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RE P R E S E N T I N G WESTEBN ÏNVESTMENTS.MANUFACTUHING, MILLING AND GRAIN. IE SOUTHWEST. THE CENTRAL-PACIFIC W EST. TH E NORTHWEST. No. 38 SATURDAY, SEPTEMBER 17, 1904 b l. V I. CAPITAL, ONE /ULLION DOLLARS, SURPLUS ONE fllLLION DOLLARS. O F FIC E R S: D IR E CT O R S: B yron L. Smith , - - President F. L. H a n k b y , - Vice-President G eorge F. Orde , - - - Cashier T homas C. K in g , - A ss’t Cashier S olomon A. Smith , A ss’t Cashier A rthur H e u r tl e y , - Secretary H. O. E dmonds, - A ss’t Secretary H. H. R ockw ell , A ss’t Secretary F. C. J arv is , .....................Auditor A. C. B artlett , C. L. Hutchinson , J . Harlby Br ad lr t , Martin Hughitt , W illiam A. F üller , A lbert A. Strague , Ma rtin A. R yerson , B yron L. Smith . The 'i s k The \oi*< liu rii Trust C O M P A N Y - BANK; c H i c A o o C H Rookery, & R o b in s o n Government Bonds ivestment Securities MEMBERS NEW YORK STOCK EXCHANGE edar Street O , 412 to 415 Chamber o! Commerce, MINNEAPOLIS. ITrust and Savings Bank, Chicago and other NEW YORK G Chas. E. Lewis 4 Co, First B A N K E R S ¡5 C I C A BANKING, SAVINGS, FOREIGN, AND TRUST DEPARTMENTS. 28 S t a t e S t r e e t BOSTON T élép h on é M 156» P r iv a te W ire s . G R A IN , P R O V IS IO N S , STO CK S, BONDS. New York and Chicago Correspondents: Bartlett, Frazier &Carrington Pringle, Fitch &Rankin Hembers of all Principal Exchange*. __ To T O / he B a nOFTH K Ee r s [NORTH W €S T have you ever considered the advantages toyoxirfamilyofnan\ii\£ hisCompany as yo\ir Executor, or Trustee? Amorv£ these are: PERMANENCY: B ecause a corpora- iHi ¡R ESPO NSIBILITY: Because of our lple capital and surplus, $ 6 5 0 .0 0 0 .0 0 ; I EFFICIENCY: Because of the skill, lerience and prompt procedure of m sel; [ECONOMY: Because the cost of adInistration is les s than by an individual. ■TTAll accounts balanced daily. UAH Trust Funds It separate. TiAll investments of Trust Funds 1st receive IN ADVANCE the unanimous approval lour President, Secretary, Treasurer and Trust Ticer. Call or write for further particulars. he Minnesota ,oan & Trust Co. 313 Nicollet Avenue, M INNEAPOLIS, MINNESOTA. 3 INTEREST ON o °/. % SAVINGS ACCOUNTS Charles Hathaway & Co. Dealers in COMMERCIAL PAPER ESTATES A D M IN ISTER ED C h a s . W. F o l d s , - R e s i d e n t P a r t n e r 2 0 5 La S a lle S t r e e t , - - - C h ic ag o TR U S TS EXECUTED SPECIAL A TTE N TIO N GIVEN TO I N V E S T M E N T S N E W YO R K OFFICE B O S T O N OFFICE - - - 45 WALL STREET 27 STATE S TREET P R IV A T E W I R E S . OFFICERS JAMES B. FORGAN President DAVID R. FORGAN, Vice-President E. K. BOISOT, Vicc-Pres. a n a Mgr. LOUIS BOISOT, Trust Officer R. D. FORGAN. Asst. Treasurer D. V. WEBSTER, Asst. Secy. L G. ANDREWS FIRST NATIONAL BANK BUILDING G rain, S to c k s , B onds an d P ro v isio n s EVERSZ & COMPANY BANKERS M IN N E A PO LIS M EM BER: C h ic a g o B o a r d o f T r a d e M in n e a p o lis C h a m b e r o f C o m m e r c e M ilw a u k e e C h a m b e r o f C o m m e rc e 410 CHAM BER OF COM M ERCE G o v e rn m e n t B onds and oth er WALTER COMSTOCK S afe In v e s tm e n ts N ew L ist on A pplication 220 GRAIN AND PROVISIONS LA S A L L E S T R E E T CHICAGO 3 Board of Trade, CHICAGO. The National Park Bank, of New York ORGANIZED Capital $ 3 , 0 0 0 , 0 0 0 . 0 0 185 6 Surplus and Profits $7,064,1 7 0.27 Deposits Sept. 6, 1904 $ 9 8 ,5 8 1 , 7 2 3 .7 0 D I R E C T O R S O F F I C E R S I Richard Delafield, President Stuyvesant Fish, Vice-President Gilbert G. Thorne, Vice-Prest. John C. McKeon, Vice-Prest. John C. Van Vice Prest. Digitized forCleaf, FRASER Edward J. Baldwin, Cashier W. O. Jones, Asst. Cashier Fred’k O. Foxcroft, Asst. Cashier W. A. Main, Asst. Cashier Maurice H. Ewer, Asst. Cashier, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Joseph T. Moore Stuyvesant Fish George S. Hart CharlesScribner Edward C. Hoyt W. Rockhill Potts August Belmont Richard Delafield Francis R. Appleton John Jacob Astor George S. Hickok George F. Vietor Cornelius Vanderbilt Isaac Guggenheim John E. Borne Lewis Cass Ledyard Gilbert G. Thorne THE 2 C O M M E R C IA L W EST ÏÏ? Continental National Bank Saturday, September 1.7, 1904. Harrison & Smith C OF C H I C A G O Capital Surplus and Undivided Profits Printers, Lithographers, Blank $3,000,000 1,450,000 Book Manufacturers, Elevator Blanks and Bank Supplies to Solicits Accounts, Assuring Liberal Accommodations and Courteous Treatment A G E N E R A L F O R E IG N E X C H A N G E B U S I N E S S T R A N S A C T E D Travelers’ Circular Letters of Credit issued available in all parts of the World John C. Black, President Ira P. Bowen, Asst. Cash. George M. Reynolds, Vice-Pres. Benj. S. Mayer, Asst. Cash. N. E. Barker, Vice-Pies. Wm, G. Schroder, Asst. Cash. Herman Waldeck. Asst. Cash. John McCarthy, Asst. Cash. GUARA NTY SAFE D E P O S IT V A U LTS A R T IST IC BANK INTERIORS Counters, Partitions, Ornamental Iron, Brass and Wood Grills, Fancy and Decorative Glass, Main Entrance Doors, Side Lights, Transoms and Frames Complete, Store Fronts, Stairways, etc. order. Estimates furnished. «2 4-6 2 6 -6 2 8 Cheerfully South 4th Str« « M IN NEAPO LIS. BMEUm\?£!SiSS BWU>m* — Audit Company of Illinois Suite 635-42 M a rq u e tte ltld g. C H IC A G O P u b lic A ccountants and A uditors ESTIMATES CHEERFULLY FURNISHED Roach & Musser Sash and Door Co. MAKERS OF EVERYTHING IN MILLWORK General Offices, Factories and Warehouses, MUSCATINE, IOWA, U. S. A. C H A N G E IN B A N K N O T E S . T h e days of the crisp bank note are numbered. In stead of bein g crisp, the m o n ey w hich the go vernm en t bureau of eng ra vin g and printing will hereafter turn out will be soft and velvety, if important experiments which are n ow bein g conducted in the presence of treasury offi cials for the purpose of demonstrating the advantages of a novel chemical treatment for paper prove satisfactory. T h e result of the adoption of the new secret process will be to revolutionize a portion of the w o r k connected with the printing of the paper m o n ey of the United States, says G e y e r ’s Stationer. U nder the new process it will take just sixty days less time to manufacture a bank note than under the present method. T h e chemical solution not only renders the paper soft and velvety, but it also makes it non-shrinkable. By applying it to a Japanese napkin that article becom es as soft and pliable as a tissue of silk. T h e chemical preparation acts as an antiseptic and p reserva tive. W h e n applied to old documents it seems to knit the fiber to geth er and pre vents further decay. U nder the present process of printing paper m o n ey the paper has to be tho ro u ghly soaked in water. W h ile it is in this soaked condition, one side of the paper is printed. T h e sheet is then placed in a steam ro om and kept under a high temperature for thirty days, the time necessary for the ink to dry. T h e sheet is again soaked, as in the first in stance, and the reverse side of the bill printed. T h e thirty da y drying process then has to be repeated, in cases where a third impression on the bill is nece ssary, w hich is re quired w hen the printing is done in two colors, the w etting and dryin g proce ss has to be repeated for a third time, and another month is thus co nsumed in its production. Besides the delay of this process, the w ettin g and drying rot the fiber of the paper, and, although it is “ starched” to give it the crisp appearance, the starch soon w ears out and the bill becom es limp and worn. In printing bills on paper that has been treated b y the new process no w etting is necessary. T h e ink loses none of its luster when ap plied to the paper, as under the old process, and is tho r o ug hly dry within forty-eight hours after the printing is done. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OFFICERS: L. A. Walton, President; F. W. Little, VicePresident; C. D. Organ, Secy, and Treas.; C. W. Knisely, Manager. DIRECTORS: A. G. Becker, A. G. Becker & Co., Chicago; F. W. Little, Vice-President Peoria Gas and Electric Co.', Peoria; G. A. Ryther, Cashier National Live Stock Bank' Chicago; J. R. Waish, President Chicago National Bank, Chicago; L. A. Walton, Vice-President Equitable Trust Company, Chicago. Bank Profits Show Increase. T h e profit to the balance of the B a n k of British N o rt A m erica for the half year ending last June were £30,60 whilst an interim dividend at the rate of 6 per cent rt mains the same. T h e balance of £30,600 is £900 bette than l a s t y e a r . £4,000 has been written off in respect t the premium purchase of Dominion bonds rendered neces sary b y the expansion of the note issue. In the presen instance o w in g to the depression of the high class securi ties £4,100 has been written off to meet depreciation c the ba n k’s investment in D om inion bonds. LOW O N E -W A Y S E T T L E R S R A T E S. via the Minneapolis & St. L ouis to California, O re go n W a shin gto n , Idaho, Montana, etc.; tickets on sale dail Septem ber 15th to O cto b e r 15th. T h r o u g h tourist ca r each T h u r s d a y to San Francisco-. Call on agents fo rates, or address A. B. Cutts, G. P. & T . A., Minneapoli Minn. H om eseek ers’ R ates. On the first and third Tuesdays of each month the Minne apolis & St. Louis Railroad sells special homeseekers’ roun trip excursion tickets to points in the northwest, west, south west, south and southeast, at one fare plus two dollars. Return limit twenty-one days from date of sale and stop overs permitted. Call on agents for full particulars or address A. B. Cutt G. P. & T. A., Minneapolis, Minn. T he O nly L ine W ith a W orld ’s Fair Station. T h is refers to the Minneapolis & St. L ouis Railroa and means: 1st— T h e shortest line. 2nd— T h e most comfortable route. 3rd—-'T w o fine through trains direct to the Gates o the Fair. 4th— A s aving of about three hours in time. 5th— Y o u avoid the crow ds at the Union D e p ot an on the street cars. 6th— Y o u save m o n ey b y be in g landed just w here yo w ant to go. F o r excursion tickets, berth re servations and a com plete Guide to the Fair, free, address A . B. Cutts, G. P & T. A., Minneapolis, Minn. Saturday, Septem ber 17, 1904. THE C O M M E R C IA L W EST 3 The Commercial National Bank OF CAPITAL, C H IC A G O . E S T A B L I S H E D 1864. Statem ent a t close o f busin ess J u n e 9, 1904 $ 2, 000,000 RESO URCES. Surplus and Profits, $1,675,000 LIABILITIES. L o a n s a n d d i s c o u n t s ..................................................... $18,985,665.75 O v e r d r a f ts ............................................................................. 26.69 R e a l e s t a t e .......................................................................... . 93,663.35 U . S. b o n d s a t p a r ........................................................... 500,000.00 O th e r b o n d s a n d s t o c k s ............................................... 1,478,313.66 D u e f r o m U . S. t r e a s u r e r ........................................... 40,000.00 C a s h a n d d u e f r o m o t h e r b a n k s .............................. 12,467,845.61 C a p i ta l s to c k p a id i n ......................................................$ 2,000,000.00 S u r p lu s f u n d ...................................................................... 1,000,000.00 U n d iv id e d p r o f its ............................................................. 682,344.58 N a t i o n a l b a n k n o te s o u t s t a n d i n g ........................... 500,000.00 D e p o s its ................................................................................. 29,383,170.48 T o t a l .................................................................................$33,565,515.06 T o t a l ................................................................................. $33,565,515.06 O F F I C E R S : J a m e s H . E c k e ls , P r e s i d e n t ; J o s e p h T . T a l b e r t , V i c e - P r e s i d e n t a n d C a s h ie r ; D a v id V e r n o n , S e c o n d V ic e P r e s i d e n t ; N . R . L o s c h , A s s i s t a n t C a s h ie r ; H . C. V e r n o n , A s s i s t a n t C a s h ie r ; G. B . S m ith , A s s i s t a n t C a s h ie r ; H . E . S m ith , A u d ito r . F O R E I G N D E P A R T M E N T : M . K re ll, M a n a g e r . _ m .,,, D I R E C T O R S : F r a n k l i n M a c V e a g h , o f M e s s r s F r a n k l i n M a c V e a g h & C o .; W illia m J C h a lm e r s T r e a s u r e r T h e A llis C h a l m e r s C o .; R o b e r t T . L in c o ln , P r e s i d e n t T h e P u l l m a n C o .; E . H . G a ry , C h a i r m a n U n ite d S t a t e s S te e l C o r p o r a tio n ; P a u l M o r to n , V i c e - P r e s i d e n t A tc h is o n , T o p e k a & S a n t a F e R y . C o .; D a r i u s M ille r, F i r s t V i c e - P r e s i d e n t C h ic a g o B u r lin g to n & Q u in c y R a i lw a y C o .; C h a r le s F . S p a ld in g , V i c e - P r e s i d e n t S p a ld in g L u m b e r C o .; J o s e p h T . T a l b e r t , V i c e - P r e s i d e n t ; J a m e s H . E c k e ls , P re s id e n t. RUSSIA’S FINANCIAL STATUS. W ILLIAM SON & MERCHANT ATTORNEYS AT LAW Patent and Trade Mark Causes. Solicitors oi United States and Foreign Patents Main Office: 929-935 Guaranty Building MINNEAPOLIS, MINN. Branch Office: Room 52 McGill Bldg., Washington, D. C. A. Chilberg, President A H. Soelberg, Vice-Pres. J. F. Lane, Cashier Geo. R. Fisher, Asst. Cashier The Scandinavian American Bank Capital Paid Up - $ 300,000 Surplus and Profits - i 7 o,ooo Deposits 2,640,000 SEATTLE WE - H AV E AN W ASHINGTON OFFIC E AT B A LLA R D C. A. SMITH LUMBER CO. In an interview with the St. P e te r s burg correspondent of the “ Financial N e w s ,” M. K ako ftzeff, Minister of Finance, said recently that the r e ve nue for the seven months of the w ar had been 11,000,000 rubles more than in 1903. He said he view ed the finan cial situation with perfect satisfaction. T h e w ar had cost to date 272,000,000 rubles. H e expected that it would cost 300,000,000 rubles more by next January. T h e re w as no prospect of any diffi culty in m eeting the demands upon the treasury, which was in a most solid position. H e had just conclud ed an operation in central Russia w hich would result in there be ing 750,000,000 rubles available after Jan uary 1 to meet the estimated expendi ture of 600,000,000 rubles. T h e Minister expre ssed a w ish that more representative foreigners would visit Russia, instead of believing w hat the Russophobe press said. H e was pleased to see that the United States w as re ga rd in g Russia w ith a more favorable eye than form erly. Manufacturers and Dealers in ELECTRICITY VS. STEAM. LUMBER, LATH, SHINGLES OFFICE: MILL YARDS, 44th Ave N and Lyndale MINNEAPOLIS, MINN, Crookston Lumber Co. BEMIDJI, MINN. MILLS AT BEMIDJI, ST. HILAIRE, CROOKSTON Shipments on Northern Pacific and Great Northern Railways https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis It is only natural that in the past the railroad m anager has drawn his conclusions concerning the availabil ity of electricity from w hat has been done rather than from w hat electrical experts believed they could acco m plish, w rites the E n gin ee rin g Record. In 1892, w hen arrangem ents were made for the Illinois Central line to the Columbian E x position, one of the leading reasons for the rejection of electricity w as the fact that no such traffic as that contemplated had ever been handled b y its means. T o d a y all this is changed. T h e cars on the Ballston Spa branch of the Sch en ec tady Railroad are running in co m petition w ith steam trains on a paral lel line. T h e y run over a roadbed equal to that of any steam railroad in the United States, and th e y beat on every trip the trains hauled b y steam. Moreover, these electric cars do not stop at a station in Schenectady, but run through the streets of the town, thereby brin gin g passengers closer to their homes or places of business than the steam trains. E x p res s and freight business is handled on this electric road, and in e ve ry other respect it is a co unterpart of a steam-operated line. M o reover, the alternating cur rent m otor used on this line demon strates the possibility of utilizing elec tricity for handling cars over long distances in a much m ore satisfactory manner than is possible b y direct cur rent motors. H ig h vo lta ge s can be used on the tro lley line, thus saving a large am ount of copper, and rotary converters can be replaced b y trans formers. It is only necessary to examine this road to recognize that the steam lo co m otive will v e r y soon be a thing of the past on progressive roads han dling considerable short-haul busi ness. T h e electrical operation of through trains m a y or m a y not follow rapidly. It is too early to say n ow w h a t will be the course of develop ment for main line business, but the proved success of interurban electric railways in m a ny parts of the country and the recent demonstration of the possibility of equipping a car with motors w hich will run equally well with direct current in cities and alter nating current in the coun try indicate the v e r y early inroad of electricity into a field lo ng controlled absolute ly b y steam. LOANS TO TEXAS BANKS. T e x a s banks are negotiatin g some large loans in N e w Y o r k for the pur pose of m o vin g the co tton crop. T h e practice is usual at this season, and in general the requests for a cco m m o dation have been p ro m p tly granted, banking advices from the cotton belt territory emphasizing the exceptional p rosperity of the region and the le gitim a cy of this y e a r ’s early demand for funds. A bank president from a prominent Southern city, w h o was in N e w Y o r k last wee k, said that banks in the South would require large sums for harvestin g purposes this year. H e added: “ N o one knows w hat am ount the Southern banks will need, but the early demand for m o n ey this year will be, I think, v e r y heavy. T h e South is prosperous and the planters in gen erally go o d condition, but N e w Y o r k will have to supply it with funds to get the co tton to m a r ket. O ne m ore season of high cotton will push the South im measurably ahead, n ow that it has paid off a large portion of its indebtedness. E very one with us expects go o d times and w hatever funds are loaned our banks b y N e w Y o r k institutions will be returned all right at m atu rity.” ELECTRIC RAILROADS. Lin coln, Neb.— F a r m e r s of the South L ou p va lle y w an t an electric line. W ashburn, W i s .— A m ovem ent is on foot to build an electric line from here to Barksdale. Stillwater, Minn.— A n electric rail w a y will be constructed from here to South Stillwater in the near fu ture. Sioux Falls, S. D.— D es Moines capitalists have been in the city for the purpose of ascertaining the advis ability of constructing an electric street railway. THE 4 C O M M E R C IA L W EST F IR S T N A T IO N A L B A N K y j \\r r a t t it " t 1 t- ' w rr t o M I LWAUKEE, WIS. Saturday, September 17, 1904. United States Depositary Capital and Undivided Profits $2,500,000 OFFICERS: F. G. Bigelow, Peesident; Wm. Bigelow, Vice-President; Frank J. Kipp, Cashier; T. E. Camp, Asst. Cashier; H. G. Goll, Asst. Cashier DIRECTORS: E. Mariner, F. G. Bigelow, C. F. Pfister, H. C. Payne, Geo. P. Miller, Fred T. Goll, Wm. Bigelow, F. Vogel, Jr., J. H. Van Dyke, Jr TELEPHONE CONSTRUCTION. Shaw, W i s .— W o r k has begun on the telephone line. B oyd, Minn.— A local telephone system is to be installed. Red L o d g e , Mont.— A telephone system is bein g installed here. O m em ee, N. D.— A local telephone system is bein g installed here. Virgil, S. D.— A telephone line is be ing constructed w est of here. Frankfort, S. D .— T h e telephone line is being erected to L a Delle. Bo o ge , Minn.— T h e F a r m e rs ’ T e l e phone line is nearly completed. Dassel, Minn.— A new telephone exch an ge is bein g installed here. H azelton, N. D .— T h e line is to be extended from here to Bism a rck this fall. Grand Forks, N. D .— W o r k has co m m enced on the new telephone building. Milaca, Minn.— A telephone line is to be constructed betw een Milaca and Southshore. Lincoln, Neb.— A Y a n k e e Hill e x tension and one east of D a v e y are bein g built. Perh am, Minn.— W o r k /has co m menced on the telephone line to Dent and Richville. Elizabeth, Minn.— T h e F ergus T e l e phone C o m p a ny will put in a new sw itchboard here. Portal, N. D.— T h e Shabks T e l e phone C o m p a ny are putting in a local telephone system. W a y n e , Neb.— F. E. Be ll has sold the W a y n e telephone system to A r thur O vershiner. Sioux City, la .— A new building is to be erected for the Sio ux C ity T e l e phone Company. Crookston, Minn.— T h e Iron Range T eleph o ne C o m p a n y will install a new switchboard. W a te r lo o , la .— T h e Io w a T ele phone C o m p a n y will put in under ground conduits. Little Falls, Minn.— A rural tele phone line is to be constructed from here to Gre en Prairie. Louisville, Neb.—-The Plattsm outh T ele ph o n e C o m p a ny are putting in farm ers’ lines south of town. W e s t Union, la.— T h e R o g ers T e l e phone C o m p a n y has been incorpo rated with a capital of $10,000. Morrell, Minn.— T h e Morrill Rural T eleph o ne Co m p a ny with a capital of $50,000, has been incorporated. Edinburg , N. D.— T h e E din burg & Gardar T eleph o ne C o m p a n y has been incorporated, with a capital of $10,000. Billings, M ont.— W o r k has co m menced on the new building for the R o c k y Mountain Biell T ele p h o n e ComW inside, Neb.— F. E. Bell has o r ga nized a local telephone com pan y here to build a modern telephone e x change. Hutchinson, Minn.— T h e H u tch in son T ele p h o n e C o m p a n y is putting out a n ew line fro m here to Grove Hotel. St. Peter, Minn.— T h e Farm ers’ T ele p h o n e C o m p a n y and the St. P e ter telephone exch an ge will be con solidated. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis D e Smet, S. D .— T h e D a k o ta Cen tral T ele p h o n e C o m p a ny has been re organized and the exch an ge is be ing enlarged. M oorh ead, Minn.— T h e Red River T ele p h o n e C o m p a n y is pushing the w o r k of extending their lines in Clay and Cass counties. Granite Falls, Minn.— T h e T ri-State T ele p h o n e Co m p a ny has been g ran t ed a franchise tO' put in an exchange and toll line here. Crookston, Minn.— A c t iv e w o r k on the construction of the T ri-Sta te T ele ph o n e C o m p a n y ’s exch an ge at Grand F o rk s will be begun at once. A lexandria, Minn.— A telephone line is bein g constructed, embracing the Carlos, the Pa rkers Prairie, and the L e a f V a ll e y lines, pany. W in n ip e g, Man.— T h e Bell T e l e phone C o m p a n y expects to have its lo ng distance system connecting H a rtn e y w ith other places ready Oct. 1. A n o ka , Minn.— T h e 'T w i n City Teleph one C o m p a n y has a contract with the O sse o people to give them connections w ith A no ka , Minneapolis and St. Paul. A lb er t Lea, Minn.— T h e A lb er t L ea T ele p h o n e C o m p a n y have placed an order for 250 K e l l o g g central ene rgy telephones, with which to replace the automatic. Sykesto n, N. D.— T h e N o rth D a k o ta Central T eleph o ne C o m p a n y has its new line from here to B o w den ready for the wires. It is to be a metallic line. Breckenridge, Minn.— A petition from the T ri-Sta te T eleph o ne C o m pany for permission to erect a tele phone line through the village has been granted. N e w Port, Neb.— W ir e s are beingstrung by the F arm & H o m e T e l e phone Company, of which G. E. V a n E v e r y is president and C. M. T h o m p son, secretary. W o o d River, Neb.— T h e Independ ent T ele ph o n e C o m p a n y of Grand Island has reached this place with its line, and the independent com pany of Shelton is building a line to connect with it. River Falls, W i s .— T h e Pierc e Co u n ty T eleph o ne C o m p a n y has been sold to an outside p arty but the same name will be retained. E x ten siv e im- . provements and extensions are under consideration. N e w m a n Grove, Neb.— T h e Oak dale Teleph o ne C o m p a n y will build to a point this side of W y a n t ’s North Branch farm where they will connect with the line from here. Stillwater, Minn.— F arm ers in the tow n s of Stillwater and Grant have organized the T w in L a k e Rural T e l e phone C o m p a n y and will build a line to connect with the city service. Leigh , Neb.— T h e L e ig h Independ ent T ele ph o n e Company, w ith a capi tal of $15,000, has been inco rporated by F ra n k E. Bell, H. W . Graves, H. P. Buhman, J. H. L o w e r y and Julius H. Pleper. A lb e r t Lea, Minn.— T h e Freem an T ele ph o n e C o m p a n y will be incor- porated b y A. O. Stowick, B a rn ey Cookpeterm, T orger Heraldson, E ric k Flaskerud, A s l a k Heraldson, Emil Stenseth, N a rv e O. H a g e n and O. P. Fosse. Pierre, S. D .— T h e D a k o ta Central T eleph o ne Company, w ith a capital of $5,000,000, has been incorporated. T h is is a m o ve for the consolidation of the lo ng distance in South D a ko ta east of the river, under one m a n a g e ment and includes lines w hich reach 'int.o Minnesota, Iow a, N e bra sk a and N o rth Dakota. W o o d River, Neb.— T h e N ebraska T ele ph o n e C o m p a n y is building sev eral new county lines out of this place, one running south of to w n and crossing the Platte, the other go in g northeast. T h e F a r m e rs ’ H o m e T e l e phone C o m p a n y of Shelton are build ing from the w est w hile the independ ent com pany is building w est to con nect with them. The Swedish-AmericanNat’l Bank M IN N E A P O L IS N. 0. W erner, President C. S. Hulbert, Yice-Prest. F. A. Smith, Cashier E. L. Mattson, Asst: Cashser C a p it a l . . . . $25 0,0 00 S u r p l u s & U n d iv id e d P r o f it s 1 2 9 ,5 0 0 D e p o s it s . . . . 2 ,2 4 0 ,0 0 0 Foreign Exchange Bought and Sold A. J. W H I P P L E & C O . MEMBERS CHICAGO STOCK EXCHANGE STOCK BROKERS Private Wires to all A C" Principal Exchages U i l 1 L>-A.Lj L4 Main Floor New York Life Building Long Distance Tel. Central 1031. Orders by wire in grain and stock promptly filled COLLEGE CURTI55 BUSINESS RELIABLE THOROUGH MODERN FURTHER INFORMATION UPON REQUEST 122 SO. 6TH ST., MINNEAPOLIS, MINN. W INNIPEG, MANITOBA CANADA THE B an k of O ttaw a ESTABLISHED C a p ita l A u th o riz e d C a p ita ] P a id u p S u rp lu s 1874 $ 3 ,0 0 ® ,0 0 0 3 ,3 7 6 ,9 9 0 2 ,2 7 4 ,3 9 1 A General B a n k in g B u s in e s s Transacted Interest Allowed on Deposits FOREIGN EXCHANGE BOUGHT & SOLD ST. PAUL a g e n t s : M E R C H A N T S N A TIO N A L BANK TH E CO M M ERCIAL W EST. Saturday, Septem ber 17, 1904. 5 WHO HOLDS THE JAPANESE BONDS. S I D N E Y C. L O V E & C O . New YoM^Stock^Exchange Chicago Stock Exchange Chicago Board of Trade NEW YORK StOCk 311(1 G falli BROKERS CHICAGO ST. LOUIS AVOiD EXPENSE OF IRRIGATION. BANK CLEARINGS. A t the annual banquet of the S o ciety of Chemical Industry, held last w e e k in N e w Y o r k , Dr. H. W . W ile y , chief of the Bureau of Ch em istry at W a s h in g to n , presented to the fore ign visitors gathered around the table the fo llo w in g illustration of the superior pro gressiven ess of A m ericans. He said: “ T h e applied science of agricu lture is the greatest in dustry 'in the United States. O u r fields produce a crop that is w orth five billion dollars a year. If w e didn’t send it over the seas to you, yo u would starve to death. A s a sam ple of our methods of agriculture in arid portions of the country, w e plant Niobe onions in al ternate rows w ith Bum p o potatoes. T h e onions are so stro n g that they make the eyes of the potatoes water. T hus, quite naturally, w e avoid the expense of irrigation.” B a n k c le a r in g s f o r th e w e e k e n d in g S e p te m b e r 8, 1904, a n d t h e p e r c e n t a g e s of i n c r e a s e o r d e c r e a s e f o r t h e w e e k o f le a d in g c e n t e r s a n d a ll w e s t e r n p o in ts : S e p t. 8. In c . D e c. N e w Y o rk ......... +$1.022,722,276 22 2 153,635,944 7.4 C h ic a g o ............. Î B o s to n ................. 99,582.687 12.8 P h il a d e lp h ia . . . 87,207,646 7 .6 S t. L o u is ........... t 53,727,905 21.6 P i t t s b u r g .............. 31,828,015 Ì3 28.694.415 36.1 S a n F r a n c is c o . t B a l tim o r e .......... i 19,313,996 14.8 C in c in n a ti ........... 20.8S9.400 16.1 K a n s a s C ity . .. Ì 9 .2 22,013,556 N e w O r le a n s . . J 10,382,608 7.3 3 7 C le v e la n d ........... 11,890,157 M in n e a p o lis . . . -i13,975,590 Ì 2 .7 D e t r o i t ................ 8,513,800 1.7 4.1 L o u is v ille ......... 9,429,757 6,777,184 O m a h a ................ 3.5 -jM ilw a u k e e . . . . . . 7.402,949 16.4 P r o v id e n c e . . . . f 4,889,500 IS . 2 B u ffa lo ............... t 5,470,948 .6 I n d ia n a p o lis . . . 5,414,986 12.4 S t. P a u l .............. t 5,193,898 19.8 5,725,269 29.2 L o s A n g e le s . .. ? 4,52 7,S16 S t. J o s e p h ......... i D e n v e r ................ 4,337,033 i ó . i C o lu m b u s , O h io 3,461,700 4.3 2,985,288 36.8 M e m p h is ........... S e a ttle ................ 4,343,491 21.9 R ic h m o n d . . . . ' . 4,939,244 56.6 W a s h in g to n . . . 3,368,780 5 3 t P o r tla n d . O r e .. . 3,652,984 9 .3 F o r t W o r t h . .. 4 2,804,278 3,880,158 .7 T o le d o ................. S a lt L a k e C ity . 2,191,723 3 4 P e o r i a ................. 3,004,845 18.6 2,201,000 23.6 D e s M o in e s . . . . S p o k a n e .............. ■b 2,242,342 5 .3 1,829.199 7.3 T a c o m a .............. G ra n d R a p id s .. 1,681.673 5.2 1.605.367 6 .7 D a y to n , O h io .. T o p e k a ................ 1,012,306 36 5 .5 S io u x C ity . . . . 1,067,667 1,146.360 13.2 E v a n s v ille ......... D a v e n p o r t ......... 1.137,447 39.1 L ittle R o ck . . . . 552,225 3Ì 6 W i c h i t a .............. 1.107,842 123.2 A k r o n ................. 524,100 26 5 S p r in g fie ld , 111.. 858,530 6.3 679.082 15.1 K a la m a z o o . . . . Y o u n g s to w n , O h io 379,013 39 2 H e le n a ................ 665,877 12.6 F a rg o . N. D . . . . 411.536 20 2 C a n to n , O h io . . 456.000 7 Ï R o c k f o rd . 1 1 1 .... 7 5 368,296 319.S95 S p r in g fie ld . O h io . 28 1 B lo o m in g to n , 111 466.340 5 Ì.3 O u in c y ................ 310.784 is 6 S io u x F a lls . S. D . 339,429 48. Ó 4.6 M a n s fie ld . O h io . 181.906 375,019 39.9 D e c a tu r , 111........ J a c k s o n v ille . Ill 257.356 12.7 F re m o n t, N e b .. 258.128 45.7 H o u s t o n .............. t 17,275.686 58.9 G a lv e s to n . . . . . . t 8,223,000 28.1 C ed ar R a p id s . . . 381,881 i, Q.Erskine, Pres. Wm. Anglim, V-Pres. / J. W. Wheeler, Cashier / F | FIRST NATIONAL BANK \ < CROOKSTON, MINN. ? S C a p i t a l .............................. $75,000 ( S S u rp lu s a n d U n d iv id e d P ro fits 49,000 We negotiate Farm Mortgages [CANADIAN BANK OF! COMMERCE J Head Office, TORONTO j Capital Paid Up $8,000,000 Surplus $2,000,000 \ ;way $/ Branches at Dawson, White Horse, Skagway iand- S i and Atlin. Exceptional facilities for handc ling the business of those districts. ! Minnesota Title Insurance & Trust Co. M INNEAPOLIS M INN. C a p it a l $ 2 5 0 , 0 0 0 G uar an ty Fu n d $10 0,0 00 The oldest Title and Trust Company west of Philadelphia Banking, Safe Deposit, Loans, Trusts, Abstracts, Title Insurance •T. U. Barnes, Prest. C. J. Tryon, Trust Officer W. S. Jenkins. Secy. Wallace Campbell, Vice-Prest. H. A. Barnes, 2nd Vice-Prest. W. A. Hotchkiss, Treas. BONDS PAYING 5% W r i t e f o r sp ecia l c i r c u l a r , w h i c h w i l l be m a i l e d u p o n a p p l i c a t i o n . T o ta l. IT. S . . .$1 738.086.223 T o t. o u ts id e N . Y. 715,363,947 22.6 10.1 D O M IN IO N O F C A N A D A . $17.759.281 2 .3 M o n tr e a l : .............. T o r o n to ............... 12.245.383 W in n ip e g .......... 4,011.353 ' 4 . 1 V a n c o u v e r . B . C. 1.347.192 9.3 V ic to r ia , B. C .. 508.898 5 .7 i. 7 T o t a l ................ $44.248,422 3.1 t N o t in c lu d e d in t o t a l s b e c a u s e con t a i n i n g o t h e r ite m s t h a n c le a r in g s . + B ala n c e s p a id in c a s h . § N o t in c lu d e d b e c a u s e c o m p a r is o n s a r e in c o m p le te . Spencer T r a s k & C o . William & Pine Sts., N. Y. Branch Office, Albany, N . Y . THE NATIONAL BANK OF THE R E P U B L IC BANKS Send at once for our book of Modern Coun try Bank Buildings, costing$3,000 to $25,000. Price, $1 .00. Modern Homes, 150 pages, paper, $ 1 ; cloth, $ 1 .25. OMEYER & THO RI, ARCHITECTS, ST. P A U L , M I N N . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C H IC A G O C apital S urplus - . . John A. Lynch W. T. Fenton R. M. McKinney R. L Crampton O. H. Swan Thomas Jansen A. W. Margraff - . $2,000,000 $ 7 0 0 ,0 0 0 President Vice-President Cashier Asst. Cashier Asst. Cashier Auditor Mgr. Foreign Dept L ast w e e k ’s rise in the price of Jap anese bonds to 95, directs attention to the present status of the A m erican holdings and the changes that have taken place since the $25,000,000 al lotment was made last May. The bonds will not be exchanged for the ba nk ers’ certificates till late in the fall, and since the certificates held here are not negotiable abroad, few foreign bids have been made for the N e w Y o r k holdings. W ith in the last six weeks, however, there has been a decided increase in the local inquiry and wide distribution in small lots has been secured through bro k erag e houses. T h e bonds touched 92JL the low record on July 26 last. T h e y were offered b y the syndicate in this city on M a y 12 for 93^2- paym ent being made at the fixed rate of exchange of $4.88 per pound sterling. They fall due A pril 5, 1911, the Japanese go vernm en t reserving the option to redeem any part of the total $50,000,000 issue after A pril 5, 1907, on giv in g six m o n th s’ notice. N e arly all of the bonds are still held in N e w Y o r k , a syndica te bank er s ayin g this w e e k that fully $20,000,000 of the original allotment remained undisturbed. Since the certificates had been admitted to the Sto ck E x change list, trading has increased so that the daily dealings are often quite heavy. L a s t w ee k the dealings a g greg ated $1,558,000, against $83,000 the w eek before, $256,000 three w eeks ago, and $197,000 for the w eek ending A u g u s t 13. Se veral $100,000. $200,000, $500,000, and $1,000,000 blocks are held here chiefly with the large life insurance companies, which were the largest subscribers at the time the loan w as first floated. T h e owner of one of the b igg est blocks admits that it was taken speculatively, but says it will not be sold to L on d o n until the m arket advances far enough to make it w orth while to throw over a 6 per cent investment.— N e w Y o r k E v e n in g Post. ARMORED BANKS IN WYOMING. T h e Eirst National bank of L ander is a little steel fortress. T h e counter is faced with solid metal, and the tell er does business within a conning tower. W h e n you go into the bank you cannot see anyone, and, it is so arranged that a band of holdups could be riddled from front and flank. O ne of the w o r s t bandits that ever dis turbed W y o m i n g bankers used to be a small ranchman. A b ig cattle out fit had a m o rtg a g e on his herd. T h e y claimed his cattle w ere irregularly o b tained, and on a round-up they “ven d ed his b ra n d ;” that is, put a mark through it, to indicate that it no lo n g er represented ownership. T h e n there w as trouble about a horse. D is cr e p ancies of brand are the beginning of da nger out there, and this man served three years. W h e n he came out he robbed a go o d m a ny banks in broad daylight at the point of a pistol. Y e t for some reason half the sheriffs and most of the people were his friends. A s one c o w b o y said to me, “ T h e same companies that make w ar on the small owners are the ones that used to pay $5 for e ve ry m averick w e could get under their branding irons. T h e y taught us how to steal, and then p ros ecuted every man w h o did any of it on his own account.” A n y w a y , they never go t this particular bandit again, and the banks of the w est are acquir ing the armor-plate habit.— Frederick Irland in Scribner’s. 6 T H E C O M M E R C IA L W EST. Saturday, Septem ber 17, 1904. The Northwestern National Bank OF M IN N E A P O L IS C o n d e n s e d S ta te m e n t o f S e p t e m b e r 6, 1 9 0 4 RESOURCES LIABILITIES Loans and D iscounts . . . . $5,941,495.05 U. S. and Other Bonds 897,063.34 Banking H ouse Furniture and F ixtures 250,000.00 Cash, and D ue from Banks 3,341,015.75 Capital Surplus and Profits Circulation U. S. Bond A ccount D eposits $ 1,000,000.00 - 689,911.76 250,000.00 45,000.00 - 8,444,662.38 $10,429,574.14 $10,429,574.14 An Average of over 8 %Annual Dividends Paid to Stockholders since Organization in 1 8 7 2 . Dividends paid since Organization $ 2 , 2 5 0 , 0 0 0 OFFICERS W I L L I A M H . D U N W O O D Y , P re s id e n t J O S E P H C H A P M A N , J R ., C ash ier R. H. G00DELL E . W . D E C K E R , V ic e -P re s id e n t E. E . H O L T O N . Asst. C a s h ie r C o n tin e n ta l N a tio n a l B a n k B u ild in g , C H IC A G O W. L. FOLDS R. H. COODELL & CO. D E A L E R S IN - Collateral Loans, C o m m ercial P ap er MUNICIPAL and CORPORATION LOANS, PUBLIC SECURITIES. List of Offerings Sent to Banks and Individual Investors Upon Request. S PE C IA L FUN D TO J. F. CONKLIN, President LOAN O N A P P R O V E D S T O C K S A. E. ZONNE, V-Pres. and Treas. AND BONDS. E. J. FORSTER, Secretary MINNEAPOLIS in a ll its B r a n c h e s F i r s t Mo r t g a g e L o a n s on I m p r o v e d C i t y Pr oper t y References: First National Bank. Merchants’ National Bank of St. Paul. CAPITAL, SU RPLUS, - - $ 1 ,0 0 0 ,0 0 0 3 0 0 ,0 0 0 United States Depository. OFFICERS: Kenneth Clark, President; C. H. Bigelow, Vice-President; Geo. H. Prince, Cashier; H. W. Parker, Ass’t Cashier; H. Van Vleck, Ass’t Cashier. G. B. LOOMIS, A ss’t Sec’y J . F . C O N K L IN Ô Z O N N E CO. R e a l E -s ta te a n d I n s u r a n c e M . B . K O O N , V ic e -P re s id e n t C H A S . W . F A R W E L L , A sst. C ash ier First National Bank of D U L U T H , M IN N . Northwestern National Bank. Capital, THE EQUITABLE TRUST COMPANY $500,000 Surplus and Profits, 725,000 152 Monroe Street, CHICAGO Capital Paid Up. $500,000 Surplus, $300,000 Acts as Trustee for Corporations, Firms and lnviduals, and as agent for the registrations and transfer of bonds and stocks of Corporations and the pay ment of coupons, interest and dividends. U. S. GOVERNMENT DEPOSITARY A. L. Ordean, Pres., J. H. Dight, Cash., W. S Bishop, Asst. Cash., W .J. Johnson, 2nd Asst Cash IN T E R E S T P A I D O N D E P O S IT S DIRECTORS : F R E D . G. McNALLY MAURICE ROSENFELD F. M. BLOUNT J. R. WALSH L. A. WALTON OFFICERS : j. R. WALSH, President L. A. WALTON, Vice-President C. D. ORGAN, Sec. and Treas. C. HUNTOON, Ass’t Sec’y and Ass’t Treas. WILLIAM BEST JOHN M. SMYTH WALTER L. BADGER LOANS Bought, Sold and Managed for Non-Residents b u i l d i n g s im p r o v e d a n d r e c o n s t r u c t e d to p r o d u c e i n S a t i s f a c t o r y r e f e r e n c e to lo c a l a n d e a s t e r n p a r t i e s MOORE BROS. & SAWYER MINNEAPOLIS STEPH EN N. BOND ROBERT F. PERKINS WILLIAM H. GOODWIN NEW YORK Members of the New York Stock Exchange Letters of Credit and International Travelers’ Checks Foreign Exchange Cable Transfers ONEIDA BLOCK Bought and Sold on Commission or Joint Account' made on First-class Improved Security to net lender 4% to 6 per cent. Special attention given to care of property with economical management guaranteed. Best of references. R e n ts c o lle c te d ; c re a s e d re s u lts . B A N K E R S M INNEAPOLIS, M INN. REAL ESTATE Minneapolis Property KNAUTH, NACHOD & KÜHNE Jones, Caesar & Company CERTIFIED PUBLIC ACCOUNTANTS TRIBUNE BLDG. CHICAGO NEW YORK PITTBURG ST. LOUIS LONDON BO N D & G O O D W IN D E A N B R O S . & CO. NOTE BROKERS C om m ercial P a p e r bo sto n Commercial Paper Ch ic a g o Investment Securities Corporation Loans. Loans Secured by Investment Securities. Manager Chicago Office CHARLES F. MEYER, 226 La Salle Street. