The Sunday Oregonian., October 25, 1914, SECTION TWO, Page 15, Image 37

THE SUNDAY OREGOXIAX, PORTLAND, OCTOBER 23, 1914.
WHEAT GOES HIGHER
Fortyfcld Sales on $1.13 Basis
Are Made in Palouse.
CLUB FARMERS GET $1 NET
Bluestem Again Changes Hands at
$1.15 Prospects of Higher
Prices During Next Few
Months Oats Advanced.
There was no cessation of business In
the wheat xnarlcet yesterday, and no let-up
In the advance. "While no sales were re
corded at the Merchants Exchange, buying
in the country was active at a rising scu..e
of r rices. The onlv limit to the amount of
business beine? done Is tbat imposed by
farmers. So certain are they of still higher
prices that many declare1 they will hold their
grain until Spring. The continued raising
of bids, however, is counted upon to bring
out wheat at a steady rate.
Forty-fold sold in the Palouse country
yesterday at equal to $1.13 at Portland.
This is 3 cents more than was bid for this
kind of wheat at the Exchange. Sales of
blueutem were attain made at $1-15 and
there were numerous sales of club at In
terior points at $1 net to farmers.
Merchants' Exchange Quotations on ship
ping wheat were 1 to 2 cents higher, than
on Kriday, and oats bids were raised a
Quarter to S29.23. with sellers asking $30.
It Is figured that over 2,000.000 bushels
of farmers' wheat have been bought in the
Northwest in the -oast week, and as much
was bought in the Drecedine week. Through
out the entire country wheat trading on
EuroDean account is on a heavy scale, and
the movement is certain to last as long as
the -war does, or until supplies are ex
hausted. Various estimates are being made from
time to time as to the possible- requirements
of the accessible European countries during
the coming- season. Most of them are based
on the belief that the war will continue for
an indefinite period. Germany and Austria
are reputed to ftiave enough food supplies of
their own raisin to last throughout the
year, and yet there is a prevalent Idea,
which undoubtedly has some substantial
basis, tbat Germany has been seeking to
obtain suDDlies of our wheat through the
Scandinavian norts.
There is a reneral belief that prices will
go htKher during the next few months as It
cornea to be more fully realized that there
Is a deficit in the world's supplies regard
leas of war conditions. It is true that the
world's stocks have shown an increase of
late, but this has simply reflected the
arrival at visible supply points of the first
rush of new wheat. Great Britain reports
an extraordinarily heavy milling demand,
with France also a heavy purchaser. Im
port requirements for the latter country,
based upon recent official crop estimates,
have been placed at 40.000,000 bushels, but
private advices, which are taking into ac
count the damaee done to the wheat fields
In the theater of hostilities, estimate that
the ImDorts Into France will be fully 75
000.000 bushels.
CITRUS 1'KCIT CROP IS LARGE ONE
California Orange Output 40,000 Cars, Lem
ons 6000 Cars Sixes Are Large.
Fruit and vegetable receipts were light
yesterday and stocks generally were cleaned
up well. Trade on the s-treet was good
tnrougnout tne week. The close of the week
found grapes firm and prices will continue
high during the remainder of the season.
There is a fairly good movement In apples
at uncnanged prices.
Writing from Los Angeles under date of
October 20 on citrus fruit crop prospects,
T. Pearson says:
"The chief topic among the orange men.
both growers, packers and distributors. Is
the probable effect of the big apple crop on
the price of oranges the coining season.
Central California, which includes the Tu
lare County district, has a large crop, which
promises lots of medium sizes. The district
around Sacramento has a full crop of me
dium to small sizes, whereas generally
throughout Southern California, from Ven
tura County to Riverside, the crop Is away
below normal, the quality very fine and sixes
are large.
"The trade must be prepared to handle lots
ev 126 size navels and the chances are that
during the height of the season In January,
February and March, cars will run as heavily
to 100 sizes as to 150s, whereas 176a and
smaller are expected to command a pre
mium. "The orange crop Is estimated at 40,000
cars and lemons at 6000 cars. The fruit In
Southern California la so "evenly placed on
the trees that heavy or constant rains
would cause a tremendous increase in size.
This has been considered In estimating the
crop and the above figures are conservative
x.d based on normal weather conditions.
Thjw Is a tremendous crop of lemons.
and even with the Italian crop shut out by
poeible future complications, no fanc?V prices
can be looked for for several months, and
extremely low prices will, without a doubt,
be the rule all Winter.
"Vegetable crops around Los Angeles, es
pecially of cabbage, cauliflower and lettuce.
are heavy and of fine quality. Tomatoes are
in heavy supply, but top quality Is very
scarce. There will be some celery from the
south, but the principal crop Is on the
Islands In the San Joaquin and Sacramento
Rivers. Here the quality is the finest In
years."
TRADING IX HOPS BET1VKKN DEALERS
Another large Yakima Lot 1 Sold Euro
pean Crop Estimates.
There was some trading between hop
dealers yesterday, but no purchase, from
Oregon growers wer. reported. The Yakima
market continues active, th. Desvarais lot
of 400 bales in that section being Mid.
A Nuremberg dealer writes that moat of
the Continental hop crop was saved. He
gives the following estimates of yield in
hundredweights:
114. 1013.
Clermany 411,000 272,000
Austria ,805,000 225.0OO
France 43.000 43,000
Netherlands ................. 70.00 fi0,000
Russia .100,000 53.000
Totals USD, 000 050,000
stm-e this letter was written a Sau dealer
has cabled an estimate of 800,000 cwu for
the Continental crop.
Bl'tiAK PRICES DOWSf 0 CENTS.
KeBned Market Affected by Weakness of
Raws In Eaat.
There was a 20-cent decline yesterday in
all grades of refined sugar in the Coast
markets. The drop was expected by Job
bers in view of the weakness in the East.
A New York broker writes of th, raw
ugar situation:
"Our market reached its highest level of
t.Oitc c. f. for Cubas 18.52c) around middle
of August, because it was then generally
discounted that Great Britain would make
mucn larger inroads upon tha sugar avail
able from Cuba. That upward movement
was accelerated by the speculative activity
which invariably appears in a market that
Is rapidly advancing from any cause what
ever, and also by a desire on the part of
consumers to quickly accumulate stocks born
ef fears of higher prices yet to come. From
this it will be seen that failure of the ap
prehensions which advanced our market so
rapidly to materialise has brought about a
sharp reaction which, on the other hand,
might Just as easily b. carried -to th. other
extreme."
ESC Market Finn.
The poultry market closed Btdy at un
changed price. Spring" did not clean up,
but other kinds sold we!L Dreued meat
were weak, especially pork, which may be
lower in' the coming week, owing to the
decline In prices at the yards.
The ces market was firm, with candled
ranch selling at 7& 40 cents. Butter and
cheese were unchanged.
Bank Clearings.
Bank clearings of the Northwestern cities
yesterday were as follows:
- Clearings. Balances.
Portland $1.3U.6o4 83.740
Seattle 1.721, 20 170,526
Tacoma 2:;a.r 7 1 .5S0
Spokane 54,812 40,523
Clearings of Portland, Seattle and Ta
coma for the past week and corresponding
ween in iormer years were:
Pnrtlanil Seattle.
