Lord
made everything on earth “ very good,” I had my doubts
about the poor spots.
* * *
Years of observation have brought a better viewpoint.
It is easy now to see why God made some soil rich and
some poor; some areas about horizontal and others
nearer perpendicular. Man individually may be a scholar
and a gentleman; but collectively he is a hog with a
stiff neck and a thick skull. Give him unhampered the
run of a good rich field and he will spoil it as fast as his
spoiling capacity will permit. He will never stop robbing
the soil of its fatness till he runs bump against the bare
ribs. Natural resources, that cannot be replaced in three
generations, or ever, are his special pie. He loves to
(wallow them down will all four feet, and get them down
soon. There are individuals that would burn the earth
today if they could sell the ashes to the soap factory
tomorrow. But a benevolent Providence has put a bar
rier in the way of such greed. The Creator gave the rich,
level acres of earth to feed the body of man; but he hung
up the steep places and hedged in the poor places that
he might save them to feed man’s soul. If it were not
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Federal Reserve Bank of St. Louis
9
for the sandy lands, the stony spots and the steep places
of earth, man would plant his unholy potatoes in the
very last remaining sanctuary of Nature and shoulder
her out to worship in the noisy street. But the blessed
barriers of barrenness are the pig-tight fence that says to
devouring man: “ Thus far shalt thou go and no farther.
These few fragmentary places have I saved inviolate for
rest and worship. Him who has a soul desiring food I
invite to come up from the fat and heavy soil of the low
lands to feed with me on the finer things reserved for
the quiet ones in quiet places.” This, brethren, is the
wherefore of earth’s non-tillable patches.
—The Sharpshooter.
WESTERN BANKERS’ CONVENTION.
May 20, 21 , 22 -----. . . . Kansas................. Topeka........
May 22, 23 ....................Missouri............. Kansas City
June 18, 19 ..................Iowa........................Clinton......
July 24, 25 .................... Wisconsin. . . . . . . Milwaukee..
July................................Minnesota............. St. Paul.
August 22, 23, 24 ......... Bank Clerks.. . . .Detroit..........
June 12, 1 3 .................. South Dakota.
.. Huron.....
June 20, 21, 22 .......... .Washington......... Spokane......
SIXTH DISTRICT CONSIDERS MEETING.
On Thursday, March 21, the executive council of the
Sixth District Group 1 Minnesota Bankers Association
met at St. Cloud to determine the time and place of the
next annual meeting. The executive committee is com
posed of the officers of the association and two other
members. The officers are W. A. Shaw, Clearwater, presi
dent; Tollef Jacobsoh, Alexandria, vice president; and H.
A. McKenzie, St. Cloud, secretary and treasurer. These
officers with W. E. Lee, of Long Prairie, and O. H.
Havill, of St. Cloud, composed the executive committee.
There are many cities which are after the annual
meeting, among them Brainerd, Little Falls, Cass Lake,
Alexandria, Wadena and Osakis. The meeting is usually
held in the month of June.
MR. COBBAN LEAVES PHOENIX MUTUAL.
Walter H. Cobban, for the past five years northwest
ern agent of the Phoenix Mutual Life Insurance Com
pany, with office in Minneapolis, has resigned. Mr. Cob
ban will leave Minneapolis for Pittsburg about April 1,
where he will become manager of the Pennsyl
vania department, west of the General Adjustment Bu
reau of New York. In returning to the field of fire in
surance Mr. Cobban is entering upon work which he
left years ago to enter life insurance. For ten years
he was state agent and adjuster in Minnesota for the old
Manchester Insurance Company, before it was absorbed
by the Atlas.
The General Adjustment Bureau is an organization of
some 75 insurance companies, both American and for
eign, for the handling of fire losses. From Pittsburg
Mr. Cobban will handle the western Pennsylvania depart
ment.
FORMER BANK OFFICIAL DIES.
Fredrick A. Smith, for nine years cashier of the Swedish-American National Bank, of Minneapolis, died sud
denly at his home in that city on March 13. Although
Mr. Smith retired from active business two years ago be
cause of ill health, his death from heart disease was un
expected.
Mr. Smith was born in Minneapolis and had lived here
his entire life, being prominent in banking and business
circles. He began his banking life as a messenger with
the old City Bank. He was cashier of that bank many
years, and after leaving that bank was associated with W.
C. Edgar, of the Northwestern Miller, in the Miller Pub
lishing Company, of which he was vice president at death.
Eleven years ago he became cashier of the SwedishAmerican National Bank, and held the office nine years.
MR. COFFIN TO BE PRESIDENT.
George M. Coffin has resigned as vice president of the
Phenix National Bank, New York City, to take the presi
dency of the Beaver National Bank, New York, which is
shortly to begin business. Mr. Coffin is well known in
banking circles. He had for years been identified with
the department of the comptroller of the currency before
taking up a banking career in New York. He was for
merly deputy comptroller and has written an instructive
book on the more practical aspect of the national bank
ing act.
THE
IO
C O M M E R C IA L
W EST
Saturday, March 23, 1907
THE THORPE BILL.
Following is the text of S. F. 512, introduced in the
upper house of the Minnesota legislature by Senator
Thorpe, following the report of the senate judiciary com
mittee to the effect that the Adams bill was unconstitu
tional, and passed by the senate this week by a vote of 52
to 1:
A Bill for An Act to Define “ Bank” and “ Savings Bank,”
and to Limit the Right to Use the Same as a Business
Name.
Be it enacted by the Legislature of the State of Minnesota:
Section 1. A “ Bank” is an institution having a place of
business in this state, where credits are opened by the
deposit of money or currency, or the collection of the
same, subject to be paid or remitted on draft, check or
order; and where money is loaned or advanced on
stocks, bonds, bullion, bills of exchange or promissory
notes, and where the same are received for discount or
sale. A “ Savings Bank” is a corporation managed by dis
interested trustees, solely authorized to receive and safely
invest the savings of small depositors.
Every “ Bank” or “ Savings Bank” in this state shall at
all times be under the supervision, and subject to the
control of the public examiner, as provided by section
2968 of the revised laws, relating to financial corpora
tions, and when so conducted said business shall be
known as “ banking.”
Sec. 2. Any person, firm or corporation, carrying on
in this state the business or any part thereof, defined as
“ banking” in the preceding section, who refuses to. per
mit the public examiner to inspect and superintend said
business, and to see that the same is carried on in ac
cordance with the banking or trust company laws of this
state, shall not be permitted to use the word “ bank” as
the whole or any part of the business name of the place
where said business is carried on, nor shall the word
“bank” be used on any stationery or in any advertise
ment of said business, as the whole or any part of the
name or description of said business.
Sec. 3. Whoever violates the provisions of this act
shall be guilty of a misdemeanor.
Sec. 4. This act shall take effect and be in force from
and after April first, nineteen hundred and eight (1908).
ON THE PANIC.
(S p ecia l C h icago C orresp on den ce to the C om m ercial W e st.)
Chicago, March 19.—Many utterances by Chicago
bankers and financiers have been evoked by the recent oc
currences in Wall Street, of which the following are char
acteristic:
James H. Eckels, president of the Commercial Nation
al Bank: “ I do not think the events in Wall Street have
had any effect on Chicago, as it has not been in the stock
market to any extent. There seems to be an abundance
of money here. The country banks are drawing only the
usual amount of money at this season. One thing some
people do not realize is that one line of business is con
nected with every other line of business. This continued
agitation against the railroads has had the effect of mak
ing them curtail expenses. That affects a great many
other interests and has a tendency to make business gen
erally slacken up.
“ The financial trouble, which now centers in Wall
Street, may reach to all other sections. There is no
reason why this country should not continue prosperous,
if we don’t have too much hysteria and too much agita
tion in the various legislatures of the country. If pros
perity is destroyed at this time, it will be in spite of
favorable conditions, and the destruction will come from
unwise and unnecessary legislation.”
Substantial! Business I n t e r e s ts in F i n e Shape.
E. A. Potter, president of the American Trust and
Savings Bank: “ The substantial business interests of the
country are in excellent condition. I do not believe the
flurry in New York will affect Chicago or the west. It
PASS BANKING LAW.
(S p ecial C orresp on den ce to the C om m ercial W e st.)
Seattle March 14.—The senate has passed the banking
bill as it came from the house, turning down a series of
amendments Senator Boone wanted to make which were
intended principally to extend to private banks the same
privileges under the new act that incorporated financial in
stitutions will enjoy. It was pointed out that the state bank
examiner would have no means of ascertaining the financial
obligations of a private banker outside his bank. He might
be loaded down with speculative obligations, yet the books
of his bank be in good condition. If a private banker failed
in one of his enterprises, it was shown, his bank might be
affected and the advocates of the bill believed that the ex
clusion of private banks or co-partnerships would lead to
their incorporation under the new state banking act.
Boone wanted to specify that the bank examiner should
have two years’ experience as a practical banker, but Metcalf,
Smith and others backing the bill urged that the governor
would appoint a qualified man and any change in the bill
would endanger its passage.
This state has never had an effective banking act and the
bill as passed is not as strong as the bankers’ association
wanted. But the senate feared to amend the bill, lest it go
back to> the house and be tied up in conference until after
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Federal Reserve Bank of St. Louis
was a speculator s panic, not one of the rank and file of
business men.”
Fl o o d t id e of P r o s p e r i t y M u s t Subside.
Alfred L. Baker, of Alfred L. Baker & Co.: “ The
signs point to the fact that we must not expect the floodtide of prosperity to continue unabated forever. Some
retrenchments must be made in some directions. The
liquidation of stocks in New York is more likely to aid
than injure business in Chicago and the west. The real
business interests of the country were not affected by the
developments in Wall Street.”
Liquida tion Helped M a tters .
Ernest A. Llamill, president of the Corn Exchange
National Bank: “ I am of the same opinion now as 1
was six months ago regarding the stock market. The
recent liquidation has helped matters, but there is still
a congestion of securities, and so long as that is the
case it is useless to hope for lower money rates. There
is no reason why the present rates should not continue
through the spring. Business is at the top and if it con
tinues there and we have big crops, there will be a strong
money market. The alternative of a crop failure or a
business recession would not be exhilarating.
As for the slump in stocks, it was unavoidable. Quo
tations were too high for one thing. Adverse legislation
toward railroads in nearly every state was bound to have
its effect. Large as the slump has been, however, I do
not think it has discounted any commercial depression.
1 look for a further decline in securities. There may be a
fair rally, but the public is not tempted by the present
level.”
adjournment. It was urged upon the senate that the bill
should go through, and once a start toward banking legisla
tion was made, the act could be amended and strengthened
by future legislatures. The bill provides for an examiner at
a salary of $3,600, an assistant at $2,400 and such clerical
assistance as may be necessary. T he act carries an appro
priation of $20,000.
TO EXEMPT BANK STOCK.
Shares of the capital stock of national or state banks
not located in Minnesota, owned or held in this state,
are exempted from taxation in this state by a bill intro
duced by Senator E. E. Smith, of Minneapolis.
The _purpose of the bill, as explained by Senator
Smith, is to prevent the double taxation of the stock in
North Dakota banks held in this state. In that state the
banks are required to pay a tax on their capital stock
and under the present law in this state people living in
Minnesota and owning such bank stock must list it for
taxation here.
New South Dakota Bank Examiner.
J. L. Jones, of Madison, has been appointed state bank
examiner of South Dakota, to succeed F. L. Bramble, of
Watertown.
Saturday, March 23, 1907
LEWIS E. PIERSON,
President
JAMES E. NICHOLS. - Vice-President
CHARLES L. FARRELL, Vice-President
THE
C O M M E R C IA L
CAPITAL,
SURPLUS,
::
::
W EST
$2, 000,000
$ 1, 000,000
::
II
ROLLIN P, GRANT,
- Vice-President
BENJAMIN F. WERNER,
Cashier
, DAVID H. G. PENNY, Assistant Cashier
IR V IN G N A T I O N A L E X C H A N G E B A N K
S u c c e s s o r to N ew Y o rk National E xch an ge Bank
and Irving National B ank .
LET US SAVE YOU WORRY ON TROUBLESOME ITEMS.
W e st Broadw ay and C h a m b ers S t r e e t /
OUR SERVICE MEANS LESS LABOR TO YOU.
=
N ew Y ork City.
OF FINANCIAL INTEREST IN C H IC A G O .
(S p ecia l C h icago C orresp on den ce to' the C om m ercial W e st.)
Chicago, March 18.—The unusual money feature here
last week was the large amount forwarded New York
by Chicago institutions the panic days of Wednesday
and Thursday. The total sum is estimated as high as
$10,000,000, and was shipped by express, following trans
mission by telegraph order. In this manner, it is under
stood, the First National sent upwards of $2,000,000;
the Merchants Loan and Trust, $2,000,000; the Conti
nental National, $1,000,000; and the Corn Exchange Na
tional, $1,000,000.
The movement* naturally has resulted in strengthen
ing somewhat the money rates and seems to have nulli
fied what little tendency to softening there was discern
ible.
M u c h C hi c a go
M o n e y in N e w Y o r k .
that a huge block of Chicago money is now in New
York is certain. The trust companies before last week’s
panic had large sums placed there, and the panic was an
inducement for more to follow. A week ago it was said
that New York opportunities were taking care of the
surplus of Chicago’s loanable fund and thereby prevent
ing any considerable reduction in rates here.
Opinion in Chicago is quite decided that Harriman’s
exhibition of his methods has operated to pile a Polion
on the Ossa of the insurance exposures to discredit in the
public mind the financial methods in New York with the
result that the investors view with suspicion or at least
manifest reluctance to support any proposition emanat
ing from New York. Whatever the truth of this theory,
there is no question that Chicago as a financial center
has strengthened many fold within the last few years
and greatly so within the last year. It is mentioned
that the number of bonds houses in Chicago has
greatly increased of late and that as a bond mart this
city is becoming a thing beyond any reasonable expecta
tions of a short while ago.
SIOUX CITY MONEY.
Iowa State National Bank, Sioux City, March 19: The
local money market has been unusually quiet during the
past week, with rates at 6 to 7 percent. Business from
the country is light. Deposits are increasing.
TO ASSESS BANK STOCK.
(S p ecia l C orresp on den ce to the C om m ercial W e s t.)
Spokane, March 16.—Gov. Albert E. Mead has signed
the bill for the assessment of bank stock. The law,
which, under an emergency clause, became effective
March 1, provides that such stock shall be assessed at
its full and fair value in money after deducting the pro
portionate part of the assessed value of real estate owned
by the bank.
Under the law passed by the legislature of 1903, the
value at which bank stock has been assessed was limited
to the book value of such stock, and the bank stock has
been _assessed as a credit from which its owners were
permitted to deduct, their credits, which reduction, in
many instances, permitted the owners of such stock to de
duct the entire assessed value of the stock, permitting
them to escape taxation entirely.
Under the new law bank stockholders in many coun
ties in the state are required to pay taxes on a higher val
uation than heretofore, though in many counties, oppor
tunity to secure deductions of debts from the value of
stock has not heretofore been taken advantage of.
Another measure, which became a law in time to op
erate for this year’s assessment, is one which exempts
from taxation mortgages, notes, accounts, moneys, cer
tificates of deposit, judgments, and state, county, munic
ipal and school district bonds and warrants,
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Federal Reserve Bank of St. Louis
The commotion in Wall Street last week produced not
a tremor. Even a sentimental effect was not discernible,
although some stocks such as Swift’s were sold low on
the local exchange.
A banker of thirty years’ experience said to me today:
“ In all my life I never knew so little howling. People
pocketed their losses and said nothing. Outside of the
speculative public who bought in at top-notch prices,
as nothing on earth can prevent that public from doing,
nobody lost anything much except paper profits.”
The total bank clearings last week in Chicago equaled
$256,101,455, a gain of $51,524,642, or 20 percent over the
corresponding week of 1906.
Corn P r o d u c t s to Lose M on opo ly .
Glucose and the by-products from corn are not to be a
monopoly of the Corn Products Refining Company much
longer, if reports are to be credited. The Western Glu
cose Company will complete its plant at Robey, Indiana,
this summer, while the Clinton Refining Company will
do the same for its plant, now building at Clinton, Iowa.
Both plants will begin grinding corn in the fall.
The American Candy Company, of St. Louis, a large
consumer of glucose, is behind the Clinton Company, and
the Western Company will dispute the Chicago market
with the Corn Products Company.
Each of the two new plants will have a capacity of
10,000 bushels of corn daily, and are so constructed, that
additions can be made to them indefinitely. Both plants
will be equipped with the latest machinery.
The plants owe their construction to the co-operative
plan, whereby the great individual consumers of glucose
have contributed pro rata shares to the cost and will
conduct the manufacture in concert. If the Corn Pro
ducts Company decides to cut the price of glucose, the
co-operators will buy of the “ Trust” and shut down
their own plants.
LIMIT BANKS’ INDEBTEDNESS.
(S p ecia l C orresp on den ce to the C om m ercial W e s t.)
Des Moines, March 18.—One of the banking bills
which has passed both houses of the Iowa legislature
is one limiting the indebtedness of state and savings
hanks. The bill provides that such banks can contract
indebtedness or liability only for necessary expenses in
managing and transacting their business, for deposits and
to pay depositors, providing that in pursuance to an order
of the board of directors other liabilities, not in excess of
two-thirds of the capital stock, may be ’incurred.
W e o f fe r
6% BONDS
Secured by first and only lien on
Minnesota Timber Lands.
Full particulars on request.
WELLS & DICKEY CO.
Bankers
Security Bank Building
Minneapolis
THE
12
C O M M E R C IA L
Saturday, March 23, 1907
W EST
W ATSO N & COMPANY,
BROKERS
C h a m b er of C o m m erce, M inneapolis-----24 Broad Street, N ew Y ork
Grain E x ch a n g e , W in n ip eg------M anhattan Building, Duluth
S t o c k s ,
B o n d s ,
G r a in ,
M
NEW YORK STOCK EXCHANGE.
CHICAGO STOCK EXCHANGE.
WINNIPEG GRAIN EXCHANGE.
B
E
R
»
P r o v is io n s .
I
CHICAGO BOARD OF TRADE.
NEW YORK PRODUCE EXCHANGE.
DULUTH BOARD OF TRADE.
Private Wires to Chicago, New York and Other Cities.
MINNEAPOLIS CHAMBER OF COMMERCE
ST. LOUIS MERCHANTS EXCHANGE.
NEW YORK COFFEE EXCHANGE.
NEW YORK COTTON EXCHANGE.
TELEPH O N E, C A L L S
Northwestern Main 4492 and Main 2816
Twin City 184
EXIT THE “ ALL N IG H T” BANK.
(S p ecia l C hicago C orresp on den ce to the C om m ercial W e st.)
Chicago, March 19.—The Jennings Real Estate Loan
& Trust Company Bank practically departed this life
last Saturday night, after prolonging its existence some
what longer than was supposed by well-informed people
that it would be able to do.
J. Elliott Jennings, who is a peculiar sort of real estate
lender, the president of the bank, parted with his interest
and the control to Charles H. Wilcox and associates.
The associates are supposed to be Isaac N. Perry,
president of the Federal National Bank, but lie yester
day specifically denied that he was interested. The denial,
however, does not affect the current belief.
The Chicago Savings Bank took over the savings ac
count of the Jennings institution last week, at a nominal
consideration, it is reported. The announcement of the
bank’s finish would have precipitated a run by savings
depositors, but that was avoided by the opportune trans
fer to the Chicago Savings, which now affords more se
curity to the transferred savings accounts than they ever
may be said to have enjoyed under the Jennings dispen
sation.
Mr. Jennings himself goes to California “ for his
health.” He parted with his holdings at somewhere near
$75 a share, it is supposed; but if he lost in that particu
lar, he probably more than made up for it by his peculiar
real estate methods, which merged the functions of a
money-lender and a real estate broker.
Whether the women and widows, whom he induced to
take shares in his bank, have lost their investment, is
still a question. The value of those investments are
certainly depreciated today; but the values may be con
served by the new management, although if Mr. Perry
is the real man in control, his experience in being acquit
ted after a trial on a charge of arson is not likely imme
diately to rehabilitate them.
Mr. Jennings was refused a franchise for his bank,
until the state auditor was threatened with mandamus
proceedings. The Chicago clearing house, taking ad
vantage of a technicality, refused to clear checks for his
institution, and the First National insisted that its ac
count be withdrawn. There is something the matter with
the banking laws which permit the enfranchisement of
such an institution, one that was as good as insolvent
when it opened its doors.
Mr. Jennings’ real estate methods may be illustrated
as follows: An apartment building upon inquiry found
it could mortgage itself for $32,000. Mr. Jennings offered
to lend $40,000. The $32,000 of this he put into bonds, of
a 20-year term say, and sold the bonds. The $8,000 he
lent as a banker, with the proviso that $1,000 be paid
back every year. Apartment buildings in Chicago de
teriorate in eight years into third or fourth-class “ flat ”
property. He received 6 percent on his loan, a commis
sion for negotiating the loan and one for negotiating the
mortgage. In a few years he gets back his money, and
at the end of that time the holders of the mortgage bonds
have the deteriorated property.
The name of the Jennings bank will be changed; the
“ all-night” feature is abolished; no application for mem
bership in the clearing house will be made.
The new directors are: W. A. Kjellmann, A. C. Good
rich, M. F. Russell, W. L. Barnum, W. B. Stone, Charles
H. Wilcox. Messrs. Barnum and Kjellmann are the only
members who were on the Jennings directorate.
The new bank will be minus a savings deposit depart
ment.
SUPERVISION OF INVESTMENT COM PANIES EFFECTIVE.
a gain of 626.7 shares over 1905. Real estate holdings,
(S p ecial C orresp on den ce to the C om m ercial West.,)
undesirable because unproductive, were reduced during
Milwaukee, March 22.—I n a comprehensive report, for
the year from $81,794.58 to $71,782.82, while the contin
the past year, upon the conditions of building and 'loan
gent fund shows a gain of $7,726.48. The total operating
associations of Wisconsin, M. C. Bergh, state bank exam
expenses of the fifty-four associations amounted for the
iner, declares that Wisconsin is no longer a fertile field
year to $48,192.69, or 1.15 percent of the total assets.
for “ get-rich-quick” concerns, as a result of the enforce
A Pum p Wi t h a 20,000,000 Gallon C apacity.
ment of the new law providing for the supervision and
The city of Milwaukee has just had installed, and
control of investment concerns. “ This law,” says the
tested, a pump at the North Point waterworks that is
examiner, “ seems to have effectually driven the getsomething of a wonder. Weighing 1,200,000 pounds, and
rich-quick ’ concerns out of the state, as no complaint
a height equal to three stories, the capacity of the new
has reached this department during the period covered by
pump is 20,000,000 gallons of water a day. This would
this report.” During the year no foreign building and
be equal to a stream of water, 15 feet in diameter, extend
loan associations were authorized to enter this state.
ing to a height of five miles. Every time the big fly
There were, during the year, a total of fifty-four asso
wheel revolves, its starts nearly 800 gallons of Lake
ciations in operation in the state, the same number as
Michigan water towards the city, from the in-take tunnel,
a year ago. The total number of shares of installment
a distance of 8,000 feet from the shore, or nearly two
stock outstanding at the close of the year was io 6,470 3/4>
miles. This big engine is one of five new pumps to be
or 8,059jJ shares less than at the close of the previous
installed, which will have a total daily capacity of 80,year. Notwithstanding the heavy withdrawals indicated
000,000 gallons.
by these figures, the total assets last year aggregated
A d v a n c e in R e n t a l s , W a g e s , E t c .
$4,171,477.74, as against $4>I 9 I>6o3-99 in December, 1905.
Milwaukee is having a decided scarcity of desirable
'J'he outstanding shares of paid-up stock numbered 4T 33-7>
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, March 23, 1907
THE
C O M M E R C IA L
houses for rent, this spring, and rents will advance, April
1, about 10 percent. All wages for carpenters, masons
and other workmen, have advanced 10 to 15 percent, and
lumber and other building materials have gone up 20 to
25 percent, including cement blocks. The arrival of 100
families of working men from the Bullock electric plant
of the Allis-Chalmers Company at Cincinnati, on account
of the removal here of its electrical plant, has increased
the shortage of houses for rent.
R a i l w a y M a c h i n e r y M ov ed .
All machinery used for years at the old Milwaukee &
LaCrosse Railway shops here is being moved to new
shops at Tomah, Wis., the change being made to give
the Milwaukee road more needed freight yard room at
Humboldt avenue, in this city. These shops were built
more than fifty years ago, and have been used for the
manufacture of frogs, cross-overs, etc. They are in no
way connected with the present Milwaukee shops of the
company, where 4,500 skilled workmen are employed
and thirty fright cars are built daily and five locomo
tives every month.
Joh n i. Beggs a t St. Louis.
E. G. Cowdery having resigned as general manager
of the Laclede Gas Light Company, of St. Louis, of which
John I. Beggs, the street railway magnate of Milwaukee
is president, may take Mr. Beggs to that city in order
to give more time to the affairs of the gas company. He
states, however, that he has no intention of giving up his
Milwaukee residence or any of his extended duties here.
Mr. Beggs is one of the busiest electric railway and light
managers in the United States. He personally manages
the affairs of the Milwaukee Electric Railway & Light
Company; the General Electric Railways of St. Louis,
and also the Laclede Gas Light Company there. He
spends one-half of each week in Milwaukee and one-half
in St. Louis; travels between the two points at night, and
never misses a working day. Every ten to fifteen days he
is in New York. He is said to be the highest-salaried
man in the business, receiving $50,000 a year from the
North American Company, owner of these companies.
Studying
Life
In su ra n c e .
Officials of a large Japanese life insurance company,
S. Kaneda and T. Kuze, of Osaka, spent several days
here studying the system of the Northwestern Mutual
Life, for the purpose of securing information upon which
to base changes in their own company, the Nippon Life.
F a v o r s T o r r e n s S y s te m .
The Milwaukee Real Estate Association has adopted
resolutions favoring the passage by the legislature of the
pending Torrens system of land registration, which has
been under discussion here for several years.
M akes
Big
M ach inery Contract.
A contract has been made with the Allis-Chalmers
A WELL KNOWN ALBANY BANK.
Few eastern banks outside of New York City itself are
better or more favorably known to western bankers than
is the Commercial National Bank, of Albany, N. Y. This
is due, chiefly, to the fact that to no other department
of its business has more energy and attention been de
voted than to the handling of the collections and accounts
of other banking institutions. Along this line, the col
lection of grain drafts is of special interest in the north
west because of the large amount of this business origi
nating in this section. The Commercial National handles
a large share of this business for northwestern banks.
The extent of its relations with other banks throughout
the country is best realized by a glance at its deposits
which, out of a total of $17-795.537 no less than $10,793,431 is bank deposits. This in itself is excellent evidence
of a superior degree of service.
The Commercial National Bank is an old and firmly
established institution, having been founded in 1826. Its
officers are: Robert C. Pruyn, president; Grange Sard,
vice president; Charles H. Sabin, vice president; Edward
C. Hussey, cashier; and Walter W. Bachelder, assistant
cashier. Its board of directors include a number of well
known bankers and financiers.
The last statement of the bank, that of January 26,
1907, follows:
Resources.
L oa n s and d is co u n ts ..............................................................
U. S. and oth er b o n d s ....................................................
Banking- hou se ........................................................................
Cash and reserve in b a n k s ................................................
Due from other banks......................1.....................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$8,956,588.23
4 307 072 13
’25o!oO(KOO
3,698,048 53
4’325,061 71
$ 21,536,770,60
W EST
13
Company for the construction of steam turbine electric
dynamos for use in the plant of the Ozoni Cement Com
pany, of Japan. The company’s chief engineer visited
Milwaukee for the purpose of making the contract.
A . O. U. W . in Gon rt .
Judge J. V. Quarles, of the United States court, has
handed down a decision overruling the objections raised
against the bankruptcy proceedings instituted in the
United States court against the Ancient Order of United
Workmen, in which application for an order adjudicating
the bankruptcy will shortly be made by an attorney rep
resenting the petitioning creditors. The liabilities of the
Wisconsin branch of the order are about $100,000 in death
and benefit claims, and the assets about $25,000. A re
ceivership was created by the state courts a few months
ago.
M o n e y S t r o n g an d F i r m .
Money is this week decidedly firm at 6 percent, with
the local demand improving and a generally good indica
tion for the spring business, the volume of which will be
larger than ever.
M it c h e ll S t r e e t B a n k Soon to S t a r t .
As soon as its building, which is being rebuilt from a
former business house, is ready, which will be about the
.middle of April, the new state bank, to be known as the
Mitchell Street Bank, will open its doors on the south
side of the city. The new bank' will begin with a capital
of $50,000. It is to be conducted by a number of south
side business men.
A n o t h e r B ig e lo w Ec ho.
Another echo of the Bigelow troubles came up here
this week in the shape of a judgment secured in the cir
cuit court against Gordon Bigelow in favor of the First
National Bank, of Madison, for $ 5-545'83> the suit being
on one of young Bigelow’s notes, given to his father, F.
G. Bigelow, on November 23, 1904, for $5,000 at 6 percent.
The senior assigned the note to the Madison bank.
Large Steam
Shovel C o n t r a c t .
The Bucyrus Steam Shovel Manufacturing Company,
of this city, has been awarded the government contract
for twenty-two steam shovels for use on the Panama
canal, hifteen of these are to be 95~ton machines, and
will be furnished and shipped to Panama for $12,400 each,
and seven 50-ton shovels will be delivered at Colon for
$7,000 each. The government already has sixty-three
steam shovels in use on the canal.
To
Rush
D ulu th
E x t e n s io n .
President W. A. Bradford, of the Wisconsin Central,
now in Milwaukee on business, informed the C o m m e r c ia l
W est correspondent that his company proposes to push
the 145-mile extension of the road between Duluth, Minn.,
and Ladysmith, Wis., with all possible speed. This line
will give the Central a direct short route between Duluth,
Milwaukee and Chicago.
C apital ..................
Surplus . . . .4 . . . .
U ndivided profits
C ircu lation ..........
D ep osits—
Individu al ___
B an ks ..............
L i a b il i t ie s .
$ 1 , 000 , 000.00
...........................................................................
................................................
................................................
................................................
.................... $7,002,106.16
.................. 10,793,431.12
1,500.000.00
258,133.32
983,100.00
17,795,537.28
$21,536,770.60
SOUTH DAKOTA PICKS HURON.
At a meeting of the executive council of the South Da
kota Bankers’ Association it was decided to hold the next an
nual convention at Huron June 12th and 13th.
The headquarters will be at the Hotel Royal. Nothing
definite is arranged as yet for program but it is expected to
make the meeting one of the best in the history of the as
sociation.
APPLIES TO COURT.
The Northwestern National Bank of Minneapolis has
appealed to the court to take over a block of 3,000 shares of
stock of the Minnesota Power & Trolley Company until it
can decide which of the two claimants is entitled to it. Pro
moters of the company placed the stock in escrow in the
bank to be delivered to E. F. Moore, of St. Cloud, and A.
S. White, of New York, when they should complete cer
tain steps in boosting the company. J. L. Kiichli, for the
company, now claims the contract has not been’fulfilled,
and has instituted suit against the bank to recover the
Stock, which is v^lyed at $250,000.
THE
H
C O M M E R C IA L
BANK CLEARINGS.
B an k clearings fo r the w eek ending M arch 14, 1907, and the
p ercen ta g e o f in crease or d ecrease fo r the w e e k o f lead in g c e n
ters and all w estern p oin ts as com p ared w ith the corresp on d in g
w eek last year as reported b y B ra d street’ s.
M arch 7.
M arch 14.
Inc. D ec.
$2,203,792,000
19.2 ___
N ew Y o rk ......................
___
274,990,000
23.5
249,455,000
C h icago ............................
175,642,000
173,289,000 15.6 ___
B oston ..............................
.3
158,627,000
132,094,000
P h ilad elp h ia ..................
65,749,000
62,611,000 Ì 4 6 ___
St. L o u is ..........................
62,319,000
55,508,000 17.9 ___
P ittsb u rg h ......................
53,523,000
6.8 ___
48,416,000
San F ra n cisco ..............
34,368,000
5.8 ___
29,121,000
B altim ore ........................
35.557.000
32,824,000 31.8
K an sas C ity ..................
29,931,000
28,525,000 17.5 ___
T w in C ities ....................
28,915,000
26,185,000 13.9 ___
C incinn ati ......................
21,232,000
20,274,000 11.7 ___
N ew O rleans ................
___
*
19,835,000
23.0
20,183,000
M inneapolis ....................
16.874.000
16,302,000 12.5
C leveland ........................
___
14,945,000
3.5
13,508,000
D etro it ............................
....
14,674,000
.3
13,127,000
L ou isville ........................
14,464,000
14,525,000 15.9 ___
L o s A n g eles ..................
14,416,000
13,872,000 28.9 ___
O m aha ............................
___
11,904,000
11,825,000 32.0
M ilw aukee ......................
9,206,000
6.8 ___
10.703,000
Seattle ..............................
10,096,000
8,342,000 12.1 ___
St. P au l ..........................
1.5
8,103,000
7.908,000
P rov id e n ce ....................
8,356,000
8,161,000 22 .Î ___
B uffalo ............................
8.913.000
7,455,000 23.5
Ind ian ap olis ..................
8,012,000
7,875,000 28.8 ___
D en ver ............................
___
8,256,000
8,603,000 78.3
F o rt W o rth ....................
6,440,000
7.5 ___
6,451,000
R ich m on d ........................
8,395,000
7,324,000 59.0 ___
A lb a n y ............................
7,213,000
6,569,000 24.3 ___
W a sh in g to n ..................
5,251,000
5,766,000 20.7 ___
Salt L ak e C ity ............
___
8,120,000
46.8
8,461,000
P ortlan d, O re..................
8,022,000
6,694,000 24.2 ___
St. Joseph ......................
5,849,000
5,579,000 43.4 ___
Spokane, W a sh ............
1.1
4,628,000
4,657,000
T a co m a ..........................
15.0
3,976,000
3,114,000
P e o ria ..............................
5,043,000
3,419,000 2<L3 ___
D es M oines ....................
2,766,000
2,379,000 23.2 ___
S iou x C ity ......................
1,626,000
1,135,000 13.3 ___
W ic h ita ............................
1.931.000
1,102,000 20.9
D av en port ......................
1,006,000
9.4 ___
895,000
T op e k a ............................
___
1,392,000
919,000
Springfield, 111................
1.104.000
1,223,000 41 .’ 2
H elen a ............................
787.000
870,000 25.7
R ockford,, 111....................
1,426,000
900,000 55.4 ___
C edar R apids, Io w a .
717,000
913,000 67.2 ___
F argo, N. D ....................
1,237,000
674,000 10.4 ___
B loom in gton , 111...........
___
846,000
18.4
622,000
Q uincy. Ill......................
520,000
608,000 54.7 ___
S ioux Falls. S. D ..........
.
.
.
.
585,000
17.2
407,000
D ecatur, 111. . . . . . . . . .
J346.000
820,000 22.6 . . . .
F rem ont, N eb. . . . . . . .
580.000
5.6
298,000
Jacksonville. Ill............
2.281.000
1,525,000
L in coln , N e b ..................
22,927,000
26,357,000 43 .‘ 2
U op sto n
FRASER
Digitized for
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, March 23, 1907
W EST
14,362,000
28.3
13,607,000
T ota l, U. S.......... .......... $3,252,220,000
T ot., outside N. Y .. .......... 1,148,376,000
17.8
15.3
$3,451,742,000
1,247,950,000
G alveston
........ f
..
D o m i n i o n of C a n a d a .
M ontreal
T oron to . . . .
W in n ip eg ..
V an cou v er, B. C. ..
V ictoria , B. C ..........
C algary . . . .
E d m on ton .
..........
..........
..........
..........
..........
........§
........§
$28,885,000
25,164,000
9,473,000
3,501,000
1,035,000
1,318,000
971,000
12.5
13.3
48.3
80.0
5.6
$27,739,000
25.932.000
10.194.000
3.508.000
963.000
1.537.000
937.000
$79,661,000
..........
$77,904,000 18.7
T ota l . . .
fN o t included in toals becau se con ta in in g other item s than
clearings. §Not in clu d ed in tota ls becau se com p arison s are in
com p lete. ^E stim ated.
AMERICAN
BANKERS’ CONVENTION
REPORT.
The report of the proceedings of the 32nd annual con
vention of the American Bankers Association, edited by
Secretary James R. Branch, has just been issued. The
report throughout gives evidence of careful editing, the
typographical work is excellent and the book is illus
trated with steel-engraved portraits of the officers of the
association.
SEATTLE NATIONAL IN NEW QUARTERS.
(S p ecia l C orresp on den ce to the C om m ercial W e s t.)
Seattle, March 16.—On Monday the Seattle National
Bank opened for business in its new quarters in the
Chapin building.
..
The transfer of all of the bank’s cash and securities
was successfully accomplished, and there was no inter
ruption of business attendant upon the removal of the in
stitution. In addition to obtaining greatly enlarged quar
ters the bank will also add to its staff to take care of the
increased business which has compelled the directors to
seek a new home.
The construction of the new building has been delayed
by the recent congestion of freight on the overland rail
roads, and the bank has in consequence been hampered in
the completion of the new home. It had been expected
the removal would take place several months ago, and the
officers are greatly gratified at being able to settle in new
quarters in time to escape the annoyance caused by the
work of renovating the old quarters for the Title Trust
Company, which succeeds the Security National, m the
old location.
Saturday, March 23, 1907
THE
C a p ita l
15
C O M M E R C IA L W E S T
$2,400,000
S u r p l u s ] $2,700,00fc
Rank of Pittsburgh
J L / N
a t i o r n a l
J L
A
ns
>s o c i a t i o n
w
IN V IT E S TH E A C C O U N T S O F C O N S E R V A T IV E L Y M A N A G E D B A N K S ,
Acta as Reserve Agent, and offers its services for the collection of business on all parts of the United States.
WILSON A. SHAW, President.
J. M. RUSSELL, 1st Asst. Cashier, j
JO BBERS
JOSEPH R. PAULL, Vice-President.
W. L. JACK, Asst. Cashier.
A N T IC IP A T E
Sentiment in northwestern jobbing circles relative to
present and prospective business conditions in this secton is in sharp contrast to the pessimistic utterances
emanating from New York. Statements made to the
C o m m e r c ia l W est by several of the leading jobbing houses
of the Twin Cities and Duluth are, without exception,
optimistic in tenor, the optimism having a sound foundaton in increased business thus far this year, the outlook
for increased buying power on the part of the farmers
of the northwest with the marketing of the unusually
large quantity of grain still on the farms and the pros
pect that the traffic congestion which has proved a ser
ious obstacle to business all through the winter will
soon be materially relieved. The least favorable feature
of the situation has been the slow collections which in
no instance have been entirely satisfactory. This condi
tion, however, can be traced to weather condition and
railroad congestion and the last week or so has been
marked by improvement.
As to the question of whether or not the trade lost
during the winter as a result of unfavorable weather and
transportation conditions will be offset by increased buy
ing this spring a difference of opinion exists but the pre
vailing view seems to be that while the trade lost will
not be fully regained sales of spring goods will be suffi
ciently augmented to partially make up the deficiency.
The individual views of leading jobbers on this and other
essential features of the situation follow:
Lost
Business
W ill
Be
Partially
Reg ai ne d.
John A. Lucy, secretary North Star Shoe Co., Min
neapolis :
After the wheat was harvested car shortage occurred,
and following that, a snow blockade in North Dakota
and points west, through Montana and into Washington.
The effect has been a curtailment of business among the
merchants and jobbers and rather poor collections. If
the above conditions had not prevailed, we cannot see
why the closing of the year 1906 and the beginning of the
year 1907 should not have been one of the most pros
perous seasons in the history of the northwestern trade.
In talking the matter over with other jobbers, we find
some difference of opinion as to the result of conditions
that have prevailed since the middle of October. Some
say that the trade that should have been made will be
lost entirely; others figure that the trade will be extended
into the spring and while a certain percentage of loss
will occur in the line of selling winter goods, enough
spring goods will be sold, more than usual, to make up.
Our own opinion is that it will be a medium condition.
That is, there will be some loss and some gain, but not
sufficient gain to overcome natural conditions if they had
prevailed. Our own business from January 1st up to
date holds good. There is a trifle gain over a year ago, but
not anything to make any boast of. Our collections have not
been satisfactory up to date. We see nothing in condi
tions at present to warrant anything except a prosperous
year for 1907. Until the railroads get into a condition
where they can handle freight freely, there will be quite
an obstruction to general trade. We have some com
plaints now of shipments made in November that have
not been delivered in North Dakota, also the same condi
tions prevail in relation to Montana and Washington.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
W. F. BICKEL, Cashier.
J. D. AYRES, Asst. Cashier, h
S A T IS F A C T O R Y
YEAR.
With good weather for a few weeks, no doubt the rail
roads will catch up and be in a position to handle goods
promptly.
The factors that ought to make an increased business
for this year are increase of population and general pros
perity.
H e a v y S p r in g D e m a n d .
Edwin J. Fisher, treasurer Winston, Harper, Fisher
Co., Minneapolis:
So far as my observation goes, the trade so far this
year has not fallen much short of 1906, although the
conditions prevailing in part of our territory have been
most unfavorable.
Collections have not been as good, and this vvas to
be expected, especially from North Dakota.
I find, in getting statements from the trade, that the
country stocks are larger than usual, also the outstand
ings, and the indebtedness correspondingly so. This is
occasioned by business being cut off through the win
ter, owing to the weather conditions and the railroad
congestion.
While I do not think that trade once lost is ever fully
regained, yet I look for a heavy demand for goods on
the opening of spring.
There is a great deal of wheat left in the farmers'
hands, which ought to move as soon as the railroad
companies can furnish cars, and this will stimulate col
lections.
I see no reason to expect other than a good year’s
business, especially if we have favorable crop conditions.
The merchants in the country will perhaps realize
this year more than ever before that their friends are
among the wholesale houses of the northwest, and the
they will be consulting their own interests to confine
their purchases as far as possible to home jobbers in
stead of going east, because the interests of the local
wholesaler and the country merchant are mutual, and
there is every disposition on the part of the local houses
to extend every reasonable accommodation to their
trade, whereas the outside jobber does not have that
same close relationship with the trade in this section.
Big G a in In A d v a n c e Business.
H.
E. Hutchings, vice president Tibbs, Hutchings &
Co., St. Paul:
Our business shows a gain of nearly 25 percent over
a year ago with a much larger gain on advance business.
Considering the unprecedented weather interference, col
lections have ben surprisingly good. With good crops
this promises to be the best of a series of good years.
We are now getting a very large business from North
Dakota; the blockade will doubtless have some effect
on the year’s volume, but we do not think the consump
tion has been very much interfered with. We are told
there is a good deal of winter stuff on the shelves, but
our advance orders do not indicate that tin's condition is
very serious.
Incr ea sed
Bus ines s D e s pi te U n f a v o r a b l e Co nd iti on s.
W. B. Cross, treasurer F. A. Patrick & Co., Duluth:
We have been much surprised at the increase in
the volume of our business for the two first months of
this year. The unfavorable weather conditions prevailing
throughout North Dakota and northern Minnesota pre
vented our salesmen from visiting the trade in those
localities to any considerable extent and the demoralized
railway service prevented the shipment of orders already
booked almost entirely, and yet notwithstanding, our
shipments increased over the corresponding period of
1906 to a greater extent than 1906 did over 1905.
Collections in localities other than those named have
i6
T H E C O M M E R C IA L W E S T
C A P IT A L
$ 1 ,0 0 0 ,0 0 0 .0 0
EXCELLENT I Y E Q U IP P E D
Saturday, March 23, 1907
SURPLUS
C O N S E R V A T IV E L Y M ANAGED
$ 4 0 0 ,0 0 0 .0 0
C E N T R A L L Y LOCATED
ex ten d s to it s p a tro n s th e t e s t s c ris e s
_
^ __________________________________________ r__________________________________________
S. A . HARRIS, Pres.
F. E. KENASTON, V . Pre*.
I
js»s
A . A . CRANE, V . Pres. W . S. HARRIS, Cashier. W . F. McLANE and S. S. COOK, Asst. Cash’s
been normal. We have not expected heavy payments from
the district affected and we have not been (agreeably)
disappointed.
We judge that there will be no more grain marketed
this spring than is usual and consequently more money
in circulation, so we look for an unusual large spring
trade, but as there was very little buying of winter goods
in the section where the snow and traffic blockade pre
vailed, large stocks will be carried over which must
curtail fall orders.
Crop conditions control to such an extent the volume
of business in a large portion of our territory that it is
hard to predict how the year will turn out. In northern
Minnesota the prospects are good, as they were able to
get all their plowing done last fall which has not been
the case for several years. In this vicinity there is as
surance of considerable railroad building and labor is
sure to be well employed. There is no indication but that
on the Iron Ranges the mines will be active. The high
price of lumber and copper has and will continue to
stimulate those industries in our extreme western terri
tory. So on the whole we confidently expect a satisfac
tory volume of trade for 1907.
N o r t h D a k o t a T r a d e In c r e a s i n g .
H. H. Eliel, treasurer Eliel-Jerman Drug Co., Min
neapolis:
With the exception of North Dakota, where trade was
very greatly hampered by snow blockades during the
months of December, January and February, our trade up
to the present time has been somewhat ahead of last
year, and since the advent of mild weather, North Da
kota trade also has increased very largely. I can see
nothing but prosperity in the future.
The northwest is reaping the benefit of good crops
and so long as we are blessed in that way, I feel that trade
conditions will remain satisfactory.
We are not affected in this “ Neck of the Woods” by
Wall Street speculations and the slump in speculative
stocks.
Sales W i l l S h o w In cre ase .
William A. Dorsey, McKibbin, Driscoll & Dorsey,
St. Paul:
Our sales for the quarter ending March 31st will show
a satisfactory increase and we expect 1907 to be our best
year. Our collections have not been entirely satisfactory,
but we cannot make any serious complaint. We expect
excellent cash receipts during the coming three months
and believe the record for the six months ending June
30th will be normal. We expect some shrinkage in our
North Dakota business for 1907 on account of snow and
traffic blockade, but it is a wonderful state and full of
good merchants and we may be agreeably surprised in
the volume of trade during the present year. The increas
ing demand for better merchandise is noticeable in our
business.
George H. Partridge, Wyman Partridge & Co., Min
neapolis:
The orders for a very considerable portion of the busi
ness we do in January and February of each year are
placed prior to Jan. 1st. We had an unusually active
trade on spring lines last fall, and have thus far had very
few cancellations. Our business for the two months has
shown a liberal increase over the corresponding period
a year ago. However, in a great many instances the
goods have not yet reached the hands of our customers,
owing to railroad blockades. This must necessarily cur
tail spring business, and we will feel the effect of it dur
ing the sorting season, which usually extends from the
middle of March to the first of June.
We have every reason to believe, from reports
from our salesmen and customers that the severe
winter and poor deliveries will seriouly curtail this sea
son’s business as a whole.
Our fall business this year, as is the experience every
year, will depend to a considerable extent on crop con
ditions. Market conditions in our line are also a subject
of more or less concern. Prices on all lines of goods,
especially those in which cotton cuts a figure, have now
reached so high a point that consumers are quite likely
to curtail in their purchases. We do, however, expect,
on a dollar and cent basis, that we will be able to do a
business this year in excess of a year ago, unless we
should have a failure of crop.
