Full text of Commercial West : May 6, 1905, Vol. VII, No. 18
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W E S T E R N IN V E S T M E N T S , M A N U F A C T U R IN G , M IL L IN G A N D G R A IN .
THE SO U TH W EST.
T H E C E N T R A L -P A C IF IC W E S T .
VOL. VII
No. 18
SATURDAY, MAY 6, 1905
CA PI T AL , ON E M I L L I O N DO LLARS, S U R P L U S , ONE M I L L I O N DOL LA RS
O F F IC E R S :
B y r o n L. S m it h , - - President
P. L . H a n k e y , - Vice-President
G e o r g e F. O r d e , - - - Cashier
T h o m a s C. K in g , - Ass’t Cashier
S o lo m o n A. S m it h , Ass’t Cashier
R o b e r t M c L e o d , - Ass’t Cashier
A r t h u r H e u r t l e y - Secretary
H. O. E d m u n d s , Ass’t Secretary
H. H. R o c k w e l l , Ass’t Secretary
E. C. J a r v is , - - - - Auditor
The
THE N OR TH W EST.
T h e
o r t h e r n
C O M PAN Y •
Rookery
F is k &
N
BA N KI NG ,
SAVINGS,
T r u s t
C III ( A t ; O
FOR EIG N ,
AND
R o b in s o n
T RU ST
Government Bonds
CHICAGO .
DEPARTMENTS
FIRST
TRUST
SAVINGS
BANK
B ankers
Chas. E. Lewis & Co.
412 to 415 Chamber of Commerce
M INNEAPOLIS
AND
and other
Investment Securities
M
embers
N
ew
York
Stock
E xchange
edar
Street
28 S t a t e S t r e e t
NEW YORK
C H I C A G O
BOSTON
THE M INNESOTA
LOAN & TRUST CO.
Minneapolis, Minnesota
Private Wires
Telephone M. 1568
GRAIN,
P R O V ISIO N S ,
STO CKS, BONDS
New York and Chicago Correspondence
F IR S T N A TIO N A L B A N K BUILDING
35 C
D IRECTO R S:
A . C. B a r t l e t t ,
C. L. H u t c h in s o n ,
J. H a r l e y B r a d l e y ,
M a r v in H u g h it t ,
W il l i a m A . F u l l e r ,
M a r t in A . R y e r s o n ,
A lb e r t A . S pragu e,
S o lo m o n A . S m it h ,
B y r o n L. S m it h .
Bart] ett, Frazier & Carrington
M
Interest allowed on Saving’s
accounts at the rate o f three
per cent per annum.
Acts as Trustee, Guardian,
Registrar, Etc. Etc.
Estates Adm inistered,
Special attention given to
investments.
embers
of
all
P
Pringle, Fitch & Rankin
rin cipal
E xchanges
Charles Hathaway & Co.
Dealers in
COMMERCIAL PAPER
C h a s . W. F o l d s , - R e s i d e n t P a r t n e r
205 L a S a l l e S t r e e t , . . .
C hicago
N EW YO R K OFFICE
B O S TO N OFFICE
-
-
-
45 W ALL S T R E E T
27 S T A T E S T R E E T
OFFICERS
We own and oiler the following high
grade bonds:
JAMES B. FORGAN. President
DAVID R. FORGAN, Vice-President
E. K. BOISOT, Vice-Pres. and Mgr.
LOUIS BOISOT, Trust Officer
D. V. WEBSTER, Secretary
R. D. FORGAN. Treasurer
$10,000 Minneapolis Chamber of
Commerce
43^ ’ s
5.000 Minneapolis, Minn. - 4 ’ s
15.000 Minneapolis Gas L ig h t Co. 5 ’ s
25.000 Minneapolis Gas L ig h t Co. 6’s
1.000 Twin C ity Telephone Co. 5 ’ s
7,200 Kanabec County, Minn. 5 ’ s
9,600 Pine County, Minn. - - 4 ’ s
15.000 Empire E lev a to r Co.,
(Winnipeg)
- 5% ’s
EVERSZ & COMPANY
BANKERS
BANKERS
IN V E S T M E N T CIRCULAR
M AILED U PON REQUEST
Commission Orders Execu ted Upon
The N e w Y o r k Stock Exchange.
William & Pine Sts., New York
Branch Office, Albany, N. Y .
Government Bonds
and other
Safe Investments
New List on Application
We also have on hand other carefully
selected bonds, as well as choice city
and farm mortgages. Our list furnished
on application.
Spencer Trask & Co.
220
LA
SALLE
WALTER COMSTOCK
GRAIN AND
PROVISIONS
STREET
CH ICAG O
3 Board of Trade,
CHICAGO.
The National Park Bank, of New York
ORGANIZED
C a p ita l $ 3 ,0 0 0 ,0 0 0 .0 0
S u r p lu s an d
1 856
P r o fits $ 7 ,2 3 0 ,0 8 7 .7 3
D e p o s its
O F F 1C E R S
Richard Delafield, President
Stuyvesant Fish, Vice-President
Gilbert G. Thorne, Vice-Prest.
John C. McKeon, Vice-Prest.
John C. Van Cleaf, Vice-Prest.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Edward J. Baldwin, Cashier
W. O. Jones, Asst. Cashier
Fred’ k O. Foxcroft, Asst. Cashier
W. A. Main, Asst. Cashier
Maurice H. Ewer, Asst. Cashier.
M a rch
14, 1 9 0 5 , $ 9 7 , 9 0 7 , 5 0 6 . 8 7
D I R E C T O R S
Joseph T. Moore
Stuyvesant Fish
George S. Hart
Charles Scribner
Edward C. Hoyt
W. Rockhill Potts
August Belmont
Richard Delafield
Francis R. Appleton
John Jacob Astor
George F. Vietor
Cornelius Vanderbilt
Isaac Guggenheim
John E. Borne
Lewis Cass Ledyard
Gilbert G. Thorne
John C. McKeon
THE
2
COMMERCIAL
WEST
Saturday, May 6, igo5
Harrison & Smith Co.
The Continental National Bank
O F C H IC A G O
Capital
-
Surplus and Undivided
Deposits
-
Printers, Lithographers, Blank
$3,000,000
Profits
Book Manufacturers, Elevator
i, 4 oo,ooo
55,000,000
Blanks and Bank Supplies to
order. Estimates Cheerfully
furnished.
Solicits Accounts, Assuring Liberal Accommodations and courteous Treatment
A GENERAL FOREIGN B A N K IN G B U SIN ESS TRAN SACTED
Tra v e le rs ’ Circular Letters of Credit issued auailable in ail parts of the World
John C. Black. Präsident
Ira P. Bowen, Asst. Cash.
George M. Reynolds, Vice-Pres. Benj-S. Mayer, Asst. Cash.
N. E. Barker, Vice-Pres.
Wm. G. Schroder, Asst. Cash.
* 2 4 'S 2 6 -6 2 8
Herman Waldeck, Asst. Cash.
John McCarthy, Asst. Cash.
S o u th
4 th
S traat,
M IN N E A P O L IS .
rn
rents a Private Safe
for One Year, where
Storage Vaults for Silverware and
YOU AR E M ASTER OF THE SITUATION
your Bonds, Securities and all Valuables are Absolutely Safe.
other Valuables.
G U A R A N TY SAFE D E P O S IT V A U L T S
IN V E S T M E N T S .
Fisk & Robinson say in their bul
letin of investments for M a y that a
so m ew h a t lighter volume of business
and a slight disposition to sag have
been features of the railroad bond
m arket for the month of April. T h e
causes of this are not quite clear, but
the reaction may fairly be considered
only an incident in a broad investment
market and as a slight interruption in
its natural upward course.
T h e radical course of the m o n ey
market has to be taken into account
as a contributory cause, call loans
touchin g as high a rate on one day as
7 percent per annum, due, it is un der
stood, to quick shifting of large loans.
T h e rate, however, has since reacted
to betw een 2^2 percent and 3 percent,
and m o n ey seems to be in plentiful
supply at the latter figure.
W e do not expect to see much
further reaction in prices of good in
vestm ent bonds, and lo o k for a more
active m arket in the near future. T h e
p rosperity of our railroads, the active
business
proceedin g
in
industrial
lines, and the sound condition of the
country’s finances should bring about
this result. W e think n ow is a fa
vorable opportunity to make co n ser
vative investments.
G overn m en t B on d s.
A t the close of March, the g o v e r n
ment bond m arket ruled firm, and by
the beginn in g of April, it looked as
if the demand for bonds for circula
tion purposes, custo m a ry at this time
in the year, had begun to develop on
a large scale.
A s the prices advanced, it w as n o
ticeable that com p aratively few bonds
came into the market, and, appare nt
ly, a higher level of prices w as at
hand. A b o u t the fifth of the month,
how ever, the Se cre tary of the T r e a s
ury issued a call for the return of ad
ditional amounts of public money.
Tem porary
depositories
w ere
in
structed to return 25 percent of their
re maining public deposits on or be
fore M a y 15th, and a like amount by
July 1st. T h e call on permanent de
positories w as made for “ an amount
at the S e c re t a r y ’s discretion, not to
exceed 50 percent o f their remaining
funds.”
U p o n learning of this call, m a n y of
the banks at that time in the mark et
f o r bonds, at once cancelled their o r
ders, while a number of other insti
tutions anticipating the return of their
public money, pressed their bonds for
T h e decline fo llo w in g these
Digitized sale.
for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
m arket developments about wiped out
the advances of the previous month.
W h e t h e r present conditions w arrant a
further decline, and w hat the future
price of United States 2 percent bonds
is likely to be betw een n ow and early
fall are questions of special interest
at this time.
F ro m n ow on, the principal mark et
for Un ited States 2s will be found
w ith banks desiring additional circu
lation, rather than as security for pub
lic deposits. F o r circulation no other
issue pays as well. T h e fo llo w in g fig
ures represent the distribution of this
issue at the end of A pril during the
past three years:
M IN N E A P O L IS
E T H IC S
OF
D IR E C T O R S H IP S .
G eo rge G o uld’s reasons for his re s
ignation from the U n ion Pacific direc
torate fo llo w e x a c tly the ethics of di
rectorships as laid down b y his father,
in his testim o ny before the Pacific
R a ilw a y C om m ission in 1887; that
case, also, oddly enough, involving di
rectorship in the Union Pacific.
J a y Gould, while a director of the
Union Pacific in 1879, had bought
co ntrol of the Missouri Pacific, and
w as planning to extend it into U nion
T he T ota l
D ep osited
Pacific territo ry b y means of the
A m ou n t
A g a in st
O utstanding.
C irculation.
K a n s a s Pacific. P reviously, however,
1903
$500,000,000$339,000,000 he had given his approval to a con
543,000,000.393,000,000
1904
1905
543,000,000436,000,000 solidation of the Ka nsa s Pacific and
O u tstan din g B onds
the U nion Pacific, and although (ac
P u b lic n ot d eposited w ith
co rd ing to his o w n assertion) he o f
M oney. T reas. D ep tm ent.
fered $1,000,000 to be released from
1903 .............. $100,000,000
$61,000,000
1904
98,000,00052,000,000 this approval, other Union Pacific di
1905
56,000,00051,000,000 re ctors held him to it. In the investi
A study of this table will sho w that
gation of these conditions b y the P a
if the demand for 2s for circulation
cific commission, Mr. Gould w as
continued in the same volum e that
asked: “ A c c o r d i n g to the ethics of
has prevailed for the past three years,
W a l l Street do y o u consider it ab
the m a jo rity of this issue not already
solutely within the limits of your
on deposit for banking purposes
duty, while a director of the Union
w ould have been absorbed in the next
Pacific, to purchase another p rop erty
twelve months, provided no other
and to design an extension of the road
bonds w ere offered 111 the market.
which w ou ld perhaps ruin the Union
In compliance with the call o f April
Pacific?”
10th, it is expected that app ro xim ately
“ I don’t think it w ou ld have been
$20,000,000 additional United States
proper,” Gould replied; “ that’s the
2s will be released. O f this amount,
reason I let it g o .”
it is safe to assume that nearly 25
Cynics w ho refused to believe in the
percent will be transferred directly
white-souled
financial
integrity
re
to circulation account, and arra n ge
flected b y this reply, alw ays asserted
ments have already been made to loan
that Gould had “ w orke d off” his
a substantial am ount of the remain
Union Pacific stock at the current
der. A l lo w i n g for these deductions,
high prices, while buyin g up Kansas
there remain hardly more than $10,Pacific stock for 7 and 8 cents on the
000,000 to be marketed.
dollar, and arra n gin g to exchange it
A t the present rate of absorption
for Union Pacific, w orth ten or fif
it should take but a short time for
teen times as much, on a share-forthese bonds to find their w a y to
share m e rge r basis. T h e upshot of
W a s h in g t o n as security fo r circula
the affair w as G o u ld ’s return to the
tion, and from then on, unless an ad
U nion Pacific directory, not v e r y long
ditional supply becom es available in
afterw ard, in absolute control of the
the market, the price m a y reasonably
property. T h e present instance will
hardly duplicate that part of the fam
be expected to advance.
ily history ; but it may be recalled that
even in 1879, Wall Street said Gould
M arch exports sho w a big increase.
had “quarreled” with the Union Pacific
A gric u ltu ra l products are a note
people, and on that assumption they
w o r t h y gainer. T h e r e is a possibility
broke the market.
n ow that total exports for the fiscal
y ea r m a y equal those of the previous
year.
T h e electric lo co m o tive recently
built for the N e w Y o r k Central ter
minal service, betw een Croton and
T h e L aclede Gas C o m p a n y has de
N e w Y o r k , broke all its previous re c
livered $1,000,000 bo nds to a Ch icag o
ords at S ch ne ctady yesterday. It at
banking firm, advance subscriptions
tained a speed o f eighty-three miles
for which w ere placed b y investors a
an hour, pulling a h e av y train.
fortnight ago.
. . .
OF
. .
B U L L E T IN
B A S E M E N T G U A R A N TY B U IL D IN G
THE
Saturday, May 6, 1905
COMMERCIAL
WEST
3
The Com m ercial National Bank
O B '
CAPITAL,
C H I C A G O .
Surplus and Profits,
E S T A B L IS H E D 1 8 6 4 .
S tatem en t a t close o f busin ess J a n u a ry 1 1 , 1 9 0 5
$ 2, 000,000
RESO URCES.
L o a n s an d d isco u n ts...................................................$21,499,012.29
O verdrafts ....................................................................
6,000.00
R eal e s t a t e ...................................................................
73,465.35
U. S. bonds a t p a r ......................................................
500,000.00
Other bon ds an d s t o c k s ............................................ 1,918,048.00
D u e fro m U. S. tre a su re r........................................
75,000.00
C ash an d due fr o m oth er b a n k s ......................... 13,161,420.28
$1,700,000
LIA B IL IT IE S .
C apital stock paid in ............................................... $2,000,000.00
Surplus fu nd ............................................................... 1,000,000.00
U ndivided profits ......................................................
732,020.69
N ational bank n otes o u tsta n d in g ........................
500,000.00
D ep osits ...............................................................
33,000,925.23
T ota l ......................................................................... $37,232,945.92
O F F IC E R S
David Yernon, Third Vice-President
Harvey C. Vernon, Asst. Cashier
Nathaniel R. Losch, Cashier
H. E. Smith, Asst. Cashier and Auditor
George B. Smith, Asst. Cashier
Wm. T. Bruckner, Asst. Cashier
T o t a l ..........................................................................$37,232,945.92
James H. Eckels, President
Joseph T. Talbert, Vice-President
Ralph Van Vechten, Second Vice-President
F O R E IG N D E P A R T M E N T . L. Schuetz, Assistant Manager
D IR E C T O R S
Robert T. Lincoln
Paul Morton
Charles F. Spalding
E. H. Gary
Darius Miller
Joseph T. Talbert
Franklin MacVeagh
William J. Chalmers
James H. Eckels
F O U R T IM E S A Y E A R .
[C A N A D I A N B A N K O f I
COMMERCE
Ì
Head Office, TORONTO
Capital Paid Up $8,700,000 Surplus $3,500,000
Branches at Dawson, White Horse, Skagway
Atlin. Exceptional facilities for hand
the business of those districts.
E
rj
A. Chilberg, President
A H. Soelberg, Vice-Prer
J. F. Lane, Cashier
Geo. R. Fisher, Asst. Cashier
The Scandinavian American Bank
C a p ita l P a id U p
-
Surplus and P r o f it s
D ep o sits .
.
SEATTLE
WE
.
.
- $ 3 0 0 ,0 0 0
- i7 o ,o o o
3 ,2 5 o ,oo o
W A S H IN G T O N
HAVE
AN
OFFICE
AT
BALLARD
Rogers Lumber
Company
Retail Lumber Yards in
Minnesota, No. Dakota
and Nebraska.
GENERAL OFFICE
717-721 ANDRUS
BUILDING
MINNEAPOLIS
A. R. R O G E R S
President
G . H. ROGERS
Sec. & Treas.
W IL L IA M S O N & M ERCHANT
ATTORNEYS AT LAW
Patent and Trade Mark Causes. Solicitors of
United States and Foreign Patents
Main Office: 929-935 Guaranty Building
MINNEAPOLIS, MINN.
G overn or H ig g in s has done well in
sign ing the bill of Senator Davis,
which puts in the form of law the
recent recommendation of Bank Su
perintendent Ivilburn, that trust co m
panies be required, like banks, to make
reports of their condition at least
four times a year, on call b y the su
perintendent.
T h is law puts the trust fcompanies
on the same plane with the state
banks as re gards reports of their con
ditions to the state authorities. T h e re
was no go o d reason w h y there should
be any discrimination in this respect
betw een banks and trust companies.
T h a t both should be subject to calls
by the bank superintendent for re
ports of their condition at least four
times a y ea r is a reasonable require
ment of publicity. It would have been
better still, if the new law had made
the number of such calls six instead
c f four, in order to put the state in
stitutions in line with the national
banks in this respect. T h e n it would
have been possible, at least once in
e ve ry tw o months, to have had finan
cial statements from the national and
state banks and trust companies, upon
dates so close to ge th er as to provide
fairly adequate pictures of the state
of the m o n ey market. But the new
law is a step in the right direction,
and it is h ig h ly creditable to the o f
ficers of our ba nks and trust co m
panies that it has passed the legisla
ture and been signed by the go v erno r
with so little opposition.— W a l l Street
Journal.
BRANCH
B A N K IN G .
Branch Office: Room 52 McGill Bldg., Washington, D. C.
I Crookston
ILum ber C o .
t
B E M ID JI, M IN N .
MILLS AT
B E M ID JI, ST. H IL A IR E ,
CROO KSTON
£ Shipments on Northern Pacific and
^
Great Northern Railways
j
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T h e N e bra sk a bankers, in adopting
a resolution oppo sing branch bank
ing, in anv or all of its various phases,
have taken a stand that is quite natu
ral for coun try bankers to occupy.
If a system of branch banking were
adopted in this coun try it would mean
the elimination of the independent
coun try banker. W e would then have
a few great banks in a few of the
great cities, and these banks would
have a multitude of branches distrib
uted through the country.
T h e se
branches would have local managers,
w hose standing and po w e r and abil
ity to perfo rm valuable service for
the localities in which they were
placed would be far less than the
standing and p ow er of the country
bankers today.
It is a question w hether the advan
tages of the concentration which
would be produced by a system of
branch bank ing would co mpensate for
this loss of a class of independent
bankers.
L. LAMB Pres., Clinton, la,
C. R. LAMB. V.-Pres., Minneapolis, Minn.
G. E. LAMB, Secy., Clinton, la.
P. DAVIS, Tres.& Mgr., Leavenworth, Wh.
Lamb-Davis
Lumber
Go.
MANUFACTURERS OF
WESTERN
W HITE PINE
LUMBER
DEALERS IN ALL KINDS OF
BUILDING MATERIAL
Leavenworth ■ Wash.
THE
4
COMMERCIAL
WEST
FIRST NATIONAL BANK
M IL W A U K E E , W IS.
Saturday, May 6, 1905
United States Depositary
Capital and Undivided Profits
$ 2 , 600,000
OFFICERS: Fred. Vogel, Jr., Pres.; J. Van Dyke, Jr., First Vice-Pres.; Wm. Bigelow, Vice-Pres.; Frank J. Kipp, Cashier; Thos. E. Camp, Ass’tCashier
DIRECTORS: E. Mariner, C. F. Pfister, Geo. P. Miller, Fred T. Goll, Wm. Bigelow, F. Vogel, Jr., J. H. VanDyke, Jr., John I. Beggs.
CEDAR POLES
For prices on Poles and
R ailway Ties, write to
Marshall H. Coolidge Co.
826 Guaranty Building, Minneapolis, Minn.
TELEPHONE
C O N S T R U C T IO N .
A rco , Minn.— A telephone system is
to be constructed here.
Dawson, Minn.— A. W . E w ing will
erect a line from here to Canby.
Evan, Minn.— T he Redwood Falls
Company will put in an exchange.
Melvin, la .— T he Melvin Telephone
Company is erecting a line to Ashton.
Maple Lake, Minn.— W o r k has co m
menced on the new telephone system.
Waseca, Minn.— The Waseca Tele
phone Company will erect a new build
ing.
Kilborn, S. D .— The Grant County
Telephone Company has been organ
ized.
Owatonna, Minn.— M anager Stanton
will construct an entirely new system
here.
Renville, Minn.— F our rural tele
phone lines are to be extended out from
here.
Spirit Lake, la.— The Midland T e le
phone Company will build several rural
lines.
Frederick, S. D .— W o r k on the new
farmers’ telephone line has co m
menced.
Greenwood, W i s .— T h e G reen w ood
T eleph o ne C o m p a ny has been in cor
porated.
Rockwell, la.— The Rockwell T ele
phone Company will erect seventy-five
miles of new line.
Glencoe, Minn.— T he T ri State T e l
ephone Company will build a line from
here to Ortonville.
New Prague, Minn.— A telephone
line is to be built to St. Patrick, W e s
ley and other places.
New Rome, Minn.— A. C. Buckwill
will extend the telephone line south
and west from here.
Bismarck, N. D .— The new telephone
line from here to W ilton will be in
operation by June 1.
Currie,
Minn.— G. W oodgate,
of
Slayton, intends to install a local tele
phone exchange here.
Waseca, Minn.-— The T ri State T ele
phone Company is constructing a line
from here to Mankato.
Pierre, S. D .— T h e D a ko ta Central
T ele p h o n e C o m p a ny will build a line
from here to Rapid City.
Walker, Minn.— The Walker T ele
phone E x ch a n g e Company will install
a telephone exch ange here.
Princeton, Minn.-— The Rural T ele
phone Company is building a line out
on the road to Silver Lake.
Hutchinson, Minn.— The T ri State
Telephone Company is extending their
line from here to Ortonville.
Moorhead, la. — This town
has
granted a twenty year franchise to the
Monona Telephone Company.
Butte, Mont.— The Bell Telephone
Company contemplates spending $150,-
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
000 in improvements in this city this
year.
B i g Stone, S. D — The Bellingham
Telephone Company is extending the
line west and south of Rosen.
Billings, Mont.— The Bell Telephone
Company will erect a long distance
line from here to Miles City.
Milan,
Minn.— A
local telephone
company is proposed. C. R. C. Blom
is one of the interested parties.
Great
Falls,
Mont.— The
R o ck y
Mountain Bell Telephone Company
will erect a new building here.
Kerkhoven, Minn. — Material has
been order for the branch of the Carl
son and Sunburg telephone line.
Evan, Minn.— T he Redwood County
Rural Company will build a line here
and also build lines out from here.
Helena, Mont.-— W . H. Crumb &
Co., of Chicago, intend to install an
independent telephone system here.
W a te r lo o , la.— T h e Un ited States
T ele ph o n e & T e le g r a p h system has
been sold to T h o m a s Cascaden, Jr.
Magnolia,
Minn.— The
Enterprise
Telephone Company will extend their
line from here in several directions.
Grantsburg, W i s .— T h e Mutual T e l
ephone C o m p a n y intend to construct
a line fro m Krein sviile to W e bste r.
Washburn, N. D .— A . E. Johnson
and others have applied for a franchise
to construct a telephone system here.
R ed Lodge, Mont.-— The MontanaW y o m in g Telephone Company are in
stalling a magneto-visual switch board.
Rapid City, S. D.-— A telephone line
is to be constructed from here to
M ystic. R. W . D a y has the contract.
Pelican Rapids, Minn.— The Pelican
Telephone Company is preparing to
construct new rural lines this spring.
Fingal, N. D .— T he Valley City T e l
ephone Company will build several
rural lines this spring in this vicinity.
Chestnut, Mont.— The Hall T ele
phone Company intend to put in a
local telephone exchange in this town.
Sharon, N. D .— A telephone e x
change will soon be erected here, and
also several branch lines into the coun
try.
Sleepy Eye, Minn.— I. M. Olson is
president of the Independent T e le
phone Company and Wm. Brust, secre
tary.
L ake
George,
Minn.— The
Lake
G eorge Rural Telephone Company in
tend to extend their line from here to
Sp ring Hill.
Rockham, S. D .— Preparations are
being made by the Rockham T ele
phone to extend a line south and on
to Hand City.
Lena, Wis.— The Farm ers’ & M er
chants’ Telephone Company and the
Bell Telephone Company have agreed
to consolidate.
Fairmont, Minn.— The Banner Line
has been organized by the farmers. D.
L. D onovan is president and Wm.
Netz, secretary.
Kenmare, N. D .— A new telephone
system is to be installed here next
month. A Stromberg switch board
will be installed.
Canistota, S. D .— A number of the
farmers of Spring V alley township,
M c C o o k county, have taken steps to
organize a farmers’ telephone company
for the purpose of constructing a rural
telephone line from that locality to
connect with the Canistota system.
Minnewaukon, N. D .— A majority of
the stock of the Benson County T ele
phone Company has been sold to J. W.
Scott of Drayton.
Aberdeen, S. D .— T he D ako ta Cen
tral Telephone Company will make e x
tensive improvements in this city, to
the extent of $30,000.
Traer, la.— A farmers’ telephone e x
change is to be established here. M.
H. H o w ard and Rufus Morrison are
interested in the proposition.
W e n t w o r t h , S. D.— T h e sto c k h o ld
ers of the Battle Cree k F a r m e rs ’ T e l
ephone C o m p a n y w ill increase the
capital s tock from $3,000 to $15,000.
N ew Ulm, Minn.— T he city council
has granted a franchise to the New
Ulm Rural Telephone Company to
construct a line and operate in this
city.
L o n g Prairie, Minn.— Sealed bids
will be received for the construction of
50 miles of telephone line by the L e s
lie Rural Telephone Company. Chris.
Heen is secretary.
F
\
V.
Wheeler, Pres. Wm. Anglim, V-Pres^3
C. F. Mix, Cashier
)
FIRST NATIONAL BAN K \
>
C R 0 0 K S T 0 N , M IN N .
(
C a p i t a l ..................................... $ 7 5 ,0 0 0
S u rp lu s
5 0 ,0 0 0
We negotiate Farm Mortgages
The Swedish-American Nat’l Bank
MINNEAPOLIS
N. 0. Werner, President
C. S. Hulbert, Yice-Prest.
F. A. Smith, Cashier
E. L. Mattson, Asst; Cashser
C apital
.
.
.
.
S u r p l u s A. U n d i v i d e d P
Deposits .
.
.
$250,000
15 8 ,0 00
2,992,75-4.01
ro fits
Foreign Exchange Bought and Sold
W IN N IP E G . M A N IT O B A
CANADA
m
B an k of O t t a w a
E S TABLIS H ED
1874
Capital Authorized - - $3,000,000
Capital (Paid Up) - - - 2,500,000
Undivided Profits - - 2,573,332
A General Banking Business
Transacted
Interest Allowed on Deposits
FOREIGN EXCHANGE BOUGHT & SOLD
ST, PAUL a g e n t s :
M E R C H A N T S N A T IO N A L B A N K
A. J. W H IP P L E & C O .
M E M B E R S C H IC A G O S T O C K E X C H A N G E
STO C K BROKERS
Private Wires to all
p u l p
A C O
Principal Exchages
C n IC n U U
Main Floor New York Life Building
Long Distance Tel. Central 1031. Orders
by wire in grain and stock promptly filled
THE
Saturday, May 6, 1905
COMMERCIAL
WEST
S I D N E Y C. L O V E & C O
MEMBERS:
Stock and Grain
B R OK E R S
New York Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
Minneapolis Chamber of Commerce
B A N K C L E A R IN G S
W E ST E R N BONDS.
B an k clearin gs fo r the w eek ending
A p ril 27, 1905, and the p e rce n ta g e o f in
crease or d e cre a se fo r the w eek o f le a d
in g center's an d all w estern p oints, as
com p ared w ith the co rre sp o n d in g w eek
last year, as reported b y B ra d stre e t’s:
A p ril 27.
Inc. D ec.
N ew Y ork ........ .{$1,889,577.945 84.2
C h icago ............. •{
198,465,843 13.3
B oston ............... •t 151.174,281 14.4
P hilad elp hia . . . ■t
129,213,588 18.1
St. L ou is . . . . . . 4
58,280,201 27.4
P ittsbu rg h ........
48,920,703 15.2
San F ra n cisco . 4
31,413,522 2 6 .S
C incinn ati ........
21,778,650
6.4
B altim ore ..........
20.389,301
6.2
K an sas C ity . . . 4
21,187.147 25.0
N ew Orleans ... 4
13,615,076
4.7
M inneapolis . . .
16,454,521 48.0
C leveland .......... •Î
13.060,555 16.5
L ou isville .......... 4
10,128,383
.6
D etro it ..............
10,076,105 1 4 .S
M ilw aukee ........ t
9,387,666 42.3
O m aha ..............
8,695.626 23.9
P rov id en ce ........
6.622.100
8.8
L os A n g eles . . . 410,508,412 48.0
B uffalo ................
6,001,288
.6
Indian apolis . . .
5,332,581
2.4
St. Paul ..............
5,974,879
6.3
M em phis ..........
3,929,856
5.0
St. Josep h ........ i
4.115,711
9.2
R ich m on d ........
5,503,761 27.8
D en ver ..............
5,320,712 25.0
Colum bus, Ohio
5,002,900 27.7
S eattle ..............
4,577,710 31.8
W a sh in g to n . . .
4,637,801 25.4
P ortlan d, O re .. . 4
3,236,169 24.7
F ort W o rth . . . .
4,118,802 27.5
T oled o ................
3,479,827 23.1
Salt L a k e C ity.
3,260,033 39.7
P eo ria ................
2,597,843 11.6
Spokane ............
2,509,864
7.7
D es M oines . . . .
2,541,882 21.1
T a co m a ............
2,851,752 45.9
E van sville ........
1,424,219 35.6
S ioux C ity ........
1,607,228 38.9
W ic h ita .............
1,013,156
1.3
D a v en p ort ........
784,297
3.4
k ittle R o ck . . . .
933,567
3.7
T op e k a ..............
1,100,361 31.5
Springfield, 111..
7.4
748,056
H elen a ...............
387,932
27.3
F a rg o, N. ! > . . . .
424,852 33.7
R ock fo rd , 111. . . .
489,923 10.6
B loom in gton , 111
399,244 12.0
Q u in cy ................
341.646
3.1
D ecatur, 111........
310,297 31.9
S ioux Falls, S. D
271,789 16.8
Jackson ville. Ill
219,891 23.0
F rem on t, N e b ...
152,352
7.0
C edar R ap ids ..
475,306
6.1
H ou ston ............ t
10,225,568
.2
G alveston .......... t
10,307,000 50.5
T otal, U. S ___ .$ 2,804,755,051 55.0
T ot., outside N. Y.
915,177,106 16.7
D OM IN ION O F C A N A D A .
M ontreal ..............
$17,728,429
8.0
T o ro n to . . . . . . . .
14,144,356 10.1
W in n ip e g ............
4,406,646
3.2
V an cou v er, B. C.
1,402,990
9.7
V icto ria , B. C . ..
389,115
30.0
T ota l ..................
$44,943,975
5.2 ___
fN o t included in tota ls becau se co n ta in
in g oth er item s than clearings. {B a la n ces
paid in cash.
D irecto rs of the Y o k o h o m a Specie
B a n k (L td .) report net profits for the
half y ea r ending Dec. 31, 1904, of 1,909.922 yen. T h e y recommend a div
idend at the rate of 12 percent per
annum, and that 200,000 yen be added
to the reserves, 100,000 y en be placed
in the silver fund, and the balance,
529.922 yen, be carried fo rw ard to the
credit of the next account.
fMinnesota Title Insurance
& Trust Co.
I
M IN N EAPO LIS M IN N .
C a p i t a l $250,000 G u a r a n t y F u n d $100,000
The oldest Title and Trust Company
west of Philadelphia
Banking, Safe Deposit, Loans, Trusts,
I
Abstracts, Title Insurance
https://fraser.stlouisfed.org
J. U. Barnes, Prest.
Wallace Campbell, Vice-Prest.
Federal Reserve
Bank
St. Louis
X C. J. Tryon,
TrustofOfficer
H. A. Barnes, 2nd Yice-Prest.
I W. S. Jenkins. Secy.
W. A. Hotchkiss, Treas.
NEW YORK
CHICAGO
ST. LOUIS
MINNEAPOLIS
5
authorized for the building of a new
county court house and jail.
Partridge, Minn.— Sealed bids will be
received by the supervisors of the town
of Partridge until 2 p. m. on M ay 22,
for the sale of the bonds of the town
ship in the sum of $4,500.
Blue Earth, Minn.— The county com
missioners sold $24,000 ditch bonds to
Banker Ross at 4ks percent. Bonds
were sold at auction. A nother block of
$87,000 was bid in by the Union Invest
ment Company, at 4% percent, they
paying the county $400 in bonus.
Brewster, Minn.— The proposition to
issue waterworks bonds was defeated.
Fairmont, Minn.— The city will is
E L E C T R IC R A I L W A Y S .
sue $10,000 sewer and drainage bonds.
D'eadwood, S. D .— The $10,000 bond
Waterloo, la.— A n electric line is to
question for a new court house car
be extended north from here to Macon
ried.
City.
Grove City, Minn.— Bonds have been
Ottumwa, la .— St. Louis capitalists
voted for the erection of a $12,000
will erect a trolley line from here to
school building.
Oskaloosa.
Bismarck,
N. D .— Bismarck
has
Brookings, S. D .— Madison business
voted a bond issue of $20,000 for a
men are considering the proposition
new school house.
of putting in an electric railway line
Lake Park, Minn.— L ake Park has
from here to Salem, via Madison.
voted $8,000 bonds for the erection of
Great Falls, Mont.— E rn e st Crutcher
a new school building.
and his associates are obtaining fran
Emily, Minn.— T he board of super
chises for the construction of electric
visors will receive bids for bonds of the
railway lines on highways in Cascade,
town in the sum of $2,000 until M ay
Teton, Fergus and Lewis and Clarke
20.
counties.
Williston, N. D .— A special election
Waterloo, la .— T he Mason City &
will be held on M ay 13 to determine
Clear Lake Railway and the Waterloo,
the question of issuing $4,000 school
Cedar halls and Northern Railway will
district bonds.
consolidate the two systems and con
Baltic, S. D .— Baltic has voted $2,000 ! template constructing electric lines
bonds to be put with cash in the school
from Mason City to W a ve rly and from
treasury and used to construct a new j Sumner to W est Union.
school building.
!
Redwood Falls, Minn.— The proposi
JAPAN AN D OUR GOLD.
tion to issue bonds to the amount of j
$23,000 for the erection of a high school j:
building, carried.
T h e inquiry comes to us, says a
Casselton, N. D .— T he proposition 1 i o k i o correspondent o f the N e w Y o r k
E v e n in g Post, w h y Japan has importfor issuing bonds of $20,000 for the
ed gold from N e w Y o r k in D e cem ber
purpose of building a new school house
and January, when it was pre viously
in Casselton was defeated.
a he av y exp o rte r to you. T h e re a
Flandreau, S. D .— A special election
son is that, under present circum
will be held on M a y 9 for the purpose j
stances, there is no n ecessity for the
of voting on the question of issuing j
Specie B a n k to keep a large balance
the bonds of the city to the amount of
o f specie in N e w Y o r k to meet e x
$17,000.
change bills. T h e r e was another reaAnamoose, N. D .— The election on j son in Decem ber, however. A t one
the question of issuing school bonds
time it looked as if the legal limit for
in the sum of $6,500 for the purpose
issue of redeemable paper curre ncy
of erecting a six room school building,
would be exceeded; as a result, the
resulted in favor of the proposition.
B a n k o f Japan thrice raised its rates
Danforth, Minn.— T h e board of su- !l of interest.
pervisors will receive bids until June 3 j
A b o u t April, last year, the amount
for the sale of $2,000 bonds of this
of redeem able currency outstanding
town. Bonds to draw four percent and [ stood at 188,000,000 yen. E a ch suc
to be issued in the denomination of j ceeding month the am ount increased
$200 each.
| until at the end of last Decem ber, it
had reached 286,000,000 yen. A t the
Miles City, Mont.-— Bids will be rebeginn in g of the N e w Ye ar, m on ey
ceived by the board of county commissioners of Custer county until M ay j| out on loan began to return to the
B a n k of Japan, and the deposits, too
15 for the purchase of $184,000 gold
four percent bonds of the denomina- j began to increase; so that by March
4> the am ount of redeem able currency
tion of $1,000 each.
South St. Paul, Minn.— Sealed bids j: in circulation had fallen to 258,000,000
will be received by C. W. Clark, secre- j yen. It must not be overlooked that
tary of the board of education of the | during last y e a r fully 30,000,000 yen
of this currency w as sent to K o re a
city of South St. Paul, until 7 o ’clock
and Manchuria, so that the am ount
p. m., Monday, M ay 8, 1905, for $25,000
circulating in Japan proper w as never
school bonds of said city.
much o ver the average.
Pipestone, Minn.— T he city recorder
It w as la rg e ly to check go ld overwill receive sealed bids until M ay 8 for j now^ and thus prevent too great e x
fifteen
thousand
dollars
municipal | pansion in redeemable paper currency
bonds for the construction of a sewer- ! that the governm en t raised the two
age system. Bonds will bear interest j early loans in E n g la n d and A m erica
at the rate of 4Rj percent.
a m ounting in all to £22,000,000, and
Chamberlain, S. D .— The city council I thus, though there were h e av y specie
has ordered a special election to be j p ayments abroad to meet and an e x
held on Tuesday, M a y 16th, for the ¡1 port of bullion o f 7,380,000 yen, the
purpose of voting on the question of | redeemable paper currency was kept
issuing bonds to the amount of $10,- 1 well within the limit. T h e fo llo w in g
000 for the purpose of building a city
table show s the movem ent:
hall.
Specie
redeem able
reserve
Wallace, Idaho.— Bids for the $75,000
cu r’ ncy, Y en.
Yen.
bond issue of Shoshone county will be
D ecem ber, 1903. . 232,920,563
116,962,184
F ebruary, 1904 . . 221,890,400
received by the clerk of the board of
100,931,307
June, 1904 ........ . 232,072,757
county commissioners up till 2 o’clock
92,793,834
D ecem b er, 1904. . 286,625,753
83,581,226
of M ay 15. T he bond issue has been
F ebruary, 1905 . . 245,383,204
127,529,443
THE
6
COMMERCIAL
WEST
Saturday, May 6, 1905
T he N orthwestern N ational Bank
M IN N E A P O L IS M IN N .
Statement A t Close o f Bu sin ess, March 14, 1 9 0 5 .
LIA B IL IT IE S .
RESOURCES.
C apital .......................................................................... $1,000,000.00
Surplus and p ro fits ..................................................
700,129.82
C ircu lation ...................*...............................................
250,000.00
U. S. bon d a c c o u n t ....................................................
33,000.00
D ep osits ..........
9,986,688.83
L oa n s and d is co u n ts ................................................ $6,975,127.53
U. S. and other b o n d s ..............................................
900,125.84
B an k in g house fu rn itu re and fix tu r e s..............
250.000.00
Cash, and due fro m b a n k s ...................................... 3,844,565.28
$11,969,SIS.65
$11,969,818.65
A n Average of over 8 per cent Annual Dividends Paid to Stockholders Since Organization in 1872.
Dividends Paid Since Organization, $2,310 000.
O F F IC E R S
W M . H. D U N W O O D Y , President
J O S E P H C H A P M A N , JR ., Cashier
M . B. K O O N , Vice-Prcs.
F R A N K E. H O L T O N , A sst. Cash.
W A L T E R L. B A D G E R
REAL ESTATE
M IN N EAPO LIS, M IN N .
E D W A R D W . D E C K E R , Vice-Pres
C H A S . W . F A R W E L L , A sst. Cash.
First National Bank
of D U L U T H , M IN N .
Bought and Sold on Commission
TOAN^ made
on First-class Improved Security to net lender 4 % to 6 per cent. Special
^ attention given to care of property with economical management guaranteed.
Best of references.
Capital,
$500,000
Surplus and Proits,
803,000
U. S. GOVERNMENT DEPOSITARY
MEMBERS CHICAGO STOCK EXCHANGE
A. L. Ordean, Pres., J. H. Dight, Cash., W. S
Bishop, Asst. Cash., W. J. Johnson, 2nd Asst Cash
R. H. G O O D E L L & C O .
STOCK, BOND AND NOTE BROKERS
218 LA SALLE ST.
^
CHICAGO
/
L O A N E D IN
FARM MORTGAGES.
“ ( INVEstmeht ®
%
securiti E5 1
NO LOSSES OF
TH E E Q U IT A B L E T R U S T C O M P A N Y
152 Monroe Street, C H IC AG O
PRINCIPAL o r INTEREST;
EXPt$0
Capital Paid Up, $50 0 ,0 0 0
Surplus, $45 0 ,0 0 0
Acts as Trustee for Corporations, Firms and lnviduals, and as agent for the
registrations and transfer of bonds and stocks of Corporations and the pay
ment of coupons, interest and dividends.
[pLlS
IN T E R E S T P A I D ON D E P O S IT S
DIRECTORS:
F R E D . G. M cN A LLY
F. M. BLOUNT
L. A. W ALTON
W ILLIAM BEST
JOHN M. SMYTH
M AURICE ROSEN FELD
J. R- WALSH
KÜHNE
&
B A N K E R S
N E W YORK
OFFICERS :
I. R. W ALSH, President
L. A. W ALTON , Vice-President C. D. ORGAN, Sec. and TreasC. HUNTOON, Ass’ t Sec’ y and Ass’ t Treas.
Minneapolis Property
R en ts c o lle c t e d ;
creased results.
KNAUTH, NACHOD
“
ide
M
n?snaged
b u ild in g s im p ro v e d an d r e co n stru cted to p rod u ce in
S a tisfa cto ry re fe re n ce to lo c a l an d eastern parties
M O O R E BR O S. & S A W Y E R
M IN N E A P O L IS
Members of the New York Stock Exchange
Letters of Credit and International
Travelers’ Checks
Foreign Exchange
Cable Transfers
s Audit Company
of Illinois
Suite 6 3 5 - 4 2 M a rq u ette K ld g .
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STEPHEN N, BOND
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RO B E R T F. PERKINS
& G O O D W IN
NOTE BROKERS
bo sto n
Commercial Paper
Ch ic a g o
Investment Securities
lorporition Loans. Loans Secured by Investment Securities.
, D , D1,
Manager Chicago Office CHARLES F. MEYER, First National Bank B!dg
IN D E P E N D E N T
M A R W IC K ,
A U D IT S
M IT C H E LL &
P u b lic A c c o u n ta n ts an d A u d itors
OFFICERS: L. A. Walton, President; F. W. Little, VicePresident; C. D. Organ, Secy, and Treas.; C. W.
Knisely, Manager.
DIRECTORS: A. G. Becker, A. G. Becker & Co., Chicago;
F. W. Little, Vice-President Peoria Gas and Electric Co.,
Peoria; G. A. Ryther, Cashier National Live Stock Bank,
Chicago; J. R. Waish, President Chicago National Bank,
Chicago; L. A. Walton, Vice-President Equitable Trust
Company, Chicago.
