Full text of Commercial West : September 8, 1906, Vol. X, No. 10
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REPRESENTING W E ST E R N IN V E ST M E N T S, M A N U F A C T U R IN G , M IL L IN G A N D G R A IN THE SO U TH W EST. T H E C E N T R A L -P A C IF IC W E ST . VOL. X SATURDAY, SEPTEMBER 8, 1906 O FF IC E R S : CAPITAL, $ 1 ,5 0 0 ,0 0 0 . Byron L. Smith , - - President F. L. H an key , - Vice-President Solomon A . S mith , 2nd Vice-Pres. T homas C. K ing , - - - Cashier Robert M cL eod , - Asst. Cashier G. J. Miller , - - Asst. Cashier A rthur H eurtley , - Secretary H. O. E dmonds , Asst. Secretary H. H. R ockw ell , Asst. Secretary E dward C. Jarvis , - - Auditor The T O M PA N Y •l ^ W B A N K IN G , BANKERS G o v e rn m e n t B o n d s and other I n v e s t m e n t S ec u r it i e s MEMBERS NEW YORK STOCK EXCHANGE ÌO R H D IR EC TO R S: A. C. B artlett , C. L. H utchinson , J. H arley Bradley , Marvin H ughitt , W illiam A. F uller , Martin A. Ryerson , A lbert A. S prague , Solomon A . S mith , B yron L. S mith . T h e \ o r i heril Trust. Rookery 1■ ' ' No. 10 S U R P L U S , $ 1 ,0 0 0 ,0 0 0 . S A VIN G S, C H I C AC- O F O R E IG N , AND TR U S T DEPARTM ENTS. F isk & R obinson M EW THE N O R TH W E ST. BOSTON Represented in C H I C A G O by C. Frederick Childs 135 Adams Street. Why a TRU ST Company is the most desirable E x e c u t o r , Administrator, Guar dian or Trustee: it is perpetual and re sponsible, and saves the trouble, risk and expense of frequent changes in ad ministration. T H E FIRST N A T IO N A L B A N K OT C H I C A G O , with its affiliated corporations, the F I R S T T R U S T A N D S A V I N G S B A N K and the N A T IO N A L SAFE DEPOSIT COM PANY invites -the busi ness of conservative people, f e e l i n g c o n f i d e n t that the combined resources (aggregat ing $150,000,000) and superior facilities of these institutions will appeal to those desiring an agreeable banking home. lames B. Forgan, President David R. Forgan, Vice President F. O. Wetmore, Cashier H I C A G Chas. E. Lewis O Co. & 412 to 415 Chamber of Commerce MINNEAPOLIS Private Wires Telephone M . 1568 G R A IN , P R O V IS IO N S , STOCKS, BONDS New York and Chicago Correspondence Bartlett, Frazier & Carrington Pringle, Fitch & Rankin M e m b e r s o f a ll P r i n c i p a l E x c h a n g e s Charles Hathaway & Co. Dealers In COMMERCIAL PAPER C h a s . W. F o l d s , - R e s i d e n t P a r t n e r 2 0 5 La S a ll e S t r e e t , . . . C h ic ag o NEW YORK OFFICE B O ST O N OFFICE - - - 4 S WALL S T R E E T 27 STATE ST R E E T ThContinental National Bank OF CHICAGO. EVERSZ & COMPANY B AN K ERS R a ilr o a d B o n d s THE MINNESOTA LOAN AND TR U S T CO. and other Safe Investments N ew List on Application 313 Nicollet Ave., Minneapolis. Personal conference or correspon dence solicited. C 220 LA SALLE STREET CHICA G O Capital $4.000,000 Surplus and Undivided Profits 2,000,000 Deposits 55,000,000 Solicits Accounts, Assuring Liberal Accommo dations and Courteous Treatment. A General F oreign B anking B usiness Transacted . Travelers’ Circular Leiters of Credit issued available in all parts of the World. OFFICERS John C. Black, Chairman of the Board. G.M. Reynolds, President. N. E. Barker, Vice-President. Win. G. Schroeder, Cashier. Tra P. Bowen, Ass'i Cashier. BenJ. S. Mayer, Asst Cashier. Herman Waldeck, Ass’t Cashier. .John McCarthy, Ass t Cashier. The National Park Bank, of New York ORGANIZED Capital $3 000,000 00 Surplus and Profits 1856 $7,764,788.20 D e p o s i t s J u n e 18, 1 9 0 6 , $ 9 8 , 5 2 4 , 8 8 5 . 2 7 OFFICERS Richard Delafield, President. Gilbert G. Thorne, Vice-Prest. John C. McK>on, Vice-Prest John C. Van Cleaf, Vice-Prest. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Maurice H. Ewer, Cashier. W . O. Jones, Asst. Cashier. W . A . Main, Asst. Cashier. F .O . Foxcroft, Asst. Cashier DIRECTORS Joseph T. Moore Stuyvesant Fish George S. Hart Charles Scribner Edward C. Hoyt W . Rockhill Potts August Be’mont Richard Delafield Francis R. Appleton John Jacob Astor George F Vietor Cornelius Vanderbilt Isaac Guggenheim John E Borne Lewis Cass Ledyard Gilbert G. Thorne John C. McKeon Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T The Commercial National Bank of CHICAGO Capital, Surplus and Undivided Profits, S 3 , 8 0 0 , 0 0 0 Deposits, $ 3 8 , 0 0 0 , 0 0 0 JAMES H. ECKELS, P r e s i d e n t NATHANIEL R. LOSCH, C a s h ie r DIRECTORS FRANKLIN MApVEAGH GAR'J'' o-rnw ^ ^ I n JÖSEPH s F P ^ T T^.TTALBER ALBERTT WILLIAM J. CHALMERS E. H.PAUL. MORTON ROBERT T . LINCOLN DARIUS MILLER JAMES H. ECKELS This bank is pleased to place at the disposal of its customers the facilities gained during forty years of continuous service and ¿rowth TELEPHO NE« M A IN 2 0 M A IN 4 6 8 7 A U T O M A T IC 2 7 0 7 Fritz Von Frantzius Ben Marcuse P R IV A T E W IR E S VON FRANTZIUS & GO B AN KE RS AND B R O K E R S Chicago Stock Exchange Bldg,, 112 La Salle St., C H I C A G O Members, Chicago Stock Exchange, Chicago Board of Trade STOC KS, BONDS, GRAIN AND COTTON ask MEMBERS : New York Stock Exchange Chicago Stock Exchange Chicago Board oi Trade Minneapolis Chamber oi Commerce New York Produce Exchange. Merchants Exchange, St. Louis. for o u r s t a t is t ic a l c a r d s SIDNEY C. LOVE & CO. Stock and Grain A m e r ic a n NEW YORK CHICAGO ST. LOUIS MINNEAPOLIS T ru st and S a v in g s Bank C H IC A G O . Y O U R B U S IN E S S I N V I T E -D . Statement of Conditloi* Deposits subject to check (City).............. Deposits subject to check (Banks)............ Time Deposits (3 per cent interest)......... Capital, Surplus and Profits...................... L ia b ilitie s ............................... ....... $16,000,000 ....... 7,500,000 ....... 5,500,000 ....... 5,000,000 $ 3 4 ,0 0 0 ,0 0 0 Cash on hand and in other banks............. ....... $12,000,000 ........ 4.600.000 t ..... . ................................................ 17,400,000 A s s e t s ........................................ $ 3 4 ,0 0 0 ,0 0 0 L. LAMB. Pres.. Clinton, la. C. R LAMB, V.-Pres., Minneapolis, Minn. 0 . E. LAMB. Secy.. Clinton. la. P. DAVIS. I r e s . 4 Mgr., Leavenworth, Wn. U M B -D 4 V I S LUM BER C O M P AN Y M A N U F A C T U R E R S OF WESTERN WHITE PINE LUMBER Dealers in all kinds of Building Material. LEAVENW ORTH, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W A S H IN G T O N Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T 3 K E N N E T H CLARK, P R E S ID E N T C. H. B IG E L O W , V IC E -P R E S ID E N T H. w . P a r k e r , C a s h ie r G EO . H. P R IN C E , V IC E -P R E S ID E N T H . V A N V L E C K . ASST. C A S H IE R The Merchants National Bank OF SAINT PAUL, MINNESOTA C A P ITA L $ 1 ,0 0 0 ,0 0 0 SURPLUS $ 5 0 0 ,0 0 0 U N ITE D S T A T E S D E P O S ITA R Y d ir e c t o r s Crawford L ivingston E. N. Saunders President, Northwestern Fuel Co. Capitalist T homas A. Marlow KENNEPTHSC ^ N a ti° naI B a " k ° f M° ntana’ H d e " ! President T „ V. M. Watkins Trustee, Wilder Estate Charles P. N oyes W. B. Parsons I o u is W^HiT l ’ : ^ es^ernElevator Co. Winona, Minn. Noyes Bros. & Cutler, Wholesale Drugs L. P. Ordway YTice- President, Great Northern Ry. Co. J. M. Hannaford Vice-President, Northern Pacific Ry. Co Daniel R. N oyes v Noyes Pros- & Cutler, Wholesale Drug’s J ames H. Skinner Lanpher, Skinner & Co., Wholesale Hats, Caps, Etc. ’ A. T. RAND, President MINNEAPOLIS General Manager, Crane & Ordway Co. F rank B. K ellogg Davis, Kellogg & Severance, Attorneys Charles H. Bigelow President, St. Paul Fire & Marine Insurance Co. Geo . H. Prince Vice-President R- R. RAND. Treasurer GAS W . H. LE VINGS, Secretary LIGHT COMPANY Gas for T he Illumina tion, Fuel, Greatest Agent for Modern Conven Heat, Power. ience and Domestic Comfort. 16-18-20 South Seventh Street, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MINNEAPOLIS, M IN N . T H E C O M M E R C IA L W E S T _____ Saturday, September 8, 1906 Wyman, Partridge & Co. W h o le sa le Dry Goods, Notions and Furnishings Established 1876. Manufacturers of “ Flour City” F u r n ish in g G oods for Men and Women. Minneapolis, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Minnesota. Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T B ankers , A t t e n t io n ! Do you want a protected piece of paper to sell to strangers? Drafts may be raised to a larger amount than issued for, but the American Bankers’ Association Money Order cannot be operated on by check raisers, as it is surrounded by every known safeguard. \ ou need the business of strangers, for your present customers will not last forever. When strangers ask for the loan of your services to assist in the transmission of funds from one place to another, don t turn them away. Offer them the American Bankers’ Association Form of Money Order, guaranteed by The American Surety Company of New York. , This Company does not accept deposits, make loans or execute trusts, therefore does not compete with Banks or Trust Companies. R ** COI! i ilnTeS|it! b,u.sines? exclusively to the furnishing of Suretyship is and Undertakings, including those guaranteeing the honesty of OFFICERS AND EMPLOYEES OF BANKS. It has had an experience of twenty=two years. I| ti qu? ,lfjed to give bonds in every state and territory in Mexico and Manila Van° US Canadian provinces and at the Cities of evfpn«ivLnfh1C,a! i f tren/ th is £,reater and its agency organization more extensive than that of any other Surety Company. Jtmeriean Surety Company C H A R L E S R. FO W LER, At torney and Gene ral Age nt, C a pi t a l 401 Minnesota Loan & T ru st Co. Bldg. S ur p l u s _____ M IN N E A P O LIS , 2 ,5 0 0 ,0 0 0 M IN N . Germania Bank of Minne apolis, Minn. O r g a n iz e d $ 2 ,5 0 0 ,0 0 0 of Dew York. For Prompt Attention SEND YOUR DULUTH ITEMS TO THE 1 8 93. Capital and Surplus, - $ 82 ,500 . - DULUTH, MINN. I nterior V ie w of Ca p it a l , Ba n k . THREE Y E A R ’S PROGRESS. Deposits Deposits Deposits Deposits January, January, January, July, 1904 1905 1906 1906 - - - - - - $210,000.00 315,000.00 373,000.00 412,000.00 OUR BOARD Otto E. Naegele, President Leonard Paulle, Vice-President Herman Vogt H. J. Dahn https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Julius J. Heinrich, 2d Vice-President E. W . Naegele, Asst. Cashier C. G. Laybourn Edw. E. Schober - - - - $100,000.00. OFFICERS JOHN R. MITCHELL. President. J- W . LYDER, Jr ., Cashier. JOHN G. WILLIAMS, Vice-President. JOS. E. HORAK, Asst. Cashier. TRUSTEES John G. Williams, Attorney. Dr. J. J. Eklund, Physician and Surgeon. J. L. Washburn, Attorney. Francis W . Sullivan, Attorney. Jas. H. Pearce, Mining Lands. Louis S. Loeb, of L. S. Loeb & Co. John R. Mitchell, Pres- Capital Nat’I Bank, St, Paul. J, W . Lyder, Jr., Cashier. This Bank conducts every branch o f a Modern Banking Business. Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T CL It is not so much what we may say of ourselves but what others think of our work that bears testimony to the true value of our STEEL ELEVATORS and Storage Tanks TTT. « 1+steel Grain E lev a to r^ fo r^ th e ^ in cn a . Malting Co. Capacity of Storage Tanks...............295,000 £ U' 55,000 bu. Capacity of Working H o u s e ........ nf ^ Our standard 1,000 bushel Steel Grain Tank, for o f farmers, country elevators and mills. They are water-proof, fire-proof and rat-proof. Total Capacity........................... 350,000. bu # W e solicit an opportunity to submit plans and estimates on any work which you may contemplate, and believe our experience, the large stock of steel which we carry, and the fact that we are making this class of wor a specialty enables us to give our patrons better service than any other firm engaged in this line of work. Minneapolis Steel and Machinery Co. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Minneapolis. H Saturday, September 8, igo6 T H E C O M M E R C IA L W E S T THE STATE SAVINGS BAN K S T . PAUL, M IN NESOTA. Condition at the Close of Business, June 30. 1906. RESOURCES: l ia b il it ie s : First Mortgages on Real E sta te.......................... $1,282,384.28 Bonds................................................................................ 1,139,690.30 Bills Receivable........................................................... 15 177 33 Real E sta te ............................................................. 21 ,’ 293! 70 Cash on Hand and in B an ks................................... 229,658.39 Amount Due Depositors........................................... $2,591,196.24 ?rUÄ ^ US d A l ......................................................... Undivided Profits.................................................... $2,688,204.00 $2,688,204.00 ¡TRUSTEES: Charles P. Noyes John D. Ludden Kenneth Clark John D. O’Brien William Constans Jule M. Hannaford 50,000.00 47,007.76 OFFICERS: Wm, B. Dean Ferdinand Williua Gustav Willius Thomas Fitzpatrick Harris Richardson Charles G. Lawrence CHARLES P. NOYES, President JOHN D. LUDDEN, Vice President CHARLES G. LAWRENCE, Treasurer F. O. WILLIUS, Ass’t Treasurer HENNEPIN C O U N T Y South Side State Bank SAVINGS BANK M IN N EAPOLIS, M IN N ., Respectfully Solicits Your Savings Accounts Cor. Cedar and Riverside A ves., M in n e a p o lis , - M in n . Established 1870. Established Sept. 5, 1899. Oldest Savings Bank in the State 36 Years of Capital $50,000.00 Surplus and profits , (earned) 37,500.00 A verage D eposits, 350,000.00 Safe and Conservative Banking Deposits over $3,800,000 OFFICERS F. E. KENASTON, President. A . A. McRAE, Cashier. A. M. W OODWARD. 1st Vice-Pres. O. ERLING OLSEN, Asst. Cashier. B oard of C. BIRKHOFER, 2d Vice-Pres. H. F. ROSING. Asst, Cashier. trustees: F. M. Prince David C. Bell F. A . Chamberlain D. P. Jones J. E. Bell Andrew Tharalson W . H. Lee D ir e c t o r s F. E. KENASTON, Pres. and Treas, Minneapolis ThreshingMachine Co. A. M. WOODWARD, Woodward & Co., Grain Commission C. BIRKHOFER, President The Birkhofer Brewing Co. P. OLSEN EARL, Undertaker, East Franklin Avenue. HANS SIMONSON, President Simonson Bros. Mfg. Co. J. D. HOLTZERMANN, Sec.-Treas. Holtzermann’s Chicago Store. JOHN LIND, Ex-Governor Minnesota. O. B. McCLINTOCK. Sec.-Treas. Amer. Bank Protection Co. A. A. McRAE, Cashier. Interest Compounded Four Times a Year at Z%. The St. Anthony Falls Bank, Minneapolis. C a p it a l , Surplus and D e p o s it s , T heßank that P r o f it s , - hasgrownup - $125,000. 90,000. 1,200,000. and kept DIRECTORS J. H, CHASE, J. H. Chase & Sons, Merchants. AARON CARLSON, Manufacturer. W . F. WEBSTER, Prin. East Side High School. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis H EN R Y T. EDDY, University of Minnesota. A. M. HUNTER, Investment Securities. WM. MILLER, Lumber. HIRAM A . SCRIVER, President. JOHN F, WILCOX, Manufacturer. W . F. DECKER, Investment Securities. JOSEPH E. WARE, Cashier. W . P. W ASHBURN, Glessner & Washburn, Merchants, H. W. YOUNG, Attorney. pace Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T 8 Busiest Hardware House in the Northwest. WHOLESALE SHELF and HEAVY HARDWARE Cutlery, Guns, Ammunition, Sporting Goods E sta b lish ed 1 8 6 6 M A IN BUILDING 2 0 to 3 2 S o : Second St., First A ve. So. First to Second St. W A R E H O U SE 119 to 12 5 First Street South. Harness, Saddlery, Paints, Stoves, Pipe and Fittings, Sheet Metals, Ranges, Pumps, Etc., Etc. Ja n n ey , S em p le, H ill & C o ., M in n ea p o lis ESTABLISHED 1873. NorthStar Shoe Co. F actories at MINNEAPOLIS, ANOKA FARIBAULT. Jobbing Branch: DAVENPORT, IA. C. B. H E F F E L F IN G E R , President. W . W . H E F F E L F IN G E R , Manager. A . S. H E F F E L F IN G E R , Superintendent. C H AS. E. H E F F E L F IN G E R , JO H N A . L U C Y , Treasurer. Secretary. Manufacturers Of the Most Complete Assortment of Reliable F ootw ear' produced by Any One Factory in the West. Northwestern Agents for the Boston Rubber Shoe Co. Complete Stocks a Specialty. 424, 426, 428 First Avenue North, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MINNEAPOLIS Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T White Pine Storm Sash Large Stock Right Prices Gcnasco Roofing A L L KINDS OF MILLW ORK Rogers Lum ber Com pany Retail Lumber Yards in Minnesota, No. Dakota and Nebraska. Genera! Office: City Sash & Door Co. 526 Security Bank Building, Minneapolis. Minneapolis, Minn. Sioux City, la. and Minot, N. D. BRADSHAW BROS. A. R. ROGERS, G. H. ROGERS, President. Sec. & Treas. UNION INVESTMENT CO. Bank of Com m erce Building M inneapolis, M inn. I n v e s t m e n t S e c u r it ie s r LW e have ample facilities for handling Wholesale Millinery AND M A N U F A C T U R E R S OF STRAW AND F E L T HAT S 100, 102 and 104 Washington Ave. No. FIRST MORTGAGES UPON IMPROVED FARMS -IN — MINNESOTA, NORTH AND SOUTH DAKOTA and solicit correspondence from B A N K S and Loan Agents regarding that class o f business. OUR RATES AND TERMS are liberal and loans are closed without delay. OUR S P E C IA L TY Loans to C ountry Banks Upon Collateral MINNEAPOLIS https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - MINNESOTA Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T IO G eo N . R . ew ell & Co. Wholesale Grocers Third Street and First Avenue North IMPORTERS, WHOLESALE GROCERS AND JOBBERS OF FINE CIGARS MINNEAPOLIS, MINN. E. STOUT’S PATENT “ SNAG=PR00F” /PERPETUAL \ St r a d e m a r k ; TH IG H RUBBER BOOTS G O O D YE A R RUBBER CO. 371-373-375 and 377 Sibley Street ST. PAUL, MINN. Ph h ig h e s t q u a l it y 99 flo u r m a n u fa ctu red IN MINNEAPOLIS. Made in “ N ex t” to the Largest Mill in the World. PHOENIX MILL CO., Minneapolis, Minn. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T Capital, $ 5 0 0 , 0 0 0 . 0 0 Surplus and Profits, $ 8 9 1,0 00.00 FIRST NATIONAL BANK frègfcSSS“ - ii D U LU TH , m in n . UNITED STATES GOVERNMENT DEPOSITARY Out-of-town accounts are accepted on favorable terms, and every accommodation consistent with prudent banking is accorded depositors. Prompt attention given collections and financial matters. AMERICAN NATIONAL OF ST. PAUL TO MOVE. T h e A m erican National B a nk of St. Paul will soon be located in a new building at the corner of Fifth and Cedar streets, directly opposite the Court House. T h e bank has o u tgro w n its present quarters at Sixth and M in nesota streets, a nd as the room s cannot be enlarged, a lease has been secured on the corner of the n ew business block re cently built by P. N. Petersen and adjoining the Petersen Granite C o m p a n y ’s block. T h e building is a substantial four s tory store and office block and will be kn ow n as the A m erican National B a n k building. The BANK C L E A R IN G S . W ESTERN B a n k clearings for the w eek ending A u g u st 30, 1906, and the percentage of increase and decrease for the w eek of leading centers and all w estern points as com pared w ith the corre sponding w eek la st year as reported by B radstreet’ s: A u g u st 30. Inc. D ec. A u g u st 23. N ew Y o r k ............................... $$2,085,059,152 32.4 $2,279,738,618 Chicago ....................... $ 180,952,848 6 .5 .... 196,765,248 B oston ......................................,$ 130,055,250 17.1 151,706,357 Philadelphia .........................$ 142,276,156 17.5 132,255,675 St. L ouis ..................................$ 48,346,733 8 .7 49,561,189 P ittsburgh ................................... 44,681,573 07 47,865,707 41,668,072 16.7 42,721,500 San F rancisco .................... f Baltim ore ............................... $ 23,516,038 7 .3 .... 22,833,913 Cincinnati ............................... .20,456,700 12.7 22,198,050 K a n sa s C ity .........................$ 22,991,122 1 .0 23,149,935 Tw in Cities ...........................$ 21,374,066 18.5 .... 23,762,415 N e w O rleans ......................... $ 14,553,889 28 .8 16,939,465 M inneapolis ...........................$ 14,285,605 9 .5 15,094,625 Cleveland ...............................$ 13,829,928 ____ 5 .9 14,806,027 Louisville ................................$ 10,627,550 15 .2 10,358,476 D etroit ..................................... 10,413,369 1 .3 12,219,976 L os A n g eles ........................$ 8,771,374 9 .2 __ 10,002,868 O m aha ....................................... 8,338,778 9 .8 8,995,436 M ilw aukee ............................. $ 7,745,407 18.5 8,838,561 5,763,600 11.0 .... 6,457,700 Providence ............................. $ Buffalo ..................................... $ 6,714,226 14.0 __ 6,768,668 Indianapolis ........................... $ 6,276,755 3 .1 .... 6,040,442 7,088,461 27.4 __ 8,667,790 St. Paul .................................$ D enver ....................................... 6,144,786 20.5 6,766,032 Seattle ....................................... 7,940,551 53.9 9,238,889 M em phis ...................................... 2,378,357 29.4 3,025,475 F ort W o rth ............................ 4,841,609 30.8 4,882,918 R ichm ond ................................. 5,179,471 36.1 4,965,094 Colum bus, Ohio .................... 4,204,500 7 .6 .... 4,796,900 W a sh in g to n ............................. 3,924,883 14.3 .... 4,088,942 St. Joseph ............................. $ 4,581,024 25.1 __ 4,437,419 4,453,159 23.9 __ 5,295,488 Portland, O re .......................... $ Salt L ak e C ity ......................... 3,640,608 3 .2 4,984,243 T acom a ..................................... 3,645,170 24.0 3,483,790 Spokane ..................................$ 3,871,510 55.0 __ 4,411,432 H a rtford ................................... 2,855,135 34.2 .... 2,558,468 Peoria ....................................... 2,366,043 .... 8. 7 2,287,748 D es M oines ............................ 1,875,446 10.2 2,108,635 Sioux C ity ............................... *1,342,569 .................... 1,342,569 W ic h ita ..................................... 1,052,844 .4 1,079,293 D aven port ............................... 819,108 44.1 .... 611,738 T opeka ..................................... 691,201 48.2 .... 684,364 Srpingfield, 111.......................... 645,900 5 .2 .... 602,016 ' H elen a ..................................... 647,180 . . . . 27.7 787,251 F argo, N . D ............................ 431,882 .... 5. 8 425,973 Rockford, 111. .......................... 465,140 26.7 .... 511,962 Cedar R apids ........................ 392,346 1 .5 .... 423,261 Bloom ington, 111.................... 287,277 . . . . 19 .1 316,401 262,710 11.0 291,663 Q uincy ....................................... D ecatur, 111............................... 338,913 23.3 .... 301,249 Sioux F alls, S. D .................. 303,253 22.6 .... 423,760 Jacksonville, 111....................... 212,609 .... 14.5 226,731 Frem ont, N e b .......................... 271,339 14.8 .... 287,880 H ouston ....................................f 20,581,684 17.3 . . . . 20,417,339 G alveston ............................... t 12,404,000 16.7 . . . . 11,420,000 Lincoln ..................................... § 1,216,086 .................... 983,168 M obile ....................................... 1,291,146 14.6 1,366,260 Brie, P a ...................................... 539,892 21.4 521,175 T otal, U . S ..........................$2,976,768,906 25.5 ____ T otal., outside N . Y ............. 891,709,754 11.0 . . . . D O M IN IO N O F C A N A D A . M ontreal ................................. $26,322,287 18.0 ____ Toronto ..................................... 18,426,527 5 .0 . . . . W in n ip e g ................................. 8,204,575 52 .4 . . . . Vancouver, B. C ................. 2,521,781 42.5 . . . . V ictoria, B . C. ................... 1,003,342 32.3 . . . . Calgary, A lb erta ............... § 890,649 ................ Edm onton, A lb e rta .........§ 719,644 .................... $3,230,277,125 950,538,507 $27,635,200 20,364,047 8,206,385 2,657,470 740,202 945,008 ........... T o t a l s ................................... $65,275,779 17.5 ___ $69,129,956 $N ot included in totals because containing other item s than clearings. ^Balances paid in cash. §N ot included in totals b e cause com parisons are incom plete. *L a st w eek’ s. M A N U F A C T U R IN G E S T A B L IS H M E N T S . In 1905 there were 207,562 manufa cturing establish ments in the United States, w ith increase o f product over 1900 of 4.2 percent; capital $12,686,265,673, increase 41.3 percent; w a g e earners, 5,470,321, increase 15.9 percent; w a g e s paid $2,611,240,532, increase 29.8 percent; value product $14,802,147,087, increase 29.7 percent. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis bank will o ccup y the co rner ground flour containing about twice the floor space available in the present location. It is expected that the new rooms will be ready about N o vem ber 1. T h e A m erican National is the yo u n ges t of the St. Paul banks. It was organized about three years ago by Joseph L o c k e y and capitalists associated w ith him. Mr. L o c k e y is president and L. H. Ickler, cashier. T h e capi tal is $200,000 and deposits about $1,225,000. T h e board of directors includes some fifteen w ell-kn o w n business men of St. Paul. BO ND S. L ivin gston , Mont.— A t a special election held in L i v ingston $25,000 bonds w ere voted for the purpose of con structing a main sew er throu gh the center of the city to the Y e llo w s t o n e river. Inkster, N. D .— A petition has been circulated in In k ster asking_ that a special election be called for the pur pose of vo tin g on the proposition of issuing $10,000 bonds to erect a n ew school house. Fairmont, Minn.— A t a special city election $50,000 in bonds have been voted for im p roving the w ater and light plants and p uttin g in sew ers and erecting a building for a city hall and the fire department. Spooner, W is .— Sealed bids will be received to O c tober first for the sale of three bonds of the village, two for $1,000 each and one for $1,500. T h e bonds bear in terest at five percent and are due and payable one y ea r co m m encin g January first, 1923. Chisholm, Minn.— The school board will make applica tion to the state school board for the loan of $70,000. T h e bonds will be paid as fo llo w s: T h i r t y thousand dollars in 1912, and $5,000 each y ea r there after until the w hole am ount is paid with interest at the rate of four percent per annum. Grogan, Minn.— W a t e r and light bonds in the sum of $30,ooo_ have been voted in Grogan. T h e bonds are of the denomination of $1,000 each and bear four percent inter est. T h e proceeds will be used in tak ing over the electric ligh t and po w e r plant n ow owned b y the G ro gan L m h t and W a t e r Company. St. James, Minn.— A special election will be held in St. James on Septem ber 19 for the purpose of vo tin g on a proposition to issue bonds to the amount of $6,500 for the erection of a public building and city hall. T h e bonds will be in the denomination of $1,000 each except one of $500, and will bear interest at five percent and will come due one each y ea r com m encin g N o v e m b e r first, 1908. . W a ba sh a, Minn.— T h r o u g h the courtesy of President Linn W h itm o r e of the F irst National B a nk of W abash a, the city has been able to reduce its bonded indebtedness $10,000. T h e $50,000 bonds issued in construction of the old narrow ga ug e bear six percent interest and mature on Septem ber fifth, 1908. President W h itm o r e persuaded the bondholders to surrender a block of $10,000 on Se p tember fifth on the paym ent by the city of a premium of $377-50. Seattle, W a s h .— A special election has been called for September 12 for the purpose of v o t in g upon a p rop osi tion b y which K i n g co un ty will issue negotiable coupon bonds to the am ount of $500,000 for the purpose of aid ing the United States in securing a completed ship canal alon g the gov ern m e n t right of w a y connecting Pu ge t Sound w ith L ak e W a s h in gto n . T h e canal is to be not less than twenty-five feet in depth with a botto m width of not less than 60 feet and will both serve the purpose of a public h ig h w a y and lo w er the waters of L ak e W a s h i n g ton seven feet, thus securing a large area o f farm land from occasional disastrous floods. T h e bonds are to be payable to James M oore or bearer tw e n ty years after date with four percent interest and to be deposited in escrow conditioned to be delivered (or cash equivalent) to James Moore upon the completion of the canal and its acceotance b y the United States. W E S T E R N B A N K E R S ’ C O N V E N T IO N S September 6, 7, 8, A. I. B. C .................... Atlantic City Seotember 25, 2 6 . . Illinois..................................Snrimrfield Oct. 16 , 17 , 18, 19 . . .Am. Bankers’ À ss’nSL Louis November 14 , 15 . N ebraska. .................... Omaha T H E C O M M E R C IA L W E S T Saturday, September 8, 1906 ¡J. J. DERIGHT & CO. j 318 Second Avenue South, j JOBBERS AND RETAILERS OF M I N N E A P O L I S , Men’s Clothing, Boys’ Clothing, Hats and Caps, Shirts, Furnishings, Furs, Shoes, Trunks and Bags, Cloaks and Wraps, Millinery. Dealers in SAFES VAULT DOORS, ETC. General Agents absolutely B urglar p r o o f Established 1882. Manganese Steel Safe Co. T h e P l ym ou th Clothing H o u s e H. J. B urton , Pres. H. L. T ucker , V-Pres. A Large Stock of Second Hand Safes AiLL, M A K E S u — E. A. D r e w , Treas. W . C. B urton , Secy. “ Plymouth Corner," 6th and Nicollet, Minneapolis* — -----------------------------------------------------------------------— ■ UNION INVESTMENT COMPANY F. H. WELLCOME, President F. E KENASTON, Vice-Prest. BERT WINTER, Sec. & Treas. . Authorized Capital INVESTMENT FARM M O R T G A G E S BAN K LOANS - WILLIAMSON & MERCHANT SE A T T L E , W A S H . Resources, Harrison & Smith Co. The oldest Title and Trust Company west of Philadelphia Abstracts, T itle Insurance j . u. Barnes, Brest. C. J. Tryon Trust Officer. Shipments on Northern Pacific and Great Northern Railways. WM. ANGLIM, V. Pres. FIRST N ATIO NAL BANK C r o o k sto n , M in n . Surplus $ 5 0 ,0 0 0 Absolute Security Afforded. No Safer Place for Your Valuables than a Box in Our Vaults. Inexpensive. Convenient. The Best. GUARANTY SAFE D EPO SIT VAULTS Formerly Guar. Loan Bldg. W. A. Hotchkiss, Treas. W. S. Jenkins, Sec’y. THE CANADIAN BANK OF COMMERCE Head Office, TO RONTO, C A N A D A . Over 100 branches in Canada and the United States, including New York, San Francisco and Portland. Seattle Branch W e Negotiate Farm Mortgages M IN N E A P O L IS . C apital $ 2 5 0 ,0 0 0 G uar an ty F u n d $ 1 0 0 ,0 0 0 Banking, Safe Deposit, Loans, Trusts, M IN N E A P O L IS Metropolitan Life Bldg. $8,000,000 M IN N EAPO LIS M IN N . BEMIDJI, ST. HILAIRE, CROOKSTON . 6 2 4 = 626^628 South Fourth St. Capital $ 7 5 ,0 0 0 - Minnesota Title Insurance & Trust Co. MILLS A T C. F. MIX, Cashier - A. Chilberg, Pres. J. F. Lane, Cashier. J. E. Chilberg,Vice Pres. Wm.Thaanmn,Asst.Cash. John B. Agen, 2d V. Pres. W. L. Collier, Asst. Cash. Transacts a general banking business. The largest Savings Department on the Pacific Coast. BEM IDJI, M IN N . J. W . W HEELER, Pres. M U N ICIPAL BONDS The Scandinavian American Bank Branch Office: 52 McGill Bldg., Wathington, D. C. Printers, Lithographers, Blank Book Manufacturers, Elevator Blanks and Bank Supplies to order. Estimates Cheerfully furnished. Personal Interviews with Country Bankers and Investors Solicited. SECURITIES C O M M E R C IA L PAPER Crookston L um ber Co. ATTORNEYS AT LAW Patent and Trade Mark Causes. Solicitors of United States and Foreign Patents Main Office : 929-935 Guaranty Building MINNEAPOLIS, MINN. PnrrocnnnHpnOA Correspondence îinH and $500,000 M IN N E A P O L IS Bank of Commerce Building, : : : : : G. V. HOLT, Manager Illinois T r u s t and S a v i n g s B a n k CHICAGO Capital and Surplus $ 1 0 ,8 0 0 ,0 0 0 Interest Allowed on Savings and Checking Accounts. INVESTMENT SECURITIES Yielding 4 to 5 % per cent. COMMERCIAL PAPER. W. B. M cKLAND Ô CO. S p e c i a l Offering upon R e q u e s t . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE* R O O K E R Y , C H I C A G O , T H E C O M M E R C IA L W E S T Saturday, September 8, 1906 The FIRST NATIONAL BANK Capital $1,000,000.00 13 ST. PAUL, MINN. U . S. DEPOSITORY Surplus and Profits $907,000.00 O fficers : Henry P. Upham, Prest. E. H. Bailey, Vice Prest. W m. A. Miller, Cash. F. A . Nienhauser, Asst. Cash. O. M. Nelson, Asst. Cash. D irectors : H. P. Upham, James J. Hill, Howard Elliott, D. C. Shepard, H. E. Thompson, E. N. Saunders, Louis W , Hill, F. P. Shepard, E. H. Cutler. Chas. W . Ames, E. H. Bailey, Theo. A. Schulze, Chas. W . Gordon, T. L. Schurmeier, W . A. Miller. BIG GAIN POR MISSOURI BANKS. (Special Correspondence to the C om m ercial W e s t .) K ansas City, Sept. 3.— In response to the recent call of S ecretary of State S w a n g e r that they make a sworn report sho w ing their financial condition at the close of business on July 10 last, returns were received from 905 incorporated and private bank's and 29 trust companies, which sho w a gr and total of deposits am ounting to $224,297,639.20. Sixteen of the banks are located in St. Louis, six in K a n sa s C ity and eight in St. Joseph, g iv in g a total of 30 banks to the three large cities, and these, with the 800 state and 75 private banks distributed over the state, make the total number of such institutions which were subject to call 905, and show that the state at large has 800 inco rporated banks. T h e total of 90S— which includes the private banks— does not comprise the entire number of banks in the state, how ever, as quite a large number of them have not been inco rporated for a sufficient length of time to be embraced in the call for a statem ent of their condition. N o report fro m a national bank is included in the figures given herein. The g r o w th of Missouri's wealth, as indicated b y the statem ents made by these financial concerns, which have increased in number and enlarged the volu m e of their business, is best show n by a com parison o f the reports made under the last call w ith those made in April, 1896. T h e n there were 462 incorporated banks outside the large cities, their re sources bein g $47,738,239.19. N o w there are 800 such banks, their resources am ounting to $115,761,944.33, or an increase of 338 in the number of banks and an increase of $68,023,705.14 in their resources, and all the banks, as has been explained, are not included in the last statement. Sho w in g Ten Y ears Ago. In 1896 there w ere 17 incorporated banks in St. Louis, which had resources am ounting in the a g g r e g a t e to $ 4 9 ,645,42546. U n der the last call there were 16 such banks in that city, w hose resources a grega ted $65,722,632.33. T h o u g h there was a decrease of one in the number of banks, the increase in their resources am ounted to $16,077,206.87. In 1896 there were five inco rporated banks in K ansas City, their resources a g g r e g a t in g $2,363,426.42. Under the recent call six K ansas City banks responded, show ing a gain of one bank, with resources a g g r e g a t in g $6,219,55543, a gain of one bank and an increase in resources of $3,856,129.01. In 1896 there w ere five inco rporated banks in St. Joseph, with $2,941,645.98 in resources. T o d a y there are eight such banks there, their re sources a g g r e g a t in g $8,703,432.85. T h is shows a gain of tw o banks and an in crease of $5,761,786.87 in resources. In 1896 there were ior private banks in the state, w hose re sources amounted to $6,229,516.82. A t the pres ent time there are but 75 such banks in Missouri, but their re sources a g g r eg a te $7,882,870.46. T h e number of private banks has been reduced 26, but their resources have in creased $1,653,353.64. T h e total number of inco rporated and private banks, including the three large cities, was 590 in 1896, as against 905 the present year. T e n y ea rs ago the resources of those 590 banks am ounted to $108,918,253.77. T o d a y the re sources of the 905 banks are $204,290,435.40, an increase of 315 in the number of banks and an increase of $95,372,181.63 in the am ount of their resources. C o u n try Sh o w in g in 1890. In 1896 the 462 inco rporated banks outside the three la rge cities, with an a g g r eg a te capital stock of $12,871,985.93, held deposits as f o l lo w s : . Individual, $26,693,- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 049.82; time certificates, $3,841,446.16. T otal, $30,534,495.98. In 1906 the 800 banks outside the cities, capitalized at $18,031,810, held deposits as fo llo w s: Individual, $70,808,647.59; time certificates, $14,698,415.16; demand certifi cates, $1,052,690.90. T o ta l, $86,559,753.65, an increase in capitalization of $5,159,824.07 and an increase in deposits of $56,025,257.67. In 1896 the seventeen St. L ouis banks, capitalized at $6,550,000, held deposits as fo llo w s: Individual, $23,597,289.48; time certificates, $11,217,267.74. Total; $34,814,557.22. In 1906 the sixteen St. L ouis banks, capitalized at $4,850,000, held deposits as fo llo w s: Individual, $26,241,502.92; time certificates, $22,450,177.50; demand certifi cates, $605,397 7 3 . T otal, $49,307,078.15, a decrease of $1,700,000 in capitalization but an increase of $14,492,520.93 in deposits. In 1896 the five K ansas C ity banks, capitalized at $410,000, held deposits as fo llo w s: Individual, $1,748,258.61; time certificates, $50,678.88. T otal, $1,798,937.49. In 1906 the six K a n sa s City banks, capitalized at $370,000, held de posits as fo llo w s: Individual, $3,187,208.17; time certifi cates, $728,056.57; demand certificates, $45,813.84. T otal, $3,961,072.58, a decrease of $40,000 in capitalization, but an increase of $2,162,135.09 in deposits: In 1896 the five St. Joseph banks, capitalized at $515,000, held deposits as fo llo w s: Individual, $1,310,731.90; time certificates, $565,907.65. T o ta l, $1,876,639.55. In 1906 the eight banks there, capitalized at $510,000, held deposits as fo llo w s: Individual, $2,545,857.81; time certificates, $828,752.38; demand certificates, $21,351.83. T o ta l, $3,395,962.12, a decrease of $5,000 in capitalization, but an in crease of $1,519,322.57 in deposits. D ep o sits o f P r iv a t e Banks in 1896. In 1896 the 101 private banks, capitalized at $1,118,200, held deposits as fo llo w s: Individual, $4,004,737.80; time certificates, $474,588.61; total, $4,479,326.41. In 1906 the seventy-five private banks, capitalized at $940,000, held deposits as fo llo w s: Individual, $5,235,926.21; time certifi cates, $636,185.06; demand certificates, $152,548.64; total, $6,024,659.91— a decrease of $628,200 in capitalization, but an increase of $1,545,333-50 in deposits. In 1896 the total capitalization of all the private and in corporated banks in the state was $21,465,185.93. In 1906 the capitalization of these banks is $24,710,810— an in crease of $3,245,624.07. In 1896 the individual deposits of all the private and inco rporated banks in the state am ounted to $57.-354,'067.61. U nder the present call these deposits are show n to reach $108,019,142.80— an increase of $50,665,075.19. T im e certificates, in 1896, amounted to $16,149,889.04. In 1906 they were $39,341,580.67— an in crease of $23,191,691.63, or a total increase of $73,856,766.82, to which must be added $1,877,802.94 demand cer tificates, m akin g the actual increase in deposits in the ten years $75,744,569-76. T h e se figures, so far as they have been given, apply to banks alone, because in 1896 the trust companies were not required to report as they are now. A recapitulation, in cluding the trust companies, will sh o w that the deposits which include individual accounts, time and demand cer tificates, savings and special deposits, reach the enormous sum of $224,297,639.20. O f this sum the banks hold $149,238,526.41, leavin g the twenty-n ine trust companies with $75,059, 112.79G e r m a n y ’s fore ign trade for the first six months of the year shows considarable gains over the figures fe " the co rrespondin g period of last year. Im ports amount ed to 26,220,000 tons, as compared with 25,270,000 tons last yea r; and exports reached 20,780,000 tons as against 18,550,000 tons. T H E C O M M E R C IA L W E S T 14 Saturday, September 8, 1906 The Northwestern National Bank M IN N E A P O L IS , M I N N . Capital.......................................................... $ 1.000,000 Surplus......................................................... 900,000 Deposits......................................................... 10,500,000 O F F IC E R S WM. H. DUNWOODY, President. M V KOON, Vice President. FRA N K E. HOLTON, Asst. Cash. EDWARD W . DECKER. Vice President. CHAS. W . FAR W ELL, Asst Cash. JOSEPH CHAPMAN, JR., Cashier. ROBERT E. MACGREGOR, Asst. Cash. D IR E C TO R S EDWARD W . BACKUS JOSEPH CHAPMAN, JR. W ILLIAM H. DUNWOODY M B. KOON GEORGE W . P EAVEY A. T. RAND C. D. VELIE O. C. W YM AN W A L T E R L. B A D G E R ^ BANK OF OTTAWA M IN N EAPO LIS, M IN N . ESTATE ®0UKht anc^ Sold on T D A N 'S JAMES S. BELL J. E. CARPENTER E. C. COOKE E. W . DECKER L. S. GILLETTE T. B. JAN N EY HENRY L. LITTLE W . G. NORTHRUP GEO. W . PORTER W . A. RAMSEY GEORGE W . V A N DUSEN E. P. WELLS E S. WOODWORTH J. T. W YM AN WINNIPEG Com m ission mac*e on F >rst-class Improved Security to net lender to 6 per cent. Special attention given to care of property with econom ical m anagement guaranteed. Beat of references. M A N IT O B A . _______ THE DOMINION B A N K Established 1874. Capital Authorized Capital (Paid Up) Undivided Profits - Head Office— Toronto. • _ Winnipeg BranCJl ' $3,000,000 2,892,330 3,042,350 Interest Allowed on Deposits FOREIGN EXCHANGE BOUGHT & SOLD Capital Paid U p, $ 3 ,0 0 0 ,0 0 0 Reserve Fund and U ndivided P ro fits, $ 3 ,8 3 9 ,1 4 2 A sse ts, $ 4 2 ,2 9 3 ,3 2 9 D eposits, $ 3 2 ,3 0 7 ,1 6 3 t t t - A General Banking Business Transacted C. A. B ogert, General Manager. E. B. Osler , M. P., President. - ST. PAUL a g e n t s : M E R C H A N T S N A TIO N A L BANK F. L. P AT TO N , Manager A . R. SAM PSO N , Assistant Manager Solicits y o u r b u s i n e s s a s Collecting A g e n t s in W e s t e r n C an ad a. ROBERT F. PERKINS EDWARD N. EENNO, JR STEPHEN N. BOND THOMAS F. BAXTER BOND & GOODWIN BOSTON N O T E BROKERS Ch ic a g o Commercial Paper Investment Securities Comoration Loam, Loans Secured by Investment Securities. Manager Chicago Office, CHARLES F. ME YER , First National Bank Bldg M inneapolis Property old and Managed on-Residents FRED MINNEAPOLIS, M IN N . Security Bank Bldg. MOORE BROS., BRACE & CO., Minneapolis T H O R P E - M U N IC IP A L B R O S . - - A n d r u s B uilding. THE F IR S T ROUT, JONES, President E. J. WEISER, Vice-President Capital and https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W E L L S Security Bank Bldg. N A T IO N A L F A R G O , N O R .T T H * * * Surplus, $ 2 5 0 , 0 0 0 . T h e O ld e s t a n d L a r g e s t B a n k in t h e S t a t e . BONDS OF T H E N O R T H W E S T to net 3% to 5 per cent. R e a l ELstate in all its B ran ch es. Own and offer City Mortgages, Improved Properties to net 6 p e r c e n t . SEND F O R LIST. DEAN, Commercial Paper. Rents collected; buildings improved and reconstructed to produce increased results. Satisfactory reference to local and eastern parties M I N N E A P O L I S . M IN N . W . BANK D AK O TA. 6 D I C K E .Y C O . M in n e a p o lis, M in n. OF FARG O s? HL MAIMING,CAudftor Depository o f the United States. S e n d u s y o u r IMORTH D A K O T A b u s i n e s s . T H E C O M M E R C IA L W E S T Saturday, September 8, 1906 LS W ashington of sleep in their fruitless efforts to frame a currency law that will harmonize W all Street 40 percent call money and Northwestern 100 percent agricultural prosperity. A W EEKLY JO U RN AL R E P R E S E N T IN G W E S T E R N B U SIN ESS Published by the Commercial W e st Co., Minneapolis, Minn H . V . J O N E S , P re sid e n t W . S. J O N E S , B u siness M a n a g e r M inneapolis O ffice, Suite 112 Lum ber E xchange Telephone Main 307. Chicago Office: 1221 Stock Exchange Bldg., C. B. Mac D o w ell , Representative SUBSCRIPTION IN ADVANCE. One Year, $3.00. POSTAGE FREE. Six Months, $11.50. Europe, £ 1 . The Commercial W est will not knowingly publish the advertisement of a financially unsound individual or company. ENTERED as second - class m ail matter a t the post office , MINNEAPOLIS, MINN. SATURDAY , SEPTEM BER 8, 1906. Editorial Comment. A lthough the French are notoriously the most saving and the Am ericans the most extravagant people in the world, yet in the past tw enty years bank deposits have increased more in this country than in France. No other country in the world, probably, would bear comparison with the show ing for France, which is wonderful. A recent con sular report says that A lfred N eym arck, a French statistician, calculates that from 1885 to 1905 de posits in the great French banks increased from $182,000,000 to $579,000,000. This is 218 per cent, increase, which in a country whose population is not grow ing and whose development is very com plete and uniform is marvelous. Y e t in the same years the deposits in national banks in the United States increased from $1,248,000,000 to $4,735,000,000, or 271 per cent. T he M innesota State A gricultural Fair was properly described by Governor Johnson in his opening speech last M onday as the greatest in stitution of its kind in the world. It is a fact not generally known, that M innesota has far eclipsed its sister states in its annual agricultural exhibi tion, not only in the quality and size of its exhibits, but in the number of visitors and volum e of gate receipts. T he 1906 fair now in session began the week w ith nearly 100,000 people for the opening day. T he week will doubtless record the atten dance of som ething like half a million people'— enough to bring success to an international ex position. T h e owners of the .greatest livestock and most notable race horses on the continent are eager for an opportunity to win laurels at the M in nesota fair; and the matchless agricultural re sources of the upper M ississippi valley make an old fashioned state fair of mammoth proportions worth crossing the continent to visit. F orty percent call money in W all Street seems to imply nowadays a big volume of prosperity in the M ississippi valley and in the W e st and South. W all Street is short of cash because the farmers of the interior have brought forth bumper crops to exhaust the Eastern currency supply. T he big crop returns mean big railroad traffic, increased earnings and dividends, and thence a bull stock m arket which further strains and tugs at W all Street finance strings. In short, the farmer who whistles as he drives his self-binder through his bumper crop of Minnesota and D akota w heat is causing W all Street Napoleons of finance a heap of trouble and robbing the treasury officials at https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Emerson in his great essay on “ Compensation,” calls attention to the fact that nature and human invention alw ays have a resource to meet the im pending em ergency. W hen firewood began to fail, “ black rock” or anthracite coal was discovered. W hen the tallow dip burned low, oil w ells made their appearance. W hen the wagon and stage coach were unable to develop the continent, the locom otive sprang into the human mind. Recent ly, when the forests began to show exhaustion and the lumbermen began to shove up prices on the remnant, the cement industry has begun to assume marked proportions. Portland cement, for example, has risen to a great industry so sw iftly that the statistician has hardly had time to catch breath. The output of 8,482,000 barrels in 1900 doubled and became 17,200,000 in 1902, and has doubled again to 35,246,000 barrels in 1905— in other words, quadrupling in five years. O nly so far back as 1890, the Portland cement production of this coun try w as only 335,000 barrels. Fortunately, the ce ment rock, limestone, marl and shale, used as ma terial, is w idely distributed. T h e 88 plants capi talized at $125,000,000 will multiply, doubtless, by a heavy percentage prior to the taking of the next census. The Twin Metropolis. On other pages of this issue w ill be found an article treating Minneapolis and St. Paul as one business metropolis and review ing statistically their grow th and resources in comparison with other leading business centers. Treated as a single metropolis the T w in Cities rival Baltimore, Boston, and St. Louis in present population, and present a far superior record in rate of population grow th. Indeed, in tw entyfive years the T w in Cities have attracted more people than W ashington, Pittsburgh, Buffalo. N ew Orleans, or San Francisco have acquired during the century or half-century of their ex istence. In manufacture, the T w in Cities already ri val Baltim ore and Cincinnati in value of product, and, indeed, if the product of suburban mills and factories established and operated by T w in C ity labor and capital at such nearby points as Hopkins, St. Louis Park, and South St. Paul, be added to that turned out within the city limits, the T w in Cities are already in the class with Pittsburgh, Boston and St. Louis in value of the annual manu factured product. In bank clearings, the T w in Cities in 1906 are in the billion-and-a-half-dollar class, with only six other financial centers— N ew Y ork, Chicago, Boston, Philadelphia, St. Louis, Pittsburgh. The gain in T w in C ity clearings has been sixty-five percent during the past five years. In bank de posits, tw enty T w in C ity national and state banks show nearly eighty millions, while the savings and trust companies swell this to one hundred millions for the Twin metropolis, which is back ed by the deposit line of over two hundred mil lions for the nearly nine hundred banks of the state. A n annual building record of sixteen millions, T H E C O M M ERCIAL W E ST i6 real estate transfers a g g rega tin g tw enty-five mil-, lions, assessed taxable valuation of tw o hundred and fifty millions, and new records for both bank clearings and transportation receipts and ship ments is a metropolitan -prosperity object lesson which has a splendid background in the industrial prosperity of a great tributary territory. A grain crop valued at $125,000,000, a lumber cut worth $40,000,000, a dairy product valued at $40,000,000, a meat product worth $30,000,000 more, and an iron ore output valued at $60,000,000, are among the staple factors of the state’s prosperity. One of the logical results of the big crop in come is the grow th in the value o f M innesota and D akota farms from $270,000 in 1880 to $1,640,000,000 in 1905, adding in less than a generation a billion-and-a-third to the country’s wealth and m ultiplying six-fold the financial power of the three states as resting on their broad agricultural foundation. Mr. Hill’s Warning. It is a good thing for a nation to have a few men with courage enough to go against the cur rent of popular fallacy and nationalistic jingoism , and point out once in a w hile the dangers that threaten. In the midst of the general prosperity shouting, Mr. H ill has the courage and foresight to point a w arning in emphatic terms, even to the point of show ing us that many of the very factors of our so-called prosperity are, in fact, simply methods of exhausting our heritage of natural re sources. T h e great Am erican forest resources, except a small patch on our Eacific coast, are practically gone. F o rty years at the present rate promise to use up the remnant o f our iron and coal, already long on the road to bankruptcy. O ur w heat fields., which in the days of virgin fertility yielded tw en ty-five to forty bushels per acre, have dropped through exhaustion of native fertility to a tw elvebushel average. T h e farms of the A tlantic coast and of the M iddle states have lost in both fertil ity and m arket value, because w e have neglected the study of thorough-going agriculture, such as today is practiced in all Europe, except only R us sia and possibly T u rkey. In the meantime, our population continues to swell both b y native gains at the rate of 15 per cent every decade and by imm igration at the rate of a million people per annum. Even w ith only three-quarters of a million of new imm igrants a year, the U nited States w ill have 200,000,000 peo ple in 1950; while, if im m igration ceases entirely, we shall have by natural increase 150,000,000 in 1950. W hether we have 150,000,000 or 200,000,000, the problem is, w hat shall w e do w ith them? H ow shall we house and feed them ; w ith forests goin g and practically gone, and w ith the w heat crop nearing the point of no surplus for export? O f course, the meat in the cocoanut, as extract ed for us b y Mr. H ill, is this— that the reliance of this nation, as of all others, is the soil, and that this nation, if it would perm anently prosper and endure, must speedily realize its danger and need, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday, September 8, 1906 and apply itself to a scientific and intensive, cul ture of the soil. France, which harvests double the crop per acre obtained’ on the average Am erican farm, support#' forty million people within a domain one-third smaller than T exas. Prussia sustains thirty-five millions on a territory smaller than California. England and Scotland combined are smaller than Minnesota, and yet support a population about three-fifths that of the United States. Japan is smaller than Montana, and cultivates an area about one-seventh that of M ontana; and yet on the products of these 19,000 square miles of high ly cultured farms and gardens there live fortyfive million th rifty and* industrious people who so recently showed their superiority on land and sea over the great ill-governed empire of Russia. T h e lesson of the hour, therefore, as expound ed by Mr. H ill in his addtess to the farmers and business men of Minnesota at the state fair last Monday; is— study and practice soil tillage and every branch of thorough agriculture. W e must do that, if we would fulfill our mission as a worldpower and as the w orld-refuge for the oppressed and needy. Mr. H ill would have the governm ent establish a model farm in e v e r y . congressional dis trict, and, if need be, have the states follow up the program w ith a model farm in every county. H e would recla im ' the arid lands, drain the swamps, practice scientific forestry, and establish good roads in every hamlet. H e would take down the tariff w alls which shut off the importations of raw materials from other countries. H e would cease exporting our native fertility to build up the industries of other countries b y exhaustion of our own resources. H e would husband the remnant of our national domain by distributing it among actual settlers on the basis of forty acres apiece. In short, he would call a halt on the w ild career of w aste and exhaustion, which marks the coun try and the times, and put our house in order for an enduring and prosperous future. Forty Percent Call Money. A s early in the crop-m oving season as Septem ber 5, W all Street sends out a w arning of curren cy distress w ith call money at forty percent. T h e resultant of three important factors— the currency demands of the crop-m oving season, the loan demands of a bullish stock market, and the com paratively low currency resources of the N ew Y o rk banks— proved too strong a combination for the banks to maintain custom ary rates, and call money flew to a prohibitory level. T he cash m ovement from N ew Y o rk to the interior for the current crop season began early in A ugust, as last year. T h e A u g u st loss to the in terior approximates $15,000,000; whereas in 1904, 1903 and 1902 the currency m ovement to . the in terior w as not pronounced until September. B ut the loss of this $15,060,000 of N ew Y o rk cash to the interior would not be seriously missed, w ere it not that the cash reserve is $35,000,000 less than a year ago and the surplus close down to law ful bedrock, i M oreover, by reason of a va riety of conditions, one of which is the heavy with- Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T clrawal of reserves from N ew Y o rk during the past ten months by western and southern banks, the deposits of the N ew Y o rk associated banks are up w ards of $125,000,000 low er today than a year ago Such a condition, with bumper crops of all kinds in the interior demanding currency, presents W all Street finance with a serious problem. W hen to these conditions is added a bull stock market, with leading railroad securities marked up ten to thirty points, a combination is produced that is not only exceptional, but so far as W all Street conditions go, is som ewhat critical. O ver half of the N ew Y o rk banks, including eight or ten nationals, are below the required 25 percent legal reserve. This compels them to raise the rate in order to protect their reserves. The surplus in excess of the legal reserve for the fifty-four asso ciated banks was down to the narrow margin of $2,800,000 last Saturday, as compared w ith $5, 500,000 a year ago and $47,000,000 tw o years ago. Last w eek’s loss of $11,794,000 in deposits, $4,360,000 in cash reserve, and $1,420,000 in the surplus was a forerunner of dear call money this week. T h e peculiarity of the N ew Y o rk currency sit uation is the fact, that it is produced by the gener al prosperity of the country. T he bumper crops of 1905 produced heavy currency demands in the interior and the w ithdraw al of western and south ern reserves from N ew Y o rk banks; while the big crops o f 1906 are renewing the currency de mands upon the East. T h e big crops, again, with consequent heavy demands for iron and steel, and largely increased railroad earnings, have proved a big bull factor in the stock market. The current bull m ovement is adding $500,000,000 w eekly to the volum e of N ew Y o rk clearing-house ex changes. The practical question is— Is there too much prosperity ? T h e W est and South would vote “ no” on this proposition. For that matter, the N ew Y ork banks that are reaping a harvest from 40 percent call money rates would join the farmers in a prosperity vote. The speculators who pay the 40 percent, and especially those on the bear side of the market, are the ones to complain of the country’s perverse prosperity. A t the same time, the object lesson of such an unseemly condition as 40 percent money is something to influence the country's financiers to a renewed study of the country’s national banking and currency problem. Spelling Reform. President R oosevelt has not added tor his tl tation by m aking an appeal for spelling refdjim. T he president has the right as an individual to adopt the Nasby style of spelling if he c h o o s e ^ , but he belittles himself by issuing in semi-offiflal' form a proclamation in favor of deforming the language. T he English press has not taken kindly to the proposition. T he Pall M all Gazette says: “ The sort of man who so interferes w ith the stan dard rules of gram m ar and -spelling as to w orry more than his immediate circle of friends and re lations is an anarchist.” T h e London N6ws repudiates what it calls the https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 17 Am erican language entirely and gives President Roosevelt carte blanche in m aking a tongue “ as little like A nglo-Saxon as are volupuk or esperanto.” d he London Star remarks of Roosevelt that having introduced “ a new and guaranteed brand of canned beef to the world this tireless innovator is engaged in popularizing a new brand o f canned spelling.” T he London Standard loses its temper complete l y : “ H ow dares this Roosevelt fellow ,” it asks, “ who is tem porarily president of an amiable re public, presume to dictate to us how to spell a lan guage which was ours while Am erica still was a savage and undiscovered country? If Roosevelt likes to meddle with spelling, well and good, so long as it clearly is understood that it is merely an Am erican language he is creating. W hen it conies to sentiment about an Anglo-Saxon hegem on}/ to bolster up an assaidt on the English lan guage we begin to kick. Our language is our own. W e love it and we shall w rite it as is prop er.” I he London Globe prophesies that Roosevelt will find, like W illiam the Conqueror, that it is easiei to subdue a people than a language, and says: “ W e have no desire to belittle Am erican achievements, and we even are content to admit that W alt W hitm an w rote poetry, if that will smooth matters, says the Globe, “ but we must venture to point out that in literature the United States of Am erica still remains a province of E n g land'.” T he London Leader, under the kee-Panky,” concludes: head: “ Yan- “ W e reely think R uzvelt and his frends mite leve 11s our own langw ige. T h ey have not left us much else. In sum instances it m ay be puzling, espeshully to formers and the imature skoolbov, but its orthografy has sertin historical value and we do not like to part with it. O f kots if Ruzvelt, backed up by Karnegi, sez we got to reform our speling we shal hav to, ancLdiat wil be the end of it, for K arnegi has awl the' dollers and R uzvelt has awl the branes, but awl the same it wil be dasht hard lin es^ O I he America|i/pre^s, as a rule, declares lack of sym pathy wlihf the pronuuciament. President Roosevelt h^s dqne many wise things, but we shall like him- the better if he confines his efforts to lines laid d<5 wn in the Constitution. Th at is a good document and it should not be lost sight of in ¡Unions political times. T H E B U L L ’S E Y E . T h e sense of tidiness like the artistic temperament is almost w h o lly an acquisition and not an inheritance. P o s sibly every human bein g is born with the germ of neat ness ly in g som ew here around in its physical economy. But the little thing will ge t early lost in the shuffle if the m other hasn t learned to love the smell of a w ashin g just in from the line. Babes that Wallow in road dust and pad dle in the gutter laugh and smile just like the ones in freshly ironed dimity. Tidiness is not essential to a cer tain form of physical com fort and mental calmness. P o s sibly not to piety. It m ay be that some men and wom en have had their first real go o d scrubbing up in the Better L an d beyond the g i a v e , for dirt and ignorance are co-ex- T H E C O M M E R C IA L W E S T i8 istent and consistent the one with the other, and ig n o rance is- not always sin. But cleanliness is the handmaid of godliness, and she is a hustler. She is ever chasing ig norance with her soap and scrubbing brush. T h e inhab itant of this Christian land w ho can die dirty and pious is a freak. D irt is usually a product of laziness, and lazi ness and piety are not bedfellows. Heaven is com m on ly supposed to be up, up a little higher than a lazy man will climb; and clean, a little cleaner than a dirty man likes. T h e w orst thing about dirt is that after a man has sat in it for a season he is apt to like it; and after tw o seasons he doesn’t notice it. F arm folks have been k n o w n to live for ten years with a pigpen betw een the dooryard and the public road and never w ake to the wickedness of it. * * * F u lly nine-tenths of the world's poor are dirty, and about nine-tenths of the dirty are poor. N o man who keeps clean ever gets dirt poor. Tidiness is the trade m ark of thrift. T ru e you can find here and there a m on ey m akin g farmer w hose farm yard looks like the devil’s dump; and a gro cer w ho is g r o w in g rich with garbage in the cellar. But these are exceptions. A s a rule the farmer with the slack farmstead is m essing alon g from year to y ea r guessing at his profits, b o rr o w in g to pay bis losses and twisting down hill along the lines of least re sistance. T h e sloppy gro cer goes to the wall a few months after a tidy one sets up shop next door. A dirty pack er can last a little longer if he has g ro w n big enough to kill competition; but for us smaller people dirt is the sign of de cay and w e do well to fear it. Saturday, September 8, 1906 Sit down and clutter will come and sit beside you. Y o u have to get up in order to tidy up. Tidiness, like, every other good thing worth ha ving co mes only by effort. But it is w orth all it costs and a nice margin of profit into the bargain. T h e art of tidiness, like art in any other form, gr o w s broader and finer and more enjoyable the far ther you fo llo w it. Clutter that looked passably go od to you a year ago will irritate yo u today if you are growing. Tidiness you did not see last season will kindle your eye with pleasure this year. B y these tokens you m ay kn o w that yo u are gettin g forw ard in neatness, and g r o w in g a little fitter for heaven. * * * A n untidy w om an is unthinkable; but m a ny a man thinks himself capable of breaking into the seats of the m ig h ty and into the realm of the respectable with an habitually wilted collar and tobacco stains on his shirt front. Some steps above this person is the man w ho shines his shoes and wears gold on his linger and necktie, but w h o lets weeds and ashes occupy his dooryard. Such a man is y e t but a barbarian— a half enlightened savage. T h e man w ho never tidied up his yard has a little start in civilization over the man w ho never to o k a bath. H e has learned to feel uneasy when p ersonally dirty. W h e n he has g r o w n to be annoyed by dirt on his premises he is com in g to his rights as a citizen of a civilized country. A n d when he loves tidiness enough to help the neighbors of his street and w ard and town to clean up in concert he is fit for entry on the roll of w ho leso m e citizens— p ro vid ed of course that he is clean inside. — T h e Sharpshooter. COMPETITION AND SOME DIVIDENDS. (Special Chicago Correspondence to the Com m ercial W e s t.) Ch icago, Sept. 4.— Opinion is that the 1V2 percent quarterly dividend will be passed this month by the direc tors of the Illinois Brick Company. T h e brick w ar be tween the “ tru st” and the independent companies, which has been w ag ed all summer, still goes merrily on and there are no signs of abatement. So long as it continues under present conditions, so long will profits prove im possible and dividends undeclarable. President G eorge C. Prussing is serene in his talk. H e says the “ tru st” minimum price for brick is n ow $5 per thousand, w hich allows a small profit. He declares that the “ trust” is prepared to put the price even lower, if that is necessary to discomfit its rivals. He feels that the “ trust” has the whip hand of the situation, and he asserts that his com pan y is prepared to continue its present polic}for years, if necessary. T h a t policy is presumably to cut prices and pass dividends. Y e t the independent companies survive, if they do not flourish, and a man like President W e b b e r of the N a tio n al Brick Co m p any is as cneerful as the day. T h e Illinois B ric k C o m p a ny states that up to A u g u s t 1, it had delivered 25,000,000 more brick than at the same date a y ea r ago. T o w hat good? T h e re is no profit in the business under present conditions and the w ar will run n ow to the end of the season. T h e Corn Products Refining C o m p a ny announces the postponement of the plan to put its pre ferred stock on a 7 percent basis. O verproduction of glucose is the cause alleged, and a warfare of competition against rivals is declared. T h e usual 4 percent dividend is expected to be continued, however. President Bedfo rd of the com pany says for quotation: “ W e are using our m on ey to so reorganize and extend our plants that w e shall be in a position within a couple of years to sell at w hat rs to day cost price. T h e r e is al ready overproduction, but w e mean to secure as large a share as we p ossibly can of the trade. O u r capacity is 3,000,000 bushels monthly. It looks to me as if it would be a case of survival of the fittest.” T h e receiver of the T h ird National Bank, which failed in 1877, is disbursing a dividend of i 2 l/ 2 percent to the stockholders. Dividends of 5 7 % have already been paid. GREAT BUSINESS ACTIVITY IN OMAHA. (Special Correspondence to the Com m ercial W e s t .) Omaha, Sept. 3.— If one wishes to be ultra-conserva tive he m ay apply the term “ extre m e ly b rig h t” to the prospects for the new period of the year just opening as view ed by O m ah a bankers and business m e n .. Stron ger expressions are fre quently used in conversation. T h r o u g h out N ebraska and O m a h a ’s trade territory gen erally p ros perity even greater than that of the past year has been as sured the farmers. Crops, both w heat and corn, are g e n erally excellent and this fact, added to the stro n g finan cial position in which the farmers already stand, holds out great promise for the fall and winter. T h is condition is already bein g heard from b y the jobbers, w ho for the past three weeks, fo llo w in g the e x trem ely w arm spell, have been nearly buried under an ava lanche of orders. O n l y b y w o r k in g night and day have the houses been able to handle the rush. O rders for w oo len goods have occupied attention of the dry goods jobbers, w h o are unanimous in s ayin g that all indications point to a continuation of the present business for the rest of the year. A m o n g the hardware jobbers the de mand has been unprecedentally heavy for some time and manufacturers are almost w ith out exce ption behind on https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis deliveries. In heav y hardw are a distinct improvement has been noted recently, attributable to the early resump tion of many implement plants. Unusual activity pervades real estate and building cir cles and the year promises to take second place in amount of building done in the history of the city. T h e high re c ord for the city w as made in 1887, when building permits amounting to over six million dollars w ere issued. Up to the present last year holds second place w ith over four and a quarter million dollars’ w orth of improvements. A m o n g the y e a r ’s buildings, some o f which are now building, some under construction and some to be begun shortly, are these: M. E. Sm ith & Co., two buildings at Ninth and F arnam streets, each 132x132 feet, eight stories, about $400,000. Carpenter Paper C o m p a n y building, Ninth and H a rn ey streets, 132x132 feet, seven stories, $200,000. T h e Parlin, O rendorff & Martin “ flat iro n ” building, at T e n th and L ea ve n w o rth streets, length 264 feet, average width, 75 feet, cost $200,000. E xten sive building at Union Pacific shops, of which a new b la ck smith shop alone is costing $90,000. Union Pacific co m missary warehouse, Ninth and L ea v e n w o rth streets, 50X 200 feet, four stories. $100,000. N y e -S ch n eid e r-F o w ler elevator, on O m ah a Grain terminals $150,000. U. S. S u p ply Company, warehouse, 66x132 feet, six stories, $75,000. Nebraska T eleph o ne Company, warehouse at Eighth and F arnam streets, 44x132 feet, four stories, $30,000. A, Saturday, September 8, 1906 LEWIS E. PIERSON, President T H E C O M M E R C IA L W E S T C apital $ 1 ,0 0 0 ,0 0 0 TQ Surplus $ 7 5 0 ,0 0 0 JAMES E. NICHOLS, Vice-Prest. ROLLIN P. GRANT Cashier, DAVID H. G. PENNY, Asst. Cashier Let Us Save You Worry on Troublesome Items. Our Service Means Less Labor to You. We s t B r o a d w a y a n d C h a m b e r s St. , N E W Y O R K C I T Y J. Beaton, w arehouse at E igh th and F arn am streets, 88x 132 feet, four stories, $50,000. Fairm ont C ream ery C o m pany, plant at T w e lfth and Jones streets, 66x132 feet, three stories, $50,000. Conservative Savings & Loan Com pany, office building at Seventeenth and H a rn ey streets, 33x128 feet, two stories, $30,000. W o r k o f t h e Real E s t a t e E x c h a n g e . T h e Real E state E x c h a n g e has been a powerful factor m the development of O maha, org anized as it is of practi cal, energetic and influential business men, w ho have been decidedly active in matters co ncerning the welfare of the city. P r o b a b ly the most notable w o r k of the exch an ge in recent years has been in connection with tax re form in Omaha. T h e raising of the assessm ents of the franchised corporations to practically the same basis as that of the ave ra ge tax p ayer was brou ght about only after a hard fight and considerable expense, the cases being carried from the city council to the supreme court and back again. ■ Vario us other phases of equality in taxation were brought about. T h o u g h the efforts to have railroad taxation for local purposes brou ght up fo the normal standard have so far failed, the exch an ge has done much to point out pre s ent iniquities in this phase of the taxation problem, with the result that the agitation now being bro u ght out politi cally in the state has been much helped along. Prom inent in the fight for tax reform have been F. D. W e ad , W . G. Schriver, G eo rge T. Morton, C. F. H a rr i son and W . G. Ure. T h r o u g h o u t O m a h a ’s territory bank deposits are ge n erally larger than ever before at this season of the year with but light demand for m o n ey from the farmers, who are becom e depositors rather than borrowers A lth o ugh there will be a considerable demand from elevator and grain men m o n ey is gen erally easy throu ghou t the state, and m o n ey is gen erally bein g loaned east. B i g In c r e a s e In B a n k D e p o s i t s . O m ah a s banking histo ry has been one of increased deposits rather than an increased number of banks. In 1S85 there were six national banks in the city as c o m pared w ith five at present. In 1885, however, the national banks had capital, surplus and undivided profits of $2,100.000, as compared with $4,100,000 today. T he n th e y had deposits of $7,700,000; today they have $37,400,000. Then they had loans and discounts of $5,200,000; today they have $23,600,000. T h e n they had cash and due from banks $3,500,000; to day they have $14,800,000. T he n they bad total resources of $ t o ,6 o o ,o o o ; n ow th e y have $43,100,000. A detailed comparison of the financial situation in the c it y ’s national banks twenty-one years ago and n ow is as fo llo w s: F irst N a tio n a l........... O m aha N a t i o n a l .... N eb rask a N ation a l. . M erchants N ation al. U . S. N a tio n a l........... Com m ercial N a t’l . . . T otals F irst N a tio n a l........... Om aha N a t i o n a l .... N eb rask a N a tio n a l.. M erchants N ation a l. IT. S. N a tio n a l......... Com m ercial N a t ’l . . C ap ita l. .Tulv July 1, 1885. June 18. 