Newspaper Page Text
IA IL ST.WEATHERS
A STORMY WEEK
Tight Money, Foreign Troubles
and a' Disturbing
Special to The Journal.
New York, Nov. 11, 1905.The stock market
has been iu a rather ragged condition this
week owlug to the election, the mixed foreign
situatiou, tight money, and talk of gold ex
ports. The sensational advances of the past
week in such stocks as Beading, America^
Smelting, American Locomotive and Tennessee
Coal & Iron were largely engineered at the ex
pense of a stubborn short interest who disre
garded the small floating supply of stock and
persistently fought the rise. The recrudescence
of speculation In the minor industrials, par
ticularly in such stocks as American Grass
Twine, is not an encouraging symptom, having
In the past frequently preceded the end of a
speculative movement. Even in the case of
issues like American Locomotive and Railway
fcteel Springs, the fact that but a few years
ago they were given away in the promotion
of the combines, as representing merely earnlu,
capacity, would suggest tbat ttie future Is being
discounted too rapidly. Tight money affected
all btockera alike and some of the Industrials
recently advanced, met sharp recessions. The
conservative men of the street are opposed to
the booming of these low-grade, non-dividend
BANKING CIRCLES maks no concealment of
the fact that they ore apprehensive of a worse
money squeeze prior to the end of the year.
Despite the artificial stimulation which the bank
statements have received, the surplus today is
in danger of beingr wiped ont. Loans. moreoTer,
arc again aiepluying a rising tendency, sug
gesting the withdrawal from the money market
of both outside Institutions and foreign lenders.
With the Bunk of England reporting the poorest
condition in fifteen years, and a loss in its
gold reserve of over $2,000,000, necessitating
replenishing with the Bank of France casting
covetous eyes upon our holdings of the yellow
metal because of a loss for the week of over
$2,000,000 gold, and the Bank of Germany
rinsing its official rate to 5^ per cent, follow
ing a cash loss of $10,000,000, it is evident that
we need look for little assistance from abroad.
Even the postponement of the Russian loan
may prove merely a temporary respite since the I
Japanese government gives indication of intend
ing to refund its per cent Issues.
FIRST NATIONAL BANK men are probably
the largest holders of Reading. It is appar
ently trustwortbily stated that this party would
not consider selling a share. It is pretty well
known that Maxwell & Graves are enormous
holders, and will not sell a Bhare. A man who.
Is the oldest living director in the road has
never touched his large block. Friends of all
these have tucked away stock in the expectation
of another Lackawanna. Of the remainder, the
speculative houses in Wall Street own most, and
their ideas run high. A large amount of the
Btoi.'k 1B collected In the office of Wussermann
Bros., who have steadily predicted a price of
nt least 150 ever since the actual price was 40.
When the stock marches up 10 points, there
Is little actual change in ownership. As long
as there are people who will sell the stock
for a turn, there will exist ground for advance
and the stock has been marching on that short
interest created day by day and not intended
to remain from one day to another.
J. J. HILL'S departure for Kurope Is under
stood to have connection with the recent activity
In Missouri, Kansas & Texas stock. Control
of this property has rested largely with the
Dutch Interests thru their ownership of a big
block. The recent buying was credited to Hill
Interests, and an arrangement for the taking
over of the foreign holdings would clinch con
trol. According to an analysis of the property
during the past eight years over $0,000,000 has
been spent In betterments out of earnings, Indi
cating the progress made in habilitating the
road. As a connection for the Burlington the
Missouri. Kansas & Texas could be made a much
bqtter paying property since the Hill systems
could furnish it with a big thru traffic.
DTJLUTH. SOUTH SHORE bulls cling to their
assertion that developments are pending de
signed to make the road "a second Soo," and
altho snch statements are regarded as exuber
antly enthusiastic the fact that they are made
by people who maintained their faith in the Soo
line stocks when Wall Street conld not see
nwch merit in the latter, at a fraction of their
present prices, gained for them a measure of
attention which they would not otherwise have
THE DRESDEN BANK, an enormous institu
tlbn with ramifications extending into every
pulsating heart of Europe, having allied Itself
trlth the Morgan house has only followed the
Efcutsche bank, of Berlin, which has had a simi
lar alliance in New York for many years. These
alliances tend to bring New York as an inter
national center much nearer to the older mar
kets of Europe. They tend to make the world
PENNSYLVANIA is conspicuously referred to
as furnishing ample proof of the prosperity of
the "pountryT" This'roa'd derives Vis traffic" from"aJ
widely scattered territory, in which there are
diversified industries, and as a consequent the
company's receipts present quite clearly the po
sition of business thmout the countrv.
SENSATIONAL STORIES that a large short
Interest in Reading had been covered at an
enormous loss are not credited. Houses known
as large buyers and holders of Reading, have not
been asked to loan a single share during the
recent sharp advance In the stock.
THE EFFECT of the municipal election on the
Bt'ock market was favorable on the whole, the
"Impression in financial circles being that the
result will not be changed by a Hearst contest.
Quality of steer trade is still keenly appre
ciated by slaughterers, good to choice fat steers
holding firm the past week and occasional trans
actions have been 10c higher, but limited to
these grades. Medium, short fed and common
killers, both natives and westerns, have been
very poor sale and closed the week 10@20c
Receipts of 70,000 fell 6,500 under the market
ing of the previous week and this decrease came
entirely In native trade, range cattle supplies of
feo.OOO being the same as the previous week.