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M IN N E A P O L IS ,
M IN N .
THE
Saturday, May 6, 1905
COMMERCIAL
= |||Ì|A
ÏP§
IHK
Si
A W EEKLY JO URN AL
R E P R E S E N T IN G W E S T E R N BU SIN ESS
Published by the Commercial W e s t Co., Minneapolis, Minn.
H. V. J O N E S ,
P r e s id e n t
L E O N A R D BRONSON,
and
Mgr.
V ic e -P r e s id e n t .
Minneapolis Office, Rooms 625=631 Guaranty Bldg.
WEST
7
fluctuations during tire eight months are omitted, it
occurs to us in v ie w of the critical attitude of
the Miller tow ard “ T ick e r itis ,” etc., it w ould have
been more profitable for its co nstituency had it
been sufficiently well informed when w h eat w a s
ninety cents nine months ago to have advised h ea vy
purchases of flour before the advance of thirty cents
in tlie price of w h ea t took place, instead of seeking
to discourage such purchases. T h a t w o u ld have
been the legitim ate province of a g reat milling jo u r
nal and it w ou ld have made its patrons money. In
stead it w a s “ w a r n i n g ” them against purchases of
flour at $1 as “ hard" as it as w a s at $1.20.
T e le ph o n e M a in 307.
SUBSCRIPTION IN ADVANCE.
One Year. $3.00.
POSTAGE FREE.
S ix Months, $1.50.
Europe, £1.
T h e C o m m e r c ia l W e s t w ill not kn o w in g ly p ublish th e advertisem en t
o± a fin ancially unsound individual or com pany.
e n t e r e d a s s e c o n d - c l a s s m a il m a t t e r a t t h e p o s t o f f i c e ,
MINNEAPOLIS, MINN.
SATURDAY, MAY 6, 1905.
Editorial Comment.
G overn or D o u gla s, of M assachusetts, is attem pt
ing to com m it his state to the establishm ent and
support of technical schools— a policy that it w ould
seem in this late d ay no state w ould need persua
sion in accepting. B u t G overn or D o u g la s is likely
to have in this attem pt the fight of his life on hi’s
hands; and unless w iser counsels than those of the
ordinary state politics prevail in M assach u setts
G o vern or D o u g la s is g o in g to defeat. A t the v e ry
outset the g ov ern o r finds himself opposed b y the
solid front of the trades unions of his state. ' T h e
unions w a n t no trade s c h o o l s ; professedly for se v
eral reasons, but practically for but one, namely,
that trade schools will m ake more men fit to w o rk
at trades and so m ake skilled labor cheap, or theo
retically so. It should be noted that M assachusetts
is tod a y deplorably lackin g in skilled labor, so much
so that m an y skilled laborers have to be brou gh t
from abroad and m an y orders for high class goods
that could be made b y skilled labor cannot be filled
in the state's factories.
d he trades unions demand that the right to g iv e
the y o u th a technical education be reserved by the
unions. H ere the child must enter a school w h ose
teachers are confessedly interested in keeping him
from learning the teacher's trade. T h e apprentice
is the possible com petitor of his teacher. It is to
the tea ch er’s a d van tage to stunt his g ro w th . It is
also the demand of the union that th ey shut out a
you th if the school room— upon w h ich th ey place
lim its— is full. A g a i n s t this injustice to the child,
to ind u stry and to the state. G overnor D o u g la s has
taken up arms. B u t if he succeeds it will be after
one of the bitterest fights the old B a y state has seen
since the days of K i n g G eo rge III.
O u r g o o d neighbor, the N o rth w estern Miller, is
su fferin g this w e ek from the disease w hich it d ia g
noses as “ tickeritis.” T h is is probably an advanced
stage of an ailm ent kno w n as “ kickeritis,” witli
w h ich the M iller has been afflicted during the last
eight months a sort of black rust effect, as it were.
1 he M iller devotes space this w e ek to the se ttin g
out of its “ counsel on the price of wheat, w h ich it
says w a s w o rth $1.50 a barrel to bu yers from last
September to M a y 1 of this year, lay in g its conclu
sions on the price of w h ea t in Septem ber and in
A pril.
I he period covered is eight months. T h a t
is a pretty long stretch for the Miller to aw a it “ v in
dication for its bearishness, i t s figures are quite
m isleading, h o w ever, in that some v e r y important
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Federal Reserve Bank of St. Louis
W e trust our neighbor will devote more space
the co m in g year to practical advice and less to
“ tickeritis and other tickling' and tin klin g subjects.
1 he M iller lias never been fortunate w ith its cru
sades against the w h ea t trade in general for the rea
son that its premise lias been w r o n g most of the
time. F o r instance, in 1900 it “ k illed ” the N o r th
w est crop and thus helped to overload flour buyers
as a result of its w r o n g conclusions about yields.
L ast year it accomplished the same purpose witli an
estimated yield of 180,000.000 (including macaroni)
w hich w a s far from bein g realized. Its followers
lost an opportu nity to make m oney for eight months
b y early flour purchases because of the “ tickeritis”
disease from w hich the M iller w as and is y et a great
sufferer. 1 here is, how ever, a thread of san ity run
ning th rou gh the various “ itises” that the Miller
has discussed during the winter, that g iv es some
promise for its ultimate r e co very —-wheat corners
are not helpful to a ny trade interest. It is a pleas
ure to find this touch of truth in the “ tickeritis” from
w h ich the Miller has been suffering for the last eight
months.
The West in Stock Transactions.
T h e tw o g reatest periods in the h isto ry of stock
transactions in this or any other co u ntry are those
of January-April, 1901 and 1905.
T h e record-breaker w as that of the first four
months of 1901, w h en the fight in W a l l Street arose
for the control of the N orthern Pacific and the
transcontinental trade situation.
In that contest
120,000,000 shares changed hands, m ostly trans
continental railw ay, and in that fight the N o rth w est
won.
D u r in g the past four months nearly 100,000,000
shares more changed hands on the N e w Y o r k e x
change, and again the cause was the contest over
Pacific transportation control, in w h ich the N o r th
west has ev ery cause for congratulation.
N e w York, is located at some distance from the
great N o rth w estern domain of w h ich Chicago, the
d win Cities, D uluth-Superior, Omaha, F a rg o , Bu tte
and Helena, Seattle, T a c o m a and P ortland are the
principal g a te w a y s. B u t it is cause for con g ra tu la
tion at least, that N e w Y o r k 's chief financial battles
are over interests in w h ich the N o rth w est is a prime
factor, and that the N o r th w e st comes out of the
fight victorious.
W hy New York Is in Control.
1 here seems to be no good and sound reason
w h y N e w Y o r k city, w h ich is on the extrem e border
of the continent and is not in s y m p a th y w ith the de
velopm ent of the great central and w estern sections
w hich produce the nation's industrial staples, should
be in supreme financial control of the country.
A little investigation sh ow s w h y this artificial
condition prevails. It seems that 410 directorships
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out of a total of 1,469 directors and partners in 92
principal b a n kin g houses, banks, life insurance,
trust companies, railroad and industrial corpora
tions— and the controlling directorships at that—
are held b y 72 men, and these men are closely allied
in interests and business relations, and all N e w
Y o rk ers.
Som e of the 72 are directors in ten to fifteen al
lied corporations. T h e y are the d om inating force in
the control of 90 of the g reatest financial, trans
portation, and industrial corporations in the world.
A m o n g them are 50 financiers
of international
standing, and th ey control in their ow n grasp the
va st a g g re g a te of corporate wealth of w h ich 1,469
men are the nominal directors.
T h is is w h a t the W e s t has to contend w ith in
its amibitions for financial recognition.
I he W e s t
produces and transports the commodities, w h ich are
the foundation for the gross and net earnings. B u t
N e w Y o r k handles the stocks and bonds and distrib
utes the dividends. T h e practical problem w hich
rests w ith the W e s t is this— is it en cou ra gin g the
im m igration of the b ig financiers to the W e s t , or,
is it doing w h a t it can b y ill-advised legislation to
facilitate the concentration of the b ig men in N e w
Y o r k b y d rivin g them out of the W e s t ?
Real Estate in Minneapolis.
V a lu e s of real estate in Minneapolis tod ay are
lo w — altogether out of proportion to the rapid
g ro w th of the city and of the c i t y ’s business. A d
vances in real estate prices are conservative and
local, w hile the g ro w th of the city w a s never more
rapid nor more w ell spread over its corporate area.
T h e city's build ing record w a s broken last month
in the issuance of several hundred build ing permits.
A c t u a l building operations range from residences
to six and ten-story structures. T h e r e is an un
usual num ber of small business blocks from three to
five stories in h eight n o w under construction. S e v
eral of these larger business blocks are bein g erect
ed b y non-resident owners.
T h e increase of office buildings is notable. F iv e
years ago office room w a s confessedly in over sup
ply, not because of lack of business prosperity but
lack of business population. L a r g e office buildings
w e re bidding for tenants. T o d a y no com modious
office building has room for its desirable applicants.
O w n e r s of these buildings contem plate w ith no se
rious concern the multiplication of office room.
T h e new accom m odations w ill prob ably not more
than com fortably house the present overflow.
T h e business area of the city is rapidly enlarg
ing. Good business houses are g o in g up at dis
tances from the old center that five years ago w o u ld
have been counted unspannable. M a n y of these are
bein g built for tenants already secured. T h i s new
business center covers an area about eight blocks
square. W ith in this area and in m an y residence
sections as w e ll real estate b o u g h t tw o or three
years ago has doubled in value already. T h e r e is
no reason to doubt that purchases are tod a y plenti
ful that w ill double in value in the next three to five
years.
T h e productive area tribu tary to this city is in
creasing g re a tly in m arket value and in prod u ctive
ness. T h e population of the city is likew ise rapid
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Saturday, May 6, 1905
ly increasing. T h e railw ays centering here realize
this fact. T h e am ount of m oney n o w b ein g ex pen d
ed in this city b y railw a ys in the w a y of terminal
plants and other im provem ents is far greater than
the public is n o w aw are of, and w ill h a ve m uch to
do w ith the c i t y ’s future g ro w th . T h i s su ggests
the shortsighted policy of w a r rin g w ith railroads
for political purposes.
It is doubtful if any other city in the w e st in
its class, can show so great a spread betw een low
real estate values on the one hand and rapid grow th
w ith h igh ly prosperous business conditions on 4 he
other. It is just such conditions as these that make
opportu nity for profitable investment.
St. Paul is likewise on prosperous basis of
g ro w th . B oth cities are g r o w i n g rapidly and real
estate values will advance sharply in the next tw o
years.
Undue Expense in Life Insurance.
T h e cost of securing new contracts b y life in
surance companies is too great to be justified b y the
law s of business in these days of large profits by
small economies. N o one w h o k n o w s at first hand
the difficulty of w r itin g life insurance contracts w ill
claim that the man w h o gets the business is too well
paid. F e w men gain a com petence as field agent.
T h e demand for good life insurance solicitors is
never filled, even at the large com missions ofifered
b y some of the grea t companies. N evertheless the
g e ttin g of new business is costly and increasingly
so. So m an y of the best companies are p a y in g out
the equivalent of the first y e a r ’s premium for put
tin g new business on the books that fe w companies
dare criticise their com petitors in this regard. It
is co m m o nly reported of one great com pan y that
during one recent year it cost one hundred and fifty
percent of the “ n e w business” receipts to p ay the
expenses of g e ttin g the business. It is not an un
com mon policy to put at least this m uch into the
field a g e n t’s and the general a g e n t’s commission in
the w a y of first and renewal commissions. If this
seems ex tra v a g a n t it m ay be tru th fu lly said in reply
that the com pan y that fails to do this fails to keep
its a g e n cy force together, and an insurance com
pa n y w ith o u t spirit in its a gen cy force is a decadent
institution.
T h i s great cost of securing life insurance is due
alm ost w h o lly to intense competition. T h e field is
overw orked. In the average a g e n c y district east
and w est, there are no less than three men doing the
w o r k that could as w ell be done b y one. M en w h o
sell insurance sell to custom ers natu rally u n w illin g
to bu y, but more u n w illin g because of the frequency
of the visits of the com petin g a gen ts and the in
tensity of the persuasion brou g h t to bear upon
them. T o d a y there is little v irgin soil left, especial
ly in cities and villages. A g e n t s are selling princi
pally to men already insured, and to the rising g e n
eration. T h e y are o ver-persuading men. T h is is
proven b y the fa ct that on the a verage from onethird to one-half of all new life insurance contracts
lapse before the end of the second year.
T h e effect of this high-pressure, high-cost sy s
tem of doing business is to reduce the p o licy hold
e r ’s profit in the investm ent element of his contract.
It tends to b r in g life insurance as an investm ent
Saturday, May 6, 1905
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into disrepute. Tts final logical efifect should be to
confine life insurance to protection, its original in
tent, and to drive it out of the field of investm ent—
a position that m any leading insurance men hold is
the only one for life insurance companies to take.
A correction for this high expense rate is bein g
tried w ith some foreign insurance companies by
w ith d r a w in g all field agents, a dvertisin g ex ten s ively
and sending agents from the office o nly on request
of a prospective customer. T h e expense thus saved
is g iv e n to the policy holder in some tangible form,
either in a first y e a r ’s dividend or in a low er first
year's premium.
H ere is an opportu nity for a new insurance com
pa n y to put itself into solid and perm anent favo r
w ith the p o licy hold ing population. It is at least
not unreasonable to believe that such a method
w ou ld m eet w ith substantial approval at the hands
of the public, and that ev en tu ally it w o u ld win.
Canada’s American Accessions.
W e k n o w that W e s t e r n Canada is g e ttin g large
accessions of a good class of people, because the
U nited States is fu rnish in g about one-third of the
total im m igration at the rate of about 40,000 to
50.000 per annum. In fact, w e are n o w doing better
for Canada in the w a y of fu rnish in g r aw m aterial
for citizenship, at least so far as quality goes, than
E u ro p e is d oin g for us.
Collier s W e e k l y even relates h o w M innesota
is surrendering some of its Scandinavian y e o m a n r y
to C a n a d a ’s north w estern
provinces.
Canadian
hom esteads have increased from 297,760 acres in
1896 to 5,299,120 acres in 1904, an increase of about
2.000 percent in eight years.
It is about time that M innesota, the Dakotas,
M ontana, Idaho and W a s h in g to n w ere doing som e
th in g in the m issionary line to encourage settle
ment.
1 he fact is, that W e s te r n Canada is doing
more in a w e e k to advertise and push the develop
ment of the northw estern provinces, than all our
N o rth w estern states are doing in a year.
If w e have not en erg y enough and foresight
enough to invite the best class of im m igrants to our
undeveloped acres, w e m igh t at least present in
ducem ents enough to hold our ow n instead of ship
p ing our best bone and blood to Canada.
Consolidating Rural Schools.
One of the laws made at the late session of the
Minnesota legislature is a provision whereby a county
may establish a high school, either of its own motion
or in connection with another county. This law pro
vides that at such school the rudiments of agriculture
be taught. It was this provision that gave it favor
with the rural representatives. It is a law making
somewhat more comprehensive a former state law that
permitted adjoining school districts to consolidate.
While the move may not result in the establishment
o f small agricultural schools it marks the growth of
the idea that co-operation in school work as in other
work is economical and beneficial. Th e economy and
the intellectual and social benefits o f the consolidation
of rural schools is not a fact yet to be proven. E x p eri
ence in many states o f the union has already established
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9
beyond doubt its great advantage over the old single
handed country school district system. In many cases
the wages of a teamster to transport the scholars to and
from the consolidated school may be more than the
wages paid the school teacher whose services are dis
pensed with by the consolidation. But the low-priced
teachei is one of the poorest investments a community
can make.
Under the old system it is possible for anv one
school district to remain a miserable half century be
hind its neighbor in educational methods and equip
ment. 1 he work of uplifting a school district’s edu
cational ideals that can be done single handed by the
best of county superintendent is comparatively small.
1 f a teacher s wages are low, a low grade teacher is
the result. A n d one annual visit from a county su
perintendent will do little to better the case. In spite
o f Western advance in normal school methods and
normal education, the average quality o f the Western
country public school is deplorably low. So low is
the average idea of the value that much difficulty is
often experienced in finding teachers willing to fill
vacancies in country districts.
A consolidated school means as a rule a better
school building with better kept rooms and better
grounds. This alone is an essential part of the child’s
education. It means a better school room with equip
ment o f libraries, maps and working apparatus. It
means the enthusiasm of larger numbers, and best of
all, teachers of better average quality. These schools
bring the country school up more nearly to the quality
of the village or city school, insuring to the country
child that he need not suffer in mental culture be
cause he lives in a rural community and not in a town.
One of the greatest difficulties real estate dealers
find m getting high grade settlers from cities and vil
lages to move out to farms, is the lack of educational
advantages in rural communities. People who care
little for their children’s education will take but little
note of this objection. But those who do are the popu
lation most desirable for country places. The town
ship high school or the double district school has thus
fai been found a good economic investment in spite
of its increased cost. Rarely has this method been
adopted without its advancing perceptibly the value
o f the farm lands affected by it. Its effect in improv
ing land values should be and may be as great as that
of the electric line and of the telephone. Socially and
intellectually its effect is vastly superior to that of the
others.
y.
^
•>- ' i - _____
T H E B U L L ’S E Y E .
A n y thinking man spending a noon hour as spectator
m any kurgA wesfreF« restaurant must be p rofoun dly im
pressed with the infinite skill of the M aker of human
stomachs. T h e impression will rise to sublime awe if
one will w atch a lunch coun ter where one hundred or
more men eat in concert. A m o n g this hundred, even at
the quick lunch counter, one m a y see men w ho eat with
calmness and a decent respect for their heaven-built in
sides. But of the greater part it m a y be said the eaters
bolt their food w ith out a thought o f whence it cometh
or w hither it goeth or as to the order of its going.
W h en one thinks of the awful unground grist that is
shoveled into that delicately built and h ig h ly sensitive
o rg an — the human stom ach— and sees with his own eyes
men of middle age and appare ntly healthy bodies daily
co m m itting this offense, the infinity of the stomach m a k
er’s skill is is a measure appreciated. O f course the food
bolter is due to settle accounts with his stomach sooner
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or later; but that the stom ach carries the account so long
w ith out suing to recover, is the miracle.
W h a t is the use of this hurry and flurry at feed?
W h y do men run to and from table and scramble through
the ordeal? A bright p aragrapher of this city recently
answered by sayin g: " I f you stop to chew yoiu food
the other man gets yo ur w ad .” Simmered down to fact,
this is the cause of the lunch counter crime. W e A m e r i
cans are in hot pursuit of the rolling dollar, and neither
the stomach or the life m ay stand in the w a y of its
capture and defense. Suppose all this hurry did result in
the final ge ttin g and keeping of a pile of property. W h a t
do we expect to gain in the lo ng run? F o r the lo n g run
is the only run we m a y recKon with in counting profits.
D o we hurry n ow that we m ay take a slow and easy
gait later on? D o w e o ve rw o rk our brains and stomach s
to day that w e m ay treat them the better to m o rrow ?
If w e think so, w e cheat ourselves. T h e breathless food
bolter at fo rty m a y live to seventy, but his later years
that he expects to be bright and ro sy will be black and
blue with dyspepsia; or more likely some acute disease
com in g his w a y and finding his stomach unable to put up
its fair share of the fight alon g with the other organs,
will snuff him out of life just at the time his M aker in
tended he should most enjo y life.
D avid spoke a great truth from a great experience
when he said of his L o r d : “ T h o u preparest a table be
fore me in the presence of mine enemies.” D avid had
kn ow n the quick lunch habit from bitter experience. It
was a probable cause of his early death. In his outlaw
days, in the Cave of A dullam and in the W ild e rn ess of
Kish, w hen he ate with a sword in one hand, or took a
bite betw een fights, no doubt he m a ny a time longed for
the w ell spread, w ell ordered and quiet table of the old
farm near Bethlehem. H e w as never in his life there
after to k n o w the peaceful, care-free quiet of the old
farm table of his bo y h o o d days. In his adult life he was
never free from the presence of his enemies— the enemies
that alw ays beset an active man, be he king or clerk.
W e w h o have come to the w o r k in g age m a y not pray that
the L o r d take a w a y our enemies and so leave us to eat
in peace; for so lo ng as we live we shall live 111 the piesence of our enemies. But w e can have w hat David
finally attained to— a table well spread, o rderly and rest
ful, in the v e ry presence of our enemies— a quiet hour
in which to eat w hen ever meal time conies, even in the
middle of a day of top notch activity. But w e cannot
have this quiet table w ith ou t com ing into a much more
complete possession of ourselves than m any of us now
enjoy. H e w ho omits “ g r a c e ” before meals loses a good
opportu nity to stand off these enemies that disturb the
table. O ur fathe rs’ generation un derstood the philoso
phy of this saving grace of the table better than w e do.
F o r the sake of our stom ach and our soul; for the peace
of our km w ho m a y otherwise have to endure the petu
lance of an old dyspeptic, let us eat our daily food in
thankfulness of heart and calmness of mind, petitioning
our L o r d to stand between our table and our enemies—
Care and F ret and V a u ltin g Ambition. So shall we learn
to duly respect our M a k e r’s w onderful workm anship
bound up within us. So shall we come to k n o w that calm
ness that is possible in the midst of confusion, and per
haps induce others to enter into the same rich inheritance.
■— T h e Sharpshooter.
O rga n ize Group Three.
In addition to the two group associations already or
ganized as auxiliary to the state association, a third— to^ be
known as group three— is now in process of formation. 1 his
group will comprise all of the banks of the counties of Dodge,
Washington, Ozaukee, Green Lake, Fond du Lac, Sheboygan,
Winnebago, Calumet, Manitowoc. Outagamie, Brown, K ew au
nee, Oconto, Marinette and Door, and will meet in Fond du
, Lac on Thursday, May 18. There are T14 banks m the coun
ties named.
The meeting will be but for one day, with sessions at
10:30 a. m. and 2:00 p. m., with a lunch at the Fond du Lac
Elks' club house provided by the Fond du Lac bankers.
A program is being prepared with timely and interesting
subjects as topics which are to be discussed. It is the in
tention to make this meeting of special interest to
the
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Saturday, May 6, 1905
Country Banker.” The committee in charge of the program
would be pleased to receive suggestions as to interesting
topics for papers and general discussion, and in order to
make this group meeting of practical interest to every banker
present, they ask all interested to co-operate with them.
The initiative in this movement its being taken by the
hankers of Fond du Lac, Ernest J. F'erry being secretary.
RECORD
SCH EDULE
OF
L IA B IL IT IE S .
(S p ecial C orrespon den ce to T he C om m ercial W e s t.)
Milwaukee, M a y 3.— Liabilities am ounting to $857,469.97 are shown in the schedule filed by the T w o Rivers
M anufacturing co mpany, forced into vo lu n ta ry bankrup tcy
by the action, of tw o creditors, ffhe W is co n s in Fidelity,
T r u s t and Safe Deposit com pany has been appointed receiver, and will, no doubt, be elected trustee of the bankrupt concern at the first m eeting of creditors, which has
been set by Refere e M a x w e ll for the m orning of M a y 4.
T h e schedule of liabilities and assets is the largest
that has ever been filed m the M ilw aukee bankruptcy
court. It is bound in volum e form and contains 350
pages of typewritten legal cap paper. T h e re are two
copies, and each is fully indexed.
T h e largest creditor is the M ilw aukee National bank,
with claims against the defunct concern am ounting to
$450,000. T h is is secured by bonds issued by the co m
pany on Nov. t o , 1894, and m o rtg ag es for $200,000 given
by the firm to H enry, F rederick M., and H e n r y N. Mann
on Jan. 7, 1895, and later assigned to the Milwaukee
National bank.
T h e s e m o rtg ag es are held on lands
located in Ashland, Fore st, Marinette and Door counties,
W iscon sin , and in Iron, Marquette, L eele n aw , Benzie,
Delta and Dick inson counties, Michigan. T h e bank claims
there is $90,000 still due on the m o rtg ag es, but this is
denied by the company, which alleges that large amounts
have been paid to the bank, alth ough no adjustm ent has
ever been made, and when a settlement is secured it will
be show n that the bank owes the firm a balance of $125,000. T h e 500 bonds held by the bank are valued in the
schedule at $250,000.
T h e Ce ntral T ru st com pany of Ch icag o holds a note
given by the co m p an y on Feb. 3, 1905, for $20,000, but
this is secured by 300 shares of capital stock as collateral.
T h e assets of the com pany are given at $1,032,139.57.
If the schedules are correct, there will be more than
enough in assets to pay the liabilities and creditors will
secure the full amount of their claims.
Milwaukee M oney Market.
(S p ecia l C orrespon den ce to T he C om m ercial W e s t.)
Milwaukee, M a y 3.— M ilw aukee financial circles have
partially recovered fro m the defalcation of President
B ig e lo w and flight of Assistan t Cashier H e n r y Goll, of
the F irst National bank, and business to a certain extent
has been running smoothly. T h e election of F rederick
V o g e l as president of the F irst N ational had the effect
of reinstating the institution in the go o d graces of the
public, with the result that deposits this w eek showed
a mark ed gain, while the w ithdrawals were much modified.
M o n ey was easy at 5@6 per cent for choice paper,
w ith commercial paper gen erally discounted at 6 percent,
while real estate loans were usually made at 5 percent.
Some choice paper, supplied with ample collateral security,
w here large sums were concerned, were discounted as
low as 4y2 percent, but this was exceptional. Merchants
reported collections fairly easy and trade show ing a
notable gain from day to day with the advent of season
able weather.
T h e effect of the B ig e lo w defalcation made the bond
and security m arket v e r y dull, and hirst National stock
dropped to par from $250. Bonds were difficult to place,
and while a greater sense of security prevailed than a
w eek ago, still there w as a noticeable holding off among
investors.
Milwaukee Bank’s New Officers.
(S p ecial C orresp on den ce to T he C om m ercia l W e s t.)
Milwaukee, M a y 3.— F rederick V o g e l, Jr., the new
president of the F irst National B a n k of Milwaukee, is
about 54 years old, and president of the Pfister & V o g e l
co mpany, and an officer of the Un ited States Glue co m
pany. H e is interested in the W e s te r n L ea th er company,
and he has for several years been a member of the board
of directors of the First National bank. H e has managed
the Pfister & V o g e l tannery since his fath e r’s death, and
he has seen it g r o w to be one of the la rgest in the_ coun
try under his management. A s a business man he is held
in the highest esteem.
.
J. H. V a n D y k e, Jr., elected first vice-president, is
president of the M ilw aukee T ru st company. H e is 40
years old, and a son of J. H. V a n D y k e, Sr., one of M i l
w a u k e e ’s pioneer la w y ers and business men. W . D. V a n
D y k e and G. D. V a n D y k e, of the firm of V a n Dyke,
V a n D y k e & Carter, are his brothers, and John H. T w e e d y
is his brother-in-law. T h e position of second vice-p re si
dent to which W illia m B ig e lo w is elected, has been vacant
since the death of the last incumbent several years ago.
THE
Saturday, May 6, 1905
C H IC A G O
M ONEY
COMMERCIAL
WEST
il
M ARKET.
Ch icago, M a y 3.— T h e m o n ey m arket is from 4 to 4O
percent, with no indication of any dearer tendency w ith
in the near future. T h e B ig e lo w episode had practically
no effect on the local rate situation. T h e banks here not
only sent a large am ount of currency to Milwaukee, but
strength ened their reserves in anticipation of a possible
spread of the trouble. But in several da y s’ time it was
manifest that such w orries were unfounded, and so the
mark et resumed its easy tendency. Deposits continue to
increase. T h e r e is a fairly go o d demand for money,
but it is not p ressing enough to advance rates.
The New York National
Exchange Bank
West Broadway and Chambers Street,
NEW
YORK.
Lewis
E.
Pierson,
President
Dividend for Radiators.
(S p ecial C orresp on den ce to T he C om m ercial W e s t.)
Ch icago, M a y 3.— Directo rs of the A m erican Ra diator
co m p an y have declared the regular quarterly dividend
of 1 % percent on pre ferred stock payable M a y 15 to
stockholders of reco rd M a y 6. T ra n s fe r books will close
M ay 7 to M a y 15, both dates inclusive. T h e regular divi
dend of 1 percent was also declared on the com m on
stock, payable June 30 to stock of record June 2T. T r a n s
fer books will close June 22 to June 30, both dates in
clusive.
RESOURCES 11 ftS8B_iiONS
Unexcelled equipment lor handling Bank accounts and bill
of lading or other documentary drafts.
We Do Not Depend Upon Consignees to Report Arrivals.
FOREIGN EXCHANGE BOUGHT AND SOLD.
T H E T H O R N S O F PR O SPE R IT Y .
By Henry D. Baker of Chicago.
W e never seem to have any great prosperity b lo w
out, but that a lw a y s in fact some ill-omened skeleton
must obtrude itself at the feast.
F ro m a political standpoint it is of the deepest inter
est and significance that President Roosevelt, w h o only
last N o ve m b e r w on a great personal vic to r y in his defeat
of the D e m o cra tic candidate for the presidency, is soon to
be banqueted in Ch icago b y the leading D em o cratic club
o f the W e s t . James H amilton L ew is, w ho is one of the
greatest orators in his party, is to act as toastmaster,
and will use his gift of speech to extol the Repu blican
chief magistrate of the nation. T h is w ou ld ce rtainly
s u gg es t a revival o f the era of go o d feeling which o c
curred during the administration of President Monroe
after the close of the W a r of 1812. It recalls some of
the most p leasin g incidents in A m erican history, like
w hen D o ug las, the personal rival of Lincoln, announced
himself as with L in coln w hen the Civil w ar broke out,
and like when the South and North fo rg o t past differ
ences and vied w ith each other in martial lo y alty to the
union of states— when the w ar with Spain broke out.
But when the president comes to Ch icag o he will not
be liable to think that any millennium age has dawned
over this great city with its teem ing population and its
t e a m s t e r s ’ U n io n — at least not for a few hours previous
to the Iroquois club banquet. H e m a y see rioting in the
streets, eggs, acid, stone and brick missiles flying about,
and numbers of excited people g iv in g free scope to their
inalienable, free and equal rights to other people's lives,
liberty and pursuit of. happiness. It is announ ced that
the president is to receive a delegation of labor men
w ho will ask him to interfere in their behalf in this strike
into w hich they were foolishly led by their leaders. But
it seems likely that though he will be polite and pay the
Discusses Match and Boxboard.
(S p ecial C orresp on den ce to T he C om m ercial W e s t.)
Ch icago, M a y 3.— President Ba rber of the Diam ond
-.Latch co m p an y says: “ T h e co m p a n y ’s affairs are p ro
gr es s in g satisfactorily. E arn ings are m a kin g a better
s h o w in g than a year ago and there is a material im p rove
ment in the o utlook for the fiscal year.”
Relative to the affairs of the United B o x b o a r d and
Pa p er com pan y President Barber says: “ T h e re is little
or nothing to be said at the m om ent of interest to either
the public or stockholders. T h e reorganization plans are
shaping themselves in a manner satisfacto ry to the m an
agement^ and all that is necessary to a successful culmi
nation of them is the p assing of the time set by the direct
ors for deposit and transfer of the securities involved in
the reorgan ization.”
Chicago & Northwestern Increases Stock.
(S p ecia l C orresp on den ce to T he C om m ercial W e s t.)
Chicago, M a y 3.— ■A t a special m eeting of the board
o f directors o f the C h icag o & N o rth w estern R a ilw a y com-
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
compliment of be ing a go o d listener, he will fail to mix
himself in with this Chicago embroilment.
T h e re is never a great strike in this co un try that does
not have more or less disastrous effect on labor condi
tions generally. If the strike wins it means other strikes
in other lines— for if w orkin gm en of one class get cer
tain favors, like larger pay and shorter hours, it makes
w orkin gm e n in other lines restle ssly expectant of similar
favors. T h e inevitable result is increased cost of living
due to the higher prices. A n d of course there is no
argument so potent n ow adays as an excuse for e xtra v a
gance in the w ag e scale as this v e r y argument of in
creased cost of living. T h e famous anthracite coal strike
several years ago resulted in apparent go o d to the coal
miners— nevertheless, it had plenty of retroactive unpleas
ant effect. It created a sudden feeling a m o ngst other
labor people that they had been w ron ged , and that they
should ge t their pay im m ediately raised. H ence a multi
tude of strikes follo w ed the great anthracite coal strike.
I he present prosperous condition in the iron and
steel trade w as brou ght about la rgely by more stable
conditions in the building trades, just as the great de
pression which last year existed, was started by the
building troubles in those tw o cities. A great new era
of building has just begun in Ch icago and other cities,
but if there are to be serious labor troubles in connec
tion therewith, w hat might prove a benefit w ould p ro
duce a blight.
If our w orkin gm en were not well paid, perhaps o ve r
paid, there w ou ld p robably be less p rosperitv and also
perhaps less disorder. Strikes and lockouts are not primi
tive institutions, but are entirely m odern in their scope
and force. T h e y m a y kill p rosperity and so be v e ry un
popular. Nevertheless, if the co un try were not p ros
perous, they would not perhaps occur at all.
pany resolutions were adopted for issuing an additional
amount of co m m on stock, already authorized, equal to 15
percent of the total preferred and com m on stock now
outstanding. A ll stockholders have the privilege of sub
scribing to such additional stock at par to the extent of
15 percent of their respective holdings on j u n e x, 1905.
O n the announcement of the subscription rights for
Ch icag o & N orth w e ste rn stock the price rose to
232.
A buyer of 100 shares gets in all 115 shares costing $24,700, or $214^ approximately.
W E OW N AN D O F F E R , S U B J E C T TO S A L E
UNITED ST A T E S OF MEXICO AM GOLD BONDS
Dated 1904. Due 1954. A direct obligation to the Mexican Government.
Listed on the New York Stock Exchange and now advancing in value.
These bonds are being held as investments by some of the most conserva
tive bankers in this country and abroad.
WELLS & DICKEY CO., Guaranty Bldg, Minneapolis
THE
12
COMMERCIAL
WEST
Saturday, M ay 6, 1905
WATSON & COMPANY,
B R O K E R S
Chamber of Commerce, M inn eapolis------ 24 Broad Street, N ew Y ork
B on ds,
S tock s,
G r a in ,
P r o v is io n s «
M EMBERS»
CHICAGO BOARD OF TRADE.
NEW YORK PRODUCE EXCHANGE.
NEW YORK STOCK EXCHANGE.
CHICAGO STOCK EXCHANGE.
WINNIPEG GRAIN EXCHANGE.
MINNEAPOLIS CHAMBER OF COMMERCE
ST. LOUIS GRAIN EXCHANGE.
Private Wires to Chicago, New York, and Other Cities.
T E L E P H O N E CALLS!
M A IN 9 0 6 A N D M A IN 6 1 7 .
TH E C O M M E R C E O F JAPAN.
T h e C o m m e r c ia l W est is pleased to note the trade
trend between the United States and Japan. D u rin g the
eight months ending with February, 1905. the exports
of the United States to Japan, as reported by the g o v e r n
ment bureau of statistics, were $25,930,742, as compared
with $15,643,331 for the same period a year ago, $15,566,790 in 1903, $16,334,585 in 1902, $11,111,230 in 1901, and
$18,343,703 in 1900.
T h a t is to say, our exports to Japan, which have been
practically stationary for three or four years, have sud
denly taken an up ward trend and advanced in a single
season over 60 percent.
A m erican imports from Japan likewise show steady
grow th, alth ough the advance is not so sudden or radical
as in the case of exports. F o r the eight months ending
with F eb ru a ry they are $37,782,878, as compared with
$35,333,018 in 1904, $33A37, i 87 in 1903, $27,272,217 in 1902,
$17,419,125 in 1901, and $24,673,037 in 1900.
T h e demands o f the w ar betw een Japan and Russia,
the increase of A m erican shipping on the Pacific, and
the special efforts bein g made to develop our Oriental
commerce by w a y of Pacific ports are responsible in the
main for this trade increase.
A m e r ic a n
E x p o rts
in
1904.
F o r the calendar year ending with D e cem ber 31, 1904,
A m erican exports to Japan show 50 percent increase over
1903 or 1902; being $31,656,037 as co mpared w ith $20,874,887 and $21,622,603 respectively. In other words, our e x
ports to Japan already equal our export total to all of
the South A m erican states, e xcep tin g A rgentina, twice
our exports to Russia, and three times our exports to the
Ce ntral A m erican states.
A s an index of the classes of goods in which A m e r i
can exports to Japan have shown recent increase, the
fo llo w in g furnish a sample:
Flour, $4,258,000 in 1904, $4,685,000 in 1903, $1,469,000
in 1902.
R a ilw a y cars, $390,131 in 1904, $29,114 in I 9 ° 3 > $I 34>277
in 1902.
R aw cotton, $5,390,000 in 1904, $4,510,000 in 1903, $9,275.000 in 1902.
‘ Cotton goods, $561,771 in 1904 $27,836 in 1903, $20,115
in 1902.
T ele g r a p h and telephone instruments, $306,99! m 19° 4>
$275,380 in 1903, $333,526 in 1902.
Railroad rails, $801,604 in 1904, $27,330 m 1903, $2,195
in 1902.
Builders’ hardware and tools, $177-736 in 1904, $ i 33-°99
in 1903, $117,946 in 1902.
E lectrical m achinery, $1,187,693 in 1904, $332,539 111
1903, $341,743 61 1902
, ,
L o co m o tiv es, $606,870 m 1904, $292,363 m 1903, $276,604
in 1902.
.
Leather, $2,227,577 in 1904, $366,000 in 1903, $214,700
in 1902.
Mineral oil, $4 ,034-359 61 1904. $3-567-900 in 1903, $4,362.000 in 1902.
Canned beef, $598,800 in 1904, $578,000 in 1903, $297,75°
in 1902.
E ig h t
M o n th s
of
C u rre n t
F is c a l
Y e a r.
D u rin g the eight months ending w ith February, 1905,
exports of flour from the United States to Japan reached
741,087 barrels; exports of railway cars w ere $172,143,
bein g treble those of the same period a y ea r ago; raw
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
co tton exports, compared with those of the same period
in 1903-4, increased from $2,315,000 to $7,087,000; exports
of co tton goods increased from $15,065 to $672,868; steel
rails trebled to $431,300; telegraphs and telephones and
other electrical m achinery nearly doubled and reached
$846,000; exports of sole leather multiplied seven-fold to
$2,625,255; and canned beef exports g r e w twelve-fold to
$229,540.
A n o th e r important export product is paper, of which
over $700,000 w orth has been shipped from this co untry
to Japan in the past three years; much of it from M in
nesota paper mills. T h e two N orthern roads have made
Minnesota paper manufacturers a rate to Japan which
causes A m erican print paper to displace that of foreign
competitors. In fact, A m erican exports to Japan find
their chief route via the N orthern roads and Pu get
Sound. It was President H i l l ’s initiative that opened
the w a y to the first shipments of steel rails_ to Japan, and
also that developed our trade with Japan in raw cotton,
locom otiv es and cars, flour, lumber and paper.
T he
26,000-ton cargo shipped from Seattle to the O rient Jan
uary 23 on board Mr. H i l l ’s steamship, Minnesota, is a
material factor in this season ’s increase in co tton and iron
and steel shipments to Japan.
O ur total commerce with Japan for the first eight
months of the fiscal year is $63,000,000, as co mpared with
$50,000,000 last year for the same period. T h e twelve
months ending with June will probably reco rd a $90,000,000 trade, which is one-half larger than the form er ban
ner record, that of 1900.
G ro w th
o f A m e r ic a n
T ra d e
in
F o rty
Y e a rs.
In 1865 our Japan trade be gan with about 8300,000 of
exports and imports all told. B y 1875 it had risen to
$9,000,000, m o stly imports. In 1885 our exports to Japan
reached $3,000,000, and the total trade less than $15,000,000. In 1895 w e exported to Japan $4,500,000 w orth and
imported $23,000,000. A s our eight months of exports
approximate $26,000,000, the present fiscal year ending
with June m a y bring the export total to $40,000,000 and
the a g g r e g a te of our trade with Japan to $90,000,000:
which w ou ld be an increase of eight-fold in exports and
200 percent in our trade total with Japan in ten years, and
of tw elve-fold in exports and six-fold in the total trade
in tw e n ty years.
R e p ort of
Ja p a n e se
G o v e r n m e n t.
T h e “ A nnual Return of the F o reign T ra d e of the E m
pire of Japan,” a royal quarto volum e of 505 pages of
tabular statistics, with a 55-page index, recently issued
b y the department of finance of the Japanese g o v e r n
ment, and coverin g the co mmercial operations of Japan
down to D e cem ber 31, 1903, demonstrates that the “ Y a n
kees of the Pacific” within the present ge neration have
achieved miracles of commercial progress. T h e report
also proves that the com m erce of Japan is one that the
United States would do well to study and cultivate. As
w e are the nearest neighbors of Japan am o ng the co m
mercial and industrial powers, it behooves the United
States to lose no time in gettin g com m ercially acquainted.
No
P a r a lle l to J a p a n ’s C o m m e r c ia l
G r o w th .
Japanese exports have gro w n from 15,553,472 yen
(50c) in 1868 to 289,502,442 veil in 1903— m ultiplying near
ly 20-fold in 35 years.
Japanese imports have increased from 10,693,071 yen
in 186S to 3T7,i35>5I 7 61 1903— a 30-fold gro w th in 35
years.
T h e total foreign commerce of Japan has advanced
fro m 26,246,544 yen in 1868 to 606,637,960 in 1903— repre
senting $290,000,000 of net grow th, or 2,230 percent, in a
generation.
T h e re is no parallel to this in the w orld s co mmercial
Saturday, May 6, 1905
THE
history, ancient or modern.
histo ry compares with it.
COMMERCIAL
N o th in g even in A m erican
M a r k e t f o r A m e r ic a n
P r o d u c t io n s .
N a tu ra lly that portion of the Japanese re port which
most interests A m erican manufacturers, jobbers and a g ri
cultural producers is the review of Japanese importations,
and particularly those in which this country provides a
source of supply.
. d 3 i 7 >I35 jS i 7 yen as the total imports of co m m o di
ties, the United States in 1903 furnished 46,792,638 yen,
or not quite 16 percent. Asia, principally British India
and China, supplied 169,165,466 yen, or 51 percent. E u
rope furnished 96,114,213 yen, or 33 percent, and som e
thing more than double the United States quota.
O f the European nations Great Britain stands easily
first m reaching Japanese markets, with a total o f 48,730,758 y en, or 50 percent of the total exports of E urope
to Japan. D u rin g the five years, 1899-1903, British e x
ports to Japan w ere 2,000,000 to 8,000,000 yen per annum
greater than those of the United States.
In 1903 British India came to the front as the greatest
shipper of co mmodities to Japanese mark ets; its total
bein g 71,217,638 yen, as compared with 48,736,758 for
Great Britain, 46,273,870 for the United States, and 45,458,057 for China to Japan. This w as due to the heavy
importations of rice and raw co tton from British India
that y ea r b y Japan. The increase in the A m erican price
which reduced A m erican cotton exports 50 percent was
one of the factors in that y e a r ’s British India trade with
Japan. N o r m a lly the United States should be the lead
ing exporter to Japanese markets.
W hat
Ja p a n
W a n ts
to
Buy.
T h e articles which Japan principally wishes to buy of
other nations are show n r o u gh ly b y the fo llo w in g classi
fication of its 1903 imports: R a w cotton, 81,371,230 yen;
gia in s and seeds, 67,113,444 yen; iron and steel, 21,918,767 yen ; and total metal manufactures, 27,741,977 yen;
sugar, 21,005,629 yen; wool, 16,316,073 yen; sundry food
articles, 15.157,962 yen; m achin ery and tools, 13,219,740
y en , mineral oil about 13,000,000 yen; chemicals and
paints, 13,000,000 yen; paper and stationery, 4,855,425 y e n 1
clo thin g and accessories, 1,374489 yen; with about 40,000,000 yen miscellaneous. Tissues, yarns, threads and v a
rious raw materials for its textile industries, Japan im
ports to the_ extent of o ver 100,000,000 per annum, or
about one-third of its import total. Rood materials, in
cluding rice, grain, flour, sugar, and miscellaneous groce nes, constitute another 33 percent of the import a g g r e
gate. Metal materials and finished manufactures reach
not quite 10 percent of th e total; and paper, leather
glass, oil, chemicals and paints constitute the bulk oi
the re maining 22 percent.
