Full text of Commercial West : May 24, 1902, Vol. III, No. 21
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
REPRESENTING
W E S T E R N IN V ESTM EN TS. M A N U F A C T U R IN G A N D DEVELOPMENT
THE SOUTHWEST.
THE CENTRAL-PACIFIC WEST.
THE NORTHWEST.
SATURDAY, MAY 24, 1902,
No. 21.
Voi. I I I .
CAPITAL, ONE MILLION
SURPLUS, ONE MILLION
OFFICERS,
B yron L . Sm it h ,
- President
F. L. H a n k e y ,
Vice-President
G eorge F. O rd e , - - Cashier
T homas C. K in g , Ass’t Cashier
Solomon A. Sm it h , Ass’t Cashier
A rthor H e u r t l e y ,
Secretary
H. O. E dmonds , Ass’t Secretary
H. H. Ro c k w e l l , Ass’t Secretary
E. C. J a r v is ,
Auditor
The
DOLLARS.
DOLLARS.
MINNEAPOLIS.
C APITAL,
= = = = = = = = $500,000
SURPLUS and UNDIVIDED PROFITS, 100,000
Administers
TRUSTS: Trust funds and
trust investments are kept separate
from the assets of the company.
Receives
D E P O S I T S , on which in
terest is allowed from day of d e p o sit.
CHAS.E. LEWIS & CO.
THE
I, 2, 3, Chamber o f Commerce, MINNEAPOLIS.
National City
Bank
O F NEW YORK.
B uys and Sells
Sells
.VlOR'l'GACiIIS: choice
city and farm.
Makes
V a u lts .
E. L. BROWN,
CAPITAL FULLY PAID,
$ 10,000,000
SHAREHOLDERS LIABILITY,
$ 10,000,000
SURPLUS and UNDIVIDED PROFITS,
$ 7,166,574
DEPOSITS, $ 167,069,355.
M em b ers:
N E W Y O R K STO CK E X C H A N G E .
N EW YO R K COFFEE EXCHANGE.
C H IC A G O
STO CK
EXCHANGE.
C H IC A G O B O A R D
OF TRADE.
KNAUTH, NAGHOD & KÜHNE
L.T. S o w l e & S o n s
BANKERS.
G R A IN , P R O V IS IO N S .
STO CK S A N D B O N D S ,
Members of the New York Stock Exchange.
21 Chamber of Commerce,
Minneapolis, Minn.
Members Chicago Board o f Trade and M inneapolis
Chamber o f Commerce.
L e tte r s of C r e d it and
In te rn atio n al T r a v e le r s ’ Checks.
Foreign E x ch an g e .
C a b le T r a n s fe r s .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Members of all Principal Exchanges.
N o r to n & Sw
it z e r
Successors to Norton & Worthington.
CHAS. H. F. SMITH & CO.
New York Stock Exchange.
Chicago Board of Trade.
ST. PAUL
PIONEER PRESS BUILDING,
Members
THE GHICA60 NATIONAL BANK
190 La Salle St., Chicago
ESTABLISHED
1884.
Bartlett, Frazier & Co.. Harris, Gates & Co.
W e Solicit Your Account.
STOCK B R O K ER S,
Hew York and Chicago Correspondents.
WEARE COMMISSION CO.
New York and Chicago Correspondents:
BONDS,
Wm.H.Colvin & Go.
Chicago Board of Trade, Minneapolis
Chamber Commerce. Private Wires.
G R A IN P R O V IS IO N S ,
STO C K S, B O N D S,
S to c k s, Grain, Provisions
H. MAC NAMEE.
MEMBERS OF
Telephone M. 1568
Grain and Provisions bought and sold on commis
sion for Future Delivery. Accounts solicited.
LOANS on improved farm
and city property.
DIRECTORS:
J . E. Bell, S. S. Cargill, W. R. Cray, W. A.
Durst, L. S. Gillette, W. J . Hahn, George
Huhn, Arthur M. Keith, M. B. Koon, E. A.
Merrill, H. L. Moore, F. M. Prince, F. G.
Winston.
Private Wires.
' V Æ 1 CHICAGO
BONDS: government, muni
cipal, railroad, gas and electric.
I. G. ANDREWS,
C HICAGO.
BANKING, SAVIN GS, FOREIGN,
AND TRUST DEPARTM ENTS.
THE MINNESOTA
LOAN & TRUST COMPANY,
D e p o s it
A. C. Ba r t l e t t ,
C. L . H utchinson ,
J. H a r le y B r a d l e y ,
M arvin H u g h it t ,
W il l ia m A. F u l l e r ,
A l b e r t A. Sp r ag u e ,
Ma r t in A. R yerson ,
H. N. H ig in b o t h a m ,
B yron L . S m it h .
H E* N O R T H E R N ‘ T R U S T
COMPANYt t t B A N K
RooKery,
S a fe ty
DIRECTORS.
N E W YORK.
No. I52 Monroe Street,
C H IC A G O .
C A P IT A L $ 1 ,0 0 0 ,0 0 0
SURPLUS
1 ,0 0 0 ,0 0 0
P R O F IT S 2 5 0 ,0 0 0
This bank now occupies its new building
and is fully equipped to care for the ac
counts of banks and bankers. It respect
fully solicits correspondence with those who
contemplate making changes or opening
new accounts.
DIRECTORS:
C. K. C . B IL L IN C 5 ,
J . R. W A L SH ,
An d r e w n ic n a l l y ,
f . m . blo u n t,
M A U R IC E R O S E N F E L D , JO H N M . S M Y T H ,
W ILLIA M B E S T .
J . R. W A L S H , P re sid e n t.
A . M c N A L L Y , V ic e -P r e s id e n t .
F . M . B LO U N T , V ic e -P r e s id e n t .
T . M . JA C K S O N , C a sh ie r.
F . W . M c L E A N , A s s is t a n t C a s h ie r.
A . U H R LA U B , A s s is t a n t C a sh ie r.
T H E C O M M E R C IA L W EST.
2
J, B, STREETER, JB,
IN V E S T M E N T B A N K E R S ,
Saturday, May 24, 1902.
T H E
St.Rmjl.Mihn .
LARIMORE, NORTH DAKOTA.
IM A . I C E S
First Mortgage Farm Loans
IN A LL THE BEST
Counties of Northern North Dakota. Has branch
offices and the best of fiqld men, and controls a Fine
Line of Loans, all of which have been personally in
spected. Write for Particulars.
W e Own and Control
A great deal of land which we offer on very liberal
terms. Correspondence solicited.
J. B. STR EETER , JR. C O M PAN Y
Card Index Supplies.
W e are prepared to furnish Record and Guide Cards, in an
Capital and Surplus $125 ,000 .
assortment of weights, colors and grades, cut any size and for
any cabinet. W e have special machinery for cutting, so can
FIRST MORTGAGE LOA INS
guarantee accuracy. Special ruling and printing. Best
quality of work and at reasonable prices, on short notice. Cor
A M ) FARM LA A OS,
respondence solicited. H. H. "West Company, 389
Larimore, Grand Forks County,
North Dakota. East "Water St., Milwaukee, Wis.
No Steel Invulnerable
“ No vault,
safe, or metal construction of any nature, including armor plate, mangan=
ese, chrome or bessemer steel is invulnerable to the effects produced by the
carbon-point.”
J. E. HascRe, inventor of tbe carbon-point,
says:
TO A BANKER
This should
clearly demonstrate the fact that a system of Automatic
Electrical Protection, GUARANTEED to be positive, is the
best way to guard his vaults and safes.
WRITE NOW FOR BOOKLET AND FULL INFORMATION.
American Bank Protection Co.
M inneapolis, Minn.
F. E. KENASTON, President.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
O. B. McCLINTOCK, Sec’y and Treas.
THE COMMERCIAL WEST.
Saturday, May 24, 1902.
STATEM ENT OF THE CO N D ITIO N
OF THE
COMMERCIAL NATIONAL BANK
OF
C H IC A G O
AT THE CLOSE OF BUSINESS
RESOURCES.
Loans and Discounts...........................................................................................................
Overdrafts..............................................................................................................................
Real Estate.............................................................................................................
U. S. Bonds at Par...............................................................................................................
Other Bonds and Stocks......................................................................................................
Due from U. S. Treasurer...................................................................................................
Cash and Due from Other Banks......................................................................................
$19,799,129.65
1,121.73
55,079.23
500,000.00
1,035,231.21
40,500.00
12,791,782.00
Total........................... ................
$34,222,743.82
LIAB ILITIES.
Capital Stock Paid in..........................................................................................................
Surplus Fund........................................................................................................................
Undivided Profits.................................................................................................................
National Bank Notes Outstanding...................................................................................
Deposits.................................................................................................................................
Total..............................................
$2,000,000.00
1,000,000.00
457,701 15
500,000.00
30,265,042.67
$34,222,743.82
OFFICERS: James H. Eckels, President; John C. McKeon, Vice-President; David Vernon,
Second Vice President; Joseph T. Talbert, Cashier; N. Losch, Assistant Cashier.
DIRECTORS: Franklin Mac Veagh, of Messrs. Franklin Mac Veagh & Co.; Jesse "Spalding,
President Spalding Lumber Co.; N. K. Fairbank, Director Chicago & North-Western Ry.; Robert
T. Lincoln, President the Pullman Company; William J. Chalmers, Treasurer the Allis-Clialmers
Company; E. H. Gary, Chairman United States Steel Corporation; Paul Morton, Vice President
Atchison, Topeka & Santa Fe Ry. Co.; John C. McKeon, Vice-President; James H. Eckels, President.
Letters of credit issued. Foreign drafts and specie bought and sold. Postal remittances and
cable transfers made to all parts of the world.
Special facilities for handling the business of correspondent banks.
CHASE
NATIONAL BANK
O f the City of New York
Capital:
Surplus and Profits (Earned):
$ 1 , 0 0 0 ,0 0 0
$ 3 ,1 0 0 ,0 0 0
H. W . CANNON, P resident.
A. B. H E PB U R N , V ice -President.
E. J. ST A L K E R , C a s h i e r .
C. C. SL A D E ,
S. H. M IL L E R
H. K. T W IT C H E L L ,
W. O. JONES, A ssistan t C a s h ie r s .
Designated Depository of the United States, the
State of New York, and the City of New York.
Transacts a General
Banking Business.
Accounts of Banks and Bankers received on favorable terms. Buy and sell
United States Bonds and make transfers and exchanges of Bonds In Washington
without charge for services.
CASE INVESTMENT CO. The International
Tacoma, Washington.
SELLS high class gold and cop
A udit Company
per prospects and partially devel
oped mines in the States of Wash
ington and Idaho; we handle only
such properties as will bear in
vestigation.
We are also developing two of
the most popular mines [Twin
Lakes and Silver Tip] in the very
heart of the famous MT. BAKER
district, Whatcom County, Wash
ington, and solicit correspondence
with any seeking an investment in
legitimate mining stock.
We are not brokers; only handle
stocks in properties we are devel
oping.
Eastern correspondents
wanted.
Audits accounts of corporations, copartner
ships and individuals, reports upon financial
and business conditions, and generally performs
all the functions of expert accountants.
Send for our booklet on “ Audits and Their
Advantages.”
CAPITAL
ONE MILLION DOLLARS
Illinois Trust and
Savings Bank
L a Salle St. and Jackson Boulevard
CHICAGO
Capital and Surplus, $9,000,000.00
Interest allowed on deposits in Banking
and Savings department. BONDS.—Gov
ernment, State, County, City and choice
railroad bonds bought and sold. F O R
E IG N E X C H A N G E .—Letters of Credit,
Drafts, Postal Remittances and Cable
Transfers.
TRUST DEPARTM ENT
Acts as Administrator, Executor, Guar
dian, Conservator,
Assignee, Receiver,
Transfer Agent and Registrar; makes in
vestments and acts as agent in the col
lection and disbursement of incomes.
Trust funds and trust investments are
kept separate from the assets of the
bank.
ILLINOIS TRU ST S A F E T Y DEPOSIT CO.
S A F E T Y DEPOSIT VAU LTS
Fidelity Trust Co. Bank,
TACOMA.
Paid Up Capital,
JOHN C. AINSWORTH, Pres.
ARTHUR G. PRICHARD, Cashier.
= $300,000.00.
JOHN S. BAKER, Vice Pres.
P. C. KAUFFMAN, 2d Vice Pres.
G EN ER A L BANKING.
Special Attention Given to Collections.
ITS REPORTS ARE VALUABLE
OFFICERS AND DIRECTORS:
JOHN M’ LAREN, President, form ery Vice-President o f the Union
National Bank.
JOHN LEITH, V.-P. and Treas., fellow o f the American Association
Public Accountants.
ROBERT NELSON, Sec., Chart’ d Accountant, Fellow of the American
Association Public Accountants.
W. T. FENTON, Vice President National Bank of the Republic.
E. G. KEITH, President of the M etropolitan National Bank.
M erch an ts Loan & T ru st B u ilding, CHICAGO.
Tel. Central 631.
Cable address “ DunroNn”
(Established by W m . T. Baker.)
Chas. H. Baker, President and Manager,
Trans-Continental
Map
showing relative positions of rai'«
road systems west of Chicago, with
statistical analysis based on earn
ings per mile of road, mailed upon
request to
Institutions, Executors
Total Available Efficiency, 100,000 Horse Power, Supplying Light and Power
to Seattle, Tacoma, Everett. Correspondence solicited from persons desiring to
locate large or small manufacturing plants at any of the above cities.
SEATTLE, WASH.
FIR EP R O O F
CH ESTSS
N A T IO N A L SAFES.
CANNON BREECH SCREW DOORS. VAULT DOORS
Write to
CHICAGO
not only to owners but to possible purchasers
and investors, and to banks and capitalists from
whom loans are solicited.
SNOQUALMIE FALLS POWER COMPANY
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE NATIONAL BANK
OF THE REPUBLIC
John A. Lynch.................. President
W . T. Fenton........ Vice-President
J. H. Cameron....................... Cashier
R. M. M cKinney___ Asst. Cashier
R. L. Crampton........ Asst. Cashier
W . F. Dodge----- 2d Asst. Cashier
TUESDAY, FEB RU A RY 25, 1902
THE
3
DEAN &, CO.
Minneapolis.
,
Investors and Trustees.
Spencer Trask & Co.
bank er s,
27-29 Pine Street,
Albany, N. Y.
New York.
Members New York Stock Exchange
T H E C O M M E R C IA L W EST.
4
Saturday, May 24, 1902.
GOING TO CALIFORNIA?
P riv a te C o m p a r tm e n t C a r s
are but one of the m an y luxurious and popular
features in the equipment of the famous
NORTH-WESTERN LIMITED
daily between S t. Paul, Minneapolis and Chicago.
Be sure your ticket reads over this line
if you desire the “ Best of E v e ry th in g .”
T. W . TEASDALE,
Gen. Pass. Agt.
ST. P A U L ,
-
-
-
M IN N .
A RARE OPPORTUNITY
fo r money making investments, as well as for securing a nice home
is now offered in many portions of the
S O U T H
Including the ISLAND OF CUBA.
Lands are cheap, the climate is mild and healthful and
you will have all of the advantages of an old and settled
country. A ll points in the South are nicely reached via the
•BIG FOUR ROUTE.”
Home-seekers’ tickets are on sale the first and third Tuesdays of the month.
Ask for tickets via the “ BIG FOUR.” For land maps, etc., address
The Minneapolis & St. Louis Railroad
runs elegant upholstered tourist cars to
Califorina points without change, leav
ing St. Paul and Minneapolis every
Thursday, via Omaha, Denver and Salt
Lake—The Scenic Line.
Remember our excursions are person
ally conducted and select, no objection
able persons are taken, and the sched
ule is such that you pass through all of
the grand scenery in day time, advant
ages offered by no other line.
Through sleeping car berths only $6.
For information as to ticket rates, or
berth reservations, address A. B. Cutts,
General Passenger and Ticket Agent,
Minneapolis & St. Louis Railroad,
Minneapolis, Minn.
Send for descriptive matter.
TO TH E SO U TH
VIA THE POPULAR
MONON ROUTE
e)) (HICAG0.|lHDHHAP0USt-[0llSVIlLtpAltWAY
TWO TRAINS DAILY TO
LOUISVILLE and FRENCH LICK SPRINGS
Special Sleeper to the Springs.
FOUR TRAINS DAILY TO
In d ia n a p o lis and C in c in n a ti
Parlor Chair Cars and Dining Cars on day
trains. Compartment Sleeping Cars on
night trains. For Folders, Tourists’ and
Homeseekers’Rates,French Lick Pamph
lets, Booklet “ Ten Routes to the South,”
address
L E. SESSIONS, General Agent Passenger Department
541 Andrus Bldg., Minneapolis. Minn.
C. J. TU C K ER , Gen. N orthern Agt.
CHAS. S. LA FO LLETTE , T rav . Pass. Agt
2 3 4 C lark S treet, CHICAGO, ILLIN O IS .
CHICAGO
GREAT
WESTERN RY.
A Palace
on
W h e e ls
T h e n e w E le c t r ic L ig h te d
F re e C h a ir C a rs o f th e
“ Great W estern Lim ited
R u n n in g e v e r y r v ig h t b e t w e e n
C h ic a g o , S t. P a u l a n d M i n n e a p o l i s .
T h e s e c a r s a r e j v is t o u t o f t h e s h o p s
a n d a re b u ilt fo r c o m fo r t a n d b e a u ty .
? 5 5
J. P . EL.MEFL, G en eral P assenger A ge n t
C H IC A G O ,
IL L ,
FRANK J. REED. General Passenger Agent. Chicago.
LOW ROUND TRIP RATES
----- VIA
UNION PACIFIC
FROM
MISSOURI RIVER
To Denver, Colorado Springs, and
Pueblo, Colo. June 22 to 24, inclu
sive and July 1 to 13 inclusive.
To Denver, Colorado Springs and
Pueblo, Colo. Junelto 21 inclusive
and June 25 to 30 inclusive.
To Salt Lake City and Ogden, Utah.
August I t o l i inclusive.
To Glenwood Springs, Colo. June
22 to 24 inclusive. July 1 to 13 inclu
sive.
To Salt Lake City and Ogden, Utah.
June 22 to 24 inclusive and July 1 to
13 inclusive.
To Glenwood Springs, Colo. June
1 to 21 inclusive and June 25 to 30
inclusive.
To Salt Lake City and Ogden, Utah.
June 1 to 21, inclusive, June 25 to 30
inclusive and July 14 to 31 inclusive.
To San Francisco or Los Angeles,
Cal., May 27 to June 8, inclusive and
August 2 to 10 inclusive.
To Portland, Ore., Tacoma and
Seattle, Wash., May 27 to June 8 in
clusive and July 11 to 21 inclusive.
Full information cheerfully furnished on
application to
$ 15.00
$19.00
$25.00
$25.00
$30.00
$31.00
$32,00
$45.00
$45.00
E. L. LOMAX, G. P. & T, A.
OMAHA* NEB.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T H E C O M M E R C IA L W EST.
Saturday, May 24, 1902.
Puget Sou n d
Interchangeable
•
; y : vy \
p.
/
MileageJickets
ON
m
5
Is one of the most favored portions of our country.
Its
history is faciuating, its scenery wonderfully grand, its indus
THE
tries and commerce varied and wealthy-making, its climate
moist, balmy, cool and life-giving.
It is destined to become one of our most populous and
(e n t r a l
Leased
L ines
and
important seaport and manufacturing sections.
Operated
and on
“Wonderland 1902,” the Northern Pacific’s latest
annual
has an account of this region that w ill be interesting, and valu
Several
able as well, to everybody youug and old.
.
Connecting Lines ,
Send Chas. S. Fee, General Passenger Agent, Northern
Aggregating Over
6000
Pacific Railway, St. Paul, Minn., six cents for the book, and
you may be surprised to learn what a favored land there is away
Miles ofTrack.
up in the northwestern corner of our country.
Illinois Central R. R.
Oriental
Trade
Efficiently Serves
a V ast Territory
byjthrough service to and from following cities:
OM AHA.
C H IC A G O .
ST. PAU L.
ST. LOUIS
M IN N E A PO LIS. PEO RIA
HOT SPRINGS.
E V A N S V IL L E .
M EM PHIS
N A SH VILLE.
C IN C IN N A T I.
ATLA N TA.
LO U ISVILLE.
JA CK SO N VILLE.
N E W ORLEANS. VICKSBURG.
The hope of commercial and agricultural
America. A fact not yet fully compre
hended. Keep your eye on the Orient.
G R E A T NORTHERN RY.
All the Comforts
Weekly through service between Chicago and
between Cincinnati
and Conveniences
And the Pacific Coast.
g S S ? E a s t . South,West, Worth.
of a Good Club
Past and Handsomely Equipped Steam-Heated
Trains—Dining Cars—Buffet-Library Cars—
Sleeping Cars—Free Reclining Chair Cars.
A. H. HANSON, Gen’l Pass’r Agent, CHICAGO
How Crops
Grow in
Kansas
or Your Home
Are found in the Library
Santa Fe
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BETWEEN
Buffet Smoking Cars in daily
In 20 years Kansas has raised 2,996,-1
000,000 bushels corn and 691,000,000
bushels wheat. From 1896 to 1900
Kansas ranks first in value of wheat j
and corn, $378,000,000. For 1900
Kansas is first in wheat $45,000,000; I
first in corn and wheat, $68,000,000 [or |
166.50 each person], fifth in corn,
53,000,000. Above figures are given |
out officially by Uncle Sam. There's j
nothing the matter with Kansas, i
Other facts in pamphlet entitled |
“ Kansas Resources” mailed free. Get
a home for yourself or son in beauti
ful Kansas, and share in next year’s i
prosperity. The way to g o—
C. C. CARPEN TER , Pass. Agent,
503 Guaranty Bldg.
Minneapolis.
“ Across America” to Asia.
Information and Rates, 413 Broadway, N. Y.
or F. I. Whitney, G. P. & T . A ., St. Paul, Minn.
use on
Burlington Limited
trains between the Twin Cities
of Minneapolis and St. Paul,
and Chicago.
THROUGH PULLMAN SERVICE
HETWEKN CHICAGO AND
Supplied with card tables,
easy chairs
and
the latest
H OT SPRINGS.Ark.. DENVER,Colo.
TEXAS. FLORIDA. UTAH,
CALIFORNIA a»d OREGON .
periodicals.
A sk
IF YOU ARB CONTEMPLATING A TRIP, ANY POR
TION OF WHICH CAN BE MADE OVER THE CHICAGO
AtALTON, IT WILL PAY YOUTOWRITE TOTHE UNDERj SIGNED for rates, maps, TIME-TABLES, ETC.
y o u r h o m e a g e n t to se n d
“ T h e B u r lin g t o n .”
you by
Ge o . J. Ch arlto n ,
GENERAL PASSENGER AGENT,
Chicago, III.
T H E C O M M E R C IA L W EST.
6
The N o r t h w e s t e r n National B a n k
Saturday, May 24, 1902.
FIRST NATIONAL BANK
OF MINNEAPOLIS, MINN.
OF MINNEAPOLIS
OFFICERS:
United States
Depository
J. W. Raymond, President
W m, H. D unwoody, Vice-President
E. W. D ecker , Cashier
Joseph C hapman, Jr ., Ass’t Cashier
P. E. H olton, Ass’t Cashier
DIRECTORS:
W illiam H. Dunwoody
L. S. G illette
T. B .J anney
M. B. K oon
H enry7 L. L ittle
W. G. N o r t i i u p
G eorge W. P eavey
James S. Belt,
L. R. Brooks
J. E. Carpenter
E. C. C ooke
S. A. C ulbertson
E. W. D ecker
G eorge W. P orter
W. A. R amsey
James W . R aymond
George W . V an D usen
O. C. W yman
J. T. W yman
Capital,
==
=
=
=
$1,000,000.00
Surplus and Undivided Profits, $400,000.00
Paid in dividends since organization, $2,090,000.00
The only bank in Minneapolis that has paid 8 per cent dividends without intermis
sion for the past twenty years.
Capital,
- $ 1 ,000,000
Surplus and Profits
300,000
Deposits, 10,000,000
J ohn M a r t in , President.
F. M. P r in ce , Y-President.
C. T. Ja p f r a y , Cashier.
D. M ackerchar , Ass’t Cashier.
E rnest C. B r o w n , Ass’t Cashier.
KENNETH CLARK, President.
C. H. BIGELOW, Vice-President.
GEO. H. PRINCE, Cashier.
H. W. PARKER, Asst. Cashier
Merchants' National Bank
OF SAINT PAUL
J. F. Co n k l in , Prest.
A. E. Z o nne , Y-P.&Treas. E. J. F o rster , Secy.
J. F. CONKLIN & ZONNE CO.
G. B. L oomis , Ass’t Secy
Real E sta te
S ecu rities
Temple Court, Minneapolis
First Mortgages
Loans and Insurance
Special attention given to the care of estates and management of property for non-residents.
R e f e r e n c e s : First National Bank and Northwestern National Bank.
The
Equitable
Trust
Company
C H IC A G O N A T I O N A L B A N K B L D G ., C H IC A G O .
C a p i t a l P a id Up , $ 5 0 0 , 0 0 0
S u r p l u s and P r o f it s , $ 2 5 0 , 0 0 0
AUTHORIZED BY LAW TO RECEIVE and execute trusts of every character from courts,
corporations and individuals. Takes entire charge of estates real and personal. Acts as agent
for the registration and transfer of bonds and stocks and the payment of coupons, interest and
dividends. A legal depository for court and trust funds.
INTEREST ALLOWED ON DEPOSITS of money which may be made at any time and with
drawn after five days notice, or at a fixed date.
TRUST FUNDS AND TRUST INVESTMENTS are kept separate and apart from the assets
of the company.
DIRECTORS:
J ohn M. Sm it h ,
L. A. W a l t o n .
M a u r ic e R o se n fe ld ,
A n d r e w M cN a l l y ,
J. R. W a l s h ,
W il l ia m B e s t .
OFFICERS: J. R. W a l s h , President; L. A. W a l t o n , Vice-President; C. D. O r g a n , Secy,
and Treas.; C. H untoon , Ass’t Sec. and Cashier.
Capital... $1,000,000
S u r p lu s
.
2 0 0 ,0 0 0
UNITED STATES DEPOSITORY
DIRECTORS:
Crawiord Livingston
Kenneth Clark
J. H. Skinner
Louis W. Hill
George H. Prince
D. R.
E. N.
V. M.
L. P.
F. B.
C. H. Bigelow
Vermilye & Co.
BANKERS
Nassau and Pine Streets, NEW YORK
13 Congress Street, BOSTON
D E A L E R S IN
U. S. GOVERNMENT BONDS
A N D OTHER
INVESTMENT SECURITIES
Deposits received and interest
allowed on balances.
U /AITTB I DAnPCD Ne"YorkLite
U n L l L l i L i D n U U i.n j M in n e a p o l is , m in n . Redmond,
C ? C * /\
I..\ i
I
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s j
/\
I
I
F "
EL»
and Sold on Commission
or Joint Account.
f
A ^1
made on First-class Improved Security to net lender 4% to
Ln w
I ^1
6 per cent. Special attention given to care o f property
with economical management guaranteed. Best of references.
Noyes
Saunders
Watkins
Ordway
Kellogg
Kerr 4 Co.
BAN KERS,
41 W allstreet,
New
Y o rk .
Transact a General Banking Business
Issue Foreign and Domestic
Minneapolis Property
Travelers'
Rents collected; buildings improved and reconstructed to produce increased
results. Satisfactory reference to local and eastern parties.
Letters of Credit
MOORE BROS. & S A W Y E R , Minneapolis.
in Sterling;, Francs, Marks
or Dollars, payable in
H A R R I S , G A T E S & CO.
B R O K ER S.
S tocks, Bonds, G ra in , P rovisions, C otton, Coffee.
No. 1 Board of Trade, Chicago.
No. 10 Wall Street, New York.
N. O. W e r n e r , President.
C. S. H u l b e r t , Vice-President.
E. A. S m it h , Cashier.
E. L. M a t t so n , Assistant Cashier.
Seattle Engraving Co.
The Swedish American National Bank
L\„ PRINTERS’ PLATES feh
M inneapolis, Minn.
Capital,
$ 2 5 0 ,0 0 0 .0 0
Surplus and undivided profits,
6 5 ,6 4 3 .6 5
Deposits,
2 ,3 7 3 ,0 2 5 .0 6
F oreign E x c h a n g e B o u g h t and S o ld .
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Federal Reserve Bank of St. Louis
S A M P L E S ON A P P L IC A T IO N .
Seattle, W a sh in gto n , . . . U . S. A .
all parts of the world.
Chicago Office, 232 La Salle Street.
Philadelphia, Graham, Kerr & Co.
Da vid C. B e ll , Pres. W alter A. E ggleston , Sec’y
James B. S utherlan d , Treas.
David C. Bell Investment
Co., Minneapolis.
Established 1880.
Incorporated 1889.
Mortgage Loans, Real Estate, Rentals, Free
Insurance. Special attention given to collection
of mortgages, care and sale of property for non
residents. Refer to any Bank or mercantile
house in Minneapolis.
T H E C O M M E R C IA L W EST.
Saturday, May 24, 1902.
T h e C o m m e r c ia l W est
7
Northwestern Bonds Are in Demand.
A W eekly Journal representing Western Investments, Manu
facturing and Development.
There is, at the present time, a strong demand for
municipal, school district and comity bonds; and, ow
H. V . JONES, Editor and Manager.
ing to the development of the northwest, many bonds
HENRY D. BAKER, )
are
being offered. As illustrating the active bidding
ROLLIN E. SMITH, V ............................................. Associate Editors
MILTON O. NELSON, )
for desirable bonds, the school district bonds of Madi
D. E. W OODBRIDGE,.................................... Editor Mines Department
son, S. D., recently sold, may be mentioned.
The
ARTHUR W . WARNOCK, Business Manager.
school board offered $8,600 of bonds, and asked for
bids on both a 4J2 and a 5 per cent basis.
Minneapolis Office, Rooms 627-629 Guaranty Building.
T
, M a i n 307,
The bids were as follows, and may be accepted as
an
indication of the demand for such bonds. G. M.
SUBSCRIPTION PRICE.
United States and Canada......................................................... per year, $3.00
Brinkerhoff of Springfield, 111., offered $8,686.50 for
Six months........................................................................................................ 1.50
Three months........... ........................................................................................ 1.00 4J/2 per cent bonds or $9,061.50 for 5 per cent bonds:
Foreign Countries...........................< ................................................£1 per year
Chas. S. Kidder & Co. of Chicago, $205 premium on
Payable in advance.
Single copies............................................................... ......................... Ten Cents
the lot if a 5 per cent bond; J. L. Jones of Madison,
The Commercial West will not knowingly publish the advertisement $57 premium on a qjd per cent bond or $201 on a 5
of a financially unsound individual or company.
per cent; Theodore B. Potter, $8,787 on 4Jd per cent
Advertising Rates sent on application.
bonds;
Thompson, Tenney & Crawford of Chicago,
Published by the
$8,623 on 4jd per cent bonds; Chas. H. Coffin of Chi
Commercial West Company, Minneapolis, Minn. cago, $8,851 on 5 per cent bonds; Minnesota Loan &
Trust Co. of Minneapolis, $217.50 premium on 4*4
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 E IC E ,
M IN N E A P O L IS , M IN N .
per cent; Rudolph Kleybolte & Co. of Chicago, bonds
at par, 4J j per cent; S. A. Kean of Chicago, $8,008 on
SATURDAY, MAY 24, 1902.
5 per cent; Haynes & Co. of Cleveland, Ohio, 4J 4 per
P R IN C IP A L C O N T E N T S .
cent bonds at par, less $170 for expense of bonds;
First National bank of Barnesville, Ohio, $100 prem
Editorial ......................................................................................................
7
ium on 5 per cent bonds; John Nuveen & Co. of Chi
Northwestern Bonds Are in Demand.
Mr. Eckels vs. Mr. Dawes.
cago, par and $105 premium for 4J2 per cent bonds,
Jobbers Feel the Effect.
Possible Prize for Pacific Northwest.
or 4^4 interest bond at par less $150 for expense of
Piling Up Trouble Against Day of Trouble.
The Bull’s E y e ............................................................................................
9
getting up bonds.
eleph o n e
Financial, Money and Stocks— io .
Observations ..............................................................................................
Financial Notes ......................................................................................
Financial and Industrial Conditions in Japan..............................
Growth of Everett, W a s h ......................................................................
Minnesota Banking L aw s......................................................................
Banquet of Chicago Bank Clerks...................
Money Markets— Securities ................................................................
New York Letter...............................................................
Chicago Stock M arket............................................................................
Wisconsin State Bankers’ Meeting...................................................
Bond Sales ..................................................................................................
Branch Bank Question ..........................................................................
South Dakota Bankers’ Meeting......................................................
Iowa Bankers’ Convention..................................................................
Among the Country B anks..................................................................
The Banks and the People................................................................
— By Chas. A. Clark.
The Banks of South D akota.............................................................
— By A. F. Le Claire.
Program of the Crookston Convention............................................
10
10
11
11
11
12
12
13
13
14
14
15
19
20
21
22
24
25
Municipal bonds are reaching a higher interest
basis than obtained in former years. Presumably this
is due to the fact that capitalists and men of means
are finding profitable investments in other lines. Good
corporation bonds find a ready market and more money
is seeking investment in realty.
High grade municipal securities like those of Min
neapolis and St. Paul a year or two ago, were yielding
a trifle over three per cent. They are now yielding
about 3 .2 to 3 j j per cent. Bonds of villages and
small municipalities run from 4 to 4^2 per cent.
Industrial.
Moran Bros.’ W ork in Seattle............................................................
Commercial Matters in Portland......................................................
Tacoma’s Shipping ..................................................................................
South Dakota’s Bright Future.........................
— By B. A. Cummins.
Live Stock M arkets..................................................................................
18
18
18
21
37
Real Estate and Farm Lands—30.
General Land Situation........................................................................
Northern Pacific Lands.............................................................
Available Minnesota Lands..................................................................
The Expanding Northwest W heat A re a........................................
Development of W estern Canada......................................................
Farm Land M ovement..................................................................... . . . .
Construction
30
30
30
30
32
34
26.
Mills, Elevators and Factories, Electrical, Telephone, Rail
road, Business Buildings, Public Buildings, Etc.
Grain and Milling—38 .
W heat Review ..........................................................................................
— By H. V. Jones.
Minneapolis Markets ..............................................................................
Minneapolis to Grind Canadian “W heat.........................
Rainfall in the Northwest..................................................................
All the Roads Come I n ..........................................................................
Minneapolis Flour via New Orleans..........................................*...
Market Reviews ......................................................................................
Coal Strike Affects Flour Trade..........................................................
38
38
39
40
41
41
42
41
Miscellaneous.
Value of Audits in Large C o m p a n ie s.............................................
Publisher’s Departr>ent ........................................................................
New Letters of Credit System ............................................................
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Federal Reserve Bank of St. Louis
16
17
25
Mr. Eckels vs. Mr. Dawes.
The bankers who were assembled at the recent
Kansas City convention were fortunate in being af
forded the opportunity to hear opposite views on the
subject of assets currency from two gentlemen who
are leaders of their respective sides of the controversy,
ex-Controller James H. Eckels, who is an earnest ad
vocate of an assets currency, and ex-Controller Charles
G. Dawes, who is equally earnest against it. It is diffi
cult to see how either side of this important question
could have been presented with more ability, stated
with greater clearness, or illumined with more interest,
than was done by these leaders of opposite financial
opinion.
Probably the totally different experiences of these
two gentlemen while holding tli.e office of controller
of the currency, are accountable for their opposing
views on assets currency. Mr. Eckels was controller
of the currency during the worst panic in the history
of the United States— during a time which tried men's
THE COMMERCIAL WEST.
8
souls in every line of business and in every walk of
life. As the head of the national hanking system dur
ing this acute crisis, when the only kind of quick relief
was that afforded by the pooling of the assets of the
hanks of the New York Clearing House, certificates
being issued against them (an assets currency}, it
was natural enough for Mr. Eckels to be very much
impressed with the inability of any kind of a currency,
except an assets currency, to meet the needs of a great
financial emergency. At the memorable convention of
the American Bankers’ Association in Baltimore, in
1894, following the panic of 1893, Mr. Eckels forcibly
expressed his views, which became formulated in the
“ Baltimore plan”—the precursor of the Indianapolis
Monetary Commission plan, and of the plan of reform
embodied in the Fowler financial bill now before Con
gress.
It is interesting now to recall that this “ Baltimore
plan,” (formally proposed by the Baltimore Clearing
House Association), was endorsed by the American
Bankers’ Association at this 1894 convention, with
practically no opposition. This may seem strange in
view of the present great difficulty and probable im
possibility of securing agreement of the bankers of the
United States on any similar plan. But it is quite
natural for bankers, like other human beings, to be
more impressed with the way dangers should be
avoided, just after the calamity has passed, as in 1894,
than when one seems, as now, an indefinite distance off
in the future.
Mr. Dawes was controller during a period in the
history of the United States as unsurpassed for its
prosperity and freedom from panic, as the period in
which Mr. Eckels served was unsurpassed for reverse
conditions. It is natural, therefore, that he should
have become imbued with the idea that the best policy
is that which lets well enough done, and that the up
permost fear in his mind should be lest some change
in our currency system should “ help us into a panic
when we are out of one.”
The address of ex-Controller Dawes appeared to
have been much better received at Kansas City than
the address by ex-Controller Eckels; which seems
strange in view of the fact that a larger bank note
circulation would be of more value to the southwest
than to perhaps any other section of the country.
In case of panic, the banks in New York, Chicago
and some other large cities could issue clearing house
certificates (an assets currency) and protect themselves
to some extent. But the country banks of the west
would be helpless except for such aid as they might
get doled out to them from their city correspondents.
Jobbers Feel the Effect.
The business houses of Minneapolis and St. Paul,
notably the jobbing houses, have already begun to feel
the impetus given to northwestern business by the ad
vent of thousands of settlers into the northwestern
country. Sales to country merchants have largely in
creased. A most gratifying feature is that the settlers
have means with which to purchase supplies, and this
enables the merchants to do satisfactory business with
Twin City and Omaha jobbing houses. As told in an
other article in this issue the settlers are keeping up
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Federal Reserve Bank of St. Louis
Saturday, May 24, 1902.
their payments and are not dependent upon the prod
ucts of their new lands for support. Most of them
went from the older states of Iowa, Illinois, Missouri
and Indiana with cash in their pockets after their land
was paid for, so they are able to maintain themselves
as well as they did in their former homes. Taken all
in all the relations between the jobbers and their coun
try customers were never so satisfactory.
A Possible Prize for the Pacific Northwest.
The suggestion that appeared in T he C ommer
W est , in an interview in Chicago from Mr
P. C. Kauffman, the well known banker of Tacoma,
to the effect that Seattle should be the convention
city in 1903, of the American Bankers’ Association,
nas already received a very strong endorsement from
one of the most prominent officers of the American
Bankers’ Association, Mr. E. J. Parker, of Quincv.
111., from wnom we printed an interesting interview
in last week’s issue.
If some city of the Pacific Northwest can suc
ceed in securing this convention, it will certainly be
of immense advantage to every city of this section,
which Mr. Parker appropriately calls “ the great
wonderland.” At the convention of the American
Bankers’ Association in Milwaukee last autumn, prac
tically the entire wealth of the United States was rep
resented by the banker delegates. A convention of
this sort ought to have far more intrinsic value for
the community in which it is held, than a national
convention of one of the political parties, the dele
gates to which do not usually represent the best busi
ness elements of the communities from which thev
come.
If the bankers of Washington, at their state con
vention in June, will take appropriate action in this
matter, it is altogether probable that the great prize
of a national convention of the American Bankers'
Association can be obtained for this section in 1903.
On a matter so important as this, the earlier the work
of persuasion is begun, the more effective it can be.
cial
Piling Up Trouble Against Day of Trouble.
In his speech before the Bankers’ Club of Mil
waukee on branch banking, Mr. J. B. Forgan, of
Chicago, noted that “ in September, 1892, the aggre
gate of balances due from banks shown in the com
bined statements of the national banks, was $409,523.000. A year later in 1893, during the panic, it
was reduced by $132,000,000 to $277,469,000. Dur
ing the same period the cash held by the same banks
was increased from $347,870,000 to $369,860,000, an
increase of $22,000,000. The bank balances did not
recover in amount the figures of 1892 until 1897;
since which time they have rapidly increased, and are
now the enormous sum of $785,033,000. The fluctua
tion between 1892 and 1893 is instructive, and the
rapid increase since 1897 ominous.”
Figures on gains in deposits usually make up an
important part of the prosperity literature for every
political campaign, and probably as a general rule,
make an optimistic impress on the very large num
ber of persons who do not know or appreciate the
fact that all gains in deposits represent gains in bank
liability, and not necessarily gains in the actual wealth
Saturday, May 24, 1902.
THE COMMERCIAL WEST.
of any person or persons. It is only in the case of
savings deposits that the use of such figures in proof
of “ prosperity” is ever well justified, and even then
the price of the prosperity argument may reasonably
be subject to an “ if” regarding the soundness of the
banks in which the savings are deposited, which in
turn depends on whether or not the funds invested
by the savings banks have been invested safely and
wisely.
