THE OREGON SUNDAY JOURNAL. : PORTLAND, SUNDAY. MORNING, MARCH S. 1911.
10
17T
Rdvlcwof tlie World's Trade
otthe Past Week
A
J
.-Sri
19M HOP OUTLOOK
F,
Oregon Not Likely to Produce
as Heavily ais in 1910
Oids Cleaned Up.
, ' By Hyman H. Cohen.
i' The outlook for hop production in
the world the coming season can searce
" ly be called the best but Indications
point to a good yield. The season for
T" plowing has just matted but under the
; very best of conditions it is not likely
tha Oregon can produce as big a crop
as last season. .,
This is due to the fact that many
of the older yards are showing numer-
ous missing hills and this counts con-
slderably . in the production . of the
cluster. , ..
- There haa beenxwetlcally no-new
" acreage set out in this state during
the season and practically none that
1 will come Into bearing for the first
time this year. .
, Many of the older yards are getting
so thoroughly thinned out that tt. is
scarcely profitable to -work them. Ef
" forts to secure new root have failed
as there are only a very few of these
available.-'--" -m- v-r
1910 Season is Closing.
The i10 season Is fast coming to
an end. Stocks of hops held by grow
lers throughout the world are the Hgh-
est ever known for this period. This
- inoludes old as well aa new hops. There
has been some misapprehension regard
ing the available amount of old hops
v: In the hands of speculators and grow
ers and latest estimates have, cut for
. bw ones in quarter..
v. Dealers have been quite willing re
. cently to pick up the scattering lots
of 1910 hops that are-held by .grow
ers hut some of these wUl not likely
"be moved until Just previous to the
opening of the. 1911 season if at that
time. '
' Hops of the 1910 crop in the hands
-'Ok of dealers are far less than anyone had
suspected and all the previous talk of
; a ''corner" proved to be simply "hot
sir" and a space filler for some news
- paper. ' - " -" '
Old hop' have been In demand every
, where duAng the past week snd some
business was closed - In California
, around previous figures, v
v- Contracts Are Booming.
Demand for contracts on the 1911
crop is booming. Quite 'a number of
, crops were tied uo during the week and
the indications are that at least half of
the year's output could be tied up with
in 10 days provldlnr growers were wlll-
. ing to sign up. . ; .
f ' A peculiar featureof the present sit-
nation Is that practically, all the con
' tracts secured "recently have been for
the dealers themselves who are specu
lating on the future. All of them who
,ete "long'Mast seafcon came out with
good profits and it Is but natural that
they should try It again.
Brewers have been studying the sit
uation but have taken few contracts
to date. - While this is not peculiar it
would Indicate that they have suffl-
' elent hops for Immediate requirement
and are wiiung to wait awnue to see
just how tne situation will adjust it
self. Market Outlook Good.
the ontlook for hop jrlces is, quite
I good .'With the make of beer again
showing a heavy. Increase all over the
world and with old hops -quite well
cleaned up. It is Improbable that brew
ers can remain out of the market long
after the new season a growth comes
forward.. -r, -
Brewers learned a very good lesson
labt year by buyinr from short sellers
who could not deliver and therefore
' it is not likely that they will give any
i. order until the Roods are in sight
and then , only to regular brokers.
Mohair Dull With Fear That
Duty May Be Removed-
t "t
Shearing to Start.
: Within about two weeks the 1911
shearing of mohajr will start Weather
conditions permitting-, the clip will be
Id full Wins; 'within tne present month.
AVhile there has been considerable de
crease in the number of animals this
year, owing to the fact that many of
.them were sold for rood, dealers say
' that it is likely that there will be but
little falling off in the output Of hair.
The tariff question is causing much
comment among the mohair trade and
until this is fully settled it Is not likely
that tho market will, show its full
strength. General expectations are that
mohair will open practically the same
as last year, but lr mere is no rur
ther tariff agitation the trade antici
pates an advance. There Is a tariff of
lie a uound on mohair. The principal
sources ofsupply outside of Oregon are
in Turkey and boutn Africa.
- ' Dealers are again sounding a note of
warning to mohair Interests. Last year
despite all the notice given through the
newspapers and by circulars sent out by
dealers, thousands of dollars were
thrown away by Oreaon shippers be
cause thpy used sisal twine in tying
this bundles. The eastern trade took off
i'c a pound for packages tied by this
material.