Crowded beef coolers and the growing demand
for pork and poultry has worked severely against
trade for steers and while there is still broad
^~demand for prime beef cuts, and it promises to
continue, big marketing of common and medium
steers cannot possibly favor higher selling.
Trade for most beef -cuts is now very narrow
nnd packers claim many grades of cattle are
being handled at a loss. Prime beeves sold up
to $6.40 and a few at $6f?Z6.30, hot not many
v-ent aboT-e $5.75. the bulk ot ffoocl kinds at
!54.7r'?r?i,40 meatnm to good, S4.23(f?ri.65, and
the common and rough lots at $3.25(lp.90. Tops
range steers sold at $4.85 bulk. $3.40(2,4.
Packers have had 1,000 cows from St. Paul in
late days and the market here has been demoral
ized. Closing sales were off largely 15@20c
from a week ago and few ranged above $3 while
choice cows and heifers sold at $3.25@4. Cut
ters went at $email@example.com and canning cows at
(1.25(3)1.85. Bulls lost 10c in a week, selling
it $2fr?4, and calves were off 25c, tops making
(7. while few went above. $66.50. Upwards of
?,000 feeding cattle were left unsold, the mar
ket closing very weak at 15@25c decline from
UfATSON & CO.,
STOCKS AND BONDS.
Members N. Y. Stock Exchange
NewYork Office24 Broad Street
Chicago, CorrespondentsJ. H. Wrenn St C*
Private wire, Chicago and New York.
N. W. MainliJi
T. C. 184.
420-421 Chamber of Commerce..
Jranchi Office-131 Guaranty Loan Blilcj.
'AYING MINING. OIL. TIMBER, SMELTER.
.ND INDUSTRIAL STOCKS making possible
ARGE INTEREST and PROFITS, listed and
_ilisted, our specialty. Booklets giving full In
ruiatiou mailed free on application.
LACEY & 00.,
& Brokers, 66 Broadway, New York.
a week ago. Many 800 to 1,000-lb feeders sold
up under $3.25, and choice lots had to go at
$3.75 with a few up to $4.15. Selected stackers
brought $3.253.*0 and the bulk of plain to
good lots $2.40@3, while tailings landed down
Best hogs closed around $5.10, with the aver
ag pv k.e fo
$$&, th lowest since Therke
SOUTH ST. PAUL LIVESTOCK
Receipts of livestock at the South St. Paul
market for the first days of the week totaled
19,161 cattle, 1,730 calves, 16,087 hogs and
41,353 sheep, as compared with 23,839 cattle,
1,629 calves. 20,903 hogs, 64,900 sheep In the
preceding week, and 7,512 cattle, 557 calves.
19,878 hogs and 29,367 sheep In the correspond
ing week last year.
Cattle receipts have been liberal but the
approach of the end of the range-shipping
season was seen in the dropping off In the
weekly run as compared with receipts the
Declines were more notlceatl this week
than for some. time, the loss being stated at
from 15 to 25c. (Quality of offerings was
mostly common to fair, and there was a
scarcity of good to choice beef cattle. There
was no test of values on the very best killing
stuff, but on the medium grades the decline
of the week was felt. The bulk of the butcher
cows sold around $2.50, with some saleB at
$2.75 and exceptional sales at $3, as compared
with about a 25c higher showing heretofore.
While steers going to killers were mostly very
common, sales appeared about- 25c lower to
wards the colse of the week, bulk selling
"We -want to get into communication
with speculators all over the northwest
with a view to securing a representative
in every city in which we have no
branch office. The time of year is ap
proaching when the public becomes in
terested in the markets and when trad
ing is brisk in all speculative commodi
ties. If there is a chance for specula
tive business in your city it will pay
you to act as our agent. Terms liberal.
Address Dept. "Z."
Edwards, Wood Co.
Main Office8th and Robert Sts.,St. Paal.Mtnn
Stocks, Grain, Provisions.
E. S. Woodworth& Co.
CHAMBER OP COIWIY1BRCE
^f^ t~ "h-^ --s^L J1 i,
SUMMARY of WF*WEEK?m
THE MINNEAPOLIS OPTIONS
MON. TU. WD. THU&E&/. .SAT.
decline each week since the third week of
August, high time of the year when the average
was $6.09 or $1.18 higher than the week under
review. The week's average price of good beef
cattle$4.80is cjose to the average price of
hogs, and likewise Is the lowest average since
last February, so that hog and cattle prices
are tending in the same direction and practically
in the same notch. Supplies of both hogs and
cattle have been large for many weeks past and
buyers seem to have had things their own way.
About three months ago packers talked $4.50
bogs ana this wees the average price broke
below $5, but many dealers in the trade are
of the opinion that values wlli not go much, if
any lowe/, In fact some dealers, more on the
selling side of the market, are looking for a
vacation. The average weight this week prom
ises to be the lightest In several months or not
much above 220 lbs.
The weakness which started In the sheep
trade here late last week continued increasing
on late days. Prices melted away very fast,
anl a good class of ewes sold 75c under the
range here two weeks ago, while a good fat
class of wethers went 50@65c below that period.