Mr. Forgan gave an interesting example to illus
trate the great multiplicity of deposits under our
present system of allowing a portion of the legal
reserves of one bank to be held as deposits in an
other. On a deposit of $64,000 in Deadwood (not a
reserve city) $3,840 may be retained in the vault as a
cash reserve, and $60,160 may be deposited with the
Omaha correspondent; if the deposit in Omaha (a
reserve city) of $60,160, the sum of $7,520 may be
retained in the vault as cash reserve and $52,640
may be deposited with the Chicago correspondent;
of the deposit in Chicago (a central reserve city) of
$52,640, the sum of $13,18 0 may be retained in the
vault as cash reserve, and $39,460 may be deposited
with the New York correspondent; and of the de
posit in New York, the financial center of the coun
try, $9,865 may be retained in the vault as cash re
serve, and $29,595 may be loaned. From the original
deposit of $64,000, total deposit liabilities of $216,260
may thus arise. The total cash in the vaults, $34,405,
is 53.8 per cent of the original deposit of $64,000,
and is only 15.9 per cent of the total deposits shown
of $216,260. Therefore although only 53.8 per cent
of the original deposits is held in the vaults of the
combined banks, the reserve in the combined deposits
is only 15 .9 per cent. Mr. Forgan said of this “ ex
pansion on a fictitious basis,” that “ In good times
such as we have been having, we pile up trouble
against the day of trouble, when values shrink, credits
are curtailed and distrust prevails.”
In New Y ork and some other cities, the trust
companies have entered the deposit banking field on
an enormous scale. The New Y ork clearing house
has just recently made public certain resolutions, the
purport 'of which is that trust companies, being direct
competitors of banks, ought to submit to some of
the bank requirements in the matter of cash reserves.
On January 1, 1898, there were in the state of New
York 44 incorporated trust companies with deposits
of $198,229,029. On January 1st, 1902, there were
62 trust companies, with deposits of $440,718,602.
These New York trust companies are not required
to keep any cash reserve, where the New York state
and national banks must hold from 7 to 25 per cent;
yet the powers of the trust companies are much
broader than those of the banks, for they are per
mitted “ to loan money on real or personal securities”
and “ to purchase, invest in and sell, stocks, bills of
exchange, bonds, mortgages and other securities.”
Although required to keep no reserves, yet the trust
companies of New York have not misused their op
portunities, and though holding little cash in their
own vaults, nevertheless keep reasonable sums depos
ited on demand in banks, as a reserve for use in
emergencies. But as the banks themselves hold not
much over 25 per cent in cash against their total de
posits, an unsafe state of affairs is evident; especially
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Federal Reserve Bank of St. Louis
9
as a large part of these total deposits is represented
in balances due western banks, and these are part of
the multiplied deposits of which Mr. Forgan gave such
an interesting example to the Milwaukee bankers.
Two weeks ago we referred to how the United
States government, which is also in the banking busi
ness, maintains a gold reserve of only $150,000,000
in support of the value dollar for dollar with gold of
$745,000,000 in United States notes, treasury notes,
and national bank notes, and of $534,000,000 silver
(worth intrinsically 39 cents on a dollar). Conditions
such as these are fraught with extreme danger to
the prosperity and business stability of this country,
just like the volcano of Pelee, which was considered a
harmless picnic ground by the people of San Pierre;
it always contained, as scientists who had studied it
knew, probabilities as to the awful tragedy that finally
occurred. But a great many persons who should
have the intelligence to understand the dangers of
our defective banking and currency system, persist
in saying, that the country being very prosperous, we
should “ let well enough alone.”
THE BULL’S-EYE.
N ot long since a carpenter sent to do some w ork was
going home, leaving a bit of work undone, the doing of
which would not have taken him five minutes, yet would
necessitate the coming o f another workman and the
waste o f a quarter o f a day.
I asked the
man
why he did not do this work and save the waste. “ I don’t
have to,” he said. “ I had no orders to do that.” I think
one would be safe in predicting that this workman had
reached his limit as to earning capacity, unless perhaps his
union should do the fighting for an advance in his wages.
His own inherent value as a workman would never command
better pay. The late Frank H. Peavey, whose business life
was a model in many respects for the young man with a
clean, high business ambition, once said: “ The way I got
my start in life was by doing things I didn’t have to do.”
*
*
*
This may be said o f life in general. No man makes a
full success of life who does only those things that he has to
do. The man with the temper will always be a slave whether
he works for himself or for another. H e is whipped and
spurred to w ork that he shovdd go to with a zest of his own.
No employer will willingly advance the wages of the man
who is careful to do only those things he is ordered to do.
The way the dollar-a-day man comes to earn two dollars is
by doing a dollar and a quarter’s work for a dollar, and
two dollar’s worth for a dollar and a half. Service goes be
fore remuneration. It must. It is a part of the law of
equivalents.
*
*
*
The man in business who does only what he has to is
a miserable failure, even if he does succeed in putting money
into his purse. The meanest rich man I ever knew was a
man who had never done anything in his business that the
law could punish him for. He knew law well. H e had
studied it as a fractious steer studies his pasture fence. In
his bargains he gave what the law compelled, no more.
Everything the law permitted, and he could get, he took.
And the law will permit a man to be too mean to be a good
neighbor. A writer of holy writ spoke a universal and im
portant truth when he said that we are but unprofitable serv
ants when we have done only that which is set for us to do
This world is made fit to live in only by the sum o f the
service, voluntarily and cheerfully given, beyond what is re
quired of us.
— T he S harpshooter.
The Citizens’ National bank o f Oconto, Wis., and the
Lumberman’s National bank o f Chippewa Falls, have been
designated by the secretary o f the treasury as United States
government depositories for the state o f Wisconsin.
T H E C O M M E R C IA L W EST .
10
Saturday, May 24, 1902.
I FINANCIAL-MONEY AND STOCKS I
OBSERVATIONS.
Mr. James B. Forgan, president of the First National
bank of Chicago, who by his speech at Milwaukee has given
the cause o f branch banking a great boom, has had some in
teresting practical experiences with branch hanks. Once he
was sent to found a branch for the Bank of Nova Scotia
in a Canadian frontier town o f about 500 population. He
found out that there was only one person in the town, an
Irishman, whose account was worth having. A rival bank
already established had secured this account, and it did not
seem possible for Mr. Forgan to get it. But the Irishman
had an ambitious son. Mr. Forgan sent for him and asked
him if he would not like to become a banker. The youth
was delighted, and eagerly accepted the position Mr. For
gan offered him. The first assignment he received was to
secure his father’s account, which he d id ; thus leaving the
rival bank with practically no business.
* * *
The Canadian branch banks have been the schools for
many o f the ablest bankers of our own country. The follow
ing names occur to me as illustrations: J. B. Forgan, presi
dent; D. R. Forgan, vice-president; G. D. Boulton, second
vice-president; R. J. Street, cashier, all of the First National
bank o f Chicago; F. L. Hankey, vice-president; G. F. Orde,
cashier; T. C. King, assistant cashier, all o f the Northern
Trust company o f Chicago; J. H. Cameron, cashier o f the
National bank o f the Republic, Chicago; J. G. Orchard,
cashier o f the Merchants’ Loan & Trust company, Chicago;
C. T. Jaffray, cashier, and D. Mackerchar, assistant cashier,
o f the First National bank of Minneapolis.
* * *
Does history repeat itself? is the interesting question that
suggests close resemblance between the last twelve months
and a similar period in 1881 and 1882, twenty years ago.
The coincidental relationship between 1881 and 1901 was ex
plained in several articles that appeared last autumn in T he
Commercial W est, in the most important analogies being
that as in 1881 there was the poorest corn crop since 1874,
so in 1901 there was the poorest corn crop since 1894; in
both years occurred such deplorable events, as the assassina
tion o f the president o f the United States; in both years
there were heavy exports of gold, big railroad consolidations
and important stock market upheavals and depressions.
* * *
The first quarter o f this year has seen episodes and ten
dencies similar to those o f the first quarter of 1882. Despite
the corn crop failure o f last year and the assassination of
the president o f the United States, the general prosperity has
been unabated as in 1882. During the first quarter of this
year, gross earnings o f fifty-two leadings railroads showed
an increase o f 6 per cent, and in the same period of 1882
there was- an increase o f 25 per cent, the larger percentage
increase twenty years ago being due merely to larger increase
f»f OJ
^ 7
V n 0
-- -------
FINANCIAL.
Argyle, Minn., will receive bids, until June 2, for $12,400
of light bonds.
* * *
Ames, Iowa, voted not to bond for $4,000 for school house
improvements.
t i(c ^
The Second National bank o f Winona, Minn., has been
designated a United States depository.
* * *
Lewis Cass Richards, a pioneer banker o f Nebraska, died
at his home in Lincoln on May 12, aged 68 years.
The M oorhead, Minn., National bank, had, as shown
by its last statement, on April 30, $257,900 deposits, and
$230,500, loans and discounts.
*
*
*
The two banks o f Kalispell, Mont., published statements
showing an aggregate o f $1,346,373. The combined loans are
$764,295.
* * *
The attorney general of Michigan has advised the treas
urer of Wayne county that he, the treasurer, will be held
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Federal Reserve Bank of St. Louis
in mileage. Early in 1881 there was a stock market “ boom,”
due to a “peg campaign” by prominent manipulators, which
was very similar to the present boom in the stock market,
for recently some stocks reached the highest prices in their
history. But it is to be hoped that if present values are being
supported by “ pegs,” said pegs will not be suddenly re
moved to the cruel discomfort o f many persons, as was the
case in April, 1882. About this time in 1882, gold exports
became heavy. In July, 1882, the market braced up because
of fine crop prospects, and there was considerable public in
terest in it. But in September there arose a stringency in
money, also a railroad war, so that depression again ruled
in stocks, and before the end of the year many stocks reached
their lowest points in several years. W ith more or less
fluctuation such conditions continued until the panic o f 1884
was reached. One o f the greatest problems that the Arthur
administration had to contend with in 1882 was, as in 1902,
the treasury surplus, hoarded away from the channels o f
business. Congress did its best to get rid o f the surplus
by means o f extravagant appropriations. Its scandalous ex
cesses in the .spending line caused a political upheavel in
the congressional elections in the autumn, the republican party
thereby losing control o f the house o f representatives.
* * *
The many bankers assembled at Kansas City last week
in attendance on the Interstate Convention o f Kansas, M is
souri and Oklahoma and Indian Territories, had an inter
esting and instructive program o f addresses, social functions,
etc. But I doubt if many o f them have taken the time to
see something that is o f great interest in Kansas City— its
splendid system of parks. In proportion to its population,
the boulevard and park improvements of Kansas City al
ready under way or completed, are on a far greater and more
expensive scale than for any other city o f the United States.
Since 1895 the sum o f $4,000,000 has been expended in this
way, yet this has been a mere beginning. Big portions of
the city now covered by rather unsightly dwellings are to
be turned into parks. In one place about 300 houses are being
moved to make space for lawns, trees and flowers. The
rolling land, with rocky understrata, on which Kansas City
is situated, makes it expensive to build boulevards and lay
out parks. But the fine driveways and landscape effects that
have already been accomplished, chiefly as yet around the
edges o f the city, are quite remarkable, considering the great
natural difficulties. The park system o f Kansas City is di
vorced from politics. It is in general charge o f Mr. George
Kessler, who has gained such reputation from this work at
Kansas City, that he was recently selected to lay out the
grounds for the Louisiana Purchase Exposition at St. Louis.
Owing to the developments o f its park system' Kansas City
is being transformed from a business-like, but very unpicturesque town, into one o f the most attractive cities of the
United States for residence as well as for business.
—Jackson.
responsible for $15,000 inheritance tax money which he had
deposited in the City Savings bank of Lansing, which has
suspended.
* * *
The statement o f the First National bank at Pierre, S. D.,
on April 30, shows deposits o f $340,800; loans and discounts!
$266,000; cash resources, $120,000.
>N * *
The statement of the Des Moines, Iowa, National bank,
on April 30, showed deposits o f $3,154,100; loans and dis
counts, $2,393,400; cash resources, $886,100.
New members o f the Minnesota Bankers’ association are,
Bank o f Clitherall, Bank o f Rockford, Bank o f Rushmore,
Farmers & Mechanics bank, Hector, and the First National
bank, St. Charles.
* * *
J. H. Ingwersen, of Clinton, Iowa, who has been cashier
of the People’s Trust & Savings bank, the third largest
bank in Iowa, has accepted the position » f cashier of the
Interstate Trust & Banking conipa.ny of New Orleans, at a
salary of $12,500 a year. He will leave about July 1 to as
sume his new duties.
. 'v V
.
■
Saturday, May 24, 1902.
T H E C O M M E R C IA L W EST .
11
FINANCIAL AND INDUSTRIAL CONDITIONS IN JAPAN.
(Special Correspondence to The Commercial W est.)
Seattle, M ay 20.-—Mail advices from Japan via the Nippon
Yeusen Kaisha line as late as May 1 indicate that the money
market continues steady, accompanied by a slight increase
in advance due to the approach of the tea and agriculture
crop seasons. The money market at K obe shows some slight
animation due to the fact that drafts drawn to cover the re
cent heavy imports of raw cotton are falling due, necessitat
ing a demand for money with which to meet them. A t Hiago the arrivals of rice from the interior continue small and
the money market inactive. The interest rate ranges from
8.3 to 8.76 per cent. Generally the circulation of money in
the western part of the empire is inactive and trade is dull.
The share market shows a downward tendency, though the
leading stocks range higher in price than at this time last
year.
A ccordin g to the latest statistics compiled by the Japanese
department of Agriculture, the rice crop of 1901 was, with
one exception, the largest in the history of the empire. It
amounted to 49,914,943 koku, an increase of 13 per cent over
the crop of the preceding year, and 17.7 per cent larger than
the average crop for a series of years. The only crop ever
produced which exceeded this was the crop of 1898. The
first consignment of the new tea crop to come into K obe
was received on April 11. The leaves are reported to be
of excellent flavor. Reports from some of the larger tea
grow ing districts indicate that the crop was severely in
jured by heavy frosts occurring during March, and that the
yield may suffer in consequence.
Official reports show that the exports from the empire
during the month of March amounted in value to 17,079,114
yen, as compared with 19,852,959 yen for the corresponding
month of 1901. This is the first month of the present year to
show a falling off in exports from the figures of the precedingyear. The exports for the three months amounted to 56,477,529 yen, as compared with 53,886,363 yen for the corre
sponding period of last year. The imports for the month of
March amounted in value to 22,239,642 yen, as compared
with 25,322,270 yen for the corresponding month last year,
and those for the quarter were 65,803,609 yen, as compared
with 64,867,473 yen for the corresponding period of last year.
The export of specie for the month shows a material re
duction, amounting to but 260,111 yen, as compared with 2,730,592 for the corresponding month of last year, while the
import of specie shows an increase, being 897,107 yen, as
compared with 342,008 for the corresponding month of 1901.
Equally gratifying gains are shown for the quarter.
THE GROWTH OF EVERETT, WASH.
(Special Correspondence to The Commercial W est.)
Everett, Wash., May 21.— The population of this city has
increased 10,000 in three years. It is now 16,000, and its
commercial future is assured. As an evidence of this, the
Great Northern railroad is building yards here to carry over
40 miles of tracks. It will be a great freight sorting yard
for the Orient trade.
Everett is an immediate transportation port and ranks
third in the customs district of Puget Sound. Twenty-four
Sound and ocean-going vessels touch on their regular runs,
not to mention the steamships and sailing craft in the coast
and foreign lumber trade. These vessels distribute locally
and carry the products of the factory and farm to Alaska.
China, Japan, South Am erica, Australia and the islands of
the South Pacific.
MINNESOTA BANKING LAWS.
In Minnesota an occasional state bank changes to a na
tional bank, and while this is not frequent enough to attract
special attention, there is some reason for it. W hen asked
regarding the matter, Mr. S. T. Johnson, public examiner,
said to T he Commercial W est :
“ There is no general movement or desire on the part of
state banks to becom e national banks. Alm ost every in
stance of a state bank changing to a national can be ac
counted for on the basis of fear of increased competition.
For example, there are two state banks in a town and some
one thinks it would be a wise move to start a national bank.
Agitation of the subject induces one of the state banks to
take a national bank charter and thereby shut out the third
bank. It happens in almost every instance after such change
has been made that the banker admits that he was loth to
give up his state charter and that he does not feel so much
at home in his new environment. H e cannot earn as much
money for his stockholders or take care of his clients as
well under his national bank charter as he could under the
state laws.
“ This does not imply that the national banking laws are
safer or that there is less danger of loss either to stock
holders or depositors, but the national bank is pre-eminently
and first of all a city bank, and the laws governing it must
be so framed as to meet the conditions of city banking, and
this not only for the cities of Minnesota, but for the entire
United States and all the various conditions existing in the
several states. T o illustrate: The national banker cannot
loan money on real estate. The state banker in Minnesota
can. It becomes to him the best security he can get, and,
in this state, it would be equally good for a national banker,
but when the fact is taken into consideration that the na
tional banking laws cover Oklahoma, Texas, Kansas and
all the southern statds as well as some states in the north
not securely grounded in a, strict financial sense in their in
dustrial and commercial activities—that none of these states
has settled real estate values and that the average banker
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Federal Reserve Bank of St. Louis
in such localities is a boom er, out to boom his community
in season and out of season, it is clear that it would not do
for him to be -allowed to take real estate mortgage securities.
Neither will it do for those states to allow their state banks
to take such securities.
“ In Minnesota, it is perfectly safe for banks to loan up
to 15 per cent of their capital and surplus to one person or
persons, because the security given by such person or per
sons is and can be of a known value not subject to great
fluctuations. In other words, the intrinsic value is there.
“ N ow the national banking laws covering the whole
country have to take into consideration the lack of such
value in certain localities, and therefore must hold the per
centage of such loans down to a low basis, 10 per cent be
ing as high as it would be advisable to place it.
“ Again, the national banker buying commercial paper
upon which the holder places his endorsement and transfer
must hold that that paper bearing the endorsement of his
customer from whom he purchased it shall stand as a loan
and count against the credit of the vendor. Therefore it
places another limitation on the volume of business he can
transact with that customer. This is also a necessary provi
sion in the national banking laws because of the immense
territory covered and the varying conditions met with, while
in this state, commercial paper is of so high a grade and
quality that the law is perfectly safe in allowing such paper
to be purchased without diminishing the 15 per cent loans
and discounts that the national banker made to the vendor.
There are many other advantages perfectly consistent with
good, safe, conservative business policy enjoyed by the men
who do business under our state laws as compared with the
benefits accruing to those who are operating under the na
tional banking act.
“ The banking laws of Minnesota are considered by legal
and financial authorities to be the best state banking laws
in the United States; and I believe that no state in the union
has a stronger, more conservative or better line of banks
and bankers than ours.”
T H E C O M M E R C IA L W EST .
12
Saturday, May 24, 1902.
BANQUET OF CHICAGO BANK CLERKS.
(Special Correspondence to The Commercial W est.)
Chicago, May 21.— The Chicago chapter of the American
Bank Clerks’ Association held its first annual banquet last
Saturday evening, and a highly successful affair it was. The
great banquet hall of the Auditorium was beautifully decor
ated with flowers. A t a raised table at one side the speakers
and invited guests sat, while the rest of the banquet hall was
occupied by about two hundred bank clerks— the hosts of
the evening.
Mr. Frederick I. Kent, of the First National Bank, acted
as toastmaster. The introductions by Mr. Kent were bright
and witty, and the responses were very much to the point.
A t an election follow ing the banquet the following were
Seattle Money Market.
(Special Correspondence to The Commercial W est.)
Seattle, May 20.— R obert Spencer, cashier of the National
Bank of Commerce, when asked for a statement of the con
dition of the local money market said: “ Loans are being
paid off somewhat more rapidly than we could desire, but
that fact only indicates a condition of prosperity on the
part of borrowers, who are beginning to do business more
largely on their own capital. However, the decrease of loans
at this season of the year, to some extent at least, is n or
mal for Seattle. Deposits continue to show increases from
day to day at the banks generally. Industrially, local con
ditions are excellent.
The milling interests are passing
through a period of dullness, due to the slump in the Chi
nese flour market, but in other lines conditions are of the
best. The lumber business particularly is very prosperous.
L ogs are high, the market for lumber is stiff, and many of
the mills have orders for weeks ahead.”
Minneapolis Money Market.
Minneapolis bank clearings for the week ending Thursday,
May 22, amounted to $10,184,257, as compared with $8,919,051
for the corresponding week a year ago.
Money continues easy, with a better supply than demand.
There is a fair general business demand, but that is so small,
compared with the grain trade, wholesale and lumber busi
ness, that when the latter are not in the market for money,
the situation is dull. A t present there is no large borrowing,
and grain paper is paid off as it becomes due; still the banks
are well loaned up. Some o f them are loaning only to reg
ular customers. Money may be quoted as follow s: Termin
als, 4 per cen t; choice wholesale mercantile paper, 43/2(0)6 per
cent; smaller borrowers, 6@ 7 per cent. New York and Chi
cago exchange is scarce and sells at a premium among banks.
London 60 days’ sight documentary exchange:
Friday, M ay 16................ ■.....................................................
Saturday, May 17.................... ...........................................
Monday, May 19....................................................................
Tuesday, May 20..................................................................
Wednesday, May 21..........................................................
Thursday, M ay 22................................................................
Guilder, three days’ sight, May 21................................
4.84%
4.8434
4.84%
4. 841/2
4.84%
4.84%
.40 1-16
St. Paul Money Market.
No change is to be noted in the money situation. Locally,
there is only a small demand for money, and some o f the
banks have again bought considerable paper, secured by Stock
Exchange collateral, in New York. The rate obtained for call
money was 5^2 per cent, and for time, 4J-2@4J4- The rate on
terminals is 4@ 4f4 per cent, with little paper offering. While
money is plentiful, the banks keep well loaned up, owing
to the higher eastern rates, which afford a safe outlet for
surplus funds. The demand for local securities continues
greater than the offerings. Banks are -paying a premuim,
among themselves, for Chicago and New Y ork exchange, and,
were a customer to offer a large amount, he would doubtless
receive the benefit o f the scarcity o f such exchange.
Minneapolis Local.
A. A. Crane, cashier of the National Bank o f Commerce,
attended the bankers’ Convention at Kansas City last week,
on his way to the Pacific coast. He will visit Montana,
Washington and California, returning the latter part o f June.
The statement of the Germania bank, Minneapolis, on
April 30, shows a considerable gain in business over the
statement of April 24, 1901. The principal items, with com
parisons. are as follow s: Deposits April 30, $191,159, com
pared with $156,349 a year ago; loans and discounts April
30, $131,833. compared with $87,527 a year a go; cash re
sources April 30, $101,617, compared with $96,836 a year ago.
Minneapolis was represented at the Iowa State Bankers’
association convention at Des Moines, this week, by C. T.
Jaffray, cashier o f the First National bank; Joseph Chap
man, Jr., assistant cashier o f the Northwestern National;
Eugene M, Stevens, and Geo. B. Lane, commercial paper.
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Federal Reserve Bank of St. Louis
chosen officers for the ensuing year:
President— Frederick I. Kent, of the First National bank.
Vice-President— S. C. Stallwood, of the Northern Trust
Company.
Treasurer— R. C. W ilson, of the Bankers’ National.
Secretary— S. F. Underwood, of the Illinois Trust &
Savings Bank.
Trustee, for three years— Huntington Mason, of the Corn
Exchange National.
Trustees, for one year— E. G. Rice, of the American
Trust & Savings, and'F. A. Crandall of the Merchants’ Loan
& Trust Company.
References to several of the speeches delivered will be
found elsewhere in this issue.
Minneapolis & St. Louis Changes.
John W . Mackay has been elected a director of the M in
neapolis & St. Louis Railroad company. H e succeeds Wm.
Strauss, deceased. E. H. Walter has been elected assistant
secretary to succeed S. Seaman Jones, resigned, to take serv
ice elsewhere.
The statement o f the condition o f state and savings banks
in Iowa shows from December 10, the date o f the last bank
call, to April 5, the deposits in Iowa state and savings banks
increased $13,263,435. The number o f banks has increased
by 17 in the period.
The amount
on
deposit
in
Iowa state and savings banks now is over $135,000,000, or
three times what it was ten years ago, and the largest in the
history o f the state.
Minneapolis Securities.
Quotations furnished by Eugene M. Stevens, Commercial P a
per and investment Securities, 123 South Third street, Guaranty
building, Minneapolis.
Minneapolis, May 15.
Last
Bid.
Asked.
Sale.
First National B ank.................................. 165
180
167
German-American Bank ..........................
110
115
110
Germania Bank .......... '. ............................. 100
105
100
Hennepin County Savings B ank.............. 150
150
Minneapolis Trust Company............ ..
140
Ì5Ò
140
Minnesota Loan & Trust C o m p a n y .... 105
105
Minnesota Title Ins. & Trust Co., p fd .. 100
102
National Bank of Commerce.......... ..
140
145
141
190
Northwestern National Bank..................
200
190
St. Anthony Falls Bank..........................
120
Security Bank of Minnesota.................. 145
Ì5Ò
148
Swedish American National B a n k .... .118
119
Minneapolis Brewing Co., c o m m o n ....
90
96
95
Minneapolis Brewing Co., p re fe rre d .... 106
Minneapolis Brewing Co., bonds..........
113
ii6
116
Minneapolis Syndicate ..............................
102
105
102
Minneapolis Threshing Machine C o .... 150
160
160
North Amercian Telegraph C o..............
75
80
St. Paul Securities.
The following quotations on St. Paul securities are furnished
by Peabody & Co., brokers, 27 Merchants’ National bank build
ing, St. Paul:
Last
Bid.
Asked.
Sale.
110
110
115
First National Bank
252
130
127%
120
125
121
St. Paul National Bank .......................... 100
103
101
135
130
Scandinavian-American Bank ................ 130
210
Second National Bank .............................. 200
State Bank ....................................................
100
Union Bank .......................................... .
120
Security Trust Company ................ ..
ÌÓÓ
28%
St. Paul Title & Trust Company ($50) 25
30
Minnesota Transfer Railway Company,
109
106
first 5s, 1916 .............................................. " *106
Minnesota Transfer Railway Company,
97
first 4s, 1916 .............................................. 95
St. Paul Union Depot Company, first 6s
130
1930 ..................................................................**125
St. Paul Union Depot Company, con
115
solidated 5s, 1944 ...................................... 4*110
St. Paul Union Depot Company, con
106
solidated 4s, 1944 ...................................... "*102
Interstate Investment Trust Company
117
116
(limited) ...................................................... 116
American Light & Traction Company,
38
Com................................................................... 36
American Light & Traction Company,
92%
Preferred ...................................................... 91
St. Paul Gas Light Company, 1st 6s,
120
1915 ..................................................................4*116
St. Paul Gas Light Company, Cons. 6s,
118
1918 ................................................................. 4*114
St. Paul Gas Light Company, Gen’l 5s,
96
*95
97%
1944 ................................................................
St. Paul City Railway Company, Cable
113
*112
114
200
200
Í05
103
170
168
St. Paul Fire & Marine Ins. Company. 167
100
St. Paul Trustee Company........................ 96
Superior W ater, Light & Power Com
8
8
10
pany ...............................................................
Superior W ater, Light & Power Com
50
75
pany, 1st 4s, 1919 ....................................
96
98
Chicago Transfer & Clearing Company 96
♦And interest.
T H E C O M M E R C IA L W E ST
Saturday, May 24, 1902.
WATSON & CO.
BROKERS.
MINNEAPOLIS.
Members o f the New York Stock Exchange, Minneapolis Chamber o f Commerce,
Chicago Board o f Trade, New York Produce Exchange
and other leading Exchanges.
to
TELEPHONE
Chicago,
CALLS:
New York,
M A IN
906,
AND
and Other
M A IN
NEW YORK LETTER.
Coal Strike Drives the Speculative Public Out of the Market
Street Will Adjust Itself to Conditions.
Wall
(Special Correspondence to The Commercial W est.)
New Y ork, May 21.— While the strike of the coal miners
has not brought about any serious decline in the prices of se
curities, it has driven the so-called speculative public entirely
out o f the market. The worst that is feared, in case the
strike should be a prolonged one, is the effect it will have on
some o f the railroad and industrial companies.
There are not a great many who believe that the strike will
become national and it is therefore argued that Wall Street
will soon adjust itself to existing conditions and sharp recov
eries will be made. Be this as it may, the market is bound
to remain dull, comparatively, as it will only have the support
o f professional interests who will no doubt lend their efforts
to keeping the list steady until the labor situation is cleared.
'¡>
The
Capital
Stocks, Bonds, Grain, Provisions.
Wires
F . A . C ham berlain, President.
P e rry H arrison, Vice-President.
E . F . M earkle, V ice-P residen t.
Thos. F . H urley, C ash ier.
G u y C. Lan dis, A ssista n t Cashier.
Security Bank « Minnesota
Minneapolis, Minnesota.
Private
13
517.
Cities.
It G e n e r a l
Paid in,
Banking
$1,000,000.
B u sin ess T ra n s a c te d .
We solicit accounts of banks, cor
porations, private individuals, etc.,
and offer every facility and accom
modation consistent with sound
banking.
D irectors.
F. G. W inston
J . W . Kendrick
Ja m e s Quirk
H. C. A k eley
F . A . Cham berlain
T . H. Shevlin
J . H. Que&l
L . F . D ay
S. T . M cK n ig h t
E. F . M earkle
W . S. Nott
H. M. Carpenter
R. M .Bennett
Louis K . Hull
P erry H arrison
C. C. W ebber
Thos. F. H urley
Geo. F . Piper
Geo. C. C hristian
E . J. C arpenter
things for Reading property are as confident as ever that their
forecasts will be made good in that time. I hey say that foi
every dollar the strike will cost the company it will get back
two and they believe that the common stock is the best spec
ulative proposition on the list to hold for the pull.
The feeling on the granger shares is much strengthened
and prices have moved up conspicuously during the last day
or so. There has been especially good buying of Missouri
Pacific and Atchison. Ae regards earnings Missouri Pacific’s
net increase o f over $100,000 for April weakens bear conndeuce, as does the fine agricultural outlook for the state of
Missouri.
Colorado Fuel and Iron company’s recent report o f earn
ings, which did not seem to please many holders o f the stock,
has elicited various explanations. Am ong the more recent
ones given out is the following, the author being a prominent
steel and wire magnate. “ Colorado Fuel and Iron has been
obliged to charge many improvements of its old plants to
present earnings as well as to meet dividends and interests on
the money expended for new capacity. Another important
thing is the fact that the management has been accumulating
pig iron, instead of selling it in the market at present high
prices. This plan is being carried out in order to have a large
supply o f material on hand when the new plants are put in
operation next fall and will prove very remunerative from
that time on.”
There was considerable selling o f the Gould and Pennsyl
vania stocks on reports o f serious differences which are said
to exist between the two factions, growing out of the exten
sion o f the Gould lines to the seaboard, accomplished by the
recent acquisition o f the Western Maryland road. Western
Union, a stock which is usually quiet and firm, sold off rather
sharply and caused many reports to be circulated to the ef
Chicago Stock Market.
fect that its contracts with the Pennsylvania Railroad com
(Special Correspondence of The Commercial W est.)
pany would soon be terminated in retaliation for the Western
Chicago, May 21.—-It has been another comparatively dull
Maryland move. There were prompt denials o f these reports
from official sources, but the rumors were persistent and belief j week in local securities. There was at one time conspicuous
weakness in Biscuit issues which was credited to reports_ of
in them was reflected in declining prices.
The Gates contingent are particularly bullish on Union competition but a director of the company was responsible
Pacific and despite the suspicion that they are manipulating for the statement that there was no occasion or fear on that
it to unload, there is little doubt that they are willing to buy account. The company has had this sort of thing to contend
it heavily whenever it declines to about 103. Bearish misgiv with since its inception but its business has grown constantly.
ings attributed to insiders are discredited in well-informed It has given the public articles they want and at rock-bottom
circles, though it is no doubt true that Harriman and his prices. If competitors can undersell it and give^ equal quality
friends are discouraging aggressive activity for the present. o f goods they are welcome to the business. I he brands of
There was a good deal o f trading in Kansas City Southern the National company are the standard o f nearly every house
and Chicago and Alton and there were material advances in hold and its officials believe they will continue to be so. There
is a pool in the common issue which stands ready to take all
the price o f each.
offerings.
*
*
-xAmerican shares are getting back to old prices. I he pub
Railroad deals that have had an active influence upon the
lic is indifferent to the claims o f large earnings based on the
security market within the past week, were the passing o f con
there was a
trol o f the Monon and the concentration of some o f the minor prospect o f a good fruit and vegetable crop,
steady demand for Strawboard around 40 which seems to be
Vanderbilt stocks. The latter is an old idea. A year ago,
it was believed that a concentration of the securities o f the accepted as the value o f the transfer, and as this is an in
and Eastern and other roads, possibly including the Canada crease of 50 per cent in the price, the limit o f safety has been
obtained. Quaker Oats reacted on the statement that the ne
Southern, was impending.
It was even admitted with full
gotiations for the control o f the Great Western Cereal com
authority that a tentative plan covering the matter was actu
ally drawn up and submitted to the head o f the system— W. pany were broken off.
In the railroad list Lake Street advanced to 14/4 on re
K. Vanderbilt— and it may be that it is again receiving active
ports that the road had passed into the control of a syndi
consideration, although the question of a holding company
cate headed by Samuel Allerton. the Chicago millionaire.
as exemplified by the Northern Securities company is no
nearer settlement than it was two months ago. In the matter James A. Blair and J. B. Dennis, of New Y ork, are both in
o f the Monon it was officially announced today that the board the city, but best information obtainable is that the presence
o f directors of the Southern Railway company and the Louis of these gentlemen here has no relation to the alleged Lake
ville and Nashville Railway company have both met and Street elevated deal. It may develop that there will be an
agreed to_ offer their joint 4 per cent bond for the Monon effort by the old owners to regain control. As the Blair
stock, giving 78 for the common and go for the preferred. Fol party has guaranteed the $6,000,000 bonds of the Lake Street
lowing this announcement there was a sharp advance in Louis property, it seems inconceivable it would be willing to see
ville and Nashvillq. It is understood that the last o f a dis a hostile board of directors in control of the property.
Up to the close vesterday (Tuesday) reports were current
agreeable short interest in “ L & N ” has been settled by ac
tual purchase and delivery during the past few days. The that the deal had fallen through, but at the last minute
nrice o f the stock has shown no particular tendency to react, the stock advanced, and later it was announced tentatively
but this is easily explained by the general understanding that that a deal had been consummated. It is not a positive fact
the semi-annual dividend this summer will be at the rate of as yet, however.
City railway suffered a decline o f five points, making a loss
6 per cent.
*
*
46o f 25 points since the spurt following the offer o f the Union
DigitizedInterests
for FRASER
which have been predicting for months great ! Traction company for a controlling interest in the stock.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T H E C O M M E R C IA L W EST.
14
BARNES BROTHERS,
Saturday, May 24, 1902.
MINNEAPOLIS ORE TESTING CO.
Examinations and Reports on Mining- Properties.
Mines Managed.
Development Work Superintended.
Mine Surveys and Maps. Mine
Plants and Reduction Works Designed. Ores Tested in Small or Carload
|Lots by Concentration or any Metallurgical Process. Ores Sampled,
M IN N E A P O L IS. IAssayed and Analyzed. Extensive Field Experience in the United
|States, Canada, Mexico and South America.
In vestm en t B ankers
Oneida Building,
F IR ST M O R T G A G E BONDS
5 2 3 - 5 2 4 A n d ru s Bu ild in g ,
Secured upon improved farms and city property
$1,750,000.00 net our investors 6 per cent interest.
Correspondence solicited from
BORROWERS AND INVESTORS.
THE C L IP P E R C U P .
Its t ria n g u la r s h a p e p re v e n ts e n ta n g lin g and
gives t h r e e t im e s th e c a p a c ity of any o th e r Clip
for a tta ch in g papers to g e th e r.
Best and Cheapest.
All Stationers.
Brass or Steel.
BANK
C L IP P E R M FG . CO.
NEW
YORK
For fre e sam ples and inform ation w rite to us
BURGLARY
AND H O L D -U P IN S U R A N C E .
For P a rtic u la rs A d d re s s
The Chadbourn and Braden Insurance Agency,
M IN N E A P O L IS ,
M IN N .
Wisconsin State Bankers’ Meeting.
The executive committee of the W isconsin State Bankers’
Association has decided on Milwaukee as the place of meet
ing for the annual convention of the association some time
during the summer. The date was not fixed, as it was the
sense of the committee that the date should be chosen by the
Milwaukee bankers and should be fixed at a time most con
venient to them. The meeting of the committee was at
tended by nearly all of the members of the executive council
of the association, but no other business was transacted.
As soon as the date for the meeting is fixed the program will
be arranged.
M IN N E A P O L IS ,
M IN N
Telephones: N. W. Main 3061-L; T. C. 2420.
CHICAGO BANK STOCK QUOTATIONS.
A.
J.
W H IPPLE
&, CO.
Members Chicago Stock Exchange.
STOCK
BROKERS.
Private Wires to all Principal Exchanges.
Main Floor New York Life Building.
CHICAGO.
Long Distance Telephone, Central 1031.
O r d e r s by w i r e in g r a i n a n d s t o c k s p r o m p t l y e x e c u t e d .
Chicago, May 21, 1902.
Book V. Div. R. L. Sale.
Bid.
Asked.
American T rust.............. . . 147
6
288
285
288
Bankers’ National.......... . . 131
5
212
210
215
Chicago City.................... .. 134
8
160
175
200
Chicago National............ .. 288
*12
410
400
400
Commercial N atio n al... .. 172
12
410
410
400
Continental N a tio n al... . . 134
230
6
235
235
Corn Exchange................ .. 176
12
500
465
475
Drovers’ National.......... . . 216
3
205
215
Federal T rust.................. . . 125
135
150
152
First National.................. . . 175
3.2
465
460
465
First National Bank of
Englewood .................... . . 147
6
125
125
150
Fort Dearborn National . . 125
6
135
130
135
Garden City .................... . . 127
6
120
120
125
Illinois T rust.................... . . 229
12
745
740
740
Merchants L. & T. C o.. . . 197
12
425
425
430
Metropolitan National.. ..1 8 1
10
415
405
415
Milwaukee Ave. S tate.. . . 155
6
110
110
120
National Bank Republic . . 127
6
220
210
220
National Live S to c k .. . . . . 223
*12
315
315
325
Northern T rust............... . . 231
8
400
500
Oakland National.......... . . 190
6
165
165
Prairie State.................... . . 130
6
125
125
150
Royal T rust...................... . . 170
151
5
150
155
State Bank of Chicago. . . 123
260
6
250
270
Union T rust...................... . . 127
175
W estern State.................. . . 107
4
115
Ü5
iis
An extra dividend of’ three per cent annually paid on those
stocks marked with star.
Cass County, Minn., Votes $60,000 of Bonds.
Cass county, Minn., at a special election on the 14th
voted to issue bonds to the amount of $30,000 for a court
house, and $30,000 for road and bridge purposes.
1 he Shipping Combination.
A special from Boston to the W all Street Journal says
there has been more o f a struggle to get underwriting in Mr.
M organ’ s new shipping combination than almost any under
writing with which Mr. M organ’ s name has been identified
The shipping combination, which, by the way, says the
W all Street Journal, is not Mr. M organ’s combination, bur
is an American enterprise which Mr. M organ is executing
upon commission, was underwritten mostly from the other
side of the water, and very little of it was to be had in
America. The underwriting subscription is to be a 4L2 per
cent bond at par, which would probably not sell on this side
of the water at that figure, and is sweetened with only 5
per cent in preferred stock and a bonus of 50 per cent in
com m on, so that there can be no more profit than the value
of the 50 per cent in the com m on stock. This is the water
in the enterprise, representing the expected results of the
combination, and is quoted in London at 30 per cent, so that
the underwriting subscription may realize 10 to 15 per cent
profit, which is not an undue profit considering the risk in a
4^2 per cent industrial bond which at the start must meet
many obstacles and must always represent properties oi
fluctuating value and sharpest competition.
Duluth’s New Bank.
He was formerly a resident of Cleveland, but has been living
in Ironw ood for sixteen or seventeen years. If iron and
steel men are interested in the new project, it is believed
that they are men engaged independently of the steel corp o
ration. Mr. Nelson, besides controlling the Ironw ood bank,
which has $50,000 capital and very large deposits, controls
the street railway and lighting systems at Ironw ood.
The Steamship Merger.
The Evening Express, Liverpool, says that J. P. M organ’s representatives are negotiating with several companies
using the Manchester Ship canal, with a view to running car
goes direct between Manchester, New Y ork, Boston and
other ports. The scheme involves the construction of new
cotton warehouses at Manchester.
The M organ interests are said to be negotiating for the
steamship lines between Belgium and Central and South
American ports.
Bond Sales.
The New Richmond, Minn., bonds for $12,000 voted for a
system of water works, were sold to C. A. Boalt & Co., of
Winona, for $12,235 and the blank bonds, making the total
premium about $250. The rate of interest is 4]/2 per cent.
The bid of John Nuveen & Co., Chicago, for the $8,600 of
Madison, S. D., school bonds, was accepted. It was 4%
par, less $150 for expenses for getting the bonds.
Tenstrike, Minn., court house bonds, $50,000, were sold to
Thompson, Tenney & Crawford, of Chicago, for $3,300 pre
mium.
