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The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, November 11, 1906, Part III, Classified Section, Image 27

Image and text provided by Minnesota Historical Society; Saint Paul, MN

Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83045366/1906-11-11/ed-1/seq-27/

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Call Loan Rates Will Govern the
Price Trend in Wall
Street.
Special to The Journal.
New York, Nov. 10.The election
having passed, the depressing influence
In Wall street is still the money situa
tion, which has again taken on a more
stringent turn both here and abroad.
Fifteen per cent call money might he
explained away by the November dis
bursements, tho it would also suggest
a shifting of the burden of loans from
Europe to this country. The firmer
tone to time money, however, is the
really significant feature, for it is here
that most of the borrowing is done
both for the mercantile community and
Wall street. With six months' loans
strongly bid at 6 per cent, and funds
in demand over the end of the year as
high as 7 per cent, the outlook for spec
ulation is not reassuiing.
Perhaps the most significant factor
In the situation is the inability of the
Bank of England to build up its re
serves, the proportion to liability the
past week being only 36.51 per cent,
altho the so-called dead line is 40 per
cent. Because of the failure of new
gold arrivals to restore the reserve,
there is talk of another advance the
bank rate to 7 per cent, which would
be the highest at this season in any
year since 1873. Not alone the Bank
of England, but the Bank of France
and the Bank of Germany as well, are
in a weaker position.
Thus the French bank lost $1,585,-
C00 gold the past week, increasing its
loans $50,000,000, while the German
bank lost $9,435,000 cash, its loans in
creasing $10,000,000. As compared with
a year ago the Bank of England has
reduced its gold holdings $14,800,000,
the Bank of France $17,716,000, and
the Bank of Germany, counting in its
silver, $15,578,000. As in this country,
the simple explanation of this weak
ened position of reserves in the face
of a large expansion in currency is the
world-wide activity in business, with
the incidental demands for financing
new projects and improvement plans.
In gome conservative quarters it is
argued that there will be no release
the money situation until business re
acts, which contingency cannot be
viewed with pleasure.
Unless there is a fresh buying im
pulse from the outside public, an up
ward movement is problematical.
Market comment, as a rule, is none too
optimistic in this regard, it being re
alized that conditions more funda
mental are holding the market in
cheek, which factors will not be re
moved for some time to come. It may
be adduced that the public has over
come its indifference to speculation, it
being madly engaged in gambling in
mining stocks, mostly of a dubious
character, and that a transference of
these operations to the stock market
is among the probabilities. There is
very reason to believe, however, that
the larger interests realize the necas
sity of Keeping down loans so long as
the international situation is compli
cated, and that the banks will contrib
ute their mite toward holding bullish
enthusiasm in check.
Fortunately, cotton exports ate in
creasing, and in consequence the sup
ply of cotton bills in the exchange
market is large and furnishes a protec
tion against nigh rates for sterling,
while, in addition to the influepce ex
erted by the movement of cotton, the
market also is favorably affected by
*9MO *9C9-
4
i
4
Writs Immediately For My
GREENWATER
Special Market Letter
feet Absolutely FREE Upon teqimt
Don't Invest In any Greenwater security until
joa write me My own engineers have made an
unprejudiced report on that district and I am
personally familiar with the entire Erection I
m on the ground and will give you facts Get
In line for Profitable Investments. Write me
today.
O. S. JOHNSON, Broker,
Goldfleld, Nevada.
COPPE STOCK S
We make a specialty of high
grade COPPERS.
Write for free Daily Market Letter.
Crandall, Pierce& Co
731-733 Guaranty Bid*.
PhOOes-M. 1660 J2 9283.
FOB BEST RESULTS TRY
Marfield,
Tearse & Noyes
Incorporated.
GRAIN COMMISSION.
MINNEAPOLIS CHICAGO
DTJLTJTH MILWAUKEE
GrainCommission
Receiving a specialty. Advances made
i to shippers. Orders for future deliver/
1 executed in all markets,
-I'lfritaO.
^jfr.
^W
1^5rfi
77
ft
Sales.
