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About The Sunday Oregonian. (Portland, Ore.) 1881-current | View Entire Issue (April 8, 1900)
" J V
THE SUNDAY OREGONIAN, PORTLAND APRIL' 8, 1900.
COAST WHEAT FLEET
Remarkably Heavy Arrivals Out
PORTLAND SHIPS' FAST PASSAGES
The Ocean Freight Market Still
Boomlng-Fortr Shillings Refuted
for "Wheat Carrier.
The Pacific Coast -wheat fleet arriving
out at Queenstown or Falmouth for the
first three days of April was a record
breaker. In that short time no less than
25 ships, carrying wheat and flour,
reached the shores of the Old "World. In
numbers, the San Francisco fleet stood
higher than that of Portland, but In the
amount carried the Portland fleet heads
the list, with 970.401 bushels. From Ban
Francisco there were 33,811 bushels, and
from Puget Sound 403,184 bushels, a total
of nearly 2.237,397 bushels of wheat. These
figures Included two cargoes of flour from
Portland and one from Puget Sound,
with some part cargoes from San Fran
cisco,' the flour being reduced to wheat
measure. "The fleet in detail was as fol
lows: From Portland "Wheat.
Vessel. Days out. bushels.
Fulwood 120 119.SU
Arctic Stream 120 122.453
Royal Forth 121 J2
Xlobe 135 114 LCi
Forfarshire 139 ao2-8.l
St. Mungo 146 11S.12.
Ferd Fischer 147 11.301
Comllebank 162 130,':30
Average passage, 12CU days.
From Puget Sound Wheat,
Vessel. Days out. bushels.
Queen Victoria 137 120 SK
Drumblalr 139 103.340
Manchester 1G4 17,t34
Average passage 145 2-3 days.
From San Francisco "Wheat.
Vessel. Days out. bushels.
lord Calms ....?. 106 7G.1W
Glfford 110 18.000
Glenbreck 123 7,730
SUberhorn 118 15,063
Tolo 132 8.563
Duchalbum 129 116.553
Invercauld 129 22.52
Saint Anne 139 10.CS)
Valkyrie 139 137.6M
Genevieve Mollnos 143 KA'Z
Port Patrick 144 101.2S7
Castle Rock 143 113.4S"!
Gen. DeCharette 152 14.CS3
Falrport .......lCS 123.321
Average passage, 134 days.
The average of the passages of the San
Francisco fleet was better than that of
the Portland fleet, on account of the re
markably fast passages of two ships, the
Lord Cairns and the Glfford, which made
the run In 106 and 110 days, respectively.
The Portland ships, as usual, were over
10 days ahead of the Puget Sound ships.
TONNAGE STILL SCARCE.
But Tito DIsenrrntrrl Wheat Ships on
the Pacific Coast.
The British ship Elginshire arrived at
Victoria Thursday with general cargo
from Liverpool, and again tho North
west has a disengaged grain vessel. This
lone ship, however, will remain on the
tree list but a short time, as both grain
and lumber exporters were after her yes
terday, with bids which In ordinary cir
cumstances would be considered very
high. She was reported to be holding
out for 41s 3d. for wheat, with better
than 40 shillings bid. There is one dis-"
engaged ship In San Francisco, but as
she was damaged while en" routo and
may not be ready for business for some
weeks, she Is not considered.
For Portland, there are but two disen
gaged ships within two months of the
port. One of these, the Allerton. left
Hong Kong March 1, and the other, the
Dovenby Hall, sailed from Shanghai last
Sunday. Their owners are demanding
prohibitive rates for grain, and the ves
sels may take lumber. There is a de
mand for lumber tonnage for west coast
ports, and as high as 34s 6d has been paid
for nitrate. Business in that direction is
highly profitable, the nitrate port being
right on the route home for the ship,
and. with light port expenses, the rates
now offered are most attractive. Lumber
rales for prompt loading at Northern
ports are quoted as follows:
Sydney, 53s 9dfl55s: Melbourne or Ade
laide. C3s 9dgC3s; Port Plrle. Ks 3d0
E7s 6d; Freemantle. CSs 9d?70s; Geraldton,
?0s71s 3d; West Coast. 62s Gdgffis. Pisa
gua range: Callao direct, Cls 2dS62s 6d;
Buenos Ayres. 70s71s 3d; Shanghai,
COsQfils 3d; Klao Chou, Cls 3d62s M;
Nagasaki. 70s; Port Arthur, 66s 3dQ
67s 6d; Tlen-tsln, 67s GdfjGSs 9d; New
chwang, 67s 6d6Ss 3d; Vladlvostock. 53s
Ks 3d; South Africa,. 70s&72s 6d; U. IC.
The Tides nt Astoria.
CWeek beginning April 9.)
a "s "
" DAT. S n 2 if
High water j
"Monday 9KB 6.510:0S 7 0
Tuesday 10:07 6.7 10:1C 7.4
Wednesday I0:r 6.8 11:21 7.7
Thursday u:40 7.1 11:51 8.0
Friday 12:19 7,2
Saturday 00:20 S.2 12:56 7.2
Sunday 00:4S 8.4 1:33 7.2
Monday 3:31 3.3 3:43 1.6
Tuesday 4:2S 2.7 4:33 1.7
Wednesday 5:12 2.0 5:15 1.8
Thursday 5:50 1.5 5:50 1.8
"Friday .. $:25 l.o 6:22 2.0
Saturday ... 6:S7 0.5 6:51 ' 2.J
Sunday 7:29 0.2 7:22 2.6
Ocean "Wave's New Business.
