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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Sept. 15, 1914)
THE MORXIXG OREGOXIAN, TUESDAY, SEPTEMBER 15, 1914. RUSH TO SELL GRAIN All Cereal Prices Crash in Chi cago Market. EXCITEMENT AT START Wlieat CIo-cb With Extreme Loss of Over Eight Cents Traders Be lieve War May Soon Be End ed and I'nload Heavily. CHICAGO. Sept. 14. Grain prices crashed downward today in a whirl of selling, due to belief that the war might toon come to an end. The close was wild, with wheat 6Uc to Shic lower than Saturday night, corn off 2Vc to 2'ic and oats showing a setback of ic to ic net. In provisions the outcome, varied lrom 25c decline to an Qual advance. Excited liquidating sales by holders or wheat began at the very outset of trading, and before the session was over had as sumed tremendous proportions. Export busi ness on the decline gave the wheat market a slight temporary rebound at one time, but the foreign demand seemed ;o meager in proportion to the lowering of values that the effect was ultimately to Intensify the widespread desire to get rid of wheat In a hurry. Immense receipts from the Spring crop In the Northwest added to the woes of ""r'orn'feU with wheat, but the descent was raided by the fact that the visible supply failed to Increase as much as had been 1 Joked for. Besides, .country offerings proved relatively small. , Oats were under as severe selling P33"" as wheat a good share of the time. B1s "rchisfng on the part of shippers, how ever helped somewhut to steady prices. Provision dealers, who were most con spicuous last week on the selling side, turned active buyers today. The "e?t though was largely offset owing to the weakness of prices for hogs and "in. The leading futures ranged as follows. WHEAT. Open. High. Low. Close. Sent S1.0S 1.1 fl.03i $1.03 Dec " . 109 1.10 ii l.u-tV. IM S.y :::::: tS i-S EE CORK. g ;:e SI 8 :Sa fit OATS. ---- 47 U .47 hi -44 .44 Sec " ":: :o :o m Say ...... -5S U MESS PORK. ggt ;:::: &S jin. : : . : . '.ao'.ii m -Qli LAR' 9 07 Jan ...... .82?J 10.00 M.17Vi 0-77 Vi SHORT RIBS. Ken, 11.60 Set? :::::: 11:3-. .. 11.2s, ij-: Jan. i lu.BT 10.75 10.07 V, lO.o.V, Cash prices were as followa: Wheat No, 1 red. 1.03ia 1 08 Vi ; No . hurd il.esa I.U7i ; No. 1 Northern, 11.11. Ton' S 2 yellow. 77Vi78c; No. 3 yel low. TTiiTTKc Rye, No. i. !0 6 02c. Barley. 03i74c. Timothy, 4te. Clover, nominal. San Francisco Grain Market. SAN FRANCISCO, Sent. 14. Spot quota tion's: Walla Walla. l.foI.72 Vt i red Rus sian 11.71 "4; Turkey red, 1.S0; bluestem. U.SU 1.83 ; feed barley, il.13; white oats, $1 OOtHOG; bran. S0; middlings. XJlB3-i shorts. $301. Call board: Wheat steady. No trading. Barley easy; December, $1.10; May. Sl.iiSls bid. J l.-fi . asked. Sterling in London, demand, J4.98V4: cable, 4. US) Vi . . I'uget Sound Wheat Markets. SEATTLE. Sept. 14. Wheat. October and November delivery quotations: Bluestem. (1 03- fortyfold. l)2c; club. OUc; Fife. Sue; red Russian. SSc; Turkey red. 98c yesterday s car receipts Wheat 31. corn 4. oats 15, barley 0. hay 10. flour 14. rye 1. TACOMA. Sept. 14. Wheat Bluestem. 1.0S: fortyfold. U7c; club, yic; Fife, 9jc. Car receipts Wheat 73, oats 4. hay B .Minneapolis Grain Market European Grain Markets. LIVERPOOL. Sept. 14. Corn opened Vd 10 Wheal Spot quiet; No. 1 Manitoba. 9s lt.d; No. 2. 9s sd; futures weak, October es 3d, December os 7V-jd. EXI'OBTS OF COTTON ALMOST CEASE Kffei-t of the European War on the Ameri can lndu.to - WASHINGTON. Sept. 14. The extent of the effect of the European war on the American cotton Industry was disclosed lo de v in tile Census Bureaus August cotton consumption report, showing lhal during August olliy 21.210 bales of cotton were ex ported, while during August last year 23i, 172 bales went abroad. Great Britain took only 0370 bales this August, while last August she took 77.3iS; Germany took only 52 bales, against 72,923 a year ago; France took only five bales, against 52.1.33 a year ago; Italy took 1340. agalnsl 13.5US a year ago, and all other countries look 13.237, against 