300
100
400 100
600 200
WEALTH
WITHIN THE GRASP
PRUDENTINVESTOR
jm^r^Hjj^j^jj^fiU' iTifefrn
85
tra%
43 fc
101
72%
111V+
31
XOlYi
134
153% 117%
110%
T^
OUFLMARKEC LETTER
Conservative Brokers and Mine Makers
Hon* Offle fflroa Black. Coldflttd. Mtvada Eattarn Off let 6 Wall St Nam York, N
wnwiuawwutim HJWIMBM
tfAr
^AA*:
generous offerings of commercial bills
against exports of food products.
Wall street already is beginning to
speculate on the probable attitude
of Mr. Shaw's successor in the
treasury department, and the general
opinion is that Mr. Cortelyou
will conduct the operations of
the treasury in its relation to the
banks on lines similar to those adopted
by the present secretary of the treas
ury. As Mr. Shaw in all his actions
has been backed and indorsed by the
president and the other members of the
president's cabinet, there is no reason
to suppose that Mr. Cortelyou will not
follow in the footsteps of his prede
cessor.
It is believed in well-informed cir
cles that the rumors of forthcoming
extra distributions of profits on North
ern Pacific and Great Northern stocks
are well founded. Unless monetary
conditions prevent, banking interests
who should be in a position to know
what is being done by both the North
ern Pacific and Great Northern directors,
believe that the plans for giving stock
holders of both companies e^tra divi
dends, either in cash or stock, will be
carried thru on or before Jan. 1.
The contest for control of the Illi
nois Central had little effect adversely
on the stock market, it having been ac
cepted all along that the road would
ultimately pass under the control of
Union Pacinc interests. It seemed to
be only a question as to how long Mr.
Fish could maintain his position
A railroad man who is watching the
situation closely says that he is entire
ly confident that some important plans
are being worked out by the St. Paul
directors.
A prominent Chicago financial man
who is here says that from what he
can learn there need be no fear of an
outbreak among the employees of the
large railroad systems over the matter
of wages and hours. He understands
that the negotiations are almost certain
to result dn concessions on both sides.
Another well-informed man who is in
touch with many of the most promi
nent railroad officials says that his in
formation is of the same character.
A prominent "Canadian Pacific direc
tor who is in town says that present
conditions in Canadian Pacific's terii
tory are far in excess of even the best
informed inside interests -three years
ago. He says that it is absolutely
certain that 1907 will be the greatest
year in the development of Canada
thus far. ,Stanley Schroff.
1,300
100
4,400
1,900
100
600
8,200 3,100
2,200 1,100
500
34%
01% 43
Jv
Am Car
do pr
Am. Locoraot,
do pr
ran roRTui ASKING WRITETORIT
gjl l*UtT*nrm!aOwMutat^wdt*Stoi^rfe^tl^N
Til W AM*Ua|*ii4H*mMidManMiTluaAa?0dMrrfceoMlSt
KoaMtat!Coatrrr S
Til WE INVITE YOU_TO0ECOMEA, SHAREHOLDER 3m&cr
Mabt FnlfrAi
&&/rM $//oit& Qmp /nc,
85
MVs 43 Y*
100% 101
72%
I
301,4
101%
133% l^i,
117 110*4 2G0
99
rafc
111
2,800|Am WooWta..
2001 do P"
200|Am. Sugar
4,500IAm Smelting.
100 do pr
11 SWOJAmal Cop
4 500|Anacon Cop
2 300 At ,Top. & S
so
101 133% 153%
117 11014
268 V21 2S7
98% 98%
^T/?e Mffswer/s1
ssy3
Write for information how the
small investor can make big
money. Ten dollars or upwnrds
will open an account. Write to
W CLARK
Suits 86, 119 & .21 La Salle St.,
(CHICAGO, Op. Stock Exchange)
George S.Barnes Jr.
GRAIN COMMISSION
11 Chamber of Commerce
Write me regarding Puts and Calls
how they operate and the large profit
gamed on minimum investments.
N. W. Main 4783. Twin City 2280.
PIPER.
George F. Piper
Walter D. Douglas
JOHNSON
Ellsworth C. Warner
Denmafi F. Johnson
BtoktrMia
Stocks and. Bonds
Grain* and Provisions
409.410-411 I
Chamber of Commerce I
Board of Trad
DULUTH Wm. Dalrymple,501
Wm. Dalrymple Co. "SSrstti
& GO.
Phones N. W. M.
3421*3422. T. C. 322
GRAIN COMMISSION.
Minneapolis, Bitatb, Milwaukee.
