THE OREGON SUNDAY 'JOURNAL, PORTLAND, SUNDAY MORNING, : JUNE 21, 1908.
LOW PRICES WILL NOT
BUILD UP LIVESTOCK IN
DUSTRY QF NORTHWEST
lit. THE ''FMMCWL WORLD
BOOSTING OF HOP PRICES
ARTIFICIALLY WILL NOT
BE HELP TO GROWERS
Latest Market Reviews
With the Trade
Rlllf M AGE
QUITE SERIOUS
. "'"II 1
Growers Alarmed Over Pros
pects Because ot Change
able Weather. -
Rt TTvman'TT. Cohen.
Those who are disposed to think, de
spite an utterances to tne contrary,
that the frutt crop) c( the Paclflo
northwest, -and Oregon in particular,
are going to be heavy this season,
should take a closer view of the mat
ter and their Inquiries will turn their
thoughts in a different direction.
As a whole the Pacific northwest Is
not going to-produce a heavy fruit crop
this season. This applies solely to the
marketable quality, for there will be
an unusually large amount of stuff that
will, .not come, up to the demands of
the market ana shippers would be far
Detter orr were tney to Keep mis aa.au
of stuff at home. In many Instanoes. It
will ' scarcely pay the express charges,
not alone the cost of the package and
FULM1I, IV HIOI Will;.
Weather conditions have been against
a bumper fruit crop not; alone in this
state, duc m laano ana wasnington
Pome crops, such as cherries, were
greatly damaged and will scarcely come
witnin signi or eariy expectations ana
estimates.
Down In southern Oregon where
weather conditions and soil combined
with progressiva -methods .utilised by
growers they are not going to give the
world nearly so large a quantity of the
famous Cornice pears as growers had
Deen iea to Deueve. latest aavices irom
the Medf ord country the heart of the
Cornice section the near growers will
not have more than possibly 70 cars to
tickle the palates of the easterners at
io a dox, ana tnis max nave tne street
of creating ven higher values than
ruled heretofore on this record break
ing quality.
In the Medford district they shipped
some 200 oars of pears last season, a
fraction Ices- than three times as many
as are expected to be sent out of there
during 1908. According to information
sent to box manufacturers, commission
merchants and the railroads by the va
rious growers the frosts did much more
damage to the pears than even the most
despondent ones anticipated at that
time. The principal damage was
wrought In the lowland sections. It is
stated that Fred Hopkins and J. W.
Perkins, two of the extensive growers
of the Medford section, will scarcely
have ahr pears to bhip this year, and
the same Is true of many other grow
ers. While there is little possibility that
the three northwest states will produce
as heavy apple crops as a year ago
the shortage In this line will not be as
noticeable as in other fruits.
We are going to have full 76 per
cent of .a full prune crop if nothing
serious happens from this time until
the fruit Is readv foi the gatherer. In
Idaho the growers expect more prunes
,i .1 H,fMaA thin 44m h.
iiia.n ever, uio QBuiuaio w-1ns-
till) cam. pom ca red with 800 cars a
year agoj . . . . .
Sunshine- and plenty of It Is needed
very badly by all fruits at this time, and
unless It Is forthcoming with little de
lay the damage is going to be doubled
In several lines. This much is evidenced
by the ordering of packages by the pro
ducers and their confidential reports to
the railroads.
GROWERS TO BE WORKED.
Boosting of Hop Market Artificially
Would Do Them Harm.
There Is no doubt at this time that
the bull-bear hop dealers whatever you
may choose to call them, are planning
one of the most extensive campaigns to
force the grower to cultivate against
his will that has ever occurred In the
Yt n r vn n r If tt t I
During the past week the campaign
was. started by the sending out of cir
culars telling the grower that contracts
for the coming crop would be taken at
9c possibly 10c a pound. To the gen
eral mind this circular had but one ob
jectthe forcing of cultivation and
picking, even though the grower was
forced to mortgage his yard to get the
necessary capital.
There Is but little likelihood that the
circular was mtenaea merely to se
cure contracts, for if contracts were
merely wanted, the contractors would
not have furnished the public press
with copies of the circular, when a
man wants to buy he does not tell the
would-be seller tnat prospects are net
than that thn price would do bet
ter later on. No, If the manipulators
really wanted contracts on the com
ing ctop, they would go right out Into
the country and secure them for they
could be had for the asking at the price
offered. Therefore, It looks to me as
If the , would-be contractors simply
watited to get the growers to harvest
the crop. Then, perhaps, the object of
the circulator writers may have been
to boost the price such a figure that
they would be able to- unload some
heavy holdings. . In either event the
object of the circulators seem to be
to tie up th,e grower.
There Is a possibility that the hop
market will go to 10c a pound In the
near future ror contracts, it is , like'
wise a possibility that the market may
stay at this figure, for continued stor
ies of heavy plowed-up acreage In Eu
rope and bad crop conditions there have
had the .effect of. stiffening values
somewhat, nut outsiae or tnis tne gen
eral hop market ' everywhere In the
world is dull and lifeless and needs
sensational treatment In order to
arouse It from us deep sleep.
RECEIPTS OF PRODUCE.
Board of Trade Compiled Figures
for the Past Six Days Here.'.