The old steamer Ocean Wave, for a
long time a favorite with passengers
bound from Portland to the North Beach
Summer resorts. Is now a full-fledged
ferry steamer on San Francisco Bay.
She has been in the hands of the car
penters at Hay & Wright's shipyard in
Oakland Creek for seven months, and a
few days ago was finished and taken
out for a trial trip. Her bow has been
cut off and rebuilt In ferry-steamer fash
Ion, and her staterooms have all been
taken out, so that her best friends would
no longer recognize her.
The schooner Annie E. Paint has been
spoken off the Columbia River, with 00
sealskins. And still the herds are van
ishing. Local Steamboat Inspectors Edwards
and Fuller leave for Astoria tomorrow
to Inspect about a dozen of the mosquito
fleet at the City by the Sea.
The steamer Geo. W. Elder arrived up
last evening, after making a very quick
round trip between this city and San
Francisco. The State sailed south last
It is reported that- the steamer Iralda
will be placed on the route between this
city and The Dalles. A 25-cent rate to
Astoria did not offer much Inducement to
the Iralda to stay on the lower river, and
she Is going where rate wars are un
Domestic nnd Foreign Ports.
ASTORIA, Or., April 7. Arrived and left
up Steamer Get. W. Elder, from San
Francisco. Reported outsUc, at 5 P. M
four-masted barkentlne. Condition of ihi
bar at 5 P. M., rough; wind, northwest.
San Francisco; April ?. Sailed Schooner
8. Danlelson, schooner Berwick, for Sluo-
law River. Arrived Steamer Coqulllt
River, from Gray's Harbor; steamer
Umatilla, from Victoria; ship C. F. Sar
gent, from Tacoma. Sailed Steamer Wel
lington, for Chematnus; ship Luclle, for
Seattle Arrived, April 6 Steamer Hum
boldt, from "Skagway.
London Arrived, April 5 British ship
Queen Victoria, from Tacoma.
Sydney Arrived, prior to April 6 Ship
Great Admiral, from Port Gamble.
THE BEET-SUGAR INTEREST
Its Plea for Protection Asalnst Onr
BAKER CITY. Or., April 6. (To the Ed
itor.) During the past month I have no
ticed frequent editorials in The Oregonlan
on the reported deplorable condition of the
inhabitants of Puerto Rico and the dli
honorable couree of those who are not
willing to grant free trade between the
United Sta.es and that Island.
As this is a political question on whlcb
there Is -at present diversity of opinion
among Republicans (the Democrats being
pretty well united on the free-trade side
of the question), and as The Oregonlan
has repeatedly elucidated that side of the
question, I thought It would only be fair
to have the other side shown up some
I am one of those who oppose free
trade with our Insular possessions. I op
pore It because I do not think It Is fair
to ask the producers of the United Slates
to compete with the 20-cents-a-day labor
of those inlands. Take, for example, .the
one item of sugar. In the production of
which Oregon is considerably Interested.
One of the greatest trusts In this coun
try, the sugar trust, would be literally
emashed and forced out of business If ev
er state In this Union were able to do as
Utah will do this year; that Is, producs
enough sugar for her own people and to
The sugar trust exists because It wan
able to corral the raw product, refine It
and sell It. Every beet-sugar factory built
In the United States Is a nail In the cof
fin of the sugar trust. It Is Inevitably
Now the policy that the free traders
contend for. If adopted, would tend to
strengthen tho trust and destroy home
production; foi our producers cannot and
will not compete with the class of cheap
labor of those Islands. We aro not able
to do It.
The beet-sugar Industry Is the one great
undeveloped industry of our country. It
concerns the agriculturists more than any
other class. Shall we surrender this Indus
try for the benefit of the sugar trust, ot
shall we protect It for our own people at
home? The amount of sugar that cornea
from Puerto Rico is small. Neither will
the 15 per cent of the DIngley tariff aval!
much. But the principle will be estab
lished, and that la the great thing. Then
when we come to the question of a tariff
for tho Philippines the matter can be
easily and properly adjusted, and the In
terests of home producers protected.
As to the Constitutional question In
volved, our expounders of the Constitution
From the press report of Hon. W. J.
Brian's speech in Salt Lake I And that
he states In effect that the money power
of the country Is In favor of a tariff
against Puerto Rico. He believes such a
tariff unconstitutional. Now Senator Tel
ler has publicly stated that .he believes It
our Constitutional right to Impose tariff
on the products that come from our Insular
possess'ona. Surely Senator Teller is nol
in league with the money power to twist
ana DreaK the Constitution.
But sugar comes in free from Hawaii,
why not from Puerto Rico? Because we
blundered In respect to Hawaii In the In
terest of a powerful sugar syndicate. Is It
any reason that we should repeat the
I believe In holding our possessions. I
believe In giving those people a far higher
liberty than Ihcy ever could have had
under Spanish rule. But I do not favor
any scheme which will give them the
markets that belong to our people at
The dominion which the Anglo-Saxon
race seems destined to exercise, whether
wo want It or not, will likely compel. In
the due time of Providence, the partition
ing of China. When that time comes, if
the United States should, by sheer force
of circumstances, be almost compelled by
a destiny which we cannot turn aside, as
In the case of the Philippines, to take
under our Governmental wing a part of
China, with, say. fifty to a hundred mill
ion Chinese. In that event would It be se
riously contended that the Constitution
extended over those millions of yellow
men whom we now exclude from our
shores, and that they would be entitled to
bring their products to us free, even If
they ruined our producers at home? That
Is the contention now, only In less degree.
Theory often has to adjust Itself to fact.