Exam in ation of the source by countries of Japan’s
principal articles of import discloses the fact that the
United States has abundance of room in Japan markets
for development of trade in A m erican productions.
Raw
C o tto n
and
S te e l
R a ils .
F o r. example, Japan imported ginned cotton to the
value of 68,206,724 yen, or about $34,000,000. T h e re is no
reason w h y the United States should not have p ractically
all of this trade. A s a matter o f fact, the United States
supplied less than one-sixth, 10,910,000 yen w orth; w h e r e
as British India m arketed 38,470,000 yen w orth; China,
15,609,000. or more than this country, and even E g y p t
furnished 2,395,000 yen worth. T h e steamships Minnesota
and Dakota, co-operating with the two N orthern roads
and the Burlington, will this year probably double the
raw cotton business of the United States with Japan,
and_ eventually will get the lion’s share of Japan’s cotton
business for A m erican gr owers.
O f 1,612,539 yen w orth of steel rails im ported by
Japan m 1901, the United States supplied 997,825, or 56
percent; Great Britain, 354,563, or 22 percent; and G er
m a ny 204,561, or 12 percent. T h e rate established by
i\lr.^ Hill a few years ago seemed to be brin gin g that
business to this co un try and in a short time bid fair to
secu ie p ractically all of it. But the A m erican steel c o m
bination then proceeded to destroy the business by hoistm g prices, so that^ in 1903 G erm an y w alked a w a y with 45
pel cent of J a p a n s rail trade and Great Britain with
C H IC A G O
A P R IL
C L E A R IN G S .
Chicago, May 1.— Clearings of Chicago banks in April make
a record for the month in the history of the local clearing
house, flhe total was more than $802,000,000, an increase of
about 6 9 percent over the clearings for the month in 1904,
total clearings for the first four months of the year were in
excess of $3,200,000,000, an increase of about 10.6 percent over
the amount in the corresponding period last year. The fol
lowing figures show the clearings by months this year and
comparisons:
1905.
$814,137,382
741,647,693
865,505,5*33
802,629,078
13
40 percent, leavin g the United States high and dry. T h a t
lesson proved efficacious; for the steel rail trade has again
reverted to A m erican mills during the past eighteen
months.
M a n u fa c tu re d
W a re s
G e n e r a lly .
T h e sole leather trade o f Japan is almost entirely
with this country, at least to the extent of 80 percent
m 1901 and 98 percent in 1903. But in other leathers, in
which Japan does an even larger business, A m erican
makers have only one-sixth of the trade; while British
India and the British Straits settlement have nearly 60
percent.
In iron and steel, aside from rails, the United States,
Great Britain and G erm an y are close competitors. T he
fore ign pig iron supply o f Japan co mes principally from
Gieat^ Britain. G erm an y and Belgium divide most of
Japan’s bar and rod iron business. Great Britain gets
the big end o f the sheet iron and tin plate trade. T he
United States gets over 50 percent of the iron pipe busi
ness and also of the nail trade. G erm an y has the best
of the wire trade. Structural steel for bridges and build
ings is furnished chiefly b y Great Britain and the United
States, with the advantage in favor of the form er; while
the steel tiade of Japan is divided betw een Great Britain,
Germany, France, N o r w a y and Sweden, and the United
States, with this co un try failing to improve its o p portu
nities.
T h e m achinery trade of Japan finds the United States,
Great Britain and G erm any again the chief co mpetitors;
the advantage this time bein g with Uncle Sam. T his
co un try sells Japan about 50 percent of its locom otiv es;
with Gi eat Britain a close competitor. Electric motors
and electrical apparatus gen era lly for Japan come from
A m er ica to tire extent o f 60 percent. Great Britain,
however, is far in the lead in selling spinning machines,
and G erm an y is close up with Great Britain in supplying
w e a v in g machinery. T h e trade in steam boilers and en
gines, paper-m aking machinery, fire-engines and 'pumps,
drilling and b o rin g machines, turning lathes and m a
chine tools, is pretty well divided betw een the A m e r i
cans and British, with G erm an y a poor third. T h e watch
business finds Sw itzerland and the United States doing
90 p eice nt of the total business; the former somew hat
m the lead, except in the supply of cases, where the
Am erican s get 60 percent of the trade.
Ja p a n
U ses
A m e r ic a n
F lo u r .
Japan s flour importations in 1903 trebled those of 1902
and 1901; n early all co m in g from the United States. T his
coun try gets o ver 40 percent of Japan’s condensed milk
trade. China and the United States divide a w heat trade
w orth about $2,400,000 in 1903. G erm an y and AustriaH u n g a r y divide a go o d business in refined sugar; while
Dutcli India and the Philippines divide a still larger
trade in raw sugar.
W h e re
We
Lose
O p p o r t u n it ie s .
In co tton goods A m erican mills have opportunities to
extend their present trade with Japan. Great Britain sells
to Japan about $5,000,000 w orth of cotton yarns, threads,
prints, shirtings, cambrics and other cotton fabrics, in
which the United States gives little competition.
O th er lines in which the United States is a leader
for Japan supply, w ith opportunities for increased volume
of business are— paper, telephone and electric light wire,
bicycles, lumber, tobacco, lead, mineral oil, card board,
and provisions. But Great Britain is a close competitor
in paper, G erm an y leads in paper pulp; China supplies
most o f the oil-cake; G erm an y has the best of the trade in
alcohol, w oo len goods, and telegraph wire; while the
British have the best of the argument again in railway
cars, submarine lines, belting and hose, coal, plush and
velvets, hats and caps, paints and chemicals; and B e l
gium seems to have a stro n g lead in the glass trade.
In, short, there is scarcely a line of A m erican p roduc
tion m staple goods, manufactured or agricultural, that
cannot develop a go o d export business with Japan. In
the past, the great draw back to A m erican shippers has
been lack o f shipping facilities. This lack no longer re
mains; for the new cargo giants, the Minnesota and D a
kota, n ow p lyin g betw een Seattle and the Orient, carry
the largest cargoes on the high seas, an equivalent of five
o rdinary Pacific cargoes apiece.
Guarantees Against Lockouts.
(S p e cia l C orrespon den ce to T he C om m ercial W e s t.)
1904.
$729,587,789
670.190,802
764,506,371
751,240,326
Increase.
$84,549,593
71.456.891
100.999,162
51,388,752
l
$3,223,919,686 $2,915,525,288
Digitized forT ota
FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$308,394,398
J a n u a ry
F ebru ary
M arch ..
A p ril .. .
WEST
T h e Io w a B a n k e r s ’ A sso ciation has employed an expert
to care for the time locks, automatics and bolt w o rk in
connection therewith, of its members for a charg e of six
dollars for both time lock and automatic on one door.
T h is charg e guarantees against lockouts, the association
building up a guarantee fund out of its share— one dollar
— of the six dollars charge, from which it will advance the
expenses incurred in opening any lockout or repairing safe
or locks.
The fire losses in the Minnesota cities were light for 1904
with the single exception of Minneapolis, where the confiagiation caused a loss ratio of 69.6 percent, the ratio in St
Paul being 46.3 and in Duluth 37.7.
14
THE
COMMERCIAL
WEST
F. A. C H AM B ER L AIN , Prest.
J. S. POMEROY, Cashier.
PERRY H A R R IS O N , Vice-Prest.
FRED. SPAFFORD, Asst. Cash.
Saturday, May 6, 1905
E. F. MEARKLE, Vice-Prest.
GEORGE LAW TH ER , Asst. Cash.
THE SECURITY BANK OF MINNESOTA
M IN N E A PO LIS , M IN N E S O T A
S T A T E M E N T OF C O N D I T I O N A T C L O S E OF B U S I N E S S M A R C H 14, 1 9 0 5 .
RESOURCES.
LIA B IL IT IE S .
L oan s and d isco u n ts................................................. $8,824,005.40
O verdrafts ....................................................................
£>201.89
U. S. and other bonds, sto ck s and se cu ritie s ..
142,677.80
R eal estate ..................................................................
59,707.50
Cash on hand and due from b a n k s...................... 2,616,970.09
C apital paid i n ............................................................ $1,000,000.00
Surplus and un divided p ro fits.............................
565,032.26
D ep osits .........................................................................$10,084,530.01
$11,649,562.27
$11.649,562.27
FOREIGN EXCH ANGE B O U G H T A N D SOLD
Travelers’ Letters of Credit and Travelers’ Checks good the world over issued
NEW C A S H IE R FOR FIRST N A T IO N A L .
T h e First N ational Bank of Minneapolis will make
an important change in the personnel of its m anagem ent
on M onday, w hen G eo rge F. Orde, fo rm erly cashier of the
N orthern T r u s t C o m p a n y bank, of Chicago, assumes
the cashiership of the local institution.
I he acquisition
of Mr. O r d e ’s services will render it possible for C. 1 .
Jaffray, w ho has occupied the dual role of vice-presidentcashier since January, to devote his attention entirely to
the duties of the vice-presidency, the burdens of which
have been steadily increasing with the recent expanding
business of the bank. It is the intention, at a later date,
to enlist Mr. O r d e ’s services in the directorate of the
bank, but this change can not be made until the next
election.
Mr. O rde is the second Chicago bank official to enter
the local field w ithin the year. A lth o u g h this will be
his initial experience in N orth w e ste rn banking circles, he
has a wide acquaintance a m o ng T w i n City financiers by
reason of his activities in the A m erican Bankers asso
ciation. In Chicago he is well k n o w n and w id ely re
spected as an admirable bank official.
In announcing Mr. O r d e ’s resignation, President B y ro n
L. Smith, of the N o rthe rn T r u s t Com pany, said: “ Mr.
O rde has served us w ith the utmost fidelity and it is with
mutual regret that he leaves us.”
T h e First National is one of the stron gest as well
as the oldest bank in Minneapolis. T h e histo ry of the
First National runs back into the early 50 s, when the
present institution came into existence as the private
banking firm of bidle & W o lfo rd . N o t lo ng afterward
this business be came a state institution under the title
of “ Minneapolis B a n k ,’ and in 1864 obtained its charter
as a national bank. A t this time the capital of the in
stitution was $50,000, and the officers and directors were
J. K. Sidle, president; H. G. Sidle, cashier; G. Scheitlin,
L oren Fletcher, E. B. A m es, D. C. Bell, E. A . Veazie,
A n t h o n y K e l l y and W . A. Penniman. T h ree increases
in the capital stock occurre d in the interim betw een 1872
and 1877, in the latter year the capital bein g raised to
$600,000; again in 1885 to $1,000,000, and subsequently
on July 1, 1903, to $2,000,000.
In 1888 the ba nk’s first president, J. K. Sidle, died and
was succeeded by H. G. Sidle, w hile H. K. Sidle was
made cashier. F. M. Prince, the present president, came
to the bank as cashier in 1894. In the fo llo w in g year
John Martin w as elected president, Mr. Prince vicepresident, and C. T . Jaffray cashier. In 1903 M l J. B.
Gilfillan w as elected to the presidency, and was succeeded
in this position last January by Mr. Prince. T h e assist
ant cashiers are D. M a c K e r c h a r and E rnest C. Brown.
D IV ID E N D S .
Receipts and Expenditures of the United States.
Philadelphia— The Norfolk & Western Railroad Company
has declared the usual semi-annual dividend of Ip2. percent
on its common stock, payable June 16 to stock of record
May 31.
New Y o r k — The United Copper Company has declared
the sixth regular semi-annual dividend of $3 per chare on its
preferred stock, payable May 15. Books closed May 2 and re
open May 15.
New Y o r k — The Georgia Southern & Florida Railway
Company has declared dividends of 2J2 percent on its first
preferred stock and of 2 percent on its second preferred stock,
payable May 5. Books closed April 28 and reopen May 5.
New Y o r k — The New Century Zinc & Lead Mining Com
pany of Galena, Kansas, has declared its usual monthly divi
dend of 1 percent, payable May x by A. R. Specht & Com
pany, No. 43 Exchange Place and the Citizens’ Bank of
Galena, Kansas.
New Y o r k — The Cleveland & rittsburg Railroad Company
has declared the regular quarterly dividend of iLp percent
on the original guaranteed stock and a dividend of 1 percent
on the special guaranteed betterments to stock, both payable
June 1 to stockholders of record May 10.
C om parative statem en t fo r fiscal year en d in g June 30, 1905
and 1904:
Since
M onth of
Since
M onth of
July 1,
A pril,
July 1,
A pril,
1903.
1904.
1904.
1905.
$21,075,518 $220,570,965
$20,040,945 $219,&¿;,:36
193,115,872
17,494,664
192,700,907
In t’ n ’l revenue. 17,300,353
37,925,332
2,959,238
39,176,755
2,4136,882
M isc e lla n e o u s..
Tt is declared that the A rgen tin e minister of finance
and representatives of fore ign bankers have fixed as the
basis of the conversion of the A rge n tin e foreign debt that
securities n ow p ayin g 6 or 5 percent will be replaced by
new issues at 4 percent interest. Official announcement
will be made in, the Preside n t’s m essage at the re-opening
of Congress.
The Minneapolis bank clearings for the week ending April
27 amounted to $16,454.521. which is more than $5,000,000 in
excess of the figures for the corresponding week last year.
The
clearings for Thursday amounted to $2,537,446*89-.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
R e c e ip ts .
T ota l
$451,714,149
..........
$41,529,421
$451,612,170
E x p e n d it u r e s .
Civil and m iscel-
In terest
T ota l
$15,463.151
8.324,450
9,881.564
1,044,377
10,310,656
3,965,398
$126,652,346
106,706,166
99,414,955
12,281.640
118,266,556
22,082,040
$14,463,400
8,872,688
9,403,413
609,982
9,688,879
3,971,899
$118,835,028
96,932,857
84,403,600
8,729.925
118,149,487
22,102,699
.......... $48,989,600
$485.403,706
$47,010,264
$449,153,598
...........
N a t io n a l
D eposits during m o n t h ........
R ed em p tion s during m onth
Bank
Fund.
. . .$2,412,155
G o vern o r H ig gin s, of N e w Y o r k , has signed the P h il
lips bill m aking it a misdemeanor for an official of a hank
to request or receive any emolument in return for proem ing or a rran gin g a loan from the hank or the discount
ing of a note, and m a kin g it a misdemeanor also to permit
any depositor to ove rdraw his account.
The bonded indebtedness of South Dakota is $237,000,
and there is cash in the state sinking fund to the amount of
$200,000. or within $37,000 of enough to wipe out the entire
bonded debt of the state. Ten years ago the state treasury
was in bankruptcy, made so by a defaulting treasurer.
The new French law under which life insurance companies
and associations must operate has just been officially promul
gated and is in full operation.
THE
Saturday, May 6, 1905
COMMERCIAL
WEST
15
The First National Bank of Minneapolis
UNITED
STATES
DEPOSITORY
S T A T E M E N T OF CO N D ITIO N M A R C H 14, 1905.
RESOURCES.
LIA B IL IT IE S .
L oan s and d is co u n ts .................................................. $9,970,089.17
R ailroad and other b o n d s ........................................
205,275.00
U nited S tates bonds, at p a r .......... $1,050,100.00
Cash on hand an d
due from
b a n k s ................................................ 4,612,208.10
-------------------- 5,662.308.10
C apital stock
.......................................................... $2,000,000.00
Surplus .......................................................................... 1,400,000.00
U ndivided p rofits .......................................................
105,125.67
C ircu lation ...................................................................
847,245.00
D ep osits ........................................................................ 11,285,301.60
U nited States bond a c c o u n t ....................................
200,000.00
$15,837,672.27
$15,837,672.27
O F F I C E R S
F.
M. PRINCE, President
D. M A CK ERC H AR, Asst. Cashier
C. T. JAFFRAY, Vice-President and Cashier
ERNEST C. B R O W N , Asst. Cashier
M IN N E S O T A NINTH D IST R IC T B A N K E R S MEET.
Third Annual Convention of the Ninth District Group Held on April 27, at Renville.
(S p e cia l C orresp on den ce to T h e C om m ercial W e st.)
Renville, Minn., April 27.— The third annual convention
of the Seventh District Group of the Minnesota Bankers’
Association, was held at Renville, and brought a goodly
number of bankers of western Minnesota. The register had
over 80 names, and many visitors said that this was their
first attendance at a district meeting.
The bankers and
other business men of Renville are entitled to much credit
for the excellent way the visitors were entertained. The
meagerness of the hotel accommodations was more than
offset by the manner in which the business men opened
their homes to the visitors. This generous hospitality was
thoroughly appreciated and it helped to emphasize what
President D o w lin g said in his response to Renville’s wel
come: " T h a t Renville was famous for the feeling of unity
that prevailed. H e r business men have the ‘get togeth er’
habit which is so effective in getting things done.”
The Morning Session.
The convention was called to order at 11 a. m„ with
President D o w lin g in the chair. A fter an invocation by
Rev. G. L. Morrill of Minneapolis, A tto rne y R. T. Daly
extended a hearty welcome to the delegates. His remarks
were not extended, being almost as brief as was the response
by the president, who contented himself with thanking
Renville for her kindly welcome. The next address was
by O. H. Havill of St. Cloud, president of the Mi nnesota
Bankers’ Association, who gave an informal talk on banking
matters.
B a n k in g
M a tte r s .
Mr. Havill devoted most of his time to the subject of
bank money orders. H e quoted reports of last year’s busi
ness done by the post office department in handling money
orders, and estimating that of the express companies at
considerable less. The total volume of such business now
amounts to some $600,000,000 a year, on which is realized
about $5,000,000 revenue.
J his business of exchange, and
the profit in handling it, can be had by the banks if they will
only wake up and go after it right. T hrou gh the co-opera
tion of the American Bankers’ Association and the A m er i
can Surety Company, there is now a bank money order to he
had at small cost, only $5.00 for 1,000 orders. A start has
hen made by the banks in using these orders, but the great
majority have yet to learn how much they are missing in
neglecting this line of business. Not only are they neg
lecting it, but are actually helping their competitors, the
post office and express companies, to carry on the exchange
business, by cashing such orders at par. What other busi
ness men would aid their competitors in making a yearly
profit of $5,000,000? Mir. HavHl’s method of bringing the
bank money order into general use is to make a charge
for cashing all express and postal orders issued from bankingpoints, cashing at par these orders, only when coming from
towns without banking facilities.
Pie thought the banks could make much greater profit
out of bank money orders, than they ever can through
w orkin g for a uniform rate on collection charges. He saw
little hope of any such uniformity, except in very limited
area, possibly not greater than among the several banks
of a single town. This might afterwards be extended some
what, if the banks of one town could agree on a certain
rate of exchange charges.
M. E. Titus, cashier of the First National of Montevideo,
had a brief paper on the E xchange of Information as to
Credits by Country Bankers.
Mr. Titus only offered a
suggestion, but it is one that could be worked out to much
advantage to the country banks. He prefaced his remarks
by a sketch of the history of banking and spoke as follows:
I b elieve it will interest us fo r a m inute or tw o to review
som e o f the interesting- h istorica l fa cts relatin g to the progress
of
n k in g sin ce the first record ed in form ation w as brough t
Digitized for ba
FRASER
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Federal Reserve Bank of St. Louis
to ligh t fr o m an cien t tim es. T he an tiq u ity o f banks is v ery
great. In th e M etrop olitan M useum o f A rt, in N ew Y ork, are
B abylon ian tablets bea rin g d istin ct record s o f tra n saction s in
ba n k in g th at took p lace in the reign o f N ebuchadnezzar. The
C hinese are said to have record o f the issue of “ flying m on ey ”
or con v en ien t m on ey a s early as 2697 B. C.
T he origin of
m odern hankin g m ay be tra ced to the m on ey d ealers of F lo r
ence, w h o w ere in high repute as receiv ers and lenders of
m on ey in the fou rteen th century.
T he nam e bank is d erived from the Italian “ b a n co ” or bench
the Jew s in L om b a rd y h a v in g ben ch es in the m arket p lace fo r
the ex ch an ge o f m oney. W h en a ba n ker fa iled his bench w as
brok en b y the populace, and from this circu m sta n ce we have
the w ord bankrupt.
T h e business o f borrow in g and lending m on ey w as u n der
taken first b y goldsm iths, alth ou gh the tw o had no d irect c o n
nection.
In the p rocess o f the separation of em ploym ents, ba n k in g b e
cam e a bu siness o f its ow n.
T he a d v a n ta g es a ccru in g to
so ciety from the bu siness o f b a n k in g is alm ost beyon d estim ate,
and in this ag e is a ccep ted as such, perh aps m ore esp ecially
the com m ercia l w orld.
“ B a n k in g ,” says Jam es W . G ilbert, an em inent E hglish
author, “ ex ercises a p ow erfu l influence upon the m orals o f s o
c ie ty .”
T h e banker receiv es d ep osits from individuals, firm s and
corp oration s in w h ose hands it is un prod u ctive, and lends it to
those w h o need it or can use it in their business, an d in lendinglies the v ery im porta n t fea tu re o f w h om to lend to and w h om
to refuse such fa vors. F o r their ow n and th eir d ep ositors’ best
interests bankers m ust have regard fo r the m oral, a s w ell as
the financial resp on sibility o f th e p arty w ith w h om they deal,
th ey m ust as fa r as possible, k n ow w h eth er or n ot h e is h on est w h eth er he is a tten tiv e to his business, given to speculation
or liv in g bey on d his m eans. Som e bankers m ay feel sufficient
un to them selves, hut I d oubt it; there should be the fr e e st e x
ch an ge o f cou rtesies betw een bankers in reg ard to credits in
their com m u n ity and each banker should be free to m ake in
qu iry o f his n eigh bor ba n k er and the in form ation so fa r as
p ossible should b e fr e e ly given. C oun try bankers as fa r as m y
in form ation goes do n ot ex ercise this privilege to the exten t
that c ity bankers d o an d g reat im p rov em en t can he m ade alon g
this line to the ad v an tag e o f banks and the public. In the s e
curities or prom ises to p ay lies the stren gth o f all banks.
The morning session was concluded by an address by
Rev. G. L. Morrill. H e took no text and touched up many
subjects in the style for which he is famous. A s an enter
tainer the speaker was voted a great success.
The Afternoon Session.
The afternoon session was opened by Henry Rothschild,
of St. Paul, loan agent of the Northwestern Mutual Life
Insurance Company, of Milwaukee, on the subject: " M o r t
gage Loans as A n Adjunct to the Banking Business.” Mr.
Rothschild succeeded in bringing out the philosophical and
even poetic side of this prosaic subject, and was given close
attention. His subject was one of special interest to W e s t
ern bankers, though many have not availed themselves of
the opportunity for profit in this line of business. He spoke
in part as follows:
A sk an eastern ba n k er w h eth er in his opinion the m ortgage
loan bu siness w as a p rop er ad ju n ct o f the ba n k in g bu siness
ancl ho w ou ld p rob ably an sw er “ n o” w ith som e em phasis. A sk
a w estern ba n ker d oin g bu siness outside the cities the' sam e
qu estion and his a n sw er w ou ld p rob ably be “ y e s ” w ith equal
em phasis. A ll d epen ds upon the “ p oin t o f v ie w .”
In an agricu ltu ral com m u n ity the m ortg ag e loan business,
u n derstood _as bein g the p la cin g o f m on ey on fa rm m ortg ag e
securities, is n ot on ly a prop er but a n ecessa ry a d ju n ct o f our
local b a n k in g business.
W hy?
P resen t con d ition s are the result of years o f the siftin g
p rocess b y w h ich th e im prov iden t b orrow er and the high rate
lender have been elim in ated and the business is n ow cond ucted
b y the local banker, the b orrow er h a v in g learned to look to
him to m eet his w an ts in this d irection as natu rally as w hen he
deposits w ith or b orrow s from him in the ordin ary com m ercial
w ay. H e k n ow s that h is banker is fa m iliar w ith his security,
his credit, and he k n ow s that banker, b y reason of his business
is or should be in tou ch w ith availa ble funds fo r su ch loaning
purposes. H e regards the ba n ker as the k ey to the outside
business w orld and that banker, if he does not brin g togeth er
these tw o bu siness w an ts, will su rely be b y th e siftin g process
of tim e, sifted from the field w h erein he has been “ tried and
fou nd w a n tin g .”
T he lenders, the _ tru stees o f the sav in gs o f the frugal, of
the w idow , o f the orphan, of the accu m u lation s
of the older com m un ities, these have all learned to look to the
THE
16
b a n k
C
o o tey
L
COMMERCIAL
s r i'i'L ie
s
a
WEST
Saturday, May 6, 1905
s p e c ia l t y
it h o g r a p h in g
& P
r in t in g
C
o
.
L IT H O G R A P H E R S, P R IN TER S, STATIO N ER S
BLANK BOOK M A K E R S
c o p p e r
s t e e l
P l a t e
D ie
E n g r a v in g
M
E m b o s s in g
local ba n k er fo r the ideal se cu rity — lon g tim e m ortg a g e loans
on p rod u ctive lands in stable com m u n ities in this new and
g row in g w est w h ich an nu ally p rov es b y its crea tion o f new
w ealth the sta b ility o f its securities.
W h y d oes the lend er lo o k to the b a n k er?
T im e an d experien ce have p roven him the safest m edium
fo r ha n d lin g the business.
R eliability — O ccu p yin g a p osition of tru st and resp on sibility
he p ossesses the first requ isite— reliability.
C om p eten cy — F a m ilia rity w ith business, law and local c o n d i
tion s fit him to a ccu ra te ly fulfill his duty to his clients.
Ju dgm ent— H e m ust have b y v irtu e o f the v e ry natu re of his
business
P rop er con serv atism coupled w ith that spirit w h ich m akes
fo r p rog ress n o t to o fa st, n ot yet im pedes n ot hea lth y g row th
and developm ent.
G ranting, then, that the banker is the p rop er m edium fo r
handling this business, let us con sid er it from his standpoint.
W h y does he handle it?
T o help p ay dividends.
T o establish prestige.
T o aid acqu ain tan ce abroad as w ell as at hom e.
T o w iden his sphere o f a ction and usefulness.
T o broad en his ideas and brush up his tech n ical know ledge.
T o m eet com p etition . T h e m an, h ow ever, w h o is fo r c e d to
ad op t a p rog ressiv e p o licy b y reason o f the in itiative on the
p a rt o f his m ore enterprisin g com p e tito rs can n ot be e x p ected to
hold his own.
In flu e n c e on D e v e lo p m e n t o f C o u n tr y .
T he influence o f the ba n k in g and m ortg a g e loan business
com b in ed on the g ro w th and d evelop m en t o f a cou n try is too
g rea t to be estim ated. T h o se w h ose early d a y s,. and those
w h ose p ion eer d ays w ere spent 25 to 40 years ago in S outhern
W is con sin , Illinois or Iow a d u rin g a tim e p reviou s to the
ad v en t o f cheap m o n e y in those districts, realize h ow slow and
difficult the g row th and d evelop m en t w as as com pared w ith the
later y ears during w h ich cap ital has so fre e ly sou gh t in v estm en t
a t the m arked low er rates o f interest. W ith our in creased
fa cilitie s fo r ha n d lin g the b a n k in g an d m ortg ag e loan bu siness
g row th develop m ent and expa n sion have taken an im petus u n
k n ow n ’in the past. T he p ast five y ears have p rob ably been the
m ost rem a rka ble p eriod in this re sp e ct in ou r local history.
D u rin g that tim e ch eap m on ey has been plentiful fo r co n se rv a
tive in vestm en ts in fa rm loans and g o o d results are apparent m
all d irection s. T he A m e rica n fa rm e r is b y n atu re and in stin ct
an expansion ist.
It is as natural fo r the h ea lth y fa rm er to
w an t to g row as it is fo r the h ea lth y child to w an t to w alk.
A ffo rd him the op portu n ities an d you m ust indeed be aw ake
to keep p ace w ith him in the d evelop m en t o f his resou rces and
the expa n sion o f y ou r m utual bu siness interests.
A p rom in en t cen tra l M in n esota ba n k er w rites m e:
“ In m y ju d gm en t, it is essen tial fo r ev ery g o o d banking
institu tion to cou p le up w ith som e reliable lo w rate fa rm
loan in g com pan y, as it is n ot p ra ctica l fo r an y bank to hold a
great m an y farm m ortgages, as assets o f this kind are slow
assets. W h ile the deposits o f the bank con sist entirely o f im
m ediate liabilities and sh ort tim e deposits.
,
It h as also been m y ex perien ce that m p la cin g fa rm loans
w ith a loan co m p a n y at a lo w rate o f in terest it crea tes life m
th e real estate m arket, the rate bein g low er, w ith b etter p re
p aym en t privileges. A n y th in g that w ill assist in cre a tin g a
m arket fo r real estate, w ill increase dem and fo r sh ort tim e and
mortSciRB loans, w h ich w as v e ry eviden t som etim e ago. AVhen
real estate is a ctiv e — the ba n k a cco u n ts also becom e a ctive.
S e cu res
M oney
fo r
Fa rm e rs
at
Low
R a te s .
A n o th e r w rites:
“ I think that one o f the best results o f our fa rm loan b u si
ness in this cou n try has been in the fa c t th at w e have secured
fo r the fa rm ers o f this cou n try several hu ndred thousand d o l
lars at 5 percent, w h ich n o t only gav e them a lo w rate, but
in creased the value o f their lands and I find th at w hen w e can
sa v to Io w a and Illinois land seekers that som e w ell know n
com p an y holds a 5 p ercen t loan on a certain fa rm it im m ed ia te
ly causes fa vora b le com m en t on their part and encou rages. their
investm ents. T he stan d in g o f som e o f the large com p an ies m
th e older states b e in g such that it increased the confidence of
people fro m those states look in g fo r fa rm s m our n ew er c o m
m unities w hen they find su ch com p an ies d oin g business m these
T h is bran ch o f the ba n k in g business is w orth y o f a g ie a t
in n e a p o l is
,M
in n
.
purpose— w orth y of the su ccess w h ich m any o f you have a t
tained in m ak in g it an ad ju n ct o f y ou r b a n k in g business, and i
w ou ld su gg est to y ou that in dealing w ith y ou r valu a ble but
critica l clients, you rem em ber the w ords o f Josh W ise, • You
c a n ’ t n ever lose all y ou r troubles, but its easy to trade them
foT others.
A story is told o f a ship at sea that had lost its bearin gs.
D r iftin g fo r days out of her course, the supply o f fresh w ater
aboard had becom e exhausted. F in ally a sister ship w as
sighted, and w ith m uch a n x iety the p ligh t o f the lost sailors
m ade kn ow n w ith earnest pleadin gs fo r a cask o f fresh w ater. ,
B a ck cam e the an sw er, “ L ow er y ou r bu ckets, there is Iresh
w a ter all about you. Y ou are in the m outh o f the A m a zon
R iv er ”
T rue, indeed, and the th irsty sailors w ere soon r e
fresh ed and the ship sailed into safe harbor.
If an y o f our M innesota bankers are th irstin g for a paying
a d ju n ct to th eir b a n k in g bu siness th ey m ay m ake the proper
ap p lication o f this story.
The next speaker was Hon. John G. Lund, of Minne
apolis, who was, slated to give some “ Reminiscences.
While Mr. Lund is yet a young man, his boyhood was spent
in this seventh district and he has seen many changes here.
H e said he had witnessed the Northw est booms, the periods
of depression and its recent solid development. The e x
tensive land business handled for years by Mr. Lund, to
gether with his banking interests, has brought him m
closest touch with the business situation in the Northwest.
T he speaker had various humorous stories and some pathetic
ones of the early days in Western Minnesota.
H is talk brought out others from Marcus Lauritsen, of
the State Bank of Tyler, D. A. M c L a r t y of the Western
State of Granite Falls, and also some from the presiding
officer, Mr. Dowling.
Theodore M. Knappen, of Minneapolis, secretary of the
Western Canadian Immigration society, ga ve the feature
address of the afternoon. It was a comprehensive summary
of the development of western Canada and the part played
by its system of chartered banks. Mr. Knappen gave some
interesting figures on his subject and pointed out very clear
ly the good features of the Canadian banking system. His
address w ill be found on page 19 of this number of 1 he
C o m m e r c ia l W
est.
T he entertainment feature of the afternoon was a base
ball game between Renville and the Lund Land teams.
The round table discussion at the evening session was
well attended and all sorts of banking questions were talked
over at length.
. .
The ladies of Renville remembered the visitors with a
generous luncheon and the session was continued until a
fate hour. Resolutions were passed thanking Renville for
their hospitality and entertainment and especially for the way
their homes were placed at the disposal of visitors.
T he election of officers for the ensuing year resulted as
follows: President, C. S. Orwell, cashier of the Clarkfiekl
State Bank, Clarkfield; vice-president, M. E, Titus, cashier
of First National of Montevideo; secretary-treasurer, F. R.
Putnam, cashier of Morris National of Morris. Oth er mem
bers of the executive committee: H. N. Stabeck, president
of First National of Renville, and A. J. Olin, cashier of
State Bank of Franklin. A s member of state executive co m
mittee, M. J. Dowling, president of Olivia State Bank of
Olivia.
T h e state secretary, Jos. Chapman, Jr., was on the pro
gram, but was unable to be present, much to the regret of
those who enjoy his interesting talks.
THE FIRST NATIONAL BANK
RENVILLE, MINN.
Statement of Condition March Î4> J905.
RESOURCES.
Loans and discounts
O verdrafts Banking House
•
U. S. Bonds
Cash due from banks
-
$162,737.06
1,266.29
- 8 , 000.00
15,740.00
- 43,369.38
$231,112.73
L IA B ILIT IE S .
Capital
Surplus and Undivided profits
Circulation
Deposits
-
OFFICERS:
H N Stabeck President- F. O. Gold, Vice-President; A. A. Bennett, Cashier: H. J. Dale, Vice-President; A. H. Norton, Ass’t Cashier.
' '
’
DIRECTORS:
H. N. Stabeck, F. O. Gold, H. J. Dale, A. A. Bennett.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
B a n k i n g In a l l i t s B r a n c h e s .
$25,000.00
5,425.53
15,000.00
185,687.20
$231,112.73
THE
Saturday, May 6, 1905
68 B R A N C H E S
Ontario,
Manitoba,
N o rth w e st Terr.
British Columbia
COMMERCIAL
WEST
17
BANK OF HAMILTON
WINNIPEG BRANCH.
C a p i t a l .......................................................... $2,500,000
Reserve Fund
2,100,000
Total A s s e t s ...........................................
27,500,000
U. S. Collections on
Western points in Can
a d a lo o k e d a f t e r
promptly.
H. H. O ’ Reilly,
A g t . , Winnipeg.
M O N T A N A STATE B A N K S P R O S P E R O U S .
(S p e cia l C orresp on den ce to T h e C om m ercial W e s t.)
Helena, April 27.— Judging from the reports filed by the
seven state banks first to respond to State Examiner T. E.
Collins’ call of April 12, the financial institutions operating
under state supervision are in a most prosperous condition.
The reports follow:
D a ly Banking- and T ru st C om pany, B u tte— R esou rces, $2,756,110; deposits, $2,555,488; cap ital stock , $100,000.
M adison S ta te B ank, V irgin ia C ity— R esou rces, $278,112; d e
posits, $281,210; cap ital stock , $50,000.
B elg ra de S tate B ank, B elgra de— R esou rces, $108,536; deposits,
$77,919; cap ital stock , $25,000.
D aly B an k in g and T ru st C om pany, A n a co n d a — R esources,
$1,566,630; deposits, $1,441,480; cap ital stock , $100,000.
U nion B an k in g and T ru st C om pany, H elen a— R esou rces, $1,730,966; deposits, $1,425,635; cap ital stock , $250,000.
S tate B ank, S heridan— R esou rces, $91,730; deposits, $52,967;
cap ital stock , $25,000.
B an k o f T w in B ridges, T w in B rid g es— R esou rces, $123,504;
deposits, $84,751; cap ital stock , $25,000.
This call is made in pursuance of a law passed at the last
session of the legislature providing that the state bank ex
aminer shall make at least four calls per year upon the state
banks for reports of their condition, on such dates as he may
elect. It is understood to be the intention of the examiner to
'adjust these calls so as to make them concurrent to the calls
made by the comptroller of currency for statements by the
national banks, as soon as the routine of the state bank e x
aminer’s office can be adjusted to this new plan of calling for
statements from state banks.
The state bank examiner has adopted for these reports
two forms of blanks, both fashioned after the form of reports
called for by the comptroller of currency at Washington, one
of them being for the confidential information of the state
bank examiner’s office only, and the other being for the pur
pose of newspaper publication in the town where the bank is
located.
Out of ninety banks in Montana there are thirty banks
operating under state charters, which includes the new Citi
zens’ State bank now being organized at Hamilton; thirty
national banks, and thirty private banks.
M IN N E S O T A SIXTH D IS T R IC T BAN KE R S.
Program of the Proceedings of the Second Annual Meeting to Be Held at Lon g Prairie, on M ay 10- 11 .
Convention called to order by the president, Hon. Wm. E.
Lee, Long Prairie.
Address of welcome, Hon. Frank Lano, president of the
council, Long Prairie.
Response to address of welcome, John M. Haven, presi
dent Sherburne County State Bank, Big Lake.
Annual address by the president.
Report of executive committee.
Bank conventions— their purpose and influence, W. S.
Harris, assistant cashier National Bank of Commerce, Min
neapolis.
Commerce, Hon. Henry Keller, president Merchants’ N a
tional Bank, Sauk Centre.
Taxation, Wm. Rodman, cashier First National Bank,
Eagle Bend.
BANK
CLERKS
E L E C T IO N .
A t the annual business meeting of the Minneapolis chapter
of the American Institute of Bank Clerks officers of the
chapter for the ensuing year were chosen, and delegates to
both the state bankers’ convention and the annual convention
of the American Institute of Bank Clerks were elected.
The only contest of the evening was that for the office of
president. H. P. Newcomb of the Northwestern National
bank was elected on a close ballot, defeating A. A. Benton
of the National Bank of Commerce.
The other officers were given their seats by a unanimous
vote, A. A. Benton being chosen vice president, Charles Wyant
of the Security bank, re-elected secretary, and Oscar Weibel
of the Swedish-American National bank, made treasurer. The
executive committee, in addition to the officers, will include:
W. C. Hall of the First National, H. E. Cobb of the Farmers
and Mechanics, and I. F. Cotton of the National Bank of
Commerce.
Then followed the election of delegates to the national
convention, wdrich meets in Minneapolis in July. Ten candi
dates were nominated and the seven successful ones w e r e :
A. A. Benton, W. A. Meacham, H. S. McGregor, H. J. N e w
comb, A. V. Gardiner, E. C. Phinney, G. H. Richards. D. J.
Craig, Jr., had previously been chosen delegate at large.,
The following were elected on an informal ballot as dele
gates to the state convention : R. E. McGregor, W . T. M c
Lean, H. P. Newcomb, D. J. Craig, Jr., E. W. Carloek, L. E.
Wakefield, G. H. Richards.
Reports were made by the treasurer and chairman of
several of the committees. That of the treasurer was very
satisfactory, showing a record of $1,000 of receipts and dis
bursements for the past year and a balance on hand of $500.
T he candidacy of G. H. Richards for president of the
$18.00 REWARD
Bank Advertising, Geo. E. Hanscom, cashier State Bank
of Foley, Foley.
The Exchange Question from the City Banker’s Point of
View, Otto Nelson, assistant cashier First National Bank,
St. Paul.
The Exchange Question from the Country Banker’s Point
of View, W. A. Shaw, president Bank of Clearwater, Clear
water.
“ The Bank and the Bank Examiner,” Hon. P. M. Kerst,
superintendent of banks, St. Paul.
Address, by president of the Minnesota Bankers’ Associa
tion, O. H. Havill, president Merchants’ National Bank, St.
Cloud.
Round table discussion, conducted by Joseph Chapman, Jr.,
secretary Minnesota Bankers’ Association, Minneapolis.
Election of officers.
American Institute of Bank Clerks was formally announced,
and all Minneapolis delegates to the convention are pledged
to support him.
W E S T E R N B A N K E R S ’ C O N V E N T IO N S .
M ay
M ay
M ay
M ay
June
June
June
June
Ju ly
Ju ly
July
10 and 11— M ississip p i— V ick sb u rg .
16 and 17— K a n sa s— T o p eka .
19 and 20— C aliforn ia— O akland.
23 and 24— M isso u ri— K a n sa s C ity.
7 and 8— Io w a — D es M oines.
13 and 14— T e x a s — D allas.
14 and 15— South D a k o ta — W a terto w n .
20 and 21— M in nesota— L a k e M innetonka.
7 and 8— N o rth D a k o ta — G rand F o rk s.
12 and 13— W isco n sin — A shland.
20, 21 and 22— W a sh in g to n —-Portland.
M IN N E S O T A
GROUP
M E E T IN G S .
Sixth district group, L o n g Prairie ................... M a y 10, 11
T h ird district group, Faribault ..................................M a y 23
N ew Minneapolis Grain Firm.
Kenkel, Hopkins & Company is the name of a new Minne
apolis grain firm just opening offices at 108 ground floor of the
Chamber of Commerce. H. H. Kenkel is the well known
grain man operating in Duluth with the firm of Kenkel &
Todd. _F or some years past he has spent most of his time
in foreign travel, but will now become active again in charge
of the Minneapolis business.
W. M. Hopkins has been general freight agent for the
Minneapolis & St. Louis railroad for many years, but recently
was associated with the Chamber of Commerce, having charge
of the traffic department.
To the first man who can name any one of the 25
leading Old Line Life Insurance companies which
has a larger per cent of assets invested in farm mortgages than the UNION CENTRAL
LIFE.
V. H. V A N SLYK E, State Agent, 514 Guaranty Building, Minneapolis, Minn.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE
i8
COMMERCIAL
WEST
Saturday, M ay 6, 1905
MINNESOTA NATIONAL BANK
OFFICERS:
A . D. C l a r k e ,
MINNEAPOLIS, MINN.
DESIRABLE
BUSINESS
SOLICITED
DIRECTORS:—A. D. Clarke, F. L. Williams, S. T. Johnson. H. G. Merritt, H. E. Fairchild, Joseph Molyneaux, A. J.
Powers, L. H. Johnson, M. G. Pflaum, John McCulloch, S. H. Taylor, E. H. Moulton, J. A. Modisette.
President.
F. L . W il l i a m s ,
Vice-President.
S. T. J o h n so n ,
Vice-Pres. & Gen’l Mgr.
H. G. M e r r i t t ,
Cashier.
BRANCH BANKS AND PROGRESS.
Development of Western Canada and the Relations Thereto of the Branch Banking System.
By Theodore M. Knappen, Secretary of the western Canadian Immigration Association.
T he p eop le o f w estern C an ada are fo n d o f say in g that while
the n in eteen th cen tu ry w as the cen tu ry o f the U nited States,
the tw en tieth ce n tu ry will be the cen tu ry o f Canada.
T hey
m ean b y that, that during the la st cen tu ry the A m erican people
have to a large ex ten t explored, exploited an d utilized their
m agn ificen t resources, w h ile alm ost equ ally g reat resou rces
in C anada rem ain to be used during the tw en tieth century.
W estern C anadians are con fid en t that b y fa r the b etter part
of C anada lies w est o f O n tario and betw een that p ro v in ce and
the R o c k y m ountains.