Assistant Secretary Reed Of the Port
land board of trade has compiled the
following statistics or arrivals at Fort
land riurlnar the nast week:
Apples, 13 boxes; apricots, 7S,tl3
boxes; asparagus. 63 boxes; bananas,
8 cars; barley, it cars: beans, 43
boxes: blackberries, S boxes; butter,
1,388 boxes; eocoanuts, 16 crates; can
taloupes, 4 cars; cheese, 123 cases;
cherries, 980 boxes; chickens, SS7 crates;
clams, 162 boxes; crabs, 49 boxes;
crawfish. 25 boxes: cream, 40,76 gal
lons; cuaumbers, 472 boxes; ducks, IS
crates; eggs. 1.867 cases; figs, t boxes;
fish, 4,451 Doxes, nour, cars; rrult,
ill IsnwAa ann 3R ma rIrsi mAahAilaa
at UUAva t ui ww Buwno q vwduci a acts
4 boxes; haw,. 1 sack; hay. 8 cars, SO
bales; hogs, 332; honey, 1 box;, lambs.
S; lard, 44 cases; lemons, l car; limes,
15 boxes; meat, 137 cars, 271,360 lb.;
milk, 1,255 gallons; millstuffs, 1 car :
mutton, 62 cars; oats, 17 cars, ' 24t
sacks: onions, 1 car; oranges, 3 cars;
oysters, 61 sacks; peaches, 1 car; pep
pers, green, 8 coxes; . peas, nu sac us;
pigeons, 1 crate; pineapples, 10 case;
plums, 13 boxes; potatoes, 3,379 sacks;
fioultry. 18 crates; prunes, 2 cars; rad
hes, 6 boxes; raspberries, 21 boxes;
rhubarb, 1,294 boxes; sheep, 7 head:
strawberries, 1,731 boxes; straw, 218
bales;' tomatoes, 89S boxes: turkeys, 1
crate; turnips. 2 crates; veal, 461; vege
tables, 1 can wheat, l0" cars; wool,
' 8 sacks. , ' -r. :
POULTRY PRICES SUFFER.
, . ....V);-J; .,:,f;,; v:;
Former High Prices Have Bad Ef
fect Consumption1 Decreased.
. Chicken' prices' suffered during the
rant week. -There were two reasons for
Ma. " . The first and principal reason
. was the fact that prices have been no
klgh that the retailers have been forced
to charge unusual prices. This stopped
consumption. .When supplies began to
Increase, th.jretaller who had pur
chased quite liberally at high figures.
THREE BITES TO.
IS NOT A
:y.-.-i- A."- - ." ; 1 ' " 11 . . . - : y.. '
f i- ' '3 .. - ? a . rj - ? ' i '? - ? ' .... i; ,
I , .
V i "' "-' ' -
r",i '' : T:
. -:';. - ,..-c!--li'llwifttSw
rtiiVifiilitoiTiUritTWfim,,,iaiiiwiiMrv
Strawberries That Take Three Bites to Consume and Are Larger Than
. ; . a Dollar. '
There have been many stories regard
ing Oregon strawberries that took two
bites to consume, but the ones shown
in the photo were larger than that and
three bites would be scarcely more than
sufficient to make each one disappear.
wanted to get their money back, they
not oaly refuse to buy more but continue
to hold up the consumer. This leaves
the market with clenty of chickens and
small consumption.
Dressed hogs suffered for lack of
buyers. during the past week. Receipts,
too, were quite liberal and this cost the
price fully a cent a pound. There was
no reduction in the price of dressed
veal, but the tone Is not overflrm.
Run of salmon In the Columbia Is
nominal because of the higher water.
Most of the local fish trade Is surjDlled
at mis time ny tne Kogue river.
BAD FRUIT DOES HARM.
Poor Quality Wrecks Strawberry
Market Along Front Street.
The strawberry market suffered dur
ing the past week from shipments that
would have made better hogfeed than
food for humans. Poor quality domi
nated the market during the week and
this had the effect of hurting the de
mand as well as the price for good
fruit. One of the lessons of the mar
ket the Dast week has been to show the
utter Inability of the Magoon to secure
a good price In competition with the
eiark seedling. Heavy arrivals, how
ever, oi the former will Hurt the trade
for the latter. If a big load of Clark
comes on a glutted market and there
are no Magoons In sight, the Clarka can
be held over for one or two days with
out greatly effacing their quality, . but
tnis is impossible witn tne Magoon,
for that Is solely to be eaten fresh and
those who have In previous years used
It for canning will not do so another
time. Never again.
BUTTER IS ALL TAKEN.
Surplus Going Into Storage Cheese
Market Showing a Decline.
Cold storage operations are absorbing
all the surplus butter that local people
are making. Demand up to this week
was sufficiently heavy from the Puget
sound cities and from British Columbia
to absorb the entire make, but this week
there has been but little shipments to
the north.
. Cheese market Is considerably weaker
owing to the very heavy production in
the Tillamook country. Sales are being
made at a reduction of from hi to tfc
per pound from a week ago.
Egg market Is steady with arrivals
and demand Just about equal at 18
18c.
FRONT STREET REVIEW.
Brief Mention of Various Lines of
Trade During the Past Week.
Wheat is down about 2c for the week,
although there Is no business reported.
Flour market Is nominal with quota
tions unchanged.' .
Market for old potatoes is fast dis
appearing and quotations are lower,
New stock shows better quality. '
California tomatoes are lower with
liberal stocks on hand.
. Cherry market is very unsatisfactory
because or poor quality.
New local cabbage Is again in market
and la finding a good demand at 2o a
pound.
Front street sells at the following
prices. Those paid shippers are less
regular commissions:
(train. Flour ana Say.
