Full text of Commercial West : September 12, 1903, Vol. V, No. 37
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WESTERN INVESTMENTS,MANUFACTURING. MILLING AND GRAIN.
THE SOUTHWEST.
THE CENTRAL-PACIFIC WEST.
THE NORTHWEST.
Vol. V.
SATURDAY, SEPTEH BER 12, 1903
CAPITAL, ONE HILLION DOLLARS, SURPLUS ONE HILLION DOLLARS,
O F FIC E R S:
D IR E CT O R S:
B y k o n L . S m it h , - President
F . L . H a h k b y , - V ice-President
G e o r g e F . O r d e , - - - C ashier
T h o m as C. K in g , - A ss ’t C ashier
S olom on A. S m it h , A s s ’t Cashier
A r t h u r H e u r t l e y , - Secretary
H . O. E d m o n d s , - A ss't Secretary
H . II . R o c k w e l l , A ss ’t Secretary
E . C. J a r v i s , .......................A uditor
The
Rookery,
A . C. B ar tlett,
C. L . H u t c h in s o n ,
J. H a r ley ^ B r a d l r y ,
M a r t in H u g h it t ,
W il l ia m A. F u l l e r ,
A l b e r t A. S p r a g u e ,
M a r t i n A. R y e r s o n ,
H. N . H ig in b o t h a m ,
B y r o n L . S m it h .
The Northern Trust
C O M P A N Y ■J 5 aV
\ K
' M H CAO O
c
BANKINQ, SAVINGS, FOREIGN, AND TRUST DEPARTMENTS.
THE
MINNESOTA
LOAN & TRUST
COMPANY
313 N icollet A ven u e,
No. 37
M IN N E A PO LIS
CAPITAL (Fully Paid)
- $ 500,000.00
SURPLUS and Und’ved Profits, 1 3 0 ,0 0 0 .0 0
DEPOSITS,
..
...
1,215,108.10
This Company allows interest on
Deposits as follows:
THE
Chas. E. Lew is 4 Co.
National City
Bank,
M IN N E A P O L IS .
412 to 415 Cham ber of Com m erce,
P riv a te W ire s .
2
New York and Chicago Correspondents:
H a n is, Gates & Co.
3^2 °k on Twelve Months Certificate of Deposit
D IR E C T O R S :
J. E. B e l l ,
F . M. P r i n c e ,
F . A. C h a m b e r l a in ,
George H uhn,
L .S . G il l e t t e ,
E. P. W e l l e s ,
E. A. Me r r il l ,
John P. Hollingshead & Co.
O F N EW YO RK .
BAN K ER S.
Commercial Paper
F. W. L ym an ,
Capital Fully Paid, $25,000,000
Shareholders Liability,
$25.000.000
Sur. & Undivided Profits,
$15,88,394
F. G. W in s t o n ,
M. B. K o o n ,
A r t h u r M. K e i t h .
S. S. C a r g i l l ,
H. L . M o o r e ,
W . A. D u r s t ,
J . M. M a r t i n ,
F . B. S e m p l e ,
B artlett, Frazier & Carrington
rtembers of all Principal Exchanges.
Va i on Monthly Balance, subject to check.
Interest Begins on Day of Deposit.
T e l e p h o n e M 1568
G R A IN , P R O V IS IO N S ,
STO CK S, BONDS.
2 ?ion Daily Balance, subject to check.
3 # on Six Months Certificate of Deposit.
H IC A G O
W . G. H E A T H , M g r . , 202 L a S a lle S t .
New Yoik. 5 Nassau St.
C H IC A G O .
S q u ir e & L u k e n
F o rm e rly w ith N o rto n & S w itze r.
We Solicit Your Account
243-244 Rialto
Building
CHICAGO.
Grain and Provisions b o u g h t an d so ld on com m is
sion fo r F u tu r e D e liv e ry .
A cco u n ts s o lic ite d
W . R C ray .
>
PR IVA TE W IRES.
I. G . A N D R E W S
MINNEAPOLIS
Grain, Stocks, Bonds and
Provisions
M EM BER:
C h ica g o B o a rd of T ra d e
M in n e a p o lis C h a m b e r of C o m m erce
M ilw a u k e e C h a m b e r of C o m m erce
131 GUARANTY BUILDING
7
Fyer sz T o i e a n s m
L & C O .! BANKERS
H IG H G R A D I
R A I L R jO A D
D O N I) 5 / "
CONSERVATIVE
IN V E S T M E N T
2 2 0 L A S A L L E S T .,
C H I C A G O
--------
THE NATIONAL PARK
O F F IC E R S :
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BONDS,
S t o c k s , G r a in , P r o v is io n s
«•■ »t«» {s
i s
a
s
r
PIONEER PREIS RUILDINO,
ST. PAUL
WAITER COMSTOCK
GRAIN AND
PROVISIONS
3 Board of Trade,
CHICAGO.
BANK OF NEW YORK.
CAPITAL AND S U R P L U S $ 9 , 5 0 0 , 0 0 0
RICHARD DELAFIELD, President
STUYVESANT FISH, Vice-Pres.
GEO. S. HICKOK, Cashier.
ALBERT H. WIGGIN, Vice-Pres.
EDWARD J. BALDWIN, Ass’t Cashier.
GILBERT G. THORNE, Vice-Pres. W. 0. JONES, Ass’t Cashier.
J. G. VAN CLEAF, Ass’ t Cashier.
FRED’K 0. FOXCROFT, Ass’t Cashier.
W. A. MAIN, Ass’t Cashier.
CHAS. H. F. SMITH & CO.
JOSEPH T. MOORE,
STUYVESANT FISH,
GEORGE S- HART,
CHARLES SCRIBNER.
EDWARD C. HOYT,
W. ROCKHILL POTTS,
(o
D IR E C T O R S :
r g a n
AUGUST BELMONT,
RICHARD DELAFIELD.
FRANCIS R. APPLETON,
JOHN JACOB ASTOR,
GEORGE S. HICKOK,
GEORGE FREDERICK VIETOR,
.z
e d
is s e .i
ALBERT H. WIGGIN,
CORNELIUS VANDERBILT,
ISAAC GUGGENHEIM.
JOHN E. BORNE.
THE COMMERCIAL WEST.
2
THE CONTINENTAL NATIONAL BANK
O
C
II
I C
A
G
Saturday, September 12, 1903.
Harrison & Smith Co*
O .
P rinters, L ithograph ers, Blank
C a p i t a l .......................................................... $3,000,000
S u rp lu s and Undivided P ro fits
-
-
Book M anufacturers, Elevator
1,250,000
B lanks and Bank S u pplies to
order.
Solicits Accounts, Assuring Liberal Accommodations and Courteous Treatment
A GENERAL FOREIGN EXCHANGE BUSINESS TRANSACTED
Travelers’ Circular Letters of Credit issued Available in all parts of the World
JOHN C. BLACK, President.
GEORGE M. REYNOLDS, Vice Pres.
N. E. BA RKER, Vice-Pres.
IRA P. BOWEN, Asst. Cash.
BENJ. S. M AYER, Asst. Cash.
WM. G. SCHRODER, Asst. Cash.
E stim ates
C heerfully
furnished.
6 2 4 -^ 2 6 -6 2 8
South
4th
S t r o o t,
HERMAN W ALDECK, Asst. Cash.
JOHN M c C a r t h y , Asst. Cash.
MINNEAPOLIS.
CENTRAL TRUST COMPANY
Billon=Crandall=McGeary
OF 5LLINOIS
Bond and Stock Company,
421 Olive Street,
O i l I c .v g o
Capital,
OFFICERS:
$ 4 , 000 ,000 .
-
Surplus,
-
C h arles G . D aw es, P resid en t; Irvin g O sborne, V ice -P re si
dent; A. U h rlau b, V ice-P resid en t; W illiam R . D aw es, Cashier.;
Sk in n er, A ssistan t C a sh ier,
Officer;
M alcolm
BONDS
$ 1, 0 00 ,000 .
. -
M cD ow ell,
L . D.
L a w ren ce O. M urray, S ecreta ry and T ru st
A ssistan t Secretary;
M ax P am , G en eral
AND
-
-
STOCKS
-
St. Louis, Mo.
NEGOTIATED.
UNION NATIONAL BANK
OF GRAND FORKS, N. D.
C ou n sel.
DIRECTORS:
A . J. E a rlin g ,
M ax P a m ,
Charles T . B o yn to n , P.
V a le n tin e, F ra n k O. Lo w den, H arry R u b en s,
R . L y o n , A lexa n d er H. R e v e ll, C h arles G . D aw es.
BANKING, SAVINGS AND TRUST DEPARTMENTS.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A.
C a p it a l,
-
$ 1 0 0 ,0 0 0 .0 0 .
G raem e Stew art, T h o m a s
D av id H . B eech er, P re s.
C h as. F . Sim s, V ice-P res.
Send us your North Dakota Items.
Sid n ey C la rk e , C ash
Prompt Service Assured.
T H E C O M M E R C IA L W EST.
Saturday, Septem ber 12, 1903.
3
The Commercial National Bank
<>1'
C H IC A G O .
E S T A B L IS H E D
CAPITAL,
$ 2 ,0 0 0 ,0 0 0
RESOURCES.
L o a n s a n d d is c o u n t s .......................................................
O v e r d r a fts ..............................................................................
R e a l e s t a t e ............................................................................
U . S. b o n d s a t p a r ..............................................................
O th er b o n d s a n d s t o c k s ...................................................
D u e fr o m U . S. tr e a s u r e r ...............................................
C a sh a n d d u e fr o m o th e r b a n k s ...............................
$20,024,232.06
1,210.27
104,067.61
500,000.00
1,567,497.16
25,000.00
11,492,462.72
T o ta l .....................................................................................
$33,714,469.82
1864.
Surplus and Undivided Profits, $1,500,000
LIA BILITIES.
C a p ita l s to c k p a id i n .........................................................
S u rp lu s fu n d ........................................................................
U n d iv id e d p r o fits .................................................................
N a tio n a l b a n k n o t e s o u t s t a n d in g .................................
D e p o s its ...................................................................................
$2,000,000.00
1,000,000.00
562,926.53
500,000.00
29,651,543.29
T o ta l ....................................................................................
$33,714,469.82
O F F IC E R S : J a m e s H . E c k e ls , P r e s id e n t; J o h n C. M cK eo n , V ic e - P r e s id e n t; D a v id V e rn o n , S e c o n d V ic e - P r e s id e n t; J o se p h
T. T a lb e r t, C a sh ie r ; N . R . L o sc h , A s s is t a n t C a sh ie r; H . C. V e rn o n , A s s is t a n t C a sh ie r; G. B . S m ith , A s s is t a n t C a sh ie r; H . E . S m ith
A u d ito r .
F O R E IG N D E P A R T M E N T : M. K r e ll, M a n a g e r.
D IR E C T O R S : F r a n k lin M a c V e a g h , o f M essrs. F r a n k lin M a c V e a g h & C o.; J e s s e S p a ld in g , P r e s id e n t S p a ld in g L u m b er C o.;
R o b e r t T . L in c o ln , P r e s id e n t The P u llm a n C o.; W illia m J. C h a lm er s, T r e a s u r e r T h e A llis -C h a lm e r s C o.;
B . H . G ary, C h a ir m a n
U n ite d S t a t e s S t e e l C o r p o r a tio n ; P a u l M o rto n , V ic e - P r e s id e n t A tc h is o n , T o p e k a & S a n ta F e R y. C o.; D a r iu s M iller, F ir s t V ic e -P r e s
id e n t C h ic a g o , B u r lin g to n & Q u in c y R y . C o.; J o h n C. M cK eo n , V ic e - P r e s id e n t; J a m e s H . E c k e ls , P r e s id e n t.
©ielnftrimit (Tnt5i> ^ arilti;slan k Savings Accounts ReceivedbyMail
3 PER CENT INTEREST ALLOWED
C A P IT A L
S U R P L U S A N D P R O F IT S
< 2 ,0 0 0 ,0 0 0
$ 1 ,0 0 0 ,0 0 0
Geo. Q. E rskine, President
W m. Anglim, V ice-President
J. W . W heeler, Cashier
C A N A D IA N B A N K O F C O M M E R C E
First National Bank
Head Office, TORONTO
C R O O K S T O N , MINN.
Capital Paid Up, $8 ,soo,ooo
C a p i t a l . ............................................................ $ 7 5 , 0 0 0
S u r p l u s a n d U n d i v i d e d Profits 42,000
W e negotiate Farm M ortgages
Surplus, $3,000,000
B R A N C H E S at Dawson, W hite Horse, Skagway and Atlin.
tional facilities for handling the business of those districts.
E xcep
CROOKSTON LUMBER CO.
M IL L S AT
S h i p m e n t s on
b e m id ji , s t . h il a ir e
Crookstoii, Minn.
CROOKSTON.
Northern Pacific and
Great Northern R js.
C. A. SM ITH LUMBER CO.
H a n u factu re rs and Dealers in
L U M B E R , L A T H , S H IN G L E S .
O F F IC E :
M IL L YARDS,
4 4 t h A V E . , N . a nd L Y N D A L E ,
L LAMB, President.
MINNEAPOLIS, MINNESOTA.
C. R. LAMB, Secretary and Treasurer.
C. F. ALOEN, President.
L. LAMB LUMBER CO
Operating Retail Yards,
General Office:
Andrus Building,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M INNEAPO LIS
T H E C O M M E R C IA L W EST.
4
Capital, $1,500,000
Surplus and Profits, $850,000
First National Bank
O FFICERS
F . G. B I G E L O W , P r e s i d e n t ,
W m . B I G E L O W , V i c e -P r e s i d e n t .
F R A N K J. K IP P , C a s h ie e .
T. E. CA M P, A s s t . C a s h ie e .
H . G. G O L L , A s s t . C a s h i e e .
MILWAUKEE, WIS.
G E R M A N I A
Established 1893
Capital $50,000
Surplus and Undivided Profits $8,000
O. E . N a egele, P res.
Jno. C . O sw ald, is t V -P res.
L . P a u lle, 2d V -P res.
D ire c to rs— H . J. D ah n , E . W . N a egele, C. G . L a yb o u rn , H, V o g t, Jos.
In ge n h u tt.
Transacts a General and Safe Banking Business.
JOHN H. WRENN & CO .
225 La Salle Street,
C H I C A G O .
Stocks, Bonds, Grain, Provisions,
Coffee, Cotton.
PRIVATE WIRES TO NEW YORK AND M INNEAPOLIS,
T H E CHASE N A T I O N A L BANK
OF THE CITY OF NEW YORK
Capital,
Surplus and Profits (Earned)
H. W . C a n n o n , P resid en t
E . J. S t a l k e r , C a sh ier
S. H. M i l l e r , A sst. C a sh ier
$1,000,000
3 ,4 0 0 ,0 0 0
A. B. H e p b u r n , V ice-P re sid e n t,
C. C. S l a d e , A sst. C ash ier
H. K . T w i t c h e l l , A sst. C ash ier
D esig n ated D ep o sito ry of the U n ited States, the S tate of New Y o r k and
the C ity of N ew Y o rk . T ra n sa c ts a G en eral B an kin g B u sin ess.
A ccoun ts of B a n ks and B an kers received on favorab le term s. B u y and
sell U n ited States B on d s and m ake tran sfers and ex ch an ges of B o n d s in
W a sh in gto n w ithout ch arge for services.
C h arle s H a th a w a y & Co.
D ealers in
COMMERCIAL
CH A RLES W . FO LDS,
R epresentative.
-
-
PAPER,
205 L aSalle Street,
-
-
CHICAGO.
N E W Y O R K O F F IC E ,
45 W a l l S t r e e t
B O S T O N O F F I C E , ...................................................53 S ta te S t r e e t
Minnesota Title Ins. & Trust Co.
M IN N E A PO L IS, MINN.
Capital, $250,000
Guaranty Fund, $100,000
T h e o ld e s t T it le and T ru s t C o m p a n y w e s t of P h ila d e lp h ia .
Deposits, Loans, Trusts, Abstracts, Title & Fire Insurance.
J. U. B arn es, P rest.
W a lla ce C am pbell, V ice Prest.
C . J . T ryo n , T ru st Officer.
H. A . B arn es, 2nd Y ice-P rest.
W. S. Jen kin s, Secy. & T reas.
The Swedish-American National Bank,
M in n e a p o lis .
N 0. W ERNER,
C." S. H ULBERT,
-
President.
Vice-Pres.
F. A. SMITH.
Cashier.
E. L. MATTSON,
- Asst-Cashier.
Capital,
$250,000
Surplus and Undivided Profits, 90,000
Deposits,
=
2,708,000
F o r e ig n
•E x c h a n g e
B o u g h t
J e s s e D . B o n e , M. E ., F ie ld M an ager.
a n d
S o ld .
I r a H . C a s e , Presid en t.
MINES AND MINING PROPERTIES
bough t, sold and d evelo p ed . E x am in a tio n s and expert rep orts a
sp ec ia lty , cap ital in vested th rough us go es into the d evelopm en t
of p roperties under our m an agem en t.
C o rrespo n d en ce so licited .
CASE INVESTMENT COMPANY, 5° V U emT ^ I hldg
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
United States Depository
DIRECTO RS
E. M A R IN E R ,
F . G. B I G E L O W ,
C. F . P F I S T E R
H. C . P A Y N E ,
GEO. P. M IL L E R ,
F R E D . T. G O L L ,
WM. B IG E L O W ,
F. VO GEL, J e .
J. H . V A N D Y K E , J e .
BANK CLEARINGS.
B A N K
B r a d s tr e e t’s.
MINTKEAPOLIS
THE ROOKERY,
Saturday, Septem ber 12, 1903.
W e e k en d in g
S ept. 3, 1903.
N ew Y o rk ..............
$931,217,749
C hicago ................ , ......................................
157,862,011
103,817,328
B o sto n ...........................................................
P h ila d e lp h ia ...............................................
100,924,249
St., L o u is ..............
46,574,489
P itts b u r g h ...................................................
38,438,402
S an F ra n c isc o ...........................................
32,309,096
B altim ftce ............................
19,387,511
18,978,700
C in c in n a ti .............................
K a n s a s , C ity ......................
19,586,993
C lev elan d .............. ..................v..................
15,244,197
M in n e ap o lis ............................
10,540,267
N ew O rlean s .. ............................................
9,806,921
D e tro it .........................................................
9,054,941
L o u isv ille .....................................................
9,210,578
6,663,068
O m a h a .....................................
M ilw au k ee ........ ..............^
7,126,289
P ro v id e n c e ......................
5,358,600
B u ffalo .........................................................
6,142,588
St. P a u l ....................................
4,618,407
In d ia n a p o lis .........................................
5,428,875
L os A n g eles
............ . . . ............
5,590,180
St. Jo s e p h ....................
4,347,853
D e n v e r ...........................................................
5,055,232
S e a ttle ............................
3,905,575
P o rtla n d , O r e . . . . ......................................
2,824,585
P e o r ia ...........................................................
2,990,276
1,689,318
D es M oines .................................................
S p o k an e .......................................................
1,852,776
990,214
S ioux C ity ..................................
T a c o m a .........................................
1,742,894
T o p e k a ............ ........................................... ' 1,468,296
D a v e n p o rt ........................
827,866
S pringfield, 111.............................................
*624,170
W ic h ita ........................................................
494,374
H e le n a ...........................................................
708,961
F a rg o , N. D .................................................
395,114
R o ckford, 111.................................................
331,382
B lo o m in g to n , 111.........................................
353,394
Q uincy ..............
369,144
S ioux F a lls, S. D .......................................
176,904
Ja c k so n v ille , 111...........................................
240,933
F re m o n t, N e b ...............................................
228,389
260,202
D e c a tu r, 111.........................
T o ta ls, U n ite d S t a t e s .........................$1,659,249,322
T o ta l, o u tsid e N ew Y o r k .......................
728,031,573
D O M IN IO N O F CA N ADA.
M o n tre a l .........
$19,012,748
T o ro n to .........................................................
13,910,875
W in n ip e g ..............................
4,020,493
H a lifa x .........................................................
2,301,507
O tta w a .........................................................
1,903,991
V an co u v e r, B. C .........................................
1,342,373
Q uebec .........................................................
1,653,271
H a m ilto n ..................................
1,007,028
St. Jo h n , N. B .............................................
1,101,171
V ic to ria , B. C ........ ............................................... 493,596
L ondon, O n t. ................................................
769,782
T o ta ls
.....................................................
$46,747,053
C o m p ared w ith
S ept. 4, 1902.
D ec.
Inc.
p. c.
p. c.
24.5
20! 9
9.2
13.7
24.4
16.9
26.8
"2À
Ì2 .3
23.6
2.7
ii
12.1
14.7
23.1
20.1
7.1
20.3
11.1
28.1
42.2
38.’8
12.0
6.4
25.4
3Ô! 7
24’.5
26.9
’ÒÌ3
ii ! 7
is! è
12.8
’ ÜÓ
50.6
8.5
13.7
30.7
1.9
53.0
10.5
54.0
Ü !6
'Ï.8
¿Ü
11.2
6.7
16.6
56.0
12.9
33.9
31.8
43.0
43.9
35.4
4.7
-----
N ew N orthw estern Patents.
T h e fo llo w in g patents w ere issued last w eek to M inne
sota and D a ko ta inventors, as reported b y W illia m son &
Merchant, patent attorneys, 925-933 Guaranty building,
M in n e ap o lis:
J. A. B ystrom , Carlton, Minn., tie-plate and rail brace.
D. D o n ag h y , Duluth, Minn., position g o v ern in g means
for load retaining stakes.
Martin Erickson, Galesburg, N. D., traveling thresher.
G. J. Grabowenski, Mankato, Minn., dehorner.
C. N. M cL au ghlin , W in o na, Minn., grindin g mill.
I. L. Morris, Mollette, S. D., machine for aerial n avi
gation.
‘
C. L. P eterson and M. O. T ho m p son , Sioux Falls, S.
D., twine-holder.
H e n r y G. Roth, M in n e a p o lis ,. tw o patents, detachable
cover for bo xes and box-counter.
G eo rge Rupley,' Duluth, Minn., vending machine.
Jesse D. V a n Vleet, Larim ore. N. D., combined vest
and shirt.
H e n r y J. W e s sin g e r, Duluth, engine-valve mechanism.
D etroit and Back $ 12.00.
T h e A nnual F all Excursio n s to Detroit, Mich., will
leave. Duluth Septem ber 13th and 18th, via the Duluth,
South Shore & A tla n tic Ry., co nnecting at St. Ig n a ce with
the palatial steamers of the D e tro it & Cleveland N a v i g a
tion Co.
D etro it and return, $12.00; Buffalo and return, $14.00;
return limit O cto b e r n t h .
F o r sleeping car and state
room reservation please w rite or apply to,
M a rt A dson , General A g e n t. _
426 Spalding Hotfel Block, Duluth, Minn.
Saturday, Septem ber 12, 1903.
T H E CO M M ERCIAL W EST.
5
1 1 ^-r e f r e q u e n t . T h e p o r c h c l i m b e r is a le r t .
ee
$ 2 . 5 0 R e n t s a P r iv a t e S a f e o n e y e a r
U U I g lc tl
Where your Diamonds and all Valuables are beyond his reach.
G U A R A N T Y S A F E D E P O S IT V A U L T S ,
B a s e m e n t G u a r a n t y B u ild in g , M in n e a p o lis .
A “C rook” W ith a Record.
Pacific N orth w est W heat Trade.
(S p e cial C o rresp o n d en c e to T h e C o m m ercial W e s t.)
N e w crop w heat is m o vin g slo w ly this way, but it will
be well into September before there will be anything
like a free movement. Farm ers have sold some wheat, al
though bids are above the true mark et value. M ost of the
demand is from millers, w hose wants have not yet been
entirely supplied.
In U m atilla County, where harvest
ing is almost finished, some go o d sales have been made
during the week. T h e same will occur in other sections
as soon as harvest is further advanced. A b o u t two-thirds
of the crop is cut and only one-third threshed. Farm ers
p ayin g more attention to farm w o r k than to selling. Crop
reports to hand indicate that the crop shows a shortage
of 25 per cent from one year ago. Prices paid in the in
terior ought to be satisfactory to the g r o w e r and there is
no doubt that most of them will let go at present prices,
fearin g that a reaction will set in and that m any have lost
an opportunity to sell at the prices n ow quoted, that is,
club w heat 80c to 83c, blue stem 83c to 85c and valley
83c per bushel.— Commercial Review, Portland.
Milwaukee, Sept. 8.— T h e sneak thief w h o succeeded
in “ lifting” a $500 p ackage of bills from the teller’s cage
of the Germania bank, this city, recently, but w as caught,
appears to be a professional crook with a record. H e is
kn ow n to the detectives as Phillip Bailey. H e will be
charged with “ larceny, armed with a da ngerous w eapon;
second offense.” T h e punishment for the crime is not less
than ten years nor more than tw e n ty years in the state
penitentiary.
Ba iley takes his capture philosophically,
though he has. ceased his attempts to conceal the fact
that he is an experienced “ croo k .’
It has developed that in A u g u s t Bailey and his acco m
plice robbed banks at K a n sa s City and other cities b y the
“ telephone m ethod.” Officials from the cities will come
to M ilw aukee to appear against Ba iley during his trial.
D e tective James Drisco ll of Ch icago, w h o w as in M ilw au
kee, identified Ba iley as a bank robber.
F o r over an hour one day last week, Bailey was clos
eted w ith Inspector O tto Riem er and Chief Janssen at the
central station. D etectives L ouis W allerm an , H e n r y P e ck
and T h o m p s o n Mulholland, w h o assisted in the arrest,
were also called to the room at different times. A n at
tem pt w as made to “break him”— make him confess to
other crimes and to give a w a y his accomplices. Bailey
bore the cross questioning calmly, only once responding
to the attempts of the officials to w orm incriminating
statements from him.
“ Y o u ’re a nice crook, you are,” one of the detectives
said. “Just because y o u ’re a bad man in Chicago you
tho ug ht you could come here and do as you pleased with
us.”
B a iley flared up instantly.
“ Y o u ’re a lot of cheap Dutch guys, tha t’s w hat you
are,” he cried finally. “ Y o u w ou ldn ’t recognize a go o d job
if you met it in the street. Just because you Dutc hmen
ca ught me here, it’s no sign I can’t do a go o d job. I have
be fore now, I ’ll tell you that.”
A ll attempts to ge t a further confession from him fell
flat.
“ I came from Ch icag o T u e s d a y ,” he repeated again
and again. “ M y name is G eo rge P. Johnson. I saw a
chance to get easy m a ney and took it. T h a t ’s all.”
B a iley insists that he is but 22 years old, but his state
ment is not believed. H e is k n o w n to have been asso
ciated with the notorious “ D iam ond L il ” of Chicago. T h e
w om an resided in M ilw auke tw e n ty years ago under the
name of Minnie May. B a iley passed for her husband after
her rem oval to Ch icago. H e is a youthful man in appear
ance. D ressed as he w as w hen arrested, in a n atty gr a y
suit and soft g r a y fedora hat, he would never be suspected
for the bold robber he is said to be.
T h e police are confident that Ba iley w as assisted b y an
accomplice in his attempt on the Germania bank. A man
Is kn ow n to have teleohoned from the T ria n g le saloon
near the Germania building, and the police have a de
scription of him. B a ile y ’s former robberies w ere always
committed with an accomplice, though the man has never
been captured.
P U G E T S O U N D SA L M O N PA C K .
Seattle, Sept. 8.— T h e fo llo w in g table gives the co r
rected figures for the P u g e t Sound salmon pack for 1903:
C ases.
10.000
3,500
1,200
250
16,375
25.100
7.000
3.500
7.000
4.500
5.000
6.500
500
42.897
6,250
T o t a l ...................................................................................................... 139,572
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C H IC A G O
C A P IT A L , $ 2 ,0 0 0 ,0 0 0
S U R P L U S , $ 7 0 0 ,0 0 0
John A . L y n c h , P resid en t
J. H. C am eron, C a sh ier
R . L . C ram p ton , A sst. C a sh ie r
T h o m a s J;
W . T . F e n to n , V ice-P resid en t
R . M. M cK in n e y , A sst. C a sh ier
W . F . D o d g e , 2d A sst. C a sh ie r.
1, A uditor
The Audit Company of Illinois
NEW YORK LIFE BUILDING
CHICAGO
Public Accountants and Auditors
O F F I C E R S : L . A . W a lto n , P resid en t ; F . W . L ittle , V ice-P resid en t; C .
D . O rgan , Secy, and T re a s ; C . W . K n is e ly , M anager.
D I R E C T O R S : A. G. B e c k e r, A . G . B e c k e r & C o., C h icago; F . W . L ittle
V ice-P resid en t P eo ria G as and E le c tric C o., Peoria; G . A . R y th e r,
C ash ier N ation al L iv e Stock B a n k , C h icago; J. R . W a lsh , P resid en t
C h icago N ation al B an k, C h icago; L . A . W a lto n , V ice-P res. E q u ita b le
T ru st C om p an y, C h icago.
A. C h i l b e r g . P resid en t.
A . H. S o e l b e r g , V ice-P res.
J. F . L a n e , C ashier.
G e o . R . F i s h e r , A sst. C a sh ie r
THE SCANDINAVIAN AMERICAN BANK
Capital Paid Up
Surplus
Deposits
=
SEATTLE,
=
$
300,000
150,00a
2,500,000
-
=
W ASH.
W IL L IA M S O N ô
(S p e cial C o rresp o n d en c e to T h e C o m m ercial W e s t.)
N o r th A m e ric a n F is h e rie s , A n a c o r te s .........................................
W h ite C re s t P a ck in g ' C om pany, A n a c o r te s ...............................
A p ex P a c k in g C o m p an y , A n a c o rte s,.............................................
R o sa rio S tr a its P a c k in g C om pany, A n a c o r te s ........................
F id a lg o Is la n d P a c k in g C om pany. A n a c o r te s ...........................
A la s k a P a c k e r s ’ A sso c ia tio n , B lain e, P o r t R o b e rts. A n a
c o rte s .....................................................................................................
,T. W . & V. Cook, B la in e .....................................................................
P acific N o r th w e s t P a c k in g C om pany, B la in e ...........................
G eorge & B a rk e r, P o r t R o b e r ts .....................................................
C a rlisle P a c k in g C om p any. L u m m i I s l a n d .................................
A s to ria & P u g e t S o u n d P a c k in g C om pany. F a i r h a v e n ........
M a n h a tta n P a c k in g C o m panv. P o r t A n g e le s ...........................
S ch em e P a c k in g C om p anv. F a i r h a v e n .........................................
P acific P a c k in g & N a v ig a tio n C om pany. F a irh a v e n . B lain e
P acific P a c k in g & N a v ig a tio n C om pany, F rid a y H a r b o r ...
T H E N A T IO N A L B A N K
OF TH E R E P U B L IC
ATTORNEYS
M ERCHANT
AT
LAW
P aten t and T r a d e M ark C a u s e s .
S o licito rs o f
U n ited States and F o r e ig n Pa ten ts
M ain Office:
929-935 G uaranty Bldg.
B ranch Office:
Room 52 M c G ill B ld g ., W ash ., D. C .
M IN N E A P O L IS , MINN.
COMPETENT HELP FURNISHED
C r e d it M e n , C a s h ie r s , S a le s m e n , B o o k k e e p e r s ,
S te n o g r a p h e r s , Y a r d M a n a g e r s , T im e k e e p e r s , e te .
Let us know your requirements, and save time and trouble
Correspondence Solicited
S.
A.
M ORAW ETZ
«3
COM PANY
4 0 7 K aso ta B ld g ., M in n e a p o lis
T H E CO M M ERCIAL W EST.
6
E L E C T R IC
R A IL W A Y S .
Sparta, W i s .— A n electric line is proposed between this
place and Melrose.
German V a lle y , la .— T iton ka business men have o r
ga nized to build an electric line from that place to A lgona.
Kenosha, W is .— T h e K e n o s h a E lectric R a ilw a y Co. will
build a line to connect W a u k e g a n and K e no sha next
spring.
Io w a City, la .— Smith & D o w s have been granted a
franchise to construct an electric railw ay in this city to
be operated in connection with a system of interurban
railway, a part of which shall be extended from Io w a City
to Cedar Rapids.
Carroll, la.— A n interurban electric railway to connect
Ca rroll and Manson, reaching R o ck w e ll City, L ak e City
and Lid derdale and the intersecting six steam railway
lines is proposed.
Madison, W i s .— T h e Ch icag o & N o rthw estern L akes
E lectric R a ilw a y Co., which proposes to build an electric
line from Chicago to K ilbourn City, filed articles of in
co rporation with the secretary of state today. T h e route
in W is co n s in is from a point on the state line in K e n o sh a
county, through Kenosha, W a lw o r t h , Jefferson, Dane and
Columbia counties. T h e capital stock is $50,000, in 500
shares of $100 each. T h e in corporators are A lexan der
Clark, Chicago, 496 shares; Charles S. M cllv ain , Samuel
M. Hamilton, Ch icag o ; F red Kull, E. P. W h ee ler, L ake
Geneva, one share each.
Mr. Vern on , W a s h .— T h e W h a t c o m -S k a g it Interurban
R a ilw a y Co. has been granted a franchise to lay tracks
and operate electric cars upon certain streets of this city.
T h e passage of this ordinance gives the com pan y all the
franchises it needs for its line, and it is expected that w o rk
will soon commence on its construction. T h e com pany
intends to build 72 miles of electric railw ay in W h a t c o m
and Sk agit counties, from Mt. Vern on north and through
the rich Samish farm ing country to Fairhaven, through
Fairhaven and W h a t c o m to Geneva, and to D e m in g over
the N ortheast D iagonal road. U n der the terms of the
franchise the co m p an y has about a year and a half in
which to complete the road.
N orth D akota Pure F ood Law W orking.
(S p e cial C o rresp o n d en c e to T h e C o m m ercial W e s t.)
Grand Forks, N. D., Sept. 7.— T. N. Clark, of Larimore,
arrested some time ago on a charg e of selling adulterated
foods in North Dakota, was again last w eek on a similar
charge. He has been employed by G eorge Meldrum &
Co., Chicago grocers, in selling goods direct to the con
sumers. In a car load of goods shipped to Larimore,
Commissioner Ladd secured a number of samples. One
was from a keg mark ed cider vinegar. A n analysis s h o w
ed that the cider was adulterated and that instead of be
ing cider vin egar it was made of acids. On this particular
charge C lark w as arrested several w eeks ago and w as ar
raigned before Judge M cL o ugh lin . A Ch icago re presen
tative of the co m p an y w as on hand at the hearing and
the claim was made that the cider w as guaranteed b y the
St. L ouis manufacturer to be cider vinegar, and in order
that depositions could be taken the case w as adjourned.
Since that time Mr. L a d d has made an analysis of the
V er m o n t maple sugar, “ absolutely pure,” and has found
that it is also adulterated, one-half being maple sugar and
the other cane sugar. T h e second complaint against Clark
will set forth the adulteration of the sugar as a basis for
a second action.
Several other articles were taken from the car, but at
present there is nothing known of the findings as to their
purity. Com m issioner L ad d is in the city to attend the
hearing. G. A. B a ng s has been retained by Mr. Clark and
G eorge Meldrum & Co., and S ta te ’s A tt o r n e y W inem an
will conduct the prosecution. T h is is the first arrest under
the new pure food law, which provides a fine of from $25
to $100 and the payments of all costs in connection with
the case, together with the cost of analysis, for each o f
fense.
Se veral other Ch icago firms are shipping goods to the
state in car load lots and the cars will all be inspected by
state officials before the shipments are delivered to the
several purchasers.
A Man with an A xe.
A c c o rd in g to C. F. Gannon, of the A m erican Bible Societv, w h o is lookin g after the affairs of that organization
in China, more than seventy native banks in P e k in g and
Tientsin have failed within the past few months._ Oriental
banking methods have evidently been relaxed since w e s t
ern civilization secured a foothold in the F l o w e r y K i n g
dom. F o rm e rly bankers w h o were unable to meet the de
mands of depositors paid the penalty with their heads.
T h is somewhat drastic punishment w as efficacious inas
much as it prevented the establishment of a chain of in
solvent institutions. “ O ne failure and out” w as the rule,
and legal restrictions relating to the_ investment of bank
funds were unnecessary. O ne man with an axe is w orth a
w hole corps of bank examiners.— Financial A ge .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, Septem ber 12, 1903.
W E ST E R N AUDIT CO.
W . B. BEND, M anager.
E D I N C O T T BUILDIN G,
ST . PAU L.
Semi-annual adjustment of business of Firms and Corporations made.
Bo ks written up.
Bank directors’ examinations made
Improved methods of accounting suggested.
Service confidential.
W. H. HORINE <S CO.
( I N C O R P O R A T E D .)
Com m ercial
Paper.
M em ber A m erican and Illin o is B a n k e rs ’ A ss ’n.
1 " 1 L a Salle .St reet,
O III C A( »O.
WM. H. HORINE, late National Bank Examiner.
A. J. WHIPPLE 6 CO .
Members Chicago Stock Exchange.
STOCK
BROKERS.
CHICAGO.
Private W ires to a ll Princepal Exchanges.
Main Flo o r
New York
Life Building.
Long Distance Telephone Central 1031.
Orders by wire In grain and stock Promptly Filled.
CAPITAL SECURED
For Purchase or Construction of Approved
Electric Railways or Power Plants.
L C. TWOMBLY,
Andrus Building, MINNEAPOLIS
W IN N IPE G ,
MAN.
CANADA
THE BANK OF OTTAWA
E sta b lish e d 1874
Capital Authorized, - $ 3 ,0 0 0 ,0 0 0
Capital Paid up, - 2 ,3 7 6 ,9 9 0
Surplus,
•
2,274.291
A GENERAL BANKING BUSINESS TRANSACTED
Interest Allowed on Deposits
FOREIGN EXCHANGE BOUGHT AND SOLD
St. Paul Agents:
MERCHANTS’ NATIONAL BANK
Illinois Trust and Savings Bank
L a Salle Street and Jackson B o u levard ,
C H IC A G O
Capital and Surplus,
-
-
$ 9 ,8 0 0 ,0 0 0
In terest allow ed on d eposits in B a n k in g and Savin g s d epartm en t.
B O N D S .— G o vern m en t, S tate, C o u n ty , C ity and choice railro ad bonds
bought and sold. F O R E I G N E X C H A N G E .— L e tte rs of C red it, D ra fts ,
P o sta l R em ittan ces and C a b le T ra n sfe rs.
TRUST DEPARTMENT
A cts as A dm in istrator. E x e cu to r, G uardian, C o n se rva t or, A ssign ee
R e c e iv e r, T ra n sfe r A ge n t and R e gistrar; m akes in vestm en ts and acts as
ag en t in the collection and disbu rsem en t of incom es. T ru s t funds and
tru st in vestm en ts are kep t sep a ra te from the assets of the bank.
Illinois Trust Safety Deposit Co.
Safety Deposit Vaults,
SNOQUALMIE FALLS AND WHITE RIVER POWER CO.
S E A T T L E -T A C O M A .
Supplies the Electric Power utilized by the Flour M ills. Street R a il
ways Interurban Railway. Smelter, Street and Domestic Lights and
the Industrial Motors of Seattle, Tacoma and intermediate towns.
Address
Chas. H. Baker, Pres, and Chief Engineer,
SEATTLE, WASH
Saturday, Septem ber 12, 1903.
TH E CO M M ER CIA L W EST.
T IC K E T S C A L P IN G A P U B L IC M E N A C E .
T h e ticket scalper is to the railroads w hat the bucket
shop is to the exch anges. Both the ticket scalper and the
bucket shop are parasites— that is, they exist only as they
can, illegitimately, draw some business a w a y from those
who, legitimately, produce the w hole business. T h e rail
roads and the exchanges of the coun try are producers—
they make business.
Scalpers and bucket shops thrive
off w hat they can steal from the producer.
It is possible for a ticket scalper or a bucket shop
man to be honest and doubtless there are honest men en
g a ge d in each. But the chances of profit are so great
when dishonest methods are followed , and opportunities
so many, that there is more to attract dishonest men to
these occupations than honest men. T h e re fo r e it is to a
m a n ’s discredit, as view ed from the legitimate, to be en
g a ge d in either.
A s the exch an ge s have opposed the buck et shops, so
have the railroads tried— in vain— to exterm inate the
scalpers. T h e fight is still go in g on; and, strange as it
m ay seem, the United States is the only country in the
w orld w here ticket scalping is countenanced by the g o v
ernment.
In a recent number of the R a ilw a y W o rld, E ben E.
Macleod, chairman of the W e s te r n Pa ssen ge r Association,
calls attention, in an article on “ T ick e t Scalping a Public
M enace," to the fraudulent practices of scalpers. Mr. Macleo d ’s article is given in part as follows:
“A n examination into the methods em ployed by the
scalpers discloses an appalling condition of affairs. T h e y
plug expired transit and final limits, descriptions of pas
sengers, punching new limits and descriptions to suit their
customers; they erase signatures of passengers and of w it
nessing ticket agents by the use of acids or knife, substi
tuting other names therefor; they alter names of stations
stamped on tickets, likewise dates of sale, with similar
means; they substitute coupons of one ticket for those of
another, fo rge entire tickets, issue co mplete lines of tickets
in the names of roads which have no existence, etc. A s
an instance of the extensive manipulation resorted to by
these parasites on the railroad business, attention is di
rected to the follow ing, which came under the w r it e r ’s
observation recently: In the year 1895 the J. and St. L.
R a ilw a y sold a ticket at Jacksonville, 111., to F ort W o r th ,
T e x a s, via its line to Litchfield, W a b a sh to St. Louis, Iron
Mountain to T ex a rka n a, and T e x a s and Pacific to F ort
W o r th .
