THE OREGON SUNDAY JOURNAL. PORTLAND, SUNDAY MORNING, 'DECEMBER 13, . 1908."
10 .
WEEKLY RE.YIEW
FINANCE
REMARKABLE GROWTH
CATTLE FEEDING ON
RECOVERS AFTER
Of
SMELTERS THE' WEAK
FEATURE OF MARKET
Price of Eefining Stock and Copper Shares Are atfHigh
Point With Trade at Lb w Ebb-DeclineJs Heavy '
During Today's Tr ading in; New.YorkI
OF OUR WHEAT CROP
. A VERY SMALL SCALE
A WEAK START
Chicago Market Loses l-2c at
Despite a Dry and Dusty Fall the Grain Will Be Able
to Weather More Rigid Weather Than Ordinarily
Winter Acreage Is 10 Per Cent Greater.
Bt Louis, Mo., Pec 12. Modern aimer Bays:
Fewer complaints regarding the condition of winter wheat are re
ceived and prospects are generally mora favorable. The best reports
come from the liar! winter sections of Kansas and Nebraska. In
the soft winter wheat states a considerable portion of the crop is not
In condition to withstand bad weather without snow protection."
. (By Hyman K. Cohan.)
Initial returns received by The' Jfour
: tial from various centers of the Pacific
' northwest indicate that the fall wheat
acreage in the three states is about
6 per cent greater than a year ago,
and fall sowing is still in progress in
a number of section. Therefore it is
now generally conceded that Oregon,
Idaho and Washington will have fully
10 per cent more fall winter wheat
to be harvested the coming season than
ever before. This providing normal
weather conditions rule the remainder
of the season. --Thus
far this has been one of tne
most remarkable . seasons for wheat
vmwlnar aver encountered . on the north
coast Practically three-quarters of tho
fall crop was sown-durtsig one of the
driest talis in, me nisiory 01 wneai
growing here. Most remarkable of all
Is that this wheat," sown almost In
dust, is today showing one of the
greatest growths ever noted here.
Bo fast have the plants grown that
today they . are mostly past the age
when Ordinarily cold weather will af
fect their producing qualities to any
considerable extent In some few fa
vored sections the plant -has already
made greater growth than It did for
wheat sown in the spring in some dry
sections a year ago.- . ..
Many more growers were inclined to
vow their wheat in the fall-winter for
the 1909 crop than ever before and that
practically all the northwest's wheat
area was not put into grain during
the closing months of 1908 was not
aue to any desire or me producers
themselves but to weather conditions
that remained dry for too long a period
for successful and profitable plowing.
It Is scarcely a guess to say that most
of the northwest 1909 wheat crop
would have been of fall-winter variety
had there been a nominal rainfall in tho
three states during September, October
and November. ,
Now, however, the 1909 wheat crop
has a start that bhould put the total
production high . above the former
bumper yields. With such headway
as the plant has already attained it
would lane a most severe spen 01 coin
weather to kill it. as has been done in
several seasons In iate years. Grown
oeyona tne , tenaer penoa me wneat
plant is in a position to stand very
severe exposure.
It is not so much In the larger acre
age of. fall-winter wheat that speaks
at this time so well for the next year's
crop,- but the 'fact that the grain will
mature before it reaches the usual
heated spell, when so much damage
was done to the water-famished plant
and in some few sections put it into
a condition where it was scarcely fit
for harvest, and in some more fortunate
was cut for hay as a last resort.
Here it might be appropriate to say
that the quality of the Pacific north
west's 1908 crop was cruelly libeled by
some buyers and that instead of being
of poorer quality than usual, was bet
ter, if anything.
TURKEY MARKET COURSE ALMOST
DEFINED DURING THE FAST WEEK
The course of the turkey market for
the next 12 days will not likely be much
different' from that which preceded
. Thanksgiving. Take the situation for a
term of years and the seasons will
averase well with one another.
It is practically a settled fact that
tne Bum or tne supplies win move in
the retail markets at 26c a pound, al
though for some selected stock probably
80c will be charged.
Therefore it is quite improbable that
the price on Front street will go be
yond 22i23c, although one lot of
selected birds sold at 25c during the
past week. This, however, was an ex
ceptional case and what few birds ar
rived did not move over 20 022 '4c for
the dressed stock and 1619c for the
live ones.
Chickens were firmer.' at advanced
prices during the week, but toward the
end the demand softened because of th?
extreme values and the price lost Vic
of the rise. From this time forth there
will be a greater demand for broilers
with arrlvuls decreasing and price
higher.
Eggs reached the top during the
week and then began to react. Five
cents was lost by the local market for
fresh stock during the week, with mors
liberal supplies and lower prices else
where on the coast during the same
period. '
- Creamery butter held its own during
the week, although there was an In
crease in cream supplies.
An advance of lc In the cheese mar
ket was easily maintained because of a
larger demand and smaller offerings.
Some northern business in sight could
not be filled.
Conservative Reports State That but Half the Usual Num
ber Is Being Fed Along Butter Creek and Bock
Creek Prospects for an Extreme Shortage.
PORTLAND LIVESTOCK RUN.
Hors. Cattle. Sheep.