Theodore Bernhelm, the local wool and
mohair deaiVr. who has just returned
from an extensive trln through the east,
fays that both wool and mohair markets
are very dull owing to the tariff agita
tion. Th' wonknas is more apparent
in wool than In mohair.
WALEA -WALLA CROP GOOD
ABOUT
I
..
BUGBEAR TO WOOL
Wheat Passes Through Week of Cold
Weather But No Damage Done.
'' w Walla Walla. Wash., March 4. With
grain through another I week, and that
week one if the coldest of the winter,
11 it may be considered that danger is en
tirely; paed, and that the crop is in
1 fine condition for tho spring showers.
"Ordinarily there would be danger for
, enother week or two from freezing, but
there W now six or eight inches of snow
on the ground in the colder parts of the
- ' , - valley, and two or three inohes in the
lower end. The mercury has bean down
, well towards sera during the week, and
1 if, the gramy protected by the snow, has
Ih-nefited y the cold weather which has
y , .tiwld It back, while fully shielded from
- , freeing New that this cold spelt has
' 1 votne late in the - winter. It precludes
i v , danger of any more winter weather, and
the wheat growers are mast optimistic.
' - It ' la ; nelteved that there -has not
Wit Mt of grain fraien out In any
part of the valley, . Kor has there been
any warm, heavy winds to take off
,' hfH vy snowfalls and rush the water Into
-ricKck.v On the"? othefandrHhe
thaws have been mild, end the water has
u ''. r f tone .into . ihe. ground, where it be-
lng. ; No ruts have been washed in
:.;" the sldw Mils, either, which lust year
vmde some of the Joothill land almost
.impossible. to harvest..
Joi'nJ Wast Ads bring results. -
WORLD'S PRICE, OF
WHEAT YESTERDAY
Portland Cash club, 7779c;
bluestem. 80S2c.
T Buenos Ayres Wheat easier.
Melbourne Wheat lower. 4
e Calcutta Wheat dull. s
Liverpool Wheat to d 4
lower."
Antwepr Wheat He lower.
Paris Wheat c hlgWr.
4 Chicago Wheat higher.
Minneapolis May 98 c.
' Winnipeg May, 93 c. : 4
4 St. Louis May, 92 Ho ask. 4
GETS AHENTION
Overshadows All Other Con
siderations in the Business .
World Sharp Slump.
By. Balph Emerson.
. (Publhbcrs' Press Ltaud WIra jr-New-
York, March 4 On overshadow
ing consideration in the business world
during the weekwas the attention fixed
on the action that would be taken at
Washington on the Canadian reciprocity.
On Thursday prices suffered a Blumn
on a marked increase of selling activity.
and leading issues went below the low
figures reached on last week's break,
although the declines did not go down
10 me ievi reacnea at mat ' time in
London. Yesterdays dealings were, if
not governed, at least such as aDneal to
professional speculators and relate
chiefly to the quantity of buying or sell
ing which has been going on that the
extent to which quotations have moved
up or aown.
While it is ndt considered the failure
to iass the reciprocity treaty, that is
altogether ; responsible for the slump,
still it cannot be denied that this, to a
great extent, controlled the market on
certain issues.' . Toward the end of the
week an uneasy felling that what are
called leading interests' and Insiders
have been bullish on the stock market
only on account of the new figuring of
the year as it held out promise of con
tinuing, began to make itself manifest.
, There has been no let up in the price
of producing and marketing, at least,
temporarily, new ' issues of corporate
obligations and shares. The output of
the week was fully $100,000,000, . the
bulk of it going, to' the account of Feb
ruary which; brohght the total of the
first two months td $178,000,000 in
extfose of last vear. '
Common sense recognizes merit in the
contention that the ruling did a good
deal to break the endless chain of
prices of which so much has been heard
In the last year.
.. The large orders for equipment placed
and bids for on xiher contracts, the
contracts tor rallre improvement and
extension awarded by western railroads,
and the representatives from mercan
tile quarters are encouraging industrial
lines. , , . ,
Ihe weekly statements of the great
foreign banks covered the period of the
monta end hangea, and by , somewhat
less strong positions Indicated the
changes of the- money market which
usually gives the clue to the financial
character of the balance of the year;
but at the moment there is nothing to
excuse apprehension - that the severe
strain which develooed in 1910 will re-
Lappoar in the present 12 months.
