- ? ;" - v !" ", &?' " J V i-yr- -?.--- 4Pi r" 22 THE SUNDAY OREGONIAN, PORTLAND APRIL' 8, 1900. COAST WHEAT FLEET Remarkably Heavy Arrivals Out at Queenstown. 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 Total 570,401 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 Total lOu.lSl 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 Total S21.SU 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. 8CsSS2s 6d. The Tides nt Astoria. CWeek beginning April 9.) a "s " " DAT. S n 2 if : Z : - . ; 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 Low water 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. Marine Notes. 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 evening. 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 knownat present. 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. 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 .cw Possessions. 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 what. , 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 spare. 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 eo. , 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 disagree. 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 blunder? 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 home. 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 tries ruined? 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. Sacred Ground. Chambers's Journal. 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 Discounts. 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 Northwest FOR PORTLAND. E I Flag and rig. Nam. Master. Aug. 4JMarechal Vlllien Fr. bark Rlonald Nov. 13 Jan. 29 Mar. 24 Argus Hr. shin Hunter Wcndur Forthbank Br. ship NIcoll r. oarK faterson Dec. 20 Llrzle Bell Fifcshlr Br. bark Whelan Br. bark Caddell Jan. 11 Mar. 12 Feb. 12 Kajade Ger. shin Hasselmsn fenthesiiea Dec can Br. ship Hanson Feb. 14 ur. snip uarrett Br. bark Decent Br. bark Putt lEast African Grenada Lydgate Br. bark Jones Br. ship Bremncr Mar. 21(Asplce rcnmore Alice Australia Genista ur. narx iiaxwe Ger. ship Kuhlmann Br. bark Jones Br. ship Hearn Br. ship Crowest Ger. ship Plander Br. ship Griffiths Leicester Castle Nesaln Mar. SlRlversdalo Conway 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 trankistan Feb. 24 John Cooko Jutcopolls Mabel Rlckmers Oroalla Rlckmer Rlckmers Rlgel Semantha W. J. Pirrle St. Mlrren West Lothian Br. ship ,WIlklns Br. ship .Curtis Harlech castle Strlus Robert Rlckmers ur. snip (Findier Ger. ship tBehrlng Ger. ship Rubarth Galgate Cail C an Macpherson Stjorn Sutherlandshlr tir. Dark lurimths Ger. bark (Shoemaker Br. ship iMcDona'd Nor. bark Elllncscn Rr. ship NIcoll Jupiter Dan. ship Br. ship Br. ship Br. ship Funder Mar. 1 April 1 Aiicrton Dovenby Hall Marlon Llghtbody Nlthsdale Bowman B. Law Ardencralg Centurion Dalcarnle Olga Osterbek iToye wickham Cordlnar Steven Gulllson Cairns Collins Jones ur. Dane Br. bark Br. ship Br. ship ur. snin Ger. bark ,Engel Ger. bark Gleseke Port Caledonia Br. bark 'Anton Total tonnage en route. $5,311. Same time Same time in 1S37, 1S.543. GRAIN TOXXAQE 5 Nape. Flag and rig. Master. Feb. 251 Samaritan Br. bark Br. ship Br. ship Br. bark Br. ship Br. ship Br. bark Dexter Mar. 14 Poseidon Isle of Arran Inverness-shlre William Law Bush Mar. IS Davles Peattle, Abbott Mar. 22 Mar. 22 Mar. 24 iThornllebank McBrlde Blanche Mar. 251Benvlckshlre Total tonnage in the river, 12.132. Same 1898. 1S.7S9 tons. In 1897, SSS3 tons. GRAIN TONNAGE CIS ROUTE TO PUGET SOUND. Name. Flag and rig. Nov. Oct. Mar. Jan. Mar. Dec Jan. 15BattIe Abbey 30IMount Stuart Br. snip Dr. ship Br. ship McGhte Olsen Stevenson Glonozll Rhuddlan Castle ur. e.n:p Br. ship Br. ship Roberts Olson Beard Lever Harris 1 Brodick Castle lSIShandon 31 imoernorne Carnedd Llewellyn Brussels Br. ship Br. ship Br. bark Br. bark Br. bark Br. bark Br. ship Br. ship Jan. Feb. Tupman Griffith Tonkin Chas. Cotesworth wanderer Nile Moesch Johnson Turner Mar. 12 Cabul " Glsnard Fortevlot ur. Dane Ger. shin Gllmour Henrietta Seeman Mar. Mar. Rodenbek Dunrcggan Ger. ship Hansen ur. oark Dixon Carl Ger. ship Hashagrn Anderson Mar. 4 Linlithgowshire ur. snip Total tonnage en route, S6.1S4. Same GRAIN TONNAGE I Name. Flag and xig. Master. Dec -27JStronsa Br. ship Hennlng May Feb. 23 Mar. 16 Mar. 23 Mar. 22 Mar. 19 Mar. 25 April 5 Inverclyde Br. ship Br. bark Br. ship Br. bark Br. bark Br. bark Br. ship Achnashle Cumberland Conway Castle Holywcod King Arthur Elginshire Quayle Evans Macauley Robertson .Hannah 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. From. Consignees. 