Those islands are ours. That Is a great,
big fact. No amount of fine-spun Consti
tutional theories can alter It.
But apart from all theories, the burning
question Is, do we want one of our most
promising undeveloped agricultural Indus
Why should the Republican party deny
protection to the farmers and grant It to
the steel rail manufacturers and the other
industries that do not now need It?
C. W. NIBLET.
To all this The Oregonlan has to say
only that If ve are to regard the island
as foreign territory and think we must
"protect" ourselves against them, we
should, and we soon must, let the islands
go. If that Is to be our policy we must
go out of the expansion business. Wo
can't stay in It on that basis.
The Pitiable Ex-Consul.
New York Times.
Poor Macrum! Thanks to the mistaken
kindness of the House committee on for
eign affairs in assuming that the ex-Consul's
requests for an Investigation of his
charges were sincere, his microscopic
wrongs and his mountainous follies are
now public property. The result Is that
the final condemnation of his course, long
held back by the hope that tho
man had some plight excuse other
than treachery or cowardice for his
flight from his post of 'duty, will at
last be pronounced by Ms countrymen,
and the best he can expect hereafter,
even from the most charitable of them. Is
contemptuous pity. And really It was a
pathetic exhibition that he made of himself
when the opportunity which he had so
often asked and so adroitly evaded was. to
his obvious dismay, actually forced upon
him, and he had to tell the ridiculous
trifles out of which he and a few sensa
tional newspapers had tried to manufac
ture an International grievance. All ho
could say was that two entirely unimport
ant letters had been opened by mistake
and that an unnamed person had seen In
an unnamed paper a bit of worthless in
formation that might or might not have
been secured through the deciphering of a
code dispatch! Such, when reduced to the
bare facts, was the mystery whose eluci
dation was to set two great nations by
the ears, sustain Macrum's claim to the
honors of martyrdom and convict the
President and his Cabinet of base sub
servience to perfidious Albion.
The ground on which a foreign legation
stands is considered as belonging to the
country whose flag floats from the lega
tion roof. Supposing a member of a for
eign legation In London committed a mur
der, all we could do would be to "suggest''
(a favorite diplomatic word, always used,
except In relation to China) that the of
fender should be sent back to his native
country and punished there. Some time
ago, when a certain gentleman, whose
name was well 'known at the time, was
kidnaped Into the Chinese Legation, an
Inspector from Scotland Yard Immediately
proceeded thither and released the prison
er. This was a most serious breach of In
ternational law. and was Intently discussed
"In diplomatic circles." Since the Chi
nese Legation is part and parcel of China,
an Invasion of the Celestial Empire was1
thus made by a Scotland Yard official.
THE MONEY MARKET
Gradual Increase in Loans and
MINING BOOM HELPS MATTERS
Bonks Have Lnrse Amounts of Money
on Hand New York Finances-
Foreign Financial Sows.
Although Hemand for money last week
was not ae active as expected, banks are
gradually Increasing their loans and dis
counts, and the money which has been
flowing Into their coffers steadily since
TONNAGE EN ROUTE AND IN PORT. '
Vessels Chartered or Available for Grain Cargoes From the
Aug. 4JMarechal Vlllien
Fr. bark Rlonald
Hr. shin Hunter
Br. ship NIcoll
r. oarK faterson
Br. bark Whelan
Br. bark Caddell
Ger. shin Hasselmsn
Br. ship Hanson
ur. snip uarrett
Br. bark Decent
Br. bark Putt
Br. bark Jones
Br. ship Bremncr
ur. narx iiaxwe
Ger. ship Kuhlmann
Br. bark Jones
Br. ship Hearn
Br. ship Crowest
Ger. ship Plander
Br. ship Griffiths
ur. snip ward
Br. ship Atkinson
Br. ship Magee
Br. bark Curd
Ger. ship Bandelln
Br. ship Tyers
Ger. ship Baako
Ger. ship Iopold
Br. ship Crowe
Br. bark Jenkins
W. J. Pirrle
Br. ship ,WIlklns
Br. ship .Curtis
ur. snip (Findier
Ger. ship tBehrlng
Ger. ship Rubarth
C an Macpherson
tir. Dark lurimths
Ger. bark (Shoemaker
Br. ship iMcDona'd
Nor. bark Elllncscn
Rr. ship NIcoll
Bowman B. Law
Ger. bark Gleseke
Br. bark 'Anton
Total tonnage en route. $5,311. Same time
Same time in 1S37, 1S.543.
Isle of Arran
Total tonnage in the river, 12.132. Same
1898. 1S.7S9 tons. In 1897, SSS3 tons.
GRAIN TONNAGE CIS ROUTE TO PUGET SOUND.
1 Brodick Castle
Total tonnage en route, S6.1S4. Same
Total tonnage In port. 14,197. Same time
the Bryan scare Is again beginning to
flow Into the arteries of trade. A large
number of loans were made during the
week, and in a short time the banks of
Eastern Oregon will begin to come In for
money to move the wool. Following this
there will be a steady demand on the Port
land banks for money with which to han
dle wheat, salmon and hops.
The situation Just now Is between hay
and grass this being one of the periodical
lulls which occur at intervals through the
business year. Signs continue to point
toward increasing trade, however; new en
terprises are In course of promotion, and
those already established are extending
their field of operations. The lively In
terest which Is being taken In mines in
Portland Just now" promises to Infuse con
siderable life Into business here, nnd the
amount of money which has already
changed hands has had a noticeable effect.