Only a very choice class of western wethers
reach $5.50 here now, with $6 the limit for
yearlings, it takes ewes to land at $5.35. Until
in late days trade In lambs had an excellent
tone, but late this week a sluggish market was
encountered, with prices showing 50c decline
from early this week. Such lambs as sell at
$firstname.lastname@example.org are of a fancy class, while a good
to choice kind brought $6.85@7 on late days, a
few to plain brands going at $email@example.com, with
most cull lambs selling at $firstname.lastname@example.org.
Feeding demand has fallen off for the light
weight lambs, with inquiry centered on 58 to
6S-lb averages, which sell fairly well at $email@example.com.
This ruinous smashup in prices for sheep has
resulted chiefly from the larger movement to
eastern points and a narrowing of demand for
mutton in general owing to the movement of
much poultry and game in the market and the
cheaper prices at which beef has been avail
able in the east, owing to the abundance of
cattle at all markets.
Many bands of western sheep and lambs have
been marketed here this week which were on
the warmed-up order, and such stock will meet
with poor demand, say traders, while the out
look Is bright for good, fat stock, from now
on, at the reduced range of values.
SIOUX CITY LIVESTOCK
The marketing of cattle this week at Sioux
City has been fairly liberal but ran short of
last week by 2,400' head. Monday's marketing
was heavy, and about 6,000 head were re
ceived, which was one cause for the break
in values. The stocker and feeder market
opened with bids generally 15c lower than
the high time of last week and as the day
advanced prices ruled 15@25c lower with the
decline largely on the Inferior grades of cat
tle. On this basis, the trading for the balance
of the week showed little or no change, altho
with only a light marketing there was a
better tone and the offerings were bought up
more readily than is usual on the closing dtfys
of the week. Dealers have managed to get
rid of their holdings and a good clearance is
in sight. This fact should have a good effect
on the trade the coming week and with a more
moderate marketing a reaction for the better
is generally looked for. Good feeders sold
this week from $firstname.lastname@example.org and the bulk of the
800 and 900 pound steers changed hands at
$email@example.com. The Inferior quality stockers sold
from $firstname.lastname@example.org. In yearling weights the good
quality steers sold np to $3.50, but the bulk
of the sales were at $email@example.com, and the com
mon down to $2.50. Stock heifers have found
good outlet this week at $firstname.lastname@example.orgO.a The
1 market showed no semblence of de
dine and there were more orders for steer bulls
than the trade could supply and prices ranged
The fat cattle market opened the week
with a tendency to lower prices and the cow
market was generally quoted 10c lower with
the few steers on sale at about the same de
cline. Nothing very good was received in the
steer line and the offerings sold at $email@example.com,
with the range steers up to $4.00 and Dakota
Texans at $3.80(?3.65. In cows a few sales
were made at $3.253.40, but the good cows
sold generally at $firstname.lastname@example.org and the fair to
good offerings at $240(3:2.60. Canners and cut
ters sold from $email@example.com.
Receipts of hogs have been fairly liberal at
this and other markets and the packers have
continued to break values in anticipation of
the heaver runs In" the near future. There has
been a gradual weakening in values each day
and with hogs selling from $firstname.lastname@example.org and the
bulk of the sales at $4.72^ @4.75 the market
is a nickel lower than at the close of last
Receivers and Shippers of Wheat, Coarse Grain
and Flax Seed. Orders for future deliveries exe
cuted all markets.
Members of All Bxchanecs.
around $3.25. The better steers, however,
would have sold around $4. Canners felt the
decline, and there were sales as low as $1,
while it took better cutter cows to make $2.25
than heretofore. Veal calves declined 25c
early in the week and dropped off another
quarter later, making the week's decline 50c.
Butcher and bologna bulls were about stat
ionary, $2 to ?2.S5, tno rather quiet.
Stockers and feeders, like butcher stuff, were
lower, and the decline was about 25c, every
thing on sale towards the close of the week
being affected. There was a scarcity of choice
feeders thruout the entire week, and sales over
$3.50 were the exception. Dealers still report
inquiry for choice fleshy feeders, but the de
mand was not as urgent as a few weeks ago.
There was a scarcity of outside buyers hero
towards the close of the week, but with a large
attendance next week traders look for some im-
proTcment In the situation. Tno first two
days, with liberal supply and with good de
mand, the market was about the same as in
the latter part of last week with the excep
tion of some weakness on the medium steers,
which became more pronounced the following
days and extended to the other kinds. Light
cattle of good to choice quality showed strength
but later lost what had been gained. Feeding
bulls were 10 to 15c lower for jthe week.
Hog prices declined about 15c the early days
of the week. Receipts were fairly liberal here
the first days, and quality mostly fair. To
wards the close the quality Improved and rups
became smaller. The bulk, which sold a
week ago from $4.70 to $4.80, dropped thjs
week to $email@example.com.