Dec. 12 1,801 1,478 1.697
Dec 6 2.676 658 1.463
Nov. 28....,.;.... 2.229 ' 967 766
Nov. 21 2.9S5 1.098 293
Nov. 7 1,776 930 921
ARRIVALS OF EGGS AND CREAM .
BEGIN TO SHOW AN INCREASE
The Portland board of trade reports the following arrivals at Portland for
1 the week noted: "
.Butter, Cream, Eggs, Cheese, Milk.
Week of ' Boxes. Gals. Casps. Boxes. Gals
December 12 430 22.166 1,397 46 5.378
December 6 1,397 22.1 49 7M 6 5. 561
November 28 1.147 21,806 63" 611 6.103
November 21 1.465 21,990 1,906 302 6,772
HOPE FOR POTATO MEN IS
AGAIN SHOWN IN THE SOUTH
That there 1s still considerable hope
for the potato growers of Oregon ob
taining a fair price for their potatoes
late in the spring Is shown by the
somewhat better tone that has or late
been ruling in the California markets.
While potato supplies there are far
from being cleaned up the glut of
stocks is not nearly so great as it has
been up to the past two weeks. There
Is a firmer tone all around In the south
for select quality, but the price has not
taken much notice of the change as
yet.
DRESSED VEAL SELLS VERY HIGH
ON FRONT STREET DURING WEEK
Dressed meats, and especially veal,
were firmer and higher during the
week.
Apple movement is now very good,
although prices are still at the low
point.
Large sized oranges are selling at a
premium because of n scarcity.
Potato market Is still quiet, although
a demand appeared for Early Rose for
, seed from the south during the week.
There is no change In the onion situ
ation so far as the price or demand are
concerned.
Front street sells at the following
prices. Those paid shippers are less
re it u la r commissions:
Batter, Errs ana poultry
BUTTER Extra creamery, 87c; fancy
SI H. 35c; store, 20c,
BUTTER FAT Delivery f. o. b. Port
land Sweet cream. S6Hc; sour. I3H
per in.
POULTRY Mixed chickens. 12
lzUc; hens, J2H13e; roosters,
.23
old.
11c: fryers, 12l3e; broilers, 1414U
geese. tftlOe: turkeys, alive, lvtfj Hc
dressed. 20 22 He; spring ducks, 14 ft
J6r; pigeons, squans, fl.QUii'2.30 per
cozen; oia, ti.vu; aressea poultry, ijj
lVsc higher.
CHEESE Full cream, flats, triplets
and dairies, 166 16c; Toung Ameri
cans. HttOlic.
K.G08 Local best. 40Qttc per doi;
eastern, SO 36c.
Bops, Wool anff joosa. '
WOOL 108 Willamette valley. 18c.
HOPS 108 ' crop, choice, 7 0 8c;
prime to choice, 1Qlc; prime, 8 4r Vie;
medium. Cf(u, tfj. "
BHEP6K1NS Shearing, lOOlie
"CV .PSri. W001- xSctMOc; medium
wool, IOc$LM each; long wool. Jtctf
li ft ftCh.
li P.HA! 2, 1 Nomln at 1 8 0 1 la.
TALLOW -Prime, per lb. 13 4c: No.
S and grease. 18!UT " .
4u"l;TitM 2-014 4,oj
. J L1D rT7T-lW "l8 J: green,
s-.?o lb; bulls. green salt, B6c lb;
kij s, t3e: calves, green. lignc per lb.
i, Orals, JTloa a&A ay,' .
PAlt EX Feed. $2.6: roiled. 12841
jvi.ij.' tru-a. i,-w Trar!-,
IV. 1:
Portland Club, 91c; biuestem. 9697c;
forty-fold. 92c; red. 89c. Willamette val
ley. 91c.
.?yrLLSTFS Selling price Bran.
126.80: middlings. J33.00; shorts, 830.00;
chop, J21.00S.29.00; alfslia meal. 118.00
per ton.
FLOUR Selling- price Eastern Ore
gon patent, 86.00; straight, 4.054.76:
export. 83.70; haters'. J4.654.80; val
ley, $4.65; graham, Vts, J4.40; whole
wheat. 84.65; rye, 6s. 16.50; bales, $3-00.
HAT Producers' price New tim
othy. Willamette valley, fancy. $14 00
015.00: ordinary, $12.50?iai east
ern Oregon $16.60; mixed, lll.0012-.00-
l,vZ VAV.0: ra,n- 1100; cheat,
$11.00; alfalfa, 81212.BO
' OATS Producers' price Track. No.
1 white. $30.50(31.60; gray, $29.60(3
80.E0.
Traits and Tegetablea,
FRESH FRUITS Oranges, new
navels. 12. 00615.25 ner hnr lor, or, ......
orsfnges 65c per box; bananas, 6c per
lb; lemons. 83.256.00 box; grapefruit.
$4.00 ir 4.60; pineapples. Hawaiian. $3.00
dos: pears. $1.25: grapes, 81.0001.50;
huckleberries, 10011c lb; cranberries,
local, $11.50 bbl; eastern, $12.50 bbl.
ONIONS New Oregon. 81.10jyl.25
per 100: California, 11.10; garlic,
i H 8c lb.