S22
a^^:
*V**t
Jzxa:
J\^\(\
^Vk^
a
200 do pr 101% 118
91 78
175
53
101% 117%
90% 77%
174
52%
Bait. & Ohio.
do pr
Brook R. T.
Canadian Pac.
Ches A Ohio.
C. Gt. W....
400
700
CCO. & StL
Col F. & I...
Col Southern
do 1st pr
101% 117%
90% 77%
174%
62%
17%
71
25 91%
51% 86% 68% 56%
138
215% 035
39 82%
16% 36%
42% 75% 66%
173%
820%
173
28%
50 17% 81% 27%
58%
142 145 142
106
66
92% 34% 68% 22%
73% 75
102%
93% 90
88%
219%
201 127%
5%
45% 52%
87% 36%
138%
89
144%
91
93 35
97% 28 65%
170%
91
82%
94%
158
35%
110%
181
92% 49
106%
46%
104%
19
42 36% 85%
18% 37 21 25% 61
101% U7%
91% 78%
174%
82%
17%
72 25 92
61% 3T% 68% 57
138%
216% 583
89 83% 16% 86
48% 75% 67%
173
323
173
28%
60 18 81% 27%
58%
142 146% 1,42 106
66%
93% 34% 67% 22% 73% 75%
102%
93 90
88%
219% 201 121%
88
100
600
91% 51%
Consol Gas..
Del & Hud.
Del., & W.
& R. O.
216 215%
D. 8. 8. & A. 17 87
4,100
16% 86%
42% 75% 66%
43% 75% 66%
do 1st pr
do 2d pr
Gen. Electric
N. pr
Illinois Cent.
Iowa Central.
100
2,600
100
822% 320%
Inter. Paper.. & Sou
59 58%
Louis & Nash
M.StP & Soo
142%
a
142
Met St Ry
Minn & St
Missouri Pac.
& T.
do pr
Mexican Cent.
Nat Biscuit
National Lead
do pr
Nor. & West
do pr
Noj:th Am. Co
Northern Pac
Northwestern N Y. Central
do rights
Ontario & W
Pressed Steel.
200
03%
84% 69 23
73% 75%
02% 34% 68%
22% 72% 75
93%
18,600
700
200
800
93%
221 219
128%
5%
45%
127%
5%
46%
1 Pacinc Mail
Penn R. R.
People's Gas..
Reading
do 1st pr
do 2d pr.
Repub Steel
do pr
Rock Island
do pr
St Paul
Southern Pac.
Southern Ry.
do pr
Tenn Coal & I
Texas & Pac.
Twin City
Union Pac
do pr
U. S. Rubber.
do pi
U. S Steel
45% 52%
87
91,400
200
100 100
200
1,100
100
17,800
5,600
2,000
200 800
86,400
100
15,200
1,800
*t 1 1 Close
Stocks,,. High- Low- Bid I Bid
eat est
Am. Cot. Ott.
do pr
86 87
139% 138% 139%
146% 144% 145%
90 93 35%
97% 28% 66
171
91%
28% 27%
171%
91%
32%
95
158%
86%
111
18256
92%
49%
107
46%
105
170%
91 32%
94%
158
35%
110% 181
92% 49
106%
46%
104%
do pr
400 100
Va Chemical
Western Union
Wheel. & E
do 1st pr
do pr
|NolOINov 9
34"*
93^ 43%
100 i
72^
111
30*4
10114 133% 168%
117 110H
208
Total sales, 294,200
04%
158
35%
111 182%
92% 49%
106%
46%
104%
19%
42%
36% 85%
46%
87 21
25% 51
CHICAGO LIVESTOCK
While value? for steers have receded
10c from last week's high point, there
is a fair tone to- the trade and the
choice classes hold on a firm basis. In
creased receipts were responsible for
the drop in prices, but there has not
bean a very serious depreciation. Mar
keting totaled 78,552, against 69,555 a
week ago and 73,200 a year ago. Scar
city of well-finished steers is responsi
ble for the high level of prices and the
strength in this line of trade has lent
a bullish influence in the market for
the medium classes, tho it is evident
that the satisfactory conditions gov
erning trade for these cannot hold un
der big marketings of the half-fat
classes. The tops sold at $7.25, and a
few loads at $7 and upward. Most of
the cow stock sold on a steady to firmer
basis. Absence of liberal supplies of
western range cows has brought out
greater interest in natives from the
packers. There has been only a rather
small supply of choice cows.
