22 THE- SUNDAY 0KEG01STAN, POKTLAND, MARCH 25, 1900. BIG LINER'S LOAD Abergeldio Ready for Sea With a Mammoth Cargo. NEARLY ALL OREGON PRODUCTS Aapice Coming for Orders Prosper ous Gray'a Harbor Alaska Excur sions niorallcbanlc Arrives. The big- Oriental liner Abergeldie cleared yesterday, and will leave down the river this morning, " with another of those big cargoes that have made Portland famous all over the world. On account of taking "about 500 tons of wh'eat in addition to a lot of miscellaneous freight, the steamer did not quite reach the big-cargo record from this port, but she got well up toward the record, with 45,493 barrels. This figure has been eclipsed several times in Port land, but has never been reached but twice by any other port in tho world. Hong Kong was down on the manifest for more cargo than any other port, lead ing off with 41,92054 barrels of flour, valued at $113,300. The same port also receives -43 bales of hops, valued at 5519: 230 cases of '"bottled beer, a. lot of barrel staves and miscellaneous merchandise. For Yokohama there was 208 bales of newspapers, 12,000 bushels of wheat, 603 'barrels of flour and seven cases of hard 'ware. There were 200 rolls of paper (162, 047 pounds); 4667 bushels of wheat, and 1657 barrels of flour for Kobe, and 510 barrels of flour for Nagasaki. Shanghai figured to the extent of 7S7 barrels of 'flour and 40 bales of paper. For Manila there was 100 barrels containing 1725 gal lons of beer, and a barrel of Chlnoware. TThe total cargo aboard is about 3500 tons, and the value Is $146,451. Brown & Mc Cabe, the stevedores who discharge and .load all of the China liners, did some live ly work on tho Abergeldie. The big liner did not enter until Monday, and it was Jpast 9 o'clock when she commenced dis charging her inward cargo of 2500 tons. This was taken out and the steamer was "shifted four times in loading, and at 2 o'clock yesterday afternoon she was fin ished, and ready to leave down. She .s drawing 23 feet 5 Inches, and will go through without difficulty. COKING FOR ORDERS. Asplce Will Seelc the LlKlitship in Vnln Very Firm FrelRht Market. The British ship Asplce, which is headed this way from Honolulu, has orders to call nt the Columbla-Rlver lightship for or ders. Owing to circumstances over which Bob Mcintosh had no control, the light ship will not be in a position to receive calls, and the Asplce orders will be deliv ered by the pilots. Her owners are de manding 45 shillings, but Portland export ers will not pay the price, in fact, will not offer 42s 6d, which might attract her, as she Is a handy vessel. The reason for the owners demanding such on extravagant rate is probably on account of the high rates prevailing in San Francisco, which this season has no percental over Port land in the way of rates. The Commer cial News has the following on the strength of the market in the Bay City: "During the four weeks that have elapsed since the last steamer sailed for Australia, not a single spot charter has been drawn for the United Kingdom, and for a portion of the time there has been no disengaged vessel In port suitable for grain. The one spot charter was for grain to the "West Coast of South America. Before that vessel was closed, she was offered 41s 2d for United Kingdom, and asked 42s 6d. Several vessels have been chartered just before arrival: In one in stance the charter was barely 48 hours old when the vessel arrived, and her ratr was 41s 3d, which pretty clearlv establishes the fact that the spot market can be quoted at 41s 2d to 42s 6d. Quite a number of prechartered vessels have arrived dur ing the period under review, so that ex porters have at no time been pinched for lack of tonnage. "For prompt loading, lumber rates are os follows: Sydney, P?s 6d(!T53s 9d: Mel bourne or Adelaide. C2s Gd(f?C3s 9d: Port Plrle. SCs 2d(g37s Gd: Fremantle. 68"? 9d(270s; Geraldton, 70s71s3d: "West Coast.. GOs0 C2s 6d, PIsaguaRange; Callao Hango. Wstf Cls 2d: Buenos Ayres, 67s GdtfTTOs: Shang hai. COsJjGIs Sd: Klao Chou, 61s 3dG2s Cd; Kobe. 6Ss 9d070s; Port Arthur. G6s Saitf C7s 6d; TIen-Tsln. 67s 6d68s 9d; New chwang, 67s 6d(gCSs 9d; Vladlvostock, SSstf? Rfis 3d: South Africa, 702I72s 6d; United Kingdom. 80sJ?S2s Gd. The above rates show another recent advance in rates to some Australian ports and to Kobe, while to South Africa, due to a falling off In in quiry, there is a slight reduction In quo tations." MORE AMERICA! SHIPOWNERS. TVnelen of Another Syndicate Formed in the Far North. A good many people down on the front will remember Mate Tllton and his two Indian companions, who brought to the outside world knowledge of the loss of the whaling fleet In the ice off Point Bar row. They were brought from Copper River to Portland by the steamer Albion, and Tllton wanted a fabulous price for the story he had to tell. "Tickle," the Indian who accompanied him, has since developed Into a shipowner, the details thereof being given as follows in a San Franc'sco paper: "The schooner Sophia Sutherland, which arrived recently from Central America, after a long voyage, has been sold to na tives at Point Barrow. The Pacific Steam Whaling Company was the real purchaser of the vessel, and will turn her over to the natives in return for the latters good offices in the past and a bunch of whale bone in the present. The head of the na tive shipowners' company, of which the Sutherland Is the nucleus, is an Indian named Tickle, a big chief of the tribe of Cogmolllks, at Point Barrow. Over the hill at the point is the tribe of Itgilllgs. with whom the Cogmolllks were at enmity until three years ago, when Tickle eloped with Kaunuanl (meaning Onions) tho belle