In O ctober, 1902, over seven years later, this
ticket w as taken up on the A tc hison, T o p e k a and Santa
Fe R ailway, one coupon reading L o s A n g ele s to Chicago,
via that co mpany, and another, Ch icag o to Litchfield, via
the C. and A. and the third Litchfield to Reno, 111., on
the J. and St. L.; these coupons w ere ostensibly a part of
a circuit trip ticket, presum ably issued at Reno, 111., on the
J. and St. L., via Litchfield, to Chicago, to St. Paul, to
Portland, Ore., to San Francisc o, to L o s A ngeles, to Ch i
cago, to Litchfield, to Reno. T h e wholesale manipulation
n ecessa ry to accomplish this result i s ‘too apparent to need
further demonstration.
“ W ithin the last few years the railroads have believed
that a g a n g of ticket forgers and manipulators existed in
Chicago, and their efforts to run the matter down resulted
in the breaking up of the g a n g last fall, and the conviction
of a number of its members, chief a m o ng them being tick
et scalper Charles Allardt, w ho is now serving his sen
tence at Joliet, 111. T h e railroads w ere successful in hav
ing the man w ho did the actual ‘fixin g’ for the scalpers,
turn state’s evidence. T h is y o u n g man, w hose name is
Farnum, is undoubtedly the most expert ticket forger, or
‘fixer,’ in the country.
In giv in g his evidence in this
case, he demonstrated to w hat extent the railroads are at
the m e rcy of the ticket scalpers, b y manipulating before
the judg e and jury, (with the tools of his ‘trade’ which
w ere furnished him for the purpose,) n ew tickets in a
short space of time so successfully that only those accus
tomed to handling tickets constantly w ere able to detect
the changes. H e could tell at a glance to w hat extent the
ink used in w riting on the tickets, or the tint of the paper,
would lend itself to his treatment, and to w hat extent he
could safely alter the ticket. His testim ony was a revela
tion to ticket men generally, and it is to be hoped they will
profit b y his evidence and correct the styles of tickets
which, in the hands of men of his ability, or less than his
ability, are capable of being manipulated while the pur
chaser waits for the scalper to ‘send out to the railroad
office for the ticket.’
“ T h a t there are enormous profits to the scalpers in this
business cannot be gainsayed. F o r instance, the case of
Farnum, the ‘fixer.’ He never went into the scalp er’s
offices, nor w as he ever seen with them, but had quarters
on Clark street, near A lla r d t ’s office, to which admission
w as only gained upon the giv in g of a certain signal.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7
W h e n tickets were to be ‘fixed’ they w ere taken to F a r
num, and he did the work. T h is business yielded Farnum
an income of about $5,000 a year. If a man in his position
could secure such a large return, w hat must have been the
profits of those for w h o m he worked?
“ T ic k e t scalping is a public menace. It is based on
deception and dishonesty and cannot live otherwise. T o
those w h o purchase scalp ers’ tickets it is a constant edu
cation in crime, compelling them to lie, and cheat, and in
dulge in f o r g e r y constantly, to accomplish the use of the
tickets. W h e n it is reflected that on ordinary trips the
pecuniary gain to the user of scalp ers’ tickets is only from
$1 to $4, the moral cost is astonishing.
“ O w i n g to the extensive manipulation of tickets by
scalpers the railroads have been obliged to surround their
tickets with the most restrictive conditions possible, in o r
der to secure a modicum of protection. W i t h the scalpers
out of existence the railroads would be able to remove
these restrictions and do a w a y w ith w hat appears to m any
people to be m erely “ red tape,” but which are vital to the
protection of the revenue of the railroads. F o r large con
ventions held in various parts of the country at the present
time the railroads are required to use certain special e x
pedients in connection with their tickets, that would be un
necessary w ere the scalpers out o f the w ay, and would
possibly effect a lower basis of rates bein g made than at
the present time.”
M inneapolis Lumber B usiness.
T h e Mississippi V a ll e y Lum berm an says: Considering
the disagreeable w eather for building operations, it is not
surprising that the shipments of lumber from the M inne
apolis mark et during the month of A u g u st fell belo w those
of the co rrespondin g month of last year. O th er factors
no doubt also contribute to a falling off in trade, and not
the least of these was the unfavorable crop report. E s t i
mates made before harvest placed the w heat yield of Min
nesota and the D ako tas at a com p aratively low figure,
and the corn states to the south and southw est do not
promise nearly as large a crop as last year. In the face
of these difficulties it is, perhaps, remarkable that business
was as large as the figures of shipments show. H o w ev er,
it must be said that the s h o w in g is not v e r y gratifying, for
it is quite a little belo w the average for the past several
years. Y e t, w hen it is taken into consideration that a
number of large concerns have dropped out of the busi
ness in recent years the volume is not so small, after all.
Minneapolis is still the largest shipper of white pine
and promises to retain that position for m a ny years to
come. F o r the first six months of the year the record w as
p ractically the same as for the same period of 1902. Both
July and A ugu st, however, have show n a falling off. T h e
white pine men are not at all discouraged with the outlook,
however, and business for the remainder of the year
promises well. T h e r e are no evidences of w eakness in
the market. In fact there has been some stiffening in
prices with the advent of the fall, and though crops will
not be large, they will be of sufficient size to w arrant a
large demand for lumber during the fall and spring. T h e
prosperity of the n orthw est does not depend as much on
the w hea t and corn crops as it once did. T h e farmers
are raising more stock and less grain and stock brings just
as good returns. T h e receipts of lumber for the month
w ere also smaller than for the correspondin g month of
1902, partly b y reason of the fact that the Minneapolis as
sortment is better, and partly because there are not the
stocks outside of this m arket to draw on that there were
last year.
F o llo w in g is the m on th ly record and a comparison with
the business of the co rrespondin g eight months of last
year:
J a n u a r y ...................
F e b r u a ry .................
M a rch .......................
A p ril .........................
M ay ............................
J u n e ...........................
J u ly ............................
A u g u s t ......................
R e ceip ts.
1903.
1902.
20,032,000
25,935,000
23,488,000 31,605,000
35,776,000
33,060,000
39,840,000
33,840,000
37,936,000
33,520,000
38,240,000
37,776,000
36,688,000
40,928,000
34,672,000
40,720,000
266,672,000
277,384,000
S h ip m e n ts.
1903.
1902.
11,776,000 13,710,000
10.608,000 14,790,000
16,204,000 12,180,000
16,512,000 14,496,000
14,688,000 15,584,000
14,240,000 15,616,000
13,312,000 15,936,000
12,352,000 16,688,000
109,692,000
119,000,000
BANK OF HAMILTON
W
H e a d
I N N
O f f i c e :
I P B G
H a m
Capital Authorized
Paid up Capital
$ 2 , 6 0 0 ,0 0 0
$ 2, 0 00 ,0 0 0
i l t o n ,
Reserve
$1, 7 00 ,0 0 0
O u t .
Total Assets
$21 ,9 6 9 ,5 9 6
M inneapolis Correspondents: SECURITY BANK OF MINNESOTA
Duluth Correspondents: AMERICAN EXCHANGE BANK
Deposits Received and Interest Allowed
General Banking Business Transacted
Collections carefully and promptly effected at all points in
Canada. Savings Bank at all offices. Correspondence solicited
T H E C O M M E R C IA L W EST.
8
Saturday, September 12, 1903.
T h e N o r t h w e s t e r n N a t io n a l B a n k
OF MINNEAPOLIS
Capital,
=
=
=
=
=
$1,000,000
S u r p l u s and U n d iv id e d Profits,
525,000
An average of over eight per cent annual dividends paid to stockholders since
organization in 1872.
Dividends Paid since Organization, $2,150,000.
O F F I C E R S :
W illiam H. Dunwoody, President.
Joseph Chapman, Jr., Cashier.
J. F. CONKLIN,
President
A. E.ZONNE,
V-Pres. andTreas.
E. W . Decker, V ice-President.
F. E. Holton, A ssista n t Cashier.
E. J. FORSTER,
Secretary
G. B. LOOMIS, i
Ass't Sec’y.
J . F. CONKLIN <S ZONNE CO.
M IN N E A P O L IS
R_eal E s ta te and In su r a n c e in all its B r a n c h e s
F ir s t M o rtg a g e L o a n s on Im p r o v e d C it y P ro p erty
Inferences: First National Bank.
NirthwesternNational Bank.
The Equitable Trust Company,
152 Monroe Street, CHICAGO.
Capital Paid Up, $500,000.
Surplus, $275,000.
Acts as Trustee for Corporations, Firms and Individuals and as Agent
for the registrations and transfer of bonds and stocks of Corporations
and the payment of coupons, interest and dividends.
INTEREST PAID ON DEPOSITS.
D IR E C T O R S i
WILLIAMBEST
ANDREWMcNALLY
MAURICE ROSENFELD
JOHN M. SMYTH
F. M. BLOUNT
J. It. WALSH
L. A. WALTON
O F F IC E R S :
J. R. WALSH, President
L. A. WALTON, Yice-President C. D. ORGAN, Sec. andTreas.
C. HUNTOON, Ass’t Sec’yandAss't Treas.
WALTER BADGER, 0mmouls?minn.
0 r*" M1
R
|
8 1 J/ \
■■
f*
LAL
|V S
¡VI
1 ^1
Li
r" C* T" A T” r™ Bought andSoldon Commission
L o | A I L
or Joint Account.
made on First-class Improved Security to net lender 414 to 6per
cent. Special attention given to care of property with economical
management guaranteed. Best of references.
M. B. Koon, V ice-President.
Chas. W . F arw ell, A sst. Cashier.
MERCHANTS1NATIONALBANK
OF SAINT PAUL.
Capital, - - - $1,000,000
Surplus,
- - - 250,000
United States Depository.
OFFICERS: Kenneth Clark, President : C
.H
Bigelow, Vice-President; Geo. H. Prince
Cashier; H. W. Parker, Ass’t Cashier; H
VanVleck, Ass’t Cashier.
DIRECTORS: Crawford Livingston, Kenneth
Clark, J. H. Skinner, Louis W.Hill, George
H. Prince, D. R. Noyes, E. N. Saunders, V.
M.Watkins, L. P. Ordway, F. B. Kellogg,
C. H. Bigelow.
First National Bank
of DULUTH, MINN.
-
Capital,
Surplus and Profits,
$500,000
-
600,000
U. S. GOVt RNIVIENT DEPOSITARY
A. L. Ordean, Pres., J. H. Dight, Cash., W. S
Bishop, Asst. Cash., W.J. Johnson, 2ndAsst Cash
J.H. Upham, Pres. A.R.Macfarlane, Vice Pres.
W.I. Prince, Cash. G. E. GibsonAss’tCash.
Bank
Minneapolis
P
r
o
p
e
r
t
y
m I T **1 CityD U National
LUTH,
Rents collected; buildings improved and reconstructed to produce increased
results. Satisfactory reference to local and eastern parties.
MOORE BROS. & SAWYER, Minneapolis.
H A R R I S , G A T E S & CO.
BRO K ERS.
S t o c k s , B o n d s , G r a in , P r o v is io n s , C o tto n , C o ffe e .
No. 1 Board of Trade, Chicago.
No. 18 Wall Street, New York
STEPHEN N. BOND.
WILLIAM H. GOODWIN.
ROBERT F. PERKINS
B O N D & G O O D W IN ,
BO STO N .
BANK ERS,
CHICAGO.
Commercial Paper.
Investment Securities.
Corporation Loans. Loans Secured by Stocks, Bonds and Warehouse Receipts.
Manager Chicago Office: CHARLES F. MEYER, 226 La Salle St.
M IN N .
Capital Fully Paid in $500,000.00
JUST ORGANIZED.
Solicits your Duluth accounts and
collections will extend every court
esy consistent with good banking.
DIRECTORS:
J. H. Upham, A. S. Chase, A. H Comstock
G. G. Barnum, John Panton, R. F. Fitzgerald
Alex McDougall A.MChisholmJohnF.Killorin
A. R Macfarlane.
KNAUTH, NAGHOD & KÜHHE
B A N K E R S.
N E W YO R K .
Mimbiri of the New York Stock Exchange.
Letters of Credit and
International Travelers’ Checks.
Foreign Exchange.
Cable Tranafera.
Mortgage Loans on Minneapolis Property DEAN BROS. & CO.
»
Accepted Promptly
toR* p i - Sc e n t.
C o m m e r c ia l P a p e r .
« COUNTY AND SCHOOL. BONDS WANTED.
T
H
O
R P E B R O S .,
M IN N E A P O L IS .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
MINNEAPOLIS.
T H E CO M M ER CIA L W EST.
Saturday, Septem ber 12, 1903.
9
Secretary Shaw’s Chicago Speech.
A WEEKLY JOURNAL REPRESENTING W ESTERN BUSINESS.
H . V . J O N E S , E d ito r
S M ITH ,
A
H E N R Y D. B A K E R ,
E d i t o
s s o c i a t e
and
M
-
anager
M
anaging
E d ito r
D . E, W O O D B R I D G E ,
E d ito r M in es D e p a r t m e n t
r
C . B. M C D O W E L L ,
A dvertising
ED W IN M EAD ,
S u bscriptio n
Minneapolis Office, Booms 627-629 Guaranty Building.
T elephon e , Main 307.
CHICAGO OFFICE, 1208 Stock Exchange Building.
SUBSCRIPTION IN ADVANCE.
One Year, $3 00.
Six M onths, S i .60.
FOREIGN
POSTAGE FREE:
Three Months, $1.00.
Copy, 10 Cents
S U B S C RIPTIO N S , PO STAG E PREPAID , £ 1
T he C om m er cial West w ill not k n o w in g ly p u blish the advertisem en t
o f a fin a n cia lly unsound in d ivid ual or com pany.
A D V E R T IS IN G
RATES
ON
A P P L IC A T IO N .
Published by ths
Commercial W e st Company, Minneapolis, Minn.
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 IC E ,
M I N N E A P O L I S , M IN N .
SATURDAY, SEPTEM BER 12, 1903.
PR IN C IP A L C O N TE N T S.
E d ito ria l ................................................................
9
S e c r e ta r y S h a w ’s C hicago S peech.
M r. F ly n n ’s S o u th B e n d A d d ress.
C o n s e rv a tiv e F a r m L a n d P olicy.
T h e B a n k C le rk s ’ L a b o r U nion.
T h e T y ra n n y of th e “ B eef T r u s t .”
O b s e rv a tio n s ...................................................
R e o rg a n iz a tio n of C o n so lid ated C o p p e r...............................
M in n e ap o lis M oney M a r k e t...............................................
P la n of th e N ew F o w le r B ill.............................................
M r. H u lb e r t’s O b s e rv a tio n s ...................................................
W h e re A re W e ? ...............................................
—A d d re ss b y S. R. F ly n n .
E le c tric R a ilw a y s ............................................................
T ic k e t S c a lp in g a P u b lic M e n a c e ...........................................
R a ilro a d E a rn in g s ...........................................................
N ew B a n k s a n d C h a n g e s ...................................................
O p tim istic O p inion of M r. E v e r s z .........................................
M in n e ap o lis S e c u ritie s ...................................................
S t. P a u l S e c u r itie s .............................................................
C h icag o B a n k S to c k s ............................................................. ..
G en eral M in in g M a t te r s ........................................................
N o r th e a s te r n M in n e so ta ............................................................
F e a r D iv e rsio n of H em p T ra ffic .............................................
F a rm L a n d M o v e m e n t............................................................
P re s s C o m m e n t on C om m ercial S u b je c ts ...........................
L iv e S to c k M a r k e ts . . . . - ..........................................................
.
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28
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G r a i n an d M i l l i n g — 30.
W in n ip e g a n d th e C a n a d ia n N o r th w e s t........ ....................
T h e W e e k ’s O b s e rv a tio n s .......................................................
M in n e ap o lis a n d th e N o r th w e s t.........................
M in n e ap o lis M a rk e ts ..........................................................
M ilw au k ee G rain M a r k e t.........................................................
T h e A u s tr a lia n W h e a t C ro p .....................................................
A u g u s t R e c e ip ts a n d S h ip m e n ts a t P rin c ip a l M a rk e ts
G en eral S ta tis tic s ...........................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
30
31
,
31
32-3
34
34
35
36
I he speech of Secretary Leslie M. Shaw before
the National Association of Merchants and Traders
at Chicago last week, was progressive and sound
with relation to the currency question, hut disappoint
ing in its pronouncements on foreign trade policy.
Secretary Shaw is not a “ stand patter” ,on the curren
cy question, though he is on the tariff question.
With relation to the currency question the secretary said:
If I w ere given a uthority to form ulate a measure that
would provide the requisite elasticity to our present curre ncy system, f think I should add an amendment permit
ting National banks, with the consent of the Controller of
the Currency, to issue a volume of circulating notes equal
to 50 per cent of their bond-secured circulation, at a tax
of 5 per cent, the same to be retired at will or b y direc
tion of the Controller, by the deposit of an equal amount
of lawful m o n ey with any subtreasury.
T h r e e things I know. First, this additional circulation
would spring into existence almost instantly w hen ever and
w herev er interest rates advanced to the point of profit.
Second, it w ould as pro m p tly retire w hen ever interest
rates became normal. Third, it would be absolutely safe—as good as the present National bank issue and with a
slight and immaterial change identical in form and ap
pearance— for the G overnment, am ply protected by the
5 per cent tax, would underwrite it. But you say this is
em erge ncy currency. A n y t h i n g more is inflation. It has
the advantage, however, over e m erge n cy currency sonamed, and over legalized clearing house certificates, in
that it injects into the com m erce of the country no new
or doubtful form of money, and the presence of these notes
will not advertise the stringent condition, which is the o c
casion of their existence. T h e only persons w ho would
kn o w of its existence would he the Controller, the bank,
and the few people w ho would take sufficient interest in
the published statem ent of the bank to compare the v o l
ume of circulation with the amount of G overnm ent bonds
on deposit in the T re asury . Prominent a m o n g the benei fits, if not the principal benefit, would be the substantial
gu aran ty against sudden increase in interest rates, and an
equally important gu aran ty against dangerously low rates
[ of interest.
T h e C o m m e r c i a l W e s t has no criticism to offer
of any phase of this scheme, and on the whole we think
í d admirable, though the details, especially as regards
redemption, would have to be worked out more care| fully than the secretary suggests. Possibly the 5 per
cent, tax might be too great a drag-chain for the cir
culation, but that feature could be modified if found
I prohibitive of the benefits expected. The proposition
that the government underwrite such note issues is
j wholesome. The government guarantee would remove
: all objection to them on the ground that they were not
just as good as other kinds of money, and it is obvious
that the government would be sufficiently protected.
; The secretary has shown good common sense regard; ing emergency currency, for that is just what is desired
; — all except the ominous name, and the disturbing in! ferences that might be drawn from too much publicity
about their sudden issue. His plan provides for a
j currency to meet the emergency without advertising
I it.
Regarding foreign trade Secretary Shaw appears
■ narrow in his ideas. He evidently does not see great
advantages to this country in foreign trade, for he
says “ the little we sell abroad, about 10 per cent, of
our net production, and the little we purchase abroad,
6 or 7 per cent of our net consumption, constitute no
challenge to the statement that our prosperity rests
with ourselves.
Again, he says: “ We consume the
equivalent of 95 per cent, of all we produce, and not
while these conditions continue will prosperity cease.”
The agricultural producers of the West can never
be pleased over such a belittling view of the advantages
THE COMMERCIAL WEST.
IO
of foreign trade. If the wheat growers, for instance,
were dependent entirely on the home market, where
would their prosperity be? If the foreigners did not
want the excess of our home production over consump
tion, prices would go to pieces, and the husbandmen
would get mighty poor return for their toil. Without
the export demand for American cereals the West
would never have reached its present development.
Secretary Shaw seems to consider it desirable that
we sell abroad more than we buy. But does he sup
pose that this country ever exports anything without
getting back some equivalent ? Can he take it for
granted that American business men are shortsighted?
Unless our foreign trade is netting us a steady loss,
and it most certainly is not, we are all the time get
ting adequate equivalent for the goods we export,
either in imports, in the entertainment of Americans
aboard, in the carrying of our trade on the high seas,
or in the return of our securities. The more we ex
port the more we get back, and the more we endeavor
to check our imports, the more we will surely check
our exports.
Secretary Shaw does not appear to favor reciproci
ty treaties. But he expresses his “thorough belief,”
however, in “ regular lines of communication, particu
larly with South American and African countries and
the islands south of the equator, even if to secure these
lines assistance must he afforded.”
It seems, however, as if a person like Secretary
Shaw, who frequently shows much common sense,
would be above the folly of thinking that trade can
be encouraged by offering a kind of bounty with the
goods to be sold, and yet continuing the restrictions
against those who would sell the goods getting a
trade payment for them. Can he suppose that the
United States wants not only to give its products
away without return compensation in imports, but also
to give a bonus to those who will he so good as to
take the gifts offered them?
Mr. Flynn’s South Bend Address.
Mr. S. R. Flynn, president of the National Live
Stock bank, of Chicago, at the Indiana Bankers’
Convention at South Bend this week, delivered an
address on the topic “ Where Are W e?”' that affords
some unique, original and valuable contributions to
the currency question.
As T h e C o m m e r c i a l W e s t has stated before,
there is no abler nor more logical opponent of credit
currency than Mr. Flynn. He seems to he almost the
only well known speaker on that side of the ques
tion who has touched the one weak spot of the as
sets currency theory by showing the obvious diffi
culty, or as he considers it, the impossibility of such
perfect redemption of the asset bank note issues as
will force a “ spring closing” after a “ fall opening.”
If, however, Mr. Flynn’s arguments were care
fully perused by his own companions of the anti
assets currency school, they should convince a very
large number of them that their opposition to assets
currency has been based on entirely erroneous prem
ises, and that they have made a mistake in question
ing the safety of the proposed assets currency notes,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, Septem ber 12, 1903.
and of talking about a return to the days of “ bobtail,” “ red-dog,” “ wildcat” currency.
Mr. Flynn makes the very important assertion,
one that may cause a shock among the many per
sons who have been denouncing the “ rubber curren
cy” of the Fowler bill on the ground of safety, that
“ This Fowler note is absolutely safe, and it would
circulate at par.” But Mr. Flynn thinks the Fowler
notes, while they would go out in the fall, they
would not come back in the spring. Even if this
proved true, the Fowler notes would not be worse
offenders than the present national bank notes.
When these go out in the fall, they are prevented by
statute from coming back in the spring at the rate
of more than $3,000,000 per month. The ridiculous
ly meager amount of $9,000,000 might come back.
But as a matter of fact, very few of the present na
tional bank notes go out in the fall unless the bank
ers can keep them out a whole year or nearly so, un
less they can, there is little or no profit in putting
them out— as any banker will discover who goes into
much figuring over the problem of note circulation
as presents itself to his own bank.
That a scheme of credit currency that will force
retirement of the notes in the spring time involves
serious difficulties, as Mr. Flynn shows, is hardly to
lie questioned. However, it does seem that the diffi
culties are insurmountable. In a great business na
tion like the United States there certainly ought to
be found the practical talent that can solve such
difficulties and give the country a credit currency
that has the same elastic relationship to the vary
ing needs of the seasons that the credit currency of
Germany and of Canada has.
If the Fowler notes would be “ absolutely safe,
and circulate at par,” and the only objection to them
would be in the score of inflation, then at least they
would be no worse than the present bank note issues
which every spring cause a glut of money in W all
Street.
The Commercial W est would not be so rash as
to assume that under a credit currency system, no
matter how carefully devised, there would invari
ably be a “ spring closing” that would be just equiv
alent to the “ fall opening;” nor, perhaps, would that
be best, for some allowance ought to be made for
the growth of the country, which requires a cer
tain amount of regular increase in circulating me
dium. Nevertheless, a carefully drawn system of
credit currency ought to involve far less periodic in
flation than does the present system of notes based
on government bonds.
t
Conservative Farm Land Policy.
Mr. J. H. Eckels, president of the Commercial Na
tional Bank, Chicago, in his synopsis of the letters re
cently received from correspondent bank presidents
giving information of their respective communities,
says :
In farming communities bankers have been discourag
ing farm land and real estate speculation. In some in
stances patrons seeking such accom m odations have been
informed that banks will not make advances to meet land
payments, nor permit large amounts of funds to become
tied up in real estate for speculative purposes. It would
seem in this manner that speculation in farm lands as co m
pared with a year ago has been curtailed. A fe w bankers
venture the suggestion that if a similar policy of con-
Saturday, Septem ber 12, 1903.
THE COMMERCIAL WEST.
servatism in reference to other form s of speculation and
extensions of credit had been pursued steadfastly b y bank
ers in all the larger cities of the coun try the effect would
have been beneficial, and that the adoption of such policy
n ow w ou ld do much towards insuring permanence and
stability in business conditions.
The policy of discouragement thus tried “ in some
instances” was doubtless justified in these instances..
There are some sections of the West where land is
too high. There are other sections where it is too low.
If land in certain parts of Minesota, the Dakotas and
Canada is just as good intrinsically as land in parts of
Illinois, Iowa and Missouri, which may sell for twice
or three times as much, the fact that there may be an
inflation in the valuations of the latter is an argument
for, not against, the application of the low-priced
land.
If land was not unreasonably high in some sec
tions of the country, the farm land movement in the
Northwest would never have had much motive to start
it or accelerate it. Land values must ultimately seek
intrinsic levels, and this will occur whether the low
priced lands are first taken up by speculators who dis
count the future, or by actual settlers who discount it.
The country banker has important responsibilities
in connection with the question of land values in his
community. He should not encourage speculation
which would lift farm land values to levels that
would allow unsatisfactory return on the capital in
vested, judging by the net yield of the land for a term
of years, for such a policy would produce disaster
with the first poor crop. But he should not discour
age any conservative movement in farm lands which
sell below their proper values as compared with values
of lands in other sections, and relative yields per acre
for a term of years.
Much the major portion of the wealth of the
Northwest is included in farm lands. Any banking
policy which would tend in a general way to depre
ciate the values of Northwestern farm lands below
intrinsic worth, is not to be commended.
There is no kind of property which possesses more
intrinsic stability than farm lands in sections where
there is fair regularity of rain fall. An occasional
crop failure does not detract from the fact that the
land has potential crop producing capability for gen
erations to come, and that land which has yielded a
fair average return for ten years, would probably yield
an equally fair average return for the next ten years,
notwithstanding the first year after it was purchased
there might be a crop failure. And also irrespective
oi temporary variations in weather conditions and size
of crops, farm land values are bound to show con
tinued general appreciation for the simple but im
portant reason that population will keep increasing
while the area of cultivable soil is limited.
The Bank Clerks’ Labor Union.
The forthcoming convention at Cleveland of the
American Institute of Bank Clerks calls attention to
the success that has followed the new idea in labor or
ganization that this institute typifies— that of
employes combining not in opposition to the interests
of their employers but, on the contrary, for the pur
pose of studying the ways and means for promoting
the interests of the banks that employ them.
The Institute of Bank Clerks seeks to benefit its
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Federal Reserve Bank of St. Louis
ii
members, not through attempting to dictate wages or
hours, but by educating its members so that by their
own increased knowledge and ability they may be
able to take advantage of opportunities. It benefits
the banks by raising the level of competence among
the clerks, and increasing their ambition to get the
higher places that are the prizes of the most faithful
and intelligent effort.
Unlike the ordinary labor union the Institute of
Bank Clerks does not reduce the best men in it to the
level of the average of intelligence and disposition to
work. Instead it raises all its members to higher
planes of opportunity. It gives to every man who has
the desire to improve his value to the bank, and thus
gain promotion, the chance to do so. It is a kind of
labor union that deserves general encouragement.
The Tyranny of the “ Beef Trust.”
A year ago there was much bitter comment among
meat eaters about the tyranny of the beef trust, in ad
vancing the price of meat. Lately there has been a
good deal of repressed talk about the tyranny of the
beef trust— but this time the complaint comes not from
the consumers of meat but from the cattle raisers. In
the Southwest a combination of cattle raisers to fight
the “ beef trust” on account of the decline in cattle
prices, has recently been reported.
A year ago while prices for cattle were about a
third higher than now, and the cattlemen were the
beneficiaries of the stiff prices, they had no words of
condemnation for the beef trust which the yellow
journals and the politicians accused of putting up the
prices. And now that the prices have dropped, the
public which gets its meat cheaper again, voices no
sympathy for the “ beef trust” which is going to be
combined against by the cattlemen for letting the
prices drop.
The world has always been, and probably always
will continue to be, filled with people who will blame
an untoward course of events on some imagined evil
rather than in the operation of natural laws. Just as
the milk that got sour in the old Puritan days was
considered the fault of some poor old woman who was
accused of witchcraft. So nowadays when prices go
up on consumers, or go down on producers, the most
handy thing to blame is always the “ trust.” If the
“ beef trust” is not a very black affair, it is not due to
lack of zeal in throwing printers’ ink at it.
There is no business conducted on a smaller mar
gin of profits than the packing industry, and that ex
acts less compensation as a go between producers and
consumers. The packers make only a small profit on
their dressed beef goods, at times no profit. It is
only on their business in the by-products that they real
ly coin profits. Two years ago it was easy to fore
see that on account of the scarcity of corn the prices
of cattle and hogs would advance. A year ago it was
equally easy to foresee that in view of the reduced
consumption and the stimulated production, prices
would decline. But that supply and demand could in
fluence the situation has been beyond the comprehen
sion of those people who are always ready to credit
the trusts for harm done them, but never for benefits
wrought.
THE COMMERCIAL WEST.
12
O B S E R V A T IO N S .
It looks v e ry much as if the author of the epigram that
“ public office is a public trust” m ight soon be forced to
learn that “ public trust” must mean for him once again
a “ public office.” T h e re is evidently no doubt at all that
G rover Cleveland does not w ant to be President of the
Un ited States for a third term. H e would prefer the acad
emic atm osphere of Princeton and the non-partisan tributes
of respect from all his countrymen, to the exalted power,
responsibility and the rancorous partisan strife of life at
W a s h in gto n .
Nevertheless the man w ho once made a
delicate distinction betw een “ a condition, and a theory,”
m a y soon be compelled to realize that his own theories as
to how the latter period of his life shall be lived, m ay
have to give w a y before the condition of public trust which
fo rcibly suggests that once again he be a candidate for
public office. G rover Cleveland is too great a patriot, if
w e m ay judg e from the precedents of his past life, to al
low personal considerations to prevent performance of
public duty. If he can becom e impressed with the earnest
ness, sincerity and popular stre ngth of the sentiment that
he serve his country b y a fourth time ca ndidacy for the
presidency, it seems unlikely that he w ould decline a
nomination by his party. Some of Mr. C levelan d’s friends
say his “ b o o m ” for the pre sidency is not to be taken seri
ously. But if we are to believe seriously in Mr. Clevelan d’s
patriotism, and there is no reason to believe otherwise, it
is necessary to believe seriously that a genuine “b o o m ” of
the right stre ngth will not find Mr. Cleveland a sulker in
the tent.
*
*
*
T h e r e is incre asing evidence tp the effect that Mr.
Cleveland has a genuine “ b o o m ” w ith the right strength—
that though he is n ow only “ a private in the ranks of
D e m o c r a c y ,” yet he is the only man in that party to
w h o m the other privates can confidently lo o k to for leader
ship, the only man w ho would be able to command much
support from Republicans, the only man w h o would be
likely to be view ed with enthusiasm and not with dis
trust b y the business interests of the country. T h e Ch ica
go Chronicle, which last w eek joined in the acclaim that
this “ private” again assume the leadership of his party,
said with w ell spoken emphasis, that: “ It is manifest al
ready that G rover Cleveland is destined to be re gard ed
as one of the heroic figures in A m erican history.” But
G ro v er Cleveland is not destined to be, but already is, re
garded as a “ heroic figure” in A m erican history. T h e
A m erican people will sometimes sne.gr at a hero, but ulti
m ately they will always appreciate one.
T h a t G rover
Cleveland is appreciated is shown by the fact that when he
publicly speaks there is no man in this country w hose words
command more respectful attention and comment, except
Saturday, Septem ber 12, 1903.
President R o o sev elt himself, w ho speaks ex officio, and
sometimes also ex cathedra.
*
*
Regardless of political affiliations, and w ithout p re ju
dice to President Roosevelt, patriotic A m erican s ought
to wish success to the Cleveland “b o o m ” for the D e m o
cratic nomination. If competition is not alw ays the life
of trade, it ce rtainly always is the life of honest and bene
ficial governm en t through political parties. If a private
trust in some public “ go o d thin g” is not alw ays beneficial
to the community, a public trust nevertheless in a private
individual like G r o v e r Cleveland cannot be/considered a
bad thing.
M o n o p o ly of p arty opportu nity is always
baneful, but a trust in go o d men is ever/to be desired. If
the D em o cra tic party through the ca ndidacy of G rover
Cleveland, can be lifted opt of the. m ire of disgrace and
discredit into which it has fallen,' Republicans w h o love
their country as well as their party cannot be sorry. In
stead they will rejoice in the/fact that such revival of the
D e m o c r a c y must mean larger play to the best forces w ith
in the Repu blican party, and increased security for the
coun try as a whole. A n E n glish statesman once said:
“ G od save the nation w hose go vernm en t has no respect
able opposition.” F o r nearly eight years n ow the R e pu b
lican governm en t at W a s h in g t o n has had little or no re
spectable opposition. Is it not time that such a dangerous
condition w ere ended?
T h e Cleveland “ boom,” even if it never materializes
in C levelan d’s candidacy, has neverth eless proved of bene
fit to the Un ited States. It has emphasized the fact that
character has the value in politics as in business. It has
proven that political conditions in this coun try are not so
bad, but that if an office holder co urag eo usly does his
duty w ith out fear or favor, he m a y rise throu gh tem p o rary
sneers, ca lumny and obscurity to such heroic eminence as
is G ro v er Cleveland’s today. T h e Cleveland “ b o o m ” is
especially apropos now, for it comes after eight years of
the phenomenal prosperity that w as caused b y the final
triumph of the gold standard for which G ro v er Cleveland
so heroically fought. G rover Cleveland was to the co un
try during the four preceding years (1892-1896) of constant
and w ea rin g assault on the national credit, w hat W a s h
ington w as to the infant nation during the distressing
period of V a ll e y Forge. E ig h t years of prosperity have
proven that Cleveland w as right and that those w h o op
posed him w ere w ro n g ; just as over hundred years of
successful independence have proven that W a s h in g t o n w as
n obly right in the courageous maintenance of his position
during the dark days of the revolution.
T h e Onlooker.
Chicago M oney Market.
Chicago N otes.
(S p e cial C o rresp o n d en c e to T h e C o m m ercial W e s t.)
W . H. Colvin & Co. n ow o ccup y the form er quarters
of Otis, W ils o n & Co.
Cashier Judson of the B a n k er s ’ National l)as gone east
on a m on th’s vacation.
E d w a r d L is t and M. L. B lo o m have form ed a partner
ship under the firm name of B lo o m & List.
T h e State B a n k of L a k e F orest, capital $25,oot>, has
been chartered. H y a tt Cox, C. F. Bean, and A. B. Shaw
are promoters.
Chicago, Sept. 10.— T h e m o n ey m arket continues at
about 6 per cent, w ith some occasional shading of rates to
5^2 per cent w hen names and security are of the best.
Deposits in some instances appear to be falling off
somewhat. T h e currency movement, so far, however, has
seemed insignificant compared with a y ea r ago this time.
M o s t of the shipments have been to the extrem e south
west, Galveston and Houston, w here cotton is b e
ginning to move.
It is anticipated that O cto b e r will
p robably be a heavier month, late crops bein g considered
responsible for present light shipments— though it is ad
mitted, however, that W e s te rn banks are in better shape
than a year ago.
A tchison Report.
A tchison directors have approved the rough draft of
the annual report for 1903 and in about one w ee k advance
sheets p robably will be ready for the press. It is under
stood that the report will show a surplus equal to 8 per
cent earned on the stock for the year before deductions of
the sinking fund for the serial debentures. T h e com pany
has reported earnings for twelve months and they show
'a decrease in net of $1,312,530. T h e gross increase was
$3,215,343, but expenses increased $4,527,843.
T h is in
crease is explained in part b y flood losses, but in the main
b y improvements. T h e re will be a slight increase in the
fixed charges for the year, so that the surplus over pre
ferred dividends after deduction of $2,500,000 for the sink
ing fund on serial debentures will be from $5,500,000 to
$64100,000, or 514 to 6 per cent on the common stock.
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Federal Reserve Bank of St. Louis
Chicago F oreign E xchange.
F o re ig n e x c h a n g e in C hicago on S ept. 9, a s re p o rte d by th e
N a tio n a l B a n k of th e R ep u b lic, w a s a s follow s:
S te rlin g —
60 d a y s ’ s ig h t.
D em an d .
P o s te d r a te s ............ 4 .................... 4.84
4.87
A c tu a l .............................................. 4.83(4
4.86%
C o m m ercial .................................... 4.82%
4.85%
C ables ............................................... 4.86%
...........
B a n k of E n g la n d r a te , 4 p e r c e n t; p r iv a te d isc o u n t r a te , 3%
p e r cen t.
M a rk s—
A c tu a l ......................................................94%
.95%
C o m m ercial ............................................94 11-16
.95
C ables .......................................................95%
.........
B a n k r a te , 4 p e r c e n t; p r iv a te d isc o u n t r a te , 3% p e r c e n t;
L o n d o n check, 20.38.
A c tu a l ............................................... 5.19%
5.17%
C o m m ercial ..................................... 5 .2 0 % -l-1 6
5.18% less 1-16
C ab les ............................................... 5.16%
...........
B a n k r a te , 3 p e r c e n t; p r iv a te d is c o u n t r a t e ; 2% p e r c e n t;
L o n d o n check, 25.18.
THE COM MERCIAL WEST.
Saturday, Septem ber 12, 1903.
13
National Bank of North America
----------
Capital
-
C H
I C A
G
O
$2,000,000.00
== = = =
Surplus
-
$500,000.00
O F F I C E R S :
I S A A C N . P E R R Y , P re sid e n t
B E R N A R D A . E C K H A R T , V ice -P re sid e n t
C H A R L E S O. A U S T I N , V ic e -P re sid e n t
J U L IU S S. P O M E R O Y , C ash ier
F R A N C I S V. P U T N A M , A sst. C ash ier
Correspondence or interviews with a view to business relations cordially invited
REORGANIZATION OF CO N SO LIDATED CO PPER CO.
(S p e cial C o rresp o n d en c e to T h e C o m m ercial W e s t.)
Sault Ste. Marie, Ont.— Sept. 9.— Plan of re org anization
for the Consolidated L a k e Superior Co. at Sault Ste.
Marie, Ont., have been decided upon, but is not issued to
stockholders as yet. It is understood to be about as fo l
lo w s: F o r e ve ry share of old stock, both pre ferred and
common, there is to be asked a p aym ent of $8 new money.
T h is is not an assessm ent as the stock is non assessable,
but it is demanded b y the reorgan izers as preliminary to
the participation in re organization b y old stock. U p on
the paym ent of this money, or of that part called in cash,
for e ve ry 100 shares of old pre ferred the holder shall be
given 40 shares of new common. A s old pre ferred is now
w orth in the m arket about $6 this will make his new c o m
mon stand, at present value, about $14. E v e r y holder of
100 shares of old com m on is to have 20 shares of new
com m on after p ay in g his $8 per share, m akin g his new
com m on stand him, on present value, about $8.75. A s
M IN N E A P O L IS M O N E Y M A R K E T .
T h e re is a more general demand for m o n ey from the
grain trade than at any previous time this season, but
there is no h e av y b o rr o w in g b y individual companies. It
seems to be well distributed. T h e brokers are ge ttin g con
siderable grain paper, and are selling it w ith out difficulty.
In fact, there is a better demand for paper in the W e s t
than in the East.
It is almost an impossibility to get
m o n ey in the E a st at 6 per cent and' commission. T h e
brokers here are selling the best endorsed paper at 6 @ 6 ^
per cent and commission, while the local banks are asking
6@6^2 flat for m o n ey to their best borrowers.
T h e large receipts of grain on T ue sd ay , the result of
four da y s’ accumulation, caused a p retty active demand
for m o n ey to handle the stuff. W h ile receipts have been
h e av y since, they have not caused a specially h e av y call
for funds. T h e grain companies had anticipated their
needs largely. E v e n if grain receipts should continue as
h e av y as this wee k, the banks feel that they could supply
the demands upon them to take care a{ the grain. T h is
w ee k a few outside banks have inquired for terminals, but
as yet there are none offering, nor is it likely that there
will be this month.
Reports from the coun try are favorable for business,
and it is thought that collections will be^good.
there are about 1,000,000 shares of old stock this will
g ive $8,000,000, the m o n ey originally considered necessary
for the completion of the co m p a n y ’s enterprises. This
will cut the capitalization to less than $40,000,000, nearly
the exact sum put into the enterprises. It is understood
that stockholders tak ing advantage of this offer shall
have rights on the stock of any w ho m a y be delinquent
therein, at the same terms, and it is also understood that
the Speyer loan of $5,050,000 is to be taken up by the re
organization co mmittee and foreclosed for the benefit of
those w h o go into the reorganization plan.
T h is will
leave the p rop erty w ith out bonded debt other than the
bonds of tw o or three of the underlying companies, in
cluding the M ichigan L a k e Superior P o w e r Co., the
T a g o n a L ig h t and W a t e r Co. and the street railway and
fe r ry line earnings for present months are said to be more
than satisfactory.
creases outside of N e w Y o r k , there have been decreases in
N e w Y o r k , the effect, of course,, of the falling off in spec
ulative activities w hich center in W a l l Street. W h ile this
fact is well kn ow n in a ge neral w ay, few have made any
effort to make a close examination of the facts extending
over a series of years. T o permit of such an examination
the fo llo w in g table is presented:
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
................ ..............
................ ..............
................ ..............
................ ..............
................ ..............
................ ..............
................ ..............
................ ..............
.............. ..............
................ ..............
................ ..............
................ ..............
................ ..............
S ales
sto c k s.