G e n e r a l C o n d it io n s S a t i s f a c t o r y .
C. Grimsrud, president Grimsrud Shoe Co., Minne
apolis:
The general business conditions in the territory tribu
tary to the Twin Cities is very satisfactory. A much
larger volume of business in our line is done this year
than any year heretofore.
The conditions in North Dakota, owing to the heavy
snow storms, were very unsatisfactory during the months
of January and February, but improvements have been
very marked so far during the month of March, and we
believe that North Dakota will enjoy the largest spring
business that has ever been known there.
There is considerable wheat in the farmers’ hands,
which will be marketed during the spring season. We
have every reason to expect a much larger volume of busi
ness in North Dakota, and in our territory in general,
than we had during the year of 1906.
Collections have been very satisfactory with the ex
ception of North Dakota during January and February,
and in that territory we are playing a waiting game, and
are carrying the merchants for their requirements, as
we feel perfectly safe in doing so.
The principal factors causing the increase in business
is our satisfactory crop conditions, increase in popula
tion, and employment for every laborer with good wages.
What characterizes Minneapolis as a city in that re
spect holds good over our entire territory, so far as we
can ascertain.
NORTHW ESTERN FIRE & MARINE ANNUAL.
The Northwestern Fire and Marine Insurance Company,
of Minneapolis, held its annual stockholders’ meeting on
March. 14.
B o a rd of D ir e c t o r s R e- e le c t e d .
The old board of directors was re-elected and is as fol
lows:
A lv in R obertson , o f M inneapolis, M inn.
Jam es D. B row n , o f M inneapolis, M inn.
J. C. H allum , o f M inneapolis, M inn.
H. N. S tabeck, o f M inneapolis, M inn.
W . A . L aid law , o f M inneapolis, M inn.
Chas. C aroth ers, o f M inneapolis, M inn.
C. H. B aldw in, o f M inneapolis, M inn.
D. H. B eecher, o f G rand F orks, N. D.
W . D. R ussell, o f G rand F orks, N. D.
L ou is B. H anna, o f F argo, N. D.
O tto O. T ollefson , o f M inneapolis, M inn,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
E le c t io n of Offi cers.
At the meeting of the board which followed, the same
officers were elected as served last year.
O tto O. T ollefson , P resid en t and M anager.
A lv in R obertson , V ice P residen t.
Ja m es D. B row n, V ic e P residen t.
H . N. S tabeck, V ic e P residen t.
Chas. C arothers, T reasurer.
W . A . L aid law , S ecretary.
Good
t
:
Financial
S h o w in g .
In December last the company increased its capital stock
from $200,000 to $300,000, and increased its surplus from
$100,000 to over $200,000.
The company is now operating in the states of Minne
sota, North and South Dakota, Wisconsin, Iowa, Nebraska,
17
T H E C O M M E R C IA L W E S T
Saturday, March 23, 1907
T h e (ülpxsß N a tim r a l I m n k
A. B. HEPBURN, Prest.
A. H. WIGGIN, Vice-Prest.
E. J. STALKER, Cashier
C. C. SLADE, Asst. Cashier
S. H. M ILLE R , Asst. Cashier
E. A. LE E, Asst. Cashier
W. E. PURDY, Asst. Cashier
OF T H E C IT Y OF N E W Y O R K
UNITED
STATES
D EPOSITA R Y
(DEC. 14. 1906)
- - SURPLUS AND PROFITS (EARNED) DEPOSITS
- - - - -
capital
Foreign Exchange
Department.
Kansas, Oklahoma, Colorado, Indian Territory, Tennesse,
Kentucky, Illinois, Indiana, Ohio, Michigan, New York and
Pennsylvania.
President Tollefson reports the payment in full of all
the San Francisco losses amounting to over $182,000 and a
total surplus to policyholders of over $500,000. The com
pany has paid policyholders over $750,000 since its organiza
tion eight years ago.
.
The following is the statement of financial condition
December 31st, 1906.
Resources.
H om e office b u ild in g ..................................................................
F irst m o rtg a g e lo a n s ..................................................................
Cash in banks, su b je c t to c h e c k ...................... ................
Cash in banks, in te re st-b e a rin g certificates o f d ep osit.
C ash in H om e o ffice ..................................................................
D ue from a g e n ts ..........................................................................
A ccru e d in terest on in v e stm e n ts..........................................
S tock s and b o n d s ......................................................................
O ther a s s e ts ...................................... ...........................................
T ota l
-
$5,000,000
4.159,000
61,053.000
D IR E C T O R S
H. W. CANNON, Chairman
OLIVER H. PAYNE
GRANT B. SCHLEY
GEORGE F. BAKER
JAMES J. H ILL, St. Paul, Minn.
A. BARTON HEPBURN
JOHN I. W ATERBURY
ALBEKT H. WIGGIN
GEORGE F. BAKER, Jr.
S erve You A cceptably
In tendering our services, we feel sure
that we can serve you acceptably. Shall
be pleased to hear from you.
$25,000.00
350,015.70
151,877.54
109,656.52
12,478.78
23,606.20
9,880.81
20, 000.00
3,963.30
The Capital National Bank
706,428.85
Capital, $500,000.00--=Surplus, $70,000.00
S t. Paul, Minn.
Liabilities.
R eserv ed fo r unearned prem ium s, p ro r a t a .................... $173,266.97
10 , 000.00
R eserved fo r taxes, fe e s and all other c o n tin g e n c ie s ..
5,686.27
L o sses ad ju ste d and n ot y e t d u e ........................ ..
L o sses a d ju sted fo r w h ich d ra fts are issu ed but n o t
10,746.62
p resen ted fo r p a y m e n t......................................................
4,313.50
L osses in p ro ce ss o f a d ju s tm e n t........................................
$204,013.36
300,000.00
202,415.49
T o ta l liabilities
C apital sto ck ----N et surplus ........
$706,428.85
T ota l
o f f ic e r s ,
John R. Mitchell, President.
Walter F. Myers, Vice President. Harry E. Hallenbeck, Cashier.
William B. Geery, Vice President. Edward H. Miller, Asst. Cashier.
Capital $ 1 ,0 0 0 ,0 0 0
Surplus, $ 2 0 0 ,0 0 0
The following table shows steady growth in total assets
and surplus, as follows:
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
31,
31,
31,
31,
31,
31,
31,
31,
1899
1900
1901
1902
1903
1904
1905
1906
......................
..........................
......................
..........................
..........................
....................
......................
......................
SH OW
b ig
A ssets.
$26,168.19
108,671.67
148,288.67
180,397.08
249,836.28
383,886.73
497,225.13
706,428.85
R e se rv e Fund.
$3,097.33
8,281.52
21,698.97
41,176.45
54,831.55
70,349.23
119,534.18
173,266.97
c l e a r in g s
g a in
Surplus.
N one.
$350.15
26,543.09
15,720.63
73,783.76
105,916.91
173,370.93
202,415.49
.
(S p ecia l C orresp on den ce to the C om m ercia l W e s t.)
Des Moines, March 16.—In a detailed statement issued
to the members of the Clearing House Association, show
ing the total clearings for each bank for the year ending
March 9, a gain of $15,000,000 is shown over the figures
for the year ending December 1, 1905, the exact totals.
In the following tables the Mechanics Savings Bank is
not included in the 1905 figures, the bank not being a
member of the association at the time. In the other
column the bank has a ten-month record.
The totals do not represent the entire earnings of the
Des Moines banks, all the larger institutions having num
bers of counting banks on their mail clearing lists, one
of the banks alone doing $100,000,000 of business in a
year by this means.
The last total is a few thousand short of the true
figures because the fractions of hundreds were left out of
the calculation.
The following table shows the clearings:
M arch 1, 1907.
D es M oines Savings ................................ $27,324,300
D es M oines N ation al .............................. 26,932,400
C itizen s’ N a tion al .................................. 21,233,400
Io w a N ation al .......................................... 16,261,300
V a lley N ation al ...................................... 14,210,400
C apital C ity S tate ..................................
6,902,800
C en tu ry S avings ......................................
6,841,300
6,363,900
C entral S avings ........................................
H om e S avings ..........................................
4,469,200
P e o p le ’s S avings ......................................
4,191,200
M arquard t S avin gs ................................
3,348,700
G erm an S avin gs ......................................
2,478,900
**M echanics’ S avings ..............................
1,756,500
Io w a T ru st & S avin gs ..........................
1,435,800
Io w a S tate ..................................................
1,153,800
D ec. 1, 1905.
$20,592,866
20,535,927
14,475,789
16,782,619
12,318,948
8,051,998
6,403,697
6,253,801
6,760,944
7,644,561
3,642,856
2,777,878
T ota l ...................................................... $144,903,100
**For ten m onths.
$130,247,799
Correspondence Invited.
OFFICERS
L. A. Goddard, President
Nelson N. Lampert, Vice-President
Henry R. Kent, Cashier
Charles Fernald, Asst. Cashier
Colin S. Campbell, Asst. Cashier
— Fourth Street
N a t io n a l B a n k
OF PHILADELPHIA
Capital
Surplus and Profits
R. H. RUSHTON, President.
E. F. SHANBACKER, 1st
Vice-Pres.
$ 3 ,0 0 0 ,0 0 0
$ 5 ,4 0 0 ,0 0 0
-
B. M. FAIRES, 2d Vice-Pres.
F. G.ROGERS, Mgr. Foreign Ex. Dept
ACCOUNTS OF BANKS AND BANKERS SOLICITED.
FOREIGN EXCHANGES BOUGHT AND
SOLD.
2,486,939
1,577,922
During 1906 cotton piece goods were shipped from
the United Kingdom to South Africa to the value of over
$4,800,000, or $900,000 in excess of the amount for 1905.
Dyed goods showed an increase of 28 percent; printed
goods, 25 percent; unbleached goods, 24 percent, and
bleached goods, 9 percent.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Solicits Accounts o f Bankers, Individuals i
and Firms, and will accord every favor
consistent with conservative banking.
BEISEKER
&
COM PANY
C O M M E R C IA L PAPER
C orresp o n d en ce Invited.
M IN N E A P O L IS,
MINN.
N o rth w estern N a tion a l B a n k B u ild in g.
l8
T H E C O M M E R C IA L
AUDITS
M IN N E A P O L IS
TR U S T
C O M PA N Y
First National Bank Building,
MINNEAPOLIS,
-
Capital,
109 Fifth St. South.
MINNESOTA.
Surplus,
$ 2 5 0 ,0 0 0 .
$ 1 5 0 ,0 0 0
OFFICERS
Wm H. Dunwoody, Vice-Pres.
Robert W. Webb, Sec’y & Treas.
Our new officies are centrally located and
equipped with all modern conveniences.
SYSTEMS
Marwick, Mitchell
760 Temple Court
,
A PARTICULARLY CHOICE TRACT OF
-¿"X 2,000 acres in Bayfield County, Wisconsin.
Level and well watered.
For sale at $10.00 an acre.
R. B. K N O X & CO., Duluth, Minn.
Chas.
J. Hedwall
CHICAGO
PITTSBURG
Co.
To Guarantee
State, County and City Funds.
Write, wire or telephone us.
FRED L. GRAY COMPANY
Northwestern Managers
S e c u r it y B a n k B u il d in g
W. V. DENNIS, P r e s id e n t .
GEO T. HALBERT, V ice -P r e s t .
J. S. HOOPER, Sec y -T r e a s .
YALE REALTY C O M P A N Y
M I N N E A P O L I S
W. H. Davis, V-Pres.
P .
Incorporated 1900.)
BURNHAM BUTLER &CO .
Special attention given to m anagem ent o f estates o f non-residents.
Satisfactory reference to local and eastern parties.
Main Floor Bank of Commerce Building, M I N N E A P O L I S
B O N D S , G R A IN
UNLISTED S T O C K S
&.
CHICAGO
1 5 9 LA SALLE S T R E E T
E lw o o d S. Corser , Pres.
W il l ia m B, T u t t l e , Treas.
C o r s e r
L ester B. E lw ood , Vice Pres.
E dw ard B. N ich ols , Secy.
I n v e s t m e n t
Established 1870.
C o .
Manager New Y o r k Life Building.
Special attention given to M anagem ent o f Estates fo r Non-ltesidents.
N ew Y o r k L ife B u ild in g ,
M IN N E A P O L IS
-
R E A LTY
CO.
7 University Ave. S. E. and 803 Phoenix Building
M IN N E A P O L I S
Minneapolis and St. Paul Realty of all Kinds.
D a vid C. B e l l , Brest.
J ames B. Su th er lan d , Treas.
W a l t e r A. E ggleston , S ec’y.
TH O RPE BROS.
-
BANK
C H U TE
&
M ortgage Loans, Real Estate and Rentals
-
M in n e a p o l is
W. C. McWhinny, Sec. 4 Treas.
JONES
M IN N E A P O L IS . M IN N .
-
M O R T G A G E L O A N S , R E A L E S T A T E a n d IN S U R A N C E
Real Estate Bought, Sold, and Exchanged on Commission.
Property Carefully managed for non-residents.
(Established 1868.
-
ALBERT E. BUTLER
S T O C K S ,
Placed in our Old Line Companies. Losses adjusted and
paid at this office without discount.
DAVID
LONDON
We execute bonds for Banks
IN S U R A N C E
D. P. Jones, Pres.
MINNEAPOLIS
JOHN BURNHAM
M ortgage L o a n s at L o w e s t R a t e s .
C o .,
79 Wall Street, NEW YORK
S a fe t y D e p o s i t V a u l t s
Our Safety Deposit Vaults are conveniently located on the first floor, the
coupon rooms are commodius and well lighted, and a large committee
room adjacent is for the free use o f our patrons.
&
CHARTERED ACCOUNTANTS
Transacts a Trust and Agency business only. Does not do a banking
business. Acts as Executor, Administrator, Guardian and Trustee.
Elbridge C. Cooke, President
Wm. G. Northrup, Vice Pres.
Saturday, March 23, 1907
W EST
A n d ru s B u ild in g.
R e a l E s t a t e in all its B r a n c h e s .
David C. Bell Investment Co.
MINNEAPOLIS
Established 1880.
Own and offer City Mortgages, Improved Properties
to net 6 p e r c e n t . SEN D F O R LIST.
Incorporated 1889.
Real Estate, Mortgage Loans, Rentals and Insurance.
Management of Estates for Non-residents.
MANAGER OF SECURITY BANK BUILDING
N O R T H W E S T E R N FIR E A N D M A R IN E IN S U R A N C E CO.
Capital and Surplus Tel. { y '
OFFICESS: j
-
'9 2 6 n 4 7 0 7
$500,000.00
MINNEAPOLIS
Otto O. Tollefson, President.
W. A. Laidlaw, Secy.
$700,000
Assets
INCORPORATED UNDER THE LAWS OF MINNESOTA
HOME OFFICE
1 3 - 1 5 N orth F o u rth S treet
Alvin Robinson, Vice-Prest.
James D. Brown, Vice-Prest.
H. N. Stabeck, Vice-Prest.
Geo. I. Gorham, Asst. Sec’y.
Chas. Carothers, Treasurer.
K E T T L E RIVER QUARRIES COMPANY
B U I L D I N G S T O N E , Curbing, Crosswalks,
Stone and Creosoted Wood Blocks for Pavement.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
G
eneral
O
f f ic e s
:
954 Security Bank Bldg-., Minneapolis, Minn.
Saturday, March 23, 1907
FIRST
N A TIO N A L
B AN K
Sioux
City,
Iowa.
T H E C O M M E R C IA L W E S T
C A P IT A L
AND
19
SURPLUS,
=
$350,000.00
G O V E R N M E N T D E P O S IT A R Y .
W e will appreciate investigation o f our facilities for handling the accounts o f banks.
James F. Toy, Pres.
Ackley Hubbard, V. Pres.
J. Fred Toy, Cash,
F. W. Kammann, Asst. Cash
NO DISTURBANCE IN THE NORTHW EST.
Twin City bankers see in the recent disturbance in
Wall Street nothing which need occasion serious worry
in the northwest. Statements made by leading Minne
apolis bankers last week indicate that while the north
west would naturally be affected in some degree by the
slump in values which occurred, the best opinion is that
the prosperity of the section is too substantial and sound
to be materially disturbed.
Mr. F. A. Chamberlain,
president o,f the Security Bank of Minnesota, after stat
ing his opinion that the stock market situation was some
thing in which New York capitalists were chiefly inter
ested, urged an avoidance of drastic legislation adverse to
the railroads. He said in this connection:
“ One thing which strikes me is that the condition in
Wall Street was largely caused by a distrust of railway
securities and railway management. Of course this has
been brought about -largely by the investigations and the
attitude of legislatures all over the country toward cor
porate interests.
“ It probably will result in more conservative action
on the part of the legislative bodies and drastic measures
that were threatened will be modified. There is nothing
on which the country depends more for continued pros
perity than the success of the railroads. My idea is that
drastic legislation is going to seriously affect the ability
of the roads to make needed improvements, and should
certainly be avoided.
Mr. E. W. Decker, vice-president of the Northwestern
National Bank, saw in the manner in which Wall Street
and the whole country withstood the slump in stock
values without unusual disturbance the best evidence of {
the substantial conditions of business generally. As to
the business outlook he said:
“ Money will undoubtedly be in good demand for some
months to come at good rates, but there is no reason to
believe there will not be plenty for legitimate business.
“ Speculative ventures should be discouraged,, but in
my opinion there is not the slightest occasion for alarm
or uneasiness regarding business conditions throughout
the United States.”
Mr. -A. A. Crane, vice president of the National Bank
of Commerce, expressed the opinion that the northwest
ern business situation was highly satisfactory and with
out any features which would indicate disturbance. He
said:
“ Conditions here are very satisfactory. Business is
in good condition. While there is a good demand for
money, the banks are able to supply it comfortably.
There is nothing in the local situation which would indi
cate any disturbance of present satisfactory conditions.”
Mr. F. M. Prince was of the opinion that the effect of
the Wall Street situation on general business would be
slight and that benefit rather than harm might be the ulti
mate result. He said:
“ This ought not to affect the general business interests,
except in a moderate way, and probably could not have
come at a better time, or when business interests are bet
ter prepared to meet it than today, and I think in the
end it will be a benefit, rather than a detriment.
“ We have seen no evidence whatever which would
indicate that the people in the northwest were interested
more than a very little, if any, in the stock market.”
C H A T T A N O O G A GAS CO M PAN Y BONDS.
(S p ecia l C h icago C orresp on den ce to the C om m ercial W e s t.)
Chicago, March 18.—The American Trust & Savings
Bank, in conjunction with Messrs. E. H. Rollins, offer to
morrow $500,000 Chattanooga Gas Company first- mort
gage 5 percent gold bonds.
These bonds are dated January i, 1907, are due Janu
ary 1, 1927, become optional on January x, 1 9T7> and any
interest payment date thereafter at 105 and interest. The
interest is payable January 1 and July x, at The Ameri
can Trust & Savings Bank, Chicago, and the First Na
tional Bank, New York. These are coupon bonds of $1,000 denomination. Principal may be registered.
The trustee is The American Trust & Savings Bank, of
Chicago. The trust deed provides for a sinking fund by
cash payments to the trustee in each of the years, 1912 to
1926, inclusive, as follows: When $500,000 bonds are out
standing, $15,000 annually, and an annual payment equal
to 2 percent of any additional bonds issued. Under the
terms of this provision a total of $525,000 bonds may be
redeemed before the final maturity of the issue.
The capital of the company is:
Authorized.
Issued.
Common stock ...............................$ 75°>000
$ 75°>000
Preferred stock ............................ 500,000
400,000
First mortgage 5percent bonds.. 1,500,000
500,000
The $1,000,000 unissued bonds are heldin escrow and
may be issued for not to exceed 80 percent of the actual
and reasonable cash cost of permanent extensions and ad
ditions, but only when the net earnings for the preceding
BANK EXAMINERS FOR OREGON.
Three candidates have been recommended to the
state board of Oregon for appointment to the office of
state bank examiner when the banking laws become ef
fective May 25th.
They are;
Henry M. Stewart, of
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
year have been at least twice the interest on the bonds
outstanding and to be issued.
Earnings for the year ended December 31, 1906, as cer
tified by Messrs. Marwick, Mitchell & Co.:
Gross earnings ........... ................. $164,156.52
Operating expenses, including
taxes ......................................... in,,679.67
Net earnings ............................ $52,476.85
A full year’s interest on $500,000
bonds would be ................ ..
25,000.00
Surplus
.............................. $27,476.85
It is expected that under the new progressive manage
ment gross earnings will considerably increase and op
erating expenses decrease.
The property of the company consists of a gas works
and distributing system in Chattanooga for supplying coal
and water gas for commercial use, and apparatus for mak
ing and compressing Pintsch gas, which is supplied to
the railways for car lighting.
On January 23, 1907, the city of Chattanooga granted
the company a franchise enduring for 21 years, by which
the right is granted the company to sell gas in Chatta
nooga for the term of franchise at $1.10 per thousand
cubic feet with discount of 10 percent for prompt pay
ment of bills. Attention is directed to the fact that the
city cannot reduce the price of gas during the life of
the bonds.
Price 101 and interest, paying nearly 5 percent.
Springfield; G. E. McCully, of Joseph; J. W. Ferguson,
Portland.
Of our actual manufactures we sell about one cent’s
worth a week per capita to the people of Europe.
THE
20
C O M M E R C IA L
Saturday, March 23, 1907
W EST
THE FIRST NATIONAL BANK OF FARGO
FARGO, N O R T H D A K O T A .
ROBT, JONES, President
E. J. WEISER, Vice-President
FRED A. IRISH, Cashier
S. H. MANNING, Auditor
Capital and Surplus, $ 2 5 0 ,0 0 0 «
Depository of the United States.
The O ld e st and L a r g e s t B ank in the S ta te .
Se n d u s your NO RT H DAKOTA b u s in e s s .
OFFICERS:
Minnesota Title Insurance 4 Trust Co.
........
M IN N E A P O L IS ,
Capital
$ 2 5 0 ,0 0 0 .
M IN N .
U. B a r n e s , Prest.
W. S. J e n k i n s , Sec’yC. J . T r y o n , Trust Officer.
W. A. H o t c h k i s s , Treas.
J o seph
G uaranty Fund $ 1 0 0 ,0 0 0 ,
The Oldest Title and Trust Company west of Philadelphia.
B an k in g,
S a fe D e p o sit,
PAYS INTEREST ON DEPOSITS.
L oa n s,
T ru sts,
A b stra c ts,
T itle Insurance.
FURNISHES 6 PER CENT MORTGAGES FOR INVESTORS.
Th e C IT Y N A T IO N A L B A N K of Duluth, Minn.
C a p ita l, $ 5 0 0 , 0 0 0 .
JOSEPH SELLWOOD, President
A. H. COMSTOCK, Vice-President
W. L PRINCE, Cashier
H. S. MACGREGOR, Asst. Cashier
Your collections will be promptly and intelligently attended to.
We make a specialty of grain drafts.
Merchants and Manufacturers Bank
M IL W A U K E E ,, W IS C O N S IN
S olicits
U n ited S ta tes G overn m en t D ep osita ry.
th e R eserve A ccounts
of S t a t e B a n k s .
Permanent Stability.
Good Service.
L. M. A l e x a n d e r , President
W. S . P a d d o c k , Vice-Prest.
E. C. K n o e r n s c h il d , Asst. Cashier
M. A. G r a e t t in g e r , Cashier
F r a n k X. B o d d e n . Asst. Cashier
M ilw aukee
'V e s n ik W*
Xx a v x -j y x y a
RESOURCES O V E R $ 3 ,000,000.
UNITED STATES DEPOSITORY
a c c o u n t s o f c o u n t r y b a n k s s o l ic it e d .
Geo. Brumder, President.
Geo. P. Mayer, Vice President.
E. A. Reddeman. Ass’t Cashier.
Alfred G. Schultz, Cashier.
M. W. Tobey, Ass’ t Cashier.
The First National Bank
of Minneapolis
U n i t e d
S t a t e s
D e p o s i t o r y .
The Officers and Directors o f
The First National Bank
announce the removal o f their banking rooms
to their new building
First Avenue South and Fifth Street
You are cordially invited
to call and inspect their new office
OFFICERS:
F. M . PRINCE, President
D. M A C K E R C H A R , Asst. Cash.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C. T. J A F F R A Y , Vice-President
G E O . F. O R D E , Cashier
E. C. B R O W N , Asst. Cash. H. A . W IL L O U G H B Y , Asst. Cash.
Saturday, March 23, 1907
21
T H E C O M M E R C IA L W E S T
Harris Trust & Savings Bank
Organized as N. W. Harris & Co. 1882. Incorporated 1907.
Capital and Surplus, $ 1 ,5 0 0 ,0 0 0
N. W. Harris, President.
Albert G. Farr, Albert W. Harris and George P. Hoover, Vice-Presidents.
Howard W. Fenton. Treasurer.
Edward P. Smith, Secretary.
Frank R. Elliott, Cashier.
Joseph H. Vaill, A3st. Cashier.
Special facilities for reserve
accounts of banks, individuals,
firms and corporations.
Complete equipment for handling affairs of trust.
BONDS FOR INVESTMENT
Correspondence invited.
Marquette Building, C H IC A G O .
MANY NEW BANKS IN SOUTH DAKOTA.
(S p ecia l C orresp on den ce to the C om m ercial W e s t.)
Aberdeen, March 18.—Under the new South Dakota
banking law as amended at the last session of the legis
lature all state banks must receive a clearance from the
public examiner before they can open their doors for
business. This will mean, at the rate new banks are be
ing organized, that one man from that department will
be kept busy at that work, and at times one cannot meet
the requirements when the organizations are at extreme
ends of the state. The. bill which was intended to give
the examiner a third assistant got into the house at the
late session on a day when it was slaughtering bills, and
as that particular measure had no special champion on
the floor of the house it went the way of many other bills
that day.
Meanwhile the organization of state banks continues
at a rapid rate and eighteen such institutions have re
ceived charters from the secretary of state since January
1, 1907. The new banks are:
First State Bank of Bowdle, $10,000; People’s State
Bank of Ramona, $5,000; First State Bank of Randolph,
$5,000; Farmers State Bank of Lane, $5,000; Broadland
State Bank, $5,000; State Bank of Manchester, $5,000;
Bank of Monroe, $10,000; German State Bank of Scotland,
$15,000; First State Bank of Le Beau, $5,000; Belvidere
State Bank, $5,000; Crocker State Bank, $5,000; GermanAmerican Bank of Burke, $10,000; Badger State Bank,
$5,000; First State Bank of Norden, $5,000; Hamlin County
State Bank of Hayti, $5,000; Farmers & Merchants State
Bank of Eureka, $10,000; First State Bank of Hambert,
$5,000; Bank of Philip, $5,000.
N a t i o n a l B a n k s G a in in D eposits.
While national bank deposits in this state are some
what lighter than they were at the time of the call in
November last, they show an increase of over $3,000,000
between the calls of condition in January, 1906, and the
same month of 1907. In that time there has been an in
crease of four national banks in the state, bringing the
number up to seventy-nine. The total deposits for Jan
uary of this year were $18,194,923.07, while for the pre
vious January they were $15,098,417.58. The increase in
state banks for the same period of time will show up
much heavier than the national bank deposits, there be
ing a far greater number of the state than the national
banks, and many of them having been organized the past
year to cover territory which had been without bank
convenience.
O u t b id s N e w Y o r k B ank s.
State Treasurer Cassill has closed a deal whereby the
First National Bank of Rapid City secured the $250,000
revenue warrants issued at 5 percent for one year. There
were many competitors. The lowest bid from New York
city was
percent. These warrants were sold to take
up 7 percent registered warrants. South Dakota is proud
of Rapid City.
R efuses to A c c e p t Bonds.
About one year ago Aberdeen voted the power to the
city council to issue bonds to the amount of $35,000 for
an electric lighting plant, but the bonds have not yet been
issued and there may still be a hitch in the proceedings.
Th§ first hitch was a friendly suit started by an attorney
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Federal Reserve Bank of St. Louis
of Aberdeen to establish the validity of the issue before
it could be made. It was asserted in the suit that the
limit of bonded indebtedness of the city had been reached
and therefore the bonds could not issue. The city claimed
that the amount in the sinking fund could be consid
ered as an offset from the indebtedness. The matter was
won by the city, the supreme court making the final de
cision. Then the bonds were sold, and the lucky bidder
being the Harris Trust and Savings Company, of Chicago.
Recently the council passed an ordinance providing for
the bond issue, but now the trust company refuses to buy
the bonds, claiming that the action of the court has not
been properly certified, and it asks that its deposit be re
turned to it. Should the company persist in this request
new bids will have to be advertised for. At any rate
everything points to delay in the issue of the bonds and
the acquisition of the electric lighting plant for the city.
O u t li n e s T e r m s of L a n d O ff e r in g s.
The state lands board has outlined the probable terms
on which capítol lands will be offered this year under
the provisions of the law providing for raising funds for
the building. The proposed plan is for the payment of
one-third the purchase price at time of sale, one-sixth
December 1 next; the two payments making one-half the
purchase price. The balance will be in term loans, bear
ing about 6R2 percent interest on the mortgages, which
will be sold on the market. With a continuance of the
present conditions of the real estate market and money
conditions the board feels sthat it will have no trouble
in disposing of enough of the lands to put up the build
ing without the need of calling upon the state for the
$200,000 appropriated in case of need for next year. The
sale prices on the different tracts to be offered will be
fixed by appraisement as soon as the weather is fit for
traveling over the prairie for that work, and the commis
sion is not to a $10 minimum, as was the case in the
lands disposed of last year, but the price will probably
be kept as near that figure as possible.
No
Let
Up
in
Im m ig ra tio n .
Before the season is very far advanced many thou
sands of persons will have found new homes on the com
paratively cheap land of central North Dakota, or on
homesteads in the region between the Missouri river
and the Black Hills, in western South Dakota. The
present immigration into the state is the heaviest for
some years.
The columns of the South Dakota newspapers. fairly
teem with items regarding the arrival of new settlers.
At numerous points it is nothing unusual for from five
to fifteen settlers, with their effects, to arrive in a day.
For the most part those who are locating in that part of
South Dakota, east of the Big Muddy, are taking up their
homes on farms purchased last fall. A very favorable
feature is that with hardly an exception the new comers
are experienced farmers from the older states of the east,
who are provided with farm machinery of all kinds, an
ample number of horses, “ bunches” of cattle and other
stock, and_ thus are able to carry on farming operations
in a scientific and modern manner.
The rush particularly to the newer region between the
Missouri river and the Black Hills, through which the ex
tensions of the Chicago, Milwaukee & St. Paul and the
Chicago & Northwestern railroads are being pushed, is
of the phenomenal character. The new settlers are pour
ing into the region adjacent to the new railroad lines.
22
THE
C O M M E R C IA L
W EST
Esta bl ¡shed 1885
Saturday, March 23, 1907
P u rely M u t u a l
Northwestern National Lite Insurance Company
M I N N E A P O L I S
D IR E C T O R S
O F F IC E R S
F. A. CHAMBERLAIN
Pres. S ecu rity Bank
C. T. JAFFRAY
L. K. THOMPSON
A WESTERN COMPANY FOP WESERN PEOPLE
V ice Pres. F irst N at’ l Bank
E. W. DECKER
R E C O R D
V ice Pres. N orthw estern N at’ l Bank
S. A. HARRIS
Pres. N at’ l Bank o f Com m erce
B. F. NELSON
N elson-T u th ill Lum ber Co.
GEO. E. TOWLE
Treasurer
J A N U A R Y
Counsel
V ice Pres, and A ctu ary
L. K. THOMPSON
President
FO R
1 9 0 6
GEO. E. TOWLE
Total Income______________________ $ 1,510,897.06
Excess of Income over Disbursements 766,060.58
Paid Policyholders and Beneficiaries.. 514,758.81
Increase in Surplus________________
44,225.81
JOHN T. BAXTER
W. J. GRAHAM
P resident
W. J. GRAHAM
V ice Pres, and A ctu a ry
Treasurer
ROBERT E. ESTERLY
Secretary
JOHN T. BAXTER
Counsel
HENRY W. COOK, M. D.
1, 1 9 0 7
M edica l D irector
E. M. STICKNEY
A d m i t t e d A s s e t s ______________________ $ 4 , 7 3 7 , 6 1 7 . 4 7
P a id P o l i c y h o l d e r s a n d B e n e f i c i a r i e s 5 , 8 3 2 , 6 7 9 . 8 9
I n s u r a n c e in F o r c e __________________ 2 2 , 9 3 , 9 7 8 . 0 0
S u r p l u s _______________________________
1 0 1 ,7 1 6 .0 4
MITCHELL S A F E
Cashier
II. E. WHITE
A u ditor
COMPANY
MANUFACTURERS OF
SA FES
Fire-Proof
Burglar-Proof
V A U L T WORK
S P E C IA L A T T E N T I O N ^
Drawings and Specifications Furnished.
TIME, COMBINATION a n d AUTOMATIC LOCKING DEVICES.
A Minneapolis Concern, Owned by Minneapolis People.
Factory at
C o lu m b ia H eights.
909NorthwesternBidg., Minneapolis, Minn.
ESTABLISHED 1872
Northwestern National Bank,
Minneapolis.
At Close of Business, Jan. 26, 1907
RESOURCES
Loans and Discounts
U. S. and Other Bonds ..
Banking House
Cash, and Due from Banks
L IA B IL IT IE S
$9,284,825,76
1,119,045.84
250,000.00
3,639,727.55
Capital
Surplus and Profits
Circulation
Bond Account
Deposits
$ 1 4 ,2 9 3 ,5 9 9 .1 5
$ 1,000,000.00
'
1,022,446.14
685,000.00
328,000.00
11,258,153.01
$ 1 4 ,2 9 3 ,5 9 9 .1 5
OFFICERS:
WM. H. DUNWOODY, President,
FRANK E. HOLTON, Ass’t Cashier,
M. B. KOON, Vice President,
CHAS. W. FARWELL, Ass’t Cashier,
EDWARD W. DECKER, Vice President,
ROBT. E. MACGREGOR, Ass’t Cashier.
JOSEPH CHAPMAN, Jr., Cashier.
An average of over 8 per cent annual dividends paid to stock
holders since organization in 1872. Dividends paid since organ
ization $2,450,000.00.
Accounts of conservative banking houses solicited.
your Northwestern Collections.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Send us
Saturday, March 23, 1907
THE
C O M M E R C IA L
W EST
23
Established 1905.
O fficers:
THE
Capital Subscribed - ■ $1,250,000
Capital Paid Up - - ■ $1,150,000
Reserve Fund . . . .
$50,000
NORTHERN BANK
15th January 1907.
Head Office:
The only Bank with Head Office in
Western Canada.
WINNIPEG.
Sir. D. H. M c M i l l a n ,
Lieut. Governor o f Manitoba.
P r e s id e n t ,
C aptain W illia m R ob in so n ,
V i c e P r e s id e n t .
J. W . d e C . O ’ G r a d y ,
General M anager.
R. C a m p b e l l , S upt. o f B r a n c h e s
BRANCHES A T ALL PRINCIPAL POINTS IN THE WESTERN PROVINCES.
Highest rates of interest paid for deposits. Special attention given and best rates of exchange allowed to incoming
settlers. Collections receive special attention.
FINANCIAL NEWS OF WESTERN CAN ADA.
(S p ecia l C orresp on den ce to the C om m ercia l W e s t.)
Winnipeg, March 18.—There has been no perceptible
change recently in the tone of the local money market.
Borrowers find the banks close and it is very probable
that they will remain so until such times as it is shown
clearly how the railroads are going to handle their part
of the country’s commerce.
Money
in
Good
Demand.
Demand for money for investment in building is like
ly to be quite as heavy as it was last year. Several of the
managers of loan companies anticipate that this will be
the case. Some of the big contractors and the architects,
however, seem to think that work will not be as plenti
ful this year as it was last. One of them who is usually
in upon any large building that is erected says that this
year he has not had as many inquiries as last. He does not
think it possible that there will be as much building done
in Winnipeg as there was last year. Both 1905 and 1906
he regarded as being very exceptional. Others claim
that the rather severe winter has had its effect in de
terring building operations. This may possibly account
for the decline in the volume of inquiries but there are
also other reasons. One of these is the cost of building,
which has been steadily increasing. Many citizens who
contemplated putting up for themselves residences have
changed their minds as soon as the contractors put in
their bids. But while building may be steadying there ap
pears to be no cessation in the movement of real estate.
Already the spring activity may be said to have set in
and many exchanges are being made. So far there has
been no marked advance in prices, but they are not by
any means weak, and it is expected that there will be an
advance just as soon as the railway companies "start
building their new railway depots.
The Alberta legislature a few days ago passed Premier
Rutherford’s bill for the purpose of taxing corporations.
The bill provides for the taxation of all conceivable public
utility and financial concerns. The street railways will
pay $200 per annum and $10 per mile for everything over
20 miles. Telegraph companies pay $1 a mile for every
mile of line, telephone companies pay 50 cents per in
strument in cities of 10,000 and 25 cents in cities under.
Gas companies pay $500 annually, electric lights $500 in
cities of 10,000, and $100 in towns, and $25 in villages.
Express companies pay $500, corporations taking money
on deposit $200, banks $400 for head office, and $200 per
branch. Private banks $200, and $25 for each branch, in
surance companies, one percent on the gross premiums.
Trust and loan companies $100, on each $100,000 of capi
tal. The bill has passed through all the committee stages
and becoming a law is now only a matter of formality.
T h e B r i t is h C o lu m b ia P e r m a n e n t Lo an & S a v in g s Co.
The annual meeting of this company was held a few
days ago at Vancouver and its proceedings are of especial
interest to Winnipeggers inasmuch as the company has a
large amount of money invested upon mortgage security
in Manitoba and the west and especially in Winnipeg.
The assets of the company now amount to $1,800,000.
The increase of the reserve fund from $50,000 to $150,000
and a paid-up capital of $300,000 place this company, as
Mr. Langlois, the president, remarked, in the same class
as “the old line companies.” The company has been one
of many similar in Canada that have started upon the
installment plan of accumulating capital and in a few
years have taken rank amongst the permanent financial
institutions of the Dominion. Speaking of Manitoba and
the adjoining provinces Mr. Langlois is of the opinion
that the cities and towns growing upon the prairies will
very shortly surprise the world.
MONEY MARKET AND STOCKS.
Ou,tside of New York there has been no appreciable
effect upon banking and currency conditions, as a result
of the enormous fluctuations in the stock market.
Of the 53 New York banks which reported their con
ditions in the associated bank statement of last Saturday,
25 showed an improvement in their cash reserves; 24
showed lower comparative reserves than the week pre
ceding, and the remainder showed no change or influence
whatsoever.
Bu siness C on d it io n s
Unaffected
by St oc k
M arket
In fluences.
This would indicate that the stock market fluctuations
had little or no influence upon banking or money condi
tions.
There was a decrease for the week, as shown by the
New York bank statement, of $13,380,000 in loans, as a
result of the liquidations of the week. This, however, did
not affect all the associated banks, as nineteen of them
showed increase of loans. As compared with a year ago,
moreover, loans exhibited an increase of $28,000,000,
NORTHWESTERN NATIONAL INCREASES DIVI
DEND.
The first of the larger Minneapolis banks to pay a 10
percent dividend is the Northwestern National, which
raised its rate to that figure a week ago, the board of di
rectors declaring a quarterly dividend of 2T2 percent.
The rate hertofore has been 8 percent, the bank having
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Federal Reserve Bank of St. Louis
which wipes out all semblance of a shrinkage of banking
transactions.
There was a decrease of less than three millions in
the cash reserve held, whereas the surplus in excess of the
legal reserve increased by a million dollars. Indeed, both
deposits and cash reserve are almost exactly on a par
with last year on the same day.
The
Movement
of
M on ey .
The interior again drew slightly upon New York in
the currency movement; but New York’s currency loss
to the interior last week was only $572,000, as compared
with $940,000 and $3,362,000, respectively, for the two
weeks preceding. Exchange felt little effect, not enough
to influence gold exports one way or the other.
General P rosperity Substantial.
All of this proves that general prosperity is an anti
dote so sure against stock market disturbance, that even
the banks in which the liquidated stocks were placed as
collateral show no trace of the great wave of fluctuation
in values.
paid dividends averaging 8 percent annually since its
organization in 1872.
At the same meeting of directors the surplus account
was increased from $950,000 to $1,000,000, which equals
the bank’s capital, and an adequate sum was left in the
undivided profits account. Stock of the Northwestern
National is bid at 260, with none to buy at that price. It
has ranged from 250 to 260 for over a year.
THE
24
C O M M E R C IA L
Capital, $500 ,0 0 0 .0 0
Saturday, March 23, 1907
W EST
Surplus and Profits, Over $1,00 0 ,0 0 0 .0 0
F I R S T N A T IO N A L B A N K
A, L. Ordean, President.
J. H. Dight, Cashier,
D U LU TH ,
UNITED STATES GOVERNMENT DEPOSITARY
m in n
.
W. ,J. Johnson, 2nd Asst, Cashier.
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.
FIRST NATIONAL BANK Milwaukee, wis
C A P IT A L
SURPLU S
= $ 2 ,0 0 0 ,0 0 0 .
= $ 5 0 0 ,0 0 0 .
E. J. HUGHES, Assistant Cashier
HENRY KLOES, Cashier
OFF CERS:—FRED VOGEL, Jr. President
W. C. HAAS, Manager
OSCAR FASTEN, Assistant Cashier
WM. BIGELOW, Vice-President
Foreign Department
A. W. BOOK, Assistant Cashier
FRED T. GOLL. Vice-President
Our Banking Facilities are unexcelled. We place them at your disposal and invite correspondence with a view of permanent businesss relations. |
rV lA/ \ VI
JPr Q T I I R f K
BANKERS AN D BROKERS
GL k J 1
I \ U 1Ü j
5 0 Congress St., BOSTON.
Members Boston Stock Exchange.
Direct and Exclusive Private Wires to BOSTON, NEW YORK, CHICAGO and HOUGHTON, MICH.
D U L U T H B R A N C H : 3 2 8 West Superior St.
R. G. H U B B E L L , Manager.
O ld ’ P h on e
1857.
Great Bend, Kansas, Dec. n , 1906.
American Bank Protection Co., Minneapolis, Minn.
Gentlemen: On the morning of Dec. 8 a robber entered our banking room and
covered our office force with a revolver. We were taken by surprise and were entirely
at his mercy.
_ ,
,
, _,
Our assistant cashier was working near the vault.
Seeing that a hold-up
was attempted he stepped into the vault and threw the lever on your giant burglar
alarm system. The robber was thunderstruck by the deafening roar. He lowered his
revolver and appeared dazed. He muttered aloud, “So they have turned the alarm on
me.” Then he turned and fled from the bank. It was too late. From every direction
the citizens were coming with guns. He was cornered in less than a block and a hun
dred armed men surrounded the building where he had taken refuge. He was captured.
We did not lose a cent.
Your alarm saved our bank. It has done all you claimed for it. We ought to
be competent to speak for we have had the proof. If any man doubts its efficiency
refer him to us.
We feel safer with our bank protected with your system than with any other
protection we ever heard of.
Sincerely yours,
J. GEO. BRINKMAN,
President of the J. V. Brinkman Co. Bank.
DULUTH COPPER STOCKS.
T h e W a l l a c e H. H o p k i n s Co.
BROKERS
I buy and sell on Regular Commission Rates
for Cash Only.
Specialists in the better class of Mining Securities
FRED H. M E R R IT T
ORDERS executed on all Exchanges and Curb Markets
704 to 708 Borland Building
S t . P a u l , Min n .
339 Endicott building.
Both phones, No. 3318
D u l u t h , Min n .
N e g a u n e e , Mic h .
404-5 Palladio building
Telephone: Duluth 1408.
Zenith 971.
181
Kirkwood Block.
Telephone 63.
L A S A L L E STREET
CHICAGO
C O P P E R ST O C K S
Milwaukee, Wis.
Sheboygan Wis.
Green Bay, Wis.
Escanaba, Mich.
Ishpeming, Mich.
P R IV A TE WIRES.
W e handle listed and unlisted Copper
Stocks for cash or on margins.
D aily a n d W eek ly L e tte r s m ailed upon
application.
C orresp on d en ce solicited.
WALTER.
Crandall, Pierce
M i n n e a p o l i s , M in n .
113 Chamber of Commerce,
Co.
D u lu t h , M in n .
Palladio Building
WILLI AMSON & MERCHANT
ATTORNEYS AT LAW
Patent and Trade Mark Causes. Solicitors of
United States and Foreign Patents
Main Office : 929-935 Guaranty Building
MINNEAPOLIS, MINN.
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Federal Reserve Bank of St. Louis
4
Branch Office: si M cGill Bldg., Waihington, D. C.
W.
CARR
BROKER
U n liste d S e c u ritie s
Arizona, M exico and Montana Copper, Nevada Gold, Cobalt Silver, W is
consin Lead & Zinc.
R eference: City National Bank, Duluth.
Both Phones 1805.
2 0 2 -3 M anhattan Building,
Duluth, M inn.
MEXICAN
AR E TOP NOTCHERS AND A GOOD
BUY. GET IT NOW, DON’T BE THE
FE LLO W WHO GOT L E F T .
A
L IT T L E MONEY W IL L START YOU
RIGHT. I ’L L T E L L YOU ABOUT IT
COPPER
MARTIN ROSENDAHL
610-611 FIRST NATIO N AL BAN K BUILDING
DULUTH, MINN.
B R O K E R
Phones, Zenith 1989.
Duluth 1928
A ll Transactions Confidential.
ARIZONA
=AN D =
STOCKS
414 West Superior St., Duluth, H iiin
N. S. Mitchell
COPPER STOCKS
Saturday, March 23, 1907
THE COMMERCIAL WEST
The Old Reliable
Organized
FIRST
25
Capital
1861
National W IN O N A Bank
s*'ta
Liberal terms to Banks and Bankers
Minn. •
Write us
$225,000.00
225>000.00
450,000.00
KEEPING MUNICIPAL BONDS AT HOME.
City Controller Louis Betz, of St. Paul, recently re
a manner under present conditions, but suppose it could,
ceived from the Builders’ Exchange of that city a request
there is another consideration which is worthy of atten
that forthcoming bond issues of St. Paul be sold at par
tion. There would be nothing to prevent the president of
by popular subscription to residents of St. Paul. Mr.
a local bank, for instance, from accepting an order from
Betz stated that such a procedure was impossible unless
an eastern house for say $200,000 of the issue. The bank
the enabling acts under which the bonds were issued were
president could easily gather that amount together by
materially amended. Going farther he advanced reasons
having all his clerks and friends subscribe, in case there
why the course suggested was impracticable and offered
should be a limit on allotments, or should there be no
some interesting suggestions concerning bond sales and
limit the bank president would be as much entitled to
bond taxation.
an award of $200,000 as the man who wanted $500 or $1,“As a matter of fact,” says Mr. Betz, “ the present
000, for the bank president would also be a resident of
method of sale by award to the highest bidder is all that
the city. He could leave his check for $200,000, carry the
is needed for St. Paul investors, provided they will pay
bonds away in his pockets and turn them over in fifteen
what the bonds are worth in the open market, and also
minutes to the eastern buyer at a profit of a number of
provided the aggregate of St. Paul bids is large enough
thousands of dollars. The bank president would be get
to cover the entire issue. The sinking fund committee in
ting the premium on the bonds instead of the city, as at
advertising each issue of bonds states in the advertise present.
ment that bids will be received for all or any part of the
E x e m p t Bonds f r o m T a x a t i o n .
lot. We very often have bids for fractions of an issue,
In my opinion the only way to keep municipal bonds
but in no case that I call to mind has the aggregate of
at home is to take them out of the class of taxable prop
these fractional bids totaled the entire issue.
erty. As a matter of facts, bonds are not taxed at pres
“ The eastern buyers bid for the entire issue, and it is
ent, simply because they are not disclosed and the as
very seldom that we get bids from the large houses for
sessor fails to locate them. But St. Paul investors are
amounts less than the entire issue. In practice, there
somewhat wary about investing in St. Paul bonds for
fore, the sinking fund committee must award to the east the reason that the publicity incident to their purchase
ern buyers, for the entire issue must be sold' and the ag might get them on the assessment rolls. No doubt St.
gregate of the local bids does not cover the full amount.