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M IN N EA PO LIS, M INN. THE Saturday, Septem ber 17, 1904. C O M M E R C IA L W EST 7 An Eastern Mistake. A WEEKLY JOURNAL REPRESENTING W ESTERN BUSINESS Published by The Commercial West Company, Minneapolis, Minn. H. V. J O N E S . LEONARD B RO NSO N. Minneapolis Office, Rooms 627-629 Guaranty Building T e l e p h o n e M ain 307. CHICAGO OFFICE, 1208 Stock Exchange Building. A D V E R T IS IN G R AT E S ON A P P L IC A T IO N . T he C om m er cial W e s t w ill not kn o w in g ly p u blish the advertisem ent of a fin ancially unsound in d ivid u al or com pany. SUBSCRIPTION IN ADVANCE. One Year, $ 3 .0 0 . POSTAGE FREE: Six Months, $ 1 .5 0 . EuropelCI. ENTERED AS SECOND-CLASS MAIL MATTES AT THE POST OFFICE, MINNEAPOLIS, MINN. SATURDAY, SEPTEMBER 17, 1904. Meaning of the Bank Statements. P R IN C IP A L C O N T E N T S. E d i t o r i a l .................................................................................................................. A n E a s t e r n M is ta k e . M e a n in g o f T h e B a n k S ta te m e n ts . L u m b e r B u s in e s s in th e P h ilip p in e s . B a n k e r s o f t h e N a t i o n in S e s s io n . A P a r t i a l C o m p e n s a tio n . T h e R e p u b lic o f P a n a m a . T h e B u ll’s E y e ....................................................................................................... B u ll D o m in a n c e o f th e M a r k e t .................................................................. B y H e n ry D . B a k e r. F in a n c ia l. C h a n g e s in B a n k N o t e s ................................................................................... B a n k P r o f its S h o w I n c r e a s e ........................................................................ R u s s i a ’s F i n a n c i a l S t a t u s ..................................................................... L o a n s to T e x a s B a n k s ..................................................................................... B a n k C le a r in g s .................................................................................................... D is p o s iti o n o f J a p a n e s e B o n d s ................................................................... A r m o u r B a n k s in W y o m i n g ......................................................................... C h ic a g o S to c k E x c h a n g e G o s s ip ............................................................... M ilw a u k e e M o n e y M a r k e t .............................................................................. S p a in P a y i n g O ld D e b t s ................................................................................. M in n e a p o lis B a n k S t a t e m e n t s ..................................................................... S t a t e I n s u r a n c e in G e r m a n y ....................................................................... S t. P a u l B a n k S t a t e m e n t s ............................................................................ L e g is la tio n A g a i n s t B a n k i n g F r a u d s ...................................................... N e w D e p a r t m e n t f o r T r u s t C o m p a n y .................................................. N e w B a n k s a n d C h a n g e s ................................ A S t a t e o f M illio n a ir e s ..................................................................................... D iv id e n d s .................................................................................................................. W e e k ly R a i lr o a d E a r n i n g s ............................................................................. B a n k S to c k Q u o t a t i o n s ..................................................................................... M is c e lla n e o u s . E l e c t r i c i t y v s . S t e a m ........................................................................................ E l e c t r i c R a i lw a y s .............................................................................................. T e le p h o n e C o n s tr u c t io n ................................................................................. A v o id E x p e n s e o f I r r i g a t i o n .......................................................................... T h e N o r t h w e s t B u s in e s s O u tlo o k ........................................ *................... W e s t e r n B o n d s ..................................................................................................... D e v e lo p m e n t N e w s o f C a n a d ia n N o r t h w e s t ...................................... S o u t h w e s t e r n I m m i g r a t i o n M o v e m e n t.................................................... S e t t l e r s T u r n T o w a r d O r e g o n ...................................................................... N e w F r a n c o - S p a n i s h R a i l r o a d ................................................................... N e w F r e i g h t H o u s e f o r t h e E r i e . . , ......................................................... G ra in a n d M illin g . R e c e ip ts a n d S h ip m e n ts a t P r i n c i p a l P o i n t s .................................... M ille rs S e e k K a n s a s W h e a t ........................................................................ T h e W h e a t T r a d e ................................................................................................ F lo u r a n d M illin g ................................................................................................ F l a x s e e d .................................................................................................................. M illfe e d ...................................................................................................................... M in n e a p o lis C o a r s e G r a i n s ................................................................... R a i n s D e la y C a n a d ia n H a r v e s t ................................................................. M ilw a u k e e " G ra in M a r k e t s ............................................................................ L o n d o n W h e a t R e v i e w ..................................................................................... T h e C o m m e rc e o f G a l v e s t o n . ..................................................................... C o m m e r c ia l W e s t M a r k e t R e v i e w s .......................................................... G e n e r a l S t a t i s t i c s .............................................................................................. T he F a rm s H o m es a re F a rm L a n d S m a ll F a r m R e a l E s ta te . o f th e N o r t h w e s t ......... ............................................................ in D e m a n d ..................................................................................... M o v e m e n t....................................................................................... H o ld in g s in E n g l a n d ............................................................ L iv e S to c k . L iv e S to c k M a r k e t s ...................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis It is reported by northwestern men soliciting busi ness in the East that there is a prevalent notion that the spring wheat country is calamity-struck, and that it will not be profitable to push business in that section, if, indeed, it is safe. It seems necessary to repeat, again and yet again, the statement that the Northwest does not depend solely on wheat, and that even a serious shortage in the wheat crop has no important effect on the buy ing power of the Northwest. Wheat production is an important factor in north western resources, but the days of dependence on one crop have gone never to return, and in other crops and money coining resources the Northwest has been blessed this year. In addition to this fact, the Northwest will get as much money for its wheat crop of 1904 as in the ordinary year, for the advance in price this time goes to the producers in large part; for which fact they should thank T h e C o m m e r c ia l W e s t , and other agencies which following its lead early placed the facts before them. With the producers prosperous the buying power of the community is maintained, and all branches of legitimate business may expect to benefit therefrom. en banks of Minneapolis show by their Septem ber 6 statements, deposits— including amounts due other banks, as well as those subject to check or rep resented by certificates of deposit— to the aggregate of $37,008,000, against $35,424,000 a year previous. Their combined cash resources were $14,043,000 as against $11,905,000 on September 9, 1903. These two increases harmonize with the fact that loans and dis counts remained almost unchanged, having been $29,398,000 on September 9, 1903, and $29,837,000 on September 6, 1904. There is no question that the last 12 months have been quiet ones in a business way, though enlivened in Minneapolis by two remarkable periods of speculative activity in the wheat market. The bank statement of September, 1903, showed a decrease in both deposits and loans and discounts, as compared with September, 1902, and it is probable that those two notable bulges in the wheat market, the second being still in evidence, were what saved the bank statements of this month. Minneapolis is one of the few financial centers that have shown an increase in bank clearings over last year; and to the heavy transactions on the trading floor of the Chamber of Commerce it is largely due. At the same time it should not be forgotten that the Northwest has been and is prosperous, and general business though quiet, has been carried forward in good volume. This reminds us of an incident in connection with the annual meeting of the Minnesota Bankers’ associ ation. The committee on resolutions was in session when one of its members suggested a resolution con gratulating the bankers of the state on the satisfactory condition of their business “in spite of adverse condi tions.” Another member interrupted him. “ There have been no adverse conditions,” he said. “ The state and the Northwest may not have been on such a debauch of prosperity as a few years ago, but they are 1 7 9 11 2 2 3 3 5 5 5 10 10 12 13 13 14 15 15 19 19 20 21 23 3 3 4 5 12 15 17 24 25 41 41 20 31 31 31 32 32 32 33 34 35 35 36 37 25 25 25 27 28 THE C O M M E R C IA L prosperous and rich, and growing richer.” The reso lution was not recommended to the convention, for the last speaker told but the truth. The good results to the banks of the Twin Cities in the way of increased surplus and undivided profits accounts is a demonstration that the Northwest is prosperous, if not booming, whatever may be condi tions elsewhere. Lumber Business in the Philippines. The enormous expense to which the United States has been put in connection with the acquisition and maintenance of the Philippine Islands finds its only recoupment of a direct sort in the fact that the unin habited and unoccupied lands of the archipelago, which were the possession of the crown of Spain, passed to the United States government. Of financial return there has yet been practically nothing. As to the in dividual citizens of the country, their reward for the portion of their taxes that has been put into the Phil ippines, for sacrifices they have made in other direc tions and for their interest in the welfare of the island ers, will depend entirely on whether or not they shall personally take advantage of the moneymak ing opportunities opened in the islands. The resources of the Philippines are shown with remarkable completeness in the displays made by the insular government at the St. Louis exposition. These displays are being studied by some American business men and should be by all who wish to be informed regarding matters of such national importance. The Philippines have little to boast of at present in the way of natural products or manufactures, but their native resources are enormous. The 1,725 islands included in the group have a total area of about 122,000 square miles, or about 78,080,000 acres. Of this totai area it is roughly estimated that about acres are in forest. Only a small part of that extensive forest land area is in private ownership. The remainder, which belonged to the Spanish crown but by the Treaty of Paris became the prop erty of the United States, is probably somewhere in the neighborhood of 45,000,000 acres. V ery little of the land available for settlement or for exploitation in any way remains outside gov ernment ownership. Consequently, as the pol icy of the government shall be developed there will be opportunities, first for the natives, second for citi zens of the United States, and third for the world at large to enter into the development of resources which are immensely rich. There are agricultural lands, and also mineral wealth, the extent of which is but little known; but the great available and tangible resources are found in the forests. ¡Luzon is less heavily timbered than the other is lands because it is the most densely populated and has been most cultivated. Mindoro is probably solid timber, and Mindanao is also largely covered by for ests. The latter island has an area of over 23,000,000 acres, of which at least 10,000,000 are virgin forest. The general situation may be summed up in saying that Luzon is about half timbered and that all the other larger islands are in practically their virgin state. What then do these forests consist of? A great deal of careful work has been done by the W ar De https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W EST Saturday, Septem ber 1.7, 1904. partment in examining and cataloguing the woods of the islands. There are three especially desirable and useful, namely: Molave, narra, or the Philippine mahogany, and calantas, the Philippine cedar. There are hundreds of varieties of wood which grow to tree sizes, but those three woods have attracted the greatest attention because they are of extraordinarily fine qual ity and apparently grow in large quantities. The quan tity of the respective species has not, however, been determined or hardly guessed at. In a general way it is estimated that the annual growth of the Philippine forests is about 1,400,000,000 cubic feet, or several times the lumber cut of the entire United States, and practically all of it goes to waste. Such statements lack substantial basis, but it is evident that the Philippine forests are of wonder ful density and cover an enormous area. Most of the woods are hard, even the cedar being more like a hard than a soft wood. It is in these forests that the American government is certain to find a return for its expenditures. But Americans will profit only as they awaken to the op portunities and make their exploitations and invest ments. The return will not be large at the start. A few concerns are handling Philippine woods with a profit, but the country is so undeveloped and the woods are so unfamiliar and the forests appear so lacking in what we know as soft building woods, that it will be some time before much more than experimental work can be done. A well-known California lumberman who has in vestigated the islands says that pine from the Philip pines can be laid down at San Francisco cheaper than the current prices for California sugar pine. That is simply an indication that the soft woods may be of more account than heretofore supposed. Those who go to the Philippines with the idea of engaging in lumber manufacture, getting out timber, ties, building material and the like, will have genuine pioneer work to do. A market must be made for the products, methods of manufacture must be developed and the whole logging scheme studied out in a way that has not yet been done; yet it would not be a very rash prediction to say that within a few years the Phil ippines will become one of the leading sources of sup ply for woods of strength and durability. England and the continent import paving blocks from Australia ; there is no reason why the Philippines should not sup ply to the United States a higher grade of paving material than it now enjoys and at a reasonable price, while their, supplies of high-class cabinet and finishing woods are practically unlimited. Upon the develop ment of the Philippine forests rests very largely the profitableness of those islands to the United States and to her citizens. Bankers of the Nation in Session. This week has seen a gathering of the men who direct the financial destinies of the country that was notable in the number of those present and in the magnitude of the interests they represent. We regret that it was impracticable in this issue to present a re port of the proceedings, but little will be lost by a de lay of a week. The convention was composed of three great sec tions— commercial banks, savings banks and trust Saturday, Septem ber 17, 1904. THE C O M M E R C IA L companies. The last two gave serious consideration to matters of particular interest to them respective ly, while all combined in the general meetings of the association in discussion and action on subjects of common interest and in legislation. The New York bankers were most generous hosts, and the entertainment features of the meeting sur passed any thing that the association had ever before experienced. Indeed, it was a subject of some criti cism that the program should have allowed so much time out of three brief days to sight-seeing and social pleasures. But this criticism reflects not at all upon the representatives of the metropolis. Still some have hinted that certain interests might deem it good policy not to allow too much time for free and perhaps some what reckless discussion. And if anything were to be accomplished it would be more certainly done if time were limited, and the convention were called on for approval of committee recommendations rather than for original and creative action. It must be admitted that a congress composed of a thousand or more men is somewhat unwieldy. The actual accomplishments of the convention— and the nonaccomplishments as well-— indicate how closely in hand it was held. A Partial Compensation. We do not exult over the discomfiture of our crit ics, nor rejoice in a deplorable condition, but must confess to a certain feeling of satisfaction in the dem onstration yet again that knowledge has an advantage over guesswork, and in the coming to our position in regard to the wheat crop, though reluctantly, of those who a short time ago were scoffers. It is a curious fact that many people adjust, through some strange form of temperamental complais ance, their opinions to suit their wishes. But facts are stubborn things; and when the dreamer awakes they replace the happy illusions of sleep. The editor of T h e C o m m e r c ia l W e st has during the past few weeks been the recipient of both ridicule and abuse. It is not a pleasant office, that of being the bearer of unwelcome tidings; and it is only a just compensation to have it recognized, though tardily, that the truth has been told and that a real service has been rendered. Republic of Panama. Now that work is actually beginning on the Panama canal, interest in the little country through which it runs is reviving. Ever since the days of the early Spanish explorers the isthmus has again and again drawn to itself the attention of the world. It is a country of romance and blood, of glory and shame. It is insignificant in area and popula tion, but big in its possibilities and strategic position across what will be one of the great commercial routes of the world. Its area is only 31,500 square miles, and its population but 300,000; its climate is unhealthy and its people include the flotsom of all the countries of the world; yet that country is destined to occupy a conspicuous place in the com mercial development of the future. In regard to some of its more salient features our consul general gives an interesting report. After stating the causes for the high mortality on the isthmus, particularly while the railroad was https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W EST 9 under construction and the French were at work on the canal, he says that with good, comfortable quarters, pure water, constant warfare on the mosquitoes, abundance of healthy food, and en forcement of strict sanitary measures, the death rate will undoubtedly be greatly reduced. A ll these things will be provided for by the canal commis sion, which seems to have begun work in earnest, and those who have watched the progress so far have little doubt that within the shortest period possible all that can be done on the canal will be accomplished. The constant revolutions which have occurred in the country have done more, perhaps, than all else to hinder the progress of commerce. From the time when the famous buccaneer, Morgan, looted and destroyed the old city of Panama to the present, these have been periodical. Many of them have been bloody, and all of them have been bitter. The revolution which ended a year and a half ago ex tended over a period of more than three years. The forces alternately had possession of every part of the republic except the city of Panama, and the con sequence was that at the end of the struggle the country was in a complete state of bankruptcy. During the past, duties have been placed alike on the necessaries of life and the luxuries. The poor man in his humble hut has been compelled to pay the same duty on the oil that lights his home that the rich pay on the diamonds that adorn their persons. It is unfortunate that those things most used, many of them not produced in the country, have been monopolized. Such necessaries as salt, matches, and tobacco come very high to the people. Notwithstanding the unfavorable conditions, the outlook is beginning to brighten. The Panamans are beginning to see the need of introducing ma chinery and appliances which will reduce the cost of production. The monopolies mentioned above are now absolutely forbidden, and gambling has been put under the ban of the law. Many articles have been placed on the free list, such as cattle for breeding purposes, ice, plants, seeds, and machinery and materials for printing books, lithographing, and en graving. Among the articles imported are almost all things used that are manufactured or put up by machinery. This embraces all canned goods, cloth ing, hats, shoes, and articles used on the person and in the homes of the people, including all kinds of furniture. T H E B U L L ’S E Y E . W h e n a man falls in love with himself he is about fit to be pigeonholed so far as the rest of the w orld is con cerned. So far as he himself is concerned he pigeonholes himself the m oment he falls in love with himself. No man can surpass his ideal. Y o u have heard of men sur passing their masters, but that w as because they saw some ideal higher than that embodied in their masters. M o re o ve r they saw an ideal greater than the quality they saw in themselves. T h e man in love with himself doesn’t want anythin g better. But his neighbors usually do. * * * Suppose a m a n ’s capacity f o r lovin g is represented by 100. A n d suppose the am ount he is capable of being loved is also represented b y 100. T h is is a supposable basis of calculation, not o n ly allowable in mathematics, but altogether scientific. N o w , let this man love himself So. H e has but 50 left for people not himself. H e also THE IO C O M M E R C IA L has absorbed 50 of his capacity for bein g loved. T h e r e fore, people can love him but 50. Y o u recognize this as true in yo ur observation. If this man loves himself 100 he has no love left over for other people and n obody can love him for he is already loved 100. N o outside love can butt into such a self-s upporting proposition as this. Y o u don’t try to. I never did. N o b o d y can. * * * P o s s ib ly some one m ay think he can cite an exception to this rule. Some one is thinking of a great hu lking self lover of the 100th degree w hose old m other prays for him morning, noon and night, and loves him in spite of his hoggishness. I t ’s a mistaken idea. T h is m other doesn’t love that fellow. She loves an ideal person that might have g ro w n from the sweet little b o y she used to hold in her lap. She loves in the abstract just as she loves any human soul. So I believe the best of men and the A l W EST Saturday, Septem ber 17, 1904. m igh ty himself loves the souls of men, not as they are but for w hat they m ay be if cleaned and repaired. T a k e a great selfish lump of humanity or an inflated human puff ball— you co uldn’t love such a thing if you sat up nights and fasted and prayed for grace to do it. * * ^ T h e men and w om en of histo ry or out of it w h o are held in high and tender re gard b y the best people of the w orld are those w ho didn’t fall in love w ith themselves. T h e y loved their w o r k for the good it w ould do others. T h e ir best thoughts w ent outside themselves. T h e y tried to give m ore than they received, but this w orld and the w orld to come will never let such people get ahead in the giving. T h e y will always ge t the best of the trade in the end. But the fortunes of the self-lover are all summed up in himself. A n d it’s m ig h ty poor pay for a lifetime and living— even his poor living. — T h e Sharpshooter. CHICAGO STOCK EXCHANGE GOSSIP. T h e report has been revived in banking circles that the Republic Iron & Steel C o m p a ny is pre paring to issue $10,000,000 new bonds. T h e report says two-thirds of the n ew issue will be taken by banks which are n ow carryin g the co m p a n y ’s floating indebtedness. N o th in g can be learned from officials of the com pan y here. President A. W . T h o m p s o n still adheres to his p olicy of reticence. Rum or has it that the new bonds practically have been un derwritten at 90, and it is un derstood the issue will be a first m o rtg a g e on the plants of the company. T h e balance, after liquidating the indebtedness, it is said, will be utilized in com pleting extensions-and providing the new ca pacity required. T h e official statem ent is expected to be made at the annual m eeting on Oct. 19, when the sto c k holders will be asked to approve the plan. In some quar ters the scheme is regard ed as being a preliminary to the m e rge r plan, which, it is said, will include the Southern iron and steel companies. National Bi scuit. T h e fall business of the National Biscuit Com pany has materialized with all of its former v ig o r this year, and at the present time all the local plants of the com pany are running full capacity. A t the co m p an y ’s big plant on the w est side fifteen ovens are said to be in operation and these no more than supply the increase in the demand which has developed during the last fortnight. T h e sit uation has taken on so much strength that it has been found possible to advance prices of loose crackers, cut some time ago, betw een 5 and 8 per cent, which is quite an important factor, since the cost of practically all raw materials is co nsiderably higher than a year ago. U n i t e d Bo x bo a rd . L o c a l interests state that success attended efforts ex ploited at the recent m eeting of bo xboard interests in Buffalo. Representatives from all parts of the country w ere present. It was agreed that all mill owners shall present the price at w hich they will lease down their plants. A co mmittee has been appointed to close on the basis of the figures submitted. A new chairman, E. W e s - M ilwaukee M oney Market. (S p e c ia l C o r r e s p o n d e n c e to T h e C o m m e rc ia l W e s t.) Milwaukee, Sept. 14.— T h e re was a noticeable increase in the volume of business at the counters of M ilwaukee banks this week. M o n ey rates show ed a hardening tend ency under the stress of increased demands for currency from the interior to m o ve the crops and farm produce, and shipments to’ the interior and N o rth w e st were on a fairly liberal scale. T h e re was little or no return flow, and merchants continue to complain of the slowness e x perienced in making collections. M erchants are making fairly free purchases of goods of all descriptions, but few are disco unting their bills ow in g to the scarcity of m on ey in the country and a number are m akin g their peace w ith creditors until the crop m ovem ent enables their customers to reinstate themselves in their go od graces once more by liquidating claims that are two to four months o v e r due. Discount rates are quoted at 5 to 6 per cent for co mmercial paper with collateral security, while in some cases as high as. 7 per cent is paid for accommodation. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ton, was elected to fill the v a ca n c y caused b y the death of Mr. Hegem an . It is n ow fully believed the leasing down plan will be carried out and solve the problem of low prices. To L i s t in Lo ndo n. Ch icag o friends and associates of the Moore-ReidL eeds party in control of R o ck Island have been advised fo r some time that it is likely the securities of the co m pany will be listed on the L o n d o n stock exchange. G o s sip from N e w Y o r k and Lon do n is n ow com in g thick to the same effect. P n e u m a t i c Too l M e e t i n g . T h e regular quarterly m eeting of the board of direc tors of the Ch icago Pneum atic T o o l C o m p a n y will be held during the third w eek in O ctober. It is said that only routine business will be discussed and that the m a L ter of resuming dividends will not be considered. P e o p le ’s Gas. Interests w ho claim to have the inside facts say the earnings of the P e o p le ’s Gas C o m p a n y for A u g u s t were the largest of any summer m onth in its history. The lo w average of tem peratures is said to have caused a large increase in the consumption of gas for domestic purposes, while at the same time the co m p an y has experienced the ordinary gain in the output of gas for illuminating. New C as hi e r at M etropolitan Trust. Charles J. L. K ressm an n has resigned as cashier of the M etropolitan T r u s t & Savings Bank, as he has becom e interested in the W a r w i c k Construction C o m p a ny and the Southern Fire B ric k & C la y Company. Mr. K ressm an n was co nnected w ith the bank for more than four years, and filled the position of cashier to the satisfaction of the president and board of directors. John A. Schmidt, the present assistant cashier, has been appointed cashier. D iv id e n d f o r Can . T h e A m erican Can C o m p a ny has declared a semi annual dividend of 2j(j per cent on the preferred, which is said to establish the perm anency of the 5 per cent rate paid in the last fiscal year, the first declaration havingbeen last September. Clearings of the associated banks for the w ee k were $7,411,529 and balances $1,503,185, against $6,772,570 and $704,288 in 1903 and $2,879,753 and $719,753 in 1902. Claims against the bankrupt M a ck Com m ission com» pany of this city n ow a g g r e g a te $80,000 and were swelled about $800 this w ee k by five claims filed b y people w ho claimed that their m o n ey reached M ilw aukee after the disappearance of M a na ger D rayton. T h e sale of the office furniture netted $400 and there is $3,000 in the Germania National bank to liquidate the claims of the creditors after the attorneys are paid. W ELLS & D IC K E Y E S T A B L IS H E D BOND CO. 1878 DEPARTMENT H ig h G ra d e S e c u ritie s for T r u s t F u n d s In s titu tio n a l F u n d s an d In d iv id u a l In v e s to rs 802 GUARANTY BLDG., MINNEAPOLIS. Tel. Main 590 THE Saturday, September 17, 1904. C O M M E R C IA L W EST 11 BULL DOMINANCE OF THE MARKETS. By Henry D. Baker of Chicago. M a rk T w a in has told a sto r y of a do g w h o w as m igh t ily successful in his fights w ith other dogs until one day he w en t to his W a terlo o . It w as this d o g ’s custom to clinch the argument b y clinching the hind foot of his adversary. So lo n g as this could be done the other do g w as a lw ays on the retreat, and never made effective use of his teeth. B ut one da y a do g w as found w h o had no hind foot to clinch and this w eakness proved his strength, and also the undoing of the assailant d o g w hose victorious career w as thereby closed. T h e Japs in their w ar against the Russian bear, and the bulls of the grain and stock mark ets in their long standing argum ent against the bears in the pits, have late ly used the same kind of tactics as did the do g w ho clinched the hind foot of his adversary, and so kept him on the run. T h e y have left little chance of teeth action to their adversaries, w hose time and energies have been entirely expended in v ig o ro u s get a w a y action to save the hind foot from bein g mauled. T h e stockm arket bulls and the grain mark et bulls will sooner or later have their successes ended b y some W a t e r loo'— in fact that must be the ultimate end of the continu ous advancin g m o ve m e nt in these markets. B ut the day of W a t e r l o o will probably never come until the bear p arty in both these mark ets ceases to have a hind foot that it deems of paramount importance to preserve. A t present they have no argument that is not rather a source of w eakness than of strength, and no “ s ho rt” commitments that are not liable to advance the m arket b y leaps and bounds w hen e ve r the other side a g g r es s ive ly forces a m ovem ent to cover. A s the Russian bear will v e r y likely never seriously sho w sharp teeth to Japan until most or all of Manch uria has been abandoned and w hat is left of the Russian arm y is at ba y som ew here in Siberia, in w hich case the Japs m igh t learn a lesson like that N apoleon learned at M o s cow, so the bears of the stock m arket and the grain m ar ket are not likely to see a favorable change in the tide of battle against them until they have seem ingly lost about all there is to lose in the w a y of price range; and then at bay can sho w the teeth to the triumphant bulls who have eve ry thing to lose and little or nothing to gain b y further m o vem ent and yet, fo llo w in g the prom ptings of the in tox ication that co mes from success, are liable to adopt the unconservative course that m a y cost eve ry th in g gained and possibly so m ethin g besides. Inf lu e nc e of C u r r e n c y Incre ase . T h e present dominance of the bulls in nearly every important m arket including especially those for stocks, for wheat, for corn, for cotton, is ce rtainly curious and n aturally suggests the existence of potent common under ly in g causes. T h e increase in the m o n ey supply of the United States, through the v e r y h e av y increase in the production of gold and throu gh some addition to the banknote circulation, m a y p ro p erly be assigned as an important general influ ence to w a rd higher prices in all the mark ets; but of course it would be foolish to lay too much stress on this influence in each particular case. T h e w h ea t bull for instance in this h e y d ay of his triumph is co ncerned in conditions, not theories, and he w ou ld be apt to. brush impatiently aside any person who m ight su gg es t that the great bull m ovem ent in w heat h^s been rendered possible not m erely b y the black rust in the N o rth w e st and b y short crops abroad but b y the increased production of gold. N evertheless a study of average farm prices for the last ten years as reported by the Departm en t of Agriculture, w hich s h o w a significant almost uniform gain in values, w ou ld seem to lend stre ngth to the hypothesis that some other condition or conditions than mere size of crops has been ha vin g an im m ensely important effect in bulling prices. A verage Farm Prices. T h e fo llo w in g table exhibits the average farm prices of articles named on Dec. 1 for the past eleven years, as re ported b y the D ep artm en t of A griculture: 1903 1902 1901 1900 1899 1898 W h ea t, per bu ........... 69.3 63.0 62.0 61.9 58.4 58.2 Corn, per bu ................42.5 40.3 60.5 35.7 30.3 28.2 Oats, per bu ..................34.1 30.7 39.9 25.8 24.9 25.5 Rye, per bu ..................54.5 50.8 55.7 51.2 51.0 46.3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Ba rley, per bu ...........45.6 45.8 45.2 40.8 40.3 41.4 Buckw h eat, per bu .. 6 0 .7 59.5 56.3 55.7 55.7 45.8 Potato es, per bu . . . . 6 1 . 4 47.1 76.7 43.1 39.0 41.4 Hay, per ton ...............$9.08 $9.06 $10.01 $8.89 $7.27 $6.00 1897 1896 1895 1894 1893 W h ea t, per bu .......................... 80.8 72.7 50.9 49.1 53.8 Corn, per bu ............................ 26.5 21.5 25.3 45.7 36.5 Oats, per bu .............................. 21.5 18 .7 19.9 32.4 29.4 Rye, per bu ................................ 44.7 40.9 44.0 50.1 51.3 Barley, per bu .......................... 37.7 32.3 33.7 44.2 4 1 . 1 Buckwheat, per b u .................... 42.1 39.2 45.2 55.6 58.3 Potatoes, per bu ...................... 54.6 28.7 26.6 53.6 59.0 Hay, per ton .......................... $6.65 $6.55 $8.35 $8.54 $8.68 In an article in T h e C o m m e r c ia l W e st of Se ptember 3rd on the “ In creasin g Incom e from O ur F arm s,” the w riter show ed how increasing consumption had certainly played an e xce ed in gly important part in creating appre ciation in the values of farm products, and instanced how figures of per capita consumption of wheat compiled by the Bureau of Statistics, gave interesting testim ony to this effect. T h e general increase in prosperity probably chiefly accounts for such increases in consumption, nevertheless w ho can say that increase in m o n ey supplies has not been a special cause havin g much, though of course not e ve ry thing, to do w ith increasing consumption and higher prices. O n the first day of July, 1896, the total amount of m o n ey in circulation w as $1,506,434,966, amounting to $2T.41 per capita. O f this amount, 32.99 per cent was gold. See report of the secretary of the treasury, page 32. T h e amount of m on ey in circulation July 1st, 1904, was $2,521,151,527. E s tim atin g the population of the United States at 80,000,000, this would amount to $31.51 per capita, of which about 48 per cent is gold. See form No. 1028, issued by the T r e a s u r y Departm ent July 1st. T h e total increase in our volume of m o n ey during the past eight years ....................................................... $1,014,716,561 A nnual increase ..................................................... 