THE OREGON SUNDAY JOURNAL, PORTLAND, SUNDAY.. MORNING. DECEMBER 6, 1908: ;
WEEKLY REVIEW: : Of
DOES BOOSTING PAY,
CinLEDEU III
10
UNITED STATES BUYS
HOST OF CHINA WOOLS
Americans Take Practically AH .Of ferings Low Prices
" Ha?e Bad Effect but With New Season's Approach
in Orient Better Returns Are Expected. :
ASKS THE PRODUCER
FULL CONTROL
f -
:
Public Has Price Limits on Certain Lines Above Which
It Will Not Buy and These Limits Sometimes
Prove Fatal to Those Who Manipulate.
It la an old saying that there is
reason for everything and In every
thing and thi is applied Just now to
several lines in the local wholesale mar-
net.
Tears of study and investigation nave
proven beyond reasonable doubt that
the Portland purchasing public has cer
tain price limits It will pay for certain
, products and whenever these limits are
: passed over, a certain dullness ensues
. In that product or products.
Perhaps the great slump In turkey
- prices at the last moment on Thanks-
irivinr wm one of the best illustra
tions that while prices may be boosted
to any height; it does not always fol
low that the boosting is always sue-
''"CCSfff Ilia '
r Those who thought they had dls
vcovered a new scheme to "corner" a
market,- discovered within a very short
7. time that the public did not have the
same view of things and, that turkeys
which should have been consumed
t Thanksgiving remained unsold in the
phops -even after the holiday had passed,
t Therefore it has been proven that
- despite the fact that turkey supplies
' in the Portland market were short of
;the normal they were several times as
great as the demand,
f The limit for turkey prices in the
f Portland retail markets Is I Bo a pound
-which would put the extreme top at
wholesale around -2222c for the
dressed birds. While there may be an
. occasional sale beyond either of these
f figures It would be impossible to move
-the bulk of the-supplies over them and
1hls is where the big -market men who
tried the; "corner" made their fatal
mistake and they are not likely to re
peat the performance for awhile.
Now as regards eggs: Fresh egg
supplies Just now are very scant and
prices nave been moved up at a very
rapid figure. Some of tnls advance
was due to handlers of eastern stock
who do not sell Oregon eggs at all
while some of it was due to the efforts
of one or two large retailers who were
said to have paid Dig prices above the
real market for stock and therefore
when the advances did not meet their
expectations put thereon an artificial
vatue to save inemseivo.
This. too. has proven unsuccessful
for the purchasing public has had
something to say. It .strongly disproves
of the boosting and being in a position
to heln itself, bought eastern eggs in
stead of the local product. While this
is Just exactly what some of the local
price boosters wanted because it
helped them to sell their eastern goods
at an advance, it did not help the
movement of real Oregon eggs.
With Oregon ranch eggs at 40c a
dozen ' Wholesale the buying public
strained its opinion a point or two and
purchased them In the retail markets
around 46c. However, when there was
a qnlck Jump in the wholesale price
from 40c to 45c almost in a single day,
which sent the price in the retail mar
kets to 6055c, the consumer kicked
and Jumped over the traces. Eggs et
almost 5c apiece is too high a price
for the Portland buyer and consequent
ly supplies have not moved out quite
so well. Nevertheless there has been
considerable Increase in the consump
tion of eastrn eggs here but this does
not help the Oregon producer. He won
ders therefore: Does boosting beyond a
reasonable price pay 7 ,
BLUESTEM WHEAT AT $ I A BUSHEL
BREAKS RECORD FOR 1908 SEASON
t The sales ' of bluestem ..wheat at $1
a bushel at.- several points in the Pa-
tcific northwest -the past week did not
come as. a-surprise. Such a price was
- expected on .this grade even earlier ., in
the season. With the heavy withdraw
als of this grade to Europe at the start
: of the aeuson and With only a normal
milling demand It was a certainty that
before the 1909 crop was ready to be
ground into flour there would be some
millers ' without supplies and nowhere
could it be obtained.
Practically all the patent flour of
'the Pacific northwest is made of this
' grade and ' as the local demand for
.flour 1b Increasing each year there is
.(In consequence .a heavier demand for
- htiiMtAm wheat.