APPLES Good. 2102: coor taenia
per box.
rviATOEB New, selling, $1,000
1.10: buying for shipment per cwt..
fancy, 70(S76c; ordinary, 6070c; sweet.
$1.75 1.80; Early Rose, buying, $1.
VEGETABLES Tnmisa new Oreron.
750$1; beets. $11.26: arrota. 600
TSe sack; parsnips. 85e01.OO; cabbage,
$1.6001.76; tomatoes. California, $1.26
per crste: beans, 12c; L-auliflow-
er. si.uu; peas, izc; Horserad
ish. 6 8c lb: artichokes. 57Bc doz:
rreen onions, 16o per do- peppers, bell,
6c; Chile ( ); head lettuce. . 40c
dos: hothouse. 76c$l box: radishes. lBr
dosen bunchv;; celery, 4085c;- egg
plant. ie 10. v i .,
::c,;:' Oroeerlea, wt, rto. . .
BUQAR Cube. 38.86: Dowdered. 88.70:
fruit or berry, $6.95; dry granulated.
$5.96; cont A, $8.16: extra B. $6.45;
rolden G. $5.76; D, yellow, $6.28; beet.
--anuateU. ti.li; barrtls. 15c; half bar-:
By Eyman K. Cohen.
Portland Union Stockyards, Dec. 12.
A smaller number of cattle are being
fed along Butter creek and Rock creek
tnan ever before since these two locall
ties became so popular as feeding
grounds.
According to information lust received
from most reliable sources tha feeding
oi cattle this year in tne Facllic north
west, or. which Butter creek and Rock
creek are the principal stations, will not
reach over naif the volume of a year
ago, and during 1907 operations were
not on a very extensive scale. ' Some in
formation wnicn is now coming forward
says that the operations of feeders will
be less than half of a year ago, but the
latter la considered a conservative es
timate.
This means that with a demand sev
eral times as great as has heretofore
been shown that tho Paciflo northwest
and that means Oregon principally in
me came leeaing line win not turn
out over half a supply, and if condi
tions go on as they have during the
past year it may mean a famine of cat-
lie supplies in we early spring.
The a-reat decrease in cat tin feed
ing and which will force the price of
Deer to an enormous figure unless sup
plies are obtainable from some other
section, was brought about by the
rough t, which continued for so long
period last season and which .caused
uch a great decrease In the Pacific
nonnwest s hay supply.
With hay and millfeeds scarce and
prices jumping -upward on even the
most slight pretext, the feeder of cat
tle has found the Industry but poor pay,
even with advancing values in the
yards. Owing to the greater cost of
reeding and other conditions the num
ber of feeders has been considerably
decreased and even the larger operators
were rorced to operate i-on a much
smaller scale this season'than usual.
In the Portland cattle market durinar
tne ween there was on advance or 2c
In the price, with best stuff selling at
$4.25. While higher prices than this
ere spoken of, none were received, so
the market bv no means could be called
higher than that price. Arrivals for the
week show an increase from the pre-
'lous six clays, nut a large portion or
he run came from California. The
latter, however, was not of such good
quality as previous arrivals, arid there
fore did not top the market.
.Higher Price for Hogs.
The hog market felt very good and
i'-ely during the past week. Arrivals
were smaller by far than a week ago;
In fact, they were the smallest since
the week ending November 7, or over
a month ago. There was likewise a
greater demand and prices advanced by
stages 40c and were firm at the ad
vance. To the trade in general the gen
eral expectation is tnat nog prices will
remain just about where they are for
a while. .
While tho run of sheep was slightly
heavier than during the previous six
days, the run was very small and there
was a general scramble for supplies.
Prices are doing somewhat better, quo
tations being about 25c higher all
around except for lambs. The latter
are generally of poor quality and for
that reason prices have eased off from
where thay generally stand.
Commission Firm Dissolves.
The livestock commission firm of
Benson & Gould, the first established
under the new regime at the yards, has
been dissolved and two nfew firms take
Its place. S. P. Goiuld of the firm. In
connection with Harry E. Moran of
North Yiikima. has established the
Gould Commission company. Mr. Gould
will be the sheep and hog salesman,
while the cattle end of the lirni will be
conducted by Mr. Moran.
Thomas C. Benson, the other member
of Benson ft Gould, has, with his son,
established the iirm of Thomas C. Ben
son & Son, and will continue to make
his headquarters at the yards. Aa both
Mr. Benson and Mr. Gould are well
known among the livestock fraternity
of the Pacific northwest, every one ex
pects them to succeed In their new ven
ture. Both will, temporariry at least,
have their offices at the old headquar
ters of Benson & Gould.
lews of Livestock Xarke.
"The entire livestock market is very
firm at this time," says Lee M. Lacey,
of Hunt A Lacey, "and there is every
prospect of the markets remaining in
gooa snaps lor some time to come.
"There is a very good demand for
everything in the livestock line at this
time, says J. B. Lonergan, "and prices
are reflecting ine improved conditions.
"There is no complaint to find at all
with the livestock situation at this
time,' says Tom C. Benson, of T. C.
Benson & Son. "Prices are firm and
demand is .better than suDDlles."
"Everything looks good to me in the
uvestoca mantel just now, says S. P.