The Minneapolis park board has awarded its issue o f $70,000 permanent improvement bonds to Dennison. Prior & Co.,
Cleveland, Ohio, at a premium of $2,849. The other bids
were as follow s: Vermilye & Co., New York, $2,149; Blod
gett, Merritt & Co.. Boston, $2,146.90; Adams & Co., $2,037;
R. L. Day & Co., New York, $1,952.30: Susangood & Mayer,
Cincinnati, $1,771.70; E. E. Rollins & Son, Boston, $1,439.20.
The Security bank o f Minneapolis offered $73,010 for the
whole issue without accrued interest.
The follow ing men are reported to be interested in the
new bank which has been announced for Duluth: Peter
White, president of the First National bank of Marquette,
M ich.; F. G. Bigelow, of the First National bank of M il
waukee; Charles Schrieber, cashier of the Bank of Oshkosh,
W is .; Ffenry D. Smith, president of the First National bank
of Appleton, W is.; E. D. Nelson, president First National
bank of Ironw ood, Mich., and Fred Braastod, president
Miners’ National bank, Ishpeming, Mich.
The organizers of the bank expect to make this relation
a potent force in the new institution. They see in Duluth
a most inviting opening for another good bank, and they
C IT Y O F H A V A N A M U N IC IP A L L O A N .— The Chihope to participate in the rapid growth of the city that they j cago house whose bid has been accepted for the sale of City
of Havana municipal loan is Farson, Leech & Co. The firm
foresee.
E. D. Nelson, president of the First National bank of buys $1,000,000 of bonds outright and receives an option on
Ironw ood, will probably be at the head of the new bank. |the balance authorized, amounting to $27,000,000.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T H E C O M M E R C IA L W EST.
Saturday, May 24, 1902.
15
THE BRANCH BANK QUESTION.
(Special Correspondence to The Commercial W est.)
now at the top, or near the top of small banks, to take or
Chicago, May 21st.— The bankers of Chicago are by no ders from a bank somewhere else.”
means unanimously in favor of branch banking, though
Views of E . D. Hulbert.
A t the banquet of the Chicago Chapter of the American
probably a majority of them approve of it. The views of Mr.
John A. Lynch, president of the National Bank of the Re Institute of Bank Clerks, which was held at the Auditorium
public, expressed today to T he Commercial W est, are here last Saturday night, Mr. E. D. Hulbert, vice-president of the
Merchants’ Loan & Trust company, said, with reference to
with presented:
“ It seems to me it would be very unfortunate for the branch banks:
“ It is said that we should adopt the Canadian scheme.,”
country were our independent country banks to becom e j
branches of city institutions. The country banker is now an he declared, “ because they have no panics there. Did any
influence and a power in his community. His advice is one stop to think that the lack of panics may be because
sought in important questions, and the highest respect is of stagnation? Here we are w orking under high pressure
given him. But were he to becom e a manager of a branch to accomplish results in a short time, and it is a wonder we
of a city institution, he would becom e looked on a g ood deal do not have more failures. Suppose the scheme were adopt
as if he was only a hired clerk. M oreover, the bank which ed, it would not enable us to fight panics any better. W e
had become a branch would become considered a foreign in could not handle angry depositors any easier.
“ When a panic comes now the country bank pays as long
stitution, the profits that were earned being distributed else
where. Branch banking would be a step toward socialism, as as it is able and then goes to its city correspondent, who must
opposed to individualism, and it would tend, I am afraid, to loan or lose his patron. If the First National of Chicago
ward concentration of wealth in few hands. There may be were to become a branch of the First National of New Y ork,
large econom ies in branch banks, and yet I would prefer that what a cry there would be, and yet the country bank has as,
much a need of independence as the city bank. The country
we keep in with the expense, you may call it, of independent
bank that grows and prospers is a help to the system. If
banks, rather than introduce a system that seems un-Am eri Canada had banks of that kind I believe it would be in better
can, that would force a large number of persons who are shape than it is today.”
Western Bond News.
Lamberton, Minn., voted on $5,coo of light bonds on the
5th. Bids for same will be opened on June 2.
The citizens of Gary, Norman county, Minn., have voted
for $2,000 to pay off the present indebtedness.
Dawson, Minn., will vote to bond for a waterworks system.
St. Hilaire, Minn., voted not to bond for $5,500 for a new
school house.
The Board of Education at Dayton, Wash., will sell bonds
in.sum of $50,000. These bonds were formerly advertised for
but the advertisement was declared void, hence they will be
re-advertised.
Bonds in sum of $3,500 will be sold by school district No.
116, K ing county, Wash. These bonds are in denominations
of $500 each. They are issued for the purpose of securing a
site and erecting a school house.
Scotland, S. D., will bond for $10,000 for a new school
house.
Eden Valley, Minn., has voted to bond for $6,000 for a
waterworks system.
Evansville, Minn., will vote on a proposition to bond for
waterworks.
Cass county, Minn., is considerably agitated over the
proposition to bond for $30,000 for roads and bridges and
for $30,090 for a court house at Walker.
The Independent School District of the City of Beresford, S. D., has voted to issue and sell $6,350 of 20-year 7
per cent coupon bonds, interest payable semi-annually.
Bank B urglary Insurance
INCLUDING DAYLIGHT HOLDUP
HOOD & PENNEY.
200 PH O EN IX B U ILD IN G ,
MINNEAPOLIS, MINN.
G eneral
For Minnesota, Montana, Northern Wisconsin, North
and South Dakota and Nebraska, for
A g e n ts
T h e O cean A c c id e n t
G u aran tee
C orporation , Lim ited.
“ The Ocean" has never contested a bank burglary loss. All losses settled promptly by our own loss
department in Minneapolis.
W R IT E FOR R A T E S A N D COPY OF POLICY CONTRACT.
SEE
REPORT
OF
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
E X E C U T IV E
C O U N C IL ,
South
Dakota
B a n k e r s ’ A s s o c i a t io n ,
on page 19.
T H E C O M M E R C IA L W EST.
16
Saturday, May 24, 1902.
VALUE OF AUDITS IN LARGE COMPANIES.
(Special Correspondence of The Commercial W est.)
should rightfully be the servant of the stockholders and
Chicago, May 20.—John M cLaren, president of the In should be to them alone, responsible.
ternational Audit company, o f this city, gave T he Commer
“ H e should be considered not only a check on the accu
cial W est the following statement this
week, relative to racy of the work of the clerical force, but should also be a
the value of audits in railroads, trust companies and other j check on the acts of the board of directors and officers as
forms of large organization:
well. He should first and last represent the stockholders
“ A recent audit of the, accounts of the Evansville & Terre | directly—not through the directory. Indeed there are many
Haute road disclosed certain matters making a discussion of corporations in which the board of directors, through its
the value of independent examinations in railroads, trust chairman, insists on such an arrangement. They say, right
companies, etc., one of peculiar interest at the present time,” ly, that the public accountant, even though his services are
said Mr. McLaren. “ In this case it was ascertained by the temporary in their nature, should be entirely free of their
auditors that the road was carrying on its books certain influences. H e should not be dependent to them for the re
stock, at a par valuation so much in excess of its present true engagement of his services.
value as to practically wipe out the 'balance to the credit of
"Under such an arrangement an audit is o f unquestionable
profit and loss. It would seem that the stockholders of that value. Then, and only then, is the small stockholder able to
road at least, must feel that it is worth something to them know how his interests are being conserved. He, of course,
to have been made cognizant of the true condition of affairs, has a voice in the election of the board of directors and he
and that they would need no further argument to convince may assume that the integrity and ability of the men selected
them of the value of an independent audit.
by the heavy interests is beyond question. In ninety-nine
“ W ell known officers and directors of many of the roads cases out of a hundred it is probably safe to do so, but the
of the country, in discussing the question, however, have possibility of the hundredth case always makes an independ
held that such examinations are not necessary. These men ent examination, if not absolutely necessary, extremely valu
say that the public accountant can only certify to the ac able.
curacy of the company’s bookkeeping and can not investigate
"The small stockholder of a large corporation, as a rule,
into the value of its securities, etc. T o men who feel in this has neither the time nor ability to interpret the books of his
manner an audit, to a certain extent, is indeed a superfluity. company, even if given complete access to them. The offi
“ It is safe to say that in such cases it is not that the pub cers and directors of corporations who have fully grasped
lic accountant is unable to arrive at a fair valuation of the the real significance of independent examinations then prac
com pany’ s securities. It is far more probable that the di tically say to the shareholders: ‘W e have managed your
rectors do not want him to make an investigation for that property to the best of our ability. W e have had the rec
ords of our operations in your behalf kept in the books of
purpose, and don’t care to have him delve too deeply into accounts of the company. W e ask you to select independent
such matters.
auditors capable of examining these records that they may
“ This condition of affairs arises from the fact that in report to you on the results of our labors.’
“ The officers and directors of corporations who treat
many cases, not only in railroads but in other corporations,
with the stockholders, who are in reality their employers, in
the services of the public accountant are engaged by the this spirit, are not likely to be found on the side of those who
board of directors or some officer of the company. This is disparage the value of frequent and complete independent
w rong in theory. T o get the best results the accountant examinations.”
Picturesque Surprises.
For natural beauty and picturesque scenery the Lacka
wanna Railroad is the peer o f any of the great trunk lines
o f this or any other country, and the traveler over its superb
system between Buffalo and New York is treated to a glori
ous panorama which he will remember with pleasure.
Leav
ing Buffalo on a day train, the traveler, seated in one o f the
luxurious coaches o f the Lackawanna, views pictures of
meadow and hill, valley and mountain, plains dotted with
pretty little villages, with now and then a more pretentious
D om in ion
Line T o
city, sweeping rivers and brooks swiftly running through rich
meadow land, on which are threaded, like pearls on a queen’s
necklace, glistening lakes and ponds.
On every side the
journey of 400 miles between the great cities o f New York
and Buffalo is replete with picturesque surprises, and no
where in the United States can its equal be found.
The employes are courteous and attentive, and ever on the
alert to add to the enjoyment o f this trip.
If you are contemplating a visit to New York or Buffalo,
you will not regret having taken the Lackawanna.— The
Workman.
Europe
Splendid New Twin Screw Steamships.
Sailin gs from Boston to Liverpool
(V IA Q U E E N STO W N )
“ Merion” ......................... May 28, June 25
(11,635 Tons—-535 feet long.)
“ New England” ................. June 4, July 2
(11,600 Tons—575 feet long.)
“ Vancouver” .....................................June 7
“ Commonwealth” ..........June 16, July 16
(13,000 Tons—600 feet long.)
Montreal to Liverpool.
“ Dominion” ...................... June 21, A ug. 2
Portland to Liverpool.
Californian........................June 7, July. 12
Colonian (N ew )................ June 28, Aug. 2
Boston to G ibraltar,
Naples and Genoa.
Cambroman” ................... July 5, Aug. 16
T . H . L A E K E , Cen’ l IN. W. A g t., 127 Guaranty Bldg. MINNEAPOLIS, MINN.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
COFFIN’S
INTEREST TABLES.
At
1» 2, 3, 3H , 4, 41^, 5, 6, 7, 8, and
10 per cent, per annum, showing the in
terest on any amount from $1 to $10,000,
and from one day to six years.
T im e T ables for first and second year
to find the number of days between *any
dates.
A Table of Coins with the compara
tive value in gold and silver o f the United
States, also of Estimated Values of
Foreign Coins.
Com pound In terest T ables—the sum
to which one dollar principal w ill in
crease, at compound interest, inanynum
ber of years, not exceeding forty, at 4, 5
6, 7, 8 and 10 per cent, per annum.
In terest L aw s o f the S tates. Rates
of Postage.
Bu siness F orm s. Business Laws in
Daily Use.
8vo, Cloth E xtra, 138 Pages
Price $1.00
Sold by all booksellers or sent by mail
postpaid, on receipt o f price.
HENRY T. COATES & CO.
Publishers,
PHILADELPHIA.
Saturday, May 24, 1902.
T H E C O M M E R C IA L W EST.
THE CLIPPER CLIP’S THE THING.
I he Clipper Clip, a new device for fastening
papers together, is the latest novelty in the
world o f business. This little “ fixin’,” which
is as simple in construction as a clothes-pin,
combines simplicity and utility in a marked
degree. It takes the place of the time-hon
ored pin and relegates that instrument to the
waste basket. In a word, the Clipper Clip
has come to stay, and if it does not revolutionize the manner
o f attaching papers it will be because modest merit is no
longer appreciated.
But the Clipper Clip is an article o f real merit. It is in
the shape o f a series of triangles which prevents “ entang
ling alliances between papers. It lies flat and snug to the
paper.
One use to which this paper clip can be put is in attach
ing memoranda to signature record cards in banks. Its
shape permits the two ends to be pressed together and passed
through the rod hole, the rod preventing the clip slipping
when it is in place as it rests against the rod. But this is
only one o f a thousand accomplishments of the Clipper Clip.
I he modern business world has long felt the necessity
o f a thoroughly satisfactory device for fastening papers, but
not until the advent o f the Clipper Clip could this be said
to have been accomplished. It handles, holds, clutches, clasps
and grasps thick and thin papers with equal facility. It not
only holds on by its gripping power where the arms impinge
against the body, but it also presses against the object in one
direction at the top and another at the bottom, a combina
tion of the results o f all other forms o f clip.
The form o f this device should be observed with care,
as therein lies the secret o f its success. It justs slips on to
papers. Its triangular shape prevents entangling. Its broad
shoulders give maximum capacity. Its construction throws
the spring in the sides and gives the greatest power. And
it is so inexpensive that everybody can afford to use it.
The Clipper Clip, in a word, expects to travel on its
shape.
A GREAT TRANSCONTINENTAL MAP.
17
ance were unknown. _ 1 oday the companies doing this class
of business have at risk $1,500,000,000 and during 1901 paid
in the United States losses o f their policy holders aggregat
ing $1,400,000.
I he known vigilance o f a powerful surety
company, in tracing a criminal and bringing him to justice,
has a restraining influence upon a bonded employe who looks
with covetous eyes upon money not his own. By the same
token, the professional burglar is deterred from safe-blowing
I )v ,n “ f n^ds by the usual conspicuous notice posted in the
bank that its funds are protected in a burglary company,
which, he knows, will spare neither time nor money in secur
ing his apprehension. Under any circumstance, however, the
bank is saved a loss through its insurance, and the premium
charge is so low that the peace o f mind o f the directors alone
is worth its cost.”
“ W e have now insured nearly every bank in Minneapolis
and St. Paul against loss through burglars or the dishonesty
01 their employes, and also several hundred country banks
throughout the northwestern states.”
HAS NEVER CONTESTED A LOSS.
ur
caded to the half-page advertisement of
H ood & Penney, general agents for the Ocean Accident &
Guarantee Corporation, for Minnesota, Montana, northern
Wisconsin, North and South Dakota and Nebraska.
Messrs. Hood & Penney have their offices at 200 Phoenix
building, Minneapolis, and they will be pleased to send copy
of policy contract with rates for insurance to anyone desiring
same.
The firm is proud o f the fact that the Ocean company has
never contested a bank burglary loss, and o f the high com
pliment paid by the executive council, South Dakota Bankers’
association, at its annual meeting at Huron this week.
Eugene M. Stevens, commercial paper, Minneapolis, has
changed his office from 430 Guaranty building, to 123, on the
ground floor, where he has larger and finer rooms.
Are You Going Abroad?
If you are going abroad, be sure to select the Lackawanna
Railroad as your route East. The terminus o f that line is
Spencer, Trask & company, the well known bankers of within two blocks o f the docks o f the ocean liners operated
New York, have issued a railroad map which reflects great by the Cunard, Hamburg-American, White Star, North Ger
credit on their enterprise and originality. The map shows the man Lloyd, Netherlands American, American, Red Star and
relative positions o f the various transcontinental systems west fren ch lines. To the traveler, often encumbered with lug
o f Chicago and gives at a glance a comprehensive idea o f the gage and accompanied bjr his family, the advantage of landing
jiet-w ork o f railroads in the west and southwest. The im- so near his point o f embarkation is at once apparent.. Not
‘ portant connections are also indicated.
only is ihe Lackawanna Railroad the most convenient line
A most interesting feature in connection with the map is a
to the piers o f the great Trans-Atlantic Steamers, but the
statistical analysis which indicates the investment value of the
comfort of its patrons is the special care o f a Steamship
various transcontinental stock issues. The figures given are
Agent who will be found on the docks o f all the principal
all based on the earnings per mile o f road. The periods cov
lines. From Chicago three through trains are run daily in con
ered are the fiscal years ended June 30, 1901. The percentnection with the Nickel Plate offering a service unsurpassed
age o f increase in net earnings to latest date, as compared
m luxury and convenience. From St. Louis there is also a
with the same period last year is also given.
through daily service in connection with the Wabash Rail
The statistical analysis gives the name o f the stock, mile- road.
age operated, stock outstanding per mile, gross earnings per
mile, per cent o f operating expenses, net income after de
Train Ran 180 Miles in 180 Minutes.
ducting taxes, etc., per mile, fixed charges per mile, surplus
above fixed charges per mile, per cent of surplus above fixed wt Springfield, 111., April 16.— The Continental Limited on the
charges, surplus equals on stock (per cent), per cent o f sur Wabash Railroad has made a new record from Tilton to
plus above dividend and the per cent of increase in net earn Gramte City, making 180 miles in 180 minutes. This was
ings to latest date.
with five stops three station stops, one to change engines
The Atchison, Burlington, Milwaukee, Northwestern
and one to take on coal. The actual running time was two
Great Northern, Union Pacific, Northern Pacific, Missouri hours and thirty-eight minutes._ The run from Danville to
Pacific, Southern Pacific, Rock Island, in short all o f the Decatur, 71.6 miles, was made in 70 minutes, including stops
great systems are accurately outlined in colors in the map at I olono and Bement.— St. Louis Republic, April 17, 1902.
proper. The colored lines indicating each system stand out
conspicuously making it an easy task to trace each one
Yellowstone Park
through the labyrinth o f lines crossing and re-crossing each
other.
as been the scene of great improvement within recent
N o more satisfactory map o f the railroad systems operat years, th e roads have been shortened, resurfaced, grades
ing between Lake Michigan and the Pacific Ocean was ever much reduced, new, concrete bridges built, and sprinkling
executed.
carts m tioduced. The old hotels have been repainted, re
The work shows the great care which has been exercised paired and enlarged, a new one has been erected at Norris
in its^ compilation and this fact makes it o f exceptional value geyser basin overlooking the geysers, a tent hotel camp has
to railroad officials, institutions, and all classes o f investors, been established at the Upper geyser basin near Old Faithful
not to mention the army o f individuals who have occasion to geyser, and the government has put in a new system of water
works and reseivoirs at Mammoth H ot Springs
consult an absolutely reliable map.
The Northern Pacific, the railway that runs direct to the
Messrs, Spencer, Trask & Company will distribute copies
gratuitously to institutions, trusteees, executors, and investors, park line, tells all about the Park, the geysers, and the wild
in fact to any one dropping a postal card. It is their inten animals found there and which are such a source of pleasure
to all tourists, in “ W onderland 1902.” a finely illustrated
tion to publish revised editions annually.
by Chas- S- Fee’ General Passenger Agent St
Paul, Minn., to any address upon receipt of six cents to’ pay
GREAT DEMAND FOR SURETY BONDS.
postage.
KJ
The Fred L. Gray company, o f Minneapolis, Northwestern
managers o f the United States Fidelity & Guaranty company,
Lowest Rates to Eastern Points
report a remarkable increase in demand from banks for surety
Will always apply via the Nickel Plate road and its eastern
bonds and burglary insurance.
This, in part, says Mr. Van Campen, o f the Gray com connections to all points in New Y ork, New England and
pany, is due to the large number o f new banks recently or the eastern states. Three daily trains to Ft. Wayne, Findlay
ganized throughout the northwest, but more to the growing Cleveland, Erie, Buffalo, New Y ork and Boston. Standard
recognition o f the necessity for protection against losses oc equipment on all trains. _ Meals served in dining-cars, on
casioned both through the criminality o f trusted employes American club plan, at prices to suit passenger, from 35c +0
$1.00 per meal. For particulars call on or address John Y
and o f professional burglars.”
“ Ten years ago corporate suretyship and burglary insur- Calahan, General Agent, m Adams S t, Chicago. Depot
Fifth Ave. and Harrison St.
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Federal Reserve Bank of St. Louis
T H E C O M M E R C IA L W EST.
18
Saturday, May 24, 1902.
MORAN BROS.’ WORK IN SEATTLE.
(Special Correspondence of The Commercial W est.)
Seattle, May 20.—Arrangements are being made for the
ceremonious observation on a large and spectacular scale of
the occasion o f laying the keel of the battleship Nebraska,
which will take place in the shipyards of the Moran Bros,
company, July 4- The matter has been taken up by the
Chamber of Commerce and a committee appointed by that
body has extended invitations to the governors of W ash
ington and Nebraska to attend. Each of those officials has
tendered his acceptance o f the invitation, the governor of
Nebraska signifying that he would be accompanied by his
entire staff. The yards o f the company where the ceremony
is to be held will be elaborately decorated, accommodations
will be provided for the distinguished visitors, and all others
who attend, and in the evening there will be a banquet served
in honor o f the presence of the visitors in the city.
COMMERCIAL MATTERS IN PORTLAND.
(Special Correspondence of The Commercial W est.)
Portland, May 21.— Business continues good and the money
market retains the strength which has characterized it since
the first o f the year. The real estate market is active, though
there has been a slight decrease in building on account of
the millmen’s strike. There are many big deals under way.
The craze for seven and eight-room cottages continues, and
houses are rented or sold before they are built. The banks
report total clearings for the week amounting to $2,738,131,
against $2,377,219 the same week last year.
care to bind themselves to that price, as it is the general
feeling that ties will bring even more than 24 cents in two
years’ time.
Wheat for South Africa.
Oregon and Washington wheat exporters have taken ad
vantage o f the failure of the Australian wheat crop and
have gone into the South African field with a stroke that
is likely to be felt. The British ship Deccan, now loading,
will be the seventeenth vessel for South African business
from the Pacific Northwest since the opening o f the season.
The fleet already cleared this season has carried in wheat
and flour nearly 1,500,000 bushels.
Railroad Matters.
Definite location o f the Columbia River & Northern rail
road up the Klickitat river to Goldendale has been - made,
and Chief Engineer Oliver has been in Portland for some
time attending to the completion of the records which have
been filed. Contracts have been signed for 120,000 ties for
the new road, and the rails are on the way from Belgium.
It is hoped to have the road in condition for harvest time.
It is expected that the Dalles Portage railroad will have
been completed by that time, also.
Orient Lumber Trade.
Advices from the Orient are to the effect that the lumber
market there shows no improvement. Advanced prices have
caused the Orientals to refuse to do business. According
to advices the Orientals do not believe that the combination
o f the Pacific coast lumber interests will endure. Portland
lumber men have taken steps to prevent establishment of the
15 per cent import duty which British interests are trying
to have put in the Chinese treaty, and a movement is under
way to have the Puget Sound interests co-operate to this
end.
The Fruit Prospects.
Reports from the interior o f the state indicate a promis
ing apple crop this year, but the prune crop threatens to be
light. It is estimated that , there will be only a fourth of a
crop o f Italian prunes this year. French prunes are appar
ently uninjured. The unsatisfactory crop is attributed to
the cold rains which caught the blossoms at the time of
pollination. Last year’s product of prunes has been almost
disposed of.
The Oregon crop of evaporated apples is used up, and
Portland has been obliged to fall back on California. Prices
in California have gone up recently as the supply there is fast
giving out.
Other Matters.
The saw mills in eastern Multnomah county are looking
for an advance in railroad ties before long. Shipments by
Oregon mills are being made in some instances as far east
as the Missouri river. The mills are now receiving 23J2
cents, and a few days ago an agent of the O. R. & N. com
pany made the Multnomah county mills an offer to take their
entire output of railway ties for the next two years at the
rate o f 24 cents per tie. Only one mill accepted the offer.
It is supposed that the owners of the other mills did not
The first cargo o f lumber shipped from Portland to H on
olulu for some time will be ready to start next week from the
Portland Lumber company’s dock. T he schooner, Mary
Dodge, will carry about 300,000 feet to the islands.
The Portland & Alaska Steamship company has been or
ganized, and as soon as arrangements can be completed
two boats will be run between this city and Alaskan points
monthly, to handle the freight and passenger traffic between
here and northern points. The principal offices o f the com
pany, which is made up entirely of local capital, will be in
Portland.
Tacoma’s Shipping.
EXTRACTS FROM LETTERS.
Advance for Railroad Ties.
(Special Correspondence of The Commercial W est.)
Tacoma, Wash., May 20.— Harbormaster Clift’s report for
April shows that the ocean commerce of this port for the
month amounted in value to $3,359>2I7> as compared with
$2,587,142 in April, 1901, $1,594,304 in April, 1900, and $959,060 in April, 1899. For four months ending with April, 1902,
the total ocean commerce o f the port was valued at $15,266,157, as compared with $10,533,483 in the corresponding months
o f 1901, $8,028,258 in 1900, and $5,903,151 in 1899- These
figures tell the story o f Tacoma’s growing importance as a
seaport.
.
,
The report shows a steady, healthy_ growth m_ la com as
ocean trade in almost every line. The single exception worthy
o f mention is the falling off in the demand for coal from
the Washington mines for shipment to California. This is
due to the utilization o f oil as fuel in that state.
Washington produced 2,500,000 tons of coal last year and
shipped something more than a third o f the total to Cali
fornia
Shipments o f coal from Tacoma to San Francisco
show a falling off o f about 25 per cent so far this year.
Washington Fruit Prospects.
(Special Correspondence of The Commercial W est.)
Vancouver, Wash., May 19.— The fruit crop prospects
are bright and the trees are loaded. The prunes are es
pecially fine. The fruit growers are feeling pretty g ood now
and well they might. And everybody else will rejoice with
them.
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Federal Reserve Bank of St. Louis
Pacific Coast Elevator Co., Portland, C)re., May 12: “ W e
like T he Commercial W est very much. ’
Scandinavian-American bank, Seattle, Wash., May 14:
“ W e appreciate the g ood work your paper is doing for the
west, Seattle especially, and take great pleasure in giving it
our support.”
.
,
Whitelaw Bros., importers and jobbers, St. Louis, May
14: “ W e enjoy reading your paper, and if you will kindly
send us new bill for subscription we shall bq pleased to re
new.”
T he Commercial W est will pay ten cents a copy for
ten copies each of the issues of Sept. 14, 1901, and Oct. 12,
1901.
Manufocturers and Settlers
Can find plenty o f inducements and good land in rapidly
developing Northern Wisconsin, which is the richest grazing
section in the country. Timber, iron ore, clay and kaolin are
plentiful. The Wisconsin Central railway runs through the
center of this region, affording unexcelled transportation fa
cilities. Illustrated booklets and maps can be obtained free
o f charge by addressing W . H. Killen, Land and Industrial
Commissioner, or Jas. C. Pond, General Passenger Agent,
Milwaukee, Wis,
Saturday, May 24, 1902.
T H E C O M M E R C IA L W EST .
19
SOUTH DAKOTA BANKERS’ MEETING.
PRE SID EN T B. A. CUMMINS,
E. L. ABEL,
C A S H IE R F I R S T N A T I O N A L B A N K O F P IE R R E , W H O P R E S ID E D A T T H E SOUTH
D A K O T A B A N K E R S ’ A S S O C IA T IO N A T H U R O N .
P R E S ID E N T
STATE
BANK
OF
B R ID G E W A T E R ,
AND
SECRETARY
SOU TH
D A K O T A B A N K E R S ' A S S O C IA T IO N .
(Special Correspondence to The Commercial W est.)
Huron, S. D., May 21.—An excellent attendance, ideal
crop conditions and a perfect day combined to make the
eleventh annual convention of the South Dakota Bankers’
Association memorable in the banking history of the state.
N o such gathering of financial men has ever before been
held in the state that organized the first bankers’ associa
tion in the United States. The hundred or more members
in attendance represented every portion of South Dakota
and pictured most eloquently the increasing wealth of the
young commonwealth. Every important city and town had
sent its representative, and the enthusiasm which character
ized the proceedings gave significance to the president’s pre
diction that another year would see the membership of the
association doubled. The best fraternal feeling and the great
est g ood nature prevailed throughout. Not a false note was
sounded. The bankers looked to the green-carpeted prairies
and saw a banner crop growing, and then wrung each other’ s
hands with satisfaction. In fact the prospect of a bumper
crop was as much a feature of the bankers’ talk in Huron as
the reading of the papers which comprehended the chief busi
ness of the day. From every point of view the convention
was a success.
In his opening address, President B. A. Cummins dealt
with the progress made during the past year. The immense
gain in resources and production of 1901 over 1900 was
pointed out, and every banker present nodded his approval—
he knew the statements to be true as to his particular locality.
The only discussion of the day was directed toward
branch banks and assets currency, and both propositions
were turned down in the report of the committee on reso
lutions. The report also felicitated the association because
of the large increase in deposits which was not only indica
tive of the growth of the state, but of the increased con
fidence of the people in the reliability of their financial in
stitutions.
The resolutions strongly favored the passage of the n ego
tiable instrument act. A discussion followed and President
Cummins explained that there was little likelihood of g et
ting such a measure through the present legislature. He
recommended a postponement of two years and a campaign
of education meanwhile. The matter was left with the ex
ecutive committee.
The Secretary’ s Report.
I he report o f E. L. Abel, secretary o f the South Dakota
Bankers’ Association, for the year ending May 21, 1902,
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Federal Reserve Bank of St. Louis
brought out the follow ing: “ At the time of our annual con
vention last year this association had an actual paying mem
bership of 44. It gives me much pleasure to report that dur
ing the year this has been increased until we now have on our
rolls 102 banks in the state who have pledged or paid the
annual dues. At the first meeting o f the executive council
after the last annual election the matter o f increasing our
membership was taken up and seriously discussed. At that
time the secretary was instructed to use every possible effort
to get the banks o f the state to join the association. Acting
under these instructions your secretary has done everything
possible to persuade the bankers o f the state to join with us in
building up this association. H ow well he has succeeded the
above figures tell, but the result has been far from satisfac
tory. In a work o f the character we are endeavoring to do
there is a unity o f interest for every bank in the state, and ev
ery bank should be an active member of the association. Some
o f the banks show an indifference that is hard to understand,
and although I have written them, some as many as
four times on the subject I have been unable to even obtain a
reply to my letters from some o f them. I have been able to
meet personally many o f the bankers and in every case where
I have had a personal interview have been able to secure a
member. There are now about 275 banks in this state, of
which number only a few more than one-third are members
o f our association. At our last meeting we neglected to elect
a vice president for each county, which should have been
done, as it is provided for by our constitution. I would sug
gest that this be done this year and that the vice presidents
elected be instructed to make a vigorous effort to secure for
membership in our association, the banks located in their dif
ferent counties who are not already on our rolls. I further
recommend that the association instruct the executive council
to divide the state into districts and organize the banks into
groups.”
Executive Council Report.
The report o f the executive council, L. K. Lord, chairman,
South Dakota Bankers Association, for the year ending June
1, 1902, said in pa rt:
The first meeting was held immediately following our an
nual convention and the matter of increasing our membership
was the most important one considered at that time.
The
Secretary was instructed to use every possible effort to a scomplish that result, and, realizing that considerable work
would be necessary on his part, and feeling that he should
be properly compensated for his time and effort, the Exec
utive Council fixed the salary of the secretary at $175 per year.
The meeting at Huron was held on March 26 for the pur
pose of arranging for this convention and considering the ad
visability of entering into contracts for the agency by the
association of companies issuing fidelity bonds and burglary
T H E C O M M E R C IA L W EST .
29
insurance.
The Ocean Accident and Guarantee corporation,
who issue burglary, insurance, was represented by Mr. S. G.
Spencer, who appeared before the council and explained at
considerable length the propositions of the company and the
success of the scheme with those bankers associations who
had it in active operation.
Briefly their propositions are to
make this association their agent in this state for the issuance
of fidelity1bonds and burglary insurance to banks and allow
the association a commission on the business. It is of the
opinion of the council that the proposition is one that will
materially benefit the association, if accepted, by making it
an object for banks and bankers to become members of the
associatioh for two reasons. First; it would provide a uni
form rate and every member would know that his protection,
both on fidelity bonds and burglary insurance was written
at as low a rate as could be possibly obtained m any first
class companies, and in case of loss he would have thfc sup
port of the association for an absolutely fair and eauable
settlement. A company might afford to fight a single bank
but it could never afford to stand out against the association.
Second'
it would enable the association to accumulate a
fund for use by, its Protective Committee, through the co™mission which it would receive, and which at preseiB is paid
to agents and from which we receive no benefit whatevei.
This Plan is in active operation in Ohio, Kansas, Michigan
Nebraska, Missouri, Texas and other states and the published
nroceedings of the bankers’ associations in all those States,
except Texas, show it to be eminently satisfactory and suc
cessful.
That it has not proven successful m Texas .¡is not
to be considered against it for as we all know the southern
blood is slow to move in the direction of innovations.
1
The “ Ocean” has the splendid record of never having con
tested the payment of the loss from bank burglary. * It is
the largest company of the kind in the world, and amonB th
strongest and most reliable in every way.
The important address of the day was delivered by Prof.
C. E. Holm es, of the Mutual Life Insurance company, New
York. Prof. Holm es spoke off hand, but his remarks pro
duced a furore among the bankers. Speaking to the subject
of dollars, he maintained that it is not a matter of the ac
cumulation and distribution of wealth in the social structure,
but the devclopment-of-the individual’s contentment and d o
mestic safety. He declared that the ultimate question must
be the survival of the race. The influence of the banker to
safequard the individuals in his community was paramount.
He should never follow false ideals that would have to be
Saturday, May 24, 1902.
paid for under the law of compensation, but he should iden
tify himself with public affairs, schools and charitable and
religious institutions, and by his example point the way to high
and noble endeavor.
The address of Public Bank Examiner Hon. A. F. Le
Claire was listened to with marked attention. The figures
he submitted showing the state’s rapid progress evoked ap
plause. He declared that the local bankers were better than
ever prepared to meet the demands of their customers. This
was shown by the gratifying decrease in rediscounts and bills
payable. With deposits aggregating $16,200,000, he found
only $333,000 in this account; as against $64.6,000 in 1900, with
deposits of only $8,500,000.
> The address of Hon. George A. Silsby, national bank ex
aminer, on “ The Influence of the Banker on the Communi
ty,” as well as the paper by O. L. Branson, cashier of the
First National bank of Mitchell, on “ The Banker in P oli
tics,” was enthusiastically received.
Ernest C. Brown, of the First National bank, Minne
apolis, and W . B. Geary, of the St. Paul National bank,
were present and spoke to the subjects of branch banking
and assets currency.
The New Officers.
The election of officers resulted as follow s: President, L,
K. L ord ; vice-president, G eorge F. Snyder; chairman execu
tive committee, W . A. M ackay; treasurer, C. E. M cKinney;
Secretary, E. L. Abel.
Burglar Insurance Contract.
The association made a contract with the Ocean Guaranty
company to issue burglar insurance to banks and trust com
panies in South Dakota, also with the Fidelity Surety com
pany to issue fidelity bonds.
THE IOWA BANKERS’ CONVENTION.
(Special Correspondence to The Commercial W est.)
Des Moines, Iowa, May 22.— The sixteenth annual con
vention of the Iowa Bankers’ Association was held at Des
Moines on Wednesday and Thursday of this week, and was
largely attended, not only by Iowa bankers, but by represen
tative bankers from New Y ork, Chicago, St. Louis, M inne
apolis, St. Paul and other cities.
The President’ s Report.
The report of L. F. Potter, president of the First Na
tional bank, of Harlan, Iowa, treasurer, showed receipts of
$4,893.13, and disbursements of $1,761.68, leaving on hand a
balance of $3,131.45. The protective fund shows a balance
on hand o f $1,947.95.
For the sixteenth time the Iowa bankers have assembled in
a.nnual convention, and those of my hearers who enjoy sta
tistics, may, by reading the reports of the Comptroller of Cur
rency, see that the resources of Iowa national banks have
grown during the past year from $111,007,741 to $119,917,768,
while the reports of the auditor of state show that the re
sources of Iowa state and savings banks have grown from
$139,554,390 to $162,082,278. These figures would be very substantially increased were we to have reports from the private
banks within the boundaries of our state.
The association will be shown, by reports of the treasurei
and secretary, to have enjoyed a healthy growth; its benefits
enlarged, its protective feature carefully looked after, and its
group meetings, as a general thing, well attended. T he protective committee, consisting of Mr. Chas. A. Blossom, of Belle
Plaine; Mr. T. J. Davis, of Marion; Mr. J. W . Bowdish, of Cedar
Rapids’, and Secretary Dinwiddie, have produced excellent _and
speedy results in handling these few cases, and criminals
brought to their attention. The secretary’s report will enter
fully into detail regarding the transactions of the committee.
Bank robberies, which for a time were of almost daily occur
rence in the state, seem to have become unpopular among
crooks since the Greenville robbery and the capture at Albert
City of two and the killing of a third of the dangerous trio who
robbed the Greenville bank. The captured pair were tried m
Buena Vista county and are now lying in the penitentiary at
Anamosa, under sentence of death. In the pursuit and capture
of these men two excellent citizens of my own county, Mr.
Chas. Lodine and Mr. John Sunblad, lost their lives. Mr. Lodine was a single man and his parents were in good circum
stances, therefore no aid was asked in their behalf, while Mr.
Sunblad left in almost destitute circumstances a widow and
three children, the oldest child being only three years of age.
Through the generous spirit of Iowa bankers and their friends
a fund of nearly $4,800 has been raised and a report from the
trustees of the fund will be presented later.
It has not appeared necessary to appoint a taxation com
mittee during the past year.
, „ ,
...
.
Reports from groups 1, 2, 5, 8 and 9 show that well a t
tended enthusiastic and instructive meetings have been held,
while groups 3, 4, 6 and 7 report no meetings.
. , . . .
A t this time I will present a suggestion, which might bring
about better results and. better attendance at group meetings.
In the making up of some of our groups too much attention was
naid to their geographical location and situation, and not
enough to the formation of groups composed of counties whose
railroad facilities would enable the members to reach a com
mon meeting point, attend the meeting and get away without
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
using two days’ time. A committee chosen to redistrict the
state could easily so arrange matters, even by reducing the
number of groups, that each group could hold a meeting once
each year in a successful manner. Group 10 should be merged
into an adjoining one and in active group 3 could be divided
and a part placed in group number 2, whose meetings are the
best attended of any in Iowa. In case the number of groups
remain the same an effort should be made to so rearrange them
that it would be convenient for those living in a certain group
to attend its meetings without having to use more than one
day in so doing.
The executive council held one meeting during the year and
the results will be presented in the secretary’s report.
Financially the association is in excellent condition as will
be seen from the report of the treasurer, which shows a bal
ance on hand of about $4,500.
Banking and Prosperity in Iowa.
An Iowa bankers’ convention is always an important one
to attend— for Iow a is one of the leading states of the union
as relates to the banking business, the resources of its na
tional banks amounting to $119,917,768, and the resources of
its state and savings banks to $162,082,278. Iowa is the home
of 200 national banks, 233 state banks and 292 savings banks.
As to the reason why the banking business has flourished
in Iowa, I can not do better than quote from an editorial in
the Des Moines Daily Capital of M ay 21:
“ Iowa people have never been afflicted with that blind
prejudice which has been the curse of so many communities
against people who make it a business of handling money.
Iowa has had her professional howlers against a so-called
money power, but they have always constituted simply a
noisy but inconsequential minority. Iowa has been and is
today the home of a goodly section of the money power, but
that power itself is made up of the owners of Iow a farms
and the wage-earners who have demonstrated the character
istics of a sturdy citizenship by swelling the amount of bank
deposits to a figure which might well challenge credulity
if the evidence to prove their authenticity were not readily
at hand.
“ Again, this sentiment of liberality toward a legitimate
commercial function has been reflected in such legislation as
has been passed touching upon the banking issue. Laws
have not been passed for the evident purpose of closing the
doors of banking institutions and driving them from the
state.”
All of the speeches of the convention were of interest,
both those which gave evidence of Iow a’ s great prosperity,
and those which showed varying but intelligent ways
regarding the financial questions of the day. The closing
feature was a brilliant address on “ Assets Currency and
Branch Banking,” by Hon. Charles G. Dawes, ex-controller
*of the currency, in which Mr. Dawes stated substantially the
same arguments against what he calls a “ monarchical system
of banking,” that he stated to the bankers at the interstate
' convention at Kansas City last week.
Saturday, May 24, 1902.
T H E C O M M E R C IA L W EST .
21
SOUTH DAKOTA’S BRIGHT FUTURE.
President B. A . Cummins, of the South Dakota Bonkers’ Association, Makes a Stirring Address at Huron.
A feature of the annual meeting of the South Dakota
Bankers’ association, held at Huron, S. D., on Wednesday,
was the address of B. A. Cummins, of Pierre, S. D., presi
dent of the association. Mr. Cummins set forth clearly the
great advance South Dakota is making as a state. His re
marks are instructive.
Fellow Bankers of South Dakota, Ladies and Gentlemen:
The annual meeting of the hankers in all our states has be
come a function to be depended upon, and South Dakota has
good reason to be proud of this fact, for it was our state that
established this custom, we being the first state in the union
to have a state bankers’ convention.