126,839,570 Increase each month during the last 8 years 10,569,130 A n increase each day during the last 8 years of 352,304 T h e consumption of w heat per capita has increased within the last eight years at p retty nearly the same rate as has the supply of m on ey per capita. In 1893 it was 4.89 bushels and in 1903, 5.81 bushels. In 1894 it was 3.44 bushels and in 1904 it w as 6.33 bushels. Speaking rather broadly and approximately, the per capita increase in the supply of m o n ey and the per capita increase in the con sumption o f w heat have both increased about one-third during the last decade while the value of cash w heat has increased even more than one-third. Increasing A bsorption of Securities. T h e above statistics have a relevance for the stock mark et as well as for the grain market. T h e same condi tions of incre asing m o n ey supply which enable those w ho participate in the increase, to buy more and better food m a y also enable them to invest more m o n ey in stocks and bonds. T h e ability of the investment public to absorb se curities has un doubtedly show n a great and quite steady increase within recent years, though this fact m ay not be indicated b y present stock m arket values as co mpared with several years ago, this because the printing presses were exceptionally busy at the height of the prosperity movement, and so caused overproduction of securities, notw ithstanding that the consumption of new securities per capita probably g r ea tly increased, just as in the case of wheat. But the production of new securities has re cently been falling off, and as the prom oting business was fo rm e rly overdone, so possibly it is n ow underdone; at least there is unquestionably arising a scarcity, in the open market, of the best securities, even at higher prices. P r o b a b ly in a few months after the election is over and confidence is more co m p letely re stored to business, the security m arket price list will present a v e r y favorable comparison with several years ago, and will then definitely prove that the increased ability of the public to absorb securities, o w in g to the greater supply of money, is a m ig h ty potential force and one that ought to be reckoned with. A n d if such an advance does materialize, it would be aided b y ,cheapness of m o n ey due to the same causes, and the exce ed in gly high a g g r e g a te cash value for our crops which will tend to add considerably to the p ros perity of the country, and therefore make m on ey still more plentiful for purposes of investment. THE 12 C O M M E R C IA L W EST Saturday, Septem ber 17, 1904. THE NORTHWEST BUSINESS OUTLOOK. There is a single vital and dominant factor in the com mercial situation in the Northwest today. Politics and the possibilities of the presidential campaign, as trade influences, have been relegated far to the background in the general and ' widespread interest in the crops, while problems of tariff and monetary standard have been forsaken for the consideration of closer and more pressing questions concerning the prob able revelations of the threshing machine and the probable ef-feet of these revelations on business conditions. Anxiety and interest throughout northwestern business circles over the crops is not uncommon, nor is the solicitude remarkable when the extent to which the prosperity of the section is dependent upon the size and value of the grain yields is considered. Rarely, however, has the period of un certainty been so prolonged or has the season thus far progressed without information of a sufficiently definite char acter to permit the forecasting, with some show of accuracy, the developments of the coming year becoming available. The rapidly changing conditions in the grain fields of Min nesota and the D akotas, as w ell as in the w o r ld ’s w heat pits, during the summer have been such as to task the p ow ers of the most astute p rognosticators of business conditions. ' T h e delayed seeding, the bountiful promise, the sudden blasting of hopes for an exceptional yield, the little understood character of the blighting rust, the late ness of the harvest and the possibilities of still further havoc through frost, all combine to render the analysis of the situation for the purpose of prediction peculiarly difficult. Business men are cautious in the expression of an opinion, and are hopefully aw aitin g further develop ments before venturing an absolute statem ent of belief concerning the com ing season. On e E f f e c t of S m a l l Crop. Throughout the farming districts of the Northwest are to be found occasional instances of what might be termed fic titious business depression. In spite of the efforts of the press to elucidate the general propositon that one bushel of wheat at a dollar is worth as much to its owner as two bushels at fifty cents each, many farmers have not as yet been successful in grasping the significance o f the altered condi tions. The disparity between the 40,000 bushel crop of a few years ago and the 20,000 bushel yield of the present summer . is too great to permit the avoidance of a feeling of poverty on the part of many grain growers. The fact is overlooked occasionally as well, that much of the wheat lost has been a loss from the prospective yield rather than a loss considered from the basis of an average crop. The damage by rust was great and the farmers who had their hopes rudely dashed by its sudden visitation have not yet recovered from the feel ing of depression caused by the unexpected decrease in their crop even though that decrease meant no actual monetary loss. A s a result, there has been some conservatism in many instances and some curtailing of expenses which may prove, when the grain is marketed, wholly unjustified by the situa tion. Under the circumstances, it is natural that the keynote of the Northwest business situation should still be uncer tainty. A canvass of the leading jo b b in g interests of the T w in Cities recently disclosed a number of divergent views on the outlook for the season. T h e se differences of opinion were differences of conclusion rather than dif ferences of premise. It is n ow gen erally recognized that the w heat crop of the three states will sho w a material decrease in bushels and a loss in grade from that of a year a go and the first threshing returns offer evidence that the early reports of the much anathem atized “ crop-k illers” w ere fairly accurate. E stimates upon the other grains a m o ng the jobbers are also fairly in accord. F ro m a similar basis, however, opinions differing in degree if not in kind are deduced as is indicated b y the fo llo w in g state ments of representative Minneapolis w holesale dealers. O u t lo o k G e n e r a ll y F a v o r a b le . George H. Partridge, secretary of Wyman, Partridge & Company, said concerning the situation: “ W e believe that there will be as much or more money in the Northwest this year as was the case a year ago. Our fall business as a whole has been better than at that time and the indications point to a similar state of affairs in the spring. The majority of our fall orders from the country were in when rust first made its appearance, but while there was a Digitizeddisposition for FRASERon the part of some merchants to reduce their https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis purchases a more careful investigation of the situation con vinced them that such an action was not necessary and can cellations were few. The fact must not be overlooked that while wheat is still our leading crop, its relative importance is steadily decreasing and the proceeds from the other cereals now form an important feature of the northwestern farmers’ income. In the case of wheat also, the increased values will offset the reduction in the size of the yield, and serious as the loss in this grain has been it has had a rather exaggerated effect on some farmers because of the difficulty they have had in appreciating the changed situation of small crops and high prices rather than larger yields at lower values. Of course, there is a good deal of uncertainty yet concerning the spring trade, as much of the grain has yet to be harvested, and it will not be until we come to the sorting good’s trade in the late fall that an absolute judgment can be formed on it.” Business F a i r l y S a t is f a c t o r y . Julius C. Eliel, vice president of the Lyman-Eliel Drug Company, s a id : “ W e are finding business spotted, like the w heat crop. In districts which have suffered heavily from the devastations of rust, trade shows a marked falling off, but elsewhere it ap pears to have been little affected. The aggregate, although not up to the high mark, is fairly satisfactory. Predictions concerning the future are difficult as too much depends on the next three weeks.” Poor G r a d e of W h e a t a F a c t o r . John A. Lucy, secretary of the North Star Shoe Company, views the situation as fo llo w s: “ Business is spotted but hardly up to last year’s average. In the districts badly affected by rust, trade, of course, shows a marked falling off, while the attitude of the country mer chant generally is one of conservatism. The rather re stricted nature of last year’s country business led us to antici pate freer buying this fall, but it does not appear to have materialized. In spite of the high prices now prevailing for w heat I believe that the farmers will find that the g e n era l ly lower grade of the grain, taken in connection with the decrease,in bushels, will be quite a factor of loss. T h e de velopm ents of the n ext tw o or three weeks, especially in N orth Dakota, will have such an important bearing on future trade conditions that it is hard to forecast the sit uation. In Kansas, Io w a and N ebraska the corn crop is the chief factor, this y eá r.” Business B e t t e r T h a n E x p e c t ed . A n official of one of the largest wholesale grocery firms of the Northwest s a id : “ There will undoubtedly be some business now and some in the spring, just how much is hard to estimate. For the present country merchants are buying more freely than we anticipated in view of conditions, which, however, does not prove their subsequent ability to pay. W e see nothing in the situation to be enthusiastic over, but the crops are uncertain even yet and may turn out better than now appears to be the case. A good deal is heard about the importance of other cereal crops than wheat as sources of direct income to the farmer, but although the other grains are rapidly growing in importance in the Northwest, quite a proportion of these crops today are kept at home and used for feed rather than mar keted for a profit. If the northwestern farmers raised quanti ties of hogs the case would be different, but as it is the crops, with the exception of w heat and flax, put less m on ey into circulation than seems to be the general impression.” Spain P ayin g Old D ebt. W a sh in gto n , Sept. 12.— T h e checks for interest on the Spanish indem nity certificates, 107 in number, and a g greg a tin g $28,500, were mailed b y Un ited States T re asu rer Roberts today. T h e s e payments have been made an nually by the governm en t of Spain since Feb. 17, 1834, when by virtue of a treaty w ith the United States of tha.t date the sum of $599,850 w as awarded to certain A m e r i can citizens on accoun t of the seizure and confiscation by Spain of vessels and carg oes b e lo n gin g to such citizens. T h e principal itself has never been paid. Spain’s promptness in m akin g these annual payments has been unbroken, except during the late war. F A C T S YOU O U G H T TO K N O W . 1 Season tickets, St. Paul or Minneapolis to St. Louis and return, $25.60; sixty-day ticket, $21.35; ten-day ticket, $19.20. 2 Fair opens about May 1 and closes December 1. 3 Five daily trains to Chicago, each making close connections with St. Louis trains. 4 No extra charge to go via Chicago. 5 Tickets good on the Fast Mail and Pioneer Limited elec tric lighted trains. 6 Full information about rates, routes and accommodations will be cheerfully furnished on application to W. B. Dixon, N. W. P. A., Chicago, Milwaukee & St. Paul Ry., St. Paul, Minn. Saturday, Septem ber 17, I 9° 4 - THE C O M M E R C IA L W EST 13 WATSON & COMPANY, B R O K E R S Chamber of Commerce, M inneapolis----- 24 Broad Street, N ew Y o rk S to c k s, B o n d s, M NEW YORK STOCK EXCHANGE. CHICAGO STOCK EXCHANGE. WINNIPEG GRAIN EXCHANGE. G r a in , P r o v is i o n s . IP M I Î B R S : CHICAGO BOARD OF TRADE. NEW YORK PRODUCE EXCHANGE. MINNEAPOLIS CHAMBER OF COMMERCE ST. LOUIS GRAIN EXCHANGE. P riv a te W ires to Chicago, New Y ork, and O ther Cities. T E L E P H O N E CALLS: M A IN 9 0 6 A N D M A IN 6 1 7 . MINNEAPOLIS BANK STATEMENTS. T h e fo llo w in g tables summarize the reports available of the leading commercial banks of Minneapolis. One national bank— the Clark— does not appear, and the G er mania and the new M erchants & M anufacturers are omitted. T h e re are also given the totals for the tw o p re vious years for the same banks, thus m akin g the co m parisons accurate. T h e footings, how ever, do not make a complete sh o w in g of the banking business done in M in neapolis, for all the savings banks— some of them large ones— and the trust companies and the private banks do not appear. T h e statem ents sho w as to capital, surplus and profits an increase of $40,000 in capital and a v e ry hand some gain in surplus and undivided profits, which a year ago stood at $2,774,600 as against $3,253,727 this year. T h o u g h the y ea r has not shown any remarkable gain in deposits and loans and discounts the gain in surplus and profits indicates that it has been a p retty go o d one for the banks. T h is statem ent is as fo llo w s: M in n e a p o li s B a n k s — C a p it a l an d Sur plu s. Surplus and Capital. Profits. N orth w e ste rn National .......................... $1,000,000$689,911 497,256 Security B a nk of M in n e s o t a ..,............ 1,000,000 First National ...........1 .............................. 2,000,000 1,447,191 N ation al B a n k of Com m erce ............. 1,000,000 304,983 Sw edish A m erican N ational ............... 250,000 148,481 St. A n t h o n y Falls .................................... 125,000 68,358 South Side State ...................................... 50,000 . 26,891 German A m erican ............. 100,000 59,732 Germania ........................................................................ ........... Peoples B a n k of Minneapolis ............. 60,000 8,924 Sept. 15, 1902. Bank ................................. $8,066,000 N o rthw estern National Security Bank of Minne9,110,000 sota . ................................ First National B a n k . . . . 9,578,000 National B a n k of Com4 .Q25.000 merce ............................... Sw edish-Am erican National ............................... 2,431,000 911,000 St. A n t h o n y F a l l s ........... 246,000 South Side State ............. 783,000 Germ'an-American . . . . . . 282,000 Peoples B a nk ................... Sept. 9, 1903. $8,045,300 Sept. 6, 1904. $8,424,662 8,702,400 8,947,600 9,261,207 9,167,087 4,310,900 4 ,978,153 2,497,500 1,400,400 231,100 962,600 326,100 2,615,264 1,005,918 253,046 952,979 350,429 $36,332,000 $35,423,900 $37,008,745 M in n e a p o li s B a n k s — Lo a n s and D isc ou nts . Sept. 9, Sept. 15, 1902. 1903. N o rth w e ste rn N ation al. $6,250,000 $6,271,100 Security B a n k of Minne6,836,000 7,309,000 sota ................................... 8,748,000 6,919,000 First National Bank . . . . National B a nk of Com3,689,600 3,915,000 merce ............................... Sw edish-Am erican Na1,879,500 tional ............................... 1,759,000 807,400 771,000 St. A n t h o n y Falls ........... 231,000 730,380 South Side State ......... 608,000 G erm an -A m erican . . . . . . . 214,377 253,600 204,000 Peoples B a nk ................... • Sept. 6, 1904. $4,940,396 7 ,335,852 8,605,287 3,887,786 1,978,191 887,546 223,600 689,600 257,395 $27,966,000 $29,398,400 $29,837,210 M in n e a p o li s B a n k s — Cash Resources. $7,580,000 $3,253,727 A comparison for three years as to deposits, loans and discounts and cash resources is interesting. T h e deposits include, of course, amounts due other banks, certified checks, cashier’s checks outstanding, etc. T h e compari son is as follo w s: M in n e a p o li s B a n k s — S u m m a r y . Co m pa ris o ns . Deposits. Loans. Cash. Sept. 15, 1902.................. $36,332,000 $27,966,000 $12,201,000 Sept. 9, 1903................. 35,423,900 29,398,400 11,905,200 Sept. 6, 1904................. 37,008,745 29,837,210 14,043,648 T h e leading details of the condition of the banks re ported, some of which are summarized above, are as fol lows : S T A T E IN S U R A N C E IN G E R M A N Y . State insurance in G erm an y has in a com paratively short time attained proportions that are hardly suspected by people of other countries. It is no longer to be re garded as experimental. T h e L on d o n T im es in a careful series of articles de scribing German industrial conditions, which is being re printed b y our state department in its consular reports, says that it is impossible to doubt that the general w ell bein g of the w o r k in g classes is in a large measure due to state insurance. T h e most recent form of industrial state insurance is that intended to relieve infirmity and old age. It applies com pulsorily to all persons in receipt of less than $487 a y eafor r FRASER of w a g e s and vo lu ntarily to those w h o receive Digitized https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Sept. 15, 1902. N orth w e ste rn National B a nk ................................ $2,723,000 Security Bank of Minnenesota .............................. 2,506,000 3,535,000 First National B a n k . . . . National B a n k of Commerce ............................... 1,901,000 Sw edish-A m erican Na969,000 tional ................................ 214,000 St. A n t h o n y Falls ........... 67,000 South Side State ........... 179,000 G erm an -A m erican . . . . /. . 107,000 Peoples B a n k ................... T o ta ls Sept. 9, 1903. Sept. 6, 1904. $2,564,200 $3,321,211 2,858,000 3,237,900 3 T 43,253 3,887,510 1,608,000 2,123,828 914,200 271,400 66,100 275,000 110,600 857,487 237,287 87,410 256.705 127,957 ........................... $12,201,000 $11,905,200 $14,042,648 w ag es from $487 to $730. O ld age insurance is payable at 70, w hether the recipient is infirm or not. In addi tion to these main provisions payments are made under certain conditions on the occasions of marriage, disabling accident and death. T h e allowances are re ckoned in five classes, ranging from $27 to $56 in the case of old age and $36 in the case of infirmity. T h e average in both classes is a little above $30. T h e total payments under the various classes amounted in 1901 to $25,000,000. In all, therefore, $85,500,000 a year was be ing expended three years ago in various form s of state or state directed insurance. T h e sum is probably considerably greater now, possibly near the hundred million mark. THE 14 C O M M E R C IA L W EST Saturday, September 17, 1904. F. A. CHAMBERLAIN, Prest. PERRY HARRISO N, Vice-Prest. E. F. MEARKLE, Vice-Prest. THOS. F. HURLEY, Cashier FRED. SPAFFORD, Asst. Cashier THE SECURITY BANK OF MINNESOTA M IN N EA PO LIS, M IN N E S O T A STATE M E N T O F CONDITION AT C L O S E O F B U S IN E S S SE PT E M B E R 6, 1904. RESOURCES L o a n s a n d D i s c o u n t s ................................................................$7,835,852.37 O v e r d r a f t s ..................................................................................... 6,054,36 U . S. a n d o t h e r B o n d s , S to c k s a n d S e c u r i t i e s ......... 161,496.89 R e a l E s t a t e .................................................................................. 111,806.4s* C a s h o n h a n d , a n d d u e f r o m B a n k s ............................... 3,143,253.27 L IA B IL IT IE S C a p i t a l p a i d i n ............ $1,000,000.00 497,256.09 S u r p lu s a n d U n d iv id e d P r o f i t s ......................................... D e p o s i t s .......................................................................................... 9,261,207.29 $10,758,463.38 $10,758,463.38 FOREIGN EXCHANGE BOUGHT AND SOLD Travelers’ Letters of Credit and Travelers’ Checks good the world over issued ST. PAUL BANK STATEMENT. Reports of condition for Septem ber 6, T904, with com parisons with previous years: Surplus and Capital. Profits. Deposits. Merchants National Bank ....................... .................$r, 000,000 $337,803 $5,835,362 F i r s t National B a n k .................................... 6,823,507 904 T 4.7 National German A m erican B a nk ........ ................. 1,000,000 290,347 6,869,624 St. Paul National B a nk ............................. ................. 600,000 114,101 2,129,441 Second N ational B a n k ........................... ................. 200,000 238,038 2,543,852 A m erican National B a n k ....................... ................. 200,000 937,376 23,843 Capital B a n k ................................................ 50,714 633,707 Scandinavian A m erican Bank ............... ................. 100,000 1,092,989 65 T 50 L oa n s and Discounts. $4,539,236 4,364,431 4,210,492 1,296,974 1,588,826 677,783 Cash Resources. $2,066,884 2,786,356 2,648,184 727,730 901,446 435,317 274,243 46 i ,543 742,139 285,919 T o ta l Sept. 6, 1904.................................. ................. $4,200,000 $2,114,163 $26,865,858 $17,881,424 $10,126,079 T o ta l Sept. 9, 1903.................................. .................$4,200,000 Total Sept. 15, 1902 ............................. $1,971,000 $23,894,000 24,049,000 $16,158,000 14,611,000 $9,213,000 9,048,000 B A N K IN G N O TES. Boone, Iowa.— O. G. Ashford, cashier of the Boone Na tional bank, died recently. Mora, Minn.— The National Bank of Commerce, Minne apolis, has been approved as reserve agent for the First N a tional Bank of Mora. Worthington,* Minn.— The New Y o r k National Exchange bank has been approved as reserve agent for the Citizens’ National Bank of Worthington. Arlington, Minn.— Farmers’ & Merchants’ State bank moved into its new building. Dassel, Minn.— The Bank of Dassel is remodeling its banking room with new fixtures and furniture. EU G E N E M. S T E V E N S C O M M E R C IA L PAPER M U N IC IP A L , C O R P O R A T IO N AND R A ILR OA D BONDS H O M E S E E K E R S ’ E X C U R S IO N S . T h e Missouri Pacific R a ilw a y and Iron Mountain Route will sell excursion tickets to points in Arkansas, T e x a s, Louisiana, O klahoma, Indian T e r r i t o r y and K a n sas, at rate of one fare plus $2.00 for the round trip, tickets on sale first and third T u e s d a y of each month. T ick e ts go o d for stop-overs. T h e above lines reach the great Farm, T im b e r and Mineral Products of the W e s t and Southw est without change. F ree Literature on application. F o r rates and other information address— E LLIS FARNSW O RTH , D. P. A., h i A d a m s St., Chicago, 111. I OW N AND OFFER $ 10,000 O zark Ry. C o . F irs t M. STODDARD & CO. Buy and sell County, School and Municipal BONDS Correspondence Solicited T . A. Is s u e d at $ 20,000 p e r m i l e , a n d g u a r a n t e e d C o., w h i c h 000,000 & San pays c a p ita l by F r a n c i s c o R. R. d iv id e n d s s to c k . on A $ 2 1 ,- s tro n g s e c u r ity at a r e a s o n a b le p ric e . P r i c e , 9 8 a n d I n t e r e s t , to n e t 514 p e r Long Dist. Phone Main 2317-L -1 2 09 National Bank of Commerce Building, 5 per cent. B o n d s, d u e O c to b e r, I 9 I 3 . t h e S t. L o u i s U. & C h e ro k e e C entral M o rtg a g e cent. MINNEAPOLIS, MINN. J A M I E S O N CHOICE F IR S T M ORTGAGE L O A N S R E A L E S T A T E A N D IN S U R A N C E M A NA G IN G E S T A T E S A S P E C IA L T Y Correspondence Solicited Telephones, Twin City 2465 Northwestern Main 2010 205 Andrus Building https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MINNEAPOLIS, MINN. NORTHWESTERN NATIONAL BANK BUILDING MINNEAPOLIS THE Saturday, Septem ber 17, 1904. C O M M E R C IA L W EST H The First National Bank of Minneapolis UNITED STATES DEPOSITORY S T A T E M E N T OF C O N D IT IO N S E P T E M B E R 6 , 1 9 0 4 RESOURCES Loans and D iscounts $8,605,287.31 Railroad and Other Bonds 101,380.00 U nited States Bonds, at par $1,093,750.00 Cash on Hand and D ue from Banks 3,888,862.33 4,982,612.33 L IA B IL IT IE S Capital Stock . . . . Surplus Undivided Profits C i r c u l a t i o n ...................................... D e p o s i t s ...................................... United States Bond A ccount $13,689,279.64 $ 2 ,000 ,000.00 1,400,000.00 47,191.72 '875,000.00 - 9,167,087.92 2 0 0 , 00 0.00 $13,689,279.64 O F F I C E R S J. B. GILFILLAN, President F. M. PRINCE, Vice-President C. T. JAFFRAY, Cashier D. MACKERCHAR, A sst. Cashier ERNEST C. BROW N, Asst. Cashier PLAN LEGISLATION AGAINST BANKING FRAUDS. ( S p e c ia l C o r r e s p o n d e n c e to T h e C o m m e r c ia l W e s t.) D es Moines, Iow a, Sept. 14.— A s the result of recent revelations as to the manner in w hich dishonest men are able to conceal their cr ookedness in banking matters from the directors and bank examiners, state and national, it is expected that the n ext general assem bly of Io w a will in stitute some re form s p rovid ing a banking co mmittee can be secured that will consent to important legislation. A l r e a d y w ith out expre ss legislative authority the banking department of the state auditor’s office has inaugurated a number of important reform s, which will go far toward disclosing any crookedness that m ay be found in the state and savings banks. W h e n the committee of the Thirtieth ge neral assem bly had under consideration various banking bills last winter, representatives of the b a nk ing depart ment w en t before the co mmittee and urged the passage of a bill requiring that the statutory exam inin g committee of bank directors, w h o are required to examine the books of the bank, be required to re port at least four times a year to the state auditor, w h o could require the co mmittee to examine into the character of the bills received and other assets of the banks. A t present the bank examiners can g o but little further than to report on the face of the bank books. A s to w hether the accoun ts are go o d and the notes and m o rtg a g e s w orth w hat they are represented to be worth, that is so m ethin g about which the bank e x aminers can find out little» T h e directors m a y know and the cashier and president m a y know. It is here that the w eakness of the system becom es apparent, for the frauds and forgeries and deception come in estimating the character o f the paper held. T h e plan proposed for report ing on the character of the assets of the banks would give the state banking department a check on frauds. But the co mmittee of the legislature report adversely on the p ro posals made. I f there is w eakness in the present bank examination system of Io w a it is there fore to be laid di rectly to the state legislators which have refused to make any p rogress or to adopt any suggestions lookin g to im provement. C h e c k i n g S y s te m A d o p t ed . In the absence of any specific authority to enlarge upon the province of the banking department, this much of an innovation has been made recently, that a system of checking up on the accounts of banks w ith each other has been adopted, and when a bank reports that it has a certain amount on deposit with another bank, either in the state or elsewhere, and there is any reason to think that the accoun t m a y not be co rrect it is fo llo w ed up and the reports verified. If this system had been adopted previous to the failure of the bank at Sigo u rn ey the frauds there would have been disclosed in time to prevent loss, for the entire falsification w as covered up in bogus accounts with other banks. It has been de monstrated as in the case o f a bank failure at Corning, that bank examinations will not always prevent loss, even w here the examinations are per fect. In that case all the fo rged paper, with the exception of one item, w as throw n into the bank between the time of the last examination and the breaking. In fact the bank was w recked in a few w eeks time. G row ing B usiness N ecessita tes N ew D epartm ent. W estern P atents. T h e increasing business of the Union Investment C o m p a n y o f Minneapolis has made necessary an addi tional department, that of Com m ercia l Paper. A general business in this line will be transacted. T h e extensive connections o f this co m p an y in eastern financial centers give it exceptional facilities for handling paper of this sort in large amounts. The following patents were issued last week to Minnesota and Dakota inventors, as reported by Williamson & Mer chant, patent attorneys, 925-933 Guaranty Loan building, Min neapolis, M in n .: Ames, George W., Brainerd, Minn., water-gauge guard; Anderson, Alexander P., Minneapolis (2), adhesive, and wafer; Bolz, John H., St. Paul, Minn., sack-holder; Cannon, Edward A. Minneapolis, puzzle; Carlson, John A., Hallock, Minn., harvester; Gotman, David P., Browns Valley, Minn., wagon jack; Holland, Richard, Pipestone Co., Minn., har vester; Laughton, Charles A., Litchfield, Minn., drying reel; Leavitt, Frederick E., St. Paul, Minn., surgical instrument; Manlove, Charles W., New Brighton, Minn., animal shears. The American T ru st and Savings Bank, Chicago Capital Stock paid in $ 2 , 0 0 0 , 0 0 0 . 0 0 Surplus and Profits 1 , 3 0 0 ,0 0 0 .0 0 EDWIN A. POTTER, .JOY MORTON, JAMES R. CHAPMAN, JOHN JAY ABBOTT, OLIVER C. DECKER, FRANK H. JONES, WILLIAM P. KOPF, GEO. B. CALDWELL, WILSON W. LAMPERT, O F F IC E R S https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis President - Vice-President 2nd Vice-President Cashier - Assistant Cashier Secretary Assistant Secretary Manager Bond Department Auditor Through to California W ithout Change. The Minneapolis & St. Louis R. R. will inaugurate its p erson ally conducted California tourist car service on T hursday , Septem ber 15th, continuing each T u e sd a y thereafter, during the season. Fine upholstered tourist cars will leave St. Paul on train No. 4 at 8:00 p. m., run ning through via Omaha, C. R. I. & P. to Colorado Springs, famous “ Sce nic R o u te ” through Colorado, Salt L ak e and Southern Pacific, arriving L o s A n g e le s T u e s d a y 1 :oo p. m. Rate for double lower berth through is $6.75. F o r full information as to rates, reservations, call on A g e n t s or address A. B. Cutts, G. P. & T. A., Minneapolis, Minn. THE i6 C O M M E R C IA L W EST Saturday, Septem ber 17, 1904. THE AMERICAN TRUST AND SAVINGS BANK CHICAGO C o n d e n s e d s t a t e m e n t o f c o n d itio n c o m m e n c e m e n t b u s in e s s S e p te m b e r 7 th , 1904. RESOURCES. L o a n s a n d d i s c o u n t s ....................................................... $11,376,345.03 B o n d s ..................................................................................... 2,815,002.65 C a s h a n d e x c h a n g e .................................. 7,970,435.03 $22,161,782.71 L IA B IL IT IE S . C a p i ta l s to c k ......................................................................$ 2,000,000.00 S u r p lu s a n d p r o f its ........................................................ 1,296,799.01 D e p o s its .................................................................. ............. 18,864,983.70 $22,161,782.71 THREE PER CENT. IN T E R E S T D E P O S IT S . P A ID ON S A V IN G S O F F IC E R S . E D W I N A . P O T T E R ............................. J O Y M O R T O N ........................................ J A M E S R . C H A P M A N ......................... J O H N J A Y A B B O T T ............................. O L I V E R C. D E C K E R ........................... F R A N K H . J O N E S ............................... W I L L I A M P . K O P F ............................... G E O R G E B. C A L D W E L L .................. W IL S O N W . L A M P E R T .................... .............................. P r e s i d e n t .................V i c e - P r e s i d e n t S econd V ic e -P re s id e n t ...................................C a s h ie r ......... A s s i s t a n t C a s h ie r ............................. S e c r e t a r y . ..A s s is ta n t S e c re ta ry . .M a n a g e r B o n d D e p t. ...................................A u d ito r M O N R O E A N D L A S A L L E STS. THE C O N T IN E N 1 A L N A T I0 N A L OF CHICAGO at R e p o r t o f C o n d itio n S e p te m b e r 6, 1904. C lo se of BANK B u s in e s s T uesday, CHICAGO RESOURCES. L o a n s a n d d i s c o u n t s ----S to c k s a n d b o n d s . R e p o r t a t C lo se of B u s in e s s , S e p t. 6, 1904. .........$28,487,098.46 ......... 1.189,577.91 U . S. b o n d s to s e c u r e c i r c u l a t i o n ......... .............. ............. O v e r d r a f ts .............. .............. R e a l e s t a t e .............. D u e f r o m b a n k s a n d U . S. ......... $5,786,204.79 T r e a s u r e r ......... ......... 10,558,331.19 C a s h ........................... $29,676,676.37 50,000.00 8,145.25 11,632.37 16,344,535.98 RESOURCES. L o a n s a n d d is c o u n t s ............................................. ......... $4,206.439.96 4,913.70 O v e r d r a f ts ................................................................... ......... 500,000.00 U . S. b o n d s , p a r v a l u e ........................................ ......... ......... 666,400.00 ......... 5,000.00 25,000.00 D u e f r o m U . S. t r e a s u r y .................................... ......... C a s h a n d s ig h t e x c h a n g e .................................... ......... 3,506,435.63 $46,090,989.97 $8,914,189.29 L IA B IL IT IE S . ............. C a p i ta l s to c k p a id i n . . . . S u r p lu s f u n d ......... U n d iv id e d p r o f its C ir c u la tio n ........... D e p o s its .................. $3,000,000.00 ............. 349,490.40 ............. 49,400.00 ............. 41,692,099.57 $46,090,989.97 L IA B IL IT IE S . ......... $ 500,000.00 100,000.00 S u r p lu s .......................................................................... ......... 57,665.61 U n d iv id e d p r o f its ................................................... ......... ......... 497,700.00 196.50 D iv id e n d s u n p a id ................................................... ........... D e p o s its ............................................................ ........... ......... 7,758,627.18 $8,914,189.29 O F F IC E R S . JO H N C. B L A C K , P r e s id e n t. G E O R G E M. R E Y N O L D S , V ic e - P r e s id e n t. N . E . B A R K E R . V ic e - P r e s id e n t . IR A P . B O W E N , A s s i s t a n t C a s h ie r . B E N J A M I N S. M A Y E R , A s s i s t a n t C a s h ie r . W . G. S C H R O E D E R , A s s i s t a n t C a s h ie r . H . W A L D E 'C K , A s s i s t a n t C a s h ie r. J O H N M C C A R T H Y , A s s i s t a n t C a s h ie r . Dl R E C T O R S . J o h n C. B la c k . B e r th o ld L o e w e n th a l. J . O g d e n A rm o u r . F re d e ric k W e y e rh a e u se r. H e n r y B o ts f o r d . F r a n k H ib b a r d . W . C. S e ip p . A. J . E a r l in g . P . A . V a le n t in e . G e o rg e M. R e y n o ld s . N. E . B ark er. A. W . T h o m p so n . A G e n e r a l F o r e ig n E x c h a n g e B u s in e s s t r a n s a c t e d . T r a v e l e r s ’ C ir c u la r L e t t e r s o f C r e d it is s u e d a v a i la b le in a ll p a r t s o f t h e w o rld . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis O F F IC E R S . L . A . G O D D A R D . P r e s id e n t. C H A S . L . F A R R E L L , V ic e - P r e s id e n t . N E L S O N N . L A M P E R T . V ic e - P r e s . H E N R Y R . K E N T , C a s h ie r. D IR E C T O R S . C h a s . W . H in k le y . E d w a r d E . M o b e rly . C a lv in H . H ill. W a l t e r S. B o g le . W illia m P . R e n d . J o h n C. F e tz e r . The Accounts of CORNER MONROE J o h n A . K in g . D . E . H a r tw e ll. R ic h a r d F it z g e r a ld . C h a s . A . P la m o n d o n . E dw ’a r d D . S te v e n s . L . A . G o d d a rd . C o r po r a tio n s, F i r m s R e s p e c t f u ll y So licited. AND CLARK an d In d iv id u a ls STREETS. THE Saturday, Septem ber 17, 1904. D IR E C TO R S A. C. ANDERSON CHAS. W. AMES E. H. BAILEY, President C. H. BIGELOW KENNETH CLARK HAYDN S. COLE, Y.-P. A Counsel W. B. DEAN ROBERT R. DUNN, Vice-President FREDERIC A. FOGG JULE M. HANNAFORD T H IS C O M M E R C IA L W EST 17 Northwestern Trust Company ® T . P A U L , M I1 V IV . I / Acts as Trustee, Registrar, Transfer Agent, Fiscal Agent, Executor, Administrator, Receiver, Assignee, Guardian, Etc. Assumes General Charge and Management of Real and Personal Estates. CO M PANY DOES D IR E C T O R S THOS. IRVINE FRANK B. KELLOGG JAMES W. LUSK A. E. MacCARTNEY ALBERT L. ORDEAN GEO. C, POWER EDWARD N. SAUNDERS R. E. SHEPHERD J. H. SKINNER THEO. L. SCHURMIER THOMAS WILSON N O T R E C E IV E D E P O S I T S OR D O A B A N K IN G B U S IN E S S DEVELOPMENT NEWS OF CANADIAN NORTHWEST (S p e c ia l C o r r e s p o n d e n c e to T h e C o m m e r c ia l W e s t .) W in n ip eg, Sept. 14.— W h ile e v e ry th in g at present is subservient to the m o vem ent of the w heat crop and while W e s te rn e rs talk and think o f little else there is no let up in the development g o in g on in branches of big under takings. 