1906. $590,000 .00 $500,000 .00 500,000 .00 1,000,000 .00 250,000 .90 200,000 .00 100,000 .00 500,000 .00 100,900 . 00 600.000 .00 300,000. 00 Liquidated $1,750,000 .90 ' $1,363,02;2.30 Deposits. July 1, 1885. June 18, 1906. F irst N a tio n a l........... $2,321,639.53 $10,959,371.80 O m aha N a t io n a l... 2,656,921.80 10,367,167.80 N eb rask a N ation al. 704,346.04 1,792,325.31 M erchants N ation a l. 863,969.21 5,253,165.87 U. S. N a tio n a l........... 811.671.02 9,070,893.33 Com m ercial N a t’l . . . 408,158.65 Liquidated T otals ........... $7,766,706.25 T otals July 1, 1885. $1,428,928.23 1,706,167.21 495,774.23 659,008.53 496,473.75 4S7.041.15 $5,273,393.10 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T otals .................... $3,597,880.95 $14,806,840.35 $11,208,959.40 T o ta l Resources. July 1, 1885. June 18, 1906. Increase. F irst N a tio n a l........... $3,007,313.94 $12,154,549.76 $9,147,235.82 O m aha N a tio n a l. . . . 3,483,756.92 12,252,333.59 8,768,576.67 N eb rask a N ation a l. 1,213,241.68 2,282,340.59 1,069,098.91 M erchants N ation a l. 1,153,677.17 6,089,480.12 4,935,802.95 IT. S. N a tio n a l........... 1,032,857.50 10,359,842.35 8,552,550.70 Com m ercial N a t’l . . . 774,434.15 Liquidated Totals ..................... $10,665,281.36 $43,138,546.41 • , °T :• P,urP °se of com parison the figures of cial N ational B ank are added to those of the N ational Bank, which absorbed their business on $32,473,265.05 the Com m erU nited States July 24, 1905. In 1885 O m ah a people were too busy m a kin g m oney to think of s aving it. O f late years, however, savings banks have multiplied. T h e banks, to ge th er with other enterprises have kept active pace with the requirements o f business. W h ile conservative, in a measure they have kept their eyes open for the main chance. W it h but few exceptions the O m ah a banks are still doing business where they stood tw e n ty years ago; but banking methods have changed co nsiderably with the lapse of years. In 1885 a loan of $8,000 or $10,000 w as som ething to be han dled wisely. T h e law allows only a 10 percent loan of the capital, and in m a ny banks at that time a $10,000 load was stretching the capacity to the utmost. T h e re are several banks in O m ah a at the present day w hose capital would more than cover the capital of the entire banking business of O m ah a in 1885. Choose a Conservative Investment for your capital among the following classes of securities: Farm Mortgages, 5 per cent, 5M per cent, 6 per cent. Public Service Bonds, 4% per cent to 5 M per cent. $37,442,924.11 Municipal Bonds, Increase. $369,503.55 25,830.67 58,019.64 106,606.39 253.262.54 $813,222.79 Increase. $8,637,732.27 7,710,246.00 1,087,97,9.27 4.389.196.66 7.851.063.66 $29,676,217.86 L o a n s and D is c o u n ts . F irst N ational Om aha N a t i o n a l... N eb rask a N ation a l. M erchants N ational IT. S. N ational . . . Com m ercial N a t ’l . . . Increase. $3,598,616.28 2,881,364.43 504,868.82 1,933,644.67 2,290,465.20 $2,800,000..00 S u rp lu s and P rofits. July 1. 1885. Juno 18. 1906. $125,674 .41 $495,177..96 259,335 .12 285,165..79 33,895.,64 91,915. 28 99,707 ,S6 206,314. 25 31,186. 48 284,449. 02 16,736. 50 Liquidated $666,536.01 C as h a n d D u e f r o m B a n k s . July 1, 1885. June 18, 1906. $1,251,374.64 $4,849,990.92 1,226.543.99 4,107,908.42 339,521.28 844,390.10 330,027.35 2,263,672.02 236,245.47 2,740,878.89 214,168.22 Liquidated F irst N a tio n a l......... Om aha N a t io n a l... N eb rask a N ation al. M erchants N ational U. S. N a tio n a l......... Com m ercial N a t'l. June 18, 1906. $6,229,451.70 6,308,358.42 946,400.22 3,394,357.05 6,725,130.72 Liquidated $23,603,698.11 3U per cent to 4K per cent. Railroad Bonds, 3% per cent to 5 per cent. Government Bonds, 2 per cent to 5 per cent. Established 1878, W ells & D ic k e y Co Capital and Surplus $350,000. Increase. $4,800,523.47 4,602,191.21 450,625.99 2,735,348.52 5,741,615.82 $18,330,305.01 Security Bank Building, Fourth Floor, MINNEAPOLIS, MINN. T H E C O M M E R C IA L W E S T 20 Saturday, September 8, 1906 WATSON & COMPANY, B R O K E R S Chamber of Commerce, Minneapolis-— 24 Broad Street, New York S to c k s , B o n d s , M N EW YORK STOCK EXCHANGE. CHICAGO STOCK EXCHANGE. WINNIPEG GRAIN EXCHANGE. O rn iti, B M P r o v isio n s« B E R S i CHICAGO BOARD OF TRADE. N EW YORK PRODUCE EXCHANGE. DULUTH BOARD OF TRADE. MINNEAPOLIS CHAMBER OF COMMERCE ST. LOUIS MERCHANTS EXCHANGE. N EW YORK COFFEE EXCHANGE. NEvV YORK COTTON EXCHANGE. TELEPHONE, C A L L S Private Wires to Chicago, New York and Other Cities. Northwestern Main 4492 and Main 2816 Twin City 184 THE MENACE OF PSEUDO-SCIENCE. B y Philip Payn e, of Ch icago. T h e four gospels, which form the basis of historical Christianity, are the creation of co nsummate genius, if not an emanation of divine inspiration. i h e w isdom of them is seen in their reticence, 111 w hat they refrain from attempting to define. It remained for commentators and logicians to invent the dogm as the gospels failed to frame, to evolve a precise system from tender and poetic figures of speech. Some great minds and m any small minds engaged in this after-business. A n d so industriously was it pur sued by many generations of “ thinkers that the leltgion of the gospels crystallized into the theologies of the various schools. A s human nature displays much the same attributes throughout the centuries, so the human mentality retains about the same powers and limits of power, whatever the change in the material with which it is exercised. As the logical and speculative human mind once treated religion, so today it bids fair to treat science. A s y ste m atic mind is a system atic mind w hether dealing with the doctrine of St. Paul or the theories of Darwin. A11 ambitious and conceited speculation will upon the basis of a scientific probability construct a system to explain the universe, just as the same order of mind a thousand years ago found justification in a few texts for a particu lar all-em bracing theology. Y e t nothing is so clear today as that science is one thing and the speculations of scientific men or of supposably scientific men are another. A nd nothing is more plain than that scientific men, so-called, attempt to im pose their authority upon the regular public just as long ago the churchman laid his ipse dixit upon the crowd. Did we not hear a Un iversity of Chicago “ s o cio log ist” but the other day retort to a respectable physician who had ventured to question the fo rm e r’s deliverances upon marriage, that the latter before daring to be so imper tinent should go read a few things, of which impliedly the learned pedagogue possessed an esoteric knowledge? T h e masters of pure science are rarely dogmatical. Read the w orks of Charles D arw in and observe how slow a great intellect is in com in g to a conclusion, how even after a conclusion is taken room for skepticism is r e c o g nized, how cautious in the application of a theory to other spheres of inquiry or of speculation he continues. It is probable that Darw in, who as some one has said has more profoundly revolutionized human thought than any one individual in history save St. Paul— it is probable, I say, that D a rw in never permitted his mind the luxury of fo rm ing a co mplete conception of the universe in accordance with his notion of biological evolution. T h a t feat was reserved for H e rbe rt Spencer. T o con struct a speculative system upon a biological analogy was useful and enlightening, hut scarcely final. Mathematics, dominated the reason of the 17th century, just as b io lo gy did the reason of the 19th, and in all probability is destin ed to do in the 20th. Spinoza attempted to explain e x https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis istence and the universe by a mathematical method, as Spencer has attempted to do by a biological, as some one to come will doubtless essay to do by a chemical. M arvelous an intellectual feat as was Spinoza s peiformance, his “ E th ics ” are out of date today. So some chemical Spencer will render our biological Spencer o b solete, and the future student will smile to observe the intellectual audacity that permitted the latter to “ rush in where angels fear to tread.” Men like D arw in and H elm holz, genuine scientists, had no compre hensive theory of the universe, that they would swear by. T h e y were investigators, not spec ulators, and they kn ew the limits of human kn o w le dge quite as well as they knew particular provinces of exact science. D arw in probably would have smiled skeptica lly at his disciple's endeavor to reduce eve ry th in g in and out of sight to biological terms. T his present decade happens to be a go od period in which to draw the distinction betw een science and pseudo science. T h e discovery of radium has nullified the force of the great nebular theory, has placed an interrogation mark after the atomic theory. Science is not impeached. Science is the modern saviour of the world. Science has achieved great positive material results and even greater neg ative spiritual results. But science is one thing, and her bastard offspring are others. Spencer in his ambition to complete the arc of his s ystem bestow ed his imprimiatur upon “ s o cio log y / and in consequence we are afflicted w ith swarm s of s o cio lo gis ts ” who, flourishing the insignia of science, would have us bend our knees to their authority. L ik e w is e socialism (w hich Sp encer anathem ized) finds its sanction in " sci ence” and advances w hat its advocates trium phantly ac claim as the “ material conception of history.” A ll these rapid revolutionists invoke science in order to overawe us ignorant and superstitious multitude. W h a t in reality they invoke is not science, but pseudo-science, or the speculations some minds have indulged in at the expense of science. N o w Darw in, who is responsible for evolution, was a biologist, w ho used a microscope upon form s of life. T h e Neo-D arw in ians would put politics, religion, society, eco nomics, and every other thing under the glass of the microsco pe and abide by the results. The notion is pre posterous. B io lo g y is but a department of human k n o w l edge, and human kn o w ledge is but a fragm ent of the trut'h. Life and the universe can no more be construed by a biological formula alone, than they could by Sp ino za’s mathematical formula, or by the chemical form ula which will some day he deemed the “ p hilosoph er’s stone.” O ne now adays can pick up books by men of a ck n o w l edged scientific standing and after reading w hat are a few demonstrated facts he launched into a .w h n l of specula tion, which speculation is founded upon evidence that would not serve to convict d dog in open court, and w hich Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T is quite as baseless as are those dreams of the poetic and religious imaginations the pseudo-scientists affect to despise. A theory, established apparently upon the rock of truth and developed to its conclusions by a relentless logic, m ay be reduced to flim-flam in a m oment by the d is c o v e iy of some new small fact or by the realization that an insignificant factor, which nevertheless vitiates the w ho le lational process, has been overlooked. It is well to rem em ber that a law of science, which w e are apt to venerate as fo rm e rly men venerated a do gm a of religion, is m erely according to scientific definition a manner of action, and that any manner of action m ay be modified by further investigation. It should be borne in 111111 d that practical science, the invention of mechanical appaiatus, the application of principles to practical p ro b lems, tremendous as has been the material effect, does not compel us to k o w -to w to speculative science, especial ly since the latter is a ckn o w le d ge d ly but a collection of co nvenient hypotheses, which are perforce altered many times within the length of one life. Science, if anything, is an empireism. Science should therefo re respect experience of any sort. T h e experience of business and affairs which is crystallized in what is call ed the haid com m on sense of business men, is som ething which science should consider, especially when as now the political e co n o m y of the doctrinaires is an admitted failui e and the propositions of the economics of school men are skeptically viewed. 21 It is a practical institution and not directed towards a universal sentimental fraternalization. If its success ef fects favorably the conditions of labor in general, as claimed, that result is m erely incidental. If Dr. A b b o tt means anythin g intelligible, he means socialism. A n d he is only a conspicuous example of a g r o w in g class. He voices the opinion or the sentiment of social settlem ents” and to s o r r o w a Russian term which is com in g into vogue, of the “ intellectuals.” H eaven kn ow s that in this world there is need for charity, organized and unorganized. A n d honor without stint should be bestow ed upon the devoted men and w om en w ho dispense it. But because there is woeful need of charity, because its dispensers are w orthy, is no leason w h y we should consent to social revolution as devised for us by “ settlement w o rke rs,” or at the demand of “ s o cio log ists” overturn society in a vain endeavor to abolish p o ve rty and uplift the “ submerg ed tenth.” F o r the fact is that “ social settlem ents” in Chicago and N e w Y o r k are centers of socialism. A n d in Ch icago these “ settle m ents” are reaching out to grasp the m anagem ent of the public schools. T h e r e is a distinction with a difference betw een the demand for w hat is erroneously called socialistic legisla tion and foi a socialistic state. F o r instance, the demands of the labor union in the w a y of legislation are styled socialistic by their enemies, but they are not so. A n em ployer s liability law might be wise or foolish, but it would not be socialistic. It would amend an ancient ,!ut y ° lir “ so cio log is t,” y o u r “ settlement w o r k e r,” principle of the common law, but it would not set up a yo ur socialist, your university doctrinaire, all of governm ent ownership and operation of anything. T h e w hom sport the sprig of science in their helms, look upon demand for a limitation upon the p ower of court in the business man as an unenlightened commercialist, junction is of a similar character. T h e demands of the whose opinion has no weigh t, w hose judgm ent can be labor unions are in their interest, as the demand for high tariffs are in the interest of manufacturers. Both are slighted. Y e t the spirit of true science would recognize legitimate, though they m ay or m ay not be expedient, and that men of the world, men of affairs, of trade, of m a n a ge neither are socialistic. ment. are the only duly qualified experts upon affairs and W h a t the “ intellectuals” demand has no foundation in upon that eluctible element, which scarcely inhabits lab the interest of an industry or of a body of craftsmen. T h e ir demands arise from their doctrinaire opinion of oratories or libraries, nam ely human nature. T ru e science, how to better others. T h e y are re form ers became regen moreover, w ou ld consider that the lessons drawn from the erators and revolutionists. Sometim es they support m o v e piactice and art of trade, are more authentic than those ments of legitimate conception; but more often they are deduced from a pretended history of the past, since the endeavoring to persuade the governm en t to assume ad ministrative responsibilities, to enlarge its executive gi eater portion of the past must remain unknown and function, to supplant private management. since kn o w le dge of the past, such as it is, cannot in the T h e da nger is real and is more or less imminent. T he nature of things be verified. P?11 bureaucracy, which Jefferson feared more than he Nevertheless,^ co mes Dr. L y m a n Abbott, talking about did that of kings, is upon us. A n d we have Mr. Bryan standing for governm en t ownership of railways, for the the age of individualism, w hich succeeded the age of creation in other w ords of a bureaucracy greater in numfeudalism, bein g n ow itself succeeded by the age of pater bei than that of F rance or of Germany, a bureaucracy nal co-operation. A n d upon this glittering generality lie witl^ w hich Russia’s in size can alone compare. builds the hope of a soon-to-be-realized socialistic future. T h e w orkin gm a n can expect less favor and iess justice from a bureaucratic employer than from an individual or The benevolent and learned gen tle m an ’s gen erality con corporate employer. A n d the w orkin gm an has the sound tains probably more fallacy than truth, as is usual with sense to kn o w as much. T h e vote in Chicago last spring generalities. It is language, scarcely fact. Feudalism, so that defeated M a y o r Dunne s municipal ownership was much as we k n o w of it, was a com p lex state, and what is the solid vote of the street railway employes. T h e vote of the engineers, the switchmen, the conductors can be meant b y individualism would be hard to define in terms relied upon to oppose Mr. B r y a n ’s governm en t ownership. of the concrete. P r o b a b ly fraternalism is an exceed in gly I he labor unions are acquainted with the gr ievances of the hazy estate in the D o c t o r ’s mind. governm ent postal clerks, w h o w o r k eleven and twelve If fraternalism and co-operation mean to him the v o l hours, w ho are insufficiently paid, w ho are forbidden to petition Congress, w ho can’t go on strike, w ho are “ up untary association of groups of men for specific purposes, against abstract, unalterable law and not against em he o ught to kn o w that such association is no new thing, ployers w ho can be persuaded or coerced. that examples of it are thick upon the pages of history, T h e progress of socialism with the w o r k in g class is not that w hat he styles individualism is y o u n g er than it, or at alarming W h e r e socialism is rampant is in the tents of least y o u n g e r in the modern western world. the intellectual. A n d w hat these' “ intellectuals” in their zeal to uplift and reform would do is to rob A m er ica of If on the other hand lie means by these terms state her freedom— freedom of action, of initiative, of invenm o n op o ly and management, w h y does he not frankly ad tion— freedom to experiment, to change, to progress. vocate socialism? “ Intellectuals” or logicians, or doctrinaires, or scho o l men, or sentimentalists, or “ thinkers,” call them w hat _W h a t e v e r he means, he brings to its support a pseudo you will— it is they w ho have a lw ays enslaved mankind scientific reason, which is as false historically as it is co m O nce they enslaved men with their theologies; again they mercially, which is a pure abstraction, a cluster of words. did it with their m etaphysics; and n o w they would fain V o lu n ta r y association is as old as civilization and has repeat the ty ra n n y by fitting society to a Procrustean bed ot pseudo-science, by m akin g us all w alk in lock-step acdominated society more entirely than it does to day or is co rning to the rules of “ s o c io lo g y ” and of socialism. likely soon to do. T h e conspicuous examples of vo lu n ,, ® doers of things, the creators, never were “ thinktary association in A m erica to day are the co rporation and ers. T h e artists, the poets, the engineers, the craftsmen the trade union. N eith er o f-th e m are socialistically ani t ie founders and makers of states, the captains of indus try, the scientific investigators and discoverers, the men mated; neither propose a general regeneration of society m a w o r d w ho have made civilization w hat it is, were or a sentimental fraternalism a m o n g the human units. none of them thinkers, doctrinaires, elaborators of mental T he trade union has for its specific purpose the raising systems m which to imprison the human spirit. of w a g e s and the shortening of hours. T o accomplish , , enaT ? r Clark of M ontana is reported to have re marked: ' 1 he trouble with great thinkers is that thev are these, it endeavors to “ co rn e r” the labor market. Its g e n c ia lly wrong, A pearl of supreme wisdom dropped benevolence is limited to its members; it excludes “ scabs,” fl 011i the month of a suckling and a b a b e 11 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T 22 GOODM AN MANUFACTURING CO M PA N Y BONDS. (Special Chicago Correspondence to the Com m ercial W e s t.) Ch icago, Sept. 4.— T h e F irst National B a nk o wn and offer $150,000 first m o rtg ag e 5 L percent serial gold bonds issued by the Goodm an M anufacturing Com pany of Ch i cago, 111., w hose office and w orks are at Halsted street and 48th Place, and whose products are “ G o od m an ” Coai M ining Machines, Electric Mine L ocom o tiv es, D y n am os and M ining Supplies. T h e bonds are dated July 1, 1906, are optional at 103 and interest on any interest date, denominations $500 and $1,000, interest payable semi-annually January 1st and July 1st. Maturities are as fo llo w s: $25,000 12.500 12.500 12.500 12.500 12.500 12.500 12.500 12.500 12.500 due due due due due due due due due due July July July July July July July July July July 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1908 1909 1910 1911 1912 1913 1914 1915 1916 1917 Sold Sold Sold Price Price Price Price Price Price Price 101 101.25 101.50 101.50 101.75 102 102 and and and and and and and interest interest interest interest interest interest interest 12.500 due July 1, 1918 N ettin g 5.25% Price 102.25 and interest T h e statem ent of the com pany's condition, when the bonds were issued, is as follo w s: Assets. $505,751.00 373,898.-07 289,636.01 93,932.44 Real estate, plants, m achinery, etc M aterial, raw and m anufactured .. Bills and accounts receivable . . . . Cash on h a n d .............................................. $1,263,217.52 L ia b ilitie s . ............................................ C apital Stock Bonds ................................................................. Bills and accounts payable .................... Surplus ............................................................... $500,000.00 150,000.00 268,543.84 344,673.68 $1,263,217.52 T h e co mpany's net assets are 8 times the amount of the bonded debt. T h e net earnings for the last 4 years have averaged $69,548.36, equal to over 8 times the in terest charges on the bonded debt. T h e net earnings tor the year ending D e cem ber 30, 1905, w ere $99,121.03, equal to 12 times the interest charges, and equal to n early 5 times the interest charg es and annual payment of $12,500. E U G EN E M. S T E V E N S i CO. 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 A N D RA ILR OA D BONDS NORTHWESTERN NATIONAL BANK BUILDING MINNEAPOLIS Robitshek, Frank & Heller M .RW B FRANK A.. H. HEULER. Manufacturers of “ Great Western ” SH IR T S, PA N T S , O VERALLS, D U C K COATS, M A C K IN A W S and JOB B ER S F U R N IS H IN G GOODS. 23-25 Fourth St. North, MINNEAPOLIS, M IN N .____ Minneapolis Real Estate Directory. T h e fo llo w in g a r e w e ll e s ta b lis h e d firm s in M I N N E A P O L I S R E A L E S T A T E an d L O A N S an d a re a c tiv e m e m b e r s o f th e M IN N E A P O L IS R E A L E S T A T E B O A R D . jo h n M c Ca r t h y , IN NEBRASKA LANDS. (Special Correspondence to the Com m ercial W e s t.) O maha, Sept. 3.— D u rin g the last two w eeks the at tention of buyers of real estate has been turned to farm and ranch lands and m any big deals have been closed. One of the important transactions was w here the land department of the Union Pacific sold to Illinois parties a tract of 10,000 acres in eastern W y o m in g . T h e parties buyin g have an eye on another tract of equal size near by and expect to secure it within a few days. T h is 20,000 acre tract will be converted into an immense farm and the dry farming method that has been carried on with such success in w estern Nebraska, will be adopted. E x pe rts in dry farm ing will be em ployed and the greater portion of the tract cropped with small grain. All of the local dealers handling farm lands 111 N e braska report a good business during the past week, but say that it has been nothing as compared with w hat will be done later in the season w hen the farmers of states to the east have secured their crops and gotten their fall w o r k out of the way. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis L. BARNES BROTHERS, D. C. A ssista n t Cashier of the C o n tin en tal N ational B ank of Chicago, whose candidacy for the secretaryship of the A m e r ican B a n k ers’ A ssociation w as recently announced. A C T IV IT Y W ALTER BELL CHUTE R. D. J. F IN V . C ity Property L oans & Property. IN V E S T M E N T COMPANY P. D W HEELER JONES & C ity Property L oans & R entals._______________ COMPANY, JONES, M IN N . T I T L E N IC K E L S R e n ta ls City Property & L oans.____________ IN S . & T R U S T & S M IT H , C ity N IC H O L , JU L IU S SCHUTT & S LO A N -M cC U LLO C H H. P ro pe rty L o a n s & C O. , City P roperty & L oans. B R O S . & B R A C E CO .. C ity Property L oans & R entals. MOORE P. C ity C ity Property L oans & R e n tals._______ M I N N E A P O L I S T R U S T CO ., S M IT H , THORPE L C ity Property & L oans. H . G O U L D , C ity Property, Suburban A cres and F arm s. D C. ________ ________________________________ & Z O N N E C O . , C ity P roperty L oans & Rentals. C O N K LIN T. A. J A M IE S O N , F. Rentals. E a s t Side P roperty. COMPANY, City CONE City Property, L oans & Rentals. City Property & F arm L oans. CO ., REALTY CORSER W. BADGER, C ity Property L oans & R en ta ls.________ Property.__________ ___________________________ SON, C ity Property L oans & R en ta ls . A G E N CY, C ity Property & R entals. E x c lusive L o a n s.___________________________ __ _______ BR O S , City Property L oans & R entals._____________ B. T A B O U R , City P ro p e rty ._________________________ ___________ W E l_ L S & y a l e D 1CK E Y REALTY C O M P A N Y , F arm L and s & L oans.___ _____ C O M P A N Y , City Property L oans & R entals Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T 22-a The Swedish American National Bank C a p ita l, $5oo,ooo M IN N E A P O L IS W e S o lic it B a n k a n d C o m m e rc ia l A c c o u n ts . OFFICERS: N. 0. Werner, President. C. S. HULBERT, Vice=President. M in n e a p o lis S e c u ritie s . Q uotations furnished by E u g e n e M. Stevens & Co., Com m ercial P aper and In vestm ent Securities, Northw estern National B ank Building Sept. 3, 1906. L a st Bid. Asked. Sale. Germ an A m erican B ank ................................. 160 175 F irst N ation al B ank ....................................... 200 2ÓÓ G erm ania B a n k ................................................ 115 H ennepin County Savings B a n k ............... Ì9Ó M erchants & M anufacturers State Bank Ì25 Ì35 125 M inneapolis T ru st Com pany ...................... 160 M inn esota Loan & T ru st C o m p a n y........... Ì35 Ì4Ò 135 M innesota N ational B ank .......................... 109 110 105 N ational B ank of C o m m erce........................ 155 160 160 N orthw estern N ational B a n k ........................ 235 235 St. A n th on y F alls B a n k ................................. 189 180 • Security B a n k of M in n eso ta ........................ 2Ì5 220 S w ed ish -A m erica n N ational B ank ......... 165 South Side State B ank ................................. 200 U nion State B a n k .............................................. 110 ¿05 M pls. G as L ig h t Co. 6’s, 1910-30............... 104 ÌÒ5 Mpls. G as L ig h t Co. Gen. M tge. 5’s, 1914’30 .......................................................................... 102 102 102 M pls. Gen. E lectric Co. 5’s, 1934............... 103 104 104 M inneapolis B rew ing Co., c om m on ........... 165 155 M inneapolis B rew in g Co., preferred ......... 107 ii ò 107 M inneapolis B rew ing Co., bonds ............. 111 110 M inneapolis S y n d ic a t e ..................................... 102 100 M inneapolis T hreshing M achine C o ___ Ì75 200 M inneapolis Steel & M achinery Co., pfd. 102 ió i M inneapolis Steel & M achinery Co., com 108 108 M innesota T itle Insurance & T rust Co. '9Ò 100 N orth A m erican Telegraph C o .................... 90 85 N orthw estern F ire an d M arine Ins. Co. 170 170 180 T w in C ity Telephone Co., first m ortgage 5’ s, 1913-16......................................................... 95 98 97 Tw in C ity Telephone Co., com m on ........... 100 Tw in C ity Telephone Co., p referred......... Ü5 115 S t. P a u l S e c u ritie s . T he follow ing quotations on St. Paul sécurités are furnished by Peabody & Co., brokers, 27 M erch an ts’ N ational B ank build ing St. P au l: Sept. 3, 1906. Sale. Bid. A sked. A m erican N ational B a n k . 101 101 Capital N ational Ba 120 F irst N ation al B ank 268 270 160 162% N ational G erm an -A m erican B a n k ., 155 St. Paul N ational B ank ...................... 120 S can d in av ian -A m erica n B a n k ........... Í5Ó 140 151 Second N ational B ank ...................... 160 156 State B ank ................................................ . 110 125 N orthw estern T ru st C o m p a n y......... 119 123 121 M inn. T ran sfer Ry. 1st 5s, 1916----103 105 M inn esota T ran sfer R y Co., 1st 4s, 1916 *95 100 Security T ru st Com pany ............................ 110 100 St. Paul Union D epot Co. 1st 6s, 1930. *125 130 *109 115 U nion D epot Co., consol. 5s, 1944......... 109 U nion Depot Co., consol. 4s, 1944......... 100 106 Interstate In v estm en t T ru st C o ........... 130 130 140 A m erican L igh t & Traction Co., pf d. . . . 100 102 100 A m erican L igh t & T raction Co., c o m ., 112 116 114% St. Paul G as L ig h t Co., 1st 6’s of 1915...*110 *111% St. Paul Gas L igh t Co., gen ’l 5s of 1944 *101 *101% St. Paul G as L ig h t Co., 1st cons. 6s. 1918 Ü.2 *114 *114 St. Croix Pow er Co., 1st 5s, 1 9 2 9 ... *94 *100 *95 Pioneer P ress Co., com . (P a r $50). 12% Pioneer P ress Co., pfd (P a r $50) . . ... 42% W e s t Pub Co., com ............................. 375 W e s t Pub. Co., pfd........................... 108 Tibbs, H u tch ings & Co., c o m ......... iòó Tibbs, H u tch in g s & Co., p fd .................... 102 Superior W a te r , L ig h t & Pow er C o .. 10 10 Superior W a te r , L ig h t & Pow er Co., 1st *62% 4s. 1931 .................................................. *62% St. Paul Fire & M arine Ins. Co. . . . 150 155 St. Paul Union Stock Y ard s Co. 1st 5’ s 91 of 1916 ............................................................... Interest. C h ic a g o S e c u ritie s . T he following quotations on Chicago unlisted securities are furnished by B urnham , B u tler & Co., 159 L a Salle St., Chicago: Sept. 4, 1906. Bid. Divld. A sked. A m erican Chicle c o m ......................................... 184 12 do, pfd ................................. .................................. 110 6 A m er. School Furniture (com bined) . . . 3 6 *Auditorium H o tel ............................................. 13 A u to m a tic E lectric ........................................... . . 96 102 B orden’s Condensed M ilk, c o m .................... . . 170 180 ÌÒ Do. pfd ............................................................. 112 6 B utler B ros............................. .................................. . . 255 275 15 Chicago R y. E quipm ent (par value $10). 8 8% 7 Chicago & M ilw aukee Elec. R y .................... . . 52 60 »Chicago Subw ay Co............................................ . . 50 54 Congress H otel com m on .............................. . . 130 150 12 D o, pfd ................................................................. 100 5 Cream ery P ackage .............................................. . . 120’ 124 8 Elgin N ational W a tc h Co................................. . . 182 8 187 Federal L ife Insurance ................................. . . 90 G reat W e ste rn Cereal ..................................... 30 G reat W e ste rn Cereal 6’ s ................................. . . 91 95 »Illinois Brick ...................................................... . . 40 i 45 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W rite fo r O u r L ib e r a l T e r m s . J. A. LATTA, Vice=Presidenl. Bank Stock Quotations. ♦And Surplus and Undivided P rofits, $33o,ooo. E- L. Mattson, Cashier. A. V. Ostrom, Asst Cashier International H a rvester .......................... ......... 94 »K nickerbocker Ice p fd ............................ ------ 70 »M asonic T em ple Association ............. ------ 46 »M anufacturers Fuel C o .............................. »N orthw estern Y e ast, new stock . . . ___ 197 »Page W o v e n Fence p fd .......................... . . . . 30 Railway E x c h a n g e ............. Stow ger A u tom atic Telephone ............. ___ 5 Union M atch Co., of D u lu th ...................... ___ 35 W e ste rn E lectric ....................................... . . . . 250 Unlisted Bonds. A m . School Furniture 6’s ........................ ___ 68 »Auditorium 5’s .......................................... Do. Cons. 5’ s ....................................... Board of Trade 4’s ..................................... . . . . 100 »Chicago A th letic A ssn . 1st 6’s ............. ------100 ** Do. 2nd 6’s ............................................. »Chicago & M ilw aukee Elec. Ry. 5’ s. ___ 99 do. R. R. new 5’s ................................... . . . . 94 Cicero Gas 5’s .................................................. Congress H o tel 1st 6’ s ............................ . . . . 110 Do. 2nd 6’s .................................................. D o. 1st new bldg. 4% 's .......................... D o. new bldg. 5’ s ................................... . . . . 95 G reat W e ste rn Cereal 6’s ...................... ------ 91 H artford D eposit 6’s ................................... Do. new bldg. 5’s ................................... . . . . 94 »Illinois Tunnel 5’ s ................................... . . . . 90 »K nickerbocker Ice 5’s ................................ M asonic T em p le 4’s ................................... . . . . 97 N orth Shore G as 5’ s .............................. ___ 90 N orth Shore Electric 5’ s ........................... N. W . Gas L . & C. Co. 5’s .......................... . . . . 60 »Page W o v e n W ire Fence 5’ s ............... . . . . 60 U . S. B rew ing 5’s ........................................... »W estern Stone 5’s ....................................... ------ 95 97 78 48 4 205 45 225 6 70 262 4 6 3 Ì2 8 1 1ÓÓ 80 102 104 1ÒÌ 96 100 120 1ÓÓ 100 95 108 99 94 100 100% 96 101 73 73 94 Chicago Bank Stock Quotations. Q uotations furnished by Burnham , Butler & Com pany. 159 L a Salle St., Chicago. Sept. 4, 1906. Book N ational B ank s— Bid Ask ed Value. ¿Bankers N ational ......................................... 205 210 157 Chicago N ational ............................................ fC ity N ational E vanston ............................ 180 155 ¡•Commercial N ational .............................. 330 3 li 197 •¡•Continental N ational ................................. 240 244 155 tCorn E xchange N a tio n a l.......................... 387 395 235 •¡•Drovers’ D eposit N ational ...................... 194 202 150 Federal N ational ........................................... 92 97 113 ¿.¿First N ational .............................................. 379 216 tF'ort Dearborn N ational .......................... 18S 197 130 •¡Hamilton N ational ....................................... 142 146 134 M onroe N ational ......................................... 140 150 109 •¡•National B ank of Republic ...................... 185 191 153 ■¡■National Live Stock ................................... 260 265 231 »Oakland N ational ..................................... 165 125 Prairie N ational ....................................... ICO 170 125 State B a n k s— •¡•American T rust and S a v in g s................. 241 251 177 §A ustin S tate .................................................. 150 134 •¡•Central T ru st Co. of Illinois................. 170 175 145 Chicago C ity B ank ..................................... 150 119 Chicago Savings B ank .............................. 145 153 115 •¡■Colonial T rust and S a v in g s........................ 225 191 Cook C ounty S avings ............................ 110 111 D rexel State .................................................... 150 109 D rovers T rust and Savings ................. 160 ¿70 129 F orem an Bros. B anking Co...................... 226 ■¡Hibernian Bankers A s s ’n ...................... 270 280 212 •¡•Illinois T rust and Savings .................... 620 635 277 K enw ood T rust and Savings ............. 104 108 110 M utual T rust and Savings ...................... 130 140 124 •¡Merchants’ Loan and T rust ............... 385 397 229 ¿M etropolitan T rust ..................................... 138 145 142 N orth Side Savings ..................................... 100 111 ¿N orthern T ru st Co .................................. 395 415 202 Oak Park T ru st and Savings ............... 200 145 Peoples T rust and Savings ................. 125 ¿35 120 ¿Prairie S tate B ank ................................... 250 138 Pullm an Loan and T ru st ...................... 205 176 R ailw ay E xchange ....................................... . 100 102 R avensw ood E xchange B a n k ................. iso 110 ¿Royal T rust Co................................................... 195 205 197 South Chicago Savings .............................. 121 126 122 ¿State B ank of Chicago ............................ 263 270 180 State B ank of E van ston .......................... 215 230 214 Stock Y ard s Savings ................................. 180 145 ¿Union T ru st Co ......................................... 250 168 U nion Stock Y ard s State ...................... 125 ¿30 112 ¿W estern T rust and S av in g s.-................. 188 197 126 ¿L isted on Chicago Stock E xchange. ¿Includes F irst T rust and Savings. ¿Div. of 50 per cent declared M arch 31. Capital K creased to $100,000. §Stock divident 100% declared and paid July 23 from Aurplus. Capital now $50,000. GEO. B. LANE, C O M M E R C I A L P A P E R , Northwestern National Bank Building’, M IN N E A P O L IS , M IN N . T H E C O M M E R C IA L W E S T 22 b Saturday, September 8, igo6 T h e N orthw estern M utual L ife Insurance Com pany of Milwaukee, Wisconsin Do you Know that this Company in these times o f Insurance Agitation wrote in the year 1905, the largest amount o f new Insurance it ever wrote in any one year, and Do you Know that during the first 6 months o f 1906 it exceed ed the first 6 months o f 1905 by over 6 million dollars o f new business? Do you Know that the reason for this magnificent showing lies in the fact that the people in general are becoming better acquainted with the sterling qualities o f this great Company ? Do you also Know that the Northwestern’s ONE policy, paid for by one annual premium, covers MORE contingences and grants MORE privileges than any six policies o f any other company combined, and that in DIVIDENDS it also exceeds any other company, thus re ducing the cost more than any other company ? Do you also Know that this Company has more Insurance in force on residents o f the state o f Minnesota than any other Life In surance Company doing business in the state ? If you do not Know=== Any Agent o f the Company will be glad to enlighten you and show you good reasons why you should prefer this Company to place your Insurance in. Respectfully, I. KAUFMANN, General Agent, 210=217 Bank of Commerce Building Minneapolis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Minnesota T H E C O M M E R C IA L W E S T Saturday, September 8, 1906 2T MINNESOTA NATIONAL BANK OFFICERS: A. D. Clarke , President. S. T. J ohnson , Vice-President. H. G. M erritt , DESIRABLE BUSINESS SOLICITED. Cashier. D IR ECT O R S:-A D. Clarke S T Johnson H. G.Merritt, H. E. Fairchild, Josepn Molyneaux, A . J, Powers, C. J. Hedwall, L. H. Johnson, M. G. Pflaum John McCulloch, S. H. Taylor, E. H. Moulton, J. A. Modisette, P. D. Boutelle, C. L.Grandin. MINNEAPOLIS, MINN. THE NEW NORTHERN TRUST BUILDING. (Special Chicago Correspondence to The Com m ercial W e s t.) Ch icago, Sept. 4.— T h e N o rthern T ru st C o m p a n y ’s new building is p ractically co mplete upon its site, the n orthw est co rner of L a Salle and M onroe streets. T h e building adds distinctly to the architectural dignity of the financial quarter. Its fro n ta ge is one-half of a city block, 190 feet, upon L a Salle street, while it runs back on M onroe street 73 feet. T h e style is an adaption of E gy p tian , and has no other exem p la r in Ch icago. Mass and w eigh t are the characteristic qualities, alth ough decoration and lines of grace are by no means neglected. T h e material for the exterior is pink granite from Redstone, N. H. Concrete caissons built upon solid rock about 105 feet below the » NEW NORTHERN TRUST BUILDING, CORNER LA SALLE AND MONROE STREETS, CHICAGO. street level are the foundation. T h e granite pillars sup p orting the cornice are 38 feet high. T h e main entrance is on L a Salle street at the corner of Monroe. It opens upon the entrance hall which o c cupies the entire south end of the building. T h e B a n k ing department fills the second floor, as do the Safe D e posit vaults the basement. T h e Savings department with large w indo w s opening upon the street and guarded by heav y steel grilles extends north on the first floor from the entrance hall the w hole length of the building. E x c lu s iv e ly for the m anager of the clearing house, an A s s e m b ly room for the association, a committee room and the like. T h e business is distributed on the several office floors as follo w s: Sub-basem ent: General storage, file rooms, motors, machinery, boilers. Basem ent: V aults of the Banking, Savings and T ru st department, the safe deposit vaults, storage vaults, co u pon and m eeting rooms, and retiring rooms for men and w om en customers. F irst floor: Savings department, bond department, w o m e n ’s w riting and retiring rooms. Second floor: B a n k in g and fore ign departments. T h ird floor: T ru st department, the rooms of the president and directors, the law library, and private rooms for consultation with the T ru st officers and a ttor neys. For N orthe rn T rust Company. T h e building is planned exclu sively for the bankingbusiness of the N o rthe rn T r u s t Company. T h e only e x ception is the ro om s for the Chicago C learing House A ssociation on the fourth floor, which includes an office https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis b o urth floor: Chicago Clearing H ouse association. Officers and D ire c to rs . T h e capital of the N orthern T r u s t Co m p a ny is $1,500,000, the surplus $1,000,000. T h e directors are A. C. B a r t lett, president of Hibbard, Spencer, Bartlett & Co.; J. H a rle y Bradley, president of David B radley M anu factur ing Co.; W illia m A. Fuller, retired manufacturer; Marvin Hughitt, president of Ch icag o & N o rth w e ste rn R a ilw a y Co.; Charles L. Hutchinson, vice president of the Corn E x c h a n g e National Bank; A lb e r t A. Sprague, president of Sprague, W a rn e r & Co.; Martin A. Ryerson, Solom on A. Smith, B y r o n L. Smith. T h e officers are: B y r o n L. Smith, president; F. L. H ankey, vice president; Solom on A. Smith, 2d vice presi dent; T h o m a s C. K in g, cashier; R obert M cL e o d , assistant cashier; 'G. J. Miller, assistant cashier; A rth u r Heurtley, secretary; H o w ard O. Edmonds, assistant secretary; H a r old H. R ockwell, assistant secretary; E d w a r d C. Jarvis, auditor. T H E C O M M E R C IA L W E S T 24 Saturday, September 8, 1906 THE S T O C K MARKET SITUATION. By Fritz V on Frantzius of Chicago. T o be a pessimist in the midst of the present circle of prosperity, one has the right only temporarily. “ T h e re has been prosperity everyw h ere in the country except in the stock market.” T h is has been the saying of the stock broker and speculator for about a year. Sel dom have stock bro k er s ’ offices been so deserted as in the last six months. M arket M ovem ents fo r Last Y ear. A year ago, assisted by reco rd bre a king crops, stocks went up all the remainder of 1905 into January, in spite of m o n ey goiiig extraordin arily high, up to 125 percent, -because the b ig men carried the stocks. Interru pted by frequent reactions of three to five points, the average W a l l Street m arket closed 5 points higher for the month of July, points higher for A ugu st, including the L a w son reaction to w a rd the end of the month, 4 points h ig h er for the month of September, 1 point higher for O c t o ber, 2 points higher for N ovem ber, 7 points higher for D e cem ber and 4 ^ points higher for January, with Janu ary 22 m arkin g the culmination of the rise. F ro m that time on it went down net about 6 points till April 17, the day before the San Francisco disaster, which was the causé of putting the m arket down in quick succession 13 points in two weeks, from April 18 to May 2, an extended re co v e ry of 14 points follow ed till June 12. A c c o r d i n g to an established custom history show s that when stocks have had a bad break on accoun t of some un foreseen disaster, a second botto m is made sooner or later fo llo w in g a big reco very. T h e second bottom bear m ovements of 14 points from June 12 to July 3 seems to have been one w isely directed by its leaders on old stand ing theories. D u rin g all the decline of 19 points from January into July e ve ry bo dy was w on derin g w hat was the matter with W a ll Street. W h ile the mark et had its serious ups and downs, the prosperity of the country has been p ro gres s ing on an unprecedented scale. T h e corporations of those v e r y stocks w hich broke down so badly were earning more m o n ey than ever in favor of their common stocks. C onvu lsio n of Bond M arket C ausing Doubts. T h e San Francisc o disaster was of more far-reaching consequences than first intimated. T h e .Fire Insurance companies, which heretofore were the best buyers of bonds, instead of investing their income into bonds, had to liquidate huge amounts of bonds and stocks in order to meet the losses caused by the San Fran cisco earthquake. T h e L ife Insurance companies which had heretofore been heav y un derw riters in bonds syndicates are pre vented n ow from do ing so. T h e constant agitations at W a s h in g to n for the last nine months had frightened m any investors, and m any people w ere selling their stocks and bonds out of their tin boxes; it also caused m any people to hold off in pui chasing bonds, afraid, because it looked for a while as if the presi dential election in 1908 would favor Mr. B rya n and that stocks and bonds could be replaced much cheaper. W h a t also hurt the bond m arket was the great p ros perity of the country w hich offered a channel for e m p lo y ing funds at a better rate of interest than low priced bonds, as e verybo dy needed more or less m o n ey for e x penditures m his o wn business and this especially made m on ey v e ry desirous. A n d in addition there was a great speculation in real estate in different paits of the coun try- T h e banks instead of investing their resources in 3 to 4 percent bonds preferred to loan out their funds at 5 and 6 percent in the open market. A ll this caused a great convulsion in the bond market. A c c o r d in g to reliable estimates there were about $500,000,000 of undigested bonds h an ging over the m arket by July I, $200,000,000 of w hich were in high class bonds and $300,000,000 of second class, which were still unsold» in the hands of the underwriters, bond dealers and syndicates. F o r quite a time the aspect of the bond mark et had a v e ry serious lo ok and caused m any w riters and students of e con o m y to doubt the present w av e of prosperity, which a ccording to past history should be w ith us for at least years yet. Digitized forfive FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M a n y experts were predicting a crisis because undi gested securities are the forerunner of same. C onvu lsio n O n ly T e m p o ra ry . T h e congested bond mark et had come from the above causes. The causes were a combination of circumstances which will prove to be only of a tem p o rary nature. W e are in the early stage of prosperity, w hich so far can be dated back for about 18 months, during the first six months of which the profits w ere small, as the first orders when prosperity starts are generally taken at small or no profits, and it takes a period of about six to nine months before the b ig establishments in every branch of industry, which have remained idle for some time or are w o r k in g on a reduced scale, can turn out goods at a profit. T h e first six months of the year 1905 show ed only small profits to companies like the U. S. Steel Corporation, A m erican Car F o u n d ry Company, Pressed Steel Car C o m pany, A llis-C halm ers Company, etc., while the orders on hand n ow will show record bre aking profits. T h e re is no oversupply of merchandise, collections are unusually good. Dun and Bradstreet report less fail ures than usual; we are having tw o reco rd crops in succes sion, 1905 and 1906. A ll this to geth er speaks for under ly ing sound conditions. W h a t congestion there is, is simply in the bond m a r ket caused by circumstances m ainly events of nature. W h a t does it consist of? In bonds only. But w hat are bonds? A s a rule a safe security, either the first or sec ond m o rtg ag e on a piece of property, and as a rule v e ry well protected intrinsically. So these holders of undi gested bonds are after all not so badly off. If the undi gested securities were in the shape of $1,000,000,000, 01 $2,000,000,000 undigested stocks ha n ging over the market co nsisting m ainly of w ater or paper profits as in 1902, the situation would be w idely different. In E a rly S tage of P ro s pe rity . T h is y o u n g giant, our country, is in a robust and healthy condition and in the early stage of this condition. It cannot take v e ry much longer for him to digest the $500,000,000 bonds. In fact at the present w riting it has turned out that one good half of these have found their place already in strong hands, as the most of the w ea k underwriters have sold their bonds at a sacrifice to baigain hunters. Besides, w hat are $500,000,000 bonds for a big and prosperous nation like ours? In normal times they are absorbed in a v e ry short time. A ft e r all, w h y should people buy bonds yielding 3 and 4 percent w hen they can employ their m o n ey to better advantage? T h is does not apply to bonds alone but to every other co mmodity. W h ile W a l l Stre et had its a go n y in April, May, June and July the big men were busy accum ula ting stocks. A s usual when this is done and stocks are selling near the bo ttom, all kinds of ru mors are spread to help the acquir ing of them as cheaply as possible and at the same time creating a b ig short interest. Unusual C on d ition s. It must be said that conditions during the first part of July were of an e xtrem ely bearish character w ith an un usual amount of people “ out of stocks.” Such conditions are always follo w ed by a big change. Commission houses, bein g bare of customers, loaned out their money in the open market; many investors having sold their cash, stocks and bonds were afraid to enter the market. M a ny people w ere reported heavily committed on the short side, mainly in Pen nsylvania stock on account of the u g ly ru mor of there bein g a flaw in the tunnel project, m a kin g a difference of $100,000,000 in the cost of engineering. E v e ry bo dy was afraid to buy U. S. Steel stocks. T h e rumor had it, the next thing on the p rogram in W a s h in g t o n was the investigation of the U. S. Steel Corporation. N o wonder, m any traders bearishly inclined sold stocks short. T h is is w h at suits the inside manipulators be tter than a n y thing else, because a b ig short interest is strengthening the technical position of the market. P re pa rin g f o r M oney T ig h tn e s s in t h e Falil. Money being high. 5 and 6 percent, and partly mampuI lated by the banks to increase their profits and on the T H E C O M M E R C IA L W E S T Saturday, September 8, 1906 other hand to enable the big men to accumulate stocks cheaply, e v e ry b o d y was talking about m o n ey tightness com in g next fall on accoun t of the unusual b ig crops, which had to be taken care of. T h e re fo r e all the brokers, to overco m e the mpney tightness experienced last fall, were p reparing by b o rr o w in g m o n ey for six months ahead, before last y e a r ’s m on ey tightness should repeat itself. Here in lies the strength of the com in g market, because “ w hat e ve ry b o d y expects in the stock m arket as a rule don ’t happen.” S tocks to Respond to P ro sp e rity. N o w , with the w hole coun try extre m e ly prosperous and the N e w Y o r k stock m arket selling at a great discount of 18 points average by the middle of July, this state of affairs seems unnatural. E v e r y b o d y w as m a kin g m on ey except 'Wall Street. T h e se conditions have to right them selves. Increased D iv id e n d s to Enhance S to ck V a lu e s. T h e y ea r 1906 promises to be a re cord breaking year re ga rd in g earnings and profits. T h e increase in dividends of Union Pacific com m on from a 6 to 10 percent basis, also Southern Pacific com m on bein g put on a 5 percent dividend basis, U. S. Steel common 2 percent basis, B. & O. being 6 percent, Ontario & W e s te rn 2 percent, is but the b eginn in g of a series of more dividends being distributed on various stocks all over the list. T h is is identical with w hat the rest of the coun try is doing, namely, feeling the influence of the w onderful prosperity. T h e earnings of railroads and industrials are simply marvelous and it seems they have been hidden heretofore. A n increase of 1 to 2 percent in dividends in common stocks of well es tablished railroads w ould seem nothing unjustified, like A tchison com m on ge ttin g 6 percent, Readin g 6 to 8 p er cent, Pen nsylvania 7 percent, L. & N. 7 to 8 percent, Illi nois Central 8 percent, Canadian Pacific 7 percent, Soo common 6 percent, etc. P u b lic E xp e cte d to E n te r M arket. Provided no ca lamity of any serious nature overtakes our co un try this year, -stocks at the prices of the middle of A u g u st are likely to lo ok cheap six months hence when m any dividends will have been declared on various stocks, w hich in itself immediately raises the value of these stocks. O u r stock mark ets are bound to respond to the ge neral pro sp erity of the country. N o t in five years has the public in general been in the stock market, because during all the b ig advance o f 1904 w hich sim ply marked the r e co ve ry from the crisis of 1902 and 1903, w hen ever the public w as ready to get into the market, Mr. L a w son headed it off in time. N o w a period of speculation is due, discounting the fruits of the present cycle of prosperty. In the meantime an immense amount of capital and profits has been accum ulated by various individuals in the various branches of industry. T h e big m arket lead ers are m a kin g their m ovements quite spectacular as we have seen. It seems to b e 'th e ir object to draw in the big public in general and it looks as though the public, not havin g been in the m arket for so lo ng a time, will not fail on this occasion to make its appearance on a large scale -— but this will be when the mark et is selling on a v e ry much higher level. New Record Level In d ic a te d f o r Stocks. A n advance to a much higher level being due, it looks as though the present m ovem ents will be of unusual p ro portions. It m a y be of interest to those w ho study charts to notice the straight uninterrupted up ward lines at times; these signify at the beginning of the m ovem ent w hat is go in g to be expected later on— a v e r y exciting lo n g drawn-out advance. O n A u g u s t 25 the average mark et surpassed the hig h est mark s since January, thus entering into new territory and indicating new high records to be made in the average list.. It a lw a y s takes manipulation first to get the mark et out of the rut, w hen it is selling at the bottom. Some Fa c ts to H elp Money M arket. T h e question is, h o w can w e evade m on ey trouble ap p roachin g the time of crop m ovem ents which gen erally brin g more or less m on ey stringency, and all this with a bull m ovem ent on in full swing. W h e n the big men w ant to put up the m arket th e y can do so if they please. E v e r y b o d y being prepared for m o n ey tightness, it is likely to be less than usual. It is of importance that the big men are carrying the stocks, which will make them handle the m o n ey market more carefully. T h e y appare ntly have laid their plans and are w ell posted https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 25 on the outlook. Euro pe bein g afraid to indulge in a bull m ovem ent of its own securities on account of the uncer tain Russian situation, is buyin g our stocks. It bought an immense quantity of U. S. Steel common and preferred at 33 and 100. It is steadily buyin g more, for which it has to pay us in gold. Europe is buyin g our reco rd crops, wheat, corn, cotton, etc., and has to pay in gold. A big gold w ave from abroad is g o in g to assist the big men in ca rr yin g out their program . _ T h e sale of $50,000,000 Pen nsylvania bonds in Paris is one w ell directed part of their plans. O n July 1st, 1907, $100,000,000 governm ent bonds become due, and Secretary Shaw is likely to antic ipate these as soon as m o n ey tightness makes its ap pearance.^ T h is is one of the greatest bull cards on the market. “Make as much money as you can,” but “Rette sich zver kann!” Some U n u su a l E a r n i n g s in S i g h t f o r t h e Y e a r 1906. T h e copper mark et has been unusually steady during the year 1906, ave ra gin g so far i 8 7/ 2 cents per pound against I 5J4 in I9° 5. thus enabling the copper companies to_ accumulate v e ry b ig profits, likewise do other indus trials: P resen t E arn in gs (E stim a ted ). A n a con d a 45 p ercen t .................................. A m al. C opper 20 p e r c e n t ............................ A m er. S m elting 2'9 p ercen t ...................... A m erica n Sugar 20 p ercen t ................... A m . L o co m o tiv e Com ., 20 to 25 p ercen t A m . C ar F ou n dry Com. 15 p e r c e n t........ P ressed Steel Com. 20 to 30 p e r c e n t ... U. S. Steel Com. 15 p e r c e n t .................... Some U n u s u a lly A ttra c tiv e In creased D ividen ds In Sight. ........................ 30 percent ....................... S p ercen t ........................ 10 p ercen t ........................ 10 p ercen t .............. 7 to 10 p ercen t .............. 5 to 8 p ercen t .............. 6 to 10 p ercen t .............. 4 to 6 percent In ve stm e n ts. T h e average investor does not kno.w h o w go o d the A t chison 4 percent, Erie 4 percent and Pennsylvania percent convertible bonds are. T h e y are in the first place well secured, but are the most profitable of all the bonds in the country, co nsidering that they have a chance of increasing in value 25 to 50 percent of their par value within a few years as soon as certain plans of increase in dividends or consolidations are carred out. E x t e n t o f B u ll M o vem e n t. T h e m o vem ent of the present bull mark et which start ed July 13, is an unusually swift one and m ay well last into January. It w o n ’t stop before 90 days at least. A c cord ing to Jay G o u ld ’s old saying “ bull m ovements al w ay s continue from 60 to 90 days.” O f course there must come reactions from time to time, some p retty serious ones in order to increase or create a big short interest w ith out which a bull m ovem ent cannot be kept up. This explains that w e must have periods when it will look quite blue and v e ry t ry in g for the average bull speculator. E ra o f R a ilro a d C o n s o lid a tion s to C om e . Since the N orthern Securities decision has been ren dered _the_ railroads kn o w w here they stand rega rd in g consolidation. T h e fact that President R o o sev elt in his last m essage enco urages the railroads to consolidate when to their advantage, w herever the law prohibiting competm g parallel running lines allo w s it, will be taken advantage of by leading spirits. T h e greatest prospects are offered by investments m independent systems like the A tc h is on railroad, Illinois Central, St. Paul, N e w Y o r k , Erie and some of the minor roads. E ffe c t of In v e s tig a tio n s . It may be said in reference to recent investigations at Washington, that among thinking men the opinion is of a favorable character toward them. There is no doubt that the effect of the investigations must finally be a good one, al though for a time they have caused some anxiety. The time will come when the good fruits will be appreciated generally and it will be shown by the next fall elections, and later on by an overwhelming endorsement of President Roosevelt for another term for the presidency. The stick of the School master is not liked by the boy, but, nevertheless, if it has caused him some pain, he later appreciates that it has done him a world of good. Thus he will grow a man. G reat P rospects o f Some Low P ric e d S tocks. Among the low priced stocks a big advance may be e x pected in the following issues: U. S. Steel common which is earning 15 percent for the present fiscal year is likely to be placed on a 4 percent divi dend basis early next year, which should be discounted by an advance of that stock to 60 by that time. Erie common, on account of this road occupying a strongstrategical position, running from New Yo rk to Chicago, is quietly accumulated, as it would form a great connecting link for several of the great western or northwestern railroad systems, and the stock will surprise the street one of these days. _ American Car Foundry and Pressed Steel Car common will undoubtedly be placed on a 5 or 6 percent dividend basis on account of the wonderful earnings, 15 percent and 30 percent respectively. A s Car Foundry has no bonded debt and Pressed Steel Company very little, larger dividends than usual must be distributed to prevent the piling up of an un usually large surplus. Predictions are made that both Car Foundry common and Pressed Steel will sell in the neigh borhood of 80 within a year, the latter even higher; both concerns having profitable orders booked for about a year ahead. Chicago, September x. T H E C O M M E R C IA L W E S T 26 Saturday, September 8, 1906 ^TT The B u r r o u g h s I System of Com puting Interest on Daily Balances. 1 An Easy way, T A Quick way. M A K E RS OF H IG H G R A D E If A Sure way. 1 It is all told in a folder that we will be glad to send you on receipt of a request on your letterhead. B u r r o u g h s A d d in g M a c h i n e C o ., 78 Vienna St., Detroit, Michigan, U. S. A. Designs Clay Models Catalogue Covers Map Drawings Street Car Ads Birds-Eve Views Catalogue Fashions Booklet Illustrations Magazine Advertisements Letter Head Designs Drawings of Buildings or Plants Newspaper Advertisements “ Bureau Quality” Halftones “ Bureau Quality” Duotypes Tri and Quadri Color Piates Multi-Color Plates Re-etched Newspaper Halftones “ BureauQuality” Zinc Etchings Commercial Photographs Electrotypes Designing, Illustrating and Preparing Catalogues, Booklets, Etc. BU REAU OF E N G R A V IN G T W O COM P LE TE PLANTS ONE IN MINNEAPOLIS ONE IN ST. PAUL H. N. LEIGHTON 4 CO., 2 I 3 South Sixth S treet, MINNEAPOLIS. - - - - MINN. BUILDERSandCONTRACTORS We make a specialty of erecting large Public Buildings, and O ffice and Bank Buildings. Estimates Furnished Promptly. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T 27 NORTHWEST BANKERS FORESEE A PROSEROUS YEAR. If T w i n City bankers read the financial signs aright not only the N o rth w e st but the country as a w ho le m ay confidently look forw ard to a fall and winter of business activity and prosperity from which large ly disturbing fea tures will be absent. A n y un ce rtainty or apprehension created by financial or political developments of the early spring and summer have been dispelled b y the careful preparations of the nation’s banks to avert w hate ve r diffi culties threatened and b y the assurance of another bo unti ful harvest. O f course, the outlook is not absolutely free of undesirable features but in the main these are such as are the natural accompaniments of a period of great p ros perity and which a steadfast refusal of the business world to be carried a w a y from its conservative position can render of insignificant moment. W i t h the crop m o vem ent just beginning the m oney sit uation assumes particular importance. It is apparent that, w hatever question m ay have existed concerning the outlook for this period a m onth or two ago bankers in the N o rth w e st no lo ng er anticipate any abnorm ally close m on ey as a result of the crop drain. T h a t rates will stiffen m aterially and m o n ey be fairly close is natural but there seems to be nothing in the situation to w arrant anxiety. F o llo w in g are some opinions from repre senta tive T w in City bankers on the present situation and the o utlo o k for the future: A S e a s on o f B u s i n e s s A c t i v i t y . A. A. Crane, cashier of the National Bank of C o m merce, Minneapolis: A s far as present conditions indi cate I believe we can confidently lo ok forw ard to a fall and w inter season of business activity and prosperity. T h e m o vem ent of the crops in the N o rth w e st has hard ly begun and it is likely that it will be t w o or three w eeks before w e begin to have much activity. F ro m the best in form ation I can get, I judge the crop situation to be above the average, although, of course, there are spots as always, which have suffered more or less damage. Tt is hardly probable that there will be n ow any further v e ry serious deterioration, although a prolonged rainy season during the threshing time m igh t do considerable damage. U n der these conditions it appears to me that all lines of busi ness must naturally have an active and prosperous fall season and there does not at the present time seem to be any large ly disturbing features. A s to the m o n ey situation, it would seem that with the active demand incident upon the m ovem ent of the crop during the n ext ninety days or more, that our rates for m o n ey in the local m arket must stiffen materially and the probabilities are that m o n ey will be close, this especially co nsidering the conditions in other financial centers and the rates w hich are prevailing on the best paper in the east and elsewhere. It is difficult to accurately forecast for any co nsider able length of time the future condition of the m oney market, as under some circumstances conditions m ay change very rapidly, but it does not now appear that there will be any a bnorm ally close conditions in our local m o n ey m arket this fall. T h e banks throu ghou t the northw est are probably go in g into the fall crop m ovem ent in better and stro n ger shape than ever before and one v e ry large factor which assists m aterially in the m o vem ent of the crops throu ghou t this section is the surplus funds in the co un try banks seeking investment in city paper. T his ab sorbs a large amount of demand and apparently country banks are bu y in g more paper this year than ever before. A n o th e r factor which is each year assisting in m o vin g the crop is the fact that the local bank is distributing the funds instead of the m on ey g o in g into the hands of the local elevator manager and from him into the far m er’s pocket, there to lay indefinitely. O u r o wn experience has been that each year w e are shipping less curre ncy into the coun try in proportion to the value of the crops and that which is shipped goes largely to the country banks, and is used over and over again in handling the fall business. T h is condition will undoubtedly be still more marked this year. O n the whole, I feel that the n orthw est m ay be assured https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis of a com in g y e a r of prosperous and satisfactory business conditions.. Could Not Be B e tte r. J. W . Lusk, president of the German A m erican N a tio n al Bank of St. Paul: T h e outlook from a banking and business point of view could not possibly be better than it is just now. It is v e ry difficult to see a dark cloud in sight. Reports on the crop are all favorable, m o n ey of the country is on a solid, sound single standard gold b a sis, and circulation in the country is $11 a head more than it was in 1892, and increasing. If any one can see any danger in the immediate future I should be inclined to think that the trouble was with his stomach. A s far as m o n ey is co ncerned in m o vin g the crop this fall, I do not anticipate any stringency. Six or seven per cent for two or three months is not an exorbitant rate, and it does not indicate in the least panicy conditions. C on d ition s V ery F avorable. F. M. Prince, president of the First National Bank of Minneapolis: The conditions for general business throughout the N o rth w e st for the com in g year seem to me to be v e ry favorable. W i t h more than the average crop of nearly e v e ry th in g that the N o rth w e st raises, and with fair prices, we ought to have a v e ry active year. T h e re is an active demand for m on ey at fair rates, and we believe this will continue until the early spring, but I do not think there will be any great stringency. I think that all legitimate business requirements will be met w ith out any difficulty. I believe there is a tendency to spend m o n ey too freely, and would rather see an inclination to save some m on ey while these go o d times last. W e ste rn B a n ks S trong. John A. Swenson, cashier of the Scandinavian A m e r i can Bank of St. Paul: In m y opinion the business out look for the co m in g year is good. Reports indicate a large crop in the N orthw est. M o n e y will p robablv con tinue in go od demand at about 6 percent, or better, dur ing the balance of the year. T h e western banks are stro n g in deposits and reserve, and will be able to take care of the fall business. W h ile there are no immediate unfavorable features, yet it is well for the conservative banker to have matters well in hand, particularly when as at present time prices and values are at the top. C on tin u ed P ro s p e rity fo r th e W e st. E. W . Decker, vice president of the N orth w e ste rn N a tional Bank of Minneapolis: The general business condi tions, to m y mind, are v e r y go o d indeed. W it h bounti ful crops and fair prices the west particularly ought to continue to prosper. General business is v e ry active and the demand for goods in all lines is unprecedented, and with the general feeling of conservatism abroad, we think that the business will continue for some months to come. Prices in some lines are p retty high, but with careful sailing w e ought to continue to enjoy prosperity for some time to come. T h e m o n ey situation gen erally is quite satisfactory, although the demands for business purposes are taxing the banks to the utmost. W e look for v e ry firm rates during the fall months, but no serious embarrassment. Record Y e a r F o r B u s in e s s . W . B. Gerry, cashier of the St. Paul National Bank of St. Paul: Up to date this year has been the best year foi business that we have ever seen and we feel that the last half of the year will round out a v e ry prosperous year. W h ile the w heat crop m a y not be as large as lo o k ed forw ard to, there are a large number of towns in the country, tributary to us, which were not on the map five years ago and all of which are furnishing business for our jobbers and wholesalers. W e lo ok for v e ry active busi ness with a stro n g demand for m oney at rates which will be v e ry satisfactory to the lender. Banner Year For N orthw e st B u s in e s s . S. I. Johnson, vice president of the Minnesota N a tio n al Bank of Minneapolis: T h is will, I believe, be the ban ner y ea r for all N orth w e ste rn business interests. A se ries of go o d crops has induced the farmers of the middle states to come into our territory and be com e actual set- T H E C O M M E R C IA L W E S T 28 Saturday, September 8, 190Ó <4 Established 1878. ÜüSÎ § 13 U ïïïliïiif m m "k «"!