Full text of Commercial West : September 26, 1903, Vol. V, No. 39
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THE SOUTHWEST.____________ TOE CENTRAL-PACIFIC W EST.
THE NORTHWEST.
Vol- V - __ ____________ S ATU RD AY, S E P T E D B E R 26, 1903
O F F IC E R S :
CAPITAL, ONE fllLLION DOLLARS, SURPLUS ONE Í1 ILLION DOLLARS.
D IR E C T O R S :
B y r o n L. Sm ith , - - President I
F. L. H a n k b y , - Vice-President
G eorge F. Or d e , - - - Cashier
T homas C. K in g , - Ass’t Cashier
Solomon A . Sm ith , A ss’t Cashier
A r th u r H e u r t l e y , - Secretary!
H. O. E dmonds , - Ass't Secretary
H. H. R o ck w ell , Ass’t Secretary
E . C. J a r v is , ...................... Auditor
The Rookery,
A . C. B ar t l e t t ,
C. L. H utchinson ,
J. H a r l e y B r a d l r y ,
M ar vin H u ghitt ,
W illia m A . F u lle r ,
A lbe rt A . Spra gu e ,
M a r t in A . R y e r s o n ,
H. N. H iginboth am ,
B yro n L. Sm ith .
T h e N o r th e r n T ru s t
COMPANY •| { \ \
1 ^ O IK
O
BANKING, SAVINGS, FOREIGN, AND TRUST DEPARTMENTS.
THE
M INNESOTA
LOAN & TRUST
COM PANY
313 Nicollet Avenue,
No. 39
MINNEAPOLIS
CAPITAL (Fully Paid)
■ $ 500,000.00
SURPLUS and Und’ved Profits, 1 3 0 ,0 0 0 .0 0
DEPOSITS,
.
1,215,108.10
This Company allows interest on
Deposits as follows:
# on Daily Balance, subject to check.
2 % $ on Monthly Balance, subject to check.
on Six Months Certificate of Deposit.
3 * 4 g on Twelve Months Certificate of Deposit
Chas. E . Lewis 4 Co.
THE
412 to 415 Chamber of Commerce,
National City
Bank,
MINNEAPOLIS.
Private W ir e s .
D IR E C T O R S :
J. E. B e l l ,
F . M. P r in c e ,
F . A. C h a m b e r l a in ,
G eorge H uhn,
L . S. G t l l e t t e ,
E. P . W e l l e s ,
IS. A. M e r r i l l ,
F. W. L y m a n ,
W,
F. G. W in s t o n ,
M. B. K o on ,
A r t h u r M. K e i t h .
S. S. C a r g i l l ,
H . L . Mo o r e ,
W . A. D u r s t ,
J. M. M a r t i n ,
F. B. S e m p l e ,
Cr a y .
PRIVATE WIRES.
I. G. A N D R E W S
M IN N E A P O L IS
Grain, S to c k s, Bonds and
Provisions
M EM BER:
Chicago Board of Trade
Minneapolis Chamber of Commerce
Milwaukee Chamber of Commerce
131
GUARANTY
B U IL D IN G
New York and Chicago Correspondents:
Harris, Hates & Co.
B A N K E R S .
Commercial Paper
Capital Fully Paid, Shareholders Liability,
Sur. & Undivided Profits,
$25,000,000
$25,000^000
$16,882,152
W . G. HEATH , M gr., 202 LaSalle S t .
New York, 5 Nassau St.
C H IC A G O .
S q u ir e & L u k e n
Formerly with Norton & Switzer,
We Solicit Your Account
Fversz,Folla™
) L&C0.Í BANKERS
HIGH GRADI:
KAI LILOAD
13 O N U S / ' " '
CONSERVATIVE
INVESTIRENT
22 0 LASALLE ST.,
CHICAGO
k= z.,
----
A N D
S U R P L U S
O F F IC E R S :
RICHARD DELAFIELD, President
STUYVESANT FISH, Vice-Pres.
GEO. S. HICKOK, Cashier.
ALBERT H. WIGGIN, Vice-Pres.
EDWARD J. BALDWIN, Ass’t Cashier.
GILBERT G. THORNE, Vice-Pres. W. 0. JONES, Ass’t Cashier.
J. G. VAN CLEAF, Ass’t Cashier.
FRED’K 0. FOXCROFT, Ass’t Cashier.
W. A. MAIN, Ass’t Cashier.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Bartlett, Frazier & Carrington.
riembers of all Principal Exchanges.
John P. Hollingshead & Co.
OF NEW YORK.
THE NATIONAL PARK
C A P IT A L
Telephone M 156t
G R A IN , P R O V ISIO N S ,
STOCKS, BONDS.
2
Interest Begins on Day of Deposit.
C H I C A G O
Building
CHICAGO.
Grain and Provisions bought and sold on commis
sion for Future Delivery. Accounts solicited
CHAS. H. F. SMITH
&
S t o c k s , G r a in , P r o v is io n s
Members
New York Stock Exchange.
Chicago Board of Trade.
PIONEER PRESS BUILOINO,
ST. PAUL
WALTER COMSTOCK
GRAIN AN D
PROVISIONS
5 Board of Trade,
CHICAGO.
BANK OF NEW YORK.
$ 9 , 9 6 5 , 0 0 0
( O R G A N IZ E D 1 8 5 6 .)
D IR E C T O R S :
JOSEPH T. MOORE,
STUYVESANT FISH,
GEORGE S- HART,
CHARLES SCRIBNER.
EDWARD C. HOYT,
W. ROCKHILL POTTS,
CO.
B O N D S,
AUGUST BELMONT,
RICHARD DELAFIELD.
FRANCIS R. APPLETON,
JOHN JACOB ASTOR,
GEORGE S. HICKOK,
GEORGE FREDERICK VIETOR,
ALBERT H. WIGGIN,
CORNELIUS VANDERBILT,
ISAAC GUGGENHEIM.
JOHN E. BORNE.
T H E C O M M E R C IA L W E ST .
2
THE CONTINENTAL NATIONAL BANK
OF'
Capital
Saturday, September 26, 1903.
Harrison & Smith Co.
CHICAGO.
-
Printers, Lithographers, Blank
$ 3 ,0 0 0 ,0 0 0
Book Manufacturers, Elevator
Surplus and Undivided P rofits
1 ,2 5 0 ,0 0 0
Blanks and Bank Supplies to
order.
Solicits Accounts, Assuring Liberal Accommodations and Courteous Treatment
A G E N ER A L FOREIGN EXCHANGE BUSIN ESS TR A N SA CT ED
Travelers’ Circular Letters of Credit issued Available in all parts of the World
JOHN C. BLACK, President.
GEORGE M. REYNOLDS, Vice-Pres.
N. E. BARKER, Vice-Pres.
Estimates
Cheerfully
furnished.
« 2 4 '< 5 2 6 -6 2 8
HERMAN WALDECK, Asst. Cash
IRA P. BOWEN, Asst, Cash.
JOHN M cCa r t h y , Asst. Cash.
BENJ. S. MAYER, Asst. Cash.
WM. G. SCHRODER, Asst. Cash.
South
4th
S treat,
M IN NEAPO LIS.
CENTRAL TRUST COMPANY
Billon=Crandall=McGeary
OF ILLIN O IS
Bond and Stock Com pany,
4 21 Olive Street,
OHI O A (i O
Capital,
$ 4 ,0 0 0 ,0 0 0 .
Surplus,
$ 1,0 0 0 ,0 0 0 .
OFFICERS: Charles G. Dawes, President; Irving Osborne, Vice-Presi
dent; A. Uhrlaub, Vice-President; William R. Dawes, Cashier; L . D.
Skinner, Assistant Cashier, Lawrence O. Murray, Secretary and Trust
Officer; Malcolm McDowell, Assistant Secretary; Max Pam, General
Counsel.
DIRECTORS: A. J. Earling, Max Pam, Charles T. Boynton, P. A.
Valentine, Frank O. Lowden, Harry Rubens, Graeme Stewart, Thomas
R. Lyon, Alexander H. Revel], Charles G. Dawes.
BANKING, SAVINGS AND TRUST DEPARTMENTS.
BONDS
AND
St. Louis, Mo.
STOCKS
NEGOTIATED.
UNION NATIONAL BANK
OF GRAND FORKS, N. D.
C
a p i t a l ,
David H. Beecher, Pres.
-
$ 1 0 0 ,0 0 0 .0 0 .
Chas. F. Sims, Vice-Pres. Sidney Clarke, Cash
Send us your North Dakota Items.
Prompt Service Assured.
BANK BURGLARS FOILED
“ THE PROOF OF THE PUDDING IS IN
THE EATING” —AND W E HAVE EATEN
W. H. W A LLA C E ,
W. H. GOLD, P r e s i d e n t
G O LD -S TA B E C K
A S SO C IA TE D W ITH
F I R S T N A T I O N A L B A N K O F R E N V IL L E
S TA TE BANK OF WABASSO
BANK OF VESTA
B O T T I N E A U C O . S T A T E B A N K , N. D.
F A R M E R S ’ S T A T E B A N K , D A V I S . ILL.
STATE
CASHIER
BANK
FARM L A N D S
FARM LO A N S
CAPITAL $ 2 5 , 0 0 0 . 0 0
SURPLUS $ 5 ,0 0 0 .0 0
R edwood F a l l s, M
in n
,, Sept. 15, 1903.
American Bank Protection Co., Minneapolis, Minn.
Gentlemen:—Some time during the early morning hours of September 11th burglars broke into the
State Bank of W abasso, one of our banks in which yon have placed a burglar alarm system. Instead of
attempting to enter the vault door, they placed a charge of giant powder in the side wall and blew out
sufficient brick to permit the easy entrance of a man. The concussion caused the steel lining to come to
gether and form a circuit which immediately started the gongs to ringing, when it was “ goodbye” burglars.
They stole a team in town previous to the attempt on the vault, and the team was found twelve miles south
about six o ’clock a. ni. Detectives are after the parties, but have not yet located them.
The explosion caused a slight indentation in one of the linings, which one of your men repaired the
next day; also put in a new battery; and we desire to express our appreciation for your promptness in
looking after your systems.
In a letter to you dated July 15,1903, after our bank at Vesta had been robbed, we stated, “ W e feel cer
tain had there been one of your systems there, we -would not have been robbed.” This attempt proves that
our confidence in your Burglar Alarm System was not misplaced. W e carried Burglar insurance at
Wabasso, but the night of the robbery we had over $2,000.00 more cash in the vault than we were insured
for, which would surely have been stolen but for the alarm, as the safe would have yielded to their attempt
as easily as the Vesta safe, which -was blown open with three charges of nitro glycerine.
W e feel that we cannot say too much in favor of your system, and shall he pleased to have you refer to
us at any and all times. “ The proof of the pudding is in the eating,” and we have eaten.
Respectfully,
W , H . GOLD, President.
If you want the safest, surest and most economical form of bank protection, and the only one
positively guaranteed to be undefeatable, write for our new booklet explaining it in detail.
AMERICAN BANK PROTECTION COMPANY
M INNEAPOLIS, MINNESOTA
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T H E C O M M E R C IA L W EST ,
Saturday, September 26, 1903.
3
The Com m ercial N ational Bank
OP
CHICAGO.
E S T A B L IS H E D 1 8 6 4 .
CAPITAL,
$ 2,0 00 ,0 00
Surplus and Undivided Profits, $1,500,000
R ESO U R CES.
Loans and discounts ..................................
Overdrafts ......................................................
Real estate ......................................................
U. S. bonds at par ......................................
Other bonds and stocks ............................
Due from U. S. treasurer ......................
Cash and due from other banks..........
$17,795,546.39
838.70
95,775.23
500,000.00
1,202,873.53
37,500.00
13,123,568.46
Total ................................................................................
$32,756,102.31
L IA B IL IT IE S .
Capital stock paid in ................................
Surplus fund ..................................................
Undivided profits ........................................
National bank notes outstanding
Deposits .............................................
..............
$ 2 , 000 , 000.00
..........
..........
1, 000, 000.00
635,382.76
500,000.00
28,620,719.55
Total ................................................................................
$32,756,102.31
.............
OFFICERS: James H. Eckels, President; John C. McKeon, Vice-President; David Vernon, Second Vice-President; Joseph T
Talbert, Cashier; N. R. Losch, Assistant Cashier; H. C. Vernon, Assistant Cashier; G. B. Smith, Assistant Cashier; H. E. Smith
Auditor.
FOREIGN D E P A R T M E N T : M. Krell, Manager.
DIRECTORS: Franklin MacVeagh, of Messrs. Franklin M acVeagh & Co.; Jesse Spalding, President Spalding Lumber Co •
Robert T. Lincoln, President The Pullman Co.; William J. Chalmers, Treasurer The Allis-Chalmers Co.; E. H. Gary, Chairman
United States Steel Corporation; Paul Morton, Vice-President Atchison, Topeka & Santa Fe Ry. Co.; Darius Miller, First Vice-Pres
ident Chicago, Burlington & Quincy Ry. Co.; John C. McKeon, Vice-President; James H. Eckels, President.
Im sL ^ìarìn gslm ik Savin«s AccountsReceivedbyMail
3 PER CENT INTEREST ALLOWED
(U ljifiU J B .
C A P IT A L
S U R P L U S A N D P R O F IT S
Geo. Q. Erskine, President
Wm. Anglim, Vice-President
J. W. Wheeler, Cashier
C A N A D IA N B A N K O F C O M M E R C E
First Nactional B ank
C R O O K S T O N , M IN N .
Capital,
.
.
.
.
.
S u r p l u s and U n d i v i d e d Profits -
Head Office, TORONTO
Capital Paid Up, $8,000,000
-
$ 75 ,0 0 0
4 2 ,0 0 0
We negotiate Farm Mortgages
$ 2 ,0 0 0 ,0 0 0
$ 1 ,0 0 0 ,0 0 0
Surplus, $2,000,000
BRA N CH ES at Dawson, White Horse, Skagway and Atlin.
tional facilities for handling the business of those districts.
Excep
CROOKSTON LUMBER CO.
W IL L S AT
S h i p m e n t s on
bemidji , st . Hilaire
Crookston, Minn.
CROOKSTON.
C.
A.
S M IT H
Northern Pacific and
Great Northern Rys.
LU M B E R
CO.
f l a n u f a c t u r e r s a n d D e a le rs in
L U M B E R , L A T H , S H IN G L E S .
O F F IC E :
M IL L YARDS,
4 4 t h A V E . , N . a nd L Y N D A L E ,
L LAMB, President.
MINNEAPOLIS, MINNESOTA.
C. R. LAMB, Secretary and Treasurer.
C. F. ALDEN, President.
L LAMB LUMBER GO
Operating Retail Yards.
General Office:
Andrus Building,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M INNEAPO LIS
T H E C O M M E R C IA L W E ST .
4
Saturday, September 26, 1903.
FUSt NatlOI^I BSIIl(
Surplus andPtoifts, $850,000
OFFICERS
F. G. BIGELOW, P r e s id e n t .
W m. BIGELOW, V ic e -P r e s id e n t .
FRANK J. KIPP, C a s h i e r .
T. E. CAM P, A s s t . C a s h i e r .
H. G. GOLL, A s s t . C a s h i e r .
MILWAUKEE, WIS.
United States Depository
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 .
Five Per Cent On Deposits.
Canadian Manufacturing Sentiment.
Considerable interest was created among Pittsburg
bankers last week by the announcement that the Second
National bank, of Connellsville, Penn., one of the strong
est institutions of the coke region, had decided on Tuesday
to pay hereafter 5 per cent interest on savings accounts.
The purpose of the officials is to induce those who have
been hoarding wealth at home to place the money in
banks. Unusual demand for money inspired the new
plan.
It is said that the Connellsville bank is the first to
pay 5 per cent since the Civil War. Bankers do not fear
a disturbance of money conditions as a result of the in
creased rate.
The annual convention of the Canadian Manufacturers’
association was held in Toronto last week with a large at
tendance. Interest centered mainly in the address of
President C. A. Birge, Hamilton, who spoke of the pros
perity of Canada and noted Mr. Chamberlain’s new trade
policy, and said:
“ I would not be just to Canadian manufactures were I
to withhold the fact that they have suffered in many
branches of industry from the British preference. Many
of them are feeling keenly the competition of the cheaper
production of the mother country, and others are suffer
ing from the abuse of the preference by firms in Germany
the United States and other countries who actually have
their goods transhipped to Great Britain in a partially or
wholly manufactured state, and re-shipped from there in
order to obtain the advantage of the reduced duty.
“ But what is the attitude of the Canadian manufacturer
to the preference? W e have always supported it, and we
do so today, recognizing the benefits which may accrue
to the Empire and the advantage which may some day be
secured for the Canadian producer in the great consuming
markets of the United Kingdom. But we believe our po
sition to be fair and reasonable when we say we will not
agree to any increase in the present preference. W e might
go further and confirm the opinion of the minister of
finance when he suggested recently that unless some re
turn were offered by Great Britain, Canada might con
sider seriously whether the present preference would be
continued.”
Speaking of the tariff question he said:
“ W e believe that the present tariff of Canada should
be raised. Six years have passed since the last revision.
United States and German goods are being shipped in at
under valuation prices and slaughtered on our markets.
The British preference is seriously injuring many of our
industries. W e do not want a higher tariff on every item.
W e want a revision from a business standpoint; we want
many items lowered, many items raised and the obso
lete construction of other classes changed. W e expect
a general revision of the tariff in the near future. The
country expects it. Many industries demand it. W ith
out regard to what government may be in power, a re
vision must come, and soon.”
G ER M AN IA
DANK
M IT ilS T E A P O L IS
Established 1893
Capital $50,000
Surplus and Undivided Profits $8,000
O. E . Naegele, Pres.
Jno. C. Oswald, ist V-Pres.
L . Paulle, 2d V-Pres.
Directors—H. J. Dahn, E . W. Naegele, C. G. Laybourn, H. Vogt, Jos.
Ingenhutt.
Transacts a General and Safe Banking Business.
T H E CHASE NATIONAL BANK
OF THE CITY OF NEW YORK
Capital,
Surplus and Profits (Earned)
$1,000,000
3 ,4 0 0 ,0 0 0
H. W . C a n n o n , President
E . J. St a l k e r , Cashier
S. H. M il l e r , Asst. Cashier
A. B. H e p b u r n , Vice-President,
C. C. S l a d e , Asst. Cashier
H. K. T w it c h e l l , Asst. Cashier
Designated Depository of the United States, the State of New York and
the City of New York. Transacts a General Banking Business.
Accounts of Banks and Bankers received on favorable terms. Buy and
sell United States Bonds and make transfers and exchanges of Bonds in
Washington without charge for services.
C h a r le s H a t h a w a y &
Co.
Dealers in
COMMERCIAL
C H A R L E S W . F O L D S,
Representative.
-
-
PAPER,
-
-
205 LaSalle Street,
CHICAGO.
N E W YO R K O F F I C E , .................................................45 W a ll Street
BOSTON O F F IC E ,
53 State Street
Minnesota Title Ins. & Trust Co.
M IN N E A P O L IS , M IN N .
Capital, $250,000
Guaranty Fund, $100,000
The oldest Title and Trust Company west of Philadelphia.
Deposits, Loans, Trusts, Abstracts, Title & Fire Insurance.
J. U. Barnes, Prest.
Wallace Campbell, Vice-Prest.
C. J. Tryon, Trust Officer.
H. A. Barnes, 2nd Vice-Prest.
W. S. Jenkins, Secy. & Treas.
The Swedish-American National Bank,
M
N. 0 . WERNER,
C. S. HULBERT,
-
i n n e a p o li s .
President.
Vice-Pres.
F. A. SMITH.
Cashier.
E. L. MATTSON,
- Asst-Cashier.
Capital,
$250,000
Surplus and Undivided Profits, 90,000
Deposits,
2,708,000
F o re ig n
Exchange
Bought
J esse D . B o n e , M. E ., Field Manager.
and
S o ld .
I r a H . C a s e , President.
MINES AND MINING PROPERTIES
bought, sold and developed. Examinations and expert reports a
specialty, capital invested through us goes into the development
of properties under our management. Correspondence solicited.
CASE INVESTMENT COMPANY, * t1= S nic.e.s'; d1
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Sugar Beet in Montana.
The culture of the sugar beet and the proposed es
tablishment of beet sugar factories in Montana have re
ceived much attention the last year from the government
experiment station. Valuable data gathered on this sub
ject, is included in a recent bulletin sent out by the station.
Dr. F. W. Traphagen, state chemist, says: “ That the soil
and climate of Montana are pre-eminently adapted to the
growth of root crops is the opinion which is impressed
upon all who have given attention to the matter. Of the
root crops probably none will give as large returns on
capital invested as the sugar beet. Montana is so situated
geographically as to afford great protection to the sugar
beet manufacturer against competition from other _pro
ducers. This is because of the high freight charges paid by
outside producers, the nearest of which is more than 500
miles distant from the nearest Montana market. W e con
sume annually more than $1,000,000 worth of sugar, which
we might just as well manufacture ourselves. Besides
the great value of the main product, the pulp would find
a very wide application in the feeding of cattle and would
afford a means of extending this already great industry.
In addition to the employment of the many men about a
factory and on the farm in the more logical intensive farm
ing method, necessarily associated with sugar beet culture,
there would be an awakening in many industries, the coal
and coke used would mean more miners and coke burners,
large quantities of limestone are needed, in the quarrying
of which additional men will find work and finally because
of these other industries will awaken to new life and pros
perity. H appy the valley that secures a sugar beet fac
tory!
“ From the standpoint of the farmer with the large
yields and great richness secured in the preliminary trials
the outlook is very encouraging. The yield per acre in
cash should average about $60, leaving a very large margin
of profit. On the other hand it must be understood that
the sugar beet insists on good treatment. V e ry few crops
yield such good returns under proper handling, while it is
equally true that few do so poorly when neglected.”
T H E C O M M E R C IA L W EST .
Saturday, September 26, 1903.
5
Rltr^laripQfV ^re frequent. The porch clim
ber is alert.
9•
$2.50 Rents a P
rivate Safe one year
k M i M glal
Where your Diamonds and all Valuables are beyond his reach.
G U A R A N T Y S A F E DEPOSIT V A U L T S ,
B a s e m e n t G u a r a n t y B u ild in g ', M i n n e a p o l i s .
BANK CLEARINGS.
Bradstreet’s.
W eek ending
T
_
,
Sept. 17. 1903.
New York ................................................. $1,012,003,576
171,365,760
Chicago ......................................................
Boston ........................................................
120,743,060
Philadelphia ............................................
96,701,092
St. Louis ....................................................
50,891,698
Pittsburg ....................................................
41,762,396
San Francisco ..........................................
35,770 811
Baltimore ..................................................
21,961480
Cincinnati ..................................................
20,788,350
Kansas City ..............................................
23,682,407
Cleveland ..................................................
14,952,775
Minneapolis ................................................
15,023,074
New Orleans ............................................
11,984,786
10,464,104
Detroit .......................................................
9,704,372
Louisville ...................................................
Omaha ........................................................
7,887,571
Milwaukee ................................................
8,573,996
6,404,900
Providence ......................
Buffalo .................. '....................................
6,766,957
St. Paul ......................................................
5,618,150
Indianapolis .............................................
6,472,189
Los Angeles ..............................................
7,262,201
5,396,328
St. Joseph ..................................................
Denver ........................................................
5,032,744
Richmond ..................................................
3,918,804
Seattle ........................................................
4,650,385
Memphis ............................
2,289,158
2,929,388
Salt Lake City ........................................
Portland, Ore.............................................
4,438,374
Toledo ..............
4,167,473
Fort W orth ...............................................
3,436,074
Peoria .........................................................
3,212,505
2,587,870
Atlanta .......................................................
Des Moines ................................................
1,902,147
Nashville .............................................
2,-198,437
Spokane ......................................................
2,269,840
Grand Rapids ..........................................
2,053,848
Sioux City ..........
1,049,902
Tacoma ......................................................
2,246,932
Portland, Me...............................................
1,601,084
Topeka ........................................................
1,415,629
Evansville ..................................................
1,174,930
Birmingham .............................................
1,103,176
Davenport ..................................................
826,033
Little Rock ................................................
747,443
1,155,180
Knoxville, Tenn........................................
Macon ..........................................................
781,000
Springfield, 111............................................
774,113
W ichita ......................................................
645,893
Helena ............................................
555,756
Fargo, N. D ................................................
525,300
Canton, Ohio ......................................
580,000
Rockford, 111................................................
440,685
409,377
Bloomington, 111........................................
Quincy ........................................................
313,915
Sioux Falls, S. D ......................................
264,540
Jacksonville, 111.........................................
143,002
Fremont, N eb.............................................
156,613
Decatur, 111..................................................
263,062
Totals, U. S ......................................... .'$1,822,075,698
Totals, outside N. Y ..............................
810,012,022
Compared with
Sept. 18,1902.
Inc.
Dec.
p, c.
p. c.
67.5
7.5
' 6.5
6.3
11.2
3.8
Ì4.Ó
11.9
3.0
12.3
4.6
12.3
2.2
12.7
26.9
10.3
3.4
with school funds, and effort is being made to get the state
board to agree to this purchase.
Under the circumstances it is probably as well for the
state to keep out of the Helena water fight. Municipal
ownership should be encouraged as a general thing, but in
this case it appears that the municipality is to have a com
petitor in the present water company. That probably pre
cedes the possibility of profit from the municipal plant— or
from the other plant either, for that matter. There will
also be, so long as competition continues between the city
plant and the corporation plant, a powerful incentive to
attack the legality of the city bonds. That would be at
least troublesome for the state, as it would be the real
defendant in such action if it purchased the bonds.
On the whole Montana had better let Helena fight out
its own squabbles and settle its own troubles. The school
money can find a much more satisfactory place of invest
ment.— Great Falls Tribune.
21.’ 3
41.7
15.7
THE
N A T IO N A L
BANK
5.1
’ 9Ü
OF THE R E P U B LIC
14.3
C H IC A G O
10.2
21.8
20.5
27.1
4.1
18.9
28.3
12.2
50! 7
12.5
Ì2.‘ Ó
6.6
34.7
Ì 6!5
27.2
i i !9
21.5
13.6
38.6
11.7
13.3
i i !7
5.2
1.1
C A P ITA L, $ 2 ,0 0 0 ,0 0 0
1.1
5.4
35.9
4.9
S U R P L U S , $70 0 ,0 0 0
John A. Lynch, President
J. H. Cameron, Cashier
R. L. Crampton, Asst. Cashier
Thomas Jansen,
W. T. Fenton, Vice-President
R. M. McKinney, Asst. Cashier
W. F. Dodge, 2d Asst. Cashier.
Auditor
17.6
12.7
The Audit Company of Illinois
3.0
NEW YORK LIFE BUILDING
CHICAGO
1 8 .S
Public Accountants and Auditors
29.5
27.1
O FFIC E R S: L. A. Walton, President; F. W. Little, Vice-President; C.
D. Organ, Secy, and Treas ; C. W. Knisely, Manager.
D IR EC T O R S: 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. Walsh, President
Chicago National Bank, Chicago; L. A. Walton, Vice-Pres. Equitable
Trust Company, Chicago.
DOMINION OF CANADA.
Montreal ....................................................
Toronto ......................................................
W innipeg ...................................................
Halifax ......................................................
Ottawa ............
Vancouver, B. C ......................................
Quebec ........................................................
Hamilton ....................................................
St. John, N. B ..........................................
Victoria, B. C ............................................
London, Ont................................................
Totals
....................................................
$20,018,764
15,737,258
4,556,660
1,771,265
1,979,427
1,462,623
1,689,365
1,191,136
995,720
809,542
806,449
16." 4
22.3
28.4
23.2
34.6
10.5
$51,018,209
.6
3. 8
43. 0
16.8
13.0
The Briquette Future.
A recent issue of T h e C o m m erc ial W est contains a full
page ad of a lignite briquette company that announces its
discovery of a successful binder for lignite coal, and its
proposed establishment of the briquette plants, one in Phil
adelphia and another in North Dakota. The location of
the latter has not been decided, but no doubt it will not be
far from Bismarck, which is the center of the great lig
nite coal fields. W e are encouraged to believe that with
in a few years the lignite deposits of this state will be en
hanced many fold.-—-Bismarck, N. D., Tribune.
Helena’s W ater Bonds.
Helena is about to offer for sale a new bond issue to the
amount of $640,000. The proceeds of these bonds are to be
used for the construction of a new water plant by the
municipality. There is talk of the state buying these bonds
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A. C h il b e r g , President.
A. H. So e l b e r g , Vice-Pres.
J. F. L a n e , Cashier.
G e o . R . F is h e r , A sst. Cashier
THE SCANDINAVIAN AMERICAN BANK
Capital Paid Up
Surplus
Deposits
$
300.000
150.000
2,500,000
SE A T T LE ,
W IL L IA M S O N
WASH.
«S M E R C H A N T
ATTORNEYS
AT
LAW
P a t e n t a nd T r a d e M a r k C a u s e s .
S o licitors o f
U n i t e d S t a te s a n d F o r e i g n P a t e n t s
M ain O ffic e :
9 2 9 - 9 3 5 G u a r a n t y B ld g.
Branch Office
Room 52 McGill Bldg., Wash., D. C.
M IN N E A P O L I S , M IN N .
COMPETENT HELP FURNISHED
C red it M en , C ash iers, S a lesm en , B o o k k e e p e r s ,
S te n o g ra p h e rs, Y a r d M a n a g e rs, T im e k e e p e rs , ete.
Let us know your requirements, and save time and trouble
Correspondence Solicited
S.
A.
M ORAW ETZ
6?
COM PANY
4 0 7 K asota B ld g., M in n ea p o lis
T H E C O M M E R C IA L W E S T .
6
Jackson Trust and Savings Bank.
Directors and officers were elected last week for the
new Jackson Trust and Savings bank. William H. Egan,
cashier of the First National bank of Hutchinson, Kas.,
was elected president. He will be in charge of the bank
when it opens on Oct. 15, at 53 Jackson boulevard.
The election of directors took place at a meeting of
subscribers t o ’stock of the new institution. The following
directors were elected:
C. O. Austin, vice-president National Bank of North
America.
Raymond W. Stevens, vice-president, Illinois Life In
surance Co.
Joh n C. Fetzer, manager McCormick properties.
P. W. Gates, vice-president, Allis-Chalmers Co.
B. F. De Muth, president De Muth & Co.
L. M. Stumer, president Emporium Co.
Oswald J. Arnold, secretary Illinois Life Insurance Co.
R. E. Ismond, Ismond & Brown, real estate.
Daniel Good, Siebert, Good & Co.
W. H. Eagan, cashier First National bank, Hutchinson,
Kas.
. '
Charles T. Champion, formerly cashier Siegel, Cooper
& Co. savings bank.
The new directors met immediately after the meeting
of the subscribers, and after qualifying elected the fol
lowing officers:
President—W. H. Eagan.
Vice-President— R. W. Stevens.
Vice-President— Louis M. Stumer.
Cashier— Charles T. Champion.
The list of stockholders was announced and included
the following:
Oswald J. Arnold, W.
Adolphus,
A. E. Anderson,
Charles O. Austin, H. H. Banford, Charles E. Boude,
Charles V. Becker, Charles T. Champiop, Robert C.
Christy, R. S. Critchell, Benjamin R. Cahn, Benjamin F.
De Muth, H enry Bernham, E dward C. Delano, Edward
Dickinson, W. H. Eagan, Louis Eckstein, John C. Fetzer,
W. H. Fetzer, Wade Fetzer, William Fetzer, I. Friend, H.
Friend, Julius P. Friend, Louis J. Friedman, Louis Frazin,
H enry C. Flonacher, Philetus W. Gates, Daniel Good,
Albert S. Gage, G. H. Gellersen, W. M. Gibbons, Edward
B. Grossman Co., Milton L. Hartman, Stephen Hexter, E d
ward Hillman, John P. Hopkins, David A. Hyman, Daniel
T. Hunt, A. T. Higgins, j. W. Iddengs. R. E. Ismond,
Caroline G. Jenkins, Mildred A. Jenkins, William E. J e n
kins, J. L. Kesner, C. F. Kimball, A. Kunstadter, B. M.
Kahn, William F. Lillienfeld, Joseph G. Lebolt, M yer H.
Lebolt, W. Y . Morgan, Jam es J. Mullen, J. J. McDonald,
Samuel Marco, Charles Netcher, Howard C. Ogden, A. M.
Oppenheim, Edward H. Peters, Francis Peabody, James
W. Porter, O. M. Powers, P. F. Pettibone, Percival E.
Palmer, Benjamin J. Rosenthal, Jam es W. Stevens, Nat
Stone, Louis M. Stumer, Abraham R. Stumer, David
Spero, Robert C. Schaffner, Albert L. Strauss, and Fred
W. Upham.
William H. Eagan, president of the bank, was born in
Nova Scotia thirty-eight years ago.
Fo r twenty-five years he has lived in Hutchinson, K a s ,
where for twenty years he has been connected with the
First National bank, beginning as a clerk, and for the last
eight years being cashier.
Lately Mr. Eagan has been studying banking methods
in Europe.
Saturday, September 26, 1903.
W ESTERN
A U D IT
CO.
W . B. B E N D , M a n a g er.
E N D IC O T T B U IL D IN G ,
ST . PAUL.
Semi-annual adjustment of business of Firms and Corporations made.
Books written up.
Bank directors’ examinations made
Improved methods of accounting suggested.
Services confidential.
W . H. H O R IN E <S CO.
(INCO RPO RATED.)
C o m
m
e r c i a l
P a p e r .
Member American and Illinois Bankers’ Ass’n.
i'Z T l L a
S a ll e S t r e e t ,
C H I C A G O .
W M . H. HORINE, late National Bank Examiner.
A. J. WHIPPLE 6 CO .
Members Chicago Stock Exchange.
STOCK
BRO KERS.
p m \p ip n
Private Wires to all Prlncepal Exchanges.
Main Floor New York Life Building.
Long Distance Telephone Central 103 1 .
Orders bv wire In grain and stock Promptly Pilled.
CAPITAL SECURED
For Purchase or Construction of Approved
Electric Railways or Power Plants.
L. C. TWOMBLY,
Andrus Building, MINNEAPOLIS
W I XXI 1*100 ,
MAN.
C A N A D A
THE BANK O F OTTAWA
Established 1874
Capital Authorized, - $ 3 ,0 0 0 ,0 0 0
Capital Paid up, - 2 ,3 7 6 ,9 9 0
Surplus,
2,274.291
A GENERAL BANKING BUSINESS TRANSACTED
Interest Allowed on Deposits
FOREIGN EXCHANGE BOUGHT AND SOLD
St. Paul Agents:
MERCHANTS’ NATIONAL BANK
Illinois Trust and Savings Bank
Chicago Great Western Increase.
The gross earnings of the Chicago Great Western
Railway for the second week of September, 1903, shows an
increase of $19,800.80 over the corresponding week of last
year. Total increase from the beginning of the fiscal year
$214,650.22.
Through to California Without Change of Cars.
The Minneapolis & St. Louis R. R. will operate two
weekly tourist car lines to California this season.
V ia
the
“ Scenic
Lin e .”
The first car will leave St. P^ul, Thursday, Sept. 10th,
at 8:00 p. m., continuing each Thursday thereafter, and
will run via Omaha, Denver, “ The Scenic Route,” through
Colorado, Ogden, Salt Lake City and Southern Pacific, ar
riving San Francisco 4:25 p. m. following Monday and
L os Angeles, 1:00 p. m. Tuesday.
V i a t h e “ S a n t a Fe R o u t e . ”
The second car will leave St. Paul, Wednesday, Oct.
21 st, Train No. 2 at 9:00 a. m v continuing each W ednes
day thereafter, and will run via M. & St. L., Iowa Central,
Wabash to Kansas City; thence the popular Santa Fe S y s
tem through New Mexico and Arizona, arriving L os A n
geles 8:00 a. m. following Sunday.
The rate for double lower berth, through to the Coast
is $6.00 from St. Paul and Minneapolis..
Fo r full information as to rates and berth reservations,
apply to agents or address
A. B. C U T T S , G. P. & T. A., Minneapolis, Minn.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
La Salle Street and Jackson Boulevard,
C H
Capital and Surplus,
I C A G O
-
-
$ 9 ,8 0 0 ,0 0 0
Interest allowed on deposits in Banking and Savings department.
BONDS.—Government, State, County, City and choice railroad bonds
bought and sold. FO REIG N EX C H A N G E.—Letters of Credit, Drafts,
Postal Remittances and Cable Transfers.
TRUST DEPARTMENT
Acts as Administrator. Executor, Guardian, Conservat or, Assignee
Receiver, Transfer Agent and Registrar; makes investments and acts as
agent in the collection and disbursement of incomes. Trust funds and
trust investments are kept separate from the assets of the bank.
Illinois Trust Safety Deposit Co.
Safety Deposit Vaults.
SNOQUALMIE FALLS AND WHITE RIVER POWER CO.
S E A T T L E -T A C O M A .
Supplies the Electric Power utilized by the Flour Mills. Street Rail
ways. Interurban Railway, Smelter, Street ana Domestic Lights and
the Industrial Motors of Seattle, Tacoma and intermediate towns.
Add rcss
Chas, H. Baker, Pres, and Chief Engineer,
SEATTLE, WASH.
Saturday, September 26, 1903.
T H E C O M M E R C IA L W E ST .
IN T E R E S T IN G F A C T S A B O U T T H E W E S T .
Pierre W ib aux has closed a deal with the Northern P a
cific Railw ay Co., by which he becomes the purchaser of
about 26,000 acres of land in the Beaver creek country,
practically embracing his old range in that section. This
purchase is one of the very large block sales made by the
Northern Pacific Co. to individuals.