The premium millers are now paying
for bluestem wheat is the greatest since
that . variety was imported from Aus
tralia and New Zealand by a Walla
TL'uito miiHnr firm . jl . nnmhpf fif veara
ago. "While bluestem wheat is a heavy
'.producer, it cannot be successfully
grown in many of the most fertile
districts because it shatters too much
arid acre for acre- did not yield as
i much money under the old basis of 2c
a bushel above club to cause a very
extensive 'acreage. , ,
r The-1 advance in the price of flour
.this week has beeiV generally expected
? because of the higher wheat. , . While
some interests believe that our millers
-should not have advanced patents to $5
'as compared with $4.80 on the sound,
-the interests which made the advance
believe they will be able to maintain it.
However, as they have a mill on the
.sound which sells at 14.90 the firm
will not lose any business by quoting
the higher price here. . The competing
territory will simply order from the
sound branch.
.To put, the price of export flour on
a regular basis throughout the Pacific
northwest was the sole cause of the
dinner recently given by Theodore B.
Wilcox to the Washington Millers' as
sociation. Yesterday the new ruling
went into effect and exports which
heretofore have been quoted at all
sorts of prices but now of late selling
above $3.60' 3. 65 tidewater, were boost
ed to $3.70. While this price was agreed
upon by practically all the millers of
the Pacific northwest who indulge in
the export trade, it is a question
whether they can be maintained or
whether some people will try to main
tain them. With silver values down
to a notch where It Is hard for the
average oriental to exist even on the
cneapest roods mere naa been but lit
tle sale for our flour even around
$3.60 a barrel. Secret price cutting is
therefore expected on all sides:
The receipts of grain at Portland for
the past week as compared with previ
ous weeks, as reported by the board of
trade show, -in cars:
Send Few Head 'to Market
and Therefore Bring Price
to a Higher Level.
I Dec. B....-R4 41 5 19 249
Nov. 28..,. 38 61 50 9 802
Nov. 21... 100 60 67 17 342
Nov. 14. ..107 78 88 12 B68
Nov. 7... 76 26 79 20 268
Oct. 81 40 31 ' 34 25 365
Oct. 24 44 13 76 ' 36 411
Oct. 17 41 14 70 51 418
Oct. 10 59 19 79 22 ITS
'Oct. 3 3f 22 40 45 472
HOP PRICES ARE SHOWING LOSS
WITH DEALERS DISCOURAGING
Z Hop market prices are fully le under
3 those which ruled a week ago. The
' movement of prices seems to tend lower
-with continued dullness abroad. In
i New York the market has been quite
fair of late although offerings have
:been sufficient for all demand and there
has been little. If any, improvement in
; prices, .
j. The present bearish movement seems
to indicate that at last most of the
dealers have decided that they do not
want the growers to cultivate their
yards. By holding prices down to the
lowest possible notch they feel that they
can discourage many more growers who
will then plow up their yards and thus
make conditions that much betCer for
those who both buy hops and have
yaras or tneij own.
PORTLAND LIVESTOCK RUN.
Week. Hoes. Cattle. Sheep.
Dec. 6 2,676 668 1,463
NOV. '.. Z,22 67 765
Nov. 21 2.935 1.098 293
Nov. 14 2.945 979 966
Nov. 7. 1,776 930 921
By Xymea BC Cohen.
Portland Union Stockyards, Dec. 6.
Have cattlemen control of the market
and its prices within their grasp?
This is the question livestock com
mission men have been asking them
selves and they have generally answered
the interrogation in the afilrmative.
:. Buvers. ton. have been dolnit some
questioning themselves and perhaps they
are of the same opinion. In any event
there was much more demand lor cai
tle dnrlnir the rat week than there were
supplies to fill 1L A great call soon
brought out a higher range of prices
and it became evident, at least ior
the time being, that the shippers of cat
tle, and they alone, could dictate what
nrices should rule In cattle providing.
of course that they did not lose their
heads and ask so much that It would
put beef bevond a consumptive demand.
The run of cattle in the Portland
yards during the past week was not of
the quality, that is generally expected
from feeders at this period of the year.
While cattle were sold during the week
as high as $4.26 as compared with 14
for the very same grade a week ago,
Is quite likely tnat a premium over
this amount would have been obtain
able had select quality been shown.
During holiday time there is always a
better demand for choice quality than
during other periods and It Is general
ly during tnese periods tnat trie Desr
prices of the year are obtainable. The
trndn want vnori ou'alitv and around
Christmas time Is in a mood to pay
for it.
Eren Best Hogs Are Firmer.
Generally speaking the improved tone
in the cattle market spread to all other
lines during the past week. Hogs, which
were not overfirm during the previous
six days, with the top then at $6, were
sold during ...e past week around $6.16
and $6.26 would be obtainable for even
better quality. The hog market, how-
aita sAAnci r hnvA raaiharl It si i T-
C V I , 111(1 1 1 T V- - ViCABV- I lU WW
ward limits for awhile Kt least and while
advances in prices may be shown any
day they are not probable. The llve-
8tocK trade in general Deueves tnat
hogs will sell around $6 and $6.25 un
til after the first of the year.