Sheep prices have held fairly steady thru the
week, and the volume of business transacted
was large. Demand was strong for killing
sheep, and feeders were in ready sale at
SUGAR PROM PHILIPPINES
The monthly Summary of Philippine com
merce shows that the exports of sugar from
the Philippines during the fiscal year 1905 were
valued at $5,000,000, as against $2,700,000 In
1904 and some $4,000,000 In 1903. Commenting
upon this showing the editor of the monthly
"The sugar trade shows the effect not only
of the Improved prices that have recently pre
vailed thruout the world, but of more satis
factory conditions of production as well. In
quantity there has been an Increase of about 50
per cent over the small showing of 1904, and
slightly larger exports than for any previous
fiscal period daring American occupation while
export values under the advantage of exceptional
prices show about a million dollars to the
credit of the islands in excess of that received
for nearly the same quantity exported in 1903. In
this favorable sugar trade the United States
participated conspicuously as a purchaser, being
credited with about half the total, while the
remainder is almost wholly appropriated by the
nearby oriental markets."
RICE NOW EXPORTED
The United States has entered the list of the
world's rice producing and exporting countries.
Figures compiled by the department of com
merce and labor thru its bureau of statistics
show that the exports of rice to Cuba alone
in the fiscal year 1905 amounted to 34.976,414
pounds, against 698,983 pounds In the preceding
year, the value of the rice exported to Cuba
being $993,819 in 1905, against $19,985 In 1904".
The total value of rice of domestic production
shipped ont of the country in the fiscal year
1905, Including that to the non-contiguous ter
ritory of the United States, was $5,861,641,
against $667,887 in 1900 and $16,454 In 1895.
Meantime the imports of rice h*e fallen from
practically four million dollars Ai 1899 to two
million dollars In 1905, and for the first time
In the history of onr commerce the rice exports
exceed In value the rice Imports.
The Blue Book on the trade of British India
for the year 1904-5, published recently, shows
that not only were the Imports of cotton manu
factures and other textiles, also of hardware,
metals, machinery and sugar beyond all prece
dent, but the exports of wheat, rice and other
food grains have never before been exceeded.
Taking the past four years there has been an
expansion of no less than 48 per cent in the
exports of Indian products, exclusive of treas
ure. Nothing, as the. report observes, could
reveal more plainly the fact that agriculture
forms the foundation on which the whole
economic structure of India rests than this ad
vance, for the vast bulk of the exports con
sist of raw materials and food products, pro
Tided by her own husbandry, pasturage and for
PIG IRON PRODUCTION
The output of coke and anthracite pig Iron
since the first of the year aggregates 18,527,761
tons, the heaviest production In the world's
history. The banner year In pig iron produc
tion was in 1903, when 18,009,252 tons were
produced. Therefore the production In the first
ten months of 1905 exceeds the twelve months'
production of the banner year by more than
five hundred thousand tons. There is every
reason to believe that production for 1905
will reach 22,000,000 tons at least, which total
exceeds the production In 1903 by about four
million tons. In 1900 the production of pig
Iron was 18,789,242.
Work On the construction of a second pipe
line to handle the petroleum production of
Kansas and Oklahoma will be started by the
Standard Oil company soon. The line will ,be
built parallel with the line from Oklahoma
to Wlilting, Txid., that was recently completed
The tWO lines Will be able to transport from
80,000 to 85,000 barrels of oil a day. It'is
said te new line will cost about $3,000,000,
TO NEW YORK BY LAKE
The lake .steamer "Indianapolis" arrived In
New York yesterday from Chicago by way of
Montreal. The "Indianapolis" formerly plied
between Chicago and Michigan City. She was
purchased by the Alaska Steamship company of
Seattle, and went to New York to prepare for
the long voyage to Seattle. This Is a remark
able roundabout trip for a lake vessel.
The deposits of the SECURITY
BASTE OF MINNESOTA on
August 25th. 1905. were $10,-
248.000.showin* an Increase Air
lnc tne oast rear ot S1.50O.800
a Try substantial growth.
New business solicited.
Whal!cn,Case&Co. STOCKS, tRA N, PROVISIONS
New York Stock Exchange,
Chicago Board of Trade,
Mpls. Chamber of Commerce.
Private Wire to New York and ^hioao.3.
68 CHAMBER OF OOMMEBCE,
NEW YORK LIFE ARCADE.
Ellsworth C. Warnar,
Denman F. Johnson.'
Editorial Sectiop. THE MINNEAPOLIS JOURNAL
George F. Piper
Stocks and Bonds
Grain and Provisions
409, 410. 411 I Phones: N.W. M.
Chamber of Commerce. 3421-3422. T. 322
*E&I: W&ij TOMTIT* t
No greater evidence of the legitimacy of- the
business situation is needed than that afforded
by an analysis of the reports of bank clearings
for the country. The financial transactions are
on an enormous scale, the clearing house re
ports of the principal cities for last week
Showing $2,809,639,500. This does not repre
sent all business done, and many deals that in
the aggregate make op a TOlumc Of trade run
Ding to millions and no direct representations
in these statistics. The clearings nevertheless
afford a guide to conditions, and when read
correctly, faithfully reflect a rise or fall in the
tide of commerce. We are doing today, in our
country, one-flfth more business on the whole
than we did a year ago.
Proof of this Is in the fact that the In
creases are shown In the smaller centers. So
much of the element of speculation enters Into
financial transactions in New York that when
a fever siezes upon Wall Street and buying and
selling of. stocks runs heavily, clearings mount
rapidly, as the banks make the exchanges
necessitated by the shifting from one to
another of blocks of securities.
When the country shows an increase princi
pally from this cause It is In a sense ficti
tious. It la not to be contended that such
transactions are not entitled to recognition.