T h ere are g reat fo re sts and m ineral
resou rces to the east and the m ineral w ealth o f B ritish C olum
bia has only been scratch ed, bu t the p eople o f the g reat plain
an d prairie h a v e com e to b elieve that in their w on derfu lly
fertile soil and its a lm ost un lim ited exten t, th ey have so m e
th in g fa r m ore valuable than tim ber or m inerals. T h ese w e s t
ern C anadians believ e that the day is n ow righ t at hand w hen
the p rim a cy in w h ea t ra isin g w ill pass from the U nited States
to w estern C anada. T h e y are co u n tin g up their m illion s of
acres o f excellen t arable lands m u ltip lyin g them b y tw enty,
the average yield o f w h eat per acre in this coun try, an d p o in t
in g to the p rod u ct as p r o o f o f w h at will one d a y be done in
their coun try. S tretch in g aw a y w est and n orth w est from the
eastern bou n d ary o f M anitoba is a rich plain and p rairie c o u n
try, w h ich exten ds to the R o c k y m ountain s and cov ers an area
of nearly 400,000 square m iles, five tim es the area o f the great
state o f M innesota.
In this region, m ore than tw ice as large as F ra n ce, there
w ere b y the cen su s o f 1901, only ab ou t 400,000 people, or one
person to each square m ile, and there is said to be less w aste
land in this co u n try than in an y other agricu ltu ral region
in the w orld o f an y th in g near such an area. It is a cou n try
that ough t to su pport at least fifty people to the square m ile.
T h ere is then in the C anadian w est room fo r 20,000,000 people
an d it has tod a y m uch less than one m illion.
W h o can doubt that th ey are good p rophets w hen the w e s t
ern C an adians sa y that w ith its g ood soil, salubrious clim ate
an d ex cellen t govern m en t, their co u n try will ere lon g be d ensely
p opulated. T h ere is no reason w h y it should n ot be the story
ov er again o f th e settlem en t o f the A m erican w est. E v ery w h ere
throughou t the w estern p art o f the U nited S tates you m ay find
people w h o a re w ealthy, p rosperou s and influential today, sim ply
becau se they w ere pioneers. T he en th u siastic believers in w e s t
ern C anada d eclare that this new land has e x a ctly the sam e
op portunities w h ich w ill yield fr u it in ten o r fifteen y ea rs or
soon er to th ose w h o go in n ow an d get started in early in the
race fo r w ealth and p osition .
F*or the last six y ears the C anadian W e st has been g row in g
rapidly. A s the cheap lands o f the U nited S tates have filled
up and the g ov ern m en t lan d in the hum id region h as alm ost all
been taken, the n ev er en d in g stream o f land seekers and hom e
bu ilders w h o are alw a ys m o vin g w estw ard in the republic, have
turned their atten tion to w estern Canada. A t first there w ere
on ly a fe w m em bers o f an ad v an ce guard, but year b y year, the
num ber o f th e n ew com ers, both from the U nited S tates and
E u rop e has increased, until n ow a v eritab le hum an steam
is flow in g in to M an itoba and the territories each year.
In 1871 the total popu lation o f the C anadian w e st w as only
18,995; ten years later it w a s 118,706; in 1891 it w as 252,000; the
censu s o f 1901 sh ow s that the popu lation o f M an itoba and the
three territories w as ov er 410.000. So rapid has been the grow th
in the last fo u r y ears th at it is safe to say toda y that there
are ab ou t 800,000 p eople in the region under con sid eration . In
1903, 128,000 em igran ts a rrived in Canada, and a t least 100,000
o f th ese w en t into the w est.
O f these, ap p rox im a tely 50,000
w ere A m erican s. L a st year the total w as 132,000 and 45,000
w ere A m erican s.
T here is every reason to believe th at the
popu lation g ro w th this y e a r w ill be fu lly as large as last. E m i
gran ts fro m E hrope, the m a jo rity o f them a fine class o f settlers
fro m the B ritish Islands, are p ou rin g into W in n ip e g in solid
train
load s day b y day.
E v e ry w eek ab ou t a thousand
A m erica n s
cross
the
line.
Of
course.
this
popu lation
m ovem en t could n o t be taken care
o f if the railw ay
lines
w ere n ot
reach in g
ou t into a new
co u n try
all
the while. T h e C anadian N orth ern is now hard at w ork on
its m ain line exten sion to E d m on ton , 800 m iles north w est of
W in n ip eg. A lto g e th e r the n ew system now has 1,950 m iles of
line w est o f L ak e Superior. It also has a num ber o f branch
lines un der w ay. T he C anadian P a cific is w ork in g on several
bra n ch an d co n n e ctin g lines and has som e lo n g new lines p r o
jected .
T h e D om in ion g overn m en t, m oreover, has recen tly
closed a co n tra ct w ith the Grand T ru nk fo r the bu ildin g o f a
secon d tra n scon tin en ta l line a c r o ss Canada. W e st o f W in nip eg,
this line w ill be so located as to g iv e a cce ss to a large area of
fertile agricu ltu ral coun try, d ista n t fro m p oin ts on either the
C anadian P acific, or the C anadian N orth ern .
In a general
w ay, it m ay be said that this n e w line w ill run betw een the
m ain lines o f the oth er tw o system s. T he prairie section , that
is to say, b etw een W in n ip e g an d the R o c k y m ountains, w ill be
the first part o f the lin e built, as w h at the D om in ion now r e
qu ires m ore than an y th in g else, is the full develop m ent o f this
rich p ra irie cou n try in the w est. W ith in three or fo u r years,
too it is pred icted , the C anadian N orth ern will build a line
con n ectin g the g reat hard w h eat cou n try w ith a p ort on H u d
son ’ s B ay.
F o r m an y y ears som e o f the lead in g p ioneers of
w estern C anada have m aintained that there w as no reason w h y
a large part o f the grain raised in the w est should not find its
m ark et in E urope, v ia the H u d son ’ s B ay route.
T h is route
sh ortens the d ista n ce from the w h eat fields o f S askatchew an
an d A ssin ib o ia to L iverp ool b y over a thousand m iles, as c o m
pared w ith the ex istin g routes, and redu ces the land haul to a
few hundred m iles.
F a c ts
and
F ig u r e s
o f C a n a d ia n
The
C e n te r
of
W e s te rn
Canada.
So fa r there is on ly one im porta n t cen ter fo r this great rich
coun try. T w en ty y ears ag o W in n ip eg w as a cluster o f sh acks
sh elterin g 10,000 people. T o d a y it is a city, so fa r as its b u s i
ness p ortion is concerned, of solid stone and brick buildings,
assessed at $50,000,000 and h ou sin g a popu lation of 100,000. N o
city o f its class on the con tin en t is g row in g so rapidly as
W in n ip eg today, and yet it is n ot g row in g an y fa ster than its
trib u tary coun try.
P eople and capital are p ou rin g into the
C anadian W e s t an d W in n ip eg , b ein g the com m ercia l center,
is benefited b y ev ery person and every dollar that goes into the
coun try. T he first railw ay, the old St. Paul, M inneapolis &
M anitoba, n ow the G reat N orth ern , reach ed W in n ip eg in 1879
and in 1881 and ’ 82 the city w en t through a b oom and collapse
w h ich le ft it a lm ost fo rg otten fo r a nu m ber of years. In 1884
the C anadian P a cific ra ilw a y com p leted its line from W in n i
p eg to P ort A rth u r and began bu ildin g bran ch lines w h ich
m ade W in n ip e g an im porta n t railw ay center.
T he Canadian
P a cific w as com p leted a cross the con tin en t in 1837 and since
then W in n ip eg has grow n steadily, if the recen t v ery rapid
g row th m ay be so described. In 1901 w hen the popu lation of
the c ity had reach ed 43,000, the bank clearin gs w ere $134,000,000.
T he n ex t year th ey w ere up to $188,000,000, the fo llow in g year
th ey w en t to $250,000,000 and last y ea r they w ere ab ou t $350,000,000.
One o f the w on ders o f W in n ip eg is the num erous
m assiv e bank buildings o f the chartered banks.
T he total
cap ital o f the thirteen ch artered banks, h a v in g bran ch es at
W in n ip eg, ex ceed s $35,000,000; and their assets are m ore
than $88,000,000. A s a financial center, W in n ip eg is now the
third c ity in Canada, bein g outranked only b y M ontreal and
Toronto', p assin g su ch old cities as H am ilton, O ttaw a, L ond on
and Q uebec.
One o f the fea tu res o f W in n ip eg that greatly im presses a
v isito r is the large nu m ber o f w h olesale buildings.
There is
p rob ably n o c ity o f its size in the w orld that does such a large
jo b b in g trade. T h ere are scores o f block s o f su bstantial w hite
brick bu ildin gs th at te s tify to- the v olu m e of com m erce handled
b y the job b ers o f W in n ip eg. T he city is not y et m uch of a
m a n u fa ctu rin g center, bu t it has at hand enorm ous undeveloped
w a ter p ow er w h ich w ill one day m ake it a great m an u factu rin g
center. On the W in n ip e g river betw een L ake of the W o o d s and
L a k e W in n ip eg, it is possible to utilize 240,000 horse pow er.
L a st y ea r the value o f the new bu ildin gs in W in n ip eg w as
$9,000,000— nearly as m u ch as that o f M inneapolis and St.
P aul com bined.
T h e nu m bers o f the A m erican colon y in W in n ip e g have
g row n so rap idly o f late that the A m erica n s are com in g to be
a v e r y n oticeable elem ent in the business circles of the city.
T here is so little d ifferen ce in the life in W in n ip eg and life
in an y north ern city o f the U nited States, and the law s and
in stitu tion s and cu stom s of the U nited S tates are so m uch like
th ose o f C anada that persons w h o seek to better them selves in
divid ually b y ta k in g a d v a n ta g e o f the nu m erou s opportunities
p resen ted b y this y ou n g and g row in g coun try, find little in
con v en ien ce in m ak in g the change.
O ther cen ters of popu lation and comm erce_ are b egin n in g to
develop rapidly. A m o n g them a re C algary, w ith 12,000 people;
E d m on ton , 9,000; R egina, 7,000; B randon, P orta g e la P rairie,
JO H N
BURNHAM
ALBERT
B U R N H A M BUTLER
E.
BUTLER
&, CO.
S T O C K S , B O N D S , G R AIN
B A N K A. U N L I S T E D S T O C K S
A g r ic u lt u r e .
T o those w h o im agine that the co u n try north o f the b ou n
dary line is not o f m uch accou n t, som e o f the fa cts and fig-
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Federal Reserve Bank of St. Louis
ures ab oiit agricu ltu re in w estern C anada w ill be am azing.
T he p rov in ce of M an itoba has fo r m ore than tw en ty years
ca refu lly com p iled crop reports and the av erag e yield o f w h eat
per acre in that p rov in ce is fou nd to be w ithin a few pounds
of tw en ty bushels to' the acre. T hree years ag o the av erag e
w h eat crop o f the p rov in ce w as 25. A t the Indian H ead e x
perim ent farm in A ssin iboia, w h ea t w as raised that averaged
62 bushels to the acre, and yields o f w h ole fa rm s av era g in g
from 30 to 40 bushels to the acre, are qu ite frequ ent.
It is
w ell w ith in the fa cts to say that the av erag e yield o f w h eat
per acre fo r th e w h ole C anadian w est is 20 bushels. T hat is a
n ew cou n try up there and they are ra isin g the kind o f w h eat
crop s they used to raise in M innesota, Iow a, N ebrask a and the
D a k ota s w hen th e soil w as virgin . D a k o ta n ow a v era g es only
thirteen bushels to the acre an d M innesota only 14y2. In 1903
the total num ber o f bushels of all sorts of grains raised in
M anitoba w as officially reported, 102,401,088, as com p ared w ith
41.000. 000 in 1891. T h a t y e a r’s crop in this p rov in ce w as 50,290,974 bushels, w hile there w a s on ly 23,199,399 bushels in 1891. The
in crease o f a crea g e is n ow m ore rapid than ever b efore. The
sm allest a v era g e yield per acre in the p rov in ce w ithin recen t
years w as that o f 16.1 bushels in 1903 and the largest average
w as in 1895 w hen it reached 27.86 bushels. L a st year the three
territories o f A ssin iboia, A lb e r ta an d S aska tch ew an p rod u ced
16.000. 000 bushels of w heat. T h is year the total w h eat acreage
o f w estern C anada will be ab ou t 4,000,000 acres and at a yield
o f 20 bushels to the acre, ab ou t 80,000,000 bushels m ay be
looked fo r and it is quite possible that this m ay be exceeded.
W ith good luck w estern C anada w ill this y ear raise 100,000,000
bushels o f w heat. T he sign ifica n ce o f this statem en t m ay be
grasp ed w hen it is said that M innesota and the tw o D akotas
did n ot raise m ore than 150,000,000 o f w h eat last year. W heat,
o f course, is k in g in w estern C anada and as the ten d en cy is for
the fa rm ers o f the n orth w estern part o f the U nited States to
g o out o f w h eat raisin g and into diversified fa rm in g, it is
probable it w ill lon g rem ain king, but oats, barley, rye and all
the v egeta bles yield w on d erfu lly w ell and a lread y the C anadian
W est is fa m ed fo r its fine liv e stock .
1 5 9 LA S A L L E S T R E E T
C H I C A G O
THE
Saturday, May 6, 1905
COMMERCIAL
D IR E C T O R S
OF T H E C IT Y OF N E W Y O R K
E. J. STALKER, Cashier
U N IT E D
S. H. MILLER, Asst. Cashier
STATES
D EPO SITAR Y
(MARCH 14, 1905)
C. C. SLADE, Asst. Cashier
H. K. TWITCHELL, Asst. Cashier
C A P I T A L .................................................................................. $ 1 , 0 0 0 , 0 0 0
S U R P L U S A N D P R O F IT S (E A R N E D ) . . . .
4 ,2 2 1 ,6 7 3
D E P O S I T S ...................................................6 2 , 0 2 2 , 4 6 2
M edicine H at, Saskatoon, L e th b rid g e , M oose Jaw , P rin ce A l
bert, W eta sk iw in , D auphin, etc.
P art o f the
Banks.
. T he banks o f C anada have taken a great and hon orable part
m this w on derfu l d evelop m en t o f the w est. I think that C an
ad a m ay w ell b e p rou d o f its b a n k in g system . A m erican s g e n
erally are d isposed to con ced e that if the cou n try to the north
of us leads the states in one thing, it is in its ba n k in g system .
It is u n n ecessa ry fo r m e to rem ind a b a n k ers’ con v en tion that
the bran ch bank system, prevails in Canada. T he entire b a n k
in g business o f the cou n try outside o f a little handled by .private
banks, is done b y the great chartered banks, w h ich m ust have
a m inim u m cap ital o f $500,000, o f w h ich at the end o f the year
1903 th ere w ere only 35; they had altogeth er 1,049 bran ch es
m C an ada and a nu m ber o f them had bran ch es elsew here. The
C anadian B a n k o f C om m erce ha d the largest nu m ber of
bran ch es, h a v in g in all 100. T he M erch a n ts’ B an k had 87’ the
U nion B an k o f Canada, 81; the B an k o f H am ilton, 61 •’ the
B an k o f N o v a S cotia, 47; the B an k o f M ontreal, 58. and so on
d ow n to a fe w o f the sm all banks w h ich had no branches.
T he C anadian banks, as you know , have the note issu ing
p o w e r up to the am ou n t o f their p a id -u p capital. T hus to a
certain ex ten t the cu rre n cy o f C anada is elastic and m ay be
co n tra cte d or expanded. A s the d evelop m en t o f the cou n try has
g on e on a p a ce o f recen t years there has been a ten d en cy to
p ush the total a m ou n t o f the note issue up v e ry close to the
.paid up capital. A t the end o f 1903 the note circu la tion of the
banks w as $60,244,072, and the paid up cap ital w as $76,453,125.
In ad d ition to this bank circu la tion there is a consid erable
circu la tion o f D om in ion gov ern m en t notes. In 1903 the total of
these D om in ion n otes in circu la tion w as $38,163,460.
A s the
c ou n try g row s, there is a ten d en cy to establish new hanks
and increase the cap ital o f the old banks.
F or instance, the
B an k o f C om m erce, w h ich is one o f the m ost p ro g ressiv e of
the C anadian banks, has recen tly increased its* cap ital from
$8,700,000 to $10,000,000. Efvery increase o f cap ital perm its o f
an expansion o f the b a n k ’ s circulation . N aturally, w hen tim es
are p rosperou s an d m on ey is in dem and, thé banks push
their circu la tion up as fa r as possible.
On the other hand
w hen there is little dem and fo r it. they draw it in. I think that
a circu la tion o f this kind is m ost excellen t fo r the needs o f a
n ew co u n try ; rapidly g row in g, as do all new coun tries, by
spurts and bou nds w ith periods o f relapse betw een.
I think
that larg ely o w in g to the C anadian ba n kin g system , w estern
C anada w ill n ev er encou nter such serious" reverses as the
w estern states have had in their g ro w th from n oth in g to the
p resen t g reat proportion s.
A n o th e r argu m en t in fa v o r o f the bran ch ba n k in g system ,
as it is w o rk in g out in Canada, is that it fu rn ish es a p e rfe ct
a g e n cy fo r the easy tra n sfer o f the a ccu m u lated fu n d s of the
older region s, w h ere cap ital is p len ty and new uses fo r it few ,
to region s w h ere cap ital is sca rce and new uses fo r it m any.
In a large part o f eastern C anada in d u stry is stagn a n t and
cap ital has d ifficulty in finding profitable investm ent.
In
w estern C anada industry is a ctiv e and thrillin g w ith new life
and am bition and the op portu n ities fo r the in vestm en t of ca p i
tal are m any. H ere are at least a dozen g reat banks that have
bran ch es all o v e r Canada. It is the easiest m atter fo r them
to lend to the ca p ita l-la ck in g m an o f the w e st the m on ey o f the
op p o rtu n ity -la ck in g m an o f the east. T he tra n sferen ce o f c a p
ital bein g so easy, it follow s that there is v ery little d ifferen ce
in in terest rates betw een the old and the new cou n try in C an
ada.
It is alleged ag ain st the bran ch bank system that as the
local m anagers are not bank proprietors, m ay at an y tim e be
m oved to som e oth er location , that as their fu n d s are not
local fu nds, bu t foreig n funds, they are n ot likely to take the
keen in terest in the d evelop m en t o f their resp ectiv e c om m u n i
ties that the m anagers o f independent individu al banks are
likely to take. In the states the local banker is v e ry ap t to be
the m ovin g spirit and p rom oter in startin g industries in his
com m u n ity an d in d u cin g capital to seek investm ent there.
V ery likely his w hole p rivate fo rtu n e and all o f his interests
B A N K IN G N O TE S.
Barnes City. Ia.— Barnes City Bank will erect a building.
Arcadia, Neb.-— G. H. Kinsey will erect a brick bank
building.
Des Moines, la.— 'The First National Bank will erect a
new building.
Kulm, N. D .— Tlie L aM o u r e County Bank will erect a
brick building.
Grey Eagle, Minn.— R. H. Si iter will erect a new brick
bank building.
Aurora, Minn.— W. J. Moore, of Virginia, will erect a
building* for the new bank here.
Floyd, la.— T he interior of the Farmers’ & Merchants’
Bank has been recently repapered and repainted.
V ien n a .— 1 lie work of excavating for the basement of
the First National Bank building has been commenced.
Starbuck, Minn.— W o r k on the new bank building has
begun, W. IT. Jackson, of W hite Bear, being the con
tractor.
Warren, Minn.— L. Lamberson is making the final ar
rangements for the erection of a new bank building this
summer.
Hatton.— T he incorporators of the to be Farmers’ &
Merchants’ National Bank have decided to build a two
story
and basement brick block, 50 feet in length and costing
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Federal Reserve Bank of St. Louis
iQ
T I jê C l u t s c X a t i o n a l B a n k
A. B. HEPBURN, President
A. H. WIGGIN, Vice-President
T he
WEST
H. W. CANNON, Chairman
OLIVER H. PAYNE
GRANT B. SCHLEY
GEORGE F. BAKER
JAMES J. HILL, St: Paul, Minn.
A. B. HEPBURN
JOHN I. WATERBURY
A. H. WIGGIN
are bou nd up in his ow n tow n and the trib u tary cou n try hence
w hen he is w ork in g fo r him self, he is w ork in g fo r the tow n
and w h en he is w ork in g fo r the tow n, he is w ork in g fo r h im .
D ou btless there is som e truth in this argum ent and there is
m u ch to be said in praise o f the m ann er in w h ich the in d e
pendent bankers o f the U nited S tates have con trib u ted to the
develop m en t o f th eir com m un ities. On the oth er hand it m ust
n ot be fo rg o tte n that the p resen ce o f a chartered branch bank
m a n y tow n in w estern C anada gives it. in a sense, as good
ba n kin g fa cilities as the largest c ity m ay have, fo r if it grow s
an d has resou rces o f loca tion that assu re a fu tu re, it has as
g ood a ch an ce at the fu n d s o f the banks available fo r loan s as
an y oth er p oin t in th e coun try. T here is also this to be said
m fa v o r o f bra n ch banks in d evelop in g a new country* that
bein g su pported b y the older, m ore con serv a tive and ’ m ore
stable p ortion o f the coun try, and having, so to speak, so m any
p oin ts o f su pport in their nu m erou s branches, there is p ra cti
cally n o d an ger th at th ey w ill ev er fail. In tim es o f stress or
p a n ic and bu siness depression, ju s t w hen there is the g reatest
need fo r banks, the sta tistics of A m erican ba n k in g sh ow that
our sep arate banks begin to cru m ble and fall. In Canada, no
m atter h ow hard the tim es n o one w orries about the b a n k s ’ no
one thinks or has an y reason to think that his d eposits aré in
jeop ard y . N o solv en t reliable business m an has an y reason to
fea r that his line of cred it w ill be cut off ju s t w hen he has the
m ost need o f it.
im m e n s e
s ia o m iy
or
C a n a d ia n
B anks.
- 9_n the oth er hand it is argued that the im m ense stability
o f the C anadian ba n k s leads to too liberal cred its and tends
to fo ste r throughou t the cou n try a habit of d oin g bu siness a l
togeth er too m uch on credit.
I have fou n d fo r the m ost part that the argu m en t that the
b ran ch bank m an a ger has no local interest, does n ot apply
Y ou w ill And in w estern C anada a great m any bank m a n a
gers w h o are fu lly as keen to build up their com m u n ities as
are the individu al bankers o f the states. T h ey k n ow that b y
in creasin g the profitable bu siness o f their hank in their p a rticu
lar com m un ities, th ey enh an ce th eir ch an ce o f p rom otion and
increased salary. T he p rog ressiv e m en am on g them soon d is
co v e r that the best w a y fo r them to p rom ote their ow n in terests is to p rom ote those of the p a rticu la r com m u n ity in w h ich
th ey happen to be located.
One o-f the great o b jection s in the states to -the system of
b ran ch _ b a n k in g is th at it tends tow ards a m on ey m onop oly
and it is a rgu ed that w e have enough m on op olies already w ith
out crea tin g a m on ey trust. P ossib ly in this cou n try w h ere the
ten d en cy is so strongly tow ard consolidation, bran ch banks
m igh t tend to unite and becom e one g rea t ba n kin g institution
Such, h ow ever, is not the ten d en cy in Canada.
The rivalry
there b etw een the g rea t chartered banks is v e r y keen* m uch
keener, I im agine, on the w h ole than the riva lry betw een our
local banks. A s a m a tter o f fa ct, the com p etition o f hanks
available to the general p ublic in an y com m u n ity depends upon
th e nu m ber of banks located in that com m u n ity. T hat n u m
ber is rarely larger here than the nu m ber o f chartered banks
represen ted m a C anadian tow n or c ity corresp on d in g in size
to an y p a rticu la r A m erica n tow n or city.
A sm all cou n try
tow n in the states usually has on ly one ba n k; so it is in C an
ada. A tow n _ o f a grade high er in the states m ay have tw o
local ba n k s; in C anada there w ould be tw o bran ch banks.
So it goes until cities o f the size o f W in n ip eg have a dozen
or m ore o f the bran ch es o f the g rea t chartered banks,
i,
^ h 016* 1 believe that the b a n k in g system o f C anada
has had a large and hon orable part in the m agnificent d ev e lo p
m ent n o w g oin g on in the g reat agricu ltu ral cou n try o f w estern
Canada. I doubt w h eth er that develop m ent could have taken
p la ce a t all w ith ou t liberal co-o p e ra tio n o f those great banks
Under the con d ition s prevailing* in w estern Canada, w here a
region o f im perial d ista n ces is bein g d eveloped by a cou n try of
com p a ra tiv ely sm all p opu lation and capital, I do not believe
that the A m erican system o f detach ed individual banks could
have done the w ork the ch artered banks have done.
in the neighborhood of $7.000. This figure does not, of
course, provide for fixtures and vault.
Cass Lake, Minn .-—-1 he First National Bank has been
designated as the United States depository for the funds of
the Indians of the entire Feecli L ake reservation.
W illow Lake. S. D .— T he bond of the Security State
Bank of W illow Lakes, in the sum of $4,000, as a designated
county depository of public funds, has been approved.
Des Moines, Ia.— A new building will be erected by the
Pack ers’ National Bank, to be two stories high, on N
St. and Twenty-s ixth St. New furniture and fixtures will be
installed, w ork will be completed in about six months.
Wells, Minn.— The First National Bank is about to make
several important changes in its building. A one-story ad
dition will be erected at the rear to be used as a private
office for officials. A large vault will be constructed, the part
for the use of the bank to be separate from the part used
ioi safety deposit vaults for customers by means of an iron
giating. 1 he old vault will be torn out so as to make more
desk and lobby room in the front for convenience of cus
tomers and employes.
Pen shares of stock in the Citizens’ National bank at
Lharles City were offered for sale a few days ago, and a
mention of the transaction calls to mind that Iowa bank stock,
as a general thing, has a mighty good reputation with in
vestors. 1 he $1,000 of Charles City stock brought $2,200, a
premium of 120 percent above par.
THE
20
MINNESOTA
FARM MORTGAGES AT
6 PER C E N T
THE
COMMERCIAL
WEST
Loans vary in size from $ 5 0 0 to
$ 5 ,0 0 0 and run for five years.
Write for our offerings. 25 years’
experience in the loaning field.
References furnished upon appli
cation.
Saturday, May 6, 1905
Th e A. G. W H IT N E Y
LA
N
D& LO
A
NC
O
.
Whitney Block, ST. CLOUD, MINN.
MERCHANTS
NATIONAL
SAINT
PAUL,
M IN N E S O T A
C a p ita l $ 1 ,0 0 0 ,0 0 0
BANK
S u rp lu s $ 3 2 5 ,0 0 0
U N IT E D S T A T E S D E P O S IT A R Y
OFFICERS:
Kenneth Clark, Prest.
C. H. Bigelow, Vice-Pres.
Geo. H. Prince, Vice-Pres.
H. W. Parker, Cashier
H. Van Vleck, Asst. Cash
NEW BANKS AND CH AN GES.
M in n e s o ta .
Fosston.— James Ostby, of Albert Lea, has secured the
position of assistant cashier in the Bank of Fosston.
Elk River.— T he bank of E lk River, H. E. Thomas and
H a rr y English will open a private bank at Zimmerman.
Correll.— The Bank of Correll has been sold last week to
Ferch Brothers. The new management will incorporate as
a state bank.
Rush City.— Carl Somers, formerly assistant cashier of
the Rush City Bank, has accepted a position with the
Swedish-American National of Minneapolis.
Lucan.— The proposition, previously mentioned, to or
ganize a bank here has been put into execution. Capital
is $10,000, with F. W. Stevens president and P. M. Dickerson cashier.
Princeton.— The comptroller of the currency has author
ized the First National to begin business with $30,000 capi
tal; S. S. Petterson, president; T. H. Calley, vice-president;
John F. Petterson, cashier. T he organization of this bank
has been previously mentioned.
Chisholm.— The application of John Costin, Jr., of V i r
ginia, Minn., and others to organize the National E xchange
Bank of Chisholm, Minn., with a capital of $25,000, has been
approved by the controller of the currency. This is a con
version of the State B a nk of Chisholm.
E a gle Bend.— M cC orm ick & Drosky, S. A . Carpenter,
W. J. Sarff, Bo uslough & Gillett, A . F. Landeen and John
A. Miller, are interested in the new bank to be organized
here. R. H. Harkens of L o n g Prairie will be cashier of the
bank, which will probably be organized under the national
laws with $25,000 capital.
Windom.— A t a special meeting of the board of direc
tors of the Cottonwood County Bank, R. M. Priest was
elected president to succeed T. C. Collins, resigned. A n
other important change was the election of J. S. Kibbey,
cashier, Ed Sime, who had been acting as temporary cash
ier, goin g back to his former place of assistant cashier.
N o rth
D a k o ta .
Hannah.— The Citizen’s Bank contemplates incorporat
ing under the national law.
Casselton.— The National German-American Bank of St
Paul has been approved as reserve agent for the Cass County
National Bank.
Wales.— The stockholders of the State Bank of Wales,
at a recently held annual meeting, increased the amount of
the bank’s capital stock from $5,000 to $10,000.
Cogswell.— The comptroller of the treasury has approved
the conversion of the Sargent County State Bank of C o g s
well into the First National Bank of Cogswell, with $25,000
capital.
Sentinel Butte.— The Golden V alley State Bank has been
incorporated with a capital of $10,000. F. E. Mear, of H u r
I. N. S mith
J. L. S mi th
SMITH BROTH ERS,
Choice F arm and C ity M O R T G A G E S
County B O N D S .
M I N N E A P O L I S , M INN.
225 R a ilw a y Bldg.,
SELO VER, B A TES & CO.
IN VESTM EN T BANKERS
5 0 7 , 5 0 8 , 5 0 9 A N D R U S B U I L D IN G
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Federal Reserve Bank of St. Louis
M IN N E A PO LIS
ley, S. D .; E. E. Mikkelson, Medora, N. D. ; Chris Paulson
and Minnie E. Heath are the incorporators.
Cando.— The State bank has made application for disso
lution, and it has been granted.
Minot— T he Union National bank will open this week.
The complete list of officers is as follows : F. H. Wellcome,
president; Martin Jacobson, vice president; G. J. Albrecht,
vice president, and Emery Ôlmstead, cashier.
S o u th
D a k o ta .
Columbia.-— J. H. Carroll of Vernon proposes to start a
new bank here.
Vienna.— C. A . Sasse will succeed R. D. Bailey as assist
ant cashier of the Bank of Vienna. The capital stock of the
bank will be increased to $10,000 along with the other
changes.
Loomis—-A state bank will be established here and articles
of incorporation have been filed at Pierre, the incorporators
being Wm. M. Smith, Mrs. C. E. Davison, H. D. Butterfield
and E. J. Quigley. Â site has been purchased for a builing,
and the bank will be ready in thirty days.
Naples.-— Articles of incorporation have been filed for the
Clark County Bank at Naples, with a paid up capital of
$5,000. G. W. Nafus, M. F. Seierson, S. P. Seierson and
R. D. Bailey of Vienna will be connected with the new bank
ing institution. R. D. Bailey will resign his position as
assistant cashier of the B a nk of Vienna, to accept the posi
tion of cashier of the new Clark County Bank.
Io w a.
Fulton.— John Lorenzen has been appointed cashier of the
Fulton Bank, AÛce W m . Schroeder.
Des Moines.— T he capital stock of the Packers’ National
Bank has been increased from $100,000 to $150,000.
N e b ra s k a .
Central City.— Clay T. Smith has resigned as cashier
of the Platte V a lle y State Bank, to take effect M ay 15. J.
Cleve Sco tt was elected to succeed him. E. E. Ross has
been elected first vice-president, and Wm. Wegner, second
vice-president.
Trenton.— The First National Bank has been approved,
with capital of $25,000. W. S. Collett, Trenton, Neb.; Thos.
H. Britton, N. T. Hall, A. H. Thomas, C. W. Benedict and
P. L. Hall are the incorporators. This is a conversion of
the Collett State Bank.
W is c o n s in .
Fennimore.— The officers of the new Citizens’ State Bank
are John Kramer, president; Wm. F. DiVall, vice-president;
David James, cashier.
Neosh.— The new bank of Neosh has elected J. K . D o u g
lass, D. B., Greene, Martin Leischer, J. W . Martin, and
John Mertz, directors, and D. B. Greene, president; John
Mertes, vice-president; J. K. Douglas, cashier; J. W. Martin,
assistant cashier.
THE
Saturday, May 6, 1905
COMMERCIAL
WEST
21
B u s in e s s E s t a b lis h e d 1 8 7 3 .
Western Trust $c Savings Bank, Chicago.
Capital
.
.
.
$1,000,000
TRANSACTS A GENERAL DOMESTIC AND FOREIGN BANKING, SAVINGS, TRUST COMPANY AND BOND BUSINESS.
OFFICERS:
JOSEPH E. OTIS. President.
WILLIAM C. COOK, Cashier.
WALTER H. WILSON’ Vice-President.
H. WOLLENBERGER, Asst, to the President.
LAWRENCE NELSON, Vice-Presidenl
W. G. WALLING, Secretary.
W E E K L Y R A I L R O A D E A R N IN G S .
1905.
1904.
D e tro it S outhern:
3d w eek A p r . .
$26,122
$24,841
July 1-Aipr. 21.
1,204,412
1,270,400
Grand T ru nk:
3d w eek A p r ..
698,039
641,576
Jan. 1-A p r. 21.
9,675,865
8,532,963
H a v a n a E le ctric:
3d w e e k A p r ..
33,875
31,967
Jan. 1-A pr. 23.
560,698
496,528
M obile, Ja ck son & K a n sa s C ity:
2d w eek A p r ..
9,263
8,102
July 1-A pr. 15.
388,360
321,455
T ex a s C entral:
3d w eek A p r ..
13,554
10,416
Ju ly 1-A pr. 21.
696,432
640,187
W h e e lin g & L a k e E rie:
3d w eek A p r ..
85,435
87,091
July 1-A p r.
21. 3,404,439
3,573,922
B uffalo, R o ch e ste r & P ittsb u rg :
3d w eek A p r ..
164,978
128,744
Ju ly 1-A p r. 21.
6,392,219
6,049,382
C anadian N orth ern :
3d w eek A p r. .
66,800
54,500
Ju ly 1-A pr. 21.
3,050,600
2,479,000
C entral o f G eorgia:
3d w e e k A p r ..
179,250
149,250
July 1-A p r. 21.
8,419,617
7,879,071
C h icag o G reat W e ste r n :
3d w eek A p r ..
129,379
133,141
July 1-A pr.
21. 6,178,902
6,767,720
3d w eek A p r ..
30,376
27,047
C h icago T erm in a l T ra n sfe r:
July 1-Aipr.
21. 1,221,115
1,265,559
Gulf & Ship Islan d:
2d w eek A p r ..
37,041
30,912
July 1-A pr. 14.
1,467,708
1,456,207
Io w a C entral:
3d w eek A p r. .
47,789
40,495
July 1-A pr. 21.
2,087,339
1,954,531
----- C hanges------ Inc.
D ec.
$1,281
..............
..............
$65,988
56,463
1,142,901
..............
..............
1,908
64,170
..............
..............
1,161
66,905
..............
..............
3,138
56,245
..............
..............
1,656
169,483
*
36,234
342,832
..............
..............
12,300
571,600
..............
..............
30,000
540,546
..........
..............
..............
3,329
3 762
588,818
..............
44,444
6,129
11,501
7,294
132,808
.. .
..............
............ ]
P riva te B an k s In co rp o rate.
63,420
871,941
..............
..............
10,227
65,718
..........
..............
43,532
1,243,373
.
..............
50,000
..............
715,069
2,000
___
81,831
18,764
425
..............
51,824
949,336
..............
..............
71,216
2,134,237
..............
..............
12,000
3,853,000
!
16,343
103,975
103,881
1,745,921
..............
..............
14,577
15,129
46,690
97,715
7,716
1,820,750
________
and the Rhodes bank has $15.000 capital, with S. T. Goodman
as president and Ben Richards cashier.
(S p ecia l C orresp on den ce to T he C om m ercial W e st.)
Des Moines, April 28.— Since January 1 thirteen private
banks of Iowa have reorganized as either state or savings
banks under the Iowa laws. Several private banks have also
‘ become national, but the auditor of state has no reports on
the latter.
T w o of the latest private banks to incorporate under the
state laws are the Epworth Savings and Farmers’ Savings
of Rhodes. The Epworth bank has a capital of $10.000. with
W. J. Creglow as president and M a x Lindeman as cashier,
The American Trust and
Savings Bank, Chicago
A large number of Minnesota private banks have sig
nified their intention of in corp oratin g after the first of
May, when they will not be compelled to pay taxes for the
year ending on that date.
T h e largest tonnage tax on reco rd at Seattle was co l
lected from the Minnesota. T h e net tonnage is given at
13,323, and at the rate of 6 cents per ton, the total am ount
paid reached $799.38, not including ah entrance fee of $5.50.
SEND YOUR MILWAUKEE BUSINESS TO
THE GERMANIA NATIONAL BANK
MILWAUKEE, WIS.
LIBERAL TERMS AND SATISFACTORY SERVICE
Capital Stock paid in $2,000,000.00
Surplus and Profits
1,350,000.00
EDW IN A. POTTER,
JOY MORTON,
JAMES R. CHAPMAN,
JOHN JA Y ABBOTT,
OLIVER C. DECKER, FRANK H. JONES, W ILLIAM P. KOPF,
GEO. B. CALDWELL,
WILSON W. LAMPERT,
L ou isv ille & N ash ville:
3d w eek A p r ..
739,700
676,280
Ju ly 1-A p r. 21. 31,181,065
30,309,124
M inneapolis & St. L ou is:
3d w eek A p r ..
53,072
42,845
Ju ly 1-A pr. 21.
2,425,979
2,360,261
M inn., St. P aul & Sault Ste. M arie:
3d w eek A p r . .
152,189
108,657
July 1-A pr. 21.
6,987,628
5,744,255
M issouri P a cific:
3d w eek A p r ..
664,000
614,000
Jan. 1-A pr. 21.
11,363,575
12,078,644
C entral B ran ch (M o. P a c .):
3d w eek A p r . .
33,000
31,000
Jan. 1-A p r. 21.
443,175
525,006
N ashville, C h a tta n oog a & St. L ou is:
3d w eek A p r ..
187,866
188,291
July 1-A pr. 21.
8,125,399
8,106,635
St. L ou is S ou th w estern :
3d w eek A p r. .
169,779
117,955
July 1-A p r. 21.
7,118,692
6,169,356
S outhern R a ilw a y :
3d w eek A p r ..
888,642
817,426
July 1-A p r. 21.
39,186,381
37,052,144
C anadian P a cific:
3d w eek A p r ..
951,000
939,000
July 1-A pr. 21.
40,103,000
36,250,000
In tern ation a l & G reat N orth ern :
3d w eek A p r ..
100,580
84,237
Jan. 1-A p r. 21.
1,610,169
1,506,194
M issouri, K an sas & T ex a s:
3d w eek A p r ..
376,663
272,782
July 1-A pr. 21.
16,426,566
14,680,645
T ex a s P a cific:
3d w eek A p r ..
196,305
181,728
Jan. 1-A pr. 21.
3,636,047
3,620,918
U nited R ailroad s of San F ra n cisco :
M onth M arch .
580,734
534,044
Jan. 1-M ar. 31.
1,641,072
1,543,357
W a b a sh :
3d w eek A p r ..
428,477
420,761
Ju ly 1-A p r. 21.
20,354,624
18,533,874
Capital and Surplus, $ 340,000.00
Deposits, . . . . $1,600,000.00
O F F IC E R S
President
- Vice-President
2nd Vice-President
Cashier
- Assistant Casnier
Secretary
Assistant Secretary
Manager Bond Department
Auditor
Gentral Trust Company
O F IL L IN O IS
DEARBORN A N D M ONROE STREETS
C H IC AG O
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H O O D & P E N N E Y , Gen. Agts.
P H O E N IX B U IL D IN G
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M IN N E A P O L IS , M IN N .
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Capital, $2,000,000
Surplus, $500,000
OFFICERS
C h a r l e s G. D a w e s , President W il l i a m R . D a w e s , Cashier
W . I r v i n g O s b o r n e , Vice-Pres. L. D . S k i n n e r , A sst. Cash.
A. U h r l a u b , Vice-Pres.
M a l c o l m M c D o w e l l , Asst. Sec.
DIRECTORS
o ’ a' ■?Tar,ling.’ President Chicago, Milwaukee & St. Paul Railway Co.
P. A. V a l e n t i n e , ................................Vice-Prest. Armour & Co.
Graeme S tew art,.......................................................W. M. Hoyt Co.
* t' Ly, ? ............................................... Lyon, Gary & Co.
i t , ? ^ CL L o w d e n . ....................................................... Attorney
m1Xo n’ .
*
Prest. Arthur Dixon Transfer Co.
Charles T. Boynton, . . . .
Pickands, Brown & Co.
Harry Rubens,
Rubens, Dupuy & Fischer, Attorneys
Alexander H. Reveli,
- President Alexander H Revell & Co.
^ r 1! l 1
. n^ 0^ b0rne’
‘
"
' «
*
’
* Vice-President
Charles G. Dawes,
Ex-Comptroller of the Currency
!!!!
THE
22
COMMERCIAL
MINNEAPOLIS T R U S T
WEST
Saturday, May 6, 1905
COMPANY
NO. 4- SO U TH FOURTH S T R E E T
M IN N E S O T A
M IN N E A P O L IS
CAPITAL, $250,000
UNDIVIDED PROFITS, $150,000
T r a n s a c ts a T r u s t an d A g e n c y b u sin ess o n ly . D oes n o t do a b a n k in g b u sin e s s
A c t s as E x e c u t o r ; A d m in is tr a to r , G u a rd ia n a n d T ru stee .
OFFICERS
Elbridge C. Cooke, President
Wm H. Dunwoody, Yice-Pres.
Wm. G. Northrup, Vice Pres.
Robert W. Webb, Sec’y & Treas.
Coupons Due and Payable at this Office, May 1st, 1905:
Duluth Land and Warehouse Company.
National Milling Company.
Minnesota Tribune Company.
Minikahda Club.
Livingstone Water Power Company.
Farmers Gram and Shipping Co. of N. D.
The Park Rapids and Leech Lake Railway Co.
22 Merchants’ Loan & Trust
Company
E S T A B L IS H E D
1857
O L D E S T BANK
IN C H I C A G O
¡Established 1882.
H. J. B u r t o n , Pres.
H. L. T u c k e r , V-Pres.
ADAM S AND CLARK ST ., CHICAGO
Capital and Surplus, $6,000,000
HIGH GRADE BONDS
Recent Decisions of Courts of Last Resort of In
terest to Bankers.
D e p o s it o r
in
I n s o lv e n t
Bank.
A party deposited $80 in cash in an insolvent national
bank at 11:50 a. m. on the day of which it closed its doors
at 2:30 p. m. T h e re was deposited during the day, while
the bank was open, $12,857.39 in cash. T h e bank had 011
hand in cash, when is closed, $20,000. T h e supreme court
of O klah o m a holds ( W illo u g h b y vs. W e in b e rg er, 79 P a
cific Reporter, 777) that in an action against the receiver
of the bank, in the absence of evidence establishing that
the bank had paid out or converted the $80, it would be
presumed that the bank, in transacting its business on the
day the deposit was made, used its own money, and did
not appropriate this p a r t y ’s money, which had been re
ceived by fraud, it bein g a fraud for a bank to receive
m o n ey w hen it is in a failing condition; and this party
w as entitled to have his claim for such cash deposit paid
in preference to the general credtors.
A t the time the party deposited the $80 in cash, he also
deposited checks on the different banks of the city with
this insolvent national bank, am ounting in all to $135.42,
and all of these checks w ere used by it in settling its ac
count w ith the clearing house; and even after tra n s fe rim g
and delivering all of these, to ge th er with other checks, to
the clearing house, there w as still a balance due to the
clearing house, which w as settled in another w ay.
Lhe
court holds that, as the bank, before it closed its doors,
used the checks to pay a debt owed by it, and neither the
checks nor any cash or p rop erty received in exchange for
them came into the hands of the receiver, the depositor
should be denied a preference as to them, but that his
rights as to such checks should he on an equality with
the general creditors.
*
*
*
W h e n S t a t u t e o f L im i t a t i o n s B e g in s to R u n A g a in s t L i a b i l i t y o f
S t o c k h o ld e r s .
