Full text of Commercial West : September 3, 1904, Vol. VI, No. 36
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
RE PR ESE NTING
W E S T E R N I N V E S T M E N T S ,M A N U F A C T U R I N G . M I L L I N G A N D G R A I N ,
T H E C E N T R A L -P A C IF IC W E S T .
T H E SO U TH W EST.
T H E NORTH W EST.
No. 36
SATURDAY, SEPTEMBER 3, 1904
Vol. VI.
CAPITAL, ONE fllLLION DOLLARS, SURPLUS ONE iULLION DOLLARS.
O F F IC E R S:
D IR ECTO R S:
B y r o n L . S m it h , - - P re s id e n t
F . L. H a n k b t , - V ic e -P re sid e n t
G bo r g e F . O r d e , - - - C a sh ie r
T h om as C. K in o , - A s s ’ t C a sh ier
S olom on A . S m it h , A s s ’t C a sh ier
A r t h u r H e u r t l e y , - S ecreta ry
H . O. E d m o n d s , - A s s 't Secreta ry
H . H. R o c k w e l l , A s s ’t S ec re ta ry
B . C . J a r v i s , .......................A u d ito r
A . C. B ar tle tt,
C. L . H u t c h in s o n ,
J. H a r l e y B r a d l r y ,
M a r v in H u g h it t ,
W il l i a m A . F u l l e r ,
A lber t A. Spragu e,
Ma r t in A . R y e r s o n ,
B y r o n L . S m it h .
The
F
is k
R.ooK ery,
C H I C A G O .
BANKINQ, SAVINGS, FORBION, AND TRUST DEPARTMENTS.
& R o b in s o n
First
BA N K ER S
G o v e r n m e n t Bonds
ITrust
and other
I n v e s t m e n t S e c u ritie s
Savings
MEMBERS NEW YORK STOCK EXCHANGE
35 CEDAR STREET
28 STATE STREET
NEW YORK
BOSTON
and
Chas. E. Lewis 4 Co.
412 to 415 Chamber o! Commerce,
MINNEAPOLIS.
P r iv a te W ir e s .
T e le p h o n e M 156 8
GRAIN, PROVISIONS,
STOCKS, BONDS.
New York and Chicago Correspondents:
Bank, Chicago
Bartlett, Frazier & Carrington
Pringle, Fiteh & Rankin
Hembers of all Principal Exchanges.
___
INTEREST ON
TO T H E
°/
/oo SAVINGS ACCOUNTS
Bankcrs
O F T H E
Charles Hathaway & Co.
Dealers in
COMMERCIAL PAPER
N O R TH W e S T
ESTATES AD M IN ISTER ED
^ H a v e y o u ever c o n sid e re d the
ad van tages to yovir family of namiixg
this C o m p a n y a s yo\ir Executor
or T r u ste e ? A m o n g t h e s e are;
SPECIAL A TTENTIO N
GIVEN TO I N V E S T M E N T S
C h a s . W. Fo l d s , - R e s id e n t P a r tn e r
2 0 5 La S a ll e S t r e e t , - - - C h ic a g o
T R U S T S EXECUTED
N E W Y O R K O FFIC E
B O S T O N O FFIC E
-
-
-
45 WALL
27 STATE
STREET
STREET
PRI VATE WI RES .
OFFICERS
PERM ANENCY:
tion;
Because a corpora
R ESPO NSIBILITY:
Because of our
ample capital and surplus, $ 6 5 0 .0 0 0 .0 0 ;
EFFICIEN CY:
experience
and
JAMES B. FORGAN P resid on t
DAVID R. FORGAN. V ice-P resid en t
E. K . BOISOT, Vicc-Pres. a n a Mgr.
LOUIS BOISOT, Trust Officer
R. D. FORGAN. Asst. Treasurer
D. V. WEBSTER, Asst. Secy.
I. G. A N D R E W S
M IN N E A P O L IS
FIRST NATIONAL BANK BUILDING
Because of the skill,
prompt
procedure
of
counsel;
ECONOM Y:
Because the cost of ad
ministration is less than by an individual.
BANKERS
G o v e rn m e n t B on d s
Call or write for further particulars.
S a fe In v e s tm e n ts
The Minnesota
Loan & Trust Co.
New List on Application
3 1 3 Nicollet Avenue,
M IN N E A P O LIS, M IN N ESO TA.
MEMBER:
C h ica g o B oard o f T rade
M in n ea p olis C h a m ber o f C om m erce
M ilw au k ee C h a m ber o f C om m erce
EVERSZ & COMPANY
UAH accounts balanced daily. HA11 Trust Funds
kept separate. 11All investments of Trust Funds
must receive IN ADVANCE the unanimous approval
of our President, Secretary, Treasurer and Trust
Officer.
410 CH A M B E R OF;,COM MERCE
and other
220
G rain , S t o c k s , B o n d s and
P ro v is io n s
WALTER COMSTOCK
GRAIN AN D
PROVISIONS
LA S A L L E S T R E E T
CHICAGO
3 Board of Trade,
CHICAGO.
The National Park Bank, of New York
O R G A N IZ E D
Capital $3,000,000.00
o F
R ic h a rd D ela fie ld , P resid en t
S tu y v e sa n t F ish , V ic e-P resid en t
G ilb e rt G. T h o rn e, V ice-P rest.
John C . M cK eo n , V ice P rest.
Johnfor
C . FRASER
V a n C lea f, V ice P rest.
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1856
Surplus and Profits $7,090,1 89.54
I C E R S
E d w ard J. B ald w in , C ash ier
W . O. Jones, A sst. C ash ier
F r e d ’k O. F o x c ro ft, A sst. C a sh ier
W . A. M ain, A sst. C a sh ier
M aurice H . E w er, A sst. C ashier.
Deposits June 9, 1904 $90,5 16,9 97.6 6
D I R E C T O R S
Joseph T . M oore
S tu yvesa n t F ish
G eo rge S. H art
C h ariesS crib n er
E d w ard C . H oyt
W . R o ck h ill P o tts
A u gu st B elm on t
R ich ard D ela field
F ra n cis R . A p p le to n
John Jacob A stor
G eo rge S. H ick o k
G eo rge F . V ie to r
C o rn eliu s V an d e rb ilt
Isaac G uggenheim
John E . Borne
L e w is C ass L e d y a rd
G ilb ert G. T h o rn e
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, September 3 , 1904 .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE
C O M M E R C IA L
W EST
3
THE
4
C O M M E R C IA L
W EST
Continental National Bank
Saturday, September 3, 1904.
Harrison & Smith Co.
OF C H IC A G O
Printers, Lithographer«, Blank
C a p i t a l .....................................$3,000,000
Surplus and Undivided Profits
1,450,000
Book Manufacturers. Elevator
Blanks and Bank Supplies to
order.
Solicits Accounts, Assuring Liberal Accommodations and Courteous Treatment
Estimates
Cheerfully
furnished.
A G ENERAL FOREIGN EXCH AN G E BU SIN ESS TRANSACTED
Travelers’ Circular Letters of Credit issued available in all parts of the World
John C. B la c k , P re sid e n t
Ira P. B ow en , A sst. C ash .
G eo rge M. R eyn o ld s, V ice-P res. B en j. S. M ayer, A sst. C ash .
N. E . B a rk er, V ice-P res.
W m . G. Sch roder, A sst. C ash.
H erm an W a ld e ck , A sst. C ash .
John M cC arth y, A sst. C ash.
(JJijinnjn.
A R T IS T IC
BANK
IN T E R IO R S
ESTIMATES CHEERFULLY FURNISHED
Roach & Musser Sash and Door Co.
MAKERS
OF EVERYTHING
South
IN
MILLWORK
MUSCATINE, IOWA, U. S. A.
4th
Street,
M INNEAPOLIS.
CAPITAL
SU R PLU S AND PROFITS
Counters, Partitions, Ornamental Iron, Brass and
Wood Grills, Fancy and Decorative Glass, Main
Entrance Doors, Side Lights, Transoms and
Frames Complete, Store Fronts, Stairways, etc.
General Offices, Factories and Warehouses,
• 24-326-628
•2 ,0 0 0 ,0 0 0
$ 1 ,2 0 0 , 0 0 0
= Audit Company
of Illinois
Suite 0 3 5 -4 2 M a rq u ette B ld g .
.C H IC A G O
P u b lic A c c o u n ta n ts an d A u d ito rs
OFFICERS: L. A. W alton, P res id en t; F. W . L ittle, V iceP resid en t; C. D. Organ, Secy, and T reas.; C. W .
K n isely , Manager.
DIRECTORS: A. G. B ecker, A. G. Becker & Co., C h icago;
F. W. Little, V ice-P resident Peoria Gas and E lectric Co.,
P eoria ; G. A. R yther, Cashier N ational Live S tock B ank,
C hicago; J. R. W aish, P resident Chicago N ational Bank,
C h icag o; L. A. W alton, V ice-P resid ent E quitable Trust
C om p any, Chicago.
National Fire and Burglar Proof Safes
DEAN
DEAN
Diamond
Wind
Vehicles
Mills
and
Pumps
Cutters
Pipes
.
.
; .V
1 ’
Agricultural
Diamond
Gasoline
Implements
Engines
of all Kinds
National Single Door Fire Proof Safe
Best to Buy, Sell or Use
DEAN & COMPANY, Minneapolis, Minn.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, September 3, 1904.
THE
C O M M E R C IA L
W EST
5
The Commercial National Bank
CAPITAL,
OB' C H I C A G O .
$2,000,000
E S T A B L IS H E D 1 8 6 4 .
S tatem en t at close o f busin ess J u n e 9 , 1 9 0 4
RESOURCES.
L oan s an d d is co u n ts ............................................... $18,985,665.75
O verdrafts ....................................................................
26.69
R eal estate ..................................................................
93,663.35
U. S. bon ds at p a r ....................................................
500,000.00
O ther bon ds an d s t o c k s .......................................... 1,478,313.66
D ue from U. S. tre a su re r......................................
40,000.00
Cash and due fro m other b a n k s .......................... 12,467,845.61
Surplus and Profits,
$1,675,000
L IA B IL IT IE S .
C apital stock paid in ................................................$ 2,000,000.00
Surplus fu nd .............................................................. 1,000,000.00
U ndivided profits ......................................................
682,344.58
N ational bank notes o u tsta n d in g ........................
500,000.00
D ep osits ........................................................................ 29,383,170.48
T ota l ........................................................................$33,565,515.06
T otal ........................................................................ $33,565,515.06
O F F IC E R S : Jam es H . E ckels, P re s id e n t; Josep h T . T albert, V ic e -P re sid e n t and C ashier; D avid V ern on , Second V ic e P resid en t; N. R . L osch , A ssista n t C ash ier; H. C. V ern on , A ssista n t C ash ier; G. B. Sm ith, A ssista n t C ash ier;
H . E. Smith,
A uditor.
F O R E IG N D E P A R T M E N T : M. K rell, M anager.
D IR E C T O R S : F ra n k lin M acV eagh, o f M essrs F ranklin M a c V e a g h & C o.; W illia m J. C halm ers, T rea su rer T h e A llisC halm ers C o.; R o b e rt T. L in coln , P residen t T he P ullm an C o.; E . H. Gary, Chairm an U nited States Steel C orporation ; P aul M or
ton, V ic e -P re sid e n t A tch ison , T o p e k a & S an ta F e R y. C o.; D a riu s M iller, F irst V ice -P re sid e n t C hicago, B urlington & Q u in cy
R a ilw a y C o .;
Charles F. Spalding, V ic e -P re sid e n t S palding L u m b e r C o.; Josep h T . T albert, V ic e -P re s id e n t; Jam es H . E ckels,
P residen t.
SECOND NATIONAL
BANK OF ST. PAUL
Started in 1854 as a Private Bank
In 1865 Organized as a National Bank
Statem ent at close o f B u sin e ss, J u n e 9 , 1 9 0 4
L oans an d D isc o u n ts........................................................... $ 1 ,5 3 5 ,1 7 1 .5 6
R eal E s ta t e .......................................................................................... 1 0 ,0 0 0 .0 0
R a ilro a d an d M unicipal B o n d s .........$ 1 1 7 ,1 0 0 .0 0
M arket V a lu e $120,800.00
U. S. 3 p e r cent B o n d s (p ar v a lu e ) ..4 4 3 ,0 0 0 .0 0
M a rk et V alu e $466,260 qo
Cash and due fr o m B a n k s an d
B a n k e r s ............................................... 9 6 7 ,4 8 7 .3 9
-----------------------1 ,5 3 7 ,5 8 7 .3 9 1
THE G E R M A N
AMERICAN BANK
Cor. Plymouth and Washington Avc’s No..
MINNEAPOLIS
-
Established 1886
-
-
MINNESOTA
Capital $100,000.00
Surplus $ 5 0 ,0 0 0 .0 0
Deposits $ 9 0 0 ,0 0 0 .0 0
$ 3 ,0 6 3 ,7 5 8 .9 5
C a p ital S to c k ............................................................................ $ 3 0 0 ,0 0 0 .0 0
S u rp lu s F u n d ............................................................................
3 0 0 ,0 0 0 .0 0
U n divided P ro fits...................................................................
3 8 ,7 8 3 .8 7
N a tio n a l B a n k N otes O u tsta n d in g ...............................
6 8 ,0 0 0 00
3 ,5 6 5 ,9 7 5 .0 8
D e p o s its ................................
$ 3 ,0 6 3 ,7 5 8 9 5
O F F IC E R S
G E O . C. P O W E R , P resid en t
C. H . B U C K L E Y , C a sh ier
F . D . M O N F O R T , V ic e-P resid en t
E D W I N M O T T , A sst. C a sh ier
D IR E C T O R S
W illiam B . D ean ,
- N icols, D ea n & G re g g , H eav y H ardw are
F ra n k S ch lick , J r . , ............................................ of F ie ld , S ch lick & C o.
Jo sep h M c K ib b in , M c K ib b in , D risc o ll & D o rs e y , W h o lesa le H ats, E tc.
G eo rge C . P o w ers,
P resid en t
H en ry W . C h ild s,
C h ild s, E d g e rto n & W ickw ire, A tto rn ey s
C h as. Sch un em an ,
- Sch un em an & E v a n s , D ep a rtm en t Store
F re d e ric k D. M o n f o r t , ............................................................. V ic e-P resid en t
A u gu stu s M. P . C o w l e y , ................................................................... C a p ita list
C H. B u c k le y , .................................................................. C a sh ie r
ACCOUNTS OF INDIVIDUALS, FIRMS AND CORPORA
TIONS INVITED.
A SPECIAL DEPARTMENT
FOR ACCOUNTS OF LADIES.
O F F IC E R S
FRANCIS A. GROSS, President
CHARLES GLUEK, Vice-Prest.
J. M. GRIFFITH, 2nd Vice-Prest.
GEO. E. STEGNER, Asst-Cashier
D IR E C T O R S
C h arles G lu e k ,
1
V ice-P resid en t G lu e k B re w in g Co.
J- M. G r i f f i t h , ............................................................................... C a p ita list
G. J . H ein rich ,
T re a su re r M in n eapo lis B re w in g Co.
G eo. M. B l e e c k e r , .............................................................. A tto rn e y at L a w
G eorge S a l z e r , ....................................P resid en t S a lz e r L u m ber Co.
F ra n cis A . G ro ss,
P re sid e n t o f G erm an A m erican B an k
I . V . G edney, V ice-P resid en t M. A . G edney P ic k lin g Co.
H en ry D oerr,
o f W in ecke & D oerr, W h o le sa le Tobaccon ists
P e te r J. S c h e i d , .............................................- C a p ita list
A rth u r E . E ich h o rn , o f E ich h o rn & Son s, Insurance
W . J. V o n der W ey er, - - o f V o n der W eyer & L o h m ar, D ry G oods
Jacob K u n z , .......................................................................o f K u n z O il Co.
Transacts a General Banking Business.
Accounts of Merchants and Individuals Solicited.
The Farm ers and Mechanics
S a v in g s B an k
Of Minneapolis, Minn.
47,000 depositors have money in this Bank to the amount of $12,000,000
which is invested as follow s:
In Bonds, $9,000,000
Mortgages, $2,250,000
Cash on hand, $750,000
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE
6
CO M M E R C IA L
W EST
Saturday, September 3, 1904.
A STORY OF GROWTH.
F the growth of Minneapolis in the last quarter century no more striking reminder can be found than
a glance at a Journal market page of 25 years ago.
Twenty-five years ago Minneapolis was not much of a city.
There were no 23 lines of rails radiat
ing from the city, no million-dollar banks controlling the finances of an empire, no jobbers piling up
millions of trade annually, no great manufacturers to send their products and the city’s fame around the
globe.
The center of grain production had not entirely shifted to the point of geographical supremacy for
Minneapolis.
The city’s predominance in lumber was not yet assured.
There were no yearly receipts
of 100,000,000 bushels of grain, no great elevator system to handle the inflow, no 22 mills to grind 16,000,000 barrels of flour in a twelvemonth.
There was the nucleus for it a ll ; development came later.
With this development came the rise
of Minneapolis as a “ market.”
Many cities, large in point of population, have yet no distinctive positions as points of financial
control or centers of market influence.
Minneapolis is, relative to population, the greatest financial and
commercial center, the greatest “ market,” in the United States.
A country of vast extent reaches this way for monetary news and financial guidance.
Thousands
of farmers, country merchants and bankers look here for the latest development in matters of importance
of possible effect upon their business.
More railroad, crop, financial and commercial news originates in
Minneapolis than in any other American city of the same class.
ing demand for commercial news The
T o keep pace with the increasJournal has had to spread out from
time to time.
leader.
It has ever been a
Methods of statistical corn-
pilation, nearly all the regular daily
reports, the tabulated statements and
market charts now seen in the papers
of the Northwest were introduced by
The
Journal.
More direct private
news of a commercial nature comes to
The Journal than to other papers.
The only private wire and New York
¡ Ill Stock Exchange ticker service in any
newspaper office in the Northwest is
in the office of The Journal, put in to
save time— that the stock quotations
at the close of the exchange at 3
o’clock, New York time, may be in
print and on the street here at 3:15.
commercial happenings of the past
A majority of all the important
quarter century were chronicled first
in The Journal.
become that the public has grown to
look for it, and an ordinary commerexcites comment.
cial “ scoop” in The Journal no longer
For many years the commercial
Mr. Id. V . Jones, now editor of T h e C
So common has this
MR. JAMES
o m m e r c ia l
W
E. N E V I L L E .
e s t
.
department was under the direction of
Mr. Jones was succeeded three years ago by
Mr. James E. Neville, formerly of Milwaukee, whose knowledge of financial affairs and former news
paper experience had fitted him for the work.
Under Mr. N e ville ’s supervision the work has been con
tinued, new features introduced, and new records made in the matter of the exclusive publication of
commercial news.
It has come to this— that no one who wants the markets and commercial news and
wants the information first can afford to be without The Minneapolis Journal.
C O n n E R C IA L OPINIONS AB O U T T H E JOURNAL.
“ The commercial and financial authority of the N orth
w est; m ost reliable and comprehensive.”— James M ar
shall, President Minneapolis Chamber of Commerce.
“ Prints the best market reports and commercial news,
and prints it first.”— John W ashburn, W ashburn-Crosby
Co.
“ H as been astonishingly correct many times in point
ing out the future trend of the markets.”— Charles E.
Lewis, Charles E . Lewis & Co.
Digitized for “FRASER
A splendid paper— Clean, conservative and reliable. Fi
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
nancially an authority in the N orthw est.” John Miller, exGovernor North Dakota, John Miller Company.
“ Prints more commercial news and better market re
ports than other papers.”— C. M . Harrington, Van DusenHarrington Co.
“ Reliable and authoritative, the best market page
printed in the west.”— F. B . W e lls, The Peavey Co.
“ A reliable and readable market page, covering every
thing of interest.”— Henry L. Little, Pillsbury-Washburn
Flour Mills Co.
THE
Saturday, September 3, 1904.
C O M M E R C IA L
BRADSHAW
BROS.
M illinery
STRAW
FELT
AND
HATS
-
Smoking of Decorations
Danger of Explosions
Matches
Freezing
Poisoning of Atmosphere
Call on or telephone our Contract Agent
Minnesota
A. T. RAND, President
Electric Power
Cheap enough for any one to use who
cares anything for a G ood , Clean, R e
liable and Safe Light or Pow er
OF
100, 102 and 104 Washington Ave. No.
Minneapolis
7
Electric Light
No
No
No
No
No
Wholesale
AND MANUFACTURERS
W EST
THE MINNEAPOLIS
GENERAL ELECTRIC CO.
General Office Nos. 15-17 South Fifth St.
R. R. RAND, Treasurer
W. H. LEVINGS, Secretary
MINNEAPOLIS GAS LIGHT COMPANY
G as for
The
Greatest
Illumina
tion,
Agent for
Modern
Fuel,
Convenience
Heat,
and
Power.
Domestic
Comfort
16-18-20 South 7th Street,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
MINNEAPOLIS, MINN.
THE
C O M M E R C IA L
W EST
Saturday, September 3, 1904.
WHEN YOU CONSIDER
T h e p r o s p e c t s a n d p o s s i b i l i t i e s of
p l a c i n g a n o r d e r , b i g or little, i s n ’t
it w o r t h w h i l e to f i g u r e y o u r
c h a n c e s of b e i n g
A Satisfied C u s t o m e r
r e l a t i v e to y o u r P r i n t e r s
Papers,
W rapping Papers, B uild ing Papers,
Toilet Papers, C a r Lining Papers,
S t a t i o n e r y or a n y t h i n g in t h e P a p e r
l i n e ? T h e r e ’s no a r g u m e n t a g a i n s t
it.
W e K n o w it, f o r w e h a v e m a n y
s u c h an d w a n t more.
The John Leslie Paper Company
Minneapolis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
£
£
Minnesota
THE
Saturday, September 3, 1904.
B.
H.
C O M M E R C IA L
W EST
9
MOULTON, .IK.
316-322 Fourth Avenue South
MINNEAPOLIS
No Experiments Sold
R E P A IR S
STORAGE
A C C E S S O R IE S
THE PEERLESS
2 4 h. p. 4=CyIinder Motor Car
The tw o best Auto=
mob i l e s ever sold in
this country
The 10 h. p. 4 - Cylinder Air=Cooled FRANKLIN
(Sold w ith er without Tonneau)
D. F. BROOKS, President
A. S. BROOKS, Vice-President
M. J. SCANLON, Treasurer
H. E. GIPSON, Secretary
Scanlon-Gipson Lumber Co.
GE N ER AL OFFICES:
108 Lumber Exchange, Minneapolis, Minn.
M ILLS AND Y AR D S:
M in n eap o lis,
N ick erso n ,
AN N U A L PRODUCTION:
M in n .
=
S c a n lo n ,
M in n .
M in n .
A t Minneapolis,
60 Million Feet
A t Nickerson, M inn.
50 Million Feet
A t Scanlon, M inn. -
100 Million Feet
TOTAL CUT
2 io Million Feet
Orders Solicited from Dealers only
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE
IO
C O M M E R C IA L
W EST
Saturday, September 3, 1904.
Wyman, Partridge & Co.
W H OLESALE
Dry Goods and
Notions
M AN UFACTUR ERS OF
Flour
C ity
S H IR T S ,
JA C K E T S,
Brand
O VERALLS,
COATS,
W R A P P E R S , S K IR T S ,
S H IR T W A IS T S ,
E TC .
ninneapolis, Hinn.
FOURTH ST R E E T AND FIRST AVENUE NORTH
O' <>0-0-0-0-0-0-0-0-0-0-0-<>-0-C>-<>-0-0-0-0-0-0-0-C>-0-0-0-0-0-<>-0-0-0-<><><><><><><?
2 WINSTON, HARPER, FISHER CO. |
WHOSESALE GROCERS
?
Home of the
TOM MOORE
Cigar
Cigar
Distributors
5
1 1 9 - 1 2 9 F o u r t h S t r e e t North
$ M in n e a p o lis,
-
-
M in n eso ta
Ó-<><>-<><>0-0-<><><>-0-0-0-0-0-0-0-0-(>0-0-0-0-0-0-0-0-0-0-0-0“0-0-0“0-0-0-<>-0-0-<!)
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE
Saturday, September 3, 1904.
C O M M E R C IA L
W EST
“ I Would
Rather Be a
Successful Sports
man than a Leader
ALONG
THE
“ SOO
LIN E”
in the States of Michigan, Wisconsin, Min
nesota
and
grounds
the
Dakotas
are
hunting
which are unsurpassed on the
continent.
The Indian Reservations of
Court O'Reilles, Wisconsin
and
Earth, Minnesota, are virgin.
White
By the new
line just completed they are easily accessible.
OUTING
PUBLICATIONS
Sent upon receipt of postage
Hunting Folder.......... ...... 2 cents
The Other M an ....................10 cents
Fishing Booklet......... ...........2 cents
Outing B ooklets.....................2 cents
Far from the Maddening Crowd.....................2 cents
W. R . C a lla w a y
GENERAL
PASSENGER
AGENT
M IN N E A P O L IS - M IN N E S O T A
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE
12
C O M M E R C IA L
S o m eth in g
W EST
Saturday, September 3, 1904.
to
Know
H T H E time to visit the Pacific Coast is
now.
A n y month is good, but dur
ing September and October the climate is
the kind that travelers dream about. There
is nothing commonplace about the trip.
PTom the time the great “ N o r t h C o a s t
leaves
L im ite d ”
St.
Paul,
sweeping
through Minnesota, North Dakota, M on
tana, Idaho and Washington until it rolls
into the Union Station at Portland, Ore.(
every waking hour is a thrill.
For variety
of scenery and epoch-making country the
path of the N o r t h e r n P a c i f i c R a i l w a y
has no rival.
fields
of
Through the storied wheat
Minnesota
and
Dakota;
his
toric Montana, with its memories of the
Rosebud and Big Horn, its
Titanic mines
Trout Fishing,
Yellowstone River, Montana
and R o c k y Mountain scenery; through picturesque
Idaho and the fabled Cascade Moun
tains
of
eternally
monarchs
Washington,
verdant
whose slopes,
with
the
mighty
of the forest, guarded by
snow-capped
sentinels
of
towering
mein— through such a region does the
“ N orth C oast L i m i t e d ” run.
There is but little difference be
tween the expense of making this trip
and that of idling away the summer at
Mt
the
average
duck
Shasta from Sissons
pond,
called
by
courtesy a lake.
The “ N o r th C oast L i m i t e d ” is
not an extra fare train.
It furnishes
extra
but
accommodations,
at
no
extra charge.
“ The North Coast Limited”
o f the N o r t h e r n P a c i f i c , a Solid Ves-
tibuled Train of Pullman and Tourist
Sleeping Cars, Dining Car and Obser-
Butte, M ontana
vation Car, is the equal of, and in fact surpasses in many of its details,
any train in the United States.
Low rates to Y
ellow stone
P a r k and
other points in the West are in effect and will be quoted and publica
tions sent, upon request, by
A. M. Cleland
G E.N . P A S . A G E N T N O R T H E R N P A C IF IC R Y .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ST. PAUL
=
=
M IN N E S O T A
Saturday, September 3, 1904.
THE
C O M M E R C IA L
W EST
13
Stoves! Stoves! Stoves!
Our line for 1904 is
right down to business
T h e Kind that w ill p le a s e y o u —the Kind
that w ill s e ll read ily and p le a s e y o u r
cu sto m e rs.
Y o u are invited to m aKe y o u r h e a d q u a r te r s w ith u s
w h e n visitin g the city during the State Fair or at
a n y other tim e .
Janney, Semple, Hill 6 Co.
20 to 36 S o u th S e c o n d Street
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M I N N E A P O L I S , M IN N .
THE
14
Established 1872
C O M M E R C IA L
Capital $1,000,000
W EST
Saturday, September 3, 1904.
Surplus and Undivided Profits $685,000
The N orthw estern N ational Bank
OF MINNEAPOLIS, MINNESOTA
W ith unexcelled facilities in all branches of legitimate banking
it invites the patronage of individuals, firms, corporations and
other banks.
.
OFFICERS!!
W M . H. D U N W O O D Y , President
M. B. K O O N , Vice-Pres.
E D W A R D W . D E C K E R , Vice-Pres.
J O S E P H C H A P M A N , JR., Cashier
F R A N K E . H O L T O N , Asst. Cash.
C H A S . W . F A R W E L L , Asst. Cash.
DIRECTORS
James S. Bell
President Washburn-Crosby Co.
J. E. Carpenter
President Carpenter-Lamb Co.
Joseph Chapman, Jr.
Cashier
E . C. Cooke
President Minneapolis Trust Co.
S. A. Culbertson ......................................Capitalist
E. W . Decker Vice-President
W illiam H. Dunwoody
President
L. S. Gillette
President E lectric Steel Elevator
T. B. Janney Janney, Semple, Hill & Co.
W holesale Hardware
M. B. K o o n ...................................... Vice -President
Henry L. Little
Gen. Mgr. Pillsbury-Washburn Flour
Mills Co., Ltd.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
W . G. Northup President North Star Woolen Mills Co.
George W . P e a ve y
- Pe a ve y E levato r System
Geo. W. Porter - Vice-President Atlantic Elevator Co.
W. A. R a m sey - President Minnesota Linseed Oil Co.
A. T. Rand President Minneapolis Gas Light Co.
James W . Raymond
.
.
.
.
Ex-President
George W . Van Dusen - Van Dusen E levator System
C. D. Velie
Vice-Pres. Deere & W e b b er Co.
Farm Implements
O. C. W y m a n
- W yman, Partridge & Co.
W holesale D ry Goods
J. T. W y m a n Smith & Wyman, Sash, Doors and Blinds
THE
Saturday, September 3, 1904.
C O M M E R C IA L
H
W EST
---------------------------------- KENNETH
)
C L A R K , P R E S ID E N T
H. W . P A R K E R , A S S T . C A S H IE R
H. V A N V L E C K , A S S T . C A S H IE R
H. B I G E L O W , V IC E -P R E S ID E N T
G E O . H. P R I N C E , C A S H IE R
C.
The Merchants National Bank
OF ST. PAUL, MINNESOTA
C A PITA L $ 1 ,0 0 0 ,0 0 0 .0 0
UNITED
STATES
SURPLUS $ 3 0 0 ,0 0 0 .0 0
DEPO SITARY
DIRECTORS
CRAW FORD LIV IN G STO N
K E N N E T H CLARK
J. H . S K I N N E R
L. P. O R D W A Y
F. B. K E L L O G G
C. H. B I G E L O W
G EO . H. P R I N C E
D. R. N O Y E S
E. N . S A U N D E R S
The Swedish-American National Bank
MINNEAPOLIS,
MINN.
Capital
- -
Surplus
- $ 250,000.00
- -
-
100,000.00
Undivided Profits Deposits
- -
4 5,000.00
- 2 ,4 9 0,000.00
N. O . W E R N E R , P R E S.
C. S . H U L B E R T , V IC E - P R E S .
F.
A.
S M IT H , C A S H IE R
E . L. M A T T S O N , A S S T . C A S H I E R
BOARD
C.
OF
M. A M SD E N
C.
D IR E C T O R S !
S. H U L B E R T
W. S. A M S D E N
M A RCUS JOHNSON
C . C. W Y M A N
C . J. J O H N S O N
C . A. S M I T H
F. A. S M I T H
A. U E L A N D
N . O. W E R N E R
A. S A N D B E R G
P R IN C IP A L
c o r r e s p o n d e n t s
New Y o r k ..................................... T he Mercantile National Bank
C h i c a g o ................................................................ First National Bank
C h ic a g o ........................................................Bankers’ National Bank
C h ic a g o ..........................................National Bank of the Republic
Boston.................................................................. First National Bank
London, E n g l a n d ........The London City & Midland Bank, L ’t
Berlin,
G e r m a n y ...................................................... Dresdner Bank
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
:
Paris, F r a n c e ........ ................................................Credit Lyonnais
Stockholm, Sw eden..................... Aktiebolaget Göteborgs Bank
Stockholm, S w e d e n ..................................Skanes Enskilda Bank
Gothenburg, S w e d e n .................. A ktiebolaget Göteborgs Bank
Christiana, Norw ay..................Christiana Bank o g Kreditkasse
Copenhagen, D e n m a r k ................. Privatbanken i Kjobenhavn
Helsingfors, E i n la n d ..............................Kansallis Osake Pankki
i6
THE
C O M M E R C IA L
W EST
F IR S T N A T IO N A L B A N K
MI L W A U KE E, WIS.
Saturday, September 3, 1904.
United
States Depositary
Capital a%,s0“
dPr°f“s
O F F I C E R S : F . G. B ig e lo w , P e e s id e n t; W m . B igelo w , V ice-P resid en t; F ra n k J. K ip p , C ash ier; T . E . C am p, A sst. C ash ier; H. G . G oll, A sst. C a sh ier
D I R E C T O R S : E . M arin er, F . G. B igelo w , C. F . P fister, H. C. P a y n e , Geo. P. M iller, F re d T . G o ll, W m . B igelo w , F . V o g e l, Jr., J. H . V an D y k e , Jr
W IL L IA M S O N & M ERCHANT
A TTO R N EY S A T LAW
P a te n t and T ra d e M ark C au ses. S o licitors of
U n ited S tates and F o re ig n P a te n ts
Main Office: 929-935 Guaranty Building
MINNEAPOLIS, MINN.
B ran ch Office: R oom 52 M cG ill B ld g., W ashington, D. C.
A. C h ilberg, P resident
A H. Soelberg, Yice-P res.
J. F. Lane, Cashier
Geo. R. Fisher, Asst. Cashier
The Scandinavian American Bank
Capital Paid Up
- $ 3 0 0 ,0 0 0
Surplus and Profits - i7o,ooo
Deposits 2 , 6 4 0 ,0 0 0
SEATTLE
WE
HAVE
W A S H IN G T O N
AN
O F F IC E
AT
BALLARD
C. A. S
LUMBER
CO.
Manufacturers and Dealers in
LUMBER, LATH,
SHINGLES
OFFICE: MILL YARDS,
44th Ave N and Lyndale
MINNEAPOLIS,
MINN.
FILUPINOS LIKE GOLD.
In connection with the address of
Hon. John J. E sch on “ O ur Financial
P o li c y in the Pacific,” printed else
w here in this number, the f o llo w in g
from the N e w Y o r k Tribun e is of
in te re s t:
W h e n the new currency system
was proposed for the Philippines
there w ere predictions in some quar
ters that the conservative islanders
could not be readily induced to sur
render the M exican dollars and the
Spanish coin with which they had
been familiar for so m a ny years in
favor of the new Philippine peso,
proposed b y the commission.
But
reports reecived here s h o w that the
change has been made smoothly, and
more expeditiously than was thought
possible. Colonel E dw ards, chief of
the insular bureau, has just received
the f o llo w in g letter from H e n r y C.
Ide, secretary of finance and justice
of the Philippines, dated Manila, July
22, which says in part:
Y o u will be interested in k n o w in g
that our new currency scheme has
made great p rogress since I last
w ro te you. N e arly all of the busi
ness houses have, b y common con
sent, put their business on the basis
of the n ew currency. T h e w hole of
the old currency will not be elimi
nated until our tax in g law gets fairly
to work, but for all practical pur
poses the new currency will have
eliminated the old and taken its place
b y Jan. i, 1905. It is no small achieve
ment for our go vernm en t to have
eliminated thirty or fo rty millions, of
debased currency and have substi
tuted for it a currency based upon
the gold standard, all within less
than one year and six months time
and w ith out a tre mendous jar.
For Department of Mines.
Crookston
L u m ber C o .
B E M ID J I, M IN N .
MILLS AT
BEMIDJI, ST. HILAIRE,
CROOKSTON
j
Shipments on Northern Pacific and
^^
Great Northern Railways
i
.P re s id en t J. H. Richards of the
A m erican M ining Congress, in his an
nual address before that bo dy em
phasized the necessity of securing
governm ent co-operation in the min
ing industry in the form of a D e p a r t
ment of Mines and Mining. In pur
suance of this idea he proposed the
fo llo w in g resolution:
“ Be it resolved, T h a t the A m e r i
can M in ing C ongress in annual ses
sion assembled, believing that the
time has arrived when a Departm ent
of Mines and M e ta llu r g y will be the
means of p lacing the mining indus
try on a plane commensurate with
its importance to all industrial p ro g
ress, urges the congress of the United
States at once to create a D e p a r t
ment of Mines and M e ta llu r g y as
one of the great executive branches
of our go v ernm e n t.”
^CANADIAN BANK OFl
COMMERCE
Head Office, TORONTO
Capital Paid Up $8,000,000 Surplus $2,000,000
B ran ch es a t D aw son , W h ite H o rse , Sk agw ay
and A tlin . E x ce p tio n a l fa c ilitie s for han d
lin g the b u sin ess of those d istricts.
F
>, Q . E rsk in e , P re s. W m . A n glim , V -P re s. /
J. W . W h e e le r, C a sh ie r
>
\ FIRST NATIONAL BANK \
CROOKSTON, MINN.
C a p ita l
$ 7 5 ,0 0 0
S u r p l u s a n d U n d iv id e d P r o f it s
4 9 ,0 0 0
W e n ego tiate Farm M o rtgages
J
Lw>
The Swedish-AmericanNat’l Bank
MINNEAPOLIS
N. 0 . W erner, President
C. S. H ulbert, Vice-Prest.
F. A. Sm ith, Cashier
E. L. M attson, Asst; Cashser
$ 2 5 0 ,0 0 0
129,500
2 ,2 4 0 ,0 0 0
Foreign Exchange Bought and Sold
C a p ita l
S u r p lu s & U n d iv id e d P
D epo sits -
r o fits
A . J. W H IP P L E & C O .
M E M B E R S C H IC A G O S T O C K E X C H A N G E
STO CK BROKERS
P riva te W ire s to all
T JT /''' \
P rin cip al E x c h a g e s
L > IT m iA L _ iv J
M ain F lo o r N ew Y o r k L ife B u ild in g
L o n g D ista n ce T e l. C e n tra l 2031.
O rd ers
by w ire in grain and sto ck p rom p tly filled
CURTISSSÜ
COLLEGE
RELIABLE
THOROUGH
MODERN
FURTHER INFORMATION UPON REQUEST
122 SO. 6TH ST., MINNEAPOLIS, MINN.
WINNIPEG, MANITOBA
CANADA
SU B a n k o f O t t a w a
E S TA B LIS H E D
1874
C a p ita l A u th o r iz e d
C a p ita l P a id u p
S u r p lu s
$ 3 ,0 0 0 ,0 0 0
2 ,3 7 6 ,9 9 0
2 ,3 7 4 ,2 9 1
A General B a n k in g B u sin e ss
Transacted
Interest Allowed on Deposits
FOREIGN EXCHANGE BOUGHT & SOLD
ST.
PAUL
a g e n t s
:
M E R C H A N TS NATIONAL BANK
£Cn rents'a Privat e Saf e
for One Year, where
Storage Vaults for Silverware and
YOU AR E M ASTER OF THE SITUATION
your Bonds, Securities and all Valuables are Absolutely Safe.
other Valuables.
G U A R A N T Y S A F E D E P O S IT V A U L T S
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
B A S E M E N T G U A R A N T Y B U IL D IN G
M IN N E A P O L IS
THE COMMERCIAL WEST.
Saturday, September 3, 1904.
S I D N E Y C. L O V E & C O .
NEW YORK
K..Y."EZ,"ESi.h.n„ Stock and G rain
Chicago Stock Exchange
BROKERS
Chicago Board of Trade
CHICAGO
ST. LOUIS
BANK CLEARINGS.
CANADIAN BANKS READY.
B an k clearin gs fo r the w eek ending
A u g u st 25, 1904, and the p ercen tag es of
in crease or decrease fo r the w eek o f lead in g cen ters and all w estern p oin ts:
Inc. D ec.
A ug. 25.
N ew Y o rk . . . . . .$1,037,643,701 10.4
154,375,462
3.5
C hicago ............. ..
7.0
108,388.058
B oston .............. . .
12 2
91.047,801
P hilad elp hia ..
45.465.490
9.3
St. Louis ........
is 7
P ittsb u rg ..........
36,120,767
7.8
27,107,991
San F ra n cisco .
1.9
18,558,465
B altim ore ........
8.2
20,408,950
C incinnati ........
13.4
23,017,254
K an sas C ity . . .
9.5
11,091,682
N ew Orleans .
11,306.701
22 2
C leveland ........
14,322,746 35.6
M inneapolis . . .
S.5
9,406,287
D etroit ..............
10,084,bu0 23.9
L ou isv ille ........
6.6
6,755.017
O m aha ..............
2 2
6,578,495
M ilw a u k e e ........
1 7
5,391,400
P rov id en ce . . .
6,626,452 ÍÓ.2
B u ffa lo ..............
8.6
5,558,597
Indian apolis ..
5,363,804
0.8
St. Paul ............
5,383,481
9.1
L os A n geles ..
2 4
4,283,758
St. Joseph . . ..
6 Ò
4,289,633
D en ver ..............
3,927,863
Seattle ............
3,147,506 3Í.4
P ortlan d, Ore
1,669,112
D es M oines . .
Ò2
1 7
1,925,230
S pokane, W a sh
1,920,691
3.5
T a co m a ............
1,035.357 23.9
S ioux C ity . . .
i 9
611,642
D aven port
12 9
507,320
H elen a ............
449,313 16.3
F argo, N. D ..
233,103 99.1
S ioux F alls, S. D.
General M a na ger S tew a rt of the
Sovereign B a nk of Canada, referring
to the Canadian banks bein g able to
finance the crops in the Northw est,
says:
“ T h e Canadian banks with
their head offices situated in M o n
treal and T o r o n to and a system of
branches throughout the entire w heat
belt, will be able to provide all the
m o n ey that will be needed in the
W e s t.
T h e last go vernm en t report
shows that the o utstanding circula
tion of the banks w as $60,000,000,
while the paid-up capital of the banks
stood at $79,000,000, g iv in g us a lee
w a y of $19,000,000, which in m y opin
ion will be quite sufficient to take
care of the crop movement. O n this
account there will be no stringency
in the m o n ey mark et in Ca nada.”
T ota ls U. S. . .$1,751,247,930
713,604,229
O utside N. Y . . ..
6.5
1.4
CANADA.
M ontreal ........ ..
T oron to ..........
W in n ip e g . . . .
V a n cou v er, B. C.
V ictoria , B. C.
$18,951,923
13,711,231
4,747,801
1,596,509
566.122
3.0
6.8
15.1
21.0
9.0
T otals, C an ada.
$47,615,364
5.8
Minnesota Title Insurance t
& Trust Co.
|
M IN N EAPO LIS M IN N .
C a p it a l $ 2 5 0 ,0 0 0
\
G u a r a n t y F u im d $ 1 0 0 , 0 0 0
T h e old est T itle and T ru s t C o m p an y
w est of P h ilad elp h ia
Banking, Safe Deposit, Loans, Trusts,
Abstracts, Title Insurance
J. U. B arnes, Prest.
C. J. T ryon , Trust Officer
W . S. J en k in s. Secy.
W a llace C am pbell, Vice-Prest.
H. A. Barnes, 2nd Vice-Prest. i
W . A. H otchkiss, Treas.
BONDS PAYING 5%
W r i t e fo r s p e c ia l c i r c u l a r , w h i c h
w i l l be m a i l e d u p o n a p p l i c a t i o n .
Spencer T rask & C o .
NEW RAILROADS IN THE SOUTH.
A c c o r d i n g to the . “ M anufacturers
R e c o r d ” in addition to fourteen new
in corporators of Southern railroad
companies reported in June, one pre
viou sly existing com pan y amended its
charter to permit of additional con
struction, and the total mileage of
these lines for the month is 898, m a k
ing a total of 10,003 miles projected
by these companies re ported during
the first six months of the current
year. This, of course, does not in
clude mileage projected by old co m
panies under their regular charters,
nor does it include several in cor
porations made in Louisiana and A r
kansas co verin g lumber roads already
built, and which have heretofore been
operated m ere ly as private e n t e r
prises, not doing business as co m
mon carriers. T h e incorporation of
such lines has been brou ght about
for the purpose of faciliating their
business and to reap benefits which
could not be leg ally obtained while
they were p rivately operated.
T h e outlook for more in corpora
tions of new railroads in the South
remains excellent, and it is probable
that much new construction will con
tinue to be done b y the old co m
panies. T h e influx of settlers is rap
idly opening up hitherto neglected
regions . and is con stantly creating
more and more demand for railroad
facilities.
William & Pine Sts., IS. Y.
Branch Office, Albany, N . Y .
THE NATIONAL B AN K
OF THE
R E P U B L I C
BANKS
Send at once for our
book of M odern C o u n
tr y B a n k B u ild in gs,
costin g $3,000 to 125,000.
P rice, $1.00.
M odern H om es, mo
p ages, p aper, $1; cloth ,
$1.25.
OMEYER & T H O R I, A R C H IT E C T S ,
ST. P A U L , M IN N .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
CHICAGO
C a p ita l
S urplus
John A. L yn c h
W. T . F en to n
R. M. M cK in n e y
R. L C ram p to u
O. H. Sw an
T h o m as Jansen
A . W . M argraff
$ 2 ,0 0 0 ,0 0 0
$ 7 0 0 ,0 0 0
P resid en t
V ice-P resid en t
■
C ash ier
A sst. C ash ier
- A sst. C a sh ier
A u d ito r
M gr. F o re ig n D e p t
•
-
17
THREE CLASSES OF BANKING.
T h e address delivered before the
O h io B a n k er s ’ A sso cia tion by Mr.
A llen Rip ley Foote, editor of Public
Policy, served the useful purpose of
m a kin g clear the definitions of the
different classes of financial corp ora
tions and of emphasizing the need of
perm itting the w o r k “b a n k ” to be
applied only to corporations that do a
strictly banking business.
Mr. F o o te said that financial co r
porations
are
of
three
different
classes, viz: co mmercial banks, which
are the agents of active business de
positors; financial banks, or trust
companies, which are the agents of
investing
depositors,
and
savings
banks, which are the agents of accu
mulating depositors.
A ll three of
these classes, he said, are based upon
a com m on condition of credit. T h e
perfection of credit renders the serv
ices of all classes of financial co r
porations in the highest de gre e help
ful in the promotion of industry and
commerce.
T h e modern ten dency of banking,
how ever, is to combine all three of
these classes. T h e r e are trust co m
panies w hich attempt at the same
time to act as commercial banks, as
financial banks, and as savings banks.
T h e y engage at the same time in
the business of clearing the co m
merce of the country, of acting as
agents of investors, of pro m o ting the
organization of new companies, and
of caring for the m o n ey of w ag e earn
ers w h o usually deposit in savings
banks. A t the same time there are
banks which are extending their busi
ness over the same wide field, and
unite within themselves all the func
tions of commercial, financial and
savings institutions. A ll these classes
of financial co rporations are in the
highest degree beneficial to the co un
try. T h e y are necessary to the p ro
motion of its industrial and co m m e r
cial activity. But it seems to us that
they are the most useful and far
stro n ger when separated than when
united. T h e entrance of commercial
banks into the field of investment and
pro m otion and the entrance of trust
companies into the field of co m m e r
cial banking, constitutes a condition
which, it seems to us, does not w o r k
for the highest safety in ba nking and
the utmost advantage o f business.
IMPERIAL CANAL DEAL.
A t a mass m eeting of the members
of the W a ter U s e r s ’ A ssociation of
the Imperial V a lle y it has been unani
m o usly voted to purchase the Im
perial canal system from the Cali
fornia D evelo pm en t Company, at the
price set b y the co mpany, w hich is
$3,000,000.
T h e purchase will be made under
the terms of the United States recla
mation act, and the federal g o v e r n
ment, it is understood, will advance
the purchase price to the settlers, the
amount to be repaid in ten annual
instalments.
The
reclamation
of
n early half a million acres of desert
land is the final result which the
transfer is expected to accomplish.
T h e papers will be forw arded to the
secretary of the interior at W a s h i n g
ton for approval.
I b i s deal is one of the most e x t e n
sive and important that has been
made under the national irrigation
act for the reclamation of arid lands.
T h e waters of the canal system are
diverted from the Colorado river, and
the coun try irrigated by it comprises
w hat is known as the Imperial valley,
in California, a vast tract that extends
to the M exican line.
T H E C O M M E R C IA L W E S T .
Saturday, September 3, 1904.
The Northwestern National Bank
OF
M IN N EAPO LIS
C o n d en s e d S ta te m e n t o f June 9, 1 9 0 4
RESOURCES
LIABILITIES
Loans and Discounts
$5,533,355.18
U. S. and Other Bonds
1,014,640.81
Cash, and Due from Banks
2,732,252.60
Banking House Furniture and Fixtures 223,852.42
$ 1,000,000.00
692,325.64
237,700.00
- 7,489,075.40
85,000.00
C a p i t a l ........................................
Surplus and Profits
C i r c u l a t i o n ........................................
Deposits
U. S. Bond Account
-
$9,504,101.04
$9,504,101.04
An Average of over 8% Annual Dividends Paid to Stockholders since Organization in 1872.
Dividends paid since Organization $2,230,0 00
W I L L I A M H . D U N W O O D Y , P re sid e n t
J O S E P H C H A P M A N , J K ., C ashier
OFFICER S
E . W . D E C K E R , V ic e -P re sid e n t
E . E . H O L T O N . A sst. C ash ier
C o n tin e n ta l N ational B a n k B u ild in g ,
C H IC A G O
R. H. G00DELL
W. L. FOLDS
R. H. COODELL & CO.
DEALERS IN
C o lla te ra l Loans, C o m m ercial P ap er
MUNICIPAL and CORPORATION LOANS, PUBLIC SECURITIES.
List of Offerings Sent to Banks and Individual Inves'ors Upon Request.
S PE C IA L FUN D TO
J . F . C O N K L IN ,
P resid en t
LOAN O N A P P R O V E D S T O C K S
A . E. ZON N E,
V -P res. and T rea s.
AND BONDS.
E . J. F O R S T E R ,
Secretary
M . IÎ. K O O N , V ic e -P re sid e n t
C H A S . W . E A R W E L L , A s s t. C ashier
Merchants’ National
Bank of St. Paul.
CAPITAL,
SU RPLU S,
-
-
$ 1 ,0 0 0 ,0 0 0
-
3 0 0 ,0 0 0
United States Depository.
O F F IC E R S : K e n n e th C la rk , P re sid e n t;
C . H. B ig e lo w , V ic e -P re sid e n t; G eo. H.
P rin ce , C ash ier; H. W . P a rk e r, A s s ’ t C ash ier;
H. V a n V le c k , A s s ’t C a sh ier.
G. B. L O O M IS,
A s s ’ t S e c’y
J . F . C O N K L IN ô Z O N N E C O .
MINNEAPOLIS
First National Bank
R .eal E s t a t e an d I n s u r a n c e in all its B r a n c h e s
R eferen ces:
F i r s t M o r t g a g e L o a n s on I m p r o v e d C i t y P r o p e r t y
F ir s t N a tio n al B an k.
N o rth w estern N a tio n al B an k.
of D U L U T H , M IN N .
Capital,
THE EQUITABLE TRUST COM PAN Y
$500,000
Surplus and Profits,
725,000
152 Monroe Street, C H IC AG O
Capital Paid Up, $ 5 00,0 00
Surplus, $300,0 00
A cts as T ru s te e for C o rp o ra tio n s, F irm s and ln v id u a ls, and as ag e n t for the
reg istratio n s and tran sfer of bonds and sto ck s of C o rp o ratio n s and the p ay
m ent of coupon s, in terest and d ivid en d s.
IN T E R E S T P A I D ON D E P O S IT S
D IR E C T O R S :
F R E D . G. M c N A L L Y
F . M. B L O U N T
L . A. W A L T O N
W IL L IA M B E S T
JO H N M. S M Y T H
M A U R IC E R O S E N F E L D
J. R . W A L S H
REAL ESTATE
m ade on F irst-c la ss Im p roved S ecu rity to net len d er 4% to 6 per ce n t. S p ecial
atten tio n g iv en to care of p ro p erty w ith econ o m ica l m an agem en t g u a ran teed .
B e st of referen ces.
Bought, Sold and Managed
for Non-Residents
b u ild in g s im p ro v e d an d r e co n stru cted to p rod u ce in
S a tisfa cto ry r e fe re n ce to lo c a l and eastern parties
M OORE BROS. & SAWYER
MINNEAPOLIS
S T E P H E N N. B O N D
R O B E R T F. P E R K IN S
W I L L I A M H . G O O D W IN
BOND
& GOODWIN
NOTE BROKERS
boston
Commercial Paper
Corporation Loans.
Ch ic a g o
Investment Securities
Loans Secured by Investment Securities.
Manager Chicago Office C H ARLES F. MEYER, 226 La Salle Street.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
NEW
K E R S
YORK
Members of the New York Stock Exchange
Letters of Credit and International
Travelers’ Checks
Foreign Exchange
Cable Transfers
ON E ID A BLO C K
T Q
R en ts c o lle c t e d ;
creased results.
KNAUTH, NAGHOO & KÜHNE
M IN N EAPO LIS, M IN N .
B o u gh t and So ld on C o m m ission
or Joint A cco u n t'
Minneapolis Property
A . L . O rdean , P re s ., J. FI. D ig h t, C a sh ., W . S
B ish o p , A ss t. C ash ., W . J. Johnson, 2nd A sst Cash
B A N
O FFICERS :
J. R . W A L S H , P resid en t
L . A. W A L T O N , V ice -P re sid e n t C . D . O R G A N , Sec. and T re a s .
C. H U N T O O N , A ss t S e c ’ y and A s s ’ t T re a s.
W A L T E R L. B A D G E R
U. S. GOVERNMENT DEPOSITARY
Jones, Caesar &
Company
CERTIFIED PUBLIC
ACCOUNTANTS
T R IB U N E BLDG.
CH ICAG O
--------------A L S O A T --------------
NEW YO R K
PIT T B U R G
DEAN
S T . LOUIS
LONDON
B R O S . & CO .
C o m m ercia l P a p e r
M IN N E A P O L IS
THE
Saturday, September 3, 1904.
C O M M E R C IA L
W EST
19
C rops and the Northwest.
A
W EEKLY
JO U R N A L R E P R E S E N T IN G
W ESTERN
B U S IN E S S
Published by T h e Commercial W est Com pany, Minneapolis, Minn.
H. V. J O N E S .
LEONARD BR O N SO N .
Minneapolis Office, Rooms 627-629 Guaranty Building
T e l e p h o n e M ain 307.
CH ICAG O OFFICE, 1208 Stock Exchange Building.
The Northwest has lost a portion of its wheat
crop because of the ravage of rust. But prosperity
in the Northwest depends no longer on wheat.
There is a large barley crop of fine quality, a big
oat crop, a good corn crop, a heavy hay crop, a good
flax yield. A big price will be realized for wheat.
W hen the crops are transformed into dollars,
the result will in our judgment be more money for
the Northwest than was realized last year. Busi
ness will be good. Jobbers report almost no can
cellation of orders as a result of a partial loss of
wheat.
A D V E R T IS IN G R A T E S ON A P P L IC A T IO N .
T he C om m er cial W e s t w ill not kn o w in g ly p u b lish the advertisem ent
of a fin ancially unsound in d ivid u al or com pany.
SUBSCRIPTION IN ADVANCE.
One Year, $ 3 .0 0 .
POSTAGE FREE:
Six M onths, $ 1 .6 0 .
Europe * 1 .
E N T E R E D A S S E C O N D -C L A S S M A IL M A T T E R A T T H E P O S T O F F I C E ,
M IN N E A P O L IS , M IN N .
SATURDAY, SEPTEMBER 3, 1904.
P R IN C IP A L C O N T E N T S .
E d itorial ...............................................................................
C rops in the N orth w est.
G ood M anagem en t o f Japanese F inan ces.
P u blic A cco u n ta n ts to M eet at St. Louis.
T he C ritics that Chatter.
T h ree R oad s in G ood P osition .
T he B u ll’s E y e .......... ................. .......................................