40,255 a year ago. . The supply of cotton during the year of 1914, which ended August 31, was more than IU.uuiMIUO bales. The exports of the year amounted to S. 914,548 bales; the domestic consumption of 5.577, MM bales and the quantity on hand" Aiigust 31 wma about L 321. Ml bales. An extraordlnaiy feature of the report was the fact that more co-ton was imported during August than wasP exported by the United States, which last year supplied al most 61 per cent of the world's cotton. NEW YORK, Sept. 14. While there was no further liquidation of the old stradule Interest through the special committee in Ihe New York cotton market today, the talk around the floor was more cheerful than for some time past. This seemed the result of the continued reports of a steadier spot situation In the South and rumors that a syndicate had been formed to lake over the December interest here and undertake the liquidation of the straddle Interest in a block. No official statement was issued In this connection, but It was reported that local houses having open contracts in De cember had been approached with a propo sition that this syndicate take over the contracts on the basis of 9 cents here. Such an operation, it was believed, would clear the way for an early resumption of business and it was also rumored that the committee which has been working up new by-laws to make the New York contract conform with the cotton futures law had practically com pleted its work; Coffee and Sugar. NEW YORK, Sept. 14. Rather a steadier tone was reported In the cost and freight market for Brazilian coffee here today. Considerable coffee is said to have been purchased frcm Brarll during the past few days and Santos 4s were reported sold In the cost and freight market today at an advance of fcc to SSc. The local apot mar. ket showed no Improvement, however, aa prices have been held far above parity with Brazil, and with buyers now holding off in the hope of a readjustment, prices were more or leee nominal at 6Vi for Rio 7s and like for Santos 4s. There are now afloat for the -United States 446.000 bags of eof .... ....I.., niui !H.r vear. and w arehouse deliveries have shown a considerable falling off during the past week. Raw sugar firm. Molasses. 5.02c; cen trifugal, .27c. Refined steady: cut loaf. 6.13c; crushed, S.05; mould "A," i.iOc; , -ut.es. 7. SO: XXXX powdered. T.40c : powdered, 7.35c. fine granulated, 7.25c: diamond "A." 4. 25c; confectioners' "A, 7.15c; No. U 7 05c. Dried Fruit at New York. NEW YORK. Sept. 14. Evaporated apples quiet: xanci, luiivui; ciwite. " 73 - prime. SVsc. P.'unes firm; California, llVic; Oregon. 10012c. Peaches quiet; choice. 6V4SOc; extra choice. K07Vec: fancy, TVtftSc. Belgium to Deny German Calumnies. ANTWERP. Sept 14. The Belgian government has appointed a committee headed by M. QoWtt, Minister of tSate, to "refute the German calumnies that the Belgian population is responsible for the aggressions and atrocities com mitted by German troops." STATEMENT 0E CONDITION. LUMBERMENS NATIONAL BANK OF PORTLAND. At the Close of Business September 12, 1914. RESOURCES. Loans and Discounts ...$3,750,938.62 U. S. Bonds to Secure Circulation 250,000.00 U. S. Bonds to Secure Government Deposits 100,000.00 Municipal Bonds and Premiums $972,848,31 Other Bonds 61,001.91- Furniture and Fixtures Due from U. S. Treasury Cash on Hand and in Banks 1,033,850.22 55,100.00 12,500.00 1,493,496.87 Total .$6,695,885.71 LIABILITIES. Capital .' $1,000,000.00 Surplus and Undivided Profits 233,54S.8a Circulation 250,000.00 Dividends Unpaid .50 Deposits .... 5,212,329.36 Total ....$6,695,885.71 OFFICERS. Geo. W. Bates, President. A. L. Tucker, Cashier. E. G. Crawford, Vice-President. Graham Dukehart, Asst. Cashier. DIRECTORS. Geo. W. Bates. Dr. K. A. J. Mackenzie. George G. Bingham. Robert Treat Piatt. P. S. Brumby. Andrew R. Porter. E. G. Crawford. Chas. S. Russell. J. E. Wheeler. STATEMENT OF CONDITION OF LADD & TILTON BANK At the Close of Business September 12, 1914 RESOURCES Loans and Discounts .$ 8,090,215.73 Bonds and Stocks 3.368,951.65 Customers' Liability on Letters of Credit.. 