The directors of the Lewis and Clark exposition, which
is to be held in Portland in 1905, have apportioned $380,000 for buildings, and have asked the state commission to
set aside $300,000 out of the state appropriation for the
same purpose. This apportionment of funds, it is believed,
will be sufficient to carry the exposition up to the time
the gates are opened.
Samuel Glasgow of Spokane, Wash., sent to Germany
and procured two sacks of wheat at a cost of $50. One
of these was sent to the Palouse country to be planted
and the other was sent to David Glasgow of Davenport,
Wash. Mr. Glasgow sent it to Peter Leipham to be
seeded, but as it was not received until the middle of May,
only a few pounds were planted. Mr. Leipham reports
that the small patch seeded yielded much heavier than any
other wheat on the farm. The kernels are full and the
heads are large. The wheat was not given a fair trial, as it
was planted after the other grain had begun to come up.
and it had the benefit of but one good rain. Next year
Mr. Leipham intends to sow several acres to the Germany
variety. That sown in the Palouse, it is said, returned 58
bushels to the acre.
N ew Salem, N. D., Herald: The Herald is reliably in
formed that the Northern Pacific will grade and iron the
survey made last winter from Marmot down the Heart
river to the big bend of that stream as well as the line
running from Almont to the same point, thus forming
a loop. W e understand that the right of w ay men will be
on the ground next week to purchase that portion already
staked out. It is likely that the road will run their heavy
freights over the new road, as it does away with the heavy
grades both east and west of New Salem, even if it be a
little further. It is the intention of the railroad company
to extend on in a southwest direction to tap the rich
cattle country and probably head off other roads, there
being no road west of the Missouri river in South Dakota.
D A IR Y IN G IN N O R T H D A K O T A .
Will North Dakota ever be a great dairying state? A
question of a similar nature a decade ago would have
elicited a much different reply than today, for there were
few creameries and cheese factories within the borders of
the state. In one or two places in the Red River Valley at
the present time there are buildings standing empty that
were designed for butter factories, but were compelled to
close for want of patronage. It was commonly said that
this is a wheat country and the farmers have no time to
devote to the raising of stock, much less caring for cows,
milking and the divers work in connection with dairying.
So many said these things that most of the people appar
ently believed them, and because of this sentiment dairying
in North Dakota did not make much headway for a num
ber of years. This was by many proudly termed the
“ bread basket of the w orld” and it was a long time be
fore ¿he idea took that it might be worth while to butter
the bread and thus make it more palatable.
There were some enterprising farmers, from the east
of course, who had been accustomed to dairying and ship
ping their butter to large markets. When they commenced
farm life in North Dakota it was natural that they should
revert to old habits. A t least they determined to see what
North Dakota could do in the w a y of making butter. T o
their astonishment and to the surprise of expert butter
merchants of the eastern markets it was discovered that
North Dakota butter, properly put up, ranked as high as
the best eastern product, if anything it was a little better.
F o r a long time it was thought that while it might pay to
have butter factories in the semi-arid sections, where grain
raising was not very profitable, it would never do to have
creameries in a section where wheat raising had proved
so remarkable a success?
The man who would devote a portion of his valuable
time to the raising of cattle and the production of butter,
when he might be raising fifteen or sixteen bushels of
wheat per acre, was deemed a fit candidate for the Ja m e s
town hospital. But what is the use in talking over the
past? Just to show the skeptical what has been accom
plished in North Dakota in the past few years in the dairy
ing line.
Dairying was found to be profitable in the dryer sec
tions of the state where farming had before been a fail
ure. It was then taken up in those sections where par
tial crop failures were not uncommon. Rather than starve
some farmers compromised by dairying on a small scale.
It proved a better investment than they ever dreamed of.
It meant a small income in cash monthly. It meant that
a source of profit had been found to pay running expenses
when the wheat yield was four to ten bushels to the acre
and even less. Some farmers discovered what they had
known all the time when east, that dairying is the most
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7
profitable and sure branch of agricultural industry. Its
success doesn’t depend upon the success of any particular
crop. The cattle can make feed and make a living for their
owners when man cannot glean enough from the soil to
hold soul and body together.
There is little doubt but that the improvement of ma
chinery in connection with the dairy industry revolution
ized the business and make it worth while for farmers on
the fertile plains of North Dakota to direct their attention
to its development. The invention of the separator, the
kind run by hand and the larger ones run by horsepower
and otherwise, did away with much of the labor in con
nection with butter making. The development of cold
storage science helped out in the larger cities and created
a market for cream and milk.
A number of bad years, years in which the average
wheat yield was very low and the prices were also very
low, compelled a good many farmers, even in the valley,
to turn their attention to diversified farming. That meant
dairying sooner or later must become an important in
dustry m North Dakota. The North Dakota Agricultural
College and farm institutes also did mucn in the w ay of
education. The good work is being kept up.
There are now some fifty-five creameries in North D a
kota. The first of those now in existence was established,
in 1895, only eight years ago. Of those creameries organ
ized that year but four remain. Th e y are located at New
Salem, Oakes, Rutland and Llavana. None of those organ
ized in 1896 or 1897 is now in existence. Three new ones
were added in 1898, one at New Salem, another at Hebron
and the third at Havana. In 1899 three were organized, a
third at N ew Salem, a second one at Hebron and one at
Hanover. In 1900 new creameries were established at
Judson, Cogswell, Mandan, Form an and Lidgerwood.
Eight creameries were established in 1901 at Richardton,
Glenullin, Leipzig, Hample, Alden, Fargo, (recently dis
continued,) Cayuga and Hankinson. The next year a
substantial gain of fourteen was made, almost doubling
the previous number. Those organized in that year were
Wilton, Medina, New Rockford, Oberon, Sykeston, B a r
ney, Milnor (since discontinued), Marion, Edgeley, Kulm,
Fingal, Brocket, Grafton and Mantador. In nine months
of this year twenty-tUree creameries have been organized,
at Edinburg, Hunter, Erie, Davenport, Kindred, Wolcott,
Sharon, Hope, Lisbon, LaM oure, Ft. Ransom, Ja m e s
town,
Kathryn,
Manvel, Kensel, Belmont, Keith, New
Salem, Grand Forks, Ashley, Bottineau and Devils Lake,
while there are preliminary movements in progress at
Goodrich, Portal, Balfour, Courtenay, Wishek and Cathay.
A t Cayuga and Hankinson it should be explained there
are only skimming stations.
New Salem is the banner creamery city, there being
four organizations there. Morton county leads in the num
ber, having eleven, while Sargent county is a close second
with nine. There are five in Richland county, four in Cass'
county, three in Stutsman, two each in Walsh, Ransom,
Steel, Barnes and Grand Forks, one each in Oliver, Stark,
Burleigh, Eddy, Benson, Wells, Dickey, Ramsey, P e m
bina, Traill and McIntosh.
While the industry has been slow in getting started the
movement seems to be gaining great impetus and Profes
sor Kaufman of the Agricultural College, assistant dairy
commissioner, is kept busy in the work of organizing and
answering inquiries.
There are five cheese factories in the state, at Harmon.
Hanover, Monango, Fullerton and Rolla, all profitable in
stitutions.—Fargo, N. D., Forum.
The Book of the Royal Blue.
The Baltimore & Ohio railroad issues the Book o f
the Royal Blue, which is entertaining and instructive in
all its contents. The September number is fully up to the
standard. It opens with a sketch of Christian Smith, who
drove the horses on the B. & O. road before the loco
motive came into use. There is a variety of high class
illustration. The officials of the Baltimore & Ohio are
always willing to reply to questions about their high-class
passenger service east of Chicago, and such letters ad
dressed to Mr. B. N. Austin, General Passenger Agent,
Chicago, will be promptly answered.
BANK
OF
H A M IL T O N
W IN N IPEG
H e a d
O if io e :
H a m
Capital Authorized
Paid-up Capital
$2,600,000
$2,000,000
i l t o n ,
Reserve
$1,700,000
O a t .
Total Assets
$21,959,596
Minneapolis Correspondents: SECURITY BANK OF MINNESOTA
Duluth Correspondents: AMERICAN EXCHANGE BANK
Deposits Received and Interest Allowed
General Banking Business Transacted
Collections carefully and promptly effected at all points in
Canada. Savings Bank at all offices. Correspondence solicited
T H E C O M M E R C IA L W E ST .
The
National Bank
northwestern
OF
Saturday, September 26, 1903.
M IN N E A P O L IS
C apital,
=
=
=
=
=
$1,000,000
S u rp lu s and U ndivided Profits,
600,000
An average of over eight per cent annual dividends paid to stockholders since
organization in 1872.
Dividends Paid since Organization, $2,170,000.
OFFICERS:
E . W . Decker, Vice-President.
F. E . Holton, Assistant Cashier.
William H. Dunwoody, President.
Joseph Chapman, Jr., Cashier.
A. E.ZONNB,
V-Pres. and Treas.
J. F. CONKLIN,
President
G. B. LOOMIS,
Ass’t Sec’y.
E .J . FORSTER,
Secretary
M. B. Koon, Vice-President.
Chas. W . Farwell, Asst. Cashier.
MERCHANTS’ NATIONAL BANK
J . F. C O N K L IN «S Z O N N E CO .
OF SAINT PAUL.
M IN NEAPOLIS
R e a l E,state and In s u r a n c e in all its B ra n c h e s
Fir st M ort g a g e L o a n s on I m p r o v e d City Pro perty
References : First National Bank.
Capital, - Surplus,
-
-
$1,000,000
- 250,000
Northwestern National Bank.
United States Depository.
The Equitable Trust Company,
152 M onroe S treet, CHICAGO.
Capital Paid Up,
$500,000.
Surplus,
$275,000.
Acts as Trustee for Corporations, Firms and Individuals and as Agent
for the registrations and transfer of bonds and stocks of Corporations
and the payment of coupons, interest and dividends.
IN T E R E S T
Bigelow, Vice-President; Geo. H. Prince
Cashier; H. W. Parker, Ass’t Cashier; H
Van Vleck, Ass’t Cashier.
DIRECTORS: Crawford Livingston, Kenneth
Clark, J. H. Skinner, Louis W. Hill, George
H. Prince, D. R. Noyes, E. N. Saunders, V.
M. Watkins, L. P. Ordway, F. B, Kellogg,
C. H. Bigelow.
O N D E P O S IT S .
D I R E C T O R S i
ANDREW McNALLY
F. M. BLOUNT
L. A. WALTON
WILLIAM BEST
JOHN M. SMYTH
J. R. WALSH, President
P A ID
OFFICERS: Kenneth Clark, President : C. H
MAURICE ROSENFELD
J. R. WALSH
O I F P I C E R S :
L. A. WALTON, Vice-President
C. D. ORGAN, Sec. and Treas.
C. HUNTOON, Ass’t Sec’y and Ass’t Treas.
First National Bank
OÍ D U L U T H , M I N N .
$500,000
600,000
Capital,
Surplus and Profits,
WALTER L. BADGER,
O N E I D A BLO CK ,
MINNEAPOLIS, MINN.
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.
REAL E S T A T E
■
I
I
h i
fl a S
J t t i\ l
s a B h
Bought, Sold and Managed for
Non-Residents,
MinneapolisProperty
Rents collected; buildings improved and reconstructed to produce increased
results. Satisfactory reference to local and eastern parties.
MOORE BROS. & S A W Y E R , Minneapolis.
H A R R IS ,
G A T E S
&
CO.
S to c k s , B onds, G ra in , P ro v is io n s , C o tto n , C o ffee.
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BOSTON.
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<& G O O D W I N ,
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CHICAGO.
Investment Securities.
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Accepted Promptly 4 ^ t o 6 p e r c e n t .
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G. E. Gibson, Asst.Cash.
City Naliooal Bank
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THE COMMERCIAL WEST,
9
The Cabinet Crisis in England.
Whenever there is a presidential electon in the
United States, there is usually pretty nearly as much
interest shown by the British people as by the Ameri
A W E E K L Y JO URN AL R EPR ESEN TIN G W E ST E R N BUSINESS.
can people. And in the United States we reciprocate
by
always being interested in British politics. Our
H . V . J O N E S , E d ito r a n d M a n a g e r
newspapers will editorialize on British political topics
HENRY D. BAKER,
almost the same as they would on American topics,
D . E. W O ODBRIDGE,
A sso ciate Editor
E d it o r M in e s D e p a r t m e n t
and as if they thought themselves really able to mould
sentiment and influence votes in England the same
c. b . m c d o w ell,
E D WI N MEAD,
A d vertising
S u bs c r ip t io n
as they do at home.
The Cabinet crisis in England has stirred up a
Minneapolis Office, Rooms 6 2 7 -6 2 9 Guaranty Building.
great deal of talk in this country. And it is curious
T e le ph o n e , M ain 307.
how Mr. Chamberlain and Mr. Balfour seem to have
an
overwhelming majority against them in the United
CHICAGO OFFICE, 1208 Stock Exchange Building.
States as in England. Though high protection is the
SUBSCRIPTION IN ADVANCE. POSTAGE FREE:
prevailing policy in the United States, and is alleged
One Year, $3 0 0 . Six Months, $1.50. Three Menths, $ 1.0 0. Copy, 10 Cents
to account for our wondrous prosperity, yet when
foreign s u b s c r ip t io n s , postag e p r e p a id , £ t
Mr. Chamberlain and Mr. Balfour advocate only a
moderate trial of protection for Great Britain, our
T he C ommercial W est w ill not know ingly publish the advertisement
leading organs of public opinion at once suggest that
o f a financially unsound individual or com pany.
they cannot be inspired by true patriotism. Some of
A D V E R T IS IN G R A T E S ON A P P L IC A T IO N .
the fine arguments for free trade for England that
appear in our home organs of high protection ought
Published by the
indeed to make their authors eligible to honorary mem
Commercial West Company, Minneapolis, Minn.
bership in the free trade Cobden Club of England.
A free trade policy for Great Britain will always
E N T E R E D A S SE C O N D -C LA S S M A IL M A T T E R A T TH E P O B T O F F IC 1,
meet with general favor in the United States. Our
M IN N E A P O L IS , M IN N .
high protectionists are not likely ever to denounce
SATURDAY, SEPTEM BER 26, 1903.
it, for the reason that they are shrewd enough to see
that continued free trade for England is one of the
best guarantees of a continued high protection policy
P R IN C IP A L C O N TE N TS.
for the United States. If Great Britain should begin
Editorial ......................................................................................................
9
to
discriminate in favor of its Colonies as we dis
The Cabinet Crisis in England.
A Great Labor Union Idea.
criminate
in favor of ourselves, the agitation that
W asteful Corporation Management.
The Chicago Centennial.
would
arise
from the agricultural producers of this
A Policy of Unreason.
Semi-Centennial of St. Paul.
country in favor of reciprocity treaties, would be so
Observations ............................................................................................... 12
Results of the Irrigation Congress...................................................... 1 3
great as to severely threaten the entire collapse of our
Ogden Irrigation Convention Resolutions........................................ 19
“ Aspiring W ork of Bank Clerks” ...................................................... 14
system of high protection.
By James G. S. Orchard.
Irrigation on Milk River........................................................................ 26
It is unlikely however that if a zollverein were
Financial.
once
established through the British Empire, that
New Banks and Changes........................................................................ 20
Dividends .................................... ................................................................ 20
it
would
be easy for this country to arrange for
Minneapolis Securities ........................................................................... 23
St. Paul Securities.................................................................................... 23
reciprocity.
The British people will doubtless be slow
Chicago Securities .................................................................................... 23
Minneapolis Bank Statements.............................................................. 17
to
adopt
even
a mild form of protection. Neverthe
St. Paul Bank Statements...................................................................... 17
The “ Chicago Plan” is Ready.............................................................. 15
less
if
Mr.
Chamberlain
should once succeed in con
W'estern Bond Issues...............................................................................
15
American Bankers’ Meeting.................................................................. 15
verting
a
majority
of
the
electorate of his country to
Chicago Money M arket........................................................................... 16
Minneapolis Money M arket.................................................................... 16
the
theory
of
discriminating
tariffs, he doubtless for
St. Paul Money M arket.......................................................................... 16
Fidelity Insurance ................................................................................... 28a
a
long
time
at
least
could
prevent
such discrimination
By Chas. O. Austin.
being neutralized or defeated through reciprocity
Minneapolis General Electric C o........................................................ 16b
“ Soo” Policy Beyond Cavil.................................................................. 16b
treaties.
Financial Notes ....................................................................................... 16b
Chicago Foreign Exchange.................................................................. 16b
I f the United States were at once to negotiate a
Grain and Milling.
Grain Dealers’ Annual Meeting.......................................................... 30
reciprocity
treaty with Canada, one of the effects
Minneapolis Grain Letter...................................................................... 30
Flour and M i ll i n g ...,..............................................................................
31
would
be
to
remove Canada’s enthusiasm for the zoll
Millfeed Market ........................................................................................ 3 1
Flaxseed ................................................................................................... ’ .
31
verein
project.
And if Canada were to cease giving
Minneapolis Coarse Grain Markets...................................... 31
London W heat M arket............................................................................ 32
Mr.
Chamberlain
its active moral support, Mr. Cham
Grain in Minneapolis Elevators........................................................ .. 33
Minneapolis Grain Receipts.................................................................. 33
berlain’s
propaganda
would meet with diminishing
Milwaukee Grain M arket....................................................................... 34
Pacific Meat Trade................................................................................... 34
success
in
England.
September Crop Report................................................................... . . .
34
General Statistics .......................................................................................... 30
The bold stand taken by Mr. Chamberlain and
Commercial W est Market Reviews................................................ '. 35
W heat and Flour Exports...................................................................... 36
Mr.
Balfour in favor of a principle they deem for the
Visible Supply of Grain.......................................................................... 36
Real Estate and Lands.
advantage of their country, though they know it is like
Farm Mortgages in K an sas.................................................................. 24
Great Northern and Northern Minnesota...................................... 25
ly to prove disruptive to their own party, is indicative
North Dakota and Irrigation............................................................... 25
Farm Land Movement ............................................................................ 26
of a high toned political atmosphere in England. These
Live Stock.
gentlemen almost as certainly court at least temporary
Live Stock M arkets................................................................................. 28b
defeat, as did President Cleveland, when in 1887, he
M iscellaneous.
Electric Railways ..................................................................................... 25
Telephone Construction ......................................................................... 25wrote his famous tariff reform message which pre
Press Comment ................................................................................ ! ! ! ” 27
vented his re-election in 1888. Ultimately, however,
The First Chicago Directory.................................. . . . . . . . . . . . . . . . 16a
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Federal Reserve Bank of St. Louis
THE COMMERCIAL WEST.
10
they will probably convince a majority of their coun
try that they are right.
The fact that W. T.
Stead, the “ little Englander,” and partisan of the
Boers during the recent war, has bitterly denounced
Mr. Chamberlain’s plan, will strongly commend it to
a number of Englishmen whose love for free trade is
after all not so great, as is their contempt for Mr.
Stead, and what he stands for.
Mr. Chamberlain is the most positive force in Eng
lish politics today. He is not a man who will be easi
ly discouraged in his work. He will probably never
retire to private life until he feels his work is done.
A Great Labor Union Idea.
The election by acclamation of Frederick I. Kent
of Chicago to be head of the American Institute of
Bank Clerks, at the Cleveland Convention last week,
was a deserved tribute to his splendid work as pres
ident for two years of the Institute’s Chicago Chapter.
Four hundred young men engaged in enthusiastic
work for self culture, make up this Chicago chapter.
The work they are doing is largely what they were
inspired to do through the personality of Mr. Kent,
and with his ability given a national scope his power
for good will be proportionately/expanded.
Bank officers as wqll as bank clerks throughout the
country, should heartily apm'eciate Mr. Kent’s willing
ness to devote time and/painstaking attention to the
building up of the IiisBftite. The banks are benefited
by the standards of efficiency among bank clerks be
ing raised, in no le^s'measure than the bank clerks are
benefited by their opportunities for advancement be
ing increased.
Mr. Kent is now head of one of the greatest labor
unions in the country and certainly the most wholesome
in its aims of them all—a union which exists for noth
ing selfish nor economically unsound, but rather for the
common good of employers, employes and of the gen
eral public.
Wasteful Corporate Management.
A story that has recently been going the rounds
in industrial circles is worth repeating for the les
son it suggests, though in so doing we give no
guarantee for its authenticity, and would ourselves
question* whether it were not possible rather than
probable.
An official at the Chicago offices of one of the
great industrial corporations, who received $10,000
the W aldorf-Astoria Hotel in keeping with the dig
nity of h is-$10,000 position, and commensurate with
the great importance of the matter in which his ex
pert opinion had been sought.
The conference was to be at the W aldorf, but at
the hour set for it, there was no one there but him
self. Finally getting impatient he called up the
president of the company by telephone, to find what
the trouble could be that was delaying the arrival
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Federal Reserve Bank of St. Louis
Saturday, September 26, 1903.
of the executive officials. He was told the presi
dent was ‘‘too busy to have the meeting to day.”
Perhaps it would take place on the morrow. But
on the morrow the president was also too busy to
meet with his $10,000 a year man from Chicago.
And so he was the next day, and the next, until
when over two weeks had elapsed, he found time
to dictate a message to his Chicago man, saying
that he was sorry if his trip had inconvenienced
him, and that he hoped that at some time in the
near future he could find time to have a conference
with him about the important matter that he had
summoned him to New Yjbrk about. For the pres
ent, however, he was tooLbuky to spare time for
such conference, hence he could return to Chicago.
The $10,000 a year man went back, and turned
in an expense account of nearly $1,000, which was
paid without protest.
Whether or not this particular story be true,
there certainly are many instances in some of the
big industrial companies, of just such wastefulness.
When a big corporation is properly organized,
so that the time and ability of every man in it is
made to count to the utmost, and each man fills a
place, like the respective parts of a machine, the cost
of operation ought to be much cheaper than before
the corporation was formed from a number of con
stituent companies. Some of the large industrial
corporations have justified what was said in pro
moters’ prospectuses about economies due to op
eration on a large scale. Other corporations have
shown not greater economy but increased waste.
There has been unwieldiness in management, and
lack of attention to details. The officials have not
felt the same keen interest in business, the same
desire to earn and save every dollar for the com
pany, that they did while owners or managers of
the plants that were sold out to the "trust.” Their
personal responsibilities and duties might be larger
than before, and yet the time given to them less.
Frequently their minds get so taken up with the
stock market that close attention to company busi
ness becomes impossible.
Lack of practical organization, and lack of in
dividual energetic interest in business, are as potent as
over capitalization and lack of working capital, in
causing certain large corporatons to go down hill, not
withstanding their constituent companies were all
prosperous until they became merged.
The Chicago Centennial.
There is no city in the world which can present
such a remarkable record for achievement within a
century, as Chicago, which is now celebrating the first
centennial in its history.
The growth of Chicago has indeed been an in
stance of truth stranger than fiction. It would at
present take as difficult a stretch of the imagination to
look backward one hundred years and think of prairie,
a muddy creek and roving bands of Indians on the
present site of Chicago, as one hundred years ago it
would have taken to have conceived that one hundred
vears hence on this site, there would be a city of over
two million people, famous for its sky scrapers, its
world-wide commerce, and its enormous wealth.
Only sixty years ago Chicago was little more than
Saturday, September 26, 1903.
THE COMMERCIAL WEST.
a village. The first directory, published in 1843,
showed only about 7,500 names.
The rapidity of Chicago’s growth is almost be
yond explanation. In most cities such remarkable
percentages of gain in population as Chicago has
shown during every year of its history would suggest
a wild sort of boom and sooner or later a collapsed
bubble. But though Chicago has beaten every city
of the world in ancient or modern times, as regards
rapidity of increase in population, yet there is noth
ing about Chicago that is not solid and substantial.
Its material strength as a city has been demonstrated,
not destroyed, by disasters. During the last one hun
dred years, panic, plague and one of the greatest con
flagrations in the history of the world, have visited
Chicago, and have not checked its growth.
Chicago has been singularly fortunate in the per
sonnel of its business men. It is their industry, in
tegrity and push, more than»natural advantage of
site, that has made the city what it is today. Chica
go s opportunities have been mostly self-created. The
city is a wonderful example of what hard work, will
power and honesty can accomplish.
A Policy of Unreason.
In Chicago, which appears to be the nation’s focal
center for labor disturbances, labor unionism has lately
come close to the limit of arrogance and unpatriotism.
A demand has been made on the Chicago Board of
Education that no more work should be done on a cer
tain school building until all the work so far done by
non-union labor is taken out and destroyed.
The Illinois Manufacturer’s Association, represent
ing a great number of the largest taxpayers of the
state, in view of this demand, has resolved: “ That
the board of education of Chicago he and is hereby
urged to take a determined stand against such waste
of the people’s money and such disregard of the laws
of this state as a yielding to the demands of the A s
sociated Building d rades will entail. We deem such
demands unbusinesslike and unpatriotic and to agree
to them would be ruinous to the interests of Chicago
as a city, to her people as citizens and to the state as
a state.”
Last Sunday, at the weekly meeting of the Chi
cago Federation of Labor, an impudent letter was
drawn up and sent to President Roosevelt regarding
his reinstatement of foreman Miller in the government
bindery. No attempt was made to show that Pres
ident Roosevelt s policy of no discrimination in the
public service is wrong. The letter contained merely
childish sarcasm evidently designed to annoy the pres
ident. 1 he language used was coarse and unpatriotic.
The chief organizer for the Chicago Federation of
Labor announced at this meeting that he believed it
suicidal for labor unions to enter into contract agree
ments with capital. In his opinion such restraining re
lations with employers would surely tend to destroy
unionism. When union labor wants anything, he said,
it should send an ultimatum to such effect, rather than
a meek request for an agreement or an arbitration of
differences.
Whilst union labor leaders in Chicago are thus
indulging in spectacular exhibitions of greed and fool
ishness, the statistics of building operations in Chica
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
h
go show how the goose is being killed that lays the
golden egg.
The building figures for the first eight months of
the year would have an appalling significance for labor
leaders had they the good sense to appreciate them.
They compare with last year as follows:
1902.
No. of permits.................................
4,188
Frontage in fee t.............................
126,954
Estimated c o s t................................ $34,956,085
1903.
4,044
111,086
$22,707,400
I here is thus a decrease over a year ago of 144
buildings, 13,870 feet of frontage and $12,298,685 in
estimated cost.
The building improvements so far permitted in
1903 will thus represent only about two thirds as
much money as has been giving into material and
labor for the buildings permitted in 1902; and this
notwithstanding the higher prices for labor and ma
terials.
When unfinished old work is completed there will
be a big falling off in the demand for labor in Chi
cago ; when the World’s F air buildings at St. Louis are
completed next year, there will be a large number of
laborers now employed at St. Louis, who will be
looking for work. Conditions in other large cities,
like New York, also indicate a large falling off in
the demand for labor in the near future. The chief
reason why building operations show such large de
cline, is because of the excessive cost, due to compli
ance with the past demands of union labor, and to the
uncertainty caused by the strikes, which written con
tracts and arbitration agreements have failed to pre
vent.
Union labor could not choose a worse time than
now for aggressive warfare against the “ open shop.”
With a large diminution probable within the near
future in the opportunities for employment at the
trades, labor unions are liable to find themselves at the
mercy of the employers they thought were at the mercy
of their unions. No “ trust,” whether of labor or of
capital, can long persist in arbitrary inflation of values
and unjust monopoly, without courting disaster.
Semi-Centennial of St. Paul.
The citizens of St. Paul have in mind the proposi
tion that the fiftieth anniversay of the foundation of
the city shall be fittingly observed next year. This is
a proposition that the citizens of the state will be as
interested in as are the citizens of St. Paul. The
capital city is historic in its relation to the state and it
is eminently proper that this celebration should take
place. Perhaps no state in the Union has a more in
teresting local history than Minnesota. It is one of
the group of far Northwest states that came into the
Lnion through the Louisiana purchase as a prelimin
ary; its Indian history is historic; its settlement has
to do with the early migration of people from the East
into the West; its railroad development has placed it
among the foremost states in the Union in its railroad
mileage; the state has contributed its part to the gen
eral history of the country; its soldiers have been
among the bravest on the field j her statesmen have
occupied high position, and her people have been in
dustrious and prosperous. St. Paul has become a
magnificent city, growing in business as the vears
have passed and standing shoulder to shoulder with her
THE COMMERCIAL WEST.
12
sister city, Minneapolis, both of which make up the
great commercial metropolis of the Northwest, ihere
should be no doubt in the mind of any individual that
this proposed celebration can be made a great suc
cess.
O B S E R V A T IO N S .
Just how much attention employers of labor should
give to the conduct of their employes’* outside of working
hours is a question that is growing in importance. The ac
tion of the Western Electric Co. of Chicago in posting no
tices to its employes warning thej^i against immoral prac
tices which tend to impair their usefulness to the company,
is significant of an increasing tendency among employers
to assert, as a business right, a certain amount of whole
some guardianship over the private lives of their em
ployes.
*
*
*
This company has enjoined its employes against “ play
ing the races and all other forms of gambling, immoral
conduct, and the excessive use of liquor or cigarettes
Those who disobey this injunction will be subject to dis
missal. Thus the Western Electric Co. will not allow
itself to be a haven for “ sports.” It will not permit its
wages to contribute toward the debauchment of morals,
and to the profits of brothel keepers and race track “ brokies.” Its wholesome restrictions against indulgence of its
employes in demoralizing practices are, however, founded
on business policy and not on religious nor philanthropic
grounds. If they were based on any other grounds than
those simply of business policy, they might occasion a cer
tain amount of plausible resentment amongst employes
who could claim that they did not hire themselves out to
have religion dictated to them, nor their private life out
side of working hours prescribed for them.
*
*
*
There are a number of business corporations which
hesitate to interfere with the self destructive 'labits of
their employes, because they say, like Cain, “ Am I m y
brother’s keeper,” and then often they do not look 0 1 the
men who work for them as brothers anyway, but merely
as employes worthy of their hire but of no further atten
tion. The Western Electric Co., however, has shown
how every corporation manager cap fulfill in a Christian
way the role of brother’s keeper of( those in his power to
influence for better or worse, and at the same time do
so for reasons that can be summed up entirely in business
policy. It is curious in this connection how the same
world which looks on corporations as selfish and soulless,
would nevertheless think corporations were going b e
yond the proper scope of their charters if they started in
the business of uplifting humanity, unless such uplifting
were obviously purely incidental to the specific business
for which they were organized.
*
*
*
It ought to be always obvious to every business man
that good habits in his employes as well as in himself must
necessarily be ever incidental to good business. Moral,
mental and physical impairment can never mean anything
else but decreased business efficiency— whether in the case
of the employer himself or in the case of the man who is
on his pay roll. But it may be argued that when such
decreased efficiency amongst employes becomes apparent,
by actual loss to the company, that it is time enough for
decisive action. When a man has shown that his sporti
ness has cost his company money he can of course be dis
ch arge d —this policy involving no interference with private
life until the wrong to the company has been proved by
actual shortages in dollars and cents, Nevertheless good
business men must always be ready to concede that it is
better to prevent waste before it occurs than to stop waste
after it has begun; better to guard against blunders in ad
vance than to use heroic remedy for them when it is too
late. The extreme laissez faire doctrine as relates to the
conduct of employes is relatively as costly as the same
https://fraser.stlouisfed.org
Federal Reserve
* Bank of St. Louis
Saturday, September 26, 1903.
doctrine when applied by the state in not trying to pre
vent crimes, though being willing to punish them after they
occur.
*
*
*
It is in banks that there is usually the closest watch
fulness over the habits of employes. When a bank clerk
is found to be sportily inclined, it is usually deemed nec
essary to promptly look up his accounts to see if there is
a shortage. It is obvious that sportiness always implies
more or less extravagance, and that extravagant use of
money in turn will suggest in the case of the person of
small salary, “ where did you get it?” In banks the nat
ural wish to prevent large losses through embezzlements
will often cause unnessarily severe restrictions on em
ployes, who m ay be constantly treated as suspects rather
than as gentlemen of honor. Interdictions against any
indulgence whatever in tobacco or alcohol will do more
harm than good, for they will simply make hypocrites of
the men, and create a pamby-namby atmosphere in which
not intelligent, rugged character is fostered, but instead
deceitfulness and a disposition to assume virtues rather
than to possess them.
But in many corporations where the employes do not
handle money, but instead goods too bulky to steal, it is the
laissez faire principle that is usually carried to an ex
treme. In the case of commercial travelers the firms that
employ them will sometimes wink at dissoluteness, in the
belief that it is conducive to business. Occasionally they
seem actually to believe that the more their representa
tives engage in obscenity, profanity and excessive drink
ing, the more popular they will be with the trade, and the
more orders they will turn in to their firm. There never
was a worse business delusion than this. A n y firm which
will allow its employes to flaunt personal lack of respect
ability in the faces of those it has business dealings with,
advertises itself for cheapness and lack of character. It
throws away reputation it has taken hard work and self
sacrifice to build up. Vulgarity of any sort can never pay
either as a substitute or a supplement for fair dealing,
courtesy and polish.
*
*
*
The officials of the Western Electric Co. seemed to
think that the desire to play the races was the worst of all
demoralizing influences amongst their employes. It cre
ated a feeling that a lucxy chance on a horse could result
in more self benefit than hard work for the company. If
there happened to be quick winnings the money would be
spent on vicious pleasures and riotous living. And when
the money was lost it represented just so much setback
for any accumulation of savings such as could elevate
standards of living, make the men more sell respecting,
and more bounden to ties of home that encourage hard
work, perseverence and contentment.
*
*
*
The gambling fever is unquestionably the most de
moralizing influence in industry today. . From the presi
dent of a great company who wastes his nerve force in
watching the ticker, to the office boy who consecrates his
mental energies to the bucket shop and the race track, the
gambling fever has its victims. In T h e C o m m ercial W est
of Sept. 5, President John J. Mitchell of the Illinois Trust
and Savings Bank said: “ The chief trouble with most of
the industrials that have been going to the bad, is the
unfortunate disposition of their managers to be more in
terested in the stock market than in company business.”
When the captains of industry are more interested in gam
bling than in business, it is of course difficult to expect
a higher morale in the rank and file. With a company like
the Western Electric, where the energies of the manage
ment are concentrated on the manufacturing and the mer
chandising of goods, and not on the stock market, the com
pany’s officials are perfectly consistent in their objections
to gambling among their employes. But when any com
pany is run for stock jobbing purposes as many industrials
are, any reform as regards gambling ought to begin at
the top.
T
he
O
nlo ok er
.
Saturday, September 26, 1903.
THE COMMERCIAL WEST.
1
III? National Bank of North America
—
Capital
C H I C A G O
- $2,000,000.00
=
Surplus
-
$500,000.00
O F F I C E R S :
IS A A C N. P E R R Y , P resid en t
B E R N A R D A . E C K H A R T , V ic e -P re sid e n t
C H A R L E S O. A U S T IN , V ice -P re sid e n t
J U L IU S S. P O M E R O Y , Cashier
F R A N C IS V . P U T N A M , A s s t. Cashier
Correspondence or interviews with a view to business relations cordially invited
RESULTS OF THE IRRIGATION CONGRESS.
The Irrigation Congress at Ogden, Utah, last week was
clearly the most enthusiastic meeting of that organiza
tion since its first meeting twelve years ago. There was
an attendance of several hundred delegates from west of
the Mississippi river and a few of the states east of Chi
cago were represented by small delegations. The cause of
irrigation was greatly advanced by the Ogden meeting.
T he program was so complete that it brought before the
delegations several of the best speakers of the country
and the most enthusiastic workers in the cause. .The
convention was presided over by Hon. W. A. Clark, of
Montana, and among those present were Secretary Wilson
of Washington, the senators, congressmen and governors
from many of the western states, including Hon. Francis
G. Newlands of Nevada, the author of the irrigation law
that was enacted by the last congress.
The Northwest was represented by full delegations
from Minnesota, North Dakota, Montana, Idaho, W a sh
ington and Oregon. The Minnesota delegation included
many prominent business men of the state who have not
given the subject of irrigation close study, and the trip
into the west and the setting forth of the subject of irri
gation was a revelation to them. Th e y returned to Minne
sota of one mind—that irrigation is the next great sub
ject for the country to exploit. T h e y were impressed with
the idea that the arid districts, instead of being handi
capped by the lack of rainfall, are in fact superior to any
other lands in the country, wherever irrigation is em
ployed. It was made plain to them that the people of the
United States have as yet but little understanding of the
importance of this question.
North Dakota has a fund available of about $3,000,000
that can be devoted to irrigation work. It is expected that
North Dakota will move in this matter during the fall
and will set at work the agencies that will begin the
work of reclamation of the arid lands along its western
border.
M ilk
R iver Im provem ent.
In Montana the government is about to begin the open
ing of the great Milk river valley and the friends of irri
gation expect splendid results from this work. There is
a long, fertile valley waiting only for moisture to turn the
plain into a garden of production that will be capable of
supporting thousands of people in prosperity. The North
west is more specially interested in this latter work be
cause of the benefit that will accrue at once to the jobbers
and manufacturers of the Northwest. The Milk river
country is directly tributary to Minneapolis, St. Paul and
Duluth and to the growing cities of North Dakota where
a jobbing trade is being developed.
The irrigation proposition becomes so fascinating to
those who give it sufficient attention to grasp its possibili
ties, that it is likely steps will be taken to bring object
lessons before the people of the Northwest so that they
m ay the more readily understand what these possibilities
are.
Snake
R iver
R e c la m a t io n .
The work has progressed so far in Idaho that the Sho
shone desert along the Snake river is being transformed
into an agricultural region of prosperity. S ix years ago
the railroad had not been extended from Idaho Falls to
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St. Anthony and land at that time sold for $8 an acre.