Range of New York prices furnished
by Overbeck A Cooke Co.:
' bescriptlon Openi Highl Low Bid
Ami Cod.
6t
62
62
i
82
Am. Car & IMy. c
oi ao., pra.
Am. Cot Oil
Am. Loco., o
Am. Sugar, o ...
Am. Bmelt 0 ...
do., pfd. ......
Ana. Mln. ......
Am. Wool., o ...
Atchison, o ... .
- do., pfd; ......
B. & O., e. ......
- do, pfd. ......
Brk'n Rap. Ts't
Can. Pac o ....
Cen. Leath., e ..
do., pfd. ......
C. & Gt W'n., e
C. M. & St P. ...
C. & North. ,c . .
Chesa. & Ohio ft
C. F. & I., c.v
C. 8., c
do Id pfd . . .
do 1st pfd . . , .
Corn Pro., c...
do pfd
Deals. & Hudson.
81
lis
74
105
37 H
t7
us
117
74U
73
104
104
3tt
104
33
83
8
105
104
103 4
102
77 77 V4
30
10$
119
114
53
74
74
74
D. & R. G.. c... 31
do pfd f. .7rr.t 70
70
28
Brte. 284
do 2d pfd .... sen
do 1st pfd ... 48
G. Na pfd 134V4
111. Central .... 134'
Inter. Met., c
do pfd . . 61
a . .
48
124 'A
L?
134
134.
ir1
63
Louis. & Nash. .1143
144
144
Man, K'y 138
1138
138
M.. K. & T., c
32
32V4
31
86
35
68
55
61
do pfd
Distillers .
Oar Lands
Mo. Paciflo ...
National Lead .
N. Y. Central . .
N. Y.. O. & W.;
Nor. AV West , e
do pfd
86
r8
r6
105
88
35
68
6K
55
51
66
62
106
105
105
41
A IV.
41U
ri03
102
82
69
120
24
125
North American.
No. Pacific, c. . .
Pacific. M. S. Co.
121 U
104
121
120
Pennsylvania Ry.
P. G., I C. Co.
125
104
103
103
Pressed S. Car, o
32
Keaaing, c ...
do 2d pfd ..
do 1 st pfd . .
Rep. 1. & S., c
do pfd
164
'is'
155
153
154
its
88
32
98
29
57
40
62
30
(!5
88
Rock Island, o..
29
68
41
-29
28
57
ao pra
8. L. & S. F., 2p
dp 1st pfd. . . .
S. L. & S. W.. c.
do pfd. ......
68
41
41
30
65
30
66
115
26
30
65
South. Pacific, c.
So. Railway, c.
115
114
115
26
26
26
63
27
22
61-'
ao Pia
Texas & Pacific
T., S. L. 6c W., c.
22
22
20
ao era
51
61
172
61
Union Pacific, c.
171
170
171
do pfd
U. 8. Rubber, c.
do pfd
81
40
42
75
42
15
118
1
' 87
39
75
109
U. S. Bteel CO.. c.
7514
do pfd
118
118
118
Wabash, c. . . . . .
163
i
16
86
16
36
61
67
do pfd. ...,,
37
Wis. Central, e..
Westinghouse . ,
VA
44
Heet Sugar
44
44
44 'j
I Utah Copper ...
44
44
j luru Avenuv .
9
Ice Securities , . .
Cons. Gas .
Big Four ......
Ry. Springs , . .
140
139
58
83
ao nra .......
Vs. Chemical . .
68
ei."
88
68
do pfd
K. C Southern .
83
is-
2?
8
do Dfd
Gen. Electric . .
Wheel., Lake EL.
Goldfleld Cons. .
148
148
"6'
M
93
$!
24
40
43
LAlUau CiiaJm. ......
ao pia
jktn. Can ..
J
80
do Dfd . .
L81
Alton Com.
do Dfd . .
G. W.. pfd
Nev. Cons 1 18 UXLI -5
18
Lehlrl, Valley .1171 UI172U 172
71
, Total sales, 2S9,6pO shares.
ram talk
CHINA, PIONEXR IN WHEAT GROWING;
Produced tho Cereal Before Columbus Discovered America Chinese Are pig Consumers of Products and .
"" Buy Rice "Only When It Is Cheaper -Productioir c-f Grain and putpiit of Flour Is Increasing and Qual- -;
itj.pf Latter Is Improving Rise and Decline of American j'lour Trade in Flowery Kingdom.