Paul bonds are held by St. Paul people, but in most cases
“As an illustration, take the bridge bonds which are
they have been purchased at private sale and there is
lo be sold March 20.
We will take bids on all or any
no public record of the transaction.
part of the $100,000 issue. Suppose our high bid on the
“ My idea is to exempt all state, county, municipal,
entire lot is $102, and suppose we have bids for $25,000
town and school district bonds from taxation. I under
of the issue from St. Paul people at 106. We cannot make
stand that a constitutional amendment is necessary for
the award to theSt.
Paul bidders because the eastern
this, but I am convinced that should the idea be carried
houses bid on the
entire lot
or nothing, and ifout,
$25,000
the of
result would be that home purchasers would
the issue should be awarded to the St. Paql bidders, the
greatly increase, the bonds would sell at better prices and
remaining $75,000 would be unsold.
there »would be less danger of financial troubles at home
P o p u la r S u b s c r ip t i o n P la n .
in case of a tight money market in New York.
“And while it would be desirable to have all city
In t e r e s t and T a x e s .
bonds held at home, I doubt somewhat whether a popular
There is this further consideration concerning the
subscription plan would long be satisfactory even though
taxing of such bonds. All the St. Paul bonds that are
the bonds were sold at par. Take the coming $800,000
being sold bear 4 percent interest. Our tax rate is ap
high school issue, for instance. The popular subscription
proximately 3 percent, If a resident of St. Paul were to
theory is that by dividing these bonds up into small lots
purchase city bonds and should the bonds, get on the as
and offering them to residents of St. Paul at par, the
sessment roll at full value, the holder would have 1 per
small investors would be attracted and the bonds would
cent left on his investment. It is easy to see that under
find their way into the liand^ of local lodges, fraternal
such an arrangement the bonds could not be sold at par,
societies and individuals.
and what the city might gain in taxes would be lost in
“ I doubt whether a large issue could be placed in such
selling price.”
BANKERS BACK DAIRY PROJECT.
(S p ecia l C orresp on den ce to the C om m ercial W e s t.)
that will help the farmers, but dairying will be of still
greater benefit. You can’t very well drown out a cow
as you can wheat, and good grass will grow even on wet
land. In addition to the amount which the farmers will
derive from the sale of cream and butter they will have
many calves to dispose of and their skimmed milk can be
used for feeding sheeps and pigs so that they can go into
livestock raising extensively.
“The same land which they plant to fodder corn one
year can be used to good advantage for wheat the next
year.”
Fargo, March 16.—E. J. Weiser and F. A. Irish, of the
First National Bank, of this city, are back of a project to
establish an extensive dairy industry in the Red River
Valley. If the plans of the promoters are carired out
the movement will lead to diversified farming on a large
scale and bring relief and prosperity to the farmers who
have been suffering from a series of wet years, and short
crops. The nucleus will be a large creamery which is tof
be established on an extensive scale at Argusville.
Several prominent farmers of Argusville are interest- 1
INCREASE DIVIDEND RATE.
ed in the project.
Directors of the National Bank of the Republic, of
“ Dairying seems to furnish the best prospect for the
Chicago, have declared a quarterly dividend of 2 percent,
relief of the present farming conditions in the valley,”
raising the annual rate on the stock from 6 to 8 percent!
said E. J. Weiser. “ Not many years ago the farmers of
The bank’s business has increased materially recently!
southern Minnesota and northern Iowa were in the same
and the earnings have grown in proportion. Its deposits
predicament as many of the farmers here in the valley
are now well above $20,000,000. In its last published
now find themselves. Creameries were established, the
statement the Republic showed surplus and undivided
dairy industry was developed and now they are wealthy.
profits of $1,150,000, giving its $2,000,000 of capital a book
The same thing will happen here.
value of 158. The stock has advanced considerably re
“ Drains are soon to be constructed in this country and
cently in anticipation of the increase in the dividend rate.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, March 23, 1907
THE COMMERCIAL WEST
26
THE
MERCHANTS NATIONAL
SAINT
PAUL,
BANK
MINNESOTA.
C a p ita l $ 1 ,0 0 0 ,0 0 0
S u rp lu s $ 5 0 0 ,0 0 0
UNITED
STATES
DEPOSITARY.
OFFICERS:
KENNETH CLARK, President
GEO. H. PRINCE, Vice-President
H. W. PARKER, Cashier
H. VAN VLECK, Asst. Cashier
DIRECTORS:
Crawford Livingston
Thomas A. Marlow
Kenneth Clark
W. B. Parsons
Louis W. Hill
J. M. Hannaford
Daniel R. Noyes
James H. Skinner
E. N. Saunders
V. M. Watkins
Charles P. Noyes
L P. Ordway
Frank B. Kellogg
Charles H. Bigelow
Geo. H. Prince
NEW BANKS AND CHANGES.
MINNESOTA.
W a te rv ille .—T he K a n n e B an k o f W a te rv ille has closed its
doors.
, ,
P in e R iv e r.—T he F irst B ank o f P in e R iv er w ill be con v erted
into the F irst N ation al B an k o f P ine R iver.
B ack u s.—E . I. P. Staede, presid en t o f the F irs t N ation al B ank
o f W alk er, w ill establish a state ba n k at B ackus.
G lenville.—A na tion al bank is b ein g organized at (R enville, to
be cap italized at $25,000. T he in corp orators are Chas. | P aulson
Chas. Soth, H. H. Dunn, o f A lb e rta L ea, and H. F. .Krueger, 01
H 'oricon, W is.
P ine R iv e r.—D. L . Case, cash ier o f the F irst N ation al B an k
o f M otley, has p e rfe cte d a rran gem en ts fo r tem p ora ry qu arters
fo r the n ew bank he has organ ized fo r P m e R iver. The m s tl"
tution w ill be know n as the F irst State B an k o f P m e R iver.
T a v lors F alls.—It is reported th at the ow n ers o f the C itizens
S tate B an k o f M on ticello w ill establish a bank at T aylors Balls
ab ou t M av 1 and th at F. D. B rad ford , a ssista n t cash ier o f the
S e n s S tate B an k o f M onticello, w ill be cash ier o f the new
institution.
. , . ,
E ly .—T h e E x ch a n g e B an k o f E ly is bein g co n v e rted mtc* a
nation al bank
T he new in stitu tion w ill be kn ow n as the F irst
N ational B an k o f E ly, and w ill have $50 000 cap ital s t o c ^ The
office rs w ill be A. D. D avidson, p resid en t, M. E. Gleason, v ice
presiden t, and M. F. T ru m er, cashier.
^ tp w flrt_T h e bank bein g Organized at S tew art b y R ehse
B ros., o f M inneapolis, will be kn ow n as the S tew art State B ank
T he office rs will be A. G. R ehse, p resid en t; I\ A Sm ith v ice
Dresident- F red R ehse, cash ier, and C. W . R ich ard s, assista n t
cashier. T he bank w ill open fo r bu siness ab ou t M arch 23.
NORTH DAKOTA.
C rosby .—T h e S tate B ank o f W illia m s C oun ty has been o r g a n
ized a t C rosby.
B laisdell.—A ba n k has ben org an ized at B laisdell and w ill open
fo r bu siness as soon as the fixtu res can be installed.
F a rg o —It is rep orted that M arch B ros, o f W in n ip e g and Mr.
B erge, fo rm e rly o f F argo, w ill organ ize a bank at L argo.
E x p a n sion .—P . S. C haffee, o f C arrington, N. D., w ill open a
new bank at E x p a n sion to be kn ow n as the S ecu rity State Bank.
W illisto n .—A. D. P aulson, H. C. B a b co ck and H. L . S p ack m an, all o f Sisseton, S. D., will organ ize and con d u ct a bank
at W illiston .
T a g u s.—T he T a g u s S tate B an k, ow n ed b y L. M. D ue and E.
C hristenson, has been bou g h t b y T. T. H orton , w h o w ill c o n
d u ct the bu siness in fu tu re.
T h orn e.—T h e F arm ers & M erch an ts B an k o f T h orn e has p u r
chased the bu siness and bu ilding o f the State B an k o f T h orn e
and m oved in to the bu ilding occu p ie d b y the latter institution.
G arrison.—J. J. B ehles has been elected cash ier o f the F a n n
ers B an k o f G arrison to su cceed Chas. F. B en ed ict, resigned.
M R B ehles has been elected v ice -president and John A n ton y
assista n t cash ier o f the sam e institution. A new bu ildin g w ill be
con stru cted .
S haron —T he C itizen s State B an k o f Sharon has been o rg a n
ized w ith a cap ital stock o f $12,000. . T h e officers are E . E.
T a ise v p resid en t: C. O. H algrim s, v ice -p re sid e n t, and T . O.
Chantland, cashier. T he in stitu tion w ill open fo r bu siness as
soon as a su itable b u ildin g can be erected.
cap ital $10,000. T he officers are J. E . R eg a n , p resid en t; O. H.
Gerdes, v ice p resid en t; F. H . H oop er, cashier.
M adison.—J. L . Jon es has been ap p ointed state b a n k e x a m
iner, su cceed in g F rank B ram ble. Mr. Jon es has m oved the
office from W a te rto w n to M adison. T h e depu ties w ill be r e
tained that w ere form erly w ith Mr. B ram ble.
O naka.—T he F irst State B an k o f O naka has been organized
w ith a cap ital sto ck o f $5,000. T h e in corp ora tors are J. H
H olm es, F. G. W ells, C. C. F letch er and G. S. B uh olz, all o f
A berd een.
T he in stitu tion w ill be under the su pervision of
G. S. B uholz, w h o w ill be cashier.
WISCONSIN.
N orth M ilw aukee.—R. M. O w en has resign ed the cash iersh ip o f
the C itizens B ank o f N orth M ilw aukee.
K ilbou rn .—T he C itizens State B ank o f K ilbou rn has been in
corp orated w ith a ca p ita l stock o f $20,000.
IOWA.
C olesbu rg.—A fa rm ers’ sav in gs bank is bein g org an ized at
C olesburg.
D ick en s.—T he E x ch a n g e B an k o f D ick en s w ill in corp orate as
a state bank.
T rip oli.—T he T rip oli S avings B an k w ill be ch an ged to the
T rip oli S tate B ank.
M ediapolis.—W . V . L lo y d has been elected p resid en t o f the
S tate B an k o f M ediapolis.
E lkad er.—J. F . B eck er w ill su cceed Chas. Joh nson as cashier
o f the State B an k o f E lkader.
H olstein .—J. T . C hen ey is org an izin g a new state b a n k for
H olstein, to be cap italized at $25,000.
M on eta.—T he bank o f C. H. C olby & Co., o f M oneta, has
been sold to the F irs t N ation al B an k o f H artley.
Green M oun tain .—It is rep orted th a t S. B. M acD airm a id, o f
COMMERCIAL
PAPER
A. R. Macfarlanc & Co.
INVESTMENT BANKERS
DULUTH, MINN.
Members American Bankers and Minnesota State
Bankers Associations.
We also act as special or general agents
for the purchase or sale of Duluth properties
or investment securities.
SOUTH DAKOTA.
E u rek a._T he F arm ers & M erch ants B ank o f E u reka has c o m
m en ced business.
Ip sw ich .—T he B an k o f Ip sw ich has in creased the cap ital stock
fro m $14,400 to $25,000.
N orden .—T h e F irs t State B an k o f N orden has been in c o r
p orated, cap ital $5,000.
jja y t i .—T h e H am lin C ou n ty State B an k o f H a y ti has been
organ ized w ith a cap ital sto ck o f $5,000.
F lo re n ce .—It is reported th at M elhaur B ros., o f W a tertow n ,
S. D., h a v e p u rch ased the F arm ers State B an k o f F loren ce.
q i ^ e t o n —L J O nstad has been elected cash ier o f the R e se r
v a tion S tate B an k o f Sisseton, su cceed in g A . D. P aulson, r e
signed.
.
,
, . ,
D i x o n —T he stock h old ers o f the B ank o f D ix on have elected
M. P. M eholin, p resid en t; C. F. B row n , v ice president, and C.
TJ. W o lfe , cashier.
L ak e A n d e s .-J o h n s o n B ros., o f Geddes, S. D., ow n ers o f the
Charles M ix C oun ty B ank, have bou gh t the L a k esid e State
B an k o f L ak e A ndes.
E u r e k a —T h e E u rek a State B an k has opened fo r business,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
B a n k e r -D O N ’ T
put it off until tomorrow.
The
B u sy Burglar
may be on your trail today.
W e will write you a
BanK Burglary policy
strictly up-to-date
and
in a
company
which
has
N E V E R C O N T E S T E D A L O SS.
“ W e Issue Surety Bonds”
The Ocean Accident & Guarantee Corp.
(l im it e d )
H O O D & P E N N E Y , Gen. A gts.
PHOENIX BU ILDIN G
M INNEAPOLIS, MINN.
Saturday, March 23, 1907
THE
C O M M E R C IA L
W EST
27
he National Bank of the
REPUBLIC
Confidently believes it can meet every re
quirement of the most discriminating bankers.
M oun tain aS p u rch ased the F arm ers & M erch ants B ank o f Green
L e a th e rs> fo rm e rly p resid en t o f the F irst
N ational B an k o f S igourney, died at his hom e in O skaloosa.
i n ^ d RJnTA LPlj-na ti^ h,as been m ade to ch an ge the A d a ir S a v
ings B an k to the F irst N ation al B an k o f A d air, cap ital stock
$25,000.
Joh nson has resign ed the cash iersh ip o f the
F a rra g u t Bja rtle tt- H e wl11 be su cceed ed b y D. E. R eplogle, o f
tion°aT ap S n v 'T ? 'T W ' C? a Pp ’ i'0,™ <‘r]y President o f the F irst N a S0 y e a r ^ o ?d
f 1 Wa C lty ’ dled ln C h ica&° recen tly. H:e w as
M elton ville.—The B ank o f M elton ville has been organized by
H a n son and H. T. T oy e, o f N orth w ood, la .; J. H. L y ford
of Mardy, and several citizen s o f M eltonville. T he institutioh
cTf the*3Man?
n k f H e n ry L a r s o n - at p resen t assista n t cash ier
NEBRASKA.
S ta te°B a n k ~ T A ' D ayt0n has been chosen cash ier o f the C itizens
at ^ i r m e b ^ o ~ T he W in n eb ag 0 sta te B ank has been organized
Allfaen c f N a T L a ? B a n k '6“
h&S resign ed the cash iersh ip o f the
Y b Joh nson has been elected p residen t o f the
Superior N ation al B ank, su cceed in g J. S. Johnson, deceased.
COLORADO.
cap1Sl“ i «
F ' H u m p h rey ls org!m lz1' « «■ » ‘ ate b a n t tor A spen.
D en ver.—A n ew ba n k has been organ ized at D en ver to be
k n ow n as the F ederal State & S avings Bank, cap ital $100,000.
S everance —A . S'. R og ers, o f Grand Island, N eb., and W m
Bierkamp^ Jr., cash ier o f the D en ver S tock Y ards B ank of
D enver, Colo., are org an izin g a n ew state bank fo r S everance
to be opened ab ou t A p ril 1.
IDAHO.
, „ P b:b 0 F a lls —T he F arm ers & M erch an ts B ank o f Idaho Falls
has been organ ized and w ill open fo r bu siness ab ou t A p ril 1.
N otu s.—I h e State B an k o f N otus has been organ ized w ith
G ilbert, P residen t; V. D. H annah, v ice president, and
W. D. P edigo, cash ier. T he cap ital sto ck is $10,000.
dentWla n d aT1ST B ' w ' ° lden ^ Pre sid e n t> H - F . A llen v ice p resiB m k of^T w in n a i ! ” ner cash ier o f the C om m ercial & S avings
B an k o f I w m Fa,lls, a new in stitu tion ca p italized at $25,000.
St A n th o n y .—T he St. A n th o n y B an k in g & T ru st C om pan y
a
r e M nnrTZ^d
f Lapl tal St0ck o f $30’ °°0- rl’ he officers
L. S B orro w s C a s h i e r 1 ’ Z ' M u m m ert- v ice president, and
WASHINGTON.
ot a<;atA1,e '~ JaL C am Pbe11 has in corp orated the B ank o f Savinas
at Seattle, w ith a cap ital sto ck o f $400,000.
SS’
nf ^
$50,Ow!
<D1;tty 'T C has' A - M inte o f Spokane and W . R. C raw ford
C lty haVe ° rgam Zed tb c F alls C ity Bank, cap ital ™ k
WALTER FIFIELD.
JAS. C. FIFIELD.
ALBERT W. FIFIELD
F IF IE BLu ilDd in g&
FIFIE
LD.
.
.
M IN N E A P O L IS .
717=721 A n d r u s
R E A L E S T A T E B O U G H T and S O L D .
M O R T G A G E L O A N S —Y o u r B u s i n e s s S o l i c i t e d .
Local and Eastern references furnished on application.
IF Y O U W A N T F I R S T -C L A S S
Bank Signs
WE RECOMMEND
ENGRAVED BRASS SIGNS,
GOLD PLATED METAL WINDOW LETTERS
RAISED LETTER BOARD SIGNS.
m
RAISED LETTER WIRE SIGNS
PLATE GLASS SIGNS,
’
CAST BRONZE SIGNS.
.PETERSON
SIGN MFG. GO.
222 Nicollet Avenue, Minneapolis, Minn.
W rit e f o r D e s ig n s a n d E s t im a t e * .
Geo. Weare, Pres.
John McHugh, V. Pres.
A. H Jandt, V Pres.
H. A. Gooch, Cashier.
The Iowa
State
National
Bank
o f Sioux City, Iow a
Capital $200,000.
Surplus $100,000.
Deposits $2,387,719 44
OREGON.
theB
Rka^k erB C
n ity
f ;“ ¥
ye-rs B iB?an
tb k,
,e rs cap
o f ital
San $5,000.
F ra n cisco have organized
the B
S avings
s
C orvallis.—T he B en ton C oun ty S avings B an k o f C orvallis has
been m corp ora ted by M yers B roth ers o f San F ra n c is c o ? cap iia l
in cm p?ra??h n 'lw r ^poFilw ^ atio.n al B ank o f W a rre n to n has been
and F. L . W arren . T h e c a p i t e P s t o S l ^ f t S T ’ W ‘
S“ ith
E S T A B L IS H E D
1853
TH E ORIENTAL BANK
OF N E W YORK
NEW DEPOSITARY AT ST. LOUIS
The Third National Bank of St. Louis has been appoint
ed a depositary under the national banking act “The bank
is not insensible to the compliment,” said President Huttig
and one of the results no doubt will be that we will carry
ih?mfiden- 7 a arge d.eposlt of government funds through
the fiduciary agents located here. We have for sever?
years, at irregular intervals, carried small deposits of govJ T f funds, being known as a temporary depositary. Our
relations will be changed in so much as we will, when the
order becomes effective, carry government funds at all times
and in larger amounts.
“ W;hile I have no direct advice and am in no wav
authorized to speak on the subject, I would conclude that
the government is intending at an early date to make it
the rule to keep on deposit in its various places of deposit
L n has
h fbeen
cltGS
a much previously,.”
Iarger amount of cash or currency
>than
the>custom
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
182=184 B roadw ay
Branch, Bowery and Grand Street
Capital $750,000.00
Surplus and Profits, $1,100,000.00
R. W. JONES, JR., President
NELSON G. AYRES, 1st Vice President
LUDWIG NISSEN,
1
ERSKINE HEWITT, l Vice Presidents
CHARLES J. DAY, J
GEO. W. ADAMS, Cashier
R. B. ESTERBROOK, As. t. Cashier
E s p e c ia lly Equipped for H and ling
the A c co u n ts of B a n k s and B a n k e rs
THE
28
Business Want Department
A m edium fo r th e sa le o f S to c k s a n d B o n d s ,
R e a l E sta te , F a rm L a n d , S to ck s o f M e r c h a n
d is e ; fo r the m an w h o w a n ts a B a n k P osition ,
o r a L oca tion fo r a B a n k , In vestm en t or oth er
B u sin ess.
Rates for advertisements in this department
are one cent per word each insertion. Words dis
played in capitals, two cents per word. Initials
and abbreviations count as one 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 i a l W e s t C o ., Minneapolis,
Minn._____________________________ ____________
BUSINESS CHANCES.
B an kers
who
desire
to
sell
their
banks, or bank stock , -correspond w ith
us. W e have several in v estors w h o are
look in g fo r som eth ing.
A ll c o rre sp o n d
ence strictly confidential.
M ortgage L oan and In vestm en t Co..
S. H. D rew , Sec.,
206 N . Y . L ife B ldg, M inneapolis, M inn.
W ATCH
TACO M A
GROW
Population: 19 0 0 ,37,714 . 1906,85,000
Send stamps, ten cents, fo r descriptive literature to
Secretary Chamber of Com m erce and Board of Trade,
T A C O M A . W A S H I N G T O N . ______
’ NCORPORATE
Y O U R B U S IN E S S —
O ver fifteen hundred ch a rters procured
fo r our clients.
C harters p rocu red u n
der South D ak ota law s at a v e ry re a so n
able rate fo r m ining, m illing, m a n u fa c
turing, railroads, telegraph, telephone, or
an y other industrial pursuit. T en years
p ra ctice in the business. All co rre sp o n d
en ce an sw ered sam e day received. A s
sistan ce giv en in m ak in g out papers. N o
d elay in secu rin g ch arter. Full set b y
law s w ith ev ery charter.
N o extras.
W rite fo r co rp o ra tio n law s, blanks, b y
law s. and form s, free, to P H IL L IP L A W
R E N C E , fo rm e r A ssista n t S ecretary o f
State, H u ron , South D akota.
M ention
this p ap er w hen w ritin g.
(S ep t. 25-07)
F or Sale—D ru g store in flou rish ing Min
n esota tow n o f 600 in h abitan ts; on ly drug
store in to w n ; sto ck and fixtu res about
$3,500; rent $18 per m o n th ; annual sales
$5,600; reason s fo r selling ill health. A d
dress B o x 255, C linton, M inn.
(12)
W a n te d to Sell—L e a se or rent, a steam
lau n d ry outfit, all read y fo r business.
A d d ress B o x 531, O range, T ex a s.
(12)
W a n te d —E n e rg e tic m an or w om an to
in v est at least $1,000 w ith h ig h -cla ss, p a y
in g in stitu tion and a cce p t resp on sible p o
sition at g ood sala ry ; best referen ces
g iv e n and required.
A d d ress B o x 873
Dallas, T ex.
____________ (43)
F o r Sale—A g o o d hard w are bu siness in
on e o f the b est tow n s in S ask a tch ew an ;
stock $15,000, y e a rly sales $35,000, net
profits $10,000; com p lete set o f tools for
plum bing, heatin g, e tc.; bu ildin g can be
p urch ased or leased ; a snap fo r an y p erson w ith enough cash to sw in g it. A p
p ly to M iller-M orse H a rd w are C om pany,
W in n ip eg
F or R en t—B est bu siness house in H alletsville; stone, 2-story, on prin cip al c o r
n er; ju s t the bu ildin g fo r general m er
chan dise or d ry g o o d s establish m en t,
com e and in vestigate. J. H. A p pelt, H alletsville, T ex as.
____________________ Y f l
' F o r Sale—A sto ck o f m ach in ery and
bu ildin g to be sold ch e a p ; the only m a
chine house in the to w n ; a large terri
to ry and a g ood bu sin ess; in the tow n o f
W olv e rto n , M inn., on the G reat N o rth
ern railroad.
F o r fu rth er in form ation
w rite to C. O. L ord, W o lv e r to n , Minn.
F o r Sale—D ou ble b ow lin g alley, c o u n
ter, sh elvin g and tools.
Chas. Hull,
E dgeley, N. D.
______ _____________ (14)
“ F o r Sale—M illin ery and lad ies’ fu rn ish in g sto ck ; w ill in v oice $500; only m il
lin ery in to w n ; g o o d location . A ddress
M iss R o sa Sallee, P e n a lo sa, K an .
(12)
' F o r Sale—2-chair ba rb er shop and bath
room s; fine location , m a n u fa ctu rin g d is
tr ic t; m ust go on hom estead soon
Ad
dress F re d H ull, S outh S eattle, W a sh
F o r Sale—T ea and ch in a store doing
g oo d bu sin ess; only ex clu siv e store in
tow n o f 6,000; will bear stricte st in v e sti
gation.
A d dress W . E. M orrison , 911
R iv ersid e ave., Spokane, W a s h .______ (lb '
F o r Sale—Store bu ildin g in L inn, 111.,
24x70, at a bargain. W rite T. J. B achus.
O rion, 111.________________________________
B est C hance in the W e s t— Any one w ish ing to p urch ase well established, nayin g
and leading dry g o o d s , cloth in g and shoe
bu siness in the flou rish ing c ity o f K lam atn
F alls Or. address B o x 2. K lam ath Falls,
Or. Other in terests need ow n er s a tten tion._________ _____________________ ____ _____——
B lack sm ith shop fo r sale at .D il!f1T '
includ ing stock , tools and good w ill, good
loca tio n fo r sober, com p eten t m an ; no
com p etition . Address W m . C. Gray, M -
ley, Or.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C O M M E R C IA L
W EST
Saturday, March 23, 1907
BUSINESS CHANCES
BUSINESS CHANCES
F o r Sale—O n e-h a lf in terest in a w h o le
sale and retail dru g business, loca ted at
L ew iston , Idaho, the g reatest w holesale
cen ter o f the n orth w est; a fine op p o r
tu n ity fo r the righ t p arty w ith from $10,000 to $20,000. A d dress W illia m L ib ert
(42)
L ew iston , Idaho.__________ __________
F or Sale—L arge p ool hall and card room ;
bu siness $4,000 a y ea r; B uildy seif lig h t
ing system and h ea tin g plant. W rite qu ick
to secure this. J. C. H olson, Greeley, N eb
F or Sale—B lack sm ith business, p o w e r
shop con n ected ; good cash tra d e; if you
w an t it you can g et fo r ca sh ; good tow n
1.000 p op u lation ; 2 shops in tow n ; rent
cheap.
T his is a good opening.
W rite
T, E. Shepard. E astlan d. T ex._______ (12)
G rocery Store, in good loca tion on p aved
street; old established, p ay in g business.
L. N. H ansen & Co., B an k o f C om m erce
bldg.. T acom a . W ash.__________________ (13)
F or Sale—E ngine o f 40-horsepow er and
m ach in ery fo r P u g b rick p lan t; c a p a city
20.000 per d a y ; fo r rent or sale._________
(1Z)
A flourishing g en eral m ercan tile business
fo r sale in a p rosperous W est T ex a s tow n
on railroad ; sales from $6,000 to $7,000
per m on th ; $12,000 in cash w ill handle
it; no trade con sid ered ; ow n er is g row in g
old and w an ts to retire. A d dress P ratt,
W a rd & L igon , agen ts, M idland, Tex.
B usin ess C hance—-Capital w a n ted ; b u si
ness too large fo r ca p ita l; w ill take in
eith er silent or a ctiv e partn er (formerp referred ), or w ill sell fo r cash. B u si
ness. general m erchandise. A d dress p o s t
m aster, C anton, W is.
(43)
NEW SPAPER.
F or
S a l e — M achine and
boiler
repair
sh op
doing a g ood
b u sin ess; bu ilding D aily N ew sp ap er in an enterprisin g
24x60; good lo ca tio n ;
n o com petition.
steel tow n in W lestern P en n sy lv a n ia ; m a
ch in ery and m aterial p ra ctica lly n ew ; gas
F o r fu rth er p articu la rs apply to E. H.
and e lectric m o to rs; an elegan t chance
B usse, C avalier, N. D.
(14)
fo r a m an o f ability.
A d dress B., N o
H a lf in terest in a g ood p ay in g drug
456 W e s t M ain st., M onon gahela, Pa. (14)
store in the new state; cou n ty seat; n a t
ural gas, e lectric light, w a ter w o r k s; o
T he $5,000 stock o f m erch a n d ise fo r m railroad s; fine c ou n try and g ood tow n ;
erly ow ned b y R oth garn & R ustad will
ow n er w ish es to retire. A d dress B o x 607,
be sold at p u blic au ction to the high est
Galena, K as,______ ____________ ___________(44)
b id d er on A pril 5. at Grano, N D., by
F or Sale or E x ch a n g e fo r good im
O. M. P ierce. T ru stee. M inot, N. D.
(!•->)
p roved land, and u p -to -d a te general store
F o r Sale—H a lf in terest in fou n d ry and
in cou n ty seat tow n. A d dress F irs t N a
m ach in e shop, d oin g g ood bu siness. A p
tional B ank, Greeley, N eb.
(14)
p ly J. B ean, F ern ie, B. C.____________(4o)
F or R en t—I double storeroom ; ce n tra l
ly located, Salisbury, M o .; popu lation
F o r Sale—$1,500 stock o f h a rn ess; good
3,000; fine op ening fo r fu rn itu re, im p le
tow n and bu sin ess; on ly sto ck in to w n ;
m ents d ry g ood s or departm en t store;
bu ildin g fo r sale. 120 acre im p rov ed fa rm
1(H) m iles east o f K a n sa s City. A d dress
in A nd erson cou n ty fo r sale or trade fo r
Dr. J. T. M oore, Salisbury, Mo.
d ru g store. W m . H u ff, B ald w in, K a n ^
M E R C A N T IL E bu siness fo r sale m the
fa m ou s P anh an dle; con sists o f groceries,
W a n ted —P a rtn er, or wd'll sell p aten t fo r
d ry goods, boots and shoes, _ hardw are
ca sh ; w ill w ork fo r p u rch aser an yw here.
and drugs, .with store, dw elling and 12
T he m ost novel, econ om ica l an d n ew est
bu siness lots; establish ed three years, no
inven tion in h ot air or com b in a tion fu r
op position, d oin g fine p ayin g cash b u s i
naces on earth ; bu rn s an y th in g fro m w et
n ess; w ill bear closest in v estig a tion ; will
sla ck to the best hard c o a l; cok es coal
take ab ou t $5,000 to handle it. F o r p a r
b e fo re burning. G et cut at C om m ercia l
ticu lars address B o x 25, W h ite D eer, Pex.
W e st office. H a v e ’ sm all shop, _patterns
and ev ery th in g in shape fo r business but
" F or Sale—S tock o f general m erchandise,
m oney. C an not su pp ly dem and fo r that
in v oice $2,650; also 43 acres join in g tow n ;
reason. W ill sh ow 75 fu rn a ce s in op era
cash preferred .
A d dress A . J. W alsh .
tion using all kinds o f fuel. Can sell all
C hu rch ville, la .
(14)
an y fa c t o r y can turn out and double
m on ey on ev ery sale. C all or ad d ress L eT he new tow n o f H artley, T ex as, is a
land A. F isk e, R o ck to n . 111.________ f12)
first class op en in g fo r a g ood general
sto re ; com e and investigate, no tak e;
F o r Sale—A w ell establish ed business
good tow n lots, n icely located and d e
in splendid loca tion on m am street in
sirable p rop erty, fo r sale on the in sta ll
T
erre
H a u te, In d .; a g o o d clea n stock
m ent plan; good w id eaw ake agen ts w a n t
o f stov es and tin w a re; reason fo r selling,
ed to represen t us. H a rtley T ow n s ite &
oth
er
bu
siness dem ands fu ll tim e. A dR ea lty C o., H artley, T ex as.
(12)
dress 650 N orth 5th St., T erre H aute, Ind
B arber Shop F or Sale—Only shop and
“ |70(T P A R T *T IM E T bu y lT p ay ing^one^m an
laundry a g en cy in a good little tow n ;
n ew sp a p er; first-cla ss equ ipm en t; S ca n
g o o d trade for one chair y ear round and
d in avian com m u n ity . F o r p articu la rs adtw o chairs in the fa ll; tw o g ood hydraulic
d r ^ s s G c o I_ S e i f e r t _ K i n d r e d ^
chairs and other fix tu res; w ill sell cheap
to p a rty w ith som e ca sh ; $1.500 bu siness
STORE F O R R E N T.
last year.
J. A. H odges, K n ox, N .^ D .
F o r R en t—A store room , residen ce and
barn in H a n soll, F ra n k lin coun ty, Io w a ,
B usiness C hance—W e need ju st the
g ood p lace fo r business. A p p ly to John
business you are offerin g in order to
L a u ck , Oelw ein, la .____________________ (12)
m atch a trade. Send us a com p lete d e
A re you com in g to M in n ea polis?
I
scription at once. W A lsta d -P ea rson Co.,
h a ve a nice G ro ce ry B usin ess fo r sale;
247 S ecu rity bldg., M inneapolis, M inn.
(15)
loca ted on one o f the
best
business
streets; go’od ca sh tra d e;
nice
clean
F or Sale in D aw son, Y. T ., C a n a d a s to ck ; u p -to -d a te fixtures. N o trade. A d
A n establish ed F lum e H ose, T en t and
dress ow n er, 717 C edar avenue, M inne
A w n in g business, in clu d in g lot, building,
apolis.
(42)
pow er m achines, e tc.; $4.000 per year can
he m ade besides $125 per m onth each for
TO
EXCHANGE
tw o p erson s; $2.000 will handle this. A d
d -e ss B ox 357. Seattle. W ash .
(12)
T o E x ch a n g e—V alu able p a ten t; carries
F or Sale—In the best c ity in the N ew
m ail from road to fa rm er's house. A lso
E nglan d states, an ice p lan t; all new
on ly ch ew in g gum plant in n orth w est;
and u p -t o -d a t e ; p a y in g 15 to 20 p ercen t
v a lue $500. H. L. P ier, D ubuque. Ia. (12)
on investm ent, clear profit ice all h a r
v ested will stand close in v estig a tion ,
TELEPHONES AND SUPPLIES
m ust sell on a ccou n t o f fa ilin g health
W rite at once.
A d d ress F —C om m ercial
F or Sale—1,000 K e llo g g m ag n eto tele
p h on es; equ ipped w ith V ia d u ct M a n u fa c
W est.
turing C om pan y rin g ers; W abash C abi
F or Sale—Store and Cheese F a c to r y ,
net C om p an y ’ s b a ck boa rd s and b a ttery
will exch an ge fo r fa rm in Ohio or In d i
b oxes. G ood con d ition , alm ost new . W ill
ana • reason for sam e is w ish to attend
sell sin gly or in lots. F or particu la rs
m edical school. A d dress G -C o m m e r c ia l
w rite K in loch T elep h on e C om pany. C.
W est.______________.____________ _________ 1± £ i
W . Shands, P u rch a sin g A g en t, St. L ouis,
M issouri.
(43~>
IN C O R P O R A T E !
O rganization
effected
in
A R IZ O N A
w ith least trou ble and expense. Can b e
gin bu siness day papers reach us. N o
fra n ch ise tax. N o p ublic statem en ts re ciuired. S tock h olders ex em p t from c o m
p an y
liability. H old
m eetin gs,
keep
books and tra n sact bu siness anyw here.
A n v kind o f stock m ay be issued and paid
up in cash, serv ices or p rop erty and m ade
n o n - assessable.
T he
legislatu re can n ot
a ffe ct corp orate fra n ch ises b y su bsequ ent
law s. T erritoria l officia ls n ow proh ibited
b v law from servin g com pan ies. Our p re s
ident. I. T . Stoddard, w as fo r y ears S e c
reta ry o f A rizon a and officia lly in charge
o f the in corp ora tin g business. W rite or
w ire tod a y fo r co p y o f law s, blanks and
full p articu la rs. B y -la w s g ra tis w ith each
in corporation .
Stoddard Incorporating Co t
Phoenix, Arizona.
R e fe r e n c e :—A n y B an k in P hoen ix.
LAUNCHES FOR SALE
A F E W S E C O N D H A N D H AUNCH ES/
p rices $300 to $600; also secon d -h an d g a s
oline engines, both m arine an d sta tion
a ry
B uilders o f the fa m ou s W estm a n
m arine and station ary engines.
E n te r
prise M achine Co., M inneapolis, M inn
~____ CALENDARS AND NOVELTIES
A d vertisin g n ov elties su itable fo r banks,
m ade o f C elluloid, L eath er and M etals.
“ D esk C alen dars.”
W rite fo r sam ples
and su ggestion s. C. F . E. P E T E R S O N ,
W estern
M anager,
W H IT E H E A D
&
H O A G CO., 945 S ecu rity B an k bldg.,
M i n n e a p o l i s . ______________( t f )
O L IV E R B A K E R M A N U F A C T U R IN G
C O M PA N Y , M inneapolis, M inn., M akers
o f A r t C alendars and A d v ertisin g S p ecial
ties o f al sorts fo r B an kers and M an u
fa ctu rers,
( d4)
Saturday, March 23, 1907
THE
HOTELS AND R ESTAURANTS.
F or Sale— R e sta u ra n t; best equipped,
larg e; old -esta b lish ed trade, sam e lo ca tion fo r 15 y e a r s ; 4 years lease from
A p ril 1, 1907; p rice $2,000; b etter term s if
qu ick. H. W illia m son , H a stin g s, N eb.
______________
(13)
F or Sale or R en t— Saloon and
H otel
building, op p osite C. & N . W . passen ger
d ep ot; oest stand in tow n fo r g o o d m an;
reason fo r selling, loss o f sig h t and fa il
ing health. F. G ollnast, N ew Ulm, Minn.
_________________________________ _________ 0 2 1
W a n ted —Som e one to build a n ew hotel
in C arpio, N. D .; new railroad buildin g
out o f here this sp rin g ; splendid chance.
F o r p articu la rs w rite T, W . T a sker. (13)
FOR SALE. ‘
~
H otel located in one o f best h otel tow ns
m M ich igan, popu lation 5,000; th re e -sto ry
brick hotel w ith ba sem en t; located on
best corn er in c ity ; steam heat, gas and
e lectric light in ev e ry ro o m ; 50 sleeping
room s; fu rn itu re m od ern ; ev e ryth in g in
first-cla ss sh ape; best bar tra de in city.
F or fu rth er p articu la rs ap p ly at on ce to
D on ovan H ou se,
Mt. P leasan t, M ich.
___________ - _____________________________ ____________________________ 0 2 )
R E L IA B L E p a rty w ith sm all cap ital to
invest in hotel. G ood opening. W rite W
A . H a tch er, Sm ithfield, Neb.
T hos. W . A n d erton & Son, R eal EstateT
H otel B rokers, D isley, Sask., Canada..
It you w an t to bu y an H otel, L ive ry ,
B oa rd in g H ouse, P o o l R oom , o r an y bu sines under the sun, W ild and Im proved
L an d s in the Golden W e st, let us know i
and w e w ill p lace you, fo r w e alw a ys
have the g o o d s on hand.
T hos. W . A n d erton & Son, R eal E state,
H otel B rokers, D isley, Sask., Canada.
____________ _______________________ ________________ ( 22 )
F or Sale—S team heated H o te l; great
ba rg ain ; n ew ly fu rn ish ed ; cheap.
L o ck
B ox 23, S cottville, M ich.
(14)
F or Sale—B oard in g house, w ell located
m g ood tow n, w ith fine run o f custom .
A d dress B o x 191, L uling, T ex.
(12)
F o r Sale—B akery, resta u ran t and co n fe ction ery
in
sou th eastern
M innesota
tow n ; on ly ba k ery in c ity o f 1,500 in h abi
tants. H. J. M ilarch, St. Charles, M inn.
.___________________________________
( 12)
F or Sale—Only hotel in R oselan d, N eb.;
good location , fine yard and shade trees;
price $1,700; easy term s. A d dress D uncan
& Hall, R oselan d, N eb.
(12)
B ak ery and R estau ran t F or Sale—If you
are interested in a g ilt-e d g e d p rop osition
w rite us at once.
C o -o p e ra tiv e R ea lty
Co., B ox 213, G lasco, K ans.
(15)
F o r Sale—A fo u r -s to r y b rick h o te l; 32
room s, steam heat, e le v a to r and bath
service, b e a u tifu lly fu rn ish e d ; u p -io -d a te
m all r esp e cts; w ou ld m ake a splendid
sa n ita riu m ; w ill sell all, o r will sell
fu rn itu re and lease on bu ilding. A d dress
L o c k B o x 428, M ineral W e lls, T ex. (13)
A hotel o f 20 sleep ing room s, p artly
fu rn ished.
O km ulgee, I. T., P O B ox
H i _____________________________________
(21)
FOR SAL E -M ISC E L L A N E O U S
^G T am T 'oT u nirT ^aT T fi^
or C harter—P o w e rfu l stern w heel ste a m
er H am lin, fo r S keena river, B. C .; plen
ty o f w ork fo r season o f 1907. F or p a r
ticu lars ap p ly to H . A . Jones, 407 C or(13)
d ova street. V an cou ver. B. C._____
F o r Sale—50 acres o f tim b er; m u ch o f
it su itable fo r sa w in g in to lu m ber or
ties; u plan d; near railroad ; tim e g iven
to rem ov e tim ber.
K . L ittle, P reston ,
M inn.
(12)
BONDS FOR SALE.
C entralia, M issouri,
O ffers fo r sale F ifty -fiv e T h ou san d D o l
lars w ater and lig h t bonds. B ids close
A p ril 2, 1907.
H . W . D eJaru att, C ity
Clerk._____________________________________ (12)
HELP W AN TED
W a n te d —One or m ore e n terprisin g a u x
iliaries to op era te an o re -c o n c e n tr a tin g
m ach in e; g re a t inven tion in con n ection
w ith stam p m ill; $3,000 w ill com p lete this
th au m a tu rg ic inven tion . A d d ress R ev. P.
B rophy, D ubuque, Iow a._______________ (12)
A C L E R K —Y ou n g m an w ith general o f
fice ex p e rie n ce ; m ust be g o o d penm an,
qu ick at figures; ch an ce for a d van cem en t.
H A P G O O D S , 26 L o a n & T ru st B ldg.,
M inneapolis, M inn.____________________ (12)
I W a n t a P a rty w h o has in tegrity,
bu siness a b ility and som e m o n e y to jo in
m e in and take ch arge o f w h at I think
w ill be a g o o d p ay in g perm an ent b u s i
n ess; $7,000 required. Call to see or w rite
m e. P. S. Griffith, 402 B inz B ldg., H o u s
ton. T ex as.
(12)
W a n te d —
G eneral bo o k k e e p e r fo r bank, in tow n
o f 2,000 in M ontana, $85 to $100.
C ollection and e x ch a n g e cle rk fo r M on
tan a bank, $85 to $100.
G erm a n assista n t cash ier, N o rth D a k o
ta bank. $1,000 to $1,200.
S can d in a via n cash ier, N o rth D a k o ta
ba n k, $700 to $800.
S. A . M o ra w e tz & C o., 910 S ecu rity
B an k b ld g., M inneapolis, M inn.
(12)
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C O M M E R C IA L
W EST
29
SITU ATIO N W AN TED
AUTOMOBILES FOR SALE.
W a n te d —S ituation w ith real estate firm,
b y m iddle aged, a ctiv e m an that has
had several y ears ex perien ce in lo c a t
in g settlers on fa rm and tim ber lan ds;
ca n run lines an d g iv e reliable esti
m ates on all kinds o f tim ber; am ca p a
ble o f look in g a fter office bu t p refer ou t
side w ork.
T hose
m eanin g business
please answ er, statin g salary e x p ected to
pay. F red R icker, F airban ks, Minn, (12)
W a n te d —P osition as m anager or clerk ;
12 y e a rs’ ex p erien ce in general m erch a n
dise and depa rtm en t store; best o f references. B ox 359, B a n croft, N eb.
(12)
W a n te d —P osition as d ru g clerk~j have
had three y e a rs’ p ra ctica l ex p erien ce; can
speak G erm an and E nglish. State salary.
Can fu rn ish best o f referen ces.
W . A.
(14)
K noll, H a w keye, la,________
Situ ation w an ted b y y o u n g m an as
book k eep er, cash ier, cred it m an or office
m a n a ger; exp erien ced in these p osition s;
n ow w ith St. P au l jo b b in g and m a n u fa c
tu rin g firm ; g ood reason s fo r w ish in g
c h a n g e ; g o o d referen ces. L. M. G., 1872
S elby a v e ., M erriam P a fk , M inn.
(12)
A U T O A N D G A S O L IN E E N G IN E
S P E C -A L T IS T S .
G et our rep ort on the car, boa t or
engine before buying.
Our reports are
com p lete and co rr e c t; they w ill save you
tim e and m oney, and w e w ork in the
in terests o f the bu yer only.
W e are com p eten t and resp onsible, our
boat sp ecia list has had y ears o f e x
perien ce d esign in g and building.
Our
a u tom obile sp ecia list has been c o n n e ct
ed w ith a u tom obile in d u stry fo r years.
Our a d v isory board con sists o f the best
engin eers and m ech an ics in the N o r th
w est. Our ch arges are as fo llo w s :—
V alu e rep ort based on general ap p ear
an ce, age, history, m ake and sh ort test
ride, if p osible, $5.00.
V alu e report based on tw o hours test
n d e, in sp ection o f engine, transm ission
and axles, $10.00.
V alu e report includ ing m a ch in ist’ s in
sp ection o f all w ork in g parts, bearin gs
gears, etc., in detail, $25.00 and up.
Our $5.00 rep ort w ill c ov er the ground
m m ost cases. W rite fo r m ore in fo rm a
tion and references.
S O R G -B A D E R CO.
4w S. 3d St._______M inneapolis, M inn. ( >
HELP FURNISHED.
EM PLOYERS.
W e can fu rn ish expert accou n ta n ts fu l
ly qualified to au dit a ccou n ts, also all
kinds o f clerical help, both b ook k eep ers
and stenographers. E n d ico tt C lerical B u
reau, 222 E n d icott bldg., St. P aul, M inn.
(tf)
MILLS AND ELEVATORS
W a n te d —E le v a tors and m ills in e x
ch an ge fo r g o o d fa rm s in Illinois, Iow a,
M issouri, K an sas, N ebraska and T exas.
I f you w an t to bu y sell, rent or exch an ge
an e lev a tor w rite us.
H a v e 's o m e fine
ba rgain s in elev ator p rop erties and m ills
fo r sale fo r cash and a few the ow n ers of
w h ich will ex ch a n ge fo r g ood fa rm s 01
real estate. W e have p osition s for grain
buyers, m illers and m anagers.