Feeder demand picked up consider
ably in. the last few days and the good
1,000 to 1,100-pound feeders sold 15(a)
25c higher than a week ago. Light
stockers were very poor sale in the
early days of the week but the demand
broadened of late, and sales have been
10c higher. Choice feeders went at
$4.25(5)4.50, and the bulk of the me
dium to good at $3.50(5)4.10.
Packers landed some telling blows on
the hog market in the fore part of the
week, putting Monday's average cost
on the lowest basis in about two
months. Sellers had their innings later
on undeT reduced receipts and all ad
vantages gained by the former was off
set. This ^resulted in the general sell
ing late this week on a basis not quot
ably changed from one week ago.
Prim butchers reached $6.50 and the
bulk landed at $6.10(5)6.35. The course
of the market in the nearby future* de
pends mainly on the receipts.
This has been a bad week for owners
of sheep and lambs. The mutton grade
of sheep indicate 25c loss for the week,
while the yearling stock went 40(S)50e
off. Most of the lambs sold 25@35c
lower than the close of last week.' It
is not thought buyers will be able to
hold prices down to the present range
under lighter marketing, and especially
so if the half-fat stock is kept off the
market. Sales of the mutton ewes were*
mainly at $5(2)5.35, and the feeders
brought $3.25(5)4.25, according to kind,
while breeders landed at $4.50(5)5.50.
It tpok prime lambs to reach $7.50 re
cently, and very good fed westerns
went at $7.25, while the bulk of the
gpod to very good fat lambs landed at
$6.50(5)7, culls going anywhere from
$4.50 to $5.75) most good ones around
$5.50. The bulk of the range lambs
were of the secorfd-class kind and sold
at $6.60@7.
Piper, from New YorkNo sooner
had the bank statement been issued
showing that the reserve was entirely
wiped out than the market sagged off
and closed at the lowest prices of the
week. That a poor bank statement
would be made has been predicted for
two days, but it was even worse than
expected. Belief is in sight. Secre
tary Shaw has returned to Washington
and says he does not consider it neces
sary to interfere, 'but experts who are
carefully'watching the situation, de
clare that the tide has turned and that
money is flowing back from the west to
NeW York and Chicago in^ever increas
ing quantities. Every week now ought
to show an improvement in the xaone
jjtary situation. *g$. gr&j
Simple things, so simple indeed as
to be overlooked by the analyzer who
expects to find a mysterious cause for
an effect not understood, often lie at
the bottom of a great problem. This
is as true in finance as in practical
economics, politics or sociology. There
is always some simple reason why a
certain thing is so.
For months the oountry has been
experiencing money shortage, a condi
tion not bad enough to be called a
financial stringency or serious enough
to cripple business except at intervals,
in the speculative end of Wall street.
There has been money enough barely
to reach around, and, the fact that
speculation was held in check, that the
treasury took 'anticipatory action look
ing to relief, and that the money re
quirements of the west were.income
degree lessened by a delayed spring
wheat movement account for the pass
ing of the country thru the fall with
out trouble. Nevertheless there is
scarcely enough money to do the busi
ness with.
Speakers and writers have been busy
explaining why this is. It is a fact
that the money supply has increased
enormously. In month last sura
mer the government put out new addi
tional money to the total of $76,000,000,
and the grand total has risen until
there is now very close to $3,000,000,000
in money of all kinds in circulation.
The population has of course increased
greatly. To the natural increase has
been added the immigration at the rate
of about a million a year until today
there is a population, figured to Nov.
1, of very little under 85,000,000. On
Sept. 1 it was by estimate of the treas
ury department 84,897,000, and will
very shortly be above the 85,000,000
mark.
Lest we suppose that the government
has Tieen remiss and has not kept $ace
with the increasing demand natural to
go with so great a population gain,
it iB in order to look at the per capita
circulation. A few years ago there WAS
a 'per capita figure of under 30. Ten
years ago, in 1896, it was as low as
214J. Today it is 33.68. For every
man, woman and child in the United
States there is $33.68 in money in cir
culation. The government has not only
kept up, but has increased the per cap
ita by great advances, and today not
alone by actual measure, but relatively
as well, there is more money in the
country than ever before.
Reasons for a money insufficiency are
evident. Increasing business, large
crtfps, active industry and manufactur
ing production making new records are
contributing causes piainjy visible.