WHEAT Buying price Track
Portland Club, SSo; bluestem, 90c; red,
86c; Willamette valley, 88c. bushel.
c; Willamette valley, 88c. bushel.
FLOUR Selling price Eastern C
Ore-
run natents. 4.5o: straignts. .
05
i.BE: exnorts. IS. 6008.70: valley. 34.46
graham, $s, $4.00; whole wheat. 34.25;
rye. 6s, $6.60; bales, $S.
MILLSTUFFS Selling price Board
Of trade Bran, iz; middlings, 830.60;
shorts. 128W28.60: chop. $21029 ner ton.
HAT producers' price Timothy;
Willamette valley, fancy, $1B; ordinary,
$12.6018; eastern Oregon, SK017;
mixed, nutffiv.ov; ciover, iuwii grain,
( ); cheat ( ); alfalfa, $11 if.
BARLEY Feed. $26.50; rolled, $27.69
28.60: brewing, $27.
OATS Nov 1 white, $27.60! gray. $27
per ton-
sinner, Bggs and Potutr.
' BUTTER FAT Delivery tab. Port
land Sweet cream. 23Kc; sour. Sllfco
ib.
BUTTER Extra creamery, 25e; fan
cy. 23Vio; ordinary. 21&a22Ho; store,
isc.
E0K39 Extra fancy, candled, 18
18 Wc.
CHEESE Full cream, frata. trinleta
and daisies, 1214 18c; Toung America,
POULTRT Mixed chickens. 10 HO
1 . IK. hAna 1 1 a . Z
lit) Wvl M, .,V 1 UUD.. a,
old. 89c lb; fryers, 16hi&lle lb; broil
ers, 16HUo lb; geese, old, 8 9o lb;
turkeys, alive, l'fer a res sea, I9i20o lb;
SDrinc ducks. 16317o lb: Diffeons. 31.8S
dos; dressed poultry, llV4o lb, higher.
' Hops, wool and Sides. " ,
' HOPS 1907 cron. first nrime. so-
Srime, 4Mo; medium, to prime, 4c; ma
lum, So lb; 190$ crop, 23Ho lb;
contracts, o ana iuo ror inree years.
WOOL 1908 Willamette valley, 12
1?V4. . . -
MvriAin iua ixominai, liuo,
HIDES Dry hides. 12lio lb: men.
466c; calves, green, 607oi Klpa, 6o lb;
bulls, green salt, 3$Ho lb.
6riKEPSKINS Shearmg, . 10 IBs
each; short wool., 2540o; medium
wool,' booqf l eacn; ions wool, laoii
$1.85. each, v
TALLOW Prime, ner lb. tftla Ma. 1
and re, J2Hs. :-
CH1TT1M BARK 1908 8040 IB.
rmlts and TegetabUs. ,""
POTATOES 6ld. selllnr. SOefflll SO;
buying. 8086e per cwt; sweet. SOSMc;
new potatoes. $2.25 per cwt
ONIONS Bermuda, $1.4001.60 per 10-
STRAWBERRY
DREAM IN OREGON
The fruit is of the Magoon variety and
was grown on the place of John
Koakev. a member of the commission
firm of McEwen & Koskey. The fruit
shown In the picture- was not selected;
being the general run of the ripe ones
round on tne plants.
lb. crate; (-crate lots, $1.40 per crate;
California red, $1.60 per sack; yellow,
$1.75; garlic, 16c lb.
APPLES Select. $3; fancy. $2.25
2.50.
FRESH FRUITS Oranges $8.25
4.00; bananas, 6c per lb.; crated. 6c;
lemons, $3. 60014. 75 box: grapefruit,
2.603.60; pineapples. Hawaiian. $6
dos; strawberries, Willamette valley
$101.60; cantalouges, 12. 26(38.00; ap
ricots, 90c$1.10; blackberries, $1.40;
peaches. 90c $1.00.
VEGETABLES Turnips, new Oregon,
20c; beets, 20o: carrots, 20c per dozen
bunches; narsnlpa, 85c$1.00: cabbage,
$2.00; tomatoes, California, $1.60 box;
beans, 810c lb.; cauliflower, California,
crate, $1.76 2.00; peas, Oregon, 5V4
6c; horseradish, 810c; artichokes, 60
76c dos; green onions, 15o dos; peppers,
bell, 85ci Chile, 2Bo lb; hothouse let
tuce, $1.25 1.60 box; head lettuce. 25
80c doz; cucumbers, hothouse, local,
8Bc'(J$l doz; radishes, 16c dos bunches;
rhubarb, Oregon, 8c: celery, ( ); as
paragus, Oregon, 6576c dos. bunches;
gooseberries, 6c: eggplant, 10 & 16c;
green corn, 40c dos.
. Arooerlea, jmta, Zto.
BUOAR California ft Hawaiian Re
finery Cube, $6.0; powdered, $8.45;
berry. $8.26: dry granulatod. $3.25; XXX
granulated. $6.16; conf. A,. $6.26; extra
B., $5.80; golden O., .$6; D., yellow.
$6.65; beet granulated, 36.05; barrela
16c; half barrels 80c; boxes, 66o ad
vance on sack basis.
(Above prices are 0 days net cash
quotations.)
HONET $.60 per crate.
COFFEE: Package brands, $16.30.