They are a part of the country's business.
Men who are allied to Wall Street, and who
help maintain a market for money and securi
ties, and a state of activity, serve their part
in the general work. There has come to be
a distinction drawn, however, between this
i24 otber lines of financial or commercial effort
and for want ot a better word, "legitimate"
has been used to mark off, rather loosely,
business that runs close to the understanding of
the people, and follows the old Ideas of buy
ing or selling merchandise, or serving in some
capacity in the supplying of human needs, or
turning produce Into cash, or making a finished
product out of raw material, and business that
produced nothing in itself, stands farthest
removed from the homely ideas and closest
to speculation, and very often Is speculation
pure and simple.
Hence when the bank clearings Indicate
that the country Is doing an enormous busi
ness, one needs first to stop before drawing
conclusions and see wherein the gain Is princi
pally produced. If he finds that the figures In
the interior cities are light,. anu that In New
York millions of shares are being traded In,
and a greater number of people are giving
thought to the desire to acquire wealth quickly
thru speculation, he may conclude that the
figures mean nothing. If he find, as in the
present showing, that the larger gains are
being made outside New York, In cities where
the figures stand for the movement of produce
and the sending back, of money to the farmer,
an Increase In trade, manufacture or transporta
tion, and the employment of labor, he may
know that it means real prosperity for the
Little attention Is longer being paid to new
records in any line, so often have they been
broken of late. The railroads are hauling
more freight and earning more money, the
Iron mills are producing more, and this is
found all along the line with very few excep
Relative to population Minneapolis makes a
showing In general business Increase that Is
remarkable and puts the city Into leadership.
The country is Indeed so prosperous that it
can scarcely become, more, so, nor can new
records be made continually. But the country
may enjoy the.- :pjsntJ.isp*rny for a long
time to come.' Everything fundamental is
sound. There was the fear at cine time, earlier
in the year, that speculation would run away
with reason in Wall Street and bring on distur
bances, but the country appears to have too
much business on its hands to care much about
NEW JAPANESE LOAN
The Japanese refunding operations will be
carried thru In all probability before the new
Russian loan comes on the market, according
to the Wall Street Journal. This latter event
will not take place now before the end of the
year and probably not till well Into next year.
Several meetings of financiers have been held
In London for the purpose of arranging the
details of a plan to refund the Japanese Inter
nal 6s and possibly the external 6s. Earlier
London dispatches have stated that the loan
will be for $821,000,000, which would more
than cover the refunding operations Indicated.
As soon as the details are completed the
new Japanese loan will be put out and owing
to Russia's Internal troubles It will be on the
market and probably In large part distributed
before the Russian loan Is offered.
Close to 25,000,000 bushels inspected and
nearly 40,000,000 marketed is the record of
the wheat crop of the Canadian west to date.
Tuesday, Nov. 6, was the biggest day on re
cord In the Inspector's office, as 674 cars passed
Inspection on that da'te, yet this is not as
great a surprise as the handling of wheat by
the Canadian Pacific railway. It is doubtful
if in the whole history of railroading such a
record has been made and maintained for so
long a period on a single track system. So
well have both the Canadian Pacific and Canad
ian Northern railroads done that tho there is
no doubt more cars could be used at many
points, and a few points have been tied up
for a matter of three days at a time, there
has been absolutely no blockade In the real
meaning of that word. And this is In a year
when receipts of wheat at Interior elevators
have been more than double those of any
previous year. The whole difficulty this season
has been east oi tlie lakes arid the blocfcade
there becomes dally more acute and Is affect
ing trading to some extent but not as much
as had been anticipated. It is most noticeable
In the small demand for cash wheat. It is
also affecting wheat In the country where
December prices are being paid, as there is
no hope of getting the wheat to destination
If bought on November figures.
Of all wheat Inspected 85 per cent has been
of contract grade, that is, No. 2 northern or.
better, and during Octobtr over 11,000 cars
of No. 1 northern passed inspection.
There is a very active demand for oats for
export and supplies are increasing. tho. not as
601 Board-of Trad
Win Dalrymple Go.,9c^ChA^e
Wm. Dairymple, Dalrymple I
GRAINCOMMISSION Receiving a. specialty. Advances made to
Farmers, Shippers ana Elevator Com
P. B. MANN CO.H.POEHLERCOMPANY
Orders for future delivery executed in all markets
Minneapolis Duluth Chicago
Mall samples for bids. Ask prices for. Feed, and
fast as could be wished. The other day 150,-
000 bushels of western oats were shipped via
Boston. These oats were No. 1 extra and No.
1 white mixed, and the sample weighed 43
poundB to the bushel.
Uncertain reports are floating around to the
effect that a new banana receiving organiza
tion Is under way. These reports have been
hard to verify, but some one heard the news,
for the firm now supplying the trade reduced
values 25 cents per bunch during the week,
which will be appreciated by northwestern con
sumers. Most other fruits are higher. Mexi
can oranges have gone back to $4.00 per box.
but Floriaas hold to tne same old figure. New
California Navels will be In next week, and
shippers say the stock is unusually toe for
ntst shipments. Cranberries are up to S12.00
per barrel on the best grade, and If the ad
vance continues only the most aristocratic tur
key will have cranberry sauce as a side dish
at Thanksgiving time. Grapes of most verities
are also higher. Lemons are 50 cents per box
lewer, but the decline will not encourage con
sumption at this time of year.