î liiîlll a 3 3 J ” .il» .J >h ■ SECURITY BANK OF MINNESOTA ïw a n m .»j jî MINNEAPOLIS ¡¡K Capital , $1,000,000 Surplus and P rofits, 700,000 Deposits, 11,000,000 - PERRY HARRISON, Vice-President. J. S. POMEROY, Cashier. GEORGE LAW TH ER, Asst. Cashier. F. A . CHAMBERLAIN, President. E. F. MEARKLE, Vice-President. FRED SPAFFORD, A sst. Cashier. DIRECTORS: F. G. Winston T. H. Sheylin H. C. A keley George F. Piper L. F. Day Geo. C. Christian F. A. C hamberlain S. T. McK night J. H. Queal W. S. N ott L ouis K. Hull W. O. Winston F. M. Crosby E. F. Mearkle tiers and open farms upon our heretofore wild lands. Thousands of acres that a few years ago were either un broken prairie or brush land, have been broken and are now producin g fine remun erative crops. T h e diversified farm ing that has lately becom e the rule instead of the exception am o ng farmers, the bene fits that are bein g derived from higher education through our agricultural schools, the building up of great manu facturing interests in all our cities and towns, are all great factors in bringing us to th is — our highest point of co n servative business p rosperity w ith out any boom or wild speculation. T h e east, which w e co m m o n ly speak of as W a l l Street, is still plunged into speculation and there seems to be no prospect of conservatism gainin g control. It is this speculative spirit that keeps m on ey high with them. T h is high rate for m o n ey in the east m a y be a go o d thing for us for if w e could get m o n ey from the east as cheaply as we could ge t it a few years ago, it might be that the fever of speculation might lay hold upon us and result in disaster. I do not think there need be any uneasiness as to the ability of the banks to secure, at rates which under the circumstances are reasonable, a sufficient volume of m o n ey to handle the enorm ous crops which are bein g har vested; m oney in this section should be much easier w ith in a few weeks. T h e scare from the Pacific coast disaster and from the stringent restrictive legislation in N e w Y o r k , seems to be dyin g out w ithout any perceptible effect upon us; and it n ow looks as though anything like a sharp financial crisis would for some time to come be avoided in the east, and I can see no reason for uneasiness concerning our busi ness situation for the com ing year; in fact, every reason for congratulation. L o c a lly w e ought, because of the new business enterprises promoted by the A rm o u rs and others to receive a great benefit and there is no reason w h y the great ability displayed by our local committees in obtaining these plants should not continue the good w ork which has really only begun. A n tic ip a te Goo d C ollectio n s. E. H. Bailey, vice president F irst National Bank of St. Paul: Present conditions in the N o rth w e st indicate a •prosperous year for business enterprises. M erchants and manufacturers report a satisfactory increase in the v o l ume of business handled, and are confidently anticipating o d collections during the autumn. Low prices foi Digitized forgoFRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C. C. Webber E. J. Carpenter R. M. Bennett C. F. Deaver Perry Harrison J. S. Pomeroy grain, and the slow m ovem ent of crops to market, incline us to the belief that liquidation of mercantile accounts will be som ew hat delayed. O n the whole, w e think the present situation in the producin g sections of the w est promises well for the com ing year. Rates are firm at Sf4 to 6 percent, and not likely to soften for some months. W e look for a stro n g active demand for m on ey incident to the crop movement, but think that w estern banks are well equipped to meet ordinary requirements. C on d ition s V e r y Favorable. A. A. McRae, cashier of the South Side State Bank of ■ Minneapolis: In our opinion conditions throu ghou t the N o rth w e st are v e r y favorable. W h ile the crops are large, the price as co mpared with last season is lo w er and p ro b ably will not require any more m on ey to m ove them to market. T h e price will also have a tendency to retard and equalize the movement, and this fact to ge th er with the stro n g position of the banks should not cause any n o ticeable stringency. General business is good and we see nothing in the near future that would indicate other than a prosperous condition in all lines for another year. F in a n cia l O u tlo o k H ea lth y. W a lla c e Campbell, president of the P e o p le ’s B a nk of Minneapolis: T h e business and financial outlook in the N o rth w e st as I see it is exceptionally healthy. W e are practically divorced from W a l l Stre et influences and at tend to our own financial needs for our o wn crop and merchandising requirements. The Northwest produces an ever incre asing supply of cereal necessities which the consum ing public must use. W e of the N o rth w e st have our choice as to w hether or not we will purchase un necessary luxuries, but the consum ing public must pur chase our cereal necessities. T h is crop will be large ly m oved with out own un bor ro w ed money. O ccasio n ally some N e w Y o r k financier, w ho probably never w ent further w est than Buffalo, laments the necessity of providing funds for the crop m ovement in the N orthw est. Such ge ntlemen should bear in mind that the N o rth w e st is simply w ith d ra w in g its o wn m on ey to m ove its own crops. I do not look for any m on ey s trin gency this fall. T h e average farmer m oves his crop less hastily than fo rm e r ly for his cash requirements are not so pressing as they once were. T h e steadily increasing local funds available for crop m o vin g purposes are larger than ever before. So that on the w h o le the crop will be m o ved readily, steadily, w ith out friction and on an interest basis fair to all concerned. *4 Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T 29 THE FARM MORTGAGE AS AN INVESTMENT. W ritten for the Commercial W e s t by F. W . Thom pson, Manager of the Farm Loan Department of the Merchants’ Loan & Trust Company, Chicago. Amid the many securities now before the public, none occupy a more safe position than the security known as the T ii st Mortgage Farm Loan. Curiously enough this security has not had the favor it deserves, possibly because of its rather homely name and the absence of any speculative feature surrounding it. When well selected, it is in a distinct class by itself, being influenced by neither occasional depressions of financial conditions, nor manipulations, being worth one hundred cents on the dollar from its initiation to the period of its 1 edemption. Its rate of interest is more attractive than that current in bond and stock investments of high character, and, when due regard for safety is observed in initiation, it represents a first lien upon that which is the fundamental basis of all securities. From the last report of the Department of Agriculture we aie informed that the farm values in the United States run into the stupefying figure of $22,500,000,000, and its products of corn, wheat, oats, barley and potatoes alone for IQ05 reached the tremendous figure of $2,200,000,000, to say nothing of the multiplied millions of dollars represented in the other cereals,— cotton, live stock and produce. The products of the farm have an immediate cash market. Eighty million of people in the United States and the mil lions in Europe must have food. The American farmer is the world’s great producer of food products; the market for his ciop is absolutely sure. We are still an agricultural nation,— the land is the foundation of our national prosperity; the farmer annually receives $6,000,000,000 for his product. When agriculture prospers other industries also prosper. E v o lu tio n In the Corn B e lt . While it is always advisable for the investor to consider only actual concrete facts regarding the conditions under which his investment is made, nevertheless it would be un wise for the investor to overlook the great evolution now going on in the Corn Belt, which will greatly enhance the value of Farm Mortgages. 1 he United States Government and the various states aic spending millions of dollars annually in making experiments and educating the farmer to produce more from the soil, with less expenditure of time and labor. A diversity of crops now makes his income assured. I11 localities where macadamized roads have been made, it has had the effect of raising land values, in the same manner as a newly paved street enhances the value of a city lot. 1 he good roads movement now has a powerful ally in the automobile industry and many railroads have found it an economic advantage to aid communities to improve the country roads. I he rapid extension of the rural fi ee mail delivery and the good telephone service to be had in country districts, make it possible and easy for the farmer to keep in communication with all the “markets.” I he extension and building of a network of interurban trol ley lines through the smaller cities and towns of the Corn Belt has piactically solved the question of rapid transpor tation and accessibility. M o rtg ag e In d ic a te s No Lack of P ro s p e rity . d hv. farmer uses money in his business precisely as does the 'merchant, and his mortgage is no more to be consider ed as an evidence of lack of prosperity than the note of the merchant given in exchange for goods. Farmers in the Corn Belt have been able to make legitimate profits during the past ten years on account of the steady rise in land value. From his income he makes a partial payment on lands which he wishes to acquire and gives a mortgage to pay for the bal ance. this has been his savings bank, and it cannot be denied by those familiar with the conditions, that it is a good one. Fully ninety per cent of the loans placed in the co m belt are the result of the acquirement of land. From 1880 to 1890, as a natural result of hitherto satis factory experience in farm mortgage investments, there was sent into the undeveloped arid west an immense amount of money to loan upon farm lands. The supply was in e x cess of the actual legitimate demand and the investors were deluded by promised returns of eight, ten and twelve per cent interest which the market in such localities afforded Where extraordinarily high rates of interest were obtained, the question of land value and safety of the loan was left largely to the statement of irresponsible brokers. This caus ed a boom in the price of land in these particular localities, and, for a time all went well; when the reaction came the results were disastrous. Compared with other investments, farm m ortgages nav «LnfbTsalely ‘ han a" y ° tllcr ha" T unquR- LEGAL DEPARTMENT. Recent Decisions of Courts of Last Resort of Interest to Bankers. P u rcha se b y a C o m p a n y o f Its O w n S tock. T h e court of appeals of Maryland, a m o n g other things says (M aryland T r u s t Co. vs. National M e ch a n ics ’ Bank, 63 A tla n tic Reporter, 70) that, from cases cited— and others in addition might be cited— it seems p erfectly manifest that a corporation, by the purchase of its own shaies, in the absence of legislative authority permitting tnat to be done, diminishes its capital to the extent of the shaies so purchased, and this, too, although the pur chase, w as intended to serve only a tem p o rary purpose save m the instance where the stock is bought to secure the payment of an antecedent debt. If such purchases ef fect a reduction of the stock, then, as that method of re ducing the stock is not the method provided by the code, it must of nece ssity be an unlawful method, and a contract entered into with a view of ca rryin g out an unlawful method is a contract to do an unlawful thing, and conse quently is an unlawful contract. U nder such circumstances a plaintiff must look elsewhere than to a court of justice for such assistance as he m ay require. A gain, it says that upon tw o grounds the purchase by a bank for a trust c o m pany of 1311 shares of the la tte r’s capital stock w as il legal. A n d those grounds are: First, that the method of thus re ducing the capital is at variance with the only method which the_ code permits; and, secondly, that the right to buy m paid-up shares does not obtain where the authority to release a subscriber from p ay in g the uncalledup installments does not exist, or where there is a statu to ry liability attached to the stock. In these days of “ frenzied finance” and, in m a n y in stances, of reckless corporate management, the court de clares, it is not, or at least, ought not to be, the p olicy of the law of M arylan d to relax the rigidity of the Emrlish rule w hich holds the corporations, with a firm grasp, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis l r- tIy T f 1?“ 1 th e Of their chartered powers, and does not falter m its condemnation of the traffic in and ne purchase of a corp oration ’s own shares by the co r poration It is infinitely better that a co rporation which aids another co rporation m the latter’s efforts to traffic in till ° ^ n 1®hares, ? r to r e duce the amount of its capital by the pui chase of its own stock should suffer the loss of the m on ey loaned for the accomplishm ent of those purposes than that, by allo w in g the lending corporation to recover the funds so advanced, a judicial precedent should be set 01 the encouragement of such unlawful ventures. T h e c o m t has beenu referred to no case, and am o ng st the numerous ones examined it has found none, where the purchase by a corporation of its own stock was declared to be valid if the charter of that co rporation or the o r ganic law of the state or the statutes which controlled t imposed upon its shareholders an additional liability in favor of creditors beyond the amount invested in the stock 01 where the enforcement of the contract of purchase would result in securing to the shareholders w hose stock the corporation had purchased a higher price for their ‘ fares than could be realized by the re maining stockho ld ers from the assets of the concern. Q * B urden of P ro o f Upon % * H o ld e r o f Check G iven W i t h o u t C o n s id e ratio n . W h e r e a check sued upon was w h o lly w ith out consid eration. and the original holder could not have maintained an action thereon, the appellate term of the supreme Y n ll % „ T I T T ( T ìsc I' Ict vs. Shurman, 97 N ? w , ' : . Sapp ement, 360) that it was incumbent upon tile holder to show the circumstances under which the paper came into his possession and that he acted in good faith E vidence that he paid value for the check, although e m titled to great weight, was not conclusive of the fact of bona fides (good faith). act ot THE C O M M E R C IA L W EST ______Saturday, September 8 . 1906 30 The First National Bank of Minneapolis STATEMENT OF CONDITION JUNE 18, 1906. Liabilities. R esources. Loans and Discounts ••.............. $10,I S ’ aaa nn Railroad and other b o n d s.......... 494,000.00 United States bonds, at p a r . . . . 1,050,000.00 Cash on hand and due from banks 3,655,975,92 Bank bu ild in g.............................. 287,633.86 Capital S tock . ••••........................ $ 2 , 000, 000.00 Surplus and undivided profits ••• 1,671,206.43 870,395.00 C ircu la tion ...................................... D eposits.......................................... 11,501,952.33 200 , 000.00 United States Bond A cco u n t. •• $16,243,553.76 $16,243,553.76 OFFICERS: F. M. PRINCE, P resid en tC . T. JAFFRAY, Vice-President D. MACKERCHAR, Asst. Cashier GEO. F. ORDE, Cashier ERNEST C. BROWN, Asst. Cashier ESTABLISHED 1872 Northwestern National Bank, Minneapolis. 1,0 0 0 , 0 0 0 0 0 9 0 0 ,0 0 0 .0 0 10, 0 0 0 , 000.00 $ CAPITAL, SURPLUS, DEPOSITS, O FFIC E R S: F R A N K H. H O LTO N , A ss’ t Cashier, C H AS. W . F A R W E L L , A s s ’t Cashier, ROBT. E. M cGREGOR, Asst. Cashier. W M . H . D U N W O O D Y , President, M. B. K O ON , Vice President, E D W A R D W . D E C K E R , Vice President, thcttph CHAPMAN. Jr.. Cashier An average of over 8 per cent annual dividends paid to stock holders since organization in 1872. Dividends paid since organ ization $2,410,000.00. Accounts o f conservative banking houses solicited. your Northwestern Collections. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Send us Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T 31 THE TWIN CITY METROPOLIS. Considered as one metropolis, as for all practical pur poses except municipal government they indeed are, the cities of Minneapolis and St. Paul possess .at the present time approximately a combined population of 500,000, which ;s close to the population record of Baltimore, Boston, or St. Louis. By the state census taken in the spring of 1905, Min neapolis had an official population of 261.974 and St. Paul 202,716, or a total of 463,690. This was a year and a half ago. 1 he census, however, does not credit the two cities with a large industrial population distributed among Twin City suburban manufacturing points, like South St. Paul, New Brighton, Hopkins, St. Louis Park, and Robbinsdale, established by Twin City capital, maintained by twin City'' labor, and in every respect representative of i win City enterprise and citizenship. These manufac turing points immediately adjoining the city limits would easily swell the Twin City population total to over 500,000. In the ten years, 1895-1905, Minneapolis has gained in population about 70,000, and St. Paul 56,000, making an aggregate ten-year growth of 126,000, or about 40 percent during the decade. This record is paralleled by no other city of like size in this or any other country. The rate of Twin City growth from i860 to date may be traced statistically according to government and state census enumeration as follows; 13,000 people in i860, 33.000 in 1870, 88,000 in 1880, 332,000 in 1895, and 463,000 in 1905. No other cities on the globe, of similar age and size, can present a growth record like this— a leap from less than 20.000 at the close of the civil war to 500,000 at present writing, with a net gain of 400,000 since 1880. R em arkable Gain in Population. The net population gain of the Twin Cities in the past twenty-five years, 1880-1905, is greater by a large margin than the population total of such old and well es tablished cities as Buffalo, San Francisco, Cincinnati, Pittsburgh, Cleveland, New Orleans, or Washington, L>' C. That is to say, the metropolis at the head of Missis sippi river navigation has attracted more population in 25 years than the other cities named have acquired in 50 to 100 years. No better index of the swift and solid development of the new northwest during the past 25 years can be obtain ed, than the census record of the fact, that the combined metropolis of this great region, Minneapolis-St. Paul, has today a one-half greater population than Pittsburgh, Cin cinnati, San Francisco, New Orleans, Detroit, or W ash ington, and that the great bulk of this population growth has come since 1880. An industrial territory, like that of Minnesota, North and South Dakota, and other north western states tributary, which in 25 years can and does multiply its distributing center six-fold in population and thereby add 400,000 net people to its metropolitan citizen ship, can be found perhaps nowhere else on the globe, and is certainly a factor for commercial magnates to take into thoughtful consideration. This young and productive region has produced in this brief period, all within the memory of the great majority of its voting citizens, the world’s greatest primary wheat market, the world s greatest distributing point for agri cultural implements, and the greatest milling center on the globe. It has also produced a great jobbing, banking, railway, and manufacturing center, the most important west of Chicago. G reat In M anufactures. T he recent government census of manufactures for 1905 credits the Twin Cities with 1,491 manufacturing es tablishments, of something like $103,000,000 combined capital, employing 33,000 wage-earners and officials with a yearly payroll of $25,000,000, and turning out an annual product valued at $160,000,000. In other words, the manufactured productions of the Twin' Cities largely exceed in value those of Buffalo, Cleveland, Newark, Milwaukee, Detroit, or San Fran cisco, are practically equal in value to those of Baltimore or Cincinnati, and by the census of 1910 promise to crowd https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis close upon the output totals of Boston, St. Louis and Pittsburgh. How rapidly the manufacturing industries of Min neapolis and St. Paul have come to the front in recent years may be noted by a brief comparison of govern ment census figures. The $12,700,000 of capital employed by the industries of the two towns in 1880 became $65,000,000 in 1890, $86,000,000 in 1900, and $103,000,000 in 1905—-multiplying eight-fold in 25 years, and today ex ceeding by a large margin the capital invested in the manufactures of Detroit or San Francisco, approximately equalling that of Cleveland, Buffalo, Cincinnati, or Balti more, and only one-third less than the factory capital in vestment of Boston. The growth in the value of the annual manufactured product has proceeded, according to the official govern ment record, as follows: $40,000,000 in 1880, $116,000,000 in 1890, $148,000,000 in 1900, and over $160,000,000 in 1905. But the above government record by no means tells the full and accurate story of Twin City manufacturing enterprise, for the following practical reason: The gov ernment figures are restricted to manufacturing establish ments located within the municipal limits of Minneapolis and St. Paul; whereas the tendency 111 recent years has been to locate mills and factories immediately outside of the city limits or in such nearby suburban villages, as St. Louis Park, Hopkins, and South St. Paul, where Twin City labor and capital can be employed at a lower initial cost for land and avoid the fixed charge of municipal taxation, and where likewise the manufacturing plant may have special switching facilities. Thus at St. Louis Park and Hopkins is located a large portion of the Min neapolis agricultural implement and other factories, while at South St. Paul and New Brighton are located the prin cipal slaughtering and packing industries of the Twin Cities. With these suburban enterprises added to the Minneapolis and St. Paul industries represented in the government figures, the approximate total of the Twin City manufacturing industry at this writing would stand something as follows: sh op s^ IoO ° f m an u factu rin ° establishm ents, not including $12^oSolOOO ° f Capital in v ested in lan d ’ m ach in ery and buildings, A m ou n t of w ag es and salaries paid per annum ,’ $30,000,000. 000*000*m aterials bou g h t from territory tributary, $130,V alu e of the annual m an u factu red p roductions, $190,000,000. This rounding up of the mill and factory total of Twin City enterprises brings the manufacturing center located on the upper Mississippi up to the record of such cities as Pittsburgh, St. Louis and Boston, whose outputs arc valued at $180,000,000 to $200,000,000 a year. As a B anking Center. As a banking center, the Twin Cities have twenty na tional and state banks doing a general commercial busi ness, in addition to a number of savings, trust, and other financial institutions. The twenty national and state banks held at the recent call of June 18 the total of $78,000,000 of deposits; and deposits held by savings banks and trust companies would swell this to approximately $100,000,000. With this financial equipment, the Twin Cities are in good shape to finance a northwestern grain ciop which during the recent crop season ending August 1 brought lo Minneapolis alone grain receipts aggregat ing i59>ooo.ooo bushels, and during the ensuing crop year is likely to approximate 175,000,000. In sharp contrast with the strong decrease shown in the deposit holdings of New Yo rk banks for the year. Tw in City banks on June 18 showed an increase of nearly $6,000,000 in deposits and about $5,000,000 in loans, as compared with the statements of the corresponding call one year ago. Big Growth in Bank Clearings. The bank clearings,of the Twin Cities for 1906 will probably reach the big total of $1,500,000,000. As denoted by the weekly reports to date, Minneapolis alone will show clearings for the year approximating $1,000,000,000, as compared with $900,000,000 in 1905, and $600,000,000 in 1901. A net growth of $400,000,090 or 65 percent in five T H E C O M M E R C IA L W E S T w years is certainly significant of a vast growth in the vol ume of business transactions. There are only nine Am er ican cities in the billion-dollar clearings class, and only a half-dozen— New York, Chicago, Philadelphia, Boston, St. Louis and Pittsburg— besides the Tw in Cities, that rank in the billion-and-a-half clearings class. Gain Rests on S ubstantial Prosperity. That this strong financial showing of the Twin Cities rests on the substantial prosperity of the state and the northwest as a whole, is shown by the recent address of President Gress of the state bankers’ association. Minne sota on July 1 had 878 state and national banks with a deposit line of $200,000,000— an increase of over 40 per cent in three years. The grain crop of Minnesota Presi dent Gress placed at $125,000,000, the dairy products at $80,000,000, the dressed meat products at $30,000,000, the lumber product at $40,000,000, and the iron ore shipments at $60,000,000, making a total of the above five staples aggreating $335,000,000, not to mention the income from general manufactures, various agricultural products out side of grain, cattle, and dairying, and the various sun dry occupations of 2,000,000 people. Some Prosperity Figures. Am ong the evidences of Twin City prosperity resting on the general prosperity of the northwest are the follow ing: A building record which totals approximately for the two cities $16,000,000, real estate transfers ap proximating $25,000,000, and an aggregate assessed val uation of $250,000,000. Minneapolis alone for the fiscal year ending July 1, 1906, shows $18,358,230 of real estate transfers, as com pared with $15,683,069 for the year preceding; $8,146,029 of new buildings, compared with $7,773,024 the year be fore; $440,849,056 of bank clearings for six months of 1906, compared with $397,262,655 for six months of 1905. and 132,000 directory names compared with 124.000 last year. The percentage of growth for St. Paul is on a similar prosperous basis. The Growth of T rib u ta ry T e rrito ry . One of the strongest bulwarks of Twin City progress and prosperity is the rapid and solid growth of the great agricultural domain tributary. The government valuation of farm property in Minnesota alone is $238,000,000 in 1880, $414,000,000 in 1890, $778,000,000 in 1900, and $928.- Saturday, September 8, 1906 000,000 in 1905. Here is a net gain of nearly three-quar ters of a billion dollars in the value of Minnesota farm property in 25 years— the total agricultural value multi plying over four tunes in less than a single generation. The farm property of North and South Dakota, con sidered in one total, has advanced since the pioneer days of the Dakotas in 1880, as follows: $32,000,000 in 1880; $246,000,000 in 1890; $553,000,000 in 1900, and $716,000,000 in 1905. In the brief period of fifteen years Dakota agri cultural wealth has increased nearly half a billion net, trebling in that period and multiplying over ten-fold in twenty-five years. In other words, the nearby agricultural domain tribu tary to the Tw in Cities as the central depot and distrib uting point has grown in property valuation from $270,000,000 in 1880, to $1,644,000,000 in 1905, multiplying six fold in 25 years, and in that short term adding $1,374,000,000 to the country's productive wealth and material progress. A G reat R ailw ay Center. Centering in the Tw in Cities is a railway mileage equal to that which centers in New York. Minnesota and the Dakotas have a railway mileage approximately double that of New England. The prosperity of the Tw in City territory in 1906 is shown by the recent annual reports of the railroads; northwestern roads showing 19.7 percent increase and Pacific roads 13.7 percent gain in gross earn ings for the first half of 1906, as compared with 1905. Six leading roads, handling Minnesota business— the Great Northern, the Northern Pacific, the St. Paul, the Rock Island, the Illinois Central, and the Soo— show aggregate gross earnings gains amountings to $20,000,oco, or about 18 percent, for the first half of 1906, com pared with 1905. Minnesota, which has been known for years as the leading bread and butter state, because, first, of its great wheat and flour output, and second, the fact that its creamery butter has captured all medals for twenty years, will soon be known as the great bread, butter and beef state. Natural livestock development has increased the packing house product from $10,000,000 in 1900 to $20,000,000 in 1905; but the announcement that Armour will build in the Tw in Cities the model packing house of the world insures for Minnesota a future in meat production similar to the victories in grain and dairy production. BIG BUSINESS FOR WESTERN ROADS. From all present indications the volume of business handled by the northwestern railroads this fall will be in excess of that of any previous year. Business has been heavy for some months and instead of showing any tendency toward decreasing it is steadily on the in crease. With bumper crops in nearly every section train load after train load of grain will be moving to market in an endless procession within a short time. It is moving now in some sections, and will continue to move in increased volume. The fact that the farmers have garnered large crops is a guarantee that they will buy extensively of other products, and commodities will be moving westward in large quantities. Despite the increasing volume in the movement of grain and some other commodities, it is likely that the railroads will not suffer much more from the congestion of traffic this fall than last year. The railroads have been receiving an enormous supply of rolling stock this year. New cars have been arriving daily, and the last con signment of locomotives is yet to be received. With in creased equipment the roads should be able to grapple with the transportation question this fall. There is bound to be a car shortage every fall, and it has been felt more and more as traffic increases, despite the efforts of the roads to keep up the pace. There are some things which are not moving as heavily this year as last. Statistics gathered from the grazing states of the Rocky mountains and beyond show that 34,000,000 pounds of wool have been shipped by rail this year. A great deal of this has been shipped through the St. Paul gateway, and the movement in this direction has about closed. While the figures are heavy, the shipments for this year have not been as big as they were last season. It is estimated that the ship ments for this year have been 15 percent less than last year. W ool has been moving since the latter part of J une. The shipment of cattle fronr the ranges is well under way, and will be at its height in a short time, continuing more or less heavy until December. Railroad men say that, according to reports they have received, stock ship ments will be 20 percent less than last season. Last year was an exceptional year, as the stock of the year previous had been held over on account of the low prices. S E A T T L E C L E A R IN G S IN C R E A S E . The total clearings for the month just closed are $38,835,524.39, while, a year ago the total was $25,793,587.29. In 1904 the total clearings for August were less than half the clearings for the present month, the total being $18,- (S p ecia l C orresp on den ce to the C om m ercial W e s t.) Seattle. Sept. 1.— Seattle bank clearings during August show a gain of more than $13,000,000 over the same month of last year, an increase of over 50 percent. In 1905 the August clearings showed an increase of $7,000,000, a percentage of 36.6, August standing third in the gains of the year up to that date. 1 his year the increase of 50 percent made during the present month makes the August record the most notable of 1906, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 875.755-56. For the twenty-seven banking days of August the av erage daily clearings were in excess of $1,400,000. This is one of the best records of the year and emphasized by the fact that on but three days did the clearings fall be-, low $1,200,000. Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T 33 OFFICERS: E U G EN E M. S T E V E N S & C O . J ohn De Laittre. T homas L owry, President. C O M M E R C IA L PAPER Vice-President. E. H. Moulton, M U N I C I P A L , C O R P O R A T I O N A N D R A IL R O A D N. F. Hawley , 2nd Vice-President. Treasurer. BONDS W e o w n a n d offer $4 0,00 0 T R I C IT Y R A IL W A Y & L IG H T CO. 5 P e r c e n t F irst Lien Bonds, D u e April 1st, I 9 2 3 . The Farmers and Mechanics T h e s e b onds a r e secured by p ra c tic a lly a first m o r t g a g e on all t h e S tre e t R a ilw ay , Gas a n d Elec t r i c L ig h t p ro pe rties in t h e c ities of D a v e n p o rt Io w a , Rock Is la n d , M o l i n e a n d East M o li n e , Ills., w i t h s u b u r b s , se rv in g a p o p u la t io n of a b o u t Savings Bank A fte r a c a re fu l in v e s tig a tio n , w e have p u r c h a s e d a n d sold in t h is m a r k e t a larg e block of t h e b onds, a n d r e c o m m e n d t h e m as a co n se rva tive i n v e s t m e n t fro m t h e s t a n d p o i n t of security, ea rn ing s, franchises, m a n a g e m e n t and th e u n usual situ atio n . Minneapolis, Minn. I 00,000. of Minneapolis A p p li c a t io n w ill be m a d e to list on t h e N e w Y o rk Sto c k E x c h a n g e . I n t e r e s t i n g p a r t i c u l a r s a n d price on a p p li c a t io n . NORTHWESTERN NATIONAL BANK BUILDING MINNEAPOLIS The Second National Bank of St. Paul. UNITED STATES DEPOSITARY. Started in 1854 as a Private Bank; in 1864 Organized as National Bank. Statement at Close o f Business Sept. 5 , 1 9 0 6 . RESOURCES. L ° a n s and Discounts .............................................. $1,858,350.44 Real E state ................................................................ 4,500.00 Railroad and M u n lc i- j paJ, Bonds ..............................$ 88,000.00 U. S. Bonds (p a r v alu e) ...................................... 443,000.00 M a rk e t V alue $457,390.00 Cash and due from Banks and B ankers ................................ 1,207,128 54 1,738,128.00 $3,600,978.98 _ ,x , L IA B IL IT IE S . C apital Stock ...................................................................$400,000.00 fiUr.Plu.® / u,Dd ................................................................ 140,000.00 Undivided Profits ........................................................ 13098.49 Reserved fo r unearned interest and t a x e s . . . ! . . 23!500.00 N atio n a l B ank Notes Outstanding ......................... 68,000.00 Deposits .........................................................................2,956,380.49 O F F IC E R S . $3,600,978.98 GEO. C. P O W E R , P residen t. P . D. M O N F O R T , V ice -P re sid e n t. C. H . B U C K L E Y , Cashier. E D W IN M O T T , A ssista n t Cashier. D IR E C T O R S . W illia m B. D ean .......................................................... Trv.r,vh’,-’ Li* V -N icols, D ean & G regg, H e a v y H a rd w are F ra n k S ch h ck , Jr .............................. F ield, S ch lick & Co. Josep h M cK ib bin .............................. ..M c K ib b in , D riscoll &D orsey,' W h o le s a le 'H a t s ! E tc. G eorge C P o w e r ...............................................................P residen t Chas. S chunem an ...................................................................... . . . . . . . . . ........ S chun em an & E van s, D ep artm en t Store F re d e rick D. M o n fo r t........................................... V ice -P re sid e n t A u g u stu s M P. C ow ley ............................................... C apitalist C. H. B u ck le y ..................................................................... C ashier A C C O U N T S O F IN D IV ID U A L S , F IR M S A N D C O R P O R A T IO N S IN V IT E D . A S P E C IA L D E P A R T M E N T FO R A C C O U N T S O F L A D IE S . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis This institution is a mutual savings bank. It does no commercial bank ing. Its deposits are not subject to the risks of a commercial business. Its funds are invested in first mort gages on real estate and municipal bonds. DEPOSITS: $ 1 3 ,0 0 0 ,0 0 0 .0 0 . DEPOSITORS; Over 5 2 ,0 0 0 in number. T R U ST E E S : H. C. Ackeley John DeLaittre N . F. Hawley T. B. Janney Cavour S. Langdon Alfred F. Pillsbury John Washburn Thomas Lowry E. H. Moulton W m . G. Northrup O. C. Wyman T H E C O M M E R C IA L W E S T 34 Saturday, September 8, 1906 G O O D PROGRESS AT MASON CITY. W ork on the Cement Plant for the Northwestern States Portland Cement Company Makes Good Showing. There is great activity at Mason City, where the big cement plant of the Northwestern States Portland Cement Company is under construction. This is the sixth mill to be constructed for the Cowham group of cement plants and will be the finest and most complete that money can build or long experience in cement manufacture suggest. The following account of the progress already made is from a Mason City daily paper, the Globe-Gazette : Out north o f the city a m ira cle o f enterprise is bein g w rou g h t A W h ite C ity is tak in g the p lace o f the green pasture and the golden oat field and the green an d the gold o f the w a v ing corn. T he N orth w estern S tates C em en t P lant, an e n ter- age buildin gs w h ere w h at barrels are used fo r the p a ck in g and sh ipping o f the cem en t are m ade, and the m achine shops w h ere the repa irin g and bla ck sm ith in g of the great plant will be done. It w ill also be the storeroom fo r all the m aterial needed in the use o f the plant w hen in operation . T h is bu ilding is 153 fe e t lon g and 30 fe e t w ide and the coop era g e departm en t bu ildin g is 85 feet lon g and 30 feet w ide. A s these tw o buildings are the least significant o f the g reat group it can easily be su r m ised that the oth er buildings w h ich w ill rap idly fo llo w will be gian ts is size and m arvelou s in con stru ction . T he fa ct too that these bu ildings are larger than the corresp on d in g bu ild ings a t Independence o f the W estern S tates is a m -le guarantee th at the oth er buildings will also be o f larger p rop ortion s and con seq u en tly of a g reater p rod u cin g cap acity. M achinery Bought. T he C ow ham people are not con ten t w ith sayin g w h at they are g oin g to do or m ysteriou sly assertin g that they are so m e tim e pu rposin g to build a plant. T h ey are d oin g it. L ast w eek the rest o f the con tra cts fo r the p onderou s m ach in ery w ere let and the c on tra cts fo r the stru ctu ral steel w as also let on a n in ety day d elivery so that n ow it is certa in that all the bu ildings o f the plant w ill be housed b efore the w in ter com es on and the w ork of installin g the m ach in ery can then g o steadily on during the w in ter m onths under sh elter and in w arm su r roun din gs W ith in tw o w eeks there w ill be from uiree to fou r hundred m en bu sily em ployed on the fou n d ation s o f the bu ild ings and the fou n d ation s o f the p onderou s m a ch in ery and the W h ite C ity w ith its ceaseless a c tiv ity will sp rin g up as if b y m agic. Mr. B yers w h o has had supervision o f other plants o f like m agn itu d e is here a p erm an en t citizen o f the place and is push ing the w ork w ith his a ccu stom ed genius, ab ility an d e n ergy. W ill Be Independent. T h e one thing w h ich im presses the v isito r w ith the C ow ham enterprise is that the com p an y is m ak in g p rov ision fo r m eetin g ev ery e m erg en cy again st delay, in p rov id in g its ow n equ ip m ent. F o r in stan ce the first th in g the m an a gem en t did w as to erect tw en ty cotta g es alon g the north side of fa rm a cross the stream from the plant, in a beautiful loca tion and w ith the c o n v en ien ces w h ich are m uch superior to the ordin ary c otta g es rented b y m en em ployed in such w ork. T hese c otta g es are fo r the em ployes of the plant and there w ill be no d elay here becau se o f lack of houses in the city. T h ey are n ea rly c o m pleted and are bein g painted a steel g ray w ith w h ite trim m ings. T h ey have cellars under the w h ole area o f the stru c tures, are provid ed w ith com fortable p orches, an d supplied w ith g ood w a ter and out buildings, and w ill rent fo r a v e r y sm all consid eration . T he large boa rd in g house w h ich resem bles a m odern hotel is also n ea rin g com p letion and w ill be read y fo r occu p a n cy by the tim e the b ig rush com m ences. M a terial A rriv in g . A half dozen or m ore trainloads of lum ber and oth er m aterial have alread y arrived and this has been con v erted into u se or is in the hands of the head carpen ters an d builders. A r ra n g e m ents have been m ade w ith the G reat W estern w h ereb y all this m aterial is sw itch ed from its ow n road and others righ t to the ground w h ere it is unloaded. Soon all the road s w ill have d irect con n ection s o f their ow n the su rveys h a v in g alread y been m ade. A large nu m ber o f w orkm en are a rriv in g and n ow that the p relim in ary w ork of tak in g care o f them has been done the scene in the next ten days w ill be som eth in g n ever before w itn essed in M ason C ity and those w h o have not seen the m ill a t Independence have no ju st con cep tion w h at will be a c c o m p lished w ithin the n ex t three m onths. M ason C ity is fortu n a te in h a v in g had Mr. C ow ham and his associa tes interested in this g reat industrial m ovem en t. T h e N orth w estern States P ortlan d C em ent C om pan y w ill be THE INGALLS OFFICE BUILDING AT CINCINNATI. Built entirely of Portland Cement. prise so big as to challen ge the g reat surprise and w on d er of all w ho have visited the site, is rapidly tak in g on form and ex ceed s ev ery prom ise m ade so that Mr. C ow h a m ’ s statem en ts before the C om m ercial club a fe w m onths ago n ow seem v ery con serv ative. An Ideal Site. I f an y one w ill give a p assin g glance over the tra ct o f land w h ich the g reat industrial plant is to co v e r he w ill a t once d eclare that the good a rch ite ct o f natu re m ade this form ation w ith a d irect p urpose o f p rod u cin g P ortlan d C em ent at the sligh test cost. E v e ry th in g is there in abundan ce and the to p o g rap hy o f the site is p erfect. F or in stan ce the dip o f the rock is p erfect. T he su rface o f the qu arry has been denuded. T h ere w a s less than a fo o t o f dirt to rem ov e w h en the real c e m en t lim eston e w as reach ed ready fo r the quarrym en. This qu arry starts on the r o ck y p rom on tory ju st south o f Calam us creek w h ich w inds its w a y through the fa rm and is a run ning stream the w h ole y e a r through, and it will be read ily seen that the qu arry w h eth er it cov ers the fe w acres o f the first years or the ten s o f acres o f the years to com e w ill alw ays have natural d rainage into the C alam us creek w ith ou t the use o f a pum p w h ich is n e cessa ry in e v e ry oth er qu arry k n ow n in the cem en t business. T he sam e creek w ill also form a fine re se rvior fo r w ater fo r steam purposes b y th row in g a dam acro ss it at the p rop er place. A ll the qu arry land is high ab ove the creek and can be e x cav ated fo r a depth o f m ore than fo r ty fe e t be fo re the bed o f the qu arry will be below the level o f the creek. T h is fea tu re is a v e ry im porta n t on e as w ill be seen b y look in g at the qu arry o f the B arber A sp h alt plant w h ich does n o t have this ou tlet and w h ich is n ow so fu ll o f w a te r fro m the recen t rain s that it w ill take a w e e k w ith a steam pum p to g et the w ater out and the q u arry in con d ition fo r the w orkm en . M a terial Ideal Also. The m aterial in these m ines o f lim eston e is also ideal. T he rock is in lay ers o f six in ch es or less, and fro m tw e n ty -fiv e to six ty fe e t in depth an d w ill be qu arried w ith a fra ctio n o f the lab or required in other quarries. . . . B u t the plain eviden ces o f w h at the com p an y is a ctu ally d o in g w ill in terest the G lobe-G azette read ers the m ost. Ju st ten days ag o w e told o f the la y in g o f the fo u n d a tion s o f the first tw o bu ildin gs o f th e plant and the least in size and im porta n ce o f the g re a t grou p w h ich w ith the railw ay term inals is to o ccu p y ab ou t fifty a cre s o f ground. T hese bu ildings are to be c o m p letely firep roof the w alls bein g m ade o f steel lath w ith c o n crete re in fo rce m e n t inside and out m ak in g an ad am an t w all three inches o r m ore thick, w h ich w ill be im perviou s alike to heat or cold or m oistu re or fire. T h ese bu ildin gs are the co o p e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis UNION SAVINGS BANK AND TRUST CO., CINCINNATI. This entire structure, including all ornamentations, was built of Portland Cement. m ak in g cem en t b y sprin g and the ocu lar eviden ces are here in abundan ce to v e r ify the statem ent. A Com manding Position. The Northwestern States Company has made every prepar ation at Mason City for a successful enterprise. They have control of practically all of the available supply of raw material in that territory. All other limestone beds in that vicinity are at such depth that it becomes a mining proposition to work them. Their property has four railroads crossing or adjacent to it. One road runs to the Iowa coal fields and T H E C O M M E R C IA L W E S T Saturday, September 8, 1906 35 The Wisconsin National Bank OF M ILW AUK EE C a p ita l, $ 2 ,0 0 0 ,0 0 0 S u r p l u s andpVoHis|ded $ 1 ,0 0 0 ,0 0 0 OFFICERS L. J. PETIT, President HERMAN F. WOLF, Cashier FREDERICK KASTEN, Vice President LYMAN G. BOURNIQUE, Asst Cashier] CHAS. E. ARNOLD, 2nd Vice President W. L. CHENEY, Asst. Cashier DIRECTORS L. J. Petit Herman W. Falk ^U il.L D I Nj©, Q W N jE ß, BiX •W ® FredericklKasten Z 3 :r ~ T R. W. Houghton Oliver C. Fuller Geo. D. Van Dyke "' Gustave Pabst Charles Schriber Isaac D. Adler Frank L. Vance Patrick Cudahy all give the best of shipping facilities for distributing the finished product. The N o rth w est Interested. ih e trade of the Twin Cities as well as the entire north west is directly interested in this enterprise, as it is the first Portland cement mill to be built in the northwestern states where it is valuable and where it will be largely used as soon as the supply can catch up with the demand. In almost every building, large or small, cement now enters into the construction. Many of the largest ones are built almost entirely of cement. The re-enforced concrete system A MODERN PORTLAND CEMENT MILL. The plant o f the Northwestern States Portland Cement Co. now building at Mason City. and will supply the northwest with this valuable building material. The S tray Dem and fo r Cem ent. It is a matter of common knowledge that the use of cement is increasing every day, yet few realize how its range is being extended. While the regular channels are using a large amount right along new fields are constantly being found CONCRETE RAILROAD TIES. has extended its use to warehouses, wholesale houses and factories. Ihe various block machines for making cement blocks, are making cement common 111 that form and the railroad people are finding it most .serviceable for bridge work and are even using the cement tie in the making of the road bed. Tt needs no great gift of prophecy to foresee that the present “age of steel” will soon give way to the “age of cement.” FINANCIAL NEWS OF WESTERN CANADA. (S p ecia l C orresp on den ce to the C om m ercial W e st.) Winnipeg, Sept. 3.— Mr. Clarence A. Bogart, general manager of the Dominion Bank of Canada is on a trip through the Canadian West. When he arrived at Calgary he was accosted by a citizen with the question as to what he expected to find at Calgary. “ I was prepared,” came the prompt answer, “ for and expected to find one of the finest cities of the west, but your substantial busi ness blocks, magnificent streets and general air of busi ness activity and prosperity vastly exceeds anything I expected.” Mr. Bogart is on a tour of the bank’s branches in the west, is making his first trip to Calgary, and is astonished at the marvelous growth in evidence at the foot of the Rocky Mountains. Mr. Bogart will be joined by Mr. F. L. Patton on his trip to Edmonton. Crop Moving Creates No Inconvenience. Although the crop has commenced to come to the mar ket very suddenly there is no inconvenience whatever on account of currency. The banks are all well prepared for the emergency and the money seems to be on hand as though nothing of an extraordinary character was taking place. This is perhaps due to the elastic character of the Canadian currency and the expansion it automat ically permits. E ig h t M onths’ Clearings. Bank clearings continue to show gains over the cor responding periods in previous years. Total clearings for the past month were $38,778,304, a gain of $8,474,462 over the same month last year, and $15,149,863 in excess of the August figures of 1904. For the eight months of the present year the aggre gate gain over the same periods in 1905 and 1904 were https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $76,470,076 and $111,571,712, respectively. Below are given the detailed figures: 1906. January ...........................................$35,506,258 F eb ru a ry ...................................... 26,272,877 M arch ............................................... 31,261,634 A p ril ................................................. 33,959,258 M ay ................................................ 39,026,206 June ................................ 37,813,102 Ju ly .................................................. 42,262,170 A u g u st ............................................. 38,778,304 T otal, 8 m os. Fine Bank 1905. $26,276,193 20,452,960 23,404,817 22,646,778 26,790,247 26,634,587 31,900,309 30,303,842 1904. $21,484,089 19,096,637 19,524,990 18,884,556 22,844,525 23,020,350 24,824,509 23,628,441 $284,879,809 $208,409,733 $173,308,097 Building For Moose Jaw. The Canadian Bank of Commerce is erecting a bank ing house in Moose Jaw which will be a handsome ad dition to the business section of that rapidly growing city of the wheat belt. The new building will resemble the Winnipeg head office, having Corinthian columns at the entrance. It will be stories in height, 32x72 feet, and constructed of red brick with Roman stone front, handsomely carved. The interior will be finished in quartered oak, with hard wood floors throughout. The second floor will be rented as offices, and it is hoped to have the new structure ready for occupancy this fall. _ Messrs. Darling & Pearson, of this city, are the architects. Building P erm its. The building returns for the month of August have reached the total of $1,124,000, as against $1,289,650 for August of last year. The returns for the year to date are $9,225,000, against $9 >275 >oo last year. The grain exchange and Imperial bank have not as yet taken out permits and these will shove up the total some $650,000 more. T H E C O M M E R C IA L W E S T Saturday, September 8, 1906 T H E N A T IO N A L B A N K O F COM M ERCE OF M INNEAPOLIS, M IN N E S O T A C a p it o l Centrally Located a n d S u r p lu s , Excellently Equipped Conservatively Managed Wc Extend to Our Patrons the Best Service 3 * ^ 1 ,8 5 0 ,0 0 0 .0 0 O FF IC E R S S. A. HARRIS, President F. E. KENASTON, Vice President G. E. WILLIAMSON, Asst. Cashier A. A. CRANE, Cashier W. S. HARRIS, Asst. Cashier W. F. McLANE, Asst. Cashier IS C H IC A G O DISCRIMINATED AGAINST? (S p ecia l C h icago C orresp on den ce to the C om m ercia l W e s t.) Chicago, Sept. 3 — T h e Chicago Board of Trade has lost its fight to compel the “ Big Four,” practically the Vanderbilt lines, to restore the two cents “plus” on ship ments of grain from interior points in Illinois. Likewise the Chicago Commercial Association has lost its fight against St. Louis to secure a reduction in the Chicago-St. Louis freight differential to points beyond the Missouri river, which has been in vogue since 1875 and is antiquat ed. The first defeat means that grain in increasing quan tities will be shipped around Chicago out of territory which is geographically within the city's inner sphere of influence. The second defeat means that St. Louis is to retain her margin of advantage varying from 8 cents per hundred on some commodities to 1 cent per hundred on others, and that Chicago is to lose her grip on transMissourian territory. As offsets to these defeats there is to be recorded the fact that the Chicago Commercial Association meets to day to consider methods of renewing the fight on the Chicago-St. Louis differential, while the Board of Trade and the Milwaukee and St. Paul railway, it is said, are planning the erection of a huge terminal elevator at Sioux City, which will make tributary to Chicago much of the new grain acreage west of the Missouri. Members of the Board of Trade are to finance the project in con junction with Sioux City men, and the railway is to 100k after the rates. The time has arrived to sound a note of alarm. The Chicago Commercial Association within the last two years has done wonders, and the Board of Trade is alarm ed lest the grain business of the country be not in large measure diverted from the city. These are healthful signs. Chicago progresses nowadays because she cannot help it, not because there is the concerted effort to help her progress that there should be. As a port she has fallen into desuetude because she has neglected shamefully her river. W ill her people be content to have her become simply a western Philadelphia, a great center of manufac turing, when her obvious destiny is to be the western New York, a composite city of many characters and oc cupations? Those corporations which are forced to establish plants in this territory because of its strategic position, choose points as far away from Chicago proper as pos sible, such as Gary, Indiana. The railways, eastern, west ern and southern, which terminate here, do not love us, have their chief executives in other cities, discriminate against us, or will grant us neither favors nor rights. If the vast consolidations occur to make transcontinental lines, their enmity or convenience may reduce Chicago to a mere way station between New Y o rk and the Pacific cities, may relegate us to the rank of a larger Pittsburg or Cleveland. It behooves Chicago men to be up and doing, not to sink into a lethargy like that of St. Louis. The propaganda maintained by the Chicago Commer cial Association brought 30,000 summer visitors to the city—-so many that all the hotels were kept full, the res taurants and theaters did business, many shops were ben efited. Y e t “ reform” has suppressed racing, has forbid den roof gardens, and as good as deprived the city of sea sonable summer amusement. If Chicago could learn from the experience of New York, she could attract a crowd of 100,000 visitors here all the year around, and fill the pockets of her shopmen, theater men, hotel men, res taurant men, steamship excursion men, as well as those of an army of wage-workers. T o accomplish her manifest destiny, Chicago should first of all dismiss “ reform” as parochial, non-constructive, devoted to fatuities, and pledged to blockades. Then she should divert her immense political energy in the channel of material aggrandizement— open up her river and harbor, let amusements under proper regulations flourish, permit enterprises to thrive and encourage cap ital to invest, bull her stock instead of bearing it, no long er befoul her own nest, but sing a pean in her own praise. Last and far-reachingly important: Chicago as a unit should clamor for the ship canal. She should supporL her ablest representative at Washington in a demand for that canal. If the Federal government will not build it, Chicago shoul insist that it be undertaken by the state of Illinois. And if Illinois refuses, Chicago with the aid of the cities of the valley of Illinois should herself not shrink from the task. If Pittsburg can dig a canal to Lake Erie, Chicago can dredge one to the Mississippi. The truth is that a chapter has closed in the history of Chicago. And the question now is whether Chicago can conquer her future as she did her past. A NEW BANK FOR EAST MINNEAPOLIS. The project for a new bank for the East Side of Min neapolis has finally taken definite form, and the institu tion has been incorporated under the name of the East Side State Bank. The capital is $100,000. Those who signed the articles of incorporation are: F. E. Kenaston, president of the Minneapolis Threshing Machine Company; E. J. Couper, vice president of the Northwestern Knitting Company; Howard Dykman, vice president of the First National Bank of Breckenridge; Robert Jamison, former judge of the district court; Isaac Hazlett, banker; Louis Andersch of Andersch Bros.; Fred E. Barney, former chairman of the board of county com missioners; H. R. Weesner, manager of the Wabash https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Screen Door Company; E. P. Allen, manager of the A m er ican Adjustment Company; E. Pennington, vice president and general manager of the Soo line; C. E. Sinclair, deputy surveyor general of logs and lumber, and W. E. Satterlee, East Side member of the city council. The board of directors are: F. E. Kenaston, W. E. Satterlee, Howard Dykman, Robert Jamison, Fred E. Bar ney, Isaac Hazlett, E. J. Couper, Louis Andersch and H. R. Weesner. With such a representative body of substantial busi ness men, several of whom are bankers, the enterprise is assured of strong support. The officers agreed upon are: Fred E. Barney as pres- Saturday, September 8, 1906 A. B. HEPBURN, President A. H. WIGGIN, Vice President OF T H E C IT Y OF N E W Y O R K U N IT E D S. H. HILLER, Asst. Cashier C. C. SLADE, Asst. Cashier STATES D E P O S IT A R Y ( J U N E 18, 1906) C A P I T A L .................................................................... $ 1 , 0 0 0 , 0 0 0 S U R P L U S A N D P R O F IT S (E A R N E D ) - -5 ,7 3 1 ,6 1 7 D E P O S I T S ...................................................... 7 2 ,2 4 3 ,2 3 3 ident, F. E. Kenaston and Isaac Hazlett as vice presi dents, and Howard Dykman as cashier. Mr. Dykman has been associated for many years with Mr. Kenaston in the First National of Breckenridge. A s vice president and active manager he has made that bank a most successful institution. He has resigned his position with the Breck enridge bank to take the active management of this new enterprise in Minneapolis. Mr. Barney is a well known East Side real estate dealer, and a long time resi dent of the East Side, having been associated with the old Commercial Bank of St. Anthony. The new bank will occupy the present rooms of the Chute Realty Company, in the Chute building, 301 Cen tral avenue. This was formerly occupied by a bank and is well arranged for banking purposes, being equipped with a large vault. New fixtures will be installed and it is hoped that the bank will open before October 1. A M E R I C A N R A I L R O A D S IN B R A Z IL . The railroad situation in Brazil represents improve ment and progress. Foreign capital is invited and Ameri can interests might find many opportunities for invest ment in Brazilian companies. Naturally with American investment would come the purchase of supplies in the United States, but betterment in the American trade in railroad supplies in Brazil can hardly come until the rail roads purchasing such supplies are controlled by Ameri cans. American supplies and American machinery, Am er ican rolling stock and American methods of management may be very much better than those now obtaining, but so long as those responsible for them are more familiar with European goods and European methods, just so long will the latter be preferred to the former. The pres ent policy of the Brazilian government toward railroad investments does not promise continuance of investment, but it does promise safe returns, and even though a rail way constructed by American capital should become a governm ent road it is probable that the American cast to it given in its original construction would lead to the use of American machinery and supplies.— Consul-Gener al E. A. Anderson, of Rio Janejro. B AN K S AS B O N D BUYERS. A piece of advice which is nowadays very commonly urged is that banks invest in bonds as a “ secondary re serve,” a phrase which seems to have been imported from the football field, with its “ primary” and “ secondary” de fence. I may be mistaken^ in thinking that the advice comes more urgently from the bond dealers than from bankers themselves. But without denying the possibility of a bank here and there making good profits in the pur chase, holding and sale of bonds, I am convinced as a re sult of careful observation and experience that banks gen erally are poor buyers of bonds and still worse sellers. The former, because banks can seldom buy at the bottom price for a particular issue, but rather must pay prices which already show one, two or more profits to the pro fessional dealers; and because they seldom come into the market _except when interest rates are low and paper scarce, in other words when bonds too are in demand and prices high. The banks are poor sellers because, being possessed of ample means, they are very slow to take a small profit and slower still to take a loss. The fact that the interest account is running against them is either not felt or disregarded.— Alfred L. Ripley, Massachusetts Bankers’ Association. Million Mark for Lewistown Bank. The footings of the First National Bank of Lewistown have passed the $1,000,000 mark. The growth of the bank has been remarkable. Started in a town of no more than one thousand population, in a country which is yet a part of the great frontier and exceedingly sparcely settled, backed only by the men of comparatively moderate means and, within a short period of seven years the bank has run its business up beyond the million mark. This speaks volumes not only for the development of the country in which such an institution is situated, but also for the business acumen of the men behind it. Sicily produces about 500,000 tons of sulphur annual ly, or 80 percent of the entire production of the world. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 37 Tlpe Cijttse is'cttimral IBank E. J. STALKER, Cashier H. K. TWITCHELL, Asst. Cashier T H E C O M M E R C IA L W E S T D IR E C T O R S H. W. CANNON, Chairman OLIVER H. PAYNE GRANT B. SCHLEY GEORGE F. BAKER JAMES J. HILL, St. Paul, Minn. A. B. HEPBDRN JOHN I. WATERBURY A. H. WIGGIN GEORGE F. BAKER, JR. THE CAPITAL NATIONAL BANK S A IN T Capital $250,000 PAUL - Surplus $25,000 U. S . D E P O S I T O R Y . OFFICERS: JOHN R, MITCHELL, President WALTER F, MYERS, Vice President HARRY E HALLENBECK, Cashier. EDWARD H. MILLER, Assistant Cashier. We shall be pleased to meet, or correspond with any banker who contemplates opening a new account in this city. CAPITAL $1,000,000.00 SURPLUS $200,000.00 Solicits Accounts of Bankers, Individu= als and Firms, and will accord every favor consistent with conservative banking. Correspondence invited. OFFICERS L. A. Goddard, President Nelson N. Lampert, Henry R. Kent, Cashier Vice-President Charles Fernald, Asst. Cashier ESTABLISHED 1851 IRVING NATIONAL BANK NEW YORK C a p ita l S u r p lu s S a m u e l S. C o n o v e r , Prest. C. F . M a t t l a g e , Vice Prest, $ 1 ,0 0 0 ,0 0 0 .0 0 $ 1 ,0 0 0 ,0 0 0 .0 0 Ch a s. L. F a r r e l l , Vice Prest. B enj. F. W e r n e r , Cashier. W e are prepared to give every attention to the accounts of Western Bankers and will appreciate your business. THE COMMERCIAL 3« Saturday, September 8, 1906 W EST DIRECTO RS Northwestern Trust Company DIRECTO RS A. 0 . ANDERSON CHAS. W. AMES E. H. BAILEY, President C. H. BIGELOW KENNETH CLARK HAYDN S. COLE, V.-P. & Counsel W. B. DEAN FREDERIC A. FOGG, Vice-Prest JULE M. HANNAFORD GEORGE W. GARDNER ST. PAUL. THOS. IRVINE FRANK B. KELLOGG JAMES W. LUSK A. E. MACARTNEY ALBERT L. ORDEAN GEO. C. POWER EDWrARD N. SAUNDERS R. E. SHEPHERD J. H. SKINNER THEO. L. SCHURMIER THOMAS WILSON M INN. ACTS AS E x e c u to r , A d m i n i s t r a t o r , G u a r d i a n , T r u s t e e , R e c e iv e r o r A s s ig n e e . G u a ra n ty Fund deposited w ith S ta te T re a s u re r, $ 1 0 ? , 0 0 0 , T h i s C o m p a n y is a u t h o r i z e d to a c t u n d e r a p p o i n t m e n t o f a n y D i s t r i c t o r P r o b a t e C o u r t in M in n e s o t a . T H IS C O M P A N Y DOES NOT R E C E IV E D E P O S IT S N O R DO A B A N K IN G B U S IN E S S . By good service we have steadily gathered power for better service, and we offer to new customers a constant improvment upon that service which has attracted and held our customers of the past. C a p it a l $ 3 0 0 ,0 0 0 THE GERMANIA NATIONAL BANK, S u r p lu s $ 5 0 ,0 0 0 Geo. Brumder, President. Geo, P. Mayer, Vice-Pres’t. A. G. Schultz, Cashier. M. A. Graettinger, Ass’t Cash. E. A. Reddeman, Ass’t Cash. LUTHER S . CUSHIIMG C AR E A N D M ANAGEM ENT OF R E A L ESTATE 3 4 6 E n d ic o tt B u ild in g , S . PAUL. W . Y . DENNIS, P r e s i d e n t . GEO T . H A L B E R T , V ic e -P r e s t . J. S. HOOPER, Se c ' y -T r e a s . M ILW A U K E E , W IS C O N S IN . E lwood S. Corser, Pres. W illiam B. T uttle , Treas. C o r s e r L ester B. E lwood , Vice-Pres. E dward B. N ichols, Secy. In v e s t m e n t C o . Established 1870. Manager New York Life Building. M O R T G A G E L O A N S , R E A L E S T A T E and I N S U R A N C E Special attention given to Management of Estates for Non-Residents. N e w Yor K L i f e Bu i l d i n g , MINNEAPOLIS C H U T E YALE REALTY C O M P A N Y R E A L T Y CO. 301 Central Avenue and 803 Phoenix Building, M I N N E A P O L I S MINNEAPOLIS Real Estate Bought, Sold, and Exchanged on Commission. Property Carefully managed for non-residents. Minneapolis and St. Paul Realty of all Kinds. W. H. Davis, V=Pres. D. P. Jones, Pres. DAVID W. C. McWhinny, Sec. 4 Treas J O N E S & CO. P . Chas.) . Hedwall Co. 1 ™ “ pZ ' M o rfg a g e L o a n s at L o w e s t R a t e s . (Established 1868. Incorporated 1900) Mortgage Loans, Real Estate and Rentals IN S U R A N C E Special attention given to management of estates o f non-residents. Satisfactory reference to local and eastern parties. 3laced in our Old Line Companies. Losses adjusted and paid at this office without discount. M IN N E A P O L IS Main Floor Bank of Commerce Building, BANK! P K ^ w THE Do you know there are more rogues out of jail than in? One may visit YOU before he goes in. • Our BankGBurglary Policy will relieve you of anxiety. FLETCHER COMPANY, (In co rp o ra te d ) 9 B a n k of C o m m erce 1lu lld in g , M in n e a p o lis , N o rth w e s te rn m a n a g e rs WE FU RNISH ON REQU EST A POLICY EQUITABLE IN FORM AND R A T E S . David C. B e l l , Prest. James B. Sutherland, Treas. W alter A. Eggleston, Sec’y. David C. Bell Investment Co. MINNEAPOLIS Established 1880. OF S E C U R IT Y B A N K B U IL D IN G The American Mortgage & Investment Co, 251-2-3-4 Endicott Bldg., ST. P A U L , M IN N . Offers CHOICE FARM MORTGAGES to conservative investors at attractive rates. Cor respondence invited. All loans personally inspect ed. Send for our list o f loans. HENRIK STROM, G. B. EDGERTON President. Vice-President. W. T. SUCKOW: Sec. and Treas. B U T L E R B U R N H A M STOCKS , BONDS, Incorporated 1889. BANK Real Estate, Mortgage Loans, Rentals and Insurance. Management of Estates for Non-residents. MANAGER ALBERT E. BUTLER JOHN BURNHAM ' 'i 4. U N LIS T E D & C O . G R A IN STOCKS C H 1C A G O " ------- 1 5 9 LA S A L L E S T R E E T — ____ - _____- LUMBER EXCHANGE CO. M IN N E A P O L IS . P A ID U P C A P IT A L , $ 5 0 0 ,0 0 0 .0 0 H. C. A keley , Prest. F. A. Chamberlain , Vice. Prest. J. S. P orteous, Secy, and Treas SAFE D EPOSIT VAULTS. Boxes $ 4 .0 0 u p w a rd s per ye ar. KETTLE RIVER QUARRIES COMPANY j'. BUI LDI NG S TONE, Curbing, Crosswalks, stone and Creosoted Wood Blocks lor Pavement. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis O n e id a B General O f f ic e s : , in n e a p o l is lock M , M in n . Saturday, September 8, 1906 THE COMMERCIAL WEST Establised 1905. Capital Subscribed Capital Paid Up - - . - - THE $1,200,000 $880,000 30th July, 1906' NORTH ERN BANK Head Office The only Bank with Head Office in Western Canada. WINNIPEG. 39 Officers: Sir. D. H. Mc Mi l l a n , Lieut. Governor o f Manitoba, Pr es i dent . C a p t a i n Wi l l i am R o b i n s o n , V i c e Presi dent . J, W. d e C . O ’ G r a d y , G e n e r a l Ma n a g e r . R C amp bel l , Inspector. BRANCHES A T ALL PRINCIPAL POINTS IN THE WESTERN PROVICENCES. Highest rates of interest paid for deposits. Special attention given and best rates of exchanged allowed to incornine_____ _____________________ settlers. Collection receive special attention. 