'l h e construction w o r k on new railway lines it is true, has stopped for a time, the Canadian Pacific w ish ing to co ncentrate all their rolling stock in the m ovem ent of w heat East. Building activity in W in n ip eg, in P o rt A rth u r and Fort W illiam , in F o rt Fran ces and in most of the pushing tow n s of the W e s t is the characteristic element of the fall of 1904. M o o se Jaw is ha vin g its town limits increased. L eth b rid ge is filling up with settlers from across the line and E d m o n ton and C a lg a ry are about as busy towns for their size as could probably be seen on the A m erican continent. P rom inent people from m a n y different parts of the w orld have given enthusiastic view s on the future of this coun try and it w ou ld require a bo o k of ample size to hold them all. P. R. W ilk e, general m a na ge r of the Imperial Bank of Canada w ho in co m p an y with Charles Cock shutt, one of the directors of the bank, made a trip of inspection o ver the entire W e s t, speaks v e r y hopefully of the mining development of the K o o ten ay s. “ Business seemed v e ry go o d in the K o o t e n a y ,” he said, “ as it is throu ghou t the D o m inion gen era lly now. Indeed, I am glad to see the people are beginning to realize that one part of the co un tr y cannot prosper w ith out the help of the other. For m y o wn part I co nfess I like to see trade in Canada travel by latitude and not b y longitude. T h e great need of W in n ip e g is manufactures,” said Mr. W ilk e. “ W in n ip e g is n ow a large distributing center and there is no reason in the w orld w h y she should not becom e a large m anu factu rin g center as well. “ T h e re is another thing which I consider of the greatest importance to- Manitoba. O u t side of its sentimental aspect altogether more than to any other portion of the Dominion, is it to M a nito ba ’s inter est to fo rw ard any m o vem ent which tends to bind closer to’ it those parts of Canada which lie east and west. If the lines of amity, or interest and of com m erce continue to run east and west, W in n ip e g cannot help but become one of the large cities of the continent. If, however, the bonds o f union are allo w ed to becom e lax, and the lines ge t to run north and south, Minneapolis and St. Paul will g r o w larger at W i n n ip e g ’s expense and becom e the great est center of all the W e s te r n coun try.” P r e p a r a t i o n s f o r N e w R ai lr oa d. I he tra nsco ntinental ra ilw a y commission which has been in consultation w ith H. D. Lumsden, chief engineer of the Grand T r u n k Pacific railway, has given out the fol lo w in g announcement of the plans for w ork. “ It has been arranged to com m ence the surveys immediately all the w a y alon g the proposed line from L ak e Abititi to M o n c ton. T h is section has been divided into three districts one extendin g from M on cton to the boundary line be tween the provinces of N e w B runsw ick and Quebec. T h e second extendin g from the end of the first district to Clear L a k e in the province of Quebec, and the third extending from Clear L a k e to the w estern boundary of the Province of Quebec. T h e sub-divisions of this section have not yet been decided upon and will not be until the preliminary surveys are completed or considerably advanced. T w e n ty seven surveyin g parties are n ow being organ ized as rapid ly as engineers and men can be obtained. T h e y will be located as fo llo w s: B etw een M o n cto n and Chipman, two parties, Ch ipman to Bolestow n , one party, Chipman towards F rederickton and St. John River, one party, betw een B o les to w n and Pla ster Rock, tw o parties, Plaster https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R o c k to Grand Falls, one party, E dm unston to Connors, one party, C on nor to L a k e P o h e n g a m o o k w hich is the boundary betw een N e w B runsw ick and Quebec, and to or near Chaudiere, four parties, one at each end and two in the center, Quebec, including both sides of the p ro posed bridge, one party, from there on to Clear Lake, four parties, co ve rin g about 32 miles each, from Clear L a k e to the boundary betw een Ontario and Quebec, and south of L a k e Abitibi, and betw een that and the point where the southern route co n ve rge s .” New A r e a s to be Opened. M a n y magnificient new areas are to be opened up by the building of this road east of W innip eg. A p a r t from the richness of the timber ly ing in that section of N e w Ontario, beginning near L a k e T a m is k am in g and running north to L a k e Abititi, where rich natural deposits are to be found, there is n ow a go o d deal bein g learned of the agricu ltural re sources as well. T h e p arty of experts on these matters just returned from an exploration of the country has given added testim ony to the a lready known w ealth it contains. This p arty w ent over the route of the T a m is k a m in g and N orthern O ntario R a ilw a y which has been gr aded from N orth B a y to N e w Liskeard, a dis tance of 112 miles, and steel laid for a distance of 83 miles. Mr. Robt. Jaffray, chairm an o f the commission, states in a Toronto' interview his opinion of the country. He says, “ W h e n this district is described as a clay belt people are apt to get a w r o n g impression. It is not clay such as one ordinarily expects from that description. W h e n exposed to the atmosphere, instead of hardening, it disintegrates, and there are layers of brown and white. T h e white ap pears to be marl. It is a stro n g soil which has all the appearance of bein g easily cultivated. T h e re is no doubt that w heat can be g ro w n well, and when a local m arket is provided it will be grown. W h e n up there, w e met Mr. Marshall of Brockville, w h o has a w ater po w e r on the M ontreal river, which he proposes to develop and erect nearby a flour mill. T h is will be of great benefit to the farmers. A t the present time oats are bein g g r o w n e x tensively for supplying the lumber and contracting parties. D e v e l o p m e n t W o r k in A l b e r t a . T h e w o rk in progress in developing the resources of A lberta is probably at the present time the largest under taking of its kind to be told of anywhere. T h e w o r k is or ga nized and carried out in Southern A lberta b y the differ ent companies in which Mr. E. T. Galt of L eth brid ge is interested. Y o u r correspondent had a chat re cently with Mr. Galt, then on his w a y to Ottawa, when he w as in formed of w hat had been accomplished. T h e companies were the pioneers of the early development of Lethbridge and the district tributary financed b y E n glish capital. M ore than 20 years ago the co m p an y interested in the development of the coal deposit of L ethbridge started op erations, but it was as Mr. Galt says, ahead of the times. In finding the mark et for coal the com pan y operated steam boats and barges betw een L ethbridge and Medicine Hat. W a t e r transportation w as too co stly and more capi tal w as obtained and a railroad n o miles in length built from L eth brid ge to D u nm o re on the Canadian Pacific ra ilw a y and later when it was found that the m arket was still insufficient, the line w as increased to 200 miles rim ing into Great Falls. T h e expenditure of the large amount of m on ey to open up the m arket for the coal was fo llo w ed by still further expenditures to open up the sur rounding country and induce settlers into the country, all done for the purpose of creating a b igg er demand for the coal. T h e co m p an y havin g undertaken a large contract had to continue. T h e A lberta Irrigation C o m p a ny and the St. M a r y ’s THE i8 S. A . H a r r is , Pres. F re d e ric k E. K e n a sto n , V ic e -P re s . C O M M E R C IA L W EST A . A . C ra n e , Caslxier. TV. S. H a r r is , Asst. Cash. Saturday, Septem ber 17, 1904. G. E . W illia m s o n , A sst. Cash. THE NATIONAL BANK OF COMMERCE M IP iJ V B A P O L IS , C a p it a l a n d S u r p lu s , S O L I C I T S M IN N E S O T A » Y $ 1 ,2 5 0 ,0 0 0 O U R River R a ilw a y C o m p a ny w ere form ed and under the charter of these companies 120 miles of irrigation canal were constructed, which reclaimed about half a million acres of semi-arid land and 47 miles of narrow gauge colonization ra ilw a y built fo llo w in g the line of canals. T h is tells of an investment of about nine million dollars. One of the new towns g ro w n up on this reclaimed land is Raym ond, only a year or two old w hich has a population of 2,000 people. T h e chief industry n ow being w orke d and w hich p ro m ises great things in the future is that of raising sugar beets and m anufacturing sugar. T h e efforts at co loniza tion are p rovin g v e r y successful and the M o rm an settle ment is g r o w in g to- be one of the largest in the W est. School lands are being offered for sale in A lb er ta at $7.00 per acre. T h is is a big advance over the price o b tained for these lands not m any years ago when the S a s katchewan V a ll e y L an d C o m p a n y purchased a big block of land from this source. T h e price paid then it is un der stood, was about $2.00 per acre. T h e lands are within a distance of from 12 to 20 miles of the C a lg a ry and E d monton railw ay and of the C r o w ’s N e st Pass branch of the Canadian Pacific railway. L a n d Se e ke rs A r r i v i n g . T. W . K e a v y of Minneapolis came in from the south this w e e k with a p arty of Americans. Mr. K e a v y has lands in the M arquette district and also in the Saskatch e w an V a lle y country. A n o th e r party of immigrants came from points farther south. T h r e e families of M orm ons passed throu gh C a lg a ry this w ee k b y prairie schooner. T h e largest party of A m erican s on record, however, w as a p arty to arrive on F rid a y last w hen a party of 100 land seekers arrived via the Canadian Pacific ra ilw a y from the south. T h e party was contained in four Pullman sleepers and a couple of coaches filled w ith w ell fixed farmers, w h o w ant to see w hat the Canadian W e s t can produce. T h e y come from Iow a, Illinois or O h io and B U S I I V U S S apparently had seen enough to make them enthusiastic in the trip from the boundary into W in n ip eg. A party of thirteen w ho came from Io w a intend tO' buy land in the W in n ip e g district. A ll are w ell to do farmers and will becom e actual settlers, most of them on a large- scale. Fifteen bushels an acre looked go o d to them. G e n e r a l D e v e l o p m e n t No te s. T h e Soo line extension into W in n ip e g will be co m pleted Nov. 1. T h e Bell T ele p h o n e C o m p a n y have completed the erection of a long distance line from Morris to Emerson, and offices have been opened at St. Jean Baptiste, Letellier, D o m inion City and Emerson. A flotilla of lumber rafts left E dm o n ton M o n d ay for the Canadian No rthern bridges at Battleford. T h ree crew s of nine men each will take down the material. T h e cr ews will go as far as Paradis Crossing, w hen a fresh g a n g will take the rafts to F o rt Pitt and a third to Battleford. Lethbridge, Alta., is to have some splendid new railway buildings, including a union brick and stone passenger de pot, freight shed and a ten stall round house and several miles of siding, the estimated cost be ing $80,000. President S haughn essy of the Canadian Pacific railway is in the city and states that a fast T w i n C ity service will be inaugurated w ith the incom ing of the Soo line. O v e r the correspondin g period of last year the clearing house returns for W in n ip e g sho w an increase of 4.2 per cent. L a s t year, however, at the sam e period there w as a considerable crop movement, but at the present time that is slight and includes only a few cars of old wheat. T h e w e e k ’s returns also include L a b o r D a y, a bank holi day. T h e returns are as fo llo w s: W e e k ending September 8th, 1904........................$4,011,353 Co rresp o n ding wee k, 1903 3,850,016 Co rresp o n ding w eek, 1902 ........................................... 3,461,020 Statement of Condition at the Opening of Business, September 7, 1904. Statement of Condition at the Commencement of FEDERAL TRUST & SAVINGS BANK WESTERN TRUST & SAVINGS BANK Business, September 7th, 1904. CHICAGO RESOURCES L o a n s a n d d is c o u n t s ....................................................$ 6,472,497.07 B o n d s a n d s t o c k s ............................................................. 1,480,906.03 C a s h o n h a n d a n d s i g h t e x c h a n g e ........... 3,390,663.73 $11,344,066.83 L IA B IL IT IE S . C a p i ta l ...................................................................................$ 2,000,000.00 S u r p lu s a n d u n d iv id e d p r o f i t s .................................. 813,465.96 R e s e r v e d f o r a c c r u e d i n t e r e s t ..................................... 4,373.40 D iv id e n d s u n p a id ............................................................ 146.00 D e p o s its ................................................................................ 8,526,081.47 RESOURCES. L o a n s a n d d is c o u n t s ......................................................... $3,802,469.20 O v e r d r a f ts ............................................................................... 231.98 B o n d s ....................................................................................... 383,123.79 C a s h a n d s i g h t e x c h a n g e .................................................. 1,176,778.37 $5,362,603.34 L IA B IL IT IE S . $11,344,066.83 C a p i ta l s t o c k ......................................................................... $1,000,000.00 S u r p lu s a n d p r o f i t s ............................................................. 139,143.45 D e p o s its ................................................................................... 4,223,459.89 In t e r e s t P a id on Deposits. A G e n e r a l B a n k i n g , S a v in gs and T r u s t C o m p a n y Business T r a n s a c t e d . Y o u r Business In v i t e d . $5,362,603.34 C O M P A R A T IV E S T A T E M E N T O F F IC E R S . T H O M A S P . P H I L L I P S , P r e s id e n t. N A T H A N G. M O O R E , V i c e - P r e s i d e n t a n d C o u n s e l. C H A R L E S S. C A S T L E , C a s h ie r. F . J . S C H E I D E N H E L M , A s s t. C a s h ie r . E D W I N L . W A G N E R , A s s t. C a s h ie r . IR V IN G J . S H U A R T , S e c r e ta r y . O F F IC E R S . D IR E C T O R S . E . H . G a ry , C h a i r m a n . C h a r le s D e e r in g , W . J . C h a lm e r s . A lf r e d H . M u llik e n . C. B. S h e d d . A. E . N u sb au m . T . P . P h illip s . N. E. CO R . LA SA LLE https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o rm a n B. R eam . N a t h a n G. M o o re. E . J . B u ffin g to n . D . W . B u rro w s. W . E . P h illip s . J. N . V ance. AND A D A M S STS. OF D E P O S IT S . N o v e m b e r 10, 1902................................................................ $1,700,000.00 O c to b e r 15, 1903................................................................... 2,638,281.46 D e c e m b e r 30, 1903............................................................... 2,973,598.34 M a r c h 22, 1904..................................................................... 3,485,409.74 J u n e 10, 1904.......................................................................... 3,927,680.09 S e p te m b e r 7, 1904................................................................ 4,223,459.89 B a n k Fl oor . J O S E P H E . O T I S ...................................................................... P r e s i d e n t W A L T E R H . W I L S O N ............................................V i c e - P r e s i d e n t L A W R E N C E N E L S O N ............................................V i c e - P r e s i d e n t W T L L IA M C. C O O K .................................................................... C a s h ie r H . W O L L E N B E R G E R . ................A s s i s t a n t to t h e P r e s i d e n t W . G. W A L L I N G .......................................................................S e c r e t a r y 157-159 L A S A L L E S T R E E T . Saturday, Septem ber 17, 1904. THE C O M M E R C IA L W EST B u s in e s s E s ta b lis h e d 1873. Western Trust $e Savings Bank, C h ic a g o . C a pita l - $ 1 ,0 0 0 ,0 0 0 TRANSACTS A GENERAL DOMESTIC AND FOREIGN BANKING, SAVINGS, TRUST COMPANY AND BOND BUSINESS. O F F IC E R S : JOSEPH E. OTIS. President. WILLIAM C. COOK. Cashier. WALTER H. WILSON. Vice-President. H. WOLLENBERGER, Asst, to the President. LAWRENCE NELSON. Vice-President W. G. WALLING, Secretary. PH O EN IX FURNITURE CO. Artistic Furniture for Banks, Offices, Churches and Public Buildings. Send us floor plans and we will do the rest. EAU CLAIRE, - WISCONSIN NEW BANKS AND CHANGES. M inn eso ta. Dent.— N. J. Schaefer is president of the Bank of Dent, and H. S. Frasier is cashier. Kandiyohi.— The new State Bank of Kandiyohi is opened. M. J. Orredsen of Atwater is cashier. Cobden.— The State bank of Cobden is authorized. Hans Mo is president and Otto H. Drews, cashier. St. Cloud.— Leo P. Moos has been promoted to the posi tion of assistant cashier of the First National bank. Morgan.— R. D. West of the State Bank of Brownton has been elected assistant cashier of the Bank of Morgan. Seaforth.— The Security State bank has been authorized. George Id. Johnson, president; John Longbottom, cashier. Utica.— It is reported that St. Charles people will open a new bank here. R. D. Landon of this place is also interested. Morgan.— T he Merchants’ State bank has been authorized ; capital, $10,coo. W. P. Davidson is president and F. E. David son, cashier. Canby.— The controller of currency has authorized the or ganization of the National Citizens’ Bank of Canby; capital, $50,000. Geo. Fitzsimmons, P. C. Scott, S. J.' Forbes, C. E. Wise and E. Weaver are incorporators. This is a conversion of the Citizens’ State bank. North Dakota. Rugby.— It is reported that H. B. Paige of Leeds, will open a new bank here. Sanborn.— Miss Lulu Cotie of Iona, Minn., has been ap pointed assistant cashier of the Bank of Sanborn. So u th Dakota. Cavour.— It is reported that Geo. Fullinweider, of Huron, will open a new bank here. Ipswich.— John B. Taylor has resigned his position as cashier of the First State bank, and will be succeeded by Geo. C. Meadows. Marion.— A new bank is opened at Marion under the name of Farmers’ Trust & Savings bank. President, F. B. T o w n send; vice-president, Dr. E. J. Miller; cashier, P. B. Dirks. Vienna.— Authority has been granted for the organization of the First National Bank of Vienna, with capital stock of $25,000. The incorporators are J. Benjamin Traslie, Hans L. Brekke, Louis Brekke, I. G. Eggen and H. G. Eggen. This is a conversion of the Citizens’ Savings bank. Vienna, S. D .— A pplication for First National Bank of Vienna, capital stock $25,000, has been approved by the A S T A T E O F M IL L IO N A IR E S . T h e fo llo w in g is an intere sting comparison of the in dividual deposits in the national, state and savings banks of Io w a in 1896, 1900 and 1904: Deposits. P e r capita. i8 96 ......................................................... $ 68,841,557 $33-00 1900 ......................................................... 143,713,962 64.40 84.74 J9°4 ......................................................... 193,280,139 T h e se figures refer only to inco rporated banks, for there is no law requiring private banks in Io w a to make reports. It is stated, however, that the 557 private banks in Io w a have an a g g r e g a te capital of $20,750,220, and de posits to the amount of $59,684,860.83. T h e se figures bring the total deposits by the people of Io w a in all the classes of banks in the state up to the c o m fortable sum of $252,965,000. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis co m ptroller of currency. T h e organizers are Louis L. Brakke, w ea lth y farmer; L ouis Brakke, vice president of E g g e n L um ber C o m p a n y ; I. G. E g g e n , president o^ E g gen L um ber C o m p a ny; IT. G. E g g e n , secretary and tre as urer of E g g e n L u m b e r Company, and J. Benj. Geaslie, cashier of Citizen s’ S avin g Bank. T h e last two men are the owners of the Citizen s’ Savings Bank, which the First National B a nk will succeed. It will make a v e ry strong association. Io w a . Shannon.— th e City Savings bank has been incorporated; capital, $15,000. Wilton.— d he Farmers’ Savings bank has been organized. F. C. Wicks is cashier. McClelland.— Roy Maxfield, of Neola, has been elected cashier of the McClelland bank. Montezuma.— I he Montezuma Savings bank has increased its capital stock from $15,000 to $30,000. Armstrong.— C. S. Hays has succeeded his brother, the late T. S. Hays as cashier of the Armstrong State bank. Davenport.— I he I itle & Trust Company has been organ ized; capital, $5,coo. H. R. Albright is president; A. LI. Ran dall, vice-president, and Ira labor, secretary and treasurer. Wisconsin. Macfarland.— I he State Bank of Macfarland is authorized; capital, $15,000. lige rto n .— R. H. Hackett, of Oshkosh, has been elected president of the First National bank, succeeding W. K. Ride out. Wausau.— The Wisconsin Valley Tru st Company has been incorporated; capital, $15,000. A. L. Kreitzer, C. E. Bird, et ah, are directors. Nebraska. Humphrey.— F. L Gallagher has succeeded A. J. Ganger as president of the First National bank. Holdredge.— The United States National bank has changed its name to the City National bank, the officers remaining the same; David Hanna, president, and E. P. Dunlap, cashier. Benson.— 1 he bank of Benson has been incorporated with capital of $10,000. The incorporators are: James A. H o w ard, B. H. Post, Chas. A. Tracy, B. F. Thomas, H. O. Wulff. Carroll.— Both banks of Carroll have consolidated under the name of the First National bank. E. R. Gurney is presi dent; R. D. Merrill, vice-president; Arthur Tucker is cashier. N ew T ourist Sleeping Car Service to California. O n A u g u s t 15th the Missouri Pacific R a ilw a y will establish a daily through T o u rist Sleeping Car Line, St. L ouis to San Francisc o. T ra in will leave St. Louis daily 11:59 P- m- T h e route will be via Missouri Pacific Rail w a y to Pueblo, Colorado, thence via D e n v er and Rio Grande to Salt L a k e City and O gd e n and Southern P a cific to San F rancisco and L o s A ngeles. T h is is the fa mous scenic line of the w orld— through the picturesque R o c k y Mountains. T h e service and accommodations will be up-to-date and will be person ally conducted. V e r y low rates will be in effect from A u g u st 15th to September 10th, via Missouri Pacific Railway, to the principal Pacific Coast points and return. A ls o low rate colonist o ne-w ay tickets will be sold from Se ptember 15th to O cto b e r 15th. F o r rates, information and reserva tion of berths, address Ellis F arn sw orth, D. P. A. i n A d a m s St., Ch icago, 111. THE 20 MINNESOTA FARM MORTGAGES AT 6 PER C E N T C O M M E R C IA L W EST Saturday, Septem ber 17, 1904. Loans vary in size from $ 5 0 0 to $ 5 ,0 0 0 and run for five years. Write for our offerings. 25 years’ experience in the loaning field. References furnished upon appli cation. T h e A. G. W H IT N E Y LAND & LOAN CO. Whitney Block, ST. CLOUD, MINN. DIVIDENDS. Chicago.— The Chicago Telephone Company has declared the regular quarterly dividend of 2)4 Per cent, payable Oct. 1. New York.— The Electric Boat Company has declared the regular quarterly dividend of 2 per cent on its preferred stock, payable Oct. 1. New York.— The Horn Silver Mining Company has de clared a dividend of 5 cents a share, payable Sept. 30. Books close Sept. 19 and reopen Oct. 1. New York.— The Fifth Avenue Trust Company has de clared a dividend of 3 per cent on its capital stock, payable Sept. 30, to stock of record Sept. 29. Boston.— The Hotel Trust (Touraine) has declared the regular semi-annual dividend of $2.50 per share, payable Sept. 15 to stockholders of record Sept. 1. Philadelphia.— A dividend of i )4 per cent has been de clared on the preferred stock of the Rochester Railway Com pany, payable Oct. 1 as registered Sept. 20. Boston.— The Boston & Philadelphia Steamship Company has declared a regular quarterly dividend of i )4 per cent, payable Oct. 1 to stock of record Sept. 20. New York.— A quarterly dividend of 1)4 per cent on the stock of the Manhattan Railway Company will be paid on Oct. 1. Books closed Sept. 16 and reopen Oct. 28. New York.— The Commercial Cable Company has de clared the regular quarterly dividend of 2 per cent, payable Oct. 1. Books close Sept. 29 and reopen Oct. 3. New York.— The American Snuff Company has declared the usual quarterly dividends of i)4 per cent on its preferred stock and of 2 )4 ' Per cent on its common stock. New York.— The Safety Car Heating & Lighting Company has declared the regular quarterly dividend of 2 per cent, pay able Oct. 1. Books closed Sept. 15 and reopen Oct. 3. Boston.— The Fitchburg Railroad Company has declared the regular quarterly dividend of 1% per cent on the preferred stock, payable Oct. 1 to stockholders of record Sept. 1. Chicago.— The directors of the Chicago National bank have declared the regular quarterly dividend of 3 per cent, payable Sept. 30. Books close Sept. 26 and reopen Oct. 1. New York.— The New Y o r k & Harlem Railroad Company has declared a dividend of 2 per cent on its preferred and common stocks, payable Oct. 1 to holders of record Sept. 15. New York.— The Royal Baking Powder Company has de clared the regular quarterly dividend of i)4 per cent on its preferred stock, payable Sept. 30 to stock of record Sept. 15. New York.— The United Traction & Electric Company of New Jersey has declared the regular quarterly dividend of i )4 per cent, payable Oct. 1. Books closed Sept. 13 and reopen Oct. 3. New York.— A semi-annual dividend of 1 )4 per cent will be paid on the common stock of the Pittsburg, Bessemer & Lake Erie Railroad Company on Oct. 1 to holders of record Sept. 15. Central Trust Company Boston.— The Concord & Montreal Railroad Company has declared the regular quarterly dividends of 1)4 Per cent on classes, 1, 2, 3 and 4 of the stock, payable Oct. 1 to stock holders of record Sept. 1. New York.— The St. Louis & San Francisco Railroad Com pany has declared the regular quarterly dividend of 1 per cent on its first preferred stock, payable Oct. 1. Books closed Sept. 16 and reopen Oct. 3. Boston.— The directors of the Daly-West Mining Com pany have declared the regular monthly dividend of 40 cents a share, payable Sept. 15 to stockholders of record Sept. 10. Transfer books do not close. N e w Y o r k .— T h e Union B a g & Pap er Co m p a ny has declared the regular quarterly dividend of per cent on its preferred stock, payable O ct. 15. B o o k s close Sept. 30 and reopen O ct. 17. Boston.— The directors of the Boston Suburban Electric Company have declared a regular quarterly dividend of )4 of 1 per cent (50 cents a share) on the preferred stock, payable Oct. 15 to stock of record of Sept. 10. N e w Haven, Conn.— T h e N e w Y o r k , N e w H a ve n & H a rtfo rd Railroad Co m p a ny has declared the regular quarterly dividend of 2 per cent, payable Sept. 30 to stockholders of reco rd Sept. 15. Philadelphia.— The directors of the West Jersey & Sea shore Railroad Company have declared a semi-annual dividend of 2)4 per cent on its common stock, payable Sept. 15 to stock of record at the close of business today. Nashville, Tenn.— The regular quarterly dividend of i j 4 per cent has been declared by the directors of the Cumberland Telephone & Telegraph Company, payable Oct. 1 to stock of record Sept. 20. Books close Sept. 19 and reopen Oct. 3. Oct. 3. New York.— The quarterly rental of i j 4 per cent on the capital stock of the Metropolitan Street Railway Company to be received from the New Y o r k City Railway Company, will be distributed on Oct. 15. Books close Sept. 24 and reopen Oct. 17. Chicago.— The Milwaukee & Chicago Breweries, Ltd., has declared a dividend of 2)4 per cent on the new consolidated stock for the first six months of the fiscal year, payable Oct. 15. The last dividend paid was at the rate of 5)4 per cent per annum. New York.— The Chicago Junction Railways & Union Stock Yards Company has declared the regular quarterly dividends of i)4 per cent on its preferred stock and of 2 per cent on its common stock, payable Oct. 1 to stock of record Sept. 12. Chicago.— The directors of the Illinois Trust & Savings bank have declared the usual extra dividend of 1 per cent on the share capital of the bank. One more dividend will be paid in December, making a total of 16 per cent on the stock for the year. Report of the Condition of The Swedish American National Bank O F IL L IN O IS M inneapolis, Minn. DEARBORN AND MONROE STREETS A t th e Close o f B u sin ess, S e p tem b e r 6th, 1904. ( Condensed) CHICAGO Capital, $ 4 ,0 0 0 ,0 0 0 Surplus, $ 1 ,0 0 0 ,0 0 0 OFFICERS C h a r l e s G. D a w e s , President W . I r v i n g O s b o r n e , Vice-Pres. A. U h r l a u b , Vice-Pres. W il l i a m R. D a w e s , Cashier L . D . S k i n n e r , A sst. Cash. M a l c o l m M c D o w e l l , Asst. Sec. DIRECTORS A. J. Earling, President Chicago, Milwaukee & St. Paul Railway Co. P. A. V a l e n t i n e , .................................Vice-Prest. Armour & Co. Graeme S tew a rt,.........................................................W. M. Hoyt Co. Thomas R. L y o n , .................................................Lyon, Gary & Co. Frank O. L o w d e n . .................................................Attorney Arthur Dixon, Prest. Arthur Dixon Transfer Co. Charles T. Boynton, - - - - Pickands, Brown & Co. Harry Rubens, Rubens, Dupuy & Fischer, Attorneys Alexander H. Revell, - President Alexander H Reveil & Co. W. Irving Osborne, - - - - - - Vice-President Charles G. Dawes, Ex-Comptroller of the Currency https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis RESO U RCES. L o a n s a n d d i s c o u n t s ...........................................................$1,978,191.59 2,132.21 O v e r d r a f ts ................. U . S. a n d o th e r b o n d s a n d s e c u r i t i e s ................ 413,435.44 R e d e m p tio n f u n d ................................................................. 12,500.00 C a s h o n h a n d a n d in o t h e r b a n k s ........................... 857,487.34 T o t a l ...................................................................................... $3,263,746.58 L IA B IL IT IE S . C a p i ta l s t o c k .......................................................................... $250,000.00 S u r p lu s ....................................................................................... 100,000.00 U n d iv id e d p r o f its ( n e t ) .................................................... 48,481.73 C ir c u la tio n ............................................................................ 250,000.00 D e p o s its .................................................................................... 2,615,264.35 T o t a l ..................................................................................... $3,263,746.58 C. M . A m s d e n W . S. A m s d e n C. S. H u l b e r t M arcu s Jo h n so n B O A R D O F D IR E C T O R S . C. C. W y m a n A. S a n d b e rg C. J .J o h n s o n A . U e la n d C. A . S m ith N . O. W e r n e r . F . A . S m i th THE Saturday, Septem ber 17, 1904. C O M M E R C IA L 21 W EST M IN N EA PO LIS T R U S T COM PANY NO 4 S O U T H FOURTH S TR E E T M IN N E A P O L IS - - M IN N E S O T A UNDIVIDED PROFITS, $ 1 5 0 , 0 0 0 CAPITAL, $ 2 5 0 , 0 0 0 T ransacts a T rust and A g en cy b u sin ess o n ly . D oes n o t do a b a n k in g b u sin es A cts as E x e cu to r; A d m in istra to r, G uardian and T rustee. First Mortgage Loans on Improved Farms in Central Minnesota for sale to net the Investor 5h and 6 per cent. • OFFICERS AND D IR E C T O R S ' Wm. H. Dunwoodv, Vice-Pres. Robert W. Webb, Sec’y & Treas. Cavour S. Langdon A. C. Loring A. F. Pillsbury J. R. Kingman Elbridge C. Cooke, President Wm, G. Northrup, Vice-Pres. Howard S. Abbott Jas. J. Hill John B. Atwater Samuel Hill John Crosby T. B. Janney A. H. Linton 322 Merchants’Loan & Trust Company O L D E S T BANK IN C H I C A G O E S T A B L IS H E D 1857 ADAMS AND CLARK ST., CHICAGO Capital and Surplus, $6,000,000 Deposits, $ 40 , 000,000 HIGH GRADE BONDS TRUSTS FOREIGN EXCHANGE SAVINGS SAFE DEPOSIT VAULTS o f f ic e r s : O r s o n S m it h , President 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 , Assistant Cashier F. G. N e l s o n , Assistant Cashier P. C. P e t e r s o n , Assistant Cashier L e o n L . L o e h r , Sec’y Trust Dept. J. E . B l u n t , J r ., Mgr. Bond Dept. D IR E C T O R S . L am bert T ree M a r s h a l l F ie l d A lber t K eep M o s e s J. W e n t w o r t h E r s k in e M. P h e l p s E. H. G a r y E n o s M. B a r t o n C hauncy K eep T. J. L e f e n s E. D. H u l b e r t C l a r e n c e A. B u r l e y O r s o n S m it h C y r u s H. M c C o r m ic k The PLYMOUTH CLOTHING HOUSE Established 1882. H. J. B u r t o n , Pres. H. L . T u c k e r , V-Pres. Capital, $300,000. E. A. D r e w , Treas. W. C. B u r t o n , Sec’y- WHOLESALE MANUFACTURERS OF FURS AND CLOTHINGJOBBERS AND RETAILERS OF Men’s Clothing, Furs, Boys’ Clothing, Shoes, Hats and Caps, Trunks and Bags, Shirts, Cloaks and Wraps, Furnishings, Millinery. “Plymouth Corner,” Sixth and Nicollet, Minneapolis. WEEKLY RAILROAD EARNINGS. 1904. 1903. C e n t r a l o f G e o rg ia : 4 th w e e k A u g . $232,306 $222,287 711,006 685,687 M o n th ................ 1,456,658 1,400,662 J u l y 1 -A u g . 31 C h a t t a n o o g a S o u th e r n : 4 th w e e k A u g . $3,090 $3,069 13,836 10,862 M o n th ................ 21,241 J u l y 1 -A u g . 31 28,117 C h ic a g o , I n d ia n a p o lis & L o u is v ille : $162,939 4 th w e e k A u g . $157,757 502,684 M o n th ................ 480,945 J u l y 1 -A u g . 31 952,810 951,143 M o b ile & O h io : $229,062 4 th w e e k A u g . $258,497 652,422 M o n th ................ 593,143 J u l y 1 -A u g . 31 1,247,819 1,221,997 M o b ile , J a c k s o n & K a n s a s C ity : 4 th w e e k A u g . $9,387 $6,946 34,671 25,249 M o n th ................ J u l y 1 -A u g . 27 69,635 53,573 S o u th e r n R a i lw a y : 4 th w e e k A u g . $1,330,439 $1,202,227 M o n th ........... .... 3,948,978 3,754,007 J u l y 1 -A u g . 31 7,665,095 7,348*737 T e x a s & P a c if ic : 4 th w e e k A u g . $353,959 $330,565 M o n th ................ 898,859 881,171 J a n . 1 -A u g . 31 7,250,472 7,093,037 C h ic a g o G r e a t W e s t e r n : 4 th w e e k A u g . $218,887 $235,034 629,290 692,113 J u l y 1 -A u g . 31 1,153,712 1,305,982 M in n ., S t. P a u l & S a u lt S te . M a r ie : 4 th w e e k A u g . $204,883 $181,206 610,154 575,267 M o n th ................ J u l y 1 -A u g . 31 1,251,634 1,164,999 T w in C ity R a p i d T r a n s i t : 4 th w e e k A u g . $137,861 $123,368 M o n th ................ 386,629 363,579 J a n . 1 -A u g . 31 2,804,822 2,634,332 A n n A rb o r: 4 th w e e k A u g . $59,954 $55,602 M o n th ................ 171,114 170,085 J u l y 1 -A u g . 31 331,916 332,156 W is c o n s in C e n t r a l: 1 s t w e e k S e p t. $131,500 $128,005 J u l y 1 - S e p t. 7 1,303,246 1,352,500 W h e e lin g & L a k e E r ie : 4 th w e e k A u g . . $144,741 $118,918 In c . C h a n g e s ------ I D e c. $10,019 25,319 55,996 $21 2,974 6,876 $5,182 21,739 1,167 $29,435 59,279 25,822 $2,441 9,422 16,062 $128,212 194,971 316,358 $23,394 17,688 $157,435 $16,147 62,823 152,270 $23,677 34,887 86,635 $14,493 23,050 170,490 $4,352 1,029 $250 $3,495 $50,254 $25,823 T h e T h o u s a n d Islands. I n a ll t h e la n d , r a n g e u p , r a n g e d o w n , I s t h e r e e v e r a p la c e so p l e a s a n t a n d so s w e e t? T h e r e m a y b e s o m e w h e r e o n t h e e a r t h a m o r e d e lig h tf u l re g io n t h a n t h a t o f th e T h o u s a n d I s la n d s , h u t if t h e r e Is, i t h a s r.o t b e e n d is c o v e r e d . I t is a s fin e a s t h e B a y o f N a p le s , w ith 2,000 p i c t u r e s q u e I s la n d s s c a t t e r e d a lo n g t h e tw e n ty - f i v e m ile s o f o n e o f t h e m o s t b e a u t i f u l r i v e r s in t h e w o rld . Y o u c a n fin d o u t a g r e a t d e a l r e g a r d i n g i t in N o . 10 o f t h e ” F o u r - T T a c k S e r ie s ,” “ T h e T h o u s a n d I s l a n d s ” ; is s u e d b y t h e N e w Y o rk C e n t r a l. A c o p y w ill b e m a ile d f r e e o n r e c e i p t o f a t w o - c e n t s ta m p , b y G e o rg e H . D a n ie ls , G e n e r a l P a s s e n g e r A g e n t, G ra n d C e n t rfor a l FRASER S ta tio n , N e w Y o rk . Digitized https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis G ra n d T ru n k : 4 th w e e k A u g . $1,089,209 $1,053,424 M o n th ................ 3,108,137 3,201,511 23,146,644 J a n . 1 -A u g . 31 21,631,393 In te rn a tio n a l & G re a t N o rth e rn : 4 th w e e k A u g . $181,883 $169,570 M o n th ................ 437,805 418,348 2,129,260 3,382,905 J a n . 1 -A u g . 31 I o w a C e n t r a l: 4 th w e e k A u g . . $64,025 $61,439 M o n th ................ 207,887 202,615 J u l y 1 -A u g . 31 401,273 397,374 L o u is v ille & N a s h v ill e : 4 th w e e k A u g . $1,044,330 $961,879 M o n th ................ 3,116,790 3,017,939 J u l y 1 -A u g . 31 5,976,630 6,042,170 M in n e a p o lis & S t. L o u is : 4 th w e e k A u g . $85,689 $81,883 M o n th ................ 251,855 265,058 J u l y 1 -A u g . 31 498,670 511,285 M is s o u ri, K a n s a s & T e x a s 4 th w e e k A u g . $537.211 $595,093 M o n th ................ 1,530,822 1,439,563 J u l y 1 -A u g . 31 2,919,219 2,766,665 M is s o u r i P a c if ic : 4 th w e e k A u g . $1,594,000 $1,557,000 M o n th ................ 3,968,000 3,855.000 J a n . 1 -A u g . 31 26,692,140 26,846,196 P e r e M a r q u e t t e S y s te m : 4 th w e e k A u g . $385,041 $328,833 M o n th ................ 1.138,130 1,018,195 J u l y 1 -A u g . 31 2,131,608 1,950,749 C a n a d ia n P a c if ic : 1 st w e e k S e p t.. $990,000 $985.000 J u l y 1 -S e p t. 7 .. 9,700,000 8,893,000 D u lu th , S o u th S h o r e & A t l a n t i c : 4 th w e e k A u g . . $76,790 $84,827 M o n th ................ 239.830 269.565 J u l y 1 -A u g . 31. 475,591 526,975 I llin o is S o u th e r n : M o n th A u g u s t . $23,362 $15,269 J u l y 1 -A u g . 31. 50,418 28,023 S o u th e r n I n d i a n a : M o n th A u g u s t . $120,179 $103,326 J u l y 1 -A u g . 31. 223,304 200,956 T o le d o & O h io C e n t r a l: 1st w eek S e p t.. $68,139 $80,213 J u l y 1 - S e p t. 7.. 800,642 742,994 C a n a d ia n N o r t h e r n : 4 th w e e k A u g . $101,100 $78,900 M o n th ................ 302,700 250,800 J u l y 1 -A u g . 31 606,600 505,600 $35,785 $93,374 1,515,251 $12,313 19,457 $253,645 $2,586 5,272 3,899 $82,451 98,851 $65,540 $3,806 $13,203 12,615 $57,882 91,259 152,554 $37,000 Ì13.000 $154,056 $56,208 119,935 ISO,859 $5.000 807,000 $8,037 29,735 51,384 $8,093 22,395 $16,853 22,348 $12,074 $57,648 $22,200 51,900 101,000 E stablish M ilwaukee Office. John A. Morrison, with Hood and Penny, Minneapolis, has opened an office for them in the Pabst building, Mil waukee, as the general agent of the Ocean Accident and Guarantee Corporation (Limited) of London. J. F. McElroy succeeds Mr. Morrison as the Minneapolis special agent for Hood & P’cnny. Mr. McElroy has been the Burlington city ticket agent at Minneapolis for the past sixteen years, and comes into his new work with the best wishes of a large circle of friends. THE 22 C O M M E R C IA L W EST Saturday, September 17, 1904 Statement of Condition of Report of the Condition of The NATIONAL BANK OF THE REPUBLIC THE CHICAGO NATIONAL BANK A t th e C lo se o f B u s in e s s S e p te m b e r 6, 1904. A t t h e C lo se of B u s in e s s , S e p t. 6, 1904. RESOURCES. RESOURCES. L o a n s ....................................................................................... $11,396,370.07 U n ite d S t a t e s B o n d s ...................................................... 207,000.00 R e a l e s t a t e ......................................................................... 33,810.48 F u r n i t u r e a n d f ix t u r e s ............................................... 3,500.00 C a s h a n d e x c h a n g e ....................................................... 6,440,240.26 T o ta l ..................................................................................$18,080,920.81 L IA B IL IT IE S . C a p i ta l s to c k p a id i n ......................................................$ 2,000,000.00 S u r p lu s a n d p r o f its ( n e t ) ........................................... 911,327.93 C u r r e n c y in c i r c u l a t i o n ............................................... 99,997.50 U . S. b o n d a c c o u n t ........................................................ 50,000.00 D u e d e p o s it o r s ................................................................. 15,019,595.38 T o ta l .................................................................................$18,080,920.81 O F F IC E R S . J O H N A. L Y N C H , P re s id e n t. R . M . M c K IN N E Y , C a s h ie r . O. H . S W A N , A s s i s t a n t C a s h ie r. W . T . F E N T O N , V ic e - P r e s id e n t . R . L . C R A M P T O N , A s s i s t a n t C a s h ie r . T H O S . J A N S E N , A s s i s t a n t C a s h ie r. C O M P A R A T IV E STATEMENT OF D E P O S IT S a s r e p o r t e d t o t h e C o m p tr o lle r o f th e C u r r e n c y a t t h e tim e o f t h e f o u r t h c a ll e a c h y e a r s in c e t h e o r g a n iz a tio n o f th e b an k . 1891 ......... ........... $ 942,666.00 1898 .................... $ 6,484,381.58 1892 ......... ........... 2,622,634.38 1899 .................... 10,767,774.22 1893 ......... ........... 1,668,183.09 1900 .................... 10,627,997.23 1894 ......... ........... 2,581,634.59 1901 .................... 12,507,742.91 1895 ......... ........... 2,740,604.53 1902 ......... 1896 ......... ............ 2,856,670.42 1903 .................... 13,246,531.95 1897 ......... ........... 4,000,133.90 1904 .................... 15,019,595.38 N E W YO R K L IF E B U IL D IN G , C H IC A G O . The NATIONAL BANK OF NORTH AMERICA CHICAGO L o a n s a n d d i s c o u n t s ................................................. O v e r d r a f ts ....................................................................... B o n d s f o r c ir c u la tio n ............................................... O th e r b o n d s o n h a n d ...................................... .. B a n k i n g h o u s e a n d s a f e d e p o s it v a u l t s ___ C a sh A s s e ts — C a s h o n h a n d ....................................... $4,174,516.04 C ity c h e c k s ......................................... 412,353.10 D u e fro m : O th e r b a n k s ...................................... 2,860,800.33 U . S. T r e a s u r e r ............................. 41,500.00 $11,859,179.33 3,274.90 50,000.00 2,266,223.00 250,000.00 7,489,169.47 T o ta l $21,917,846.70 L IA B IL IT IE S . C a p i ta l s to c k p a id i n ................................................. S u r p lu s f u n d ................................................................ U n d iv id e d p r o f its ....................................................... C ir c u la tio n ......... ............................................................ D u e D e p o s ito r s — I n d iv i d u a ls ........................................ $17,187,072.99 B a n k s .................................................... 2,282,118.52 $ 1, 000, 000.00 1, 000, 000.00 399,255.19 49,400.00 19,469,191.51 T o t a l ................................................................................$21,917,846.70 I N T E R E S T P A ID O N A C C O U N T S . C E R T I F I C A T E S O F D E P O S IT . M O N E Y O R D E R S A N D IN T E R N A T IO N A L C H E C K S . F O R E I G N E X C H A N G E .— F o r e ig n E x c h a n g e b o u g h t a n d so ld . C a b le t r a n s f e r s m a d e . C O R R E S P O N D E N C E o r a p e r s o n a l in te r v ie w w i t h a v ie w to b u s in e s s r e l a t i o n s r e s p e c tf u l ly in v ite d . D IR E C T O R S . C. K . G. B illin g s . F red . G. M c N a lly . W illia m B e s t. J . R . W a ls h . F . M. B lo u n t. J o h n M. S m y th . M a u r ic e R o s e n fe ld . O F F IC E R S . J. R. W A L S H , P re s id e n t. F . M . B L O U N T , V ic e - P r e s id e n t . T . M. J A C K S O N , C a s h ie r. F . W . M c L E A N , A s s t. C a s h ie r . J . E . S H E A , A s s t. C a s h ie r . Report of the Condition of THE MERCHANTS’ LOAN AND TRUST COMPANY OF CHICAGO. S t a t e m e n t o f C o n d itio n a t C lo se o f B u s in e s s , S e p te m b e r 6 th , 1904. A t th e 1904. C om m encem ent of B u s in e s s , S e p te m b e r 7 th , ' RESOURCES. RESOURCES. L o a n s a n d d i s c o u n t s .....................................................$10,256,191.10 U . S. b o n d s to s e c u r e c i r c u l a t i o n ......................... 500,000.00 P r e m i u m o n b o n d s ........................................................... 31,500.00 C a s h a n d d u e fr o m b a n k s ........................................... 6,687,629.12 L o a n s a n d d i s c o u n t s ......................................................$22,332,256.51 B o n d s a n d s t o c k s ........................................................... 6,319,736.27 D u e f r o m b a n k s a n d b a n k e r s . $13,826,297.19 C a s h a n d c h e c k s f o r c le a r in g h o u s e .............................................. 