The condition of all the banks through
out the Northwest, National and private,
is excellent, the enly fault being that they
have too much money on hand. This fault
is one which growing trade will remedy,
nnd, In turn, is one which will tend to
lessen ultra conservatism, and incline
bankers to assist reliable enterprises.
NEW YORK STOCK MARKET.
Unfavorable Bank Statement Plays
Havoc "With Valnes.
NEW YORK. April 7. The speculative
enthusiasm for an advance In prices of se
curities received a decided shock in the
showing made by the clearing-house banks
in their weekly statement today. The buy
ing demand fell away, and stocks camo
upon the market at declining prices. The
most Important part of the earlier gains
was wiped out. The market closed un
settled and Irregular, prices moving In
contrary directions, in different parts of
the list, and net changes being much
mixed. The short session thus ended be
gan auspiciously enough under the influ
ence of renewed buying orders from
abroad, which were said to have their
source in Holland. Bull pbo'.s resumed
their operations in various stocks, and the
continued strength In Sugar gave tone to
I tha Industrial 1UC Pennsylvania, BalU-
more ft Ohio preferred, Missouri Pacific
and Chesapeake & Ohio were conspicuous
examples of strength.
The list promptly gave way upon ap
pearance of the bank statement upon the
tape. Preliminary estimates of gains in
cash had placed it from J4.000.000 to $6,000,
000. Operations with the Subtreasury alone
furnished an Increase of J4.000.000 to the
banks. Wall street Is In the dark as to
what drain on the banks' resources has so
far offset this advantage as to bring the
cash Increase down to J1.7SS,400. It was
also expected that the continued liquida
tion ot loans for account from holders of
Government bonds, who have been sell
ing them to realize on the advance In
prices, would offset the expansion of loans
on account of stock-market transactions to
a large extent,. The large reaUzlng of
speculative profits In the stock market
was Indicative also of a paying off of
loans to some extent. The street was
whollr unprepared for a large Increase
In loans, which showed the enormous ex
pansion of J12.954.3oa This served to swell
the reserve requirements to the extent of
13,669.750, and the cash increase fell short
of this by S1.931.3S0. which therefore
measured the shrinkage on the surplus.
116i T.. Y. fc Co
65lP. F. M. CO.
109, M.. W. & Co.
SO, B G. & Co.
15, B.. G. & Co.
3 M W. & Co.
li90 Honolu u
... T.. Y. & Co.
T.. Y. & Co.
17371 Hong Kong
in 1E99, 15,877. Same tlmo in IK'S, 37,292.
IX THE RIVEA.
iv.. u. & (JO
Port. G. Co
K.. G. & Co.
P. F. M. Co.
P. F. M. Co
time in 1899, 23,271 tons.
Same time in
144M.. W. & Co.
no, M.. w. Co.
R. P. Rithet
H. P. Rithet
174.'. Hong Kong
M.W. & Co.
M.. W. & Co.
B., G. & Co.
time In 1S99, 17,517.
ON PUGET SOUND.
B., G. &Co.
B.. G. & Co.
It. P. Rithet
K., G. & CO.
B., G. &. Co.
B.. G. & Co.
K.. G. & Co.
R. P. Rlthetl
In 1S99, 14.977.
The inference is clear and unmistakable
that the encroachments made by specu
lative demand upon the loanable resources
of the banks have been outrunning their
Increase from other sources.
The week has witnessed the continued
operation of the forces in the stock mar
ket, which have been generally foreseen
as the result of the trend of events for
some time past. The growing conviction
in the continuance of prosperous condi
tions in the country and the seasonable
relaxation In the money market have
been broad underlying factors In tho
strength of the stock market. As usual,
tho professional operators In stocks have
been beforehand in buying, and they
have availed themselves of the consid
erable advance in prices to sell out and
take their profits. This has caused an
Irregular market during the week, prices
advancing at one point, while reacting
nt another. Best prices havo not been
maintained, and In many stocks many
declines have resulted. It was the rule
of operations with dealers In the stock
market on a large scale to sell out their
holdings and take their profits at a fixed
point In the advance, while the outside
buying demand Is still active and well
distributed, without regard to the exist
ing favorable outlook for further rise In
The process Is based on the Importance
.of affording an "opportunity for the diges
tion of the marketable supply of stocks
by the Investment demand, which Is the
only true flnal "support of any market
Such a process of digestion Invariably In
terrupts from time to time any long
continued advance in prices. It Is Inev
itable that when prices should be carried
above the level of intrinsic value, the
Inside Investment holders, seeing the etont
selling for more than It ll worth. Join
'with the less-Informed speculative op
erator to unload their holdings. Then fol
lows collapse, wiping out of margins,
shrinkage In value of collateral and often
panic When the selling for the profit
begins to predominate over the .buying
demand, as has been the case In the
latter part of this week, a period of cau
tion and careful scrutiny develops to de
tect whether the advance In prices has
reached Its culmination. ,
Some stocks have given unmistakable
signs this week of a top-heavy condition,
nnd are affected by palpable manipula
tions and vague rumors of extraordinary
advantages not defined and sot an-
nounced. But whether the general level
of prices has reached or exceeded the
point that adequately discounts the pres
ent and future advantages to accrue to
the stocks Is a question much more dif
ficult to decide.
There Is quite on extended list of
stocks which have run above the high
level last year and risen to record prices.
But practically all of these have enjoyed
an Increased actual rate of dividend dis
bursed, or have approached nearer to div
idend by the satisfaction of prior dividend
claims of preferred stocks and bonds on
which payment of incomes Is contingent
upon earnings. The only conspicuous
stock In this list to which this does
not apply is Pennsylvania, which has
risen above last year's high level. The
dividend rate remains unchanged, and the
advance In the stock Is based on the
large extension of control of competing
and contributory lines In its territory by
purchase of stocks themselves paying
dividends and on the large earnings of
the company. The stocks which have
risen above last year's high level are all
in the railroad list, the industrials being
all decidedly lower.