These everyone knows about and every
speaker so* writernbas analyzed them.
It i*m4ned 6* Charles- 4-. Conant,
the financial anrnoHty, to point out at
a meeting of the-New York chapter of
the American Bank Clerks' association,
a few days ago, that three important
factors have beqn overlooked in the
general run of comment. They are:
Th& general rise in prices by about 25
per ent, naturally involving the use
of a larger sum of money in retail
transactions the necessity for cash in
great areas of the west newly settled
and where the bank check is not so
common, and the'rise in wages which
has made the people prosperous and
finds the average man or woman with
more money in the purse or pocket than
was formerly the ease.
There can bo little doubt that this
prosperity of the people and the higher
plane of living generally adopted en
ters into the money supply situation
in an important degree. There is more
money in the pockets of the men pass
ing on the street than ever before.
They are prosperous and they carry
more cash about them.
As to the remedies for money scarcity
they are many. It takes a pretty good
man to devise a plan that will stand
all criticism. The academic student
usually goes wrong**thru his lack of
knowledge and experience in a practical
way, and the practical man too often
sees the question from an environment
not likely to make him think clearly
for the people. It is one of the biggest
and hardest questions a statesman can
lay hold on. Sueh terms' as an elastic
currency" slip easily off the tongue,
but are not so easy to beat into definite
form, and then are not always applic
able.
MINNEAPOLIS PRODUCE
A decline in the price of eggs would
not have surprised the average handler
this week., The demand was lacking
except for a nominal amount. The
trade of most houses was cut in half
and stocks began to accumulate, not
withstanding the iact that arrivals
were not above the average. Consum
ers have evidently out them out for
table use, and are only using them for
cooking when necessary. Cold storage
goods are not responsible for the weak
tone, as the supplies now on hand are
only drawn out when the price is satis
factory, and are not being forced in
order to clean, up. Some freezing
weather will be needed to add tone to
the market, and unless it comes a
lower range is quite probable. Cash
offers for goods are under those of a
week ago, showing that buyers are
fearful of a decline.
Butter values have held steady on
all grades. .Supply and demand have
run close together, and stocks today
*are not* large enough to warrant ex
pectation or an immediate change in
values. Demand is hardly as active for
packing stock as last week. Ladlers
are finding a narrower outlet for their
make of goodly
Top grades or cheese are firm. The
supply is not above requirements, and
those who hold'the desirable lines are
maintaining a strong, range of asking
?reely,.'
Defecti
rices New goods Jure not coming in
and the production will be
lighter from'now on*
Spring chickens are higher than at
the opening g? the week, the demand
being driven to Jjhem
byw
qnalitjr' of the
Jkzs
_f
?ruit
J
^sT*
St
l
i
and asking if there is not a law which
requires all poultry to be drawn. The
seeming inopefative, and inspectors
seemingly inopperative, and inspectors
are not paying any attention to it. In
fact, most dealers are advising their
trade to ship undrawn, as goods will
not carry properly shipped in any other
manner. Drawn poultry sours quickly
and the majority of retailers will not
buy it. Shippers are also advised
against sending their turkeys. Any
man who can afford to buy a turkey
wants a good plump oneand the thin
stock must go to restaurants and
hotels of the cheaper class who want
low-priced poultry. It may be advis
able to hold chickens back until after
the holidays, when they will probably
bring enough higher price to well re
pay nolding them back that long.
The potato market has sagged 5
cents per bushel under the influence of
heavy arrivals. Outside demand is
slowj and stocks are not cleaning up
readily.
Eastern apples are coming freely,
and the carlot trade is still showing
uite important proportions. Southern
is also being rusheof in, in order
to be marketed before severe weather
comes. Small lot trade is slow.
Oranges and lemons show reduced
prices, supplies being liberal. Sweet
potatoes are plentiful, new Cobdens
coming in during the week. The mar
ket is well supplied with grapes, with
very reasonable prices prevailing.
West coast fruits are about cleaned
up, except on pears and tokay grapes.
Peaches and plums of good quality are
-out of the market. Cranberries are
very firm, quotations heading up to
last week's ngures. 9
SOUTH ST. PAUL LIVESTOCK
While the cattle receipts were some
what larger this week the supply was
no greater and the business done fell
considerably short of that transacted
during the earlier weeks of the sea
Son. Demand continued strong for good
cattle, but there was only a small al
lowance of that kind.