Iow a Mill & E lev a tor B rokers, In d e
p endence, Iow a.
(46)
E N G IN E F O R SA L E .
F o r Sale—One h e a v y -d u ty A llis-C h a lm ers com p ou n d C orliss engine, cylin ders
18x26x42. A lso one w h eeler su rfa ce c o n
denser w ith com b in ed air and circu la t
ing p u m p; also one 16-inch v ertical
C ochrane oil separator. A ll in first-class
con d ition . D e liv ery M ay next. A p p ly
D A V ID S T O T T ’S F L O U R M ILL S,
__________________________D etroit. M ich, (tf)
Car Seals— M illers and grain dealers are
a d op tin g the use o f their cftvn car seals,
w h ich p reven ts dispu tes and p rotects the
shipm ents.
T he m ost con v en ien t and
econ om ica l is the “ T yden Car S eal.”
It
is se lf-lo ck in g , requires no sealin g iron
and each seal bea rs sh ipp er’s nam e and
a con secu tiv e num ber.
$3.50 fo r 1,000.
International Seal & L o c k Co., 619 R a ilw a y E x ch an ge bldg., C hicago._______ (12 >
F or Sale—Steam flour m ill o f 400-barrel
ca p a city ; B arnard & L eas p la n sifter s y s
tem , 135 h o rse -p o w e r engine, w a ter tube
boiler, three and a ttic sto ry and b a se
m ent, brick m ill bu ildin g and elevator,
b rick engin e and boiler room and stack,
all in g o o d rep a ir; this m ill is loca ted in
the fa m ou s b la ck land belt o f T exas, in
the c ity o f Sherm an; it has a p op u la
tion o f 17,000 and is the cou n ty seat of
G rayson cou n ty, the m ost densely p op u
lated co u n ty o f the sta te; 7 railroads, 1
e le ctric railw ay,
2
e lectric
railw ays
building.
A d d ress
T he
E agle
M ills,
Sherm an, T ex.
(44)
F o r Sale o r E x ch a n g e—O xford m ill p r o
p erty on the L ittle Cannon, 3 m iles south
o f Cannon Falls, includ ing 80 acres of
land and 8-room residen ce.
The p ow er
con sists o f stone dam w ith g ood bod y o f
w a te r and fall o f ab ou t 18 feet. T he 3sto ry stone cu stom m ill has not been r e
bu ilt since fire, bu t w alls are in g ood c o n
dition. W ill sell at reason able price, or
exch an ge fo r fa rm in g lands.
A ddress,
F irst N ational B ank, N orthfield, M inn. (14)
E n gin eer—M an o f 27 w a n ts p osition
as secon d or a ssista n t en g in eer; 15 mo.
ex p erien ce w ith slid e-v a lv e and corliss
en gin es; I. C. S. stu d en t; em ployed ; good
reason fo r chan ge. A. G. M inars, 2627
H u ron st,, Duluth. M inn._____________ (12)
S E C O N D -H A N D 4 h. p. gasolin e engine
fo r sale, good as n ew ; bargain. Shadegg
E n g in e Co., 315 S. 3rd st., M inneapolis,
M inn.
Q2)
G ood F lour M ill M ach in ery F or Sale—
B arnard & L ea s m ake. A com p lete 100bbl. ca p a city B arnard & L ea s m ake flour
m ill ou tfit; also corn m eal m ach in ery in
con n ection . T h is m ach in ery cost in the
n eigh borh ood o f $10,000 about six years
ag o and has n o t been used m ore than
h a lf o f the tim e.
It is p ra ctica lly new
and ev eryth in g in g ood condition . It m ust
be sold, and w ill be sold at a bargain, for
cash or on tim e w ith p roper security. If
interested com m u n ica te w ith the B ank
o f C onw ay, C onw ay, Ark.______
(15)
R oller Mill—F or sale, fine loca tion ; free
if you b u y d w ellin g and grou n d ; w ill e x
chan ge. A d d ress D. H a dd ock , R ich Hill
M o.
(12)
STOCKS AND BONDS.
“ T he H om e L ife supplied one o f the
m arvels o f the present in v estig ation —
an insurance com p a n y w ith ou t a n y o b
vious sca n d a ls.” N. Y. T ribune, 12-12-05.
A p p ly fo r p articulars reg ardin g com p an y
to J. H. Cavin, general agent, 519 M e tro
politan L ife Bldg., M inneapolis, M iinn
—
_____________________ _ _ _ _ _ _ U 2)
REAL ESTA ! E —FOR SALE.
CT PA III--- Are you interested in St. Paul
O I> I HUl
Real Estate? Business, Resi
dence, Acreage or Manufacturing Property or
Mortgage Loans ! This firm has been established
for over 20 years References, banks and business
houses. If you have business in our line write or
caH on us. H. & V A L J. ROTHSCHILD, Pioneer
Press Bldg , St. Paul. Minn.
(tf)
D o you w an t to sell
M IN N E A P O L IS
PROPERTY?
L ist it w ith
W A R E -B A K E R
1026
COMPANY,
S ecu rity B an k B ldg., M inneapolis,
Do you w an t to sell
ST.
PAUL
PROPERTY?
L ist it w ith
W A R E -H O S P E S
COMPANY.
201 G erm ania L ife Bldg., St. Paul,
Y our p rop erty will be w ell ad vertised
and if p rice is right, w e can sell it.
WE
MAKE
A
U N L IM IT E D
S P E C IA L T Y OF LA R G E
DEALS.
M O N E Y TO LOAN.
On bu siness p rop erty
M IN N E A P O L IS A N D
ST. P A U L .
A sk Jim H ill, the railw ay m agnate,
H ilat Fe th m ks °.f B randon, M anitoba,
p rop erty , then w rite m e if you w an t to
in v est in an y good p a y in g prop osition s
in real estate. N ine railroad s bran ch out
o f B randon, the com in g C hicago o f the
iYe0sJtput you on to properties
that w ill double m value in six m onths.
25 H otels in M a n itoba and Saskatchew an
fo r sale or ren t; 640 acres for sale tw o
m iles from
B randon p o sto ffice ; 25,000
acres o f w ild and im proved fa rm s
A
loAS’- one m ile from B randon
p o stoffice; this p rop erty w ill double in
value in a few w eeks.
A p p ly to .T
B ow er, B o x 94, B randon, M an.
(12)
to w n ; cheap. A lso v alu a ble tim ber claim
rn v lallam cou n ty , one m ile from river
A d dress O w ner, 919 W a ll St., E v erett'
w ash.
(42)
TIMBER LANDS
H a rd w ood F or Sale—Several hundred
acres o f Oak, h ick ory and other valuable
h ardw ood, includ ing pine, fo r sale fo r
ca sh , on S eaboard A ir L in e ra ilw a y near
M on tg om ery
F o r term s ap p ly to Mrs.
M ay C. W ood , 55 J eff D av is ave., M o n t
g om ery , A la.
’
(i3)
F or Sale b y O w ner—$2,500Tor 120 acres
o f good level tim bered land: 7 cleared
15 pasture, 2y2 orch ard; large house
P
J. S teph enson. P reston, W ash.
G2)
H a rd w ood
T im ber ITT Sale—T w elve
thousand five hundred acres o f fine v irgin
h ard w ood fo re st in n ortheast T e x a s - this
u m b er is dense upon the g rou n d ; lon g bodied w h ite oak, birch, ash and red g u m bOO acres of a b ove is in fine farm , in the
fa m ou s lon g staple cotton belt, selling
from 15 to 25 cts. per lb .; fine a lfa lfa now
g row in g, has been green and vig orou s all
w inter, n ow knee high ; w hen vast forest
is rem oved will m ake im m ense fa rm s as
rich as N ile v a lley ; tim ber w ill prod u ce
one hundred fifty m illion fe e t o f fine
lu m ber; 8 to 10 m iles o f railroad, e x
p ectin g new road —one been
su rveyed *
other fine tim ber a d join in g this b o d y - for
? ash, $16 p er a cre - A d dress B ox
3)3, C larksville, T exas.
(40)
THE
30
FARMS AND FARM LANDS
MINNESOTA.
F o r Sale—240 acre sto ck fa rm , free
from fo u l w eed s; bu ildin gs first-class. L.
H. D yer, R och ester, M inn.____________ G2)
F or
m iles
fru it
H ehl,
Sale—40 acres im prov ed fa rm , three
north o f L o n g L a k e ; fa rm buildings,
trees, tim ber and h ay land. A . C.
L o n g L ake, M inn._____________ G 3)
L A N D B A R G A IN S .
T h e EV2 Sec. 16 in T w p. 47, R an ge 28, in
C row W in g cou n ty, and the N. W . % , Sec.
2 in T w p. 48, R . 25, A itk in c o u n ty ; also
the S. W . % o f the S. W . 14, Sec. 36,
T w p. 157, R. 46, M arshall coun ty, M inn.
A d dress the ow ner,
A . M. R A N N B Y , B o x 501,
__________ R egina, Sask., Canada. (12)
One o f the finest qu arter section s in
R ed L ak e cou n ty , M innesota, fo r sale,
or trade fo r general m erch a n d ise store.
A lso w an ted store buildin g to rent. O.
B oisson neau , T errebon ne, M inn.
(12)
$50—A 330-acre B ig Stone co u n ty farm
fo r sale or ren t; one o f the be st fa rm s in
the co u n ty ; w ell im p rov ed ; 10-room house,
w aterw ork s, bath, sew er, all com p lete,
large h and y ba rn w ith w a te r out and in
sid e; all oth er n e ce ssa ry b u ildin gs; large
g rov e and shade tre e s; orch a rd ; 30-acre
h og p astu re; 8 1-2 m iles to sta tio n ; 2 1-2
to hom e store, 1 to crea m ery, 1-2 to
sch ool, 2 to nea rest ch u rch ; daily m ail at
house.
$24—F o r Sale, 154-acre fa rm , bord ered
on a lake w ith fish in ; 7 acres o f you n g
tim ber; 4 1-2 m iles fro m O rton ville; fa il
in g health cause o f offer. H. P. W eedin g,
A rtich o k e L ake, M inn. _______________G3)
160-A cre F arm fo r sale in w estern M in
n esota ; 40 acres broken, b a lan ce can all
be brok en u p ; fine lay, g o o d soil, 2%
m iles fro m to w n ; a snap fo r $3,760; m ust
be sold qu ick. W rite A. K rau th , Gary,
S. D.
G f)
F o r Sale or E x ch a n g e —F arm o f 102
acres on river bank, eleven m iles east o f
tow n
F or p articulars address O scar
L aw son , T h ie f R iv er Falls, M inn.
(15)
F o r Sale—M y fa rm o f 198 acres, 2 m iles
from to w n ; w ell im proved bu ildin gs cost
$3,500, in g o o d repa ir; good w ell and
other im p rov em en ts; 1 m ile fro m sch ool;
p rice $5,000. F or term s and other in fo r
m ation ap p ly to C. B rad ford, M iddle
R iver, M in n .__________________________
GG
F or R ent—M y 320-acre finely im proved
fa rm , near M arshall, M inn., fo r share o f
cro p ; 150 acres plow ed. W . D. C reglow ,
R em sen, la.
______
GG
NORTH DAKOTA. ~~
O W N E R S W I L L S E L L im proved first
class R ed R iv e r V a lle y farm s, v e ry best
soil, $32 per a cre ; term s.
W rite John
H ea zlett, G lasston, N. D._____________GG
O n e-qu arter, o n e -h a lf or th ree-q u a rters
section o f im proved farm s, w ith good
bu ildin gs, title p erfe ct, w ith o u t stone,
stum p or alkali, g o o d w ater, w ell drained,
groves, fruit, stra w berries
and
apple
tree s; not one square fo o t o f w aste land
on the 800 a cre s; 12 to 16 inches o f b la ck
loam , cla y su bsoil; lies to the north, east,
w est and south, w ith gentle grade o f 12
inches to the 4 rod s; offered tw o m en $50
to p rod u ce a b e tte r laid fa rm in the U n
ion
T h is fa rm has a house, 28x30, c o s t
in g $3,500; reason s fo r selling, only son
at hom e died last sp rin g ; g e ttin g up m
years, ill hea lth ; w ish to retire. One of
the g re a te st b a rg ain s on re co rd ; a t an
av erag e o f $35 per a cre ; $5,000 w o rth o f
sto ck and m a ch in ery ; w ill d iscou n t at a
great sacrifice if sold w ith fa rm : no d e
lay
I f y o u m ean bu siness, w rite fo r p a r
ticu lars to L o c k B o x 24, G randin, Cass
Co., N. D._______________________________ G-P
F arm F o r Sale in fa m ou s D es L a cs
valley, V2 se ctio n ; soil cla y loam ; 250
acres broken, 45 a cre s pasture, fen ced,
170 read y fo r w h e a t; g ood sprin g and w e ll;
$1,200 w orth o f b u ildin gs; fou r m iles from
lake e lev a tor; 18 m iles east o f P ortal.
T erm s $20 per acre, $3,000 d o w n ; reason
fo r selling, p oor health. A d dress John H.
D avis, B oscu rv is, Sask.________________ G 7 )
SOUTH DAKOTA.
We offer investments in South Dakota lands and
mortgages. Agents wanted
Hunt & Harrington, Sioux City, Iowa.
A
GOOD
F A RM
CHEAP.
I f taken a t once. N. E . and N. W . 13,
123,72 E dm u nds cou n ty, S. D .; 320 acres
all g o o d fa rm in g lan d; 100 acres under
fe n c e ; p rice $5,500; $2,500 cash, ba lan ce
6 p ercen t 5 years.
W A R D L . M cC A F F E R T Y .
R oscoe, S. D.
(23)
A fe w b a rg ain s in good im proved fa rm s
qu arters un im proved at u n h e a rd -o f s a criin S outh D a k ota -r r t ch e a p ; a fe w select
flees. Speak qu ick b e fo re th ey are gone.
W . L. C ochrane, B o x 181, A berd een, S.
D.
G4)
FRASER
Digitized for
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C O M M E R C IA L
Saturday, March 23, 1907
W EST
FARMS AND FARM LANDS
FAR M S AND FARM LANDS
^
ARKANSAS.
C A T H O L IC fa rm ers w a n ted ; purest
w a te r
fro m
sprin gs and w ells; g ood ,
p rod u ctive soil; health y clim a te; n o m o s
qu itoes; no n eg roes; eleg an t C ath olic
chu rch and sch ool, residen t priest. F ath er
Bandini,
T on titow n ,
W a sh in g ton • Co,
A rk,______________________ ________________ G?)
B argain —280-acre fa rm ; 100 acres in
cu ltiva tion ; near noted health resort and
high grade norm al and training sch ool;
$1,600, easy term s. Chas. D ixon, R a v en den Springs, A rk.
__________________ Q2)
CALIFORNIA.
F or Sale—4,000 acres o f g rain and p a s
ture land in the northern part o f S ta n is
laus co u n ty ; under fa vora b le con d ition s
w ill p rod u ce from 7 to 12 sa ck s o f w h ea t;
w ell w atered f o r sto ck ; 1,000 acres all
fen ced , 3,000 fen ced on th ree sid es; 4
m iles fro m station. A d dress R hod es B ros.
________________________ G9)
M ilton, Calif.
C A L IF O R N IA H O M E S —W rite u l fo r
literature d escrip tiv e o f irrigated lands in
“ SU N N Y
S T A N IS L A U S .”
M AZE
&
W R E N , M odesto, C alifornia.__________ (12)
C aliforn ia ’ s pure p rod u cts, fresh , lu s cious, healthful—w ith the sunshine o f C alifo rn ia in them —Oranges $5 b ox in ad van ce
prepaid. Send 10c fo r typ ical p ost cards,
literature on C alifornia, and b ook let on
safe in v estm en t in c o -o p e ra tiv e orange
g row in g.
N on -resid en t
sto ck -h old ers
m ay a ct as d istribu tors o f our p rod u ct in
their hom e tow ns. In vest n ow and sh are
profits. G olden Glen O range Co., Inc. C.,
R iversid e, Canf._________________________ G2)
i
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CANADA.
C heaper .than lan d in the N o r t h w e s t E le ctric ra ilw a y p assin g the door. F or
p articu la rs ap p ly to W m . B eattie, B ox
369, L eam in g ton , Ont.
________________(12)
G reater C an ada R eal E sta te Co. Ltd.
(in co rp o ra ted ) F arm s, F arm s, F arm s,
F ru it F arm s, W h e a t F arm s irrigated and
n o n -irrig a ted , T im b er lim its, B usiness
opportunities.
M anager—fifteen
years
W e ste rn ex perien ce. Can su pply se le c t
ed lands.
R eferen ce—B an k o f B ritish
N orth A m erica. R. B. O’ Sullivan, P. OB o x 32, C algary, Canada._______
Go)
S askatchew an, C anada—W e have 100,000 a cre s o f as g ood land as there is on
earth fo r sale at p rices ran gin g from 10
to 30 D ollars per acre, a ccord in g to im
p rov em en ts; railw ays, elevators, chu rches,
sch ools and *all oth er m odern c o n v e n i
ences.
^Ve w ill take it as a personal
fa v o r w h ich w ill be m u ch ap p reciated
if y o u w ill w rite fo r our p rice list and
m ap.
B aird & Co.,
O xbow ,
S ask.,
Canada._____________________ _____________ G4)
W e have fo r ty thousand acres o f bea u tifu l prairie land in the G olden W h ea t
B elt o f sou th w est M an itoba ; every a cre
can be cu ltiva ted ; all w ith in six m iles o f
g ood tow ns, n ot m ore than 100 m iles
from the c ity o f W in n ip e g ; p rices run
fro m sixteen to tw e n ty -fiv e dollars per
acre, g ood term s. I f y ou are look in g for
som e g o o d land w rite us. A. J. W olb rin k
& C om pany, B on A c c o r d bldg., W in n ipeg, M an.
_____________ _ _ _ ___________ GU
F or Sale----- T hree section s ch oice w h eat
land at a sn ap; w ill m ake a safe in v est
m ent or a n ice p rop osition to fa rm ; also
som e half or qu arter section s on easy
term s. W e have a 120-acre fa rm 90 m iles
from M inneapolis fo r sale cheap. W rite
S cribner & W h e e le r ,, M ortlach, Sask. (14)
Im proved F arm F or Sale—H a lf section
10 m iles south o f B randoh, M an.; 1-2
m ile from sid ing in one o f the best w h eat
d istricts o f M anitoba; g ood buildin gs and
w a te r; will sell fo r $9,000. A p p ly ow ner,
S. M cR ob erts, B randon, M an.
(15)
F or Sale—640 acres, 3 m iles from Q u’ A p pelle; g ood large stone house and barn,
and oth er im p rov em en ts; no en cu m beran ce, e asy term s, su bdivided if desired ;
160 acres ad join in g Q u’A p p elle; fram e
house, stables and p ou ltry hou se; good,
con v en ien t w ell and oth er im prov em en ts;
easy term s; sm all herd o f ch oice p u re
bred A y rsh ires on farm , w ill be sold fo r
cash. L. G. B ell, Sr. South Q u’ A ppelle,
S askatchew an. ________ _________________ (14)
R e g in a F arm F o r Sale—H a lf section
fou r m iles from c ity ; ow in g to the death
o f the prin cip al ow n er the fa rm h a s to
be sold im m ed iately.
T h is is a first
class d airy fa rm ; the n ev er fa ilin g W a s ca n a river runs through it; w ill be sold
includ ing full line o f im plem ents and
sto ck ; there is 150 acres rea d y fo r crop.
F or fu rth er in form ation apply to the
M cC u sker Im plem ent Co. R egina, C an ada.
_____________ _ __________________ Gl>
M ust Go—1-2 sec. im prov ed at $15 per
acre, 4 m iles to siding, cu ltiva ted j 50
a cre s; 1-4 sec. 18 acres broken, sm all
sh ack, at $10 per acre, one m ile to sid in g;
1-4 sec., house 14x14, stable 14x28, join s
tow n site, a t $20 per acre—this is a snap.
W a n te d —m en to sta rt business in new
railroad tow n in w ell settled com m u n ity ;
splendid op portu n ity.
F or fu rth er p a r
ticu lars w rite O. P ost, W ood m ore, M an.,
Canada.
G 2)
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anadaT
F O R S A L E —M cK in ley F arm (E . 1-2 2211-26 W .) 6 m iles north o f V ird en on m am
road close to sch ool and ch u rch es; ab ou t
200 acres u n der cu ltiv a tion ; abundant
supply o f sp rin g w ater. A p p ly to G O U L T E R & SIN G E R ,
V irden ,
M anitoba,
C anada.
____________ _______________ (44)
F arm L ands in M a n itoba F or Sale—T he
un dersign ed offers fo r sale tw o thousand
acres o f selected fa rm lands, situ ated in
T ow n sh ip 16 R an ge 20, T . 16 R . 21, T . 16
R . 22, T. 15 R. 22, T. 20 R . 25, a t from
$25 to $30 per a cre, a cocrd in g to location .
T h ese lands are in a w ell settled d is
trict, con v en ien t to railw ay, elevators,
p ostofflee, schools, chu rches, etc., w ith
good p rairie roads. T h e soil is a rich
clay loam . W ill be sold in p arcels o f 160
a cres and upw ards. T erm s: tw en ty -fiv e
p ercen t of p u rch ase p rice cksh , the unpaid
balance at 6 p e rce n t; tim e o f p ay m en ts as
agreed. Dr. J. H . M athieson , St. M a ry ’ s,
O ntario, Canada.________________________ (12)
In v estors A tten tion —$35,000, y2 cash,
bu ys best R an ch in L y m a n cou n ty, South
D a k ota ; 1,680 acres, w ell im proved, fine
w a te r; 250 head cattle, 140 horses, high
grade stock . H a ve m an w h o w ill assum e
m anagem ent if desired.
W ill net you
$5,000 to $8,000 per year from start. A d dress B ox 166B, C ham berlain, S. D. (12)
F ree H om es—Nine thousand hom esteads
on R osebu d reserva tion , soon to open.
Send 25c fo r full particulars. A . E. Kull,
S ecretary C ham ber of C om m erce, B on esteel, S. D._____ ________________________ (43)
B IG G E S T ¿ N A P IN C A N A D A .
65,00 a cres o f lan d on ly 35 m iles from
W in n ip eg , and non e o f _the land m ore
than fro m one t o six m iles frb m tow n,
righ t betw een tw o m ain lines o f road ;
w ill sell en b lo c or in 5,000 to 10.000
a cre tra cts at a p rice th a t w ill surprise
you. A t p rice offered this lan d w ill d ou
ble in value w ith in a year.
A bon anza
fo r agen ts. C all on or ad d ress T he B elle
P lain e-C a n ad ian L an d C o., B elle P laine,
Minn.
______________________ -___________ (42)
F or Sale—F arm o f 800 a c r e s ; the s%
and the n w !4 o f section 16-16-6 w est o f
2nd, and the n% o f 17-16-6 w e st o f 2nd.
T here are 140 acres
cu ltiv a ted ; good
house 18x24 tw o stories high, fram e sta
ble and gra n a ry com b in ed 18x104, hen
house, g ood w ell and garden stock ed w ith
fru it trees. T he a b ove has been run as
a d airy and crop fa rm com b in ed and good
reason s can be g iven fo r selling. P rice
$15 per acre, on easy term s. Im m ediate
possession . A p p ly to John W alk er, real
estate agent, G renfell, Sask,___________(13)
B u y D irect F rom
Ow ner and save
a g en t’ s com m ission ; M an itoba fa rm s at
$19 per acre, on e-q u a rter cash. F. B u rn ham , B road w ay, W in n ip eg, M an.
(15)
F O R S A L E —N orth h a lf o f section 5, T.
13, R. 18, 3 m iles east o f V a r c o e ; no im
p rov em en ts;
$15 per acre,
N orth east
qu arter o f section 32, T. 12, R ; 18; 20
acres b rok en ; $15 per acre.
W h ole of
section 31, T. 12, R. 18; g ood buildings,
200 acres broken, 90 acres sum m er fallow ,
10 acres ba ck settin g , all fen ced ; a sp len
did ch an ce fo r m ixed fa rm in g ; p rice $15,000. Two- m iles from V a rcoe. A p p ly T.
L. O R C H A R D , B ran d on ; Man._________ (17)
COLORADO.
R A N C H fo r sale, or trade fo r city p ro p
erty, at V erde, C olo; im p rov ed ; has tim
ber and gold.
A . H u tch in son , V erde,
Colo._____________ _________________________(12)
F or Sale—A R eal H om e; 400 acres, 65
in cu ltiva tion ; shade and fru it trees,
house, barns, corrals, w ells, w in d m ill; 40
head cattle, 2 horses, im plem ents, e tc.;
20 m iles from D en ver; $6,000.
L aw rie,
.'2438 K in g st., D enver, Colo.__________ (15)
G R E E L E Y DI STRI CT.
U nder su rv ey o f d itch exten sions.
1 section east o f P ierce, $6 acre.
y2 section east o f P ierce, $3.50 acre.
3 section s east o f E aton and Greeley,
$7 acre, im proved read y fo r sm all colony.
2,060 acres, im proved, w ith first-cla ss
w a ter righ ts; b est p ota to, sugar beet and
grain lan ds; % to 2y2 m iles from ra ilw a y
sta tion s; $40 p er acre. T H E M ID -W E S T
IN V E S T M E N T CO., F ra n k O. N ew m an,
202 M ercan tile bldg., D en ver, Colo.
(13)
8,000-Acre R a n ch .fine, level fa rm in g
lan d; liv in g w ater, fine irrigation p ossi
b ilities; large grove, fine tim ber; 40 m iles
east o f D enver. T h is land w ill bear c lo s
est in v estig ation . T he A n telop e L an d &
C attle Co., 1731 C ham pa st., D enver, Colo.
_______________________ (15)
F or a C heap H om e or an Investm ent
com e to E astern C olorado, w h ere all kinds
o f crops are su ccessfu lly g row n w ith ou t
irrigation, w here the clim ate is healthful
and the w a ter pure, s o ft and abundant
and w h ere you can g et a h om estead or
relinquishm ent.
F or in form ation w rite
to T he B u rlin gton L an d Co., o f B u rlin gton, C olorado.
_______ _______________ (42)
Can be B o u g h t F ro m O w ner—163 acres
im prov ed lan d; a g ood hou se and o u t
bu ild in gs; w ith or w ith ou t c a ttle ; also
.160 or 320 can be leased to p urch aser.
B o x 8, H illtop, C olo.
(13)
Saturday, March 23, 1907
FARMS AND FARM LANDS
THE
C O M M E R C IA L
FARMS AND FARM LANDS
FARMS AND FARM LANDS
MONTANA.
TEXAS.
DO Y O U W I S H T O M A K E
A CHANCE?
F ru it and P ou ltry F arm —54 acres, p a rt
ly in lim its c ity 2,000 p op u lation ; 1,000 4
and 5-y ea r p ear trees b eg in n in g to b e a r;
2,000 y e a r-o ld p each trees, bea r n ex t y ear;
3 a cres b la ck b erries and d ew berries; 100
or m ore assorted fru it trees; half acre
splendid vineyard, all bois d’ arc posts,
three w ires; g ood 1 % -s to r y residen ce,
g ood barn, sm okehou se, tenan t hou se, in
cu ba tor house, in clu d in g in cu b ator and
b rood er; garden fen ced p ou ltry n ettin g ;
stock fine B arred P lym ou th R o c k chickens
and M am m oth B ron ze turkeys. A n in
dependent livin g can be m ade raisin g
tru ck and fine poultry.
N o com p etition
and an assured in com e $2,000 to $3,000
per annum from orch ard in sh ort tim e.
F. A . T om p kins, P ilot P oint, T ex.
(12)
ILLINOIS.
40 A c re s in Jefferson cou n ty, 111., 36 in
cu ltiva tion ¡im p rov em en ts; p len ty o f fru it;
1 m ile to ch u rch and sch o o l; $40 per a cre ;
b ird ’ s -e y e p h oto on application. A d dress
E. B H a rv ey , W oodlaw n , 111.__________ (12)
F or Sale—240-acre sto ck fa rm ; 22 m iles
from cou rth ou se, C h ica g o ; fine lan d; c o n
v en ien tly lo ca te d ; price $100 per acre.
L e w is & W ilh ite, 181 L a Salle st., C h ica go.______________ __________________________(12)
I f you have a farm, home, business, or property
that you want to sell or exchange, write us.
Globe Land and Investment Co,, Omaha, Neb.
or Sioux City, la .__
____ ________________ ____
F o r Sale—682 acres o f land jo in in g on
K alisp e ll and w ithin one m ile o f sam e;
cause fo r selling, a g e lim it D. J. Plume,,
K alispel'l, M ont,
___________________ (19)
IOWA.
NEW MEXICO.
S M A L L F A R M , splendid hom e, im
p rov ed ; m ust be sold at once. A ddress
G. I. H uffm an, 4th and L o cu st, D es
M oines, la._______________________________ (12)
P u b lic L a n d Scrip, 40 and 80-acre a s
sign m en ts; bank referen ces. W . A. F lem
ing, Jones, L a s C ruces, N ew M ex ico. (13)
KANSAS.
1130 A C R E S T O C K F A R M .
O nly $15 per a cre ; 8 m iles fro m railroad
tow n ; p len ty o f tim ber and w a te r; large
bod y rich blu estem p astu re; bea ts a n a
tional ba n k as a m on ey m aker.
J. W .
K enner, E ureka, K an sas.
(13)
B est B argain in E astern K a n sa s—674acre finely im proved fa rm and g o o d b u si
ness; ow n er cleared $8,000 last y e a r; you
c a n ev e ry y e a r; ow n er had stroke o f p a
r a ly sis; has g o t to quit bu sin ess; w ill sell
this bea u tifu l fa rm fo r $45 per acre, throw
in business and g ood will, and loan $15,000 on fa rm ; an sw er q u ick fo r rare b a r
gain.
J. W . B ron ston & Son, G arnett,
Kan.______________________________________ (13)
MASSACHUSETTS.
F or Sale—A S tock or D a iry fa rm in
the B erk sh ire H ills; pleasant, d esirable
and hom elike. F o r p a rticu la rs inquire o f
Jam es B olger, H insdale, M ass.
(12)
MEXICO.
F or Sale—A fine cattle ran ch o f 5,000
acres on the P a n u co river, eig h ty m iles
from T am pico, M e x .; has 1,500 acres
cleared, fe n ce d and planted in P ara and
G uniea g ra ss; 900 head fu ll blood ed and
graded sto ck ; g o o d bu ildin gs and a store
on high b lu ff; w ee k ly steam er tou ch es at
lan din g in fro n t o f ranch . F or fu rth er in
form a tion and p rice address E. M. R o w ley, B o x 95, T am pico, M ex.
(21)
MICHIGAN.
M ich igan u n im p roved fa rm lands, p e r
fe c t title, a t $2.00 per acre; an y am oun t,
40 to 1,000 a cres. L. J. M iller, K in g ston ,
M ich.______________________________________ (13)
F or Sale—190 a cre s; g ood location , good
soil; near railroad sh ipping point.
Ad
dress B o x 28, R oute, 2, M ullikin, E aton
coun ty, M ich.
(13)
F or Sale—120 acres in E a to n coun ty,
M ich .; the se!4 o f sw (4 and w % o f sw 14sec. 26, tow n 2, range 6; nearly all under
cu ltiv a tio n ; fa ir bu ildin gs; five acres t im
b er; six m iles to railroad ; p rice $45 per
acre. A d dress W . K. B arnes, A lexand ria,
M inn.
(12)
MISSOURI.
F O R SA L E .
280 acres, im m ed iately ad join in g B u t
terfield, a tow n on the F risco, 13 m iles
sou th of' M on ett; 60 acres in cu ltiva tion
and rem ainder in tim b er; can nearly all
be c u ltiv a te d ; g o o d corn, w h eat and o r
chard lan d; also fo r sto ck and p ou ltry
ra isin g ; part located one b lo ck fro m d e
p ot; splendidly adapted fo r p la ttin g ; w ill
sell in tra cts o f 40, 80 and 160 a cre s;
p rice $20 per a cre ; term s to suit p u r
chaser. A d d ress R o b e rt Johnston, P. O.
B ox 167, M onett, Mo.
______________ (12)
276-acre fa rm in L in coln cou n ty, M is
sou ri; 100 a cre s in tim ber, 176 a cre s p ra i
rie; s ix -r o o m h o u se ; barn 40x60,
and
oth er o u tbu ildin gs; o n e -fo u rth m ile to
tow n ; fou r churches, sch o o l; p rice $36.50.
W . W . D ow n ing, Olney, M issouri.
( 15)
F or Sale—B est land fo r the m on ey in
the U nited S ta tes; fine clim ate, soil,
health, m arkets, w ater, etc.
W rite fo r
d escrip tion and prices. C rew son & H a r
rison, V ersailles, M issouri._____________ (12)
F or
Sale—40-acre fr u it
and
p o u ltry
fa r m ; finest p lace fo r p o u ltry in the
sta te; 25 acres in o rch ard, 10 acres in
tim ber, 5 a cre s in cu ltiv a tio n ; 12 m iles
fr o m S pringfield, M o .; (4 m ile fro m g o o d
railroad to w n ; p rice $6,000,
cash. This
an d oth er g o o d fa rm s fo r sale. A d dress
J. K Sm ith, B ois D ’ A rc, M o. R o u te 2.
__________________________________( 12)
MONTANA.
FOR SALE. - HIGHLY IMPROVED 1, 400
ACRE HAY, GRAIN AND STOCK RANCH,
four miles from depot, at $20.00 per acre.
300 acres under irrigation; mostly Missouri River
bottom land. 1,000 acres State leased adjoining
patented land goes with ranch. It can’t be dupli
cated for the price in this State. Terms easy.
For particulars address
J. L. PERKINS, Cascade, Mont.
F o r Sale—F arm o f 880 a cre s; 740 in cultiva tion , ba lan ce tim ber. F o r p articu la rs
in q u ire Josep h A . E d ge, ow n er, B o x 27,
S om ers, M ont.
(12)
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
31
W EST
OKLAHOMA.
O klahom a—T he R eece A g en cy , A n a darko, Okla., is sellin g fa rm s in rich est
part o f N ew O klah om a at v e r y low prices.
T he fa rm s w ill double in valu e in less
than five years.
A lso handles selected
fa rm and c ity real estate secu rities.
(13)
F A R M and pasture, 320 acres, or 80
acres, or 10 a cres; im p rov em en ts; m er
chan dise, m o stly groceries, $2,000; p o sto ffice, phone line, tw o rural lines; R. F.
D. R oute 1; $3,500 fo r fa rm an d cost on
goods.
W rite F. D. K ild row , B lake,
G reer cou n ty, O kla.
(12)
OKLAHOM A LAND.
2,480 acres im proved fa rm s; can sell
to g e th e r fo r $23 per a cre; o n e -h a lf cash,
ba lan ce on tim e at 5 percent, or w ill su b
divide to suit purch aser. T his land is in
C anadian coun ty, O klahom a. A d dress R.
C. D ickinsh eets, E nid, Okla,___________(14)
TEXAS.
F or Sale— 20-acre farm and tow n lot
in G ardendale colon y , $420; $20 dow n,
b a lan ce on e asy term s; railroad through
new tow nsite. T ex a s B usiness E x ch an ge,
211 B ro o k bldg., San A n ton io, T exas.
(13)
TEXAS
FARM
LANDS
R A IS E
From $10 to $40 in 18 months.
W . R. S H I R L E Y , S I O U X C I T Y ,
IA .
T e x a s L a n d s;
G ood p rod u ctive lands!
C entral R eal E sta te Co., A gen ts, N. Y.
L ife bldg., M inneapolis, Minn.________ (tf)
F o r Sale—672 acres, 8(4 m iles sou th
w e st o f A m a rillo; all fen ced and crossfe n ce d tw ice ; cu ltiva te the w h ole th in g;
5-room house on the lan d; also a 2-room
ren ter’ s h ou se; barn , g ood w ell 140 feet
d eep; w in d -b rea k , fish pond, orchard,
h og pasture, w a ter piped to pasture. I
w ill sell all or h a lf section im p rov ed ;
w rite m e a t on ce as I w ill take sam e off
the m ark et in 10 d ay s if n ot sold. G.
W . D ealey,
B o x 595, M ineral W ells,
T ex .
(12)
F or Sale—1,500 acres N o. 1 v alley lamp
w ell im p rov ed ; ab ou t 1,300 acres cu ltiv a t
ed ; b est a lfa lfa land in cen tra l T e x a s;
have m ade six cu ttin gs a y e a r; 35 bushels
w h eat,
60 bu shels c o m ,
80 bushels
oats
and one bale cotton per a cre;
railroad
sw itch
near
fa rm ; one a r
tesian well, p len ty houses, barn s and
other bu ildin gs; in fa c t ev eryth in g that
is needed on first-cla ss farm .
A d dress
John D. F reem an , agen t, M cG regor, T ex.,
or S. A . C avitt. ow n er, M cG regor, T ex.
In the A bilen e cou n try , in T ex a s, one
crop usually p ay s fo r the land. F or p a r
ticu lars address O. P. T h om as, S ecretary
25.000 Club, A bilene, T exas.__________ (13)
602 A C R E S land, 338 cultivated , r e m ainder tim ber; $9,000 im prov em en ts;
livin g stream , tanks, w ells, cistern ; p r o
duced 1906, $6,300 cotton , 2,840 bushels
co rn ; alfalfa, fru it tru ck ; near sch ool and
ch u rch ; ideal stock fa rm ; 5 m iles from
G au se; p rice $20 per a cre; liberal term s.
J. L. S tew art, route 2, Gause, T ex. (12)
F ive and O n e -H a lf acres land one m ile
from c ity lim its; popu lation o f c ity 25,000;
an ideal p lace for p ou ltry and d airy fa rm ;
fine w a te r; good im p rov em en ts; plenty
o f w o o d ; fine sch ools; w ill sell on rea son
able term s. W rite S. N orvell, B o x 423,
___________
(13)
W e a th e rfo rd , T ex,
O rchard F arm 201 acres, near J a ck s o n ville fru it belt; 80 acres in y ou n g orch a rd ;
c a p a c ity this y ear 10,000 b u sh els; reason
fo r selling, ow n er has other business.
A d dress J. A. M oore, Grand P rairie, D allas coun ty, T exas. ____________________(12)
C ham p T raylor, R eal E state, Plem ons,
T exas.
P a st fifty years o f age.
B orn
and raised in T exas, g iv es him a fa m iliar
kn ow ledge o f real estate values, esp ecia l
ly in the P anh an dle o f T exas. I w ish I
could do o r sa y som eth in g w h ich w ou ld
induce you to secure a g ood hom e and
farm in the g reat P anh an dle _o f T exas.
F ew o f our northern fa rm er frien d s have
bu t a v ag u e con cep tion o f the great p o s
sibilities that are w ith in their reach, and
it is on ly a qu estion o f w h o w ill grasp
th ese op portunities first.
I have th ou
sands o f acres o f g razin g and fa rm in g
lands w o rth from $1.75 to $8 per acre.
F o r fu rth er in form ation call on or a d
dress C ham p T raylor, P lem on s, T ex as.
Im proved and U nim p roved lands for
sale; 10 m iles from railroad an d cou n ty
sea t; sprin gs and shallow w a te r; 160 and
up.
E a sy term s.
$6,000 g ood stock of
g en eral m erch a n d ise; g ood custom , 10 to
16 dollars.
B. A. T hom asson , Clyde,
T exas.
_______________________(12)
UTAH.
G ran d V a lle y F ru it F a rm —F iv e acres
o f fru it, 25 a lfa lfa , 30 un broken, 100 g r a z
in g ; 3 head horses, 50 head ca ttle an d all
fa rm im plem en ts; fo r five th ou san d d o l
lars. W m .
M.
H a fe y ,
W est
W a ter,
U tah.___________________________ __________ (12)
VIRGINIA.
F or Sale—_earms in the S unny South,
“ n ea r the s e a ,” near N orfolk seap ort;
e lectric ra ilw a y ; send 10 cen ts in stam ps
fo r g ood m ap o f eastern V irgin ia.
A.
Jeffers, O ceans, V a.____________________ (14)
WASHINGTON.
B arg ain N o. 1—147 a c r e s; % m ile w a
ter fron t, 4 room h ou se; fruit, g o o d w a
ter, g ood soil, $3,000.
B argain No. 2—120 a c r e s ; 7 acres im
proved, g ood w ater, fine soil, 3 m iles from
g ood tow n, $150.
B argain N o. 3—80 a c r e s; im proved, 5
room house, barn and fa rm in g tools, 3
m iles fr o m a g ood m arket, $3,500.
B argain N o. 4—A fine h otel; d oin g a
g ood bu siness, lo t 60x100 feet, g ood lo c a
tion, fa irly furnished, everyth in g goes for
$7,500—$4,000 cash, ba lan ce m on th ly p a y
m ents.
Capt. J. W . R oberts, A rlin g ton
H otel, Seattle, W a sh .
(12)
WISCONSIN.
F or Sale—80-acre fa rm in W is co n sin ; 30
acres in h a y ; all fe n ce d ; fa ir bu ildin gs;
125,000 ft. stan d in g tim b er; close to
cream ery, ch u rch and sch o o l; $1,200—
term s. O wner, 1232 N ew ton st., D enver,
Colo.
(12)
MORTGAGE LOANS
H ) ^ ~ S A L e L w ESTERN NORTH D A
K O T A FA R M LOANS.
C on servatively
p laced at n ot to ex ceed on e-th ird value.
A safe investm ent and land in creasin g in
value rapidly. B est o f referen ces. C or
resp on d en ce solicited. M andan L oa n and
In vestm en t Co., M andan, N. D.
(tf)
FARM M ORTGAGES
5,
5 'A
and
6% .
E. J. L A N D E R <3 CO.
Box “ 7”
G R A N D F O R K S . N. D.
Send for booklet and descriptive memorandumof
loans on hand.
(15)
MONEY
FOR
M IN N E S O T A
AJÑD
N O R T H D A K O T A farm loan s; m ortgages
bou g h t and sold. Johnson, V an Sant Co.,
B an k o f C om m erce building, M inneapolis.
FARMS AND LAN D S-M ISCELLAN EO U S
F or Sale— One hundred and six ty acre
farm , 9 m iles north o f E ast Grand F orks.
All under cu ltiva tion and read y fo r crop.
T his farm is located in one of the best
d istricts in M innesota, lying on ly one
m ile ea st o f M arias. S chool house on the
ad join in g quarter.
P rice and term s if
taken at on ce v ery easy. F or p articu la rs
on this and other N orth D ak ota and
C anadian lands w rite R ustad & M cK een,
Grand F orks, N. D „ 1V2 South T hird
street._______________ ________________________
F or Sale—On easy term s, fo u r fine
fa rm s n ea r W h stp ort, M inn.; also fine
fa rm o f 480 acres here. A . B eaudreau,
Caron, S aska tch ew an , Canada.
(12)
W AN T
SOUTH
D a \ i\ j i A
L A N D S .,
Cash paid fo r S outh D a k ota lands. M ail
d escrip tion s and best p rice. W illo w R iv er
L an d Co., 302 P h oen ix building, M inneapolis. M inn.
______________ ___________(tf)
P arties w a n tin g R an ch L and in W e st
T exas, hom esteads in N ew M exico, or a
hom e in high altitude for their health, or
a fine fa rm o f 160 acres in O klahom a,
w rite John N usbaum , O range, N ew M ex i
co.
u 2)
32
THE
C O M M E R C IA L
W EST
Saturday, March 23, 1907
F A R M S AN D L A K E S -M I S C E I LNEOUS
F or Sale b y K in d ig & P eabod y, N e
m aha, N eb. B est general im proved fa rm
in eastern N ebraska, thirteen hundred
a cres; tw elve m iles o f L in co ln ; 100 acres
a lfalfa, 500 bottom , no overflow ; 800 acres
cultivated, ba lan ce fine hay and p asture;
pasture rollin g; $7,000 new bu ildin gs; take
tw o good rental qu arters as first paym ent,
ba lan ce long tim e at 5 p e rce n t; 2 m iles
fro m tow n.
F ine 1,280 acre im proved farm in n o rth
east K an sas, on ly $40 per acre; fine t im
ber and w a te r on farm .
1,520 acre sto ck fa rm
in
Jefferson
cou n ty, N eb ra sk a ; tim ber and w a te r;
on ly $25; w ill cu t up.
The ab ove w ill bear clo se st in sp ection ;
first com e first served:
L iv e ry barn
p ay in g $350 per m onth.
A re n ot these
a ttra ctiv e ?
CUNARD LINE
OLDEST
W e have a ch o ice section in Dunn
cou n ty , N. D. that w e can o ffer a t a v ery
low figu re; have also ba rg ain s o f 160 to
37.000 acres in B illin gs and
H ettin g er
coun ties, N. D. and the fa m o u s G allatin
and Jefferson cou n ties, M on ta n a ; if you
p refer C anada lands, w e h a ve som e
“ sn a p s” in M anitoba, A lb e rta and Sas
k atch ew an . G lobe R e a lty Co., 716 N o r th
w estern bldg., M inneapolis, ;,:;n n.
(13)
L a n d s A t W h o le sa le —N ot agen ts, but
ow n ers o f several hundred thousand
acres o f land in w estern N o rth D a k o ta
and eastern M ontana, a lo n g the N orth ern
P a cific ra ilw a y and the n ew coast line
o f the C. M. & St. P. railw ay . W e are
the first p eople on the ground and g o t
the cream G et q u ota tion s on tow nsh ip
lots W e also have 200,000 acres in n o r
thern M innesota.
F e lth o u s B ros., 308^10-312 E n d ico tt bldg., St. P au l, M inn. (12)
C R O S S IN G
FASTEST
NEW
THE
A T L A N T IC .
STEAMERS.
Y O R K —Q U E E N S T O W N — L IV E R P O O L .
Record Passa ge, 5 days, 7 hours, 23 m in u t e s .
THE
G IG A N T IC N E W
C A R M A N IA
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(T rip le -S c re w T u rb in e ),
LARGEST T U R B IN E
S T E A M S H IP A F L O A T .
C A R O N IA
( T w i n - S c r e w ) , both 20,000 tons, w i t h all m ode rn
i m p r o v e m e n t s , in c lu di ng band.
. A p r . 20 M a y 18 J un e 15
M a r . 30 A p r . 27 M a y 25 J line 22
I v e r n ia , Boston .......................... AApp r . 2 A p r . 30 M a y 28 J un e 25
L u c a n i a , N . Y ....................
A p r . 6 M a y 4 Ju ne 1 J un e 29
C A R O N I A , N. Y ........................ ' .A
. Apprr.. 9 M a y 7 J u n e 4 J u ly 2
. A p r . 13 M a y 11 J u n e 8 J u l y 6
. A p r . 23 M a y 21 J un e 18 J u ly 16
. A p r . 16 M a y 14 J u n e 11 J u ly 9
No C U N A R D S T E A M E R S t a k e n off Q u e e n s t o w n route .
A L L call t h e r e as he re to fo re .
M E D IT E R R A N E A N
S E R V IC E .
GI B R A L T A R —G E N O A — N A P L E S —A D R I A T I C .
N e w m od e r n t w i n - s c r e w s t e a m e r s f r o m N e w Y o r k .