Gould, of the Gould Commission com
pany. "Th situation is perfectly aat-
isiaciory to Bmppers.
The past week s arrivals of livestock
compare with the same period in recent
years as iouows;
Hogs. Cattle. Sheep.
1908 1,801 1,478 1,697
1907 751 640 420
190S 716 996 698
1905 665 839 632
A year ago for this same period hoars
ano cattle were rirm at higher prices.
out sneop were weaK.
Taras' JUpresentatlve Prices.
Following prices are rem-esentatlve
of the week's transactions in the yards
ana inaicaie ine extent, or tne demand
and prices paid for various grades and
weights:
COWS.
calf.
Weight.
. 8,000
, 10,676
, 11,680
. 6,376
. 25,950
. 62,000
. 19,925
5,675
, 25.965
20,744
. 8,186
, 94.145
7.325
1.476
8,125
26.000
22,961
1,914
3,388
20,338
1,694
3,390
20,340
1.690
27.975
5,765
STEERS.
12 feed steers 11,945
3 steers 3,550
5 feed steers 5,210
28 steers 28.545
2 steers 2,200
1 steer 1.100
4 steers 4,205
17 feed steers 14,675
4 steers 4,985
30 steers 30,100
2 steers 1,950
2 steers 1,950
52 steers 55.380
128 steers 136.345
41 steers 50,070
20 steers 22,479
4 steers 4,496
BULLS AND STAGS.
1,440
1.500
1,750
2,450
1.450
1.975
1.525
S COWS .
10 COWS .
11 COWS .
5 cows .
26 cows .
62 cows .
18 cows .
6 cows .
25 cows .
20 cows .
6 cows .
110 cows .
7 cows .
1 cow, 1
5 cows .
25 cows .
24 cows .
2 cows .
4 cows .
24 cows .
2 cows .
4 cows .
24 cows .
2 cows .
29 cows .
6 cows .
1 bull
1 bull
1 bull
2 bulls
1 bill)
1 stag
1 bull
73 hogs
84 hogs
30 hogs
9 pigs
95 hogs
83 hogs
96 hogs
76 hoes
165 hogs
HOGS.
18,975
23,250
6.445
1.265
19,910
17.550
21,825
19,485
32.500
LAMBS AND SHKEP.
Price.
$2.75
3.25
3.25
2.75
8.00
3.50
8.25
2.50
8.50
3.50
3.00
2.90
8.25
8.00
3.25
3.50
3.50
3.00
2.75
3.25
2.5
2.76
8.25
2 25
I!fio
3.00
$3.65
4.26
3.50
4.00
4.25
4.25
4.00
3.35
4.25
4.00
4.00
4.00
4.00
4.10
4.20
4.25
4.00
$2.00
2.36
2.25
2.25
2.25
3.00
2.00
$6.20
6.16
6.00
5.50
6.25
6.00
6.25
6.35
6.15
the Opening for Wheat
but Closes Higher. I
May
July
Sept
Chloago Wheat Market. .
Open. Close. Dec. 11, Gain.
.... .1054, 106V4B 105i .
97$ 98HA 8-8B
rels. SOc; boxes. 65o advance on sack
basis.
(Above prices are 80 days net cash
quotations)
SALT Coarse Half ground. 100s,
$11.00 per ton; 60s, $11.60; table, dairy,
60s. $18.60: 10s, $16.00; bales. (2.3$;
Imported Liverpool, EOc. $20.00; 100s,
$19.00; 40s, $18.00: extra fine, barrels.
2s, 6s and 10s, $4.606.6; Liverpool
lump rock, $20.60 per ton.
RIC15 imperial Japan No. 1. IHes
No. 2. EUc; New Orleans, head. c;
AJax (0; Creole, 614e.
HONET New, 15o per lb.
COFFEE Package brands. $16.60.
BEANS Small white. $6.25; large
white, $4.60: pink. $3.85; bayou. $2.76;
Llmas. $5.75; Mexican reds. $4.75.
It eats. Msl. wad Jronsloa.
IU8, BACON, ETC. Portland pack
(local; hams, 10 to 18 lbs, 1Gb per lb;
breakfast bacon, 13321tto lb; picnics,
10c lb; cottage roll. 11c lb; regular
short clears, smoked, 13a lb; backs,
heavy smoked, 12 Vic lb; light, smoke-i.
13c lb; bellies smoked, 15o lb; pickled
tongues, 60o each.
DRESSED MEATS Front street
Hogs, fnncy. 78c; ordinary, 7c;
large, 6c; Veal, extra, 9c; ordinary, 8c;
heavy, 7 He lb; mutton, fancy, 6 7c lb;
spring lamb, 7i74jC lb.
LOCAL LARD Kettle leaf, 10s. 14o
per lb; 6s, 14 He per lb; 60 lb tins. 13Hc
per lb; steam rendered. 10s, 13o per
Tb; 6s, 13 He per lb; compound. 10s, $a
per lb.
CLAMS Hardshell, per box. 12.40;
raxor clams, $2.00 per box; 10c per dos.