7,680,105.68 -------------------- $21,506,402.87 $17,475,320.22 $50,158,395.65 L IA B IL IT IE S . L IA B IL IT IE S . C a p i ta l s to c k .......................... $2,000,000.00 S u r p lu s a n d p ro f its , n e t .................................................. 777,425.08 C ir c u la tio n .......................................................................... 500,000.00 D e p o s its ................................................................................ 14,197,895.14 C a p i ta l s to c k ...................................................................... $3,000,000.00 S u r p lu s f u n d ...................................................................... 3,000,000.00 U n d iv id e d p r o f its ............................................................. 455,622.34 R e s e r v e d f o r a c c r u e d i n t e r e s t .................................. 11,943.06 D e p o s its ................................................................................ 43,690,830.25 $17,475,320.22 $50,158,395.65 O F F IC E R S . IS A A C N . P E R R Y , P r e s id e n t. B E R N A R D A . E C K H A R T , V ic e - P r e s id e n t . C H A R L E S O. A U S T I N , V ic e - P r e s id e n t . J U L I U S S. P O M E R O Y , C a s h ie r . F R A N C I S V . P U T N A M , A s s t. C a s h ie r. O F F IC E R S . O R S O N S M IT H , P r e s i d e n t . E . D . H U L B E R T , V ic e - P r e s id e n t . J . G. O R C H A R D , C a s h ie r . F . N . W I L D E R , A s s i s t a n t C a s h ie r . F . G. N E L S O N , A s s i s t a n t C a s h ie r . P . C. P E T E R S O N , A s s i s t a n t C a s h ie r , M g r. F o r e ig n E x c h a n g e D e p a r tm e n t. L E O N L . L O E H R , S e c r e t a r y T r u s t D e p a r tm e n t. J O H N E . B L U N T , J R ., M a n a g e r B o n d D e p a r t m e n t , D IR E C T O R S . B e rn a rd A . E c k h a rt. C a lv in D u r a n d . A lb e r t W . H a r r i s . E d w a r d H in e s . L a V e n n e W . N o y es. G e o rg e P . B e n i. Isa a c N . P e rry . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B e n j a m in J . R o s e n th a l. J a m e s T. H a ra h a n . J o s i a h L i ttle . W a r d W . W illits . A y lm e r K . P e r r y . W a lte r B. C onkey. C h a r le s O. A u s t in . Dl R E C T O R S . M a r s h a ll F ie ld . A lb e r t K e e p . E r s k i n e M . P h e lp s . E n o s M. B a r to n . C la r e n c e A . B u rle y . E . D . H u lb e r t. C y r u s H . M c C o rm ic k . L a m b e rt T ree . M o se s J . W e n t w o r t h . T h ie s J . L e f e n s . E . H . G a ry . C hauncey K eep. O rs o n S m ith . Saturday, Septem ber 17, 1904. THE C O M M E R C IA L W EST 23 The FIRST NATIONAL BANK SJ. Capital $1,000,000.00 Surplus and Profits $850,000.00 OFFICERS: H e n r y P. U p h a m , Pres. E. H. B a i l e y , Vice-Pres. W m . A. M i l l e r , Cash. F. A. N i e n h a u s e r , Asst. Cash. O. M. N e l s o n , Asst. Cash DIRECTORS: H. P. Upham, James J. Hill, Greenleaf Clark, D. C. Shepard, H. E. Thompson, E. N. Saunders, James N. Hill, F. P. Shepard, E. H. Cutler, Chas. YV. Ymes, E. H. Bailey, Theo. A. Schulze, Chas. W. Gordon, T. L. Schurmeier, W. A. Miller. M in n e a p o li s W ork B egin s on N ew Bank Building. W o r k has begun on the new bank building for the Ger man American Bank of Minneapolis. The building will be of brick with a front of Georgia marble, and when completed will be 36 feet high, giving a banking room of 18-foot ceiling. There will be room for a few offices in front of the building, the bank occupying all of rear, which will be lighted by sky lights. # The total cost will be $30,000, and it is to be ready March 1, 1905. The German American now has a capital of $100,000, and their September statement shows deposits of $952,000. F. A. Gross is president; Chas. Glueck, vice-president; J. M. Grif fith, second vice-president, and Geo. E. Stegner, assistant cashier. C olonists and Round Trip H om eseekers. rates during Septem ber and O cto b e r via the M inne apolis & St. L ouis to Louisiana, T e x a s, O klahom a, N e w M exico, etc. Call on agents, or address A. B. Cutts, G. P. & T . A., Minneapolis, Minn. S P E C IA L A D V E R T IS E M E N T S . St . T h e C o m m e r c ia l W e s t w ill p u b lis h w a n t a d v e r t i s e m e n t s u n d e r t h i s g e n e r a l h e a d i n g f o r o n e c e n t a w o rd , n o a d v e r t i s e m e n t to b e i n s e r t e d f o r le s s t h a n 25 c e n t s . A d d r e s s is to b e c o u n te d . B o ld fa c e h e a d 10 c e n t s e x t r a . P r ic e t h e s a m e w h e t h e r o n e o r m o r e in s e r t i o n s a r e t a k e n . C a s h o r t w o - c e n t s t a m p s m u s t a c c o m p a n y t h e o r d e r. C o p y m u s t b e re c e iv e d W e d n e s d a y o f e a c h w e e k to in s u r e p u b lic a tio n in t h e . c u r r e n t n u m b e r . W anted. W e c a n p la c e $100,000 in lo a n s o f $1,000 to $3,000 o n M in n e a p o lis h o m e s , to n e t t h e le n d e r 6 p e r c e n t a n d o n a b a s is o f le s s t h a n 50 p e r c e n t o f t h e c a s h m a r k e t v a lu e o f t h e s e c u r it y . I n t e r e s t c o lle c te d f r e e o f c h a r g e o n a ll lo a n s p la c e d b y u s . Y a le R e a l t y C o m p a n y , “ T h e H o m e B u ild e r s ,” 206 S o u th F o u r t h S t r e e t , M in n e a p o lis , M in n . R e f e r e n c e : A n y m e r c a n tile r a t i n g com pany. F o r S a le — H ig h g r a d e i n v e s t m e n t b o n d s , in c lu d in g M in n e a p o lis G a s, M in n e a p o lis S t r e e t R a ilw a y , C h a m b e r o f C o m m e rc e a n d o t h e r lo c a l s e c u r it ie s . M in n e s o ta L o a n & T r u s t C o m p a n y , 313 N ic o lle t a v e n u e . W a n t e d — T o p u r c h a s e t h e u n d e r ly in g b o n d s o f e i t h e r t h e M in n e a p o lis G a s, E l e c t r i c o r S t r e e t R a i lw a y C o m p a n ie s . M in n e s o t a B o a n & T r u s t C o., 313 N ic o lle t A v e . F o r S a le — S e c o n d h a n d b a n k f ix tu r e s . B a n k o f D a s s e l, D a s s e l, M in n . P ric e rig h t. A d d re ss, F o r S a le — B oun d v o lu m e s of T h e C o m m e r c i a l W e s t . E i t h e r in c lo th o r h a l f m o ro c c o ; s ix m o n th s b o u n d to g e t h e r — f o r y e a r s 1902, 1903 a n d f i r s t h a lf o f 1904. F o r f u r t h e r i n f o r m a t io n c a ll o r w r i t e T h e C o m m e r c ia l W e s t C o m p a n y , M in n e a p o lis , M in n e s o ta . S e c ur iti e s . Q u o ta tio n s f u r n is h e ’d b y E u g e n e M . S te v e n s , C o m m e rc ia l P a p e r a n d I n v e s t m e n t S e c u r itie s , N o r t h w e s t e r n N a t i o n a l B a n k , B u ild in g . S e p t. 14, 1904. B ast B id . A sked. S a le . G e r m a n - A m e r ic a n B a n k .................................. 160 F i r s t N a t i o n a l B a n k .............................................. 175 180 175 G e r m a n ia B a n k ......................................................... 100 105 105 H e n n e p in C o u n ty S a v in g s B a n k ........................... ... 160 ... 132 M in n e a p o lis T r u s t C o m p a n y .................................... M in n e s o ta T i tle I n s . & T r u s t C o., p f d . . 120 125 M in n e s o ta B o a n & T r u s t C o m p a n y ........... 120 125 120 N a t i o n a l B a n k o f C o m m e r c e ............................ 140 145 . 140 N o r t h w e s t e r n N a t i o n a l B a n k ........................... 194 195 194 S t. A n th o n y F a lls B a n k ................................ 150 160 150 S o u th S id e S t a t e B a n k ..................................... 160 ... 130 S e c u r ity B a n k o f M in n e s o ta ....................... 155 157 157 S w e d is h - A m e r ic a n N a t i o n a l B a n k ........... 150 ... 150 M in n . G a s B ig h t C o., c o m . 6’s, 1 9 1 0 -3 0 .. 108 112 __ M in n . G e n e r a l E l e c t r i c C o., c o n . 5’s, 1929 103 104 104 M in n e a p o lis B r e w in g C o., c o m m o n ............ 104 107 105 M in n e a p o lis B r e w in g C o., p r e f e r r e d . . . . 107 110 107 M in n e a p o lis B r e w in g C o., b o n d s ................... 110 113 110 M in n e a p o lis S y n d i c a t e .................................................. 102 100 M in n e a p o lis T h r e s h i n g M a c h in e C o ......... 175 200 __ M in n e a p o lis S te e l & M a c h in e r y C o., p fd . ... 100 100 M in n e a p o lis S te e l & M a c h in e r y C o., c o m . 108 110 108 N o r t h A m e r ic a n T e le g r a p h C o ...................... 77 80 80 T w in C ity T e le p h o n e C o., f i r s t m o r t g a g e 92 98 5’s, 1913-16 ........................................................ T w in C ity T e le p h o n e C o., c o m m o n .................. • ... 100 T w in C ity T e le p h o n e C o., p r e f e r r e d . . . . 107 110 110 Paul S e c ur iti e s . T h e fo llo w in g q u o t a t i o n s o n S t. P a u l s e c u r i t i e s a r e f u r n is h e d b y P e a b o d y & C o., b r o k e r s , 27 M e r c h a n t s ’ N a tio n a l b a n k b u ild S e p t. 14, .1904. in g , S t. P a u l: B ast B id . A sk ed . S a le . 103 103 A m e r ic a n N a t i o n a l B n k .................................. 101 130 125 120 C a p i ta l B a n k .......................................................... 250 • F ir s t N a tio n a l B n k ............................................... 150 M e r c h a n t s ’ N a tio n a l B n k .................................. 144 135 137 Ì35 N a t i o n a l G e r m a n - A m e r ic a n B a n k ........... S t. P a u l N a tio n a l B a n k .................................... 105 S c a n d in v ia n - A m e r ic a n B n k ......................... 135 Ì3Ò 225 S e c o n d N a t i o n a l B a n k ...................................... 220 io o S t a t e B a n k ............................................................... iiò N o r t h w e s t e r n T r u s t C o m p a n y ..................... i i ò 105 M in n . T r a n s f e r R y . 1 s t 5s, 1916................ 103 100 M in n e s o ta T r a n s f e r R y . C o., f i r s t 4s, 1916 *95 S e c u r ity T r u s t C o m p a n y : ................................ 100 110 ió Ó 130 S t. P a u l U n io n D e p o t C o. f ir s t 6s, 1930 *125 115 U n io n D e p o t C o., c o n so l, 5s, 1944................ *109 ÌÒ 9 106 U n io n D e p o t C o., c o n so l, 4s, 1944................ *100 122 Ì2 Ì I n t e r s t a t e I n v e s t m e n t T r u s t C o .................. 93 90 A m e r ic a n B ig h t & T r a c t i o n Co. p r e f . . . . 52 ó i% 50 A m e r ic a n B ig h t & T r a c t i o n Co. c o m . . . . 112 *111 S t. P a u l G a s B ig h t C o., 1 s t 6s, 1 9 1 6 . .. . *110 111 *110 S t. P a u l G a s B ig h t C o., c o n s . 6s, 1 9 1 8 ... *110 97 96 S t. P a u l G a s B ig h t C o., g e n ’l 5s, 1 9 4 4 ... 110 108 S t. P a u l C ity R y . C o., c a b le 5s, 1937___ *ÌÒ5 *95 *94 S t. C ro ix P o w e r C o., 1 s t 5s, 1929........... *93 W e s t P u b li s h in g C o m p a n y , c o m m o n . . . . 270 300 270 W e s t P u b li s h in g C o m p a n y , p r e f e r r e d . . . 106 107 S t. P a u l F i r e & M a r in e I n s . C o m p a n y . . ii ò 175 96 io o S t. P a u l T r u s t e e C o m p a n y ........................... S u p e r io r W a t e r , B ig h t & P o w e r Co. f i r s t 65 60 4s 1931 S o u th S t. P a u l U n io n S to c k Y a r d s Co. 85 82 1 s t 5s, 1916.......................................................... * A d d in t e r e s t . S t. Lo ui s Q u o t a tio n s. C hi c a go Bank S t o c k Q u o t a tio n s. R e p o r te d b y A . J . W h ip p le & C o., C h ic a g o , S e p t. 14. B o o k V . D iv . R. B. S a le . B id . A m e r ic a n T r u s t ........... 163 6 195 195 B a n k e rs ’ N a tio n a l . . . . 153 8 1S3 180 C e n t r a l T r u s t .................. 132 4 120 119 C h ic a g o C ity .................... 159 8 170 185 C h ic a g o N a tio n a l ......... 239 *12 350 360 C h ic a g o S a v in g s ............ 135 C o m m e r c ia l N a t i o n a l . . i 82 Í2 310 300 C o lo n ia l T r u s t ................ 131 ISO ISO C o n tin e n ta l N a t i o n a l . . 148 8 245 240 C o rn E x c h a n g e .............. 210 12 400 390 D r e x e l S t a t e ......... .. 107 6 107 115 D r o v e r s ’ D e p o s it ......... 141 8 ISO 185 F e d e r a l T r u s t .................. 139 142 142 F i r s t N a t i o n a l ................ 179 12 372 371 F ir s t N a tio n a l B a n k of E n g le w o o d .................. 194 6 220 F o r t D e a r b o r n ................ 133 6 162 160 H a m i l t o n N a t i o n a l . . . . 125 120 120 I llin o is T r u s t .................. 249 *Ì2 625 595 J a c k s o n T . & S ............... 120 120 122 M e r c h a n t s B. & T ......... 218 Ì2 345 340 114 M ilw a u k e e A v e . S t a t e . 186 115 6 142 142 N a t. B a n k o f N o . A m .. 136 162 161 6 N a t . B a n k R e p u b l i c . . . . 144 *12 300 285 N a t i o n a l B iv e S t o c k . . . 230 500 8 495 N o r t h e r n T r u s t .............. 262 200 6 O a k la n d N a tio n a l ......... 195 160 8 P r a i r i e S t a t e .................. 156 6 150 150 R o y a l T r u s t .................... 180 235 6 250 S t a t e B a n k C h i c a g o . .. 14S 135 143 112 6 W e s t e r n T . & S ............. 102 109 So. C h ic a g o S a v i n g s . . . Digitized 200 U n io n for T r FRASER u s t C o .............. 144 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A sk ed . 198 185 122 370 140 310 205 245 396 120 200 146 375 Ì65 125 610 127 360 118 144 165 295 505 160 242 148 110 C o r r e c te d b y B illo n - C r a n d a ll B o n d & S to c k C o m p a n y , C o m m o n w e a l th T r u s t B ld g ., S t. B o u is, S e p t. 6: C a p ita l. B id . A sk ed . .$ 500,000 350 A m e r ic a n E x c h a n g e ................ . 2,000.000 230 235 B o a t m e n ’s ...................................... . 100.000 B r e m e n ............................................. 309 . 1 , 000,000 F o u r t h N a t i o n a l ......................... . 600,000 F r a n k l i n ........................................... G e r m a n S a v in g s I n s t i t u t e ___ , 500,000 4ÓÒ . 150,000 G e r m a n A m e r ic a n .................... 20,000 2Ì 2 % I n t e r n a t i o n a l ................................. . 200,000 230 J e f f e r s o n ........................................... . 100,000 B a f a y e t t e ......................................... . 100,000 152 M a n c h e s te r ...................................... 274% , 2,000.000 M e c h a n ic s ’ N a tio n a l ................ 276 . 1,400,000 M e r c h a n ts - B a c le d e N a tio n a l 282% , 7,000,000 287 287 % N a t i o n a l B a n k o f C o m m e rc e . 200,000 N o r t h w e s t e r n S a v in g s ........... . 200,000 ioo S o u th S id e B a n k ......................... . 2,000,000 S t a t e N a tio n a l .............................. 167 1/2 S o u th e r n C om . & S a v in g s B a n k ----- . 100,000 , 2,000,000 T h i r d N a t i o n a l ........................... 283% 285 T r u s t C o m p a n ie s — . 1.000 .000 A m e r ic a n C e n t r a l T r u s t . . . . . 2,000,000 C o m m o n w e a lth T r u s t .............. 272% 273 E . S t. B o u is T r u s t & S a v in g s B a n k . . 250,000 . 2,000,000 B in c o ln T r u s t ............................... 217 . 3,000,000 M e r c a n tile T r u s t ........................ 346 349 . 2,000,000 129 M is s o u r i T r u s t ........................... 129% . 3,000.000 327 % M is s is s ip p i V a lle y T r u s t ......... . 5,000,000 326 S t. B o u is T r u s t ........................... 330 . 1,500,000 T i tle G u a r a n t y T r u s t ................ 67 67% S t r e e t R a i lw a y S to c k s —■ . 5,000,000 S t. B o u is & S u b u r b a n .............. 64 S t. B o u is T r a n s i t C o., is s u e d 17,264,.25,000,000 300 ................................................. 11% 11% U n io n R y ., p f d ............................... .20,000,000 54 54% THE 24 C O M M E R C IA L A 25,000.00 W EST Saturday, Septem ber 17, 1904. INVESTM ENT We offer for sale 18 acres of land between Franklin Avenue and Riverside Park, fronting on the Mississippi River at the head of navigation, This is the only large stone quarry on the west side of the river. It contains about 400,000 perch of blue and grey lime stone, which sells at from S1.00 to $2.00 a perch. HALLUM REAL E S T A T E AND L O A N S & OLSON 735 ANDRUS B U IL D IN G , M IN N E A P O L IS SOUTHWESTERN IMMIGRATION MOVEMENT. (S p e c ia l C o r r e s p o n d e n c e to T h e C o m m e r c ia l W e s t.) T o peka , Kan., Sept. 15.— K a n sa s railroad officials have not yet stopped w on d e rin g w hat causes the great rush of im migration to the w est and southwest. T h e y only k n o w that it continues, and that on the first and third T u e sd ay s in the month, w hen the regular excu rsion rates for hom eseekers are in effect, some of the roads have to w o r k to their fullest capacity to handle the crow ds p rop erly. T h e r e seems to be no special place the people are g o in g — just to the southwest. If there is any preference manifested it is for the lands in O klahom a, Indian T errito ry , T e x a s and A rkansas. T h e Pe co s va lley also attracts a large number. T h e last three are pre ferred because of the mildness of the climate and the great plenty of land. E a s t e r n Colo rad o H a n d ic a p p e d . E a ste rn Colorado is also m a kin g a stro n g bid for the hom eseeker business, with but indifferent success. Its claims will have to be substantiated a little more fully be fore there will be any great m ovem ent of bona fide homeseekers in that direction. W h a t is hurting eastern C o lo rado right n ow to some extent a m o n g the homeseeker class is the suit over the right to the w aters of the A r k a n sas river, which is bein g fo ugh t in the Un ited States supreme court betw een K a n sa s and Colorado. If K a n sas wins, the irrigation interests of C olorado are bound to suffer. E astern Colorado depends upon irrigation for its water, and the w ater co mes from the A rka n sa s river. O f course K a n sa s has not yet w o n the right to the A r k a n sas river, and m a y not, even if a clear case is made against Colorado, because there is the in tervening peti tion of the United States governm en t to be considered. T h e re is enough of an element of un certainty in the m a t ter, how ever, to cause the people to w an t to wait. T h e case will likely be settled in a fe w months. S a le of School La n d s . K a n sa s is t ry in g to interest the hom eseeker in the school land for sale in the state at $1.25 per acre. State A u d ito r W e l l s announced the other day that he w as pre pared to issue patents for 999,436 acres of school lands at this price. T h is comprises all the rem aining land of that character in the state. T h e demand for the public land is incre asing at such a rapid rate that the sales for the year ending June 30 were 20 per cent over those of the pre ceding year. T h e greater part of the land n o w available is w est of the 99th degree of longitude. A l m o s t any land in the state is w orth more than the $1.25 an acre asked for it, but the tracts yet for sale in the western counties are so badly scattere d that they do not attract purchasers. N e b r a s k a L a n d s R a p i d l y S e t t le d . N ebraska lands are bein g settled at a rapid rate since the passage of the law b y congress a llo w in g the heads of families to homestead 640 acres o f land. T r a c t s are bein g taken w ith a great de gre e of regu larity b y people w h o failed to ge t in at the Rosebud drawing. A large portion of the available land under the new law is suitable only for grazing, but that is just w hat the new settlers want, as its g r a z in g properties are of unusual excellence. T h e cream ery interests of Nebraska, already large, are expected to increase at a rapid rate fro m n ow on. T h e se n ew settlers will leave the w hea t for other localities to raise, while they will go after the milk and butter. R ight there is w here th e y will win, too. T he D ictionary of M inneapolis. D irect to the G ates of the W orld ’s Fair In the new edition of H u d so n ’s “ D ictio n ary of M in neapolis” w hich has just made its appearance, the con tents of this valuable guide and han dbo ok of the city have been b ro u gh t up to date. T h e convenient fo rm and ar rangem ent of earlier editions has been preserved but the matter has been revised and the general appearance of the bo o k improved. T h e dictionary, w ith its vast amount of information concerning Minneapolis, will prove of even greater value than in the past, as a guide b o o k for visitors or a reference for residents in search of facts concerning the past and present of the city. V ia the Minneapolis & St. L ouis railroad. T h e only line with a station opposite main entrance to the grounds. T w o through trains daily w ith Pullm an sleepers, free re clining chair cars and elegant n ew dining cars. L o w e s t excursion rates. Season ticket §25.60; sixty -da y ticket, $21.35; fifteen-day ticket, $19.20. Seven-day co ach excu r sion tickets at $13.00 on sale A u g u s t 29 and September 12 and 26. Call on agents for “ Guide” to the Fair, information in regard to hotels, etc., or address A. B. C U T T S , G. P. & T . A., Minneapolis, Minn. The National Live Stock of Chicago R e p o r t of t h e C on d it io n of t he S t a t e m e n t o f C o n d itio n a t C lo se o f B u s in e s s , S e p te m b e r 6, 1904. RESOURCES. L o a n s a n d d i s c o u n t s ......................................................... $6,056,357.93 O v e r d r a f ts .............................................................................. 3,086.44 50,000.00 U n ite d S t a t e s b o n d s ........................................................ O th e r b o n d s .......................................................................... 85,000.00 C a s h a n d d u e f r o m b a n k s ............................................. 3,552,081.54 L IA B IL IT IE S . $9,746,525.91 C a p i ta l s to c k .........................................................................$1,000,000.00 S u r p lu s ......... 750,000.00 U n d iv id e d p r o f its ............................................................... 544,346.81 C ir c u la tio n ............................................................................ 50,000.00 282.00 D iv id e n d s u n p a id .............................................................. 7,401,897.10 ---------------- $9,746,525.91 O F F IC E R S . S. R . F L Y N N , P re s id e n t. G. A . R T 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. U N IO N STOCKYARDS. C HICA G O . I n t h e S t a t e o f Illin o is , a t c lo se o f b u s in e s s S e p t. 6, 1904. RESOURCES. L o a n s a n d d i s c o u n t s ...........................................................$3,153,086.42 O v e r d r a f ts , s e c u r e d a n d u n s e c u r e d ......................... 3,702.00 U . S. b o n d s to s e c u r e c ir c u la tio n , p a r v a l u e . . 50,000.00 U . S. b o n d s o n h a n d , p a r v a l u e ................................ 50,000.00 C a s h a n d d u e f r o m b a n k s ............................................. 2,454,086.74 T o ta l .................................................................................... $5,710,875.16 L IA B IL IT IE S . C a p i ta l s to c k p a id i n ........................................................ $ 600,000.00 S u r p lu s f u n d ........................................................................ 150,000.00 U n d iv id e d p r o f its .............................................................. 107,010.68 N a t i o n a l b a n k n o te s o u t s t a n d i n g ............................. 49,300.00 R e s e r v e d f o r t a x e s ............................................................. 4,131.33 D e p o s its ................................................................................... 4,800,433.15 T o ta l ...................................................................................$5,710,875.16 O F F IC E R S . C a s h ie r . D IR E C T O R S . J o h n A . S p o o r. R o s w e ll Z. H e r r ic k . J a m e s H . A s h b y . L evi B. D oud. N e ls o n M o rris . S. R . F ly n n . S a m u e l C o z z e n s . A r t h u r G. L e o n a r d . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Drovers’ Deposit National Bank W M . H . B R IN T N A L L , P re s id e n t. E D W A R D T I D D E N , V ic e - P r e s id e n t . W M . A . T I L D E N . C a s h ie r . G E O . M. B E N E D I C T , A s s t. C a s h ie r . D IR E C T O R S . E d w a r d T ild e n . M . F . R itte n h o u s e . W m . A . T ild e n . J o h n B ro w n . W m . H . B r in tn a ll. THE Saturday, Septem ber 17, 1904. M akes ju s t a th e s p e c ia lty of rig h t m an p la c e , no m a t t e r how its r e q u i r e m e n t s . fin d in g for th e C O M M E R C IA L W EST HAPCOODS IN C O R P O R A T E D e x a ctin g MAN HUNTERS It a ls o f in d s a p l a c e to s u i t a n y g o o d m an. POSITION HUNTERS 25 P R IN C IP A L O F F IC E S : M in n e s o t a Loan & T r u s t B l d g . 309 B roadway . . . . H ar tfo r d B u ild in g W il l ia m s o n B u ild in g C h e m ic a l B u ild in g . . . P io n e e r B u ild in g . . . P e n n s y l v a n ia B u ild in g P a r k B u ild in g . . . . C o lo r ad o B u ild in g - M IN N E A P O L IS NEW YORK C H IC A G O CLEVELAND S T . LO U IS . SEATTLE P H IL A D E L P H IA P IT T S B U R G W A S H IN G T O N SETTLERS TURN TOWARD OREGON. ( S p e c ia l C o r r e s p o n d e n c e to T h e C o m m e r c ia l W e s t.) Portland, Sept. 14.— “ Oregon at the present time has very decidedly the call on the country from an immigration stand point,” said Mr. G. W. Westerdahl, of the general passenger and ticket department of the Union Pacific, Omaha, Neb. “ I have just co mpleted a trip throu ghou t the Middle W e s t, including m a n y points alon g the Mississippi and Missouri rivers, and on m y w a y out stopped for a few days at Ba ker City. A s a result of the m eeting of the O re g o n D e ve lo p m e n t L eague, held in that city a few days ago, the people are t h o ro u gh ly aroused, and Baker City feels disposed to join hands w ith P o rtla n d and other O r e gon points to push this state to the front. “ If I am co rrectly informed this state will get more m o n ey from her w heat crop this year than ever before in her history. T e l l i n g the people of the E a st that the great Inland E m p ire will produce this y ea r to exceed 45,000,000 bushels of w hea t is a go o d opening throu gh w hich to call their attention to other matters in w hich O r e g o n excels others in the Union. “ T h e big excu rsions w hich will co me here from Septemper 15 to O cto b e r 15 as a result of the colonist rate of $33 from Ch icag o and com m on points, and $25 from Missouri river and points west, will certainly do O r e g o n a great deal of go o d and add considerably to the w ea lth and population of the state. A large number of the people w h o are co m in g here this fall will remain, h a v ing co me out here at the time our ho m e see kers’ rates were in effect in order to see the country. Im m e n s e V a l u e of G r a i n Yi eld s. “ N o section of the Un ited State ever had a more p ro m ising outlo o k than this great state. It alm ost s tag gers be lief w hen one starts to figure out just h o w much m o n ey will be left in the pockets of the farmers w hen their balance-sheets are made out this fall. T h e tremendous crop of hops and their high prices, the enorm ous crop of w heat and the high prices w hich it has been brin gin g and I think will continue to bring, the great sums of m o n ey that are co m in g here to p ay for the fruit crop, certainly mean go o d times, not only this y ea r but for m a n y years to come, in O regon. A great m a ny well-to-do people are THE FARM S OF TH E NO R TH W EST. A com m on sight in the northwest, s h o w in g the w h o le sale m anner in w hich farmers in a n ew coun try conduct their operations, leavin g all detail out o f consideration, is the w asted piles of manure at the sidings w here cattle cars are cleaned. Hundreds of tons o f this rich fertilizer is dumped into swales and low places as is done with ashes or cinders, and even in a co un try w here the w heat yield has decreased w ith fifteen or tw e n ty years of suc cessive crop p ing from thirty to fo r t y bushels per acre to fifteen and twenty. N eedless to say a day w ill come w hen all this fertility will be carefu lly utilized even on the rich lands of N o rth D akota. But w h a t a soil this n orthw est has. Farm ers of the eastern states cannot imagine the blackness of a plow ed field in N orth Dakota. N o t blacker are the black-birds, which follow the plowman’s furrow. Such a plowed field is a striking contrast to the illimitable golden w heat fields. T h e s e fields m a y be of thousands and thousands of acres, broken only b y clumps of cotton or box-elder trees like oases in the desert. T h e se great fields con stitute a desert indeed so far as hom es are concerned. F e w and scatterin g are the farm houses, and the clumps of trees are evidences of the pro digality of the g o v e r n ment in handling its public domain. T h e se little clumps of green — perhaps a dozen, oftentimes only three or four trees, are “ tree claims,” for plan ting which, and likewise for sw ea rin g before the governm en t officials that ten acres, of trees had been planted and had lived and thriven, Un cle Sam ga ve a w a y in each case 160 acres of the richest land imaginable.— G uy Mitchell in the F a r g o Forum. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis n ow considering the Pacific N o rthw est, and w ith ou t dis p aragem ent to any other state, I will say O re g o n literature is n ow asked for in preference to any other that is circu lated through the several hundred people of our im m ig ra tion department. W o r k of C o m m e r c ia l Club. “ T h e w o r k of the Po rtlan d Com m ercia l Club is being felt throughout all portions of the country I have visited, and the novel features bein g introduced to advertise this state cannot fail to brin g splendid results. T h e effort of yo ur business men in securing the co-o peration of the school children w as one that will bear fruit for years to come, and Portlan d and O r e g o n people don ’t w an t to ge t discouraged in the go o d work. T h e r e is no sleight-ofhand or legerdem ain about our im migration w ork, and we don’t conduct it on a hit-or-miss basis. In talking with different men w h o have been associated w ith the U nion Pacific, Southern Pacific and affiliated lines for a number of years, I find that they are b rin gin g people here w ho first became interested in O re g o n some three or four years ago. If w e succeed in ge ttin g a g o o d farm er interested in this section w e keep in touch with him just as would a business man in handling a customer. C l i m a t e an A t t r a c t i o n . “ W e disco urage impractical people from m a kin g a change, and in m a ny cases w hen w e find old couples living upon farms w h o have sons w e urge the sons to come W e s t, and it would surprise you to kn o w h o w m a ny of the old people have followed , for they learn through their loved ones of the splendid climate that prevails here, and I have never k n o w n of a case w here one of them wanted to return. “ T h e L e w is and Clark E xpo sitio n is g o in g to be a great d raw ing card, and the benefits that will come through this exposition and the rates made on account of it will not be confined to O rego n. W a s h in gto n , Idaho and the entire Pacific N o rth w e st will receive an enorm ous amount of travel. T h e re are hundreds of people w h o have rela tives in this section w h o are w aiting until next y ea r to make a visit, and m a ny o f them will remain and become permanent citizens.” H om es A re in Dem and. T h e rental proposition has becom e quite serious for those seeking living quarters in E a st Minneapolis. E v e r y thing is taken and there is steady call for houses and fiats. Flats are rented to overflo w in g before the build ings are finished. A member of the Chute R e alty C o m p a n y recently said, “ It seems too bad that m ore investors do not see the op portunity for m akin g m o n ey b y sup plyin g the great de mand for modern living apartments on the E a st Side. Flats are all full, and unrented houses cannot be found anywhere. I W ISH TO CLOSE OUT MY REAL ESTATE, LOAN, INSURANCE AND ABSTRACT B USINESS (22 Years Established) Consists of residence and 4 large lots; two story brick office building—lot 22x56—one-fourth interest in 120 city lots, Abstract Books of the County; Eight hundred acres of land—Price Thirty Thousand Dollars. This could be developed into a hank. A delight ful home and a fine opening for the right party. Address “ ABSTRACT” Care Commercial W est M INNEAPOLIS, M INN. THE 2Ó C O M M E R C IA L W EST Sa turday, Septem ber 17, 1904. We have on hand about fifteen purchase money mortgages of $450 each. Every ------------------ ----------------------------mortgage is secured by 160 acres of good farming land. These mortgages represent less than one-half the original purchase price. If interested send for detailed list to WOULD 7% INTEREST YOU? W H E E L O C K & W HEELO CK, The Farm Land Movement. 6 W A L D O R F BLOCK, FARGO, NO. DAK. ) T h e fo llo w in g are late farm land transfers, as taken from official county records. T h e y indicate the value of farm lands in the respective counties: w W. I Y. D E N N I S , P r e s i d e n t GEO. T. H A L B E R T , V ic e - P r e s t . J. S . H O O P E R , S e c y - T r e a s . YALE R E A L T Y C O M P A N Y M I N N E A P O L I S M in n e s o ta . Dodge County.— Steckle to Hissam, n 80 acres of w i i o acres of nw }4 sec. n , Ripley, $1,260; Sheldon to Hill, ej 4 swRt sec. 7, Mantorville, $4,000. St. Louis County.— Turnquist to Anderson, undivided 2-10 se% of sw H nwJ4 of se% sec. 22, ej 4 of n w H and ne% of swpt 27-54-12, $400; Iron Co. to Creg, seH of se% of se% and nwJ4 of se% 15-53-17, $2,000; McBean to Gamble, s e A seH sec. 8, and sw H s w y 9-67-18, $850; Kwisaari to Maki, seJ4 and lots 6, 7, 32-52-20, $284. Blue Earth County.— McKinley to Fitzgerald, ne.% of sepj and the sl4 of the seJ4 of sec. 18, Decoria, $6,500; Sumner to Hill, undivided four-fifths of the sw H of the sw H ° f sec. 32, Jamestown, $2,240. Ottertail County.— Angus to Angus, lots 1 and 2, %y2 sejq sec. 15, e l/ 2 seJ4 sec. 16, lot 1 and seH ne y sec. 21, lots 1, 2 and 5 and ej 4 ne^t 22-132-43, $20,000; Lamprey to Robertson, lots 3 and 4, 20-135-39, $1,080; Dirkes to Meier, sw ?4 se% , seJ4. sw H sec. 10, neH 15-134-37, $8,100. Renville County.— Bergquist to McDonald, s l/ 2 of swj 4 22-115-37, $300; Arnold to Belderdorff, sw H 33-116-32, $7,200. Brown County.— Buns to heirs of Rautzke, 80 acres, 14-10934, $4,200; Peterson to Peterson, lots 13 and 14, blk 3, Cobden, $1,600; Schrader to Reinhart, lot 6, blk. 3, Searles, $1,000 ; Held to Pfenninger, lot 1 and s ]/2 of lot 2, blk 145,N. New Ulm, $2,300. Anoka County.— Collins to Ghostley, lot 2, sec. 20-32, 28 acres, $400; Twitched to Aldrich, sw H ne% 5-31-22, $600; Brown to Simonson, swpj se% 11-32-24, $400; Railway Co. to Johnson, ne% n w y 29-33-23, $280; Buffington to Simpson, part 27-32-24, 65 acres, $1,300. Isanti County.— Peterson to Flodquist, n *4 of sw H of nwjd sec. 11, North Branch, $1,000; Larson to Lindgren, s e y of neJ4 sec. 29, Isanti, $500; Seymour to Wicklund, se *4 of s e y sec. 22, Wyanett, $400; Seymour to Wicklund, sw H of se *4 sec. 22, Wyanett, $400. Meeker County.— Hanson to Edblom, w y2 blk 36, Litchfield, $325; Hundevad to Hendrickson, part of lot 6, sec. 15, Acton, 17 acres, $1,000. W right County.— Hanaford to Hanaford, 90 acres in secs. 20 and 21, Monticello, $3,000 ; Komer to Matyshok, 27 acres in sec. 29, Franklin, $1,500; Lyrek to Nalewaja, 70 acres in sec. 20, Franklin, $3,200. Io w a . Howard County.— Low ry to Lowry, lot 16 and swj 4 lot 3, blk 3, Cresco, $1,500; Guyette to Halpine, Jr., e 35 acres n wH sw y 36-98-12 and sepj and e y swJ / i 36-98-12 and w y2 ne y , 197-12, and w b nwJ4 5-97-12, and ey 2 n e y 6-97-12, $12,757; Davis to Roberts, lot 3 sub-div lot 15, Ir. Sur. s e y n of rail way on 10-100-13, $135. Cerro Gordo County.— Rachel to Fankell, 20 n fr. y2 n e y sex y n e y 1-97-22, $7,901; Jensen to Lang, w j 4 n w y 17-97-22, $4,800. Woodbury County.— Myers to Clary, part 21-86-45, $3,900 ; Rehms and wife to Swanson, w A of n w y 27-89-46, $3,200. Blackhawk County.— Trost to Pierce, land in 29-87-13, $11,887.50; Berg to Lauritsen, land in 22-89-14, $1,598. Floyd County.— Hansen to Reynolds, w. d., s l/ 2 of swJ4 and swj4 of se y 36-95-18, $7,200. Webster County.— Pearsons to Pearsons, e 32 acres of sw y nw y$ of the se y n w y , part of n e y of s w y and w 25 acres of swJ4 and w 25 acres of sw H sw A , all in 16-89, con taining 127 acres, $1,000; Peterson to Sollie, sy2 n e y of 1687-30, $12,000 ; Black to Black, se y s e y of 6-87-28, except 14acre lot for school house $2,370. Hamilton County.— Bateman to Funk, w. d., all of sy2 seH sepfi except part west of Boone river, 6-88-25, $1,085; Shet land to Anfinson, q. c. d., w y2 sw H sw iy and n w ^ sw H u 86-23, $550. Plymouth County.— Brill to Rosenow, ny2 sw H and sy2 nwJ4 34 -90-47 , $6,400; Folan to Griffin, sy2 s w y and ny2 se y 13 and n l/ 2 nwJ4 24-90-45, $800. So u th Dakota. Brown County.— Hole to Badgley, se y 20-126-63, $1,400; Hamilton to McPherson, n w y 25-123-63, $3,200. County.— Johnson to Miller, n e y 29-112-75, 160 DigitizedHughes for FRASER acres, $1,000; Newell to Anderson, swJ4 1-112-75, $1,600; https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Real Estate Bought, Sold, and Exchanged on Commission --- - - - .. ...... W rite for our list of investments in amounts from $5,000 to $100,000, netting good rates of interest. Money loaned on improved Minneapolis Real Estate. Prop erty carefully managed for non-residents.' Best of References Furnished. fw . R. Mumford Co? 1 i MEMBERS I C H IC AGO BOAR D OF TR AD E M I N N E A P O L I S C H A M B E R OF C O M M E R C E S T . LO U IS M E R C H N T S E X C H A N G E A C C O U N T S OF S P E C U L A T IV E INVESTORS AND HEDG ERS S O L IC IT E D ESTABLISHED 1870 C H I C A G O , 4 2 8 - 4 3 0 R IA LT O B U IL D IN G M I N N E A P O L I S , 79 C H A M B E R OF C O M M E R C E S T . L O U I S , 3 0 6 C H A M B E R OF C O M M E R C E K A N S A S C ITY , 606 b o a r d o f t r a d e L. LIB ER A L A D V A N C E S ON C O N S IG N M E N T S CHUTE 1 REALTY CO. 310 CENTRAL AVENUE, MINNEAPOLIS Specialty: j Manufacturing Sites, Trackage, Etc. A 1 large number of large and small manufacturing build- ; | ings with J. P . C A L H O U N 500 Oneida Building, MINNEAPOLIS A g e n t fo r* t lie D r e x e l lis t iit 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 , Pres. W il l i a m B. T u t t l e , Treas. L e s t e r B. E l w o o d , Vice-Pres E d w a r d B. N ic h o l s , Secy. Corser Investm ent C o. Established 1870 Manager New York Life Building M O R T G A G E L O A N S , R E A L E S T A T E an d I N S U R A N C E Special attention given to Management of Estates for Non-Residents New York Life Building, MINNEAPOLIS LUTH ER S. C U S H IN G REAL ESTA TE JO H N T O W N S E N D C are and M a n a g e m e n t o f FIRE INSURANCE E ndicot t Building, • . ST, P A U L FARM MORTGAGES 6% For Sale in Central Minnesota LANDS BOUGHT AND SOLD THEODORE AU N E Glenwood, Minnesota D. P. Jones, Pres. DAVID Detroit, Minnesota W. H. Davis, V-Pres. W. C. McWhinny, Sec. & Treas P. J O N E S & CO. R eal E s ta te and Rentals (Established 1868. Incorporated 1900.) M o rtg a g e Loans, Special attention given to management of estates of non-residents. Satisfactory reference to local aud eastern parties. Main Floor Bank of Commerce Building, M IN N E A P O L IS THE Saturday, Septem ber 17, 1904. C O M M E R C IA L 27 W EST W E N T Y -O N E years ago we sold Western Mortgages to Eastern Investors — we have done so every year since. We loan the farmers our own money _and sell the mortgages. Every dollar is secured by three or four dollars worth of the best farming land the sun ever shone on. There isn’t a loan placed in this or any other country with greater care than ours. Our on-'nand list of loans will give you an idea. We invite correspondence from agents and investors. T E. J. L A N D E R B O X 11 LOOK U S UP G R A N D FO R K S, NO. DAK. Sm all Farm H old in gs in E ngland. Newel] to Hill, ne% 33-112-75, $1,600; Litchenwallner to Miller and wife, lots 1 and 2, 11V2 nwJ4 3 r-i 12-76, 15 acres, $1,600. Minnehaha C o un ty— Walter to Lunder, part of sw H of nwJ4 1.3-98-49, $4,coo ; Eliason to Eliason, wR> se/4 I9 and s w ^4 of nej 4 30-97-48, $4,100; Conklin to Judas, w L n w H 17-99-50, $3,300; Anderson to Tuntland, Jr., n e L 27-97-50, $8,000. Codington County.