Tacoma.
11.982.241
114
1913
1012 '
1911
3 90t
10t8
ltW)7
ia
1905
1904
190U
S1 2.144.062 $12, 2S5,yS8
. . 14.031.092
.. 12,272.477
&.S2ti,W52
. . 6,0r.S.292
. . 5.010.840
6,;!2S.0&4
.. 4.W48.542
.. 4.U74.117
. . 3.54S.319
l.".478.SH0
12.12tf.5."l
lU,Si0,044
14,S74,4.-,1
8,h5,57S
10.34,415
lO.tW.1,079
8.oM,2.-i
5.420.920
5.343.UO!
2.3V2.5M4
4.204.620
4.891.26:1
,GT.3.S7
4.49.0n9
4.941.720
4.44.SS1
3.012,930
3,152.340
2.124.636
PORTLAND ' MARKET
QUOTATIONS
Grain, Flour, Feed, Etc.
Merchants xcnange noon session
Wheat Bid.
Bluestem $ 1.12
Forty Fold 1.1(
Ask.
1.14
1.12
l.JO
1.04
1.03
30.00
24. OO
25.00
22. OO
Club M.OS
Red Russian 1.01
Red Fife 1,02
Oats
No. 1 White Feed 29.25
No. 1 Feed 22.30
Brewing 23.00
Bran 21.25
Shorts 22.00
.All quotations for prompt delivery.
M1LLFED SDOi ririt-ra: ran
23.00
$24 0
24.50 per ton: shorts. S2o&2dr.50: roiled bar
ley. C25.5026.50.
FLOUR Patents, S5.60 per barrel,
straights, $4. CO; graham. $5.20; whole
wheat, $5.40; exports, $4.40.
CORN Whoie. ptft ion; cracked. 3
per ton.'
, HAY Eastern Oregon timothy. $156?
l...0; grain hay, $10& 1 1 -. alfalfa, $12.50(3
13.oO: valley timothy, $1314.
Fruits and Vegetable.
Local jobbing quotations:
TROPICAL FRUITS Oranges, $3(03,25
per box: lemons. 5&5.50 per box: bananas.
44Hc per pound; grapefruit, Florida. (4 Q
4.76; pineapples. 67c per pound.
VEGETABLES Cucumbers, 30o per dos.;
eggplant. 7c per pound; peppers. 506c per
pound; artichokes. UOc per dosen : toma
toes, 60&90o per crate; cabbage, 91o per
pound : peas. 10c uer pound : beans, 6a per
pound, celery. 50(3750 per dozen; cauli
flower, 40 75c per dozen; sprouts, 10c per
pound. Head lettuce, $3 per crate.
GREEN FRUITS Appier. &c 11.50 per
box , cantaloupes. $101.50 per crate-, ca
sabas, $1.25 1& 1.50 per dozen; pears, $11.75;
grapes, Due $1.15 per crate; cranberries,
$84a.30 per barrel
POTATOES Oregon, V0c $1 per sack;
sweet potatoes. 2c per pound.
ONlONb Yellow. 0c4l per sack.
Dairy and Country Produce
Local jobbing quotations:
EGOS Fresh Oregon ranch, case const,
84c; caualed, o7 &4.0c
rUUU'RY liens, 14c; (Springs, 13c; tur
keys, young. ltxioc, dressed, ;t2r25c;
uucKs, lotoliic; geese, 10 11c
jzu a axuxv creamery, prinut, extras, 34C
per pound in case lots; Vc more In less than
case luUt; cubes, 30 31c.
VjUIv Oregon triplets. Jobbers' out las
price, 14 c per pound xm o. b. dock Portland;
young Americas, 15c per pound.
PoliK Block, -! fee per pound.
Staple Urocejrasw,
Local Jobbing quotations:
6ALJdON Columbia stiver ons-pouaa
talis, $2.30 per dosen ; halt-pound f lata
SI. 00 ; one-pound flats, $2.uo ; Alaska pi&a.
oue-pouna talis, sx.ud.
nuisaix cnuicti, 4.2 par case.
NUTS Waluuts, It &2UC ner nound .
Brazil nuts, 14c; filberts, HtflSc; almond,
it lie; peauuis, dpbc; cocuaauts, $1 per das-
ea; pecans, ieloc
BEAMa Sinali wnlte, tftsjc; l&rgs white,
ttc; Lima, tc; piua, oc; Mexican, 7feo
bayou. ocl.
COJf F-faiE Hoastea, in drums,
per pound.
SUGAR Fruit and berry, $6.60; beet
6.4u, extra C.s $0,it; puwdred. in barrels!
6.fc5.
a!iT Oranulateo, 15.5o per ton; naix
ground, 100. $10. 7s per ton; 60s, $LL0 par
von; dairy, fie per to a.
KiCL. No. 1 Japan. Vc; southern head,
tftfZfec; island, 6c
DRIED Jj-KUlTtf Apples. se per
pound , apricots, 14 (jf-iec ; peaches, "T H Q i
prunes, Italian, lU&ifeo. currants, uo;
raisins, bvbna; 'ihompson, life a; u&.
uleacned Suiiauas, tic; seeded, l2o,
dates, Ir'exsiaa, i'o per pound, taroi
pwr box.
Hops WooL tlloes, Kta.
HOPS 1914 crop, bhtklithtGi iui3 crop,
nominal.
B.1UES Salted hides, 13c per pound; aeU
kip, 14c; salted calf, lbo per pound; salt
dry hides, 24c; dry calf, 26c; salted bulls,
luc per pound; green bulls, &c
WOOL Valley, 17tf Ibo; Eastern Oreges.
15 U 2uc nominal,
MOHAJK iyl4 clip, 27o per pound.
CAWCAKA BARK, Old and new, per
pound.
PELTS Dry. lOfffllc: dry short wool i
& so; dry shearlings, 10 0 15c each ; green
shearlings, 15 w 25c each ; Spring lambs. x4
Provisions.
HAMS Ten to 12 pounds, 1920Kc: 14
21c; picnic, 14C V
BACLUN Fancy, 2S&30c; standard, 5
iRI SALT CURED Short clear bacas,
14 & 17c; exports, 10 47 17c; plates, llt13o.
LARD -r- Tierce basis: Pure, uiioiM
cetupound, sjO. '
Oil,
KEROSENE Water white, drums, bar
rels or tank wagon, 10c; special drums or
oarreis, idc; cases, 2U)o.
OASOLINE Bulk. 14c; cases, 21c. En
gine aistiiiate, arums, ?Ho; oases, 14s-.
dspma, uruoiD, aoc; cases, xuo.
LINSEED OIL Raw, barrels. 61c;
cases, 66c; boiled, barrels, 63c; boiled.
68c.
TURPENTINE In tanks, Oc; la
7c; ten-case lots, lo less.
DEFICIT IS WIPED OUT
NEW YORK BANKS AGAIN CARRY
EXCESS RESERVES.