It is true that for a short period our association was not very
active, but I believe the renewed interest aroused will be per
manent and that our membership will grow a great deal in the
near future. Matters will be discussed here that cannot help
but interest every banker in our state, and should some of the
innovations proposed be adopted the bankers of this state will
find it to be to their advantage to be able to say that they be
long to the South Dakota Bankers’ association.
Reports from every part of this state show that during the
past year South Dakota has enjoyed a greater prosperity than
during any former year of her history, and I do not think you
will accuse me of drawing upon my imagination when I predict
that this year will be a still more prosperous year than was
1901.
South Dakota’ s Population.
There is little doubt that our population has increased until
we now have about five hundred and twenty-five thousand peo
ple in our state. Every train brings more people who come to
take advantage of the cheap homes offered. In my own section
of the state during the past few months all the government land
in our land district east of the Missouri river has been filed on,
and homestead filings have been made across the river in Stan
ley and Lyman counties at the rate of about thirty filings a day.
Land sales all over the state have been enormous and prices
have advanced from twenty-five to one hundred and fifty per
cent. The very people who a few years ago were laughing at
and ridiculing our state are now buying our lands as a safe in
vestment. There has never been a time in our history when our
citizens owed so little money as at present. It is a period of
buying, selling, building, repairing, improving and debt paying.
Church societies have been burning their mortgages at public
meetings; the register of deeds will tell you that the mortgage
releases far outnumber the new mortgages filed; farmers who a
few years ago were almost desperate are now making loans
and forcing down the interest rate by their offers of loans at a
reduced rate of interest; banks that have loaned their funds at
home at from ten to eighteen per cent in the past decade and
could not supply the demand are now buying paper in the large
cities at four and a half per cent.
An Evidence of Prosperity.
Only a few days ago our state treasurer advertised for bids
on one hundred and fifty thousand dollars of state revenue
warrants. Heretofore such warrants have always been pur
chased outside the state, but this year we found two South D a
kota banks to be the lowest bidders and the rate of interest of
fered to have been four per cent. This, of itself, speaks volumes
concerning our new conditions.
Business failures in South Dakota during the past year were
thirty-six per cent less, the assets thirty-three per cent less
and the liabilities forty per cent less than in 1900.
These facts, taken in connection with the further fact that
during the past four years South Dakota has produced more
wealth per capita than any state in the union, gives one some
idea of the reason why this state has enjoyed such unprecedent
ed prosperity.
The following figures show the estimated production of this
state during the year 1901:
Product.
Bushels.
Value.
W heat ............................... ...................... 39,000.000
$20,000,000
Oorn .................................. ...................... 32,725,000
14,726,250
Oats .................................. ...................... 17,670,000
5,831,100
Among the Country Bonks.
Leonard, N. D., wants a bank.
Lavalle, Wis., will have a new bank.
Washburn, N. D., is to have a bank.
The Bank o f Crookston, at Crookston, Minn., is a new
bank.
Shevlin, Minn., may have a bank. I. A. Krohn is inter
ested.
De Forest, Wis., will have a new bank, with $25,000 capital
stock.
The State bank o f Waubay, S. D., is expected to open for
business this week.
H. W . Bunn will be the cashier of the new bank being
organized at Hoople, N. D.
Boise, Idaho, capitalists are discussing a proposition to es
tablish a bank at Payette, Idaho.
The capital stock o f the First National at Marshfield, Wis.,
has been increased from $50,000 to $60,000.
T. R. Shaw has been appointed as receiver o f the defunct
First National bank o f Pembina, N. D.
The First National bank of Devils Lake, N. D., has
placed a steel lining in the bank vault, and also a burglar
alarm.
Wm. G. Frank, cashier o f the Bank o f Springfield, Minn.,
is interested in a new bank at Melroy, Redwood county,
Minn.
The Treynor Savings bank, Treynor, Pottawattamie coun
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Federal Reserve Bank of St. Louis
Barley .........................................
Rye ................................................
Flax ..............................................
Potatoes ......................................
H ay and fodder..........................
Live stock ..................................
Dairying, creamery and eggs
Orchards and g a r d e n s .......
W ool and hides........................
Minerals . ..................................
3.432.000
90,000
2.680.000
1,544,400
40,000
3.861.000
1.650.000
12.500.000
25.500.000
8.500.000
5.000,000
2.500.000
12.500.000
Production of 1901.................................................
Production in 1900.................................................
$114,152,750
106,500,000
2,200,000
Increase for 1901.................................................
The export trade of the United States has grown with won
derful strides the past five years.
Not many years ago the United States sold five per cent
bonds at only a small premium. Now our two per cent bonds
are selling at 109%.
No nation in the world is borrowing its money as cheaply as
is the United States, but in the midst of such prosperity as we
are now enjoying we should look ahead for any danger that may
be threatening us.
Stock Speculation.
Have we a danger threatening us? I believe we have, and if
I should name it I should call it “ W all street stock specu
lation.”
Only a year ago we saw a panic in the stock exchange which
it was claimed was almost equal to that memorable day called
Black Friday.” There was not a failure, and the moneyed interests of New York have reason to feel proud of the result of
that day’s panic, but it makes one shudder to think what might
have been the result if one— just one— prominent New York
bank had gone down that day. Every banker would, I believe,
feel more secure and have less dread of the future if there was
no stock speculation on margins.
But while we are prosperous, let us prepare for the storm.
Now is the time for every banker to carefully go through his
notes and consider the actual value of the security behind each
loan. If you find a slow and poorly secured loan, now is the
time to get it fixed up or charged off; now is the time to clean
up your bills receivable. Increase your sulplus account, add to
your undivided profit account and prepare for any condition that
may come upon you. Prosperity and hard times alternate. Good
times beget speculation. Speculation brings inflated values.
Then comes the day of settlement, and the day is followed by
the night of despair. Do not drift on this smooth sea of pros
perity without anticipating the storm that is sure to come, and
be prepared when it strikes your bark and do not be dashed
upon the rocks.
South Dakota’ s Future.
The attention of the whole United States is directed toward
our state. Our neighboring states are sending us a large im
migration, and we do not hear the word “ South Dakota” spo
ken with a sneer as we did a few years ago. I feel that we, as
bankers, can take pride in this fact. W e have never doubted
the resources of this good state of ours. W e have invested our
money here and staked our careers on South Dakota’s growth,
and as the state is young we have seen her develop year by
year like a young girl. But a great change is coming. Our
state is passing from girlhood to womanhood, and she will be a
woman of whom we can be proud. These fertile plains will
soon be filled with rich farms, prosperous towns and thriving
cities. New railroads will compete for her products and we
shall not have the distinction of being the only state in the
union without a railroad across her from east to west. Our
state will be supplied with cheap coal, mined within her own
boundaries; manufacturing plants will then be built, and we will
ship more goods from the state than we ship into our borders
thereby keeping the balance of trade in our favor. Never in her
history has this state presented brighter prospects than she does
at this time, and there is no reason why our banks should not
grow more the next five years than they have during the same
length of time in the past. Let us all put our shoulders to the
wheel, and by united effort we can work wonders in our state
in the immediate future.
ty, Iowa, has been incorporated; capital, $15,000; W . B.
Oaks and others.
W . R. B. Smyth, o f Mankato, has estalished a state bank
at Park Rapids, Minn. Mr. Smyth had lived in Mankato for
over 20 years.
R. E. Davis and Wm. Taber, o f Park Rapids, and Chas. B.
March, o f Akeley, Iowa, are interested in a new banking
proposition for Akeley.
The State bank of Milroy has been organized with a capi
tal stock o f $15,000. Wm. Bierman is president, Adolph Altermatt is vice-president, and Thomas F. Kinman cashier.
The stockholders o f the National Bank o f Fairmont, Minn.,
a new bank, have elected the follow ing officers: President,
Dr. D. C. Steele; vice-president, Wm. Cross; cashier, W . n !
Watson.
The First State bank o f Marion, N. D., has been organ
ized by B. W . Shoouweiler, W . H. Cox and J. W . Deyoe of
Fairmount, E. Pierce o f Sheldon, N. D., and Weslev M c
Donald.
The officers o f the Commercial State bank at Wagner, S.
D., which began recently, are Albert A. Boynton, o f Mitchell,
S. D., president ; Charles McFarland, of Wagner, vice-presi
dent, and Wm. M. Pease, as cashier.
A. M. W oodward and A. A. McRae, o f Minneapolis; W.
H. Gold, o f Redwood Falls; Lewis Chester, o f Lamberton,
and others.have organized the State Bank o f Revere, at R e
vere, Minn. The officers are : President, A. M. W oodward ;
vice-president, Chas. O. Nichols; cashier, H. H. Dahl; assist
ant cashier, H. M. Dahl.
$7,652,750
T H E C O M M E R C IA L W EST.
22
Saturday, May 24,. 1902.
THE BANKS AND THE PEOPLE.
Strong Defence of Banking, in an Address at the Des Moines Convention, by Chas. A . Clark, of Cedar Rapids.
The following address on “ The Banks and the P eople/’
by Chas. A. Clark, of Cedar Rapids, was a feature o f the
Bankers’ convention in Des Moines this w eek:
In the popular mind banks and bankers are the visible rep
resentatives of that mysterious force known as the “ money
power.” Nothing could be further from the fact. They are in
a peculiar sense the representatives of the people, the con
servators and guardians of their earnings and surplus funds,
and dependent upon the people for whatever success they attain.
On the one hand the people cannot succeed in these modern
days without the banks; on the other hand the banks cannot
succeed without the confidence and support of the people.
Savings banks, state banks and private banks deal with de
posits alone. They do not issue bank notes, nor anything which
circulates as money. They are therefore almost wholly de
pendent upon public confidence and public patronage in the
form of deposits and loans. National banks issue a form of cur
rency and pay well for the privilege. But the great mass _of
their business also is in their deposits, their loans, their bills
of exchange, and all this depends upon public patronage and
public confidence. Cut off their deposits wholly, and no na
tional bank would continue to do business for thirty days. Let
the depositors of any bank, national, state, or private, all de
mand their deposits on a viven day and they would ciose the
doors of that bank. No “ money power” in the land could pre
vent this result. It follows that the people back of the banks
with their deposits, not the proprietors or shareholders of the
banks, are the real “ money power” which we hear so much of.
Experience has shown that a large percentage of deposits
may be loaned on short time and upon ample security, and that
the relatively small percentage of cash thus retained in the
vaults unloaned, is sufficient to meet all demands for money
paid over the counter on checks, or deposits withdrawn. This
is partly explained by the fact that only a small percent is
drawn out on the average, and partly by the fact that most of
the money loaned remains undisturbed in the vaults of the
bank, and is merelv transferred by check from the account of
one customer to the account of another.
A Work for the Public.
Even in this field of loans, where the banks secure their
profits, they still perform a work of untold benefit for the people
and for the public. If all deposits in the banks were actually
locked up and retired from circulation, or retained by the de
positors in their own pockets, or concealed in their own homes,
and thus taken out of circulation, the supply of money would be
so reduced in a single week that there would be universal stag
nation of business with resulting widespread disturbances,
which would soon injuriously affect all interests and all people
and bring speedy ruin to all. Even locking up a few hundreds
of millions in the form of a surplus in the national treasury is
such an evil, and affects general business interests so injuri
ously, that every effort is made to get this surplus into the
vaults of our banks and the hands of our bankers, where it
will be diffused through the veins and arteries of commerce
and business, carrying prosperity and life with benefits to the
humblest home, rather than causing stagnation, blight and death
to business enterprises, which carry equally widespread depres
sion and gloom to all in the land.
The mission of banks and bankers in nicely calculating the
amounts which they may keep in general circulation for busi
ness purposes through loans and credits, without impairing the
safety and solvency of the banking system, is thus one of the
highest moment, and of the greatest value to the people and the
public. It requires large experience, sound judgment, honesty
and tact of the highest order and of inflexible type.
And hence result business methods of promptness and exact
ness, which are perhaps the most fruitful source of prejudices
and complaints and spites against the banks. The banks are
public missionaries and educators of a most important type,
teaching and compelling the most rigid, exact and prompt hon
esty in business methods and transactions; but this brings them
execrations rather tharu blessings. It is proverbial that “ expe
rience is a hard schoolmaster,” and it is common observation
that its lessons are dreaded and lamented, rather than invited
and rejoiced over. Even so the accurate methods of banks,
which inculcate and compel the highest and most valuable type
of honesty, are repugnant to me masses, and are resented as
oppressions and promptings of greed and cupidity. Thus it hap
pens that hostility is widespread against banks and bankers,
and whenever litigation takes them before a jury they are prac
tically certain to be beaten, no matter how plain their rights
may be. W h y should this widespread and causeless prejudice
exist? It comes very largely, if not altogether, from the
promptness in meeting all obligations which banking methods
require.
Good Business Methods Enforced.
The average man who owes the bank a note for one hun
dred dollars, knows that in common honesty he cannot pay it
with ninety-eight dollars. But the same man never can be
made to see that if by its terms he has but thirty days in
which to pay the same note, the same common honesty re
quires him to pay in thirty days, as he has agreed, instead of
taking forty days, or such extended time as suits his conven
ience, in which to redeem his word solemnly pledged for a fixed
date. For centuries in legal, commercial and banking parlance,
a note or acceptance not paid , the day when it is due, is dis
honored paper. The law looks upon it with suspicion, and says
to all subsequent purchasers, “ touch it at your peril.” Can the
paper be thus dishonored and tainted, and no dishonor attach
to its maker? There can be but one answer to this question
in the forum of law or morals. None the less the maker feels
oppressed and harassed because honesty as to time of payment
is required by the bank, and thinks that this is conscienceless
assertion of domination and power from mere instincts of op
pression, rather than the necessary detail of a system which
must be maintained for the common good, quite as much as for
the good of the banks, and if that man ever gets a chance at
the banker oh a jury, his verdict may be easily foretold.
The Bank Must Be Exact.
But look fairly at the situation. The bank must promptly
and literally meet its obligations or it must close its doors.
Whenever the depositor calls for his money he. must be paid in
full. W hen patrons engaged in business, require temporary
loans'on undoubted security, the bank must be prepared to- give
the needed accommodation and assistance, or neeedless business
failure will result. If it carries large amounts of dishonored and
long past due paper, no patron who knows this will think the
bank a safe institution. More than this, it is such a departure
from sound and safe business methods that the bank examiner,
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Federal Reserve Bank of St. Louis
state or national, depending upon the type of the bank, will
come along and on finding such a state of affairs existing, will
close up the bank to protect the public, and the very men who
whine at paying their note" when it is due. How ridiculous,
then, is the popular notion that it is the greed and avarice and
arrogance of the “ money power” which demands and compels
the payment of obligations to banks on the day when they fall
due! It is simply the people themselves who are the deposi
tors, acting through the banks to protect themselves and the
fruits of their own thrift, from the shiftless procrastinators who
damn the banks because they must repay the funds to keep
good the money depositors are entitled to on demand.
Such is an outline of the mission of the banker toward the
public, and what he does to protect the public. "What does he
receive in return?
A Bank’ s Earnings.
He must earn, principally from his loans, a sufficient amount
to pay taxes, insurance and repairs, salaries for the bank presi
dent and cashier, the wages of all the clerks and employes,
losses from bad loans and otherwise, the expenses of litigation,
which will sometimes arise, all miscellaneous expenses, current
rates of interest on the capital of the bank, a,nd the balance, if
any, will represent profits. Interest on capital is not profit;
that is what the use of money is worth at fair market rates.
If borrowed at one rate, and loaned at a higher rate, there is a
margin of profit in the transaction. That will be seen in the
workings of savings banks. But current interest on the paid
in capital of a bank is no more profit in the proper sense than
interest on money loaned by the farmer or investor is profit.
As the manufacturer should always receive interest on his in
vestment before his' profits are computed, so should the bank.
W hen we come in this manner to the profits of the average
bank in these days, they will usually be found to be small. Of
course banks derive revenue from the loans of a portion of their
deposits already referred to; but this is their only_ source of
meeting the expenses pointed out, and the excess of interest on
deposits loaned over these expenses, is practically the one
source of profits which the bank has at its command.
Many people suppose that national banks have great ad
vantages in this respect over state and private banks. Let us
look at that for a moment. A national bank must secure its
circulating notes by the deposit of government bonds, on which
bonds the bank receives a low rate of interest; and as it may
also earn interest on its circulation, which may now equal the
face of the bonds deposited, it is supposed to thus secure double
interest on its capital, and to be insured enormous profits. But
the interest on the bonds thus deposited is now two per cent
only. It is taxed by the general government annually on its
circulation, one-half of one per cent, leaving the interest which
it actually receives on its bonds one and one-half per cent. It
must keep in its vaults in specie or legal tender, to redeem its
notes when presented, five per centum of its circulation, upon
which it can earn no interest. The bonds today are at a prem
ium of more than nine per cent, and on this premium it can
earn no interest, so here is more than 14 per cent of dead cap
ital, which at current interest rates will nearly offset the one
and one-half per cent it receives on the deposited bonds.
A new national bank with a capital of $100,000, organized
today, would be on this basis as shown by the figures.
$109,000. 00
Government bonds deposited, cost
5,000.,00
Reserve fund in vaults......................
$114,000.,00
Contra.
Circulating notes ........................................................ 100,000..00
Dead capital .................................................................. $14,000,.00
Assume six per cent as current interest rate,
and this will amount on $14,000 dead cap
840..00
ital to ..........................................................................
The interest received on $100,000 bonds at 1 %
1,500..00
per cent is ................................................................
840,.00
Deduct the ......................................................................
$660..00
Balance ...................................................................
This is the real interest which the bank secures on the
bonds, or upon its capital of $100,000, in addition to what the
private bank or banker may earn at current rates on the same
capital. Details would show that even this small margin would
be wiped out. And it is apparent at a glance that the national
bank is no better off in its earning capacity today than the
state bank. Experience shows that national banks not infre
quently surrender their charters and retire from business under
these conditions, or reduce their circulation, and it is proble
matical today how long a sufficient number will remain in the
field to meet the business demands and necessities of the coun
try. So much for the class banks which are by many supposed
to represent in a peculiar sense the “ money power” of the
land with special privileges of fabulous value.
Magnitude of Deposits.
The magnitude -of the business and the extent of the actual
interest of the people in it, may be seen in part from bank
deposits on a single day in a given year, as shown by official
figures, the number and character of banks in which the de
posits were made, together with the amount of capital of the
banks, or their money in the business, as compared with the
money of the depositors in the business. Here are the figures
for Sept. 5, 1900, excluding fractions of thousands.
Deposits.
Bank Capital.
No.
Kind of Bank.
$2,508,200,000
$630,200,000
National ........................ . 3,871
1,266,700,000
237,000,000
. 4,369
96,200,000
19,300,000
989
Private ..........................
2,134,400,000
652
Mutual Savings ........
255,200,000
19,800.000
350
Stock Savings ............
1,028,200,000
126,900,000
290
Loan & Trust Co’s . . .
$7,288,900,000
$1,033,200,000
Totals .................. . . 10,521
The total.. deposits in banking lyuses of every character is
something enormous and startling in amount. This is practical
ly the surplus fund on hand every day in the year for the pur
pose of carrying on the business of the country. It is the grand
total continually kept safely, managed, controlled, kept in the
arteries of business commerce and subject to its demands, and
represents an aggregate of daily responsibility which the human
mind can hardly comprehend. If we deduct the total capital
of all types of banking houses which is $1,033,200,000, and which
shows the largest amount of this fund which can possibly be
owned by the bank, there remains a trust fund of more than
$6 000,000,000 larger belonging to depositors, and for which banks
and bankers are responsible. Can anything short of eternal vig-
T H E C O M M E R C IA L W EST .
Saturday, May 24, 1902.
MASON, LEWIS & CO.
MUNICIPAL
RAILROAD
CORPORATION
BO STO N ,
60 Devonshire Street.
BONDS
CHOICE
ISSU ES
Street Railway and Gas Companies
L IS T
ON
A P P L IC A T IO N .
ilance, the most accurate methods and promptness, the collec
tion of loans due to the banks from this fund, be adequate to its
faithful conservation and management? How small, after all,
is the profit or extra compensation above current interest, which
is paid them for this terrific responsibility!
In the foregoing computation is included loan and trust
companies which receive and hold deposits subject to check, in
order to show the total balance of this daily fund. They cut a
large figure in the great business centers, and deprive the banks
of large daily balances. The day is not distant when they
must he dealt with and regulated as banking houses; but they
do not make loans from their deposits, and for the purpose of
arriving at that fund they should be excluded, which will leave
the following figures:
No. of Banks.
Capital.
Deposits.
10,521
$1,033,200,000
$7,288,900,000
L. & T. Co’s ..............
290
126,900,000
1,028,200,000
Balance .............. 10,231
$906,300,000
$6,260,700,000
The deposits in the hands of banking houses proper are still
immense in amount, and show that the people have more than'
six and one-half times as much money in the hanks as the
banks themselves, and that the people are the principal partners
in the banking business which others carry on for them.
If we exclude savings banks this feature still remains. W e
shall then have the following result for national, state and pri
vate banks:
Banks.
,
Capital.
Deposits.
9,229
$886,500,000
$3,871,100,000
It still remains true that in the partnership, depositors have
more than four and one-half times as much money as the
banks themselves. Any semblance of the mythical “ money
power” is in the aggregate capital of the banks. And yet the
banks are in the hands of the depositors and the people, and
subject to their action. The people are not in the hands of the
banks as these figures abundantly demonstrate.
Savings Bank Figures.
Savings banks are in a special and peculiar sense the banks
of the people, representing the savings of mechanics, artisans,
and laboring men, rather than the business transactions of mer
chants, contractors, manufacturers and business men in gen
eral. It is a matter of surprise and congratulation that the de
posits in these banks should run into such fabulous figures.
Especially is this so in view of the fact that they are princi
pally on the mutual plan and the depositors get the profits, if
there are any, over the expenses of conducting the banks and
managing their own accumulated savings. Of these banks in
existence in 1900 there were 652 mutuals, and 350 on the stock
plan, and of course owned by the shareholders. The mutuals
represent the principal accretions of earnings. The stock sav
ings banks cut but an inconsiderable figure, as has already been
shown, and here repeated for convenience.
No.
Kind.
Capital.
Deposits.
350
Stock
$19,800,000
$255,000,000
..............
2,134.000,000
652
Mutual
Totals. .1,002
$19,800,000
$2,389,000,000
These deposits in savings banks are for permanent invest
ment rather than for mere temporary loans. The rate of in
terest on long time loans is lower than on mere temporary ac
commodations to meet pressing emergencies. As the earnings
of a savings bank are derived from interest on its loans, its
expenses and profits, if any, must be paid from that interest
fund, and the balance remaining is the one source from which
interest can be paid to depositors. It follows that the depositor
must receive a relatively low rate of interest, and as the cur
rent rate of interest on long time loans decreases, the interest
paid the depositors must relatively decrease. It is a well known
fact that Iowa savings banks have been compelled to reduce the
rate of interest paid to their depositors, and it is for this rea
son. Rates of interest on real estate loans are much lower than
a few years ago. It is difficult to find such borrowers for the
local money, including savings banks, seeking investment in
this manner. A few years ago there was a great demand for
foreign capital at high rates of interest.
Iowa Savings Banks.
The accumulations in Iowa savings banks have evidently
had a direct effect in reducing interest on mortgage loans in
this state. In 1891 the deposits in Iowa savings banks were $33,781,706. Now they amount to the great aggregate of $135,116,377.
The increase is remarkable and startling for a new state. There
is certainly no other fund accessible to Iowa borrowers on real
estate security which at all equals or approaches in amount this
one hundred and thirty-five millions. It is highly creditable to
our people that these deposits have so rapidly increased during
a time when the newspapers are so full of prospectuses of oil
companies, offering shares of stock for almost nothing, and re
quiring no payment until a gusher is struck. Nor have fabu
lous land speculations or “ diamond” policies tempted our wage
earners. The increase in our savings banks deposits in nine
months from June 30, 1901, to April 5, 1902, was $20,384,763.
It is a common delusion that the east has the best’ of us in
all monied and financial affairs. It is evident that the accumu
lated savings of two hundred years in the older states would
naturally be greater than those of Iowa in the fifty-six years
since it was admitted as a state; and especially is this so when
it is remembered that a large portion of that period was de
voted to the struggles, hardships and poverty of pioneer life
with the greater portion of our farmers in debt for their land,
their machinery, and even for the necessaries of life. Nor is
this all; more than fifteen years of the period was devoted to the
resumption of specie payments, with a steady shrinkage of
values, making the payment of debts contracted in an inflated
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JOHN H. WRENN & CO.
THE ROCKERY,
BANKERS
CHICAGO,
Monadnock Building.
23
225 La Salle Street,
C H I C A G O .
Stocks, Bonds, Grain, Provisions,
Coffee, Cotton.
PRIVATE WIRES TO NEW YORK AND MINNEAPOLIS.
currency doubly severe and burdensome. Yet, through all this,
with unshaken honesty and unfaltering courage, our masses
stood for an untainted public credit and for honest money.
Now they are reaping as they ought, the benefits of their sac
rifices. Their accumulations in savings banks amount to a
trifle more than $60.50 per capita for the entire population of
the_ state; while the total deposits in all savings banks in the
nation amount to a trifle. less than $31.50 per capita for the
population of thq country, excluding Alaska, the Islands and
Indians from the computation. Thus Iowa shows a per capita
accumulation of savings nearly double that of the entire coun
try, and these savings represent little, if any more, than a
quarter of a century. W hat Iowa has before her when she can
point to the accumulated savings of a centhry and a quarter, it
requires an aroused imagination to foretell; and as imagination
would not feel at home in a bankers’ convention, we must fore
go the prophecy. It is sober fact to say that our people can
have no complaints of their banking system, and their partici
pation in the benefits. It is sometimes charged that banks prey
upon them; but their partnership in banking affairs has been
to their lasting advantage, and they will be the last to dissolve
it, and return to the primitive method of hoarding their profits
in old stockings, or concealing them in the earth.
W hat the Aggregates Show.
Having looked at the question of deposits somewhat in de
tail and as representing and affecting the individual, a moment
may be profitably spent in dealing with the aggregates. Com
parisons will best show what these aggregates are, and what
they mean. In 1900 all of the money of all kinds in circulation
in the nation, including national bank notes and all govern
ment coinage and issues of paper was $2,339,700,763. This was
a per capita circulation of about $30.75, and has been found
ample for the transaction of an unexampled volume and a g
gregate of business during years of wonderful prosperity. But
the deposits in savings banks at that time, as we have seen,
were $2,389,000,000, or practically $50,000,000 more than all the
money in the land, including the surplus in the United States
treasury. Such a fund, subject to loan, is one of the most im
portant factors in the financial affairs of the country. If it
should be wholly withdrawn by the depositors in savings banks,
they would paralyze every industry, bring bankruptcy to every
business, entail universal suffering, and we would at once and
forever realize where the “ money power” is - to be found. It
exists nowhere in more commanding form than in the savings
banks of the land. They are one arm of the terrible “ money
power.” These deposits were vastly in excess of all of the in
vested capital of bankers and capitalists in national banks in
September, 1900.
The capital of all national banks at that time w a s ...$630,299,030
Their surplus ............................................................................." 26L874’067
Their undivided profits......................................................... 127,594,908
Total ....................................................................................$1,019,768,005
If we suppose every dollar of this amount of bankers’ money
to have been loaned out, or subject to loan, and it was not,
but was subject to material reductions for this purpose, it is
still true that the savings of the people, in their own peculiar
banks, amounted to more tnan twice as much as every penny
of the banker and the capitalist in their banking business. The
people after all are the real capitalists as bankers.
The deposits and loans of the national banks show again
that the business depositors who may fairly be presumed to
keep their balances in those banks, furnish fovr temporary loans
which meet the emergencies for a vast and pressing business,
funds vastly in excess of those furnished by the banks and
bankers.
The total loans of these banks at the date mentioned was ............................................................................$2,686,759,642
Their total capital, surplus and profits, w as.............. 1,019,768,005
Balance of depositors’ money loaned by b a n k s.. $1,668,991,637
This is more than the bankers loaned of their own money
by very nearly $650,000,000. Add it to the savings banks de
posits, subject to loan, and we will have this result:
Savings banks ..........................................................................$2,389,600,000
1,668,991,637
$4,058,591,637
Or, in other words, the depositors in these banks furnish for
loans for the affairs of the country practically four times as
much money as all of the national banks themselves. In these
computations the bank notes of the national banks are included
as the equivalent of capital, which is really invested in the
bonds by which the notes themselves are secured. State and
private banks are not included, as the figures giving their loans
are not at hand. They would not materially change results.
Their total capital is in round numbers $256,300,000 and their
total deposits $1,362,900,000. W e may safely assume that their
loans from denosits are as much greater than their bank capi
tal as in the case of national banks; and we will have here
another vast aggregate of money belonging mainly to business
depositors, loaned out to carry on general business affairs.
The partnership of the bankers and the people must remain
as the basis of our vast industrial and business system, con
ferring benefits upon both sides of'the association, and certain
ly upon the people and the public in larger measure than upon
the banks and bankers. Business and political adventures may
attack the system, the unsuccessful, the dissatisfied, the stormy
petrel whose only ecstacy is in death dealing tempest, all these
may assail it, but the banks and the people will go on hand in
hand, trusting each other in the future for new achievements,
as they have trusted each other in the past, through grand suc
cesses, and through results which will forever stand as bright,
monuments in the onward march qf the race.
T H E CO M M ERCIA L W EST.
24
C. H. D a v id so n , Jk ., Pres’t.
C. H. Ross, V-Prest.
Saturday, May 24, 1902.
T. F. McCüe, Sec’y and Treas.
D. RIDGEWAY HENDRICKS
Investment Securities,
The Farm Mortgage
Loan and Trust Go.
3 4 A N D 3 6 W A L L S T ., N E W YO R K .
Incorporates and finances
Railroad and Industrial Properties of Merit.
Special facilities for
Placing Large Blocks of Bonds and Stock.
Commission orders executed. Correspondence Solicited
Capital $ 1 0 0 , 0 0 0 .
A. CHILBERG, Pres.
J. F. LANE, Cashier.
A. H. SOELBERG, V-Pres. GEO. R. FISHER, Ass t Cash.
This Company deals exclusively in First Farm M ortgage Loans, taken through
Banks owned and controlled by the Officers of this company.
MINNEAPOLIS OFFICE,
503 Phoenix Building
The Scandinavian American Bank
C a p i t a l P a id U p
C A R R I N G T O N , NO. DAK.
Ü r iA m m w «
la n k
(ÍJp is tg tf.
C apital $1,500,000.
Surplus and Profits $750,000.
O F F IC E R S :
JOHN A. SCH
-
$ 1 0 0 ,0 0 0
WASH.
§>eyavtme*ttö:
General Banking,
Savings, Trust
Capital and Surplus $ 1 ,4 0 0 ,0 0 0
F irst National Bank
F . G. BIGELOW, P r e s id e n t .
WM. BIGELOW, V ice P r e s id e n t .
FRANK J. KIPP, Cashter .
T. E. CAMP, A sst . C a s h ie r .
II. G. GOLL, A ss t . Ca s h ie r .
In Stationery Business in Minneapolis since 1874.
SEATTLE,
MILWAUKEE, WIS,
United States Depository.
D IR E C T O R S .
E. MARINER,
C. F. PFISTER,
GEO. P. MILLER,
WM. BIGELOW,
H. C. PAYNE,
F. G. BIGELOW,
FRED T. GOLL,
F. VOGEL, Jr.,
J. H. VAN D IK E , Jr .
COMMERCIAL STATIONERS
AND OFFIGE OUTFITTERS.
P r ic e s as L o w as is C o n s i s t e n t w i t h
H ig h G rade Goods.
5 1 6 N icollet Avenue, M I N N E A P O L I S , M I N N .
THE BANKS OF SOUTH DAKOTA.
The following paper on “ Comparisons and Progress,”
touching the large growth of deposits in South Dakota state
and private banks, was read by A. F. LeClaire, o f Aberdeen,
at the convention o f South Dakota bankers, held at Huron,
S. D., on Wednesday. Deposits have about doubled in two
years :
I have taken for the subject of this paper, “ Comparisons and
Progress,” for the reason that it seems fitting for this office to
set forth some of the conditions that now exist, in a statistical
way. That there has been a gratifying 'growth in all branches
of the banking business in the state is a matter for congrat
ulation.
The bi-ennial report for 1900, as compiled by the Public E x
aminer, shows the following to be the condition of 179 state and
private banks:
RESOURCES.
Roans and discounts........................................•................... $7,276,869.00
County and municipal warrants......................................
261,880.00
Tax certificates ....................................................................
51,490.00
Overdrafts ..............................................................................
194,669.00
Banking house and fixtures............................................
574,851.00
Other real estate and property........ ..............................
595,007.00
Expenses and taxes paid..................................................
205,654.00
Money in banks......................................................................
2,233,099.00
Cash and cash item s.....................
963,189.00
Total resources ............................................................ $12,356,708.00
LIABILITIES.
Capital stock paid in .......................................................... $2,190,300.00
Surplus and undivided profits.........................................
279,445.00
588,995.00
Earnings .......................................................
Deposits subject to check..................................................
4,356,148.00
Certificates of deposit........................................................
4,295,711.00
Redeposits and bills payable.............................................
646,109.00
Total liabilities ............................................................ $12,356,708.00
The Record of Growth.
The condition of 212 state and private banks, as compiled
under call for April 18, 1902, is as follows:
RESOURCES.
Loans and discounts............................................................ $11,770,263.66
County and municipal warrants....................................
286’418.i6
Tax certificates ...............................................
49,506.21
Overdrafts ..............................................................................
276’890.14
Banking house and fixtures............................................
667,426.69
Other real estate and property......................................
628,525.21
Expenses and taxes paid..................................................
229,253.34
Money in banks....................................................................
4,900’001.47
Cash and cash item s..........................................................
1,594,066.24
Total resources ............................................................ $20,402,351.12
LIABILITIES.
Capital stock paid in .......................................................... $2,503,070.20
Surplus and undivided profits..........................................
599,682.30
Earnings ..................................................................................
674,137.34
Deposits subject to check................................................
9,185,291.42
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Certificates of deposit........................................................
Rediscounts and bills payable..........................................
7 107 128.90
’ 333,040*96
Toted liabilities ............................................................ $20,402,351.12
While the number of hanks has increased from 179 to 212, the
capital stock has increased $313,000, an average of $9,000 to
"each bank.
In this connection I am of the opinion that the banking
business has increased in proportion to other branches of in
dustry. I know of no points lacking proper facilities. That
our banking houses are becoming more and better prepared to
meet the demands of home customers is shown by the grati
fying decrease in re-discounts and bills payable. W ith deposits
aggregating $16,200,000. we find only $333,000 in this account, as
against $646,000 in 1900 with deposits of only $8,500,000.
The Banks and Real Estate.
L mfty
wrong in saying that the general impression seems
to be that South Dakota banks are largely engaged in the real
estate business.
Such, however, is not the case. The real estate and prop
erty account shows an investment of $628,500, of which 40 per
cent is other property, consisting largely of cattle and sheep,
for which there is a cash market at splendid prices.
One of the fundamental propositions of banking is that “ in
vestments should be made in such a manner as to be readily
realized upon.” Bankers, recognizing that real estate is a sure
source of wealth, know that in cases of great financial depres
sion, real estate is slow to turn— and for that reason they are
naturally careful to avoid being too heavily loaded with such a s
sets. That there is a magnificent opportunity at the present
time to make large profits in real estate, our bankers are well
aware, but they are seemingly content to hold steadily to their
legitimate business and assist others in forwarding the growth
of traffic in our lands.
The Tax Certificates.
Under the present decisions of our supreme court, tax cer
tificates have just enough of uncertainty in being a legitimately
safe medium for investment, to cause our banks to put money
in them more as a protection to their real estate interests, than
as a source of profit. There is no question but that many pri
vate investors are taking advantage of the liberal returns from
this source, to place their money in these certificates, but it is
an evidence of the business integrity of our banks that they
have only $49,500 in that account.
A thorough revision of this branch, at least, of the tax law
would open a profitable and safe means for revenue.
Record to be Proud of.
The magnificent gain in deposits from $8,600,000 in 1900 to
$16,200,000 in 1902 is something for which this state may well
he proud.
And the further fact that the cash reserve, as shown by
money in hanks, and cash and cash items, of nearly $6,500,000,
or a very small fraction more than 40 per cent of the deposits’
is a further evidence that the days of “ wild-cat” banking aré
gone along with the “ Bad Man of the Frontier.”
Gentlemen, I desire to congratulate you upon the strength
and stability of this association, which has so much to do with
concerns of vital importance to every man, woman and child in
South Dakota.
T H E C O M M E R C IA L W EST .
Saturday, May 24, 1902.
OTIS,
investment
BONDS
WILSON
BANKERS.
182 La Salle St.
Send fo r List
CHICAGO
.
Charles Hathaway & Co.
25
ST. PAUL TITLE and TRUST CO, SLÄ L'
Maurice Auerbach, Prest., Robert R. Dunn, Vice-Prest., James W. Jones, Secretary.
Offers conservative investments in Railroad, Municipal an'd Corporation bonds
Mortgages on improved property in St. Paul, Minneapolis and Duluth.
United platea Jtftortgagrç and Sam t (tympng,
Dealers in
59 Cedar Street, New York.
Commercial Paper.
Capital and Surplus Profits, $ 5 .0 0 0 ,0 0 0 .
Credits Monthly Interest on Depositors’ Balances.
C H A R LES W . FOLDS,
Representative.
Acts in all Trust Capacities for Corporations and Individuals.
D IR E C T O R S .
2 0 5 LaS A L LE S T R E E T ,
C H IC A G O .
N e w Y o rk O f fi c e ,
26
BURGLARY
INSURANCE
P in e
Street.
Covering
Samuel D. Babcock
Wm. H. Baldwin, Jr.
Frederick O. Barton
C. Ledyard Blair
Dumont Clarke
C. C. Cuyler
George W. Young, President.
Charles D. Dickey
Gustav E. Kissel
William P. Dixon
Luther Kountze
Robert A. Granniss
William B. Leeds
G. G. Haven, Jr.
Charlton T. Lewis
Charles R. Henderson
Richard A. McCurdy
B ank Safes,
Bank M essengers,
B a n k H o ld - U ps,
M e r c a n tile Safes,
M e r c a n t i l e S to c k s ,
R e s id e n c e s .
Fred L. Gray, Pres. Fred S.Martin, V-Pres. C.H.Van Campen,Sec-Treas.
FRED L. GRAY CO.
NORTHW ESTERN MANAGERS
UNITED STATES FIDELITY & GUARANTY CO.
1 :2 1 :2=126 G u a ra n ty Building,
Programme of the Minnesota Bankers’ Association.
Arrangements are about completed for convention o f the
Minnesota Bankers’ association at Crookston, on June 25, 26
and 27. The following topics will be discussed:
“ Trust Companies,” by E. A. Mgrrill, o f Minneapolis,
president o f the Minnesota Loan and Trust company.
“ Can Panics Be Prevented?” by S. R. Flynn, president of
the National Live Stock bank o f Chicago.
“ Bank Clerk Associations,” by Orrin M. Greene of the
Security bank of Minneapolis. Mr. Greene is ex-president of
the Minneapolis Bank Clerks’ association, the pioneer asso
ciation in this country.
“ H ow to Maintain Interest in Our Business, and Other
Problems for Banks,” by J. Adam Bede, of Duluth.
“ The Banker’s Money Order,” by Edwin Goodall, o f New
York, secretary o f the Bankers Money Order association.
“ The Banker’s Obligation,” by Hon. S. T. Johnson, public
examiner of the state o f Minnesota.
“ Par Lists,” by W . T. Fenton, vice-president of the Na
tional Bank o f the Republic, Chicago.
Hon. A. B. Cummins, governor o f Iowa, will address the
convention.
“ The Group System,” by C. B. Mills, o f Sioux Rapids.
Ia., president of the Iowa Bankers’ association.
“ Reciprocity and Trade Relations With Canada” will be
the subject o f an address by Theodore M. Knappen, asso
ciate editor o f the Minneapolis Journal.
“ The Fowler Bill” will be the subject o f an address.
Attorney-General Donovan, o f Montana, says that all state
banks are obliged to pay licenses. A certain state bank, or
ganized under the first banking laws o f the territory, refused
to pay license, claiming that it was exempt under the provi
sions of that act. The attorney general says : “ It is our opin
ion that all state banks in this state, no matter under what
law they may have been organized or doing business, are sub
ject to the provisions o f the general license laws and there
fore liable for license under section 4061, political code.”
NEW LETTERS OF CREDIT SYSTEM.
The perfected system for supplying letters o f credit of
Messrs. Knauth, Nachod & Kuhne, o f New York, is worthy
o f the attention o f all travelers whose itineraries make it
necessary for them to safeguard their funds, and who desire
to save themselves needless annoyance and embarrassment.
It works a long step forward in the commercial world. Be
cause o f its convenience, safety and reliability it insures the
traveler against annoyance and practically opens a bank ac
count for him in every important city in the country. It
enables him to draw and negotiate his own drafts in sums
as required, and hence it may be said that he has his own
bank_account for the full amount o f his letter of credit at any
banking point, with the advantages of his bank account at
home.
A letter o f credit is not, however, merely a document cer
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Robert Olyphant
Charles M. Pratt
Mortimer L. Schiff
James Timpson
Eben B. Thomas
Cornelius Vanderbilt
IVIIININBA.ROB IS , IVI IININ.
tifying that a certain amount stands to the credit of a trav
eler. It is much more, as it introduces him and commends
him to the attention of hundreds of banks and bankers.