C a r p a t h i a .............................................................. M a r . 28 M a y 16 J u l y
S la v o n i a
................................................................ A p r . 11 M a y 30 J u l y
U l t o n i a [2d & 3d class o n l y ] .................... A p r . 25 J u n e 6 A u g .
P a n n o n ia ............................................................... M a y
2 J u n e 20 A u g .
ERNEST
CARLEY,
5 G uaranty
M g r .,
B u il d in g ,
N. W .
4
18
1
8
D ep t.,
M in n e a p o li s .
TOURCREDIT IS GOOD AT THE NEW ENGLAND
The Best Constructed, Finished and Trimmed
FILING CABINETS
on the market are those bearing
Ship your Hides, Furs, Pelts,
W ool, Ginseng and Seneca Root
to the Old Reliable
Trade Mark.
The Exteriors
are Quarter
Sawed Oak,
w,th Golden
Velvet Finish
Fronts, Ends,
Tops and Backs.
The Drawers
are Best Hard
wood with
Dovetailed Ends
INTER
’llIlfi-
Irl^1' ” ~
i l l {'4 A !
iiillJiPV'
Iwm
W
w
H
i1*'JM IÆ
K
,
n
YOU
*^
A
NY
CO MBINch o o se
'Mimë -‘Æ m
m
at ion
yo u
WISH—
All Separate
Tops. Bases,
Loose Ends and
other
Useless Features
Eliminated.
The Outside
Hardware is
Solid Cast Brass
INTER
WE HAVE THEM ALL.
Harrison & Smith Co.
Printers, Lithographers, Blank
Book Manufacturers, Elevator
Blanks and Bank Supplies to
order.
Estimates Cheerfully
furnished.
6 2 4 -6 2 6 -6 2 8 South Fourth St.
M IN N E A P O L IS
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Federal Reserve Bank of St. Louis
We still have some of the Old Style Sectional Files on hand
at Discounts Ranging from 1 5 % to 5 0 % from Regular Prices.
Be U p-to-D ate— Have a place for everything and everything
in its p la c e .-C O M E A N D SEE US.
New England Furniture & Carpet Co.
Complete OHice Outfitters.
M in n e a p o lis
5th St., 6th St., and 1st Ave. So.
■
=
M in n e s o ta
Saturday, March 23, 1907
THE
C O M M E R C IA L
W EST
33
RECEN T LEGAL D E C ISIO N S
Interest
to
be
A llow ed
A fter Appoin tm ent
solvent Bank.
of
Receiver
of
In
In an action brought by the attorney general to wind up
the affairs of an insolvent bank, the court of appeals of New
York holds, People vs. Merchants’ Trust Company, 79 North
eastern Reporter, 1004, that interest at the contract rate
should be allowed and credited upon the accounts of its
creditors to the date that the receiver took possession ot
its assets; that thereafter interest is not allowable _as be
tween the creditors themselves, but is allowable against the
corporation; and, if the assets are sufficient after payment o
the principal of the indebtedness, as established at the time
the receiver took possession, the interest should be paid at
the legal rate before the distribution of the surplus to the
stockholders.
Referring to the case before it, the court says that in
terest was chargeable at the contract rate upon the claims
of depositors and certificate holders down to the date of the
appointment of the receiver and of his taking possession
of the assets of the defendant did not appear to be questioned.
But after the receiver had taken possession of the assets
of the company under such appointment, the corporation be
came powerless to carry out its contracts with the depositors
to repay their money to them upon demand. T he depositors
thereby had their right of withdrawal and payment taken from
them. The company, owing to its inability to pay, became
chargeable with a breach of its contract, thus terminating its
right under the existing contracts and investing its depositors
with all the rights given by law to persons whose contracts
have been broken, do continue the interest at the contract
rate would be manifestly unjust to the creditors, for the
rates allowed under the contracts varied from 2 to 4 percent,
and it would, therefore, favor one class at the expense of the
other. The court thinks, therefore, that when the contracts
with creditors were broken by the defendant becoming in
solvent and the appointment of a receiver, so that it was
unable to perform its agreements, the legal rate of interest
became the rate to which all the creditors were thereafter
entitled, and it should be paid by the receivers if the assets
were sufficient.
In the case of People vs. Am. Loan & Trust Co., 172 N.
Y. 371, the court said: “ If the assets are sufficient to pay
all, including interest, it must be paid, for, as against the
corporation itself, interest should be allowed before the re
turn of any surplus to the stockholders.” It may be ad
mitted that these remarks were unnecessary to the disposi
tion of the case then under consideration, but the rule thus
asserted appears to be so eminently just and so well sup
ported by other authority that the court has now no hesi
tancy in adopting it as the rule that should be adhered to m
disposing of questions of this character.
* * *
E U G E N E
STEVEN S
IVI.
C O M M E R C IA L
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
PAPER
M U N IC IP A L , C O R P O R A T IO N A N D R A ILR O A D
BONDS
NORTHWESTERN
NATIONAL
BANK
BUILDING
»
MINNEAPOLIS
_______ ________
I
i
i
THE BANK FOR THE PEOPLE.
COURTESY,
C O N S E R V A T IS M
AND
PERSONAL
A T T E N T IO N
are given our customers.
Minnesota National Bank,
M inneapolis.
Ca p it a l ,
_
I
Officers :
..
$ 2 0 0 ,0 0 0 .0 0 .
A. D. Clarke, President
^ Williams, Vice-Pres,
J. D. Utendorfer, Cashier
NATIONAL COM M ERCIAL BANK
ALBANY, N. Y.
Capital $1,000,000
Surplus
and Profits 1,758,133
Deposits, 17,795,537
OFFICERS:
R obert C. P ruyn ,
President.
Gr a n g e Sa r d ,
Vice-Prest.
C h a r l e s H. Sa b in ,
Vice-Prest.
E d w a r d J. H u sse y ,
Cashi«a\
W ALTERW. BATCHELDER
Asst. Cashier.
R e q u i r e m e n t A s T o L i s t i n g o f M o n e y D e p o s i t e d In B an k .
The supreme court of Nebraska holds, in the case of
Critchfield vs. Nance County, no Northwestern Reporter,
538. that the expression “money deposited in bank,” as used
, in section 4 of the revenue act of 1903, is intended to in
clude money on, general deposit in bank. The plaintiff was
a depositor to the amount of $1,000 in one bank and was at
the same time a debtor of another bank upon his promissory
note for the same amount. The precinct assessor returned
the amount of the deposit for taxation, refusing to set off
against it the indebtedness upon the note. The plaintiff
made an unsuccessful attempt to obtain such a set-off by the
county board of equalization. He therefore appealed to the
district court, by which the set-off was allowed.
But
the supreme court holds that this was error. Ihe supreme
court commissioners say that the first clause of section
28 of the revenue act requires of every person of full age
and sound mind, being a resident of the state, that he shall
list all his moneys for taxation, and section 4 enacts that
“the word ‘money’ includes all kinds of coin, ah kinds of
paper issued by or under the authority of the United _States
circulating as money whether in possession or deposited 111
bank or elsewhere.” Money so deposited is expressly dis
criminated from a “ credit,” which is defined by the fol
lowing section to include “every demand for money, labor or
other valuable thing whether due or to become due.” The
first clause of section 28 also expressly requires that listing
specifically of all “moneys loaned or invested,” and this court
held, in Lancaster County vs. McDonald, that this lattermentioned requirement must be complied with, although the
taxpayer may he indebted beyond the amount of such loans
and investments. It seems quite clear, and it is also in
harmony with the decision cited, that the legislature in
tended to require the listing of moneys in possession and on
deposit, regardless of the indebtedness of the depositor.
Again, it is said that it is, an elementary rule of construc
tion that the words of a statute are to be understood in their
ordinary and popular sense, unless the act itself discloses ex
pressly or by necessary implication a different intent, and, by
the expression “money deposited in bank,” without explicit
qualification, is popularly and universally understood to be
meant money on general deposit.
& C O .
W e m ake a sp ecia lty
o f collectin g
Grain
D r a fts .
W . B . M cKeand & Co.
The Rookery
C H I C A G O
C om m ercial P a p e r .
I n v e st m e n t S ec u r it ies .
Write fo r Special Circular.
M E T A L B A N K A N D OFFIC E, R A I L I N G S ,
I R O N D O O R S and W I N D O W G U A R D S .
Designs on application.
Flour City Ornamental Iron Works
MinM?nn.olis’
34
T H E C O M M E R C IA L
W EST
Saturday, March 23, 1907
Swedish American National Bank
^
_
Capital, $5oo,ooo
MINNEAPOLI S
Surplus and Undivided
Profits, $35o,ooo.
A c c o u n ts of B a n k s and B a n k e r s a S p e c ia lt y ,
N. 0 .
WERNER,
P resid en t.
C. S. HU LB ERT,
E. L. M A T T S O N , C a s h ie r .
Bank Stock Quotations.
M inneapolis S ecurities.
Q u otations fu rn ish ed b y E u gen e M. S teven s & Co., C om
m ercial P ap er and In v estm en t Securities, N orth w estern N a
tion al B an k Building.
Mar. 21, 1907.
L ast
■Ri
d
A
lrû 4
Bid.
Aosked.
Sale.
G erm a n -A m e rica n B an k ..................
, 200
185
F irst N a tion al B a n k ............................
. 205
210
205
G erm ania B an k ............................................... 14Ö
140
150
134
H en nepin C oun ty S avings B a n k . . . ____
190
M erch an ts & M an u factu rers S tate B ank: Ì4Ò
130
Ì5Ò
M inneapolis T ru st C o m p a n y ............
155
M in n esota L o a n & T ru st C o m p a n y .......... , Ì35
135
Ì4Ò
135
M innesota T itle In su ran ce & T ru st C o ... 100
105
M innesota N ation al B a n k ............................ 100
110
105
N ation al B an k o f C o m m e rce ............
160
170
N orth w estern N ation al B a n k ..........
250
260
P eoples B an k ........................................
110
St. A n th o n y P alls B a n k ....................
180
180
S ecu rity B ank o f M in n e s o ta ............
230
220
S w ed ish -A m e rica n N ational B an k .
185
S outh Side State B a n k . . . . ..............
200
U nion S tate B a n k ............................................ 110
ÏÏÔ
110
107
M pls. Gas L ig h t Co., 6’s, 1910-30..............
103
103
MP]914C30S L ig h t C o” G en' M t&e- 5’s
100
102
Mpls. Gen. E le ctric Co., 5’ s, 1 9 3 4 !..!!!'. 103
105
104
M inneapolis B rew in g Co., c o m m o n .......... „190
„
201
M inneapolis B rew in g Co., p fd .................. 107
110
107
M inneapolis B rew in g Co., b o n d s .............. 111
I ll
110
M inneapolis S ynd icate ................................
105
100
M inneapolis T h resh in g M achine C o ___
175
200
M inneapolis Steel & M ach in ery Co., p fd
103
102
M inneapolis Steel & M ach in ery Co., com
125
123
N orth A m e rica n T elegrap h Co.
95
100
N orth w estern F ire and M arine Ins. C o ... 175
200
180
T ri-S ta te T eleph on e Co., p fd ......................
95
100
100
T w in C ity T eleph on e Co., p f d ..................
lio
110
115
T w in C ity T eleph on e Co., 1st M tgs. 5’s
1913-26 ..............................
95
95
98
97
St. Paul Securities.
T he fo llo w in g qu ota tion s on St.
secu rities are furnished
b y P ea b od y & Co., brokers, 27 Merc
s ’ N ational B an k bu ilding St. Paul.
Mar 19. 1907.
Bid.
A sked.
Sale.
A m erican N ation al B a n k ..............................
113
110
C apital N ational B a n k ...............................
130
130
F irst N ational B an k ................................
265
265
M arch an ts’ N ational B a n k ................................Í65
Ì65
165
N ational G erm a n -A m erica n B a n k ..........
160
155
S ca n d in a via n -A m e rica n B an k ..............
160
140
Second N ational B a n k ................................ 160
166
156
S tate B a n k .......................................................... 110
HO
125
N orth w estern T ru st C o m p a n y .................. 123
Ì25
121
M inn. T ra n sfe r R y. 1st 5’ s, 1916 . . .
100
105
M inn. T ra n sfe r R y. 1st 4’ s. 1 9 16...
100
S ecu rity T ru st C o m p a n y ......................................
109
100
St. Paul U nion D ep ot Co. 1st 6s, 1930.. *125
130
U nion D ep ot Co., consol. 5s, 1944............ *109
115
109
U nion D ep ot Co., consol. 4s, 1944............ 100
106
Interstate In vestm en t T ru st C o ................
130
132%
130
A m erica n L ig h t & T ra ctio n Co., p fd .......
97
98
A m erican L ig h t & T ra ctio n Co., c o m ___ 106
108
107%
St. Paul Gas L igh t Co.. 1st 6’ s o f 1915..
*111
*111%
St. P aul Gas L igh t C o., g e n ’l 5’ s o f 1944..
♦ 99%
* 98%
St. P aul Gas L ig h t Co., 1st cons. 6s. 1918
*112
*114
St. C roix P o w e r Co., 1st 5s, 1929............ *95
*100
*94
P ion eer P ress Co., com . (P a r $50)..........
12%
P ion eer P ress Co., p fd (P a r $50)..............
42%
W est Pub. Co., c o m ......................................
375
W e st Pub. Co., p fd ........................................!
108
T ibbs, H u tch in g s & Co., c o m ....................
ÌÓÒ
T ibbs. H u tch in g s & Co., p f d ......................
100
S uperior W a ter, L igh t & P o w e r C o ..........
10
ió
10
S uperior W a te r, L igh t & P o w e r Co., 1st
4s. 1931............................................................
* 65
* 63%
St. Paul F ire & M arine Ins. C o .............. Ì85
155
St. Paul U nion S tock Y ard s Co. 1st 5’s
o f 1916 ......................................................................
...
86%
♦And Interest.
C hicago Securities.
The fo llo w in g qu ota tion s on C h icago unlisted secu rities are
fu rn ished b y B urnham , B utler & Co.. 159 L a Salle St. C hicagoM arch 20:
A m erican C hicle c o m ..............................
186
12
Do.
p f d .............................
103
6
A m er. S chool F u rn itu re (com bin ed
4
6
A m . S eating Co. c o m ..............................
18
Do.
p f d .............................
66
7
♦Auditorium H otel .............................
14
■ 13
13
,
A u tom a tic E le ctric C o ............................
. . 99
101
8
B orden s C ondensed M ilk com .......................169
.169
176
10
Do.
p f d ......................
.110
111
6
B utler B ro s..................................................
. .280
290
10
; C h icago R y. E qu ipm en t (par $10). ..
• 8%
7
9%
C h icago & M ilw aukee E lec. R y ___
. 46
54
{C h ica go S u b w a y ..................................................
. . 16
18
.140
C ongress H otel C om .................................
140
150
12
Do.
p f d ..........................
. 88
93
5
C ream ery P a ck a g e ...............
-.118
.-.118
121
8
E lgin N ation al W a tc h ........................... ..... 1.184
84
190
8
F ederal L ife Insurance ......................
100
155
G reat W e ste rn Cereal co m .
30
D o.
p fd ........... , ........... ..
95
8
. 9?
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Write for T e rm s.
V ice -P res id e n t.
i . A. LATTA, V i c e - P r e s i d e n t .
A. V. O S T R O M , A s s t. C a s h ie r .
Illinois B rick ......................................................... 46
In tern ation a l H a rv ester ................................ 74
74
♦ {K nickerbocker Ice c o m . ..................
*i
D o.
p fd
............................... 65
„„
{M a son ic T em ple A s s ’n ....................................... 43
43
♦M anufacturers F uel C o ......................
N orth w estern Y e a st ............................
. 2S0
♦Page W ov en F en ce p fd .................................. . 10
R a ilw a y E x ch a n g e ....................................... .'.175
175
S trow g er A u tom a tic T e l .............................
■ 4
4%
U nion M atch o f D uluth .................................. 25
25
W estern E l e c t r i c ..........................................
.250
Local Bonds.
A m erica n S chool F urniture 6’s ................
{A u d itoriu m 5’ s (1929)........................
94
, 94
{
D o.
Con. 5’s (1942)............
. 73
{B oa rd o f T rade 4’s (1933)..................
{C h ica go A th le tic A s s ’n, 1st 6’s (1911)
99
99
D o. A n ex N ew 5’ s (1926) ..........
{C h ica go & M ilw aukee R y. 5’s (1919)
99
Do.
N ew 5’s ( 1 9 2 2 ) . . . . . . 94
C icero Gas 5’s (1932)..............
90
C ongress H otel 1st 6’s (1933)............
108
D o.
1st N ew Bldg. 4 % ’s . . .
D o.
2nd
D o.
5’ s (1941) .
G reat W estern C ereal 6’ s (1921)
90
H a rtford D ep osit 6’ s (1912) ....................... 104
D o.
N ew Bldg. 5’ s ...................... 94
{Illin ois T unnel 5’ s (1928)............................
{K n ick e rb o ck e r Ice 5’ s (1928) . . .
............ 98
M ason ic T em ple 4’s (1922)..............
N orth S hore Gas 5’s .......................... !
90
N orth S hore E le ctric 5’ s (1922)
.......... ..
N orth w estern Gas L igh t & C oke 5’ s
(1928) ........................................................... 95
{P a g e W o v e n W ire F en ce 5’ s ........................... 57
United S tates B rew in g 5’s (1910)
88
W estern Stone 5’ s (1909) .......................... ! 95
{L isted on C h ica g o S tock E xch an ge.
47
82
4
4
*75
46
4
292
21
225
51/4
35
261
*6
3
70
97
80
101
103
100
102
96%
96
115
100
100
95
109
100
Ì7
8
8
»
6
5
5
4
6
5
5
5
5
6
4%
5
6
6
82
99i/2
96
98
98
62
95
C hicago Bank S tocks.
„ Q u otation s b y G ran ger F arw ell & C om pany, No. 226 L a
Salle St., C hicago, M arch 21:
Bid.
A sked. Bk. Val.
♦A m erican T ru st & S a v in g s........
. 240
243
130
♦Bankers N a tio n a l................
212
161
♦Central T ru st Co. o f 111.......... ! ................" . 165
165
166
147
C h icag o C ity B a n k ................................'
C h icago Savings B a n k .....................................136
. 136
140
iié
C olonial T ru st & S avings B a n k ...
. 210
210
214%
189
♦Com m ercial N ation al B a n k ............
" . 315
315
318
205
♦C ontinental N ational B a n k ___
. 244
244
247
165
♦Corn E x ch a n g e N ation al B a n k ..
. 390
395
243
D rex el State B a n k ..........................
146
• 141%
114
♦Drovers D ep osit N ation al B a n k .. ! ! !
. 230
235
155
D rov ers T ru st & S avings B a n k ........
. 165
175
135
E n g lew ood S tate B a n k ........................
. 120
125
115
F ederal N ation al B a n k ........................
. 95
100
115
♦-F irst N ation al B a n k .......................................334
. 381
3S6
225
F irst N ational B ank o f E n g lew ood .
. 330
360
239
♦Fort D earborn N ation al B a n k ................... 190
197%
136
H am ilton N ational B a n k ................................. 144
144
147
134
♦H ibernian B an k in g A s s o c ia tio n ..........
. 295
295
298
205
§*IUinois T ru st & S avings B a n k ............
581
. 581
585
259
K en w ood T ru st & S avings B a n k ................. 113
113
115
117
L a k e V iew T ru st & S avings B an k.
106
110
112
♦M erchants L oa n & T ru st C o ........
. 378
380
235
M etrop olitan T ru st & S avings B a n k ___ . 137
139%
144
M onroe N ation al B a n k ..............................
150
160
111
M utual B ank ........................................
' ' . 124
424
130
124
♦National B ank o f the R e p u b l i c ! ! ! ! ! ! ! ! ! !. 189
489
191
158
♦National L iv e S to c k .............................
250
250
255
230
♦Northern T ru st C o ........................................... 375
375
405
215
N orth Side State S a v in g s......................................
Oakland N ation al B a n k .................................’ 165
465
1.72
Ì3Ì
P eoples T ru st & S avings B a n k ................ . 140
440
146
123
P ra irie N ational B a n k ...................................., 155
455
165
124
♦Prairie S tate B a n k .............................................250
250
260
111
R a ilw a y E x ch a n g e B a n k ............................... ’.. 440
110
104
R oyal T ru st C o ...................
, 250
210
S outh C hicago S avings B a n k .......................’ 125
425
130
128
♦State B ank o f C h ic a g o .................................... 273
278
196
State B an k o f E v a n s to n .............................. 215
240
S tock Y ard s Savings B a n k ......................... 185
200
Ì56
U nion S tock Y ard s State B a n k .................. 125
130
119
♦Union T ru st C o ........................................
250
188
♦W estern T ru st & S avings B a n k .............. ! 180
180
is 5
129
W ood la w n T ru st & S avings B a n k .............. 120
135
112
W e s t Side T ru st & S avings B a n k ........
109
♦lusted on C h icago S tock E x ch an ge.
-B o o k value includes cap ital and surplus o f F irst T ru st &
S avings Bank.
§E x -righ ts.
GEO. B. LANE,
COMMERCIAL
PAPER,
Northwestern National Bank Building,
M IN N E A P O L I S ,
M IN N ,
Saturday, March 23, 1907
THE
C O M M E R C IA L
W EST
35
THE NEW NORTHW EST.
An Address Delivered Before the Recent Meeting of North Dakota Real Estate Men at Bismarck by Hon. J.
M. Devine.
W e are living' in a g re a t age, in a g re a t cou n try , and in a
g rea t sta te ; a state that has g row n in all those th in gs w h ich
g o to m ake up a g re a t com m on w ea lth and th at g row th has been
so rapid, the m o vem en t so sw ift, that it is bey on d the co m p re
hen sion o f the slow er, m ore co n se rv a tive section s o f the east.
T h in k o f it! A ft e r eighteen years o f stateh ood w e tod a y p oint
to the rem a rk a ble fa c t o f an assessed va lu a tion o f $196,462,584,
w ith a tota l value o f all p rop erty o f m ore than a billion dollars
W e have 368 state banks, 120 n ation al banks, and all o f them
p rosperous.
Such a con d ition could not e x ist in an y o f the
states east o f us w ith five tim es the popu lation th at our state
has had. T ak e he p er cap ita value o f one crop, the d irect and
in d irect p ro d u ct o f the soil w ith in the bou ndaries o f this state
in 1906, w h ich am ou n ted to $357.12, a g re a te r am ou n t than can
be sh ow n b y a n y other state, and m ark y o u , this p er ca p ita
value w a s m ore equ ita bly d istribu ted than could be p ossible in
au y state o f the east. B u t m y su b je ct is “ T he N ew N o rth w est.”
B y that I assum e is m ean t B ottineau, M cH en ry, W a rd , W ill
iam s and M cK e n zie coun ties, h a v in g w ith in its bou ndaries the
g rea test stre tch o f rich ly p rod u ctive upland to be fou nd w ithin
this rich, p rod u ctive state.
T h is n ew n o rth w e st p ortion o f the state holds and sustains
a p opu lation o f 120,000 p eop le; a p eople w h o are p rosperous,
happy, and con ten ted. T h ere are 240 m iles o f riv e r valley* in
this section com p risin g 60,000 acres o f the rich e st soil the sun
ever shone upon. I liv e in a cou n ty, W a rd , that eigh t y ears
ag o had a p opu lation o f 8,000 people, tod a y it has a popu lation
o f 45,000; eig h t y ears ago its assessed va lu a tion w a s less than
tw o m illion, toda y it is fou rteen m illion ; eigh t y e a rs a g o it had
40 schools, tod a y it has 370, w ith an expen d iture fo r these
sch ools d u rin g 1905 o f $240,000 fo r m ain ten a n ce; eigh t y ears ago
there w a s v e r y little fa rm land taken under the hom estead act,
tod a y it is all taken and there is p ra ctica lly no g ood fa rm in g
lands left in the entire n orth w estern p o rtio n o f this state. One
m ay drive fo r 150 m iles east and w e st and fo r 75 m iles north
and sou th and in all d irection s on e sees red barns, co m fo rta b le
hom es, w ell cu ltiva ted fa rm s, sch ool hou ses d o ttin g the p rairies
ev eryw h ere, and the n ew com er to this se ctio n w ould find it a
v ery difficult m atter to realize! th at all this splendid p rog ress
has been brou gh t ab ou t w ith the blinding sw iftn e ss o f e n ch a n t
m ent. M en cam e to this se ctio n a fe w y e a rs ago w ith bu t a
fe w dollars in their p o ck e ts and to d a y th ey are the prou d o w n
ers o f cultivated , w ell equipped fa rm s; they are ou t o f debt,
A nd freq u en tly w ith g o o d ly am oun ts d eposited in the banks.
W e have m et here tod a y and ton ig h t fo r one special purpose
'and th at is to try to m ake the p eople in the east, w h o have been
m isled b y fa lse prophets, see and believe that all these things
that have been said o f us d u rin g the m onth o f January, w hen
wfe g o t scared, and N orth D a k o ta actu a lly g o t scared for* the
first tim e in its life, and appealed to the g o v e rn o r o f the state
fo r coal. W h y , w e appealed fo r coal in the n orth w estern p o r
tion o f our state w ith its six m illion s o f acres o f it, w ith its coal
d eposits running in vein s fro m fo u r to ten fe e t un derlying o n e third o f this g reat e x ten t o f territory . T here is p ra ctica lly
10,000 square m iles o f coal. T he m ind can n ot grasp it.
T here is
enou gh coal in this section o f our state to heat all the hom es
in N orth D a k ota and the hom es o f all the states in the union
th rou gh ou t all the w in ters th at the children o f the p resen t g e n
eration w ill see and all the w in ters that our ch ild ren ’ s children
w ill see, and then there w ill still be enou gh fo r hea tin g all the
hom es o f a thousand y ears to com e. A n d y e t—w e fea red that
w e m igh t su ffer in that p ortion o f the state b y reason o f the
in a bility o f the railroad s to brin g in coal. W h ile, d u rin g all
the m onths o f su m m er and early fa ll a fa rm er can stand on
his ow n threshh old and see the coal stick up in g reat chunks,
ev id en ces o f G od ’ s p rov id en ce, read y to be taken fo r the m ere
labor o f g e ttin g it.
A n d w h y should w e appeal fo r aid w h en there is enou gh coal
ly in g w e st o f the C apital C ity o f B ism arck and w e st o f the
Im perial C ity o f M inot to su pply all the states o f the union fo r
this g en eration and those to c o m e ?
Y e t w e are attem p tin g t o
nigh t to o ffset that im pression b y statin g in som e in stan ces that
it w a s n ot so; but u n fortu n a te ly it w a s so. It w a s so v e r y
m uch so that the g ov ern or o f this state appealed to the in ter
state com m ission and to the p resid en ts o f the G reat N orthern,
Soo, and the N orth ern P a cific to hasten w ith all p ossible speed
relief fo r th is state. W e ca n n ot v e r y w ell d eny this, and I,
fo r one, am n ot g o in g to try to do it. It is to o late in the day
to begin to ap ologize fo r the g reat state o f N orth D akota. N orth
D a k ota should n ot be held resp onsible fo r the fa c t that w e had
so m u ch w h ea t and flax and oats and sto ck raised in this state
this season that it b locked all the railroad s and filled all the
elev ators to the e x ten t that no railroad, no m atter h ow p ro g res
sive, could h u rry it out in the length o f tim e giv en it to do so,
and w e are n ot g o in g to ap ologize fo r that. N o w should w e
ap ologize that v e ry early in the fa ll the sn ow fell, and then a
frost, and b eca u se o f that fa c t and the in a bility o f the g rea t
tra n sp orta tion lines to keep p ace w ith the g reat in crease and
p rog ress o f the people, th at th ey cou ld n ot g e t ca rs to m eet our
n eed s; w e are n ot resp on sible fo r that. W e are resp on sible fo r
som e things. A lrea d y w e have the g re a te st agricu ltu ral college
in the U nited States, and the u n iv ersity o f N orth D a k o ta w ith
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
its SOO stud ents and an en d ow m en t o f 130,000 acres run ning w ay
up alm ost into a m illion dollars, has in creased m ore in tw en ty
years, m ind you , in this n ew state, than the u n iv ersity w h ich
I atten d ed w h en it w a s a hundred y ea rs old, and W e s t V irg in ia
is a m igh ty g ood state, too. D o y ou suppose th a t w e in N orth
D a k ota tod a y w ith all its stren gth , w ith all its self-p oise and
all these splendid things in balance, and its g lo ry fa llin g upon
all the children, do you su ppose th at w e have to m ake ap ologies
fo r N orth D a k ota ? N o, w e stand righ t squ are w h ere w e are.
T h ere is room , am ple room , fo r m ore people, and m an y m ore
are com in g and these n ew citizen s, like those o f the present,
w ill settle dow n, g et into the sp irit and w o rk their fortu n es out
o f the soil w h ere it is possible fo r them to find fortu n es, n ot in
a day, not in a year, but in a reason able length o f tim e. T o
the toilers o f the con g ested cen ters w ith little hope o f their
p u ttin g a w a y su fficient to care fo r them in their old a g e; to the
y ou n g m an an xiou s to g et a footh old or a p lace w h ere he has
a fa ir sh ow ; to a m an w h o rents a fa rm and g iv es his tim e and
lab or fo r the benefit o f others, I w ou ld urge the g reat ad van tages
and op portu n ities th at this n ew n orth w est p ortion o f our state
offers in ev ery line o f energy. It is b ig g er and b etter and a
b ra v er th in g to w ork on o n e’s ow n land than to toil on the land
o f oth ers; a high er and a b etter th in g to run y ou r ow n bu siness
even though it be lim ited at the start, than to labor at a lim
ited sala ry fo r the betterm en t o f those w h o m ay em ploy you.
NEW INDUSTRY
FOR
MINOT.
(S p ecia l C orresp on den ce to the C om m ercia l W e s t.)
Minot, March 18.—A $50,000 briquetting factory will be
erected in Minot, according to S. F. Bradley, vice president
of the National Fuel Briquetting Company, of Philadelphia,
who is in the city making arrangements for beginning con
struction work.
Mr. Bradley says that construction work will begin at
once and that the plant will be in operation by August.
The concern will briquette lignite coal.
Mr. Bradley
maintains that a ton of lignite after going through the
briquetting process will give as much heat as four tons of
the ordinary lignite, and that it surpasses hard coal in the
creation of heat and energy.
Minneapolis Real Estate Directory.
The following are well established firms in M IN N E A P O L IS
R E A L E S T A T E and L O A N S and are active members of the
M IN N E A P O L IS R E A L E S T A T E B O AR D .
W ALTER
L.
BARNES
BROTHERS,
D. C.
BELL
CHUTE
R.
D.
BADGER,
I N V . C O. ,
REALTY
C ity P rop erty , L oan s & R entals.
C ity P ro p e rty & F arm L oans.
C ity P rop erty L oa n s & R entals.
COMPANY,
E ast Side P rop erty.
C ity P rop erty.
CONE
J. F. C O N K L I N & Z O N N E C O. , C ity P rop erty L oa n s & R entals
C ity P rop erty & L oans.
CORSER IN VESTM ENT COM PANY
D.
P.
JONES
&
D. W H E E L E R J O N E S ,
C ity P rop erty L oa n s & R entals.
M I N N E A P O L I S T R U S T C O. ,
MINN. T I T L E
C ity P rop erty L oan s & R entals
COMPANY,
C ity P rop erty & L oans.
IN S. & T R U S T
CO .,
C ity P rop erty & L oans.
M O O R E B R O S . , B R A C E & C O. , C ity P rop erty L oan s & R entals
N ICK ELS
JU L IU S
&
SM ITH ,
SCHUTT
&
S L O A N -M cC U L L O C H
C ity P rop erty L oan s & R entals.
SON,
C ity P rop erty L oan s & R entals.
AGENCY,
C ity
P rop erty
&
R entals.
C. H. S M I T H , E x clu siv e M ortg a g e L oans.
C ity P rop erty L oan s & R entals.
THORPE
BRO S.,
TABOUR
R E A L T Y CO ., C ity P ro p e rty L oa n s Ins. & R entals.
W E L L S & DICK EY
YALE
REALTY
C O M P A N Y , F arm L an d s & L oans.
C O M P A N Y . C ity P rop erty L oan s & R entals
LUMBER EXCHANGE CO.
M IN N E A P O L IS .
PAID UP CAPITAL,
-
$ 5 0 0 ,0 0 0 .0 0
H. C. A k e l e y , Prest.
F. A . Ch a m b e r l a in , Vice. Prest.
J. S. P orteou s , Secy, and Treas.
SAFE
D E P O S IT
VAULTS.
Bo xes $ 4 . 0 0 u p w a r d s p e r y e a r .
THE
36
C O M M E R C IA L
Saturday, March 23, 1907
W EST
As An Investment
th e r e ’ s n oth in g m o re s a fe , m ore su re, m o re p rofitable, — in th e telep h on e b u s in e s s ,— th an th e se
cu rities o f an In d e p e n d e n t telep h on e co m p an y o p era tin g our A U T O M A T I C T E L E P H O N E S Y S T E M
BECAUSE
it g iv e s
m an u al sy ste m ,
BECAUSE
m o re serv ice,
b e tte r
serv ice, p ro m p ter serv ice, m ore accu rate serv ice th an a
(an d also an a b so lu tely se c re t serv ice, w h ich no m a n u a l sy ste m can g iv e )
it costs less to operate, less to m a in tain , less to e n la rg e th an a m anHal
TO SUM IT ALL UP,
th e A U T O M A T I C T E L E P H O N E S Y S T E M
serv ice, c o m m a n d in g a h ig h e r p ric e ,
at
less cost
produ ces
a
and
sy s te m , or
b e tte r
telep h on e
th an in fe rio r serv ice can be produ ced fo r b y a
m anu al sy ste m .
THAT IS THE REASON W H Y
th e A U T O M A T I C T E L E P H O N E S Y S T E M m a k es th e secu rities
o f th e com p an y u sin g it s a fe , sta b le and profitable, and w h y it h as
b een
adopted
by
th e
In d e
p en d en t telep h on e com pan ies in th e fo llo w in g cities :
A b e r d e e n , S. D.
A k r o n , Oh io.
A l l e n t o w n , Pa.
A u b u r n , Me.
A u b u r n , N. Y.
B at t l e C re ek , Mich .
B e a v e r Falls, Pa.
B e ll i n g h a m ,
W ash.
B u t t e , Mon t.
C a d il la c , Mich.
C h a m p a i g n , 111.
C h i c a g o , III.
C le b u r n e , T e x a s ,
c o l u m b u s , Ga.
C o l u m b u s , Oh io.
D a y t o n , Oh io.
D e n v e r , Colo .
El P a s o , T e x a s .
E m a u s , Pa.
Fall R iv er , M a ss.
G r an d R a p i d s , Mich .
H a s t i n g s , N e b r.
H avana, Cuba.
H a z l e t o n , Pa.
H o l l a n d , Mich.
H o p k i n s v i l le , K y .
J onesboro, Ark.
L a k e B e n t o n , Minn.
L e w i s t o n , Me.
Lincoln, Nebr.
L o s A n g e l e s , Cal.
M a n c h e s t e r , la.
M arianao, Cuba.
M a rl on , Ind.
M edford, W ls.
M i a m i s b u r g Oh io.
Mt. O li ve , III.
N e w B e d f o r d , Ma ss.
O a k l a n d , Cal.
O c é a n P a r k , Cal.
O m a h a , N eb r.
P e n t w a t e r , Mich .
P o r t l a n d , Me.
P o r t l a n d , Ore.
P r i n c e t o n , N. J .
R i c h m o n d , Ind.
R iv e r s i d e , Cal.
R o c h e s t e r , Pa.
R us h v l l l e , Ind.
S an D ie g o , Cal.
S an F r a n c i s c o , Cal.
S a n t a M o n ic a , Cal.
S a s k a t o o n , SasK., Can .
S i o u x Cit y, la.
S o u t h B end , Ind.
Spokane, W ash.
S pr i n g f i e l d , Mo.
St. M a r y s , Oh io.
Tacom a, W ash.
T o r o n t o J u n c t i o n , Can .
T r a v e r s e Cit y, Mi ch .
U r b a n a , III.
V a n W e r t , Oh io.
W alla W alla, W a s h .
W au sau, W is.
W e s t e r l y , R. I.
W i l m i n g t o n , Del.
W o o d s t o c k , N. B., Can .
Automatic Electric Company, Van^^»slreets, Chicago, U. S. A.
WISCONSIN SAVINGS, LOAN AND TRUST COIMPA'
HUDS ON, WI S
Capital,
-
-
$ 1 0 0 ,0 0 0 .0 0
MAKES A SPECIALTY OF SELLING
PRIME
FARM MORTGAGES
A n d looks a fte r collection o f in te re st an d principal,
w h e n due, r e m ittin g sa m e to its clien ts at par.
Issues Its Debenture Bonds
Executes all Trusts
OFFICERS AND DIRECTORS
N . B. B a il e y , President.
F. B. B r o w n , Vice President.
F. E. S e tte 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 pencer H a v e n , B. E. G r in n e ll .
DUDLEY A. TYNG & CO.,
184 LaSalle St.
F. H . W A G N E R A G E N C Y
CHICAGO
Fire Insurance
Listed and U nlisted Mining
StocKs.
L. LAMB, Pres., Clinton, la.
C. R LAMB, V.-Pres., M inneapolis, Minn.
L A M B -D A V IS
N ew Y o rk Life Building
B oth Phones 584
G. E. LAMB, Secy., Clinton, la.
LUM BER
Minneapolis, Minn.
P. DAVIS, Tres. 4 M gr., Leavenworth, Wn,
COM PANY
M A N U F A C T U R E R S OF
WESTERN
WHITE
PINE
LUMBER
Dealers in all kinds of Building Material.
LEAVENW ORTH,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
»
W A S H IN G T O N .
Saturday, March 23, 1907
THE
C O M M E R C IA L
TELEPHONE
37
C O N STRU CTIO N .
MINNESOTA.
Little Falls.—The farmers intend to construct a tele
phone line in Elm Dale.
Crookston.—The Northwestern Telephone Company
will install a new system at Crookston.
Hutchinson.—The Hector Telephone Company will
build a line into Hutchinson this spring.
Melrose.—There is considerable talk in Melrose rela
tive to the erection of a rural telephone line.
Audubon.—It is the intention of the Audubon Tele
phone Company to extend its lines to Maple Grove.
Henning.—The Wrightstown Telephone Company will
extend its line from Henning to Mining this summer.
Holloway.—The Farmers’ Telephone Company re
ceived a carload of poles and will extend the line to Fairfield.
St. Peter.—The People’s Independent Telephone Com-,
pany, of Winthrop, has voted to build a number of addi
tional rural lines.
Sandstone.—J. M. Ingraham has let the contract for
constructing a telephone line from Sandstone to the
Dusbury settlement.
Eagle Bend.—Mr. Hutchinson has secured a franchise
for a telephone exchange and will soon commence the
work of installing it.
Lowry.—The Lowry Telephone Company is planning
to begin construction of additional lines as soon as oper
ations can be begun.
LeSueur.—The Farmers’ & Merchants’ Mutual Tele
phone Company is putting in a new and enlarged ex
change at the Center.
Osseo.—The Rural Telephone Company intends to
build extensions and new spurs and also put in an ex
change at St. Michael.
Redwood Falls.—The annual meeting of the Rural
Telephone Company was held in Redwood Falls. More
rural lines are to be built.
Parkers Prairie.—A telephone company has been in
corporated, with a capital of $5>ooo. Thos. Koep is presi
dent and Geo. J. Cramer secretary.
1uth.—A long distance telephone will be installed
Cainy River International Telephone Company be%,iny River and Fort Frances.
'¿ham.—The Bellingham Telephone Company has
’% carload of telephone construction material
yi
1 y to starting the spring work.
New Ulm.— The New Ulm Rural Telephone Company
has purchased the necessary materials to build and equip
25 miles of extension in the vicinity of New Ulm.
Clarissa.—A local telephone exchange is to be estab
lished at Clarissa. Geo. E. Hayden, the leading spirit in
the project, will secure a franchise from the village and
establish rural lines.
Hinckley.—The Hinckley Kroschel Telephone Com
pany is the name of a new telephone company to build a
line from Hinckley to Kroschel. F. A. Walters is pres
ident; Herman Kieft, secretary.
Hallock.—The Commercial Club met last week and
among other matters discussed was the proposed farmers’
telephone .line which has applied to the village council
for privilege to pole the streets of this city.
Jackson.—Farmers in the vicinity of Clear Lake have
organized a telephone company, known as the Des Moines
& Hunter Township Telephone Company. J. J. Chalupnik is president, and A. Varvicheck secretary.
Cottonwood.—The annual meeting of the stockholders
of the Home Telephone Company, was held in this city
with a fair attendance. At this meeting new lines were
proposed and for this purpose new stock will be sold.
Lancaster.—The Farmers’ Two Rivers Telephone
Company intend to extend a line into Lancaster. A local
exchange may be put in early in the spring. The line
may be extended as far as Orleans the coming summer.
LeSueur Center.—Chas. A. Beckman, general manager
of the Cannon Valley Telephone Company, was in Le
Sueur Center the first of the week in the interest of the
company. They contemplate building several farm lines
in this vicinity this spring.
NORTH DAKOTA.
Berthold.—A local telephone exchange is to be estab
lished at Berthold.
Norwich.—The Norwich Telephone Company will ex
tend its line to Upham.
Grand Forks.—A farmers’ telephone line is being built
from Egeland to Cando.
Gwinner.—A farmers’ telephone company will soon
be organized in this locality.
Pleasant Valley.—The farmers of Pleasant Valley
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
W EST
township are organizing for the purpose of providing a
farmers’ telephone line.
Fargo.—Vice President Brown is looking after the
business of the Independent Telephone Company.
Cleveland.—Telephone talk has been revived and it
is hoped that we will soon have a local exchange installed.
Montpelier.—The farmers have organized a telephone
company, and the Northwestern will build a line to Mont
pelier.
Bowden.—Almon D. Priest, Geo. Seebach, and Chris
T. Anderson have incorporated a telephone company at
Bowden, capital $2,000.
Bismarck.—Tavis-Moore Telephone Company has^ in
corporated at Glen Ulin, capital stock being $50,000. The
incorporators are L. A. Tavis, W. T. Moore, and C. W.
Pribbernow.
Montpelier.—Business men and farmers are organiz
ing a telephone company for the purpose of constructing
a rural line to Sharon, and also other lines as demands
may warrant.
Egeland.—The Farmers’ Co-operative Telephone Com
pany, which has a number of lines in successful operation,
will this spring begin the extension of a new line between
Egeland and Cando.
Sherwood.—An organization was formed known as
the Barber Telephone Company. The plan is to cover a
distance of 35 miles by wire between Sherwood and Bar
ber on which they will install sixty phones.
Litchville.—A meeting of the Litchville Telephone
Company was held last Monday. The following officers
were elected: St. Holm, L. M. Olson, A. S. Olson, Swen
Anderson, S. S. Urang, Aug. Sarbom and D. R. Jor.
Grafton.-—The city of Grafton has granted the North
Dakota Independent Telephone Company both a local and
long distance franchise. The company is now building a
line from Minto to Grafton, and will later extend this line
to the international boundary to meet one which is being
constructed by the Manitoba government.
SOUTH DAKOTA.
Bowen.-—There is talk of another telephone line in
Bowen, connecting Harlem and Formen.
Ortley.—The Ortley-Anderson Telephone Company
has been organized with a capital of $500,000.
Avon.—The Farmers & Merchants Telephone Com
pany has been organized with a capital of $5,000.
Waubay.—The Farmers & Merchants Mutual Tele
phone Company has been incorporated with a capital of
$300,000.
Groton.—Nineteen miles of new telephone line will
be built to connect with the Groton-Ferney Telephone
Company’s lines.
Barrie.—A number of people attended a telephone
meeting in Kindred to arrange for a line to run out to
Barrie from that point.
Columbia.—N. O. P. Synoground was in town a few
days last week doing some work preliminary to a con
siderable extension of the telephone line north of town.
Howard.—The Nansen Telephone Company is prepar
ing to build new rural telephone lines. These new lines
will be in Clearwater, Henden, Adams, Grafton and Bellview township.
WISCONSIN.
Depere.—The Wisconsin Telephone Company is re
building its line in Depere.
Neenah.—The Neenah telephone system of the Wis
consin Telephone Company is soon to be remodeled.
Knapp.—The capital stock of the Knapp Telephone
Company has been increased from $5,000 to $10,000.
Walworth.—The stock of the Eureka Telephone Com
pany, Walworth, has been increased from $5,000 to $15,000.
Barron.—The capital stock of the Barron County Tele
phone Company has been increased from $22,500 to $50,000.
Superior.—The People’s Telephone Company will
build a long distance line from LaCrosse to Milwaukee
by way of Janesville and Madison.
Waupaca.—The Citizens Telephone Company, of Wau
paca, has been sold by its owner, H. G. Slater, to S. L.
von Almen, of Appleton, for $15,000.
New Lisbon.—The New Lisbon Mutual Telephone
Company has incorporated with a capital of $5,000. The
incorporators are Albert Klibker, Geo. L. Heath and
James D. Strickland.
Kewaunee.—The Montpelier Telephone Company has
been incorporated with a capital stock of $1,000, and the
incorporators are John Zitler, William Goetsch, Albert
Goetsch and others.
Johnson Creek,—The Rock River Telephone Company,
THE
.v *
W h ite
C O M M E R C IA L
C edar
W R IT E
M ARSH ALL
US
FOR
Saturday, March 23, 1907
W EST
T e le p h o n e
D E L IV E R E D
H. COOLIDGE. CO.,
Johnson Creek, has been incorporated with a capital stock
of $10,000. Among the incorporators are W. A. Christians,
E. A. Seitz and E. L. Christians.
Clear Lake.—The Independent Telephone Company has
been formed by local capitalists at Clear Lake, whose in
tention it is to build lines in the village and surrounding
•country. The capital stock is placed at $5,000.
Viola.—The Chicago, Milwaukee & St. Paul Railroad
Company will have a new line constructed on the right
of way as soon as the weather permits. This will be a
telephone line but eventually become a telegraph.
Prairie du Sac.—Articles of incorporation have been
filed by the Farmers Mutual Telephone Company. It
has an authorized capital stock of $5,000, and the incorpo
rators are Edwin Steidtmann, Henry Thoelke and Fred
Waffenschmidt.
P o le s
P R IC E S .
M in n eap olis, Minn.
7% Preferred Stock
T h is C o m p a n y is issu in g its p re fe r r e d Stock
to co ver cost o f n e w lines u n d er con stru ction .
O u r toll lines e x te n d fr o m
F argo
across
th e
sta te , r ea ch in g G len d iv e, M o n ta n a .
S a fe t y and
p erm a n en ce
th is in v e stm e n t.
are
C o m p lete
co m b in ed
p articu lars
in
w ill
be g iv e n on req u est.
IOWA.
North Dakota Independent
Lamotts.—The Otter Creek Telephone Company will
build a line to Swingle to connect with the Bernard line.
Des Moines.—The Mutual Telephone Company is to
place all its wires in conduits in the business portions of
the city.
Iowa Falls.—The Iowa Falls, Ellis & Buckeye Mutual
Telephone Company has been incorporated with a capital
stock of $3,500.