Few Sheep Coming Forward.
Pew sheep are now coming forward
to, the yards and the market therefore
continues very firm with demand un-
sunniiea. as in oiner lines Kiuers are
offering a premium over ordinary stock
for .select quality but Bheep have been
so scarce of late that they are willing
to accept almost anything offered. They
must have sheep.
A year ago for this same period the
market was firm and higher for hogs
and cattle but weakness was shown In
sheep. No changes in price of the lat
ter. .
Arrivals of livestock for this same
week In recent years were as follows:
Hogs. Cattle. Bheep.
1907 762 672 2,811
1906 1,172 1.086 1,032
1905 bl6 382 4,209
Yard's Kepreientatlve Prices.
The following prices ruled In the
yards during the week and were repre
sentative of general conditions of the
livestock trade:
HEIFERS AND COWS,
17 cows
13 cows
18 COWS
6 cows
46 cows.
126 cows
f I 1"-- I! I , III
CD
Market Events of Week.
SHORT SELLING PUTS
STOCK MARKET LOWER
Technical Position Seems as Strong as Ever but Sellers.
Try to Create Bad Impression and Are Caught
in Their Own Trap Gould Shares Up.
PORTLAHD PROSPERITY
STILL Oil THE REST
Portland bank clearings con-
tlnue to lead all other cities of
the Pacific Northwest in point
of Increase, and are the largest
on the Pacific Coast with the 4
exception of Los Angeles. The
increases in clearings of the
various coast cities as compared
with last year show:
Increase.
Portland - "
Seattle 34.7 4
Tacoma 2.7
Spokane
San Francisco 40:2 4
Oakland, Cal. 31.5
Los Angeles 80.7 4
Sacramento S9.4
Statement of
N. Y. Banks
WHEAT GROPPROSFECT
UNHURTBYCOLDSffAP
During the past week cold
weather was shown throughout
the Pacific Northwest grain belts.
Frosts during the last few day
were extremely heavy. The first
of the week there was a fall of
snow In some grain sections, but
in any event no damage to the
growing crops are reported.
The plants have received such
good growth up to this time that
it will take something out of
'the ordinary in weather con
ditions to image them severely.
6 steers
64 steers
76 steers
25 steers
110 steers
81 hogs
HOGS.
95 hogs
48 hogs
91 hogs
Weight. Price.
. 17,016 $2.60
. 14,390 2.60
. 17.000 2.50
. 6.865 2.75
, 48,700 3.1!)
,128,605 .3.10
. 23.800 3.10
,103.705 3.10
, 48,700 8.10
BULLS.
, 3,036 $3.00
, 10,564 2.00
1,585 1.75
, 1,325 2.00
. 10,564 2.00
, 3,036 3.00
. 1,585 1.75
S.
, 22,000 $4.00
6.305 3. 25
, 62,285 3.-60
93,190 4.10
30,015 4.10
123,205 4.10
17.70 $6.00
. 17,180 .00
41,385 6.10
19,260 6.00
9,935 6.00
17,750 6.00
16.530 6.;i0
15.840 6.00
40,460 6.00
18,695 6.00
16,945 6.00
990 6.00
2,100 5.75
17.045 6.00
13,060 6.10
.13,455 6.12
9,450 5.00
16.655 6.75
3,930 6.00
' 10.S40 $3.65
66.235 4.00
News Gossip
of Finance
London, Dec. 5.
rate is unchanged.
-Bank or England
New York, Dec. 6. Tho weekly state
ment of the associated" banks,, issued
today, shows the following changes:
Reserve on all deposits Decrease
$7.95,895. .
Reserve on all deposits other than
Vnlted States deposits Decrease $7,-
4.75.
Loans lncr-e $6,608,200.
Species Decrease $7,720,400.
l-gl tenders Decrease $649,100.
Iv.poslts Decrease $1,24S,600.
circulation Increase $417,600.
Total loans $1,147,145,300.
The surplus of the banks Is $22,371,--M0
--against deficit-of $46,210.3fi0
Umt year p4. deficit of $6,702,176 two
years ago..:- -, -v'''.,f W""; .V.-V,.. :- i.