SALT Coarse Half ground. 100s,
$11.00 per ton: 60s. $11.60; table, dairy
60s. $16.60; 100s, $16.00 tuues, $2.86:
Imported Liverpool. 5s, $20.00: 100s,
$19.00; 4s, $18.00; extra fine barrels,
2s, 6s and 10s. 4. 6005.60; Liverpool
lump rock, X20.60 per ton.
Rtrrp: Tmnerlal Janan Na 1. to? No,
3, 6H5c; New Orleans, head. 7o;
AJax. 7 )l Creole. 6c.
BEANS Small white. $4.75; large
white. $4.75: pink, 83.85: bayou, S.8;
Llmas. 8S.86; Mexican reaa, t .
Meats, risa and Provisions.
DRESSED MEATS Front street
Hogs, fancy, 7o lb; ordinary, 6Vc;
large, 6 6c; veal, extra, 8o per
10.; orainary, 1971 per id.; neavy, 10
per id. : mutton, rancy. twano per id,;
spring lamb, 7o.
HAMS, BACON, xEIaJ. fortiana paoK
rioc&n himi lu to 12 lbs. 15o ner 10:
breakfast bacon. 14V4 6i22o lb: denies.
lOo per lb; cottage roll. Ho lb; regular
short clears smoKed, lzo per id; cmkjks,
smoked, 12c; Union butts, 1013c lb;
omoked, 13c lb; clear bellies, smoked,
14c per lb: shoulders, 110 per id;
1AJ(JAU LiAtiu &.etue lear, ius, J c
per lb; GV lSVio per ID; 60 ID tins,
12Hc per lb: steam rendered. 10s. 12 Ho
per lb; 5s, 12 per ID ;i compound, 10s,
9MC per lb.
60 per lb; halibut, 60 per lb; striped
bass, 15o per Jb; catfish. Ho per lb; sal
mon, chlnook, 10c lb; bluebacks, 9o lb;
steelhead, 9c Ib; herrings. 60 lb: soles.
7o per lb; shrimpy lOo per lit, perch,
6c per lb; toniocd, 11c per lb; lobsters,
25o per lb; fresh mackerel, 80 per lb;
crawfish. 25o ner dozen: sturgeon. 12
per lb; black bass, 20c per lb; sliver
smelt. 67c per lb: black cod. 7 Ho lb
crabs, $1.00 1.50 dos: shad, 2 lie: roe
snaa, sc; snaa roe, no id.
OYSTERS Shoalwater Bay, per gal
lon, $2.60; per 100-lb sack, $6.00; Olym-
?la. per gallon, $2.40; per 100-lb sack,
6.00 6.60; Eagle, canned, 60o can, $7.00
doien: eastern in shell, $1:75 per 100.
CLAMS Hardshell, per box, $2.40;
razor clams, $2.00 per box. lOo ner doa
Paints. Coal OH, rto. .
ROPE Purs Manila, 12 He: nandard,
11c; Bisal, 84o: I. B. sisal, SUe.
BENZINE 86 deg., casea, lHo per
gal: iron obis, 12 He per gal.
TURPENTINE In cases. 71c per gal;
wood bbls, 69o per gaL
LINSEED OIL Raw. bbls., 63c;
cases, j 69c; boiled, bbls., 66c; cases. 59c
a gal; lots of 250 gallons, lo less; oil
cake meal, $34 ton,
WHITE LEAD Ton lots. T0 per
lb; 600-lb lots. 80 lb; less lots, 8Ue lb.
WIRE NAILS Present basis at $2.65.
WEEKLY STATEME.YT
OF NEW YORK BANKS
New York. June 20. Bank statement:
Members' daily cash reserve average
per cent.
Reserve , $ 6,320.676
Reserve, less U. S...... 6.175.900
Deposits , 32,002,100
Loans 26,055,800
Specie 10.649.800
Legal tender 6.610.800
Circulation 981.800
Members': actual cash reserve 30.04.
- j. -- Increase.
Reserve ......$ 4,501.425
Reserve less U. B.. ........
. 4,409,760
. 23,340,900
. 8.783,600
. 3,811,800
. 29,975,900
. 996,400
Loans , .
Specie j..
L.egai tenders
jJeposits
Circulation
Non-members:
Loans, Increase ...... . .$ $.901,100
Specie, Increase ............ 1,378,900
Legal tenders, decrease 253,600
Total deposits, Increase 8,422,800
Total deposits eliminating other banks
and trust companies in New York city,
Increase, $4,780,300.
Aggregate reserve on ueposit, inorease,
$3,950,800. ,
percentage or legal reserve. 32.80 ner
cent. '
Liverpool Wheat Market. U
Liverpool. June ; 20. Wheat clrmn-
July, 7s ld; September, s 10 Hd; De
cember, 6s lOtyd.
Coru July,., 6s XHi-.i September. Is
Hid. -f .. , . . -' .: -
INDUS TRY PROP r
; IS UNSTEADY
Livestock Market Suffers
From Rough Treatment
--Cattle Depressed.
-4 - .
PORTLAND LIVESTOCK RUN.
Hogs. Cattle. Sheep.
Past week 697 1,221 8,878
1908 , , 424 1,871
1908 . . 68 1,027
1906 . . 888 1,193
1.166
8.602
5,833
By Hyman H. Cohen.
Out on the peninsula Swift ft Co. have
for months been preparing ground for
the erection of a new and modern pack
ing plant in Portland. Up In South
Portland. Schwartzchlld ft Sulzberger
have recently made many Improvements
to the old Zimmerman plant and there
is some semi-official talk regarding the
intention of the company to build a new
plant alongside the Swift plant on the
peninsula as soon as suitable arrange
ments can be made.
