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
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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.
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