of the Itgilllgs. "In 1E97 the good offices of 'Onions' healed the breach between the tribes, and shortly after she and Tickle started from Point Barrow with Mate Tilton to carry to the outer world the news of the jamming of the whaling fleet in the ice. On more than one occasion th woman saved tho life of the pallor. The trio walked 5730 miles over the ice. "When they reached Nome. , 'Onions' found that she had left her pipe at a station SO miles behind. She walked back and got the pipe, and also met Lieutenant Jarvls, whom she directed to the whalers' camp near Point Barrow." MADE A FAST TRIP. British Ship Thornllebnnlc Comes From Santa Ronolin in HO Days. The British ship Thornllebank arrived In at Astoria yesterday, after a fast trip of 35 days from Santa Rosalia. Vessels coming up from that direction are making faster passages than usual, as they very seldom get here under 40 days, and are generally 50 to 00 davs In making the trip. The arrival of the Thornllebank helps fill up the vacancy In the in-port list, and places Portland In a position to start off the month of April with at least half a dozan grain ships In port. This number will be Increased by one or two more next week, if the Marechal Vllllers and the John Cooke make good passages. The William Law, which was in quarantine nt Astoria, was released yesterday and left up at 1:50. In tow of the Ocklahama. The Inverness-shire, which is still in auarantlne, will probably be released to day, and will reach Portland about Tues day. Of the ships in Portland, the Samar itan will probably finish in time to figure with the March fleet, but the Poseidon and the Isle of Arran will not be ready for cargo in time, to finish until early In April. . " ALASKA EXCURSION SEASON. Steamship Queen "Will Attain Carry Pleasure-Seekers to the Far North. The Pacific Coast Steamship Company is out with a new Summer tlmecard, call ing attention to the advent of th Alaska excursion season. After announcing that the Queen, whose fame is world wide, would be withdrawn from the San Fran cisco route and placed In service, tho folder presents a little reminiscent history, as follows: "Winter and Summer, for over 25 years, this company has been running steamers to Alaska. At first one small steamer (the Eureka), one trip per month, which later was increased to two trips pet month. Then only a few years ago two steamers were on the route: later a third vessel was added. Then came the marvel ous gold discoveries on the Yukon and Klondike, which Increased travel to such an extent as to require still more vessels, the maximum number having been reached In March OB98). when the company was running on the route 12 vessels. Thli was'the only company running steamers to Southeastern Alaska before the Klon dike excitement." EAST AFRICAN'S CONDITION. Survey of the Veswcl Disclosed No Serlons Damage. Tho Hawaiian Gazette, of March 9, has the following notice regarding the recent accident to tho British ship East African, which Is under charter for wheat loading at Portland: "Captains Young. and Bremmer. of the Forthbank and Asplce. respectively, have made a survey of the East African to as sess fire damages. As far as they have been able to see there Is but little damage. Tho 'tween decks near the mainmast and the main deck near the main hatch are considerably charred. The mainmast Is of Iron, and so Is not damaged. Until the vessel is fully discharged It will not bo possible to see exactly what damage was dono by the fire in the cargo." The East African's agents In this city do not think the damage Is of sufficient Importance to delay her very long, and expect her here about the middle of April. EXTENDING THEIR- OPERATIONS. Cramps Purchase n Shipbuilding Plant That Has Lonpr Been Idle. NEW YORK, March 24. A special to' the Times from Philadelphia says: After lying Idle for more than two years, the entire plant of Charles Hlllman Ship & Engine Building Company has been pur chased by the William Cramp & Sons ship and englne-bulldlng firm. The sale was a private one. Charles H. Cramp, the president of the Cramp Shipbuilding Com pany, managed the deal. The purchase price. It Is understood, was $275,000 In cash. Tides at Astoria. (Week beginning March 26.) r a . L 2. ? 2. ? ; z j S:42 7.5 9:56 9:51 7.S 10:45 10:52 8.0 11:29 11:46 S.2 12:11 8.8 12:38 12:50 9.0 1:26 1:29, 9.1 2:14 2:47 3.3 3:2S 3:57 2.5 4:26 4:53 1.7 5:17 5:47 0.9 6:03 6:35 0.3 C:45 7:22-0.2 7:25 8:10-0.4 8:07 DAY. High water Monday Tuesday "Wednesday ... Thursday Friday Saturday ... . Sunday Low water Monday Tuesday Wednesday ... Thursday ... . Friday Saturday Sunday 7.3 7.9 8.3 8.2 8.0 0.8 0.7 0.7 0.8 1.0 1.4 1.8 Potter Going to Rlvervicw. In order to accommodate the crowds who will attend the memorial ceremonies at Riverview today, the O. R. &. N. Co. will send the steamer T. J. Potter from Ash street dock at 12 o'clock, and again at 2 o'clock. The first trip will enable pas sengers to reach the cemetery In time to witness the forming of the procession, as the R. R. Thompson, which has been se cured by the committee In charge, will not leave Jefferson street until some time later. The Potter, on her second trip, will reach the cemetery before the memorial exer cises take place, and will remain until after they aro concluded, and will make a second return trip if necessary. Prosperous Gray's Harbor. Gray's Harbor lumber business during the year 1899 swelled Into wonderful pro portions. During the calendar year there was shipped from the harbor, by water, 3SS cargoes of lumber, containing 143,272,000 feet. The shipbuilding Industry on tha harbor was also of good proportions, eight vessels being turned out at