Money Market Relaxing Because of
Abundance of Fundi Pronounced
Slump In Foreign Exchange
NEW YORK. Oct. 24. One of the most
gratifying feature of the week was the
wiping out of the deficit in cash reserve by
the Nfcw York banks and the substitution
or an excess amounting to about ,8,400,000.
ineso institutions reported a. deficit of al
most S-ib.0K0.GO0 two weeaa after tne com
mencement of the European war.
It 1 clear, however, that it is trade reces
sion that is sending cash into bank reserves
in increasing volume. The money market
relaxes corresnondtnxly from week to week.
(gearing -house certificates and emergency-
currency are- being retired. As yet. very
moderate investment has been stimulated.
Pros Dec ts of the Federal reserve law be
comina effective on November 30 promises
zurtner lartre aaaitions to available credits.
X nronounced slumo in foreign exchange
was a feature or tne week.
It Is not imorobable that the plans of the
British government for protecting the Lon
don Stock Exchange debtors upon the ex
Deration of the moratorium on November 4
may lead to an early reopening of the Lon
don exchange and our own.
The weekly bank statement follow: !
Loans, f2.16O.4S9,000; decrease. $11.024.-;
000. ,
Specie, $340,205,000; Increase, S4.635.O00. !
Legal tenders, $101,617,000; increase,
681.000.
Net deposits. $1,020,033,000; decrease. S10,-
519, 00 O.
Circulation, $145,442,000; decrease, S7S5.
000. f
Banks' cash reserve In vault, 9375.&S3.
000. Trust companies cash reserve in vault,
$06,4t9.OOO.
Aggregate cash reserve. $441,882,000.
Surplus cash reserve, $6.4j0,Uo0; increase,
$9,804,800.
Trust companies reserve with clearing
house members carrying -5 per cent cash re
serve, $33, 2 15,0c.
Summary of state banks and trust cos
panies in Greater New York not included In
clearing-house statement:
Loans and Investments, $560,651,700; de
crease, $1.21. 400.
Gold. $40,ti00,500; decrease, $446,300.
Currency and bank notes, 114.100,600; In
crease, $653,400.
Total deposits, $635,623,400; decrease, $2,
053,400. Hope at New York.
NEW YORK, Oct. 24. Hop steady.
PROFITS ARE TAKEN !
Wheat Operators Realize
Week's Advance.
on
PRESSURE AFFECTS PRICE
Buyers for Export Make Effort to
Get Grain Cbeapei: Corn and
Oats Close at Lower Level
at Chicago.
CHICAGO. Oct. 24. Wheat took m down
ward slant today, influenced by a lessening
of export sales and by a good, deal of profit.
taking on the part of holders. The market
closed unsettled at to lc net decline.
Corn finished Uc off, oat. down 214 4
9c and provisions varying- from a setback
of 10c to an eaual advance.
Foreign buyers, for the most part, re
frained from export transactions unless at
a material droa from yesterday's prices.
The- bulls were further handicapped by
week-end realizing sales which set in right
at the opening and remained In evidence
until the close.
Corn started out higher, owing to wet
weather and to reports of large losses in
Argentine shipments to Europe. The mar
ket, however, afterward became depressed
with wheat.
Oats merely followed th. action of other
Krain. ExDort call was described as fair.
Support from oackert rallied the pro
vision market from a decline du. to larger
hog receipts than expected. The best buy
Jnr was of the nearer deliveries of lard.
The leading futures ranged as follows:
WHEAT.
Open. High.
1.17 1.174
1.2214 1.23
Low.
1.21
Close.
U-16
1.211,
.
.71
Dec
May
COEX.
70H .70
72 .72
OAT3.
50v .SI
.& .64 Vs
MBS3 PORK.
Dec.
May
.69
.71
Dee.
.50 V
.& bs
50V4
May
Jan.
19.0O 13.05
18,87
19.05
LARD.
10.60 10.0' 10.5S
U.Ui U.U7 U.U0
SHORT RIBS.
Oct.
Jan.
10.55
.t)5
Oct.
11.00
0.t2
; No.
. . 9.82 0.86 .75
Wheat. No. 2 red, ,1.1501.16
hard. S1.15!a 81.18.
corn. No. 2, yellow, TdVsW'dHc; - a
yellow, 75?p7i,,c.
Rye, No. 2. l4c
Barley, 58 78c.
Timothy, $4 00fe5.00.
Clover, $11.000 14.00.
Local Receipts of Grain.
Local receipts In cars were reported by the
Merchants Exchange as follows:
Wheat Barley Flour Oata Hay
Monday lis 9 21 18
Tuesday 66 13 4 5 1U
Wednesday 64 4 1 1 4
Thursday 71 3 1 7 7
Friday 45 i IS I 3
Saturday 8u 14 11 6
Year ago 69 a 12 8 6
Total this week 4u0 44 66 48 49
Year ago 517 102 71 33 69
Season to date. 6791 634 918 829 717
Year ago 6570 1151 804 750 846
Putret Sound Grain Markets.
SEATTLE, Wash.. Oct. 24. Wheat Blue.
stem. 81.11; fortyfold. S1.0B; club. 1.0o;
fife. 81.02: red Russian, fl; Turkey red.
tl.05.
Yesterday s cur receipts w neat, iu; oats,
4: barley, a; corn. 1; rye, 1; hay, 18; flour, 5.
TACOMA. Wash.. Oct. 24. Wheat Blue-
stem. SI. 15; fortyfold. ,1.10; club, 81. OK;
red nte, si.vi.
lesterdav a car receipts w neat, jz oats.
1; hay, 18.
Kan Francisco Grain Market.
FAN FRANCISCO. Oct. 24. Spot quota
tions: Walla Walla, 81. 73b 1.S0; red Rus
sian, $1.72', 81.75; Turkey red, l.b0l.oS;
bluestem, 81.85 1.P0; feed barley, .l.iu'tf
.Yiy: white oats, ,1.42 (it 1.43 : bran, (25;
middlings, saOi&M; shorts, 20g20.
Can board neat, nrmer. ariey, unu;
December. $1.18: May, $1.20.
Minneapolis Grain Market.
MINNEAPOLIS. Oct. 24. Wheat Decem
ber. $1.12; May. $1.1S; No. 1 hard.
81.15; No. 1 Nortnern, $ 1.13 iff 1.14 n ; ro.
2 Northern. $l.!i M 1.12.
Flax, 1.28 U'l.31.
Barley, 584 67c.
European Grain Markets.
LIVERPOOL. Oct. 24. Options not quot
ed; market strong with advancing tendency.
FINISHED CATTLE STRONG
PRIME STOCK AXD FEEDERS ARE
I GOOD DEMAND.
Receipts at North Portland Are 400
Head Leas Than In Same Week.
Last Year.
No business was put through at the stock
yards yesterday, beyond the sale of two
load of hogs off car at $6.35 and $7. Re
ceipts were 532 head of hogs. Shippers
were: W. B. Kurt. The Ialles. 1 car; An
gel A, Payette, Madras. 1 car; C. E. Lucke.
Canby, 1 car; same, Molalla, 1 car; F. B.
Decker. Hubbard, 1 car.