FISH Rock cod, lOo lb; flounders,
6c per lb; halibut, 7c per lb; striped
bass, 16c per lb; catfish. 10c per lb;
salmon, fc per lb; herrings, 6c
rer lb; soles, 7c per lb; shrimp.
2 He per lb; perch, Co per lb: tomcod,
10c per lb; lobsters. 26o per lb: -fresh
mackerel, ( ) per lb; crawfish, 303
per dosen ; sturgeon ) per lb; black
Dass, zuo per id; silver smelts, so p
lb; black cod, 7 Ho per lb; crabs. $1.
iST
f
OT8TERS Shoalwater Bay. per gal
lon, $2.60: per 100-lb sack, 5.00: Olvm
pla, per gallon, $2.40: per 100-lb sack.
$6.00 t.BOi Eagle canned. 0o can, $7.00
dozen; eastern in shell. $1.75 per 100.
rairnts. Coal. OU. no.
v ROPE Manila, 9c; sisal. 7He lb,
LIN SEED OIL Raw, bbla, 68c; cases,
(4c; boiled, bbla. 0c; cae 66o a gal;
lots of 260 gallons, Zc.leas; oil cake
meal, $14 ton. r
BENZINEM , eg, cases. Ite per
gal; Iron bbls., lHo per gal
WHITE LEAD Ton lots. Ta M,
lb; lots, Cat per lb less lots, le
RPENTINCJa'' essi ISHs per'
W1HK WAiLB-'i'rwni Dii;a flit.
75 lambs 6,345 $4.75
15 sheep 1,500 4 00
210 lambs 23,715 4.50
CALF.
1 calf 175 $5.00
Following Is the general range of
values on stock running in the yards
for late shipments:
Hoks Best east of mountains. $6.25:
ordinary, S5.50&)5.75; stockers and feed
ers, $5.0005.50.
Cattle Best steers, weighing 1200
pounds, $4.25 4.60; medium steers,
X4.004J 4.2i; poor steers, $3.25; best
cows, $3.25; medium cows, $2.602.85;
Stags, $2.753.00; bulls, (2.002.25.
Sheep Best wethers, (4.60 4.76; or
dinary wethers, $4.254.50; lambs, $4.50
4.76; straiglii ewes, $3.50; mixed lots,
$4.00.
Veal Choice young calves. $4.00
4. .tv, heavy and rough, $3.503.75.
(United Press Leawd Wire.)
Chicago. Dec. 12. There was a weak
start to the wheat market today at
about Ho decline from tha pruvlous
day's closing prices. There were nat
urally many recent Bnort sellers with
good proms in their trades and a num
ber of those took advantage of the
easy start to cover and a reaction en
sued that put tha price up temporarily
nearly one cent above the -lowest price
touched at the opening. Liverpool fu
tures were from d to 4d lower. Ber
lin was Ko lower. Budapest down He
and Antwerp He under, yesterday's
rigures.
May wneat reached its lowest at
$1.04, from which point it rallied
sharply, and at the close May was t
above the closing figures of the day
previous. Further weakness imparted
to corn by the action of the wheat mar
ket, but here was advantage taken of
the softness to cover short corn. Trade
was only moderately active and selling
presure was relaxed from the fact that
country oferings had almost ceased at
the lower prices recently established.
Demand in the corn market was
rather slow and c to K a under the
day previous. Market was near its
highest toward the close, the rally in
wheat being a further reason for shorts
getting in. December at the close was
Mi better than at the close Friday. May
left off at He net gain for the day.
Oats came under the influence or tne
wheat market for a time and when
wheat was at its lowest the demand for
offerings of oats was best. At the
close there was Mc improvement for
the day in December and May and so
n the July.
Market for provisions was rirm at
he oDenlnsr In response to the great
drop In number of hogs received com
pared with the recent average and
with the similar day's run last year.
Liverpool reported lard 3d lower.
Cash sales: Wheat No. 2 red, $1.024
fi 1.04; No. 3 red. $1.04: No. 2 hard.
1.01: No. 3 hard, xcb)ti.uz; spring iso
northern. 81.06H l.OSMj ; Mo. 3
sprlne. 98e$1.05.
Corn rso. yeiiow. obc; .. a.
.(& 58c: No. 3 white. 68c. Nfl. S )-'
low, 5S&84c; No. 4, 67c.
Oats No. 3 wnne, oiibjozc; ao.
hite, 60V462c; standard. 62c4
Ranze of Chicago prices furnished
by Overbeck & Cooke Co.:
WHEAT.
Open. High. Low.
Mav 105'4 106i 104 Mj
July ... 97 98 87
Sept 97 97 97
May
Julv
Sept.
97 97
CORN.
60 61H
61 4 61
61 61
OATS.
Mav 52.'4 52ti
July 47V. 47
Sept 40 V 40
PORK.
Jan 1567
May 1600
Ja n.
May
July
915
937
950
Jan 817
Mav 847
1670
1605
LARD.
915
937
950
RIBS.
8T7
860
60
614
61
62
47
40 4
1550
1587
905
930
947
810
840
Close.
106
98HA
97
1HA
61B
61
52 4
40&
1667
1660 I
912
935
847
815
845
COARSE GRAINS ARE
IMPROVING Hi TONE
Demand From South Is In
creasing Transactions
on Board of Trade.