a cost of $342, 500. In mill Improvements, 5155,000 was spent, and over $550,000 worth of merchan dise was received by water. Domestic nnd Foreign Ports. ASTORIA, March 24. Arrived British ship Thornllebank, 36 days from Santa Rosalia. Arrived down and sailed for San Francisco Steamer Geo. W. Elder. Ar rived down American bark Harvester, from Stella. Left up British ship Wm. Law. Empire City, March 24. Sailed Steamer Del Norte, for Portland. San Pedro Arrived March 23 Schooner Emma "Utter. San Francisco, March 24. Arrived Schooner San Buenaventura, from Gray's Harbor; steamer State of California, from Portland; steamer Willamette, from Se attle; steamer Robert Adamson, from Nanalmo; ship Indiana, from Oyster Har bor. Sailed Steamer Jeanette, whaling; schooner Melancthon, for Coos Bay. Port Townsend Arrived March 23 Brit ish ship Cumberland, from Hiogo. Port Gamble Sailed March 23 Barken tine Skagit, for Honolulu. Port Townsend, March 24. Arrived British ship Champion, from Royal Roads, for Port Hadlock. Victoria Arrived March 23 British steamer Warrlmoo. from Sydney; March 19 British ship Champion, from Honolulu. Queenstown, March 24. ArrlvedEtru rla, from Now York, for .Liverpool. Havre. March 24. Arrived L'Autain, from New York. Sailed Labretagne, for New York. Liverpool, March 24. Sailed Lucanla, for'New York. Cherbourg, March 24. Sailed St Paul, from Southampton, for New York. New York. March 24. Sailed Trave. for Naples; Campania, for Liverpool; Patricia, for Hamburg, via Plymouth and Cher. bourg; Werkendam, for Rotterdam. Liverpool, March 24. Arrived Etrurla, from New York. Bremen. March 24. Sailed Munchel, for New York. New York, March 24. Arrived Hekla, from Copenhagen, eta; New York, from Southampton, etc; La Touralne, from Havre. Toneriffe. March 24. Arrived Tanis, from San Francisco, via Liverpool; Rhine land, from Philadelphia; Ultonia, from Boston. London, March 24. Arrived Menominee, from New York. Hong Kong. March 24. Arrived Olym pla. from Tacoma, via Hllo. Antwerp. March 24. Sailed Southwark, for New York. Hoaulam Sailed March 23 Schooner Laura Madson, from Aberdeen for San Francisco. To Revive Placer Mining. SAN FRANCISCO. March 24. The Cal ifornia Miners' Association has appointed Attorney-General Ford and ex-Congrcsa-man CamlnettI, a committee to go to Washington and urge the Government to order the Immediate beginning of the work of constructing restraining dams, so that hydraulic mining may be resumed on a large scale. For this work (503.000 has been appropriated by the state and Nation. The total cost Is estimated at JSM.COO. MONEY ACTIVE AND CHEAP PORTLAND BANKS ARE HANDLING A LARGE BUSINESS. Real Estate Loans as Low as 5 Per Ccatt Nevr York Finances The Foreign Money Market. Tho past 90 days has witnessed an ac tivity In the local money market which is regarded as a most ancouraging sign.' There has been some movement of stored wheat In Eastern Oregon, thus creating a demand from outside banks, and many of these institutions which for a long time have carried heavy balances in Portland aro borrowing money for the use of their customer T)mnnil n dlt-1c mmmar. . w.. ... ..ou .w....w- . clal paper la also on tho Increase, and it ' TONNAGE EN ROUTE AND IN PORT. Vessels Chartered or Available for Grain Cargoes From the Northwest. FOR PORTLAND. Name. Flap and rig. Aug. 4JMarechal Vllllers Fr. bark Rlonald Nov. 13 Argus Br. ship Hunter Jan. 29 wendur Br. ship Nicoll IForthbank Br. bark Paterson Dec. 20LIzz!e Bell Br. bark Br. bark Br. bark Whelan Mar. 9 Berwickshire Blance Jan. H Fifeshlre Najade Caddell " Mar. 12 Feb. 12 Ger. shlD Hasselman Fenthesllea Linlithgowshire Deccan Br. ship Manson Anderson Barrett Decent Meredith Putt ar. snip Feb. 14 ur. snip Br. bark East African Annie Thomas Grenada Br. snip Br. bark Lydgata Asplce Beechbank Pinmore Alice Australia Genista Leicester Castlo Nesaia Br. bark Br. ship Jones Bremner Buchanan Maxwell Kuhlmann Jones tr. nark Br. bark Ger. ship Br. bark Br. ship Hearn isr. snip Ger. ship Br. ship. Br. ship Br. ship Br. ship Br. bark Ger. ship Br. ship Ger. ship Ger. ship Br. ship Br. bark Crowest Plander Mar. 5 Feb'tt Riversdale Griffiths Conway Frankistan Ward Atkinson John Cooke Magee Curd Bandelln Tyers Baake Leopold Crowe Jenkins Juteopolls Mabel RIckmers Orealla Rlckmer RIckmers RIgel Semantha W. J. PIrrle St. Mlrren West Lothian Br. ship Br. ship Br. ship Ger. ship Wilkins Curtis Findley Behring Rubarth Griffiths JHarlech Castlo Mrius Robert RIckmers tier, snip Galgate Br. bark Tot Antwerp 42S1 Calcutta 1E96 Honolulu 10.260 Hong Kong '. 3651 Shanghai 6077 Liverpool Nagasaki Nantes Hlogo Santa Rosalia Total tonnage en route, C9.949. Same tl Same time In 1S97. 16,121. GRAIN TONNAGE Name. Flag and rig. Master. Feb. 251 Samaritan Poseidon Isle of Arran Inverness-shlro Br. bark Br. ship Br. ship Br. bark Br. ship Br. ship Dexter Mar. 14 Bush Davles Pcattlo Abbott McBrldo Mar. 15 Mar. 22 Mar. 22 William Law Thornllebank Mar. 24 Total tonnage In the river, 1L2SL Same 1893, 27,907 tons. In 1S97, 8817 tons. JL GRAIN TONNAGE EN ROUTE TO PUGET SOUND. m O P O (4 o Name. andrfc Master. From. Consignees. i : c Nov. 15 Elglnshiro (Br. ship Hannah 2038 Liverpool 130 R. P. Rlthet Nov. 15 Battle Abbey Br. snip McGhio 1465 Antwerp 130 M., W. & Co. Oct. 30IMount Stuart Br. ship Olson 115S London 146 M.. W. & Co. (Glenogil Br. ship Stevenson 2193 London .... R. P. Rlthet Jan. 8Rhuddlan Castle Br. eh:o Roberts 1993 Cardiff 76 R. P. Rlthet Brodick Castle Br. ship Olson 1745 Hong Kong Dec IS Shandon Br. ship Beard 1397 Cardiff 9 Jan. 31 Imberhorne Br. ship Lever 1997 Liverpool 52 Carnedd Llewellyn Br. ship Harris 160S Hamburg .... M..W. & Co. Jan. 29 Brussels Br. bark Tupman 991 Liverpool 65 Chas. Cotesworth Br. bark Griffith 1031 Guatemala , Wanderer Br. bark Tonkin 2717 Shanghai Jan. 23 King Arthur Br. ship Robertson 15621 Hong Kong I 61 Conway Castlo Br. bark Evans 1591 Honolulu Nile Br. bark Moesch 2079 Hlogo Cabul Br. ship Johnson 1397 Rotterdam .... M., W. & Co. Glenard Br. ship Turner 17S6 Antwerp Fortevlot Br. bark Gilmour 2962 Antwerp ...... Henriette Ger. ship Seeman 1705 Cardlft .'