O bservations .......................................................................
T he In creasin g In com e F ro m F a rm s ........................
B y H e n ry D. B aker.
F inancial.
P hilip pin es L ik e G o ld ......................................................
B an k Clearings ..................................................................
T h ree C lasses o f B a n k in g ..............................................
M ilw aukee M on ey M a rk e t..............................................
C h icago B an k N ew s an cR G ossip— ...........................
F oreig n E x ch a n g e as V ie w e d in C h ic a g o ................
C h icag o B an k in g D e v e lo p m e n t..................................
N ew B anks and C h a n g e s..............................................
S tatem ent o f U nited S tates T re a s u r y ......................
T he C om m ercial P ap er B usiness in M inneapolis.
B an k in g N otes ..................................................................
W estern B ond s .................................................................
W e e k ly R ailroad E a r n in g s............................................
T he F in an cia l C enter o f the N o r t h w e s t ..............
N ational B an k o f C om m erce, o f M inneapolis. . . . .
Our F in an cia l P o licy in the P a c i f i c ...........................
R ev iew o f F oreign E x ch a n g e fo r the Y e a r ..........
N ew s o f C h icago C o r p o ra tio n s..................................
C hicago M oney M a rk e t.............................................
B usin ess in F a rm L o a n s ................................................
T w o V iew s o f F arm M artgage S itu a tio n ................
Grain and Milling.
T he G reat “ B u ll” M arket o f 1904................................
B y R ollin E. Sm ith.
M inneapolis T erm inal E le v a to rs ................................
T he N orth w estern W h e a t Crop o f 1904....................
T he N orth w estern W h e a t Crop o f 1903....................
T h e W h e a t T r a d e ........ .....................................................
F lour and M illin g................................................. ...........
T he U nited States W h e a t C r o p ..................................
M illfeed ................................................................................
F laxseed .............................................................................
M inneapolis C oarse G ra in s..........................................
A S cotch V ie w o f the F lou r M a r k e t..........................
C om m ercial W e s t M arket R e v ie w s ..........................
General S tatistics . . . . ' . ...................................................
M ilw aukee G rain M a rk e ts............................................
L ond on W h e a t R e v ie w ...................................................
A G reat W h e a t C o u n try ................................................
T he M inneapolis Crop Y e a r ..........................................
Real Estate. .
F arm L an d M o v e m e n t..................................................
H om e S eekers in the S o u th w e st..............................
F orest P lan tin g on W e ste rn P la in s ..........................
L ive S tock.
L iv e S to ck M a rk e ts................................ .......................
M iscelalneous.
N ew R ailroads in the S o u th ........................................
Im perial Canal D e v e lo p m e n t......................................
C ream eries in M in n e s o ta ..............................................
W estern B ond s .......... ............................. .......................
T he Iron Ore T ra de o f the Y e a r ..............................
O bservations in W estern C a n a d a ..............................
D ev elop m en t N ew s o f C anadian N o r t h w e s t ....
F loa tin g E x p osition W ill B e Seen at the Orient
T eleph
one C on stru ction ..............................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
G ood Management of Japanese Finances.
The Japanese management of national finances
appears to be as sound, conservative and farseeing
as their management of their armies and fleets.
Th e statement of a prominent Japanese the other
day, calling attention to some of the financial prob
lems that will arise during the war and subsequent
to the war, expressed a timely forethought as to the
future. It is only by following out such a carefully
considered general financial policy with full ref
erence to the prospects of a long war and the dif
ficulties of meeting the increased expenditures even
after the war, that Japan will be able to command
the resources in money that are as essential to its
success as resources in men and ships.
There is a somewhat pessimistic note in what
19
that authority says— especially in his statement
that if peace should not come before the end of next
year there will be a debt of $450,000,000, whose in
22
terest will eat up nearly all the proceeds of the spe
23
24
cial war taxes. This debt, however, would only he
about one-seventh of what the debt of the United
. 16
States was one year after the close of the civil war,
. 17
. 17
when it stood at $2,773,236,173. A t that time the
. 23
. 25
United States had a population of not more than
. 26
2 6 -A
35,000,000, while Japan at the present time has a
. 29
. 29
population
of about 45,000,000. The present per
. 30
. 30
capita
debt
of Japan, as shown from recent reports
. 32
. 34
of
the
bureau
of statistics, is only $4.73 as against
. 35
. 39
$24.56
for
Russia.
. 42
2 6 -B
There seems to be a general impression that as
2 6 -B
,2 6 -B
the
finances of the two nations, Russia and Japan,
,2 6 -C
,2 6 -C
stand, Russia must unquestionably get the better of
the argument. This is due to the fact that terri
51
torially Russia is extremely vast as compared with
. 52
. 57
Japan, and that as regards the prices of the bonds
. 57
. 58
of the two nations Russia seems to have much the
. 58
. 59
better credit.
. 59
. 59
Mere geographical area, however, does not neces
. 59
sarily mean financial strength. On the contrary it
. 60
. 61
means in the case of. Russia that vast sums are
. 62
. 62
needed for internal development, especially for rail
. 64
2 6-C
road building, and that diversion of an enormous
2 6-C
amount of capital to war purposes will check for a
47
long time to come the prosperity of the country.
49
65
Great Britain, like Japan, is a small nation geograph
50
ically, and yet in financial resources, 110 nation of
the world, except the United States, is equal to it.
. 17
. 17
W hile Japan will probably not be able to market
. 25
. 25
further issues of war bonds to the same advantage
2 6 -D
. 28
as Russia, notwithstanding its great victories by
. 31
. 46
land and by sea, yet it should be able to borrow on
. 48
THE
20
C O M M E R C IA L
fairly satisfactory terms all the money it may need
for at least three more years of war, and the re
sources of the country should be easily sufficient to
take care of accruing interest. One fact in Japan’s
favor is that most of its debt at present is owed to
its own citizens, so that most of the interest does
not have to go out of the country, as in the case of
the Russian debt, but stays at home.
It is not at all likely that Japan will imitate the
stupendous folly of the United States during its
civil war, and issue an irredeemable paper currency.
Th e greenback currency of the United States, ow
ing to its depreciation, increased the cost of our
civil war by $528,400,000, according to an estimate
compiled by the Indianapolis Monetary Commission
— an amount greater than what the total debt of
Japan promises to be at the end of another year of
war according to Count O kerm an’s estimate.
Japan’s two chief export products, silk and tea,
were pretty well marketed for the last crops, before
the war broke out. A short crop of tea was ex
pected, and this, together with .the impending war,
made the price very high. The crop turned out as
good as the average, and never at any time has
the war seriously interfered with its export— so
that the producers of Japan got a fine profit out of
it. A s long as Japan retains command of the sea,
and so can protect her commerce, the country
should be easily able to industrially maintain her
self.
W hile Russia may continue able to float new
loans, yet the taxation to pay the interest will fur
ther increase the very severe business depression
that now exists. Failures of large financial institu
tions have recently been numerous, and acute dis
tress seems to prevail everywhere through the coun
try.
Japan being so much nearer the scene of hos
tilities can conduct the war at far less cost than
Russia. Moreover if the war gets into the second
stage, so that Russia assumes the offensive and
Japan the defensive, Russia’s cost should be enor
mously increased while Japan’s might be decreased.
If Russia is to reconquer the territory that has al
ready been lost, she will need to exert much more
power than she has already unsuccessfully exerted
in defence, and the cost of this will be proportionate.
W ork of the Bank C lerk s’ Institute.
I he bank clerks of the Tw in Cities are congratu
lating themselves that the next annual meeting of
the American Institute of Bank Clerks will be held
in Minneapolis. This was decided upon at the re
cent meeting of that organization in St. Louis.
It was a meeting largely attended as far as num
bers were concerned, but more remarkable for the
almost complete representation of the regularly or
ganized chapters, both coasts as well as the in
terior of the country being represented by delegates.
I he Institute is one of the happy thoughts of re
cent years in the banking business. Hundreds of
youn g men are more serviceable in the positions
they hold and are looking forward with a more
hopeful ambition to the future than before the In
stitute was organized.
The average bank clerk is very likely to get
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
W EST
Saturday, September 3, 1904.
into a r u t ; routine gradually absorbs his individu
ality, and instead of a banker he becomes part of an
accounting machine. This is not good either for
the individual or for the business. A good machine
is a good thing, but a good man is a better thing,
and, granting efficient and faithful service, the man
who thinks, plans and works, pushed forward by
a praiseworthy and legitimate ambition, is of-much
more value to his employer than the mere drudge
at figures.
T o make bankers out of clerks and to cultivate
forceful, ambitious individualities are what the Insti
tute has set itself to do, and it is succeeding.
It is to be regretted that a full report of the pro
ceedings of the meeting at St. Louis could not have
been given in T h e C o m m e r c ia l W e s t , and we fancy
that it will be given nowhere in full except in the
official reports; but as the papers read and the dis
cussions come to hand, what was done and said
there will be of interest not only to members of
the Institute, but will add something to original
thought in a w ay that will be of value to bankers
as well as their employees, and to a certain extent,
to all intelligent readers.
The N ew Bankers’ M oney O rder.
The American Bankers’ Association money or
der is out. There has been unlooked for delay, but
at last there is fruition. In some minor details the
order is not exactly what was wanted, but in its es
sential points— notably the unequivocal character
of the guarantee— it is just what was wanted and
insisted on by the committee having it in charge.
The next thing is to put it into practical and
common use. The responsibility of securing for it
the proper place in the financial system of the coun
try rests partly on the issuing company and partly
on the banking fraternity.
The issuing company can be depended on to do
all it can to introduce it— self interests points that
w ay — but the campaign of education among the
bankers must go on. Strange as it may seem there
are a good many bankers who are luke-warm to
ward the scheme, if not adverse.
The public must be taught the advantages of
the new order; but how shall they be taught except
they have a teacher? A nd who should be the teach
er but the banks?
Some bankers depreciatingly say: “ There is no
use trying to run out postoffice money orders or the
express companies.” W ell, no one expects to drive
Uncle Sam out of business; but the associated bank
ers of the United States are weaker than we think
if they cannot within a few years make the new
system the leading one. therein lies profit and the
control of what is in fact and should be in practice
a banking function.
The Desperate Chances of War.
A s this column was written on Thursday night
the Russian and Japanese armies were engaged in
what seemed to be a decisive struggle around LiaoY an g. Kuropatkin s entire army was resisting the
onslaughts, desperate and powerful, of the combined
Japanese armies— aside from that investing Port
Arthur and a small one apparently executing a flank
Saturday, September 3, 1904.
THE
C O M M E R C IA L
W EST
21
Accountants and the smaller associations represent
ing seventeen states.
The individual business man or the manager of
corporate enterprises has always appreciated in re
lation to his own affairs the importance of accurate
accounting, and not only of accurate but of illumi
nating accounting, so to speak— such a system of
statements as will not only correctly exhibit finan
cial condition but give an insight into the interior
workings of a business machine and locate faults as
well as profits.
The very growth of miscellaneous organizations
spoken of above is stimulating interest in account
ing. W hen any number of business men get to
gether to discuss affairs of mutual interest they need
to base their action on reasonable and common
premises. The stock market, too, has had its influ
ence in this direction. It has demanded that the
public which is asked to buy the stock of great in
dustrial, commercial or transportation enterprises
shall know definitely the status of the issuing con
cern. This is impossible in any comparative w ay
without uniform methods of accounting. Much of
the most useful knowledge we have comes from
comparison, and without uniform methods compari
son is impossible. This applies also to municipal
accounting.
There have been conventions held for the espe
cial purpose of considering and devising uniform
systems of accounting for municipalities and public
service corporations. There is still much to be done
in these directions, and while such a body as that
which will meet in St. Louis this month has no au
thority, it has almost unlimited influence.
W e can be the more hopeful of good results from
this meeting because public accountants as a class
are men of broad intelligence, wide experience, and
necessarily of a disinterested sort of integrity. Their
business is to determine the truth, and left to them
selves they will not only use but insist upon the
adoption by others of the proper • tools— which
means proper and uniform methods.
A genuine and helpful publicity such as has been
so much talked about as a means of regulating great
interstate corporations is possible only as the re
sult of the thought and labor of such men as will
meet on September 26, 27 and 28 in the Exposition
City. Referring briefly to the program, it is re
ported that among others the Comptroller of the
Public Accountants to Meet at St. Louis.
City of St. Louis, the Secretary of the Federation,
This year St. Louis is the convention city, or
and Francis Pixley, former president of the Insti
rather the W o r l d ’s Fair is the convention city, for
tute of Chartered Accountants in England and
apparently a majority of the hundreds of associa Wales, will take formal part in the proceedings.
tions of one sort or other that are found in this
country, whose people have a mania for organiza
The C ritics that Chatter.
tions, hold their annual, or semi-annual or special
It happens with each recurring crop season that
meetings somewhere or other on those widespreadwise men in all parts of the country rise up and com
ing grounds at St. Louis.
ment on the work of the crop expert. These wise
One of the meetings that should be of value not
ment are free with their opinions; they are positive
only to those directly concerned, but indirectly to
about methods that should be used and about mo
the public welfare, is to be held the latter part of
tives that influence the expert in his w ork— in their
this month under the auspices of the Federation of
suspicious minds, of course.
Societies of Public Accountants of the United
It would seem as if these students of crop his
States.
tory would learn with the years some of the princi
The organizations which will be represented at
ples of estimating, but the case seems hopeless. W e
this meeting are the American Association of Public
note an example of the loose statements that the
movement designed to cut off Russian communica
tions. Probably over 400,000 men were engaged in
this fateful combat. In the meantime there seemed
to be a pause in operations at Port Arthur. Only
a week ago it was reported that Japanese forces
there had been reinforced from the armies confront
ing K u ro p a tk in ; but if that be so, and if Japanese
forces around L ia o-Y a n g are as large as reported,
Japan must have more men in the field than the
military authorities had estimated.
The latest advices on Thursday evening were
that the Russian general was withdrawing within
the permanent fortifications. If that be so another
investment is at hand, which will mark another pe
riod of reckless assault and fearful loss of life. E s
timates of loss, as far as exact figures are concerned,
are almost valueless, but the slaughter has been
tragic and Japan has undoubtedly been the chief
sufferer because she has been on the aggressive.
It begins to look as though the Russian plan was
to fight as long,as possible and, in fact, accept no
invitation to surrender; losing as few men as possi
ble and inflicting as great damage as they can, hop
ing thus by sheer force of numbers and dead resist
ance so to decimate Japanese forces that the war
shall be at least a draw, if not a Russian success.
If General Stoessel actually made the reported
statement that the garrison at Pprt Arthur would
die to the last man without surrendering, it proba
bly indicates the settled policy of the Russian cam
paign. Their defeats and the capture of new posi
tions by the Japanese is, in such a scheme, but an
incident of the war, which will not terminate as
long as Russia can send men to the front, even
though that front be slowly crowded back.
If that indeed be the Russian policy, Japanese
warlike skill and bravery will in the long run count
for little unless other powers shall step in and put an
end to a contest which seems otherwise intermin
able. It is an appalling outlook and one which may
well excite not only the interest but the horrified
compassion of the world. It is also likely to dis
turb and hinder for years the peaceful progress of
the race. It will have undreamed of results on inter
national relations, on the balances of power in E u
rope, perhaps on the political integrity of the hostile
powers, and on the commerce of neutral nations.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE
22
C O M M E R C IA L
wise men are giving out this year, as it will illus
trate how far fetched their knowledge is and how
little influence they can hope to exert as a result
of making them. W e find the following example in
the current issue of the Grain Dealers’ Journal:
It has been suggested that inasmuch as the wind spec
ulators have, through their so-called crop experts, issued
so m a ny misleading and dishonest crop reports this year,
that it behooves the grain exchanges, in the interest of the
trade at large, to compile official crop reports which shall
depict nearer the true condition.
W e put on the coat as one of those subject to
this damning charge, but we challenge Grain Deal
ers’ Journal to quote one sentence from any report
we have issued this year that has been an exag
geration.
Our good contemporary, The Northwestern
Miller, a great milling journal but out of its prov
ince in crop estimating, has been greatly agitated
for a month over our “ crop killing” methods, and it
has this to say in its current issu e:
T h e farmer w ho encouraged the crop killers to e x a g
ge rate in order that they might ge t go od prices for their
wheat, w ere v e ry short-sighted.
This represents a class of argument that is cur
rent among those who have no accurate idea of crop
estimating methods. The real crop estimator never
interviews the farmer on what he thinks of his c ro p ;
he relies wholly on what he sees himself, and if he is
incompetent to base an estimate on his personal
judgment, he is never competent to estimate a crop
and will never be successful in doing it. The Miller
only shows its ignorance of crop estimating when it
attempts to discuss the question.
Our recollection runs back to 1900, when our
good contemporary, the Northwestern Miller, killed
the Northwestern crop. Following public opinion
and having no knowledge of its own, it placed the
crop at 100,000,000 in the three Northwestern1states.
W e never killed a crop to that extent, and that year
placed our total at 136,000,000 and the distribution
showed easily 140,000,000. The Miller’s position
at that time l;ad so little effect on public opinion,
in view of the plain facts of distribution, that in
stead of discrediting our reports it virtually made
their reputation.
The new form of criticism from the above critics,
that because the editor of T h e C o m m e r c i a l W est
is connected with a brokerage house he must mis
represent the situation in order to favor its trade,
will also have to fall by the wayside along with the
other trashy comment of past years. W ere these
critics able to analyze they would at once see how
silly such an accusation is, because, outside of any
question of responsibility to the general public, the
estimator who is connected with a brokerage house
would see to it that his customers were in line with
the facts, which of itself would render it unneces
sary that there should be misrepresentation.
Crop estimating is not a work for the m a n y ; it
is a work for the few, and those few will be able to
stand against the assaults of a class of critics that
talk without knowing.
Three Roads in G ood Position.
The rust disease in the Northwest was strangely
neglectful of three railroads in its devastation.
The Chicago, St. Paul, Minneapolis & Omaha
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
W EST
Saturday, September 3, 1904.
escaped its ravage almost entirely and has to its
credit this year increased yields of all crops.
The Chicago Great Western is notably fortunate.
Its grain tonnage will increase handsomely over
last year.
The Minneapolis & St. Louis has good gains in
nearly all of its Northwest territory.
W e congratulate these lines on their good for
tune.
THE
B U L L ’S -E Y E .
E v e r y time I visit a military post I come a w a y more
p rofoun dly thankful than ever that I am not a private
soldier on a peace basis. T h e monotonous leisure of the
life would kill me off early in the fray. L a c k of variety
might be endured by a go o d man, but lack of productive
activity, never.
A side from the daily drill and small
camp duties there are but three orders of the day that
appeal to the average private soldier in time of peace,
namely, to stand around, to sit around, and to lie around.
T h is order of life becom es satisfactory to a large p ro p o r
tion of the enlisted men. U noccupied leisure, except in
small doses taken as one would take a tonic, is hateful
to men with an ambition to succeed. T h e love of it is an
insidious disease that makes masses out of men. N o t h
ing but vigorous hustling, mental and physical, will make
individuals.
*
*
*
L o v e of short w ork hours and lo ng loafing fills our cities
w ith a mass of low quality labor that borders on the poor
white trash class. It robs the coun try places of needed labor,
because in the country there are no standing calls to
this class of men to loaf, and no large public sentiment
fav o rin g laziness.
Out^ha the country there is s o m e
thing do ing e ve ry mliru^rNi^ven the ra g w eeds b y the
roadside are reaching for t h e S p p rail of the fence, and
the pigs in the pasture are a ccum ula ting dividends for
the meat trust. Everytjg$i|g keeps moving. But in town
men w ho lo^e leisure fjudfile to ge th er and pass resolu
tions not to w o r k longDprf hard. T h e y w atch the capi
talist com£ to his clfficej a'Hnine in the morning, and thev
declare t^emsel^es ^ s i o o d as he and as rightfully en
titled to.fthe s i n A yufmber of unoccupied hours. T h e y
measure ibis w<|rk
the number of hours he spends in
his office| T h e y fo rget that wMen a thinking man drops
his tools % i s thinker m a y ryft on at the same high rate
of speed a% gver. I m e U ^ J iig six-foot printer last w eek
w h o hadn’t cibti^ ^ M ^ i^ aa y s’ w o r k in two months. In
one hour s w alk from town into the country in any direc
tion this big lump of human putty could have found w ork
any day at $1.75 and his board, or by the month at $30
t ° $35 and his board. I offered to ge t him a job but he
scorned the thought. “ E x cu s e me from coun try hours,”
he said. I offered to put him into a co un try printing of
fice. But he would none of this, either.
T h e y didn’t
observe the eight-hour rule in country towns.
But he
could consider with calmness the gro cer and butcher
w aiting for their pay from him, and his small wife at home
w o r r y in g and patching up her old clothes.
^
^
H a lf the men w ho are hunting office in this country
this season are lookin g to political life as an easier w a y
of m akin g a living. T h e re are men w h o seek office for
honor, and others w ho do it for the public good. But
the love of ease is a v e ry prevalent motive. T h is hope
is a delusion. E a s y hours, like easy money, go easy as
well as come easy. T h e y slip a w a y while you sit. A nd
the hard-w orking w orld passes the man w h o sits. T en
years ago a man in this town exch an ged his job as fo re
man of a large building concern for a street commissionership. T h e pay was about the same in either case. W h ile
he sat on his commissionership the building w orld passed
him. Construction has so changed in ten years that were
he to go back to his old em ployer he would go back as
a trowel man. O ne of his former underlings n ow holds
the foremanship. H e himself to day is desperately ha n g
ing on to the uncertain fortunes of politics for his n ext
THE
Saturday, September 3, 1904.
CO M M E R C IA L
y e a r ’s job. T h e hard w o r k of a bricklayer would be gall
and w o r m w o o d to his softened fiber now. H e chose the
easy w a y in the prime of his life. H e will be forced to
the hard road in his declining years. So will e ve ry b o d y
w h o loves his ease. Y o u r hours are a limited quantity.
L e t t in g them pass unoccupied is simply chopping off
chunks of yo ur limited capital and th r o w in g it into the
river. E v e r since you were born you w ere up against the
labor problem.
Y o u must either master it while you
can or it will master you when you can’t.
— T h e Sharpshooter.
O B S E R V A T IO N S .
A bank official said to The Onlooker the other day, “ Why
don't you roast this program of the American Bankers’ A sso
ciation? It reminds me of what Prince Hal of profane mem
ory said when he was auditing Falstaff’s accounts : ‘What a
prodigious amount of sack to a fourpence worth of bread.’ ”
I am not sure that my friend quoted Shakespeare correctly,
but the idea is there just the same. And then he went on
to point out the wonderful amount of entertainment provided
for compared with the somewhat limited time allowed for
business.
*
*
*
And yet I am not inclined to attempt a “ roast;” at least
not an unmitigated one. There is this fact, which is too often
forgotten, that one of the chief purposes and benefits of asso
ciation meetings is to promote acquaintance among those in
the same line of business or in the same profession or avoca
tion. People do not accomplish much in co-operation unless
they know and trust and, if possible, like each other; and this
knowledge, so essential to the success of an association, does
not come about so much through sitting in a convention hall
as it does from discussion on the floor and in the lobby and
through contact in social ways. It is an old saying among
certain of our fellow citizens that the best way to know a
man is to play poker with him. I do not venture to adopt
that theory as my own, but certain it is that the side-lights
are quite as essential as any to the proper understanding of
any man you meet.
*
=K
*
Yet it does seem as though the program for the meet
ing of the American Bankers’ Association, which is to be
held in New York, beginning on the 14th of this month, might
have been arranged to have produced better results than are
likely to come out of the one that has been put in print.
The convention occupies Wednesday, 1 hursday and Friday,
but the entertainment program occupies Wednesday evening,
and both the afternoon and evenings of Thursday and Friday.
It is said that the New Y o r k bankers have subscribed $50,000
for *the entertainment of their guests. There is to be a re
ception in the grand diningroom of the Astor gallery Wednes
day evening and there are to be trips to Luna park both the
other days. Our critical friend quoted above attempted to
perpetrate a very bad pun on the name of this park and the
intellectual character of those who would visit it when they
ought to be attending to business.
*
*
*
Really the chief criticism that seems appropos is the large
time given to formalities and the apparently little time for
dictated in caucus. Perhaps, however, our New Y o r k friends
unless the proceedings are cut and dried and legislation is
dictated in caucus, erhaps, however, our New Y o r k friends
wanted to put their lions on view, and maybe they were right
in supposing that the average country banker— and every
banker not doing business in New \ o r k City is a country
banker— would go some distance and pay fancy hotel bills
for a few days just for the privilege of seeing some of these
lions. Consequently the Right Reverend Bishop Potter, D. D.,
L.L. D., offers the prayer at the opening of the first session,
and Monsignor M. J. Lavelle, Vicar-General, on the second
day. Then Mayor George B. McClellan, who is not a little
talked about as sometime candidate for the presidency, will
welcome the bankers to the city of New York, and then Mr.
Tames Stillman will welcome them on behalf of the bankers
of Greater New York. “James Stillman”— that is a name
to conjure with, and many a country banker looks upon him
with the same awe as the small boy looks upon a president
of the United States or the drum major in a parade. Is he
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
W EST
23
not president of the National City Bank and of the New
Yo rk Clearing House Association, and the financial repre
sentative of Standard Oil, and president of or director in
things too numerous to mention?
*
*
*
There are going to be some good things presented to the
convention and I am not objecting to these good things. For
instance, “ The Money Situation” will be discussed by A. P.
Hepburn, president of the Chase National Bank. But we find
in the second day’s proceedings an address on “ Emergency
Circulation.” However able the speaker and however studied
and complete his presentation, the subject is for the time being
a dead one. What the association can do in the way of in
fluence along this line will be done as the result of the work
of the committe on curre ncy legislation. A s a sop to the
wild w est a K a n sa s member has been asked to describe and
illustrate “ T h e W e s te rn B a nk er.” T h e n an able financier of
Chicago is invited to tell the New Y o r k masters of the Trust
company business how to adjust relations between “ Banks
and Trust Companies.” Still, that is a live question, and
not only deserves formal recognition in the program but
should remain a subject for discussion and action until some
just conclusion is reached.
*
*
*
The third day “ Credit Indemnity and Its Value to the
Banker” is to be treated by the manager of a credit indemnity
company. There is room for much information on this sub
ject. T o tell the truth we never heard a convincing talk on
this subject, though some plausible ones.
Finally, United
States Treasurer Roberts is to talk about “ The Strength and
Weakness of American Finance.” The subject is inexhaust
ible; even as able a man as Mr. Roberts is not likely to get
it all covered and securely tucked in.
*
*
*
W e have no doubt that about a year from now the proceed
ing of this convention will be printed in a neatly printed and
tastefully bound book that for a time will adorn the office
book shelves of members of the association, but we doubt if
more than a bakers’ dozen will read it. There will be good
and wise and informing things in it, but it will gather dust
just the same, serving as a monument to the long-distance
energy and editorial skill of the worthy secretary. Still, we
submit that if the formalities were shortened or some time
taken from entertainment and given to spicy, breezy, off
hand discussion in western style there would be more atten
tive and eager listeners; and if then the best of all this “ hot
stuff” were sent out within ten days it would be read and
have a wide influence. Gentlemen, unwind a few fathoms of
the red tape wound about that program and give the com
monalty a chance.
— The Onlooker.
Milwaukee Money Market.
(S p ecia l C orresp on den ce to T he C om m ercial W e st.)
Milwaukee, Aug. 31.— There is a better demand for money
and discount rates are held firmly at 5 to 6 percent for prime
mercantile paper. With the movement of the new crop,
farmers are paying obligations and a great deal of money is
coming to Milwaukee as a result, but the requirements of an
improved business have drawn down the surplus of some of
the banks and, while they have an ample fund to take care
of legitimate operations, they are no longer shading rates.
Outside property shows improvement and more willingness
is shown in making loans on unimproved real estate. City
property is more active and mortgages are current at 5 per
cent. Larger sums are being sent to the interior of the state
and the northwest to facilitate the movement of grain, and
the fruit trade with the east shore of Lake Michigan is also
absorbing considerable money.
1 here have been moderate
sized shipments to the northern iron mines to meet pay
day expenditures.
WELLS
& DICKEY
E STA B LISH ED
BOND
CO.
1878
DEPARTMENT
H i g h G r a d e S e c u r it ie s for T r u s t F u n d s
In stitu tio n a l F u n d s a n d In d iv id u a l In v e s t o r s
802 GUARANTY BLDG., MINNEAPOLIS.
Tel. Main 590
24
THE
C O M M E R C IA L
W EST
Saturday, September 3, 1904.
THE INCREASING INCOME FROM O U R FARMS.
By Henry D. Baker of Chicago.
The farm lands of the United States represent the
greater proportion of its real capital. W h e n crop after
crop is produced from the soil, the capital still remains
p ractically intact, unless bad judg m en t is used in not
rotating or diversifying the different crops, or unless the
cream of the soil is w ashed a w a y b y the floods, or unless
the productive value is otherwise destroyed or diminished
through various kinds of improvidence or misfortune.
T h e farm lands of the co un try are thus unlimited
sources of w ealth as co mpared with mines and forests,
the annual income from which represents not real income,
but instead encroachments on real capital.
T h e value of the crops produced during a particular
season tend to regu late the value of the capital (the soil)
from which they are produced, just as the dividends which
different securities pay re gulate the value of the securi
ties w hich p ay them. H e n r y G eo rge has spoken of the
“ unearned increm ent” that exists in the appreciation in
land values.
But while the agricultural history of the
United States has true enough shown an enormous
am ount of this “ increment,” yet to say that it has been
“ un earned” is rank injustice to the farmers w h o have
co-o perated with Providence to produce the crops on
w hich not only land values, but the national p rosperity
is based from year to year.
S e cre t o f O u r B e in g a B ill i o n a i r e N a tio n .
T h e re are some people w h o seem to think that it is
only b y speculation that w ealth is acquired. T h e re are
other people w h o hold that hard industry is all that is
needed for the accumulation of the riches of this earth.
T h e r e are others w h o lay stress on smartness, on econ
o m y and on other traits o f lo ng headedness. But while
there are m a n y different w ay s b y which individuals of
our country have g ro w n wealthy, yet to trace out how
the United States as a nation has g ro w n to be a multi
billionaire, w e must primarily consider the record of yield
and prices on our crops.
It is a popular delusion that the size of the crops is
the w hole thing as re gards agricu ltural prosperity. T h e
real pro sp erity of the farm er is often in peril from the
v e r y persons w h o are ready to estimate his crops as
larger and finer than they really are, and so tend to de
press their value. Providence and the farm er’s individual
diligence are responsible for the size of his crops. But
the financial appraisem ent of this joint w o r k of P r o v i
dence and himself, which makes up the “ supply,” is deter
mined b y the m arket “ demand.”
T h e re fo r e in any review of the crop year 1904, such as
appears in this w e e k ’s issue of T h e Commercial W e s t,
and in any sum m arizing of the relation betw een this
y e a r ’s crops and business prosperity for another year, it
is wise for us to lay quite as much emphasis, if not more,
on the condition of demand, as on the condition of supply.
A n d it is the condition of demand that this year is even
more satisfactory than the condition as to supply.
E x ce p t for w heat the supply from this y e a r ’s crops of
the United States will probably be greater than for last
year.
In the a gg r e g a te as re gard s size our crops will
this year v e r v likely be the most abundant in our history,
unless the present bumper prospects on corn should at
the eleventh hour be reduced b y unluck y visitation of
frost. A n d in the a g g r e g a te as re gard s values, it looks
as if our crops would this year bring greater w ealth to the
United States than ever before.
The
H ig h e r
Range
of
W heat
and
Corn.
A t the present w riting the cash price of w heat at Chi
ca go is about $1.10. In A ugu st, 1903, it w as 77H to 9oj4c;
in A ugu st, 1902. it w as 68% to 76c; in A ugu st, 1901, it was
665% to 77c; in A ugu st, 1900, it w as 7 1 % to 76 % c; in
A u gu st, 1899, it w as 69 to 74Hie; in A u gu st, 1898, it was
6.SA to 75c; in A ugu st, 1897, it was 7 5 ^ to $1.07; in A u g
ust, 1896, it w as S3 to 63% c ; in A ugu st, 1895, it was 58%
to 72c; in A u gu st, 1894, it was 51% to 58%c.
A t the present w riting the cash price of corn at Ch i
cago is 56 cents. In A ugu st, 1903, it w as 50^ to 53c; in
A ugust,
1902, it was 54 to 60c; in A ugu st, 1901, it w as 53%
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
to 57%c] in A ugu st, 1900, it was 37% to 4 i% c ; in A ugust,
1899, it w as 30% to 33c; in A ugu st, 1890, it w as 2 9 ^ to
33 % c; in A ugu st, 1897, it w as 26% to 32%c; in A ugust,
1896, it was 20% to 25c.
T h e ge neral drift of those price figures, coverin g a
period of about eight years, has been, of course, signifi
cant not m ere ly of the size of the crops of those par
ticular years, but of the general steady increase in the
m arket demand.
Some of the best authorities of the
w heat trade placed last y e a r ’s consumption of w heat at
6 1-3 bushels per capita as against about 4%2 bushels per
capita back in 1900. W h e a t is ce rtainly not only a “ staff
of life ’ but also, as regard s its consumption, a kind of
yard stick of national progress.
T h e more nations advanced in civilization and in p ros
perity the more w heat flour will th e y consume.
The
present great a w akenin g am o n g the Oriental races is
synon om ous with the development of our enorm ous e x
port trade in Pacific co ast w heat flour to these nations of
the Orient.
T h e re is probably no grain w ho se consumption will
1 espond to price conditions with the elasticity that corn
responds. Corn can never be so plentiful but that there
will not be a broad enough m arket for it, for the cheaper
h o g products, glucose, syrup, starch, beer, w hisky, and
other derivative products from corn become, the greater
will be their consumption.
But it is certainly a fact
w o r t h y of much additional interest, that despite the high
prices for corn during the last three years, the demand,
even at these high prices, has not abated.
F igures of the Bureau of Statistics s h o w that the
w heat consumption of the United States in the fiscal year
1904 w as the largest in the history of the country. T h e
table which follo w s shows the quantity of w heat retained
for consumption in total and per capita in each fiscal year
from 1890 to and including 1904:
Fiscal year.
Wheat and flour a retained
for home consumption.
T o ta l.
P e r capita.
Bushels.
Bush<
09
1890 .......................
1891 ......... ...........
4 59
1892 ...............
5 94
1893 ............................
4 89
1894 ...........................
3 44
1895 ............................
4 59
1896 ...................
4 85
1897 ............................
3 95
1898 .......................
4 29
1899 ............................
09
1900 ...................
4 74
1901 ...................
3 95
1902 .......................
50
T903 ...........................
5 81
1904 ...........................
6 33
a Wheat flour reduced to bushels of wheat at equiva'
lent of 4)4 bushels of w heat to a barrel of flour.
A n d n otw ithstanding we seem likely to have this year
a crop of 2,^00,000,000 bushels, corn is n ow about 56 cents
per bushel. In 1896 the total crop was 2,283,875,165 bushels,
but the price in A u g u st of that year w as 20^ to 25 cents_
not half w hat it is now!
L e s s e r Y i e l d B u t G r e a t e r C a sh V a l u e .
In his last annual report to the Ch icag o Bo ard of
I rade, S e c t e t a r v Stone sho w ed how, n otw ithstan ding
there w ere lesser yields of some co m m odities than the
year before, yet the cash values were much greater. He
says:
“ O ur production of w heat in 1903 a g g r e g a t e d 637,822,000 bushels; of corn, 2,244,177 bushels; of oats, 784,094,bu s h e ls ; of rye, 29,363,000 bushels; of barley, 131,864,000
bushels, s h o w in g a total yield of the principal cere als of,
in round numbers, 3,387,317,000 bushels, valued on the
farm at $1, 739,715,476 , g ro w n on 172,095,117 acres. O u r
crop of ha y a g g r eg a te d 61,306,000 tons; the yield o f pota-
THE
Saturday, September 3, 1904.
C O M M E R C IA L
toes a g g r e g a t e d 247,128,000 bushels, valued at $151,638,000,
produced on 2,916,855 acres; the yield w as $17,527,000
greater, s h o w in g the la rgest valuation re corded in any
year, and m ore than twice that of 1896.
“ T h e farm value of the chief cereals, of hay and of
potatoes, raised in 1903, amounted to $2,447,731,450. T h e
crop of w heat w as 32,241,000 bushels less than that of the
preceding year, but its farm value was $20,841,000 greater;
its valuation w as in excess of the value of the crop of any
year excepting that of 1901.”
A
C urio us
C o n tra st
in
Prices.
T h e purpose of this article has been to sho w that
while crops m a y v a r y in size from year to year, yet as
re gards the cash income from them, that seems in a ge n
eral w a y to increase from year to year w h ate ve r the size
of the crops.
L a s t y ea r (1903) the total farm value of the chief
cereals and of ha y and potatoes was nearly two billion
W EST
25
and a half dollars, and this year it promises to be much
greater than last.
So far as the mere size of the crops is concerned, it
would seem rather unreasonable, for instance, that a crop
of w heat of 467,267,417 bushels w heat (the estimated crop
of 1894) should, in January, 1895, be selling so low as
48% cents per bushel, while the 1904 crop of wheat, which
at the present estimates is 500,000,000 bushels, should be
selling at $1.10 per bushel. It would thus appear that
while supplies fluctuate from year to year, y e t the mark et
demand steadily increases. T h is fact should be consid
ered a v e ry stro n g “ bull” argument, not only on land
values, but on the general future business condition of the
country, for eve ry increase over this tw o billion and a half
farm land increase of last year, means just so much more
increase in the purchasing po w e r of the A m erican people,
and just so much more business for all our industries,
and just so much m ore w a g e s and profits for all our p eo
ple anxious to be tter their condition of life.
C H IC A G O BANK NEWS AN D GOSSIP.
("Special C orresp on den ce to T he C om m ercial W e s t.)
Chicago, A u g. 31.—-Chicago bank clearings improved
m aterially in A ugu st. T h e y amounted to $7I 7>986,675, as
com pared with $666,159,334 in A u gu st, 1903, a gain of $5 I r
827,341. T h is g o o d record brings the total clearings so
far this year to $5,778,293,776, an increase of $46,477,747
o ver the figures for the corresp ond in g period of last year.
U p to the end of July clearings show ed a decrease on ac
count of the lull in business. T h e change is attributed
la rge ly to the active speculation in grain.
T h e state auditor has issued a permit to Charles F.
Strubble, John B. Farw ell and John E. L en ne to organize
the F irst L a b o r B a nk of Chicago, with a capital of $200,000. T h e in corporato rs are members of the machinists
union.
D irecto rs of the Illinois T r u s t & Savings bank will
meet next T u e s d a y to declare the usual extra dividend of
1 per cent.
T h e issue of City of Reading, Pa., bonds, w hose leg al
ity was contested by N. W . H arris & Co., has been de
clared invalid by Judge E ndlich of Reading.
John J. Mitchell, president of Illinois T r u s t & Savings
bank, returned this w e e k from N e w Y o r k , and in speak
ing of the situation, said: “ I found the leading people in
W a i l Stre et bullish on the situation and more than hopeful
of the outlook, both for the immediate future and the
months to come. Mr. M o rg a n is particularly optimistic.
O th er bankers seemed to feel the same w ay. O ne p ro m
inent bond house recently made a sale of $10,000,000 bonds
to F rench investors.”
“ T h e r e seems to be a more confident and better feeling
over the general business situation than has been observed
for tw o years past,” said E d w a r d S. L ace y , president of
the B a n k e r s ’ National bank.
T h e new Prairie National bank opens for business to
m o rr o w in its quarters at 159 L a Salle street. T h e bank
has a capital of $250,000, and surplus of $50,000, and is
controlled b y Prairie State bank interests.
C o n d itio n of Chicago S ta te B anks.
T h e Illinois state auditor has compiled for the use of
the co m ptroller of the currency some in teresting figures,
s h o w in g the operations of Ch icag o State banks in the pe
riod from A u g. 11, 1903, to June 30, 1904.
O f the tw en ty -e igh t State banks in the city, tw e n ty -tw o
paid dividends a g g r e g a t i n g $1,902,605.78, which is equal
to 5 per cent on their combined capital, surplus and un
divided profits, or 8.7 per cent on their capital alone.
T h e ir combined capital was $22,000,000, surplus was $12,865,000, and undivided profits w ere $3,922,008.99, m akin g a
total of $38,787,008.99.
A d d i n g the figures of the six banks which w ere not on
a dividend basis, the combined capital w as $24,000,000,
while the surplus stood at $13,215,000 and undivided profits
at $4,013,494.77, a total of $41,288,494.77. Gross earnings
were $13,384,088.45; equal to 32j4 per cent on total capital,
surplus and undivided profits, or 55.8 per cent on the capi
tal alone. Net earnings were $4,135,183.64, equal to 10
per cent on capital, surplus and undivided profits, or 17.2
per cent on capital alone.
T h e total investments w ere $245,596,348.69, on which
gross earnings w ere 5.4 per cent. L o s s e s and depreciation
charges am ounted to $1,270,387.03,
of 1 per cent on total
investments, or 9JZ per cent of gross earnings.
Ex
penses, taxes and interest on deposits made a total of
$7:978,517-78, which is 3.2 per cent of total investments, or
59.8 per cent of gro ss earnings.
Creameries in Minnesota.
W estern Patents.
T h e “ N o rth w e ste rn L in e ” has issued a v e r y interesting
review of the cream ery interests of Minnesota, with spe
cial reference to the development along its o wn lines. A
feature of this bulletin is a map sho w ing the location of all
creameries and cheese factories in the state. I he pamphlet
refers to the sco rin g co ntests conducted during the last
three years and their educational value. In 1900 there
were 582 creameries and 60 cheese factories in operation,
while during 1903 there were 769 creameries and 80 cheese
factories in actual operation.
T h e output of creamery
butter last year was 75,000,000 pounds, which at an average
of 20 cents per pound would amount to $15,000,000. T h e
fo llo w in g table gives the principal cream ery statistics for
1903:
T o ta l number of creameries in s t a t e ...............
769
M ilk received, pounds ............................................. 1,652,325,525
Butter sold to p a t r o n s ............................................
3,288,791
Butter sold to others, not shipped, pounds. . . .
433,543
Butter sold and shipped within state, pounds. .
7,380,712
Butter sold and shipped out of state, pounds.
63,196,954
A m o u n t paid patrons for m i l k ...............................$12,262,162.72
T o ta l number of cream ery p a t r o n s .....................
54,000
T o ta l number of cow s supplying milk to
creameries ..............................................................
428,222
The following patents were issued last week to Minnesota
and Dakota inventors, as reported by Williamson & Merchant,
patent attorneys, 925-933 Guaranty Loan building, Minne
apolis, Minn. :
Amundson, H. O., Alexandria, Minn., brewer box.
Brutlag, H. W., Fulda, Minn., belt guide.
Burgherdt, H. B., St. Paul, Minn., thread cutter.
Hachmann, Frederick, St. Paul, Minn., trolley.
Hanson, Paul, St. Paul, Minn., (2) mower, and draft
equalizer.
Hetleli, Ole, Fosston, Minn., brush breaker.
Hedlund, John., St. Cloud, Minn., fish hook.
Holmgren, Swan, St. Paul, Minn., folding bed.
Mackenzie, J. A., Minneapolis, binge hoisting machine.
Shenahan, J. M., Worthington, Minn., barber’s turn.
Thompson, Z. L., Elmore, Minn., combined wrench and
pliers.
Vejroste, Frank, Silver Lake, Minn., corn busker.
Walsh, Frank L., Long Lake, Minn., mail box.
Weimer, Wm. S., Pleasant Lake,.N. D., spark arrester.
Williams, Ezra T., Duluth, Minn., cutter for dredges.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2Ó
THE
C O M M E R C IA L
W EST
Saturday, September 3, 1904.
WATSON & COMPANY,
BROKERS
Chamber of Commerce, M inneapolis---- 24 Broad Street, New Y ork
S to c k s ,
B o n d s,
JVl K
NEW YORK STOCK EXCHANGE.
CHICAGO STOCK EXCHANGE.
WINNIPEG GRAIN EXCHANGE.
G r a in ,
M B
P r o v is i o n s .
E R S t
CHICAGO BOARD OP TRADE.
NEW YORK PRODUCE EXCHANGE.
MINNEAPOLIS CHAMBER OF COMMERCE
ST. LOUIS GRAIN EXCHANGE.
Private Wires to Chicago, New York, and Other Cities.
MA!NiMH
ANDEMAmLf,:7.
FOREIGN EXCHANGE AS VIEW ED IN C H IC A G O .
(S p ecia l C orresp on den ce to The C om m ercial W e st.)
Ch icago, A u g. 29.— T h e present position of the fore ign
exch an ge mark et is a matter of some surprise to close
observers. T h e m arket remains near the high price of
the year, w hich is unusual at this season. O rdin arily a
decline takes place in A u g u st on accoun t of sales against
anticipated shipments of- cotton.
D em and sterling w as at the lowest point in the last
year in N ovem ber, 1903. It opened in January at 484^,
and since then has advanced steadily until it rose above
488 early in A ugu st.
It has reacted a little from that
point.
T h e firmness which has been the feature of the mark et
is due to the fact that E urope stopped buyin g our cereals,
and also to the reduced shipments of meats b y Chicago
packing houses on accoun t of the labor troubles.
It is n ow evident that the price of the new w hea t crop is
gettin g to a point where E urppe will not buy of us unless
obliged to do so. T h e influence of the strike on p ack
ers’ bills will probably not continue v e r y long. B y either
settlement of the strike and restoration of the old men,
or increased efficiency on the part of the non-union sub
stitutes at the stock yards, the output of p ack ing plants
will be raised to the normal figure. T h e companies will
then be able to meet the domestic dema'nd, which will be
larger w ith the approach of winter, and ship to foreign
customers as before.
T h e decrease in foreign travel, as an influence tending
to make the mark et lower, has not had material effect.
Business conditions have caused a great reduction in
the number of A m erican s traveling abroad. T a l k of hard
times has been responsible for some sentimental e con o m y
in vaca tion trips, but there are m any people w ho were
_so crippled financially b y the stock m arket fall of 1902
that their fortunes and incomes do not permit a lavish
scale of living and will not for some time to come.
T h e approach of exch an ge towards the gold shipping
point has led to talk of exports several times within the
last few weeks, but the easing of the m arket before ship
ments could be arranged at a profit has made possible
the purchase of bills to better advantage. If shipments
are made they w ould benefit this country by relieving the
pressure of m on ey which makes the low rates prevailing at
the great centers. T o have m o n ey in m oderate demand
would indicate better co mmercial health and would stim
ulate business.
If the m o n ey situation in N e w Y o r k and L o n d o n were
reversed it would invite sales of exchange to he co vere d
m by purchases of cotton bills later. But w ith m on ey
easy in the coun try and firm in L ondon, loans could not
be made here to advantage, and the short interest would
be unable to buy in later at a profit.
1 he amount of cotton bills in the next few months
will be v e ry large, but the scarcity of exch an ge at present
indicates that they will be absorbed w ith out extre me
fluctuations in price. It m a y be mentioned in this con
nection that southern ports are already filled with v e s
sels w aiting for cotton. E nglish spinners w ant to make
up as far as they can for the small output caused by the
prohibitive price of co tton last year.
It was expected that the payment b y the United States
governm en t on account of the Pan am a canal would cause
some m ovem ent in the market, but the fluctuation which
resulted was in reality slight.
F o re ign bond rates have been altered little.
The
B a nk of E n gland rate is now 3 per cent. F ro m October,
I 9° 3 > it remained at 4 per cent until April 14, 1904, when it
was lowere d to 3F2. A w ee k later the rate w as reduced to
3 per cent, and since then it has been held at that figure.
T h e G erman bank rate has been 4 per cent since June 18,
1903, and the Paris rate has remained at 3 per cent since
May, 1900. N o immediate changes are anticipated in these
rates.
A d vice s from E n gla n d as to the business situation are
unsatisfactory. T ra d e is restricted generally, and bank
ers are complaining of los.ses and of decreased profits.
F ro m facts n ow apparent exch an ge will he steadier
throu gh the balance of the year than at the close of 1903.
A s m o n ey is w orth more here than in any coun try of
E urope with the exception of France, w here the Panama
p aym ent has made rates low, it is not probable that the
low level of last year will he reached at any time.
Change of Location.
An Exposition Convenience.
Sidney C. L o v e & Co., brokers of N e w Y o rk, Chicago
and St. Louis, announce that for the convenience of their
clients and friends they have established a branch of
their St. Louis office at the St. Louis Exposition, in w hat
is known as the Russian building, controlled b y the Roltair Concession Company. T h is office is connected by
telegraph wire and b y telephone with their St. Louis o f
fice, which latter connects directly with the Ch icag o and
N e w Y o r k offices b y direct exclusive private wires. T h e y
will be able to furnish quotations in this office on stocks,
bonds, grains, provisions, coffee and co tton at all times,
and offer their private wire for the use of their customers.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Dean Bros., Minneapolis commercial paper brokers,
are in their new offices, 127 G uaranty building, on the
gr ound floor. T h e y were fo rm erly at 915 G uaranty build
ing.
ONLY
$ 13.00 T O
S T . L O U IS
AND
RETURN.
F ro m Minneapolis via the Minneapolis and St. Louis
Railroad. T ic k e ts on sale July 11 and 25, with return
limit of seven days, exclusive of date of sale, go o d in
chair cars and coaches. T h is is y o u r chance to take in
the W o r l d ’s F air at an e xtrem ely low rate. T w o through
trains daily, ca rryin g dining cars, through coaches, etc.
A ll trains pass in full v ie w of E xpo sitio n buildings and
stop at main entrance to grounds. Call on agents for
particulars, or address A. B. Cutts, G. P. & T . A., M inne
apolis, Minn.
26-a
T H E C O M M E R C IA L W E S T .
Saturday, September 3, 1904.
F. A. C H A M B E R L A IN , Prest.
PERRY H A R R IS O N , Vice-Prest.
E. F. MEARKLE, Vice-Prest.
T H O S . F. H UR LEY, Cashier
FRED. SPAFFORD, Asst. Cashier
THE SECURITY BANK OF MINNESOTA
M IN N E A P O L IS , M IN N E S O T A
S T A T E M E N T O F C O N DIT IO N AT C L O S E O F B U S I N E S S J U N E 9, 1904.
L oans an d D is c o u n ts ................................................... ...$6,992,418.41
33,140.92
O v e rd ra fts.......................................................................
161,496.89
U. S. an d o th e r B onds, S to ck s and S e c u r itie s ... . ..
164,886.03
B a n k B u ild in g an d o th e r B e a l E s t a t e ..............
Cash on h and , an d due fro m B a n k s....................... .: 2,453,752.23
C ap ital paid i n ................................................ .................$1,000,000.00
399,705.57
Surplus and U n d iv id ed P r o fits ................. ................
D ep o sits.............................................................. ............... 8,405,988.91
$9,805,694.48
$9,805,694.48
FOREIGN EXCH AN G E B O U G H T A N D SOLD
Travelers’ Letters of Credit and Travelers’ Checks good the world over issued
C H IC A G O BANKI NG DEVELOPMENT.
(S p e cia l C orresp on den ce to T he C om m ercial W e s t.)
Chicago, A u g. 27.— T h e present lines of development of
Ch icag o banks indicate tendencies which in time will
g r ea tly enlarge the influence of the city as a banking cen
ter.
Officers of banks are not sitting quietly while w aiting
for the c it y ’s inevitable commercial g r o w th to give them
new business. H o w they are seeking new connections is
a m atter of interest.
In the first place it m a y be stated that the number of
co un try accounts and the volume of their deposits are
g r o w i n g v e r y rapidly. In n ea rly e ve ry bank one official
or m ore devotes his principal time to the upbuilding of
co un try business on a scientific basis.
T h e co u n try banker w ho se custom is solicited is shown
a large list of points at w hich the city institution can
collect checks at par, by means of reciprocal a rra n ge
ments w hich it has made. H e learns of the convenience
of C h icag o as a place of deposit for re serve balances.
P a st experience has revealed that Ch icag o banks, wellequipped and of k n o w n standing, can secure large accounts
fro m re mote points. L ik e bo y s w h o have o u tgro w n their
youthful environm ent and have ambition for new activi
ties, Ch icag o banks have ceased to seek business in sur
rounding states only. T h e co nnections form ed with dis
tant places in the W e s t and South are of importance and
value in a number of banks.
Several years a go a C h icag o bank began a system atic
ca m paign for southern business. A t that time “ the new
iife of the S o u t h ” w as not so familiar a phrase as it is
today. T h e finances and industries of southern co m m uni
ties w ere not on as substantial a basis as th e y are now.
N e ve rthe less w hen the matter o f accounts in Ch icag o w as
pre sented it pro ved attractive, and m a n y desirable con
nections w ere formed. T o d a y the banks of Ch icag o sho w
that the effort to secure southern business w as wise.
C h icag o banks have m a n y important balances from south
ern concerns. W i t h the increase in w ealth and industrial
a w a ke n in g of the South, these connections will becom e
still greater in value.
O f the W e s t — N o rthw e st, Middle W e s t and Southw est
— much the same sto r y m a y be written. T h e development
of closer relations w here some already existed, and the
form ation of n ew relations w here none had been, added
m a n y thousands of dollars to the deposits of Chicago
banks.
No
P re m iu m s f o r
D eposits.
It is a fact w o r t h y o f emphasis that all the deposits
of outside co ncerns have been gained w ithout the p ro m
ise of exorbitant interest. T h e reputation w hich Ch icag o
institutions gen erally bear for adherence to safe methods
and freedom from speculative entanglements is a matter
of pride with their officers.
In other directions also Ch icag o ba nks are gro w in g.
Se veral are doing a bond business on a large scale, and
have regu larly organ ized departments.
It w as not m a ny years ago that the first foreign e x
change department in Ch icag o w as opened b y the First
N ational bank. N o w a number of banks have w e ll-o rg a n
ized departments, with w idespread E uro pean and other
fore ign connections, and transact eve ry branch of busi
ness.
C o m m u n ity
of
In te re s t.
T h e extension of the co m m unity of interest idea to
Ch icag o banks promises to be a factor of much conse
quence in the future. It is already of some importance.
T h e harm onious relations existing betw een some of the
larger banks is one indication of this feeling. T h e estab
lishment of smaller banks b y larger institutions is anoth
er. T h is latter m ove is one of the most important in the
banking history of the city.
T h e smaller banks which have been started under the
auspices of older institutions have been with one exce p
tion, savings banks. T h e total savings deposits are la
m entably small, compared w ith w hat th e y should be in
a city of this size. T h e fact is w ell k n o w n that since a
number of savings banks, failed in Ch icag o some years ago,
thousands of that class of people w h o s e confidence is
hardest to get have kept their savings in deposit b o x es
or even in holes in the ground, tak ing the risk of the b o y
who, on bein g told that m o n ey would grow , immediately
planted his fath e r’s w allet in the earth, but w as unable
ever to find it again.
So far, deposits in the n ew savings banks have am ply
justified the appeals which th e y have made. N o t only the
new banks, but the older ones w hich do a savings busi
ness, have had great increases in their deposits.
The
“ n eig h b o rh o o d ” savings banks, such as those at the stock
yards, have built up a large business. T h e savings busi
ness is in the city, it is only a question of h o w to ge t it.
T o those w h o are familiar w ith the situation it is evi
dent that in no w a y are C h icag o banks g o in g backw ard;
but in e ve ry w a y th e y are progressing.
A Minneapolis Business Change.
T h e T h o u s a n d Is la n d s.
O n W e d n e s d a y of this wee k, A u g. 31, the M cC aullW e b s t e r Grain C o m p a n y of Minneapolis, terminated its
active existence and was succeeded b y the M cC aull-D insm ore Company, officered as fo llo w s: President, J. L. McCa ull; vice-president, R. A. D in sm o re; secretary, S. J.