The weekly official market report of the
Portland Union Stockyards Company fol
low: "Receipts for the week have been: Cat
tle. 1447; calves. 25; hogs. 6739; sheep, 6758,
"Receipt of cattle were only moderate
during the past week, showing a decline of
over 400 head, compared with the same
week a year ago. Prices were strong for
well-finished steers, going as high a $7.50.
Feeder in good demand, from $5.75 to $6.25.
All lines finishing strong at end of week.
"Hog receipts over 6."00. Demand fair
and quality poor. Light and half fat stuff
that should be In the feed lota was again
present In profusion. Tops closing at $6.90.
"Sheep receipts comparatively good. Trad
ing in yearling stuil on etc. a few neaa
of feeding sheep changing hands. All lines
closing firm and strong at last week's
Quotations."
The following sales are representative of
the week s trading:
Wt. Price! Wt. Price,
20 steers. .
22 steers. .
l.'.'.l steers. .
3S steers. .
1 cow
9 cows . . .
7 cow. . .
12 cows. . .
720 hogs. . .
1141 $7.50 201 hogs. 181 $7.30
ll.tl 7.1o 211 hogs... 214
122.". 7.00J 2 bulls. . . !70 5 00
114.- 6.731 1 state... 1101 5.50
12hl 6.501 20 heifors. 68.". 5 75
1115 6.25 2 calves. 151 7.50
115-4 6.IO1 223 lambs.- 73 5.n
llrtl 6.001452 wethers 94 5.25
182 7.40 239 ewe.. . 91 4.40
216 7.35L 50 yearling 97 5.60
139 hogs..
Current prices of the various classes of
stock at the yards follow:
Cattle
Prime steers $7.00$?7.
Choice steers 6.50ti 6.
Medium steer 6.25$, 6. 50
Choice cows - G.0ix 6.25
Medium cows 3.2.
Heifer 5 50"( 6.2.
Calves 6 0o a 8.00
Bull S.OO'fi 4.75
Stags 4.5O&6.0O
Hogs
Light .T5t6.90
Heavy 6.00 6.20
Sh
Wether
4.0093..M
Ewe
Lambs
3.30 si 4.3
3.00 & 8.00
Omaha Livestock Market.
SOUTH OMAHA. Oct. 24. Hogs Receipt
300U: market lower. Heavy. S6.73& 7.04)
light. 36.00 &7.05; pig. of6.30. bulk, S6.S5
Cattle Receipt 100; market steady; na
tive steers. 16.73& 10.35: cow and "Tielfer.
S.j.o0ti6.13; Western steers, $68.25;
Texas steers. $3.75 6.75; cows and heifers,
$0'(f 6.2.; calves. $710.
Sheep Receipt UOO ; market steady; year
lings, $5.6041 0.10; wethers. $5.10&&.6o;
lambs, $7.10 6 S. GO.
Chicago Livestock Market.
CHICAGO. Oct. 24. Hogs Receipts 15,
0OO ; market slow. lOo under yesterday's
average; bulk. $7.207.45; light, $6.96&7a0;
mixed, $7 755; heavy, $895 & 7.55; rough,
$6.95$7.10: pigs, $4.25 98.90.
Cattle Receipts 1000; market weak;
beeves. $6.15910.80; steers, $5.7508.70;
stockera and feeders. S4.90$?'.S0: cows and1
heifer.. 3 -0i 3.0; calves, 7e 1L
Sheep Receipts 20O0; market steady;
sheep. S4.&06 6.05: yearlings, , S5.60&S.50;
uunbss, ,0.1037.85.
SMAIJ.BR ORDERS IX STEEL, TRADE
Concession. in prices Are Announced.
BuUdlnar Work More Active.
NEW YORK. Oct. 21. The steel trade
suffered aaain this week from smaller or
ders and lighter specifications, resulting in
contraction in output of mills, foundries and
furnaces. It Is estimated that the lnaustr,
as a whole, is not operating over one-third
of total ina-ot caoacltv. united States Steel
Corporation activities dropped to about 4b
per cent about a week ago and output of
steel Ingots todav is understood to be under
5 per cent.
Concessions were made in prices of semi
finished steel and lower prices were made
on not a few products. Including plates,
shapes and bars. The railroads, while
piacinr few orders for equipment, are doing
relatively as well as manufacturers.
teel building work was a little more
active late in the week.
In the iron trade, the principal feature
of interest was the niacins- of contracts for
the balance of the cast Iron segments for
the East River tunneL calling for 22.U00 tone
of castings.
SAM FRANCISCO PRODUCE IIARKE1
Price, Quoted at the Bay City on Fruits.
Vegetable., Etc.
SAN FRANCISCO. Oct. 24. Fruit Plne-
aDnlea. Sl.o0r2: California lemon.
4.UO; appl-s. Bellf lowers, 40&OUC: L-nanas,
1101.79. Mexican limes. 3o.
Vegetables Cucumbers. $50c, string
beans. IV: 6 3 Vic; eggplant, 2i& 60c; toma
toes, 30 & 40c.
Eggs Fancy ranch, &0&c; storage, 30c
Onions Yellow. 40(jp5Oc
Cfaaew Yonne- America, lmollc: new.
lO&ltic; Oregon, 14, c; Young America, lee.
Butter Fancy creamery. 11 c; seconds.
Potatoes DeTla Burbanks, per sack. 7oc
el; sweets, Sl-40l.O per sack; Salinas
Burbanks. 1.60&il.75: Alvarado. $1.256.1.40.
Receipts Flour, 3085 quarter.; barley, 6780
centals; potatoes, EKlo sacks; bay, 6ZU tons.
Sterling; Exchange.
NEW YORK, Oct. 24. Closing: Mercan
tile paper, lie1! per cent.
Sterling exchange, wik: 00-day bills,
4.025; for cables $4.3(ai4.9550; for de
mand. S4. 11225 gp4.UCTO.
Bar silver, 4o.
LONDON, Oct. 24. Bar silver, 22 d
ounce. Discount rates, three months,
per cent. '
SAN FRANCISCO, Oct. 14. Silver bars.
4c.
Drafts, telegraph 4c
Sterling, demand 4.8tt: cable. 4.2V
TIN ORE TO BE SMELTED
BOLIVIA WILL SUPPLY WAR SHORT
AGE IN THIS COUNTRY.
Only Small Quantity of Metal Is Pro
duced In United States Bulk Krorn
Straits Settlements.
1 Tin is one of the few metals that are
abundant in some other parts or tne worm
but not abundant in.the United States, ac
cording to the United States Geological Sur
vey. An equivalent of only 84 short tons
of- tin ore, carrying 60 per cent metallic tin.
valued at $36,070, was produced iu the
United States during 1013. The largest
quantity of tin was taken out on Buck
- .- 1. ilnalra
The r ederatea jviainy dwwb uuu w
. crrait, nr Htrltn Settlements! pro
duce by fur the greatest quantity of tin. and
nearly all of It comes from alluvial de
posits, only a little being obtained from
veins. During 1U13 the shipments amounted
to 50,142 ahort tons, against ui,-ji wu.
