The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-04-05

wished may force some OF the large life
insurance companies to invest more
heavily In the best class of railway se-
curtties IN order to be sure that the re-
quired 3 or per cent on their reserves
is Forthcoming.
Western Investors Interested.
Taken all around there is much interest
in western railroad stocks and bonds.
The small investors are making more of
a study of the various issues than ever
before. The general upward tendency of
railway securities in the past few years
has given the. investor more confidence.
Northwestern people made money by buy
ing Minneapolis & St. Louis stock some
years back, putting it in their strong
boxes and waiting for general prosperity
and improvements in roadbed and equip
ment, and the development Of the country
to increase its value. The same has been
the case with the 500 stock, which few
years ago was hardly respected. Cana
dians have profted largely by the advance
in 500 preferred and common. Large
mum bersu Of small investors in Montreal,
Toronto and other Canadian towns, who
made big profits on their purchases OF
Twin City Rapid Transit, have gone into
500 common. Whether dividends are paid
In the next five years or not, this class
Of investors is confident that with the
development of 500 territory and the big
improvement sure to be made in the ply
steal condition of the road, 500 common
will be worth more than they are paying
for it. Another class of investors is maxi
ing close study of Wisconsin Central,
which was reorganized but few years
ago, and the stock of which is held by a
voting trust until 1904. The Wisconsin
Central earnings have been showing a
steady increase. The capitalization Of the
road Is about 100000 per mile. Wiscon-
sin lands are being taken by colonization
companies and settlers, which means an
increase in production and traffic in the
central and northern part of the state, in
which the Wisconsin Central has much
mileage. President Whitcomb plans to
put the Wisconsin Central In the best pos
sible physical condition and the manage
ment is credited with the intention to
build new line from Prentice to the head
Of the lakes through a very productive
country.
Soap Industry Growing.
Soap is steadily advancing in price.
The association of soap makers has finally
reached harmonious basis and soap
manufacturing as a profitable industry
is attracting some attention from invest
ors. For several years the big soap con-
Germs Of the country engaged in savage
war that kept prices down to a low level.
Many of the smaller manufacturers were
caught in the grind and forced to retire
from business. This was the case in
the northwest where in spite of the fact
that big demand could be supplied from
the twin" cities the war of the big ones
checked the increase in the number of
factories. One Of the demoralizing feat
ures of the traffic has been an effort OF
the packing houses to secure a large pro-
portion of the trade through cut prices.
The big meat concerns manufacture soap
at big profit from material that the
packing houses used to throw away. They
have finally succeeded in establishing a
demand for their brands and are now will
ing workers to keep the price up. AS
long as the big concerns are willing to
maintain prices, the smaller factories can
do business at profit. Harmony in the
trade is the principal attraction at the
present time to people who have consid-
cred soap making for the northwestern
trade a good investment The north
west had one general soap factory and it's
showing for 1902 will be decidedly cred
liable. 1t Is significant that while the
smaller concerns were forced to go out of
business during the period Of low prices
several of the bigger factories made
magnificent dividend records. One Of
the central west concerns which incor-
porated in 1890 has paid eight per cent on
it's preferred stock from the start. It's
common stock paid per cent in 81, -
per cent from '92 to 97 and 20 per cent
since This ranks it among the highest
Of the industrial stocks.
The ideal condition for the northwest
is to have the manufacture of staple lines
of goods established at it's big centers of
supply. The day of the small soap fac
tory appears to be gone. 1t takes big
capital to carry on the business. But
iioblcrs and other handlers of laundry
soaps agree that there is plenty of trade
In the northwest to encourage capital in
the right kind Of a soap venture at this