71,282,885
69.031,689
85,875,092
80,977,839
49,075,062
66,583,232
54,654,096
77,324.172
90.468.213
173,912,086
138,312,266
252,723,292
188,503,403
C lea rin g s
a t N ew Y ork.
$37,660,686,572
34,053,698,770
36,279,905,236
34,421,379,870
24.230,145,368
28,264,379,126
29,350,894,884
31,337,760,948
39,853,413,948
57,368,230,771
51,964,588,564
77,020,672,494
74,753,189,436
C lea rin g s
r e s t of U. S.
$21,184,592,933
23,245,039,368
24,603.667,202
24,459,302,585
22,798,351,378
22,710,775,920
22,584,756,849
22,841,784,062
26,071,406,821
31,460,441,762
32,617,861,517
37,799,119,592
41,268,428,567
Hamilton National B ank
OF C H I C A G O .
The Currency M ovem ent.
T h e m ovem ent of currency only just begun in earnest
this week. Shipments to the country, while still under
those of a year ago, average about half a million a day.
L a s t w e e k ’s movement, o w in g to general rains, which
checked threshing, was little different from the previous
week. T h e figures for the tw o w eeks follo w :
Capital
Surplus
$500,000.00
$125,000.00
C u rre n c y R eceived.
W e e k ending'
S ept. 5.
F ro m th e c o u n try ............................................... $90,000
F ro m C h icag o ................................................... 100,000
W e e k en d in g
A ug. 29.
$81,000
$190,000
$81,000
W e e k en d in g
S ept. 5.
T o th e c o u n try ................................................... $768,000
To C h icag o ..........................................................
9,000
W e e k en d in g
A ug. 29.
$853,000
11,000
T o ta l
................
C u rre n c y Shipped.
T o ta l
................................................................. $777,000
$864,000
Speculation and Clearings.
T h e effect of stock speculation upon bank clearings
in N e w Y o r k is important. It has been characteristic of
statem ents of clearings this year that while there w ere in
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Federal Reserve Bank of St. Louis
OFFICERS
C H A R L E S B. P I K E , P resid en t.
D . W . B U C H A N A N . V ice -P re sid e n t.
H E N R Y M E Y E R , C ashier.
G E O . H. W IL S O N , A sst. C a sh ie r
D IR EC TO R S
T . A . D elan o,
G en. M gr. C h icago , B u rlin gton & Q u in cy R ailro ad
W a lla ce H eckm an ,
B u sin ess M an ager C h icago U n ive rsity
C h arles L . B a rtle tt, P resid en t O ran gein e C h em ical Co.
T . A . Shaw, J r . , ..................................................... of T . A. Shaw & Co.
A . A. S p r a g u e , ............................................ 2d, of Sp ragu e, W arn er & C o.
L o u is E . L aflin ,
M an ager E s ta te of M atthew L a fiin
G ra n ger F a rw e ll,
0f G ran ger F arw e ll & C o.
C h arle s B . P i k e , ..................................................... - P re sid e n t
D . W . B u ch an an ,
V ice-P resid en t
Liberal terms are extended to banks and bankers.
Open your Chicago account with U S .
THE COMMERCIAL WEST.
14
Saturday, Septem ber 12, 1903.
The Security Bank of Minnesota,
MINNEAPOLIS.
Solicit
Accounts
of
Capital Paid In,
Surplus,
-
Banks, Corporations,
Business Firms.
..................................
-
Individuals
and
$1,000,000
200,000
OFFICERS:
F. A. Chamberlain, President.
Perry Harrison, Vice-President.
E. F. Mearkle, Vice-President
Thos. F. Hurley, Cashier.
Fred Spafford, Assistant Cashier.
M. C. Hamer, Assistant Cashier
PLAN OF THE NEW FOWLER BILL.
(S p e cial C o rresp o n d en c e to T h e C o m m ercial W e s t,)
South Bend, Ind., Sept, io.— Hon. Charles N. F owler,
chairman of the house of re pre sentatives co mmittee on
banking and currency, in an address delivered to d ay be
fore the Indiana state convention of bankers, outlined
the three important features of the bill he expects
to introduce at the extra session of co ngre ss. T h e y em
body, in a general w ay, the suggestions he has re cently
rece ived from prominent W e s te rn bankers, and especially
from the committees appointed three months ago by the
Ch icag o B a n k e r s ’ club to co-operate with him re gardin g
currency legislation.
A ft e r a general discussion of the present imperfections
of our curre ncy system, Mr. F o w le r led up to the fo llo w
ing. important an n o u n cem e n t:
“ R e cen tly I was asked to make an authoritative state
ment of the financial and curre ncy legislation I deemed
essential to our present needs. In compliance w ith such
request, I now express m y views as follow s:
“ First, i urge the p assage of a law requiring the na
tional banks to carry at least fo rty per cent of their cash
reserves in United States notes.
. .
“ Second. I urge*the p assage of a law, authorizing the
secretary of the treasury to deposit all public monies, from
w h ate ve r source received, in excess of fifty millions, with
such national banks as he m ay select, w ithout requiring
the deposit of go vernm en t bonds, but that such deposits
shall be a first lien upon the assets of the banks with
w hich they are deposited; provided, however, that the
secretary of the treasury shall not deposit with any na
tional bank an am ount greater than 50 per cent of its paidup capital, and that the banks shall pay inteiest on such
deposits of public monies at the rate of 2 per cent per
annum, payable semi-annually.
. .
Third . I urge' the passage of a law, permitting any
national bank, which shall have and keep in circulation an
amount of bank notes, secured by governm ent bonds, as
n ow provided b y law, equal to 5° Per cent of its paid-up
capital, to issue an amount of credit currency equal to 20
per cent of its paid-up capital; one year thereafter, to is
sue an additional am ount equal to 10 per cent of its paidup capital; two years thereafter, to issue an additional
amount equal to 10 per cent of its paid-up capital; and
three years thereafter, to issue an additional amount
equal to 10 per cent of its paid-up capital— m akin g a total
issue of credit curre ncy of fifty per cent of the paid-up
capital. Such notes to be a first lien upon the assets of
the banks issuing them, and the banks to pay a tax of 2
per cent thereon per annum, payable semi-annually.
“ F ro m an economic point of view, I submit the fol
lo w in g observations as being obvious:
Mr. H ulbert’s O bservations.
V ice -P r es id en t E. D. Hulbert of the M e rch a n ts’ Loan
and T ru st Co., Ch icago, says: “ T h e position w e confront
now and that of a year ago are thorou ghly, unlike m every
respect. T h e n there were some $390,000,000 of A m erican
commitments m atu ring in E urope within tw o months and
possible means of liquidating them in that time. M o re
over, Mr. M organ had under w a y his International M e rca n
tile Marine Co., the beef trust combination was under con
sideration and other financing was on foot that would have
needed some $400,000,000 to carry out. This, on top of
heav y speculation, gave everyone cause for t h o u g h t T h e
situation now is entirely changed. It w ould be an indict
against wise managers if those e x p e r ie n c e s !had not
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Federal Reserve Bank of St. Louis
“ First. T h e re is no reform so important at this time
as the retirement of the demand obligations of the g o v
ernment, thereby protecting the gold in the treasury.
“ A law, requiring the banks to hold 40 per cent of their
cash reserves in United States notes, will be no incon
venience to the banks, as to day they voluntarily hold one
hundred and sixty-three millions of them, and yet will
lock up so large a portion of the notes as to com pletely
divest them of the po w e r of harm which they must have
so lo n g as they remain in ge neral circulation.
“ Second. A law, authorizing the s ecretary of the
treasury to deposit all public monies with the banks pre
cisely as the great municipalities and giant business cor
porations of the coun try do theirs, would place the g o v
ernment, in its relation to the same position as is now
occupied by eve ry other civilized gov ern m e n t of the
world.
“A ga in, an investigation has demonstrated that if the
go vernm en t had adopted this policy during the last tw e n
ty-fo ur years, it would not have lost a single cent, but, on
the contrary, the interest paid to the gov ern m e n t by the
banks would have reached n early fifty millions of dollars.
“ Third . T h e r e never can be a true, elastic currency,
one that will expand and contract with the business of the
country, which is not itself directly related to the trans
action of that business pre cisely as checks and drafts do,
and disappearing like them when the w o r k for w hich it
w as created has been accomplished.
“ T h a t such a currency can be made absolutely safe has
been demonstrated beyond peradventure; and, as one of
the incidents of the law I urge, the banks, taking out
credit currency for issue, should deposit in the United
States treasury, in governm en t bonds or gold coin, an
am ount equal to 5 per cent of the notes so taken out. T his
five per cent, to geth er with the tw o per cent interest upon
governm en t deposits, and the one per cent tax on the
credit notes, should constitute a quaranty fund; but when
said gu aran ty fund amounted to ten millions of dollars,
the exce ss over such amount should be appropriated for
the purchase of gold bullion to be placed in the issue and
redemption division of the treasury for the purpose of
converting the United States notes, not n ow covered by
gold coin, into gold certificates.
“ Some such legislation, as thus outlined, is, I am con
vinced essential at this time to take the go vernm en t out
of the banking business, to keep our surplus monies in
fnH qn d free circulation and to secure a currency, as safe
as it is cheap, at all times automatically responsive to
and adequate for the demands of trade. T h e se are im
portant questions, m y friends, vitally affecting not only
our home industries, but the broader mark ets of the world,
w here we are daily m akin g ourselves more and more felt.’
effected preparation against emergencies. I contemplate
no need on the part of bankers calling upon the g o v e r n
ment for assistance. A y ea r a go the situation w as such
as, indeed, called for extrem e measures. N o w , however,
from w hat I am able to glean from bankers and business
men east and w est the country needs no such aid.
Coal B riquettes.
T h e W e s te rn Securities Co., of M inneapolis, N e w
Y o r k and Philadelphia, announce an intere sting full page
prospectus in this issue. T h e re are set out g e n e ra l.p r o p
ositions on lignite fuel that are of special interest 111 the
N orthw est. T h e proposition has an investment side, that
investors will be co mpetent to investigate and pass j u d g
ment.
THE COMMERCIAL WEST.
Saturday, Septem ber 12, 1903.
W ATSON
& COMPANY,
BROKERS
Chamber of Commerce, Minneapolis-----24 Broad Street, New York
S to c k s,
B on d s,
G r a in ,
P r o v is io n s .
M E MB Iv lif v
S:
N EW Y O R K STOCK E X C H A N G E .
C H IC A G O S T O C K E X C H A N G E .
W I N N I P E G G R A IN E X C H A N G E .
C H IC A G O B O A R D O F T R A D E .
N EW Y O R K PRO D UCE E X C H A N G E .
M IN N E A P O L IS C H A M B E R OF CO M M ER C E.
ST . L O U IS G R A IN E X C H A N G E .
Private Wires to Chicago, New York, and Other Cities.
S . A . H A R R I S , President.
H. H. T H A Y E R , Vice-President.
TELEP H O N E CALLS!
M A IN 906 A N D M A IN 517.
A . A . C R A N E , Cashier.
W . S . H A R R I S , Asst. Cashier
THE NATIONAL BANK OF COMMERCE
A ir X N I^ A IM )I^ IS ,
Capital and Surplus,
SOLICITS
M H V IV E ÎS O T A
=
$1,200,000
YOUR
BUSI NESS
GOVERNM ENT REPORT ANALYSIS.
T h e go vernm en t report issued T u e s d a y gives northw est
w h ea t conditions as follo w s:
Points
Sept. I, Sept, i, decrease.
1903.
1902.
1903.
M i n n e s o t a ..................... ............... 76
81
5
N o rth D a k o ta ............. ............... 73
21
94
South D a k o ta ............. ................ 88
93
5
T h e C o m m e r c ia l W est interprets this report to be in
com plete ha rm o n y with the Jones figures, using the Jones
acreage, as follo w s:
Net
G o v ’t
G o v ’t
D educt 1903
L o s s from
Crop, Condition, G o v ’t Points, L ast Ye ar,
1902.
1902.
Decrease.
Bushels.
Minn. . . 79,500,000
81
4,900,000
5
N. D . . . . 62,872,000
21
14,028,000
94
S. D. . . . ■ 43 ,973,000
2,360,000
93
5
186,345,000
21,288,000
T h e governm en t finds, therefore, that the northw èst
crop this y ea r is 21,288,000 bushels less than last year, w ith
out excluding macaroni wheat, while the Jones report
show ed 26,000,000 decrease e xcluding macaroni w heat at
about 5,000,000 bushels.
Chicago Bank D ividends.
A ll talk re ga rd in g the paym ent of dividends on the
stock of the new W e s te rn T ru st and Savin gs bank has
been silenced by the action of the directors T u e s d a y in
de claring an initial dividend of i j 4 per cent. T h is is at
the same rate as the W e s te rn State bank w as p ayin g when
it w as m e rge d with Otis, W ils o n & Co. in the W e s te rn
T r u s t and Savin gs bank.
O w i n g to the fact that the capital of the new institu
tion is double that of the W e s te r n State, there w as some
question raised as to the likelihood of the dividends be
ing continued at the same rate as before. T h e directors,
how ever, found that earnings for the first quarter were
ample to ju stify the dividend, and consequently it was de
clared. T h e dividend is payable Oct. 1 to stockholders of
re cord one w e e k earlier. B o o k s close Sept. 24 and reopen
O ct. 2.
T h e directors elected C. H. Hansen, the Royal Danish
Consul in Ch icago, to be a director, to fill a va ca n c y on the
hoard.
T h e directors of the Equitable T ru st Co., at their m eet
ing T ue sd ay , declared a semi-annual dividend of 4 per
cent, payable Sept. 15. Bo o ks closed T uesd ay. A t the
last previous dividend time the rate was raised from 3 to
4 per cent for the semi-annual payment. T h e action in
p ayin g 4 per cent again at this time makes it certain the
co m p an y is on an 8 per cent dividend basis permanently.
E arn ings for the half year w ere re ported to be excellent.
Directo rs of the National Bank of the Republic T u e s
da y declared the regular quarterly dividend of i l/ 2 per
cent, payable Oct. 1 to' stockholders of re cord Sept. 30.
B o o ks do not close. T h e earnings for the quarter wereth e best in the history of the bank, and are believed to
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A p p l y i n g the gov ern m e n t condition to the Jones acre
age (1,100,000 less) and the result is a complete agre em ent
with the Jones report as follow s:
G overn m en t crop, 1902............................................ 186,345,000
D educt its decrease for 1903 crop, show in
p ercentages .............................................................
21,288,000
G o v ’t crop, 1903 ................................................... 165,057,000
D educt for macaroni w heat ....................................
5,000,000
160,057,000
D educt yield on excess acreage over Jones
report ........................................................................
14,000,000
G o v ’t crop, 1903, on Jones acreage ..................... 146,057,000
Jones estimated yield spring w h e a t ....................... 147,800,000
T h e governm en t figures applied to the Jones acreage
and exclu ding 5,000,000 bushels for macaroni show 1,750,000 bushels less than the Jones report.
A s against these figures we have the fo llo w in g esti
mates of the northw est yield:
Duluth Commercial Record ....................................... 175,000,000
Col. G. D. R o g ers ..........................................................200,000,000
Ch icago T ra d e Bulletin ..............................................180,380,000
N orth w e ste rn M i l l e r ......................................................163,000,000
have been only a little under 5 per cent/ on the capital
stock.
C om ptroller W ants Inform ation.
Com ptroller of the Cu rren cy R id g e le y has written to
the banks in the country, state and savings banks as well
as national, asking them for additional statistical informa
tion. He asks the banks to furnish him with the average
amount of daily deposits consisting "of individual deposits
and certificates of deposits, and the average am ount of
daily checks paid, w hether passing the clearing-house or
not, by months if possible for the years ending June 30,
T9° 3 , i 899 ; J894 a n d 1889, together with the number of
depositors as shown by the books of the banks on the dates
mentioned. He inclosed a blank for the statistical infor
mation desired.
“ It is respectfully requested,” he says, “ that you make
returns complete, giv in g the figures for the dates'm ention
ed, or as near thereto as possible, so that reliable statis
tical deductions m ay be made.”
Jackson T rust and Savings.
G ood progress is be ing made in the subscriptions of
stock of the Jackson T r u s t and Savings bank, which will
open for business about Oct. 15 at 53 Jackson boulevard,
Ch icago. P. W . Gates, vice-president of the A llis-C halmers Co., and C. O. Austin, vice-president of the National
Bank of North A m erica, have also agreed to serve on the
board of directors, in addition to those already announced.
W . H. Eagan, fo rm e rly cashier of the First National of
Hutchinson, Kan., will be president and C. T. Champion,
fo rm erly cashier of the Siegel-Co o per bank, will he ca sh
ier.
TH E CO M M ERCIAL W EST.
i6
Saturday, Septem ber 12, 1903.
The First National Bank of Minneapolis
UNITED STATES DEPOSITORY.
C ap ital,
.
.
.
.
.
.
$ 2 , OOO, OOO
1 ,2 5 0 ,0 0 0
Surplus and Undivided Profits,
OFFICERS:
J. B. Gilfillan, President.
F. M. Prince, Vice-Pres.
C. T. Jaffray, Cashier.
D. Mackerchar, Asst. Cashier.
Ernest C. Brown, Asst. Cashier.
WHERE ARE WE?
Address by S. R. Flynn, President N ational L ive S tock Bank, Chicago, at South Bend, Ind., Septem ber 9.
W e a re a t th e en d of a c h a p te r in th e h is to ry of o u r p r o g
re ss. I t is w ell t h a t w e p a u s e fo r se rio u s reflec tio n . C e rta in ly
c o n d itio n s do n o t in sp ire o p tim istic e n th u s ia s m , n e ith e r do th e y
w a r r a n t p e s sim istic gloom . A s b rillia n tly s ta te d by a n elo
q u e n t P acific c o a s t o r a to r on a g r e a t o ccasion, “W e c a n look
o u t o v er w h a t h a s h a p p e n e d a n d w e can see w h a t h a s o c c u rre d .”
A n d w e to d a y And c a u s e fo r d eep th a n k s g iv in g in w h a t h a s
o ccu rred .
S ince 1897 th is c o u n try h a s in d u lg ed in a n o rg y of s p e c u
la tio n so in sa n e ly w ild t h a t it h a rd ly h a s a p a ra lle l in h is
to ry . E v e ry m a n n o t afflicted w ith th e sp e c u la tiv e m a n ia k n e w
th e d a y of re c k o n in g m u s t com e. I t h a s com e, a n d th e only
w o n d er is t h a t its co m in g w a s so long delay ed . B e g in n in g
w ith la s t S e p te m b e r o u tra g e d C onfidence b e g a n sq u e e z in g th e
w a te r o u t of th e s to c k m a r k e t q u o ta tio n s, a n d it h a s b een
sq u e e z in g ev e r sin ce, a n d it is n o t th ro u g h sq u e ezin g . Do n o t
be d eceiv ed b y te m p o r a ry rallie s.
S to ck m a r k e t q u o ta tio n s
m u s t r e a c h th e level of a c tu a l v a lu e s b efo re C onfidence w ill
th in k it sa fe to e n te r W all S tre e t a g a in . M any sto c k s now
q u o te d w ill no lo n g e r be liste d w h e n C onfidence a g a in w a lk s
a b ro a d in W all S tre e t. B iq u id a tio n , d r a s tic liq u id a tio n , w ill n o t
suffice, T h e re m u s t be re o rg a n iz a tio n . V alu e g iv en to n o th
in g c a n n o t be m a in ta in e d . Y et th is is w h a t o u r tw e n tie th c e n
tu r y fin a n c ie rs h a v e a tte m p te d . T h e y h a v e c a p ita liz e d ex p en se
a c c o u n ts. T h e y h a v e c a p ita liz e d b o n u se s p a id fo r in d iv id u a l
p la n ts, fo r in d iv id u a l e n te rp ris e s .
T h e y h a v e c a p ita liz e d th e
p ro m o te r’s ra k e -o ff. T h e y h a v e c a p ita liz e d th e g r e a t e x p e c ta
tio n s of m in d s m o re v isio n a ry th a n C olonel M u lb e rry S e lle rs’.
Is th e re a m a n liv in g w ho did n o t k n o w w h a t th e u ltim a te
r e s u lt w ould b e? I th in k n o t.
T h e so u n d m a n of b u sin e ss h a s n e v e r d o u b te d fo r a m o m
e n t w h a t th e r e s u lt w ould be, b u t h e h a s fe a re d i t s co m in g
m ig h t be too long delayedT h e officials of th e g o v e rn m e n t th ro u g h m isc o n c e p tio n of
th e situ a tio n , on se v e ra l o cc a sio n s cam e to, th e re lie f of s p e c u
la tio n . I t w as a n u n w ise u se of g o v e rn m e n t po w er, a n d c a n be
ex c u se d only u p o n th e g ro u n d t h a t th e officials h o n e s tly th o u g h t
d is a s te r in W all S tre e t m e a n t g e n e ra l d is a s te r . N o good p u r
po se w a s se rv ed . T h e sto c k m a n ip u la to r w as h elp e d a n d th e
n u m b e r of s to c k m a r k e t v ic tim s in c re a se d . G en eral b u sin e ss
w a s n o t a id e d in th e slig h te s t. In f a c t th e g o v e rn m e n t’s a c tio n
b y d e la y in g th e s to c k m a r k e t p a n ic in c re a se d th e d a n g e r of a
g e n e ra l p an ic. If th e g o v e rn m e n t h a d n o t (u n in te n tio n a lly , of
co u rse, b u t effectiv ely ) u se d its re so u rc e s to b o o st q u o ta tio n s,
th is sto c k m a r k e t sh a k e -u p w ould h a v e o c c u rre d se v e ra l y e a rs
ago, a n d t h a t w o u ld h a v e b een b e tte r fo r fo r b o th m a r k e t a n d
public.
H o w ev er, m o s t f o rtu n a te ly , th e in e v ita b le w a s n o t too long
d elay ed , a n d th e re fo re le g itim a te b u sin e ss h a s n o t b een m a
te r ia lly affe cted . N ow a n d th e n a b u sin e ss h o u se h a s fa ile d b e
cau se it h a s o v er-b o rro w ed , a n d h a s b een d ish o n e stly m a n a g e d .
H e re a n d th e re a b a n k h a s failed b e c a u s e its officials h a v e
sto le n its fu n d s a n d lo st th e m in sp e c u la tiv e v e n tu re s . I th in k
it can be sa id s a fe ly t h a t n o t a b a n k n o r a b u sin e ss h o u se
h o n e s tly a n d c a p a b ly m a n a g e d h a s b een se rio u sly affe cted
by th e s to c k m a r k e t p a n ic of 1902-1903.
The
W orst
Is
Over.
L a s t y e a r w e w e re lo o k in g in to th e f u tu re w ith fe a r a n d
tre m b lin g . T o d a y w e feel th e w o rs t is over. T h e a n tic ip a te d
s to c k m a r k e t p a n ic h a s o ccu rred . T h e re is w elcom e p ro m ise
of a lo n g p erio d of d e p re ssio n in th e sto c k m a rk e t. Y et g e n
e ra l b u sin e ss, le g itim a te b u sin e ss, is in a h e a lth y , so u n d a n d
p ro sp e ro u s co n d itio n . W e h a v e d e m o n s tr a te d how co m p lete is
th e d iv o rc e m e n t of th e s to c k m a r k e t fro m le g itim a te b u s i
n ess. L e t u s rejo ice.
T h e re is n o th in g in th e p r e s e n t fin a n c ia l s itu a tio n t h a t w e
w ou ld c h a n g e if w e could. C re d it is easy, b u sin e ss is b risk
a n d sp e c u la tio n is on its b ack . W h a t m o re could be d e sire d ?
If th is s itu a tio n is th e r e s u lt of u n sc ie n tific m o n e ta ry law s,
h o w m u ch ca u se h a v e w e to th a n k f o rtu n e t h a t o u r la w s a r e
u n sc ien tific.
No
Dem and
fo r Radical
Change.
T h e re is no d e m a n d fo r ra d ic a l ch a n g e co m in g fro m an y
co n sid e ra b le p o rtio n of th e p r a c tic a l b u sin e ss m en of th e c o u n
try . B u t th e r e h a s b een u rg e n t, in s is te n t d e m a n d fo r re v o lu
tio n a r y c h a n g e co m in g fro m c e r ta in th e o r is ts . S ince 1898 a n d
b efo re th e y h a v e u rg e d t h a t a ll th in g s fin a n c ia l be tu r n e d u p
sid e dow n. F o rtu n a te ly th e y h a v e n o t h a d th e ir w ay . T h e c o n
s e rv a tiv e s h a v e opp o sed r e v o lu tio n a ry ch an g e, a n d h a v e g e n tly
b u t firm ly a d ju s te d th e m e n ta l b a la n c e of th e ra d ic a ls. N ow th e
ra d ic a ls h a v e b eco m e h a rm le s s , q u ite . T h e y d isc la im re v o lu
tio n a ry p u rp o se. T h e y h a v e ceased to a d v o c a te b ra n c h b a n k
ing, th o u g h b ra n c h b a n k in g is a n e c e s s a ry c o n d itio n p re c e d e n t
to th e su c c e ssfu l u se of a s s e t c u rre n c y . P e r h a p s th e y h a v e
com e to re a liz e a s w e do, t h a t w h ile b ra n c h b a n k in g is a n ideal
s y s te m fo r a dev elo p ed c o u n try , it is n o t th e sy s te m fo r a
d ev elo p in g c o u n try . T h e y h a v e a b a n d o n e d a d v o cac y of tr u e
a s s e t cu rre n cy .
A f te r th e s e y e a rs of h e a te d d isc u ssio n th e
ra d ic a ls o ffer a s fu lly su p p ly in g all n e e d e d c h a n g e in ou r
b a n k in g a n d c u rre n c y la w s— th e F o w le r bill, w h ic h m a y be
rig h tly e n title d , “ A bill p ro v id in g fo r th e in fla tio n of o u r c u r
re n c y b y th e c re a tio n of a lim ite d volu m e of sa fe a n d in e la s tic
n a tio n a l b a n k n o te s b a se d up o n th e a s s e ts of su c h b a n k s .”
Y ou a re all fa m ilia r w ith th e la s t e d itio n of th e F o w ler
bill, a n d th e re fo re k n o w I h a v e given_ its p ro p e r title . I w ill
n o t ta k e up y o u r tim e w ith a n a n a ly s is of th e bill. Y ou h a v e
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
a lre a d y a n a ly z e d it fo r y o u rselv es. T h e p ro fe s se d o b je c t of th e
f ra m e r of th is bill is to p ro v id e a c u rre n c y co m b in in g p e r fe c t
s a fe ty w ith p e rfe c t e la s tic ity . T h is is se e k in g th e u n a t t a i n
able. I t is im p o ssib le to co m b in e p e rfe c t s a fe ty a n d p e rfe c t
e la s tic ity . T h e n e a r e r to p e rfe c t s a fe ty , th e f a r t h e r fro m p e r
fe c t e la s tic ity . T h e se a r e n o t offered a s a r g u m e n ts . T h e y a r e
fin a n c ia l ax io m s.
T h e a d v o c a te s of th is le g isla tiv e o fferin g fierce ly d e fe n d
th e s a f e ty of th e p ro p o sed c u rre n c y . I c a n n o t fo r th e life of
m e se e w h y th e y w a s te so m u c h elo q u en ce on th is p o in t.
No one se rio u s ly d isp u te s th e s a f e ty of th e s e n o te s, e x c e p t p e r
h a p s M r. F o w ler, him self. In a sp e e c h r e c e n tly d e liv e re d b e
fo re th e M in n e so ta b a n k e r s M r. F o w le r m a d e th is s ta r tlin g
s ta te m e n t:
“N o b a n k is b o u n d to re d e e m its lia b ilitie s in
gold; it c a n u se g re e n b a n k s , w h ich a r e a b s o lu te ly w o rth le ss ,
or s ilv e r d o llars w o rth a b o u t 35 c e n ts .” S e ctio n 9 of th e la s t
F o w le r bill p ro v id e s t h a t h is n o te s sh a ll be re d e e m e d in ‘‘la w
fu l m o n e y ” a n d ‘‘la w fu l m o n e y ” in c lu d e s g re e n b a c k s w h ich
h e sa y s a r e a b s o lu te ly w o rth le ss , a n d silv e r d o lla rs w h ic h h e
sa y s a re w o rth a b o u t 35 c e n ts. If M r. F o w le r w e re se rio u sly
ta k e n , th is g r a tu ito u s a s s a u lt upo n th e c r e d it of th e g o v e rn
m e n t m ig h t u n s e ttle o u r e n tir e m o n e ta r y sy s te m , b a s e d as it is
upo n o u r confidence in th e w illin g n e ss a n d a b ility of o u r g o v
e r n m e n t to re d e e m e v e ry fo rm of to k e n m o n ey w ith gold coin,
w h ich h a s a c c e p te d v a lu e th e w o rld over. H o w ev er, d o u b tle ss
M r. F o w le r w a s n o t se rio u s w h e n he m a d e th is a t t a c k on o u r
n a tio n a l c re d it, b u t if h e w ere, no one to o k h im se rio u sly ,
a n d so no h a r m w a s done. T h e c re d it of th e g o v e rn m e n t r e
m a in s a s h ig h ab o v e su s p ic io n a s ever.
M u s t B e U n d e s i r a b l e t o be E l a s t i c .
F o r m yself, I a m c o n v in ced t h a t th e F o w le r n o te w o uld
be sa fe n o tw ith s ta n d in g th is b a c k -h a n d e d s la ^ a t it. In d eed ,
it is so p e rfe c tly sa fe t h a t it is p e rfe c tly in e la s tic . T h e re is
b u t one w a y to su p p ly e la s tic ity to a c re d it n o te . I t m u s t
be m a d e in som e d eg re e u n d e sira b le . T h e m o re u n d e s ira b le
th e n o te m a y be, th e m o re e la s tic it w ill be. A lw ay s p ro v id ed
th d e g ree of u n d e s ira b ility is n o t so g r e a t t h a t th e n o te c a n n o t
be fo rce d in to c irc u la tio n . N o one w ould lis te n to a p ro p o si
tio n to p ro v id e e la s tic ity by re n d e rin g th e issu e in a m e a s u re
u n sa fe . I t w ould be u n w ise to p ro h ib it b a n k s fro m p a y in g
o u t n o te s of o th e r b a n k s. T h is w o u ld place su c h n o te s u p o n
th e sa m e fo o tin g a s co llectio n ite m s a n d th e y w ould be s u b je c t
to d isc o u n t. A c re d it n o te m u s t be sa fe a n d it m u s t c irc u la te
a t . p a r. N e ith e r th e b a n k s n o r th e p u b lic w ould to le r a te th e
s lig h te s t m e a s u re of u n s a fe ty , n o r th e s m a lle s t co llectio n
c h a rg e .
T h is F o w le r n o te is a b s o lu te ly sa fe, a n d it w ou ld
c irc u la te a t p ar.
W h e re in is it m ad e su fficien tly u n d e s ira b le to be m a n y
T h e c o m m itte e re p o rtin g th e la s t F o w le r bill s ta te , “ I t
is p ro b a b le t h a t th e w hole of th e p ro p o sed issu e w ould find o c
c u p a tio n d u rin g th e co m in g fall, a n d as c e r ta in ly be p ra c tic a lly
all r e tire d d u rin g th e su c c e e d in g s p r in g .”
I th in k it p ro b a b le t h a t a la rg e p a r t of th e p ro p o sed iss u e
m ig h t find o c c u p a tio n n e x t fall, b u t I a m n o t so s u r e t h a t p r a c
tic a lly all p u t in to c irc u la tio n w ould be r e tire d d u rin g th e su c ceed in g sp rin g .
.
^
,
., .
T h is claim is co m fo rtin g , h o w ev er, m t h a t it in d ic a te s t h a t
a s s e t c u rre n c y a d v o c a te s h a v e a t la s t le a rn e d th e tr u e _m e a n
in g of th e w o rd “ e la s tic ity .” N o t long ago a n in fla tio n is t to ld
m e t h a t he th o u g h t e la s tic ity m e a n t c a p a c ity fo r ex p a n sio n .
N ow I th in k th e y begin to re a liz e t h a t e la s tic ity is th e te n d e n c y
to r e t u r n to a n o rig in a l co n d itio n . C o n tra c tio n is n o t only a n
e s s e n tia l to e la s tic ity , b u t it is th e ch ief e s se n tia l. I t m ig h t
be w ell to h a v e a c u rre n c y t h a t w ould e x p a n d w h e n n eed ed ,
b u t it is m o re e s s e n tia l t h a t it sh o u ld c o n tr a c t w h e n n o t
n eed ed .
. . ,,
. ,, . .
M r F o w le r’s n o te s w ould d o u b tle ss go o u t in th e fall, b u t
how is he to g e t th e m b a c k in th e s p rin g a s h e p ro m ises, a n d
k eep th e m in r e tire m e n t u n til th e le g itim a te d e m a n d s of a n
o th e r fall call th e m a g a in in to a c tiv e serv ice.
H e te lls u s t h a t he p ro v id es all e s se n tia l d e g re e of u n
d e s ira b ility to h is n o te s by d e p riv in g th e m of th e re se rv e
fu n c tio n , th u s in s u r in g th is p ro m ise d fa ll o p e n in g a n d s p rin g
clo sin g on sc h ed u le tim e. T h is s ta te m e n t looks v e ry w ell on
p a p e r in th e d a rk , b u t it w ill n o t s ta n d th e lig h t of p r a c tic a l
ex p erien ce. I t is to be fe a re d t h a t th e s p rin g c lo sin g w ou ld
n o t ta k e place a s a d v e rtis e d .
T. .
T h e F o w le r bill offers us a p e rfe c tly sa fe n o te. I t is re n d e re d u n d e s ira b le by d e p riv in g it of th e re se rv e fu n c tio n .
Thp. n r e s e n t n a tio n a l b a n k n o te is a p e rfe c tly su fe n o te.
G E O . B. LANE,
D E A L E R IN
C om m ercial Paper
& Investm ents
2 0 3 G u a r a n t y B u i ld i n g , M I N N E A P O L I S .
TH E CO M M ER CIA L W EST.
Saturday, Septem ber 12, 1903.
Northwestern Trust Company
D IR E C T O R S :
A. C. A n d er so n .
C h a s. W . A m es.
E . H . B a i l e y , P resid en t.
C . H . B ig e l o w .
K enn eth C l a r k .
H a y d n S. C o l e , V .-P . & C o u n sel
W . B. D e a n .
R o b e r t R . D u n n , V .-P res.
F r e d e r i c A. F o g g .
ST. P A U L , M IN N .
C ap ital, $200,000
Hs
'
D IR E C T O R S :
T h o s. Ir v in e .
F r a n k B. K e l l o g g .
Ja m e s W . L u s k .
A. E . M a c a r t n e y .
A lber t L . Or d e a n .
G e o . C. P o w e r .
E d w a r d N. S a u n d e r s .
R. E . Sh epherd.
J. H. S k i n n e r .
T h e o . L . S c h u r m e ie r
*
S u rp lu s, $10,000
Guaranty Fund Invested in First Mortgage Railway Bonds. $101,853.75
-------------------------- ------------ A C T S A S ----------------------------------------
Trustee, Registrar, Transfer Agent. Fiscal Agent, Executor,
Administrator, Receiver, Assignee, Guardian, Etc.
A ssum es G en era l C h arge and M an agem en t of R e a l and P e rso n al E s ta te s.
C O R R E S P O N D E N C E IN V IT E D .
I t is re n d e re d u n d e s ira b le b y d e p riv in g i t of th e r e s e rv e f u n c
tio n .
M r. F o w le r sa y s th e a v e ra g e life of th e p r e s e n t n a tio n a l
b a n k n o te is 753 d ay s.
C a n M r. F o w le r s a y w h y h is p e rfe c tly s a fe n o te , d e p riv e d
o f th e r e s e rv e fu n c tio n , w ould n o t r e m a in o u t 753 d a y s ?
W h y does th e p r e s e n t n a tio n a l b a n k n o te s ta y o u t 753 d a y s ?
B e c a u se it is a s a b s o lu te ly s a fe a s a n y o th e r fo rm of m o n ey in
c irc u la tio n . B e c a u se th e r e is no good b u sin e ss r e a s o n w h y a
b a n k sh o u ld fo rc e re d e m p tio n of th e bills of o th e r b a n k s c o m
in g in to its p o ssessio n .
H o w is th e p r e s e n t n a tio n a l b a n k c u rre n c y h a n d le d w h e n
it finds its w a y in to a b a n k ?
If it is m u tila te d , i t is s o rte d a s re q u ire d b y th e d e p a r t
m e n t, a n d p la c e d w ith th e r a g s a c c u m u la tin g fo r re d e m p tio n .
If i t is tit fo r c irc u la tio n it is n o t s e g re g a te d fro m o th e r c u r
re n c y . A t close of b u sin e ss you d iv id e y o u r to ta l c u rre n c y by
5, 6 o r 7, a c c o rd in g to th e e la s tic ity of y o u r confidence. T h e
r e s u lt is o u r a g g r e g a te of n a tio n a l b a n k n o te s . Y ou th e n s u b
t r a c t th e a m o u n t of n a tio n a l b a n k n o te s th u s d isc o v e re d to be
o n h a n d fro m th e to ta l c u rre n c y , a n d th e re m a in d e r is y o u r
le g a l te n d e r, a n d is a la rg e p a r t of y o u r c a s h re se rv e .
I h a v e e x a m in e d h u n d re d s of n a tio n a l b a n k s , a n d I h a v e
y e t to e x a m in e on e t h a t d id n o t “e s tim a te ” th e a m o u n t of
n a tio n a l h a n k n o te s on h a n d .
C a n a n y o n e g u q ss w h y th e y
w o u ld n o t t r e a t th e p e rfe c tly sa fe F o w le r n o te in th e sa m e
w ay?
I a m q u ite w illin g to co n ced e t h a t th e N ew Y o rk b a n k s do
n o t a n d w o u ld n o t “ e s tim a te ” th e a m o u n t of n a tio n a l b a n k
n o te s on h a n d . T h e y live on a h ig h e r m o ra l p la n e d ow n th e re
in N ew Y o rk th a n w e do o u t h e re in th e W e s t.
A t le a s t
t h a t ’s w h a t D ire c to r of th e M in t R o b e rts a n d o th e r a d v o c a te s of
in fla tio n claim . M r. R o b e rts sa y s th e N ew Y o rk b a n k s w ould
s e n d a ll s u c h b a n k n o te s in f o r re d e m p tio n a s so o n a s r e
ceiv ed in o rd e r to o b ta in r e s e rv e m oney. W h a t a n u n e c e s s a ry
w a s te of tim e ? A n d , b y th e w ay , if th e N ew Y o rk h a n k s now
s e g re g a te n a tio n a l h a n k n o te s a n d p ro m p tly fo rw a rd th e m fo r
r e d e m p tio n to o b ta in re s e rv e m o n ey in th e ir s te a d , h o w is it
p o ssib le t h a t s u c h n o te s re m a in in c irc u la tio n u n til w o rn out,
a s M r. F o w le r c la im s? I h a v e th o u g h t a v e r y la rg e p r o p o r
tio n of th e n a tio n a l b a n k n o te iss u e fo u n d its w a y in to th e
N ew Y o rk b a n k s b efo re it w a s w o rn out.
D ire c to r R o b e rts a n d th e r e s t m a y he a s s u re d t h a t th e
N e w Y o rk h a n k s w o u ld h a n d le th is p ro p o sed new b a n k c u r
re n c y in th e w a y t h a t w o u ld b r in g th e m m o s t pro fit, a n d so
w o u ld w e all of u s. H o w ev er, I m ig h t s u g g e s t to th e a d v o c a te s
o f in fla tio n t h a t th e a s s u r a n c e s th at. N ew Y o rk b a n k e r s w ould
p r o m p tly re d e e m th is n ew c u rre n c y to s e c u re r e s e rv e m o n ey
co n v ey s no se n se of c o m fo rt to th e W e s te rn b a n k e r w h o w ould
h a v e to su p p ly t h a t r e s e rv e m oney.
B u t s u c h a c o n tin
g e n c y w o u ld h a r d ly a rise . T h e c o u n tr y b a n k e r w o u ld e x p e c t
h is N ew Y o rk h a n k to se n d all of h is n o te s co m in g in to its
p o ss e s sio n to so m e p o in t w h e re th e y w o u ld r e m a in in c ir c u la
tio n u n til w o rn o u t. If one h a n k w o u ld n o t p e rfo rm th is s e r
v ic e a n o th e r w ould.
A la rg e p a r t of th e p r e s e n t n a tio n a l h a n k c u rre n c y is d is
tr ib u te d in th is w ay . F o r th e in fo rm a tio n of th o se w h o believe
th e N ew Y o rk h a n k s w o u ld fo rce re d e m p tio n of th e n ew n a
tio n a l h a n k c u rre n c y , le t m e tell how a n o rig in a l issu e of p r e s
e n t n a tio n a l h a n k n o te s w a s h a n d le d . T h e w e s te rn b a n k r e
q u e s te d its N ew Y o rk c o rre sp o n d e n t to p u rc h a s e b o n d s a n d
d e p o s it th e m w ith th e U n ite d S ta te s t r e a s u r e r fo r c irc u la tio n .
T h e W e s te rn b a n k p a id to th e N ew Y o rk b a n k th e p re m iu m
o n th e b o n d s a n d b o rro w e d fro m it p a r of th e b o n d s. T h e
t r e a s u r e r w a s r e q u e s te d to fo rw a rd th e n ew c irc u la tio n to th e
N e w Y o rk h a n k . T h e N ew Y o rk h a n k h a d b een su p p lie d w ith
r u b b e r s ig n a tu r e s of th e p r e s id e n t a n d c a s h ie r of th e W e s te rn
b a n k . W h e n th e n e w c u rre n c y w a s d e liv e re d a t th e N ew Y o rk
b a n k c r e d it w a s g iv e n th e W e s te rn b a n k a n d th e lo an a n d
i n te r e s t c h a rg e d to its a c c o u n t. T h e s ig n a tu r e s w e re sta m p e d
o n th e n e w n o te s, a n d th e y w e re s e n t a s f a r a w a y a s possible,
a n d th e b a n k of iss u e h a d n o t ev en s e e n th e m . Oh, yes, th e
N ew Y o rk h a n k s w o u ld p ro m p tly d e m a n d re d e m p tio n of all
s u c h n o te s ! T h e h a n k s t h a t d id w ould lose th e ir c o u n tr y h a n k
b u sin e ss.