. Total tonnage en route, 35.023. Same GRAIN TONNAGE Name. Flag and rig. Master. Dec 27IStronsa Br. ship Br. ship Br. ship Br. bark Hennlng Evans May Feb. 12 Allegiance Feb. 23 Mar. 16 Mar. 23 Inverclyda Achnashie Cumberland Br. ship Quayle Total tonnage in port, 8700 tons. Same is said that one large bank has made more loans within the past 60 days than in any similar period since 1S93. Although not versed in the art of in flating clearing-house returns, the banks of Portland are always regarded as the strongest In the Northwest, and are now in better condition than ever to handle tho business which will come to them as wool, salmon, hops and wheat begin to move. Farmers and business men throughout the state are never forced to seek money from other sources than thelt local hanks, which In turn are financed from Portland. Bankers look forward to a heavy business this Summer, and tho prospect Is one which gives universal sat isfaction, for at present deposits are en tirely out of proportion to loans. Money may be secured in Portland on easier terms today than any time in seven or eight years. The restoration of confidence has been so complete, and tho possibility of any more tinkering with the currency so remote, that the lender is seeking the borrower, and the days of bonuses are practically at an end. And It Is not only tho banks which are ready and willing to lend on good security, but men whose money has been In hiding slnca 1893 are looking eagerly for an opportunity to place it where it will begin to yield returns. A number of real estate loans have heen made recently by private Indi viduals at 5 and 5 per cent, the secur ity, of course, being good, and the same men have more money to loan at the same rates. NEW YORK STOCK MARKET. Spccalators Take Their Cae From London and Buy Heavily. NEW YORK, March 24. Evidently Wall street attaches importance at this time to tho attitude of London towards the local security market, for when it was seen from the morning cable dispatches that London had reversed its attitude of yesterday, and had begun to buy American securities, trie disposition manifest here jesterdny to sell out and ta'te profits was completely altered. The buying for Lon don account was supplemented by a rush to buy by all classes. London's influence was shown In the leadership In the early market of international favorites, of which Baltimore & Ohio and Denver & Rio Grande stocks were most conspicuous. Baltimore & Ohio rose In the late deal- . Ings an extreme 3, and retained its con spicuous place In the market throughout, Pennsylvania, In which the transactions are rarely on a large scale, was dealt in In 1000-shnre lots, almost as though that were the normal unit of transactions, and In dividual transactions In the stock ran from that up to 5000 shares, which was the size of the block taken when the price first touched 140. All of the trunk lines were more or leas affected by this movement, but the stream of realizing held back the Norfolk & West ern stocks. Transactions of 1000 shares and upward were frequent all through the railroad list, and "blocks of 5000 shares changed hands In Atchison common and Southern Pacific. The Pacifies, especially Atchison and some of the Southern and some of the Southwestern group were heavily dealt In all day. The grangers were less active, but the group was strong. There was some tendency to re action in the local tractions and the iron and steel stocks were quiet. Other wise there was no Important exception to tho general activity and strength of the Hat. The close was active and fairly buoy mil. An early Inkling was obtained of the ant. Master. From. Consignees. ITOSINantes 233J lfrwiAntwerp 132 T.. Y. & Co. 1S96 uaicutta Honolulu 55 P. F. M. Co. 11332! 1036 Liverpool Honolulu Antwerp Nagasaki M.. W. & Co. B.."G.&Ca 901 13S1 1677 1663 London .B., G. & Co. 1357 Antwerp Hamburg" Honolulu Acapulco a., u. & uo. M... W. & Co. 1836 15SS 1763 2106 Honolulu 2350 1S90 Shanghai ...I T.. Y. & Co. Honolulu 2154 Sta. Rosalia 22S6 Nagasaki 2062 2097 171S 2009 1670 Honolulu Shanghai Shanghai Klao Chou ..i. 205S Hamburg 20 E. Baker 1776 Shanghai Nagasaki 1900 175S Shanghai 23 2652J 1S95 Hlogo Hlogo Shanghai Hong Kong Nagasaki Shanghai T., Y. & Co. 1703 1914 1S79 2211 2516! anangnal aSKIYokohama 1737! Hong Kong 1802 Honolulu Japan Hlogo 1736, 2174 2227 Shanghai ale. 10361 Acapulco 1763 : 5143 London 1G63 1705 Hamburg 3S94 8457 Yokohama 1S55 21541 me In 1899, 17,875. Same time in 1S93, 60,636. IN THE niVBt. From. Agents or Charterers. Berth. 1997Shanghai 17051 Honolulu Epplnger K., G. & Co Port. G. Co Col. No. 2 Victoria 1759 Sta. Rosalia Greenwich 2147Honolulu 1651SIngapore 1969 Sta. Rosalia Astoria A. Berg Astoria Astoria. P. F. M. Co. time in 1S99, 32,590 tons. Same time in time in 1S99, 19,990. ON PUGET SOUND. From. Agents or Charterer!. Berth. 