Their letters are issued in pounds sterling for travel ex
tending over foreign countries, in United States money for
use on this continent, in francs for use in France, and in
marks for use in Germany.
The method o f payment is eminently satisfactory. Any
one o f the numerous banks and bankers named on the list of
correspondents which accompanies each credit will cash the
traveler’s draft upon presentation of his letter of credit. The
traveler suffers no inconvenience, as the paying banker at
tends to all the details of drawing the required draft, the
traveler having only to sign the instrument when completed.
The traveler’s identification is accomplished by the simple
means o f comparing his signature with the holder’s signa
ture appearing on the letter o f credit, . certified to by the
banker who issues his letter.
The firm o f Knauth, Nachod & Kuhne issues letters o f
credit for a commission o f one per centum. Against deposit
of securities or satisfactory guaranty of re-payment, they
charge drafts as drawn abroad to the traveler’s account or
collect them from the guarantors, plus commission and in
terest, converting the foreign amounts at the lowest prevail
ing market rate.
The cost of a sterling letter o f credit for 200 pounds
($1,000), supposing the official rate for sterling to be
$4.86^ for if, will figure up as follow s:
£200 at $4.86Ri per £ 1 ........................................................ $973.00
Commission, 1 per cent....................................................
9.73
Revenue stamp (2c for each $100).................................
.20
Total
................................................................................. $982.93
The pamphlet issued by the firm, which gives exhaustive
information touching every phase of their letters o f credit
system, contains the fac-simile o f a letter issued to Professor
G. F. Wright, o f Oberlin college, Oberlin, Ohio. This letter
is for six hundred pounds sterling and was carried by Pro
fessor Wright throughout the Boer war with signal success.
The letter is published with Professor W right’s consent.
A conspicuous feature of the system o f Messrs. Knauth,
Nachod & Kuhne is their willingness to supply banks
throughout the United States with any number o f their
pamphlets, entitled “ Funds for Travelers,” which gives com
plete information respecting their letters of credit system.
These pamphlets will be shipped free o f expense, with the
name o f the firm or bank desiring them, printed on the cover.
This affords country banks and financial institutions gen
erally an excellent opportunity to secure a large amount of
advertising free o f charge, besides disseminating a high-grade
bit of financial literature.
A postal card stating the number o f copies desired, ac
companied by the name of the firm or bank ordering the
same, is all that is necessary to secure the pamphlets. The
address of Messrs. Knauth, Nachod & Kuhne is n William
street, New York.
T H E C O M M E R C IA L W EST.
26
Saturday, May 24, 1902.
WESTERN CONSTRUCTION.
Theatres and Halls.
Oskaloosa, Iowa.— The Oskaloosa Coun
try club will erect a new house on their
grounds.
Minneapolis, Minn.—-“Cedar Camp, M.
W . A., of the Woodmen has leased the
New Hegna hall and is about to furnish
it elaborately.
Livingston, Mont.— W ork was begun
this week on the remodeling of the M a
sonic temple here.
Ludden, N. D .— The Odd Fellows have
completed arangements for building their
new hall.
Whatcom, W ash .— Plans have been pre
pared for the erection of the Eagles’
building.
Pierre, S. D .— The Andover Opera house
company of Andover, with a capital of
$7,500, has been incorporated by E. C.
Toy, Fred P. Paw, N. L. Finch.
Ft. Madison, Iowa.— B. F. Keith will
build a new theater here.
Iowa City, Iowa.— An addition to the
opera house is now in the course of con
struction.
Laurens, Iowa.— Laurens is to have a
new opera house to be built by the busi
ness men.
Red Lake Falls, Minn.— A movement
is on foot for the erection of an opera
house.
W abasso,
Minn.— Frank
Jaehn,
of
Springfield, was here relative to the plans
for the new opera house.
St. Cloud, Minn.— The lodge of Elks of
this place would like a new lodge home.
Hartford, S. D.— The Odd Fellows have
leased the second story of Mr. Mundt’s
new building and will use it as a society
hall.
Moline, 111.— C. H. Deere is about to
erect a six-story building in which there
will be a theater.
Eagle Lake, Minn.— The Eagle Lake In
vestment company expects to build a
hall by September.
Crandon, W is.— The Crandon Opera
House company, with a capital of $3,000,
has been incorporated by Egbert Wyman.
Melrose, Iowa.— The contract for the
$3,000 Odd Fellows’ building was award
ed to J. M. Kennedy, of Knoxville.
Missoula, Mont.— A. W . Price, Anaconda
contractor, will build the new woman’s
hall of the state university.
Pleasant Valley, S. D.— The Pleasant
Valley lodge, M. W . A ., is building a hall
in Lake county.
Black Duck, Minn.— The Odd Fellows
here are planning to build a hall or op
era house.
Renville, Minn.-— Bids for the erection
of a town hall in Ericson have been re
ceived.
Verdón. S. D .— The A. O. U. W . lodge
will shortly erect fine store building and
hall.
Blue Earth, Minn.— A new opera house
for this place is assured.
Mills, Elevators and Factories.
Sault Ste. Marie, Mich.— J. B. Church,
of the Conley Church Organ and Piano
company, of Madoc, has been in the Soo
for some days looking into the matter of
starting a piano and organ factory.
Rockwell City, Iowa.— This city has
contracted for a $25,000 canning factory
and a brick and tile factory.
Truman, Minn.— Julius Dahms, of N ic
ollet, was here looking over the place for
ct mill sit©.
Ashley, N. D .— Ashley will have a mill
in running order by October 1.
Superior, W is .— The American Lumber
company’s planing mill, burned last week,
will be rebuilt at once.
Depere, W is.— R. G. Wagner, of the
Wisconsin Sugar company, made a prop
osition to the farmers to build a sugar
factory there this fall, if the farmers will
agree to furnish the beets to operate it
for three years.
Waterloo, Iowa.— The Iowa Dairy Sep
arator company with a capital of $100,000,
has been incorporated.
Kendall, Mont.— The North Moccasin
Mining company has decided to erect a
mill on its property.
Lakato, N. D.— A. L. Plummer is pre
paring to remove his mill from Grandin
to Lakota.
Rothsay, Minn.— The Interstate Eleva
tor company has a crew of men at work
on the new elevator at this place.
Eldridge, N. D.— The Russell-Miller
Milling company will build an elevator
here this year.
Hannah, N. D .— The Duluth Elevator
company will erect an elevator here.
Marquette. Mich.— The Munising Paper
company, which is to build paper and
pulp mills at Munising, costing $450,000,
has been incorporated for $1,000.000.
Ronneby,
Minn.— Skipton
Bros.
&
Brown have leased the old Grant mill site
and will begin the construction of a saw
mill at once.
La Crosse, W is.— August Amundson has
opened a factory here for manufacture of
wood carving.
Kinbrae, Minn.— The McGlin Bros, are
putting up a 1,200’ bushei elevator, which
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
is the first of a number that they expect
to erect.
Willow City, N. D .— The St. Anthony
and Dakota Elevator company is building
a large elevator here.
Bozeman, Mont.— Mr. Nelson has just
received his plans for the new $150,000
flour mill he will put up this summer.
Fairfax, N. D.— A flour mill may be
built here.
Moline, 111.— The Republic Iron & Steel
company will rebuild its mill.
Marshalltown, Iowa.— H. Willard, Son
& Co. have completed plans and already
commenced work on a large plant to be
used as a city abattoir, soap factory and
oil manufactory and refinery.
Mankato, Minn.-—A new rug factory is
to be established here by T. J. Murphy.
Marquette, Mich.-—The tannery which
the Federal Leather company recently in
corporated will occupy a site here.
Milwaukee, W is.— The W estern Hard
ware & Manufacturing company, whose
plant was damaged by fire some time ago
will rebuild.
Fond du Lac, W is.— A factory is to be
established here for the manufacture of
mirrors and other glass articles.
New London, W is.— The bicycle rim
factory, owned by Chicago parties, and
which has been vacant, has been sold to
N. Simon of Neenah, to be used as a
cheese factory.
Saginaw, Mich.— The Parrish Roller
Bearing Show Case company, with a cap
ital of $10,000, has been organized by S.
K. Parrish, J. T. W ylie, Asa W . Field and
Fred Fox.
Waterloo, Iowa.— The Davis Gasoline
Engine works and the Waterloo Gasoline
Engine works will consolidate and will
establish a factory near the city.
Camp Creek, Mont.— Mr. Lama is going
to put in the foundation for the new mill
at the Corundum mine.
Milwaukee, W is.— A harp factory will
soon be established in this city by the M.
Schimmeyer company now located in Chi
cago.
Bozeman, Mont.— Alfred Lycan is to
start a breakfast food factory as soon as
the necessary capital for the machinery
can be raised.
Hartford, S. D .— J. D. Love has ad
vertised for bids for the construction of
a grain elevator in Hartford. A. certi
fied check of $200 must accompany all
bids.
W hatcom, W ash .— The Pacific Ameri
can Tar company will construct a plant
soon.
Portland, Ore.— A factory for the man
ufacture of a new field plow is to be es
tablished at Wallula.
Lewiston, Idaho.— A large plant for
handling fruit, etc., is in contemplation.
Portland, Ore.— A woman’s skirt fac
tory is to be established here.
Spokane, W ash.— The Washington Mill
company will erect a plant to cost $35,000.
Red Lake Falls, Minn.— There is talk
of a paper mill being established here.
Cedar Falls, Iowa.— Cedar Falls is con
sidering the establishment of a gas plant.
Electrical.
Sault Ste. Marie, Mich.— W ork on the
power house of the Lake Sunerior Power
company is progressing rapidly.
Everett, W ash.— On Monday. May 12,
the county board granted an electric road
franchise to W . P. Bell and Lot Wilbur,
to use the route of the county highways.
Renton, W ash.— The petition for a fran
chise asked for by the Seattle & Renton
Street Railway company, which was filed
with the council on last meeting night,
was again taken up, and after a short
discussion was referred to the franchise
committee.
Moline, Iowa.— The East Moline & W a
tertown interurban line will be extended
to Carbon Cliff.
Argyle, Minn.— Argyle has voted $12,400
bonds for an electric light plant.
Janesville, Minn.— A proposition will be
placed before the city council by an east
ern firm to issue bonds for an electric
light plant and waterworks system.
Fairmount, N. D .— An electric light
plant is to be put in here.
Deadwood. S. D.— A number of Bur
lington officials are at w o-’ ; in the vicin
ity of the Burlington round house, laying
plans for the new trolley line, which will
soon be in operation at this place.
Mitchellville. Iowa.— The city council
of this place has granted an electric fran
chise to the Interurban Street railway to
run a line from here to Des Moines.
Fergus Falls. Minn.— This city is talk
ing of putting in an electric light plant.
Deadwood, S. D.— A t the next meeting
of the city council a franchise will be pre
sented by Dr. Jennings and associates,
asking for the privilege of building an
electrical line from the Catholic church
to the Soldiers’ Home grounds.
Epiphany, S. D .— Dr. Kroeger has gone
east to interest capitalists in the con
struction of an electric line from Epiph
any to Spencer.
,
Lewiston, Idaho.— A. E. Ransom is here
in the interests
of
the
Westinghouse
Electric company, and is canvassing the
city in connection with the increase of
motor service now supplied by the light
company.
Baker City, Ore.— The property and
franchise of the Baker City Gas Light &
Electric company has been sold to J. J.
Henry, of Denver.
Cedar Rapids, Iowa.— An electric road
from Cedar Rapids to Marengo is to be
built and it will probably be extended to
W illiamsburg.
Muscatine, Iowa.— The Citizens Railway
& Light company, with a capital of $600,000, has been incorporated by Martin A.
Devitt, Harry W . Huttig.
Mankato, Minn.— Subscribers to stock
of the Mankato & St. Peter Railway &
Lighting company are now paying up and
there will be no trouble in having the
$30,000 in the banks by May 20, and ten
days later work on the electric plant will
begin.
Cottage Grove, Ore.— An electric plant
to cost $100,000 is to be established here.
Coldwater, Mich.— The Michigan City
Electric Co. has the contract for an
electric light plant.
Davenport,
Iowa.— A
company
has
asked to be allowed to enter from Clinton
and build tracks.
Vinton, Iowa.— The electric light prop
osition was carried.
Havre, Mont.— The city council has vot
ed to call for proposals for electric water
and telephone franchises. The offer will
remain open thirty days.
Pierre, S. D.— John H. King and other
Huron men are talking of a line from
Redfield to Conde, crossing Spink county
from S W to N E for a distance of about
25 miles.
Everett, W ash.— Everett and Seattle
are to be connected by an electric line.
The road will run through Ballard and
thence along parallel with the shore of
the sound.
Whatcom, W ash.— It is said that the
Northwestern Telephone company will
embrace the entire San Juan group of
islands.
Jamestown, N. D.— An electric light
franchise is being considered by the Canham council.
Clarinda, Minn.— Lee Brothers will build
a brick building for an electric light plant.
Webster City, la .— W aterm an’s electric
JLine from W interset to Creston is begin
ning to show signs of becoming a reality.
Mankato, Minn.— Prospects for a street
car line here are considered bright.
T elephone.
Pine Mills, Iowa.— The American Tele
phone company is building a line from
Davenport through north of Muscatine.
Galesburg, Iowa.— A telephone system
is to be established here before long.
Anoka, Minn.— The matter of granting
a franchise to the Twin City Telephone
company for the erection and mainten
ance of another exchange in this city is
a question which will be thoroughly in
vestigated.
Belview, Minn.— G. F. Rahn expects to
commence work in a few days in putting
in the local telephone exchange.
Le Sueur Center, Minn.— The Home
Telephone company has disposed of
its entire line to the Cannon VaLey Tel
ephone company who will repair the lines
and a metallic circuit will be installed
between here and Montgomery.
Stillwater, Minn.— The city council met
and an ordinance was introduced granting
to H. E. Soesbe, a representative of an
Iowa telephone company, the right to es
tablish an independent telephone system
in this city.
Verona, Minn.— A new division of the
Granada telephone line was organized
here with W . E. Hesselgrave, president;
Chas. Rand, secretary; and Chas. Oliver,
treasurer. The division will connect with
the central in Winnebago.
Helena, Mont.— Fifteen telephones will
be placed in the canitol.
Hillsboro, N. D.— The Hillsboro, Duane
Telephone company has fitted the line
with cross bars and will furnish separate
wires for Halsted, Shelly and Caledo
nia.
Aberdeen, S. D.— J. L. W . Zietlow re
turned last night from Huron where he
has been on telephone business.
Mr.
Zietlow reports that the extension work
is going forward rather slowly.
Weiser, Idaho.-—Frank Gribben is or
ganizing a company at Meadows, Council
and W ieser to build a telephone line
between the first two places.
Elmdale, Iowa.— There is a new tele
phone line going up at this place.
Knoxville, Iowa.— The farmers of the
new Mutual Telephone company are busy
getting their lines in shape for business.
They will connect with Newbern, Co
lumbia and Cloud.
Hayes, Minn.— The Hayes central tele
phone line will be in running order with
in thirty days.
St. Hilaire, Minn.— T. J. Thorkelson
and J. Nelson have been granted a fran(Continued on page 88.)
27
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28
chise to erect, construct, and maintain
a telephone system through the streets of
Hilaire.
Zumbrota, Minn.— A deal was made this
■week whereby James Farwell becomes
the owner of the local telephone line.
Devils Lake, N. D.— The North Dakota
Telephone company has recently pur
chased the toll lines from Devils Lake
north and to the Chautauqua grounds.
The company intends to extend their
north line to Edmore and probably to
Cando.
Arlington, S. D.— The telephone line
running north from Arlington will be
commenced as soon as the poles arrive.
Bremer, S. D.— A telephone line is to
be established here.
Frederick, S. D.— The telephone com
pany will put in a new and larger switch
board.
Muscatine, Iowa.— The long distance
telephone company will pass an ordin
ance to the city council that a franchise
will be granted them to come into this
city.
Lakefield, Minn.— The Lakefield Tele
phone Company, with a capital of $3,000,
has been incorporated by H. L. Bond,
C. M. Gage, W . D. Hill, W m . Kerr, Hen
ry Wood, W m . Frees, Fred Winter, M.
M. Moore and others.
Centerville, Minn.— A new telephone
service is to be established at this place.
Valley City, N. D.— The Valley City
Telephone company has begun the erec
tion of an exchange building.
Marign, S. D.— The citizens of this
place are agitating the matter of estab
lishing a local telephone system.
Yankton, S. D .— A committee recently
appointed by the Business Men’s club of
this city has reported that the North
western Telephone company, which holds
a franchise here, charges exorbitant rates
and renders poor service. A resolution
was passed naming a committee to secure
subscriptions for a local company, with
the result that the necessary capital is
nearly all secured and a new line a s
sured.
Railroads.
Albia, Iowa.— The Iowa Central will
build a new depot here.
Osceola, W is .— The Soo will build a new
depot and freight house here.
Menasha, W is.— The depot here will be
remodeled.
Oskaloosa, Iowa.— The “ Q” will erect
a new brick and stone passenger depot.
Centerville, Iowa.— The Iowa & St.
Louis, now in process of construction,
will extend to Des Moines.
Lead, S. D.— The Burlington will build
a new depot and freight house here.
Calumet, Mich.— W ork on the exten
sion of the copper range road from
Houghton to Calumet has begun.
McIntosh, Minn.— W ork will soon be
gin on an eight-mile spur from here, tap
ping the timber lands.
Mason City, Iowa.— W ork on the road
bed of the C. & N .- W .’s branch from
Eldora Junction to Alden.
Oakes, N. D.— The Soo is building from
Braddock to Bismarck.
Rugby, N. D.— The Great Northern will
expend $25,000 in improvements.
Missoula, Mont.— A report is current
that a road to traverse Blackfoot Valley
will be built.
Jamestown, N. D.— The Northern P a
cific intends to build 50 miles of track
into Emmons county.
Aberdeen, S. D.— Aberdeen expects a
new brick and stone passenger station.
Minot, N. D.— The Great Northern will
build a $20,000 depot.
Albia, Iowa.— The W abash is making
extensive improvements all along the
line.
Barron, W is.— The Soo will build a new
depot this year.
Portland, Ore.— The Portland City &
Oregon Railway company has undertaken
extensive improvements to its lines in
Portland.
Sleepy Eye, Minn.— W ork on the new
depot will begin June 1.
Butte. Mont.— The
Northern
Pacific
will build a new depot, although date is
indefinite.
Menominee. W is.— The Milwaukee will
expend $800,000 in enlarging its shops
here.
Hotels and Hospitals.
W hatcom, W ash .— Architect Cox has
prepared plans for the erection of a sixstory hotel.
Whatcom, W ash .— M. Keezer is pre
paring plans for John Pearson’s threestory block, the second and third floors
of which will be used as a lodging house.
Clarion, Iowa.— A t a meeting of the
Business Men’s Association it was pro
posed to organize a hotel company with a
capital of $30,000 for the purpose of erect
ing a new hotel.
Lismore, Minn.— Ground was broken
Monday for a cellar for the new hotel to
be built by Frank Hennekes.
Dickinson, N. D.— J. H. Waggener has
the contract for building the new Sentinel
Butte hotel at this place.
Minneapolis, Minn.— A building permit
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Federal Reserve Bank of St. Louis
has been issued for the construction of
the new Asbury hospital. Pike & Cook
are the contractors.
Butte, Mont.— The county commission
ers reached an agreement with the build
ing trades council and the plumbers’
union in the matter of laying the pipe
to supply the water needed for various
purposes at the new county hospital that
is in the course of construction.
Marshalltown, Iowa.— W . A. W asson
has purchased a site and will erect a fivestory hotel.
Kennedy, Minn.— Andrew Anderson is
building an addition to the Commercial
hotel.
South Butte, Mont.— M. D. Kern has
taken out a permit to build a 38-room
hotel.
Dickenson, N. D .— John Waggoner has
been awarded the contract for the new
hotel at Sentinel Butte.
Ray, N. D.— Mrs. Cody has bought a
lot from Townsite Agent Howard and
will proceed to build a hotel.
Artesian, S. D.— The hotel building of
O. H. Jones had the roof raised for a
second story.
Nora Springs, Iowa.— Nora Springs may
have a $10,000 hotel.
Racetrack, Mont.—-Dick La Course has
started to build an 18-room lodging house.
Deadwood, S. D.— Chas. A. Randall will
construct a new hotel according to plans
prepared by O. C. Jewett.
Menasha, W is.— Funds are being raised
for the construction of the new hotel.
Ashland, W is.— The contract will soon
be let for an addition to the St. Joseph’s
hospital.
Wauwatosa, W is.— It is probable that
at the meeting of the county board the
issue of $85,000 bonds for improvements
to the county hospital will be approved.
Business Buildings.
Alexandria, Minn.— C. G. Herberger’s
new building will be built by Ed Rich
mond.
Aberdeen, S. D.— Casper Hatz is ex
cavating for a business block.
Sioux Falls, S. D.— Thomas N. Ross has
the contract for the Manchester Biscuit
company’s building.
Winona, Minn.— J. Stirneman will erect
a new brick building.
Moorhead, Minn.— W ork in J. Mason’s
brick block has begun.
Red Lake Falls, Minn.— Anderson &
Schwalen are excavating for a new build
ing.
Rugby, N. D.— Nels Jacobson will build
a new brick building.
Dawson,
Minn.— The Riverside Im
provement company will build a brick
block.
Fargo, N. D .— Casper Johnson has the
contract for the new printing house of
W alker Brothers & Hardy.
Kalispell, Mont.— Moore & Houtz will
build a brick office building.
Grand Forks, N. D.— R. E. Roberts
has the contract for a new building for
L. A. Brooks at Larimore.-—The Stuts
man County bank will erect a fine brick
bank building at Courtenay.
Minot, N. D.— A. Blaisdell will erect a
two-story brick block.
De Smet, S. D.— C. L. G. Fuller will
erect a two-story brick building.
Edinburg, N. D.— Ben Shuley will build
a new hardware store.
Stillwater, Minn.— F. S. Foster and F.
H. Withrow will erect a brick building.
Portland, Ore.— L. N. Roney will build
a brick block.
Saginaw, Mich.— G. W . Bruske’s store
will have a three-story addition.
Everett.
W ash.— Mitchell Bros, will
erect a three-story brick building.
Crookston, Minn.— Excavations for the
First National bank building have be
gun.
St. Peter, Minn.— John McCabe has the
contract for Johnson & Co.’s factory.
Osakis, Minn.-—Excavating for the H erberger brick building has begun.
Duluth, Minn.— L. M. Johnson is build
ing a two-story frame structure 100 feet
long.
Duluth, Minn.— Bethany Lutheran con
gregation contemplate a handsome brick
structure.
Faribault, Minn.— J. P. Temple will'
erect a one-story brick building.
New Ulm, Minn.— L. J. Buenger is ex
cavating for a new building.
Fargo, N. D.— The Standard Oil com
pany contemplate a $30,000 warehouse
here.
„
„
Lincoln, Neb.— Frank D. Eager will
erect a two-story brick block.
Ft. Snelling, Minn.— New buildings are
in contemplation here that will cost $600,000.
, _
Cloquet, Minn.— Patrick Dwyer is erect
ing a building here.
Hazel Green, W is.— W m . Thomas will
soon close contracts for a large brick
building.
,
Bemidji,
Minn.— Mayor Flakne will
build a brick building.
Sioux Falls, S. D.— The Kuehn Grocery
company will build.
Corona, S. D.— Stiles Bros, will build
a large machine shed.
Duluth, Minn.— F. Loeb and S. L. Loeb,
John A. Stephenson and the Hammond
Saturday, May 24, 1902.
Packing company will erect buildings
from $8,000 to $32,000.
Dillon, Mont.— D. E. Metlen will erect
a brick block.
build the Pickett block.
Waupaca, Minn.— W m . Polzin is build
ing a hardware store and postoffice.
. Milwaukee, W is.— Two four-story build
ings to cost $40,000, will be erected by
Charles Muntwitz.
Mrs. V. Blatz will erect a brick and
stone residence at the same cost.
Windom, Minn.— Kettlewell Bros, are
erecting a new office building
Stevensville, Mont.— Nelson Storey will
build a fine brick building.
Bozeman, Mont.— Nelson Storey will
erect a new brick block here.
Perth, N. D .— Editor Frawley will erect
a large printing office.
Manchester, Iowa.— This city is to have
a new $10,000 library building.
Iowa City, Iowa.— Mr. Hummer will
erect a large three-story building
Missoula, Mont.— Andy Schilling con
templates putting up a large brick block.
Marshalltown, Iowa.— The W inter-GaleGlanville-Wilson-Blythe building is to be
a seven-story structure.
Public Buildings.
Winona, Minn.— Maybury & Son have
$10 000ntract for new town hal1 t0 cost
Waukon, Iowa.— A new city hall seems
certain this season.
Anaconda, Mont.— Preliminary work on
Kohrs public library has begun.
Oshkosh, W is.— Plans for the new Ste
phenson library building have been com
pleted.
Bristol, S. D .— A new jail is to built
here.
lyanhoe, _ Minn.— A $30,000 courthouse
will be built here. ,
La Crosse, W is.— La Crosse county is
to have a new court house.
Virgina, Minn.— Sentiment has devel
oped favoring a new court house.
Albia, Iowa.— The contract for the new
court house has been let.
De W itt, Iowa.— Eagle lodge will build
a two-story brick block.
Grand Forks, N. D.— The Y. M. C. A
building will be built soon.
Devils Lake, N. D.— A new city hall
will be built here.
Rugby, N. D .— A Lutheran church is1
under construction here.
Waterloo, Iowa.— A new library build
ing is to be built here.
Stillwater, Minn.— Plans for the pro
posed Carnegie library have been re
ceived.
Miles City, Mont.— Bids for the Carne
gie library have been received.
Valley City, N. D .— Company G will
build an armory.
Janesville, W is.— John Peters has the
contract for the erection of the Ameri
can Cement Post company’s plant.
Milwaukee, W is.— The plant of the O.
C. Kelly Engine and Threshing Machine
company, of Springfield, O., will move
here.
St. Cloud, Minn.— Three additional sto
ries will be added to a building here for
the Elks.
Grand Forks, N. D.— Excavations for
the new Masonic temple are nearly com
pleted.
Oskaloosa, Iowa.— The new Lacey hotel
to be erected here will cost $60,000.
Milwaukee, W is.— The Western Hard
ware company’s plant at Bay View will
be rebuilt.
Fergus Falls, Minn.— Plans for the fed
eral courthouse and post office have been
called for. Four weeks are given builders
to prepare estimates.
St. Hilaire, Minn.— No bonds will be is
sued for a new schoolhouse.
Jeffers, Minn.— Contract for the erec
tion of the new school house has been let
to O. M. Hagwell.
Devils Lake, N. D.— A new city hall
and engine house will be built at once.
Yankton, S. D .— The county commis
sioners contemplate a $50,000 courthouse.
Marshalltown, Iowa.— A new fire sta
tion will be built. H. Willard, Son & Co.
will put up a $10,000 building.
Manistee, Mich.— A new $35,000 public
library will be built.
Grand Forks, N. D.— This city is plan
ning for a new armory.
St. Paul, Minn.— Proposals for the new
armory will be received up to May 26.
Austin, Minn.— The S. M. Normal col
lege will soon erect a $15,000 building.
Sibley, Iowa.— Excavating for the new
$35.000 school house has begun.
Winnesheik, Iowa.— A new court house
is again being urged.
Bank Buildings.
W hite Earth, N. D.— C. A. Cook of V elva has contract for the new bank build
ing.
Staples, Minn.— W ork is progressing on
the new bank building.
Hunter, N. D .— Hunter is to have an
other bank.
Edmore, N. D.— Plans have been re
ceived for a new bank building.
Sauk Centre, Minn.— Excavating for the
Saturday, May 24, 19^2.
T H E C O M M E R C IA L W EST .
Merchant’s National bank building has
begun.
Cando, N. D.— The First National bank
is to have a new building.
Maddock, N. D .— W ork will soon be
commenced on the new First State bank
building.
Comfrey, Minn.— The State bank may
erect a two-story building.
Renville, Minn.— The Bank of Renville
will build soon.
Byron, Minn.— A bank building will be
erected here at once.
S A Y WHAT YOU W1LL
THE
FACTREMAINS
Churches.
Palmer,
Iowa.— Two
new
Lutheran
churches are to be built here this year,
one by the Evangelical Lutherans of the
synod of North America and the other by
the Iowa synod.
Adams, Minn.— Plans have been pre
pared by Architects Schick & Roth, for
the erection of a new Catholic church to
be built at this place.
Eagleville,
Mo.— A
new
Christian
church is soon to be erected here.
Clara City, Minn.— The new addition
to the Lutheran church is under construc
tion.
Mapleton, Minn.— Owen McCarthy has
advertised for bids to furnish all mate
rial, build and complete a new Catholic
church here.
OHE
M1M1E50TA LINSEED OILPAINTO.
School Houses.
Davenport, Iowa.— The bids for the ad
dition to schools No. 6 and 9 were opened
but action will be deferred until the next
meeting.
Mt. Vernon, Iowa.— G. J. Horton has
advertised for bids for the erection of an
addition to the school building.
W est Union, Iowa.— Plans are being
prepared for the erection of a new high
school building to cost $10,000.
Austin, Minn.— The city council has
voted the Southern Minnesota Normal
college of this city $15,000 to be used in
the construction of a new college build
ing.
Burbank,
Minn.— The
School Board
Dist. 67 will receive bids for the mason
and carpenter work for the new school
house.
Belle Chester, Minn.— W ork on the
foundation for the new parochial building
was begun last week.
Marietta, Minn.— W ork will commence
this week on the excavation for the base
ment for the new school house.
St. Paul, Minn.— Annexes will be built
to the Grant and Baker schools.
Sioux Falls, S. D.— A special election
will be held May 24 for the purpose of
deciding upon the question of bonding
the town for $2,500 for the erection of a
new school building.
Terry, S. D .— The public school build
ings are to be enlarged this summer.
Clarksville, Iowa.— A t a special school
election it was voted to erect a new
school house here in 1903.
Calligan, Iowa.— J. T. Kelley has adver
tised for bids for the erection of a new
school house here.
. Georgetown, Iowa.— Andy Cotter has
advertised for bids for the erection of a
new school house at this place.
Lovilia, Iowa.— J. D. D>evereaux will re
ceive bids for the erection of a new school
house.
Muscatine, Iowa.— A. K. Raff will re
ceive bids for the erection of a four-room
school house.
Pocahontas, Iowa.— E. F. Forey will re
ceive bids for the erection of a frame
school house.
Ringsted, Iowa.— John Larsen will re
ceive bids for the painting of the schoolhouses in Districts Nos. 2, 3, 7, 8.
Waterloo, Iowa.— The bids for the fin
ishing of the west side high schools will
be opened soon and the building may be
finished this summer.
Crookston, Minn.— An election was held
for the purpose of voting on the propo
sition to authorize the school board to
construct a school building at a cost not
to exceed $5,000, and it was carried.
Moorhead, Minn.— The board of educa
tion has appointed H. DeCamp to select a
location for a new school in the third
ward.
Red Lake Falls, Minn.— Sealed bids
have been advertised for, for _ the con
struction of a school house in District No.
112 .
St.
Cloud.
Minn.— The
Kosciuszka
Brotherhood has transferred to the con
gregation of the Polish Catholic church
the Polish hall property. .The hall will
be rearranged and used for school pur
poses.
Missoula, Mont.— The contract for the
construction of the dormitory to the uni
versity was let the 10th and the building
will be pushed to completion as soon as
possible.
Devils Lake. N. D .— Phillip Greenborg
has advertised for bids for the erection
of a frame school house.
Norwich, N. D.— A new school building
is to be erected here.
New Rockford, N. D.— S. O. Severtson
has advertised for bids for the erection
of one frame school house.
St. Louis Park, Minn.— C. S. Davis, of
Minneapolis, was awarded the contract
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One 13 in. x 18 in. L. H. Russell 4 V alve Engine, 125=150 Horse Power.
Both in A 1 condition.
Immediate delivery.
ST E P H E N S & TYLER , Monainock, Chicago.
for the erection of a new high school by
the board of education.
Grand Forks, N. D.— Bell district will
build a new school house.
Bowden, N. D.— James Vanhise will re
ceive bids for the erection of a new school
house.
Milwaukee, W is.— The normal school
regents will probably erect a new build
ing.
*■
Whitewater, W is.— W . N. Parker will
address a mass meeting of citizens of
Whitewater in the interest of a move
ment for the erection of a new high
school building.
Des Moines, Iowa.— The executive coun
cil has decided to erect three structures
to replace the burned building for the
school for blind, to cost $35,000.
Indianola.Iowa.— The contract has been
let for the construction of the new college
building and will be heated by a central
heating plant and lighted by electricity.
Mont Goodman has the contract.
Soldier, Iowa.— A $4,000 school house
is to be erected here.
Red Lodge, Mont.— Charles Heathman
has the contract for a new school house
to he built at District No. 28.
Sullivan, N. D .— Contractor W hite, of
Devils Lake, will build a school house
here.
Emery, S. D .— A special election will
be held on the 24th for the purpose of
voting upon the question of bonding the
city for $2,500 for the erection of a new
school house.
Cedar Rapids, Iowa.— The corner stone
of the new St. Patrick’s parochial school
has been laid.
foot to call a special election to vote on
waterworks.
Moorhead, Minn.— Moorhead voted to
establish waterworks.
Walker, Minn.— The village council has
decided to extend the waterworks 1,000
feet.
Burlington, Iowa.— The council has ad
vertised for $400,000 of water bonds with
which to purchase the works outright.
Virginia, Minn.— The Light & W ater
company will make extensive improve
ments.
Bridge Building.
Wheeler, S. D .— Bids will he opened
July 2 for a 50-foot bridge across Platte
Creek.
St. Cloud, Minn.— Mecusker & Harrison,
of Little Falls, have the contract for the
steel superstructure of the wagon bridge
across the Mississippi at that place.
Duluth, Minn.— W ork on the Tenth av
enue foptbridge has begun. The A m er
ican Bridge company has the contract.
Edinburg, N. D.— Two expensive bridges
will be built here this year.
Aberdeen, S. D.— A new 48-foot steel
bridge will be built across the Maple.
Dakota, N. D .— Bids have been re
ceived for the construction of a bridge
across the south fork of Forest River.
W hite Earth, N.
D.— A
temporary
bridge will be built across the W hite
Earth river here.
A $ 2 0 .0 0
DESK.
Creameries.
Mentor, Minn.— A new creamery is to
be erected here in full operation this sea
son.
Sharon, W is.— The Sharon Creamery
has been incorporated with a capital of
$3.700.
Washington. W is.— The Crystal Springs
Creamery company has been organized,
with a capital of $1.500.
Princeton. Iowa.— The Wapsie Cheese
factory, with a capital of $10,000. has been
incorporated by L. W . Pope and others.
Ashland, W is.— The new creamery be
ing built by Frank L. Dhooge will be run
ning the middle of May.
Waterworks.
Maple Palls, W ash.— A waterworks sys
tem is to be established.
Hanley, Minn.— A public well or a sys
tem of waterworks, is under discussion.
Ivanhoe, Minn.— The village of Ivanhoe
has voted to put in a system of water
works.
Trosky, Minn.— There is a movement on
From the manufacturer, retailing for much
more . Up-to-date in every particular.
Your
check for $20.00 brings it promptly. 60 in. long,
30 in. wide, 45 in. high. Elegant antique oak
finish, flat slats, easy rolling. Cut does not do it
justice. This desk will please you.
NORTHW ESTERN
No. 275 West Water St„
F U R N IT U R E CO.
MILWAUKEE, Wl
30
t
T H E C O M M E R C IA L W EST .
Saturday, May 24, 1902.
REAL ESTATE & FARM LANDS f
THE GENERAL LAND SITUATION.
The extraordinary activity in northwest farm lands which
has characterized the past twelve months, continues unabated.
A feature o f the situation which strikes the agents as un
usual, is the absence o f a pronounced speculative spirit in the
field. The lands that are being bought are to become the
immediate homes o f settlers, not the mere holdings o f spec
ulators. In other words, there is no “ boom” in the common
acceptation o f the term. The lands that are being sold now
both by the companies and individuals, are being disposed of
on much better terms from the owner’s standpoint. Former
ly, agents sold lands worth $15 an acre on a down payment of
$2. Now, however, the same payment is demanded on lands
worth $8 an acre.
Another feature o f the situation which speaks volumes
for the prosperity of the men who are settling up the north
western country is the satisfactory manner in which settlers
are keeping up their payments. The following statement from
one o f the leading firms is interesting:
“ Out o f all the business we have done, and it runs into
hundreds of thousands of acres, we have not today on our
contracts or mortgages one-half o f one per cent o f payments
that are over 30 days past due.”
This indicates that men o f independent means are buying
farm lands,— that they are not dependent on the land itself
for their payments. While very many have bought on time,
they have enough property or sufficient resources to keep up
their payments.
NORTHERN PACIFIC LANDS.
The marvelous progress which is being made toward peo
pling the Northwestern Empire cannot be better indicated
than by the land sales o f the Northern Pacific railroad. That
company has not today an acre o f land between Duluth,
Minn., and Dickinson, N. D.
In all that vast stretch o f country, 600 miles long by 50
miles wide, the company has not an acre o f land for sale.
The nearest saleable lands are 600 miles from the twin cities,
— in western North Dakota, Montana and tracts in Idaho and
Washington. In the latter state, so rapidly has the course of
empire taken its westward course, the vast timber lands have
practically been cleaned up.
LAND SALE INDICATIONS.
Some idea o f the magnitude o f northwestern land opera
tions may be gleaned from the sales o f the Northwest
Colonization company, of St. Paul, which in two years has
sold 1,250,000 acres in Minnesota and Canada. O f this vast
acreage 952,000 acres were sold in Minnesota.
While it is impossible to secure exact figures, it is thought
that the sales o f the Northern Pacific during the past year are
proportionately largely in excess of these figures.
AVAILABLE MINNESOTA LANDS.
A line drawn east and west through Brainerd would about
divide the state of Minnesota. North o f that line the state
is practically unsettled with the exception o f a small strip
about twenty miles wide running up the Red river valley.
This leaves a region of nearly 30,000 square miles still avail
able for grazing or agricultural purposes, and includes the
three counties o f St. Louis, Beltrami and Itasca each o f which
approximates the state o f Connecticut in size, which has a
population of nearly 600,000.
Hubbard, Cass, Crow Wing, Aitken, Kanabec, Mille Lac,
Morrison and Becker counties have small populations, but
settled to their capacity they are capable o f sustaining a pop
ulation o f a million people. In other words, the northern por
tion of the state, yet sparsely settled, is capable o f maintain
ing a population of over 2,000,000 people.
The Red river valley will sustain a much denser popula
tion, and can easily accommodate three or four hundred thou
sand more people than are resident there at present.
The agricultural state of Iowa at present sustains a popu
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
lation o f about three millions with 60,000 square miles. Min
nesota, which has an area o f about 84,000 square miles would
sustain easily as large a population as Iowa. In this connec
tion it is interesting to note that the only portion o f the North
Star state which is undesirable for agricultural purposes is
covered by the two iron ranges, so that there is no consider
able portion of the state that is not calculated to produce
foods.
FAR WEST LAND MOVEMENT.
A prominent official o f one of the transcontinental lines,
in discussing the situation in the far west, said :
“ 1 he business is holding up in a wonderful manner. Ev
erybody is crazy for land. I think there may be a dull period
after awhile, but the lands are wanted and dullness cannot be
o f long duration. Lands in Minnesota and Dakota have been
taken up to such an extent that settlers have steadily been .
pushed farther west. There is now a great demand for graz
ing lands. Ranchmen are beginning to realize that they must
own their land instead o f availing themselves o f the public
domain and railroad lands. The indiscriminate use o f these
lands has played out as most o f the land has been sold. This
fact makes stock lands proportionately as valuable as agri
cultural lands.”
CANADIAN IMMIGRATION.
During the month of March 3,243 American immigrants
are reported as going into Canada northwest. O f these,
Iowa sent most, a total of 573; Minnesota came next with
499, and Nebraska. South Dakota and Kansas followed in
the order given. The British immigration for March num
bered 1,149. The British and American immigration for
April, 1901, was 4,355, while for April last it was 7,243. For
the first three months of the current year the immigration
into western Canada was about 10,000, as against 5,821 for
the corresponding period of last year.
THE EXPANDING NORTHWEST WHEAT AREA.
(Special Correspondence of The Commercial W est.)
Alameda, Assiniboia, Can., May 12.-—A prophecy was
made to me last week by a Minneapolis implement w hole
saler who is familiar with the northwest, including Canada,
that within ten years the greater part of the wheat of North
Am erica will be grown north of the Northern Pacific rail
way. F or the past week I have been traveling by team and
saddle horse through the expanding wheat area of the mid
dle northwest. There is every evidence to show that the
area of land in these parts capable of producing small grain
in paying quantities is as yet quite unlimited by the furrows
turned by the farmers’ plows.