W hy
17
Is O p p o s e d t o t h e
Bi ll.
N o, m y frie n d s , th e r e is no q u e s tio n of e la s tic ity in volved
in th is d isc u ssio n . I t is a n offer of m o re m oney. I t is a n
offer of a p r e s e n t a d d itio n of a b o u t $185,000,000 to th e v o lu m e
of o u r in flex ib le c u rre n c y . I t is offered to u s on e a s y te rm s .
W e a r e to ld t h a t o u r r e fu s a l to a c c e p t th is offer to in fla te th e
c u r re n c y is p ro m p te d b y se lfish n ess.
I c a n n o t s p e a k fo r
o th e rs , b u t fo r m y se lf, I k n o w I could a d d n o t less t h a n $15,000
p e r a n n u m to th e in co m e of th e h a n k w ith w h ic h I a m c o n
n e c te d , if th is bill w e re to b ecom e a law . Y e t I oppose it.
I o ppose it b e c a u s e I th in k i t w ro n g in p rin c ip le ; i t is a
s p e c ia l p riv ileg e .
I o ppose it b e c a u s e it c o n te m p la te s a n o u tra g e u p o n b a n k
R . H. G O O D E L L
d e p o sito rs. I k n o w th e a d v o c a te s of th is m e a s u re a s s e r t t h a t
th e d e p o s ito rs w ould be in id e n tic a lly th e s a m e p o sitio n a s
th e y a r e to d ay , if f ir s t- lie n - a s s e t- c u r r e n c y w e re a n a c c o m
p lish e d fa c t. I a m s u rp ris e d t h a t g e n tle m e n w h o a r e s tu d e n ts
h a v in g a p la c e in p u b lic e ste e m , sh o u ld a t t e m p t s u c h tr a n s p a r e n t
d e c e p tio n to q u ie t th e fe a rs of th e d e p o sito rs. T h e re a r e b a n k s
t h a t w o u ld in v e s t th e m o n ey now tie d up in b o n d s to se c u re
c irc u la tio n in a s s e ts e q u a lly a s good a s g o v e rn m e n t b o n d s.
T h e re a r e b a n k s t h a t m ig h t s a fe ty be g iv e n th e p riv ile g e of
iss u e w ith o u t r e s tr ic tio n . B u t th e s e a r e n o t th e k in d of h a n k s
t h a t fail. I h a v e k n o w n th e m a n a g in g officers of m a n y fa ile d
h a n k s . I h a v e n e v e r k n o w n a m a n a g in g officer of a fa ile d
b a n k w ho w ould h a v e re g a rd e d th e in v e s tm e n t of su fficien t
fu n d s to p r o te c t a n o te issu e, a s a s a c re d t r u s t. T h e y w o u ld
h a v e lo st s u c h a d d itio n a l fu n d s or em b ezzled th e m j u s t a s th e y
d id th e o th e r fu n d s. T h e re w o u ld h a v e b een t h a t m u c h m o re
to lose or ste a l. I w a s te m p o ra rily re c e iv e r of a b a n k t h a t
w o u ld n o t h a v e p a id a p e n n y to its d e p o s ito rs if th e F o w le r b ill
h a d b een a law a n d it h a d a v a ile d its e lf of th e sp e c ia l p riv ile g e
c o n fe rre d u p o n it b y t h a t bill. A n d w ho w o u ld d o u b t t h a t
su c h a b a n k w o u ld n o t a v a il its e lf of e v e ry p riv ile g e w ith in
re a c h .
,
1 oppose th is h ill b e c a u s e I c o n s id e r i t a d a n g e ro u s p r e c e
d e n t. W ith in tw o y e a rs fin d in g t h a t th e p ro m is e d s p r in g clo s
in g d id n o t m a te ria liz e , th e r e w o u ld be d e m a n d fo r a la r g e r
fall opening.
I oppose th is bill b e c a u s e no s u c h d e g re e of in fla tio n is
need ed , n o r it is d e s ire d b y a n y c o n sid e ra b le n u m b e r of p r a c tic a l
b u sin e ss m en. T h e a d v o c a te s of th e bill d e c la re th e N ew Y o rk
b a n k e r s do n o t w a n t it. C e rta in ly th e W e s te rn b a n k e r s do
n o t w a n t it. T h e W e s te rn h a n k s w e re n e v e r in s u c h s tr o n g
p o sitio n a s th e y a r e to d a y . B e fo re ’93 th e b a n k s of th e f a r
W e s t h a d b e e n p a r tie s to th e la n d bopm a n d th e y su ffe re d in
co n seq u en ce. T h e n t h e ir a s s e ts w e re b a s e d u p o n la n d e q u itie s.
T o d a y th e a s s e ts of th e b a n k s all o v er th e W e s t a r e b a s e d u p o n
th e c a s h c o m m a n d in g c o m m o d itie s of th e soil. T h e s itu a tio n
in th e W e s t s u re ly d o es n o t w a r r a n t th is c lam o r fo r in fla tio n .
T h e re is no m e n a c e to o u r p r o s p e r ity in p r e s e n t fin a n c ia l law s.
N ow t h a t th e s to c k m a r k e t sleeps, th e r e is n o th in g th r e a te n in g
o u r c o m m e rc ia l p e a c e a n d q u ie t e x c e p t th e la b o r q u e s tio n . If
th e th in k e r s w ould a v o id th e n e x t b u sin e ss crisis, p a n ic a n d
d ep ressio n , le t th e m solve th e la b o r q u e s tio n .
T h e co n flict
b e tw e e n la b o r a n d c a p ita l p ro m is e s to he th e c a u s e of th e n e x t
co m m e rc ia l d is a s te r.
No. th is p ro p a g a n d a is a d e m a n d fo r m o re m oney. A n d w e
do n o t n eed m o re m o n ey fo r le g itim a te p u rp o se s. I c a n see
a s s e t c u rre n c y a d v o c a te s p ric k up th e ir e a r s h e a r in g th e w o rd
m o n ey u se d in th is se n se . S e v e ra l of th e m h a v e c ritic is e d M r.
A. J. F ra m e , a n ab le o p p o n e n t of a s s e t c u rre n c y , fo r th is u se
of th e w ord. I a s k th e in fla tio n is ts to look in to a n y u n a b rid g e d
d ic tio n a ry b efo re r e p e a tin g th is c ritic is m .
M oney is a n y a c c e p te d m ed iu m of ex ch an g e . I t m ig h t c o n
s i s t of sh ells, of b ead s, ev e n of old sh o e s. I t does e m b ra c e
gold coin, silv e r coin, g o v e rn m e n t n o te issu es, h a n k n o te iss u e s
a u th o riz e d b y th e g o v e rn m e n t, th e m in o r coins iss u e d b y th e
g o v e rn m e n t. C hecks a n d d r a f ts a r e a lso m o n e y in th e b ro a d
se n se. I t is tr u e t h a t a ll o u r fo rm s of m oney, e x c e p t ch e c k s
a n d d r a fts , a r e in e la s tic . B u t o v er 90 p e r c e n t of o u r b u sin e ss
is d one in ch e c k a n d d r a f t m oney. I t is in th is b a n k c r e d it
m o n ey t h a t w e find e la s tic ity in its t r u e s t se n se. I ts v o lu m e
is re g u la te d b y p u b lic n ee d s a n d p u b lic confidence. T h e c o n
tro l is w h e re it sh o u ld be, w ith th e public. I t is in th is g r e a t
s y s te m of c re d its t h a t w e g e t th e b e s t k in d of e la s tic ity ,—
a u to m a tic , a d ju s ta b le , ad o p ta b le .
T h e a s s e t c u rre n c y a d v o c a te a s s e r ts t h a t th e e la s tic ity of
o u r ch eck a n d d r a f t sy s te m d o es n o t a n s w e r o u r p u rp o se , b e
c a u s e it c o n tr a c ts w h e n confidence c o n tra c ts .
T hey w a n t a
fo rm of c re d i# t h a t w ill e x p a n d to fill th e void c r e a te d b y r e
tr e a t i n g confidence.
D oes a n y m a n th in k h e c a n in v e n t a fo rm of c re d it t h a t
w ill e x p a n d a s confidence c o n tr a c ts a n d c o n tr a c t a s confid en ce
expands?
If you th in k s u c h a m a n e x is ts , fa ll on h is n eck , fo r h e is
th e m a n w ho c a n b rin g to u s th e fin a n c ia l m illen iu m . H o w ev er,
I r a t h e r th in k w e w ill n o t re a c h th e fin a n c ia l m ille n iu m u n til
t h a t d a y com es w h e n th e lio n is to lie d o w n w ith th e la m b o u t
sid e of him .
W h e n confidence is stro n g , e v e ry fo rm of c r e d it is b ro u g h t
in to a c tiv e se rv ic e to th e f u lle s t lim it of e x p an sio n . W h e n c o n
fidence is w e a k th e v a rio u s fo rm s of c re d it c o n tr a c t,—th e m o re
u n d e s ira b le th e fo rm of c re d it, th e g r e a te r th e d e g re e of c o n
tra c tio n . T h e re fo re q u ite n a tu r a lly th e g r e a te s t d e g ree of c o n
tr a c tio n is in o u r v o lu m e of ch eck s a n d d ra fts .
T h is is a n a tu r a l fin an cial law t h a t c a n n o t be re p e a le d b y
le g isla tio n .
The
C on servatives
and
the
R adicals.
I m ig h t d isc u ss th e m u ltitu d e of m is s ta te d f a c ts a n d p e r
v e r te d th e o rie s a d v a n c e d b y in fla tio n is ts, b u t I h a v e a lr e a d y
W . L. F O L D S
R. H. QOODELL & CO.
B R O K E R S IN
C o lla te r a l
P aper
218 LA SA L L E STREET, CHICAGO
N E G O T IA T E
LOANS
ON
STOCKS,
BONDS
AND
GRAIN
Spencer Trask & Co.
BANKERS
William & Pine Streets, New York
IN V E ST M E N T SECURITIES
Members N ew Y o rk Stock E xchange
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Branch O ffice, A lb a n y , N . Y
E. H. R O L L I N S & SONS.
I N V E S T M E N T BONDSj
CAREFULLY SELEC TED .
>
Municipal and Railway Securities.
C H ICA G O .
^BOSTON.
DENVER.
>
S
SAN FR A N C ISC O ^
T H E CO M M ER CIA L W EST.
i8
H a m i l t o n M. P e y t o n , P resid en t.
W il l i a m C. H e g a r d t , A s s ’ t C a sh .
Saturday, Septem ber 12, 1903.
J a m e s C . H u n t e r , C ash ier.
I s a a c S. M o o r e , 2nd A s s ’ t C ash
The American Exchange Bank
O F D U L U T H , MINN.
(E s ta b lis h e d D ecem b er, 1879)
Capital,
-
$500,000.00
Surplus,
-
$225,113.00
D IR E C T O R S:
T. F . C O L E
G. A
S. G. K N O X
H. M . P E Y T O N
T O M LIN SO N
A. G O W A N
C.
A. C O N G D O N
W. C. AGNEW
JA M E S D A V ID S O N
KENN ETH CLAR K
JA M E S C . H U N T E R
J. D . E N SIG N
THE MERCHANTS’ LOAN & TRUST COMPANY,
A D A M S A N D C L A R K S T R E E T , C H IC A G O .
E S T A B L IS H E D 1857.
C a p i t a l and S u r p l u s , $ 6 , 0 0 0 , 0 0 0 :
H IG H GR A DE B O N D S .
TRUSTS.
THE
O L D E S T B A N K IN C H IC A G O ,
D ep osits, $ 3 6 , 0 0 0 , 0 0 0 .
PLYMOUTH CLOTHING HOUSE
Established 1882.
H. J. B u r t o n , Pres.
H. L. T u c k e r , V-Pres.
FO R E IG N E X C H A N G E .
S A V IN G S .
WHOLESALE MANUFACTUREES OF
FURS AND CLOTHING.
SAFE D E P O S IT VA ULTS.
D IR E C T O R S .
M arshall F ie l d ,
A lbert K eep,
A. H. B u r l e y ,
E l ia s T. W a t k in s
E n o s M. B a r t o n ,
E . D. H u l b e r t
C y r u s H. M c C o r m ic k ,
L am bert T r ee,
E r s k i n e M. P h e l p s ,
M o s e s J. W e n t w o r t h ,
E. H. G a r y ,
O r so n S m it h .
O F F IC E R S .
JOBBERS AND RETAILERS OF
Men’s Clothing,
Furs,
Boys’ Clothing,
Shoes,
Hats and Caps,
Trunks and Bags,
Shirts,
Cloaks and Wraps,
Furnishings,
Millinery.
O rso n S m i t h , P re s id e n t.
E. D. H u l b e r t , Vice-President.
J. G. O r c h a r d Cashier.
F . N. W i l d e r , A s s is ta n t C a sh ie r.
F . G . N e l s o n . Assistant Cashier.
P . C. P e t e r s o n , Assistant Cashier.
L e o n L. L o e h r , Sec’y Trust Dept.
“Plymouth Corner,” Sixth and Nicollet,
Minneapolis.
J ohn E. Blunt , J b „ M anager Bond D ept.
t a k e n to o m u c h of y o u r tim e. A m o m e n t m o re a n d I am
th ro u g h . I h a v e n o t b u rd e n e d you w ith s ta tis tic s . I m ig h t te ll
y o u t h a t N ew Y o rk e x c h a n g e w a s a t a p re m iu m in C hicago la s t
fa ll, a n d so p ro v e t h a t th e W e s t h a d m o re th a n su fficien t crop
m o n ey . B u t t h a t w o u ld be a p e rv e rsio n of the_ tr u th , a n d cons e rv a tiv e s a re w ell p le a s e d to leav e th e d is to rtio n of f a c ts a n d
fig u re s to th e ra d ic a ls. I m ig h t p ro v e by c o m p a rin g C a n a d a
w ith th e U n ite d S ta te s t h a t b ra n c h b a n k in g a n d a s s e t c u r
r e n c y r e t a r d o r r a t h e r p r e v e n t g ro w th , w h ile in d e p e n d e n t
b a n k s a n d b o n d se c u re d c u rre n c y fo rc e th e p ro c e ss of d e v e l
o p m e n t. B u t I th in k it is a jo k e to c o m p are C a n a d a w ith th e
U n ite d S ta te s ; a n d th is is a se rio u s su b je c t.
T h e ra d ic a ls ta k e th e few b a n k s t h a t s u rv iv e d th e p riv ile g e
o f is s u in g a s s e t c u rre n c y , a s p ro o f p o sitiv e t h a t th e 5,000 b a n k s
n o w in th e n a tio n a l s y s te m a n d th o se of th e 10,000 o th e r b a n k s
t h a t m ig h t com e in lo o k in g fo r e a sy pro fit, could be safelyg r a n te d th is s a m e sp e c ia l p riv ileg e . W h a t of th e b a n k s t h a t
fa ile d d u r in g th e old, w id e open d a y s ? I h a d th e h o n o r to
b e c o n n e c te d w ith a M in n e so ta b a n k t h a t w e n t th r o u g h th e
w ild c a t d a y s a n d m e t e v e ry o b lig a tio n a s p resen ted .^ T h a t
b a n k d id n o t close its doors, b u t e v e ry o th e r b a n k m t h a t
s e c tio n did. Is th is a n a r g u m e n t fo r or a g a in s t a s s e t c u r r e n c y '
W e m ig h t te ll of th e tro u b le s t h a t h a v e com e to th e n a tio n s
u s in g a s s e t c u rre n c y a n d w e m ig h t sh o w ho w v e ry d iffe re n t
is th e s y s te m o p e ra te d in a n y of th e s e c o u n trie s, fro m t h a t
p ro p o se d fo r u s b y th e ra d ic a ls. B u t you k n o w of th e tro u b le s,
y o u k n o w th e d ifferen ce, a n d so do th e ra d ic a ls.
T h e y te ll u s of th e o p p o sitio n t h a t w e a re ig n o ra n t; t h a t
th o s e w h o o p pose a s s e t c u rre n c y c a n n e ith e r w r ite n o r ta lk .
W e a d m it it, b u t w e b eg th e m to re m e m b e r t h a t b r a in s do
n o t a lw a y s g u id e th e fa c ile p en n o r w ig w a g th e e lo q u en t
to n g u e .
T h e y te ll u s t h a t w e a r e j n e r e m o n ey le n d e rs, ig n o r a n t of
fin a n c e
A n d w e te ll th e m t h a t a h a n k e r or m o n ey le n d e r c a n
g e t a lo n g q u ite c o m fo rta b ly w ith o u t k n o w led g e of fin an ce, b u t
a fin a n c ie r is sa d ly h a n d ic a p p e d b y ig n o ra n c e of p r a c tic a l
k SIiphev tell u s w e a re u n p a trio tic . W e r e t o r t m o s t c o u rte o u sly
t h a t it is n o t a lw a y s th e fellow t h a t c a n h o lle r th e lo u d e s t w ho
is th e m o st p a trio tic .
W e b eg of th e m to te a c h u s,— to re sc u e u s fro m th e p its
o f ig n o ra n c e , th e d e p th s of p re ju d ic e . T e a c h u s to be m o re
t h a n m e re m o n ey le n d e rs. S how n s how to develop o u r lu n g s
so t h a t w e to o m a y be p a tr io ts . W e a re w illin g to le a rn . W e
w o u ld if w e cou ld r e a c h th e h ig h e m in en ce a tta in e d b y fin a n c ia l
ex p erts^ if th e w a y w e re n o t o b sc u red b y a n im p e n e tra b le m e sh
o f s o p h is try a n d m a n u f a c tu re d fa c t.
L e t th e m p ro v e th e n e e d of th is n ew c u rre n c y .
L e t th e m sh o w u s h o w th e y w ill o b ta in th e a d d itio n a l r e
s e rv e m o n e y re q u ire d .
L e t th e m p r e s e n t a p la n fo r im p a r tin g e la s tic ity to th e issu e
a n d m a in ta in in g it.
L e t th e m p ro v e t h a t a d e p o s ito r of a fa ile d b a n k w o u ld be
n o w o rse off t h a t u n d e r th e p r e s e n t b o n d -c irc u la tio n sy ste m .
T h e s e a r e p ra c tic a l p o in ts t h a t m a y he tr e a te d in a p r a c
t i c a l w a y a n d w ith o u t w e a r a n d te a r on rh e to ric or elo cu tio n .
T h e ra d ic a ls a s k u s to lis te n to th e ir v iew s. W e h a v e b een
lis te n in g fo r th e s e se v en y e a rs p a s t, a n d w ill p a tie n tly lis te n
fo r s e v e n y e a r s m o re. W e w ill e x a m in e th e ir p lan s, a n d s ta n d
r e a d y to w elco m e w ith loud re jo ic in g a sc h em e to re n d e r th e
c ir c u la tin g m e d iu m e la s tic , w ith o u t in fla tin g it. T h e y d e c la re
th e m s e lv e s opp o sed to in fla tio n , a n d in f a v o r of e la s tic ity , i n e
c o n s e rv a tiv e s a r e o p p o sed to in fla tio n , a n d a r e m fa v o r ot
e la s tic ity . If w o rd s m e a n a n y th in g , th e ra d ic a ls a n d th e c o n
s e r v a tiv e s a r e a b s o lu te ly ag reed . B u t th e p e rfo rm a n c e s of th e
ra d ic a ls a re so v e r y d iffe re n t fro m th e ir p ro m ise s. B o th e x
p e r t fin a n c ie rs a n d p o litic a l fin a n c ie rs h a v e offered m a n y c u r
r e n c y p la n s . T h e y h a v e com e to u s b e a rin g th e in d o rs e m e n t
o f th e fin a n c ia l b ig w ig s. A n d y e t a boy in th e p r im a ry c la ss m
H om eseek ers’ E xcursions
V i a Chicago Great W e s te r n R a ilw a y to points South,
Southw est, at one fare plus $2.00 for the round trip, on
sale Sept. 1st and 15th.
F ree Reclining Chair Cars,
D in in g and Cafe Cars, on w hich you p ay only for w hat
y o u order, on all trains. F o r further particulars apply to
L . C. Rains, G en ’l A ge n t, Cor. N icollet A ve . and 5th St.,
Minneapolis.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Capital, $300,000.
E . A. D r e w , Treas.
W. C. B u r t o n , Sec’y.
fin an ce k n e w n o t one of th e p la n s w o u ld w o rk a s p ro m is e d b y
th e ir p ro m o te rs .
W e h a v e h a d th e se v e ra l F o w le r bills all o fferin g in fla tio n ,
w ith o u t th e s lig h te s t d eg ree of e la s tic ity . I f M r. F o w le r is
h o n e s t in h is d e c la re d a v e rsio n to in fla tio n , h e w o u ld n o m o re
v o te fo r h is ow n bill t h a n you, or I, or a n y o th e r co n serv a tiv ew ould.
T h e v e r y l a t e s t o fferin g is S e c r e ta r y S h a w ’s d a n g e r - s ig n a l
c u rre n c y . If a n e m e rg e n c y a ro se, a n d you h a d th e p riv ile g e of
is s u in g th is 6 p e r c e n t re d lig h t c re d it note,_ w o u ld you do it?
N o t if y o u could b o rro w su fficien t to tid e y o u over. Y ou w ou ld
p a y 8 or ev en 10 p e r c e n t fo r m o n ey so o n e r t h a n a d v e r tis e
y o u r w e a k n e ss. M r. S h aw p ro b a b ly th re w o u t th is a d m in is tr a
tio n s u g g e stio n to se e how it w ould ta k e . W ell, it d o e s n ’t
ta k e .
A ldrich
Bi ll t h e S a f e s t .
U n le s s th e a d v a n c e a g e n ts of fin a n c ia l re v o lu tio n c a n p r o
duce, in th e n e a r f u tu re , w o rk in g p la n s fo r a c r e d it c u rre n c y t h a t
w ill c o n tr a c t a n d e x p a n d a u to m a tic a lly , a n d y e t n e v e r in fla te
o u r v o lu m e of m oney, n o r d e c re a s e th e d e p o s ito rs ’ se c u rity ,
I, fo r one, f a v o r th e p a s s a g e of th e A ld ric h bill a s th e s a f e s t
a n d m o s t a c c e p ta b le of th e in fla tio n m e a s u re s . T h e f irs t p a r t
of t h a t m e a s u re , a t le a s t, sh o u ld be g iv en fo rce of law . T h e re
is n o u r g e n t call fo r th e p a s s a g e of th e l a t t e r p a r t of th e bill,
c o n te m p la tin g a s it does, a n in c re a s e in th e a g g r e g a te «of b o n d s
a v a ila b le a s s e c u rity fo r circ u la tio n .
I b eliev e w e a r e a ll a g re e d t h a t th e g o v e rn m e n t sh o u ld
ce a se to h o a rd its c a s h a t a tim e w h e n it is n e e d e d m o st by
co m m erce.
If o th e r d e p o sito rs p u rs u e d th e sa m e p o licy a s
th e g o v e rn m e n t,—if th ey , too, w ith h e ld t h e i r re c e ip ts fro m d e
p o s it w h e n th e p ro d u c ts of th e so il w e re a w a itin g d is tr ib u
tio n , a co m m e rc ia l c a ta c ly s m w o u ld sw eep d ow n u p o n u s
th v e ry f irs t fall. W h y sh o u ld th e g o v e rn m e n t’s o p e ra tio n s be
p e r m itte d to s ta n d a s a c o n s ta n t m e n a c e to tr a d e ? T h e g e n
e ra l g o v e rn m e n t is m o re in te r e s te d in th e g e n e ra l w e lfa re th a n
a n y sin g le in d iv id u al. W h y sh o u ld th e g o v e rn m e n t, th e n , w ith
th e u tm o s t calm n ess, do e v e ry y e a r w h a t th e in d iv id u a l n e v e r
d o es e x c e p t w h e n in p a n ic c o n d itio n ? T h e re is no voice
ra is e d a g a in s t th e p a s s in g of th e s u b - tr e a s u r y , e x c e p t p e r
h a p s th e p o litic ia n s w h o a re g iv e n p la c e u n d e r th e sy s te m .
T h e n w h y n o t a b o lish th e s u b - tr e a s u r ie s , even if w e h a v e to
p e n sio n th e g e n tle m e n in c h a rg e of th e m .
T h e g o v e rn m e n t
sh o u ld k e e p a ll of its fu n d s in th e b a n k s . T h e firs t p a r t of
th e A ld rich b ill p ro v id e s th e w ay . T h e re c a n he no so u n d
o b je c tio n to th e s u b s titu tio n of bo n d s o th e r t h a n -g o v ern m en ts
a s s e c u rity fo r g o v e rn m e n t d ep o sits, in te r e s t a t th e r a t e of
iy2 p e r c e n t to he p a id on su c h d e p o sits. T h e re m u s t a lw a y s
be sp e c ia l s e c u rity fo r g o v e rn m e n t d ep o sits, a n d th e k in d a n d
c h a r a c te r of th e s e c u ritv m u s t n o t be le f t to th e d isc re tio n
of a n y g o v e rn m e n t official. If it -were o th e rw ise , g o v e rn m e n t
d e p o s its w ould go to th e b a n k s fa v o re d b y p o litic ia n s. A n d th e
b a n k s fa v o re d b y p o litic ia n s a r e seld o m sa fe b a n k s .
A f te r th e p a s s a g e of th e firs t p a r t of th e A ld ric h hill, th e r e
w ould be n e a rly $160,000,000—1930—2’s a b a ila b le fo r a d d itio n a l
c irc u la tio n . A n d th is w ould he e n o u g h fo r so m e tim e to com e. I
k n o w t h a t som e of th e a s s e tis ts th in k th e ta k in g o u t of c ir c u la
tio n b a s e d on g o v e rn m e n t b o n d s in so m e occu lt w a y re d u c e s
th e v o lu m e of lo a n a b le fu n d s. B u t it d o e s n ’t. I c a n a s s u r e
th e m t h a t w h a te v e r c irc u la tio n is t a k e n o u t is ju s t so m u c h
a d d ed to th e g e n e ra l v o lu m e of c u rre n c y .
H e re w e h a v e all fin a n c ia l le g isla tio n n ee d e d fo r th e p r e s
e n t. W e a re n o t called u p o n to le g isla te fo r g e n e ra tio n s y e t u n
bo rn . T h e g o v e rn m e n t, w o u ld no lo n g er be in p o sitio n to a b
so rb o u r su p p ly of m o n ey w h e n n eed ed m o st. T h e re w o u ld be
su fficien t a v a ila b le b o n d s to p ro v id e a b a s is fo r su c h a d d itio n s
to o u r c u rre n c y a s m ig h t be n eed ed fro m tim e '-to tim e. A n d
o u r s y s te m of b a n k c re d its w ould c o n tin u e to p ro v id e th e r e q u is
ite e la s tic ity . A n d confidence w ould be th e e la s tic f a c to r a s it
■is n o w a n d e v e r w ill be, no m a t t e r w h a t s y s te m you m a y
ad o p t.
E U G E N E
M.
ST E V E N S,
C O M M ERC IA L P A P E R A N D
IN V E S T M E N T S E C U R IT IE S
Municipal, Corporation and Railroad Bonds.
Local Securities.
127 G u a r a n t y B u i l d i n g -
Bank Stocks
and
M IN N E A P O L IS , M IN N .
TH E CO M M ERCIAL W EST,
Saturday, Septem ber 12, 1903.
E
i i r m
M
o r t g a g e s — S
19
i x
P
e
r
C
e n
t
A Resident of 22 years, 18 years Banking and Real Estate.
Personal
knowledge and approval of every loan offered. Not a foreclosure of my mort
gag e s and not a dollar of delinquent interest.
The closest investigation
courted.
Write for references.
W .
Iy•
W l ly l v l A M S O N ,
ly ls b o n ,
D ak.
RAILROAD EARNINGS.
N E W B A N K S A N D C H A N G E S.
Fourth W e e k A u gu st.
The First National bank of Minneapolis has been approved
as reserve agent for the City National bank of Mason City,
Iowa.
The Northwestern National bank of Minneapolis has been
approved as reserve agent for the First National bank of Twin
Valley, Minn.
The Citizens National bank, of Sisseton, S. D., had, on
Sept. 1, been in business just a year. Its deposits on that date
were $173,820.
W. W. Smith, assistant cashier of the First National bank
of St. Cloud, Minn., has been elected cashier, to succeed E. B.
Smith, resigned.
The Bank of Brownsdale, at Brownsdale, Mower county,
Minn., has been organized. W. S. Woodward is president, N.
K. Dahle, vice-president, and J. H. Levey, cashier.
The application of A. T. Davidson of Duluth, A. R. D a v
idson, A. W. Hepworth, S. R. Kirby and A. D. McRae to or
ganize the First National bank of Carlton, Minn., with a cap
ital of $25,000 has been approved by the comptroller of the
currency.
C a n a d ia n P acific (c o rre c tio n ):
1903.
1902.
4 th w e e k A ug. $1,260,000
$1,113,000
M o n th ...............
3,994,000
3,448,000
J u ly 1-A ug. 31.
7,90S,000
6,612,000
D e n v e r & R io G ran d e:
4 th W e e k A u g .
$508,900
$494,400
M o n th ..............
1,586,800
1,550.400
J u ly 1-A ug. 31.
3,071,800
3,039,300
E v a n sv ille & In d ia n a p o lis:
4 th w e e k A u g .
$13,604
$11,509
M o n th ...............
40,641
35,415
J u ly 1-A ug. 31.
76,730
69,328
E v a n sv ille & T e rré H a u te
4 th w e e k A u g .
$62,761
$59,089
M o n th ..............
178,817
171,256
J u ly 1-A ug. 31.
334,577
310,500
H a v a n a E le c tric :
4 th w e e k A u g .
$29,812
$23,432
119,896
M o n th ...............
97,838
J a n . 1-A ug. 31.
782,052
662,917
H o c k in g V alley :
4 th w e e k A u g .
$152,780
$148,635
M o n th ...............
569,885
552,074
J u ly 1-A ug. 31.
1,125,781
1,077,241
Io w a C e n tra l:
4 th w e e k A u g .
$60,306
$57,800
M o n th ..............
198,926.
201,518
J u ly 1-A ug. 31.
396,679
409,996
K a n a w h a & M ic h ig a n :
4 th w e e k A ug.
$41,303
$20,703
M o n th ...............
136,533
58,567
J u ly 1-A ug. 31.
261,211
114,139
M in n e ap o lis & St. L o u is:
4 th w e e k A u g .
$80,990
$100,923
M o n th ...............
262,383
307,024
J u ly 1-A ug. 31.
50L772
624,536
M isso u ri P acific:
4,th w e e k A u g . $1,574,000
$1,212,000
M o n th ..............
3,806,000
3,203,000
Ja n . 1-A ug. 31. 26,560,218
22,929,250
C e n tra l B ra n c h :
4 th w e e k A u g .
$67,000
$39,000
M o n th ..............
165,000
107,000
J a n . 1-A ug. 31.
881,296
669,705
N a tio n a l R a ilro a d of M exico:
4 th w e e k A ug.
$262,301
$201,888
M o n th ..............
878,495
652,732
Ja n . 1-A ug. 31.
8,628,557
6,780,537
N ash v ille , C h a tta n o o g a & St. L o u is:
4 th w e e k A u g .
$256,959
$235,779
M o n th ..............
820.172
735,408
J u ly 1-A ug. 31.
1,630,458
1,471,655
St. L o u is S o u th w e s te rn :
$196,078
4 th w e e k A u g .
$172,115
588,489
M o n th ...............
499,503
J u ly 1-A ug. 31.
1,142,027
1.056,371
T oledo, St. L o u is & W e s te rn :
4 th w e e k A u g .
$95,133
$89,893
M o n th ...............
291,695
280.281
J a n . 1-A ug. 31.
2,049,430
1,762,100
W isc o n sin C e n tra l:
$202,000
4 th w eek A u g .
$200,005
M o n th ..............
611,000
562,109
J u ly 1-A ug. 31.
1,225,533
1,092,600
B uffalo, R o c h e ste r & P itts b u r g :
4 th w eek A u g .
$224.581
$207,117
M o n th ..............
725,434
642,063
J u ly 1-A ug. 31.
1,441,487
1,254,150
C a n a d ia n P acific:
4 th w e e k A u g . $1.260.000
$1,086,000
M o n th ...............
3,994.000
3,421,000
J u ly 1-A ug. 31.
7,908,000
6,585,000
T oledo & Ohio C e n tra l:
4 th w e e k A u g .
$106,416
$82,337
M o n th ..............
345,993
246,979
J u ly 1-A ug. 31.
662,781
512,041
W abash:
4 th w e e k A u g .
$701,531
$631,816
M o n th ..............
2,121,421
1.903,740
J u ly 1-A ug. 31.
4,121,574
3,625,270
W h e e lin g & L a k e E rie :
4 th w e e k A u g .
$118,919
$134,661
M o n th ..............
387,004
363,016
J u ly 1-A ug. 31.
770,925
655,098
U n io n P acific P ro p e r:
2d w e e k A u g . .
$635,038
$582,621
3d w eek A u g . .
655,896
638,682
J u ly 1-A ug. 31.
4,052,170
3,649,431
C h icago G reat: W e ste rn
Inc.
$147,000
546,000
1,296,000
-C hanges-----Dec.
$14,500
36,400
32,500
$2,095
5,226
7,402
$3,672
7,561
24,077
$6,380
22,058
119,135
$4,145
17,811
48,540
$2,506
W iscon sin B anks.
$2,592
13,317
$20,600
77,966
147,072
The Bank of Albany, Green county; capital, $10,000; in
corporators, J. E. Litel, J. F. Litel, and J. F. Litel, Jr.
The Bank of Oregon, Dane county; capital, $10,0004 in
corporators, J. F. Litel, J. E. Litel, and J. F. Litel, Jr.
$19,933
44,641
122,765
Tne Bank of LaFarge, Vernon county; capital, $5,000; in
corporators, George W. Tate, Isaac Calkins, and M. H. Tate.
$362,000
603,000
3,630,968
The Westby State bank of the village of Westby, Vernon
county; capital, $10,000; incorporators, Martin J. Bekkedal,
E. O. Sveen, and Paul Steenson.
$28,000
58,000
211,591
The Bank of Prescott, of Prescott, Pierce county, Wis.,
has been organized with capital of $10,000; incorporators,
George S. Hollister, D. J. Dill and twelve others.
$60,413
225,763
1,848,020
The Portage County bank of the village of Almond, Port
age county; capital, $5,000; incorporators, J. W. Dunegan,
O. A. Crowell, E. G. Crowell, David Hicks, and C. E. W eb
ster.
$21,ISO
S4.764
158,806
The American Exchange bank of Merrillan, Jackson coun
t v capital, $5,0004 incorporators, O. Holway, A. S. Trow,
J. L. Wright, H. C. Warren, George W. Purnell, O. A. Rpscoe, Joseph Cannon, W. R. Hathaway, Jonas Johnson, Mary
Bowler, L. B. Stillwell, and E. G. Boynton.
$23,963
88,986
85,656
$5,240
11,414
287,330
The Bank of Eagle, Waukesha county; capital, $110,000;
incorporators, Frank A. Abenroth, Henry M. Loibl, Frank
Kloppenburg, Edward J. Lins, George Cummings, Walter A.
West, C. B. Williams, I. L. Grosse, Fred W. Schwinn, T er
ence Flanagan, John Steinhoff, Louise H. Lins, John Burnell,
Mrs. Emma B. Abenroth, and J. J. Fitzgerald.
$1,995
48,891
132,933
$17,464
83.371
187,337
On Sept. 1 the new banking law went into effect, under
which no private banks are permitted to do business. Pre
vious to the passage of the law, there were 149 private banks
in the state. O f these all but about half a dozen have incor
porated as state or national banks, and those that did not
were very small concerns which it would not pav to make the
change.
$174,000
573,000
1,323,000
$24,079
99,014
150,740
$69,715
217,681
496,304
$23,988
115,827
L ow O ne-W ay C olonist R ates
$15,742
$52,417
17,214
61,658
O n sale via Ch icag o Great, W e s te rn R a ilw a y on the
first and third T u e sd a y s in each m onth— Sept. 15th, 1903,
to points Southwest.
F o r further information apply to
L. C. Rains, G en ’l A ge n t, Cor. N icollet A ve . and 5th St.,
Minneapolis.
BANK BURGLARY INSURANCE.
1n c r e a s e .
T h e gross earnings of the Ch icag o Great W e s te rn Rail
w a y (M aple L e a f Route) for the fourth w ee k of A ugust;
1903, shows an increase of $26,923.79 over the corresp o nd
ing w ee k of last year. T o ta l increase from the beginning
of the fiscal y ea r $198,049.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The articles of incorporation of the following new state
banks were recently approved by the commissioner:
HOOD
4
P E N N E Y , Phr L “
s'
General Agents for the Northwest of
T H E OCEAN A CCIDENT AND G U ARAN TEE CORPORATION.
All^Iosses settled by ns.
We have never contested a bank burglary loss.
THE COMMERCIAL WEST.
20
B u sin e s s E s ta b lis h e d
Saturday, Septem ber 12, 1903.
1873.
Western Trust $c Savings Bank, Chicago.
Capital
TRANSACTS
-
A GENERAL
$ 1 ,0 0 0 , 0 0 0
D O M E S T IC
AND
F O R E IG N
B A N K IN G
AND
BOND
B U S IN E S S .
OFFICERS:
O S E P H E . OTIS, President.
WILLIAM C. COOK, Cashier.
W ALTER H. WILSON, Vice-President.
H. W O LLEN BERG ER, Asst, to the President.
O P T IM IS T IC
O P IN IO N
(S p e cial C o rresp o n d en c e to T h e C o m m ercial W e s t.)
Chicago, Sept. 5.— Mr. E. H. E versz, of E ve rsz, Follansbee & Co., says:
“ T h e choicest railroad securities can now be purchased
on terms w hich make them an exce ed in gly attractive in
vestment, and w e do not look for any further decline in
their mark et value. O n the contrary, we believe there
will be a good demand for these securities within the next
fo rty days and a probable stiffening of prices. W e are
inclined to believe that m o n ey rates will remain firm; but
do not think there will be any s trin gency on accoun t of
Minneapolis Securities.
Q uotations furnish ed by E u gen e M. S tev en s, C om m ercial P a
per and In v estm en t S ecu rities, 123 South Third S treet, G uar
a n ty B u ild in g , M in n eap o lis,
M in n eap o lis, S ept. 10.
L a st
Sale.
A sked.
Bid.
110
130
175
175
Ì8Ò
105
100
105
150
150
140
135
M inneapolis T ru st C om p any....................... 132
110
115
M in n esota T itle Ins. & T ru st Co., p f d ... 112
127
120
125
133
130
130
190
193
195
N o r th w e s te r n N a tio n a l B a n k .
127
127
130
St. A n th o n y F a lls B a n k ........
130
135
157
157
' ÌéÓ
130
130
S w e d ish -A m e ric a n N a tio n a l B a n k ............
iii
111
Minn. Gas L ig h t Co., con. 6’s, 1910-30... 108
104
Minn. G eneral E lectric Co., con. 5’s, 1929 103%
ióè
103
M inneapolis B rew in g Co., com m on .......... 101
106
iió
110
H5
105
102
M inneapolis S yn d icate ................................... 102
200
M inneapolis T h resh in g M achine C o . . — 175
72
70
73
N orth A m erican T elegraph C o....................
T w in C ity T elephone Co., first m ortgage
95
100
5’s, 1913-16 ...................................................
ióó
T w in C ity T elephone Co., co m m o n ..........
iió
HO
T w in C ity T elephone Co., p referred ........ 107
b y P e a b o d y & Co., b ro k e rs,
ing, St. P a u l:
A m e ric a n N a tio n a l B a n k ..............................
C a p ita l B a n k .....................................................
F i r s t N a tio n a l B a n k .........................................
M e rc h a n ts ’ N a tio n a l B a n k ...........................
N a tio n a l G e rm a n -A m e ric a n B a n k ............
St. P a u l N a tio n a l B a n k ...................................
S c a n d in a v ia n -A m e ric a n B a n k ...................
S econd N a tio n a l B a n k .....................................
S ta te B a n k .........................................................
N o rth w e s te rn T r u s t C o ..................................
M inn. T ra n s fe r R y. 1 st 5s, 1916................
M in n e so ta T ra n s fe r R y. Co., firs t 4s,
1916 ...................................................................
S e c u rity T r u s t C o m p a n y ...............................
St. P a u l U n io n D ep o t Co. firs t 6s, 1930..
U n io n D e p o t Co. consol. 5s, 1944.................
U n io n D e p o t Co. consol. 4s, 1944...............
I n t e r s t a t e I n v e s tm e n t T r u s t C o .................
A m e ric a n L ig h t & T ra c tio n Co. c o m . . . .
A m e ric a n L ig h t & T ra c tio n Co. p r e f ----St. P a u l G as L ig h t Co., 1 st 6s, 1916..........
S t. P a u l G as L ig h t Co. C ons. 6s, 1 9 1 8 ....
St. P a u l G as L ig h t Co. g e n ’l 5s, 1944---St. P a u l C ity R y. Co., cab le 5s, 1937........
W e s t P u b lish in g C o m p any, c o m m o n ----W e s t P u b lis h in g C om p any, p r e f e r r e d ---S t. P a u l F ire & M a rin e In s. C o m p a n y ...
S t. P a u l T ru s te e C o m p a n y ............................