M cC a u ll; treasurer, A. M. Dinsmore . T h e new co m p an y
asks for the continued p atron age of the customers and
friends of the old one.
In all the land, ran g e up, ran g e d ow n ,
i
Is there ev er a p lace so p leasan t a n d so sw eet?
T here m a y be som ew h ere on the earth a m ore d eligh tful
region than th at o f the T h ou san d Islands, bu t if there is, it has
n ot been d iscovered . It is as fine a s the B a y o f N aples, w ith
2,000 p ictu resqu e Islands sca ttered alon g the tw en ty -fiv e m iles
o f one o f the m ost bea u tifu l riv e rs in the w orld. Y ou can find
out a great deal reg ard in g it in N o. 10 o f the ’ ’ F o u r -T r a c k
S eries,” ‘ ‘T he T h ou san d Islan d s” ; issued b y the N ew Y ork
Central. A co p y w ill be m ailed free on receip t o f a tw o -c e n t
stam p, b y G eorge H . D aniels, G eneral P assen g er A g en t, Grand
Central Station, N ew Y ork.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
TH E COM M ERCIAL WEST.
2 Ó -b
Saturday, September 3, 1904.
REVIEW OF FOREIGN EXCHANGE FOR YEAR.
By M. Krell, Manager Foreign Banking Department, Commercial National Bank, Chicago.
i h e fluctuations in the rates for, foreign exchange
during the last twelve-m onth have reflected the m o v e
ments in exports and imports, as well as the v a r y in g con
ditions of the m o n ey market.
A s early as in July, 1903, exch an ge rates began to de
cline, and b y the month of A u g u st the average rate for de
mand drafts on L o n d o n w as not more than about 485E2.
T h e re w as a slight re co v e ry in September, but the in
creasing demand for m o n ey and extraordin arily large e x
ports of co tton during the fo llo w in g months depressed e x
chan ge to the lo w e st point reached for several years.
O n various occasions ba nk ers’ checks on L on do n sold
as low as 482.75, at which rate considerable imports of
gold could he made, that assisted us materially in financ
ing the large crops of last year.
T h e prevailing low rates induced a great m a n y insti
tutions to invest large ly in long time bills of exchange,
which proved a remunerative operation, as, w ith the turn
of the year, exch an ge rates appreciated considerably, while
m o n ey could not be invested on this side as favo rably as
during the fall months.
Bills of exchange, drawn against exports of cotton,
form ed the principal supply, since v e ry little w heat was
exported, and bankers had almost ceased to create e x
change by draw ing lo ng paper on their E uropean con
nections.
A s the year 1904 progressed, the m o n ey situation b e
came considerably easier and rates for time m o n ey de
clined to the lowest basis we have seen for a number of
years. T h e easy condition of the m o n ey m arket caused a
gradual advance in foreign exch an ge rates, until they
nearly reached a point w here it would p ay to ship gold to
the other side. H o w ev er, actual exports have not taken
place, as the E uropean m o n ey centers were too w ell sup
plied with money, the stock of gold in the various state
banks of E urope havin g reached unprecedented p ro p o r
tions. T h u s we have seen “ on demand L o n d o n ” selling
as high as 488.50, which is within a fraction of the export
point.
.
A lth o u g h there has already been a decline fro m the
high summer rates of exchange during the last few days,
and bills m a y sell much b e lo w the present level, w e are
not likely this fall to witness such e xtre m e ly low rates as
last y ea r— for the reason' that m o n ey is v e r y easy, that
w heat exports will be v e r y small, and, further, that E u r o
pean m o n ey mark ets m a y invite deposits at remunerative
rates compared w ith the call m o n ey m arket in N e w Y o r k .
NEWS OF C H IC A G O C O R PO R ATIO N S.
(S p ecia l C orresp on den ce to T he C om m ercial W e s t.)
Chicago, A u g . 31.— N e w interest in the traction situ
ation is aroused b y the report to day that a syndicate with
$36,000,000 has been organized to buy the C h icag o City
R a ilw a y C o m p a n y and m erge it with the U nion T ractio n
lines.
T h e eastern interests in the Union T ra ctio n C o m
pan y have w anted the C ity R a ilw a y p ro p erty for some
time, because its credit w ou ld enable them to b o rro w the
m o n ey needed to rehabilitate the T ra ctio n system. T h e y
have always show n less fear of the outcome of n eg otia
tions with the city than the Ch icag o people, and appear
w illin g to go ahead in the belief that their franchise
rights will be protected.
T ra ctio n stocks show ed important advances y esterd a y
and to d ay
revealed the
bu y in g
of
confident
interests.
U nion T r a c t io n pre ferred sold at 41, or 6 above y e s te r
d a y ’s close and 10 above M o n d a y ’s.
from 754 to 8%.
T h e com m on rose
T h e s e are unusual prices for a com pany
in the hands of a receiver. N orth Ch icag o was quoted
at 85, an advance of 5, and W e s t Ch icag o rose 5. City
R a ilw a y touched 190 on T u e sd ay , but sold to d ay at 18654.
T h e m eeting of stockholders of the Ch icag o & A lto n
Railroad, the old company, which w as called for to day
in Ch icag o to authorize the issue of $5,350,000 refund
ing 3 per cent bonds, has been postponed for one w ee k
be cause E. H. H arrim an has not returned from Europe.
C H IC A G O
M ONEY MARKET.
Ch icago, A u g . 31.— T h e attitude of lenders sho w s a
belief that the demand this fall will w arrant some in
creases in rates.
C h icag o bankers are a sking higher
rates on new business, and still try to keep maturities of
loans within the present year. B y the b eginn in g of 1905
they think business will have improved sufficiently to
m ake a good, healthy demand for money.
L es s concern is felt over the large unem ployed funds,
as the return m o vem ent of m o n ey to the coun try is n ow
w ell under w ay, and sharp reductions in deposits are
expected for awhile.
D e velo pm en ts of the n ext fe w w ee ks are awaited with
the keenest interest but with no apprehension. Reports
of abundant m o n ey at all centers have never in recent
years been so general. T h e extent to w hich the country
ba nks have shared in the ease is v e r y unusual.
T h e business situation in m a ny interior communities
has not changed, for banks continue to be buyers of bonds
w ithout fear that the m o n ey will be needed in the fall for
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Substantially all of the co m p a n y ’s stock is owned b y
the new Ch icag o & A lto n Company.
T h e Pullm an c o m p a n y ’s plant will be closed, it is re
ported, until orders ju stify a reopening.
D irecto rs of the Republic Iron & Steel C o m p a n y took
no action on the preferred dividend at their m eeting this
week. If dividends w ere bein g paid, action w ou ld have
been taken at this meeting. President A. W . T h o m p s o n is
quoted as saying, regard in g the situation:
“ T h e trade conditions of the co un try are better, and
iron and steel are feeling the im provem ent with other
things. T h e recent cut in prices has had v e r y little e f
fect in stimulating demand. It is almost too soon for that,
h o w ev er; it is g o in g to help matters later.”
T h e B r ya n t & M a y Company, Limited, of E ngland,
which is controlled by the D ia m o nd M atch Company,
reports for the year ended June 30, 1904, net profits, added
to the balance bro u ght fo rw ard from the previous year
after charg es, of £07.688. A ft e r pay in g tw o dividends of
3s 6d on the pre ferred shares, and tw o of 2j4 per cent
on the deferred shares, a balance of £10,486 w as left.
T h e directors say that the c o m p a n y ’s business has co n
tinued good, notw ithstan ding the great depression in trade
throu ghou t the country.
It is gen era lly considered that the South Side E l e
vated road has made a v e r y favorable contract with the
A m erican B rid ge Company, as the co m p an y set a low
price for the construction w o r k on the n ew extensions
in order to secure the business for the U n ited States Steel
Corporation.
mercantile or m anufacturing purposes.
L a r g e city banks will be greater helps in the w o r k of
m o v in g the crops this fall than for several years past.
M a n y of their loans are in the fo rm of securities w hich can
be sold readily, or in call loans to w hich no particular
obligation to pro tect the low-rate bo rr o w e r attaches. H ig h
rates in any com m unity will attract m oney, which, like
any other commodity, always seeks the best market. T h e
demand is not so great in the large cities that the banks
will not be able to afford help to coun try institutions
which are sound and in need of help. W a l l Street does
not offer attractive rate’s this fall, and, notw ithstan ding the
continued advance in the stock market, the public does
not seem inclined to enter on a scale broad enough to in
v o lv e the use of a. larger volume of m o n ey for speculative
purposes.
Some demand from elevator and grain borro w ers is re
ported by banks which handle that business, but other
wise no special new inquiry is reported. Rates are quoted
at 4 to 5 per cent. F o r commercial loans 454 is now
asked generally.
Saturday, September 3, 1904.
THE
C O M M E R C IA L
W EST
26c
A GREAT W HEAT COU N TRY.
B y Théo. M . Knappen, Secretary of the W estern Canadian Immigration Association.
It is ge n era lly conceded b y authorities on w heat g r o w
ing, that w estern Canada is the co m in g w heat country
o f the N orth A m erican continent.
T h e United States
census of 1900 show s by elaborate figures how the center
o f w hea t raising on this continent has m oved steadily
w est and northward. In 1850 the w heat coun try w as in
O h io ; in 1900 it was in n orthw estern Iowa. B y center,
in this connection, is meant a point w here the east and
w est and north and south lines divide the w heat areas
into regions of equal w heat production. O f course these
census figures had reference only to w heat production in
the United States. If the center had been calculated for
the United States and Canada, it w ou ld probably have
been located som ew here in southw estern
Minnesota.
Iow a, itself, produces little wheat, but the balance of
production betw een the so uthw est and northw est makes
the center in that state.
T h e tendency to g o out of
w hea t raising and into other form s of agriculture, is n ow
v e r y pronounced in South and N o rth D a k o ta ; those
states have raised as high as 220,000,000 of w hea t; last
y e a r they raised only about 150,000,000, and the millers
pf Minneapolis w ere co mpelled to import much w heat
from N e b ra sk a and Kansas.
O n this continent the new er co un try has a lw a y s been
the w hea t country.
W e s te r n Canadah has hardly be
gun to cultivate the area of go o d w heat land at its co m
mand, and yet it has already raised as high as 65,000,000
bushels of w h ea t in -one year. T h is season more than
3,400,000 acres w ere seeded to wheat, and the total p ro
duction, at the rate of 20 to 25 bushels per acre, which is
w h a t th e y can expect in western Canada, w ould have
given a total crop of som ew here around 75,000,000 bush
els. R ust seems to have prevented the realization of this
hope, but at least a fair crop is n ow bein g harvested.
There is little doubt that within five years w estern Can
ada will be p roducin g as much w heat as Minnesota and
the t w o D a k o ta s n ow produce. T h e increase in both the
acreage and total production will be accelerated as the
northw estern states go out of w hea t g r o w in g and the
agricu ltural population of w estern Canada increases.
T h e a verage yields o f w heat in this new coun try are
simply amazing. T h e a verage in M anitoba for tw en ty
years is 20 bushels to the acre, and it has gone as high as
26; the acreage in the territories is about the same. C o m
pare this with the 14T2 bushels of Minnesota, the leading
N o rth w e ste rn w heat state, and it will be seen that the
claims of w estern Canada to be the largest w h e a t-g r o w in g
coun try are well grounded. T h e w hea t is ge n era lly of
a v e ry fine hard q u a lity ;.N o . 1 hard, n ow almost unknown
in Minnesota, is v e r y common at W in n ip eg.
T h e success o f w estern Canada in w hea t production
is due to its virgin soil, and the fact that the lo ng sum
mer days in northern latitudes give the g r o w in g w hea t
much more sunshine than it gets farther south, and to
the cool nights. Much is heard about frosted w hea t in
w estern Canada, but as a matter of fact it is of little
consequence; about 8 per cent of the total crop is frosted
to some extent, but there is always a go o d market, even
for frosted wheat.
W h e n it is re membered that these magnificent yields of
w heat are secured on land that m ay be bo ug ht for a few
dollar per acre, or taken freely as homesteads, it is easy to
understand w h y farmers are ge ttin g rich raising w heat
in w estern Canada.
C o nsidering all the factors that enter into the situa
tion, I think that w estern Canada within tw o decades will
be T H E w heat co un try of A m erica.
T W O V I E W S OF T H E F AR M L A N D AND M OR TGAGE
is a go o d deal o f talk about rust, but I think 75 per cent
of Ransom c o u n ty ’s w heat acreage is in macaroni wheat,
which is p ractically not affected. It is m y impression that
the story told b y the thresher will make figures lo o k bet
ter than th e y have so far.
There seems to be a heav y demand for farm m o rt
gages, indicating a surplus of m o n ey lo oking for invest
ment. D u rin g this summer I have had more m o n ey o f
fered than I could obtain m o rtg ag es to cover. Careful
and conservative investors are beginning to realize that
a N o rth D a ko ta farm is just as safe, makes its payments
just as promptly, and w hen purchased of a reliable and
well-established agency, is fully as desirable as an Illinois
or an Io w a m o rtg ag e, and has the additional advantage
of p a y in g a trifle better interest. T h e Illinois, Io w a or
other farmer from the older states, w a n tin g to buy go o d
land at $30 an acre, would be tter be doing it this year, be
cause in a few years, and v e r y likely next year, the land
in Ransom county, N orth Dakota, and adjacent sections
will p ro ba bly be w orth more than it is now.
— -W. L. Williamson.
SITUATION .
(S p e cia l C orresp on den ce to T he C om m ercial W e s t.)
Glenwood, Minn., A u g . 26.— T h e demand for farm lands
in this vicin ity has been rather light this year. T h e re are
a few sales made to actual settlers, but speculative buyers
seem to be out of the m arket entirely. Prices of farm
lands have not advanced during the last tw o years, but
neither have they declined, as I learn has been the case
in some sections south of here.
Prices w ere advanced too fast some years ago, and it is
n ece s sa ry to have a breath ing spell for a time in order that
values m a y be adjusted and out on a solid foundation.
H a d the crop been w hat it prom ised some time a go to
be, I had looked for an active m arket the co m in g year.
Still .the time will soon co me again when we shall see a
large demand and higher prices.
T h e re has been quite a go o d demand for m o n ey for
farm loans and rates have been som ew hat better than
th e y were tw o years ago, but there is plenty of m o n ey to
supplv the demand.
— T h e o d o r e Aune.
A
North Dakota Opinion.
(S p e cia l C orresp on den ce to T he C om m ercial W e s t.)
Lisbon, N. D., A u g u s t 26.— A s you know, I am selling
n oth in g but m y holdings and do not dabble in farm m o rt
g a g e s or loans, unless people w an t to sell, there fore I can
speak only from m y o wn personal standpoint. I buy and
sell R ansom county land, of w hich I have been quite an
extensive holder for a number of years, and still have a
considerable holding, w hich I do not regret at all.
M y land business for 1904 has been quite as go o d as
for 1903, and the prospects at this time are for a better
land business this fall. Illinois, Iow a, W isco n sin and M in
nesota all have g o o d crops this year, there fore those p eo
ple w h o have rented all their lives w ith never a prospect
of g e ttin g out of debt or of ow n in g an acre of land of
their own, find themselves in position to make a move to
better their outlook, and so m a n y of them are com in g to
this section. O u r lands are n ow selling from $20 to $30
an acre. R a nso m co u n ty ’s crop this y ea r is good. T h e re
The Minneapolis Crop Year.
Every former record is smashed in the matter of Minne
apolis grain receipts in the quantity of cereal§ received at that
city for the crop year ending with September 1, for there was
less wheat and less flax raised in the northwest last year than
in the year preceding. These two important items show de
creases, yet the total is 4,818,470 bushels larger, the losses in
these important cereals being more than offset by gains in oats
and barley. 1 he following table shows receipts for the crop
year ending Aug. 31, with the last year comparison:
1903.
1904Bushels.
Bushels.
Wheat
85,059.580
88,900,250
Corn .
3,912,090
2,833,420
Oats .
24757,710
18,468,840
Barley
12,171,320
9,476,800
Rye .
1,785,430
1,385,150
F lax .
8,216,970
10,020,170
Totals
U5,903,ico
131,084,630
BUSINESS IN FARM LOANS.
R e g a rd in g the farm loan business, H e n r y Rothschild,
St. Paul, special loan agent for the N orth w e ste rn Mutual
L ife Insurance C o m p a n y of Milwaukee, says:
“ T h e volum e of n ew farm loans made b y the N o r t h
w estern Mutual Life Insurance C o m p a n y in southern and
central Minnesota during the years 1903-4 to date exceeds
$4,000,000.
“ M a n y bankers throu ghou t this field are doing a large
business in p lacing loans with this co mpany. T h e s e loans
are un iform ly made b y the co m p an y at 5 per cent, with
liberal p repaym ent privileges. So large a volum e of loans
must necessarily co me throu gh local banks, and local
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
banks naturally turn to the N orth w e ste rn Mutual Life
Insurance C o m p a n y for such large outputs of money.
D u rin g the past few years our banking correspondents
have learned that the N orth w e ste rn not only can and does
do business on a large scale, but m a y always be relied
upon as havin g ample funds to fill its loan engag em ents.
“ This large volum e of farm m o rtg a g e loans indicates
a healthy and natural g r o w th and development in southern
and central M in nesota ’s farm in g districts, and w ith the
go o d crops and good prices p revailing in this field I to o k
for a stro n g and increased demand for this co m p a n y ’s 5
per cent m o n ey on farm securities.”
THE
2 Ód
CO M M E R C IA L
W EST
Saturday, September 3, 1904.
The First National Bank of Minneapolis
UNITED
STATES
DEPOSITORY
S T A T E M E N T OF C O N D IT IO N JU N E 9 ,
1904
LIABILITIES
Capital Stock
Surplus
Undivided Profits
C i r c u l a t i o n ........................................
D e p o s i t s ........................................
United States Bond Account
RESOURCES
$9,566,079.36
Loans and Discounts
216,080.00
Railroad and Other Bonds
$1,050,500.00
United States Bonds, at par
Cash on Hand and Due from
3,013,059.12 4,063,559.12
Banks
$2,000,000.00
1,300,000.00
117,143.77
851,150.00
- 9,377,424.71
200,000.00
$13,845,718.48
$13,845,718.48
O F F I C E R S
F. M. PRINCE
J. B. G ILFILLA N , President
D. M A CK ERC H AR, Asst. Cashier
Vice-President
C. T. JAFFRAY, Cashier
ERNEST C. B R O W N , Asst. Cashier
IRON ORE TRADE OF THE YEAR.
B y Dwight E . W oodbridge, of Duluth, Minn.
D u rin g the past year the iron ore trade of the country
has been un exp ectedly quiet. T h e intense activity that
prevailed in 1902 and the early part of 1903 w as suc
ceeded b y a collapse such as no industry but that of iron
often witnesses. T h is collapse rose from causes that are
too well kn ow n to need repeatin g here. Suffice it to say
that it came and has held the mining region in an un
com fortable grip ever since.
But to one w ho had no comparisons to assist him the
present state of the trade would seem w on derfully active.
Mines are busy day and night, trains of ore are thunder
ing down the w a y to lake docks w ith a rapidity that seems
marvelous, vessels in the ore trade are at docks in almost
as great numbers as ever, and reco rd s for all sorts of
things in co nnection w ith the mining, handling and tra n s
portation of ore are bein g broken w ith as great re gularity
as though this w ere a banner year. T h e trade has but
a brief season of comparative rest in w hich it m a y look
on w hat has been done and v ie w fro m one side, so to
speak, the tremendous advances of the past few seasons.
T h e Record o f S h ip m e n ts .
Iron ore shipments from L a k e Superior for the past
tw o years have been as follows, the figures bein g in long
tons of 2,240 pounds, w hich is the ton e xclu sively used
b y mining companies and buyers:
R an ge.
1902.
13,342,840
4,627,524
3,853,010
3,663,484
2,084,263
. 298,421
1903.
12,892,542
3,741,284
3,040,245
2,912,912
1,676,699
201,057
27,869,524
24,482,642
D ecrease
3.4
449,298
886,240 19.1
S12,765 21.1
750,572 20.7
407,519 19.5
97,364 32.5
3,386,882
12.2
T o ta l shipments o f iron ore from the L a k e Superior
re gion for all time since m ining com m enced there have
been as follows, w ith the proportionate quantities of the
several districts:
W h en
Opened.
R ange.
.. 1850
M arquette .................................................
1850
.. 1893
M esaba ................................
.. 1877
M enom inee ...............................................
1877
.. 1884
G og eb ic .......................................................
1884
.. 1884
V erm illion .................................................
1884
.. 1900
M ich ipicoten .............................................
1900
T ota l
Shipm ents.
69,800,898
66,576,771
1893
45,918,499
40,646,454
20,738,250
794,645
. . . . 244,475
P er
Cent.
28.6
27.2
18.8
16.6
8.5
0.3
100.0
T h e M arquette range, w ith its 53 years of grow th, has
mined but 1.4 per cent more than the Mesaba, not yet in
its teens. N o other lake district has approached the re c
ord of the M innesota range. T h e present year will put
the latter far ahead of any of its adjacent districts, and the
passage of years will but increase its lead.
T h o u g h there has been a considerable decline in ore
m ining since 1902, the average of g r o w th for ten-y ear peri
ods has been in the n eighborhood of 300 per cent. F o r
decennial periods since the industry became of importance
the figures are as follo w s:
Y ea r
T ons M ined.
247.000
1864..................................................................
900.000
1874..........................................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1884..............................................................................
1894..............................................................................
1903......................................................................
2,500,000
7,750,000
24,500,000
T h e great increase of tonnage in 1902, w h en shipments
reached 27,500,000 tons, w as out of line w ith the average
gro w th, and the fo llo w in g y ea r bro u ght things to their
even keel again. If the steadiness of this constant and
w on derful increase means anythin g it indicates that the
ratio in future will be fairly co nfo rm able to rule and that,
while no such rise as 300 per cent is possible or desirable,
it will continue to be v e r y large.
T h e U n i t e d S t a t e s S te e l F a c t o r .
O f the total ore production of Minnesota, amounting
in 1903 to about 14,675,000 gro ss tons, the mines of the
Un ited States Steel Corporation produced 9,250,000 tons,
n early twice as much as all others combined. It must not
be understood, how ever, that this great concern is the
sole, or the o n ly large, m ining interest in Minnesota.
T h e re are m a n y others of great importance, co ncerns
w h o se output am ount to an annual tonn age that a few
years ago w ould have made them o ve rw h e lm in g ly prepon
derant in the trade.
A t the time of form ation of the Un ited States Steel
Corporation the v e r y logic of events forced expansion in
the matter of ore supplies in a wide radius. T h is at once
had its effect in the higher value of ore reserves, as well
as of lands upon w hich ore m igh t reasonably be expected.
T h e state of Minnesota, lumbering companies and many
individuals w ho are largest owners of lands upon the
Mesaba range, profited thereby to a great extent, and
hundreds of thousands, even millions of dollars w ere paid
them b y ore mining and steel m akin g companies as well
as by m a ny w h o had not to that time been in the produc
ing lists, but saw that n ecessity w ou ld co mpel them to
enter. It w as v e r y evident to all steel m a kin g companies
that one of their m ost important assets, their main abso
lute requisite, in fact, w as to be ore in the ground. T h e y
at once saw, their attention called to the fact by the o ve r
w h elm in g influence of the n ew ly form ed steel co rp o ra
tion, that while m o n ey could duplicate any steel mills or
furnaces, m ight make a market, and could secure as high
technical and practical skill as the m o st successful of
their competitors, som ethin g more than m o n ey would
thenceforth be necessary to the steel m aker; and that one
thing w as a supply of ore, uninfluenced b y m arket fluctua
tions. It had taken aeons and the dim proce sses of na
ture to gather ore into its easily mined M esaba beds,
and no human ability could hasten the operation or add
to the supply. A control of ores, including all the many
gr ades of v a r y in g physical and chemical qualities neces
s ary for a perfect furnace mixture, and particularly of
the ores of Minnesota and the M esaba field, gives an ad
va n tage that nothing can underestimate and no force can
diminish. A ll this suddenly becam e evident to the en
tire trade, as it had a few years befo re been as plain as
THE COMMERCIAL WEST.
Saturday, September 3, 1904.
Northwestern Trust Company
D IR E C TO R S
A. C. ANDERSON
CHAS. W . AMES
E. H, BAILEY, P resident
C. H. BIGELOW
KENNETH CLARK
HAYDN S. COLE, V.-P. Ac C ounsel
W . B. DEAN
ROBERT R. DU N N , V ice -P re sid e n t
PREDERIC A. FOGG
JULE M, HANNAFORD
T H IS
27
S T .
P A U Iv ,
M
IN
X .
1
'
Ads as Trustee, Registrar, Transfer Agent, Fiscal Agent,
Executor, Administrator, Receiver, Assignee, Guardian, Etc.
A ssu m es G en era l C h arge and M an agem en t of R e a l and P e rso n al E s ta te s.
D IR E C T O R S
THOS. IRVINE
FRANK B. KELLOGG
JAMES W . LUSK
A E. MacCARTNEY
ALBERT L. ORDEAN
•GEO. C. POWER
Ed w a r d n . s a u n d e r s
R . E. SHEPHERD
J. H. SKINNER
THEO. L. SCHURMIER
THOMAS WILSON
C O M P A N Y D O E S N O T R E C E IV E D E P O S I T S OR D O A B A N K IN G B U S IN E S S
the han dw ritin g on the wall to Mr. Carnegie and the late
Mr. H e n r y W . Oliver.
Ore th e
B a s i s o f t h e B u s in e s s .
F e w of the financial experts w h o pass judgm ent upon
the value of various steel m akin g companies k n o w a n y
thin g of w hat is really at the base of the structure upon
w hich these companies have been reared; still few er
consider this base. It is re serves of co nveniently located
suitable raw material that will give value to any steel
m akin g company.
O re and coal in the ground, w h e r
ever m ining costs are least and w here difficulties of trans
portation are not serious, are the basis for all successful
operations of this kind in the future. H ere are companies
admitted to have in sight ore and coal enough to run their
w o r k s for m a n y years, a generation perhaps, or more.
H o w much additional mineral they m a y have, not yet found
and not kn ow n even to their managers, cannot be guessed.
P r o b a b ly it is, in some cases, a large amount.
T h e se
companies can for years to co me turn their assets into
cash w ithout new purchases or extrao rd in ary costs. But
the stre ngth of these large companies lies not so much,
perhaps, in their re serves of ore and fuel, as it does in
the correlative fact that other co ncerns that m a y later
w an t to get into the manufa cturing field will be obliged
to take w h at is left. A n d while, in the v e ry nature of
things, there w ill a lw a y s be ore for the purchaser, it is
also human nature that both the state and the private
ow n er shall have lo n g before disposed of their best p rop
erties.
T h e state public school fund of Minnesota, the univer
sity, the public charitable institutions of the commonwealth,
all own vast tracts of land upon the M esaba and V e r m i l
lion ranges.
It is co n se rv ativ ely estimated that these
lands are n ow shown to contain ores that will in time re
turn to the funds m a n y million dollars. L a r g e sums have
been paid for the privilege of holding and exp lorin g these
lands, and the state is in receipt, also, of annual fortunes
fro m ro y a ltie s ,. which will increase as its lands are devel
oped and the demand for ore enlarges. Public school and
university funds of M innesota n ow have invested in inter
est bearing securities more than $15,000,000, the interest
of w hich is apportioned annually for the further devel
opment of the already magnificent school system of the
state. Quite an important part of this m o n ey has been
derived fro m the state’s ownership in mineral lands of the
M esaba range.
O w ners of M inn e so ta
M ines.
T o d a y there is not an important producer of steel in
all the region north of the Ohio and w est of tidewater
that has not mines in Minnesota and is not fortified with
re serves of ore for years to come. A sid e from the United
States Steel Corporation, w ho se holdings are adm ittedly
much larger than those of any other, as its consumption
is annually far in excess of others, the great P ittsburg
firm of Jones & L aughlin s has splendid mines in Minne
sota, one of the largest of them bein g owned by the
public schools of the state, and p a y in g 25 cents to the
schools for e ve ry ton of ore mined.
T h e L ack aw an n a Steel Company, which is completing
at Buffalo one of the largest single steel mills in the
world, is heavily interested in mines here w ith the old
Cleveland firm of Pickands, M ather & Co., w hose ship
ments for last year w ere m ore than a million tons. T h e
Cleveland Cliffs Iron Company, Joseph Sellwood, of D u
luth, and Corrigan, M c K i n n e y & Co., all of w ho m are
a m o n g the largest independent iron ore operators in the
world, are large miners in Minnesota, and the last named
firm in 1903 shipped out of M esaba mines more than 1,200,000 tons, and will increase this m aterially in 1904. T h e
Republic Tron & Steel Company, with its mills and fur
naces in the east and south, is an important ore owner
and miner on the Mesaba, and is in a p erfectly independent
position so far as ore is concerned. T h e same is true of
the L a B e lle Iron C o m p a n y and numerous smaller steel
m akers in the O hio valleys and w estern Pennsylvania.
T h e Cambria Steel C o m p a n y w ith its w or k s as far
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
east as Johnstown, Pa., is a great mine owner in M inne
sota, and co nnected interests have been vig o ro u s ly p ros
ecuting a search for m ore mines. T o d , Stam baugh &
Co., of Cleveland, w ith furnaces in the Y o u n g s t o w n dis
trict, own splendid ore deposits in M innesota and are
able to make an enorm ous annual production.
M. A.
Hanna & Co. are busily developing large ore bodies bought
only a few months ago.
T h e International HarvesterC o m p a n y is a miner and shipper from the Mesaba. V a r i
ous furnace companies in N e w Y o r k , Pennsylvania, Ohio
and Illinois, in w hich Rogers,. B r o w n & Co. have interests,
are all fortified with M esaba ores for a lo ng term of years.
T h e G reat No rthern R ailway, under the far-sighted
p olicy of the efficient m anagem en t of President James J.
Hill and his son and able assistant, Mr. L ouis W . Hill,
has gathered into its keeping during the past three or four
years a tonnage of well located M esaba ores second only
to that of the United States Steel Corporation. T h a t it
was possible in so short a time to secure such an im
mense tonn age is an indication not only of the business
acumen that saw and seized the opportunity, but also of
the freedom w ith w hich business has been conducted and
of the entire absence at attempt at drastic control by
any interest in the field. T h e state of Minnesota, through
its o rganic acts and the w ise m anagem en t of its lands
during recent years, has likewise a large amount of ore
m the ground. T o the quantity in sight more m a y pro b
ably be added from time to time as a wise and liberal pol
icy on the part of the state m a y permit, and as the m a g
nitude of A m e r ic a ’s steel trade m a y dictate.
T h e M i n e s a n d t h e P e o pl e .
Seventy-five thousand people in northern Minnesota,
chiefly in St. L ouis county, are directly supported b y the
mining of iron ore. Asid e from these a v e r y large part
of the population of Duluth depend either directly or. indi
rectly upon the same industry. T h e benefit of this indus
tr y extends throu ghou t the farm in g communities of Min
nesota and adjacent states, m a kin g a home mark et for a
vast volume of produce and supplies w hich cannot be
g r o w n a m o n g the mines. It will not be out of the .way
to estimate that n early 250,000 persons in M innesota de
rive at least a considerable portion of their support from
the operation of these great mines.
D u rin g 1903 their pay-rolls contained the names of
about 18,000 full-time men, and the rate of w a g e w as
higher than that of any other similarly skilled class of
labor in the state. A t the same time more than 4,800
men w ere employed on the ore ca rr yin g railways of St.
L ouis county. N o t far from 5,000 more gain their liveli
hood on ships em ployed almost e xclu sively in the ore
trade. T h is is an a rm y of w age-earners of the highest
type that means som ething definite and inspiring, and
stands for the development of a grea t region.
Hibbing, on the w estern end of the M esaba range and
supported almost w h o lly by mining, is a thrivin g city of
not far from fifteen thousand people. Its school are splen
didly housed in large and most modern buildings of brick
and stone, its methods of instruction are advanced, and
p rogressiveness is in evidence everywhere.
Its streets
and buildings are lit b y electricity, the plant for which,
to ge th er with an elaborate system of w ater distribution,
is owned and operated b y the municipality. Fine churches,
hotels, theaters, stores and residences give it an air of
solidity and permanence that are am ply w arranted by
the group of more than thirty splendid mines that lie
closely adjacent. It is a typical Mesaba town. Eveleth,
E ly , T o w e r , Virginia, Soudan, Sparta, and a half dozen
other tow n s of from a few hundred to 10,000 inhabitants,
all bear the same stamp.
P roduction of ore from the entire L a k e Superior region
for the present year will fall short of 1903, but there has
been a mark ed brighten in g of the financial horizon in the
past few weeks, and the demand for ores is better today
than it has been for months, and at a rate of price that is
fully 10 per cent above recent sales. T h e outlook for
n ext y ea r is v e r y flattering.
THE
28
CO M M E R C IA L
W EST
Saturday, September 3, 1904.
PHOENIX FU R N ITU R E CO.
Artistic Furniture for Banks, Offices,
Churches and Public Buildings. Send
us floor plans and we will do the rest.
EAU CLAIRE.
-
W ISCONSIN
OBSERVATIO N S IN WESTERN C AN AD A.
(S p ecia l C orresp on den ce to T he C om m ercial W e s t.)
W in n ip eg, Man., Sept. 1.— T h e man w ho rides through
w estern Canada in a sleeper loses the most intere sting
part of his trip. N o t that he should deny himself the ben
efits of a soft couch at night, but if he wishes to learn
som ething, of the country and the neople that are goin g
into it he should spend most of the day time in the day
coach, the sm oker or the tourist car. If he have anything
of a kn ack of tak ing up with a stranger he will thus have
an opportu nity to ge t the point of view of different sorts
of people having different experiences.
In some w ay s
the m ost intere sting people one meets in the cars where
the “ co m m on p eople” travel, are those w ho are just co m
ing into the country.
In the colonist sleepers you will find rumpled, dishev
eled, tired lo o kin g people from across the sea: Scotch
and English, and from m any parts of Europe. T h e y have
been traveling f o r w e e k s and they are n ow w a itin g w ith tired
resignation for the jo u rn e y ’s end. T h e y sit bent and hud
dled up a m o n g their b a g g a g e and the remnants of their
jo u rn e y lunches-— no dining cars for them.
Y o u feel
s o rry for the people, not only because of their w ea ri
ness but because you k n o w w hat hardships there are
before them for the first year or tw o in this new land, of
w hose w a y s they k n o w so little.
In the tourist sleepers or the first-class day coaches
you find people of a different class— settlers w h o have
come from the states or from eastern Canada.
They
k n o w their business. T h e y have played the ga me before.
T h e y kn o w how to rough it; they k n o w how to handle
the soil.
G enerally th e y have some capital, and likely
enough, on the mixed trains of branch lines you will find
that th e y have a freight car with their horses, w agons,
household furniture, etc., all on board. V e r y likely a part
of the fam ily is traveling w ith the goods. V e r y often such
groups are made up of the m other and children, the
father havin g gone ahead to build a house and ge t things
ready for the co m in g of the family.
H ere is the sto r y of one of the travelers to new homes:
T w e n t y years ago, as a boy, he had come w est with his
parents from Ontario. T h e fam ily settled in Manitoba
but finally concluded to move to N o rth Dakota. T h e re
they had bad luck, be in g afflicted b y the frosts w hich so
harassed the early settlers in some parts of N o rth D a
kota. T h e b o y g r e w up into a man and finally w en t to
f arm in g on his own account. F o ur years ago he took a
claim in N o rth Dakota. H e has recently sold it for $4,000. T his spring he w en t up into S askatch ew an and took
a piece of Canadian free land. H e is located about 70
miles from any existing railway line and will be tw en ty
miles a w a y from the main line of the Canadian Northern.
H e is perfectly confident that he has a g o o d thing. T h e
fact that he is a lo ng distance from the railway makes no
difference to him. A ll the governm en t land around him
has been taken up and he is sure to have neighbors. R e al
izin g that these people will need supplies and that tw e n ty
miles is a lo n g jo u rn e y to the store, he has decided to
put in a general stock of go o ds a w a y out there in the
brush— for he preferred to settle in a part of the country
w here about half the land is covered b y poplar brush.
In this brush, it seems, there is a living for the settler be
fore his crops are ready. Snake ro ot abounds here and
is readily purchased b y the coun try stores. Men make as
high as $2 per da y dig g in g the root. T hen, the country
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
is still so n ew that there is a certain income to be had
from hunting and trapping.
O ne mark ed difference betw een the n ew coun try here
and the frontier in the states is that while in certain dis
tricts here the land is all known to be taken up, you m ay
travel for miles w ithout seeing a settler’s claim shanty.
T h e land officials are said to be v e r y liberal in enforcing
the laws. So lo ng as they think the entryman really in
tends to get onto the land eventually they do not hurry
him much. Besides, a farmer w ho lives in a given dis
trict m a y take a claim and hold it w ithout actu ally living
on it. H o w ev er, the time is at hand w hen the man w h o
wishes to hold down a claim will have to stay on or
near it.
One of the features of travel in this co u n try is con
stituted b y the gr oups of p erson ally conducted landseekers to be seen on e ve ry hand. T h e se little groups come
from all parts of the w estern states. T h e y are gen erally
led by some em ployee of a land co mpany. W i t h some of
these groups land selling is easy. If they are satisfied
that the coun try as a w ho le is all right they often buy
land as other people might buy a ba g of peanuts— w ith
out exam inin g it v e r y closely. O th ers buy every piece
of land they take on sample. T h e y will w alk or drive
all over the piece they are asked to buy and will dig
holes to test the depth of the surface soil and examine
the quality of the subsoil, often tak ing a w a y samples of
the land for chemical analysis. T h is sort of land buyer
is never fooled. T h e other kind sometimes is.
Be tw ee n these traveling A m erican s and those w h o have
already settled in the country, an A m erican feels quite at
home up here: It is stated that in the last seven years
17ST00 A m erican s have settled in w estern Canada. D u r
ing the fiscal year ending June 30 there w as a slight fall
ing off in A m erican immigration, 43,000 co m in g that year
as against 49,000 the year before. T h e r e is a b ig rush
on again now. T h e “ S o o ” train that I came up on the
other night was so crow ded with landseekers that it
had to run in tw o sections.
Special rates are granted
by the “ S o o ” every T u e s d a y and b y other railways on
the first and third T u e sd a y s of each month.
T h o u g h the rust has done some harm to w heat in
southern Manitoba, the Canadian territories have a splen
did w h ea t crop this fall. T h e re are m a ny farmers w ho
have done as well this season as Mr. H. C. Simpson at
Virden, Man., w h o took 2,500 bushels of w heat from
100 acres and immediately sold it for 95 cents a bushel.
— T h e o . M. Knappen.
7% Preferred Stock
Old established publishing house whose business under the
present ownership has steadily increased and is ten times the
volume in 1904 that it was in 1903, is reorganized and increas
ing its capital, to meet increased business.
Assets exceed
$100,000, profits exceed $10,000 a year, above salaries and all
expenses. Capital stock $100,000, including $30,000 preferred
7 per cent. Some of preferred subscribed by president of a
Minneapolis bank after full investigation.
W e desire to sell
balance of preferred. Absolutely safe, as assured profits, even
without future increase of business, are more than five times
guaranteed dividends on preferred.
No change in manager.
Correspondence invited from brokers and investors.
Address “ Publisher,” care of
T H E C O M M E R C IA L W E ST .
THE
Saturday, September 3, 1904.
M INNESOTA
FAR M MORTGAGES AT
6 PER CENT
COMMERCIAL
WEST
Loans vary in size from $ 5 0 0 to
$ 5 ,0 0 0 and run for five years.
Write for our offerings. 25 years’
experience in the loaning field.
References furnished upon appli
cation.
29
The A. G. W H I T N E Y
LAND & LOAN CO.
Whitney Block, ST. CLOUD, MINN.
NEW BANKS AND CHANGES.
M innesota.
W in g e r.— A new bank has been incorporated with cap
ital of $10,000.
Keister.— N. W . Baker is president and H. Ba ker cash
ier of the new bank w hich was opened recently.
Gre enbustp— T h e State B a n k of Greenbush has been
o rganized; capital, $10,000. T o r g u s L und vall is cashier.
D e e r River.— E. G. H ick s has been re-elected president
of the F irst State bank, and E. F. Seaman, vice-president,
O. E. Hulehan, cashier.
M orto n .— R o y D. W e s t, for several years assistant to
Cashier M ann of the State B a nk of Brow n to n , has a c
cepted a position in the n ew ly organ ized bank here.
Iow a.
M aquoketa.— T h e Jackson Savings bank will increase
its capital stock to $30,000.
Lidderdale.— H. Harris has been elected assistant cash
ier of the B a n k of Lidderdale.
N e w Providence.— T h e B a nk of N e w Providence has
been o rganized; capital, $100,000.
P ringher.— G. R. W h itn e r has sold his interest in the
F a r m e r s ’ National bank to G. R. Slocum, of St. Paul.
E s s e x .— T h e Com m ercia l National bank has elected
A. W e n s tr a n d vice-president, succeeding O liv er Bussard.
W a t e r lo o .— T h e Ce ntral B a nk of W a t e r lo o has been or
ganized; capital, $50,000. A. J. Cushman is president, B.
B. V a n A rsdo l, cashier.
Sioux Center.— T h e First National bank has been au
thorized; capital, $25,000. O. P. Miller is president; Chas.
C r eg lo w , vice-president; Neil M o ew , cashier.
H ornick .— T h e F irs t State B a nk of H o r n ick has been
incorporated; capital, $15,000. T h e directors are James
S T A T E M E N T OF U N IT E D S T A T E S T R E A S U R Y .
On the 29th d ay o f A u gu st, 1904.
Cash in the Treasury.
In
D iv is io n s
of
Is su e a n d
R ed e m p tion .
D IV IS IO N OF R E D E M P T IO N .
Gold coin ........................................................................................ $527,605,969
Silver dollars
.......................................................................... 468,051,000
Silver dollars o f 1890.................................................................
7,504,047
Silver bullion o f 1890 ...............................................................
4,772,953
$1,007,933,969
D IV IS IO N OF ISSU E,
Gold certificates ou tstan d in g ................................................. $527,605,969
Silver certificates o u t s t a n d in g .............................................. 468,051,000
T rea su ry n otes o u tstan d in g .................................................. 12,277,000
$1,007,933,969
Fund.
Gold coin and b u llio n ............................................................. $23,759,447.85
Gold certificates ...................................................................... 23,199,180.00
Standard silver dollars ........................................................ 21,014,616.00
Silver certificates .................................................................. 7,346,147.00
S liver bullion .......................................................................... 1,402,829.72
U nited S tates notes .............................................................. 14,628,838.00
T rea su ry notes o f 1890 ........................................................
75,426.00
N ational bank notes ............................................................. ,18,020,678.91
S ubsidiary silv er coin .......................................................... 12,461,367.37
F ra ction a l cu rren cy ..............................................................
’l87.47
M inor coin ................................................................................
676,827! 67
$122,585,545.99
$113,527,869.63
In T rea su ry o f P hilippin e Islan ds—
T o cred it o f the tre a s
urer o f the U nited
S tates .......................... $2,737,047.03
To
cred it
o f U nited
S tates d isbu rsin g o f
ficers ............................ 3,857,430.07
6,594,477.10
A w a itin g reim bursem en t—
B onds and interest p a id ..........
144,294.69
120,266.641.42
L ia b ilities—
N ational bank 5 per cent fu n d .......... $16,957,168.69
O u tstan din
g ch eck s and w a r r a n t s ... 12,176,008.52
Digitized
FRASER
D isb ufor
rsin
g officers’ balances .............. 60,512,625 18
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N ebraska.
Plainview.— T h e B a n k of Plainview has increased its
capital stock from $10,000 to $20,000.
L o n g Pine.— W illia m Glover, vice-president of the
B r o w n C o un ty bank, has purchased the interest of his
brother, Dr. Glover, and n ow owns the controlling inter
est in the bank.
N orth Bend.— T h e F a r m e r s ’ State bank has been or
ganized; capital, $25,000.
T h e officers are, A lex an d e r
T h o m , president; A n d r e w H a rv ey , vice-president; T. J.
Castle, cashier. T h e bank will be opened O cto b e r 1st.
N orth
D ako ta .
F lax to n.— T h e Citizen s’ State bank has been o rg an
ized; capital, $10,000.
W . E. Bu rge tt is president; B.
Nelson, vice-president, and P. C. Olsen, cashier.
W isco nsin .
Merrill.— T h e German A m erican State bank has opened.
T h e capital is $30,000, and officers are: F. H. W e llco m e,
president; D a vid M. Phinney, vice-president, and R. C.
Ballstadt, cashier.
P ostoffice d epartm en t a ccou n t .......... 4,409,510.28
M iscellaneou s item s ................................ 1,223,802.47
---------------------- -
95,279,115.14
$147,573,072.27
Receipts, Expenditures, Redemptions, Etc.
T R U S T FU N D S.
H eld fo r the redem p tion o f notes and certificates fo r w h ich
they are resp e ctiv e ly pledged.
In N ational B an k D e p osita ries—
T o cred it o f the treasurer o f the
U nited States ....................................$104,790,806.46
T o cred it disbursin g o ffice rs..............
8,737,063.17
Kansas.
H unn ew ell.— A new bank has been opened. H. T. Derrington, of Milan, is cashier.
Lan sing.— T h e F irst State Bank of L an sin g has elected
W . H. C o urtne y president and J. E. Courtney cashier.
Fredonia.— A large block of the stock of the W ils o n
County bank has been purchased by D. H. Glass of Rushville, 111.; J. T. L o n g, of K ansas City; E d Chapman, A . A.
C lark and D. F. Clark, of Fredonia. D. F. Clark will be
president and G uy A llen will continue as cashier.
A v ailable cash balance
R E S E R V E FUND.
Gold coin and bullion in d ivision o f re d e m p tio n .......... $150,000,000
G eneral
F. T o y , president of the F irst National bank, Sio ux City;
R. M. Ramson, Philip Feldner, and W illia m Hamer.
$242,852,187.41
T his M onth.
$20,185,599.85
18,016,818.81
3,602,313.96
T h is
F isca l Y ear.
$39,669,349.73
38,250,823.69
10,670,946.58
T ota l receip ts .. $1,891,075.01
E xpen ditu res—•
Civil and m iscella n e
ous ......................
660,000.00
W a r ..........................
780,000.00
N avy .........................
250,000.00
Indians ....................
10,000.00
P en sion s .............
300,000.00
50,000.00
Interest ....................
$41,804,732.62
$88,591,120.00
9,670,000.00
12,940,000.00
9,360,000.00
1,120,000.00
13,370,000.00
1,850,000.00
26,234,168.38
31,424,284.60
21,523,653.73
2,077,259.98
25,424,380.06
5,820,368.60
.T o t. expen ditures $2,050,000.00
E x cess o f ex p en d i
tures over r e
ceipts ................
158,924.99
R eceip ts last year—
C ustom s ..................
$928,865.18
Internal r e v e n u e ...
576,095.04
M iscellaneou s ........
61,156.74
$48,310,000.00 $112,504,115.35
R eceip ts—
C ustom s ..................
Internal r e v e n u e ...
M iscellaneou s ........
T his D ay.
$645,241.86
1,187,971.27
57,861.88
T ota l r e c e ip t s .. $1,566,116.96
E xpen ditu res last year—
Civil and m iscella n e
ous .......................
$270,000.00
W a r ..........................
480,000.00
N a v y .........................
340,000.00
Indians ....................
10,000.00
P ension s .................
200,000.00
Interest ....................
................
T ot. expen ditures
$1,300,000.00
E x cess of receip ts
over expenditures
266,116.96
N ational B an k F und—•
D ep osits o f law ful
m on ey under a ct
July 14. 1 8 90...
$10,150.00
N otes redeem ed and
retired under act
July 14, 1890----111,597.50
6,505,247.38
23,912,995.35
$23,460,759.86
17,074,993.22
5.157,444.93
$46,607,267.19
39,034,736.59
8,662,770.15
$45,693,198.01
$94,304,773.93
$8,720,000.00
8,310,000.00
7,930,000.00
1,280,000.00
13,440,000.00
1,800,000.00
$23,459,358.16
26,263,685.24
15,509,048.62
2,350,394.25
25,416,731.58
4,868,970.72
$41,480,000.00
$97,868,188.57
4,213,198.01
*3,563,414.64
$2,973,342.50
$4,466,095.00
2,345,958.50
5,145,045.00
1
N otes receiv er fo r
current redem p ’ n
$819,426.00
$23,569,910.00
$51,090,725.00
R ed em p tion
U. S. N otes.
T rea su ry N otes
or N otes—
(S in ce 1879.)
(S in ce 1890.)
T otal.
T o M arch 14, 1900.$546,466,414.00 $103,195,488.00 $649,661,902.00
U nder A c t M arch 14, 1900. R edeem ed in and E x ch a n ged for
Gold—
U. S. N otes.
T rea su ry N otes.
Total.
T o d ate .................... $79,114,129.00
$6,736,198.00
$85,850,327.00
T his fiscal y e a r . . . .
2,011,430.00
71,120.00
2,082,550.00
T his m onth ...........
774,510.00
34,940.00
809,450.00
This d ay .................
1,570.00
2,640.00
4,210.00
*E x cess o f expen ditures over receipts.
THE COMMERCIAL WEST.
30
Saturday, September 3, 1904.
THE COMMERCIAL PAPER BUSINESS IN MINNEAPOLIS.
In considering the financial interests of Minneapolis,
one phase of the subject has been neglected— Commercial
Paper. A s m igh t be supposed from the character and
extent of the business interests of the city, a large amount
of paper originates here. But it need not be supposed
O F F I C E O F G E O R G E B.
LANE,
It is safe to say that the business Mr. L an e has built
up is the la rgest of its kind in the N orthw est, and it' is
based v e ry la rgely on Minneapolis co mmercial paper. He
is able to say that never since he has been in business has
he made a loss of a dollar for the investor. T h e paper
that he handles is of men and institutions w h o m he kn ow s
personally, both in a business and social w ay, and he is
therefo re b ro u gh t closely in co ntact and is intimately a c
quainted with the responsibility and business methods of
those w ho se paper he handles. So well understood through
the financial circles of the w est is the character of Mr.
L a n e ’s business that he is able to place p ractically all of
his lines in Minneapolis and other w estern cities.
Until this w ee k Mr. Lane occupied offices in the G uar
anty building, but on M o n day last he m oved into hand
some quarters on the first floor of the new N orth w e ste rn
M inneapolis.
that, a m arket must necessarily be looked for in the east,
or that there are no handlers of commercial paper capable
of meeting the demands of the largest institutions. T h e
business of G eo rge B. L an e is in point.
Mr. L an e came to Minneaoolis about fourteen years
ago from one of the leading N e w E n gla n d banks, and aft
er acting for a time as cashier of the N icollet National
bank, which w as afterw ards consolidated with the First
National bank, he at the solicitation of some of his busi
ness friends began the handling of commercial paper as a
specialty. N o w he is exclusive w estern representative of
most of the largest and stro n gest institutions in M inne
apolis, and in placing paper has made a wide acquaintance
throughout the east and created a pre stige unequaled in
the west.
National B a nk building. It w as impossible for the cam
era to take in the w ho le of his offices from one position,
but the two view s given herewith, one taken from near the
entrance and the other a view of Mr. L a n e ’s private office,
will give an idea of their attractiveness and convenience.
B A N K IN G N O TES.
Dividends.
L e Roy, Minn.— T h e F irst National B a n k building is
be ing improved.
Philadelphia.— T h e Ro ch ester R a ilw a y & L ig h t in g co m
p an y has declared a dividend of 1 percent, payable Sept. 1.
St. James, Minn.— T h e First N ational B a nk building
is bein g remodeled.
B o o k s closed A u g. 24 and reopened Sept. 2.
Ba gley , Minn.— T h e Clearwater C o un ty bank is erect
ing a new building.
Holton, S. D .— T h e
large bank building.
L arson Brothers are erecting a
Central City, Neb.— Platte V a lle y State bank will erect
a new bank building.
W im bledon, N. D .— T h e F irst National bank has a
new bank building under construction.
D es Moines, Iow a.— T h e U n iv ers ity bank is erecting
a building at U n iv ersity avenue, to cost $30,000.
Detroit, Minn.— T h e new building of the First N a
tional bank will be ready for occup ancy about Se pte m
ber 10.
A c k le y , Iow a.— A new bank building is to be erected.
Spring Grove, Minn.— W o r k has been begun on the
n ew bank building.
Mandan, N. D .— T h e new State bank is thinking of
erecting a brick b lo ck for its use this season, o w in g to
the practical impossibility of secu ring quarters unless it
builds.
Red W i n g , Minn.— T h e new building for the Good hue
Co un ty National bank is well under way. It is to be a
four-story building adapted to offices above, the bank
floor and will cost $50,000.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
P R I V A T E O F F I C E O F G E O R G E B.
LANE.
Corinth, N. Y . — T h e International Pap er com pany has
declared the regular quarterly dividend of i j j percent on
its pre ferred stock, payable Oct. 1. B o o ks close Sept. 15
and reopen Oct. 1.
N e w Y o r k .— T h e R a ilw a y Steel Sp rin g com pany has
declared the usual quarterly dividend of 1% percent on its
pre ferred stock, payable Sept. 20. Bo o ks close Sept. 9
and reopen Sept. 21.
U. M. ST O D DA R D & CO.
Buy and sell County, School and Municipal
BONDS
C o rresp o n d en ce S o licite d
L o n g D is t. P h o n e M ain 2317-L-1
209 National Bank of Commerce Building,
T .
A.
MINNEAPOLIS, MINN.
J A M I E S O N
C H O IC E F I R S T M O R T G A G E L O A N S
R E A L E S T A T E A N D IN S U R A N C E
M A N A G IN G E S T A T E S A S P E C I A L T Y
C o rre sp o n d e n ce S o licite d
T e le p h o n e s, T w in C it y 2465
205 Andrus Building
N o r th w e s te r n M a in 2010
MINNEAPOLIS, MINN.
THE COMMERCIAL WEST.
Saturday, September 3, 1904.
S. A . H a rris, Près.
F re d e ric k E . K e n a sto n , V ic e -P r e s.
A . A . C râne, C a sh ier.
31
W . S. H a r r is , A sst. Ca»>li.
G. E . W illia m s o n , A s s t. C a sh .
THE NATIONAL BANK OF COMMERCE
MINIVBAPOLIS, MIJVIVEiSOTA
C a p i t a l
a n d
S u r p l u s ,
SOLICITA
®
$ 1 ,2 8 0 ,0 0 0
Y OUR
BUSINESS
DEVELOPMENT NEWS OF CANADIAN NORTHWEST.
(S p ecia l C orresp on den ce to T he C om m ercial W e s t.)
W in n ip eg, A u g. 31.— It w as announced last T u e s d a y
that the building permits of W in n ip e g had totalled $7,000,000: E. H. Ro g ers, building inspector, further announced
on Saturday that on co m piling the am ount represented by
the permits taken out from T u e s d a y until Saturday, it
w as found that another quarter of a million had been
added, so that the amount of building to be done in W i n
nipeg this y ea r represents seven and a quarter million
dollars. Business a ctivity in all lines continues unabated.
N e w stores, new residences, additional car lines, extension
of telephone service, and, in fact, eve ry line of business
shows tre mendous p rogress this year, and the, talk of a
dam aged crop has certainly not dismayed anyone.
The p a r ty of grain men and bankers w ho made a tour
of inspection over M anitoba and part of the territories,
have returned to the city, and while they confirm the
statem ents that black rust existed, still they claim that
the damage will not be n early so great as w as at first
expected. W h e r e the black rust was found was in the old
established farm in g districts w here probably 10 per cent
more w heat is g r o w n to the acre o w in g to the greater
experience of the farmers in these districts than in the
territorial section.