Tw o days of our trip lay through that part of W ard
county, North Dakota, between the Souris and the DesLacs river, north from Kenmare to the international bound
ary. Five years ago the first farmers ventured into this
country, these being a colony of Danes, who took the
country north of Kenmare for about twelve miles extending
between the D esLacs and the Souris, east and west from
eighteen to twenty miles. These people four years ago were
mortgaging their teams and crops to buy food, clothing and
implements. Today they are paying cash for light harness
and top buggies; their lands are free from incumbrance, and
they are replacing sod houses and shacks with well built
frame houses. W e passed a large country church with tall
steeple and bell, a homemade windmill of the Dutch pat
tern, that grinds feed and graham flour at the rate of 400
bushels per day. There is large evidence here of prosperity
and permanence. This land is worth now $10 to $15 per
acre unimproved. None of the improved farms are being
sold.
One can hardly find in any country roadside evidences of
better wheat and flax crops than grew here last year. Wheat
averaged all over this district 25 bushels per acre, of very
high grade, and flax at a conservative figure, made an
average of 17 bushels. One farm produced at the rate of
Saturday, May 24, 1902.
26 bushels per acre. The stubble shows that both wheat and
flax stood uncomm only close. W e found in some fields flax
stools of six to ten stalks from a single seed. I am told that
one of these stools will produce as high as thirty or more
bolls. The weather of today suggests one reason for this
stooling. Snow fell yesterday to the depth of an inch or
more and a few small drifts are yet in sight. Cool spring
weather has much to do with large yields here.
N o finer looking new country could be imagined than
that lying north of Kenmare to the international boundary.
If the houses were larger and the tree plantations more in
evidence it might be mistaken for a section of southern
Minnesota, or north central Iowa, or northern Illinois, or
eastern Kansas. The country is more raw as you approach
the international boundary, but apparently every quarter sec
tion has a claimant. W e saw two steam engines pulling gang
plows about three miles south of the boundary.
Just over the line farm settlements are older and are alto
gether prosperous. W hile not much more than half the land
is occupied and perhaps not over one-third under plow from
the line to the Estavan branch of the Canadian Pacific, and
as far as we could see east and west (a distance of perhaps
twenty miles), the crops have been uncomm only good and
the farmers look prosperous. This country raised about
25 bushels per acre of wheat last year. Flax is being in
troduced with g ood results. The town of Alameda received
200,000 bushels of wheat the present crop season with some
more to come, though the crop has been well marketed.
A lon g this line of road there is a station in every township
and each station has two or three grain elevators.
Grain is sown much on stubble. In this section it is the
rule to plow but once in two or three crops, the result, it is
said, being better than that from annual plowings.
One
man, Joseph Watson, west of this town, is putting a field
into summer fallow this year that has had but one plowing
in the past five years. The first year’ s crop after plowing
was twenty-seven bushels of wheat per acre. The next three
years’ crops were each twenty-five bushels, and last year’ s,
twenty bushels. The grain is put in on stubble with a shoe
drill. The ground being more compact holds the moisture
better than spring plowing, while the stubble holds the seed
from blowing from the ground.
One could hardly ask for finer farm land than we find
here. All adverse theories about drouth and frost have to
be laid aside in the face of such crops, such homes, barns,
and contented farmers as one finds here. Much of this
country was first settled by poor people who had nothing
but their hands and grit with which to hold and develop
their claims. They are now driving top buggies and have
paid off their debts. G ood government lands open for entry
are not to be found within twenty to thirty miles of this
section of the country.
EVERETT, WASH.,
The greatest
31
T H E C O M M E R C IA L W E S T
young city in the Pacific Northwest.
Albert Lea Loan and Investment Go.
Real Estate and Loans
For
special information and literature write
CHAMBER OF COMMERCE.
Mortgages made on first-class city
property. Mortgages bought for
Eastern investors. Reference any
Bank in Albert Lea. Farm property.
Albert Lea, Minn.
We are offering some choice
Oscar E. Rea,
EVERETT, WASH.
In vestm en t
B roker.
12 per ct. net Guaranteed on Investments.
Correspondence Solicited.
Everett Investment Company,
Real Estate
Loans
Insurance.
We buy and sell property, pay taxes, collect
rents and act as general agents for non-resi
dents. Correspondence solicited.
E V E R E T T I N V E S T M E N T C O .,
1814 H e w itt Ave.
HERE
EVERETT, W ASH.
J
North and South Dakota Prairie Lands
at from $6.00 to $10.00 per acre.
Also several fine tracts of
W IS C O N S IN T IM B E R
LAND.
BENSON & ANDERTON,
L o a n & T ru s t B ld g .,
M ilw a u k e e , W Is .
Population 1 8 9 0 ............... O
Iy Population 1 8 9 9 ......... 6,000
||| Population 1 9 0 2 .......16,000
For information concerning this G R O W IN G City apply to
EVERETT IMPROVEMENT CO.
W e Are All Trying to Make Some
Honey and this is the time to do it.
The opportunities are greater now than ever before. I f you wish to make money, we offer
you an opportunity. In Canada, which, according to all agriculturists in this country, will
be the futuie granary of the world, you can get land now for $6.00 per acre; first payment
$1.00 per acre cash and the balance in five annual payments at the rate of 6 per cent interest.
Besides having a great quantity of lands in Minnesota and the province of Manitoba, the
N o r t h w e s t C o l o n i z a t i o n C o m p a n y lias almost a million acres of wheat land
for sale in Southeastern Assiniboia, the fertile district between the Turtle and Moose
mountains. This price cannot last long, however. I f you wish to get a home, this is your
opportunity. I f you are looking for an investment, this is safer and better in every respect
than a gold mine or oil well. You .take absolutely no chances in buying land in this locality.
The element of risk is entirely eliminated; the best investment on the west side of the Atlan
tic ocean.
Write to the
N O R T H W E S T C O L O N IZ A T IO N C O M P A N Y ,
4 2 2 — 4 3 2 Endicott Building,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
S T . P A U L , M IN N
32
T H E C O M M E R C IA L W EST .
Saturday, May 24, 1902.
DEVELOPMENT OF WESTERN CANADA.
One of the sections of western Canada that is destined
to see early and rapid development is the country north
west of W innipeg along the lines of road that are now
reaching out from Manitoba in a northwesterly direction
toward Prince Albert and other points in eastern Saskatch
ewan province. I h e district that now seems to promise
the most rapid development and where farming has been
carried on long enough to demonstrate its prominence and
its immediate ¡rood success is along the line of the Mani
toba and Northwestern road, already built to Yorkton, in
northeast Assiniboia, and in the extension of which work
is being done this season.
This railroad, which is now a part of the Canadian Pa
cific system, leaves the main line of the C. P. R. at Portage
La Prairie, and goes directly northwest to the present
terminus, Y orkton, thence it is projected almost due north
west through a variety of country to Prince Albert. It is
probable that this line of road will be ultimately extended
to Edm onton, for the Canadian Northern has already sur
veyed a line a little to the north and almost parallel to
dhe Manitoba & Northwestern road to Y orkton runs
through country well fitted for settlement and ultimate rich
development. It is largely a gently undulating land partly
open praiiie, partly small w ood or the Canadians would sav
bush, a mixture of small oak and poplar with willow and
shrub to some extent. These lands are generally free from
stone, though there are gravelly and stony tracts and here
and there sandy spots, the country being varied enough in
this regard to make it important that a man see his farm
before buying it. But the general character of this line is
in all essentials like the country north of Portage La
Prairie was before settlement, and that country, as all know,
is now one of the most famous wheat fields of the world.
Second Kings, Fourth Chapter, 10th Verse.
If you read this verse you will find the basis for the lit
tle story printed in the Four-Track News for May, which is
entitled “ The Prophet’s Chamber.”
The Four-Track News will be sent free to any address
in the United States for one year for 50 cents; single copies,
5 cents. Address Geo. H. Daniels, Publisher, Grand Central
Station, New York.
W . H. Lauderdale, F. W . Lauderdale, Jas. R. Sloane.
L A U D E R D A L E
<&■ C O . ,
D. P. Jones, Pres. W. H. Davis, V-Pres. W. C. McWhinney, Sec. S Treas
DAVID P. JONES & CO,
Established 1879.
355 Temple Court, Minneapolis. Over twenty years
successful experience in handling' Minneapolis
property and placing loans. REAL ESTATE, LOANS
and RENTALS. Personal care and management
of properties for Non-Residents. References:
Hennepin County Savings Bank. Minneapolis ;
Girard National Bank, Philadelphia; Cape Cod
National Bank, Harwich, Mass.
G.
J A M
B S ,
City and Suburban Lands
FACTORY SITES.
714- G U A R A N T Y
B L D G .,
Special attention given to management of
estates of non-residents. Satisfactory refer
ence to local and eastern parties.
J.
BROS.,
Mi n n e a p o l i s
Managers o f Andrus Building.
O N E ID A
F1.
B L D G .,
M IN N E A P O L IS .
CALHOUN,
Lis t Y o u r R e a l E s t a te W i t h U s f o r S a l e
“HBKgF" THORPE BROS.
TH0S. PEEBLES,
Manager.
COBS ER
Agent for the Drexel Estate
Conservative Investments
Offered.
INVESTMENT
CO.
(Established 1870. Incorporated 1893)
Managers New York Life Building.
500 Onr.ida Building, MINNEAPOLIS.
Mortgage
Real Estate and Loans.
Bonds, Lands and Mortgages.
M IN N E A P O L IS .
Best References Furnished.
THORPE
(Established 1868. Incorporated 1900.)
Mortgage Loans, Real Estate and Rentals
200
FM
this, to cross the C. P. line now in operation from Regina
on the main line to Prince Albert. The proposed Cana
dian Northern from Saskatchewan will continue northwest,
entering the Saskatchewan valley, and continuing will fol
low the valley to Edm onton and finally strike westward,
giving a Pacific coast outlet to the famous Edm onton coun
try.
Loans Real Estate and
Insurance.
Special Attention Given to Manage
ment ot Estates of Non-Residents.
References: Drexel Estate, Philadelphia, or any Bank in M inneapolis
N e w Y o rk Life
Bu ild in g ,
M I N N E A P O L IS .
(Established 1888,)
M IL L E R &
FOOTE,
Lawyers and Investment Bankers, First Mortgage Real Estate Loans
River Valley. Interest collected and remitted at par. Land bought and sold. Large tracts
offered for conservative Investors. Correspondence solicited.
CROOKSTON,
F. C. NICKELS
c
[Established 1878.J
F. 0. SMITH
NICKELS & SMITH
Second Floor,
31 t Nicollet Avenue.
Sell Real Estate, Negotiate Mortgages,
Manage Estates w ith Care and Economy.
Oldest Continually Successful Operators in the City.
N^w Y o r k T Ä ^ ^
& CoM IN N E A P O L IS .
2 5 0 ,0 0 0 A c r e s
To select from at from $5 to $50
vr 1,
, -T , ^ ,
- p e r A c r e . 50,000 acres in Red R iver
Valley, Minnesota and North Dakota; 20,000 acres in Manitoba; 35,000 acres in A it
kin county, Minn.; 22,000 acres in Washburn county, W is.; 15,000 in Southern Minnesota, Lyon and Redwood counties.
_ Jt costs nothing to write for maps and descriptions. Our specialty is in large
tracts. Write for wholesale proposition. We are owners, not agents.
R. D. CONE 4 CO.
517 Guaranty Bldg., M IN N EAPOLIS.
Mortgage Loans negotiated secured by first
mortgage on carefully selected real estate in
Minneapolis. Estates managed for resi
dents and non-residents.
J. B. TA B O U R
Burchard=HuIburt Investment Co.,
705=708 Manhattan Building,
ST. PAUL, MINN.
Solicits the placing of your money and the care
and sale ot your property. Twenty years’ ex
perience. References.
410 First Ave. South, M IN N EAPOLIS.
N o C ro p E v er Failed
in the Churchbridge and Saltcoats Districts of Eastern Assiniboia.
W e have 7 5 , 0 0 0 A c r e s in this section. The average yield o f grain, potatoes
etc., is double that of the Northwestern States. You get the very pick o f lands in
a w ell settled farming country for $6 to $10, according to distance from station.
The land is often paid for by one crop. This section averaged the heaviest wheat
yield of all Canada last year, and took the Dominion governm ent first prize for whea^
Write for particulars.
DULUTH, MINN.
HANSEN SMITH,
iw \ r s K i:K i.
Special Attention to Investments for
Non-Residents. Correspondence Solicited.
O F F IC E S :
M an hattan B ld g ., D uluth.
The Grant-Armstrong Land Company,
H U D SO N ,
Branch Offices:
MANKATO, MINN.
D.
W IS .
316 Robert St., St. Paul; Howard Lake, Minn.; and Bank o f
Hamilton Building, W innipeg, Man.
S iiv e y B lk ., W e s t Duluth
R E F E R TO B R A D S T R E E T ’ S A G E N C Y .
R ea l
Estate,
D A V IE S
Loans
Investm ents,
Mortgages made in Blue Earth
and adjoining counties.
Office: Odd F e llo w s ’ Block:.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T H E C O M M E R C IA L W E ST .
Saturday, May 24, 1902.
(PPiflfk
$ O U U
33
I O O O P e r C e n t in c re a se in seven years
in c re am ery a n d d a iry in d u s try of S o u th
D a k o ta , o th e r in d u s trie s d o in g a lm o s t as w ell.
F a rm la n d s r a p id ly in c re a s in g in v a lu e . Now
is th e tim e to buy. W e b u y a n d sell. A berdeen,
S. D ., o u r p rin c ip a l b ra n c h —o th e r b ra n c h e s
th ro u g h o u t S o u th D a k o ta , N o rth D a k o ta a n d
M in n eso ta . Send fo r m a p s a n d c irc u la rs .
T O T H E M A N W H O B R IN G S A B U Y E R
f o r T H E F O L L O W IN G :
2 0 4 0 a cres in M an ito b a 18 m ile s n o r th of n o rth e rn b o u n d a ry of M in n e so ta —finest w h e a t
la n d in th e w o rld . O th e r d e s ira b le fa rm la n d in P o lk , R ed L a k e , M a rsh a ll a n d K itts o n
c o u n tie s. S p e c ia l e x c u rsio n r a te s o b ta in e d fo r a ll h o m e se e k e rs o r in v e sto rs. R a ilro a d
fa re re fu n d e d to a ll w ho p u rc h a s e th ro u g h us. W rite fo r m a p s, p ric e lis ts a n d any o th e r
in fo rm a tio n . M. E . W H IT E , P re s , a n d T rea s., E . W . JO N E S , V ice-P res. a n d Sec.
POLK
CO . LA N D & LO AN
JAEGER & TORELLE
C O .,
MINNEAPOLIS
REAL ESTATE.
FARM LANDS
LOANS
COSS &
BUCK,
Real Estate, Loans and Investments
and all kinds of Su
burban Property handled as a specialty.
LAKE MIN N ETO N K A
3 1 0 B a n k of C o m m e r c e ,
M IN N E A P O L IS ,
M IN N .
M b rtg a g es m a d e on Im p ro v e d F a rm L a n d s .
C o rre sp o n d en c e s o lic ite d in re fe re n c e to lo a n
in g fu n d s.
R eferen c e —S e c u rity B an k , L u v e rn e , M inn.
LUVERNE,
M IN N .
THE A M E R IC A N M ORTGAGE AND IN V E S T M E N T GO.
a ttr a c tiv e ra te s . C o rre sp o n d en c e in v ite d . A ll lo a n s p e r
s o n ally in sp ec te d . Send fo r o u r lis t of lo a n s.
E. F.
A n d ru s,
H e n r ik S tro m ,
Vice Pres.
Cor. 6th and Jackson Sts.,
ST. PAUL, MINN.
A N E X C E P T IO N A L O P P O R T U N IT Y F O R
_ C A P IT A L IS T S . I h a v e sec u re d th e o p tio n
of p u rc h a se on one of th e b e s t f e rtile s u g a r p la n
ta tio n s in C uba, t h a t h a d a la rg e a n d p ro fita b le
re c o rd b e fo re th e la te in s u rre c tio n , w hen i t w as
p a r tia lly d e stro y e d by fire. C a p ita lis ts o r p ro
m o te rs of sy n d ica te s, w ho c a n fu lly a p p re c ia te
a n e x c e p tio n a l o p p o rtu n ity p ro m isin g very
h a n d so m e re tu rn s , a n d one t h a t w ill s ta n d th e
c lo se st in v e stig a tio n ^ w ill find i t to th e ir a d v a n
ta g e to c o rre sp o n d w ith m e, w ith a view of p u r
c h a s in g th e sam e. A ddress H . A. ZAYAS,
H e le n a , M ont.
Inhn MA. IL Iipri
lands
and LOANS. F o r a
C I I , lim ite d tim e I offer fo r
sale 320 a c re s A No. 1 la n d a ll u n d e r p low
G o o d B u i l d i n g s a n d o th e r im p ro v em e n ts.
O ne m ile from R. R. S ta tio n . $ 3 2 p e r a c r e .
T h is is a s n ap . D o n ’t fo rg e t I h a v e low p ric e d
la n d s in d iffe re n t p a r ts of th e s ta te . W rite m e
w h a t you w a n t. H I L L S B O R O , N . D .
J U II M
2 1 6 -2 1 8 E n d i c o t t B l d g . , S t. P a u l , M i n n ., o tte r ch o ice
FA R M
M O R T G A G E S to c o n se rv a tiv e in v e sto rs a t
A. D. W a r n e r ,
President.
Elwood Land Co.,
CR00KST0N, MINN,
Sec’y and Treas
North Wisconsin Farm Lands. Harrison & Smith Co,
W e h a v e p u rc h a se d a n d h a v e fo r sale over 6 0 , 0 0 0
A c r e s o f Q o o d A gricu ltu ral Land in Vilas C ou n ty,
P r in te rs , L ith o g ra p h e rs , B la n k
W isco n sin .
T h is la n d lies n o rth , n o r th e a s t a n d
B ook M a n u fa c tu re rs . E le v a to r
n o rth w e s t o f E a g le R iv e r, on th e M ilw au k e e a n d
B la n k s a n d B an k S u p p lies to
th e N o rth -W e ste rn ra ilw a y system s. L a k e s, s tre a m s,
o rd e r.
m ead o w s, w oods a n d s tro n g so il co m b in e to m ak e
fu rn ish e d .
E s tim a te s
C heerfully
th e se la n d s th e b e st p re s e n t a v a ila b le c h e a p farm
la n d s in th is m a g n ific e n t fa rm in g s ta te .
n e a r R h in e la n d e r in b lo c k .
A R h in e la n d e r R esid en ce.
Also la n d
F o r fa rm s o r s m a ll
6 2 4 -6 2 6 -6 2 8
South
4th
Street,
b lo c k s w rite fo r p a r tic u la r s to
B LU E G R A S S LA N D COM PANY, BALDWIN, WIS-
M IN N E A P O L IS .
THREE HUNDRED THOUSAND AGRES
Mixed T im ber Lands, V ery D esirable for F arm Purposes, in the M innesota C ounties of
A i t k i n , Ita sca , B e ltr a m i, C a r lt o n , C a s s , C r o w
W in g , H u b b a r d , B e c k e r a n d W a d e n a .
LARGE
TRACTS
A
SPECIALTY.
W E A LSO H A N D L E L A N D S IN T H E
Fam ous Red River V alley.
Propositions
of
MINNESOTA
Interest to
FARM
Large
or
S m all
LAND
Investors.
COMPANY.
3 1 6 - 3 1 8 Endicott Building, St. Paul, Minnesota.
handsome trains) between the Twin Cities, Milwaukee and
Chicago—famous train of the world.
It. sells, regularly, excursion and tourist tickets on reason
The Chicago, Milwaukee & St. Paul railway owns and
able terms to important points in the east, south and west.
operates 6,600 miles of road.
For particulars address J. T. Conley, Asst. Gen’l Pass.
It operates its own sleeping cars and dining cars.
It traverses the best portion of the states of Illinois, Wis Agent, St. Paul, Minn.
consin, Northern Michigan, Iowa, Missouri, Minnesota,
Northern Pacific Pamphlets.
South and North Dakota.
Its sleeping and dining car service is first-class in every
C. W. Mott, general emigration agent of the Northern
respect.
Pacific railway, is sending out some pictorial pamphlets de
It runs vestibuled, steam-heated and electric-lighted scriptive of the farm lands along the northern Pacific system
trains.
which are of very great interest to land seekers. The fruit
It has the absolute block system.
and stock lands of Eastern Washington and Northern Idaho
It uses.all modern appliances for the comfort and safety are admirably described, and a mass of useful information, in
of its 'patrons.
cluding government statistics, is reflected in its pages.
Its train employes are civil and obliging.
Another pamphlet, “Words of Praise From the New Set
It tries to give each passenger “value received” for his tlers,” is also of interest. It embodies numerous testimonials
money.
from the fortunate settlers who have found homes in central
It runs the celebrated Pioneer Limited (besides four other North Dakota.
A Great Railway.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T H E C O M M E R C IA L W E ST .
34
The Farm Land Movement.
The following are late farm land transfers, as taken from
official county records. They indicate the value of farm
lands in the respective localities:
MINNESOTA.
Douglas County.— N y 20-127-36, $3,200; sjj sw ^, nwJ/4
swH 26-129-38, $1,800; sj/2 s e y 19, and n y 2 n e % 30-128-36,
$5,200; s w y 36-127-36, $5,000.
Stearnes County.— S y swiy 15-126-31, $1,600; s 1/- s e y
and other 9-126-30, $3,400; swL; nw34 and other 5-124-29, $1,550; n l/ 2 s e y and other 3-123-35, $3,200.
Polk County.-—SWH 20-152-46, $4,000; nepf 21-151-47,
$3,000; und. j/2 nej 4 17-149-47, $1,840; und. >4 n e y 16-149-47,
$2,160.
Kittson County.—S W y 12-163-49, $2,560; nw y 11-163-49,
$2,560; s e y 34-160-47, $1,200; s y n e % and lots 1 and 2 2162-47, $1,800.
Stevens County.—NW * 4 16-124-41, $3,800; s l/ 2 s
20-12441, $2,100; ne % 9-124-41, $2,400; ne % 28-123-12, $3,840.
Pipestone County.—SWJ4 1-107-45, $8,000; lots 2 and 3
B 9, Holland, $1,600; s e y 27-106-44, $2,000; 50 a. in nw%
26-105-44, $2,000.
Kandiyohi County.—Lake Lillian—W jJ n w ^ 34 and n e %
nw* 4 , nw jj n e / i 34, $4,400; sjj swj4, n w % s w y , s w iy nwj4
27, $4,008; nw%. 35, $4,320. Roseland—N y 2 s e y n e % 31, $6,-.
000; n e y 15, $2,400. Holland SWj^ 35, $6,400.
Watowan County.—W y nw % 8-107-32, $3,200; nwJ4 3 4 106-32, $6,500; lot 7 w y nw54 26-107-30, $2,500.
Yellow Medicine County.-—N E L nV 2 nw ^, n y 2 s e y lots
1, 2, 3, 4, 5 and 6 21-113-38, $19,000; n y 2 11-115-40, $5,000;’
Sy 2 nw y , n y SWyA, n y 2 s e y 27, n e y , n iy2 s e y 34-114-43, $r4,400.
Todd County.—-WJj nw y , swLi swj4 1, exT s e y neJ4
n e y 2-132-35, $7,300; n e y nwj4 and nw y nwj4 31-132-35,
$1,500; wL> seH 4-128-34, $1,800; n e y 13-132-34, $r,ooo.
NORTH DAKOTA.
Burleigh County.—NWJJ 35-142-79, w.d., $1,015; s y 28138-79, q.c.d., $2,000; niy 2 21-139-79, w.d., $2,240; n e y 32-13979, w.d., $1,120.
K
Cass County.—W y 27-137-53, $1,920; w y 2 27-137-53, $2,560; s e y and part s w xy 3I-I37-52, $4,100.
Cavalier County.—N ^ n e y s e y n e y s e y nw y 35-16363, $i,75o; ny nwy 8, s y n e y 7-163-63, $2,000; seJ4 ne'4
11-162-60, $4,800; swRt 10-162-62, $2,000; n e y 22-159-60, $2,000; n e y 22-159-60, $1,700; s e y 24-161-59, $1,300.
Stutsman County.—' E y 29-143-62, $2,560; swjj 35-141-63,
$1,700; s y sy 2 14-141-65, $730; s y 29-139-66, $880.
SOUTH DAKOTA.
Charles Mix County.—SWj^ 9-95-63, $4,500; s % 18-98-66,
$6,400; s e y 31-98-67, $3,520; n e y 29-98-67, $2,960.
Lake County.—SW R i 19-106-54, $3,200; nwJ4 21-106-54,
$3,250; n e y 19-107-53, $3,200.
Minnehaha County.—Und. J2 nw y 5-103-48 and sw y 33104-48 and n jy n e y 5-103-48, $7,680.
Lincoln County.— S y swy 26-100-50, $2,750; s e iy 14-96-50,
$5,400.
Brown County.— S E y 33 and swjj 34-124-60, $6,720; s e y
27-124-64, $1,600; n e y 23-124-64, $2,000; swy 1-125-62, $2,000; s e y 12-125-62, $1,250; swYx 29 and se y 30-123-60, $11,000.
Minnesota Title Ins.&Trust Co.
MINNEAPOLIS, MINN.
Capital, $250,000
Guaranty Fund, $100,000
T h e o ld e st T itle a n d T r u s t co m p a n y w e st o f P h ila d e lp h ia .
D e po s its , Loans,
T ru sts, A bstracts.
T i t l e and F ir e
In s u r a n c e .
There is a Time for Everything
T h e p re s e n t is a p e rio d o f g r e a t p ro s p e rity . T h e b u sin ess a n d p ro fe s
sio n a l m en o f th e N o rth w e st a re m a k in g m oney, a n d a g r e a t d e a l of
it. IS IT NOT A GOOD T IM E TO P U T SOM E O F IT IN T O L I F E
IN S U R A N C E 1? D u rin g th e p a n ic of 1893 m an y fin a n c ia l in s titu tio n s
fa ile d a n d a very la rg e a m o u n t of m oney w as lo s t in th is w ay. No
M a ssa c h u se tts life in s u ra n c e co m p an y ev er fa ile d a n d no one ev er lo s t
a d o lla r in a M a s sa c h u se tts co m p an y . Is n o t th e p re s e n t a good tim e
to p u t som e o f y o u r m oney w h e re i t w ill b e a b so lu te ly safe a n d w h ere
i t w ill a lso give y o u r fa m ilie s a n d e s ta te s th e b e n e fit o f in su ra n c e ?
T h e O ld
State Mutual Life Assurance Company
of W o rc este r, M assa c h u se tts, offers u n s u rp a ss e d a d v a n ta g e s to th e
in s u re r. Y our a g e a n d a d d re ss to e ith e r o f th e u n d e rs ig n e d w ill
secu re a sp ecim en p o licy w ith fu ll p a rtic u la rs .
Saturday, May 24, 1902.
WISCONSIN.
Rock County—Part of s y of se . y 3-4-12, $1,250; w y n e y
and other land 31-1-10, $2,100.
Douglas County.—Quarter of n e y seLi, n n e % , 20 neQ
n e y s e y n e y , nw Li nw y , swJ4 se*4 and swH 21, swLt n e y
27, wy 2 n e y 28, seJ4 se y 29, sw % s e y 29, s w y nw y 32, n e y
and y nwy 33, n y 2 s w y nw y s e % 36, all 47-14, $2,600; w l/ 2
n e y nwLi, wy s e y 10-45-10, $900.
IOWA.
Hancock County.—NE * 4 and n jj se y 26, and sw> 4 25-9725, $1,130; n y n e y and sy nwy 6-97-25, $8,800; s y n e y and
sy n w y 6-97-25, $6,000; n e y and n y s e y 26 and s w y 2597-25, $12,800.
Fayette County.—W y 2 n w a n d 35, e y . nw y ex% a 8-9510, $7,000; wy 2 nw % and s % s e y n w iy e x y a 8-95-10, $6,’
010; se iy s e y 23-93-10, $1,900.
Marshall County.—One hundred and sixty a, Washington
twp, $8,800; 30 a in Jefferson twp, $1,620.
Mahaska County.—NWJJ s e y 21-74-16, $900; nw y sw x4
11 and part 11ejj sejj 10-77-16, q.c., $1,650; nw y swVj 11 and
part n e y s e y 10-77-16, $1,650.
Plymouth County.— ’W y s w y 10-92-45, $3,200; und. > 4
nwJ4 25-90-47, $2,200; s e y s w y 10-91-48, $1,000.
Marion County.—Four hundred and eighty a, Lake Prairie
twp, $1,500; 80 a Washington twp, $3,500.
Seattle Has a Prosperous Building Season.
(S p e c ia l C o r r e s p o n d e n c e
of The
C o m m e r c ia l
W e s t.)
Seattle, May 20.—Building in Seattle continues active, the
number of permits which were issued during the month
of April showing up' favorably with those issued
during preceding months and during the corresponding
month of last year. Owing to the threatening conditions
prevailing among the building tradesmen of the city during
the first half of the month there was a marked hesitancy on
the part of owners to inaugurate new improvements. This
was particularly noticeable in the reluctance to start the con
struction of large buildings. O11 this account the number of per
mits issued during the month represents a much larger propor
tion of residences than ordinarily. The number of permits issued
during the month was 570 as compared with 551 for April
last year, and the value represented was $510,436 as com
pared with $590,108 for April last year.
The statistics by months for the four months of this year
and last are as follows:
J a n u a r y ..............................
F e b r u a r y ............................
M a r c h ...................................
^ P r i l .....................................
N u m b e r . V a lu e .
334
$310,435
426
342,663
580
726,164
551
590,108
1891
N u m b e r.
463
454
536
570
V a lu e .
$370,292
689,823
447,508
510,436
2023
$2,018,059
$1,969,370
All previous April records in the volume of real estate
transactions recorded in King county were broken by the
amount of business in this line transacted last month. The
number of transfers recorded during the month was 1121
and the value represented by them was $1,508,149. For the
corresponding month last year the total transactions recorded
amounted to $1,247,621. For the four months of the present
year ending with April the real estate transfers recorded
foot up $5,221,355, as compared with $4,579,622 for the cor
responding month last year, $3,117,782 for 1900 and $2,383,966 for 1899. The transfers by months for a series of years
have been as follows:
M o n th .
J a n u a ry . .
F e b ru a ry . .
M a r c h .........
A p ril ...........
M a y .............
J u n e .............
J u l y ..............
A u g u s t . ..
S e p te m b e r
O c to b e r . .
N ovem ber .
D ecem ber .
1899.
$178,995
471,457
408,393
1,325,121
1,318,250
572,656
480,686
788,587
611,999
786,890
804,989
827,024
1900.
$697,707
744,984
864,600
810,491
738,648
920,333
915,081
523,638
598,698
926,313
1,411,956
1,012,389
1901.
$1,188,715
1,227,589
915,697
1,247,621
917.463
858.464
1,088,134
1,135,243
1,126,801
2,208,703
1,232,679
2,235,741
T o t a ls
$8,574,965
$10,163,838
$15,382,850
.
.
.
.
.
.
.
1902.
$945,431.64
1,161,407.46
1,534,367.20
1,508,149.08
I predict 3 5 0 ,0 0 0
population for
M inneapolis in 1905
BUY REAL ESTATE
WHILE IT IS LOW
C. W. VAN TUYL, General Agent,
505-9 Lumber Exchange.
SPECIAL AGENTS:
EDMUND G. WALTON
A u g u stu s W a rre n , Geo. B. G rav es, Geo. A. A in sw o rth , A llen R. B each,
Geo. L . N iShols, F e rg u s F a lls , M inn.
3 0 0 Hennepin Ave., Minneapolis.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T H E CO M M ERCIA L W EST.
Saturday, May 24, 1902.
Investors Attention!
We can Loan your Money on GilCedge Security and net you 6 per cent Interest.
We make a specialty of loaning money on First Mortgages on Improved
Real Estate. We inspect all properties personally before placing a loan.
W e Assume all Mortgages before Assigning Them.
M o n e y L e n d e r s ! Write us for further particulars before placing your
money elsewhere.
K E L L E Y ’S
LAINO AGENCY,
35
BLw S *!^ S F i
Real Estates, Loans and Investments.
Special attention to investments for nonresidents.
Correspondence requested.
References:] L,r®t
Bank,
_____________ 1 >/J D> ‘1!1‘*1‘‘‘ *lUI w
E. W . TAYLOR,
LAWYER,
Webster, = South Dakota.
Real Estate, Loans and Investments.
M o rtg ag es m a d e on im p ro v ed fa rm
la n d s fo r c o n se rv a tiv e in v e sto rs.
C o rre sp o n d en c e so lic ite d .
HURON, SOUTH DAKOTA.
C. E . Ch ild s ,
M. G. Carlisl e ,
V ice-P res. a n d M ngr.
P r e s id e n t.
Geo . Morehouse .
Secy, a n d T r e a s
Brookings Land and Trust Gompany
(I n c o r p o ra te d 1895.)
Real Estate, Farm Loans, Taxes Paid, First Mortgage Loans on Big Sioux Valley Farms
P r o p e r ty c a re fu lly lo o k e d a f te r fo r n o n -re sid e n ts. C o rre sp o n d en c e s o lic ite d from
p ro s p e c tiv e in v e sto rs.
B R O O K IN G S ,
.
.
.
.
SOUTH
DAKOTA.
The J. R. Hanson Real Estate Agency.
Established 1862.
on giltedge farm lands, M o rtg a g e s Bought for Eastern
investors. Special attention given to care of nonresident property. Large tracts
of land for conservative investors a specialty. References, any bank in Yankton"
Land B o u g h t and Sold.
YANKTO N, S . DAK.
M O N E Y LO A N E D
Stover Real Estate Exchange
H o m e O ffic e:
WATERTOWN, S. D.
L a n d s fro m th e e a s t s ta t e lin e to th e M isso u ri
riv e r, $5.00 to $40.00 p e r a cre. L iv e lo c a l a g e n ts
w a n te d in every to w n o n e a r th . We c an u se an
u n lim ite d a m o u n t of m oney. G u a ra n te e d lo a n s.
R efe re n c e s: Any b a n k o r b a n k e r in So. D a k o ta .
HORSWILL’S LAND AGENCY
Real Estate, Loans and Investments.
P r o p e r ty lo o k e d a f te r fo r n o n -re sid e n ts. M o rt
g a g es m a d e o n im p ro v e d fa rm s. C o rre s p o n
d en ce s o lic ite d . R e fe re n c e s: F ir s t N a tio n a l
B an k , C astlew ood, S. D .; C itiz e n s ’ N a tio n a l
B an k , W a te rto w n , S. D.
Watertown,
A. H U N TE M E R ,
= South Dakota.
P . S. G A L L A G H E R ,
R e al E s t a t e , L o a n s and In v e s tm e n ts .
M IN N E H A H A C O U N T Y , SO UTH D A K O T A .
H ilt E dge M ortgages on Im proved Farm s in L arge tracts of im proved
lands for sale 1500 acres or more. M ortgages sold and guaranteed.
C areful atten tion given property of non-residents. R eferences:
G ran ite City B ank, D ell R apids, S. D. Dell Rapids, South Dakota.
BENSON,
M IN N .
R ea l E s ta te , L o a n s a n d In v e s tm e n ts. C hoice
lo a n s m a d e on im p ro v ed M in n eso ta fa rm la n d s ,
C a refu l a tte n tio n giv en to n o n -re s id e n t p r o p
e rty . C o rre sp o n d en c e p ro m p t. R e feren c e : S w ift
C ounty B an k , B enson, M inn.
W A L K E R fa BAILEY,
Thorpe & Nasset
F ir s t M o rtg a g e Loans, Real E state and A b s tra cts .
Mortgages negotiated on improved Min
nesota farm lands. Non-resident property
carefully looked after. R e f e r e n c e s :
Kandiyohi County Bank, Willmar, Minn.
S p e c ia l a tte n tio n g iv e n to th e p la c in g o f F a rm L o a n s . I n te r e s t c o lle c te d a n d re m itte d a t
p a r. C o rre sp o n d e n c e s o lic ite d w ith c o n se rv a tiv e E a s te rn in v e sto rs. R eferen c e s: M e rc h a n ts
B an k o f R e d fie ld ; A lg o n a S ta te B an k , A lgona, Io w a .
Redfield, Spink County, South Dakota.
Real Estate, Loans and Investments.
W IL L M A R , M IN N .
SAM UEL S. LOCKHART F arm Lands.
COUNTY JUDGE.
Real Estate, Loans and Investments.
G u a ra n te e d m o rtg a g e s m a d e on im p ro v e d fa rm la n d s . C an p la c e u n lim ite d fu n d s on secu red
lo a n s. S a tis fa c tio n g u a ra n te e d . C o rre sp o n d en c e s o lic ite d .
R efe re n c e : M e rc h a n ts N a tio n a l
Bank, Miibank, s. d .
M ilbank, G ra n t C ou n ty, S outh D ak ota.
We offer First Mortgage Farm Loans
I n a m o u n ts fro m $2,000 to $10,000 a t
a ttr a c tiv e ra te s .
C o rre sp o n d en c e s o lic ite d fro m c o n se rv a tiv e
in v e sto rs.
SECURITY BANK,
Pipestone,
op
P. E. G erlach , n e ar E lkton , S. D.
PET E K B R IC K
Real E s ta te , Loans and In vestm en ts.
Improved
farms and large tracts of land handled.
Mortgages made on Gilt Edge property
Correspondence Solicited. Best References.
DAK.
L o a n s m ad e on im p ro v e d fa rm s g u a ra n te e d .
L a rg e tr a c ts of la n d s fo r sale. S p e c ia l a tte n
tio n g iv e n to p ro p e rty of n o n -resid e n ts.
R eferen ces : F ir s t N a t’] B an k , B rookings, S. D. ;
F ir s t S ta te B an k , E lk to n , S. D . ; T h e W . W .
W h ip p le Co., P ro v id en c e , R. I.
Olsen, Outer, liealy Company,
R ea l E state and Loans,
St. Cloud,
-
-
M inn.
Ulland Land& Loan Co.
[I n c o rp o ra te d .]
[IN C O R P O R A T E D .]
Capital $40,000
Minnesota.
F. E. GERLACH,
E L K T O N , SO.
F arm
=
Surplus $300,000
FE R G U S FA L L S,
M IN N .
We give sp e c ia l c a re to n e g o tia tin g firs t m o rtg a g e fa rm lo a n s ; a lso to b u y in g a n d se llin g re a l
e s ta te . G ilt-ed g e d fa rm m o rtg a g e s fo r s ale to e a s te rn in v e sto rs. O u r le g a l d e p a r tm e n t is u n d e r
th e im m e d ia te c a re of L e w is C. S pooner, lo n g a n d w id ely e x p erie n c e d in la w m a tte rs . W e pay
t a x es fo r a n d lo o k a f te r p ro p e rty of n o n -re sid e n ts, w h e n d e sired . R eferences : C itiz en s B an k of
M o rris a n d M e rc h a n ts ’ N a tio n a l B a n k o f M o rris . MORRIS, STEVENS COUNTY, MINN.
C A P IT A L $ 5 0 ,0 0 0 .
L ands and L oans
B o a g h t, Sold a n d M an a g e d in a ll p a r ts of th e
N o rth w e st.
W e s o lic it in v e sto rs fo r F ir s t
M o rtg a g e F a rm L o a n s a t 5L
A p e r c en t.
E. STAN LEY HAMMOND
R O W LA N D , D O O LITTLE & GLEASON
INVESTMENT
Real Estate, Loans and Investments.
G ilt ed g e m o rtg a g e s on im p ro v e d fa rm la n d s. M o rtg a g es m a d e on first-c la ss c ity p ro p e rty
I n v e s tm e n ts m a d e fo r E a s te r n in v e sto rs. C are g iv en to n o n -re s id e n t p ro p e rty . R e feren c e
C itiz e n s N a tio n a l B an k , A lb e rt L e a , M inn.
ALBERT LEA, M I N N .
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(E s ta b lis h e d 1894)
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ESTATE,
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S o licite d .
R e fe re n c e s:
F ir s t
OWATONNA, MIJNIV.
T H E C O M M E R C IA L W E ST .
36
Saturday, May 2 4 , 19 0 2 .
----------------------------------------------------------------------------------------------------------------------- --------------------- \
ALBERT ODETT, Pres.
F. C. HOBER. Vice-Pres.
R. M. HAYES, Sec.
J. E. ORR, Treas.
The
•
Peoples Land
Investment Co.
(INCORPORATED.)
Successors to A. Odett
Co.
C a p ita l S to cR , $ 5 0 , 0 0 0 .
C R O O R S T O N , PolK
Co., MINN
W e Offer Discriminating Investors
Gilt Edge Red River Valley
FIRST FARM
MORTGAGES.
Better than GOVERNMENT BONDS, because there
is NO UNCERTAINTY OE SECURITY and RETURNS
ARE LARGER.
We also Buy and Sell Land. Have an Extensive List
of Improved and Unimproved at Prices Attractive
both to Speculator and Farmer.
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T H E C O M M E R C IA L W E S T .
Saturday, May 24, 1902.
3 7
a s c o m p a r e d w ith th e s a m e p e r io d a y e a r a g o , s h o w i n g t h e i n
c re a se o r d e c re a s e :
1902.
1901.
D ec.
In c .
C a t t l e ..................................
5,893
6,730
837
..........
3,808
3,401
407
C a lv e s .............
H o g s ....................................
35,881
32,216
3,665
S h e e p ..................................
1,242
1,173
69
H o r s e s ................................
178
1,465
1,287
.........