Green vegetables of most verities are show
ing some fancy figures. Most of the present
offerings are hot house grown, very few lots
coming from the south. In old vegetables, cab
bage shows a sharp decline. Offerings are
light, while the demand is active. Dry onions
are lower, due to generous .offerings. The potato
market shows no price changes, but many be
lieve current quotations are too high, and that
a decline is inevitable. There is plenty of
good stock In sight, and a big lot that Is
off-grade. It is said that many growers are
marketing their poor stock first and will hold
the best nntll later. The Dakotas are forward-'
lng many cars to this market, mostly of the. red
variety. Navy and brown beans are higher.
Several good strong advances are to be
noted on eggs. Arrivals are moderate as com
pared with a year ago, and the demand is
taking care of all coming at constantly stiffen
ing prices. There is a call for storage goods,
but they do not seem to have any depressing
influence upon the fresh article. The large
amount put away In the fall is being cut
down rapidly, as all indications point to a
strong range on both cooler and fresh stock
all the winter.
There Is an active call for low grade but
ter, and values promise to advance. The sup
ply Is under the call at present as users of
this grade of butter have a wide outlet for
their products now that top grades are so
high. Creameries move out readily on ar
rival, and local Btocks are easily kept to a
fresh basis. Dairies are In very moderate sup
ply, while there are not enough ball and prints
coming as yet to make a quotation market.
There is much activity reportable to the
cheese market. Top grades are very firm, with
some advancing tendencies shown on off mar*
Chickens show an advance to close of the
week, and have abont regained their lost
strength. Fair weather has maintained the
call for live stock better than expected. Dressed
lots will be preferred as soon as weather settles
to a cold basis, but the damp weather the
first of the week drove most of the demand
back to livestock Many lots of dressed ar
rived in very poor condition, and some returns
the first of the .week were quite likely duv
Veal market has been dull and unsatis
factory. Low grades have been especially alow,
and quotations have been reduced.
CAR FAMINE NOT ABATED
The prospects for an abatement of the car
famine are even remote, altho the lake season Is
drawing to a close. It has been believed all
along, says the Black Diamond, that with the
close of navigation on the great lakes a num
ber of cars would be diverted to the all-rail
trade and that the tonnage of coal would be
Increased. Here is the situation on one carry
ing road. The Hocking Valley in Ohio has 1,400
cars approximately engaged in transporting coal
to lake docks. Ordinarily at this season of the
year It should have 5,000 cars in that branch of
its business. When the lake season Is ended
the addition of this equipment to the all-rail
trade will not help the situation very greatly,
owing to the difficulty which will be experienced
in getting the cars back from foreign roads and
also because of the further fact that the hauls
will be longer. Otber railroads engaged In haul
ing coal to lake ports are to the same position,
relatively, as to equipment. The tonnage which
moved to northwestern docks during October was
very small comparatively, because the railroads
did not have the usual quota of cars.
It is evident, therefore, from a careful
analysis of the situation, that this source of hope
as to an improved car supply will not furnish
much relief. There is still another feature In
connection with the matter. The strain on the
motive power of the various coal carrying roads
during the past 'two months had been tre
mendous. This can not continue without loco
motives "playing" out, and as soon as there
is cold weather, the Inability to move tonnage
will be caused both by lack of motive power
and shortage of cars.
GERMANY'S MEAT FAMINE
AB a result of her new Inspection laws which
went into effect about a year ago Germany
is suffering the most distressing meat famine
In the history of that country, says the Drover's
Journal. Efforts are being made by German
farmers to Increase the production of livestock,
but. with their limited areas of land, low In
general fertility, they are unable to supply the
broad and hungry demand.
As a result 11-ve cattle and nogs hare been
selling the past summer at or above 15 cents
per pound on the hoof, or nearly three times
the average price in the United States.
It costs less than a cent a pound to ship
meat from the Mississippi valley to Germany
and about the same to ship, live cattle. Under
the pretext that' contagious diseases prevail
in this country Germany has prohibited for
years the importation of American live cattle.
Refrigerated beef is shut out by a decree
that the lungs and other intestines must go
attached to the carcass, eo they can, determine
whether the animal has suffered from any dis
ease. These intestines will not keep, and hence
It is Impossible to ship the beef and that may
Ship and send orders to
"Our private market letter sent upon
TO MAKE MONEY BUY
R: B. HIGBEE,
410-411 Germania Life Bldg., St. Paul.
A, J- CUMMINGS
Member Minneapolis Chamber of Com*
merce and Duluth Board of Trade.
PROVISIONS STOCKS BONDS
OfficeMain Floor Dispatch Building
Minneapolis Officelie Chamber ot Corn*
merce Butldlnsr. Ground Floor.
THE GHIQAGO OPTIONS
MON. TOE. WED, THU& FR/. JAT
be the objeet of the sanitary decree. Canned
beef Is excluded and other canned meats by
a requirement that the cans must be opened
BAJ^ANCE O TRADE
The bureau of statlatlea, department of com
merce and labor, has prepared a table showing
how balances In trade stood for 1904 between
the United States and the several countries
In oar favor. Against us.