BYlfArtean HrAnold7Tltedtfttes"C
aulAmoy, China.
A large part of the American public
seems to be under the impression, that
tne entire Chinese people depend upon
rice as the main article of diet, and ttiat
wneat products are only graauauy iina
ing favor with. them.
It is true that the entire region south
of the .Yangtze and portions of the region-immediately
north of this river
do depend upon rice aa their principal
article of diet. Although, even in this
section, when rice is dear and flour is
cheap, large quantities of the latter are
consumed. Moreover, those of the peo
ple in Kouth China who can afford it
vary their diet by' addition of wheat
products. To the millions north of the
area above mentioned rice if more of a
luxury than is wheat There are mil
lions of people In central and north
China who have never even tasted rice.
There is probably a greater population
In this section who eat wheat products
than the aggregate population of the
United State Owing to the loose
character . of soil In central and west
China, snd to the severity cf the win
tors Jn north China, it is impossible to
raise large quantities of rice In those
sections. Wheat was grown here cen
turies before Columbus discovered
America. . - -'-i-----. .
Present drain production.
- As" there ate no agricultural or Indus
trial statistics complied by the Chinese
government., it Is extremely, difficult Jo
secure estimates of the1 amount of
wheat or flour produced In China. From
observations made on a tour through
central and west China last summer,
when those y sections harvested the
enormous wheat crops, I believe a
conservative estimate to be 200,000,000
bushels of winter sown wheat
Shansl and Shensl produced probably
an agregate of 60,000,000 bushels last
season.. At harvest, wheat in these
Erovinces sold for 25 to 30 cents, United
tates gold, a bushel. As railroads do
not yet tap the wheat producing centers
of this section of China, the cost of
transportation Is so high as to make it
impossible to find profitable markets
for this wheat In Shanghai last sum
mer the native mills were paying 75
cents, United States gold, a bushel for
native wheat, which Is 10 cents In ex
cess of the usual price.
Edward 8. Parker, chief of the bureau
of agriculture, Mukden, estimated that
Manchuria in 1909 produced 10,000,000
bushels of wheat which at harveut time
commanded 66 . cents, United States
gold, a bushel. He states that during
the past three years the highest and
lowest prices paid by the Harbin mills
for wheat were 66 and 84 cents. United
States gold, the latter being paid in
January, 1910. .
Mr. Parker estimates that If all of the
available unoccupied lands In northern
Manchuria and eastern Mongolia are
brought under cultivation that section
of AHla should be capable of producing
300,000,000 to 400,000,000 bushels of
wheat, even with native methods of cul
tivation. 1
Generally speaking, the quality of the
winter sown wheat produced In China
is poor. Scientific seed selection, or In
fact any sort of seed selection, seems
to be unknown to the Chinese. Wheat
Is wheat, and there It ends.
Up to within 10 or 12 years ago all
of the native flour In China was pro
duced in native mills and family grind
ing stones. Modern roller mills are new
to China, but rapid progress has been
made during the past 10 years in their
installation. There are now 20 in
northern "Manchuria, -14 In1 the Shanghai
district, and six in Hankow and vicinity.
I believe a conservative estimate would
place the total amount of flour pro
duced by these mills during 1909 at
2,800,000 barrels.
The Shanghai mills, 14 in number. In
cluding those in the Shanghai vicinity,
make up one of the leading native in
dustries of that section of the empire.
The combined dally capacity of these
mills is 7U00 barrels. Their average
monthly output Is about 100,000 bar
rels, or 1:200,000 barrels a year. The
rapid growth of the modern milling in
dustry at Shanghai encouraged the rale
jn of wheat in the adjacent country.
The Shanghai mills also receive much
of their wheat from Shantung and
Honnn provinces, the former of which
has during the past few years greatly
increased its 'wheat growing area,
owing to cheap transportation facilities
accorded by the. recently completed
Shantung railway.
In Hankow and vicinity there are six
modern mills. In the absence of accu
rate statistics as to their actual output,
I am able to make estimates only. The
entire capital stock of these mills Is
1,060,000 taels (about $750,000 United
States currency). Reckoning on the
basis of the output of the Shanghai
mills, we should have for the Hankow
BUYING BY MILLS
Washburn-Crosby of Minne
apolis Take a Flyer and
Force Bearish Market Up.
By Joseph F. Pritehard.