1939Antwerp HSOl Honolulu B., G. & Co.j Tacoma B., G. & Co. Tacoma B., G. &Co. Seattlo R. P. Rlthet Victoria JPtTwnsd 1516 Hamburg Liverpool 2334 1740! Hlogo time In 1S99, 14.977. probability of a favorable bank state ment, based on the growing abundance of funds offered to borrowers. The heavy loan contraction, in spite of the outbreak of speculative activity, indicates how im portant an element was the buying up of Government bonds for speculation In ty ing up the money market. The late rally In Governments Indicates that the princi pal liquidation on this account has been completed. The loan contraction by the banks resulted in a decline in deposits of nearly $14,000,000, and a consequent reduc tion in reserve requirements of $3,491,575. As the loss In cash was only $360,700, the surplus was benefited to the substantial extent of $3,130,875, bringing the surplus up to $5,817,300. There was not much chango this week In conditions bearing upon actual values of securities, but a number of develop ments in technical conditions combined to cause an awkward speculative demand for stocks and an advance In prices. Most important was the appreciable relaxation in the pressure on the money mar ket, which has for some time deprived the speculative element of available resources with which to operate. Great confidence has been expressed for several weeks that the new currency hill was to result in easy money, but the prospect of easy money Is more difficult for Wall street discount than other favorable factors, be cause the actual relaxation of money must be awaited to supply funds for spec ulation. As a matter of fact, the present relaxa tion of the money market is not due to additional supplies of bank notes issued under the new law, but rather to a general changing of plans by National banks with regard to taking out additional circulation. For nearly two months there were large demands for loans on the New York banks for tho purpose of buying Govern ment bonds. The price of Governments had been so much Increased as a conse quence that a liquidation of holdings of fered much larger profits than taking out of circulation. There have been large sales of Government bonds In consequence, with the intention of deferring plans for taking out additional clrculat'on until bonds could be bought in at lower prices. The refunding 2s, when Issued, were quoted at one time on the stock exchange at 106V bid, and on Wednesday of this week they sold at 104. Other Government bonds declined in proportion, but hav been steadier for the latter part of the week. This movement to take profits in Governments has released largn amount? of loanable funds to the money maiket. The liquidation of loans tied up by thj purchase of Government bonds doubtless accounts for the firmness of New York exchange at Interior points earlier in the week, the rate at Chicago having advanced at one time to 25 cents premium per 1000. The absorption of cash by the New York sub-Treasury has materially relaxed, ow ing to the large Government payments on account of pensions and payment of pre miums on converted bonds. The with drawal of funds "by the Government, never theless, continues large. Early in the week the unexpected announcement of the acquisition of Third-Avenue by the Metro politan Street Railway disclosed that the amount of short sales of Third-Avenue stock was greater than the total amount procurable in the market. The squeeze of shorts in this stock frightened the bears in other stocks, and there was a frantic demand to cover shorts in all the New York public utilities, in which a bear campaign had been in full swing. Other industrials and specialties responded In sympathy. This Is a maxim with profes sional stock operators, that prices of stocks must advance before the general public will manifest any interest or come in and buy. The squeeze of the shorts in the specialties and the resulting sharp advance in prices seemed to give the neces sary filling to the market, and outside buying through commission-houses has largely Increased as the week progressed. Speculation In stocks kept the demand for money well abreast of the additional supply, and rates were thus well main tained. The large demand for stocks for London was a feature of the week's trad- ign. The more active speculation there, as nere, is aue to easier money following the release of funds tied up In the new Gov ernment loan, which has been allotted. It Is a coincidence that the London market nas been benefited by an extension of the Bank of England's not issues nf Jl.500.0oo In the fiduciary department, the first In jemo. inn issue is oaseu on tne priv ilege accorded the bank of issuing noteff to tho amount of two-thirds of the lapsed issue of private banks. Whlle the various technical developments were the immediate causes of, the upward movement, they were in reality only an Instrument serving to release latent forces in the market. The strength of the market Is broadly based upon the evidence of continued pros perity in all departments of business-. Largo bank clearings, statistics of railroad traffic, railroad earnings, reports of con ditions In the various trades, the Govern ment's returns of foreign trade, all go to confirm the general conviction, not only that conditions are prosperous, but by comparative figures that they are unpre cedentedly prosperous. The labor troubles among the machinists have caused some heaviness In the stocks of the companies In the metal industries, but have not af fected the geqeral market. The large American subscriptions to the British loan, the recent subscriptions by American insti tutions to Russian railway bonds, and a sale of New York City "bonds at .the highest prjee on record, are cited as evU dence of the abundance of capital seek ing investment and the growing wealth and Influence of the interest of the finan cial affairs of the world. The bond market has shown Increasing activity and strength as the week pro gressed. Savings banks and other Insti tutions which have sold Government