The week's actual developments bear
ing on securities, values have been few,
but altogether favorable.
Reports of railroad net earnings for
February and of gross earnings for March
show them to be beyond all precedent,
in spite of the very high level for com
parison with lost March earnings. The
ofilcial reports for March of the opera
tion of the new financial law make It
evident that the banks are not rushing
Into a precipitate note-Inflating and even
to the extent of 10 per cent Increase In
present deposits bonds they have pro
ceeded In a rather surly manner.
The high price of Government bonds
has Invited large realizing and conse
quent withdrawal of circulation of banks
selling their bonds, making 'the outlook
regarding bank circulation much con
fused. But this realizing in Governments
has been accompanied by large liquida
tions of loans to New York banks with
which the bonds were held, and has real
ized capital for reinvestment as reflected
In the broad and active market for rail
v xne aisDursement of premiums on
United States bonds presented for con
version and the payment of April Inter
est at the Subtreasury at New York have
realized additional sums to the money
market. The largely Increased demand
for stock market operations has thus
been easily met. London's operations In
Americans have continued on a large
scale, but the sterling 'exchange rate has
continued upward. London selling to take
profits partly explains this. The fact is
also cited, that while buying low-priced
siocks. ixnaon was selling the high
priced ones, thus leaving a credit balanco
on account. The prospects of the grain
crop aro an element of Increasing In
fluence in the stock market.
Business in the bond market has been
on a very large scale, and lower-class
bonds, with the nrosDects of bettcrmrnr
have been the favorites. U. S. 2s refund
ing when Issued declined , old 4s and
6s y new 4s H and 3s per cent in the
NEW YORK FINANCES.
Analysis of the AVeekljr Bank State
ment. NEW YORK. April 7. The Financier
Tho statement of the Associated Banks
of New York. Issued April 7. Is remarka
ble for Its variation from known facts
rather than for any Influence it will have
on tho current money market. In tho
first place, tho figures prove that the
Treasury last week was a debtor to the
clearing-house institutions 'for about
Jl.OOO.OOO. and operations with the Interior
resulted in a gain of at least Jl.OOO.OOO ad
ditional. Instead of showing the effect ot
them additions to cash holdings, the state
ment reveals a gain of less than J2.500.000
In specie r.cd an actual loss df $750,000 in
Icgals. In other words, the banks gained
less than JLTSC'.OOO during the week. As
suming this to have been the case, the
weekly statement becomes Immediately
The expansion In loans, coupled with
the slight Increase in cash, account for
tho expansion of JH.679.0CO In deposits, and
as the latter call for an extra reserve of
J3,6C9,7C0, the actual surplus Is reduced
Jl.331.350, which Is entirely different from
what previous calculations indicated.
Thero Is no method of analysis by which
this conflicting showing can bo ex
plained. Operations of single large banks
do not figure az Important factors In the
totals, the changes having been more gen
erally distributed through the entire list
than usual. The expansion in loans, ot
course, results from the week's activity
in speculative circles, and this was nat
urally responsible for the deposit Increase.
Tho unexplained feature Is the failure
to reflect tho cash gains, but the system
of averages employed In compiling the
statement probably has been obscured for
the time being by the additions to re
serves. The heaviest decrease in cash re
ported by nny one bank was only about
J2.O0O.00O, not sufficient of Itself to have
accounted for tho disappointing ex
hibit. The banks have added J437.O0O to
circulation, bringing the total to $20,574,
500. The next week's statement will prob
ably prove of an entirely different char
acter from the present one. as the aver
age disbursements In the form of Interest
and dividend payments will have been
rather fully settled.
The weekly bank statement is as follows:
Surplus reserve, decrease .....$ 1,931.354
Loans, Increase 12,954.20?
Specie, Increase 2.4S2.40)
Legal tender, decrease 7I4.O0C
Deposits, increase,. 14.679.0)1
Circulation, Increase 437,101
The banks now hold J7,904,SO0 In excess
of legal requirements.
London Flnnnclnl News.
NEW YORK. April 7. The Commercial
Advertiser's London financial cablegram
Business was rather quiet in the mar
kets hero today. They opened dull on the
war nows, but quickly recovered, and the
closing was fairly firm. Consols were
101, and tho war loan finished at 1 13-18
after touching 1H. Americans were dis
tinctly good, hardening throughout. nn
prices were well over parity. They closed
at the best. There was considerable Ger
man buying. Chesapeake & Ohio and
Union Pacific were features. s Copper
shares started wrak, but rallied later.
TIntos were 53Vifif-9?. Anacondas were
10H10T- Call money was In good sup
ply, but fixtures were harder and bills
were firmer. A moderate supply was of
fered. A new combination of cotton and
wool dyers Is announced, amalgamating
46 businesses, with a share capital of
2.000.000. and 750.000 debentures. The
Board of Trade returns for March show
Imports Increased 8.2 per cent and ex
ports Increased 13.S. There was a de
crease In American grain shipments.
Cotton imports increased in quantity 261.
000 hundredweights, and in value Jl.CSO.OOO.
Railroads In Asia.
Consul-General Richard Gucnther.