S u p e rio r W a te r , L ig h f & P o w e r Co. firs t
4s, 1931 ...........................................................
S o u th S t. P a u l U n io n S to ck Y a rd s Co.
firs t 5s, 1916...................................................
*A nd in te r e s t.
Chicago
s e c u ritie s a r e fu rn is h e d
;s’ N a tio n a l b a n k b u ild S t. P a u l, S ept. 10.
L ast
A sked. Sale.
Bid.
100
125
280
145
147%
141
135
135
108
110
130
135
130
220
ÌÒÒ
105
ióè
*90
95
*125
*110
*100
Ì3Ò
115
106
135
63
93
112
111
90
HO
300
105
175
100
57
88
*110
*110
*105
250
171
96
ióó
58%
95
iiò %
89
108
250
105
171
OF
LAW REN CE NELSON, Vice President
H. L. CHAPM AN, Bond Officer.
MR.
EVERSZ.
the m o vin g of crops this fall, as this has already been
la rgely discounted. T h e present is certainly an unusually
favorable time for the investment of m o n ey in securities
which will un doubted ly sell at higher prices. D u rin g a
recent trip through the west, I was impressed w ith the
v e r y prosperous condition of farmers and heard only the
most favorable reports as to the corn and w heat crops
this year. M a ny of the bankers w h o m I visited, stated
that in their opinion the amount of m o n ey required from
the east for the m ovem ent of crops would be considerably
less than in former y ea rs .”
F e d e ra l T r u s t ................ 132
F i r s t N a tio n a l ............... 184
F i r s t N a tio n a l B a n k of
E n g le w o o d ................ 175
F o r t D e a rb o rn .............. 128
H a m ilto n N a t i o n a l ...............
Illinois T r u s t ................. 253
Ja.ckson T r u s t & S . . . . 125
M e tro p o lita n T. & S .... 124
M e rc h a n ts ’ L. & T . . . . 210
M ilw a u k ee Ave. S ta te . 170
N a t ’l B a n k No. A m . . . 136
N a t. B a n k R e p u b lic ... 142
N a tio n a l L iv e S to c k ... 232
N o r th e rn T r u s t ............ 252
O a k la n d N a tio n a l ........ 187
P ra irie S ta te ................. 149
R o y a l T r u s t .................... 175
S ta te B a n k C h ic a g o ... 137
W e s te rn S ta te .............. 112
So. C hicago S a v in g s ... 105
Ì2
6
6
Ì2
"è
12
6
’è
12
8
6
8
6
6
6
141
365
140
360
155
125
680
165
150
125
625
Ì5Ó
i 43
255
122
82
The C om m ercial W est w ill publish w a n t a d v ertisem en ts u n
der th is gen eral h ead in g for one cen t a word, no ad vertisem en t
to be in serted for less th an 20 cen ts. A ddress is to be counted,
but classification sid e head w ill be in serted free. P rice the sam e
w h eth er one or more in sertion s are taken. Cash or tw o -ce n t
stam p s m u st accom pany th e order. Copy m u st be received
W ed n esd ay of each w eek to insure publication in the current
num ber.
M ining S to c k .
B efore bu ying or se llin g a n y M ining or In d u strial sto ck w rite
George G irling & Co., T em ple Court, M inneapolis, Minn. Tel.
M ain 2689.
Financial.
For Sale—5% and 6% per cen t m ortgages on im proved M inne
ap olis real esta te. Care of property solicited . A lexan d er Cam p
bell & Co, N ew York L ife building, M inneapolis, Minn.
E X P E R IE N C E D B A N K E R , d e s ire s to p u rc h a s e a n in te r e s t
in a good M in n e so ta b a n k , c a r r y in g w ith it m a n a g in g official p o
sitio n , or w ill jo in r ig h t p a r tie s in p u r c h a s in g or e s ta b lis h in g a
bank.
“B u s in e s s ,” c a re of C o m m ercial W e st.
Y o u n g Man W a n te d .
W A N T E D —Y oung m a n w ith b a n k in g e x p e rie n c e to ta k e
c h a rg e of a sm a ll b a n k in good S o u th D a k o ta to w n . S h ould be
ab le to ta k e s to c k a n d c o m m an d o u tsid e m oney. A d d re ss, s t a t
in g q u a lific a tio n s a n d re fe re n c e s, A d v e rtise r, C o m m ercial W e st.
If
You
FOR
W a n t
THE
D ep ositors
POCKET
77
B an k Stocks.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C hicago, S ept. 9.
A sked.
Bid.
Div. R. L. Sale.
172
160
165
6
183
180
180
6
116
114
114%
175
165
170
8
385
375
395
*12
150
145
Ì50
352
300
350
Ì2
17b
180
270
260
285
8
425
410
415
12
112
108
109
6
200
180
180
8
(GOOD ONES)
Communicate with
us. W e will supply
them for you in a
clean and co nserv
ative manner with
out the objectiona
ble feature of un
reliable canvassers.
R e p o rte d b y A. J. W h ip p le & Co.
B ook V.
A m erican T r u s t ......... . 159
B a n k e rs ’ N a tio n a l .. . . 148
C e n tra l T r u s t .......... . . 130
C h icag o C i t y .............. . . 147
C hicago N a tio n a l . . . .. 236
C hicago S av in g s . . . . . . 101
C o m m ercial N a tio n a l . . 180
C olonial T ru s t .......... .. 130
C o n tin e n ta l N a tio n a l . . 141
C orn E x c h a n g e ........ . . 196
D rex el S ta te ..............
D ro v e rs ’ D ep o sit . . . . . . 135
iè ò
128
650
126
HO
330
125
136
170
310
500
165
200
144
260
126
112
S P E C IA L A D V E R T IS E M E N T S .
*67%
78%
108
315
115
133
160
300
475
150
175
142
255
122
HO
ÌÓ8
325
117
134
165
300
142
375
Or sell you our
little savers with
pur improved sys
tem of obtaining
depositors.
BANKERS’ CONSOLIDATED HOME SAFE CO.
828=830 O p era H o u s e Bldg..
CHICAGO
THE COMMERCIAL WEST.
Sa turday, Septem ber 12, 1903.
21
THE FUEL OF THE FUTURE.
THE BRIQUETTE.
Not one person in ten in this country can tell you what a Briquette is. But in
Europe, where it is the universal fuel, outside of the British Isles, it is well known,
having taken the place of coal.
Briquettes form the principal domestic fuel in Berlin and other cities in'
Germany. They are used for locomotive and other steam firing purposes also.
Henry E. W eaver, of the W eaver Coal Co., Chicago, says in the Chicago
Tribune of recent date: “ It is almost safe to say that the Briquettes will be in general
use in the United States within twenty years. The Briquette is used and found
everywhere in Europe.”
Coal Briquettes are made from Lignite Coal or of coal dust (Hard Coal Culm).
The briquetting of coal consists of cementing the crushed coal or coal dust into
bricks of different sizes. The crushed coal is held together by the “ Binder.”
In the “ Binder” lies the success of the Briquette industry.
Pitch was used, but the increased demand raised the price to a prohibitive point.
It remained for S. H. Bradley, an American, to discover what is known as the
“ Vulcan Binder,” the only effective binder made, and by far the cheapest.
The important feature about the Vulcan Binder is that it consists of ingredients,
the supply of which will never run short.
The Vulcan Binder is controlled and owned exclusively by The International
Coal Briquette Company, an American concern. This company also controls the
Nirdinger Patents, covering the only successful briquette machinery ever invented.
The company also controls lignite coal lands in North Dakota, Montana and
W yoming.
This lignite burns from the outside like wood. W hen briquetted by the Vulcan
Binder Process, it becomes incandescent throughout, burns like coke, maintaining its
form until consumed.
It has been proven by tests that the International Coal Briquettes are clean
and convenient to handle, light easily and quickly, burn with clear, intense flame,
practically without smoke, give twice as much heat as a ton of the best hard coal,
costs $2.00 per ton less, and lasts as long if not longer.
It has taken the International Coal Briquette Co. two years to perfect the
Coal Briquette.
W e have spent thousands of dollars in experiments. Two experts were sent to
Germany and the old German Briquette methods studied and revised into the new
modern up-to-date American way.
Now this company has the most complete and only successful Briquette Manu
facturing Methods in the world.
It took thousands of dollars and some nerve to get to this stage, but we won.
Now we will erect a large plant in Philadelphia and one in North Dakota (loca
tion not decided). These two plants will turn out 1,200 tons of Briquettes a day,
which will net this company about $750,000 per year profit. Similar plants will be
erected in every important city in the United States and Canada.
The International Coal Briquettes will save the American people millions of
dollars every year. They are the fuel of the future, and the culturing of this industry
is more important than anything that has come up in years.
If you are interested in the fuel problem, write us today. W e will be glad to
give full paiticulars regarding a most important industry. W rite the
WESTERN
S E C U R IT IE S
B A N K OF C O M M E R C E
79
W ALL
STREET,
NEW
YORK.
BUILDING,
CO.,
F is c a l
M IN NEA POLIS,
DREXEL
Ag ents,
M IN N.
B U IL D IN G ,
P H IL A D E L P H IA .
For 10 cents in stamps to cover postage, we will mail you free a small International Briquette which
you can test to your own satisfaction. So clean it makes a splendid paper weight.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
TH E CO M M ERCIAL W EST.
22
Saturday, Septem ber 12, 1903.
GAS WORKS—We Give Credit
To, and co-operate with local investors, who desire to install local gas works giving
superior quality of light and heat for municipal and domestic purposes.
THE
F B D E R A I,
1 88 M a d i s o n S t r e e t , C H I C A G O
G E N E R A L M IN IN G M A T T E R S .
N otice has been sent by the O liver Iron M in ing Co.
(U. S. Steel corporation) to nearly all land owners of
properties upon which it has options for exploration that
it will shortly discontinue w o r k and abandon the options.
T h is is so general on the Mesabi range that it is not e x
pected the co m p an y will in the course of 45 to 60 days,
have drills on more than tw o or three tracts there. T h e
co m p an y is co ncentrating drills on the few lands it p ro
poses to continue w o r k on till the closing of its options,
and will co ncentrate still further shortly. It is not un der
stood that this action is taken w ith any general v ie w of
curtailing expenses or in other w a y s reflecting on present
conditions, but on account of a settled change in policy
as to the m ethod of securing ore lands, and that in future
it will be more likely to buy lands that have been explored
and developed b y others than to carry on extensive w o r k
on its own account. Pra ctica lly the same m ove has been
made on the Menominee range, w here the co m p an y has
been ca rryin g on much exploration for a lo ng time, and
where success has not been remarkable. T h is action will
possibly have a salutary effect on the holders of ore
lands, w ho have been rather too stiff in their ideas the
past few month s and for that reason it is w elco m ed b y
m a n y others w h o are in the exploring business on the
several ranges of L a k e Superior.
*
*
*
A n iron reco rd of interest w as made this w ee k in ore
loading, the steamer H o y t of the P ro vident Steamship
Co. havin g taken 5,376 gross tons of ore at the Great
N orthern docks in exa ctly 30H minutes. T h is is the best
time ever made at an ore dock on the lakes, and doubtless
anyw here in the world. T h e H o y t is spaced w ith hatches
ever 1 2 feet, same as the spacing of dock spouts, so that
not so much shifting of the ship w as required as when the
hatches are 2 4 feet centers, as is customary. It is doubt
ful if this reco rd can be passed.
T h e A m alg am a ted C ooper Co. is gettin g into L ak e
Superior coppers of a different character than the so m e
w hat doubtful propositions it has in the past_ been asso
ciated with there, such as the notorious Arcadian, the dif
ficult Isle Royale, the fruitless explorations on Michipicoten island, etc. It is n ow chan gin g stocks in Trim ountain
for those of C o o p er Range, and will thus have an^interest
of importance in the great “ S o u t h R a n g e group,” Baltic,
T rim ountain and Champion. T w o vears ago a com bina
tion of Baltic and Champion w as effected, and it w as then
supposed that Trim oun tain w as to be included, as it laid
directly between and w as an integral part of both, so far
as economies of production and of managem ent were
concerned. Copper R a n g e Consolidated owns a half in
terest in Cham pion and Copper R ange ra ilw a y and most
of Baltic. T h e balance of Champion belo n gs to St. M a r y ’ s
Mineral L an d Co. and W m . A. Paine has been a con
trolling factor. N o w the Standard Oil interests own 4T
per ce11t of Copper Rnne-e and the m a io ritv of T r im o u n
tain T h e three properties have a combined length on the
strike of the Baltic lode of m ore than four ' continuous
miles, have n ow tt operating and producing- shafts, have
T7 miles of openings and are producin g daily about 2.^00
t Gn= of hio-h d a s s rock. T h e y have m illing anti reducing
facilities for about 3. 300 tons of rock daily. T h e actual
GA8
COM PANY
11 3 2 C o llin s Street, S T . L O U I S
net m o n th ly output of refined copper is close to 1,500
tons, nearly half that of Calumet & Hecla, and far e x
ceeding that of any other lake co pper property. T h e y
have doubtless a mineral value in their Baltic lode far
greater than had Ca lumet & H e cla w hen it began p ro
ducing, and they have 3,160 acres of mineral land, much
more than of Ca lumet & Hecla, and the a verage width of
their copper bearing belt, while not as productive as that
of Calumet & Hecla, is nearly twice as wide. Cham pion
is their richest rock, and is p roducin g n ow only for four
stamps, while six will be w o r k in g soon. T h is mine n ext
year can average 1,000 tons of copper monthly. T r im o u n
tain should be hoisting 3,000 tons of rock daily in another
year. T h e s e three great mines are only about four years
old, as it was in 1897 that Capt. W . A. Dunn began w o r k
on the Ba ltic ground, the first of the three to be opened
into. T h e dip of the Baltic lode is about 72 to 74 degrees.
It is an am ygdaloid belt and probably the m ost easterly
yet worked. It is irregular in width, character and extent
of copper but it is persistent, like all lake lodes, and v e ry
much richer than most. T h e three properties are w ithout
much doubt the b igg es t mine ever opened in the L a k e S u
perior region.
L a s t year they made 15,000,000 pounds
copper and should double that in 1903.
A u g u st product of the tw o 300-tons furnaces of Calu
met & A riz on a Copper Co., Bisbee, A rizona, w as 2,800,000 pounds of metal, at the rate of m ore than 31,000,000
pounds per annum. T h is makes it one of the v e r y big
co pper mines of the world, for there are only seven
larger. T h e s e are, in their order, as fo llo w s: A m a l g a
mated, Calumet & Hecla, Rio T into, Mansfield, Copper
Queen United Verde, M ontana O. P. Co. F o r a mine to
ge t into this rank in less than three years from its be
ginning is phenomenal.
W o r k has begun on a new shaft that the Ca lumet &
H ecla is sinking on the K e a r s a r g e amygdaloid. T h e shaft
will be continued perhaps 50 feet into rock, after which
crosscuts will be sent to the lode, from w hich a pernianent shaft will be holed through to the surface. In view
of the richness of the mines ooened on this lode to the
northward, developments will be awaited with interest,
especially as the same lode has been tapped and reported
w orthless at various points to the south.
A n ew co pper mining district at Corbin. Mont., is at
tracting the attention of m ining men in all parts o f the
countrv. Reports indicate that Corbin will becom e an
other Butte, and the w on der generallv expre ssed is that
an appare ntly rich co pper field should so lo ng have re
mained undiscovered, especially as it is near an old silverlead district. T h e explanation, how ever, is that the men
w h o mined in that oart of the state w ere searching for
silver and lead and kn ew noth ing about copper. T h e re
cent discovery w as made in a w asho ut caused b y a cloud
burst, w hich took a w a y the surface ca pping of lead.
Butte mines of the Anaconda. P a rro t and W a s h o e
companies and the W a s h o e smelter, which have been
closed since Tuly 1. will be started next week. Tt will
take 90 days, to get their product on the market. T h e loss
in copper production on accoun t of the suspension is
about 32.2so.000 pounds, and to the A m a lg a m a te d co m
pany of $400,000 in profits. T h e lo«s to labor has been
$2,000,000.
— D. E. W o o d b rid ge .
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JONES PERPETUAL LEDGER CO., Suite 541 New York Life Building, Chicago, 111.
Northwestern Office, 503 Oneida Building, Minneapolis, Minn.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T H E C O M M E R C IA L W EST.
Saturday, Septem ber 12, 1903.
23
NORTHEASTERN MINNESOTA.
P ro b a b ly less h a s b een w r itte n a b o u t n o r th e a s te r n M in n e so ta
th a n of a n y o th e r p a r t of th e N o rth w e st. In a g e n e ra l w a y it
is th o u g h t t h a t it is a tim b e r c o u n try a n d u n fit fo r a g ric u ltu re .
T h e re fo re ‘th is a rtic le , w r itte n fo r F a rm , S to ck & H o m e, M in
n eap o lis, b y Geo. A. S m ith , sh o u ld be of w id e s p re a d in te re s t.
T h e known resources of Itasca co un ty lie in timber
and agriculture. T o these m a y be added a problematical
mineral wealth. G eologists assert that the nature of the
re gion is such as to indicate the probable existence of
gold, iron and coal, while recent developments on the iron
range leave little doubt that the iron deposits of the range
are continued in the southern part of the county. W h a t
m a y underlie the state swam p lands must be revealed by
future explorations. T h e r e are abundant deposits of clays
w hich are said to be of excellent quality for brick and tile
manufacture.
No rthern Itasca supports a vig o ro us gr o w th of mixed
timber and conifers. E a ch homesteader can usually sell
annually two or three hundred dollars w orth of saw lo gs
for tw o or three years to help him establish himself. A s
soon as railroads reach them they will probably get double
w a g e s for clearing the timber— as co rd w o o d— from their
lands. Because of a h e av y rainfall all kinds of trees g r o w
straight and tall in their competition w ith each other, and
make go o d sawlogs.
A t present the mills call for white, N o r w a y and jack
pine, spruce, balsam, tamarac, cedar and poplar for lum
ber. T h e se are supplied in sufficient quantities. -On the
lowlands in the bends of the rivers g r o w black ash and
w ater elm. O n the higher lands birch, rock elm, oak and
bassw o o d grow. T o utilize these, companies are bein g
fo rm e d for the construction of furniture mills.
T im b e r is also sold in the form of piles and railroad
ties. O ur state ge o lo gist says that the la rgest supply of
paper spruce in the United States is n ow in Itasca county.
It is also claimed that poplar is g o o d for paper pulp.
Po p la r form s the largest element of northern Itasca fo r
ests. In m ixed w oo ds the order of abundance is co m
m o n ly poplar, birch, w ater elm, black ash, balm of gilead,
soft maple, box-elder, oak, basswood, rock elm, etc. In
conifers the order is tamarac, spruce, balsam, jack, N o r
w a y and w hite pine and cedar. O th er trees and shrubs
native to the region are alder, plum, tw o cherries, Juneberrv, cranberry, hazel, mountain maple, d o g w o o d and
ironwood.
H e rb s are about the same in character as
J.
K. C A L H O U N
500 Oneida Building, MINNEAPOLIS
A
g e n t
f o r
t h
e
D
r e x e l
E
s t a t e
Real Estate and Loans,
Bonds, Lands and Mortgages.
References: Drexel Estate, Philadelphia, or any Bank in Minneapolis
E l w o o d S. C o r s e r , P res.
W il l i a m B . T u t t l e , T re a s .
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 ic h o l s , Secy.
Corser Investment Co.
E s ta b lis h e d 1870
M an ager New Y o r k L ife B u ild in g
M O RTG AG E L O A N S, R E A L E S T A T E and IN S U R A N C E
S p ecial atten tio n giv en to M an agem en t of E s ta te s for N on -R esiden ts
New York Life Building,
D. P. Jones. Pres.
DAVID
W. H. Davis, V-Pres.
MINNEAPOLIS
W. C. McW hinny, Sec. & Treas.
P. J O N E S
(E stab lish ed 1868.
Mortgage Loans,
&, C O .
In corp orated 1900.)
Real Estate and
Rentals
S p ecial atten tion given to m anagem ent of estates of non-residents.
S a tisfa cto ry referen ce to lo cal aud eastern p arties.
Main Floor Bank of Commerce Building,
M IN N E A P O L IS
CHUTE R E A L T Y
CO.
301 Central Ave., Minneapolis.
M anufacturing sites and trackage, business and residence
property in M inneapolis and S t. Paul for sale or rent. Five
story manufacturing plant w ith machinery, elevator, etc.,
centrally located.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
around Minneapolis. T w o or three orchids, m a n y of the
rose, co mposite and cro w fo o t families.
T h e principal
plants un derfoot in the w oo ds are mosses, ferns, grasses,
sarsaparilla, wild ginger, nettles, s tra w b e rry and horsetail.
T h e soil of the lands drained by the rivers is a sandy
clay loam, w ell adapted to the climate. It is equally good
for w e t and drouth. It drains readily and y et retains
moisture, for it does not crack as a stiffer clay would. It
is a w arm and quick soil. A ll sorts of grasses and v e g e
tables g r o w luxuriantly and are particularly sweet and
succulent because of quick growth, the season be ing short
with plenty of rain.
Comparisons with other parts of Minnesota lead to the
conviction that certain plants do better here than else
w here in the state. A m o n g these m ay be mentioned the
pulse, or pea, family. W i ld peas g r o w w ith luxuriance
in the w oods, trailing over the shrubs, while gard en peas
yield heavily with no fertilizer. C lover yields a heav y crop
and n ever fails.
A n o th e r adaptation to the country is the gr o w th of
strawberries, raspberries, and in a lesser de gre e other
berries. R o o ts never fail and are of fine quality. T h e
tobacco fam ily does well, as indicated b y the g r o w th of
potatoes, tobacco and tomatoes. C abbages thrive. Grasses
spring up at the first chance. T i m o t h y and other culti
vated grasses do well. Indeed, as our state g e o lo gis t said
years ago: “ E v e r y t h i n g can be g r o w n alon g the R ainy
river than can be g ro w n in other parts of Minnesota, with
the possible exception of y ello w dent corn.”
T h e climate seems actually more m oderate than that of
central and southern Minnesota. A few days each winter
of 40 to 50 degrees belo w zero are not much felt because
of the dry atmosphere. T h e snow is not excessive and
there is little w ind.. T h e snow never m oves in the woods.
F o r w eeks at a time the tem perature stands near the freez
ing point. T h is is due to clouds brou ght over from L ak e
Superior by east winds. T h e g r o w i n g season, how ever, is
short, and late frosts cause trouble with tender crops.
Cereals have not been injured b y them. T h e re is co m
m o n ly a frost near the 10th of June. It co mes again the
first w e e k in September. T h e ground freezes the first
w eek in N ovem ber.
T h e rainfall is about double that of the w estern border
$ 17.50
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S o licits the p lacin g o f y o u r m on ey and th e care and sale o f y o u r p ro p e rty
T w en ty y e a rs’ ex perien ce. R eferences.
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C O M M E R C IA L
BUREAU
54o A n d ru s Building,
M IN N E A P O L IS , MINN.
W e have a large list of E X P E R I E N C E D P E O P L E registered
T H E CO M M ERCIAL W EST.
24
6%
Saturday, Septem ber 12, 1903.
First M ortgage Loans
On improved farms in the Red River V alley, North D a k o ta and M innesota.
title—make careful and prompt collection of interest and principal.
6%
W e furnish complete evidence of perfect
ALL SECURITY CAREFULLY INVESTIGATED.
R eferen ce s : J. B . C olgate & Co., 36 W a l l Street, N e w Y o r k C ity ; F irs t o r F a rg o N a tio n a l B a n k s, F a rg o , N . I).
e
s
t
a
b
l
i s
h
e
M
ORTON c
V CO., Fargo, IV
o. Dak.
d
of the state. Som e rather old statistics give the figures
as 34 inches and 17 inches annual precipitation, respec
tively.
It is co m m on for Itasca settlers to lighten their meat
bill by shooting, once in a while, a moose, deer or carribou,
which abound in the woods. Rabbits and partridges con
stitute the only other game. A bear is occasionally seen.
F o xes, w olves, porcupines, w oodchucks, mink, skunks,
w easels and red squirrels complete the fauna. Fishes are
plentiful, the most important food fish bein g the fresh
w ater sturgeon.
Until larger clearings are made, tea m -w o rk in the sum
mer is w ellnigh impracticable because of flies and m o squi
toes. Mosquitoes are a scourge. E v e ry o n e sleeps under
cheese-cloth covers. Flies are given .many nam es— bull-
F E A R D IV E R S IO N O F H E M P T R A F F IC .
Pacific overland route by the action of the Great N o rthern
that is n ow disturbing importers and brokers here.
U n der existing conditions such as lo w er throu gh rates
and quicker time the advantage appears to be w ith the
latter route. Conservative members of the trade said y e s
terday that the G reat N orthern would e n jo y a still greater
advantage after July 1, 1904, when a provision in the bill
passed by co ngre ss, and already re ferre d to, will take ef
fect. T h is provision is that after that date the United
States coastin g laws shall apply to vessels tradin g be
tween here and the Philippines and vice versa. In order
to enjo y a rebate of
of a cent a pound on Manila hemp
imported after that date, the hemp will have to be trans
ported from the islands in A m erican bottoms. A t the
present time there are few if any strictly A m erican v e s
sels eng ag ed in the hemp ca rryin g business; at least w hat
A m erican vessels are eng ag ed in that trade cannot carry
more than a v e r y small percentage of the hemp co nsumed
in this country. P ra ctica lly all of the hemp used here has
for some time been com in g in via N e w Y o r k and Bo ston ;
but the trade is w on d e rin g w hat will happen after July of
next year, for there are no A m erican steamers bringing
hemp here and the number of A m erican sailing vessels
in that traffic is e xtrem ely limited.
A representative of one of the largest cordage m anu
facturing concerns said y es ter d a y that the law which be
co mes operative next July will, no doubt, th row a great
deal of the hemp traffic to the Pacific route, in other words,
to the steamship lines operating in connection w ith the
transcontinental railways. Most, if not all, of the vessels
of those lines are foreign botto m s and there fore the re
bate would not be allowed; but the difference in time,
which is n ow m ore of a factor than form erly, combined
with the possible lo w er date than via N e w Y o r k , would
tend to offset the disallowance ot the rebate. H e pointed
out, how ever, that when the G reat No rthern puts its tw o
enormous steamships into co mmission on the Pacific it
will be in a position to secure this rebate to A m erican
hemp importers and consumers.
(S p e cial C o rresp o n d en c e to T h e C o m m ercial W e s t.)
N e w Y o r k , Sept. 8.— Because the Great N orthern R ail
w a y recently, as an experiment, imported 100 bales of
hemp from Manila via the Pacific, and hauled it overland
to Ch icago, the local hemp trade is co ncerned lest the
Philippine hemp traffic should be diverted fro m this port.
T he importation via the Pacific port was in transit
some two w eeks less than would have been required if
the hemp had been shipped via the Suez Canal and N e w
Y o r k . T h e through rate from Manila to Chicago, it is
understood, w as app roxim ately 75 cents for 100 pounds,
which is considerably lower than the combined water-rail
rate via N e w Y o r k .
T h e Journal of Com m erce says that as a result of that
trial shipment, the D e er in g H a rv ester Co. placed a con
tract with the Great Northern to transport several thou
sand bales of hemp— the trade here placing the amount
anyw here from 25,000 to 50,000 bales— instead of having
the hemp shipped to N e w Y o r k , the usual course, and
thence to Ch icago b y rail. Im porters and brokers here
see in this move by the Great N orthern a determination
to w rest from this port if possible the hemp traffic it now
enjoys, or at least the supplying of the rope, cordage and
twine interests in the west. T o w hat extent James J. Hill
and the G reat N orthern will succeed in this new move
will be anxiously awaited by the trade here. It is ad
mitted that the new competition will be most difficult to
meet or overcome.
Until last year a v e ry large portion of the Manila hemp
consumed in this country came here via L o n d o n and
Liv erpool. Lon do n w as the hemp market. N o w , h o w
ever, practically all of the hemp used here comes direct
to N e w Y o r k from the Philippines, because congress pass
ed a bill abro ga ting the export duty charged in Manila on
such hemp as w as shipped to this country. T h e bill p ro
vided that all articles exported from the islands direct
to the United States and admitted here free of duty should
be exempt of the usual export duty; only hemp came
within the limitations of this provision. A m erican m anu
facturers, therefore, and A m erican consumers of rope and
twine w ere benefited to the extent of
of a cent a pound.
N a tu ra lly this transferred the hemp m arket from Lon do n
and the bulk of the business o f supplying A m erican needs
came to this city. It is the diversion of this traffic to the
dogs^ deer-flies, dog-flies, sand flies, “ no-see-ums.”
all bite.
B la ck hornets
and wasps
They
are numerous, and
eve ry thing in the w a y of an insect that flies or crawls
seems to be here— with this exception, nothing is poison
ous.
T h e country w ould not be the prolific one it is if it
didn’t beat the tropics for underbrush and insects.
T h e other lines (foreign) m a y increase their fre ight
rates on hemp, since it is un derstood to be difficult to get
hemp room when the vessels are able to ge t go o d paying
cargoes of silk, tea, etc. It is considered doubtful in the
trade w hether the Great N orthern with its tw o b ig steam
ships in commission can supply the demands of con su m
ers here, at least in amounts sufficient to keep down the
rates.
T hrough to California W ith ou t Change of Cars.
T h e Minneapolis & St. L ouis R. R. will operate two
w e e k ly tourist car lines to California this season.
V ia
the
“ S cenic
L in e.”
T h e first car will leave St. P^ul, T h u rsd ay , Sept. 10th,
at 8:00 p. m., continuing each T h u r s d a y thereafter, and
will run via Omaha, Denver, “ T h e Sce nic Ro ute,” through
Colorado, O gden, Salt L ak e C ity and Southern Pacific, ar
riving San Fran cisco 4:25 p- m. fo llo w in g M o n d ay and
L o s A n g ele s, 1:00 p. m. T uesd ay.
V ia the “ S a n ta Fe R ou te.”
T h e second car will leave St. Paul, W e d n es d a y, Oct.
21 st, T ra in No. 2 at 9:00 a. m., continuing each W e d n e s
day thereafter, and will run via M. & St. L., Io w a Central,
W a b a s h to K a n sa s C ity; thence the popular Santa F e S y s
tem through N e w M e xico and Arizona, arriving L o s A n
geles 8:00 a. m. fo llo w in g Sunday.
T h e rate for double lo w er berth, through to the Coast
is $6.00 from St. Paul and Minneapolis..
F o r full information as to rates and berth reservations,
apply to agents or address
A. B. C U T T S , G. P. & T . A., Minneapolis, Minn.
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Federal Reserve Bank of St. Louis
Baby Defiance
Draft and Check Protectors
Used by U. S . Government, R.
G. Dun & C o ., American Surety
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thousands of bankers. Every
machine warranted. Bew are of.
infringem ent.
Price $12.00
Fisher&Co.
General Distributors
60 W abash Ave.
Chicago, 111.
AGENTS WANTED
Saturday, Septem ber 12, 1903.
TH E CO M M ERCIAL W EST.
The Farm Land Movement.
The following are late farm land transfers, as taken from
official county records. T h e y indicate the value of farm lands
in the respective localities:
M innesota.
Freebo rn County.— S W L n w L and s L n w L n w L sec.
16, London, $2,640; s L n e L and n L s e L sec. 19, Riceland, $7,000; s w L n w L sec. 32, Fre eman, $1,150; s w L s e L
n L s e L n e L sec. 27, Bancroft, $3,000.
Fillm ore County.— N W L n w ^ sec. 1, Jordan, $2,400.
Stevens County.— B a ke r— s w L 6-123-44, $5,800; n e L
28-124-44, $5>ooo; n e L 28-124-44, 160 acres, $5,200.
Stearns County.— E L n w L 12-125-29, $1,500.
N orth D akota.
Cass County.— A ll 1-138-52, $5,000; all 29-137-51, $13,800; n w L 12-137-51, $3,000.
W a ls h County.— S L 26 and n w L 35-158-55, $12,000;
s L 26 and nw%- 35-158-55, $13,920.
Stutsman County.— S L 17-140-64, $5,440; all 20-140-64,
$10,863; s w j j 24-139-64, $2,000; w L 13-138-63, $3,200.
Cavalier County.— E L n w L lots 1 and 2 31-161-64,
$2,500; e L n w L and w L n e L 32-164-59, $2,200; e L n w L
and w L n e L 32-164-59, $2,500; n e L and e L n w L and e L
s w L 24-159-60, $7,250; yvL n e L e L n w L and s e L 18-15958, $5,600.
Barnes County.— S L 1-140-60, $4,287; s e L 1-140-60,
$2,500; n e L 28-142-56, $2,000; s w L 20-141-59, $1,300.
South D akota.
B r o o k in g s Coun ty.— S E L 25-11-48, $4,800; n e L 29-11050, $5,000; n w L n w L 29, n L n e L and n e L 30-110-50, $5,000; s e L and n L n e L and w L s L n e L 25-110-51 and pt
lot 2 sec. 30-110-50, $5,600; lots 3 and 4 and s L n w L i - u o 52, $5,000; s L s w L 29 and 11L n w L and n e L 32 and n w L
33-110-52, $8,600.
Charles M ix County.— S L s w L 35-97-64, $2,800; n w L
and n 99 acres of s w L 26-99-68, $9,100; s w L 15-99-69, $2,000; w L s w L n , also w L n w L 14, also n L s w L and lots
1 and 2 sec 14-95-67, $7,500; s L 5-98-68, $10,240.
T he Penalty of S uccess.
T h e man w ho accomplishes things in this w orld neces
sarily makes enemies. A ll m ediocrity rises against him.
His achievem ents are minimized, and his failures m agn i
fied— but his plans are stolen and his methods adopted
w ith out credit. W h e r e it is not possible to do this, vituper
ation, ridicule and malice are employed to detract attention
from the plain evidence of lack of ability on the part of
those w ho mouth their spleen. Criticism is easier than
accomplishm ent, but a sneer is a poor substitute for deeds
done.
T h e primitive man w ho first demonstrated the
feasibility of m akin g skin clo thin g for himself probably
had to encounter the derision of his denser minded tribe
just as his later brethren had to un dergo a like experience
when they be gan to make civilization possible.
H o n est emulation is open flattery, but ca rping criti
cism is the hand-maiden of dishonesty. Still, the success
ful man mounts to higher planes over the shoulders of his
critics.
H e saves his breath for re newed effort, while
they w aste theirs in em pty vaporings. He acts while they
hesitate; he w orks while they wait. T h a t is w h y there is
always one man in a com m unity w h o is conspicuous by
contrast, and w hy, also, there is always one interest, one
corporation, or one association which overtops all others.
T h e best banker in a town did not inherit his business
genius. Fie worked. If he had stopped to listen to his
critics he would have fallen far short of the mark. H e
would not have escaped criticism even then, for failure is
a fertile field for malicious comment. A ll of which goes
to prove that it does not make much difference w hat we
do in this worid, as long as it is honest. W e cannot es
cape the critic, but w e at least confuse him b y making him
appear in the light of a false prophet, and we can also reap
w hatever material reward hard w o r k brings, which is
more than the chronic kick er can look fo rw ard to.— T h e
Financier.
The American Mortgage & Investment Co.
2 1 0 - 2 1 8 E n d ic o t t Bldg-.
S t. P a u l , M in n .
Iow a.
Pa lo A lto County.— N E L 28-96-32, $11,200.
Boone Coun ty.— N E L s w L s w L 3-82-28 and n e L sw
1-3 3-82-28, $1,300; n e L n w L 32-84-27, $1,009.
P a g e County.— S E L and the e 81 rods s 158 rods s w L
sec. 22-67-39, $ i 8,575; s w L sec. 9-68-39, $12,800.
Buchanan County.— N L s e L and s e L n w L and w L
60 acres n e L 7-87-9, $11,700; n e L s e L and s L n w L s e L
31-90-9, $2,000; und. L e L s e L 20 and w L s w L and s e L
s w L 21-90-9, $5,000.
A lla m a ke e County.— W L s e L , n L s w L , s e L n w L ,
w L n w L , and s w L n e L 22-96-5, 320 acres, $9,100; e L s w L
sec. 27; e L n w L , and n w L n w L 34-97-5- $12,000.
Ply m o u th County.— N E L 21-93-48, $8,960; n e L 10-9048, $5,600; s w L 16-91-48, $5,600; s e L 24-91-48, $6,400.
Offers
CHOICE FARM MORTGAGES
to c o n s e rv a tiv e in v e s to r s a t a t t r a c t i v e
ra te s . C o rre sp o n d e n c e in v ite d . A ll lo a n s
p e rs o n a lly in sp e c te d . S e n d fo r o u r lis t of
lo an s.
A. D. W A R N E R ,
E . F. ANDRUS,
P re s id e n t.
V ice P re s id e n t.
H E N R I K STROM , Sec. a n d T reas.
THE VERY
BEST
LANDS ST.«,
Timber, Prairie, Wild
and Improved Lands
T he “M innesota” W ill Soon B e Ready.
T h e big steamer “ M in nesota” bein g built b y J. J. Hill,
and which w as launched last spring at the yards of the
E astern Shipbuilding Co. for the Great No rthern Stea m
ship Co., is expected to be in commission in a few months.
A sister ship of the M innesota is n ow building. T h e lat
te r’s dimensions are: 630 feet long, 73 feet 6 inches wide,
56 feet high to upper deck, 88 feet high to captain’s bridge,
177 feet high to top of mast and five continuous .decks, all
plated w ith steel. She is not only the largest vessel of any
kind constructed in A m erica, but is the largest ca rg o car
rier in the world. T h e Cedric, w hich is re gistered at the
same tonnage and exceeds the M innesota in length, has
less dead w eig h t ca rryin g capacity by more than 9,000
tons. T h e dead w eig h t ca rryin g capacity of the Cedric is
18,400 tons, while that of the Minnesota is 28,000 tons.
T h e Minnesota and her sister vessel, the Dakota, will
ca rry 28,000 long tons of coal and 280,000 barrels of flour.
T h is is fifty per cent more than the dead w eigh t carryin g
capacity of the tw o giant carriers of the W h ite Star L in e—
the Cedric and the Celtic.
A re port from Crookston, Minn., says that A. E. Jerome
and others from Illinois, w ho spent the summer experi
m enting with the production of hemp, will organize a
stock co m p an y at Cro ok sto n for the purpose of m anufac
turin g the raw material into fibre. Mr. Jerom e had some
specimens of the plant raised on the state experimental
farm which w ere six feet high, and which w ou ld attain a
height of eight feet befo re bein g killed b y the frost. W h e n
it is considered that this has been a poor g r o w in g season
on account of the dry weather, Mr. Jerom e considers the
results of the experiment satisfactory. Seed was sown in
other portions of the Red River V a ll e y and the re
sults e ve ry w h ere have been gratifying.
H e considers
that the climate is w ell adapted to the production of the
plant and w o r k in g it into fibre as the winters are long and
dry and the stalks would be well seasoned and dry when
the fibre comes to be separated.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
I n M in n e so ta , W isc o n sin , N o r th D a k o ta .
W e a re o w n ers, a n d c a n se ll y o u f a rm la n d s t h a t
w ill p le a s e y o u a n d m a k e y o u m o n e y , n o m a t t e r
w h a t k in d y o u w a n t o r w h e re y o u w a n t it. W r ite
fo r o u r d e s c rip tiv e c irc u la rs .
L a rg e t r a c t s a
s p e c ia lty . A g e n ts w a n te d in e v e ry c ity .
Burchard-Hurlburt Investment Co.,
MANHATTAN BUILDING,
ST. PAUL, MINN.
Why we have superior facilities for the
general care and management of Min
neapolis real estate.
FIRST— B e cau se w e h a v e n o t th e
la rg e , c o n g e ste d lists of th e o ld e r
A rm s a n d h a v e m o re tim e to d e
v o te to e a c h piece of p ro p e rty .
SECOND — W e a re y o u n g , u n
b ia s e d , a g g re ss iv e a n d u se n ew
a n d m o d e rn m e th o d s o n ly .
THIRD— (L a s t a lw a y s th e b est.)
W e r u n as a fe a tu re of o u r b u si.
, ,,
ness a c o n tr a c tin g a n d b u ild in g
d e p a r tm e n t, a n d e lim in a te th e c o n t r a c t o r ’s p ro fit in r e p a ir a n d a l
te r a tio n b ills o n a ll p r o p e rty m a n a g e d b y us. G ive u s a t r ia l a n d
see how th is m e th o d re d u c e s y o u r ex p e n se a n d in c re a s e s y o u r net
income.
101
Banket Com. Bldg.
Y A L E
R E A L T Y
CO .
D a v i d C . B e l l , P re s.
W a l t e r A. E g g le sto n , S ec’y
J a m e s B. S u t h e r l a n d , T re a s .
DAVID C. BELL INVESTMENT CO., Minneapolis
E sta b lish e d 1880
In co rp orated 1889
CHOICE, F I R S T M O R T G A G E S
S ecu red on new m odern resid en ce p rop erties in M in n eapolis, each se cu rity
h avin g been p e rso n a lly in sp ected and ap p roved by us.
M any years e x
p erien ce en ab les us to g e t the best secu rities.
R e fe r to any B a n k in M in n eapolis.
TH E CO M M ERCIAL W EST.
26
WE
W IL L
Saturday, Septem ber 12, 1903.
DISCOUNT
L U M B E R M A N ’S P A P E R .
W. B. McKEAND <S CO.
C O M M E R C IA L P A P E R .
T H E ROOKERY, CHICAGO.
Peoples Trust & Savings Bank
GARRETT E. LAMB, President
CHAS. F. ALDEN, Vice-President
CHAS B. MILLS, - - Cashier
o f C L IN T O N , IO W A .
S tatem en t of Ju ly 29th, 1903.
LIABILITIES:
$8oe,000.00
130,000.00
9,745.46
4,017,421.71
5,000.00
$4,462,167.17
C a p it a l .......................................................................