C a r s ....................................
719
738
19
H ogs.
South St. Paul, Minn., May 22.—Receipts of hogs at the
six big markets for the first three days this week totaled
about 174,000, against 161,000 for the first three days last
week and 245,100 for the corresponding period last year.
There were about 7,400 received here during the first three
days this week, against 6,631 for the same period last week
and 8,594 for the same period a year ago.
At these same market points, receipts last week totaled
320,800, against 297,800 for the previous week, 270,600 for the
corresponding week a month ago, 354,100 for the correspond
ing week a year ago and 358,600 for the corresponding week
two years ago. Receipts here last week were 12,493, against
15,597 for the week before, 12,100 for the same week
a month ago, 10,486 for the same week a year ago and 9,885
for the same week two years ago.
Conditions in the hog trade have warranted weaker prices
and, while sales at eastern markets show a general 20c de
cline, sales on the local market average only about 5c under
a week ago Wednesday’s trade. The bulk today sold from
$6.80 to $6.90, against $6.90 to.$6.95 last Wednesday, $6.65 to
$6.75 two weeks ago, $6.55 to $6.65 a month ago and $5 - 5 5 to
$5-57V2 a year ago.
C attle.
Cattle receipts at six markets during the first three days
this week aggregated about 79,000, against 71,000 for the
first three days last week and 88,300 for the corresponding
period last year. The number received here totaled about
2,200, against 2,259 for the first three days last week and
3,185 for the same period last year.
Last week’s receipts at these six markets totaled 96,800
against 73,000 for the week previous, 109,200 for the corre
sponding week a month ago, 107,300 for the corresponding
week a year ago and 124,900 for the corresponding week
two years ago. The supply here last week totaled 2,957,
against 3,998 for the week before, 7,571 for the same week a
month ago, 3,624 for the same week a year ago and 3,364 for
the same week two years ago.
While receipts have been fairly liberal, the supply of fat
cattle has been very small and prices are generally quoted
ioc to 20c higher than a week ago.
Best stockers and
feeders have been in good demand at prices a shade stronger,
while the more common ones have been very slow sale at
prices quoted weak to ioc lower.
S h eep.
At the six big markets, during the first three days this
week, sheep receipts totaled about 76,000, against 83,000 dur
ing the first three days last week and 84,900 during the cor
responding period last year. There were only about 150 re
ceived in the local yards, against 492 for the first three days
last week and 400 for the same period last year.
The supply at six markets last week was 123,400, against
124,700 for the previous week, 132,300 for the corresponding
week a month ago, 132,000 for the corresponding week a
year ago and 113,400 for the corresponding week two years
ago. There were 717 received here last week, against 323
for the week before, 625 for the same week a month ago,
539 for the same week a year ago and 640 for the same week
a year ago.
Prices have generally ruled stronger since the close of
trade a week ago and with the close of Wednesday’s trade
sales on the better grades of fat lambs and sheep are quoted
10 to 15c higher.
R eceipts to D ate.
T h e f o llo w in g ta b l e s h o w s t h e r e c e i p t s a t S o u th S t. P a u l
f r o m J a n u a r y 1, 1902, u p to a n d in c lu d in g W e d n e s d a y , M a y 21,
a s c o m p a r e d w i t h t h e s a m e p e r io d a y e a r a g o , s h o w i n g th e
i n c r e a s e or d e c r e a s e :
1902.
.
1901.
D ec.
In c .
C a t t l e ..................................
69,587
50,863
18,724
C a lv e s ...............................
20,242
18,701
1,541
H o g s .................................... • 270,293
231,593
----38,700
S h e e p ..................
152,505
72,576
79,829
H o r s e s ................................
656
2,147
1,491
.........
C a r s ....................................
6,812
5,420
1,392
T h e fo llo w in g ta b l e s h o w s t h e r e c e i p t s a t S o u th S t. P a u l f o r
t h e m o n t h o f M a y , u p to a n d in c lu d in g W e d n e s d a y o f t h i s w e e k ,
R e c e ip ts a t S o u th S t. P a u l f o r t h e w e e k e n d in g W e d n e s d a y ,
M a y 21, 1902:
C a t tle .
H o g s.
S h eep . H o rs e s . C ars.
T h u rsd a y , M ay 1 5 ...,
246
1,368
129
1
24
F r id a y , M a y 1 6 ................
290
2,193
88
..
36
S a tu r d a y , M a y 1 7 .........
162
2,301
8
20
35
M o n d a y , M a y 1 9 ...........
403
1,220
18
27
26
1,399
3,984
111
..
84
T u e s d a y , M a y 2 0 ...........
W e d n e sd ay , M ay 2 1 ...
400
2,175
25
..
37
T o t a l s .........................
2,900
13,241
379
48
242
R e c e ip ts a t S o u th S t. P a u l f o r t h e w e e k e n d in g W e d n e s d a y ,
M a y 22, 1901:
C a t tle .
H ogs.
S h eep . H o rs e s . C ars.
T h u r s d a y , M a y 1 6 .........
500
1,698
8
26
38
F r id a y , M a y 1 7 ................
4
942
2
..
21
S a tu r d a y , M a y 1 8 .........
505
1,178
..
50
32
573
1,773
5
..
38
M o n d a y , M a y 2 0 ...........
T u e s d a y , M a y 2 1 ...........
1,593
4,392
145
..
98
W e d n e s d a y , M a y 2 2 . . . 1,019
2,429
250
..
60
T o t a ls .........................
4,194
12,412
410
76
287
Range of Hog S ales.
T h is W eek .
T h u r s d a y ............................................... $6 .7 5 @ 7 .2 5
F r i d a y ...................................................... 6 .7 0 @ 7 .1 0
S a t u r d a y .................................................. 6 .7 5 @ 7 .2 0
M o n d a y ................................................... 6 .8 0 @ 7 .1 5
6 .6 0 @ 7 .2 0
T u e s d a y ................................
W e d n e s d a y .............................................. 6 .6 5 @ 7 .2 0
P r e v io u s W e e k .
$6.70 @ 6 .9 0
6 .6 5 @ 7 .0 5
6 .7 5 @ 7 .1 5
6 .6 0 @ 7 .0 5
6 .7 0 @ 7 .1 0
6.70 @ 7 .1 0
B ulk of Hog S ales.
T h is W eek .
T h u r s d a y ............................................... $6 .8 5 @ 6 .9 5
F r i d a y ......................................................... 6 .8 0 @ 6 .9 0
S a t u r d a y ............................................
6 .8 5 @ 6 .9 5
M o n d a y ...................................................... 6 .8 5 @ 6 .9 5
6 .8 0 @ 6 .9 0
T u e s d a y .................................................
W e d n e s d a y .............................................. 6 .8 0 @ 6 .9 0
P r e v io u s W e e k .
$6 .75@ 6.85
6 .8 0 @ 6 .9 0
6.85@ 6.95
6 .8 0 @ 6 .9 0
6 .8 0 @ 6 .9 0
6.90 @ 6 .9 5
Condition of Hog M arket.
T h is W ee k .
P r e v io u s W e e k .
T h u r s d a y .................... A b o u t s te a d y .
A b o u t 10c h ig h e r .
F r i d a y ............................G e n e r a lly 5c lo w e r.
B ig 5c h ig h e r .
F u ll y 5c h ig h e r .
S a t u r d a y ...................... A b o u t 5c h ig h e r .
M o n d a y .........................F u ll y s te a d y .
B a r e l y 10c lo w e r.
M o s tly 5c h ig h e r .
T u e s d a y ........................B a r e l y 5c lo w e r.
W e d n e s d a y .................. F u ll y s te a d y .
G e n e r a lly 10c h ig h e r .
Comparative Hog R eceipts.
C h ic a g o ....................
K a n s a s C i t y ...........
S o u th O m a h a .........
S o u th S t. J o s e p h .
B a s t S t. L o u i s . . .
S o u th S t. P a u l . . .
........ ..
...........
...........
...........
...........
...........
L a s t W eek.
156,600
42,000
47,000
40,500
22,200
12,500
T o t a l s .............. ........... 320,800
T h r e e d a y s c u r r e n t w e e k 174,000
P r e v io u s W e e k .
136,400
44,600
48,700
34,200
21,300
12,600
297,800
161,000
Y e a r A go.
123,500
96,000
46,700
38,700
38.700
10,500
354,100
245,100
Comparative Cattle R eceipts.
C h ic a g o ....................
K a n s a s C i t y ...........
S o u th O m a h a ........
S o u th S t. J o s e p h .
B a s t S t. L o u i s . . .
S o u th S t. P a u l . . .
L a s t W eek.
............. 44,800
...........
20,000
...........
13,000
...........
5,500
...........
10,500
...........
3,000
T o t a l s .............. ...........
T h ree d ay s c u rre n t w eek
96,800
79,000
P r e v io u s W e e k .
31,300
15,200
10,200
3,100
9,200
4,000
73,000
71,000
Y e a r A go.
50,200
21,000
16,500
6,800
9,200
3,600
107,300
88,300
Comparative S h eep R eceip ts.
C h ic a g o ....................
K a n s a s C i t y ...........
S o u th O m a h a . . . .
S o u th S t. J o s e p h .
B a s t S t. L o u i s . . .
S o u th S t. P a u l . . .
L a s t W eek.
............. 64,900
...........
15,100
........... 11,500
...........
14,400
...........
16,800
...........
700
T o t a l s ............. ........... 123,400
T h r e e d a y s c u r r e n t w e e k 76,000
P r e v io u s W e e k .
60,100
16,600
13,900
16,300
17,500
300
124,700
83,000
Y e a r A go.
55,000
17,200
22,500
22,200
14,600
500
132,000
84,900
The First National bank of Dillon, Mont., received a $500
bar of gold bullion this month, the first to be shipped from the
new mining district of Thunder Mountain, Idaho. It is esti
mated that 75,000 men are stampeding for that district.
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MINNEAPOLIS, MINN.
T H E C O M M E R C IA L W E ST .
38
GRAIN
C O N D U C T E D BY
ROLLIN E. SMITH.
W e in v ite c o rre sp o n d en c e fro m th e m illin g a n d g ra in tr a d e on a ll tr a d e
to p ic s. W e w ish to see a g e n e ra l e x c h a n g e o f o p in io n on a ll s u b je c ts
w h ic h p e r ta in to th e in te re s t o f th e tr a d e a t la rg e , o r a n y b ra n c h of it.
THE WEEK.
Wheat prices are no higher than they were two weeks ago,
when we suggested the wisdom of knowing ‘‘a little more
about the new crop” before taking positive ground as to
price tendencies. There has been no crop development this
week of unfavorable nature. Northwest conditions could
not well be improved upon. The area in the Red river valley
that has been held out of seeding by water will not be seeded
to wheat, but private advices from the whole northwest do
not suggest that the reduced yield of wheat there will be no
ticed in the general result. The James river valley promises
a fine yield, but experience has taught us that May condition
is not always carried to the finis of the crop in that section.
The southwest crop will be away under the yield of last
year, but as filling has just commenced on short straw, it will
be well to await the developments of two weeks before de
ciding that Kansas is without any yield, as some observers
are suggesting. We have known short straw to yield sur
prisingly.
The Pacific coast has been doing an increased business
in exporting wheat to South Africa. This is interesting be
cause it affords one more loophole in which American sur
plus wheat can be placed—and every bushel that is kept out
of England helps the producer to the extent of its power
relative to the trade as a whole. Official figures suggest that
the Manitoba wheat acreage is about the same as last year.
We do not expect to find quite the reduction of spring wheat
area that some percentage estimates—which are usually mis
leading—show. This is a big country and acreage keeps up
to growth more closely than we think, as a rule.
—H. V . J o n e s .
MINNEAPOLIS AND THE NORTHWEST.
W h ea t.
Office, Minneapolis, May 22.—If pos
sible, there is less interest in wheat than for the last two
weeks. Speculative trading is confined to the professionals,
and there is now nothing in sight to induce outsiders to
come in. Sentiment is divided as to the possible course of
the market, but the friends of wheat admit that there is
little or no hope of bulling wheat while the fields are in
their present luxuriant appearing condition. There is re
ported a small short interest from the country.
The strong position of cash wheat in this market is un
changed. While it is strong, it can hardly hold up the mar
kets of the country. Light receipts have become an old story,
and do not have the effect they might if the real cause were
known—whether they are light because the wheat is not in
the country, or because farmers are holding their grain.
Roads have been so bad of late in many parts of the north
west that wheat could not be hauled. If there is going to
be a heavier movement, it will begin to materialize by June
1. Anything like a heavy movement through June is not,
however, likely.
The mills ran heavily the first half of the week, usinv
at the ratio of 270,000 bushels of wheat daily. On Thursday
one of the largest closed down, and it would not surprise
anyone if half the capacity should be down next week. The
premium on cash wheat makes it almost impossible to sell
flour, and only the high price of millfeed is any inducement
to run. No. 1 northern brings ij4 @ij^c over July, and No.
2 northern sells at July to l/ 2c over. Daily receipts are so
quickly sold that at 10:30 in the forenoon the sample basins
are stacked up and the salesmen are sitting on the tables.
Elevator stocks will decrease ¿ 4 of a million or more again
this week. Last week the decrease was 891,600 bushels, and
at Duluth, 882,000. Wheat in store here on the 17th, 8,435,000, against 13,024,000 a year ago, and at Duluth, 9,080,000,
against 8,438,000.
C o m m e r c ia l
W est
•zo 6 i
‘f z R^ y ì
‘^panîB-g
NII L L I N G
City July and September, besides the relative position of
the different markets, as compared with one another.
Minneapolis July wheat is on a purely supply and de
mand basis, while September depends upon crop prospects.
A continued light movement of wheat would mean a widen
ing of the spread between July and September. It is en
tirely a guess, though some elevator managers are of the
opinion that the spread will widen to 4L2C.
The spread between Chicago July and September de
pends almost entirely upon an export demand for the wheat
in store there. Without such a demand to reduce the sup
ply, the situation will probably force a carrying charge. De
liveries of winter wheat will also be a factor, as they will go
to supply the eastern milling demand, which would other
wise draw upon the amount in store. Kansas City July will
be affected by the early wheat movement, and should there
fore draw nearer to September.
FLOUR AND MILLING.
Mills Run Close to Full Capacity—Eastern Jobbers Order Out
Flour Bought at Low Prices and Resell it—Strong Demand
for Clears—Outlook is for Light Running.
Although the mills ran heavier than last week until to
day, Thursday, trade is duller and sales of patent flour are
much less than the output. Last week the flour output was
306,900 barrels. The first half of this week it was 181,000
barrels, and for the week will be about 340,000, if the present
running is continued. More mills have started, and only two
are down. One of the largest mills shut down this morning.
The heavier running may in part be accounted for by the
high price of millfeed and by the fact that several large eas
tern jobbers are ordering out stuff which was bought several
weeks ago, before the advance of the latter half of April. One
dealer alone bought 20,000 barrels. This flour is now being
resold throughout the Atlantic coast states at fully 15c less
than millers can possibly lay it down there for. With any
material decline in millfeed, the mills woud probably at once
largely reduce their output.
Patent flour is in the poorest demand of all the grades.
Fancy clear and good low grades sell readily at good prices.
A country mill that has a trade on fancy clear sold a 2,000barrel lot this week at a price so close to offers on patent
as to make best patent look silly. Millfeed also sells at high
prices, and the mills are sold ahead as far as they care to be.
Export business continues very dull, except for clears.
The importers make offers, but their cables are too low for a
profitable business. Export shipments from Minneapolis last
week were 56,400 barrels.
The outlook is for lighter running, unless trade picks up
speedily. It would surprise no one if half the mills should
shut down next week. The scarcity of wheat and the pre
mium the millers are compelled to pay, combined with the
slack demand for patent flour, are against any prolonged
period of heavy running.
The country mills in the northwest are running all the
way from one-third to full time, with the average between
50 and 75 per cent.
FLO UR
P R I C E S , F . O. B. M I N N E A P O L IS , C A R L O T S , F O R
E A S T E R N S H IP M E N T .
P e r bbl.
P a t e n t , w o o d ..........................................................................................$3.65 @ 3 .8 5
F i r s t c le a r , w o o d
............................................................................. 2.75 @ 2 .8 5
F i r s t c le a r , 140 lb. j u t e ................................................................... 2 .4 0 @ 2 .6 0
S e c o n d c le a r , 140 lb. j u t e ................................................................ 1 .9 5 @ 2 .1 0
R e d - d o g , 140 lb . j u t e ....................................................................... 1.85 @ 1 .9 0
MILLFEED.
Output is Increased—May Break Prices—Flour Markets Duff—
High Prices of Feed Alone Would Not Justify Long
Continued Heavy Running.
The Minneapolis mills are running heavier this week; all
but two were in operation until today, Thursday, when one
of the largest closed down. Present running will not be con
tinued long; in fact, if the flour trade does not improve, there
will soon be a general curtailing of output. The high price
of millfeed, which doubtless has something to do with the
heavier output, would not alone justify long continued heavy
running. The mills are sold into June, but are not trying to
sell any thing more, owing to the uncertainty of the flour sit
uation.
Country mills, with some exceptions, are quoting to the
local trade—Wisconsin, northern Illinois and Iowa—at about
75c under a Minneapolis basis, for bran. This is the effect of
Spreads.
pasturage throughout the northwest, which is now luxuriant.
The demand from other sources, however, is strong enough
There are now three distinct market positions, dependent
upon different conditions, namely: Minneapolis July and to take everything that is offering for quick shipment. A sud
September wheat, Chicago July and September, and Kansas den break in prices may come at any time now, and the
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Federal Reserve Bank of St. Louis
Saturday, May 24, 1902.
39
T H E C O M M E R C IA L W E ST .
MINNEAPOLIS TO GRIND CANADIAN WHEAT.
The Washburn-Crosby company has purchased a consid
erable amount of wheat in Assiniboia, and it is now on the
way to Minneapolis. It will be ground in bond in the Hum
boldt mill, and the product exported. The wheat was bought
at points on the Canadian Pacific railroad tributary to the
Soo, and will be hauled by the latter road. Relative to the
grinding of this grain, Mr. J. S. Bell, president of the Wash
burn-Crosby company, said to T h e C o m m e r c ia l W e s t :
“Last fall brought the millers face to face with a condi
tion which never existed before—ap. immense wheat crop in
Manitoba and Northwest Territories. This was put on the
bargain counters, and the result was demoralized foreign
markets, and in turn, domestic trade. With the idea of test
ing the feasibility of grinding some of that wheat in bond,
for our export trade, we obtained permission to use one of
our mills for the purpose.
Canadians Advanced th e Price of W heat.
‘ We intended to purchase 200,000 bushels of wheat in As
siniboia, to grind as an experiment. But as soon as we made
inquiries for it, the price was advanced 10c per bushel, which
made it prohibitive. The effect was beneficial, however, as it
shut off the heavy flow of cheap wheat to Europe. This did
not deter us; we waited and finally, on May 17, succeeded in
getting a lot of wheat. This is now on its way to Minneap
olis, and will be ground in our Humboldt mill.
“The mill will be placed in the hands of a deputy from the
custom house. There will be two watches, and every pound
of wheat that goes into the mill must be accounted for. The
cars are sealed when they come into the country at Portal,
and the seals will not be broken until the cars are at the mill.
h e a v i e r r u n n i n g o f t h e m ills m a y b r i n g it a b o u t. B u t a s t h e
m ills w ill d o u b t l e s s l a r g e l y r e d u c e t h e i r o u t p u t a s s o o n a s
m i l l f e e d d e m a n d s la c k e n s , t h e f e e d m a r k e t w o u l d s o o n s te a d y
i t s e l f a g a i n , t h o u g h a l o w e r b a s is w o u ld o n ly b e n a t u r a l
M in n e a p o l i s q u o t a t i o n s f o l l o w :
Q U O T A T IO N S
OF
M IL L S T U F F S IN C A R
M IN N E A P O L IS .
LOTS
F O
B
B r a n , 2 0 0 -lb s a c k s .......................................................................... $ 1 4 .2I @ 14.50
B r a n in b u lk
.........
1 3 .50@ 13.75
S t a n d a r d m id d lin g s , 2 0 0 -lb . s a c k s ......................................... 16 .0 0@ 16.10
F l o u r m id d lin g s , 20 0 -lb . s a c k s .....................................................18.00@ 18"25
M ix e d f e e d 2 0 0 -lb . s a c k s ........................................................... 17.’50@ 17Y 5
R e d - d o g , 1 4 0-lb. j u t e ...................................................................... 19 .4 0@ 19.65
M ills tu ffs in 1 00-lb. s a c k s 50c p e r to n o v e r a b o v e q u o ta tio n s .
R e d - d o g m 100’s 25c o v e r.
Q U O T A T IO N S O F M I L L S T U F F S , B O S T O N B A S IS , L A K E A N D
R A IL S H IP M E N T .
B r a n 20 0 -lb . s a c k s ........................................................................... $ 1 9 .2 ^(1 1 9 .5 0
S t a n d a r d m id d lin g s , 2 00 -lb . s a c k s ......................................... 2 0 .7 5@ 21.00
F l o u r m id d lin g s , 2 0 0 -lb . s a c k s .................................................. 23 .0 0 @ 23.25
M ix e d fe e d , 2 0 0 -lb . s a c k s ........................................................... 2 2 .0 0@ 22.25
R e d - d o g , 1 40-lb. j u t e . .................................................................... 24 .2 5@ 24.50
M ills tu ffs in 1 0 0 -lb . s a c k s , 50c p e r t o n o v e r a b o v e q u o ta tio n s .
R e d - d o g in 100’s, 25c o v e r.
Corn.
R e c e ip ts c o n t i n u e in s ig n if ic a n t, t h i s w e e k a v e r a g i n g a b o u t
t h r e e c a r s d a ily , a n d t h e r e is n o t h i n g o f i n t e r e s t in t h e m a r k e t .
T h e lo c a l t r a d e , f o r m e a l a n d f e e d , t a k e s c a r e o f a ll t h e r e
c e i p ts . L a s t w e e k t h e y a m o u n t e d to 21,000 b u s h e ls , a n d s h i p
m e n t s to 4,300. E l e v a t o r s to c k s w e r e r e d u c e d o n e - h a l f , to
3,500 b u s h e ls , a s c o m p a r e d w i t h 124,000 a y e a r a g o . Q u o t a
tio n s f o ll o w :
D a ily c lo s in g p r ic e s o f N o . 3 c o rn d u r i n g t h e w e e k w e r e :
„ .,
N o . 3 Y el. N o . 3. Y e a r a g o .
F r i d a y , M a y 1 6 ............................................... 60-1
4034
591/4
S a tu r d a y , M a y 1 7 ........................................... 61
40%
59%
M o n d a y , M a y 1 9 ................................
59%
39%
T u e s d a y , M a y 2 0 ............................................. 61
39%
59%
W e d n e s d a y , M a y 21 ................................
39
60%
T h u r s d a y , M a y 2 2 ...................................... ..6 1 %
59%
39
O ats.
L o c a l m ills a n d s h i p p e r s h a v e a d e m a n d f o r a ll t h e o a ts
a r r i v i n g . L a s t w e e k t h e r e c e i p t s w e r e 54,300 b u s h e ls , a n d th e
s h i p m e n t s 22,700. E l e v a t o r s to c k s w e r e r e d u c e d 21,000 b u s h
e ls , to 64,600, c o m p a r e d w i t h 1,528,000 a y e a r a g o . M i n n e a p
o lis q u o t a t i o n s f o l l o w :
D a ily p r ic e s o f N o . 3 w h ite o a ts d u r i n g t h e w e e k w e r e :
„ .,
T e a r ago.
F r id a y , M a y 1 6 ...............................................................................431/2
28%
S a t u r d a y , M a y 1 7 ........................................................................4314
284
M o n d a y , M a y 1 9 .......................................................................... 43%
28%
T u e s d a y , M a y 2 0 .........................-..............................................43%
28%
W e d n e s d a y , M a y 2 1 ....................................................................4314
28%
T h u r s d a y , M a y 2 2 ........................................................................4314
28
R ye and B arley.
T h e o n ly i n t e r e s t in b a r l e y a n d r y e n o w is in t h e n e x t c ro p .
T h e n o r t h w e s t w ill r a is e t h e l a r g e s t c r o p o f b a r l e y it h a s e v e r
r a is e d .
I n p a r t s o f N o r t h D a k o t a t h e a c r e a g e w ill b e d o u b le
t h a t o f l a s t y e a r . T h e l a t e n e s s o f t h e s e a s o n in t h e R e d R i v e r
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The wheat will be weighed in by the state weighers. When
the flour and feed are loaded out, the cars will be sealed.
Reason for th e Experim ent.
“We have been very desirous of trying this experiment,
because the millers will some time find it necessary to grind
Canadian wheat. From the best information we can get, we
are convinced, notwithstanding the large influx of new set
tlers to the northwest, that the wheat acreage in Minnesota
and the Dakotas is less this spring than last. There is no in
ducement to the farmers to raise wheat. Nearly every other
cereal pays better, and the farmers are going into diversified
farming more and more.
“It seems, therefore, that if this is to be maintained as a
milling center, we shall have to look farther west and north
west for wheat. Manitoba is not tributary to Minneapolis.
Its natural outlet is via Ft. William. Assiniboia and Sas
katchewan are tributary to Minneapolis, and the route from
those provinces, via the Soo road, to Montreal is no farther
than over the Canadian Pacific.
“While we are particularly interested in grinding this
wheat in bond, every miller of the northwest is also interest
ed, and we should be glad if others would try it. If suc
cessful, it will benefit all alike. Farmers, also, are interested;
for, if the wheat can be ground profitably here, the price of
Canadian wheat will be advanced sufficiently so that it will
not demoralize European markets and react upon our own.
Perhaps some assurance should be given the millers and
grain dealers of Canada that none of the product of the
wheat will be sent back into Canada. Their opposition to
having the wheat come this way would then probably be much
less than at present. They fear that the millfeed may be
shipped into their markets.”
valley, owing to the rams, will induce a large sowing of bar
ley. At one small station six cars of barley have been bought
in Minneapolis for seed. Barley receipts last week were 5,000
bushels, and shipments 2,500. Elevator stocks 4,500 bushels,
compared with 19,000 a year ago.
Rye receipts last week, 2,100 bushels, and shipments 4,800.
Elevator stocks, 2,100 bushels, compared with 8,900 a year
ago. Rye quotations follow :
D a ily c lo s in g p r ic e s o f r y e d u r i n g th e w e e k w e r e :
F r id a y , M a y 1 6 . . . .
S a tu r d a y , M a y 1 7 ..
M o n d a y , M a y 1 9 ___
T u e sd a y , M ay 2 0 ...
W e d n e s d a y , M a y 21
T h u r s d a y , M a y 2 2 ..
56
56
56
56
56
55%
Y e ar ago.
49%
49%
49%
48%
49
49%
Closing W h eat Prices.
JU L Y W
F r i.
M ay
16.
M in n e a p o lis .............. ..............75%
Y e a r a g o ................ ..............72
C h ic a g o ....................... ............... 75
Y e a r a g o ................ ..............71%
D u lu th .................. — ............... 75%
K a n s a s C ity ........... ..............71%
S t. L o u is .................... ..............72%
N e w Y o r k ................... ..............80%
HEAT.
S a t. M on. T u e s . W e d . T h u r s .
M ay M ay M ay M ay M ay
17.
19.
20.
21.
22.
75%
75%
75%
75
74%
72%
72
72%
72%
72%
74%
74%
74%
74%
74
72%
72%
73%
73%
73%
75%
75%
75%
75%
75%
70%
71%
71%
71%
71 Vs
72%
72%
72%
72%
72
80%
80%
80%
80%
SO
SEPTEM BER W HEAT.
F r i.
M ay
16.
M in n e a p o lis ..............................71%
Y e a r a g o ............................... 69%
C h ic a g o ......... ............................ 73
D u l u t h ........... .............................73
K a n s a s C ity . ............................ 7034
S t. L o u i s ......... ........................... 72%
N e w Y o r k . . . . ............................ 78%
S a t. M on. T u e s . W e d . T h u r s .
M ay M ay M ay M ay M ay
17.
19.
20.
21.
22.
71%
72%
71%
71%
71%
68%
69%
69%
68%
73%
73%
73%
73%
73
73%
73%
73%
73
72%
70%
71
71
70%
71%
72%
72%
72%
72%
72%
78%
78%
78%
79%
78%
M IN N E A P O L I S C A S H , / H E A T , O F F I C I A L C L O S E .
F r i.
S a t. M on. T u e s . W e d . T h u r s .
M ay
M ay M ay M ay M ay M ay
16.
17.
19.
20.
21.
22.
N o. 1 H a r d . . . .............................78
78%
78
77%
'77%
N o. 1 N o r . . . ..............................76%
76%
76%
76%
76%
75%
N o. 2 N o r ___ .............................75%
72%
75%
75%
75
75
D U L U T H CA SH W H E A T .
N o. 1 H a r d . . . ........................... 78%
N o. 1 N o r . . . .............................70%
N o. 2 N o r . . . . ............................. 75%
M a n it o b a . . .
K A N SA S
C IT Y
N o. 2 H a r d . . ..............................74%
N o . 2 R e d . . . . ........................... 79
78%
75%
73%
CA SH
74
77%
78%
75%
73%
78%
753/4
73%
74%
78%
78%
753/s . 75%
73%
73%
74%
73%
W HEAT.
74%
77%
74
77
74
76%
74
76
40
T H E C O M M E R C IA L W E ST .
Saturday, May 24, 1902.
RAINFALL IN THE NORTHWEST.
May has been a wet month in the northwest. There
The rainfall at a number of points is shown in the fol
were ten days of general rains in Minnesota, and on seven lowing table:
of these rains extended over the Dakotas also. A heavy
R A IN F A L L , A T M IN N E S O T A A N D D A K O T A P O IN T S .
M arch M ay
local rain fell in the central part of Minnesota on the 22d.
A p ril.
1 to 23.
P a r t o f S ta te .
2.07 inches falling at Alexandria on that day.
In c h e s.
I n c h e s . T o ta l.
C r o o k s to n — N o r t h w e s t ................ ................ 3.32
3.34
6.66
All parts of the spring wheat territory have received suf M
o o r h e a d — N o r t h w e s t ................ ................ 5.88
5.12
11.00
o n te v id e o — C. W e s t e r n ........... ................ 2 .4 0
3.04
5.44
ficient moisture, and only the Red river valley has had too M
A l e x a n d r ia — C e n t r a l .................. .. ................ 1.85
*5.70
7.55
much. Moorhead, at the southern extremity of the valley, N e w U lm — C. S o u t h e r n ................ ................ 2.32
5.49
3.17
3 .4 4
4.87
has had 11 inches of rain since March 1, while Worthington, W o r t h i n g t o n — S. W e s t e r n ......... ................ 1.43
N O RTH DAKOTA.
in the southwestern part of Minnesota, has had 4.87 inches. B is m a r c k .............................................
2.86
During May, Huron, in central South Dakota, has had D e v ils L a k e ......................................
2.69
1.98 inches, and Aberdeen, in a wheat region of northern
SO U TH DAKOTA.
1.98
South Dakota which usually suffers from drouth, has had HA ub reor dn e—e nC—e nNt r. a lC e................................
n tra l . . . . . . . .
3.63
3.63 inches.
* H e a v y lo c a l r a i n f a l l o n M a y 22.
Flax.
No new features have arisen during the last week. The
tail of the crop steadily grows smaller, and the local oil mills
clean up everything in the shape of seed that comes in, at rel
atively high prices. No. 1 is quotable at the Duluth price,
and rejected at /l 2 @ 2c under. Receipts last week were 12,750
bushels, and shipments 10,300. Elevator stocks were reduced
15.000 bushels, to 218,700, as compared with 46,900 a year ago.
Last year, in the corresponding week, stocks were reduced
109.000 bushels.
Seeding in the flax country, i. e., the northern part of
North Dakota, has only just begun. The farmers have made
arrangements to carry on the work rapidly, and, with good
weather, seeding will be finished quickly. In the Red River
valley no flax has been sown. From Fargo north to Grand
Forks, in North Dakota, and to St. Vincent, in Minnesota,
the ground is very wet.
a
t
In the valley barley will be sown more largely than ever
before, and will in a measure take the place of flax. Six
cars of barley have been shipped from Minneapolis to one lit
tle station in the Red River valley for seed.
Flax quotations follow:
FLAX
F r i.
M ay
16.
M in n e a p o lis C a s h ..............1 .7 6
Y e a r a g o ..............................1 .6 7
J u l y ...................................... 1 .7 6
C h ic a g o C a s h .................... 1 .7 7
M a v ...................................... 1 .6 0
D u lu th C a s h .......................1 .7 6
S e p te m b e r .........................1 .4 5
O c to b e r .................................. 1 .4 1 %
P R IC E S .
S a t. M o n .
M ay M ay
17.
19.
1 .7 6
1 .7 5
1 .6 7
1 .6 9
1 .7 6
1.75
1.7 7
1 .7 7
1 .6 0
1.5 9
1 .7 5
1 .7 5
1 .4 7 % 1 .4 7 %
1 .4 3 % 1 .4 3 %
T ues. W ed. T h u rs.
M ay M ay M ay
20.
21.
22.
1 .7 5 % 1.7 4
1.73
1.7 3
1 .6 7
1 .7 1 %
1 .7 5 % 1 .7 4
1.74
1.7 7
1.7 7
1.76
1 .5 9
1.59
1.59
1 .7 5
1.7 4
1.75
1 .4 7
1.4 8
1.49
1 .4 3
1 .4 5
1.45
M inneapolis W eek ly R eceipts of Grain.
R e c e ip ts o f g r a i n a t M in n e a p o lis f o r t h e w e e k e n d in g
d a t e s g iv e n , w i t h c o m p a r is o n s , w e r e :
M a y 17.
M a y 10.
W h e a t, b u ....................................................598,400
651,500
34,400
C o rn , b u .......................................... ' .......... 21,000
O a ts , b u . .................................................... 54,300
76,700
B a r le y , b u ..................' .............................. 5,000
6,500
R y e , b u ........................................................... 2,100
7,300
F la x , b u ....................................................... 12,700
17,200
o n th e
M a y 3.
963,900
59,300
126,500
10,100
3,600
13,800
M IN N E A P O L I S A N D D U L U T H W H E A T R E C E I P T S .
M in n e a p o lis .
D u lu th .
C ars. Y e a r ago.
C ars. Y e a r ago.
F r id a y , M a y 1 6 ................................. 81
138
8
29
S a tu r d a y , M a y 1 7 ........................... 89
162
2
15
M o n d a y , M a y 1 9 ................................239
289
19
27
T u e s d a y , M a y 2 0 .......................... 69
53
11
11
W e d n e s d a y , M a y 2 1 ...................... 88
193
5
9
T h u r s d a y , M a y 2 2 ........................... 102
163
6
43
D A IL Y R E C E I P T S
O F C O A R S E G R A IN I N M I N N E A P O L IS .
C o rn . O a ts . B a r le y . R y e . F la x . D u lu th
C a r s . C a r s . C a r s . C a r s . C a r s . F la x .
F r id a y , M a y 1 6 ................ 6
4
0
0
1
4
S a tu r d a y , M a y 1 7 ........... 2
2
3
-1
3
2
M o n d a y , M a y 1 9 ................ 6
14
3
0
3
1
T u e s d a y , M a y 2 0 .............. 0
6
1
0
3
2
W ed n e sd ay , M ay 2 1 .... 3
11
2
1
2
1
T h u r s d a y , M a y 2 2 ........... 5
10
0
1
3
2
M inneapolis Flour O utput.
W e e k e n d in g M a y 1 7 ................................................................................306,900
F i r s t t h r e e d a y s t h i s w e e k . . . ................................................................ 181,000
E s t i m a t e f o r t h i s w e e k ............................................................................... 340,000
O n e la r g e m ill c lo s e d d o w n o n T h u r s d a y .
Export S h ip m en ts.
B a r r e ls .
. . .56,400
W e e k e n d in g M a y 17
New York Flour Market.
Liverpool W h ea t Prices.
J u l y c lo se . S e p t, c lo se .
F r id a y , M a y 1 6 ..................................................................... 6s ,l% d
6s 3% d
S a tu r d a y , M a y 1 7 * ...............................................................................
..............
M o n d a y , M a y 1 9 *..................................................................................
..............
T u e s d a y , M a y 2 0 * .................................................................................
..............
W e d n e s d a y , M a y 2 1 .......................................................... 6s l % d
6s 3 % d
T h u r s d a y , M a y 2 2 ...............................................................6s % d
6s 2 % d
* H o lid a y .
W H E A T I N R E G U L A R M IN N E A P O L I S E L E V A T O R S .
W e e k E n d in g
Y e a r A go.
M a y 17.
18,100
N o. 1 h a rd
,. 5,244,400
N o . 1 N o r ..
721,300
N o. 2 N o r.
11,500
N o . 3 .........
.. 2,439,800
S p e c ia l b in
The Journal of Commerce says: “Flour is in the old
rut, with mills asking former prices and buyers only taking
car lots as compelled, though the tendency on such a dull
market, with the grain declining, is to lower prices, which
might have been shaded 5c if anyone had had the courage
to bid that for more than a car lot. Sales are from $3.90
to $4.10 for country brands of spring patents and $4.10 to
$4.25 for merchant brands. Winter straights are jobbing
from $3.80 to $3.90 and are very scarce on the spot, while
mills are not selling to arrive under $3.90 to $4.00. Car lots
of No. 1 winter are selling at $3.25 to $3.35. All lower
grades are nominal.”
New Mills.
Two new northwestern mills were started last week, name
T o t a l ........................................................ 8,435,200
13,024,000 ly the 500-barrel mill of the Russell-Miller Milling company,
M in n e a p o lis d e c r e a s e ...........................
891,600
............ at Jamestown, N. D., and the 100-barrel mill of the A. H.
D u l u t h s t o c k s ............................................. 9,080,000
8,438,000 Kirk Milling company, at Fergus Falls, Minn. Both were
D u l u t h d e c r e a s e .........................................
882,000
.........
started by James Pye, northwestern agent for the Nordyke
C O A R S E G R A IN IN R E G U L A R M I N N E A P O L I S E L E V A T O R S . & Mormon company. Mr. Pye is also installing swing sifters
in the Campbell mill, at Austin, Minn.
W eek
W eek
C o rn ..............................................
O a ts ...........
B a r le y .....................................................
R y e ..........................................................
F l a x ........................................................
E n d in g
M a y 17.
3,500
64,600
4,500
2,100
218,700
E n d in g
M a y 10. Y e a r A go.
7,000
124,000
85,900
1,528,600
3,500
19,000
2,100
8,900
233,800
46,900
T h e A l b e r t D ic k in s o n C o .
DEALERS
IN
FLAX SEED
The Sheffield-King Milling Co.
H. H. King & Co., of Minneapolis, whose mill at Jordan
was recently burned, have given up the idea of building and
have, instead, consolidated with the Sheffield Milling company
of Faribault. The consolidation will be incorporated under
the name Sheffield-King Milling company, with a paid up
capital of $300,000. The head office of the company will be
in Minneapolis, and will be in charge of Mr. King, the vicepresident. B. B. Sheffield, who will be president, will look
after his elevator interests. The company will operate_ two
mills, one at Faribault and the other at Morristown, with a
combined capacity of 3,000 barrels.
GRASS SEEDS, CLOVERS,
BIRD SEED,
The June Crop Report.
BUCK-WHEAT, ENSILAGE CORN, POP-CORN,
On June 10 the agricultural department will issue the
BEANS, PEAS, CRAI N BACS, ETC.
first official report on spring wheat. It will give an estimate
M IN N E A P O L IS
925 G U A R A N TEE
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Federal Reserve Bank of St. Louis
O F F IC E :
BLDG.
CHICAGO
of the spring wheat area as well as the condition of both
spring and winter wheat, oats and clover as compared with
41
T H E C O M M E R C IA L W E ST .
Saturday, May 24,. 1902.
COAL STRIKE AFFECTS FLOUR TRADE.
Northwestern millers are feeling the effects of the coal
miners’ strike in Pennsylvania. The consumption of flour in
that great spring wheat flour using district has fallen off
materially, and the mills are selling almost nothing there.
The coal miners of Pennsylvania are among the largest
bread-eaters of the country, and they use almost exclusively
the best spring wheat flour. Every mill of any size in Min
nesota and the Dakotas has customers in the mining towns
of Pennsylvania, and that trade has fallen off, since the strike
began, so that many flour salesmen have been called in. A
Philadelphia flour jobber who was in Minneapolis this week
said that it was a useless expense to send out traveling men.
Although flour is, at present, by far the cheapest foodstuff
that can be purchased, the strikers are economizing even on
that.
ALL THE ROADS COME IN.
All the eastern trunk lines have agreed to the 20^20 ex
port rate on flour, Minneapolis to the seaboard. New York
basis. The understanding is that this rate will remain in
force until July 1, but millers believe there is no probability
of its being advanced. This is a concession to the millers of
2j/2c per 100 lbs. and was brought about by the determination
of western roads to aid the millers in their export business.
Notice has been given that the present domestic rates on
flour, Minneapolis to Chicago and Milwaukee, middle states
and Ohio river points, Missouri river points and St. Louis
will be withdrawn and the previous rate established on the
26th. The change will be as follows : To Chicago and Mil
waukee, from 9c to I 2 j j c ; to St. Louis, from 13c to 16c ; Mis
souri river points, from 14c to 2ij4c. The rate to New York
on domestic business, lake and rail, is 23c ; all rail, 25c.