200,860.24 Real Estate 60,000.00 Cash on Hand and Due From Banks 3,762,115.83 $1.5,482,143.45 LIABILITIES Capital Stock Fullv Paid $ 1,000,000.00 Surplus and Undivided Profits 1,327,704.58 Letters of Credit 200,860.24 Reserved for Interest and Taxes 24,000.00 Deposits 12,929,578.63 $15,482,143.45 - REPORT OF THE Scandinavian-American Bank At Close of Business September 12, 1914 RESOURCES Loans and Discounts $1,148,945.38 Stocks and Bonds 2-'r0 Real Estate, Furniture and Fixtures 4,071.b8 Cash and Due From Banks 432, .63.10 Total Amount Resources $1,842,445.51 LIABILITIES Capital Stock Paid irf $ 100,000.00 Surplus and Profits, Less Expenses and Taxes Paid , 25-258.62 Deposits, Individual and Banks l,71,18b.8tf Total Amount Liabilities $1,842,445.51 STATEMENT OF CONDITION OF The Northwestern National Bank of Portland. Oregon. At the Close of Business September 12. 1914 RESOURCES Loans and Discounts $1,882,95423 United States Bonds 50,000.00 Other Bond! and Securities 579,302.32 Furniture and Fixtures 74,786.01 Cash on Hand and Due From Banks 1,165,424.91 $3,752,467.47 . LIABILITIES Capital Stock Paid in $ 500,000.00 Surplus and Undivided Profits 109,481.74 Circulation 50,000.00 Deposits 3,092,985.73 $3,752,46747 STATEMENT OF CONDITION OF Portland Trust and Savings Bank of Portland. Oregon. At the Close of Business September 12, 1914 . RESOURCES Loans and Discounts $ 875.290.11 Bonds and Stocks 231,245.02 Real Estate, Furniture and Fixtures 242,388.79 Cash and Due From Banks 286,618.42 $1,635,542.34 LIABILITIES Capital Stock Paid in $ 300,000.00 Surplus and Undivided Profits 56374.95 Deposits 1,278,667.88 m.iwurati DffiECTORS OF BOTH INSTITUTIONS: H. L. Pittock, Chairman of the Board; Charles H. Carey, A. D. Charlton, J. D. Farrell, William D. Fenton, George H. Kelly, F. W. Leadbetter, L. B. Menefee, A. S. Nichols, Emery Olmstead, John Twohy, 0. I Prist, Combined Deposits, $4,371,653.12 REPORT OF CONDITION OF The First National Bank of Portland, Oregon At Close of Business September 12, 1914 RESOURCES Loans and Discounts $12,355,966.18 U. S. Bonds at Par 1,800,000.00 Other Bonds 1,975,258.64 Bank Premises and Real Estate 492,000.00 Due Us From U. S. Treasury 75,000.00 Cash on Hand and in Banks 6,150,927.93 $22,849462.75 LIABILITIES Capital Stock 2,500,000.00 Surplus and Undivided Profits 1,103,860.76 emulation 1AS6.096.00 Deposits 18,109,196.99 $22,849,152.75 CONDENSED REPORT OF THE CITIZENS BANK Portland, Or., At the Clone ot Business Sept. 14, 1014. RESOURCES Cash on hand Portland bonds $213,653.97 133.SS5.00 -$347 Ixians - - Heal estate, furniture.. LIABILITIES. 53S.9T . 405.294.80 8,060.00 $760,893.77 Capital paid In....... Surplus and profits.. Deposits $100, 23 637 000.00 026.60 867.17 $760,893.77 SALE ORDERS HELD BACK SECURITIES ABE WITHDRAWN FROM NEW YORK MARKET. 7- sterling exchange, eaaier; cables. iii.9S.75: demand, $4.9S; bar silver, 54Hc. sw FKA.XOISCO, Sept. 14. Sterling Demand. $1.0S' ; cable. $4.99i4. LONDON. Sept. 14. Bar allver, J4Hd per ounce; discount rates. 3-4 & 3H per cent. More Hopeful Situation Abroad Cause Cancellation ojjlnatrnctions to Sell, tiold Sent to Canada. NEW YORK. Sept. Ji. Inauguration of gold exports to CnaBa. in partial payment of New York Clty" Indebtedness to London and Varir, and withdrawal from the market of some large orders to sell listed securities were the interesting financial developments of the dav. Five million dollars was taken for shipment to Ottawa, there to he ilaced to the credit of the Bank of England. As much more nrobably will go across the bor- Cancellatlon of' the orders to sell stocks was associated wltn latest ni" abroad, which indicated a more hopeful feeling regarding the cause of too allies in the war with Germany. It was said that a substantial part of ths new German loan of ?JO. 000,000, now In process of flotation by Berlin bankers, woull be suoscribed for by wealthy German-Amerl- cans, but a canvass oi tno iniu.iiuiiw banking interests failed to elicit any con firmation of these rumors. Cables and demand on London