For these plants thousands of bora.
cattle and sheep will be needed to keen
ids macmnery going, wnere to get
this great array of livestock is the prob
lem confronting the buyers for the va
rious institutions. The usual way to
force the expansion of anv line of busi
ness la to make it prontabla to produce
the raw materials.
Just at this time the killers are tak
ing a very roundabout way of increas
ing the livestock holdings of the Pa
cific northwest Buying high-priced cat-
tie in otber sections and in tne mean
time allow the livestock Interests of
the Pacific northwest to look for a mar
ket seems scarcely a way to encourage
the production of 2,000,000 hogs or the
extra number of cattle that the pack
ers will at' no late date be crying for.
Zdfnt dandle at Ends.
To ma it seems as if the Dickers are
burning their candle at both ends, for
the livestock men are disgusted with
the treatment already accorded them and
Instead of Increasing, the livestock sup
plies of this section are showing a
steady decrease and will continue to
do so unless some new method of en
couragement besides securing the bulk
of their high-priced stock elsewhere
will have to be adopted.
The policy of the new owners of the
meat company seems to be a continu
ance of the one which had ruled for so
lonar a period under the old regime.
and one which caused the supplies of
nogs in this territory to De cut aown
so low that for several years past the
packers have been reaping the whirl
wind which they had sown in the shape
of pricesto local people that did not
pay the cost of production. Of late sea
sons it has been no unusual thing for !
the packers to bring in entire train
loads of hogs from Nebraska which
should have been supplied by the farm
ers of the Pacific northwest were they
allowed prices that would Justify their!
in raising hogs.
Marks Xm Strong;, The Weak.
During the early part of the past
week there was a showing of strength
in the local hog market, but this
strength disappeared after awhile and
the week closed with values at the
same figures as the previous six days.
Cattle were bumped unmercifully by
the killers because they had purchased
too many In California and they had
but little use for the home article. Dur
ing the. week the arrivals of local cat
tle were but 1,222 head, but even this
number was too heavy for the packers
and the price dropped 60o under the
figures of a week ago.
Sheep were in rather liberal arrival
during the six days, but the market
could scarcely be considered overbur-
sion in cattle forced a weaker tone ln$
sheep and prices are down 60c lor tne
ween.
A year ago for this same period all
lines were easy though prices showed
no change for the week.
Official vard values today:
Hogs Best stuff, 38.26; China fats,
$5 5.60; stockers and feeders, ( ).
Cattle Fancy eastern Oregon steers.
$4; medium, $3.7&34; best cows, 13
2.2R: bulls and stags. 31.5002.60.
Sheep Best wethers, $8.75; spring
Iambs, weighing & pounds, . f 4.75;
mixed, $38.5Q.
HER FINE
FOR HARVEST
Changed Conditions Bring
About Lower Prices on
Wheat Eyerywhere.
WORLD'S WHS AT MARKETS.
July Option.
Chicago ."SJ
Dulutn 103H
. . . ,, ... ,r
Minneapolis "
Winnipeg , 101)
St. Louis 85
Kansas City , 81
Liverpool ............. ....t. . .7s 1T4
September.
CHICAGO WHEAT MARKET.
Open. Close. June It. Loss.
July 86 8SH 87
Sept 85 85 852
Deo 86 86 8
(Cotted Prcx Leased Wlrs.)
Chicago, June 20. There was further
Improvement In the weather, which was
all that could be desired for harvest
lng winter wheat That was enough to
create bearlshness In the market for
that cereal in addition to what was
previously existing. Foreign markets
were generally in Una with the lead
thev had from this side the day before.
Local receipts were five cars against
81 last year; while the arrivals at Min
neapolis and Duluth - r, 1 oar
compared with 266 the similar day in
There was a sale renortM mdn for
export hence of 40,000 bushels of No. 2
hard winter wheat At the close wheat
was bringing 86 8He, as against
" . .v.? fc irauuvu, i"u
8787e at the close Friday. Sep
tember Wheat sold down tn 4Ii and
closed at 8585o or . 4o decline for
me aay.
There was a oulet but mn eirm mar
ket for corn. Local .receipts were 223
cars against 698 the same day last year.
Shipments were 233,000 bushels.
. Weakness In wheat soon . after the
opening had the effect of bringing some
long corn in small lots on the market
and that cost the price of corn the
slight advance with which It started
and e besides, about an hour after the
start , The market had a weak spetl
when wheat was at Jt lowest but
quickly recovered when a few buying
orders were put In the pit At the
close Julr was probably the same as
it left off Friday and September lie
higher. . Cash market varied with the
Iirlce of futures. Estimate of Monday's
ocal. receipts was 825 car a i , -
In the oat market demand1 was good
for moderate offerings and prices had
further " slight improvement High
prices paid for com stimulated the de
mand. Local receipts were 135 cars.
HIGHER VALUES
RULIIIC STOCKS
Union Pacific and Copper
Lead but .Westinghouse
Has Big Rise.' .
By A. M. Chapman.
(Hearst New by Lonrert Leased Win.)
New York, June 20. The expecta
tion of a rally In the prices of stocks
today owing to the technical position
of the market at the week's end was
fulfilled notwithstanding the fact that
J. P. Morgan did not carry out his
promise -10 -issue a statement embody.