" 1Jf ofpiSoI TTBesXTtWrw
' Liverpool. Dec. 6 Wheat rlose:' De
remsr. eo Hd; Mann. 7 Ijfcdijtfay,
' d. . ',
London, Dec. 6. Consols for money
S3 15-16; account, 84 3-16.
New York, Dec. 5. Bar silver, 48&C
Mexican dollars, 45c.
London, Dec. 6. Bar silver. 22 5-16d.
New York. Dec. 6. Government bonds
cient Salvation.':. .William E. Sweet
Date. Bid. Asked.
Twos, registered.... 1930 102 103ft
do, coupon 1930 104
Threes, registered.. 1908 100 101
do coupon 1908 i00 101ft
Threes, small bonds".... 100
Fours, registered... 1925 129K 121
do coupon ....... 1925 121
Twos, Panama ... 102 .....
do coupon : . . . . 102
Fours, Philippine ,p0
New York. Dec. 6.
lake,. 14l4ftc:- electrolytic.
14V4C; castings, Ji-iftc
MetAl-i-CtTpper,
Tead 14.264.30,
Washington, Dec 6.-r-Th treasury
statement today shows: Receipts, $1,
S60.7; disbursements, $2,ao,000. - ,
101 hogs
5 hogs
7 hogs
84 hogs
63 hogs
48 hogs
61 stock hogs ...
95 hogs
15 hogs
" SHEEP.
102 sheep
49 mixed sheeD . .
Following is the general range of
values on stock ruling In the yards for
late shipments:
Mns-a Best east of mountains. $6.00
j.iu- ordinary, $5.60 iff 6.75; blockers and
China fats. $5.. 'S.SO; stockers and
fuutrm It 76b.U(.
Cattle Best steers, weighing 1200
pounds, $4.25; medium steers, $4."
4.20: poor steers. nei i:uws, a.vv
(nvS.Zd; meaiurn cuwb, i-nuw .00, bumsb.
$2.753.00; bulls, l.7iwz.uo.
Hhn HfRt wemers. n.iara'i.ou: or
dinary wethers. $4.25; lambs, $4.60(3
4.75; straight ewes, 3.to; mixed lots,
$3.7504.00.
Veal Choice young calves, $4.00
4.50; heavy and rough. $3.503.75.
Hogs Higher in East.
Chicaeo. Dec. 5. Hoes 18.000; cat
tle, 600; sheep. 2000. Hogs are strong
to 6c higher. Left over yesterday. 4300.
Receipts year ago, 30,000. Cattle and
sheep steady.
Kansas CJty. Mo.. Dee. 5. Hogs, 8,
000 : cattle, 500; sheep, non
Omaha. Neb.. Dec. 5. Hogs, 6000;
cattle, 100; sheep, 700.
Saves Jars to Hands.
A recently patented non-Jarring at
tachment for tools that must be held In
the hand when struck, such as chisels
and drills, consists of a sleeve around
which a coil spring la attached to pro
vide elasticity.
Concrete Steamer Floors.
A Great Laka steamship company
which operates a fleet of veasols In the
ore carrying trade -is experimenting
with concrete floors for them on the
plea that they are mora durable, there
fore more economical.
The horn of tho rhinoceros Is not
Joined' to tho skull, as in other horn
animals, but Is a growth from the skin.
Plaster of Paris, It Is said, may be
used as a flux for melting scrap metal
containing small amounts of Iron. ..
By Tbomas O. SbotwelL
(Hearat News by Longest Leued W lie.)
New York, Dec. 6. So many import
ant bond issues are being prepared for
Issue that the big people have Joined
once more with the general public and
the professional traders in Wall street
are caught In a corner of their own mak
ing, it was late Thursday arternoon be
fore professionals realized that all their
hammering was causing no liquidation
of importance.
Their coverlne movements rew in
volume through the Friday session. All
tne Duylng was not short covering, ror
the public participated to a great ex
tent. The technical condition of the
market therefore remains good, with a
healthy short interest in the leading Is
sues. Just at the close today a selling
movement swept over the market that
carried it down an average of 2 points.
Most of thlsi selling I for the account
of short traders, and every reaction of
this kind improves the technical condi
tion. Low priced specialties were the
feature of today's market, several Gould
shares making new high records, and
Reading having a quick spurt on a re
port that the second preferred stock
would be retired and the combination
stock put on a 6 per cent basis.
Smelters broke more than 2 points,
and Union Pacific went under 180. Wa
bash preferred fell from 45 to 42 .
The decline extended to the outside
market, and all the mining sharps were
aown iractionany. j ne weak condition
of the copper and silver metal market
Is embarrassing to most mining con
cerns. In London most American stocks
allowed small declines, but a steady
market was in evidence all day for
them.