MINNEAPOLIS FLOUR VIA NEW ORLEANS.
f
One hundred cars of Minneapolis flour were booked last
week for London, via New Orleans. The flour will go for
ward in June, as an experimental shipment, by the Washburn-Crosby company, to test the feasibility of this route,
for it is a new one for Minneapolis flour. It is also hoped
that the possibility of an export outlet via New Orleans may
be effectively used as a club on the eastern trunk lines, and
bring them to terms in the matter of discriminating against
export flour by favoring export wheat.
Arrangements for the shipment were made by W. M.
Hopkins, general freight agent of the Minneapolis & St.
Louis road. The route followed will be the Minneapolis &
St. Louis road to Albert Lea, Minn., where it will be taken
by the Illinois Central eastward to Freeport, 111., and then,
by the same road, in almost a direct line, to New Orleans.
The short line distance from Minneapolis to New Orleans,
via this route, is approximately 1,300 miles, as compared with
L3 7 5 miles to New York.
The shipment of flour, after leaving Freeport, will pass
through Cairo, a corner of Kentucky, the western part of
Tennessee, and traverse the entire length of Mississippi,
through the central part. The run is expected to be continu
ous, and good time is expected to be made to New Orleans.
At that port the flour will be taken by the Cuban Steamship
line.
The Illinois Central railroad has largely increased its
dock facilities at New Orleans, and is desirous of gaining a
share of the northwestern mills’ export business. The feasi
bility of this route to Europe, for flour, however, can hardly
be demonstrated by one shipment. The questions of stable
rates and assurance of satisfactory service will also have to
be settled. This will require time.
Milwaukee Grain Market.
( S p e c ia l C o r r e s p o n d e n c e to T h e C o m m e r c ia l W e s t.)
Milwaukee, Wis., May 21.—The local wheat situation is
nothing to brag about. The receipts have been very light
of all grains, not enough to supply the demand in wheat
and barley, and as a result, very little doing. Wheat is ingood demand for all good milling grades, while low grades
drag somewhat. Prices are a shade firmer and good milling
wheat will bring a premium over the options.
Barley remains very firm and active. There is not suffi
cient here to meet the requirements, especially of good
malting grades. The brewers and malsters are the only ones
in the market here, the mixers being out of it just now, there
being no demand from the east. However, the local buy
ers could take a great deal more than is coming. No. 2
sold for 73L2C and will easily bring 74c, if choice.
Oats have been weak, but today they firmed up a bit.
Where they sold a week ago for 45jjc, today they bring 44c.
No. 2 white will bring 44L2C. There is no demand from the
east, but a good local demand.
Rye remains dull, with very little coming, while corn is
firm and in good demand, but hardly any here.
The local mills are not running on full time, but still the
millers say they are doing fairly well, except for patents,
there being no demand for that class at all. The fact that
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Federal Reserve Bank of St. Louis
R oute
of
F
lo u r,
o ver t h e
M in n e a p o l i s to N e w O r l e a n s ,
I l l i n o i s C e n t r a l R oao .
cutting has been going on- in Minnesota has affected the
flour market here somewhat, so the millers say. Option
trading continues brisk, there being the usual heavy orders
from the outside. The weakness in wheat, however, yester
day caused a setback in trading, but the orders continued
coming today when the bulls got the floor.
Kansas Crop Report.
Fairview, May 19.—Last Saturday afternoon rain began
and continued for 24 hours. Vegetation is growing very
rapidly. The wheat was too far advanced to be helped very
much, for it had stooled scarcely any, and the head was
formed. The rain will carry through what there is, but I
do not think that the crop will be more than 20 or 25 per
cent of last year’s.
Some months ago the Washburn-Crosby company stated
that its E or Humboldt mill might be remodeled and enlarged.
This has now been decided upon, though no time has been
fixed for beginning the work. The Humboldt is about 2,200barrels capacity, but the foundation and lower part are large
enough to accommodate walls for a 3,000-barrel mill. This
will be the capacity of the new mill.
Flour in store at lake ports, lake line agents report, is
gradually being worked off, as the trade absorbs it.
Saturday, May 24, 1902.
T H E C O M M E R C IA L W EST.
42
Commercial West Crop Report.
ceipts were heavy and the demand only moderate. New
crop alfalfa will be on the market within a week.
Cash prices here today, on track, in car lots, were as fol
lows: Wheat—No. 2 hard, 74c; No. 3 hard, 73^@ 73^c; No.
2 red (soft), 77c; No. 3 red, 75@76c; futures, May, 7 2 ^4 @7 2 5 /8 ;
July, 71R2C; September, 7 iY&@ 7 ll/ 4 c - Corn—No. 2, 63^20;
No. 3, 63c; No. 2 white, 66R>c; No. 3 white, 6$ /l ^(a)66c; fu
tures, May, 62^0; July, 5 9 )4 c; September, 5 8 -H;@5 8 j4 'C;Oats
—No. 2, 43R2C; No. 3, 43c; No. 2 white, 44(0)44Rlc;No. 3
white, 43@43l4c; futures, May, 42^0; July, 32@32j^c.
N o r th w e s t cro p c o n d itio n s c a n n o t
w e ll b e im p r o v e d u p o n . D e v e lo p m e n ts
o f th e w e e k h a v e b e e n e n tir e ly s a tis fa c =
to r y . T h e r e h a s b e e n s p le n d id g r o w in g
w e a t h e r . F l a x s e e d i n g h a s b e g u n in
Crop Outlook in Great Britain.
th e fla x c e n te r o f N o r th D a k o t a . A r=
May 8: Crops are making very slow prog
r a n g e m e n t s h a v e b e e n m a d e t o p u s h ress,Broomhall,
and the optimistic opinions of the prospects of the com
ing wheat crop are no longer so loudly expressed. The pro
it r a p id ly .
verbial May wheat ear will have to hurry up if it is going
to put in an appearance before the first of June. 'I he old sav
ing that—■
Kansas City Grain Market.
A c o ld M a y is k in d ly ,
A n d fills t h e b a r n fin e ly .
(S p e c ia l C o r r e s p o n d e n c e to T h e C o m m e r c ia l W e s t.)
is undoubtedly true more often than not, but there are some
notable exceptions, as, for instance, in the year 1900,—when
the month of May was cold and harsh, as recorded in all our
weekly reviews of that time; the result as manifested by the
actual yield of the 1900 harvest was deplorable from a farm
er’s point of view, for the average yield of the whole country
was only some 28 bushels per acre, or nearly five bushels per
acre less than in the preceding year. A fortnight’s warm,
showery weather may yet greatly improve the situation, but
every day that the change is deferred renders the ultimate re
sult more hopeless.
Kansas City, May 20.—Rains were plentiful enough in the
winter wheat states this week to put an end to the cron
damage reports, temporarily at least, and prices of wheat and
corn here declined as a result. The reports of larger farm
holdings of wheat in Kansas and elsewhere are persistent
and were repeated so much this week that the market was
bearishly affected on this account. The receipts here Mon
day were the largest in a month but nearly all the wheat
came from Nebraska. The demand was better today than
of late. Elevators have been selling some wheat for export.
Local mills are not doing much. The soft winter wheat has
lost some of its premium because the new wheat of this
variety will soon be on the market and the Missouri crop,
The Russian Wheat Movement.
which is mostly of this kind, is in good shape.
Broomhall
says
: “As was to be expected, the export move
The corn demand dropped off, but is still fair, and the of
ferings are not large enough to cause much increase in ment from Russia has increased moderately, but we have to
stocks in store. It is simply a question of receipts in the repeat that there are no indications of any large shipments.”
corn market. There is demand enough to take care of
moderate offerings at around present prices, but any in
XTER, P r e s ’t.
F . A. R O E N N IG K E , S e c re ta ry .
crease in the country movement would in all probability put TJA.PM. EBA
S PA R R O T T , V. P r e s 't.
TR A V E E L M O R E , T re a s u re r.
prices materially lower. Nearly all of the speculative trad
ing now is in ‘‘spreads,” the buying of one option against
PARROTT-BAXTER GRAIN COMPANY
the sale of another and buying in one market and selling in
another.
C O M M IS S IO N ,
Oats sell slowly and prices are lower. I he stocks are
light, but not a large stock is needed.
105 Chamber of Commerce,
ST. LOUIS.
Hay prices declined $2.00 a ton here this week. The re Grain, Hay and Seeds.
W. R. Mumford Co.
CASH
AND
GEO. A. WEGENER
W. F. JOHNSON & CO.
FUTURES.
Grain, Seed and Provision
GRAIN, SEEDS AND PROVISIONS
HAY A N D M IL L S T U F F S .
M AIN'’OFFICE:
W. F. JOHNSON.
COMMISSION MERCHANTS.
O rd e rs fo r fu tu r e d e liv e ry c a re
f u l l y e x ec u te d . C o n sig n m en ts
a n d co rre sp o n d en c e so lic ite d .
528-532 RIALTO BUILDING, CHICAGO.
MINNEAPOLIS, 23 CHAMBER OF COMMERCE.
ST. LOUIS, 60 LA CLEDE BUILDING.
MILWAUKEE, II3 MICHIGAN STREET.
KANSAS CITY, 605-606 BOARD OF TRADE.
MEMBERS DIFFERENT EXCHANGES.
ROOM 59.
BOARD OF TRADE,
C H IC A G O .
McCormick Harvesting Machine Company.
J . D. M O U LD E R , G e n eral A gen t.
5 12 N orthern P a cific A v e n u e ,
=
F A R G O , INO. D A K .
1 9 0 2 M achines Now on E xhibiton at G en eral Office.
I. P . R U M SE Y .
F
M- b u N C H .
RUMSEY & COMPANY
SUCCESSOR S TO
RUMSEY,
LIOHTNER & CO-
CO M M ISSIO N
G ra in , P ro v isio n s a n d Seeds,
C ash a n d F u tu r e D e liv e rie s,
Maps of Northern Minnesota.
Indian Reservation Maps.
County Maps, and 6 inch and i2
inch Township Plats.
M ail o rd e rs receiv e p ro m p t a tte n tio n .
S end fo r lis t.
J E W E T T & SO N , 694 H olly A v e .,
St. P au l, M innesota.
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Federal Reserve Bank of St. Louis
M ERCH AN TS
9 7 Board of T rad e B u ild in g , CHICAG O .
Luther S. Cushing STATE BANK OF SHELDON,
Care and Management of
RE3A.L, ESTATE
John Townsend,
Endicott Building, ST. PAUL, MINN.
SHELDON, IN. D.
N e g o t i a t e M o r t g a g e s on B e s t F a r m s
in C a s s and R a n s o m C o u n ti e s .
L o a n s ru n fro m $400 to $800 p e r 160 a cres.
S am e fa rm s se llin g fo r $1,200 to $2,500. C orres
p o n d en ce w ith in v e sto rs is so lic ite d .
43
T H E C O M M E R C IA L W E ST .
Saturday, May 24, 1902.
LONDON WHEAT REVIEW.
(S p e c ia l C o r r e s p o n d e n c e
o f T h e C o m m e r c ia l W e s t.)
London, May 1.—F. Lenders & Co. say of the wheat
market:
“As regards the probable market movements, we consider
near positions perfectly safe and capable of a further en
hancement of values. The weakest spot in the situation is
the large quantity on passage, but in connection therewith
two points must be borne in mind. The first is, that stocks
in the principal importing countries are so small that there is
little doubt that the bulk of the early arrivals of white wheat
will be immediately ordered to their destinations, and compar-
5 a tiv e ly fe w o f f e r e d f o r r e s a le , a n d t h e s e c o n d p o i n t is, t h a t th e
quantity will soon be considerably reduced, as we cannot
expect much further contribution for this season from Cali
fornia, Oregon, or Australia.
“As to the more distant positions the question just now
is mainly one of weather. So far as Europe is concerned, it
is seldom that crop reports at this time of the year are so
unanimously excellent, but as America is still regarded as
the leader in the international grain market, much will de
pend on the progress of both their winter and spring sown
grain, and the weather during the ensuing four weeks will
no doubt be the dominating influence in fixing values.”
PUGET SOUND EXPORT TRADE.
(S p e c ia l C o r r e s p o n d e n c e
o f T h e C o m m e r c ia l W e s t.)
Seattle, May 20.—The foreign trade cleared and entered
through ports included in the customs district of Puget
sound still continues to show a very rapid growth. For the
month of April the exports from the district amounted in
value to $2,416,427 as compared with $1,907,515 for the cor
responding month of last year. In the matter of imports
there -is a slight decrease shown by the statistics for the
month, the values being $630,663 for the month just ended
as compared with $642,171 fr- the corresponding month of
last year. However taking the first four months of 1902
the showing is much more favorable. The imports for the
four months this year amounted in value to $4,412,828 as
compared with but $2,442,536 for the corresponding period
of last year. The exports from the district for the four
months period amounted in value to $14,292,138 as com
pared with $7,752,268, the value of the exports for the cor
responding period of last year. A notable feature of the
month’s figures in exports was the falling off in the flour
exports. The amount of flour exported during the month
was but 50,278 barrels, as compared with 101,171 for the
corresponding month last year, and 172,000 for the preced
ing month this year. This is due to the almost remarkable
dullness of the Chinese market. But little flour is now being
exported from the coast to China or Hong Kong. The
markets of South Africa and Siberia continue to take nor
mal quantities of Washington flour.
The imports for the first four months of 1901 and,the first
four months of 1902 were:
1901.
1902.
J a n u a r y ................................................................... . $2 ,2 1 0 ,5 0 6
$5 ,1 4 1 ,0 8 7
F e b r u a r y .................................................................
2 ,1 1 5 ,3 6 9
3 ,2 5 1 ,5 3 6
J 518 878
3 ,4 6 3 ,0 8 8
A p ril ..........................................................................
1 ,907^515
2 ,4 1 6 ,4 2 7
. $7 ,7 5 2 2 6 8 $1 4 ,2 7 2 ,1 3 8
The exports from Puget sound during the first four
months of 1901 and 1902 were:
1902.
1901.
J a n u a r y ....................................................................
$6 5 4 ,4 4 7
$1 ,1 9 1 ,6 9 7
F e b r u a r y .................................................................
134 248
1 ,3 5 3 ,4 1 3
1 ,0 1 1 ,6 7 0
1 ,2 3 7 ,0 5 5
A p ril
..........................................................................
T o ta l
...................................................................
6 4 2 ,1 7 1
6 3 0 ,6 6 3
. $2 ,4 4 2 ,5 3 6
$4 ,4 1 2 ,8 2 8
The elevator owned by Smith, Hippen & Co., at Pekin,
., was destroyed by fire. The elevator contained 60,000
bushels of grain. The loss is estimated at between $85,000
and $100,000.
111
To W in S u ccess
in B u sin ess
You m ust stop all leaks in your profits. Leaks
occur th ro u g h lack of system. If you knew
where they were, you would, of course, try to
rem edy the m atter. W e make it our business to
find these leaks and then furnish a remedy. W e
devise m ethods of executing business th a t greatly
reduce the expense and enable you to conduct
your business with the least friction. O ur
m ethods facilitate shipm ents, prevent delays in
billing, make a double check on all ledger entries
—and best of all—allow’ you to see at the close
of each day the exact condition of your affairs.
BAKER=VAWTER SYSTEM
are being used now by thousands of the largest
M anufacturers, Jobbers, B anks and T ru st Com
panies in the country. W e have at present some
A ccountants in your city devising system s for
some of the largest houses of the N o rth west.
D rop us a line or telephone and one wall call on
you and explain our methods. An interview
costs you nothing.
BAKER=VAWTER CO.,
Accountants, Auditors, Devisers of Business Systems.
655 Chamber of Commerce Bldg.,
»
CHICAGO, ILL.
M I N N E A P O L I S O F F IC E :
4 2 8 G u a r a n t y B u il d in g ,
T el. 1 7 5 1 -2 .
S T . P A U L O F FIC E :
101 E a s t F o ur th S t . ,
T e l . M a i n 6 19 .
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Federal Reserve Bank of St. Louis
The Van Dusen-Harrington company, of Minneapolis,
will open an office in Milwaukee within a day or two, and it
is thought they will do their “hedging” in this market from
now on instead of in Chicago, as formerly.
Why Not Go West?
Special summer excursion rates from all points on the
Minneapolis & St. Louis R. R. to Denver, Colorado Springs,
Pueblo, Salt Lake City, Ogden and Hot Springs, Deadwood,
Lead and Custer, in the Black Hills, S. D. On June 22 to
24, July 1 to 13, Aug. 1 to 14, 23, 24, 30 and 31, and Sept.
1 to 10, a special low rate of less than one way fare for round
trip is offered to above points. On June 1 to 21, 25 to 30,
July 14 to 31, Aug. 15 to 22, 25 to 29, and Sept. 11 to 15, a
special low rate of one far plus $2 for round trip to above
points is offered. Stop-overs will be granted and final limit
of tickets is Oct. 31, 1902. For further information call on
local ticket agents or address A. B. Cutts, G. P. & T. A.,
Minneapolis, Minn.
“ Continental's” New Record.
The Wabash “Continental Limited” has made a new rec
ord between Decatur and St. Louis, cutting two minutes off
the best previous record.
Engineer Braddock, with No. 607, a new high-speed en
gine, made the 105 miles from Decatur to Granite City in ior
minutes. A five-minute stop was made at Litchfield, making
the actual running time ninety-six minutes, an average of
65.4 miles for the whole distance. Best previous time was
ninety-eight minutes.
From Staunton to Carpenter, 10.2 miles, the time was
seven minutes, or at the rate of 87.42 miles an hour.
The forty-seven miles from Boody to Honey Bend were
made in forty minutes—70.5 miles an hour.
The train departed from Decatur an hour and forty min
utes late, and had, besides the regular equipment, President
Ramsey’s private car. Wabash officials say that the new
engines will make a hundred miles an hour before the summer
is over.—St. Louis Republic, April n .
44
T H E C O M M E R C IA L W EST.
Saturday, May 24, 1902.
“ B R E A D IS T H E S T A F F O F LIFE. ” - S W I F T .
Pillsbury’s Best
Flour
W ithout a Rival and
W ithout a Peer.
All that Science, Skill and Capital can do
has been done for this Celebrated Brand.
Pillsbury’s Best
Marks the Zenith of Flour Making* in the Twentieth Century.
Pillsbury-Washburn Flour Mills Co., Ltd.
MINNEAPOLIS, MINNESOTA.
COMMERCIAL WEST MARKET REVIEWS.
B a r n u m G r a in c o m p a n y M in n e a p o lis , M a y 22: T h e r e c o n
t i n u e s to b e a n u t t e r la c k o f o u ts id e s p e c u la tiv e tr a d e , w h ic h
is th e g r e a t e s t f a c t o r o f w e a k n e s s in th e s i t u a t i o n . S e n t i m e n t
is b e c o m in g m o r e b e a r i s h d a i l y —s o m e o f t h e w e ll in f o r m e d p r e
d ic tin g 65 c e n t s f o r J u l y w h e a t in C h ic a g o . T h is lo o k s r a t h e r
low .
V a n D u s e n - H a r r i n g t o n c o m p a n y , M in n e a p o lis , M a y 22: T h e
m a r k e t w ill w o r k lo w e r u n le s s t h e r e is a m a t e r i a l in c r e a s e in
th e v o lu m e o f tr a d e .
* *
*
A r m o u r G r a in C o m p a n y , C h ic a g o , M a y 22: I t is g e t t i n g to b e
a r a t h e r m o n o to n o u s w h e a t s to r y , d u lln e s s a n d s o m e w e a k n e s s .
I t is a c a s e o f in d if f e r e n c e in tw o i m p o r t a n t d ir e c tio n s , th e o u t
s id e s p e c u l a t o r a n d t h e f o r e ig n e r .
*
*
*
K n ig h t, D o n n e lle y & C o.. C h ic a g o , M a y 21: W e s t i l l fe e l
v e r y b u llis h o n c o rn a n d e x p e c t i t to s e ll a b o v e 70 b e f o r e th e
s u m m e r is o v e r.
* *
*
H u lb u r d , W a r r e n & C o., C h ic a g o , M a y 21: F r o m a s p e c u l a
tiv e s t a n d p o i n t b o th t h e b u lls a n d b e a r s a r e d i s a p p o i n te d in t h e
m o v e m e n t o f p r ic e s , a s t h e y d o n o t g o f a r e n o u g h in e i t h e r
d ir e c tio n to a f f o r d m u c h i n d u c e m e n t to t h e s p e c u la to r . I t s e e m s
to b e a c a s e o f a b u llis h c a s h s i t u a t i o n o n o n e h a n d , a n d b e a r i s h
c ro p s i t u a t i o n o n t h e o th e r , w i t h n e i t h e r in flu e n c e p o w e r f u l
e n o u g h to o v e rc o m e t h e o th e r .
T h is is p a r t i c u l a r l y t r u e in
c o a r s e g r a in s , a l t h o u g h in w h e a t w e c a n n o t o u r s e lv e s r e g a r d
t h e d o m e s t ic c ro p s i t u a t i o n a s e s s e n t i a l l y b e a r is h , a n d t h e h e r e
to f o r e u n if o r m ly f a v o r a b le a d v ic e s f r o m
E u ro p e a re in te r
r u p t e d b y s o m e c o m p la in ts f r o m t h e c o n t i n e n t o n a c c o u n t of
c old , w e t, u n s e a s o n a b le w e a th e r .
>|c
if
J o h n H . W r e n n & C o., C h ic a g o , M a y 21: S to c k s — W e h a v e
a m p le c o n fid e n c e in th e s i t u a t i o n fr o m a n i n v e s t m e n t p o in t
of v ie w , a n d b e lie v e t h a t 'th e e a r n i n g s o f t h e r o a d s w ill b e
g r a t i f y i n g a n d t h a t t h e d iv id e n d s a r e s a f e a n d s a t i s f a c t o r y o n
a ll th e m o r e p r o m i n e n t r a i l r o a d e n te r p r is e s .
T h e o u tc o m e of
th e c ro p s e e m s to p r o m is e w e ll, a n d w e s e e n o r e a s o n w h y w e
FINE TRAIN SERVICE FOR OMAHA.
The Omaha road commences tomorrow the best train serv
ice ever put on between Minneapolis and Omaha. The “Oma
ha Limited” will have, in addition to its present luxurious
equipment, a buffet smoking library coach in which passen
gers can enjoy as much comfort as in a first class club.
While Minneapolis and St. Paul travelers have enjoyed buffet
coaches on Chicago trains, such good service has never been
offered to Omaha and the southwest before. The “Omaha
Limited” will leave Minneapolis at 8:30 p. m., St. Paul 9:05,
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Federal Reserve Bank of St. Louis
s h o u ld n o t h a v e a s t e a d y m a r k e t a r o u n d th e s e p ric e s . T h e r e
c e n t d e c lin e h a s s h a k e n o u t a g r e a t m a n y o f t h e w e a k h o ld e rs ,
c a u s e d e x te n s iv e l i q u id a tio n a n d h a s p la c e d s e c u r i t i e s o n a
m u c h b e t t e r b a s is . I t is q u ite e v id e n t to o u r m in d s t h a t w e a r e
in a m o r e s a t i s f a c t o r y c o n d itio n f o r t h i s s e a s o n , b u t i t d o e s n o t
n e c e s s a r il y in s p ir e u s w i t h a n y c o n fid e n c e t h a t a f r e s h s p e c u
l a tiv e m o v e m e n t w ill b e u n d e r t a k e n .
jjc
>!-'
*X*
C a r r in g to n , P a t t e n & C o., C h ic a g o , M a y 21: T h e t a l k o f w e t
w e a t h e r in th e n o r t h w e s t is p la y e d o u t w i t h t h e s p e c u la to r , so
th e o n ly h u ll m o tiv e h a s te m p o r a r i l y d is a p p e a r e d .
T h e r e is
s u c h a t h i n g a s g e t t i n g to o o n e - s id e d on th e s e v e r y d u ll m a r
k e t s ; b u t th e p r e s e n t o n e lo o k s a s if i t s b e n t w a s d o w n h ill.
W . R . M u m fo rd C o m p a n y , C h ic a g o , M a y 21: A f e a t u r e in th e
o a t s i t u a t i o n d u r i n g t h e p a s t w e e k w a s t h e n a r r o w i n g o f th e
p r e m iu m f o r w h ite o a ts o v e r t h e M ay . I t is g e n e r a l ly b e lie v e d
t h e r e a r e v e r y l i t t l e o a ts in t h e c o u n t r y to c o m e f o r w a r d , a n d i t
h a r d l y s e e m s p o s s ib le t h a t a d e a l e r o r f a r m e r w o u ld h o ld h is
c a s h o a ts w h e n t h e d is c o u n t of J u l y is so h e a v y u n d e r M ay .
S e e m s m o re n a t u r a l to p r e s u m e t h a t if a c o u n t r y d e a l e r w a s a t
a ll b u llis h h e w o u ld c o n s ig n h is c a s h o a ts a n d b u y th e N e w J u ly .
W e w o u ld n o t b e s u r p r i s e d to s e e t h e N e w J u l y o a ts s e ll h ig h e r .
*
*
*
J a m e s D o r a n & C o., S t. P a u l : T h e r e h a s b e e n e n o u g h h e a r
n e w s p u m p e d i n to t h e w h e a t m a r k e t in th e l a s t w e e k to b r e a k
th e p r ic e fiv e c e n t s if i t w a s b e lie v e d . T h e t e m p e r o f t h e t r a d e
is g e n e r a l ly b e a r is h .
M o s t o f t h e C h ic a g o l e t t e r - w r i t e r s a r e
b u s y te l l i n g o f t h e v a s t im p r o v e m e n t in th e s o u th w e s t.
Y et
th e r e t u r n s s h o w l i g h t y ie ld s in e a r l y T e x a s th r e s h i n g , a n d th e
K a n s a s M ille r s ’ A s s o c ia tio n s a y s t h a t s t a t e w ill n o t r a is e o v e r
35,000,000 b u . T h e y te ll u s t h a t s o u t h w e s t e r n f a r m e r s a r e h o ld
in g a n u n u s u a ll y la r g e p r o p o r tio n o f l a s t y e a r ’s c ro p . I t is v e r y
q u e e r t h e y a r e n o t s e ll in g i t a t t h e h a n d s o m e p r e m iu m w h ic h
w in te r w h e a t co m m an d s.
T h e r a i l r o a d s a n d r e lia b le c o r r e
s p o n d e n ts in t h e n o r t h w e s t s a y th e s p r i n g w h e a t a c r e a g e w ill b e
s h a r p l y re d u c e d . B u t t h e C h ic a g o p i t f a r m e r s s a y th i s is a ll
a m is ta k e .
T h e p r ic e h a s d is c o u n t e d a ll t h e b e a r i s h n e s s a n d
t h e p u r c h a s e r o f w h e a t , w i t h a l i t t l e n e r v e a n d p a tie n c e , h a s th e
b e s t s id e o f t h e p r o p o s itio n .
arriving at Omaha 8:45 a. m. Northbound, the “Twin City
Limited” will leave Omaha 7:55 p. m.. arriving at St. Paul
7:35 a. m., Minneapolis 8:10 a. m. As an additional ac
commodation to passengers from Duluth and the Lake Su
perior country, the “Twilight Limited” will leave Duluth at
4 p. m., instead of 4:30, arriving at St. Paul 8:55 p. m., where
direct connections will be made with the new “Omaha Lim
ited,” and Minneapolis at 9:35 p. m., thus reducing the time
from Duluth to Omaha over two hours over* the previous
lastest time and 25 minutes to the Twin Cities. The new
service will be much appreciated by Twin City-Omaha trav
elers.
45
T H E C O M M E R C IA L W E ST .
Saturday, May 24, 1902.
Barnum Grain Go. L. Bartlett & Son M. G. Rankin & Co.
M . G . R a n k in .
C. B . P ie r c e .
COMPANY,
M inneapolis
and Duluth.
GRAIN and COMMISSION
MERCHANTS.
COMMISSION MERCHANTS.
903-905 Herman Bldg., MILWAUKEE.
420 Guaranty Bldg., MINNEAPOLIS.
BRANCHES:
Minneapolis, St. Louis, Kansas City, Chicago.
FEEDING STUFFS
and GRAIN.
2 3 C H A M BER OF C O M M ER C E,
B r a n , M i d d l in g s , M i x e d F e e d
L o w G rad e F lo u r .
M IL W A U K E E .
Hulburd, W arren & Co.
C a p ita l, $ 2 5 0 ,0 0 0 .
S u r p lu s $ 5 0 ,0 0 0 .
COMMISSION MERCHANTS, GRAIN AND PROVISIONS.
Receiving - Shipping = Futures. Business Solicited in Any Department.
O F F IC E R S : W. S. W a rre n , P r e s id e n t; A. C. D av is, V ic e -P re s id e n t; C h a rle s H . H u lb u r d
T r e a s u r e r ; C. J . N o rth r u p , S e c re ta ry .
D IR E C T O R S : C h a rle s H . H u lb u rd , W. S. W a rre n , A. C. D a v is, D. H . W in a n s, C. J . N o rth ru p .
JER SEY M ALT
SPROUTS.
oil
M e a l.
CARRINGJON,
PATTENj COMPANY
6 AND 8 SHERM AN
ST.
Successors to
CARRINGTON, HANNAH & CO.
Commission Merchants
G r a i n , P r o v is io n s ,
Stocks & Cotton.
47 B oard of T rade, C H IC A G O .
M em bers Chicago Board of Trade.
KNIGHT,
D O N N E LLE Y
&co.
Henry Hemmelgarn.
H. HEMMELGARN & CO.
GRAIN
PROVI SI ONS
—
Phillip H. Schifflin.
COMMISSION MERCHANTS.
2 1 7 LA SALLE ST. (ROTUNDA, TH E ROOKERY)
M embers Y
N
C
C
E W
Y O R K ST O C K E X C H A N G E
Y o r k C o f f e e E x c h a n g e
S t o c k E x c h a n g e
h ic a g o
B o a r d o f T r a d e
GRAIN,
e w
SEEDS
h ic a g o
AND
PROVISIONS.
Bank Stocks and Unlisted Securities
315-319 RIALTO BUILDING,
CH ICAGO ,
M ilm ine, B odm an
&
Co.,
STOCKS, BONDS,
G RAIN ,
PRO V ISIO N S,
COTTON.
5 & 7 B o ard of
T r a d e , C h ic a g o .
A. 0. Slaughter
& Company
BANKERS and BROKERS
N e w Y o r k Offices
4 0 1 Produce Exchange.
Minneapolis Office:
J. C. VERH0EFF, Manager.
Armour Grain
Company
Bart!ett,Frazier & Co.
STO C K S
AND
BONDS
G R A I N and P R O V I S I O N S .
115-117 La Salle Street, Chicago
W estern U n io n B ldg., C hicago.
No. 7 New S t., New Y ork.
M in n o a p o lis—M ilw aukee.
MEMBERS
N ew Y ork S to c k E x c h a n g e , C h icag o S tock
E x c h a n g e , C hicago B o ard of T rad e .
WEARE
C om m ission C o .,
GRAIN, PROVISIONS,
GRAIN S S .
STOCKS and BONDS.
PRIVATE W IRES TO ALL PRINCIPAL
EXCHANGES OF THE UNITED STA TES.
MEMBERS:
C h ic a g o B o a r d o f T ra d e, N e w York
S to c k E x c h a n g e , N e w Y o r k P r o d u c e E x
c h a n g e , N e w Y o r k C o ffe e E x c h a n g e .
C h ic a g o S to c k E x c h a n g e , L iv e r p o o l C orn
T r a d e A s s o c ia tio n , N e w Y o r k C o tto n E x
c h a n g e , M ilw a u k e e C h a m b er o f C o m
m e r ce .
P R IV A TE W IR E S TO A L L
POINTS.
J A M E S P . S M IT H
& CO.
GRAIN MERCHANTS,
417-418
205 La Salle
Street,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ILLIINOIS.
Members Chicago Board of Trade.
CHICAGO Old Colony
Building,
CHICAGO
R ia lt o
B u il d in g ,
C HIC A G O
O rd e rs in o p tio n s c a re fu lly ex ec u te d
46
T H E C O M M E R C IA L W EST.
W illia m C om m ons,
F r a n k W . C om m ons,
H o w a rd W. C om m ons.
COMMONS & CO.
Saturday, May 24, 1902.
THE V A N DUSEN-HARRINGTON CO.
C O M M IS S IO N
f n
A T \T
M INNEAPO LIS
and DULUTH.
M ERCH ANTS,
ST. P A U L.
LIVE STOCK SOUTH
Grain Commission Merchants
Minneapolis and Duluth.
Receivers and Shippers of
Wheat, Coarse Grains and
Flaxseed. Orders for Fu
ture Delivery Executed in
all Markets.
George W. Peavey.
Frank T. Heffelfinger.
J. H v
S y s te m
CARGILL
COMMISSION CO.
D u l u t h a n d M in n e a p o l i s .
Duluth.
E le v a to rs
MINNEAPOLIS.
Kansas City.
Omaha.
The St. Anthony Elevator Co.
C a p a c it y , 3 ,2 5 0 ,0 0 0
B u s h e ls .
GRAIN MERCHANTS AND WAREHOUSEMEN.
Room 322 Flour Exchange.
Wm. H . D unwoody, P r e s id e n t.
J ohn Washburn , V ic e-P re sid en t.
MINNEAPOLIS, MINN.
Chas . J . Martin , Sec’y a n d T reas.
W . G. Ainsworth , G en’l M anager.
G regory, Cook
& Co.
PROPRIETORS, COMMANDER M ILLS,
DULUTH, M INN.
M IL L E R S .
B. H.WOODWORTH, Pres’t. E. S.WOODWORTH, V-Pres’t.
R. P. WOODWORTH, Sec’y & Treas.
Grain, Commission and Stock Brokers,
Frederick B. Wells.
Charles F. Deaver.
V
Branch Offices:
Chicago.
C o m m is s io n M e r c h a n ts .
T H O M A S & CO.
V
G ra in E le v a to rs w ith th e la rg e st
any E le v a to r System in th e
s ta te s , 35,800,000 b u sh els.
HEADQUARTERS:
Daily Capacity, 1,000 Barrels.
M IN N E A P O L IS , M IN N .
ri
E m b ra ce s th e g re a te s t n u m b e r of
a g g re g a te s to ra g e c a p a c ity of
w o rld . T o ta l c a p a c ity in e ig h t
G r a in a n d
W O O D W O R TH
E L E V A T O R CO.,
n
of G rain
Chicago Correspondents:
ARMOUR GRAIN COMPANY.
I ì p
r |^ M p
Manufacturers of Highest Grade Spring Wheat Flour.
Bran, Shorts and Mixed Feed.
46 Chamber of Commerce, Minneapolis
Diamond Elevator & Milling Co.
G R A IN
CORNM EAL
D a ily M a rk e t L e tte r F re e on A p p lic a tio n .
C ham ber of C om m erce.
MINNESOTA GRAIN CO.
Paid-up Capital, $50,000.
N. O. W ern er, P re s .
C. M. E eese, V .-Pres.
C. A. W ern er, Sec. & T rea s. L . H . P a ig e , M gr.
Corn Exchange, MINNEAPOLIS, MINN.
M IL L E R S .
M IL L E R S .
M AN UFAC TU RER S AND D E A L E R S IN
Rye, Graham, Buckwheat, Entire Wheat and Spring Wheat Flour.
R olled O ats, H om iny,
Ground F eed, Etc.
B est Facilities for
Loading M ixed C ars.
M IN N E A P O L IS , M IN N .
Ceresota Flour
......................—
M a K e f th e "Best B r e a d
■—
A million housekeepers say so by using it in prefer
ence to any other, but we don’ t ask you to believe
without the proof. Try C E R E S O T A F L O U R
in your next baking and then decide for yourself.
Every Sack Warranted
M oney back if you are not satisfied
---------------------------------M a n u f a c t u r e d b y
....................
The Northwestern Consolidated Milling Co.
Minneapolis, Minnesota.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
47
T H E C O M M E T CT AL W E ST .
Saturday, May 24, 1902.
W e o \ i{* K i
to chcvrgfe more
ttv c v iv w e d o . ”
m
m
m
W ô o tü i;
/tj
W \ S H B U I< N C R p S B Y ,C O
A U N N C A P O U S , M INN
E L E C T R IC S T E E L E L E V A T O R CO.
C a p a c it y , 1 , 7 0 0 , 0 0 0 B u sh e ls .
E. L. W elch .
E. L . Welch & Co.
G r a in C o m m is s io n .
Grain D e a l e r s and W a r e h o u s e m e n .
S T R IC T L Y F IR E P R O O F E L E V A TO R S
NO IN S U R A N C E N ECE S S A R Y
Office 412 Corn Exchange,
C. A . JVlalmquist.
400 Corn Exchange.
MINNEAPOLIS, MINN.
MINNEAPOLIS.
CARTER, SAMMIS & CO.
The McCaull-Webster
Grain Company,
14 Chamber o f Commerce, MINNEAPOLIS.
Room 701 Board o f Trade, DULUTH.
O l d e s t C o m m is sio n H o u s e in t i ie T r a d e
GRAIN COMMISSION MERCHANTS.
W e e x ec u te o rd e rs fo r f u tu r e de liv e ry in a ll
m ark ets. W e b u y a ll cla sses of g ra in on tra c k .
GRAIN C O M M IS S IO N , Minneapolis, Minn.
D u lu th
M ilw a u k e e
C h ic ag o
E. A. BR O W N & CO.
J. F. Whallon .
Geo. P. Case .
Geo. C. B agley .
Chas . M. Case .
Whailon, Case & Co.
" ' c o ' " ’ 1’ Grain Commission Merchants,
522 Corn Exchange, Minneapolis, Minn.
Liberal Advances made on Consignments
STOCKS, BONDS, G R A IN and P R O V ISIO N S.
C h a m b e r of C o m m e r c e ,
MEMBERS:
M IN N E A P O L IS .
E. S. WOODWORTH &.C0.
New York Stock Exchange, Chicago Board of Trade, Minneapolis Chamber of Commerce.
A . IN I)
VAN N E S S & W IL S O N ,
G R A IN
AND
609-610 Rialto Building, CHICAGO.
M em bers:
C H IC A G O B O A R D O F T R A D E . R eferen ces: C o r n E x c h a n g e N a t i o n a l B a n k .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Minneapolis, Duluth, Milwaukee and Chicago
ORDERS FOR FUTURES
EXECUTED IN ALL M ARKETS.
P R O V IS IO N S ,
SOLICIT YOUR ACCOUNT.
SHIRP1IVG
COiVLVlISSlOIV.
E. S.
W o o d w o e t h , P re s id e n t.
G. P . H a r d i n g , V ic e-P re sid en t.
W. S. W o o d w o r t h , Sec’y a n d T reas.
T H E C O M M E R C IA L W EST.
43
HL POEHLER COMPANY,
E s ta b lis h e d 1855. In c o rp o r a te d 1893.
Saturday, May 24, 1902.
GEO. D. COOK GO.
INVESTMENT
SECURITIES.
GRAIN COMMISSION MERCHANTS,
M in n e a p o lis
and
D u lu th .
Also Member of Chicago Board of Trade and Member of Milwaukee Chamber of Commerce.
The National Bank of Commerce,
M in n e a p o lis , M in n .
C ap ital and Surplus,
-
O F F IC E R S :
S. A. H arris , P re s id e n t.
H. H. T hayer, V ice-P resid en t.
$ 1 ,2 0 0 ,0 0 0 .
A. A. Crane , C ashier.
W. S. H arris , A ss is ta n t C ashier.
W e give special attention to out=of=town investments and
speculative accounts.
Our private wires and our connec=
Counselman Bldg.,
238 La Salle St.,
CHICAGO.
Broad Exchange Bldg.,
25 Broad Street,
NEW YORK.
W e Buy and Sell
MEXICAN GOVERNMENT
AND STATE BONDS.
Write for descriptive lists to
Geo. D. C ook C om pany,
NEW YORK.
CHICAGO.
tions with all of the principal exchanges enable us to give
prompt and
accurate service.
JAM ES DORAN & CO. 9
Bank Building,
C. D. H O L B R O O K & CO.
ELEVATOR
w MËSm
Correspondence invited.
Commercial Paper, Local Stocks and Bonds, In
vestment Securities. Correspondence invited.
Guaranty Building,
-
-
-
Minneapolis.
PIPER & CO.
HOIT GRAIN CO.
F la x S e e d i t nel
C o m m iss io n ...
R e ce iv e rs and Sh ip p ers.
m a c h in e r y
MINNEAPOLIS, M IN N .
ST. PAUL, MINN.
EUGENE M. STEVENS.
Correspondence.
M IN N E A P O L IS , MINN.
Correspondence and
Business Solicited.
3 08 G r a in E x c h a n g e , M i n n e a p o l i s , M in n .
AMERICAN LINSEED CO.
M on ad n ock
1 0 0 W illia m
Building:,
C hicago
S treet, N ew Y ork
__ MANUFACTURERS OF___ — .
L inseed Oil, C ake and M eal.
B ran ch es in all of th e Principal
C ities of th e U nited S ta t e s .......
E S T A B L I S H ED
1 8 7 9.
Minneapolis W OODW ARD 4 C O ., G R A IN COM M ISSION.
O R D E R S F O R F U T U R E D E L IV E R Y E X E C U T E D IN A LL M A R K E T S .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
@FedFRASER