6 J. J. HILL ON OUR NATIONAL PROBLEM. James J. Hill, president of the Great Northern rail road, sounded a warning to farmers in his address at the opening of the Minnesota state fair on Monday. He pointed out that unless the population be scattered from the cities and more intensive methods of agriculture which will at the same time conserve the productiveness of the soil be adopted the United States may shortly see its farm products hardly adequate for its own subsist ence. In part he said: T he h ig h est con cep tion o f a na tion is that o f a tru stee fo r p osterity. T he sav a ge is con ten t w ith w restlin g from nature the sim ple n ecessa ries o f life. B ut the m od ern idea o f duty is con serv atism o f the old and m odelin g o f th e n ew in order that p o ste r ity m ay h a ve a fa irer d w ellin g p lace and thus tra n sm it the onw ard im pulse. T he ideal o f the prudent, loving, ca refu l head o f ev ery fa m ily is the true ideal fo r a na tion of ration al m en. T he people o f the U nited States, as fa r as any perhaps, h a v e m eant to fo llo w this pattern. It is w orth w hile to con sid er how fa r th e y have been su ccessfu l and w h ere they have failed. A N ational Problem. P rob lem s w e h a ve fou nd and trifled w ith, in co n fu sin g num ber and v a r ie ty ; but the problem o f the fu tu re m aterial con d ition o f our coun try, o f an in v en tory o f its assets an d liabilities, o f the in evitable dem ands upon its resou rces and the carefu l a d ju stm e n ts b y w h ich alone they m ay be p reserved has thus fa r been a s u b je c t fo r little m ore than a p assin g thought. T he m ain elem ents o f this problem , w h ich ab ove all others is cro w d in g upon ou r atten tion , are th ree: P ossib ilities o f population. A ctu a l and possible natu ral resources. P ossib ilities o f p rod u ctive ap p lication o f one to the other. A s the p ru den t m an, ab ou t settlin g h im self in life, sum s up his p ossession s, his op portu n ities fo r earnin g in com e and the dem ands upon him o f a fa m ily to b e cared fo r and le ft in a p osition to beg in the w orld a t least as ad v an tag eou sly as he h im self, so the people o f the U nited S tates should k n o w w ith reason able e x a ctn ess ju s t w h e re w e shall stand h a lf a cen tu ry from now . Going into statistics as to the growth of the popula tion in the past from which to estimate the increase in the future Mr. Hill placed the excess of births over deaths at the average of fifteen percent for each decade. From the immigration records of the past four years he set 750,000 as a conservative estimate on the yearly increase to be expected from immigration, finding that on this basis the population of the United States will show these totals: P opu lation in 1910....................................................................... 95,248,895 P opu lation in 1920............. ......................................................... 117,036 229 P opu lation in 1 9 3 0 ... .................................................................142’ 09L663 P opu lation in 1940........................................................................170,091,663 P opu lation in 1950........................................................................204’ 04L223 T h e startlin g qu ality o f these figures is the m agn itu d e o f our problem . It is n ot even a problem o f to -m o rro w , but of today. W ith in fo r t y -fo u r y ears w e shall h a v e to m eet the w an ts o f m ore than tw o hundred m illion people. In less than tw en ty years fro m this m om en t the U nited S tates will have 130,000,000 people. He pointed out that notwithstanding these figures the farmers and railroads are experiencing an ever increas ing difficulty in obtaining men for work. N otw ith sta n d in g the addition o f m ore than a m illion people a y ear fro m abroad, n ea rly all o f them m en an d w om en w ho m ust w o rk fo r a living, labor outside o f the cities w as n ev er as sca rce or w ag es as high as at the p resent tim e. Im m ig ration lingers in the g re a t cen ters and adds to the difficulties a tten d in g em ploym ent. T h e fa rm s stretch out their hands in vain. R a il road s in m ak in g exten sion s have to g e t help at the high est m arket price. T he co u n try needs m ore w ork ers on the soil. N ot to turn the stra n g er aw ay, but to d irect him to the ia rm instead of the c ity ; n ot to w a tch w ith fe a r a possible increase o f the birth rate, hut to use ev ery m eans to keep the boys on the fa rm and to sen d y o u th fro m the c ity to sw ell the depleted ranks of a g ricu ltu ral in d u stry is the n e ce ssa ry task o f a w e ll-a d v ised p olitical eco n o m y and an in telligen t patriotism . Stern Questions As To Future. T he U nited S tates has been able easily to take care o f the g rea t increase o f popu lation in the past but it had a v ast area of u n occu pied land, hut at the present rate o f occu p a n cy every acre of public land w ill disappear w ithin the n e x t fifteen years. B u t as a large p ercen tag e o f the lands included in this estim ate are w h olly or p artially unfit fo r tillage, it is literally true to say that ou r arable p u blic lands have alm ost disappeared. A nd w h ere a re our children to find stan d in g room and the .tens of m illion s o f tne fu tu re a p lace f o r . w h olesom e in d u stry ? T his is an in ten sely practical, question. It is im m ediate. F'or" w ithin tw en ty years w e m ust hou se and em ploy in som e fa sh ion fifty m illion s o f ad d itional . p o p u la tio n ,. an d b y the m iddle o f this century, at a tim e w h en the child n ow born w ill be in the prim e of life, there w ill be ap p ro x im a te ly tw o and o n e -h a lf tim es as m an y people in the U nited S tates as there are today. N o n a - https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis +J0n “ J . h istojy . w as ever con fron ted w ith a stern er question than this certain p rosp ect sets before us. question Our P otential Resources. R ation al con sid eration o f our p oten tial resou rces and o f available fu tu re em ploym en t fo r this great m ultitude m ust o f course, p roceed together. L a b or m ust have m aterial to w ork upon and labor and m aterial m ust also be so con join ed that the sum total shall be an increase o f p rod u ct equal to the a d v a n cin g dem ands upon it while at the sam e tim e our nation al re? sou rces shall not be exhausted. T he forest, on ce a rich heritage is rap idly disappearin g. Its p rod u ct is valuable not as food F T fo r sh elter and as an a cc e sso r y in the p rod u ction o f w ealth ’ Its fa te is in terestin g here rath er in the role of an exam ple F or w e have done w ith our forests alread y w h at w e are doing su ccessfu lly w ith the rem a in d er of our nation al c a p ita ? E x ce p t fo r the areas on the P a cific coast, the fo re st as a sou rce o f w ealth is rapidly disappearing. W ith in tw en ty years perhaps w e shall have n ow h ere east of the R o c k y M ountains a tim ber p rod u ct w orth recording, and shall then be com pelled to begin in earnest that slow p rocess o f reforestin g. W asting Resources. W h a t is less clearly p erceiv ed is th at w e are w a stin g in the sam e fa sh ion other resou rces w h ich no repen tance an d no in? g en u ity can restore or replenish. T h e exhaustion o f the g reat6St f l l tu e s e ’ the i arH wiU be spoken o f later Our m in im i w ealth, how ever, stands on an oth er plane. W h a t is taken from the m ine can n ever be replaced. Thru all etern ity, as fa r as w e can see the con su m p tion o f m ineral w ealth stored in the ground m ust be a finality. T he p ossible g ross p rod u ct is m ath em a ticaiiy lim ited. T he ad ap ta tion of this to fu tu re u s ^ should be a m atter o f infinitely greater a n x iety than the present ba lan ce sheet o f a bu siness concern. Y et the singular fa c t is that, a m on g a p eople con v in ced that th ey are ground ed in the rudim en ts o f p olitical econom y, the p rog ressiv e exhaustion of this p reciou s resou rce is everyw h ere heralded as a trium ph of enterprise^ and a g ag e of nation al prosperity. T he n ation p u b lishes p eriod ically the record of a sca tterin g o f assets n ev er to he regained, and w aits, w ith a sm ile o f com plaisance, fo r g e n eral con gratu lation . s Coal and Iron. c. T he tw ° ? reat resou rces o f the under earth econ om ica lly speaking, that are indispensable to hum an com fort and grow th, are coal and iron. Our in h eritan ce o f these w as p rin cely The m ost w on derfu l a ch iev em en t o f this age is the incredible a c t iv i ty w ith w h ich w e are exh a u stin g them . N o dependable au th orisupply68 m ° re a Century o f life t0 our m ain available coal . . Tt is certain ly a m oderate statem en t to say that, b y the m iddl H A ' A prneAeT centui-y. when our popu lation shall have reach ed the 200,000,000 m ark, our best and m ost convenien t coai will have been so fa r consu m ed that the rem ainder can cjuly he applied to present uses a t an enh an ced cost, w h ich w ou ld p rob ably com pel the entire .rearran gem en t o f industries and revolu tion ize the com m on lot and com m on life This is fa c ea mer<3 p ossib ility ’ but a P robability w h ich our cou n try m ust ,, .T ? e ProsPeet of the m igh ty iron in terest is even m ore an<i mo.re sure. T he m ost reason able com putation o f scien tific a u th ority affirm s that ex istin g p rod u ction cann ot he m aintained fo r fifty years, assu m in g that all the available ! rc .° L ° i e sf K that5 p eriod ?6^ tha TT •R ey ier,w ing' the increase in iron ore production in the United States Air. Hill stated that it will reach 50,000,000 tons almost immediately, and that by every possible m.banf consumption is being stimulated, especially by a tariff that places a bounty on the exhaustion of the home supply of both coal and iron, thus prohibiting re course to outside supplies and compelling the exhaustion of our own reserve. Estimating the deposits of merchantable iron ore in the deposits in the Lake Superior region at 1,500,000 000 tons he pointed out that this supply according to pres ent consumption, will he practically exhausted in thirty or forty years, so that the year 1950, as far as the re sources of this country are concerned, will mark the ap proach of an ironless age. so that not merely manufac turing industries but the whole industrial life of the coun try. built upon cheap iron and coal, will feel the strain and suffer realignment. To bring the truth of this forecast home to his hearers Mr. Hill spoke of the history of Great Britian, where effort has been concentrated upon * * * * the secon d a ry form o f industry— m an u factu rin g — at the sacrifice o f the p rim ary— the tillage o f the soil ito iron supply is now n ea rly exhausted. It m ust im port m uch o f the crude m aterial or close its fu rn aces and m ills Its coal is bein g draw n from the deeper levels. T he added cost p inches the m arket and m akes trade sm aller both in volu m e and in profits. T he p rocess o f con striction has only begun N one a re ad v ertisin g it, on ly the fe w understand it. B ut alread y there i ! the c r y o f w an t an d su fferin g from ev ery street in England E v ery p eople is thus reduced in the final appraisal o f its e s tate to relian ce upon the soil. T his is the sole asset that does not perish, becau se it contains w ithin itself if not ahucon possibiiity of infinite renewal. Our o n e r e so u rc e '^ therefore look in g at humanity as something more than the crea tu re of a 40 THE COMMERCIAL WEST day, is the p ro d u ctivity o f the soil. B u t only becau se the earth is m ore lon g -su fferin g , only becau se the p rocess o f e x h austion is m ore difficult and occu p ies a lon g er period, have w e escaped the peril that loom s so large in other quarters. Y et the w a ste o f our treasure h as p roceed ed so fa r that the actu al valu e o f the soil fo r p rod u ctive purposes has alread y d e ter iorated m ore than it should have done in five centuries o f use. T h ere is, ex ce p t in isolated and individual cases, little a p p ro a ch in g in ten sive agricu ltu re in the U n ited States. T here is only the annual skim m in g o f the rich crea m ; the exhaustion o f virgin fe r tility ; the ex traction fro m the earth b y the m ost rapid p r o cess of its p rod u ctive p ow ers; the d etoriation o f life ’ s sole m aintenance. A nd all this w ith that arm y o f an oth er hundred m illion p eople m arch in g in plain sight tow ard us, and ex p ectin g and dem anding that th e y shall be fed. Mr. Hill traced the decline both in area and value of improved land in the older sections of the country and the decline in productiveness in the new lands of the west, attributing these declines chiefly to the withdrawl of the elements required for plant life, the process of deliberate soil exhaustion and contrasted the steadily declining yield of the American farms with some parts of Great Britain, where by intelligent cultivation lands cropped for a thousand years are made to bear thirty bushels to the acre. T h orou g h fertilization, o f the land has no place in the g e n eral w ork on the A m erican farm . Only tw o states in the union sh ow an average total value o f fa rm prod u cts in ex cess o f $30 p e? acre o f im proved land. The figure fo r . Illinois in 1900 w as «12 48' fo r N orth Carolina, $10.72; fo r M innesota, $8.74. By p rop er cultivation, th ese returns could _easily be doubled and still leave the so il’s resou rces unim paired. T he doublin g of all the p ro d u cts o f the fa rm w ould ad d to the w ealth o f this cou n try from five to six billion dollars ev ery year, a cco rd in g to the cron vield o f the season and the range o f m arket prices. T h erefore and this is the fo ca l point o f the w h ole m atter, the cou n try is ap p roa ch in g the inevitable ad v en t o f a population, of U 0 000 000 or 20 0 .000,'000, w ithin the lifetim e o f those n ow ¿ T o w n ’ to m an ’ s estate, w ith a p oten tial fo o d supply that falls as the d ra ft upon it advances. H o w are th ese p eople to be f f»rl 9 Our Foreign T rad e. T he fo re ig n trade o f the U nited S tates has b e e n m ade an ob ie c t o f m ore or less solicitu de and self-g ra tu la tio n W h a t w e do is to ex p o rt in im m en se volu m es tw o g reat schedules o f com m od ities One con tain s raw m aterials, the p rod u cts o f the upper and un der earth. It includes, ad d ing a rticles like flour p rov ision s an d refined oil, w h ich are but one d egree rem oved from the raw state, chan ged in form fo r eco n o m y o f tra n sp orta tion th re e -fo u rth s o f our en tire exports o f d om estic c o m m od ities T he trea su ry o f our fu tu re is bein g despoiled to sw ell the ra oid lv g ro w in g rich es o f the day. T he rem a in in g 30 per cent or less w h ich is all that can p rop erly be classed as p rod u cts o f m anu facture, is this stored treasure in an oth er form E x p o rts o f d om estic m an u factu res, con stru in g the term w it h ‘ prop er strictness, con stitu te a trifle m ore than 20 p er cent of the total T h is p itifu l sh ow in g in the m arkets o f the w orld w here our p eople m igh t find occu pa tion , w here a larger p rop ortion rTf them m ust find it in the fu tu re if all are to su rvive or to rem ain a sh ow in g th at not even the en d eavors o f boa sters can im prove is the inevitable con seq u en ce o f a p o licy m ore destru ctible than that o f the sp en d -th rift. L e st the con d ition s o f life should be m ade too fa vora b le fo r this people, its hom e m ark ets are surrendered, bound rigid ly b y law, to the cora ría ra tivelv sm all nu m ber w h o con trol d om estic supplies o f raw m aterial fo r m anu facture. A t the sam e tim e the co st o f p r o d u ction e ffectu a lly p rev en ts the secu rin g o f an y con sid erable or perm an ent con trol in the m ark ets o f the outer w orld, w here afone our m illions o f to m o rro w could find ou tlet fo r this fo rm of a c t h it j. -phe Reclam ation Law . T he single intelligent ad van ce on p ra ctica l lines m ade b y p u blic a u th ority w ithin the last qu arter o f a cen tu ry is the recla m a tion law. Initiated an d inspired and p aid fo r b y a fe w w estern ra ilw a y com pan ies, it p rovid es fo r a real ad d ition to the su ccess o f fo o d su pply and the o p portu n ity fo r em ploym ent. •Rut it is on ly a ligh t breeze blow in g in the fa c e o f a c y clone I f ev e ry p ro je c t con tem p lated as fea sible w ere execu ted and if alí w ere com p leted in stan tly b y the rub o f a m agic lam p som e 60,000,009 a cre s w ou ld be added to the arable na tion al dom ain. A nd if only fo r ty a cre s o f this w ere assign ed to each fa m ily it w ou ld supply the needs o f the actual addition to popu lation b y natural in crease and b y im m igration fo r less than three 3 1 11 crud e A g ricu ltu ral Methods. A griculture in the m ost intelligent m ean in g o f the term , is som eth in g a lm ost un know n in the U n ited States. In m an u fa ctu re s w e have com e to con sid er sm all econ om ies so carefu lly that the d ifferen ce o f a fra ctio n o f a cent, the u tiliza tion o f a b v -n ro d u ct o f som eth in g fo rm e rly consigned to the scrap heap, m akes the d ifferen ce betw een a profit and bankrup tcy. In fa rm in g w e are satisfied w ith a sm all yield at the ex pen se o f the m ost rapid soil deterioration . W e are satisfied w ith a n a tional av erag e annual p rod u ct o f $11.38 per acre a t the cost o f a dim in ishing annual retu rn from the sam e fields, w hen w e m igh t iu st as w ell secure from tw o to three tim es th at sum. W h en w e h a v e added to the nation al ex p o rt trade half a billion dollars p er annum the co u n try rings w ith self congratulation, and w e dem and the plaudits o f the w orld. If a p rocess fo r e x tra ctin g m etallic w ealth fro m ro ck s w ere to be d iscovered tom orrow , such as to assure the co u n try an added volum e o f a billion dollars in w ealth ev ery y ear the nation w ou ld talk of n oth in g else. Y e t these things w ou ld be but a trifle w hen c o m pared w ith the p ossibilities o f agricu ltu ral develop m en t in the U nChÍn,gea m eth ods on ly a little n o t to high class intensive fa rm in g bu t to an agricu ltu re as fa r ad v an ced as that o f those oth er coun tries, w h ich have m ade the m ost p rogress, and w ith ou t an v ad d ition w h a te v e r to the ex istin g cu ltiva ted farm I r S the p ro d u ct Per acre w ou ld be doubled. W e should be able b y d ire ctin g surplus popu lation to the land, and b y the a drmtion o f a system o f culture in full operation, elsew here, | f f i y t o in crease this m inim um present yield o f $5 000 000 000 nor annum o f fa rm p roducts. T h at is. w e m ay add $10,000,0919,000 or $1 5 ,000,000,000 every year to the nation al w ealth if w e so choose. A n d this is bu t a beginning. Mr. Hill showed that while the average for the United States for a long period of years has been about 12.5 the y ield in England has been increased by the application of increased knowledge from an average of 26 bushels to the acre over fifty years ago to an average of 30 bushels today If such a vield could be obtained in the United States he pointed out, instead of the present production 0f ‘ 600,000,000 bushels of wheat in a fair year, the yield would amount to over 1,500,000,000 bushels. In the same https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday, September 8, igo6 way Mr. Hill took up Germany, showing how the soil has been intelligently and practically cultivated and conserved. Similar lessons were drawn from France, Japan and the Isle of Jersey. As the first essential to any agriculture worthy of the name Mr. Hill named rotation of crops, telling of the experience of the Minnesota State Agricultural School, where the production has been brought up to almost dou ble that of the average farms in the state merely by a system of five year rotation. The second method of increasing yield and preservingsoil productively Mr. Hill named as a more liberal use of fertilizing material such as is possible where farms are of small size and cattle are kept. The third, better til lage, he named as the most interesting of all because_ it opens up unmeasured possibilities. He described the in tensified cultivation of Japan, where farming has really developed into market gardening and where 19,000 culti vated square miles support a population of 45,000,000 people. Other instances of high intensive soil culture were given. T h e fo o d dem and o f a popu lation g row in g b y m illion s is soon to fo r c e such question s to the fron t. E v en if the soil p rod u ce on ly the th irty bushels to the acre o f w h eat w h ich G reat B ritain can raise, a square m ile w ou ld g row 19,200 bushels. I f SO1! p ersons w ere livin g on a square m ile, it w ou ld allow to each one o f them 38.4 bushels as a supply. D istrib u te this in term s o f an y m easured fo o d ra tion and it w ill n ot be in a d e quate. W e m ay affirm w ith p e rfe ct confidence, as a con clu sion o f this b rief in v estig ation o f soil p reservation and developm ent, that the p ossibilities o f agricu ltu re m ake it difficult to set a n y sp ecific lim it to the popu lation that cou ld sustain life on the prod uce o f a given area. This, how ever, presupposes cu lti v a tion as carefu lly studied and applied as are the details of m a n u fa ctu rin g p rocesses or the m anipulations o f a ch em ica l la b oratory. Such m ust be the ultim ate goal o f A m erica n h u sba n d ry. * * * T he conclusion is that, if n ot an oth er a cre w ere to be redeem ed from the w ilderness, if the soil w ere trea ted k in d ly an d intelligently, and if in d u stry w ere d istribu ted duly and popu lar atten tion con cen tra ted upon the best p ossible u tiliza tion of the one u n failin g nation al resource, there w ou ld be p rod u ced all n ecessa ry fo o d fo r the w a n ts of, in roun d nu m bers 650,000,000 peopie. B u t this m eans su ch study an d la b or to raise p rod u ction to its h igh est term s as h a ve entered sca rce ly a t all as yet in to the A m erica n com prehension. Needs of the Hour. F ailin g to un derstan d the needs of the hou r or to ap p reciate the m oral to w h ich th ey point, w h at fortu n e m ust a w a it u s? W ith in tw en ty years 125,000,009 people, and b e fo re the m iddle of the cen tu ry ov er 200,000,000 m ust find room and fo o d an d em p loym en t w ithin the U nited States. W h e re are th ey to liv e? * * * * It is a m a th em a tica l fa c t that w ith in tw e n ty years un der p resen t c o n d ition s our w h ea t crop w ill not be sufficient fo r hom e consu m p tion and seed, w ith ou t lea v in g a bushel fo r export. W ill these com in g m illion s g o in to the fa c to r ie s ’ B u t w h ere can th ey ex p ect to sell shop p rod u cts in a w orld o f com p etition, and w h o w ill fu rn ish the p a y rolls? A ll in d u stry stop s w hen these are n ot forth com in g. T h a t is a dead w all a g ain st w h ich E nglan d stands dism ayed. T h e sh ops are there the w ork in gm en are there cla m orin g fo r em ploym ent, but cap ital can find no profit in the en terp rises; n ob od y offers to ad v an ce m on ey fo r the p ayrolls o f un profitable business and a to p -h e a v y in d u stry m ust su rely fall. L e t us be w arn ed in tim e On every side there is m en ace if our nation al a c tiv ity be not reorga n ized on the basis o f the old -fa sh ion ed com m on sense T h e sa fe ty v a lv e fo r old er peoples has been fou n d in em igration T h eir v e r y relief has con trib u ted to our danger. T h e U nited S tates can n ot fo llo w th eir exam ple. It is again st the geniu s o f our p eople; and besides, the circle o f the northern hem isphere is closed. A t hom e the p roblem m ust be w orked ou t; and its term s have been clearly stated. A N ational D uty. The con clu sion reach ed points out and em ph asizes a nation al d uty so em inent an d so im perative th at it should take p r e c ed ence o f all else. If w e are to w alk sa fely in the w a y o f w is dom th ere is m uch to be done. It is tim e to begin. T here m ust be first a retu rn to con serv a tive and econ om ic m eth ods, a r e ad ju stm en t o f n ation al ideas such as to place agricu ltu re, and its claim s to the best intelligence and the high est skill that the cou n try affords, in the v e r y forefron t. T here m u st be a na tion al rev olt ag a in st the w orsh ip o f m an u factu re and trade as the on ly form s of p rog ressiv e a ctiv ity , and the false n otion that w ealth bu ilt upon these a t the sacrifice o f the fu nd am ental form o f w ea lth -p rod u ction can endure. A clear recog n ition on the p a rt o f the w h ole people, fro m the h ig h est dow n to the low est th at the tillage o f the soil is the natu ral and m ost d e sirable occu p a tion fo r m an, to w h ich ev ery oth er is su bsid iary and to w h ich all else m ust in the end yield, is the first requisite. T h en there w ill be a ch eck a d m in istered to the c ity m ovem en t th at low ered the p ercen tage of agricu ltu ral la b or to the w h ole b od v o f p ersons engaged in gainful occu p a tion s in the U n ited Stakes fro m 44 3 in 1880 to 37.7 in 1890 an d to 35.7 in 1900. W ith p u blic in terest fixed firm ly upon the fu tu re, the coun try, in m ere self-p reserv a tion , m u st g iv e serious a tten tion to the p ra c tica l occu p a tion o f restorin g agricu ltu re to its due p osition m the nation T he g ov ern m en t should establish a sm all m odel fa rm on its ow n land in ev ery rural con g ression a l district, la ter perh aps in ev ery cou n ty in the agricu ltu ral states. L et the d epartm en t o f a g ricu ltu re sh ow exactly, w h at can be done on a sm all tra ct o f land by prop er cu ltiva tion , m oderate fe r tilizin g and due rota tion o f crops. T he sigh t o f the fields and their con tra st w ith those o f its neigh bors, the know ledge of vields secured and p rofits possible, w ou ld be w orth m ore than all the p am ph lets poured out from the g ov ern m en t p rin tin g office in v ears T h e g ov ern m en t ough t n ot to h esitate b efore the com p a ra tiv ely sm all expen se and lab or in volved in such a p ra ctical en cou ra gem en t o f w h at is the m ost im porta n t in d ustry o f ou r p resen t and the sta y and p rom ise o f our future. D issem in a te kn ow ledg e of fa rm in g as it should and m u st be, instead o f m ain tain in g the p itifu l bribe o f a fe w free seeds. D e clare ev eryw h ere from the ex ecu tiv e cham ber, from the ed i toria l office fro m the p la tform and, a b ove all, fr o m every college classroom an d from every little schoolh ouse in the land, the n ew crusade. L et the zeal fo r d iscov ery , fo r experim ent, fo r scien tific ad v an cem en t that have m ade the last cen tu ry one o f m ultiplied w on ders focu s them selves upon the p roblem s o f the old est o f scien ces and arts, the corn erston e o f all c iv ili zation, the im provem en t of tillage and m ak in g to g row tw o grain s w h ere on ly one grew before. Only thus m ay a m u ltip ly ing p opulation secure its perm an ent m aintenance. O nly thus m av the stru ggle fo r ex isten ce that has p ow er to either curse or bless be brou gh t to any other termination than the pence of death. Saturday, September 8, igoô T H E C O M M E R C IA L W E S T 41 A UNIQUE FLEET OF TWENTIETH CENTURY BOATSThe equipment of the Twin City Rapid 1 ransit Company, manufactured m Minneapolis, in its own shops, is al ways admired by all visitors. The management, ever on the alert for im provements, has added this year a fleet of fast express boats to its up-to-date Lake Minnetonka service. I his service has brought all points of Minnetonka within easy reach and has been liberally patronized by the many thousands of visitors that came to the Twin Cities this summer. while enjoying a trip around “ The Big, Blue, Beautiful Water.” The windows of the cabin have a peculiar disappearing sash, unusually large, and deep, insuring the freest cir culation of air, and admitting the cool lake breezes delightfully in pleasant weather, while they can be readily closed to provide absolute dryness, warmth and protection in cold or stormy weather. with easy cane spring cross seats ac commodating two persons, as well as long side seats for larger parties. 1 he boats arc painted a handsome yellow color with striping of silver. 1 he smoke stacks are yellow with an upper band of black. Yellow is the standard color adopted by the “Twin City ’ company for all its equipment and makes the fleet distinctly unique and in a class by itself. Each boat has a powerful searchlight to enable the pilot to pick his course over the dark waters at night, and each boat is manned by a crew of efficient men. I he Expresses are named after Cities and Resorts on the Twin City Rapid Transit lines as follows: Como, Harriet, Hopkins, Minnehaha, Stillwater, White Bear. They furnish rapid connection be T ke “ Twin City Express Boats” are all brand new this season, and, like all other “ Twin City” equipment, they em body the best and latest ideas for com fort, convenience, safety, speed and beauty. They are fine types of marine archi tecture, and arc the best that skill and consideration for patrons can provide. J hey are each 70 feet long and 14 feet beam, and comfortably carry 140 passengers. I hese boats were built in the Minne apolis shops of the Twin City Rapid Transit Company, and are absolutely unique. I here are no boats anywhere like them. They were modeled after designs furnished by the most ex perienced navel architects of the best American shipyards. Every detail of their construction was considered to make them absolutely sea worthy and comfortable. Besides having a roomy main deck which is brilliantly lighted at night with many electric globes, each boat has a fine upper deck furnished with comfort able settees. It was a pleasant custom passengers adopted of eating their basket lunches on these upper decks, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 hese boats have the finest machinery money can buy, which insures a speed of 12 to 15 miles an hour. I hey arc fitted up as nearly like the splendid electric cars of the “ Twin City” Company as it is possible to make them, r -77 - -....... — ..-......... tween Excelsior and all the principal landings on “Upper” as well as “Lower” Lake Minnetonka at frequent intervals with clockwork regularity. 'there are four lines of these “Twin C ity ’ Express Boats as follows: Excelsior— Deephaven— Wayzata Line. Excelsior— 1 onka Bay— Beach Line. Excelsior— Spring Park Line. Excelsior— Zumbra Lleights Line. The round trip on the four routes ■\aries from one to two hours, and each route has its own attractions. The course of all the boats pass beautiful islands, handsome cottage colonies, pic turesque channels, delightful bays and charming vistas of blue dancing water everywhere. You will enjoy making all foui tiips each has its own charms. The accompanying photos show what “sturdy little cruisers” these boats are but a trip on one is necessary to realize their great improvement in regard to comfort, over the old style lake craft Saturday, September 8, 1906 THE COMMERCIAL WEST 42 y e a r o f t h r i f t in t h e s o u t h w W ritten for the Commercial W e st by C. M. Harger of With the greatest wheat crop of many years and the second largest in the history of the state, with Oklahoma boasting of a remarkable crop this year and the spirit of prosperity prevalent in every section, the Southwest has reason to be exceedingly proud of its accomplishments during the past twelve months. Kansas, especially, has been favored during the win ter and early spring. Many reports of possible injury to its coming wheat crop were prevalent and the indica tions were for one of the old-time dry years in which discouragements and loss of population might result. But with early summer the change came, and now the state has advanced to a higher point of actual prosperity than ever in its history. W h e a t a Record Crop. Probably at no time was the wheat crop so greatly underestimated as last June. Experienced millers and dealers, as well as the farmers themselves, looked for a crop at least 20,000,000 bushels less than was actually harvested. Part of this difference was unavoidable be cause none could foresee the exceptional month of weather that was to follow and the magnificent ripening that was to come to the fields; and there has also been an increase in the estimated acreage of some 800,000 acres which accounts for some of the difference. Not only is the wheat crop exceptionally large, but it is of remarkably good quality. Practically none of the Kansas crop of this season when properly gathered will grade, less than No. 2. Because of this the millers are counting on a prosperous year and are looking for large orders. Several of the leading milling firms have sent representatives to Europe to arrange for the increased export trade. It is believed that this state will become much more prominent in that direction than ever before. With the increased export trade via the Gulf the interior grain region of the southwest sees added prosperity. Corn a Good A verage Crop. The corn is practically “ made.” It will be no such record-breaking crop as the wheat, but it is likely to reach at least an average of the past decade. In the east ern and southern portions of the state the corn will be heavy, in the northwestern part it will be light. The rainfall has been extremely variable during the summer. In some counties July showed a fall of four or live inches, in others none. As a result the corn area is spotted and not until actual harvesting commences will it be possible to make a close estimate. Secretary Coburn’s report for August has been subject to revision and the dry weather that came in the middle of that month materially short ened the western central crop. How far the injury went it is difficult to say as it varied greatly in the several counties. Adjoining sections were widely separated in their rainfall and consequently in their corn conditions. The general condition of business over the state shows uniform progress and the merchants are buying heavily on the strength of the good crops of the present season. T he Kansas crop revenue for several years past is a remarkable one and the figures will be interesting. V alue. Corn, bu. W h eat, bu. 201,457,396 $ 53,652,891 .................. 16,001,060 .......... 48,899,206 221,419,414 .............. 27,764,888 62,940,597 152,140,993 .................. 51,026,604 63,235,149 126,999,132 ............ 60,790,661 75,936,986 225,183,432 ...................... 43,687,013 81,555,980 134,523,677 .............. 77,339,091 72,341,720 42,605,672 ............ 90,333,095 iqoi .............. 107,461,143 201,367,102 .............. 54,649,236 100,504,497 169,359,769 ................ 94,041,902 1 q,02 .............. 102,123,211 132,021,774 .......... 65,141,629 121,806,233 190,519,593 ............ '75,842,659 T h is y e a r w ith 91,000,000 bu shels o f w h ea t and corn that will reach p rob ably n ea r to the 140,000,000 m illion m ark the record o f 1903 ough t to be exceeded. P lanting the N ew W h ea t. Y ea r— Already the work of planting the new wheat crop is well advanced. In western and southwestern Kansas steam plows are turning over the prairies at the rate of 30 acres a day. Plowing was done early and the acreage will doubtless show an increase over the past season. A systematic effort to increase the yield per acre is being made by the State Agricultural college. W ith the assistance of the Union Pacific, Santa Fe and Rock Island Digitized for railway FRASERcompanies seed trains have been sent out through https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis e s t . Abilene, Kas. the entire wheat belt, giving practical illustrations of how to raise wheat successfully. Lecturers have called at tention to the fact that while individual fields have raised 30 to 40 bushels per acre, the average Kansas wheat yield is but 13 i-io bushels; the average yield of the United States is 134-10 bushels, a proof that Kansas raises its great wheat crops not by excellence of culture, but be cause of its immense acreage. If effect of education ought to add materially to the state with an acreage ot 5,800,000 every bushel added to the average yield means a tremendous gain. About 20,000 farmers have been reach ed by the lecturers this season and the effect should be felt in the work of putting in the fall crop. The Land M ovem ent in Kansas. Along with the big crops in steady succession has come one of the most interesting land movements ever known in the state. For four years land values have been climbing steadily higher until those who went through the earlier portion of the state’s history are astonished at the figures reached. This land craze has not affected eastern Kansas so much as it has the central and western portions. In the central counties land that three years ago was considered high at $30 or $4° an acre is chang ing hands at $60 to $80 per acre. In western Kansas the $4 up-land prairie is selling at $15 to $20 per acre, while the bottom lands, especially if it is possible to irrigate them, are held at $40 to $60 per acre. Reports from bankers in most of the counties of the western third of the state report this land craze as be coming fiercer with each succeeding month and, while most of the bankers declare that it is not a “boom” but really a “ steady growth,” there is a well defined opinion that a year or two of dry weather would cause a consid erable set-back. It is scarcely fair to state that these lands are bought entirely on speculation, though a great deal of specula tive buying has been done. Eastern Kansas people have been investing their savings farther west in hope that the same rise in values which has come to their home coun ties will follow the development of the high plains. Most of the purchasers of the eastern and central Kansas lands come from Iowa and Illinois. T hey generally are equip ped to pay cash for their properties and those who pur chased two years ago have made handsome profits and are well satisfied with their bargains. Those selling out are not all leaving the state. Some, however, are going to cheaper lands of the southwest and others are moving into the towns to take life easier. From this leisure class is coming most of the money for investment in new banks and similar enterprises. H eavy Hom eseekers M ovem ent to Oklahoma. In Oklahoma has been a somewhat similar experience. The wheat statistics there are not so complete as those in Kansas, but the yield has been a satisfactory one, ap proximating 30,000,000 bushels. Cotton promises an ex ceptional yield and the corn is above the average. The land movement of Oklahoma has been confined chiefly to the western third, once the home of the cattle man but now the farming section. Land-seekers’ excursions during the past month have been taking home seekers into the southwest and many of them have stopped in western Oklahoma, others have gone on to Pan-handle; and there, too, the great ranches have been cut up into farms. This movement of homeseekers has been larger during the past summer than ever known before. It has brought an exceptionally good class of citizens, men well prepared to meet any reverses that may come to a new country. They generally have money to pay cash for their farms as do those farther north. Irrig atio n in th e Southwest. T w o new ideas have come prominently to the front in the southwest during the past year. One of these is the practical application of irrigation enterprises through the government reclamation services. In Oklahoma and southwestern Kansas the government is spending large sums to help the settler moisten his land. Reservoirs have been constructed in Oklahoma and the surface water will be conserved for the benefit of the farmer. In the upper Arkansas valley a large undertaking has been developed based upon pumping the underflow into ditches for the same purpose. A row of fifty or more wells is to be constructed across the valley; all will be connected with the powerful engine house and the water will be delivered into the ditches already constructed, but which have been for years neglected because Colorado took the water from the river farther up. It is believed that enough water can be thus secured to make the land under ditch thoroughly productive. A $1,000,000 beet sugar factory is being constructed a mile west of Garden City. It is a thoroughly up-to-date in stitution and the largest in the southwest; 7,400 acres ot beets are ready for gathering, and the factory will be able to use them by October 1st. . . On the basis of this, land in the Arkansas valley is m- Saturday, September 8, 1906 THE COMMERCIAL WEST creasing in value by leaps. Seldom can a desirable farm be purchased in that vicinity, if under ditch, for less than $50 per acre. It is expected that, like the land farther west in eastern Colorado, it will go to three or four times that much. A complete regeneration of the old irrigation properties is going on and will result in a most effective era of permanent prosperity. P ractical A pplication of “ D ry F a rm in g ” Idea. Alon g with the irrigation enterprises is coming a practi cal application of the ‘'dry farming” idea. This is not new, but it has not been applied practically until within recent time. W hat irrigation does for the valleys it is expected to do for the uplands and from the Arkansas river north ward it is discussed eagerly by every farmer. It has been tried this year on farms in central and northwestern K an sas with ample success. Crops have been raised equal to those produced 200 miles farther east and this with a railfall materially less. The principle upon which it is based is the simple one of such thorough cultivation as will retain all the mois ture of the rainfall for the roots of the plant and prevent evaporation. New implements have been devised to ac complish this and they are being introduced into every section of the high plains region. The good crops raised by this method have been partly responsible for some of the abnormal land advances made in that section. A c tiv ity in Railroad W o rk. Railroad building in the southwest has taken a new impetus from the new era of prosperity. This includes not only the steam lines, but has brought into being a number of projected trolley roads to be operated either by elec tricity or gasoline motor cars. One of these will run west from this city to Council Grove and one is projected to Leavenworth and Atchison, and one to Kansas City. Interurban lines in southern Kansas will include a number of cities, while Oklahoma has similar plans for its eastern portion. The steam roads arc improving their properties and extending their branches to give "better service in the western portion of the southwest. It is probable that at least two more lines will reach Denver inside of five years. Q uiet in the Oil Region. In the oil region great quietness is reported. Inde pendent companies have made but small progress in their light against the Standard. Even with the advantages given by the favorable legislation they are at a disadvan tage compared with the mighty oil trust. The Standard has been steadily buying oil in Kansas and Indian Terri tory^ erecting tanks with a capacity of 35,000 barrels each as fast as workmen could put them together. It is esti mated that 20,000.000 barrels of oil will be in storage in the Kansas and Oklahoma fields by the end of the year. I his oil has cost 5° cents a barrel, which is barely enough to pay for raising it to the surface. The oil companies have paid no dividends and many of them have gone into bankruptcy. Six independent refineries are doing business, but they are having a some what limited opportunity to extend their sales. They have to fight for every advantage and it is not yet appar ent that great profits will be made. The railroad rates are favorable but they do not assist in getting a market outside the state. The Standard has been active in its local operations and the average town has stood by the trust in its retail buying. The investors in oil companies are discouraged and many of the companies have recently wound up their affairs. The refineries are not yet doing enough business to warrant dividends from actual earn ings and are operating moderately. Th e P olitical S ituation. The political atmosphere of the southwest has been reverted by the anti-railroad movement, but this will not in all probability prevent republican success in this state. Indications are that both the governor and legislature will be republican, but some radical railroad and corpora tion legislation is likely to be adopted. Those who have made most careful study of the political situation declare that too much prosperity exists to arouse excitement in this country, and without excitement opposition has little show. Possibly the activity of a campaign will make a different presentment. At any rate it is not likely that radical legislation will be adopted at the coming session of the legislature as the old members are going back in large numbers and the senate remains as before. Under these conditions the southwest has certainly no reason to be dissatisfied with the year’s record. The banks have larger deposits than ever in this section’s his tory. In Kansas they amount to $129,000,000 and the num ber of banks is greater per capita than any state in the union. One bank is in operation for 1,834 people. In Oklahoma a satisfactory condition exists and with the approach of statehood much advancement is expected. It is difficult to see how much improvement could be made upon the general business conditions, and they are likely to remain pleasing for many months to come. The trade conditions and the liberal buying of the merchants indicate that this sentiment is general and that the busi ness men are satisfied that it is safe to count on generous buying in the winter and late fall. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 43 The House That Covers the Country OUR MINNEAPOLIS HOUSE— to be ready early in 19 0 7 — will be the fourth of the distributing houses with which we “ cover the country.” The Reasons for our leadership among wholesalers are as powerful as they are simple. Consider that: In Buying— quantities get prices and several houses can safely handle more than a single house. Would our buyers fail to utilize their main advantage? In Selling— the traveling expenses of roadmen enough to equal our sales would be many times the posatge on the monthly catalogue with which we “ cover the country.” In Operation—what other jobber poss esses a single “ plant” as modern in equipment and location as the several owned by us ? Besides the material reasons for our leadership there are such more power ful though intangible reasons— cumula tive throughout the thirty years of our existence— as that we try continuously to advance the interests of retail mer chants as the surest means of promoting our own welfare. Our Monthly Catalogue is proof that all our claims are facts. The current num ber will be sent on request— provided you run a store. Butler Brothers Wholesalers of General Merchandise NEW YORK CHICAGO ST. LOUIS / And MINNEAPOLIS', \ Ea:ly in 1907. / Sample Houses; BALTIMORE, DALLAS, ST. PAUL Saturday, September 8, igo6 T H E C O M M E R C IA L W E S T 44 THE M E R C H A N TS S Â Ï Capital $¡,000,000 OFFICERS: Kenneth Clark, Prest, W T P A U L , N A T IO N A L BANK M I N N E S O T A Surplus and Profits $500,000 U N IT E D S T A T E S D E P O S IT A R Y Geo. H. Prince, Vice=Prest. H. Van Vleck, Asst. Cashier. H. W. Parker, Cashier, NEW BANKS AND CHANGES, Minnesota. Round Lake.— R. C. Dankman is cashier of the new State Bank of Round Lake. Rushford.— William Robertson is president and F. A. Olson cashier of the new Rushford State Bank. Vi 11a r d The State Bank of Villard, capital $to,ooo, has been incorporated. T. Jacobson is president. Freedom.— Claude Howard will be cashier of the First State Bank of Freeborn, which will open early in September. B eth e l_The Bank of Bethel has been converted to the State Bank of Bethel, capital $10,000. The directors are M R. Waters, S. R. Waters, and W. R. Fowler. Okabena.— 'The First State Bank of Okabena, capital $ro,coo, has been incorporated by j. W. Daubney, John McGlinn, Sam Dahl, F. C. Ahrens and bred Milbrath. Kelliher.— The Bank of Kelliher is to be incorporated • as a State bank, probably to be known as the hirst State Bank of Kelliher. The change is to take 'place about October 1st. Halstad.— G. O. Benson has been elected cashier of the State Bank of Halstad to succeed K. O. Slette, re signed. Mr. Benson has been assistant cashier ot the State Bank of Halstad for neatly three ycais. Frazee.— The capital stock of the. First National Bank of Frazee has been increased to $30,000. James A. Nich ols and R. G. Chisholm, Jr., of the Nichols-Chisholm I umber Company have become stockholders. Mr. Nichols has been elected vice president and a director of the bank, and W. F. Just has been elected assistant cashier. Wisr.nnsm. A l m a _The First National Bank of Alma, capital $25, 000, has been authorized. Charles G. Kapelovitz is presi dent. _ Fan Claire.— The Union Savings Bank of Eau Claire, capital $50,000, has been organized. The incorporators are: William P. Bartlett, James T. Joyce, George F. Thompson K. Rocholt and C. T. Bundy. Hazel Green.— The Hazel Green State Bank has open ed for business capitalized at $10,000. The officers are. Tohn Birkett, president; James Harvey, vice president, R. M. Orchard, cashier; and M. E. Grmdell, assistant ^ 1 '1U 1 ' N ebraska. Winslow.— The Winslow State Bank, capital $10,000, lias been organized. H. P. Weitkamp is president am G. W. Walsott is vice president. St James.— W. P. Logan, formerly of the banners State Bank of Newcastle is president of the new Farm ers State Bank of St. James, capital $25,000. W. L. Moat is vice president and P. A. Sullivan is cashier. M ontana. Fromberg.— A private bank is to be established in Bromberg early in September by Lee Sunonsen and Fred Klink Mr. Simonsen will be president, Mr. Klink, vie president, and J. D. Barclay, cashier. A new building is now being erected. Iowa. Newton.— R. L. Arnold will be cashier of the new First National Bank of Newton. Magnolia.— The Magnolia Savings Bank of which W. H. Johnson is president, has been chaitered. Nevinville.— R. H. Gregory and others have organized the Nevinville State Bank, capitalized at $10,000. Bedford.— M. M. Jenkins will open a private bank in Bedford to succeed the Farmers State Bank of Bedford. Des Moines.— A. O. Hauge will succeed W. B Martin Jr. as cashier of the Iowa Trust and Savings Bank of Des Moines. Dows — Ralph Law of Iowa Falls has purchased an in terest in the Farmers’ Exchange State Bank of Dows. He will become an officei. Akron.— George C. Eyeland Jr cashier of the hirst National Bank of Akron has resigned and will be succeed ed by J. B. Alexander, assistant cashier. Thornton.— The organization of the First National Bank of Thornton, capital $25,000, has been approved. P. R Engebretson is president and C. A. Parker cashier. Northwood.— The Northwood Savings Bank, capital $10.000, has been incorporated. Edwin Collin is presi https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis dent; O. V. Eckart is cashier, and N. E. Haugen is cash ier. Breda.— Frank Van Erdewyk has resigned from the German Bank of Carroll County, of Carroll, and lias pur chased a controlling interest in the Breda Savings Bank becoming cashier of that institution. Chatsworth.— Lawrence Crowell, auditor of the First National Bank of Fort Dodge has resigned his position there and will become cashier of the Bank of Chatsworth, which was recently purchased by interests connected with the First National Bank of Hawarden. N orth D akota. Ayr.— The A yr State Bank has opened for business with O. A. Pearce as cashier. McClusky.— A controlling interest in the First State Bank of McClusky has been purchased by J. S. Arneson. Bottineau.— The capital stock of the First National Bank of Bottineau has been increased from $25,000 to $50,000. Petersburg.— The Farmers State Bank of Petersburg has been organized with a capital of $10,000. ! . G. Ness is president; L. H. Peterson, vice president, and E. O. Engesather, cashier. Antler.— R. D. West, formerly assistant cashier of the Farmers and Merchants State Bank of Morgan, Minn., and later cashier of the 'First National Bank of Antler, will be cashier of the new State Bank. Berwick.— Horace Baglcy and C. D. Rice of Towner, James McIntyre and A. A. Hanson of Bantry and Henry Paul and Louis Ebel of Berwick are organizing a new bank for Berwick to open during September. South D akota. Geddes.— The Charles Mix County Bank, capital $15,000, has been incorporated by F. H. Johnson and others. Mobridge.— The Mobridge State Bank, capital $5,000. has been incorporated by J. W. Harris, Peter Jali, and J. W. Sanford. Dolton.— P. Gross will continue as cashier of the Dolton State Bank which has been purchased by Dirke Brothers of Marion. Athol.— John Schamber, who organized the Farmers and Merchants State Bank of Athol recently has sold the building and lot which were intended for the new bank to the Athol State bank. Platte.— W. L. Montgomery of Chamberlain has pur chased a controlling interest in the Bank of Platte. It has been converted to the Platte State Bank, capital $10,oco, the incorporators being W. L. Montgomery, James L. Denmead, and Henry Harris. Man Rising Above the Dollar. Taking the country as a whole, the amnufacturing cap ital increased 41 percent between 1900 and 1904. The value of the products increased 30 percent, showing pre sumably a smaller return on capital. The number of wage earners increased 16 percent and their wages 30 percent, and the number of officers and clerks increased 43 per cent. and their salaries increased 51 percent, indicating that all classes of employes got a larger return for thenlabor. Man counts for more and money for less.— Phila delphia Record. Alberta and Saskatchewan are each as large as France. N IT R O G LYC E R IN E Is cheap. T h a t ’ s why the burglar can get it B A N K B U R G L A R Y Insurance is cheaper if you buy the best, and w e sell it The Ocean Accident & Guarantee Corp. (L IM ITE D ) HOOD & PENNEY, Gen. Agts. PHOENIX B U ILD IN G . MINNEAPOLIS, MINN Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T 45 he N a tio n a l B a n k o f th e REPUBLIC Confidently believes it can meet every re quirement of the most discriminating bankers. O. H. SW AN, L C R A M PT O N . ASST CASHIER TELEPHONE C O N S T R U C T IO N . Ivanhoe, Minn.— The Arco Telephone Company will build lines west and south of Ivanhoe. Hector, Minn.— The Hector Telephone exchange has add ed forty miles of line to its system. Glenville, Minn.— The Tri-state Telephone Company is building a line in East Shell Rock. Yankton, S. D.-— The local plant of the Northwestern Tele phone Company system will be rebuilt. Granville, N. D.— The Norwich Telephone Company will establish a central exchange in Granville. Missoula, Mont.— The Montana Independent Telephone Company has asked for a franchise in Missoula. Wolford, (Mail Grasslake) N. D.— The Grass Lake Tele phone Company has been organized in Wolford. Appleton, Minn.— The Telephone people have received six hundred poles and other material for their rural lines. Devil’s Lake, N. D.— The Northwestern Telephone Com pany is putting in two more circuits from Grand Forks to Devil's Lake and Church’s Ferry. Albert Lea, Minn.— The Western Electric Telephone Company has a crew erecting poles for the new copper-metallic line to run from Albert Lea to surrounding points. Park River, N. D.— Edwin Code has begun work on the extension of his rural telephone lines and the country as far east as Mandt will have connections with Park River. Granville, N. D.— The question of granting the Norwich Telephone Company the privilege of erecting poles and string ing wires within the limits of Granville is being contested. Pierpoint, S. D.— The stockholders of the Pierpoint Tele phone Company have decided to incorporate. It has ex panded and now has lines to Andover, Groton and Langford. St. Cloud, Minn.— The Rockville Road Rural Telephone Company has ordered construction materials and instruments for its line. The line will be built as soon as the material arrives. Minto, N. D.— The Tri-State Telephone Company is building a new local exchange in Minto. prom here it will build to a connection with the main line now completed to Manvel and the line will be extended northward as soon as possible. Jamestown, N. D.— H. L. Wheelden, representing the Mutual Electrical Construction Company, and others are building a line from Jamestown to Spiritwood Lake for the Northwestern Company. The line will be extended to Courtenay this fall. Waterloo. Iowa.— A new copper metallic toll line has been connected in the office of the Central Iowa I elephone Com pany in Iowa Falls which will afford connections with Water loo, Cedar Rapids, Dubuque, Iowa City, Davenport, Muscatine and other points eastward. Moore, (Mail Lewistown) Mont.— A newly organized Farmers’ Mutual Telephone Company has begun operations on the extension of a line from Moore to a new town, which will be located on the Billings and Northern railroad. The new line will connect with the Lewistown-Billings Mutual at Moore. Byron, Minn.— The Cass County Mutual Telephone Com pany with a capital stock of $ to,ooo has been incorporated by F. W. Deline, J. O. Jesme, Leader, Minn., F. H. Clayton, Esterdy, Minn., C. C. Kelley and A. K. Hanson, Gladiola, Minn.. E. D. Denning, Leader, Minn, and C. Wetherell, Pop lar. Minn. Iowa Falls, Iowa.— Work has been finished on the copper circuit to Iowa Falls from the east by the Corn Belt Tele phone Company. Work has commenced on the construction of a similar line from Webster City by the Martin Telephone Company:' Both circuits will be connected with the Central Iowa Telephone Company, which operates an independent exchange, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ASST. CASHIER W ESTERN THOS. JANSEN, - ASST. CASHIER PATENTS. The following patents were issued last week to Min nesota and Dakota inventors, as reported by Williamson & Merchant, patent attorneys, 925-933 Guaranty Loan Building, Minneapolis, Minn: Thomas Brennan, Jr., St. Louis, Park, Minn., lid clos-. ing device. Almon B. Coleman, Long Lake, Minn., berry box. John M. Crozier, Minneapolis, Minn., boiler flue. Charles H. McDermott, Eveleth, Minn., railway ticket. Michael Meis, St. Paul, Minn., match box. Arthur A. Newell, Mellette, S. D., rope clamp. Francis Peteler, Minneapolis. Minn., dumping car. Daniel P. Senger, Granville, N. D., oar. Frederick W. Steinke, Owatonna, Minn., pipe system. Max Tolz and F. T. Kitchen, St. Paul, Minn., valve. Ray E. Wickham, University, N. D., ore roaster. Thomas R. Wiley, Brewer, Minn., agricultural gate. E S T A B L IS H E D 1853 THE ORIENTAL BANK OF N E W YORK 182=184 B r o a d w a y Branch, Bowery and Grand Street Capital $750,000.00 Surplus and Profits, $1,100,000.00 R. W. JONES, JR., President N ELSON G. A Y R E S , 1st Vice President L U DW IG NISSEN, ) E R S K IN E H E W IT T , C H A R L E S J. D A Y , l Vice Presidents j GEO. W. A D A M S , Cashier R, B. ESTERBROOK, As. t. Cashier E s p e c ia ll y E qu ip ped fer H andlin g Hie A c c o u n t s of B a n k s an d B a n k e r s T H E C O M M E R C IA L W E S T 46 Saturday, September 8, 1906 G O O D TIMES IN NEBRASKA. The following statements received from Nebraska bank ers show that that state is sharing fully the high degree of prosperity of its neighbor states. W est Point. Editor the C ommercial W e s t : The average of wheat in this vicinity is greater than for many years. Corn wall make a heavy crop and the yield of oats is 10 bushels above the average. Banks are loaded with money and the demand for loans is still small as most of the farmers are well fixed financially. August 28. First National Bank. Lincoln. Editor the C ommercial W e s t : Business is good in Lincoln and throughout this local ity. The prospect for the fall and winter never was better. W e have had abundant crops. The wheat is fine in quality and will yield about 45 million bushels, oats 50 million bushels; corn 250 to 260 millions. The farmers are in prosperous condition and can Hold their crops if the prices are not satisfactory. The deposits in the banks are larger than ever before at this- season of the year. . There will be quite a demand for money from the ele vator and grain men. Money, however, is easy through out the state. Many of the larger banks are loaning thenmoney in the east. The First National Bank of Lincoln has at the present time over a million and a quarter ot eastern commercial high grade paper on band. — S. H. Burnham, August 29. President First National Bank. W ahoo. Editor the C ommercial W e s t : , Crops are generally good, in most parts of Nebiaska, and especially good in this (Saunders) county. In this county, wheat is yielding from twenty to fifty bushels per acre, oats from thirty to seventy bushels per acre Rve is good, the potato crop fair. Corn is somewhat late, but, if frost does not come too early, our corn ci op will’ be immense. , , ^ , rr However, some of our corn is already nearly out ot the way of frost, and the weather is now fine for ripen ing corn Our farmers and business men are in good financial condition, consequently the demand for loans is rather light, while bank deposits are quite heavy. Our town has a population of about 2,500, and has three ban whose total deposit amounts to very nearly $800,000, ot which the greater part belongs to farmers. Crops have been good here for some years, and as prices have been up, our farmers have money galore. — £- E. Lyle August 30. President Citizens’ State Bank. Madison. Editor the C ommercial W e s t : The crop outlook in this part of NeDraska is exception ally good, and all crops except corn are safe, they being either in stack or threshed. Winter wheat in Madison county averages about 20 bushels to the acre, spring wheat about 15 bushels to the acre. Rye about 20, oats about 35 » and corn is estimated at about 45 bushels to the acre. Bank deposits are holding up very well and the demand for money is fairly good. Land is changing hands slowly and conservatively at very good figures. Farmers are financially in good condi tion and the future prospects are very good for both farmers and business men. -— Peter Rubendadl, August 29. President First National Bank. N ebraska C ity. Editor the C ommercial W e s t : ' Business in this neighborhood is only fair, but crops are very good. Wheat and corn are splendid, oats better than average— practically no barley raised. Potatoes good. Demand for money is light, farmers fairly well supplied with funds, and they loan to such neighbors as are in need. Business should improve soon, and genera financial condition is better each year— in fact very good for some time past. Deposits are holding steady, but no great increase m this immediate vicinity is looked for, as money soon finds investment in some way. ~7^ k P ' .Wilson, August 30. Cashier Nebraska City National Bank. Y ork. Editor the C ommercial W e s t : . Winter wheat in this locality is the largest yield and the best quality for ten years, corn will be above an av erage crop though not quite as large yield as last year. Bank deposits are largest in the history of the state, demand at present light for loans, but look for a strongcall this fall, condition of farmers is excellent and busi ness men in the main doing well, business prospects 101fall and winter wheat could hardly be better. — Harris M. Childs, August 31. President City National Bank. GREAT RESOURCES OF OKLAHOMA. (S p ecia l C orresp on den ce to the C om m ercia l W e s t.) Kansas City, Sept. 3-— Tew people appreciate the rate at which Oklahoma, the latest of the nation’s common wealths, has developed. Within the last half dozen years Oklahoma and Indian Territory have doubled their cotton acreage, and this year it is estimated that there are prob ably 1,400,000 acres planted to this crop alone. This is * more than North Carolina has had in the widest exten sion of the crop since 1900. It brings Oklahoma practi cally up to the acreage of Louisiana as a cotton-grower. Last year the wheat crop of Oklahoma and Indian Territory together was valued at $10,000,000. I hey grew a corn crop valued at $38,000,000. The oats ciop of I 9 °5 amounted to over $5,000,000, and the potato yield was ap proximately $2,000,000 in value. The farm value of hay was over $2,000,000. The half dozen grain crops, togeth er with hay and potatoes, gave the state an income of fully $60,000,000. A million bales of cotton at $50 each gives fifty million dollars more to be added for that crop. If we allow her three million for orchard products and fruits, the live stock products would easily make up ten millions more necessary to give the new state an income of $120,000,000 to start with. Center of the Oil Field. This is not by any means a small dowry with which to begin housekeeping, but there is still more to come. Oklahoma is the center of the mid-continental oil field, and its productiveness has been demonstrated sufficiently to lead the Standard Oil Company to lay its pipe lines ' into this country and connect them up with its refining establishments on the lower shore of Lake Michigan. Moreover, this territory has coal with veins from two to eight feet thick, which arc supplying many localities where industries are rising, and are also selling to the railroads what is necessary for transportation uses. In https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis the Choctaw nation there is a strip of land running west from the Arkansas state line, covering 500,000 acres, which the government has reserved for coal mining. In 1903 the coal mined in this territory was valued at $6,000,000. T o supplement the coal supply, there are gas wells which are capable of furnishing all the fuel and light for towns within the region of supply. W ell Supplied' w ith T im b er Forests. Oklahoma is furthermore supplied with an excellent variety of timber forests. Hard woods and light woods are to be found there, and the streams of this state give an abundant water supply, which puts it in a rather more favorable position in this respect than most of the south western states. Within recent years the orchard indus try has become one of importance, and canning factories have grown up to take care of the fruit after shipments tó market have proved to be impracticable. Many of these evidences of progress are within the territory occupied by the five nations. A representative of one of the tribes among these nations recently called attention to the fact that Indian Territory had for years been occupied by people whose business was the pursuit of agriculture. They are a prosperous people. They live in well-built houses, have farms well stocked with cattle and horses, and have shared in the improved condition of agriculture during the past ten years in such a way as to put this part of the country on a level with the condition of people in many of the older states. More over, the new settlers in both Oklahoma and Indian Terri tory are farmers of experience from other parts of the Union. Among the assets of the new state is a popula tion virile, well-to-do and prosperous from the start. F i nally, the state is directly connected with and about equal ly distant by rail from some of the leading primary and export markets on the Missouri river and the gulf. Saturday, September 8, igo6 Vÿ i T H E C O M M E R C IA L W E S T y • .-r. . : .;,f • • _ • ._ John Deere Plows, Farm Machinery and Vehicles. MINNEAPOLIS, G O R D O MINNESOTA N F U R S Are known where ever furs are worn. If you are thinking of buying a fur garment this Fall write GORDON & FERGUSON, St. Paul, Minn. and they will tell you where to get just what you want— A Gordon Fur or fur lined garment. SPLENDID BUSINESS CHANCES. 1 0 New “ Soo” Tow ns In the Best Part o f North Dakota LOOK THEM UP! IT W IL L P A Y Y O U ! N E W TOWNS N O W ON SALE COLUMBUS, Ward Co. KERMIT, Williams Co. MAX, McLean Co. NO R E S E R V A T IO N S - Equal chance for all to secure desirable locations in these popular new towns. Get in on the ground floor. Get lo cated in a live new town in a pros perous new country—the best new towns o f the year. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CROSBY, Williams Co. DOGDEN, McLean Co. RYDER, Ward Co. BERGEN, McHenry Co. OO AMBROSE, Williams Co. RUSO, McLean Co. PLAZA, Ward Co. 10 EXCEPTIONAL OPPORTUNITIES 10 C. A. CAMPBELL, Townsite Agent, “ Soo Line,’’ MINNEAPOLIS Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T 48 m v m P O P U L A T IO N > UNEXCELLED State Census, 1905.................. . • City Directory Names, 1905........ 124,365 City Directory Names, 1906........ 132.005 For Pr Population, 1 9 0 6 .......................... 2 7 7 ,2 1 0 INVES Offe MI N T h e N a t u r a l a n d E MANUFACTURES In addition to Immense Flour and Lumber Concerns, Minneapolis has developed into one of the Great Manufacturing Centers of the Nation, sending its products over the civilized world. WATER POWER The future importance o f Minneapolis as a great industrial center is tinent. Their manufactures give permanent stability to all traffic lines rapidly enteri TH E E Y E S O Are attracted by the vast resources o f the United States. The gi Western mineral deposits are unlimited. Careful students Century enterprises must hereafter get near the great point o f that traffic for Ü Real Estate Transfers Year ending July 1, 1905---- $1^,683,069 ending July 1, 1906-.. • 18,358,230 Gain over 17 per cent-.. ¿,674,161 Year https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M I N N Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T 49 B A N K CLEARINGS NDUCEMENTS First Six Mos., 1905........ $397,262,655.27 First Six Mos., 1906....... 440,849,056.91 Gain in six months nearly 11 per cent.................... 44,586,401.54 ditable ENTS \d by OLIS o f t h e C o m m e r c e o f t h e N o r t h w e s t . COMMERCE The Growing Importance of our Great Trade Interests is drawing to this market some of the Heaviest Jobbing Con cerns of the Country. Large Capital con stantly required for new enterprises. RAILW AYS, Etc. [sured by her magnificent water-power, one of the finest on the con>mmercial interests, and furnish ample business for extensive all sections of the West. T H E W O R L D grain and garden region of the country lies west of the Mississippi, tommerce and finance know that the most gigantic of Twentieth ’tern areas of production and consumption. The pivotal doming Western Empire is https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Building Permits Year ending July 1, 1905.......$7,773,024 Year ending July 1, 1906....... 8,146,029 mm THE COMMERCIAL WEST 50 Saturday, September 8, 1906 BUSINESS QUIET IN MILWAUKEE. (S p ecia l C orresp on den ce to the C om m ercia l W e st.) Milwaukee, Sept. 6.