bonds have been in the market for high-grade railroad bonds. United States 2s and 3s declined ; new 4s, ; the 3s, 1 point, and the refunding 2s, when Issued, 1 In the bid price. NEW YORK FINANCES. Banks Are Gaining in Surplus Reserve. NEW YORK, March 24. The Financier says: "The New York banks are gaining in surplus reserve, although the current statement shows a loss in actual cash during the week. The easier position is due entirely to the fact that loans and deposits are being contracted heavily. What Is bringing about this sudden de crease Is rather difficult to answer, but that special operations aro responsible is not conceded. One bank alone seems to have contracted its loan committments to an amount equal to the shrinkage adopt ed by the combined banks, and this insti tution was responsible for the greater part of the falling off In deposits. As its cash holdings suffered a material reduc tion, the average reserve of the other banks is somewhat hlgner than a week ago. A loan reduction of almost $24,000,000 in two weeks, with a proportionate drop of $29,000,000 in deposits, is unusual at this time of year In fact these figures have been rarely exceeded at any time. The reduction, of course, explains why the sur. plus reserves are now rising, even with a heavy loss of cash to the Treasury and the interior. "The factors that have been prominent for several weeks In depleting the cash holdings of the banks are slowly changing. Last week, for instance, the loss to the interior was nothing of consequence, and the Treasury is no longer gaining at the oxpepse of the banks. Exchange at domes tic centers Is strong, owing to remit tances to New York on bond account, and tho Treasury, from this cause, will prob ably be a debtor for some time. The new circulation taken out must sooner or later have an effect on money rates, so that the immediate outlook favors an easier condition. Borrowers hold this view, If their Indisposition to place offerings at ruling quotations now Is a criterion, and tho attitude of lenders. also reflects the same opinion. In the face of the reviv ing activity on the stock exchange, how ever. It Is not safe to count on a con tinued reduction in the lending items of the bank statement. The New York Insti tutions are working new circulation Into use, the increase of the past week having been $391,300. This brings the total to $19. 200,700, which, while not a record figure, 13 yet far above the average. A continued increase Is to be expected." Tho weekly bank statement shows the following changes: Surplus reserve, increase $ 3.130,873 Loans, decrease 12.560.700 Specie, decrease 1,030.700 Legal tenders. Increase 670.000 Deposits, decrease 13,966.300 Circulation, Increase 391,300 The banks now hold $5,617,300 in excess of legal requirements. Foreign Flnnncial News. NEW YORK, March 24. The Commer cial Advertiser's London financial cable gram says: The markets here were generally quiet hut firm today. Americans were active and strong throughout the session, and clcsed well over parity, a number of deal ers remaining in the street awaiting New York prices. Sentiment is very optimis tic in the midst of the buoyancy. Den ver & Rio Grande and Baltimore &. Ohio wero the only features. Southern Pacific continued heavy. Tlntos were strong at 56. Loans' and discounts were firm. Specie Exports. NEW YORK, March 24. The exports of gold and silver from this port for the week aggregates $749,723 silver bars and coin, and $55S.996 gold. "VVnntfl Restriction Lniv Modified. SAN FRANCISCO. March 24. Consul General Ho Yow Is endeavoring to secure a modification of the Chinese restriction act. He wants It amended so as to permit the unrestricted entrv of bona fide Chinese merchants Into this country, so that com merce between the United States and China may be fostered. He explained his views at a meeting of representative American merchants, at which several ad dresses In harmony with them were made. It was shown that the Chinese merchants of San Francisco pay nearly one-third of the Import duties collected at this port, and that the trade with China is almost wholly within their hands. A committee has been appointed to for mulate a plan of action looking to the removal of restrictions against Chinese merchants. Georre Beemls, a Benton County farm er, states that farmers could save a good deal of smut from getting m their wheat If they would not u5e old sacks that had been used to hold chop. FACTS VERSUS FANCIES ANSWER TO CRITICISM OF AN EMI NENT SUBSIDY ADVOCATE. Carious Misapprehension of the Sevr all Fleet Corrected by the Rec ordSubsidies and Farmers. WASHINGTON, March 15. To the Editor.) Your Issue of the 10th inst. has been brought to my attention, and,' while it Is evident that your eco nomic convictions range you on the side of the free traders, or antl-protectlonlsts, I assume, nevertheless, that yoii are dis posed to be fair and just. I am one of the "maritime patriots" referred to iln your editorial of the 10th under the cap tion of "Testimony That Wasn't Wanted." and being personally acquainted with Mr. Arthur Sewall, having talked with him while he was here, having heard him ex press a sincere hope that the ship sub sidy bill would pass, and knowing that he is disposed to do all that he can to help it to passage this directly from his own lips, I thought you ought to know it. You ought to know, further, that Mr. Sewall long ago would have gone out of the shipownlng business, were it not that the larger part of his voyages are with the Pacific Coast; that is to say, in the coasting trade of the United States, and from which foreign vessels are entirely excluded. It Is due entirely to