S ca rce ly any black rust at all was
found in the territories. T h e crops there are reported to
be m aturing quickly, and the only thing that is feared now
is frost. T h e weather, however, has been A i gro w in g
weather, and the territories m a y well expect a bumper
crop.
M anitoba farmers this year have raised splendid
crops of barley, flax, o ats,'an d spelts. Six hundred bush
els of new barley, m arketed at D o m inion City, w as grad ed
an excellent sample. G ro w in g fields of flax are found to
be in go o d condition, ami around W in n ip e g will be ready
to cut in a few days. T h e m arket for flax, while not be
ing v e r y e nco urag ing so far, o w in g to' the small number
o f linseed oil mills, promises to improve as it is un der
stood an eastern syndicate, in view of the excellent qual
ities of flax which this land is capable of producing, have
n o w under w a y a project for the further development of
the linseed oil business, and will probably build mills in
the west.
E n t h u s i a s t i c V i e w s o f R a i l r o a d O f f i c ia l s .
T h e p a r ty of Grank T ru n k Pacific officials, w ho are
n ow touring the country, have given enthusiastic inter
view s to n ew spapers in coun try towns. A t C algary, P r e s
ident H a y s, -speakin g for the party, made the interesting
statem ent that the G. T. P. charter included a branch line
from the main line in a so u th w es terly direction to Cal
ga ry. It was a point too important to leave out. C onsid
erable interest is be in g taken in ra ilw a y announcements at
present, and each day so m ethin g new is heard of proposed
branch lines to be built from the main trunk lines tra ve rs
ing the continent.. T h e Canadian N o rthern R a ilw a y C o m
pany has filed plans, profiles and books of reference of the
proposed lines to be built from Hartney, Man., to Regina,
the territorial capital. T h e line will cross the Manitoba
bo un dary into the territories of section 1, township 10,
range 30 west. T h is line will run in an almost air line
southw est to Regina, betw een the C. P. R. and C. P. R.'s
new extension from A reola, and will pass close to the
postoffices of Kissina, M o n tg o m er y , M on tm artre and
Hick svale.
T h is gives Regin a a splendid position as a
distributing point.
G ra d in g
the
C an a d ia n
N orthern.
Mr. J. D. M cA rth u r, w h o has the contract for the g r a d
ing of the Canadian N orthern line to E dm o n ton and the
South Saskatchew an, a distance of about 400 miles, has
returned to the city and states that the w o r k is being
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
rushed with all possible speed. T h r e e thousand men are
at w o r k and the steel ga n gs are fo llo w in g t.he grad ers
closely. T h e grade is n ow co mpleted to Ba ttleford, with
the exception of some heav y w o r k that is bein g enco un
tered at the e lb ow of the N o rth Saskatch ew an , and at
Ba ttleford. It is expected that by w inter the grad e will
be completed to Vegreville, a German settlement 75 miles
east of Edm onton. In order to cross the north and south
branches of the Saskatchew an, three large bridges will
be built.
T e m p o r a r y bridges are bein g put up at all
necessary points in order to facilitate the progress of the
steel layin g ga ngs. T h e building of this road is one of the
m ost important railw ay un dertakings in the w est at the
present time. It takes m Edmonton, one of the most p ro
gressive towns in the center of a flourishing district, and
gives it a main line prominence. T h e coun try through
which the road runs is a magnificent region, and with this
railroad facility added, will attract m any new settlers,
lookin g for fertile lands.
Im p o rt
D uty
on
S te e l
Rails.
In 1893 an act of parliament was passed im posing a duty
of $7 a ton on steel rails. T h e duty w as to take effect
when satisfactory evidence was furnished to the g o v e r n
ment that rails of the best quality w ere bein g made in
sufficient quantity to supply the ordinary demand.
A
proclamation has been issued brin gin g this act into force.
A rail mill is n ow in successful operation at Sault Ste.
Marie. T h e duty is subject to the deduction of the British
preferential tariff and will not apply to any rails actually
contracted for prior to this date. T h e Grand T r u n k P a
cific has sent out inquiries for about $2,000,000 w orth and
the C. P. R. has just closed a deal for 65,000 tons. A s
the new tariff provides that such rails ordered prior to
the date on which this n ew act goes into force must be
imported into Canada before N o ve m b e r 30 of this year,
these large orders which are for rails bo ught abroad, will
be subject to duty unless delivered here on the date m en
tioned.
Canada
Needs
R ailroads.
Dr. E u g e n von Philippovick, professor of political
e con o m y in the U niversity of Vienna, Austria, w ho has
been traveling over the A m erican continent, arrived in
W in n ip e g the other day en route east, havin g come from
the Pacific coast via Canadian Pacific Railroad. T h e p ro
fessor, w ho is a student of all things calculated to increase
a nation’s prosperity, declares that w h at the w est needs
is more railroads. “ In lookin g at maps of A m erica,” said
the professor, "I have always wondered w h y such a big
land as Canada, especially western Canada, is traversed
by so few ra ilw a y lines. T h e w hole face of the country
looks black and barren compared to the United States.
It gave me the impression there must have been som ething
the matter with the country, but m y trip w est has fully
undeceived me on this point. T h e country is grand, and
with more railroads which will bring more people, the
possibilities are unlimited.”
Stone
S upply
In e x h au s tib le .
A n excu rsion w as made a few days a go b y a number
of contractors and builders of W in n ip e g to the T yndall,
Man., stone quarries.
In view of the large am ount of
building which is be ing done in the west, the building
fraternity wished to inspect one of the chief sources of
supplies in order to k n o w h o w much can be depended
upon from T yndall.
It was found that the supply is
practically inexhaustable. T h e G arson quarry, the largest
at present bein g operated, has opened over more than an
acre of ground, and the stone is bein g cut to a depth of
40 feet. It lies in layers of different thicknesses, the la y
ers be ing separated by a thin strata of a c la ye y forma-
THE
32
COMM ERCIAL
WEST
Saturday, September 3, 1904.
B u s in e s s E s ta b lis h e d 1873.
Western Trust $c Savings Bank, Chicago.
C a p ita l
-
$ 1 ,0 0 0 ,0 0 0
TRANSACTS A GENERAL DOMESTIC AND FOREIGN BANKING, SAVINGS, TRUST COMPANY AND BOND B U SIN ESS.
OFFICERS:
JOSEPH E. OTIS, P resident.
WILLIAM 6. COOK, Cashier.
WALTER H. WILSON» Vice-President.
H. WOLLENBERGER, Asst, to the P resident.
tion.
Perpendicular layers of the same material divide
the different strata of stone into huge blocks m any square
yards in extent. T h is form ation makes it an easy matter
10 w o r k the blocks into co mmercial sizes. Besides the
quarry at T y n d a ll the city of W in n ip e g operates a large
quarry at S to n y Mountain, pulling its own trains into the
city. T h e amount of stone having been taken from the
city quarry this year for road improvements and new
roads is v e r y large. A s altogether the city will spend
som ethin g like a million dollars in street improvem ents,
it can be seen a considerable amount of m o n ey has been
saved by ow n in g a quarry.
A p arty of prominent directors of the R ainy River
L u m b er Com pany, including T. H. Shevlin and E. L.
Carpenter of Minneapolis, paid a visit to the mills and
have decided on m a ny improvem ents. A m o n g these im
provem ents will be the erection of a new b o x facto ry
which has been under consideration for some time.
A party of prominent geo lo gists of Canada and the
W ESTERN
BONDS.
New castle, Neb.— N e w ca stle will issue $6,500 in bonds
for waterw orks.
Clark, S. D.— T h e sale of $18,000 in bonds is being ad
vertised by Clark.
Bryant, S. D.— B r y a n t will vote to issue $4,000 in bonds
for school purposes.
L o d g e Pole, Neb.— T h is village has voted $3,000 for the
erection of a new school building.
LAWRENCE NELSON. Vice P resident
W. G. WALLING, Secretary.
Un ited States have made a trip from Rat P o r ta g e to F o rt
Francis. T h e y have a special mission along the border
to note the formation in view to ha vin g a new map issued.
T h e map will be an international affair s h o w in g the va ri
ous ge o lo gica l stratas under the same name. F ro m Rat
Portage_ the party traveled to P o rt A rthur, Ontario.
A shipment of apples is bein g made from the Canadian
go v ernm e n t experimental farm direct to Belfast. It is be
ing done to demonstrate that a profitable m arket can be
established in Ireland for Canadian fruit. In all 500 boxes
will be shipped containing the D uchess and other varieties,
each apple, after the Californian style, be ing w rapped in
tissue paper.
V e r y busy scenes are tak ing place at the Canadian
Pacific ra ilw a y station since the rush of harvest hands
from O ntario started. O n Saturday of last w ee k three
transcontinental trains arrived from the east loaded with
Ontario harvesters. This makes about 3,000 to arrive up
to date, and the harvest is not general yet.
000 in bonds for school purposes. T h e s e bonds are in
blocks of $1,000 each and bear 4 per cent interest.
Lucan, Minn.— T h e village of L ucan is advertising sale
of bonds to the am ount of $3,500 to be sold in blocks of
$500 each, and to run for a period of fifteen years.
A tw a te r, Minn.— T h e village of A tw a te r recently sold
bonds in the sum of $13,000, the proceeds to be used for
the installing of a gasoline gas lighting plant to cost $5,000, and w ater w o r k s to cost $8,000.
Inkster, N. D .— Inkster is to vote a third time on a
$5,000 bond issue for fire protection.
Bismarck, N. D .— Bism arck will vote on a proposition
to issue $9,000 bonds for school purposes.
Stafford, Minn.— T h is village is advertising sale
bonds in the sum of $6,ooo for public improvem ents.
E U G E N E M. S T E V E N S
of
Trium ph, Minn.— A special election was called for the
purpose of vo tin g on bonds for the village of Triumph.
C O M M E R C IA L PAPER
M U N IC IP A L , C O R P O R A T IO N
Ceylon, Minn.— A n election will be held early in Se p
tember for the purpose of vo tin g on w a terw orks bonds in
the amount of $3,907.
AND
RA ILR OA D
BONDS
G re y E agle, Minn.— A t a special meeting of the school
board held recently, $1,500 bonds were voted to take up
o utstanding indebtedness of the district.
I OWN AND OFFER
Duluth, M inn.— Duluth is advertising the sale of $100,-
$ 10,000 T o l e d o
R a ilw a y
&
T e rm in a l
C o . 1st M o r t g a g e 4■ % p e r c e n t B o n d s .
Central Trust Company
O F IL L IN O IS
DEARBORN AN D M ONROE STREETS
D u e July
1 st,
C in c in n a ti,
Co.
and
1954.
H a m ilto n
Pere
G u aran teed
&
M arq u e tte
D a y to n
by
Ry.
R. R. C o .
T h i s r o a d is t h e c o n n e c t i n g l i n e b e
t w e e n t h e r e c e n t l y c o n s o l i d a t e d C . H.
C H IC A G O
Capital, $ 4 ,0 0 0 ,0 0 0
Surplus, $ 1 ,0 0 0 ,0 0 0
O F F IC E R S
C h a r l e s G. D a w e s , P re s id e n t W il l i a m R . D a w e s , C a sh ier
W . I r v i n g O s b o r n e , V ice-P res. L . D . S k i n n e r , A sst. C ash .
A. U h r l a u b , V ic e -P re s.
M a l c o l m M c D o w e l l , A sst. Sec.
D IR E C T O R S
A. I- E a rlin g , P resid en t C h icago , M ilw aukee & St. P au l R a ilw a y C o.
P . A. V a l e n t i n e , .................................... V ice B rest. A rm our & C o.
G raem e S t e w a r t ,..............................................................W . M. H oyt Co.
T h o m a s R . L y o n , ..................................................... L y o n , G ary & Co.
F ra n k O. L o w d e n . ..................................................... A tto rn ey
A rth u r D ix o n ,
P rest. A rth u r D ix o n T ra n s fe r C o.
C h arles T . B o y n to n , P ick a n d s, Brow n & Co.
H arry R u b en s,
R uben s, D u p u y & F isch er, A tto rn e y s
A le x a n d er H. R e v e ll,
- P resid en t A le x a n d e r IT R e v e ll & Co.
W . Irv in g O s b o r n e , ..................................................... V ic e-P resid en t
C h arles G . D aw es,
E x -C o m p tro ller of the C u rren cy
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
& D. and Pere
An
M arq u e tte
e x c e p tio n a lly
stron g
R a ilro a d s .
s e c u rity
at
a good rate.
P r i c e , 103 a n d i n t e r e s t , to n e t a b o u t
4.35 per c e n t.
NORTHWESTERN NATIONAL BANK BUILDING
MINNEAPOLIS
THE
Saturday, September 3, 1904.
COMMERCIAL
WEST
33
The FIRST NATIONAL BANK
Capital $1,000,000.00
sl Ä S ! ™ '
Surplus and Profits $850,000.00
OFFIC E RS: H e n r y P . U p h a m , P res. E . H. B a i l e y , V ice-P res. W m . A. M i l l e r , C ash . F . A. N i e n h a u s e r , A sst. C ash . O. M. N e l s o n , A sst. C ash
D IR E C T O R S : H. P. U ph am , Jam es J. H ill, G re e n le a f C la rk , D . C. Sh ep ard , H . E . T h o m p so n , E . N. Sau n d ers, Jam es N. H ill, F . P. Sh ep ard ,
E . H. C u tle r, C h as. W . 'tin es, E . H . B a ile y , T h e o . A . Sch u lze, C h as. W . G ordon, T . L . Sch u rm eier, W . A . M iller.
Dividends.
N e w Y o r k .— T h e Minneapolis, St. Paul & Sault Ste.
Marie Railroad co m p an y has declared the usual sem i
annual dividends of 2 percent on its com m on and 3R2 per
cent on its pre ferred stock.
N e w Y o r k .— T h e F ederal M in ing & Sm eltin g com pany
lias declared a quarterly dividend of ijkt percent on its
outstanding pre ferred stock and I E percent on its out
standing com m on stock, both payable Sept. 15 to stock of
record Sept. 1.
N e w Y o r k .— T h e N e w C e ntu ry Zinc & L ea d Mining
co m p an y has declared the regular m on th ly dividend (num
ber 41) of 1 percent, payable Sept. 1, through the offices
of A. R. Specht & Co., 41 W a l l street, and the Citizen s’
bank of Galena, Kan.
SPECIAL ADVERTISEMENTS.
T he C om m ercia l W e s t w ill publish w an t a d vertisem en ts u n
der this general h ea din g fo r one cen t a w ord, no a d vertisem en t
to be inserted fo r less than 25 cents. A d d ress is to be counted.
B old fa ce head 10 cen ts extra. P rice the sam e w h eth er one or
m ore in sertion s are taken. C ash or t w o -c e n t stam ps m ust a c
com p a n y the order. C op y m ust be receiv ed W e d n e sd a y o f each
w eek to insure p u blication in the cu rren t num ber.
W a n te d .
W e can p lace $100,000 in loans o f $1,000 to $3,000 on M in n e
apolis hom es, to net the lender 6 per cent and on a basis o f
less than 50 per cen t o f the cash m arket value o f the security.
In terest collected free o f ch arge on all loans placed b y us.
Y ale R ea lty C om pan y, “ T h e H om e B u ild ers,’ ’ 206 S outh F ou rth
Street, M inneapolis, M inn. R e fe r e n c e : A n y m ercan tile ratin g
com p an y.
E x p erien ced B an ker— W a n ts w h ole or con trollin g in terest in
cou n try bank. C. R. Y ., C om m ercial W est.
E d ison M im eograph No. 61, used but little, fo r sale cheap.
A lso N o. 12 E d ison M im eograph. S econ d -h a n d ch eck p r o
tectors a t y ou r ow n price. M unson S ta tion ery Co., G u aran ty
L oa n B uilding.
W a n ted .— P o sitio n in a bank b y a m an o f experien ce. Can
fu rn ish first class referen ces.
A d d ress B o x 113, P a rk R iver,
N orth D akota.
F o r Sale— H ig h grade in vestm en t bonds, in clu d in g M inne
apolis Gas, M inneapolis S treet R ailw ay , C ham ber o f C om m erce
and other local secu rities. M in n esota L oa n & T ru st C om pany,
313 N icollet avenue.
W a n ted — T o p u rch ase the u n derlyin g bon ds o f eith er the
M inneapolis Gas, E le ctric or Street R a ilw a y C om panies. M in n e
so ta L oan & T ru st Co., 313 N icollet A ve.
In v e s tm e n t
O p p o rtu n ity.
F o r Sale— S tock in h ig h ly su cce ssfu l lum ber com p an y.
fu ll particulars, ad d ress S. Z., care T h e C om m ercia l W est.
F or
F o r S a le — B o u n d v o l u m e s o f T h e C o m m e r c i a l W e s t .
E ith er in cloth or h a lf m o ro c c o ; six m onths bound togeth er—
fo r years 1902, 1903 and first h a lf o f 1904. F o r fu rth er in fo rm a
tion call or w rite T he C om m ercia l W e s t C om pany, M inneapolis,
M innesota.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
S ecurities.
St.
Paul
S ecurities.
T he fo llow in g qu ota tion s on St. P aul secu rities are fu rn ished
b y P ea b od y & Co., brokers, 27 M erch an ts’ N ational bank bu ild
ing, St., P au l:
A u g u st 30, 1904.
L ast
Bid.
A sked.
Sale.
A m erica n N ational B n k .............................. 101
103
103
C apital B an k ........................ ...........................
120
130
125
F irst N ational B n k ..........................................
250
M erch an ts’ N ational B n k .............................. 144
Ì5Ó
N ational G erm a n -A m erica n B an k ..........
135
137
Í35
St. P aul N ational B a n k ................................ 105
S ca n d in v ia n -A m erica n B nk ................ .
135
Ì3Ò
S econd N ational B a n k .................................. 220
225
S tate B an k ........ ..................... ..........................
ióó
N orth w estern T ru st C om p an y .................. i i ò
iiò
M inn. T ra n sfer R y. 1st 5s, 1916.............. 103
i 05
M innesota T ra n sfer R y. Co., first 4s, 1916 *95
10 0
S ecu rity T ru st C om p a n y .............................. 100
HO
ióó
St. P aul U nion D ep ot Co. first 6s, 1930 *125
130
U nion D ep ot Co., consol, 5s, 1944.............. *109
115
ióó
U nion D ep ot Co., consol, 4s, 1944........
*100
106
In tersta te In v estm en t T ru st C o................
122
Ì2Ì
A m erica n L ig h t & T ra ction Co. p r e f. . . .
*90
93
A m erica n L igh t & T ra ction Co. c o m . . , .
50
52
‘ Ói %
St. P aul Gas L igh t Co., 1st 6s, 1 9 1 6 .... *110
112
*111
St. P aul Gas L igh t Co., cons. 6s, 1 9 18... *110
111
*110
St. P aul Gas L ig h t Co., g e n ’l 5s, 1 9 44...
97
96
St. P aul C ity R y. Co., cable 5s, 1 9 3 7 .... *ÌÓ5
HO
108
St. C roix P o w e r Co., 1st 5s, 1929..........
*93
*95
*94
W e s t P u blish in g C om pany, c o m m o n .... 270
300
270
W e st P u blish in g C om pany, p r e fe r r e d ...
107
106
St. P aul F ire & M arine Ins. C o m p a n y .. Ì7Ò
175
St. Paul T ru stee C om p an y ........................
96
ióó
S uperior W a ter, L igh t & P ow er Co. first
4s 1931
65
60
South St. Paul U nion S tock Yard's Co.
1st 5s, 1916....................................................
85
82
*A dd interest.
S t. L o u i s Q u o t a t i o n s .
C hicago B a n k S to c k Q u o ta tio ns .
R ep orted b y A. J. W h ip ple & Co., C hicago, A ug. 31.
B o o k V . D iv. R. L. Sale.
Bid.
A m erica n T ru st .......... 163
6
195
195
B a n k ers’ N ational . . . .
153
8
183
179
C entral T ru st .............. 132
4
120
118
C h icago C ity ................ 159
8
170
170
C h icago N ational . . . . 239
*12
350
360
C hicago S a v i n g s ....................
133
C om m ercia l N a tio n a l.. 182
Ì2
3ÌÓ
300
C olonial T ru st .............. 131
180
180
C ontinen tal N a tio n a l.. 148
*8
245
240
C orn E x ch a n g e .......... 210
12
400
390
D rex el S tate ................
107
6
107
115
D ro v e rs’ D ep osit ........ 141
8
180
185
F ederal T ru st .............
139
140
139
F irst N ational ..............
179
Ì2
368
368
F irst N ational B an k of
E n g l e w o o d ............ .... 194
6
200
F o rt D earborn .............. 133
6
i 62
160
H a m ilton N ation al . . . .
125
120
120
Illinois T ru st .................. 249
*Ì2
625
595
Ja ck son T. & S ........ ..
120
120
120%
M etrop olitan T. & S . . 128
6
125
125
M erch a n ts’ L. & T ___
218
12
340
345
M ilw aukee A v e. S ta te. 186
6
118
114
N at. B an k o f No. A m . 136
141
138
Nat. B an k R e p u b lic ... 144
'è
162
161
N ation al L iv e S t o c k ... 230
*12
300
280
N orth ern T ru st ............ 262
8
500
495
O akland N a t i o n a l ........
195
6
196
P ra irie State ................ 156
8
160
R oy a l T ru st .................. 180
6
Ì5Ò
150
State B a n k C h ic a g o ... 148
6
250
235
W estern T. & S ............ 112
6
135
140
So. C hicago S a v in g s ... 109
102
U nion for
T ru
st C o .............. 144
200
Digitized
FRASER
M in n e a p o lis
Q u otation s fu rn ished b y E ugen e M. Stevens, C om m ercial
P a p er and In v estm en t Securities, N orth w estern N ation al Bank,
Building.
A u g u st 31, 1904.
L a st
Bid.
A sked.
Sale.
G erm a n -A m erica n B an k .............................. 160
F irst N ation al B an k ....................................... 175
180
175
G erm ania B a n k ................................................ 100
105
105
H en nep in C oun ty S avings B a n k ..............
160
M inneapolis T ru st C o m p a n y ......................
132
M in n esota T itle Ins. & T ru st Co., p f d .. Ì 2 Ó*
Ì25
M innesota L oan & T ru st C om p a n y ..........
120
125
120
N a tion al B an k o f C om m e rce ...................... 140
145
140
N orth w estern N ation al B an k ...................... 194
195
194
St. A n th on y F alls B an k .......................... 150
160
150
South Side State B an k ..............................
160
130
S ecu rity B an k o f M innesota ..................
155
157
157
S w ed ish -A m erica n N ational B a n k .......... 150
150
M inn. Gas L igh t Co., com . 6’ s, 1910-30.. 108
112
M inn. G eneral E lectric Co., con. 5’ s, 1929 103
104
104
M inneapolis B rew in g Co., c o m m o n .......... 104
107
105
M inneapolis B rew in g Co., p r e f e r r e d .... 107
110
107
M inneapolis B rew in g Co., b o n d s .............. 110
113
110
M inneapolis S ynd icate ..................................
102
100
M inneapolis T h resh in g M achine C o........ Ì75
200
M inneapolis Steel & M ach in ery Co., pfd.
100
100
M inneapolis Steel & M achinery Co., com . ÍÓ8
110
108
N orth A m erica n T elegraph C o....................
77
80
80
T w in C ity T eleph one Co., first m ortgage
5’ s, 1913-16 .......... ........................................
92
98
T w in C ity T eleph on e Co., c o m m o n ....
100
T w in C ity T eleph one Co., p r e f e r r e d .... ÌÒ7
110
110
A sked
198
182
121
180
370
137
310
200
245
396
120
200
142
371
Ì7Ò
125
610
125
128
360
118
142
165
29Í
505
Ì6Ì
242
145
110
C orrected b y B illon -C ran da ll B ond & S tock Co., 421 Olive St,.
St. L ouis, A ug. 23, 1904:
B an k S tock s—
Capital.
Q uotations.
A m erica n E x ch a n g e .................. ........... $ 500,000
350
B oa tm en ’ s .................................................. 2,000,000
230
235
B rem en .......................................................
100,000
309
F ou rth N ational ...................................... 1,000,000
F r a n k l i n ......................................................
600,000
G erm an S avings In s titu te ....................
500,000
4 ÓÓ
G erm an A m erica n ..................................
150,000
International ..............................................
20,000
2Ì2%
Jefferson .................................................. ..
200,000
230
L a fa y ette ...................................................
100,000
M an ch ester ..............................................
1 0 0 .0 0 0
i 52
M ech an ics’ N ational ............................. 2,000,000
268%
M erch a n ts-L a cled e N ational ............ 1,400,000
282%
N ational B an k o f C o m m e rce .............. 7,000,000
281
282
N orth w estern S avings ..........................
200,000
South Side B a n k ......................................
200.000
ÌéÓ
State N ational .................. ....................... 2,000,000
167%
S outhern Com. & S avings B an k.
100,000
T hird N ational ......................................... 2,000,000
28Ò
285
T ru st C om pan ies—
A m erica n Central T r u s t ........................ 1,000,000
C om m onw ealth T r u s t ........ ................... 2,000,000
267
269
E. St. L ou is T ru st & S avings B ank*.
250,000
L in coln T r u s t ........................................ .. 2,000,000
s ii
213
M ercan tile T r u s t ...................................... 3,000,000
334%
340
M issouri T r u s t ......................................... 2.000,000
123%
124
M ississippi V alley T r u s t ...................... 3,000,000
313
316
St. L ou is T r u s t.......................................... 5,000,000
326
330
T itle G uaranty T r u s t .............................. 1,500.000
55
S treet R a ilw a y S tock s—
St. L ou is & S u b u rban ............................ 5,000,000
64
t S t . L ou is T ra n sit Co., issued 17,264,300 .......................................................... 25,000.000
10%
11
U nion R y., p f d . . . ..................................... 20,000,000
54
54%
THE
34
COMMERCIAL
WEST
Saturday, September 3, 1904.
MINNEAPOLIS T R U S T COM PANY
NO
4 SO U TH FOURTH S TR E E T
M IN N E A P O L IS
-
-
M IN N E S O T A
CAPITAL, $250,000
UNDIVIDED PROFITS, $150,000
T ra n sa cts a T ru st and A g e n c y bu siness o n ly . D oes n o t d o a b a n k in g bn sin es
A cts as E x e c u to r ; A d m in is tr a to r, G u ardian and Trustee.
F irst M ortgage Loans on Improved Farms in C entral M innesota fo r sale to net the Investor
5% and 6 per cent.
O FFIC E R S A N D D IR E C T O R S '
E lb rid g e C. C o o k e, P resid en t
W m . G. N orth rup , V ic e-P res.
H ow ard S. A b b o tt
Jas. J. H ill
John B. A tw ater
Sam u el H ill
John C ro sb y
T . B . Jan n ey
W m . H. D u n w o o d v, V ice-P res.
R o b e rt W . W e b b , S e c’ y & T re a s.
A
. H . L in to n
C avou r S. L a n g d o n
A . C. L o rin g
A . F . P illsb u ry
J. R. K in gm a n
m Merchants’ Loan & Trust
E S T A B L IS H E D
1857
Company
OLDEST BANK
IN C H I C A G O
ADAMS AND CLARK ST., CHICAGO
E s ta b lis h e d 1882.
H. J. B u r t o n , P re s .
H . L . T u c k e r , V -P re s.
W H O LESA LE
Capital a n d Surplus, $ 6 ,0 0 0 ,0 0 0
Deposits, $ 4 0 ,0 0 0 ,0 0 0
HIGH GRADE BONDS
TRUSTS
FOREIGN EXCHANGE
SAVINGS
SAFE DEPOSIT VAULTS
o f f ic e r s :
O r s o n S m i t h , P re sid e n t
E. D . H u l b e r t , V ice-P resid en t
J. G . O r c h a r d , C a sh ier
F . N. W i l d e r , A ssista n t C ash ier
F . G . N e l s o n , A ssista n t C a sh ier
P. C. P e t e r s o n , A ssista n t C ash ier
L e o n L . L o e h r , S e c ’ y T ru s t D ep t.
J. E . B l u n t , J r ., M gr. B on d D ep t.
D IR E C T O F 1 S .
L am bert T ree
M a r s h a l l F ie l d
M o s e s J. W e n t w o r t h
A lber t K eep
E . H. G a r y
E r s k in e M. P h e l p s
C hauncy K eep
E n o s M. B a r t o n
E. D. H ulbert
T . J. L e f e n s
O r so n S m it h
C l a r e n c e A. B u r l e y
C y r u s H. M c C o r m ic k
T he PLYMOUTH CLOTHING HOUSE
C a p it a l, $300,000.
E . A. D r e w , T re a s .
W . C. B u r t o n , S e c ’y.
M AN U FACTU RERS
OF
FURS AND CLOTHING.
JO B BE R S AND R E T A IL E R S OF
M en’s C lo th in g ,
F u rs ,
B o y s ’ C lo th in g ,
Sh oes,
T ru n k s an d B a g s ,
H a ts an d C a p s,
C
lo a k s an d W ra p s ,
S h irts ,
M illin e ry .
F u rn is h in g s ,
"Plymouth Corner/' Sixth and Nicollet,
Minneapolis.
WEEKLY RAILROAD EARNINGS.
1904.
C anadian N orth ern :
3d w ee k A u g . .
$67,200
Ju ly 1-A u g. 21
505,500
1903.
$57,800
426,700
C anadian P a cific:
$926,000
3d w eek A u g .. $1,002,000
6,648,000
Ju ly 1-A u g. 21
7,272,000
D en ver & R io G rande:
$373,800
3d w eek A u g . .
$312,600
2,562,900
Ju ly 1-A u g. 21 2,176,800
Gulf & Ship Islan d:
$36,529
3d w eek A u g . .
$36,598
227,382
Ju ly 1-A u g. 21
213,701
International & G reat N orth ern :
3d w eek A u g . .
$92,440
$89,884
Jan. 1 --A u g . 21
2,947,377
3,213,335
M issouri, K an sas & T e x a s:
3d w eek A u g ..
$336,355
$325,484
July 1-A u g. 21
2,324,125
2,229,453
M issouri P a cific:
$825,000
3d w eek A u g . .
$855,000
25,289,332
Jan. 1-A u g. 21 25,098,238
C entral B ran ch (M o. P a c .):
3d w eek A u g ..
$40,000
$32,000
Jan. 1-A u g. 21
1,049,634
832,980
N ashville, C h a ttan oog a & St. L o u is:
3d w eek A u g . .
$189,014
$193,195
July 1-A u g. 21
1,387,544
1,373,500
P ere M arquette S ystem :
$238,557
3d w eek A u g . .
$265,027
1,621,916
Ju ly 1-A u g. 21
1,746,567
St. L ou is S outhw estern:
$138,114
3d w eek A u g . .
$161,846
945,948
July 1-A u g. 21
1,105,776
Southern R a ilw a y :
$890,511
3d w eek A u g . .
$894,467
6,146,510
July 1-A u g. 21
6,311,762
T exas & P a cific:
$180,447
3d w eek A u g . .
$192,932
6,919,907
Jan. 1-A u g. 21
6,739,078
C hicago G reat W e ste rn :
$150,417
3d w eek A u g . .
$143,759
1,070,948
July 1-A ug. 21
934,803
C hicago T erm inal T ra n sfe r:
3d w eek A u g ..
$28,853
$31,905
July 1-A u g. 21
213,737
236,237
D etroit S outhern:
1st w eek A u g . .
$25,583
$35,732
Inc.
D ec.
$9,400
78,800
$76,000
624,000
$61,200
386,100
$69
$2,556
$13,681
$265,958
$10,871
94,672
$30,000
$191,094
$8,000
216,654
1,181
$14,044
$26,470
124,651
$23,732
159,828
$3,956
165,252
$12,485
$180,829
$6,658
136,145
$3,052
22,500
$10,149
F A C T S YOU OUGHT T O K NO W.
Season tickets, St. Paul or Minneapolis to St. Louis and
return, $25.60; sixty-day ticket, $21.35; ten-day ticket,
$19.20.
2 Fair opens about May 1 and closes December 1.
3 Five daily trains to Chicago, each making close connections
with St. Louis trains.
4 No extra charge to go via Chicago.
5 Tickets good on the Fast Mail and Pioneer Limited elec
tric lighted trains.
6 Full information about rates, routes and accommodations
will be cheerfully furnished on application to
W. B. Dixon, N. W. P. A.,
Chicago, Milwaukee & St. Paul Ry., St. Paul, Minn.
1
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
35,919
28,607
. 2d w eek A u g . .
210,386
150,690
July 1-A u g. 14
Grand T ru n k :
$747,402
3d w eek A u g . .
$672,857
22,093,220
Jan. 1-A u g. 21 20,542,184
H o ck in g V a lley :
$134,808
3d w eek A u g . .
$138,486
996,280
Ju ly 1-A u g. 21
1,002,551
N a tion al R ailroad o f M ex ico:
$210,450
$201,978
3d w eek A u g . .
6,900,890
6,973,656
Jan. 1-A u g. 21
T oledo, P eoria & W estern :
$24,922
$26,545
3d w eek A u g . .
185,358
176,605
July 1-A u g. 21
T oledo, St. L ou is & W estern :
$66,980
$85,277
3d w eek A u g . .
439,650
497,954
July 1-A u g. 21
W h eelin g & L ak e E rie:
$97,358
$85,188
3d w eek A u g ..
693,124
596,131
July 1-A u g. 21
A nn A rb or:
$36,771
$38,879
3d w eek A u g . .
276,554
271,962
Ju ly 1-A u g. 21
B uffalo, R och ester & P ittsb u rg :
$169,865
$160,272
3d w eek A u g . .
1,113,163
1,226,979
Ju ly 1-A u g. 21
T oled o & Ohio C entral:
$75,642
$85,881
3d w eek A u g . .
556,365
593,129
Ju ly 1-A u g. 21
T oron to, H a m ilton & B u ffalo:
2d w eek J u ly ..
$11,902
$11,090
3d w eek J u l y ..
12,320
10,272
4th w eek Ju ly.
15,424
17,088
55,264
48,354
M onth J u ly ___
1st w eek A u g . .
13,276
10,621
July 1 -A u g 7.
68,540
58,975
W a b a sh :
3d w e e k * A u g . .
$545,385
$484,662
July 1-A u g. 21
3,679,627
3,420,050
C h a ttan ooga S outhern:
1st w eek A u g ..
$5,624
$2,396
2d w eek A u g . .
2,744
2,709
July 1-A u g. 14
22,648
15,484
U nited R ailroad s o f San F ra n cisco:
M onth J u ly ___
$535,186
$500,107
Jan. 1-Ju ly 31.
3,747,135 .
3,466,777
W iscon sin C entral:
3d w eek A u g ..
$131,600
$142,152
Ju ly 1 -A u g. 21
963,146 '
1,023,953
7,312
59,696
..........
...........
74,545
1,551,036
$3,678
6,271
..............
..............
..........
72,766
$8,472
..............
$1,623
............
..............
$8,753
$18,297
58,304
. . . . ___
............
............
$12,170
96,993
$2,108
............
..............
$4,592
............
............
$9,593
113,816
$10,239
36,764
$812
2,048
1,664
6,910
2,655
9,565
..............
..............
..............
..............
..............
....
$64,723
259,577
..............
..............
$3,228
35
7,164
..............
..............
..............
$35,079
280,358
..............
............
............
$10,552
60,807
H O M E S E E K E R S ’ E X C U R S IO N S .
T h e Missouri Pacific R a ilw a y and Iron Mountain
Route will sell excu rsion tickets to points in Arkansas,
T e x a s, Louisiana, O klahom a, Indian T e r r i t o r y and K a n
sas, at rate of one fare plus $2.00 for the round trip,
tickets on sale first and third T u e s d a y of each month.
T ic k e ts go o d for stop-overs.
T h e above lines reach the great Farm, T im b e r and
Mineral P roducts of the W e s t and S o uthw est without
change. F re e L iterature on application.
F o r rates and other information address—
E LLIS FARN SW O RTH ,
D. P. A., h i A d a m s St.,
Chicago, 111.
Saturday, September 3, 1904.
THE COM
THE FIN A N CIA L CENT
Minneapolis and St. Paul, the Twin Citi
and Financi
T h e progress of A m erican settlement and agricultural,
industrial and co mmercial gr o w th has decreed that there
shall be, to accom m odate the needs of the people, cen
ters and sub-centers of distribution, of industry and of
finance, scattere d at more or less regular intervals over
the country.
T h e re are cities in the United States of international
importance. Notable examples are N e w Y o r k , N e w O r
leans and San Francisco, with other seaboards cities like
Boston, Norfo lk, Galveston, Portland and the P u ge t
Sound ports, and tw o or three inland cities, striving for
a place in this ca tegory, or for larger recognition.
T h e n there are a few pre-eminent continental centers
like Ch icag o and St. Louis. But these are not enough
T h e vast area of the United States demands more lo cal
ized centers of capital and influence. T h u s come about
such industrial and commercial co ngeries as Atlanta, P itts
burg, Cincinnati, Indianapolis, Ka nsa s City, Denver, O m a
ha and, last but not least, Minneapolis-St. Paul.
T h e characteristics of these divisional centers depend
large ly on the country which they serve. T h is is so, both
industrially and in a commercial w ay. Memphis has most
reputation as a cotton market, but industrially is a lumber
producin g point of importance, due to its location in the
midst of great forests. Ka nsa s City is a railroad and j o b
bing center and a beef and pork packing point. M inne
apolis and St. Paul make a center of .supply for the de
mands of the N orth w e ste rn states, havin g as their peculiar
field w estern W isconsin , Minnesota, northern Iowa, the
Dakotas, and the states farther west. T h e y are also man
ufacturing cities of importance, Minneapolis especially in
lumber and flour, while both receive a characteristic im
press from the influence of the great agricultrual region
ly ing to the w est of them.
1 he location of these sub-centers seems oftentimes to
be more or less accidental, but it w as not so in the case of
the T w in Cities of Minnesota.
St. Paul is w here it is
because it is the head of navigation on the Mississippi riv
er; Minneapolis, because of its magnificent water power.
T h e cities, once started, were given the railroads and the
trade of an enorm ous section, until n ow they are largely
independent of these things which foreordained their stellar
position. T h e y have o u tgro w n m a n y of their rivals be
cause they are, for the W e s t, com p aratively old cities, but
also because of their fortunate location. T h e importance
of Duluth, for example, w as assured on the start, but it
lacked the surrounding country w hose needs it could sup
ply and from which it could draw its trade, though as
the forests are cleared a w a y and northern M innesota is
opened to a more dense settlement, it will supplement its
wonderful resources in iron ore and its position of ad
vantage at the head of the Great Lakes, by becom ing a
commercial center of more importance than it is today.
But it is doubtful if the p rim acy of Minneapolis-St.
Paul in the N o rth w e st will ever be seriously challenged.
1 he advantages of an early start in a magnificent tributary
country, and the e n e rgy and solidity of its business men,
will not be overcome. T h e y are tru ly metropolitan in
their outer aspect as well as in their relations to the
N orthwest.
I11 this article, however, we have especially to do with
the financial interests of these tw o cities. A s Ch icago
and St. Louis are the great financial centers of the interior
of the country, from the Appalachians to the Rock ies, and
exert an influence even beyond those boundaries, so Min
neapolis and_ St. Paul, with a joint population of about
450,000, are centers of a territory which embraces about
one-sixth of the area of the United States and about onesixteenth of the entire population.
T h e records of the C learing House Association of the
tw o cities contain a large part of the later history of bank
ing therein, though th e y do not go back to the b e g in
Digitized
nings. for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
IAL WEST.
Saturday, September 3, 1904.
T h e F irst N a tio n al’s report of condition on June 9,
1904, show ed capital stock, $2,000,000; surplus, $1,300,000;
undivided profits, $117,143.77; circulation, $851,150; depos
its, $9,377,424.71; loans and discounts, $9,566,079.36; cash,
$3.013,059.12; United States bonds, at par, $1,050,500.
P H O E N IX B U IL D IN G , M I N N E A P O L I S — H O M E OF F IR S T N A T IO N A L B A N K .
T h e home of the First N ational bank is in the Ph oen ix
building, at the corner of First avenue south and F ourth
street, diagonally across from the National B a n k of
Commerc e. T h e Ph o en ix is one of the most tho ro u ghly
fire-proof buildings in the country, the architects ha ving
gone so far as to put bronze doors betw een the apart
ments. T h e First National occupies the F irst avenue half
of the two lower floors of the building. In the west end
of the lower floor is the Hennepin Co un ty Savings bank.
Farmers’ & Mechanics’ Savings Bank.
In point of deposits the above bank, with its $12,000,000
of savings, is considerably the largest in the Northw est.
It has an old charter under w hich no capital stock is re
quired. It is purely mutual in its operations. C h aracte r
ized all through its history by conservatism, it has built
up a surplus of $400,000; while the securities it holds are
gilt-edged.
It w as org anized Septem ber 10, 1874, b y E. H. Motil-,
ton. Its first office was in v e ry modest quarters in the
FA R M E R S ’ AND M E C H A N IC S ’ BANK.
N icollet hotel, and it is said that when started its total
investment in furniture, fixtures and supplies w as less than
$1,600. N o w it has 47,326 depositors, w ho have intrusted
to it $12,000,000, and occupies its own beautiful building,
erected in 1892 on F ourth street south, and illustrated in
the acco m pa n y in g engraving.
Its officers are, Clinton Morrison, president; T h o m a s
L o w r y and John D e Laittre, vice-presidents, and E. H.
Moulton,
secretary and treasurer.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, September 3, 1904.
THE
COMMERCIAL
The Security Bank of Minnesota.
O ne of the oldest banks in Minneapolis, and the la rg
est state bank in the N o rthw e st, is the Security B a nk of
Minnesota, w hich w as established in 1878. It represents
three form er national banks— the M e rch a n ts ’ National,
the Union N ational and the Flo ur City National, the
Union National h avin g been consolidated with the Flo ur
C ity National in 1896, while the F lo u r C ity w as con soli
dated with the S ecurity in 1901. T h e Security B a nk of
M innesota began business January 2, 1878.
Its original
capital w as $300,000, and its first president w as T . A.
Harrison. It erected a building at the co rner of H e n n e
pin avenue and T h ird street and remained there until
July, 1890, when the bank m oved to its present location
in the G uaranty building. It, how ever, retained the o w n
ership of the old building until this year. Its capital was
increased to $400,000 and again to $1,000,000, all prior to
1880.
T h e president of the Se curity National bank, Mr. F.
A. Chamberlain, came to the bank as a clerk in 1880, and
w as successively appointed assistant cashier in 1882,
elected cashier in 1886 and president in 1892. T h e bank
has tw o vice-presidents, Mr. P e r r y H arrison and Mr.
E. F. M earkle., Mr. H arriso n came to the bank as a
m essenger in 1878, w as made assistant cashier in 1886,
cashier in 1892, and vice-president in 1898. Mr. Mearkle
G U A R A N T Y B U IL D IN G , Ml N N E A P O L IS - H O M E OF
S E C U R IT Y B A N K OF M IN N E S O T A .
began with the bank as clerk in 1882, and after two years
left the bank, to return again in 1892 as vice-president.
I he cashier, Mr. T h o m a s F. Hurley, began with the bank
in 1883 as a clerk. In 1891 he was made assistant cashier
and in 1898 cashier. Mr. F red Spafford, the assistant cash
ier, w ho took that position in 1901, began with the bank
as a clerk in 1887.
T h e se facts are mentioned chiefly to point out one of
the mark ed characteristics of this bank, which is its per
m anency of policy and management. It never lets a good
man go if it can help it, and insists that within its w o r k
ing force it has the talent with which to fill any position
which m ay become vacant. T h o s e w ho have retired from
official positions have done so for some com pelling re a
son. It believes in personal acquaintance, and so it has
not paid so much attention to outside accounts as h a v e
most of the banks of the city, with the result that fits de
posits subject to check are the largest of any bank in M in
neapolis, am ounting at the time of the last statem ent to
$5,205,000.
Its surplus and undivided profits account
amounts to $400,000, while its cash resources, June 9 last,
were $2,450,000"? W e give herewith a view of the Guaranty
building, w hiclf is probably the finest office structure in
Minneapolis. It so happens that the offices of T h e C o m
m e r c ia l W est are also located in this building.
T h e Se
curity National bank is the largest state bank in the N o rt h
west.
WEST
this issue. It accom m odates a. few selected tenants. O n
the ground floor is G eo rge B. Lane, dealer in co mmercial
paper, and on the second floor are the offices of E ug en e
M. Stevens, dealer in high-grade investment securities.
The German American.
T h e German A m erican B a nk of Minneapolis, under
the m a n agem en t of Francis A. Gross, the y o un gest bank
president in the T w in Cities, is m akin g rapid progress.
T h e capital has re cently been increased to $100,000, and
contracts are to be let this w eek for a new $20,000 bank
building that will set a new pace for business architecture
on the north side.
T h is is a state bank and was so organized in 1886,
with a capital of $50,000. Edm und E ichhorn w as first
president and J. C. Miller cashier. G eorge Huhn, one of
the original directors, came to the pre sidency in 1889.
T h is w as the year Francis Gross entered the bank as
office boy. He be came cashier in 1898, and upon the
death of Mr. H uhn w as elected president, taking that
office in January, 1904.
The National Bank of Commerce.
A n article on another page regard in g this institution
makes it unnecessary to speak at length of it here. W e
present, however, in this connection a view of the bank
building. It is a fire-proof office building of unusually
N A T IO N A L B A N K OF C O M M E R C E .
desirable arrangem ent and appare ntly has proven an e x
cellent investment.
T h e bank has its quarters on the
main and mezzanine floors.
Swedish-American National Bank.
The Northwestern National Bank.
The Sw edish-Am erican National Bank of Minneapolis
was established in 1888 as a state bank with a capital of
$100,000, and O. N. O str o m as president, Hans Mattson
vice-president and N. O. W e r n e r cashier.
W h e n nationalized in 1893 the capital was increased to
8250,000, and re cently the stockholders have voted to
increase it to $500,000, though such action is not as yet
consummated.
Upon the death of Mr. O stro m in 1893, Mr. W e rn e r
came to the pre sidency and so remains. T h e other officers
are C. S. Hulbert vice-president, F. A. Smith cashier, and
E. L. Mattson assistant cashier.
1 lie Sw edish-Am erican handles an immense business
in fore ign exchange, havin g correspondents in most of the
important cities in northern Europe. In this connection
the list of its co rrespondents given in an advertisem ent
is interesting. T h e re are com paratively few banks in the
co un try that have such a foreign representation.
T h Sw edish-A m eri can occupies its o wn exclusively
banking building on F ourth street south, a view of which
is given in connection herewith. Its stockholders and
directors include a number o f the leading business men
of the city, m any of them bein g of Scandinavian birth or
ancestry.
T h r e e w eeks ago T h e C o m m e r c ia l W est gave an e x
tended account of this bank on its occup ancy of its new
building on First avenue south. W i t h its capital of $1,000,000, its surplus of $500,000, its undivided net profits of
about $200,000, cash resources of $2,700,000, loans and dis
counts of $5,535,ooo, bonds and securities to the value of
o ver $1,000,000, and its banking house w orth $225,000, as
against deposits of over $5,000,000, it is one of the s tro n g
est banks in the N orthw est. A view of its building, re
cently completed, will be found on another page of
One of the oldest banks in Minneapolis and an original
member of the clearing house, to which it still belongs,
is the Hennepin C o un ty Savings. It w as organized in
1870. Its capital stock is $100,000 and its surplus and
undivided profits about $65,000. A t the time of its last
called statement, June 9, 1904, its deposits were $3,271,436.43; its holdings of bonds w ere $1,380,769.75, the pre
miums on w hich were $33,991.83; m o rtg ag e loans, $748,132.55; loans and discounts, $939,269.80; real estate, $32,-
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Hennepin
County
Savings
Bank.
THE
38
COMMERCIAL
197.08; cash and due from banks, $294,253.28. T h e offi
cers of the bank are: J. E. Bell, president; D. P. Jones,
vice-president; W . H. Lee, cashier; H. H. Ba rber, assist
ant cashier.
Germania Bank of Minneapolis.
T h e Germania B a n k of Minneapolis was organized as
a state bank in M ay, 1893, w ith $50,000 capital, and with
the fo llo w in g officers: O. E. N aegle, president; John C.
O sw ald, vice-president; L oren Fletcher, second vice-p re si
dent, and E. W . Naegle, assistant cashier. It w as located
in tem p o ra ry quarters in a 14x16 room opposite the F a r m
ers’ & M e cha n ics’ Savings bank, on South F ourth street.
F o r the past six years it has been in its present building
at 416 N icollet avenue. T h e present list of officers re
mains the same except that of second vice-president, L.
Paulle succeeding Mr. Fletch er in that position. T h e sur
plus is now $18,500, and deposits $235,000.
St. Anthony Falls Bank.
O ne of the most prosperous of the smaller banks of
Minneapolis is the St. A n t h o n y F alls bank, located on
Central avenue, in E a st Minneapolis. T his bank w as o r
ganized in 1893. Its officers are, H. A. Scriver, president;
W . F. D ecker, vice-president, and J. E. W a re , cashier. Its
capital is $125,000; its surplus, $55,000; and on June 9, last,
its net undivided profits were $12,080.68. Its total deposits
amount to $950,000, while its cash resources, accordin g to
its last statement, were $199,858.84. It occupies its own
building, which is valued at som ething over $25,000. Its
loans and discounts, June 9, were over $820,000. T h e
bank is a valued convenience for the people of an im
portant part of the city of Minneapolis.
The People’s Bank.
T h e P e o p le ’s B a nk of Minneapolis w as organized in
1886 under the state laws, with a capital of $100,000. E m
erson Cole was the first president and A. D. Cotton cash
ier, w ho w as succeeded by his son, C. E. Cotton, as cash
ier in 1888. T h e latter still fills that position.
F ro m 1898 to 1902 D c l r o y Getchell w as active in the
b a n k ’s management, filling the office of vice-president. He
is n ow vice-president of the M e rch a n ts’ National of St.
Cloud.
T h e Standard B a n k of Minneapolis was absorbed by
the P e o p le ’s in 1898. T h e president of the bank is now
W a lla c e Campbell, vice-president of the N e w E n gla nd
Furniture Company.
South Side State Bank.
A m o n g the newer banks of Minneapolis is the South
Side State, organized in 1899 with a capital of $50,000.
T h is has been a profitable enterprise from the start, the
bank p ay in g 6 per cent dividends after the first eight
months. T h e surplus is n ow $25,000, and deposits average
about $225,000.
F. E. Kenaston is president; A. M. W o o d w a r d , vicepresident; C. Birkhofer, second vice-president; A . A. M c
Rae, cashier; H. F. Rosing, assistant cashier.
The State Institution For Savings.
T h is bank only this year entered the savings field,
though in the building and loan line it is much older. It
occupies its own building on First avenue south. H. E.
Fairchild is president; C. H. Childs, vice-president, and I.
A. Yarnell, secretary. It reports that its subscribed cap
ital is $600,000, of which $300,000 has been paid in, and
that a gu aran ty fund of $200,000 has been deposited with
the state.
It lists a m o n g its stockholders about forty
officers of Minnesota coun try banks.
Trust Companies
of Minneapolis.
O f importance almost if not quite equal to that of the
banks are the trust companies, and other institutions bear
ing relation to the financial community. T h e r e are not
m any such companies in Minneapolis, but though few they
are strong and deserve m ore extended mention than we
are able to give them here.
Minnesota Loan & Trust Company.
T h e Minnesota L o a n & T r u s t C o m p a n y was estab
lished in 1883. T h e original capital w as $200,000; after
wards it was increased to $300,000, and it is n ow $500,000.
A recent statem ent show s surplus and undivided profits
of $166,000 and deposits of $1,237,620. E. A. Merrill has
been president since organization, leavin g the practice
of law, where he w as associated with Judge M. B. K oon.
T h is com pany w as the first trust com pan y to be o rg an
ized northw est of Chicago. It does not do a co mmercial
banking business. It receives deposits subject to check
or payable on certificates, sells farm and city m ortgages,
buys and sells municipal and co rporation bonds, acts as
executor and trustee, and carries on a general trust busi
ness.
T h e com pan y occupies its own building on Nicollet
avenue, betw een T h ird and F ourth streets.
T h is is a
six-story, fire-proof building, that portion not used b y the
co m p an y bein g occupied b y tenants.
T h e present officers of the co m p an y are: E. A. M e r
rill, president; M. B. K o o n , first vice-president and trust
officer; A . M. Keith, second vice-president; H. L. Moore,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
WEST
Saturday, September 3, 1904.
tre asurer; W . A. Durst, secretary; J. M. Martin, assist
ant trust officer.
T itle
Insurance &
T rust
Company.
T h e first title insurance and trust co m p an y to be or
ganized w est of Philadelphia was the Minnesota com pany
of that name in Minneapolis. It was organized in 1885
with $200,000 capital, and Judge M. B. K o o n as president.
T h e original business w as insuring of titles only, an ab
stract and m o rtg a g e loan department bein g added in 1888
when J. U. Barnes came to the presidency, succeeding P.
D. McM illan.
Mr. Barnes was then president of the
D o u g las s Co u n ty B a n k of A lexan dria, Minn., and still
retains an interest there. T h e present charter of the M in
nesota T itle Insurance & T ru st C o m p a n y authorizes a
capital of $500,000, and the present paid-up capital is $250,000.
Under the state law the charter m ay be amended
p ermitting a capitalization up to $2,000,000. A department
for receiving accounts subject to check was established in
1891, discontinued in 1806, and resumed in 1901. A t p res
ent deposits am ount to $320,000. It w as the first trust
co m p an y in the state to accept these savings accounts.
P rior to 1893 the co m p an y did a large business in co m
mercial paper, having some $700,000 placed in coun try
banks that year.
T h is line was liquidated about that
time without loss. T h e latest feature added is a line of
1,500 safety deposit boxes, w hich are just completed.
T h e M in n e a p o lis T r u s t C om p a n y
w as org anized in 1889 with a capital of $500,000, and S a m
uel Hill as president. A reorganization of the com pany
last fall reduced the capital to $250,000 and E. C. Cooke
w as elected president. T h e surplus and undivided profits
are now $157,787.
T h is co m p an y does no bank ing business w h ate ve r and
does not receive deposit or savings accounts. Besides a
ge neral trust business, farm loans form s an important
feature of the business.
T h e latest bank organized in Minneapolis is the M e r
chants and M anu facturers’ State bank, w hich opened July
1, at 242 T w e n tie th avenue north.
It has a capital of
$50,000, and officers are A. M. Hovland, president; O. N.
Nelson, vice-president; T. A. Haugen, cashier; J. H. Mier,
assistant cashier. Its list of directors includes some wellkn ow n men. T h e directors are C. A. Smith, C. N. R o b in
son, N. O. W ern er, J. C. Hallum, A. M. Hovland, O. N.
Nelson, T. A. Haugen, Louis Rathje, E. G. Dahl, O. E.
Juvrud, A s h l e y Coffman.
T h e U nion
In v e stm e n t C om pany
in the National Bank of Com m erce building, is one of the
latest financial institutions that has been established in
Minneapolis. It w as organized in M arch of 1904, and has
m a n y prominent capitalists, not only of Minneapolis, but
also of Ch icago and N e w Y o r k , a m o n g its stockholders.
Its authorized capital is $500,000. Bonds, farm loans and
bank stocks are its leading features. A s a holding c o m
pany for coun try bank stock it has extensive interests
throu ghou t the No rthw est. F. H. W e llc o m e is president,
F. E. K ena sto n vice-president, Bert W in t e r secretary and
treasurer.
THE BAN KS OF ST. PAUL.
T h e re w as a time not v e r y m a ny years ago when St.
Paul exceeded Minneapolis in the number of its banks and
the volum e of business done, but Minneapolis has had
some special advantages. W h ile St. Paul banks have de
pended upon an established mercantile and industrial busi
ness, with nothing of a speculative element affecting them,
Minneapolis banks have had to meet the needs of the
great speculative market, and reflect the stimulus in their
number, capital and business done. But the St. Paul banks
are noted for solidity, and are a po w e r in the Northw est.