— Baldwin to Rorswill, s w L 28-117-54, $2,800; Bailey to Young, ej 4 of s w j j and lots 3 and 4 and sej 4 18-117-52, $8,000; Engleson to Lund, sJ/2 of se *4 12-11653, $2,500; Lund to Nelson, s}A of seH 12-116-53, $3,200. Charles M ix County.— Jackson to Jackson, n w *4 30-96-66, $2,600; Youngburg to Ingelson, s w L 25-90-69, $4,500; Pratt to Davis, n w }4 29-98-67, $6,000. Brookings County.— Griepentrog to Mikkelson, n w ]4 21112-48, $6,200; Rake to Banwait, swl 4 25-111-48, $5,600; Heppier to Heppler, n L seH and ne% sw H 6 and n w *4 swLi 5-109-51, $500; Anderson to Anderson, w j 4 12-111-51, $10,000. North Small farm holdings are now considered the best remedy for agricultural depopulation in England. Many papers still argue, however, that it is a delusion, and will not work in practice. Where it has been tried it has been successful, and it is strange that so few estates should be cut up. When a large farm is divided into small holdings the demand for the land usually far exceeds the supply. This has been the e x perience of Dorset, Wilts, Suffolk, Norfolk, Lincoln, and Sur rey counties. Men are willing to remain in the country if they have the satisfaction of working on land which is their own, or is held on a secure tenure. This is at present far from the case, and thousand of acres go out of cultivation and multi tudes hurry off to foreign lands to obtain the opportunity denied them in their own. The American Mortgage & Investment Co. D akota. Stutsman County.— Elfrink to Kavanaugh, s e L 9-14065. $2,400; Gaige to Linke, neH 26-137-65, $1,230; Investment Co. to Ciezsynski, all 25 and sw H 8-139-66, all 19 and s w *4 21138-66, $9,589,30; Walks to Hammer, s j 4 of s e j j 18-142-62, $800. Traill County.— Vedum to Ohnstad, lot 6, n e L 20-146-51, $400; Johnson to Anderson, lot 1 and e L of lot 2, blk 20, Mayville City, $600. Bottineau County.— Musser to Musser, e L n e j j e j j se% 35-159-74, $1,500; Olson to Olson s w x4 14-160-81, $1,000; Thorson to Bank, seT /\ ne% 35-164-79, $270. THE <3 C O M P A N Y 251-2-3-4: E n d icott B ld g . St. P a u l, M in n . Offers CHOICE FARM MORTGAGES to conservative investors at attractive rates. Correspondence invited. A ll loan* personally inspected. Send for our list of loans. H E N R IK STROM, G. B. E D G E R T O N President. Vice President. W. T. SUCKOW , Sec. and Treas. PLACE TO C ET A HOME IS MONTANA IDAHO OR WASHINGTON OREGON THE WAY via NORTHERN PACIFIC THE T IM E SEPTEMBER 15 to O C T O B E R 15 VERY LOW R A TES O N E -W A Y C O L O N IS T T IC K E T S FREE GOVERNMENT and Good for Fruit, Grain, LOW P R I C E D RAI L WAY LAND Dairying and Poultry, Fine Summer and Winter Climate, Schools and Churches R e g a r d i n g R a t e s a n d T r a i n S e r v i c e w r i t e to Splendid F o r I n f o r m a t i o n a n d M a p s w r i t e to A. M . C L E L A N D C- W . M O T T G e n e r a l P a s s e n g e r A g e n t , N. P . R. S t. P A U L , M I N N . G e n e r a l E m i g r a t i o n A g e n t , N. P . R. ST. PAUL, M https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 28 THE C O M M E R C IA L W EST Saturday, Septem ber 17, 1904. WE WILL DISCOUNT L U M B E R M E N ’S P A P E R . W. B. McKEAND AND CO. C O M M E R C IA L P A P E R . T H E R O O K E R Y , C H IC A G O . PE O P L E S T R U ST & SA V IN G S BANK of C L I N T O N , Capital Surplus Undivided Profits Sight Deposits Reserved for Taxes LIA B IL IT IE S STATEMENT Or* J U L Y $ 300,000.00 150,000.00 7,431.95 3,882,987.03 5,000.00 $ 4,345,418.98 (S p e c ia l C o r r e s p o n d e n c e to T h e C o m m e rc ia l W e s t.) H ogs. South St. Paul, September 15— Receipts of hogs at six prominent mark ets for the first three days this w eek total about 119,000, compared w ith 85,600 for the first three days last w ee k and 125,800 for the like period last year. South St. Paul received about 4,625 ho gs during the first three days this week, against 3,347 for the first three days last wee k, and 4,015 for the correspondin g three days last year. T h e re w ere 149,000 hogs received at six leading m a r kets last wee k, against 240,800 for the preceding week, 311,000 for the corresp ond in g w ee k last month, 251,600 for the like w e e k last year, and 206,800 for the same w eek tw o years ago. L o c a l h o g receipts last w ee k w ere 6,205, co mpared with 5,200 for the w e e k previous, 5,636 for the same w eek last month, 4,599 for the like w ee k last year, and 4,238 for the co rrespondin g w e e k tw o years ago. F o r eleven co nsecutive m arket days, the h o g mark et has been either steady or higher and the w e e k endingto d ay shows a ga in in values of gen erally 25c from W e d n e s d a y of last week. T h e continued higher trend in values is due entirely to light receipts at all points and it is gen erally believed that prices have gone about as high as they are going. W h ile traders, as a rule, are not of the opinion that receipts will expand sufficiently for the next tw o w eeks to permit packers to hammer prices to any extent, the m o vem ent m ark etw ard is e x pected to increase sharply along about O cto b e r 1 and a lo w e rin g of values will be the natural result. H o g s are out of line with provisions and there must be either a decline in h o g values or an advance in the product. T h e advance to day put the m arket in the highest notch since O cto b e r 16, last. Choice light hogs sold up to $5.80 and prices ranged from that figure down to $5.25 with the bulk selling from $5.50 to $5.55. T h e bulk last W e d n e s day sold from $5.25 to $5.35, a year ago to day from $5.65 to $5.80, tw o years ago from $7.40(0)7.55 and three years ago from $6.6o@6.8o. Cattle. Combined receipts of cattle at six large mark ets dur ing the first three days of the w ee k were about 140,100, compared witbj 106,800 for the first three days last week, and 176,000 for the like period last year. Cattle receipts here during the first three days this w ee k were about 7,465, against 7,852 for the first three days last w e e k and 7,730 for the co rrespondin g three days last year. S ix mark ets had an a gg r e g a te cattle supply last w eek of 151,500, against 154,600 for the w e e k previous, 138,400 for the same w ee k iast month, 207,700 for the co rre sponding w e e k last y ea r and 203,600 for the like w eek tw o years ago. T h e re w ere 9,909 cattle received here last week, compared with 10,372 for the preceding week, 9,700 for the co rrespondin g w e e k last month, 8,728 for the like w ee k last year and 10,884 for the same w ee k two years ago. T h e upward trend in beef an'd butcher cattle values of the fort part of last w ee k continued up to the close but the first half of this w ee k has seen a more liberal m a rk et ing at eastern and southern points, and declines there have caused a slight w ea ke nin g in local prices, although values here, are still on a stro n g to 10c higher basis than a w e e k ago today. Much w estern s tock and un doubted ly some native stuff has been held back on account of re cent low prices and the strike, and n o w that the strike is a thino- of the past and the season for w estern range shipments is g r o w in g shorter, h e av y receipts o f range cattle are expected and any improvement in prices on https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis GARRETT E. LAMB, President CHAS F. ALDEN, Vice-President CHAS. B. MILLS, - , Cashier W. W. COOK, Asst. Cashier IOWA 14TH, 1904 Loans Cash Due from Banks RESOURCES $ 89,458.02 773,690.13 $3,482,270.83 863,148.15 t 4.346.418 < w estern cattle and such native s tock as has to meet range competition seems unlikely, to say the least; while m any traders anticipate a lo w er m arket for the next few weeks. M o st of the fair to p retty go o d w estern range steers co m in g are selling from $3.50 to $3.75. F ee de r buyers have been active purchasers o f go o d 1,000 to 1,500 pound range steers at from $3.25 to $3.65. Choice, fat range beeves are quotable up to $4.30. T h e m arket on bulls, canner and cutter cow s and veal calves displays little change from a w ee k ago. F air to go o d grass butcher cows and heifers are selling from $2.50 to $3.10. G ood feeding cattle are a little stro n ger than a w eek ago and go o d stock steers are quoted steady but there have been too m a ny common to medium light Stockers here for the demand and such kinds are selling 10 to 15c lower than late last week. Sheep. Supplies of sheep at the six largest mark ets during the first_ three days this w eek total about 181,500, co m pared with 134,590 for the first three days last w eek and I 5°,4°o for the like three days last year. Sheep receipts here during the first three days this w e e k were about 6,840, against 7,600 for the first three days o f the preced in g w eek and 6,600 for the corresp o nd in g three days last year. rv.ggiega.ie sneep receipts at six big m arkets last w eek w ere 221,800, against 199,700 for the precedin g week, 144,900 for the same w ee k last month, 256,200 for the like w e e k last year, and 239,200 for the corresp ond in g w eek two years ago. South St. Paul received 16,663 sheep last week, compared with 15,581 for the w eek previous, 8,660 for the corresp ond in g w ee k last month, 7,305 for the same w eek last year, and 12,954 for the like w e e k tw o years ago. T ra d in g on fat sheep and lambs has had an active tone all w ee k with good mutton grades selling large ly on a steady basis, while lambs have advanced gen era lly jo to 15c and choice kinds are as much as 25c higher than a w ee k ago. G ood to choice feeding stock has also sold with some strength but co m m on to fair kinds have show n a w eaker tendency. Choice fat lambs, w eigh in g 80 pounds or better, are selling up to $5.25, go o d lambs from $4.80 to $5.00 and fair kinds for slaughter largely around $4.50. Good handy-weight w estern ewes sold dur ing the w ee k at $3.10 and most of the good, fat natives at $3.25. Choice 55 pound stock lambs sold up to $4.35 and most of the good stock lambs from $3.75 to $4.00 w ith thin buck lambs do w n around $2.75. F eeder buyers picked up go o d western w ethers at $3.25 and yearlings at $3.50. T h e re have been no fat wethers or yearlings here to test prices, but go o d kinds are quotable from $3.50 to $3-75 and choice y ea rlin g stock and export wethers would sell from $3.80 to $4.00. T h e fo llo w in g t a b le s h o w s t h e r e c e i p t s a t S o u th S t. P a u l t h i s y e a r u p to a n d in c lu d in g W e d n e s d a y , S e p te m b e r 14, a s c o m p a r e d w ith t h e c o r r e s p o n d in g p e r io d l a s t y e a r , s h o w i n g in c r e a s e or d ecrease: 1904. 1903. In c . D e c. C a t tle 150,254 133,731 16,523 C a lv e s 26,870 33,281 6,411 H ogs . 594,640 480,753 113,887 Sheep . 364,270 277,249 87,021 H o rse s 4,135 6,632 1,497 C a r s .. 15,419 13,583 1,836 R e c e ip ts o f liv e s to c k a t S o u th W e d n e s d a y , S e p t. 14, 1904: C a ttle . T h u r s d a y , S e p t. 8 ......... 355 F r id a y , S e p t. 9 .............. 308 S a tu r d a y , S e p t. 1 0 . . . . .. 1,394 M o n d a y , S e p t. 1 2 ......... . . 3,252 T u e s d a y . S e p t. 1 3 ......... . . 2,873 W e d n e s d a y , S e p t. 1 4 .. . . 1,338 T o t a ls ........................... ... 9,520 S t. P a u l f o r th e w e e k e n d in g H o g s. 753 1,076 1.029 1.226 1,570 1,828 S heep. H o rs e s . C ars. 316 25 4,845 46 3,902 116 96 4,861 169 1,010 118 970 76 7,482 15,904 116 530 R e c e ip ts o f liv e s to c k a t S o u th S t. P a u l f o r t h e w e e k e n d in g W e d n e s d a y , S e p t. 16, 1903: C a ttle . H o g s. S heep. H o rs e s . C ars. 409 634 T h u r s d a y , S e p t. 1 0 . . . . 177 22 THE Sa turday, Septem ber 17, 1904. C O M M E R C IA L 29 W EST U N IO N IN V E S T M E N T C O M P A N Y Authorized Capital F. H. WELLCOME, President F. E. KENASTON, Vice-Prest. BERT WINTER, Sec. & Treas. Bank of Commerce Building I N VESTI¥3 E N T F r i d a y , S e p t. 1 1 ................ S a t u r d a y , S e p t. 1 2 ............ M o n d a y , S e p t. 1 4 .............. T u e s d a y , S e p t. 1 5 ............. W e d n e s d a y , S e p t. 1 6 . . . . 243 2,786 4,552 2,363 815 T o t a ls ............................... 11,168 903 282 517 2,009 1,489 131 311 3,935 686 1,979 105 24 129 212 103 61 5,834 7,219 132 551 27 R a n g e of H og Sales. T h is W ee k . T h u r s d a y ...................................................$5 il0 @ 5 .5 5 F r i d a y ........................................................ 5 .0 0 @ 5 .5 5 S a t u r d a y ..................................................... 5 .2 0 @ 5 .7 0 M o n d a y ............................................... 5 .3 5 @ 5 .6 5 T u e s d a y ...................................................... 5 .2 5 @ 5 .7 0 W e d n e s d a y ............................................. 5 .2 5 @ 5 .8 0 B u l k of H og Sales. T h u rsd ay . F r id a y S a t u r d a y .. M onday . . . T u e sd a y .. W ednesday P r e v io u s W e e k . $5 .0 5 @ 5 .3 5 5 .1 0 @ 5 .3 5 5 .1 0 @ 5 .4 0 5 .1 5 @ 5 .4 0 5 .0 0 @ 5 .55 5 .1 0 @ 5 .4 5 P r e v io u s W e e k . $5 .1 5 @ 5 .2 5 5 .2 0 @ 5 .2 5 5 .2 0 @ 5 .2 5 5 .2 0 @ 5 .2 5 5 .2 5 @ 5 .3 5 5 .2 5 @ 5 .3 5 T h is W eek . ......................$5 .3 0 @ 5 .4 0 .................... 5 .3 0 @ 5 .4 0 ..................... 5 .4 0 @ 5 .5 0 .................... 5 .4 5 @ 5 .5 0 .................... 5 .4 5 @ 5 .5 0 ..................... 5 .5 0 @ 5 .5 5 M IN N E A PO LIS S E C U R I T I E S Correspondence and Personal Interviews with Country Bank ers and Investors Solicited. MUNICIPAL BONDS COMMERCIAL PAPER FARM MORTGAGES BANK LOANS $500,000 C o m p a r a t i v e H og Rec eipts. L a s t W eek. C h ic a g o .................................... 53,200 9,300 K a n s a s C ity ......................... S o u th O m a h a ...................... 30,100 S o u th S t. J o s e p h ................ 22,000 E a s t S t. L o u i s .................... 28,200 S o u th S t. P a u l .................... 6,200 T o t a ls P r e v io u s W e e k . 99,000 36,200 36,600 29,100 34,700 5,200 ................................ 149,000 240,800 Y e a r A go . 111,800 34,000 36,700 36,000 28,500 4,600 251,600 C o m p a r a t i v e C a t t l e Rec eipts. L a s t W eek. C h ic a g o .................................... 41,400 K a n s a s C ity ......................... 49,500 S o u th O m a h a ...................... 16,800 S o u th S t. J o s e p h ................ 11,800 B a s t S t. L o u i s .................... 22,100 S o u th S t. P a u l .................... 9,900 T o t a ls P r e v io u s W e e k . 61,000 39,600 15,900 8,700 19,000 10,400 ............................... 151,500 154,600 Y e a r A go. 68,600 63,300 23,200 14,200 29,700 8,700 207,700 C o m p a r a t i v e Shee p R eceip ts. C on d it io n of H og M a r k e t . T h is W eek . T h u r s d a y .................. 5c to 10c h ig h e r . F r i d a y .................... . . S t e a d y . S a t u r d a y .................. 5c to 10c h ig h e r . M o n d a y ...................... S te a d y to s t r o n g . T u e s d a y .................... F ir m . W e d n e s d a y ................O p e n in g s t e a d y ; c lo s e 5c h ig h e r . R E C E IP T S P r e v io u s W e e k . M o s tly 5c lo w e r. S te a d y to s tr o n g . S tr o n g . S te a d y . 5c h ig h e r . F u ll y s te a d y . AND S H IP M E N T S AT P O IN T S F O R A U G U S T . P R IN C IP A L M inneap olis. R e p o r te d b y G eo. D . m e rc e : A r tic le s . W h e a t, b u s h e ls .............. C o rn , b u s h e ls .................. O a ts , b u s h e ls .................. B a r le y , b u s h e ls .............. R y e , b u s h e ls .................... F ’la x s e e d , b u s h e l s ........ P la y , to n s ........................... F lo u r , b a r r e l s .................. M illfe e d , to n s .................. R o g ers, s e c re ta ry , R e c e ip ts . 1903. 1904. 3,396,850 4,192,670 157,630 178,690 1,156,870 2,229,860 608,750 659,490 102,730 131,250 77,050 91,560 2,150 1,696 29,208 16.286 681 1,003 C h a m b e r of C o m S h ip m e n ts . 1903. 1904. 815,520 1,093,060 50,840 20,500 469,610 459,300 186,880 223,000 70,520 46,370 15,210 55,740 31 52 1,176,869 927,550 27,169 28,456 K a n s a s C it y . R e p o r te d h y E . D . B ig e lo w , s e c r e t a r y B o a r d o f T r a d e . R e c e ip ts . S h ip m e n ts . 1904. 1903. 1904. 1903. A rtic le s . 5,103,900 2,627,200 4,928,800 W h e a t b u s h e ls . . . . ___ 8,998,200 801,000 818,400 1,171,200 C o rn , b u s h e ls . . . . ....... 1,192.500 115,200 312,000 142,800 589,200 O a ts b u s h e ls ......... __ 14,000 6,000 90,000 B a r le y , b u s h e ls . . . __ 30,400 _ _ 20,000 71,200 4,800 R y e , b u s h e ls ........... 800 1,600 F l a x s e e d , b u s h e ls ....... 2,460 9,880 2,970 12,790 H a y to n s , ................ ....... 120,000 101,000 F lo u r , b a r r e l s __ 4,275 3,900 675 465 M illfe e d , t o n s ___ ....... To le do . R e p o r te d b y A. G a s s a w a y , s e c r e t a r y P r o d u c e E x c h a n g e . S h ip m e n ts . R e c e ip ts . 1904. 1903. 1904. 1903. A r tic le s . 560,782 533,925 1,224,868 W h e a t, b u s h e ls .. ........ 1,219,500 269,740 639,181 901,850 390,000 C o rn , b u s h e ls ......... ........ 624,752 944,510 2,148,480 O a ts , b u s h e ls . . . . ........ 2,5S0,200 5,413 2,400 1,000 B a r ie v , b u s h e ls . ., ........ 13,910 8,788 18,973 12,500 R y e , b u s h e ls .......... ....... L a s t W eek. C h ic a g o .......................... 89,700 K a n s a s C ity ......................... 23,400 S o u th O m a h a ...................... 43,300 S o u th S t. J o s e p h ................ 31,700 E a s t S t. L o t u s .................... 17,000 S o u th S t. P a u l .................... 16,700 T o ta ls P r e v io u s W e e k . 83,700 17,000 45,100 24,100 14,200 15,600 ............................... 221,800 199,700 Y e a r A go. 133,300 23,700 56,000 23,600 12,300 7,300 256,200 Baltim ore. R e p o r te d b y H . A . W r o th , s e c r e t a r y C h a m b e r o f C o m m e rc e . 1904. A r tic le s . 1903. 1904. 1903. R e c e ip ts . S h ip m e n ts . 1,102,087 40,040 W h e a t, b u s h e ls .............. 1,044,795 830,882 C o rn , b u s h e ls .................. 108,199 312,947 101,240 275,257 O a ts , b u s h e ls .................. 257,449 357,128 1,961 59 2,112 13,279 20,115 T i m o th y s e e d , b u s h e ls . C lo v e r s e e d , b u s h e l s . . . H a y , t o n s ........................... F lo u r , b a r r e l s .................. M illfe e d , to n s .................. 8,230 610 2,919 149,078 816 5,787 767 2,687 358,443 1,763 717 1,046 46,801 68 1,270 213,363 562 D ulu th. R e p o r te d b y H . B . M o o re , s e c r e t a r y D u lu th B o a r d . R e c e ip ts . S h ip m e n ts . 1904. 1904. 1903. 1903. A r tic le s . 1,437,584 458,403 W h e a t, b u s h e ls ........... . 905,075 384,946 2,000 73,146 87,291 144,639 69,878 O a ts , b u s h e ls ................ . 48,002 34,784 107,755 316,166 B a r le y , b u s h e ls ........... . 33,319 58,507 80,816 135,607 R y e , b u s h e ls ................ 1,476,082 1,009,650 187,309 246,442 F la x s e e d , b u s h e l s . . . . . 693,070 373,355 734,225 340,935 F lo u r , b a r r e l s .............. . P h i la d e lp h ia . R e p o r te d b y C. F . S a u n d e r s , s e c r e t a r y C o m m e rc ia l E x c h a n g e . R e c e ip ts . S h ip m e n ts . 1904. 1903. 1903. A r tic le s . 1904. 8,000 428,000 884,724 W h e a t, b u s h e ls .............. 631,110 394,284 387.560 375,528 C o rn , b u s h e ls .................. 281,454 326,868 O a ts , b u s h e ls .................. 541,753 2,400 B a r le y , b u s h e ls .............. 3,200 9,600 F l a x s e e d , b u s h e l s ......... 32,800 828 T i m o th y s e e d , b u s h e ls . 570 200 C lo v e r s e e d , b u s h e l s ......................... 4,070 H a y , to n s ........................... 7,180 B r o o m c o rn , p o u n d s ......................... 139,815 223,426 97,302 F lo u r , b a r r e l s .................. 169,135 600 M illfe e d , to n s .................. 1,290 M ilw a u k ee . R e p o r te d b y W . J . L a n g s o n , s e c r e t a r y C h a m b e r o f C o m m e rc e . R e c e ip ts . S h ip m e n ts . 1904. 1903. 1903. 1904. A r tic le s . 23,080 65,412 343,200 504,240 W h e a t, b u s h e ls . . 30,950 41,200 69,350 139,650 C o m , b u s h e ls ] 83,100 173,018 445,900 577,200 O a ts , b u s h e ls ----140,800 62,937 386,650 248,900 B a r le y , b u s h e ls . . 3,000 29,200 51,200 92,000 R y e , b u s h e ls ......... 900 6,300 F l a x s e e d , b u s h e ls 258,225 30,300 261,120 90,000 T i m o th y s e e d , lb s . 58,747 73,540 63,260 C lo v e r s e e d , l b s . . 1.319 1,434 H a y , t o n s ................ 307,264 334,805 242,900 203,350 F lo u r , b a r r e l s . . . . 13,941 18,763 2,690 4,285 M illfe e d , t o n s ...- . Pe or ia. R e p o r te d b y R . C. G rie r, s e c r e t a r y P e o r i a B o a r d o f T r a d e . S h ip m e n ts . R e c e ip ts . 1904. 1903. 1903. 1904. A r tic le s . 112.533 192,200 191,800 115.200 W h e a t , b u s h e ls . . . . . . . 288.000 370,200 1,337,000 C o rn , b u s h e ls .................. 1,100,100 555,400 1,204,400 805,000 O a ts , b u s h e ls .................. 2,210,200 11,700 35.100 37,800 66.600 B a r le y , b u s h e ls .............. 8.000 17.600 14,400 24,000 R y e . b u s h e ls .................... 120,000 60,000 120,000 90.000 S e e d s , lb s ............................. 1,244 740 5,040 3,310 H a y , t o n s ........................... 60.000 B r o o m c o rn , p o u n d s . . . 40,000 125,700 37,750 72,600 F lo u r , b a r r e l s .................. 3,133 3,771 615 920 M illfe e d , to n s ................. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis G a lv e s to n. V e s s e ls c a r r y i n g g r a i n c le a r e d f o r f o r e ig n p o r t s f r o m t e m b e r 1, 1903, to A u g u s t 31, 1904. D e s tin a tio n . A n tw e r p ........... A v o n m o u th . . . B e l f a s t ................ B r e m e n ............. C openhagen ... D u b lin ................ G la s g o w ............ H a m b u r g ......... H a v r e ................ H u ll ..................... L e ith .................. L iv e r p o o l L o n d o n ........... M a n c h e s te r __ N e w c a s t le . . . . R o tte rd a m . . . S to c k to n ......... S w a n s e a ........... T o t a l f o r 1902-03. T o t a l f o r 1901-02. W h e a t, B u s h e ls . 1,227,200 388,000 328,800 Sep C o rn , B u s h e ls . 135,000 370,970 173,314 61,200 137,143 282,000 88,000 2,701,283 599.140 1,048,240 507,680 1,531,651 830,800 404,160 392,640 694,560 74,500 72,000 1,501,136 11,170,654 16,439,636 , 8,695,564 16,117,474 3,406,373 4,462,565 N one N one 131,143 174,428 17,143 352,182 34,286 292,199 26,229 THE 30 W illiam Commons Frank W . Commons C O M M E R C IA L W EST Saturday, Septem ber 17, 1904. Howard W . Commons COMMONS & COMPANY Tie Yaa Dusen-Harrington Co. Grain Commission flerchants Minneapolis and Duluth. Receivers and Shippers of Wheat, Coarse Grains and Flaxseed. Orders for Future Delivery Executed in all Markets. CHICAGO CO RRESPONDENTS: ARMOUR GRAIN J. L. McCAULL, President R. A. DINSMORE, Vice-Pres. COMPANY. S. J. McCAULL, Secretary A. M. DINSMORE, Treasurer The McCaull-Dinsmore Co. GRAIN COMMISSION MERCHANTS Commission Merchants G R A IN COMMISSION MERCHANTS GRAIN AND PROVISIONS Consignments Solicited Ground Floor 4 Sherman St. C O M M IS S IO N MARKET MINNEAPOLIS, MINN. Chas. J. Martin, Sec’y and Treas. W. G. Ainsworth, Gen’l Manager B E N J A M I N S. W I L S O N COMMISSION MERCHANTS GRAIN, PROVISIONS, STOCKS AND BONDS Telephone Harrison 1256 G eo. P . C ase CHICAGO G eo. C . B ag ley C h as. M . C ase WHALLON, C A S E & CO. STOCKS, BONOS, GRAIN and PROVISIONS 58 Chamber of Commerce, Up town Office, 315 1st A ve. So MINNEAPOLIS M E M B E R S : N ew Y ork S tock E x c h a n g e , C hicago B oard of T r a d e , M lnneap o lh C h am b er of C om m erce. J. R. M A R FIELD , P res. W m . G R IFFITH S , C. D. T E A R S E , S e c . & T r e a s . V ice P res Marfield-Griffiths Co. GRAIN NEW C O M M IS S IO N CHAMBER OF COMMERCE O FFICES : C H IC A G O , M IL W A U K E E , D U L U T H M IN N E A PO LIS , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - LETTER MERCHANTS MINNFi^OTA ON APPLICATION Chicago Board of Trade St. Louis Merchants Exchange New York Produce Exchange Milwaukee Chamber of Commerce Baltimore Chamber ofCommerce BARNDM GRAIN COMPANY i n n e a p o l i s a n d T. E. WELLS & COMPANY J. F . W h allo n CHICAGO, ILL. Mem ber s: M GRAIN MERCHANTS AND WAREHOUSEMEN 1011-1017 Royal Insurance Building, Paul W. P . ANDERSON & GO. Capacity, 3 , 2 5 0 ,0 0 0 Bushels T H O M A S E. W E L L S Saint STOCKS, BONDS, GRAIN, COTTON, COFFEE 1 4 0 - 1 4 2 Nat’l Life Bldg., 1 59 La Salle St., Ground Floor, CHICAGO THE ST. A N TH O N Y ELEVATO R CO. Wm. H. Dunwoody, Pres. John Washburn, Vice-Pres. South C HA S. W. G IL L E T T & CO. 915-16-17 CHAMBER OF COMMERCE MINNEAPOLIS MINNESOTA 71 Chamber of Commerce L IV E S T O C K M inneapolis and Duluth G R A I1 V D u lu t h A N D C O M M IS S IO N M B ^ R C H A IV T S L. BARTLETT * SON COMPANY Commission Merchants 23 Chamber of Commerce MILWAUKEE Branches: Minneapolis, St. Lenis, Kansas City, Chicago. Saturday, Septem ber 17, 1904. THE C O M M E R C IA L W EST 31 h^GRAIN feM ILLIN G l^ MILLERS SEEK KANSAS WHEAT. ( S p e c ia l C o r r e s p o n d e n c e to T h e C o m m e r c ia l W e s t .) T o p e ka , Kan., Sept. 15.— T h e big flour mills of the co un try will have to depend la rge ly on the coun try w est of the Missouri river for their supply of w hea t this year. It was announ ced three w eeks ago that the Ka nsa s millers were discouraging the shipping of w heat out of the state as much as possible, because of the sho rtage which faces them n ext spring. T h is has been of little avail, however, as T h e C o m m e r c ia l W e st said it w ou ld be. T h e r e is a great shipping m o vem ent just n ow of K a n sas and N e bra sk a wheat. T h e demand for the cereal comes from such a multitude of mills in different states east of the Missouri river that all the w heat offered by the farmers is readily handled w ith out any great demand co m in g from any particular section. It is stated b y grain men that p ractically all the w heat ground in the Chicago mills during the co m in g fall and winter must co me from Kansas. Minneapolis will also w ant to buy some K ansas w heat throu ghou t the year. Mills in p ractically every state east of the river are buying,- or try in g to buy, K a n sas wheat. D e m a n d L a r g e and D iv er s ifi ed . T h e demand is remarkable in bein g so diversified and extre m e ly large for so early in the season. It can be expected that the demand will g r o w larger rather than smaller, as there is no surplus of w heat anyw here else. T h e K a n sa s w hea t is not up to the standard, b y any THE W H EAT TRADE. Office, Septem ber 15.— Bears could find s canty encouragem ent in the developments of the past w e e k and the bulls still retain an unshaken, although not undisputed control of the market. O ccasionally, a brief reaction in response to unusually fav o rin g weather conditions or the tardiness of foreign mark ets in fo l lo w ing domestic advances sugg ested the possibility of a bull reverse but invariably such conditions proved m erely in the nature of a little va rie ty injected into an otherwise m o n oto n o usly bullish situation. F o r its continued domi nation of the market, how ever, the bull faction is not less indebted to the kindly offices of the governm ent, as sisted b y the co-o peration of nature, than to any signal efforts of its own, for m any an interval of weakness w as prolonged, decline accentuated or advance checked throu gh the anxiety of lo ng holders to secure profits on their property. A s a general proposition the scalping characteristics w hich mark ed the m arket of the previous w e e k w ere less conspicuous than at that time for the ad vances on more than one occasion have been sufficiently spectacular to again attract the outsiders attention to the possibilities of w heat speculation. Such cold com fort as fell to the lot of the shorts was meted out to them in the days previous to the appear ance of the go v ernm e n t report. O n those days steady cables, and the prospect of improved w eather conditions combined to accomplish a m oderate shrinkage in values. T h e go vernm en t statement, how ever, revealin g nothing new to be sure, but with its contents invested with the dignity and claims to attention which only official docu ments possess, put an abrupt conclusion to any bear dreams of prosperity. A n advance, va r yin g from 3 to 4 cents in the different mark ets follo w ed the appearance of the report, w hich more than bore out the most pessi mistic of private utterances. T h is estimate, being based on measured bushels, made no allowance for discrepancies in w eigh t w hich the character of the new grain n ow ar riving indicates will be great and general. T h e trade, how ever, aware of the distinction, took the report at its true significance and there w as a general g rabbin g for w heat at all of the important centers and buyin g of small lots b y the public, a g g r e g a t in g sufficient to absorb all the C o m m e r c ia l W e st https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis means, but it is there as far as bulk is concerned. Mills, both outside and inside the state, are anxious to get even the poor quality of w hea t to the extent of bein g w illing to pay large prices for it. A s a result, the farmers of the state will make nearly as much m o n ey this year out of their w heat as they did last year. S o u t h w e s t e r n M i l le r s O b je c t to S h i p m e n t s . T h e millers of the southw est are complaining bitterly of the conditions, under w hich the w hea t is bein g sent east and north instead of bein g sold to them. T h e y can hardly expect to co ntrol the situation, however, and the man w h o is fortunate enough to have w heat to sell is go in g to sell it w here he thinks he can get the most ad vantage, be it outside the state or in. If there is any ad van tage in g e ttin g possession of the wheat, the outside millers have the Kansas, O klah o m a and N ebrask a men beaten a mile, as they are undeniably ge ttin g hold of the w hea t with v e r y little trouble. O f course the southw est millers cannot be blamed for w a n tin g to keep all the w hea t at home. If they could succeed in do ing so, they w ould soon make enough to retire, acco rdin g to the w a y conditions are this year. A d vice s from various points in the southw est s ay the w heat crop is m o v in g rapidly. B o th the railroads and the banks are doing their part well. L e a v in g the small ness of the yield out of consideration, the crop is be ing handled much better than usual. floating offerings and deprive the unhappy bear of his rare opportunities to cover. O n the heels of the go vernm en t estimate, frost made its reappearance as a m arket factor and w as responsible for the feature advance of the w ee k and the greatest o ve r night appreciation of values since the b eginn in g of the bull market. T h a t the frost in any degree of intensity was prospective rather than actual was a minor consideration. T h e short seller of the n ight before found himself a loser almost before a trade had been made. Bullish sentiment supplied all the impetus that frost lacked and the market w as stro n g and active, millions of bushels in futures ch anged hands, the frightened shorts bein g conspicuous a m o ng the buyers and the trade bein g nervous and in clined to panic. T h r o u g h o u t the w ee k the meagreness of the receipts as compared with a year ago have been a constantly s tre ng th ening factor and it seems doubtful that until they are m a terially augmented there will be more than a tem p o rary reaction. F L O U R A N D M IL L IN G . Situation Show s Im provem ent— G overnm ent Report T ends to R evive D em and— B usiness Fair in Spite of Prices. T h e w ee k has witn essed a mark ed change in the atti tude of flour buyers and an accom pan yin g improvement in the conditions prevailing in the milling industry. N ot w ith stand ing the erratic behavior of the w hea t m arket which rendered it difficult and almost impossible to pre serve any degree of stability in flour prices, orders and shipping directions have been co m in g in more freely than for w eeks past. T h e demand is confined entirely to do mestic sources as form erly, but the a g g r e g a t e of the pur chases has reached proportions which, though they could not be termed satisfactory to the millers, still present a pleasin g contrast to the recent period of almost total stagnation. T h e ch anged aspect of the situation m a y be traced chiefly to the appearance of the governm ent report sub stantiating the estimates of a materially decreased w heat yield made b y various crop experts at a considerably earlier date. U n d e r ordinary circumstances the issuance of the reports of these private investigators after the visitation of the rust, indicating a serious reduction in the crop would have been attended b y a similar revival of activity on the the part of flour buyers seeking to escape the necessity of m a kin g purchases at the higher price levels indicated b y the estimates. T h is season, however, THE 32 C O M M E R C IA L the influence of milling journals of wide reputation which scouted the idea of serious damage, led buyers to p o st pone their purchases in anticipation of a declining wheat market, once the excitement w as over. A s the g o v e r n ment figures contained nothing to ju stify this anticipa tion and pointed to continued high prices, dealers w ho had held off until their stocks w ere nearly exhausted be came co nvinced of the uselessness of longer postponing orders which w ould soon becom e imperative, and came into the market. A s has been intimated, business is not satisfactory but it is an im provem ent over the dullness of earlier weeks. Prices have been irregular during the week. T o d a y first patents are quoted at $6.40(0)6.60; sec ond patents, $6.25@6.35; first clears, $4.60(2)4.75, w oo d; second clears, $3.20(0)3.30, f. o. b. Minneapolis, in wood. W e e k e n d in g — S e p te m b e r 10 S e p te m b e r 3 A u g u s t 27 .............. A u g u s t 20 ........... A u g u s t 13 .............. A u g u s t 6 ................ J u l y 30 .................... J u l y 23 .................... J u l y 16 .................... J u l y 9 ....................... J u l y 2 ...................... J u n e 25 .................. J u n e 18 .................. J u n e 11 .................... J u n e 4 ...................... M a y 28 .................. M a y 21 .................... M a y 14 .................... M a y 7 ....................... A p ril 30 .................. A p ril 23 .................. A p ril 16 ................ A p ril 9 .................... A p ril 2 .................... M a r c h 26 ................ M a r c h 19 ................ M a r c h 12 ................. M a r c h 5 .................. F e b r u a r y 27 ......... F e b r u a r y 20 .......... F e b r u a r y 13 ......... F e b r u a r y 6 ........... J a n u a r y 30 ............ J a n u a r y 23 ........... J a n u a r y 16 ........... J a n u a r y 9 ............... J a n u a r y 2 ................ M in n e a p o li s F l o u r O u t p u t . B a rre ls . 182,345 278,215 191,915 128,390 118,735 215,035 200,245 227,420 214,895 235,845 320,625 287,050 245,110 236,690 190,655 240,615 246,680 217,775 103,530 180.630 127,115 99,800 187,885 250,565 169,240 331,935 332,960 336,705 313,995 325,590 347.375 165.630 319.295 325.830 365.520 328.635 165.295 Year ago. 261,125 294,280 242,515 240,050 290,495 282,200 246.005 238,025 259,225 269,710 280,180 305.790 243,185 276.790 307.325 325,420 328,715 320.770 308.080 311.480 168,535 229,600 352,035 366,385 359.480 355.310 330,590 286,520 287.005 274.740 300.325 287,295 319.580 309.165 305.285 278.630 326,840 E x p o rt Shipments. W e e k e n d in g — S e p te m b e r 10 . . S e p te m b e r 3 . . A u g u s t 27 ......... A u g u s t 20 ......... A u g u s t 13 ......... A u g u s t 6 ........... J u l y 30 ................ J u l y 23 ................ J u l y 16 ................ J u l y 9 .................. J u l y 2 .................. J u n e 25 ................ J u n e 18 ................ J u n e 11 ................ J u n e 4 ................ M a y 28 ................ M a y 21 ................ M a y 14 ................ M a y 7 .................. A p ril 3 0 ................ A p ril 23 .............. A p ril 16 ........... A p ril 9 ................ A p ril 2 ................ M a r c h 26 ......... M a r c h 19 ........... M a r c h 12 ............ M a r c h 5 .............. F e b r u a r y 27 . . . F e b r u a r y 20 . . . F e b r u a r y 13 . . . F e b ru a ry 6 . . . . J a n u a r y 30 . . . . J a n u a r y 23 ___ J a n u a r y 16 J a n u a r y 9 ......... J a n u a r y 2 .......... B a rre ls . 20.105 39,735 19,645 16.130 11,535 23,610 24,355 33.185 23,235 24.130 47,145 28,640 16,985 97.105 29.505 42,125 44,300 23,560 23.465 26,345 18,525 21,685 26,155 27.185 23,210 28,305 42,925 53.415 39,050 34,850 34,485 17,827 27,200 35.335 40.505 47,490 22,100 Year ago. 48.360 72,680 49,075 37,595 46,525 30.315 17.880 23,655 25,2iu 42,180 30.880 60,890 43,840 39,715 34,265 38,215 47,185 35,070 90,020 25,830 13,150 27.965 76,255 101,635 100,515 87,490 90,230 72.720 53,470 34,855 50.315 43,090 78,780 90.360 92,820 63,825 111,195 FLA X SEED . Quiet, N arrow M arket—P rices S ligh tly H igher and Tone Firm— Products D ull W ith B uyers A w aiting D ecline in V alues. T h e m arket has been quiet and n arrow w ith the te n d ency toward greater firmness and higher prices. T he re is little opportunity for a ctivity at present, as the crop has not begun to move and the seed which has been m ar keted is closely held. T h e period of the new grain m o ve ment, however, should witness a material broadening of the m arket as well as the culmination of the struggle be tween the rival interests seeking control of the situation. Little apprehension is n ow entertained of da mage by frost and indications all point to a go od yield on the acreage. T h e situation in oil is dull. Buyers anticipate a large flaxseed crop and a consequent reduction in oil prices and are postponing purchases. Cake and meal share the dullness of oil and the e x https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W EST Saturday, September 17, 1904. planation of the situation in these products is similar to that in the case of oil. D o rnbusch on September 2d said 01 the fore ign situation: Stocks of linseed'oil in this country are still co nsider able, and holders find consumers v e r y loth to purchase prompt delivery. T h e m ark et seems n ow to be v e r y sensitive for a rise, there bein g a concensus of opinion in the trade that higher prices will rule the next few months for seed, and oil will be sustained at about the present level, with every proba bility of latter g o in g dearer w hen ever the demand revives. A s long as supplies from India and A rge n tin e remain m o d erate (w hich they are likely to do this autumn), there is no reason for seed to weaken, while the dry w eath er causes cakes to command an exceptionally brisk trade at prices fully 10s per ton better than a year ago. T h e latter partly compensates crushers for the 40s discount in prompt oil, the price of seed be ing about the sam e as last season. The war in the East interferes to a certain extent with the trade in oil, and w hat is usually sent to Japan is left here unplaced. In 1903 that coun try took 688 tons of raw linseed oil to Great Britain; in 1902, 247 tons; in 1901, 395 tons; in 1900, 551 tons; and in 1899, 458 tons. Som e of the supplies for Japan also filter through H o n g K o n g. Closing F l a x Prices. F r i. S e p t. 9. M in n e a p o lis c a s h ........... 1 .2 6 Y e a r a g o ............................. 98% S e p te m b e r .................... 