Chicago, March 4. There were ad
vances of 1b1c In wheat valuos
today, with May showing the most
strength. This upturn was In the face
of generally bearish news from abroad.
It was the outcome of reported heavy
buying by the Washburn-Crosby con
cern, millers of Minneapolis, who are
believed to be lonsr not only on cash
wheat in that .market, but who are
aiso Deneved to be heavy holders of
flour scattered all over the United
States.
While wheat has suffered declines
for some time past and a "natural" re
action has been awaited by those who
believe that breadstuffs are too low,
the movement at Minneapolis and Win
nipeg may doubtless have been for th'j
purpose of frightening some of the
people who have bought large quanti
ties of flour and who have losses In
the same, into sending shipping . direc
tions to the millers from whom the
purchases were made. Some of the
mills at Chicago have been closed down
because' of the dullness In flour, .The
buying caused nearly all the smaller
shorts here to cover and there was con
siderable investment buying In evidenca
as well.
Range of Chicago prices furnished by
Overbeck & Cooke Co.!
WHEAT, ' ':.
Open. High.
, 89 -91
885 90
87 ' 89
CORN. .
.47 48
48 49.
49 ,60
OATS.
May
July ....
Sept ...
Mav
July ....
Sept. ...
May ....
July ....
Sept ,.,
30 30
30. 30
4vi au;4
ft A
PORK.
176 1J4J-
Mai
July
1685 1687.
1676 1676 A
LARD.
926
922
.922
RIBS.
982:'
923 '
May
917
H20
920
SO
15
917
917
915
920
950
' 915
J91S
922 B
917
029
960 A
917 A
915 '
July
Sep.
May-
July
Sept'
CAUSE OF ADVANCE
Low. Close,
89 91
88 90
87 89
47 48 .
48 49 '
49 . 60
80 30
SO . &0 A
29 ' 30 A
uuw oarreis, an estimate undoubtedly
too high, as the Hankow mills are
smaller than those at Shanghai. Thus
a liberal estimate of the aaareeata ah.
nual output of the' Hankow mills would
be 800,000 barrels. "' . . i -'
' Vattonalitr of Kills.
Of the Hankow mills, two are nomi
nally British, but supported mainly by
Chinese capital,- one is Japanese, and
the ather three Chinese. . . '
The Manchurlan mills are mostly .cen
tered in the Harbin district' There are
iniiorthern Manchuria 20 modern flour
mills. Those in the Harbin district are
under Russian management The re
mainder with the exception of a Japa
nese mill atvJPleling. Are under Chinese
management. - The Manchrian roller
mills manufactured In- 1909, according
to Mr. Parker's figures 1.064,988 barrels
of flour. The wheat grown in Man
churia seems to compare in quality fa
vorably with some or the good qualities
of spring sown American wheats, and
produces a good grade of flour. vv..--,
Modem Mills Axe Absorbing Markets.
The bulk of the products of the Han
kow roller mtlls is distributed in the
surrounding territory and but little en
ters the regular channels of trade. The
Shanghai mills are more conveniently
situated foe this business than are the
mills of Hankow or Harbin, as trans
portatlon vf rom Shanghai to the" other
treaty ports Is generally much cheaper
from Shanghai than from the other two
points.
About 260,000 barrels, or about one
fourth of the production of ,the north
Manchurlan, . mills, is shipped into
Siberia, the remainder being locally
consumed
It Is the Shahchai milled flour whTnh
Is capturing the flour trade of the vari
ous treaty porta of China. Eleven years
ago. mat is curing iss, Shanghai
shipped only 130 barrels of flour to the
north China ports. During the year
1909, the shipments of native manufac
tured flour from Shanghai to the norta
of north China netted 500,000 barrels.
y . About Chinese Wneat. i- 4
4 Chinese grew wheat before Co- 4
4 lumbus discovered America.
4 Production last year estimated , )
4 at 250,000.0$ 0 bushels. 4)
4 With no seed seleotlon quality 4
4 Is poor. " 4
' Value 250 a bushel on the 4
4 farms.
4 , Production used by local mills. - 4
4 Most of growth Is far away 4
4 from rallroaas. . '
or nearly 60 times as much as shipped
there 10 years ago. . During 1900 tho
Shanghai mills shlDned to the three
ports. Amoy, Swatow and oochow,
about 3000 barrels of flour, whereas
during 1909 this trade increased to 270.-
uvw vaaic.n. inok ivtiiiun ajHxrict; re
ceived during 1909 its first shipments
of native manufactured flour, import
ing 120,000 barrels from the Shanghai
mills.