— With two holidays in succes sion, following' Sunday, the banking business in Milwau kee, this week, was reduced to the minimum, and every thing was crowded, practically, into three and one-half days. Labor Day, the general holiday, was followed with a state holiday, primary election. This resulted in banks remaining closed from noon on Saturday until Wednesday morning. In anticipation of a three-days’ close, all banks were thronged with customers on Sat urday, and in some instances there were lines of depos itors and borrowers at the early closing hour, Saturday noon. Money Continues Firm a t 6 Percent. Money continues in very active demand at 6 percent, with large calls from interior sections. Scarcely any paper is taken at less than that figure. R ailw ay T ic k e t A gents Convene. The annual meeting of the Association of Railway Ticket Agents of the United States and Canada convened here today, for a two days’ session, with about 3°o agents in attendance. The convention was addressed by General Passenger Agent A. M. Cleland of the Northern Pacific, and C. A. Cairns of the Chicago & North-Western raods. The agents are comparing notes and discussing methods for the betterment of their business. Cancelling C ity Bonds. The public debt commissioners this week cancelled city bonds to the amount of $462,750, which were paid on July 1. In addition, they were publicly cancelled again, on Wednesday, in the council chamber. Building Operations Large. The office of building inspector reports another large gain in building operations in Milwaukee for the month of August. The office issued a total of 311 permits, rep resenting an outlay for buildings of $854.-738, as against 366 permits, representing $840,577 for August, 1905. The question of opening a general stock exchange call-board on the chamber of commerce, referred to in this letter last week, has been put up to the attorney of the chamber. The petition asking the board to estab lish an exchange, with two call boards a day, and signed by more than 100 active members, has been received by the board and referred to the attorney. There has arisen a question as to the power, under the lonstitution, of the board to authorize the new departure. Acording to statements made at a banquet given on B A N K IN G N O T E S . Sharon, N. I).— A vault is being installed in the Sharon State Bank. Bennett, la.— An addition to the Bennett Savings Bank will be erected. Roseau.— A new building is to be erected by the First National Bank of Roseau. Berthold, N. D.— A building for the Berthold State Bank has been commenced. Redfield, S. D.— The Redfield National Bank has moved into its new building. Browerville. Minn.— The State Bank of Browerville has moved into its new building. Lindsay, Neb.— S. O. Larson has resigned as assistant cashier of the Lindsay State Bank. Madelia, Minn.— The State Bank of Madelia has in stalled a new Burroughs adding machine. Marengo, la.— H. E. Oldaker has been made assistant cashier of the First National Bank of Marengo. Rice Lake, Wis.— The First National Bank of Rice Lake has installed a number of safety deposit boxes. Montour, la.— The erection of a new building has been commenced by the First National Bank of Montour. Geddes, S. D.-—The Farmers and Merchants Bank of Geddes has purchased a building which they will remodel for banking purposes. Granton. Wis.— Hugh Berg has taken the position of assistant cashier of the Farmers State Bank of Granton, recently resigned by Hale Davis. Ashland, Wis.— The directors of the Northern Nation al Bank of Ashland have contracted for the remodeling of the building. The front of the building is to be rebuilt find its height doubled. A ten foot addition will be built, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday last at Racine, Wis., by officials of the Chicago & Milwaukee Electric Railway Company, upon the occa sion of the formal opening of the line between Evanston, 111., and Racine, Wis., a through first-class, double-track electric railway will be in full operation between Milwau kee and Chicago by the middle of next year. This road will be eighty-five miles in length; through trains will traverse the entire distance in about four hours, and trains will leave the two terminal cities at intervals of every hour. A. C. Frost, of Sheridan Drive fame, is at the head of the new company, which has had a line north ward from Evanston fort five years. Cham ber Does Not Observe H oliday. B y a vote of its members, the Milwaukee Chamber of Commerce refused to recognize Primary Election day by remaining closed. This was for the reason that [Mon day was a general legal holiday and the chamber, with all other exchanges, was closed. T o continue over Tuesday meant an accumulation of business that threatened great inconvenience. No “ Double” Telephone Service W anted. A t a secret meeting, the other day, of the judiciary committee of the common council, the application of an independent telephone company for a city franchise was thoroughly discussed. As a result, it is said, the committee decided not to recommend any franchise for an independ'ent system, for the reason, as is claimed, a second or “ double” telephone system would result in great annoy ance, as has been experienced in cities where two or more telephone companies are doing business, Milwaukee is pretty well served by the Bell interests under the direc tion of the American Telegraph & Telephone Company, operated by the Wisconsin Telephone Company. It has 20,000 telephone subscribers in the city and connects throughout the state. Reduction In Grain Rates. It is reported from LaCrosse, Wis., that a ruling of great interest to grain merchants in that part of the state has been made by the railroads operating in Southern Minnesota, in order to compete with the roads in the northern part of that state, wTiich recently reduced freight rates. The Great Northern, the Northern Pacific and the “ Soo” roads have voluntarily made a reduction of 10 percent in the rates on grain, effective September 1. The Milwaukee and the North-Western have filed applications for permission from the commission to make a like reduction from the same territory. The entrance will be eight feet from the walk line and flanked by four massive granite pillars. The front will be built entirely of grey Cleveland sandstone. Oacoma, S. D.— O. E. A. Thorson has been made as sistant cashier of the Citizens State Bank of Oacoma. Mr. Thorson was formerly bookkeeper in the Corsica State Bank. Butte, Mont.— The State Savings Bank of_ Butte has moved to temporary quarters and the erection of the bank’s new eight story building, to cost $250,000, is ex pected to be completed within eight months. M I N E R A L IN D U S T R I E S P R O S P E R . An indication of prosperity in the mineral industry of the United States is the payment of dividends by twentythree companies reporting to the Mining World, of $3,887,500 in August, making a total of $15,412,644 for the eight months, and $121,729,739 since incorporation on an issued capital of $224,841,400. More than half of these enormous dividends are credited to the copper companies, four having paid $3,001,500 in August, $10,184,244 since January, and $69,243,128 since their organization on a capital of $160,866,400. At the head of the list stands the Amalgamated Copper Company, which has declared $2,679,038 in August, $7,654,395, or 5.75 percent, for the eight months, making a total of $40,355,472 since incorporation on $153,087,900 capital stock. Senator Clark’s United Verde mine in Arizona is understood to be paying $225,000 monthly, making $1,800,000 or 60 percent on $3,000,000 for eight months, and bringing the total dividends since in corporation up to $20,695,322. Value of the output of the Rand gold mines from Jan uary x to July 31 was $66 ,864,410 . The yalue of the full year’s output in 1905 was $ 104,010,370, T H E C O M M E R C IA L W E S T Saturday, September 3 , 1906 öl A n d r e w E. J o h n s o n , President. O l a f O. S e a r l e , L a u r it z S. S w e n s o n , Vice Presidents. L u th J a e g e r , Cashier. UNION ST A T E BANK Plymouth and Washington Avenues North, C A P IT A L S U R PL U S D E P O S IT S 100,000.00 100,000.00 1,400,000.10 O F F IC E R S : Gross, P resident, ek, V ice P resident, iffith, 2d V ice P resident. , Stegner, Cashier, Huhn, A ssista n t C ashier. D IR E C T O R S : ek P eter J. Seined frth A. E. E ichhorn Ieecker Ja cob K unz nderW eyer Geo. Salzer iey F ra n cis A . Gross err R o b e rt P ra tt J. J. Swanson. Capital $50,000. 100 W ashington A v e. South Corner First Avenue, M in n e a p o lis , M in n . General Banking. Interest Paid on Deposits. Foreign Exchange Bought and Sold. Merchants & Manufacturers State Bank 2 4 2 Tw entieth A ve. N ., M inneapolis, Minn. Capital, $50,000 Surplus, $11,500 OFFICERS A. M. HOVLAND, President. O. N. NELSON, Vice-President. E- L. ULNESS, Assistant Cashier. DIRECTORS C. N. ROBINSON. Pres. Bardwell-Robinson C<>. N. O. WERNER, Pres. Swedish-American National Bank. A. M. HOVLAND. President O. N. NELSON, Vice-President, Me-chant O. N. DYSTE. of A. M. Dyste & Co. E. G, DAHL, Merchant J. C. HALLUM. ReaJ Estato, Loans. H. N. LEIGHTON. Pres. H. N. Leighton Co. E. E, WITCHIE, Attorney. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OFFICERS and DIRECTORS: P. F. S h e r m a n , Prest. D. M. P a r r y , t T oux S. Dak. Indianapolis, Ind. J. M. R o o t , Vice Prest. & Treas. R. F. P e t t ig r e w , n „ T, _ Sioux F'alls, S. D G e o . T. H u g h e s , Secy. F. L. M a y t a g , Newton, la Western Securities Company Capital - $ 2 0 0 ,0 0 0 . R a ilr o a d B o n d s C o m m e r c ia l P ap er M u n ic ip a l W a r r a n ts Particulars upon request 5 3 0 S e c u r i t y Bank Bide. M IN N E A P O L IS T H E C O M M E R C IA L W E S T 52 Saturday, September 8, 1906 A MODERN PAPER WAREHOUSE DEVOTED EXCLUSIVELY TO THE PAPER BUSINESS AND CARRYING IN STOCK A COMPLETE LINE OF PRINTERS’ STOCK, STATIONERY, WRAPPING PAPER, BUILDING PAPER, PREPARED ROOFINGS, ETC. T h e c a r e f u l a t t e n t i o n g i v e n t o s m a l l o r d e r s has b e en a l a r g e f a c t o r in m a k in g W HOLESALE T h e J oh n https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis us w h a t w e a r e — T H E PAPER HOUSE OF THE FO R EM O ST NORTHWEST. L e s lie P a p e r C o m p a n y MINNEAPOLIS, MINNESOTA Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T 53 MILLER-DAVIS PRINTING CO. THE “ D O W N - T O -D A T E ' Bank and O ffice Supply House o f the Northwest. E V E R Y T H I N G F O R T H E B A N K A N D O F F IC E . Printing, L ithographing, Copper Plate and Steel Die E ngraving. Office Desks and Chairs. Sectional Book Cases . Card Index Systems . “ Davis ” R. B. L oose L eaf L edgers. Rapid Roller Copiers. S tate A g en ts Universal A dding M achines. 213-15 Nicollet Ave., F IL I N G C A B IN E T S . M IN N E A P O L IS , M IN N . BIG CR O PS AND PROSPERITY IN THE NORTHWEST. In reply to inquiries addressed to a number of banks and bankers in Minnesota, the Dakotas and Iowa and the - commercial W est has received the following statements concerning crop, business and financial condi tions in those states. In no instance is one of these re ports distinctly unfavorable and the tenor of the great majority is pronouncedly optimistic. No section repre sented complains of disappointing grain yields and while in some localities the crops have suffered in quantity or quality as a result of unfavorable weather in the last few weeks it appears to be the judgment of the bankers at least, that in only a few isolated instances will the final results from the principal crops fail to prove more satis factory than for two years past. Bank deposits throughoui the states mentioned are high, showing, in some cases, a gain of 25 percent over a year ago. The Northwest coitntry is literally full of money a condition which goes far toward offsetting any apprehension which might be engendered by occasional unfavorable showings of the banks of New York. Farmers are prosperous and in most cases are exercising conservatism in committing them selves to new indebtedness for any purpose and the de mand for money in the agricultural districts is consequent ly light. It is apparent that conditions have shaped them selves for another year of great prosperity and that only an unforeseen calamity or, what is to be more guarded against, the flinging to the winds of. wise conservatism can prevent another year of record commercial achieve ment and expansion. The following are some of the statements received by this paper: M IN N E S O T A . Lake Benton. E d ito r the C o m m e r c ia l W est: V ery little threshing has been done here go we can not give a reliable estimate of the yield. W e think, however, that wheat will go about 15 bushels per acre, oats about 45 bushels per acre, barley about 30 bushels and flax about 12 bushels per acre. The rains lately have retarded the threshing and stacking here. The corn crop is good if no frost interferes with the maturing; we have an excellent stand of it but it needs twenty days of fairly warm weather to mature. The livestock and creameries here are keeping the farmers’ pockets well filled with money the year around; our Lake Benton Creamery did a $7,400 business last month. There is no demand for money here either for short or long time loans. Deposits are good considering every thing. Our merchants are not doing as well as they should on account of the catalog houses getting a good share of the trade, — Alfred Soderlind, August 28. Cashier National Citizens’ Bank. Sauk Center. Editor the C o m m e r c ia l W e s t : From all the information we have been able to obtain, the crops this year will be about the same as that of last season. Up to the past week there was a prospect of there being a large increase over that of last year, but owing to the extreme hot weather of week before last and the heavy rains of the past week a quite large percentage of the oats, especially, were badly damaged. Barley and wheat were well out of the way before the rains, and think that there was very little loss on those https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis crops. Corn is looking fine and if the frost holds off for a reasonable length of time think that there will be a good deal better yield than last year. The demand for money here is fairly good and the deposits are a little better than last year at this time Taking all things into account I think that the outlook hu tins fall is far better than for any year m the past ^iree. — A .W. Austin, August 28. Cashier Merchants’ National Bank. T racy. E d ito r the C o m m e r c ia l W est: Crops in this section on the whole have suffered as the result of too much rain. Rolling land, where the drain age was good, is yielding well of small grain, with a good prospect for corn also, if no early frost interferes. Crops on low land and high land which is not well drained are poor, with a pretty large percentage which could not be put in on account of the wet condition of it. However, we will have a large quantity of feed grain and plenty of roughage of all kinds, including timothy and clover, which will be valuable to such of our farmers as have branch ed^ out into stock and dairying; of which we now have quite a good many. Concerning the business interests would say that trade is very quiet now in all lines of business, banks all seem to have plenty of money with very little demand for loans, heeders are waiting to see what the corn crop is going to be, before borrowing to buy steers. On the whole, the prospect for fall business seems only fair at best. F. Seiter, August 28. Cashier Citizens’ State Bank. T h ie f R iver E d ito r the C o m m e r c ia l W Falls. est: As no threshing has as yet been done in this territory it is too early for us to give any figures regarding business and crop conditions here. Harvesting is nearly all finish ed and indications point to a better yield per acre than we have had for several years past. The acreage is also con siderably larger this year, and business men are looking forward to a good fall and winter business. Bank de&posits have held about stationary during the summer, with money in good demand. — T. L. M eLaard August 28. Cashier Citizens’ Stale Bank. N orthfield. E d ito r th e C o m m e r c ia l W est: W e are advised that the quality of grain raised in this vicinity is only fair and that the average yield is: wheat about 15 bushels, oats about 40, and barley about 30 per acre. Bank deposits are about 5 percent ahead of a year ago. The financial condition of farmers and business men as far as known is entirely satisfactory and so is the out look for the fall and winter trade. — G. N. Phillips August 30. Cashier First National Bank. Brooten. E d ito r th e C o m m e r c ia l W est: Crops in this vicinity did not turn out as large as we expected. Nevertheless they are almost as good as last year. Blue stem and fife wheat, of which there is very little raised, will average about 12 bushels per acre, fair quality Macaroni wheat 20 bushels per acre, good quality. Flax very good, and will average about 12 .bushels per acre, good quality, if the rains hereafter do not spoil it. None of it is stacked and some not cut yet. Oats 30 bushels per acre, quality fair, somewhat bleached. Deposits are holding about even which we lay to the fact that there has been a stir in building and other im provements during the spring and summer. Demand fixloans good and at good rates. Farmers and merenants I both have experienced a profitable year, merchants be- THE COMMERCIAL WEST 54 ing in better financial condition to take care of their busi ness than ever before. The farmers are the same and are getting better fixed financially. The last year brings this fact forth more conspicuously than ever before. The above estimates of grain are the prevailing opinion now but the weather is very unfavorable and grades will fall if it does not stop raining. _ — I. E. Foss, August 29. Cashier Bank of Brooten. Cannon Falls Editor the C o m m e r c ia l W e s t : The stacking of grain in this locality is about com pleted. Some shock threshing has been done whch indi cates that our crop will be a very good one. The cutting of corn will commence in about a week. If weather conditions continue favorable, our corn crop will be the best in years. Bank deposits remain about sta tionary. Demand for money is very good. Financial condition of farmers and business men in this section is first-class W e look for a good fall and winter business. ' — Cliff W. Cress, August 30. Cashier Citizens’ State Bank. Browns Valley. Editor the C o m m e r c ia l W e s t : The recent heavy rains caught almost all gram m shock, and bleached and colored much of it. The shocks on many fields were green with sprouted grain. Reports from machines the last two days show that the yield is considerably less than estimated. Blue stem will aver age about 11 bushels, grading No. 3. Macaroni is running about 2^ bushels, good weight, but bleached. Oats vary greatly in yield and quality. Barley is about all feed stuff, yielding well. Flax will be an average crop. Bank deposits are about the same as last year, i h e i e is a light local demand for money so far, but look for o-ood banking business this fall. Farmers are prosperous now, and the money from this fall s crop will put most of them on l<easy street.” Business in all lines should be O-ood — :S. J. LaDue ° August 31. Cashier First National Bank. NORTH D AKO TA. Anamoose. E d ito r the C o m m e r c ia l W est: W e cannot say anything very definite regarding the outcome or yield of crops through here, as threshing ha^ been on for but one or two days. As far as we can learn, the average yield of wheat so far is about 15 bushels per acre on spring plowing. No flax or other grains thresh ed as yet. As there is not much threshing done, de posits naturally are low as yet. though we expect them to pile up within the next four and five weeks. I he finan cial conditions are very good, and this crop after harvest ed, will put the farmers and business people in a comiortable way for the winter. — Anamoose State Bank. August 29. Mandan. Editor the C o m m e r c ia l W e s t : . Crop conditions in our county and territory are excel lent. ■ Threshing began this week and the first stand near Flasher threshed 29 bushels of wheat and 70 bushels ot oats to the acre. No report from other machines have been received so far but the stand and yield is excellent. Bank deposits have kept up remarkably well and are now on the increase. Thfe late wool season and the early cattle shipping season has left the break of very short du ration when no money is received by our settlers, I fie de mand for money has been very active during the past season. Our merchants are in excellent financial condi tion and the business prospects were never better. A large hay crop has been harvested by the ranchers and farmers and wre expect to go into winter in first-class S llT D C The excellent crops of the last three years have been appreciated by the new settlers, who are just making a start in this country. — jL. Timmerman, August 29. Vice President First National Bank. M inot. Editor the C o m m e r c ia l W e s t : Wheat is running about 20 bushels to the_ acre, oats 50 flax 15 and barley 3 5 - Deposits show an increase of about 30 percent over last year at this time. I here is quite a good demand for loans now. Farmers are m very o-ood financial condition as are also the business men. The general outlook for fall and winter trade is the best that we have ever experienced in this country at this time. — R. E. Barron, August 29. Cashier Second National Bank. Flaxto n. Editor the C o m m e r c ia l W e s t : ....................... The outlook for fall and winter in this vicinity is good. Both farmers and business men are prosperous. The de mand for money at present is limited. The wheat crop is averaging about 20 bushels to the acre; oats, 3° to 45 bushels with no b a r k y threshed as y e t August 31. •— Citizens State bank. Jam estown. Editor the C o m m e r c ia l W e st : Conditions generally in this locality are very satisfac tory: the crop appears to be a little better than the aver https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday, September 8, igo6 age and is, with the exception of flax, practically all har vested. Threshing will be general this week. The demand for money during the entire season has been rather strong although deposits have held up re markably well. While we are not counting on a bumper crop m any sense of the word, we figure when the farmers receive the proceeds from same it will result in a very prosperous year for Stutsman county. — A. D. Denault, August 29. Cashier James River National Bank. Hillsboro. Editor the C o m m e r c ia l W est : * All crops in the north half of our territory are fairly good; south and especially southeast they are poor with a reduced acreage, owing to excessive rains during the spring and early summer. Harvest is about done and threshing will be general next week. Bank deposits are rather lower than usual wdth but a moderate demand for money. The financial condition of the farmers and busi ness men is good. Generally speaking, however, the vol ume of the fall and winter business will, no doubt, be considerably curtailed owing to the light crops. — Ole Arnegard, August 31. Cashier Hillsboro National Bank. P ark E d ito r the C o m m e r c ia l W River. est: Threshing will be general here the last of this week. Some threshing has been done this week, and the yield, while not up to the figure predicted in the summer, is quite satisfactory. One field of 80 acres adjoining this town went 23 bushels to the acre and graded No. 1 north ern; another piece of 55 acres went about 18 bushels to the acre, and graded No. 1 hard. These were early plant ing and it is hardly expected the later sown grain will turn out as well. The exceedingly hot weather of the early part of the month injured grain considerably. The aver age yield will probably be between 12 and 15 bushels, and the grade will be good. Other grains will yield in propor tion, flax promises well. Money is in good demand and deposits hold up to the figures of former years, probably total deposits of the county are higher than ever before, as there are so many new banks in the county. Farmers call for small loans to carry them over the harvesting and threshing season but merchants do not seem to need any assistance. Mort gage loan business has not started up for this fall as yet, rates will probably be about the same as last year, 6, 6H and 7 percent. _ T TT 1 August 28. R- J- Holmes. M ayvllle. E d ito r the C o m m e r c ia l W est: Business in this part of the Red River Valley is al ways good. The writer has lived in this country since the spring of 1881 and has never seen a failure of crops during that time. The farmers are in good condition financially, as will be seen by a drive through this part of the country. Nearly every farmer has a good house, large barns, granaries, and a groye of trees around the buildings with money on deposit in the nearest bank. Bank deposits are steadily increasing each year. B usi ness men in Mayville are all doing well, and during a part of the year at least it is difficult to Joan money out. We are about to thresh a fair crop of wheat, a very good crop of oats and barley, and a fair crop of flax. Farmers are in shape so they will not be obliged to sell their gram until they receive a satisfactory price. Lands are stead ily increasing in value from year to year, and a. great many Indiana and Illinois farmers are locating in this vicinity. -— C. S. Edwards, August 29. President Goose River Bank. SOUTH D AK O TA. Aberdeen. E d ito r the C o m m e r c ia l W e s t : Business conditions in this locality could not be better farmers are in very comfortable circumstances, many ot them being bank depositors, principally as a result of last year’s good crops. Bank deposits are about 25 percent larger than last year, with strong prospects of a large increase this year. Very little threshing has been done as yet, being delay ed by recent rains. The returns from what threshing has been done so far are very satisfactory. The general outlook for the coming season s business is very good. J ■ p- .Bassett, August 30. President Aberdeen National Bank. W oonsocket. E d ito r the C o m m e r c ia l W est: There is little comment to make on the situation here. Crops are good, deposits hold up, demand for money is easv and the outlook for business is excellent. — E. B. Soper, Jr. August 29. Cashier Citizens’ National Bank. P ukw ana. Editor the C o m m e r c ia l W e s t : Wheat threshes about 23 bushels to the acre and is ot good quality, oats about 60 bushels per acre and are of the very best. Corn is maturing rapidly and if we have no frost for about three more weeks will make 50 bushels. Saturday, September 8, 1906 THE COMMERCIAL; WEST The farmers in around Pukwana and in fact all over the country are prosperous and it is a hard matter to loan money. ^ Nearly all the banks in this county have about half their deposits on hand. . Crowds of land seekers come every night and land prices are advancing rapidly. Highest price paid for im proved farm which was sold last week was $35, and $30 for raw prairie. The business men in this section are doing well and the outlook for fall and winter trade in all lines was never better. — H. A. Schoenberger, August 29. Cashier Farmers’ State Tank. W a tertow n . E d ito r the C o m m e r c ia l W est: Business has been steadily good in all lines right through the season and promises well for the future. Mer chants, generally speaking, are in excellent condition and a majority of them able to discount their bills. Farmers have been greatly delayed in harvest owing to wet weather and scarcity of help. No threshing has been done, but all varieties of grain promise an excellent yield. Deposits hold steady and the demand for loans is not large, local banks being obliged to go outside to some ex tent for paper in order to keep their funds employed. — H. L. Sheldon, August 29. Cashier Citizens’ National Bank. B ritto n. E d ito r the C o m m e r c ia l W e s t : With favorable weather from now on for threshing, I believe the crop in this territory will be about the same as last year. Wheat will be shrunken some, oats a splen did crop, barley a good crop, but damaged quite a little from bad weather. I look for bank deposits to increase, and expect quite a considerable demand for money from parties who will desire to hold their wheat. The farmers and business men in this community are steadily gaining, and we look for a prosperous fall and winter. — S. E. Forest, August 29. Cashier First National Bank. P arker. E d ito r the C o m m e r c ia l W __________________ 5 5 Ry> 3 ° to 40 bushels; flax 12 to 18 bushels and speltz 30 to 45 bushels. The outlook for both corn and potatoes is very,good, indeed. Demand for money is light at present. Business in all mercantile lines is good. Deposits generally are in creasing. The outlook for fall and winter is very good. — Wm. J. Mundt, August 29. Cashier State Bank of Seneca. V alle y Springs. E d ito r the C o m m e r c ia l W e s t : . All kinds of crops are good in this vicinity. Oats will yield from 40 to 60 bushels an acre; wheat, 15 bushels; barley, about 30; corn is very good promising to be the best ever raised here. Deposits are big showing about 25 percent of increase from last year at this time. The de mand for money has been very poor all summer but we will put out considerable soon to farmers that are buy ing cattle and sheep to feed, considerable of which is done here. Farmers are .very prosperous and' conditions very § ood— L. S. Hetland, August 29. Cashier Minnehaha County Bank. Sioux Falls. Editor the Commercial West: Business and crop conditions in this vicinity could hardly be improved. All small grain, oats, barley, wheat, etc., are yielding above the average and the quality is the best m years. Of the total acreage in crops in the south ern part of the state, probably 25 percent is planted to corn, and to mature the same, we should have about three weeks more favorable weather. With this crop matured, the state will have raised the largest crop and the finest quality of grain in its history. . Bank deposits are the largest at this time of the year m the history of the state. There is but little local de mand for money, and the banks are compelled to depend upon outside investments. I hey are buying commercial papei as fai east even as Boston. With this condition existing, the outlook for fall and winter business is very bnght. . - W . I. Baker, August 3 1Cashier Minnehaha National Bank. est: This section is fast leaving wheat raising. The small acreage planted has been yielding something like 18 bush els. Oats are yielding by weight from 45 to 55 per acre. Barley is but little threshed but yielding round 30 bushels. Corn is promising well, if the rains will cease. " It is still green, and many pieces growing. Some fields of corn are dented, and two long hot weeks will place it beyond doubt. The demand for loans is very light. Cattle feeders are waiting for the maturing of corn crop. The farming com munity is in excellent shape. August 29. — First National Bank. C lark. Egan. E d ito r the C o m m e r c ia l W est : Business 111 this section is very good. Barley is averagIn§ 35 bushels to the acre, oats 40 to 50, and corn is fine and will mature if frost stays off about ten days. W e have a very little wheat in this vicinity, but what there is will make a good yield. Deposits are gaining and good demand for money. Farmers in this community areTveli to do and speculate in land considerable. Considering the heavy crop and the hogs_ and cattle the farmers have to sell, money should be plentiful here this winter. c — A. B. Larson, September 1. Cashier First National Bank. E d ito r the C o m m e r c ia l W e s t : Crop conditions in this county are very good. Mac aroni wheat, barley, speltz, etc., are better than last year, oats not as good. Flax and corn will be an exceptionallv good crop. Bank deposits are about the same as last year. The demand for loans is fair. The financial condition of farmers and business men in this vicinity is good. •— Otto Baarsch, August 29. Cashier Clark County National Bank. H uron. E d ito r the C o m m e r c ia l W est: Crops of all kinds in this part of the country were never better. Wheat is going from 12 to 23 bushels per acre, all depends on amount of seed sown to the acre. Oats from 45 to 60 bushels per acre. Flax excellent, but none threshed as yet. Barley is good, but we have not heard of any being threshed yet. Biggest crop of corn ever raised. Bank balances are larger than at any previous time. Farms are in fine, prosperous condition and all or most of them, have money on deposit. Business men here are all in good financial condition, and prospects for big movement in lands and new people coming in are good. Lands are changing hands at ad vanced prices all the time. — E. J. Miller, August 28. Cashier First National Bank. H urley. E d ito r the C o m m e r c ia l W e s t : The outlook for business in this part of South Dakota was never better than this fall. Oats and corn are our staple crops here. Oats are yielding 45 to 60 bushels per acre. Corn promises a big yield except on low, wet ground, as we have had too much rain the past month. Our farmers are well stocked with hogs and a lame amount of money will be needed to buy cattle to feed our corn crop The last published statement to bank ex aminer showed larger deposits in this part of the state tnan at any previous statement. — Peter Allen September 1. Cashier Bank of Hurley. Slsseton. E d ito r the C o m m e r c ia l W Brookings. E d ito r th e C o m m e r c ia l W Seneca. E d ito r the C o m m e r c ia l W est: In Seneca and vicinity including the west end of Faulk county crops on the whole are very good. Hard and blue stem wheat is yielding 12 to 20 bushels to the acre; maca roni wheat 18 to 30 bushels; oats, 40 to 65 bushels; bar https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis IO W A . est: This locality has raised a big crop of small grain, threshing is in progress and the yield is ahead of the aver age for .several years past. W e will have a good corn crop, providing frost stays off till about the middle of Septem ber. Business is quiet now. but the outlook is good, for fall and winter. Bank deposits are about 25 percent above a year ago and the call for money is just about taking up the surplus. Real estate is advancing in value throughout this locality and quite a few sales are being made. — H. H. Reeves, August 28. Cashier Bank of Brookings. est: Small grain, wheat, oats, barley and flax 111 this sec tion are better than the average crop and are all cut The majority of the crop is in shocks and threshing has commenced and all small grain is yielding very good. Grain L at t lls t'm,e weI1 alonS and Promises a good crop. Bank deposits of this city are heavier than last year, demand for rn? UV 1S g ? ° CJ al? ng legltimate sources and the financial conchtion of the farmers and business men is good and be ttei than pievious years. The general outlook for the future trade was never better. _o P Rask August 31. Cashier Citizens’ National Bank Sioux C ity. E d ito r the C o m m e r c ia l W est: I lie crops in Sioux City territory were never better I h e small gram is practically all harvested and in some sections threshing has been under way for several weeks I h e corn crop looks first class and with delayed frost we shall look for a record breaking crop. ’ ni1(^tL°ng t-ne KCOU1mry banbs the prospects are that as a ule they will be able to take care of all demands during the winter. Now the indications are that the deposits will g lo w materially as soon as returns from the crops be°-jn to come m. - F . W. Kammann,” August 28. Cashier First National Bank. ; E stherville. E d ito r the C o m m e r c ia l W est: Crops in the Emmet county district are well up to the average both in quantity and quality. Oats are of good quality with an average yield of 50 bushels to the acre THE COMMERCIAL WEST 56 The acreage of wheat is small but the quality is good; plump, heavy berry and average about 15 bushels. Barley is of good quality, averaging about 40 bushels. Corn promises an abundant yield, the best in years. The ears are large and the growth immense. Three weeks of good weather will take the crop out of danger. Our farmers are not in financial straits. They have been cautious, have not been inclined to add to their in debtedness and are now greatly encouraged in view of the prospect of all around good crops. Bank deposits are about the same as in 1905. with a smaller demand for money than a year ago. August 28. — Estherville State Bank. Grinnell. Editor the C o m m e r c ia l W e s t : Small grain has turned out very well and the corn crop prospect is line. Bank deposits are holding steady and there is a good demand for loans. The financial condition of both farmers and business men is excellent with a line outlook for fall and winter. — H. P. Lanphere, August 29. Cashier Citizens’ National Bank. Rock Rapids. Editor the C o m m e r c ia l W e s t : Conditions of the small grain crop in this immediate locality at the present time are equal to or better than in any year during the last five. It is all harvested, the greater part of it in the stack. Crops that have been threshed out of the shock show a good yield and good quality, oats running from forty to sixty-five bushels per acre. No wheat in this territory. Barley running from forty to fifty bushels per acre, possibly in some localities it would be a little lighter. The acreage of corn in our immediate vicinity is a little more than last year. The last fifteen days has add ed very much to the feeling that corn would mature this year before frost. Judging from present crop conditions, we should pick not less than fifty bushels per acre in this immediate locality. However, this depends upon the weather during the next three weeks. If killing frosts do not visit us before September 20, northwestern Iowa and southern Minnesota, as well as eastern South Dakota, will harvest the heaviest corn crop that she has ever grown. Money is comparatively easy. However, there is a good demand from local farmers for the purpose of cattle and sheep for feeding. Real estate loans have not been active during the month of August. Inquiry, however, for fall loans would indicate that there will be a heavy demand for real estate loans during the months of October, N o vember and December. — Chas Shade, August 28. President First National Bank. Le Mars. Editor the C o m m e r c ia l W e s t : The crops in this part of Iowa are in very fine condi tion, wheat going from 15 to 20 bushels per acre; oats from 40 to 60 bushels, and barley from 25 to 30 bushels per acre. With favorable weather we will have the big gest corn crop we have ever had. Bank deposits have been increasing for the last sixty days and we look for a good fall and winter trade. — E. A. Dalton, August 26. Cashier First National Bank. Mason C ity. Editor the C o m m e r c ia l W e s t : Crops of all kinds here are first class. Oats and barley yielding well, and better than the average crop. Corn is in fine condition, and promises a better crop than for sev eral years. The hay crop is excellent, and was harvested in good weather and good time. The bank deposits are higher than usual for this season of the year, and the demand for loans fair. Farmers and business men in this vicinity are in first class financial condition, and well to do. All able to discount their bills. Outlook for fall and winter business good. — C. H. McNider, August 28. President First National Bank. Luverne. Editor the C o m m e r c ia l W e s t : The small grain in this locality is a little better in yield than the average. The excessive rains during the month have injured the quality somewhat. Corn pros pects at the present are excellent, the wet weather will necessitate a longer fall perhaps, but the yield will be large. Deposits all summer have been the best we have ever had. The demand for loans has not been as large as we would like to have seen. The financial condition of the farmers and business men is much better ttaan for the last three years at this time. . . . The outlook for fall and winter is quite promising. — W. E. Kyler, August 28. Cashier German Bank. Clinton. Editor the C o m m e r c ia l W e s t : . W ith proper weather for a reasonable time, this coun try will turn into the market, the largest corn crop on 1CCSmall grains did very'well here this year; bank deposits have increased the demand for loans has been good, farm https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday, September 8, 1906 ers and business men of our community appear prosper ous and we look for a healthy demand for money this fall and winter. — C. R. Mills, August 29 Cashier People’s Trust & Savings Bank. Eldora. E d ito r the C o m m e r c ia l W est: If frost keeps off until the 20th of September, central Iowa will raise one of the best corn crops for years. Oats this year are a splendid crop and yields of fifty, sixty and even seventy bushels per acre have been reported in Hardin county. Bank deposits have kept up all the summer and money is, and has been, plentiful. There has not been a very great demand from cattle feeders as yet but stockmen, good feeders and farmers begin to look out for stuff about the first of September and a great many cattle will be shipped into Iowa this year from Kansas City. Omaha and Sioux City. The outlook for farmers and business men in this region is now surely promising and there has been considerable activity in real estate in farm lands, especially in Hardin county. Farms have been sell ing at an average of $75 to $90 an acre, and little money is leaving here now for investment in Dakotas, Minnesota or Canada. — Ellis D. Robb, August 29. Cashier Plardin County State Bank. Cedar Rapids. Editor the C o m m e r c ia l W e s t : Crop conditions in the territory immediately tributary to Cedar Rapids were never better and with very few ex ceptions this statement applies to the entire state of Iowa. Iowa is essentially a corn producing state and raises com paratively little wheat. Oats show a good yield, although the straw in some sections is rather light on account of dry weather. The barley crop seems to be above the aver age. Unless we get a frost exceedingly early, the corn crop will break all previous records. Deposits in the banks are high and the demand for loans light. W e an ticipate a reasonable demand during the next few months, but the probabilities -are that ^deposits will reach high water mark early next year. Farmers and business men generally are in splendid condition. Business has been prosperous and our state is experiencing a wonderful ex pansion in all lines. There is a little too much speculation in outside lands, but it is not believed that the result will be disastrous to the state at large, although a good many individuals are liable to be. discommoded seriously before thev get the final payments out of the way. — J. H. Ingwersen, Cashier Cedar Rapids National Bank. D avenport. E d ito r the C o m m e r c ia l W est: As to crop conditions in our territory, beg to say that with one week more of ordinary weather, our crop of corn will be the greatest it has been for some time, if not greater than it has ever been before. Bank deposits are increasing and loans being paid off. and the elevator men are anticipating their needs as rather greater than last year, and the general outlook for this year is one above the average. — L. J. Yaggy, August 30. Cashier First National Bank. Lake M ills. E d ito r the C o m m e r c ia l W est: The crop condition in this territory this season has been an improvement over the past three seasons. The oats are being marketed and are of a good quality and overrun the machine measure in weight. In some locali ties the oats are badly colored from excessive rains which came just at harvest time. The corn crop promises a good yield;,the ears are ex ceedingly large and well filled. It will require about three weeks of good corn Weather to mature the crop and if we have no frost for three weeks this territory will produce an immense amount of corn. Financial conditions of our farmers and business men is much improved, bank deposits are increasing and ma turing loans are being paid. The general outlook for the coming fall and winter in business is very good. — A. W. Winden, August 31. Cashier First National Bank. Decorah. E d ito r the C o m m e r c ia l W est: Crop conditions in Winneshiek county are very fine. The yield of barley, flax, and timothy is very good. Oats are a little light but a good crop. With favorable weather for a few weeks we shall har vest the best crop of corn we have had in many years. Corn is our most valuable crop so we are more interested in good weather for the four coming weeks than in any thing else. Bank deposits are very good, general conditions fav orable. The demand for money is not very brisk locally and I do not look for a heavy demand at any time during the season. — R- Algyer, August 29. Cashier Winneshiek County State Bank. The export of hematite iron from Almeria, Spain, to the United States in 1905 amounted to 130,420 tons, against 18,887 tons in 1904. Saturday, September 8, 1906 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE COMMERCIAL WEST M inneapolis O ffic e : 4 0 6 S econd A. ve. South. St. P aul O ffic e : 94 East Fourth Street. SEND FOR CATALOGUE. Supplies for A ll Makes o f Machines, 57 THE COMMERCIAL WEST 58 Business Want Department A m edium fo r the sale o f S tock s an d B o n d s, R ea l E sta te , F a rm L a n d , S tock s o f M erc h a n dise- for the m an w ho w ants a B a n k P osition , or a L oca tion fo r a B a n k , In vestm en t or oth er B u sin ess. _____ ________ _________________ Rates for advertisements in this department are one cent per word each insertion. Words dis played in capitals, two cents per word. Initials and abbreviations count as one word each. No advertisements inserted for less than 25 cents Cash or two-cent stamps must accompany all orders. All answers to advertisements under key numbers must be accompanied by two-cent stamp. Address C o m m e r c ia l W e s t C o ., Minneapolis, Minn. __________________________ B U S IN E S S C H A NC ES . F or Sale or L e a se — A w ell equipped, n icely located, 290 barrel mill, m sou th ern M innesota tow n w ith tw o railroads, side tra ck to m ill, e le v a to r attach ed. H a s its ow n electric lig h t plant, steam heat. Solid brick p ow er plant d eta ch ed from m ill W ill trade fo r fa rm in g land, l i m e g iv en on purch ase m on ey if w anted. W a rd M illin g Co.. F airm on t. M inn. ( 11) F O R S A L E — C om plete sto ck o f general m erch a n d ise; establish ed bu siness o f $30,000 per y e a r; lo ca tio n b est d airy section of sou th ern W isco n sin . A d dress Christie Carlin, P alm yra, W is. __________ LHA F or Sale or T ra d e— F urniture and good w ill o f A rlin g ton H otel, W ellin g ton , K an. A ddress, A rlin g to n H otel, W ellin g ton , K an. ______________ _ _ _ _ ____________ T i l F O R S A L E — T h irty -ro o m ston e hotel, steam heat, gas lights, in g row in g ra il road tow n, fou r large bu siness room s first floor, n ew building, rents fo r tw o hundred fifty dollars per m onth. P rice tw en ty -fiv e thousand dollars, one half cash, rem aind er to suit. R e a so n fo r sell ing, other business engagem ents. V . O. B o x 177, H askell, T ex.____________ _____(M 2 F O R S A L E — A n ew th irty -ro o m b rick h otel in one o f the b est tow n s in T ex a s P len ty o f w ater and a cetylen e lights through the house. W ill g iv e ba rgain m this p rop erty if sold soon. A d dress S an difer & W arren , K n o x City, le x a st F O R R E N T — Store 30x60 w ith fixtures suitable, clothing, rack et, general dry goods. L iv in g room s a b ove. T h riv in g cou n trv to w n ; new spaper, nation al bank, etc Dr. H . A . F iester, N ew ton Falls, ________________________________ A T Ohio. WATCH TACOMA GROW Population: 1900, 1 7 ,714- 1906, 85,000 Send stam ps, ten cents, fo r descriptive literatu re to S ecretary C ham ber of Com m erce and B oard of tra d e , TACOM A, WASHINGTON. r e n t — 2 story new brick, 33x70 feet, w ell located, op posite ba n k and p ostoffice; w ell finished; g ood fo r an y kind o f business. R en t cheap. B o x 83, A . Me Clain, Sum ner, Iow a. ______________ - UW A N T E D — G eneral store, hardw are store and other bu siness en terprises; fine op en in g in to w n o f Coaldale, A lberta, on C P R • cen ter o f 50,000 acres o f irri gated land w h ich is bein g rap idly settled up C orresp on den ce solicited fro m any one w ish in g to install B eet Sugar fa cto r y or P o ta to S tarch fa cto ry. B usin ess and residen tia l lots fo r sale fro m $75 to $200 each also a fe w fa rm s under irrigation w h ich w ill sell at a lo w figure to those intend ing settling. A d dress H . A. S uggitt, m gr., C oaldale T ow n site C om pany, Coaldale, A lberta. (H ) F O R S A L E — Cheap fo r cash, at once, Vo in terest good general m dse, bu sin ess; in v oice about $3,400; fo r p articulars w rite r . E. K uhlm an, E ddyville, N eb. (H ) JOIN OU R SEATTLE B U S IN E S S PROPERTY S Y N D IC A T E W H IL E S H A R E S A R E A T P A R . $100 E A C H . A N N U A L D IV ID E N D JU ST P A ID 9.8%. E A R N IN G S F O R Y E A R , 20%. R E F E R EN CES A N Y S E A T T L E B A N K W R IT E Q U IC K F O R P A R T IC U L A R S . R E A L T Y A S S O C IA T E S DEPT W, COLM AN B u lS E lN G S E A T T L E . W A S H . (I D for W A N T E D — T o bu y sto ck G eneral M er chan dise or G rocery sto ck $4,000 cash. A d dress W . J. H anrahan, G eneral D e livery, M inneapolis, M inn. ________I10-* F O R E X C H A N G E — F ine lo t in G reencastle; $200, to e x ch an ge fo r m erchandise or land. E w in g M cL ean , G reencastle, Ind. ~ F O R E X C H A N G E — $2,500 sto ck o f farm im plem ents, w are hou se and_ 2 lots $800, all staple goods, g o o d fa rm in g coun try, and good territory, also qu arter section of first class land near M idale, Sask., C an a da and tw o or three thousand d ollars m cash to ex ch an ge fo r co n tro llin g interest in p ay in g bank w ith services. A d dress F. L. Cook, T enn ey, M inn, __________I10) F O R S A L E — GO LD SIGN L E T T E R S . F o r Store Office and B an k w ind ow s. H and som e,' durable, inexpensive. Sam ple free. C. Joh nston M fg Co., Q uincy, ^Ilh https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday, September 8, 1906 B U S IN E S S C H A NC ES B U S IN E S S C H A NC ES F O R S A L E — $18,090 stock clean h a rd w are at 95c on the dollar; fine m on ey m ak in g bu sin ess; best P alou se tow n. A d dress C. F. S tork, M oscow , Idaho. (11) F O R S A L E — G ood d airy business, with ranch, cow s, horses, an d im plem ents c o m plete. D o in g a cash trade o f $4,000.00 yearly. F or full in form a tion address P. O. B ox 114, Cheyenne, W y o . (10) F O R S A L E — Shoe store in one o f the b est to w n s in state. F ra n k Bakala, C ol fa x, W a sh . (11) F O R R E N T OR S A L E — T he store bu ild in g on W e st B road w ay, L ittle Falls, M inn., (n o w an iron clad bu ildin g) for a term o f years, if w an ted. T he ow ner will put the buildin g in good repair and it w ill be read y fo r o ccu p a n cy ab ou t the first o f S eptem ber. A p p ly to C. G. C arlstedt. 774 Case St., St. P aul, M inn., or G. W . M assey, L ittle F alls, M inn. (10) FO R REN T-—R oom on M ain and F ranklin, M elrose, O., sh elvin g and cou n ters; 90 x 22 ft .; good op en in g for som eone. F o r in form ation ad d ress B ox 196, M elrose, O. (10) FOR SALE1 — R etirin g from bu siness and w ill sell m y w all p ap er an d paint store at in v oice; fine lo ca tion ; cheap ren t; w ill pay about $5,000 per year. A d dress H. T. W h ite, 25 E a st F o rty -th ird street, C hicago, 111. (10) F O R S A L E OR T R A D E — T he P ark H o tel, fu rn ishin gs com plete. A g ood $1.00 house, fine location , regu lar transien t trade. Com e and in vestigate. W rite fo r particulars. L. S. D on lay, S terling, Kan. ( 10 ) F O R S A L E — Store and d w ellin g (49x 80), fixtures and stock , on M ain street, B o w lin g Green, V a. Just the th in g fo r a hu stlin g c ity m an w h o w an ts to m ove to a h ea lth y cou n try tow n. G ood r e a sons fo r sellin g out. F or particulars a d dress R. D. V in cen t, B ow lin g Green, V a. (10) A U G U S T M U N TZIN G , A kron, Colo., R eal E sta te B roker. B uys an d sells real estate. A ll kinds o f business chances. P a y in g investm ents. I have greatest snaps ev er seen or heard o f in lum ber yard, hotel, p rin tin g offices, w atered, cattle, horse an d sheep ranches, im proved and u n im p roved; beet lands, a lfa lfa lands, and ab ove all eastern C olo rado fa rm s cheap. W rite m e ab ou t lo cation fo r lum ber yard. R ig h t now I have g reatest snap in ra il road eatin g house, hotel and lun ch c o u n ter. F re e rent, free billing, free passes fo r help, free ice. O nly $2,000 cash n ecessary. G reat m on ey m ak er. (13) B A N K F O R S A L E — C ontrollin g in ter est in S tate B an k in sou th ern M innesota at a bargain. P opu lation o f the tow n ab ou t 1,500. I f in terested w rite at once. M ust be sold before the 15th. G ood re a s on fo r sale. W ill stand investigation. W rite K, care C om m ercia l W est. (10) F O R S A L E — F ru it, con fection ery , t o b a cco , cigars, ice cream , soda w ater sto re ; situ ated on M ain street, one b lock fro m depot, in the village o f R ussell, B o ttin ea u cou n ty, N. D., on the new Soo w h ea t belt line, in the fa m ou s M ouse and D epp river loop, in the b est fa rm in g cou n try in the sta te; th ick ly settled w ith th rifty, g o -a h e a d farm ers. L an d here sells fo r fro m $3,500 to $5,000 fo r 160 a cre s, ra isin g the b est crop s in the northw est. R ussell is bu t one year old and en jo y s the best bu siness o f an y tow n on the Soo line, h a v in g three banks, three gen eral stores, tw o hardw are, one drug, on e fru it and con fection ery , tw o m illinery, one harness, tw o m eat m a r kets, three hotels, tw o restauran ts, three elevators, three coal yards, tw o lum ber yards, three liv ery barns, tw o billiard halls, tw o p u blic halls, one new spaper, one bakery, tw o chu rches, one school house, tw o b la ck sm ith shops, one doctor. R eason fo r selling, p oor health. H ere is a snap. L ot, building, sto ck and fix tures included. T itle clear. W a rra n ty deed. $1,000 bu ys b u ildin g and lo t; stock all fresh and sells at cost p rice fo r cash. Only ex clu siv e store in tow n. L arg e s o da fou n tain in con n ection . F or p a rticu lars, etc. w rite or call on C. D aley, R u s sell, B o ttin ea u coun ty, N. D._________ (10) F O R S A L E — L u m ber plant, northern M ich igan ; g ood in v estm en t; ow n er m ust g o w e st; w ill take w estern p rop erty in e x ch a n ge ; $20,000. M ’ O m ber & Co., B e rrien S prings, M ich.______________________(10) FOR S A L E — Only R a ck et store in H a rtford , W is., n e a r. M ilw au k ee; p op u lation 3,000. In v oices $1,200. A d dress J. M. N athan.__________________________ O0) F O R S A L E — O nly m eat m ark et in good tow n d oin g an ex tra g ood bu siness. T w o railw ays. G ood reason s. N o trades. A d dress N. O. A y lsw orth , B radley, S. D. __ ____________________________________________ ( 10 ) F O R S A L E — S tore b u ildin g; corn er o p p osite bank. Sugar fa ctory , steam road, new electric road. R en ted at 16 p ercen t o f value. A . L . R obin son , W a v e rly , W ash.____________________________________ (12) F O R S A L E — O ldest liv ery bu siness in N orth Y akim a, W a sh ; stock , hacks, and d ra y business. A d dress H. L. T ucker, Im m ed iately. (14) F O R S A L E — N ew s, sta tion ery and n o tion store, in p ostoffice lobb y in new brick b u ildin g; ren t ch eap ; stock in v oice ab ou t $1,500. R eason fo r selling, ow n er has other lines o f business. A d dress L o ck B ox 682, G arner, Iow a._________ (1 °) F O R S A L E — S ton e bla ck sm ith shop, 60 x 24 feet, 2% stories high, g ood location , plenty o f w o r k ; sell b eca u se o f p oor health. H en ry W in ters, W a terv ille, Kan. M O N E Y M A D E IN S IL K G L O V E S. M an u factu rers have been un able to su pply the dem and. F ow n es B roth ers & Co. o f L on d on and Julius K a y se r & Co. o f N ew Y ork m an u factu rers o f silk glov es alread y here. A m sterd am , N. Y ., has a popu lation o f tw en ty five thousand, and also a large k n it u n derw ear center, sk ill ed labor obtainable. W e offer fo r sale a three story b rick m a n fa ctu rin g bu ildin g and store-h ou se, cen tra lly located, w ith engine, b oilers and sh aftin g, in A m s te r dam , N. Y., w ell ad ap ted fo r either o f ab ove bu sinesses. E le c tr ic p ow er can be obtain ed v e r y reason ably. P ossession im m ed iately or in spring. F or fu ll p a r ticu lars address M cC a ffrey B roth ers A m sterdam , N. Y . _____________________ (H I S P L E N D ID op ening fo r a g ood im p lem ent firm. F or in form ation w rite to w n site m an. J. C. H off, P alerm o, W a rd coun ty, N. D. ___________________ MM D on ’ t ov erlook P alerm o if y ou have the slig h test id ea o f ch an g in g y ou r b u s i ness location . F or loca tion and p rices o f lots, etc., w rite to J. C. H off, P alerm o, N. D. ________________________ MM F O R S A L E — A first class hardw are bu siness— sto ck and fixtures, am ou n tin g to ab ou t ten thousand d ollars; a v e r y nice, clean outfit and a fine g row in g bu siness in one o f the b est tow n s in sou th w estern W iscon sin . T h is is an exception al chan ce fo r the righ t party. W . E. W eb ster, H u dson, W is.________ (12) F O R S A L E — H otel and fu rn itu re, all new , first class condition . Ill health. Sell at once. Call or w rite H otel R enkel, ________ ___________________ (10) Otis, K an. F O R S A L E — T hree g ood m erch a n d ise stores in g ood loca tion near this city. W rite fo r particulars. Inland R eal E s tate Co., N orth Y akim a , W ash._______ (10) F O R S A L E — I offer fo r sale, or w ill trade fo r a good tra ct o f w estern w ild land, the follow in g stock s o f hardw are, harness and m achinery, located in good cou n ty seat tow n o f 800 p opu lation in eastern S outh D akota. H a rd w are w ill in v oice ab ou t $6,000, harness $1,200, and m ach in ery $5,000. F ix tu re s are w orth $1,200, and buildings, the best loca tion in tow n, are w orth $6,500. I have other p rop erty w orth perh aps $1,500 con sistin g o f real estate and p erson al prop erty. I have the b est reason s fo r selling, and an yone in terested w ill do w ell to in v e sti gate. Chas. H. Gile, Clear L ake, S. D. F O R S A L E — C oun try store, g ood lo c a tion n ea rF rien d s’ sch ool; 7 lots, 4 room ed dw elling. Inquire o f J. H. L on g, H illside, I T._______________________________ (I D F O R S A L E — A w ell establish ed im plem en t bu siness in n orth w estern Iow a, g ood reason s fo r selling. It w ill p a y you to in v estig ate this deal. A d dress 300, care C om m ercial W est. (12) F O R S A L E —N e w clean stock o f h a rd w a re o f $2,000 or $3,000 in b est section o f P ecos V a lley artesian b elt; w ells in tow n, popu lation (cla im ) 400 or 500 and g row in g rap idly; tw o chu rches, cou n try r*nexcelled fo r fru it and a lfa lfa ; fine p rosp ect fo r hard w are bu siness. B est reason fo r selling. A d d ress H ardw are, B o x 47, H agerm an, N. M. (11) F O R S A L E — C lean stock o f clothing, hats and fu rn ishin gs, last y ea r’ s b u si ness $50,000; bu siness in crea sin g; best loca tion in tow n ; g ood op p ortu n ity ; ev ery detail first class. V ern on C loth ing Co., L a fa y e tte , Ind.__________________________ (10) F O R S A L E — B arber shop located in T oron to, S. D. O nly shop in tow n o f five or six hundred inhabitants. G ood location . A g ood ch an ce fo r a barber. A p p ly to J. E. Y ocu m , T oron to, S. D. _________________________________________________________ ( 10) F O R S A L E — F irst class g r o ce r y store; b est loca tion in to w n ; g ood business. A d dress B o x K , C oeur d ’ A lene, Idaho. ___________________________________________ (13) F or Sale— 25,000 ft. ca p a city sa w mill, p laning mill, stock of lum ber and general store. Inquire o f Jos. V a n ick y & Co., E llson. P ine Co., M inn. (11) B ON DS F O R SA LE . C ity of A n tig o, W iscon sin . $10,000 R efu n d in g B onds. Sealed prop osals will be receiv ed b y the un dersign ed up to O ctober 1st, 1906, at 7:30 P. M., fo r $10,000 fou r per cent R e fu n d in g B onds, due $2,000 an nu ally b eg in nin g S eptem ber 1st, 1921. B idders to d e p osit certified ch eck for 5 per cent. G. O. Palmity, City Clerk. (13) Saturday, September 8, 1906 FO R S A L E - M I S C E L L A N E O U S L E T m e loan y ou r m on y on gilt edged real estate se cu rity in K an sas City, M is souri. G u aran tee 6 per cen t p er annum interest. $100 or an y m ultiple o f $100 receiv ed . P riv ile g e giv en to w ith d ra w y ou r m on ey at an y tim e and in terest paid up to date o f w ithd raw al. J. B. Chandler, T em ple B lock, K an sas City, M issouri. (10) F R E E to hom eseek ers and investors, Cal E. K e r r ’ s R eal E sta te Journal. T e x as farm , ranch , resid en ce and bu siness p rop e rty fo r sale and exchan ge. It m ay con ta in ju st w h a t you want. I t ’s free, w rite fo r it. D o it now . Cal E. K err, C orsicana, T ex. (10) H U N D R E D page illustrated b o o k on B ritish C olum bia; a ccu ra te in form ation ab ou t its w on d erfu l natural resources. Send tw e n ty -fiv e cen ts to T he W o rld P rin tin g & P u blish in g Co. L td ., V a n cou ver, B. C. (14) F O R S A L E — 100 cars o f apples b y the E ld ora d o S prings F ru it G row ers’ A s s o ciation . A dd. J. W . Stephens, Sec., E l d ora do Springs, M issouri. (10) F O R S A L E — T he b est 80 acre farm land in M eeker coun ty, M innesota. If you are look in g fo r a fa rm this is w h at y ou w an t. F or p articu la rs inquire o f Dr. M itchell, 325 W e s t F irst S treet, Duluth. Minn._____________________________________ (10) E X C H A N G E p atent fo r anything. W rite quick. C. B. W assom , P aw n ee, Okla. (10) B a te ’ s C offee Settler w ill sell in ev ery h om e; a g en ts m ake $5 d aily ; ex clu siv e territo ry ; sam ple 25 cents. H . F. W a l thall C om pany, 122 D. F'ourth Street, R ichm ond, V a.___________________________ (10) W A N T E D — T o rent or buy a dredge to cut 16 fo o t bottom , IV. to 1 slope bank, and one to cut 14 fo o t bottom . L o ck B o x 33, M ilnor, N. D. (10) R E A L E S T A T E - F O R SA LE ~H nUOME PROPERTY, value $6,000. R en t $40 p er m onth. W ill exch an ge equ ity, $4,300, fo r clear land. J. G. O stby, E m m on s, Minn. (10) T H E M cC O M B L A N D CO., W E B S T E R , K A N ., W e b s te r -b o o m in g -is situ ated on the line o f the n ew Gulf, P lainville & N o rth ern railroad, m id w a y betw een P lainville and L ogan . B argain s in tow n and fa rm prop erty. Call or w rite fo r particulars. T he M cC om b L an d Co., W e b ste r, Kan. _________ ______________________________ ( 11) A S N A P fo r $5,500 cash. 3 houses on large lot in h ea rt o f city. B rin g in g in ov er $60.00 per m onth, alw a ys rented. W ill be w o rth at least $8,000 in less than a year. F in e st clim ate on earth. M ust sell qu ick. A d d ress E. K . C um m ing, N ogales, A riz. (11) F A R M S AND F A R M LANDS MInnesota. F A R M B A R G A IN S in M innesota, 4080-120-160-320 and section tra cts; im proved, p a rtly im proved and w ild lan ds; from $7 up to $60. F or full d escrip tiv e list and p rice s w rite Chas. E. L ash er, M ontevid eo, M inn. (13) F O R R E N T — G ood fa rm tw o m iles from D elano, tw o m iles fro m ch u rch and creamery-. C ash rent. F o r term s in quire o f J. M. W an d ok , D elano, M inn. ( 11 ) F O R S A L E OR E X C H A N G E — Q uarter section prairie and tim ber land, located in A itk e n coun ty, M in n .; a g o o d in v e s t m en t; $12 per acre. Ad. L o c k B o x 56, T ipton, la. (10) 160 a c r e s fine soil, fine buildings thereon, 25 miles from Minneapolis. Price $ 5 .0 0 0 ; cash $ 1 ,0 0 0 , balance time at 5 per cent. .This farm is worth $8,000 between brol hers. Fine wild land only 6 to 9 miles from the Great Western R. R., 135 miles from this city. Price 1 0 . 0 0 per acre in 5 payments. Get busy at once before its all gone. Fine farms for sale in Minnesota, Wisconsin, North Dakota, South Dakota, and also city prop erty. We have good stocks of merchandise for sale. Call or write for particulars. All kinds of stocks, farm and city property exchanged. List your property with us. Incorporated under Minnesota Laws, $50,000. Conservative Real Estate Co., 2 3 1 Boston Block, Minneapolis, Minn. F O R S A L E — T he best 80-acre farm land in M eeker cou n ty, M innesota. If you are look in g fo r a fa rm this is w h at y ou w an t. F o r p articu la rs inquire o f Dr. M itchell, 325 W e s t F irs t Street, Duluth, M inn............ .......... ................... ..............______ (10) F O R S A L E — W e s t h a lf o f se ctio n , 16 R ose D ell tow nsh ip, 3 m iles fro m Jasper, on the G reat N orth ern and the R o c k is land railroads, ■in the sou th ern tier c o u n ty, and only 21 m iles north o f Io w a line. W rite fo r full descrip tion s, on ly $50 per acre. Josep h H- Jones, L uverne, M inn. ( 10 ) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE COMMERCIAL WEST .59 FARMS AND FARM LANDS FARMS AND FARM LANDS. Minnesota, F O R S A L E OR R E N T — M y im proved fa rm o f 120 acres 7 m iles south o f Belle P laine B orough. G ood bu ildings F or fu rth er p articulars inquire o f Jas. D on ovan, B elle Plaine, Minn._______________ (ip ) F O R SALE-— 640 acres w ild land; m ust sell; state lan d; section 16-148-48, P olk coun ty, M inn.; h a lf cash, balance at 4 p e rce n t; o r all cash. L o ck B ox 535, M ay ville. N. D. (li) 500 acres land in Central M innesota. F ine sto ck an d d airy coun try. N ear R ailroad. P rice an d term s reasonable. 3500 a cre tra ct o f land o f sam e c h a r a cte r as above. Oats w ill prod uce from 50 to 70 bu shels; w h eat 20 to 25 bushels, and oth er crop s in p roportion . T hese are in vestm en ts as colon ization p rop osi tions and w orth look in g up. F ranklin B enn er L an d Co., 503 B an k o f C om m erce B uilding. M inneapolis, Minn.__________ (10) South D akota. L IS T OF D A K O T A P R O P E R T IE S T H A T W E H A V E F O R S A L E A T C L O SE P R IC E S . T h ese p rices are q u oted su b je ct to sale and ch an ge o f p rice w ith ou t notice. B ut all p rop erties can be delivered at p rices nam ed at this date. B E A D L E CO., S. D $3,000 SE14 4-112-59. $2,400 SW14 23-111-65. $2,100 SB 14 2-113-62. $3,000 NE14 26-112-59. $2,200 w y 2 w y 2 35 - 1 1 3 - 65. $2,100 S E (i 18-111-65. $2,300 SE14 1-112-65. B R U L E CO., S. D. $2,500 N E !4 21-104-67. $3,000 SW14 33-102-67. B R O W N CO., S. D. $2,200 N E !4 23-126-62. $2,200 S E !4 14-126-62. N orth D akota. FOR SALE OR T R A D E — 319 acres h igh ly im proved farm , sch oolh ou se and L utheran ch u rch close to buildings, fou r acres o f natu ral tim ber on the bank of W ild R ice river, in R ichlan d coun ty, N. D .; p rice $50.00 per a cre; easy term s. A d dress B ox 7, A b ercrom bie, N. D. (10) , F O R S A L E — 320 acres fa rm lands near T ow ner, N orth D akota. T hese lands are close to m ark et an d w ill be sold at a low p rice fo r cash. W rite fo r particulars. W ilb u r L aw ren ce, F argo, N. D. (11) ~ RAM SLAN D, “ THE LAND M A N ,” buys, sells or trades real estate in w e s t ern N orth D akota. W rite to him today. T. O. R am slan d, m anager, B elfield L and & Investm ent Co., Belfield, N. D. (12) 12- i 28- 61W1/2 SW1/4 7' 12S' 60 C L A R K CO., S. D. Saskatchewan. F A R M S F O R S A L E — 160 acres o f land 4% m iles from L a n g ; o n e-th ird crop goes w ith place, at $23 per a cre; 40 acres of oats and 60 acres o f w h eat, g ood fa ir crop-, $2,140, Bal. in 5 annual paym en ts at 6 percent. A g ood bargain. P resent ow n er needs cash. G ood w ater on place. One section p rairie 10 m iles S W of D rinkw ater, at $15 per acre, $2,500 dow n, Bal. 6 years at 6 percent. C om e and see. One se ction o f land 19 m iles S W o f D rinkw ater, $16 per acre, raw prairie. $3,640 dow n, ba lan ce fou r annual p a y m ents at 8 percent. B est fa rm in g c o u n try on earth. A p p ly to S. J. A llen, L ang, Sask. (li) F O R S A L E — 7,600 acres in eastern Saskatchew an, close to the railroad, m ar kets, fo r sale in a b od y ; rich bla ck soil and even su rface. P arties w h o are in earnest and w ish to bu y a large block at a good price should w rite at on ce to the C o o p e r-W a lch L an d C om pany, U nion B an k B uilding, W in n ip eg , Canada. (12) Iowa. F O R S A L E — A t a bargain, 240 acres P lym ou th coun ty, Iow a, fa rm ; fine land, fa ir buildings. P rice $65 per acre. W orth $75. A d dress M rs. N. O. Stram othe, P. O. B o x 454, L e M ars, la . (10) C H O IC E im proved H a rrison coun ty, Iow a, fa rm ; sn ap; $60 a c r e ; 40, 80 and larger fa rm s near Blair, N eb .; m erch a n dise sto ck s ex ch an ge for land; im proved ranch es cheap. A d d ress C. A . N evins, Blair, N eb. (10) F O R E X C H A N G E — A couple o f good Io w a fa rm s and other p rop erties fo r cheap land. M igh t con sid er Oklahom a. B ox 317, L uverne, la. (12) F O R S A L E — M ust be sold before Ja n uary 1, 1907, five 160-acre fa rm s in W orth coun ty, la . If you w an t Iow a land d on ’ t m iss this o p portu n ity to bu y cheap. A d dress B o x A, N orth w ood, Iow a, fo r fu rth er p articulars. (H ) W isconsin. IF you w an t a nice hom e in the tim ber w here land is cheap, near schools, cream eries, railroad stations, w rite Jam es Seed, Jr,, St. C roix Falls, W is.______ (10) F O R SALE'— 240 acres h ea v y tim ber land in w estern part o f T a y lor county, W is. On m ain road and one m ile from R. R. and n ot a fo o t o f w aste land. F or fu ll p articu la rs w rite B y ron Chapel, D artford, W is. (io ) W A N T E D — 1,000 fa m ilies to loca te on g o o d fa rm lands in S haw ano coun ty, W is. F or p articu la rs w rite John Clorn, M attoon, W is.______ (io ) Oregon. F O R S A L E — G overn m en t P ine T im ber L an d s. H om estead or tim ber and stone a c t law s in sou th ern O regon can be s e cu red if applied fo r at o n ce ; splendid o p p ortu n ity ; low railroad fares. F or fu rth er in form a tion call or address, O. J. Joh nson & Co., 305 S econd ave. S., M inneapolis. (li) W ESTERN O REGON , W IL L A M E T T E V A L L E Y , Y A M H IL L C O U N T Y. Y am h ill cou n ty fa rm s fo r sale. F in est clim ate in the w orld; n ever fa ilin g crop s; w e have a list of fa rm s fo r sale. I f you are look in g fo r an O regon hom e, w rite W a rre n & Stater, M cM innville, Ore. (15) II.-tSo & S1/2 SE 14 s w y ‘ 6-117-58' D E U E L CO. S. D $2,500 S W !4 17-116-48. $4,500 N W 14 20-116-47. F A U L K CO., S. D. $1,500 NE14 25-120-72. $1.500 NW14 35-120-72. H Y D E CO.. S. D. n J T JO an a cre 480 acres S ec’ s 25 & 26H A N D CO., S. D. $1,600 NW14 10-115-66. K IN G S B U R Y CO., S. D. $3,500 SE14 2-110-57. $3,500 SW14 4-109-58. $3,500 NE14 32-109-55. S A N B O R N CO.. S. D $2,400 SE14 7-108-60. M IN E R CO., S. D. $2,800 NW14 2-105-58. M IN N E H A H A CO., S. D $8,000 E y. NE14 8 & w y 2 NW14 9-102M cP H E R S O N CO., S D $1,750 NE14 13-128-66. $2,250 SE14 5-126-66. S P IN K CO., S. D. $2,500 SE14 17-114-62. $2,400 NE14 29-116-60. $1,750 NWi/4 19-115-65. $2,200 SE !4 5-115-60. $2,400 N W !4 25-115-60. $1,750 SW y4 31-115-65. D IC K E Y CO., N. D $3,000 NE14 28-132-61. S T U T S M A N CO., N. D. $8,000 W % 7-142-62. W E L L S CO., N. D. $4,800 N y2 35-145-69. M. P. H O B A R T , T 3 0 2 ,P H O E N IX B L O C K , M IN N E A P O LIS, M IN N . cu ltiva ted ; bu ildin gs; 160 acres fen ced - 6 m iles from tow n ; good soil; orch ard; som e tim ber. E a sy term s; $11.00 p er acre. F or p articulars w rite O. E. T horsgaard , Sum ( iq ) m it. S. D . B ox 75.