this exclu sion, and to the fact that there exists a trade that sailing ships may enjoy be tween Atlantic and Pacific ports of the United States, that Mr. Sewall has been' able to remain in the shipownlng business and amass a competence. If the ship subsidy bill goes through, Mr. Sewall has said on a number of occa sions that he would then extend his busi ness Into the general foreign trade, In- stead of confining himself as much as he can to the coasting trade; that Is to say, he would build ships In the United States, and which ships he would put into com petition with the foreign ships now doing ouf foreign carrying. . You suggest that our citizens be per mitted to go Into the world's market to buy the ships they desire for our foreign trade. Do you know of anything in the law that now prevents an American from purchasing a foreign-built ship? I never heard of such a law. Any American that chooses may buy such a ship, and he may run her In our foreign trade on pre cisely the same terms, and enjoy every advantage that American ships enjoy. To a man who Is willing to go abroad and buy a ship what does it matter that he is merely denied the privilege of Ameri can register for her? Under foreign flags there are many advantages that are de nied to Americans under their own flag, in our foreign carrying. What, then, even If permitted to buy such ships and place them under our flag, would Induce our citizens to do so? The privilege of the coast trade? To be sure. .The privilege of receiving a subsidy or a. bounty? Un questionably. But for the mere sentiment of flying the American flag Just for that? Surely not! And what else is there for the man who would put his ship under our flag? When you say what I shall quote, you give away your whole case, In my judg ment: "Of what interest Is It to the millions of producers of the United States who car ries their products to market, so long as the work Is done at a reasonable fig ure?" That is precisely the position every free trader I ever talked with has taken. What, then, are such men advocating the free registry of foreign-built ships foi? As you say, what does It matter, as to the flag? The mere idea of bringing to the ship building to the United States, tho using of American materials, the employment of American labor In the mines, the rolling mills, the shipyards, and in the different numerous Industries that contribute to the building of ships that amounts to noth ing of moment, surely? For the time be ing, we can buy more cheaply abroad. Your plan Is to abroad and buy. Why bother about the flag in such a case? These questions are put to you in real seriousness, and should you honor me with giving them space In the columns of The Morning Oregonlan I shall be obligated if you will favor mo with a copy of that issue. ALEX R. SMITH. The communication of Mr. Smith pre sents no new argument that In any way strengthens the Iniquitous cause which he essays to champion. His assumption that The Oregonlan is not familiar with Mr. Sewall's reasons for remaining in the ship owning business is typical of the subsidy graft advocate. Among the millions of peo ple engaged in manufacturing, agricultural and other industrial pursuits In the great Middle West, far removed from salt water, the ocean carrying trade is not thoroughly understood, and apparently plausible statements such as are made by Mr. Smith pass for truth, and undoubtedly have great weight. Out here on the Pacific, where the fleets of the world come and go, mat ters are different, and facts are preferred to generalities. To begin with, The Ore gonlan received its information regarding Mr. Sewall's views on the subsidy bill from a gentleman much nearer to the great shipbuilder than Mr. Smith will ever be. The subsidy bill as originally pro posed would undoubtedly have added fully $100,000 per year to the profits of the Sewall fleet of ships. Being fully aware of this fact. The Oregonlan made no direct asser tion that Mr. Sewall did not favor the bill. Instead, it called attention to the fact that the one man of all others in the United States who was in a position to give ex pert testimony on the merits or demerits of a subsidy was not with tho big lobby at Washington, but Instead was busy grow ing rich by operating a fleet of the finest vessels afloat. Mr. Sewall knows all about the ocean carrying trade, and he knows that it can be conducted at a profit under the Ameri can flag without the aid of a subsidy. The assertion that he would have retired from tho business long ago, had It not been for the exclusion of foreign vessels from tho coasting trade, is the sheerest nonsense, for the simple reason that the bulk of the money earned by the Sewall ships is while they aro In the foreign trade, in direct competition with foreign ships. This is no idle statement, hut one that is easily proved by following the movements of . wmTwoNmvr ...nii wt nlcht fulness aversion to society, which deprive you of your manhood. nUNFITS YOU FOR b'USINESS OR MARRIAGE. MIDDLE-AGED MEN who from excesses and strains havo lost their MANLY BLOOD AND SKIN DISEASES. Syphilis, Gonorrhoea, painful, bloody urine. Gleet. Stricture, enlarged prostate, Sexual Debility. Varicocele, Hydrocele, Kidney MdllwWutlS cured WITHOUT MERCURY AND OTHER' POISONOUS DRUGS. Catarrh and Rheumatism CURED. Dr. Walker's methods are regular and scientific He uses no patent nostrums or ready-made preparations, but cures the disease by thorough medical treatment.) His New Pamphlet on Private Diseases sent Free to all men who describe their trouble PATIENTS cured at home. Terms reasonable. All letters answered la. plain envelope. Consultation free and