Ing his views of the financial and In
dug trial situation. Strength was quick
ly aeveiopea ana in tne latter part 01
the first hour quotations were moved
up sharply. Net gains of the fractions
to about one and one half points were
irecoraea. 'xne close was strong at
about the highest figures of the day.
Union Paclflo and the Coppers were
the leaders. Westinghouse made the
extreme gain of the session, advanc
ing 2 on .transactions aggregating
1,140 shares.
On the other hand there was strong
Fred Muller, Secretary Portland
Board of Trade.
pressure against the Rook Island
stocks and bonds. The collateral fours
suffered a decline of 2 points on a
report that the road was to put out a
new issue.
In the bank statement expected In
crease In reserves the actual cash gains
htia.i .... i Aha Ann a 1d. I n
. v y u . . w. ...... i,vvv,vvw. 4 , i Pi u , . .
crease was shown in loans, attributable.
It was believed, tq the Union Pacific
bond subscription.
Trading again was purely profes.
slonal. Brokers are carrying fewer
stocks than ever before in the history
or tne street, wnen tne rioor tradar
sells on one day he covers on the next.
under such conditions nothlnr but
see-saw market can be expected. The
little coterie of millionaires which
usually conducts the manipulation con
tinues to display a waiting attitude.
TRYING WEEK FOR STOCKS.
Market Has Been Acting Queer and
Keeps the Experts Guessing.
United Fkh Leued Wln.t
New York. June 20. The market for
securities has been through a trying
weex ana tne most expert or ooservers
are obliged to confess that they are
wholly at sea as to the Immediate out
look. In responsible quarters, of course,
Taft'a nomination had long been re
garded as certain. Among the specu
lative rank and rue, on the otner band,
a vague misgiving persisted to the last
lest the carefully arranged program at
unicago would na upset ana tne con
vention swept off its feet by the thirl
term erase. Even as a remote possi
bility the renomlnation of Theodore
Roosevelt was too grave a thing to be
disregarded entirely In market calcula
tions. By great business and financial
Interests of the country it would have
been treated as nothing short of a ca
lamity. Il would have meant four
years more of unrest, with the wide
spread insecurity which capital ha
come -to feel because the stability of
our industrial system was constantly
being menaced from Washington. With
this in prospect hopes of business re
vival would have been abandoned in
definitely. We should have seen tho
investment markets, instead of prepar
ing for new enterprises, gradually cur
tailing the activity. Liquidation would
have oeen pressed by Important capi
talists at every favorable opportunity.
Investment holders are confident
enough in the present outlook and In
the prospects or ultimate Improvement
in trade to regard their stocks as fully
worth present pricea
Operate Dalles Cannery. -
(Spectnl Dispatch to The Journal.)
The Dalles, Or., June 20. The Dalles
cannery is now in operation canning
cherries and strawberries, employing
about 30 hands. As soon -as the cher
ries begin coming in, which will be in
about a week, the force will be about
doubled. From present prospects there
will be Immense crops of fruit of all
kinds in this vicinity this year, and
the cannery will work overtime a good
part of the season. I
compared With 93 last year. There were
many reports of unsatisfactory outlook
for the croD in this state and In In
diana.
Temporary weakness was created by
the decline in wheat and
corn about half
an hour from the close, but there was
nnlrk recoverv and at thn pnil Julv
oats was Ho higher and September up
Ttc. ss com Dared with the dav nrevlous
Estimate of Monday's local receipts was
nx cars.
In the provision market demand was
Improved, helped by firmness of the
hog market as reported from the yards.
Some of yesterday's short sellers bought
back what they were short and the
check to the market after a further
slight advance came from profit-taking
sales by a few of yesterday's buy
ers, iocai run oi nogs was 13.00U
head and the total for the week 180.000,
compared with 129,000 the correspond
ing week In 1907. Estimate of next
week's local hog recelDta was lSS.ono.
of which 44,000 were expected Monday.
umciai prices:
WHEAT. V
Open.
Close.
8
85
8 si
89
69
69B
38
41 ;
July 8
Sept 85
Dec. 86".
CORN.
July 69
Sept 69
Dec 68
OATS. v
July
Sept ............ ... 38
May 41 ,
PORK. ,
July ; . . . . I435
Sept , ....1460
1445
1472
99
91Q.
803
, 827
1 . 1 T.-nr
July ,.;8o
uept sou
:'. RIBS.
f '
IliltillP " i
' S , 1 i . v
f ( -. - ' - , - i
July A,. ... 795
Sept .....yV........ S23
GRAIN FUTURE TRADE WOULD
MATERIALLY-HELP GROWER
By Tred Muller.
The question of dealing In futures on
the floor of the Board of Trade of
Portland, Oregon, has been definitely
settled by a practically unanimous de
cision of the firms engaged in the grain
export business as weu as the local
traders, mills and others connected with
this business.
In the words of the permanent grain
future committee of the Board of Trade,
composed of Messra Oay Lombard, A.
Berg, and J. K. Murphy, the question of
dealing in futures In Portland Is strong
ly recommended for the following reas
ons. That it will be of chief benefit in so
far as option trading will establish
fixed quotations on grain.
Under present conditions it Is the
opinion of the trade that it is very dif
ficult to ascertain the value of wheat
unless one gets a concensus of opinion
from the traders Interested in the mar
ket :
The committee further asserted that
Portland Is the only large city In the
Miimin, rtnlnv a h(ir volume of grain
business that is without an option
board. ., .
. rt nM without savins: that trading In
futures will stimulate the movement of
grain througn fortiana ana
many ways facilitate business.