Section 11 of article 12 of the constitution of the state
of W a s h in g t o n provides that “ each stockholder of any
banking corporation * * * shall he individually and
personally liable, equally and ratably, and not one for an
other, for all contracts, debts and engagem ents of such
corporation * * * occurrin g while they remain such
stockholders, to the extent of the am ount of their stock
therein * * * in addition to the amount invested in
such shares.” A s the liability becom es a trust fund upon
the in so lven cy of the corporation, the supreme court of
W a s h in g t o n holds (Benn ett vs. T ho rn e , 78 Pacific R e
porter, 936) that insolvency must be the event that gives
rise to the liability and places it within the reach of the
receiver, and, this being, true, it must lo gica lly fo llo w that
the cause of action accru es at the same time. In other
w ords, it holds that in this case the_ action against the
stockholders accru ed w hen the bank in question became
insolvent, and should have been enforced within six years
thereafter. A gain, the court says that the liability for
the paym ent is not made to depend upon the application
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
SAV IN G S
o f f ic e r s :
O r s o n S m i t h , President
E. D. H u l b e r t , Vice-President
L G. O r c h a r d , Cashier
F. N. W i l d e r , Assistant Cashier
F. G. N e l s o n , Assistant Cashier
P. C. P e t e r s o n , Assistant Cashier
L e o n L . L o e h r , Sec’y T ru s t Dept.
J. E. B l u n t , J r ., Mgr. Bond Dept.
LEGAL DEPARTM ENT.
of
Capital, $300,000.
E. A. D r e w , Treas.
W. C. B u r t o n , Secy.
Deposits, $49,000,000
TRUSTS
FOREIGN EXCHANGE
S A F E DEPOSIT V A U LT S
D IR E C T O R S .
L am bert T ree
M a r s h a l l F ie l d
M o s e s J. W e n t w o r t h
Albert K eep
E. H. G a r y
E r s k in e M. P h e l p s
C hauncy K eep
E n o s M. B a r t o n
E. D. H u l b e r t
T. J. L e f e n s
O r s o n S m it h
C l a r e n c e A. B u r l e y
C y r u s H. M c C o r m ic k
R ig h t s
THE PLYMOUTH CLOTHING HOUSE
JOBBERS AND RETAILERS OF
Furs,
Men’s Clothing,
Shoes,
Boys’ Clothing,
Trunks and Bags,
Hats and Caps,
Cloaks and Wraps,
Shirts,
Millinery.
Furnishings,
“ Plymouth Corner,“ Sixth and Nicollet,
Minneapolis. .
of assets, as these are but the conditions that accurately
fix the extent of liability; not the delict that creates it.
A n d an order of court cannot create the liability. T h e
order does not pertain to the right of action, but only to
the evidence required to establish it. M oreover, it has
been m any times held that it is not the p olicy of the law
to put it within the p ow er of a p arty to toll the statute
of limitations.
SPECIAL ADVERTISEMENTS.
T H E C O M M E R C I A L W E S T will publish w ant ad
vertisements in this department fo r O N E C E N T A
W O R D , minimum charge 25 cents.
Cash or two-cent
stamps must a cco m pa n y order. T o insure publication in
current number, co p y should be received not later than
W edn esday.
W ANTED.
W a n t e d — T o trade section of im proved land near Grand
F orks, N. D., fo r con trollin g in terest in cou n try bank in M in n e
sota or N orth D akota. A d dress H ., ca re C om m ercial W est.
W a n t to bu y a second hand safe w ith tim e lock, suitable
fo r a sm all state bank. State size and price. X . Y ., care C om
m ercial W est.
W a n t e d — T o purch ase the u n derlyin g bon ds o f either the
M inneapolis Gas, E lectric or S treet R a ilw a y C om panies. M in n e
sota L oa n & T ru st Co., 313 N icollet A ve.
W a n t e d . — P osition w an ted in M inneapolis b y a book k eep er
an d cashier, w om an, capable an d ab solu tely reliable. Can fu r
nish best referen ces. Y ears o f experien ce in railroad an d real
estate offices. A d dress W ., care C om m ercia l W est.
W a n t e d . — P osition w an ted b y y ou n g m an as a ssista n t b o o k
keeper or general helper. Can do ordin ary stenograp hy. C oun
try bank preferred . A d d ress L o ck B o x 175, B alfou r, N. D.
FO R
SALE.
F or Sale— C ontrollin g in terest in N ational B an k in W iscon sin .
L a rg e deposits, fu ll loan line, e x c e lle n t tow n. T a k es $50,000 to
handle. D on ’ t an sw er unless y o u have the cash. A d dress G...
Com . W est.
F a r m L o a n s f o r S a le —D oan No. 1755 is fo r $1,000— due Dec.
1, 1910, bears 6 per cent. S ecured b y 160 acres o f land— entire
qu arter tillable— 100 acres n ow un der plow . L an d lies in good
locality , w ell settled. Soil is a b la ck loam w ith cla y subsoil.
G ood little house, ba rn and gra n a ry valu ed a t $1,100. In other
w ords the bu ildin gs are w orth the entire am ou n t o f the loan.
W e con sid er land and im provem en ts w ell w orth $3,800. A re you
in the m ark et fo r loan s o f this ch a ra cter? Send fo r com p lete
d escrip tiv e list, b ook let “ W e ’ re R ig h t on the G roun d.” R e fe r
ences, full p articu la rs, etc. E. J. L an d er & Co., B o x 11, Grand
F orks, N. D.
F IN A N C IA L .
M o r t g a g e L o a n s — W e can p lace $100,OOw in loan s o f $1,000
to $3,000 on M inneapolis hom es to n et the lender 6 per cen t
and on a ba sis o f less than 50 per ce n t o f the cash m arket
valu e o f the security. In terest collected free o f ch arg e on all
loans p laced b y us. Y a le R ea lty C om pany, “ T he H om e B u ild
ers,” 206 South F ou rth Street, M inneapolis, M inn. R efe re n ce s:
A n y m ercan tile ratin g com p an y.
THE
Saturday, May 6, 1905
D IR E C T O R S
A. C. ANDERSON
CHAS, W. AMES
E. H. BAILEY, President
C. H. BIGELOW
KENNETH CLARK
HAYDN S. COLE, T.-P. k Counsel
W, B. DEAN
ROBERT R. DUNN, Vice-President
FREDERIC A FOGG
JULE M. HANNAFORD
COMMERCIAL
WEST
23
Northwestern Trust Company
ST. PAUL,. MIXX.
■
D IR E C T O R S
THOS. IRVINE
FRANK B. KELLOGG
JAMES W. LUSK
A. E. MacCARTNEY
ALBERT L. ORDEAN
GEO. C. POWER
EDWARD N. SAUNDERS
R. E. SHEPHERD
J. H. SKINNER
THEO. L. SCHURMIER
THOMAS WILSON
*
Acts as Trustee, Registrar, Transfer Agent, F is c a l Agent,
Executor, Administrator, Receiver, Assignee, Guardian, Etc.
A ssu m es Ge n e ra l Ch ar ge and M a n ag e m e n t of R e a l and Pe rso n al E s t at e s.
T H I S C O M P A N Y D O E S N O T R E C E IV E D E P O S I T S O R D O A B A N K IN G B U S IN E S S
Bank Stock Quotations.
M in n e a p o lis S e c u r itie s .
Q u otation s fu rn ished b y E ugen e M. Stevens, C om m ercial
P ap er and In vestm en t S ecurities, N orth w estern N ational B an k
Building.
May 3, 1905.
JJ1U.
G e rm a n -A m e rica n B an k ................................ 160
F irst N ation al B an k ........................................ 195
G erm ania B an k ................................................ 100
H en nep in C oun ty S avings B an k ..........................
M inneapolis T ru st C o m p a n y ....................................
M in n esota T itle Ins. & T ru st Co., p f d . . 120
M in n esota L oa n & T ru st C o m p a n y .............. 120
N ation al B an k o f C o m m e r c e .......................... 150
N orth w estern N ational B a n k ........................ 225
St. A n th o n y F alls B an k .................................. 150
S outh Side S ta te B an k .................................... 160
S ecu rity B an k o f M in n e s o ta .......................... 185
S w e d ish -A m e rica n N ational B an k ............ 150
M inn. Gas L ig h t Co., com . 6’ s, 1910-30.. 106
M inn. General E le ctric Co., con. 5’ s 1929.. 103
M inneapolis B re w in g Co., c o m m o n ........................
M inneapolis B re w in g Co., p re fe rr e d .......... 107
M inneapolis B re w in g Co., bon ds .................. 110
M inneapolis S y n d ica te .................................. ..
M inneapolis T h resh in g M achine C o.............. 175
M inneapolis Steel & M ach in ery C o., pfd. . . .
M inneapolis Steel & M ach in ery Co., com . 108
N orth A m e rica n T elegrap h C o...........................
80
T w in C ity T eleph on e Co., first m ortg ag e
5’s, 1913-16 ......................................................
93%
T w in C ity T eleph on e Co., c o m m o n ........................ '
T w in C ity T eleph on e Co., p r e fe rr e d ....................
A sked.
105
Ì5Ó
125
125
160
Ì 6Ó
2 ÓÓ
ÍÓ9
104
150
110
113
102
200
100
110
L ast
Sale.
2 ÓÓ
105
160
145
Ì2Ò
154
225
150
130
185
150
109
104
145
107
110
100
ióó
108
80
98
C hicago Bank S t o c k Q u o ta t io n s .
R ep orted b y A . J. W h ip ple
icago, M ay 2.
B o o k V.
t. Sale.
Bid.
A m erican T ru st ............. 169
8
275
275
B a n k e rs’ N ational . . . .
154
8
203
207
135
C entral T ru st ..............
4
183
177
C h icag o C ity _______
171
10
195
C h icag o N ation al ........ 240
15
3SÓ
385
C h ica g o S avin gs .......... 113
155
C om m ercial N a tio n a l.. 189
12
375
365
C olonial T ru st ..............
140
ISO
190
C ontinen tal N ation al. . 144
323
322
C orn E x ch a n g e .............. 218
12
40S
405
D rex el S ta te ................... 108
6
120
125
D r o v e rs’ D ep osit ........... 145
8
192
ISO
F ederal T ru st ................. 142
4
195
192
F’irst N ation al ................. 202
12
410
402
F irst N ational B an k of
Einglewood .................. 205
10
225
F o rt D earborn ............... 120
6
170
H a m ilton N ation al . . . 128
is Ó
128
Illinois T ru st .................. 255
io
615
615
J a ck son T. & S ............... 124
125
135
M erch a n ts’ L, & T ___
219
Ì2
395
397
M etrop olitan T. & S . .. 131
6
140
140
M ilw aukee A v e . S ta te. 200
6
165
170
N a t’l B an k R e p u b lic .. 147
6
185
188
.N ational L iv e S t o c k ... 229
15
283
280
N orth ern T ru st .............. 268
8
530
525
O akland N ational . . . .
199
6
225
P ra irie State .................. 126
5
175
S tate B a n k C h ic a g o ... 159
8
25(1
250
W e ste rn T. & S .............. 117
6
175
180
So. C h icago S a v in g s .. I l l
107
102
U nion T ru st ....................
165
200
ióó
105
102
99
115
100
100
100
99
97
99
102
102
100
100
103
81
94
H o t Springs, Ark.
T h e best k n o w n health and pleasure resort on the
continent.
E leg an t throu gh service and low excursion
rates via Iron Mountain Route, the shortest and quickest
line to above point. F o ur D a ily T rains from St. Louis.
D escriptive and illustrated pam phlets on application to
Ellis Farn sw o rth, D. P. A.,
h i A d am s St.,
Chicago, 111.
O D .
A sked.
280
210
182
400
165
375
327
410
135
190
197
408
iso
133
625
145
402
140
A
.
J
A
M
I
E
S
O
N
C H O IC E F I R S T M O R T G A G E L O A N S
R E A L E S T A T E A N D IN S U R A N C E
M A N A G IN G E S T A T E S A S P E C I A L T Y
Correspondence Solicited
T e le p h o n e s, T w in C it y 2465
20* Andrus Building
Fritz Von Frantzius
Ben Marcuse
P R IV A T E W IR E S
N o r th w e s te r n M a in 2010
MINNEAPOLIS, MINN.
TELEPHONES
M A IN 2 0
M A IN 4 6 8 7
A U T O M A T IC 2 7 0 7
200
195
287
560
260
185
110
unlisted secu rities are
L a Salle St., C h icag o:
M ay 2, 1905.
Bid.
A sked.
D ivid.
A m e rica n Chicle c
. 127
131
12
D o. p fd ..............
96
100
6
A m er. School Fur. (c o m b in e d ).
4
5
A u d itoriu m H otel
15
A u to m a tic E le ctric
19,9,
8
B o rd e n ’ s Con. Mill
152
8
116
6
B u tler B r o s.........................................................
250
10
C h ica g o R y. E qu ipm ent (p ar $10)............
6
8
7
C h ica g o & M ilw aukee E lec. R y ................ . . 30
C h ica g o S u b w ay C o ........................................
55
C ongress H o te l c o m ........................................
155
20
D o. p fd ..........................................................
92
5
C ream ery P a ck a g e ....................... ................
108
8
E lgin N ation al W a tc h ...............................
190
8
F ederal L ife Insurance ................................
. 90
110
G reat W e ste rn C ereal ..................................
40
Illinois B rick c o m ............................................
11%
D o. p f d ............................................................
67
é
In tern ation a l H a rv e ste r ..............................
. 94
98
6
K n ick e rb o ck e r Ice, p f d .................................. .. 70
74
6
M ason ic T em p le A s s o c ia t io n ...................... .. 43
50
M an u factu rers F uel C o ..................................
14
N o rth w estern Y e a st ......................................
220
Ì6
P ag e W o v e n W ir e F en ce p f d ....................
65
5
R a ilw a y E x ch a n g e ........................................
S tro w g e r A u to m a tic T e le p h o n e ................ .. 11
Ì2
i
W e s te r n E le ctric ............................................
280
8
U nlisted Bonds.
A m . School F urniture 6 ’ s ..............................
75
A m . S team ship 5’ s ............................................
103
A u d ito riu m 5’ s .................................................. . 97
101
D o. Cons. 5’ s ............ ..................................... . 70
95
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
104
120
¡es.
T he follow ing
B oard of T rade 4’ s ................................................ 101
C h ica g o A th . A ssn . 1st 6 ’s ................................. 103
D o. 2nd 6 ’ s ........................................................
95
C h icag o & M ilw aukee E lec. R y. 5’ s ................ 99
D o. R. R. n ew 5’ s .............................................. 99
96
C icero Gas 5’ s ........................................................
C ongress H otel 1st 6 ’s ...................................... 105
D o. 2nd 6 ’s ................................................................
D o. 1st new bldg. 4 % ’ s ..........................................
Do. 2nd new bldg. 5’ s ............................................
G reat W estern C ereal 6 ’ s .................................. 85
H a rtford D ep osit 6 ’ s ............................................ 100
D o. n ew bldg. 5’ s ................................................ 96
Illinois T unnel 5’s .................................................... 95
K n ick erb ock er Ice 5’ s .......................................... 97
97
M ason ic T em ple 4’ s ................................................
N ational S afe D ep osit 4s ....................................
98
95
N orth S hore Gas 5’ s .................... t ...................
N orth S hore E lectric 5’ s .................................... 95
N. W . Gas D. & C. C'o. 5’ s ................................
98 P a g e W o v e n W ir e F en ce 5’ s ................................ 75
U. S. B rew in g 5’ s .................................................. 87
W estern Stone 5’ s ..................................................
85
VON FRANTZIUS
& CO.
Bankers and Brokers
Chicago
Stock Exchange Building
112 La Salle Street
CHICAGO
MEMBERS
Chicago Stock Exchange, Chicago Board of Trade
STOCKS, BONDS, GRAIN
and COTTON
A S K F O R OUR S T A T I S T I C A L C A R D S
--------------_ _ _ _ _ -------------------------------- ----------------------------!
THE
24
CO M M E R C IA L
THE NATIONAL BANK OF COMMERCE
W EST
Saturday, May 6, 1905
Centrally Located
Excellently Equipped
Conservatively Managed
We Extend to our Patrons the Best Service
OFFICERS
S. A
. HARRIS, President
A, A. CRANE, Cashier
F. E. KENASTON, Vice-Pres.
W. S. HARRIS, Asst. Cash.
G. E, WILLIAMSON. Asst. Cashier
OF M I N N E A P O L I S , M I N N E S O T A
C a p ita l and S u rp lu s
AG RICU LTU RAL
$ 1 ,3 0 0 , 0 0 0 . 0 0
E D U C A T I O N IN C O M M O N S C H O O L S .
school courses. It is the plan to make la borato ry w o rk
and miniature gardens a feature of city school w o r k ; but
in the country w here the children are already more or
less familiar with plant gro w th, to use their kn ow ledge
in this line as a foundation for w o r k in the actual g r o w in g
of plants and the handling of soils. Individual gardens
of small area will be encouraged in the city.
Trial plats
of grains, vegetables and other farm crops will be en
couraged in the country, either at home or in connection
with the school grounds.
B e y o n d this the planting of
trees, ornamental shrubs and flowers on the school
grounds will be made a part of the courses. T h e depart
ment will give advice as to_ the grains, vegetables, trees,
fruits and flowers to plant in the various sections of the
country.
T h e department, by its years of research
through its agricultural experiment stations, and _other
means, is richly equipped to supply exact information as
to methods and materials.
In years gone b y the farm has been looked on by the
average ambitious farmer, as the Chinese in A m erica look
upon this coun try— as a place in which to make m oney
and from which to retire when rich. T h e city has eaten
up the better part of the rural population hitherto, largely
because the child before the age of fifteen years has been
given a disagreeable impression of coun try life. If this
child had been given to k n o w that there is method in plant
grow th, an easy and interesting science in the crops he
helped cultivate; if he had been taught to discern between
the beautiful and the u g ly in things and h o w to make the
u g ly beautiful, b y the aid of vegetation, w hich he could
train to do his bidding; he m ight have remained a con
tented and prosperous man on the farm, rather than a
part of the packed up population of the city.
E v e r y t h in g
that adds
to
the
attractiveness
of
coun try life adds to the value of coun try acres. W h ile
the value per acre is not the highest point from which
to v ie w this higher education of the farm child, it is a
fact that thus far every successful effort of our g o v e r n
ment to make farm life attractive, has added value to
every acre of farm land. A nd this recent m ove of the
department promises to be the m o st profitable invest
ment is has ever made in this line.
A m o n g the activities of the Un ited States Departm en t
of Agriculture, none is more far reaching nor more
prom ising of large profit, than the extension of agricu l
tural education into the public schools of the cities, v il
lages and rural districts. It has been abundantly demon
strated by the department that the teaching of the science
of agriculture in colleges has added great zest to the
farm ing spirit in y o u n g men; and that its extension
throu gh farm ers’ institutes has spread the interest in
careful farm tillage and m anagem ent a m o n g the men w ho
operate the farms of the country. But agricu ltural co l
leges are com p aratively few, and the y o u n g men w ho can
attend them are but as a drop in the buck et of farm
population.
L ik ew ise the farmers reached by farm ers’
institutes are but a small percentage of the total. M o r e
over the farmer, uneducated in the w h y and h o w of
handling soils and g r o w in g plants, will not take to the
information of the farm bulletins issued by the department
with much zest or intelligence. A ll this educative w o rk
directed tow ard the men w h o farm, is w o r k upon hard
soil. It is the education of people beyon d the school age,
beyond the impressionable age.
E v e r y great leader in moral, social or economic re
form, h o w ev er much he has attempted to sw a y the adult
world, if he lives lo ng enough to see the logical results
of his w o r k on the adult mass of ignorance, prejudice
and habit, turns at last to the teaching of the children.
T h e prim ary school is the most profitable field for the
w o rk of the leader w ho would shape public sentiment.
S t u d ie s
and
M e th o d s
to
be
In tr o d u c e d .
F o r about three years the department of agriculture
has been experim enting in the introduction of the prin
ciples of farming, gard en ing and landscape planting in
the com m on schools. T h e results thus far have been so
excellent that it is n ow the fixed policy of the department
to induce the states throu ghou t the Union to make these
studies a part of the re gular public school curriculum.
Some of the states have already adopted the depart
m ent’s suggestions and have added these studies to their
Plan
Visit to
Duluth.
(S p ecia l C orrespon den ce to T he C om m ercial W e st.)
Grand Forks, April 28.— Arrangements are being comj.leted whereby the North Dakota State Bankers’ Association,
which will hold its third annual meeting in this city on July
7 and o, will visit Duluth and Superior and the copper
country.
A ride on the lake will be a feature of the outing, and a
large attendance from among the bankers of the state is e x
pected.
. .
^
.
The present officers of the association are: M. t . Murphy,
Grand Forks, president; L. B. Hanna, Fargo, first vice presi
dent: R. E. Barron, Minot, vice president; Emery Olmstead,
Willow City, vice president ; W. C. Macfadden, Fargo, secre
tary ; J. G. Gunderson, Aneta, treasurer.
T h e association was organized in 1903. the first annual
meeting being held here and the second in Fargo.
Building B oom at Mitchell.
W ork has commenced on the new building of the Com
mercial and Savings bank at Mitchell, S. D.. which is to cost
about $25,000. It will be three stories high, built of brick,
and will have a very attractive front. There will be an im
mense amount of building done in Mitchell this summer, no
less than fifty new7 houses have already been contracted for
that will cost $8,000 each, and the others will range from
$2,000 to $4,000. Mitchell will make as much progress in the
building line this year as last, only the total will not be as
large as there will not be such expensive buildings erected as
last year, but the growth will be just as decisive.
No
Commissions for
Bankers.
Gov. Higgins of New Y o r k has signed a bill making it a
misdemeanor for any officer, director, agent or employe of
any bank or trust company to ask or receive any commission,
emolument, gratuity or reward, or anything of value or of
personal advantage for procuring or endeavoring to proem e
for any person, firm or corporation any loan or discount by
any such bank or trust company, or for permitting any per
son, firm or corporation to overdraw his account.
H om eseekers’ Rates.
V ia the Minneapolis & St. L ou is R. R. O n first and
third T u e sd a y s of each month, to Nebraska, Kansas, Mis
souri, A rkansas, O klahom a, Indian T er rito ry , T e x a s, N ew
M exico, Colorado, and other states. Stop-overs allowed.
F or rates, time of trains, etc., call on agents, or address
A. B. Cutts,
G. P. & T. A., Minneapolis, Minn.
PHOENIX FU R N ITU R E CO.
A r tis tic Furniture for Banks, Offices,
Churches and Public B u ildings. Send
us floor plans and we will do the rest.
EAU CLAIRE,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-
WISCONSIN
THE
Saturday, May 6, 1905
COMMERCIAL
WEST
25
The FIRST NATIONAL BANK ST„ “ J M T
Capital $ 1 ,000 , 000.00
j
Surplus and Profits $871,000.00
OFFICERS: H e n r y P. U p h a m , Pres. E. H. B a i l e y , Vice-Pres. W m . A. M i l l e r , Cash. F, A. N ie n h a u s e r , Asst. Cash. O. M. N e l s o n , Asst. Cash
DIRECTORS: H. P. Upham, James J, Hill, Howard Elliott, D. C. Shepard, H. E. Thompson, E. N. Saunders, Louis W. Hill, F. P. Shepard,
E. H. Cutler, Chas. W . Ames, E. H. Bailey, Theo. A. Schulze, Chas. W. Gordon, T. L. Schurmeier, W. A. Miller.
K A N S A S C IT Y R E A L T Y A C T IV E .
(S p ecia l C orresp on den ce to T he C om m ercial W e s t.)
Kansas City, May 1.— The total cost of buildings in K a n
sas City for which permits were issued during the month of
April amounted to $992,865, a gain of $178,715 over the same
month last year. The following summary shows the amount
of the permits for the different classes of buildings and gives
a comparison with the corresponding month of the preceding
year :
F ron t
feet.
2,447
6,531
E stim ated
cost.
$398,500
474,625
110,740
T o t a l s ....................
A pril, 1905 .............. .................................... 507
A p ril 1904 ................ ................................... 406
8,978
8,978
5,339
$992,865
992,865
814,150
In crease fo r 1905 .................................... 101
3,539
$178,715
No.
Class.
perm its.
B rick buildin gs .. . . ................................... 54
F ra m e buildin gs . . . .................................... 234
219
M iscellaneou s ........ ..............................
The real estate sales entered of record in April reached
an aggregate amount larger than the business of any one
month since January, 1902. The sales reached the aggregate
of $3,085,800, an increase of $1,012,700 over the same month
last year. Real estate men say that the business for 1905 will
exceed the business of last year by more than 10 million
dollars.
The record for the month of April is as f o llo w s :
F irst w eek ........................................................................................
S econd w eek .................................................. .................................
$679,000
550,800
T hird w eek .......................................................................................
714,600
F ou rth w eek .................................................................................... 1,009,300
T ota l sales fo r A pril, 1904...................................................
Increase
$3,085,800
2,073,100
........................................................................................ $1,012,700
There were three months in 1900 when the sales were in
excess of one million dollars for each month. This number
was increased to seven months in 1901, the biggest month
being April, when the business aggregated $1,833,200. Every
month, in igo2 showed an excess of one million dollars, the
month of January reaching the unprecedented total of $3,110,400, this month being still the record month in Kansas City
realty since 1900. This unusual amount isaccounted for by
the sale of
the Kansas City Suburban Belt railway to the
Kansas City Southern, and a nominal transaction involvingmore than a million and a half dollars. The two million mark
was reached in 1903, six months in that year showing a busi
ness of more than two million dollars each, the biggest month
being December, with a record of $2,604,525. In 1904 there
were seven months where the business amounted to more than
tAvo million dollars for each month.
The record for 1905 by months is as.follows:
Ja n u a ry ............................................................................................... $2,012,700
F ebru ary
........................................................................................ 1,598,900
M arch ................................................................................................. 2,537,000
A p ril .................................................................................................... 3,085,800
T ota l
.............................................................................................$9,234,400
JA P A N E S E FIRM FOR SEATTLE.
(S p e cia l C orresp on den ce to T h e C om m ercial W e s t.)
Seattle, April 29.— Mitsui & Company, a Japanese firm that
operates extensively in the Orient and owns a steamship fleet
of seven vessels, used almost entirely for transporting the
company’s own merchandise, will open a branch office in
Seattle on next Monday, M ay 1. A t the same time a Port
land agency will be established, both houses being in charge
of T. S. McRath & Company.
It may be, in time, the Japanese firm will send its own
steamers to Puget Sound, and there is a possibility that a
regular line of steamships will be put on the run between
Seattle and Japanese ports.
Mitsui & Company is one of the wealthiest commercial
W estern Patents.
The following patents were issued la$t week to Minnesota
and D ako ta inventors, as reported by Williamson & M e r
chant, patent attorneys, 925-933 Guaranty Loan Building,
Minneapolis:
Bergman, Oscar, T w o Harbors, Minn., door.
Berndt. Jacob N., Fessenden, N. D., concave and cylinder.
Collins, William, Rosecreek, Minn., leveller.
Dingman, Harry, Kimball, Minn., potato planter.
Fladby, John B., Rutland, N. D., extracting tool.
Green, Charles M., Wahpeton, N. D., wheel.
Koeft, Frank A., Latona, Minn., furnace attachment.
HoAvard, Thomas W., Windom, Minn., celery trimmer.
Kuehl, Jules R. F., Iroquois, S. D., hay loader.
Mincks, Charles E., Aberdeen, S. D., jews-harp.
Pease, R o g e r S. (3), Ro'se, Minn., glass-making appa
ratus.
Rowe, Alfred N., Donaldson, Minn., churn.
Swanson, Peter, Soudan, Minn., oil removing device.
Fifth Jap Loan Oversubscribed.
Bankers have been advised that the fifth domestic loan
of $50,000,000 brought out by Japan has been oversubscribed
five times. It is now announced also that the financial situa
houses in the world, and the business conducted by the firm
in the Orient did about one-seventh of the foreign business
done by Japan. The volume of trade the company does in a
year approximates 90,000,000 yen, of which 70,000,000 yen rep
resents foreign business.
The first shipment the company will make from the North
west will be sent forward on the Nicomedia, scheduled to sail
during the coming month. The vessel will take a general
cargo for Japanese ports.
A general import and export business will be done by the
firm through Seattle and Portland. Cement, sulphur, rice,
matting, curios and other Japanese products will be shipped
into this country and there will be shipped to Japan wheat,
flour, lumber and machinery, together with merchandise of a
general character.
tion will permit of a resumption of Avork on the Central railAvay through Japan, Avhich Avas stopped at the beginning of
the Avar.
April
Elevated
Traffic.
T avo of the Chicago eleA'ated roads have made reports of
April traffic.
The Northwestern shows a daily average of passengers
carried of 79-779- against an average a year ago of 74,217, an
increase of 5,562 in the daily average, or 7.49 percent.
The South Side road reports a daily average of go,001 pas
sengers, an increase of 401 in the daily average, or about onehalf of i percent over last year.
Progressive
South
Dakota
Bank.
The roll of honor of national banks of the United States
places the American National bank of Deadwood number 74
for 1904 among all the banks of the country.
It is a significant fact that of all the banks included in' the
roll of honor there are only one or two Avhose capitalization
is not greater than that of the American National in Deadwood, Avith the same standing.
Tt is also a significant fact that the American National
bank of Deadwood has climbed from number 136, at which it
was rated in 1903, to its present rank of 741.
U N IO N IN V E S T M E N T C O M P A N Y
F. H. W ELLCOME, »President
BÈRT^i^ERNSec?&Treas!
Authorized Capital
Bank of Commerce Building
INVESTMENT
B AN K LOANS
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FARM MORTGAGES
-
$ 5 0 0 ,0 0 0
M IN N EAPO LIS
Correspondence and Personal
Interviews with Country Bank
ers and Investors Solicited
SECURITIES
COMMERCIAL PAPER
M U N IC IPAL BO ND S
THE
2Ó
HUNTER
COMMERCIAL
WEST
Saturday, May 6, 1905
COOPER & COMPANY
WINNIPEG,
CANADA
HIGH C LA SS C A N A D IA N IN V E S T M E N T S
W E A R E N E T T IN G O U R C L IE N T S 6 P E R C E N T ON
T IM E A N D C A L L LO A N S
Correspondents
Anderson, C
ooper
&. A n d e r s o n , L o r d s C
H u n t e r , C o o p e r & Co., 7 2 B
ishopgate
ourt
, N ew Y ork
S t ., L o n d o n , E
ng.
D E V E L O P M E N T NEW S OF C A N A D I A N N O R T H W E S T .
(S p ecia l C orrespon den ce to T he C om m ercial W e st.)
W in n ip eg, M a y 2.— Industrial development in W in n i
p eg at the present time gives one of the m ost strikingfeatures of the general prosperity of the Canadian W e st.
A m o n g recent new concerns opening up business here
can be mentioned, a large tannery, the promoters be ing
Messrs. Gordeau & Robbins.
B o th these gentlemen have had a large and varied e x
perience in the tanning business, Mr. Robbins being
owner for over thirty years of the Co rdo va tannery, Y a r
mouth, N. S., and Mr. Gordeau has had equally as longexperience in his tannery in Q uebec City.
Messrs. Pe ter L y a ll & Sons have purchased a site for
a ston ecuttin g plant in the w est side of the city. T h e
deal w as closed y es ter d a y afternoon for five lots in the
subdivisions of 5 3 'and 54, St. James.
Each lot has a
fro n tage of 160 feet and a depth of 200 feet. T h e new
yards are situated near the point w here the Pembina
branch of the Canadian Pacific R a ilw a y crosses Notre
D a m e A venue, and have excellent track facilities. T he
deal w as put through by J. E g g o , repre senting the Great
W e s t D e ve lo p m e n t Company, and is one of the largest
of the recent sales of m anufacturing sites in that locality.
T h e purchase price w as $15 per foot.
T h e new industrial section of W in n ip e g is fast build
ing up in the district mentioned above. Some mention
has already been made b}r yo ur correspondent of some of
the projected enterprises w ho would locate in the west
end of the city. T h is district which is at the w est end
of N o tre Dam e Street about two miles from the center
of W in n ip e g at the present time, presents a v e ry busy
appearance.
Clare & Brockest, w estern agents of Clare, Bros. &
Co., Preston, manufacturers of metallic sheeting, etc., are
building a large warehouse.
T h e carpenters are n ow
w o r k in g on the second story of the structure, which will
be completed within a month. T h e building is 52x100 in
size, three stories with basement, the latter having a
height of nine feet, and is la rge ly above ground. It will
be used for the storage of heavy material, and is be ing
substantially built with this end in view.
T h is w a r e
house is stated to be but the beginning of a large plant
of the com pan y on M cPhillips Street. W h e n Mr. Clare
w as in the west, he bo ug ht five acres of land on this site,
and the inference is that the com pan y will erect a foun
dry on the ground, and will manufacture locally all the
goods which they n ow make in the East.
O n the land just w est of that occupied by Clare Bros.,
a large malt house and elevator will be erected by the
Canada M a ltin g Company. T h e elevator will have a ca
pacity of 250,000 bushels, and the plant will cost $150,000.
T h e land w as secured b y that com pany last fall, and it
is un derstood that the contract for the erection of the
various buildings has been let to a Ch icag o firm.
Close to the co rner of M cP hillips and N otre Dame, the
National Supply Co m p a ny have a large force of men at
w o r k erecting the buildings w hich they will require. T h e
office of the com pan y has been completed, the side tracks
of the Canadian Pacific have been laid through the p rop
erty, and a large amount of lumber has been delivered in
the yard. A w arehouse 70x150, is in process of erection,
and will be finished within a few days. A moulding shed,
80x120 will fo llo w , after which a planing mill will be
erected and fitted with the necessary machinery. Lim e
sheds will also be built as well as stable room for 24
horses. T h e com pan y will supply all classes of building
material, including lumber, lime, stone, brick, moulding,
sash, doors, building paper, and certain classes of hard
ware. T h e National Supply C o m p a ny is a local joint stock
association form ed during February.
T h e R oyal L u m b er and Fuel C o m p a ny are com plet
ing their buildings in this locality. T h is firm began oper-
ations in N o v e m b e r on this site:, and erected a number
of buildings. T h e y have a side track 1,000 feet in length—
from which a large amount of material of various kinds
has already been delivered. T h e main building o f the
co m p an y is 250 feet long, and contains the office, sash
room and lumber shed. T h e y also have on the property
a stable, w ith stalls for sixteen horses, a feed warehouse,
w ith a capacity of 12,000 bushels, a coal shed with a ca
p a city of 300 tons, and a dw elling house. T h e com pan y
is operating a planing mill which is in full operation. A
much larger coal house will be built, in time for next
season’s trade.
In the immediate vicin ity the Norris ManufacturingCompany, manufacturers of blow ers for threshing m a
chine outfits, will build a large structure during the present year. T h e p ro p erty of this co m p an y lies east and
north of that of the R o y a l L u m b e r and Fuel Company.
R ecent
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A n n o u n cem e n ts.
S e e d in g
U nder
F a v o r a b le
C o n d itio n s .
A lth o u g h the returns received b y the M anitoba de
p artment of agricu lture are necessarily far from co m
plete at present, and no official statem ent can possibly be
issued until seeding is finished, it is learned that all the
indications are most favorable to the outlook in the agri
cultural development in Manitoba bein g more than usual
ly s atisfacto ry this year.
So far as can be ascertained seeding will be completed
ten days earlier than last year, taking the a verage of
eve ry district. T h e conditions have been h ig h ly fa v o r
able, the earth bein g dry and the soil friable, while the
hot sun has drawn up the frost from b e lo w and moistened
the seed as soon as sown.
D ep artm en t reports show that 60 to perhaps 75 percent
of the seeding is already completed, and as there have
been no w ashouts or flood troubles reported in any part
of the province, the area under cultivation is likely to be
large.
E v e r y t h in g n ow depends on the w eath er condi
tions. A t present these point to go o d rains in the near
future, and w eath er experts are already p ro p hesyin g a
lo n g spell of hot M anitoba sunshine to follow.
TO
C A L I F O R N I A F IR S T C L A S S .
Im pro ved service o ver the Minneapolis & St. Louis
Railroad. T h r o u g h palace sleepers connecting at K ansas
C ity U nion D e p ot w ith the fast limited trains over the
Santa F e and R o c k Island Roads. T h e only line with
throu gh sleepers.
F o r tickets and reservations call at
Minneapolis & St. Louis T ic k e t Offices.
T o California for $ 32.90 via Chicago Great W estern
Railway.
T ic k e ts on sale from March 1st to M a y 15th. F o r fur
ther information apply to R. H. Heard, G en ’l A g e n t, Cor.
Nicollet Ave. and 5th St., Minneapolis.
KOOCHICHING
FALLS
B u ild in g
A m o n g recent building announcements is that of the
M o o re Printin g Com pany, which let a co ntract y esterday
for the erection of a large blo ck on the corner of Princess
and Cumberland Streets. Sp eakin g of this a local paper
says:
“ N o t h in g could be more characteristic of the W e s t
than the dispatch with which this enterprise is beinggotten under way. It is not y et a w ee k since the co m
pany acquired this property, purc hasing it from Mr. F. C.
Bell. Y e s te r d a y the contract for the new building was
signed and this m orn in g w o r k is be ing commenced. This
particular corner has lo ng been considered a good one
for business purposes and has been spoken of in con nec
tion w ith m a ny enterprises. T h e price paid for 50x100
feet was $12,500. T h e new building, which will be four
stories in height, will be used throughout by the Moore
Printin g Company, and will be one o f the most complete
buildings for printing and publishing purposes w est of
T o ro n to .
IS NOW THE PLACE TO
. . . . MAKE MONEY
For Information W rite to
THE ENGER-IMORD RE ALTY CO .
120 Temple Court
MINNEAPOLIS.
THE
Saturday, May 6, 1905
CO M M ER CIAL
W EST
27
T h e Merchants Loan €i T r u s t C o m p a n y
CHICAGO.
C o r n e r A d a m s and C l a r k S t s . ,
CAPITAL AND SURPLUS
- $6,000,000
D E P O S IT S ....................................... 52,000,000
O l d e s t B a n k in C h i c a g o .
A t t e n t i o n is c a l l e d to o u r F a r m L o a n D e p a r t m e n t .
F I R S T M O R T G A G E S ON I M P R O V E D F A R M S B O U G H T A N D S O L D .
I
1
Address F. W . THOMPSON, Mgr., Farm Loan Dept.
Accounts of Country Bankers Solicited.
AN O P P O R T U N I T Y FOR HOMESEEKERS.
(S p e cia l C orrespon den ce to T h e C om m ercial W e s t.)
Billings, Mont., May 1.— The engineers for the northwest
division of the United States reclamation service have just
opened their office at Billings, and are now in the field en
gaged in making the preliminary surveys of the seven great
irrigating projects that will be directed from this point. For
the next year or so over one hundred and fifty men will be
engaged in the field in laying out the immense projects that
are being undertaken by the national government, and mil
lions of dollars will be spent by Uncle Sam in reclaiming
land that, under the present conditions, is valuable only for
grazing purposes. Three of these great canals will be dug
on the Crow Indian reservation, and the contract for the
first of these, which is destined to make the Big Horn valley
one of the most fertile farming regions in the Northwest, will
be let soon. The government land office for this district is
receiving hundreds of inquiries from Minnesota, Iowa, Mis
souri, and in a lesser degree from other Mississippi valley
states, in regard to the opening of this great reservation, and
asking for information of every sort in regard to the re
quirements of settlers, the condition of the country, etc. But
Uncle Sam pays little heed to these letters; he is too busy
with his irrigating enterprises to advertise the land, and those
who want to learn more about the reservation must depend
upon the newspapers for information. The land is here and
will go to those who are first on the ground.
A word as to the state in which this magnificent domain
is located. Montana is sometimes called the Mountain State,
but the mountains are confined to the western portion. M o n
tana has an area of 145,000 square miles, or a little less than
the empire of Japan. Considering the natural resources and
size of the state it has the smallest population of any state
in the union, and consequently offers great opportunities for
the homeseeker and investor. In all this vast area, no more
favored locality is found than that of the Yellowstone valley,
which meanders across the southern and eastern portion of
the state. 'I he ceded strip of the Crow reservation takes in
a wide belt of tins beautiful valley, and it is here that the
largest of the canals is to be built.
The ceded strip comprises in round numbers 1,150,000
acres, or about one-fifth of the entire reservation. It lies
within Yellowstone countv. and its western border is only a
few miles from Billings, the county-seat.
The Burlington
railway traverses its ..arronnlly nnd offers an outlet to the
eastern and western markets. The land is a rolling prairie
with plenty of wooded sections and numerous streams that
insure water for irrigating purposes ; the largest of these, the
Big Horn, gets its water supply from the snow-capped moun
tains of Wyoming and the Yellowstone park. The soil is
mostly a sandy loam and in some sections a black alluvial
deposit. Wheat on sod land, without any fertilizers of any
kind, produces from twenty-five to fifty bushels per acre.
Oats yield from forty to one hundred standard bushels; bar
ley, forty to sixty bushels; rve, twenty to twenty-five bushels
an acre. In potatoes the Yellowstone valley can rival the
largest yield that Colorado can produce under the most fa
vorable conditions. A n y place in the valley will produce two
hundred bushels, and several have made records above five
hundred bushels. 1 here is a ready market richt in Montana
for potatoes at from sixty-five cents to one dollar a hundred.
I he impending opening of the Crow reservation, and the
rapid development of the Yellowstone and other valleys in
L ow Rate Summer Excursions
to Chautauqua L a k e and A s b u r y Park.
F o r illustrated
folder, rates and ge neral information write Erie R. R., 555
R a ilw a y E x ch a n g e, Chicago.
T o Land A gen ts!
T h is is to call y o u r advance notice to the fact that
M akes
ju s t
a
th e
s p e c ia lty
rig h t
p la c e , no m a tte r
Its r e q u i r e m e n t s .
of
m an
how
fin d in g
for
It a ls o f in d s
a p l a c e to s u i t a n y g o o d
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
the
e x a ctin g
m an.
tiie eastern part of the state, has attracted the attention of
capitalists, and by the time the ceded strip is thrown open
there will be other avenues for marketing the products of
this rich agricultural region.
Ground will be broken at
Billings next month for the erection of a million dollar beet
sugar factory that will distribute about $750,000 annually
among the farmers and ranchers of the valley. Contracts
have already been signed for the crops on 7,000 acres in sugar
beets, and the price agreed on is five dollars an acre for a
term of five years. Experiments have proven that the valley
is an ideal place for the cultivation of the sugar beet, and
this industry will do much towards enhancing the value of
land in this section.
H o m e s e e k e r s R e c o g n iz e O p p o r t u n it y .
Many homeseekers are taking time by the forelock and
getting on the ground early in order to "avoid the rush” and
to have the advantage of an actual acquaintance with local
conditions before the “ strip” is opened. Some are purchasing
Yellowstone valley lands outside the strip that are already
under ditch, as lands are still cheap and the difference in
cost is not enough of an object for those who command ready
capital to make it worth while to wait for the opening.
When the Crow reservation is opened there will be no
mad scramble such as has marked previous reservation open
ings, no confusion, no hardships. The homeseeker will merely
be required to register his name and file his application at
the government land office in Billings when it is opened,
which will be about three weeks ahead of time. He can then
sit down and wait for the result of the great land lottery
that will decide who are to get the prizes. If he is lucky
enough to win a farm or town lot, he will have time in which
to arrange his affairs before moving onto his place. A home
stead constitutes one hundred and sixty acres of land, and
the settler must pay one dollar an acre down, and the balance,
three dollars, inside of three years. If he succeeds in getting
an irrigated farm, he must, in addition to paying four dollars
an acre, maintain his share in keeping the ditch in repair.