The St. Paul Clearing House.
W h ile the Minneapolis C learing H ouse w as not o r
ga nized until 1880, St. Paul banks were associated in a
clearing house on F eb ru a ry 15, 1874. T h e re were eight
charter members of the clearing house, viz.: T h e First
National bank, M e rch a n ts’ National bank, the GermanA m erican ba'nk, D a w so n & Co., ba nkers; the National M a
rine bank, the Savin gs B a nk of St. Paul, the F a r m e rs ’ &
M e cha n ics’ bank, and Pa rker Paine, banker.
O f the charter members, those that have been dropped
from the clearing house list are D a w so n & .C o ., National
Marine bank, the Savin gs Bank of St. Paul, the F a r m e rs ’
& M e cha n ics’ bank, and the P a rk er Paine. T h e first man
ager of the association was Mr. H. P. Upham, w ho at the
present time holds that position. Mr. U p ham is president
of the F irst National bank.
T h e p rogress of the St.
Paul banks, as represented in the clearings, has been
marked. In 1874, the first year of the clearing house, its
transactions amounted to $18,530,118.14; in 1884 the f i g
ures were $101,636,568.07; in 1894 they w ere $183,856,875.90; in 1903 th e y w ere $309,230,107.75. T h e reco rd so
far for 1904 show s an increase over last year, indicating
that the previous re cord of gro w th is bein g maintained.
T h e greatest number of members which the clearing house
(C o n tin u ed on P a g e 41.)
THE COMMERCIAL WEST.
Saturday, September 3, 1904.
39
N ATION AL BANK OF COMMERCE, OF MINNEAPOLIS.
Its History in Brief and its Growth— Its Officers and Directors— Its Beautiful Building
and its Enlarged and Remodeled Offices.
H E National B a n k of Commerce, of Minneapolis,
vice-president, finally retiring in January, 1904, to go into
w hich is one of the four leading banks of the city,
other business. In 1888 J. W . R a y m o n d w as elected presi
v e r y appropriately began its career in the Chamber
dent, holding that office until 1892, when S. A. Harris suc
of C o m m erce Building, n ow called the Old Cham ber
ceeded him. Mr. Harris has therefore n ow been president
of Com m erce. T h e original capi
twelve years. D u rin g most of this
tal w as $400,000, increased in 1885
period he was also treasurer of the
to $500,000, in 1887 to $750,000,
Globe E lev a to r C o m p a ny of Min
W
> »*>
and finally in 1889 to $1,000,000,
neapolis and Duluth, havin g re
¡¡J
X L
as it is at present.
signed this office in 1903.
Fro m
A t its org anization, in 1884, the
1870 to 1879 he w as assistant cash
board of directors w as the f o llo w
ier of the Hennepin C o un ty S a v
ing: E. F. Gould, president; V . G.
ings bank; from the latter date to
Hush, vice-president; W . Pow ell,
1890 he was successively assistant
cashier; O. A . P ray, A. F. Gale,
cashier, cashier, and president of
A . G. W ilc o x , W . G. V a n D yke,
the N o rth w e ste rn National B a nk
E. A . Harm on, J. W . Pence, S. J.
of Minneapolis.
O lds and A. J. Conner.
F ran k
Mr. H a rr is ’ accession mark ed an
Slocum, not a director, was assist
almost entire re organization o f the
ant cashier.
bank.
H e w as elected president
It is a curiqus fact that not one
D e cem ber 17, 1891, but in the fol
of this first board of directors is
lo w in g m onth W a l t e r Hurlbut was
n ow co nnected with the bank.
elected vice-president, and H. H.
M o re than half of them are de
T h a y e r, cashier. T h e next change
ceased, A. F. Gale is in the real
of im portance w as in January,
estate business in Minneapolis and
1895, when Mr. Hurlbut .retired
W illia m Po w ell is a banker in
and C. J. Martin succeeded him
Georgia.
as vice-president. Simultaneously
A. A . Crane came in as assistant
In 1885 the board w as enlarged
cashier. Mr. Crane started in his
by the addition of W . S. Cu lbert
M A IN E N T R A N C E , F R O M F IR S T AVE. S.
banking career with the A n o k a
son, w h o on h is .d ece as e w as suc
National B a nk of A noka, Minn., com ing to Minneapolis
ceeded b y his son, S. A. Culbertson, W . W . Huntingin 1887 to take a position with the Flour City National
ton, J. G. Jones, and O. M. L a r a w a y , w h o is still a di
rector.
bank, organized at that time. L a t e r he became assistant
cashier and then cashier of that bank,
retiring in Janu
In 1886 Mr. H. H. T h a y e r came to the bank as assist
ary, 1895. Mr. Crane has come to be w idely known, both
ant cashier, be com in g afterw ards successively cashier and
IN T E R IO R ,
N A T IO N A L
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BANK
OF C O M M E R C E -L O O K IN G
TOW ARD
ENTRANCE
FROM
P R E S I D E N T ’ S O F F IC E .
THE COMMERCIAL WEST.
40
to the general public and to the banking fraternity of the
W e s t. A t this time the board w as la rge ly ch anged and
several of the present members came in, including E. J.
Phelps, F. E. K e n a sto n and F. H. W e llco m e. In Jan
uary, 1900, Mr. Crane was made cashier, Mr. T h a y e r was
elected vice-president and W a l t e r S. Harris, son of the
president, assistant cashier. T h e official list remained
unchanged until January of this year, when Mr. T h a y e r
V IE W FR O M
ENTRANCE,
L O O K IN G T O W A R D
B y reference to a view of its building found on a pre
ceding page, it will be seen that it is an office building
with seven stories of regular height o ccup y ing perhaps
two-thirds of the F ourth street front, while the corner
and the F irst avenue south front has a basement with
a high story above it. T h is was the original banking
room. T h e problem w as solved by t h ro w in g the second
story of the building back of the bank office into con
nection by the construction of a short stairw ay and the
removal of partitions. T h e main banking floor, therefore,
is reserved exclusively for officers and others w ho come
into co ntact with the public and for the accommodatior
-of the ba nk’s customers, while back of it is a v e ry large
room occup ying the remainder of one floor of the build
ing for the bookkeepers, etc.
T h e building itself is 66 by 142 feet in area and seven
stories high, and from the standpoint of substantial con-
D IR E C T O R ’S ROOM .
retired from the vice-p re sidency and w as succeeded by
F. E. Kenaston. A t this time also, G eo rge E. W illia m
son, one of the oldest employees of the bank, havin g been
with it practically from the beginning, was made assistant
cashier.
ft should be noted here that the present policy and
managem ent has dominated the bank since Mr. H a rr is ’
accession to the pre sidency in 1892. Prior to that time
the bank had been m oderately prosperous, but during the
last twelve years it has more than quadrupled its busi
ness and resources and has come to occupy a leading
place in the banking business of the N o rthw est. In 1892,
when the present regime began, the capital was $1,000,000;
B O O K K EEPIN G
Saturday, September 3, 1904.
B A C K OF C A G E S , S H O W I N G V A U L T A N D S T A I R W A Y T O B O O K K E E P E R S .
struction, atttractiveness and profitableness is an e xtrem e
ly desirable piece of property. It stands at the inter
section of the two banking streets of Minneapolis. It
will be noted that on one side the new building of the
N orthw estern National Bank adjoins it, while on the other
side is the building of the F a r m e rs ’ & M e cha nics’ Savings
Bank, on the diagonal corner is the F irst National Bank.
On the opposite page is a view of the entrance to the
bank proper, and belo w it an interior view. T h e banl
entrance is near the corner of the building. A t the righ
is a small room for public telephones. T h e space de
voted to the public is “ L ” shaped. A s one enters, the
lo bby leads straight ahead, ending at the directors’ room
and the ladies’ parlor and teller. O n the left are the offi-
D E P A R T M E N T ON M E Z Z A N IN E FLOOR.
the surplus and profits, $55,000; deposits, $1,100,000; loans
and discounts, $950,000. A t the present time the capital
is $1,000,000; surplus and profits, $300,000; deposits,
$5,000,000; loans and discounts, $4,000,000, and cash assets,
$2,000,000. T h e bank has made steady and mark ed p r o g
ress and besides building up its earned surplus, has paid
re gular six per cent annual dividends during recent years.
A s stated above, T h e National Bank of Com m erce
opened for business in 1884 in the banking rooms in the
Old Chamber of Com m erce Building, but in 1888 it erected
and occupied the present building, at the southeast corner
of First avenue south and F ourth street. In 1892 the
building was sold, but w as purchased back in 1902.
T h e gro w th of the business of the bank, the larger
number of employees required and the increased space
n ecessary properly to accom m odate the public, as well
as its own force, brought it face to face with the question
of adequate quarters. W h ile it owns its building, and
while special provisions were made for banking quarters
in its construction, no adequate provision w as made for
the enlargement of these quarters.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
P R E S I D E N T S . A. H A R R I S '
P R IV A T E O FFICE.
ce rs’ quarters, betw een the lobby and the front of the
building. Inside of this “ L ” are the ca ges for tellers, etc.,
THE COMMERCIAL WEST.
Saturday, September 3, 1904.
41
and still inside of those are the vault and the stairw ay to
the b o o k k e ep e rs ’ room.
T h e large v ie w on the opposite page is taken from
the president’s private office, in the corner, lo o kin g tc
w ard the entrance. O ne of the e ngravings on the second
page show s the view fro m the entrance lo o kin g down the
right-hand lobby to the directors’ room in the distance.
A n o th e r view is of the pre sident’s office, and still another
shows the co m m odious quarters of the clerical staff. T h e
interior of the bank, so to speak, is shown in the e n g ra v
ing which gives a view of the stairw ay to the b o o ke ep ers’
department, of the vault in the center, and of the rear
of the cages on the right.
In rem odelin g these offices a co mplete job w as done.
A ll the old fixtures w ere taken out, a new vault was
built, new counters and ca ges w ere provided, walls and
ceilings were reconstructed and ela borately decorated,
so that n ow there is probably no bank in the N o rth w e st
with finer appointments than has the National B a nk of
Commerc e. E special attention has been paid to the needs
of the public, as shown in the lo bby itself, in the w aitin g
room, in the provision of a ladies’ teller and ladies’
parlor, etc.
It is proper to give here a statem ent as to the men
n ow back of the National B a n k of Com m erce in its di
rectorate. S. A. Harris, president, confines his attention
entirely to the bank, and the same is true of A. A. Crane,
cashier, and W . S. Harris and G. E. W illiam son , the as
sistant cashiers. F. E. Kenasto n, vice-president, is presi
dent of the Minneapolis T h r e s h in g Machine Co m p a ny and
la rge ly interested in banks and other business enterprises
in the Northw est. T h e other members of the board are
as fo llo w s:
S. H. B ow m an, lumberm an; interested in lumber m a n
ufacture and trade on the. Pacific Coast and in the South,
as w ell as in Minneapolis.
S. A. Culbertson, capitalist,
of Louisville, K e n tu ck y . F. T . Heffelfinger, partner in
F. H. P e a v e y & Company. F. W . L ym a n , w holesale
druggist. O. M. L ar aw ay , insurance. G eorge H. P a r t
ridge, w holesale dry goods. E. J. Phelps, capitalist. F.
H. W e llc o m e interested in numerous banks in M inne
apolis territo ry and president of the U n io n Investment
Company, Minneapolis. John W a shburn, of t h e W a s h b u r n C r o sb y Company, the great flour mill institution. E. C.
W a rn e r, president of the Midland L in seed Oil Company.
THE FINANCIAL CENTER OF THE NORTHWEST.
T h e first list of officers was, E. S. E dg erto n , president;
John Nichols, vice-president; D. A. Monfort, cashier.
T h e capital of the Second National has never been in
creased. T h e dividends paid since organization amount
to o v e r '$1,000,000, a v e ra gin g about 13 per cent per annum.
Mr. G eo rge P o w e r came to the pre sidency in Janu
ary, 1902, from the office of national bank examiner. P r e
vious to that he w as with the M e rch a n ts’ National of St.
Paul for a term of years. F. D. M o n fo rt is vice-president
and C. H. B u ck ley cashier.
Judge Nelson, of St. Paul, is the N e sto r a m o n g the
customers of the Second National, having carried an a c
count w ith the bank since 1856.
(C o n tin u ed from P a g e 38.)
ever boasted was fifteen in 1893, but the present m e m ber
ship is eight, tfie same as at organization. T h o s e banks
which n ow represent St. Paul and its tributary in the
clearing house are:
T h e First National bank, Second
National bank, M e rch a n ts ’ National bank, National Germ an-A m erican bank, the Capitol bank, St. Paul National
bank, Scandinavian-Am erican bank, and the A m erican N a
tional bank. T h e rooms of the St. Paul clearing house are
on the seco nd floor of the First National Bank building,
w here the association meets e ve ry m orning at eleven
o ’clock. T h e deputy m anagers of the association are John
A. K a e s e and F red W ilson.
First
National Bank
of St. Paul.
T h e F irst National B a n k of St. Paul, organized in 1863,
chartered as No. 203, and was the first national bank to
be organized in the T w i n Cities. It succeeded the private
b a nk ing firm of T h o m p s o n Bros., one of the pioneers in
that line in the N orthw est.
T h e first official staff of the First National was as fol
lows: Jas. E. T ho m p son , president; T. A. Harrison, vicepresident; Llorace T h o m p son , cashier, and H. P. Upham,
teller.
T h e original capital was $250,000. T h is w as increased
in 1864 to $500,000, in ’65 to $600,000, and finally in 1873 to
the present capital of $1,000,000.
Mr. U p ham came up through various offices to that of
president, w hich position he has filled for m a ny years.
V ice -P res id en t E. LI. B a iley came to the bank in 1873
as receiving teller, w as advanced to cashier in 1880, and
has been vice-president since 1897.
T h e F irst National has never passed a dividend since
its org anization, and is looked upon as one of the most
conservative of the large N o rth w e ste rn banks.
Saw yer, N. D .— W o r k has been be gun on the new
building for the S a w y e r State bank, w hich will be opened
about O cto b e r 1st.
JlEämSk.
MW«
Second National, of St. Paul.
T h e Second National Bank of St. Paul was started as
a private bank in 1854 under the name of Mackubin &
1LOANS ON BONDS. STOCKS!
AND OTHER C O LLATER AL
M E R C H A N T S ’ N A T IO N A L B A N K B U IL D IN G OF S T .
PAUL.
E dg erto n , and was organ ized as a national in 1865, with
a capital of $200,000,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
42
THE
COMMERCIAL
WEST
Saturday, September 3, 1904.
OUR FINANCIAL POLICY IN THE PACIFIC.
By Hon. John J. Esch of La Crosse, W is.
W ith the T re a ty o f Paris, w h ich g av e us the P hilippin e I s
lan ds; w ith the an n ex ation o f H a w aii, and their co n n ection by
cable w ith the g reat nerve centers o f this coun try, and w ith the
d igg in g o f the isthm ian canal, the P a cific ocean has assum ed
in our eyes a new significance. N earer to the teem in g m illions
o f the O rient than any o f our rivals, w e hope fo r com m ercia l
su prem acy. W ith open ports in China, w ith M anila as the en
trep ot o f the sou th ern P a cific trade, the P hilippine Islands are
as a k ey u n lock in g fo r us the d oor o f opportunity.
A s finance and com m erce are in tim a tely related, the fin an
cial situation in these islands ou gh t to be fo r us a prim e o b
je c t o f con sid eration and inquiry.
In 1898, w h en w e to o k possession , and up to M arch 2nd,
1903, the date o f the ap p rov al o f the n ew coin ag e act, there
w ere in circu la tion in the a rch ip elag o the fo llo w in g coin s: T he
M ex ican silver d ollar or peso o f 416 grains o f the fineness of
.902; the F ilipin o p eso already m entioned, and the old Spanish
dollar, a coin w h ich has alm ost disappeared, becau se o f its
high ex ch an ge value. B esides these coins, there w ere su bsidiary
and m inor coins, m ak in g a total circu la tion estim ated at fo r ty
m illion pesos, equ ivalent to less than tw en ty m illions in gold.
T he standard o f value w as the peso, w h ich , bein g unredeem able
and un lim ited in its coinage, passed current at its bullion and
n ot its fa ce value. P rice s o f labor com m od ities fluctuated w ith
the g old value o f silver. F rom and afte r 1898 A m erican paym asters,
qu arterm asters, com m issaries and civil officials brou gh t into and
scattered throughou t the islands U p ited States currency. T his
cu rren cy bein g at p ar w ith gold, could not lon g circu la te side
b y side w ith a con sta n tly d ep reciatin g silver currency. E v e n tu
ally, it w ou ld be w ithd raw n, an d hoarded or sen t abroad to
p urch ase fo re ig n exchan ge. F or the p urpose o f m ain tain in g a
ratio o f e x ch an ge o f tw o dollars M ex ican fo r one dollar gold,
equ iva len t to 32 to 1, on A u g u st 19th, 1898, Gen. M erritt a u
thorized, upon their request, the three leading banks of the
islands to im port clean M exican dollars, d u ty free, upon their
p rom ise an d ag reem en t to m aintain the ab ove rate o f e x
change. U nder this arrangem ent, these banks im ported over
tw elve m illion M ex ican an d exch an ged our cu rren cy fo r it, and
v ice versa, m ak in g a profit both w ays. B u t b y A ugu st, 1900,
silver ha vin g risen in p rice in the m arkets o f the w orld, and
the E x p ed ition to P e k in g n ecessitatin g the purchase o f su p
plies and p ay m en t o f troops in n orthern China, cau sin g a sc a r
c ity o f M exicans, it w as no lon ger p rofitable fo r the banks to
m aintain the ratio o f 2 to 1, the actu al ratio bein g $1.98 to $1.00.
M uch loss and bu siness d istu rbance resulted. T he Philippine
C om m ission did all in its p ow er to m aintain the ratio. T a x es
and cu stom dues tendered in U nited States cu rren cy w ere to
be receiv ed at the rates o f 2 fo r 1; all salaries un der the Civil
S ervice w ere to be paid and ap p rop riation s w ere to be m ade
in the sam e cu rren cy there, b y in creasin g its circu la tion and to
that exten t dim in ish in g the dem and fo r M ex ican s on the banks.
A s a last resort, the com m ission im posed a cu stom s ta x of ten
p ercen t on all M exican silver exported. T h is drastic, and ord i
narily reprehensible, legislation ch eck ed th e m ercen a ry a ction
o f the banks in making; profits out o f the efforts o f the insular
g overn m en t to m aintain a ratio w h ich th ey them selves had
prom ised to m aintain.
T he banks and sp ecu lators m ade m oney, but the govern m en t,
b y stabilizing the ratio, restored confidence, in a m easure, to
business, althou gh w ith loss to its treasury. It w as thus early
realized h o w difficult and unprofitable it w ou ld be to continue
this p o licy w ith the c h ie f coin o f circulation , the M ex ican peso,
flu ctuatin g w ith the p rice o f silver, and fro m artificial d em ands
from C hinese m arkets.
T h e E v ils o f a S ilv e r C urre n c y .
T he evils o f a silver cu rren cy am on g a people w h ose ch ief
trade w a s w ith coun tries h a v in g a gold standard befcame m ore
and m ore m anifest. T he com m ission , in its first report in 1900,
appealed to con g ress fo r relief, and recom m en d ed “ the coin age
o f a U nited States F’ilipin o peso o f the value o f o n e -h a lf dollar
m oney of the U nited States, con ta in in g a sm all p ercen ta g e less
silver than the M exican dollar, the p ercen tage bein g such that
its intrinsic value w ou ld n ot at any tim e w arran t its exportation
from the islands fo r bullion, w ith a p rovision fo r its co n v e rti
bility into m o n e y o f the U nited States, o f F ilipin o p esos for
one dollar in m on ey o f the U nited States, togeth er w ith c o n
ven ien t su bsid iary co in s.”
C ongress ignored this recom m end ation , althou gh repeated b y
the com m ission in its an nual report fo r 1901, and urged w ith
great p ersisten cy and fo rce by Gov. T a ft in 1902. In the m ea n
tim e, w ith the industries o f the islands p aralyzed to a great
exten t by the un certain ch aracter o f the currency, and c o n s e
quent exorbita n t rates o f interest on loans, the insular g o v
ernm ent, on Jan. 1st, 1902, changed the official ratio o f 2 fo r 1,
to 2.10 local cu rren cy fo r one dollar o f U nited States m oney,
in its effort to m ake the official corresp on d w ith the c o m m er
cial ratio. B u t silver con tin u ed to depreciate, and at the end
of each three m onths a new official ratio w as declared, and later
congress au th orized a chan ge as often as on ce in ten days. On
M arch 11th, 1903, the ratio stood 2.66 to 1. It seem s needless
to say that each change affected the value o f all local cu rren cy
belon gin g to the govern m en t, and resulted in a loss in ten
m onths o f alm ost one m illion dollars, a loss w h ich w ould have
been saved had a stable stan d ard been established. B y the
A c t of July 1st, 1902, con gress sou gh t to afford som e relief by
au th orizing the coin age at the m int at M anila o f a coin o f the
d enom ination o f 50 cen ta v o and o f the w eigh t o f 192 grains,
and also o f the 20 and 10 cen ta v o p ieces o f p rop ortion ate
w eights o f .9 fineness, the am ount o f such coin age to be d eter
m ined b y the insular govern m en t and to be legal tender in the
islands to the am oun t o f ten dollars. T h is A c t fixed no sta n d
ard unit o f w h ich the su bsid iary coins provid ed fo r b y it were
to be fraction al parts. On this a ccou n t, and fo r the fu rth er
reason that there w as a d iscrep an cy betw een section s 78 and
79 as to the am ou n t fo r w h ich such coins should be legal tender,
the com m ission though t it im practicab le to carry out the A ct.
C ondition s th erefore rem ained about the sam e. U n ce rta in ty in
the rate o f e x ch an ge h a ndicapped business, and esp ecially the
foreig n trade. A rm y p aym asters had difficulty in k eep in g their
a ccou n ts straight, handling tw o kinds o f currency, in volvin g
five different standards. E m p loyees o f the g ov ern m en t fou nd
fa u lt becau se they receiv ed their p ay in a con stan tly d ep recia t
in g local currency. R em ote stations on the islands, ow in g to
im p erfe ct com m u n ica tion , w ou ld n ot g et the order fixin g the
ratio fo r w eeks, and even m onths, and w ou ld thus be doing
bu siness and m ak in g disbursem ents on a basis d ifferen t from
that at M anila, lead in g to con fu sion o f a ccou n ts and to fraud.
Spurred to a ction b y such com plaints and b y the argum ents of
the com m ission , assisted b y Chas. A . Conant, w h o had been
sent to the islands to study the financial problem , congress
passed the A c t ap p roved M arch 2, 1903, entitled, ‘ ‘A n A c t to
E stablish a Standard o f V alu e and to P rov id e fo r a C oinage
S ystem in the P hilippin e Islan ds,” e m b od yin g p ra ctica lly the
plan
recom m en d ed b y the com m ission ever since 1900.
https://fraser.stlouisfed.org T h e P r o v i s i o n s o f t h e A c t .
There w as a stro n g fe e lin g in con g ress th at the cu rren cy
Federal Reserve
Bank of St. Louis
system o f the U nited States should be ad op ted in the islands;
that, fo r p a triotic consideration s, our coin should follow our
flag; that if the P hilippin es are to assim ilate A m erica n ideas,
they should begin b y a d op tin g our m on ey ; that if H a w a ii and
P orto R ico could be m ade to chan ge to our currency, w ith but
a tem p orary distu rb an ce in values, the islands ough t to be
sim ilarly trea ted ; th at w ith a separate coinage, exch an ge or
“ a double shave, g oin g and co m in g ,” w ou ld still b rin g profits
to banks and speculators. N otw ith sta n d in g these argum ents,
congress, after a heated debate, p rovid ed in the v e r y first
section o f the A c t o f M arch 2, 1903, “ that the unit o f value in
the P hilippine Islands shall be the gold peso con sistin g o f 12.9
grains o f gold, .9 fine.” It w as fu rth er provid ed that the in
sular g ov ern m en t could coin n ot to ex ceed 75 m illion silv er
pesos o f the w eigh t of 416 grains, .9 fine, w h ich w ere to be full
legal tender. W h ile
su bsid iary coin s o f 50, 20, 10 and 5
cen tav o p ieces o f prop ortion ate w eigh ts and legal tender up
to ten dollars, w ere authorized. T his silver coin ag e w as to beon g ov ern m en t a ccou n t from bullion purch ased w ith the a p
proval of the S ecretary o f W a r o f the U nited States, provided,
that in lieu of p u rch asin g bullion, the insular govern m en t, w ith
the secreta ry ’s approval, could recoin the M ex ican and Spanish
P hilippin e cu rren cy in the insular treasury. T o p reserve the
p a rity o f the g old and silv er pesos, the P hilippine g ov ern m en t
w as au th orized to issue tem p orary certificates o f indebtedness
bea rin g in terest at n ot to ex ceed 4 p ercen t annually, payable
a t p eriods of three m onths or m ore, bu t n ot later than one
year fr o m the date o f issue, and in d enom inations of 25 dollars
or 50 pesos, or m ultiples thereof, redeem able in gold coin o f
the U nited S tates or local m on ey of the islands, said certificates
to be ex em p t fro m the p aym en t o f all taxes or duties and that
n ot' to ex ceed 20 m illion in am oun t to be outstanding- at an y
one tim e.
T o hasten the in trodu ction o f the new coinage, the local
cu rren cy w as to be receiv ed fo r p u blic duties at a rate to be
fixed from tim e to tim e b y a p roclam ation o f the civil g o v e rn
m ent, prior to Jan. 1st, 1904, bu t w ere to lose legal tender
qu ality thereafter. O w ing to the in con v en ien ce in business and
to p rov id e fo r a m uch needed pap er circulation , the A c t fu rth er
p rovid ed fo r the issu ance o f silver certificates fo r deposits o f
not less than 20 pesos. T he peso an d su bsid iary coin s w ere
required to express “ the sov ereign ty o f the U nited S tates, that
they w ere coins o f the Philippine Islands, th eir d enom ination
and the year o f coin a g e.”
Reasons f o r E s t a b lis h in g
D iffe re n t S ta n d ard .
It m ay be o f interest to note som e o f the reason s w h ich
persuaded con gress to establish in the islands this new coin age
instead o f that w h ich w e are a ccu stom ed to here. F irst.— A
su dden chan ge o f the standard and m on etary system of an y
people can n ot be m ade w ith ou t d istu rbance of values. Second.
— T o p lace the islands im m ed iately upon an absolutely gold
standard w ou ld be injurious to business. T h ird.— S ilver havingbeen used fo r centuries, bein g the m on ey o f circulation , should
be retained, togeth er w ith su bsid iary coins w ith th eir old -tim e d e
nom ination s, su ch as peso, 50, 20, 10 and 5 cen ta v o pieces.
F ou rth .— T o fo r c e the A m erica n d ollar upon the p eople of the
islands w ou ld double the cost o f fo o d and m erchand ise w ithout
a corresp on d in g rise in w ages, w ages bein g alw ays slow er to
respond. T he native, ign oran t o f the d ifferen ce in the p u rch a s
in g p ow er betw een the A m erica n and M ex ican silver dollar,
althou gh ap p aren tly of the sam e w eig h t and fineness, w ould
ex p ect to receiv e fo r his w ork as m an y p ieces o f coin o f the
form er as o f the latter. It w ou ld be im possible to m ake him
un derstan d that our h a lf dollar w as equal in value to a M ex i
can dollar, tw ice its size. F ifth .— E ven if there w a s a c o m
plete un derstan din g o f the d ifferen ce betw een these coins, the
size o f A m erican units, dollar and cent, w ould be too large fo r
the sm all w age§ an d the trifling am oun ts of their purchases.
A laborer, w h ose hire is 20 cen tav os per day, w ill have m uch
use fo r a cen tav o or % -c e n t p iece to bu y his food . W e of
this coun try, m ak in g purch ases on a tw o -b it basis, ough t not
to forg et that there are p eoples d oin g bu siness on a on ecen tav o basis. S ixth .— I f the A m erican silver dollar w ere to be
m ade the coin o f circu la tion in the islands, w orth intrinsically
45 cents, but w orth in p u rch asin g p ow er one hundred cents, the
inducem ent to cou n terfeit it w ou ld be v a stly increased. Such
w ou ld n ot be the case as to a coin like the p roposed peso, the
d ifferen ce betw een w h ose bullion and fa ce value is bu t a few
cents. S eventh.— T o avoid the fore g o in g dangers and difficul
ties and to perm it the larger use o f silver, con gress passed the
a c t ’ m ak in g “ T he U nited States, dollar, or a th eoretical U nited
States F ilipin o gold peso, of the value of on e -h a lf dollar, like
the th eoretical gold yen, w h ich is the unit of cu rren cy in
Japan, the standard o f value, but that a silver U nited States
F ilipin o peso, con ta in in g a sm all p ercen t less silver than the
M ex ican dollar, should be coined, w h ich w ou ld be receivab le
in bu siness tra n saction s as equ ivalent to fifty cen ts in U nited
S tates m on ey .”
T he n ew peso o f 416 grains. .9 fine, w as p u rposely m ade less
in w eight and fineness than the M exican , in order to preven t
its bein g sent to the m eltin g pot or exposed, as w as done
with the M exican during the B ox er uprising. T o p erm it s ta
b ilizin g the ratio o f 2 to 1 and m ain tain in g the parity, the A ct,
besides au th orizin g the certificates o f indebtedness, also r e
stricted the am ou n t of silver coinage, in the d iscretion of the
insular govern m en t, and added the seig n iorag e derived from
such coin age and the fu nds derived from the sale of said c e r
tifica te to con stitu te a gold reserve, w h ich reserve w as in no
in stan ce save fo r the purch ase of bullion, and its coin ag e and
tra n sp ortation , to be used to pay the expen se or appropriation s
of the govern m en t.
T h e O p e ra tion of th e Coinage A ct.
It m ay be of interest to exam ine the steps taken to carry
out the p rov ision s of the coin age a ct o f M arch 2, 1903, and
the ex ten t o f its present operation . In the first place, d esig n s,
fo r the n ew coins w ere secured from n a tiv e artists and s e le c
tions m ad e; dies w ere then provid ed at the U nited States m int
at P hiladelphia. A s the m int at M anila w as n ot in readiness,
the m ints at San F ra n cisco and P hiladelphia w ere engaged, the
co st of m intage bein g chargeable to the insular treasury. Funds
fo r the purch ase of bullion w ere provid ed fo r through the In
sular B ureau o f the W a r D epartm ent, b y a sale, on A pril 20,
1903. o f three m illion dollars of the tem p orary certificates of
indebtedness. A s these certificates bore fo u r p ercen t interest,
p ayable quarterly, and w ere redeem able in gold coin o f the
U nited States, bu t not later than one year from the date of
issuance, d oubt w as expressed as to the p ossib ility of securing
a p rem ium . A s, how ever, they w ere exem p t from all form s
o f ta x a tion and, b y order of the secreta ry o f the treasury,
w ere m ade acceptab le as secu rity fo r U nited States bank d e
posits, w h ich fa c t m ade them esp ecially valuable, they, upon
bein g let to the high est bidder, w ere larg ely over-su b scrib ed ,
and the entire issue sold at a p rem ium o f $2,513 per hundred
THE
Saturday, September 3, 1904.
COMM ERCIAL
dollars. A s the co in a g e w as to be a t the rate o f tw o m illion
pesos per m onth, all o f the fu nds derived from this first sale
o f certificates w ere not im m ed iately n e cessa ry fo r the p u r
ch ase o f bullion. T he G uaranty T ru st C om pan y o f N ew "York,
on e o f the d epositories o f P hilippin e funds, thereupon offered
3 V2 p ercen t on daily balances, and g o t the m oney. A secon d
issue o f three m illion dollars w o rth o f these certificates w as
sim ilarly disposed o f Ju ly 9, 1903, the proceed s to be used
ex clu siv ely fo r the m ain ten an ce o f the g old reserve, a t a p r e
m ium o f $2.24 per hundred, and a like offer o f three and on eh a lf per ce n t on the proceed s on daily balances w as accepted.
A s the p roceed s o f both these three m illion d ollar sales r e
m ained on deposit fo r som e tim e, the three and o n e -h a lf p ercen t
in terest thereon w a s m ore than enou gh to p ay tne fo u r percent
in terest redu ced to 1.487 p ercen t b y the prem ium paid. It is
th erefore true, as stated in the A nn ual R ep ort o f the P hilippin e
C om m ission fo r 1903, that “ these tw o tra n saction s p rob ably are
unique in the h istory o f g ov ern m en t loans, in that the g o v e rn
m ent has actu ally m ade a profit out o f its d eb ts.”
A s the re strictio n o f silver coin w as q, prin cip al m eans of
m ain tain in g p arity and a s it w as estim ated that the total c ir
cu lation o f local cu rre n cy in the islands last year w as ab ou t 30
m illion pesos, in clu d in g from 11 to 12 m illion Spanish F ilipin o
p esos, the com m ission decid ed that a m inim u m o f 28 m illion
o f the new cu rren cy, includ ing su b sid ia ry coins, w ou ld be
sufficient fo r i t s , in trodu ction and fo r the dem ands o f business.
Up to A p ril 1st, 1904, the total n ew P hilippin e cu rren cy r e
ceiv ed in the islands fro m our m in ts am ou n ted to 18,038,320
p esos, o f w h ich 7,402,368 pesos w ere in circu la tio n ; over h a lf of
w h ich , or a b o u t fo u r m illion, bein g in the fo rm o f silver c e r
tificates, sh o w in g the p op u larity o f paper currency. A s the
M ex ican dollars, b y the A c t o f the P hilippin e C om m ission, w ere
d em on etized Jan. 1st, 1904, in an ticip a tio n o f su ch A ct, d uring
the y e a r 1903, nearly 15,000,000 m ore o f them w en t out than cam e
in, their place bein g taken b y the new peso. Up to A p ril 15,
1904, a p eriod o f five m onths, there had been receiv ed and fo r
w ard ed to San F ra n cisco fo r re co in a g e 4,846,000 Spanish F ilipin o
dollars, bein g a little less than o n e -h a lf o f the to ta l circu la tion
o f su ch coins, w hile fro m the p rov in ces a stea d y stream of
loca l cu rre n cy flow ed into the insular treasury a t M anila. On
on e day, M arch 24th last, m ore than one m illion p esos cam e
in. On the other hand, a c c o rd in g to Ju dge Ide, a m em ber o f the
com m ission , “ the n ew coin s are m ak in g their w a y into all parts
o f the islands, through the p aym en t o f salaries in that coin, and
th rou gh the n e ce ssity o f o btain in g it fo r the p aym en t o f p ublic
dues. _ T he v acu u m crea ted b y the e x portation o f M exicans, and
the w ith d ra w al o f the Spanish F ilipin o coins, is gradu ally bein g
filled up b y the n ew coins, and the tw o p ieces nearly keep
p a ce one w ith the o th er.” B u t this sa tisfa cto r y recep tion and
h asten ed circu la tion o f the P hilippin e p eso w as largely due to
drastic, y e t w ithal necessary, leg islation on the part o f the c o m
m ission.
B y an A c t ap p roved D ec. 28, 1903, all p rov in cial treasurers,
m unicipal cou n cils and oth er au th orities h a v in g au th o rity to
fix salaries o f m unicipal officers an d em ployees, w ere d irected
to fix them in P hilippine cu rre n cy instead o f in M exican c u r
rency, and a fte r Jan. 1st, 1904, all su ch salaries w ere to be paid
in the n ew cu rren cy, as w ere all p ublic dues, internal revenues,
industrial, stam p, forestry , cedula, licen se and m unicipal taxes
o f ev ery kind, as w ell as fines and p enalties im posed b y courts,
provid ed, that Spanish F ilipin o coin s could be receiv ed a t the
official ratio fixed fro m tim e to tim e, an d until su ch coins
should b y law cease to be receiv eab le fo r p ublic dues. A s to
the M exican s, the ch an g e w as to be on a basis o f one to one.
B y an A c t ap p roved Jan. 14, 1904, the im p orta tion in to the
P hilip pin e Islands o f M ex ican m etallic cu rre n cy w h ich is n ot
43
upon a gold basis w as proh ibited, under severe punishm ent.
B y an A c t a p p roved Jan. 27, 1904, con tra cts m ade p ayable in
the local cu rren cy w ere m ade satisfiable in the new , upon a
valu a tion to be determ ined, w hile notes, checks, drafts,' etc.,
payable in w h ole or in part in the local currency, w ere required
to bea r on the fa ce a revenue stam p o f v a ry in g am ou n ts w ith
certain sp ecific exceptions.
In v ie w o f the stron g tem p ta tion in silv er-u sin g coun tries
fo r capital to p ay w ages in a cheap er currency, to the end
that the cost of p rod u ction m igh t be lessened, and the profit of
ex p orta tion to gold stand ard cou n tries increased, the ab ove A c t
p roh ibited ‘ A ll persons, firm s, or corp oration s d oin g business
a fter D ec. 31st, 1904, from using local cu rren cy w ith ou t first
p rocu rin g a license, violation bein g held a crim inal offen se.”
A ll of the ab ove m easures fo r h a sten in g the un iversal use
o f the new coin ag e w ere b itterly opposed by nearly all o f the
large financial interests and, in the w ords o f Judge Ide, “ the
old attem p t to com p el the insular g ov ern m en t to redeem all
loca l cu rren cy w ith the new , peso fo r peso, w as pressed in
ev ery form and urged w ith a g reat v a r ie ty o f argu m en ts ”
A fte r the ab ove leg islation becam e operative, criticism largely
ceased.
W ith the d ecrea sin g g old value o f silver, the com m ission , on
A p ril 7 last, proclaim ed a chan ge o f the ratio from 1 to 2.26,
or stated in term s of the n ew currency, from 1 to 1.10, to 1 to
1.13, to becom e effectiv e from the follow in g M ond ay m orning,
A p ril U th. T o sh ow the effe ct of this order in retirin g the old
an d m ak in g p lace fo r the new currency, I quote fr o m a p e r
sonal letter from Ju dge Ide, secreta ry o f finance and ju stice of
the islands, to Col. E dw ard, ch ief of the B ureau o f Insular
A ffa irs, W a r D ep artm ent, and dated A p ril 18th, 1904: “ T h is
(referrin g to the ab ove order) left three days fo r the p ublic to
take a d v a n ta g e o f the better rate and, as the then ex istin g rate
o f 1 to 1.10 w as m u ch b etter than the com m ercia l rate, there
w as a grand rush to sell to the govern m en t, and in th ose three
days (T h u rsda y, F rid a y and S aturday) w e took in at the tre a s
ury, in roun d num bers, three m illion pesos o f the old currency.
A lrea d y eigh t and o n e -h a lf m illions h a ve com e into the tre a s
ury since Jan. 1st, 1904, n ev er to go forth again. T h is is m uch
m ore than o n e -h a lf o f the Spanish F ilipin o cu rren cy in the
islands, and p rob ably o n e -h a lf o f all the currency, includ ing
M exican s. * * * N oth in g is m ore clear than that w e are
m ak in g as rapid p rog ress w ith the n ew cu rren cy as could be
ex p ected and fa r m ore rapid than m ost people an ticipated. I
think the d ra stic legislation w as ju s t righ t and w as en a cted at
ju s t the righ t tim e, n ot a m om en t to o early or too late. In
su ch a tra n sition o f cu rren cy it is n ecessa ry n ot to h a ve too
fixed theories, bu t w a tch the trend o f events and d irect them
a t the p rop er tim e in the prop er ch an n els.”
In closin g this im p erfect rev iew o f the P hilippin e C oinage
A ct, I qu ote the fo llow in g from the com m ission er’s last annual
rep ort: “ T he opinion is con fid en tly entertained b y this office
that no single step has been taken sin ce A m erica n o ccu p a n cy
th at w ill u ltim a tely redound m ore to the bu siness interests and
p rosp erity o f the islands, to its p eople an d business m en, than
the su ccessfu l inauguration o f the new system o f stable c u r
re n cy .”
In this v iew I concur. A lrea d y the islands are en jo y in g an
in crease o f foreig n trade sim ilar to that experien ced b y Japan,
India and R u ssia upon the ad op tion o f the gold standard b y
these coun tries. W h ereas, the total foreig n trade o f the islands,
ex clu d in g coin, fo r the y ea r en d in g June 30, 1902, w as over 59
m illions, the total fo r the year ending June 30, 1903, w as a lm ost
67 millions.
GOLD
MO R T GA GE S
SECURED
ON
ERTY
THE
IN
WEST
THE
BEST
FARMING
N O R T H W E S T .
As safe as government bonds and far more profitable.
::
PROP =
::
::
::
I have some choice offerings
which will appeal to trustees of estates and colleges and conservative investors
everywhere.
I will afford the fullest opportunity for investigation, examination and
inquiry as to both the investment and my standing, responsibility and reliability.
I personally know all about every piece of land covered by these mortgages, and
every person giving them.
Been selling these mortgages for 18 years and have
never lost a cent for a customer, nor foreclosed a mortgage.
I collect all the interest
and principal without charge, and remit in New Y or k exchange.
One national bank
president has invested $50,000 of his own money with me and $25,000 in trust funds.
I will be in New Y or k shortly and will furnish details.
call on you. Address
W.
105 riain Street
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Write me so I can
L. W IL L IA M S O N
Lisbon, North
Dakota
THE COMMERCIAL WEST.
Saturday, September 3, 1904.
“Flour Flyers” Make a New Epoch
F e w people in this country— to say noth ing of M in
neapolis, the home of good flour— have a conception of the
magnitude of the flour business in Minneapolis. M a ny
people from all the nations of the w orld have dropped
in on the milling district and they have marveled at the
w on derful m achinery that cleans, grinds, w eigh s and sacks
so perfectly. T h e y k n o w in a general w a y that M in neap o
lis is famous for its flour mills. People the w orld over
have heard and tasted of “ P ills b u ry ’s Best,” and have
declared it no misnomer, but th e y know little of the
w onderful volume of the Minneapolis flour business.
H a d they been w ith a Journal man a few days ago in
the milling district they would have been able to have
N o w there is n oth ing unusual or startling in a story
of one special train of flour out of Minneapolis. W e w o n
der some at a train of flour a quarter of a mile in length,
and the tale g r o w s in importance when w e kn o w that this
is only one in a dozen trains of the kind during the week,
and that a “ Special Flo ur L im ite d ” is an e v e ry d a y o ccu r
rence at the tracks of the P illsbury c o m p a n y ’s mills. N o t
so long ago it was a go o d newspaper story to announce a
through train of flour to some eastern point on a special
“ hurry-up” order. N o w this sort of traffic has becom e an
up-to-date w a y of shipping flour b y the Pillsbury com pany
for export or to eastern markets. T h e Pillsbury co m p an y
is undoubtedly one of the most aggressive concerns in the
country. T h e ir traffic man is constantly at w o r k in an
ONE OF THE PILLSBURY-WASHBURN FLOUR TRAINS, A QUARTER OF
gained some little idea of the wholesale plan on which one
milling com pan y makes shipments of its splendid product.
A special train of thirty-six brand new, monstrous cars
w as just pulling out, “ loaded to the gu ards” with “ Pills
b u r y ’s Best,” bound for Buffalo, N. Y., and other eastern
points. T h is train w as more than a quarter of a mile in
length.
A b o a r d w ere 7,200 barrels of flour, valued at
$36,000. T h a t special train arrived in Buffalo in just five
days. F r o m Buffalo, P itts b u rg and N e w Y o r k city the
cars w ere distributed to various points as required. E v e r y
car w as as clean as the front parlor on “ M inister’s D a y .”
A n d the eastern buyer with a special train service could
tell almost to an hour w hen his “ Pillsbury s B e st would
endeavor to improve the flour transportation service. He
has given an untiring study to this part of the business,
and n ow it would seem that the co mpany, with its through
train shipments, has reached the acme of perfection of
flour transportation.
B y this new system Buffalo and
P itts b u r g can be reached in five days; N e w Y o r k in six or
seven days; San F rancisco in nine days. A s a result big
lots of flour can be delivered in eastern mark ets more
p rom ptly and in much better condition than if it w as re
handled in the co m p an y ’s big warehouses in Buffalo. In
fact, w ith the aid of the transportation companies, there
will be no need of ca rryin g large stocks of flour in store
at Buffalo to meet the demands of eastern and foreign
markets.
FROM THE MINNEAPOLIS JOURNAL, OF TUESDAY, JANUARY 19, 1904*— SOLID TRAIN SHIPMENT OF
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, September 3, 1904.
THE COMMERCIAL WEST.
45
the Milling Business of the World.
Good for the Railroads.
Flour for the Far East.
F ro m the standpoint of the railroads, these special flour
trains are v e r y desirable business. T h e actual freight paid
on the train that is pictured he re with was more than $3,500. T h e se trains are handled w ith out transfer, it sim
p ly bein g a matter of re m o vin g one engine and attaching
another , an drunning through in such good condition that
there is no da mage resulting in claims. T a k i n g into con
sideration the fact that one train of this sort a da y creates
a revenue of $25,000 a w e e k in a lump to the railroad,
it will at once be realized that the most careful attention
and the v e ry best of railroad equipment will be furnished
for the special flour train business, thus ensuring to the
P illsbury co m p a n y ’s customers deliveries of flour far su-
Minneapolis is furnishing flour for the world. Japan
lo o kin g to war, has been storing Minneapolis flour in her
com m issary-room s b y the shiploads. T h e Philippines are
taking it in vast quantities and even China is eating loaves
of “ P ills b u r y ’s B e st.” A n d let no ca rping critic say that
Minneapolis is to deteriorate as the flour city. T h is great
city of the great N o rth w e st lies at the v e r y ga tes of the
greatest w heat fields of the w orld — greatest in quantity
and greatest in quality as well. T h e w heat of the N o r t h
w est is the best in the w orld in the eyes of the m odern
scientific miller. D u rin g the year 1903 Minneapolis re
ceived 86,804,070 bushels of wheat.
T his w as twice as
LONG, THAT LEFT MINNEAPOLIS A FEW DAYS AGO FOR THE EAST.
perior to anythin g that can be obtained from intermediate
w arehouses.
B y this system of transportation the mill and the con
sumer are brou ght into v e ry close relations. It means
that ultimately the expensive storage charges will be done
a w a y with entirely and that the buyer will be benefited by
this lessening of expense. T h e eastern buyer can now
get flour just as soon from the mill as by buyin g from the
Buffalo w arehouses. In addition he gets absolutely fresh
flour, direct from the mills, in original p ackages un dam
aged b y transfers and handling, and ready for immediate
delivery to the consumers, who, let it be understood, ap
preciate a clean, fresh p ackage of flour as much as they do
a well-dressed fresh piece of beefsteak.
much as was received by any other two prim ary markets
in the world. E ve n Ch icago, the greatest of railroad cen
ters, received less than half as much as Minneapolis. In
the same year, Minneapolis mills ground into flour seveneighths of this vast amount of wheat, allo w in g one-eighth
to seek other markets.
It requires more than 130,000 bushels a day, over a
third of the entire daily recepits at Minneapolis, to supply
the Pillsbury mills. T h is one-third is the best of the w heat
that reaches the flour city. Is it any wonder, then, that
‘'P illsb u ry ’s B e s t ” is kn ow n around the w orld and that
flour flyers,” proud of their loaded cars, are hastening
eve ry da y to the big mark ets of the coun try?
Digitized
FRASER BY THE PILLSBURY-WASHBURN FLOUR MILLS COMPANY, LIMITED, OF MINNEAPOLIS.
’S
BEST”forFLOUR,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
— E. L. C.
THE
46
COMMERCIAL
WEST
Saturday, September 3, 1904.
U N IO N IN V E S T M E N T C O M P A N Y
F . H. WELLCOME, President
F . E . K EN ASTON , Y ice-P rest.
B E R T W IN TER, Sec. & T r e a s .
Authorized Capital
Bank of Commerce Building
I N V E S T M E N T
B AN K LOANS
FARM MORTGAGES
-
$ 5 0 0 ,0 0 0
M IN NE A PO LIS
S E C U R I T I E S
COMMERCIAL PAPER
C orrespondence and Personal
Interview s w ith C ountry B ank
ers and Investors S o licite d .
M U N IC IP A L BONDS
FLOATING EXPOSITION WILL BE SENT TO THE ORIENT.
James J. Hill and others find a way to let the Merchant Prices of the Old World know what the Yankees have to Offer.
A big ocean steamship will sail from Seattle, W ash.,
N o v e m b e r 15, ca rryin g a diminutive exposition w hich the
merchants and merchant princes of the O rient are to be
urged to visit while it lingers at their doors.
T h e ship will carry no passengers but exhibitors, and
no cargo but exhibits. It will anch or only at ports of
co mmercial importance, and from 8 a. m. to 11 p. m. of
eve ry da y that it is so anchored it will be given over en
tirely to visitors. N o admission will be charged, but on
the con trary e ve ry effort will be made to get as m any as
possible to come aboard, w ith preference, of course, for
those w ho have business interests.
H is t o ry appears to reco rd no precedent for such an
undertaking. Maritime com m erce is older than D a m a s
cus, and the Orientals have been trading w ith fore ign
peoples for centuries and centuries.
B ut the O cciden t
has been slighted. U ncle Sam has been a buyer since
his first birthday, but a seller only during the last decade.
Se venty-five years ago the N a t Primes and the Stephen
W h itn e y s w ere b u y in g more abroad than any abroad
w ere bu y in g here.
R e cen tly European countries and
Russia, to some extent, have embraced the opportunities
held out to them b y the Ya nk ees, but the O rient has held
aloof. It has seemed, almost obstinately, to remain ig n o r
ant of our Un cle S a m ’s ability to produce and sell, as
w ell as collect and buy.
U nder such circumstances it has becom e apparent that
som ethin g must be done. A n d something is to be done.
T h e products of the United States are to be placed so
directly in line w ith the O rie nta ls’ range of vision that
the Orientals simply cannot help seeing them. T h e Old
W o r ld havin g declined to come and find out w hat the N e w
W o r l d has to offer, the N e w W o r l d has packed a huge
sample case and will go over to show the O ld W o r ld ,
right at the O ld W o r l d ’s front doors.
T h e exposition ship will visit Y o k o h a m a , K o be , N a g a
saki (P o r t A rth u r and V lad ivo s to ck , w a r conditions per
m itting), Shanghai, H o n g K o n g , Manila, Singapore, C o
lombo, Mauritius, D e la g o a B a y (J ohannesburg and P r e
toria), Cape T o w n , Adelaide, Melbourne, Sydney, H o n o
lulu, and, on the return, Santiago, Valp araiso and Callao,
South America.
A t each of these ports it will remain from tw o days
to ten days, a total of about six month s havin g been as
signed for the vo y a g e . A m erican consuls in all of the
cities will be informed in advance of the arrival of the
floating exhibition, announcements will be made (in the
newspapers of the ports) of the names of the firms rep
resented on board the vessel, their lines of business, and
the consuls will be requested to see that im porting and e x
p o rting merchants in the interior and adjacent cities are
fully advised. In short, e ve ry possible effort will be made
to create a keen and general interest.
A ll exhibits will be arranged on board the vessel before
sailing from Seattle and will remain in position th r o u g h
out the vo y a ge , obviating the necessity of p ack ing and
unpacking.
P a s s ag e for the entire v o y a ge , including meals, berth
and from 100 to 500 cubic feet of space for exhibition
purposes, as well as space for five tons of cargo to each
exhibitor, will be fro m $1,500 to $2,500, acco rdin g to
stateroom selected and space required for exhibits. T h e
ship’s crew will help install and arrange exhibits without
cost and there will be no charg e for light or power.
B a c k of this novel enterprise are A m erican business
men w ith that combination, experience plus wealth, w hich
usually augurs successful result.
M o s t of them are
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
north Pacific coast exporters, and with them are allied
James J. Hill, president of the Great N o rthe rn R a ilw a y
and his auxiliary concern, the N orth w e ste rn C om m ercia l
Company.
T h is latter co m p an y is n ow expending $100,000 in re
fitting one of the la rgest steamships of the Pacific ocean,
the Victoria, for exhibition purposes. T h e lo w er decks
o f the vessel, ordinarily used for second and third class
passengers, are to be arranged in a co nvenient manner for
the exhibits. T h e decks, which are v e r y room y, will be
e x p en sively decorated and brilliantly lighted with elec
tricity. •
W h ile the Hill interests will attempt to cover the cost
of the lo n g vo y a g e , there will be no effort on the part of
the co m p an y to make money, the idea bein g to stimulate
the trade of this country w ith the O rient and South
A m erica, k n o w in g that the result will mean m ore busi
ness for transcontinental railroads and Pacific ocean
steamships and the producin g sections th e y serve.
Mr. H i l l ’s agents are n ow sending letters descriptive
fo the unique floating industrial exhibition to m anu fac
turers and export merchants throughout the Un ited States,
soliciting their opinions of the plan.
T h e replies so far received have been in variably of an
enco urag ing tenor.
M erchants eve ry w h ere have noted
the apathy of the Orient, and reco gn ized the necessity of
re m e d y in g it. N o t only merchants, but all those involved
in disposing of the product of the United States.
T h e general public realizes it, too, w hen attention is
called to the small attendance of foreigners at A m e r i c a ’s
great expositions, w here th e y m igh t n aturally be exp ect
ed. F o r instance, to b rin g the point home, h o w m a ny
Chinese, E a st Indians, Japanese or South A m ericans,
speaking alw ays of the higher classes financially able to
travel, did you see at the Paris exposition; h o w m a ny at
the Colum bian exposition in Ch icago, and do yo u see any
of the high caste of China, India, the Philippines, or even
the South A m erican countries in the great halls of the
St. L ouis fair, vie w in g and a nalyzin g the A m erican and
E uropean exhibits? T ru e, the Japanese have one of the
m o st elaborate exhibits at St. Louis. It is presided over
b y a few merchants intent only on e x c h an gin g their pe
culiar w o r k s of art for A m erican gold. O n the grounds
n o w and then you m a y see a few Japanese students w a n
dering about, but how m a n y representatives of the nobil
ity, of the b ig importers, the w ea lth y class or the people
at large of the flo w ery kin gdo m are there?
A n d China, conceded b y all to be the m ost promising
field for A m erican manufacturers in the w orld today:
W h a t of that great w ea lth y country of 500,000,000? D o
you see m a n y high class Ch inamen at the fair? P r a c
tically none. T h e oriental countries and big South A m e r
ican republics do not send their people to our fairs. A t
St. Louis, at Ch icago, and at Buffalo you met any num
ber of visitors from England, France, Germany, Italy,
Russia, from eve ry co un try in Europe, but h o w m a ny
from the O rient and South A m er ica — visitors, w e mean,
not freaks and sho w people?
T h e mark ets of China, Japan, Siberia, Philippines, Strait
Settlements, South A fr ica and Australia, all borderin g on
the Pacific and Indian oceans, and in direct w ater co m
munication w ith the Un ited States, contain the largest
part of the w o r l d ’s population and offer the most favorable
fields for A m erican manufacturers. W h ile the St. Louis
exposition affords the best possible facilities for display,
inspection and purchase, a com p aratively small number of
people of the countries named have or will visit the show.
THE
Saturday, September 3, 1904.
W A T T T T> *7 ° /
W U U Lf JJ 6 /o
COMMERCIAL
WEST
47
We have on hand about fifteen purchase
money mortgages of S450 each.
Ever y
mortgage is secured by 160 acres of good
farming land.
These mortgages represent less than one-half the original purchase price. If
interested send for detailed list to
W H E E L O C K
TTVT'Pir"OT?C'Tv V A T T O
I1N 1 JL K iS O I
lU U f
& W HEELO CK,
The Farm Land Movement.
6
L a c qui Parle County.— A n d e rso n to Sm agaard, se%
s e j j sec. 21, s w j j s w H sec. 22 and se% n e /i and n L ne}4
sec. 27, all in 119-43, $4,000; E liason to Eliason, sw JJ sec.