The lines now In existence havo a total
length of about 30.000 miles, of which two-
thirds belong to British India. The por
tions of the Trans-Caspian and Trans-Siberian
railways already constructed have
a length of 3200 miles. A number of Euro
pean syndicates have obtained conces
sions for 3000 miles of railroads in China.
which will traverse regions rich in min
erals and agriculture: many of these lines
ore already In process of construction.
The Chinese Government owns about 300
mles of railway. The lines are very re
munerative, especially that from Peking
to Tientsin. Japan is well provided with
railroads, the present length being 3200
miles, frencn-lndo China has at present
only 120 miles, but the French possessions
in Cochin-China, Anam and Tonkin will
soon have 2400 miles. whl:h will greatly
help to develop their mineral and agricul
The Dutch Indies are well supplied.
Java alone has 10CO miles. There are as
yet no railroads In Persia of any conse
quence, but Turkey operates 150) miles in
Asia, and GCO miles more are In construc
tion or projected,
ITALY'S MERCHANT SHIPS
PRESS AGEXT SMITH HAS ANOTHER.
Subsidy Grafters Still Golnar Abroad
for Examples 'of Modern Methods
ot Bobbins; the Government.
Having previously supplied the news
papers of the country with literature ex
plaining the beauties of the shipping sub
sidy graft in England and Germany.
where It is not worked as it would be
here. Chief Smith this week has Italy as
an object-lesson. Like the rest of h'a
communications. Mr. Smith opens It with
the explanation that It has been carefully
prepared. The shipping subsidy grafters
made to order news for "simultaneous
publication In all parts of the country"
this week follows:
Washington. April 2. Nothing so at
tracts the attention of the British, nothing
is so minutely discussed by them as the
maritime aspirations and progress of oth
er countries. Ambassadors. Consuls, offi
cial commercial agents and others offi
cially representing her abroad are alert
to discover and prompt to describe, for
the enlightenment of the people at home,
what may be expected in maritime and
American shipping development en
grosses as much attention In British news
papers as In American, and British offi
cials in this country minutely record every
forward maritime step made orcontem
plated by this Nation.
The British Board of Trade is a depart
ment of the Government, and the Board
of Trade Journal In a degree fills tho
place for Britons that the Consular re
norts do for Americans. In the issue of
the Board of Trade Journal for March 1.
19W. the progress of Italy In shipping Is
noted In an official report filed with his
Government by the British Ambassador
at Rome. This report sets forth that
Italy began to aid her shipping by finan
cial grants in 1SS3, and that in 10 years
J7,S58Jl820 had been paid out. resulting in
an addition ot 180,000 tons of new shipping
to the Italian mercantile marine.
Since the more liberal shipbuilding and
navigation bounty act ot 1S9S went into
operation, says the British Ambassador at
Rome. 61,149 tons of vessels has Deen
launched; there are now 146,226 tons un
der construction and orders ahead for 61,
260 tons more.
The British Ambassador notes that the
burden Is becoming so serious that a
proposition to limit payments to J2.COO.000
per year has been made, this In anticipa
tion of a total expenditure under the law
during the current year of J2.160.000.
"The effect of the law" of 1SS3. the Brit
ish Ambassador is reported by the Board
of Trade Journal to have Informed his
Government, "was at a time when the
Italian mercantile marine had fallen to a
very low ebb, distinctly beneficial, by sub
stituting steamships for sailing vessels,
and Increasing the tonnage from 200,000 to
But the law of 1895. the report continues.
"which was intended to give a further
lmpulre in the same direction, went much
further," and "being aided by a rise in
freights, "shipbuilding has become a
"Following the example set at Genoa,"
says the Board of Trade Journal Ift Its
summary of the report of the British Am
bassador at Rome, "shipbuilding yards
have been constructed at Leghorn. In the
Peninsula of Sorrento, at Venice, nna
even at Palermo." The British Ambassa
dor at Rome has made it very clear that
this unforeseen result, while moit aa-
vantageous to the shipbuilding interest.
threaters to cripple tne resources ui ir.u
tntp." and so Dhcnomenal has been the
growth of Italian shipping that if it con
tinues uncheckea me eiprauumra n
iv.-fl h comDUtes. will amount to $5,-
320,000. or nearly as much as Greas Britain
now spends in mall subs.dies. suoven
tlons, naval reserve retainers and other
aids to her shipping annually.
The proposition to limit the annual
hnuntv o J2.COO.000. the report of the
British Ambassador concludes, has "raised
great opposition on the part ot me snip
bullders. Ironmasters and the numerous
trades interested In the question who have
looked forward to a continuance of the
present prosperous condition."
if trrfnt industries are created In Italy.
hitherto unknown to her people, they will
be the better able to bear tne cost, or
taxation, and especially In such Industries
as keep at home the vast sums formerly
paid out to foreign ships for doing her
foreign carrying. On the whole, the Brit
ish Ambassador at Rome, as shown In the
British Board of Trade Journal's sum
mary of his official report, has made out
a rather good showing for Government
aided shipping, in Italy, at least,
American statesmen, contemplating the
discussion of a similar law for the United
States, might well study the conditions
described by the British Ambassador at
Rome as resulting from Italy's shipping
and navigation bounty laws.
American statesmen might also study
another phase of the Italian subsidy plan
which Is aptly Illustrated by the following
story printed in the San FrancUco Argo
naut: Recently the tramp steamer Venus put
into Philadelphia from Ancona. via Ber
muda, with the smallest cargo, consider
ing the size of the vessel, that ever
reached that port. It was a urr.rlsed lot
of customs officials who examined the ves
sel's manifest and found that the only
goods aboard consisted of five tons of
chalk, valued at J5. Tet Captain Trapni
had merely taken advantage of the ship
ping laws of Italy, showing the peculiar
pOFsiblllty of their workings, and shrewdly
profiting by them.