Switzerland Great Britain 371,555,231
Chill China British East Indies
Dutch Bast Indies
British Australasia..... 20,267,038
Philippines British iifica 15,230,300
Total $705,196,650 $253,070,936
Onr favor $452,125,714
In explanation, the chief of the bureau states
that the balance is by no means as large as
it seems, for It is considerably diminished
by the money sent abroad in dividends to in
vestors In our mills, railroads, etc. It Is also
offset by large sums spent by American travel
ers in almost every European country from the
North Cape In Norway to Sicily or Southern
Italy. Still, another factor militating against
the United States Is the vast sums paid by
American merchants and manufacturers to for
eign ships. It Is doubtful whether any balance
would he left after settling all the sums above
noted over against the $452,125,714 In our
favor. Anyway, whatever the result of such
a comparison there can be no doubt that tho
payments referred to reduce the millions to a
much smaller sum.
Widespread misapprehension exists as to the
difference between speculation and investment.
What Is one man's investment Is another's
specrlation, and what is one man's speculation,
may be another's business.
These terms are commonly need In sueb a way
as to make It difficult to determine the exact
meaning Intended, says the Wall Street Journal.
Even the Standard dictionary, in its definitions,
uses the word investment In explaining the
meaning ot speculation. Thu It says that "To
speculate Is to make a. purchase or Investment
that Involves a risk, but also offers a chance of
considerable profit, as to speculate In stocks."
To invest. It says, is "to lay oat money In the
purchase of property especially for permanent
use as opposed to speculation." These two
.definitions do not convey a very clear idea of
the difference between the two acts, and It is
interesting to note that the dictionary even says
that to speculate Is "to make an investment."
It would seem Clear that no exact definition can
be given that will hold good in all cases. What
Is Investment, and what is speculation, depends
in each Individual ipstance upon the conditions
and the persons Involved.
Broadly speaking the difference between In
vestment and speculation Is a question of time
and risk. Thus an Investment Is the laying out
of money for a permanent and regular income,
and this permanence and regularity of Income
carries with It the least possible risk for the
capital thus Invested. Speculation Is the laying
out of money for a short time in the hope of a
large profit, and this necessarily Involves more
or less ribk. In the stock market, It Is custo
mary to speak of an Investment as being the
laying ont of money In high class, but low In
come-yielding securities, these securities to be
paid for in full anl put aside In safe deposit
vaults for permanent keeping.
FOREIGN EXCHANGE VIEW
Cotton bills were more numerous last week,
and Oils fact, with the firmer tendency in
money rates, caused a heavier tone in sterling
exchange. It Is still thought, however, that
this country soon will ship gold to the other
side of the Atlantic. Foreign discounts are
likely to remain firm for some time to come,
but the strain in the foreign markets over the.
Russian situation in a measure has been re
moved,, owing to the improvement that has
taken place in the affairs of that country. There
Is plenty of gold In the United States, and if
the necessity arises for shipments of the metal
to Europe, there probably will be no serious
disturbance In the money market, in the opinion
of close observers of the situation In New York.
THE REAL MONEY CALL
The trip of Mr. Perkins, of J. P. Morgan &
Co., to St. Petersburg was acknowledged to
be In connection with American participation
in the Russian loan, so that it is probable that
Wall Street may be called upon to contribute
to the new issue. This, however, Is an outside
matter, says the Journal of Commerce. The
real demand for money comes from the un
precedented wave of trade and Industrial activ
ity that Is sweeping oyer tlie country from the
Gulf to Canada and from the Atlantic to the
Pacific. October bank clearings are a sub
stantial' indication In this direction, showing as
they do the largest totals for any October
CRIPPLE CREEK MINES
The tonnage from Cripple Creek mines for the
month of October was the greatest in the his
D. A. MT30NALD.
ROUND THE TICKER
ANDIK THE PIT
Gossip of the Trading Floor and
About the Brokers'
MILLION bushels oats cleared Saturday.
WINNIPEG export Inquiry not ve/y ferHst.
BANK CLEARINGS, entire country, gain 14
MINNEAPOLIS bank clearings gain nearly 44
TEN LOADS Manitoba wheat were sold late
CALL MONEY is expected to rale firm all
thru next week.
BANK STATEMENT anything but a favorable
NEW YORK bank reserves now $2,429,000
RESERVES have not been exhausted before
since September, 1902.
EIGHTY-SEVEN railroads increased Septem
ber net earnings by 7.94 per cent.
CANADIAN PACIFIC earnings, first week in
November Increased by $180,000.
saw yOBK will sell S12,00,000 new bond*,
on Nov. 23, bearing 3Vi per cent.
HAftRIMAN said yesterday: "Stocks are 'a
purchase, Reading, Smelters and Canadian Pa
VALENTINE'S prediction of dollar wheat,'
may yet come out, but it looks pretty poor just
WALL STREET has discounted the bad bank
statement,, says Watson's New York office, and
there should be improvement.
"WHEAT don't show much gimp, after snch
m. big lr ale. sai Ja cksoo. 'and next week
will probably be generally lower."
RANKIN says: "It seems foolish to advise
bujlng corn, yet I believe after the effect of the
government report passes it will rise."
SECRETARY SHAW says again that he
satisfied money conditions will work out all
right and he will place no money In the New
York banks at present.