Dunkerton.-—The North Dunkerton Telephone Com
pany has been organized with a capital of $5,000. Thos.
Dunkerton is president; H. H. Meyers vice president, and
F. O. Dunkerton secretary.
Telephone Company
Minneapolis Office:
924 Security Bank Building.
E l e c t r i c a l E n g i n e e r i n g Co.
NEBRASKA.
21 North 6th St. MINNEAPOLIS, MINN,
Tecumseh.—The Johnson County Home Telephone
Company has acquired the Johnson County Telephone
Company, the latter being the Smartville Company.
Telephone Supplies and Line Materials
MONTANA.
Livingston.—The Shields River Telephone Company
is planning to construct branch lines from Clyde Park to
Cottonwood and Horse Creek, and establish a toll line
from Myersburg to Livingston. About forty new miles
of line will be added to the company’s system.
Farmington.—The Farmington Co-operative Tele
phone Company has been incorporated with a capital
stock stock of $6,000, divided into four hundred shares.
The directors for the first three months are H. R. Thomp
son, R. H. Wright and Ben Bollerud. It is the intention
of the new company, which now has twenty-six tele
phones connected to a central station at Farmington, to
construct lines to Choteau, Collins and Conrad.
WASHINGTON.
Port Townsend.—The Independent Telephone Com
pany has completed its system to Port Ludlow.
Monroe.—The Independent Telephone Company is
planning to extend its lines from Monroe via Cherry Val
ley to Novelty.
Bellingham.—The Farmers Mutual Telephone Com
pany of Whatcom county will extend their line into
Skagit county to connect with the Skagit Farmers Mutual
line at Wickersham.
Waterville.—A new independent telephone line is to
be constructed from Douglass 10 miles east. Connections
will be made with lines running into this place. George
Ellis is the principal promoter.
OREGON.
Albany.—The Northwestern Long Distance Telephone
Company is extending their line to this place from Salem.
Grants Pass.—The U. S. Forestry department will con
struct telephone lines to the various camps of rangers in
the reserves near here. M. J. Anderson will have charge
of the work.
Marshfield.—The Pacific States Telephone Company
has purchased the property at the northwest intersection
of C and Second streets and on it a new local exchange
will be erected.
According to the report for the year ending December
31, just issued by the Manchester Ship Canal Company,
the port of Manchester handled 4,400,000 tons of mer
chandise, an increase of nearly 500,000 over the previous
year. The receipts totaled almost £500,000, approximate
ly art increase of £50,000 over 1905. The proportion of
expenditures to receipts was lowered to 52.96 percent as
against 54.9 percent in 1905, or 67 percent in 1901.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Tri-State Telephone and
Telegraph Company
STATEMENT:
G ross E a r n in g s ................................................... $ 9 0 0 ,0 0 0
A ll E x p e n s e s , In clu d in g T a x e s and
3 0 0 ,0 0 0
In su ra n ce ......................................................
M a in ten a n ce an d D e p r e c ia tio n .................
$ 6 0 0 ,0 0 0
2 0 0 ,0 0 0
In te r e st and D iv id e n d s ..................................
$ 4 0 0 ,0 0 0
2 5 0 ,0 0 0
S u r p l u s ....................................................
$ 1 5 0 ,0 0 0
The above is the financial statement of a year’ s receipts and ex
penditures based on those o f the present month of theTri-State Telephone
Company.
There is now offered to investors $ 5 0 0 ,0 0 0 o f p re fe rre d stock, bear
ing 6 p er ce n t interest, fr e e fro m tax.
The above surplus of $150,000 is sufficient to pay the dividend on the
stock now offered for sale five times over.
For any further information desired please write to the company, or
all on E. H. M O U L T O N , the president, at the Main Exchange, corner
cf Seventh Street and Third Avenue South, Minneapolis,
o
The American Mortgage
&
Investment Co.
251-2-3-4 Endicott Bldg.,
ST. PAUL, MINN.
Offers
C H O IC E
FARM
M ORTGAGES
to conservative investors at attractive rates. Cor
respondence invited. All loans personally inspect
ed. Send for our list of loans.
HENRIK STROM,
G. B. EDGERTON
President.
Vice-President.
W. T. SUCKOWo Sec. and Treas.
Saturday, March 23, 1907
THE
C O M M E R C IA L
W EST
39
O n a falling m arket buy T h e G ordon H a t O n a rising m arket buy another.
North THE UNEXCELLED PRODUCT
Star N O R T H S T A R . S H O E , C O .
Shoes
---------------------OF______________
Selected Stock,
Skilled Workmanship
and Knowledge of Western Trade Demands.
M A N U F A C T U R E R S AN D JO BBERS
Agents for the Boston Rubber Shoe Co.
= B E .S T GOODS M A D E =
O ffice and Warerocms I f »
|»
424. 426, 428 First Ave. No. P l l l i n C i i p O l l S
“ LAND IS THE BASIS OF WE A L T H ”
Western Debenture and Realty Company
C a p ita l S tock
$1 50,0 00.
Principal O ffice: Andrus Building, Minneapolis.
OFFICERS AND DIRECTORS:
James J. Lambrecht,
President
Charles D. Maclaren
■>
Vice=President
Accumulative Bonds are issued by this Com
pany that may be paid for in ten years. The
proceeds from the sale of bonds are invested
in real estate, to be held for a long term of
of years and then developed by the Corpora
tion.
Coupon Bonds are also issued in any multiple
of $500. These are paid for in one sum and
run for ten years, the interest, at 6 per cent,
being paid semi-annually.
Sec’y and Treas. Farwell, Ozmun, Kirk & Co., St. Paul
Edwin D. Field,
=
•
2d Vlce=President
o f E. D. Field Company, Duluth
Paul H. Gotzlan,
.
S e c’y €) Treas.
Robert B. Graham,
= Asst. Sec’ y. ¿2 Treas.
Isaac E,. Ewers,
•
Agency Director
Charles K. Sharood,
=
St. Paul Director
President Sharood Shoe Company
This Company is Under the Supervision of the Public Exam iner of Minnesota.
We make The “ Flour City ” Brand
Working Men’s Clothing.
WASHINGTON
MONTANA
OREGQN
'I W S J S W B * .
W Y O M IN G
NEVADA
■ SOUTH DAKOTA!
)
UTAH
Our Trade Mark
Tells the Story!
W ym an , Partridge & Co.,
M in n e a p o lis
Wholesale Dry Goods, Rugs, Notions and Furnishings
C o p y r ig h t
1907
MAIN BUILDING
Corner Fourth Street and First Avenue
North
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FACTORY
Between Sixth and Seventh Streets
on First Avenue North
NEW WAREHOUSE
On Tracks at Third Avenue North and
Seventh Street
40
THE
C O M M E R C IA L
W EST
Saturday, March 23, 1907
MR. H U G O ROSS ON REALTY VALUE.
(S p ecia l C orresp on den ce to the C om m ercial W e s t.)
Winnipeg, March 18.—Mr. Hugo Ross has just returned
from a winter trip around the North American continent.
Primarily his purpose was to study real estate values, but
incidentally he stayed at some of the sunny resorts of the
east coast and rested. Mr. Ross has handled a very large
quantity of Winnipeg property and his opinion upon large
transactions is always regarded as being authorative. After
returning from his trip he says that he is more than ever
satisfied that Winnipeg offers the best field for investment
in real estate. He has carefully canvassed prices in New
York, in the east and in the intervening cities of the United
States, westward as far as Seattle, on the west coast. At
the end of a two months’ investigation he does not hesitate
to pin his faith to the future of Winnipeg. “Winnipeg is
being watched very^ closely by all the western cities,” Mr.
Ross says and adds that they have good reason to when
they have studied our clearing house returns and the amount
of building that is being done in Winnipeg.
CH AN GES IN CAN ADIAN
Of the coast cities, Mr. Ross says they are profiting at
the expense of San Francisco, but the latter city, he says,
is showing wonderful signs of vigor. Mexico is another
city with which he is impresed and says that it has a
great future ahead of it.
Victoria is beginning to develop at a great pace, says
Mr. Ross. A large amount of Winnipeg and western money
is invested in the city and on the island. A recent purchase
by Oldfield, Kirby & Gardner of 500 acres of Hudson’s Bay
lands is the largest deal that has taken place on the island
for some time past, and there is no doubt that the Winnipeg
firm has secured a very fine piece of property. Mr. Ross’
firm have opened an office in Victoria and contemplates
opening one in Vancouver and later on also one in Prince
Rupert. In Vancouver there are also a large number of
Winnipeggers and practically all of them are doing well.
During Mr. Ross’ travels he was accompanied by Mr.
Beattie, of the firm of Waugh & Beattie. From conversa
tions during the trip Mr. Ross thinks there will be a very
heavy immigration this year to Canada.
C O A L LAND REGULATIONS.
(S p ecia l C orresp on den ce to the C om m ercia l W e s t.)
Winnipeg, March 18.—An important change has been
made by the government in the matter of the regulations
governing the acquirement of coal-bearing lands in the west
still under government control with a view to preventing
any further alienation of the western coal areas to the abso
lute control of private parties and also with a view to secur
ing a prompt development of all the further areas opened
to private enterprise instead of having them held merely for
speculative purposes by purchasers who have no intention
of making actual developments. Hereafter, according to
an order-in-council passed on Saturday last, the govern
ment will only lease the rights to mine coal on all lands still
% comprising crown domain in the west.
The changes are a result of the coal famine which occured during the winter now about over. To guard against
any future dearth of fuel, a feeling is prevalent to the effect
that coal lands should not be alienated from government
control.
Under a past regime at Ottawa the lands acquired by the
C. P. R., the Hudson’s Bay Co., the school lands, etc., were
given without any proviso as to the government’s right to
any coal found on them. Later the law was changed so as
to allow the purchasers to buy the surface rights at $3
per acre and coal rights at $7 per acre, making a total of
$10 per acre for absolute control of all lands in the coal
bearing area. A royalty of so much per ton on all coal
mined was also required by the present government. Un
der these regulations which have now been cancelled, many
millions of acres of lands have passed out of the control of
the government and there have been some complaints in
ADDITION TO MINNEAPOLIS STEEL & MACHIN
ERY COMPANY’S PLANT.
The increasing trade of the mechanical department of
the Minneapolis Steel & Machinery Co., has made it im
perative for them to add another large building of steel and
brick construction to their already large plant.
It was only a few months ago that they had to double the
capacity of their foundry. When the new building is com
pleted, they will have a total of over 12 acres of floor space
within a yard area of over 20 acres.
A company of Minneapolis men has given to that city an
enterprise which is adding a new chapter to Minneapolis,
fame in all parts of the country. From now on, whenever
men think of suction gas producers and gas engines, steam
engines or steel construction on a large scale, they will
think of Minneapolis.
In the short period of a year, since they have secured
the right from Germany to build the Muenzel Gas Engine
and Suction Gas Producer, they have installed over thirty
plants and have orders in the shops for a great many more.
The demand for this modern power plant has demonstrated
beyond a doubt that the power users of the United States
were glad to install a gas power plant which had passed the
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
the west because known coal-bearing areas are not being
developed but are being held for speculative purposes to
the detriment of settlers as a whole.
It is believed, however, that as much coal-bearing land
remains still under government control in Alberta, Sas
katchewan, and in the Peace river district as has been
already alienated. It is proposed that hereafter a twentyone year lease be granted to private individuals wishing to
get control of coal-bearing lands and that an annual rental
be charged therefore by the government. This rental will
probably be $1 per acre, and the lease will have to be taken
for a minimum area. This minimum area will, it is said,
be about 2,500 acres, so that the annual rental cannot be less
than $2,500. This will insure prompt development and meet
the objections as to speculators holding coal lands for a
raise in price without doing anything to develop them. It
will also pave the way to future government ownership and
operation of coal mines if it should be deemed advisable.
In compliance with the new regulations W. Stafford,
Dominion lands agent for the Lethbridge district, has re
ceived instructions from the department of the interior to
receive no more applications for coal lands. Filings for
coal lands have been a daily matter at Lethbridge for a
long time past, the territory embraced in this district being
the whole southern part of the province, and it is said that
probably hundreds of sections are covered by applications
at present.
It is presumed that new regulations are being drafted to
govern the coal lands, or something of great import may
be behind the move. Several unsuccessful applications have
been made in the last day or two.
experimental stage and was ready to work from the start.
It is such enterprises as this in the west that are making
the eastern people take notice.
BIG
CONTRACT
FOR AUTOMATIC
COMPANY.
ELECTRIC
The Automatic Electric Company announces the clos
ing of a contract for 10,000 additional lines of automatic
telephone equipment for the Home Telephone & Tele
graph Company, of Los Angeles, California. This is for
immediate installation in the new Olive Street Exchange,
and the completion of this exchange will practically mean
the elimination of the manual equipment now in use in the
present main exchange.
Other contracts placed with the Automatic Electric
Company during the first two months of 1907 are: Home
Telephone & Telegraph Company, Portland, Ore., 3,000
additional; Montana Independent Telephone Company,
Butte, Mont., 2,000 lines; Home Telephone & Telegraph
Company, Tacoma, Wash., 1,000 additional; Rushville Co
operative Telephone Company, Rushville, Ind., 800 lines;
and several additions to present automatic exchanges.
There were 262 building and loan and co-operative and
loan associations doing business in this state during 1906,
with total assets of $43,476,877. Total receipts were $28,727,477, and net profits amounted to $2,067,473.
Saturday, March 23, 1907
T H E C O M M E R CIA L W EST
OSLER, HAMMOND& NANTON,
Stock a n d Sh are Brokers,
W innipeg, M anito ba.
E. H. Kent,
41
Prest.
F. I. W hitney,
C. F. W hitcomb,
V-Prest.
Secy.
Kent
Realty $ Investment Corp.
Capital, $200,000.
Also Represent
LAND
The Alberta Railway & Irrigation Company,
The Calgary & Edmonton Land Company,
Winnipeg Western Land Corporation,
Ontario & Qu’Appelle Land Company.
All these Companies have lands for sale in the
Canadian North W e st.
LOANS
The North of Scotland Canadian Mortgage Co., Ltd.,
The Law Union & Crown Insurance Company,
Loans made at lowest current rates on lands in all
parts of Manitoba and the Canadian Northwest.
INSURANCE
The Western Assurance Company,
The Law Union & Crown Insurance Company.
General Agents for Manitoba and the Canadian
Northwest.
FUEL
Galt Coal,
American hard and Steam Coal.
Quotations given for car lots at all railway points.
ST. PAUL,
410 Manhattan Bldg.
GRAND FORKS,
North Dakota.
OFFICES:
CHICAGO,
213 Railway Exchange Bldg.
WINNIPEG,
403 Union Bank Bldg.
Canadian Land Department.
RETAIL.
1 0 .0 0 0 A c r e s in th e fa m o u s R O S T H E R N V O N D A “ P A R K R E G I O N ” o f th e S a sk a tch e
w a n V a lle y .
C rossed b y m a in line o f C an adian
N o rth e rn R a ilw a y .
A m p le m a r k e t fa cilities.
G eograp h ical and clim atic condition s u n su rp ass
ed fo r w h e a t ra isin g .
‘ ‘R o sth ern th e la r g e st
initial p oint o f w h e a t sh ip m en t in th e w o r ld .”
T h e se lan ds fo r sale a t retail in fa r m s o f 160
acres or m o re u n d er our S pecial G u a ran tee.
WHOLESALE.
3 4 .0 0 0 A c r e s , selected lan ds in th e B A T T L E F O R D D IS T R IC T .
C rossed b y m a in lin e o f
C an adian N o rth e rn R a ilw a y an d th e S a sk a tch e
w a n R iv er.
Good so il; w a te r ; so m e tim b e r.
F o r sale en bloqu e a t $ 8 .2 5 p er acre.
W ill also
sell in tra cts o f 5 ,0 0 0 acres or m o re.
A d jo in in g
lan ds sell at retail $12 to $15 p er acre.
F ield
n otes b y section s on application.
Address our nearest office.
Kent Realty and Investment Corporation.
WESTERN
CANADA
a t present affords unlim ited opportuni
ties fo r in vestm en t and h om e-m ak ing.
Get in on the
Ground Floor.
MILLIONS OF ACRES o f fe rtile land
are an n u ally conquered by the plow .
W e s t e r n C a n a d a is the g rea test
w heat g ro w in g country in the w orld.
Send 25 cents to-day for six months subscription
to “ The Canada West” , an illustrated magazine of
absorbing interest, teeming with thrilling stories by
well-known writers about this vast new money-making
country.
Address W. E. Gunn & Co., Winnipeg,
Manitoba, Canada.
Or address for fre e booklet, atlas, maps, and inter
esting information on WESTERN CANADA, any of the
following :
Minister Agriculture,
Land Dept., C. P. Ry.,
Regina, Sask.
Winnipeg, Man.
Minister Agriculture,
Traffic Dept. C. N. Ry..
Edmonton, Alta.
Winnipeg, Man., or
Minister Agriculture,
Supt. Immigration,
Winnipeg, Man.
Ottawa, Canada.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Main Office Nicollet Ave & Third St.
J ^ IIN N E A P O L IS
We are Wholesalers and Retailers of
CANADIAN LANDS in “SUNNY SOUTHERN ALBERTA”
Mason-Qonaldson [umber (¡0.
Manufacturers and Wholesalers
Mills— State Line,
Main O ffic e -
=
=
Wisconsin
RHINELANDER, W IS.
Chicago O ffic e -= 1 6 2 1 First N at’ I Bank Bldg.
LANDS
BOUGHT
AND
SOLD
all parts of the United States; mineral, pine, agricul
tural lands; exchange clear lands for foreclosed and
mortgaged properties.
Send for cut price list scattered lands and my free
map Minnesota.
W . D. W A S H B U R N , Jr.,
1054 Security Building, Minneapolis, Minn.
42
T H E C O M M E R CIA L W EST
Saturday, March 23, 1907
DRAINAGE W O R K IN MINNESOTA.
By Geo. A. Ralph.
this year. The excessive rains throughout the state last
The State of Minnesota has an area of 53,943,328 acres.
year strongly emphasized the necessity for more ditches and
Of this area about 3,608,012 acres are water. Approximate
the year 1906 promises to be the banner year in the history
ly 11,500,000 acres of the land surface is too wet in its
of the state in ditch construction.
natural condition for agricultural purposes. The altitude
C onstruction W o rk .
of the state ranges from an elevation of 602 feet above the
Ditches can be constructed as cheaply in Minnesota as
sea at the face of Lake Superior to an elevation of 2,400 anywhere else in the Union, that is, the cost per acre bene
feet on the Mesabi Range. Being situated on the con fited will be as low if not lower than in any other state.
tinental divide, its waters run north, east and south. The
The good surface slopes which prevail throughout the state
surface slopes are generally sufficient to insure good_ drain admit of the construction of ditches of nearly uniform crossage, ranging from 2 to 20 feet to the mile in what is con
sectional area as it is seldom necessary to increase the depth
sidered the level areas of the state.
for the purpose of obtaining better gradients.
Effective and extensive drainage work has long been re
The straightening and improvement of natural water
garded by Minnesotans as one of the most important fac courses is becoming one of the most important factors in ex
tors in the development of the state. The field notes made
tensive drainage schemes. The streams, coulees, and other
by the government surveyors on the early surveys clearly
natural water courses in many of the western states can be
indicated that large areas of land in the northern part of the
largly increased in carrying capacity by small expenditures
state would require drainage before the lands would be fit
in cutting off bends and cleaning out their channels. Many of
for agricultural purposes.
these streams are overtaxed naturally and with the additional
Among the earliest legislation by congress affecting the
burdens of carrying off the water from the numerous ditches
state of Minnesota was an act granting the state all of the
now being dug and which find an outlet in these streams or
swamp lands within its borders held by the federal govern their branches, makes the question of the improvement of
ment, providing that all moneys received from the sale of these main outlets one of utmost importance.
these lafids should be used in the reclamation of the same
Considerable attention has been given to this work by
by the construction of ditches or dykes. The state of Min the Minnesota State Drainge Commission and the results
nesota has received by virtue of this act nearly 5,000,000 have in every instance been very satisfactory.
acres of land, about 3,000,000 of which have been trans
The Lost River state ditch connects the upper and
ferred by sale to private parties or by legislative grant for
lower parts of Lost River. This river now has a continuous
the purpose of aiding the construction railroads or in build channel, the connecting link put in by the state runs through
ing and maintaining public institutions.
what used to be a floating bog. Since the construction of
Practically every acre of these swamp lands can be re this ditch these lands have become dry and are now being
claimed at a cost not exceeding $2 per acre and when re used for agricultural purposes. This improvement cost $3,claimed will become the most productive lands in the state.
700 and has reclaimed over 20,000 acres of land.
The state of Minnesota has appropriated for drainage
The state has recently let a contract for the improve
purposes up to the present time $317,500. The Great North ment of the Roseau river which consists of cutting off
ern Railway Company has added $25,000 to the fund and has
bends, removing bars, and deepening the channel. It is
paid one-half the cost of a topographical survey of the Red
estimated that the entire cost of this work will be about
River Valley, also furnishing free transportation to those
$60,000 and that it will result in more than doubling the
engaged in state drainage work. This appropriation has all
carrying capacity of the river from Roseau Lake down to
been expended under the direction of the drainage commis
the international boundary line, a distance of about 35
sion of the state; 240 miles of state ditches have been dug or
miles along the course of the proposed channel and nearly
are now under way. The construction of these ditches has
double this distance by the natural channel. This river is the
resulted in the reclamation of nearly 500,000 acres of land.
drainage outlet for nearly 200,000 acres of state swamp land.
The average cost per mile of the ditches constructed by the
At a meeting held in Ada, Minn., recently, plans were
state is $1,427; the average price per cubic yard paid for ex
considered for the improvement of the channel of the Wild
cavation 11.1 cents. Nearly 91 percent of the whole appro
Rice river through the level lands in Norman county. A
priation has been paid contractors, the remaining 9 percent
committee was appointed to take charge of the proposed
being paid for right of way ditches, engineering expenses,
work and it will be pushed to a successful conclusion this
expense of drainage commission, printing, etc.
season. Surveys, estimates and plans for this improvement
There is no doubt that state drainage work in Minnesota
were made by the writer eight years ago. These surveys
will be carried on, in the future, on a much more extensive »demonstrated that in a distance of 20 miles along the course
scale than it has been in the past. A topographical survey
of this stream cut-offs in the river could be made at a cost
of all the state lands is now being made under the direction
of about $10,000 that would decrease the length of this
of the state drainage commission. This survey will cover
river to just one-third of its length by its natural course.
practically all the swamp land areas in the northern part of
The state drainage commission put in one cut-off ditch,
the state, and will show the elevation of all lakes and all
1,200 feet long which cut off a bend of two and threeswamp lands at various points on the surface sufficient to
fourths miles.
determine the surface slopes.
The citizens of Ottertail and Wadena counties have de
The report of this survey, together with plans and esti
cided on having surveys and estimates made for the im
mates for a complete drainage system will be published by
provement of Leaf river. It is believed that the capacity
the commission as soon as the work is completed. Ihis sur
of this stream can be doubled for an expenditure of $600 per
vey is progressing quite rapidly and it is expected that the
mile, measured along the line of the new channel.
report will be ready for publication by September x, 1906.
The citizens of Aitkin and Aitkin county will ask con
The money expended in drainage work has been one of
gress to appropriate $135,000 for making a cut-off ditch in
the very best investments ever made by the state. The in the Mississippi river in their county. A survey and esti
crease in the value of state lands alone has amounted to
mate made of this proposed ditch by the writer a short time
more than double the money expended. Placing the benefits
ago gave the following results:
that accrue to all lands which are directly affected by the
Length of proposed cut-off ditch 6 6-10 miles. Length
ditches at $5 per acre, which is a very low estimate, the
of river by old channel from upper to lower end of cut-off
total benefits will be $1,560,000. Add to this the indirect
ditch 24 miles. Gradient of cut-off ditch 1 foot in 5,000 feet.
benefits which result by reason of the outlet furnished by
Number of cubic yards of excavation 775,726. Estimated
these main ditches for hundreds of miles of lateral ditches,
cost of improvement, including cost of gates for regulating
the benefits to public roads, the benefits to public health and
the flow of water through the ditch $135,000'.
convenience and the general benefits derived from opening
The construction of this ditch would prevent a recur
up and developing a locality, the settlement and cultivation
rence of the very disastrous overflow of the Mississippi
of which has been retarded by such obstacles, and it will re
river at this point which took place in July, 1905, and caused
quire no farther argument to convince the most skeptical
the destruction of thousands of acres of growing grain,
that it pays Minnesota to drain her swamp lands. In Kitt
meadows and pasture land and swept away fences, buildings
son county, the benefits resulting to one section, i. e., 640
and bridges.
acres by reason of the construction of the Two Rivers State
The construction of hundreds of miles of drainage chan
Ditch, more than paid the cost of the whole ditch. This
nels in the Red River Valley, all of which find an outlet
ditch is 6 miles long and drains about 8,000 acres. This
through the Red river, makes the question of the improve
section was sold last'fall at $13 per acre by the state, which
ment of this channel one of vital importance to every
was $ioi per acre more than it could have been sold for
farmer living along this river, also to the citizens of the
before this ditch was constructed.
centers of trade, who depend upon these farmers for their
C o u n ty Drainage.
support.
The distance from Grand Forks to St. Vincent in a
Minnesota has on her statute books one of the very
direct line is 74 miles; the distance by river is 135 miles. It
best county drainage laws ever passed by any state legisla
is quite probable that improvements can be made in this
ture. Over 800 miles of county ditches were constructed in
river channel, such as cutting off bends and removing sand
the state the first two years after its passage. A t the present
bars, that would largely increase the carrying capacity of
time over $2 ,500,000 has been expended by the several
this stream, and that the cost of making the improvement
counties of the state and over 2,000 miles of open ditches
would be small compared with the great benefits that would
constructed. Polk county, alone, has expended $500,000 and
}ias plans and estimates made for the expenditure of $75»QOQ
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Saturday, March 23, 1907
PRUDENTIAL
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C O M P A N Y, LIMITED, BANKERS,
Offices at L A N G and W IL C O X , S A S K A T C H E W A N , C A N A D A .
Paid up Capital, $48,000.
Thousands of acres of improved and unimproved land, in the center of the best wheat belt in western Canada, for sale.
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Send Your Floor Plans
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F. O. GOLD, President
C. O. R. STABECK, Vice-Prest.
H. N. STABECK. Secretary
P. O. HEIDE, Treasurer
Capital and Surplus
$200,000.00
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M IN NEA PO LIS
PHON ES
TR I S T A T E 3 3 1 6
W . NI C. 7 8 3
{ N.
FARM LO A N S, C O M M E R C IA L PAPER A N D O T H E R H IG H CLASS IN V E ST M E N T S
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Churches and Public Buildings. Send
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EAU CLAIRE,
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rhe W o llaeg er M f’tj. Com pany.
M I L W A U K E E , W IS .
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THE
C O M M E R C IA L
J. P. COX,
Vice-President.
HARVEY MATHEWS,
President.
Saturday, March 23, 1907
W EST
E. B. TAINTER.
Treasurer.
ANGUS STEWART,
Sec’y & Gen. Mgr.
STEWART & MATHEWS COMPANY, Ltd.
Authorized
W H O L U S A L B
A N D
,C
itl
p
a
R E T A IL
D E A L E R S
IN
WESTERN CANADA LANDS
We own and control 200,000 a cres Selected and Choice
Agricultural Lands in the Yorkton, Quill Plains, Battleford,
Eagle Lake, Goose Lake and Elbow Districts.
Write us for Maps, Plats and Literature.*
3 0 5 JacK son S t.,
1 8 7 W ater S t.,
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W IN N IP E G , M A N .
W hat's the Matter with Texas ?
Texas & Southwest Colonization Company, just organized, O . W . Kerr, of Minneapolis,
President of O . W . Kerr Company, President and General M anager; Grant Robinson, of the
firm of Gran & Robinson, of St. Paul, V ice President, and M r. Gran, of the same firm
Treasurer. W e have a quarter of a million acres of selected Texas land to put on the market in
wholesale tracts of 10 ,0 0 0 acres and up at a price the purchaser can retail at a handsome
profit.
W e have a special proposition for hustling land men who haven t sufficient money
to make a large payment down.
If you have from $5,000 -to $ 10 ,0 0 0 and the ability to sell
land, write us for our proposition.
D on’t write unless you mean business.
’ N o w is the time. The next three months will be a hummer in T exas lands.
Texas & Southwest Colonization Company,
Home Office, Corner Nicollet Ave. and Third St.,
MINNEAPOLIS, MINN.
THE WESTERN CANADA LAND COMPANY, Ltd.
____________________________ OOO----------------------------- -----------
LA ND FOR SALE
In the fa m o u s V erm ilion V a lle y in Northern
Price $8 to $15 an mere.
A lb erta.
This is the Coming Granary of Alberta. Terms: One Sixth Cash, balance in Five
Annual Payments with interest at Six per cent.
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We own and control over 100,000 ACRES
of fine wheat land in W e s t e r n C a n a d a
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M IN T R IA L
Saturday, March 23, 1907
T H E CO M M ER CIA L W EST
The Farm Land Movement.
The following are late farm land transfers as taken
from official county records. T hey indicate the value of
farm land in the respective counties.
M IN N E S O T A .
F a rib a u lt C ou n ty .—T. W . D o n o v a n to C ottrell, ne 2-102-28,
$9,100.
F illm ore C ou n ty .—C. E. H o d k in so n to W alsh , ne n w 4, J o r
dan, $1,100.
R a m sey C ou n ty .—N a rcisse B ellan d to B ellan d , s s sw 33-30-22,
$3,000; T he St. J o se p h ’ s M e rcy H o sp ita l to G leason, ne 20-30-22,
$1,908.
H en nepin C ou n ty .—M. E . D im on to H a rt, n w se ne sw and e
35 acres o f nw sw 9-130-33, $4,000; F ra n k O. Sm ith to P entz, w
se 2-128-34, $1,600.
R o c k C ou n ty .—H e n ry R o h ik to G ab rielson , nw 5, $8,150; Q.
S tark to P lom a son , n ne 35, $2,400; J. O. P lo m a so n to C h ristian
son, e ne 2, $4,640.
M orrison C ou n ty .—E d w a rd K ie ro n to B ru ber, w ne ne nw
and s nw and sw and sw sw 7-41-28, $2,340; Joh n S ch a fe r to
S ch a w v eller, s ne 9-40-30, $1,600.
Stearns C ou n ty .—W . M. T h a y e r to M etzroth , n se 21-122-28,
$1,300; F . W . N a g el to B usse, e se 13-123-33, $2,600; A. L. Sm ith
to C ow lth orp, w n w 8-125-35, $2,050.
Cl'Sy C ou n ty .—H. S. E r ick so n to D rake, n w w sw 1-142-44,
$9,500; J. Li. D ru ry to F ra n tz, w 27-142-46, $10,000; G eorge W .
D eck er to Stevens, s 9-141-46, $11,200.
P ip eston e C ou n ty.—Geo. H . G u rley to H e rw ig , sw 2-106-46,
$8,000; W m . H e r w ig to G u rley, se 34-107-45, $14,400; Isa a c M oss
to Stevens, nw and s ne 21-106-44, $9,600.
M cL e o d C ou n ty .—E d w . P. F illip i to C herm ak, 29 acres 30,
$1,740; F ra n k C h erm ak to F ria u f, 29 a cre s 20, $2,030; E dw .
H oeh n e to B ork en h a g en , 40 a cre s 7, $7,800.
W rig h t C ou n ty .—L o u ise M atter to B oike, w nw ne 14-118-25,
$2,500; M arth a B o ik e to R u d olp h , w n w ne 14-118-25, $2,500; P eter
R u d olp h to B oik e, w n w ne 14-118-25, $2,500.
Stevens C ou n ty .—L. H. B e ck e r to M eag h er nw , 10 E v erg lad e,
$4,800; T h eo d o re N eilson to Grisel'l, n 7, S cott, $10,000; B u rt M.
C h a d w ick to M aas, e sw 33, H o rto n , $2,000.
K a n d iy oh i C ou n ty .—W illia m F. G ratz to E r ick so n , s se 1,
n ne 18, $8,000; S ivert J. B en son to B arrett, se sw 8, e nw n w
ne 17, $6,400; C. N o te b o o m to B runs, ne 17, $6,400.
S ain t L ou is C ou n ty .—W . G. D u ndas to O w ens, w sw 10-61-18,
$1,000; H. W . Sibley to R o b in so n , se sw 26, n nw se nw 35-58-19,
$1,000; W en d e ll P M osh er to H all, sw 28-47-10, $1,120.
R e d w o o d C ou n ty.—Joh an n ah M a h on ey to W o o d s, nw 14, W il
low L ake, $4,800; Jam es D u nne to D unne, sw 22, . U nd erw ood,
$6,400; Jam es D u nne to D u n h a m , sw 8, P a x to n , $6,900.
G ood hu e C ou n ty .—H a n s C. W e ste rm o to Ja cob son , s e se
22, and w sw 23-110-18, $10,300; M ary B'luhm to Joh nson , ne 15112-15, $10,000; J a co b Q u ast to R eese, s sw 27-111-15, $6,000.
B row n C ou n ty .—M artin Janni to Janni, 160 acres in 32-10931, $210,000; M artin Janni to Janni, 160 a cre s in 35-109-31, $3,000;
Jam es W . P a tte rso n to C atlin, 160 a cre s in 28-109-35, $8,000.
M artin C ou n ty.—W m . H a ck e r to E ick h o rst, w se 25, W a v e r ly , $42,080; C arlos N . B o y n to n to L a rson , se 11, W a v e rly ,
$8,000; S. J. V a n d e rp o o rte n to H a rrin g to n , e 22, Jay, $16,000.
R ice C ou n ty .—W m . G ard ner to M ax a, w n w 26, s se ne 27,
E rin, $4,500; Joh n V o r a c e k to L a m b e rt, e nw 27, W h eatlan d ,
$6,000; L o u ise M eese to M eese, sw sw se 29, W h e e lin g , $9,500.
W in o n a C ou n ty.—A lb e r t B artz to H a yerts, 160 acres in N o r
ton , $4,600; G eorg e M a x S eifert to P lo e tz, 200 acres in St.
C harles, $15,000; A n to n B e rg le r to V ier, 40 a cre s in W arren ,
$3,600.
A n o k a C ou n ty .—P. W . Jesp erson to Jesp erson, n se 26, H am
L ak e, $1,000; A n d rew W . Jesp erson to D a y to n , ne se 26, H am
L ake, $1,200; Joh n W . E m m a n s to F o x w e ll, s se 5, G row ,
$3,350.
L e Sueur C ou n ty .—P a tric k O ’ B rien to W e b e r, n w n w and sw
n w 29-111-24, $4,836; Joh n J. S v o b o d a to D avid , e 50 acres o f se
1-112-23, $4,800; P a t O ’ B rrien to W e b e r, nw n w n sw n w 29-11124, $4,830.
F re e b o rn C ou n ty .—C. K . C lark to W ich m a n n , ne 33, A lden,
$8,500; R a lp h O. O lson to S tran d sk ov, w sw 26, C arlston, $4,800;
T. F. D an h a er to In te r-S ta te T ra d in g C om p an y, n w 31, M an s
field, $8,000.
D a k o ta C ou n ty .—E llen H a re r to D a rso w , 51 acres in 30, In
v er G rove, $4,096; M ich ael O’ R o u rk e to O ’R o u rk e , 76 a e fe s in
28 and 31, R o sem ou n t, $3,800; Josep h R o a c h to M iller, 120 acres
in 25, E u rek a , $4,500.
J a ck s o n C o u n ty .—A a g e H a n sen to H ansen , s n w n sw 32,
C hristiana, $6,400; W m . Sm ith to A n d erson , se se ne 29, W e st
H eron L a k e , $9,000; Joh n P. T eiszen to Y sk e r, 320 acres in 1,
2 and 12, C hristiana, $12,700.
O tter T ail C ou n ty .—G. G. W a tn a a s to T w e to , n se ne 22132-38, ex cep t 2 acres n sw w se 34-132-38, $4,900; Jam es W a lto n
to P a n cra tz, s sw ne sw 26, se se 27-136-38, $3,600; R . J. M ittelstad to B ra u ce , s n w 22-131-44, $2,400.
D od g e C o u n ty .—C onrad E n g e b a rd to V an derp ool, sw 17,
R ip ley , $6,250; B ertin a A n d erson to F a irch ild , n22y2 acres nw
nw and s30 acres sw n w 26, C an isteo, $2,500; M ary D u ncan to
D u ncan, w sw and w e sw and w s sw 34, C larem on t, $3,250.
B lu e E a rth C ou n ty .—C. C. S am pson to W ilk in son , s se 13,
an d ne 24, V e rn o n C enter, s 11 acres o f sw sw 18, w est 2 acres
o f ne nw and n orth 31 acres o f n w n w 19, L y ra , $19,880; L o u isa
L. C ornell to M orris, und % o f w se 12, S terling, $2,500; C harles
F. H erz b erg to H e rz b e rg , n n w 33, D e co ria , $5,200.
NORTH
DAKOTA.
S ta rk C ou n ty .—C. N. G orm a n to M eK ibben , sw 29-131-97,
$2,240.
W illia m s C ou n ty .—Ole P. H e g h to L y sn e, n sw 23-160-96, $1,500; C hristian J. M. P e te rso n to L a n g lie , s se 18, n ne 19-162-96
$2,600.
C ass C ou n ty .—F ra n k L . C ollins to M ohr, s 13-141-54, $7,781.25;
W . H . C ollins to Shepard, w ne 31-143-49, $3,000; M ax Stern to
P iercre, w 7-141-50, $23,437.
S tu tsm an C ou n ty .—F . H. Jo o s to Olson, w 7-142-62, $7,000;
H elen S'. C obu rn to D oty , sw , 3-139-69, $2,720; E liza beth H Joos
to Olsen, w 1,2-7-142-62, $7,000.
S teele C ou n ty .—A . G ilbertson to Sim onson, sw 27, E aston,
$2,200; B A . K e rstin g to M cN ea l, sw 14, C olgate, $6,000; B. M.
F u lle r to F u lle r ne 10, C olgate, $6,000.
T ra ill C ou n ty .—O liver D a lry m p le to D alry m p le, und. y2 in.
n e 33-147-49, an d sw sw nw 5-146-49, $8,000; O liver D alry m p le to
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Federal Reserve Bank of St. Louis
45
D alry m p le, ne 33-147-49, and sw sw n w 5-146-49, $8,000; C arl
O scar H a n son to H anson , e 14-148-51, $10,000.
C avalier C ou n ty.—M ark M E v a n s to S um m erbell, w sw 1, e
se 2-162-59, $5,000; Joh n D. R u b le to R u b le, sw 26-162-60, $2 000B en ja m in T a b ert to N iclau s, ne 36-161-63, $4,000.
B ottin ea u C ou n ty.—E r ick K . Sem to W a ll, w ne se n w ne
^ ’ i930ino4"nT’ I 4’ w - ’ffR+0b? i t
H e lg erson to Ogren, n w 21-16233, $8,500, N. A . W iff to H eald, ne 10-161-82, $3,600.
P ierce C ou n ty .—Geo. H. F orm er to W irtz, se 19-157-69, $3,000;
Joh ann es EH to T u ch sch erer, se 13-154-73, $3,500; In g ebret Skalstad to E ll, w sw sw n w 4, and se ne 5-154-72, $3,500.
T_ ® ^rnes C ou n ty .—Geo. P o llo ck to B row n , se 4-137-59, $3 360K . A. B on h u s to B onh us, nw 30-137-61, $3,360; M ikkel B lo rto n ten to S angestad, ne 24-138-59, and sw w se 19-138-58, $12,400.
SO U TH D AK O TA.
F a u lk C ou n ty.—C arl H e lw ig to F ra y n , w 9, nw 21-118-72, $12,000; J. A. P ick ie r to K in g , n w 34-120-72, $: ,500; L u cre tia B.
W ells to Case, se 34-120-72, $2,200.
S n 0o-£;m&s C ounty .—C. F ra n k W a lters to Storm , ne 28-112-52,
$4,800; R o b e r t A . S torm to M ath ew s, ne 28-112-52, $5,500- C W
Sm ith to E V enson, n w o f 22-111-51, $3,800.
B on H om m e C ou n ty.—M rs. L en a M atth ison to K ra m a r, e
se 36-94-59, $4,000; A . J. W o o d to W eid en bach , nw 3-95-58, $7 070
P e te r B a k er to F assb an d er, se 8-96-59, $7,200
M o od y C ou n ty .—G. E. g a r b le to M iller, lots 1 and 2, 15-10647, $4,080; B. N. C ooley to Sm ith, sw 34-105-49, $10,000; John
E a stm a n to Staglem an , lot 3, sw 15-107-48, $1,700.
D ou gla s C ou n ty.—F ra n k Josep h K n ittle to B u ssell, lots 2 3
4, and n se 22-98-64, $5,471; T h om a s Skahill to H osp ers, ne 2898-53, $5,120; Joh n R an d s to H a rris, w 8-100-64, $8,484.
C od in gton C ou n ty.—Joh n H. B a rtlett to W illia m son , n sw
ne se nw 36-117-53, $10,000; Jam es M cL a ren to S trieker, se s sw
11-118-55, $7,000; Jesse P h illip s to Sm ith, p art o f ne nw 22-119-51,
$2,500.
C harles M ix C ou n ty.—John T. C am pbell to S chroder, n w se
6 and lot 8, 5-96-61, $3,000; L ou is J. H ron ish to W a g n e r, ne 1297-66, $6,400; C heyenne B u tch er to L ibertin , se ne 24-95-63, $1,034.40.
M inneh ah a C ou n ty.—Ole G u nderson to C hristenson , 31 acres
o f w n w 9-102-49, $1,550; W ill O’ C onnell to R ic k e rt, sw 17-10252, $7,200; W . W . S ibson to M iller, sw 4, e se 5, n w 9-102-50,
$15,560.
W IS C O N S IN .
B ayfield C ou n ty .—T h om as M artin to T a c k s, e ne se 21-48-8,
$1,280; R . B. P rin ce to F ors y th , e se 36-46-5, $1,100.
C hippew a C ou n ty .—W m . M ich elstetter to K u h r, lot 41, blk.
A , M enasha, $1,200; W illia m K r ie g to B ran tm ire, 40 acres in 7,
N eenah, $2,600. •
T rem p eleau C ou n ty .—A. B. P ederson to D ah l, se sw sw sw
sw 26-21-7, Julius M a le fc h ic k to A m u n d son , se ne e se 24-20-10,
sw n w 30-20-9, p art w sw, p art sw n w sw 19-20-9, $6,000; John
P. W ils o n to S kogstad, ne 22-24-9, $8,500.
IO W A .
P a lo A lto C ou n ty.—Danl. G ress to W eisb rod , w sw ne sw,
24-97-31, $7,200; C. B. F itc h to R esh, n se 35-97-33 and sw 36-97-33,
$9,984.
C lay C ou n ty.—F. A. L ah r to Jones, sw 20-96-37, $9,000; Chas.
M u rray to Jones, sw 32-96-38, $9,600; F ra n k N. P eters to R o s kens, ne 22-97-38, $10,400.
B u ch a n an C ou n ty.—V ic to r M. R eed to P ierce, se 4-89-7, $10,400; E lzy W ils o n to K itch , se 12-89-9, $10,000; T im oth y Sullivan
to C olvin, sw 24-88-10, $10,880.
H a n n a h C ou n ty.—A u g u st K a n e y to M eils, w 33, B oon e, $20, 000; G eo. W . S covill to T im m , 20, B oone, $25,600; F ra n k T im m
to Scovill, e 20, B oone, $25,600.
K e o k u k C ou n ty .—G odlib F rid a y to Speiess, sw 3-75-11, $9,000;
F ra n cis M iles to H a rd esty , se se 5-75-12, $4,100; Jam es W y llie
to Y ahn ke, e n w 32-76-12, $6,000.
O B rien C ou n ty.—Jno. A ld in g er to Irvin e, n w 8-95-40, $13,200; Jno. E n g elk e to M ehnke, ne 21-94-40, $10,600; R u ssell M ealm an to M ealm an, ne 30-96-39, $12,800.
C linton C oun ty.—L a w re n ce P ow ers to W ilck e, nw 16-83-5,
$25,000; T h om a s D olan to D olan , nw sw 1-82-4, $20,000; W W
H a n ey to D olan , sw se 28-83-3, $23,000.
F a y e tte C ou n ty .—M ich ael H e rsch in g er to G rim es, n w sw 3695-9, $2,000; M ich ael S chatz to W ich m a n , s se 15-94-9, $4,800- G u y
E G reen to L y on , n nw 34-95-9, $4,000.
P o ca h o n ta s C ou n ty.—Jason N. R u ssell to P ru ssn er, s 33-9333, $9,600; K a te W eh lan d to E van s, ne 33-93-34, $12,800; A - H
R e ts lo ff to D eY ou n g , sw 8-92-33, $10,350.33.
H o w a rd C oun ty.—W m . T au b m a n to Sekora, sw 26-99-13, $7,520; E. G. R ic e to B ergstrom , n w ne ne n w w n w 31-100-13,
$8,820; S. R . Ure to G ra f, ne 26-99-14, $8,800.
G ru n dy C ou n ty .—P hilip L eibsoh n to M ooty, sw 16-87-16, $19,200; D. E, L o n g n eck er to C am pbell, w se 10-87-17, $10,200; M ary
M. C am pb ell to B rasted, e sw 6-87-17, $10,200.
P ly m o u th C ou n ty .—W m . A. S ehum an to K e h rb u rg , ne 2891-45, $16,000; M a rg a ret W a lk e r to K oh ler, sw 25-93-45, $11 925T hos. P h illip s to H a yd en , nw 7-91-44, $12,249.75.
L y on C ou n ty.—H erm an n L a a ch m a n n to G rafing, ne 35-9946, $11,750; Joh n W . R o a c h to M cL au g h lin , sw 17-100-45, $13,600;
G eorge S pencer to ß e ck m a n , sw nw 31-98-44, $20,000.
-DIclllxvllil ^uuncy.
w se e se 20-92-22, $16,800; I. B. R ob in son to Jones’, se 16-91-21
$11,130; D av id E v a n s to K en in g er, sw 24-90-20, $16,560.
H a m ilton C ou n ty.—Joh n Sonerholm to Sunnes, s ne nw se
16-87-26, $9,000; L ars H en derson to W ick s, sw n w and n w sw
28-86-23, $4,400; L ew is C arey to C arey, e ne 35-87-25, $6,000.
S iou x C ou n ty.—N. H ansen to Schlesser, sw 33, Sherm an $15 200; J. H olla n d er to H ollan d er, ne e nw 26, W e lc o m e $21 000 •
R . D eJ on g to T en K ley , Jr., n n w se nw 22, C apel, $9,WO.’
W rig h t C ou n ty .—N ich ola s S chlad er to K erstein , e sw 3 an d
s nw 3, W o o ls to c k , $11,200; F ra n k R ich a rd son to C laude, se 21
W a ll L ake, $10,100; Jon as Y od er to D err, ne 15, D ay ton , $14,000.