1.2 5 % C h ic a g o c a s h .................... 1.2 7 % S o u th w e s t .................... 1-19% D e c e m b e r ...................... 1.2 1 % D u l u t h c a s h ...................... 1.2 6 % O c to b e r .......................... 1.27 N o v e m b e r .................... 1 .2 7 S a t. S e p t. 10. 1.25 .99% 1.25 1.2 7 % 1.1 9 % 1 .2 1 % 1.2 6 % 1.27 1.2 6 % M on. S e p t. 12. 1 .2 6 1.02 1 .2 6 1 .2 8 1.18 1.22 1.28 1 .2 8 1 .2 8 T ues. S e p t. 13. 1.2614 1.05 1.2614 1.28 1.20 1.24 1 .2 7 % 1 .2 8 1 .2 8 W ed. S e p t. 14. 1.2514 1.0614 1.2514 1.27 1.19 1.23 1 .2 6 % 1.27 1.27 T h u r. S e p t. 15. 1 .2 4 % 1.03% 1 .2 4 % 1.26 1.17% 1.22 1 .2 6 % 1 .2 6 % 1.2 6 % M IL L F E E D . D em and For A ll Grades E xcellen t and B usiness G o o d Market Strong and P rices H igher— Split Car Trade a Feature. T h e m arket has been stro n g and active and an exce l lent business has been transacted. Millers have met with a stro n g demand from all sources and for all grades. T h e increased demand for flour has not been w ith out its in fluence on the m arket and the split car trade has been a feature of the w eeks business, one firm re porting itself “ snow ed un der” with orders of this kind. Prices all ad vanced again and under the existing conditions there seems little probability of a material w ea ke nin g in the situation in the immediate future. Q u o t a t io n s of M il ls t u f f s in C a r Lo ts, P r o m p t S h i p m e n t , F. O. B. M in n e ap ol is . Ton. B r a n , in 200 lb . s a c k s .................................................................... $16.50@ B r a n , in b u l k ..................................................................................... 15.75@ S t a n d a r d m id d lin g s , 200 lb . s a c k s ...................................... 18.50@ F l o u r m id d lin g s , 200 lb . s a c k s ........................................ .. 21.00@ M ix e d fe e d , 200 lb . s a c k s ............................................................. 19.50@ R e d - d o g , 140 lb. j u t e ...................................................................... 22.50@ M ills tu ffs in 100 lb . s a c k s 50c p e r to n o v e r a b o v e q u o ta tio n s . R e d - d o g in 100’s 25c o v e r. Q u o t a t io n s of M il ls t u f f s , Boston Basis, A ll R ai l S h i p m e n t . Ton. B r a n , 200 lb. s a c k s .......................................................................... $ 2 1 .5 0 @ .. S t a n d a r d m id d lin g s , 200 lb. s a c k s ........................................ 2 3 .5 0 @ .. F lo u r m id d lin g s , 200 lb . s a c k s ................................................. 2 6 .0 0 @ .. M ix e d fe e d , 200 lb. s a c k s ............................................................. 2 4 .5 0 @ .. R e d - d o g , 140 lb . j u t e ...................................................................... 2 7 .5 0 @ .. M ills tu ffs in 100 lb . s a c k s 50c p e r t o n o v e r a b o v e q u o ta tio n s . R e d - d o g in 100’s 25c o v e r. M IN N E A P O L IS C O A R SE G R A IN S. Corn. T h e m arket w as active and firm in tone, alth ough the firmness did not find reflection in higher value levels. T h e buyin g as usual w as confined almost e xclu sively to the feed mills but nearly all of these were in the market, tak ing freely both the cash co m m o dity and grain to arrive. Millers have been particularly active buyers of late, as the mill stocks are running low while the present low average of receipts promises to be maintained well up to D e c e m ber. A n o th e r spur to the demand which proved a help to the m arket w as the prospect of serious da mage by frost in the corn belt and the o therw ise unfavorable char- T he A l b e r t D ic k in s o n 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, GRAIN BACSy ETC. M I N N E A P O L I S O FF IC E : • I S C H A M B E R OF C O M M E R C E . CHICAGO THE Saturday, Septem ber 17, 1904. C O M M E R C IA L W EST 33 RAIN D E LA Y S C A N A D IA N H A R V E ST . ( S p e c ia l C o r r e s p o n d e n c e to T h e C o m m e r c ia l W e s t.) W in n ip eg, Sept. 14.— T h e w ea th er over the Canadian N o rth w e st has not been favorable during the past w eek for harvestin g and threshing. F ro m the 7th to the 10th fair progress was b e in g made, alth ough impeded b y local rains in some districts. W e estimate that b y Saturday night (the 10th inst.) a go o d 75 percent of the total w heat crop had been cut, leavin g 25 percent still uncut at that date. T h e am ount uncut in M anitoba w ould p ro b ably not be over 10 percent of M anito ba’s crop, but further w e s t in the territories w e estimate that 30 percent to 40 percent of the crop would still be standing, of w hich half w ou ld be green and not matured, and all of the standing grain w ou ld be liable to more or less damage b y frost. Severe frost visited the entire coun try on Saturday and Sun day nights, cutting down tender ga rden tru ck and potatoes, and co nsequently severe enough to do serious damage to green and immature wheat. F o llo w i n g the frost of Sun day a general rain storm came over the w ho le country, lasting for tw e n ty -fo ur to thirty hours, and continuing up to T u e s d a y about noon. T h is has been succeeded b y clearing w ea th er and another sharp frost last night, but at this w ritin g (W e d n e s d a y m orning) the w ea th er is bright and settled, but cool. Such w ea th er is bad at the present juncture. W i t h a continuation of dry w ea th er cutting w ould soon have been completed. A g o o d m any threshing outfits made a start on M o n day m o rn in g at stock threshing, only to be stopped b y the rain, and as sca rce ly any grain is stack ed yet, but p ra c tically all that is cut is in stock, the rain storm means a de lay of n early a w eek in threshin g and the starting of shipping, and this depends on the w ea th er remaining fa vorable for dryin g out the grain. Crop M o v e m e n t V e r y Late. A l r e a d y the m o vem ent of the new crop is ge ttin g a w a y behind. T h is is show n b y the number of cars of w h ea t inspected since the 1st inst. as co m pared w ith the number a year ago. T h e number this year for the first thirteen days of Septem ber is 70 cars, compared with 802 cars for the same period last year. T h e daily press con tinues to belittle and minimize the reports regard in g the shortness of the crop and the da mage b y rust. T h e a c tual condition and yield of the crop will becom e patent to e v e ry b o d y when threshing, shipping and inspection re turns be gin to sho w facts, about w hich there can be no con tro versy. In the meantime w e w ou ld say that our latest correspondence from coun try grain dealers and farmers is confirminf the most pessimistic reports made b y the crop experts, and it sho w s that m a n y coun try p eo ple are only yet be gin n in g to realize the serious da mage done b y rust. A s one letter puts it, “ It is while th e y are threshing that they ‘find it out.’ ” A n o th e r writer, a large farmer in the territories, located 400 miles w e s t of W i n nipeg, w h o in July looked forw ard to having 20,000 bush els of w heat from his this y e a r ’s crop, w riting on the 10th inst. says, “ T h e frost of A u g u s t 20th did considerable damage, and quite re cently the black rust has w orke d fearful havoc with the wheat. W h e r e a few w ee ks ago acter of the reports from that section. T h e situation as pictured b y those on the ground has been sufficiently seri ous to prove an added incentive to buyers and to cause re lun ctan cy am o ng holders to part with their property. No. 3 y e llo w w as salable at 54 @ 55 c- Receipts w ere 34 cars against 14 cars a w eek ago. Closing Corn Prices. D a ily c lo s in g p r ic e s f o r N o . 3 y e llo w c o r n in M in n e a p o lis : Y ear ago. F r id a y , S e p te m b e r 9 ............................................................. 54% 50% S a t u r d a y , S e p te m b e r 10 ..................................................... 54% 50% M o n d a y , S e p te m b e r 12 ........................................................ 54 51 T u e s d a y , S e p te m b e r 13 ........................................................ 54% 51 W e d n e s d a y , S e p te m b e r 14 ................................................. 54% 51% T h u r s d a y , S e p te m b e r 15 ...................................................... 54% 51% Oats . Cash prices have varied with the fluctuations of the option but there has been no diminution in the firmness of the spot article. D em and for all grad es continued e x https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis the w heat w as plump and full it is n ow w ithered to the bran. E v e r y b o d y complains of the same thing, but they have not realized as y et w hat the trouble is, and in fact I put it down for frost until y e s t e r d a y ’s cutting, which changed m y mind.” A g g r e g a t e of M il li n g W h e a t S m a l l. W h ile great dam age has been done to w hat might have been the la rgest crop so far raised in this country, w e do: not say that w e have no go o d wheat, but the a g greg ate quantity of milling w heat will be Very small co m pared to the promise of June and July. W e ourselves have received the first car of n ew No. 1 hard w heat to be inspected this season, and w e have received m a ny samples of fine wheat, but we have also received m any samples of w heat which are only go o d screenings, and of no use for the miller. A n d we w ou ld note that it is probable that the inspections of these early shipments will sho w the best end of the crop, and m a y easily mislead people at a dis tance from our w heat fields, because much w heat on light and early soil w as matured before rust came, and natural ly the early part of. the crop m oves first. In regard to definite figures on the yield, w e w ou ld say that the most optimistic estimator does not n ow ta lk of an a verage o f over 15 bushels per acre. T h is on 3,410,000 acres (the gen eral ly allowed acreage), makes 51,150,000 bushels. W e ve n ture to say that allo w in g the total to come to so much, one-third of it will not be fit for milling purposes, leavin g about 35,000,000 bushels milling wheat, the quality of most of it w ould be No. 2 northern and No. 3 northern and No. 4 wheat. Trade in M a n i t o b a W h e a t Q u ie t. T ra d e in M anitoba w heat is quiet. T h e r e is no cash w heat at present to w o r k with. A little speculation in future delivery is engaged in, but large houses are doing nothing, p referring apparently to wait on the crop m o v ing. Y e s t e r d a y ’s closing quotations were, No. 1 northern, $i.o8H; No. 2 northern, $ 1.05 )4 ; No. 3 northern, 99c; No. 4 wheat, 88c; feed wheat, 60c, feed No. 2 wheat, 51c, spot September or O cto b e r delivery. O n our option market O cto b e r closed at $1.08; D ecem ber, $1.05 )4 ; May, $1.10. A ll prices are for the in store F o r t W illia m and P o rt Arthur. T h e f o llo w in g is the statem ent of stocks in store lake port elevators on Sept. 10. T h e se exhibit the m o v e ment of our grain as co m pared w ith a year ago: St oc k s of G r a in in S to r e F o r t W i l l i a m , C. N. R. and K i n g ’s El e v a t o r s. 1903. bus. 106,801 22,734 25,255 20,640 O th e r g r a d e s ......... 1904. bus. 9,612 17,258 21,423 21,733 10,165 16,929 T o t a l .................. L a s t w e e k ........... 97,120 190,694 417,554 84,208 1 1 2 3 W h e a t —h a r d ....................... n o r t h e r n .............. n o r t h e r n .............. n o r t h e r n ............. D e c r e a s e ......... O a ts ........................... B a r le y ...................... F la x ............................ 37,327 93,844 I n c r e a s e , 333,346 bus. 8,952 13,360 115,967 bus. 62,213 774 13,231 T ho m p son , Sons & Co. cellent and w as of the same diversified character as w as the case a w ee k ago. E lev a to rs have been the m ost con spicuous buyers, taking the grain either for shipment to Duluth and the head of the lakes ports or for storing. M uch of the grain sent north will be held p reparatory to immediate shipment b y lake and rail routes to the n orth east as soon as that section turns its attention to the northw est markets. Quite a proportion of the remainder m a y remain in store until M a y as the character of the hedging, most of which has been in that delivery, indi cates an inclination to w ait for that month. E levato rs however, have not m onopolized the b u y in g field for co m mission houses, feed men and others have all been in the market. Shippers are still inactive, for w ith the exception of an occasional isolated eastern order w hich reaches this market, Indiana and Ohio are still furnishing all the oats called for b y the N o rth A tla n tic states. No. 3 white oats sold at 3 i@ 3 i)4 c , No. 4 whites at 30 -j4 @ 3 I Ì4 c and No. 3 oats w ere salable at 29@3o)4c. Receipts were 586 cars against 659 cars a w e e k ago. THE 34 C O M M E R C IA L W EST Saturday, September 17, 1904. Closing O a ts Prices. D a ily c lo s in g p r ic e s o f N o . 3 w h ite o a ts in M in n e a p o lis : Y ear ago. F r id a y , S e p te m b e r 9 ......... 31 36 @ % S a t u r d a y , S e p te m b e r 10 . 30% 36 @!% M o n d a y , S e p te m b e r 12 . . 30% 36% @37 T u e s d a y , S e p te m b e r 13 .. 37% 31% W e d n e s d a y , S e p te m b e r 14 37% 31% T h u r s d a y , S e p te m b e r 15 31 37% B a r le y . T h e edge seems to be off the demand for barley for while the better gr ades find ready buyers, the interest in the poorer qualities of stuff is grad ually g r o w in g less. T h e w an in g of the enthusiasm w ith w hich purchasers greeted the first arrivals of the n ew crop is due, of course, to the fact that maltsters and mixers are gettin g pretty w ell filled up and are inclined to pick and choose rather than to buy indiscriminately. T h is attitude, while not ca using any slackening in the inquiry for the best grades leaves the poorer grain neglected, with the result that there has been a steady shrinkage in the values of the low grades while the best of the receipts have been held at p ractically unchanged figures. T h e continued heavy receipts and the assurance of a go o d sized crop have also been influences tow ard weakness, there bein g no incen tive to buy for fear of ultimate shortage. T h e demand, alth ough giv in g evidence of slackening, w as general. M altsters and mixers w ere in the m arket and there were m oderate shipments to the northern lake ports and into W isconsin . Prices ranged 36(0)500. Receipts were 294 cars against 251 cars a w e e k ago. Rye. T h e high prices reached and maintained in w heat dur ing the w e e k have exerted a s treng th en ing influence on the rye market. T h e advances in w heat flour have a u g mented the demand for the rye product and the feed mills in consequence have been active buyers in the rye market. T h e demand from this source re-enforced b}*- a go o d de mand from distillers and some buyin g on the part of ship pers caused strength and a material price advance. No. 2 rye sold, at the close of the week, at 74c. Receipts were 88 cars against 59 cars a w ee k ago. Closing F r id a y , S e p te m b e r 9 ........... S a tu r d a y , S e p te m b e r 10 .. M o n d a y , S e p te m b e r 12 T u e s d a y , S e p te m b e r 13 W e d n e s d a y , S e p te m b e r 14 T h u r s d a y , S e p te m b e r 15 .. Y ear ago. 51% 51% 52 52% 53 53 70% 71% 71% 73 73% 73% Closing W h e a t F u t u r e Prices. September W h ea t. F r i. S a t. M on. T u es . S e p t. S e p t. S e p t. S e p t. 9. 10. 12. 13. M in n e a p o lis ...................... 1 .1 2 % 1 .1 3 % 1 .1 8 % 1.2 3 % Y e a r a g o .............................. 94% .85% .8 8 % .91 C h ic a g o ................................. 1 .0 5 % 1 .0 5 % 1.093/4 1 .1 3 % .80% .80% Y e a r a g o ...............................79% .8 0 % December . . . . ■ . . . F r i. S e p t. 9. 1.1 1 % . 79% 1.083/4 .81% 1 .1 0 % .97% 1.103/4 1.12 W ed. T h u r. S e p t. S e p t. 14. 15. 1 .2 2 % 1.23 .88% .85 1 .1 1 % 1.13 .80% ■80% W heat. S a t. M o n . S e p t. S e p t. 10. 12. 1 .1 2 % 1 .1 6 .81 .81% 1 .0 8 % 1 .1 2 % .82 .82% 1.103/4 1.143/4 .97% 1.0 1 % 1.1 1 % 1.1 5 % 1 .1 2 % 1.1 6 % T ues. S e p t. 13. 1.19 34 .82% 1 .1 3 % .82% 1 .1 8 % 1 .0 5 % 1.173/4 1.193/4 W ed. S e p t. 14. 1 .1 7 % .81% 1.14 .82% 1.163/4 1 .0 3 % 1 .1 6 % 1.173/4 T h u r. S e p t. 15. 1.18% .803,4 1.1 5 % .81% 1.1 7 % 1.04% * 1.18% M ay W heat. F r i. S e p t. 9. 1.13 .82% 1 .1 0 % .83% 1.13 .99% 1.13 1.12 M in n e a p o lis Y ear ago C h ic a g o Y e ar ago D u lu th . . . . K a n s a s C ity S t. L o u is . . N e w Y o rk . ^ H o lid a y . S a t. S e p t. 10. 1 .1 3 % .83% 1 .1 0 % .84 1.1 3 % -993/4 1.1 3 % 1.1 1 % M in n e a p o li s Cash W h e a t , F r i. S a t. S e p t. S e p t. 9. 10. N o. 1 h a r d ........................... 1 .1 6 % 1 .1 7 % N o. 1 n o r t h e r n ................... 1 .1 4 % 1 .1 5 % N o . 2 n o r t h e r n .................. 1 .1 1 % 1 .1 2 % M on. T u e s. W ed . T h u r. S e p t. S e p t. S e p t. S e n t. 12. 13. 14. 15. 1.1 7 % 1 .2 0 % 1.1 8 % 1.1 9 % .83% .83% .83 .82% 1 .14% 1 .1 5 % 1 .1 6 1.17 .84% .84% .84% .83% 1 .1 7 % .21% 1.19 1.19% 1.033/4 .08 1 .0 5 % 1.063/4 1 .1 7 % .20% 1 . 183/4 * 1 .1 6 % .19% 1 .1 7 % 1.18% Official Close. M on. S e p t. 12. T ues. W ed. S e p t. S e p t. 13. 14. 1 . 2 1 % 1 .2 6 % 1 .2 5 % 1.193,4 1 .2 4 % 1.2 3 % 1 .1 6 % 1 .2 0 % 1 .1 8 % RO LLI N CHAMBER G R A IN E. OF T h u r. S e p t. 15. 1.26 1.24 1.1 9 % Kansas CHICAGO CORRESPONDENT W heat. 1.1 7 % 1.21 1.1 8 % 1.23 1.15 1 .1 9 % 1.0 2 % 1.04 1.07 1.08 L i ve r po o l W heat S e p t. C lose. 7s 2% d 7s 2 % d 7s 4 % d . 7s 6 d . 7s 5% d . 7s 6% d 956,731 13,558 D e c . C lo se . 7s 5 d 7s 4% d 7s 6% d 7s 8% d 7s 7 % d 7s 8% d Y e ar ago. 51,871 259,856 45,283 929 905,943 T o t a ls ....................................................... M in n e a p o lis d e c r e a s e .................................... D u lu th s to c k s ..................................................... D u l u t h i n c r e a s e ................................................. 465,529 1,922,444 303,777 518,575 99,466 777,266 389,737 Rt ceipts. M in n e a p o lis . D u lu th . C ars. Y e a r ago. C ars. Y e a r ago. 223 538 70 151 117 520 70 237 447 651 61 232 231 648 185 403 252 409 85 263 302 395 96 172 R eceipts of Coarse G r a i n C o rn , C ars. F r i., S e p t. 9 ........... ........ 6 S a t.. S e p t. 1 0 ......... ........ 7 M o n ., S e p t. 1 2 ___ ......... 6 T u e s ., S e p t. 1 3 . . . . ......... 5 W e d ., S e p t. 1 4 . . . . ......... 4 T h u r ., S e p t. 1 5 . . . . ......... 6 1.08 1.12 Stock s. W e e k e n d in g S e p t. 10. N o. 1 h a r d ............................................................ N o . 1 n o r t h e r n ...................................................... N o . 2 n o r t h e r n ...................................................... N o. 3 .................................................................... R e j e c te d ................................................................. N o g r a d e ........................................................... S p e c ia l b in s ............................................. D aily 1.08 1.12 . . M in n e a p o li s T e r m i n a l W heat 1.08 1.12 Prices. F r id a y , S e p te m b e r 9 ...................................... S a tu r d a y , S e p te m b e r 10 ............................... M o n d a y , S e p te m b e r 12 ................................. T u e s d a y , S e p te m b e r 13 .................................. W e d n e s d a y , S e p te m b e r 14 .......................... T h u r s d a y , S e p te m b e r 15 ............................. F r i., S e p t. 9 ........... S a t., S e p t. 1 0 ......... M o n ., S e p t. 1 2 ----T u e s ., S e p t. 1 3 . .. W e d ., S e p t. 1 4 . . . T h u r ., S e p t. 1 5 . . . 1 .2 7 % 1.2 5 % 1.2 5 % 1.2 9 % 1 .2 4 % 1.24% 1.26% 1.193/4 1.1 9 % C i t y Cash W h e a t . N o . 2 h a r d ........................... 1.02 N o . 2 r e d ............................... 1.07 O a ts. C ars 114 99 21S 78 142 135 in ' C h ic a g o . C ars. Y e a r ago. 131 118 77 141 120 156 257 138 132 99 61 89 M in n e a p o li s . B a r le y , R y e , C ars. C ars. 24 8 30 13 39 22 34 11 98 13 69 11 F la x , D u lu th C a r s . F la x . 17 5 44 ii 1 2 27 41 13 34 6 C oa rse G r a in in M in n e a p o li s E le v a t o r s . W e e k e n d in g S e p t. 10. 7,531 . 1,296,607 . 224,909 56,064 26,268 C o rn , b u s h e ls . O a ts , b u s h e ls . B a r le y , b u s h e ls R y e , b u s h e ls . . F la x , b u s h e ls . M in n e a p o li s W eekly W e e k e n d in g S e p t. 3. 8,583 1,032,880 220,994 41,344 20,422 Y ear ago. 6,793 417,915 250,471 42.308 757,446 R eceipts of G r a in . R e c e ip ts o f g r a i n a t M in n e a p o lis f o r th e w e e k s e n d in g o n th e d a t e s g iv e n , w e r e : W e e k e n d in g W e e k e n d in g S e p t. 10. S e p t. 3. Y e a r ago. W h e a t, b u s h e ls .................... 1,119,620 1,517,280 2,516,040 C o rn , b u s h e ls ................. 24,300 12,090 53,000 904,400 1,139,040 500,500 O a ts , b u s h e ls ......................... B a r le y , b u s h e ls .................... 356,340 491,960 511,560 R y e , b u s h e ls .......................... 40.320 60,060 33,200 F la x , b u s h e ls ......................... 131,920 89,250 118,150 M ilwaukee Grain M arkets. ( S p e c ia l C o r r e s p o n d e n c e to T h e C o m m e r c ia l W e s t.) Milwaukee, Sept. 14.— T h e re has been an increased a c tivity in M ilwaukee cash grain mark ets this wee k, particu larly in w heat and barley. O ats have also been selling fairly well and millers and distillers are tak ing the choice rye with alacrity. Receipts, particularly of barley, are liberal and the quality continues excellent. W h e a t is firm and millers are p ayin g go od prices for choice northern and No. 3 spring, but n eglecting winter No. 1 northern ranged at $1.15(0)1.23, No. 2 northern at $ i .i 2 @ i .2 i , No. 3 spring at $ i .oo @ i . i 8 and No. 2 hard w inter at $ i .0 3H @ lc >8. R y e is steady at 74@76c for No. 1 and 7 2 @ 7 5 ^ c for No. 2. A rriv a ls are increasing. Corn opened easier and only m oderately active at 53 @55c for No. 3 and 54@55h2C for No. 3 yellow , but closed i c higher. Receipts are light. O ats are steady and wanted, the choice selling readily. Receipts are fair. No. 2 white sold at 3 2 1/ 2 @ 3 3 1/ 2 c , stand ard at 32 @ 33 xAc and No. 3 white at 3 iH @ 33c. B a rle y is i c lower for the best malting and i@ 2 c lower for low grade, heav y receipts exceed in g the demand. D a kota is dull, maltsters w an ting W isco n sin and Minnesota. Standard sold at 5 4 @ S 6 c, extra 3 at 47@56c and No. 3 at 39 @ 5 ic. Flour was dull and easier so far as new business is concerned, but shipping directions are co m in g in freely, and mark et closed 40c. Patents in w o o d are quoted at $6.15. Millstuffs are higher at $18.00 for sacked bran. S M ITH COMMERCE, & CO. M INNEAPOLIS. C O M M IS S IO N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Cash 1.1 7 % 1.18% 1.143,4 R y e Prices. D a ily c lo s in g p r ic e s o f N o . 2 r y e in M in n e a p o lis : M in n e a p o lis Y ear ago C h ic a g o . . . Y e ar ago D u lu th ......... K a n s a s C ity S t. L o u is . . N e w Y o rk . ^ H o lid a y . D uluth N o. 1 h a r d . . . . N o. 1 n o rth e rn N o. 2 n o rth e rn H A R R I S , SCOTTEIM CO. Members Chicago Board of Trade and Minneapolis Chamber of Commerce 37 BOARD OF TRADE Saturday, Septem ber 17, 1904. THE C O M M E R C IA L W EST 35 L O N D O N W H E A T REVIEW . F. Lenders & Co., London, re view the w heat situa tion as fo llo w s under the date of Septem ber 1: L a s t w e e k ’s shipments show ed a fair increase and amounted to over 1,000,000 quarters. T h e quantities afloat w ere de creased b y 187,000 quarters, and the A m erican visible supply show s a decrease of 400,000 bushels. M arkets during the w hole w eek w ere inactive, and al though holders especially of Russians would have been w illin g to make some concessions, buyers w ere holding aloof, and the continuous fluctuations of the A m erican mark ets are still the principal reasons w h y buyers are re luctant to operate. It is difficult to w ade through the labyrinth of contra dicting reports about the A m erican crop, and it is aston ishing that the m o st competent and reliable statisticians’ estimates are so w id ely different from one another. It appears, how ever, that under the most favorable circum stances the available export surplus will hardly be more than 100,000,000 bushels* and the violent rises which have taken place lately in the A m erican mark ets are therefore to a certain degree justified. V e r y go o d news reaches us from Russia, and it seems that almost eve ry w h ere the crop results are turning out better than expected. A lr e a d y last w e e k ’s shipments sho w a go o d increase, and the total of about 37,000 quar ters indicates that the shipments during the autumn should not fall v e r y short of those of last year, although holders in the interior up to the present are v e ry stiff, and still be lieve that a starvin g w estern E urope will have to pay much higher prices for their produce. A t the present m o ment most of the farmers are rather busy with their field w ork, but as soon as that is finished we believe more rea sonable ideas will be form ed about the value of their wheats, and we shall have plenty of offers at reasonable prices to deal with, and as the qualities are good and v e ry suitable for our markets we expect a go o d trade to de velop. in the near future from Russia. T h e A rge n tin e still displays great firmness, and offers are v e r y difficult to be got. E v e n resellers are scarce, w hich shows that all the w heat that is being shipped is held by the consumption. It is not at all likely that con sumers will be able to buy much from the A rge n tin e at reasonable prices in the near future. T h e new crop, however, accordin g to the latest reports, is m akin g splen did progress; the w eath er conditions are v e r y favorable, the area sown seems to be about 10 per cent greater than that of last year, and if eve ry th in g remains so favorable it is not unlikely that holders of old w heat will be more w illin g to meet the im porting markets, of which, however, there are no signs at the present moment, and although we have several enquiries for O cto b e r shipment, we can not get any response from exporters. T h e shipments from India last w e e k w ere rather smaller, how ever, th e y are still large and are likely to continue so. Prices asked during the w e e k w ere fairly reasonable, but o w in g to the un certainty of our mark ets business w as v e r y difficult, and only a few transactions have taken place. A s there is still a large quantity left in India w e expect that w e shall for some months to come, have a regular trade and that shipments will alw ays keep up their present level. Roumania and Bulgaria continue to ship fair quanti ties as it appears that the alarming reports received about the Roumanian crop a few months ago w ere exaggerated, and it is not unlikely that the present rate of shipments should be kept up during the autumn months, especially as Roum ania has nothing else to export, and co m para tively go o d prices would be obtainable at the present m o ment. Im po rtin g to H u n g a r y from Roumania is greatly hindered b y the low w ater in the Danube which does not a llo w lighters to g o up to Budapest, whilst on the other hand the railway rates would be too heavy. T h is should allow b igg er quantities to go through the B la ck Sea, and thus keep up the shipments to W e s te r n Europe. F air quantities of n ew w hea t have been brou ght to m arket in F rance as w ell as Germany, which has resulted in local markets there bein g v e r y quiet. O n the other hand the results of the crop are hardly satisfactory, es pecially in France, w here in some parts the yield is v e ry p oor indeed, but qualities v e r y good. T h e reaction which w e predicted last week, has set in, and alth ough w e might still see a further decline such cannot be v e r y great, and w e should not be surprised to soon see the mark ets again firm up. W e therefore think that any cheap offer is w orth picking up, as w e believe it should sho w a profit in the near future. COM M ERCE O F G A L V E ST O N . T h e Galveston N e w s of Se ptember 1 contains a synopsis of the commerce of the port of Galveston for the trade year just closed. It shows the bre a k ing of m a ny records. G alv es to n ’s to tal co tton receipts for 1903-04 were 2,406,031 bales, compared with 2,093,070 bales for 1902-03. T h e T e x a s co tton crop for 1903-04 w as 2,411,288 bales, and of this amount Galveston handled 88.2 per cent. D u rin g the preceding year Gal veston handled 79.9 per cent of the total T e x a s crop. G alv esto n ’s bank clearings for the y ea r just closed w ere $445,588,000, compared with $413,185,000 for the previous year, s h o w in g an increase of $32,403,000. In exports Galveston ranks first as a cotton port, second in cotton seed products, first in w heat third in total breadstuffs and fourth in live stock. D u rin g the past year G al veston advanced from her rank as eighteenth a m o ng all ocean and gulf https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ports to thirteenth place in imports. T h e total value of freight passing over the Galveston w h arve s during the past y ea r exceeded the half-billion mark and amounted to $544,734,044, s h o w in g an increase of $96,823,337 over the preceding year. T h e total value of foreign goods handled on the w h arve s during the past year, in cluding imports in bond and imports transshipped to interior cities, was $2,870,718, co m pared with a valuation of $2,849,984 for the preceding year. G alv esto n ’s exports to fore ign coun tries during the past year were va l ued at $144,997,988, co mpared with a valuation of $104,121,087 for the pre ce ding year. G alveston has for years had an exp o rtin g business much l a r g er than any other port in the United States w hen a comparison of popula tion is taken into consideration. D u r ing the past year 1,881,714 bales of cotton, valued at $116,638,461, were exported to foreign ports through Galveston, compared w ith 1,705,872 bales, valued at $78,168,931, for the preceding year. G alveston has sixtyone lines of steamers plyin g to f o r eign ports. T h e re are t w o regular lines of coastw ise vessels to N e w Y o r k and seven lines of coastwise vessels to ports in the gulf. T h e port has the best w h a r f facilities of any port in the United States. T h e w harf fro n tage is capable of accom odatin g 100 vessels loading at one time. D u r ing the past y ea r 1,497 vessels of a net tonnage of 3,452,536 entered and cleared at the port of Galveston, co m pared with 1,340 vessels of a net to n n age of 3,094,903 for the previous year. T h e total amount expended at G al veston for im provements during the past year w as $2,498,995. THE 36 C O M M E R C IA L W EST Saturday, Septem ber 17, 1904. C O M M E R C IA L W E ST M A R K E T REVIEW S. E . W . W a g n e r , C h ic a g o , S e p te m b e r 14.— A f t e r a d v a n c i n g th i s w e e k f r o m 8 to 9 c e n t s , w h e a t to d a y s e t b a c k a b o u t 2% c e n t s a b u s h e l. I t is a g o o d p la c e to b u y o n s u c h b r e a k s . T h o s e w h o h a v e c o n s is te n tly p u r s u e d t h i s p o lic y s in c e h a r v e s t h a v e m a d e a ll th e m o n e y a n d t h o s e w h o h a v e s o ld i t o n s u c h p la c e s h a v e lo s t it. S o i t w ill c o n tin u e to b e till t h e n e x t h a r v e s t . T h e a d v a n c e s c o m e o n t h e m e r i t s o f w h e a t c o m m e r c ia lly . C a s h w h e a t d o e s n o t r e f le c t th e w e a k n e s s . T h e f u t u r e s a r e n o w a t a b ig d is c o u n t o n t h e c a s h p r ic e a n d a n y o n e s h o u ld k n o w w h a t t h e r e s u l t o f t h i s w ill b e . T h e t h i n g to do is to d e a l i n t e l l i g e n tly in th i s c ro p o f w h e a t. Y o u c a n d o t h a t o n ly b y f o r t i f y i n g y o u r s e lf w ith t h e f a c t s t h a t a r e m a k i n g v a lu e s . T h e y a r e s im p le , d i r e c t a n d lo g ic a l. F i r s t , t h e in e v ita b le la w o f c o m p e n s a t i o n w h ic h h a s t a k e n t e n y e a r s to c a r r y u s u p to t h e s e p r ic e s ( f r o m 5 0 -c e n t w h e a t ) , j u s t a s i t to o k a b o u t t e n y e a r s f o r a r e v e r s a l o f c o n d itio n s to w o r k u s d o w n ( f r o m e q u iv a le n t p r ic e s ) to 5 0 -c e n t w h e a t, i t a s s e r t i n g its e lf . S e c o n d , e v e r y a d v a n c e w e m a k e - is p e r m a n e n t l y e s t a b l i s h e d b e c a u s e m a n ip u la tio n h a s b e e n ro u te d , “ s c a r e s ” d is p e lle d a n d o n e - m a n o r c liq u e in flu e n c e s o f a r u p s e t t h a t t h e y m u s t p r o c e e d a lo n g th e lin e s o f th e n a t u r a l te n d e n c y o f th e m a r k e t o r g o b r o k e lik e a n y o t h e r o p e r a t o r , w h e n w ro n g . T h ir d , t h e p r o d u c e r a n d c o n s u m e r a r e d e a l in g w i t h e a c h o t h e r a n d t h e m id d le m a n m u s t s e r v e a s th e a g e n t a n d s t a n d f o r o n e o r t h e o th e r , i n s t e a d o f h o ld in g - d o w n t h e m a r k e t a n d h o ld in g - u p b o th t h e p r in c ip a ls . I t is a y e a r s u c h a s t h e w h e a t t r a d e h a s s e ld o m k n o w n . T h e g r e a t d i s p a r i t y b e tw e e n s u p p ly a n d d e m a n d g iv e s a r b i t r a r y p o w e r to t h e p r o d u c e r to n a m e p r ic e s to w h ic h t h e c o n s u m e r h a s n o t h i n g to d o b u t s u b m it. Y o u h a v e o n ly , a s a s p e c u la to r , to a lly y o u r s e lf o n t h e p r o d u c e r ’s s id e to s u c c e e d to a n e x t e n t t h a t is lim it e d o n ly b y t h e m o n e y , f ir m n e s s a n d p a tie n c e y o u a p p ly to t h e s u p p o r t o f y o u r s id e . T h e p r ic e o f w h e a t m u s t a d v a n c e u n t i l a ll e x p o r ts c e a s e , a n d till t h e f o r m e r r e lie v e s t h e d e m a n d s o f t h e m a r k e t b y f r e e d e liv e r ie s o r t h e c o n s u m e r r e d u c e s h is d e m a n d s b y a m o r e r ig i d e c o n o m y a n d th e s u b s t i t u t i o n o f o th e r a r t i c l e s o f fo o d f o r flo u r. * * * " E d w a rd G. H e e m a n , C h ic a g o , S e p t. 10: T h e d is c o u n t a t w h ic h S e p te m b e r w h e a t is r u l i n g w o u ld s e e m to w a r r a n t c a u tio n o n th e b u ll s id e f o r t h e tim e b e in g , a t l e a s t o n t h e b u lg e s . F r o m e v e r y o t h e r p o in t o f v ie w , h o w e v e r , t h e b u lls h a v e th e b e s t o f t h e a r g u m e n t. W e h a v e h a d a lib e r a l m o v e m e n t of w i n t e r w h e a t f o r 90 d a y s w i t h o u t a n y in c r e a s e in t h e v is ib le s u p p ly . T h e b ig r u s h is o v e r. B u t l i t t l e s p r in g w h e a t w ill c o m e to t h i s m a r k e t . N o r t h w e s t e r n m ills h a v e g r o u n d m o re w h e a t s in c e 1900 t h a n w a s g r o w n in t h a t s e c tio n o f t h e c o u n t r y a n d w i t h a s m a l le r c ro p t h i s y e a r , th e y w ill w a n t e v e r y b u s h e l o f i t a n d m o re . W i t h n o r e s e r v e s o f o ld w h e a t a n d th e s m a l l e s t t o t a l c ro p o n re c o r d , r e l a t i v e l y s p e a k in g , i t w o u ld b e fo lly to p r e d i c t h o w h ig h w h e a t m a y s e ll b e fo re a n o t h e r c ro p is a v a i la b le . ^ W . P . A n d e r s o n & C o., C h ic a g o , S e p t. 10: T h e t h r e s h i n g r e t u r n s a r e s lo w ly p r o v in g t h e a c c u r a c y o f o u r c ro p i n v e s t i g a t o r s ’ r e p o r ts . M ille rs a r e f o r c e d to r e c o g n iz e t h e s h o r t s p r in g w h e a t s u p p lie s in t h e d i s a p p o i n t m e n t o f th e m o v e m e n t, w h ic h it h a d r e a s o n a b ly b e e n p r e d ic te d w o u ld b e lib e r a l, a t a r a n g e of p r ic e s t h a t h a v e n o t p r e v a ile d in a s e r ie s o f y e a r s . T h e s h o r t a g e o f s o f t w i n t e r w h e a t s u p p lie s is a lr e a d y b e in g f e lt a n d m ille r s a r e d r a w i n g u p o n t h e s m a l l c o n t r a c t s t o c k a t S t. L o u is . H a r d w i n t e r w h e a t is s till m o v in g in lib e r a l v o lu m e , a n d s to c k s o f it a r e s lo w ly a c c u m u l a t i n g h e r e . T h e flo u r d e m a n d s h o w s s o m e im p r o v e m e n t, t h o u g h s till d is a p p o i n tin g in v o lu m e . O u r L iv e r p o o l l e t t e r i n d ic a te s a s t r o n g fo r e ig n s i t u a t i o n , th o u g h t h e lib e r a l m o v e m e n t f r o m R u s s ia , w h e r e w a r n e c e s s i tie s . m a k e s t h e m f r e e s e lle r s , re lie v e s t h e i r u r g e n t p r e s e n t n e e d s , a n d s a y s : “ A ll o v e r G e r m a n y , c o m p a r e d w i t h l a s t y e a r , w h e a t is e x p e c te d t o s h o w a d e fic ie n c y o f 16,000,000 b u s h e ls , r y e 24,000,000 b u s h e ls , b a r le y 16,000,000 b u s h e ls , a n d o a ts 144,000,000 b u s h e ls , a n d t h a t a F r e n c h a u t h o r i t y s a y s t h e i r w h e a t c ro p Will o u t - t u r n 50 p e r c e n t u n d e r l a s t y e a r ’s y ie ld .” A r g e n t i n e w e e k ’s s h i p m e n t s 1,000,000 b u s h e ls , A u s t r a l i a n 400,000 b u s h e ls , B r a d s t r e e t ’s A m e r ic a n 1,996,000 b u s h e ls . N o r t h w e s t e r n r e c e i p t s f o r t h e w e e k 1,977 c a r s , l a s t w e e k 1,532 a n d l a s t y e a r 4,445 c a r s . * * * I r w in , G re e n & C o., C h ic a g o ,'S e p te m b e r 13: T h e g o v e r n m e n t fig u r e s o n w h e a t, f o r w h ic h o u r m a r k e t w a ite d so lo n g , w e r e p u b lis h e d l a s t S a tu r d a y , a n d th e r e s u l t o f c o m p a r in g t h e m w ith p r e v io u s “ s t a t i s t i c s ” is a n e s t i m a t e t h a t th e t o t a l w h e a t c ro p of t h e U n ite d S t a t e s t h i s y e a r is a b o u t 523,000,000 b u s h e ls . A s t h e o ffic ia lly r e p o r t e d c ro p o f l a s t y e a r w a s 628,000,000, a n d th e e x p o r ts o u t o f it w e r e 119,000,000, w h ile th e p o p u la tio n m u s t b e a t l e a s t 1,500,000 p e r s o n s m o r e t h a n tw e lv e m o n th s a g o a n d a ll th e f a c t s in d i c a t e t h a t o u r v is ib le a n d in v is ib le r e s e r v e s a t t h e c lo se o f t h e l a t e s t c ro p y e a r c e r t a i n l y w e r e n o t l a r g e r t h a n th o s e o f o n e y e a r p r e v io u s ly , i t fo llo w s t h a t : I f t h e o fficial fig u r e s f o r p r o d u c tio n a n d e x p o r t, a s a b o v e q u o te d , b e c o r r e c t, a n d if o u r h o m e c o n s u m p t io n p e r c a p i t a d u r in g t h e p r e s e n t c ro p y e a r b e t h e s a m e a s f o r th e tw e lv e m o n th s n e x t p r e c e d in g , th e n , t h e c ro p o f th is ' y e a r d o e s n o t le a v e u s a b u s h e l f o r e x p o r t, a n d t h e fe w m illio n s w e a l r e a d y h a v e e x p o r te d o u t o f i t w ill h a v e to b e r e p la c e d b y im p o r ta ti o n s , u n le s s t h e r e b e a c o r r e s p o n d in g d e c r e a s e in r e s e r v e s . S o m e p e o p le in t h i s p a r t o f t h e w o rld h a v e e x p r e s s e d d o u b ts t h a t th e s i t u a t i o n , a s h e r e s t a t e d , h a s b e e n d is c o u n t e d a lr e a d y b y t h e r is e in p r ic e s d u r i n g th e l a s t fe w m o n th s , a n d o n e w r i t e r o n th e s u b j e c t h i n t s t h a t h a lf t h e p o p u la tio n o f t h e U n ite d S t a t e s n o w is a lm o s t in t o u c h w i t h S o u th A m e r ic a n w h e a t. B u t A r g e n t i n a h a r d l y c a n h a v e m o r e t h a n a b o u t 12,000,000 b u s h e ls le f t, a n d if t h a t 'w i l l n o t b e w a n t e d b y E u r o p e a t h i g h e r fig u r e s t h a n c o n s u m e r s in a n y p a r t o f t h e U n ite d S t a t e s w o u ld c a r e t o p a y f o r i t in a d d itio n to th e p r e s e n t im p o r t d u ty , t h e r e m u s t b e a h u g e m i s t a k e a b o u t t h e f a c ts . T h e t r u t h is t h a t E u r o p e a n w r i t e r s o n th e s itu a tio n , w h ile a c k n o w le d g in g , a n u n u s u a ll y b ig d e fic it in t h e i r o w n p a r t o f th e w o rld , h a v e b e e n e n c o u r a g e d b y b e a r i s h t a l k h e r e to m a k e f u n o f t h e c la im s o f c ro p d a m a g e h e r e a n d in C a n a d a , a n d e v e n th e m o s t r e s p e c tf u l o f t h e m w r ite o t th e e x tr e m e d iff ic u lty o f d r a w i n g s a t i s f a c t o r y c o n c lu s io n s f r o m “ s u c h c o n f lic tin g n e w s ” a s g e ts t o th e m f r o m th i s s id e of t h e A tla n tic . T h e W in n ip e g c o r r e s p o n d e n t o f “ T h e C o m m e rc ia l W e s t ” te lls h o w i t is t h a t t h e n e w s f r o m M a n it o b a is so “ c o n f lic tin g .” H e s a y s t h a t t h e n e w s p a p e r p r e s s a n d e v e n c o m m e r c ia l p a p e r s w h ic h o u g h t to k n o w b e t t e r h a v e b a s e d t h e i r c o n c lu s io n s p r in c ip a lly o n t h e w e e k ly c ro p r e p o r t s p u b lis h e d b y t h e C a n a d ia n P a c if ic a n d th e C a n a d ia n N o r t h e r n r a i l r o a d s , . w h ic h a r e c o n t r i b u t e d b y t h e s t a t i o n a g e n t s a t c o u n t r y p o in ts , m o s t of w h o m h a v e l i t t l e o r n o q u a lif ic a tio n s a s c ro p r e p o r t e r s a n d h a v e t h e n a t u r a l f e e lin g o f m a k in g o u t th e b e s t p o s s ib le s h o w in g f o r t h e p a r t i c u l a r a r e a a b o u t w h ic h th e y a r e c a lle d o n to r e p o r t. N o w o n d e r t h a t s u c h s t a t e m e n t s h a v e b e e n a c c e p te d a b ro a d ] a s g o o d r e a s o n f o r d o u b tin g th o s e m a d e b y c ro p e x p e r t s e s p e c ia lly w h e n so m a n y h e r e h a v e a c t e d a s if t h e y to o b e lie v e d th e m . B u t i t is f a i r to p r e s u m e t h a t t h e f o r e ig n to n e w ill c h a n g e r a d ic a lly n o w t h a t th e o ffic ia l s t a t e m e n t h a s g o n e o u t m re g a rd , to o u r o w n c ro p , a n d e s p e c ia lly so w h e n t h e M a n i to b a g o v e r n m e n t is s u e s i t s s t a t e m e n t f o r t h e c ro p in t h a t r e g io n I t is l e g i t i m a t e to e x p e c t t h a t t h e c o u r s e o f p r ic e s in t h e E u r o p e a n m a r k e t s s o o n w ill s h o w t h e e f f e c ts of a s h a r p in c r e a s e m t h e b u y in g p r e s s u r e th e r e , d u e t o th e c o n v ic tio n t h a t th e e a s e h a s b e e n b a d ly m is u n d e r s t o o d . A n d t h e r e p o r t s o f d i m i n is h e d m o v e m e n t h e r e s o o n m u s t e m p h a s iz e th e c o n d itio n O ur d e c r e a s in g p r i m a r y r e c e i p ts n o w a r e o n e q u a r t e r le s s t h a n a y e a r a g o . M in n e a p o lis m ille r s a r e a c t iv e ly r e a c h i n g in to th e S o u th w e s t f o r s u p p lie s w h ic h t h e y n o w s e e t h e y c a n n o t h o p e to g e t f r o m th e a r e a s n e a r e r h o m e o n w h ic h th e y n o r m a lly d r a w F u r t h e r m o r e , th e f r o s t w a v e w h ic h h a s s w e p t t h e N o r t h w e s t t h i s w e e k w ith r a i n s in s o m e p o r tio n s , p r o b a b ly w ill p ro v e to h a v e e ffe c te d b ig a d d itio n a l lo s s, b o th in q u a n t i t y a n d q u a l ity , th e l a t t e r b e in g a l r e a d y s o p o o r a s t e r r i b l y to d im in is h th e flo u r m a k i n g p r o p e r t i e s o f t h e w h e a t, s.nd g iv e u s a c ro p w h ic h e a e c t i v e l y is f a r le s s t h a n i n d ic a te d b y t h e n u m b e r o f m e a s u r e d b u s h e ls . A ll t h i s m e a n s t h a t p r ic e s w ill h a v e t o g o a g r e a t d e a l h ig h e r , b o th a t h o m e a n d a b r o a d a n d ju d ic io u s b u y e r s w fll n o t f a il to t a k e a d v a n t a g e o f a n y te m p o r a r y h e s i t a t i o n m t h e m a r k e t w h ic h m a y p r e c e d e t h e p u r c h a s i n g r u s h w h ic h Æ b ? , th ,e n e a t e r f o r t h e e x te n s iv e n e s s o f t h e h o ld in g off a t t i t u d e b y th e m a n y w h o h a v e w a i t e d f o r “ a g o o d b r e a k o n w h ic h to b u y .” A lre a d y 1 t h e r e a r e m illin g o r d e r s in th e h a n d s o t o u r fir m a n d o th e r s h e r e f o r c a s h w i n t e r w h e a t w i t h o u t li m i t a t i o n s a s to p ric e . * * * J o h n H . W r e n n & C o., C h ic a g o , S e p t. 14.