Prices were steady for the good to
choice steers and cows and common
cattle were but little lower. The medi
um grades suffered a trifle, being
easier to a shade lower than at last
week's close. Some choice grass steers
landed at $5.15, but the bulk was not
gojd enough to go over $4.75. Veal
calves and bulls were steady.
The supply of stockers and feeders
has been unsatisfactory this week.
There has been a marked scarcity of
the better grades of feeders, and the
offerings were principally of light
weights with the quality unuBually
common. The result of this was, nat
urally, a further break in prices for
light cattle.
Good feeders were in demand, and
traders were willing to pay steady
prices. Strictly choice feeders were
scarce and there was practically no
test on them. The common to medium
stockers Were very slow and dull, and
at the middle of the week there was
a break of fully 25c.
The supply of sheep has been moder
ate, receipts consisting largely of thru
stuff and feeders. Several large sales
of feeding sheep were made and there
are orders here still unfilled. The feed
ing market continues about steady.
Killing sheep were steady to a shade
stronger for best grade. Demand was
generally good, and offerings not nu
merous. The lamb market weakened
on Wednesday, and during the rest of
the week all stuff had to sell 25c lower,
with the inferior kinds dull at the de
cline.
There has been a moderate supply of
hogs this week, and the market was
active with good demand. The quality
was generally good, tho there was just
a small proportion of choice stuff. The
week opened with a steady market, but
before the close of Monday's session a
declining tendency became apparent,
the light hogs going off a nickel. On
Tuesday there was a drop of a flat 15c
in sympathv with a break in the east.
There was a partial recovery on Wed
nesday, with Thursday steady, and an
other advance of a nickel on Friday.
SIOUX CITY LIVESTOCK
Conditions governing the market for
cattle have-shown improvement over
last week and in all branches higher
prices were .realized. The lighter re
ceipts of stockers and feeders proved
beneficial and on jMonday last the mar
ket recovered most of last week's de
cline and prices were fully as good
as were paid on the opening day of
last week. Good heavy feeders were
in demand and [email protected] was paid
for the best of the offerings with the
general run of 800 to 1,000-pound
steers at "$3.35(5)3.75. Yearlings of top
quality sold at $3.50(5)3.75, but the
stockers and light yearlings of only
fair quality sold at [email protected], with the
common steers as low as $2.50. Stock
heifers found a ready sale ranging
from $1.75@3, but the mast of the of
ferings dropped into the $2.25(3)2.75
notch. Yard traders found a very'nar
row outlet to the country early in the
week, but after election* were over
buyers came to
marketdivisionthe
that the1
forvar
the poo
hens no arrivingr
Farmers are weeding out their thin,
scrubby stock, which nas a tendency to
overload the market with poor poultry
which meets with slow sale under the
very "best conditions. Geese aro
higher, the call improving to a con
siderable extent. Ducks and turkeys
are good sellers, withumoderate arrivals
at present.
A great many shippers are writing in
with
resulta speculators' shows
good cleanup for the week.
In fat cattle trade has been aetive
and generally higher. Each day wit
nessed some strength, especially in the
bette
grades.fTop
of $6.25
wass
paid
swing 1,400-pound beeve this
week, which is the highest point
reached 'at this market, and $6 was
also paid for two loads of 1,137-pound
steers of good quality. The light and
just fair quality beeves ranged from
[email protected]. Good butcher stock sold
at $3T50(5)4, but the bulk of the cows
were of just fair quality and sold at
[email protected], with' canners and cutters
at $L75(5)2.20 At the close of the
week values are 15e higher than last
week's closing quotations.
The run of hogs was lights The
opening for the week was lower and
on Tuesday values ruled fully a dime
lower than last week's close. Later
there was a decided reaction and at the
close of this week the earlier decline
!!i^ MMliMHMWn.
MAy
a & s^^5 Mi.
was recovered, with the range of prices
from $5.90(5)6 and most of the sales
around $5.95. Usually receipts begin
to show a marked increase at this sea
son of the year, but farmers now find
it profitable to feed hogs at present
prices, which are netting them at the
rate of 60c a bushel for their corn, and
this fact will probably curtail supplies
for some weeks yet.