The railroad was built five years ago, ditches were ex
tended from the Snake.river and the production is so won
derful that lands that sold for $8 an acre six years ago sold
ten days ago for $80 an acre. The reason of this is that
under irrigation there can practically be no crop failure,
at least so far as moisture is concerned. The farmer can
regulate the rain fall; the sunshine is strong and does
a wonderful work when it is joined with moisture intro
duced on the land at the proper time and in the proper
quantity. Under irrigation there is no damaging effect
from an undesirable amount of rainfall of five inches in
a day; there is no damage to harvest on account of un
seasonable weather. Fruit and grain grow abundantly and
bring a large profit to the farmer. Up and down the Cache
valley and the great Salt Lake valley in Utah are prosper
ous homes surrounded by small irrigated farms that from
a few acres bring in larger returns than come from many
of the larger farms of the east, which are favored with
regular and irregular periods of rainfall, but which the
irrigationist will say are located on undesirable lands be
cause of the inability to produce crops as the result of
an even application of moisture to the land.
The
Ir r i g a t i o n W o r k .
The Irrigation Congress set out broadly some of the
work that is about to be undertaken. F o r instance, the
declaration is made that great floods in the rivers are not
only wasteful but unnecessary. B y the erection of reser
voirs at suitable points, under the direction of the na
tional government, flood waters are to be preserved and
sent out upon the land to do a work for production, in
stead of being allowed to tear along the valleys with loss
of life and loss of property that can scarcely be computed.
The rivers of the plains that are simply wasting their
waters can be taken in hand, and put under control; and
the waters that are now allowed to slip away into the sea
can be sent out upon the land to raise bountiful crops for
the maintenance of the people in future years.
It requires no great stretch of imagination to look for
ward to the day when the Missouri river will be made to
do a wonderful work for production. The waters of that
river have been flowing for centuries into the sea without
doing helpful work, but instead being a source of an
noyance to people tributary to it and causing the govern
ment large expense to prevent depredations by it. The
waters of this river can be so controlled as to practically
make it a reservoir for western production. The same is
true of the Platte river in Nebraska, the Arkansas river,
the Colorado river and other long rivers of the west that
are now contributing nothing for the prosperity of the
people.
Another work will be the building of small reservoirs
among the hills of the arid districts that will hold the
snow waters in the spring and thus help to provide mois
ture for small farms during the summer months. The
country has for years spent millions a year in the im
provement of rivers and harbors and it is admitted that
a large part of this work is purely political in character
and of no benefit to the people. It is proposed that the
government shall permit some of these political tenden
cies to run along a more helpful line, such as the building
T H E C O M M E R C IA L W E ST .
14
of small dams and the improvement of rivers for irriga
tion.
With the irrigation of the lands will go the counter
movement in favor of the preservation of the forest and
the reforestation of cut over lands in such districts as
make it desirable in relation to the preservation of the
water supply. The opposition to this movement comes
from the ranks of the cattle men who do not want to favor
anything that would reduce their chances of securing large
tracts of the public domain, Fo r instance, in T e x as there
is a single ranch containing 1,300.000 acres of land under
fence, and belonging to one individual, who has as a re
sult of the looseness of the country’s laws been able to
gather together this great area and thus shut out bene
fits that would accrue to the home builder, were he able
to settle on irrigated land. Much of the choice timber of
the western mountains has been gathered into a few hands
in the same way. A s we understand the subject, there is
no disposition to shut out enterprise by a petty policy.
The intention is rather to preserve those districts avail
able for irrigation for the home-builder, so that the coun
try m ay become settled and prosperous and able to sustain
business, rather than to permit these same plains to fall
into the hands of large ranchmen and into the hands of
speculators, the result of which would be long delay in
settling the country and providing the business support
that both city and state desire.
The
E f f e c t on
Business.
L e t the Milk river valley in Montana be irrigated and
opened to the small settler and the population of Mon
tana can be doubled within a few years. Such increase of
population would be an immediate support to the cities of
Minneapolis, St. Paul and Duluth, and the strengthen
Saturday, September 26, 1903.
ing of their distributing facilities would in turn be of
benefit to all the people of the Northwest because of the
enlargement of their home markets, which in turn would
increase the consumption of dairy products and the small
produce from the farms.
This is a question in which railroad and people are
alike concerned and the interest of the one is the interest
of the other. The railroads in the Northwest are the great
immigration agencies; they are filling up the country with
people wherever people can be sustained by the natural
fertility of the land on which they locate. With the in
troduction of irrigation in the western valleys the oppor
tunity will be opened at once for the extension of the
immigration movement, and it is this work that the Ogden
convention gave its support to; it is this work to which
President Roosevelt has practically pledged the support
of the national administration of which he is the head; it
is this work that Jam es J. Hill has been advocating for
years, and the economic importance of which he sums up
in the sentence: “ Land without population is a wilder
ness, and population without land is a mob.”
The Ogden convention was enthusiastic and thorough.
It did hard work. The opposing forces of cattlemen and
timbermen as against the supporters of the home-building
policy were active. The latter sought the repeal of the
desert, the timber and stone act and the commutation
clause, bqt partial compromise had to be conceded to the
effect that Congress be urged to enact such amendments
to present laws as are needful to preserve the spirit of the
present laws, which are drawn supposedly to guard the
homeseeker, but which, in fact, permit of frauds, either
direct or indirectly.
H. V. J.
ASPIRING WORK OF BANK CLERKS.
Written for T
he
e s t by Mr. James G. S. Orchard, note-teller of the Bank of Montreal, Chicago, and
one of the Chicago delegates to the Cleveland Convention.
C o m m e r c ia l W
The first annual national convention of the American
Institute of Bank Clerks was held in Cleveland, Ohio,
Sept. 18 and 19. Much good was hoped for as a result
but probably no one dared to expect the meeting to be
the great success it was.
There were about 137 delegates present from all parts
of the United States. San Francisco sent three, Salt Lake
City one, Denver one. Think of five young men comingall the w a y from those cities to attend a convention last
ing but two days and where they personally knew no one!
Does not that show a devotion to duty and an earnestness
of purpose, worthy of recognition? Advancement is the
keynote of this organization, and the influence which im
pelled 6,000 young men to join it.
It is often said that a bank clerk is apt to become an
old man before he receives a really comfortable salary.
This is only too true, though it does not apply to banks
perhaps any more than to a great many other lines of
work.
It is to combat the tendency to become thoughtless
machines that the bank clerks are utilizing the Institute.
At this first convention it was clear that those who had
availed themselves of the chance to take part in the chap
ter work, had already lifted themselves far above the com
mon level and had brought their natural abilities into ac
tion and developed them. A s one young man said in his
address, “ The object of the Institute is to have all the
bank clerks in the United States as members and the in
dividual object of each member is to become a bank
president.”
The work of the chapters consists of essays and de
bates by members on subjects relative to banking. There
are courses of study in the laws of commerce and negotia
ble instruments. Prominent business men are invited to
speak on their specialties and occasionally there are puiely social meetings.
The greatest good in my opinion is obtained through
the debates and essays, as that work brings a young man
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Federal Reserve Bank of St. Louis
out, gives him independence of thought and teaches him
to have confidence in himself. This was plainly demon
strated at the convention which was attended by some of
the prominent bankers of Cleveland and they all ex
pressed surprise and gratification at the ease, fluency and
sound logic of the speakers.
A prominent lawyer who attended all the proceed
ings said that though he had been to a number of conven
tions of the American B ankers’ Association he had never
heard better speeches than those he listened to at this
Cleveland convention.
E v e ry time a San Francisco, Salt L ake City or Denver
man got up to speak, he was cheered heartily.
The Cleveland men were cheered too, for they had
worked hard to give the delegates a good time. Th e y had
left nothing undone in the w ay of suitable entertainment.
One of the Cleveland clubs was opened Frid ay even
ing to the delegates, and several hours were spent in fra
ternal greetings and conversation. On Saturday after
noon a tally-ho ride was taken through the parks and to
the Euclid Golf Club where a delightful entertainment
was provided. Saturday evening a banquet was given at
the Hollenden House. There were present about three
hundred people, including many of Cleveland’s prominent
bankers, some of whom gave short speeches.
All of the delegates became imbued with renewed
ambitions to work harder at the banks and in the chap
ters, develop ability to think for themselves, and to get
out of the rut, and never get back in it again. That is the
great good that the convention accomplished.
The election by acclamation of iH. I. Kent, of the First
National Bank of Chicago, to be president of the Insti
tute, was a great compliment to Mr. Kent, and filled all
the Chicago delegates with a justifiable pride in the man
whose zeal, ability and popularity had been largely in
strumental in the remarkable success of the Chicago chap
ter, whose membership of 400 is the largest of any chapter
in the country.
Saturday, September 26, 1903.
THE COMMERCIAL WEST.
15
The First National Bank of Minneapolis
U N I T E D S T A T E S D E P O S IT O R Y .
C a p i t a l , ........................................
Surplus and Undivided Profits,
$ 2 ,0 0 0 ,0 0 0
f ,250,000
C. T. Jaffray, Cashier.
Ernest C. Brown, Asst. Cashier
THE “CHIGAGO PLAN” IS READY.
(Special Correspondence to The Commercial W est.)
Chicago, Sept. 23.— The much talked of “ Chicago plan”
for settling the currency question, is definite and positive
in its outline, is worked out with painstaking attention as
regards details, and is precisely set down in writing. It is
the very opposite of a “ scheme of negation,” which the
Chicago local press has hinted it would be.
bor the present the plan will be kept secret, awaiting
suggestions and criticisms from Congressman Charles N.
Fowler, who is carefully considering it. After Congress
man Fowler has expressed himself on the plan, it will be
laid almost simultaneously before the Chicago Clearing
House association, and the committees that were ap
pointed at the recent state bankers’ conventions in Illi
nois, Iowa, Michigan, Wisconsin and Indiana, to co-op
erate regarding currency legislation with the Chicago
B ankers’ club. I f their simultaneous endorsement for it
is secured, as hoped, the plan will be printed and spread
broadcast over the country.
The plan is chiefly the work of four bamters in Chicago— President Jam es B. Forgan and August Blum, of
the hirst National bank, and Jam es H. Eckels and Joseph
F. Talbert of the Commercial National bank. Fo r weeks
these four gentlemen have been engaged in earnest dis
cussion of the plan. Almost from the start they were in
harmony as regards the general features. The details
they have since worked out in a spirit of co-operatively
W E S T E R N BO N D IS S U E S .
Helena, Mont.—The council has voted to issue $614,000
of water bonds. The ordinance provides that they be of
fered for sale Oct. 29.
St. Paul.— St. Paul will issue $200,000 worth of city im
provement bonds as soon as the city finance committee can
secure bids for the amount.
Hinckley, Minn.—The town board of the town of
Hinckley, Pine county, Minnesota, will receive sealed bids
for the sale of $2,500 road and bridge bonds on Oct 3,
1903.
Bass Brook, Minn.— Sealed bids will be received until
2 o’clock p. m., October 10th, 1903, for the purchase of
$5,000 road and bridge bonds of Bass Brook township,
Itasca county, Minnesota.
Valley City, N. D.—The proposition to issue $8,000 in
bonds for the improvement of the electric light plant,
$6,000 for sewers and $4,000 for the water mains, a total
of $18,000, carried at the special election.
Bruno Township, Minn.— Sealed proposals will be re
ceived until Sept. 25, by R. A. Campbell, town clerk, for
$4,500 7-16 year (serial) bonds and $1,500 1-6 year (serial)
bonds at not exceeding 6 per cent interest. Interest, semi
annual.
VV ood Lake, Minn.— Sealed proposals will be received
until Sept. 24, by J. P. Hauck, village recorder, for $5,000
5 per cent water-works bonds. Maturity, $1,000 on Sept. 1
of the years 1908, 1910, 19 11, 1912 and 1913. Certified
check for 5 per cent of the par value of bonds bid for re
quired.
Walnut Grove, Minn.— Notice is hereby given that the
village of Walnut Grove has voted bonds to the amount
of $10,000 for village improvements. That such bonds will
be issued in denominations of $1,000 each. Each bond to
be dated October 15th, 1903, and to be due and payable
twenty years after date at 5J4 per cent.
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Federal Reserve Bank of St. Louis
seeking what is safe, practical and expeditious. Their de
liberations have smoothed off all differences which ex
isted at the start.
Congressman Fowler was given a typewritten copy
of the plan while on his visit to Chicago just previous
to the South Bend convention. It is known that he ap
proves of it in the main, though he will probably request
that certain features be modified or changed.
While in Chicago Congressman Fow ler is known to
have expressed the opinion that the successful working
out of a system of credit currency would rest largely with
the clearing house associations of the different cities,
which would probably soon evolve from experience a sy s
tem of redemption as practicable and easy as they have
evolved in the case of clearing checks and drafts. He
said he believed it best to frame a bill that will give con
siderable discretionary power to local associations of
bankers about practical details for putting the system into
effect, and he thinks the Chicago plan will afford a good
model for all clearing house associations to start on.
Since the famous Baltimore plan was proposed in
1894 by the Baltimore Clearing House Association, and
endorsed by the American Bankers’ Association, there
has been no attempt by any group of bankers to work out
a plan until Chicago bankers patriotically decided a few
months ago they would devise a plan for settling the ve x a
tious problem of currency reform.
The San Francisco Convention.
T w o special trains of seven cars each are being pre
pared to carry the bankers of Chicago and the Middle
West to attend the convention of the American Bankers’
Association at San Francisco next month. The first train
to leave Chicago will be the Rock Island special which will
leave Chicago Tuesday evening, October 13, arriving at
San Francisco Saturday evening. This will accommodate
those who desire to make the trip in a more leisurely manner
and stopovers will be made at Denver, Colorado Springs,
Salt Lake City and other points of interest. The train
will arrive in San Francisco early enough to give two
days of sightseeing before the convention opens. Among
those who are booked as members of this party are J. R.
Mitchell, C. S. Castle, George M. Reynolds, George H.
Hamilton, R. L. Crampton, Charles O. Austin, J. J. B ig e
low, J. J. Abbott, J. C. Crafts, Homer W. McCoy, D. J.
Harris, I. N. Perry, E. A. Potter, L. F. Potter, William
Tdden, of Chicago; A. J. Frame, of Waukesha, Wis.; John
L. Hamilton, of Hoopeston; Andrew Russell, ex-president
and William George, president of the Illinois Bankers; E.
J. Parker, of Quincy; E. E. Crabtree, of Latimer, and
others. Many of the bankers will be accompanied by their
wives and families, making a party of about 150 altogether.
The second special will leave over the Northwestern.
Friday evening following, and will proceed from Omaha
via the Union Pacific and Southern Pacific, arriving in
San Francisco Monday evening the day before the con
vention. This party will be in charge of George F. Orde,
of the Northern Trust Co., and will include many of the
Western members of the Executive Council of the A. B. A.
Among the Chicago bankers in this party will be J. B.
Forgan, C. G. Dawes, R. D. Moulton, C. L. Farrell, S. R.
Flynn, S. G. Nelson, John Farson and V. E. Nichols. Out
of town: R. J. Low ry, Atlanta, Ga.; Ira D. Buck, Peoria; '
C. B. Mills, Clinton, Iow a; Luther Drake, Omaha; Homer
Miller, Des Moines; Thomas Heffernan, Grand Rapids,
and A. N. Ordenheimer. Eagle Grove, Wis.
T H E C O M M E R C IA L W E ST .
i6
W ATSON
&
Saturday, September 26, 1903.
COMPANY,
B R O K ER S
Chamber of Commerce, Minneapolis— 24 Broad Street, New York
Stocks,
Bonds,
Grain,
Provisions.
M Ip M B B R ® !
CHICAGO BOARD OF TRADE.
NEW YORK PRODUCE EXCHANGE.
NEW YORK STOCK EXCHANGE.
CHICAGO STOCK EXCHANGE.
WINNIPEG GRAIN EXCHANGE.
MINNEAPOLIS CHAMBER OF COMMERCE.
ST. LOUIS GRAIN EXCHANGE.
Private Wires to Chicago, New York, and Other Cities.
St. Paul Money Market.
Chicago Money Market.
(Special Correspondence to The Commercial W est.)
Chicago, Sept. 23.-—Money has been in very active demand this week at 6 per cent. There has been a large in
crease in currency shipments, though even yet the move
ment does not correspond with last year at the same time.
It is from the Southwest that the demand is urgent. A d
vices to local banks from New Orleans and Galveston are
to the effect that never before has there been such a rapid
rushing of the cotton crop to market. From the North
west no large demand for money has yet developed, this
being presumably due to retardation of the harvests. A
much stronger demand for money locally has developed
during the week. Chicago merchants anticipate a heavy
trade from now until the holidays, and they are pre
paring for it. It is expected that the centennial celebra
tions will bring thousands of strangers into town, and
greatly stimulate business.
Minneapolis Money Market.
Unfavorable crop conditions still prevail generally over
the Northwest, noticeably retarding the movement of
grain. The hank balances are relatively higher than at
this time last year. While the week’s shipments of cur
rency to the country have been fairly large the amount of
the drafts drawn on the local elevator companies by their
country agents is considerably less than for the corre
sponding week last year. The mills have handled most
of the wheat shipments this week and in consequence prac
tically no terminal paper has been offered. I he millers’
strike, if of long duration, will of course, have depressing
effects on the local market, and pending its settlement
the usual issues of milling companies’ paper will be deId JC U .
Several firms have put paper on the market to get the
best rates possible before the shortage of money becomes
too severe. A few sales of local paper have been made
to country banks.
Interest rates have remained stationary, the best names
on endorsed paper bringing 6 (3)6 % per cent.
C u r r e n c y Received.
..
$ 86,000
225,000
W eek ending
Sept. 12.
$196,000
515,000
...........................................................
$311,000
$711,000
W eek ending
Sept. 19.
From the country
From Chicago . . .
Total
C u r r e n c y Shi pp ed .
W eek ending
Sept. 19.
To the country............................... ...............
$695,000
T E L E P H O N E CALLS:
M A IN 9 0 6 A N D M A IN 5 1 7 .
W eek ending
Sept. 12.
$1,152,000
E. H. Bailey, vice-president of the First National bank
St. Paul: “ There is active demand for money. I do
not look for important change in prevailing rates. Th e y
certainlv will not be lower for some time, though an ad
vance is hardly probable. The weather, which has delayed
the crop movement, has made it easier to meet the usual
requirements, and the money situation is not so likely to
become stringent. While the Northwest is in prosperous
condition, I look for a reduced volume of business the
coming year. T o my mind the labor question is the one
great menace to general business prosperity, but I am
not pessimistic and hope to see a reasonable and fair ad
justment of all differences.”
Kenneth Clark, president of the Merchants National
bank, St. Paul: “ I do not look for any important changes
in money rates. While business in general is quiet, there
is good demand for money and banks are in shape to
meet demands. Present rates will probably continue
through the fall and winter.”
A. C. Anderson, president of the St. Paul National
bank: “ With New Y o r k bidding 6%2 per cent for money,
six per cent is likely to be the minimum in the Northwest.
A ny advance however would be of short duration, and
with the slow movement of the crop there seems less prob
ability of pinch in our money market. Taking the coun
try in general I think the situation has improved over a
year ago. The liquidation in Wall Street has placed se
curities on more solid basis, but the West was never more
independent of Wall Street than today. It seems to me
that Hamilton Fish, assistant United States treasurer, has
stated the case very well. He says: ‘Chicago seems to he
the dividing line between the present pessimism of the
E ast and the optimism of the West. Those who here in
Wall Street are very blue ought to go West. T h e y will
quickly see that there is no occasion for despondency from
a commercial point of view. People out there can’t under
stand whv conditions should be as they are in the stock
market. The leading question with them is, “ What is the
matter with Wall Street?” On the Pacific slope the ac
tivity is enormous. Everyone is employed. The main
trouble seems to he in getting enough help. The banks
have more money than ever and feel confident that they
will be able to get along this year with less help from
New Y o r k than in past seasons. The prosperity, as they
analyze it, is permanent. Th e y are taking up new enter
prises and rapidly finding uses for many latent resources.’ ”
Spencer T rask & Co*
Northwestern Trust Co. Statement.
The Northwestern Trust Co. of St. Paul, began busi
ness on M ay 6, 1903. A s a matter of record, the company
publishes statements at the same time the banks do. The
following items are from the Sept. 9 statement:
Guaranty fund deposited with state auditor, invested
in the first mortgage bonds of the following railways.
Northern Pacific, Union Pacific, Baltimore & Ohio, | i o i ,853. Bonds, first mortgage railway bonds, par $68,000,
$67751. First mortgage real estate loans, $25,900. Sur
plus, $10,000. Undivided profits, $4,095. Trust accounts,
$9,376.
BANKERS
W illiam & Pine Streets, N ew Y ork
IN V E ST M E N T SECU RITIES
Members New York Stock Exchange
Branch Office, Albany, N . Y
|N/N/N/
E S TA B LISH E D
1880.
E . H. R O L L I N S & SO N S.
IN V E S T M E N T BONDS*
GEO. B. LANE,
D E A L E R IN
CAREFU LLY SELECTED .
M unicipal and R a ilw a y Securities.
C o m m e rc ia l P ap e r & In v e s tm e n ts
2 0 3 G u a r a n t y B u i ld i n g , M I N N E A P O L I S .
C H IC A G O .
OSTON.
SB
BO
C na /
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Federal Reserve Bank of St. Louis
DENVER.
SAN FR AN CISCO ,
Li
Saturday, September 26, 1903.
T H E C O M M E R C IA L W EST .
16-a
THE FIRST CHICAGO DIRECTORY.
(Special Correspondence tp The Commercial W est.)
Chicago, Sept. 23.— T h e /jo m m e rc ia l National Bank of
this city has issued as a/Chicago Centennial souvenir, a
fac-simile of the firsft directory published in Chicago. It
was for the year 1844! It showed a grand total of 7,580
people. The book is full of quaint features that portray
the bustling characteristics of the village of sixty years
ago where now there is a population of over 2,000,000
people.
The preface of the directory says:
"Chicago, it is to be remembered, is yet in its infancy,
and subject to fluctuation in its population and business,
more so than larger and older cities. So far as this is
true, a directory will be of less utility. It is believed,
however, that this inconvenience is diminishing, and will
be less felt hereafter. Our citizens are becoming sensible
of the importance of fixed habitations, and places of busi
ness—and will speedily take measures to secure to them
selves the benefits and advantages to be derived therefrom.
I his, to a considerable extent, has been effected the pres
ent season. N early three-fourths of our population will
hereafter, at least for many years, be permanently located.
Hoping that the book may be made in many ways to sub
serve a useful purpose, and prove the means of advancing,
to some extent, the interest of our young but flourishing
city, it is most respectfully submitted to the public. Our
citizens have always been characterized for their liberality
and public spirit. T h e y will not, in this instance, forfeit
their claims to this distinction, but will generously, and
cheerfully lend their aid and co-operation, to sustain an
undertaking, designed to promote and advance the in
terests of the whole.
“ The present is a most important juncture in our af
fairs. Our prospects are brightening— our harbor is
nearly completed— the work on our canal shortly to be
resumed— the credit of our state daily improving— and the
finances of our city in a most flourishing condition. Our
citizens will, we hope, forever be exempt from the burdens
of heavy taxation. Never were the inducements to emi
grate and settle here, greater than at the present time. It
has been thought, that a directory, containing, in addition
to the matter usually introduced into such works, a brief
historical and statistical account of the city, may, inde
pendent of the benefit which our citizens will derive from
it, in the transaction of business, be made to subserve
the additional purpose of conveying to the public abroad
a correct impression of the city, in almost every particular.
" T o those gentlemen who have encouraged the work,
both as subscribers and advertisers, and those who have
afforded information, and contributed their advice in
furtherance of the design of the publication, the author
would, in conclusion, tender his most sincere thanks.
“ Chicago, December 1, 1843.”
Chicago as it was in 1843 is described as follows:
"The site of the city occupies a level prairie, on both
sides of the main stream, and the North and South
Branches of Chicago River, and covers an area of about
three and a half miles in length, North and South, and two
and a half in breadth, East and West, about a mile and a
half square of which is already regularly built upon, and
the streets opened and graded. The streets are regularly
laid out, parallel and at right angles to the Lake, and are
wide and spacious. There are several extensive blocks
of brick buildings, principally occupied as business houses
and public offices, three and a half and four stories in
height. The dwellings are principally of wood, many of
them, however, very fine specimens of correct architecture.
The portion of the city extending several miles along the
shore of the lake, is sandy, and consequently at all seasons
dry. The portion removed from the lake partakes of the
character of all level prairie, being in the spring and fall
wet and muddy. The site of the city being a plain, does
not afford, either from the lake or the surrounding coun
try, a very interesting field of vision. Chicago Riv er and
its branches, which run through the heart of the city,
and admit at all seasons, vessels of every class navigating
the lake, some distance into the interior, afford peculiar
facilities for a harbor, and give to Chicago advantages, in
a commercial point of view, unsurpassed by any city in
the West. The Illinois and Michigan Canal, which is
shortly to be completed, will add greatly to the natural
advantages of Chicago, making it a principal point, and
necessarily a place of trans-shipment on the great North
ern route connecting the Atlantic States with the valley of
the Mississippi. The city is bounded on the South and
W est by a prairie, varying from ten to twelve miles in
width, some portion of which is high, and of a very su
perior quality. It is surrounded in every direction, by a
country the most productive in the world, already brought
into a state of successful cultivation, and sending to its
market annually, a vast amount of produce of every de
scription for sale, exchange for goods, or shipment, as
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
the case may be. The climate is healthy and salubrious,
as much so as any in the W est.”
Following are the population and commercial statistics
of the book:
1st ward.
5 th
2d ward.
6th
3d ward.
4th
Total.
Males 10 years of age and un.......................................... 245
der
Over 10 and under 2 1 . . . . / . . . . 146
Over 21 and under 45................ 627
Over 45 and under 60................ 25
Over 60 ..........................................
5
ward.
ward.
ward.
284
133
614
39
S
57
41
130
7
2
271
1S3
384
29
7
87
31
94
7
1
64
27
73
6
1
2
9
3
2
6
14
4
9
0
2
0
0
87
246
Number of Irish.......................... 170
Germans and Norwegians........ 104
Natives of other co u n tries.... 134
206
217
156
65 100
36
63
102 155
8
9
2*
0
257
143
439
40
10
1,008
562
2,067
128
27
98
37
106
11
2
280
166
338
36
16
1,017
630
1,393
116
34
0
2
0
0
0
0
0
0
4
3
3
2
12
30
10
13
50
28
19
103
533
29
32
80
50
21
84
175
90
50
143
352
163
773
816
667
Total ....................................
3,792
Females 1*0 and under.............. 217
Over 10 and under 21................ 186
Over 21 and under 45................ 398
Over 45 and under 60................ 27
Over 60 ..........................................
7
Total ....................................
Colored
Colored
Colored
Colored
males under 21............
males over 21..............
females under 2 1 ........
females over 21..........
3,190
Total ..........................................
Transient persons ......................
65
Grand total ........................
Whole number of families, 1,177.
Population.
’ ’ 1840.
1st ward .................................. 1,197
2 d ward .................................. 1,467
3d ward . / ..............................
251
4th ward ................................
179
436
5th ward ................................
6th ward ................................ 1,323
Total
4,853
Ex p o r t s .
1836
1837
1838
1839
1840
1841
1842
7,580
1843.
1,986
2,231
509
414
600
1,840
Increase.
789
764
258
235
164
517
7,580
2,727
Im p o r t s .
1,000 .64
11,065 .00
16,044..75
33,843 .00
228,635..74
348,362.,24
659,305,.20
$
A rticles Exported
W heat, bushels.............. 586,907
Corn, b u sh e ls.................. 35,358
Oats, bushels ..........
53,486
Peas, bushels ................
484
1,090
Barley, bushels ..............
Flax seed, bushels........
750
Hides, No. o f..................
6 947
Brooms, No. o f..............
5,587
4,500
Maple sugar, lbs.......... ..
Lead, lb s............................ 59,990
Feathers, lbs....................
2,409
Furs and peltries, packs.
’446
1836
1837
1838
1839
1840
1841
1842
...................$325,203.90
.................. 373,667.12
................... 579,174.61
................... 630,980.26
................... 562,106.20
................... 564,347.88
................... 664,347.88
u r in g t h e Y e a r 1842.
2,920
Flour, bbls.......................
’ 762
Beef, bbls..........................
Pork and hams, b b ls ... 15,447
Fish, bbls..........................
915
Lard, lb s........................... 367,200
Tallow, lbs................... '.. 151,300
Soap, lbs............................
2,400
Candles, lbs.....................
500
Tobacco, lbs....................
3,000
Butter, lbs........................ 24,200
Wool, lbs..........................
1,500
A r t i c l e s E x p o r t e d D u r i n g t h e Y e a r 1843.
W heat, bushels ............ 628,967
Corn, bushels ...............
2,443
Oats, bushels ...............
3,767
Flax seed, bushels........
L920
Pork, barrels ................. 11,112
Lard, barrels..................
2,823
Beef, barrels .................. 10,’380
Tallow, barrels ............
1133
Hides ................................ 14,536
Tobacco, lbs..................... 74,900
Lead, lbs............................ 360,000
Wool, lbs.......................... 22,050
Candles, lbs......................
4 900
Soap, lbs............................
5*300
Packages furs ................
393
Brooms, dozen ..............
180
Flour, barrels ................ 10,786
A r t i c l e s Im p o r t e d D u r in g t h e Y e a r 1843.
Merchandise, tons........
2,012
Merchandise, p’k’g’s ... 101,470
Salt, barrels ..................
27,038
Whisky, barrels ..........
2,585
Lumber, f e e t ..................7,545,142
Shingles .......................... 4,117,025
Square timber, f eet . . .
16,600
Staves ..............................
57,000
Bark, cords ................ ..
430
Vessels arrived and cleared during the years 1842-3:
Aggregate
Arrived. Cleared. Total.
tonnage.
. 705
705
1,410
117.711
• 756
691
1,447
289,852
A number of vessels left port this year, without being reported.
1842
1843
V S
Presen,t season. 14,856 barrels of beef have been
packed at the several packing houses in the city; only a small
portion of this has been exported. The quantity of hides and
tallow is not known, but will bear a proportion to the quantity
ot beef. An amount of pork will be put up here the coming
winter greatly exceeding any former season. No statement in
regard to this department can be made in this connection, as the
business is but just beginning.
John W. Breidenthal, form erly state bank commissioner, but now manager of a trust company at Kansas
City, Kan., this week took out a charter for a new state
bank at Paola, Kan. It will be known as the Citizens’
State bank and is capitalized at $20,000. The directors
are John W. Breidenthal, Kansas City, Kan.; W. I. Jo h n
son, George Kingsley, and John Hoover, Paola; J. E.
Wagner, Linwood. Since establishing the trust company,
Mr. Breidenthal has organized a chain of small state banks
which have close relations with the trust company, which
is in turn acting as their reserve agent.
T H E C O M M E R C IA L W E ST .
ió - b
F IN A N C IA L .
M IN N E A P O L IS G E N E R A L E L E C T R IC CO.
A meeting of the stockholders of the Minneapolis Gen
eral Electric Co. was held at Je rs e y City Sept. 16 to
authorize the directors to buy 5,000 shares of the capital
stock of the St. Croix Falls, Minn., Improvement Co.,
5,000 shares St. Croix Falls, Wis., Improvement Co., and
also $96,500 of the 5 per cent five-year gold bonds for
these companies out of a total authorized issue of $300,000,
for not exceeding $325,000 and the guarantee of the Min
neapolis General Electric Co. to the holders of said bonds
by the endorsement of the payment of interest upon the
bonds.
The acquisition of these companies was made necessary
by the fact that it was impossible to secure more power
from the Mississippi river to meet the constantly growing
demands of the cities of Minneapolis and St. Paul. The
control of the companies above mentioned was secured
for the Minneapolis General Electric Co. by Stone &
Webster and Lee, Higginson & Co. of Boston, and valu
able water privileges provided for on the, St. Croix river.
Tt is proposed to erect a power station beside a dam
for the purpose of developing approximately 12,500 horse
power to be transmitted to the cities of St. Paul and Min
neapolis about 40 miles distant. It will be possible to
ultimately increase the horse power derived to 25,000 when
the demand for it develops. Legislative acts for the build
ing of the dam across the river have been secured from
the United States government and also the state govern
ments of Wisconsin and Minnesota.
“ SO O ” P O L IC Y B E Y O N D C A V IL .
Louis A. Lamb writes in Knight, Donnelley & Co.’s
“ Pit and Post,” of Chicago:
_
-„
There has been some harsh criticism of the “ S oo” man
agement for beginning dividends this year— complaints
that the money should have been put into the property for
betterments and more generous maintenance— but we do
not find any array of facts to warrant that contention.
The idea that railways must conform to some arbitrary
measure of maintenance is common but absurd none the
less. It is no sign that a road is well maintained because
it spends $4,000 a mile annually on track and rolling stock,
or that another is being “'starved” because it spends only
$1,000 a year. Maintenance is related not to length of
line and number of cars only, as some writers suppose, but
to train mileage. The test of maintenance is efficiency of
operation.
Now, “ S o o ” is not conducted as an ornamental system.
It is a carrier of grain, and enjoys a traffic of nearly 620,000,000 ton miles annually. Its main line is in good shape
to carry big units of tonnage economically; its branch lines
are judiciously equipped for their fluctuating duty. The
record of the last six years of northwestern expansion is
reflected in the reports of the “ S oo” line. Everything
points to a continuation of the prosperity of the road.
The official statement of the company to the Stock E x
change furnishes the following income account for the
last three years, from June 30, 1900, to June 30, 1903:
Surplus June 30, 1900 ..................................................... $660,Sbo
Total net earnings to June 30, 19 03...................... 4D39-7S2
Spent for betterments
............................................
289,022
Spent for new property ............................................. 1,923.027
Balance (net cash and current assets) June 30,
1903
2,424,333
Dividend requirement (about) ...................................
770,000
Surplus ................................................................................ 1 ,654,333
In due time the road will reimburse income account tor
the $1,923,027 advanced on construction account by an
issue of bonds, after the approved method. W e see no
reason for excessive haste to anticipate future require
ments in the way of betterments, nor any reason why a
road in the position of “ S oo” should try to vie with the
standard roads in charging everything to income. The
L o w ry property is doing well, and the stocks are justly
entitled to dividends.
Saturday, September 26, 1903.
The National Bank of St. Joseph, Mo., reports deposits
of $4,264,115.
The deposits of the National Park bank of New Y o rk
are $ 73,795,272.
The Old National bank of Spokane, Wash., reports de
posits of $2,350,000.
The First National bank of A rgyle, Minn., reports de
posits of $113,783 on Sept. 9.
The Scandinavian-American bank of Seattle, Wash., re
ports’ on Sept. 9 deposits of $2,692,242.
The deposits of the banks of Dickinson, N. D., a ggre
gate $860,000, as against $676,000 a year ago.
The First National Bank of Worcester, Mass., has voted
to merge with the Worcester Safe Deposit & Trust Co.
The state charter board has granted a charter to the
Kansas State bank ot bort Scott. It is capitalized at
$10,000.
W. J. Byrnes of the Northwestern National bank, Min
neapolis, has gone to Spokane, Wash., to accept a respon
sible position with the Old National bank.
E. J. Hodgson, president of the Security Trust Co., St.
Paul, died on Monday at the age of 62. Mr. Hodgson was
a native of the Isle of Man, but grew to manhood in Min
nesota. He studied law with Jud ge Crosby of Hastings,
but went to St. Paul in 1876.
The bankers at L os Angeles have formed a committee
and raised a fund of $5,000 tor the entertaining of delegates
to the twenty-ninth annual convention of the American
B ankers’ Association, who can be induced to visit L os
Angeles after the meeting in San Francisco. Elaborate
preparations are being made to entertain the visiting bank
ers and a royal good time is promised.
The Merchants Loan and Trust Co., of Chicago, has
declared the regular quarterly dividend of 3 per cent, pay
able October 1. The Merchants Loan has paid 12 per cent
per annum for years, and its earnings have been twice its
dividend requirements, even since the capital stock was
increased from $2,000,000 to $3,000,000. The bank’s de
posits are now at about the highest point they have ever
reached, being in excess of $38,500,000.
The Minnesota Title & Trust Co. of Minneapolis re
ports September 12, 1903, deposits amounting to $295,056.99 and undivided profits of $6,357.41. The company
has invested in mortgages, stocks and bonds $ I 77; ° 59-I I >
and its real estate is valued at $86,978.71. There is cash
on hand and in bank $61,692.89, and the accounts receiv
able amount to $17,164.48. In addition the company car
ries $100,000 guarantee fund with the state. The de
posits department was opened Ja nuary 1, 1901. The com
pany was organized in 1885, and is the oldest title and
trust company in the West, and under the management of
Mr. J. U. Barnes, president, the company has prospered
steadily.
Chicago Foreign Exchange.
Foreign exchange rates at close, Sept. 23, quoted by the N a
tional Bank of the Republic:
Sterling—
60 days’ sight.
Demand.
Posted rates .....................................
4.83
4.87
Actual .................................................. 4.82%
f . 86%
Commercial ...................................... 4.82%
4.8b
C3.blGS .................................................. 4.87%
.....
Bank of England rate, 4 per cent; private discount rate, 4%
per cent.
Marks—
'
Actual
.......................................94 13-16
-95%
Commercial . ............................................94%
.95%
Cables ........................................................... 95 11-16
........
Bank rate, 4 per cent; private discount rate, 3% per cent.
London check, — .
Francs—
._
Actual
.................................... 5.20
5.17% less1-16
5.21%
5.18%
Commercial .......................................
Ccibl6s .................................................. 5.16%
.....
Bank rate, 3 per cent; private discount rate, 2% per cent.
London check, — .
Comparative Statement of Portland National Banks.
Condition at close of business September 9, 1903, compared with September 15, 1902:
Totals.
Merchants National.
First National.
U. S. Nat ional.
Sent. 9,
Sept. 15,
Sept. 9,
Sept. 15,
*Sept.l5,
Sept. 9,
Sept. 15,
*Sept. 9,
1902.