P r iv a t e
E n t e r p r is e s .
the Minneapolis & St. L ou is R. R. will sell daily during
the summer months round trip tickets at one fare plus
tw o dollars to certain northern Minnesota and D ako ta
points, limit for return O cto b e r 31st. L o w round trip
tickets also on sale daily to St. Paul and Minneapolis after
June 1st. F o r particulars call on agents, or address
A. B. Cutts,
G. P. & T . A., Minneapolis, Minn.
HAPCOODS
IN C O R P O R A T E D
MAN H U N TER S
P O SIT IO N
I r r ig a t in g
Although the United States is going into the irrigation
business on a bigger scale than anyone else, it remained for
private enterprise to point out the way, and the private indi
vidual or corporation still has the right to take out water
when the legal requirements are fulfilled.
Private enter
prise has already accomplished a great deal for the reclama
tion of the Northwest, and that, too, in the face of untold
obstacles. Within a radius of twenty-five miles of Billings
there are seven great irrigating canals aggregating over two
hundred miles in length and watering over one hundred thou
sand acres of land. The largest of these, which has just
been completed, is seventy miles long. It pierces a bluff
three hundred feet high with a tunnel through the solid rock
for eighteen hundred feet; it leaps over a chasm on a nine
hundred foot flume and waters 40,000 acres of the upper por
tion of the Billings flats. The lower portion of this valley,
which is far prettier to the eye of the born farmer than its
name would suggest, lies within the ceded strip of the Crow
reservation, and it is here that the government will construct
its first canal, reclaiming thirty-five thousand acres of land
that is now covered with sagebrush. Only a few thousand
acres of this great valley are under cultivation, but the crops
from there have been great and experiments have proved
that it is adapted to general farming and is particularly fa
vored for fruit growing. A lon g the Yellowstone river for
three hundred and fifty miles are dozens of ditches of lesser
size, and land is still comparatively cheap.
HUNTERS
P R IN C IP A L O F F IC E S :
M i n n e s o t a L o a n « . T r u s t B l d g . M IN N E A P O L IS
309 B r o a d w a y
.
.
.
.
N EW Y O R K
H a r t f o r d B uilding
C H IC AG O
W i l l ia m s o n B u ilding
C LE V E L A N D
C h e m i c a l B u ilding
S T . LO UIS
P io n e e r B uilding
.
.
.
SEATTLE
P e n n s y l v a n i a B u ilding
P H IL A D E L P H IA
P a r k B uilding
.
.
.
.
PITT S B U R G
C o l o r a d o B uilding
W A S H IN G T O N
THE
28
COMMERCIAL
WEST
Saturday, May 6, 1905
WE WILL DISCOUNT
LUMBERMEN’S PAPER.
W. B. McKEAND AND CO.
COMMERCIAL PAPER.
The Farm Land Movement.
T h e fo llo w in g are late farm land transfers, as taken
from official county records. T h e y indicate the value of
farm lands in the respective counties:
Winona County.— John Schwieder to Harnes, 120 acres in
Utica, $7,200.
Sibley County.— E. L. W elch to Bethke, 20 acres in
section 15, Kelso, $500; J. H. Johnson to Johnson, lots 6
and 7, section 36, Faxon, $2,200.
Rice County.— J. H. Lessin to L aD u e, s w j j , 4-T06-45,
$8,500; E. A. Tuttle to Tuttle, n T
/ 2, 11-108-46, $9,600; Molzen
to Benfer, sw j 4 and wps of s e j j , 3-106-44, $11,500.
Rice County.— Thomas Culhane to Tracy, lots 4 and 5,
section 36, Erin, $3,900; William Schwager to Helm, sw H of
n w %. and WJ2 of n w ^4 of n w j j , section 26, Warsaw, $3,000.
Mankato County.— L an d Company to Piltz, seJi sw %,
section 34, and north 20 acres of s j j s w j j , section 35, Medo,
$2,500; Mary A. Piltz to Plageman, north 20 acres of s j j
s w s e c t i o n 35, Medo, $820.
L a c Qui Parle County.— E. O. H a uge sag to Hill, wjJ
and nw %. of se% , 3-116-44, $12,600; Peter Warner to R a n
dal], part of s j 4 of se% of sezA of 32-119-46, $400; Peter J.
Beltz to Fredrickson, SJ2 of s e j j of 34 _II7 -43 , $2,400.
Faribault County.— Ernest McC olley to W asgatt, s w jj,
27-104-27, $9,600; John R. Underdahl to Nortvedt, n w J4 and
of s w j j , 18-101-26, $15,000; E rick L. Erickson to U n d e r
dahl, w y2 of s w 4 , 17-102-26, and e j j of s e j j , 18-102-26,
$10,000.
W r ig h t County.— E. Lee to Jankala, east 50 acres of s j j
n w s e c t i o n 26, Cokato, $7,500; J. Dillenberg to Forsythe,
lots 1 and 2, block 33, 2 3 ^ acres, Frankfort, $75°; Louise
W a gn er to Schuler, 30 acres in s w j j nwLi, section 3, F ra n k
lin, $1,850.
Filmore County.— A. J. Parker to Viall, w j j of se% ,
section 10, Spring Valley, $1,800; John O. Ellestad to Bacon,
sy2 se%, section 22, Newburg, $6,000; John Bucknell to H u t
ton, part w j j s e j i and e j 4 seH sw%, section 3, Spring
Valley, $1,412.
Re dwood County.— T. W in gett to Ruler, s w j j of s e j j , sec
tion 15, and w j 4 of ne] 4 , 22-13-36, $6,000; F rederick W.
W ebber to Truelson, se% , 23-110-39, $5,660; Joseph Schluck
to Mude, nwj 4 of sw H of s e^ , section 23, and n e j j of nvvjj,
26-112-34, $4,000.
S o u th
D a k o ta .
Cass County.— Orin A. Pearce to Hanna, w. d., sT
/ 2 of
14-142-55, $4,575.07.
Foster County.— Albert McDaniels to Tucker, n w ji 7~
146-62, $1,600; H a rv ey C. Barber to Nicoll, n w ^ i 4 - i 47-65 j
$2,240; H arvey C. Barber to Howden, seH I I ~I47~64, $2,240.
Traill County.— L evi C. Goplerud to Hefta, e j j of ej 4 and
n w j j neH , 10-146-53, $8,580: G. H. Hefta to V erke, w j j
nej 4 , 7-I47-S3, $3,200; Louis R a y to Nesvig, sy2 se% , 20-14849, $1,950.
Steele County.— S'. O. N o rg aa rd to Kloster, e j 4 of nwJ4 ,
section 29, Newburgh , $3,700; W. H. M. Philips to Beecher,
se% section 27, Carpenter, $1,500; R. W. Llo yd to Twight,
sw]4 , section 20, Carpenter, $4,000.
G riggs County.— Flore nce E. Haven to Husel, $1,600
for ne% section 1-145-59, 160 acres; Thea Gunderson to
Gunderson, $2,500 for n e j j section 30-144-59; George J.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Schoenhair to Miller, $3,200 for nwLi section 22-144-58, 160
acres
Stutsman County.— Helena K . W in k to Holzworth. w Y2
of e j j and ej^ of w J
/ 2, 34-142-67, $2,800; Daniel A . Piercy
to Graves, sy2 ne% and lots 1 and 2, 2-142-66, $2,560; Chas.
B r o o k to Rasicky, ne% , 18-137-64, $2,400.
J . 8 . H O O P E R , S e c ' Y - T r ï a ».
YALE REALTY C O M PA N Y
M I N N E A P O L I S
Real Estate Bought, Sold,
and
Exchanged
on Commission
—
W rite for our list of investments in amounts from $5>°°0
to $ 100,000, netting good rates of interest.
Money
loaned on improved Minneapolis Real Estate. Prop
erty carefully managed for non-residents.
Best of References Furnished.
L
The American Mortgage & Investment Co.
2 5 1 -2 -3 -4 Endicott Bldg.
St. P aul, Minn.
Offers
CHOICE FARM MORTGAGES
to conservative investors at attractive
rates. Correspondence Invited. A ll loans
iersonally Inspected. Send for our list of
oans.
H E N R IK STROM,
G. B. E D G E R T O N
President.
Vice President.
W. T. STJOKOW, Sec. and Treas.
i
nC H U T E
D a k o ta .
Codington County.— SWJ 4 14-U9-52, reservation, F. A.
Brayton to Stein, $4,500.
Y a n k to n County.— E. Q u i v e y ‘to Koranda, w j j 1 1-95 - 57,
$13,500; J. Nikodin, Sr., to Nikodin, w j j ne% , 11-94-57, $500.
Marshall County.— R. G. Stevens to Brown,
17-12859, $3,200; Ralph Y . Struble to Anderson, ne% , 14-125-59,
$3,400; Sam D a vick to Haugse,
13-128-53, $4,000.
Hughes County.— C. A. Parker to McNider, sw% of n&%.
of section 25-112-78, $400; K . M. Anderson to Snedden, n%
of n w j 4 °f section 13-112-78, $1,600; Nels Peterson to
Sweney, s e j j of section 26-112-78, $3,520.
Minnehaha County.— Hans Halsrud to Even, n w 4 > 23103-52, $4,8oo;John J. Lam m to Powers, n s e c t i o n 10, se *4
section 3-102-49, $16,000; Harriet H. Brookfield to Engebretson, ne% and n y2 of section 25-101-49, $10,435.
Charles M ix County.— John W. Havens to Davis, lots
1, 2 and 3 and sej 4 of n w s e c t i o n 6-98-69, $600; E d Schnose
to Strohbehn, undivided one-half interest in ne% , section
35-97-63, $2,300; C. E. Floete to Gjolme, undivided one-half
of seJ
/ i of section 19-100-68, $1,400.
N o rth
THE ROOKERY, CHICAGO,
|
COn
.
REALTY
3 1 0 CENTRAL A VE N G E, M IN N EAPO LIS
j
Specialty:
Manufacturing Sites, Trackage, Etc.
A
large number of large and small manufacturing buildings with or without trackage.
I
I
j
J.
C A Iv H O U IV
500 Oneida Building, MINNEAPOLIS
A ß e tit
fo r
tli©
D rexel
E s ta te
Real Estate and Loans,
Bonds, Lands and Mortgages.
References: Drexel Estate, Philadelphia, or any Bank In Minneapolis
L e s t e r B. E l w o o d , V ice-P res
E d w a r d B. N i c h o l s , Secy.
E l w o o d S. C o r s h r , P re s.
W il l i a m B. T u t t l e , T r e a t.
Corser Investment
Co.
Manager New York Life Building
Established 1870
M O R T G A G E L O A N S . R E A L E S T A T E and I N S U R A N C E
Special attention given to Management of Estates for Non-Residents
New York Life Building.
L U T H E R
S.
MINNEAPOLIS
C U S H IN G
REAL E STA TE
JOHN TOWNSEND
C&re and M a n a g e m e n t of
F IR E
IN S U R A N C E
E ndicott Building.
D. P. Jones, Pres.
•
W. H. Davis, V-Pres.
■
ST. P A U L
W. C. McWhlnny, Sec. & Treas
D A V I D(E etablished
P. 1868.
J OIncorporated
N E S1900.)&, C O .
M o rtg a g e L oan s,
R eal E sta te and
R entals
Special attention given to management of estates of non-residente.
Satisfactory reference to local aud eastern parties.
Main Floor Bank of Commerce Building,
M IN N E A P O L IS
THE
Saturday, May 6, 1905
COMMERCIAL
WEST
29
P SO U TH ST. PAUL
I U N IO N S T O C K Y A R D S
S the b est equipped and m o s t ad=
vantageous m a rk et for live stocK
sh ip pers in the Northwest. It is
connected with all the railroads and
w a n ts 1 ,0 0 0 b e e v e s and 5 , 0 0 0 hogs
daily.
Y o u r s h ip m e n ts are invited.
I
M.D. FLOWER, Pres.
S O U T H ST. PAUL, M I N N
I
H. B. CARROLL, Gen. Sup. Í
/v v w
Live Stock Markets.
(S p ecia l C orresp on den ce to T he C om m ercial W e s t.)
H ogs.
South St. Paul, M a y 3.— Receipts of hogs at six large
mark ets for the first three days this w ee k total about
141,600, compared with 175,000 for the first three days
last week, and 199,200 for the correspondin g period last
year. South St. Paul rece ived about 7,800 hogs during the
first three days this wee k, against 10,100 for the. first three
days of the precedin g w ee k and 14,800 for the like three
days last year.
T h e r e w ere 305,900 hogs received at six large mark ets
last w eek, against 296,400 for the preceding week, 344,100
for the sam e w e e k last month, 377,600 for the same w ee k
last y e a r and 285,900 for the correspondin g w ee k two
years ago. H o g receipts here last w eek were 16,600, co m
pared w ith 17,500 for the w ee k previous, 19,800 for the
same w ee k last month, 19,400 for the co rrespondin g w eek
last year, and 16,100 for the like w ee k two years ago.
H o g receipts for the past w e e k have been moderate and
the falling off in prices noticed the past two w eeks con
tinued, and on the basis of t o d a y ’s trading the m arket is
quotable at from 10c to 15c lower. R o ug hs and heavies
still feel the prejudice of the packers and are being bought
a shade lo w e r than the w ee k previous. G ood to choice
h e av y ho gs are quotable from $5.15 to $5.22^, good light
m ixed and butcher w eigh ts from $5.10 to $5.17^2, and
light hogs of desirable quality from $5.05 to $5.15. T h e
bulk of the hogs here to d ay sold at $5.15, against $5.15 to
$5.20 last W e d n es d a y, $4.40 to $4.50 the co rrespondin g
day last year, $6.55 to $6.60 two years ago, and $6.75 to
$6.85 three years ago today.
C a tt le .
Combined receipts of cattle at six prominent markets
for the first three days this w e e k w ere about 78,600, co m
pared w ith 85,200 for the first three days last wee k, and
101,900 for the like period last year. South St. Paul re
ceived about 4,500 cattle during the first three days this
wee k, against 7,600 for the co rrespondin g three days last
wee k, and 5,900 for the same three days last year. S ix big
mark ets had an a g g r e g a t e cattle supply last wfeek of
126,500, against 150,700 for the preceding wee k, 148,600 for
the like w e e k last month, 154,100 for t h e same w ee k last
year, and 133,500 for the corresp ond in g w ee k tw o years
ago. L o c a l cattle receipts last w eek w ere 10,100, co m
pared w ith 11,000 for the w ee k previous, 8,500 for the co r
responding w e e k last month, 4,000 for the like w ee k last
3^ear, and 6,600 for the same w ee k tw o years ago.
A lth o u g h a g o o d ly portion of the m oderate receipts of
the past w e e k consisted of W e s te r n R ange cattle billed
throu gh and did not test the market, beef cattle have
fallen off on an a verage of 25c, especially canner cows,
they be in g quoted at fro m 25c to 40c under last week,
but outside buyers for feeding co w s held m arket up, e x
cept p oor canners and fat cutters, w hich bad to go to
packers. Good, fat steers are brin gin g $5.00 to $5-35 and
half fat steers, $4.50 to $4.75. V ea l calves are selling about
50c to 75c under last week. F a t and feeding bulls hold about
steady. A stro n ger fat cattle market, w ith normal re
ceipts, is looked for next week. S to ck cattle m arket held
about steady and choice stuff sold well, but the common
and thin kind dropped with the general falling off of
m arket in cattle end, but m oved freely at the lo w er prices.
Sheep.
Supplies o f sheep at six important mark ets for the first
three days this w e e k a g g r e g a te d about 131,400, co mpared
w ith 136,700 for the first three days last week,¡.and 99,500
for the co rresp o nd in g three days last year. South St.
Paul received about 200 sheep during the first three days
this wee k, against 250 for the first three days of the w eek
previous, and 2,800 for the co rrespondin g three days last
year.
A g g r e g a t e sheep receipts at the six principal markets
las't w e e k w ere 185,700, compared w ith 212,900 for the
p recedin g week, 130,300 for the same w ee k last month,
142,060 for the like w e e k last year, and 123,200 for the
corresp o nd in g w ee k t w o years ago. Sheep receipts here
last w e e k w ere 1,000, against 2,900 for the w e e k previous,
2,300
for the co rresp o nd in g w ee k last month, 5,000 for the
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
like w ee k last year and 600 for the same w ee k tw o years
ag6.
Receipts of sheep at this point for the last w ee k have
been v e ry light, but the moderate supply at E astern points,
w hich seems to be in excess of the demand, has knocked
the bo tto m out of the m arket at these points and al
though the supply here w as hardly enough to base a m a r
ket on, this state of affairs has been felt here to the extent
of a 25c to 50c drop in price. Feeders at this point, h o w
ever, are holding ba ck their m a rk eting w ith the e xp ecta
tion of a stron ger market, which is gen erally looked for.
Contract W e s te r n ewes to d ay brou ght $5.00 and small
bunch native shorn lambs $5.50.
R eceip ts a t the S outh St. Paul y ard s thus fa r in 1905, w ith
com p a ra tiv e figures:
1904.
1905.
Inc.
D ec.
. 89,910
49,279
40,631
. 14,950
9,358
5,595
..........
355,627
. 344,705
10,922
240,079
. 188,400
..........
51,679
258
'726
468
..........
8,519
7,314
C ars ......................................
1,205
..........
R eceip ts o f live stock at South
W edn esda y , M ay 5th, 1905:
C attle.
1,315
T hu rsday, A p ril 27.........
F rid ay, A p ril 28................
927
S aturday, A p ril 29..........
847
M onday, M ay 1 ............... 2,589
T uesday, M ay 2 .............. 1,459
W edn esda y, M ay 3 ........
756
T ota ls ............................
7,693
R eceip ts of live stock at S outh
W edn esda y , M ay 4th, 1904:
C attle.
T hu rsday, A p ril 28.........
537
F rid ay, A p ril 29..............
210
120
Saturday, A p ril 30..........
M onday, M ay 2 ............... 1,726
T uesday, M ay 3 .............. 2,417
W edn esda y, M ay 4 ........
1,832
T ota ls ............................
6,842
St. P aul fo r the w eek ending
H ogs.
3,076
2,632
1,387
1,898
3,767
2,336
Sheep. H orses. Cars.
15
2
79
266
24
27
3
..
56
6
1
113
109
..
84
19
74
56
15,096
418
101
415
St. Paul fo r the w eek ending
H og s.
2,855
2,465
3,411
2,488
6,055
6,295
Sheep. H orses. Cars.
1,229
..
57
894
..
41
19
..
46
1,412
17
88
912
..
140
513
2
136
23,569
4,979
19
508
R a n g e o f H o g S a le s .
T his W eek .
T h u rsd ay ........................................$5.00@ 5.15
F rid a y .............................................. 4.95@ 5.10
Saturday ........................................ 4 .9 0 @ 5 .1 2 y2
M ond ay ........................................... 5.00@ 5.15
T u esd ay .......................................... 5.0 0@ 5.15
AVednesday .................................... 5.0 5@ 5.2 2%
P rev iou s W eek.
$5.10@ 5.35
5.20@ 5.35
5.15@ 5.40
5.20@ 5.35
5 .15@5.37V2
5.05@ 5.30
B u lk o f H o g S a le s.
T h is W eek .
T h u rsd ay .............................................$5.05@ 5.10
F rid ay ....................................................5.00@ 5.05
S aturday ............................................ 5 . 004/ 5.05
M ond ay ............................................... 5.0 5@ 5.1 0
T u esd ay ..................................... ......... 5.05@ 5.10
W ed n esd a y ...................................................@ 5.1 5
C o n d it io n
of H og
T h is W eek .
T h u r s d a y ..................5c low er.
F rid a y ...................... 5c low er.
S aturday ..................S teady to stron g.
M ond ay .................... 5c higher.
T u e s d a y .......... .........S trong.
W ed n esd a y ............. 5c higher.
P rev iou s W eek.
$....@5.20
5.20@ 5.25
....@5.25
@ 5.30
....@5.25
5.10@ 5.20
M a rk e t.
P rev iou s W eek.
5c low er.
5c higher.
S teady to strong.
S tron g to 5c higher.
S teady to 5c low er.
Opens 5c low er, closed
10c to 15c low er.
C o m p a r a t iv e R e c e ip t s o f H o g s .
L a st W eek.
C h icag o ............
131,300
K an sas C ity ......................... 45,700
S outh Om aha......................... 46,300
South St. J o s e p h ................. 32,100
E ast St. L o u is ...................... 33,900
S outh St. P a u l....................
16,600
P rev iou s W eek .
140,900
40,300
37,600
28,700
31,400
17,500
T ota ls ............................ 305,900
296,400
Y ea r A go.
169,700
52,100
71,700
35,000
29,700
19,400
377,600
C o m p a r a t iv e R e c e ip ts o f C a tt le .
L a st W eek .
C h icago .................................. 53,600
23,000
K a n sa s C ity ........................
S outh O m aha ...................... 15,600
South St. J o s e p h ..............
7,200
E a st St. L o u is ...................... 17,000
S outh St. P a u l....................
10,100
P rev iou s W eek.
59,800
33,600
17,900
10,300
18,100
11,000
T ota ls ............................ 126,500
150,700
Y ear A g o
73,800
29.900
25,300
11,300
9,800
4,000
154,100
C o m p a r a t iv e R e c e ip ts o f S h e e p .
C h icago ................................
K an sas C ity ......................
South O m aha ....................
South St. J o s e p h ..............
E a st St. L o u is ..................
South St. P a u l..............
T ota ls
L a st W eek .
85,000
23,900
37,800
27,700
10,300
1,000
............ ................ 185,700
P rev iou s W eek .
88,000
21,400
44,300
44,500
11,800
2,900
212,900
Y ear A go.
68,000
16,600
22,000
21,900
8,500
5,000
142,000
THE
30
W i l l i a m Common«
C O M M ER CIAL
Saturday, May 6, 1905
Tie Tan Insen-Hamngton Co.
Howard W . Common«
F r a n k W . Common«
W EST
COMMONS & COMPANY
Grain Commission nerchant*
Mi n n e a p o l i s and
Du l u t h .
Commission Merchants
Receivers and Shippers of W heat,
Coarse Grains and Flaxseed. Or
ders for Future D elivery Executed
in all M arkets. : : : : : : :
CHICAGO CORRESPO NDE NT S:
A RMOUR
GRAI N
J. L. McCAULL, President
R. A. D1NSM ORE, Vice-Pres.
L IV E S T O C K
G R A IN
Minneapolis and Duluth
So u t h Sai nt Paul
COMPANY.
McHugh, Christensen &
Company
S. J. McCAULL, Secretary
A. M. D IN SM ORE, Treasurer
The McCaull-Dinsmore Co.
GRAIN COMMISSION MERCHANTS
•
I__
Chamber of Commerce
M INNEAPOLIS
GRAIN COMMISSION
MERCHANTS
915-10-17
CHAM BER
M IN N E A P O L IS
OF
COM MERCE
-
M IN N E S O T A
CHARLES W.
GILLETT
159 La Salle Street, CHICAGO
4034
Telephones j Central
Automatic 4470
MEMBER
New York Stock-Exchange,
Chicago Stock Exchange,
Chicago Board of Trade,
New York Produce Exchange,
Milwaukee Chamber of Com
merce,
fet. Louis Merchants Exchange,
Baltimore Chamber of Com
merce.
TH E ST. A N TH O N Y E LE V A TO R CO.
Capacity, 3,350,000 Buahela
GRAIN MERCHANTS AND WAREHOUSEMEN
BAKNIJM CRAIN COMPANY
MINNEAPOLIS, MINN.
71 Chamber of Commerce
MINNEAPOLIS
Chas. J. Martin, See’y and Treat.
W. 8. Ainsworth, Gen’l Mana|*r
Wm. H. Dunwoody, Pra*.
John Washburn, Vlce-Pres.
Minnesota & Western Grain Co.
AND DULUTH
Grain and Commission
Merchants
C H A M B E R OF C O M M E R C E
M IN N EAPO LIS
M IN N ESO TA
Owning and Operating Lines of Country Elevators in
Minnesota, No. Dakota, So. Dakota and Iowa.
J. F , Whallon
G.o. P. Caa.
Ge*. C, B .gl.y
Chai. M. Caa.
Hulburd, Warren & Co.
(IN C O R P O R A T E D )
WHALLON, CASE & CO.
C O M M IS S IO N M E R C H A N T S
G R A IN A N D
P R O V IS IO N S
Business
STOCKS, BONDS. GRAIN and PROVISIONS
58 Chamber of Commerce,
Up town Office, 315 1st
Ave. So
MINNEAPOLIS
solicited
in any Department
Receiving, Shipping, Futures
D ir e c t o r s : W. S. Warren, Pres.; O. T. Hulburd,
Vice-Pres. ; Charles H. Hulburd, Treas. ; C. J. Northup, Sec’y ;
Jno. Gillies, Asst. Treas.
O f f ic e r s
and
47 BOARD OF TRAD E,
C H IC AG O
M EM BERS: New York Stock Exchange, Chicago Board of Trade, Minneapolis
Chambea of Commerce.
J. R. M A R F IE L D , P r e s .
W m . G R IFF IT H S , VICE PRES
C. D. T E A R S E , S e c . A T r e a s
Special Letter on Chicago Grain and
Provision Markets FREE
Marfield - Griffiths Co.
E. W. W A G N E R
GRAIN C O M M I S S I O N
Your Business Has My Personal Attention.
NEW
CHAMBER
OF
o f f ic e s
COM M ERCE
:
C H IC A G O , M IL W A U K E E , D U L U T H
M IN N E A PO LIS ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-
M IN N E S O TA
Board of Trade Building
-
-
-
CHICAGO
THE
Saturday, May 6, 1905
h sj& G R A IN
THE W H E A T
CO M M E R C IA L
W EST
31
<&■ M I L L I N G
Closing
TRADE.
C o m m e r c ia l W e st Office, M a y 4.— T he cash wheat
situation in the N o rth w e st is interesting, No. 1 northern
w heat selling in Minneapolis at 2H @ 3 cents over May.
T h e stre ngth of the N o rth w e st situation seems to be based
on two principal facts— the centralized ownership of No. 1
northern w heat by one of the milling companies, and
the scarcity of No. 2 northern w hea t as co mpared with
last year.
W h e a t Future
May W heat.
Fri.
Apr
M inneapolis .
Y ear ag o .
C h icago ..........
Y ea r ago .
D uluth ..........
K an sas C ity .
St. L o u i s ........
N ew Y ork . ..
W in ter
W heat
H arvest.
T h e r e are fair receipts of w inter w heat every day
in Minneapolis, which are helping supply millers in ge n
eral and relieve to that extent the pressure on No. 1
northern. Some of the N o rth w e st millers are lo oking
fo rw ard to the n ew K a n sa s crop in anticipation of July
shipments. O u r advices to day from K a n sa s suggest that
the harvest will not be much, if any, earlier than a year
ago, the beginn in g of which was then about July first.
In that event the cash situation in the N o rth w e st m ay
develop unexpectedly interesting points before A ugust,
ninety days away.
Present
Crop
C onditions.
Reports on w inter and spring w hea t continue fa v o r
able in the main. T h e w inter w heat acreage is full. Mr.
Sn o w placed the acreage this w ee k at 31,800,000. T he
Cincinnati Price Cu rren t’s bulletin to d ay says: “ Crop con
ditions are so uniform ly satisfactory that particularizing
comments are not essential.” O ur o wn reports would
perhaps not admit of quite so optimistic a sentence, but
they are favorable on the whole. T h e r e are some in
timations of da mage in sections, .that seem to be be
yond repair; other sections have un doubted ly improved
since A pril first, so that on the w hole the condition seems
to be maintained, except that our basis of condition is
a little more conservative than governm en t figures of
April.
Seeded
Area.
W h e a t seeding is p ractically completed in the N o r t h
west, and present reports indicate a m oderate increase
in acreage, in the main at the expense o f barley. Oats
seem to be ru nning even w ith last year, and flax gives
promise of s h o w in g a small increase. T h e re will p ro b
ably be a few late pieces seeded from n ow on, which
m a y increase w hea t and flax a little from present basis.
T h e general situation in the N o rth w e st is favorable.
T h e r e has been considerable rain in the last w ee k in
southern M innesota and South Dakota, and sufficient
moisture, in the northern districts to start the wheat.
H. V. J,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M on.
M ay
W ed. Thur.
M ay
M ay
Tues.
M ay
3.
2.
. 98%
. 991/4
•91% •91%
.92
■ 91%
.89 . 891/4
.94 . 941/4
•84%
■ 83%
.91
• 93%
•93%
1.
97%
91%
89%
88%
•92%
•811/4
.89
•92%
28. 29.
95% . 941/4
91% . 92%
88% . 871%
89% •89%
.................91
. 90%
........................ SO 1/2
. 791/2
.......................... 8
5!/2 •87!4
.90
.......................... 91%
.
■
■
.
.........................
..........................
..........................
.........................
4.
983%
91%
91%
89%
■9
33/s
.
.
.
.
. 851/4
.
93%
July W h eat.
R elative C o n tra ct Stocks.
W it h o u t giv in g official figures, Minneapolis has re
ceived on this crop about 8,000.000 bushels of No. 1
northern wheat, as against 11,000,000 bushels last year
for the same period, and of No. 2 only 11,000,000 bushels
has been received, as against 20,000.000 last year. W e
have about 3,000,000 less No. 1 northern to deal with,
therefore, and 9,000,000 less of No. 2 than a y ea r ago.
T h e big supply of No. 2 last year served as a convenient
milling co m m o dity at this season, but with 9,000,000 bush
els less received this year than last, it is com paratively
scarce and forces attention on No. 1, as against the lower
grades. T h e r e is fair demand for cash w heat in M in ne
apolis n ow fro m outside mills, m a ny of which are find
ing it difficult to secure the amount they want. If the
price of w heat can be held on about the present basis for
a time go o d flour sales will result, as flour stocks in the
coun try are not large, and with the trade assured that
the m arket is on solid basis it is anticipated orders will
come in freely. T h is w ou ld create a ctivity in grinding,
the flour output w ou ld be increased, and the demand for
better milling grades w ou ld be marked.
A premature
advance at this time m a y serve simply to cause derange
ment at a low price just as too high a price w orke d that
result.
Sat.
A pr.
Prices.
Fri.
A pr.
N
Sat.
Apr.
Mon.
M ay
Tues.
M ay
W ed. Thur.
M ay
M ay
.92%
.921%
.82
. 851/2
.901/4
•723/4
■781%
.87
•94%
■911/2
■83%
.84%
.92
•73%
•781/2
•88»/g
. 95%
. 911/4
.83%
. 841/2
.93%
■73%
■79%
.88%
.94%
.9iy8
■83%
■84%
.93%
■73%
.79%
.88%
29.
28.
M inneapolis . ........................ 931/4
Y ea r ago . .................91%
C h i c a g o .......... .........................S31/2
Y ear ago . .................84%
D uluth .......... .........................911/4
K an sas C ity . .................73%
St. L ou is ___ .................79%
N ew Y ork . . . .................88%
1.
3.
2-
4.
.9434
.91%
■83%
•85%
.93
. 731/2
.79
. 88 %
M i n n e a p o l i s C a s h W h e a t , Of fi ci a l C lo se .
Mon.
Tues. W ed. Thur.
F ri.
Sat.
A pr. A pr.
M ay
M ay
M ay
M ay
.
.
.
.
.
.
. % ] - % I . 041/4 . %
h a r d ............. .............
. %
n o r t h e r n . . ....................
. % 1 . 00%
. %
. % 1 . 0 1%
n o r t h e r n . . .................... 951/2
. %
. 941% • %
. %
. %
No .
No.
No .
1
1
2
No .
• No.
•)
4
1
2
3
28 29
1.00
1 03
98 1 02 03
98
96
1 01 1 02
97 98 99 98
D uluth
1 n o r t h e r n . . .................... 91
.................... 87%
2
h a r d ........... . .
No .
No . 2 r e d ................ . .
Kansas
.
. @
Cash W h eat.
. 901/4 ■
%
.
■ %
.94 . 94% ■ 933/s
90ya .893/4 • 89%
92
863/4 88
City
Cash
83@.90
83 .90
.89
.89
.
W heat.
.90
.9
2
.92
.92
.95
.95
.95
.95
Liverpool W h e a t Prices.
M ay Close. July Close.
F riday, A p ril 28 .................................................. 6 s 5% d
6s 6 % d
Saturday, A p ril 29 .............................................. 6s 5% d
6s 6 d
M onday, M ay 1 .................................................... 6s 5% d
6s 6 %d
T uesday, M ay 2 .................................................... 6s 6 d
6s 6 %d
W edn esday, M ay 3 ............................................ N om inal.
6s 7 ” d
T hursday, M ay 4 ................................................ 6 s 6 % d
6s 6 %d
M inneapolis
R e p re s e n ta tiv e Sales.
T he follow in g table sh ow s .the highest, low est and average
p rices p aid for cash
en din g T h u rsd a y :
wheat
at
No.
N.
.
M inneapolis
No.
1
2N. N o . 3.
961/2 94 .90
94 .89
.96
.96
91% • 85%
S a t u r d a y ......................... . .
94% .89
. 971/2
93%
.97
91% . 88%
M o n d a y ........................... . . . 97% 95% ■ 91%
■ 97%
94 • 91%
•94%
93% .87
33% 99 • 93%
T u e s d a y ........................... . . . 1. 0
1. 01% 95 .90
1. 01% 95 .90
W e d n e s d a y .................... . . 1. 01%
99% .95
1.01
98% .92
1.01
98% .88
T h u r s d a y ......................... . . 1. 01% 10
0 . 94%
1. 01% 99 .91
1.01
97 .90
F rid a y
............................... . .
M inneapolis S ta te
T he following- table sh ow s
receip ts at M inneapolis d uring
No.
1 N.
T h u rsd ay ................ ............ 25
F rid ay ..................... ............ 13
Saturday ................. ............
9
M onday ................... ............ 17
3
T u esd ay ..................
W ed n esd a y ............ ............ 14
T otal
.................. ............
81
W heat
Fr-i., A pr. 28.
Sat., A pr. 29
M on., M ay 1.
T ues., M ay 2
W'ed., M ay 3
Thur., M ay 4
^Holiday.
du rin g
4.
.80
.78
.74
.81
.7
,8
.74
.90
.78
.76
.85
.84
.74
.85
. S4
.81
.86
.84
.80
No.
w eek
the
Rej.
.
No .
Grade.
77
.70
.65
• 89%
.70
.70
.64 .55
.7
5
.54
.78
.57
.80
.71
.6
0
.76
.63
.54
.58
Grai n Inspection.
the g ra d in g o f the daily w heat
the w eek ending W ed n esd a y :
No.
No.
2 N. No. 3. No. 4. R ej. Grd. T ot.
22
16
17
1
15
96
21
16
27
IS
1
96
22
16
31
21
121
22
29
41
56
26
169
18
6
17
12
57
18
21
20
8
i
82
130
115
169
100
25
621
Receipts.
M inneapolis.
Duluth.
C hicago.
Cars. Y ear ago. Cars. Y ear ago. Cars. Y ear 1
3
81
71
0
65
9
*
*
2
131
87
52
147
200
47
11
6
4
81
49
15
12
72
42
74
103
5
8
17
16
137
81
3
5
21
24
M inneapolis
Term inal
Stocks.
W eek ending
A pril 29.
No. 1 hard ..........................................................
10,576
No. 1 northen . . . . , .......................................... 4,583,002
No. 2 northern ....................................................................
No. 3 .......................................................................................
R e je c te d ................................................................................
Special bin ............................................................................
N o g r a d e ................................................................................
Others ...................*...................................... . . . . 4,536,355
T otal ..................................................................................
M inneapolis d ecrease ....................................
649,899
D uluth stock s .................................................... 3,470,721
Duluth decrease ................................
1.206,821
Y ear ago.
2,148
4,503,069
635,176
11,066
51.179
6,030.079
131,003
4,388
THE
32
FLOUR
AND
COMMERCIAL
M IL L IN G .
Conditions Show Slight Improvement. Business Som e
what More Active, but Increase in Trade N ot
Great. Patent Prices Recover.
A s a general proposition, conditions have been better
during the w ee k than for some time past, although the
actual increase in the volume o f business transacted has
not been sufficiently large to be of great importance. T h e
tendency of buyers to come fo rw ard with greater freedom
which w as noticed a w ee k ago had its inception chiefly
in the break in w heat prices and with the p assing of the
point of extreme weakness in w heat a great part of the
n ew ly developed interest in flour disappeared as well,
buyers bein g frightened back into their old w aiting atti7
tude b y the advance in flour prices which the recoverin g
w hea t values necessitated. A s a result, although some
mills fared better than others, the a g g r e g a t e of the w e e k ’s
business was only sligh tly better than form erly. M ost
of the business was from domestic sources, sales for e x
port bein g confined almost entirely to first clears.
Prices of clear have remained unchanged throughout
the week, but patents have been more susceptible to the
fluctuations in wheat. Quotations of patents were ad
vanced 15c on M o n d ay and 25c more on T uesd ay, a re
c o ve ry of 40c from the lo w point of a w eek ago.
E xport Shipm ents.
W eek; ending
Barrels.
A pril 29 ................................................................
13,306
A p ril 22 ................................................................
32,075
A p ril 15 ................................................................
22,300
A pril 8 ..................................................................
26,850
A pril 1 ..................................................................
21,480
M arch 18 ..............................................................
28,270
M arch 5 ................................................................
23,550
F ebru ary 25 ........................................................
38,770
F ebru ary 18 ........................................................
51,995
F ebru ary 11 ........................................................
47,655
F ebru ary 4 .........................................................
75,505
January 28 .........................................................
61,425
Ja n u a ry 21 ..........................................................
52,645
.Tauuary 14 ..........................................................
54.735
January 7 . . . ; ....................................................
53,629
D ecem b e r 31 ......................................................
37,085
D ecem b e r 24 ......................................................
53,170
D ecem b er 17 ....................................................
41,885
D ecem b e r 10 ................................................ . . .
19,640
D ecem b er 3 .........................................................
33,100
N ov em b er 26 ......................................................
57,205
N ovem b er 19 ...................................................
47,643
N ov em b er 12 .................................................. . .
29,345
N ov em b er 5 ........................................................
40,440
O ctob er 29 ......................................................' .
37,355
O ctob er 22 .....................................................
38,525
O ctob er 15 ..........................................................
67,125
O ctober 8 ......................................................’ ’ ’
32,560
O ctob er 1 ...................................................... ...."
25,920
S eptem ber 24 .............................................. . . . .
38,415
S ep tem ber 17 ..................................................
35,805
S ep tem ber 10 ......................................................
20.105
S eptem ber 3 ....................................................
39.735
A u gu st 27 ........................................................
19,045
A u g u st 20 ..................................................
16,130
W e e k ending
A p ril 29 ..............
A p ril 22 ..............
A pril 15 ..............
A p ril 8 ..............
A p ril 1 ................
M arch 18 ............
M arch 4 ..............
F ebru ary 25
F eb ru a ry 18 .......
F ebru ary 11
F ebru ary 4 ........
J a n u a ry 28 . . . . . .
Ja n u a ry 21
Ja n u a ry 14 .........
Ja n u a ry 7 ..........
D ecem b er 31
D ecem b e r 24
D ecem b er 17
D ecem b e r 10
D ecem b e r 3
N ov em b er 26
N ov em b er 19 . . .
N ov em b er 12
N ov em b er 5
O ctob er 29 ........
O ctober 22 ........
O ctober 15 ........
O ctob er 8 ..........
O ctober 1 ............
S eptem ber 24 . . .
Septem ber 17 . . .
S ep tem ber .10
S ep tem ber 3
A u g u st 27 ..........
A u g u st 20 ..........
A u g u st 13 ............
T e a r ago.
26,345
18,525
21,685
26,165
27,185
28,305
53,415
39,050
34.850
39,485
17,827
57,710
35,355
92,820
47,490
22,100
35.745
65,040
57,135
99.445
115,625
90,270
77,970
126,970
114,795
71,460
47,476
46.445
25,320
43.850
85,670
48,360
72,680
49,075
37,595
M in n e a p o lis F lo u r O u t p u t.
B arrels.
..............................................
154,475
............................................ 182,200
..............................................
196,050
..............................................
256,650
•
..........................
275,570
..............................................
270,995
.............................................. 255,165
.............................................. 292,670
..............................................
244,780
..............................................
281,365
.............................................. 285,070
.............................................. 285,060
.............................................. 278,640
.............................................. 308,705
.............................................. 291,725
.............................................. 188,150
.............................................. 261,740
............................................
264,250
.............................................. 279,370
............................................
270,945
.............................................. 333,150
•............................................ 313,228
.............................. , .........
270,316
............................................
263,840
............................................ 289,595
............................................ 292,895
............................................
309,680
............................................. 312,040
............................................ 321,690
............................................ 313,460
............................................ 282,925
............................................. 182,345
............................................. 278,215
............................................ 191,915
............................................
128.390
............................................ 118,735
Y ear ago.
180.630
127,115
99,810
187,885
260,565
313,935
336,705
313.995
325,590
347,375
165.630
319,295
325,830
305,285
328,635
165,255
177,185
341,460
388,015
410,130
454,150
364.025
417,615
376,730
371,210
369,960
290,500
189,870
130.995
216,189
338.025
261.125
294,280
242,515
240,050
290,495
FLAXSEED.
Market Quiet with Prices About Stationary— M ay Deliv
eries A ll in One Direction— Oil Prices
Advance.
Price fluctuations at Minneapolis w ere few and were
confined to a range for No. 1 seed of from $1.39 to $1.40,
the closing figures for the w eek holding in* the vicinity of
$I -39 k4 @ $ I-39 -)4 - A t these levels the demand w as g e n
erally good, although buyers show ed a lack of interest
to d ay that gave the m arket a turn to w a rd weakness. In
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
WEST
Saturday, M ay 6, 1905
point o f a ctivity Duluth w as about on a par with the local
market, prices holding with a i c range from $1.40 up for
cash and M a y throughout the week. M a y deliveries at
Duluth on the first of the month a ggreg ate d in the vicin
i t y o f half a million bushels all of which went to the
leading interest in the market.
Oil prices have been
pushed up during the w eek to a point near the cost of
production, a feature which would be of greater signifi
cance to the independent crushers if the supply of seed
available for their use w as greater. Receipts of flax at
Minneapolis and Duluth to M a y 1 total 18,864,000 bushels
as co mpared with 25,407,000 bushels a year ago.
The
m ovem ent from M a y 1 to A u g u s t 1, in 1904, aggreg ate d
T-754)°oo bushels for both mark ets but accordin g to the
Duluth Com m ercia l Record not more than half the
amount is expected to come forw ard during the n ext three
months.
C lo s in g
la x
Fri.
A pr.
28
M inneapolis cash .......... 1.39%
Y ea r ag o .................... 1.06%
A p ril ............................. 1.39%
M ay ........................................
C hicago cash .................. 1.40
S outhw est .................. 1.25
M ay .............................. 1.25%
D uluth cash .................... 1.41
July ........................................
S ep tem ber .................. 1.28%
O ctob er ...................... 1.27%
M IN N E A P O L IS
P r ic e s .
Sat.
A pr.
Mon.
M ay
29.
1.
1.393% 1 .3 9 %
1 .0 6 % 1 .0 4 %
1.39 3%
i . 393%
i . 40
1.40
1 .2 5 % 1.25
1 .2 5 % 1.25
1.40
1.40
1.39
i *28% 1 .2 8 %
1.27i% 1 .2 7 %
COARSE
Tues.
M ay
W ed. Thur.
M ay
M hy
3
2.
4.
1 .3 9 % 1 .3 9 % 1.39%,
1 .0 6 % 1 .0 6 % 1 .0 6 %
i .3 9 3%
1.39
1.25
1.25
1.40
1.39
1 .2 8 %
1 .2 7 %
i ! 39%
1.39
1.25
1.25
1 .4 0 %
1.39
1 .2 8 %
1 .2 7 %
F 39%,
1.39
1.25
1.25
1 .4 0 %
1 .3 8 %
1 .2 8 %
1 .2 7 %
G R A IN S .
C o rn .