'FUTURES" TRApfi LEGAL
The decision of the United States
court of appeals at Minneapolis is
upholding the validity of contracts in
grain for future delivery, will have no
effect on trading on the Minneapolis
chamber, for the reason that the same
principle has been upheld by the
United States supreme court.
Justice Holmes of the supreme court,
in an opinion given two years ago, de
clared that future contracts on the
board are not gambling transactions
and that settlement by offset is legal.
NEW STOCK EXCHANGE
The new Milwaukee Stock Exchangl,
established by the chamber of com
merce, is said to be doing a nice busi
ness. All the local bank and public
utility securities are
listed.those Amongf
other stocks traded ixl arer
the the
AlliS'Ghalmers company, National
Enameling & Stamping company, Amer
ican Malting company, -American Ship
building company and the Wisconsin
Central Railway company.
PeohlerThe wheat situation con
tinues promising to holders. Develop
ment of speculative interest will come
some day and with it will come an ad
vance.
Watson from New YorkA sagging
stock market without weakness ana
sentiment bearish on stiff money
rates. The trading was very profes
sional and the demand at the advances
was not of a character to sustain them
and the market closed rather flat.
Charles E. Lewis, from New York:
United States Steel common is still be
ing strongly tipped for a rise and also
as the market leader. Earnings Of the
United States Steel corporation for the
last quarter, which were published
recently^ were heavier than in any cor
responding period in the history of the
corporation, amounting to more than
$38,000,000 ne$ and indicating net
earnings for %he calendar year of up
ward of $150,000,000. If the earn
ings of the corporation continue at the
present rate, the dividend on the com
mon doubtless will be restored to a 4
percent basis at no remote period, but
at the moment the concern has much
construction work on hand, including
the building of vast plants at the town
of Gary, and the directors have de
cided to use earnings for this work
rather than raise funds thru the issue
of bonds. Hence the stockholders
were^ compelled at the last directors
meeting to forego the enjoyment of an,
increased distribution on their holdings.
THE MONEY MAP
OP
GOLDFIELD
FREEFREE
Every Investor in Nevada Leasing
or Mining Stocks should have it.
Every one who is not a Nevada I in
vestor should get it and learn of the
land where
Fortune* Art Not In the Making
You get the information at a glance.
Best map ever published of the dis
trict that is producing S42.000.000
this fiscal year. Write for it today.
Manliattaii-Mfleld Broterap Co
Nixon Building, GOLDFIELD, NEV.
310 Security Building, CHICAGO.
Address Chicago office for quick
replies.
HAW AND FUKft
SHIP THEMTO US AND GET BESTPWCES
^lORTHWESTERN HlDE& FURCO.
200*02-804-1*StN AMNNEAPOLIS/AINM
NO W $40 PE
Get in early while stock Is low oi Amer
ican Palace' Car Co. Several railroads
Installing cars. Prospectus sent upon
application.
QREAT NORTHERN SECURITY CO.
BOSTON BLOCK, MINNEAPOLIS.
SHIP TO HEADQUABTEB3.
H.POEHLERS0,
ESTABLISHED 1868. S
GRAIN COMMISSION
OUOIZ OBOE&I ASS OOKaiOVMEMT*.
JtlKNEAPOLIi. XWLTOKi
Omt prlvatf awrkvt tet| nailed o rcgani.
Whallon,Case&Co. Stocks, Grain, Provision*
MEMBERS -#,s*V*i
^^New YorfTltolk Vttrfffift^Jr
^W*ivChlcgo Board of Trade.
V^loneapolls Chamber of Commerce.
JPrfvate wlra to New York and Chicago.
W CHAMBER OP COMMERCE
N*W YORK LIPB^RCADJ,
I N TH E Pfe
Gossip of the Trading Floor &n&**<
About te Utotar'ji
Office.
St. Paul is now an excellent purchase.
,.ik:6ast*&***
W. H. BartlettBelieve wheat a pur*
5
chase on evry soft spot.
Van AmberThe tap is abroad for *?J*
sharp rise to Come in Beading. J1
JacksonDecember wheat
aetingp**-^
tired. No change in the situation.
Grier, New York to LewisI thinlc
Bank Statement not very bad, tho lese
favorable than the bullB expected.
Secretary Shaw will do nothing' for
the money market unless conditions get
5
ra
?JS
lu
worse.