A lla m a k ee C ou n ty.—Jas. B y rn es to W a ters, n ne 32-91-6
$4,100; G. H. Deerner to A m b rose, n w se 17-96-4, $1,000; E liza b eth
A d am s to A m b roze, ne e x cep t lot 1, se ne w ne se 17-96-4, $5 000
son, $8,900; W . C. W en d t to K rie g e r, 80 a c r e s ^ iL ^ !* 1H a rrison
$7,200; W . E . D ic k e y to H en ninger, 84y2 acres in 8, F ra n k lin ’
$6,000.
C erro G ordo C ou n ty .—I. C. L ock in to O versolser, e n w 25-8846, $4,000; K a te A. G otfred son to O verholser, w n w 25-88,
$4,000; P a tric k O ’ N eil to B en ed ict, s n w 18-87-46, n ne 19-87-47,
$12,000.
THE
46
C O M M E R C IA L
ARMOUR GRAIN CO.
G
R
A
I N
2 0 S La Salle Street
CHICAGO
E . L. W e l c h , Prest. and Treas.
C. A. Malmquist, Vice-Prest.
R
A
J. W. McClatchie , Secy.
E. L Welch Company
Milwaukee Elevator Co.
G
Saturday, March 23, 1907
W EST
Grain Commission Merchants
Correspondence and Consignments
I N
Solicited
Specialty, Barley
M IL W A U K E E , W IS .
DULUTH
Long Distance Telephone Harrison 632
Tax-Free Denatured Alcohol
C.H. Thayer & Co.
Its B e a rin g U p o n Corn P rices.
CO M M ISSIO N M E R C H A N T S
Its b en efit to th e A g ric u ltu ra l In d u str y .
Grain, S e e d s, Futures.
A pamphlet sent upon
receipt of 10c in stamps.
Your Consignments and Future Orders Solicited.
Our untarnished record for the past 25 years, with conservative busi
ness methods and staying qualities, backed up with over $100,000.00
certainly speaks for itself.
E. W . W A G N E R ,
2 and 4 Sherman Street, C H IC A G O .
MINNEAPOLIS
MILWAUKEE
ST. LOUIS
99 Board of Trade,
KANSAS CITY
C H IC A G O
Hulburd, Warren & Chandler
BARTLETT, FRAZIER
a n d CARRINGTON
STO CK
BR O K ERS
C O M M IS S IO N
S T O C K S and B O N D S
G R A IN and P R O V IS IO N S
Western Union Building, CHICAGO,
MINNEAPOLIS.
M IN N E A P O L IS
AN D
M ERCHANTS
2X2 and 2J4 LaSalle St.
CHICAGO
Members—New York Stock Exchange
Chicago Stock Exchange
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25 Broad Street, NEW YORK
MILWAUKEE.
M bmbrxs : Chicago Board of Trade, New York Stock Exchange, New York
Produce Exchange, New York Coffee Exchange, Chicago Stock Exchange,
Liverpool Corn Trade Association, New York Cotton Exchange, Mil
waukee Chamber of Commerce.
Minneapolis Office, L. L. WINTERS, Manager.
110 Chamber of Commerce
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P R O V IS IO N S
GRAIN
341 Robert St., ST. PAUL, MINN.
J. ROSENBAUM GRAIN COMPANY
(IN CO RPO RATED )
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ORDERS FOR FU TU R E
M E R C H A N T S
D E L IV E R Y S O L IC IT E D
________________________________
CHICAGO
W H A T W E DO
TA/E fabricate Architectural and Structural Steel for buildings of all descriptions—build and erect Railway and
Highway Bridges—furnish Steel Grain Elevators—Steel Storage Tanks—Steel Water Towers and
Stand Pipes.
W e are builders of the well-known T W I N C I T Y C O R L I S S E .N G I N E andhavethe exclusive rights to manu
facture in America, the MUNZEL SUCTION GAS ENGINE & GAS PRODUCER.
W e ask prospective customers to correspond with us when contemplating the purchase o f articles in our line of
manufactare.
W e manufacture and carry for immediate shipment a large line of Transmission Machinery,
If you are not fully convinced that you will best serve your own interests by purchasing from us, we could demon
strate it to your complete saiisfaction, if given the opportunity,
MINNEAPOLIS STEEL & M A C H IN E R Y CO., Mimeh°ah“A V th
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M IN N E A P O L IS , M IN N .
To reacli our plant take either M innehaha, Riverside or Fort Snelling car and get off at 29th Street.
T H E CO M M E R CIA L W EST
Saturday, March 23, 1907
47
hfeO RAIN ® ,M I L L I N G i
3
C R O P MOVEMENT SITUATION.
In a general way the crop-movement situation in
North Dakota and northern South Dakota is very similar
to what it was last fall. That is, the houses are full of
grain, and on the Soo road in North Dakota there is a
large amount in temporary storage and some on the
ground. The railroads are relieving the pressing needs
of the shippers, but the car supply is wholly inadequate
to the demand.
This was the situation in the fall and is the situation
now. During the winter it was greatly aggravated by
snow blockades and cold weather, and the side tracks be
came filled with loaded cars, for the roads could not move
them. During the last month, or since the warm weather
of February, which greatly reduced the snow, the side
tracks have been cleared. The crop movement was there
fore recently started again where it stopped early in the
winter. During the last 30 days, and even up to this
week, there has been more or less trouble from snow in
certain localities. That is, where the drifts were the
deepest; for, in the cuts, every succeeding snowfall has
caused fresh work for the rotaries. Warm as the weather
was for two weeks in February, it failed to wipe out the
immense snowdrifts.
During the last month, although grain receipts have
been fair, the line elevator companies have not materially
reduced the stocks in their country houses. For instance,
one of the big companies having lines in North Dakota,
reduced its total of all grain in its country houses but 80,000 bus. Another company operating on the Great
Northern says that it is difficult to ship out fast enough
to make room for the receipts. Farmers’ deliveries are
a little larger than usual for the season at this company’s
houses. Farmers’ deliveries generally, in North Dakota,
are reported as about normal. Most of the companies
say they are just about keeping even with the receipts.
There is no complaint from any locality that farmers’
offerings are not being properly cared for.
It is a source of regret, however, that the grain on
the ground, although there is no great amount of this,
and that in temporary storage cannot be taken care of
by the railroads. Some of the temporary bins are cov
ered, and the grain in these is secure against the weather.
But there are numbers of bins in which the grain is ex
posed The railroads have an all-summer’s task ahead of
them to move the remainder of the crop.
PRESENT AN D FUTURE OF SASKATCHEW AN.
The final report on the gram crops of the province of
Saskatchewan for 1906 has just been published, by direc
tion of Hon. W. R. Motherwell, commissioner of agricul
ture, at Regina. The report is a model of statistical com
pilation, for it gives, in the simplest form possible, com
plete information as to acreage, total crop, yield per acre,
etc., for the province.
Saskatchewan includes an immense area, a total of
251,880 square miles, of which only 6,920 square miles is
water surface. The department of agriculture has divided
the province into 21 districts, to facilitate the gathering
of information.
The total area of the districts wholly or partly under
settlement is placed at 73,049,000 acres. But of this great
area only 2,501,000 acres was under crop in 1906. To use
a common expression, the surface of Saskatchewan has
as yet only been scratched. The possibilities are so great
that even the rush of thousands of settlers during the
last two years seems small by comparison.
The number of grain farms in the province is 30,289,
with an average area under crop of 82.57 acres.
Estimates of the crop are made from reports of
threshing machine operators under the Threshers’ Lien
ordinance of the North-West territories. The number of
threshers reporting in 1906 was 1,947.
*
While there has been a steady increase in the area un
der cultivation since 1900, the big increase started with
the year 1903. The greatest gain was in 1906, truly a phe
nomenal year. The following table gives the acreage and
crop of the different grains, and the yield per acre, for
the last three years:
A crea ge.
W h e a t—
1906..................................
1905..................................
1904..................................
O ats—
1906..................................
1905..................................
1904..................................
B arley —
1906..................................
1905..................................
1904..................................
F lax —
1906..................................
1905..................................
1904..................................
C rop,B u.
Bu. A cre.
1,730,500
1,130,000
910,000
37,040,000
26,107,000
15,944,000
21.40
23.09
17.51
................
..............
..............
639,900
449,900
346,500
23,965,000
19,213,000
10,756,000
37.45
42.70
31.04
..............
..............
..............
53,500
32,900
24,600
1,316,000
893,000
598,000
24.57
27.11
24.27
..............
..............
..............
76,000
25,300
15,900
710,000
398.000
106,000
9.35
15.73
10.45
..............
..............
..............
One who travels throughout Saskatchewan, or sees as
much of it as can be done from the railroad trains, is
impressed with the great percentage of “ good” land—
that which will ultimately be under cultivation,
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Federal Reserve Bank of St. Louis
In the
northern half there is a considerable area of wooded land,
which will, of course, be slower of settlement than the
prairie.
But while it will be many years before this great prov
ince is all under settlement, it can be but a short time, say
10 years, before it is one of the important wheat grow
ing centers of the world. In fact, it seems safe to pre
dict that in 10 years the total grain acreage of this prov
ince will equal that of North and South Dakota combined,
not of wheat alone, but of all grains. If the percentage
of increase of last year should be maintained for six
years, Saskatchewan’s grain acreage would equal the total
acreage of all grains in the Dakotas. And even then only
one-quarter of land would be in grain.
Saskatchewan is some 45,000 square miles greater in
area than the Dakotas. Eliminating the dry country in
the southwest, what was originally the west half of Assiniboia, and there still remains vastly more arable land than
in the Dakotas. For the west half of South Dakota is not
an agricultural region.
The province of Saskatchewan extends east and west
450 to 470 miles, and north and south 420 miles, or from
the North Dakota line to 55 degrees north latitude. This
northern boundary is almost identical with Moscow. In
fact, Saskatchewan, Manitoba and North Dakota occupy
practically the same position, in point of latitude, as
the great wheat area of Russia.
The possibilities of Saskatchewan as a grain producing
region seem limited only by the time necessary to settle
the country. Yet within a reasonable length of time—a matter of 10 years—the crop will certainly be a factor
of influence in the world’s markets. An increase which
may reasonably be expected within 10 years, based on the
settlement of the last three years, is shown in the table
that follows, which also includes the acreage and crop of
1906 for comparison:
A cres.
W h ea t ...................1,730,500
Oats ...................... 640,000
B a r l e y .....................
53,500
F lax ......................
76,000
Bushels.
37,040,000
23,965,000
1,316,000
710,000
T otal, 1906 ...2,500,000
63,031,000
P ossible in 10 y e a r s ..............................
In 10 T ears, In 10 Y ears,
A crea ge.
Crop.
12,000,000
240,000,000
4,500,000
150,000,000
375,000
9,000,000
530,000
5,000,000
17,405,000
404,000,000
This gives a total grain acreage of 17,400,000, or practi
cally that of the Dakotas. The latter is divided as follows:
wheat, 9,000,000 acres; corn, 2,000,000; barley, 1,400,000;
oats, 2,500,000; and flax, 21,000,000; a total of 17,000,000.
The Saskatchewan acreage runs more largely to wheat,
with a much heavier yield per acre, light in flax and with
no corn. The flax acreage, however, may be very largely
increased, relatively, within the next few years. The
grain trade of Winnipeg has discouraged flax raising, but
it could develop very rapidly, if encouragement were given
it. Even at the present ratio of increase a crop of 5,000,000 bus. is probable in 10 years; and a wheat crop of 240,000,000 is not at all out of the way for Saskatchewan. T q
this will be added the crops of Manitoba and Alberta.
T H E CO M M E R CIA L W EST
48
Saturday, March 23, 1907
REVIEW OF THE W HEAT SITUATION.
Office, Minneapolis, March 20.—Demand for wheat on the tables cannot be called brisk,
as one sees the salesmen chasing the mill buyers with
One of the features that impresses one most, in looking
over the situation, is that we are not getting anywhere,
their samples. The premium on No. 1 northern over the
May is i%@2c, which is a quarter easier than a week
only that we are approaching a new crop year. It can
hardly be said that there are any real developments of
ago. The mills are good buyers only of wheat in cars
they can reload with flour.
importance relating to the old crop anywhere in the
world but Russia. In our own country the big crop that
The mills are moving somewhat lighter than last week.
was harvested last summer has steadily been eaten into | Another closed down today because of the inability to
get cars for shipping flour.
and export shipments have cut it down somewhat. Yet
D a m a g e Reports.
Europe has not been buying as much of late as its re
Damage reports from the southwest and from the
quirements and our supplies demand, and it is now appar
central states have been features of the market this week.
ent that a big surplus must be carried over into the new
Reports from Indiana and Ohio are of a general charac
crop year. The disposal of the remainder of the old crop
is a merchandising proposition likely to be devoid of in ter—that the fields look poor, or, that the plant does not
look right. Reports to the C o m m e r c ia l W est indicate
terest to everybody but those who actually handle the
that Indiana wheat is all right; the desire is that it shall
grain.
S u p p li e s W e l l D i s t r i b u t e d .
look well before the proper season. While it is yet a
little early to be sure that the plant is not normal, it is
Supplies of wheat everywhere but at the seaboard are
to be expected that localities will show deterioration.
fully sufficient for all requirements until the next crop is
ready to grind. Northwestern elevator stocks are not
Damage reports from the southwest have taken more
definite form. From the green bug they have changed
being reduced appreciably, for the farmers continue to
to hot weather and hot winds. On the 18th and 19th
deliver wheat as rapidly as it can be shipped out. In the
some high temperatures were recorded in Oklahoma and
southwest elevator stocks are also large. Central states
southern Kansas, but the St. Louis and Kansas City mar
mills are generally better supplied with home grown
wheat than for a long series of years. In fact, in every
kets did not indicate alarm. There was also some drouth
talk, but this was denied by reliable people. C o m m e r c ia l
quarter there is an assured supply to meet every milling
demand, and something over for the importer whenever
W e s t reports indicate no important damage except in
Texas.
he wants it.
A t M inneapolis.
An extended period of hot weather would be an extra
At Minneapolis the stocks continue to increase stead
ordinary freak of nature at this season, and is therefore
ily, and the gain this week will approximate that of last,
unlikely. It was early hot weather and drouth that killed
or close to 700,000 bus. This will bring the total in regu
the spring wheat crop of eastern Rusisa last year. The
lar elevators up to 9,250,000 bus. This rate of increase
plant was so hard hit that when rains came, it could not
should easily be maintained throughout April, and so
be revived.
Crop R eports F rom Europe.
bring the total to 12,000,000 by May 1.
Duluth stocks are now 6,191,000 bus. The increase of
Some damage to the German crop has been confirmed
as nearly as it can be so early in the season. That is, re
last week was heavy, being 806,000 bus.
Receipts of wheat from September 1 to March 19
ports from Germany indicate that the trade believes dam
age was done by the excessive cold.
amount to 57,786,000 bus., as compared with 71,607,000 in
the same period of the previous crop year. These figures
France is still in the “ may or may not” list. It will
take until the middle of April to determine even ap
include all varieties of wheat.
proximately the condition of the crop.
Of spring wheat, 41,389,000 bus. was received, against
67,844,000 last year; and of durum, 6,910,000, against 3,932,Reports from Russia on the condition of the winter
wheat are favorable, as are also those from Hungary.
000.
C o m m e r c ia l
W est
ANTW ERP W HEAT MARKET.
(H . W ie n e r & Co., to the C om m ercia l W e s t.)
Antwerp, March 1.—Not much new business has of
late been done. It cannot be said that there is any pres
sure on the part of the exporting countries to sell at low
er prices, but resellers, desirous to secure their profits,
are making small concessions and are selling now and
then below the original offers.
The opening of navigation on the Danube is expect
ed in about a fortnight, and the offers from that side will
certainly increase. Perhaps we might expect then an op
portunity to buy at a little less values, but then will prob
ably be the moment to secure wheat, because the demand
will soon again increase and render the Danubian sellers
stiffer, inclined as they are not to part eagerly with their
wheat. They are getting very good prices for their large
corn crop, which permits them to be less dependent upon
marketing of their wheat.
While it might seem that there is plenty of wheat to
be got from Roumania and the Plate, and that also AmerFLO U R AND M ILLIN G.
There is absolutely nothing new in the milling situa
tion or the flour trade. While the flour trade is very dull,
this is overshadowed by the great difficulty the mills
have in getting cars. It is never quite certain how soon
any particular mill may be compelled to close down, on
account of having no cars to ship its output. The car
situation is so bad that when the millers get to talking
about it they forget all their other troubles.
One of the larger mills closed down today, Wednes
day; and so the output will probably be about the same
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ica might give us sufficient stuff, we think this impression
will soon pass, for by the total shipments it will be seen
what an important feature the absence of Russia will be
with the season advancing. It is the Russian deficiency
which in our mind is the keynote of the situation, doing
away with any idea of super-abundance; and under such
circumstances prices are not exaggerated.
The increase of the quantity afloat loses much of its
importance, as it principally arises from the Australian
shipments, which are spread over a long space and will
only arrive in the distant future. India keeps entirely
out, and it does not look as if she would be a seller of
wheat to any extent.
Therefore, however quiet the situation may be at pres
ent on the surface, a decline could only come from over
supplies, of which we see no indication anywhere. The
growing crops are not especially complained of, and we
must wait till the plant has made, further progress to as
certain whether real damage has been done.
as last week. A greater capacity was in operation on
Monday than the average of last week. Sixty percent of
the capacity is now being operated.
Flour trade this week is from fair to poor. Some mills
report sales fully equal to their output, and say they
would be running heavier if they could get the cars. E x
port business is, generally speaking, out of the question;
still, one company reports having worked considerable
patent.
There is no let up to demand for millfeed. Prices are
unchanged from the basis of the last two weeks, or $ 19.25
for bran in 100 ’s.
T H E CO M M E R CIA L W EST
Saturday, March 23, 1907
MINNEAPOLIS FLOUR OUTPUT.
B arrels.
294,000
295.400
.305,300
.270,250
.211,800
,195,500
.214.000
.252,100
210.400
286.600
263,600
W e e k ending
Ja n u a ry 5 ..........
Ja n u a ry 12 ........
Jan. 19 ................
Jan. 26 ..............
F eb. 2 .................
F eb. 9 .......... - . .
F eb. 16..................
F ebru ary 23
M arch 2 ............
M arch 9 ................
M arch 16..............
Y ear ago.
147,200
221.400
235,300
263,100
267,900
276.000
269.700
307.000
193.500
224.700
209.400
49
March 19 are 14,457,000 bus., against 19,638,000 for the
same time last crop year. Local elevator stocks are 3,649,000 bus., a slight decrease for the week.
Duluth has in store but 850,000 bus.
C lo s i n g O a t s P r i c e s .
D aily closin g p rices on N o. 3 w h ite oats in M inneapolis:
Cash.
M ay. L a s t Y ear.
M arch 14.............................................................. 38%
37%
28%
M arch 15.............................................................. 38%
37%
28%
M arch 16..........................................................
38%
37%
28%
M arch 18.............................................................. 38%
37%
28%
M arch 19.............................................................. 40%
38%
28%
M arch 20.............................................................. 40%
39%
28%
EXPORT SHIPMENTS.
W e e k ending
Ja n u a ry 5 ........
Ja n u a ry 12 ----Jan. 29 ................
Jan. 26 ................
Feb. 2 .................
Feb. 9 ................
Feb. 16 ................
F eb ru a ry 23
M arch 2 ............
M arch 9 ................
M arch 16..............
Barrels.
..............................................
86,700
..............................................
53,900
.................................................... 46,800
.................................................... 66.300
..................................................... 46,000
.................................................... 38.825
........................................ 46,640
.................................................... 71,000
....................................... 33,400
....................................
68,700
........................................
57,250
Y ear ago.
19,860
59,100
70,909
65,070
48,600
52.165
45.520
56,650
36,500
44.900
48,800
FLAXSEED AND LINSEED OIL.
Although receipts of flaxseed are_ running in excess
of the daily requirements of the oil mills, the excess does
not show in the elevator stocks. Half or more of the
daily arrivals was bought weeks ago to arrive, so the re
ceipts are practically all going to the mills, the sur
plus into private store.
Stocks of flaxseed in regular elevators, on the 18th,
amounted to 278,000 bus. Stocks at Duluth increased
211,000 bus. for the week, and were, on the 18th, 2,971,000
bus. The movement is regular, and all indications are
that it will continue so.
There is nothing new in the linseed oil situation. The
mills are running full capacity, and it is expected that
they will continue to throughout the crop year. The
spring opening of the oil trade is slow, yet this is not in
dicative of any decreased consumption. A year ago the
oil demand was lively at this time, hut two years ago it
was as quiet as at present. The jobbers are not buying
because the consumptive demand is slow this spring. The
jobbers are supplying the limited consumptive trade from
early purchases. There is no change in the price of oil,
raw being nominally 37c, f. o. b. Minneapolis.
Oil cake is rather dull, with the crushers holding off
for higher prices for deferred shipment. It is doubtful if
any of them are sold farther ahead than the last of April.
The price is $22.75(0)23.25. Oil meal is nominally $24.
Receipts of flaxseed at Minneapolis from September
1 to March 19 are 6,951,000, against 9,816,000 in the same
time last crop year.
C lo s i n g F l a x P r i c e s .
M inneapolis ca sh . . .
D uluth c a s h ..............
M a y ......................
July ......................
O ctober ..............
M ch.
14
1.19%
1.19%
1.20%
1.21%
1.18
M ch.
15
1.19
1.19%
1.20%
1.21%
1.17%
M ch.
16
1.17%
1.19%
1.20%
1.21
1.1S
M ch.
18
1.18%
1.19%
1.20%
1.21%
1.18
M ch.
19
1.18
1.19%
1.20%
1.22
1.18
M ch.
20
1.18
....
....
Eastern buyers are just recovering from the shock
produced by the government report on oats.
They
promptly pulled out of the market after the report was is
sued; and only this week have inquiries from the east
been anything like they were before. They are in the
market for the best grade of oats, but are indifferent to
the lower grades. Shippers have little to offer of the best
quality—they are sold out.
When asked today if the oat market is not likely to
do what barley did last week, one of the largest receivers
and shippers said that he thought not. It was the in
creased receipts and the amount of stuff sold to arrive
that broke barley, he explained. With oats it is different.
During the last week there has not been 30,000 bus. of
oats sold in this market to arrive, even though until June
T5 is offered by buyers. This seems to indicate that the
oats are not back in any great quantity. It can hardly be
that farmers are holding for higher prices, for oats are
ioc higher than a year ago; and 38(0)400 Minneapolis is a
big price. It would hardly pay a farmer or anyone else
to speculate on oats, if they owned the actual grain, at
these prices. While Chicago May oats may go higher,
the fact remains that oats are a good price and are all
out of proportion with everything else. And what hap
pened to barley could happen to oats, even though it does
not seem probable now.
The Chicago May has today almost recovered all its
loss after the wicked shake-out, which carried the price
down to 393A c, from 43c. If the situation is as strong and
healthy as it is represented to be, it would not have been
possible to have a 3 ^ break and a quick recovery. This
action of the market shows a powerful speculative inter
est, and where such a factor is present the market can
not be natural nor healthy. And yet the price may go
much higher.
receipts
at
Minneapolis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
from
September
CLOSING WHEAT FUTURE PRICES.
Septem ber W heat.
M ch.
15
78
77%
78
77%
M a y W heat.
M ch. M ch.
14
15
77%
M inneapolis ............ .......... 783/8
76%
Y ear a g o ............ .......... 76%
76
C hicago .................... .......... 77
'78%
Y ea r a g o ............ .......... 77%
79
D uluth ...................... .......... 79%
69%
K an sas C ity ............ .......... 70
75%
St. L o u i s .................. .......... 76
M inneapolis ............
Y ea r a g o ............
C h icag o ....................
Y ear a g o ............
..........
..........
..........
..........
M ch.
14
78
77%
78%
77%
M ch. M ch.
16
“ 18
78
78
78%
77%
78
77%
78
78
M ch.
19
78%
77%
78%
77%
M ch.
20
78
77%
77%
76%
M ch.
16
77%
77%
75%
78%
78%
69%
75%
M ch.
19
77%
76%
76
78%
79%
69%
75%
M ch.
20
77%
76%
75%
77%
78%
683/s
74%
M ch.
18
77%
76%
75%
78%
78%
69
75
T h e A l b e r t D i c k in s o n C o .
OATS.
The
BARLEY.
Even the barley market is subject to the same general
conditions that influence other markets. When it be
comes congested, something must give way. Ten days
ago this was about the worst congested market of this
year. Nearly all the buyers pulled out, and it broke 9c
in three days. Not until Monday of this week was there
again anything like free and general buying, although the
receipts were the best on the crop.
The advance in barley brought out a great deal of
grain that would not otherwise have been marketed for
weeks to come. The manager of a line elevator com
pany in southern Minnesota and South Dakota said that
75 percent of his total receipts on the 15th, 16th and 18th
was barley. While the decline may check the movement
somewhat, all that is necessary to increase it will be to
advance the price again.
The market is now healthy and the undertone is
strong. The maltsters need all the barley they will get
on this crop, and the steady demand will continue to
make a good market. The sensational features, however,
are probably something of the past.
Stocks of barley in regular Minneapolis elevators on
the 18th were 700,000 bus., an increase for the week of
21,000 bus. Duluth stocks increased 131,700 bus., and
were 342,000 bus.
Receipts from September 1 to March 19 are 8,409,000
bus., against 11,894,000 in the same period of last crop
year.
\
to
DEALERS IN
FLAX SEED
GRASS SEEDS,
CLOVERS, BIRD SEED.
BUCK-WHEAT,ENSILAGE CORN,POP-CORN
BEANS, PEAS, GRAIN BAGS, ETC.
M IN N E A P O L IS OFFICE,
912 Chamber
of
Commerce
CHICAGO
John H. Wrenn & Company
THE ROOKERY, 225 La Salic St.
C H IC A G O
STOCKS, BONDS, GRAIN, PROVISIONS
COFFEE AND COTTON
, Private Wires to New York and Minneapolis
JOHN MILLER,
H. F. CHAFFEE,
WALTER R, REED,
Pres, and Gen. Mgr.
Treasurer.
Secretary.
THE JOHN MILLER CO.
Grain Commission
Wheat, Oats, Barley, Rye and Flax
C h a m ber o f C o m m erc e
M in n ea p olis
B o a r d o f Trade
D uluth
T H E C O M M E R CIA L W EST
So
N ew Y o r k .. . .
W in n ip e g . . .
....................
....................
84%
76%
84
761/4
83%
761/4
S3%
76
84
76%
833/4
75%
M ch.
16
78%
79%
771/4
78%
79?4
70%
75%
84%
76%
M ch.
18
78%
79
77
7S%
79%
70%
75%
84
76%
M ch.
19
79%
79
77%
77%
80%
71
75%
84%
77
M ch.
20
78%
78%
76%
77%
79%
70%
75%
84
76%
July W h e a t.
M inneapolis .
Y ear ag o.
C h icag o ........
Y ea r ag o.
D uluth ..........
K an sas C ity .
St. L o u is ........
N ew Y o r k ...
W in n ip e g . . .
....................
....................
....................
....................
......................
....................
....................
....................
....................
M nneapolis
M ch.
14
79%
78%
78%
77%
80 y2
71%
76V4
84%
77%
M ch.
15
79%
78%
77%
78
79%
70%
75%
84%
77
C as h W h e a t ,
M ch.
15
180%
79%
77
M ch.
IS
80%
79%
77
M ch.
19
80%
79%
77%
M ch.
20
79%
78%
76%
Duluth c a s h W heat.
M ch. M ch. M ch.
14
15
16
80
No. 1 h a r d ... .................... 80%
79%
.................... 79%
78%
79
77
76%
N o. 2 N o r ... . .................... 78%
M ch.
18
79%
78%
76%
M ch.
19
80%
79%
77%
M ch.
20
Liverpool W h e a t
Prices.
M ay.
6s 5% d
6s 5% d
6s 4% d
DURUM W HEAT.
14..
15..
16..
18..
19.
20..
....
....
....
___
....
....
No. 2.
64%
65%
65%
65%
65%
65%
No.. 1.
67%
67%
67%
68
67%
67%
D u lu th C lo s in g D u r u m P r i c e s .
...
.. .
...
...
...
On T rack.
No. 1. N o. 2.
70%
66%
66%
70%
65%
69%
69%
67%
65%
69%
M arch
M arch
M arch
M arch
M arch
1 4 ...
1 5 ...
1 6 ...
18. . ,
1 9 ...
M arch
M arch
M arch
M arch
M arch
M arch
0.
W h e a t R e c e i p t s — Cars.
Duluth.
M inneapolis.
C hicago.
1906. 1907.
1906. 1907. 1906.
1907.
190
18
14. . . ...3 4 8
138
65
1
200
111
44
5
1 5 ... ...3 6 4
17
100
20
209
9
16. . ___ 312
37
463
55
5
87
22
1 8 ...,...5 6 5
261
115
6
206
18
19 .. . ...2 0 3
239
131
5
2 0 ... ...3 7 0
67
7
Minneapolis
M arch
M arch
M arch
M arch
M arch
M arch
M ay.
N o. 1. N o. 2.
70%
66%
70%.
66%
69%
65%
65%
69%
69%
65%
W in n ip eg.
1907. 1906.
39
86
206
57
177
67
181
153
189
200
54
166
D a i l y R e c e i p t s o f C o a r s e G r ai n.
Oats B arley R ye
Cars Cars Cars
26
38
7
32
70
8
72
38
6
115
86
15
20
34
6
48
73
7
..
..
..
..
..
..
1 4 ...
1 5 ...
1 6 ...
1 8 ...
1 9 .. .
2 0 ...
Corn
Cars
14
16
15
34
7
22
F lax
cars
38
53
43
62
26
65
Y ear
A go.
26
13
31
49
28
26
D u lu th D a il y R e c e i p t s o f C o a r s e G r ai n.
Oats B a rley R ye
C ars Cars Cars
.. 8
24
3
.. 8
12
.. 3
17
.. 3
11
.. 9
6
47
M arch
M arch
M arch
M arch
M arch
1 4 ...
1 5 ...
1 6 ...
1 8 ...
19.. .
N o.
M arch
M arch
M arch
M arch
M arch
M arch
2 rye at M inneapolis:
14...................................................................
15..................................................................
16....................................................................
18.......... .........................................................
19...................................................... ............
20..................................................................
F lax
Cars
48
23
28
17
59
Y ear
A go.
48
56
23
29
96
C lo s i n g R y e P r i c e s .
61% @6314
61% @63%
60% @6314
60% @ 63%
60% @ 63%
61% @63%
Minneapolis W h e a t S tock s.
S tock s o f w h eat in M inneapolis regular elev ators on M arch
16 w ere as fo llo w s:
N o. 1 h a rd ..........................................................................................
369,657
N o. 1 n o rth e rn .................................................................................. 3,038,134
D urum ................................................................................................
552,366
Others ................................................................................................
4,596,936
T ota ls
..........................................................................................
M i n n e a p o l i s W e e k l y Gr ai n R e c e i p ts .
W h e a t ................................................................................................
C orn ....................................................................................................
Oats ....................................................................................................
B arley .......................... ........................... .........................................
R y e ......................................................................................................
F lax seed ............................................................................................
Shipments.
W h e a t ...............................................................................................
F lou r ................................................................................................
M illstu ff .................... ................................. ................... ..................
C orn ....................................................................................................
Oats ......................................................................................... ..........
Barley ...............................................................................................
Rye ............................*............. ................................................. ........
Flaxseed ..................... .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
................ .............
8,557,093
M arch 16.
2,211.160
107,100
387,500
435,240
36,490
309,690
363,000
278,282:
7,055
78,280
466,440
348,660
42,640
165,880
2,163
W heat.
A m e rica ......................
R u s s i a ............................
D anube ..........................
In d ia ..............................
A rgen tin e ....................
A u s t r a l i a ......................
........
........
........
........
........
........
........
C h ile-N . A fr ic a .......... ........
L ast W eek . P rev iou s W eek . L a st Y ear.
1,792,000
2,388,000
2,112,000
904,000
840,000
2,000,000
760,000
1,360,000
1,000,000
544,000
328,000
8,000
4,760,000
4,624,000
3,160,000
736,000
848.000
1,424,000
128,000
208 000
104,000
122,500
24,000
9,328,000
10,688,000
9,728,000
C or n .
A m erica .................
R u s s i a ......................................
D anube ....................................
A r g e n t in e ................................
T ota ls
M i n n e a p o l i s C lo s i n g P r i c e s .
........
W O R LD ’S W HEAT SHIPMENTS.
T ota ls ................................
Spot.
M arch 14.................................... .................................. 6s 3d
..................................6s
3d
M arch 15....................................
....................................6s 3d
....................................6s 2% d
M arch 19.................................. ....................................6s 2% d
M arch
M arch
M arch
M arch
M arch
M arch
Minneapolis W h e a t Inspection.
W h e a t receip ts at M inneapolis fo r the w eek ending M arch
16 graded as follow s, b y ca rs:
N o. 1 h a rd ....................
........
276
N o. 1 n o rth e rn ............
........
606
N o. 2 n o rth e rn ............
___
390
N o. 3 ..............................
No. 4 ..............................
R e j e c t e d ........................
N o grade ......................
H a rd w i n t e r ................
M acaron i ......................
........
121
M ixed ............................
W estern ........................
T ota l ........................
Official Clo se .
M ch.
16
80%
79%
77
No. 1 h a r d ... ....................
No. 1 N o r . . . . ....................
N o. 2 N o r. .. . ....................
M ch.
14
so%
79%
77%
Saturday, March 23, 1907
L a st W eek. P rev iou s W eek . L a s t Y ear.
1,625,000
2,405,000
2,697,000
219,000
561,000
97,000
496,000
414,000
195,000
64,000
106,000
196,000
2,404,000
3,386,000
3,184,000
COMPARATIVE W H EAT VISIBLE.
W heat.
P resen t
t o t a l...............................................................................
L a st y e a r ..........................................................................................
T w o y ears a g o ................................................................................
47,353,000
47,272,000
33,943,000
C o rn .
P resen t
t o t a l.....................................................................
L a s t y e a r ...............................................................................
T w o y ears a g o ......................
12,979,000
15,289,000
9,787,000
O a t s.
P resen t
t o t a l...............................................................................
L a s t y e a r ..........................................................................................
T w o years a g o .............................................................................
10,551,000
23,636,000
15,911,000
CHICAGO CASH W HEAT.
M arch 14.— N o. 2 red, 75c; N o. 3, 74@ 75c; N o. 2 hard, 74% @
77c; N o. 3 hard, 67@75c; N o. 1 northern. 80 % @ 85c; N o. 2 n o r th
ern, 79@84c; N o. 3 spring, 76@83c.
M arch 15.— N o. 2 red, 75% c; N o. 3 red, 73@ 75c; N o. 2 hard,
7 4 % @ 7 6 % c; No. 3 hard, 66% @ 75c; N o. 1 northern, 80@ 85c; No.
2 northern, 79@84c; N o. 3 spring, 76@83c.
M arch 16.— N o. 2 red, 74 @ 7 4% c; N o. 3 red, 73@74c; N o. 2 hard.
73@76c; N o. 3 hard, 65 % @ 73c; N o. 1 northern, 79@85c; N o. 2
northern, 79@84c; N o. 3 spring, 75@83c.
M arch 18.— N o. 2 red, 74 % c; N o. 3 red, 73@74c; N o. 2 hard,
72 % @ 76c; No. 3 hard, 65@74c; N o. 1 northern, 80@85c; N o. 2
northern, 79@84c; N o. 3 Spring, 75@82c.
M arch 19.— N o. 2 red, 74% c; N o. 3 red, 7 3 @ 7 4% c; N o. 2 hard,
73 % @ 76c; No. 3 hard, 6 5 % @ 7 4 % c; N o. 1 northern, 80 % @ 85c; No.
2 northern, 80 % @ 83c; N o. 3 spring, 76@82c.
M arch 20.— N o. 2 red, 75c; N o. 3 red, 7 3 @ 7 4% c; N o. 2 hard,
74 @ 7 6% c; N o. 3 hard, 66@ 74% c; N o. 1 northern, 80% @ 86c; No. 2
northern, 80@85c; N o. 3 spring, 76@83c.
CHICAGO COARSE GRAIN.
M arch 14.— Cash corn, N o. 2, n oth in g d oin g ; N o. 3, 43% @ 43% c.
M ay, 46% c; July, 46c.
Cash oats, N o. 2, 4iy2c; N o. 3, 41c.
M ay, 4 0 % @ 4 0 % c; July, 36%c.
R ye, cash, 68% @ 70c. B arley, cash , 74c.
M arch 15.— Cash corn, N o. 2, n oth in g d oin g ; N o. 3, 42% @ 43c.
M ay, 44 % @ 45c; July, 45%c.
C ash oats, N o. 2, 41% c; N o. 3, 40% @ 41c.
M ay, 4 0 @ 4 0% c; July, 36% @ 36% c.
R ye, cash, 68@69c. B arley, cash, 68@74c.
M arch 16.-—Cash corn, N o. 2, n oth in g d oin g ; N o. 3, 42@42% c.
M ay, 44% c; July, 45%c.
Cash oats, N o. 2, 41c; N o. 3, 40%c.
M ay, 39% c ; July, 36%c.
R ye, cash, 68c. B arley, cash, 65@72c.
F laxseed , $1.14%; N o. 1 n orth w estern , $1.21%!
M arch 18.-—Cash corn, N o. 3, 42 % @ 42% c.
M ay, 45% c; July, 45 % @ 45% c.
Cash oats, N o. 2, 41c; N o. 3, 40%c.
M ay, 40% c; July. 36 % @ 36% c.
R ye, cash, 68c. B arley, cash, 60@72c.
N o. 1 flaxseed, $1.14%; No. 1 n orth w estern , 51.21%.
M arch 19.— Cash corn, N o. 2, n oth in g d oin g ; N o. 3, 43% @ 43% c.
M ay, 46% c; July, 46% @ 46% c.
C ash oats, N o. 2, 41% c; No. 3, 41%c.
M ay, 41% c; July, 37% @ 37% c.
N o. 1 flaxseed, $1.16; N o. 1 n orth w estern , $1.23.
R ye, cash. 65c. B arley, cash, 58@71c.
M arch 20.— Cash corn, N o. 3, 43% @ 44c.
M ay, 4 6 % @ 4 6 % c; July, 45%c.
Cash oats, N o. 2, 42c; N o. 3, 41%c.
M ay, 41% c; July, 37%c.
N o. 1 flaxseed, $1.16; N o. 1 n orth w estern , $1.23.
W INNIPEG CASH GRAIN.
M arch 16.— N o. 1 hard, 75 % c; N o. 1 northern, 74% c; N o. 2
northern, 72% c; N o. 3 northern, 69% c; N o. 2 w h ite oats, 35% c;
N o. 3 barley, 43c. N o. 1 flax, $1.25.
M arch 18.— N o. 1 hard, 75 % c; N o. 1 northern, 74% c; N o. 2
northern, 72% c; N o. 3 northern, 6914c; N o. 4, 66c; N o. 2 w h ite
oats, 34% c; N o. 3 barley, 43c; N o. 1 flax. $1.26.
M arch 19.— N o. 1 hard, 76c; No. 1 northern, 74 % c; N o. 2 n o r th
ern, 72% c; N o. 3 n orthern, 69% c; N o. 4, 66%c, No, 2 w h ite oats,
35c; N o. 3 barley, 43c; No. 1 flax, $1.25.
March 20,—-No. 1 hard, 76c; No, 1 northern, 74c; No. 2 north
ern, 72c; No. 3 northern, 69%c; No. 4, 66c; N q. ? white oats,
35%c; No. 3 barley, 43%c; No, 1 flax, $1.25.
T H E CO M M E R CIA L W EST
Saturday, March 23, 1907
GENERAL
51
S T A T IS T IC S .
W HEAT AND FLOUR EXPORTS.
(B ra d stre e t’ s.)
T h e qu ality o f w h eat (in clu d in g flour as w h ea t) exported
from the U nited S tates an d C anadian p orts fo r the w eek ending
w ith T h u rsd ay is as fo llo w s in bu shels:
1906.
1905.
1904.
N ov em b er 1 .
4,492,974
6,283,399
1,482,202
N ov em b er 8 .
4,155,811
3,532,429
1,459,276
N ov em b er 15
3,742,331
4,730,211
1,289,642
N ov em b er 22
4,025,073
3,353,068
1,332,366
N ov em b er 29
4,204,917
3,706,690
2,101,773
D ecem b er 6 .
4,791,020
4,245,162
1,139,169
D ecem b er 13
4,383,957
4,435,962
1,444,890
D ecem b er 20
3,203,824
4,473,482
1,080,708
D ecem b er 27
2,494,832
3,448,248
981,146
1907.
1906.
1905.
J a n u a ry 3 . . .
4,255,270
3,839,741
1,411,947
J a n u a ry 10 .
4,073,110
4,768.772
700,950
J a n u a ry 17 .
2,636,460
3,448,862
1,138,974
J a n u a ry 24 ..
3,328,255
3,433,585
1,101,587
J a n u a ry 31 ..
2,102,216
3,056,208
945,358
F eb ru a ry 7 .
3,319,930
3,241,939
987,775
F eb ru a ry 14
2,500,139
2,951,642
536,540
F eb ru a ry 20
2,932,491
2,357,068
923,002
F eb ru a ry 28 ..
2,857,420
2,300,476
907,936
M arch 7 ..........
2,251,303
2,563,983
1,285,956
M arch 14 . . .
2,080,034
2,010,237
895,742
WE HAVE SAID NOXALL CAR LINING
IS THE
B E S T -W E
HAVE
ALWAYS
BE
LIEVED IT—N O W W E K N O W IT -----
ALL PURCHASERS OF NOXALL HAVE
FURTHER
IMBEDDED
OUR BELIEF
BY
THEIR REPEATED ORDERS AND SAYING—
"N O X A L L CAR LINING IS THE BEST CAR
LINING THAT’S MADE.”
CORN EXPORTS IN BUSHELS.
(B ra d stre e t’s.)
1906.
N ov em b er 1 ................................ 1,300,221
N ov em b er 8 .................................
870,924
N ov em b er 15 .............................. 1,229,352
N ov em b er 22 ..............................
594,861
N ov em b er 29 ............................... 1,040,970
D ecem b er 6 ................................ 1,109,477
D ecem b er 13 ................................ 1,381,774
D e cem b er 20 ................................ 1,325 964
D e cem b er 27 .............................. 1,325,964
1907.
Ja n u a ry 3 .................................... 4,255,270
Ja n u a ry 10 .................................. 1,296,187
Ja n u a ry 17 .................................. 1,906,873
J a n u a ry 24 .................................. 2,064,883
Ja n u a ry 31 .................................... 2,157,677
F ebru ary 7 .................................. 2,407,089
F e b ru a ry 14 .................................. 1,997,720
F eb ru a ry 20 ................................ 1,688,638
F eb ru a ry 28 ................................. 3,360,456
M arch 7 ............................................ 2,631,572
M arch 14 ...................................... 1,998,254
HAVE YOU TRIED NOXALL?
1905.
1,009,310
751,050
1,054,633
1,010,522
1,643,824
2,402,317
3,407,776
3,088,658
4,607,395
1906.
3,839,741
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
1904.
346,927
148,051
139,978
29,692
364,841
276,989
453,713
1,862,893
1,582,342
1905.
1,411,947
2,932,014
3,186,529
3,035,733
5,302,503
2.448,456
2,882,770
3,827,0S1
4,171,279
1,756,706
3,841,411
TRY IT—THERE IS NO DISAPPOINTMENT
IN NOXALL.
McCl e l l a n p a p e r c o m p a n y ,
Bra n ch e s:
L a Cro sse , W is .
245-9 FIRST AVE. NO.,
F a r g o , N. D.
S ioux F a l l s , S. D.
MINNEAPOLIS, MINN.
CEREAL EXPORTS W ITH DESTINATIONS.
T he ex p o rts o f w h eat and corn (in b u sh els) and o f flour (in
barrels) fro m the U nited S tates and C anada (co a stw ise sh ip
m ents in clu d ed ), w ith p orts o f d estin ation, fo r the w eek e n d
in g M arch 7, 1907, fo llo w :
To
W h eat.
Corn.
F lour.
L iv erp ool ......................................
153,952
694,821
14,738
L on d on ........................................ " 115,227
374,953
38,265
B ristol ........................................ ’ ’
42,000
1,050
G lasgow ........................................" 115,491
111,428
26,652
L e ith ..............................
1
26,283
H uii ..................................
20,000
N ew ca stle ....................................
M anch ester ................................ ..
36^342
94,285
1*050
B elfa st ........................................
12,000
Dublin ..................................
17,142
721
O ther U nited K in g d om ..........
1,000
2,450
U nited K in g d om , o r d e r s ........
A n tw erp ........................................
84,000
SO*500
H ollan d .................................... j ’ ’
88,500
329,042
12,406
F ra n ce ......................................
88,000
G erm any .................... ................
213,000
646,442
22,991
P ortu g a l, Italy,
Spain and
A u str ia -H u n g a ry .................
104,500
15,500
700
S can din a via ................................
32,000
21,340
A sia .................. ..............................
234,261
17,238
A frica ............................
W est Indies ................................
43,Ì72
44,796
All oth ers ....................................
100
4,703
T ota l ........................................ 1,285,273
2,462,385
235,3S3
In ad d ition to the above, 40,861 bu sh els o f oats and 83 424
bushels o f ba rley w e re exported.
CEREAL EXPORTS BY PORTS.
From the United States and Canada.
Flour,
T his
F rom
w eek
N ew Y ork . .. 32,352
P h ila ............... . . 15,685
B altim ore .. .. 21,897
B oston ........ .. 11,933
N e w p ’t N ... .. 24,263
N o rfo lk . . . . . . 3,214
P o r t l’d, Me.
N. O rleans .
8,000
G alveston ..
M obile ........ .’ 10,066
San F ran. ..
P o r t l’d, O. . .. 22,734
T acom a . . . .
S eattle ........ .. 13,330
(B ra d stre e t’ s.)
bbls.
W h eat,
L ast
T his
w eek.
w eek.
65,919
472,425
29,761
56,000
10,911
2S,654
52,560
18,956
65,S96
23,121
3S1,713
10,000
6,000
4S, ÒÒÒ
3,349
12,500
4,670
65,768
bush.
L ast
w eek.
243,853
62,255
263,544
136,000
271,000
Corn, bush.
This
w eek.
502,158
653,044
245,000
389,210
846,751
656,662
108,687
232^990
42,856
104,000
60,000
175,000
60,658
248,570
299,000
5,240
234,261
T ot. U. S .. .163,475 213,841 1,142,362 1,210,913 1,998,254 2,631,572
V a n cou v er . . .
M ontreal . . . .
H a lifa x .......... . 1,030
St. J ’n, N. B .. . 27,200
6,400
75,000
49,600
T o t. C a n ... . 28,230
6,468
75,000
49,000
6S
___
IS PR O D U C E D B Y
I. H. C. GASOLINE ENGINES
I.
H. C. gasoline engines are the best power producers
for elevator purposes that can be procured because of
their special adaptability for this kind of work.
No time is lost in getting ready. When operators de
sire to start I. H. C. engines they merely close the switch,
open the fuel valve, and give the flywheel a turn by hand.