The Venus is a steamer of IS41 tons, and
Its paltry cargo seemed little less thsn
ridiculous until Captain Trapanl had ex
plained. At first he was supposed to have
brought a sample, possibly to test the
market, but he declared that the canro
was nil he had desired to carry, that he
had steamed 4C00 miles to carry It. and
was satisfied. He told a reporter that
under the shipping laws of Italy, the Gov
ernment pays one franc per ton on an
Italian's steamer's tonnage for each 1000
miles sailed when it leaves a home port
with n cargo, regardless of the size or
character of the cargo. This is done, of
course, to encourage shipping. Increase
exports and generally stimulate commerce.
Hcnco Trapanl's voyage and his five tons
For the trip he wilt receive from the
Government $52S 20 for each 1000 miles, or
J2112 for the trip. This, he avers, will not
only pay nil expenses, nnd leave him a
profit, but he finds himself at a port
where he can advantageously secure a
more Imposing cargo. From the stand
point of the Captain It was doubtless an
astute business move; but as to the view
the Government will take in handing over
the subsidy, the Captain has no concern.
The price seems high for the taking across
the ocean ot five tons of chalk, but It
serves to keep the ship moving, keeps It
In the channels of trade, and in touch
with the world of barter.
It will require more than the word of
a subsidy grafter to convince the Intelli
gent student of political economy that the
taxpayers of Italy are reaping any benefits
commensurate-wlth the cost of their sub
General Jonliert's Wife.
New York Telegram.
The story that General Joubert's wife
"accompanied him everywhere and Insist
ed on personally providing for her hus
band's table." will not surprise those who
know something of that energetic lady.
She has repeatedly gone to the front with
the Commandant-General in his natlvo
campaigns and had a wonderful expe
rience of fighting In the early years of the
Transvaal Republic when, with other
women, sho melted bullets for tho men
Not a, dark office In the building
absolutely fireproof! electric lights,
and artesian water: perfect sanita
tion and thorough ventilation. Ele.
Tutors ran day and nlsht.
ANDERSON. CCSTAV. Attornty-at-Law. .012.
ASSOCIATED TRESS; E. I-. Powell. JlBr.-SCC.
AUSTEN. F. C, Manager for Orecon and
Washington Bankers' Life Araclat!on. f
Des Molnr.f. la ZK-ZOS.
BANKERS" LIFE ASSOCIATION. OF DES
MOINES. IA.-.F. a Austen. Manaser..502-3.
BEIINKE. H. W.. Prln. Pernln Ehorthand
BENJAMIN. R VT.. Dentist 31.
BIN3WANGER. DR. O. S.. Phjs. & Sor.410-411.
BROOKE. DR. J. M.. Phys. & Sars 7(5-7(MV
BRUERB. DR. G. E.. Physician.-.. 412-413-414.
BUSTEED. RICHARD. Agent Wilson & Mc-
Cauay Tobacco Co. 602-COt
CAUKIN. G. E-. District Agent Traveler
Insurance Co. .....71$.
CARDWELL. DR. J. R 50.1
CLARK. HAROLD. Dentist 314
CLEM. E. A. A CO.. Mining Propertles.315-314
COLUMBIA TELEPHONE COMPANT
CORNELIUS, a W.. Phys. and Surgeon 206
COVER. F. C Cashier Equitable Lire 3W
COLLIER. P. F.. Publisher; S. P. McGutre.
DAT. J. O. & I. N. 31S
DAVI3. NAPOLEON. President Columbia
Telephone Co. 607
DICKSON. DR. J. F.. Physician T13-7U
DRAKE. DR. H. B.. Physician 512-313-51
DUNHAM. MRS. GEO. A 717
DWYER. JOE. F.. Tobacccs 403
EDITORIAL ROOMS Eighth floor
EQUITABLE LIFEASSURANCE SOCIETY
L. Samuel. Manager; F. G Cover. Cashier. 300
EVENING TELEGRAM 3a Alder street
FENTON. J. D.. Physician and Surgeon.100-310
KENTON. DR. HICKS C. Eye and Ear 311
KENTON. MATTHEW F.. Dentist 0C3
FIDELITY MCTUAL LIKE ASSOCIATION:
B. C Stark. Manager 601
FRENCH SCHOOL (by conversation) : Dr.
A. MuzzarellU Manager ................ .700
GALVANI. VT. H.. Engineer and Draughts
man ........................-...-... 600
GAVIN. A.. President Oregon Camera Club.
GEART. DR. EDWARD P.. Physician and
GIEST. A. J.. Physician and Surgeon. ..709-710
GODDARD. E. C & CO.. Footwear
Ground floor. 12D Sixth street
GOLDMAN. WILLIAM. Manager Manhattan
Life Insurance Co. ot New York 20&-210
GRANT. FRANK S.. Attorney-at-Law C1T
GRENIER. MISS BEATRICE. Dentist 70S
HAMMAM BATHS. King & Ccmpton. Props.309
HAMMOND. A. B. 310
HEIDINGER. GEO. A. CO.. Pianos and
Organs 131 Sixth street
HOLLISTER. DR. O. C Phys. & Sur.. 504-303
IDLEMAN. C. M.. Attorney-at-Law. .410-17-13
JOHNSON. W. C. 315-310-317
KADT. MARK T.. Manager Pacific North
west Mutual Reserve Kund Life Asso. .0O4-CO5
LAMONT. JOHN. Vice-President and Gen
eral Manager Columbia Telephone Co XW
LITTLEKIELD. II. R-. Phys. and Surgeon.. 200
MACRUM. W. S.. Sec Oregon Camera CIub.214
MACKAY. DR. A. B.. Phys. and Sunt. .711-712
MAXWELL. DR. W. E.. Phys. Surg. .701-2-3
McCOY. NEWTON. Attorney-at-Law 713
McFADEN. MISS IDA E.. Stenographer 201
McGINN. HENRY E.. Attorney-at-Law .311-313
McKELL. T. J.. Manufacturers" Represent
MILLER. DR. HERBERT C Dentist and
Oral Surgeon COS-C09
MOSSMAN. DR. E. P.. Dentist 312-313-31
MANHATTAN LIFE INSURANCE CO.. of
New York; W. Goldman. Manager 2C0-21O
Mcelroy, dr. j. g.. rhys. & sur.701-702-703
MfPinLAXD. E. B.. secretary (-oiumoia
Telephone Co- ........--.-.