Crosby to WhallonWheat is dull* f
but also firm. Bull sentiment firm, but
all waiting for that December liquida^"^
tion, which does not come. *I
A. J. CummingsWhile the crowds*'
fears December lwqidation they favor^
the buying side of wheat on the soft^sa
spots, especially of the May wheat.
B. W. Snow estimates the corn Cro^jS*C
at 2.950.000,000 bushels against
2,70ovS*8wheat 000,000 last year. He says winter
prospects are better than a year
ago,**3S
with some increase in the acreage.
Bache, New York, to Whallon-The
opinion of a number of brokers is that '^1
between now and the middle of Decern*
ber Secretary Shaw will do something'f^i
for relief of the money market, proba- ^*^B
bly by buying government four pen-"*^
cents which are due in July. ^^3
Schaach, Chicago to C. E. Lewis''
Some support came from the pit crowd
led by valentine, who bid for May '&
wheat. Trade is light and there la^^*-
little wheat for sale, but it will have
CHAS.E. LEWI S & CO.
BROKERS
412-415 Chamber of Commerce
New York and Chicago Correapondenta*
Bartlett, Frailer A Cairlngtan),
Prlngle, Fitch & Rankin. "I?*
Chaa. G. Gates A Co.
^mMHHHMManaHii
Wheat, Oat*, Cora, Barley*
Flax, Live Stock. 0^
Bought and Sold on OommUttUk
The Van Dines
4
B2 fs
5S
to have more outside trade if it is to-^JL
go higher.
Henry L. Little, president PiUsbury* _**
Washburn company H. F. McCarthy efrziki
the Interior Elevator company, Minne- f!r
apolis, J. H. McCarthy of McCarthy SP
Bros., Minneapolis and Dultith: G. P.'TI
Harding of E. S. Woodworth & Co.,'|
a
Minneapolis, and J. Peters, repreBeatinr $
Conrad Hinrichs-Doner of Ham-Jsi 1
burg, Germany, were visitors on the^rf 1 '4
Chicago board yesterday.
F. P. Frazier, ChicagoWith the rati
road employees clamoring for Mgher^+I
wages which they are bound to gei-^ *f"i
not less than a 10 per cent advance
and with Boosevelt in competition with
Bryan and Hearst to see which wfllflrf*
stick the sword into thfe corporate inter-W
ests the farther, the stockholder is not^M
enjoying a very fine position, being inflw
th6 middle hence, I cannot bull stocks als
and expect to see lower prices. e
Slaughter's Argentine cable reads^,a#
Wheat crop prospects are favorable in A-w
the province of Buenos Aires which has^t
the largest area. Those of the province si&Z
of Santa Fe are for a moderate crop,
owing to previous drought and locus*
damage. The weather at present is fa-"~^
vorable. We have no reason to change 4
our opinion as to the exportable surplus
being 101,000,000 bushels, but holders/
are firm."
The Inter-Ocean sayB the Shearson
Hamill line of December and May
wheat which recently wae estimated afM
12,000,000 to 15,000,006 bushels has^l
been reduced thru sales of privileges /I
and by brokers, and is now said to De^I
around 3,000,000 bushels. It was
re-^14Aot ported yesterday that they had been
Chicago elevator people and had offered^ \M
them 6 cents to carry the wheat from %M
December to May, bat? they refused.
With money at 6 percent it costs 6%'
centfr a bushel to carry wheat from De-v*
eembor to May, and with money at 5
per cent it Costs 6 cents a bushel.
cJKt
Harrington Go.
MsnrsAPOLis. Durum
80OT8 ST. YATC.
WATSON A.^
Broken la
Grain and Provisions
SHAREMEMBERS
14
a i
Stocks and Bonds
N. Y. STOCK EXCHANOl
New York OfficeU Bw*d tfw
Chicago CofrespondentaJ. H. IK
(k Co,
Private wire, Chicago and Ne York.
Teiaphonea.
N. W. Mate 4492. W. Vain 44tt
Twi CityN. 181 1
420-421 Chamber of Commerce,
Branch Offlce-^-131 Guaranty Loan Bldfl.
Security Bank
of Minnesota
"Capital and Surplu*
$1700.0X
H*
M.C.WRIGHH
Member Mpla. Chamber of Conv-f.^i
GRAIN COMMISSIOr
UPROVISIONS* STOCKS, BONDS
:8U Main Office, *-M'
^,110 Chamber of Commerce BldS
XJ
Ground Fleer.

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