___________ Missouri. F O R S A L E — 240 acre sto ck farm , forty m ares, stallion and ja ck . N o feed n e c e s sa ry su m m er and w inter, range p e rfe ct; (ca n sh ow you b etter than I can tell y o u ). A lso the finest p lan tation betw een St. L ou is and M em phis on the M ississip pi river, 2,340 a cres, ov er 2000 in cu lti v a tion p rod u cin g 50 to 75 bu. corn 1 to 1V2 bales cotton , 5 to 7 tons o f alfalfaper acre, rents from 4 to 5 per acre. $35 per acre w ill b u y this tract. It is a bargain , W h y ? B ecau se it w ill p a y 20 p ercen t on investm ent, and at p resent rate o f in crease in value w ill be w orth in a fe w years tw ice this price. F igu re on this and com e. I w ill sh ow you J J. W illiam s, N ew M adrid, Mo. (14 ) F O R S A L E — On ea sy term s, ju s t like ren t 3 fa rm s and 2 good tow n p rop er ties. A d d ress L o ck B ox 38, F illey M o ______________________________ ’ (17) F O R S A L E — 88 acres,. H ow ell cou n ty M o.; all fen ced ; 35 a cres cleared; 3 room fram e hou se; 800 apple trees, one and tw o y ears set; 400 B lberta peach trees, set last fa ll; $20 per acre. W . E H arris H azel Dell, 111. ' ( jq ) W A N T E D — B uyers fo r O zark fru it and" stock fa rm s and tim ber lands. P rice $5 to $50 p er acre. T a lcott R eal E state A g en cy , M ountain G rove, M o. (10) F O R SALE-— F o r a fine hom e and a m o n e y -m a k e r this fa rm ca n ’ t be bea t163 acres n ea r C arrollton, M o.; w ell im p roved and w ell loca ted ; in v estig ate A d dress B o x 1,000, C arrollton, Mo. ' (10) F O R SALE;— F ine fa rm 200 acres. W . E. B ever, T hom pson, M o.____________ (10) Illinois. F O R S A L E — I have a fe w g ood fa rm s near Salem , 111. J. H. H offm a n , Salem, I 11- ________________ (10) M ichigan. F O R S A L E — F arm 102 a c r e s; good bu ild in gs; fertile soil; p erfe ct title; $75 per acre. W ill Fisher, W a terv liet, M ich. ( 11) THE COMMERCIAL WEST 6o FA R M S AND F A R M LANDS Kansas. F O R S A L E — B y ow n er, 80 acres in gas belt, in eastern K an sas, o n e -h a lf m ile from tow n ; w ell lo ca te d ; w ell im proved. F or particu la rs ad d ress W . M. R oush, A ltoon a, Kan. _________________ (13) T H E R IC H E S T F A R M S F O R S A L E — W h ere everyth in g g row s large, in so u th eastern K an sas, 113 m iles sou th o f K a n sas City, and 30 m iles w e st o f M issouri. P rices a w a y be lo w their value. M aps and prin ted inform ation. N o trades. Thos. P . H u bbard, K im ball, K an. (10) F O R S A L E — W ill sell you m ore an d b e tte r land fo r y ou r m on ey than you can bu y an yw here in the w est. Send fo r list. E. P. M cC a rty & Sons, L a C ygne, K a n sas._______________________________________ (11) B. 4 U. B uy, Sell Or E xch an ge, I w ou ld like to hear fro m o r C U. I have som e G ood B arg ain s in F arm s. R an ch es, S tock s o f M erch andise, C ity P roperties, L u m ber yards, H otels, M ills, R estauran ts, L iveries, E tc., in K an s., M o., Okla., T ex., N ew M exico, Colo., Calif., M inn, an d D a kotas, and if U will let m e k n o w w h at U have 2 sell or ex ch an ge o r w h at all w ill suit U 2 bu y ? If U R Y ’s. w rite or call 2 C m e. N ow U m ay be in a p ick le an d n ot k n ow beans ab ou t m e or m y lands th at g ro w Oats, Corn, A lfa lfa and D olla rs; so lettu ce reason 2gether and if U w ill turnup the cash I w ill B glad 2 ca rrot U around 2 C the bargain s I have. A m sure they w ill A pple 2 U and IT will say G, IT R a P e a ch .— F ra n k Gee, L a w ren ce, K an._________________________ D D W H E A T , CORN & ALFA~LFA L A N D S fo r sale in the A rk an sas valley, K an sas. L evel, hea lth y clim ate, good crops. L arg e and sm all tra cts; near ch u rch and_ school, alon g railroad s; im proved and u n im p rov ed. G ood fo r a hom e or a safe and p r o f itable investm ent. G. W . Cram m , F u lda, Ind.________________ __________________(10) F or Sale— 480 A cre s 3 m iles w est o f H ou ston , H od gem a n coun ty, K a n sa s; 400 acres of good plow lan d; 260 acres broke fo r w h eat; price $10 per acre. L . K in g, P rin ceton , Mo.______________________ (I D Arkansas. F O R S A L E — 340 acres o f level lan d; 100 in cu ltiva tion ; near L ittle R o c k ; 5 m iles from railw ay. F o r p articu la rs w rite A. H. V an sickle, N orth P oin t. A rk ,______ (I D M anitoba. F O R S A L E — Im proved fa rm m id w a y betw een W in n ip e g and P o rta g e la P ra i rie; tw o m iles fro m E li; w ith a graded road. N early all fe n ce d ; good w ell; 100 a cres b ro k e n ; house, gra n a ry and stable. P rice $26 per a cre ; o n e -q u a rte r cash. G. T. P. w ill be IV2 m iles fro m farm . R., B o x 40, Bin M an. (I D F O R S A L E — 400 acres, soil the v e ry b e st; 110 acres under crop, 20 m ore ju st b rok en ; g ood house and fa rm bu ildin gs; well, w o rth a thousand d ollars; plenty first-cla ss w ater, w o o d and hay w ithin ea sy d ista n ce ; seven m iles from excellen t m arket, v illag e and C. P. R. station, 9 m iles fro m C. N. R . ; sch ool on ad join in g fa rm ; a ba rg ain fo r $5,000, $3,000 d ow n ; sto ck and im plem ents fo r sale on easy term s A d d ress B ox 65, N ew dale, M anitoba.___________ ___________ _______________ D P F O R S A L E — M anitoba land fo r sale; g ood settled d istrict; soil can n ot be bea t; good w a te r; near to w n ; w rite fo r prices, that are snaps. C am eron C am pbell, F o r get. Sask.________________________________ (12) W ashington. FOR SALE— W e have m any good fa rm s fo r sale, includ ing dairy, hop and hay lands. W rite us. Inland R eal E s tate com p an y, N o rth Y akim a, W ash , (10) F O R S A L E — C hoice h a lf section farm jo in in g G ranite L ak e and V2 m ile from Silver L ake. Joh n K irch h offer, M edical L ake, W ash . (19) F O R SALE'— $100 invested toda y at P ort Sim pson w ill p ay 1,0-00 p e r cen t w ith in tw o y e a rs; can you m ake m on ey fa ster an y other w a y ? Y o u lost m on ey b y n ot in vestin g in Seattle p ro p e rty years a g o ; th a t op p ortu n ity is g on e; the last ch an ce o f the N E W W E S T is n ow p re sen ted at P o rt S im p son ; let us talk it o v e r w ith y o u ; w e are open evenin gs n ow ; P o rt S im pson Im p rov em en t Co., 518 P ion eer B uilding, Seattle, W ash . (10) F O R S A L E — S P O K A N E A N D vIC IN IT Y ; F A R M & C IT Y P R O P E R T Y . 320 acres 16 m iles out only $8.00 p er a c r e ; 160 a cres 12 m iles out, im proved, $2,500.00. F. P. Sm ith, 630 H y d e B lock, Spokane, W a sh . ( 10>/ F O R S A L E — 160 acres 12 m iles ea st o f Garfield, W a sh .; 6 m iles from P otla tch , Id ah o; level bo tto m lan d; g o o d tim othy, grain and sto ck ran ch ; 100 a cre s in c u l tiva tion , ba lan ce good p a stu re; tim oth y m ade 2 ton s p er acre and grain heavy. P ric e $35 per acre. A d d ress P. O. B ox 42, C ora, Id a h o ._____________ __________ (10) N ew Mexico. F O R S A L E — 126-acre fa rm , in the fa m ous P e co s V alley, eastern N. M., at R o s w ell; irrigated, planted to apples, a lfa lfa and corn ; rich land, fine clim ate, m ild w inters. W rite fo r description . L ealan q |f’arm , R osw ell, N . M . (1?) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FARMS AND FAR M LANDS. Oklahoma. PAY R A IL R O A D W A N T E D __ TO F A R E TO T H E L A N D OF T H E T W O K IN G S , CORN A N D C O T T O N ; T he tim e to b u y a fa rm is w h en crop s are g r o w in g ; ioo acres in corn and c o tto n ; 35 w o o d s pasture, 25 m ea d ow ; com e and see it: P lain v iew fa rm ; if you buy, your railroad fa re p aid ; crop w ill p a y oneth ird o f farm . S. W . M urphy, E dm und, Okla., R. F. D. No. 5, P lain v iew Farm . O K L A H O M A — A n 80 acre tra ct three m iles east o f L ex in g ton , Okla., h a lf m ile to school, land lay s all level ex ce p t three acres, a dark soil, 60 acres in cu ltiv a tion, six acres in m eadow , b a lan ce in p astu re and yards. A n ice one on eh a lf story house w ith six room s and tw o p orches, fa ir stable, w ell o f so ft w a ter at door, tank in pasture. P rice $3,000. h a lf tim e. W rite m e fo r list. N eal Sm ith, L ex in g ton , Okla.______________ (I D L A S T G R E A T O P E N IN G OF O K L A H O M A h om estead lan ds; d escrip tion b y tow nsh ips, ra tin g soil, e tc.; large m aps; all reserves to be op en ed ; m ost com p lete p u blication on the m ark et; carefu lly com p iled fro m personal k n ow ledge and official su rveys and field n otes; p rice 50 cents. L a M ont A . W illia m s, 100 C. S treet S. E., W ash in gton , D. C. (H ) A lberta. F O R S A L E —'320 acres o f land, 10 m iles south, near M idnapore station, village, school, chu rches and p ost office; fou r d aily tra in s; buildings, 40 acres good crop. A p p ly to ow ner, M idnapore W o o l en M ills, 208 E igh th aven ue w est, C algary, A lta. ___________________________(D ) F O R S A L E — 320 a cre im proved fa rm ; b la ck san dy loam , w ith yellow subsoil; all fen ced and cross fe n ce d ; good house an d bu ildin gs; 115 acres un der cu ltiv a tion ; 85 acres hay lan d; 5 acres fine tim ber, balance fine p low land an d pasture; run ning w ater at all tim es; loca ted 5 m iles from W eta sk iw in , one o f the best tow n s in A lberta, and in the m idst of the best agricu ltu ral cou n try j p rice $20 p er acre. D irect all com m u n ica tion s to the ow ner, J. B. A nd erson. L o ck B o x 43, W etask iw in , A lberta , C anada.______________ ________ (12) Canada. W E OWN A N D 500,000 CONTROL Acres Canada, Dakota and Washington wheat lands; also railroad, timber, mineral and government irrigated lands elsewhere. We are established 9 years, and do little advertising. We save you money by our meth ods if you will tell us what you want. AVe want agents. For information address WESTERN LAND CO., Dept. 14, Des Moines, Iowa. F O R S A L E — C A N A D IA N L A N D S ; I o f fe r 25,000 acres selected prairie lands, Southern A lberta , near T a b er on C an a dian P a cific R ailw ay, $9.00 per acre, lib er al term s, railroad fa re from M inneapolis rebated to buyers. W rite fo r m ap and e x cu rsion rates. L. E. Cam p, 515 G u ar an ty B uilding, M inneapolis, M inn. (12) Do You Want The Earth? W e can’ t let you have the earth, but we can let you have 10,000 acres of the best farm lands to be found on it. All of this land is within four miles of the main line of the C. P. R ., and can be bought on easy terms. Don’ t take our word for it. Come and see for yourself or write for booklet and price list to the Gull Lake Land Co., Gull Lake, Sask, Canada Saturday, September 8, 1906 FA R M S AND FA R M LANDS. N ebraska. F O R S A L E — A fine im proved 80 acre p ou ltry fa rm at Strang, N eb., 2 m iles from tow n. B est loca tion and coun try. P rice $6,000. A d dress M art M oll, C arleto n , Neb._____________ __________________ ( 131 F O R S A L E — One o f the best 163 acre farm s, 19 m iles south o f L incoln, N eb., 3 to 6 m iles from station s on fou r d iffer ent railroads. G ently rolling, in b ea u tiful large slopes, b est of soil, 140 acres in cultivation , 2 p astu res all fen ced and cross fe n ce d ; house, barn, 2 granaries, 3 corn cribs, 2 w ells, w indm ill, g ro v e and fru it o f all kinds. $80.00 per acre. G. J. K eller, ow ner, 1140 P ine Street, L m __p ±!2 coln, Neb._____________ Texas. F O R S A L E — F in e b la ck lan d fa rm 184 acres, $14 per a cre; 2% m iles fro m J a s per. In d ication s o f oil the v e r y best. Splendid open ran ge fo r all stock . G. B. K og er, Jasper, T ex. (12) F O R S A L E — 290 acres o f lan d tw o m iles north o f C anton, T ex as, in fine fru it coun try, 100 acres in cu ltiva tion , tw o houses, p lenty o f w ater, 100 acres fine creek bottom , su itable fo r ribbon cane, all under fe n c e ; p rice $8,500. Call on or address W . L. C olem an, C anton T ex ( 10) A N ID E A L F A R M A N D R A N C H o f 1,280 acres, close to A m arillo, T ex., horses cow s, crops, im plem ents, $25,000 T erm s. T he O wner, L. B. 374, A m a rillo, T e x ._______________________________ D P F O R S A L E — N orth T ex a s b la ck land, one fa rm o f 1,200 acres, one fa rm o f 550 acres, all o f best qu ality and in good state o f cu ltiva tion ; m igh t take som e trade. T hose look in g fo r cheap land need not answ er. Owner, B o x 112, C lebourne, T e x . ________________________P ” ) B ritish Columbia. FOR S A L E — B ritish C olum bia fru it land, cheap. F or p articu la rs a p p ly to A. D. W org a n , H ed ley city , B ritish Colum ___________ D ±) bia. F O R S A L E — Southern O kanagan and S im ilkam een v alleys, fa rm and fru it lands. A lso P en ticton tow n site lots. F or p articu la rs w rite M artin son & Co., P en ticton , B. C.___________________(13) GOOD S P E C U L A T IO N — H om estead r e linquishm ent, 160 acres in the fa m ou s O kanagan v a lley ; also 2 tow n lots su ita ble fo r business, B. C .; 8 lots includ ing 2 hou ses fo r sale at R ed D eer, A lberta, Canada, or fo r ex ch an ge fo r g ood fa rm in Oregon. T. K. B rad bury, F irw ood , C lackam as coun ty, Oregon. (H ) F O R S A L E — Som e o f the finest tim ber lim its in B ritish C olum bia, easy o f a c cess, good stream s, m ill sites, etc. A pply, E . M. M on tg om ery & Co., B o x 424, N elson, B. C.____________________________ (D ) N ew Y ork. F O R S A L E OR E X C H A N G E — F or D a k o ta land, 300 acres im proved N ew Y ork farm , 100 m iles fro m N ew Y o rk city, house 26 x 40 ft., w ith w in g 26 x 26 ft., 7 barns, size 24 x 60 ft., 26 x 45 ft., 20 x 100 ft., 34 x 40 ft., 3 ab ou t 2 D x 30 ft., each g ra n a ry 20 x 20 ft., w o o d shed 18 x 26 ft., g ood apple orch ard, c h e r ries, grapes, p each es and sm all fru its; sprin g w a te r; w ell fe n ce d ; g ood soil; sm ooth , slightly rollin g ; 2% m iles from to w n ; house painted w h ite ; p a rt o f barn s painted red. M ust he as d escribed or no sale. P rice $12,000. L o ck B o x 106 D e Sm et, S. D._____________ _____________ P D Colorado. I O W N T H E F A R M S . W h y n ot b u y a fa rm from the ow n er and save b ig com m ission s. G ood im proved fa rm s. V e r y cheap. P hillips coun ty, C olorado. E. N. M cP H E R R IN , H O L Y O K E , COLO. V irg in ia . T IM B E R L A N D S F O R S A L E . I have a nu m ber o f g ood prop osition s o f tim ber lands w ith m ills in operation , or w ith ou t m ills. P arties desirin g to p u r chase either w ill save tim e and m oney b y w ritin g m e, as I p erson ally in v estig ate ail m y propositions. G ilbert H . P rou d foot, N orfolk , V a. _____________________ ( D ) F O R S A L E — V irg in ia F arm . 118 acres on H a m p ton R oads, op posite N ew p ort N ew s N early su rroun ded b y w ater. F ine oysters. A d d ress A . B a in -B u rg ess, P. O. B o x 890, N orfolk, Neb._________________ (I D F or Sale— W a n ted ,B u y ers V irgin ia real esta te; city, cou n try ; financiers, double va lu es; hom eseekers, u n ex celled clim ate, soils, traffic system s, ed ucational, religL ous op p ortu n ity ; free list. Jam es N elson G arnett, Culp ep p er, V a .________________(15) M aryland . F O R S A L E — M aryland F’arm s— W h y gq to th e w ilds and spend y ou r life m akin g a fa rm and a hom e, w h en fo r less m oney, in a b etter clim ate, n ea rer the m arkets, you can im m ed iately h a ve w h at you w a n t? 7,000 acres a t an average o f $15, R obert J. Shovvell, B erlin, W o rc e ste r Co Md. (1 °) Saturday, September 8, 1906 FA RM S AND FA R M LANDS. itUL COMMERCIAL WEST W ESTERN DEVELOPM ENT. W yom ing. F O R S A L E — One o f the finest ranch es in the fa m o u s B ig H o rn basin, W y o ., 320 a cres b est land in the w est, 264 acres now ra isin g fine crop s, fine ran ch buildings excellen t w a te r righ ts, g o o d d itches, 4w ire fen ce, 640 a cre s o f state land under lease a d jo in in g ranch, 4-w ire fe n ce aroun d lease w h ich a ffo rd s fine pasture, a ls o com m an ds ex cellen t ou tsid e range fo r stock , loca ted on bea u tifu l m ountain strea m h a lf m ile from sch ool an d p o s to f fice; price $11,500. A d d ress Dr. W S. B e n n e tt, M eeteetse, W y o . (12) One of the reasons for the strength in the general business situation at this time is the west’s growing ability to finance its larger business transac tions. l i t i s year’s crop moving will be done by western money to a larger extent than ever before. The aggre gate crop yield of 1906 will apparent ly be greater than in any previous Florida. year, and the west will handle the F O R S A L E —-F o r ty thousand acres. Cut work itself, with but very little aid one hundred and tw e n ty m illion fe e t y ellow pine. N ear to port. W a te r tra n s from New York. p ortation . S avin g o f three dollars per thousand fre ig h t rate. F ra n k W . P ope, Here is one of the causes of the ad J a ckson ville, F la. (10 ) vancing movement in stocks. The F O R S A L E — L o v e ly lake side hom e in railroads are bound to be kept busy tw e lv e -a c re oran g e g rove, tw o m iles south o f Orando, near station and cla y road ; throughout the season, which is a fac ch arm in g shade, w a te r oaks, ba m boos and cam p h or trees;, fe w a cre s w ood ed p a s tor that is calculated to send railway ture; crop will p a y fa ir interest on p u r shares up. The west is in the market chase. J. M. A lden, Orlando, Fla. (10) as a buyer of shares, not necessarily C alifornia. for speculative purposes, but to hold F O R S A L E — 130 a cre farm , n ea r school, as an investment. A large proportion g ood m arket, th ree liv in g springs. A . C. of the stocks which are being bought S teven son, E ast A uburn, Cal. (10) these days are bought outright, with F O R S A L E — A ll or in lots, 250 acres the intention of keeping them among w ell im proved, w ithin tw o m iles o f A u the reserve assets of the purchaser. burn. A d d ress Jam es C ook, A uburn, P la ce r Co., Cal. (10) This factor will naturally make the market strong and steady. Less of M ississippi. this year’s aggregate crops will be F O R S A L E — 25 thousand a cre s o f im p rov ed fa rm lands in tra cts fro m 160 to rushed to the market in the begin 3,200 acres, at fro m $7.00 to $30.00 per ning, apparently, than has been seen acre. W rite fo r folder. R en ts fo r $2.00 in some years. The expectation of a to $10.00 per acre. A lso fine tim ber. A . B. Crouch, G renada, M iss._____________ (14) steady demand at high prices is like ly to keep back, for the moment, much of the grain which in former T H E S O U T H ’S M O N O P O L Y . years was thrown upon the market Cotton, the South’s priceless heritage, just as soon as it was gathered. is pre-eminently and, so far as human Moreover, the west is consuming more of its own crops than ever be judgment can see, forever, a monopoly fore. Under that wise republican of the South. Measure its importance policy which has planted the factory in the simple fact that had every dollar beside the farm, the west is being of gold and silver mined on earth in dotted with mills of all sorts. Thecenter of manufactures is following the last five years been sent to the the population center in its westward south, it would still have been nearly march. Right at his own door the $400,000,000 short of paying the south’s western farmer has a market now for much of his produce, and this bill against the world for its cotton. gives him an independence which was The total value of the cotton crop for lacking in the old days. The west is these five years was $2,974,000,000, getting rich. Its mortgages on its while the world’s production of gold farms and other property are being and silver was $2,578,852,000. Think paid off at a rate undreamed of dur not that this is a temporary condition. ing the days of industrial stagnation The prices which have prevailed for and general despondency in Cleve the last five years are but the normal land’s second term as president. Re prices, and are less than the average publican prosperity is experienced in for the last 100 years. So mighty is the west in a direct and emphatic the influence of cotton in the enrich way in 1906, and this is not only help ment of the south that between 1850 ing the stock market, but it is and i860 the actual increase in the strengthening the general business south’s wealth was greater by $1,020,situation throughout the country.— 000,000 than the increase in New Eng St. Louis Globe Democrat. land and the middle states combined. It was cotton that saved the south UNEQUALED P R O S P E R IT Y . from utter hopeless bankruptcy, after Unequaled prosperity in the manufac a war which has no parallel in human turing industries in the United States history, followed, at it was, by the em for the calendar year of 1904 is shown igration from the south after 1865 of in a census bulletin just completed, 2,500,000 southern-born whites. which is compared by the census bureau Two years ago when the south pro with a similar census for the year 1900. duced nearly 14,000,000 bales of cotton 'the number of manufacturing establish at a time when it was estimated that the ments in the country as shown by the world would need scarcely more than last census is 216,262, an increase of 4 10,000,000 bales of American cotton, it percent over 1900. Capital increased looked as though the cotton buyers during the five years from $8,987,825,and the financial powers of Europe, 200 to $12,686,265,673, or 41 percent. aided to some extent by kindred in In the same period the total value of terests _in America, would beat down products increased from $11,411,121,123, the price of cotton to 5c. or 6c. a to $14,802,147,087, a gain of 30 percent. pound. A t this critical time a leader There has been an increase of 43 per was found equal to the emergency of cent in the number of officers and combining the cotton planters and the clerks employed by these manufac bankers of the south in a plan to pre tories and a gain of 51 percent in the vent the slaughter of cotton. By hold salaries paid. In the same time the ing back the crop, the farmers sustained number of wage earners increased 16 by the co-operation of southern bank percent and the salaries 30 percent. ers halted the panic which threaten The number of wage earners represent ed southern farmers for a few weeks, ed for 1905 was 5,470,321 with an an prices gradually righted themselves, and nual income of $2,611,540,532. the south gave to the world its greatest lesson on the value and power of co So late as 1813 the East India com operation.— R. H. Edmonds, before pany decided that trade with Japan Virginia Bankers’ Association. was not worth cultivating. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M an u factured by Heywood M an u fa ctu rin g Co M inneapolis, Minn. vsoHJ^ H I D E S FURS, P E L TS , WOOL MINNEAPOLIS, MINN. W RITE FOR CIRCULARS Ship your Hides, Furs, Pelts, Wool, Ginseng and Seneca Root to the Old Reliable MINNEAPOLIS Complete Equippers of Grain Elevators Modern Grain Elevator Machinery ELEVATOR BOOTS ELEVATOR BUCKETS TURN HEADS POWER SHOVELS BELT CONVEYORS CAR PULLERS INDICATOR STANDS LINK BELTING FLEXIBLE LOADING SPOUTS In fact everything for the Com plete Equipment o f Country and Terminal Elevators. Our Catalog Sent Promptly on Request. The Midland Machinery Co. MINNEAPOLIS, MINN. Saturday, September 8, 1906 THE COMMERCIAL WEST 62 A YEAR OF FINE HOME BUILDING. W ritten for the Commercial W e st by Harry W . Jones of Minneapolis. Probably no one year in the history of Minneapolis has seen the erection of so many fine homes as the past twelve months. By fine residences is not meant those involving necessarily large expense, but those in which architectural merit is particularly strong. The style of architecture which has been followed has been of great variety. There has been particularly a prevalence of the English type, which combines aichi tectural crispness with domestic charm. There has been a very marked advance also in the at tention which has been given to landscape environments, many of the homes being built in picturesque locations, requiring careful study and consideration on the pait of the landscape architect, the result being an appropriate setting which has enhanced largely the general effect. It is to be hoped that the appreciation of landscape ar chitecture will increase proportionately as in the past year or two in Minneapolis; a city whose natural advan tages are such as to give picturesqueness great piominence. The fine homes as a rule are concentrating in certain districts, which, in the early days of Minneapolis, was not the case, one being quite as apt to stumble upon a fine home in the midst of more modest surroundings, as in what was alleged to be the finer residence portion of the city. The sections of the city which are fast becoming dis tinctly notable as fine residential quarters, range along the hillcrest, bordering the city on the south, beginning with Park and Portland avenues and extending to that territory around Senator W ashburns mansion, across through Cliffton and Groveland avenues to L ow ry Hill, and reaching almost to Kenwood— in fact Kenwood it self is not an unworthy residential section, noted for fine residences of the more modest type. There are marked indications of a tendency toward the erection of large country homes with more extended estates in the suburbs of the city, notably around the lakes and extending to the shores of Lake Minnetonka and the Minnesota river bluffs. The- development of the automobile has rendered accessible many of the larger estates within a radius of 20 miles of Minneapolis for fine home life during the entire year. The railroads and electric car service also tend toward making such de velopment possible and there are indications that within the next few years there will be a large number of the wealthier men of the city whose principal homes will be in the center of large country estates where the charm or country life may be enjoyed as in England, without the inconvenience of remoteness from the metiopolis. MINNEAPOLIS THIRTY-FOUR YEARS AGO. C ity Hall Pence Opera House W . D. W ashYurn Flour Mill Suspension Bridge Nicolet House yurt House M Xr St P R. R. Deut A P A N O R A M IC V IE W O F M IN N E A P O L IS FROM ST. A N T H O N Y F A L L S IN 1872. TH E YE A R OF T H E A W F U L H AR VE ST. In the great southwest 1906 is still remembered as “the year of the awful harvest.” Anything the farmers happened to have planted grew so far beyond expectations that all the usual farm harvest plans were unavailing. Thousands of happy agriculturalists were driven1 from their houses to hotels in the nearby cities or eastern . esorts Where the wheat didn’t push farm buildings off their foundations the corn completed the wreckage, spreading beyond the lines and blockading the highway». Secretary Coburn stayed to the last. It was he who brought the news of the western Kansas line, having been bulged across eastern Colorado as far as the mountail“ Unless there is a way to turn the awful flood of wheat and corn into New Mexico,” he said there s no Telling when a half-dozen states east of us will be buried. Tt’c awful— awful!” he .said, as crashing noises came from Kansas “ Those sounds are made by the cornstalks push ing against each other, finding space to spread out, he eXPI t 1wads weeks before the farmers could dig their way back to their houses, and night and day work was neces https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis — Courtesy of S. S. Thorpe. sary to clear the farms for fall plowing. All the grain had to be moved out of the state, the elevators being usen as banks.— Kansas City Times. Commercial Paper in the W e st. A. G.. Becker & Company of Chicago say of the com mercial paper market: “The feature of 1906 in the com mercial paper market will be the persistent buying of paper by country banks. 1 hey have never been such large pur chasers as during the present year and they have obtained hi oh interest rates. In the state of Iowa, and the fax West, particularly, countrv banks seems to be full of money. Their deposits have kept up all year. City banks have done noth ing of late except to buy short time paper for sixty to ninety days at a liberal shading of rates. Country banks seem able to assist the marketing of the crops and maintain thenholdings of paper.” More than $9,000,000 worth of American goods were shipped from St. John, New Brunswick, during the fiscal year 1906 to the United Kingdom and South Afiica. The principal shipment was 7,000,000 bushels of grain. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T 64 GREEN & DeLAITTRE COMPANY, ■ * •& Importers and Wholesale Grocers, MINNEAPOLIS. We canvass the globe to supply food products that will please all purchasers. A sk for Our PR IN CESS B R A N D and secure the Best. O’CONNOR &, VAN BERGEN BROKERS STOCKS BONDS Members Chicago Board ofTrade PR OVISIONS G R A IN 341 Robert St., ST. PAUL, MINN BRIGHT O U T L O O K FOR MINNEAPOLIS REAL ESTATE. Written for the Commercial W est by William Y . Chute, President of the Minneapolis Real Estate Board. 'j'Be prospects for the real estate market are especially good, the brightest we have had for many years. Conditions have’ been steadily improving, and this year we are about to reap a fuller benefit. In the eighties, Minneapolis grew ahead of its tributary country, while since then the growth of the Northwest has quite outstripped that of our own. More and more this territory is looking to us for its supplies, wholesale and re tail. Every year we are manufacturing a larger proportion of the staples in use than ever before, and many lines of in dustries are increasing in geometric ratio. We are not dependent upon the wheat crop as we former ly were, but the unusually bountiful harvest of all kinds of crops this year predicts a wonderful activity in every kind of business. The wealth of the Northwest is increasing phenomenally, and, more and more, well-to-do farmers and others are looking to permanent residence in our city. No other city in the Union has such a rare combination of healthfulness, beauty, educational and other facilities as Minneapolis, and it is thus attracting not only people of wealth and culture, but thousands of laborers, artisans and others are locating here as a pleasant as well as profitable place of earning a livelihood. Minneapolis th e M an u factu rin g Center. Minneapolis is conceded to be the manufacturing center of the Northwest; and the locating of Butler Brothers here this year, places it emphatically in the forefront as the jobbing center. The new location of the Armour plant which now seems assured, means a big impetus for the Twin Cities, especially for Minneapolis, which geographically and otherwise is most favorably situated. Few can realize now what a tremendous impetus this plant will mean to the Twin Cities in wholesale, retail, manufacturing, banking and other lines. Butler Brothers’ and Armour’s recognition of MinneP R O G R E SS ON B IG DAM. (Special Correspondence to the Commercial W est.) Lincoln, Aug. 20.— A report of the supervising engineer of the North Platte irrigation project, Wyoming and Nebraska, recently made to the office of the reclamation service at Washington, states that the Pathfinder dam site is practically uncovered and shows an excellent foundation. Very little excavation is now required to prepare the bedrock for the masonry. 'The erection of this dam will be watched with a great deal of interest all over the country. It will be one of the https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis apolis this year means much to us as a center with already great facilities, and adds to these advantages and to our prestige. If the Armours locate in southeast Minneapolis, it will take a large amount of property off the market in this region and make an excellent demand for what is left. These sales and the purchase of the Gurney and other tracts in 1902 by the Albert Dickenson Co., of Chicago, will take off the market practically all the unplatted land southeast and has given this district the finest railroad freight facilities in the northwest. Many sections of Minneapolis have shown steady and, in several instances, remarkable rises in value, and the filling in process, which is so apparent here, is forming a more compact city and giving a new and more reliable basis for values. Compared with other cities of the same size and oppor tunities, property is still remarkably low, and it is the stranger who today has as a whole the best appreciation of our present solidity and future possibilities and growth. Past the Fo rm ative Period. Minneapolis has passed the formative period. She is now a city which is widely known for its clean government and desirable population, its great manufacturing and rapidly growing wholesale and retail facilities, its healthfulness and beauty, its educational, social and artistic facilities—the metropolis of the great northwest, an ideal place to live and transact business in, of remarkable past and more remark able future growth. We have done well, but we are to do better, and I believe we are on the eve of really marvelous developments. Prospects point to the largest building record for the present year and a still larger one to follow. The necessary demands for these improvements alone mean a good realty market, but the conditions appear favor able for an investment movement besides, and the prospects are good for the best year in realty that Minneapolis has ever known. largest dams in the world, being 210 feet high and 160 feet long on top, and costing $1,000,000. The storage capacity of the reservoir will be 43,560,000,000 cubic feet, or more than ten times that of the great Croton reservoir in New York. Water in excess of all demands has been flowing in the first forty-five miles of the great interstate canal. Work is being pushed on land surveys under laterals and on the classi fication and subdivision of land. Small parties under force account are busily engaged in maintenance work erecting small structures, etc., contractors are taking advantage of the fair weather, and the whole valley presents a scene of activity that gives promise of early agricultural prosperity. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 66 T H E C O M M E R C IA L W E S T Saturday, September 8, 1906 KING LOG AN D KING STORK. (Special Chicago Correspondence to the Commercial W est.-» Chicago, Sept. 3.— John M. Glenn, secretary of The Il linois Manufacturers’ Association, said to me the othei day: “ The association sent me, as the American Shippers' Association sent their representative, to Washington not so much to ask the Inter-State Commerce Commission anything, as to keep an eye on the railways, every 011c of which east of the Mississippi and north of the Ohio and Potomac had joined the pilgrimage to Washington. “ The railways are disposed to make the most of the advantages handed to them by the new rate regulation leg islation, while the Inter-State Commerce Commission is too much inclined to sit back and let time work out the problem for them. Meanwhile we shippers will be get ting it in the neck. “ Let me illustrate. The railways under the new law stick on all the switching charges and incidentals and jus tify the imposition by asserting that the new law compels them so to do. For instance, say the Alton road is trans porting stuff for a Chicago manufacturer whose factory, however, is on the Northwestern’s tracks. Heretofore the Alton charged the rate, but delivered the stuff to the factory the same as if the latter were upon the Alton tracks. Now, as the stuff must be switched upon the Northwestern tracks, the manufacturer is compelled to pay switching charges, a very considerable sum altogether. “ In another way the railways under the new law are getting the best of the shippers. The rebate practically amounted to a discount. Formerly all shippers were get ting a rebate, securing a discount in other words. Now they are paying the full rate. Their only kick on the re bate was that the discount was unequal; the shipper was getting his rebate all right enough, but lie never knew whether his competitor was not getting a better discount. Now we are all on a level, but none of us are getting dis counts. The railways are putting the rebates into their own pockets, and the immediate practical effect of the new law has been a virtual increase in freight rates all around. I have seen one estimate which credits the southwestern railways alone with 20 percent increases in earnings for the coming year. “W e shippers wish the Inter-State Commerce ComB U L L E T IN OF IN V E STM E N TS. Fisk & Robinson of New Y o rk and Boston say in the monthly bulletin of investments for September concern ing railroad bonds: The market for investment issues of railroad bonds was uniformly dull during August, the greater part of the dealings in bonds on the Stock Exchange being con fined to convertible issues, which having a speculative value advance and decline with the stock market fluctua tions. The usual absence of investors during August and the firm rates for both time and call money, with the prospect that rates will continue firm during the cropmoving period, contributed largely to this condition. It has been remarked frequently of late that the in vestment bond market is suffering as a result of the coun try's prosperity, and that, while general business con tinues as active as now and speculation in leal estate and stocks is carried on in the present large volume, the deal ings in investment bonds will be restricted. It neverthe less remains true that railroad bonds are one of the most desirable forms for investment, and doubtless the invest ing public will, when the existing speculative period has passed, return in force to the railroad bond market and avail itself of the many opportunities now presented there. In the meantime, the prosperous condition of general trade, and the increased earnings of railroads, have enabled railroad managements to spend large sums in permanent improvements, thus not only adding to the value of the mortgage security, but increasing the roads’ ability to meet their obligations m bad as well as goon times. Call money loaned during the month as low as 2 per cent and as high as 6 percent, the rate as we go to press https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis mission to recognize this practical exigency, and to do something immediately for our relief. But the Commis sion doesn’t do a thing. As Mr. Charles H. Deere, of Mo line, who accompanied us to Washington, has remarked, the Commission seems reluctant to exercise the large pow ers conferred upon it.’’ This is the shippers’ side of the story, and Mr. Glenn has the facts and figures at his finger-ends and can cram you full of argument in 15 minutes. The Illinois Manu facturers' Association, whose representative he is, is a fighting organization of the wealthiest producing houses of Chicago. Its attorney, Levy Meyer, is perhaps the most pugnacious and intellectual lawyer anywhere in this neighborhood. The fight of the association against the railways before the Inter-State Commerce Commission may be regarded as just commenced. It will be a longfight, unless the railways surrender completely. The fight will be carried into the courts in a multitude of cases. There will be infinite litigation, as well as contention con cerning tbe new powers of tbe Commission, and the mean ing of the new statute. In fine the last state of tbe ship pers bids fair to be worse than the first. The new statute was urged in the ostensible interest of the shippers, the users of transportation. The Illinois Manufacturers’ Association did not formally endorse the bill when pending in Congress. In fact Mr. Glenn stateci to the Congressional committee that his organization was neither for nor against the bill, that while some members were individually in favor of it, others were opposed. Nevertheless, the members of such associations as that of the Illinois manufacturers are those who must bear tbe brunt of tbe statute’s effect. And the first effect is vexa tious extra charges and practical increase in rates. While, so loosely is the statute drawn, that the Inter-State Com merce Commission doubts its own powers and according to Mr. Glenn and Mr. Deere sits supinely, waiting until some court decides the extent of those powers. There is much wisdom in the old writers, who knew life and were finely skeptical, men like TEsop and Mon taigne— more wisdom than in all Tolstoi and Ivarl ATai x and Henry George. You remember zEsop’s fine fable of tbe frogs who were discontented with their king L o g until the gods, answering their prayers, sent their king Stork, who gobbled them all up. being 4 54 percent. Time money is quoted at 6 percent plus a commission for all periods. G overnm ent Bonds. The effect of the issue by tbe government on August 1st of $30,000,000 two percent Panama Canal bonds was to stimulate activity in the government bond market. T]ie market for all issues ruled firm throughout the month and in the case of the Panama 2s and the 4s of 1925 show ed substantial advances amounting respectively to about y 2 percent and i j j percent. The different issues were offered at the close of the month at the following prices: Panama 2s 105 and interest; 2s of 1930 105H flaG 3 s of 1908 104 flat; 4s of 1907 104 flat; 4s of 1925 131^2 flat. By reason of the favorable atittude taken by tbe Sec retary of the Treasury in regard to increasing govern ment deposits in national banks coupled with the demand for bonds for additional circulation, and the uniform price of 104.40 and interest at which all purchasers obtained them, the Panama issue proved to be very attractive and the $24,000,000 bonds secured by Fisk & Robinson were disposed of in tbe brief period of 17 days. The $1,000,000 one year 4 percent Philippine certifi cates sold by the W ar Department on August 23 were awarded Fisk & Robinson on their bid of 102.28 and in terest and found immediate purchasers. These certifi cates will replace an equal amount of the $1,500,000 cer tificates maturing September i, 1906, and tbe remaining $500,000 maturing will be retired. Circulation for the month showed an increase of about $7,000,000. Government deposits in national banks in creased during the same period approximately $13,500,000 Canada has given 57 million acres of land to railways, T H E C O M M E R C IA L W E S T Saturday, September 8, 1906 MINNEAPOLIS TRUST COMPANY No. 4 South Fourth Street, MINNEAPOLIS, Capital, $ 2 5 0 ,0 0 0 . - MINNESOTA. Surplus, $ 1 5 0 ,0 0 0 Transacts a Trust and Agency business only. Does not do a banking business. Acts as Executor, Administrator, Guardian and Trustee. Elbridge C. Cooke, President Wm. G. Northrup, Vice Pres. OFFICERS Wm H. Dunwoody, Vice-Pres. Robert W. Webb, Sec’y & Treas. Coupons due and payable at this office September 1st, 1906: Minneapolis Union Elevotor Company, Wenatchee Water Power Company, Eau Claire Gas Light Company, The Reliance Gold Mining Company. 67 Central Trust Company OF ILLINOIS 152 M O N R O E STREET CHICAGO Capital, $2,000,000 Surplus, $500,000 OFFICERS Charles G. D a w e s , President L. D. S kinner , Asst. Cashier W. I. Osborne , ) „ D udley H. Rood, Asst. Cash, A. U hrlaub , j Vice-Pres. W.W. Gates . Asst. Cash. W illiam R. D aw e s , Cashier. Albert G. Mang, Secretary, Malcolm M cD o w ell , Asst. Sec. DIRECTORS. A. J. Earling, President Chicago, Milwaukee & St. Paul Railway Co. P. A. Valentine, Vice-Prest., Armour & Co. Arthur Dixon, Prest. Arthur Dixon Transfer Co. Charles T. Boynton, Plckands Rrown & Co. Alexander H. Revell, Prest. Alexander H. Revell & Co. S. M. Felton* Prebt. Chicago & Alton Ry. Co. T. W- Robinson, Vice-Prest. Illinois Steele Co. Chandler B. Beach, C. B. Beach & Co. Geo. F. Steele, International Harvester C t W. Irving Osborne, Vice-Presiden Charles G. Dawes, Ex-Comptroller of the Currency MINNEAPOLIS AS A HOME CITY. Written for the Commercial W est by David P. Jones of Minneapolis. The reasons for exploiting the merits of Minneapolis as a city to live in are so varied and numerous that a newspaper article can at most only suggest without elab orating them. If I were promoting the removal of a citizen of some other locality to this city I would first call his attention to our vital statistics which show for the year 1905 a death rate of but 8.10 to the thousand— placing Minneap olis at the top of the list as the healthiest city in the coun try. As health is the foundation of all real happiness this argument ought to be all powerful, for with its considera tion goes appreciation of our delightful climate. Taking one year with another and each season on its distinctive merits, no city in the country can offer greater advan tages in the matter of climate and temperature. One of the chief charms of this region is the large proportion of days in every month in the year when out-of-door life is a real pleasure and a stimulus to not only the highest en joyment but to the most vigorous effort. Another strong inducement to persons seeking homes in this city is the refined democracy of its social atmos phere and the religious, educational and artistic elements that go to make up that atmosphere. Minneapolis is es sentially a city of churches, schools and homes, and is rapidly becoming a center of art, music and literature. Our school system, which has been developed to the high est degree of efficiency and thoroughness and which ar ticulates so closely with the State University, located in a beautiful spot on the banks of the Mississippi, excites the admiration of the educators of the country, and so emi nent an authority as President Eliot of Harvard has pro nounced it almost ideal. In matters of art Minneapolis is rapidly taking front rank not only in the encouragement of home talent but in intelligent appreciation of the best efforts of the art world at large. Literary advantages are furnished, as well, by a finely organized public library service, conduct ed on a scale at once elevated and popular. Again, the great manufacturing and business interests of this city, conducted as they are on a broad and gener ous scale, must prove a magnet to the man looking for a location and of course a home. A spirit of welcome to new enterprises, even though they may bring further com petition, pervades the business community, and the doc trine of live-and-let-live dominates all branches of com merce and industry to a degree that is really unusual in this age of fierce striving for commercial advantage. There is also a hopeful awakening of the public con science toward higher ideals in civic government that ought to prove inviting to a man who is seeking a home. Under the supporting pressure of public opinion distinct advance has been toward minimizing the grosser evils of city life, and the recent enforcement of law has brought about a Sabbath free from the disturbing influence of the open saloon, while strict surveillance of the vicious classes lias made the parks and breathing spots of the city clean and safe for the full enjoyment of the family seeking their refreshing influence. Many of the vital municipal prob lems of the age are being studied and solved here in a way that promises the greatest good to the greatest num ber and promises well for the actual realization of ideal city life. 4. Finally, the many natural advantages of location pos sessed by Minneapolis, the beauty of its suburbs, the num erous resorts for healthful recreation within easy reach of all, combine with the conditions above named to make this city a delightful place in which to live, move and have one’s being. REVIVAL OF INTEREST IN ST. PAUL REAL ESTATE. Written for the Commercial W est by Thomas Cochran, President of the Northwestern Investment Company, St. Paul. In this mid-summer month of August in the year of grace 1906, the real estate market of St. Paul is in the midst of a revival. It would not be true to say that the normal activity which should characterize purchases and sales of a city of the size and prospects of St. Paul had yet “ arrived” in the sense which the French have given to that word. But it certainly is true that for the past two years at least the entity which we conveniently de nominate the market has been “ sitting up and taking no tice” a very different attitude, by the way, to a market “ looking up” which it can do even when supine; because it can look no other way. The very first sign of a mar ket’s revival for any comnrodity is the ability of its own https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis er to dispose of it at some price; not, necessarily, at its intrinsic value even, but at a money exchange upon fair terms. Then follows, at any rate in real estate circles, an increasing frequency of sales owing, of course, to the greater demand and at last of all a gradual but continu ous and steady stiffening of prices and an upward trend until all signs of depression or even of great bargains shall have passed away and the market shall have “ come to its own” .and shall continue to record numerous trans actions between buyer and seller at fair prices to both parties. Investors who have passed through a long period of de pression in the values of city real estate should be good T H E C O M M E R C IA L W E S T 68 forgettors; otherwise the recollection of abnormally low prices in no wise justified by the actual conditions of all sorts of business will influence their judgment of present opportunties and future prospects. No truer word has been said than that to appreciate the chances of investment in real estate in the Twin Cities a new generation of buyers is needed— and in no better way can old operators show that age has not dulled their faculties than to be wise enough and courageous enough rightly to divine the signs of the present time and take advantage thereof. August is a good month, though it be in mid-year, both to review the twelve months past and to cast the horoscope of the year to come in real estate. Just before the annual harvests the wheel of the market is, as it were, at its dead center and both its backward and forward sweep can be, in the one case recorded and in the other calculated. Buying For Use a Feature. Buyers for use have been the feature for three years past; they first purchased to clear the books of properties taken under foreclosure by lenders, both home and abroad, corporate and indivdual. Then, as the building records most significantly show, they began to buy vacant prop erty to build in most cases, however, for their own occu pancy; in this way, old sparsely settled neighborhoods have been improved with dwellings of a far better class than were originally built there and new neighborhoods, embracing literally hundreds of new houses, have been created where two years ago there was not a single home. New apartment houses were one of the earliest signs of the revival; encouraging signs, too, because they signified an increase of population which demanded a greater and better supply of places to dwell in. The venture of large concerns, either to build them selves or to have immense structures erected for them capable of accommodating their constantly increasing business followed next in order, dhe warehouses of job bing firms, the erection of retail shops; the seeking of large quarters by successful manufactories; the enlargement of the urban and interurban street railway system; the com ing to the city of the new mercantile and manufacturing concerns; all these things have quickened and widened the scope of the real estate market, multiplied transac tions and tended to increase values. The movement hav ing all these characteristics began more than a year ago, but has steadily strengthened in volume since last sum mer and is by no means at its height. That it will gain momentum; add to itself new features and have its influ ence upon the course and results which shall mark each Saturday, September 8, 1906 month of the real estate market for the year to come, is one of the prognostications for that period. A w akenin g of Public S p irit. There have been two prominent characteristics of the market of the past twelve months which have influenced and will continue to influence the value and prices of real estate. The earlier of these was what seemed to be the sud den awakening of the public spirit of St. Paul and the con viction that with union of effort upon the part of her citi zens any needful enterprise could be successfully under taken and accomplished for the general welfare. The auditorium; the Young Men’s Christian Association build ing; the new hotel; the completion of our park and boule vard system; the organization of the Business League; these, while they are more than signs, namely, achieve ments, are symptoms also of progress; of the determina tion of men, who are hopefully facing the future and of citizens believing in and proud of their city. R ealization of Low Prices in Business D istric t. The second striking factor in the history of the market of the year was the realization of the low prices prevailing in the very center of the city’s business district and the shrewd display of this great realization by bold operators, who not only bought, but also either built themselves, or in duced others to improve. This was immediately follow ed by the purchase by large banking institutions of new and commodious sites and the letting of contracts for structures commensurate with their capital and business necessities. The next checking off of the twelve slips of the month ly calendar is to relegate to past history more numerous, larger and bolder transactions in real estate than during any year since 1899. This speculative investor, and the word “ speculative” is used in no boomy sense, has not yet appeared, but he is coming; yes, if he be wise, he is coming in large numbers to buy, not only business prop erty but. outlying lots and acre tracts. Already, by that wireless telegraphy which every market was .cognizant of long before Marconi, those of us in the business can hear his whispers of inquiry and offers in money will, before long, follow his interested and shrewd questioning. If he buys soon he will still buy cheap, be able to sell again at a no more than legitimate profit; and, by all the in fluence noted, super-added to by general prosperous busi ness conditions and bountiful local harvests. St. Paul real estate, during the next year, will begin at least once more “ to come into its own.” MINNEAPOLIS REALTY OFF THE “ BARGAIN C O U N T E R .” Written for the Commercial W est by James B. Sutherland, Treasurer of the D. C. Bell Investment Company of Minneapolis. To those who were expecting an unprecedented boom in Minneapolis real estate, the past year quite naturally must have been disappointed, but to those who were expecting substantial growth along almost all lines and even a good deal of activity, the year must have been a very satisfactory one. So much has been said of late, and so well said, regarding real estate, in the C o m m e r c ia l W e s t , that there is not much new to be added, and yet it occurs to me there are some things which should be noted and emphasized in connection with the growth of Minneapolis during the past year. One of the distinguishing features of the market has been that almost no property has been purchased apart from the purpose of promptly improving it and thereby adding to its value. It therefore would be idle to deny that such was not a healthy and sound condition of things. If any one doubts that there has been activity during the year past, let him, as one dealer expressed it— canvass the ground for the former “bargain counter” lists, meaning by that of course, bunches of lots which, for years went a begging for want of hopeful buyers. That is not saying that there are no opportunities left. On the other hand, the opportunities are still greater, because the intrinsic value of every lot in Minneapolis has been increased by the substantial improve ments which have been added during the past year or two. And yet we have not fully awakened to the real situation, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis namely, that Minneapolis real estate is one of the best assets a man can have. In other words, we who have lived here for a good many years, do not fully appreciate Minneapolis and her great advantages and opportunities. A m o un t of Building Enormous. It is doubtful whether those, whose vocations do not fre quently call them over the city, fully appreciate the enormous amount of building that has been going on and that is still going on in every part of the city. It should be borne in mind also that the large amount of street railway building, the renewing of old lines and the extension of new ones, has been no incon siderable factor in the upbuilding of Minneapolis during the past year. As an old resident and merchant on Nicollet avenue said the other day in driving about the city— -“ I am amazed at the amount of building,” and repeatedly said that he had not be fore seen this improvement and that improvement, particular ly in the residential district. Figures are frequently uninteresting, but as a basis of what is to follow, the accompanying comparative classified building statistics will bear careful analysis. Classified Building S tatistics. Year July 1, 1904June 30, 1905. Classification— No. Cost. Stores ....................................... 123 $646,945 31 299,000 Warehouses ................................ Mills and factories ................... 30<„ 119,480 Year July 1, 1905June 30, 1906. No. Cost. 135 $757,555 59 684,100 30 271,325 Saturday, September 8, igoó Miscellaneous: Office buildings, grain ele vators, etc....................... 166 Apartments and flats ........... 62 Dwellings .................................. 1,808 Barns ....................................... . i195 uu Additions and r e p a i r s . 2,347 2,347 T H E C O M M E R C IA L W E S T 1,649,385 179 609,550 41 3,339,970 1,909 64,455 204 1,223,935 2,190 Big Gain In Business Busine Buildings. 69 1,077,025 394,400 3,743,095 72,535 1,270,850 It will be noted that there has been an increase in stores, both as to number and cost, a very decided increase in ware houses, also in the number and cost of construction. The same is true in the cost of mills and factories. There is an apparent increase in the number of office buildings, grain elevators, etc., under the head of miscellaneous buildings, with an apparent decrease in cost, which latter no doubt will be made good by the large permits which have been taken out subsequent to June 30th. . Upon further examination it will be seen that there has been a falling off in the number of apartments and flats, not only in number, but to the extent of $206,150 in the cost of construction. This leads me to the point of great interest in considering the past year’s growth, namely, the trend to the building of dwellings. 1 he increase in the actual number is 101, while the increase in the cost of construction is $403,125. A few years ago we began to wonder whether we would get back to home building as much as formerly. These figures are sufficient to dissipate any doubts along that line. There are two very significant facts in connection with this matter of home building during the past year, to which at tention should be called. hirst, that all of this increase has taken place in spite of the fact that the cost of construction is from 15 percent to 20 percent more now than it was a year ago at this time. It is safe to say that the average increase in cost of con struction is 18 percent higher this year, and . Second, nothwithstanding the Savings Banks admit large withdrawals for the purpose of home building, the deposits 111 the strictly Savings Banks have increased nearly $1,000,000. I he foregoing would seem to be undisputed evidence of unusual activity and sound growth along the best lines, and coupled with the bountiful crop which is now practically as sured, and the coming of the Armour plant and the actual operation of the Butler Brothers Company, which accession was_ one of the great achievements of the past year, the coming year certainly promises one of the best in the history of Minneapolis. FIRE PROOF SAFES VAULT DOORS. Write for Prices. DEAN & CO., Minneapolis, Minn. Agricultural Implements and Vehicles. Office F u rn itu re We are sole agents for the Standard Office Desks—used in the U. S. government offices, Minnesota State Capitol and Hennepin County Court Houses —Send for complete catalogue. Office Chair This office chair is made of se lected white quartered oak, polish finish; has either the polished wood seat, perforated, or upholstered leather seat; screw spring, adjustable—Our special price is only $9.50, f. o. b. Minneapolis or Chicago. We are sole agents for HerringHall-Marvin Safes and Vault doors, Globe-Wernicke Filing devices and sectional bookcases Everything up-to-date in Office furniture. T H R E E N E W T O W N S O N G R E A T N O R T H E R N RY . I_he Great Northern Railway Company is building a line from Anota to Devils Lake in North Dakota, and at a point about twenty miles southeast of Devils Lake the line will branch off and run to Minot via Oberon and E s mond, and a large number of good towns will spring up on this line. The road runs through Nolson, Benson, Eddy, Pierce, McHenry and Ward counties, all of which stand high in containing the choicest of the world famed Dakota land and are being well settled with prosperous farmers. The Townsite Company will offer lots for sale in the towns of Hamar, Warwick and Tokio on the n t h day of July, 1906 at 9 o’clock a. m., at First National bank, Devils Lake. There will be representatives of the Com pany on the ground at each of these points between the hours of 10 o’clock a. m., and 3 o’clock p. m. on July 10, to show those desiring to look over the ground the exact location. Hamar is located on the west half of the northeast quaiter of section three, township one hundred fifty, range sixty-two, Eddy county, and is just at the eastern ex tremity of the Indian reservation. The country in this vicinity is well settled, and Hamar will be an important gram market. Warwick is partly on the west half of section four township one hundred fifty-one, range sixty-three, and is splendidly situated on the bank of a large lake, which will afford excellent drainage. A t this point the line branches ofl and goes north to Devils Lake and another branch runs west to Minot. ^Its position is so well located that an important town will spring up here at once. I okio is located about seven and a half miles north west of Warwick 011 the southwest quarter of section two township one hundred fifty-one, range sixty-four. This town has a large and good territory tributary to it, and will, unquestionably, become the trading point for ’ Fort lotten, and will be the only town of any importance be tween W arwick and Devils Lake. A t all these points good opportunities are offered for all lines of business and there will be immediate necessity for restaurants and hotels. There will be from three to five elevators built at each of these towns in time to Handle this year’s very promising crop, and the road will be 111 readiness to move it out. t jF ° 5 .flj rtA her Particulars inquire of M. J. Costello, Gen’l Industrial Agt. G. N. Ry., St. Paul, Minnesota, or D N lallman, President Northern Tow n & Land C o , Willmar, Minnesota. ’ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B O U TELL B R O TH ER S 1st Ave. So,, and 5th Street M IN N E A P O L IS hot For = w a t e r M IN N . h e a t in g Banks and Residences Like UKEAJUNE EVENING a June Even ing” is the title of a little book that tells why the BurnhBm One Piece Boiler s the most economical, most reliable and the fastest water heater m an ufactured. We do not Install heat ing plants of any descrip tion, but if we have no agency for B u r n h a m boilers in your town, you can buy all necessary m a terial direct from us at prices that cannot be du plicated elsewhere. With the heating plans which we furnish free with every plant, any plumber or good m e chanic can place our hot whater plant success fully. Write for booklet and send plans for esti mates to The Roberts Heating and Ventilating Co. 213-217 S. Third Street, Minneapoily. Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T 70 Northwestern National Life Insurance Company M I N N E A P O L I S L EO N AR D K. THOMPSON, President. A Western Company for Western People Purely Mutual. Established 1885. DIRECTORS E. W. DECKER, T „ „ , F. A. CHAMBERLAIN, Vice-Pres. Northwestern Nat 1 Bank. t President Security Bank. S. A.',HARRIS, B. F. NELSON, President National Bank of Commerce. Nelson-Tuthill Lumber Company, GEORGE E. TOWLE. N. O. WERNER, Treas. and Mgr. Loan Dept. Pres Swedish-American Nat’l Bank. W. J. GRAHAM, C. T. JAFFRAY, Vice-President and Actuary. Vice-President First National Bank. L. K. THOMPSON, President and General Manager. WISCONSIN SAVINGS, LOAN AND TRUST COMPANY H U D S O N , W IS Capital, $1 0 0 ,0 0 0 .0 0 M A K ES A S P E C IA L T Y OF SELLIN G P R IM E FARM MORTGAGES And looks after collection c f interest and principal, when due, rem itting same to its clients at par. Executes all T rusts Issu es Its Debenture Bonds OFFICERS AN D DIRECTORS N. B. B a i l e y , President. F E S e t t e r g r e n , Vice President. G. W . B e l l , Spencer F. B . B r o w n , Vice President. C. N. G o r h a m , Sec’y and Treas. H a v e n , B. E. G r i n n e l l . Griggs, Cooper & Co M A N U F A C T U R E R S and W H O L E S A L E G R O C E R S . •Packers of the Celebrated- H O M . B 15 W A X I> P U R E FO O D PRODUCTS. Main O ffic e , 3d St. and Broadw ay, S T . P A U L , MINN DEFIANCE HARNESS The kind that Gives Satisfaction. Its the quality o f the Leather that makes the H A R N E S S —N ot the Price. That’ s w hy our D e fia n c e H a r n e s s is S u p erior. The Quality is There. Price is Right. Our Large Catalog describes our Full Line of Team, Driving, Single Harness, etc. Remember w e ’re in position to Fill orders promptly. A sample order will convince you that both Quality and Price are Right. LaCrosse Im plem ent Co, M INNEAPOLIS, MINN. O U R NO. 1 8 4 -G O O D S E L L E R . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T R Y ONE. Saturday, September 8, igoó T H E C O M M E R C IA L W E S T 71 THE BUSINESS SITUATION IN ST. PAUL. Written for the Commercial W est by H. T. Black, M anaging Editor of the St. Paul Dispatch. Measured by all of those available and popular stand ards by which the height of the business tide is reckoned, that of St. Paul on September first is at full flood, but with the abundant prospect, that the future will bring that increasing volume that has now become natural and logical. Comparisons must necessarily be with the past, as hope and trust are with the future. Something over a year ago, the enterprise and energy of St. Paul received a marvelous stimulus. Certain facul ties, the possession of which was always evident, though the demonstration was lacking, were stirred into active life by the building of the Auditorium and from that mo ment, by the power of organization and concentration, a new impulse was imparted to every portion of the physical life of the community. It was felt and recognized espe cially in every line and department of commercial St. Paul and marked an epoch which will hereafter be memorable. It was not particularly the building of the Auditorium; that event but erected a monument to the birth of a new spirit of enterprise, of oneness, which in after years will commemorate 1906 as the beginning of an era of mercan tile prosperity far exceeding anything in the past. necessary by the expansion of business, the employment of additional forces to create the demand for St. Paul goods and supply the demand thus created and the in creased orders both ways for those supplies of which Si. Paul is the dispensing market. The retail trade has felt the new impulse in even a more marked sense, because it has been more immediate less time between the cause and effect. The first dis tinct result pointed out in increase of population, shown in a building awakening that, despite its speed and ex tent, has fallen short of the demand and has kept alive, in the logically dull summer season, the business of many branches of trade closely allied to new people, new build ings and new outfits. The percentage of growth of popu lation has been larger within the past six months than since the boom period of 1886 and with all of the energy of that period is happily without any of its characteristic transientness. When it is remembered that the new en terprises which accompany urban growth have been un able to stem the difference between supply and derfland, the best knowledge is obtained of the local trade condi tions. N ew Impulse In A ll Lines of Business. N ew Enterprises Established. The new St. Paul, then, began with this year and naturally the principal expression of the redevivus was a commercial one. Trade instantly looked up. The spirit of get together for St. Paul infected the jobbers as never before and resulted in an immediate move for the expan sion of the territory tributary to the city. It was a species of enlightened selfishness through the realization that what made for the city made equally for the great individ ual interests of which a city is composed. Already the wholesale interest is feeling the impulsive response to the St. Paul excursions throughout the northwest virtually drumming up trade, which advertised the city as a whole and at the same time every individual concern represent ed. The best evidence of the extension of the jobbingtrade is in the many new and enlarged structures made Manufacturing in St. Paul presents the same satisfac tory conditions. Several new and large enterprises, with out other inducement than the natural advantages of St. Paul, have been established this year and plans are now afoot which will mean, at their consummation, large addi tions to the manufacturing forces of the city. In this connection, the enlarged railway and bridge plans for the south and east sections, which will be put into execution early next year, will mean much for the development of St. Paul as a manufacturing center. The general trade situation in St. Paul may, there fore, be summed up in a few words. Conditions are fav orable in every line and the feeling, wherever encounter ed, is optimistic in the highest degree. Every trade ven ture has met commensurate reward and its projector is preparing for the improvement he is certain will follow. BIG DEM AND FOR C A N A D IA N FARMS. (Special Correspondence to The Commercial W est.) Winnipeg, Sept. 3.— H. E. R. Rogers, manager of the Settlers’ Colonization Company, said recently: The de mand for lands has never been so good with us as now — especially in larger sized blocks, which is my own spe cialty; nor have prices ever advanced so rapidly as is the case now. Recently a client of ours bought back at 10c per acre advance a tract of 4,000 acres which we sold for him in January last, at $7, and we now have prospective purchasers for the same block at twelve dollars. “Western lands of good quality and fairly well located are fast finding their place, as a thing not merely of spec ulative value, but of real productive worth, and as such I believe they are without comparison in the world. R A I L R O A D S IN C A N A D A . Man for man, we have done more for railways than our American neighbors. In 1850, when they took to sub sidizing, the United States had a population of nearly 25coo,000. Ours today is only 6,000,000. Congress voted $65,000,000 in cash and 200,000,000 acres to roads extend ing west from the Mississippi river, besides paying inter est on the bonds of some of the lines. The American roads have repaid with interest the cash subsidies they received, whereas in Canada the railways are not expected to, repay. The individual states and the municipalities also voted large sums in cash and land but, in proportion to wealth and population, nothing like so much as the Canadian provinces and municipalities have given. In the United States one can get a railway charter to run anywhere simply by filing plans and producing a cer tificate of incorporation. The granting of subsidies has long been abandoned there. Here, charters are discussed in committees of the two houses, and, except in cases where the government is interested, are granted or refused in a somewhat haphazard manner. As a subsidy virtually goes with it, a charter is a merchantable article, and chartermongering a more or less lucrative occupation. If the https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis “ Some of our more acres to an American acres to local buyers, Davidson on the Prince wan river. recent sales have included 10,000 syndicate for $95,000; and 3,760 both these tracts lying between Albert branch and the Saskatche \ es, city properties, especially good residential and central business locations, are quite in demand. Some of our clients think city values are getting a little high and have put their available cash into farm lands. “ Others again are more optimistic than ever as to Winnipeg s future and are prepared to take up anything that looks like a snap.” promoters are unable to sell to the Grand Trunk or Cana dian Pacific, which may be obliged to buy in self-defense they take the scheme to England.