McGFIRE. S. P.. Manager P. K. Collier.
Publisher - 413JJ.8
MrKIM. MAURICE. Attorney-at-Law 500
MUTUAL LIFE INCCRANCE CO.. of New
York: Wra. S. Tend. State Mgr. .404-4C3-4W
MUTUAL RESERVE FUND LIFE ASS"N.
M T. Kady. Mgr. Partis Narrowest. .604-605
NICHOLAS. HORACE B.. Attcmey-at-Law 715
NILES. M. I Cutler Manhattan Life In
surance Co.. cX Nw Y.-rk 203
ORSaON INTTRMAHT OK OSTEOPATHY:
Dr. L. B SUi. iVwjlSS 40S-4CD
ORKOON CAMERA ."U"B 2t4-213-21Wl.
TKRNIN SWWOr SCHOOL; 1L. W.
BehrAiv. rrft-r; -11
rONlX WX S. S9 Vawtr Mutual Life
T.U. C.N T .N-405-4O
TVtVn.Nv-STV VN rAX INFIRMARY
.v-rW v 1SI Sixth street
mirr.ivn WV.". TTK" CO.. 3. 1L
. .. 71
TVWT!.M TRVS ."JTTS . .
rROT7.MN VXTrtVM-: C Superintendent
t-eno!ei Virtu'. R-rve Fund Life, of
New York (M
4JUIMBY. L. P W.. Oerr and Forestry
REED A MVLWLM OpMelsti' ISS Six- street
REED. F C. Fish tmmllorer . . 407
RYAN! J B. Attomy-t-lw . . . .417
SALISBURY. KO. N.. SVotlon Director. U.
S. Wlhr Ttoreau '1
SAMCEU U. Manocer FC.HMe t-fe 300
SANDFORt A. C C.. ruMlsr AKts.31S
SCUIRNER"S SONS, CHAS Publishers .515
SHERWOOD. 3. W- Deputy Supreme Com
mander. K. O. T. M. .517
SMITH. Dr. L. IV. 0tepth lOMW
SONS OF THKAMERICAN REVOLUTION 30
STARK. K. C Executive Special. Fidelity
Mutual Life Association of rhtla Ta . -C01
STEEL. G. A.. Fortwt Insrwtr 21S
STUART. DELL. Attorney-at-Law C17-61
STOLTE. DR. CHAS. C. Tntt .... 704-7C3
SURGEON OF THE S. V. KY. AND N. P
TERMINAL CO. oi
STUOWimiPGE. THOS. 11.. Exocutlre Spe
cial Agent Mutual Life, of New York. . 101
SUPERINTENDENT'S OFFICE 2"l
TUCKER. Dlt. GEO. F.. IVntt.t.. . 610-C11
U. S. WEATHER BUREAU... .JW7-POS-S03-3W
U. S. LIGHTHOUSE ENGINEERS. llTH
DIST.. Cartaln W. C Langfllt. Corps
Rnrlneers. U. S. A. ........
U. S ENGINEER OFFICE. RIVER AND
HARBOR IMPROVEMENTS. Captain W.
C. Langfltt. Corps of Engineers. U S. A Sl
WATERMAN. C. H.. Cashier Mutual Life
of New York oa
WATK1NS.MISS E. L.. Purchasing Agency 71
WEATHERRED.MRS. EDYTH. Grand Sc-
retary Native Daughters 716-717
WHITE. MISS L. E.. Assistant Secretary
Oregon Camera Club i
WILSON. DR. EDWARD N.. rhys. & Sur-304-S
WILSON. DR. GEO. F., Phys. & Surg. 70O-70T
WILSON. DR. HOLT C. PhflL & Surg.507-5ili
WILSON 4 McCALLAY TOBACCO CO..
Richard Busteed. Agent COS-OOJ
WOOD. DR. W. L.. Physician 412-413-41
WILLAMETTE VALLEY TELEP1L CO.
A fexv more elegant olllces may ho
had by applying; to Tortlnnd Trust
Compnny of Oregon, 10O Third st.. or
to the rent cleric In the building.
MEN NO CURE.
NO PAY THH
ANCE-A pclUve way "T" m4?5'?S"
Eerrthlng else falls. The ACLLM TREAT
MENT CURES you without medicine ct al.
nervous or disease of the generative organs,
tuch as Irs' manhood, exhausting drains, vari
cocele. Impotency. etc. Men are quickly re
stored to perfect health and strength,
Writ for circulars. Correspondence confMen.
tlaL THE HEALTH APPLIANCE CO.. rsocof
17-48 Sate Deposit Dqtldlng. Seattle, WSi
V 1 "
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