S u r p lu s ......................................................................
P r o f i t s ........................... ...................................
D e p o s its ....................................................................
R e se rv e d fo r t a x e s ................................................
P R E S S C O M M E N T O N C O M M E R C IA L S U B JE C T S .
T r u s t C o m p a n i e s of N e w J e r s e y .
W e have often directed attention to the marvelous
gr o w th which has occurre d within recent years in the
trust companies of this state. T h e fact should not be
overlooked that the neigh borin g state, N e w Jersey, is es
tablishing much the same kind of a re cord for itself. B y
this w e do not mean that the a g g r e g a te have attained the
size of those in this state, but that considering the small
basis from w hich the start w as made the gr o w th has been
proportionately even more rapid than in this state. T h e
matter is bro u ght to mind by the appearance of the halfy e a rly statem ent of the N e w Jersey companies brought
down to June 30, 1903. T h e number of institutions covered
by the return is reported as 57. T h is is an increase of two
since the first of the year and compares with only 34
companies on January 1 of last year, sho w ing an addition
during the eighteen months of 23 to the number of such
institutions.
A g greg ate , resources of these N e w Jersey trust co m
panies n ow reach the large sum of $133,468,962.
On
January 1 last the co rrespondin g item was only $113,392,760. T h e previous January it was $74,001,865, and as re
cently as January, 1898, the amount w as only $26,259,730,
there bein g at that time but 23 institutions.
In other
words, in the period of five and a half years the number
of N e w Jersey trust companies has risen from 23 to 57.
and their resources from no more than $26,259,730 to
$133,468,963.
E v e n deposits stand close to 100 million
dollars (being $97,443,928), and if the amount due to banks
and other trust companies ($3,882,022) is added, the total
runs considerably above 100 million dollars.
I he capital
stock paid in is $11,675,000, w here on January 1, 1898, it
w as but $2,435,000. Surplus and profits am ount to $17,662602; January 1, 1898, the amount was no m ore than
$1,546,446. W e find, too, that the Jersey trust companies
on June 30, 1903, reported $2,216,786 of actual cash on
hand. T h is is not a v e r y large item by itself, but it shows
one of the w a y s in which sums of m o n ey are being held
outside of our own Clearing H ouse institutions.— Financial
Chronicle.
M an u factu rin g
Fin ish ed
Products.
T h e coast is gradually com m encin g in a small w a y to
manufacture m ore of her lumber into finished products.
E a ch year shows a gain along this line. T a k e the m an
ufacture of fir gu tters for instance. Nudd & T a y lo r , of
Centralia, W ash., were probably the pioneer m anufactur
ers, and ’now there are three factories turning out this
class of stock.
T h e expansion of the fir porch column business is
g r o w in g steadily. A l re a d y some firms are m akin g quite
a specialty of this class of trade and appear to be satisfied
with their returns. T h e manufacture of w oo den water
pipe is another specialty which is bein g developed. Several
factories are n ow engaged in this class of trade.
In O re go n, a N e w b e r g firm commenced in a small w a y
the manufacture of handles from native oak and finds a
ready mark et for its product. T h e manufacture of native
oak for agricultural implement purposes has been dem
onstrated satisfactorily for several years. T h e same has
proven true of the manufacture from oak of insulator
brack ets and pins for telegraph and telephone lines. T o
H M cC orm ick, of the M c C o r m ic k L u m b er Company, is
due the credit for introducing and m anufacturing success
fully fir cross-arms, w hich has developed into a large
business.
T h e increase in the sash and door business has been
another' noticeable feature in the past few years. _ T h is
business is only in its infancy on the coast, if the shipping
of cut-up facto ry stock to eastern factories is a fair index
of eastern requirements. T h e same criterion will apply
to the manufacture of furniture, w o o d split pulleys, woodenware, veneer and excelsior plants.
T h e discussion of the manufacture of coast lumber into
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
RESOURCES:
L o a n s ..... ..................................................................
C ash a n d S ig h t E x c h a n g e ................................
$3,751,701.12
710,466.05
$4,462,167.17
finished products w as brou ght up forcefu lly recently on
G r a y ’s Harbor. In an A berdee n hardw are store w as e x
hibited a refrigerato r made in W a te r lo o , la., b y the H e r
rick Refrigerato r Co. In bold letters it w as announced
by the manufacturers that their refrigerators w ere “ W h ite,
Odorless, Spruce L in ed.” T e n chances to one the spruce
w as manufactured by the G r a y ’s H a rbo r C om m ercia l Co.,
of Cosmopolis, or some other coast firm, shipped to Iowa,
and reshipped back at probably first-class or double firstclass rates to G r a y ’s Harbor, in the form of a refrigerator.
T h is m a y be an extrem e instance of this kind, but it would
certainly be better for the coast if w e could manufacture
the refrigerator nearer the stump and ship back the finish
ed article, minus one freight, to our Io w a friends.
M anufacturing finished products in a new country, h o w
ever, is generally an up-hill ga me for several years. It is
a matter of gr o w th and evolution and pioneer m anu factur
ers usually fail or succeed only after a hard struggle; but
despite these failures, the business keeps expanding and
will continue.— O re g o n T im berm an, Portland.
How
to
A cquire
Trade.
In his address before the National A sso cia tion of M e r
chants and T ra ve lers, the secretary of the treasury re
ferred to our com m erce with the countries south of us and
said that if w e ever secure the trade of those countries
we will first secure regular lines of communica tion with
them, “ and if we ever secure these lines assistance must
be afforded.” Se cre tary Shaw w ent on to say that he w as
not mourning the defeat of any ship subsidy bill, but he
should mourn the defeat of a bill, if any such shall ever
be introduced, which if enacted “w ould insure regular lines
of A m erican ships flying the A m erican flag and ca rryin g
A m erican merchants and co mmercial travelers with their
wares and merchandise, the product of A m erican labor,
into those countries to which I have referred. Such a bill
must offer special advantages to ships plyin g betw een our
ports and countries w here our trade is unde veloped.”
It w as the view of Mr. M c K i n l e y that in order to in
crease our com m erce with the southern countries it was
necessary to establish A m erican steamship lines betw een
our ports and the principal ports of those countries. H e
said at Buffalo that “ one of the needs of the times is direct
commercial lines from our vast fields of production to the
fields of consumption that w e have but barely touched.
N e x t in advantage to havin g the thing to sell is to have
the convenience to carry it to the buyer. W e must e n
courage our merchant marine. W e must have more ships.
T h e y must jje under the A m erican flag, built and manned
and owned A y Americans. T h e s e will not only be profit
able in a co mmercial sense; they will be m essengers of
peace and amity w herev er they g o .”
T h e suggestion of the secretary of the treasury, h o w
ever, that in order to establish A m erican steamship lines
to southern ports there must be assistance from the g o v
ernment, is not likely to meet with general approval, at
least in the west. It m a y be a fact that w ith out g o v e r n
ment assistance A m erican lines will not be established,
yet no one w ho is familiar w ith the stro n g sentiment
against subsidies can doubt that any proposition to s u b
sidize lines of steamers betw een Our ports and those of
South and Central A m er ica would fail. It is not ques
tionable that our com m erce with the southern countries
would be v e r y m aterially benefited if trade w as carried on
in our own ships. T h a t has ben repeatedly said b y m e r
chants and others of the southern countries. It seems safe
to predict, how ever, that no lines will be established
throu gh governm ent assistance.— O m ah a Bee.
W o r k of the P ro te c tive C om m ittee.
T h e one practical feature of great effectiveness devel
oped out of the association of bankers, has been the^Protective C o m m ittee ’s w o r k of the A m erican Bankers _As-,
sociation. T h is committee, which n ow completes its ninth
year, has been singularly successful in ca rryin g out the
idea of “ all for one,” in the matter of protection, and it has
T H E CO M M ER CIA L W EST.
Saturday, Septem ber 12, 1903.
p ro ved most useful to all the bankers. It must be rem em
bered that the A m erican criminal is the smartest on earth.
H e is harder to fight than any other. H e is shrewd, re
sourceful, intelligent, daring and deceiving.
T h e co m
m itte e ’s w arfa re upon criminals by classes has expelled
the old-time skilled ba nk-safe burglar, the f o rge r w ith his
elaborate organization and, to a degree, the bank sneak.
T h e men f o rm e rly identified with these branches of crime
are dead now, in prison, in foreign countries, or, if here,
are in such dread of the little metal sign of the A m erican
B a n k e r s ’ Association; that th e y keep out of the w ay. A
n e w crow d of aggresso rs, how ever, has appeared in the
last few years. T h e y are kn o w n as “ y e g g m e n ,” w ho se life
is that of tramps, and w ho se tool is a stick of dynamite.
T h e s e men are the enemies of small banks, and they are
hard to catch. T h e r e has been a b ig round up, however,
in the past year. O ne of P in ke rto n ’s detectives w as killed
last y ea r while on duty for the association, but, in reprisal,
one of his assailants has been sentenced to death. T h e
protective feature of the association has justified its main
tenance, and has been of incalculable service to the banks
o f this country, and it needs the firm, intelligent policy
which has directed it, to give it the efficiency it possesses.
— T h e A m erican Banker.
The
Salm on
Fishery.
T h e failure of the salmon run on the F ra ser R iver this
y e a r is attributed b y some to the construction of the dam
at Q uesnelle for gold w a s h in g purposes. T h is w a t e r w a y
w a s used b y about a third of the salmon in their migration
t o the sp aw nin g grounds, and it is supposed that w hen the
dam w as built th e y could not get up the stream. T h e fish
ladder which w as constructed proved too steep, the sal
m on exh austin g and killing themselves in their efforts
to climb it. It is n o w proposed to destroy the dam, though
this w ou ld make no practical difference so far as the fish
ing is concerned before the y ea r 1907. W h a t e v e r be the
cause, there is no doubt, that the catch will be v e r y small
this year.
Prices for futures are at present held v e ry
firmly, and there is a disposition on the part of both canners and dealers to await the course of events. T h e action
of some of the British Colum bia canners in endeavorin g to
:
T
27
induce the D o m inion Govern m en t to declare a close sea
son in part of September, is bein g much criticised. T h e
alleged reason for such a step is that great da nger threat
ens the w ho le industry unless som ethin g be done to check
the g r o w in g scarcity of fish. T h e fishermen, on the other
hand, claim that the canners’ action is prompted by a de
sire to manipulate the m arket for their own ends, and the
G overnment apparently think there is som ething in the
charge, for they expre ss a desire for further enligh tm ent
and they delay before do ing anythin g in the matter.—
M o n etary Tim es, To ro n to .
T h e B uildin g
In d u stry and S trikes.
T h e building industry has involved in recent years in
the United States an annual outlay of som ething like
$400,000,000 and em ploys more than 1,000,000 men. T his
y ea r promised, at the outset, to surpass all others in m o n ey
and men employed, when building in every part of the
coun try w as interrupted by an epidemic of strikes. Ch i
cago, San F ra n cisco and St. L ouis alone w ere excepted.
St. Louis is building its w o r ld ’s fair and cannot afford to
risk delay. Ch icag o and San Fran cisco have evolved or
gans of sufficient p o w e r to insure tem p o ra ry peace— in
Ch icag o the co n trac to rs’ council, in San F rancisco the
central b o d y of the unions.
A ll the other cities were m ore or less affected. A t one
time, when 150,000 men were calculated to be out in N e w
Y o r k and Broo k lyn , 50,000 w ere on strike in Philadelphia
and 20,000 in Baltimore, while the P itts b u r g district w as
on the v e rg e of a complete lo ckout in volvin g 40,000 more.
T h e only com m on cause w as lack of organization either
a m o n g em ployers or employes.
T h e lesson of this epidemic of sym pathetic strikes and
lockouts is, that the building trades must be considered as
a single industry, and that their labor problem must be
treated as a single problem, not as a problem of thirty
different trades.
Both capital and labor must be or
ga nized and a constitution must be provided for the trade.
W h e n this is accomplished a new era will have opened
for the building industry and a new chapter will have been
added to the histo ry of labor. N e w Y o r k seems destined
to lead.— W . E. W a llin g , in W o r l d ’s W o r k .
O
=
--------
SAN FRANCISCO
VIA THE SANTA FE
(A T C H IS O N ,
TOPEKA
&. S A N T A
FE
R A IL W A Y )
To Attend Convention of
Am erican Bankers' Association
Special rate of O N E FARE ($57.90) from Minneapolis or St. Paul for the round trip,
October 8th to 17th. Extra service will be arranged, insuring ample accommoda
tions for bankers, their families and friends.
See G R A N D CANYON O F A R IZ O N A on the way. This is earth’s greatest wonder a
Titanic chasm one mile deep, several miles wide, many miles long. It must be seen to be
appreciated, but a fair idea of it may be gathered from our beautiful Grand Canyon Book,
price 50 cents.
Illustrated books about California Tour mailed free.
C. C. C A R P E N T E R ,
THE
A T C H IS O N , T O P E K A
OR
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Federal Reserve Bank of St. Louis
503
G uaranty
TO
GENERAL
&,
Worth sending for and reading.
P assenger
SANTA
FE
A gent
R A IL W A Y
SYSTEM
B u il d in g , M in n e a p o l is , M in n .
PASSENGER
O F F IC E ,
C H IC A G O
Apply to
T H E CO M M ER CIA L W EST.
28
2 National Live Slock Bank
OF
C H ICA G O
C a p i t a l , .................................. $1,000,000
Surplus and Profits,
1,300,000
The Volume of our business exceeds that of any bank in the United
States of equal footings.
The most courteous and liberal
treatment is extended to all who may be in need of
first-class banking facilities
Your account is respectfully solicited whether large or small, per
sonal or corporate.
O F 'F 'IC B R S :
S . R . F L Y N N , P r e s id e n t
G . A . R Y T H E R , C a s h ie r
G . F . E M E R Y , A s s t . C a s h ie r
W . F . D O G G E T T , A s s t . C a s h ie r
(S p e cial C o rresp o n d en c e to T h e C o m m ercial W e s t.)
H ogs.
South St. Paul, Sept. 9.— H o g receipts at the six
la rgest mark ets during the first three days this w e e k total
about 131,700 against 140,400 for the same three days last
w e e k and 151,600 for the co rrespondin g three days last
year. South St. Paul received about 2,760 hogs during the
first three days this wee k, compared with 5,124 for the
like period last w e e k and 2,791 for the same three days
last year.
T h e r e w ere 230,200 hogs rece ived at the six p ro m
inent mark ets last week, compared w ith 236,500 for the
w e e k previous, 264,100 for the same w e e k last month,
179,800 for the like w ee k last year and 260,500 for the
corresp ond in g w e e k tw o years ago. L o c a l h o g receipts
last w e e k w ere 6,918, against 7,434 for the pre ceding
w eek, 5,536 for the co rrespondin g w ee k last month, 5,S ^7
for the like w e e k last year and 5,729 for the same w ee k
t w o years ago.
Prices have shown a steady upward trend all w ee k
w ith the h e av y kinds, which have lately been so sharply
discriminated against, sh o w in g the la rgest advance and
selling to d ay at fully 30c higher prices than last W e d n e s
da y while the mixed and light hogs are from 15c to 25c
higher, the good lights sho w ing the least advance.
A
top of $6.00 was paid to d ay for v e r y desirable light hogs,
the highest price at w hich any hogs have sold here since
June 18 last. T h e bulk to d ay sold from $5.45 to $5-6o,
against $5.20 to $5 -3° last W e d n es d a y, $5.10 to $5.30 the
same day last month, $7.30 to $7.40 the like da y last year
and $6.25 to $6.45 the co rrespondin g da y tw o years ago.
C attle.
Combined receipts of cattle at the six largest mark ets
for the first three days this w ee k w ere about 152,400,
against 139,300 for the corresp ond in g period last w ee k
and 136,900 for the same three days last year.
Local
cattle receipts for the first three days this w e e k w ere
about 5,290, compared w ith 7>339 f ° r t h e same three days
of the previous w e e k and 8,201 for the like three days
last year.
T h e six b ig mark ets had an a g g r e g a te cattle supply
last w e e k of 184,100, compared w ith 185,400 for the w ee k
before, 175,700 for the sam e w e e k last month, I 97 >100 f ° r
the correspondin g w e e k last year and 178,100 for the like
w e e k tw o years ago. South St. Paul rece ived 10,313 cat
tle last week, against 5,438 for the w e e k previous, 3,712
for the same w ee k last month,
for the like w ee k
last y ea r and 4,559 for the co rrespondin g w ee k tw o years
ago.
A h e a v y run of 31,000 cattle in Ch icag o on Monday,
caused a sharp decline in prices there on that da y and a
sym pathetic break of 10c to 15c w as noted here m beet
and butcher cattle values w ith the exception of finished
corn-fed grades none of w hich are bein g received here
Receipts of w estern cattle are incre asing but are still
falling short of the h e a v y m arketing at this time last year.
Som e go o d w estern beeves sold up to $4-35 during the
w e e k but com p aratively few good enough to land above
$4 00 are coming. T h e best range cows here sold at $3 -35 ,
but $2.75 to $3.00 has bo u g h t a v e r y decent class
Bulls
have ruled about steady and veal calves have advanced
25c over a w e e k ago. Sto ck and feeding cattle have de
d in e d 10c to 15c in sy m p a th y w ith the lower fat cattle
trade.
n,739
Sheep.
A g g r e g a t e receipts of sheep at the six principal m a r
kets for the first three days this w e e k w ere about 162,000,
co mpared with 176,800 for the like three days last w eek
and 116,900 for the correspondin g period last y ea r
I here
w ere about 6,690 sheep received here during the first
three days this week, against 3,804 for the sam e three
davs last w e e k and 4,279 for the like three days last year.
Sheep receipts at the six large markets last w e e k w ere
against 216,300 for the preceding w eek, 167.900
Digitized251,900,
for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, Septem ber 12, 1903.
WM. A. TILDEN, Cashier
GEO. M. BENEDICT, A ss’t Cashier,
WM. H. BRINTNALL, President.
JOHN BROWN, Vice President
D R O V E R S DEPOSIT
N A TIO N A L
U n io n
BANK,
S to c k Y a r d s ,
CHICAGO.
Capital and Surplus
-
-
$750,000
A c c o u n ts o f B a n k s , C o r p o r a tio n s , F ir m s
a n d In d iv id u a ls s o lic ite d .
Has the sail'”' facilities for reserve deposits as any other Chicago Bank.
for the like w ee k last month, 229,700 for the same w ee k
last y ea r and 169,300 for the corresp ond in g w e e k t w o
years ago. South St. Paul received 10,092 sheep last w eek,
compared with 13,366 for the w e e k previous, 12,070 for
the co rrespondin g w e e k last month, 25,192 for the same
w e e k last year and 4,026 for the like w ee k t w o years ago.
N o tw ithsta ndin g continued h e av y receipts and a sharp
ly lower eastern m arket this wee k, prices here on m utton
grades of sheep have held in close to a steady notch with
W e d n e s d a y of last w e e k and the demand for lambs has
been stro n g enough to cause an advance in lamb prices
of fully 15c to 25c. M o st of the ewes, for slaughter, have
sold at $3.00 and w ethers la rge ly around $3.25. Choice
lambs are quotable at $4-75- A fairly go o d class w en t t o
da y at $4.50 and fair killing lambs at $4.00 to $4 -35 - F e e d
er buyers bought go o d w estern feeding w ethers to d a y at
$3.30 and steady prices have ruled all w e e k for the go o d
kinds. Inferior gr ades are a little lo w er than a w e e k ago.
C o m p a r a tiv e Receipts.
T h e fo llo w in g ta b le sh o w s th e re c e ip ts th is y e a r, u p to a n d
in c lu d in g W e d n e sd a y , S ept. 9, a s co m p a re d w ith th e c o rre sp o n d in g p e rio d la s t y ear, sh o w in g in c re a se or d e c re a s e :
D ec.
In c.
1902.
1903.
17,192
143,071
........ 125,879
1,395
31,745
........ 33,140
70,043
408,354
........ 478,397
39,461
233,246
........ 272,707
686
........
6,605
5,919
670
12,430
C a rs ................................. ........ 13,100
T h e fo llo w in g ta b le sh o w s th e re c e ip ts a t S o u th S t. P a u l th is
m o n th , up to a n d in c lu d in g W e d n e s d a y , S ep t. 9, a s c o m p ared
w ith th e c o rre sp o n d in g p e rio d la s t y e a r, sh o w in g in c re a s e o r
d e c re a s e :
D ec.
Inc.
1902.
1903.
7,516
18,282
10,766
C a ttle ..
18
1,012
1,030
C alves ,.
1,238
7,718
8,956
H ogs ...
13,105
28,478
15,372
S heep ..
304
573
877
H o rse s .
353
1,040
687
C a rs . . . .
R e c e ip ts of live s to c k a t S o u th
W e d n e s d a y , S ep t. 9, 1903:
C a ttle .
442
T h u rs d a y .............. ............
............
230
F rid a y . ...................
S a tu r d a y ................ ............2,302
M onday ................ . ............ 2,788
T u e sd a y .................. ............1,901
600
W e d n e s d a y ............ ............
T o ta ls ................ ............ 8,263
R e c e ip ts of live s to c k a t
W e d n e sd a y , S ept. 10, 1902:
C a ttle .
559
T h u rs d a y , S ept. 4
75
F rid a y , S ept. 5 . . .
1,322
S a tu rd a y , S ept. 6.
5,052
M o n d ay S ept. 8 . . .
2,403
T u e sd a y , S ept. 9 ..
746
W e d n e s d a y , S ept.
T o ta ls .................
,10,157
S t. P a u l fo r th e w e e k e n d in g
H o g s.
714
412
668
331
1,429
1,000
S heep. H o rse s . C ars.
54
6,101
20
160
125
26
187
121
47
1.114
89
3,099
68
526
2,475
4,554
12,976
759
477
S t. P a u l fo r th e w e e k e n d in g
H ogs.
684
196
632
575
1,630
586
S heep. H o rse s . C ars.
35
6
619
35
127
5,222
89
30
3,761
227
36
359
126
103
2,898
39
1,022
4,303
13,881
302
551
R a n g e of H og Sales.
T h u rs d a y .
F rid a y
S a tu r d a y . .
M o n d ay . . .
T u e sd a y ..
W ednesday
T h is W eek .
......................$4.70@ 5.75
.................... 5 .00@5.60
..................... 5.00@ 5.70
..............
5.00@ 5.75
..................... 5.15@ 5.90
.................... 5.00@ 6.00
P re v io u s W eek .
$4.75@ 5.50
4.80@ 5.90
4.75@ 5.65
4 .85@ 5.55
4 .75@ 5.90
4.75@ 5.85
B u lk of H og Sales.
T h u rs d a y .
F rid a y
S a tu r d a y . .
M onday . . .
T u e s d a y ..
W ednesday
T h is W eek.
...................$5.20@ 5.30
.................. 5.30@ 5.40
...................5.4Q@5.50
............... 5.35@ 5.40
................... 5.40@ 5.50
.................. 5 .45@5.60
P re v io u s W eek .
$5.15 @ 5.20
5 ,20@ 5.40
5.20@ 5.40
5.2O@5.30
5.20@ 5.30
5.20@ 5.25
Condition of Hog M ark et.
T h u rs d a y .
F rid a y
S a tu r d a y ..
M onday ...
T u e sd a y ..
W ednesday
T h is W eek .
S tead y .
5e to 10c h ig h e r.
5c to 10c h ig h e r.
S tead y .
S tro n g .
5c h ig h e r.
P re v io u s W eek .
10c to 15c low er.
5c to 10c h ig h e r.
S tead y .
G e n e ra lly 5c low er.
S te a d y to 5c lo w er.
S tead y .
T H E CO M M ER CIA L W EST.
Saturday, Septem ber 12, 1903.
C o m p a r a t iv e H og R eceipts.
L a s t WeekT
C h icag o ................ .............. 110,300
K a n s a s C ity . . . . .............. 25,400
S o u th O m a h a . . . . .............. 37,000
S o u th S t. Jo s e p h .............. 24,100
E a s t S t. L o u i s . . . .............. 26,500
S o u th S t. P a u l . . . ..............
6,900
T o ta ls
P re v io u s W eek .
110,900
32.700
36,000
33,800
15.700
7,400
............. .............. 230,200
236,500
Y e a r Ago.
88,800
23.000
19,100
23,400
20.000
5,500
179,800
C. B. & Q ..........
W is. C e n t............
Soo ........................
Gt. N o r ................
N or. P a c ...............
D riv e n in ..........
29
31
77
3,778
5,143
7,759
288
30
15
401
450
211
35
594
298
1,040
3,163
............. 20,625
1,720
T o ta l la s t y e a r .. 29,216
1,638
T o ta l
596
186
' 1,020
18,610
23,749
74
82
819
718
23,235
50,886
1,705
1,510
19,495
29,037
1,361
1,750
3
1
515
93
17
1,337
494
24
16
8
179
384
460
O r i g i n of L i v e S t o c k R e c e i v e d .
C o m p a r a tiv e C a ttle R eceipts.
C h icag o .................
K a n s a s C i t y ........ ..............
S o u th O m a h a . . . ..............
S o u th S t. J o s e p h . ..............
E a s t St. L o u i s . . .. ..............
S o u th S t. P a u l . . . ..............
T o ta ls
L a s t W eek .
53,600
20,300
11,100
29,300
10,300
P re v io u s W eek .
68.900
52,800
16,000
14,400
27.900
5,400
.............. .............. 184,100
185,400
Y e a r Ago.
60,300
56,000
25,400
15,200
28,500
11,700
197,100
M in n e so ta ..........
W is c o n sin ........
F a r S o u th ..........
So. 1»akota ........
No. D a k o ta . . . .
M o n ta n a ............
F a r W e s t ............
F a r N o r th ..........
M ich. & E . C a n .
U n a c c o u n te d fo r
C o m p a r a t iv e S h eep R eceipts.
L a s t W eek .
C h icag o ........................ ___ 111,900
K a n s a s C ity ............... ___ 39,900
S o u th O m a h a .......... ........ 61,000
S o u th St. J o s e p h . . . . ___ 21,800
E a s t S t. L o u is .......... ........
7,200
S o u th S t. P a u l .......... ___ 10,100
T o ta ls
P re v io u s W eek .
119,900
27,300
35,200
9,900
10,600
13,400
..................... ___ 251,900
216,300
Y e a r Ago.
90,000
35,100
55,300
9,500
14,600
25,200
229,700
ST. P A U L U N IO N S T O C K Y A R D S C O M P A N Y .
A u g u s t re c e ip ts of live s to c k a t S o u th St. P a u l, w ith c o m p a ri
so n s w ith a y e a r ago, w e re a s follow s:
Receipts.
C.
C.
C.
M.
C.
R oad.
C attle.
R. I. & P ___
43
G. W ...............
441
M. & St. P . .. 2,300
& St. L ..........
140
S t. P . M. & O.
625
Calves.
11
171
229
43
124
H o g s.
569
2,610
3,602
2,900
6,628
T o ta l
Sheep, H o rse s . C ars.
133
.....
12
1,166
..........
70
1,672
........
166
p;q
240
3,440
62
156
T E L E P H O N E C O N S T R U C T IO N .
Hunter, N. D .— T h is village wants a telephone e x
change.
Hibbing, Minn.— T h e Duluth T ele p h o n e Co. will con
struct a line from here to Nashwauk.
L ivin gston , Mont.— T h e R o c k y Mountain Bell T e l e
phone Co. will construct a line from here to Bozeman.
V o lg a , S. D .— T h e F a r m e r s ’ T ele p h o n e Co. has made
arrangem ents to run lines to B r o o k in g s and A rlington.
Great Falls, Mont.— T h e branch telephone line of the
R o c k y Mountain Bell T ele p h o n e Co. from Sun River to
Choteau is to be entirely rebuilt.
Hetland, S. D .— W o r k has com m enced on the new
rural line which will connect with the system at this place.
It is proposed to run another line southw est from town.
L ew iston, Minn.— T h e L e w isto n T ele p h o n e Co. has
been organ ized with a capital of $10,000. T h e officers are:
President, John Gaffney; vice-president, H e n r y E. W ir t ;
secretary, Pe ter C. D a le y ; treasurer, B. S. Blanchard.
K e o k u k , Io w a — A rticles of incorporation have been
filed of the U nion T e le g r a p h & T ele ph o n e Co. T h e pres
ident is J. C. H ubin ger, of this city, president of the M is
sissippi V a ll e y T ele p h o n e Co. with exch an ges in M u s ca
tine and other towns. T h e capitalization is $1,500,000.
Frem ont, Neb.— Judge Grimison has rendered a de
L. R. FYFE.
5,654
1,027
54
1,226
248
10
17,620
1,750
1,159
2,487
6,773
4,580
140
81
15
1,015
1,691
5,718
3,730
«
24
378
2,658
28,184
10,218
332
385
40
96
5
1,705
1,510
50
T o ta l .............. 20,625
1,720
23,235
50,886
1
122
120
1,286
175
S u m m a r y E i g h t M onths.
R E C E IP T S .
T h is Y ear.
. 147,430
. 469,395
. 257,271
5,163
. 12,197
L a s t Y ear.
155,511
400,586
204,768
5,615
11,392
T h is Y ear.
C a ttle ........................................................................ 91,429
H o g s .......................................................................... 21,513
S heep ......................................................................... 207,679
H o rs e s ......................................................................
4,717
C a rs ...........................................................................
3,765
SLA U G H TERED .
L a s t Y ear.
106,073
9,510
217,115
5,284
4,295
C a ttle ..................
Flogs ....................
S heep ...................
H o rse s ..................
C a rs .......................
S H IP M E N T S .
J a n u a r y 1, to d a t e .
C a ttle .
42,536
C alves.
11,403
H o g s.
447,950
S heep.
114,924
cision in the case of the N ebrask a T ele ph o n e Co. vs. the
C ity of Fre mont, adverse to the city. T h is case g r ew
out of the attempt of the city to stop the N ebraska co m
pany from further extendin g its line in the city, the city
claiming that the co m p an y had no franchise. T h e tele
phone co m p an y secured a tem p o ra ry injunction and this
injunction is n ow made perpetual. O n the trial the co m
pany attempted to show that it had purchased the plant
and franchise of the old F rem o nt T ele ph o n e Co. and suc
ceeded it. Judge G rim ison’s decision is based more on
the fact that the co m p an y has used the streets w ith out
o bjection for eighteen years than on any other single
proposition. T h e city will appeal the case to the supreme
court.
CHARLES A. CHAPMAN
CONSUTLINQ ENGINEER
1040=42 Marquette Building,
L. H. MANSON.
-
-
CHICAGO
Winter Tourist Rates
THE CELEBRATED RESORTS
OE THE SOUTHWEST.
Hot Springs, Ark., San
Antonio, E l Paso, Galves
ton and other resorts of
the Gulf of Mexico and
California, are best reach
ed by the
MISSOURI PACIFIC RY.
IRON MOUNTAIN ROUTE
AND
STOCKS,
BONDS,
COFFEE,
COTTON.
54“56 Board of Trade Bldg., CHICAGO.
MINNEAPOLIS,
ST. LOUIS,
MILWAUKEE.
Stock orders executed on New York Stock E xchange over Private Wires.
Members Chicago Board of Trade— M ilwaukee Chamber of Commerce.
The Post or Journal, containing our Daily Market Letter, in which appears
Chicago Board of Trade continuous quotations from the opening to the close of
Business, will be sent free upon application. Tel. Harrison 1925- 2189.
H. M. P A Y N T E R in C h a rg e of Cash Grain Department,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Which offer greatly re
duced rates for the season.
For illustrated Booklets,
Rates and further infor
mation, address
Bissell Wilson,
hi
D. P. A.
Adams St. Chicago, 111 .
T H E CO M M ER CIA L W EST.
30
h a ^ O R A IN
Saturday, Septem ber 12, 1903.
<$L M I L L I N G ^ s s I
W INNIPEG AND THE CAN AD IAN NORTHWEST.
(S p e cial C o rresp o n d en c e to T h e C o m m ercial W e s t.)
W in n ip eg, Sept. 9.— H a rv es tin g throu ghou t the w e s t
ern w heat belt is p ro gressin g v e r y fav o ra bly and the w et
w ea th er that delayed cutting in the early part of the w ee k
w as follo w ed by warm, drying weather. A b o u t 95 per
cent of the grain has been cut in co nsequence of the im
proved conditions.
Y o u r correspondent made a short
trip over part of southw estern M anitoba and was able to
get an idea of the general feeling in the coun try on the
results of this fall’s crop from a financial standpoint.
F a v o r a b le B u s in e s s C o n d itio n s .
W h ile the yield of w hea t will not be so large in M ani
toba and the territories as last year, there is no feeling of
depression either in trade nor in the spirits of the farmers,
which m a y seem remarkable in view of the proverbial
sayin g that a farmer always kicks. T h e reason for this is
that this year he has not to make so large an outlay to ge t
in his crop. T h e plant is in fine shape for harvesting, the
straw bein g short and the amount of w o r k required and
the amount of binder twine n ecessary not bein g heavy.
L a b o r is m ore plentiful and there appears to be plenty
of machines, consequently the harvest will be short. A n
other fact that pleases not only the farmers but the co un
try in general, is the higher price of w heat that can be
obtained this year than last. Spot No. 1 hard w heat a
few days ago sold as high as 90 cents w hereas a year ago
it w as not w orth more than 70 cents. O f course n ow that
spot w hea t is p ractically unobtainable ow in g to the lack
of shipments and the cleaning out of stocks w heat on
future delivery is all that is bein g sold but for the Se p
tember delivery it runs as high as 84c and 83^0 for
O ctober. T h is means a great deal for the W e s t, and it
looks as if the high prices would prevail, in fact, go higher,
for there is little disposition on the part of farmers to
look for quick sales.
T h e total grain crop of the province and territories is
estimated in the last official report as 110,000,000 bushels
which is 10,000,000 bushels over last year when all grains
are considered.
T h e yield of oats and barley is large, though there is
a falling off in flax.
W in n ip e g as a G r a in C e n te r .
A n intere sting letter addressed to the press of the
city b y S e cre tary Bell of the Grain E x c h a n g e to d ay shows
that this city is* first in the big w heat centres of the con
tinent in the am ount of grain that was inspected during
the fiscal year ending A ugu st. T h e statistics of this period
have just been compiled b y the grain inspector and the
total for w heat is 51,833,000 bushe.ls while for Duluth the
am ount is 42,406,923 bushels. C h icag o has to come third
on this list havin g only 37,940,000 bushels as the y e a r ’s
s h o w in g on the inspection reports.
Se cre tary Be ll winds up his re marks b y saying: “ It
will n ow be in order to abandon the trite say in g that W i n
nipeg will some day be a second Chicago, for Chicago
makes but a poor sh o w in g as compared w ith this great
w heat handling centre.”
O f this total of 51,833,000 bushels there was 41,293,000
bushels g ro w n in Manitoba and the balance in the n orth
w est territories.
T h e w heat was inspected during the
year for the fo llo w in g points: O n C. P. R., 32*650 cars
for F o rt W illiam , 7,601 cars for W in n ip eg, 22,218 cars for
all rail for the east, 269 cars via the Great No rthern rail
w a y for the Soo Lin e to Duluth, 291 cars for Minneapolis
via the same line, 202 cars for V a n co uv er, m akin g a total
hauled by the C. P. R. into W in n ip e g of 43,333 cars during
the year. O n the Canadian N orthern railway, during the
same period there w ere inspected for P o r t A rth u r : 9,755
Flour and W heat for the Orient.
A Seattle dispatch of the 10th says:
ja p a n has been a large purchaser of flour and is now
in the mark et for wheat. A 5,000-ton steamer has been
chartered to load at T a c o m a with w h ea t— both W a lla
W a lla and blue-stem. Some of this w heat has been pur
chased in territory that is tributary to Portland, but the
inability of the regular oriental liners out of Portla nd to
handle it has caused the buyers to send it to P u g e t sound.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
cars; for Duluth, 1,310 cars; for Minneapolis, 514 cars;
for Seattle, 93 cars, m akin g a total number o f cars de
livered by this road of 11,675.
A sum m ary of the different grad es of w hea t g r o w n
during the year 1902 is as follo w s:
Receipts.
Shipments.
Bushels.
Bushels.
1 hard ........................................................ 17,219,400
17,334,000
1 northern ................................................11,307,900
11,397,800
2 northern ............................................... 4,970,500
5,057,700
Sun dry grad es ....................................... 7,740,000
7,699,800
T o ta l
..................................................41,237,800
41,489,300
E le v a t o r C a p a c it y .
Y o u r correspondent compiled from the books of the
railw ay companies in the city last w e e k the increase in
the storage ca pacity in the W e s t which is found to be
about 9,000,000 bushels over the previous year. T h e total
elevator and w arehouse capacity in the w est is n ow esti
mated at about 40,000,000 bushels. O n the Canadian P a
cific lines there have been constructed during the past
y ea r 150 new elevators the new A m erican concerns now
doing business here bein g the heaviest builders. Besides
this there have been constructed along the different rail
w a y lines 150 loading platform s for the purpose of a llo w
ing those w h o desire it to load direct into the cars from
w agons. T h e total number of loading platform s in the
w est is n ow 400.
A n increase is also noted in the tonnage of the C an
adian bottoms. W i t h a total number of 32 vessels the
capacity is 2,560,000 pounds as against 1,700,000 a year ago.
T h e eight new boats added this year are: Midland K in g,
Iriquois, Pellet, A. E. A m es, W e x fo r d , Geo. M a rks and
W a co n d a .
T h e se vessels have an ave ra ge capacity of
800,000 pounds.
A n O p tio n
M a r k e t f o r W in n ip e g .
M em bers of the W in n ip e g Grain E x c h a n g e are again
agitatin g for the re -o pening of the option m arket here for
the trading of M anitoba futures.
T h is w as started a
couple of years ago, but for some reason it has never
been a v e r y great success. T h is year, how ever, the b o ard
will be carried on on different lines and it is exp ected
that with the increase in the membership and the large
number of A m erican s operating here, w ho are th o ro u g h ly
co nversant w ith similar boards, that it will have a better
future from this on. Several m eetings have been held but
no announcement as to the date of opening has as y e t
been made.
Sidney Humphries, a prominent miller of Bristol, Eng.,
and a delegate to C o n gress of Cham ber of C o m m erce of
the Em p ire that re cently met in Montreal, while here
stirred up strife a m o ng the members of the grain fra
ternity by, as they stated, casting a slur on the reputation
of Manitoba wheat. Mr. Humphries stated in an inter
view that the quality of Manitoba w hea t that he go t in
the old country w as not equal in m a ny cases to the grade
given by the M anitoba certificate. T h e exch an ge declare
that the certificate which is objected to w as not given in
Manitoba, but that he bought w heat in Philadelphia and
that the wheat, which was all right w hen it left W in n i
peg, if not up to the standard w as tam pered with after it
left here. In re p lyin g to the exchange, Mr. Humphries
declared that he made no accusation against M anitoba
grad ing systems, but that there was som ethin g done in
the m ixing of w h e a t after leavin g here that w as to its
detriment.
— S. M. Fisher.
*T he s e c re ta ry of th e G rain E x c h a n g e h a s a p p a r e n tly o v e r
looked M in n eap o lis. D u rin g th e crop y e a r e n d in g A u g u s t 31,
th e r e w as re c e iv e d a t M inneapolis, in ro u n d n u m b e rs, 90,000,000
b u sh e ls of w h e a t.—E d ito r.
Pra ctica lly all the space in O cto b e r and N o ve m be r
steamers out of Portland has been taken and the overflow
to P u g e t sound is enormous.
A m erican Linseed.
F o rm e r T re a s u r e r John A. M cG ea n has been elected
president of the A m erican Lin seed Co., succeeding F. T.
Gates. T h is action w as taken some days in advance of the
annual meeting, which occurred in Jersey C ity T uesd ay.
Saturday, Septem ber 12, 1903.
T H E CO M M ER CIA L W EST.
T H E W E E K ’S O B S E R V A T IO N S .
T h e impression is the N o rth w e st will have a go od
m o ve m e n t of w heat throu gh O cto b e r into N ovem ber.
T h r e s h i n g has been delayed by rains, which accoun ts in
part for the late shipping movement. If the the ory of
this paper is co rrect that the N o rth w e st has raised a crop
25.000. 000 smaller than last year, the m ovem ent will be
under in any event, and if the crop equals the proportions
o f last year, as m a ny claim it will, there is the factor of
coun try milling demand w hich will be sharp for supplies.
E ven w ith a crop equal to last year there is not sufficient
m illing w heat to go around and make easy w o r k of it for
the m i lle r s .’ It would seem to be a reasonably safe con
clusion, therefore, that milling competition in the N o r t h
w est will be sharp all the year betw een city and country
merchant mills and the outside shipping demand that is
alw ays a factor re gard less of the size of the crop.
dl
MINNEAPOLIS AND THE NORTHWEST.
The
H e a v y R e c e ip ts .
Office, Minneapolis, Sept. 10.— T h e
most important feature of rather a featureless wee k, were
the h e av y receipts of w heat in this market. O n T uesday,
representing four d a y s ’ accumulations, the arrivals were
1,267 cars, nearly^25 P er cent of which was winter wheat.
O n W e d n es d a y, 485 cars arrived, while on T h u r s d a y the
trade was g r e a tly surprised to see 697 cars posted as the
receipts.