— Ottawa (Canada) correspondence.— London Economist. 1 T H E S O O L I N E ’S N E W M I L E A G E B O O K S . Always in the lead in originating new conveniences for the traveling public, the Soo Line now comes to the front with several new mileage books, which are attracting a great deal of well merited attention as they are great savers^for anyone who uses the line of the Soo to any extent. Ihe new 5>ooo mile book is sold at $100, two cents a mde; 3,000 mile book at $60, two cents a mile; 2,500 mile book at $56.25, 2)4 cents a mile, while the old form 1,000 mile books remain the same, $25, but are made inter changeable. The T ew. books ought to make money for the company as nothing in the line of tickets has ever appeared, which’ has proven so popular, especially among the traveling men. They have also gotten out an assortment of excess bag gage books, which are sold at reduced rates. $60 in coupons can be purchased for $48. $30 in coupons for $24. $15 in coupons for $12. Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T Minneapolis Trust Company A G O O D S P E C U L A T IO N =see Hennepin and Fourth St., MINNEAPOLIS $9,000 will buy a three story brick and stone building on Nicollet Avenue. Stand on leased ground. Lease runs for 6 5 years. Rents $1 ,8 5 0 per annum. Expenses $8 5 0 . Will net 10 per cent on $1 0 , 0 0 0 . LAND IS THE B A S IS OF W EALTH W estern D ebenture and R ealty Company Principal Office : Andrus Building, Minneapolis. Capital Stock, $ 1 0 0 ,0 0 0 . Accumulative Bonds are issued by this Com pany that may be paid for in ten, fifteen or twenty years. The proceeds from the sale of bonds are invested in real estate, to be held for a long term of years and then de veloped by the Corporation. Coupon Bonds are also issued in any multiple of $5 0 0 . These are paid for in one sum and and run for ten years, the interest, at 6 per cent, being paid semi-annually. OFFICERS AND DIRECTORS: JAMES J. LAMBRECHT, President . JOHN RAVENSCROFT, V ice -P resident . HERBERT E. SOULE, 2d V ice -P resident . L. G. WESTFALL, Secretary . HARRY MERRIMAN, A ssistant Secretary . HENRY C. BRUNER, R ead E state . MARTIN OTTERNESS, Cashier Central A ve . B ank . CHARLES D. AUSTIN, Counsel . E. E. HARRIOTT, GEORGE THANE, A gency Superintendents . : F .' PHOENIX FURNITURE CO. PI ni ■ -• -• «2 Artistic Furniture for Banks, Offices, Churches and Public Buildings. Send us floor plans and we will do the rest. WISCONSIN EAU CLAIRE, ROBERT C o m m R. D U N N . e r c ia l BURGLARY P a p e r . 102-104 National German-American Bank Bldg. S T , P A L L . Offers for sale CHOICE M O RTG A G ES on improved properties in the cities of St. Paul and Duluth. Corres pondence solicited. The Metropolitan Surety Company OF NICOLLET NEW YORK. Selected by the Wisconsin Bankers Association to write the Insurance of its members. Because it is the most centrally located hotel in the Twin Cities THE INSURANCE HOUSE, FRED L. GRAY COMPANY, Minneapolis, is the great headquarters for North western Bankers and Merchants. European Plan. Rates $1 .0 0 and up, per day. H O T E L N IC O L L E .T C O ., P r o p r i e t o r s . Northwestern Managers. S e c u r it y B a n k B u il d in g , - - M in n e a p o l is . N O R T H W E S T E R N FIR E A N D M A R IN E IN S U R A N C E CO. M IN N E A PO LIS -w- . f IS, W . Main 4 T 0 7 1 e l* ( T . C. 9 2 6 INCORPORATED UNDER THE LAWS OF MINNESOTA HOWE OFFICE 1 3- 1 S ISorth Fourth Street O F F IC E R S Chas. F. Sims, President. Alvin Robertson, Vice-Prest. W. A. Laidlaw, Vice-Prest. Otto O. Tollefson, Sec’y and Manager. Chas. Carothers, Treasurer https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Wollaeger MTg. Company, ppe M I L W A U K E E , WIS. Makers of ' ■*^ a! 11 «M » i**iSfV• High Grade and Up to Date BANK F IX T U R E S Designs and Estimates Furnished, Saturday, September 8, 1906 THE C O M M E R C IA L W EST 73 D U L U T H ’S EN GINEERING W O N D E R . (Special Correspondence to the Commercial W est.) Duluth, Sept. 4.— the aerial ferry bridge which connects Minnesota Point with the main land is one of the sights of Duluth. It is the only bridge of the kind on this conti nent and in fact no other bridge in the world is exactly like it, though the idea was suggested by a transfer bridge at Rouen, France. The bridge is a municipal project, built and operated by the city of Duluth, to give better transportation service to Minnesota Point. This is a narrow sand bar several miles long, well wooded, that makes the Duluth-Superior harbor. It has become the favorite near-by summer resort for resi dents of Duluth, and on it are located many summer cottages. By means of the aerial bridge passengers are transferred from the cars of the Duluth Traction Company to the Inter-state Traction Company on the “ Point.” The inception of the Project. The aerial bridge scheme came about through the im>N perative necessity of better communication with the Point, at JbuLUTH A e r i a l Fe r r a B r i d g e a less cost than was being paid for the steam ferry service. A tunnel was proposed but was abandoned on account of its prohibitory cost, A draw-bridge, a lift-bridge, a roller-bridge, were in turn pioposed; but all failed to secure thè necessary approval of the United States war department, whose re quirements demanded a method of transportation which would in no way impede the traffic through the canal. The suspend ed car transfer bridge at Rouen, France, was brought to the attention of the city engineer in 1899, who prepared a plan adapting the general scheme to the conditions at the Duluth Ship Canal, the idea was favorably received by the United States war department, and the people of Duluth; and a bond issue for the amount of the estimated cost of the stiucture ($100,000) was sanctioned by the State Legislature and a general specification and contract were prepared and let for the erection of the structure in 1901. I he concrete pieis to sustain the bridge structure were built undei the original contract, and the .work was then abandoned by the contracting company. After various de lays, a contract was finally entered into, in February, 1904, with the Modern Steel Structural Company, of Waukesha, \\ is., foi a riveted truss on riveted steel tower; the ferry car to be supported by an inverted steel tower, in accordance with designs submitted to the city engineer for approval by the Structural Company, made by their engineer, Mr. C. A. P. turner. I he work was erected and completed during the winter of 1904-5. The Bridge. In the foundations of the bridge there are 730 tons of concrete, in the 8 piers which extend below the water level of the lake; 24 anchor bolts 2 inches in diameter, fastened by means of large washers to the bottom of the piers hold the towers in position. I he car will carry at one time 125,000 lbs., which is Some of the B ig Cities. How large is London? There are five different L o n dons in one, and the biggest city in the world, known as Greater London, covers an area of 443,421 acres, or prac tically 692 square miles. Paris has thirty miles within her fortifications; I do not know how many outside. Ber https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis equivalent to a fully loaded double-truck street car, two loaded wagons with teams and 350 passengers. Dimensions. The biidge has a clear height, above the ordinary stage of Lake Superior, of 135 feet. This height was fixed by the Lake Carriers association, and will permit of the passage of the highest masts. The truss at the center is 51 feet, making the total height of the highest part of the bridge above the water 186 feet. The width, center to center, of trusses is 34 feet and the clear span is 393.75 feet. The car platform is 34 x 50 feet and contains, in addition to space for a street car and two wagons, two enclosed and giazeci camns, ot pleasing interior finish, each 7 x 30 feet. The elevation of the bottom of the car above the U. S. Gov ernment pieis is 6 feet, and when the car is at rest, its whole length is over land; hence it is in no way an obstruction 01menace to navigation, 7 0 0 tons of steel and over 100,000 rivets were used in the construction of the bridge. M otive Power. The motive power of the ferry cars is electricity, current being supplied from two separate sources, having- different cable systems, and a switch under the control of the motorman, enables him in case of the failure of one source, to immediately turn on power from the other. A further safe guard against delays is provided by an adequate hand power, winch can be used in the event of both sources of power failing. The normal speed of the car is an average of four miles per hour, but the electrical machinery is capable of propelling the car at twice that speed. The passage across (lie canal is thus made in a little over one minute. Two 40 H. P. motors, placed under the floor of the car, actuate two drums, each 9 feet in diameter, on which are wound 1-inch cables extending to the truss, and thence over 9 foot idle-wheels, through the inside of the lower chords to the towers, w-liere they are fastened, producing the motion which causes the car to run. the track, to carry the car and hangers, is ingeniously arranged, being enclosed on three sides within the box section of the lower chord, thus avoid ing the danger of its becoming coated with snow or sleet in the winter time. there are four rails, within the two bottom chords, two in each, and 32 wheels, arranged in pairs (8 pairs in each lower chord) roll on them, which carry the truck. As the bearings of these wheels, as well as those of the drums and idlers, have roller ball end thrust bearing, the friction of all the working machinery is re duced to a minimum. I he hand power method of propulsion is applied by use of lever handles, which, by a series of gears and sprocket, communicate power to the drums on the car. Cost. I he cost of the steam ferry boat service averaged $11,000 pei annum. I he cost of the Ferry Bridge will be $8,000, which includes operation, maintenance and the interest on the bonds issued for the construction of the bridge. A sinking fund of $3,000 for the payment of the bond issue can thus be created, which will in time pay for the bridge. The especial fitness of this type of bridge to existing condi tions will doubtless be more fully appreciated when it is known what enormous traffic passes under it. The following is an extract from a statement of Marine Commerce for the calendar year 1904, issued by Chas. L. Potter, Major, corps of U. S. Engineers, in charge of the Duluth-Superior harbor improvements: Tons passing through Duluth Ship Canal 40 3 7 ,6 0 8 entered; 7,113,297 departed— total 11,150,905 passed through. Vessels entering 3,426; departing 3,147— total 6,573. Navigation season 217 days, year 1904. Considering the mean monthly freight movement during the season of navigation the Duluth-Superior harbor practical ly stands next to New York. When first opened, difficulty was found in operating the ferry during a heavy wind, but this difficulty has been over come and it now makes regular trips regardless of wind or weather. lin’s area is forty square miles. In America we have New Y o rk with 326 square miles, New Orleans with 196, Chi cago 190, Philadelphia 129, Washington 69, St. Louis 61 St. Paul 55, Minneapolis 53, Los Angeles 44, Cincinnati 43’ Buffalo 42, Cleveland 40, Baltimore 31, etc.— New York Press. T H E C O M M E R C IA L W E S T 74 Saturday, September 8, 190Ó O. W. KERR COMPANY, Investment Bankers FARGO, N. D. - - M INNEAPO LIS! G1 H . P O R T E R , *Mg?! W e have on hand carefully selected F A R M M O R T G A G E S netting from $500.00 to $2,000. W rite fo r particulars. The Farm Land Movement. The following are late farm land transfers as taken from official county records. T h ey indicate the value of farm land in the respective counties. Minnesota. Winona County.— Ralph Hall to Smith, Bo acres in Utica, $2,000. Stevens County.— M. A. Lund to Green, nw sec. 30123-44, $5,600. Swift C.ounty.— Thos. E. Spohr to Spohr, nw of sec. 17, Clontarf, $5,000. Redwood County.— Thomas E. Sime to Foran, ne n se sec. 18-110-39, $9,600. Kandiyohi County.— Thorwald L. Saugmyhr to Peter son, w of sw exc. Y z acre, sec. 28, Gennessee, $3,000. Brown County.— Mary Culkin to Schwarzrock, und. 7-15 of se of sw s sec. 16-109-35, und. 7-15 of se of sw sec. 16-109-35, $i, 4 3 5 Fillmore County.— Lee T. Jester to Lee, s sw sec. 4, Bloomfield, $4,850; Lee T. Jester to Lee, n sw and sw nw sec. 4, Bloomfield, $8,150. Polk County.— Almer B. Nelson to Lamberson, sw sec. 20-154-47, $4,000; F. L. DeGraff to Smedberg, ne n se sw se of sec. 35-148-45, $5,100. Steele County.— Henry J. Mann to Buscho, w ne and e of nw sec. 8, Summitt, $4,000; Henry Sannemann to San11emann, sw sec. 7, Aurora, $7,000. Pipestone County.— Robert Kennedy to Frost, sw sec. 3-105-45, $6,700; David Secon to Streater, ne sec. 19-10844, $4,000; William Thom to Glasener, sw and s nw sec. 1-106-44, $15,693. Renville County.— Magnus Erickson to Erickson, ne se sec. 27-116-36, $1,250; Frederick O. Johnson to John son, nw of sw sec. 21-115-37, $1,200; Wm. Bleck to Maas nw of se, sec. 11-116-31, $1,400. Siblev County.— Paul Bethke to Bethke, n se sec. 4 ~ 112-27, $4,000; David Doering to Doering, e ne, the ne of sw and e of sw of sw sec. 34-113-28, $6,000; C. J. Nylander to Nylander, w ne of sec. i5~IT3-30, $3,400. Todd County.— F. G.- Milliron to Bowman, ne of ne, sec. 31, and nw of nw sec. 32-130-35, $1,500; Herbert Beebee to Casselman, w of se sec. 31-132-33, $1,600; O. F. A n derson to Hongdahl, sw sec. 8-131-35, $3,000. Carver County.— Catharina Lloeffken to Hoeffken, 155 acres in sec. 29, Benton, $12,000; (oh 11 H. Hoeffken to Zegler, 50 acres in sec. 29, Benton, $4,300; Charles Wittsack to Wittsack, 81 L> acres in sec. 10, Benton, $8,100. Dakota County.— Emil Froehner to Motz, 80 acres in sec. 23, Eagan, $5,500; W. E. Cowell to Batson, 120 acres in sec.’ 25, Eureka, $7,000; Anna M. Horsch to Horsch, 40 acres in sec. 25 and 60 acres in sec. 36, Vermillion, $6,100. Meeker County.— O. H. Campbell to Wells, s of se sec. 29 and n sec. 32, Forest City, $21,000; W. W. Hopkins to Woller, ne and e, 20 acres of nw sec. 29, Cosmos, $6,200; Riley McGannon to Simmons, ne of nw sec. 33, Forest Prairie, $1,100. Iowa. Lyon County.— C. S. Bennett to Jammer, sw sec. 14100-45, $7,200. Chickasaw County.— Sam Barker to Green, 70 acres sec. 11-94-12, $5,000. Howard County.— Anna Whitlofer to Schneider, s ne exc. 2 acres, sec. 23-99-12, $4,680. Webster County.— Anna S. Nicholson to Nicholson, und. 1-3 of s sw sec. 35-89-29, $1,000. Cerro Gordo County.— F. R, Benson to Carrott, nw sec. 12-95-19, $10,700; A. H. Cummings to Hill, s ne sec. 7-97-22, $3,400. Woodbury County.— Thomas Jacobson to Schaeffei, e se sec. 8-89-43, $6,000; Thomas Jacobson to Schaeffer, sw sec. 9-89-43, $12,600. Plymouth County.— Lundy L. Grieve Jo Grieve, n nw sec. 26-90-43, $7,200; John P. Marx to Reich, s ne sec. 2492-45, $6,900; Geo. FI. Bliven to Vass, se s ne sec. 3-90-48, $6,000. Sioux County.— K. L. Stickney to Kurvink w ne s 2 rods e ne sec. 36, Rock, sw sec. 81, Lincoln, $15,470; R. Herman to Herman, w ne e 60 acres nw sec. 4, Settlers, $2,700. Decatur County.— W. C. Gunn to Maget, 850 acres Woodland and Morgan, $12,000; J. E. Judge to Parker, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6| per cent in amounts 200 acres Burrell, $9,000; J. W. Bowman to Aiken, 160 acres Woodland, $6,400. Fayette County.— Richard J. Hodgson to IVcHugh, e ne sec. 11-91-9, $1,800; Richard J. Hodgson to Belt, e se and w se sec. 11-91-9, $5,400; Lewis N. Lockwood to Lockwood, nw se and s se sec. 5-91-10, $4,600. Buchanan County.— Samuel Luney to Clark, nw sec. 25, nw se sec. 25, n ne sec. 26, s se sec, 23, ne se sec. 23, e sec. 15, nw se sec. 23, all in 87-8, $20,750; E. G. Burner to Bru ner, e ne and n n ne sec. 23, and s 66 acres, se sec. 14-87-9, $13,000; W. H. Raum to Goodhile, ne sec. 15-89-7, $10*000. N orth D akota. Cass County.— Isaac Luker to Boyle, nw sec. 2-137-54, $4,500. Griggs County.— Robert Jones to Udgaard, nw sec. 20147-61, $3,200. Barnes County.— Phebe E. A. Weston to Lee, n sec. 11139-58, $10,000; F. N. Stute to Bickford, ne sec. 1-143-56, $5,600; Chas. Tanto w to Giebink, se sec. 23-137-60, $4,800. Cavalier County.— W. D. Hodgson to Trovaten, sw sec. 3-162-60, $4,000; Elizabeth Perry to Perry, ne sec. 8-16060, $4,000; Theo. Diebel to Bank, sw sec. 14-159-61, $2,400. Bottineau County.— Julius Berg to Walstad, se ne sw sec. 26-159-83, $4,500; J. Soucy to Condit, se sec. 20-16380, $4,600; J. Reid to Hagen, e se sec. 20, w sw sec. 21163-79, $3,200. Stutsman County.— Carlos N. Boynton to Boynton, n sec. 25-141-66, n and se sec. 13-138-68, and sec. 31142-68, $17,112; Andrew K. Hanson to Milton sec. 31-14062, $10,000; J. W. Britt to Tompkins, e sec. 7-139-65, $4r 800. Steele County.— O. G. Dahl to Berge, n of ne sec. 11, and nw sec. 12, Beaver Creek, $12,000; A. O. Hestekind to Bakken, ne sec. 4, Golden Lake, $4,500; J. L. Grandin to Goose River Bank, sw sec. 15, Greenview, $2,720. South D akota. Turner County.— Else Garness to Johanson, n sw sec. 27-97-55, $2,500. McCook County.— George E. Todd to Eckhoff, sw sec. 20-101-56, $8,400. Minnehaha County.— W. G. Brooks to Lee, se sec. 798-49, $8,000; T. S. Henjurn. to Winterseen, nw sw and se of sw, sec. 16-103-51, $3,500. Codington County.— Samuel Streitmatter to Richard, s nw sec. 31-116-54, $2,200; Samuel Streitmatter to Haw ley, n sw sec. 31-116-54, $2,200. Aurora County.— D. S. Farnham to Aitkin, e sec. 33-102-65, $5,100; Hartford N. Gates to Tjaden, s nw sec. 5-165-66, $6,382; Andrew Jensen to Wallace, ne sec. 22, sw sec. 23-105-65, $5,000. Douglass County.— Christian Christensen to Christen sen, the ne sec. 1-96-53, $7,000; Wm. Schlotterbeck to Schlotterbeck, se s**«'. 21-98-63, $5,000; C. E. Floete to Beyer, nw sec. 24-100-66, $2,800. Brookings County.— Otis W. Lyman to Stark, se sec. 33-110-47, $4,500; George F. Thayer to Morton, se sec. 19-110-49, $9,600; C. Van Rooyen to Weidenfeller, se sec. 5-110-51, also ne sec. 24-111-51, $7,850. W isconsin. Bayfield County.— Isaac Bjork to Tast, sw nw sec. 134 7 - 5 , $L50o; Thomas Bardon to Olson, e se, sec. 10-50-7, $1,500; Leopold Pierce to Ripley, se sec. 25-47-9, $1,400. Polk County.— William E. Reim to Ferdig, s se and se sw, sec. 3-35-18, $3,950; William J. Starr to Archambault, w nw sec. 36-37-17, $1,705; William J. Starr to Shepard, s nw and nw ne, sec. 2-36-17, $1,900. H O M E S E E K E R S ’ E X C U R SIO N . The Minneapolis & St. Louis R. R. will sell round trip excursion tickets every Tuesday to points in Minnesota, Wisconsin, the Dakotas, Manitoba, Saskatchewan and the Canadian Northwest, and on the first and third Tuesdays of each month to points in South, Southeast, W est and Southwest. Rate one fare plus $2.00. Liberal limits and stop-over privileges. For rates and further particulars call on agents or address A. B. Cutts, G. P. & T. A., Min' neapolis, Minn. T H E E R IE R A ILR O A D Is the only line to Chautauqua Lake, N. Y., the beauti ful educational resort of the east. T h e y ’re all going. B et ter ask E. R. Porch, T. P. A., St. Paul, for particulars. W rite today Saturday, September 8, 1906 M. D. FLOWER, Presd. W. R. INGRAM, Supt. T H E C O M M E R C IA L W E S T H. B. CARROLL, Acting Manager. A. A. McKECHNIE, Secy.-Treas. UNION S T O C K Y A R D S SOUTH ST. PAUL, IHIINIM. Live Stock Markets. (Special Correspondence to the Commercial W est.) Hogs. South St. Paul, Sept. 5.— Receipts of hogs at six big markets for the first three days of this week total about 200,000, compared with 200,000 for the first three days last week, and 165,000 for the same'three days last year. South St. Paul received about 4,723 hogs the first three days this Aveek, against 5*889 for the first three days last week, and 4,202 for the like three days last year. Combined receipts of hogs at six large markets last week were 272,900, against 285,300 for the week previous, 342,600 for the same week last month, 225,400 for the same week last year, 232,100 for the same period two years ago. Receipts here last Aveek were 7 >7 oo, compared with 5,300 for the pre vious week, 9,900 for the like week last month, 6,000 for the same week last year, and 5,200 for the like period two years ago. The hog market closed last week with an advance of a dime_ scored over the level preA'ailing at the close of the preceding week, but the opening this week was the signal for a break of a dime. After the first trading Monday morning, however, there was some recovery, and the close wras just a nickel under the figures of Saturday. Yes terday the market ruled steady, and there was active trade. Demand remains strong for hogs, and the light grades are especially wanted. Quality has been some better than the average of a month ago, there being a larger share of good hogs, and not so many of the rough old sows. Bulk sold today at $5.85@5-95, against $5-75@5-90 a week ago, $5 3 5 @ 5-45 a year ago, $5.25(0)5.35 tAvo years ago, and $5.20(0)5.30 three years ago today. Quotations: Light, common, $5.40(0)5.60, fair, $6.65(0)6.85, good to choice, $5.90(0)6.20; mixed, common, $5.40(0)5.60, fair, $5.65(0)5.85, good to choice, $5.90(0)6.20; heavy, common, $5.40(0)5.60, fair, $5.65(0)5.85, good to choice, $5.90(0)6.20; rough sows, $5.00; rough stags, $4.50 to $4.75. C attle. Combined receipts of cattle at six important markets the first three days of the week total about 115,000, com pared with 125,000 the first three days last week, and 130,000 the same three days last year South St. Paul received j 5>573 cattle the first three days this week, against 10,612 for the first three days last week, and 16,338 for the like three days last year. Total receipts of cattle at six big markets last week were 191,500, compared with 182,900 for the previous week, 157,300 for the same week last month, and 205,900 for the same week last year, and 144,600 for the corresponding week two years ago. Local receipts last week were 13,500, against 7,000 for the week preAuous, .9,200 for the like week last month, 13,500 for the same week last year, and 10,400 for the corresponding week two years ago. There has been very liberal supply of cattle this week, aiM a larger share than usual has been sold here. Mon day's market was active, and trade in both killing cattle and stockers and feeders surpassed in volume the amount of business done any day since last fall. There was de mand for all offerings, and the yards were well cleared of stuff put on sale. Quality was fair to good, but there was a scarcity of choice kinds of killing cattle. The largest proportion of the cattle sold were from the ranges. Kill ing cattle were a dime lower on Monday in sympathy with a similar break at Chicago, and on Tuesday there Avas further decline, making the break for the week about to to 20 on the medium grades. Best stuff quoted steady, Stockers and feeders of best quality were steady, while the fair medium classes were 10 to 15c lower, and some common stuff was 20 to 25c lower than last week. Veal calves of best quality steady, heavy calves dull at a de cline of 25c. Bulls slow, and showing little quotable change. Sheep. Six important markets show aggregate sheep receipts for the first three days this week of 125,000, compared with 100,000 for the first three days last week, and 120,000 for the same three days last year. South St. Paul received about 16,077 sheep the first three days this week, 8,178 for the first three days last week, and 27,740 for the like three days last week. Aggregate sheep receipts at six big markets last week were 226,900, compared with 189,700 for the Aveek pre vious, 155,600 for the same week last month, 216,800 for the like week last year, 186,600 for the corresponding pe riod two years ago. Receipts here last week were 15,400 sheep, against 4,500 for the previous week, 4,700 for the https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7 4 -a S the best equ ipp ed and m ost advanta geous m arket for live stock sh ip p ers in the Northw est. It is connected with all railroads and w ants 1000 b eev es, 5 0 00 hogs, and 1000 sh ee p daily. Your ship m ents invited. I Big Sale Barn for H orses like week last month, 17,600 for the same week last year, and 15,600 for the corresponding period two years ago. The sheep market was active this Aveek, the receipts being very liberal, and number sold here being larger than for some time. Several big strings of western feeding sheep were sold at good prices. Demand is strong for feeders, and everything offered here sells quickly. D e mand for killing sheep not so sharp as last week, and a drop of about 15c resulted on Monday. The lamb market also weaker, and good lambs selling around $6.50. with top around $7.00. Quotations: Killing sheep and lambs: Wethers, $4.00 to $5.00; good to choice ewes, $4.00 to $4 -7 5 , common to fair, $3.25 to $3 -7 5 ; good to choice yearlings, $5.00 to $5.50; common to fair, $4.00 to $4.75. Spring lambs, good to prime, $6.25 to $7.00, fair, $5.00 to $6.00, common, $3.50 to $4.50. Breeding ewes, common to fair, $3.50 to $4.00, good to choice, $4.50 to $5.25. Bucks, $2.50 to $3.00. Feeding sheep and lambs: Wethers, $4.25 to $4.75; yearling wethers, $4.50 to $54°; ewes, $2.50 to $4.50; buck lambs, $3.50 to $5.50; good to choice lambs, $5.50 to $6.25. Receipts at the South St. Paul yards thus far in 1906 with comparative figures: 1906. 1905. Inc. Dec. Cattle ......................... 157,916 178,911 20,995 Calves ......................... 37,931 35,378 2,553 Hogs ........................... 572.503 574,735 2,232 Sheep ......................... 204,119 275,828 71,709 Horses ............. 5,396 3,772 1,624 Cars ......................................... ...... Receipts of live stock at South St. Paul for the week end ing Wednesday, Sept. 5, 1906. Cattle. Hogs. Sheep. Horses. Cars. Thursday ........................... . 680 998 1,149 29 Friday .............................. 598 36 321 Saturday ............................ 308 5,738 99 Monday .............................. 1,239 11,910 487 Tuesday .......................... 1,684 3,667 161 Wednesday ....................... 1,800 500 112 Totals .......................... .18,514 6,537 23,285 924 Receipts of live stock at South St. Paul for the week ending Wednesday, Sept. 6, 1905. Cattle. Hogs. Sheep. Horses. Cars. Thursday .......................... 680 908 1,149 33 Friday ................................ . 502 878 679 Saturday .......................... . 114 623 1,095 30 21 Monday .............................. . 6,490 995 1 9,198 316 Tuesday ............................ . 6,771 1.599 10,338 333 16 W ednesday ....................... . 3,077 1,608 8,294 40 171 Totals ........................... .17,634 6,611 31,663 87 919 Range of Hog Sales. Thursday . Friday Saturday . Monday . . . Tuesday .. W ednesday This Week. ....................$5.70@6.05 ................... 5.80@6.15 ................... 5 .50@6.25 ................... 5.50@6.20 ................... 5.50@6.20 ................... 5.40@6.20 Thursday . Friday Saturday . Monday . . . Tuesday .. Wednesday This Week. ................................ $5 .70@5.85 ................................ 5.99@6.00 ................................ 6.00(8)6.05 ................................ 5.95@6.05 ................................ 5.95@6.05 ................................ 5.85@5.95 Previous Week. $5.90@6.25 5.50@6.15 5 .85@6.15 5.50@6.20 5.50@6.25 5.40@6.15 Bulk of Hog Sales. C om parative Receipts of Hogs. Last Week. Chicago ............................ 129,500 Kansas City ..................... 41,000 South Omaha ................. 37,300 South St. J o s e p h ............. 28,100 East St. Louis ................. 29,300 South St. Paul ................. 7,700 Totals .......................... 272,900 C om parative Chicago ..................... Kansas City ........... South Omaha ......... South St. Joseph . . East St. Louis ........ South St. Paul . . . . Totals ................... Previous Week. $5.95@6.05 5.80@5.90 5.90@6.00 5.85@5.95 5 .90@6.00 5.75@5.90 Previous Week. 130,000 41.000 46.000 37.000 26.000 5,300 285,300 Year Ago. 102,700 28,400 28,500 33,100 2.6,700 6,000 225,400 Receipts of C attle. Last Week. ----- 52,900 ------------- 12,900 25,900 13,500 Previous Week. 50,500 19.000 12,400 28.000 7,000 Year Ago. 77,200 60,000 19,800 12.400 23,000 13,509 182,900 205,900 66,000 G R A IN F IR M E N T E R S L I V E S T O C K F I E L D . McHugh Christensen & Company, one of the well known Minneapolis cash grain firms, has branched out into the livestock field. This move has been under con sideration for some time, as a growing business in grain had brought the firm in touch with the cattle interests over a wide territory. The company’s principal offices are Minneapolis, Duluth and Winnipeg. Their livestock commission office is located at South St. Paul at the main entrance to the Union stock yards and is in charge of A. N. Decker. T H E C O M M E R C IA L W E S T 7 4 -b Saturday, September 8, igc6 Wholesale E lectric P o w e r 2 5 ,0 0 0 HORSE POWER Of Electric Energy is now available in fac tories and machine shops o f Minneapolis, by the completion o f the new Power Plant at Taylor’s Falls. It will be sold at a price less than the cost o f steam. A thoroughly equipped corps o f Engineers are ready for consultation on any proposition, w hether large or small. Address Contract Agent. The Minneapolis General Electric Co, 15-17 South Fifth Street. L IG H T D EM AN D FO R CH ICAGO B A N K STO CKS. Burnham, Butler & Company, Chicago, say to the est under date of September 4: Chicago bank stocks have declined in market value dur ing the past year and are not in very good demand by the investor. This is due in great measure to the troubles which came to light in financial circles, notably the Chi cago National Bank of America, Jackson Trust and Mil waukee Avenue State Bank. Bnt after this general house-cleaning, it would seem that the good bank stocks whose stability was unaffect ed by these sudden unheavals, were a safer purchase than ever before. And surely this would indicate to be the time when we consider the large deposits the tremendous earnings of the past year, the high rates of interest that are paid on loans. T o sum up the situation: The banks are watched more closely and their earnings and profits have increased. . „ ^ The Jackson Trust is in liquidation by the Railway E x change. The latter bank was formed by a few of the strongest men in the management of the Jackson trust. Contrary to the popular opinion, the Jackson Trust was at all times able to pay every depositor in full. The run on that institution was caused by nervousness and a feeling of unrest, which, added to the newspaper articles, aggra vated matters to such an extent that a run was brought about, although no real danger existed. C om m ercial W A F A M O U S N E W S P A P E R M A N. William E. Curtis, the famous correspondent of The Chicago Record-Herald, writes a two-column letter for his paper every day in the year without intermission. His powers of sustained work are as great a marvei as his faculty of always making his matter interesting. Probably no other newspaper correspondent 111 the country is read so regularly and eagerly by so many thou sands of men and women as Mr. Curtis Mr. Curtis lias traveled several times around the world, visiting every country under the sun, and writing a larger number of bril liant and interesting letters of travel than were ever be fore produced by a single hand. Many of these nave niter been reprinted in book form. One of his latest exPeclitions for The Chicago Record-Herald was through Mex ico, resulting in a series of letters as entertaining as those he wrote a few years ago from India, Turkey and the https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Holy Land. His forthcoming letters from Ireland, Rus sia and Germany will rival in importance and interest any of his previous contributions. Beginning his career in Chcago as a reportei in 1872, Mr. Curtis rapidly rose to be managing editor. He re signed that position to accept a government appointment as secretary of the South American commission. So bril liantly did he perform the duties of this office that James G. Blaine, Secretary of State, placed him at the head of the Bureau of American Republics. A t the world s fanin Chicago he distinguished himself as the executive head of the Latin-American department. He is a member of almost every learned society in Washington and of many in Europe. It is not strange that The Chicago RecordHerald prints Mr. Curtis’ letter every day in the first col umn of the front page, and that nothing but a California earthquake can displace it from that station of honor. Plutocratic Editor. The Farmers & Merchants State Bank of Morgan has installed a set of safety deposit vaults in the vault of that institution. The boxes are both fire and burglar proof and now Editor Eaton has a good place to store his dress suit and diamonds, as well as a few dollars of sub scription money. If you want to look in the box pay a year’s subscription down that way.— Red Lake Falls (Minn.) Gazette. PROPOSALS. W A T E R W ORKS. K elliher, Minnesota. Sealed proposals will be received at the office of the Village Recorder of the V il lage of Kelliher, Beltrami County, Minn., until 9 o’ clock p. m. on the 17th day of September. 1906. for constructing a W ater W orks System in said village. Separate bids must be made on the 1,100 feet of 6-inch water mains, the 20x20 white pine tank and 80-foot steel tower, and on the fire-proof power house. The Village Council reserves the right to reject any or all bids or accept any part of any bid. Plans and specifications will be mailed to prospective bidders on application to M D. Stoner, Engineer, Bemidji. Minn. J. W . MURRAY. Recorder, Kelliher, Minn. T H E C O M M E R C IA L W E S T Saturday, September 8, 1906 75 OPPORTUNITIES IN M INNESOTA LANDS. Minnesota is remarkable among the states not less for the diversity than the immensity of her resources. There is produced within her boundaries practically ev erything essential to normal civilized life. Shut out from intercourse with the rest of the world by a Chinese wall there would be found among the products of her mines, forests, fields and farms all the necessary material elements of independent, comfortable and prosperous ex istence. Am ong all these great and varied resources of the state, however, the farm holds undisputed preemi nence. Not only does its annual contribution to the K IT T S O N CO UNTY wealth of the state overtop by many millions those of the forest and the mine but, as Mr. Hill pointed out this week, if its vitality is conserved by careful, intelligent methods the farm will continue to pour its golden stream into the coffers of the state long after the mines have been ex hausted and the timber supply has been reduced to insig nificant proportions. Notwithstanding, then, the multiplicity and diversity of Minnesota’s resources the state may be considered as primarily agricultural. One half of her 2,000,000 people live on her 175,000 farms which embrace in the aggregate approximately 20,000,000 acres. The cereal crops alone last year reached a value of $125,000,000, to which must* be added nealy as much again for the potato, fruit and hay crops and the dairy and allied industries. The total thus attained is almost three times that of the combined value of the lumber cut and the ore delivered at the docks on Lake Superior in 1905 and is sufficient to raise the aver age value of the products of e^ch Minnesota farm to close to $800 and well over $500 for each farm worker. N ot in General A ctive B O NANZA FARM . over her boundaries on the way to the Dakotas or Canada entirely oblivious of the opportunities awaiting them in this state, should they choose to accept them. Fortunate ly there seems to be in progress a general awakening from the lethargy in which the state has lain and it appears likely that the development of Minnesota will not be made to suffer much longer for lack of an effort to bring its multitudinous opportunities to the public attention. Conditions In the V arious Sections. Beyond this single feature of the situation it is useless to attempt to consider farm land conditions throughout the state as a whole. Nature has divided the state into three great and separate regions differing widely in their characteristics. The southern two-fifths was a great un- Dem and. In spite of the demonstrated potentiality of the land a study of the movement of farm lands in Minnesota for the past five years shows an absence, except in certain favored districts, of any great degree of activity. For the state as a whole the period has been one of very mod erate interest in lands, and slow, gradual appreciation in farm values in sharp contrast to the conditions existing in the Dakotas and western Canada. A recent government report places the advance in Minnesota land values dur ing the past five years at approximately 20 percent, while the same interval witnessed a rise in North Dakota fig ures of over 70 percent. Even the modest average cred ited to this state was not a general one, being the result rather of an advance in certain districts sufficient to offset stationary and occasionally receding prices in other local ities. P ub licity the G reat Factor. That Minnesota has failed to share in the activity and rapid rise in farm values enjoyed by her neighbors on the west and north is a matter into which the merits of her farm lands and the opportunities which they offer does not enter. In fact the failure of this state to receive its part of the vast influx of homeseeking immigrants into the northwest of recent years appears to be chiefly the result of a complete failure to appreciate the value of pub licity. Secretary Coburn has made the state of Kansas https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis renowned around the world simply by persistent and judi cious advertising of its agricultural achievements. Can ada by a well directed campaign of exploitation has made an empire out of a wilderness in a decade. North Da kota by grasping the possibilities of publicity has made itself the Mecca for thousands of desirable immigrants. Minnesota, with advantages and attractions equal and in many cases superior to those of the places mentioned, has had, through the simple failure to make these attrac tions and advantages known, the unpleasant experience of watching trainload after trainload of settlers whirled M IN N E S O T A FARM SCENE. M[ dulating prairie region, with a nearly uniform, rich, black, clay loam soil, and is now a region of homes snugly shel tered by planted trees. The northeastern two-fifths was timbered with alternating groves of pine and deciduous trees, and has soils of red, yellow, black and boulder clays, with areas of sandy and peaty lands interspersed. The necessity of removing trees has retarded the settlement of this region, leaving until now lands at low prices for people who were not ready to secure prairie farms until after they were all sold. The northwestern one-fifth, formed by the debris deposited in a glacial lake, is widely known by the name of Red River Valley. Its surface is as level as a floor, and the thrifty farmers have it all prac tically all drained and covered with crops. Most of it is dotted with groves containing comfortable homes, built up from the profits on wheat and live stock. In each of these sections farm land conditions are as different as are the characteristics of the soil. As a glance at the accompanying map will show land values in that district termed the southern two-fifths have remained practically stationary for five years or more and, in some instances, have suffered slight recessions. This section T H E C O M M E R C IA L W E S T 76 is among the most prosperous in the state, its crop have been bountiful, its business good, yet today there is in the district a scarcity of good tenants, a scarcity of-hired help and, as a result, a good deal of land thrown on the market and an accompanying stagnation in the farm movement. The C o m m e r c ia l W est is in receipt of a let ter from a banker correspondent outlining from his stand point the cause for this apparently paradoxical situation, which says: T H E A V E R A G E P R IC E R A N G E OF M IN N E S O T A “ The average price of land in Martin county five years ago was $35 to $45 for unimproved land. B y that we mean without buildings or fences, wells or groves. For improved land from $50 to $70, according to location, value of improvements. W e think there has been about 10 to 15 percent reduction on these, prices. Five years ago it was quick sale, now slow, notwithstanding that we are raising good crops, . Finest crop ever raised this year. Cause of it is certain land companies. Land companies https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday, September 8, 1906 take over large amounts of land from railroad companies; have their blockmen in every county, who come out into the country and get farmers dissatisfied, tell them of the wonderful capabilities of very low priced land in Colorado, Dakotas, Nebraska, Oklahoma, Canada, or Washington state. They get them to sell their land, or if renters to leave the country and go to the Land of Pormise they represent. Result is that there is a scarcity of good tenants, scarcity of hired help, a great deal of land FARM L A N D S B Y C O U N T IE S IN 1900 A N D 1906. thrown on the market, and a general stagnation in that line of business. All aided by the desire of the younger people to get a living without what they call “ hard work.'’ They seek employment in towns and cities, and make failures of themselves, increasing the population of citicn and decreasing that of the country. “ This is one of the best agricultural counties in the state, has the best crop of corn of any in the state, largely interested in dairy, stock and hog raising, A great many Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T horses are raised and sold. W e presume it is as prosper ous as any in the state. W e presume you will find our history for the last five years that of nearly all southern and central counties in the state.” 1 his statement of the situation and its causes is prob ably correct in the main. Criticism of the land companies, however, must be made only within limits. While the ef forts of these companies has undoubtedly been a factor in causing the removal of settlers from Minnesota to other states, these efforts in many instances have undoubt edly been along legitimate lines and while overstatement of the advantages of migration to newer sections has undoubtedly played its part this practice has not extended to the better class of land concerns. Values by Counties. In the other sections of the state conditions are more favorable as the following table will show. In it are giv en the present average price per acre of farm land in 77 Hubbard . Isanti Jackson Kanabec . Kandiyohi Kittson . . Le Sueur Lincoln .. Lyon Marshall . Martin Mower . .. Murray . . Nobles .. . Norman . Pine ........ Pipestone Polk ....... Pope ........ Renville . Rice ........ Rock . . . . Roseau . . Sherburne Sibley . . . 20@30 22 53 20@30 50@60 10@50 75 35@50 35 25(5)35 31 @63 52@57 45@50 40@50 25 25 25@35 30 , 40 50 50@60 12 20@25 52.50 15 7 None 10 10 None 15 10@15 12 15 7* 5 None None 10 5@10 10 ■9 5@10 10 None 5 None 7.50 * T IM O T H Y A N D CLO VER— NEAR P R IN C E T O N . Minnesota by counties, and the increase or decrease dur ing the last five years. No pretense to absolute accuracy m the figures is made. They were obtained from bankers m the county seats of the various counties and while evety effort toward accurate results was made in many cases the discrepancies in the estimates of various bankers in the same county were too great to permit of reconcile ment. It is probable, however, that in most cases the fig ures are a fair approximation of the values. The figures by counties follow: County—• Aitkin Anoka Becker . .. Big- Stone Blue Earth Chippewa . Chisago . . . Clay ......... Crow W ing Cottonwood Dakota . . . Douglas Fillmore .. Freeborn . Grant ....... Aver. Price Increase in Per Acre. Five Years. $ 5@7.50 2.50 ----- 25 5 ----- 30@35 10 . . . . 35 15 -----50(5)60 10 ----- 40 15 . . . . 40 15 ----- 30 10 ----- 15@28 12 ----- 37.50 12.50 ----- 50 10 . . . . 30@40 10 ----- 75 15 . . . . 40(5)45 15* ....30 5 W IN N E B A G O V A L L E Y —SO UTHERN M IN N E S O T A . Stearns ..................... Steele ......................... Stevens ..................... Swift ........................ Todd .......................... W aseca ..................... Wilkin ...................... W inona ........ ............ Yello-w Medicine .. ^Decrease. _T 10 Minnesota Full of O pportunity. A study of the table and the accompanying map leads to one inevitable conclusion, that is, that not even in the Dakotas are there greater opportunities for the settler or the investor than those which lie ready to hand in Minne sota. The value of the land from the farmers’ standpoint is so wed established as to be axiomatic. Its price, lack ing the stimulus of a continuous demand from immigrants, is in many instances below the level of its merits as com pared with the land of many other states. On the face of things such a condition can not long continue. Once the facts become apparent to the country at large a stream of immigration will be turned into the direction of Minne sota, which will speedily preempt the opportunities which now so abundantly await the discriminating land buyer. C A N A D IA N M ANUFACTURERS AT W INNIPEG. (Special Correspondence to the Commercial W est.) Winnipeg, Sept. 3.— September in Winnipeg will be marked by the visit to Winnipeg of the Canadian Manu facturers’ Association. This association is in Canada a very important factor. Not only does it bring together the most enterprising and influential manufacturers of the Dominion and result in joint action being taken to further the interests of the manufacturing industry but it also exerts a very powerful influence over the parlia ment of Canada. It confines its activities strictly to mat ters legislative or otherwise that affect directly the busi ness interests of those engaged in manufacturing. U n der this head of course is included the tariff and in view of the intention of the Dominion parliament to meet in November for the special purpose of revising the Cana dian tariff it is expected that at the forthcoming conven tion in Winnipeg some important declarations will be made by the manufacturers. Their first meeting will be held on September 17 and sessions will be held on the C A N A D IA N M IG RATIO N W E ST W A R D . Complaints come from New Brunswick that there is an exodus of young men as well as women from that province to western Canada. For the past six or eight years fully 1,000 of the strongest and most valuable young men have gone west. Perhaps 30 percent of these have returned, but the effect has been to deplete the eastern provinces in favor of the west. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis following days of that week and on Sunday following the delegates to the convention will entrain for a journey to the Pacific coast. 1 he local branch of the Manufacturers’ association are making very elaborate preparations for the enter tainment of this important body and the municipal au thorities will extend to them an official welcome. Some very important recommendations will be submit ted to the full convention one of which will be the es tablishment of a mutual fire insurance society. This of course is a movement to combat the high insurance rates which the manufacturers say they at present are com pelled to pay. Another matter will be the establishment of a labor bureau in Britain for the employment of labor of which the manufacturers claim there is a shortage. Already both these propositions have been the, subject of considerable discussion throughout the Dominion of Can ada and the action of the manufacturers while at Winni peg will be watched carefully by the general public. Among those who go are tradesmen, farmers and school teachers, induced by the higher salaries of Manitoba, Sas katchewan or Alberta. I he output of coal in Vancouver Island for T905 ag gregated 994,213 tons, of which 427,698 tons were ship ped to the United States. T H E C O M M E R C IA L W E S T 78 A R M O U R G 20 S La Salle Street M i l w a u k e e E B A R T L E T T , F R A Z IE R and C AR R IN G TO N S T O C K S and BONDS GRAIN and PROVISIONS CO. R A I N CHICAOO l e v a t o r C Western Union Building, CHICAGO, MINNEAPOLIS. o . G R A in r Specialty, Barley Saturday, September 8. -'506 25 Broad Street, NEW YORK MILWAUKEE. M embers : Chicago Board of Trade, New YorkStock Exchange, New York Produce Exchange, New York Coffee Exchange, Chicago Stock Exchange, Liverpool Corn Trade Association, New York Cotton Exchange, Mil waukee Chamber of Commerce. M ILW AUKEE, WIS. P R IV A T E . W IR E S TO A L L POIN TS L. W. BODMAN. SIDNEY MITCHELL. Grain Speculation not a Fine A rt MILMINE, BODMAN GRAIN CO. (NOT INCORPORATED.) COMMISSION “A BOOK.” MERCHANTS. Send postal requesting same, Grain and Provisions. Receivers and Shippers. ( to CHICAGO: 5 and 7 Board of Trade. E . j B. H. WOODWORTH, E. S. WOODWORTH, Vice-Pres. Présidant. DULUTH - A - G - N E R CHICAGO STOCK BROKERS AND COMMISSION M ERCHANTS C H IC A G O 212 and 214 L aS alle St. E. A. BROW N & C O . C H IC A G O Members—New York Stock Exchange Chicago Stock Exchange Chicago Board of Trade Minneapolis Chamber of Commerce St. Louis Merchants Exchange G r a in — C o m m is s io n M erch a n ts 923 W Hulburd, Warren & Chandler M IN N E S O T A M IL W A U K E E . 99 Board o f Trade, R. P. WOODWORTH, Sec. and Treas. W oodw orth Elevator Company | M IN N E A P O L IS W Chamber of Commerce, MINNEAPOLIS, MINN. Liberal Advances make on Consignments. Minneapolis Office, L. L. WINTERS, Manager. 110 Chamber of Commerce L. D. KNEELAND ALLAN M. CLEMENT LOGAN & BRYAN JOHN F. L. CURTIS FRANK R. McMULLIN 2 BOARD OF TRADE, CHICAGO Kneeland, Clement, Curtis & Co. Stocks, Bonds, Grain, Provisions MEMBERS: S T O C K S , B O N D S , G R A IN , P R O V IS IO N S , C O T T O N & C O F F E E Chicago Board of Trade New York Stock Exchange Chicago Stock Exchange New York Cotton Exchange Minneapolis Chamber of New Orleans Commerce Liverpool Cotton Association St. Louis Merchants Exchange. 219 LaSalle Street, CHICAGO. “ Rookery Building 1 Clinton Morrison, Pres. L. C. Mitchell , V-Pres. E. E. M itchell, Secy. H. F. Douglas, Treas, and Gen. Man. Liberal advances on consignments of Grain, Seeds, Hay, Millstuffs. Accounts of investors in futures and Hedgers solicited. Orders executed in all markets Great Western E-levator Company MINNEAPOLIS, MEMBERS: New York Stock Exchange; New York Coffee Exchange: Chicago Stock Exchange; Chicago Board of Trade. P R IV ATE, W IR E S - • L. T . S O W L E - MINNESOTA W. R. Mumford, President C. H. Thayer, Sec’y and Treas Founded 1870 W . & SONS R . M U M F O R D C O . Solicit consignments of G R A IN , S E E D S A N D ESTABLISHED 1884 H AY Future orders in GRAIN, PROVISIONS, STOCKS and BONDS 1 1 3 -1 1 4 rranches : Minneapolis, Milwaukee, St. Louis, Kansas City Grain, Seeds and Provisions, Stocks and Bonds New Chamber of Commerce, MINNEAPOLIS ( Ground Floor ) Member* Chicago Board of Trade, Minneapolis Chamber of Commerce 6 2 8 -6 3 0 Postal Telegraph Bldg., CHICAGO J . R O SEN BAUM G R AIN C O M P AN Y (INCORPORATED) G R A I N M E R C H A N T S ORDERS FOR FU TU R E D E LIV E R Y SO LIC ITE D https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C H IC A G O Saturday, September 8, igo6 T H E C O M M E R C IA L W E S T h ^ G R A I N ®, 79 M IL L IN G < & sg| THE CROPS A N D PROSPERITY. B y H. V. Jones. The estimate of wheat production in the United States is in round numbers 750,000,000 bushels, the largest pro duction in the history of the country. With the stocks carried over last July the total supply for the year is 840,000,000, including macaroni wheat. Allowing 525,000,000 for domestic consumption in the twelve months ending July 1, 1907, and a carry-over then of 60,000,000, the United States can export 255,000,000, or about 20,000,000 more than was ever exported. The American farmer has been favored for several years with a large price for wheat on the farm. The above statement looks bearish and is bearish. There is a large surplus in the country and it must be sold abroad or held at home as surplus stock to pile up and prove a bar to early advance in price. It would seem to lie good business judgment to sell this surplus abroad as early as possible, because if the export trade can be established again at the rate of 5,000,000 bushels a week, it would mean an early turning of the market against a decline in price that would mean a loss of profit to the wheat pro ducer. .The American farmer is in better position this year to stand a decrease of profit on early wheat marketings than he has ever been. He has made money for four or five years and the piesent is as favorable a season as he could have to apply the law of an average of price for a series of years. Therefore, in our view of the case, it will be the wise course to let Europe have the American surplus in order that more profitable price may the sooner be re stored. l h e American farmer is realizing but a small part of soil possibility because of poor farming methods. The average of wheat yield in the northwest is much below what it should be. If an era of low prices will serve the end of emphasizing this fact to the producer, he will gain by the process. W e have no hesitation in saying that in the matter of putting grain in shock the farmer loses a considerable sum every year. Instead of “ shocking” so as to protect from weather damage, the bundles are thrown together loosely and in a manner to permit of thorough soaking of the grain. In the old days the cap sheaf was applied and the grain was protected. The mod el n method is so slack that grain is soaked with every rain and wheat loses grade. The wheat producer pays a heavy bill annually to cover this loss. Wherever intelligent agricultural methods are enforced results are realized promptly. England and Scotland realize double the yield of wheat per acre that the United States realizes. The reason is that English tillage is thor ough. The American farmer must be made to see the possibilities of good farming. The occasional year of low prices need not deter him from increasing production. Eight and ten bushel wheat is farcical in the northwest, other things being equal, but it is a common yield. The fault is with method and not with soil. ----_ 1 j-vansds .rainier wno is wealthy. d lie reason is that he applies intelligence to farm work. He laises a crop. IIis wheat seed is in the ground Sep tember 15. He never plants after that date. His yield is 20 bushels year in and year out. He grows cattle along side the grain. He divides his acreage so that profit is assured, no matter what the weather conditions may be. Once the American farmer gets out of the soil the maxi mum of possibility it will make but little difference what the price of grain may be— he will turn every year with a profit. He must study to realize this result. Farming is a business. It is the great support of nations and the Almighty so intended it. It is more important to teach good farming than to revise railroad rates. Economic demands are stronger than political demands. The former never turn aside Un political expediency. If soil is abused the penalty must be paid. If work is half done results will be half. I he United States has a large surplus of wheat to sell because Nature made a great effort to overcome man’s slack methods but Nature cannot do this work year in and year out. Man must do his part, and if this idea can \A11°resultS1ZC( 111 t llS year ° f Surplus some g oocl to all ITALY AS A W H E A T G R O W IN G C O U N TR Y. B y Rollin E. Smith. The more one sees of agriculture in Europe, and notes the results, the stronger becomes the conviction that farming in America is crudely done. Particularly is this true of wheat raising. Italy is a striking illustration of the opposite side. It is the fifth wheat-growing coun try of the world, raising, in a good year, as much as an average crop in Minnesota and the Dakotas. Yet the Traveler in Italy is continually wondering how and where it is done. T e rrace The M ountain Sides. Italy is also the answer to the often repeated inquiry, "Has America nearly reached its limit as a wheat-produc ing country? For Italy raises millions of bushels where, in. America, in similar localities, the ground is as yet un touched by the plow. How is it done? Just as France raises a large part of its best grapes and so becomes fa mous for its wines; and as Switzerland supports a popu lation that would otherwise be an impossibility— by ter racing the hillsides and the mountains to heights and at angles only deemed safe by goats, in America. Furthermore, the fields are irrigated in a systematic manner. Water is not wasted in big ditches, but is used carefully; and irrigation is possible here and in France where it would not be in America. One land owner, if he does not want water, cannot prevent others farther on from having it; he is compelled to permit a ditch to cross his land for the benefit of those who do want it; and he must pay his percentage, too. Besides the closer cultivation of the ground, the yield https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis per acre is also a very important factor. Here, too, America is behind. How much this may be due to the variety of wheats grown, opens up another question. Still the wheat yield on unfertilized land in England decreased over 100 percent. rie ia per Acre Large. The fact remains, however, that the average yield of wheat per acre in the United States is small, compared with Italy, England, France and Germany. According to a recent report by Consul-General Castro, from Rome, the yield in Italy was as follows from 1900 to 1904- ^034 27.12, 22.82, 29.30 and 23.28 bushels per acre. The average in France is between 19 and 20 bushels; in the United Kingdom, 30, and in Germany 26 bushels. Austria-Hun gary also exceeds the United States; and Russia is low, averaging under 10 bushels per acre. The average for the United States is given by the ag ricultural department as between 13 and 14 bushels, but the country is too great and there are too many varieties of wheat grown to give any value to a general average. Considering only the principal wheat-growing states east of the Rocky Mountains, the average, while it would be lower, would really mean something. Small Farm s Closely C ultivated. Comparisons are not altogether fair, however, unless all conditions are similar. America is a jobbing nation and its farmers are in the wholesale business. Farming is clone for profit. Here in Italy thousands of farmers! or “peasants,” are scratching a living out of the ground Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T 8o where, in America, on the same amount of land, a few hundred farmers have become or are becoming wealthy. One may safely assume that the large average yields in these small European countries, and the total acreage as well, whether grain, vegetables or fruit, is due to the dense population. To return for a moment to the possibilities of wheat growing in the United States, judged by what is being done in Europe, it seems reasonable to believe that the crop in America may be doubled. This however, will on ly be when it is required for domestic consumption; when the big farms are divided into smaller ones; when whole sale farming gives way to retailing. It hardly seems probable that the United States will ever be an importer of wheat to feed its own population.. Yet it may import as France does— to manufacture and to export an equal amount of the product. L im it of Productiveness Reached. There is one point about the “ intensified” f a r m i n g cultivating every available acre and making it produce its fullest_in the European countries, which is of particu lar interest in America. That is, they cannot increase their wheat acreage to any appreciable degree. Of course, rotation of crops may cause an increased acreage one year, but the same condition would reduce it the next year. Except in Russia it may safely be assumed that an average basis has been established. T h e wheat crop of Italy during the last seven years has ranged from 117,000,000 bushels in 1900 to 184,000,000 TH E W H EAT MARKET. C o m m e r c ia l W est Office, Sept. 5.— Until yesterday the wheat market was dull and uneventful, with no decided tendency. Yesterday morning, however, Liverpool quo tation came d. higher, and for the first half hour of the session of the market there was great uncertainty as to what the effect might be. Naturally, those friendly to wheat had hopes that the decline had run its course, while the bears hesitated in their position but for a mo ment On some rather heavy selling the market turned very weak. Higher cables did not induce any big buyers to come into the market. , The present situation seems to be one of better supply than of demand. Europe continues an indifferent buyer ot our wheat and flour, and the northwest has a large crop of wheat— actual wheat— a market for which must be found There is no bull leader in the markets nor any con centrated bull interests. Furthermore, the steady hedging of the elevator companies for the next 60 days is bound to be a drag on the market. The importing countries of Europe are, of course, get tins- the bulk of their supplies from other sources than the United States and Canada. The Danube country is shipping freely. The movement Tom Russia will be good all fall owing to the bulk of the crop being near the Black Sea. The quality of the Russian wheat so far, however, has not been satisfactory. . . , „ It is apparent from the actions of the European 1111 porters that they are waiting for the movement of the spring wheat crop before they make any very aggressive move toward accumulating fresh supplies of wheat and Ìl0The weakness of yesterday’s market continues today, and new low points were made for both Minneapolis and Chicago December wheat. Minneapolis December sold down to 71c, and Chicago to 72^. Minneapolis May sold down to 75ksc, and Chicago to 7 7 c. , There is now talk of Minneapolis December wheat selling to 6igc. It is idle to place a limit on the market, or to get stubborn about a matter over which one has no control The course of the market will be influenced by commercial conditions and the usual speculative features. There is, of course, a point at which the importing conn tries will take our wheat and flour JL Iarg\ ’of for they .ire going to use up all the poor wheat of the world before coming tor our good wheat. Whether that price will be 70c Minneapolis, 65c or 60c, there is noth ing in the action of the importers ^ indicate. But it is certain that America is “ up against a world s proposition instead of a domestic or family squabble. w h e a t f u t u r e p r ic e s . S ep tem ber W heat. Sat. Mon. F ri. Aug. Sept. Sept. 3. 1. 31. 30. * 71% 71% Minneapolis ..................... ^ * 82% 813/4 * Year ago ............. . . . 70% 71 % 70% 711/4 * Chicago .......................... 1707/ 7Q % 78% 79V, 1/4 78 Year ago 731/2 ** 73% forDuluth FRASER ......... 64% 63% Kansas City A Large Consumer. Italy is a large consumer of wheat, requiring about 175,000,000 bushels per year, which includes seed. The average consumption per capita is estimated at 147 kilos or 5.37 bushels annually. It was below the average in 1905, but the consumption is increasing, as it also is in France. This, of course, means an increasing importa tion. Ita ly An Im porter. A duty of 40 cents per bushel prevents the importation of much more wheat than actual consumption demands. In 1905 the importations amounted to 32,000,000 bushels, mostly from Russia. In 1903 they were 47,000,000 bushels, also principally from Russia. In the latter year the mil lers imported more hard Russian wheat than actually re quired, to mix with the native soft wheat to improve the quality of their flour. In a year of very low prices the mills are likely to import more largely than when wheat is high. The semolina mills of Italy imported considerable amounts of macaroni wheat from the United States dur ing the latter part of 1905, but whether this will be re peated will depend upon the Russian crop, flhe toial im ports of macaroni wheat amount to some 15,000,000 bush els per year. .......... 68% 78% New York ............. .......... »Holiday. 30. Minneapolis 72 y4 64 70% 80% 70 80 % 711/2 63% Fri. Aug. 31. ........ Duluth ................... Kansas City ........ New York ........... »Holiday. 68% 78% * 67% 77% 683/4 78% Sat. Mon. Tues. Wed. Sept. Sept. Sept. Sept. 1. 76% 84% 78% 843/4 77% 71% 76% S4% 3. ❖ * * * ❖ * * 4. 75% 83% 77% 84% 76% 703/4 75% 84% 5. 75% 84 77% 85 76 70% 75 83% December W h ea t. Thur. Aug. 30. Minneapolis .................... . 72% . 80% . 73% . 81 . 73% . 66% Kansas City ................... St. Louis ....................... . 71% . 81% New York ...................... »Holiday. Fri. Aug. 31. 72%. 81 73% 811/4 73% ■66% 71% 7D/4 Sat. Mon. Tues. Wed. Sept. Sept. Sept. Sept. 4. 5. 3. 1. * 71% 71% 72% 80 80% 80% 72S y4 74 /3 **■ 82 81% 8l% 72% 71% 73 65% 66% * 67% 72 ( 1-% 1 u% 80% 8D/4 81% Minneapolis Cash W heat, Official Close. Thur. Aug. 30. No. 1 hard ..................... . 75% No. 1 northern ............... . 74% No. 2 northern ............... . 73 »Holiday. Fri. Aug. 31. 761/4 751/4 73% Sat. Mon. Tues. Wed. Sept. Sept. Sept. Sept. 5. 4. 3. 1. 74 % 75 76% * 74 13% 75% 72 1 1% 73% D uiuth Cash W h ea t. No. 1 northern ............. . No. 2 northern ............... . »Holiday. 77% 75% 77 73% 75% 74% Kansas C ity Cash W h ea t. . No. 2 red ....................... . »Holiday. 68% 68 68 67% 69 67% » * 71% 731/4 73 71% 68 67 67% 67 Liverpool W h e a t Prices. Thursday, August 30... Friday, August 31....... Saturday, September 1. Monday, September 3. Tuesday, September 4.. Wednesday, September 5......... SeDt.. Close. 6s l % d l% d i% d . . . . 6s l % d 2%d 2 d ___ Dec. Close. 6s 3%d 6s 3%d 6s 3 d 6s 3%d 6s .2 %d The Crop M ovem ent. The receipts of wheat at the four principal spring wheat markets from Aug. 1, 1906, to Sept. 4, and for the same time a year ago have been as f o l l o w s ^ ^ Last Crop Minneapolis Chicago 7oy2 8034 70% 75% 68% 78% M ay W h ea t. Thur. Aug. .................................... 2,536,050 g i \ X kee ..................::::::::: c l o s in g Digitized https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis in 1903. Some macaroni wheat is grown in the Naples territory, but most of the wheat is soft and of not very good bread-making quality. Contrary to what one expects, the northern part of the country is not the principal wheat-growing area. In 1905 the Rome district produced the most wheat. II lih 7,806,989 4,505,310 loiiiS 5 , 472,090 Totals ............................................ 11,806,850 11,332,848 Receipts of wheat at the four principal w inter wheat m ar kets from July 1, 1906, to Sept. 4, and for the same time a year ago. This Crop. Last Crop. Tr)lpdo 1,893,300 2,315,500 St L ouis............. 5,551,162 7,912,000 Detroit e is ^ e 340,000 ( Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T EFFECT OF DURUM O N W H E A T PRICES. In considering the large crop of durum wheat that has just been harvested in the northwest, the question natur ally arises: W hat effect will it probably have on the price of other wheat? O f course, everything depends upon the market for durum, whether there is found an export demand sufficient to take the bulk of the crop. If not, the disposition of the surplus is bound to be a matter of great importance. In this connection the following letter, under date of August 23, from a semolina miller at Marseilles to a member of the Chamber of Commerce, will be of interest: “ The North African crop has turned out even better than expected. Tunis and Algeria will this year export about 4,000,000 bushels of hard (macaroni) wheat, against nothing last year. The quality is’ fine. Russia, on the contrary, is disappointing. As a result of the heavy rains of July, this market has hardly received any hard wheat from Russia. Yet to counterbalance Russia, we count on important exports from the Danube country, which can export, as it has done when it has had a good crop, 80,000 to 100,000 tons of hard wheat. Spain was a consider able importer last year, but this year has raised a large crop, and will need no foreign wheat. “ O w ing to the scarcity of Russian wheat, African is worth in Marseilles 2 4 ( 0 ) 2 4 % francs (per 100 kilos). The duty of 7 francs must be deducted to give a price basis for wheat from other countries. The market shows some weakness and we believe that in a fortnight African wheat will not cost more than 23 francs.” While the export demand for durum wheat at Duluth is good, it seems probable that it will be satisfied before any very large percentage of the crop has been exported — this in view of the fact that the world’s crop of maca roni wheat is doubtless much the largest on record. If this surmise proves true, there must inevitably be a large accumulation of this wheat at Duluth and elsewhere. Now, if the export demand becomes satisfied, as seems probable, the result must be price depreciation to a point where the wheat will be used for some purpose— feed, if nothing better. Y et all this does not give any suggestion of the prob able effect on the price of other wheat. There is a general feeling among elevator managers that the difference in price between durum and No. 1 northern will widen, and this seems reasonable. A t pres ent the difference at Duluth between September (contract grade) and September durum is but 6 cents. This differ ence might easily widen, later, to io@i5c. Some of the elevator managers say that they will not hedge durum as if it were No. 2 or 3 northern, owing to the fear of a widening of the difference the wrong way. et there will doubtless be some hedging in the regular markets, which will have the same depressing effect as if that much additional spring wheat were sold. When asked for an opinion regarding the probable effect the durum crop would have on the markets, several elevator managers with whom the writer talked shook their heads uncertainly. The local trade has got to look ing at durum as a cereal by itself, and not wheat, so that it finds it hard to see any affinity. In fact, one manager put it this way: Durum is not wheat, in a market sense, any more than barley is. It cannot be hedged in the wheat market with any more safety than barley, for con ditions that may effect the price of durum will have no influence on No. 1 northern. It should be called ‘durum’ with the ‘wheat’ left off.” T he fact remains, however, that the trade at large, par ticularly when the crop is growing and when the first movement is on, looks at durum as so much wheat— as so many bushels. The first effect of a large crop of durum must; therefore, be bearish; in fact, almost as depressing to the market as if it were all spring wheat. This appar ently, is the present market situation. The big crop of wheat in the northwest has made European and domestic buyers bearish. Yet if they had realized that the north west had raised 160, 170, or 180,000,000 bushels of spring wheat, and 40, 50, or 60,000,000 bushels of durum, what ever the exact proportion may be, it is probable that their bearishness might have been tempered. Therefore, it seems probable that the effect of a large crop of durum is decidedly bearish and that its influence is felt early. Later in the crop year, the two wheats will probably have to work out their own salvation independ ently and on their individual merits. Kansas City St. Louis ........................................ 