17 and n w h sec. 18, all in 117-41, 318.86 acres, $8,000;
A a r s b y to Brow n, nw%. 13-116-43, 160 acres, $5,280; A ve lsgaard to Berg, sw JJ 10-116-46, 160 acres, $4,000.
M orrison County.— L an d Co. to
H o y t, ej4 n w H
nepf sw JJ sec. 13, n e x4 sec. 15, swJ4 nwRq n w j j s w j j sec.
35-40-28, sepf s w j j sec. 29, nwpf n e /4 n eH n w j j nj 4 s e j j
31-41-28, $2,240; R a ve n s cro ft to G ongw er, nwj 4 sec. 22,
s w j j sec. 14, n e j j n w L 23-42-28, $2,600; O lso n to T h o rrison, und. 1-3 n ^ n w j j 25-131-31, $240.
Freebo rn County.— E rickso n to Rosenberg, w j 4 seRf
and e j j swJ4 and s w R swRf sec. 22, H a y w a rd , $11,000;
Stilson to Gale, nejq sec. 2, M o sco w , $5,280.
Martin County.— L a w re n ce to D reblo w , n]/2 of seJ4 sec.
31, W a v e r l y , $5,600; Roe to Older, seRf sec. 32, Nashville,
$6,400; Glainysch to Merritt, w R of nej 4 , sjR n w % , wjR of
sejj,
of s w j j sec. 33, Center Creek, $16,480.
Pipestone County.— L an d Co. to Bruins, wRi nwRf 5107- 44, $614.11; Rohde to Metcalf, 3H acres in neH of
SW/4 12-107-45, $130; A m e s to Frost, n w R 13-107-45, $5,476.
W r i g h t County.— W a r n e r to O akle y, und. % interest in
e r/ 2 neRf sec. 9 and w l/ 2 nwRf sec. 10, $1,300; Pid geo n to
Nelson, 160 acres in sec. 20, $1,200; Fredereich to Schleif,
240 acres in sec. 34, $12,000.
D a ko ta County.— G e r a g h t y to H ynes, 160 acres in sec.
8, Empire, $7,000; Hiniker to Breuer, part of 40 acres in
sec. 15, Verm illion, $225; L am b e rt to Lund, 40 acres in sec.
33, Burnsville, $300.
F illm ore County.-— M alek to Malek, neRf and part e x4
seRf sec. 35, Bristol, $8,000; U b r ig to Lilly, outlot 4 in neRf
n w R sec. 33, Sp rin g Va lle y , $1,500; L illy to U brig, neRf
neRf sec. 32, except 1 acre, Sp rin g Valley, $2,700.
B r o w n County.— Peterson to Sch och, 160 acres, 34108- 33, $5-200; K e llerm ann to W elm an n , lot 5, blk 141,
S. N e w Ulm, $2,400; Pfaender to Juderjahn, part of lots
13 and 14, blk 8, N. N e w Ulm, $25.
Rice County.— M c C a r th y to O ’Connell, w2a of e3a of
eRi of lot 24, seJ4 sec. 36, W e lls, $400.
fa r g o
,
n o
.
d a k
.
YALE REALTY COMPANY
Î
M I N N E A P O L I S
Real Estate Bought, Sold,
on Commission
O ttertail County.— Ba ker to Larson, s L sw J j 18-135-39,
$1,800.
St. Louis County.— Berini to Marscialla, eps of w *4 of
w K of n w H of seH 22-51-14, $300; C r o sb y to Jenson, s j 4
s w b se% , s l/ 2 sejq s e j j 13-51-14, $800; Ca mpbell to M a c k
ey, s L s w j j and s w j j s e j j sec. 8, and n w H n e H 17-68-21,
$2,100; Grindering to Gamble, s w j j s e j j sec. 4, w n e H
and lot 1 9-65-17, $3,250.
,
n
M innesota.
Stearns Coun ty.— Hedin to Carr, lot 7 and &l/ 2 lot 8,
blk 1, L a k e v ie w add. Sauk Centre, $950.
b lo c k
GEO. T. H ALBERT, V ic e -P r e s t
W . Y. D E N N I S , P r e s i d e n t
J. S . H O O P E R , S e c y - T r e a s .
S
T h e fo llo w in g are late farm land transfers, as taken
from official co un ty records. T h e y indicate the value of
farm lands in the respective counties:
M eeker County.— Killin to March, ep2
sec. 26, F o r
est Prairie, 80 acres, $125; Blo o d to Sivrigh t, L acre in
sec. 27, Collinwood, $50; B lo o d to Koehler, 1-7 acres, sec.
27, Collinwood, $80.
w a ld o r f
£
and Exchanged
Write for our list of investments in amounts from $5,000
to $100,000, netting good rates of interest.
Money
loaned on improved Minneapolis Real Estate. Property carefully managed for non-residents.
B est of References Furnished.
L .
\A/nÌ
|W V
/w |
R. Mumford Co.
1
GRAIN, HAY, SEEDS and MILLFEEDS
Chicago, 428-430 Rialto Building
\
Minneapolis, 79 Chamber of Commerce
OFFICES ALSO A T M ILW AUKEE, S T . LOUIS AND KA N SA S C ITY
{
$
Orders in Futures Executed in all M arkets
| CHUTE
REALTY CO.
|
3 1 0 CENTRAL A V E N U E , M IN N EAPO LIS
|
{
|
Specialty:
Manufacturing Sites, Trackage, Etc.
A
large number of large and small manufacturing buildings with or without trackage.
j
J. F. C A F H O Ü N
50 0 Oneida Building:, MINNEAPOLIS
Agent
for
tire
Drexel
EJstnte
Real Batate and Loans,
Bonds, Lands and Mortgages.
References: Orexel Estate, Philadelphia, or any Bank in Minneapolis
E l w o o d S. C o r s k r , F re s.
W il l i a m B. T u t t l e , T re a s.
L e s t e r B. E l w o o d , V ice-P res
E d w a r d B. N i c h o l s , Secy.
Corser investm ent Co,
E sta b lish e d 1870
M an ager N ew Y o r k L ife B u ild in g
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
S p ecial atten tion given to M an agem en t of E s ta te s for N on -R esiden ts
New York Life Building,
MINNEAPOLIS
L U T H E R S. C U S H IN G
of R E A L E S T A T E
JOHN T O W N S E N D
Care and M a n a g em en t
FIRE
IN SU R AN CE
Endicott Building,
-
.
ST. PAUL
N o rth D ako ta .
T raill County.— Bank to Foster, sep* 6-145-49, $5,760;
M c G r e g o r to W ith e ro w , nwRi 15-144-49, $200; N elson to
H alvorson , lots 1, 2, 3 and 4, 23-147-49, s]/2 s e j j 15-147-49,
$7, 778 .
E m m o n s Coun ty.— Patterson to Eames, n w j j I8-i32-77,
$1,250; A d sit to Buchler, w R s w R se% s w j j and swJ4 s e j j
20-130-77, $715; Schipper to Cooper, n w R 18-133-77, $1,460:
L a n d Co. to Farmer, w f 4 27-134-75, $2,560.
Cass County.— Phelps to Hudson, n]/2 31-143-52, $6,500;
H o ltzm an to Card, s e j j 34 - 139- 55, $4,000; Perh us to H a berstad, part of neJ4 swRj 11-137-56, $675.
W a ls h County.— B la g s v e d t to Sk ytland, w. d. nwRf n w j j
34-158-59, $500; T o rv ild so n to Tho rv ilson , w. d. s w R n w R
I 3 -T57 - 57, $60.
Stutsman County.—-Strauez to W o lf , s T
/ 2 s w j j nwRf of
s w Rfor
, sFRASER
w R of nw % 26-137-63, $700; Case to Fuller sH sf 4
Digitized
3 - 139-6 .3, $2,400; Curran to Lee, all 17. 19, njR and se% 20,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FARM
MORTGAGES
6%
For Sale in Central Minnesota
LANDS BOUGHT AND SOLD
THEODORE
Glenwood, Minnesota
D. P. Jones, Pres.
Detroit, Minnesota
W. H. Davis, V-Pres.
DAVI D
AUNE
W. C. McWhlnny, Sec. & Treas
P. J O N E S & CO.
(E stab lish e d 1868.
Mortgage Loans,
In corp orated 1900.)
Real Estate and Rentals
S p ecial atten tion given to m anagem ent of estates o f non-residents.
S a tisfa cto ry referen ce to lo cal aud eastern p arties.
Main Floor Bank of Commerce Building,
M IN N E A P O L IS
THE
48
COMM ERCIAL
WEST
Saturday, September 3, 1904.
PER CENT
MORTGAGES
W E N T Y - O N E years ago we sold Western Mortgages to Eastern Investors
— we have done so every year since. We loan the farmers our own money
— and sell the mortgages. Every dollar is secured by three or four dollars
worth of the best farming land the sun ever shone on. There isn’t a loan placed
in this or any other country with greater care than ours. Our on-hand list of
loans will give you an idea. We invite correspondence from agents and investors.
LO OK U S U P
BOX 11
T
SIX
E . J.
LANDER
& COMPANY
GRAND FORKS, NO. DAK.
all 21, s w /4 22, wJ/2 28, all 33-137-63, $60,000; Lund to Disbrow, all 31-138-64, $12,820.
S o u th D ak o ta .
H u gh e s County.— N ew ell to Anderson, s w H 1-212-75,
$1,600; N ew ell to Hill, nejq 33-112-75, $1,600.
Marshall County.— Rich ardson to Hesterm ann, neRj
20-126-59, 160 acres, $3,630; K itch a m to H inkley, n w h
n\v% 23-128-56, $400; So m m er to Oroslan, n s w R ; nwj/4
ne% lot 2 and 23, 125-55, 168.55 acres, $2,200.
Charles M ix County.— W a r n o c k to Bruce, n w A 34-97-66,
$5,200; Dieman to Schliekelman, n w j j 8-97-67, $4,400;
R isingcloud to Placek, sR> neRj 35-96-62, $1,220; Okdiska
to H aney, n t% 28-97-66, $2,889.
Codington County.— P arr to Shannon, nwRj 22-99-13,
$8,000; Caw ard to Ca ward, nj 4 nwRj 13-98-12, $6,200.
L a k e County.— O lo fs o n to Dalthrop, wRj swRf and w R
n w R 24-108-51, $3,600; Johnson to Kloth, neRj 35 - IC)6 - 54 .
$5,400.
Minnehaha County.— M a ltin g Co. to Kaprun, seH 3°103-52, $1,500.
Iow a.
Buchanan County.— Slemmons to Slemmons, nJ-2, s w R
and sRá n w R and all of nR> nwRj except north 14 rods of
east 106 rods, and also except north 46 rods, w est 54 rods
of last named tract, sec. 15, also w f 4 ej/2 n w j j n w H 2288-8, $12.995; E d d y to Sw artzel, w est 32 ft. of east 1-3 of
lot 6, blk 5, Quasqueton, $75; Perk ins to DeG rief, s z/ 2 seRj
and n w h seRj 7-88-7, $7,200.
C la y to n County.— F o n k to Seipp, und. J
/ 2 40 acres sec.
33, Jefferson, $80; T o m p k in s to Harris, 40 acres sec. 15,
Mallory, $125; Stock Co. to Putnam, 19.25 acres sec. 29,
Jefferson, $700; Sch eer to Bente, 78 acres secs. 5 and 8,
V o lga , $1,000.
Cerro Gordo County.— Y o u n g to Smith, nepf n e/4 3°96- 21, $2,500; Dorian to Frisbv, land in sec. 31, E. W a t e r
loo, $4,ooo;Murray to Phillips, land in sec. 4, E. W a ter lo o ,
$3,000.
O ’Brien County.— M y ers to Myers, n e j j I-97-42, $3>9°° ;
M y ers to Myers, R> mvj/4 and wR> n e j j 16, and s w R 2397- 42, $2,800; A r c h e r to A rch er, und. R> interest in w R
20-96-41, $6,600; W a c h t e l to Osinga, e j 4 n e j j 7-97-40, $4,000.
B la c k h a w k County.— Beener to Carson, land in 24-8913, $700.
Dubuque County.— Sefzik to Sefzik, 160 acres in sec. 1,
T a y l o r twp., $2,500.
N ebraska.
D ix o n County.— Bobier to Curry, sepf n e Ri 24-31-5, and
swJd n w H i 9-3 i -6, $2,000; P u cke tt to Roberts, se% seRj
6-28-6, $1,800.
W isconsin.
T rem p eleau County.— Hartm an to Sura, neRj 30-23-8,
$6,000; F r e n g to Congregation, part s w j j nwRj 27-24-7,
$50.
C O N S T R U C T IO N .
M innesota.
A rtich o ke .— A F a r m e r s ’ and M e rch a n ts ’ Teleph o ne
C o m p a ny has been organized here.
St. Paul.— N orthern Pacific is co ntem plating installing
a system co nnecting all of its stations.
Brew ste r.— A franchise has been granted to the Min
nesota V a lle y T eleph o ne Co m p any to install an exch an ge
here.
Cerro Gordo.— F a r m e r s ’ Mutual Teleph one Company,
capital $20,000; H e nrik Johnson, C. A. H. Plolton, H. C.
T h o r s o n of Madison and O le H olton of Daw son.
N o r t h D ako ta .
Dinsm ore.— L a k o ta Teleph o ne C o m p a n y is to install an
exchange.
Bo ttineau.— A rural line is to be run 14 miles into the
country, southeast from here.
South D ak o ta .
Britton.— T h e Social Teleph o ne Lin e of N e w a r k is to
run in a line and establish an exchange here.
Geddes.— T h e D ako ta Central T ele ph o n e C o m p a n y is
running a line here from A rm o u r and will establish an
exchange.
T h e y will also enter A vo n , W a g n e r , L a k e
Andes, W h eeler, Platte and other towns.
W isco nsin .
N e w Richmond.— H udson Prairie T eleph o ne Company,
capital $3,000, incorporators C. E. Holden, A rth u r D. McD iarm id and G eo rge Turner.
Shaw.— T h e Shaw T ele ph o n e Company, with a capital
of $5,000, has been inco rporated b y Charles Seguin, I. Ives
and Nels M. Johnson, all of Shaw.
Iow a.
Reinbeck.— T h e farmers from the country north of
town organized a rural telephone com pany at a m eeting
recently held in town. T h e y will build a line to serve
their community.
Very Low Rates to Richmond, V a., and Baltimore, Md.,
Via the Baltimore and Ohio Railroad.
$19.25, Ch icago to Rich mond, Va., and return. T icke ts
go o d go in g Sept. 4, 5, 6 and 7, valid to return until Sept.
15. Stop-over at W a shin gto n , D. C.
$18.50, Ch icago to Baltim ore and return. T ick e ts good
g o in g Sept. 9, 10 and 11, valid for return until Sept. 19,
subject to extension until Sept. 25. Stop-over at W a s h
ington, D. C. Send for circular. T ic k e t office, 244 Clark
street, Chicago.
St. Louis Exposition.
T h e Ch icag o Great W e s te r n ra ilw a y will allow a ten
day stop over at either Chicago or K a n sa s C ity on p ay
ment of $1.00 fee on through tickets to the W o r l d ’s Fair.
F o r rates and other information apply to L. C. Rains,
general agent, corner N icollet avenue and Fifth street,
Minneapolis.
ESTABLISH ED
T o the Minnesota State Fair.
T o be held at Hamline, m idw ay betw een St.
Minneapolis, the “ Soo L in e ” has made a round
of one fare plus fifty cents.
Dates of sale, A u g u s t 27th to September 2d,
T h e rate includes an admission to the grounds.
advertising m atter from the nearest “ Soo L in e ”
TELEPHONE
Paul and
trip rate
inclusive.
A s k for
agent.
The American Mortgage & Investment Co.
2 5 1 -2 -3 -4 Endicott Bldg.
St. Paul, Minn.
189 6
Louis M. Park Company
BROKERS
IM P O R T E R S
EXPORTERS
High Grade Groceries
Offer»
CHOICE FARM MORTGAGES
to conservative Investors at attractive
rates. Correspondence Invited. A ll loan*
personally Inspected. Send for our list of
loans.
H E N R IK STROM,
G. B. B D G E R T O N
President.
Vice President.
W. T. SUCKOW , Sec. and Treas.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
SELL TO JOBBERS ONLY
Correspondents in all the leading markets of the world.
MINNEAPOLIS
ST. PAUL
DULUTH
THE
Saturday, September 3, 1904.
M akes
ju s t
a
th e
s p e c ia lty
of
rig h t
m an
p la c e , no m a t t e r
how
fin d in g
for
the
COMMERCIAL
WEST
HAPCOODS
IN C O R PO R A TED
its r e q u i r e m e n t s .
e x a ctin g
It a ls o f in d s
a p l a c e to s u i t a n y g o o d
man.
MAN
HUNTERS
P O S IT IO N
HUNTERS
49
P R IN C IP A L O F F IC E S :
M i n n e s o t a Lo a n & T r u s t B l d g .
3 09 B roadway
.
.
.
.
H artford B uilding
.
.
.
W ill iamson B uilding
C hem ic al B uilding
P ione er B uilding
.
.
.
P en nsy lva nia B uilding
P ark B uilding
.
.
.
.
C olorado B uilding
-
M IN N E A P O LIS
NEW YORK
C H IC A G O
CLEVELAND
S T . LO UIS
.
SEATTLE
P H IL A D E L P H IA
P IT T S B U R G
W A S H IN G T O N
HOMESEEKERS IN THE SOUTHWEST.
(S p e cia l C orresp on den ce to T he C om m ercial W e s t.)
T o p e ka , Kan., Sept. 1.— T h e r e is another rush of homeseekers to the southw est.
T h e ’ F risco railroad is so
g r e a tly interested itself in the project that it has form ed the
S o uthw estern Colonization Com pany, which is co mposed
of ’ Frisco im migration agents and is under charge of S.
F. Brundage. Some of the traffic is com in g to Kansas,
hut the larger portion o f it is go in g to A rkan sas, Indian
T e r r i t o r y and N o rthe rn T e x a s.
T h e cheap lands and
mild climates of those localities are p ro vin g v e ry attract
ive to the hom'eseeker. Special excu rsion trains are run
n early every week.
A s a result of the vig o ro us campaign w a g e d b y the
railroads a surprisingly large number of people are seek
ing for homes. T h e y are g o in g through the three greatg a t e w a y s — St. Louis, Ka nsa s C ity and Memphis.
R ail
road officials predict that if the present influx continues
until 1906, when statehood goes into effect, the combined
population of O k la h o m a and Indian T e r r i t o r y will not be
far from 2,000,000.
Heavy
Movement
to
In d ia n
T e rrito ry .
M o st of those w h o go through the K a n sa s City g a te
w a y to the n ew co un try are from northern Missouri,
Kansas, Nebraska, Io w a and Minnesota. T h o s e w ho go
through St. Louis are from Ohio, Indiana, Illinois, K e n
tucky, W e s t V irg inia and w estern N e w Y o r k . O klah o m a
is in fine condition and m a ny people are g o in g there.
Indian T e r r i t o r y expects a heav y m ovem ent of settlers,
as the action of congress in taking a w a y the restrictions
to Indians selling their land will furnish a go o d chance
for the settlers to get the finest land the Southw est af
fords. In the C h ick a sa w -C h o cta w country there are elev
en million acres of go o d land, most of w hich will he
opened to settlement.
In T e x a s there are 172,000,000 acres, and only eight per
cent of the land there is under cultivation at this time.
F arm ers there are realizing that they must cut up their
large plantations into small tracts if they would have their
country settled, and this they are doing. T h e best kind
of land in T e x a s is selling from $10 to $15 per acre. Rice
culture is draw ing m any of the new settlers to T ex a s.
T h e land is especially adapted to rice, the promoters say,
and they promise large profits to those w ho will go down
mto the coun try and raise rice. Special advantages are
offered in the w a y of furnishing seed and land for the set
tlers to make a start. It is hard to realize w hat a vast
domain is open for settlement in T ex a s. L an d “ open
in g s ” of two or three thousand quarter-sections look small
indeed when co mpared to big T ex a s.
Land
V a lu e s
R isin g.
T h e Santa Fe is caring for a large portion of the im
migration to Kansas. T h e rate at which im migration is
geing into central K a n sa s from eastern K ansas and M is
souri is sending land values higher every season. N e w
families are arriving all the time and bu y in g improved
farms. T h e people w ho sell them leave the state and
seek for new homes. T h u s the im migration to K ansas
is different from that to the other states of the So uth
west. In the latter state raw lands are sought. F o r this
reason, the net increase in the population of K a n sa s is
not so large, notw ithstan ding the fact that the im m ig ra
tion here is quite heavy. T h e Union Pacific has entered
upon another vigorous campaign in w hich it hopes to d i s
pose of a large portion of its lands in western Kansas,
which are especially adapted for raising wheat. It is a
curious fact that while these lands sell well, most of the
people buyin g them are already residents of Kansas. T h e
lands are a great profit to their purchasers. M a n y in
stances are kn ow n of w here farms have been paid for en
tirely from the first y e a r ’s crop of wheat, and then leave
the farmer som ething to start the next year. T h e y did
not do this well during the season just past, however.
The Greatest Wheat Land on Earth
U N T O U C H E D BY R U S T
Is in that portion of Canada lying South and East of the Moose Mountains in
the famous Arcola-Alameda-Estevan District of Southeast Assiniboia.
W e still have some land in this section for sale at low prices, on easy terms,
both on the cash and crop payment plan. Write for maps and booklets
concerning the country.
MIXED FARMING LANDS IN MINNESOTA
ARE ALSO IN DEMAND
W e have farms in this state in all sizes and prices, and also wild land in large or small tracts,
both in the Park Region and the Red R iver Valley.
6.000 Acre s in Aitkin County at fro m .............................................................................. $5.00 to $9.00
4.000 Acres in Cass County, in the famous “ Stony B rook” District, at per acre. .
$5.50
RED RIVER
VALLEY
IMPROVED
LANDS
W E HAVE PUT ON THE BARGAIN COUNTER
EASY TERMS
WILL GIVE DEED ON SMALL PAYMENTS
LOW RATES OF INTEREST
W e have sold more lands than anyone else for two reasons: First, because we had the best
land; second, because we sold our land at a lower price than anyone else could or would sell
the same quality of lands; third, because we gave very easy terms, and because a purchaser
knew that if he was dissatisfied he could get his money back.
The Northwest Colonization Company
F . B . LYNCH , Secretary
0 . A . ROBERTSON, President
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
422-434 Endicott Building, ST. PAUL, MINN.
THE
50
COMMERCIAL
WEST
Saturday, September 3, 1904.
WE W I L L D IS C O U N T
L U M B E R M E N ’S P A P E R .
W. B. McKEAND AND CO.
COM M ERCIAL PAPER.
T H E R O O K E R Y , C H IC A G O .
PEOPLES TRUST & SA V IN G S BANK
of C L I N T O N ,
STATEMENT
L IA B IL IT IE S
C apital
Surplus
U n d iv id e d P r o f i t s ..................................
S ig h t D eposits
R eserv ed fo r T axes
-
Oi* J U L Y
$ 300,000.00
150,000.00
7,431.95
3,882,987.03
5,000.00
IOWA
14TH,
GARRETT E. LAMB,
President
CHAS F. ALDEN, Vice-President
CH AS. B. M ILLS, - - Cashier
W. W. C O O K , Asst. Cashier
1904
L oan s
Cash
. . .
Due fro m B an ks
RESOURCES
- $3,482,270.83
$ 89,458.02
773,690.13
863,148.15
-
$ 4,315,418.98
(S p ecia l C orresp on den ce to T he C om m ercial W e s t.)
Hogs.
South St. Paul, A u g. 31.— H o g receipts at six p r o m i
nent mark ets for the first three days this w ee k a g greg ate
about 134,000, co mpared with 165,300 for the first three
d a y s last w ee k and 140,400 for the co rrespondin g period
last year. L o c a l h o g receipts during the first three days
this w ee k were about 3,770, against 4,029 for the first
three days last w ee k and 5,124 for the like three days last
year.
T h e h o g m arket has been a steadily advancin g one this
w ee k up to today, w hen a decline of 5 to 10c w as noted.
T h is break leaves values on a 10 to 15c higher basis
than on W e d n e s d a y of last week. T h e decline to day was
in sy m p a th y w ith lo w er mark ets elsewhere. T h e Chicago
trade closed 15 to 25c lower today, the decline being due
chiefly to the unfavorable “ strike” news, as receipts were
not excessive. T h e general opinion is that prices will
soon seek a lower level. T ra d er s point to the fact that
hogs are too high compared with ruling cattle values, and
the m ovem ent of hogs m ark etw ard is expected to expand
soon. L o c a l receipts are still short of the demand, and
this mark et is leading nearly all w estern points in prices.
T o d a y ’s prices ranged from $4.90 to $5.45, and the bulk
sold front $5.15 to $5.30. T h e bulk last W e d n e s d a y sold
from $5.05 to $5.15, a year ago from $5.20 to $5.30, two
years ago front $7.25 to 7.35, and three years ago front
$6.10 to $6.35.
C attle.
T h e r e w ere about 130,500 cattle received at six lead
ing mark ets during the first three days this week, c o m
pared with 133,800 for the first three days last w eek and
I39.300 for the like period last year. Cattle receipts here
during the first three days this w e e k were about 9,445.
against 7.563 for the first three days last w ee k and 7,339
for the co rrespondin g three days last year.
W i t h 9,500 cattle received here during the first half of
this week, continued liberal receipts at other markets, the
big end of the killing stock composed of common to fair
grades, the strike at Chicago still in force and the con
sumptive demand for beef far under normal., packers
have n aturally pounded the m arket and the seller has
found nothing in the trade of an enco uraging nature. A ll
grad es of grass beef steers are selling about 10c lower
than a w ee k ago and cow stuff grad ing above the canner
and cutter classes is fully 10 to 15c lower. W e s te rn ca t
tle are com in g freely and are disappointing in quality.
W h ile an occasional bunch of choice range beeves is re
ceived that commands upwards of $4.00, v e ry good, fat,
grass cattle are selling around $3.50 and a fair to pretty
go od class of grass steers from $3.00 to $3 -35 - G ood to
choice hard-fed cattle continue to sell well at points
where they are bein g received.
A few _v e ry go o d fat
cows are bringing $3.00, but bulk of the fair to good kinds
are g o in g from $2.15 to $2.60, and canners and cutters
from $1.00 to $2.00. Bulls are 25c lower than a w e e k ago
and veal calves have declined as much.
Stockers and
feeders have been in heav y receipt but the demand has
been of larger volume than for some time past and prices
have about held last w e e k ’s low range. A t present the
m arket offers rare opportunities in this line_ to feeders
and too few are tak ing advantage of the bargains. Plen ty
of good feeders are obtainable from $2.75 to $3. and ligh ter
w e ig h t steers of go o d quality are selling from $2.35 to
$2.65. C o m m o n stock and feeding steers are selling from
$1.75 to $2.00 and stock heifers from $1.50 to $2.00 for
co m m on to strictly good.
Sheep.
Digitized Supplies
for FRASER
of sheep at six important mark ets during the
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$ 4,345,418.98
first three days this w eek total about 140,400, compared
with 164,600 for the same three days of the pre ceding
week, and 176,800 for the like period last year. South St.
Paul received about 3,050 sheep during the first three days
this week, against 14,271 for the first three days of the
p receding w ee k and 3,804 for the like three days last
year.
A g g r e g a t e sheep receipts at six big markets last w eek
were 226,100, against 173,000 for the p receding week, 76,900 for the same w eek last month, 216,300 for the co rre
sponding w eek last year and 204,300 for the like w eek two
years ago. South St. Paul received 16,726 sheep last week,
compared with 19,444 for the w eek previous, 3,911 for the
correspondin g w eek last month, 13,366 for tlie like w e e k
last year and 6,444 for the same w ee k tw o years ago.
T he follow in g table sh ow s the receip ts at S outh St. P aul this
year, up to and includ ing W edn esda y, A ug. 31, as com p ared
w ith the corresp on d in g p eriod la st year, sh ow in g increase or
d ecrease:
1904.
1903.
Inc.
Dec.
C attle
133,463
115,226
18,237
C alves
25,377
32,205
6,828
H og s .
592,282
469,395
122.887
Sheep
328,246
257,271
70,975
H orses
3,062
5,339
2,277
Cars ..
14,360
12,218
2,142
T he follow in g table sh ow s the receip ts o f live stock at South
St. P aul fo r this m onth, up to and in clu d in g W edn esda y , A ug.
31, as com pared w ith the corresp on d in g period last year:
1904.
1903.
Inc.
D ec.
C attle ...................................... 41,988
20,626
21,362
Calves .....................................
2,652
1,720
932
H og s .........
27,608
23,235
4,373
Sheep ...................................... 56,004
50,896
5,108
1,223
1,881
.........
H orses .....................................
658
Cars .........................................
2,465
1,531
934
R eceip ts of live sto ck at South
W edn esda y, A u g u st 31, 1904:
C attle.
T hursday, A ug. 25..........
206
F rid ay, A ug. 26................
547
S aturday, A ug. 27.......... 1.238
M onday. A ug. 29............. 5,824
T uesday. A ug. 30............ 2,969
W edn esda y, A ug. 3 1 . . . .
653
H og s.
387
556
860
681
1,191
1,899
T ota ls ...... ..................... 11,437
5,574
R eceip ts o f live stock at South
W edn esda y, Sept. 2, 1903:
Cattle.
T hu rsday, A ug. 27..........
578
F ridav, A ug. 2 8 . . . ..........
308
S aturday, A ug. 29..........
60
M onday, A ug. 31.............. 3,806
T uesday. Sept. 1 .............. 2,177
W edn esda y, Sept. 2 ........ 1.356
H og s.
772
583
1,308
722
2,618
1,784
T ota ls ..........................
8.285
St. Paul for the w eek ending
Sheep. H orses. Cars.
446
..
17
425
..
31
1,584
217
80
1,200
60
225
1,449
..
83
403
..
53
5,507
277
489
St. Paul fo r the w eek ending
Sheep. H orses. Cars.
4,790
170
64
468
..
23
5,065
80
48
1,411
185
177
991
118
126
1.402
..
84
7.787
14,127
553
522
R a n g e o f H o g Sales .
T his W eek .
T h u rsd ay ............................................$4.90(77)5.40
F rid a y ...............................................
4.90(5)5.40
S aturday ............................................... 4.90(5)5.45
M ond ay ................................................. 5.10(55.50
T u esd ay ............................................... 5.00(55.50
W ed n esd a y ......................................... 4.90@ 5.45
P rev iou s W eek.
$4.90(75)5.30
5.00(5)5.45
5.15(5)5.40
4.85(55.20
4.75(55.25
4.90(55.25
B u l k o f H o g Sales.
T his W eek .
P rev iou s W eek.
T h u rsd ay .................
$5.15(55.20
$5.05(55.15
F rid av ................................................... 5.20(55.25
5.10(55.20
S aturday
5.20(55.30
5.15(55.25
M ond ay ................................................. 5.25(55.35
5.00(55.05
T u esd ay ............................................... 5.25(55.35
5.00)55.05
W ed n esd a y ......................................... 5.1 5@ 5.3 0
5.05(55.15
C o n d ition of Hog M a rk e t.
T his W eek .
T h u rsd ay ................ 5c higer.
F rid a v ...................... 5c higher.
S aturday ................. F u lly steady.
M o n d a y ...................... F ully 5c higher.
T u e s d a y ....................S tea dy to 5c higher.
W ed n esd a y ............. M ostly 5c to 10clow er.
P rev iou s W eek.
Steady. .
5c higher.
Strong.
15c to 20c low er.
Steady.
5c to 10c
higher.
Saturday, September 3, 1904.
TH E COMMERCIAL WEST.
51
THE GREAT BULL MARKET OF 1904.
B y Rollin E. Smith.
O n A pril 26, Minneapolis September w hea t touched 79
cents, and on A u g u s t 20 sold at $1.23— an advance of 44
cents w ith out a reaction of 5 cents at any time during the
advance.
Ch icag o new September w heat touched low point, 78545c,
on M a y 14, and reached $1.11545, high point, on A u g. 22.
H ig h point for Minneapolis D e cem ber was $1.1754$ for
C h icag o D e cem b er $ 1. 1354$, on A ug. 20.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T h e a cco m pa n y in g diagrams show the fluctuation of
Ch icag o September w heat from June 1 to A u g. 30, and of
the D e cem ber from A u g . 6 to 30. T h e latter period covers
the real active bull market.
A
M arket
W ith o u t
P a ra lle l.
T h e reco rd of this great bull m arket is of especial in
terest because it has no parallel in trade history.
The
THE
52
COMMERCIAL
WEST
Saturday, September 3, 1904.
MINNEAPOLIS TERMINAL ELEVATORS.
T h e gro w th of the grain trade of Minneapolis has been
a matter of less than half a century. F if ty years ago, the
w heat crop of the No rthw est, which has since attained
such importance as a factor in the w o r ld ’s supply that
the suggestion of its imperilment is a sufficient cause for
wild advances in the markets, consisted oí a few thou
sand bushels raised b y the farmers scattere d along the
banks of the Minnesota river. A custom mill, to which
the farmers in the immediate vicinity of Minneapolis car
ried an occasional load of w hea t for grinding, was the
only suggestion of that c it y ’s future pre-eminence as a
milling center, while the first of the shipments of w heat
from the northw est states to the south on Mississippi
river barges, which later became general, had yet to be
made.
T h e ultimate position of the N o rth w e st a m o ng the
greatest of the w o r l d ’s granaries w as assured, e ven'th en ,
by the fertility of its soil and the propitious character of
its climate. T h e re w as nothing in the situation, however,
to indicate that when that position should have been at
tained, Minneapolis would have becom e the great con
sumptive and distributing center of the section.
W h e n the tide of im migration finally turned toward
the N orthw est, the advance guard of the arm y of settlers
located in the southern portion of Minnesota by reason
of its p ro x im ity to older communities, and here entered
into the pursuit of agriculture on a scale which soon en
abled them to produce more grain than the livin g needs
of the section demanded. In the absence of the railroads
which n ow n etw ork the spring w heat states, the problem
of transportation presented infinitely more difficulties than
at present, and the surplus wheat, in search of an outside
market, naturally follo w ed the line of least resistance, which
w as down the Mississippi river. T h u s it w as that the
river tow n s of the w heat g r o w i n g territory early gained
control of the grain trade of the da y and Minneapolis, out
of the natural path of shipment and lacking the consum p
tive demand of the mills to divert the w heat in its direc
tion, was for m a n y years of minor importance so far as
handling the cereal crop of the section was concerned.
factor of greatest interest and importance is that it was
not a manipulated market. A t no time did any one man
or set of men control it. though two or three large inter
ests that were on the long side p robably saved it from
breaking at times, by buyin g heavily. Y e t the mark et had
few friends during the early part
of the summer, and
75-cent w heat w as freely predicted by many.
F ro m 80
cents to 90 cents, it made more enemies than friends, but
began to get converts at around 88 cents for the Chicago
September.
A peculiar feature of this great advance w as the lim
ited amount of ge neral trading until the price was around
$1. E v e n then the larger volume of trading w as not well
sustained, some days lapsing into extreme dullness.
The
F a cto rs
in t h e
Advance.
T h e factors that united to make possible an advance
in all m a r k e t s 1such as the trade had never before seen,
w ere m ainly of the United States; and, briefly, the whole
stre ngth lies in the facts that this country will have p ra c
tically no w heat for export, and that there is a v e r y un
even distribution of supplies.
It is n ow believed b y m a ny of the best-informed of
the trade that the country has raised but 500,000,000
bushels of wheat. T h e Pacific coast, Nebraska, Kansas,
O klah om a and Missouri are p ractically the only localities
having an over-supply. T h e N o rth w e st has not sufficient
w heat for its own mills. Mills in all parts of the country
outside the surplus states will, at some time before an
other crop, be compelled to buy w heat in distant markets.
T h e distribution of the 1904 crop— the effort to spread a
short crop over the entire coun try— m ay be regard ed as
one of the important price-sustaining factors of the pres
ent situation; and the anticipation has had its effect dur
ing the late big advance.
The
F irs t
U pw ard
Im petus.
T h e first bull suggestion was on M a y 10, when the
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The
E a rly W h e a t
M arkets.
St. Paul, at the head of navigation, at first controlled
the bulk of the trade, but with the rapid settlem ent of
the territory other cities more conveniently situated in
re gard to the w heat fields, rose into prominence as grain
centers. Hastings, W inona, L a k e City and W a b a sh a all
attained importance as points of receipt and shipment,
while it w as not until 1877 that Minneapolis finally wrested
from Red W i n g the sup rem acy of the N o rth w e st as a
prim ary m arket which had been maintained by the latter
city since 1862.
F o r its present position in the w o r ld ’s grain trade, M in
neapolis is indebted to the operation of two great in
fluences, the development of the great railroad systems
which n ow criss-cross the spring w heat states and the
establishment of the milling industry in that city as a re
sult of the possibilities for cheap p ow er afforded b y the
falls of St. A ntho n y. T h e co nsumptive demand of the
mills offered the inducement necessary to attract a part
of the w heat crop of the section to Minneapolis, while
the extension of the railroad system removed the o b
stacles which had fo rm erly rendered transportation for
material distances by any other route than the w aterw ay s
difficult and impracticable.
The
B e g in n ig s o f th e
M illin g
In d u stry.
M illing on a restricted scale had been in progress jn
Minneapolis since 1854. T h e early g r o w th of the busi
ness had been v e ry slow, how ever, and it was not until
the period of stimulated im migration at the conclusion of
the civil w ar that the industry, benefited also by the r e c o g
nition which was then beginning to be accorded to the
superiority of hard w heat flour, began to give even a re
mote promise of the extent it has since attained.
B y 1867, thirteen mills were in operation in the city, p r o
ducing 220,000 barrels of flour a year, and Minneapolis
had made the first stride, though a short one, tow ard
prominence as a m arket for wheat. F ro m this time fo r
w ard for m any years, the gro w th of the grain trade of
the city kept pace exa ctly with the development of the
governm en t report said that 5,000,000 acres in the winter
w heat states had been abandoned. T his had no lasting
effect on the market, however.
The
F i r s t R eal
B u lg e .
T h e first real bulge— June 1st— was on too much rain
in Kansas. This, too,, was quick ly forgotten, but co n
tinuous rains in the southw est the first part of July caused
a sensational advance to 89c. T h e se fluctuations are best
realized by a glance at the diagram. T h e se rains, which
caused floods along most of the streams in Kansas, re
sulted in damage equal to 25 percent of the total crop
of that state.
Just as the m arket w as beginning to steady down, after
the flood da mage in the southwest, black rust was dis
covere d in the w heat fields of South Dakota. T his was
the latter jiart of July, and from this time to A u g. 20 the
spread of the rust and the advance of the price of wheat
were the sensations of the mark ets of the world. T h e
advance in Minneapolis was much more rapid than else
where, as that was nearer the w heat fields, and the trade
seemed more fully to grasp the seriousness of the situa
tion than did those at a distance.
T h e first profit-taking on a large scale w as at 97@99c,
Ch icago September, on A u g u st 4 and 5. T h is caused the
reaction shown in the chart. F ro m A u g. 8 to 15 (see the
D e cem ber chart) there was a large am ount of realizing
and replacing of lines sold out. T h e range for the Chi
cago D ecem ber was 99@$i.03.
D u rin g this period the
rust developed in N orth Dakota, and on the 15th was
reported in Manitoba. T h e rest of the story of the great
bull m arket is told b y the charts.
T h e price adjustm ent to the commercial situation has
yet to come. T h a t it wall be above $1, m a ny believe; and
that M a y w heat will sell at $1.50 does not seem a -wild
prediction.
Saturday, September 3, 1904.
E levators.
A tla n tic.
R epublic.
Shoreham .
C rescent.
V ictoria .
M artin.
Gee Mill.
S. Stew art
9. D iam ond.
.
2.
3.'
4.
5.
6.
7.
1
10.
11.
12.
13.
14.
15.
16.
17.
18.
THE COMMERCIAL WEST.
Star.
19. Standard.
P illsbury.
20. St. A n th on y
N os. 1, 2 & 3.
M idw ay.
C oncrete.
21. N. W . N os.
1 & 2.
-Nos. 1 & 2.
22. “ B .”
U nion.
23. “ C .”
“ H .”
24. G. N. N os.
E lectric
Interstate.
1& 2.
25. E x ch an ge.
Calumet.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
26. In terior
N os. 1 & 2.
27. G. W . N os.
1 & 2.
28. “ L .”
29. “ K .”
30. “ X .”
31. M onarch.
32. “ T .”
33. M ississippi.
34. H uhn.
35. M innehaha.
M ills.
A. P ion eer
Steel.
B. G luek Brg.
C. N. E. Feed.
D. P illsbury
“ A .”
E. O ccidental.
53
U. N orth Star.
N. E xcelsior.
F. Colum bia.
V. Palisade.
O. G alaxy.
G. Crown
R oller.
P. C onsolidated. W . Minn.
Linseed.
H. D akota.
Q. W a sh b u rn
X . Christian.
I. Standard.
“ C .”
Y. D aniels Oil.
J. St. A n th on y. R. W ash b u rn
Z. M idland.
K. C ataract.
“ B .”
A A . N orthern
L. P illsbu ry
S. W ash b u rn
B B . W estern
“ B .”
“ A .”
CC. A r ch e r Oil.
M. M inneapolis. T. H u m boldt.
THE COMMERCIAL WEST.
54
milling business. T h e quantity of w heat handled steadily
increased, but the character of the trade remained un
changed. T h e m arket was a purely consumptive one and
of the grain received by far the greatest proportion was
consumed directly by the mills.
T h e almost total ab
sence of the shipping business of the city as it exists today
is best indicated by the ratio of receipts to shipments
during the fo llo w in g years:
R eceipts. Shipm ents.
Bu.
Bu.
5,034,675
48,220
4,510,440
2 1 .2 0 0
4,581,040
209,600
7,523,864
177,400
10,258,700
133,600
16,316,950
514,250
Y ea r—
1876
....................
1877
....................
1878
....................
1879
....................
1880 ..........
1881..........
T h e Absence o f th e G ra in
D e a l e r.
T h e situation as it existed at this time was entirely
devoid of opportunities for the general grain dealer. T h e
po licy of the millers w as the direct purchase of the wheat
from the shippers and for this purpose a millers’ a ssocia
tion w as formed which under various names practically
controlled the receipts of w heat to the exclusion of the
commission men until the organization of the Chamber
of C om m erce in 1881. W it h the formation of that institu
tion an almost immediate change in the aspect of the
situation occurred.
T h e milling business was still the
dominant factor in the situation but no lo ng er the only
one. D ealers operating under the Cham ber of Com m erce
rules found a m arket ready to hand in the m ore southerly
states which had been lo ng n eglected through the millers’
m o n op o ly of the receipts, and in a single year the shipping
business transacted had increased fourfold.
T h e half
million bushels which had been shipped in 1881 had be
come 2,100,000 bushels in 1882, and the business of hand
ling grain for distribution has enjoyed, from that time, a
rapid gr o w th interrupted only occasionally b y a shortage
in the crop or an augmentation of the milling requirements,
until today the shipments of grain rarely fall under 12,000,000 bushels a year.
The
Trade
Turns
Tow ard
M inn e a po lis .
Meanwhile other influences had been operating in favor
of the Minneapolis market. A n era of railroad con struc
tion and the consequent decadence of the Mississippi as a
shipping route had solved the problems of transportation
and reduced to a minimum the advantages fo rm e rly p os
sessed by the river towns. T h e city having been placed on
an equal fo otin g in point of accessibility w ith its early ri
vals, the immense consumptive demand from the mills and
the rapidly g r o w in g distributing business w ere sufficient in
themselves to attract to Minneapolis the bulk of the
N o rthw e ste rn ' crop.
T h e crop itself had not remained stationary during this
period. A n arm y of immigrants, all of w ho m with one
accord turned for a livelihood to the g r o w in g of wheat,
had transform ed the spring w heat states into one great
w heat field. T h e few thousand bushels raised alon g the
rivers in the 40s had becom e millions and hundreds of
millions of bushels in the 80s, and as Minneapolis came
to be the prim ary destination of a larger and larger p ro
portion of the crop it rapidly rose in importance a m o ng the
w heat receiving centers of the w orld until to day it stands
alone and unrivaled as the greatest of primary mark ets
for that cereal.
In 1879 the name of Minneapolis first appeared am ong
the ten leading mark ets of the country, ranking above
K a n sa s City only, and that by a narrow margin, and sep a
rated b y a difference of almost 64,000,000 bushels from
N e w Y o r k , which headed the list w ith total receipts of
71,000,000 bushels. T h e tw o succeeding years brought a
great increase in the am ount of w heat received, and in
1881, when the Cham ber o f C om m erce w as organized, the
city ranked third in the list of leading receiving points,
and the gap between Minneapolis and N e w Y o r k had geen
materially lessened.
F o ur years later, Minneapolis had
outstripped eve ry city in the coun try in the matter of
w heat receipts, and from that time to the present her posi
tion at the head of the great prim ary w heat mark ets has
never been seriously threatened. O n more than one o cca
sion since 1885 the w heat receipts o f the Flour city have
equaled the combined receipts of her two nearest com peti
tors, Ch icag o and Duluth.
The Rise of the Elevator.
D u rin g the period in which the transition of Minne
apolis from the veriest country milling point to the g r ea t
est of the w o r ld ’s prim ary w heat mark ets w as in progress,
a change no less radical and co mplete was tak ing place in
the methods and means employed in handling the c it y ’s
steadily increasing receipts. W h ile the milling business
w as still in its infancy and the qua ntity of grain received
and ground w as measured in thousands of bushels the
problem of handling the w heat at its destination pre
sented no particular difficulty. Shipments were made in
bags, storage was provided b y the mills and transfering
of the bags from w a g o n to car and car to storeroom in
volved no more co mplicated— or speedv— operation than
the lu g g in g of the loaded bags to and fro by manual
labor. W i t h the expansion of the m illing industry and
immense gr o w th of the grain business of Minneapolis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, September 3, 1904.
these methods w ere soon hopelessly o u tgro w n and the
n ecessity for some more convenient, extensive and ade
quate method became urgent. O ut of this necessity was
gradually evolved the system of terminal elevators which
makes possible today the grindin g of the Minneapolis
mills and the enorm ous transactions of the grain dealers
o f the city.
T o meet the needs of the occasion, the U nion E lev a to r
Co m p a ny w as organized in 1867 and the U nion elevator,
with a ca pacitv of 130,000 bushels, w as erected on the
tracks of the Ch icago, M ilw aukee and St. Paul railroad.
I he success which attended the venture resulted in the
construction of a second elevator, the Pacific, with a
ca pacity of 85,000 bushels. T h e se two storag e houses, al
though inadequate for the steadily increasing requirements
of the grain trade, monopolized the field until eleven years
later, when the receipts had risen to 7,500,000 bushels and
they were supplemented by a third, the la rgest elevator
w est of Ch icag o at that time, with a capacity of 780,000
bushels and costing $150,000.
F ro m that time forw ard
there w as a steady and rapid increase in the number and
capacity of Minneapolis elevators, an increase, however,
but little greater than the increase in the volume of the
w heat receipts.
T h e fo llo w in g table indicates to w hat extent the eleva
tor facilities have kept pace with the gro w th of the grain
trade. O ccasio n ally an increase in the total ca pacity from
y ea r to year m ay be noted when the number of elevators
remains unchanged, a circumstance which m ay be ac
counted for by additions and enlargements to the existing
elevators made during the year.
4894
4895
4896
4897
4°98
{899
N o.
E levators.
...................................................... 34
...................................................... 37
...................................................... 37
...................................................... 37
...................................................... 35
...................................................... 37
4901 ...................................................... 41
490- ...................................................... 44
4908 •............................ ..................
44
C apacity.
26,125,000
26,885,000
27,935,000
27,985,000
27,485,000
28,185,000
W h ea t
R eceipts.
55,000,610
65,436,390
79,568,870
72,301,530
77,159,980
87,961,830
34,475,000
36,995,000
36,345,000
90,838,570
88,762,120
84,934,950
I h e names and the individual capacity of each of the
44 terminal elevators as compiled b y the secretary of the
Chamber of Com m erce are given in the fo llo w in g table,
while their situation in re gard to the streets and railroads
m ay be readily ascertained from the acco m pa n yin g map:
M in n e a p o lis
T e rm ina l
E levators.
C h a m b e r of C om m erce E levators.
O perated b y —
A lan tie E lev a tor C o ___
E m pire E lev a tor C o ___
C alum et & W estern C o.
C oncrete E lev ator C o ..
C rescen t E lev a tor C o ..
D ibble E lev a tor C o ........
E lectric Steel C o ............
E x ch an ge G rain C o ........
Great E astern C o ..........
Great N orth ern R. R . .
Great W e stern E lev. Co
Great W estern E lev. Co.
In terior E lev a tor C o . . . .
In terior E lev a tor C o ...
In terior E lev ator C o ...
In ter-S ta te E lev a tor Co
In ter-S ta te E lev a tor Co
“ K ” .................................... Sheffield E lev a tor C o ...
M idw a y N o. 1 ...................... M idw a y E lev a tor C o ___
M idw ay N o. 2 .................. ! ! M idw a y E lev a tor C o____
M ississippi .......................... B u tch er & C o ..................
M on arch .............................. M onarch E lev ator C o ..
N orth w estern No. 1 .......... N orth w estern E lev. C o.
P illsbury .............................. M arfield, Griffiths C o ...
P ion eer Steel ...................... P ion eer Steel E lev. Co.
R ep u blic ................................ R ep u blic E lev a tor C o ..
S horeham ............................ O sborn e-M cM illan C o ...
S tandard .............................. Standard E lev a tor C o ..
Star .................. ' .................. ’ Star E lev a tor C o ............
U nion ..............................
U nion E lev ator C o ........
V icto ria ..........................11’ V icto ria E lev ator C o ...
“ X ” ........................................ B ag ley E lev ator C o . . . .
A tla n tic .................. .............
“ C ” ........................................
C alum et & W e s te r n ........
C oncrete ..............................
C rescen t ..............................
D ibble ....................................
E lectric Steel ......................
E x ch an ge ............................
G reat E astern ....................
G reat N orth ern N o. 1 . . .
G reat W estern N o. 1 . . . .
Great W e stern N o. 2 . . . .
Interior N o. 1 ......................
In terior No. 2 ......................
In terior No. 3 ......................
In ter-S ta te N o. 1 ..........
In ter-S ta te N o. 2 ..............
C ap acity
in Bushels.
..
500,000
.. 1, 000,000
..
200,000
..
100,000
..
100,000
. . 1,250,000
..
400,000
. . 2,200,uOO
..
400,000
. . 1,050,000
.. 1,500,000
..
550,000
.. 1, 000,000
.. 1,750,000
..
250,000
.. 1,000,000
..
700,000
.. 1 ,000,000
..
350,000
..
570,000
..
600,000
.. 1,250,000
..
900,000
550,000
.. 1,600,000
.. 1,750,000
..
750,000
..
500,000
.. 2,250,000
. . 2,300,000
..
500,000
..
600,000
T otal
29,420,000
S tate
E levators.
C ap acity
in Bushels.
.. 1,500,000
. . 2,150,000
St. A n th on y No. 1.
St. A n th on y No. 3.
N orth w estern N o. 2
..
100,000
T ota l c a p a city under State la w s ........................................ 3 7 5 0 000
T ota l ca p a city under C ham ber of C om m erce rules. .29,420,000
T ota l c a p a city regu lar elevators
P riva te
St. A n th on y No. 2 ............................
E lev ator “ B ” — C., M. & St. P. R y
D iam ond E lev ator ............................
B rooks E lev a tor C o ........................
T he Gee Grain C o ..........................1..
H uhn E lev ator C o ..............................
L ahart E lev ator C o ..........................
E lev a tor “ T ” — Spencer Grain Col
M innehaha E levator ..........................
T ota l private
T ota l regular
T ota l ca p a city
33,170,000
E levators.
C ap acity
in Bushels.
..
300,000
.. 1,300,000
..
..
100,000
125,000
20,000
. . 1 , 000,000
..
100,000
..
200,000
30,000
3,175,000
33,170,000
36,345,000
Saturday, September 3, 1904.
THE
M a n y years elapsed after the erection of
the old U nion elevator before any radical
alteration w as made in the general char
acter of the buildings erected at M inne
apolis for the storage of grain.
Today,
a m o n g the 44 houses which comprise the
c it y ’s facilities for the handling of grain
are to be found several elevators e m b o d y
ing all that is newest and best in elevator
construction, but it w as not until a c o m
paratively recent date that owners and
builders began to seek out the faults of
the original type and strive tow ard their
eradication.
T h e general tendency from
the first had been to w a rd increased capac
ity to meet the requirements of a constantly
g r o w in g trade, but except in point of size
the points of difference betw een the houses
of the ’50’s and those built at the end of
the ce ntury were v e r y few.
Throughout
the entire in tervening period the same gen
eral form had been pre served and the ter
minal elevator had closely resembled in ev
ery detail its country protoype.
W o o d remained exclu sively the material
of construction.
Planks, grad ually dimin
ishing in breadth from 10x2 at the bottom
to 2x4 at the top w ere laid, one upon the
other and spiked together, the general form
of the building being rectangular.
Occa
sionally, as a concession to the fire ordi
nances, the houses w ere veneered with brick,
but the protection thus obtained w as rather
fancied than real.
Finally, how ever, after enduring fre
quent losses b y fire and the constant drain
of justifiably high insurance rates in an
effort to mitigate such losses, elevator o w n
ers began to cast about for some safer and
more durable material with which to con
struct their houses.
F ir e - P r o o f C o n s tru c tio n .
T h e first departure from the prevailing
type of elevator w as made in 1895 by a
T o le d o co m p an y w h o had recourse to iron
tanks in an effort to secure the desirable
qualities of durability and safety, but it
w as not until four years later that the initialstep in fire-proof elevator construction was
taken in the N orthw est. T h e pioneers in
the effort tow ard ideal grain storage houses
w ere Mr. F. H. Pea ve y, the Great Northern
Railroad C o m p a n y and the G reat Eastern
E lev a to r Company.
E a ch of these con
cerns almost simultaneously began the erec
tion of elevators, all of which contained fea
tures radically different from those of the
standard type of w ooden house. W o o d was
co m p letely forsaken, but in their search for
a suitable material the designers of the
three elevators had hit upon three distinct
substances.
T w o of the houses em body
the tank principle, a reversion to the ancient
method of storing grain in jars, but while
the tanks in the case of the Great Northern
storage house at Duluth were built of steel,
the P e a v e y and Great E astern companies
made use of concre te and tile, respectively.
T h e style of construction of the last two
elevators involved a m ost radical departure
from the old methods. T h e tanks, w hether
com posed of co ncrete or of tile laid after
the general plan of a brick or stone wall,
are from 20 to 30 feet in diameter, built
close together, so as to give the impression
w hen building of a huge honeycomb, and
emptied or filled b y means of belt con
veyors. T h e chief distinction in the theory
of the tw o styles of construction lies in the
fact that while the walls of the concrete
tanks are, in a great measure, independent
of the steel hoops with which they are o c
casio nally reinforced, for resisting power
to the pressure of the grain from the in
side, the entire resistance offered to this
pressure by the tile walls is due to the re
inforcing bands.
O nce the practicability and advantages
of the fire-proof construction had been
demonstrated, its adoption in one form or
another immediately became general. T h e
ingenuity of designers w as co ncentrated in
an effort to improve and develop the ideas
embodied in the original elevators of this
character.
E x perim en ts were made with
various
materials other than steel, tile or
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
COMMERCIAL
WEST
55
THE COMMERCIAL WEST.
56
concrete, which seemed to contain possibilities of success
ful adaptation to the w ork, brick reinforced b y loops b e
ing employed in the construction of some of the later
houses. W it h all the variations of material, however, no
radical change has been made from the tank principle, of
the early fire-proof structures.