It is recognized among other ex
changes that future trading elevates and
regulates the general tone of business
methods. It is also conceded that fu
t,r. tr.rilnir a.lnnar nroner lines Will Con
fer a direct positive financial benefit
to every producer ana mier oi jn u"
I. th. ttanlfin nnrlhvMt and Will exert
a positive influence in the general up
building of high standards of business
ta An authority on the question of option
trading recently made the following
statement In connection with the ac-
. i ..j . H. 4t ft,tr. ivn twiarrl tit trade
when the May option took a sharp move
ment upward.
Manipulation U legitimate.
t K.n.v. ainca the enormous in
crease In our crops, manipulation must
from year to year become more of a
legitimate operation. To Illustrate this,
It is certain that the modern manlpula-'
tion Is quite different from the old
time corner. Cliques may get together
to back their knowledge and their Judg
ment and may Influence prices, but the
manipulation of today is much more in
the nature of big scalping deals.
'Now, wno IS tne loser ny mtu ma
nipulation as Chicago was recently
credited wlthT There were no failures
or suicides, or sensational losses and yet
It la claimed the deal made millions
for the manipulators, ine iarmer
sell his wheat at a price that satisfied
him before a' bull manipulation and
while he may be a loser by not hold
lug, yet such a loss Is never felt The
consumers oi io cuuijuj
flour on a 20o wheat advance, yet a
dollar advance a barrel on flour is npt
felt by the masses who individually
consume only a barrel a year. The
miller wno neages is oromaruy no iu
by a market change. The farmer and
the consumer under conditions described
above never figure themselves losers."
A large part of adverse criticism
rnwa nut nf the misconceotlon of tne
relation which the future market bears
to the general movement of the dis-ti-tiition
nf ir rain Peonle not familiar
with the methods of the grain trade
nimniv nflsr, the transactions "from the
noisy demonstrations in the pit. while
the actual business on 'cnange aoes not
ma k. a marked lmnresslon uoon them.
Just for argument, say that 200 cars
of grain may nave Deen receivea in
Portland for sale a certain day and
200 samples each representing a carload,
may be piled upon the tables. Buyers
and sellers mingle around these tables
and during the course of say an hour
or two these ZU cars or grain are
aolri. Tha actual value of this quantity
of grain is probably upward of 3160,-
oou; tne transactions in m uiun
market In the pit are merely accessor
ies to these trades in tne grain useu.
The Pit is there for the same pur
pose that the cash grain taDiea are
nlamd nn the floor. Upon the cash
rrain tables are placeTi samples for
the convenience of buyers and sellers
to examine the grain and get together
in the sale and purcnase or we gram
Itself and the pit Is there for the pur
pose of enabling those who desire to
buy or sell for future delivery, to get
together and thus facilitate the trans
actions themselves.
rntnre Transactions SteaU
The transactions In the future mar
ket are as real, as actual, and as tan
gible, as the sale and purchase of the
above 200 cars of grain. The use of
future markets as offering the needed
opportunity of eliminating speculative
features of the grain business, is clear
ly understood by all grain dealers.
Let us take for Instance, a line ware
house company buying grain at coun
try points for shipment to terminal
nolnta. Such a line warehouse com
pany would be more or less In the pit
selling and buying for future delivery
simply to protect their purchases and
sales of grain. ' They use this future
market for the purpose of eliminating
speculation from their business.
The grain commission merchant or
the grain receiver whose sole business
Is that of receiving grain from country
rhlppers. Is in the pit more or less con
stantly for his customers, buying or
selling as hedges to protect their pur
chases, and buying in their futures on
the arrival of grain.
The milling companies, who are con
stantly making sales of flour In large
quantities for future deliveries, are also
In the pit buying futures as hedges
against such sales and reselling them
ngaln when they make the purchases of
tne casn grain.
In short, the future market is abso
lutely essential to neople engaged In
the grain trade, tr tney would prevent
their business from taking on a spec
ulative and uncertain feature, and it
is largely because of the knowledge on
the part or tne Dante and the commer
cial world generally. , that the arrain
trade by virtue of this market la thus
enabled to take away such uncertainty.
hat creait is extended to grain deal
ers, to enable them to carry on this
large bualness.
Everything Is Speculation.
Of course, there is and alwavs will
be a certain amount of speculation In
buying and selling grain both cash
grain and futures, Just as there Is
in
eal estate, and other lines of trade.
There will be trading that Is speculative,
tut such trading is a very different
thing from betting or gambling. Fu
ture trading is a useful feature of moi
ern industrial conditions and plavsan
Important part as one of the forces
of the production and distribution. . The
effect upon the rise of prices In any
mantei '.r wctuiiy tenas to Dring to
tnat iraraet me exact quantity of farm
trie products needed bV the ennanmara.
On the other hand when the supply of
rarm prouucia tenas 10 De even slightly
In excess of the demand on the . part
of the consumers, the depressing of
the price tends to divert the surplus
not needed to those localities having
need of them.
The locality having the greatest need
having also tha highest price and thus
bv this medium of a rising or falling
Overbeck & Cooko Co.
Ccnn!ss!oa EJercbaals; Slocks, Coa5s, Cotton, Crsb, EI;.
216-217 BOARD OF TRADE BUILDING
Members Chicago Board of Trade, Correspondents of Logan & Trysn,
. Chicago, New York, Boston, 1
We have the only private wlrs connecting- Portland wlth'the
' -. :- .:V,i ' exchanges. - . 1
market price, the needs of such local.