17051 Nantes Antwem 247 116i T.. Y. fc Co 65lP. F. M. CO. 15 109, M.. W. & Co. SO, B G. & Co. 27 15, B.. G. & Co. 3 M W. & Co. 1513 1836 Calcutta 1332 Honolulu 1036 Liverpool Antwerp 1281 16771 Nagasaki London 1C63 1S3S Hamburg in. Honolulu 2106 Honolulu 2K0ShanghaI li90 Honolu u ... T.. Y. & Co. 1SI l 22S6INagasakl 2062 2097 Honolulu 171SShanghai 2009IShanghai lerniKino Chou 20"X Hamburg 34 E. Baker 1..S snangnai 1900 Nagasaki 17 Shanghai ! 2C52 Hiogo HIcgo Shanghai Hong Kong Nagasaki Shanchal 1SSSI 170S! T.. Y. & Co. 1914 1S79 2211 2516)ShanEhal lCSIYokohama 17371 Hong Kong uoziHOnoiuiu 1736IJapan 2174IHlotro ;2227IShanghal 95? Honolulu 15S6 1C67 Cape Town Honolulu 1549 IfSl Tslntau 19"8 Hong Kong Shanghai Newcastle 1R9S 20C 1535 Shanghai I1S59 Yokchama I1E69 Sta. Rosalia 1704 1700 Nagasaki Shanrnal 1340 Sta. Rosalia llSlOIKaloChou 2246Sta. Rosalia in 1E99, 15,877. Same tlmo in IK'S, 37,292. , IX THE RIVEA. From. Agents or Charterers. Berth. 1297!Shanghal 1708IHonoluIu Epplnger Astoria Astoria iv.. u. & (JO Port. G. Co K.. G. & Co. A. Berg P. F. M. Co. P. F. M. Co ITWQfn Tfnsalln1 Astoria 2147Honolulu iVIctorla ICillSIngapore lSOISta. Rotalla 901 Honolulu Mersey Elevator Flour Mill time in 1899, 23,271 tons. Same time in Master. From. Consignees. jl4CIAntwerp 144M.. W. & Co. ii5xiionnon ?l3!London 1193Cnrdlff no, M.. w. Co. R. P. Rithet H. P. Rithet 174.'. Hong Kong 1S97 Cardiff l7IL!verDOOl l&OSlHamburg M.W. & Co. lSJiiLlveipool 1031 Guatemala 2717Shanghal 'ZOiSIHlOgO 129" Rotterdam 26 M.. W. & Co. ITS'! 19621 Antwerp Antwerp Cardiff Hamburg London 1705 16T2! 14771 1916Livcrpool 1357An twerp RobL Ward B., G. & Co. time In 1S99, 17,517. ON PUGET SOUND. From. Acents or Berth. Charterers. I 193DAntwerp B., G. &Co. B.. G. & Co. Tacoma 1516 Hamburg Liverpool Htogo Honolulu Honolulu Hong Kong Seattlo 2334 It. P. Rithet Victoria 1740 K., G. & CO. B., G. &. Co. B.. G. & Co. Seattle Tacoma Tacoma Seattle Victoria 1591 1477 15671 K.. G. & Co. 203SLlverpool 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 prices. 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 road bonds. 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 old price. NEW YORK FINANCES. Analysis of the AVeekljr Bank State ment. NEW YORK. April 7. The Financier says: 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 logical. 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 says: 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 tural resources. 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. OBJECT LESSON. 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 commercial rivalry. 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 400.000 tons." 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 profitable Duslness." "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 of chalk. 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 sldlzed fleet. 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 folk, THE PALATIAL 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. Rooms. 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 School 211 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-. 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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 51S . .. 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 Warden 71C-757 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. ........ .. -S03 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. .6I 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. gigcs MEN NO CURE. NO PAY THH MODERN APPL1- 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 OetGONil BUI V 1 " i - tl .5-'-.. 4- - .v..qy iv g"