Prices sagged off a little tow ard the middle of the
week, but the decline w as òf short duration, the market
soon firming up on a good demand combined with m o d
erate receipts and the sympathetic influence of a stron ger
w heat market. T h e re co ve ry carried No. 3 y ello w prices
up to 45 @ 45 Hc, with No. 3 selling at 44RL and the low
grades at 40(0)430. A t these figures Duying activity on
the part of the shippers has slackened considerably, a
condition offset by the improvement in the demand from
the feed mills. Receipts fell off ten cars for the week,
42 co m in g in, against 52 a w eek ago.
C lo s in g
C o rn
P r ic e s .
D aily closin g p rices o f No. 3 yellow corn in M inneapolis:
F riday, A p ril 28
Saturday, A p ril 29
M onday, M ay 1 . . .
T uesday, M ay 2 ..
W edn esday, M ay 3
Thursday, M ay 4 .
Y ear
ago.
51
51
51%
52
52
52
44%
44%
44%
44%
44%
44%,
O a ts.
T h e fact that the Minneapolis Cham ber of Commerc e
has o u tgro w n the period when it could be accurately
considered as the home of trading in w heat alone re
ceived substantial confirmation on Mondav, when, a c
co rd ing to the official figures, over 800,000 bushels of
oats were delivered on M a y contracts. T ra n sfe rs of
grains other than w heat in quantities even approaching
the figures mentioned have hitherto been unknown in
the_ local market, and the size of M o n d a y ’s deliveries
indicate the rapid strides which Minneapolis is making
tow ard the first rank as a coarse grain market.
Business in oats has been go o d during the w eek and
the m arket has been firm with prices ]/2c over last w e e k ’s
values. _ A feature of the marxet was the revival of in
terest in the yellow_ oats, which for the last few w eeks
has been slack. Shippers have been the leading buyers
of all grades, taking No. 3 white oats at 28 ^ @ 2844 c and
No. 4 w hite at .28(0)28/20. Receipts for the w eek were
124 cars, against 135 cars the previous week.
C lo s in g
D aily closin g p rices o f No.
O a ts
P r ic e s .
w h ite oats in M inneapolis:
Y ear
ago.
F riday, A pril 28
S aturday, A p ril 29
M onday, M ay 1 . . .
T uesday, M ay 2 . .
W edn esda y , M ay 3
T hu rsday, M ay 4 .
27%
27%
27%
28%
28%
28?4
40
40
393%
40
40
40
The A lbert Dickinson Co.
D E A L E R S IN
FLAX SEED
GRASS SEEDS,
CLOVERS,
BI RD SEED,
BUCK-W HEAT,ENSILAGE CORN,POP-CORN
BEANS, PEAS, QRAI N BAGS, ETC.
M IN N E A P O L IS
912 C H A M B E R
OF
O F F IC E ,
COMMERCE
CHICAGO
V...
THE
Saturday, May 6, 1905
COMMERCIAL
WEST
33
M ILLERS T O SEE W H E A T FIELDS.
(S p ecia l C orresp on den ce to T he C om m ercial W e s t.)
T o p e ka , Kan., M a y 5.— T h e members of the M illers’
National convention, w ho are present at the m eeting of
the national association in K a n sa s City next month, will
have an opportunity to see the w heat fields of Kansas.
T h e K a n sa s C ity committee in charge of the a rra n ge
ments for the convention is m akin g plans to take the
visitin g millers to all portions of K a n sa s and O klahoma,
w here they will have the best chance to see the w heat
fields in all their glo ry. K a n sa s millers and w h ea t g r o w
ers are delighted at the chance of entertaining their dis
tinguished visitors, and have some interesting features of
entertainment for them under consideration.
A special train will be chartered to leave K a n sa s City
late F rid a y evening, June 9, the last day of the co n ven
tion. B y early m o rn in g June 10 the center of the K ansas
w heat field will be reached. B rea kfast at N e w to n will be
follo w ed b y a z i g z a g trip through the w heat section,
co verin g in all about 500 miles. Saturday evening the
train will leave Kansas, reaching Guthrie, Okla., next
m orning in time for breakfast. In O klah o m a the visitors
will have a chance to see a single w heat field of 15,000
acres, besides thousands of acres sow n to other crops,
and all under one management. T h is is the fam ous 101
Ranch, owned by the Miller Brothers.
T h e Santa Fe will place one of its best trains at the
disposal of the visiting millers, and will do e verything
possible to make their visit one of pleasure and profit.
T h e best sections of the K a n sa s and O k lah o m a w hea t belt
are traversed b y the Santa Fe, and in order that the w heat
m a y be seen properly, this line will be used for the e x
cursion.
B a r le y .
Milwaukee Grain Markets.
Receipts in the mark ets gen era lly have been light
during the w eex, and buyers in the local mark et have
show n increased interest during the last day or so in all
grad es of barley. C o n sequently a firmer tone h?.s de
veloped and prices have m oved up i c over those of a
w ee k ago. T h e range to day w as from 37c to 44c, as coinpared with 37c to 43c a w e e k ago. T h e im provem ent in
the demand w as chiefly due to the increased buyin g of
tne shipping interests, these bein g the leading buyers of
both feed and m altin g grades. Receipts for the w eek
were 73 cars, against 99 cars the previous week.
(S p ecial C orresp on den ce to T he C om m ercial W e s t.)
Rye.
T h e effect of lo w e r w heat was still stro n gly in evi
dence and rye prices continued on the dow nw ard slant,
No. 2 falling to 7i@ 72c, a loss of app ro x im a tely 6c in
the last tw o weeks. B u y e rs w ere gen erally apathetic
and the demand never reached more than fair proportions.
Such bu y in g as w as done was of a general character, mill
ers and distillers bein g in the m arket to a limited e x
tent. Receipts for the w ee k w ere 17 cars, against 21 cars
for the preceding week.
C lo s in g
Rye
P r ic e s .
F rid ay, A p ril 28 ....................................................
Saturday, A p ril 29 ................................................
M onday, M ay 1 ....................................................
T u esd ay. M ay 2 ....................................................
W ed n esd a y , M ay 3 ..............................................
T hu rsday, M ay 4 ..................................................
G o a rs e
G r a in
in
C orn ..............
Oats ..............
B a rley ..........
R y e ................
F lax ...............
D a ily
M in n e a p o lis
W e e k ending
A pr. 29.
24,443
2,567.416
464.273
59.1S8
1,145,792
R e c e ip t s
of
C o a rse
Corn,
Cars
Fri., A pr. 28. .................. 4
. 7
Sat., A pr. 29
M on., M ay 1
T ues., M ay 2
2
W ed., M ay 3
T hur., M ay 4 .................. 15
M in n e a p o lis
W e e k ly
72(4@74%
72(4@ 74%
68% @ 69%
69% @ 71%
69% @ 71%
69% @ 70%
in
of
Y ea r ago.
13.907
1,026,995
790,377
31,019
784,908
M in n e a p o lis .
B arley, R ye,
Cars.
Cars.
6
0
22
1.
19
8
8
2
5
4
13
2
R e c e ip t s
66
65
67
67
E le v a t o r s .
W e e k ending
A pr. 22.
20.724
2,793,797
705,902
59.276
1,387,874
G r a in
Oats,
Cars.
26
23
34
17
9
15
Y ear
ago.
66 y2
66y2
F lax, D uluth
Cars. F lax.
4
5
11
3
6
7
5
10
3
1
G r a in .
R eceip ts o f grain a t M inneapolis fo r the w eeks en d in g on the
d ates g iven w e re :
W e e k en d in g W e e k ending
Y ea r ago.
A pr. 22.
A pr. 29.
616.500
461,540
658,440
W h ea t, bushels ................
39,140
45,760
18,920
C orn, bushels ....................
179.550
126,100
167,640
Oats; bu shels ......................
69.460
56.760
79,800
B arley, bu shels ............
9,880
8.700
10,180
R y e, bushels ................
43,200
19,880
19,600
F lax, bushels ................
Q u o t a t io n s o f M ills t u f f s in C a r L o t s , P r o m p t S h ip m e n t, F . O. B.
M in n e a p o lis .
Ton.
B ran, in 200 lb. s a c k s .............................................................. $13.00@13.50
B ran, in bulk ............................................................................ 12.25@12.50
Standard m iddlings, 200 lb. s a c k s ...................................... 13.00@13.50
F lou r m iddlings, .200 lb. s a c k s ............................................ 1 6 .2 5 @ ........
M ixed feed, 200 lb. s a c k s ...................................................... 1 6 .2 5 @ ........
R e d -d o g , 140 lb. j u t e .............................................................. 1 8 .5 0 @ ........
M illstu ffs in 100 lb. sa ck s 50c per ton o v e r ab ove qu otation s.
R e d -d o g in 100’ s 25c over.
Q u o t a t io n s o f M ills t u f f s ,
B o s to n
B a s is , A ll
R a il S h ip m e n t. .
Ton.
B ran. 200 lb. s a c k s . . . , ..........................................................$18.00@18.25
S tandard m iddlings, 200 lb. s a c k s .................................... 18.00@18.25
F lou r m iddlings, 200 lb. s a c k s ............................................ 2 1 .2 5 @ ........
M ixed feed, 200 lb. s a c k s ................................ ...................... 2 1 .2 5 @ ........
R e d -d o g , 140 lb- j u t e .............................................................. 2 3 .5 0 @ ........
M illstu ffs in 100 lb. sack s 50c per ton ov er ab ove qu otation s.
e dFRASER
-d o g in 100’ s 25c over.
Digitized Rfor
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Milwaukee, M a y 3.— T h e re has been a turn for the
better in the M ilw aukee w h ea t m arket after weeks of
un exampled weakness, and prices s h o w a gain of 3@5c
from the low prices touched. T h e re has been a better
demand from all buyers. No. 2 northern sold at 92(a)
1.or, No. 3 spring at 75@90c, with the final sales at the
outside prices. Receipts are light.
R y e is w ea ker and prices continue to drop, No. 1 clo s
ing at 77c after selling at 79c a w eek ago. No. 2 sold at
7 4 @ 7 8 c . N o t much offering.
Corn is stro n ger and prices sho w a gain of 2pic, with
an active demand. No. 3 sold at 4 5 j 4 @ 4 8 c, and No. 3
y e llo w at 47(0)490.
O ats firmer and selling readily at 32 @ 32jjc for No. 2
white, 3oR>@32jA for No. standard, 29H@3t/^ c for No. 3
white, and 28(0)300 for No. 3. Receipts v e ry large.
B a rle y firm and active at 50c for standard, 45(3)500
for extra No. 3 and 42(3)460 for No. 3. Receipts larger.
F lo u r steadier and more active, with early prices at
$5.50 for spring patents in w ood, with a later rise of 10c.
Millstuffs are steady at $15.00(3)15.25 for sacked bran and
$i5.oo@i5-50 for fine middlings.
PENALIZE W EIGHT REDUCTION.
(S p ecial C orrespon den ce to T he C om m ercial W e st.)
T o peka , Kan., A pril 21.— T h e K a n sa s legislature at its
recent session passed a v e r y severe law providing a pen
a lty for any deduction of the w eigh t of grain in a car on
the part of the elevator men and buyers. It has always
been the custom on the K a n sa s C ity Bo ard of T ra d e to
deduct 100 pounds from the w eig h t o f each car of w heat
to cover dirt and other fore ign matter. T h e elevator men
have tried in various w a y s to meet the demands imposed
by the new law w ithout any loss to themselves. T h e y
finally decided to require a contract in each case from
the seller of the grain p ermitting the required reduction.
This, however, proved embarrassing in the extre me to the
people w h o bought the grain from the elevator men. E f
forts w ere made to cause the elevator men to recede
from their position, but th e y refused claiming that if they
paid for the 100 pounds that should be deducted on ac
count of fore ign matter in the car they w ould be paying
for more w heat than they actu ally received, and conse
quently be operating at a loss to themselves. A cco rd in gly ,
the board of trade is considering the adoption of a new
rule authorizing the elevator men to deduct in each case
100 pounds from the w eigh t of each car. T his will make
e v e ry b o d y satisfied and do a w a y with the disagreeable
nece ssity of dealing with the K ansas authorities, which
would be necessary in case the law w ere broken.
T h e K ansas C ity Bo ard of T ra d e is- v e r y particular in
the matter of reductions. T h e y never permit reductions
to be made from the w eigh t of a car w ithout say in g som e
thing about it. E v e r y t h in g bein g done in the open, there
fore, it became necessary that some such rule be adopted.
Fifty Years a Grain Firm.
H. Po ehler Company, of Minneapolis, celebrated this
w eek the fiftieth anniversary of the firm’s organization.
Be gin nin g business in 1855 when the grain trade of this
city w as in its veriest infancy, the Po ehler company
has played an important part in the development which
has placed Minneapolis in its present prominent position
a m o n g the grain mark ets of the world. T h e gr o w th of
the firm, as well, has been co mmensurate with that of
the Minneapolis m arket and it is to day one of the s t r o n g
est houses operating in the Cham ber of Commerce.
Bids for $25,000,000 of -3 j 4 percent bonds of the City
of N e w Y o r k w ere opened, M onday, in N e w Y o r k , the
average! price offered bein g 101, as against an average o f
102.40 at the last sale.
THE
34
COMMERCIAL
WEST
Saturday, May 6, 1905
N E B R A S K A G R A IN MEN MEET.
(S p ecia l C orresp on den ce to T he C om m ercial W e s t.)
Omaha, April 28.— The Nebraska Grain Dealers’ Associa
tion at its annual meeting held yesterday in the Millard hotel
elected the following officers to serve for the coming year:
President, N. A. Duff of Nebraska City; vice president, J. T.
Evans of Lincoln : directors, G. J. Railsback of Ashland, W.
B. Banning of Union, A. H. Bewsher of Omaha, C. C. Crowell
of Blair and E. L. Mitchell of Lincoln. The secretary and
treasurer, held jointly, will be elected by the board of directors
at its first meeting. In the meantime H. G. Miller of Omaha,
the present incumbent, will continue in office.
About 150 members were present. There was no formal
business before the meeting excepting the election of officers.
Aside from this the members interchanged opinions and in
formation concerning the general conditions of the grain
Northwest Grain Dealers.
F ra n k O. F o w ler, secretary of the N o rth w e st Grain
D e a le rs ’ A ssociation, issues the fo llo w in g estimate:
Bushels.
E stim ated yield ............................................
In spected to d ate ........................................
In store at cou n try p o in ts .........................
M arketed at W in n ip e g ...............................
In tra n sit not in s p e c te d ............................
Bushels.
59,857,190
33,850,000
5,850,000
220,000
200,000
T ota l m arketed ...................................... 40,120,000
A llo w fo r seed .................................................
8,000,000
A llo w fo r cou n try m ills .................................
7,000,000
B alan ce to m arket ......................................................
55,120,000
4,737,190
W e are co nvinced that the above am ount is in the
farm ers’ hands to market, but it all depends on the p ro s
pect of the n ew crop and a continuance of present prices
as to w hether it will come out or not.
trade. The perennial question of fair weights was talked of,
but no new action was taken, as the present organization of
the association provides a method of caring for complaints
made on this ground.
No place was selected for the next annual meeting and
the association adjourned to meet at the call of the president.
The caring for the association’s interests rests mainly on the
board of directors, and this board meets at such times as there
is business to be disposed of. No date for its first meeting
was fixed.
The outlook for the coming wheat crop is considered by
the members of the association to be fine, and as there are no
questions of serious import claiming the association’s atten
tion they believe the season’s work will be exceptionally
good.
the value o f shipments of the former, be ing $870,610 and
of the latter $686,019. Japan and China, as usual, were
the principal points of export.
T h e values of imports and exports by ports were as
fo llo w s:
Im ports.
1905.
1904.
$374
$14,705
137,950
365.477
251,138
88,839
3,060
585
120
2,595
27,860
25,451
41
64,951
79,551
P orts—
P o rt T ow n sen d
T a com a ............
Seattle ..............
E v erett ..............
B ellingham
B laine ..............
P ort A n geles ..
N orth port ........
R och e H a rb or .
A berd een ..........
A n a cortes ........
Sum as ................
D an ville ............
F rid a y H a rb or
Spokane ............
4
3,308
35,800
28,517
592
Millers Organize at Kansas City.
K ansas City, A pril 29.— T h e Central Missouri M illers’
association has organized here. Its purpose, according
to the language o f the constitution adopted, is “ to culti
vate a more intimate and friendly relation a m o n g the
millers and to promote, in eve ry expedient and lawful
manner, their business.” M eetings of the association will
be held semi-annually, the n ext one in Sedalia, M a y 30.
Officers were chosen as fo llo w s;
L. T . Land, H igginsville, president.
J. R. H am acker, W in dso r, vice-president.
R. Sam H ays, Sw ee t Springs, secretary.
“ T h e re are tw o millers’ org anizations in the southern
part of the state, one in the northern part, one in St.
L ouis and one in K a n sa s City,” said Mr. H ays. “ This
association represents the territory that is left. A ll the
twenty-five members present reported conditions go od in
their respective parts of the state, so far as the g r o w in g
w heat is concerned, and they say the acreage will co m
pare f av o ra b ly with the average. T h e association has
fo rty members.”
New Deposit Company Formed.
T h e Com m ercia l National of Ch icag o is planning the
inco rporation of the Commercial D ep osit Company. T h e
new co m p an y will be capitalized at $2,000,000 and will
be controlled b y interests closely allied to the Commercial
National. W i t h reference to the organization James H.
Eckels, president of the Com m ercia l National, is quoted
as fo llo w s: “ T h e n ew co m p an y means nothing more at
this time than the formation of a safety deposit vault co m
pany, which will o wn the land and our new building. W e
were obliged to inco rporate n ow in order to secure the
title property. N o plan for financing the project has been
completed, although w e shall p robably issue stock and
bonds, some of w hich m a y be sold to the public.” T h e
new bank building will represent an investment of about
$3,500,000.
PUGET SOUND EXPORTS LARGE.
The principal exports were cotton and cotton cloth,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$553,288
$635,545
E xports.
1905.
1904.
$58,244
$144,489
864,244
1,764,111
436,950
1.575,597
8,248
2.735
19,481
31,836
52,712
42,561
P orts—
P ort T ow n sen d
T a com a ............
S eattle ..............
E v erett ..............
B ellingham
B laine ................
P ort A ngeles . .
N orth port ........
R och e H a rb or .
A berd een ..........
A n a cortes ........
Sum as ,...............
D an ville ............
F rid a y H a rb or
Spokane ............
67,057
42,256
33,022
66,394
29.972
19,832
10,475
72,859
9,214
687
$3,669,390
$1,687,101
6
T ota ls
The Birmingham (England) Post says that two agents of
the Russian go vernm en t h a v e sailed for N e w Y o r k to ar
range for the purchase of 40,000 tons of steel rails.
|w\/
ESTABLIS H ED
1870
W. R. Mumford Co.
COMMISSION MERCHANTS
GRAIN, PROVISIONS, STOCKS AND BONDS
C HIC AG O , 4 2 8 - 4 3 0 R I A L T O B U I L D I N G
M IN N E A P O LIS , 7 9 C H A M B E R O F C O M M E R C E
S T . LO UIS, 3 0 6 C H A M B E R O F C O M M E R C E
K A N S A S CITY, 6 0 6 B O A R D O F T R A D E
NEW YORK, 2 0 0 P R O D U C E E X C H A N G E
ACCOUNTS
OF
SPECULATIVE
L ib e r a l A d v a n c e s
L,
on
INVESTORS
C o n s ig n m e n ts
MEMBERS
OF ALL
AND
of
HEDGERS
G r a in , S
SOLICITED
eeds,
H ay, Et c .
EXCHANGES
\a a )
A M E S - B R O O K S
C O .
D U L U T H . M IN N .
(S p ecia l C orresp on den ce to The C om m ercia l W e s t.)
Seattle, April 27.— T h e e x p o r t business from the Pu get
Sound customs district for the m onth of M arch was more
than double that of the same month in 1904, the figures
being $3,669,390 and $1,687,101, respectively.
T h e im
ports, how ever, were less by about $80,000 than in March
of last year.
O ne hundred and thirty-four vessels, of a tonnage of
94,041, entered the district from foreign ports. Seventyone were American, of a tonnage of 54M81, and sixtythree foreign, of a tonnage of 38,860. O ne hundred and
fifty-four vessels cleared, their- tonnage bein g
116,259.
E igh ty -se ve n , of a tonnage of 76,416, w ere A m erican and
sixty-seven, of a tonnage of 39,842, w ere foreign.
61.015
1,277
3
T ota ls ..........
(S p ecial C orresp on den ce to T he C om m ercial W e st.)
3
TtfA
a
M E S -B A R N E S C O .
N EW YORK C IT Y
THE Z E N I T H
G R A IN
C O .
W IN N IP E G . M A N .
SH IR R ER Q A N D G EN ER A L C O M M IS S IO N
MERCHANTS,
Saturday, May 6, 1905
THE
COMMERCIAL
WEST
35
C O M M E R C IA L W EST M A R K E T REVIEW S.
Joh n H. W ren n & Co., C hicago, M ay 3: W h e a t has again
been firm., d evelop in g fa ir strength. T he fa cto r s w ere th e % d
a d v a n ce a t L iverpool, and less fa vora b le crop reports. W h ile
the Ohio state crop report show s an im provem en t o f ov er five
p oin ts ov er last m onth, the ad v ices fr o m sou th ern Illinois and
K an sas w ere not so op tim istic. F rea k w eath er prevails in the
sou th w est. It is v e r y h o t there today, but the w eath er m ap
su ggests a severe drop in tem perature, p ossibly to the fro st
line in the n ex t th ir ty -s ix hours. Outside m ark ets held firm ;
the cash dem and h ere w as good, tw o carg oes o f K an sas w heat
sold to g o to B uffalo, and an oth er round lot o f sprin g w h eat
w a s sold to g o to M inneapolis.
T he p rim ary receip ts w ere
sligh tly larger than last y e a r; clearan ces light.
C om m ission
house holdings o f w h eat are v e ry light, w h ich puts the m arket
in a stro n g sp eculative p osition to ad van ce, on new s w a rra n t
ing it. T he leg itim ate situation o f w h eat is d ecid ed ly health ier
than it has been fo r a lon g tim e.
H. P oeh ler C om pany, M inneapolis, M ay 3: The N o rth w est
ern m arkets con tin u e to lead all other m arkets, o f the country.
N ow that M ay and July in M inneapolis has a d van ced from low
point, m u ch m ore than C hicago, and as there is n ow 7c d iffe r
ence betw een the tw o m arkets, the latter m arket is talk in g of
reship p in g 1 northern to the fo rm e r m arket. A b o u t three w eeks
ago, w e said that it w as qu ite likely that the 1 northern that
w as b ein g shipped to C h icago to apply on con tra cts there would
p rob ably be reshipped to M inneapolis in M ay. T he reshippin g
m ay p rove less p rofitab le than the origin al shipping, fo r the
reason that the w h eat in the first p lace barely passed 1 n orth
ern in spection and now that the id en tity o f the w h eat cann ot
be verified, the chan ces a r e that m ost o f the w h eat on arrival
here w ou ld not grade b e tte r than 2 northern. T he bears toda y
m ade all they could o f these reship m en t rum ors, but it will
be w ell fo r them to try a sm all lot and first see h ow the w h eat
grades.
T h e re a ctio n from top p oint tod a y is a natural one and as
stated y esterd a y w as to be ex pected. A fu rth er sm all reaction
is rather to be e x p e cte d , but on an y su ch reaction there will
likely be g o o d b u y in g again, both by the bears and bulls, The
E uropean situation con tin u es to h ard en; there are som e heavy
lines o f sh ort w h eat in Ju ly and Septem ber, as w ell as in M ay;
the crop ou tlook is at its best and if a n y accid en ts happen both
in this cou n try or abroad, the d iscou n tin g process will be the
other w a y this tim e.
T his d oes n ot m ean a ru n aw ay bull
m arket. It sim ply m eans that w h eat bou g h t on fa ir to good d e
clin es will likely prove m ore p rofitable than short sales.
M ilm ine, B od m an & Co., C hicago, M ay 3: T he w eath er m ap
keeps up its fine show ing, and ev eryth in g possible is being done
in this line to assure abundan t crops. R ep orts in the sprin g
w h eat te rrito ry relieve the crop o f all drou ght talk. T he Ohio
state report g ives con d ition 90. again st 85 a m on th ago, and 53
a y ea r ago, w ith estim a tes o f a b o u t 32,000,000 w heat, ag ain st 17,000,000 last year. T he O hio state report also is v e ry flattering,
and su m m arizes the p osition by say in g general crop con d ition s
are excellen t. W h e a t started in w ith us firm, and under the
im petus o f som e “ bull” talk ad v an ced to an extrem e of 84%c
fo r the July. T he dem and h ere and elsew h ere fo r cash and
M ay, the prem ium fo r N o. 2 hard w h eat in K an sas City, and
the stren g th in M inneapolis w ere helps to the upturn, but it
did n o t last.
B uyers did not take hold as they w ere ex p ected to, and p rices
com m en ced to d rag again, closin g % c low er fo r July, and t ic
low er fo r S ep tem ber than last night. T here w as talk of hot
w inds in K an sas, but it seem s to us these are w h at they w ant,
and that w arm w eath er cann ot p ossib ly hurt an y th in g at p res
ent. A s com pared, how ever, w ith last year, the price of w h eat
is n ot high, and wTe should n ot fo llo w the d ecline too far.
W !heat will d o to bu y this m onth fo r a good ad vance. July is
on ly 2c higher than the low p oint fo r 1904. Only it seem s hard
to put up p rices w ith the fo r c in g sunshine w e are ha vin g
today.
*
*
*
E. W . W agn er, C hicago, M ay 3: The effort to g et cash w h eat
now is a ttra ctin g atten tion , and should it con tin u e w ith those
w h o ’ have leg itim ate use fo r the sp ot w heat, w e shall do ju st
w h at w e did last y e a r— p ass from the old crop price into the
pricO' fo r the new w h eat w ith little, if any, d ifferen ce
On w h at
ba sis o f figurin g out the a ctio n o f p rod u cers the reckless sell
in g o f the p a st th irty days has been done is beyon d the w ild
est g u essin g to find out; there is no p rom ise o f assured surplus
now . and the best average o f a h a rv est fro m p resent good c o n
dition s w ou ld not b rin g the cou n try an yw h ere near a norm al
condition .
It is sh eer fo lly to con clu d e that a good crop w ith a very
d oubtfu l surplus obligates our prod ucers to dispose o f all of it
in the first th irty days at a price th irty to fo r ty cen ts a bushel
less than he has ju st finished m ark etin g his la st crop at; that
is p recisely w h at the late selling has been so fra n tica lly based
on. I f the w h eat tra der is by his p re con ceiv ed n otions so blind
to the fa rm e r s’ ab ility to co rre ct th is error, he will do w ell to
stu d y corn, oa ts and co tto n m arkets a fte r lettin g “ his pipe
g o o u t.” T he sp ecu lator w h o has sold short has been rebuked
on tw o w h eat crops, and it looks as though he is ab ou t to receive
another.
I w ou ld e x ercise care in try in g n ot to be too early ; there m ay
be a nu m ber o f excellen t op portu n ities y e t; the p rob ability of
these com in g su gg est m oderation ; but fo r all that I w ould stand
b y a m oderate qu a n tity o f July w h eat; these lon g m arket runs
in one d irection alm ost in v ariab ly go over into a y e a r that seem s
to be relieved o f th eir influence w ith a vig or quite equal to any
sh ow n in th eir course. It is alw a ys im possible to define the lim
its o f a fa u lty p rod u ction or tell ju st w h at will sa tisfy an in
crea sed consu m ption .
*
*
E d w ard G. H eem an , C hicago, A p ril 29.— G radually now but
su rely norm al con d ition s will again prevail and it will once
m ore be p ossible to o ffer ad vice and op erate w ith som e ju d g
m ent.
A ll re feren ce to M ay w h ea t and w h at m igh t have been is,
o f course, no value now , bu t lo o k in g ba ck to ab ou t eight
m on th s ago. and the reason s fo r M ay w h eat first selling ab ove
$1.10 per bushel. w-hich are fa m iliar to everyon e, I firm ly believe
had there n ev er been a deal in it, the price today, from a
leg itim ate or sim ply and dem and stand p oint w ould still be over
$1.00 per bushel, an d in that even t the ruling p rice fo r the
d eferred or new crop m onths, about 82c and 79c resp ectiv ely
w ou ld look rid icu ou sly low.
W h y are they not, a n y w a y ?
It
will m ean less than 75c fo r w h ea t to the p rod u cer and I q u es
tion v e ry m uch if they will sell fre e ly at an yth in g like that
price, esp ecia lly w ith only one crop, and that— even w ith the
present fa vora b le con d ition s m aintained— n o t a bu m per crop.
P erh aps, though, o w in g to the d istru st in financial circles it
w ill be difficult to induce the public to ven tu re op era tion s fo r
aw hile, and that w e will have on ly a n arrow sca lp in g m arket,
but fortu n a tely , the general p u blic suffered bu t little b y the
late slum p in M ay w h eat. T he terrific losses sustained w ere
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
b y the p rofession a l speculators, and if m y corresp on d en ce this
w eek is a criterion, I believe that w ith a n y en cou ra gem en t the
outside sp ecu lator or in v estor will take hold freely. T o the fa r
sighted sp ecu lator there has n ever been offered a better op p o r
tu n ity than exists righ t n ow to buy July or Septem ber w heat,
at a price, I believe, con sid erably low er than will prevail w hen
the con tra cts reach m atu rity.
E v ery bear argum ent has, I
believe, been d iscou n ted and that it is p ossible to m easure the
p robable loss in bu y in g and the p ossib le profits w ill depend
largely on crop d evelop m en ts hen ceforth .
* -fc *
Sidney C. L ov e & Co., C h icago, A p ril 28.— T he ch ief d evelop
m ent during the w eek in the w h eat m arket has been the c o l
lapse o f the M ay w h ea t deal, lea v in g in its w ak e the inevitable
afterm ath , p rob ably m ore fa r rea ch in g than is ind icated on the
su rface, in its effect upon individuals, w h o ex pected to profit by
the m uch a d vertised in ten tion s o f the insiders, into w h ose e n
tire confidence, h ow ever, th ey w ere eviden tly n o t taken.
W h eth er the fu ll effect o f this sp ecu lativ e fiasco has been
realized, it is difficult to say, and until there a re p roofs o f its
entire rem oval, un settled cond ition s, n ervou sn ess and, perhaps,
fu rth er d em oralization o f values m a y be expected.
T here is on e ben eficial result, how ever, w h ich should follow ,
and that is the p rosp ect of a retu rn to a norm al condition ,
w herein the natural influences of supply an d dem and will have
p rop er recogn ition .
W e look, th erefore, fo r a retu rn to the natural law s, relatin g
to values, and believe, w ith the entire elim in ation of this M ay
w h ea t liquidation, the d eferred fu tu res will gradu ally a d ju st
them selves on a su pply and dem and basis, a ttra ct on ce m ore
foreig n and d om estic consu m ers and en cou ra ge in vestm en t o p er
ation s in w h eat, w h ich a fu rth er decline should certain ly resu r
rect.
*
*
*
W . P. A nd erson & Co, C hicago, A p ril 29:
T he ideal w e a th
er w ith w arm gen eral rains has created a. v ery bearish feelin g
in n ew crop fu tu res, and w h en the A rm ou r interest appeared to
be reselling th eir recen t large July purchases, the m arket easily
sold off, lon g lines com in g out freely togeth er w ith ag g ressiv e
sh ort selling.
N ow that m anipulation, w h ich has kep t M ay
w h eat at abnorm al prem ium s is rem oved, the cash m arkets are
b egin n in g to ad ju st them selves.
M illers sh ow m uch g reater
interest and are p ick in g up ch oice lots that have appeared upon
the bargain coun ter.
W ith n a v ig a tion fa irly opened, large sh ipm ents have been
m ade
D u lu th -M in n eap olis stock s w ill decrease 1,750,000 b u sh
els w hile F o rt W illia m has shipped 1,000,000 bushels that will
reappear on the lakes, but sh ortly d isap pea r from v isible stocks.
E uropean m arkets h a ve bu t sligh tly follow ed our decline, but
are still 3c ou t o f line fo r export. A rgen tin e w eek ’ s shipm ents
>3,040,000 bushels.
A u stra lia n 856,000 bushels.
B ra d street’ s
A m erica n 1,260,000 bushels.
W ith the stim u lus to m ove w h eat to m arket centers r e
m oved, p rim ary receip ts w ill un dou btedly drop off in a m arked
degree and w ith ov er tw o m onths a ctive con su m p tive dem and,
the v isible prom ises to be redu ced to an un preced en tedly sm all
volum e, w h ich should keep cash w h eat at stiff prem ium s overnew crop futures. W ith a bou n tifu l harvest, su ch as p resent
crop p rosp ects p rom ise, w e d ou bt if July w h eat can be m a in
tained ab ove an e x p ort level. S p ecu lation follow s g row in g crop
condition s, and w hile som e rallies are to be looked for, July
w h ea t should be sold on bulges. Septe.mber is b elow last year s
low p oint and look s like an in vestm en t purch ase.
T he V an D u sen -H a rrin g ton C om pan y, M inneapolis, A p ril 27.
— W h e a t seed in g is p ra ctica lly com p leted as fa r north as Grand
F orks. P rob a b ly 25 p ercen t rem ains to be seeded in the R ed
R iv er V alley prop er and 10 p ercen t north of the N orth ern P a cific
line in N orth D akota.
T aken as a w hole, the soil con d ition s of the th ree states
have been better this y ea r than at an y tim e w ithin ten years,
and, as the am oun t of p low in g done la st fall w as unusually
large and the p rice o f w h eat high, there has been ev ery reason
fo r a large a crea g e o f sprin g w h eat. A ll the in form ation w h ich
w e have been able to g ath er leads us to believe that there will
be ab ou t the sam e a crea g e o f w h eat in S outh D ak ota as last
year— possibly a sm all increase. M innesota and N orth D ak ota
will ap p arently increase th e acreag e ab ou t 10 percent.
__
Wte have in vestigated as ca refu lly as possible the con d ition
o f the fields sow n w ith rusted lig h t-w e ig h t seed and com pared
the plants and rootlets w ith those in fields w here good seed w as
used. A t nresent there is a slight d ifferen ce in fa v o r of the
plant grow n from the h ea v y seed. T he latter seem s to have put
ou t m ore rootlets, but all con d ition s h a v e been ex ceed in gly fa v
orable and we -think it w ithin the range o f p ossibilities that the
lig h t-w eig h t seed wull b rin g forth a good plant.
Rates to Pacific Coast Cut $15 .00.
T h e Minneapolis & St. L ouis R. R. has_ on sale daily
to M a y 15th o ne-w ay tickets to San Francisco, L o s A n
geles, Portla nd and other points in the W e s t and N o r t h
west. Rates cut $15.00. T h r o u g h tourist cars to Cali
fornia w ithout change. Call on agents for full particulars,
or address.
A. B. Cutts,
G. P. & T . A., Minneapolis, Minn.
W. P. ANDERSON & CO.
COMMISSION MERCHANTS
GRAIN
AND
PROVISIONS
Consignments Solicited
Ground Floor, 12 Sherman S t.,
U P D IK E
CH ICAG O, ILL.
C O M M IS S IO N ^ C O .
C R A I N
A N D
p r o v is io n s
1 2 0 Rialto B uilding, C H IC A G O
_.
CONSIGNMENTS GIVEN SPECIAL
nnnnrtoniinCHI'F SOLICITED.
36
THE
COMMERCIAL
G E N E R A L ST A T IS T IC S .
C e re a l
F rom
N ew Y ork . . ..
P hiladelphia ..
B altim ore . . . .
B oston .............
N ew p ort N ew s.
N orfolk ...........
P ortlan d. M e ...
N ew O r le a n s ...
F lour,
T his
week.
59,772
10,192
16,470
6,654
8,634
E x p o rts by
8,000
8,600
21,588
47,000
25,700
9,800
53,000
T ota l ............ 261,148
230,841
85,150
St. John, N. B ..
Corn,
T h is
w eek.
652,368
137,642
326,764
418,978
bush.
L a st
w eek.
678,164
163,030
441,233
137,392
C e re a l
6.000
E x p o r t s , W it h
64,000
50,714
134.000
82,000
40,300
308,005
195.000
125.000
40,870
8,000
43,000
144,000
203,482 1,885,766 2 ,232,694
D e s t in a t io n s .
T h e exports o f w h eat and corn (in bu shels) and o f flour (in
barrels) fro m the U nited S tates and C anada (co a stw ise sh ip
m en ts in clu d ed ), with p orts o f d estin ation, fo r the w eek ending
A p ril 20, 1905, fo llo w :
To
W heat.
Corn.
Flour.
L iverp ool ..........................................
16,000
658,874
6,363
L on d o n .............................................. 144,000
264,495
49,326
B ristol .................................................................
68,516
1,971
G lasgow .....................
23,882
172,771
10,040
L eith ....................................................................
H ull ..............'.......................................................
51,428
N ew castle ..........................................................
M an ch ester .......................................................
17,241
B elfast ...................................... ..........................
30,000
D ublin .................................................................
77,143
O ther U nited K in g d o m .................................
643
U nited K in gd om , o r d e r s...............................
A n tw erp ............................................
19,600
103,238
H ollan d ..............................................................
95,620
F ra n ce ................................................................
8,701
G erm any ............................................................
596,100
2,431
P ortugal, Italy, Spain and A u
stria -H u n g a ry .................. .........................
195,005
358
S cand inavia ......................................................
15,260
A sia ......................................................................
88,196
A f r i c a ....................................................................
2,195
W e s t Indies ......................................................
41,360
19,317
A u stra la sia .......................................................
A ll others ...........................................................
21,565
30,3 iÔ
T o ta l ............................................. 203,482
2,410,802
217,665
In addition to the ab ove, there w ere exported 38,971 bushels of
oats and 162,898 bu shels o f barley.
C o r n E x p o r t s , in Bus hel s.
( B r a d s tr e e t’ s.)
1904.
1903.
........
710,562
868,741
........
476,231
844,818
........
429,158
787,167
........
650,399
779,239
........
700,082
1,123,871
........
652,811
1,101,118
........
857,517
1,410,412
........
797,898
1,809,885
........
449,151
1,392,214
........
346,927
1,459,936
........
148,051
1,688,282
........
139,978
1,391,625
1,520,941
........
29,629
........
364,841
1,098,951
........
276,989
641,945
........
453,713
637,857
........ 1,862,893
816,054
........ 1,582,342
925,085
1905.
1904.
1,249,599
January 5 .............. ........ 3,186,532
January 12 ............ ........ 2,932,014
977,769
Ja n u a ry 19 ............
1.150,202
Ja n u a ry 26 ............ ........ 3,035,733
1,469,396
F eb ru a ry 2 ............ ........ 5,302,503
1,411,185
F ebru ary 9 ...................... 2,448,456
589,362
F eb ru a ry 16 ..........
1,291,846
F ebru ary 2 3 ...........
1,486,732
M arch 2 .................. ....... 4,171,279
1,690,753
2,026,810
M arch 9 .......................... 1,756,706
1,573,298
M arch 16 ........................3,841,411
M arch 23 ..............____ 2,976,836
1,527,676
1,438,212
M arch 30 ........................ 2,430,652
A pril 6 ............................ 3,366,347
1,028,907
April 13 .................. ........ 2,299,767
583,339
A p ril 20 .................. ___ 2,232,694
626,792
A pril 27 .................. ----- 1,885,766
190,193
S eptem ber 1 ........
S ep tem ber 8 ........
S ep tem ber 15 ___
Septem ber 22 . . . .
S ep tem ber 29 . . . .
O ctob er 6 ..............
O ctob er 13 ............
O ctob er 20 ............
O ctob er 27 ............
N ov em b er 3 ........
N ov em b er 1 0 ........
N ovem b er 1 7 ........
N ov em b er 2 4 ........
D ecem b er 1 ..........
D ecem b er 8 ..........
D ecem b er 1 5 ........
D ecem b er 22 ........
D ecem b er 29 ........
1902.
21,196
91,512
49,508
74,952
141,423
180,358
180,674
84,564
153,205
130,847
281,901
243,381
255,174
1,151,563
1,301,286
1,526,141
1,502,551
2,537,542
1903.
2,856,981
2,394,612
2,376,683
2,045,000
2,400,316
1,830,170
3,739,457
2,368,939
3,817,609
3,257,999
3,072,068
3,618,210
2,832,068
2,654.732
1,677,621
1,499,906
2,210,155
1901.
550,876
777,831
611,258
585,706
907,924
678,246
640,033
1,188,288
606,159
708,284
629,924
445,351
630,968
362,844
278,307
330,941
424,336
270,236
1902.
136,873
298,093
179,520
427,018
169,145
527,366
247,830
312,664
352,406
183,414
339,891
139,205
330,531
158,565
400,733
376,186
128,679
W h e a t and F lo u r Exp orts.
( B r a d s tr e e t’s.)
T h e q u an tity o f w h eat (in clu d in g flour as w h eat) ex ported
fro m th e U n ite d S ta te s an d C a n a d ia n p o rts fo r th e w e e k e n d in g
w ith T h u r s d a y is a s fo llo w s in b u sh e ls:
1904.
1902.
1903.
1901.
S e p te m b e r 1
1,830,511
4,406,064
3,131,839
6,276,299
S e p te m b e r 8
1,995,621
3,045,040
6,648,609
5,444,146
S e p te m b e r 15
935,834
5,435,323
1,909,083
3,840,574
S e p te m b e r 22
5,077,070
864,375
3,050,430
4,470,352
S e p te m b e r 29
1,182,293
4,082,681
6,195,749
6,870,578
O ctob er 6 . . .
1,105,928
2,378,722
5,645,779
4,719,898
2.865.610
O cto b er 13 ..
1,357,175
5,536,073
5,240,688
1,066,462
4,952,134
4,265,080
O cto b er 20 ..
7,060,137
1,479,613
O cto b er 27 ..
4,094,873
5,997,620
6,672,888
1,482,202
4,340,281
N ovem ber 3 .
5,715,555
5,469,645
4,983,734
N o v e m b er 10
1,459,276
3,659,823
4,440,160
5,277,672
N o v e m b er 17
1,289,642
2,974,227
5,518,930
N o v e m b er 24
3,851,767
4,179,685
1,332,366
5,117,478
4,201,504
5,704,440
2,101,773
4,604,846
D e ce m b e r 1 .
3,879,809
4.607.610
3,761,047
D e ce m b e r 8 .
1,139,369
3,363,035
3,256,037
1,444,890
4,332,832
D e ce m b e r 15
4,291,543
1,080,708
2,335,606
3,560,486
D e ce m b e r 22
2,915,236
3,336,206
981,140
4,818,471
D ecem ber 29
1904.
1902.
1905.
1903.
1,369,323
5,098,051
3,567,710
1,411,947
Jan u ary 5
700,950
2,771,215
4,878,624
4,690,202
J a n u a r y 12 .
3.538,192
1,138,974
3,538,757
3,639,679
J a n u a r y 19 .
2,017,602
1,101,587
4,420,065
3,702,368
J a n u a ry 26 .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, May 6, 1905
F ebru ary 2 ......................
F ebru ary 9 ......................
F’ebru a ry
....................
F ebru ary 23 ....................
M arch 2 ..........................
M arch 9 .........................
M arch 16 .......................
M arch 23 ......................
M arch 30 ......................
A p ril 6 ...........................
A p ril 13 ..........................
A p ril 20 .........................
A p ril 27 .........................
1,750
4,000
700
12,700
22,326
56,000
26,500
33,000
4,200
M obile ..............
San F ra n cisco .
P ortlan d, O r e ..
T a co m a ............
P o r ts .
(B ra d stre e t’ s.)
bbls.
W h eat, bush.
L a st
T his
L ast
w eek.
w eek.
w eek.