1012. The Federated Malay States produce
much more tin than any other country, and
the output Is practically an irum
Dredging Is now an important and growing
mode tin mining.
An Vntriuh outnut from Cornwall Is esti
mated by the Mining Journal, London, at
6uOO long tons (OT.oo short tons). The Chi
nese shipments from Hongkong were re
ported as 4oou snort tone luu.u"' "uo
TV MnnrlD ptLrtil. The Miniiiie Journal.
London, credits Nlgera with a production of
4577 tons, and South Africa with an equiva
lent of 200 tons oi meiBiiiK nu-
The Bolivian ore, which it Is now proposed
to smelt In the United States to supply the
war shortage, is all derived from veins, and
that country is by iar tne largest vmuuvw
of lpd tin.
Coffee and Sugar.
NEW YORK. Oct. 24. Prices for spot
coffee were marked up c today, aitnougn
h...in.B fnntlnuttd lirht. The liquidating
committee here reported sale, of December
t 5.90c, the undertone neing sieauy auu
.mail Sunulies both here and
float from Brazil are said to be too liberal
at the moment to warrant any important
demand from the trade. Rio No. 7 was
quoted Hc, and Santos No. 4 10Sc
Raw sugar caay. ... -----
centlfugal, 4.14c; refined dull.
Cottoa Exchange to Open Soon,
vnrw YORK. Oct. 24. A decidedly cheer
ful feeling prevailed on the Cotton Ex
fhnni? today regarding the possibility of
an early reopening of the exchange. It is
expected that the conference committee will
soon take up with Liverpool the question of
opening the two exchange simultaneously.
Interior Texas markets were steadier. New
Orleans spot quiet. c; sales. 687 bales.
Chicago Dairy Produce.
CHICAGO. Oct. 24. Butter higher. Re
ceipts 8723 tubs. Creamery, 23tJ0toe.
gs xteceipis ovw c-a.
Dulath linseed Market.
tittt.ttth Ort. 24. Linseed, cash. $1.41 ;
December, $1.80 ; May. $1.87.
DAILY 3IETEOROI,OGICAL RKFOBT.
PORTLAND. Oct. 24. Maximum temper
ature, 68.8 degrees; minimum temperature,
54 0 degree. River reading, 8 A. M., 4.4
feet Change In last 24 hours, 0.6 foot fall.
Total rainian t 1. " uvui.
Total rainfall since September 1, 1914. 6.40
Inches. Normal rainfall since September 1.
4 GO Inches. Excess of rainfall since Sep
tember 1, 1914, l.0 inches. Total sunshine.
9 hours 29 minutes. Possible sunshine. 10
hour 29 minutes. uarometer treaucea 10
sea level) & P. M., 30.01 Inches.
THE WEATHER.
Wind
3
c -
2. 2
If ? I
3 i i
State of
weather.
STATIONS.
Baker
Boise . .
Boston ........
Calgary .......
Chicago
Denver
Des Molnea
Duluth
Eureka
Galveston
Helena
Jacksonville
Kansas City , . .
Lo Angeles . .
Marahfleld
Med ford
Montreal
New Orleans
New York
North Head -. .
North Yakima .
Phoenix
Pocatello
Portland
Roeeburg ......
Sacramento
Ht. Louis
Minneapolis . .
Salt Iake
San Francisco .
Seattle
Spokane
Tacoma
Tatoosh Island
wa.na Walla . .
Washington ...
Winnipeg
R4 0.00I 4SE
64i0.001 4XW!
6'.:0.0O12:XW
Oi'O.OOl UISE
5Gi0.0H14:N
C00.4K 4:NE
r6;u.on llNE
eoo.ool 4'W
7410.84:26 N
70,0. OO 4NE
B40.OI(l4'N
ita. 0.OO US
70:0. OOi . . I
72;0.on 4:NW
K0 O.OO lHjNE
780. OO SINK
62O.OOilO'NS
HSjO.OOIlO'B
or, 0.011 i:i.s
Mt.O.OO'lO'E
6610.00; 4iS
6S.O.OOI B E
64 0.IHI 4'NTf
7'0.GO 4iNE
0.01H14 NE
54 0.O0I 4 W
Clear
Clear
Vt. cloudy
Ft. cloudy
cloudy
Pt. cloudy
Clear
Clear
Clear
Rain
Pt. cloudy
Clear
Cloudy
i;iear
Pt. cloudy
Clear
Clear
cloudy
Cloudy
PL cloudy
Pt. cloudy
Clear
Clear
Pt. clondy
Pt. cloudy
Clear
Cloudy
Clear
Clear
ioio.ooil2:N"W
70O.001 INW
Clear
62jO.OO 6:x
t) 0.001 4iXE
20.00l 4 N
6S!0.0O28,NE
Cloudy
Cloudy
(Cloudy
uiouay
H-'II.OOt 4 KW
Pt. cloudy
6!0.01 4 W Bain
6d 0.00,12,8 I Clear
WEATHER CONDITIONS.
A large high pressure area la central
over Nebraska and the barometer Is rela
tively low over Southern California and
also over the West Gulf States. During the
lut 24 hours rain nas fallen in isew Mexico.
Colorado. Texas. Oklahoma, Kansas, Mis
souri. Illinois and th District of Columbia.
It I much cooler over a wide strip of
territory extending from New Mexico and
Texas northeastward to the lower lake re-s:lon-
The conditions are favorable for fair
weather in this district Sunday except in
Western Washington ana western Oregon,
where cloudiness will Increase and,, prob
ably be followed by rain.
FORECASTS.
Portland and vicinity -increasing cloud t
ness. probably followed by rain; southeast
erly winds.
Oreson and Washington Fair except In
creasing cloudiness, probably followed by
rain west portion; soutneasterry wina.
Idaho Fair.
SCARCITY OF DRUGS
World's Important Markets in
War Zone.
STOCKS LOW IN SUMMER
United States Capable of Prod-utyng
Many Necessary Articles Com
mon Xeeds Will Prove of
Value to Farmers.
The scarcity of drugs" In this country
while primarily due to the wax. has been In
a measure brought about by having London.
Hamburg or Trieste the established -world
rr..rlrt. areordin. to Martin 1. Wllbert.
technical assistant in the division of pharma
cology, hygienic laboratory oi mo lo
states Public Healtn oervice, wnu u"
...., . i. . u ,w- .1 n in drua nrlces was ac
counted for by the custom of sllowlng stocks
In these world marKeis vo xan
the Summer month.
The RuroDean war has demonstrated as
no other combination of circumstances pos
sibly could the detfree to which we In this
country are dependent on Europe for the
ordinary supplies of our drugs and medi
cines." said Mr. Wllbert. "This dependence
has been particularly emphasised by the
unprecedented Increase In the price oi
some of the more widely used drugs and the
practical exhaustion for the time being of
some few ol til. more Important articles of
materia medlca that are made or controlled
In the European countries now at war.
"Probably the chief reason for the rpia
rise in values was the fact that the available
stocks of many of the staple articles during
the Summer months are usually at a rattier
low level and that practically all of the
great drug markets ot the world are In the
war tone, so that stocks on hand In these
ports are not available for export, either be
cause of blockade or because the local gov
ernment has Interdicted the exporting of
drugs.