News Gossip
of Finance
London. Dec. 12. Bank of England
rate is unchanged.
London, Dec. 12. Consols for money,
83 15-16-, accounlt, 84 3-16.
New York. Dec. 12.
Mexlcan dollars, 45c.
-Bar silver, 48c;
Newt York, Dec. 12.
bonds: Date.
Twos, registered... 1930
do coupon 1930
Threes, registered.. 1908
do coupon 1908
Threes, small bonds ....
Fours, registered... 192S
do coupon 1926
Twos, Panama
. do coupon
Fours, Philippine..
Government
Bid. Ask.
10314 104
104 .
104 101
100 101H
100
1204 121
121
102V4 103H
102
110
Coarse grains show a livelier tone In
the local market and during the week
a number of transactions in both oats
and barley futures were shown on the
Portland board of trade.
California was the principal buyer
and while the market moved up and
down in the south with great regular
ity and local tone was generally steady.
There was practically nothing dolnjc
In the market for wheat futures on the
board of trade during the week and only
a small amount of cash business was
passing. Cash prices held generally
quite firm at the former week's level
but there was a fractional decline in
the two options for both the bid and
ask values.
The receipts of grraln at Portland for
the oast week as comnared with nrevl-1
ous weeks, as reported by the board of
trade show, in cars:
Barley. Flour. Hay. Oats. Wh't.
By Thorn as O." Snotwell.
(Heant Mews by Longest ttwd Wire.)
New York, Dec.- 12. Strong features
of the stock market are so clearly de
fined and well understood . that it Is
Idle to discuss them. . While the market
is undoubtedly still on an , upward
wing-, it may be useful to watch one
weak spot that is worrying Wall street
The action of American Smeltlnir .and
Refining stock is an index of the metal
situation, it is perrectiy wen- under
stood that there must be. at the very
lowest estimate. 1 at least one entire
year's supply of copper metal piled up
In the foundries of the world and held
by speculators. At the same time the
miners are producing perhaps 1,000,000
pounds a day more than actual 'con
sumption. Amalgamated and Smelters are sell
ing at tne mgn prices. - ine coppers
will most itrobably be the weak soot
when the market becomes reactionary.
iney are In such weak condition tnat
break in that direction is liable at
any time to disturb the equilibrium of
tne wnoie list. ' The only way to guard
against this is to understand that a
collapse of comer shares does not mean
that prosperity is having a set back.
ir tney DreaK tne other stocks will ulti
mately set away from them and re
sume their advance so that any decline
on tneir part must be considered tern
porary. Stocks of coDcer comoanles
making tne metal at a tow rigure ana
sare even now.
The decline in smelters today, while
a very raaicai one, was considered mod
erate, in view of the possilltlns. This
break accounted for everything else
done in today s market. The general
public did not understand the situation
thoroughly and imagined tnat tne gen
eral list might follow down.
New York Central was kept strong,
advancing to above 119. The local
tractions were also strong most of tho
session because of a plan for reorgan
izing the Interboro-Metropolitan. Erie
was firm.
ADVANCES LACK SNAP
AND ABE TURNED TO
DECLINES LATEK
(United Ptmi Leased Wirt..
New York, Dec. 12'. In a review of
the week's stock market it has to he
said no less than it had to be a week
ago that the upward tendency has been
confined chiefly to stocks of the spe
cialty class, whose fluctuations always
represent a maximum of inside specu
lation and a minimum of participation
by the, outside public. Now and then
buying operations appeared to make
some neadway In some of the standard
shares. The Harrlman Pacifies were
very strong lust previous to the publi
cation of Union Pacific's completed re
port for the fiscal year, which was
unanlmouslv voted a most brilliant
showing. At another time Reading and
the other issues of the anthracite group
came Into prominence with new high
records for the session. But taking more
than three quarters of the regularly act
ive share list it had to be owned that
the response to the rise in the special
ties was perfunctory and unsatisfactory,
that the advance lacked snap and that
such gains were quickly and easily lost
again. These characteristics. which
tmva heen noticed now for a fortnight
or more, made an analysis of the Imme
diate market position exceedingly dif
ficult.
On the one hand it can fairly be said
that the general undertone is strong
that stocks are not pressed for sale
when prices are receding, and that ef
forts made by bearish operators to
precipitate-any Important reaction have
met so far with instant failure. On
the other hand, a market where violent
upbidding for individual securities as
the central feature and where these
movements elsewhere is hesitating is
fully open tov one- interpretation, and
that Is that the main upswing is ap
proaching' if It has not 'already reached
the culminating stage. : . , -
Critics who. take the most sanguine
view of the immediate future emphasize
the point .'which is . undoubtedly truo,
that some of the so-called specialty
movements for the last few weeks have
Involved as accumulation.
Range of New ork market, furnished
bv ' Overbeck - & Cooke company
DESCRIPTION.
Amat, Cop. Co.,.,
Am. c. ir. uo.
do pfd. .....
Am. C. Oil, o...
Am. Loco., 00m.
Am Hugar. com
Am. Smelter, c. .
do pfd.
Ana. Mining Co,
Am. Woolen, c.
Atchison, r com. .
ao pro. . . .
B. & O., com
do ofd. . . .