Andrew Carnegie has been responsible
for the hammering that Steel shares
have received. Believing that the iron
master had some grand scheme of mar-
Ket manipulation in view, some profes
sfonals got short of the steels. Their
plight neeame so defperate that thov
wired from New York and Boston to
Flttshurg brokers ordering stock to be
sold In New York over the Pittsburg
wires In the hope of creating an Impres
sion that Pittsburg was getting out of
steei. Tne tricit railed completely, and
so stronr is the market in the stoi1
shares that those Insiders who believed
a sharp peaction was coming are now
almost persuaded to continue the ad
vance. The Indenendent steel slmri.ii
are snowing signs of Joining in the up
wdiu pruccssiqn.
BIG 0XES HAVE'
PLENTY. OF STOCKS
TO FEED PUBLIC
(United Preu Leased Wire.)
New York, Dec. 6. The stage has
been reached in the political stock mar-
Ket, wnere 11 must e looked at from
two distinctly separate points of view
Investing capital, having In mind above
all things stability and a reasonable
accord between prices and intrinsic val
ues, can not but be puzzled and more or
ess aisiurrjed Dy tne course or tne deal
ings during the past fortnight. Within
this interval there has come a sudden
surprising change from conditions which
existed for the first few weeks of
the election. Buying by the outside
public, ehlefly for investment purposes,
which was the Impelling fores then, has
become an insignificant factor now.
The real demand for securities having
been satisfied, a highly artificial buying
power has taken its place a buying
power furnished chiefly by the cliques
ana cumoinauons or weaitnv specula
tors who are carrying great lines of
stocks and wish to realize handsome
profits which have been piling up for
me iam iour montns. as usually hap
pens wnen manipulation is tne govern
Ing influenr-e at work, those stocks
which regularly enlov a broad and ac
tive market either cease to advance or
are moved forward with the greatest
difficulty. Buying operations converge
on the class of storks described as "spe
cialties" when a narrow floating supply
and a highly concentrated ownership
make rapid upbldding of prices an easy
maiier. even wnn a minimum of out
side support.
Following thuR along the lines -of
least resistance, it Is possible to sustain
the impression of a rising market, stlm-
uiam outside purcnase, and in course
of time permit the Insiders' to dis
tribute their . speculative shareholdings
successfully.
Without any question the declines of
the past two weeks have revealnd thesa
phenomena perfectly; and their appear
ance can not be welcome to those who
are acustomed to take a broad and con
servative vtew of financial affairs. .
From this standpoint operations like
those recently so Dromlnent are fast
leading the market into an unsound and
hazardous position and if continued can
not but have some extremelv unDleas-
ant consequences. With call money be
low 3 per cent and time loans quoted at
3 or barely more, stocks which yield
t 10 per cent ior the railroads and s
per cent or more for the industrial
group are still the cheapest form of in
vestment So long as this disparity
lasts, and to use the common phrase.
so long as stocks continue to more than
carry themselves. It -is -manifest that
those who bold them.- for sale can af
ford to take matters very easily. The
conclusion, therefore, must . be that,
however disquieting the operations of
the last week or two mar be for the
longer future; "the Immediate situation
is not eeneciallr Unsafe.
Manipulation of the sort new famil
iar may easily keep on for some time
to come, without Inviting more than
temporary reaction.
The most reassuring aspect of the
financial situation continues to be the
ready market offered for the new bond
issues, which ire now an almost dailv
occurrence, dale of the $50,000,000 of
American Telegraph & Telephone bonds
was readily made at a price which, in
view of the large fluctuations on this
company, meant a remarkable small
concession from current quotations.
Tut local banking house which offered
the $9,000,000 new r.ock Island re-
lunaing oonas was able to announce
wunin 24 hours after the books were
opened-that the entire issue had been
taken by its investors. There Is grati
fying proof, of course. In these in
stances that for securities of approved
merit where speculation has not unduly
inflated prices, the investment demand
Is still very lively. On the subiect of
general trade conditions the week has
inrown no particular fresh light.
Attention has been called again to
the unfavorable statistical condition of
the copper metal market, the visible
supply at European points and afloat
having increased quite substantially
wie itiKi iiiunin.
jfi:iiue in me price or silver to a
very low figure, owing to the falling
off In the purchases of India, Mexico
and other silver standard countries, has
been another much noticed incident. It
also appears that the excited move
ment which began immediately after
election in tne pig iron market has been
followed by a natural relapse and that
gross railway earnings for October did
not make quite the showing that was
made In September, when an unusually
heavy grain traffic cut such an im
portant figure. But none of these de
velopments is serious enough to af
fect the judgment that the trade at
larne Is steadily on the mend. The
only qualification is the one so often
expressed before, namely, that the re
turn of prosperity will be a very slow
and orderly process, it must not -be
expected to come with a rush.