sacredly confidential. Call on or address Doctor Walker, 132 First the fleet. Take the flagship of-the fleet, which bears the name of Its builder. The Arthur Sewall came out from Philadel phia, arriving at San- Francisco last Fall. She received $7 per ton for her outward cargo. On arrival at San Francisco, she was chartered toXload for London. Of course, on the London trip in competition with the. hundreds of foreign vessels which aro in the round-the-Horn trade out oi Pacific Coast ports, according to the sub sidy grafter's peculiar method of reason ing, the Arthur Sewall must have lost all the profits of the "coasting" trip between Philadelphia and San Francisco. But was there a loss? Her rate from San Francisco to London was $S 40 per ton, or a matter of $7 more for the same length of voyage than she received between the American ports. Of the other ships of the Sewall fleet, the Dlrigo is now en route' from New York to Hong Kong, and her last previ ous cargo was from Puget Sound to Eu rope, and for over two years she has been continually in the foreign trade. The Erskine M. 'Phelps is now en route to Manila, the Henry Villard from a Chi nese port to Honolulu. The Indiana is carrying coal from a Canadian port to the Orient. The Shenandoah has within tho past year sailed from Puget Sound to Australia and back to San Francisco. and Is again ready for sea at the Bay City with a cargo for Australia beneath her hatches. The W. F. Babcock Is en route from New York for Honolulu; the Roanoke has just crossed. the Atlantic in ballast, after discharging a cargo of wheat in Europe, and the Kenllworth Is on the Atlantic now, after a similar voy age. Four, other ships of the fleet are In the round-the-Horn trade at the pres ent time, but will go foreign as soon as they reach the Coast, unless a high freight awaits them elsewhere. Mr. Sewall knows and Mr. Smith should know that tha American "coasting" trade round-the-Horn Is at the mercy of the railroads, and for that reason, the Sewall ships are al most constantly engaged In the foreign trade, out of which Mr. Sewall has built up his fortune. The suggestion that our citizens go into the world's market and buy ships was made because of the continued howl of the subsidy grafters, that we must have our shipping on the same basis as that of our foreign competitors. The Orego nlan does not believe It is necessary. Mr. Arthur Sewall has proved that we can build ships the equal of any turned out at a foreign yard for less money than tha foreigners can build them. If. however, the great object to be attained Is to got our merchant marine on even terms with that of foreign nations, why not adopt their methods? Admitting for the sake of argument only, that v,e must conduct our business on lines laid down by foreign nations, why not pursue the methods ol the nations which have secured the best results? Why pattern after poor, old, de crepit France, whose maritime bounty system has made her the butt of ridicule for the entire world? As to the employment of American la bor in the mines, rolling mills, etc., Mr. Smith 13 certainly not so stupid as to ba Ignorant of the fact that the American mines and rolling mills are today supply ing the big yards of the Clyde with plate3 for ships, which are built for any nation that has the money to pay for them. Mr. Sewall persists in saving the freight across the Atlantic on these plates, by building his -ships under the American flag, where, according to the testimony of Mr. Cramp, another great American shipbuilder, the work can be turned out as cheaply as a similar class of work can be. performed In a foreign yard. The Interests of the producer have not been consulted by the advocates of the subsidy graft, and prob ably tho most appropriate view from a producer's standpoint which has yet ap peared is that of an Illinois Grange, which filed a protest against the bill when It was in tho hands of the House committee. This protest contained the following: As graingrowlng farmers of the Central West,, we have to compete In the free and open markets of the world, and must bo content with any margin of profit afford ed our products by the ruling prices of those markets. This we do without gov ernmental aid by subsidy to Increase our profits, and with the belief that Congress cannot Justly enact special legislation to favor one Industry at the expense of other classes of people. The millionaire shipowners and bulld ersassume entirely too much importance In the matter. They are numbered by tho dozen, or perhaps by the score, while the producers on whom they seek to sad dle this shipping tax are numbered by the million. The latter, after reasoning over the matter as have the Illinois Grangers, are willing to have the whole world compete for the carrying trade of tha Nation, knowing full well that a combi nation In which the shipowners of the world could bo Included, would be Impos sible, and that competition always means low rates. If the rest of the "patriots" at Washington have no better argument to offer than Is set forth by Ttfr. Smith, it should be confined to localities where ac tual, and not theoretical, shipping busi ness Is carried on. Chlcbeitcr'a Zaallsb Diamond UranO. m Orlrlnol end Onlr Genuine. oarc. alwayi taUitle. laoics ut Dmjrilt for CMchttttr'i Xnallt Dia.J mond Brand In lied u Cold oetalUe let. -Ied with blao ribboa. Tata noather. Btfiut dangerous rulitilu- ' Hon and inflation. At Drn?rfilf. ariradda. ln Hinpt fhr ctrtlesUrj. trctimasUIt cal "linuci for Ladles," inittter. 67 retnra .' J4M1J. iUiUVV ICIUOIODJUI. JTOCT4 TjpCT. CnlebeaterCaAleaICaViid!totiBa can. 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