I. H. C. engines are inexpensive to operate because
they consume a small amount of fuel, and do not need an
engineer.
I . H. C. engines are safe to operate. There is no dan
ger of sparks setting the elevator on fire.
’Tis an easy matter to adjust I. H. C. engines in
position for work. The drive pulleys can be placed on
either flywheel.
International Harvester Company engines are made
in the following styles and sizes:
Horizontal (Portable and Stationary) 4, 6, 8. 10, 12,
15 and 20-horse-power.
Vertical 2 and 3-horse power.
Call on the local agent for full particulars relative to
these engines or write for illustrated catalogue.
International Harvester Company of America,
___
Gr. t o t a l . . . . 191,705 220,309 1,217,362 1,259,913 1,998,254 2,631,572
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE BEST POWER FOR ELEVATORS
(Incorporated)
CHICAGO,
.. U. S. A.
T H E C O M M E R CIA L W EST
52
Saturday, March 23, 1907
COM M ERCIAL WEST MARKET REVIEWS.
H. P oeh ler C om pany, M inneapolis, M arch, 19: R egardin g
g reen bugs, reports in d icate that no fu rth er dam age is bein g
done. A fe w com p lain ts regardin g w h ea t crop con d ition s in Illinois
and Ind ian a w ere receiv ed today. G enerally crop p rosp ects in the
w in te r w h ea t belt are fa ir to g ood. T he prom ise is not as good
as it w as a y e a r ago, bu t last year the p rom ise w as u n iv ersa l
ly brilliant.
W e a th e r in the n orth w est to d a y is springlike,
and w ith a con tin u a n ce o f su ch w eather, there w ill soon be
talk o f seed in g on the high lands o f South D ak ota and sou th
ern M innesota. A s to the northern section o f the N orth w est and
the low lands o f the n orth w est generally, it will y e t take
several w eeks be fo re an yth in g about seeding can be said. W e e x
p ect to see late seeding.
M arket at one tim e tod a y looked w eak on fine w eath er and
general ab sen ce o f bull new s. L ater, B room h all’ s foreig n crop
su m m ary, the stren gth o f oats and co rn and o n e -c e n t a d
v a n ce at B erlin, caused a stron g er feelin g, and as the m arket
w a s p ra ctica lly bare o f im porta n t offerin gs ad v an ce gradually
follow ed .
T here w as really nothin g im portant m the w a y of new s t o
day. T he fe e lin g that w h e a t is low enough in a g en eral w ay
had as m uch influence as the new s in cau sin g the sm all advance.
J u st a t 'present, h ow ever, it w ill take fu rth er bull new s to
cause m aterial advance. T he m ark et looks m ore like a sca lp
ing p rop osition than an y th in g else fo r the near future.
*
*
*
John H W re n n & Co., C hicago, M arch, 19: T he stren gth
in coarse grain s an d scattered dam age rep ort ex ten din g from
sou th ern K a n sa s to Indiana, cau sed a m oderate rea ction 111
w h eat prices.
O utside o f som e bu yin g b y a lead ing n o r th
w estern elevator concern, w h ich w a s p rob ably in the w a y ot
spreading, there w a s n o significance to the support. T he trade
is so th orou gh ly im bued w ith the id ea th at the g ro w in g crop is
not in a g o o d con d ition that th ey keep in a bullish sen tim ental
m ood. T h ey are w illin g to p a y fa n cy p rem ium s fo r the m ored eferred deliveries fo r the p rivilege o f o w n in g w h eat on this
th eory w h en it is a fa c t th at cash w h eat is an actual d ru g the
cou n try ov er fro m the old crop.
*
*
*
C larence H. T h a y e r & Co., C hicago, M arch 19: W h e a t: The
m ark et w a s stron g er and higher today.
t h e liqu idation of
the last fe w days has p u t the m arket in a m ore hea lth y c o n
d ition than fo r som e tim e p ast and in a p osition w h ere it w as
read y to resp on d to an y bullish new s and the w h ole stren gth
o f tod a y w as on the stron ger un dertone and h igh er p rices in the
coarse grains, the crop dam age reports a t hom e and abroad
and the higher cables. T here w as som e v ery g o o d bu yin g foi
in v estm en t b y the sam e p arties w h o w ere su ch quiet, but
good bu yers yesterd ay, and those w h o sold earlier m the day
cov e re d their sh ort lines, helping in the advance.
It is r e
p orted that sto ck s a t som e p laces in R ou m an ia are ab ou t e x
hausted w h ich a cco u n ts fo r the sh ortage o f n ea rly a .m illion
bu shels in D anubian sh ipm ents last w eek, and this w ith the
reports o f dam age to the G erm an crop s bein g confirm ed caused
and ad v an ce o f l c per bu. in the con tin en tal cables, w h ich had
fts influence on the m arkets here.
Y ou k n ow our v iew s on
w heat
W e can add n oth in g to our last letters. W e say bu y
w h ea t n ow and if it goes low er keep on bu yin g, adding to your
line W e are g o in g to have con sid erably high er m a ik e ts and you
should be hi p osition to ride
w h en the a d v an ce c o m e , T
clo sin g p rices were w ithin a shade o f the top p rices reacneu
toda v and the m ark et w as stron g.
.
.
. . . „ „ +v, „
C orn ' T here w a s som e g o o d b u y in g m this cerea l from the
op en in g until the close o f ’ chan ge today. Som e o f the bu yin g
w as b v com m ission houses o f outside a ccou n t, som e by cash
interests and also som e b y brok ers w h ich w as g en erally b eto be fo r a lead in g sh ort w h o w as supposed to be
coTerin^ his sh ort corn
T he s o ft w eather, too, as w ell as the
Hght receip ts? caused the upturn. T he liqu idation in corn, as
WESTERN PATENTS.
The following patents were issued last week to Minnesota
and Dakota inventors, as reported by Williamson & Mer
chant, Patent Attorneys, 925~933 Guaranty Loan Bldg.,
Minneapolis, Minn.
Albert E. Albertson, Evansville, Minn., Damper; Charley
W. Anderson, Portal, N. D., Grain-shocker; William PI. A
Ball, St. Thomas, N. D., Chimney-cowl; Hugh B Brady
and C. Gerstenmaier, St. Paul, Minn., Lazy-back; Asa •
Brooks, New Ulm, Minn., Printing-attachment; Geo. D.
Ceska Duluth, Minn., Shovel; Edward Coleman, Minne
apolis’ Minn., Knife-gage; Wilson W. Cummins, Lrdgerwood N. D., Vial-case; Milton Forder, Thief River Falls,
Minn., Wrench; Carl A. Hadland, Bennington, Mich. Reel;
H. andi Henry P. Hamilton, Detroit City, Minn., Cabinet,
Chas. Hawley, Minneapolis, Minn., Bottle-seal; Christopher
A. Hess, Mismarck, N1. D., Trough; Joseph F.
Hopfner, Fosston, Minn., Hame; Engelbert R. Kern Fari
bault, Minn., Funnel; John B. Le Vasseur, Duluth, Minn
Rule- Oluf Lee, Minneapolis, Minn., Stove, Edward i\I.
Newell St Vincent, Minn., Match-safe; Frank J. Patter
son and S. E. Magee, Trent, S. D., Running-gear; Andrew
Pederson, Effington, S. D., Plow; William C. Salmon,
Minneapolis, Minn., Steam-cooker; Melvin O. Sandberg,
Granite Falls, Minn., Farm Implement; Saunder Saunderson, Northwood, N. D., Pocket-knife; Reuben W. Smedbers- St Peter, Minn., Electric Clock; William C. Smith,
MinAeapolis, Minn., Rail Attachment; Nikolai O. Wold,
Sheyenne, N. D'., Sod-cutter.
___
SOO-DULUTH EXTENSION.
Foley Bros., of St. Paul, who recently were awarded
the contract for the construction of the Soo line from
Broten Minn., to the Head of the Lakes, already are taking
steps looking to the building of the extension. A letter was
received by the National Employment Company this morn
ing asking concerning sub-contractors of Duluth and vicin
ity who might be looking for railroad work, and requesting
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
w ell as in w h eat, put the m ark et in a health y condition , and
it responds q u ick ly to bu y in g orders, bu t it is g en erally b e
lieved the car situation rem ains so v e r y strin gen t that receip ts
o f corn will decrease, and if this should be the case w e w ould
n ot be surprised to see som e higher p rices in corn. A s in
w h eat, closin g p rices w ere about the high est of the day.
O ats: W ere stron g and higher on the b etter p rices in other
m arkets and also on the good bu y in g b y the northw estern
p arties, as w ell as fo r local investors. C losing p rices are as
sh ow n above. Our v ie w s on oats are unchanged. W e are very
frien d ly to oats and have been for som e tim e and have stron gly
advised p u rch ases o f them on the break.
M ilm in e-B odm an G rain Co., C hicago, M arch 19: W h e a t: T he
feelin g in w h eat has undergone a m aterial change today. W h ile
there w as n oth in g o f special in terest in the new s the m arket
has ruled firm, closin g at a net ad vance o f ab ou t %c.
The
stren g th in coarse grain s w a s som eth in g o f a fa ctor, causing
som e cov e rin g b y shorts. B ra d street’ s statem en t on the w orld ’ s
v isible sh ow s an increase o f 750,000 bu. this w eek, a g ain st 38,000 last year.
T his did n ot have an y effect on the m arket.
T here w as at tim es influential bu yin g. C rop d am age new s w as
in the ba ck grou n d, bu t foreig n m arkets w ere higher on reports
o f the u n sa tisfa ctory con d ition o f the G erm an crop.
N orth
w estern receip ts con tin u e som ew nat h ea vier m a n a year ago
and stock s up there are accu m u latin g. L ittle bu siness is being
w ork ed fo r ex p ort and clearan ces are light, am ou n tin g in w h eat
and flour to only 134,000 today. W h ile w e have liberal supplies
o f w h eat a t the present tim e and the situ ation from a s ta
tistica l stand p oint does not look bullish, w e do n ot b elieve that
it is g oin g to p a y to g et too bearish on w h eat aroun d the p re
sent prices.
C orn: W a s rem a rk a bly stron g th rou gh ou t the day. There
has been con tin u a l cov erin g b y the sh ort interest, esp ecia lly
in M ay, w h ich sh ow s an ad van ce at ton ig h t’ s closin g o f iy 8c
fro m yesterd ay, w h ile the deferred fu tu res are up on ly about
5/8c. O fferings have at no tim e been large an d the m arket
responded read ily to the bidding.
F o r w eek s there has been
a big long line hanging over the m arket, b u t this is n ow out
o f the w ay, and w ith our light stock s we can see h ow it w ould
be a v e r y easy m atter to g et sudden and perhaps v iolen t a d
v a n ce in M ay corn, and p urch ases o f M ay a g ain st sales of
July and Septem ber m igh t prod u ce g ood profits.
O ats: H ave also sh ow n their ab ility to im prove. T he c lo s
in g qu ota tion fo r M ay is l % c high er than yesterd ay .
The
m ark et has been w ell supplied w ith offerin gs, and w hile trade
w a s n ot esp ecia lly a ctive the sca n ty offerin gs w ere taken by
hou ses recen tly holding the big lon g line and a stead y ad vance
HIDE AND FUR MARKET.
N orth w estern H ide & F ur Co., M inneapolis, M arch 16: L o n
don reports are com in g in, and from in form a tion alread y r e
ceived, dealers are red u cin g their p rices on skunks and w easel
20 percent. T h ese tw o articles are in over ab u n d an ce becau se
th ey are n ot fashion able. M ink and m u sk rat are the fashion able
fu rs in this cou n try and E u rop e this year, and th at is w h y
they held up so w ell in price, and th ose o f good qu ality are e x
p ected to be held up, but shippers m ust rem em ner th at F ebru ary
and M arch, esp ecia lly the latter, p rod u ce in ferior m ink, skunk
m arten, etc. to those cau g h t one or tw o m onths earlier. A good
m an y faded, sp rin gy and sh eddy are n ow com in g in. L a c k o f
this k n ow ledge often p rod u ces disappoin tm ent. Som e think that
all rats cau g h t a fter M arch 1st should g o as sp rin g rats, that
depen ds upon the latitu de in w h ich they are caught, also the
con d ition o f the w eather. F rom som e section s th ey are strictly
w in ter rats yet.
. . .
„
N o change w orth y o f note on otjier articles in our line. C o m
plete in form ation w ill be receiv ed from L on d on n e x t w eek.
that they place themselves in communication with the con
tracting company immediately. Work on the new line is
to be pushed forward with all possible speed.
It is learned that the road does not intend building into
Duluth. The same effect will be attained, however, for the
Duluth, South Shore & Atlantic tracks will be used into
that city from Superior, or the tracks leased by the South
Shore. Just as many trains of the Soo will enter Duluth, as
the same amount of business will be transacted, as would be
the case if a new line were run clear into the city, for the
same interests are behind both the Soo and the South
Shore roads.
The extension will run directly from Broten to Superior,
probably connecting with the South Shore at 1 wenty-eighth
street, just west of where the South Shore tracks cross
Tower avenue, between Superior and South Superior. It
probably will be necessary for the terminals of the South
Shore to be greatly enlarged to accommodate the increased
amount of business, and possibly the Soo will build terminals
of its own in Superior. In any event, it is expected that a
roundhouse will be constructed which may be used by both
the South Shore and the Soo lines.
The Soo has had nothing to say recently regarding the
proposed extension of its line from Frederic, Wis., to the
Head of the Lakes, but it is rather expected that the con
tract for building the road will be let within the next month
or two, and that the two lines will be under construction at
the same time, dhe required extension is such a compara
tively short one that it is believed it will surely be built.
The business between the Twin Cities and Duluth is very
large, both passenger and freight, and it is thought there
is enough for another line. The chances are that the Fred
eric extension if built will give a shorter route to St. Paul
and Minneapolis than any now in operation.
When a German ocean liner beats the record across the
Atlantic, the Kaiser praises the captain and the crew.
When an American boat does something unusual in that
line, somebody lodges a complaint about the way in which
the passengers are treated.
THE
Saturday, March 2 3 , 1907
Wililam Commons
Frank W. Commons
C O M M E R C IA L
WHALLON, C A S E & GO.
STO C K S, BONDS, GRAIN and PROVISIONS.
Grain Commission Merchants
a nd
58 Chamber of
Commerce.
D u l u t h .
Receivers and Shippers of W heat,
Coarse Grains and Flaxseed. Or
ders for Future Delivery Executed
in all Markets.
C H IC A G O
G R A I N
J. L. McCAULL, President
R. A. DINSMORE, Vice-Pres.
Up town Office
New York Life Arcade.
M IN N EA PO LIS.
S. B. SHOTWELL, Mgr. St. Paul Office.
102 Pioneer Press Bldg.
CORRESPONDENTS:
A R M O U R
53
Howard W. Commons
COMMONS & COMPANY
M i n n e a p o l i s
W EST
Members : New York Stock Exchange, Chicago Board of Trade,
Minneapolis Chamber of Commerce, Duluth Board of Trade.
C O M P A N Y
S. J. McCAULL, Secretary
A. M. D1NSMORE, Treasurer
CO.
A M E S -B R O O K S
D U L U T H , M IN N .
The McCaull-Dinsmore Co.
G R A IN
A M E S -B A R N E S CO.
N EW YORK C IT Y
C O M M IS S IO N
M ERCHANTS
THE
ZEN ITH G R AIN
CO.
W IN N IP E G . M A N .
915-16-17
CHAM BER
M IN N E A P O L IS
OF
-
COM M ERCE
S H IP P E R S A N D G E N E R A L C O M M IS S IO N
M ERCHANTS.
M IN N E S O T A
SP E N C E R , MOORE & CO.
BARNUM MAIN COMPANY
D U L U T H , M IN N .
Shipping & Commission Merchants
MINNEAPOLIS
AND DULUTH
Grain and Commission
Merchants
Clinton Morrison, Pres.
L. C. Mitchell , V-Pres.
DULUTH
E E. Mitchell , Secy.
H. F. Douglas, Treas. and Gen. Mgr.
-
G ra in — C o m m is s io n M e rc h a n ts
923 Chamber of Commerce,
MINNEAPOLIS, MINN.
Liberal Advances made on Consignments.
MINNESOTA.
A. HUHN, President.
JOHN WASHBURN. Vice Brest.
P. B. SMITH, Secy. and.Treas.
C a r g i l l C o m m is s io n
Hu h n Elev a to
Com pany
DULUTH
AND
C H IC A G O
E. A. BR O W N & CO.
Great W estern
ILlevator C om p an y
MINNEAPOLIS,
M ILW A U K E E
r
C o.
M I N N E A P O L I S , IWIINIINI.
',1 0 0 0 .0 0 0 B u s h e l s
M IN N E A P O L IS
Capacity
Capital $ 2 0 0 . 0 0 0 ° - °
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.
Grain and Commission Merchants
--------
----
■---- ■ ..—
.....
«
M A B lF I E L D ~ T E . A R . S E , «S N O Y E S
(,I N C O R P O R A TE D )
G R AIN
C O M M ISS IO N .
O ffic e s :
C H IC A G O ,
™ ro» ™ Bor
M ILW AUKEE, DULUTH,
M I N N E . A P O L I S ........................................................................... M I N N E . S O T A .
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Federal Reserve Bank of St. Louis
TH E CO M M E R CIA L W EST
54
M. D. FLOWER, Prcsd.
W. R. INGRAM, Supt.
I
S the best equipped and most advanta=
geous market for live stock shippers in
the Northwest. It is connected with all
railroads and wants 1000 beeves, 5000
hogs, and 1000 sheep daily. Your ship
ments invited.
H. B- CARROLL, Acting Manager.
A. A. McKECHNIE, Secy.-Treas.
UNION S T O C K Y A R D S
SOUTH
ST.
PAUL,
¡HIIMIM.
Live Stock Markets.
(S p ecia l C orresp on den ce to the C om m ercial W e st.)
Hogs.
South St. Paul, March 20.—Receipts of hogs at six big
markets for the first three days this week totaled about
210,600, compared with 184,500 for the same three days
last week, and 190,500 for the like three days last year.
South St. Paul received 10,480 hogs the first three days
this week, against 7,100 the like three days last week, and
9,860 the corresponding three days last year. Combined
receipts at the six big markets last week were 321,400,
compared with 303,600 the previous week, 297,900 the
same week last year, and 302,000 the like week two years
ago. Local receipts were 14,300 last week, 18,000 the
week previous, 20,390 the same week last month, 14,128
the like week last year, and 17,470 the same week two
years ago.
Hog receipts have been fairly liberal this week and
the stuff in the pens showed little variation in quality
for the good standard of the past few months. While
there have been no extra fancy hogs among the offerings
strictly common hogs have also been scarce. The mar
ket has shown a downward tendency to prices the past
week. During the last three days of last week prices
dropped twenty cents on all classes. Monday the usual
spring condition of the trade showed itself in a better
demand for light hogs than for the other grades but the
market continued downward with a drop of 5 to 10 cents,
light hogs losing a nickel and mixed and butchers a dime.
Yesterday light hogs went up a nickel while butchers
and mixed remained steady. The total decrease of a
week day shows a fall of 20 cents on lights and 35 cents
on mixed and butcher hogs. Today the market was 5
lower, with bulk selling at $6.40, compared with $6.72%
last week; $6.15 to $6.20 a year ago today; $5.00 to $5.10
two years ago today, and $4.95 to $5.10 three years ago
today. Quotations: Light, $6.45@6.5o; mixed, $6.35@
6.40; butchers, $6.35@6.4o; common packers, $ 6.io@ 6.i 5C at t le .
Aggregate receipts of cattle at the six important mar
kets for the first three days this week were 157,500, com
pared with 125,000 the same three days last week, and
159,900 the same three days last year. South St. Paul re
ceived 5,660 the first three days this week, against 3,800
the same three days last week, and 3,770 the like threedays last year. Receipts at the six big markets last week
were 166,200, compared with 148,600 the previous week,
136.500 the same week last year, and 137,500 the like week
two years ago. Local receipts last week totaled 6,900,
against 5,000 the week previous, 3,900 the same week last
month, 6,300 the like week last year, and 6,700 the corre
sponding week two years ago.
Cattle receipts were fairly liberal this week, but with
the larger supply has come no noticeable change in qual
ity. Desirable stuff is as scarce as usual, and common
kinds continue to make up the bulk of the offerings.
Steers are selling steady with a week ago; cow stuff is
slightly lower and butcher and bologna bulls a full quar
ter down. There has been a good supply of veal calves.
Common kinds made up the bulk of the receipts. The
market developed dullness yesterday and prices were a
quarter lower, top calves selling at $ 5-5°- With fairly
liberal receipts of stockers and feeders the market closed
10 to 15 cents lower on all classes last week, and yes
terday under unfavorable conditions buyers knocked off
an equal amount. Stock and feeding bulls are a quarter
lower than a week ago.
Sheep.
Total receipts of sheep at six important markets for
the first three days this week were about 222,000, com
pared with 126,000 the same three days last week, and
232.500 the like three days last year. South St. Paul re
ceived 977 the first three days this week, against 3,200 the
same three days last week and 627 the corresponding
three days last year. Receipts at the six markets last
week totaled 158,200, against 169,700 the previous week,
155,400 the same week last year, and 151,700 the like week
two years ago. Local receipts last week were 3,700, com
pared with 1,500 the previous week, 3,722 the like week
last month, 4,100 the like week last year, and 5,900 the
corresponding week two years ago.
Sheep receipts have been moderate and packers have
not been compelled to draw as liberally upon the feed
lots this week, for their supply of killing stuff. Butcher
grades on offer have shown good quality on the average,
and on several days the pens have shown an exceptional
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, March 23, 1907
Big Sale Barn for H orses
run of quality. The market opened this week 10 to 15
cents higher than last week, and the trade is in better
condition than it has been for some time past. Wethers
are in strong demand and are quoted up to $6. Lambs are
marked up to $7.50; ewes up to $5.25, and yearlings up to
$6.50. The supply of feeders has been very small, al
though demand continues good.
R eceip ts at the South St. P aul yards thus fa r in 1907 w ith
com p arativ e figures:
1907.
1906.
Inc.
D ec.
C attle .................................................. 41,300
47,682
6,382
C alves ................................................ 7,835
8,011
176
H ogs .....................................................203,485
216,569
13,084
Sheep .................................................. 39,529
86,610
45,111
H orses ................................................
824
922
98
C ars .................................................... 4,438
5,046
60S
R eceip ts at South St. P au l for
M arch 21, 1906:
C attle.
T h u rsd ay ..........................
709
F rid a y ................................
313
S aturday ............................
239
M ond ay .............................. 1,103
T u esd a y ............................ 1,864
W ed n esd a y ......................
807
T ota l
............................ 5,035
the w eek en d in g W ed n esd a y ,
H og s.
1,685
1,658
2,444
1,809
4,669
3,408
Sheep. H orses. Cars.
1,297
19
52
520
...
34
1,501
...
53
286
22
61
334
73
120
7
...
69
15,673
3,945
114
389
R eceip ts at S outh St. P aul fo r the w eek ending W edn esda y,
M arch 20, 1906:
Cattle.
H og s.
Sheep. H orses. Cars.
T h u rsd ay .......................... 1,090
2,388
945
40
6
648
2,441
----6
55
F rid a y .......... ' ....................
S aturday ........ „ .................
228
2,616
10
...
39
M ond ay .............................. 1,618
2,790
4
39
91
T u esd ay ............................ 3,040
4,487
973
21
148
W ed n esd a y ...................... 1,000
3,200
....
50
76
T otal .............................. 7,624
17,922
1,932
156
415
R a n g e o f H o g S al e s .
T h is W eek . P rev iou s W eek.
T h u rsd ay .................................................... $6.60@6.65
$6.65@6.75
F riday ............................................................... 6.60(5)6.65
6.65(5)6.7b
S aturday .......................................................
6.50@6.55
6.70(5)6.75
M onday ......................................................
6.40@6.50
6.65@6.75
T u esd ay .........................................................
6.40@6.55
6.65@6.75
W ed n esd a y ...................................................
6.35@6.50
6.70@6.75
B u l k o f H o g S ale s.
T h is W eek . P rev io u s
$6.62%
6.621/2
6.52%
6.45
6.45
6.40
T h u rsd ay .
F rid ay . . . .
S aturday ..
M ond ay .. .
T u esd a y ..
W ed n esd a y
W eek.
$6.70
6.70
6.72%
6.72%
6.72%
6.72%
C ondition o f H og Market.
T h is W eek .
T h u rsd a y ......................... S teady at yes. close
F r id a y ............................... S tea dy
S a tu rd a y .......................... 10c low er
M o n d a y ............................5@ 10c low er
T u e s d a y ........................... S teady to 5c hig h er
W e d n e s d a y ......................5c low er
..
P rev iou s W eek.
S teady
S teady
S tea dy
1
S teady
S teady
Opened steady,
.
cl osed 10c low er
R e c e i p t s a t S ix M a r k e t s .
Cattle.
C h icago ......................
K an sas C ity ..............
South O m a h a ............
E a st St. L o u is ..........
South St. J o se p h ----S outh St. P a u l..........
T ota l ......................
L a s t W eek . P rev iou s W eek.
56,000
64,800
39,000
43,000
22,900
25,200
14,600
13,900
11,100
12,400
5,000
6,900
166,200
148,600
L a s t Y ear.
56,100
38,600
19.500
10.500
10,300
6,300
136,500
Hogs.
C h icago ......................
K a n sa s C it y ..............
S outh O m aha ..........
E a st St. L o u is ..........
South St. J o s e p h ....
South St. P a u l..........
T ota l ......................
L a st W eek . P rev iou s W eek .
127,700
146,700
48,000
46,000
39,800
49,500
40,600
35,000
35,500
30,000
18,000
14,300
321,500
303,600
L a s t Y ear.
105,200
43,300
41.000
31,500
31.000
14.000
297,900
Sheep.
C h icago ......................
K a n sa s C ity ..............
South O m ah a............
E a st St. L o u is ..........
S outh St. J o s e p h ----South St. P a u l..........
T ota l
L a st W eek . P rev iou s W eek .
61,400
58,200
38,500
31,300
40,300
45,500
6,500
3,500
21,500
17.000
1,500
3,700
158,200
169,700
L a s t Y ear.
87,900
33.300
51.300
7,900
31,000
4,100
155,400
T H E CO M M E R CIA L W EST
Saturday, March 23, 1907
55
HEND ER SO N , BASSFORD & CO.
B r o k e r s in
STOCKS, BONDS, GRAIN and PROVISIONS
G erm an ia L ife Bldg., S T . P A U L , Minn.
Bartlett, F razier 6 Carrington
O u t -o f-t o w n in vestm en t a n d specu la tive a ccou n ts solicited.
“ N o sp ecu la tin g on ou r ow n a c c o u n t.’ ’
Frederick B. Wells
Charles F. Deaver
George W. Peavey
Frank T. Heffelfinger
m
The Peavey
System of Grain Elevators
GRAIN COMMISSION MERCHANTS
MINNEAPOLIS
D U LU TH
W IN N IPEG
Embraces the greatest number of Grain Elevators with the
largest aggregate storage capacity of any Elevator System
in the world. Total capacity in eight states, 35,800,000 bu.
LIVE STOCK COMMISSION
HEADQUARTERS, MINNEAPOLIS
Branch Offices :
Kansas City
Duluth
Chicago
South St. Paul
L. S. Gillette
President
Geo, FI, Gillette
Vice-Pres
Sec.
Ö
Treas
Capacity,
=
2,7 00 ,0 00 B u sh e ls
G R A IN DEALERS A N D
W AREH OUSEM EN
WHEAT, FLAX
cÄ
b®
AND
Omaha
C, E. Thayer
Electric Steel Elevator
Company
‘T
NewYork and Chicago Correspondents
^ When you consign Grain and Live
Stock use the same judgment as when
you place insurance.— Choose a good
company.
Try
The Van Dusen-Harrington Co.
M inneapolis
D uluth
South St . Paul
BARLEY
M INNEAPOLIS
What’s in a Name?
—Shakespeare
The best of prophets of the future
is the past
•— Byron
Pillsbury's
B est
For a generation
Pillsbury
has meant “ best” to every
seller and user of flour.
It has a good name.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T H E C O M M E R CIA L W EST
56
Saturday, March 23, 1907
Some in a
Washburn-
Store
Crosby Co.,
Means More.
Minneapolis.
MEDAL
REINDEER
GASOLINE
E N G IN E S
WHEN YOU W ANT A
Strictly High Grade
RELIABLE P O W E R
Write for our Gasoline Engine Catalogue No. 19.
D E E R E , <S W E B B E R
CO.
M in n eap olis, M inn.
TH E
ORIENTAL
LIMITED
T h is m odern train
erfu l
Gregory, Jennison & Company,
COMMISSION MERCHANTS,
M in neapolis
and D uluth.
Grain Elevators, T otal Capacity,
1 , 800,000
Bushels.
W R IG H T - B O G E R T & CO .
G R A IN — P R O V IS IO N S
3 0 6 -3 0 7 -3 0 8 Postal T elegrap h B ld g ., C H I C A G O
is m a d e up o f
a
locom otive o f th e m o st adv a n ced and p o w
ty p e , e le g a n t ro o m y
sta n d a rd
sleep ers,
d ay
to u rist
coach es,
sleep er,
h an d som e d in in g car, se r v in g m ea ls
and
a la
carte.
D a ily service b e tw e e n
St. P au l, M in
n eapolis, S t. Cloud, F a r g o ,
G ran d F o rk s,
M in o t,
S e a ttle ,
Spok an e,
E v e r e tt,
direct conn ections
couver, P o rtlan d ,
fo r
w ith
B e llin g h a m , V a n
C a lifo rn ia, A la s k a
and
in term ed ia te poin ts.
For
b erth
reserv ation s
and
fu r th e r
in fo rm a tio n , in quire a t C ity T ic k e t Offices
FOR LINING FOR FLOUR CARS SEE
The JOHN LESLIE PAPER CO.
WHOLESALE PAPER WAREHOUSE
W e m ake this
O n e o f ou r Specialties.
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Federal Reserve Bank of St. Louis
M IN N EAPO LIS
Great Northern Railway
332 R o b ert
S tre e t,
ST. P A U L , M IN N .
C or. T h ird
&
N ico llet,
M IN N E A P O L IS , M IN N .
Saturday, March 23, 1907
T H E CO M M E R CIA L W EST
57
THE NEW PROCESS OF W HEAT CLEANING.
The Sleepy Eye Dry Process Company, of Sleepy | smut and dirt has lowered the ash content appreciably.
The dirt and “scourings” of wheat are characterized by a
Eye, Minn., has secured full patents in the United States,
higher ash content than the wheat kernel. The process
covering its dry process of cleaning wheat. These pat
has resulted in a marked improvement in the acidity. The
ents have been allowed in practically all of the principal
low acidity is in part due to the trace of free lime, in the
wheat kernels, but making the necessary allowance for
wheat-growing countries of the world.
free lime, the acidity has been materially lessened by the
The wheat cleaning business is becoming a matter of
process. It is believed that this will be found a de
vital importance, not only to the milling and grain inter
cided improvement, as wheats of low acidity are the
soundest and the best for milling operations. The lower
ests, but to the consumers of breadstuffs and cereals
ing of the protein is not due to any loss of gluton. The
made from wheat.
smut like similar fungous bodies is characterized by high
The present agitation in England in reference to
protein content. The wheat after cleaning is character
ized by high gluten protein content and belongs to the
wheat washing shows not only the possibility, but the
type of strong glutinous wheats.
probability, of contaminated grain and flour as a result of
As to the lime content left on the surface of the
that operation. Any miller will say without hesitation
wheat it is comparatively small. In a bushel of wheat
that the wheat washer is about the dirtiest and filthiest
there would be less than four-hundredths of a pound of
lime, or about half an ounce of lime per bushel remain
thing that can possibly be put into a mill, and is a most
ing upon the surface of the grain. This is too small in
annoying machine to look after and keep clean that a
amount to be injurious or to have any deleterious effects
miller has to contend with. As a result an English law
upon the feeding value of the offals. In fact, it would
prohibits millers from washing wheat with certain kinds
have a tendency to neutralize and counteract the injurious
effects sometimes caused by the presence of too much
of water. The sanitary inspectors have served injunc
smut. It is much less lime than is present in many drink
tions against several concerns that have been washing
ing waters.
wheat, prohibiting the further use of the apparatus be
The effects upon the appearance of the grain will be
cause they have found after technical examination that
observed from the photographic illustration, which gives
the uncleaned wheat in the upper row and the cleaned
the water contains bacteria, germs and other injurious
wheat in the lower row. It is to be noted that the dark
substances, and carries these with it into the flour and
smut balls attached to the wheat hairs in the upper row,
into the feeds as well.
uncleaned wheat, are missing in the lower row, or
When the Sleepy Eye Dry Process Company first
cleaned wheat.
The flours produced from the cleaned wheat were
tried its new discovered method of cleaning wheat, the
found to have the following compositions:
C o m m e r c ia l W e s t did considerable investigating and
Microscopic
found from the best authorities that the process was a
Ash
Protein
Acidity exam, for
success; that it not only removed smut from wheat, but
pr ct.
pr ct.
pr ct. smut balls.
11.70
.093
None
Patent .................. 43
cleaned the crease-s, sterilizing the berry and destroy
Straight ............... S3
13 -25
-099
None
ing any impurities or germs that might exist. So good
Bakers ................. 85
15-37
.12
None
an authority as Prof. Pfarry Snyder, after the most criti
The flours are all true to' grade, as indicated by the
cal chemical analysis, reports flour and feed improved,
ash percentages. The trace of lime in the wheat has not
cleaned and purified as the result of the Sleepy Eye Dry
found its way into the flour; the flours are all low in
Process treatment, and that no possible injury could fol ash content. They are all high for their grades, and of
low acidity, indicating that the cleaning of the wheat
low the grinding of wheat as a result of its use.
has been beneficial in producing flour of low acidity and
The full patents have now been granted, and the pro of good keeping qualities. The microscopic examination
of the flour for smut failed to show its presence in any of
cess stands in the highest position with the most respon
the samples.
sible mills in the northwest who have installed it in their
(Signed) Harry Snyder.
plants. Every manager interviewed has said unqualified
A. C. Von Hagen left Sleepy Eye this week for a trip to
ly that it cleaned smutty wheat better than any known
England, France and Germany. The Sleepy Eye Dry Pro
process, was beneficial to damp and tough wheat, de
cess Company has had some very urgent inquiries from those
stroyed germs and was in every way satisfactory.
countries for the rights to install their apparatus. The in
The cost of treating the grain through this new pro
terest is very keen on account of the federal authorities in
England having served injunctions against certain mills us
cess is materially less than through the wheat washers,
ing wheat washers.
and the conclusion is that the Sleepy Eye Dry Process
There is no question about the Sleepy Eye Dry Process
for treating wheat is destined to be in the future an im
thoroughly cleaning and sterilizing the wheat, and it is likely
portant factor, and will be universally used in preference
that Mr. Von Hagen will be successful in closing satisfactory
contracts with large clients in the various countries he
to the wheat washer in all wheat growing sections of the
visits.
world.
Another representative of the company left for Mexico,
The following interesting report from one of the large
Chile and Argentine Republic recently, and when Mr. Von
Minneapolis mills is of interest in this connection:
Hagen returns from the continent, Mr. W. R. Reid, the
president of the company, leaves for an extended trip to the
T o the N o rth w e s te rn C onsolidated
Pacific coast and throughout Canada.
Mil ling C o m p a n y .
The Sleepy Eye Dry Process Company is also working
Report on new process of wheat cleaning:
on additional machinery and apparatus to work in connec
Ash Total pro- Acidity Free
tion with the patents already secured and this will be made
tein
Lime
public in due time. Their patents in England, France and
pr. ct.
pr. ct. pr. ct
pr. ct.
Germany have been received and they are in position to
Uncleaned wheat ....... 2.10
15 -°3
-25
.......
make satisfactory contracts in those countries, also in India,
Cleaned wheat ............. 2.00
14.20
.15
.06
Australia, Canada, Chile, Argentine Republic, in fact all of
the principal wheat growing countries have granted their
The most noticeable effects of the cleaning process
patents and others are still to follow.
are in the ash and acidity content. The removal of the
O M AH A EXCHANGE HAS PROSPEROUS YEAR.
(S p ecia l C orresp on den ce to the C om m ercial W e s t.)
Omaha, March 16.-—The third annual report of the
Omaha Grain Exchange for 1906, which is now in the hands
of the printers shows a remarkably flourishing condition
prevalent during the last year under the direction of Pres
ident Wattles and Secretary McVann. President Wattles, in
his repott, characterized it as the most prosperous year
since the birth of the exchange and commends the work ac
complished by the secretary and his entire force of employes.
A large profit is shown by the treasurer’s report, not
withstanding the operating expenses were materially in- 1
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Federal Reserve Bank of St. Louis
creased by reason of a thorough reorganization of the in
spection and weighing departments under the initiative of
the new grain inspector, George B. Powell.
In the report of Secretary McVann, who was elected
May 1, 1906, to succeed A. H. Merchant, it is said the in
crease in receipts during 1906 were greatly larger than those
of the preceding year, being of a healthy and natural growth,
which, if maintained, will soon make Omaha the second
primary grain market of the United States.
Increased E le v a to r C apacity.
The large growth in receipts brought about a correspond-
T H E CO M M E R CIA L W EST
S8
ing increase in elevator facilities by the erection of the new
Nye-Schneider-Fowler elevator with a capacity of 1,000,000
bushels. The total storage capacity of the elevators of the
three cities—Omaha, South Omaha and Council Bluffs—is
now over 6,000,000 bushels, and stress is laid on the fact that
but one elevator of the number is owned by a railroad. This
is believed to be an indication of the faith of the great grain
firms in the Omaha market as to its importance and per
manence.
,
The matter of railroad rates is given great attention in
the report of Secretary McVann, who says the most im
portant concession secured during the year was the acknowl
edgement on the part of the railroads leading from South
Dakota and Minnesota that the Omaha market was entitled
to fair and proportionate rates from that great grain-pro
ducing section. The new tariffs secured from these roads
materially reduced the old ones, in some cases as much as
50 percent. While all concessions asked for were not ob
tained, the work for further reductions is being continued
persistently and unceasingly.
During the last year the principal grain-carrying roads
have established inspection track service at Omaha and are
adhering to the practice of placing grain on the inspection
tracks as far as expedient.
A healthy increase in option trading is reported during
Saturday, March 23, 1907
the last year, as effort was made to stimulate this feature
of the business of the Omaha market. An organized clear
ing office has been placed at the disposal to facilitate the
clearing of option deals.
Close relations with other large primary markets have
been tactfully established and maintained and many matters
of interest have had the co-operation of the Omaha ex
change with those of Kansas City, St. Louis and Minne
apolis.
Ga in
In M e m b e r s h i p .
Although there was but a gain of three actual members
in the exchange, the gain in the number of active grain
people was really many more, as fifteen transfers of mem
bership were recorded, the- transfers being from inactive
members to dealers whose floor business is quite large.
The statistics of the exchange show that 10,000,000
bushels more grain were received during 1906 than during
the preceding year and that the shipments were greater by
nearly 6,000,000 bushels. The total wheat receipts for 1906
were 10,036,700 bushels and shipments of 7,121,200 bushels.
The disposition of the total receipts of 40,007,900 bushels
of all grains shows that nearly 8,000,000 bushels were shipped
to St. Louis, nearly 6,000,000 bushels for export via the
Atlantic routes 3,750,000 to seaboard, 3,418,000 bushels to
Chicago and Milwaukee, and 6,843,900 bushels to interior
points.
FOREIGN MARKETS FAIRLY REGULAR.
F. Lenders & Co., London, say of the wheat situation
under date of February 28:
Markets do not yet appear to have taken any decided
line, and fluctuations, if not severe or very frequent, are cer
tainly fairly regular. For the greater part of the past week
the market ruled firm, and a good part of the previous week’s
decline was recovered, which white sorts have continued to
maintain, but which red descriptions have since partly lost.
White descriptions are in a slightly different position from
others, and therefore under somewhat different influences,
as the total quantity available is after all only limited, and
the method of shipping by sailing vessels lends itself more
readily to speculative purchases.
At time of writing the market is quiet, if not distinctively
dull. It is quite true that developments in certain directions
have not taken place in accordance with the views of those
who were in an excellent position for gauging the possibilities,
and have therefore not been favourable to their market com
mitments.
The demand for north Russia appears to have subsided,
and, although it may be revived again, it would appear as if
recent purchases had satisfied buyers’ requirements for the
time being. Purchasers by the Russian government appear
also to have satisfied the most pressing demands, and al
though we cannot think that we have heard the last of these
special requirements the government no doubt will do their,
best to buy on as favorable terms as possible without putting
up prices against themselves, but be that as it may, the fact
remains that south Russian wheats during the last few days
have shown a tendency towards easiness, and shippers display a
willingness to meet buyers, which would hardly be the case if
they feared much competition from government agents, or
unless they were assured that there were still good reserves
to draw upon in the interior after all extra requirements in
the shape of famine relief for less favored districts were
satisfied.
It should be observed, however, that these offers come al
most exclusively from Odessa and Nicolaief, and our latest
advices from Taganrog are to the effect that business for
shipment in wheat and rye is quite out of the question, as all
arrivals are immediately picked up for home consumption.
The subsidence of the Russian demand for durum wheat
has apparently exercised some influence on American markets,
which recently have shown little stamina and a tendency to
wards easier prices. Primary receipts are rather larger, and
this may lead to increased shipments later on, but they may
not all find their destination in Europe, as a fairly good slice
will find its way in the shape of shipments of flour to the
Orient.
Reports of crop damage have been received from various
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Federal Reserve Bank of St. Louis
states, but not much credence appears to be attached to them,
anyhow there has been no visible effect on their own markets,
and European traders will naturally be somewhat sceptical ^
so long as crop damage reports are accompanied by de
clining option markets. At the same' time, the winter has not
been of an ideal character, and we should not be surprised to
find that some damage has really been done, although it
seems too early to say anything definite.
The position in the Argentine is somewhat curious. Ship
ments have been on an exceptionally large scale and are ex
pected to continue very big until well into the spring. At
the same time, several shippers have been cancelling their
U. K. contracts, either because they could make better prices
on the continent or because they find it cheaper to buy the
contracts back than to ship the wheat. In spite of the large
quantities which have still to be exported, there is no pressure
on the part of shippers, and although buyers would be rather
glad to enter into contracts for summer shipments, shippers
are not disposed to meet them except at prices which are
for the moment prohibitive.
Latest advices from India speak of favorable weather,
although there is no change in prices, and, in fact, sellers
show considerable firmness. The prospects are still favorable
for a good Indian crop, but so far it cannot be said that its
influence on the market has been seriously felt.
In spite of several factors which can hardly be considered
favorable, and might even be described as adverse to the
market, there are other influences at work which may make
themselves felt at any time in an opposite direction, and, in
fact, we may say that if prices are to have any material im
provement, it is to be the European continent to which we
shall have to look.
It will be within the recollection of all our readers that
this winter has at times been particularly severe, and reports
are received with persistent regularity that the winter-sown
grain has suffered serious damage. These reports are not
confined as hitherto to Central Europe, but they are now ex
tending to the northern districts as well, and, although mar
kets have not so far responded, it would be ilde to ignore
them. Although the real extent of the damage cannot be
estimated even approximately until the spring, we rely upon
our agents’ advices which have been collected with great care,
and we are quite satisfied that material damage has been done.
Sooner or later this must mean an increased demand for
continental account, and as it is estimated that exporting
countries are not prepared to send more than normal sup
plies, it is obvious that it would be difficult for Europe to
obtain abnormal supplies at the present level of values.
Continental developments should be watched with more
than usual care, as the future of the market is largely bound
up in them.
Saturday, March 23, 1907
THE
C O M M E R C IA L
W EST
59
GRAIN ELEVATORS
Y O U N EED
B E LT IN G
FO R A N Y
Mill Buildings and heavy Structures
P U R P O SE
C A L L ON U S
We Have a Lot of Remnants in
COTTON, RUBBER and CANVAS BELTING
SAVE INSURANCE
at Interesting Prices
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BY BUILDING IN EIRE PROOF
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MINNEAPOLIS, MINN
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INDESTRUCTIBLE ROOF
PRESERVER
£5 Make Concrete or Tile Elevators waterproof.
« Prevents rust on tin, iron or steel. Stops leaks
^ in all kinds of roofs. Preserves all surfaces.
Applied like paint but wears longer.
Write for particulars.
W r it e us fo r D e sig n s and E stim a te s o f C ost
M AIRE PAINT C O ., Minneapolis, Minn.
SEEDS
The BARNETT
General Contractors
RECORD CO.
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FROM THE WORLD’S
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Paper Boxes, P rinting
ELEVATOR BOOTS
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TURN HEADS
POWER SHOVELS
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CAR PULLERS
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In fact everything for the Com
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Sent Promptly on Request.
AND
Steel D ie E mbossing
420=428 3rd St. No.
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= M IN N .
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The
Midland Machinery Go.
MINNEAPOLIS, MINN,
T H E CO M M E R CIA L W EST
6o
Imperial Bank of Canada
H. POEHLER CO.
E S T A B L IS H E D 1 85 5
G RAIN
C apital P aid U p ..................... $ 4 ,7 0 0 ,0 0 0 .0 0
R e s t ................................................. 4 ,7 0 0 ,0 0 0 .0 0
C O M M IS S IO N
S O L IC IT O R D E R S A ND C O N S IG N M E N T S
M IN N E A P O LIS ,
C H IC A G O
OUR
P R IVA TE
AND
D. R. W ILKIE,
DULUTH,
President.
M IL W A U K E E .
M A RKET LETTER
M A IL E D
UPON
Saturday, March 23, 1907
H on .
ROBERT JA F F R A Y .
Vice-President.
HEAD OFFICE-TORONTO, CANADA.
REQUEST "
B ra n c h e s in P ro v in c e o f M a n ito b a :—Brandon, Portage la Prairie, Win
nipeg.
o f S a sk a tc h e w a n : —Balgonie, Broadview,
North Battlefield, Prince Albert, Regina, Rosthern.
B ra n c h e s in th e P ro v in c e
B. H. WOODWORTH,
President.
E. S. WOODWORTH,
Vice-Pres.
R. P. WOODWORTH,
Sec. and Treas.
-
gary, Edmonton, Strathcona, Wetaskiwin, Red Deer.
B ra n c h e s in th e P ro v in c e o f B ritish C o lu m b ia: —Arrowhead, Cranbrook,
Woodworth Elevator
Company
M IN N E A P O L IS
B ra n c h e s in th e P ro v in c e o f A lb e r t a : —Athabaska Landing, Banff, Cal
Golden, Nelson, Revelstoke, Vancouver, Victoria.
Also Branches throughout the Provinces of Ontario and Quebec.
S A V IN G S D E P A R T M E N T S A T A L L B R A N C H E S :
M IN N E S O T A
Highest current rate of interest allowed from date of deposit.
IS THE FLOUR YOU NEED
C orrespondence In vited
Address
THE NORTHWESTERN CONSOLIDATED MILLING CO., Minneapolis
DO YOU W ANT
i
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USE O U R
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(OIL M E A L )
The prize cattle at the Chicago Stock Show were fed meal made
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.__________ _
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A M E R IC A N L I N S E E D C O M P A N Y
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