Range of New York prices, furnished
by Overbeck & Cooke Co:
DESCRIPTION.
O
1
a
92
II
98H
10l
108
Amal. Cop. Co... I 85
Am. C. & F.. c. . . 46
do rid
Am. Cot. Oil., c. . 4Z
Am. Loco., C....I 66
Am. sugar, c. . . .
Am. gmelter, c. .
Ana. Mining Co..
Am. Woolen, c.
Atchison, c
do pf d
Bait. & Ohio, c. .
do pfd
Brooklyn R. T.. .1 65
Canadian Pac c. 176
uent. Learner, c. zsj
do pfd
Chi. & G. W., c. . 11
Chi., M. & St. P.. 150
Chi. & N. W., c
Ches. & Ohio 634
Colo. F. & I.. C. 40 "A
Colo. So., c. .... 64 4
ao second pra. 65
do first pfd. . 69 V4
corn fflts., c.
do pfd.
Del. & Hud 1177
Den. & R. G., c. 36
do pfd 80 H
tins, c 1 S4ft
ao second prd. 40
do first pfd.. 48
G. No., pfd 144
111. Cen 148
Lo, & Nash 122
man. ny
Mex.. Cen. Ry.. . 17
MO. tk.. K- Kex.. C 39
do pfd. f 71
uismiers 3f
Ore Iinds 74
Mo. Pacific 66
Nat'l. Lead 82
N. Y. C 117
N. Y.. O. & W... 46
m, & w.. e 84
W. & w.. n
N. American....
N. - Pacific, c. . . .
P. M. S. S. Co...
Pa. Ry.
P. O.. L. A C Co
P. Steel Car, c. .
P. Steel Car, p..
Reading, c......
Readlne 2d o...
Reading, 1st p. . .
n. 1. A steei, c. .
R. I. & Steel. D. .
Rock Island, c. .
Rock Inland n...
Bt.Ok & a. F.2dp.
St L. A 8. F.lstpl
. at - t ., lf.i va -a
St U & S. W.. p.58
8. Pacific. e.....lll8A
b. facmc, p
189
$6
82
41
85
46
Hi
t8
92
60
81
98
102
108
66
177
28
11
151
Southern Ry., c.
do nfd.
Texas & Pacific.
X., Ht La. & W., C
do nfd. i
Union Pacific, c
ao pra.
TJ. .8. Rubber c.
do Dfd.
IT. S. Steel Co., c
do old.
Wabash. - com
do nfd. ......
W. 0. Telegraph
Wis." central, e.
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westinghouse
25
60
86
64
181
95 .
65
113
17
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80 -
63
12
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34
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Total sales, 706,100 shares;
64
65
69
177
87
80
4
40
49
144
148
122
17
89
71
35
74
67
82
117
143
38
130
141
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24
83
46
41
65
90
49
31
98
1.11
107 I
65
176 .
27
11
149
62
40
63
4
9
176
85
80
33
39
48
143
147
122
17
88
71
34
73
66
82
117
45
83
141
37
129
138
O
52
26
23
61
40
54 53
54 63
118 117
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0 68
86 34
64
181
95
65
118
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63
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64
179
96
64
112
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42
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63
13
89
34
83
46
107
41
66
131
31
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101.
107
92
66
176
27
101
11
160
173
63
40
63
64
70
18
76
176
35
79
33
39
48
147
121
149
17
38
71
34
73
65
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117
45
83
84
76
127
100',i
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98
140
91
92
26
86
24
0
40
63
68
63
117
121
25
68
24
89
63
180
107
64
112
8
12
89
VP
By Ernest Tollmer, United States Vice
Consul at Tslngtan, China.