1903.
1903.
1902.
1902.
Resources—
1903.
1902.
1903.
90 $6,305,690. 28 $4,365,182. 67
Loans and discounts... $3,246,827.34 $2,274,036.41 $1,314,012.64 $ 877,642.36 $1,744,850. 30 $1,222,503.
25
1,657,706.
1,850,000.,00
00
268,000.
250,000. 00
80,206.25
United slates bon ds.. . . 1,300.000.00 1,309,500.00
300,000.00
3,295,043..36
3,090,544.,92
264,585. 44
538,158. 62
364.196.90
O t h e r bonds and stocks
2,339,516.75 2,666.261.02
212,ooy.65
342,056..60
343,329,.47
62,631. 30
72,229.,15
169,802.34
^ a n ^ t a t f i r e s 11.1^ ' 6. . .
121,100.00
109,622.96
150,000.32
4,311,663..59
5,319,519..77
1,086,977. 90
76
793,533.
929,807.09
C afrom btnksand. dU.e .. 3,238,751.79 2,294,878.00 1,287,234.22
$16,909,094 .44 $13,971,052 .47
Total ............................ $104246,195.88 $8,654,298 A " $3,264,116.83 $2,312,654.94 $3,398,771,,73 $2,904,698. 54
Liabilities—•
Capital stock ..................$
500,000.00 $ 500,000.00 $ 300,000.00
SUrnroflttnd UndlVlded .
921,971.17
777.044.16
79,896.67
Circulation..........................
479,200.00
500,000.00
277,600.00
D ep osits
8,345,024.71 6.877,254.83 2,606,407.16
Dividends unpaid .......................................................■••••
zxd~uu
101,153.34
75,000.00
1,886,501.60
Total ............................. $10,246,195.88 $8,654,298.99 $3,264,116.83 $2,312,054.94
*Includes Ainsworth National.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$ 250,000. 00 $ 250,000. 00
$1,050,000 .00
$1 ,100,000 .00
90,813,.99
50.000 .00
2,513,702 .55
182..00
1,116.347 .29
1.006.800. 00
13,735,296 .15
631 .00
969,011 .49
625,000. 00
11,277,458 ,9S
182 .00
114,489,.45
250,000 .00
2,783,864 .28
418,,00
$3,398,771 .73 $2,904,698 .54 $16,909,094 .44 $13,971,652 .47
T H E C O M M E R C IA L W EST .
Saturday;, September 26, 1903.
S. A . H A R R IS, President.
H. H. T H A Y E R , Vice-President.
17
A. A . C R A N E , Cashier.
W . S. H A R R IS, Asst. Cashier
THE NATIONAL BANK OF COMMERCE
M
IK t V E iA P O I v I S ,
Capital and Surplus,
S O
G A S
I y l C
I T
M
I N
N
E S O
T A
=
S
Y O
U
$1,200,000
R
I? I : S
W O R K S —W e
I N
JO S
?-i
G ive
C redit
To, and co-operate with local investors, who desire to install local gas works giving
superior quality of light and heat for municipal and domestic purposes.
th e
f e d e r a l
g as
com pany
1 1 3 2 C ollin s Street, S T . L O U I S
1 8 8 M a d is o n Street, C H I C A G O
M IN N E A P O L IS B A N K S T A T E M E N T S .
ST. P A U L B A N K S T A T E M E N T S .
Minneapolis banks published statements last week, in
response to a call, showing their condition on Sept. 9. D e
posits of the national and state banks amount to $35,433,300, an increase from the June 9 statements, but a falling
off of a million from a year ago. Loans and discounts
show an increase over both June 9 and the statement of
Sept. 15, 1902. Cash resources are the same as a year ago,
but heavier than in June. Surplus and undivided profits
amount to over $2,500,000. The principal items, with com
parisons, follow:
No important changes appear in the published state
ments of the St. Paul banks, showing their condition on
Sept. g. Deposits are the same as on June g, the date of
the last statements, and but slightly changed from a
year ago. The other items show no material change. The
following tables give the principal items of the individual
banks, with comparisons:
M in n e a p o li s
B a n k s — C a p it a l
and
S ur pl us .
CL U d i .
Security Bank of Minnesota ........................... $1,000,000
First National ...................................................... 2,000,000
Northwestern National .................................... 1,000,000
National Bank of Commerce.......................... 1,000,000
Swedish-American National ..........................
250,000
Clarke National ...................................................
200,000
125,’000
St. Anthony Falls................................................
South Side State .................................................
50,000
60,000
German-American ..............................................
Germania Bank ...................................................
50,000
Peoples’ Bank ......................................................
60^000
Sum m ary
Surplus
Profits,
Sept. 9.
$366,000
1,308,000
620,200
267,800
82,900
331
54.200
Loans.
$27,126,200
27,709,500
27,304,200
28,131,000
29,196,300
27,711,500
28,428,900
28,661,900
29,889,300
48,600
7,600
6,700
Cash.
$11,910,700
12,406,400
11,188,900
12.274.000
12.503.100
11.947.000
12,135,500
10,409,300
12.063.100
D ep os its — I n d i v i d u a l and B a n k .
Security Bank of Minnesota
First National ..........................
Northwestern National ........
N at’l Bank Commerce..........
Swedish-American N at’l ___
Clarke National ......................
St. Anthony F alls....................
South Side State......................
German-American ..................
Germania Bank ......................
Peoples’ Bank ..........................
Sept. 9,
1903.
;8,702,400
8.947.600
8,045,300
4,310,900
2.497,500
183.1001,004,400
231,100
962,600
222,300
326,100
June 9,
1903.
$8,062,300
8,905,800
7.681.800
4,481,400
2,646,400
192,300
930,000
248,300
906,900
234,400
317,900
Sept. 15,
Î902.
$9,110,000
9,578,000
8,066,000
4,925,000
2,431,000
911,000
246.000
783,000
192,000
282,000
Total ...................................... $35,433,300
$34,607,500
$36,524,000
On Sept. 9th the Farmers’ & Mechanics’ Savings bank had
deposits of $11,540,000, as compared with $11,373,000 on June 9th
The Hennepin County Savings bank had $3,222,000, against
$3,257,000.
Lo an s an d
Total
Dis co un ts .
Sept. 9,
1903.
$6,836,000
8,748,000
6,271.100
3,689.600
1.879,500
310,700
807,400
223.600
689.600
180,200
253.600
June 9,
1903.
$6.798,500
7,639,800
6.257.500
3.849.500
1,712,100
286,800
799.900
222,800
663,500
178.900
252,600
Sept. 15,
1902.
$7,309,000
6.919.000
6.250.000
3.915.000
1.759.000
.................................... $29,889,300
$28,661,900
$28,131,000
Sept. 9,
1903.
$2,858,000
3,237,900
2,564,200
1.608.000
914,200
63,300
271,400
66.100
275,000
94.400
110,600
June 9,
1903.
$2,183,300
2.540,200
2,229,300
1,621,500
1,023,300
93.900
203,900
69,500
245.000
96,300
103,100
Sept. 15,
1902.
$2,506,000
3,535,000
2,723,000
1,901.000
969,000
.................................... $12,063,100
$10,409,300
$12,274,000
Security Bank of M inn........
First National .......................
Northwestern National
N at’l Bank Commerce........
Swedish-American N at’l ..
Clarke National ....................
St. Anthony F alls.................
South Side State....................
German-American .. ............
Germania Bank .....................
Peoples’ Bank ........................
771.000
231.000
608.000
165.000
204.000
Cash Resources.
Security Bank of Minn........
First National ..........................
Northwestern National ........
N a t’l Bank Commerce..........
Swedish-American Nat ’l . . . .
Clarke National ......................
St. Anthony F a lls ...................
South Side State.......................
German-American ..................
Germania Bank ......................
Peoples’ Bank ..........................
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Merchants National ............
First National ......................
National German-American
St. Paul National ................
Second National ..................
American National ............
Union Bank ............................
Capital Bank ........................
Scandinavian-American . . .
20.200
Co m pa ris o ns .
Deposits.
Feb. 25, 1902............................. $35,131,600
April 30, 1902 .......................... 36,833,800
July 16, 1902 ................................. 34,990,900
Sept. 15, 1902 .......................... 36,524,000
Nov. 25, 1902 .......................... 37,721,200
Feb. 6, 1903 .............................. 35,339,100
April 9, 1903 ............................ 36,191,400
June 9, 1903 ............................ 34,607,500
Sept. 9, 1903 ............................ 35,433,300
St . P a u l B a n k s — C a p it a l and S ur pl us .
214,000
67,000
179,000
73.000
107,000
D ep os its — I n d i v i d u a l
Total
............................
Total
............................
46,100
64,500
Loans.
$15,917,300
15,657,600
16,257,000
14,969,000
17,299,100
16,559,100
17,306,400
17,139,100
16,158,300
and
.............
Cash.
$11,113,300
10,863,800
10,138,300*
9,198,000
10,688,400
10,471,600
8,716,100
7,570,200
9,213.600
Bank.
Sept. 9,
1903.
$5.475,800
6.571.400
5,333,700
2.180.400
2,703,300
932,600
June 9,
1903.
$5,137,900’
6,782,900
6,018,800
2,082,500
2.793,600
825,800
759,100
1,065,500
728,000
966,100
$25,021,800
$25,335,600
Sept. 15,
1902.
$5,376,000
6,828,000
6.896.000
2.164.000
2.630.000
470,000
155,000
Lo ans and
Merchants National
First National ................
Nat’l German-American
St. Paul National ..........
Second National ............
American National . . . .
Union Bank ....................
Capital Bank ..................
Scandinavian-American
State Bank ......................
100.000
100.000
C om par iso ns.
Deposits.
25, 1902...............................$27,211,400
30, 1902................................-27,063,900
16, 1902.............................. 26,738,300
15, 1902.............................. 24,519,000
25, 1902.............................. 27,696,100
6,
1903............................. 26,639,800
9, 1903............................. 25,727,800
9, 1903...................... , ------ 25,335,600
9, 1903 ............................. 25,021,800
Merchants National . . .
First National ................
N at’l German-American
St. Paul National............
Second National ............
American National
Union Bank ....................
Capital Bank ..................
Scandinavian-American
State Bank .......................
Surplus
Profits,
Sept. 9.
$280,800
000 863,400
000 229,600
89,500
190,500
6,700
100.000
Sum m ary
Feb.
April
July
Sept.
Nov.
Feb.
April
June
Sept.
Capital.
$1 ,000,000
1.000.
1.000.
600.000
200.000
200.000
$24,519,000
D isc ou nts .
Sept. 9,
1903.
$3,607,000
4.219,100
3.700.500
1,229,600
1.470.500
643,800
June 9,
1903.
$4.114,200
4,434,800
3,855,000
1,290,600
1.505,500
560,000
553.900
733.900
599,200
779,800
$16,158,300
$17,139,100
$14,969,000
June 9,
1903.
$1,749,900
1,209,000
2.354,200
529,800
929,600
381,100
Sept. 15,
1902.
$1.788.000
2.923.000
2.897.000
618,000
796,000
Sept. 15,
1902.
$3,792,000
4.249.000
3.753.000
1.322.000
1.398.000
358,000
97,000
Cash Resources.
Sept. 9,
1903.
Merchants National ............... $2,206,300
First National .......................... 2,623,100
N at’l . German-American . . . .
1.880,700
St. Paul National ..................
689,600
Second National ......................
890,800
American National ................
. 334,900
Union Bank ..............................
Capital Bank ............................
299.100
Scandinavian-American . . . .
289.100
State Bank ................................
Total
...................................... $9,213,600
213,200
203,400
150,000
26,000
$7,570,200
$9,198,000
Half Rates to Chicago.
F o r the Centennial celebration to he held in Chicago,
111., Sept. 26 to Oct. 1, the Minneapolis & St. Louis will
sell excursion tickets at one fare for the round trip.
Tickets on sale Sept. 26, 27, and 28; limit for return Oct.
5, 1903. See ticket agents for particulars.
T H E C O M M E R C IA L W E ST .
i8
Saturday, September 26, 1903.
THE FUEL OF THE FUTURE.
THE BRIQUETTE.
Not one person in ten in this country can tell you what a Briquette is. But in
Europe, where it is the universal fuel, outside of the British Isles, it is well known,
having taken the place of coal.
Briquettes form the principal domestic fuel in Berlin and other cities in
Germany. They are used for locomotive and other steam bring purposes also.
Henry E. Weaver, of the Weaver Coal Co., Chicago, says in the Chicago
Tribune of recent date: “ It is almost safe to say that the Briquettes will be in general
use in the United States within twenty years. The Briquette is used and found
everywhere in Europe.”
Coal Briquettes are made from Lignite Coal or of coal dust (Hard Coal Culm).
The briquetting of coal consists of cementing the crushed coal or coal dust into
bricks of different sizes. The crushed coal is held together by the “ Binder.”
In the “ Binder” lies the success of the Briquette industry.
Pitch was used, but the increased demand raised the price to a prohibitive point.
It remained for S. H. Bradley, an American, to discover what is known as the
“ Vulcan Binder,” the only effective binder made, and by far the cheapest.
The important feature about the Vulcan Binder is that it consists of ingredients,
the supply of which will never run short.
The Vulcan Binder is controlled and owned exclusively by The International
Coal Briquette Company, an American concern. This company also controls the
Nirdinger Batents, covering the only successful briquette machinery ever invented.
The company also controls lignite coal lands in North Dakota, Montana and
Wyoming.
This lignite burns from the outside like wood. When briquetted by the Vulcan
Binder Process, it becomes incandescent throughout, burns like coke, maintaining its
form until consumed.
It has been proven by tests that the International Coal Briquettes are clean
and convenient to handle, light easily and quickly, burn with clear, intense flame,
practically without smoke, give twice as much heat as a ton of the best hard coal,
costs $2.00 per ton less, and lasts as long if not longer.
It has taken the International Coal Briquette Co. two years to perfect the
Coal Briquette.
We have spent thousands of dollars in experiments. Two experts were sent to
Germany and the old German Briquette methods studied and revised into the new
modern up-to-date American way.
Now this company has the most complete and only successful Briquette Manu
facturing Methods in the world.
It took thousands of dollars and some nerve to get to this stage, but we won.
Now we will erect a large plant in Philadelphia and one in North Dakota (loca
tion not decided). These two plants will turn out 1,200 tons of Briquettes a day,
which will net this company about $750,000 per year profit. Similar plants will be
erected in every important city in the United States and Canada.
The International Coal Briquettes will save the American people millions of
dollars every year. They are the fuel of the future, and the culturing of this industry
is more important than anything that has come up in years.
If you are interested in the fuel problem, write us today. We will be glad to
give full particulars regarding a most important industry. Write the
W ESTERN
SE C U R IT IE S
B A N K OF C O M M E R C E
79
WALL
STREET,
NEW
YORK.
B UILDING,
CO .,
F iscal A g e n t s ,
M INNEAPOLIS,
DREXEL
M IN N.
B U IL D IN G ,
P H IL A D E L P H IA .
For 10 cents in stamps to cover postage, we will mail you free a small International Briquette which
you can test to your own satisfaction. So clean it makes a splendid paper weight.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, September 26, 1903.
T H E C O M M E R C IA L W E ST .
19
The Security Bank of Minnesota,
MINNEAPOLIS.
CAPITAL PAID I N , ................................ $1,000,000
S U R P L U S ,...................................................
2 0 0 ,0 0 0
Solicit Accounts of Banks, Corporations, Individuals and Business Firms.
OFFICERS:
F. A . Chamberlain, President.
Perry Harrison, Vice-President.
E. F. Mearkle, Vice-President
T hos. F. Hurley, Cashier.
Fred Spafford, Assistant Cashier.
M . C. Hamer, Assistant Cashier
THE OGDEN IRRIGATION CONVENTION.
Copy of resolutions adopted by the delegation of Minnesota, North Dakota and Montana, while en route from Ogden to
St* Paul, after attending the National Irrigation Congress at Ogden,
Utah, September 15-18, 1903.
Whereas, The delegations from Minnesota and North
also that of his executive officials, to the pleasure of the
Dakota to the eleventh National Irrigation Congress at
delegates while in Butte on both outgoing and incoming
Ogden, Utah, September 15th, 16th, 17th and 18th, 1903,
trips, is appreciated and the sentiment is hereby expressed
have been deeply interested in the work of that organiza
that we can do Senator Clark no greater service in this
tion and profoundly impressed with the importance of ir
connection than to declare our support of the work he is
rigation of arid lands, not only to the states and territories
doing to further the cause of irrigation. W e point to his
in which they are situated, but to the older eastern states
attendance on all sessions of the Ogden convention as
of the American Union.
suggestive of the importance of irrigation work as he and
W e have seen the wonderful results of irrigation in
other foremost business men of the country view it.
Utah, Idaho and Montana, and have viewed magnificent
Resolved, That the courtesy of the Oregon Short Line
valleys of vast extent which can be made richly productive
is hereby acknowledged with fullest appreciation; and in
by proper control and treatment of the water supply. The
this connection it is well to emphasize the fact that the
conservation and distribution of water in the great cen
Oregon Short Line affords to the traveler one of the
tral states of our Union will not only build there pros
greatest continuous object lessons of the benefits of ir
perous communities of happy homes, but will also go far . rigation that the country affords. The Oregon Short Line
toward settling many serious economic problems now
passes through the country of the Snake river and the
pressing upon public attention in the older states; and will
Shoshone desert in Idaho, where a barren district is being
make markets for the manufacturers and productions of
transformed into a great garden of agricultural and horti
those states more available and more valuable than any
cultural production; it also traverses the northern districts
to be had in foreign lands. W e believe that this great
of Utah and permits a view of the large irrigation projects
movement should have attention in all the states, and that
along the Bear river and in the Salt Lake valley.
the public should be educated to appreciate, understand
Resolved, That we refer to the pleasure the delegations
and assist in the beneficent work.
have derived from the attendance on the trip of W. M.
Whereas, As we have traveled across the arid plains
Woolridge and George G. Crose, respectively industrial
without inconvenience and in the enjoyment of home com
agent and traveling passenger and immigration agent of
forts our thought has turned to the mind that grasped with
the Great Northern railroad. These gentlemen have not
marvelous foresight the business and home possibilities of
only discharged their official duties in relation to the care
these arid sections of the West. The arid country tra
and comfort of the delegates, but they have also contrib
versed by the Great Northern railroad was practically un
uted much to the social enjoyment.
Their fund of in
settled only a dozen years ago, when Jam es J. Hill com
formation about the West has been helpful in bringing be
pleted the building of his transcontinental line to Puget
fore these delegations facts about development that have
Sound. W e find today that the transformation he pre
served to a fuller understanding of the forces at work for
dicted has been so rapid that on the arid plains of Montana
the peopling of the western lands.
and North Dakota are now located growin g communities
Resolved, That we thank the citizens of Ogden and of
that give supporPto business distribution in city and town.
the state of Utah for their generous and cordial hospital
W e find underlying this development for years the earnest
ity, and for the complete arrangements made to entertain
co-operation and direction of Mr. Hill, and in his road one
and inform the members of the congress; we were made to
of the greatest immigration organizations in the country.
know that we were welcome, and among friends. Our
We wish at this time to take notice of this great work in
acknowledgments are also due to the W eber club of Weber
the W est whereby the valleys are being settled and be
County Fair association for general courtesies.
ginnings made for the future maintenance of the men and
Resolved, That the hospitality extended by the Salt
women who shall there make their homes in the assurance
Lake Commercial club through its secretary, Fisher Flarris,
that irrigation will provide them with the harvest, on
on the occasion of a visit of Members of the delegations
which yvill rest alike their prosperity and the business de
to Salt Lake City, is recalled as one of the most pleasant
velopment of the whole Northwest.
incidents of the trip, coupled as it was with a car ride
Resolved, That in the co-operation of business men
about the city that was thoroughly enjoyed from the stand
and railroads in the carrying on of the irrigation prop
point of pleasure and instructive observation.
aganda, we have hopeful indication of results that would
Resolved, That we hereby acknowledge general cour
follow further mutual effort of business interests and trans
tesies extended to the delegations by Hon. Patrick Mul
portation companies to push forward measures that clearly
lins, mayor of Butte, and Mr. Jesse R. Wharton, manager
have to do with commercial prosperity and domestic hap
of the Butte street railway.
piness.
The resolutions are signed unanimously by fifty dele
Resolved, That we extend to the executive officers of
gates from the Northwest.
the Great Northern railroad the fullest acknowledgment
of our appreciation of their courtesy to all the members
of the delegations. W e observed throughout the trip the
demonstrations of the interest the Great Northern com
pany is taking in the upbuilding of the country, on which
C O M M ER C IA L P A P E R AND
shall in no small degree rest the prosperity of Duluth,
St. Paul and Minneapolis, and the growing cities of North
IN V E S T M E N T S E C U R IT IE S
Dakota and Montana.
Municipal,
Corporation
and Railroad Bonds.
Bank Stocks and
Resolved, That we recognize the unfailing courtesy of
Local Securities.
Hon. Win. A. Clark, of Montana, president of the N a
tional Irrigation Congress. His personal attention and
127 G u a r a n t y B u i l d i n g M IN N E A P O L IS , M IN N .
E U G E N E
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M.
S T E V E N S ,
T H E C O M M E R C IA L W E ST .
20
H a m il t o n M. P e y t o n , President.
W il l ia m C. H e g a r d t , Ass’t Cash.
Saturday, September 26, 1903.
Ja m e s C. H u n t e r , Cashier.
I sa a c S. M o o r e , 2nd Ass’t Cash
The American Exchange Bank
O F D U L U T H , M IN N .
(Established December, 1879)
Capital,
- $500,000.00
Surplus,
- $225,113.00
D IR E C T O R S ;
T. F. COLE
G. A TOMLINSON
W. C. AGNEW
JAMES DAVIDSON
S. G. KNOX
A. GOWAN
KENNETH CLARK
H. M. PEYTON
C. A. CONGDON
J. D. ENSIGN
JAMES C. HUNTER
THE MERCHANTS’ LOAN & TRUST COMPANY,
T he PLYMOUTH CLOTHING HOUSE
A D A M S A N D C LA R K S T R E E T , C H IC A G O .
E S T A B L IS H E D 1857.
C a p i t a l and S u r p l u s , $ 6 , 0 0 0 , 0 0 0 :
O L D E S T B A N K IN C H IC A G O ,
D ep osits, $ 3 6 , 0 0 0 , 0 0 0 .
H IG H G RADE B O N D S .
TRUSTS.
Established 1882.
H. J. B u r t o n , Pres.
H. L. T u c k e r , V-Pres.
FO R E IG N E X C H A N G E .
S A V IN G S .
WHOLESALE MANUFACTURERS OF
FURS AND CLOTHING,
SAFE D E P O S IT VAULTS.
O F F IC E R S .
D IR E C T O R S .
H a b s h a l l F ie l d ,
Al b ib t K eep,
A. H . B u b l e y ,
E l ia s T. W a t k in s
E nos M. B a e t o n ,
E. D, H d lbeet
C yeu s H. M c Co r m ic k ,
L am bert T re e,
E r s k in e M. P h e l p s ,
M oses J. W e n t w o r t h ,
E. H. G a r y ,
O rson S m it h .
D IREC TO RS:
A. C. A n d e r s o n .
C h a s. W . A m es.
E . H. B a il e y , President.
C. H. B ig e l o w .
K en neth Cl a r k .
H a y d n S. C o l e , V .-P. & Counsel
W . B. D e a n .
R o b e r t R. D u n n , V.-Pres.
F r e d e r ic A. F o g g .
Capital, $300,000.
E. A. D r e w , Treas.
W. C. B u r t o n , Sec’y*
O e s ON S m it h , P resid ent.
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 eon L. L o e h r , Sec’y Trust Dept.
John E. B l u n t , J r ,, Manager BondDept,
JOBBERS 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.
Northwestern Trust Company
ST. P A U L , M IN N .
1
C apital, $ 3 0 0 ,0 0 0
Surp lus, $ 1 0 ,0 0 0
Guaranty Fund Invested in First Mortgage Railway Bonds, $ 1 0 1 ,8 5 3 .7 5
*
------------------------------------ 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 R R E SP O N D E N C E IN V IT E D .
DIRECTORS:
T h o s. I r v i n e .
F ran k B. K ello gg.
J a m e s W. L u s k .
A. E . M a c a r t n e y .
A l b e r t L . Or d e a n .
G e o . C. P o w e r .
E d w a rd N. S a u n d e r s .
R. E .S h eph erd.
J . H. S k i n n e r .
T h e o . L . S c h u r m e ie r
N E W B A N K S AND C H A N G ES.
Dividends.
The First State bank of Drake, N. D., has opened.
The State bank of Comfrey, Minn., is in its new build
ing.
The Security bank of Amherst Jc., Wis., has incor
porated with capital of $8,500.
The Bank of Cumberland, Wis., has incorporated as a
state bank, with capital of $10,000.
The bank at N ew Y o rk Mills, Minn., will become a
state bank with a capital of $10,000.
A. J. Campbell, of Litchfield, is the new cashier of the
First National bank at Parkers Prairie.
B. B. Sheffield, of Faribault, and J. M. Thompson of
Owatonna, will establish a bank at Ellendale, Minn.
Boston.—The State Street Trust Co. has declared a div
idend of 3 per cent, payable Oct. 1 to stockholders of rec
ord Sept. 25.
N ew Y ork.—The New Y o rk A ir Bftake Co. has declared
a quarterly dividend of 2 per cent, payable Oct. 15. Books
close Oct. 1 and reopen Oct. 16.
N ew Y ork.—-The Union F e rry Co. has declared the
usual quarterly dividend of Rj of 1 per cent, payable Oct.
1. Books close Sept. 19 and reopen Oct. 7.
New Y ork.— The Corn Products Co. has declared the
regular quarterly dividend on its preferred stock of
per cent, payable Oct. 10. Books close Sept. 25 and re
open Oct. 12.
Boston.— The directors of the American Telephone &
Telegraph Co. have declared a regular quarterly dividend
of 1J/2 per cent, payable Oct. 15 to stock of record Oct. 1.
Books close Oct. 1 and reopen Oct. 15.
New Y ork.— The Union Typewriter Co. has declared
the usual semi-annual dividend of 3J2 per cent on its first
preferred stock and 3 per cent on its common stock, all
payable Oct. 1. Books close Sept. 18 and reopen Oct. 1.
N ew Y ork.— Th e American Locomotive Co. has de
clared a quarterly dividend of
per cent on its preferred
stock, payable Oct. 21. Fo r the purpose of this dividend
and of the annual election to be held on Oct. 13 the trans
fer books of the preferred and common stock will close
Sept. 21 and reopen Oct. 21.
The Citizens’ bank of Thief River Falls, Minn., will
change to a state bank and increase capital from $10,000
to $20,000.
Chas. F. Sawyer, cashier of the Citizens’ bank of Can
non Falls, Minn., will take cashiership of the First N a
tional bank of Fosston, Minn.
The State bank of Pisek, of which D. H. Beecher, of
Grand Forks, is president, will soon move into its new
building. It will cost about $4,000.
The Citizens’ State bank will open at Ainsworth, Neb.,
with the following officers:
E. C. Million, president;
Frank Jourinat, vice president; R. M. Eldur, cashier.
The Bank of Harris, of Harris, la., will become the
First National bank with capital of $25,000. The officers
will be F. Y . Locke, president; G. W. Burnside, vice pres
ident; C. H. Royce, cashier.
The Manufacturers’ National bank of Rockford, 111., re
ports deposits on Sept. 9. of $935,650. This is a gain of
thirty per cent over September, 1902, and of more than 100
per cent over September, 1900. The capital is $125,000 and
officers as follows:
W. F. Barnes, president; N. F.
Thompson, vice president; Aug. P. Floberg, cashier.
The Bank of Doran, located at Doran, Minn., has
opened. Capital, $10,000. John Grove, of St. Paul, presi
dent; Edward Webber, cashier. This is the fourth bank
Mr. Grove has organized inside of a year, the others
being Morris National at Mdrris; State bank of Donnely,
at Donnely. and Breckenridge National, at Breckenridge.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The First National Bank of Milwaukee makes an ex
cellent showing in its statement of condition on Sept. 9.
The deposits are $16,236,444; loans and discounts, $12,629,829; cash and due from banks, $4,813,725, and resources,
$19,056,851. The First National is capitalized at $1,500,000,
and has surplus and net profits of $970,407.
B A N K B U R G L A R Y IN S U R A N C E .
HOOD 4 PENNEY, PhoM
tL “
e’
General Agents for the Northwest of
THE OCEAN ACCIDENT AND GUARANTEE CORPORATION.
All^losses settled by us.
We have never contested a bank burglary lossw
T H E C O M M E R C IA L W E ST .
Saturday, September 26, 1903.
The
Ham ilton National Bank
The National Bank of
North America
80 and 82 La Salle Street
o m
Bet. Washington and Randolph Sts.
O p e n e d
A p r i l
B E SO U K C E S.
Loans and discounts ...............................................$ 1,083,083.79
U. S. bonds to sec. cir............................................
100,000.00
Premium on U. S. bonds ......................................
6,855.20
143,042.50
Other bonds .............................................................
Due from U. S. T r e a s u r e r ....................................
5,000.00
Cash and due from banks ....................................
720,039.18
R E SO U R C E S.
Loans and discounts ............................................ $ 7,974,160.99
U. S. bonds to secure c ir c u la t io n .....................
500,000.00
Premiums on bonds ..............................................
31,500.00
Due from banks and U. S.
treasurer .................................. $4,013,411.07
Cash on hand .............................. 2,416,730.16
6,430,141.23
$14,935,802.22
........................................................................ $2,058,020.67
L IA B IL IT Y .
o A o o
Statement of condition at close of business September
1903.
~ 1s t , 1 0 0 3
Second Report of Condition at close of business Sep
tember 9, 1903:
Total
21
L IA B IL IT IE S .
Capital stock . . .
500.000. 00 Surplus fund . . .
125.000. 00 Undivided profits
661.69
Circulation .........
100.000. 00 Deposits .............
$ 2,000,000.00
500.000. 00
151,277.66
500.000. 00
11,784,524.56
Capital stock .......................................................... $
Surplus ........................................................................
Undivided profits .................................................... •
Circulation .................................................................
Deposits ...................................................................... 1 ,33 2,358.98
Total
$ T4,935,8o2.22
........................................................................$2,058,020.67
O F F IC E R S .
O F F IC E R S .
C H A R L E S B. P I K E , President.
D. W. B U C H A N A N , Vice-President.
H E N R Y M E Y E R , Cashier.
' G E O R G E H. W I L S O N , A s s ’t Cashier.
D I HEC TOR S.
F. A. Delano,
T. A. Shaw, Jr.,
Granger Farwell,
A. A. Sprague, 2nd,
Charles B. Pike,
Charles L. Bartlett,
Louis E. Laflin,
D. W. Buchanan,
AA/ q 11 o r»p* TTPpktTI 9 11
“T H E O N L Y N A T IO N A L B A N K N O RTH O F M A D I
SON S T R E E T .”
Merchants Safe Deposit Vaults Connected.
I S A A C N. P E R R Y , President.
B E R N A R D A. E C K H A R T , Vice-President.
C H A R L E S O. A U S T I N , Vice-President.
J U L I U S S. P O M E R O Y , Cashier.
F R A N C I S V. P U T N A M , A s s ’t Cashier.
D IR E C T O R S .
Bernard A. Eckhart,
Calvin Durand,
Albert W. Harris,
Edward Hines.
L a Verne W. Noyes,
Isaac N. Perry,
STATEMENT OF THE CONDITION OF
Benjamin J. Rosenthal,
Jam es T. Harahan,
Josiah Little,
Ward W. Willits,
Aylmer K. Perry,
Charles O. Austin.
R eport of the Condition o f the
D rovers Deposit National
National Live Stock Bank
Bank,
OF CHICAGO, ILLINOIS.
THE
A t C lose o f B u sin ess, Sept. 9 th , 1 9 0 3 .
ASSETS.
Loans and d is c o u n t s .............................................. $ 6,321,373.29
Overdrafts ..................................................................
702.06
United States bonds .............................................
50,000.00
Stocks; bonds, securities, etc...............................
121,570.16
Cash Resources—
Due from b a n k s ......................... $2,651,381.82
Cash on hand ..............................
986,683.80
Exchanges for clearing house. 1,138,982.31
Due from U. S. t r e a s u r e r . . . .
2,500.00
4,779>547-93
$11,273,193.44
L IA B IL IT IE S.
Capital stock ...........................................................$ 1,000,000.00
Surplus ........................................................................
750,000.00
Undivided profits ..................................................
540,914.49
Circulation ..................................................................
49,100.00
Dividends u n p a i d .....................................................
285.00
Deposits ...................................................................... 8,932,893.95
$11,273,193.44
O FFIC ER S.
S. R. F L Y N N , President.
G. A. R Y T H E R , Cashier.
G. F. E M E R Y , Assistant Cashier.
W. F. D O G G E T T , Assistant Cashier.
John A. Spoor,
Arthur G. Leonard,
Nelson Morris.
Samuel Cozzens,
D IR EC T O R S.
Levi P. Doud,
Jam es H. Ashby,
Boswell Z. Herrick,
S. R. Flynn.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Union Stock Yards
CHICAGO
In the State of Illinois, at the close of business Sept. 9,
1903.
R E SO U R C E S.
Loans and d is c o u n t s ............................................. $ 3,070,481.57
Overdrafts, secured and u n s e c u r e d .................
255.62
U. S. bonds to secure circulation, par value. .
50,000.00
Cash Assets:
Cash ................................................ $
912,508.70
Exchanges
for
clearing
house ........................................
601,732.22
Due from banks and bankers. 1,252,008.27
2,766,249.19
Total
.........................................................................$5,886,986.38
L IA B IL IT IE S
Capital stock paid i n ..............................................$
Surplus fund .............................................................
Undivided profits ...................................................
National bank notes outstanding ...................
Reserve for taxes .....................................
Deposits ......................................................................
Total
600,000.00
150,000.00
68,866.06
50,000.00
4,000.00
5,014,120.32
.........................................................................$5,886,986.38
O F E IC E R S .
W M . H. B R I N T N A L L , President.
W M . A. T I L D E N , Cashier.
J O H N B R O W N , Vice-President.
G E O R G E M. B E N E D I C T , A s s ’t Cashier.
D IREC TO RS.
Edward Tilden,
M. F. Rittenhouse,
John Brown,
Wm. A. Tilden,
Wm. H. Brintnall.
T H E C O M M E R C IA L W EST .
22
Saturday, September 26, 1903.
The First National Bank The Continental National
of Chicago
Bank of Chicago.
Statement of condition close of business Sept. 9, 1903:
Assets.
Loans and discounts .............................. ..................... . ..$ 57,682,310.52
United States bonds (par value)....................................
2,100,680.00
Bonds to secure U. S. deposits, other than U. S.
bonds ................................................. *:..............................
666,000.00
Other bonds and stocks (market value).....................
5,865,814.08
National Safe Deposit Co. stock (bank building)..
1,062,575.00
Cash Resources—
Due from banks (eastern exchange).. $20,669,364.95
Checks for clearing house....................... 2,718,859.46
Cash on hand .............................................. 14,608,181.78
Due from United States T re a su re r....
158,650.00
----------------------- 38,155,056.19
$105,532,435.79
Report of condition at close of business Wednesday,
Sept. 9, 1903.
R E SO U R C E S.
Loans and discounts ............$23,387,622.52
Stocks and bond s.....................
1,378,410.98 $24,766,033.50
U. S. bonds to secure circu-. .
50,000.00
lation ........................................
3,298.09
Overdrafts ....................................
12,942.69
Real estate ....................................
Due from banks and U. S.
treasurer
............................ 6,194,712.64
Cash ................................................ 7,700,138.39 13,894,851.03
L i a b il i t ie s .
Capital stock paid in .......................................................... $ 8 , 0 0 0 , 0 0 0 . 0 0
$38,727,125.31
Surplus fund ..........................................................................
5.000.
000.00
L IA B IL IT IE S .
Other undivided profits ....................................................
2,070,272.38
Discount collected but not earned..................................
364,329.53
Capital stock paid in .............................................. $ 3,000,000.00
Interest accrued on interest bearing certificates..
11,377.19
Surplus fund .............................................................
1,000,000.00
Special deposits U. S. and other bonds......................
1.184.000. 00
Undivided profits .....................................................
256,597.66
Circulation notes received from comptroller..........
1.573.000. 00
Dividends unpaid ................ .................................................
2,669.00
Circulation .................................................................
50,000.00
Deposits .................................................................................. 87,326,787.69
Deposits ...................................................................... 34,420,527.65
O F F IC E R S .
$105,532,435.79
JAMES B. FORGAN, President.
DAVID R. FORGAN, Vice-President.
GEO. D. BOULTON. Vice-President.
H O W A R D H. HITCHCOCK, Vice-President.
RICHARD J. STREET, Cashier.
HOLM ES HOGE, Assistant Cashier.
AUGUST BLUM, Assistant Cashier.
E D W . DICKINSON, Assistant Cashier.
F R A N K E, BR OW N, Assistant Cashier.
CHAS. N. GILLETT. Assistant Cashier.
F R A N K O. W ETM O R E, Auditor.
EM ILE K. BOISOT, Manager Bond Department.
JOHN E. GARDIN, Manager Foreign Exchange Department.
M A X M AY, Assistant Manager Foreign Exchange Dept.
Samuel W . Allerton.
Norman B. Ream.
D. Mark Cummings.
James B. Forgan.
Samuel M. Nickerson.
William L. Brown.
Geo. D. Boulton.
Eugene S. Pike.
Henry H. Porter, Jr.
Charles Deering.
D ir ec t o r s .
A. C. Bartlett.
John H. Barker.
William J. Watson.
David R. Forgan.
Nelson Morris.
George T. Smith.
Eibridge G. Keith.