Largest Markets in Europe.
It Is not generally known that by far the
greater number ot drugs sold In the differ
ent countries of the world are J""1"""
through London. Hamburg or Trieste. a
few drugi: like the product, of the lutch
... mAk.tH throurh Amsterdam,
and ome of the drugs produced
and Western Asia come to us directly ! rom
Constantinople or Smyrna. The bulk or the
drugs used, however, even
lean origin, are distributed from the great
drug market of the world in the cities
mentioned above.
"The greatest uncertainty ,.V
lean supply of drugs is In connection with
.HmmnnSv known sa botanicals.
During the Summer months the available
stocks of these drugs are usually at an ex
ceptionally low level, because of the iact
that many vegetable drugs deteriorate more
or less on keeping, anu, oi l
. . ir.nt nvr from year to year.
the new crop of drugs being available for
distribution late In the Summer or early in
the Fall, Just about tne penou in ""
war had its origin. A few of these drugs
like digitalis, stramonium, dandelion ana
l.ur.lnrk root, have become acclimated in
,iirfAn -f-TlrnK of this country and would
i-- in laren ml&ntltle for the Bath
cring. Up to the present time, however, the
price at whicn ine iui-bu tii6
purchased was such that the margin of
profit was not sufficiently great to warrant
their collection.
Weed Used In Medicine.
The Government ha entered on a plan
A A.i.tr.ain farmers a to the value of
various weeds, and towards this end has
issued Farmers Kulietln l.o. jou,
..iru,i. t stsfc4 n Mdlcina." which contains
m...irdtinn. nf number of drui- plants and
the necessary directions ror gainenus -
..r-i4- manv nf the now scarce drugs. This
pamphlet Is sold by the superintendent of
documents. Government Printing Office.
Wn.hmttnn. D. C. for 5- cents, and the
directions siven therein are sufficiently ex
pliclt to Identify the plant, anl insure mar-
bt-iuhU nroductl.
Th. o-rHitt difficulty in securing supplies
nr Hra. durlnir the coming year will no
doubt be encountered in connection with
.v.. air..,. i !.( 'vnthetics." article made di-
rftiv or indirectly from coal tar. Practi
cally from it beginning this business has
been monopolized by European manufacturer-
lnnrpu- horause of the better equipment
of their manufacturing establishments, and
also because of the marked difference In
the cost of labor. Even the simplest prod
ucts, like benxul, aniline oil, carbolic acid,
HMiii'vlin acid, and benzoic acid, are made
almost exclusively In Europe, and the price
at which these several products are being
held at the present time In this country Is
entirely out of keeping with their cost ot
nroductlon. were American manufacturer
equipped with the necessary apparatus to
make them. Benzoic acid, for Instance, t
being quoted at 10 times the price at which
it couli be purchased two months ago, while
salicylic acid commands five times the price
nj nhfmki in time the nrlce asked for them
before the outbrcaK of tne war. mesa in
ordinately high prices must be paid despite
the fact that we in tms country nave unlim
ited amounts of the raw material, and pro
duce probably more coke than any other
country in the worm. i,nxortunaieiy. om
rnmnaratlvelv small amount of this cok li
now made In by-product plants, because of
the limited market for the coal tar producta
Heretofore much of the domestic coal tar
was sent to Europe to be manufactured there
Into phenol, aniline oil, benzol, toluol, and
the thousand and one products made from
them, which in turn were lent oacic 10 ui
ta hnv at verv much enhanced values. Dur
ing the fiscal year ending June 30. 1913, the
coal tar products entered for consumption In
the United States aggregated a total de
clared value at the port of entry of more
than (15,000.000.
Volatile Oil Production.
An important branch of the drug and spice
Industry, whicn nas as yet not oeen aevei
oued to any appreciable extent In this coun
trv. Is the production of volatile oils, per
fumes, and related products, which In 1913
were Imported to the value of nearly $7,000,
Ow). The prices asked for some of these
products, even for the few oils made In this
country, have advanced materially and It
will be some months before normal condl
tlons can again be brought about. Many
of these oils could or should be produced in
this country from materials Imported direct
from the East or West Indies and other
tropical or subtropical countries net involved
In the present war.
An interesting Illustration of the need for
establishing an indepenaent source tor prod
ucts of this type 1 to be found In thymol.
This article lesa than three month ago was
quoted at the then rather high price of
aonroxlmately $2 per pound, while at th
present time the price quoted 1 $15 a pound,
with tne avauaoie hock on nana practical
exhausted. In a commercial way this sub
stance 1 obtained principally from alowan
oil, tne volatile prouuci ooiainea rrom m
seed of an umbelliferous plant In India. Thy
mo I also occurs in the oils of horse mint.
dittany, thyme and wild thyme. Horse min
Monarda punctata, is an American laoiate
that could be gathered In large quantities or
cultivated. Ilk peppermint or spearmint, for
the economic production of thymol. For the
Immediate future, however, there 1 no good
reason why ajowan seed should not be Jm
ported Into this country directly from India
and otner countries wnere it is grown ana
thymol produced economically In sufficiently
larse a Usui title to supply the demand.
A few drugs ana cnemicais, noiaoiy tn
alkaloid, such a cocaine, morphine and
quinine, will of necessity be very widely
used In the countries now at war In th
treatment of the sick and wounded, and
this greater demand for these commodities
will orobably tend to prevent any decrease
of their price to the normal in the near
future.
Med Fruit at Now Tork.
NEW YORK, Oct. It. Evaporated apple
quiet. prune steady. reacbei quiet ana
easier; choice. CpHc; 'extra choice,
c; fancy, 7Tlio.
DAILY CITY STATISTICS
MAESNER To Mr. and Mrs. Henry Maes
nor. &24 East Thlrteenta street North, Sep
tember 13 a daughter.
KKIEDMAN To Mr. and Mrs. Benjamin
Friedman. o'.i Third street, October 7, a son
MANDUSO.N to air. ana jars. t,an
Manduaon, Bell's station, September 21,
daughter.
" ORGSijlCK To Mr. and Mrm. Charles
Grosaick, 4403 Seventy-sixth street South
.ast. October 6, a son.
WBLKER To Mr. and Mrs. Walter
Welker. o3( Sixtieth avena. Southeast. Oc
tob.r 4, a on.
PHELPS J To Mr. and Mrs. Frisk
Phelps, 17.14 Division atreet, September 20,
daurht.r.
GCENTHER To Mr. and Mrs. Oscar E.
Guentliei. 6501, Corbett street, October 10,
a son.
SLEIGHTAM To Mr. and Mrs. William
11. Sleightam, T2 Tenlno avenue, October
13. a son
BINGMANN To Mr. and Mrs, Louis
Blngnuann. 008 Umatilla avenue, October Id,
a daushter.
LARS EN To Mr. and Mrs. Edward Lsr- i
sen. 1431 Union avenue North. October 18,
a daughter.
M KAY To Mr. and Mrs. Ho sea f. Mc
Kay, 1040 East Harrison street, September
24, a son.