W h ile the evolution of the elevator proper, from the
perishable, inflammable w ooden structure to the almost in
destructible house of to d ay w as in progress, the methods of
handling the grain did not remain stationary. A t the outset,
the grain w as carried to the top of the elevator by po w e r—
driven belted cups and from there distributed, with the aid
of gravity, to the bins. G ra vity w as also employed in load
ing cars from the house, and in order that the grain
m ight run directly from bins to car, it w as necessary that
the bottom of the bins be elevated to a height of from 15
to 20 feet. Elevation w as an essential feature and the
ten dency w as tow ard im m ensely high structures, sur
mounted at the top b y a lo fty cupola. T h e introduction
of the belt c o n ve yo r b y F. H. P e a v e y entirely revolution
ized methods of handling grain inside the house, made it
possible to set the elevator bins directly upon the founda
tions, did a w a y w ith the heav y timber w o r k b y w hich they
were supported, and rem oved the n ecessity for the t o w
ering cupola except at one end of the building, thus re
ducing both the original cost and the danger of loss from
wind or fire. T h e operation of the belt co n ve yo r p ro
vides for the elevation of the grain from the car in the
usual manner b y belted cups.
A ft e r reaching the cupola, how ever, and bein g weigh ed,
it is deposited in a steady stream upon the surface of a
broad belt w hich runs ho rizontally over pulleys and e x
tends the full length of the building. W h e n it is desired
to deflect the stream of grain into a bin mouth, a clever
device bends the belt upwards while another pulley de
presses it. A t the angle thus formed the grain flies from
the belt b y the force of its own motion and enters the
mouth of the spout leading to the bin w ith out a kernel
bein g spilled. In the same w a y grain is taken from the
bottom of the bins and co n veyed b y belts to the cars.
A n d as these great belts handle as high as 20,000 bushels
of w heat in an hour, their facility for m o vin g grain made
them most economical.
O th er changes follo w ed rapidly. T h e dust collector,
in volvin g the principle of ridding the air of dust by fo rc
ing it through a chamber in a re vo lv in g motion and e x
pelling the dust b y centrifugal force, made the situa
tion of the operatives, fo rm e rly almost intolerable, more
endurable and materially reduced the fire risk even in the
w ooden structures. O th er innovations, such as improved
devices for w eighing, cleaning cars, etc., w ere introduced
during this period to facilitate the w o r k of handling the
grain.
Saturday, September 3, 1904.
the construction of terminal storage houses, although
Minneapolis has an example of this style of elevator in the
tanks of the Hulin E le v a to r company.
T h e period of transition betw een the old type of
w ooden house and the present modern fireproof struc
tures has been so brief that alth ough the appearance of
the elevator district is rapidly changing and huge circular
tanks are re placing the great w oo de n boxes which were
typical for so lo ng of the grain storage business, many
examples of the old style building are still to be found
in Minneapolis. In some instances the external appear
ance has been altered b y metallic sheathing and the
equipment in each case has been modernized, but the dif
ferences in the character of the new and the old types can
be readily distinguished in the illustration sho w ing n
typical group of elevators in the Minneapolis district. O f
the w oo de n terminals, which seem doomed to a short
shrift in view of the superiority of the fireproof type,
the Republic elevator, with a ca pacity of 1,750,000 bushels,
is the best example.
T h e foundation upon which the fortunes of the Minne
apolis grain trade were builded w as the great w heat crop
of the northw estern states and any discussion of the de
velopm ent of that trade naturally deals chiefly with that
cereal. Upon the pre-eminence of Minneapolis as a w heat
center still rests, in a great degree, the c ity ’s reputation
as a grain market. T h e process of evolution, however,
which raised the city in the prominence it now possesses
has not yet been completed, and the developments of re
cent years in the grain fields of Minnesota and the D a
kotas extend a promise that the time is not far distant
when the business transacted in the coarse grains will
rival the present traffic in wheat. E xperience is gradually
teaching the northw estern f a r m e r the value of variegated
crops, not for the combined mark et price alone, but for
the comparative immunity to absolute hardship fro m crop
failure, w hich they afford. Y e a r l y the acreage devoted to
T h e P r e s e n t T e r m in a l S y s t e m .
Since the first introduction of fireproof grain storage
construction into the N orthw est, Minneapolis and Duluth,
the leading elevator centers of the country, have out
stripped all other cities in building enterprises of this
character. A m o n g the forty-fou r elevators which, grouped
at convenient points alon g the ten railroad lines co n v e r g
ing at Minneapolis, comprise that c ity ’s unequaled facili
ties for the handling and storage of grain and form, a
striking and rather un lovely feature of the view a c
cord ed the incoming traveler b y rail, are to be found
exemplified m a ny of the most recent innovations in
elevator construction. Minneapolis companies have availed
themselves of steel, tile, concrete and brick in the erec
tion of their later storage houses, and w here it has been
inexpedient to replace the older elevators with others of a
more modern type, they have been equipped with every
device which is calculated to facilitate the handling and
insure the safety of the grain.
Steel for the purposes of elevator construction is now
gen erally recognized as lacking m a ny of the requisites of
the ideal material, but during the period when fireproof
building was in an em bryotic stage it was utilized rather
extensively.
T h e plant of the Pioneer Steel E lev a to r
co mpany, is an excellent example of this type of elevator.
Both w o r k in g house and tanks are of steel, the tanks be
in g ten in number and the capacity of the house being
1,200,000 bushels.
F. H. P e a v e y w as responsible for the introduction of
concrete as an elevator material. A ft e r a number of e x
periments and years of investigation of the best methods
of storing grain in v o g u e on the continent, there was
constructed at Duluth for the P e a v e y company, after the
manner previously described, the first concrete elevator.
In Minneapolis, this material w as later utilized b y E. S.
W o o d w o r t h for the construction of an immense storage
house.
T o the Barn ett and Record co m p an y of Minneapolis
belo ngs the credit for adapting tile to the purposes of
elevator building. T h e first tanks made of this material
w ere built for the Great E astern E lev a to r co m p an y in
1900, but the most notable structure of this type is the
2,000,000-bu. sixteen-tank elevator built b y the Barnett
and Record co m p an y for the St. A n t h o n y E lev a to r co m
pany.
B r ic k has y e t to becom e extensively utilized in
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
G R E A T E A S T E R N TILE T A N K ELEV A TO R .
the gr o w th o f barley, rye, or oats, as the case m a y be,
shows a mark ed increase.
T h is is conspicuously indi
cated b y the records of the receipts of grain as compiled
b y the secretary of the Cham ber of Com m erce. T h r e e
years ago considerably more than three times as much
w heat was handled as all other grains. D u rin g the suc
ceeding year the ratio was ano roxim ately two to one,
while during the crop year just terminated, the a gg r e g a te
of other cereals is almost two-thirds as grea t as the
quantity of w heat received.
T h u s it is evident, that no small share of the neces
sity for steadily in creasing terminal facilities at Minne
apolis of recent years has been due to the rapid gro w th
in the receipts of coarse grains. T o d a y nearly one-quar
ter of the elevator capacity of the city is de voted to the
handling and storage of cereals other than wheat, m any
of the private houses bein g exclu sively reserved for busi
ness of this character. T h e trade in coarse grains, h o w
ever, alth ough great, is still in its infancy. T h e part it
played in the earlv development of the Minneapolis grain
trade w as infinitesimal, and its influence on the trend of
the business is reserved for the future.
Direct to the Gates of the W o r ld ’s Fair
V ia the Minneapolis & St. Louis railroad.
T h e only
line with a station opposite main entrance to the grounds.
T w o through trains daily with Pullm an sleepers, free re
clining chair cars and elegant new dining cars. L o w e s t
excursion rates.
Season ticket $25.60; s ixty-day ticket,
$21.35; fifteen-day ticket, $19.20. Seven-d ay co ach excu r
sion tickets at $13.00 on sale A u g u st 29 and Se ptember
12 and 26.
Call on agents for “ Guide” to the Fair, information in
re gard to hotels, etc., or address A. B. C U T T S , G. P. &
T . A., Minneapolis, Minn.
Saturday, September 3, 1904.
THE
COMM ERCIAL
WEST
57
hJToO R A I N <$L M I ' L L I N o H S j
THE NORTHWEST WHEAT CROP OF 1904.
Yield Is Estim ated at 20,000,000 Less Than L ast Year— Indicated Loss of 60,000,000 Bushels From Rust in the Three
Northwest States— T he United States Crop Is estimated at 514,000,000 Spring and W inter
W heat, Including 10,000,000 Macaroni.
Corrected Crop 1903
Estim ated Crop 1904—
Acres.
Minnesota ...................... 5,900,000
N orth Dakota ............... 4,800,000
South D akota ............... 3,200,000
13,900,000
Average. T otal Yield.
il
9V2
8y 2
Acres.
64.900.000
45.600.000
27.200.000
Minnesota ...................... 5.500.000
North D akota ............... 4.200.000
South D akota ............... 3.200.000
137,700,000
13,100,000
Average.
12
11
12
Total.
66,000,000
46,200,000
39,600,000
151,800,000
T he Northwest wheat crop of 1904 has presented a problem to deal with in the form of rust that has not been
experienced in over twenty-five years.
The wheat crop made fine progress up to about July 20, when we dis
covered rust in wheat in southern counties of South D akota. N ot wishing at that time to jump at a conclusion and
predict serious damage in advance of possible progress of the disease, we waited until about August 1, until such
time as we had found the rust general over South D akota and making progress into N orth Dakota, before rust
was announced as a serious factor in the crop situation. A t that time we said the result was not sufficiently defined
to say whether it was to be a calamity, or simply a loss of bushels. T his announcement was received with skeptic
ism, and it was not until about ten days later that the grain trade began to admit the seriousness of the situation.
Some of the rival crop experts announced frankly that our report was exaggerated, and one went so far as
to refer to it as “ rot,” but since that time these same “ experts” have been the busiest in trying to ascertain which
could make lowest figures on yield.
W e have not gone to the extreme of low figures in estim ating this crop, because there is danger in follow ing ex
tremes in either direction. The crop is unquestionably the most difficult to estimate that has been before the coun
try for many years. It is not an estimate of yield that is called for strictly, but an estimate of damage. The yield
would have been heavy in the N orthw est; somewhere betw een 190,000,000 and 200,000,000 bushels. T he rust has
cut this prospective yield about 60,000,000 at least from the standpoint of bushels, but from the standpoint of weight
the loss will be more serious. It is probably not an exaggeration to say that of the estimated total of 138,000,000
of spring wheat and macaroni, 12,000,000 to i5;00o,ooo bushels can be cut out as not available for milling wheat.
For all practical purposes this will reduce the N orthw est yield to 120,000,000 to 125,000,000 bushels.
W e have always given out our figures with confidence that the distribution would support them very closely and
we have not been disappointed in this particular in years. W e wish the trade to understand this year the great
difficulty surrounding an estimate, and on account of the liability of error, resulting from an attempt to estimate
damage, we do not express the same confidence in these figures that we have in years preceding, although we
think the total is high enough. If there is a discrepancy we shall expect to see it on the side of decrease, rather
than on the side of appreciable increase of this total.
In spite of the ravages of the rust there is a limited area of the Northwest that will produce a fine crop of
wheat. T his area includes a few counties in southern M innesota and a strip running north on the eastern side of
the state, about up to St. Cloud. T h e next best wheat section of production will be the area lying north of James
town and west of Devils Lake in North Dakota, and a sm all
area in the
southeast corner of South Dakota.
balance of the area has suffered either heavy or moderate loss of yield.
The area of heaviest loss is probably along
the southern tier of counties in North D akota and the w est central counties of Minnesota. The county of Ransom,
North Dakota, while surrounded by the rust disease, has escaped a good deal of the injury because of the fact that
much of its area is sown to macaroni and the rust did n o t attack macaroni as it did spring wheat. T he macaroni
area has increased this year in a scattering way, and runs from Minot, southeast into Minnesota and breaks over
somewhat into South Dakota. W ithout attempting to estimate the macaroni area closely, we have placed the yield
at 10,000,000 bushels, which may be a little high or a little low; we have simply endeavored to break the line be
tween the spring wheat and macaroni as an item of interest to the trade.
A fter the rust had reached the Red River valley there were indications that it might not go further, but only
a few days were required to report the further progress of the disease into the northern districts and into M ani
toba. The wheat in southern Minnesota, in the counties referred to above, reached a point of maturity that shut
out the rust. A fter the wheat was in a good dough the rust did not make progress. It attacked the plant in the
milk and in a large proportion of fields made heavy reduction of yield. It was no respecter of fields, and attacked
good and poor wheat alike, but with varying degrees of damage, according to condition of the wheat.
T H E N O R T H W E S T W H E A T C R O P O F 1903.
Bushels.
Jones’ estimate exclusive of macaroni............................................................................................................................147,100,000
Distribution, 12 months, nearly all official.................................................................................................................... 151,000,000
Error of Jones’ estim ate........................................................................................................................................
4,000,000
R E C O R D O F D IS T R IB U T IO N .
Receipts 12 months Minneapolis and Duluth to Aug. x, 1904 ...................
Used for seed ........................................................................................................
Ground by country mills .....................................................................................
Carried over to new crop y e a r ...........................................................................
Shipped out south without being recorded at M inneapolis............................
Total distribution
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Bushels.
115,000,000
18.000.
000
60.000. 000
5.000.
000
3.000.
000
201.000.000
The
THE
58
COMM ERCIAL
WEST
Saturday, September 3, 1904.
This total receives the following credits in order to arrive at the net spring wheat production:
W inter wheat received Minneapolis and D u lu th .................................................................................. 14,500,000
Macaroni wheat produced .......................................................................................................................
5,000,000
Old wheat brought into c r o p ................................................................ ...................................................
7,000,000
W heat shipped from Minneapolis and Duluth back to country mills ............................................. 15,000,000
W inter wheat used by country mills ..................................................................................................... 3,000,000
W heat received from Nebraska and I o w a .............................................................................................
2,500,000
Duplication of receipts at Minneapolis and Duluth ..........................................................................
3,000,000
50,000,000
151,000,000
N ote— There are estimators who place country mill consumption at 70,000,000 bushels, based on a flour census.
W e decline to use that census for the reason that we believe it is incorrect. For two years before the Northwestern
Miller took the census that it published last year, we experimented with a census and found that many smaller
class mills were unable to give official figures of wheat consumed, and used estimates instead. W e also found traces
of exaggeration of output by a sufficient number of mills to warrant deduction in our judgment of 7,500,000 bu. on
account of inaccuracies, and 2,500,000 bu. due to error by using 4H bu. of wheat per barrel to represent output. A
great deal of flour is made from 4 ^ bu., and 4L2 bu represents the extreme. W e have used for years, therefore, a
smaller output than these census figures called for and believe the total more nearly represents the consumption of
wheat by country mills. Our estimate is made each year on the basis of such deduction. Those who prefer to base
wheat consumption on the basis of reported flour output have that privilege. It in no way affects the surplus that
is available each year at Minneapolis and Duluth.
— H. V. Jones.
TH E W H EAT TRADE.
present situation and all the possibilities it offers in the way
01 price, making, it is more than likely that there will still
Commercial West Office, Sept. 1 — The market has been
be some wild times before the end of the crop year, p os
subjected to a number of influences arising from various
sibly wild er than has been seen the past tw o m onth s.”
sources during the week, but whatever their origin they have
been generally construed by the trade as rather bullish in
character, as is evidenced by the partial r e co ve ry from the
F L O U R A N D M IL L IN G .
decline of the previous week. The advance, however, has
O utlook
Brighter
and
Millers
O ptim istic— Stocks
been very gradual, interrupted by an occasional recession and
Throughout the Country Near Vanishing Point
altogether devoid of those sensational rises to which the
— W heat Values Still a Handicap.
trade of recent w eeks has becom e accustomed. A tendency
The erratic behavior of the wheat market and the exalted
has been manifest b y
some of the smaller holders to
prices of the grain are still a formidable obstacle in the path
liquidate and retire from the speculative field which has
of the millers as buyers, except when absolutely forced by
had a tendency to narrow the market to a certain extent.
necessity to take the step, are holding off in anticipation of
I he northwest crop is still the center of interest, but the
a lower market and, under any circumstances, are restricting
trade is now almost entirely won over to the opinions of the
their orders to the lowest possible limit. Nevertheless the
leading experts concerning the material decrease of yield in
week has been rather more favorable than its immediate prede
that section and are once more beginning to take notice of
cessors, both in point of business actually transacted and the
other considerations.
W h e t h e r conditions, actual and
promise of future improvement it contained. Millers are dis
prospective, have played a prominent part in the week’s trend
posed to a rather optimistic view of the situation, for while
of prices. The possibility of frost in the northwest has been
a strengthening factor as have been the
general rains of theexport business is still in a lifeless condition with prices too
last two days, while the chief helps to
the bears were the far out of line to admit a prospect of its revival for some
time to come, and domestic orders are all of the “ hand to
daily failure of the frost to materialize and the rather indif
mouth” variety, it is evident from the nature and source of
ferent attitude of Europe. The following expression of a
many of the orders that stocks both east and west are low
Minneapolis grain firm on August 29 is worthy of considera
and must soon be replenished.
Prices underwent several
tion :
evening up processes and fluctuated irregularly. Today first
“ H. V. Jones of the Commercial West is out with his
patents are quoted at $6 . i o @ 6 . 2 0 ; second patents, $ 5 -9 5 (3 )6 .0 5 ;
annual estimate. He estimates the wheat crop of Minnesota,
first clears, $ 4 .5 0 (0 )4 .6 0 ; second clears, $2.85.
North and South Dakota at 128,000,000 bushels regular spring
wheat and 10,000,000 bushels macaroni. The total crop of
M in n e a p o lis F lo u r O u tp u t.
the United States he estimates at 504,000,000 bushels. Mr.
W e e k ending—
B arrels.
Y ear ago.
Jones is now the leading authority on the northwestern spring
S eptem ber 5 ...................................................... 191,915
242,515
A
u
g
u
st
20
..........................................................
128,390
240,050
wheat crop and one of the leading ones on the whole crop
A u g u st 13 .........................................................
118,735
290,495
of the country. There is not much doubt but that his figures
A u g u st 6 ..............................................................
215,035
282,200
are correct for all practical purposes, and, granting that they
Ju ly 30 .................................................................. 200,245
246.005
July
23
..................................................................
227,420
238,025
are, this country will need all of this year’s crop for seed and
July
16
..................................................................
214,895
259,225
home consumption and, therefore, will have little if any to
July 9 .................................................................... 235,845
269,710
export. Further advance in prices may curtail home con
July 2 ................................................................... 320,625
280,180
June 25 ..............................................................
287,050
sumption, but such curtailment would probably not cut a
305.790
June 18 ................................................................ 245,110
243.185
perceptible figure until near the end of the crop year. A l
June 11 ................................................................. 236,690
276.790
though it may be that we have from 20 to 25 millions to e x
June 4 ...................................................................
190,655
307.325
M ay 28 ................................................................ 240,615
port, such an amount less what we have already exported
325,420
M
ay
21
..................................................................
246,680
328,715
and what is still contracted for export, leaves this country
M ay 14 ............................................................ . . .
217,775
320,770
practically independent so far as price making is concerned.
M ay 7 .................................................................... 103,530
308,080
A pril 30 ................................................................ 180,630
The European crop estimates show a good shortage com
311.480
A pril 23 ................................................................ 127,115
168,535
pared with a year ago, and although India has a good supply
A pril 16
99.800
229,600
to export and Australia and Argentine have a little more
A pril 9 .................................................................. 187,885
352,035
wheat left of last crop for export than they had a year ago,
A pril 2 .................................................................. 250.565
366,385
M arch 26 .............................................................. 169,240
359.480
it is doubtful if Europe can much longer maintain the policy
M arch 19 .............................................................. 331,935
355,310
of indifference towards prices in this country. The reason
M arch 12 ............................................................... 332,960
330,590
for the indifference displayed by European markets is prob
M arch 5 ................................................................ 336,705
286,520
F ebru ary 27 ........................................................ 313.995
287.005
ably due to the fact that as yet they have not been convinced
F ebruary 20 ......................................................... 325.590
274.740
as to the truth of the situation in the Western Hemisphere
F ebru ary 13 ........................................................ 347.375
300.325
Be what it may, there is no doubt but what foreign markets
F ebru ary 6 .......................................................... 165.630
287.295
January 30 ........................................................... 319.295
will advance sharply sooner or later. A s yet Argentine crop
319,580
January 23 .......................................................... 325.830
309.165
prospects are favorable. Should anything happen to that crop
Ja n u a ry 16 .......................................................... 365.520
305.285
present prices in this country would look very cheap, for
January 9 ............................................................. 328.635
278.630
January 2 .............................................................. 165,295
wheat would then sell at prices undreamed of. A ll this goes
326,840
to show that there are still great possibilities in store for
much higher prices than have yet prevailed this year, and it
E x p o rt S h ip m e n ts .
is these possibilities that create sentiment, which in turn,
W eek ending—
B arrels.
Y ea r ago .
especially in times like these, dictates prices no matter what
S eptem ber 5 ........................................................
19,645
49,075
the statistician with pencil in hand may have to say. L eav
A u g u st 20 .............................................................
16,130
37,595
ing out the probability that Europe will sooner or later bid
A u g u st 13 ........................................................
11,535
46,525
A
u
g
u
st
6
................................................................
23,610
30,315
furiously for wheat, and granting that this country has prac
Ju ly 30 ..................................................................
24,355
17,880
tically no wheat for export and is, therefore, independent,
Ju ly 23 ..................................................................
33,185
23,655
can any one person answer the question: What should be
Ju ly 16 ..................................................................
23,235
25.210
Ju ly 9 ....................................................................
24,130
42,180
the price of wheat today, whether it should be $r or $1.50?
Ju ly 2 ....................................................................
47,145
30.880
W e say no one. The prevailing sentiment will blindly mark
June 25 ................................................................
28.640
60.890
the
price
from
day
to
day
and
on
that
account,
with
the
June
18
.................................................................
16,985
43,840
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE COMMERCIAL WEST.
Saturday, September 3, 1904.
59
THE UNITED STATES WHEAT CROP.
The Commercial W est estimates the wheat crop of the United States for 1904 as follow s:
Ohio ..................................................................
Michigan ..........................................................
Indiana ............................................................
Illinois .............................................................
Missouri ..........................................................
Kansas ..............................................................
Nebraska .........................................................
Kentucky .........................................................
Tennessee .......................................................
N ew York .......................................................
N ew Jersey .....................................................
Pennsylvania ...................................................
Delaware ........................................................
W inter Wheat.
Maryland ........................................................
Virginia ...........................................................
North Carolina ...............................................
South Carolina ........................
Georgia ............................................................
T exas ................................................................
Arkansas .........................................................
W est Virginia .................................................
California ........................................................
13,000,000
7,000,000
15,000,000
22,000,000
31,000,000
60,000,000
32,000,000
7,000,000
10,000,000
6,000,000
1,000,000
20,000,000
1,200,000
Oregon .................................................
Oklahoma .......................................................
Indian Territory .............................................
Alabama ........................................................
T otal W in te r.................................................................................................................................................
9 500,000
7 000,000
3:000,000
2 000,000
2 000,000
9 000,000
2 ,000,000
3 ,000,000
18 ,000,000
13,000,000
15 ,000,000
3 ,000,000
1 ,000,000
312,000,000
Spring W heat.
65,000,000
Nevada .............................................................
45,000,000
I o w a ...................................................................
27,000,000
Idaho ................................................................
8,000,000
Montana ...........................................................
5,000,000
Utah ..................................................................
26,000,000
Other states .....................................................
1,000,000
13.000,000
5,000,000
2,000,000
4,000,000
1,000,000
T otal ......................................................................................................................................................................
T o tal United S ta tes..............................................................................................................................................
Less M a c a r o n i......................................................................................................................................................
202,000,000
514,000,000
10,000,000
Minnesota ........................................................
North Dakota .................................................
South Dakota ..................................................
W isconsin ........................................................
Colorado ..........................................................
W ashington .....................................................
504,000,000
N et W inter and Spring.
27,105
29,505
42.125
44,300
23,560
23,465
26.345
18,525
21,685
26,155
27,185
23,210
28,305
42.925
53.415
39.050
34,850
34.485
17.827
27.200
35,335
40.505
47.490
22,100
June 11
June 4
M ay 14
A pril 2 ..
M arch 26
M arch 19
M arch 12
M arch 5 .
F ebru ary 20
F ebru ary 13
F ebru ary 6 .
January 9
39,715
34,265
38,215
47,185
35.070
90,020
25,830
13,150
27.965
76,255
101,635
100.515
87,490
90.230
72.72(1
53.470
34,855
50.315
43.090
78,780
90.360
92.820
63.825
111,195
M IL L F E E D .
Market Displays Easiness— Prices Low er on Liquidation
and Slack Demand— Values Approach Export
Basis— General Situation Unchanged.
The market during the week has been rather quiet and
easy. Prices underwent a moderate decline in consequence of
liquidation by long holders and a general slackness in demand.
This transition from strength and advancing values to appar
ent easiness and lower prices, however, dealers consider as
merely temporary. The general aspect of the situation is alto
gether unaltered, and with the continued light output of the
mills and the delayed corn crop, millfeed seems destined to
continue on a practically unchanged basis for some time to
come.
Today, bran prices were within 50c of an export basis,
and although continental business has not been general, the
condition of the European hay crops and the elevated levels
of oil cake prices, indicate that a European demand may soon
be a factor in the Minneapolis market.
Q u o t a t i o n s o f M i i l s t u f f s in C a r L o t s , P r o m p t S h i p m e n t , F. O. B.
M inn e a po lis.
Ton.
Bran, in 200 lb. s a c k s ............................................................$15.00@15.25
Bran, in bu lk ........................................................................... 14.00@14.25
Standard m iddlings. 200 lb. s a c k s ...................................
17.50@18.00
F lou r m iddlings, 200 lb. s a c k s ............................................ 20.50@21.00
M ixed feed. 200 lb. s a c k s ...................................................... 18.50@19.00
R ed -d og , 140 lb. ju t e .............................................................. 21.50@22.00
M iilstuffs in 100 lb. sacks 50c per ton over ab ove qu otation s.
R e d -d o g in 100’s 25c over.
Q uo ta tio ns
of
M iils tu ffs ,
B oston
B a s is ,
A ll
R ail
S h ip m e n t.
Ton.
Bran. 200 lb. s a c k s .................................................................. $20.00@20.25
Standard m iddlings, 200 lb. s a c k s ................................... 22.50@22.75
F lou r m iddlings, 200 lb. s a c k s ............................................ 25.50@26.00
M ixed feed, 200 lb. s a c k s ...................................................... 23.50@24.00
R e d -d o g , 140 lb. j u t e .............................................................. 26.50@ 27.00
M iilstuffs in 100 lb. sacks 50c per ton over ab ove qu otation s.
R e d -d ofor
g FRASER
in 100’s 25c over.
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FLAXSEED.
Market Quiet— Prices Steady But Tone Firm— Receipts
and Stocks Ligh t and Demand Good.
The general situation is identical with that of a week ago,
except for the greater proximity of the crop movement. The
market has been quiet and inclined toward increased firm
ness, although prices have not been materially changed. Buy
ers are beginning to anticipate the movement of the new grain
and, of late, there have been a considerable number of transac
tions in No. i seed to arrive. The receipts have been so lim
ited that any degree of activity has been out of the question
but the grain coming in has been in good demand. The cash
situation at present possesses all the elements essential to
strength, for in addition to the good demand and light re
ceipts, stocks are getting very low.
C lo sing
F la x
Fri.
A ug.
26.
M inneapolis cash .......... 1.24
Y ea r a g o .......................... 98%
A u g u st ........................ 1.23%
Chicago' cash .................. 1.25%
S outhw est .................. 1.18%
S eptem ber .................. 1.18%
D uluth cash .................... 1.20%
N ovem b er .................. 1.25%
D ecem b er .................. 1.25%
Prices.
Sat.
A u g.
27.
1.24
.98%
1.23%
1.25
1.18
1.18
1.26%
1.25%
1.25%
M on.
A ug.
29.
1.24
.97%
1.23%
1.25
1.18
1.18
1.26%
1.25%
1.25%
Tues.
A ug.
30.
1.24%
.97%
1.23%
1.25
1.18
1.18
1.26%
1.26
1.25%
W ed.
A ug.
31.
1.24
.97%
1.24
1.25
1.18
1.18
1.26%
1.26
1.26
Thur.
Sept.
1.
1.24
•97%
1.24
1.25%
1.18%
1.18%
1.26%
1.26
1.26
MINNEAPOLIS COARSE GRAINS.
Corn.
Dealers are manifesting a disposition to hold the grain in
anticipation of higher prices and a little of it is going to store.
Meanwhile there has been a good demand from feed men
and this, combined with the meagerness of the receipts, which
have been but little in excess of local requirements, has
created firmness and a tendency toward an advance in values.
The market lacked prominent features. No. 3 corn has sold
at about 51
with No. 4 salable at 51c. _ Receipts for the
week were 27 cars against 50 cars the previous week.
C lo sing C orn
Prices.
D aily closin g p rices fo r N o. 3 y ellow corn in M inneapolis:
Y ear
ago.
54
F riday, A u g u st 26 ............................................................ 52%
54
Saturday, A u gu st 27 ...................................................... 51
54
M onday, A u gu st 29 .......................................................... 51%
53
T uesday. A u gu st 30 ........................................................ 51%
53%
W edn esda y . A u g u st 31 ......................................................51%.
52%
T hu rsday, S eptem ber 1 ................................................. 52%
T h e A l b e r t D ic k in s o n C o .
DIALERS
IN
FLAX SEED
GRASS SEEDSt CLOVERS,
BIRD SEED,
BUCK-WHEAT, ENSILAGE CORN, POP-CORN,
BEANS, PEAS, CRAIN B A C 8 y ETC.
M IN N E A P O L IS O F F IC E i
• 12 C H A M B E R O F C O M M E R C E .
CHICAGO
6o
THE
COMMERCIAL
W EST
Saturday, September 3, 1904.
A SCOTCH VIEW OF THE FLOUR MARKET.
A prominent firm of Scotch flour brokers write to the
Commercial West under the date of Augu st 13, as follows:
W e notice that in most letters coming from American
millers it is assumed that as soon as markets on this side
and in America come to a parity, the trade in American flour
will be resumed in its former dimensions. W e would have
thought so also a few months ago, but the experience of the
period of excitement through which we are passing has given
us reason to modify our opinion. O f course we have all along
seen clearly enough what was patent to everybody here, that
the American flour trade would be gradually curtailed as a
result of the freight discrimination in favor of wheat. That
discrimination makes it possible for the millers here to buy
American wheat and undersell American flour, but no British
miller sells his flour as American flour. The American wheat,
therefore, is lost in a mixture. The baker simply knows that
he is buying a certain miller’s flour of which he does not
know the ingredients. The introduction of the brands of
flour made by the American millers brought about a rise in
the quality of bread _in Scotland, and if those brands had
retained their pre-eminence the recent rise in America would
have been followed by heavy purchases of American flour.
The experience of the flour trade here, however, has been
that the bakers, whose standard of quality has been lowered
considerably, have paid little or no attention to American
prices, and any of the importers here who happened to hold
O a ts .
A strong demand from all quarters was insufficient to
maintain values at last week’s levels in the face of greatly
increased reecipts and a weakening option. The market, how
ever, despite the lower prices, showed no intrinsic weakness
in tone. Elevators, commission houses, feed men and cereal
companies were all among the buyers and none of the grades
were neglected. Quite a proportion of the oats are going
to store. Shippers alone were comparatively inactive, for the
excellent crop of the middle west states has proved amply
equal to any demand from the Northeastern states up to
date. Prices ranged from 3 i ^ c for No. 3 white and 31c
for No. 4 white to 29c for the low grades. Receipts were
an even 700 cars against 563 cars a w eek ago.
C lo sing O ats
Prices.
D aily closin g prices o f N o. 3 w hite oats in M inneapolis:
Y ear
F riday, A u g u st 26
Saturday, A u g u st 27 .
M onday, A u g u st 29 . . .
T uesday. A u g u st 30 ..
W edn esda y, A u g u st 31
T hu rsday, Septem ber 1
31%
31%
31%
31%
31
31%
35%
35@ %
35%
35%
3534
36
stocks have been glad enough to let them go at as much as
five shillings per sack under the prices asked by American
millers.
This is a very serious state of affairs. The flour
importing business cannot be kept up for ever at the expense
of the flour importing firms, and when it does fall back on
the American miller, and behind him on the American farmer,
the true state of matters will be better understood.
W e are not to be supposed to be either criticising or find
ing fault; we are simply putting on record what we believe
every firm handling flour in this country will confirm. Our
market, we are sorry to say, seems to be entirely independent
of American flour, and it will apparently be equally inde
pendent of American wheat unless when the American wheat
is cheap enough to be used in the ordinary miller’s mixture.
In acting as they are doing the British millers and bakers are
acting with perfectly good judgment, but if we are asked our
opinion of the judgment of the people who are placing in the
hands of the British wheat importers and millers a weapon
with which to injure the general interests of the American
miller and farmer, our opinion would be by no means so com
plimentary. When the well-known brands of American flour
which have acted as a permanent and continuous advertise
ment of the superior qualities of the American product (both
in flour and wheat) disappear from the British market it is
easy to see that the premium at present paid for American
wheat will disappear; it is, in fact, diminishing already.
M inneapolis ........
Y ear ago ........
C hicago ..................
Y ear ag o ........
D uluth ..................
K an sas C ity ........
St. L ouis ..............
N ew Y ork ............
.......... 1.09%
................ 82
.......... 1.05%
................ 81
.......... 1.11
................ 95%
.......... 1.07%
.......... 1.10%
1.09%
.81%
1.06
.81
1.11%
•94%
1.07%
1.10%
1.11%
.81%
1.07%
•80%
1.14
•97%
1.09%
1.12%
1.11%
.823/g
1.05%
.80%
1.13%
.96%
1.07%
1.11%
1.11%
.85
1.06%
•81%
1.14
.96%
1.08
1.12
1.12%
■83%
1.06%
.81%
1.15%
.96%
1.09 3/s
1.13
December W h e at.
M inneapolis ........
Y ear ago ........
C hicago .................
Y ear a g o ........
D uluth ...................
K an sas C ity ........
St. Douis ..............
N ew Y ork ............
Fri.
A ug.
26.
.......... 1.08%
................80%
.......... 1.07%
................ 82%
.......... 1.07%
................95%
.......... 1.09
.......... l.K '%
M in n e a p o lis
No. 1 hard .. .
No. 1 northern
No. 2 northern
Sat.
A ug.
27.
1.09%
.80
1.07%
.82
1.08%
.9534,
1.09%
1.10
Mon.
A ug.
29.
1.11%
•79%
1.09%
.81%
1.103/a
.98%
1.11%
1.12%
C as h W h e a t ,
Fri.
A ug.
26.
T ues. W ed. Thur.
A ug.
A ug. Sept.
30.
31.
f.
4 1.12
1 .1 0 % I.IO 3
.80
•81% .81
1.07% 1.08% 1.09%
.81% .83
.82%
I . O 934 I . O 934 1.06%
•97% .97% .98%
1.10
1 . 1 0 % 1.11%
1.11% 1.11% 1.12%
O fficia l
Sat.
A u g.
27.
Close.
M on. T ues. W ed . Thur.
A ug. A ug.
A u g. Sept.
29.
30.
31.
1.
1.141/2 I.I4 1/0 1.16% 1.161/2 I . I 7 1 4 1.19%
1.10y2 I. I O 1/2 1.12% I . I 21/2 1.12% 1:14%
I.O 71/2 1.07% 1.09% I.O 91/2 I.O 9 1 4 1.11%
B a rle y .
There has been less of a disposition among buyers of late
to take anything that was offered with the result that al
though the general demand is good, the bulk of the inquiry
was for the good grades. Malsters have been in the market
to some extent and shippers and mixers have been rather
active. A s in the case of oats and corn, a considerable quan
tity of the grain is going to store. Receipts have shown a
marked increase and this, combined with the tendency men
tioned, to pick and choose, has created an easier feeling.
Three hundred and ten cars came in during the week against
209 cars received during the previous week.
R ye .
The demand, particularly for the better grades, has been
good and prices have been firm at last week’s decline. The
feed men have been taking most of the grain which comes in,
although distillers have been in the market to some extent
Receipts were not sufficient to permit of much activity. Prices
today were somewhat higher, No. 2 selling at 7oRj@7ic, and
No. 3 at 69c. Receipts were 59 cars against 43 cars a week
ago.
C lo sing
Rye
D u l u t h Cas h W h e a t .
1.14% 1.17
1.14% 1.14% 1.17%
No. 1 n o rth e rn ................ 1.14
No. 2 n orth ern ................ 1.10% 1.12% 1.13% 1.10% 1.10% 1.13%
Kansas C ity
No. 2 hard ...................... 1.01
N o. 2 red .......................... 1.09
L iv e rp o o l
F riday, A u gu st 26 ..........
Saturday, A u gu st 27 . . . .
M onday, A u g u st 29 ........
'Tuesday. A ugu st 30 ........
W edn esda y, A u g u st 31 .
T hursday, S eptem ber 1 .
....
W heat
70%
Y ear
ago.
49%
49y2
49%
49?4
50%
5034
Sat.
A ug.
27.
ROLLIN
Mon.
A ug.
29.
T ues.
A u g.
30.
M in n e a p o lis T e r m in a l
YIU
7S
3344
7s
7s
7S
7s
7S
4% d
3% d
4
d
5% d
3% d
D ec. Close.
7s 4% d
7s 6% d
7s 5% d
7s 5%d
7s 5% d
7s 5%d
S tocks.
1,354,792
12,126
6,936
51,179
99.622
962,648
Y ear ago.
50,000
310,212
526,376
T ota ls .............................................................. 2,487,303
M inneapolis d ecrease ...............................
404,203
D uluth stock s ....................................................
460,188
D uluth d ecrease .................. / ...........................
88’547
866,588
SAM U EL W . O S G O O D
Operation and Examination Mines and Mills
W ed. Thur.
A ug. Sept.
31.
1.
Telephone Harrison 2805
IS Temple Court Building,
OF C O M M E R C E ,
C H IC A G O
& COMPANY,
M IN NEA POLIS.
Members Chicago Board of Trade and Minneapolis Chamber of Commerce.
HARRIS, SCOTTEN CO.
37 BO ARD OF TR A D E
TO R IC H A R D S O N
SUCCESSORS
Send lor “ The Tlieory of Investment and Speculation,” a book on market f'aetors.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1.01
1.08
CON SU LTIN G MINING ENGINEER.
GRAIN CO M M ISSIO N — Orders executed in the principal markets.
CORRESPONDENTS
1.04
1.07
W e e k ending
A ug. 27.
No. 1 hard . . .
N o. 1 northern
No. 2 northern
No. 3 ................
R e jected ........
N o grade ........
Special bins ..
E. S M I T H
CHAMBER
1.03
1.08
P rices.
.
F rid ay, A u gu st 26 ......................................
Saturday, A u gu st 27 ..................................
M onday, A u g u st 29 ........................................
T uesday, A u g u st 30 ......................................
W edn esda y , A u g u st 31 ................................
T hu rsday, S eptem ber 1 ..............................
C lo s i n g W h e a t F u t u r e P r i c e s .
S e p te m be r W h e at.
73
1.04
1.08
Prices.
D aily closin g p rices o f N o. 2 rye in M inneapolis:
Fri.
A ug.
26.
Cash W h e a t .
1.01
1.06
Sl
CO.
THE COMMERCIAL WEST.
Saturday, September 3, 1904.
W heat
M in n e a p o lis
R e c e ip ts .
M inneapolis.
D uluth.
Cars. Y ear ago. Cars. Y ea r ago.
F ri., A ug.
26__ 165
257
32
53
286
24
Sat., A ug. 27___ 150
M on., A u g.
29__ 337
484
20
80
T ues., A ug.
30__ 205
180
20
165
W ed., A ug. 3 1 . . . . 216
177
22
14
T hur., Sept.
1 __ 230
168
12
30
D a ily
R e c e ip ts
of
Corn,
Cars.
F ri., A ug. 26................ 13
Sat., A ug. 27................
6
4
M on., A ug. 29..............
T ues., A ug. 30..............
0
W ed ., A u g. 3 1 . . . . ___
44
C o a rs e
Oats,
Cars.
92
99
213
60
96
G ra in
in
C hicago.
Cars. Y ea r ago.
104
144
85
110
137
196
136
56
137
80
130
M in n e a p o lis .
B arley, R ye, F lax, D uluth
Cars.
Cars. Cars. Flax.
61
1
5
10
50
12
3
6
101
13
14
6
49
9
9
10
66
13
11
8
W e e k ly
R e c e ip ts o f G r a in .
R eceip ts of grain at M inneapolis fo r the w eek s ending on the
dates given, w ere:
W e e k ending W e e k ending
A ug. 20.
Y ea r ago.
A ug. 27.
W h eat, bu shels . . . ............ 1,028,160
617,520
1,606,150
Corn, bushels ......................
46,560
38,800
45,120
980,200
Oats, bushels ........ ............
526,900
540,510
B arley, bushels . . . ............
270,160
119,350
352,500
R y e bushels ........................
355,200
39,200
32,000
Flax, bushels ........ ............
18,360
4,690
36,660
C o a rs e G r a in s
in
M in n e a p o lis E le v a to r s .
W e e k ending
A ug. 27.
............
2,739
Oats, bushels ........ ............
472^618
B arley, bushels . . . ..............
217,317
R ye, bushels .......... .............
41,223
F lax, bushels ......................
32,530
W e e k ending
A ug. 20.
151,371
200,691
32,658
62,330
Y e a r ago.
2,352
190,752
84,576
10,714
742,694
C O M M E R C IA L W E ST M A R K E T R E V IE W S.
E. W . W a g n er, C hicago, A ug. 30.— S outhw estern prim ary
w h eat receipts d ecrea se; and as there w as no a ccum ulation
w hile th ey w ere a t m axim um , the strin gen cy there w ill be
qu ick ly felt. M illers of the m iddle states are a lready dra w ing
on m arket cen ters w est of the M ississippi river, and this will
in ten sify the dem and. Shipm ents are on the w a y from the
P a cific coast to our eastern m arkets, and are p ayin g 35 cents a
bushel freight. T h ey are the result o f legitim ate com m ercia l
tra nsactions, and are not caused by speculation or conseq uent
corners. T he high freig h t rate is paid on these shipm ents to
p reven t this w h eat goin g to foreig n countries, as that surplus
usually does. It indicates only to o plainly how easily w e m ay
b ecom e im porters o f w h ea t w ith the ex a ction o f 25 cents a
bushel ta riff unless w e d iscon tin ue all exports from A tla n tic
and G ulf ports. T here are m en w ith som e p retension s to a
k now ledge of the w h eat trade, w ho, in the fa ce of all this, look
for, hope fo r and talk seriously of a disastrous break in the
price. T here are breaks, but they are m om en ta ry; and, if
there is an y disaster con n ected w ith them , it falls upon those
w h o sell a t su ch tim es. T here is no sense in such recessions.
T ak e advantage of them and buy w hen they com e. M illers
ha ve been p a y in g close to present p rices fo r w h ea t fo r six
m onths. W h ere is the m argin fo r an y b ig b rea k ? T h e declines
are the only m anipulation seen in the w h eat m arket now , and
the only unnatural course it is forced into. T he true tendency
is stead ily upw ard by reason o f sca rcity. T he degree o f sca rcity
alone fixes the lim it of high prices in w heat. M illers and m er
chan ts daily yield to the inevitable, but speculators are fight
in g fo r their preju d ices and m iscon ceptions. T h ey rem em ber
that w h eat once sold fo r 50 cents a bushel, but forg et that that
period of ruinous prices is one of the reasons w h y it m ay n ow
reach as high as $1.50 a bushel.
W . P. A nderson & Co., C hicago, A u gu st 27: T he m arket
has been a ctive and ex ceedin gly nervous w ith violen t flu ctu a
tions, break in g sharply on h ea vy realizing, as w as natural a fter
our rapid and unusual advance, w ith equally as rapid reaction s
w hen shorts tried to cover. T he reports o f crop experts and
p rivate in vestigators have v ig orou sly p roclaim ed the seriou s
ness and broad exten t of this b la ck rust dam age, bu t it has
stim ulated little new bu yin g force.
M arked disappoin tm ent m the threshin g returns are now
com in g. Our in vestigator after 15 d a y s’ thorough inspection
in South D akota, N orth D akota, Southern M anitoba and W e s t
ern M innesota reports dam age fu lly 50 per cent, w ith late w heat
in bad shape; in W estern M innesota threshin g yields from 3
to 10 bushels per acre o f inferior qu ality and w eigh in g from
38 to 52 lbs. per bushel. M any fa rm ers had never seen bla ck
rust, fe w appreciate its effect and threshing returns are p ro b
able to be o f general d isappoin tm ent in yields.
E uropean m arkets still unresponsive to our strength. Our
L on d on letter sa y s:
“ T he latest new s ab ou t the H u ngarian
crop s is v ery ala rm ing; their d eficiency w ill be ab out 33,000,000
bushels and will not be w ith ou t its effect on the general w heat
m a rk et.”
T he w h eat position is an extraord inary one and p rices p ro m
ise to reach a level o f values that has n ot been equaled in r e
cent y e a rs; w ith exhausted reserves, sh ort crop w in ter w h eat
in Ohio and Indiana causing m ills already to look to m arket
centers fo r supplies, and on e -h a lf the spring w h eat d estroyed
in the R ed R iv er V alley— the flow er o f sprin g w h eat production
— com p etition fo r m illable w h eat prom ises to be keen. W e look
fo r an oth er advance.
Irw in, Green & Co., C hicago, A u g u st 30: Our w h eat m arket
fell ba ck last w eek ab out 10 cents fro m the top. T h e relative
w eak n ess w as m ostly on profit ta k in g b y parties w h o had
bou ght at low er prices than the top of A u gu st 20th, this bein g
follow ed b y selling w h ich did n ot yield a profit, and that again
b y selling on sh ort a ccoun t. T here w as lots of talk to the
effect that the new s o f rust dam age in our N orth w est and in
C anada had ex a ggera ted the fa cts ; but w e think the selling
w as not started by m en w h o b elieved so, rather b y those w ho
w ere afraid that others w ou ld believe it, and so they though t
it w ould be w ise to start first in the rush to sell. W h ic h
ever w a y it m ay ha ve been, there w a s an im m ense clearing
out o f the w ea k -k n eed holders, and an increasin g reason to fea r
that the w orst had not been told. Y esterd a y H . V. Jones tele
graph ed hither a m ore precise as w ell as a low er estim ate that
M innesota and the D ak otas w ill yield only 128,000,000 bushels,
m ak in g the total crop o f the U nited States b u t 504,000,000
w ithout ta k in g into the a ccou n t about 10,000,000 bushels of
“ m a ca ron i” w heat.
A n d the C anadian new s w as equally
gloom y.
W e c ite this first, becau se in the last h a lf dozen years Mr.
Jones has abundantly dem on strated his right to be regarded
as the leading a u th ority on statistics of w h ea t yield. B ut
there is plenty o f support to his view s this tim e. Of course
there are som e areas in our three principal spring w h eat states
that are y ieldin g fa irly well, but other experts substantially
fa v o r the claim that those states, on the w hole, are n ot p r o
d ucing m ore than ab out half as m uch flour m ak in g w h ea t as
they did last year. T h ey tell o f threshing returns w hich m ostly
show 5 to 8 bushels per acre, and all o f it p oor stuff, so badly
shrunken that it w eighs only 40 to 48 pounds to the m easured
bushel. Such w heat is bein g taken in a t the cou n try elevators,
and high p rices paid fo r it, but a great deal is so p oor that it
is refused at an y price. One house here w h ich has sent out
special investigators, an nou nces the follow in g con clu sion :
“I
believe it w ill take six bushels in w eigh t o f this y ea r’ s w h eat to
m ake a barrel of flour. In other w ords, the three states this
year will average one barrel per acre. A v era g e years the yield
is equal to three barrels per acre. This is an easy w a y to
figure the crop but one third o f an a v era g e.” A n d Mr. Jones
sustains our statem en t o f a w eek a g o that N orth w estern C an
ada m ay not raise m ore than half the 70,000,000 bushels counted
on fo r that region.
W e are aw a re that som e parties stoutly aver the figures ab ove
quoted grea tly m a g n ify the real loss on both sides o f the line.
B ut it is fa ir to rem a rk that those sam e parties w ere unw illing
to a d m it there w as any dam age b y rust till the fa ct w as forced
upon their attention. A lso, it is fa ir to rem em ber that this is
the first tim e in tw e n ty -s ix years of serious rust dam age in the
U nited States, and the first tim e since w h eat began to be
grow n on a com m ercia l scale in the northw estern portion of
Canada. H en ce, one need not w on der if its im porta nce now w as
not understood either by the a vera ge fa rm er or the a verage
trader, or even the average crop “ e x p ert.” It now look s as if
both countries will not have m uch m ore than 50,000,000 to spare
fo r export tow ards the 52^),000,000 w h ich B eerbohm has e s ti
m ated to be the total of im port requirem ents fo r the current
cereal year, and it is im possib le to figure out w here such an
enorm ous total can be obtained.
W e a sk our correspondents not to fo rg e t that the w orld is
short of w heat. W e m ay sa y “ fea rfu lly sh ort,” in view of the
fa ct that the E uropean rye crop also has suffered greatly dur
ing this m onth, and the p ota to crop is fa ilin g over im portant
areas. T his m ust m ean that before v e ry long $1,25 per bushel
w ill not be regarded as a high price fo r w h eat in the C hicago
m arket, and the qu otation is m ore likely to rise ab ove that
figure than it is to fall below the dollar m ark.
H. P oehler C om pany, M innapolis, A ugu st 31: The m arket
is now ruling m ore steady. T he volum e o f speculative trade
has fallen off sharply and there is a tendency tow ards m ore
conservatism . T raders are m ore calm and no longer fe a r that
they will lose good opportunities of either m aking a g ood profit
or preven tin g a b ig loss b y goin g it slow er. In other w ords,
the great excitem en t of som e tim e ago is no longer in evidence
and traders are try in g to reason instead o f ju m p in g a t c o n
clusions.
T he w eather during a fe w days will be a leading fa ctor, but
righ t at this tim e it w ill not only take bad w eather to cause
fu rther advance, but bad w eather will be needed to prevent d e
cline. F avorable w eather and increased receipts w ill cause
sharp decline. So m uch fo r the near future. N ow , as to the
distant future, the situation is unchanged and there are all
kinds o f prob abilities and p ossibilities in fa v o r o f m uch higher
p rices in the distant future, so if there is a good sharp decline
in the near future, it w ill be a good tim e to hold and bu y w heat
as an investm ent.
*
*
*
John H. W ren n & Co., C hicago, A ug. 31: W h ea t opened higher
and held fa irly firm up to the last hour on u n favorab le w eather
conditions, for ha rvestin g and m atu ring the balance o f the spring
w h eat y et un cut in N orth D akota and the B ritish northw est.
G eneral rains w ere reported from that section w ith m ore p re
d icted fo r tonight. Shorts covered and local bulls bou ght m o d
erately. O fferings w ere sm all until near the noor hour, w hen
early buyers turned sellers, p rices yieldin g as readily as they
advanced.
W h ile there is no change in the N orth w estern crop
advices, or general situation, the tone o f this m arket is n ot so
stron g and it acts som ew ha t tired. T he outside b u yin g p ow er
seem s to have been m aterially reduced. T he la ck of a large
short interest is also felt. W h eth er there is to be an im m ediate
redem ption of public interest in the m arket as existed ten days
ago can only be determ ined b y fu tu re events. H o w m uch the
spring w h eat m ovem ent w ill cost the price of w h eat w hen it
starts is hard to say. A fu rth er decline w ould certain ly m ake
the m arket healthier from a purchase point of view .
J. V. McHUGH
G. A. CHRISTENSEN
J. E. STAIR
A Reliable Firm to which
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
to Consign Your Grain
THE COMMERCIAL WEST.
62
G E N E R A L ST A T IST IC S.
Cereal E xports with D estinations.
T he exports o f w h eat and corn (in bu shels) and o f flour (in
barrels) from the U nited S tates and C anada (co a stw ise sh ip
m ents in clu d ed ), w ith ports o f d estin ation, fo r the w eek ending
A u g u st 18, 1904, fo llo w :
To
W heat.
Corn.
F lour,
L iverp ool .................................
206,545
12,950
L on d on .....................................
105,262
16.440
'93,200
B ristol ......................................
12,024
178
G lasgow ..................................
31,973
18,865
L eith ..........................................
357
H u ll ............................................
'68,933
N ew castle .................. .............
M an ch ester ............................
B elfa st .....................................
6,911
D ublin ......................................
16,028
17,089
9,785
O ther U nited K i n g d o m ....
1,073
U nited K ingdom , o r d e r s ...
A n tw erp ..................................
36,481
141,783
’ 9 ,9 4 3
H ollan d ...................................
113,816
2 7 ,0 9 9
F ra n ce ................ ................
G erm any ..................................
24,000
T07", 2 i 5
14,550
P ortugal, Italy and S p a in ..
S candinavia ..........................
2*5', 7 i 4
982
'll, i 85
A sia ..........................................
7 7 ,4 0 0
” '268
A fr ic a ........................................
12 ,2 37
9,124
2 7 .4 2 4
W est Indies ..........................
A u stralasia ............................
8,747
A ll others ..............................
20,447
T o ta l ........................................
502,228
516,956
266,844
In a d d ition to the above, 128,868 bushels o f oats and 20,038
bushels o f barley w ere exported, 89,767 bushels o f the form er
g oin g to the U nited K ingd om .
C e re a l E x p o rts b y P o rts .
(S p ecia l to B ra d stre e t’ s.)
F lour, bbls.
W heat, bush.
L ast
This
L ast
This
week. week.
w eek.
week.
F ro m —
56,117
N ew Y o rk . . .. 57,525 65,752
8.000
P h ila d elp h ia ...
6,751 34,403
40,040
, 8,981 36,705
7,736
69,915
14,673
49,618
N ew p ort N ew s. 1,925
N orfolk ............
98,794
P ortlan d, M e . .
63,566
4,000
Corn, bush.
This
L ast
w eek
w eek.
380,351
427,146
92,462
3,000
272
73,354
76,480
28,827
800
19,300
561
5,000
OO
OO
O
C'qtH
M obile ..............
San F ra n cisco . 22,223
P ortlan d, O re ..
T a co m a ............
, 5,000
M ontreal ........ . 29,964
5,622
22;400
55,000
31,665
T ota l ...........150,442 263,283
294,161
407,345
245,408
518,274
159,566
17,089
763,846
520,362
W h e a t a n d F lo u r E x p o rts .
(B ra d stre e t’ s.)
T he qu antity o f w h eat (in clu d in g flour as w h eat) exported
from U nited States and C anadian ports fo r the w eek ending
w ith T h u rsd ay is as follow s in bushels:
1900.
1902.
1901.
1903.
W e e k ending—
3,827,296
5,518,930
5,277,672
N ovem b er 19 ___
3,497,880
4,179,685
5,117,478
N ovem b er 26 ___
3,432,159
5,704,440
4,604,846
D ecem b er 3 ........ ........ 4,201,504
3,879,809
4,785,577
3,761,047
D ecem b er 10 . . . .
4,123,350
4,332,832
3,256,037
D ecem b er 17 ........ ........ 3,363,035
3,868,165
3,560,486
4,291,543
D ecem ber 24 . . . .
4,818,471
3,914,301
3,336,206
D ecem ber 31 ___ ........ 2,915,236
1902.
1904.
1901.
1903.
5,961,095
5,098,951
3,567,710
January 7
3,336,054
4,878,624
4,690,202
January 14 .......... ........ 2,771,215
3,639,679
4,838,678
3,538,757
January 21 ..........
4,420,065
3,702,368
3,776,000
January 28 ..........