— 'W h e a t n o t so a c t i v e a n d n o t so s t r o n g a s y e s te r d a y . T h e m a r k e t s h o w e d a r e a c t i o n a r y te n d e n c y a t t h e o p e n in g a n d t h a t w a s t h e to n e a t t h e c lo se , t h e v o lu m e o f b u s in e s s w a s d e c id e d ly s m a l l e r a n d o p e r a tio n s w e r e c o n fin e d p r in c ip a lly to p i t t r a d e r s . T h e r e w a s f u r t h e r s e llin g p r e s s u r e f r o m th e e le v a t o r p e o p le a n d it« f o l lo w e rs , a s n o te d in o u r l e t t e r s o f t h e l a s t fe w d a y s . T h e d e c lin e of a % to % a t L iv e r p o o l in t h e f a c e o f t h e s h a r p a d v a n c e h e r e y e s te r d a y , w a s th e w e a k e s t f a c t o r w i t h th e t r a d e U n t h e o t h e r h a n d , th e s m a ll p r i m a r y m o v e m e n t is a t t r a c t i n g c o n s id e r a b le a t t e n t i o n . So f a r t h i s w e e k i t h a s b e e n o n ly a b o u t i5 p e r c e n t of l a s t y e a r ’s. T h e r e w e r e a lo t o f b a d t h r e s h i n g 1 r e t u r n s re c e iv e d fr o m t h e N o r t h w e s t a n d th e lo w t e m p e r a t u r e s m t h a t s e c tio n h a v e u n d o u b te d ly f r o s t e d t h a t p o r ti o n of- t h e w h e a t n o t c u t. N o r t h w e s t e r n m a r k e t s s h o w e d a b o u t a s m u c h r e a c t io n a s o u rs . T h is is o n ly n a t u r a l a f t e r s u c h a s h a r p u p t u r n . A r g e n tin e c ro p a d v ic e s w e r e f a v o r a b le , b u t o ld s u p p lie s o f w h e a t in t h a t c o u n tr y h a v e b e e n w e ll m a r k e t e d a n d p r ic e s a r e a d v a n c in g . M ilm in e , B o d m a n , & C o., C h ic a g o , S e p te m b e r 14.— A n e r r a t i c m a r k e t , s t r o n g a n d w e a k b y t u r n s , b u t fin a lly , b e f o r e th e c lo se t a k i n g a d ip a n d c lo s in g a t $1.16 b id , a g a i n s t a n o p e n in g o f $1.17 to $1.17% . A t o n e tim e i t so ld u p to $1.18% , b u t th e s t e a m g o t lo w , t h e r e w e r e s e lle r s , in e v id e n c e , t h e c ro w d f e lt t h a t a n a d v a n c e o f 9c in tw o d a y s w a s a tr if le to o m u c h e v e n f o r p r e s e n t c o n d itio n s , a n d t h e l a s t h a l f - h o u r t h e r e w a s s o m e b ig s e ll in g b y t h e p i t e le m e n t. T h e r e w e r e c o n tin u e d r a i n s in t h e N o r th w e s t . T h e s e h a v e d e la y e d t h r e s h i n g a n d a r e s till d o in g d a m a g e to th e w h e a t in s h o c k . T h r e s h i n g r e t u r n s t e ll th e s a m e s t o r y a s f o r a w e e k p a s t . L i t t l e a t t e n t i o n is p a id t h e s e d a y s to c a b le s . O u r w h e a t is a b o v e a n y s h ip p in g b a s is . A n d t h a t b e in g t h e c a s e , t h e C h ic a g o p r ic e m a y r a n g e a b o v e th e s e a b o a r d . I t w ill a ll b e a m a t t e r of s u p p lie s a t d if f e r e n t p o in ts . • B r a d s t r e e t ’s w o r ld ’s v is ib le s h o w s a n i n c r e a s e of o n ly 2,300,000 b u s h e ls , a s a g a i n s t 6,043,000 b u s h e ls a y e a r a g o . T h e r e w ill b e n o b ig s u r p lu s o f w h e a t a n y w h e r e th i s y e a r . I f t h e r e w a s w e w o u ld n o t b e p a y in g $1.20 f o r c a s h w h e a t in t h e N o r th w e s t . A t t h e c lo s e i t lo o k e d lik e a f u r t h e r b r e a k to m o r ro w . T h e r e w a s e v id e n c e to d a y o f q u ite a h e a v y f r o s t t o n ig h t, b u t t h a t w ill a f f e c t n o th i n g b u t t h e c o rn . * * * H u lb u r d , W a r r e n & C o., C h ic a g o , S e p t. 14.— W h e a t a c t iv e , e x c i te d a n d i r r e g u l a r , c lo s in g t o d a y l % c h ig h e r t h a n o n M o n d a y la s t , b u t 2 % c b e lo w t h e h ig h p o in t r e a c h e d y e s te r d a y . T h e f r e s h u p w a r d im p u ls e y e s t e r d a y w a s s t a r t e d b y u n f a v o r a b le w e a t h e r in th e N o r t h w e s t ,— w i n t e r t e m p e r a t u r e s , w ith s n o w a n d r a i n in t h e B r i t i s h p ro v in c e s ,' w ith f r o s t fo llo w in g r a i n s in t h e D a k o t a s a n d M in n e s o ta . S o m e c la im s a r e m a d e t h a t c o n s id e r a b le w h e a t h a s b e e n c a u g h t in B r i t i s h A m e r ic a b y t h e ,f r o s t, w h ile o th e r s d e n y it, b u t t h e c o n tin u e d lig h t m o v e m e n t of s p r in g w h e a t, a n d a r e v iv a l in t h e d e m a n d f o r flo u r s e r v e s to k e e p s p e c u la tiv e s e n t i m e n t in a f e r m e n t. A h e a v y t r a d e is p a s s i n g in th e s p e c u la tiv e m a r k e t , b u t i t is b e tw e e n c o m p a r a tiv e ly fe w p e o p le , in c lu d in g p r o m i n e n t d e a l e r s in t h i s m a r k e t , M in n e a p o lis a n d S t. L o u is . T h e r e w a s a d is p o s itio n o n t h e p a r t of th i s e le m e n t to t a k e p r o f its to d a y , w h ic h c a u s e d a h e a v y c lo s in g , 2 % c b e lo w th e h ig h p o i n t o f th e d a y . T h e m illin g d e m a n d h a s n o t fo llo w e d t h e a d v a n c e o f t h e p a s t tw o d a y s in th e s p e c u la tiv e m a r k e t , a n d i t lo o k s a s if w e m ig h t h a v e f u r t h e r d o w n w a r d r e a c t io n f o r p o s s ib ly a n o t h e r d a y o r tw o , w h e n w e t h i n k i t w ill do to b u y a g a i n . K a n s a s C ity a d v ic e s in d ic a te a f u r t h e r d e c r e a s e in t h e m o v e m e n t o f K a n s a s w h e a t, w h ic h is c o n firm e d b y t h e a c t io n of t h e i r m a r k e t. J. V. McHUGH G. A. CHRISTENSEN J. E. STAIR A Reliable Firm to which to Consign Your Grain https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE Saturday, September 17, 1904. C O M M E R C IA L Corn E x p o r t s , in Bushels. GENERAL STATISTICS. Cere al Exports, w ith D e s t in a t i o n s . T h e e x p o r ts o f w h e a t a n d c o r n ( in b u s h e ls ) a n d o f flo u r (in b a r r e l s ) f r o m t h e U n ite d S t a t e s a n d C a n a d a ( c o a s tw is e s h i p m e n t s in c lu d e d ) , w ith p o r t s o f d e s ti n a tio n , f o r t h e w e e k e n d in g S e p te m b e r 2, 1904, fo llo w : F lo u r . C o rn . W h e a t. To— 6,615 270,502 79,896 .L iv e rp o o l .................... *........... 40,510 25,052 21,040 L o n d o n ...................................... 3,362 24,130 B r is to l ........................................ 38,035 53,994 23,655 G la s g o w .................................... L e i t h _........................................... 6,422 H u ll .............................................. N e w c a s t le ........................... . . M a n c h e s te r ............................. 8,340 B e l f a s t ........................................ D u b lin .......................................... 13,501 O th e r U n ite d K i n g d o m . . . 119,689 U n ite d K in g d o m , o r d e r s . . 6,126 67,883 A n tw e r p .................................... 33,521 121,110 H o lla n d ...................................... 2,645 27,799 F ran ce .................................... .. 50,862 7,901 G e r m a n y ................................... 672 P o r tu g a l , I t a l y a n d S p a in 5,435 S c a n d i n a v i a ....................... 202,019 A s i a ............................................. 4,457 A f r i c a .......................................... 69,041 40,689 W e s t I n d ie s ........................... A u s t r a l a s i a ............................. 22,372 8,560 74,666 A ll o th e r s ................................ T o t a l ...................................................... 494,725 638,652 437,124 I n a d d itio n to t h e a b o v e , 59,098 b u s h e ls o f o a ts a n d 148,536 b u s h e ls of b a r le y w e r e e x p o r te d . C ere al F r o m —• N e w Y o r k ......... P h il a d e lp h ia B a l tim o r e . . . . B o s to n .............. N ew p o rt N ew s N o r f o lk ............. P o r t l a n d , M e .. N ew O rle a n s .. G a lv e s to n ........ M o b ile .............. S a n F r a n c is c o . P o r t l a n d , O re.* T a c o m a ........... S e a t t l e ........... M o n tr e a l ......... Exports by 22,210 41,842 91,000 20,000 41,991 T o t a l ........... 335,239 344,126 ♦ T w o w e e k s ’ e x p o r ts . J a n u a r y 7 .............. ......... J a n u a r y 14 ........... ......... J a n u a r y 21 ........... ......... J a n u a r y 28 ............ ......... F e b r u a r y 4 ........... ......... F e b r u a r y 11 ......... ......... F e b r u a r y 18 ......... ......... F e b r u a r y 25 ......... ......... M a r c h 3 .................. ......... M a r c h 10 ................ ......... M a r c h 17 ................ ......... M a r c h 24 ................ ......... M a r c h 31 ................ ......... A p ril 7 .................... ......... A p ril 14 .................. ......... A p ril 21 .................. ......... A p ril 28 .................. ......... M a y 5 ....................... ......... M a y 12 ....................... ......... M a y 19 .................... ......... M a y 26 .................... J u n e 2 ....................... ......... J u n e 16 .................... J u n e 23 .................... ......... J u n e 30 .................. ......... J u l y 7 ....................... ......... J u l y 14 .................... ......... J u l y 21 .................... ......... J u l y 28 .................... ......... A u g u s t 4 ................ ......... A u g u s t 11 ............. ......... A u g u s t 18 ............... ......... A u g u s t 25 .............. ......... S e p te m b e r 1 ......... ......... S e p te m b e r 8 ......... ( B r a d s t r e e t ’s .) 1904. 1903. 2,856,981 1,249,599 2,394,612 977,769 1,150,202 2,376,683 2,045,000 1,469,396 2,400,316 1,411,186 1,830,170 589,362 1,291,846 3,739,457 2,368,939 1,486,732 3,817,609 1,690,753 3,257,999 2.026,810 3,072,068 1,573,289 3,618,210 1,527,676 2,812,068 1,438,212 2,654,732 1,028,907 1,677,621 583,339 626,792 1,499,906 2,210,155 190,193 1,631,709 523,451 120,156 1,431,257 1,814,186 118,337 1,179,739 1,013,871 327,166 1,089,353 1,282,724 387,062 1,420,172 536.087 1,525,084 613,124 1,402,404 574,929 1,501,338 706.647 928,839 415,844 273,365 884,428 707,387 695,202 520,362 509,495 866,320 763,846 868,741 710,562 844,818 1902. 136,873 298,093 179,520 427,018 169,145 527,366 257,830 312,664 352,406 183,414 339,891 139,205 330,531 158,565 400,733 376,186 128,679 126,755 82,795 90,969 71,478 86,254 110,979 130,102 127,969 185,031 130,679 79.611 28,405 70,611 93,423 51,649 115,150 21,196 91,512 1901. 4,897,343 5,184,550 3,972,152 2,487,707 4,171,440 4,760,422 3,267,668 4,185,440 3,956,137 3,246,575 2,605,084 3,582,943 2,990,541 2,623,884 2,136,401 1,344,656 '2,371,892 1,583,831 2,704,594 2,204,902 2,037,343 21455,102 2,435,487 2,455.460 2,240,933 2,800,738 1,714,081 1,155.276 563,604 990,714 508,804 523,883 441,918 550,876 777,8-31 Port s. B r a d s t r e e t ’s. W h e a t, b u s h . F lo u r , b b ls . L ast L ast T h is T h is w eek. w eek. w eek. w eek. 24,288 64,379 42,915 36,571 39,915 26,220 2,017 22,026 15,181 12,104 113,771 15,253 2,982 5,214 3,686 55,900 578 7,000 2,000 11,100 2,943 93.000 46,434 32,500 19,535 37 W EST C o rn , b u s h . L ast T h is w eek. w eek. 212,686 377,119 203,242 59,998 500 800 34,000 42,500 1,300 604 14,000 1,075 17,500 D e tro it 33,677 119,000 74,600 177,105 129,418 158,868 62,601 487,046 281,944 476,231 710,562 W h e a t an d F l o u r E x p o r t s . ( B r a d s t r e e t ’s .) T h e q u a n t i t y o f w h e a t ( in c lu d in g flo u r a s w h e a t ) e x p o r te d fr o m U n ite d S t a t e s a n d C a n a d ia n p o r ts f o r th e w e e k e n d in g w ith T h u r s d a y is a s fo llo w s in b u s h e ls : W e e k e n d in g — 1903. 1902. 1901. 1900. N o v e m b e r 19 ___ 2,974,277 5,277,672 5,518,1)30 3,827,296 N o v e m b e r 26 ___ 3,851,767 4,179,685 5,117,478 3,497,880 D e c e m b e r 3 ......... 4,201,504 5,704,440 4,604,846 3,432,159 D e c e m b e r 10 ___ 4,590,530 3,761,047 3,879,809 4,785,577 D e c e m b e r 17 ......... 3,363,035 3,256,037 4,332,832 4,123,350 D e c e m b e r 24 . . . . 2,335,606 3,560,486 4,291,543 3,868,165 D e c e m b e r 31 ___ 2,915,236 3,336,206 4,818,471 3,914,301 1904. 1903. 1902. 1901. J a n u a r y 7 ......................... 3,369,323 5,098,951 3,567,710 5,961,095 J a n u a r y 14 ....................... 2,771,215 4,878,624 4,690,202 3,336,054 J a n u a r y 21 ....................... 3,538,192 3,538,757 3,639,679 4,838,678 J a n u a r y 28 ....................... 2,917,602 4,420,065 3,702,368 3,776,000 F e b r u a r y 4 ....................... 2,604,226 3,965,916 4,800,457 4,997,813 F e b r u a r y 11 ..................... 1,746,255 2,856,439 3,175,481 4.814,878 F e b r u a r y 18 ..................... 1,657,510 2,713,792 3,609,435 3,424,302 2,656,879 F e b r u a r y 25 ..................... 2,091,488 3,234,540 5,233,313 M a r c h 3 ............................. 1,643,086 3,491,486 4,095,944 4,229,528 M a r c h 10 ........................... 1,834,632 3,366,796 2,906,250 4,690,939 M a r c h 17 ........................... 2,606,124 2,395,598 4,326,304 3,256,644 M a r c h 24 ........................... 1,801,845 2,401.987 2,904,110 4,494,635 M a r c h 31 ........................... 1,267,430 3,130,974 4,446,917 4,698,693 A p ril 7 .................................. 1,854,370 2,833,285 3,842,012 6,405,401 A p r il 14 .............................. 1,213,855 2,977,777 4,118,108 5,306,217 3,888,542 A p r il 21 .............................. 1,645,428 3,750,589 4,282,129 A p ril 28 .............................. 1.010.850 3,418,289 5,308,155 5,100,763 M a y 5 .................................. 1,192,718 3,201,680 3,302,240 4,178,872 M a y 12 ................................ 734,736 4,097,596 5,172,634 3,981,968 M a y 19 ................................ 1,225,763 5,293,373 5,184,839 4,796,084 M a y 26 ................................ 1,132,157 4,677,678 3,900,645 4,138,970 J u n e 2 .................................. 1,937,208 4,708,995 4,600,055 6,644,644 J u n e 16 ................................ 2,044,251 3,617,415 3,860,434 5,520,831 J u n e 23 ................................ 1,271,437 3.518,152 3,382,701 4,364,147 J u n e 30 .............................. 1,127,885 2,966.682 3,211,215 3,787,630 J u l y 7 .................................. 878,910 2,380,410 4,404,115 5,016,149 J u l y 14 ................................ 1,412,498 3,652,784 3,775,222 5,221,880 J u l y 21 ................................. 1,281,301 2,781,088 3,980,969 6,974,926 J u l y 28 ................................ 1,613,265 3,191,442 4,388,534 6,463,391 A u g u s t 4 .......................... 1,379,198 3,040,629 4,244,363 8,831,199 A u g u s t 11 ....................... 1,281,399 3,413,191 4,591,805 9,039,761 A u g u s t 1 8 .......................... 1,703,047 3,372,789 5,954.759 6,606,989 A u g u s t 25 ....................... 1,084,333 3,245,056 5,436,530 6,607,611 S e p te m b e r 1 ..................... 1,830,511 3,131,839 6,276,299 4,406,064 S e p te m b e r 8 ..................... 1,995,621 3,045,040 5,444,146 6,648,609 C . A. C H R I S T E N S E N , P R E S I D E N T V is ib le S u p p ly o f G ra in . W e e k e n d in g W e e k e n d in g S e p t. 3. S e p t. 10. C o rn , C o rn , W heat W h e a t, bu bu. bu. bu. In S to r e a t —• 40,000. 61,000 1,121,000 B a l tim o r e ............... ......... 1,156,000 38,000 142,000 152,000 42,000 B o s to n .................... .......... 117,000 335,000 638,000 562,000 B u ffa lo .................... ......... 1,391,000 1,473,000 1,317,000 C h ic a g o .................. ......... 1,781,000 .................... .......... ......... 151,000 519,000 36,000 O n t . , ......... ......... 185,000 230,000 I n d ia n a p o lis ......... ......... K a n s a s C ity ......... ......... 1,953,000 M ilw a u k e e .............. ......... 71,000 113,000 419,000 24,000 4,000 112,000 165,000 48,000 82,000 152,000 273,000 1,915,000 69,000 112,000 151,000 39,000 M in n e a p o lis ........... ......... 1,922,000 M o n tr e a l .................. ......... 42,000 8,000 6,000 2,226,000 32,000 9,000 5,000 N e w Y o rk .............. ......... 812,000 do. a f lo a t ......... ......... 32,000 P e o r i a ...................... ......... 1,000 P h il a d e lp h ia ......... ......... 246,000 P o r t A r th u r , O n t. ......... 60,000 S t. L o u is ................ ......... 2,451,000 T o le d o ...................... ......... 335,000 T o r o n to ................... ......... 25,000 O n C a n a ls .............. ......... 64,000 O n L a k e s .............. ......... 326,000 O n M iss . R i v e r . . . 246,000 17,000 43,000 11,000 627,000 82,000 3,000 246,000 108,000 2,345,000 389,000 13 000 88,000 258,000 270,000 43,000 42,000 43,000 F t . W illia m 1,45,000 147,000 284,000 1,690,000 101,000 90,000 310,000 1,129,000 T o ta l .................. ......... 13,115,000 L a s t y e a r ............... ......... 14,166,000 4,701,000 12,814,000 3,934,000 6,925,000 13,350,000 6,447,000 T h is T e a r. L a s t Y ear. O a ts ............................................................................... 11,834,000 7,422,000 R y e ................................................................................. 1,194,000 709,000 B a r le y .......................................................................... 1,179,000 1,532,000 UPDIKE C O M M IS S IO N CO C R A I N AND PRO V ISIO NS 1 2 0 Rialto B uilding, C H IC A G O C O N S IG N M E N TS G IV E N S P E C IA L A T TE N TIO N . . C O RR ES P O N D EN CE S O L IC ITE D , SA M U EL W . O S G O O D C O N S U L T IN G M IN IN G E N G IN E E R . Operation and Examination Mines and Mills Telephone Harrison 2 805 IS T em ple C ourt Building, J. E . S T A I R , S E C R E T A R Y C H IC A G O J. V . M c H U G H , T R E A S U R E R MINNESOTA AND WESTERN GRAIN GO. 31 C h a m b e r o f C o m m e r c e , M I N N E A P O L I S , M I N N . OWNING AND OPERATING LINES OF COUNTRY ELEVATORS IN MINNESOTA, NO. DAKOTA, SO. DAKOTA & IOWA https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T H E C O M M E R C IA L W E S T . 38 Saturday, September 17, 1904. Ceresota flour ■ — M a K e s t h e "B est B r e a d A million housekeepers say so by using it in prefer ence to any other, but we don’t ask you to believe without the proof. Try C E R E S O T A F L O U R in your next baking and then decide for yourself. Every Sack Warranted Money back if you are not satisfied -----------------------M anufactured b y — ■— 1 — ---- The Northwestern Consolidated Milling Co. Minneapolis, Minnesota. G eorge W . P e a v e y F r a n k T . H effelfinger F re d e ric k B . W ells C harles F . D eav cr The Peavey System of Grain Elevators SEND YOUR ORDERS FOR FUTURES AND CONSIGNMENTS TO GEO. H. PH ILLIPS E m b races th e greatest num ber of G rain E lev ato rs w ith th e largest ag g reg ate storage capacity of a n y E le v a to r S y stem in th e w orld. T o ta l ca p acity in eig h t states, 3 5 ,8 0 0 ,0 0 0 bushels. .*. Chicago HEADQUARTERS MINNEAPOLIS Branch Offices: Duluth Kansas City https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Rialto Building, CHICAGO Write for My Daily Market T-aH at-— . Omaha — — THE Saturday, Septem ber 17, 1904. C O M M E R C IA L W EST 39 ARMOUR GRAI N CO. BARTLETT, FRAZIER GRAIN D E A L E R S a n d 205 L a Salle Street Western Union Building, CHICAGO. MINNEAPOLIS Specialty, Barley M I L W A U K E E , W IS. L. S. Gillette President Geo. M. Gillette Vice-Pres C. E. Thayer Sec. & Trcas. Electric Steel Elevator Company 2 ,2 0 0 ,0 0 0 FLAX AND P R I V A T E . W I R E S T O A L L P O IN T S CARGILL COMMISSION CO. DULUTH AND MIN NEAPO LIS Grain and Commission Merchants MILMINE, BODMAN 6 CO. B u s h e ls GRAIN, PROVISIONS, STOCKS, BONDS, COTTON GRAIN DEALERS AND WAREHOUSEMEN W HEAT, No. 7 New Street, NEW YORK. MILWAUKEE M embers: Chicago Board of Trade, New YorkStock Exchange, New York Produce Exchange, New York Coffee Exchange, Chicago Stock Exchange, Liverpool Corn Trade Association, New York Cotton Exchange, Mil waukee Chamber of Commerce. GRAIN D E A L E R S C a p a c it y S T O C K S and B O N D S G R A I N and P R O V I S I O N S CH ICAG O Milwaukee Elevator Co. CARRINGTON Invites Correspondence Regarding Unlisted Securities BARLEY CHICAGO, 5 and 7 Board of Trad* NEW YORK, 401 Produce Exchange OFFICE 75 CHAMBER OF COMMERCE MINNEAPOLIS MINNEAPOLIS OFFICE: r ES TAB LISHE D 1854 IRWIN, G R E E N L. D. KNEELAND ALLAN M. CLEMENT & CO. GRAIN-PROVISIONS STOCKS BONDS Li28' 131 CHICAGO u E. S. WOODWORTH & CO. S T O C K S , B O N D S , GRAIN, P R O V IS IO N S , C O TT O N & COFFEE 219 LA SALLE STREET, CHICAGO ¡SHIPPING AND ROOKERY BUILDING COMMISSION. Minneapolis, Duluth, Milwaukee and Chicago. ORDERS FOR FUTURES EXECUTED IN ALL MARKETS. G. P. H a r d i n g , W. S. W o o d w o r t h , President. Vice-Pres. Sec. and Treas. E. S. W o od w o r t h , C l int on Morr ison , Pres. L. C. M i t c h e l l , V-Pres. D. L. R a y m o n d , Secy. H. F. D ouglas, Treas. and Gen. Man. . . . MEMBERS: New York Stock Exchange ; New York Coffee Exchange ; Chicago Stock Exchange; Chicago Board of Trade. P R IV A T E W IR E S S p e c ial E.. W. M IN N E S O T A SEEDS Offices in M inneapolis, Milwaukee, Peoria W A . . - G R S u o o e s s o r is Commission Merchants. D t o - - &COMPANY N C o b b Grain, E R Sa G https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W i r e s t o «ill Trade Mark C O . a r d n e r Provisions, Cotton and Stocks. 317 CHAMBER OF COMMERCE, ST. LOUIS l e a s e d CHICAGO FROM THE WORLD'S GOLDEN GRAIN BELT M IN N E A P O L IS , M IN N E S O T A C H IC A G O A Produce W A G N E R I NORTHRUP, KING Long Distance Telephone Harrison 675 - and G r a s s S e e d , C lo v e r S e e d , S e e d W h e a t , S e e d O a ts , S e e d B a r le y , S e e d R y e , E t c . , V e g e t a b l e S e e d s , F l o w e r S e e d s. C a t a lo g u e f r e e . COMMISSION MERCHANTS - on C h i c a g o G ra in M a rk e ts FREE Board of Trade Building, R U M SEY & C O M P A N Y 97 Board of T rade, Letter Your Business has my Personal Attention Great W este rn Elevator C o m p a n y M IN N E A P O L IS , JOHN F. L. CURTIS EDWARD A. YOUNG Kneeland, Clement & Curtis Market Letters Mailed on Application Rialto Building J. C. VERHOEFF, Manager P r i n c i p a l M a r k e t s T H E C O M M E R C IA L W E S T . 40 W. S. McLaughlin, Pres. B. H. WOODWORTH, President. A. B. Ellis, Sec’y A M E R I C A N G R A I N CO. MINNEAPOLIS - - M INN. & E L L IS , E. S. WOODWORTH, Vico-Pres. R. P. WOODWORTH, Sec. and Treas. Wo o d w o r t h El e v a t or Company GRAIN COMMISSION M cL A U G H L IN Saturday, September 17, 1904. W innipeg M IN N E A PO L IS - M IN N E SO T A John H. Wrenn & Company WRIGHT-BOGERT & CO. T H E R O O K E R Y , 225 La Salle St. GRAIN—PROVISIONS CHICAGO 106-107-108-119 Rialto Building, C H I C A G O S T O C K S , B O N D S, G R A IN , P R O V IS IO N S COFFEE AND COTTON M A N IT O B A Private Wires to New York and Minneapolis W e invite enquiries from Exporters, Millers and Investors, when in the market, for Manitoba Grain. Orders executed for spot or future delivery. :: :: FOR RESULTS USE THE “ W A N T E D ” and “ F O R S A L E ” COLUMN THE Thompson, Sons & Co. Grain Commission Merchants OF COMMERCIAL Gregory, Jennison WH EAT W INNIPEG, WES T CANADA - E. L. WELCH Company C. A. MALMQUIST M IN N E A PO L IS E. L. W E LC H & C O . GRAIN ELEVATORS GRAIN COMMISSION Storage Capacity: Terminal 1,300,000 Bu. Country 500,000 Bu. Shippers of Oats and Rye 1011 Chamber of Commerce Write for Quotations MINNEAPOLIS, MINN. Pillsbury’s Bes1 Flour M ade m th e la r g e s t m ills m th e w o rld , w ith 3 0 ,0 0 0 B a r r e l s D a i l y C a p a c i t y . W e have had so m uch e x p e rie n c e f lo u r f o r a ll n a t i o n s t h a t w e k n o w how m a k in g to m ake th e q u a lity d e sire d . O u r la rg e a n d g ro w in g tra d e in d ic a te s th a t P I L L S B U R Y ’S B E S T IS P O P U L A R W e so lic it c o r r e s p o n d e n c e w ith f lo u r b u y e r s in a ll p a r t s o f t h e w o r ld . O u r fa c ilitie s in su re p r o m p t a tte n tio n to o r d e r s . PILLSBURY=WASHBURN FLOUR MILLS CO., Ltd. MINNEAPOLIS, MINNESOTA, U. S. A. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE Saturday, Septem ber 17, 1904. . . . . . L. T . S O W L E • - C O M M E R C IA L W EST ■ " & SONS 41 -- --- TROUBLES behind and MONEY ahead by shipping to ESTABLISHED 1884 GRAIN, PROVISIONS, STOCKS and BONDS 113- 114 New Chamber of Commerce, M INNEAPOLIS ( Ground Floor ) Members Chicago Board of Trade, Minneapolis Chamber of Commerce DULUTH M IL W A U K E E L asier & C H IC A G O E. A. B R O W N & C O . H ooper R E C E IV E R S A N D SH IP P E R S W h olesale C oal, G r a in - C o m m is s io n M erchants 9 23 Chamber of Commerce, M INNEAPOLIS, M INN. 102-103 Rialto B uilding, C H IC A G O Liberal Advances made on Consignments J. ROSENBAUM GRAIN COMPANY ( I N C O R P O R A T E D ) GRAIN MERCHANTS C H IC A G O O R D E R S FO R F U T U R E D E L IV E R Y S O L IC IT E D G re a t Reduction in R a te s . YOU NEED THEM W E S E L L THEM First class, $40; second class, $30 and upwards according to the line, steamer and accommodations. A M E R I C A N LINE. The F lo u r City - - I MPROVE D — Distributing Spout PLYMOUTH, CHERBOURG, SOUTHAMPTON Philadelphia—Queenstown—Liverpool. A T L A N T I C T R A N S P O R T LINE. NEW YORK—LONDON DIRECT. D O M I N I O N LINE. MOMTREAL—LIVERPOOL. Short sea passage R E D S T A R LINE. NEW YORK—ANTWERP-LONDON—PARIS . Calling at Dover for London and Paris. Also contractors for Steam, Hot W a ter and Hot Blast Heating. THE POND & H A SE Y CO., F i f t h 2a v e n u e s o . Minneapolis W H I T E S T A R LI NE . NEW YORK—QUEENSTOWN—LIVERPOOL BOSTON—QUEENSTOWN—LIVERPOOL. NEW Y OR K AND B O S T O N D IR E C T TO t HE MEDITERRANEAN azoreI^ GIBRALTAR—GENOA—NAPLES. Write fo r m y “Grain Trade Talks ” •Edward G. Heeman G R A IN A N D P R O V IS IO N S , ST O C K S , B O N D S, CO TTON A N D COFFEE. 1 9 9 L a S a lle S t*9 Ground Floor, Home Insurance Bldg. C H IG A G O Member Chicago Board of Trade. C O M M IS S IO N M E R C H A N T O N L Y , D o in g no t r a d in g w h a t e v e r on m y o w n a c c o u n t , w h i c h e n a b l e s me to j u d g e th e m a r k e t fr o m a n u n b i a s e d s t a n d p o i n t . All business transacted through and I j Consignments of cash grain and orders in confirmed by Chas.W. Gillett & Co. ) I futures have my personal attention. My “GRAIN TRADE TALKS” are published in full in the Chicago Evening Post and Chicago Journal. 4®“ Will send either paper free to customers. Pocket M&ps Road Guide AND These maps are beautifully printed in colors and show on a large scale the streams, lakes, highways, trolley lines and railroads in N ew York, N ew Jersey and Pennsylvania, reached by the Lackawanna Railroad and its connections. Invaluable to Automobile Tourists, Fishermen and Travelers. A good map is a silent courier of out-door enjoyment. Each of the maps in this edition is 17 x 28 inches. They are neatly bound in one cover and may be had by sending 10 cents in stamps to T• W ¥ Tw . JL/ ¥P https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis IP G e n e r a l P a s s e n g e r A gen t, L a c k a w a n n a R a i l r o a d , N e w Y o r k C ity . FR O M N E W Y O RK . REPUBLIC.. .Oct. 20. Dec. 1. Jan. 14. Feb. 25. CRETIC..........Nov. 3. Dec. 12. Feb. 4. Mch. 12. FROM B O ST ON . ROMANIC.. .Sept. 17. Oct. 29. Dec. 10. Jan. 20 CANOPIC__ Oct. 8. Nov. 19. Jan. 7. Feb. 13. 0. E. BRECKE, Northwestern Passenger Agent Guaranty Building, Minneapolis. New Franco-Spanish Railroad. T h e schemes for the construction of new lines of ra ilw a y betw een F rance and Spain, in addition to the tw o existing routes at the eastern and w estern extremities of the chain of the Pyrenees, have advanced a stage towards realization. A note of o f ficial origin is n ow published to the effect that a convention has been signed b y M. Delcasse, F re n ch min ister for foreign affairs, and M. L e a n y . Castillo, Spanish a m bassador in Paris, for the construction of three lines within a maxim um period of ten years; T h e convention is to be laid before the two parliaments for ratifi cation in the com in g sessions. New Freight House for the Erie. T h e opening of the n ew 28th street freight house of the Erie Railroad on Septem ber 1, 1904, mark s an event of much importance to the shipping in terests of N e w Y o r k . T h e Erie freight yard occupies the entire b lo ck bounded b y 10th and I i t h avenues, 28th and 29th streets, and has a capacity of 100 cars. T h e new freight house just completed is 400 feet lo n g and 40 feet wide, and has a capacity for un loading 20 cars at a time. T w o additional stories will be added shortly. T h r o u g h cars are made up in this freight house for fo rw ard in g b y the Erie Railroad to Buffalo, Cleveland, Columbus, Cincinnati, Ch icago, St. L ouis and all points west. T H E CO M M ERCIAL W EST. 42 $ I Ç .2 0 Minneapolis or St. Paul to St. Louis and Return Good to return any time within ten days. Sixty-day tickets cost m ore— $21.35; season tickets, $25.60. Unequaled service via Rock Island System— two through trains daily. Tickets at offices of connecting lines or at 322 Nicollet A ve., Minneapolis; 6th and Robert Sts., St. Paul. W . L. H a t h a w a y , Dist. Pass’ r A g t., Minneapolis. TH E COM M ERCIAL W EST is the leading com mer cial and financial paper of the Northwest, and every Banker, Grain M erchant and Business Man should be a subscriber. I t ’s reliable and up-to-date. Saturday, September 17, 1904. ERIE RAILROAD The most delightful scenery between Chicago, Buffalo and New York. Limited trains every morning, afternoon and evening for Buffalo, New York, Albany and Boston. Finest Pullman sleeping cars and superb dining car service. Stop-over without extra charge at Cambridge Springs and Niagara Falls. Booklets, time-cards, etc., furnished by H. B. SMITH, Traveling Passenger Agent, St. Paul, or D. M. BOWMAN, Qeneral Western Pass. Agent, Ohicago. For Results Use the “ W anted" and “For Sale” Column of The Commercial West How are Y OU going to S t. Louis? If your ticket reads via the CHICAGO GREAT WESTERN CK». P«IWW You can go by way of either C h ic a g o , W a te r lo o , Marshalltown, Des Moines, St». Joseph or Kansas C it y , without extra charge. Four daily trains making connections with the best trains to St. Louis. For information as to special rates and routes, apply to any agent or J. P. E L M E R , General Passenger Agent, 113 Adams St., Chicago. Illinois Central R.R. EFFICIENTLY SERVES A VAST TERRITORY by through service to and from the following cities: CHICAGO, ILL. OMAHA, NEB. MINNEAPOLIS, MINN. ST. PAUL, MINN. KANSAS CITY, MO. PEORIA, ILL. EVANSVILLE, IND. ST. LOUIS, MO. CINCINNATI,OHIO. NEW ORLEANS, LA. MEMPHIS, TENN. HOTSPRINGS.ARK. LOUISVILLE, KY. NASHVILLE, TENN. ATLANTA, GA. JACKSONVILLE, FLA. Through excursion slee' Chicago and be een Cincinnati jar service between AND THE PACIFIC COAST. Connections at above terminals for the EA S T, SOUTH, W EST, NORTH. Fast and Handsom ely Equipped Steam -H eated T ra in s —D ining C ars— B u ffe t-L ib ra ry Cars— S leeping C ars—Free R eclining C h a ir C ars. Particulars of agents of the Illinois Central and connecting lines. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A. H. H A N S O N , GenT Pass’r Agent, CHICAGO Saturday, Septem ber 17, 1904. T H E CO M M ERCIAL W EST. Stop O v e r in Chicago on St. L o u is F air T ick e ts No extra charge to go via Chicago and ten days stop will be given in Chicago both going and returning, if desired, on all St. Louis Fair tickets, via the Chicago, M ilw aukee St. Paul R a ilw a y Five daily trains to Chicago, 8:30 a. m., 4:00 p. m., 7:20 p. m. (The Fast Mail), 8:35 p. m. (Pioneer Lim i ted) and 11:00 p. m. E ach has a good connection for St. Louis and Eastern points, WRITE US FOR WORLDS FAIR RATES W. B. D IX O N , N. W . P a s s . A gt. FO R 365 R O B E R T S S T ., S T . P A U L , M IN N . R E S U L T S u s e the “W a n t e d ” a n d “F o r S a l e ” 43 “ T h e N a t i o n ’s p l e a s u r e g r o u n d a n d s a n i t a r i u m . ” — D a v id B e n n e t t H ill. TH E A D IR O N D A C K M O U N T A IN S The lakes and streams in the A d i rondack Mountains are full of fish; the woods are inviting, the air is filled with health, and the nights are cool and restful. If you visit this region once, you will go there again. A n answer to almost any question in regard to the Adirondacks will be found in No. 20 of the “ Four-Track Series,” “ The Adirondack Moun tains and How to Reach Them issued by the New York Central A c o p y w ill b e m a ile d f r e e o n r e c e ip t o f a tw o - c e n t s ta m p , b y G e o rg e H . D a n ie ls , G e n e r a l P a s s e n g e r A g e n t, G r a n d C e n t r a l S ta tio n , N e w Y o rk . BYRON ô W ILLARD P R IN T E R S 29 F i f t h S t r e e t S o . M IN N E A P O L IS , M IN N E S O T A C O L U M N S OF T h e C o m m e rc ia l W e st T O THE GATES OF T H E WORLD’S F A IR VI A T h e N o r t h -W e s t e r n L in e ry d a y f r o m 4 T r a in s E/ve T w i n C i t i e s to C h i c a g o C o n n ectin g w ith 12 T r a i n s d a ily , C H I C A G O to S T . L O U I S Or choice of other routes via Des Moines, Omaha, St. Joseph or Kansas City* Stopovers allowed at Chicago, St* Joseph or Kansas City, if desired* Excursion tickets to St. Louis on sale every day. For rates and other in formation address T . W . TEASDALE https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis General Passenger Agent St. Paul, Minn. MINNEAPOLIS & STLOUISR R TRAINS S TO P A T T H E MAIN EN TR AN CE A N D T H E ST.LOUIS UNION DEPOT TAKE THEWORLDS FAIR SPECIAL PLENTY 0FR00M ATTHE HOTELS JUST OUTSIDE THE FAIR GROUNDS — T— A.B. CUT TS. Ge n 'l P a s s 'r a^d Ticket A gent T H E CO M M ERCIAL W EST. 44 Saturday, September 17, 1904. A llis= C h a lm e rs Co. CHICAGO Corliss E ngines for all Power Purposes. B u il t in all approved t y p e s . S iz e s from 25 H. P. up. H ydraulic Turbines. Pow er T ransm ission iTachinery. Bullock Electrical Apparatus for all purposes. Allls-Chalmers Combined Vertical and Horizontal Engine. “ H. POEHLER CO. GRAIN COMMISSION Buying for Country Milling Trade a Specialty Incorporated 1893 Orders in Futures Executed in any Market 816-19 Chamber of Commerce, MINNEAPOLIS Board of Trade, Duluth Board of Trade, Chicago Chamber of Commerce. Milwaukee W ILLFO RD MILL General Agents C a n a d ia n R e p re s e n ta tiv e s , A llis -C h alm e rs = B u lio ck , L td ., M ontreal. James Doran & Company We give special attention to out-of-town in vestm ents and speculative accounts. Our private wires and our connections with all the principal exchanges enable us to give prompt and accurate service. Correspon dence invited. -:-:GERMAN-AMERICAN BANK BUILDING ST. PAUL, - - MINNESOTA MANUFACTURING BUILDERS C O. AND DEALERS IN FLOUR MILL AND ELEVATOR MACHINERY AND SUPPLIES Special attention given to Roll Grinding and Corrugationg „ „ . . , .. . . . „ Office: 303 Third Street So., MINNEAPOLIS for Barnard & Lees Manufacturing Co. “ Eternal vigilance is the price of liberty.” It is also the source of profit to every man who makes a business of feeding stock for the market. COMBINATIONS, COMPETITION and RIVALRY are the three forces that inspire ENERGY, INDUSTRY and INDEPENDENCE. Don’t lose heart and don’t be forced out of business because the price of fat stock has declined. Brace up—improve your methods, and don’t be a “ has-been.” The most highly concentrated food on earth is OLD PROCESS GROUND LINSEED CAKE (oil meal). It is cheaper than corn, oats,bran, or any other kind of feed GROUND LINSEED CAKE IS A FAT-FORMER— A FLESH-PRODUCER— A HEALTH-GIVER A TIME-SAVER— A MONEY-MAKER. The prize cattle at the late Chicago Stock Show were fed Linseed Meal made by our Company. Write for prices. Send us your address and we will mail you our book giving “up-to-date” methods for feeding stock. A M E R IC A N L IN SE E D C O M P A N Y https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M IN N E A P O L IS, MINN.
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