Ity are supplied with a yearly perfect
degree of exactness.
rrlee Befleota Pabllo JTeed.
The average price prevailing Is also
the measure of the general need and aa
the requirements Increase the general
average price checks the production of
any farm product which appears to be
produced in excess of the requirements
and encourages the production of otber
products for which thare Is a greater
need .7 - . '.
Germany in some years back passed
a law restricting future trading on
the Bourse, yet the disadvantages of
this law have since become fully reo
ognised by the leading financTkl Inter
ests cf Germany and the agitation for
an appeal of this law is very strong.
The leading financial Interests of Ger
many, such aa the Deutsche bank,
Dresden bank. Dlseoato - Gesellschaf t
consider the law "a grave obstacle to
business activity and argue that the
Bourse will not be able to resume its
Important economlo functions till the
restrictions upon trade for future de
livery have been removed." '
The rules upon which future trading
nn the floor. of the board of trade of
Portland are based will be strict and
thorough and no loop hole for criticism
will be left open.
Trading for employes is strictly pro
hibited under the rules and punished
by suspension from the privileges of
the floor.
It Is contemplated to have all the de
tails of the proposition thoroughly
worked out so that trading can com
mence on the first of July.
Like every new movement of that
sort it is well understood that the vol
ume of trading will be small in the be.
ginning, but on the other hand it is
the belief of the grain department that
as soon as the new wheat season com
mences there will be considerable ac
tivity in option trading. The member
ship of the grain department " owing
to the introduction of option trading,
has been considerably increased the last
few weeks and there is no doubt that
within a short space of time all firms
at all active in the grain business
throuchout the Paclflo northwest wU
become members of the board of trade
of Portland. 1
OliLY OREGON WHEAT
IS HELD IN FRISCO
Has Only Low Grades to Of
ferBarley Higher
Oata Erratic.
(Hearst News by Longest Leased Wire.)
8an Francisco, June 20. Only the
lower grades of old crop California
wheat are now available, the others
having dropped out and their place be
ing occupied entirely bv deliveries from
the north. The market was steady and
the demand moderate. There were re
ceipts of 10,015 centals and including
10,000 centals from Oregon. Cargoes on
passage were easy, with a poor Inquiry.
The English country markets were quiet
but steady and the French were weak.
December barley closed e per cental
higher. The only epot of barley offered
on 'change wae the small quantity of
60 sacks which 'contained a good pro
portion of wheat, and eold at 81.36
per cental. There being no reported
sales to arrive previous quotations are
retained. Several carloads previously
purchased to arrive, will be due on
Monday. Recent receipts have been
very small and have either come di
rect to millers or were bought to ar
rive. It was stated that barley baa
been going to Los Angeles to supply an
urgent wane tnere. tocai miners are
pressed for supplies and there has been
very little rolled barley available. T
TO-
dav a receipts were onlv 1.610 centals.
The oat situation has been rather er
ratic. Some lots have been forced on
the market at comparatively low prices
while on the other hand holders of the
choice grades have in a small way sold
at full prices. The demand has been
very . limited for some time past and
recelnts have been small. A - lot of
choice which contained some blacks sold
at 31.60 per cental and u lot of choice
that had been held at $1.62 was of.
fered at $1.47, rather than nave the
same go into warehouse and pay stor
age. Today's receipts were 110 centals
and Included 1,005 centals from Oregon.
There were receipts of 1,800 centals of.
corn. This article has been slow and eas
ier of late.
Flour and millstuffs market wss
without any reported changes. Rolled
parley was scarce ana in gooa aemana.
The receipts of flour were 67$ barrels.
Extra eggs advanced e per dosen,
the market closed firm on these and
firsts and weak on seconds and thirds.
Extra butter declined o per pound and
all creasnery grades cloned' firm. Pack
ing stock was weak. Cheese was un
changed. New closed wesk for flats
and firm for Young America. On
'change these sales were made; Butter.
40 cases of extras at 22o per pound;
eggs. 20 cases of extras at 22o per
dozen; cheese. 25 fancy Oregon flats at
11 c per pound. ; y -
There was an abundance of all sea
sonable fruits and the day'tfttsdlng was
of nulte a volume. Prices generally
ruled 'low, but considering the stocks
on hand dealers were not disposed to let
any would-be buyer go away empty
handed. Crab apples appeared In mar
ket but were not sold. Berries were
about the slowest on the list Flga
and grapes are beginning to make a
little better showing as to quantity.
The weather was unfavorable for . the
watermelon trade and the pricea were
reducea. Tne cnerry season is arawing
to a close and packed are becoming
scarcer. A carload of grape fruit will
be due on Monday.'
Fancy string beans and fancy gren
peas brought good pricea Bay green
corn was going at high prices, having
been bought to arrive. Bay and rtvr
summer squaah in large boxes was in
moderate supply. Cucumbers were drag
ging. There was quite a call for crated
Mississippi tomatoes which were ob
tained at concessions on previous ask
ing pricea Green okra was dull at $1.73
per box. Green peppers were more
plentiful. -..':-..,:.
Weekly Report
; of Wheat Crop
Within 10 days the neadirg of whent
will be started In the Walla Wall
country.Reports from thi interior state
that the crop tt ripening very fast.
Some rains have fallen in the inlanl
empire during the week and there I
now sufficient for all needs. Hot
weather is needed from this time forth.
eastern