B. Rapid Transit
can. Facirio, o
Cent. Leather, o.
do pfd
C. A Ot. Wes. c
C. Mil. .& St. P.
C. & N.-W. c,
C. & O.
Colo. F. & I., c. . .
coio. DO., c
do 2d pfd.
do 1st pfd. . . .
Corn Prod., c. . .
do pfd
Del. & Hudson.
D. & R. G.. c. . .
do pfd
Erie, c
do 2d pfd. -. . .
do 1st pfd. . . .
O. Northern, p..
ill. Central . . .
& N
Mex. Cent. Ry. .
M. K. & T.. c.
do pfd.
Distillers
Ore Lands
Mo. Pacific
Nafl. Lead
N. Y. Central. ..
N. Y., O. & W..
N. A W.. c
N. American. . . .
N. Paeiric, o...
P. M. S. 3. Co...
Fa. Ry
P. O., L. & C. Co.
P. Steel car, c.
P. Bteel Car. p. .
Reading, c
Reading, 2d p. . .
Reading, 1st p..
R. I. & Steel, e. .
R. I. Sr. Steel, p. .
Rock Island, c. . .
Rock Island, p. .
St. L. & S.F. 2dp.
St, L. & S.F.lstp.
St. L. & S. W., c.
St. L. & 9. W., p .
S. P. com
do pfd
S. Ry, com ......
do pfd
Texas & Pacific.
T., St. L. & W., c.
do pfd
U. P., com
do pfd
IT. S. Rub., c
U. S. S. C. c... .
do pfd
Wabash, com. . .
do ptd
W. U. Tel
Wis. Cent., com.
do pfd
Wheeling Lake..
Westlnghouse
tTtah Copper
Third Ave
a
a
.88
46
42
55tt
41
BO
106
49
31
98
102
109
61
178
30
160Vi
175H
68
39
64
68
n
179
88
83
40
49
142
147
123
31
88
71
87
72
65
79
11KH,
46
84
9
88
47
42
67
132
90
105
98
102
110
58
178
30
ii"
150
178
68
39
67
68
142
34
129
100
89
99
141
90
26
86
23
69
22
63
53
120
123
26
69
83
41
182
95
64
112
18
45
68
52
68
'88
'85
17
179
38
82
35
40
49
148
H7
12S
21
S8
37"
78
66
80U
121
46
84
T
821
4$;
66
131
87
104
4
1U3
109
E7
1TB
11
149
175
57
88
64
67
142
36
130
100
4S
142
90
86
23
60
40
63
17
179
87
82
33
40
49
142
147
123
21
88
36
72
4
78
118
4
84
54H
120
123
25
69
33
41
183
88
36
141 K
35
129
100
89
98
141
'96
26
85
23
69
39
63
53
120
123
25
69
83
40
182
5
47 r
107
42.
66
131
88
104
49
31
97
102
109
si
68
177
30
99
11
150
175
68
89
54
67
72
17
75
179
87
82
86
40
49
143
147
122
21
38
71
88'
78
65
80M
2
84
73
3D
130V
99
142
93
91
26
86
23
69
40
63
23
62
120
123
26
59
33
40
65
183
a ft
14
1$
18
67
30
67?
11
88
47
38
Kansas City Southern, 37 38.
Total sales. 664,000 shares.
JAPANESE WILL MAKE
FLOUR IN MANCHURIA
Big Chain of Mills to Be Operated Soon Wheat Sup
plies Are'Hard to Get There hut Native Growers
Will Produce More With a Favorable Price.
Dec. 12
Dee. 5
NOV. 28
Nov. 21
Nov. 14
Nov. 7
Oct. 81 ,
Oct. 24
Oct. 17 ,
Oct. 10 ,
Oct. 8 .
38 75
K 41
"28 Ml
.100
.107
. 76
. 40
,.44
. 41
. 69
. 35
60
78.
26
31
IS
14
19
22
71
56
60
67
88
79
34
76
70
79
40
20
19
9
17
12
20
26
36
61
237
249
302
842
66S
268
365
411
418
178
472
New York, Dec. 12. Metal: Copper,
lake, 1714c; electrolytic, 14
14c; castings, 1414c.
Tin $29.4029.70.
Lead 14.26 4.80.
London, Dec. 12. Silver, 22d.
Washington, Dec. 12. The treasury
statement today shows:
Receipts. $1.(67.997.
Disbursements, $2;200,000. '
BOSTON COPPER MARKET
(Furnished by OVerbeck & Cooke Co.)
Hosion, jec. Ji. Official bid prices:
Amal.
Adventure! ...
Alloue ...... 39
Arcadian .... 3
Atlantic 17
Boston Con... 16
Butte Coala.. 27
Cal. A Iiecla.675
CaL A Arts. 118
Centennial ... 14
Cop. Range... 80
Daly West... 10
Franklin .,.. -t
Granby 104
Greene Can.. . 11
Glroux ...... 6
Mass. ....... 13
Michigan 13
Mohawk ..... 69
82!Miamt
Nevada Con.
12
Nipplssing.
MO
20
10
orth Butte.. 86 '
Old Domin.,.. 69
Oacebia ......132
Parrott 29
Qulncy .......