A lth o u g h fully 20 per cent of the w heat com in g in is
winter, receipts are heavier than anticipated and there
fore puzzling. L a s t w ee k there were tw o da y s’ of rain,
and on Sunday and M o n d ay of this w eek it rained th rou gh
out the No rthw est. I his not only effectually put a stop to
threshing, but also, practically, t£ -the hauling of grain,
as the roads almost eve ry w h ere were made heavy. T h e
*
*
*
query, then, n aturally arises, W h e r e is the w heat com ing
T h e C h icag o T ra d e Bulletin added a late crop esti
from that is n ow arriving? O ne theory advanced was
mate to the bunch n ow before the country, during the
that m any farmers sold a little w heat last w ee k to raise
w eek, p lacing the three N o rth w e st states at 180,000,000
ready m on ey to come to the State fair. W h ile this might
bushels. It would seem as if this must close the subject
accoun t for l u e s d a y ’s deluge, it would not account for
for a year. A s the estimates stand Jones is the lowest at
t o d a y ’s. A s there could have been no farm ers’ deliveries
147.000. 000, Col. G. D. R o g ers the highest at 200,000,000,
of w heat on M o n d a y or T ue sd ay , o w in g to the rains, the
with the go v ernm e n t and others ra n gin g from 160,000,000
gram n ow arriving must come from coun try houses. Y e t
to 180,000,000. T h e crop subject should n ow be put aside,
reports have all been to the effect that farmers w ere not
until next spring, for it will take until that time to secure
selling freely.
C o un try mills report light receipts.
It
sufficient light on the subject to pass ju d g m en t as to which
the iefo re looks as if the line elevator companies have
of the reports has forecast the results most accurately.
been shipping in the stuff that has accumulated of late in
*
=t=
*
their houses. It seems impossible that receipts could run
It m a y be of interest to refer to early fall threshing re
as heav y n ext w eek as this, o w in g to the checkin g of
ports as a crop criterion. In our view of the case they
threshing operations. W h ile the w eath er in central M in
are of little value because they do not tell all the facts.
nesota to day is bright and cool, rain is again reported in
A n ew spaper report this w eek says: “ W h e a t is threshingnorthern
N orth Dakota.
15 to 18 bushels. Some pieces are filled with smut.” If
T h e E ffe c t.
this is true then w heat is not g o in g 15 to 18, but a lower
T h e effect of the heav y receipts has been to break
figure— say 5 to 18. O n e can make any sort of a story
w heat futures somewhat, though not so much as expected,
out of threshing averages w here conditions are as m ixed as
and to take off some of the premium on cash wheat. A
they are this year. Reports from ten fields m ay sho w an
13.1 ge percentage of the w heat arriving is No. 3 or lower.
a verage of 16 bushels, but in that same section an average
W h ile there is an excellent milling demand for the be t
ter grade, the poor stuff is not wanted, and so depresses
of 10 bushels can be secured, in all probability, from ten
the market.
The difference betw een the go o d and the
other fields. T h e r e must be a large part of threshing done,
poor widened today, and, with continued heav y receipts
therefore, before averages can be accepted as a guide for
would widen further. Q uotations of cash w heat are given
the district.
in another column. L ast week, although receipts were i,* * *
665,700 bushels, the elevator stocks increased but 90 bush
els. T h is clearly indicates the milling requirements. Ship
T h e go v ernm e n t report has come close to the facts in
ments were 235,000 bushels. T h e mills are running he avi
its estimate of 628,000,000 as the w heat yield this year in
er this wee k, and are grindin g app roxim ately 225,000 bush
the United States. But how different this total is from
els of w heat per day.
the gov ern m e n t forecast of 850,000,00c, made last M ay!
T h e S p e c u la t iv e M a r k e t .
T h e Cincinnati Price Current is seeking to bolster the
. T h e re is little interest in w heat outside the pit. O u t
g o v e r n m e n t’s use of p ercentages b y the conclusion that
siders will not come in, and n early eve ry one is lo o kin g for
a bre ak; but as yet D e cem b er has not been forced below
the go vernm en t never used the-total of 850,000,000. T h is is
80c. It hit there to day for the third time this w eek; and,
true, but just the same the go vernm en t must make its
as _that seems to be a fighting-line, som ething will be
percen tages mean som ething or it should w ith draw them.
doing soon, either above or belo w 80.
If 100 per cent does not mean 100 per cent, all right, but
A s soon as the m arket becomes dull or weak, there is
talk of the price bein g 15c or so higher than a year ago.
in that event let the trade know with each report w hat the
Pe ople become pessimistic on price without regard to con
condition of 100 represents.
ditions. W h e a t m a y be high enough, and possibly too
*
*
*
high; but if so it is not because D ecem ber w heat was 65c
T h e r e w as an a nnoyin g error in this column a w eek
a year ago. A man might as well compare his m ood of
to day with his feelings of a year ago, i,o see w hether he
ago, w here the types, in referrin g to the decrease of w heat
should laugh or look gloom y. Better compare conditions
acreage in the N o rth w e st made the apparent decrease
instead of outward appearances.
T o d a y you may, on
“200,000 acres.”
It should have read “2,000,000 acres.”
legitimate conditions, be due to laugh, w hereas a year
>{i
sfc
ago you m a y have had despepsia or a broken leg.
T h a t is w hat ailed w heat a year ago, yet people will
L. A. Neland, of E d g eley , N. D., chairman of the C o m
persist m com paring prices n ow with then. Conditions
mittee on Macaroni W h e a t of Grain G r o w e r s ’ Convention
have changed, and the w orld depends upon daily receipts
at F argo , has published a letter in which he says, refer
to furnish it with bread. Stop receipts for a week, and
the w orld w ould go hungry. Y e t so perfect is the ’co m
ring to g ro w e rs of macaroni: “ All. they ask is that p re ju
mercial mechanism of the w orld that no one ever gives
dice be laid aside and the w heat bought on its merit. In
this a thought, certainly not the bears.
fact, th e y are so confident of its intrinsic w orth that they
T h e R u s s ia n a n d th e U n it e d S t a te s R e p o r ts .
would much prefer to see its product sold on the open
A feature of the w ee k w as the report on the Russian
mark et under its true name rather than have it go into
crop by the minister of finance. T h e total given for that
m ixtures.” T h is is a fair proposition. Certainly, if m a ca
roni w hea t is sold on its merit no one can complain; the
criticism has been on the proposition to sell on the merit
of another product. If the department of agriculture will
CONSULTING MINING ENGINEER.
assist the farmers to a fore ign m arket for either the raw
Oper ati on and E xaminati on Mines and Mills
material or its product, no one can fairly object to g r o w in g
Telephone Harrison 2805
it outside the “ w heat belt.” It is only on its substitute
for other w heat that the proposition becom es dangerous. | 15 Temple Court Building,
C o m m e r c ia l W
est
SAMUEL W. OSGOOD
C H IC A GO
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T H E CO M M ER CIA L W EST.
32
country is 520,000,000 bushels, against 484,000,000 last year.
H o w ev er, Broom h all estimates a decrease in all grains for
Russia of 461,000,000 bushels. Such a shortage would be
serious. L a s t y e a r s ’ grain crop was the greatest Russia
has ever raised, yet there is no troublesom e surplus from
it. T h is y e a r ’s crop should, therefore, if the estimate is
app roxim ately correct, be consumed w ith ease.
O ur governm en t report, issued this afternoon, indi
cates a w heat crop of 628,000,000 bushels and a corn crop
of 2,300,000,000 bushels.
L a s t y e a r ’s w hea t crop w as 670,000,000 bushels, and that
of 1901 w as 748,000,000.
T h e figures for this y e a r ’s w heat crop are probably
app roxim ately correct. T h e estimate for the corn crop
seem too high. L a s t y e a r ’s crop w as 2,523,000,000 bush
els, and that of 1901 w as 1,522,000,000. It is not reasonable
to suppose, considering w h at this y e a r ’s crop has un
dergone in the w a y of adverse weather, that it will be
almost as great as a year ago.
Gossip over the wire s to day has, as usual, anticipated
the report, and W a l l Stre et w as jo yfu l over the effect
it w ou ld have on stocks.
FLOUR AND MILLING.
Flour Trade a L ittle Slow , But Conditions Favorable—
M ills Running H eavier.
A s compared with a year ago, the fall flour trade is some
what slow in getting started. This is doubtless due to the
higher price of wheat, which makes flour seem high, whether
it actually is or not. Still, the mills are running moderately
heavy and are just about selling their output. Trade is irreg
ular. For a few days last week the orders came in so briskly
that it began to look as if the anticipated fall demand had
started. This week there have been some good days, but or
ders no not come in quite so steadily as the millers desire.
Last week one of the three large companies had not yet
begun heavier running. This week it has most of its capacity
in operation, while the other two are running close to full
capacity. But for the holiday on Monday— Labor Day— the
output would run above 300,000 barrels for the week.
Receipts of wheat last week were 1,665,700 bushels, yet the
elevator stocks increased but 90,000 bushels. This gives an
idea of how closely run the mills are for wheat, and explains
the continued premium on cash wheat. No. 1 northern sells
at 85@86c, which is at a premium over Chicago May wheat.
T h e r e is a v e ry go o d export inquiry for flour, and more
business is being done than at this time a year ago. Country
mills, however, seem to be doing more, relatively, than the
local mills. Conditions arc right, unless price interferes, for
a large trade with the United Kingdom during the new crop
year. Flour from the mills of the Northwest has long been
an acknowledged standard of quality on the other side, and is
given the preference unless there is a great difference in price.
Kansas flour from hard wheat has failed to make the inroads
in the export trade predicted for it two or three years ago.
In fact, the only dangerous competitor the Northwestern mills
have is the British miller with a supply of spring wheat
bought at a relatively low price, made possible by cheap freight
rates.
With an abundant supply of wheat, Northwestern
mills would easily regain their export trade. Although the
crop is short, the same condition confronts the world, so that
there is nothing alarming in that fact. On the whole, condi
tions are more favorable than a year ago.
M in n e a p o lis
F lo u r
O u t p u t.
W e e k en d in g —
S e p te m b e r 5 ........
A u g u s t 29 ..............
A u g u s t 22 ..............
A u g u s t 15 ..............
A u g u s t 8 ................
A u g u s t 1 ................
J u ly 25 ....................
J u l y 18 ....................
J u ly 11 ....................
J u ly 4 .......................
B a rre ls.
294,300
242,500
240,000
290.500
282,200
246,000
238,000
259,200
269,700
280,200
Y e a r ago.
251,950
305,100
278,600
275,800
362.600
345.100
232,300
343,000
281,300
193,300
B a rre ls.
72,700
49.000
37.600
46.500
30.300
17,900
23,600
25.200
43,000
30,900
Y e a r ago.
63,600
48,100
65,800
69,800
61,600
62,800
66,900
38,000
47,500
35,400
E x p o r t S h ip m e n ts .
W e e k en d in g —
S e p te m b e r 5 ........
A u g u s t 29 ..............
A u g u s t 22 ..............
A u g u s t 15 ..............
A u g u s t 8 ................
A u g u s t 1 ................
J u ly 25 ....................
J u ly 18 ....................
J u ly 11 ....................
J u ly 4 ......................
FLAXSEED.
Crushers Start U p— T hree Out of Five R unning— Oil
Trade Indifferent— N orthw estern Crop Principal
F actor—M uch R ejected Seed E xpected.
T wo of the crushers— the Midland and the Northern—
have started, after a shut-down of several weeks. The A m er
ican and the Minnesota are still down, but are likely to start
in the near future.
Linseed oil trade is still indifferent. Raw oil, f. o. b. in
car lots, remains unchanged at 32c, nominal. A t the presentprice of cash seed, about 98e; there is no profit in 32C
crushers say; yet buyers seem to expect lower prices. It is
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, Septem ber 12, 1903.
true that the world position of flaxseed is discouraging to
prices, yet oil can hardly be expected to decline while seed re
mains steady. Either the price of seed must decline, or oil
advance. A t present the whole situation is waiting for the
outcome of the Northwestern crop. It will require another
week or two to determine this with any satisfaction.
Oil cake and meal are quotable, nominally, at $20 and $21,
respectively.
Receipts of flaxseed have increased materially, and were
80,000 bushels last week. There is as yet no great amount of
new seed arriving, but most of the receipts are of good quality.
The rainS of the last two weeks will probably cause a decline
in grade of a considerable part of the crop. A great deal of
rejected seed is looked for. Elevator stocks decreased a trifle
last week, and were, on the 5th, 734,000 bushels, against 21,800 a year ago.
S u p p lie s
in th e
U n it e d S t a te s a n d
A b ro a d .
T h e Paint, Oil & D r u g R eview says: L ates t mail ad
vices from L on do n say that the imports of flaxseed into
that city from January 1st to A u g u s t 20th w ere 499,735
quarters, against 480,861 quarters in 1902 for the same
time. T h e quantity afloat from the E a st Indies and the
River Plate on A u g u s t 20th was 360,000 quarters, co m
pared with 42,000 quarters on that date in 1902. O w i n g
principally to shorts covering, the m arket advanced s o m e
what, but be came w ea k again w hen offers to meet all
needs w ere bro u ght out. T h e figures of seed received
and afloat to L o n d o n for the year to A u g u s t 20 are 859,735
quarters, as against 522,861 quarters last year. T h is will
give an idea of the relative supply this year. T h e excess
this year over last is 336,874 quarters or 2,694,992 bushels
to A u g u s t 20. It is expected that this will be la rgely in
creased be fore the close of the year.
T h e se figures are sufficient to sho w that E uro pe will
be gin our new crop year with a surplus of seed which will
make exports from the United States p ractically im pos
sible. A t the same time our surplus of seed here must be
taken care of. It is variou sly estimated at 8 to 12 million
bushels. Much of this is in public storehouses, but the
greater quantity is in the hands of consumers. O n top
of all this is the new crop seed. O u r advices from the
n orthw est are to the effect that e v e ry b o d y near the flax
supply is bearish. T h e y are even estimating the comingcrop at 30 million bushels— some say “ as large as last
year.” T h e sentiment, the predictions all favo r a large
crop. T h e y say that even if the flax is w et and neglected
it will still be harvested in large quantity and that only
the quality will suffer. It is a w ell-kn o w n fact that re
jected seed makes fairly go o d oil, so that in any considera
tion of a crop the w eath er conditions affecting flaxseed
are not of prime importance. It is believed that the seed
for the most part has matured sufficiently that it will not
be seriously affected bv frosts and rains. H o w ev er , “ we
shall see w hat we shall see,” as the s ayin g goes. A t the
present the outlook, both at home and abroad, is anything
but favorable for higher prices for seed and oil.
F la x
M in n e ap o lis c a sh . . .
Y e a r ago ................
S e p te m b e r .............
C hicago c a sh ............
S o u th w e st ..............
D u lu th c a sh ..............
N o v e m b e r ..............
D ece m b e r ................
-H o lid a y
...
...
...
...
...
...
...
...
F ri.
S ept.
4.
.97i/2
1.41%
.96%
1.00
.94i/2
.99 i/2
.99%
1.00
P r ic e s .
S at.
S ept.
5.
T u es.
S ept.
8.
*
*
.97%
I .3 7 14 1.35
1.33%
...............................961/2
......................... 1.00
............................... 941/2
...............................99%
......................... 1.00
......................... 1.00
'
M on.
S ept.
7.
W ed.
S ept.
9.
.97%
1.33
.961/a
1.01
.95
-99%
1.00
1.00
T h u r.
S ept.
10.
.98
1.331/2
.97
1.01
.95
1.00
1.00%
1.00%
MILLFEED.
M arket Strong and M ills Behind on O rders— T he E ast a
B etter Buyer.
Millfeed is stron g on demand and lack of pressure on
the market. T h e E a st is buyin g more freely, and both
bran and standard middlings w ere sold,, today, Bo ston b a
sis, prompt shipment, at a little better prices than the
appended quotations. T h e mills are behind on orders for
feed and are therefore not offering anythin g for near-by
shipment.
T h e situation seems to be a w aiting one. T h e local
mills are running heavier this wee k, and the country
mills will begin he av y running as soon as farm ers’ deliv
eries of w heat are large enough. T h e r e is there fore noth-
T he A l b e r t D ickinson C o .
D E A L E R S IN
FLAX SEED
GRASS SEEDS, CLOVERS,
BIRD SEED,
BUCK-WHEAT, ENSILAGE CORN, POP-CORN,
BEANS, PEAS, C R A I N BAGS, ETC.
M IN N E A P O L IS O F F IC E :
812 C H A M B E R
OF CO M M ER CE.
CHICAGO
THE COMMERCIAL WEST.
Saturday, Septem ber 12, 1903.
ing in the immediate future to encourage the expectation
of higher prices, although if m ixed car trade of the mills
keeps up, which takes all their surplus, the m arket should
be fairly well maintained.
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 ts , F . O. B.
M in n e a p o lis .
J- UI1.
Bran, 200 lb. s a c k s ..................................................................... $13.90@14.00
Bran, in bulk .........................................................................
13.15@13.25
Standard m iddlings, 200 lb. s a c k s ..................................... 15.75@16.00
F lour m iddlings, 200 lb. s a c k s ........................................... 18.00@18.50
M ixed feed, 200 lb. s a c k s ......................................................... 18.00@18.50
R ed-dog, 140 lb. j u t e ................................................................ 21.35@ 21.75
M illstuffs in 100 lb. sack s 50c per ton over above q u otation s.
R ed -d og 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 , L a k e a n d
R a il S h ip m e n t.
JLUI1.
Bran, 200 lb. sa c k s ................................... .............................. $19.00@19.25
Standard m iddlings, 200 lb. s a c k s ....................................... 20.85@21.00
F lou r m iddlings, 200 lb. s a c k s ............................................. 23.00@ 23.50
M ixed feed, 200 lb. s a c k s ....................................................... 23.00@ 23.50
R ed-dog, 140 lb. j u t e ................................................................ 26.25@2S.50
M illstuffs in 100 lb. sack s 50c per ton over above quotations.
R ed -d og in 100’s 25c over.
M IN N E A P O L IS C O A R SE G R A IN S .
C o rn .
Receipts of corn have increased until they are perhaps
a little greater than local requirements. L a s t w<'“ k 66,00a
bushels was received. T h e g r o w i n g crop has so far es
caped early frosts, but this is just the time w hen killing
frosts usually come. Should there be a couple w eeks of
mild weather, a fair crop m ight mature as far north as
central N orth Dakota.
D a ily clo sin g prices of No. 3 corn during the w eek were:
No.
Friday, Sept. 4 ....................... ......................
Saturday, Sept. 5 ...................
M onday,. Sept. 7 ....................
Tuesday, Sept. 8 ..................... ......................
W ed n esd ay, Sept. 9 .............. .......................
T hursday, Sept. 10 ................ .......................
^Holiday.
3 Yel.
52%
*
51%
51
51%
No. 3.
*
*
50%
50
Year
ago.
56%
57%
57%
58%
58%
58%
O a ts.
T h e oats m arket continues active, and any one having
good, or even fair quality oats, can be assured of a satis
fa c to r y m arket at any time during the crop year. G ood
oats are w an ted b y the cereal companies. T h e r e is not
yet a great difference in price betw een the best quality
and the lower grades, and the difference will widen
Eit her the lower grades will w o r k relativ ely lower, or the
best grades advance. T h e E a st is not an active bidder for
stuff at present; in fact, it seems p retty well stocked up.
Still, there is not much accumulation here although receipts are fair. L a s t w e e k 536,000 bushels was received,
and 198,600 shipped. E lev a to r s t o c k s on the 5th were
288,300 bushels, against 199,400 a year ago.
D a ily prices of No. 3 w h ite oats 1 during the w eek were:
Year
No. 3 W. No. 3.
ago.
Friday, Sept. 4 ....................................... .. 36
31@4
*
*
Saturday, Sept. 5 .....................................
31@4
*
*
M onday, Sept. 7 .......................................
31@3%
Tuesday, Sept. 8 ................................... . . 36
33@5
30@4
W ed n esd ay, Sept. 9 .................................. . 36
33@5
30@4
T hursday, Sept. 10 ................................... . 36
33@5
31% @5
^Holiday.
B a r le y a n d R ye.
T h e strength of this m arket for barley is a w onder
to other centers. T h e relatively high price is draw ing
shipments this w a y from M ilw aukee and Ch icag o ter
ritory. Outside buyers are in this m arket e ve ry day, and
there is as y e t no indication of the active demand falling
off. Prices range, for m alting grades, from 47c to 56^c,
and for feed grades, down to 40c. It hardly seems p rob
able that this stre ngth can continue here w ithout support
from other markets. T h o s e havin g barley to sell should
take this into consideration. Receipts of ba rley last w eek
w ere 556,200 bushels, and shipments, 163,500. E lev a to r
stocks on the 5th, 185,200 bushels, against 113,600 a year
ago.
T h e m arket for rye is healthy, w ith a prospect of a
satisfactory m arket later. T h e distillers are not yet a c
tive buyers, but there is a go o d demand for everything.
Receipts w ere 45,700 bushels last wee k. Shipments, 13,000 bushels.
E lev a to r stocks on the 5th w ere 20,000
bushels, against 35,500 a year ago.
33
S e p te m b e r W h e a t .
M inneapolis . . . .
Chicago ..............
Y ear ago . . . .
D u l u t h ................
^Holiday.
Fri.
Sat.
Sept. Sept.
4.
5.
*
82%
*
80%
72%
*
83
................
................
................
................
D ecem ber
C ash
D u lu t h
No. 1 hard .......... ..............
No. 1 northern . ................
No. 2 northern . ..............
*H oliday.
.
....
51
*
....
51%
51 Vo
51%
___
. ...
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Mon.
Sept.
7.
*
*
*
Mon.
Sept.
7.
*
*
*
*
*
*
O ffic ia l
Mon.
Sept.
7.
*
*
*
W ed. Thur.
Sept. Sept.
9.
10.
80
65%
67%
82%
81%
68%
69%
80%
80
71%
70%
85%
88
87%
C lo se .
Tues. W ed. Thur.
Sept. Sept. Sept.
8.
9.
10.
85%
85%
85%
84%
84%
84%
82%
82%
83
*
*
*
C ash
*
*
W heat
85%
85%
85%
85%
85%
85%
81%
74%
79%
74%
80
74%
79%
W h e a t.
*
*
L iv e r p o o l
Tues.
Sept.
8.
80
66%
81%
68%
79%
71
85%
87%
W h e a t.
*
*
*
C it y
W ed. Thur.
Sept. Sept.
9.
10.
83%
83
80%
80%
*71%
73%
82%
82%
P r ic e s .
D ecem ber Close.
Friday, Sept. 4 .................................................................................... 6s 6%d
Saturday, Sept. 5 .............................................................................. 6s 6%d
M onday, Sept. 7 ..................................................................................................
Tuesday, Sept. 8 ..................................................................................................
W ednesday, Sept. 9 ..................................................................... 6s 6%d
Thursday, Sept. 10 .......................................................................
6s 6%d
W heat
R e c e ip ts .
M inneapolis.
Cars. Y ear ago.
Fri., Sept. 4 . . . . . 191
288
Sat., Sept. 5 . . . *
Mon., Sept. 7 . . . . . *
T ues., Sept. 8. . . .1267
8SÌ
W ed., Sept. 9. .. . 485
197
Thur., Sept. 10. . . . 697
240
*H oliday.
D a ily
R e c e ip ts
Fri., Sept. 4 . . .
Sat.. Sept. 5 ..
Mon., Sept. 7 .
T ues., Sept. 8.
W ed., Sept. 9 .
Thur., Sept. 10
*Holiday.
of
Corn,
Cars.
10
*
37
9
3
M in n e a p o lis
C o a rs e
D uluth.
Chicago.
Cars. Y ear ago. Cars. Y ear ago.
6
130
136
245
274
153
118
48Ì
469
166
G r a in
in
W e e k ly
Rye,
Ca rs.
4
265
69
126
R e c e ip ts
636
503
184
M in n e a p o lis .
Oats, Barley,
Cars.
Cars.
27
71
312
54
87
400
225
151
F lax, D ulu th
Cars. F lax.
16
27
58
14
85
25
24
2
of
25
14
8
G r a in .
R eceip ts of grain a t M inneapolis for the w eek s ending on the
d ates given, w ere:
W eek ending W eek ending W eek ending
Sept. 5.
Aug. 29.
Aug. 22.
W h eat, b ushels ................... 1,665,700
1,606,100
1,247,400
66,300
Corn ,b ushels ..............
45.100
25.500
Corn, bushels .......................
66,300
45.100
25.500
B arley, b ushels ....................
448,300
352,500
163.700
Rye, bu sh els .........................
45,700
39,200
15,700
80,000
F lax, b ushels .......................
36,600
13,200
W h e a t in
M in n e a p o lis
R e g u la r
E le v a t o r s .
W eek ending
Sept. 5.
No. 1 hard ................................................................
51,900
No. 1 northern .................. ....................................... 324,000
No. 2 northern
T ear ago.
Make Drafts through Corn E xchange N a t. B k
M A C K
(Member Chicago Board of Trade)
T l ie S h i p p e r s M A S C O T
The Market gets many but Mack gets
the Market
Consign as follows:
Order J . P . M ackenzie
N ew Y ork
N otify J. P . M ackenzie, Chicago
V ia Chicago for Inspection and Transfer
J. P. MACKENZIE,
265 La Salle S t.
-
Chicago
O p p o site B oard o f T ra d e
Wm. Dalrymple Wm. Dalrymple Co.
*
M ay W heat
Sat.
Sept.
5.
*
*
*
C ash
No. 2 h a r d ..........
No. 2 r e d ..............
^Holiday.
Y ear
a fo .
46%
46%
46%
46%
46 Vo
46%
C losing W heat Prices.
Fri.
Sept.
4.
C hicago .................... .......... 84%
Y ear ago ............ . . . . . . 70%
M inneapolis ............ .......... 83
^Holiday.
W h e a t,
86
86
82
K ansas
Tues.
Sept.
8.
82%
80
71%
82%
W h e a t.
Fri.
Sat.
Sept. Sept.
4.
5.
*
No. 1 h a r d .......... .............. 85%
*
No. 1 northern . . ............... 84%
*
No. 2 northern . .............. 82%
D a ily clo sin g prices of rye during the w eek w ere:
Friday. Sept. 4 . ..
Saturday, Sept. 5 .
M onday, Sept. 7 ..
Tuesday, Sept. 8 .
W ed n esd ay. Sept. 9 ..................
T hursday, Sept. 10
^Holiday.
*
Fri.
Sat.
Sept. Sept.
4.
5.
*
80%
65%
*
82%
68%
*
80%
*
71%
*
85%
*
88
M inneapolis . . . . ................
Y ear ago ........ ................
Chicago ............... ................
Y ear ago ........................
D ulu th ................. ..............
K an sas City . . . . ................
St. L ouis ............ ................
N ew York .......... ..............
*Holiday.
M in n e a p o lis
Mon.
Sept.
7.
*
*
Tues. W ed. Thur.
Sept. Sept. Sept.
10.
8.
9.
84
84
84%
70%
69%
69%
82%
82%
831/8
501 Board of Trade, Duluth
901 Chamber of Com. Minneapolis
G RAIN COMMISSION
Receiving a Specialty.
Advances made to Farmers, Shippers and
Elevator Companies
T H E CO M M ER CIAL W EST.
34
bein g made for export. Prices were made on the basis
of $4.60(0)4.70 in barrels. Millstuffs w ere firm and more
active at $14.50(0)14.75 for sacked bran, $17.00(0)17.25 for
fine middlings and $19.25(0)19.50 for white.
F lax see d w as firmer and No. N o rth w e st ranged at
99c@$i.oo. V e r y little was offered on the market.
No. 3 ................................................... ...........................................
R ejected .......................................................................................
Special bin ................................................................ 510,800
No grade .....................................................................................
886,700
90
T otal .......................
M inneapolis in crease
D ulu th sto ck s ..........
D ulu th in crease . . . .
C o a rs e
Corn .
O ats .,
B arley
R ye ..
F la x ..
G r a in
in
M in n e a p o lis
W eek en d in g
Sept. 5.
.................................
2,400
................................. 288,300
................................. 185,200
................................
20,000
................................. 734,000
1,662,000
’ 548,000
T H E A U S T R A L IA N W H E A T C RO P.
E le v a t o r s .
W eek ending
Aug. 29
2,400
190,700
84,600
10,700
742,700
The Melbourne correspondent of the Financial Times, of
London, writes on the Australian crop prospect as follows,
on J uly 22:
“ Thanks to the moist, free growing weather of the last
seven weeks, the agricultural and dairying areas of the conti
nent are now in excellent fettle, while the pastoral districts
have vastly improved, except in a few places, where the num
bers of stock are not large. The dairying year promises to be
the biggest for some time, if not a record, and an early start
with shipments of butter to England is anticipated. August
will probably see the first of the shipments of new butter from
Melbourne for London, though a little from stored stocks is
already being exported.
“ A s far as the cereal crops are concerned another three
months and a half have to go before the average harvesting
dates in the biggest districts are reached, but the early rains
have been so general, and the subsoil is now so thoroughly
soaked, that even with a poor spring we shall be exporters of
wheat on a moderate scale. With a good spring, probably the
largest cereal crops ever reaped in Australia will be gathered.
The area sown, notwithstanding the dry weather, has scarcely
decreased.
“ A really good agricultural season has not been experi
enced for about nine years. The aggregate of the crops in
one or two years of late has been fairly considerable, but the
average yields have not been high. Last year was the worst
ever experienced, and present prospects indicate that the e x
tremes of production are likely to be met with in two succes
sive seasons. I estimate the crop of Australia for the past sea
son as follows, adding the figures of the two preceding seasons
for comparison:
Wheat.
Bushels.
1900- 1 ....................................................................................48,352,925
1901- 2 ....................................................................................38,537,834
1902- 3 ....................................................................
12,367,057
“ The enormous declines shown are a vivid testimony to
the terrible devastation caused by the drought. The coming
season, however, will probably show a great change, for pres
ent prospects favor a 50,000,000 to 60,000,000 bushel wheat crop
for the Commonwealth. A bad spring would much reduce the
total, of course, but really good weather would mean a much
larger production even than the figures quoted.”
Y ear ago.
2,700
199,400
113,600
35,500
21,800
M IL W A U K E E G R A IN M A R K E T .
(S p ecial Correspondence to The Com m ercial W est.)
Milwaukee, Sept. 9.— In spite of the w eakness dis
played by futures last week, the cash grain remained firm
and the prices obtained the w ee k before were easily se
cured b y sellers. Shippers bought with as much liberality
as the offerings made feasible, and millers also took their
proportion of the receipts. T h e quality of the new grain
w as excellent in the main, but considerable sm utty and
tough stuff was also on the market. T h e sound grad es
sold readily, while the tough and sm utty had to be shaded
in order to m ove it. No. 1 northern sold at 89(0)900, No. 2
northern at 86@88x
/2c, No. 3 spring at 76@83x
/2c and No.
4 at 70@8 oc . V e r y little w inter w hea t w as offered, and
it sold readily to millers at 8 i l 4 @ 82c for No. 2 hard, and
79@8oc for No. 2 winter.
Coarse grains were active and gen erally firm until
T ue sd ay , w hen a w ea k feeling developed under the in
fluence of larger receipts. B a rle y w as in active demand
and sold readily at full prices, maltsters and shippers b u y
ing steadily during the entire week. No. 2 w as salable at
67c, standard at 6o@63c, extra No. 3 at 52@6oc, No. 3 at
48@54 c and No. 4 at 46(5)480. T h e quality w as much be t
ter than w as brou ght to this m arket a w ee k ago and the
demand kept pace with the supply.
R y e w as stron ger and advanced i c with an active de
mand from all classes of buyers, No. 1 selling at 55@ 57c,
No. 2 at S3@56 c and No. 3 at 5i @ 53c. Receipts w ere
small.
Corn w as steady until larger receipts on T u e s d a y
broke prices L c . Sales w ere made at S3@ 54c for No. 3
and 54@55c for No. 3 yellow.
O ats w ere scarce and choice grad es commanded a
considerable premium, standard ra n gin g at 38@38Ric,
No. 3 white at 36(0)380 and No. 3 at 35@ 37^ c.
Flo ur was steady and there w as more activity report
ed, the domestic demand in creasing and some sales also
R I C H A R D
W. B. BOGERT & CO.
W
.
M
I I v E
TV. G A R D N E R
Commission Merchants.
t o
,
P
6 3 1 G u aran ty L o a n B ldg.,
CHICAGO.
S u c c e s s o r s
H A E R T E L
SHIPPER OF
Grain— Provisions
106-107-108 Rialto Building,
Saturday, Septem ber 12, 1903.
O o t»t>
¿to
&
E
E
D
M IN N E A PO L IS
C O .
G a r d n e r
Grain, Provisions, Cotton and Stocks.
317 CHAM BER O F CO M M ERCE, ST. LO U IS
Leased
W ires
to
all
P rin cip al
M arkets
Se y m o u r C a rte r
MERCHANT MILLER,
HASTINGS,
MINNESOTA.
The Gardner Mill, Daily Capacity 1,500 Barrels
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
TH E CO M M ER CIAL W EST.
Saturday, Septem ber 12, 1903.
35
COM M ERCIAL WEST MARKET REVIEWS.
H . P oeh ler Co., M inneapolis, Sept. 9: If the R u ssian crop
report—520,000,000’ b ushels of w h eat—is correct, its figures
sh ow th e crop larger than exp ected by the trade. T his, of
course, would m ake the w orld ’s p osition of w h eat not qu ite so
strong, but even if the crop of R u ssia is 36,000,000 bu sh els
larger th an a year ago, the crop of E urope is still short, and
the p rosp ects for high prices u ltim a tely are still good. There
are v ariou s w a y s of estim a tin g the R u ssian crop and it m ay be
w ell to w a it for furth er in form ation before a ccep tin g the p res
en t figures as final.
S p ecu lative in te rest con tin u es ligh t and the scalp in g elem en t
se em s to have full control. A s stated yesterd ay, the bears are
afraid to go sh ort h eavily, w h ile th e bulls are w a itin g for a
fair to good declin e before loading up, therefore a decline of a
few cen ts m igh t prove a b lessin g in d isgu ise to the frien d s of
w h ea t by stim u la tin g in v estm en t buying, and probably in
crea sin g export dem and.
*
*
*
Irwin, G reen & Co., Chicago, Sept. 8: W e feel ob ligd l to
ex p ect a considerable ad van ce in the price of w h eat in this
m arket, one th a t w ill ab u n dan tly ju s tify the bu ying confidence
recen tly exhibited, and w h ich would h ave been far m ore pro
nounced but for u nw arranted bear assu m p tion s, m iscalled “e s
tim a te s” in regard to yield. Of course, as already intim ated,
the course of the m ark et in the near futu re m ay be exp ected to
depend to a large ex te n t upon th e m ovem ent of the n ew w h eat
tow ards a m arket. B u t w e can n ot p erceive an y reason to a p
prehend a com m ercial plethora.
On the contrary, the new
sp rin g w h eat p rom ises to be w an ted for d om estic u se as g reed
ily as the w in ter w h ea t proves to h ave been so w anted, and a
little extra con servatism on the part of farm ers, su ch as is
lik ely to be exh ib ited th is fall and w inter, soon would prove the
bear position to be ab solu tely untenable.
Edw ard G. H eem an, Chicago, Sept. 9: There w a s a great ado
m ade b ecau se K an sas C ity had liberal receip ts, and jud gin g
from the talk around th e floor it would seem the w h eat w as
raised only yesterday. N o one thou gh t of th is la ter in th e day.
E arly sellers w ere b u sy bu ying back, and it w ill n ot take m uch
to bring about quite a little furth er upturn from here. The
scattered holders are p retty w ell out and there m u st h ave been
a large sh ort in terest created on the break today, a ll of w hich
h as n ot covered. It is hard to find a reason for the advance
outside of the coverin g by sh orts, but p ossib ly the trade w as
influenced som ew h at by the reports of d am age done to crops
abroad ow in g to w e t w eath er, and also the u n settled sta te
of affairs on the other side. W ith the n ew spapers g iv in g full
accou n ts of im pending trouble there it certain ly is n ot a sa fe
proposition to be sh ort of w h eat, and of course not to sell it
on the breaks. I do not think the m arket h as started for a
big upturn; con seq u en tly should w e g et furth er bulge to
m orrow it m igh t be w ell to tak e profits w ith the v iew of
rep lacin g on first break, but keep lon g som e w h ea t all the
tim e.
August Receipts and Shipments at Principal Markets.
M in n e a p o lis .
N e w O rle a n s .
R eported by G. D. R ogers, secretary of M inneapolis Cham
ber of Com m erce;
—R eceip ts—
—S h ip m en ts—•
1903.
A rticles—
1902.
1903.
1902.
4,683,820
W h eat, b u sh els . . . . .. 4,192,670
815,520
1,108,300
Corn, b ushels .......... . . 157,630
177,730
50,840
25,470
Oats, b u sh els .......... .. . 1,156,870
1.071.030
469,610
170,200
608,750
586,290
B arley, bu sh els ............
186,880
256,220
100,890
Rye, bu sh els ............ . . 102,730
70,520
46,820
77,050
141,650
F la x seed, b u sh e ls ..
15,210
106,850
H ay, ton s ...................
1,696
2,213
31
52
29,208
17,360
Flour, barrels .......... I.
1,176,869
1,471,489
Mill feed, ton s ..........
681
847
28,456
31,668
R eported by F red Muller, secretary N ew Orleans Board of
Trade.
—R eceip ts—•
— S h ip m en ts—
A rticles.
1903.
1902.
1903.
1902.
W h eat, bushels
1,075,526
2,280,405
847,694
1,627,405
Corn, b ushels .
41,365
10,400
29,669
31,323
Oats, bu sh els .
178,955
136,050
2,296
18,352
Flour, barrels .
43,040
44,090
49,706
23,345
D u lu t h .
R eported by H. B. Moore, secretary D u lu th Board of Trade.
—R eceip ts—
—-Shipm ents—
A rticles.
1903.
1902.
1903.
1902.
W h eat, b u sh els .......... . 384,946
415,273
458,403
2,205,793
69,878
O ats, b ushels ............
41,020
87,291
459
89,332
Barley, b u sh els .......... .
316,166
34,784
30,000
67,019
Rye, bu sh els ................ . 135.607
58,507
54,735
F la x . seed, b u sh els.. . . . 187,309
55,714
1,009,650
78,952
Flour, barrels ............ ..
1,145,105
693,070
734,225
1,174,785
C h ic a g o .
R eported by G eorge F. Stone, secretary Chicago Board of
Trade.
-—R eceip ts—
— S h ip m en ts—
A rticles.
1903.
1902.
1903.
1902.
7,653,369
W h eat, bu sh els .......... . 3,381,799
1,218,087
5,777,574
Corn, bu sh els .............. .. 5,530,025
1,933,540
7,868,202
5,434,784
Oats, b u sh e ls................ . 8.364,885
9,670,921
5,452,939
5,985,021
417,875
Barley, b u sh e ls.............. . 450,225
39.130
31,395
Rye, bu sh els ................. . 179,000
476,925
34,786
367,658
F la x seed, b u s h e ls .... . 382,780
260,375
83,420
227,044
T im o th y seed,, l b s . . . . . 4,756,312
8.429,630
4.346,872
4,267,065
C lover seed, lb s .......... . 124,555
208,548
274,425
123,952
Other gra ss seed, lb s . . 272,387
125,700
1,062.574
291,491
H ay, tons .......................
17,307
22,084
1,275
529
Broom corn, p o u n d s.. . 882,310
2,260,970
470.005
800,260
Flour, barrels .............. . 555,922
492,404
385,441
376,216
Mill feed, lb s ................. .14,634,665 31,215,722 35,486,380 33,479,970
T o le d o .
R eported by A. G assow ay, secretary Toledo P roduce E x change.
—R eceip ts—
—S h ip m en ts—
A rticles.
1903.
1902.
1903.
1902.
W h eat, b u sh els . . . . . . . . 1,024,858
4,263,654
560,782
3,014,548
Corn, b u sh e ls.......... . . . .
901,850
159,000
631,181
100,563
2,122,541
Oats, b ushels ................ 2,148,480
624,752
990,850
Barley, bu sh els ............
2,400
1,600
5.413
1.000
R ye, bu sh els ...................
18,373
72,300
13.910
10,315
M o n tr e a l.
R eported by Geo. H adrill, se cretary M ontreal Board of Trade.
— R eceip ts—
— S h ipm en ts—■
A r t i c le s .
1903.
W h e a t , b u s h e ls ............. 1,612,666
<Corn, b u s h e ls ..................
911,358
O a ts , b u s h e l s ....................
480.430
B a r le y , b u s h e ls ...............
80,863
R y e , b u s h e ls ....................
91,419
F l a x s e e d , b u s n e l s .........
82,671
F lo u r , b a r r e ls ..................
167,221
1902.
2,822,987
5,190
143.027
1,556
142,172
1903.
2,061,179
938,202
200,932
80,400
113,169
1902.
2,470,513
145,408
146,046
12 2 ,12 0
70,476
60,087
S t. Lc )uis.
R e p o r t e d b y G e o . H . M o r g a n , s e c r e t a r y S t. L o u is M e r c h a n t s ’
E xch an ge.
— R e c e ip t s — — S h ip m e n t s —
A r t ic le s .
1903.
1902.
1903.
1902.
W h e a t , b u s h e ls .............. 2,966,193
6,243,347
1,267,375
4,089,275
C o rn , b u s h e ls .................. 1,035.195
538,400
846,725
919,056
O a ts , b u s h e ls .................. 1,3 11.16 5
1,954,935
831,690
1,162,824
B a r le y , b u s h e ls ..............
2.000
1,000
1.915
112
R v e , b u s h e ls ....................
74,844
83.515
48,040
32,652
F l a x s e e d , b u s h e l s .........
13,200
80.400
61,035
O th e r g r a s s seed , lb s ..
4,452
11.014
H a y , to n s ...........................
25.921
19.19 1
8.482
10,034
F lo u r , b a r r e ls ..................
200,515
185.575
260,635
260,575
M ill fe e d , l b s ....................
191,270
179,015
148,930
137,839
M ill f e e d , c a r s .................
39
58
38
121
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
G a lv e s to n .
R eported by C. McD. Robinson, ch ief in sp ector Cotton E x
ch an ge and Board of Trade.
W heat,
Corn,
P ort of D estin a tio n —
B u sh els.
B u sh els.
A ntw erp ................................