Wool, one of the largest exports from
the north of China, Is an export which
goes almost entirely to- the United
States, that . country having taken in
1907, . according to official Chinese fig
ures, 278.909 hundredweight, valued at
$2,236,000 (206,432 piouls, at 2,829,22 3
taels). The total exports to all coun
tries were but. 855,829 hundredweight,'
at a valuation of $2.3ff,060. Follow
ing America In Importance of the trado
was Janan. which took roughly one
fifth of the amount consumed by the
United States, while Great Britain, us
ing one fifteenth of the amount, came
third on the list. . r
Almost the entire trade originates In
the north, Tientsin alone hiving a prac
tical monoDolv of the business. The
original exports from this port last
year were about the size of the total
exports to - the United States, being
ICC eta t,,in,lA4iira1urVit - Wrtt annfhn.
port was of any great Importance, with
the exception of Chungking, on the
upper Yangtse. The wools from tho
important sneep-growing province 01
Szechaun. on the Tlbetaa-Turkestan
border, find their way into the world
markets over this river port, total ex
ports for 1907 being one tenth of tho
Tientsin amount oome io.irao Hun
dredweight of camel's wool annually go
to Great Britain, also through Tien
tsin, the same country taking from the
same port almost all of the goat's wool,
about 10,000 hundredweight per annum.
Neither of these last two articles find
their way to the United States. The
Tientsin wools are not from the imme
diate country about that port to any
great extent, but come from the in
terior. It is necessary to buy at bed
rock prices far in the distant markets
in order to make a profit In the busi
ness. v
Better Wool Prices Expected.
After obtaining fine prices for China
wool for several years, many specu
lative shipments were made to the Uni
ted States, when the financial troubles
toward the close of last yeur caused
a sudden drop . in the market There
were reduced demands and declining
prices, one of the largest China wool
firms failing while others are still hold
ing stocks In New York which they can
not dispose of. This year's wool will
begin to come onto the -market soon.
. ........... . t, HQ IWKinE
up a bit and a rise and better business
io iw,vu iui x(i ma near x-uture.
The great trouble w.lth the northern
wools Is that they are greasy and often
VArv Kftnlv. Tr A ( a ara r . h. .V.
. - - t - " . - i" tuoo un
desirable elements much of the wool Is
01 a graae inai 11 pays to treat it in
China, either by sun drying or wlllow
Ing, before packing for shipient The
Shanghai wools are moist and greasy
? .. . . pi 10 lose
times when heated even being liable to
a chemical action very damaging to the
fiber. On the whole, China wool is
shipped unsorted. With only some of
the Tientsin fleeces is it profitable
to sort Into different staple lengths.
The Tientsin wool, being less damp than
that of Shanghai, generally loses little
weight In shipment unless stowed close
to the boilers. Washing has been tried
with some of the Tientsin wools, but
this is only an experiment, and what
the final results will be cannot be fore
told. Quality, on the whole, counts Jess
with Chins wools than condition, the
important feature being to get the sand
and grease out and pay less attention
to fineness, coarseness and length, of
staple.
SMALLER SUPPLY
C01S FORWARD
Mild Weather, However,
Brings Chicago Market
Down During Day.
World's Wheat Prices.
Dec.
Portland $ .91B
Chicago 1.06 B
St. Louis , 1.05
Kansas City ." 1.00
Minneapolis 1.09
Duluth 109
Winnipeg 1.00
San Francisco i 1.65
Liverpool 8s d
San Francisco i 1.65
Liverpool 8s d
4
4 Per cental.
CHICAGO wriEAT MARKET.
Open. Close. Dec. 4. Loss.
Dec 105 106B 105B
Mav 110 110A 110B
July 103 103 103
(United Preis Leased Wire.)
Chicago, Dec. 6. There was another
day of sharply smaller receipts In the
northwest and the weathec was shaping
well for the winter wheat, with milder
temperature and snow predicted. Open
ing prices were at from to c de
cline and a slight further reduction was
made. Decline in futures at Liverpool
was c. Berlin was higher. Trade
was light at a slight decline in view
ot what might be tho effect Monday of
the government report on acreage and
condition and uncertainty of to which
side the visible would lean. Market
became stronger as the session ap
proached clo.ng time.
uere was a slightly easier tone to
the corn trade at the immediate Start.
A steadier feeling developed later but
there was neither selling pressure nor
buying fervor sufficient to cause fluc
tuations of conseouence. Heavy selllntr
by a prominent commission firm had a
weakening effect, ao mat tne last hour
of the session ruled against those who
had bought earner, jno sample mar
ket was easier at from to decline.
. Business In oats was quieter and there
was moro disposition to sell In a small
way. .Market was largely under the in
fluence of corn. The ' sample market
prices were without change.
There was a much stronger tone to
the trade In hog products, and it arose
from the fact that r the first tfiTiH
in several weeks hog receipts here and
elsewhere in the west were smaller than
on the corresponding day of the nrevlous
year.