Royals 26
Shannon . ... . 17
Sun. A Pitts.. 18
Tamarack 4... 82
Trinity ..... 17
united . ... ,.w 13
Utah Mlnins.. 46U
Victoria ....... 8
Wolverine ..,.151
Winona .....
U. 8. Mining. 44
Statement of
N. Y. Banks
New York, "Dec. 12. The weekly
staterhent or the associated Danks to
day shows the following changes: .
Reserve on all desopits, decrease, $3.
372.150. Reserve on all deposits other than
United States deposits, decrease, $3,171,
900. ' .
Loans, decrease $7,697,900.
Specie, decrease, 86,740,000.
Legal tenders, decrease, 416,800.
Deposits, decrease, $16,534,600.
. Circulation, Increase, $529,300.
Total loans, $1,339,647,400.
The surplus of the banks Is $19,199,
800, as against a deficit last year of
$40,101,175. and deficit two years ago
of $1,899,050. . -
Hogs Higher lit East.
Chicago. Dec 12. Hogs, 1,000; cat
tle, 600; sheep. 2600.
(Hogs are a shads higher, cattle steady,
sheep strong. l i
Kansas City, Mo., Dec 12. Hogs.
5000; cattle. ,600; sheep none.
Omaha, jyeb., Dec 12. Hogs, 7000;
cattle, 200; sheep. 1300.
. Liverpool Wheat Market.
Liverpool, Dec' 1.What close:
December ' 7s 11 Kd:. March. 7a 7ttd:
May, 7a-dV 1 .:. .
1 1 W .1
'When.'the body of a starving animal,
ineludln'g man, loses two-flf ths"of its
substance, the inevitable result Is
death. . . - ' V -
By T. T. Cloud, United States Tics-Con
sul at Mukden, Manchuria,
The flourmill recently installed at
Tlehling by the ManChurlan Milling
compajor, a large Japanese ebneern, is
reported to be turning out its full quota
of flour daily. The mill was erected
by and purchased from an American
company, and is one of an extensive sys
tem of mills to be established on the
line of the South Manchurlan railway by
the Japanese concern, whose program
it Is to manufacture on the ground all
the wheat flour needed by the inhabi
tants of Manchuria.
The Tlehling mill Is a small one. Its
dally capacity being only, 40 barrels,
yet it has thus far experienced consid
erable difficulty In obtaining, at satis
factory prices, enough wheat to keep it
running. At present the difficulty is
overcome by shipping wheat from the
north, in many cases over a distance
of 200 miles, the wheat obtained from
the immediate vicinity of the mill not
exceeding one fourth the amount re
quired. . , .
The average price paid for wheat is
60 cents per bushel. The average price
received for the flour, delivered at the
mill, per barrel being: First grade,
$4.18; second grade, $4.02; third grade,
$3.88i For offals. 86 cents per hundred
weight The demand for' offals is good,
and the trade is more profitable rela
tively than the flour trade. Chinese
farmers and the Japanese military are
the chief consumers of the by-products.
'Wneat non Orowlng In favor. ,
The wheat In the Tlehling region re
sembles the red clnb of the Pacific
coast, and if properly handled would
make very fair grade of flour, but,
owing to primitive and defective meth
ods of harvesting and caring for the
?raln, the flour Is not only of an In
erlor quality, but the quantity of flour
obtained per bushel of wheat is consid
erably less than it might be, the rates
at present being one barrel of flour
from five bushels of. wheat. Lack of
skill also In operating the mill Is doubt
less partly responsible for the low per
centage of flour obtained, vis: First
grade, SO; second grade, 60; third
grade, 10.
As an article of diet wheat flour Is
becoming more and more popular among
the native population of Manchuria, re
placing "kaoliang." millet, and the other
cereals, which in former times consti
tuted their principal items of food.
Will Orow Mors wheat.
The farmers, therefore, are beginning
to appreciate the fact (hat the growing
of wheat as a regular crop js profitable,
and are increasing the acreage from
year to year. At present, however, the
local mills are, as a rule, not making
money, in the lirst place, mills, situ
ated as is that at Tlehling, to keep
running have difficulty In securing
wheat, and in order to do so are com
pelled to pay high prices therefor.
Then, too, their brands of flour are new
to the market, and the Chinese are very
conservative with respect to new brands
of wares of any kind. The new brands
of flour therefore are not making much
headway, even in the local markets, the
consumers preferring the , established
American and Harbin brands.
Manchuria offers the flour milling in
dustry a bright future if those inter-1
ested In Its development be content to
meet the conditions as they are by In
stalling small mills and teaching the
farmer how to grow and care for his
grain as well as how to market it '
Overbeck ml& Cob
Coanissleo Eferchanls, Stocks. Bends. CoHon, Grain. EtV
'; . W17 BOARD OF TRADE BUILDING) Y'-:;f
' Members Chicago Board of Trade. Correspondents of Logan & Bryan,
'-!. Chicago, New, York. Boston. -.- ;,"' -;:... c:,v
Ws nivs tbs only private wire connecting Portland with th casters -.'.
- exchanges.- - :': - '
.. ; - MEMBERS PORTLAND BOARD 09 TRAPS, . , " .