ANDERSON To Mr. and -Ira. Adolpb
Anderson. 798 East Thirty-third street
south. October 12, a daughter.
M ARTHUR To Mr. and Mr, pontm
McArtnur, 1278 East Fourteenth street
North, September S9, a son.
MC LAIN To Mr. and Mrs. Chester H.
McClain, 7 hi Roosevelt street, October 13, a
daughter.
MOHAN To Mr. and Mrs. John J. Moran.
345 Cnapman street, October 13. a daughter.
FREEBl'KG To Mr. and Mrs. Frank 1
Free burg. 874 Fourteenth street, August lu, I
a daughter. I
HAL. L To Mr. and Mrs. George A. Hall.!
1113 East Yamhill street, October 13, a on. i
nAHfcCKt,K TO Mr. ana Mrs. Newton
Habecker. 22 East Winchell street, October
4, a son.
vt hi iTx no Mr. ana jars. Jimti 1
Whitty. 864 Uphur treet. October 8, a
daughter.
ANDERSON To Mr. and Mrs. Rosco An
derson. St. Vincent's. September 23, a son.
G1B30N To Mr. and Mrs. Roy E. Gibson,
1 581 East Fifteenth street North. October
18, a son.
OBERG To Mr. and Mrs. Charles J.
Ob erg, 5bT Raleigh street, September 23,
daughter.
CASSIDT To Mr. apd Mrs. John F. Caa
sldy. Knox and Cooper streets, October 14,
a son.
JACOBY To Mr. and Mrs. Richard P.
Jacoby, 019 Roselawn avenue, October Id,
a son.
BHAMWEMj To Mr. and Mrs. Albert A.
Bramwetl, 1677 Pacific street, October 8,
a daughter.
KLLIOTT To Mr. and Mrs. Oscar W. El
liott, 1326 Rodney a vs.. October 17. a son.
VOELLKK To Mr. and Mrs. Daniel H.
Voeller. 9 US East Taylor street, October 11,
daughter.
STUBBS To Mr. and Mr. Emma E.
Stubbs, lOd Rlchey street. Lents. September
a son.
KEAVENT To Mr. and Mrs. John Kea-
eny. 301 North Twenty-first streeuueto-
ber 14, a son.
SNYDER To Mr, and Mrs. Abraham
Snyder, 305 Glenn avenue, September 19, a
daughter.
NASH T Mr. ana Mrs. Norwooa ran.
:t6 Stout street. October 7, a son.
MORAN To Mr. and Mrs. John J. Moran.
30o Chapman street, October 13, a daugh
ter.
GISLASON To Mr. and Mrs. Barney Gis-
lason. 1476 East Tenth street North, Oc-
ber 4. a daughter. t
CLIPPER'S FEAT RETOLD
SAILING PASSAGES OF DAS OF 1883
RECALLED IN SAN FRANCISCO.
Trips of loon America and La Esco-
ream Are Contradicted, Showing;
Voyasjen of Four Moat an.
Mariners have recalled days of clip
per ships through the publication In
the San Francisco Commercial News
of data on the sailing ability of the
American ship Young; America, which
ame here with cargo rrom Mew lorK
n 1S83. Reference being: made to La
Escocesa as her sailing: rival resulted
n the following; passages being: com
pared:
"La Escocesa 1871. Liverpool to San
Francisco, 131 days; return to Liver-:
ool 124 days.
La Escocesa 1872. Liverpool to Ean
Francisco, 131 days; return to Liver
pool 123 days.
La Escocesa 1873, Liverpool to San
FranciBCO, 116 day a
Young America 1871, New York to
San Francisco, 139 days; return to New
lork 8tt days.
Young: America 1872, New York to
an Francisco, 131 days return to Liv-
rpool 105 days.
"Young; America 1873, Liverpool to
San Francisco, 98 days.
"La Escocesa had nothing remark
able in the way of speed to her credit.
while Young America had made some
fine runs, including passages from San
Francisco to New York in 83 days (80
days 20 hours to lightship), in 1870.
Rio de Janeiro to San Francisco 69
ays, in 18S8. Java Head to Pilot,
New York, 65 days 12 hours in 1866.
Honolulu to New York (put into Per
nambuco) 95 days, 1854. And 10 pas
sages New York to San Francisco be-
ween 1853 and 1870, averaging 115
days; shortest 107 days, longest 128.
'As to the 'race. There was nothing
to it; sort of a hare and tortoise af
fair. Young America arrived out at
Liverpool in 107 days. La Escocesa's
time was 122 days; in the language of
the poet, "Twas a famous victory.
La Escocesa was sunk in the Mersey
n August, 1873, while outward bound
for Callao, but was raised and repaired,
and she and Young America were on
our Coast again in 1876. La Escocesa
returning to Liverpool from wilmlne;
ton in 136 days, while Young America
went from San Francisco to New York
99 days.
'Later fast passages of Young Amer
lea were as follows; New York to San
Francisco 107 days in 1874 and 102
days 12 hours in 1880. San Francisco
to New York 91 days 16 hours in 1875.
97 days In 1876. 99 days in 1877. 92
days in 1878. Her last appearance in
San Francisoo was in 1881, when she
came down from Portland and loaded
a cargo for New York, at which port
she was sold to Austrian owners in
January, 1884, and was a few years
later abandoned at sea. She was then
named 'Miroalav' and was on voyage
New York to Trieste. The trip ot 188
from New York to Portland, Or, was
the occasion of her only visit to that
port."
ALLEGED FORGER TRAILED
Printer Supplies Clew and Man In
Taxicab Is Seized.
After trailing: Charles Smith, alleged
"taxicab" forger, in tne police automo
bile for several hours yesterday City
Detectives LaSa-lle, p. Moloney and
Swennes and operatives from the
Burns Detective Agency arrested Smith
on a charge of passing worthless
checks.
A printing; concern notified the Burns
agency early yesterday that Smith had
ordered blank checks printed on a Mon
tana bank. The city detectives were
called in to assist in running; down
Smith, who is suspected of beins a no
torious forper operating under an alias.
The detectives say Smith called for
the blank checks in a taxicab and pro
ceeded to drive to various stores in the
city. The police auto trailed him and
Smith was arrested after, it is alleged,
he passed a check on the Portland
Trunk Company.
Iia Follette's Expenses $47.
OREGONIAN NEWS BUREAU, Wash
Ington, Oct. 24. Representative La
Follette. of Washington, today filed a
statement showing: that his campaign
to date has cost him $47. Kepresen
tetfve Smith, of Idaho, has spent $438.
OVERBECK &
COOKE CO.
Brtktn, Stock, Raada C'atC.a.
brala, Etc.
Z1-31T BOARD OP TRADE RLPG.
HEMBSBI CHICAOO BOARD Ur
IHiOB.
C.n.ay tm Lfmmmm Jk Bryna
Ckiras aad Vsrk.
MESIBEBS
(rw Tax It Stack Enluiir,
CklcaiK Stack Eickuo,
tt... Stock EzckuMi
Cklcaii. Board ml Traao.