John A. Spoor.
James H. Hyde.
George F. Baker.
Otto Young.
$38,727,125.31
O F F IC E R S .
J O H N C. B L A C K , President.
G E O R G E M. R E Y N O L D S , Vice-President.
N. E. B A R K E R , Vice-President.
I R A P. B O W E N , A s s ’t Cashier.
B E N J A M I N S. M A Y E R , A s s ’t Cashier.
W. G. S C H R O E D E R , A s s ’t Cashier.
H. W A L D E C K , A s s ’t Cashier.
J. M ’ C A R T H Y , A s s ’t Cashier.
D IR
¡CTO RS.
John C. Black,
W. C. Seipp,
A. J. Earling,
William G. Hibbard,
Berthold Loewenthal,
P. A. Valentine.
J. Ogden Armour,
George M. Reynolds,
Frederick Weyerhaeuser,
N. E. Barker.
A. W.-Thompson,
H enry Botsford,
A General Foreign I xchange Business transacted,
T ravelers’ Circular Letters of Credit available in all parts
of the world.
STATEMENT OF THE CONDITION
REPORT OF THE CONDITION OF
of the
Tl IK
Bankers National Bank Commercial National Bank
OB' CHICAGO.
of Chicago
A t Close o f B u siness, S cp tem b er 9tli, 3 9 0 3 .
at the close of business, September 9, 1903.
RESOURCES.
RESOURCES.
Loans and discounts .............................................. $ 9,093,568.95
U. S. bonds ...............................................................
50,000.00
Other bonds and securities ................................
664,637.42
14,783.31
Real estate .................................................................
Furniture and fixtures ..........................................
100.00
Cash and sight exchange .................................... 6,503,341.83
Loans and Discounts ......................................... $ I 7>795>546-39
Overdrafts ..................................................................
838.70
Real Estate ...............................................................
95,775-23
U. S. Bonds at p a r ...................................................
500,000.00
Other Bonds and Stocks .................................... 1,202,873.53
Due from U. S. Treasurer ..................................
37,500.00
Cash and due from other banks ....................... 13,123,568.46
Total
......................................................................$32,756,102.31
$16 ,32 6 4 31.5 1
L IA B IL IT IE S
Capital stock paid i n .............................................. $ 2,000,000.00
Surplus and profits (net) ....................................
996,457.24
Circulating notes .....................................................
50,000.00
Deposits ...................................................................... 13,279,870.27
Dividends unpaid .....................................................
104.00
L IA B IL IT IE S .
Capital Stock paid in ........................................ $ 2,000,000.00
Surplus Fund
......................................................
1,000,000.00
Undivided profits ...................................................
635,382.76
National Bank notes outstanding .....................
500,000.00
Deposits ...................................................................... 28,620,719.55
Total
......................................................................$32,756,102.31
$16,326,431.51
O F F IC E R S .
O F F IC E R S .
E D W A R D S. L A C E Y , President.
J O H N C. C R A F T , Vice-President.
F R A N K P. JU D S O N , Cashier.
C H A R L E S C. W I L L S O N , A s s ’t Cashier.
C H A R L E S E W I N G , A s s ’t Cashier.
D IR E C T O R S .
Richard C. Lake,
Robert M. Wells,
Edward S. Lacey,
David Studabaker,
D. H. Burnham,
Frank Gould,
Michael Cudahy,
M. LI. Wilson,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Daniel G. Reid,
C. H. Weaver,
C. T. Boynton,
John C. Craft.
JAMES H. ECKELS, President.
N. R. LOSCH, Assistant Cashier.
JOHN C. McKEON, Vice-Prest.
H. C. VERNON, Assistant Cashier.
D. VERNON, 2nd Vice-Prest.
G. B. SMITH, Assistant Cashier.
JOSEPH T. TALBERT, Cashier.
H. E. SMITH, Auditor.
M. KRELL, Manager Foreign Banking Department.
D IR E C T O R S .
Jessie Spalding.
Franklin MacVeagh.
Wm. J. Chalmers.
Robert T. Lincoln:
K. H Gary.
Paul Morton.
Darius Miller.
John C. McKeon.
James H. Eckels.
Letters of Credit Issued. Foreign Drafts and Specie
Bought and Sold. Posted Remittances and Cable T ra n s
fers Made to all Parts of the World.
Saturday, September 26, 1903.
T H E C O M M E R C IA L W E S T .
F a rm M ortgages—S ix Per Cent
A Resident of 22 years, 18 years Banking and Real Estate. Personal
knowledge and approval of every loan offered. Not a foreclosure of my mort
gages and not a dollar of delinquent interest.
The closest investigation
courted. Write for references.
W • Iv
WrIIvlvIAM 8 Oj
V,
B u sin e s s E s ta b lis h e d
lyisbon,
No.
Dak.
1873.
Western Trust $c Savings Bank, Chicago.
Capi tal
TRANSACTS
A GENERAL
.
.
D O M E S T IC
.
AND
$1,000,000
F O R E IG N
B A N K IN G
AND
BOND
B U S IN E S S .
O F F IC E R S :
OSEPH E. OTIS, President.
WILLIAM C. COOK, Cashier.
WALTER H. WILSON. Vice-President.
H. WOLLENBERGER, Asst, to the President.
Wisconsin Banker Delegates.
President John M. Holley, of the Wisconsin Bankers’
association, has appointed the following delegates to rep
resent Wisconsin at the convention of the National Bank
ers’ association, at.San Francisco, in October: William B.
Banks, Superior; Frederick Kasten, Milwaukee; E. H.
Canfield, Sparta; J. M. Holley, L a Crosse.
M i n n e a p o li s S e c ur iti e s .
Quotations furnished by Eugene M. Stevens, Commercial Paper and Investment Securities, 123 South Third Street, Guaranty Building, Minneapolis.
Minneapolis, Sept. 23.
Last
Bid.
Asked.
Sale.
German-American B a n k ..............................
130
110
First National Bank........................................
175
180
175
Germania Bank ...............................................
100
105
105
Hennepin County Savings Bank............... 150
150
Minneapolis Trust Company.......................
120
125
140
Minnesota Title Ins. & Trust Co., p f d . . . 1 1 2
115
no
Minnesota Loan & Trust Company.........
120
123
127
National Bank of Commerce......................
128
131
130
Northwestern National Bank...................... 190
193
195
St. Anthony Falls Bank................................ 127
130
127
South Side State Bank..................................
135
130
Security Bank of Minnesota........................ 157
160
157
Swedish-American National B ank............ 130
130
Minn. Gas Light Co., con. 6’s, 1910-30... 108
iii
111
Minn. General Electric Co., con. 5’s, 1929 103%
104
Minneapolis Brewing Co., common.......... 1 0 1
103
106
Minneapolis Brewing Co., preferred........
106
Minneapolis Brewing Co., bonds.............. 1 1 0
1.32
no
Minneapolis Syndicate .................................. 102
105
102
Minneapolis Threshing Machine C o........ 175
200
North American Telegraph C o....................
70
73
72
Twin City Telephone Co., first mortgage
5’s, 1913-16 ..................................................
95
100
Twin City Telephone Co., common..........
100
Twin City Telephone Co., preferred........ 107
iió
no
S t . P a u l S e c ur iti e s .
The following quotations on St. Paul securities are furnished
by Peabody & Co., brokers, 27 Merchants’ National bank building, St. Paul:
St. Paul, Sept. 23.
Last
Bid.
Asked. Sale.
American National B ank.............................
100
Capital Bank ...................................................
...
...
125
First National B ank........................................
250
270
280
Merchants’ National B ank....................................
147%
145
National German-American Bank.......... 130
135
• 135
St. Paul National Bank............................................
110
108
Scandinavian-American Bank ..................... 130
135
130
Second National B ank..............................................
...
220
State Bank .......................................... .......................
100
Northwestern Trust Co.................................. 105
Minn. Transfer Ry. 1st 5s, 1916............................
105
Minnesota Transfer Ry. Co., first 4s,
1916 .................................................................... *90
95
Security Trust Company.......... ..............................
...
100
St. Paul Union Depot Co. first 6s, 1930.. *125
130
Union Depot Co. consol. 5s, 1944................ *110
115
...
Union Depot Co. consol. 4s, 1944.............. *100
106
Interstate Investment Trust Co...........................
135
American Light & Traction Co. com____
57
63
58%
American Light & Traction Co. pref. . . .
88
93
95
St. Paul Gas Light Co., 1st 6s, 1916.......... *110
112
St. Paul Gas Light Co. Cons. 6s, 1918___ *110
111
n0%
St. Paul Gas Light Co. gen’l 5s, 1944. . . . 85
90
89
110
108
St. Paul City Ry. Co., cable 5s, 1937........ *105
W est Publishing Company, common___ 250
300
250
"West Publishing Company,preferred..................
105
105
St. Paul Fire & Marine Ins. C om pan y... 171
175
171
St. Paul Trustee Company............................
96
100
Superior W ater, Light & Power Co. first
4s, 1931 ....................................................................
*67%
South St. Paul Union Stock Yards Co.
first 5s, 1916..................................................
78%
82
77
*And interest.
Ch ic a go B a n k St ock s.
A . J. W h i p p l e & Co.
Book V.
American Trust . . . . . . 159
Bankers’ National . . . . 148
Central Trust .......... . . . 130
Chicago C i t y ............ . . . 147
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Div. R.
6
6
8
..Chicago, Sept. 23, 1903.
L. Sale.
Bid.
Asked.
173
173
ISO
187
186
190
114
113
115
170
165
175
LAWRENCE NELSON. Vice-President
H. L. CHAPMAN, Bond Officer.
Chicago National ........ 236
Chicago Savings .......... 1 0 1
Commercial National.. 180
Colonial Trust .............. 130
Continental National.. 141
Corn Exchange ............ 196
Drexel State ........ ...................
Drovers’ Deposit ........
135
Federal Trust .............. 132
First National .............. 184
First National Bank of
Englewood ................ 175
Fort Dearborn .............. 128
Hamilton N a tio n a l................
Illinois Trust ................ 253
Jackson Trust & S . . . .
125
Metropolitan T. & S .. . 124
Merchants’ L. & T ___ 210
Milwaukee Ave. State. 170
National Bank No. Am. 136
N at’l Bank Republic... 142
National Live S tock ... 232
Northern Trust .......... 252
Oakland National . . . . 187
Prairie State ................
149
Royal Trust .................. 175
State Bank Chicago... 137
Western Trust & S . . . 112
So. Chicago S av in gs... 105
*12
Ì2
8
12
6
8
Ì2
6
6
i2
’è
12
6
’è
12
8
6
8
6
6
6
395
150
350
180
285
420
109
180
141
365
375
145
300
175
260
415
108
180
140
362
Í55
125
680
165
150
125
625
ÌÒ8
325
117
134
165
300
150
142
255
123
.
ÌÒ8
315
115
132
165
300
475
150
175
140
250
123
no
390
150
352
270
430
112
200
142
370
Ì6Ò
128
650
126
112
330
125
135
170
310
500
165
200
145
260
126
112
S P E C IA L A D V E R T IS E M E N T S .
The Commercial W est will publish want advertisements un
der this general heading for one cent a word, no advertisement
to be inserted for less than 20 cents. Address is to be counted,
but classification side head will be inserted free. Price the same
whether one or more insertions are taken. Cash or two-cent
stamps must accompany the order. Copy must be received
Wednesday of each week to insure publication in the current
number.
Financial.
For Sale— 5% and 6% per cent mortgages on improved Minne
apolis real estate. Care of property solicited. Alexander Camp
bell & Co, New York Life building, Minneapolis, Minn.
EXPE R IE N C ED BA N K E R , desires to purchase an interest
in a good Minnesota bank, carrying with it managing official po
sition, or will join right parties in purchasing or establishing a
bank.
“Business,” care of Commercial West.'
Ban k In vestm en t W a n te d .
W A N T E D — Banker with ten years experience, and at pres
ent cashier of a national hank, must change location on ac
count of wife’s health. W ants position as cashier or manager
of western or northwestern bank (or will co-operate and or
ganize new bank). Can handle $5,000.00 to $10,000.00 in stock.
(A1 references.) W rite “ W estern,” care Commercial W est.
If You W ant D epositors
FOR THE POCKET
(GOOD ONES)
Communicate with
us. W ewillsupply
them for you in a
clean and conserv
ative manner with
out the objectiona
ble feature of un
reliable canvassers.
Or sell you our
little savers with
our improved sys
tem of obtaining
depositors.
BANKERS’ CONSOLIDATED HOME SAFE CO.
8 2 8 =8 3 0 O p e r a H o u s e B l d g . , C H I C A G O
T H E C O M M E R C IA L W E ST .
24
6%
Saturday, September 26, 1903.
First M ortgage Loans
6%
On improved farms in the Red River Valley, North Dakota and Minnesota. W e furnish complete evidence of perfect
title—make careful and prompt collection of interest and principal. ALL SECURITY CAREFULLY INVESTIGATED.
R eferen ces : J . B . Colgate & Co., 3 6 Wall Street, N ew Y o rk C ity ; F irst or F argo N ation a l B a n k s, F arg o, N . I >.
MORTON ifc CO.,
E ST A B U SH Ë D
Fargo,
No.
Dale.
FARM MORTGAGES IN FAVOR IN KANSAS.
(Special Correspondence to The Commercial W est.)
Topeka, Kan., Sept. 23.—The evident land movement
that is in progress in the middle west has Drought into
favor again the mortgage company that was so signally
forced out of business in the days following the boom of
the middle ’80s. It was impossible to sell a mortgage
negotiated by such companies at that time, but the field
was taken by the local agents and the representatives of
the insurance companies which had found that western
lands made good loans. Several of the large companies
have the state so parceled up that it is impossible for
another agent of the same company to do business.
Recently the Kansas state agent of the life department
of a company of this kind became dissatisfied with his
business and asked for territory in the loan field. He was
told that it must depend on the other agents at that time
working in the state. None would give up a territory and
he was forced to make a change.
Local investors are seeing the advantage of this field
and are taking much interest in realty loans. There is
in every county in the eastern two-thirds of the state
abundant capital to organize and float the stock of such
a company. At present most of the agents are getting
their loan funds from the eastern investors—banks and
capitalists— some through personal acquaintance.
The
time that it takes to send the application blanks back to
the east and obtain the money takes out of the business
its best profit. The banks of the state are paying only
three per cent on deposits, with rare exceptions. Farm
loans are steady at 6 per cent, and under the present pros
perous conditions and good crop returns are as safe as
any investments possible to secure in the west. One in
surance company has loaned more than $600,000 and never
lost a dollar in Kansas. The local investment fund is tak
ing this course, and there is a steady demand for the
capital as new farms are opened and new homes built.
One of the methods of disposing of farm mortgages
during the last few years has been to use them as col
lateral for call loans in the western banks. With the
value of land increasing, loans were safe up to one-half the
face of the mortgages, and the banks could, if necessary,
realize on them without difficulty. It was in this way that
J. 1^. CALHOUN
500 Oneida Building, MINNEAPOLIS
fo r
th e
D re x e l
E Jsta te
Real Estate and Loans,
Bonds, Lands and Mortgages.
References: Drexel Estate, Philadelphia, or any Bank in Minneapolis
many banks have been making their surplus earn 6 per
cent, and yet have the money at hand when the time of
need came.
The mortgage company with local capital invested and
operating in a limited territory has the elements of
strength and combines the element of safety with that of
good investment for the local surplus funds as well as that
of eastern investors. The eastern banks have grown
more liberal with western farm mortgages since the com
ing of better times, and they will give more general ac
ceptance to investments of this nature, particularly if the
percentage of loans to the real value be kept low, not
above 40 per cent.
I t Is D i f f e r e n t W i t h
Bonds.
While eastern investors are liberal with farm loans be
cause they recognize such loans as good things, they are
looking askance at Kansas bonds. A case in point is that
of Topeka. This city some time ago issued a large quan
tity of bonds for paving purposes and after many inef
fectual attempts to sell them in the east, finally managed
to sell a small amount to a Topeka banking institution.
Dozens of blocks of paving were contracted for and the
work on them commenced. The small amount of money
derived from the sale of the bonds to the Topeka bank
soon melted away, and the city was confronted with a
perplexing problem in the effort to get money to pay the
contractors. The only way out of the dilemma has been
to force the contractors to take the paving bonds in pay
ment for their work. Such an order was made this week.
It will cost the contractors most of the profits they would
have made on the work, as they will need funds to pay
their workmen and will consequently have to dispose of
the bonds to local banks at a discount. The trouble of
disposing of the bonds will also be something the con
tractors will have to contend with. There is no question
about the worth of the bonds, but eastern investors do
not want them.
The same trouble will likely be met with in the matter
of the $400,000 of water works bonds recently issued, un
less the water company will take them in payment for the
plant in place of cash.
$ 25.00
A g e n t
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.
E i w o o d S. C o r s e r . Pres.
W il l ia m B. T u t t l e , Treas.
Corser Investment Co.
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 and I N S U R A N C E
Special attention given to Management of Estates for Non-Residents
New York Life Building,
MINNEAPOLIS
D. P. Jones. Pres
DAVID
W. H. Davis. V-Pres.
W. C. McWhinny, Sec. & Treas.
P. J O N E S
& CO.
(Established 1868. Incorporated 1900.)
Mortgage Loans,
Real Estate and Rentals
Special attention given to management of estates of non-residents.
Satisfactory reference to local and eastern parties.
Main Floor Bank of Commerce Building,
M IN N E A P O L IS
Buys
A ty p e w rite r e q u a l to the b e s t on the
m a r k e t at a n y p rice . It h a s the
U N IV E R S A L K E Y B O A R D
o f 8 4 c h a r a c t e r s a nd p o s e s s e s m a n y d i s ti n c t ad=
v a n t a g e s o ver o t h e r m a c h i n e s . W e i g h s but 2 0 lb s .
YOU RUN NO RISK in ordering a postal sent to your office or
home today as it is GUARANTEED ABSOLUTELY to be satisfactory In
every part cular.
THE
REALTY
CO.
3 0 1 Central Ave., M inneapolis.
Manufacturing sites and trackage, business and residence
property in Minneapolis and St. Paul for sale or rent. Five
story manufacturing plant with machinery, elevator, etc.,
centrally located.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
COMPANY
GENERAL SELLING AGENTS
NEW Y O R K , N. Y .
Dept. J. Hudson Building
On receipt of $2. to cover express the postal will be sent for inspection.
T A B O U R R E A L T Y C O MP ANY
Solicits the placing of your money and the care and sale of your property
Twenty years’ experience. References.
4 1 0
CHUTE
HUDSON
M
1 st
l N
X l l A
I '0 I v
IS
W h e n in n e e d o f
BOOKKEEPERS OR STENOGRAPHERS
T e l e p h o n e or W r i t e th e
C O M M E R C IA L
BUREAU
5 4o A n d r u s Building,
«
M I N N E A P O L I S , M IN N.
W e have a large list of E XPE R IE N C ED PEO PLE registered
T H E C O M M E R C IA L W E ST .
Saturday, September 26, 1903.
WILL EXPLOIT NORTHERN MINNESOTA.
The Great Northern road has this year put 40,000 set
tlers in the state of Washington. In the past few years
the Great Northern has put a large population in W a sh
ington, and has devoted a good deal of time and money
to population increase in North Dakota and Montana by
means of immigration.
The road is now about to turn its attention to the ex
ploitation of northern Minnesota lands. B y November
the company will send a force into northern Minnesota for
the purpose of obtaining data on which to base immigra
tion advertising matter.
It is the policy of the Great Northern railroad to base
its immigration literature on facts so that the immigrant
in settling will be disappointed in finding conditions better
than they were represented.
While the company has not made final decision, it is
now the impression that northern Minnesota is in the main
better adapted to dairying than to general grain farm
ing, and if this impression is not changed they will rec
ommend northern Minnesota as a country of great promise
for dairying. This movement will bring into the state
several thousand settlers next spring and the influx will be
of great value to the jobbing and manufacturing interests
of the Minnesota cities.
NORTH DAKOTA AND IRRIGATION.
1 he state of North Dakota is likely to act at once in
the interest of irrigation work. The delegation from that
state in attendance on the recent Irrigation Congress at
Ogden, Utah, was made an enthusiastic convert to the
cause of irrigation. The delegates found'on looking at the
record that at the close of the present year they would
have $3,000,000 available in North Dakota for irrigation
work.
I he delegation returned home on Monday with
the resolve that an early meeting would be called at B is
marck to which delegates would be invited from all parts
of the state for the purpose of putting in motion the proper
forces to secure the expenditure of $3,000,000 for irrigation
work in western North Dakota. The idea is to co-operate
with the government and help bring about such changes as
will give the state early benefit of this large fund.
It was also of interest to ascertain that in the sale
of lands the past year North Dakota stood second among
those having arid areas to deal with. Col. W. H. Robin
son and Hon. N. G. Larimore are taking an active interest
in bringing the irrigation subject before the people, of
North Dakota and they with other prominent residents
and officials are behind the movement that is about to be
made.
E L E C T R IC R A IL W A Y S .
T E L E P H O N E C O N ST R U C TIO N .
Eau Claire, Wis.— A. A. Appleyard & Co. will construct
an electric line from here to Menomonie.
Minneapolis, Minn.— The survey for the Osseo electric
railroad, for which a franchise was granted, has begun.
Council Bluffs, la.— Dobbs & West propose to con
struct a line from here to Rockport, Mo., passing through
Glenwood.
St. Paul, Minn.— The First W ard Improvement A s s o
ciation are trying to have the street car line extended to
Phalen Park.
St. Paul, Minn.— Fifth ward residents are preparing to
renew the agitation for the rebuilding of the Randolph
street car line.
Des Moines, la.— From Des Moines to Ames will be
the next extension of the Des Moines interurban railway.
It is proposed to build the line along Fourteenth street,
and then through Saylorville, Orolabar, Ankeny, Crocker,
Polk City, Sheldahl, Slater and K e lly to Ames.
Io wa City, la.—The Io wa City, Kalona and W ashing
ton Railw ay Co. filed articles of incorporation today at
the Washington county court house. The new corpora
tion will build an interurban line between Iowa City and
Washington, with Kalona as an intermediate point. This
company incorporates for $50,000.
The state of North Dakota has been granted a franchise
by the municipality of Bismarck to cover the construction
and operation of a trolley line between the city and the
capitol building. Bismarck built the capitol far out on
the prairie under the expectation that the city would grow
to it and communication between the two is inconvenient
during blizzard periods.
Canby, Minn.— A telephone line is to be constructed
between here and Providence.
LaMoure, N. D.—The Northwestern Telephone E x
change will put in a line from LaM oure to Jamestown.
Stewart, Minn.—The Stewart Telephone Co. will ex
tend their line to Lakeside to connect with the line from
Buffalo Lake.
Cokato, Minn.—The Cokato Telephone Co. has incor
porated with $10,000 capital. A. P. Peterson is president
and C. R. Peterson secretary.
Missoula, Mont.—The Rocky Mountain Bell Telephone
Co. will build a line from here to Sand Point, extending to
Kalispel, and thence to Spokane, Wash.
Livingston, Mont.—The Yellowstone Park Telephone &
Telegraph Co. with a capital of $10,000 has been incor
porated by Frank A. Hall, Geo. W. Boyce and George
Cox.
Hunter, N. D.—The Hunter Telephone Co. is organized
with a capital stock of $5,000. It is the intention of the
promoters to extend the line into the country in different
directions.
Franklin, Minn.—W ork on the local and rural telephone
system is progressing nicely. The line running north to
the Eddesville creamery has been completed and the poles
have been put up for the Camp line.
Freeman, S. D.—The F a rm ers’ Telephone line is to be
extended from here to Molan.
Sheridan, Mont.—A telephone exchange is being in
stalled here.
Low One W ay Rates to the Coast.
The Minneapolis & St. Louis railroad has placed on
sale daily special one w ay colonists excursion tickets to
California, Oregon, Washington, Idaho and Montana at
very reduced rates. Tourist cars through without change
every Wednesday and Thursday via the popular Santa Fe
System and “ Scenic Route” through Colorado. Call on
agents for particulars or address A. B. Cutts, G. P. & T. A.,
Minneapolis, Minn.
C H A R L E S A. C H A P M A N
C O N S U L T IN G E N G IN E E R
1040=42 Marquette Building,
FA R M MORTGAGES!
=
-
CHICAGO
H E R E IS A S A M P L E O F
OUR LOANS £ £ £ £ ■ £
E 5,?8 :
6 Per <ent 5 years. Secured by 160 acres of land. 2*4 miles from
market. A ll tillable; 60 acres now under plow; lies in a well settled and well improved lo
cality. I wo good wells, frame hopise, barn and granary on place. Borrower lives on the land
and values same at $2,400. W e recommend it as well worth $2,000. Loan is made with which to
make further improvements on place. Our loans talk for themselves; they are conservative
ly made. Borrower and land personally investigated in every case. Over twenty years’ ex
perience in this locality. H ighest references, complete descriptive list of on-hand loans and
copy ot Booklet, “ W E ’RE R IG H T ON T H E GROUND” furnished upon application.
E. J. LANDER & CO.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Box 11
Grand Forks, N. D.
T H E C O M M E R C IA L W E S T .
Saturday, September 26, 1903.
IRRIGATION ON MILK RIVER.
(Special Correspondence to The Commercial W est.)
Helena, Sept. 21.— The register and receiver of the
Great Falls land office has received notice that the gov
ernment had chosen, as a reservoir site, about 2,800 acres
in township 31 north, range 26 east, on the north side of
Milk river, extending from the Great Northern station of
Eureka to Savoy, a distance of about seven or eight miles.
The site chosen is within the territory withdrawn from
entry several months ago, in connection with the Milk
river irrigation project, and the second reservation is
merely a formality, to insure the government greater
rights.
The land selected is near the mouths of three small
creeks, tributaries of Milk river, all of which would feed
a reservoir, if one should be established there. The land
south of Milk river, opposite that selected, is within the
Fort Belknap Indian reservation, from which the govern
The Farm Land Movement.
The following are late farm land transfers, as taken from
official county records. They indicate the value of farm lands
in the respective localities:
Minnesota.
Goodhue County—60 acres in seki 1 3 - 1 1 1 - 1 7 , eki of ek4
of swki, 1 3 - 1 1 1 - 1 7 , $4>50o; w ki of swki, sec. 2 1-112 -17 ,
$2,725; neki of neki, sec. 7-109-17, Cherry Grove, $1,500.
Otter Tail County— W y2 nej4 , nwki seki sec. 11, and
swki seki, seki swki, sec. 2-131-36, $7,000; und. ki of nJ4
seki sec. 17-132-43, $1,500; ny 2 nwki> sec. 21-136-37, $1,120;
seki and eki s w %, sec. 32-133-44, except tracts, $8,050; ejd
t ]/2 neki, sec. 23-232-42, $950.
Morrison County—W of sw, 29, e of se, nw of se, 3040-32, $4,600; se, se of sw, 28-4X-30, $5,900Marshall County— neki seki sec. 22, swki n w /i sec- 23~
158-46, $1,120; eki nw 14 sec. 7- 155-47, $1,240; seki nw kb
wk£ neki nwki, neki n eY nwki sec. 33~i56-43, $1,000; sek4
sec. 31-156-47, $I,6oo; nt% sec. 11-157-43, $2,500; eki nwki
sec. 7-155-47, $2,000.
Stevens County— N W k i s w ki and sw j4 n w s e c . 27
and eki neki sec. 28, $5,550; n w ki sec. 21, $4,000.
Faribault County— S E k i sw Id 6-103-26, $2,000; eki neki
26-103-27, $7,950; neId 26-103-27, $8,320; eld neki 26-103-27,
$7,950; 11 eld 26-103-27, $7,950; neki 26-103-27, $8,320.
Rice County— W Y of seki except 3-10 of an acre sec. 5,
$5,000; s 30 acres of nwki of neki sec. 36, Faribault, $1,300.
Stearns County— S W ki 28-125-35, $5,600.
Beltrami County— SW ki and W/d of seki 25-935-47, $4r
560; wki of frl nw Id and se^d of nwki and frl sw ki 6-132-45,
$2,900; nki of nwki 16-131-45, $2,500; seki and swki of seki
5-131-45, $3,420.
Red Lake County— N W ki sec. 24-153-43, $2,950; neki
11-157-43, $2,500; neki sec. 33-150-43, $3,oo°; eki nwki 7_15547, $2,000; eld nwki 7-155-47, $1,240; eld sec. 2-150-44, $8,605.
Todd County— N E k i eld nwki and nwki swRi I - I 33-34,
and wki nwki 6-X33"33, $x,776.50; nId swki 21-132-34, $900;
wki nwki, seki nwki, swki neki 8-127-33, $600; neki sw Id,
swki neki 22-132-32, $800; neki nwki seki 3-T30-35, sId seki,
seki swki 34-131-35, $5,120.
Steele County— Sjd of swki of sec. 21, town of Som er
set, $4,800; eki of seki, of sec. 21, town of Merton, $2,350;
swki of swki of sec. 8, in town of Summit, $1,000; wki
of neki of sec. 28, town of Blooming Prairie, $3,360.
ment may, at any time, select land for reservoir purposes,
and the maps on file in the land office indicate that the
reservoir site would probably embrace an area of between
5,000 and 6,000 acres, while in the reservoir there could be
stored water to a great depth, sufficient to irrigate proba
bly 150,000 acres of land.
The selection of this site does not necessarily mean
that a reservoir will be constructed there, but it is the
policy of the reclamation service to secure rights to all
lands that are favorably considered as necessary to the
success of any of the contemplated projects, and later it
will be decided whether or not it is desirable to utilize or
even hold such selections.
If a reservoir should be constructed at the site selected,
about seven miles of the Great Northern tracks would
have to be moved several miles to the north, into a hilly
country.
neki sec. 26, Lincoln twp., $0,000; se nw, sw ne 26-97-45,
$6,000; sw, s nw 3, se, s ne 4-96-43, $16,200.
Allamakee County— Ekd sw nw and wkd se nw, and ne
sw 32-98-4, 80 acres, reserving life use of house and ki
acre, $3,200; se ne and ne ne se 33-96-5, $1,100.
Humboldt County— Wkd neki nwki nkd swki and nw
and seki 10-93-28, $14,340; swki se and seki 9! - 27, $4,000.
Polk County— Lots 1 and 5, O. P. skd se 3, and nkd neki
10-79-24, $2,000; wkd swki and w 10 acres seki swki 14-7922, $6,500; lot 4, O. P. skd seki 3, and nkd neki 10-79-24,
$2,500.
The American Mortgage & Investment Co.
2 1 0 -2 1 8 E iu lic o tt 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 loans
personally inspected. Send for our list of
loans.
A. D. W A R N E R .
E. F. AN D RU S,
President.
Vice President.
H E N R IK STROM, Sec. and Treas.
THE VERY
BEST
LANDS
Timber, Prairie, Wild
and Improved Lands
In Minnesota, Wisconsin, North Dakota.
W e are owners, and can sell you farm lands that
will please you and make you money, no matter
what kind you want or where you want it. W rite
for our descriptive circulars.
Large tracts a
specialty. Agents wanted in every city.
Burchard-Hurlburt Investment Co.,
MANHATTAN BUILDING,
3
m
a A f t ft I
K | a | lx llg y \
II L l l U U II U
ST. PAUL, MINN.
why we have suPerior facilities for the
general care and management of Minneapolis real estate.
North Dakota.
FIRST—Because we have not the
large, congested lists of the older
Arms and have more time to de
vote to each piece of property.
Towner County— N W k i sec. 19-X6X-68, $3,200; ski nwki
sec. 3-157-67, $2,000; nwki sec. 2-158-68, $4,000; neki sec. 816X-68, $2,600; nwki sec. 1-157-65, $3,200; seki sec. 31-160-66,
SECOND — W e are young, un
biased, aggressive and use new
and modern methods only.
$x,ooo.
Stutsman County— S E j d 21-143-62. $1,280; neki 2-14 165, $1,600; nwki 32-137-62, $1,900; seki 21-143-63, $1,280;
neki and eld of nwki 25-X41-64, $2,400; nwkd 19-137-66, $2,Walsh County— Nkd 21-143-62, $3,500; skd swki 3I_I5856, $2,300.
THIRD—(Last always the best.)
W e run as a feature of our busi
ness a contracting and building
department, and eliminate the contractor’s profit in repair and al
teration bills on all property managed by us. Give us a trial and
see how this method reduces your expense and increases your net
income.
101 Bank ot Com. Bldg.
Y A L E R E A L T Y CO.
South Dakota.
Brown County— N W ki 5-122-62, $3,600; sw ki 4-122-63,
$4,000; swki 35-128-63, $1,000; wkd 18-123-65, $3,200; neki
23 and w ki nwki and neki nwkd 24-121-60, $5,400; eki neki
and ekd seki, 13-122-60, $2,000; nkd 9-122-65, $4,000; seki 25122-60, $3,200; seki 29-122-62, $2,500.
Charles Mix County— N W 24-97-66, $3,000; ekd of ne 397-64, $x,764; nw 31-100-69, $3,000; se 13-99-68, $5,688.
Iowa.
Sioux County— S E 30-97-47, $9,6oo; seki nwki and swki
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
D a v id C. B e l l , Pres.
W a l t e r A. E g g l e st o n , S ec’ y
J a m e s B. S u t h e r l a n d , Treas.
DAVID G. BELL INVESTMENT CO., Minneapolis
Established 1880
Incorporated 1889
CH O ICE. F I R S T M O R T G A G E S
Secured on new modern residence properties in Minneapolis, each security
having been personally inspected and approved by us. Many years ex
perience enables us to get the best securities.
Refer to any Bank in Minneapolis.
Saturday, September 26, 1903.
T H E C O M M E R C IA L W E ST .
27
W E W IL L DISCOUNT
L U M B E R M A N ’S
PAPER.
W . B. M cK E A N D «3 CO.
C O M M E R C IA L
PAPER.
T H E R O O K E R Y , C H IC A G O .
___
Peoples Trust & Saving's Bank
of
L IA B IL IT IE S :
C L IN T O N ,
GARRETT E. LAMB,
President
CHAS. F. ALDEN, Vice-President
CHAS B. MILLS, - - Cashier
IO W A .
S t a t e m e n t o f S e p t e m b e r 9 th , 1 9 0 3 .
Capital....................
Surplus....................
Undivided Profits
Deposits..................
RESOURCES:
$300,000.00
130.000.
00Loans......................................................................
35.000. 14 Cash and Sight E xchange................................
3,988,210.52
$4,453,219.66
P R E S S CO M M EN T ON C O M M E R C IA L S U B JE C T S .
W i l l S e rv e O n ly S m a l l F a r m e r s .
It is announced from Washington that the interior de
partment is going to insist on the most rigid construction
of the new national irrigation law, and particularly upon
that feature which provides that no land owner shall re
ceive water directly or indirectly for more than 160 acres
of land.
That is the intent of the law, and it is much better for
the country to be affected by the national irrigation under
takings that it should be rigidly lived up to.
The department is to be commended for its course in
the matter.
Perhaps nowhere can the great advantage of smaller
land holdings be seen than in such a state as Montana,
largely given up to grazing.
Compare, for example, the number of people who are
supported directly or indirectly by the farms on the B u r
ton bench, and the number of people who are supported
by a similar tract of land in the hands of an individual or
a corporation.
And the same thing holds true even though all the land
in the big tract is cultivated. It makes a big difference
whether i,ooo acres is cultivated by one owner and the
hired hands, or by io owners having families on smaller
subdivisions.
Of course, in this northern latitude it is not to be ex
pected that a living can be made on as small a piece of
cultivated land as in the more southern regions given to
fruit growing.
But a living can be made— and a good living— on 160
acres of irrigated and cultivated land. That "has been
proved by practical experience.
The government holds that to secure water for his land
a man must not only be its actual 'owner, but its actual
user and cultivator. This eliminates non-resident specu
lators, and the regulations are so strict as to preclude the
further possibility of temporary assignment of title under
which_ water right m ay be secured, with reversion of the
land title to a non-resident or a speculator.
A s io years is the period of time which will elapse be
fore the water title is paid for and passes to the settler, it
can be confidently figured that after a man has lived upon
his land and cultivated and improved it for this length of
time he will come to consider it as his permanent home,
and not give it up easily.— Great Falls, Mont., Tribune.
H e a l t h y C oa st C o m m e r c i a l S i t u a t i o n .
Portland bank clearings for the week ending Saturday
were nearly $600,000 in excess of those for any corre
sponding week in the commercial history of the city. The
infallibility of these figures as a trade barometer is so gen
erally understood that the public has learned to watch
them as a sure indication of the condition of the financial
weather. No storms are indicated by the pleasing show
ing made, but, without these record-breaking figures be
fore us, the remarkable prosperity of the Pacific northwest
cannot have escaped the notice of even the casual observer.
The news columns of the daily and weekly papers from
nearly every locality in Oregon, Washington and Idaho
have for weeks been filled with stories of big crops, high
prices and wonderful development in all lines of industry.
E v e r y available car and locomotive in the Pacific north
west is busy hauling to market the products of the farm,
mine, field and forest, and, while handling a volume of
traffic never before approached in magnitude, the equip
ment is still inadequate for the business that is offering.
The wheat crop, slightly smaller than that of last year, has
an aggregate cash value much greater than for any pre
vious year since 1897-98, the lumber output is greater than
ever, and is limited only by the capacity of the railroads
for handling it. Hops are soaring to high figures, and
fruit will this year add more to the wealth of the state than
ever before. L abor of all kinds is employed at high wages,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$3,818,605.56
634,614,10
$4,453,219.66
and on every hand is substantial evidence of the all-around
prosperity of the country. Under such circumstances, it is
not to be wondered that the problems which are worrying
the eastern financiers are not seriously regarded in the
west.