PIPER, from New York. "The Inactivity of
United States Steel stocks in the face of a
quarterly statement showing largest unfilled
orders in history, is remarkable."
NORTHERN. PACD7IC Is negotiating with the
American Locomotive company, and will prob
ably place an order for 100 new locomotives, to
be delivered next spring.
WHALLON'S New York wire says: "The
stock market showed wonderful strength In the
face of the bad bank statement. The danger
In the situation is In the pools. Some of them
must be pretty hard pushed for money and
should they have to throw over their stocks,
prices would suffer."
WASHINGTON Message to LewisThe gov
ernment is hardly In a position to Increase the
New York bank deposits as the cash balance is
low and as interest payments are not due until
January It Is hardly probable that they will be
anticipated at this time.
LOUIS T. WATSON wired, after the bank
statement had appeared: "More confidence is
reflected. Secretary Shaw's recent assurances
dissipated to a great extent, fears as to money
outlook. It Is believed relief will be forthcom
ing from the government If needed, either di
rectly here, or indirectly to banks elsewhere.
The short interest large, and none too sure of
JOHN W. GATES* Office SaysSome bank
ers believe a continuance of the present high
average rates for call money will cause a re
sumption of gold imports, especially if exports of
cotton keep on Increasing as they have done this
week. Exports of cotton for the five days end
ing Thursday were 174,364 bales, compared with
108,083 bales for the corresponding days of 1904.
F. P. FRAZIER said: "The only part of tho
country tolay that is buying* commercial paper
Is Kansas, Iowa and Nebraska. Five years ago
these same people were wearing straw hats in
the winter time, but, owing to their great
economy In living, they have been able to save
up money enough to come in at this time and
buy commercial paper put out by eastern houses.
Now, If New York people would economize and
not live so high and cut down their expenses,
they might have money enough to do business
and not have to charge their customers 15 per
CHARLES B. LEWIS, from New York:
"Speculative comment tonight reflects great sat
isfaction over the action of the stock market the
past two days. It Is conservatively estimated
that there have been sold this week by timid
people over 300,000 shares of stocks. The way
these holdings have been absorbed, competent
critics agree, encourages the belief that while
prices may go somewhat lower the outcome of
the current developments will be a resumption
of the bull movement at no distant date. Not
In a long time has the market bad arrayed
against it so many adverse influences as have
obtruded themselves in the last ten days."
W. H. BARTLETT says: "There has been
a. systematic effort made the last few weeks
to build np a bull sentiment in corn, on the
claim that the busking returns are disappoint
ing. The government report confirmed the
largest estimate of the crop and has effectually
disposed of this claim.
"We raise our large corn crops in the wet
years. As four-fifths of the crop is raised on
high land this necessarily means some disap
pointing yields on low river bottoms and on
poorly tiled land, but these exceptions simply
prove that the crop, as a whole, has received the
"I believe we have raised at least 500,000,000
bn more corn than we did last year, and It Is
the general belief that It is of such high quality
that It will go 10 per cent further, bushel per
bushel, for feeding than last year's crop."
HENRY LITTLE, Interviewed at the New
York Produce Exchange, said: "There are no
heavy flcur stocks In the east, and trade Is still
good, as It has been thruout the country, with
the prospect of the best year ahead for Amer
ican millers they have had in years. This ap
plies particularly to the home* trade,' as wheat
and flour are on a legitimate basis, with a
profit in manufacture and in bringing it for
ward to market. Exporters did a good business
at the opening of the crop and before it moved,
when wheat was down to 80c, before freights
went np. Now they are one shilling out of
line, but will come In again when wheat gets in
line here with Europe.
"Mills thruout the northwest are sold ahead
two months or so, and are not pressing sales,
and will not have to If the trade holds o^ a
while yet. But we will need new business and
will get it again before the holidays. The
whole country has the best wheat crop In years,
and tho it will not be as large as the govern
ment estimate it will be 625,000,000, mostly of
good milling wheat. The northwest Is full of
wheat and receipts would be doubled if can
could be had to move it. There are thirteen of
our country elevators closed because we cannot
get cars. The northwest, and especially Minne
apolis, was never growing so fast and was never
so prosperous as now In every branch of busi-
tory of the camp, reaching the enormous total I on Oct. 1, and $99,431 on Nov 1, 1904. The
of 71,000 tons. The value was $1,958,787. The advance during October was almost entirely in
value of the October output exceeded the output articles of food. The advance previously daring
of the previous month by $110,487, while the the year was mainly in the classes embracing
tonnage was 18,760 tons greater. metals and clothing.
Qfve II$ orders to sell oats to arrive on the bulges
Duluth. Grain Commission. Minneapolis.
D, A. MCDONALD & CO.,.
SHIP LIVE STOCK TO
The Van Dusen-Harrington Co.
SOUTH ST. PAUL.
HIGH COST OF LIVING
Dun's index number of commodity prices, pro
portion to consumption, was $103,863 on Nov. 1.
a new high record, and compares with $100,428
C. C. WYMAN & CO.
800*807 Chamber off Commaroe.
Grain to Minneapolis and Duluth. i%
WOODWARD & CO.
gESIF GRAIN COMMISSION
JbBAlvCEES-Chicaso and Milwaukee. Ordersfor futuredeliver? executedin
E W. SUHNKR