Cash sales Wheat, Winter No. 2 red,
$1.06l.O7: No. 3 red, $1.06(91.06 ;
No. 2 hard, $1.0fij1.07; No. 2 hard,
$1.03 a 104: spring No. 1 northern.
$l l.ltl2: No. northern. $H0(f1.12:
No. 2, $1.081.10; No. 3 spring, $1.02fji
1.10.
Corn No. 2 white, '62c; No. 2 yel
low. 61 c; No. 3. 61c; No. 3 wh"lt.
0cSl;; No. 3 yellow, 6061c;
No. 4. 6060c.
Oats No. 2 white, 52c; No. 3 white,
60c; No. 4 white, 4860c.
Range of Chicago prices, furnished by
Overbeck & Cooke company;
WHEAT.
Open. High. Low, Close.
Dec 105 105 105 105B
May 110- 110 110 11i' .
July 103 103 103 103
CORN. . ' .
Dec. T. 61 62 61 61 B
May 63 . 63 62 63 A
July 62 62 63 62 1J
OAT8.
Dec. 50 60 49 49B
May 62 62 52 62
July 47 47 47 47B
FORK.
Dec 1452
Jan. . . 1595 1610 1695 1605
May 1622 1635 1623 1630
LARD.
Dec 917
Jan 922 930 922 922
May 940 947 940 945.V
RIBS.
Jan. 836 840 S3S 837
May ...... 855 862 856 840A
BOSTON COPPER MARKET
Furnished by Overbeck & Cooke Co.:
Boston, Dec. 6. urriciai Did prices:
Adventure ... 9
AUoupx 39
Arcadian .... 40
Atlantic 18
Boston Cons. . 16
Butte Coala. . 27
Calumet & H.680
Cal. & Arts. ..119
Centennial ... 34
Copper Mt... 38
Copper Range 81
C. Ely 8
Daly West... 10
Franklyn 17
Granby ; 108
Greene Can... 11
Olroux 6
Mass 7
Michigan .... 14
Mohawk 70
Miami 12
Nevada 18
Newhouse ... 6
Nippisslng ... J0
North Butte.. 86
Old Dominion. 69
carrot 29
Phoenix: 60
Quincy 96
Shannon 18
Sup. & Pitts.. 10
Tamarack .... 83
Trinity 17
United 13
Utah Mining.. 46
Utah 4 8
rictorla 3
wolverine ...100
Winona 6U
Yukod 4
11. n. .Mining.. 45
U. S. Oil 29
Report of the Condition of
The American Bank and Trust Company
Or POR.TLAND, OREGON
In the State of Oregon, at the close of business, November 27th, 1908.
BESOUJtCES.
Loans and discounts . .
Overdrafts, secured and unsecured ...
Bonds, securities, etc .'
Banking house, furniture and fixtures
Other real estate owned
Due from banks (not reserve banks)
Due from approved reserve banks ?. . . ..
Checks and other cash Items
Current expenses ,
Cash on hand T.
Total '. ,
LIABILITIES.
Capital stock paid In
Surplus fund
Undivided profits, less expenses and taxes paid
Individual deposits subject to check
Time certificates of deposit , . ,
Cashier's checks outstanding
, Savings deposits
Collections
Total I
..$103,598.24
290.31
. . 80,600.00
3.547.80
.'. 22,200.00
354.70
448.59
. . 9.458.SI
797.15
. . 6.853.45
..$228,049.15
, .$150,000.00
7,047.80
, . 6.301.25
,. 26.972.23
.. 36,550.00
23.00
, . . 1,225.21
, .' 82.96
.$228,049.15
State of Oregon, County of Multnomah, ss:
I, G. L. MacGibbon, Cashier of the above-named bank, do solemnly,
swear that the above statement Is true to the best of my knowledge and
belief. G. L. MacGIBBON, Cashier.
CORRECT Attest:
L. O. RALSTON,
J. M. LEITER,
J. E. DAVIS,
SAMUEL CONKELL.
(Seal) ; Directors.
Subscribed and sworn . to before
me this 6th day of December, 1908.
R. A. LEITER.
(Seal) Notary. Public.
; (
Overbeck & Cook pd.
Commission ; merchants, Stocks. Bonds. Cotton? Grain. El:
: MW BOARD OP TRADE BUILDINO -
Member Chicago Board of Trade, Correipondentt of Logan & Bryan,
."r;-'? Chicago New Ywlfc-Boit-i
We bave the only private wire; connecting Portland with the eatter
: ' ' . ' . . exchanges.
MEMBERS PORTLAND BOARD OF TRADBL
V