4,997,813
........
2,604,226
3,965,916
4,800,457
F ebruary 4 . . . . . .
3,175,481
4,814,878
2,856,439
F ebru ary 11 ........
2,713,792
3,609,435
3,424,302
F ebruary 18 ........ ........ 1,657,510
2,656,879
3,234,540
5,233,313
F ebruary 25 ........ ........ 2,091,488
4,095,944
4,229,528
........ 1,643,086
3,491,486
M arch 3 .
........ 1,834,632
3,366,796
2,906,250
4,690,939
M arch 10
3,256,644
2,395,598
4,326,304
M arch 17
2,401.987
2,904,110
4,494,635
M arch 24
3,130,974
4,446,917
4,698,693
M arch 31
2,833,285
3,842,012
........ 1,854,370
6,405,401
A pril 7 . . .
2,977,777
4,118,108
5,306,217
A pril 14 .
........ 1,645,428
3,888,542
3,750,589
4,282,129
A pril 21 .
3,418,289
5,308,155
5,100,763
A pril 28 .
........ 1,192,718
4,178,872
3,201,680
3,302,240
M ay 5 . . .
........
734,736
4,097,596
5,172,634
M ay 12 ..
3,981,968
5,293,373
5,184,839
4,796,084
M ay 19 ..
4.677,678
3,900,645
4,138,970
........ 1,132,157
M ay 26 ..
4,708,995
4,600,055
6,644,644
June 2 . . .
........ 2,044,251
3,617,415
3,860,434
5,520,831
June 16 ..
........ 1,271,437
3.518,152
3,382,701
4,364,147
June 23 ..
2,966.682
........ 1,127,885
3,211,215
3,787,630
June 30 .
2,380,410
5,016,149
........
878,910
4,404,115
July 7 . . .
3,652,784
........ 1,412,498
3,775,222
5,221,880
Ju ly 14 ..
........ 1,281,301
2,781,088
3,980,969
July 21 ..
6.974,926
4,388,534
6,463,391
Ju ly 28 ..
........ 1,613,265
3,191,442
A u g u st 4
........ 1,379,198
3,040,629
4,244,363
8,831,199
3,413,191
A u gu st 11
........ 1,281,399
4,591,805
9,039,761
A u gu st 18.............. ........ 1,703,047
3,372,789
5,954,759
6,606,989
5,436,530
........ 1,084,333
3,245,056
6,607,611
A u g u st 25
C o rn E x p o rts , in B u s h e ls .
(B ra d stre e t’ s.)
W e e k ending—
1903.
1902.
N ovem b er 19 . . . . ........ 1.391.625
243.381
N ov em b er 26 . . . . ........ 1,520,941
255,174
1901.
445.351
630,968
C. A. CHRISTENSEN, P R ES ID EN T
1900.
5.235.568
4,801,000
D ocem b er
D ecem b er
D ecem b er
D ecem b er
D ecem b er
3
10
17
24
31
........
....
....
....
....
January 7 ............
January 14 ..........
January 21 ..........
January 28 ..........
F ebru ary 4 ..........
F ebruary 11 ........
F ebru ary 18 ........
F ebru ary 25 ........
M arch 3 ........ ..
M arch 10 ..............
M arch 17 ..............
M arch 24 ..............
M arch 31 ..............
A p ril 7 ..................
A p ril 14 ................
A p ril 21 ................
A p ril 28 ................
M ay 5 ....................
M ay 12 ....................
M ay 19 ..................
M ay 26 ..................
June 2 ....................
June 16 ..................
June 23 ..................
June 30 ................
July 7 ....................
July 14 ..................
July 21 ..................
July 28 ..................
A u g u st 4 ..............
A u gu st 11 ............
A u gu st 18 .............
A u g u st 25 ............
Saturday, September 3, 1904.
........ 1,098,951
........
659,025
........
637,857
........
816,054
........
925,085
1,151,563
1,301,286
1,526,141
1,502,551
2,537,542
362,844
278,307
330,941
424,336
270,236
5,371,377
4,853,458
5,465,578
4,011,105
4,470,521
1904.
........ 1,249,599
........
977,769
........ 1,150,202
........ 1,469,396
1903.
2,856,981
2,394,612
2,376,683
2,045,000
2,400,316
1,830,170
3,739,457
2,368,939
3,817,609
3,257,999
3,072,068
3,618,210
2,852,068
2,654,732
1,677,621
1,499,906
2,210,155
1,631,709
1,431,257
1,814,186
1,179,739
1,013,871
1,089,353
1,282,724
1,420,172
1,525,084
1,402,404
1,501,338
928,839
884,428
707,387
509,495
866,320
1902.
136,873
298,093
179,520
427,018
169,145
527,366
257,830
312,664
352,406
183,414
339,891
139,205
330,531
158,565
400,733
376,186
128,679
126,755
82,795
90,969
71,478
86,254
110,979
130,102
127,969
185,031
130,679
79,611
28,405
70,611
93,423
51,649
115,150
1901.
4,897,343
5,184,550
3,972,152
2,487,707
4,171,440
4,760,422
3,267,668
4,185,440
3,956,137
3,246,575
2,605,084
3,582,943
2,990,541
2,623,884
2,136,401
1,344,656
2,371,892
1,583,831
2,704,594
2,204,902
2,037,343
2,455,102
2,435,487
2,455.460
2,240,933
2,800,738
1,714,081
1.155.276
563,604
990,714
508,804
523,883
441,918
........
........
........
........
........
589,362
1,291,846
1,486,732
1,690,753
2.026,810
........ 1,527,676
........ 1,438,212
........ 1,028,907
........
583,339
........
626,792
........
190,193
........
523,451
........
118,337
........
........
........
298,998
387,062
536.087
........
........
........
........
........
........
........
574,929
706,647
415,844
273,365
695,202
520,362
763,846
Milwaukee Grain Markets.
(S p ecia l C orresp on den ce to T he C om m ercia l W e s t.)
Milwaukee, Aug. 31.— There has been a strong feeling in
the cash wheat market this week and good spring sold as fast
as it was marketed to millers, who showed more eagerness
to fill their elevators than for some time past. Winter wheat
was rather dull until the options began to turn upward again,
and then some improvement was noticeable. No. 1 northern
sold at $i.to to $1.17, No. 2 northern at $1.07 to $1.12, No. 3
spring at 03c to $1.10, and No. 2 winter at $1.03 to $1.05.
Rye was firm and in good demand at 74 to 75c for No. 1,
72 to 74c for No. 2, and 69 to 73c for No. 3. The movement
is heavier, but there is a good demand for all classes of buy
ers, as the quality is excellent.
Barley is more active and choice is firm, but the low grades
dull at a decline of ic. No. 2 is quoted nominally at 58c,
standard at 55 to 57c, extra 3 at 50 to 56c, and No. 3 at 44 to
51c. There is a larger movement toward this market.
Oats are weaker and prices show a decline of ic under
larger receipts, but the demand is active from all sources
and there is not much being unsold from day to day. No. 2
white sold at 33*4 to 34%c, No. 3 at 30 to 3214c, standard at
3254 to 34c, and No. 3 white at 3144 to 33^4c.
Corn is very dull and buyers are not inclined to make pur
chases of any account at present prices. No. 3 sold at 53 to
56c, No. 3 yellow at 55 to 56>4 c and No. 4 at 52 to 55c.
Flour is flat, but prices keep up firmly in view of the
strength which wheat shows, and after a decline to the basis
of $6.05 for spring patents in wood, prices closed strong at
$6.15 to $6.20. Rye flour was wanted and sold at $3.90 to $4.00
for choice in wood.
Millstuffs have not lost any of their strength, as the supply
has been meager and buyers have been anxious to obtain sup
plies for prompt shipment. Bran ranged at $17.50 to $18.00,
fine middlings at $20.50 to $21.25, and flour middlings at
$22.00 to $22.50.
M ilm m e, B odm an & Co., C hicago, A u g u st 30: A c tiv e flu ctu a
tions continue to m ark the. course o f the w h eat m arket. It
opened stron g this m orning, but w as m et w ith good selling from
the crow d w h o bou ght it dow n last w eek from $1.10 to $1.07.
A b ov e $1.11% th ey seem ed to have p len ty to offer, and it did
not take lon g to g et values below that lim it. T he new s c o n
tinues strong, but the crow d are inclined to be “ b ea rish ” and
acted as though they w ere a trifle tired o f a con tin u ed advance.
M eantim e threshin g returns do n ot clear the situation. T he
report is of v ery light yield, both in m easure and w eight, and
w here the w h eat is still green it does not look like an y crop a t
all. T he foreca st is fo r a con tin u a n ce of w et w eath er over the
N orth w est fo r the n ex t tw e n ty -fo u r hours.
T here w ere tw o or three sudden spurts from the low point,
but late in the day the floor sen tim ent w as divided. The
“ b ea rs” declined to a ccep t extrem e d am age reports and say it
is som eth in g of a task to shrink a crop 75,000,000 bushels,, and
that a declin e is likely to brin g out m ore fa vora b le crop new s.
T his sen tim ent seem ed to be in the lead, as w e closed hea v y at
$1.10% @1.10% . T he w eek ly govern m en t report says fa vorab le
w eath er has helped h a rv estin g in M innesota and D akota, but
that m uch o f the w h eat is still unripe and that rust is at w ork
on late planted. It look s n ow like low er values fo r tom orrow .
Our su ggestion is to w atch things ca refu lly and bu y it after a
severe break, fo r w ith p resent con d ition s w h eat is w orth about
all it is selling for.
J. E. S T A I R , SECRET ARY
J. V. McHUGH, TR EA SUR ER
MINNESOTA AND WESTERN GRAIN GO.
31 C h a mb e r
of
Commerce, M IN N E A P O L IS , M IN 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
THE
Saturday, September 3, 1904.
W i lli a m C om m on»
Frank W . C om m ons
COMMERCIAL
W E ST
63
H ow ard W . C om m ons
COMMONS & COMPANY Tie Tan Bnsen-Hamnaton Co.
Grain Commission rierchants
Minneapolis
and
Duluth.
Receivers and Shippers of Wheat,
Coarse Grains and Flaxseed. Or
ders for Future Delivery Executed
in all Markets. : : : : : : :
GRAIN
CHICAGO CORRESPONDENTS:
ARMOUR
GRAIN
J. L. McCAULL, President
R. A. DINSMORE, Vice-Pres.
Commission Merchants
LIVE STOCK
Minneapolis and Duluth
South
Saint
Paul
COMPANY.
S. J. McCAULL, Secretary
A. M. DINSMORE, Treasurer
W. P . A N D E R S O N & CO.
COMMISSION MERCHANTS
G R A IN A N D P R O V IS IO N S
The McCaull-Dinsmore Co.
Consignments Solicited
Ground Floor 4 Sherman St.
C H A S . W. G I L L E T T
GRAIN COMMISSION
C O M M IS S I O N
MERCHANTS
MINNEAPOLIS
OF
COMMERCE
-
MINNESOTA
THE ST. ANTHONY ELEVATOR CO.
Capacity,
ON
A P P LIC A TIO N
Mem bers :
BARNUM GRAIN COMPANY
M
i n n e a p o l i s
D ill n t l a
GRAIN AND COMMISSION
MERCHANTS
MINNEAPOLIS, MINN.
(
Chas. J. Martin, Seo’y and Treas.
W. G. Ainsworth, Gen’l Manager
THOMAS E. W E LL S
LETTER
a n d
GRAIN MERCHANTS AND WAREHOUSEMEN
Wm. H. Dunwoody, Pres.
John Washburn, Vice-Pres.
CO.
Chicago Board of Trade
St. Louis Merchants Exchange
New York Produce Exchange
Milwaukee Chamber of Commerce
Baltimore Chamber ofCommerce
3, 350,000 B u sh e ls
71 Chamber of Commerce
&
M ERCHANTS
STOCKS, BONDS, GRAIN, COTTON, COFFEE
1 4 0 - 1 4 2 Nat’ I Life Bldg., 159 La Salle St., Ground Floor, CHICAGO
MARKET
915-16-17 CHAM BER
CHICAGO, ILL.
L. BARTLETT « SON
COMPANY
BENJAMIN S. WILSON
T. E. W E L L S & C O M P A N Y
Commission Merchants
COMMISSION MERCHANTS
GRAIN, PROVISIONS, STOCKS AND BONDS
Telephone Harrison 1256
1 0 1 1 -1 0 1 7 Royal Insurance Building,
C H IC AG O
J. F . Whallon
Chas. M . Case
Geo. P . Case
Ge». C . Bagley
WHALLON, CASE & GO.
STOCKS, BONDS’ GRAIN and PROVISIONS
58 Chamber of Commerce,
Up town Office, 315 1st Ave. So
Branches: Minneapolis, St. Louis,
Kansas City, Chicago.
Hulburd, Warren & C o.
(IN CORPO RATED )
COMMISSION M ERCHANTS
GRAIN AND PROVISIONS
Business
solicited
in any Department
Receiving, Shipping, Futures
Off icer s and D irectors : W. S. Warren, Pres.; O. T. Hulburd,
Yice-Pres. ; Charles II. Hulburd, Treas.; C. J. Northup, Sec’y ;
¿no. G illies, Asst. Treas.
MINNEAPOLIS
M EM BER S:
23 Chamber of Commerce
MILWAUKEE
New York Stock Exchange, Chisago Board of Trade, Minneapolis
Chamber of Commerce.
J. R. MARFIELD, P r e s .
W m . GRIFFITHS, V i c e P r e s
C. D. TEARSE, S e c . 4 T r e a s .
47 BOARD OF TRADE,
C H IC A G O
A . R. T. D E N T
A . C. M O R G A N
D ent-M organ C o m p an y
Marfield-Griffiths Co.
G R A IN
NEW
C O M M IS S IO N
CHAMBER
OF C O M M E R C E
BROKERS IN
GRAIN, PROVISIONS, STOCKS
M I N N E A P O L I S ,
Members
OFFICES :
Minneapolis
M I N N E S O T A
Chamber of Commerce
C H IC A G O , M IL W A U K E E , D U L U T H
Digitized
M Ifor
N FRASER
N EA PO LIS,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Private Wires
-
M IN N E S O TA
Country Orders a Specialty
64
THE COMMERCIAL WEST.
Saturday, September 3, 1904.
L O N D O N W H E A T R E V IE W .
I h e w heat situation is reviewed as follows by F. L e n
ders & Co., L ondon, A ug. 18:
E uropean traders have been g a z in g during the whole
w eek w ith amazem ent at the marvelous ju g g lin g feats
performed by the N e w Y o r k and Ch icag o pit operators,
and it is little to be wondered at that business has been
checked to a great extent by the excitin g news from
America.
W h ite wheats have been able to command about 9d.
to is. advance, at which several cargoes off coast, afloat
and for shipment, have been sold, but for red w heats there
seems v e r y little demand, and although holders in Russia
have not raised their prices in accordance with A m erican
advices, business w as v e ry restricted.
It is n o te w o r th y that no special name or clique is
mentioned in connection with these rapid advances in
A m erica, which leads one to believe that the rise is not
caused by artificial fo rcin g of prices, but is due to real
facts, and one must therefore think that the results of the
winter w heat crops are v e ry poor indeed, and that the
outlook for the spring w heat must be v e ry alarming. C o n
sidering that the crops of the remaining export countries,
especially Russia, are not anythin g like those of last year
and thereby unable to make up for an A m erican deficiency,
it is not unlikely that should the damage to the A m erican
crops ultimately prove correct, we shall have to fo llo w the
higher range of prices indicated by A m erica, anyhow, un
til the new A rgentine, Australian and Indian crops are
secured.
L ates t reports from Russia tend to show that in most
districts the results are turning out better than expected,
which accounts for the fact that Russia has been offer
ing v e ry reasonably during the w ee k in spite of the daily
rise in America. A s already mentioned, however, the de
mand for red sorts w as v e ry quiet. A rriv a ls from the in
terior of Russia are beginning to increase, and w e should
not be surprised to see Russians lo w erin g their prices
soon, so as to enable them to get rid of the stocks accumu
lating at the seaboards.
T h e A rge n tin e has been large ly influenced b y A m e r
ica, and offers from that country are v e ry scarce and at
prices which are far above b u y e rs ’ ideas here, nor do we
expect to see A rg e n tin e give w a y so easily, because al
though there is an appreciable quantity still available for
export, same is held in stro n g hands w h o are not in a
hurry to sell, and will try to make the best of these e x
cited times. Llowever, these holders will be grea tly in
fluenced by the progress of the new crop about which so
far v e ry good reports are to hand, and it m ay be as well
to re member that a go o d A rge n tin e crop should to a great
extent counterbalance bad crop results in A m erica, as any
deficiency in the w o r ld ’s supply should not be felt be
fore the beginning of next year, at w hich time the A r g e n
tine new crop would already be available for export.
India continues to ship freely and we expect that they
will continue to do so, especially as go o d prices are o b
tainable at tbe present moment. T h e se qualities are g e t
ting n ow more liked and are used in greater quantities
than they have ever been before, which is no w on der see
ing the scarcity of other w heats and the relative cheap
ness of the Indian produce.
There seems a fair quantity left in Australia, but
through the recent A m erican advance owners have con
siderably raised their prices. But even at the advance a
good m any cargoes changed hands, as these w heats are a
favorite speculative medium, and gen erally are the easiest
to resell. Several cargoes arrived off coast have had no
difficulty in finding buyers at go od prices.
I h e only w ea kenin g feature during this w ee k came in
the shape of numerous offers from Russia, whilst e v e ry
thing else points to a still higher range of values. E ven
the crops in W e s te r n Europe, especially in France, are
an y th in g but satisfactory, and although the quality is
above the average, the yield is reported to fall short.
T h e situation no doubt looks v e r y strong, indeed, at the
same time if the A m erican advices about the damage to
the crop should have been e xaggerated , or already dis
counted, w e m a y experience a sharp reaction, and for the
persent w e can there fore only advise to operate v e ry care
fully until one can ga ug e the position more clearly.
BEM IS BRO.
BAG CO.
~T-ä AOE M A R K R EGI ST ER ED
ADVANCE THRESHER CO.
FACTORY AT BATTLE CREEK, MICH.
Where they
make everything that a Thresherman
needs to thresh with.
NORTHWESTERN BRANCH OFFICE:
Corner Third St. and Seventh Ave. So.,
MINNEAPOLIS, MINN.
Where we sell a large portion of their product.
send for catalogue, giving full description, mailed free.
If interested,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
612-14-16 Fourth St. So.
Minneapolis,
Minnesota
Saturday, September 3, igo4.
THE
COMMERCIAL
W E ST
65
F O R E ST P L A N T IN G O N W E ST E R N PLAIN S.
How It Would Improve Agricultural Conditions, Increase Crop Yields, and Contribute to the Comfort of Farmers.
T h e great need of the w estern farmer is more m oist
ure. H a p pily in that agricu ltural section the rainfall is so
distributed that most of the annual precipitation is dur
ing the season w hen m ost needed, the time of m atu ring
the g r o w i n g crops. W h a t the great w est does in the w a y
of cereal and other production is well known. W h a t is
m ight do under m ore favorable moisture conditions it
is difficult to imagine. But the farmers have in their own
hands the possibilities of v a s t ly im proving conditions.
T h e y m a y not be able to increase the amount of rainfall,
but they can protect and conserve it far better, and make
it much m ore useful, than at present. T h e y can do this
by shielding it from its enemies, wind and sunlight.
T h e bureau of fo re str y has been w o r k in g on this p ro b
lem in an entirely practical w ay. Its agents have been
and still are scattered through the w estern states, studying
the existing tree gr o w th and the conditions of topography,
soil and climate. A ll this is for the purpose of determ in
ing if trees can be gen erally grown, w here they can be
best grow n , w hat are the most suitable species of trees,
h o w most successfully to plant and cultivate them, and
w hat results m a y be expected. T h e conclusions drawn
from studies in w estern Kansas, a small part of northern
O klahom a, a considerable strip of eastern Colorado, and a
portion of southw estern Nebraska, have been embodied
m a bulletin entitled, “ F o re s t Plan tin g in W e s te r n K a n
sas,” which will shortly be issued and can be had upon
application to the Fore ster, U. S. Departm ent of A g r i
culture.
In w estern K a n sa s the to p o g ra p h y is such that little
or no aid can be secured from irrigation. T h e reliance of
the people must be in co n serving their w ater supply by
fighting off as effectually as possible the w aste incident to
evaporation. T h e seriousness of this w aste is apparent in
the fact that the annual evaporation from a w ater surface
is about 54 inches. T h is v e ry high rate is due to the e x
cessively dry atm osphere and the burning winds that pre
vail throughout the summer and, unimpeded b y obstacles,
sweep with a ccelerating v e lo city over a vast treeless area.
T h e interposition of trees will effect a radical change for
the be tter in the rate of evaporation. If eve ry farmer
will plant a windbreak or shelterbelt, v e r y much of the
force of the wind will be conquered, and the evaporation
rate will be m aterially cut down. E v e r y farmer w ho thus
plants will insure local protection for his crops, and will
thus improve the yield of his fields. T h e more ge neral this
planting the more far reaching and important will be the
change effected.
A dded to the agricultural gain, these shelterbelts will
furnish an inestimable advantage in providing woodlots,
from which m a y be secured fuel necessary for domestic
and steam po w e r purposes, fence posts, and general farm
repair material. It is wasteful for the prairie farmers to
be buying coal when they can, at little expense and while
im p roving the general farm conditions, g r o w the fuel they
m ay require. A n d while the price of lumber is constantly
soaring higher, it is a wise thing for these farmers, at
small cost, to raise their own lumber, especially when by
means of these shelterbelt-woodlots they are effecting at
the same time an immense improvement of their farm
lands.
T h e bulletin w hich the Bureau will shortly issue d is
cusses the existing conditions, the need and advantages of
tree planting, the kinds of trees best suited to the locality,
and w h y certain kinds should be chosen for certain eleva
tions and moisture conditions. It gives estimates of how
different kinds will thrive, furnishes planting plans for
w oodlots, shelterbelts, and windbreaks, and describes how
planting, cultivation, pruning, and thinning can best be
done. It is a practical handbook, and should be in the
possession of every farmer in the region covered by its
conclusions and advice. T h e time m a y never come when
w estern K ansas will have the proper proportion of fore st
to agricultural lands, but the time is n ow at hand when
the farmers of that section, b y availing, of the scientific
advice of the Bureau of F o restry , can begin g r ea tly to
improve the value of their lands, to increase the annual
output of their farms, and to provide for themselves co m
forts of shade protection which they do not n ow enjoy.
R A IL W A Y CROP REPORTS.
While the crop reports issued by the
railroads are read with much interest
in the financial district, few people know
how the information is obtained, and
as a consequence the question is often
heard, A re such reports reliable? The
difference between James J. Hill’s esti
mate of the wheat crop and that issued
by the government represents consid
erable over 50,000,000 bushels.
The
agricultural department of the govern
ment employs field men to collect in
formation regarding crops, and the ob
ject of the bulletins issued at W ash
ington is identically the same as that
attempted by the railroads, namely, to
keep farmers, merchants, and manufac
turers posted as to general conditions.
In discussing the make-up of one wide
ly read railroad crop report this week,
the secretary of the company said :
“ Farmers as a class congergate at
railroad stations, and at this time of
year our 1,200 agents scattered over
WHILE OTHERS TALK
W e ’ re g e ttin g ou t the w o rk that
y ou Intrusted to us. I t d o e s n ’ t take
us h a lf the season to get y o u r rolls
o u t—and the best o f It Is th at w hen
y ou get th e m y o u ’ve g o t a jo b th a t’s
g u a ra n teed b y the best p eople in the
N orth w est. I t ’s a n ice h a n d y tim e
n ow to d o it. T h in g s are a little
sla ck e r than they w ill soon b e - s o r t
o f betw een -season s. W e can give
y o u p e rfe ct sa tisfa ction now b o th as
to speed and a p erfect jo b . L e t ’s give
y o u a g reater p e rce n ta g e o f m id d
lings o n y o u r breaks. L e t’s c o r r u
g ate y o u r feed rolls so that t h e y ’ll
stay sharp lon g er than th ey ever did.
STRONG & NORTHWAY MFG. CO.
M IN N E A P O L IS
-
M IN N E S O T A
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
eight states overheard such daily re
marks as “a little rain would do corn a
sight of good,” or “ Our wheat is about
ready to thresh.” T o send a detailed
weekly crop letter to the division super
intendent is as much a part of the
agent’s work as selling tickets or report
ing cash, and what he does not learn
from station talk he makes it his busi
ness to find out.
“ A very small territory is covered by
the station agent, but each division su
perintendent is held responsible for a
hundred miles or more.
Condensed
weekly results received at the president’s
office on a printed form report the out
look for wheat, corn, barley, oats, rye,
and flax. These reports are kept so that
one year can be compared with another,
and while the published estimate in
bushels must necessarily be a guess, the
conditions reported may be accepted as
being absolutely reliable.”— New Y o r k
Evening Post.
Crop Conditions in Ontario.
The August report issued by the
Canadian Department of Agriculture
shows an immense falling off in the es
timated yield of fall wheat in Ontario.
The yield is estimated at 9,827,750 bush
els, compared with 17,243,763 bushels
last year. This is the smallest yield of
any year on record, and chances are the
final figures will be even more disap
pointing than the above indicates. The
Hession fly is assigned as the chief
cause of the reduced yield and the se
vere winter is given as a secondary
cause. A decrease of over 5,000,000
bushels is given in oats and 871,000
bushels in rye. Altogether the year has
been one of the most disastrous for the
farmer in the history of Ontario.
THE COMMERCIAL WEST.
66
Saturday, September 3 , 1904 .
Ceresota F lo u r
■ ...— ; 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.
Every Sack W arranted
Money back if you are not satisfied
—
— ------ M
a n u fa c tu r e d
b y
■— .......................... .....
•
The Northwestern Consolidated Milling Co.
Minneapolis, Minnesota.
Frederick B. W ells
Charles F . Deaver
George W . Peavey
Frank T . Heffelfinger
The Peavey
System of Grain Elevators
DULUTH
MILWAUKEE
C H IC A G O
E. A. B R O W N & C O .
Wholesale Coal, Grain-Commission Merchants
9 2 3 Chamber of Commerce,
M IN N EAPO LIS, M IN N .
Liberal Advances made on Consignments
A
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.
.*.
HEADQUARTERS
MINNEAPOLIS
Branch Offices*
Chicago
Duluth
Kansas City
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
l l p
JffP
J|P
Omaha
y
UPDIKE
C O M M I S S I O N
1 2 0 R ia lto B u ild i n g , C H IC A G O
CONSIGNMENTS GIVENSPECIALATTENTION. CORRESPONDENCE SOLICITED.
C O .
- '/ f i
3
THE
Saturday, September 3, 1904.
COMMERCIAL
B A R TLE TT, FRAZIER
a n d
CARRINGTON
A R M O U R G R A I N CO.
G R A IN D E A L E R S
205 La Salle Street
S T O C K S and B O N D S
G R A I N and P R O V I S I O N S
CHICAGO
No. 7 New Street, NEW YORK.
Western Union Building, CHICAGO.
M ILWAUKEE
MINNEAPOLIS
M e m b e r s : Chicago Board of Trade, New Y orkStock Exchange, New York
Milwaukee Elevator Co.
G R A IN
Produce Exchange, N ew Y ork Coffee Exchange, Chicago Stock Exchange,
Liverpool Corn Trade Association, New York Cotton Exchange, Mil
waukee Chamber of Commerce.
DEALERS
Specialty, Barley
p r iv a t e
MILWAUKEE, WIS.
, w ir e s to
a l l
p o in t s
CARGILL COMMISSION CO.
C. E . Th ayer
S e c. & T reas.
G eo. M G illette
V ice -P re s
L . S . G illette
President
67
W E ST
D U L U T H AND M IN N E A P O L IS
Electric Steel Elevator Grain and Commission Merchants
Com pany
C a p a c i t y
2 ,1 2 0 0 ^ 0 0 0
M IL M IN E , B O D M A N 6 C O .
B a s h e l s
GRAIN, PROVISIONS, STOCKS, BONDS, COTTON
G R A IN D EA LER S A N D
Invites Correspondence Regarding Unlisted Securities
WAREHOUSEMEN
WHEAT, FLAX AND BARLEY
CHICAOO, 5 and 7 Board of Trade
NEW YORK, 401 Produce Exchange
OFFICE 75 CHAM BER
OF COMMERCE
M IN N E A P O L I S
J. C. VERHOEFF, Manager
MINNEAPOLIS OFFICE:
|>/\/\/
E S T A B LISH ED
1854
IRWIN, GREEN
& CO.
GRAIN PROVISIONS STOCKS BONDS
Kneeland, Clement & Curtis
Market Letters Mailed on Application
128-131 Rialto Building
C H IC AG O
eJ
L
S T O C K S , B O N D S, GRAIN,
P R O V IS IO N S , C O TTO N & COFFEE
E. S. WOODWORTH & CO.
S H IP P IN G
c
o
m
m
i
s
s
219 LA SALLE STREET, CHICAGO
A N D
i
o
ROOKERY BUILDING
MEMBERS: New York Stock Exchange : New York Coffee Exchange ; Chicago
Stock Exchange; Chicago Board of Trade.
:.
n
JOHN F. L. CURTIS
EDWARD A. YOUNG
L. D. KNEELAND
ALLAN M. CLEMENT
P R IV A T E W IR E S
Minneapolis, Duluth, Milwaukee and Chicago.
ORDERS FOR FUTURES EXECUTED IN ALL MARKETS.
E. S. W o o d w o r t h ,
President.
S p e c ial
W . S. W o o d w o r t h ,
Sec. and Treas.
G . P. H a r d in g ,
Vice-Pres.
on C h ic a g o G rain
IVlarkets F R E E
and
Produce
E.. W. W A G N E R
D. L . R a y m o n d , Secy.
H. F . D o u g l a s , Treas. and Gen. Man.
C l in t o n M o r r i s o n . Pres.
L. C. M i t c h e l l , V Pres.
L etter
Your Business has my Personal Attention
Great W este rn
Elevator C o m p a n y
M IN N E A P O L IS ,
.
•
•
Board of Trade Building,
SEEDS
M IN N E S O T A
R U M SEY & C O M P A N Y
C O M M IS S IO N
M ERCHANTS
w .
Commission
-
-
FROM THE WORLD'S
GOLDEN GRAIN BELT
M IN N E A P O L IS , M IN N E S O T A
C H IC A G O
À . G A R H N B R
S u o o e s s o r s
Merchants.
317 C H A M B E R
JCoasaeci
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
CHICAGO
NORTHRUP. KING & COMPANY
Long Distance Telephone Harrison 675
-
-
Grass Seed, C lov er Seed, Seed W h ea t,
Seed Oats, Seed B arley , Seed R y e,
E tc , V e g e ta b le Seeds, F lo w e r Seeds.
C atalog u e free.
Offices in Minneapolis, Milwaukee, Peoria
97 Board of Trade,
-
Wires
t o
C o b b
Grain,
OF
to
<Ss
OO.
G a r d n e r
Provisions,
Cotton
and
C O M M E R C E , ST. L O U IS
all
Principal
T
V
ta r k e t s
Stocks.
68
THE COMMERCIAL WEST.
W. S. McLaughlin, Pres.
A. B. Ellis, Sec’y
AMERICAN
GRAIN
CO.
GRAIN COMMISSION
M IN N EAPO LIS
McLAUGHLIN
&
-
-
M IN N .
ELLIS,
Winnipeg
John H. Wrenn & Company
THE ROOKERY, 22S La Salle St.
C H IC A G O
STOCKS, BONDS, GRAIN, PROVISIONS
COFFEE AND COTTON
Private Wires to New York and Minneapolis
FO R RESULTS
USE TH E
“ W A N T E D ”
and “ F O R S A L E ”
THE
COLUMN OF
COM M ERCIAL
Saturday, September 3, 1904.
B. H. WOODWORTH,
President.
E. S. WOODWORTH,
Vico-Pres.
R. P. WOODWORTH
Sec. and Treas.
W oodw orth E levator
Company
MINNEAPOLIS
-
MINNESOTA
WRIGHT-BOGERT & CO.
G R A IN — P R O V IS IO N S
106-107-108-119 Rialto
Building, C H IC A G O
M A N IT O B A
WH EAT
W e invite enquiries from Exporters, Millers
and Investors, when in the market, for
Manitoba Grain.
Orders executed for
spot or future delivery.
::
;;
;;
Thompson, Sons
&
Co.
Grain Commission M erchants
WEST
Gregory, Jennison Company
MINNEAPOLIS
G R A IN E L E V A T O R S
Storage Capacity: Terminal 1,300,000 Bu. Country 500,000 Bu.
Shippers of Oats and Rye
»
Write for Quotations
W IN N IP E G ,
-
CANADA
E. L. WELCH
C. A. MALMQUIST
E. L. WELCH & CO .
GRAIN COMMISSION
1011 Chamber of Commerce
MINNEAPOLIS, MINN.
Pillsbury’s Bes1 Flour
Made in the largest mills in the world, with
3 0 ,0 0 0 Barrels Daily Capacity.
W e have had so much experience making
flour for all nations that we know how to make
the quality desired.
Our large and growing trade indicates that
P I L L S B U R Y ’S B E S T IS P O P U L A R
W e solicit correspondence with flour buyers
in all parts of die world. Our facilities insure
prompt attention to orders.
P IL L S B U R Y = W A S H B U R N F L O U R M IL L S CO., Ltd.
M IN N E A P O L IS , M IN N E S O T A , U. S . A .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
TH E
Saturday, September 3, 1904.
COMMERCIAL
W E ST
E. LEWIS £ CO.
412-415 Chamber of Commerce
MINNEAPOLIS
PRIVATE
WIRES
TO
New York, Chicago, St. Louis, Duluth, Winnipeg and Intermediate Points
CHICAG O
AND
H A R R I S , G A T E S & CO.
NEW
YORK
CORRESPONDENTS!
B ARTLETT, FRAZIER & C A R R IN G T O N
WE BUY A ND SELL
Stocks, Bonds, Grain and Provisions
FOR C A S H OR F U T U R E D E L I V E R Y
CONSIGNMENTS OF GRAIN SOLICITED
m e m b e r s
:
N E W Y O liK P R O D U C E E X C H A N G E
ST. E O C IS M E R C H A N T - 1 X C H A N G E
M IN N E A P O L IS C H A M B E R O F C O M M E N C K
M IL W A U K E E C H A M B E R OF COM M ERCE
C H IC A G O B O A R D O F T R A D E
DULUTH BO AR D OF TR A D E
W IN N IP E G G R A IN A N D P R O D U C E E X C H A N G E
BRANCH
OFFICES
AT
Fergus Falls, Comstock, Duluth, St. Cloud, Fargo, Grand Forks
and Winnipeg
M A R K E T L E T T E R M A IL E D ON A P P L IC A T IO N
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
69
THE COMMERCIAL WEST.
70
Saturday, September 3, 1904.
OLD SLEEPY EYE
W as the “Grand O ld M an” of his race
and time.
His counsels were wise, his in
fluence was for peace,
honest and
his
his lead ersh ip
speech
was
p ro gressive
Sleepy E ye Flour leads in the trade as the
O ld Chief did m the Indian councils.
It
sets high standards and maintains them and
has gained the confidence of the people
everywhere.
.'.
SLEEPY EYE MILLING CO.
SLEEPY EYE, MINNESOTA
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE
Saturday, September 3, 1904.
C O M M E R C IA L W EST.
Calum et & W estern
Elevator Company
Jl
Empire Elevator
Company
Room 53 Chamber of Commerce
G rain Com m ission
MINNEAPOLIS - MINN.
MINNEAPOLIS
Elevator “ C”
Capacity 1,200,000 Bushels
CHICAGO
NEW YORK
ST. LOUIS
C o u n tr y E le v a t o r s on C h ic a g o , M ilw a u k e e a n d S t.
P a u l R a ilw a y s
W IL L IA M
COMMONS
FRANK W . C O M M O N S
HOW ARD W. C O M M O N S
ONS & COMPANY
GRAIN COMMISSION MERCHANTS
M IN N E A P O L IS
AND
DULUTH
Receivers and Shippers of Wheat, Coarse
Grains and Flaxseed.
O R D E R S FO R F U T U R E D E L I V E R Y
EXECUTED
IN A L L
Chicago Correspondents:
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
MARKETS
Armour Grain Company.
THE
72
J. F. WHALLON
COMMERCIAL
GEO. P. CASE
W E ST
Saturday, September 3, 1904.
GEO. C. BAGLEY
CHAS. M. CASE
W H ALLO N , C A SE & CO.
Receivers of Grain Consignments at Minneapolis and Duluth
Stocks, Bonds, Grain & Provisions
58 Chamber of Commerce
M IN N E A P O L IS
U P T O W N O FFIC E,:
315 First A v e n u e S ou th , opposite M etropolitan Opera H ou se
Private Wires to all Principal Markets
M EM BERS:
N ew Y o rk Stock E x ch a n g e, Chicago Board o f T rade, M inneapolis C h am ber
o f C o m m erce
8 1 2 - 1 3 Chamber of Commerce
602 Board of Trade
MINNEAPOLIS
CHICAGO
DULUTH
MILWAUKEE
C. C. W Y M A N & C O .
M cC a rth y B ros. Co.
GRAIN
GRAI N
Commission M erchants
Commission
M erchants
Cham ber of Com m erce
MINNEAPOLIS AND DULUTH
CHICAGO AND HILW AUKEE
Liberal Advances flade on Consignments
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Minneapolis
Saturday, September 3, 1904.
TH E
COMMERCIAL
W E ST
W A TSO N & CO.
BROKERS
Cham ber of Commerce, M IN N E A P O L IS
24 Broad Street, N E W YORK
Stocks and Bonds,
Grain and Provisions,
Cotton and Coffee.
P rivate W ir e s to all Leading M a rk ets, and the B est Facilities for
H andling, H edging and Speculative Business
Correspondence Solicited
J. H. W renn & Co., Chicago Correspondents
M EM BERS :
N ew York Stock E xchange,
N ew Y ork Produce E xchange,
Chicago S tock E xchange,
S t. Louis M e rch a n ts’ Exchange,
Chicago Board of Trade,
W in n ip e g Grain E xchange,
ITinneapolis C ham ber of C om m erce.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
73
TH E
74
SUPERIOR
COMMERCIAL
W E ST
DULUTH
McGuire & Atwood
THE HANKINSON-IREYS GO.
Grain and Commission
CRAIN COM
M
ISSION
324 Flour Exchange,
MINNEAPOLIS, MINN.
REFERENCES:
Dun or Bradstreet; First National Bank, Minneapolis
First National Bank, W est Superior
WE
q
<> o < x > o -o
<> < k ><h ><> o <>-o <><k >< k > o < k
k k
><>< k
h
> < > c k >o
8 2 C h a m b e r of Com m erce
521B
D
uLd
uTfH
Trade MINNEAPOLIS
RESPECTFULLY SOLICIT YOUR CONSIGNMENTS
o -o -o
Saturday, September 3, 1904.
o o
< > <> <>< >^
A . C. AN D R EW S
J- E- GAGE
Ó
ANDREWS & GAGE
GRAI N
803 Chamber of Commerce
MINNEAPOLIS
>0 0 0 0 0 0 0 0 0 0 <)0 (KH>0 <H>CKKK><>0 0 <KK><>0 0 <>0 <KK><>0 <>0 0 0 {KKKK><>0 0 <KH><><><><XK>0 <><>(KKKKK)0 (><KK><)0 0 0 <K><>(
EE:
E. S. W O O D W O R T H
President
G. P. H A R D I N G
Vricc=Prcs*
W . S. W O O D W O R T H
See« ^nd T re n s .
^Z
Z^Z
| E. . Woodworth <SCo. |
3
1
SHIPPING AND COMMISSION
1
Minneapolis, Duluth, Milwaukee
and Chicago
§§
O R D E R S F O R F U T U R E S E X E C U T E D IN A L L M A R K E T S
3
Siuuiuiiiiuiuuiuiuiuiiiuiiiiiuiiuuuuiuiuiiuuiumiuuimuuuuiiummiuuuuiuuiuuuii
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
TH E
Saturday, September 3, 1904,
J. W JENKS, President
COMMERCIAL
W E ST
75
FRANK FOWLER, Vice-President
O s b o rn e -M e M il Ian
Elevator
W. 0. TIMERMAN, Sec. and Treas.
INCORPORATED 1891
ROOM
Nye, Jenks & Go.
53
CHAMBER
OF
COMM ERCE
MINNEAPOLIS
C R A IN
S ho reh am E le v a to r
M
I N
N
B
A
P
O
I v
I S
C a p a c ity 7 5 0 , 0 0 0
NEW YORK
CHICAGO
BOSTON
MILWAUKEE
DULUTH
Bushels
Country Elevators on “Soo” and Great Northern Rys.
MARFIELD-GRIFFITHS CO.
GR A IN
OFFICES:
C h ic a g o , M i lw a u k e e , D u l u t h
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C O M M IS S IO N
Minneapolis
THE
76
E. L. WELCH
COMMERCIAL
C. A . MALM QUIST
j
Saturday, September 3, 1904.
W. J. JENNISON, President
W. D. GREGORY, Vice Pres, and Sec. 2
W. K. POWERS, Treas. and Mgr.
•
j E. L. Welch i
I
& Co.
I
GRAIN
COMMISSION
W E ST
Powers Elevator
Company
Receivers and Shippers of
Grain, Flax Seed, Lumber & Coal
Grain Commission
Special Attention Given Orders for Milling Wheat
CONSIGNMENTS SOLICITED
j
î
1009-10 Chamber of Com.
The
I
Minneapolis, Minn. ^
S t.
Board of Trade, Duluth, Chicago
Chamber of Commerce, Milwaukee
Chamber of Commerce,
A n th o n y
MINNEAPOLIS
E levator
C o m p an y
Capaci ty 3,250,000 Bushels
Grain Merchants and Warehousemen
71 Chamber of Commerce
M IN N E A P O L IS , M IN N .
W M . H. D U N W O O D Y , President
C H A S . J. M A R T I N , Sec’y and Treas.
JO H N W A S H B U R N , Vice-President
W . G. A I N S W O R T H , Gen’l Manager
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE
Saturday, September 3, 1904.
COMMERCIAL
W E ST
77
T R O U B L E S behind and M ONEY
ahead by shipping to
SEND YOUR ORDERS FOR
FUTURES AND CONSIGNMENTS TO
GEO. H. PHILLIPS
L
a s ie r
Rialto Building, CHICAGO
H
ooper
RECEIVERS AND SHIPPERS
Write for My Daily Market Letter—
J.
&
102-103 Rialto Building,
■-
ROSENBAUM
GRAI N
C H IC A G O
COMPANY
( I N C O R P O R A T E D )
GRAIN
MERCHANTS
ORDERS FOR FUTURE DELIVERY SOLICITED
RAILWAY PACKING HOUSE LOSSES.
YOU NEED THEM
W E SELL THEM
The
F lo u r
C ity
—I M PR0 VED
—
Distributing Spout
Also contractors for Steam, Hot
W a ter and Hot Blast Heating.
THE POND & H A SE Y CO.,
F IFT h 2.3v Ê nu\
so
.
Minneapolis
Write fo r m y
“ Grain Trade Talks99
■Edward G. Heeman
GRAIN AND PROVISIONS,
STOCKS, BONDS, COTTON AND COFFEE.
1 9 9 L a S a lle S i., Ground Floor, Home Insurance Bldg.
Member Chicago Board of Trade.
CHICAGO
CO M M ISSION M E R C H A N T O N L Y ,
D o in g no t r a d in g w h a t e v e r on m y o w n a c c o u n t , w h i c h e n a b l e s me
to j u d g e the m a r k e t fr om an u n b i a s e d s t a n d p o i n t .
All business transacted through and I
J Consignments of cash grain and orders in
confirmed by Chas.W. Gillett & Co. )
1
futures have my personal attention.
My “ GRAIN TRADE TALKS” are published in full in the Chicago Evening Post
2nd Chicago Journal. -if®“ Will send either paper free to customers.
Pocket M ap s
AND
Road Guide
These maps are beautifully printed in
colors and show on a large scale the
streams, lakes, highways, trolley lines
and railroads in N e w York, N ew
Jersey and Pennsylvania, reached by the
Lackawanna Railroad and its connections.
Invaluable to Automobile Tourists,
Fishermen and Travelers.
•
Vt
A good map is a silent courier of out-door enjoyment. Each of the
maps in this edition is 17 x 28 inches. They are neatly bound in
one cover and may be had by sending 10 cents in stamps to
IT IT* I P
Genera.1 P a s s e n g e r A g e n t,
o
JL
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
,
L a c k a w a n n a R _ a ilr o a .d , N e w Y o r k C i t y .
___ -
C H IC A G O
Commenting on the effect of the packign house strike on railway earnings,
the Railroad Gazette s a y s :
Figures showing the reecipts and ship
ments of packing house products at Chi
cago since the beginning of the strike
are indicative of the immediate loss
which the railroads have suffered. Pro
vided the strike is not too long con
tinued, abnormal movements of live
stock and provisions at its conclusion
should in considerable part make up
for this loss, but, unlike the situation
at the time of the anthracite coal strike,
it is evident that much of the meat con
sumed in the eastern cities is being sup
plied locally. It is hardly to be ex
pected, therefore, that the demand for
provisions shipped through from the
west after the strike is settled will com
pare in proportionate volume to the
hpavy movement of coal after the close
of the coal strike.
Live stock receipts at the Chicago
market for three weeks subsequent to
the inauguration of the strike numbered
9,710 cars, and shipments were 3,815
cars, exclusive of horses. For the cor
responding period last year the respec
tive figures were 17,096 and 4,585 cars,
the decrease amounting in the first case
to 43 percent, and in the second to 17
percent.
Shipments of packing house
products between the first of July and
the middle of Augu st had fallen off
from one-quarter to one-half on differ
ent commodities as compared with the
similar period for 1903, the percentages
being as fo llo w s : Dressed beef, 44 per
cent; canned meats, 16 percent; other
meats, 19 percent; lard, 30 percent; bar
reled pork, 43 percent; beef packages,
56 percent. There is also more or less
interchange of products between the
packing centers, yielding a considerable
traffic in the aggregate, which has
shown a marked decrease.
The per
centages of decrease at Chicago for the
several commodities listed above, for
the same periods, were 34.5 percent for
dressed beef, 33 percent for canned
meats, 37 percent for lard, 21 percent
for barreled pork, and 42 percent for
beef packages.
The items of “ other
meats,” as might have been expected,
increased to a total of 21 percent.
Another strike loss is that sustained
by the switching roads at the different
packing house points. A t Chicago all
cars into and out of the stockyards are
handled by a single terminal company,
whose losses during the strike will be
proportional to the decrease in the num
ber of cars received and dispatched.
78
THE
C O M M E R C IA L W EST.
Saturday, September 3, 1904.
ERIE RAILROAD
Why should farmers visit
the St. Louis F a ir ?
Because the management o f the Fair has been
wise enough (for the first time in the history of
expositions) to give the agricultural interests of
the country the recognition they are entitled to.
The most delightful scenery between
Chicago, Buffalo and New York.
trains
every morning,
Limited
afternoon
and
evening for Buffalo, New York, Albany
and Boston.
Finest Pullman sleeping cars
and
superb dining car service.
Stop-over without extra charge
In what way ?
By devoting the largest building on the grounds
to agriculture. A n examination o f the exhibits
in this immense structure is as valuable as a
post graduate course in farming.
T h e Rock
Island System is the line to take from St. Paul
and Minneapolis to St. Louis.
N o changes.
Best trains and best track.
Exposition rates
in effect daily, April 15 to November 30.
T ick ets at offices o f connecting
lines or at
322 Nicollet A v e ., Minneapolis;
6th and Robert Sts., St. Paul.
W . L, H
athaw ay
at
Cambridge Springs and Niagara Falls.
B ooklets, tim e-cards, e tc., fu rn is h ed b y H.
B.
SMITH, Traveling Passenger Agent, St. Paul, or D. M.
BOWMAN, G eneral W estern P a ss. Agent, Chicago.
For Results
U se th e
,
Dist. Pass’r Agt., Minneapolis.
TH E COM M ERCIAL W EST is the leading- com mer
cial and financial paper of the Northwest, and every
Banker, Grain M erchant and Business Man should he
a subscriber. I t ’s reliable and up-to-date.
“ W a n te d ” and
“For Sale”
Column of
The C om m ercial W est
H ow are Y O U go in g to
S t. L o u is?
If your ticket reads via the
CHICAGO
GREAT
WESTERN
utiSU RaHW
Y o u can go by w a y of either Chicago, Waterloo,
Marshalltown, Des Moines, S t . Joseph or
Kansas C it y , w ith o u t extra charge. F o u r daily trains
m aking connections w ith
the best trains to St. Louis.
For information as to special rates and routes, apply to any agent or
J. P. E L M E R ,
General Passenger Agent,
113 Adams St., Chicago.
IllinoisCentralR.R.
EFFICIENTLY
SERVES
A VAST
TERRITORY
by through service to and
from the following cities:
CHICAGO, ILL.
OMAHA, NEB.
MINNEAPOLIS, MINN.
ST. PAUL, MINN.
KANSAS C IT Y , MO.
PEORIA, ILL.
EVANSVILLE, IND.
ST. LOUIS, MO.
CINCINNATI,OHIO.
NEW ORLEANS, LA.
MEMPHIS, TENN.
HOTSPRINGS.ARK.
LOUISVILLE, KY.
NASHVILLE, TENN.
ATLANTA, GA.
JACKSONVILLE, FLA.
Through excursion sleeping-car service between
Chicago and between Cincinnati
AND THE PACIFIC COAST.
Connections at above terminals for the
EAST, SOUTH, WEST, NORTH.
F a st a nd H an d so m ely E q u ip p e d S te a m -H e a te d
T r a in s —D in in g C a rs — B u ffe t-L ib r a r y C ars—
S le e p in g C a rs —Free R e c lin in g C h a ir C ars.
Particulars of agents of the Illinois Central and
connecting lines.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A . H. HANSON, Gen'l Pass’r Agent, CHICAGO
THE COMMERCIAL WEST.
Saturday, September 3, 1904.
Stop Over in Chicago on
St. Louis Fair TicKets
N o e x t r a c h a r g e to g o v i a C h i c a g o a n d ten d a y s sto p
w ill b e g i v e n in C h i c a g o b o th g o i n g a n d re tu r n in g ,
if d e s i r e d ,
on all
St.
L ouis
F air
tickets,
via
79
“ T he N a tion ’ s pleasure ground and
san itariu m .” — D avid B en n ett H ill.
THE
A D IR O N D A CK
the
M OUNTAINS
Chicago,
Milwaukee €dSt. Paul
R a ilw a y
F i v e d a i l y train s to C h i c a g o , 8:30 a. m., 4:00 p. m.,
7:20 p. m. ( T h e F a s t M a il), 8:35 p. m. ( P io n e e r L i m i
te d ) a n d 11:00 p. m. E a c h has a g o o d c o n n e c t i o n
f o r S t. L o u i s and E a s t e r n points,
WRITE US FOR WORLDS FAIR RATES
W . B. D IX O N ,
365 R O B E R T S S T .,
N . W . P a ss. A gt.
S T . P A U L , M IN N .
The lakes and streams in the A d i
rondack Mountains are full of fish;
the woods are inviting, the air is
filled with health, and the nights are
cool and restful. If you visit this
region once, you will go there again.
A n answer to almost any question in
regard to the Adirondacks will be
found in No. 20 of the “ Four-Track
Series,” “ The Adirondack Moun
tains and How to Reach T h e m ;”
issued by the
New York Central
A co p y w ill he m ailed free on r e
ceipt o f a tw o -c e n t stam p, b y G eoree
H. D aniels, General P a ssen g er A gent,
Grand C entral Station, N ew Y ork.
BYRON 6 W ILLARD
FOR.
R E S U L T S
us e the
“Wanted” and “For S a le ”
P R IN T E R S
2 9 F ifth S tre e t South
M IN N EAP O LIS, M IN N E S O T A
C O L U M N S OF
The Commercial West
T H E
GATES
THE
WORLDS
F A IR
I m B ïï
FREQUENT TRAINS
BEST OF EVERYTHING —
VIA
The North-Western Line
4 Trains
E/very day from
T w i n Cities to Chicago
Connecting with
12 T ra in s daily, C H IC A G O to S T . L O U IS
City.
Or choice of other routes via Des Moines, Omaha, St. Joseph or Kansas
Stopovers allowed at Chicago, St. Joseph or Kansas City, if desired.
Excursion tickets to St. Louis on sale
every day. For rates and other in
formation address
T. W . T E A S D A L E
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
General Passenger Agent
St. Paul, Minn.
MINNEAPOLIS
& ST. LOUIS R.R.
TR A IN S
STOP A T TH E MAIN
ENTRANCE AND TH E
ST.LOUIS UNION DEPOT
TAKE THEWORLDS FAIR SPECIAL
PLENTY OF ROOM AT THE HOTELS
JUST OUTSIDE THE FAIR GROUNDS
--- T —
A.B.CUT T S . G e n ’l
Pa s s 'r A((D T ic k e t A g e n t .
8o
THE COMMERCIAL WEST.
Saturday, September 3, 1904.
Allis=Chalm ers Co.
CHICAGO
t PMBr Ét
Corliss E ngines for all Power P urposes.
§ jfe ® #3?
Built in all approved types.
Sizes from 25 H. P. up.
H ydraulic Turbines.
Pow er T ran sm ission fla ch in ery .
Bullock
Ï
w .._1’§r
Electrical Apparatus
for all purposes.
'
Canadian Representatives,
Allis-ChaImers=Bullock, Ltd., Montreal.
'
. ...
Allis=Chalmers Combined Vertical and Horizontal Engine.
Established
1855
H. POEHLER CO.
Buying for Country
Milling Trade a
Specialty
GRAIN
COMMISSION
Incorporated
James Doran & Company
1893
W e give special attention to out-of-town in
vestments and speculative accounts. Our
private wires and our connections with all
the principal exchanges enable us to give
prompt and accurate service. Correspon
dence invited.
-:GERMAN-AMERICAN BANK BUILDING
Orders in Futures
Executed in any
Market
816-19 Chamber of Commerce, MINNEAPOLIS
Board of Trade, Duluth
Board of Trade, Chicago
Chamber of Commerce, Milwaukee
W ILLFO R D
M
i l
|
I L. L
o
ST. P A U L ,
-
-
M IN N E S O T A
M A N U FA C TU R IN G
| I |
I
H
F D
Q
D U IL U L n O
CO.
AND
dealers
in f l o u r m i l l a n d
e l e v a t o r m a c h in e r y a n d s u p p l ie s
Special attention given to Roll Grinding and Corrugationg
Office:
General Agents for Barnard & Lees Manufacturing Co.
303
Third Street So., MINNEAPOLIS
“ Eternal vigilance is the price of liberty.”
It is also the source of profit to every man
who makes a business of feeding stock for the market.
C O M B IN A T IO N S , C O M P E T IT IO N
and R I V A L R Y are the three forces that
inspire
ENERGY,
INDUSTRY
and
has declined.
Brace up— improve your
methods, and don’ t be a “ has-been.”
The most highly concentrated food on
earth is O L D P R O C E S S
IN D E P E N D E N C E .
D on ’t lose heart and don’ t be forced out
of business because the price of fat stock
L IN S E E D C A K E (oil meal).
GROUND
It is cheaper
than corn, oats, bran, or any other kind of feed
GROUND LINSEED CAKE IS
A FAT-FORMER— A FLESH-PRODUCER— A HEALTH-GIVER
A TIME-SAVER— A MONEY-MAKER.
The prize cattle at the late Chicago Stock Show were fed Linseed
Meal made by our Com pany.
W rite for prices. Send us your address and we will mail you our
book giving “ up-to-date” methods for feeding stock.
AMERICAN LINSEED COMPANY
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
MINNEAPOLIS, MINN.
@FedFRASER