3,823,000 Toledo .......................... Toronto ........................ On Canals ................. ................. 609 000 On Lakes ..................... Total .12,998,000 14,632,000 ........................................... 21,060,678 25,199,508 W e e k ly W h e a t Movem ent. The receipts and shipments of wheat at the twelve principal pr"imary wheat markets for the week ending Sept. 1 were as follow s Cities— Receipts. Minneapolis ......................................................... 204,980 Duluth .................................................................. 298,916 Chicago ................................................................ 544,333 Milwaukee ........................................................... 113,360 New York ............................................................. 339,000 Philadelphia ....................................................... 270,179 Baltimore - ................. ........................................ 162 012 Toledo .......................................................... .. .’. 145/000 18,000 D etroit ................................................................ St. Louis ................................................................. 198,000 Boston .................................................................. 150,290 Kansas City ....................................................... 922,000 Total ............................................................... 3,466,070 Shipments. 311,850 379,439 791,OlS 3,520 198,128 188,441 96,000 28,900 5,459 259.000 175,230 435.000 2,872,685 W h e a t Receipts. Minneapolis, Duluth, Chicago. Cars. Year ago. Cars. Year ago. Cars. Year a Thur., Aug. 30. . . 54 306 16 4 47 45 Fri:, Aug. 31... . . , 72 358 13 15 79 51 Sat., Sept. 1. . . . . . 84 422 7 21 54 26 * * * * Mon., Sept. 3 .. Tues., Sept. 4.. . . 225 838 21 21 132 115 Wed., Sept. 5.. . . 97 292 240 90 114 54 ^Holiday. Baltimore ..................... ................. Boston .......................... Buffalo ......................... ................. Chicago ........................ ................. Detroit ........................ ................. Duluth .......................... Ft. William ........... .. ................. Galveston ........... . ................. Indianapolis ............... ................. Kansas City . . . . . . . . . ................. Milwaukee ................... ................. Minneapolis ......... ................. Montreal ............. . New Orleans . . . . . . . . . . ................. Ne>v York ......... .'.......................... Peoria ............................ Philadelphia ................. Port Arthur ................. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Wheat. 1,216,000 168 000 782 000 8.476',000 432 000 265 000 1,706,000 529,000 2,208,000 365,000 4,139,000 363 090 883,'OOO 1.169,000 Corn.' 191.000 24.000 240.000 117.000 47.000 16, ÓÒÓ 120,000 240.000 18,000 8,000 75.000 117.000 253.000 16.000 1,000 Oats. 264.000 28,000 189.000 1,731,000 30,000 205.000 36,000 180,000 120,000 599,000 245.000 430.000 1,009,000 129.000 44, ÓÓÓ 491.000 Totals ..................... 2.258.000 Year ago ............... .................12,140,000 4.615.000 The visible supply of wheat, corn and oats on Sept. 1 with comparisons of a year ago, was as follows: 1906. 19-05. W heat ........................................................... 30,054,000 12.140.000 G °rn ............................................................... 2,258,000 4,615,000 Oats ..................................................... 7,042,000 11.946.000 W orld's Shipments. Last W heat— Week. Am erica ............................................ 4,824,000 Russia .............................................. 1,136,(0)00 Danube .............................................. 1,328,000 Argentine ........................................ 1,048,000 India ............................................... 88/000 Australia ......................................... 352,000 Austria-Hungary, ......................... 56,000 Various ............................................. 192,000 Previous Week. 3.258.000 2,096,0:00 1.408.000 1.208.000 848.000 376.000 24,000 176,0-00 Year Ago. 1,600,000 4.320.000 1,752,0-00 1.376.000 272.000 248.000 Totals ................................ 9,024,000 Corn— Am erica ........................................... 424,000 Russia ............................................... 65’, 000 Argentine ...................... 2,668,000 Danube ............................................. 333,000 9,394,000 9,664,000 544.000 72,000 2,633,0-00 423.000 1.052.000 408,000 2.756.000 40,000 3,672,0-00 4,256,000 Totals V isible Supply of Grain. 142.000 98,000 ......................................3,490,000 ’ 96,000 W o rld ’s W h e a t Shipments. Last Week. American ............. ................... 4,824,00-0 Russian ............... .................... 1,136,000 Danubian ............. India ..................... RR 000 Argentine ............. Australian ........... ................. 352 000 Austria-Hungary ................. 56,'OOO Chili,- N. A ............. ................. 192 O'OO Total ............... ................. 9,024,000 Prev. Week. Last Year. 3.258.000 1,600,000 2.091.000 4.320.000 1.408.000 1,752/000 848.000 272.000 1,2-08,000 1.376.000 376.000 248.000 24,000 176.000 96,000 9,394,000 9,664,000 W o rld ’s Corn Shipm ents. Am erican ............. ................. Russian ................. Danubian ........... ......... . Last Week. 240,000 333,0010 Prev. Week. Last Year. 544.000 1,502,0-00 72,000 8,000 423.000 40,000 Saturday, September 8, igo6 T H E C O M M E R C IA L W E S T 82 TH E CROP Y E A R AT M INNEAPOLIS. Receipts and shipments grain and flaxseed crop years ending July 31, 1905-1906. Barley Oats Wheat Month1905-6 1905-6 19041904-5 1904-5 1905-G Receipts. 819,820 736,910 1,416,480 2.229.860 Alienist ......................... 3,396,850 4,273,180 3,052,290 4,397,960 2,402,500 5.663.880 September ...................... 8,926 510 12,725,310 2,470,170 2,018,610 4,453,160 3.512.880 October ......................... 14,2/6,210 13,665,1090 2,064,890 1,687,810 3,274,790 2,146,220 12,306,960 November ..................... 1,704,330 1,580,120 3,030,860 1,677,110 December ......................l l ’ £95,950 13,417,040 1,214,100 849,390 2,042,209 1.171,370 8,961,610 825,830 806,690 1,277,070 756,310 February ........................ 6,132,730 7,845,950 813,310 1,098,060 1,900,550 1.701.860 March .............................. 6,921,490 8,418,840 473,120 409,850 1,824,880 727,980 4,992,850 Aiiril 3,558,100 259,360 169,360 1,048,720 1.059.860 3,200,210 May 4,164,610 640,070 500,890 2,200,910 1,929,640 4,348,140 June 4,089,380 403,160 477,650 1,398,560 1,205,650 July .................................. 3,217,190 4,027,390 14,740,450 28,266,140 12,737,840 98,182,570 23,782,620 Totals ....................... 88,259,721 Shipments. 396,890 223,000 722,210 2,261,300 August ............................ Is o q ’oqft 2,141,250 1,267,810 885,780 1,010,080 September ...................... 1.829,290 1,251,550 1,088,50(1 1,267,160 2,206,150 October .......................... 2,377,910 839,000 1,132,910 844,770 November ...................... 2,076,790 1,995,350 396,020 807,270 831,060 December ........................ 2,472,320 1,454,160 1,356,870 688,130 2,426,320 January ........................... 2,310,6lO 1,700,120 1,053,820 564,940 2.395.410 1,301,710 February ....................... H ki ’I qo 1,626,880 997,030 1,046.640 3,997,130 March ..................... 2,451,490 974,950 739,490 3,180,010 1,481.130 April ' 1,936,810 398,740 250,370 1,176,660 1,810,200 May 1,361,080 618,370 195,400 1,649,280 1,105,900 June " 1,591,180 474,470 312,579 1.683.410 1,761,410 July . I ! .......................... 1,608,770 7,935,000 10,016,520 Totals ....................... 22,944,080 20,845,560 10,250,260 21,183,500 1904-5 Flax 91,560 1,034,130 1,717,510 1,856,380 1,152,560 384,360 174,210 307,600 133,869 54,620 100,990 55,530 7,063,310 1905-6 Total 1904-5 1905-6 150,990 1,100,420 2,066,230 2,087,080 1,592,650 1,442,360 884,460 1,013,030 798,400 319,200 315,180 433,120 12,203,120 131,843,491 153,392,280 55,740 266,120 416,520 686,360 196,280 95,680 57,750 146,469 115,090 39,470 96,720 88,550 2,260,740 4,680,970 43,390,080 11,726,550 THE DULUTH CROP YEAR. Receipts and shipments grain and August ........................... September ................... October .......................... November ..................... December ....................... January ........................ S Mav June jmy h ...............::::: : : : : : : : : ............... W heat 1904-5. 1905-6. 792,430 «05,075 6,006,554 8,345,270 0,867,453 9,392,034 ico too 3,791,570 j .162,333 2,847,337 L rI I ’ rsi 1,124,494 1,522,298 1,162,088 ei ,633 1,083,390 982,845 242,681 353,21s 1,092,808 ...................... 23,231,633 Totals August .......................... September ................... October .......................... November ..................... December January February March .. April May . . . . June . . . . July ----- L43L584 1» ro ro?> 4,758,532 o,267,699 ,821,913 119,970 99,547 129.859 1,724,083 1,667,424 1,271.578 783,278 1 Nor. 10,334 1 Hard. 2,046 38,143,118 crop 10,187,697 779,504 3,126,686 6,557,863 5,759,017 6,105,976 91,235 849,953 47.178 2,314,383 1,903,496 1,583,890 2,473,157 11,924,292 8,461,753 11,083,087 12,054,600 17,145,212 681,706 506,440 661,575 524,358 955,486 198,869 205,325 60,844 1,605,589 2,512,292 2,310,280 1,512,243 48,002 577,046 3,050,442 2,349,252 1,291,144 69,575 47,167 23,016 191,498 277,472 104,984 191,766 460,705 1,575,047 3,546,543 1,470,313 1,639,962 196,843 90,075 30,078 1,303,961 278,137 113,146 164,665 1,476,082 1,030,626 1,487,281 3,218,118 2,515,045 128,620 247,908 174,460 39,019 1,038,200 828,647 504,766 604,375 1,441,774 2,754,808 4,576,138 3,467,594 83,889 108,509 1,250 2,976,310 1,759,350 1,128,301 1,728,813 Shipments. 2.852.000 2.633.000 2.706.000 Total . 3.490.000 3.672.000 4.256.000 M inneapolis S tate Grain Inspection. The following shows the grading of the daily receipts of wheat at Minneapolis during the week ending luesday, ac- x_ XI_rrvniv, incnaptinn OttlOP • No. 1 N. 14 10 8 8 * 26 No. 1 H. Wed., Aug. 29. . Thur., Aug. 30. Fri., Aug. 31.. Sat., Sept. 1. . . Mon., Sept. 3 .. Tues., Sept. 4 .. Totals .... ^Holiday. 0 2 1 0 * 16 19 ~ Té No. 2 N. 10 24 17 34 7S No. 3. No. 4. Rej. 4 3 3 6 2 7 6 2 8 3 1 9 * * ❖ 4 10 43 163 18 * 70 23 No Grd. Tot. 34 0 52 1 46 4 57 2 * 14 191 21 380 Range of Minneapolis Cash W h e a t Prices. The following table showsj the daily^ range> ° f ^ v7 heat prices at Mm No No. No. No. Grd. 2 N. No. 3. No. 4. Rej. 1 N. 1 H. 71% 72 72% 74 76% 77% . Thurs., Aug. 30. 71% 70 71% 73 73 75 % 70% 72 72 72% 74% 761/2 76% Fri., Aug. 31 58 66 70 68 71% 73% 76% 70 73% 71% 73% 75 77 Sat., Sept. 1. 66% 65 71% 71% 75 73 % * * Mon., Sept. 3.. * * 69% 72 73% 73 75 76% 77% Tues., Sept. 52 72 69 71 71% 72% 75% 60 70 68 72 74% 75% 76 y 2 Wed., Sept. 60 70 67 67 71% 723/s 75% F L O U R A N D M ILLIN G . Business Only Fair— No Foreign Interest— Buyers Still Hold Bearish Views. In its more important features the local milling sitnaion shows little change for the week. P r o b a b ly the a g gregate amount of business transacted was som ew hat unaller than during the previous week, but the experience jf the mills varied in this particular and the decrease in https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 54,942,947 79,196,827 31,592,338 4,478,295 Argentine • Total 1904-5. 1905-6. 221,364 10,869,475 12,688,772 20,631,111 53,186,353 75,725,864 9,598,819 11,735,007 W heat to mills oft track not included in shipments. Average size cars wheat 99o bushels. . w _ .. 31, 1906. ^ x , Num ber Cars W h e a t Received w ith G r a d e ^ Crop Y ear Ending July Winter. Western. Durum. Total. Mixed. Grade. 2 Nor 3 Spring. 4 Spring. Rejected. No. 87 151 9,450 38,408 179 167 8,378 5,664 1,072 880 11,770,083 2,324,008 Totals years ending July 31st, years 1905-1906. Receipts. Flaxseed Barley Oats 1905-6. 1904-5. 1904-5. 1905-6. 1905-6. 1994-5. 40,505 246,442 553,745 107,775 874,568 144,639 504,111 329,999 2,725,279 2,238,158 1,316,983 1,893,888 3,612,630 2,268,427 3,066,353 2,952,114 2,443,336 3,218,679 3,192,354 5,441,438 1,675,400 1.722,005 1,369,757 1,422,724 2,064,350 2,431,354 1,046,783 640,914 959,262 1,001,585 1,305,599 611,500 447,357 38,733 1,039,483 402,445 699,919 198,740 196,510 23,107 326,574 155,286 1,229,840 175,884 356,486 26,739 739,632 917,342 1,280,751 133,150 270,760 184,608 548,380 408,184 656,532 76,109 49,894 119,407 299,987 82,523 690,515 61,382 126,467 74,636 589,005 139,171 1,877,106 81,075 568,053 333,577 1,507,325 401,231 flaxseed, business was not large. The character of the demand re mains unchanged. E x c e p t for some business in low gia de flour for export the buyin g has been exclu sively for do mestic account. T h e great bulk of the orders continue to be individually small and usually for prompt shipment and there is an absence of any developments indicative ot a tendency to stock up. B u y e rs appear to still anticipate lower prices and are not disposed to take hold with fre e dom at present figures. First patents quotable at $4-io@ 4.20; second patents at $3-95@ 4-05; first clears at $3-25@ 3.45 and second clears at $2.5o@2.6o; in w ood, f. o. b., Minneapolis. M in n e a p o lis F lo u r O u tp u t. W eek ending Barrels. September 1...................................................... August 25 ............................................................ August 18 ......................................................... August 11 .............................................................. August 4 .............................................................. Ins 150 f08,150 onr’nrr -05,055 269,055 3® S I:::::::::::::::::::::::::::::::::: f S g h . :::::::::::::::::::::::::::::::::: M June 233° 2 3 3 ,0 0 5 ...................... ! ! ! ! ! 11 ! 1111 ! !!!!! June I : : : : : : : :....................................... E x p o rt 175,075 Year ago. 2,356,530 334.315 215,165 230,625 206,395 194,430 186,135 199,575 117.315 190,950 175,830 209,125 190,825 225,500 S h ip m e n ts . W eek ending September 1.................................................... Bn f 9 uf' I qT™ August 18 .......................................................... 4 4 ’siO July 28 ................................................................ 41 July 7 .................................................................. 10’9«5 June 9 ............. June 2 .................................................................. 24,050 18-005 200 Year ago. 53,180 30,790 32,980 23.600 14,995 9.025 21,590 19,295 8,460 16.600 12,075 17,635 17,925 21,285 T H E C O M M E R C IA L W E S T Saturday, September 8, 1906 82-a COM M ERCIAL WEST MARKET REVIEWS. E. W . W agner, Chicago, Sept. 1.— The wheat market closed last night with the gain of the previous week about lost. In other words, it shows but little disposition to recover. It is probably a little too’ early to say that the northwestern producers are not disposed to market their wheat at this price. The season is admitted to be a little late, but another week ought to enable us to arrive at a safe conclusion about deliveries one way or the other. . I cannot as yet see any drastic liquidation of September con tracts as imminent, because the elevator people want the cash wheat and are bound to get it. I look upon deliveries out as a mere matter of form and no one who wishes to ship the wheat, if such there are, will be able to get hold of it. Those who want to buy Decem ber and May can get all they want of that kind, and it will go down after they have bought themselves to a standstill. That is wheat “ on tap,” the kind that will stand any amount of drain, while those who sell it have 15,900,000 bushels in store in this city. This is why I advise buying wheat only on extreme de pressions: now work with the warehouseman, if you want to make money. The market is his. You will remember that I advised following the farmer when the warehouses and elevators were empty and the producers had the making of prices. It is different now and you must work on the other lines; either so or let it alone till those accom modating exporters give us the relief promised. The report of the Hungarian Minister making the world’s crop some 300,000,000 bushels more than last year’ s looks like a delay of the relief corps. I can see but two ways to give the ordinary wheat trader a chance. One way he will save his money and the other he will make good profits. He will save money by trading cautiously till the wheat is gone from the elevators or can make money, if all turn to buy ing spot or present month wheat. If those now buying Decem ber and May wheat should quit and buy cash or present month, it would jerk the sellers for future delivery out of their boots. But since so radical a reform as buying wheat and demand ing tjje receipts is not likely to be inaugurated, it is better to w a it;'a n d in the pieantime give your attention to the coarse grains. * * * northwest continues perfect. Forecast for next 36 hours is for fair weather throughout the northwest. Export demand continues to be reported very slow with bids materially under a working basis. Occasionally a small sale re sults, but in most instances bids from abroad are withdrawn before they are reached through decline in price on this side. If sales were as light as they have been reported the last thirty days, export clearances should soon begin to run light. Should this prove true, and new export sales continue light too, it would be very difficult to' prevent sharp decline in American markets. Continued poor export demand, perfect weather for thresh ing grain in the northwest and prospects for a sharp increase in the country movement of wheat left the market with little encouragement from a holder’s standpoint. The result was an other decline and a tame close. As yet there is no real good investment buying. It looks as if still lower prices would be necessary in order to attract sufficient investment buying to change the present downward tendency. A squeeze in September wheat locally, as expected some time ago, is becoming less probable, owing to lighter w ith drawals from store, and increasing receipts of new wheat. The present difference between September and December will, however, most likely be maintained for the reason that the mills will want all the old wheat now in. store to grind dur ing the next six weeks. * * * John H. Wlrenn & Co., Chicago, Sept. 4: Although Liver pool was strong— % to 1% higher, the world’s shipments lighter than expected—9,024,000 and the amount afloat decreased slight ly instead of increasing, and that the primary receipts were a great deal smaller than a year ago, also that the clear ances were heavy—1,324,000 bu. The wheat market outside of a show of strength at the opening «was weak. The pressure of cash wheat upon the northwestern markets, which caused a sharp decline there was the principal bearish domestic fa c tor. The W innipeg market was also weak, and the Canadian stocks showed their first increase on the new crop. The total visible supply decreased 1,175,000 bu. In spite of the fact that Liverpood was strong owing to local conditions there, the tenders on September contracts not passing grade, private ad vices from that market were distinctly weak. The warehouses there are reported as being full, and new arrivals of wheat having to be sold ex-quay. Broomhall estimates that the exporting countries have more wheat for sale than the im porting countries require. English country markets have de clined 7%c in the last week. The export demand is the poorest in several weeks. W e expect to see lower prices for Decem ber and May wheat in this market. W. R. Mumford Co., Chicago, Sept. 4: W heat.—Cables be ing higher, the crowd here and in the northwest became rather free buyers early but the northwest sold freely here, soon fill ing up the bulls and the market gradually worked off on this continued pressure. The northwest advises good farm er’ s de liveries yesterday and today and predict a free run of wheat soon and some lower prices for both cash and futures. The visible decreased 1,175,000 against a decrease of 490,000 last year and the visible is now 30,054,000 bu., as compared with 12,140,000 same time last year. Corn.—Fine weather and liberal sales of cash corn by the farmers and country elevator people and selling out of long corn futures and the weakness in wheat caused an easy and lower future and cash corn market. The visible decreased 249,000 bu., compared to 772,090 bu. decrease same week last year, and the total visible is now 2,258,000 compared to 4,615,000 last year. Oats.—Country were good buyers of Decem ber and May oats this morning, through commission houses with local trade selling. Market after a firm and higher opening eased in sym pathy with other grains though undertone is strong. Oats visible increased 1,172,000 against a decrease corre sponding time last year of 1,575,000 and the total visible is now 7,042,000 as compared with 11,946,900 same time last year. * * * H. Poehler Company, Minneapolis, Sept. 5: Local cash wheat demand continues excellent on basis of good premiums over September, but buyers feel more independent, as they expect a sharp increase in receipts soon. W eather in the John H. Wrenn & Co., Chicago, Sept. 4: A materially higher range of London prices influenced a sharp advance in initial quotations in our market, with St. Paul conspicuous and during the first hour aggressive strength on a good vol ume of activity was well maintained. High rates for money on call in early part of the day checked the exuberance of sentiment and an irregular re-action followed, but without positive weakness until last hour. Baltimore & Ohio, Reading and St. Paul were features of strength and activity, though the Harriman issues showed decided strength, as did Copper and the Steels. In the early afternoon the re-action became more pronounced and declines from the high level of the early trading were material, with Smelters a feature of weakness. A sharp decline in St. Paul and Union Pacific on stop orders influenced the entire list, and there was undoubtedly some selling caused by disappointed traders that no announcements of importance such as had been talked of on Friday and Satur day materialized. In advance of call money to 39 percent was a danger signal not to be disregarded, and was effective in lower prices all around. The market closed heavy with declines general, though with some net advances conspicuous in a few instances. Ster ling exchange was heavy and lower, and some gold was taken for import but not in the volume which seemed to be expected. FLAXSEED. Flaxseed options have been active and heavy with prices showing moderate but steady declines. On the breaks there has developed a fairly good demand but the influence of the steady though moderate country offerings has been sufficient to keep the market depressed. The local cash market has also been weaker with No. 1 seed 2 cents under Duluth September at $1.08^2 on Wednesday. In the feed market the demand is better than the supply. In the absence of positive assurance of heavy running of the mills in the near future, the export demand for feed establishes a basis for domestic buyers. The latter, of course, when they need the stuff, cannot be very stub born about prices when the foreigners are in the market. Prices for millfeed, f. o. b. Minneapolis, are quotable as follows: Closing Flax Prices. Minneapolis cash Last y e a r ........ To arrive Chicago ................. Duluth cash ....... September October ........... November . . . . Decem ber ♦Holiday. 30. 31. 1. Thur. F’ri. Sat. Aug. Aug. Sept. . . .1.99% 1.09% 1.09% . . .1.15% 1.14% 1.11% . . .1.09% 1.09% 1.09% * 1.13 1.12 * * 1.13 1.12 1.121/2 I . I I 1/2 1.10% 1.10% 1.10% 1 . 10 % 1 . 101/2 1 . 10 % 1 . 991/2 1.09% 1.09% 3. 4. 5. Mon. Tues. Wed. Sept. Sept. Sept. * 1.08% 1.07% ♦ 1.09% 1.09% ♦ 1.08% 1.07% * * * * * * * 1.11% 1.10% 1.09% 1.09% 1.08% * 1.09% 1.09% 1.08 1.08% 1.09 TH E M ILLFEE D M ARKET. The millfeed market is strong, after a steady advance of about $1 for bran, but the future, dependent upon the running of the mills, is very uncertain. Eastern buyers, however, do not seem to regard the future as so very un certain; they expect lower prices. A' year ago the' mills made heavy export sales of flour about September 1, and they therefore sold millfeed free ly for future months. They are not selling .millfeed free ly now, which leads to the conclusion that they have not worked much flour for export. The factors that combine to make a strong feed market are, small stocks throughout the east, moderate running of the local mills, and no offerings by the country mills, an export demand for feed, and a mixed-car trade which takes a large part of the daily output. In fact, it is the contrary of the situation in the wheat market. In the lat ter there is more pressure to selTthan inclination to buy. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis * * * Stocks. Bran in 200’ s .......................................................................... $13.75@14.00 Shorts in 200’ s ........................................................................ 15.00@15.25 Red D og in 140’s .................................................................. 20.25@20.50 M I N N E A P O L I S C O A R S E G R A IN S . Corn. Market is weaker as a result of heavy offerings of corn to arrive for which there is only a limited demand. Heavy receipts, the prospect of continued heavy arrivals and con sequent lower price level has had a deadening effect. No. 3 yellow is selling at 45(0)46 cents, No. 3 at 44@45 cents and No. 4 at 43(0)44 cents. Closing Corn Prices. Daily closing prices of No. 3 yellow corn in Minneapolis: Last year. Thursday, August 30..................................................... 47% 51% THE ALBERT DICKINSON CO. D E A L E R S IN FLAX SEED GRASS SEEDS, CLOVERS, BIRD SEED. BUCK-W HEAT,ENSILAGE CORN,POP-CORN BEANS, PEAS, GRAIN BAGS, ETC. M IN N E A P O L IS OFFICE, 91 2 CHAMBER OF COMMERCE W fllW fllJ W Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T S2-b 51 y4 51% * 50% 50 leaving the crushers quite indifferent in face of their unremunerative trade. Barley is somewhat weaker on more liberal offerings from Roumania and Russia. Oats are easier although prices show little material change for the week. Demand is general and good at 28H@285/6 for No. 3 white, 28@28^6 for No. 4 white and 26 r/ i @ 2 7 j i for No. 3. HOT SPRINGS. ARKANSAS. Low round trip rates to Hot Springs, the Carlsbad of America. Take the new Iron Mountain Hot Springs special, leaving St. Louis at 8:01 p. m., arrive Hot Springe at 8 a. m. next morning. For rates and other intormation, kindly address, Ellis Farnsworth, D. P. A., 186 Clark St., Chicaeo. HI. 47% 47% Friday, August 31........... Saturday, September 1.. Monday, September 3 . . . . Tuesday, September 4. . . Wednesday, September 5 ♦Holiday. 46% 44% Oats. Closing Oats Prices. Daily closing prices of No. 3 white oats in Minneapolis:^ Last year. 24% 28% Thursday, August 30... 28% 24% F'riday, August 31......... 24% 28% Saturday, September 1 * * Monday, September 3. . . 28% 24% Tuesday, September 4.. 24% 28% Wednesday, September ♦Holiday. GRAIN COMMISSION MERCHANTS Barley. In spite of heavy and increasing receipts the barley market holds steady with an excellent demand for all grades. Malting is selling at 3 5 @ 4 5 cents and feed at 3 3 @ 3 4 cents. MINNEAPOLIS DULUTH W IN N IPEG Rye. There is a good demand for rye from both grinders and shippers for distilleries and the market is holding steady at 52@53 cents for No. 2 at 5 0 @ 5 i cents for No. 3. LIVE STOCK COMMISSION S outh S t. Paul Closing Rye Prices. 50%@52% 5114@52 % 51% @5214 Thursday, August 30. . . . Friday, August 31........... Saturday, September 1.. Monday, September 3. . . . Tuesday, September 4. . . Wednesday, September 5 ♦Holiday. 52%@53% 51%@52% 571/4 5714 Coarse Grain In M inneapolis Elevators. Barley Flax ................. ..................... Aug. 25. Sept. 2. 1905. 70,278 7.970 463,905 452,350 127,932 139,194 33,400 83,521 321,814 370,942 Sept. 1. 7,512 . . . 598,604 . . . 137,328 . .. 89,466 . .. 272,845 D aily Receipts of Coarse G rain in M inneapolis, Corn, Cars. 4 Thur.. Aug. 30... 6 Fri., Aug. 31......... 9 Sat., Sept. 1....... . . * Mon., Sept. 3....... Tues., Sept. 4 . . . . . . 31 . . 10 Wed., Sept. 5 . . . . ♦Holiday. Oats, Cars. 21 41 47 129 35 Barley, Cars. 25 30 27 50 21 Rye. Cars. 2 4 3 Flax, Duluth Cars. Flax. 15 12 17 14 11 9 * 10 5 ♦ 35 11 Frederick B. Wells Charles F. Deaver George W. Peavey Frank T. Heffelfinger The Peavey System of Grain Elevators 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, 35,800,000 bu. HEADQUARTERS MINNEAPOLIS Branch Offices: 27 26 Chicago Duluth Kansas City Omaha Minneapolis W e e k ly Receipts of G rain. Receipts of grain at Minneapolis for the weeks ending on the dates given, were: _ , W eek ending W eek ending W eek ending Sept. 1. ' Aug. 25. Sept. 2, 1905. Wheat, b u s................................ 529,200 463,000 2,170,460 Corn, b u s....................................... 58,290 22,120 38,110 Oats, b u s.................................... 471,000 332,180 772.480 Barley, bus................................ 170,520 123,280 526.890 Rve. bu s....................................... 19,500 18,460 48,510 Flax, bus....................................... 65,700 38,250 14/,200 AN A N T W E R P LETTER. H. Wiener & Co., Antwerp, August 17: There was, during the week, a considerable business done in Kansas and red winter wheats, which remain the cheapest for the present. The Washington bureau report of the 10th was unexpectedly favorable, giving the yield of the winter wheat crop at 495 millions of bushels, which is 65 millions above the crop of 1900. Taking the spring wheat at an es timate of about 270 millions, the total crop may reach 760 millions. The total world’s wheat crop will, however, hardly turn out to be an excessively large one, the defi ciency in Russia, where in large parts a total failure of the crop is reported, will have to be made up, and although there is no notice being taken of it now, it must make it self felt later in the year. Russia is not yet offering at all, and the first samples to hand show the worst qualities ever seen from that country, and only confirms that the crop is largely de ficient. Roumania continues to offer freely, farmers being obliged to sell a part of their crop. The qualities, how ever, in many parts leave much to be desired, and fine qualities are not at all in abundance. As regards the crops in England, France and Germany they are undoubtedly very good, and another fortnight of fine weather will have fully secured them. Tt is this bright outlook of the home crop'w hich make buyers the more shy and makes business very difficult. Rye is quiet. The large crops in Germany dominate the market, and it will be some time yet before imports will be necessary. Maize is unchanged. Plate continues almost to m o nopolize the trade. From the Balkan States the reports of the new crop are most favorable and large crops are expected. Linseed closes quieter, the firm markets in America https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The Van Dusen= Harrington Co. Commission Merchants L IVE S T O C K South Saint Paul G R A IN Minneapolis and Duluth L . S . Gillette President Geo. M. Gillette V ice-P res C. E. T h ayer S ec. 6 T reas Electric Steel Elevator Company C a p a c ity , = = 2,700,000 B u s h e ls G R A IN D E A L E R S A N D WAREHOUSEMEN W H E A T, FLAX OFFICE 75 CHAMBER OF COMMERCE AND BARLEY M IN N E A P O L IS JOHN MILLER, H. F. CHAFFEE, WALTER R, REED, Pres, and Gen. Mgr. Treasurer. Secretary. THE JOHN MILLER CO. Grain Commission Wheat, Oats, C h a m ber o f C om m erce M in n e a p o li s Barley, Rye and Flax B o a r d o f T rade D u lu t h Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T 83 H A N D LIN G THE W H E AT CROP. (Special Correspondence to the Commercial W est.) Kansas City, Sept. 3.— With Kansas, Nebraska and O k lahoma producing 172 million bushels of wheat this year an enormous flood of grain will pass through the Kansas City gateway. Within the year that will end July 1 at least 40 million bushels of the crop will have been loaded into elevators at Kansas City. And 40 million bushels means 40,000 loaded cars. Ten million bushels will be used in Kansas City mills. The rest will be shipped out— some to Minneapolis, some to Chicago, and much to Galveston, New Orleans and the Atlantic seaboard for export. But all of it will have been loaded into the Kansas City elevators. These have a stor age capacity of 8 million bushels and they can handle 2,000 cars a day. M achinery Lessens Task. W ith the aid of modern machinery the handling of grain is a comparatively easy task. In filling the elevator bins and removing the grain after it has been stored for some time not a single shovelful is moved by hand. A car filled with grain is run on a “ siding” into a small shed adjoining the elevator. The side door of the car is removed and steam shovels working in either end of the car scoop the grain into a bin known as a “ sink.” A car can be unloaded in ten minutes, and only three men are employed in the process. From the sink the grain is car ried to the cupola of the elevator by means of a belt with metal pockets and there weighed accurately. The weigh ing bin has a V-shaped bottom which may be opened and the grain flows through a spout, falling on a large mov ing belt a yard or more wide. Continuous S tream of Grain. This belt is slightly tipped at the edges, making it concave, and it carries a continuous steam of grain over the tops of the great storage bins to the particular bin in which it is to be stored. There it is shot over into the opening of a spout that leads into the top of the bin. The speed of the belt is so great that one watching it can scarcely tell the kind of grain carried on it. When the grain is to be reloaded it is allowed to flow from the bottom of the bins onto another belt, which car ries it again to the “ sink.” From the “ sink” the grain is again carried by the metal pockets to the weighing bin at the top of the elevator. From this bin it falls through a long spout into the car. One Kansas City elevator made a record last autumn, by loading 104 cars of grain into the bins and 113 cars out in ten hours. RECORD YEAR IN W IN N IPEG GRAIN RECEIPTS. (Special Correspondence to the Commercial W est.) Winnipeg, Sept. 3.— The crop year of 1905 in the Canadian W est terminated on August 31, and now that the full returns for that period are in some interesting fig ures relative to the crop movement during the past twelve months have been compiled in the office of the chief grain inspector, David Horn. These figures show that in the crop year just ended a total of 61,542 cars, or 65,849,940 bushels of wheat were inspected, the record total in the history of the west. The previous crop year a total of 37,892 cars, 39,028,760 bushels was inspected, and in the crop year ending A u gust 31, 1904, the figures were 38,473 cars, 38,473,000 bushels. During the twelve months from September 1, 190-1, to August 31, 1902, the second largest total was graded when the aggregate cars inspected was 53,708 and the number of bushels 53,708,000. Receipts of A ll Grains H eavy. In addition to the wheat inspected the other grains graded were: Oats, 5,768 cars, barley 1,357, flax 503, and rye eight cars. The total quantity of grain inspected during the year was as follows: W heat ............................................................................................. 5,840,040 Oats .............................. 6,921,600 Barley ............................................................................................. 1,357,000 Flax ................................................................................................ 503,000 Rye ................................................................................................. 8,000 flax, speltz and rye inspected during the crop year just ended, compared with the two previous years: W heat— 1905-6. No. 1 hard ............................ No. 1 northern ................ ....................33,687 No. 2 northern .................. No. 3 northern .................. No. 4 extra ........................ No. 4 ...................................... No. 5 ........................................ Feed ........................................ Feed two .............................. Rejected one ........................ Rejected two ...................... No g r a d e ................................ Rejected ................................ Condemned .......................... Screenings ............................ W inter wheat .................... No. 1 goose .......................... 1904-5. 176 3,788 11,585 9,293 2,214 233 631 591 2,279 603 78 40 561 408 1,604 148 46 Total wheat .................. Oats ........................................ Barley .................................... Flax ........................................ Speltz ...................................... Rye .......................................... . 37,892 38,473 390 288 161 40,396 40,301 Total all grains ................................ 69,178 1903-4. 557 7,065 10,794 11,720 3',369 L569 The percentage of which each of the higher grades of wheat bear to the total inspected during the crop year was as follows, with comparisons with previous years: W heat— No. 1 hard........ No. 1 northern No. 2 northern No. 3 northern Other grades . 1905-6. 1.06 54.73 21.63 3.91 18.67 1904-5. .4 9.9 30.4 24.5 34.9 1903-4. 1.4 18.3 28.1 30.5 21.7 Below is given in detail the total number of cars of each grade of wheat, with the total cars of oats, barley, As a whole the crop graded well, the contract grades aggregating eighty percent of the whole. That there was need of the recent trip made by the seed demonstration train throughout the west to educate the farmer in the proper methods of raising wheat is indicated by the fact that a too heavy percentage of the wheat graded was af fected by smut, dirt and weeds, a result of carelessness on the part of the producer. TW O GREAT IN D U ST R IE S. In the five years between 1900 and 1905 the flour and grist milling industry increased its output 42.2 percent. The value of the product increased from $501,000,000 to $713,000,000, so that this branch of manufacturing now exceeds in the gross income from products that of the lumber and timber industry, and even that of the steel works and rolling mills of the United States. Only one other industry outranks that of grain milling in respect of gross income from products, namely, that of slaughtering live stock and meat packing, whose total output in 1905 was $913,914,624. Milling and the meat in dustry combined represent an annual production of $1,627,000,000. They stand first and second in the order of great industries, though in their organization the former is decentralized, in the main, and the latter is highly cen tralized. Their true significance appears in their relation to agri culture. Milling creates a demand for hundreds of mil lions of bushels of grain while the meat industry takes the other main product of the farm, live stock, in enormous quantities. Last year twelve leading grain markets took 763,000,000 bushels of grain, most of which went into the hopper, and seven packing house centers, including Chi cago and the Missouri river markets, received 38,200,000 head of live stock all of which except a few were destined for slaughtering. These facts bring out clearly the close connection which manufacturing has with agriculture on the one hand and with commerce on the other. Manufacturing is a converting of values-— raw material values in this case into commodities for commerce to place in the hands of the consumer. It is the business of the manufacturer to enhance the value of what his industry consumes to such an extent as to cover cost of production and bring prof its to his investment. With the materials of production abundant as they are today in the greatest grain crops of record,_and the abundant live stock available these two industries, whose prosperity adds so much to the value of farm products, would seem to have a highly promising future before them.— Wall Street Journal Total ............................................................ 14,639,640 In addition to being blessed with a big crop the farm er realized good prices for the great bulk of the out-turn. T h e Figures in D eta il. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T H E C O M M E R C IA L W E S T 84 GENERAL August 16 ...................................... August 23 ........................................ August 30 ........................................ S T A T IS T IC S . Cereal Exports, w ith D estinations. The exports of -wheat and corn (in bushels) and of flour (in barrels) from the United States and Canada (coastwise ship ments included), with ports of destination, for the week ending August 23, 1906, follow: Flour. Corn. To__ Wheat. 33,069 90.590 Liverpool .................................... 843,591 29,147 London ...................................... n’ nnn 3,500 31,924 43,866 Glassow............................ ::: 4S;666 Leith 2,100 ; ; ; ............. 45,000 Hull ....... Newcastle ................................ 2,ÌÓÓ 8,47 Manchester .............................. Belfast ....................................... Dublin ....................................... 1,400 Other United K ingdom ......................... United Kingdom, orders....... •••• 8,000 Antwerp .................................... 454,000 14,700 5 4 ,0 0 0 Holland .................................. 209,000 France 50,000 24,786 9 5 ,i 4 2 G erm an y'‘ ................... 52,000 Portugal, Italy, Spain and 700 1 4 6 ,5 7 1 Austria-Hungary ............. 40,000 S ca n d in a v ia .............................. 27,754 4 O ’, 327 Asia ........................................... 9,474 A frica ....................................... 44,542 5.600 W est Indies .............................. 8,052 117 All others ................................ •••• 245,821 452,363 Totals .......................................2,046,022 Exports of oats amounted to 154,775 bushels. Cereal Exports by Ports from the U nited States and Canada. Flour, This week. 69,922 58,720 37,860 12,250 13,412 From New Y o r k .. Phila ......... Baltimore . Boston . . . . Newp’t N .. Norfolk . . . . Portl’ d, Me. 39,000 N. Orleans 5,600 Galveston . Mobile . . . . . 1.1,81.2 San Fran. . . Portl’ d, Ore 48,3.36 Tacom a . . . 35,476 Seattle . . . . Vancouver, B. C. ¡ . . 52,285 Montreal . . Totals .. 364,673 bbls. Last week. 69,754 33.147 5,548 48,006 10,367 1,321 14 Wheat, This week. 454,599 397,097 240,000 181,776 56,000 bush. Last week. 684,081 208,960 232,000 355,407 1,100 1,409 300 68,571 Last week. 178,656 394’,672 117 60",ÓÓÓ 966,000 400,000 569,623 141,E 73",ÒÒÒ 4,374 2,801) 38,337 2,000 17,910 247,564 3,440,971 2,082,337 25,534 90,059 361,461 663,504 W h e a t Exports. (Bradstreet’s.) The quantity of wheat (including flour as wheat) exported from the United States and Canadian ports for the week ending with Thursday is as follows in bushels: 1904. lyUb. February 1 ........................................ M jjf ’qoq March 8 .............................................. |’oi0 227 March 22 .......................................... 2,293,012 ^ av 3 S 24 ............ ........................ 2,104,748 .............. .......................... *4,334,373 E f y C ::::::::::::::::::::« » ® .......: : : : : : : : : : a f t » Ausust 2 .......... ••••......................... 2,895,020 August 16 ................................ 2,827,954 iuluft so.::::::..................5,081,999 Fehruarv F lb iu trv February p tS S tiy Corn Exports. (Bradstreet’s.) 1906. 1 8,289,359 8 " ........................ 3,660,750 15........ 4,163,853 n . .................................. 4,403,007 irilffu .... f:::::::::::::::::: I®SS 2,235,282 March 15 ........ March 29 A n ri 1 K ........ ! ............................... 2,643,479 3,103,586 i n1: : : : : : : : ...................................1 .5 7 3 ,7 4 0 Mav 17 ........... ............................ 1,089,706 94 ................. ....................... 818,097 May c n o 1 9Q T „ 31 ......................... 573,139 T T Î u ................................ 2,329,242 June 21 ........................ 870,237 June 28 ...................... 691,600 July 5 .......................... coi 71 s July 12 ::::: : : : : : : .................... Tlllv ...................................... July ju iy nq ra ..................... 594,718 837,162 coa r>7Q Vr ..................... 539,073 July 623,146 . - 4° - .............................. August 2 ...................... 9 9R2 qfil August ............................................. 2,262,961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 525,7*3 663,504 361,461 1,177,039 987,204 1,163,370 520,362 763,846 710,562 P R E P A R E T O M O V E CROPS. (Special Correspondence to the Commercial W est.) Huron, S. D , Sept. 3.— There is much activity among railroad people in this part of the state in preparation tor moving the immense grain crop just harvested, and which now is being threshed. It is the greatest crop known to South Dakota and it is especially heavy m eastern and central parts of the state. There is rejoicing over the great yield and splendid quality of gram. Railroads will be taxed to their utmost capacity o handle the grain that will be offered for shipment from the early part of September until the close of the year The Chicago & Northwestern, the Great Northern and other roads are making every arrangement possible to meet the demand for cars. Every car available will be drawn into service; not a car will be allowed to stand on side tracks unused. All elevators have been cleared, as far as possible, of surplus grain, and their storage capac ity in many instances greatly increased a fact that wi be appreciated by farmers as well as by shippers. Prices now prevailing are satisfactory to the iarmeis and they will be induced to dispose of much of their sur plus grain rather than to build granaries and store toi later shipments. The small grain products of the state mean millions of dollars to the producers, and this money rapidly will find its way into commercial channels m_pay ment of obligations. Not a little will be invested m build ings and lands, for the South Dakota farmer long since has realized that a half section of land is but a small farm, and his desire to add to his acreage can be gratihea when he receives cash for his grain and cattle. LOW RATE E X C UR SIO NS. 135’,876 ,ÓÓÓ 449,000 Corn, This week. 191,556 Saturday, September 8, 1906 1905. 945,358 987,775 536,540 923,022 907,936 1,285,956 895,742 1,044,595 988,600 886,017 1,292,301 1,242,267 1,2.60,315 1,279,864 899,355 1,512,550 1,221,208 1,309,223 1,476,840 505,099 975,832 756,641 1,050,644 1,903,304 705,329 864,146 1,041,696 1,152,441 1,068,519 1,170,340 1,429,250 1905. 5,302,503 2,448,465 2,882,770 3,827,081 4,171,279 1,756,706 3,841,411 2,976,836 2,430,652 3,366,347 2,299,767 2,232,694 1,885,766 2,715,676 1.528.299 1.688.299 1,325,467 457,914 1,108,146 688,017 1,119,356 1,266,364 932,225 834,772 1,193,470 773,621 1,013,675 865,002 2,604,226 1,746,255 1,657,510 2,091,488 1,643,086 1,834,632 2,606,124 1,801,845 1,267,430 1,854,000 1,213,855 1,645,428 1,040,850 1,192,718 734,736 1,225,763 1,132,157 1,937,208 1,482,032 298,998 1,271,437 1,127,885 878,910 1,412,498 1,281,501 1,613,265 1,379,198 695,202 1,703,047 1,084,333 1,830,511 1904. 1,411,196 589,362 1,291,846 1,486,732 1,690,753 2,026,810 1,573,289 1,527,676 1,438,212 1,028,907 583,339 626,792 190,193 523,451 120,156 118,337 233,695 327,166 57,540 2,044,251 387,062 536,087 613,124 574,929 706,647 415,844 273,365 1,281,399 The Missouri Pacific Railway and Iron Mountain Route, will sell round trip tickets to points in Texas and Louisiana for $20.00 from St. Louis and $25.00 from Chi cago on the first and third Tuesday of each month; pro portional low rates will apply from other points; also one fare plus $2.00 to points in Indian Territory, Arkansas and Missouri, and $25.00 from Chicago to Pueblo, Colorado Springs and Denver with limit of twenty-one days ex cept to points in Louisiana, Arkansas, Texas and Indian Territory which are limited to thirty days, stop-overs going and returning. , _ ^ , Mexico: Less than one fare on the first and third Tuesday, with stop-overs. . c California: L ow round trip rate on sale daily to bept. ISt Hot Springs, Ark.: Commencing June 1st to Sept. 30th, one fare plus $2.00, good thirty days, on sale daily. Remember the Missouri Pacific Railway and iron Mountain route reaches the principal points in the above named states without change of cars. . For descriptive literature and other information, ad dress, Ellis Farnsworth, D. P. A., 186 Clark street, Chi cago, Illinois. C H E A P R A T E S T O P A C IF IC COAST, Commencing September 15th and continuing until O c tober 31st the Minneapolis & St. Louis Railroad will have on sale reduced rate one way tickets to California, Ore gon, Washington, British Columbia, Utah, Montana and Idaho. Rates $15.00 below regular fare. Call on Agents for particulars, or address A. B. C U T T S , G. P. & T. A., Minneapolis, Minn. C A L IFO R N IA E X C U R SIO N S. The Minneapolis & St. Louis Railroad will sell tickets to Los Angeles and San Francisco, Cal., from September 3d to 14th, inclusive, limited to October 3 i st at ra.te of O N E F A R E for the round trip. Variable routes and lib eral stop-over privileges. For further particulars call on agents, or address A. B. C U T T S , G. P. & T. A.,_ Minneapolis, Minn. F IN A N C IE R IN G N O T SECTIO NA L. The nation is financing its crops, and it is the nation s capital that is starting them now from the field to the mar ket. No other nations have such seasonable excitement and activity as this, and the surplus capital of the west is also the surplus capital of the east, and that of the east can surely trace its ownership and origin to much of the energy of the West. This is the great transformation, the distinc tive mark of the new era, which even the bankers in 1899 did not forget to foresee when they declared that the west was beginning to finance its crop.— “Holland in Philadel phia Press. During the month of July the exports of lumber from the Puget Sound customs district amounted to only 10,724,000 feet. Valued at $151,507. Lumber to the value of $57,768 went to Alaska. Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T 85 T h e Chambers=MacKay Co. (IN C O R P O R A T E D ) M ILL FEUD and S C R E E N I N G S 21 Chamber of Commerce M IN N E A P O L IS, MINN. E stab lish ed JOH N 1895. D IC K IN SO N 171 L a S a lle S t,, Chicago 6 CO. = 42 B roadw ay, New YorS W M . H. L A K E E. L. B R O W N J. L . T R A C Y S T O C K S ,G R A IN , P R O V ISIO N S Mh-mrfi?« f Chicago Board of Trade |_N _Y> Consolidated Stock Exchange Direct Private W ires E ast. m em bers Lake, Brown 4 Tracy COMMISSION MERCHANTS 1012 Chamber of Commerce M IN N E A P O L IS Grain Provisions Stocks John D u n n e tt & Co. Grain Commission MEMBERS I 16-1 17 Cham ber of Commerce Minneapolis - - Minnesota Minneapolis Chamber of Commerce Chicago Board of Trade Chicago Stock Exchange New York Produce Exchange Milwaukee Chamber of Commerce St. Louis Merchants Exchange Baltimore Chamber of Commerce What’s in a Name? —Shakespeare a A good reputation is more valuable than money. »? The best known and most ex tensively used flour in the world is marked “ P I L L S B U R Y ’S B E S T It has a good name. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T 86 William Commons Frank W. Commons Howard W. Commons COMMONS & COMPANY G r a in C o m m i s s i o n Minneapolis R e c e iv e r s C o a rse d ers in a ll and G r a in s fo r and S h ip p e r s an d F u tu re E. L. WELCH & CO. M e rc h a n ts Duluth. of F la x s e e d . D e liv e r y Grain Commission Merchants W h e a t, O r C o r r e s p o n d e n c e a n d C o n s ig n m e n t s E x e c u te d S o lic ite d M a rk e ts. C H IC A G O A R M O U R C O R R ESPO N D EN TS: GRAIN J. L. M cC A U LL, President R. A. D IN S M O R E , Vlce-Pres. DULUTH C O M P A N Y . S. J. M cC AU LL, Secretary A. M. D IN S M O R E , Treasurer A M MINNEAPOLIS CO . E S - B R O O K S D U L U T H . M I N N . T h e M cC au ll-D in sm o re Co. t h e A M E S - B A R N E S G R A IN CO M M ISSIO N N E W Y O R K C CO. I T Y M ERCH ANTS t 9 1 5 -1 0 -1 7 CHAM BER M IN N E A P O L IS OF Z E N IT H e W COM M ERCE M IN N E S O T A - h | I N S H I P P E R S N g I P E G A N D . C O . r a i n M A N G E N E R A L . C O M M I S S I O N M E R C H A N T S . BARNUM WAIN COMPANY M IN N E A P O L IS AND W R IG H T -B O G E R T CO. GRAIN-PROVISIONS Postal Telegraph Bldg., C H I C A G O 3 0 6 -3 0 7 -3 0 8 DULUTH A . H U H N , President. JO H N W A S H B U R N , V ice President. Grain and Commission O f f ic e n e w C h a m b e r '¿ 0 0 0 .0 0 0 MINNESOTA & WESTERN GRAIN CO. - P- £ . SM ITH , Treasurer. A . C. SM ITH , Secretary. Huhn Elevator Co. Merchants M IN N E A P O L IS & M IN N E S O T A O w n i n g a n d O p e r a t i n g L i n e s o f C o u n t r y E l e v a t o r s in M in n e s o ta , N o . D a k o t a , S o . D a k o t a a n d I o w a . ___ _______________________________________ — ------------------------------------------------------------ C argill Commission Company C a p it a l o f u s h e l s Co Ca m m e r c e p a c it y $ '2 0 0 .0 0 0 ° - ? W e make a specialty of furnishing any desired quality of milling wheat that our experience teaches us can be manufactured into flour profit ably. W e solicit your correspondence, M IN N E A P O L IS , M IN N . WHALLON, CASE & CO. S T O C K S , B O N D S, GRAIN and P R O V IS IO N S . 58 C h a m b e r o f U p t o w n O ffic e C om m erce. N e w Y o rk L ife A rcau e M INN EAPOLIS. S. DULUTH AN D MINNEAPOLIS B B. S H O T W E L L , M g r . S t . P a u l O f fi c e . 102 P io n e e r P r e s s B ld g . Grain and Commission Merchants M E M B E R S: New York Stock Exchange. Chicago Board of Trade, Minnapolis Chamber of Commerce, Duluth Board of Trade. MARFIELD==TE,AIASE. & NOYES (IN C O R P O R A TED) G R A IN C O M M IS S IO N . Offices: M IN N EAPOLIS https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CHICAGO, - ■ "« S ffiS MILWAUKEE, DULUTH, ...................................... M I N N E S O T A . 0 F Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T 87 BIG EXPORT BUSINESS PROMISED. (Special Correspondence to the Commercial W est.) Duluth, Aug. 3D.— The Ames Brooks Company of this city issued recently the following comprehensive analysis of the American wheat situation: America is just entering upon a year which promises prob ably the largest volume of export grain in its history. The winter wheat crop has proved larger than any previous es timates would credit it. Its quality is the finest ever raised in America and will make it friends wherever it is used abroad. Winter wheat farmers seem inclined to market a fair proportion of their product on existing prices and as the foreign markets are for the present rather independent of this grain, it has been accumulating in American centers, producing a liberal carrying charge for the first time in several years. The spring wheat section is as yet in doubt but we think without question the three northwestern states have, includ ing Macaroni wheat, a total somewhat larger than last year. The hot weather of the past week undoubtedly injured the yield of spring wheat on the late fields but the percentage has not been so large as to seriously reduce the total. The Canadian Northwest promises a crop probably slightly larger than last year. Now as to the prospective course of prices. There are many new factors , to be considered this year which will un doubtedly enter into the price making, and which the average grain man may perhaps overlook. There is no doubt that sentiment is a great price maker, especially in the great speculative markets of America. Sentiment sustained our prices last fall in the go’s during the crop movement and yet accumulated wheat which we were begging the foreigners to take last spring at basis of 75 cents in the primary markets. Sentiment is undoubtedly entering into the price making at present. Every commission house in America has been play ing upon the one theme, v i z : that 70 cents in the primary market is a reasonable price, even if we have a generous crop. There is a great deal of talk about a large “short” interest in the market and very little has been said as yet regarding what must be an enormous scattered “long” J C O N D ITIO N O F R U SSIA N C R O P S , 1906. last week, a special report on wheat yield of Russia, as Thursday, a special report on wheat yield of Russia, as follows. The data is reported from reliable inside sources: Government of Archangel.— Winter and Spring wheat satisfactory. Gnvprniripnt r»f VoInQfrla • T")i ctrictQ nf f^rin 7DVPt Solvuiychegodsk and especially that of Yarensk— the crops are bad in consequence of dry weather. In the re maining districts— crops are satisfactory. Government of Olonets.— Crops satisfactory. Government of St. Petersburg.— Crops very satis factory. Government of Novgorod.— Winter and Spring wheat satisfactory. Oats unsatisfactory in several districts. Government of Pskoff.— Winter and Spring crops satis factory. Governments of Esthonia and Curland.— Crops good. Government of Livonia.— Mostly above the average. Governments of Vilna and Kovna.— Both winter and spring crops satisfactory. Government of Grodno.— Fully satisfactory. Government of Witebsk.— Fully satisfactory. Government of Nohilevsky.— Of n districts the crops are satisfactory in 4 districts only, in the remaining dis tricts the crops suffered from dryness in May and are unsatisfactory. Government of Minsk.— Condition of crops near to the average. Rain a bad factor. Winter crops better than the spring crops. The crops are very bad in the district of Rietchisk, especially winter rye. Government of Moscow.— Crops fully satisfactory. Government of Tver.— Crops near to average. Government of Smolensk.— Crops above average, in some places even good. Government of Kalouga.— Crops a little below the average. Government of Toula.— Crops very bad. Government of Riazan.— Condition of crops very un even. Suffered from dryness and heat in the districts of Michaelsky, Pronsky and Ranenbourg, where no crops will be obtained. Whereas in the districts of Dankoff, Egoroff and Sapojkoff the crops are good; in the re maining districts the crops are near to the average. Government of Vladimir.— Crops above the average. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis interest created by this sentiment in favor of buying 70 cents cash wheat. The people who are doing this buying however overlook this one fact, that whereas the cash price may be quoted at 70 cents, they are not buying the cash wheat as much as the December at 3 cents higher, or possibly the May at 7 cents or 8 cents higher. The generous carrying charge this year is entirely in the “bear’s” favor and while we are talking wheat being cheap to-day at 70 cents, we are looking at May wheat in Chicago at 79 cents and forgetting that ninety days ago on the tail-end of a crop one hundred million smaller, we were beseeching the foreigner to take Chicago May in the neighborhood of 75 cents. Of course there are many accidents that may help the “bull” in wheat, but the cautious grain speculator this year will not buy wheat for a long pull with 12 cents a year carrying charge against him. '1 he foreign demand so far has been very disappointing. Our exports on this crop have been insignificant and the crop has been moving for about six weeks. The foreigners them selves have estimated their requirements as large and are probably all loaded up with some kind of wheat because of this belief of their own, yet the fact remains that there is less new crop spring wheat sold abroad this year in advance of the movement than any year in the same time, and there is enough old crop spring still at various points at the A t lantic seaboard to fill even the foreign demand for spring wheat at a lower basis than the new crop can be put in their markets considering the increased ocean and inland freights soon to be exacted. We think also one detail which has been touched on very little, but which may prove a very serious handicap to the “bull” is the question of getting adequate fire insurance. There is no doubt the insurance capacity of America has been greatly reduced by the San Francisco dis aster, and it is more than probable that the elevator owners with their elevators full of grain will much prefer the specu lator to hunt for fire insurance than to take the risks of loss in case of fire and to carry it themselves even if full storage charges are in sight. If this should prove a live factor, it may increase the handicap against the “bull” to 15 or 20 cents a year. Government of Yaroslav.— Winter rye and ‘wheat, spring wheat and barley and oats above satisfaction. Government of Kostroma.— Winter wheat below the average; spring wheat only near satisfaction. Government of Nijni-Novgorod.— Winter rye nearly satisfactory, Avinter wheat only a little above bad. Government of Kazan.— Winter rye only average, other crops bad. Government of Simbirsk.— Winter rye and wheat as well as Spring wheat below average. Government of Viatka.— Winter rye satisfactory;, winter wheat, spring rye and wheat as well as barley and oats average or near to ar^erage. Government of Perm.— Winter wheat good, rye above average. Spring oats fully satisfactory and the remain ing cereals near satisfaction. Government of Oufa.— Winter rye and oats somewhat below average; spring wheat, barley little better, winter wheat bad. Government of Orenburg.— Spring wheat below aver age. Winter rye and oats above average; spring wheat and barley as well as Avinter wheat only above bad. BOND SALES FOR AUGUST. According to the figures which have passed under the review of the “ United States Investor,” the bond sales for the month of August amounted to $16,398,789.85, not in cluding temporary loans. Of this amount $14,655,233.85 were issued by cities and towns (including $1,000,000 by the Philippine Islands) and $1,743,556 by counties. This shows a decrease from the $55,583,912.96 reported for the month of July of $39,185,123.11, and an increase from the $10,880,111.86 reported for the month of July, 190=;, of $5,518,677.99. O f the larger issues we note one by Boston, Mass., of $3,899,000; one by Pittsburg, Pa., of $1,500,000; one by the Philippine Islands of $1,000,000; one by Chicago, 111., of $1,000,000; one by Houston, Texas, of $454,000; one by Milwaukee, Wis., of $360,000; one b»' Duluth, Minn., of $375,000; one by Mobile, Ala., of $350,000; one by Indianapolis, Iin., of $300,000; one by Buffalo, N. Y., of $300,000; one by Columbus, Ohio, of $250,000; one by Cincinnati, Ohio, of $245,000; one by Mt. Vernon, Ohio, of $240,000; one by Memphis, Tenn., of $200,000. T H E C O M M E R C IA L W E S T 88 Saturday, September 8, 1906 W e , the undersigned, members of the names to the following:— “ The Commercial department of T H E daily of the Northwest. Its opinions and conclusions c impartial deductions drawn from latest and most reliable https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis “ Its general commercial news is reliable a “ The character of the advertising matter E le ctric Steel E le v a te r Co. / ^ X r x rzcrJ , * .. ¿3 0 ¿ L A T H E C O M M E R C IA L W E S T Saturday, September 8, 1906 M in n e a p o l is , M i n n ., A 89 u g u s t i Sth, 1906. fapolis Chamber of Commerce, are pleased to subscribe our EA POLIS JO U R N A L is unequalled by that of any other ig the crops and Northwest conditions are always fair and [mation obtainable at time of publication. •mprehensive. :ted to its Commercial Department is carefully guarded.” LOO! SHËFFiËLO ELEVATOR CO.; T/_. _ Pe ........ IIU H % ELEV. «y ^ tí C . C. WYMAN Sí CO. r U E n A j\ 6dL¿x “W oodworth Elevator Ge.„ (M K ^ ¿ A j^ u d j LNKEL-H OI '/ s '/ ? XT') /X? s / https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis y CÍ8 E Saturday, September 8, 1906 T H E C O M M E R C IA L W E S T 90 Sheffield Mill and Elevator C o Minneapolis. E. W. ERICKSON, Sec. and Manager. B. B. SHEFFIELD, President. The Flour of Quality Daily Capacity, Elevator Capacity, 1 ,0 0 0 Barrels. 1 ,5 0 0 ,0 0 0 Bushels. Sheffield Elevator Company B. B. S H E F F IE L D , W . P. B R A C K E T T , President. Sec. and M anager. Elevator K, Minneapolis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Concrete, Fireproof Storage. 1 , 0 0 0 , 0 0 0 Bushels Capacity. W e solicit Your Orders for High Grade Spring Wheat. Saturday, September 8, 1906 THE COMMERCIAL WEST 91 Marfield, Tearse & Noyes (INCORPORATED) Grain C ommission Minneapolis OFFICES: Chicago, Milwaukee, Duluth https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C orrespondence Solicited THE COMMERCIAL WEST 92 Saturday, September 8, 1906 HANCE did not place PILLSBURY’S BEST far in advance of all competition, or build the greatest flour mills the world has ever known--(mills with a capacity of more than 1,000,000 barrels a month). CL Years of earnest labor were required. CLPILLSBURY’S BEST has always been the flour the times demanded--a flour of absolute purity, always to be relied upon, PILLSBURY’S BEST. C https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday, September 8, 1906 W ILLIAM C O M M O N S THE COMMERCIAL WEST FRANK W. C O M M O N S 93 H O W A R D W. C O M M O N S C O M M O N S & CO. GRAIN C O M M ISSIO N M ER C H A N TS MINNEAPOLIS and DULUTt I Receivers and Shippers of Wheat, Coarse Grains and Flaxseed ORDERS FOR FUTURE DELIVERY EXECUTED IN ALL MARKETS Chicago Correspondents: ARMOUR https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis GRAIN COMPANY. THE COMMERCIAL WEST Saturday, September 8, 1906 Some in a Store Means More W ASH BURN-CKOSBY CO. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M IN N EAPO LIS. THE COMMERCIAL WEST Saturday, September 8, 1906 95 F. H. PEAVEY & COMPANY GEO. W. PE A VEY F R A N K T. H E F F E L F IN G E R FREDERICK B WELLS C H A R L E S F. D E A V E R GRAIN MERCHANTS AND WAREHOUSEMEN OWNING AND OPERATING The Peavey System of Grain Elevators Receivers and Shippers o f all Kinds o f Grain headquarters: BRANCH CHICAGO DULUTH M in n e a p o l is OFFICES: KANSAS CITY OMAHA BEMIS BRO. BAG CO. 612-14-16 Minneapolis, Fourth St. So. Minnesota. REALIZE TOP PRICES AND QUICK RETURNS. Write We Execute Us for Orders for Future Delivery. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Daily Market Letter. IN COMMISSI THE COMMERCIAL WEST 96 Saturday, September 8, 1906 WATSON & CO C ham ber of Com m erce, MINNEAPOLIS 2 4 Broad Street, NEW YORK Grain Exchange, WINNIPEG Stocks and Bonds, Grain and Provisions, Cotton and Coffee P r iv a te W ir e s to a ll L e a d in g M a r k e ts , a n d th e B e s t F a c ilit ie s f o r H a n d l i n g H e d g in g a n d S p e c u la t iv e B u s in e s s . CORRESPONDENCE S O L IC IT E D . J. H. Wrenn & Co., Chicago C orrespondents MEMBERS: N e w Y o rk S to c k E xchange, M in n e a p o lis C h a m b e r of C o m m e rc e . C h ic a g o S t o c k E x c h a n g e , New' C h ic a g o B o a r d o f T r a d e , S t. L o u is M e r c h a n t s E x c h a n g e , N e w Y o r k C o ffe e E x c h a n g e , W i n n i p e g G r a in E x c h a n g e , N e w Y o rk C o tto n E xchange, D u lu th B o a rd o f T ra d e . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Y o rk P ro d u ce Exchange, Saturday, September 8, 1906 THE COMMERCIAL WEST 97 Whallon, Case & Co. RECEIVERS OF G R A IN C O N S IG N M E N TS AT M IN N E A P O L IS AND DULUTH STOCKS, BONDS, GRAIN AND PRODUCE 58 C H A M B E R O F C O M M E R C E MINNEAPOLIS U P T O W N O F F IC E , N E W Y O R K L IF E A R C A D E S T . P A U L O F F IC E , 1 0 2 P IO N E E R P R E S S B U I L D I N G Private Wires to all P rincipal M arkets MEMBERS: N e w Y o rk S to c k E xch a n g e C h ic a g o B o a r d o f T r a d e M in n e a p o lis C h a m b e r o f C o m m e rc e D u lu th B o a rd o f T ra d e EM P IR E E LE V A T O R CO. 602 to 606 Chamber o f Commerce MINNEAPOLIS Shoreham Elevator—Capacity 750,000 Bushels Country Elevators on “Soo” and Great Northern Rys. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 98 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE COMMERCIAL WEST Saturday, September 8, igo6 THE COMMERCIAL WEST Saturday, September 8, igo6 From Minneapolis or St. Paul to North Pacific Coast Points S U P E R B N E W T R A IN Sept. 15 to Oct. 31, 1906 7? S T . L O U IS CHICAGO The opportunity of the year to go West on Low One-way Colonist Excursion Rates, applying to Montana, Idaho, Washington, and Oregon. Secure a farm in the great irri gated districts, where the yield is enormous and crops are independent of rainfall. T H E SHORT LINE TO OMAHA,DES MOINES AND KANSAS CITY J. G . R I C K E L , C. T . A . 4 2 4 Nicollet Avenue, M IN N E A P O L IS, MINN. a j Three Transcontinental Trains in each direction daily. Large 18-section Pullman tourist sleeping cars. Stopovers west of Billings, Mont., except between Logan and Garri son, inclusive. Write C. W. M O T T , G E. A., Sr. Paul, Minn., for information about land, etc. For details of rates and train service write G. F. M cN E I L L , ( ity Pass. Agent, 19 NicoIItt Block, Minneapo'is, Minn. Or [ G E O . W . M c C A S K E Y , City Pass. Agent. 5 h and Robert Sts., St. Paul, Minn. I'CHICAGO GREAT 1 o Helena and Butte $20; Spokane and EHensburg, $22.50; Portland, Tacoma, Seattle, Ashland, Ore., and Astoria, $25. WESTERN I R ailw ay i^oad /// BETW EEN Chicago, St.Paul, M inneapolis, Des Moi nes,St Joseph, Kansas City, Council B lu ffs and O m aha. EQUIPMENT RIGHT, T im e r ig h t , S E R V IC E R I G H T , I T ’S A L L R I G H T . J .P .E lm e r ,G .P .A .,S t.P a u l^ I in n . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northern Pacific Railway St. Paul and Minneapolis to the Pacific A. M. CLELAND, General Passenger Agent, St. Paul, Minn. Northwest THE COMMERCIAL WEST John H. W renn & Com pany H. P O E H L E R C O . THE ROOKERY, 225 La Salle St. E S T A B L IS H E D 1 8 5 5 G R A IN C O M M IS S IO N C H IC A G O S O L IC IT O R D E R S AND C O N S IG N M E N T S MINNEAPOLIS, CHICAGO “ our Saturday, September 8, 1906 AND STOCKS, DULUTH, M AILED Gregory, Jennison & UPON GRAIN, PROVISIONS COFFEE AND COTTON MILWAUKEE. P R IV A TE M A R K E T L E T T E R BONDS, Private Wires to New York and Minneapolis REQUEST Company, ARBOGAST 6 BALL COMMISSION MERCHANTS, Min neapolis and Duluth. Grain Commission Merchants Grain Elevators, Total Capacity, 1,800,000 Bushels. Personal attention given to all consignments. D u lu th , M inn. IS THE FLOUR YOU NEED Correspondence Invited Address THE NORTHWESTERN CONSOLIDATED MILLING CO., Minneapolis DO YOU W A N T Fat, Healthy, Marketable Cattle? USE O U R G R O U N D L IN S E E D CAKE (OIL M E A L ) The prize cattle at the Chicago Stock Show were fed meal made by our Company. A majority of the meal made in the United States is exported to Europe, where competition is greater and the farmer must make the most out of his cattle in the shortest space of time. This is a proof of the merits of oil meal. Write for prices. AMERICAN LINSEED COMPANY https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MINNEAPOLIS, MINN.
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