184.000
A n tw erp .............................
136.000
Brem en .................................
64,000
Brem en ...............................
152.000
31,500
Cork .......................................
149,600
D ublin ...................................
136.000
G lasgow ...............................
204.000
H am bu rg .............................
216.000
H am burg .............................
236.800
H am bu rg .............................
114.800
H am burg .............................
192,000
H am burg .......................
128,000
H ull .......................................
195,500
E eith .....................................
176,000
25,714
L iverpool ............................
153,000
Liverpool .............................
110,560
L iverpool .............................
96.000
London .................................
80.000
London .................................
187,600
N ew ca stle ...........................
214.000
R otterdam ...........................
226,800
T otal for A u gu st, 1903................
T otal for A u gu st, 1902................
,3,352,660
3,148,099
Increase
57,214
none
204,561
57,214
T otal sin ce Septem ber 1, 1902.. 16,439,636
T otal sam e period la st y e a r . . . . 8,695,564
4,462,565
none
S a n F r a n c is c o .
R eported by T. C. F riedlander, secretary San F ran cisco Merc h a n ts’ E xchan ge.
—R eceip ts—
— S h ipm en ts—
A rticles.
1902.
1903.
1902.
1903.
W heat, C tls..
579,754
283,135
405,481
111,430
Corn, C tls___
2.425
14,355
1,868
1,909
Oats, C tls ........
70,935
160,457
1.469
10,916
Barley, Ct l s . . .
,031,435
915,230
796,258
704,668
Rye, C tls..........
23,146
5,536
42,765
...............
F lax seed, Sx
3,289
H ay, tons . . . .
21.406
26,604
1,381
2,054
Flour, barrels
147,000
158,000
113,541
100,730
P h ila d e lp h ia .
R eported by A. D. A cheson, se cretary P hilad elp h ia Com m ercial E xchan ge:
—R eceip ts—
—S h ip m en ts—
A rticles.
1903.
1902.
1903.
1902.
W heat, b ushels ............
884,724
1,476.721
428,000
1,337,880
Corn, bu sh els ..............
387,560
80.026
394,284
...............
O ats, bu sh els ................
326,868
564,007
Barley, bu sh els ..........
2,400
3,200
Rye, b ushels ..................
2,400
F la x seed, b u sh e ls___
9,600
T im othy seed, bushels
828
475
Clover seed, b u s h e ls ...
200
298
H ay, tons ......................
4.070
4,250
Flour, barrels ..............
223,426
304.814
187,690
130,624
Mill feed, t o n s ..............
600
1,060
P e o r ia .
Reported by R. C. Grier, secretary P eoria Board of Trade.
A rticles.
1903.
W heat, b ushels ............
115,200
Corn, b ushels ................ 1,337.000
Oats, b ushels ................
805,000
Barley, b ushels ............
27,800
Rye, bu sh els ...................
14,400
Seeds, lb s ..........................
120.000
Spirits and liquors, bbls.
7.520
Starch, lb s ....................... 1,260,000
Syrup and glucose, bbls.
1,900
H ay, tons ........................
5,040
Flour, barrels ................
35.750
Mill feed, t o n s ................
615
1902.
567,950
869,000
1,811,500
45,600
45,500
120,000
6,080
765.000
3,160
2.420
59,100
720
1903.
112,533
288.000
554,200
11.700
8,000
120.000
36,741
6,671,160
19,360
1,244
41,000
3,133
1902.
255,35C
164.00C
1,725.700
17.600
9,16C
90,000
36,270
5,452,918
13,150
240
60,085
4,530
TH E C O M M ER CIAL W EST.
36
Saturday, Septem ber 12, 1903.
G E N E R A L STATISTICS.
Corn Products P olicy.
C e re a l E x p o r t s b y P o r ts .
(Sp ecial Correspondence to T he C om m ercial W est.)
B rad street’s.
W h eat,
Flour, bbls.
T h is
T h is L a st
w eek.
w eek. w eek.
F rom —•
59,829
90,215
64,770
N ew York
60,683
P hilad elp h ia .. 55,496 27,543
B altim ore ........ 61,931 28,191 159,418
24,955
9.377
9.019
24,000
N ew p ort N ew s 16,548 16,121
Ind. Corn, bush.
T h is
L a st
w eek.
w eek.
321,547 184,591
21,073 114,743
8,571 140,885
61,901
82,400
bush.
L a st
w eek.
53,143
253,139
230,400
50,617
24,000
42,825
10,000
57,214
18,000
18,000
409,307
77,400
268,210
53,966
253,735
T otals ........ 373,240 236,100 1,452,259 2,182,606
868,741
866,320
Portland, Me . .
i\e w O rlea n s.. 58,000
G alveston ........ 23,660
San F ra n cisco . 12,283
P ortland, Ore.. 7,977
T acom a ..........
15,000
Quebec ............
M ontreal ......... 22,753
10,000
2,800
23,891
25,139
270,000
574,800
24,000
437.000
678.000
47,000
53,765
229,435
C e re a l E x p o r t s , w it h
D e s t in a t io n s .
The exports of w h eat, corn and flour from the U n ited
an d Canada (co a stw ise sh ip m en ts included), w ith ports of
n ation , for the w eek ending A u gu st 27, 1903, follow :
To
W heat.
Corn.
L iverpool
...................................
496,722
17,143
London .........................................
432,820
129,079
B ristol ...........................................
..........
80,000
G lasgow ..............................................
82,623
12,752
L eith .............................................
39,895
..........
H ull ............
80,441
..........
N ew ca stle
16,000
34,252
M anchester
B e lfa st ..........................................
D ublin ...........................................
16,320
Other U n ited K in g d o m ..........
138,000
U n ited K ingdom , o rd ers........
87,046
318,496
A ntw erp .......................................
31,591
109,257
H olland .........................................
F ran ce ....................................... ••
206,942
348,000
G erm any ........ .............................
Portugal, Ita ly and S p a i n . . . .
25,660
S can d inavia ................................
A sia ...............................................
357
5,100
A frica ...........................................
24,924
W est Indies .................................
A u stra la sia .................................
851
All others ....................................
T otals, b ushels ....................
641,257
2,093,014
S ta tes
d e sti
Flour,
52,365
75,838
1,022
67,654
23,176
...........
358
2,519
1,250
Ch icago, Sept. 9 — C. H. Matthiessen, president of the
Corn P roducts Co., has given out the fo llo w in g interest
ing statem ent regard in g the business policy of his co m
pany:
“ T h e Corn P roducts Co. is not pushing fo rw ard differ->
ent branches of its business, as I see reported, but is rather
aiming at a general development of its business. W h a t
we are attempting is to get our products in the original
package more directly before the consumers. If sold in
bulk to dealers and manufacturers our produets, even if
they are not adulterated or changed, are put befo re the
public in different p ackages and w e do not get the benefit
of the quality of the goods. W e w ant the credit for their
quality.
“ F o r instance, if w e can get the little girl w h o is sent
to the corner g r o c e r y for a can of si^'ip so educated that
she will ask the clerk for a can of ‘K a r o ,’ and not for a
can of corn sirup or some other brand of sirup that is v e ry
likely our sirup under a different label, then w e will have
accomplished our end.
“ B y putting our goods before the consumer in the
original package w e ge t the benefit of w h ate ve r excellence
they m a y possess. For, when all is said and done, quality
is the best salesman on earth. Price is a go o d salesman,
too, at certain times and places. But quality is at w o r k all
the time, days and nights and Sundays.”
311
13,018
145
3,380
7,127
19,760
2,193
28,819
Manuf ac t urer s o f
22,634
321,569
W h e a t a n d F lo u r E x p o r t s .
B ra d street’s.
The q u a n tity of w h eat (inclu d in g flour as w h eat) exported
from U n ited S ta tes and Canadian p orts for the w eek ending w ith
Thursday is a s foil
1900.
1901.
1902.
1903.
W eek ending
3,018,832
3,787,639
3,211,215
2,966,682
Ju ly 2 .......................
2,829,910
5,016,149
4.404,115
2,380,410
Ju ly 9 .......................
3,029,381
5,221,880
3,775,222
3,652,784
J u ly 16 .....................
2,363,743
6.974,526
3,980,969
2,781,988
J u ly 23 .....................
3,327,003
6,463,391
4,388,534
3,191,442
Ju ly 30 ....................
3,318,760
8,831,199
4,244,363
3,040,629
A u g u st 6 ..................
3,113,641
9,039,761
4,591,805
3,413,191
A u g u st 13 ...............
2,695,168
6,606,989
5,954,759
3,372,789
A u g u st 20 ..............
3,248,313
6,607,611
5,436,530
3,245,056
A u g u st 27 ..............
4,406,064
3,373,100
6,276,299
3,131,839
In d ia n C o r n E x p o r t s , in B u s h e ls .
W eek ending
J u ly 2 ........................ , . . .
J u ly 9 ......................... . . .
...
Ju ly 23 ....................... . . .
___
Ju ly 30 ......................
A u g u st 6 ................... . . .
A u g u st 13 ................
A u g u st 20 ................ ___
A u g u st 27 ................ ___
Septem ber 3 .......... .___
B rad street’s.
1902.
1903.
127,969
1,420,172
185,131
1,525,084
130,679
1,402,404
79,611
1,501.338
28,405
928,839
70,611
884,428
93,423
707,387
51,649
509,495
115,150
866.320
868,741
21.196
V is ib le
S u p p ly
of
1901.
2,240,933
2.800,738
1,714,081
1,155,276
563.604
990,714
508,807
523,883
441,918
550,876
A ug. 29.
Corn,
W h eat,
bu.
bu.
148,000
905,000
207,000
71,000
704,000
278,000
2,328,000
2,136,000
7,000
81.000
1,000
159,000
169,000
1,167.000
15,000
511.000
70,000
183,000
1,012,000
88,000
11,000
887,000
2.000
56,000
203,000
414.00U
56,000
526,000
20*9, ÓÓÓ
11,000
199,000
14,000
2,538,000
43.000
24.000
249,000
715.000
3.000
272.000
90,000
740,000
1,255,000
13,203.000
20,966,000
Sept. 5.
Oats ............................................................................ 7,446,000
R ye .............................................................................
648,000
B a rley ....................................................................... 1,139,000
5.888.000
3.077.000
Y ear ago.
4.092.000
577.000
323.000
T otal ..........................13.350,000
L a st year ........................ 21,421,000
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6,447,000
2,523,000
334,000
M IN N E A PO L IS
Edw ards, W o o d & Co.
1900.
3,614,294
4,022,068
4,182,159
3,264,745
3,890,005
2,890,754
3,017,089
3,493,375
3,717,490
3,162,271
G r a in .
Sept. 5.
Corn.
W h eat,
bu.
bu.
In Store a t—
169,000
B altim ore .................. , 9 1 2 . 0 0 0
31,000
B oston ......................... . . 167,000
624,000
672.000
Buffalo ........................
2,016,000
C hicago ......................., 2 , 8 1 7 , 0 0 0
17,000
59.000
D etro it ........................
192,000
1,000
D u lu th ........................ . ..
67,000
F t. W illiam , On t . . .
115,000
865,000
G alveston .................... ..
459,000
72,000
Indianapolis ............ . . .
155,000
K an sas C ity .......... . . . 990,000
9.000
92,000
M ilw aukee ................
2,000
887,000
M inneapolis ............ . . .
79,000
141.000
M ontreal ................... . ..
52,000
376,000
N ew Orleans ........ . ..
do. afloat
519,000
145,000
N ew York
do. a f l o a t ........................................
36.000
P eo ria ..............................
15,000
73.000
P hilad elp h ia ...................
240,000
P ort Arthur, O n t........
15,000
188,000
St. L ouis ........................ 2,726,000
do. a f l o a t ........................................
457,000
Toledo .............................
646,000
Toronto ...........................
1,000
946,000
On Canals .......................
184,000
1,260,000
On L ak es .......................
308,000
On M iss. R iv e r .................................
CH IC A G O
Room A , Manhattan Building,
St. Paul, Minn.
ST O C K S— B O N D S— G R A IN
P R O V IS IO N S
Members of the Leading Exchanges
Private Wires
Duluth
Winnipeg
Ship Y our Grain to Us
Best Facilities
Liberal Advances
Prompt Returns
*
Saturday, Septem ber 12. 1903.
TH E CO M M ER CIAL W EST.
Successful
Everywhere
37
Washbur n Crosby Co.,Minneapolis,M¡nn.
Ceresota Flour
....
M a K e s ih e B e s t "Bread
A million housekeepers say so by using it in prefer
ence to any other, but we don’t ask you to believe
without the proof. Try C E R E S O T A F L O U R
in your next baking and then decide for yourself.
Every Sack Warranted
M oney back if you are not satisfied
M a n u fa c tu r e d b y —
■ -, .
The Northwestern Consolidated Milling Co.
Minneapolis, Minnesota.
W ri te f o r m y
“ G rain Trade T a lk s/ '
Edward G. Heeman.
7 0 B o a rd o f T ra d e ,
C H IC A G O
M e m b e r C h ic a g o B o a r d o f T r a d e .
All business transacted through /
and confirmed by Hately Bros, j
Consignments of cash grain and orders in
futures have my personal attention.
{
My “ GRAIN TRADE TA LKS” are published in full in the Chicago Evening Post
and Chicago Journal. 4®= Will send either paper free to customers.
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Federal Reserve Bank of St. Louis
UPDIKE COMMISSION CO.
( in c o r p o r a t e d )
Grain and Provisions.
Members Chicago Board of Trade,
640=41=42 Rialto Building,
CH
ICAG
O
.
BRANCH OFFICES:
550 Bee Bldg., Omaha, Neb., Missouri Valleyi Iowa,
South Omaha, Neb.
R. G. C h an d ler 4 Co.
GRAIN AND
PROVISIONS
6 S herm an St.,
CHICAGO.
THE COMMERCIAL WEST
38
MARFIELD-GRIFFITHS GO.
Hulburd, Warren & Co.
Capital, $250,000.
Saturday, September 12, 1903.
Surplus, $50,000.
GRAIN COMMISSION
COMMISSION MERCHANTS, GRAIN AND PROVISIONS.
Minneapolis
Offices:
Chicago, Milwaukee, Duluth
Business Solicited in Any Department,
L. T . S O W L E
R E C E I V I N G — SH IPPING— F U T U R E S .
ES TABLISHED
O F F I C E R S : W . S. W a rren , Pres.; A. C. D a v is, V ic e P res.; C h arles H.
H u lbu rd, T re a s.; C. J. N orthup, S ec.; John G illies, A sst. T rea s.
CRAIN, P R O V IS IO N S ,
S T O C K S AND B O N D S ,
D I R E C T O R S : C h arles H. H ulburd, W . S. W a rren , A. C. D a v is , O. T
H ulburd, C. J. N orthup.
21 Chamber of Commerce, MINNEAPOLIS.
47 Board of T rade, CHICAGO.
Members Chicago Board of Trade and Minneapolis Chamber of Commerce.
A M E R IC A N C R A IN CO.
Grain Commission
G R A I N
M IN N E A P O LIS ,
MERCHANTS
Minneapolis, 206-210 Corn Exchange
A . B . E l l i s , Secy.
W . S. M c L a u g h l in , P re s.
RANDALL, GEE and MITCHELL
C O M M IS S IO N
& SONS
188 4
-
-
M IN N E S O T A
MCLAUGHLIN & ELLIS, Winnipeg, Canada
Duluth, 514 Board of Trade
MINNEAPOLIS STEEL & MACHINERY CO.
M IN N E A P O L IS , MINN.
°f S T E E L
ELEVATING,
S T R U C T U R E S
'Lw ill C i t y C o r l i s s E n g i n e s
CONVEYING AND POWER TRANSMISSION MACHINERY.
A L U M IN U M
Ingots, Castings, Sheet, Wire,
Bars and Tubing.
Aluminum Wire and Cable, Bare
and Insulated for Electrical Conductors.
THE
NORTH STAR
LIMITED
KANSAS
F CITY
ST. LO U IS
P IT T S B U R G H , P A .
L. O. HICKOK,
Grain Elevator Builder.
EQUIPMENT
Buhet Library Cars.
The Pittsburgh Reduction Co.
P r ic e s on
A p p lic a tio n .
M .& S T .L .
R.R.
200
FLOUR EXCHANGE,
Minn.
Minneapolis,
Reclining Chair Cars, Coaches.
Long D is ta n c e 'P h o n e M a in 1 4 6 6 .
O v e r t h ir t y y e a r s ’ e x p e rie n c e .
C o rre s p o n d e n c e S o lic ite d .
Compartment and Standard
Sleepers, also Dining Cars,
All Broad Vestibuled,
Pullman’s Latest and Best Models
L ea ve M inneapolis...7:45 p. m.
L eave S t. P a u l...........7:10 p. m.
Arrive D u bu qu e.4.35 a.
m.
Arrive R ockford.........7:26 a . m.
r
ITS ERIE RAILROAD
ALL THE WAY
A R R IV E
Chibago 9:30 a. m.
A R R IV E
CHICAGO
St. Louis 2:00 p.m.
to Akron, Youngstown, Cambridge
Springs, Corry, Chautauqua Lake,
Buffalo, Niagara Falls and
Returning,leave C h io a g o 6:10
p. tn.; arrive M inneapolis 8:00,
S t . P a u l 8:40 a. m.
X i;\V
The Norlhway Feed
Y o u ’ ll find it tim e both w ell and
profitably spen t. T h e m ore you in
v e stig a te th ese m ills, the m ore you ’ ll
com e to the co n clu sio n th at th e y are
the stro n ge st, e a sie st ru n n in g and
best grin d in g feed m ills m ade.
W ill
you take tim eto prove it? A sk for
ca ta lo gu e.
YORK
T h rou gh v e stib u le d tra in sle a v e
C h icago d aily, 10:30 a. m., 5:15
p. m., 10:00 p. m.
T h ro u gh
sleep ers to B o sto n and C o lu m
bus. E rie d in in g or cafe cars
serve all m eals.
::
::
::
J. G. RICKEL, C. T. A., St. Paul.
W . L. HATHAWAY, C. T. A., M’p’ls.
A. B. CUTTS, Q.P.& T.A.. Minneapolis
& St. Louis R. R., Minneapolis, Minn.
.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Taking Time
T o do th in gs righ t is tim e w ell spen t.
If you w ill take a few m inutes tim e
and in v e tig a te
W rite
road, St.
W e ste rn
C h icago ,
H . B . Sm ith, T . P. A ., E rie R a il
P a u l or D . M. B ow m an, G en era l
P a sse n g e r A ge n t, E r ie R ailro ad ,
for fu r th e r p a rticu la rs.
STRONG St, NORTHWAY MFG. CO.
M I N N E A P O L IS ,
1
M IN N .
.Saturday, Septem ber 12, 1903.
T H E C O M M E R C IA L W EST.
39
P IL L S B U R Y ’ S B E S T
FLOUR
Made in the largest mills in the world, with 3 0 ,0 0 0 Barrels Daily Capacity.
We have had so much experience making
FLOUR FOR ALL NATIONS
that we know how to make the quality desired. Our large and growing
trade in Australia, South Africa and other foreign countries indicates that
PILLSBURY’S BEST is popular in all parts of the globe, and substantiates
the claim that
WE
FEED
THE
WORLD
We solicit correspondence with buyers in China, Japan, the Philippines and
the Orient in general. Our facilities insure prompt attention to orders.
MINNEAPOLIS, MINN., U. S. A.
M em bers A n ti-A d u lte ra tio n L eague.
THE BARNETT & RECORD COMPANY
M IN N E A P O L IS , M IN N .
Elevator Builders and General Contractors.
W e design and build Grain Elevators of every Typer
T ile , S te e l, C o n c re te and Wood,
Dock W ork and Heavy Construction a Specialty.
W I L L F O R D M A N U F A C T U R I N G CO.
M il I
MILL
Dl l l l n C D O
UILUl i i u
u
AND
DEALERS in f l o u r h i l l a n d
e l e v a t o r m a ch in e r y an d s u p p l ie s
Special attention given to Roll Grinding and Corrugating.
General Agents for Barnard & Leas Manufacturing Co.
O ffic e s
3 0 3 T h ir d
S tr e e t
S o u th ,
V a lu a b le M ill S ite s
I M I I N I N L T A .P O L A S
Accessible to excellent rail and water facilities
and ajacent to 18 BILLION Feet of Fir and
Cedar timber, can be secured by the erection
and operation of
Saw and Shingle m ils at Everett, Washington.
EVERETT inPROVEHENT COflPANY.
F0R
fu™
:
ntFo
o r m a t ,on
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE COMMERCIAL WEST.
40
W illia m C om m o n s
F ra n k W . C o m m o n s
Saturday, September 12, 1903.
H o w a r d W . C om m on s
COMMONS & COMPANY Tie Van Dnsen-Harringion Co.
Grain C om m ission fle r c h a n ts
Mi nneapol i s
and
Duluth.
Receivers and Shippers of Wheat,
Coarse Grains and Flaxseed. Or
ders for Future Delivery Executed
in all Markets. : : : : : : :
G R AIN
CHICAGO CORRESPONDENTS:
ARMOUR
GRAIN
COMPANY.
George W . P ea vey
F rank T . Heffelfinger
Commission Merchants
Frederick B . W^elis
Charles F . D eaver
The Peavey
System of Grain Elevators
LIVE S T O C K
M inneapolis and Duluth
South
Saint
Paul
W. R. MUMFORD CO.
C R A IN C O M M IS S IO N
STOCK AND BOND BROKERS
Special Private Wire to New York
Chicago 428=430 Rialto Building
Embraces the greatest number of Grain Elevators with the largest
aggregate storage capacity of an y Elevator System in the world.
T o ta l capacity in eight states, 35,800,000 bushels.
HEADQUARTERS:
K a n s a s City===St. L o u is= = = M ilw a u K e e
MINNEAPOLIS
Branch Offices:
Chicago
Duluth
Kansas City
Minneapolis 79 C h am b er o f C om m erce
Omaha
Electric Steel Elevator Co.
L ib e r a l A d v a n c e s on C o n sign m e n ts. O rd ers in F u tu r e s S o lic ite d .
C a s h and F u tu r e M a rk e t L e t te r M a ile d F r e e on A p p lic a tio n .
M em b ers D iffe re n t E x c h a n g e s
THE ST. ANTHONY ELEVATOR CO.
Capacity, 3,250,000 Bushels
C APACITY 1,700,000 BUSHELS.
GRAIN MERCHANTS AND WAREHOUSEMEN
GRAIN DEALERS AND WAREHOUSEMEN.
Flaxseed and Milling Wheat for sale.
Correspondence solicited from
country millers and from flaxseed crushers.
71 Chamber of Commerce
MINNEAPOLIS, MINN.
Wm. H. Dunwoody, Pres.
Chas. J. Martin, Sec'y and Treas.
John Washburn, Vice-Pres.
OFFICE 75 CHAMBER OF COMMERCE
J. F . W hallon
Geo. P . Case
MINNEAPOLIS.
Geo. C . B agley
Chas. M . Case
BARNUM GRAIN COMPANY
WHALLON, CASE & GO.
M i n n e a p o l i s
a n d
STOCKS, BONDS' GRAIN and PROVISIONS
58 Chamber of Commerce,
W.G. Ainsworth. Gen'I Manager
Up town Office, 315 1st Ave. So.
G R A I1 V
liiiliitl»
A N D
C O M M IS S IO N
MINNEAPOLIS
M E R C H A N T S
M E M B E R S : Ne w Y o rk Stock E xchange, Chicago Board of T rade, Minneapolis
Chamber of Commerce.
THOMAS & DUNNETT,
CR A IN C O M M IS S IO N .
CARGILL COMMISSION CO.
DULUTH AND MINNEAPOLIS
Grain and Commission Merchants
C. A. MALMQUIST
E. L. WELCH
E. L . Wel c h & Co.
GRAIN COMMISSION
1011 Chamber of Commerce
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
MINNEAPOLIS, MINN.
D aily M a r k e t L e tte r F re e on A p p lic a tio n .
Chamber
of
Com m erce,
C l in t o n M o r r i s o n . P re s.
L . C. M i t c h e l l , V P res.
-
M inneapolis.
D . L . R a y m o n d , Secy.
H. F . D o u g l a s , T re a s. and G en. M an.
Great W estern
Elevator C o m p a n y
MINNEAPOLIS,
.
.
.
MINNESOTA
R. G. CHANDLER & GO.
Grain and Provision.
6 Sherman St.
CHICAGO
T H E C O M M E R C IA L W EST.
Saturday, Septem ber 12, 1903.
W . H. L A I D L E Y & CO.
4i
Bartlett, Frazier & Garrinjton
STOCKS, BONDS,
GRAINS, PROVISIONS
S T O C K S and B O N D S
G R A IN a n d P R O V IS IO N S
BANK STOCKS AND INVESTMENT SECURITIES
Western Union Buiiding, CHICAGO.
MINNEAPOLIS
No. 7 New Street, NEW YORK.
MILWAUKEE
SE N D FO R O U R D A IL Y M A R K E T L E T T E R
M e m b e r s : C h icago B o ard of T ra d e, N ew Y o r k Stock E x ch a n g e , N ew Y o rk
P ro d u ce E x ch a n g e , N ew Y o r k C offee E x ch a n g e , C h icago S tock E x ch a n g e ,
L ive rp o o l C orn T ra d e A sso ciation , N ew Y o rk C o tton E x ch a n g e , Milw au kee C h am ber of C om m erce.
Member Chicago Board of Trade
T elep h o n e, M ain 4412 or M ain 170
1 9 0
S a lle
S t r e e t ,
C H IC A G O ,
L. BARTLETT $e SON
P R IV A T E . W IR E S TO A L L PO IN T S
WANTED MORE
C O M PA N Y
CUSTOMERS
Why not get into the “ Shipping to us habit;”
we know it will grow on you.
Commission Merchants
23 Chamber of Commerce
MILWAUKEE
L A S I E R & H O O PE R ,
Branches: Minneapolis, St. Louis,
Kansas City, Chicago.
GRAIN
R E C E I V E R S AND S H IP P E R S .
102-103 R ialto
Building, CHICAGO.
MILMINE, BODMAN 6 C O . A R M O U R G R A I N C O .
GRAIN, PROVISIONS, STOCKS, BONDS, COTTON
Invites C orrespondence R egarding U nlisted S ecu rities
G R A IN D E A L E R S
205 La Salle Street
CHICAGO
M ilwaukee E levator Co.
CHICAGO, 5 and 7 Board of Trade
NEW YORK, 401 Produce Exchange
G R A IN D E A L E R S
MINNEAPOLIS OFFICE:
-
-
J. C. VERHOEFF, Manager
Specialty, Barley
MI LWA UKE E, WIS.
ES TA BLISH E D
1 85 4 .
E. S. WOODWORTH & CO. IRWIN, GREEN
S H IP P IN G
& CO.
GRAIN— PROVISIONS— STOCKS— BONDS.
AND
R ia lto
C Q M M I S S I O IV .
B ld g .,
CHICAG O.
M a r k e t L e tte r M a ile d on A p p lic a tio n .
Minneapolis, Duluth, Milwaukee and Chicago.
ORDERS FOR FUTURES EXECUTED IN ALL MARKETS.
E . S. W o o d w o r t h ,
P resid en t.
B. H. WOODWORTH,
President.
G . P. H a r d in g ,
V ice-P res.
W . S. W o o d w o r t h ,
Sec and T re a s.
E. S. WOODWORTH.
Vice Pres.
R. P. WOODWORTH,
Sec. and Treas.
W oodw orth
Elevator Company,
M IN N E A PO LIS, M IN N E S O T A .
G R E G O R Y , J E N N IS O N
& CO.
Libary, B u f f e t ,
Smoking Cars
On Burlington Route Limited trains afford the
traveler all the comforts of a good club. Easy
chairs, a writing desk, current periodicals and
duplicate whist are provided.
People of the kind you like to meet are the
patrons of these cars. That means a pleasant
evening before retiring to the sleeping car.
A competent attendant serves light lunches and
refreshments from a well-stocked buffet at
moderate prices.
jt
jt
M IN X IiA P O l.IS .
Gr r a i n
E l e v a t o r
Storage Capacity: T erm in a l 1 ,300,000 B u sh els.
C o u n try 300,000 B u sh els.
Shippers of Oats and Rye.
Write for Quotations.
D u lu th
M ilw a u k e e
C h ica g o
E. A. BROWN & CO.
Wholesale Coal, Grain
923 Chamber of Commerce
Commissi n Merchants
-
-
Minneapolis, Minn.
Liberal Advances made on Consignment
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
400
T IC K E T O FFIC ES:
R o b e r t S t.,
414 N ico llet A v e.,
ST. PAUL.
MINNEAPOLIS.
THE COMMERCIAL WEST.
42
Chicago’s
"™ \
M ayor
The
Lackawanna
Habit
The Thousand
“ I f under 30 years of age * I would
settle in Oklahoma. I advise young men
to go there. The country is inspiring
and most alluring, with a future full of
promise. E very one is making money.”
T he way to go is over the Santa F e —
most directly reaches richest sections of
Oklahoma. Cheap excursion rates to
Great Southwest, one-way or round-trip
first and third Tuesdays monthly. The
Santa F e is building a new line in
Eastern Oklahoma. A sk for Oklahoma
Booklet.
T ick e t office A. T. & S. F. Ry., 503
Guaranty Bldg., Minneapolis.
Santa Fe
Any one cf the numerous Lackawanna
Railroad passenger trains between
New York and Buffalo, Chicago and
St. Louis will give it to you. Smooth
roadbed, luxurious sleeping and
parlor cars, a la carte dining service,
roomy coaches, courteous train
men, absence of smoke and dust
are the causes. Ticket offices at
NEW YORK
CHICAGO
*
“I n a ll th e l a n d , r a n g e v p , r a n g e d o w n ,
I s th e r e e v e r a p l a c e s o p l e a s a n t a n d so
s w e e t .'
Says:
ONCE C O NT RA CT E D
HARD TO BREAK
Saturday, Septem ber 12, 1903.
L
o
h
Islands
T h e re m ay be som ew h ere on the earth
a m ore d e lig h tfu l region than th at of the
T h o u san d Islan d s, but if there is, it has
not been d isco vered . It is as fine as the
B a y of N a p les, w ith 2,000 p ictu resqu e
isla n d s s ca tte re d alo n g th e tw enty-five
m iles of one of the m ost b e a u tifu l riv ers
in the w orld. Y o u can find out a gre a t
d eal regard in g it in No. 10 of the “ FourT ra c k S e rie s,” “ T h e T h o u san d Isla n d s;”
issued by the
NEW YORK CENTRAL
A copy w ill be mailed free on receipt of a twocent stamp, by George H. Daniels, General Passenger
Agent, Grand Central Station, New York.
ß
means extra money f o r meats and
incidentals , and a waste o f valu
able time en route : : : : : : : •'
BUFFALO
ST. LOUIS
necessary e x
in traveling via
rou tes w h e n
in t h e f i n e s t
fectlyballasted
direct route?
s pictow'^v
trains of the
T h e
fast
U N I O N P A C I F I C via Omaha reach
Salt L a k e City 12 hours ahead,
and San Francisco and P o r t
land 16 hours ahead of all
competitors.
W h y incur unpense and delay
circuitous
y o u can rid e
trains on apertrack over a
The
Pioneer
Limited
E L E C T R IC -L IG H T E D T R A IN S .
A c c o m m o d a tio n s p r o v id e d fo r a ll c la s s e s of p a s se n g e r s.
E. L. L O M A X G. P. & T. A.,
OMAHA,
Maintains its lead
over all competitors
ELWOOD LAND CO.
If you wonder how it’s done, ride
on it and yo u will find comfort
combined with elegance, also ca re
ful attention to the small details
that beset every trip. A ll cars
electric lighted.
(Capital $100,000)
Corner Sixth and Jackson Streets,
L a r g e o r s m a ll t r a c t s — S o l i c i t i n g a g e n t s w a n t e d .
p r ic e s a n d t e r m s .
THOMAS Sc DUNNETT,
GRAIN COMMISSION.
D IX O N
?
Northwestern Passenger Agent, St. Paul
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
- S T . P A U L , MIININ
Canada Lands. North Dakota Lands.
Chicago, M ilw aukee,
St. Paul & M inneapolis
B.
=
BRANCH ES:
W in n ip e g , .M a n ito b a ,
A b e r d e e n , S . D a k :.
BASEMENT OF MERCHANTS’ BANK.
R u g b y , IN. D a k : .
DAILY B E T W E E N
W.
NEB.
»
/NAa )
D a ily M arket L etter Free on A pplication.
C h a m b e r of C o m m e r c e . M IN N E A P O L IS .
South Dakota Lands.
W r it e fo r m a p s ,
W. S. McLaughlin, Pres.
lite r a tu r e ,
A .B .E llis, Sec’ y
AMERICAN GRAIN CO.
Grain Commission.
Write to us.
MINNEAPOLIS.
THE COMMERCIAL WEST.
Saturday, Septem ber 12, 1903.
43
$•529SAVED
Like a
Welcome Guest.
TO ALL POINTS EAST AND WEST
m
“ It is doubtful if such kind
ness and courtesy can be met
anywhere else as is shown by
the railroad employes on the through
trains west of Chicago. T h ey are all
mind readers. A ll you have to do is
to look a little anxious and somebody
will immediately volunteer the exact
information you need. You are looked
after like a welcome guest. You have
every convenience that a first-class
apartment home affords except a bath
tub, and I presume the porter could
have produced that if necessary.”
VIA THE
D&B
tJu s t T w o P o a ts ”
E T W EEL Nr*
D E W T & BUFFALO
This letter was written by a lady who made the trip to
California in a Rock Island tourist sleeping car. It tells it»
own story. All that it is necessary to add is that Rock Island tourist cars
leave St. Paul and Minneapolis four times a week for San Francisco and
Los Angeles.
Choice of routes — “ Scenic” or
“ Southern.”
Call or write for folder giving full information.
ts b) 1
DETROIT 6 BUFFALO
'S T E Á M 5 0 A T <CO.
F . W . C a l d w e l l , C. P. A .,
33a Nicollet Ave., Minneapolis.
^~A W e l l K n o w n
One
of
the
LINE.
best
known
C o m m e n c i n g J U N E 1 0 th
Im proved D aily Express Service (14 hours) betw een
M an
men
DETRO IT
and
Leave DETROIT Daily
Arrive at BUFFALO •
in
BUFFALO
• • 4P. M,
• - 8.00 A. M.
Connections w ith all railroads fo r points EAST.
M in n e a p o lis W rites
Leave BUFFALO Daily
Arrive at DETROIT -
- - 5.30 P. M.
• • 7-00 A. M.
Connecting* w ith E arliest trains fo r all points in MICH
IGAN and the WEST, also w ith I). & C. LINE o f steam
ers for all G re at Lake Summer Resorts. Send 2c. for
illustrated pam phlets and rates.
R ate betw een D etroit and Buffalo $3.50 one way,
$6.50 round trip . Berths $1.00, $ 1.5 0 ; Stateroom s
$2.50 each directs.n.
“ L ast night I cam e up on the N orth-W estern
L im ite d .
I th ou gh t I knew what a fine train it was,
but after riding on an y other, this train is really a new
revelation. I am not “ j o l l y i n g ” when I say that a
finer train would be b eyo nd human ingenu ity to co n
ceiv e and the human intellect to app reciate.”
I C J y o u r ra ilw a y a g e n t w ill n o t sell you a
**
th ro u g h tic k e t, p lease buy a local
tic k e t to B uffalo o r D etroit, a n d p a y yo u r
tra n s fe r c h a rg e s fro m d e p o t to w h a rf. By
d o in g th is w e w ill save you $ 3 .0 0 to a n y
p o in t ¿ a s t o r W est.
A. A. SCHANTZ, G. P. A., D e tro it, Mich.
T h is refers to the famous 12 hour train via N o rth -W estern
L in e e v e r y night between Minneapolis, St. Paul and Chicago.
T. W. T E A S D A L E
G eneral P assenger A gent
ST. PA U L , M IN N E SO T A
w i
CHICAGO
Gr e a t
W ESTERN RY.
A Palace
on
Wheels
T h e n e w E le c tr ic L ig h te d
F re e C h a ir C a rs o f th e
“ G reat W estern L im ited ”
Illinois Central R.R.
EFFICIENTLY
SERVES
A VAST
TERRITORY
by through service to and
from th e follow ing cities:
CHICAGO, ILL.
OMAHA, NEB.
MINNEAPOLIS, MINN.
ST. PAUL, MINN.
KANSAS CITY. M0.
PEORIA, ILL.
EVANSVILLE, IND.
ST. LOUIS, MO.
Cl NCI N NATI,OH 10.
NEW ORLEANS, LA.
MEMPHIS, TENN.
HOTSPRINGS.ARK,
LOUISVILLE, KY.
NASHVILLE, TENN.
ATLANTA, GA.
JACKSONVILLE, FLA.
Through excursion sleeping-car service betw een
Chicago and betw een Cincinnati
AND TH E P A C IF IC COAST.
C onnections a t above term inals for th e
R u n n i n g e v e r y r v ig h t I s t w e e n
C h ic a g o , S t. P a u l a n d M in n e a p o lis .
T h e s e c a r s a r e jv i s t o u t o f t h e s h o p s
a n d a r e b u i l t fo r c o m f o r t a n d b e a u t y .
$
5
$
J . P . E L M E IL , G e n e r a l P a s s e n g e r A g e n t,
C H IC A G O ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
EAST, SOUTH, WEST, NORTH.
F a s t an d H and so m ely E q u ip p e d Steam -H eated
T r a in s — D in in g C a r s — B u ffe t- L ib ra ry C a rs —
S le e p in g C a r s — Fre e R e c lin in g C h a ir C a rs.
IL L .
Particulars of agents of th e Illinois Central and
connecting lines.
A. H. HANSON. G en’l Fass'r Agent, CHICAGO
T H E C O M M E R C IA L W EST.
44
Henry Poehler
Alvin H. Poehler
Chas. F. Poehler
George A. Duvigneaud
Waller C. Poehler
CO RW IN
H.
Saturday, Septem ber 12, 1903.
SPENCER
H. POEHLER COMPANY, Spencer
ES TA BLISH ED
1855.
IN C O R PO R ATE D
G R A IN
189 3.
R. D E N N I S T O N
U.
Ô Denniston,
C O M M ISSIO N M E R C H A N T S .
C O n n iS S IO N
G R A IN A N D P R O V ISIO N S ,
816-19 Chamber of Commerce
BOARD OF t r a d e : Duluth, Minn.
CHAMBER OF COM.: Milwaukee, Wis.
BOARD OF TRADE: Chicago III.
MINNEAPOLIS
407= 408 H o m e In su r a n c e B u ild in g ,
Buying for Country Milling Trade a Specialty.
TEL. CENT. 4643.
Orders in Futures Executed in any Market.
C. D. H O L B R O O K & CO.
203 ( hamber ot Commerce. St. Louis.
348 Produce Exchange, New York.
IIO IT G R A I N
MILL AND ELEVATOR
C H IC A G O .
CO.
RECEIVERS AND SHIPPERS
M A C H I N E R Y
O A T S ,
C O R N
S U P P L I E S
Correspondence and Business Solicited
Coffietd Gasoline Engines
MINNEAPOLIS
MINNESOTA
Geo. L. Miles, Secretary
W. A. RAMSEY, Pres. & Treas.
E S T A B L I S H E D
i o i 2 Chamber of Commerce
JAMES DORAN & CO.
T 8 T O
Minnesota Linseed Oil Co., Ltd.
We give special attention to out=of-town investments
and speculative accounts.
P r o c e s s
OIL CAKE, OIL MEAL,
M
Our private wires and our
connections with ail the principal exchanges enable us
to give prompt and accurate service.
Manufacturers of
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MINNEAPOLIS
invited.
L i n s e e i 1 O il,
GROUND FLAXSEED,
in n e a p o lis ,
ETC.
GERMAN-AMERICAN
BANK BUILDING
M in n .
Correspondence
::
ST . P A U L , n IN N .
A merican L inseed Co.
M an h attan B u ildin g, C hicago, 111.
100 W illia m St., N ew Y o rk , N. Y.
Manufacturers and Refiners of
Linseed O il, O il Cake, Ground Linseed
Cake, and Ground Flaxseed=PURE l in se e d oil s o a p ,
S P E C IA L B R A N D S :
& C O ...........................................................
. .. . S t. P a u l,
M in n .
D O U G L A S &. C O ........................................................
C R O W N L I N S E E D O I L W O R K S ...........................
. M in n e a p o lis ,
M in n .
ARCHER
CLO SE
DES
LIN S E E D
M O IN E S
HAW KEYE
W OODMAN
L IN S E E D
LEAD
LIN S E E D
O I L W O R K S ...................
O I L W O R K S ................. .
A N D O I L W O R K S ............
O I L W O R K S .........................
l in s e e d
o il
W R IG H T &
H IL L S
W R IG H T &
LAW TH ER
CLEVELAN D
O I L W O R K S ...............
O I L W O R K S ......................
LIN S E E D
K A N S A S C IT Y
m e t z g e r
W O R K S ...........................
LIN S E E D
LIN S E E D
S IO U X C IT Y
TOPEKA
O IL
. . D e s M o in e s , Io w a.
M a r s h a llt o w n , Io w a .
. . . . S i o u x C ity , Io w a .
............O m a h a , N e b .
. . . K a n s a s C ity ,
.......T o p e k a ,
M o.
K ansas.
......................
..............C h ic a g o ,
O I L W O R K S .......
..............C h ic a g o ,
III.
..............C h ic a g o ,
III.
..............C h ic a g o ,
III.
w o r k s
L IN S E E D
........ S t. L o u is , M o .
...... Io w a C ity , Io w a .
LIN S E E D
O IL W O R K S
L I N S E E D O I L W O R K S ...................
III.
WE MAKE ASPECIALTY OF BLEACHED, REFINED AND. HIGH GRADE VARNISH OILS.
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