I he moving of a crop of the dimensions of that now be
ing harvested in the three states for which Portland is the
financial headquarters is always a big undertaking, but it
is causing Portland bankers less uneasiness than is shown
by the eastern bankers, for the reason that the balance of
trade is all in our favor. The new northwest being sparse
ly settled as yet, is not a heavy buyer. W e never have
very much of an outlay to make for the necessities and
luxuries of life, but we do have for sale enormous quan
tities of products for which Europe, the Orient and the
eastern part of the United States are ever eager, and which
serve to keep a steady stream of money flowing in this di
rection. Until within the past few days, there has been
more difficulty in inducing farmers to sell their wheat than
has been experienced in securing the money with which to
buy it.
A slight increase in the selling movement in wheat
was the principal feature of interest in the market situa
tion last week, and as the selling increased there was a
noticeable easing in the strength of the market, which
has for some time been above a Liverpool parity. The
farmers are all very well situated financially, however, and
anything like a free selling movement is not expected for
a few weeks. This movement, contrary to the experience
of former years, is having no retarding effect on general
trade, and Portland wholesalers, almost without exception,
report a larger volume of business than ever before at a
corresponding period, and no difficulty whatever in mak
ing collections.
In the city an unusually large number of building con
tracts of goodly dimensions reflect an easy money market
at a period when, if ever, there is a scarcity to be expected.
The disturbing influences which precede a presidentiai
campaign have always, to a certain extent, affected busi
ness m the thickly populated sections east of the Missis
sippi, but they no longer cause trouble out here, where
internal development and the creation of wealth from
natural resources are making such a wonderful showing
as is now presented on every hand.— Portland Oregonian.
T h e G r a in
Rates.
The reduction of 1 cent per bushel in the grain rates
between Buffalo and N ew York, which the railroads have
announced to go into effect on Sept. 16, will not prove of
any particular benefit to the farmer or shipper in tjie
northwest. The reduction is made in order to meet the
competition of the Gulf ports and the Canadian route via
the St. Lawrence river. F o r some time past the grain mer
chants of New Y o rk have been protesting against the high
rates current to that port, which have had the result of giv
ing Montreal foreign commerce at the expense of New
York. Fo r some time past all grain shipped from Duluth
for export, has gone via the Canadian route, because the
rates were lower that way, grain going to American sea
ports having to pay a rate from 20 to 75 per cent higher
than the rate via Montreal. Those in the west who will
be chiefly benefited by the reduction now made are the
shippers who sell grain to eastern millers, but it is probable
that with the American route placed on the same rate
basis as the Canadian route, much grain which would go
via Montreal will be diverted to New Y o rk and the grain
dealers there will be benefited accordingly.
What New Y o r k really needs in order to regain its
former standing in the grain business is a deep waterway
from Lake Erie that would enable vessels to carry grain
from Duluth and Chicago direct to the seaboard without
breaking bulk. This competition in transportation would
result in still lower rates and would divert practically all
the American grain traffic that now seeks the Canadian
route.— Duluth Herald.
T H E C O M M E R C IA L W E ST .
28
STATEMENT
Statement of Condition of
THE
THE f ir s t n a t io n a l b a n k
CEDAR RAPIDS NATIONAL
OF DULUTH,
Cedar Rapids, Iowa.
September 9th, 1903.
Saturday, .September 26, 1903.
D u l u t h ,
M i n n e s o t a .
A t Close o f B u sin ess, Sept. 9 , 1 9 0 3 .
Comptroller’s Call.
Resources.
Loans and discounts.................................................................$1,229,840.77
Overdrafts ...........
722.77
United States bonds, at par.................................................
187,500.00
Other bonds, at par..................................................................
234,574.84
Due from banks...................................
474,640.72
Cash and U. S. Treasurer......................................................
214,260.11
Due from U. S. Treasurer......................................................
5,000.00
$2,341,539.21
Bank building ............................................................................
150,000.00
Resources.
Loans
............................................................................................$4,511,805.68
U. S. Bonds ..............................................................................
L i a b il i t ie s .
200,000.00
Due from banks ............................................$1,724,404.74
Capital ......................................................................................... $100,000.00
Surplus and profits, n et..........................................................
94,837.92
Reserved for taxes and discount........................................
8,000.00
Deposits ....................................................................................... 1,951,201.29
United States deposits............................................................
87,500.00
Circulating notes ......................................................................
100,000.00
Cash on hand ..................................................
626,457.27
2,350;862.01
$7,217,667.69
$2,341,539.21
Officers an d D ir ec t o r s .
L i a b il i t ie s .
A. T. A VE R ILL , President.
G. F. V A N V EC H TE N , Vice-President.
R A LP H V A N V EC H TE N . Cashier.
GEORGE B. DOUGLAS.
CHRISTIAN MAGNUS.
ED. H. SMITH. ,
P. E. H A L L .
Capital stock paid in ................................................................$ 500,000.00
Surplus fund and profits........................................................
654,458.87
Circulation outstanding ........................................................
100,000.00
Deposits ....................................................................................... 5,963,208.82
F U N D S OF O T H E R N A T IO N A L B A N K S ON D E P O S IT W I T H
T H IS B A N K C O U N T AS L E G A L R E S E R V E .
$7,217,667.69
: T()=
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Extra service will be arranged, insuring ample accommoda
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See G R A N D C A N Y O N O F A R I Z O N A on the way.
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Apply to
Saturday, September 26, 1903.
T H E C O M M E R C IA L W EST .
2 b—3
FIDELTY INSURANCE.
Paper by Chas. O. Austin, Vice-President National Bank of North America, Chicago, Read at the
New York State Bankers' Convention, September 10.
Indemnity bonds of fidelity companies, guaranteeing the
faithful performance of duty of those occupying positions of
trust in banks, have come into general use of recent years, and
are rapidly superseding all other forms of surety for this pur
pose. Formerly, the bank officer or employe who was required
by his employer to furnish surety for his acts could do so only
by one of two ways— either through his relatives or friends, who
were called upon to sign a bond of indemnity, or through a de
posit of cash or negotiable securities with the employer. Mani
festly, both plans had very great disadvantages. To make a
bond by the deposit of any considerable amount of cash or se
curities would be beyond the ability of the ordinary employe,
and even if it were not he would be placed at the disadvantage
of being unable to control his own property.
To furnish a bond signed by relatives or friends naturally
places a person so bonded under obligations of a nature that
one handling funds of others should not incur. Bank employes
should not have business obligations to anyone save their em
ployers, and the person under bond signed by individuals is
certain to be called upon sooner or later by some of his bonds
men for favors and services which can only be rendered at the
expense of the employer, and the higher and more responsible
the position held, the greater will be the favors sought and the
more costly to the employer will be the granting. Many bank
failures have grown out of the indiscriminate making of loans
and the granting of overdrawing privileges by the cashier or
other employes in authority to> their bondsmen.
There are
many bank officers whose sense’ of the highest integrity is be
yond any question whatever, and yet who have not the firmness
of character to deny to their bondsmen favors which under no
consideration would be granted any other person, all the while
knowing that in doing so they violate the very duty, to insure
the faithfulness of which their bonds have been given. A man
may be honest from principle or through fear of the law, but
unless nature has endowed him with a firm purpose to do. only
what he conceives to be right, without fear or favor, he has
no business behind a bank counter, for all the surety bonds in
the world will not keep him out of trouble.
Another objection to personal bonds is that death m ay at
any time overtake any one of the signers, necessitating the ob
taining of new or additional sureties. Again, through financial
reverses any or all of the sureties on such bond may become em
barrassed to the extent that the employer would deem his in
terests best protected by the execution of a new bond. In case
of defalcation, the employer often finds that the enforcement
of the terms of the bond against sureties- of high social or busi
ness influence would result in loss, greater than the amount of
shortage, hence the defaulter under a personal bond is seldom
prosecuted. Friends of the defaulter usually reimburse the em
ployer, whose chief aim generally is to protect himself against
financial losses, consequently, the criminal retains his freedom
to the injury of society. Conditions very much differ where
bonds are issued by fidelity companies. Being purely a com
mercial transaction, there is no sense of obligation on the part
of the employe and no one to call upon him for unusual favors.
The fidelity company does not die and seldom fails, and the
conditions imposed by the various states, upon them before they
are permitted to transact business are of such a nature as to
supply the greatest possible degree of protection to the creditors.
Banks will not hesitate to sue a fidelity company, if neces
sary, to enforce the collection of claims where such a pro
cedure against individual bondsmen is seldom resorted to. If
a surety company sustains losses through the misconduct of its
risks it is sure to follow the defaulter and to sooner or later
apprehend him and secure his conviction, and the knowledge
that the company will relentlessly prosecute all persons who
have proven dishonest while bonded by it is in itself a re
straining influence of the greatest value.
The principle obstacle in the way of the universal adoption of
fidelity company bonds has been the high rates heretofore
charged by the companies. It is reasonable to suppose that
bonds on bank employes- are the very best class of fidelity risk,
and there is little doubt that, considering the small percentage
of loss sustained through this branch of their business, the
surety companies have in many instances obtained unreasonably
high rates.
The keen competition in this business has necessarily resulted
in more or less rate cutting, and as a consequence there are
nearly as many different rates being charged for the same class
of risks as there are companies in existence. The desire to
write business nas resulted in many agents writing two or more
policies for as many different banks, in the same community,
at different rates, although the character of the risks involved
may have been identical in every respect, and naturally, bankers
have sought some means of bringing about an equalization of
the charge of this service. Had all the companies charged and
obtained equal rates there would doubtless have been very little
dissatisfaction, but while some of the companies were charging
40 and 50 cents per hundred dollars, others have written the
same class of bonds at 20 and 25 cents per hundred dollars, and
a careful investigation of the statements of the different com
panies has failed to show that those charging the higher rates
offer any safer bond than the companies writing the same bonds
at about half the cost.
A few years ago the Missouri legislature passed a general
bank act, one of the provisions- of which required that all cash
iers and assistant cashiers of state institutions should be under
bond. The law provided for a system of examination modeled
after the examination of national banks by the federal govern
ment; and this provision of the statutes was rigidly enforced
with the result that several hundred bank officials, who prior to
that time had not been under bond, were required to. furnish
their institutions with some sort of indemnity. Without any
power to define the character of the bond which these employes
were obliged to give, yet the state officials recommend those
of fidelity companies as being the most desirable for the reasons
hereinbefore set out, with the result that the state became an
. excellent field for the agents of the companies soliciting this
class of business. Competition, of course, was keen and the
cutting of rates general. This inequality of rates on so high a
class of business received a great deal of attention in the
meetings of the State Bankers’ Association, and various means
of bringing about an equalization were considered. After care
fully investigating several schemes for accomplishing this end,
the association secured a proposition from a prominent fidelity
company, agreeing to enter into a contract for furnishing bonds
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
at a uniform rate to members of the association, provided the
association would use its influence for the securing of the busi
ness of its members for. this company.
In brief, this agreement provided that the surety com
pany should appoint the person holding the office of secretary
of the association as its agent for all business pertaining to
banks and originating in that state, furnish a uniform rate ac
ceptable to the executive council and as low as that offered by
any other strong company and allow the secretary of the asso
ciation the regular agent’s commission for writing the busi
ness.
The association on its part agreed that its secretary
should actively engage in the working up of business among its
members, on condition that the company would submit its assets
and liabilities to the personal examination of a committee se
lected for the purpose of determining its solvency by the asso
ciation. To this the company agreed and a committee consist
ing of three of the most prominent and skillful bank officials
of the state, one of whom had served as a national bank ex
aminer, was appointed. This committee secured the service of
the actuary of the state insurance department and he together
with the committee, proceeded to the home office of the fidelity
company, where a careful and searching examination of all of
its assets and checking of its liabilities .was made. The com
mittee returned a report to the executive council of the asso
ciation recommending that the agreement referred to be ac
cepted.
The executive council then employed an assistant
secretary and he began the work of making a thorough canvass
not only of its own members, but of all banking institutions
doing business in the state. The agent’s commission, which the
company had agreed to pay the secretary on all business writ
ten through his office and remaining after the expenses of con
ducting the business were defrayed, was turned into the treas
ury of the association under a special fund known as the “ Re
ward Fund,” the object of which was to provide means for the
payments of rewards for the apprehension and conviction of all
persons defrauding or attempting to defraud any member of the
association. The benefits of this reward fund were not extended
to banks not members of the association. The association then
made an arrangement with a leading detective agency for the
apprehension of all persons implicated in crimes against its
members. The members of the association were quick to see
the advantage of the extremely low rates offered to it, and also
of the protection afforded by the arrangement with the de
tective agency and the existence of the reward fund which made
such an arrangement possible. The contract with the surety
company was entered into in July, 1900, and from that date to
this the association has continued to handle the surety business
of its members in a most successful manner. A t the annual
convention in May, 1903, the association had outstanding 4V2
million dollars of fidelity bonds written through its office, and
its reward fund amounted to $13,000 after the payment of all
expenses and reward claimed.
Because of the large number
of banks in the state, many of which are situated in very small
towns, remote from the police influence of the larger cities and
in sections offering unusual opportunities for criminals to make
good their escape, it is not surprising that formerly there were
constant attempts made to defraud and rob banks. These at
tempts were particularly frequent along the borders of the
state, where criminals could quickly escape into some other
states before the machinery of the law could be set in motion to
apprehend them, and in those sections where mining was ex
tensively carried on and which supported a large floating popu
lation, and where explosives of high power could be obtained
from most any country store. It is noticeable that the number
of attempts has steadily decreased since the present system was
inaugurated notwithstanding the constant increase in the num
ber of banks. As soon as an attempt is made to crack a safe,
or as soon as a forged or altered check is passed upon any
member of the association, that member immediately com
municates by telegraph with the secretary, who in turn at once
telegraphs the detective agency and the police departments
of the various leading cities, and by the first mail sends out
hundreds of circulars describing the crime and the criminal, if
possible, and offering a suitable reward, the size of which is
determined by the gravity of the crime. One of these circulars
is put in the hands of every bank in the state and banks in
adjoining states, if deemed advisable and quantities of them
are sent to the police department of every city, and copies to
the sheriff and other police authorities of each county. All of
which entails a great deal of expense and would not have been
possible except for the reward fund. So quickly and methodi
cally is this work done that a criminal rarely escapes, and it
was soon noticed that attempts against members of the associa
tion are becoming less and less frequent and that criminals
devote their time to those banks that are not members of the
association. Every member of the association is provided with
a metal sign reading: “Under the protection of the Missouri
Bankers’ Association,” and this sign is hung in a conspicuous
place. The sense of protection afforded members induced most
of those banks which had heretofore neglected to join the asso
ciation to send in their membership fee and have their fidelity
bonds written through the association, so that the membership
of the association has increased until 735 banks out of a total
number of 812 in the state belonged at the date of the last con
vention in May of this year. In addition to fidelity insurance,
the Missouri association made a contract on a similar plan, with
a prominent company writing burglary insurance on safes, and
on the dates above mentioned there was- outstanding through
the office of secretary, 2 !i million dollars of this class of insur
ance.
Following the plan adopted in Missouri, the State Bankers
Associations of several other states have undertaken to handle
the fidelity business of their members. One state at least did
not succeed with it and gave it up after a year’s trial. Several
other states have met with better success, but none as yet with
a degree of success comparable to that attained in Missouri,
but this is probably due to the failure to make it a special
feature, or employ competent assistants to the secretary to
push the work, or to the fact that some of the officials of
the association in these states are themselves representing fidel
ity companies, rather than to any defect in the plan. In adopting'
this plan the Missouri Bankers’ Association has officially ap
proved of and recommended fidelity bonds to its members and
at the same time satisfactorily solved the problem of furnish
ing them to all its members at a very reasonable and uniform
rate.
2 8 -b
T H E C O M M E R C IA L W EST .
2 National Live Stock Bank
OF
C H IC A G O
C a p i t a l , ............................. $1,000,000
Surplus and Profits,
1,300,000
The Volume of our business exceeds that of any bank in the United
States of equal footings. The most courteous and liberal
treatment is extended to ail who may be in need of
first-class banking facilities
Your account is respectfully solicited whether large or small, per
sonal or corporate.
WM, H. BRINTNALL, President.
JOHN BROWN, Vice President
WM. A. TILDEN, Cashier
GEO. M. BENEDICT, A ss’t Cashier,
D R O V E R S D EPOSIT
N A T IO N A L
B AN K ,
Union Stock Yards,
CHICAGO.
Capital and Surplus
»
-
$ 7 50 ,0 0 0
Accounts of Banks, Corporations, Firms
and Individuals solicited.
OFFICERS:
S. R. F L Y N N , President
G. A . R Y T H E R , Cashier
Saturday, September 26, 1903.
Has the sail'-' facilities for reserve deposits as any other Chicago Bank.
G. F . E M E R Y , Asst. Cashier
W . F . DOGGETT, Asst. Cashier
SOUTH ST. P A U L
UNION STOCK YARD S
S the b e s t e q u i p p e d and m o s t advantage=
o u s m a r k e t fo r liv e s t o c k s h i p p e r s in
the N o r t h w e s t . It is c o n n e c t e d w it h all
the r a i l r o a d s a n d w a n t s 1 , 0 0 0 b e e v e s and
5 , 0 0 0 h o g s d a ily .
S OUTH ST. P A U L , MI NN.
m. d . flow er ,P rest.
Live Sto ck M arkets.
«
____________________________________ !
(Special Correspondence to The Commercial W est.)
I
Y o u r s h i p m e n t s are in v it e d .
H. B. CARROLL, Gen’l Supt.
Bologne bulls are selling stronger and veal calves steady
with a week ago. Stock and feeding cattle, if good, have
been picked up at about last week’s prices but the com
mon kinds have sold slowly and are quoted somewhat
lower by some traders. Feeding bulls are 15 to 25c higher
than late last week.
Hogs.
Sheep.
South St. Paul, Sept. 23.— H og receipts at the six
most prominent markets for the first three days .this week
total about 118,500, against 125,800 for the same three
days last week and 96,200 for the corresponding three
days last year. South St. Paul received about 4,900 hogs
during the first three days this week, compared with 4,015
for the like three days last week and 3,935 for the same
period last year.
There were 246,000 hogs received at the six largest
markets last week, compared with 252,600 for the preced
ing week, 236,800 for the same week last month, 207,700
for the like week last year and 243,000 for the correspond
ing week two years ago. Local hog receipts last week
totaled 6,847, against 4,599 for the week previous, 4,968
for the same week last month, 5,490 for the corresponding
week last year and 6,551 for the like week two years ago.
H o g values have fluctuated on a ve ry narrow margin
this week. Receipts at the large market centers have con
tinued moderate with local runs, though somewhat larger
than the recent light receipts, still falling short of the re
quirements of the trade. Good qualitied hogs of all
weights have shown strength and today’s prices are a
good nickel higher on such kinds than a week ago. The
common grades are now selling steady with Wednesday
of last week. Average quality has ruled fair. There
seems nothing in conditions at this time to warrant any
decided change in values for the immediate future. The
bulk today sold from $5.60(0)5.85, against $5.65(0)5.80 last
Wednesday. $5.25(0)5.35 the same day last month,
$7.40(0)7.60 the like day last year and $6.60(0)6.75 the cor
responding day two years ago.
Sheep receipts at the six principal markets for the first
three days this week totaled about 178,800, against 150,400
for the same three days of the preceding week and 172,300
for the like period last year. Local sheep receipts during
the first three days this week were about 23,455, compared
with 6,600 for the corresponding three days last week and
13,849 for the same three days last year.
Aggregate receipts of sheep at the six big markets last
week were 222,700, compared with 256,200 for the preced
ing week, 191,800 for the same week last month, 198,600
for the like week last year and 196,800 for corresponding
week two years ago. Sheep receipts here last week
totaled 14,281, against 7,305 for the week before, 3,423 for
the corresponding week last month, 13,823 for the same
week last year and 10,037 for the like week two years ago.
The local sheep and lamb market has held up remark
ably well this week considering the heavy runs here and
adverse conditions in the East. While prices have weak
ened some on killing grades, prices on lambs are not more
than a dime lower than last Wednesday and mutton sheep
are selling steady to 10c lower than a week ago. Good
to choice fat lambs are quotable from $4.65 to $4.90 and
¿air to good kinds from $4.15 to $4.65. The best ewes are
still going at $3.00 but the sort is more severe than that
demanded last week. The trade on desirable stock and
feeding sheep and lambs has been active and last week’s
prices have been about maintained. There are still several
large orders in the yards which could not be filled this
week, although a large quota of the receipts ran to feed
ing grades.
Cattle.
The following1 table shows the receipts at South St. Paul this
year up to and including Wednesday, Sept. 23, as compared with
the corresponding period last year, showing increase or decrease:
1903.
1902.
Inc.
Dec.
148,041
..........
18,448
166,489
1,357
..........
34,589
33,232
491,980
73 484
418,496
311,063
261,800
49,263
..........
745
..........
6.763
6.018
Cars ......................................... 14,383
13,703
680
..........
Combined receipts of cattle at the six largest markets
for the first three days this week were about 165,000,
against 176,000 for the corresponding three days of the
week previous and 168,000 for the same period last year.
Cattle receipts here during the first three days this week
totaled about 8,970, compared with 7,73o for the like three
days last week and 13,682 for the same three days last
year.
The six large markets had an aggregate cattle supply
last week of 247,500, compared with 207,700 for the pre
ceding week, 192,700 for the corresponding week last
month, 259,900 for the same week last year and 152,200
for the like week two years ago. South St. Paul re
ceived 11,201 cattle last week, against 8,729 for the week
previous, 4,023 for the like week last month, 10,345 for the
same week last year and 5,563 for the corresponding week
two years ago.
Under a liberal marketing of cattle here and at the
other large markets, prices have declined rapidly this
week. Butcher cows of a fair to good class suffered most
in the decline and prices on such kinds today stand a full
25c lower than a week ago. Beef steers show a loss of
10 to 15c in value. Canners and cutter she stock has held
up fairly well but show about a 10c decline for the week.
Surprisingly good butcher cows are now selling around
$2.50 to 2.75 and old “ skates” down as low as $1.25. Some
good grass beeves sold today at $4.50. Western range
cattle receipts are only about three-fourths as large as
at this time last year and include ve ry few good, fat steers.
It is feared that there will be a rush of western cattle to
market late in the season that will adversely affect prices.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C o m p a r a t i v e Receipts.
The following table shows the receipts this month, up to and
including Wednesday, Sept. 23, as compared with the corre
sponding period last year, showing increase or decrease:
1903.
1902.
Inc.
Dec.
Cattle
32,928
41,703
8,775
2,479
2,499
Calves
20
22,539
17,860
Hogs .
4,679
53,728
57,032
3,304
Sheep
1,035
403
632
Horses
1,970
2,813
Cars .,
343
Receipts of live stock at South St. Paul for the week ending
Wednesday, Sept. 23, 1903:
Cattle.
Hogs.
Sheep. Horses. Cars.
537
914
520
..
36
Thursday, Sept. 17........
Friday, Sept. 18..............
845
1,188
423
20
57
Saturday, Sept. 19.......... 2,089
730
6,738
..
140
Monday, Sept. 21........ .'.
4,593
999
10,195
3
246
Tuesday, Sept. 22............ 3,223
2,258
10,976
..
181
Wednesday, Sept. 2 3. . . . 1,153
1,640
2,285
..
76
Totals
: ........................ 12,440
7,729
31,137
23
736
Receipts of live stock at South St. Paul for the week ending
Wednesday, Sept. 24, 1902:
Cattle.
Hogs.
Sheep. Horses. Cars.
Thursday. Sept. 18........
652
967
284
..
40
Friday, Sept. 19..............
624
961
3,053
..
52
THE COMMERCIAL WEST.
Saturday, September 26, 1903.
447
7,917
3,210
2,555
247
934
1,696
1,305
3,425
3,601
1,432
8,816
...
1
..
..
36
372
138
133
.......................... 15,405
6,110
20,611
1
771
Saturday, Sept. 20..........
Monday, Sept. 22............
Tuesday, Sept. 23............
Wednesday, Sept. 2 4 ....
*-
Totals
South Omaha . . . ..............
South St. Joseph...............
East St. L o u is... ..............
South St. Paul. . . ..............
Previous W eek.
$5.25@6.05
5.40@5.90
5.25@ 5.90
5.05@5.80
5.25@6.00
5.45@6.05
B u lk o f H og Sales.
This W eek.
Previous W eek.
Thursday ............................................. $5.60@5.75
$5.50@5.60
Friday ..................................
5.60@5.75
5.55@5.70
Saturday .............................................. 5.65@ 5.80
5.50@5.60
Monday ................................................ 5.70@ 5.90
5.50@5.60
Tuesday ............................................... 5.70@ 5.90
5.55@5.65
Wednesday ......................................
5.60@5.85
5.65@5.80
C o n d itio n o f H og M a r k e t.
This W eek.
Thursday ................Steady to 5c lower.
Friday........................ Steady.
Saturday ................. 5c to 10c higher.
Monday .................... 5c to 10c higher.
Tuesday .................. Steady.
Wednesday ............5c to ~10c lower.
Previous Week.
5c to 10c higher.
Steady to big 5c high
er.
5c to 15c lower.
Steady.
5c higher.
5c higher.
C o m p a ra tiv e H og R eceip ts.
*
Last W eek.
Chicago ............................... 110,500
Kansas City ...................... 37,700
South Omaha .................... 30,100
South St. Joseph.............. 29,200
East St. Louis.................... 31,700
South St. P aul......................
6,800
Previous W eek.
111,800
35,000
36,700
36,000
28,500
4,600
Totals ............................. 246,000
252,600
Year Ago.
107,600
29,500
20,200
18,800
26,100
5,500
207,700
C o m p a ra tiv e C a ttle R ec e ip ts .
Last W eek.
Chicago ................................ 85,300
Kansas City ...................... 64,900
Previous W eek.
68,600
63,300
Year Ago.
63,000
83,400
It M ea n s M uch for O regon .
The announcement that the American Mining Congress
is to hold its 1904 session in the city of Portland bears
more significance than is involved in the mere entertain
ment of the 2,000 delegates, approximately, who in all
probability will attend. From the wider viewpoint which
considers the general interests of the state, rather than
the immediate or indirect benefit which will accrue to
Portland in the way of advertising, there is in this session
of American mining men much promise of good for Ore
gon. The supremely important benefit that will accrue
from this event is the thorough acquaintance which repre
sentative mining men will acquire with the mineral re
sources of this state.
Leading mineowners of Oregon who are cognizant of
the situation state that Eastern capitalists who interest
themselves in this line on the Pacific Coast are woefully
ignorant as to the true value of the mining industry in
the state of Oregon. Many of them know of the Sumpter
district by reputation, but not one in ten, or, for that
matter, perhaps one in a hundred, could tell without in
vestigation whether this particular district was in Oregon,
Idaho or California. The general sentiment is that Oregon
is a good state for rain and agriculture, but as a good lo
cation for a mining man its reputation is, to say the least,
indifferent.
With the practical mining men of the country assem
bled here, where they can examine exhibits from the va
For A
23,200
14,200
29,700
8,700
44,300
23,100
35,800
10,300
207,700
259,900
C o m p a ra tiv e S heep R eceipts.
This W eek.
Thursday .............................................$5.35@6.15
Friday ................................................... 5.20@6.00
Saturday ............................................. 5.35@6.05
Monday ................................................ 5.50@ 6.10
Tuesday ................................................ 5.50@6.15
Wednesday .......................................... 5.30@6.05
4
29,000
16,000
41,100
11,200
Totals .............. ..............-247,500
R an ge o f H og Sales.
*
29
Liast Week.
Chicago ................ ............. 123,100
Kansas City ____ .............. 25,900
South Omaha . . . .............. 41,100
South St. Joseph............... 10,000
8,300
East St. L o u is... ..............
South St. P a u l................. 14,300
Previous Week.
133,300
23,700
56,000
23,600
12,300
7,300
Totals ............. .............. 222,700
256,200
Year Ago.
109,200
29,900
19,000
16,700
10,000
13,800
198,600
A re Y o u Y o u ?
Are you a trailer, or are you a trolley?
Are you tagged to a leader through wisdom and folly?
Are you Somebody Else, or You?
Do you vote by the symbol and swallow it “ straight?”
Do you pray by the book, do you pay by the rate?
Do you tie your cravat by the calendar’s date?
Do you follow a cue?
Are you a writer, or that which is worded?
Are you a sheperd, or one of the herded?
Which are you—a What or a Who?
It sounds well to call yourself “ one of the flock,”
But a sheep is a sheep after all. At the block
You’re nothing but mutton, or possibly stock.
Would you flavor a stew?
Are you a being and boss of your soul,
Or are you a mummy to carry a scroll?
Are you Somebody Else, or You?
When you finally pass to the heavenly wicket,
Where Peter the Scrutinous stands at his picket,
Are you going to give him a blank for a ticket?
Do you think it will do?
-—Saturday Evening Post of Philadelphia.
rious mining districts in the state, and may have at their
command all the information that is requisite to show true
conditions, all this will be changed, for the fact is that O re
gon, undeveloped as it is in this particular, is capable of
making a showing that will place it in the rank of the first
mining states in the Union.
The report of the United States Mint for the year 1902
fully bears out this statement. It is shown from this au
thority that, barring the seven close corporations in the
state from which no returns were made, $2,870,000 were
paid in dividends to Oregon mineowners. This, too, is
exclusive of the fact that the major portion of the placer
gold mined in the southern part of the state goes to Cali
fornia, and is included in the reports for that state. The
figures for Colorado, in which is located the famous Crip
ple Creek district, show a return of $25,000,000, while Cali
fornia makes a showing of, approximately, $5,000,000. The
fact is that the real magnitude and splendid possibilities of
the mining industry in this state are as yet not appre
ciated by the majority of Oregonians. The development
of rich properties through the organization of heavily cap
italized mining companies is a matter of comparatively re
cent date, but without exception these concerns have
proved paying investments, and so far as it has gone the
mining business in this state sustains an excellent reputa
tion. These are salient facts which the Oregon Miners’
Association will not fail to bring before the mineowners of
the country when they meet here next year, with a result
that cannot be otherwise than beneficial.—Portland Tele
gram.
M o d e r n P r o g r e s s iv e B u s in e s s
THE BEST IN
1 Mechanism
2 Durability
3 Convenience
4 Economy
■■
..—»
OUR
Interchangeable
Leaf
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Systems
We do not.sell through the stationery trade—but have our special force of trained representatives who devote their entire time to our work
The inconvenience of dealing with an inexperienced intermediary is thus eliminated. We manufacture everything ourselves and all the goods are
made to order. Avoid imitations of our goods, of which there are several in the market, thus proving that “ Imitation is the Sincerest Flattery.”
Write for free booklet, “ Labor Saving Systems.”
JONES PERPETUAL LEDGER CO., Suite 541 New York Life Building, Chicago, 111.
Northwestern Office, 503 Oneida Building, Minneapolis, Minn.
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THE COMMERCIAL WEST.
30
Saturday, September 26, 1903.
b^G RAIN © .M IL L IN G ^
GRAIN DEALERS’ ANN UAL MEETING.
The annual meeting of the Grain Dealers’ National A s
sociation will be held at Minneapolis October 6, 7 and 8.
The program is as follows:
Tuesday Morning, 9 o’clock—
Invocation—Rev. J. S. Montgomery.
Welcome to the State—Governor S. R. Van Sant.
Welcome to the City—Mayor J. C. Haynes.
Response for the National Association—George F. Stone,
of Chicago.
Acting President’s Address—H. S. Grimes, of Portsmouth,
Ohio.
Adjournment—1 2 :30.
Tuesday Afternoon, 2 o’clock—
Secretary’s Report and Financial Statement—Geo. A. Stibbens, Chicago.
Agricultural Statistics—Charles B. Murray, Cincinnati.
Reciprocity with Canada—Eugene G. Hay, Minneapolis.
Report of Chairman of Delegation to National Board of
Trade—I. P. Rumsey, Chicago.
Adjournment—5 p. m.
Tuesday Evening, 8 o’clock—A Smoking Concert at Elks’ Hall, with vaudeville enter
tainment, tendered by local grain dealers.
Wednesday Morning, 9 o’clock—
Report of Nominating committee.
Election of Officers.
Accurate Methods of Grain Grading—C. S. Schofield,
Botanist in Charge of Grain Grading Investigations,
Department of Agriculture.
Report of Committee on Trade Rules—C. A. Burks, Chair
man, Decatur, 111.
Report of Auditing Committee.
Experiments of the Department of Agriculture for the
Improvement of Grain—M. A. Carleton, Cerealist, De
partment of Agriculture.
Adjournment— 12 o’clock.
Wednesday Afternoon, 2 o’clock—
Visitors will be given a trolley ride through the environs
of Minneapolis, including a visit to the smaller lakes
and Minnehaha Falls.
Wednesday Evening, 8 o’clock—A Promenade Concert and Reception will be tendered the
visitors at the Chamber of Commerce by the local deal
ers.
Thursday Morning, 9 o’clock—Report of Committee on Resolutions.
Public Supervision of Weights—Warren T. McCray,
Kentland, Ind.
Report of Arbitration Committee—I. P. Rumsey, Chair
man, Chicago.
Grain Car Equipment and the Relation of the Railroads to
the Grain Trade— F. A. Delano, Gen. Mgr. C., B. & Q.
R. R., Chicago.
Adjournment—12 o’clock.
Thursday Afternoon, 1 o’clock—
Meeting of New Board of Directors at President’s Room,
West Hotel.
All Grain Inspection Departments Should be Conducted
upon Civil Service Principles— Chas. England, Balti
more.
Report of Committee on Amendments to Constitution and
By-laws.
Is the Relation of the Country Elevator Man to the T er
minal Receiver What it Should Be?— C. B. Jenkins, Ma
rion, Ohio.
Adjournment.
Persons desiring information regarding the trip to
Minneapolis and matters relating to the meeting should
address Geo. A. Stibbens, Secretary, 508 Traders’ Build
ing, Chicago.
R ollin E . S m ith R etires.
to come that the attitude toward prices will be more con
servative than it has been for sixty days since harvesting
commenced.
The unfavorable weather in the Northwest has delayed
the threshing season fully a month. On this account re
ceipts of wheat at the terminal markets have been delayed
and they are just about to begin. The exposure of thou
sands of acres of shocked wheat to the weather has re
sulted in the loss of grades on a large total of bushels, but
it is doubtful if there can be fairly claimed any loss in
bushels in an important sense. Threshing is now in prog
ress and wheat receipts should increase by next week.
There will be a good sprinkling of the lower grades to
come forward, but they are not going to suffer much ap
parently relative to the higher grades. There is a demand
for good quality low grades. The percentage of contract
wheat, judged by the record thus far on the crop, is not
running very differently from a year ago. The spring re
ceipts are running 15 to 20 per cent contract.
Mr. Rollin E. Smith will retire this week from the staff
of T h e C o m m erc ial W est where he has been engaged
since the paper started, to engage in the grain brokerage
business at the Minneapolis Chamber of Commerce under
the firm name of Rollin E. Smith & Co. Mr. Smith has
had an experience of several years as a commercial writer
and he has also had an intimate acquaintance during this
time with the grain market. It has been his ambition to
build up a grain house over his name, and he is now about
to make the beginning towards this end. Mr. Smith has
a wide reputation in the country as a writer on commer
cial topics and his gift of commercial analysis is recog
nized. The ability to present commercial subjects in an
entertaining way will be of great service to him in his new
field of labor where he will deal with conditions as they
affect the markets for all kinds of grain. T h e C o m m e r
cial W est regrets that it must lose so valued a member of
its staff as Mr. Smith has been, but it recognizes that his
abilities entitle him to the larger field of work that he is
about to enter. Mr. Smith will represent in Minneapolis
the firm of Richardson & Co., Chicago.
MINNEAPOLIS AND THE NORTHWEST.
Office, Minneapolis, Sept. 2 4 .—The
climax of a break of eight cents a bushel in the price of
December wheat was reached in Minneapolis this week.
The break seems to have come as a natural reaction from
an overestimate of the damage resulting in the Northwest
last week from the storms, and to a change of base as re
gards the supplies of wheat that Europe will have the
coming year. The same “ authorities” on the other side
of the water that have been telling the American people of
prospective shortages in yields in some of the countries
of Europe, are now giving out the unexpected information
that on a “ recount” the crops are not so deficient after
all. The American speculator and the legitimate chan
nels of the grain trade in this country object naturally to
so sudden a change of front on the part of those who ad
vertise their ability to give out with some approximation
to correctness advance information about crop prospects.
The sudden decline has been hurtful presumably to grain
investment, and it is quite the probability that during the
heavy marketing season in the Northwest for sixty days
C o m m erc ial W est
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Federal Reserve Bank of St. Louis
The
M in n e a p o lis
S tr ik e .
The strike of Minneapolis mill hands, which began
today, was regarded naturally as a bearish factor of con
siderable proportions. The result may not be without its
equalizing benefits, however. For instance if there is a
narrowing of the premium of Northwest wheat over Kan
sas wheat there can be no complaint from the Northwest
miller, and if the closing down of mills results in the re
duction of the premium paid for cash wheat there may
from the milling standpoint be further advantages. The
premium the Northwest millers pay for their raw material
makes it imperative that they shall enforce economies on
all other sides in the matter of producing flour. At this
writing there is nothing in sight to indicate how long the
strike may continue.
Cash W h e a t .
The strike did not have as depressing effect on cash
wheat today as was predicted. There was good demand
for low grades and in this particular some surprise was
expressed. The elevator companies are anticipating a good
movement of wheat, but whether it will arrive in time to
break the September price remains to be seen. There is
supposed to exist a little squeeze in Minneapolis Septem
ber. If sufficient contract wheat is not received by next
week to deliver on sales made there may be an upturn in
THE COMMERCIAL WEST.
Saturday, September 26, 1903.
September wheat before the option expires. It is diffi
cult to secure information as to what the September
shortage is.
The
E u ro p e a n
Gossip.