eased a fraction of a cent to the pound and brokers In exchange reported a moderate Inquiry for remittances on Paris, but bills on that cen ter continued scarce. It was said, however, that considerable business was being done between London and Paris in American grain bills. Local brokers also sold some 30 day bills for our foodstuffs on Amsjer- daLaat week s bank statement contributed to the ess.r tone of the money market, some 30-day loans oeing made at , per cent i.r-n-lateral as against the re cent average rate of 8 per csnt. It was con- If you have to walk, distance doesn't lend enchantment to the view. REPORT OF THE CONDITION OF MERCHANTS NATIONAL BANK WASHINGTON AND FOURTH STS. PORTLAND, OREGON. At the Close of Business, September 12, 1914. RESOURCES. Loans and Discounts $2,091,395.54 United States Bonds 433,000.00 Premium on Bonds. . 6,761.39 Other Bonds, Stocks and Warrants ..... 867,126.91 Real Estate and Mortgages Furniture and Fix tures Banking Premises... Customers' Liability under Letters of Credit Cash and Due from Banks 44,847.14 30.250.00 80,500.00 12,630.00 1,221,449.35 LIABILITIES. Capital stock .$ 500,000.00 Surplus and U n d i- vided Profits 101,738.58 National Bank Notes Outstanding 300,000.00 Dividends Unpaid. . . 541.75 Bonds Borrowed 175,000.00 Deposits 3,710,680.00 .$4,787,960.33 $4,787,960.33 Deposits September 12, 1914 Deposits September 12, 1913 3,537,294.09 Increase $ 173,385.91 60-day ,u..e. pr.dVtMl that as soon h'.nlm recoun their reserves, 30 loans will decline to 0 per cent. Movements of cereals from Middle West show some Increase, and tornage over the principal lines is well up to last year s a. erase due chiefly to larger grain receip.s 'rom the Northwest. General business in the West continued quiet but hopefu., the bank :"g In tenia of that section ev neuig a fur ther disposition o build up -.heir cash Hold ings in anticipation of coming demands. Sterling Es change. NBTV YORK. Sept. 1. Mercantile paper. HIBERNIAN SAVINGS BANK of Portland, Oregon Statement at Close of Business September 12, 1914 RESOURCES Loans and Discounts Real Estate, Furniture and Fixtures Stocks- and Securities Bonds and Warrants United States Government Bonds $ 54.875.00 T H.- Tmmnromi Rnnrls Jl,lJ.iU Other Bonds and Warrants ivno. 00 Cash on Hand and Due From Batiks. LIABILITIES Capital Stock Surplus and Undivided Profits. Dividends Unpaid Savings and Time Deposits Demand Deposits Total Deposits .$1,810,932.15 . 1,011,725.93 r ) a. - - $1,971,485.95 38,502.68 24,163.05 384,933.20 709,579.74 $3,128,664.62 $ 200,000.00 104,618.54 1,388.00 $2,822,658.08 $3,128,664.62 STATEMENT OF CONDITION OF Security Savings and Trust Company Portland, Oregon At Close of Business on September 12, 1914 RESOURCES Lows $ 526,829.51 Bonds, Warranto 341,028.52 Real Estate None Customers' Liability Under Letters of Credit 86,807.00 Cash and in Banks 143,725.43 $1,008,390.46 LIABILITIES Capital 250,000.06 Surplus and Undivided Profit. 234,458.67 Letters of Credit 87,026.07 Deposits 626,904.83 $1,098,390.46 Charter No. 4614 CONDENSED REPORT OF THE UNITED STATES NATIONAL BANK of Portland, Oregon Submitted to the Comptroller of the Currency at the Oloee of Business September 12, 1914 RESOURCES Loans and Discounts ,...$682,788.00 United States Bonds at Par 1,115,967 M Municipal and Railway Bonds 1,368,939.98 Bank Building 125,000.00 Customers' Liability on Letters of Credit. . . 24,246.68 Cash in Vaults $1,499,634.17 Due From Banks 1,439,818.01 2,939,862 J8 Total $11,866,291.48 LIABILITIES Capital $ 1,000,000.00 Surplus h 1,000,000.00 Undivided Profits 236,272.23 Circulation 796,600.00 Letters of Credit 0 Deposits 8,809,172.52 Total i $11,866,291.43 CONDENSED REPORT HARTMAN & THOMPSON BANKERS , At the Close of Business September 12, 1914 RESOURCES Loans and Discounts Stocks and Bonds Real Estate Furniture and Fixtures Cash on Hand and Due From Banks. LIABILITIES Capital Surplus and Undivided Profits Deposits .$217,771.09 . 134,934.84 . 15.695.00 . 16,724.07 . 109,085.27 $494,210.27 .$100,000.00 . 14,704.48 . 379,505.79 $494,210.27