41,051
19,600
25,809
22,637
20,906
24,150 111,882
WEST
945,358
987,775
536,540
923,022
907,936
1,285,956
895,742
1,044,595
988,600
886,017
1,292,301
1,242,267
1,260,316
2,604,226
1,746,255
1,657,510
2,091,488
1,643,086
1,834,632
2,606,124
1,801,845
1,267,430
1,854,000
1,213,855
1,645,428
1,010,850
3,965,916
2,856,439
2,713,792
2,656,879
3,491,486
3,360.79^
2,395,598
2,401,987
3,130,974
2,833,285
2,977,777
3,888,542
3,418,289
4,880,457
3,175,481
3,609,435
3,234,540
4,095,944
2,906,250
4,326,304
2,904,110
4,446,917
3,842,012
4,118,108
3,750,589
5,308,155
V is ib l e S u p p ly o f G r a in
W e e k ending
A p ril 29.
W heat,
Corn,
bu.
bu.
• 380,000
690,000
59.000
627,000
951,000
267,000
In Store a t—
B altim ore
B oston
B u ffalo
do. afloat
C hicago
2,243,000
do. afloat
D etroit
221,000
D uluth
3,470,000
do. afloat
F t. W illia m , Ont
4.813.000
G alveston ..
65,000
Indian apolis
111,000
K an sas C ity
910.000
M ilw aukee .
459.000
M inneapolis
9.130.000
M ontreal . . .
136.000
N ew Orleans
............
N ew Y ork
424,000
do. afloat
P eoria
....................................
P hiladelphia ..................
3,000
P ort A rthur, O n t.......... 1,781,000
St. L ou is
.................. 2,027,000
T oled o
..................
95,000
do. afloat
T oron to .......
18,000
On Canals ..
On L akes ..
1,229,000
On M ississippi R iver
..............
168,000
68,000
251,000
188,000
24,000
712,000
226,000
1,627,000
T ota l .
L a st y ea r
28.529.000
30.357.000
W e e k ending
A p ril 22.
W heat,
C orn.
bu.
bu.
411,000
627,000
46,000
820,000
1,116,000
3,343,000
1,931,000
3,494,000
174,000
56,000
296,000
4,579,000
99,000
5,214,000
31.000
76.000
86,000
475,000
90,000
273,000
108,000
866,000
550,000
9,780,000
222,000
21,000
488,000
375.000
155.000
1,832,000
6,000
70,000
553,000
101,000
23,000
396,000
..............
39,000
153,000
2,137,000
2,094,000
106,000
16,000
..............
949,000
387,000
1,707,000
9.981.000
7.830.000
30,117,000
31,196,000
11,093,000
8,886,000
T h is Y ear.
Oats ................................................................. 13,857,000
R y e ....................................................................
1,116,000
B arley .............................................................. 1,918,000
65,000
207,000
L a st Y ear.
9,100,000
1,036,000
2,614,000
W IN TER W H E A T IN FRANCE.
T h e Journal Officiel, Paris, has recently published an
estimate of the amount of w heat sown in the autumn now
in the ground in France, based up on the January reports
of the departmental professors of agriculture. T h e area
sown in winter w heat is 15,668,354 acres, against 15,921,747
acres at the same date last year, a diminution of 253,393
acres. T h e total of spring and w inter w heat sown in 1904
co vere d an area of 16,155,422 acres. T h e production of
spring and w inter w heat in 1904 was 296,610,384 bushels,
and 364,324,754 bushels in 1903.
T h e area sown in w inter wheat, as estimated at the
present time for the ten principal regions of France, with
the area sown in 1904, is as follo w s:
R eg ion —
N orth w est
N orth .........
N orth east .
W e st ..........
C enter . . . .
B ast ..........
S outhw est
South ........
S outheast .
C orsica
T ota l
..
1904.
1,734,S90
2,637,346
1,299,710
2,643,991
1,919,677
1,823,546
1,796,360
1,082,982
950.077
32,124
1905.
1,707,034
2,723,815
1,284,288
2,542,082
1,834,108
1,785,725
1,752,316
1,042,792
956.751
32,025
15,920,703
15,660,936
T his decrease of 259,767 acres in the quantity of w in
ter w heat sown is not confined to one or tw o special r e g
ions, but is general.
T h e report of the minister of agriculture gives the
area of winter oats sown in 1905 at 1,943,081 acres, against
2,021,114 acres in 1904, bein g a decrease of 78,033 acres.
These figures, however, do not have great significance, as
considerably more spring than winter oats are sown, the
w hole amount, spring and winter, havin g been 9,475,278
acres last year. T h e average condition of winter oats is
given as 68.8, against 72.9 in 1904 and 71.4 in 1903.
China’s First Steel Mill.
Im portant contracts have been closed for the A m e r i
can equipment of the first steel mill to be built in China
and for a steel wire draw ing mill, rolling mill and blast
furnace plants, to be erected in Japan. A Cleveland, O.,
co m p an y secured the co ntract through its N e w Y o r k of
fices. T h e w o r k entails an expenditure of upward of 3
million dollars. T h e com pany is to build a plant in the
vicinity of Shanghai.
Homeseekers’ Excursions.
T h e Ch icag o Great W e s te r n R a ilw a y will on the first
and third T u e sd a y s of each month sell tickets at one fare
plus $2.00 for the round trip to points in A labam a, Flo ri
da, Georgia, Iowa, K e n tuck y , Louisiana, Michigan, M in
nesota, Mississippi, Missouri, N o rth Carolina, Tennessee,
V irg inia and W iscon sin . F o r further information apply to
R. H. Heard, G en ’l A g e n t, Cor. N icollet A ve. and 5th St.,
Minneapolis.
THE
Saturday, May 6, 1905
COMMERCIAL
WEST
37
L O A N S FROM TH E R A N K E R ’S V IE W P O IN T .
E v e r y hour of the da y the banker, in co nsidering a
request for a loan, finds himself up against the question
as to w hether Or not an individual is a safe risk. A n d it
is not alone the banker that is met with this problem;
loan agents, real estate dealers and m a ny private capital
ists have to answ er it daily.
T h e “ S y s t e m ’’ m agazine recently put this question
to a number of prominent bankers: O n w hat factors
should the banker place m o st emphasis in considering
a request for a loan f i o m a merchant for mercantile pur
poses, and w h y in each case do you put one factor be
fore the other? T h is question was addressed to four
prominent and practical bankers.
A b ilit y
to
E a rn .
John J ay A bbo tt, cashier of the A m erican T r u s t and
Savin gs bank, Chicago, said:
T h e answ er m a y be summed up in one sentence:
H a s he the ability to earn and has he the ca pacity to
pay ?.
A positive response to these tw o inquiries is absolutely
necessary to a satisfactory loan.
O n the relations of the debit to the credit sheets rests
the financial status of a mercantile house— its “ ability
to earn.” O n the in vestigation of this relation is de
pendent the business risk of the bank w hich grants a loan.
O n the estimate of the applicant’s “ disposition to p a y ”
is dependent the moral risk of the bank.
T h e successful in vestigation of these two qualifications
is the basis of any successful bank loan.
R e p u t a t io n
and
A s se ts.
W . T. Fenton, vice-president of the National B a n k
of the Republic, Chicago, said:
T h e factors considered and their relative importance
depend altogether upon the class of business the bank
takes.
In a commercial bank reputation comes first, while in
a bank do ing a general loan business, assets becom e the
first consideration.
F o llo w i n g are the factors in order, peculiar to loans
made b y a bank doing a commercial business:
1. H o n esty. T h is factor stands pre-eminent, because
in commercial loans men do not care to give, and we ask
no security. W e assume part of the risk of the indi
vidual’s business in m akin g the loans.
2. Business ability. A s hon esty w ith out business
ability is useless co mmercially, this factor crow ds the
first in importance.
3. Business experience. K n o w i n g a m a n ’s business
history is k n o w in g his reputation and ability. F ro m these
we judge the risk.
4. B a n k ’s previous experience with the one w ho so
Farm Annual Losses.
T h e losses of farm animals during the year ended
M arch 31, 1905, are greater than during the preceding
year. T h e figures given by the Bureau of Statistics show
that cattle suffered the greatest loss. T h e total loss of
cattle, from all causes, was 2,687,027; of this number 23
percent was from exposure and 2.1 percent from diseases.
T h e estimated loss of horses from disease was 306,651,
while that of swine was 2,401,796. T h e total loss of sheep
was 2,498,767, 3.1 percent from exposure and 2.5 percent
from disease. T h e states suffering the greatest loss of all
farm animals w ere T e x a s and Iowa, in the order given.
O f the total number of cattle lost T e x a s lost almost onethird, her loss bein g 763,407, 5.7 percent bein g from e x
posure and 2.7 percent from disease. Io w a lost the largest
number of hogs, her loss bein g 306,206, while of sheep
Montana lost the most, the number bein g 327,060. T e x a s
also lost the greatest number of ho rses— 34,500.
The
losses in the D akotas, M on tan a and W y o m i n g were large
in numbers of sheep, but co m p aratively small in the other
animals. T h e general condition of all s tock w as v e r y
good, sheep and hogs bein g the best, 95.8 percent and
95.5 percent respectively; cattle the lowest at 91.7 percent.
Winnipeg Building Active.
licits the loan. Failure in previous obligations bars him.
5. Condition of his business, which is a reflection of
his ability.
6. Resources. R e latively unimportant if no security
is taken on them.
Q u a n t it y , Q u a lit y a n d S u cce ss .
H. A. Haugan, president of the State B a n k of Chicago,
said:
T h is is a question which eve ry banker, through m o
tives of self-protection, and every business man w ish ing
to establish or maintain a sound credit, has to answer
daily. T h e factors, though difficult to separate, m ay be
grouped as fo llo w s:
I. Q uan tity of the assets. N o man asks for credit
w ithout assets of some kind. A n d a note is go o d against
a man w ith p ro p erty w hether he is honest and able or not.
2. Q uality of the assets. Staple goods are always
best, as on them cash is readily realized.
3. Success. A man must win his spurs. H e does
not open an accoun t w ith us or ask credit until he has
done something.
H o n e s t y arid ability are important, but he cannot bank
on them. W e can collect the note of a w ea lth y scoundrel.
V a lu e
of
I n fo r m a t io n .
H. R. Kent, cashier of the F o rt Dearbo rn National
bank, Ch icago, said:
A question of this kind, which pertains so intimately
to the internal policies of a banking house, can have no
specific answ er that can adequately cover the subject.
Assu m ing, how ever, that the bank to which the applica
tion for a loan is made, has a detailed kn o w le dge of local
conditions and of the status and relations of business
houses and business men in the vicinity, the fo llo w in g in
vestigation is made into the financial standing of the
a p p lica n t:
I. Inform ation is secured from inside sources— from
the man himself. A signed statem ent of the applicant’s
business affairs is demanded, or reference in conducting
investigations. T h is statem ent show s w hether he is m a k
ing money, and if he is not, the probable reasons therefor.
2. Inform ation is secured from outside sources. W h a t
kind of a man is he p ersonally? W h a t is his past record?
W h a t is his financial position? T h is information is se
cured from m a ny and diverse sources, some of them
kn o w n o n ly to the b a n k ’s officials, and in large part
from mercantile agencies, which m ay supply detailed
records of the applicant’s career in the business world.
3. T h e applicant’s record, secured from these out
side and inside sources, is compared and studied with
special reference to the particular loan for which he
applies. O n the business acumen and insight w hich the
bank displays in m a k in g this estimate the advisability
of the loan rests.
Irw in, G reen & Co., C hicago, M ay 2.— In the w h eat m arket
w e h a v e fo r la st w eek an im porta n t d ecrea se in the v isible
supply, and fo r the n ex t fe w w eek s a p rosp ect that the qu an tity
in sight will becom e v e r y m u ch sm aller, sin ce in terior holders
have not n ow the inducem ent to ship th eir w h ea t w h ich they
had up to a fe w days ago. It should seem that the q u an tity
rem a in in g in first hands m ust be v e r y sm all, and the dem and
b y d om estic m illers alread y ap p ears to b e sh arply on the in
crease, this bein g n ecessa ry to m eet th e h om e con su m p tion of
flour, to say n oth in g of the- p ossible d evelop m en t o f an im portant
foreig n call fo r our flour and w h eat w eek s before w e have an y
o f the n ew crop to offer. T he p rosp ects fo r that crop n ow are
consid ered fa irly g ood in the S outhw est, w h ere th ey have had
w elcom e rains, but our N orth w estern states and C anada are d e
ficient in that resp ect up to date, and there still is room fo r a
g re a t deal o f a n x iety ov er the result o f seed in g w ith p oor grain
ov er a large p art o f ou r sp rin g -wheat area. There is n ot m uch
chan ge in the foreig n crop situation, so fa r as developed during
la st w eek, a lth ou gh there is in crea sin g ground fo r ap p reh ension
that the agrarian trou bles in R u ssia are bound to cause an im
p orta n t d ecrea se in th e exports from that coun try, and the
p ov erty o f the crop in India is a little m ore m a n ifest than b e
fore, w h ile Spain is sa d ly in need o f bread stu ffs fr o m abroad.
C onsid ering that w e are n ot threatened w ith a superabundan t
crop, an d th at la st w eek the qu ota tion s fo r Ju ly an d S eptem ber
dipped b elow those o f the corresp on d in g tim e la st year, w h ile
w e are. a lm ost if n ot qu ite certain o f “ run ning em p ty in g s” on
stock s o f old w h eat b e fo re the n ew is availa ble fo r con su m p
tion, it should seem that the m ark et alread y has g o n e ab ou t
low enough, an d that it is p h ilosop h ical to look fo r a hardenin g
in tone speedily, if n ot fo r an im p orta n t rea ction from, the
h ea v y declin e on the lon g break from n ea r the tim e o f m id
w in ter to fifty d ays a fte r the sp rin g equinox. It ou gh t to be
tim e to ex p ect a change.
(S p ecia l C orrespon den ce to T h e C om m ercial W e s t.)
Double Daily Service to Mexico.
W in n ip eg, April 20.— Y e s t e r d a y the value of the city
building permits issued in 1905 passed $1,500,000, with a
total of 484 permits for 660 buildings. O n A pril 19, of
1904, 263 permits for 397 buildings, at a value of $1,450,000, had been issued for last y ea r and thus the figures for
this y ea r sho w a substantial increase over the co rre
sponding period for last year.
Buildin g a ctivity continues to be greatest in the north
and w estern districts of the city. It is necessary to have
permits befo re the co nstruction of buildings is begun and
this clause of the b y la w is bein g strictly enforced by the
building inspector.
O v e r nineteen hours saved via the Iron Mountain
Route throu gh the L ar ed o G ateway.
L e a v e St. Louis
2:21 P. M., arrive City of M e xico 10:50 A. M. third m o rn
ing. A n o t h e r g o o d train leaves St. L ouis 8:20 P. M., ar
rives M exico C ity 7:30 P. M., third evening. T h r o u g h
sleepers w ithout change passing through M e xico scenery
in the da y time. L o w round trip rates n ow in effect.
F o r descriptive literature and other information, ad
dress
Ellis Farn sw o rth, D. P. A.,
h i A d a m s St.,
Chicago, 111.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE
38
COMMERCIAL
WEST
Saturday, May 6, 1905
Omaha Union Stockyards Company.
S tatem ent o f receip ts and d isposition o f sto ck fo r m on th en d in g A pril 30, 1905, and m onth ending A p ril 31, 1904.
Receipts.
Cattle.
H ogs.
1904.
1905.
R ailroad s—
Cars. No. Head. Cars. No. Head.
C., M. & St. P. R y ........................
• 70
1,575
69
1,571
W a b a sh R. R ..................................
19
366
21
441
M issouri P a cific R y ......................
68
1,571
94
2,100
U nion P a cific R, R ........................
745
17,565
729
16.861
G. & N. W . R y., E a s t ..................
54
1,341
70
1,760
C. & N. W . R y., W e s t ..................
760
15,716
23,513
1,128
O., St. P., M. & O. R y ..................
367
8,001
584
12,412
C., B. & Q. R y., E a s t ..................
100
2.363
88
2,336
C., B. & Q. R y., W e s t ..................
701
16,920
829
18,936
C., R. I. & P. R y., E a s t ..............
72
1,521
63
1,334
C., R. I. & P. R y., W e s t ..............
19
450
165
5,095
Illinois C entral R y ........................
45
1,249
41
969
C. G. W . R y ........ ‘..........................
15
283
48
949
D riven In ........................................
1,359
1.718
G rand total ..............................
F rom January 1st to d a t e .......... 11,507
In crease ............................................
D ecrease ..........................................
A v era g e w eig h t o f h o g s ..............
70,280
273,569
2.589
3.929
14,096
89,995
327,678
54,109
1904.
T ota l s h ip m e n t s ......................
D riven to c o u n tr y ..........................
C onsum ed in South O m a h a ___
713
71
Grand total ....................T. . ..
C onsum ed in South Om aha from
Jan. 1 to d a t e ..........................
3,057
70,762
4,020
92,024
8,642
195,297
10,964
243,879
ONE YEA R ’S GAIN.
T h e first pamphlet copies of the
statistical abstract of the United
States for 1904 have come from the
printer.
In a single year, accordin g to the
figures of the abstract, the population
of the United States increased by 1,-
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■
MINNESOTA
Invincible Cleaners
V — — — —
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
■ -
Cars. No. Llead. Cars. No. Head. Cars. N o. Head.
99,9.
49
3.663
16,374
4
249
23
1.559
9,9, 9,
3S
2,612
33
2,232
1
574
40,823
665
50.031
377
96,638
3
55
3.842
70
5.107
398
782
53,094
971
65,801
63
13.530
193
13.268
329
22,641
4
749
4.411
63
47
3,299
8
1,943
405
28.535
723
52,219
166
39,831
95
6,302
64
4,574
4
542
27
2.041
32
2.190
10
1.406
17
1.214
22
1,555
3
450
41
2,830
35
2.451
3,263
4 203
1.527
2,343
11,055
166,147
772,279
S06
66,779
236
3,236
11,861
234.236
839.058
639
2,421
157,236
569,751
104
18 305
236
792
39
3,189
H ogs.
1905.
Cars. N o. H ead. Cars. No. H ead.
45
1,170
IS
634
31
903
15
476
40
1,008
15
499
34
940
18
577
104
2.480
158
3,361
48
1.567
48
1,582
18
527
9
313
173
4,632
165
4.04S
46
1,318
46
1,528
142
3,589
253
7,310
11S
9
340
35
1,104
20
627
12
349
19,219
1,630
49.913
1904.
1905.
Cars.
H ead.
128
40,084
1
156
17
5
179
24,235
3,106
1.087
39,774
23
5.039
121
6,795
502
2,525
120.248
588,056
Shipm ents.
Cattle.
R ailroad s—
C.. M. & St. P. R y .
W a b a sh R. R ..........
M issouri P a cific R y
U nion P a cific R. R
C. & N. W . Rv.. E a st.
C. & N. W-. R y., W e s t .
c.., St. P .. M. & O. R y.
c . . B. & 0 . Ry., E a st.
c . . B. & Q. R y. . W est
C., R. 1. & P. R y., E ast
C., R. I. & P. W e s t ___
Illinois C entral R y ........
C. G. W . R y .......... .............
Sheep.
1904.
21.781
941
69,302
1904.
1905.
Sheep.
1904.
Cars. No. Head. Cars. No. Head. Cars. N o. Head.
15
1,743
107
27.596
7
15
771
1.853
.64
5,751
4
312
1
172
2
5
488
258
68
18,549
1
s
12
801
42
4.903
99
1,448
28
3,736
34
6
784
115
11,314
93
11,534
2,226
154,733
3,138
222,363
2,341
10,660
166,047
732,199
3,231
11,644
380.000. T h e total estimated in 1904
was 31,752,000.
In the same year the am ount of
m o n ey in circulation increased b y
$151,450,691, a gain of upwards of $2
per capita. T h e gain in gold circula
tion alone w as more than $28,000,000.
T h e interest bearing debt of the na
tion decreased by more than $19,000,000, and the decrease in interest p a y
ments declined by more than $1,360,000.
T h e thrift of the people at large is
shown by the fact that in the last year
the total deposits in banks increased
by $446,853,405, and the number of
persons w h o deposited m o n ey in s av
ings banks alone w as 270,215 more in
1904 than in 1903.
In the y ea r under consideration the
people of the United States were less
dependent upon fore ign products, the
imports de creasing b y about $34,000,000. A t the same time the people of
the United States increased their e x
ports to foreign countries by more
than $40,000,000.
T h e farmer is still king, for the to
tal exports of farm products last year
amounted to $853,643,075. T h is was
not quite so large as the am ount e x
ported the year before, but the de
mands of home consumption were
v e ry large; there are more than a
million more mouths to feed in the
United States each year than in the
y ea r before.
A m erican manufacturers sold their
products in fore ign countries last year
to the amount of $452,415,921; this
meant an increase in their fore ign
sales of more than $47,000,000 over
the re cord of the year before.
M ore figures taken from the statis
tical abstract almost at random sho w
that the total value of farm animals
in the United States in 1904 w as $3,006,580,737, an increase of more than
$8,000,000 in a year.
T h e production in w oo l in 1904
am ounted to 291,783,032 pounds
a
gain of over 4,000,000 pounds in
twelve months. T h e w hea t crop was
85.000. 000 bushels smaller than that
233,897
812,853
3
201
24.301
937
8.171
Cars.
4
Head.
1,442
1.096
366
21
5,661
2
61
225
15.299
2
527
6
IS
4,076
331
4
305
84,003
790
72,532
98
14
393
24,616
3,489
93,551
640
157,325
505
121.656
1,510
346.009
1,881
430,509
of the year before, but the production
reached the respectable figure of 552,399)517 bushels.
T h e corn crop was
tremendous, the grand total of the
T904 harvest be ing 2,467,480,934 bush
els, a gain of 223,000,000 bushels over
the crop of 1903. E v e n the figures
which s h o w the increase
are,
of
course, too huge to understand. T he
cotton crop w as not so large in 1904,
but it still am ounted to 10,011,374
bales.
O f railroads 4,595 miles were built
in the last year. T h e number of pas
sengers carried was more than 42,000,000 larger than in the year before,
the gr and total bein g 696,908,994. The
total am ount of freight carried by the
railroads one mile was 171,290,310,685
tons, or more than 15,000,000,000 tons
more than in the year before.
Endurance of Bank Notes.
T h a t U ncle S a m ’s notes stand a
great deal of rough and careless han
dling is a fact that impresses itself
upon any one w ho has ever chanced
to note the manner in which the a v
erage cashier pulls and jerks the bills
before he pushes them through the
w indo w to the w aiting patron.
A single treasury note measures
3 /1 8 inches in w idth b y 7U4 inches in
length.
It
will
sustain,
without
breaking, lengthw/ise, a w eigh t of
forty-o ne pounds; crosswise, a w eight
of ninety-one pounds. T h e notes run
four to a sheet— a sheet bein g 8H
inches wide by 13^2 inches long. One
of these sheets lengthwise will sus
pend 108 pounds, and crosswise 177
pounds.
It will be observed that a single
note is capable of sustaining, cross
wise, a w eigh t of ninety-one pounds,
which is twice the am ount by nine
pounds of the w e ig h t the note can
sustain len gth w ise; while in the case
of the sheet, the cr osswise sheet
lacks thirty-nine pounds of double
the sustaining po w e r of the len gth
wise sheet.
THË
Saturday, May 6 , 1905
COMMERCIAL
'. '
WEST
......- ■
39
............ ......
m
¡u r íh Í W
b YP0
Successful
IIS
Washbur n Crosby C o.»M inn eapolis,M in n
GAIN IN COTTON CROP.
T h e census bureau has issued the
final report on the co tton crop gro w n
in 1904, s h o w in g a total production of
13,584,457 bales of 500 pounds. T h e
crop exceeds that of 1903 b y 3,491,386
bales, or 35 percent. T h e largest crop
produced in the United States prior
to 1904 w as that of 1898, which
amounted to 11,235,000 bales, or 16
percent less than the crop of 1904.
A m o n g the cotton-producing states
T e x a s has held the first rank for
tw e n ty years. Its production in 1904
w as 3,134,677 bales. Georgia, with a
production of 1,960,151 bales, is sec
ond, havin g passed Mississippi, which
held the second rank in 1903. M is
sissippi is third and A labam a fourth.
“ Grain
FOR
MY
Trade
Edward G.Heeman
GRAIN AND PROVISIONS ,
S T O C K S , BO N O S, CO TTO N AND C O FFE E ,
159 L a S a lle Stm9 Rotunda National Life Building,
CHICAGO
Member Chicago Board of Trade.
COM M ISSION M E R C H A N T O N L Y ,
D o in g no trad in g w h a te v e r on m y o w n a c c o u n t, e n a b le s m e to
__________ ju d g e the m a r k e t fr o m an u n b ia s e d sta n d p o in t.
All business transacted through and confirmed by Chas.W. Gillett.
M y “ GRAIN TRADE TALKS ” are published in full in the Chicago Evening Post
and Chicago Journal. JKSWVill send either paper free to customers.
E x p o r t s of copper for the month of
A p r il w ere 22,264 tons, against 13,983 a y ea r ago. T h e s e are the h eav
iest exports so far this year.
Georg« W . P ea vey
Frank T . Heffelfinger
W R IT E
Frederick B . Well«
Charlea F . Deave*
The Peavey
System of Grain Elevators
L . S . G ille tt e
P re s id e n t
G eo. M . G ille tt e
V ic e - P r e s
35 800,000
Chicago
M IN N EA PO LIS
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
‘
Omaha
Sec. & Treas.
B u s h e ls
GRAIN DEALERS AND
WAREHOUSEMEN
Embrace« the greatest number of Grain Elevators with the largest
aggregate storage capacity of an y Elevator System in the world.
T o tal capacity in eight states,
,
bushels.
Branch Offices:
Duluth
Kansas City
C. E . Thayer
Electric Steel Elevator
Company
C a p a o ity - 2 ,2 0 0 ,0 0 0
HEADQUARTERS
*5«*»
WHEAT, FLAX AND BARLEY
OFFICE 75 CHAMBER
OF COMMERCE
M IN N E A P O L IS
THE
40
COMMERCIAL
WEST
Saturday, May 6, 1905
A R M O U R G R A I N C O . B A R TLETT, FRAZIER
205 La Salle Street
S T O C K S and B O N DS
GRAIN and PROVISIONS
CHICAGO
Milwaukee Elevator Co.
G R AIN D E A L E R S
Specialty, Barley
CARRINGTON
and
GRAIN D E A L E R S
Western Union Building, CHICAQO.
MINNEAPOLIS
M
MILW AUKEE, WIS.
No. 7 New Street, NEW YORK.
MILWAUKEE
em bers:
Chicago Board o f Trade, New YorkStockExchange,NewYork
Produce Exchange, New York Coffee Exchange, Chicago Stock Exchange,
Liverpool Corn Trade Association, New York Cotton Exchange, Mil
waukee Chamber of Commerce.
P R I V A T E . W IR .E S T O A L L P O IN T S
C. E. W H E E L E R
GRAIN A ND STO C K
& CO.
BROKERS
FARGO, NO. DAK.
B
C
O f f ic es : H il l s b o r o , N . D .
ranch
h ic a g o
B
oard o f
T
rade
P
M embers
M in n e a p o l is
r iva te W ires
C a s s e l t o n , N . D.
C
h a m b e r of
F. S. FR OST
F . G.
Commerce
C a rg ill C om m ission
Company
BADGER
D U L U T H A N D M IN N E A P O L IS
F. S. F R O S T & CO.
GRAIN COMMISSION
Members
M ilwaukee Chamber o f Commerce
Chicago Board ofT rade
DULUTH
Grain and Commission Merchants
M ILW A U K E E
MILWAUKEE
CHICAGO
MILMINE, BODMAN G CO.
E. A. B R O W N & C O .
6RAIN, PROVISIONS, STOCKS, BONDS. COTTON
Wholesale Coal, Grain-Commission Merchants
923 Chamber of Commerce,
Invites Correspondence Regarding Unlisted Securities
MINNEAPOLIS, MINN.
Liberal Advances made on Consignments
CHICAGO,
THOMAS E. WELLS
BENJAMIN S. WILSON
T. E. W E L L S & C O M P A N Y
COMMISSION MERCHANTS
GRAIN, PROVISIONS, STOCKS AND BONDS
s and
7 Board of Trade
NEW YORK, 401 Produce Exchange
MINNEAPOLIS OFFICE:
-
-
J. C. VERHOEFP, Manager
Telephone Harrison 1256
1011-1017 Royal Insurance Building,
CHICAGO
E. S. W O O D W ORTH & CO.
S H IP P IN G A N D
C O M M IS S IO N .
L. D. KNEELAND
ALLAN M. CLEMENT
Kneeland, Clement & Curtis
S T O C K S , B O N D S , G R A IN ,
P R O V I S IO N S , C O T T O N & C O FF E E
M inneapolis, D u lu th , M ilw aukee and C h ica go .
ORDERS FOR FUTURES EXECUTED IN ALL MARKETS.
E.
C
S. W o o d w o r t h ,
President.
G.
, Pres.
V-Pres.
a r d in g
D. L.
H. F.
l in t o n M o r r is o n
M it c h e l l ,
L. C.
P. H
,
W .
Vice-Pres.
R
D
Secy.
Treas.
and
Gen. Man.
Great Western
Elevator Company
M IN N EA P O L IS.
.
.
L. T . S O W L E
•
219 LA SALLE STREET, CHICAGO
S. W o o d w o r t h ,
Sec. a n d Treas.
aym ond,
o u g las,
M IN N ESO T A
& SONS
ESTABLISHED 1884
GRAIN, PROVISIONS, STOCKS and BONDS
113-114 New Chamber of Commerce, MINNEAPOLIS
( Ground Floor )
Members Chicago Board of Trade, Minneapolis Chamber of Commerce
ROOKERY BUILDING
MEMBERS; New York Stock Exchange; New York Coffee Exchange ; Chicago
Stock Exchange; Chicago Board ofTrade.
P R IV A T E W IR E S
i orrno FR
0MTHEworlds
i u Ll Uu goldengrain belt
I
i
f
J.
ROSENBAUM
JOHN F. L. CURTIS
FRANK R. McMULLlN
G rass S e e d , C lo v e r S e e d , Seed W h e a t,
S eed O ats, S e e d B a r le y , S e e d R y e ,
E t c ., V e g e ta b le S eed s, F lo w e r Seeds.
C a ta lo g u e free.
NORTHRUP, KING
&COMPANY
M IN N E A P O L IS , M IN N E S O T A
GRAIN
Trade Mark
COM PANY
(INCORPORATED)
GRAIN
MERCHANTS
ORDERS FOR FUTURE DELIVERY SOLICITED
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C H IC A G O
THE
Saturday, May 6, 1905
W. S. McLaughlin, Pres.
COMMERCIAL
A. B . Ellis, S ec’ y
AMERICAN
GRAIN
M c L A U G H L IN
&
-
-
CO.
E. S. WOODWORTH,
Vice-Pres.
R. P. WOODWORTH,
Sec. and Treas.
W o o d w o r t h El e v a t or
Company
M IN N .
E L L IS,
41
B, H. WOODWORTH,
President.
GRAIN COMMISSION
M IN N E A P O L IS
WEST
Winnipeg
M IN N E A P O L IS
-
M IN N E S O T A
FOR RESULTS
John H. Wrenn & Company
USE THE
T H E R O O K E R Y , 225 La Salle St.
“ W
C H IC A G O
STOCKS,
BONDS,
GRAIN,
COFFEE AND COTTON
.
a.
M cD o n a l d
d. a
. M cDo n a l d &
THE
.
su m n er
D
”
SALE”
OF
COMMERCIAL
WEST
G R A IN — P R O V IS IO N S
106-107-108-119 Rialto Building, C H I C A G O
M in neapolis, M inn.
C. A. MALMQUIST
E. L . WELCH
Gregory, Jennison & Company
E. L. W E LC H & C O .
M IN N E A P O L IS
G R A IN E L E V A T O R S
Storage Capacity: Terminal 1,300,000 Bu.
E
WRIGHT-BOGERT & CO.
co.
C O M M IS S IO N
8 0 6 -8 0 7 Cham ber of C om m erce,
T
COLUM N
e. w
G R A IN
N
and “ F O R
PROVISIONS
p r iv a t e W ires to N ew York and M inneapolis
d
A
GRAIN COMMISSION
1011 Chamber of Commerce
Country 500,000 Bu.
^M IN N EAPO LIS, MINN.
Pillsbury’s Best
“T he
National Flour
of
A m e rica ”
“ MADE
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Federal Reserve Bank of St. Louis
ON
HONOR”
THE
42
BANK LOANS AND CASH.
F ro m the co mplete statem ent of
the condition of the national banks of
the United States on M arch 14, 1905,
as reported to the 1 co m ptroller of
the curre ncy and co mpared w ith re
ports at correspondin g dates in pre
ce ding years, one can obtain some
facts from w hich he m a y be able to
form an idea as to the trend of the
m o n ey market. Inasm uch as the na
tional banks represent over 45 percent
of all the credit put out by all the
banks, trust companies and private
bankers of the country, and
hold
nearly 70 percent of all the cash, their
condition as reported to the con
troller constitutes a fairly accurate
test of the m o n ey situation, especial
ly as the national banks n ow specify
the amounts w hich they hold b e lo n g
ing to the trust companies.
T h e fo llo w in g is a statem ent of the
loans and discounts of the national
banks at correspondin g date in six
years, to ge th er with the y ea rly per
centages of increase:
L o a n s an d d iscou n ts—
*P. C.
A p ril 26, 1900...................$2,566,034,990 6.7
A p ril 24, 1901.................. 2,911,526,276 13.4
A p ril 30, 1902.................. 3,172,757,485 8.9
A p ril
9, 1903.................. 3.403,217,617 7.2
M arch 28, 1904.............. 3,544,998,559 4.2
M arch 14, 1905.............. 3.851,858,472 8.6
♦Percent o f increase fro m p reced in g
year.
A similar statem ent s h o w in g the
am ount of cash held (specie and legal
tenders) fo llo w s:
S pecie and legal ten d ers:
*P. C.
A p ril 26, 1900.................. $497,889,132
5.0
A p ril 24, 1901.................. 546,097,938
9.6
2.2
A p ril 30, 1902.................. 558,244,787
A p ril
9, 1903.................. 536.214,834 $4.1
M arch 28, 1904..............
617,815,584 15.2
M arch 14, 1904.............. 641,153,633
3.8
♦Percent o f increase fro m p reced in g
year.
fD ecrease.
O f the deposits in the national
banks the fo llo w in g are those due
trust companies and savings banks:
D ue tru st com p an ies and
sav in gs ba n k s—
*P- C.
A p ril 26, 1900.................. $154,904,858 ----A p ril 24, 1901.................. 241,900,371 56.4
A p ril 30. 1902.................. 266,616,374 10.0
A p ril
9, 1903.................. 253,622,374 $5.1
M arch 28, 1904.............. 333,254,128 31.6
M arch 14, 1905.............. 386,543,992 16.0
♦Percent o f in crease fro m preced ing
year.
fD ecrease.
T h e significance of these statistics
m a y be better appreciated b y co m
paring the y ea rly p ercentages of in
crease of loans and cash:
L oans.
P ercen t o f in crease:
1900 ..................................... . . 6.7
190Ì ................................ ». .. 13.4
1902 .................................... .. S. 9
1903 ................................... . . . 7.2
1904
.................................. . . 4.2
1905 .................................... . . 8.6
¡■Decrease.
Cash.
5.0
9.6
2.2
f 4 .1
15.2
3.8
T h is shows that a large increase in
specie and legal tenders in the banks
from 1900 to 1901 was accompanied
by a still greater percentage of in
crease in loans. T h e y ea r 1901 was
one of phenomenal stock speculation.
T h e n ext year it appeared that the
increase in specie and legal tenders
was only 2.2 against 9.6 in 1901, while
the increase in loans w as 8.9 against
13.4 in 1901. T h is led in 1903 to an
actual decline in cash, while the in
crease in loans w as 7.2. T h a t was a
y ea r of panic. T h e n the scales turned.
T h e figures of 1904 show ed a small
increase in loans against a big in
crease in cash. T h e notable feature
of the 1905 figures is a small increase
in cash against a large increase in
loans.
N o w compare 1905 with 1902:
In crease in :
1905.
L oa n s ..................................
8.6
Cash ...................................... 3.8
1902.
8.9
2.2
T h e percentage of specie and legal
tenders in the banks to their out
standing loans w as as fo llo w s:
P ercen t o f cash to loan s—
1900 ....................... ....... ' ............................
1901 .............................................................
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Federal Reserve Bank of St. Louis
19.4
18.7
1902
1903
1904
1905
COMMERCIAL
WEST
.............................................................
17.6
.............................................................. 15.7
.............................................................. 17.4
.................................................................. 16.6
T h e com ptroller in his statem ent
does not give the p ercentage of specie
and legal tenders to loans, but p re
sents a statem ent of the percentage
of re serve held (specie, legal tend
ers, redemption fund, and “ amount
available
with re serve
a g en ts ” )
against deposits, and this percentage
in the last four y ea rs
was as fo llo w s:
1902
1903
1904
1905
.............................................................
..............................................................
..............................................................
.............................................................
els, an a verage of 9.3 bushels per acre.
A b o u t 8,000,000 bushels are available
for export, of which 4,252,638 bush
els have already been shipped.
21.94
21 .6 8
21.12
21.54
T h is makes a more
satisfacto ry
s h o w in g than last year. T h e banking
situation, how ever, so far as is dis
closed b y this analysis is in a position
that points to interesting possibilities
in the future. T h e s w in g seems to
b e . a w a y from those conditions w hich
produced the lo ng continued and ab
normal ease in the loan market.
The W abash
layin g out the
Pittsburg, which
shore, B altim ore
point.
Saturday, May 6, 1905
has begun w o r k in
proposed line from
will reach t o 't h e sea
bein g the objective
ERIE RAILROAD
The most delightful scenery between
Chicago, Buffalo and New York.
trains
every morning,
Limited
afternoon
and
evening for Buffalo, New York, Albany
and Boston.
Finest Pullman sleeping cars
and
superb dining car service.
Stop-over without extra charge
T h e profit to the syndicate under
w riting the recent issues of $32,000,000 of A tc h is o n convertible bonds
was a little over 1.6 per cent net.
T h e season ’s w hea t yield for N e w
South W a l e s totals 16,462,680 bush
at
Cambridge Springs and Niagara Falls.
Booklet«, time-card», «to., furnished by H, B.
SMITH, Traveling Passenger Agent, St. Paul, or D. M.
BOWMAN, General Western Pass. Agent, Ohioago.
The
Busy Man’s Train
to Chicago
from the Twin Cities is the
Burlington’s “ Limited.” : : :
Leaves Minneapolis at 7:50 p.
m. and St. Paul at 8:40 p. m.,
arriving at Chicago Union
Station 9: a. m.
: Electric
lighted from end to end.
Smoking and Buffet car with
club convenience. Dining car
for breakfast.
Leaves on
time, arrives on time. Try it
once — you’ll use it always.
F. M RUGG, Northwestern Passenger Agt.
Germania Life Building, ST. PAUL.
THE
Saturday, May 6, 1905
COMMERCIAL
WEST
43
LOW RATE
ONE-WAY COLONIST TICKETS
NORTHERN PACIFIC
O n 8 a l e a t a ll R . R. T i c k e t O f f i c e s
M ARCH
1 TO M AY 15
•?
TO
M O N TA N A
IDAHO
ORECON
W A S H IN G TO N
Regarding Rates and Train Service write to
A. M . C L E L A N D , G. P. A.
For Information and Maps write to
C . W . M O T T , G . E. A.
S T . P A U L , M IN N
S T . P A U L , M INN .
3>l. L U U I5
CHICAGO
T H E SHORT LINE
TO OMAHA,DES MOINES
AND KANSAS CITY
J. G. RICKEL, C. T . A.
424 Nicollet Avenue,
MINNEAPOLIS, - MINN.
.
THE COMMERCIAL WEST is the leading coipmercial and financial paper of the Northwest, and every
Banker, Grain Merchant and Business Man should be
a subscriber. It’s reliable and up-to-date.
1
f c g * .......... -
A Business Opportunity
along every foot of the
6,000 Miles of Track
operated by the
GREAT
on
th e
North=W estern
Lim ited
M i n n e a p o l i s , S t. P a u l
T o C h ic a g o
The entire line Twin Cities to Chicago protected by
the block signal system; the best device known for
the safe handling of trains
A train complete in every detail.
O F F IC E S :
Minneapolis, 600 Nicollet Avenue
St. Paul, 396 Robert Street (Ryan Hotel)
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Federal Reserve Bank of St. Louis
NORTHERN
RAILWAY
“The Comfortable Way”
$ 25.00
To the Pacific Coast
and correspondingly low rates to
other points in the Northwest.
Send two cents for booklet “ Busi
ness Openings Along the Great
Northern Railway’ ’ to
C.
E. STONE,
Passenger Traffic Manager,
Dept. X
St. Paul, Minn.,
and for detailed information and rates address
as above or any representative of the Great
Northern Railway.
THE
44
COMMERCIAL
W e give special attention to out-of-tow n in
vestm ents and speculative accou n ts. Our
private w ires and our con n ection s with all
the principal exch a n ges enable us to give
prompt and accurate service. C orresp on
den ce invited.
-:-:-:-:-
E S T A B L I S H E D 1855
GRAIN COMMISSION
AND
DULUTH
S O LIC IT O R D E R S A N D C O N S IG N M E N T S
E A S T E R N AN D M ILL S H IP M E N T S
W R IT E FOR S A M P L E S
“ ou r
P R IV A T E M A R K E T L E T T E R
m a ile d
u p o n
Saturday, May 6, 1905
James Doran & Company
H. POEHLER CO.
M IN N EA PO LIS
WEST
GERMAN-AMERICAN BANK BUILDING
ST. P A U L ,
REQUEST”
-
-
M IN N E S O T A
HOI T GRAI N COMPANY
IRWIN, G R E E N
RECEIVERS AND SHIPPERS
OATS, BARLEY, CORN
Market Letters Mailed on Application
CORRESPONDENCE AND BUSINESS SOLICITED
1012 Chamber of Commerce
& CO.
GRAIN-PRO VISIONS-STOCKS-BONDS
1 2 8 -1 3 1 Rialto Building
MINNEAPOLIS
CERESOTA
NOT ONLY
(THE
KNOWN BY THE TWO UNI QUE FI GURES
JAPANESE
f o o d
, -e in e t h e
IDENTIFIED
SCROLL,MEANING
b o y
c u t t i n g
WI TH T H I S
BRAND
of
a
GOD-GIVEN
l o a f
VERY
o f
b r e a d
)
POPULAR
FLOUR
BUT BY T H O U S A N D S UPON T H O U S A N D S
WHO USE IT DAI LY, AND IN TH I S WAY T EST I FY
TO ITS R E L I A B I L I T Y AN D ECONOMY.
SEND
JAPANESE
INSIDE
POSTAL
FOR
ILLUSTRATED
BOOKLET
C ORRESP ONDENCE I NVI TED
SCROLL
the
inimitable
ADDRESS
RING
BOV
THE NORTHWESTERN CONSOLIDATED MILLING CO.
M I N N E A P O L I S , MINN.
M A N U F A C T U R E R S
“ Eternal vigilance is the price of liberty.”
It is also the source of profit to every man
who makes a business of feeding stock for the market.
C O M B IN A T IO N S , C O M P E T IT IO N
and R IV A L R Y are the three forces that
inspire
ENERGY,
INDUSTRY
and
has declined.
Brace up— improve your
methods, and don’t be a “ has-been.”
The most highly concentrated food on
earth is O L D P R O C E S S G R O U N D
IN D E P E N D E N C E .
Don’t lose heart and don’t be forced out
LIN SE ED C A K E (oil meal). It is cheaper
of business because the price of fat stock
than corn, oats, bran, or any other kind of feed
GROUND LINSEED CAKE IS
A FAT-FORMER— A FLESH-PRODUCER— A HEALTH-GIVER
A TIME-SAVER— A MONEY-MAKER.
The prize cattle at the late Chicago Stock Show were fed Linseed
Meal made by our Company.
Write for prices. Send us your address and we will mail you our
book giving “ up-to-date” methods for feeding stock.
AMERICAN LINSEED COMPANY
M IN N E A PO LIS, M INN.
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Federal Reserve Bank of St. Louis
@FedFRASER