S ot trk Cotto Kscaa.n.
Jfcow Orleans Call.. Iickaix.
Kw Ytik Cotfc Kukaaia,
Jfc.w Y.rk Prodac. txektnsc,
l.lTrpol Cottoa Aaa'a.
GOLD POOL FAVORED
John Barrett's Plan to Help
Latin America.
RESULTS WOULD SURPRISE
Financial Assistance in Southern
Republics Would Give United
States Control of Trade En
rope Heretofore Possessed.
John Barrett, director-general of the Pao?
Amerlcan Union. In an add res to the New
Tor Credit Men's Association a few daj s
ro. u;trested tht the bankers of th i
country organise a $150, 000,000 pool for th
aid of Latin-American nation In financial
districts, similar to the pool that is beins
formed for the purpose of relieving; the cot
ton growers of the South. He said that auci.
a fund would give .Brazil and chile recuper
ative power that would surprise the world
and enable them vastly to increase their
commerce with the United State. Mr. Bar
rett declared that this country would lose
during the current fiacal year nearly $200,
000. Quo of trade in Latin America because
of the lack; of credit facilities.
Speaking . of credit facilitie in Latin
America Mr. Barrett said :
"Had the banks of New Tork heeded my
representation of former years and estab
lished In good working order branch ea in
the principal commercial centers of Latin
America before the present crisis arrived,
this city and th country at large would
oe In a position of extraordinary advantage
to secure a large portion of the Latin
American trade which is regularly carried
on with Europe. While I have no sense of
exaltation. It is a clear case of '1 told you
so and gratifies me only in the degree,
that U Justifies a position and argument
which many bankers of New York City al
most ridiculed when I first proposed it.
"The action of the National City Bank in
opening bank In several of the principal
cities of South America 1 an important
step forward, and exactly in line with what
I urged them to do several years ago. The
passage of the Federal Reserve act, with
Its provision for the establishment by Na
tional banks of branches in foreign land,
enabled it to undertake this new responsi
bility, and U is to be congratulated upon
entering the field. If the faciUtiea, how
ever, which It should provide had been ready
and in operation at the outbreak of the war,
not only the manufacturer, exporter and
importers of the United State, but Lhe com
mercial and financial interest of all Latin
America would have been saved much of
the present lota of trade, financial embar
rass men t and great Inconvenience.
South America Need Credit.
"What Latin-American business men need
at the moment 1 Just what a large portion
of the business men of the United State
need namely, reasonable credit upon
which to make purchases and actual mar
ket for such raw product as usually go to
Europe. Although it Is true that muoh of
Latin America - Is suffering from a severe
financial stringency, there is too strong a
renaency nere to exaggerate it or to discuss
It a if It were a condition of Latin America
alone, and not of all America with the ex
ception possibly of a few countries or states
which have been more fortunate than the
majority. There is nothing in all Latin
America worse, for example, than the cot-.
ton situation In our own South, and if the
corresponding Interests of a nation like, for
Instance, Brasll or Chile, could have the
benefit of such a financial pool a is beinir
organised by the banker of this country
to help the cotton men, they would show a
recuperative power that would surprise the
world and enable them to increase vastly
their purchase In the United State.
The war completely upset the commercial
and financial situation In moat of Latin
America. Speaking figuratively but radi
cally, it threw a bia- monkey wrench in
the very center ot the most delicate ma
chinery of it international, financial and
trade relationships and activities. A the
foreign banking and credit arrangements
and facilities of most of the Latin American
commercial centers were almost exclusively
with the financial centers of the nation
now at war; a th buyer of Latin America
were carrying large credit for purchase in
Europe when the war broke out and cut
them off, and sa Europe was in turn owing;
Latin America large sum, which have not
been paid, for raw products, the war brought
on unavoidably and unexpectedly an un
fortunate financial and commercial situation
in Latlun America tor which she is not to
blame. The peculiar combined responsibility
and opportunity, therefore, of th United
State is to devise ways and means of help
ing out Latin America while legitimately
helping herself and that help lies largely
In reasonable credit and Increased trade re
spectively. Field ef Tat Importance.
"That the Latin-American field Is In truth
one of vast Importance, despite present con
ditions, is proved beyond question by th
fact that last year the 20 countries reach
ing from Mexico and Cuba south to Argen
tina and Chili conducted; a foreign trade
valued at the immense . total of nearly
3,uu,wo,nw, almost equally divided be-
twee
ex ports and Imports. That there is
opportunity for the United States Is proved
oy me zact mat nearly sz.oou.ooo.oou of this
exchange of product was with Europe.
"Hut right her I must destroy a boaie.
It i remarkable how general th Impres
sion Is that the United States is far behind
other countries In Its La tin -American trade.
This idea is strengthened by the superficial
si one, article, interview and speeches oc
men who have not closely studied the situa
tion. I win kill this bogie by statin- the
Impl fact that th United States carried
on a larger trade, a greater exchange la
volume and value of products with all Latin
America during the last year before tht
war than did any other Individual country
like Great Britain, Germany or France! In
other words, the United State bought and
old with the 20 Latin-American countries
products valued approximately at IR&O.OQO.-
000, which la far In excess nf the toatl trans
actions of any other Individual land. Whils
it Is true that, in the 10 countries of South
America proper, the United States waa not
first, it was a close third, coming after
Great Britain and Germany: and, on tha
other hand, the United State made a
greater Increase during th last decade in
percentage of volume and value of trade In
that limited field than did either Great
Britain or Germany."
Naval Store. t
SAVANNAH. Ga., Oct. 24. Turpentine
nominal at 45 Vic. No sales; receipt. 432;
shipments, 28; stock, 37,797.
itoeln nominal. No sales; receipts, 3O0;
shipments, 632; stock, 111,312. Quote; A, B,
$.1.r.O; C, D. .&2; E. ft O, H, I. $3.5.1; K,
4.1 H; M 4.Mr; H, ; WG. .2; WW.
. .V
BONDS
CORPORATION AXD MCNICIPAX.
ROBERTSON & EWING
207-S Kortkmidn Baak
TRAVILI.rltW tLIXK,
3- JjAiti-itit m
8. S. ROSK CITY FOR
SAN 1- RAN CISCO
LOS ANGELES
s r. m.. uctubkk ta.
Th. Saa ifrauclws JC I'ortlund 8. B. C...
Third ud v aabina'toa bts. (m-ili 0.-W.
H. ti X. Co.). Id. 31rtiall jV0. A toU
COOS' BAY LINE
Kail, from Alnaworta dock. Portland. S P.
M. .very TimOu. Fralsnt and uct oifloo
low.r Alusworla dock. y. C B. B. a. Una,
U. H. Keating. A.ent. Phono Main 00t A
2332 Cit Xlca.l Otilca. .0 slatn BL, C W.
etlns.r. licit. Pnonaa Maranail A
I'-O.
Steamer Georgiana
Ueavtu Was hi ns ton-street Docs; at T A.
Daily, Except Monday.
Astoria and Way Landings
It. earning Lea... A.torla
Car. tl.vu fcaca Way.
:X P.
Mala 1422.
t