The European gossips runs naturally to revised reports
to the crop in France and to liberal shipments from Rus
sia. B y the time Russia is exhausted there will be Argen
tine prospects to discuss. The bears are emphasizing
these factors, while the bulls do not surrender on the sit
uation as they expect it will be next year.
31
and the country, mills are benefiting by it in no small degree.
Q u o ta tio n s of M ills tu ffs in C a r L o ts , P r o m p t S h ip m e n t, F . O. B.
M in n e a p o lis .
Ton.
Bran, 200 lb. sacks.................................................................. $14.25@14.60
Bran, in bulk ........................................................................... 13.25@13.50
Standard middlings, 200 lb. sacks.................................... 16.25@16.50
Flour middlings, 200 lb. sacks.......................................... 18.00@18.50
Mixed feed, 200 lb. sacks...................................................... 18.00@18.25
Red-dog, 140 lb. ju te ............................................................. 22.00@22.25
Millstuffs in 1001lb. sacks 50c per ton over above quotations.
Red-dog in, 100’s 25c over.
Q u o ta tio n s of M ills tu ffs , Boston B asis, L a k e and R a il S h ip m e n t.
FLO U R AND MILLING.
T h e Strike the G reat F a c to r— M ille rs B etw een the T w o
O p p o sin g C on sideration s of L e ssen e d O u tpu t
an'd L o w e r C ash W h e a t.
The milling trade went through the early part of the
week in a fog of uncertainty and face to face with a labor
problem of proportions. When the strike finally went
into effect the flour market was at once in more stable
condition than formerly, for the millers then knew just
where they stood, bad as the situation was. To this time
the millers are still between the two considerations of a
much lighter output and much cheaper cash wheat. In
the face of a prospective tie-up millers were naturally
averse to reducing prices,—even though the raw material
was selling a little lower every day. Now the industry is
crippled. Despite a still further break in cash wheat there
is disposition to hold prices steady at least until it is possi
ble to determine more closely, what the future is to bring
forth. To Thursday morning the shipments were still
holding up, and 63,452 barrels went out, but with 15
mills down, three operating under great handicaps, and
only the four smaller mills running to anywhere near ca
pacity, the shipments must of course fall off heavily.
Great differences of opinion could be heard as to the
market. One miller would say the demand was satisfac
tory and another that it was not so. To some extent these
varying views were due to the difference of situation on
the part of the different millers. The managers of the
smaller companies feeling more secure of their position
in the matter of the labor trouble were naturally more
hopeful.
Foreign inquiry has been fair. Should the closing of
the mills be the means of taking the premium off cash
wheat it will hasten the day when good sized orders for
export will be entered. Meanwhile the industry is crip
pled, although not yet paralyzed, and other considerations
are passed over at this time for the all important ques
tions as to how long the strike is to continue and the
outlook for the resumption of grinding by the larger mills
now closed.
M in n e a p o lis
F lo u r
O u tp u t.
Barrels.
338,025
261.100
294,300
242,500
240,000
290,500
282,200
246,000
238,000
259,200
269,700
Year ago.
367,785
334,200
251,950
305,100
278,600
275,800
362,600
345,100
232,300
343,000
281,300
Barrels.
W eek ending—
85,670
September 19 ........................ ............... : ...........
48,400
September 12 ....................................................
72,700
September 5 ............. .........................................
49,000
August 29 ............................................................
37,600
August 22 ............................................................
46,500
August 15 ...........................................................
30,300
August 8 ..............................................................
17,900
August 1 ..............................................................
23,600
July 25 ................................................................
25,200
July 18 ..................................................................
43,000
July 11 ..................................................................
Year ago.
86,495
99,500
63,600
48.100
65,800
69,800
61,600
62.800
66,900
38,000
47,500
W eek ending—■
September 19
^September 12 . . . .
September 5
August 29 ............
August 22 ..............
August 15 ..............
August 8 .............. .
August 1 ................
July 25 ...................
July 18 ....................
July 11 ..................
E x p o r t S h ip m e n ts .
Ton.
Bran, 200 lb. sacks............................ ..................................... $19.55@19.85
Standard middlings, 200 lb. sacks.................................. 21.50@21.70
Flour middlings, 200 lb. sacks............................ .............. 23.20@23.70
Mixed feed, 200 lb. sacks.................................................... 23.10@23.35
Red-dog, 140 lb. ju te .............................................................. 27.10@27.35
Millstuffs in 100 4b. sacks 50c per ton over above quotations.
Red-dog in 100’s 25c over.
FLAXSEED.
C ontinued
G ood
D em and— L ow
C lose to N o .
G rades
Still
An excellent demand rules here for flax, the basis at
this time being 99c for No. 1. A feature is the continued
closeness of rejected and no grade to the No. 1 price, but
this is expected to pass shortly. Traders are figuring that
there is considerable poor flax to come in and are rather
inclined to look for it to begin coming very soon. The
oil mills are still running moderately and are not likely to
attempt operations on a heavier scale until the movement
of seed increases somewhat.
Demand here is continuous and the fact that closing
cash prices here ranged from $ i .o i J4 down to 98^0 and
back up a fraction is no indication that the situation here
changed materially from day to day but merely a record
of the reflection of a changing option. Elevator stocks
gained 77,908 bushels last week, bringing the total to 754,446 bushels.
F la x P ric e s.
Fri.
Sept.
18.
Minneapolis cash ........ 1.01%
Year ago .................... 1.30
1.01
December ...................
Chicago cash ................ 1.04
Southwest ..........................99
Duluth cash .................. 1.03%
November .................... 1.03%
December ...................
1.02%
Sat.
Sept.
19.
1.00%
1.32
.99%
1.04
.99
1.02%
1.02%
1.01%
Mon.
Sept.
21.
.98%
1.30
.98%
1.01
.97
1.00%
1.00%
.99?i
Tues.
Sept.
22,
.98%
1.28%
.97%
1.01
.96
1.00%
1.00%
.99%
W ed.
Sept.
23.
.99
1.27%
.99%
1.02
.97
1.01
1.01
1.00%
C orn.
Four cents came off the No. 3 yellow corn in the Min
neapolis market, and against 51c a week ago the figure on
Thursday was 47c. That same day a selected lot of No. 3
yellow sold at 48JJC, and there has been considerable
difference all along between the nominal price for the
grade, and the actual figures on sales of choice lots.
The weakness that came out late in the week was due
less to any local feeling than to weaker outside markets
and sympathetic effect here.
Joseph Scribner was on the floor of the Minneapolis
Chamber of Commerce on Thursday with samples of Min
nesota ear corn fully matured and showing a fine kernel.
This corn came from the Larsen farm at Pecjuot, thirty
miles above Brainerd, where there is quite a scattering
of it through the country, all matured in fine shape.
Daily closing prices of corn during the week were:
No.
Friday, Sept. 18 .................... ......................
Saturday, Sept. 19 ................ ......................
Monday, Sept. 21 ................. ......................
3 Yel.
51
50%
48
Year
ago.
57%
5734
57%
No. 3.
50
49%
T he A lbert Dickinson C o .
DEALERS IN
P rices V e r y S tro n g as Q u o te d — T h e Situation at P resen t
FLAX SEED
P oin ts to a H ig h e r R an g e L a ter O n .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Thur.
Sept.
24.
.99
1.25%
.98%
1.02
.96%
1.01
1.01
1.00%
M IN N E A P O L IS C O A R S E G R A IN S .
MILLFEED.
Great strength rules in all grades as is natural in view
of the present situation. Bran on Boston basis is quoted
by Minneapolis millers at S19.55@19.85. Last week’s fig
ures of S19.35@19.60 are still heard and it may be at this
time possible to buy some at those figures, but the lower
quotations are from outsiders who have carried up bran on
the recent prolonged rise and are apparently content to let
go a shade under millers’ figures.
If the mills are to remain down for anv length of time
there is little doubt that higher prices will rule, although
buyers assert that there has been advance enough for the
present and no further rise is warranted by the present
supply situation. The market hinges upon the strike
question, and a tie-up of long duration, or the speedy re
sumption of operations will make a decided turn in senti
ment either way.
Meanwhile there is a strong general demand for feed
H o ld in g
1 P rice.
GRASS SEEDS,
CLOVERS,
BIRD
SEED,
B U C K -W H E A T , ENSILAGE CORN, POP-CORN,
BEANS, PEAS, G R A I N
BAGS, ETC.
M IN N E A P O L IS O F F IC E :
912
CHAMBER
C H IC A G O
OF C O M M E R C E .
SAM UEL
W . O SG O O D
CONSULTING MINING ENGINEER.
Operation and Examination Mines and Mills
Telephone Harrison
15 Temple Court Building,
2805
CH IC AG O
THE COMMERCIAL WEST.
32
Saturday, September 26, 1903.
THE LON DO N W HEAT MARKET.
F. Lenders & Co. comment as follows on wheat under
date of Sept. 10:
The weather during September has shown some im
provement and while not free from heavy showers has
had sufficient fine intervals to allow a good deal of grain
to be carried. In France and Germany also favorable
conditions have prevailed and in the former country the
crop has been practically all secured. In England and
some of the north European countries a fair quantity of
grain is still outstanding.
Markets since our last have ruled exceedingly quiet,
and prices of nearly all descriptions are about 6d lower
on the week. An exception should be made in favor of
plates which owing to scarcity have maintained recent
prices.
All through August we read accounts of damage done
to the crops by torrential rains and lack of sunshine, and
if this will bring on a good wheat crop we can only con
clude that the weather is quite an unimportant detail in its
development. Wheat is said to be a hardy plant. It
must be.
Our belief is that wheat in certain districts has been
more favored than in others, and it is there that farmers
have been able to get rid of their produce, but from all
accounts we have been able to gather it is pretty evident
that the bulk of the crop will be unfit for milling until
next spring. It is obvious that the requirements of foreign
wheat for the ensuing season will be exceptionally large,
but for the present importers and millers have supplied
themselves fairly well, and with America showing some
disposition to lower prices, merchants here have had to
follow suit.
Offers from Russia continue on a liberal scale, and
certainly do not give much confirmation to the estimates
reported in the Journal of Industry and Commerce, of
St. Petersburg, which give a deficiency in the winter and
Tuesday, Sept. 22 ........................ ................
Wednesday, Sept. 23 .................. ................
Thursday, Sept. 24 ...................... ................
48
47
47
47
47%
57%
57%
57%
O ats.
Thirty-eight cents was the early selling figure for
choice No. 3 white oats, and a very satisfactory market
ruled here. Later in the week the general declining tend
ency affected oats with other grains and 1 to
lower
figures were heard. Receipts ran fairly liberal but the
market was not affected. Only when the general weak
ness came over all coarse grains were oats off any. There
is good demand here for good oats suitable for cereal
food purposes.
Daily prices of oats during the week were:
Friday, Sept. 18 ............................
Saturday, Sept. 19 ........................
Monday, Sept. 21 ..........................
Tuesday, Sept. 22 .........................
Wednesday, Sept. 23 ....................
Thursday, Sept. 24 ......................
B a r le y
No. 3 W .
37%
37%
36%
36
37%
35%
and
No. 3.
36@37
35@36%
35%
35
36
35
ago.
28 @31
27 @30
27%@31
28 @31
27% @31%
28 @32
R ye.
After a record period of continued strength, the Min
neapolis barley market showed an easier tendency midway
in the week. Eastern maltsters balked a little at prices
quoted, for while other markets had been turning lower
Minneapolis had followed only in part. One big eastern
buyer wired his representative here on Wednesday to
continue buying but not to pay within a cent of former
prices for lots to match former purchases. This sort of
holding off had its effect, but even after moderate de
clines, Minneapolis still leads in relative strength.
spring crops of 18,000,000 quarters compared with last
year. It is true that the offers we refer to come from the
Azof and Black Sea, and that the deficiency is said by the
journal to exist in the north-eastern districts, but under
any circumstances it seems to us that the estimated de
ficiency is somewhat exaggerated. If it should be ap
proximately correct, however, it should in our mind exer
cise considerable influence on the trade later in the sea
son. We know from experience that Russia has a won
derful knack of withdrawing from the market when least
expected, and no other shippers are readier than they to
seize any pretext for putting up prices, nor more reluc
tant to reduce them to a competing level.
Danubian offers have been much less in evidence, and
when sellers have appeared they have asked prices which
has made business to the U. K. in this class of grain quite
impossible. The Continent is always the best market for
Danubian wheats, and it would be necessary for prices on
this side to reach a higher level before business to any
extent can be put through. Indian shippers have met
the market with some freedom, and liberal supplies can
be looked for in that direction no doubt for some little
time to come.
Reports from Australia continue very satisfactory, and
a fair number of vessels have been fixed for loading new
crop, which no doubt will be satisfactory news to British
millers, who will welcome fair supplies of white wheats,
but it must be borne in mind that a good amount of the
Australian surplus will be taken by South Africa unless
very high prices should be obtainable in Europe.
With little or no speculative demand and consumers
well supplied for their immediate requirements, we do not
expect to see any improvement in the market in the near
future, but at these prices we consider wheat to be good
property and think on weak spots holdings should be in
creased.
C lo sin g W h e a t
Fri.
Sept.
18.
Minneapolis ........ .............
83%
79
Chicago ................ .............
Daily closing prices of rye during the week were:
Friday, Sept. 18
Saturday, Sept. 19 ..
Monday, Sept. 21 . . .
Tuesday, Sept. 22 ..
Wednesday, Sept. 23
Thursday, Sept. 24 .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
53
53
52%
52%
52%
Year
ago.
45%
45%
45%
45%
45%
Sat.
Sept.
19.
83
78%
Mon.
Sept.
21.
81%
77
Tues.
Sept.
22,
82%
77
W ed. Thur.
Sept. Sept.
23.
24.
82
82
75%
74%
Mon.
Sept.
21.
77%
67%
78%
70%
77
68%
82
84%
Tues.
Sept.
22,
77%
66%
78%
69%
77%
68%
82%
84%
W ed. Thur.
Sept. Sept.
23.
24.
76
75%
65%
65%
77%
76%
69%
69%
75%
75%
67%
66%
81
80%
83%
82%
Mon.
Sept.
21.
79%
66%
80%
71
79%
70%
Tues.
Sept.
22.
79%
Wed. Thur.
Sept. Sept.
23.
24.
78
77%
D e c e m b e r W h e a t.
Minneapolis .........
Year ago ..........
Chicago .................
Year ago ..........
Duluth ...................
Kansas City ........
St. Louis ..............
New York ............
............
............
............
.............
............
............
............
............
Fri.
Sat.
Sept. Sept.
18.
19.
78%
79%
65%
65%
80%
79%
69%
691/g
78%
79%
70%
69%
83%
84%
85%
86%
M a y W h e a t.
Minneapolis ........ ............
Year ago .......... ............
( Ihicago ................ ............
Year ago .............. ............
Duluth .................. .............
Kansas City ........ ..............
Fri.
Sept.
18.
81 %
67%
82%
70%
82
73
Sat.
Sept.
19.
80%
67
81%
70%
81
72
80%
70%
80
70%
79%
70%
78%
69%
78%
70%
78
68%
Make Drafts through Corn Exchange Nat. Bk
MACK
(Member Chicago Board of Trade)
The Shippers MASCOT
The Market gets many but Mack gets
the Market
Consign as followsj
Order J . P . Mackenzie
New York
Notify J. P. Mackenzie, Chicago
Via Chicago for Inspection and Transfer
R ye.
Rye has been weaker, turning off from 53 to 52JA and
later in the week going to 52c for No. 2. Monday’s re
ceipts took the edge off but there was a goodmarket
notwithstanding, andchoicest lotswent
L to $ 4 c above
current quotations, at times.
P rices.
S e p te m b e r W h e a t.
J. P. M A C K E N Z I E ,
265 L a Salle St.
-
Chicago
Opposite Board of Trade
Wm. Dalrymple Wm. Dalrymple Co.
501 Board of Trade, Duluth
901 Chamber of Com. Minneapolis
C R A IN C O M M IS S IO N
Receiving a Specialty.
Advances made to Farmers, Shippers and
Elevator Companies
■4
1
4
>
Saturday, September
St. Louis ............ ..............
New York .......... ..............
THE COMMERCIAL WEST,
1903.
26,
85%
861/2
86%
87%
841/2
84%
84%
85
82%
84
82%
831%
M in n e a p o lis Cash W h e a t, O fficial Close.
Fri.
Sept.
18.
No. 1 hard ........ .............. 85%
No. 1 northern . .............. S4%
No. 2 northern .. .............. 81%
D u lu th
No. 1 hard .......... ...............
No. 1 northern . . ..............
No. 2 northern . ..............
Sat.
Mon.
Sept. Sept.
19.
2 1.
84
851/4
SUA
83
81
81%
Cash
84%
831/4
S0y4
Tues.
Sept.
22,
S4%
83%
80%
We'd. Thur.
Sept. Sept.
23.
24.
841/2
83
82
831/2
81
76%
W h e a t.
82%
81%
78%
81
80
77
80%
79%
76%
79%
78%
75%
78%
77%
74%
731/2
791/2
73
79
72
80%
K an s a s C ity Cash W h e a t.
No. 2 hard ........ . . .
No. 2 red .......... . ..
72i/2@5
81%
73
80
73@74
79@80
L iv e rp o o l W h e a t P ric e s.
December Close.
Friday, Sept. 18 ............................................................................ 6s 5%d
Saturday, Sept. 19 ........................................................................ 6s 5%d
Monday, Sept. 21 ............................................................................ 6s 4%d
Tuesday, Sept. 22 .......................................................................... 6s 4%d
Wednesday, Sept. 23 ..................................................................... 6s 4%d
Thursday, Sept. 24 ........................................................................ 6s 4%d
W heat
Fri., Sept. 18........
Sat., Sept. 19----Mon., Sept. 21----Tues., Sept. 2 2 ...
W ed., Sept. 2 3 ...
Thur., Sept. 2 4 ...
R ec e ip ts .
Minneapolis.
Duluth.
Cars. Tear ago. Cars. Year ago.
478
443
239
241
352
382
130
439
643
644
196
543
273
329
247
382
311
430
52
887
405
343
202
417
Chicago.
Cars. Year ago.
82
244
68
207
158
200
163
248
103
310
90
138
33
G ra in in M in n e a p o lis E le v a to rs .
Report of the Chamber of Commerce regular elevators for
the week ending September 19, 1903:
Elevator—•
Inc. Dec.
Wheat.
Flax.
Oats.
Atlantic ........................ . 44
49,890
51,352
10,617
" C ” ..............................
2
3,510
317
19,661
3,378
73,191
Exchange ....................
2
17,385
75
262
Electric .......................
118
268,925
2,640
205,780
’5
45,829
87,169
Great Nor. No. 1 . . . .
7
12,321
1,748
Dibble ...........................
10,227
87
Great N. “ B ” Como.
Great W estern 1........
43
81,823
7,492
68,185
Great Western 2 ........
Interior 1 ....................
Interior 2 and 3 ..........
Inter-State No. 1 . . . .
16
56,105
549
140
Inter-State No. 2 . . . .
K .....................................
Midway No. 1 ............
Midway No. 2 ............
12
18,739
14,329
Mississippi .................
10
49,869
142
Monarch .....................
169,725
Northwestern 1 ........
35
60,771
1,055
Northwestern 2 ........
Pillsbury .....................
4
29,038
85,350
16,796
Pioneer Steel ............
4
11,500
51,611
25,704
Republic .....................
Shoreham ....................
51
55,326
1,761
57,669
St. Anthony 1............
24
42,893
St. Anthony 3 ............
69
108,640
40,326
Standard .....................
169,281
Star ...............................
14
27,383
771
Union ............................ 240
362,199
27,562
1
Victoria .......................
1,998
63,148
Concrete ......................
4
X ....................................
9
28,944
4,577
43,259
Total .......................
W heat
D a ily R ec e ip ts o f C oarse G ra in
Corn,
Cars.
Fri., Sept. 18 ................ 9
Sat., Sept. 19 ................ 1
Mon.,
Sept.21 ............ 72
Tues.,
Sept.22 ............ 60
W ed.,
Sept.23............... 5
Thur.,
Sept.24 ............. 2
M in n e a p o lis
Oats,
Cars.
74
65
147
60
62
98
W e e k ly
in
774
82
M in n e a p o lis
498,755
R e g u la r
in M in n e a p o lis .
Barley, Rye,
Cars.
Cars.
158
5
90
6
182
2
87
6
97
9
118
10
R ec e ip ts
Flax, Duluth
Cars. Flax.
35
58
27
46
31
25
69
43
5
37
6
No. 1 hard ..........................
No. 1 northern ..................
No. 2 northern ..........................................
No. 3 ........................................................
Rejected ..........................................................
Special bin .........................
No grade .................. ...............................
Receipts of grain at Minneapolis for the weeks ending on the
dates given, were:
W eek ending W eek ending W eek ending
Sept. 19.
Sept. 12.
Sept. 5.
2,516,000
1,665,700
Wheat, bushels ................ 2,691,000
Corn, bushels ....................
50,100
53,000
66,300
630,200
500,500
556,200
Oats, bushels ....................
Barley, bushels ................
722,100
511,600
448,300
Rye, bushels ......................
24,600
33,200
45,700
163,800
118,100
80,000
Flax, bushels ....................
C oarse G ra in
( 'orn
......................................
Oats ....................................
Barley ...............................
Rye ........................................
Flax .......................................
J.
E le v a to rs .
W eek ending
Sept. 19.
.
53 400
Year ago.
6ir,’4nn
sm onn
Total ................................
Minneapolis increase . . .
Duluth stocks ....................
of G ra in .
679,538
1 470 000
, • ’693,300
1,308,000
in
M in n e a p o lis
W eek ending
Sept. 19.
V. McHUGH
E le v a to rs .
W eek ending
Sept. 12.
6,793
417,915
250,471
42,398
757,446
Year ago.
2,400
539,900
256,500
43,500
108,400
C. A. CHRISTENSEN
J. E. STAIR
A Reliable Firm to which
to Consign Your Grain
W T.
A. G AR D N ER
S u c c e s s o r s
Commission Merchants.
to
C o b b
A* CO.
<Sa G a r d n e r
Grain, Provisions, Cotton and Stocks.
317 C H A M B E R O F C O M M E R C E , S T . L O U IS
Ceiisocl
W ires
to
all
Principal
M arkets
S e y m o u r C a rte r
MERCHANT MILLER,
HASTINGS,
MINNESOTA,
The Gardner Mill, Daily Capacity 1,500 Barrels.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THË COMMERCIAL WËST.
34
M ilw au k ee Grain M ark et.
(Special Correspondence to The Commercial W est.)
Milwaukee, Sept. 23.—Wheat broke sharply during the
past week and a decline of 5 to 6c was established, due
to the effect of fine weather in the Northwest and a lack
of export business, but the cash market did not follow
the options and choice milling grades declined only 4c, in
creasing the spread between the No. 1 northern for spot
delivery and September delivery to 12c. The demand for
sound milling samples was brisk during the entire week
and the supply was rather less than the requirements,
but unsound, tough and smutty was a drug on the market
and in order to make sales, dealers were obliged to shave
prices without regard to the market conditions. Receipts
were larger in proportion than the sound and a great deal
was unsold each day. No. 1 northern sold at 88 to 93c,
No. 2 northern 85 to 91c, No. 3 at 70 to 88c, No. 4 at
66 to 78c and No. 2 hard winter at 78 to 8 3 L L Seller
September ranged at 76 to 81 Ac, December 77JA to 83/4 C
and May 7 9 % to 8 4 ^ , the inside being the latest.
On the other hand the flour market was comparatively
steady on the basis of $4.60 to $4.70 for patents in wood.
The domestic demand was more active than usual and
some sales were made for export also, only clears and low
grades, however. But domestic purchases were on a
much larger scale, all grades selling equally well, and rye
flour also ruled stronger on the basis of $3.10 to $3.20 for
choice city brands.
Millstuffs were fairly active and firm, bran ranging
at $15.50 to $16.00, fine middlings at $17.50 to $18.25 and
white at $20.50 to $21.00. Red Dog sold at $22.00 early,
but closed strong at $23.00.
Coarse grains were generally lower, rye and oats being
the two exceptions. Barley declined 1 to 2c under in
creasing supplies, but closed steady at the break. No. 2
was quoted nominally at 65 to 66c and standard at 61 to
63c, extra No. 3 sold at 52 to 63, No. 3 at 49 to 56, and
No. 4 at 45 to 52c. Rye sold at 57 to 58c for No. 1, 54A
to 57c No. 2 and 50 to 5 4 lA c No. 3. Receipts were light.
Corn declined 4 to 5c, No. 3 ranging at 50 to 54c, No. 3
yellow at 50L to 54LC and No. 4 at 47 to 51c. Options
declined 5 to 6c and closed weak. Oats were weak early,
but later ruled stronger, No. 2 white ranged at 39L to 40c,
standard at 38^4 to 39 H C> No. 3 white at 3 7 L to 39 lA c and
No. 3 at 37 to 39c. Flaxseed was demoralized and de
clined 6 to 9c, closing at the low, No. 1 Northwest selling
at $1.00 to $1.09.
S ep tem ber Crop R ep o rt.
Washington, Sept. 11.—The monthly report of the
bureau of statistics of the department of agriculture shows
the condition of corn on Sept. 1 to have been 80.1, as com
pared with 78.7 on Aug. 1, 1903; 84.3 on Sept. 1, 1902; 50.7
at the corresponding date in 1901, and a ten-year average
of 7 9 -3 . ..
These figures, as well as those on other crops, indicate
the condition on Sept. 1, and no attempt is made to an
ticipate the results from future weather conditions.
The average condition at harvest of winter and spring
wheat combined was 74.7 against 80 on Sept. 1, 1902; 82.8
at the corresponding date in 1901, and a ten-year average
of 78.3.
The following table shows for each of the seventeen
principal wheat states the condition on Sept. 1 of the last
three years, with the ten-year averages:
Sep. i. Sep. i , Sep. i, 10-yr.
Av.
1901.
1902.
1903.
68
99
49
Kansas ...............................
80
81
75
Minnesota ................................... 76
82
75
94
North Dakota ............................ 73
70
. 88
69
93
South Dakota ..................
72
66
96
Nebraska ..................................... 75
82
78
91
California ................................... 76
78
IOT
98
Missouri ..................................... 53
90
88
74
. 66
Indiana .............................
76
75
89
Ohio ...................................
76
90
75
Illinois ......................................... 50
81
80
84
Pennsylvania ....................... • • •. 82
60
91
93
84
Oklahoma ................................... • §4
48
75
50
Texas .................................
82
102
73
78
Washington ............................... • 78
90
84
56
Tennessee ..........................
86
85
74
Iowa . .................................
90
74
55
Michigan ..................................... • 85
82.8
80.0
7 8 .3
United States .................... 7744--77
the oat crop on Sept. i was
C
A
C H R IS T E N S E N , PR E S ID E N T
J- E.
Saturday, September 26, 1903.
75.7, against 79.5 on Aug. 1, 1903; 87.2 on Sept. 1, 1902; 72.1
on the corresponding date in 1901, and a ten-year average
of 80.6.
The following table shows for each of the ten principal
oat states the condition on Sept. 1 of each of the last three
years, and that on Aug. 1, 1903, with the ten-year averages:
Sep.i, Aug. i, Sep. i, Sep. i 10-yr.
Av.
1902.
1901.
1903.
1903.
81
86
Illinois ................ ........ 70
72
74
80
66
I o w a .................... ........ 67
83
73
100
76
Wisconsin ......... ........ 81
87
87
86
M in n esota.......... ........ 79
89
95
83
86
50
N e b ra sk a ............ ........ 79
67
89
96
Indiana ............... ........ 68
78
87
73
61
107
New York ........ ........ 95
85
94
84
52
Pennsylvania . . . ........ 83
98
93
88
100
Ohio .................... ........ 78
84
84
80
Michigan ........... ........ 84
84
99
89
72. X
80.6
87.2
United States ■ •- 7 5 - 7
7 9 -5
The average condition of barley on Sept, i was 82.1,
against 83.4 on Aug. 1, 1903; 89.7 pn Sept. 1, 1902; 83.8 at
the corresponding date in 1901, and ten-year average of
82.2. The average condition of rye on Sept. 1 was 84.1,
against 87.2 one month ago; 90.2 on Sept. 1, 1902; 84.9 at
the corresponding date in 1901, and a ten-year average of
8 5 -5 The average condition of buckwheat on Sept. 1 was
91, against 93.9 one month ago; 86.4 on Sept. 1, 1902; 90.9
at the corresponding date in 1901, and a ten-year average
of 84.4.
The average condition of flax on Sept. 1 was 80.5,
against 80.3 one month ago and 86.2 on Ju ly 1, 1903.
The average condition of potatoes on Sept. 1 was 94.3
against 87.2 one month ago; 89.1 on Sept. 1, 1902; 52.2 at
the corresponding date in 1901, and a ten-year average of
7 6.
u
The average condition of tobacco on Sepn 1 was
83.4, against 82.9 one month ago and 85.1 on Ju ly 1, 1903.
Of the thirteen principal clover seed producing states,
four, namely, Indiana, Illinois, Wisconsin and Iowa, re
port increased acreages, while all the other principal states,
except California, in which state the acreage is the same
as last year, report decreases. In Colorado and Utah con
ditions are below their ten-year averages, while all other
principal states report conditions above such average.
The average condition of rice on Sept. 1 was 93.6, as
compared with 92 one month ago and 93.5 on July 1, 1903.
The total number of stock hogs being fattened is 51.1
per cent less than the number one year ago. Reports as
to size and weight of stock hogs indicate a condition of
95.1 as compared with a seven-year average of 94.2.
The report also includes fruits and various minor crops,
which will be published in detail in the crop reporter.
T h e Pacific W h e a t T ra d e .
Portland Commercial Review, Sept. 17.—The wheat
market during the past week has undergone a material
change. Buyers are out with limits greatly reduced on
account of the falling off in the milling demand, as most
of the large export mills have purchased considerable
wheat ahead that will enable them to run their mills for
some time to come. Farmers are quite firm in their ideas
as to the value of the cereal and refuse to part with their
holdings, unless their views conform to that of the buyer.
A great many say they prefer to pay warehouse charge
in lieu of selling at present prices, and a great many being
in comfortable circumstances are not compelled to sell.
Limits are out at present for club wheat on the basis at
tide water of 78c, for bluestem 82c per bushel, while Valley
wheat is held very strong at 82c and 83c per bushel. The
heavy rains during the week have caused some damage,
particularly in the Palouse and Big Bend districts, and
at the present writing it would be difficult to estimate
the amount of damage that has been done, as so much de
pends on the weather from now on. About 50 per cent
of the crop has been cut north of the Snake River. Of
this, 25 per cent has been threshed, 30 per cent cut and the
balance still standing. Reports of^ damage are from the
districts embracing Whitman, Garfield, Lincoln, Spokane
and Stevens counties, rain having fallen continuously for
the past two weeks, heavy showers nearly every day. T o
wards the close the market is steady at above quotations
and these figures are several cents higher than the export
demand will permit.
S T A IR , SECRETARY
J. V . M c H U G H , TREASURER
MINNESOTA AND WESTERN GRAIN CO.
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
Saturday, September 26, 1903.
THE COMMERCIAL WEST.
35
COM M ERCIAL WEST MARKET REVIEWS.
¥
t
>
X
H. Poehler Co., Minneapolis, Sept. 23: The main factors back
of the decline of the past week is the sudden change in the E u
ropean situation, namely, that crops have turned out to be much
larger than generally believed by the trade, not only in this
country but abroad as well.
Many traders have been slow in
accepting the late European reports as true, but further reports
received yesterday and today, as well as the continued heavy
Russian and Danubian offerings, go far in substantiating the
situation as lately revised. Light speculative interest, no sub
stantial investment buying, and the fact that the heavy weights
in Chicago have been doing all in th§ir power to cause depres
sion, are the other factors. Of course good prospects in A u
stralia and the Argentine are also bearish factors, but at this
time usually have but little effect on values, owing to the fact
that crops "there are a long way from harvest time. Notwith
standing the fact that the world’s position of wheat is not as
strong as generally figured two weeks ago, and that the chances
of $1.00 wheat during the crop year have for the present at
least vanished, the situation as it now figures up is not one that
indicates that prices of wheat are going a great deal lower. U n
der the present pressure caused by the liquidation of long
wheat, and pounding by the bears, wheat may sell a few cents
lower, because further decline would again bring to view and
force to the front certain bullish factors that for the time being
are forgotten. It must always be remembered that our crop is
comparatively small; the visible supply is still very small, that
the world’s visible and invisible supply at the end of the 1902
crop year w a s . uncomfortably small; that stocks of flour, in
cluding those in the hands of retailers, were extremely and un
usually light everywhere; that the per capita consumption is on
the increase, that there will be more mouths to feed this year
than there was a year ago, and that although the European
crop is turning out much better than expected some time ago,
it will hardly be as large as it was a year ago. The Australian
and Argentine crops now promise to be larger than last year,
but crop conditions in those countries are always very uncertain
until harvest time, but even if they turn out as now promised
their surplus will not prove very much of a burden. A t the
present time when the market is weak and declining and many
traders are beginning to see only “ one side of the market,” it is
well to look at the situation carefully and keep in mind, not
only the factors that are affecting the market at present, but it
is probably of more importance to keep in mind the factors that
will dominate in the future; that is why, at this time, we present
both sides of the market.
*
*
*
W . R. Mumford Co., Chicago, Sept. 23: The weather in the
Northwest showed a. very decided drop in the temperature
and government predictions are for frost throughout the corn
belt, barring the southern half of Illinois and Indiana tonight,
and if the present cold wave continues a heavier frost is booked
for tomorrow. This caused a higher and stronger opening in
corn, which sold off some on realizing sales, but reacted sharp
ly, May going above 48c on strong buying and firmness in cash
which was from % @ l c up. The break in wheat the last hour of
’change caused weak holders to let go their corn, and in their
efforts to sell broke the market sharply at low point of the day.
W e believe corn now is around a fair price for a purchase and
strongly urge taking on at the present time. There are going
to be lots of damage reports received here in the next ten
days and the crowd who went short today and weak holders
let go, and market is in a good position for a rally.
Edward G. Heeman, of Chicago, says: The wheat market
has acted toppy and tired for some days and I am telling my
people to keep off the bull side for the time being. A material
decline is not warranted and do not think should be sold, only
on hard spo.ts. , Leading holders, however, have sold out dis
gusted because the market would not advance in spite of noth
ing but bull news on this side, and will favor a decline in order
to buy wheat cheaper.. The situation abroad is quite bearish
and that seems to have more weight than anything else. An ex
tensive short interest will be created and an oversold market
may, however, start a quick advance and when least expected.
Irwin, Green & Co., Chicago, September 22: Last week was a
weak one in grain circles, in spite of the fact that the weather
was phenomenally bad for the time of year, and most people
thought it should bring a large advance in prices.
So we think the bear movement in our market soon must
exhaust itself, if it has not done so already. A spell of fine
weather now in the Northwest would tend to increase the quan
tity of offerings from that section. But whenever that comes it
will carry with it evidences of vast damage done, both in quan
tity and quality, and the latter will involve a great reduction in
the available flour-making value of the measured bushel. Per
haps by that time the W all Street folks will have got through
with their desire to keep the market down, and then we ought
to have a healthy reaction. Meanwhile, we cannot counsel sell
ing short for a further decline. In the corn market, the whole
question of prices turns upon the amount of damage done by
the cold weather of last week. W e have no doubt that this was
far greater than generally is conceded by the trade in this city.
A friend of ours coming in from Monticello, in this state, yester
day, tells us that for a distance of fully a hundred miles the
corn seems to be completely gone up. This must be true of big
areas elsewhere, but not necessarily so for all over the unma
tured portion, as the frost wave appears to have gone across the
country in wide streaks, rather than one broad sweep. Stat
istician Lyle says the crop now is beyond the hope of any in
creased yield beyond 2,000,000,000, while as a rule it is certain to
be largely soft, as it is very spotted. No doubt this is approxi
mately true; and perhaps the present week will develop a better
idea than now obtains in regard to how much too high that
M an u fa ctu re rs o f
stated maximum will be, and how much its effectiveness should
be further reduced in allowance for “ softness.” The chances
now may be said to be in favor of a steady spell of really good
weather, to mature corn where not nipped dead by the frost; but
a man who has been really killed is not apt to revive because
his murderer has ceased to shoot, and we have an idea that this
remark will apply, with some variation, to a great deal of corn
in Nebraska, Iowa and Illinois, as well as in some other states.
Still, the market is so much more nearly evened up than it was
before the frost came, and the' notion is so general that the
present price is too high for a crop of moderate volume, that
it is pretty hard to guess how much it is likely to be affected by
the crop news of the next few days. Oats have weakened some
in sympathy with corn, but are relatively Arm. The crop is
known to be short, and country holders are selling but spar
ingly, this being construed to mean that the average farmer is
bullish. The demand for shipment to the East is light, but we
note a fair decrease in the visible supply.
*
*
*
Thompson, Sons & Co., Winnipeg, Canada, Sept. 22: Mani
toba wheat is very dull and there are more sellers than buyers.
As will be noticed our prices are quite above prices in American
markets. Cash 1 hard at Duluth today closed at 80%c, while
sellers here ask 85c for our 1 hard in store at Fort William. W e
quote our prices y2 c lower for September delivery and % c lower
for October delivery at 85c 1 hard, 83%c 1 northern, 80^0 2
northern, September delivery, and 82c 1 hard, 80%c 1 northern,
and 77%c 2 northern, October delivery in store at Fort William
and Port Arthur. Oats are quiet at 32c for No. 1 white and 31c
for No. 2 white in store at Fort William. Barley is also very
dull at 38c in store at Fort William for No. 3 barley. Flax is
worth 95c for No. 1 seed in store at Port Arthur.
T h e S tock M ark et.
John H. Wrenn & Co., Chicago, Sept. 23: The action of to
day’s stock market has been disappointing, both in develop
ments and the lack of response to favorable conditions. Un
doubtedly the continued weakness has accentuated the feeling
of despondency already existing here. A t times today the mar
ket had all the ear-marks of active and urgent liquidation, and
was accompanied by unfavorable rumors reflecting upon credits,
principally due to the failure of the Co. Lake Superior Co. This
was particularly apparent in Baltimore & Ohio. In New York
Central and in other directions. The declines were rather due
to the efforts of the bears. The announcement of Secretary
Shaw’s bond refunding proposal was accepted as a renewal of
the refunding scheme of last spring and had only a temporary
effect. Steel common and preferred ruled fairly steady, but
the bonds were under pressure, resulting from a general idea
that a large amount of these securities would be handed over to
the participants in the preferred retiring syndicate on Oct. 1st.
All conditions regarding the weather are excellent and the
chances are for a good crop. London houses bought a few stocks
and railroad earnings continue excellent, but the malady affect
ing our market today lies not in future prospects for the pros
perity of the country, but in the misfortunes which have come
to concerns and individuals rather than to the financial com
munity at large.
GENERAL
C ere a l
From—
New York . .
Philadelphia .
Baltimore . . .
Boston ..........
Newp’t News
Galveston . ..
San Fran. . . .
Portl’d Ore..
Montreal
....
Totals
S T A T IS T IC S .
E x p o rts
by
Bradstreet’s.
Flour, bbls.
Wheat,
This
Last
This
week. week.
week.
103,211 46,504
13,838
25,000 25.000
71,402
50.230 100,335
16,000
36,930
7,104
28,631
9.184 13,734
11,314
27 000
159,600
17.488
29,508
5.509
39.978
2,939
46,736
10,000
16,666
42,384
45,710
112.600
. . . . 325,188 340,610
P o rts .
bush.
Last
week.
16,000
45,270
14S.160
40,156
Ind. Corn. bush.
This
Last
week.
week.
124,207
211.615
194,116
106,585
102,S57 100,571
13.116
6,509
27.891
81,428
86,833
184 000
933,271
54,000
145.438
324,980
77 400
119^877
445,737 1,512,295
787,167
844,818
C ere a l E x p o rts , w it h
D e s tin a tio n s .
The exports of wheat, corn and flour from the-United States
and Canada (coastwise shipments included), with ports of des
tination, for the week ending September 10, 1903, follow:
Flour.
Wheat.
Corn.
To—
43.191
257.928
104,302
Liverpool ........................................
London ............................................
429,842
61.915
137,952
50,050
3,246
Bristol ............................................
4,821
Glasgow ..........................................
41,856
Leith ................................................
144,800
1,709
Hull ..................................................
1,573
Newcastle ......................................
Manchester ....................................
i
45,057
Belfast ............................................
Dublin ..............................................
60,000
34,696
359
Other United Kingdom..............
United Kingdom, orders............
32,000
8,275
473
Antwerp ..........................................
50,811
255.360
10,437
Holland ...........................................
France ...................... ......................
284,000
374.751
25.595
8.415
2,287
Portugal, Italy and Spain.
16,878
3,329
Scandinavia ..........................
R. H. G O O D E I L
W.
L. F O L D S
R. H . G O O D E L L & C O .
B R O K E R S IN
COLLATERAL
M 9 M M 1& P O M S JS 1M S « .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
PAPER
2 1 8 LA S A L L E S T R E E T , C H IC A G O
N E G O T IA T E L O A N S O N S T O fc K S , B O N D S A N D G R A IN
THE COMMERCIAL WEST.
36
A sia ............
Africa ........
W est Indies
Australasia
All others .
Totals, bushels ............................ 1,513,980
Season— July 1 to September 10, 1903:
To—
’
Wheat.
Liverpool .............................................. 3,374,404
London ................................................ 2,684,071
Bristol ....................................................
959,005
Glasgow ...............................................
933,419
Leith ...................................................... 1,214,476
Hull ........................................................
450,805
Newcastle ............................................
405,311
Manchester ...................... •...................
327,607
Belfast ..................................................
138,984
Dublin ....................................................
572,857
Other United Kingdom....................
142,153
United Kingdom,orders.....................
211,259
Antwerp ................................................ 1,802,442
Holland ................................................ 1,464,061
5,333
France ...................................................
Germany .............................................. 2,091,732
Portugal, Italy and Spain..............
255,821
Scandinavia , ......................................
174,381
Asia ..........
37,335
Africa ....................................................
188,950
W est Indies ............................................................
Australasia ............................................................
All others ............................................
26,951
.17,461,357
Totals, bushels
..........
92*674
i'7’ 322
Ì8,ÓÌ8
' 5,625
16,289
766,187
355,759
Corn.
1,454,103
902,972
225,297
478,669
209,998
17,208
56,012
311,296
49,956
99,143
33,798
Flour.
304,144
505,899
115,816
367,071
121,451
9,668
2,915
1,905
181,619
103,521
14,381
574,193
697,005
108,296
3,282,011
17,006
527,752
3.354
225,935
4,445
130,648
10,839
52,295
528,277
112,073
252,723
389,734
308,904
85,883
215,086
9,828,336
3,264,065
G ra in on Passage.
W heat and Flour.
___
15,280,000
___
11,520,000
To—
United Kingdom . . . .
Continent ..................
Totals week ending Sept. 10 ___
___
Preceding week . . . .
Corresponding week 1902 ............___
C orn
In d ia n
W eek ending
July 2 ..........................
July 9 ..........................
July 16 ........................
July 23 ........................
July 30 ........................
August 6 ....................
August 13 ..................
August 20 ..................
August 27 ..................
September 3 ..............
September 10 ............
..
..
..
..
..
..
..
..
..
..
..
Corn, bush.
11,220,000
8,670,000
19,890,000
21,595,000
7,905,000
26,800,000
25,520,000
29,040,000
E x p o rts , in
Duluth ............................
636,000
Ft. William, Ont..........
248,000
Galveston ...................... 1,129,000
400,000
Indianapolis .................
Kansas City ................ 1,138,000
Milwaukee ....................
56,000
Minneapolis .................. 1,471,000
Montreal ........................
69,000
New Orleans ................
746,000
do. a f l o a t ....................................
New York .....................
456,000
do. afloat .................
8,000
7,000
Peoria .............................
Philadelphia ................... 263,000
Port Arthur, O nt..........
70,000
St. Louis ....................... 3,099,000
do. a f l o a t ....................................
Toledo .............................
488,000
Toronto ...........................
1,000
On Canals ....................
176,000
801,000
On Lakes .......................
On Miss. River................................
Total ..........................15,927,000
Last year ...................... 22,526,000
Oats .
Barley
Rye ..
CHICAGO
1901.
2,240,933
2,800,738
1.714,081
1.155,276
563,604
990,714
508,807
523,883
441,918
550,876
777,831
1900.
3,614,294
4,022,068
4,182,159
3,264,745
3,890,005
2,890,754
3,017,089
3,493,375
3,717,490
3,162,271
2,402,786
V is ib le S u p p ly of G ra in .
W eek ending
Sept. 12.
Corn,
W heat,
bu.
bu.
142.000
944.000
18,000
138.000
468.000
647.000
2,435,000
2,911,000
20,000
66,000
BONDS,
65,000
49,000
129,000
548.000
1.000
184.000
378,000
1.092,000
1,247,000
745,000
722,000
1,415,000
628,000
7,907,000 14,166,000
6,925,000
2,431,000 22,056,000
2,264,000
This Year. Last Year.
6,937,000
6,715,000
2,104,000
1,190,000
759,000
971,000
STOCKS— BONDS— G R A IN
PROVISIONS
Members of the Leading Exchanges
Private Wires
Duluth
Winnipeg
Ship Your Grain to Us
Best Facilities
C O FF E E ,
Liberal Advances
Prompt Returns
COTTON.
Stock orders executed on New York Stock Exchange over Private Wires.
Members Chicago Board of Trade—Milwaukee Chamber of Commerce.
The Post or Journal, containing our Daily Market Letter, in which appears
Chicago Board of Trade continuous quotations from the opening to the close of
business, will be sent free upon application. Tel. Harrison 1 92 5 - 2 1 8 9 .
M . P A Y N T E R in Charge of Cash Grain Departm ent.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
177,000
17,000
240,000
20,000
2,825,000
4
54=56 B o ard of T ra d e B ld g ., C H IC A G O .
M INNEAPOLIS,
S T . LOUIS,
M ILW AU K EE.
H.
569,000
1,000
St. Paul, Minn.
L. H. MANSON.
L. R. F Y F E .
STOCKS,
113,000
72,000
67,000
154,000
20,000
7,000
82,000
52,000
M INNEAPOLIS
W h e a t and F lo u r E x p o rts .
In Store at—•
Baltimore ......................
Boston ............................
Buffalo ...........................
Chicago ..........................
Detroit ...........................
163,000
52.000
87.000
52,000
490.000
213.000
918.000
446,000
1,085,000
90,000
777,000
102,000
557,000
Room A, Manhattan Building,
Bradstreet’s.
The quantity of wheat (including flour as wheat) exported
from United States and Canadian ports for the week ending
with Thursday is as follows, in bushels :
1900.
1901.
1902.
1903.
W eek ending
3,018,832
3,787,639
3,211,215
.......... 2,966,682
July 2 ___
2,829,910
5,016,149
4.404,115
.......... 2,380,410
July 9 . . . .
3,029,381
5,221,880
3.775.222
.......... 3,652,784
July 16 .. .
2,363,743
6,974,526
3,980,969
.......... 2,781,988
July 23 . . ,
3,327,003
6,463,391
4,388,534
.......... 3,191,442
July 30 ..
3,318,760
8,831.199
4.244,363
.......... 3,040,629
August 6 .
3,113,641
9,039,761
4,591.805
.......... 3,413,191
August 13
6,606,989
2,695,168
5.954.759
.......... 3,372,789
August 20
6,607,611
3,24S,313
5,436.530
.......... 3,245,056
August 27
3,373,100
4,406,064
6,276,299
September 3 ....... .......... 3,131,839
4,665,982
6,648,609
5,444,146
10
.
.
.
.
..........
3,045,040
September
3,840,574
3,535,857
5,435,323
September 17 . . . ......... 1,909.083
W eek ending
Sept. 19.
W heat,
Corn,
bu.
bu.
950,000
184,000
122,000
67,000
534,000
854,000
2,999,000
2,927,000
60,000
102,000
1,000
95,000
58,000
99,000
37,000
17,000
66,000
51,000
Edwardst Wood & Co.
B ushels.
Bradstreet’s.
1902.
1903.
127,969
1.420,172
1.525,084
185,131
1.402,404
130,679
79,611
1,501,338
28,405
928,839
70,611
884,428
93,423
707,387
51.649
509.495
115.150
866,320
21,196
868,741
91,512
844,818
Saturday, September 26, 1903.
Chicago Record-Herald: “ The for
eigner is acting,” says Emanuel Ros
enbaum, “ as if he cared nothing about
our 5c wheat break this week. He is
just as little anxious to do business
with us at the decline as before it.
Manchester this morning cabled us:
‘Cannot cable firm order just now;
market depressed and declining.’ Lon
don cabled: ‘Wheat depressed. We
cannot cable firm offers on full car
goes.’ The Brussels bid was 2c under
the market and for only 40,000 bu.
Mannheim bid 2c under the market
and for only 8,000 bu. Bremen bid
2 ^ c under the market and for only
8,000 bu. Antwerp wanted only 16,000
bu. and was i^4c under the market.
Our decline has not yet converted the
foreigner. He does not want the
wheat except at his own figure and
evidently does not want it badly at
any figure. I have an idea the Euro
pean trader would do some business
with us on the basis of about 75c for
our December, but it will be necessary
for us to present a firm market for a
while at even that figure to encourage
any business. The other side is bear
ish.
Ceresota Flour
M a K .e s
th e
B e s t
'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.
E v e ry S ack W a rra n te d
Money back if you are not satisfied
M a n u fa ctu red b y — ................. —
The Northwestern Consolidated Milling Co.
Minneapolis, Minnesota.
W r ite f o r m y
' ' G
r a
i n
T
r a t t e
UPDIKE COMMISSION CO.
T
a
l k
s ”
( in c o r p o r a t e d )
Grain and Provisions.
Edward G. Heeman
7 0 B o a rd o f T ra d e,
M e m b e r C h ic a g o B o a r d o f T r a d e .
C O M M IS S IO N
M ERCH AN T
Members Chicago Board of Trade,
640-41-42 Rialto Building,
C H IC A G O .
BRANCH OFFICES:
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South Omaha. Neb.
GHBGAGO
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D oin g no tra din g w h a t e v e r on m y o w n a c c o u n t , w h ic h e n a b le s
______ m e to j u d g e t h e m a r k e t f r o m a n u n b i a s e d s t a n d p o i n t .
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All business transacted through I
Consignments of cash grain and orders in
and confirmed by Hately Bros. j
futures have my personal attention.
My GRAIN TRADE TALKS” are published in full in the Chicago Evening Post
and Chicago Journal.
Will send either paper free to customers.
BOOK AND JOB PRINTERS
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MINNEAPOLIS, MINN.
THE COMMERCIAL WEST.
38
H u lb u r d , W a r r e n & Co.
Capital, $ 2 5 0 , 0 0 0 .
Saturday, September 26, 1903.
MARFIELD-GRIFFITHS CO.
Surplus, $ 5 0 , 0 0 0 .
GRAIN COMMISSION
COMMISSION MERCHANTS, GRAIN AND PROVISIONS.
Offices
kee, Duluth
Chicago, Milwaukee
Business Solicited in Any Department,
L. T .
R E C E IV IN G — SH IP P IN G — F U T U R E S .
SO W LE
E S T A B L IS H E D
O FF IC E R S: W. S. Warren, Pres.; A. C. Davis, Vice Pres.; Charles H.
Hulburd, Treas.; C. J. Northup, Sec. ; John Gillies, Asst. Treas.
D IREC TO RS: Charles H. Hulburd, W. S. Warren, A. C. Davis, O. T
Hulburd, C. J. Northup.
A
C O M M IS S IO N
21
Chamber of Commerce, MINNEAPOLIS.
W. S. M c L a u g h l in , Pres.
A. B. E l l i s , Secy.
A M E R IC A N G R A IN CO.
C ra in Com m ission
I N
M IN N E A P O L IS ,
MERCHANTS
Minneapolis, 206-210 Corn Exchange
SONS
Members Chicago Board of Trade and Minneapolis Chamber of Commerce.
RANDALL, GEE and MITCHELL
R
&
1884
CRAIN, P R O V IS IO N S ,
S T O C K S AND B O N D S ,
47 B o a rd o f T r a d e , C H I C A G O .
G
Minneapolis
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-
M IN N E S O T A
McLAUGHLIN & ELLIS, Winnipeg, Canada
Duluth, 514 Board of Trade
M IN N E A P O L IS S T E E L & M A C H IN E R Y C O .
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To
Ingots, Castings, Sheet, Wire,
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Qt.Jouis
THE
N O R TH STAR
LIM ITED
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and Insulated for Electrical Conductors.
AGO
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Long D i s t a n c e ’ P h o n e M a i n 1 4 6 6 .
Over th irty y e a rs ’ experience.
C orrespon dence S o licited .
Compartment and Standard
Sleepers, also Dining Cars,
All Broad Vestibuled,
Pullman's Latest and Best Models
Leave Minneapolis...7 :4 5 p. m.
Leave St. Paul.............. 7 :1 0 p.m.
Arrive Dubuque....... 4 .3 5 a. m.
Arrive Rockford....... 7 :2 6 ». m.
A R R IV E
r
ITS ER IE RAILROAD
A L L T H E WAY
Ghieago 9 : 3 0 a.m.
St.Louis 2 : 0 0 p.m.
Returning,leave Chicago 6 :1 0
p. m.; arrive Minneapolis 8 :0 0 ,
St. Paul 8 :4 0 a. m.
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XHW
YORK
A R R IV E
Through vestibuled trainsleave
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p. m., 10:00 p. m. Through
sleepers to Boston and Colum
bus. Erie dining or cafe cars
serve all meals.
::
::
::
Write H. B. Smith, T. P. A., Erie Rail,
road, St. Paul or D. M. Bowman, Genera1
Western Passenger Agent, Erie Railroad’
Chicago, for further particulars. _____
To do things right is time well spent.
If you will take a few minutes time
and invetigate
The
Northway Feed Mill
You’ll find it time both well and
profitably spent. The more you in
vestigate these mills, the more you’ ll
come to the conclusion that they are
the strongest, easiest running and
best grinding feed mills made. Will
you take timeto prove it? Ask for
catalogue.
STRONG & NORTHWAY MFG. CO.
J
M IN N E A P O L IS ,
M IN N .
THE COMMERCIAL WEST.
Saturday, September 26, 1903.
39
PILLSBURY’S BEST FLOUR
M
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ew
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a
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FLOUR FOR ALL NATIONS
t
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wtom
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et
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eq
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lityd
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M IN N E A P O L IS , M IN N ., U. S. A.
Members Anti-Adulteration League.
THE BARNETT & RECORD COMPANY
M IN N E A P O L IS , M IN N .
Elevator Builders and General Contractors.
W e design and build Grain Elevators of every Type:
T ils , S te e l, C o n c re te and Wood.
Dock Work and Heavy Construction a Specialty.
W IL L F O R D
M ill
D 3III n C D O
MILL DUILUtnO
M A N U F A C T U R I N G
and
dealers
in
flo ur
h il l
C O .
and
ELEV A TO R M ACH IN ERY AND S U P P L IE S
Special attention given to Roll Grinding and Corrugating.
General Agents for Barnard & Leas Manufacturing Co.
O
ffices 303
T h ir d
Street South,
iVnrVIN
ELVPO
LdS
A n E x c e lle n t O p e n in g f o r a W h o le s a le G r o c e r y
---------------------------------- A T -----------------------------------
E V E R E T T , W A S H IN G T O N
For further information, address
EVERETT
IM P R O V E M E N T
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C O M P A N Y , Everett, W ashington
THE COMMERCIAL WEST.
40
W illiam Commons
Frank W . Commons
Saturday, September 26, 1903.
Howard W . Commons
COMMONS & COMPANY
Tie Tan Lnsen-Harrinfiton Co.
Grain Commission flerchants
Minneapolis
and
Duluth.
Receivers and Shippers of Wheat,
Coarse Grains and Flaxseed. Or
ders for Future Delivery Executed
in all Markets. : : : : : : :
G R A IN
CHICAGO C O R RESPO NDENTS:
ARMOUR
GRAIN
COMPANY.
George W* Peavey
Frank T , Heffelfinger
C o m m ission M erchants
Frederick B. Wells
Charles F , Deaver
W.
The Peavey
System of Grain Elevators
L IV E S T O C K
M inneapolis and Duluth
R.
South
Saint
Paul
MUMFORD CO.
G R A IN C O M M IS S IO N
STOCK AND BOND BROKERS
Special Private Wire to New York
Embraces the greatest number of Grain Elevators with the largest
aggregate storage capacity of any Elevator System in the world.
Total capacity in eight states, 3 5 ,8 0 0 ,0 0 0 bushels.
H EADQ U ARTERS:
K a n s a s City===St. L o u is= = = M ilw a u K e e
M IN N E A P O L IS
Branch Offices:
Chicago
Duluth
L . S. Gillette
President
Kansas C ity
Om aha
Geo. M. Gillette
Vice-Pres
Chicago 428=430 Rialto Building
M inneapolis 79 C h a m b e r o f C o m m e rc e
C. E. Thayer
Sec. & Treas.
Liberal Advances on Consignments. Orders in Futures Solicited.
Cash and Future Market Letter Mailed Free on Application.
Members Different Exchanges
T H E ST. A N T H O N Y E L E V A T O R C O .
Electric Steel Elevator Co.
C apacity, 3 , 2 5 0,000 Bushels
C A P A C IT Y 2 ,200,000 BUSHELS.
G R A IN M E R C H A N T S A N D W A R E H O U S E M E N
GRAIN DEALERS AND WAREHOUSEMEN.
71 Cham ber of Commerce
M IN N E A P O L IS , M IN N .
W H E AT, FLAX A N D BARLEY.
Wm. H. Dunwoody, Pres.
OFFICE 75 CHAMBER OF COMMERCE
J. F . Whallon
Geo. P. Case
MINNEAPOLIS.
Geo. C. Bagley
Chas. M , Case
M in n e a p o lis
(u u l
STOCKS, BONDS’ GRAIN and PROVISIONS
Up town Office, 315 1st Ave. So.
COMMISSION
MERCHANTS
M EM BER S: New York Stock Exchange, Chicago Board of Trade, Minneapolis
Chamber of Commerce.
C l in t o n M o r r is o n , Pres.
L . C. M i t c h e l l , V-Pres.
M IN N E A P O L IS ,
DULUTH AND M IN N EAPO LIS
Grain and C o m m issio n M erchants
E. L. W ELCH
C. A . M A L M Q U IS T
E . L . W e lc h & C o .
GRAIN COMMISSION
MINNEAPOLIS, MINN.
D. L. R a y m o n d , Secy.
H . F . D o u g l a s , Treas. and Gen. M an .
Great W e ste r n
Elevator C om pany
CARGILL COMMISSION CO.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1 >11111 t l1
GRAIN AND
MINNEAPOLIS
1011 Chamber of Commerce
W. G. Ainsworth. Gen'l Manager
BARNUM GRAIN COMPANY
W HALLON, CASE & CO.
58 Chamber of Commerce,
Chas. J. Martin, Sec'y and Treas.
John Washburn. Vice-Pres.
.
.
.
M IN N E S O T A
R. G. CHANDLER & CO.
Grain and Provision.
6 S h e rm a n St.
THOMAS
C H IC A G O
& DUNNETT,
C R A IN C O M M IS S IO N .
D aily M a r k e t L e tte r F re e on A p p lic a tio n .
Cham ber
of
C o m m erce,
-
M in n e a p o lis .
THE COMMERCIAL WEST.
Saturday, September 26, 1903.
W.
H. L A I D L E Y
Bartlett, Frazier &(¡arrinjton
& CO.
STOCKS, BONDS,
GRAINS, PROVISIONS
S T O C K S and B O N D S
G R A IN and P R O V IS IO N S
BANK STOCKS AND INVESTMENT SECURITIES
Western Union Buiidlng, CHICAGO.
MINNEAPOLIS
SEN D FO R OUR D A IL Y M A R K E T L E T T E R
Chicago Board of Trade, New York Stock Exchange, New York
Produce Exchange, New York Coffee Exchange, Chicago Stock Exchange,
Liverpool Corn Trade Association, New York Cotton Exchange, Mil
waukee Chamber of Commerce.
Telephone, Main 4412 or Main 170
I^i > S a l l e
S tr e e t,
No. 7 New Street, NEW YORK.
MILWAUKEE
Mem bers:
Member Chicago Board of Trade
1 !><)
41
C l H C A O < >, I L L .
P R I V A T E . W I R E S T O A L L P O IN T S
L. BARTLETT & SON
WANTED MORE CUSTOMERS
COMPANY
Why not get into the "Shipping to us habit;”
we know it will grow on you.
Commission Merchants
23 Chamber of Commerce
MILWAUKEE
L A S IE R & HOOPER,
Branches; Minneapolis, St. Louis,
Kansas City, Chicago.
G RAIN
R EC EIV ER S
102-103 R ialto
Building,
MILMINE, BODMAN 6 C O . A R M O U R
GRAIN, PROVISIONS, STOCKS, BONDS, COTTON
Invites Correspondence Regarding Unlisted Securities
G R A IN
G R A IN
-
GRAIN
J . C. VERHOEFF, Manager
CO.
DEALERS
CHICAGO
Milwaukee
NEW YORK, 401 Produce Exchange
-
C H IC A G O .
205 L a Salle Street
CHICAGO, 5 and 7 Board of Trade
MINNEAPOLIS OFFICE:
AND S H IP P E R S .
Elevator Co.
DEALERS
Specialty, Barley
M IL W A U K E E , WIS.
E S T A B L IS H E D
1854.
E. S. WOODWORTH & CO. IR W IN , G R E E N 6 CO.
SHIPPING
GRAIN— PROVISIONS— STOCKS— BONDS.
A1VD
1 2 8 -1 3 1
COMMISSION.
R
i a l t o
B
l d g .,
C H I C A G O .
M a r k e t L etter M a ile d on A p p licatio n .
Minneapolis, Duluth, Milwaukee and Chicago.
ORDERS FOR FUTURES EXECUTED IN ALL MARKETS.
E . S. W o o d w o r t h ,
President.
B. H. WOODWORTH,
President.
G . P. H a r d i n g ,
W . S. W o o d w o r t h ,
E. S. WOODWORTH.
Vice-Pres.
R. P. WOODWORTH
Sec. and Treas. ’
Vice-Pres.
Sec and Treas.
Wood worth
E le v a to r C o m p a n y ,
M IN N E A P O L IS , M IN N E S O T A .
G R E G O R Y , J E N N IS O N
& CO.
r
Library, Buffet,
Smoking Cars
M I J V P fL A P O L I S .
Grain
On Burlington Route Limited trains afford the
traveler all the comforts of a good club. Easy
chairs, a writing desk, current periodicals and
duplicate whist are provided.
People of the kind you like to meet are the
patrons of these cars. T h at means a pleasant
evening before retiring to tbe sleeping car.
A competent attendant serves light lunches and
refreshments from a well-stocked buffet at
moderate prices.
j*
<¿t ¿X
K l e v a t o r ss.
Terminal 1,300,000 Bushels. Country 500,000 Bushels.
Shippers of Oats and Rye.
Write for Quotations.
Storage Capacity:
D u |u th
M ilw a u k e e
C h ica g o
E. A. BROWN Sc CO.
T IC K E T O F F IC E S :
Wholesale Coal, Grain Commission Merchants
923 Chamber of Commerce
-
•
Minneapolis, M inn.
Liberal Advances made on Consignment
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
400
R obert
ST. PAUL.
S t .,
4 1 4 N ic o lle t A v e .,
M IN N E A P O L IS .
THE COMMERCIAL WEST.
42
Saturday, September 26, 1903.
The
Lackawanna
Habit
L o w R a te s W est
A bright future awaits you in the wonderful
west.
Free lands and low priced lands offer
opportunities for you to own your own home.
W e want you to see for yourself, and learn
from the home owners and home builders the
ONCE
chance there is for you.
HARD
CONTRACTED
TO
BREAK
On the
Great Northern R ailw ay
T h e following low rates will be in effect Sep»
tember 15th to November 30th:
F R O M
S A I N T
T o Great Falls, Montana
.
T o Kalispell, Montana
Spokane, Washington
.
.
Wenatchee, Washington
P A U L
.
.
.
.
.
.
.
.
.
.
.
.
)
>$ 20.00
.
Everett and Seattle, Washington, and all North
Pacific Coast Points
.
.
.
.
8
$ 2 2.50
.
.
\
Any one of the numerous Lackawanna
Railroad passenger trains between
New York and Buffalo, Chicago and
St. Louis will give it to you. Smooth
roadbed, lu x u rio u s s le e p in g and
parlor cars, a la carte dining service,
ro o m y c o a c h e s, courteous train
men, absence of smoke and dust
are the causes.
Ticket offices at
NEW YORK
CHICAGO
$25.00
BUFFALO
ST. LOUIS
Address any agent of the Great Northern R y., or
M A X
B A S S
F. I. W H I T N E Y
General Im migration Agent
G en’l Pass, and Ticket Agent
220 S. Clark St., Chicago, 111.
S A IN T
P A U L, MINN.
NEW OPENING OF AN
OLD COUNTRY
CHicag'o’s
Mayor
Says:
“ I f under 30 years of
age I
“ 7m a l l
I s th e r e e v e r a p la c e
The Thousand
would
The country is inspiring
of
Every one is m aking m oney.”
T h e way to go is over the Santa F e —
most directly reaches richest sections of
O klahom a.
Cheap
excursion
Great Southwest, one-way or
first and third
Santa
Fe
rates to
round-trip
Tuesdays monthly.
is building
Eastern Oklahoma.
a
new
a n d so
The
line
in
Is la n d s
There may be somewhere on the earth
a more delightful region than that of the
Thousand Islands, but if there is, it has
not been discovered. It is as fine as the
Bay of Naples, with 2,000 picturesque
islands scattered along the twenty-five
miles of one of the most beautiful rivers
in the world. You can find out a great
deal regarding it in No. 10 of the “ FourTrack Series,” “ The Thousand Islands;”
issued by the
A sk for Oklahom a
Booklet.
T ick et office A . T. & S. F .
N E W Y O R K CENTRAL
R y., 503
Guaranty B ld g., M inneapolis.
Santa Fe
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
On A u g u s t 2 3 the Big
W oods
and most alluring, w ith a future fu ll
promise.
so p le a s a n t
s w e e t .'
settle in Oklahom a. I advise young men
to go there.
th e l a n d , r a n g e v p , r a n g e d o w n ,
A copy w ill be mailed free on receipt of a two
cent stamp, by George H. Daniels, General Passenger
Agent, Grand Central Station, New York.
C o u n try
of
M in n e s o t a was opened
to Passenger Travel by
Chicago,
Milwaukee & St. Paul
Railway
Completing its new road
from St. Paul to Mankato.
It is now the Short Line
between Mankato and the
Twin Cities with two up
to date trains each way,
running through tc Wells.
THE COMMERCIAL WEST.
Saturday, September 26, 1903.
Like a
Welcome Guest
43
$ "5 - S A V E D
TO A L L P O IN TS E A S T AND W EST
VIA THE
“ It is doubtful if such kind
ness and courtesy can be met
anywhere else as is shown by
the railroad employes on the through
trains west of Chicago. They are all
mind readers. All you have to do is
to look a little anxious and somebody
will immediately volunteer the exact
information you need. You are looked
after like a welcome guest. You have
ev en convenience that a first-class
apartment home affords except a bath
tub, and I presume the porter could
have produced that if necessary.”
D&B
LINE.
£ lu s t T
w o B o a t s *”
.B E T W E E N
D E L R O H A BUFFALO
T h is letter was written by a lady w h o made the trip to
California in a R ock Island tourist sleeping car.
It tells its
ow n story.
A ll that it is necessary to add is that R ock Island tourist cars
leave St. Paul and Minneapolis four times a week for San Francisco and
Los Angeles.
C hoice o f routes — ** S c e n ic " or
“ Southern.”
Call or write for folder giving full information.
F. W.
Ca
D E T R O IT é B U F F A L O
^T E X M B O A T CO.
, C . P. A.,
32a Nicollet Ave., Minneapolis.
ldw ell
^~A Well Known Man
One
o f the b est Known m en in
M in n eap olis W rites
C LEVELA!
C ommencing
JUNE
Improved Daily Express Service
( 1 ft
1 0 th
hours) between
D E T R O IT and B U F F A L O
Leave DETROIT Daily • • 4- P. M.
Arrive at BUFFALO - - 8.00 A. M.
Connections with all railroads for points EAST.
Leave BUFFALO Daily
Arrive at DETROIT -
- - 5.30 P. M.
- - 7-00 A. M.
Connecting with Earliest trains for all points in MICH
IGAN and the WEST, also with I). & C. LINE o f steam
ers for all Great Lake Summer Resorts. Send 2c. for
illustrated pamphlets and rates.
Rate between Detroit and Buffalo $8.50 one way,
$6.50 round trip Berths $1.00, $ 1.5 0; Staterooms
$2.50 each direction.
“ L a s t night I ca me up on the No r t h - We s ter n
Limited.
I thought I k ne w what a fine train it was,
but after riding on a n y other, this train is real ly a new
revel ati on. I am not “ j o l l y i n g ” when I s ay that a
finer train woul d be b e y on d human i nge nui ty to c o n
ce iv e and the human intellect to a ppr e c ia te . ”
I C your railway agent will not sell you a
**
through ticket, please buy a local
ticket to Buffalo or Detroit, and pay your
transfer charges from depot to wharf. By
doing this we will save you $ 3 .0 0 to any
point fiast or West.
A . A. SCHANTZ, G. P. A., Detroit, Mich.
Th i s refers to the f amous 12 hour train via No r t h - We st e r n
L i n e e v e r y night between Minneapol is , St. Paul and Chicago.
T. W . T E A S D A L E
G en eral P assen ger A g e n t
S T . P A U L , M IN N E S O T A
W\Ì
CHICAGO
Gr e a t
WESTERN RY.
A Palace
on
W heels
T h e n e w E lectric Lighted
F ree C h a ir Cars o f th e
5at W e s t e r n L im it e d
R u n n in g e v e r y n ig h t b e tw e e n
Chicago, St. Paul a n d M in n e a p o lis.
T h e s e cars are jvist out of the shops
and are built for com fort and beauty.
P . E L M E R , G en eral P assenger A g e n t,
C H IC A G O ,
IL L .
Illinois Central R.R.
EFFICIENTLY
m sm \
SERVES
*ii® §S ifcL
A VAST
TERRITORY
by through service to and
from the following cities:
CHICAGO, IL L
OMAHA, NEB.
MINNEAPOLIS, MINN.
ST. PAUL, MINN.
KANSAS C IT Y , M0.
PEORIA, ILL.
EVANSVILLE, IND.
ST. LOUIS, M0.
CINCINNATI,OHIO.
NEW ORLEANS, LA.
MEMPHIS. TENN.
HOTSPRINGS.ARK.
LOUISVILLE, KY.
NASHVILLE, TENN.
ATLANTA, GA.
JACKSONVILLE, FLA.
Through excursion sleeping-car service between
Chicago and between Cincinnati
AND THE PACIFIC COAST.
Connections at above terminals for the
EAST, SOUTH, WEST, NORTH.
Fast and Handsom ely Equipped S team -H eated
T ra in s —D ining C ars— B u ffe t-L ib ra ry C ars—
Sleeping C ars—Free Reclining C h a ir C ars.
Particulars of agents of the Illinois Central and
connecting lines.
A- H. HANSON. Gen’l Pass'r Agent, CHICAGO
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE COMMERCIAL WEST.
44
Henry Poehler
Alvin H. Poehler
Chas. F. Poehler
George A. Duvigneaud
Walter C. Poehler
C O R W IN
Saturday, S ep tem ber
R. D E N N I S T O N
U.
H. SPENCER
26, 1903 .
H. POEHLER COMPANY, Spencer ù Denniston,
E S T A B L IS H E D
1855.
IN C O R P O R A T E D
G R A IN
1893.
C O n n iS S IO N
BOARD OF TRADE: Duluth, Minn.
CHAMBER OF COM.: Milwaukee. Wis.
BOARD OF TRADE: Chicago, III.
C O M M ISSIO N M E R C H A N T S ,
G R A IN A N D P R O V IS IO N S ,
8 1 6 -1 9 Chamber of Commerce
MINNEAPOLIS
4 0 7 = 4 0 8 H o m e In s u r a n c e B u ild in g ,
Buying for Country Milling Trade a Specialty.
Orders in Futures Executed in any Market.
W. B. B O G E R T & CO.
G r a in -P r o v is io n s
C H IC A G O .
203 Chamber ot Commerce, St. Louis.
348 Produce Exchange, New York.
TEL. CENT. 4643.
1IOIT G R A I N
CO.
RECEIVERS AND SHIPPERS
OA T S ,
BARLEY,
CORN
Correspondence and Business Solicited
106-107-108 Rialto Building,
CHICAGO.
JOHN H. W RENN & C O .
THE ROOKERY,
1012 Chamber of Commerce
M INNEAPOLIS
JAMES
&
DORAN
CO.
2 2 5 La Salle Street,
We give special attention to out-of-town investments
C H I C A G O .
and speculative accounts. Our private wires and our
connections with all the principal exchanges enable us
Stocks, Bonds, Grain, Provisions,
Coffee, Cotton.
P R IV A T E W IR E S T O N E W Y O R K
A N D M IN N E A P O L I S .
to give prompt and accurate service. Correspondence
invited.
::
GERMAN-AMERICAN
BANK BUILDING
::
::
::
::
::
::
ST . P A U L , n iN N .
A merican Linseed C o.
Manhattan Building1, Chicago, 111.
100 W illiam St., New York, N. Y.
Manufacturers and Refiners of
Linseed Oil, Oil Cake, Ground Linseed
Cake, and Ground Flaxseed-PURE lin seed oil so a p .
S P E C IA L B R A N D S :
A R C H E R &. C O .................................................................... ............................................S t. Paul, M in n .
D O U G L A S & C O ..................................................................................................... Minneapolis , M in n .
C R O W N L I N S E E D O IL W O R K S ........ ......................... ........................................ St. Louis, Mo.
C L O S E L I N S E E D O I L W O R K S ............................................................................ Iowa City, Iowa.
D E S M O I N E S L I N S E E D O I L W O R K S ............................. ........................Des Moines, Iowa.
H A W K E Y E L I N S E E D O I L W O R K S ............................................................ M arsh alltow n, Iowa.
S I O U X C I T Y L I N S E E D O IL W O R K S ............................................................... Sioux City, Iowa.
W O O D M A N L I N S E E D O I L W O R K S ............................. ........................................... O m ah a , Neb.
K A N S A S C I T Y L E A D A N D O I L W O R K S ...................................................... Kansas City, M o .
T O P E K A L I N S E E D O I L W O R K S .......................................................................... Topeka, Kansas.
M E T Z G E R L I N S E E D O I L W O R K S .............................................................................. Chicago, III.
W R I G H T & H I L L S L I N S E E D O I L W O R K S ............................................................ Chicago, III.
W R I G H T & L A W T H E R L I N S E E D O I L W O R K S .................................................. Chicago, III.
C L E V E L A N D L I N S E E D O I L W O R K S .......................................................................... Chicago, III.
WE MAKE A SPECIALTY OF BLEACHED, REFINED AND, HIGH GRADE VARNISH OILS.
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Federal Reserve Bank of St. Louis
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