In 1909 the Shanghai mills shipped
to various treaty ports in China a total
of- 900,000 barrels of flour. This is 10
or 11 years Shanghai has added an Im
portant industry to the trade of the
port. f
The question now arises, how Is the
American flour trading In China being
affected by these developments In the
nativ milling Industry?
I am Informed that American flour
was first shipped to China in 1874. For
many years thereafter all of the Amer
ican flour shipped to China went to
Hongkong for distribution among ports
of south China, the Canton district tak
ing the largest quantity. Up to within
15 years the Sperry Flour company's
brand practically controlled the Chinese
trade. With the developments of the
milling Industry in Oregon and Wash
ington and the transformation of many
wheat lands In California to fruit -cultivation,
the low grade California flours
became gradually displaced in the
China market by those of, Oregon and
Washington mills. The low grade Ore
gon and Washington flours seem to
possess greater elements of strength,
more protelds, and less starchy matter
than the California flour. The Chinese
consumer prefers strength to white
ness; hence tho products of the north
em' spring sown wheat found favor with
the-Chinese trade.
Gradually the American flour trade
extended to North China and even Into
Manchuria, and from 1900 to 1907 the
Pacific- Coast mills found in China a
profitable field for their surplus low
grade flours, the quality and price of
which seemed to suit trie Chinese trade,
Leaving out of consideration the year
SPRING WORK NOW
IS BEING RUSHED IN
PACIFIC NORTHWEST
Sprinkllke weather was shown re)
at all centers of the Pacific 4
northwest during the past week, ,
4 and the grain crops received bep- 4
eflts. Fall sown wheat Is look- 4
4 ing well In all sections, and dill- 4
gent Inquiries in practically all 4
4 the districts fall to reveal dam- 4
4 age worth mentioning. SDilne:
work Is being rushed with all 4i
4 possiDie speed, and In a few in- 4
e stances sowing has been in prog- 4
4 ress for several days.
4 44444)44444
WHEAT PRICE IS A
BOTTOMLESS PIT
Lowest Lever of Year Reached
and Outlook Is Not Very
Encouraging.
By Hyman H. Cohen. ,
Is there a limit to the declines in the
wheat, market, and when will, he down
ward movement stop? . .
These questions are blng asked dally
by the grain and, milling trade. Not'
withstanding all forecasts to the con
trary, wheat prices continue to recede
and although farmers are loath to part
with supplies at the present figure; the
wants of the world's wheat trade are
being fully taken care of. ,
California appeared as a factor In the
wheat market aaln this week and for
that reason buyers tfor that account
were willing to bid a fraction above
what others have been offering. Ex
porters as a, rule are not bidding-over
the 77c basis, for, club wheat and 80c
for bluestem but In some quarters a
cent above these figures is being of
fered for a limited supply. -
Nowhere is there any heavy demand
Tor'wheat'W The Pacific Northwest and
this Is the reason why buvlng Inter
ests; are not keen to take hold even at
this present range of prices.; Foreign
markets are In such a state that' there
Is scarcely any call for cargoes and no
recent sales have been reported. ' - i '
The situation In the flour market U
(Continued on following page;)
TW7y whlcn warqultaabTvorHial;- we
find that during the past 10 years, 70
per cent of all of the foreign flour im
ported into China, went' to ports south
of Shanghai. For the six. years pre
vious to the year1 190 6 the exports of
American iiour to south cntna aver
aged 600.000 barrels a year, that Is
about 2,000,000 so. called 60-pound bags.
During this same period the exports, to
North China ranged from 20,000 barels
to " 260,000 barrels, or averaged about
600,000 60-pound bags a year. '
The exports to China for 1907 rose
to 1,000.000 barrels for South China
and, 1.800.000 barrels for North China.
belg more than twice the aggregate of
i ue nuur expuris - 10 inma ior lsue,
the next highest record. Since 1907 the
exports have dropped off lamentably.
During 1908 South China imported but
760.000 barrels of American flour and
North China but 800.000 ' barrels, and
during 1909 South China took but 360,000
barrels.-while North China imported no
more than 86,000 barrels of American
flour.. This 'China's , importation of
American flour during 1909 was less
than that for any ether , year during
the previous 10 ysTsV.-,,!l ,..v-..-,T-f
Effect of Prices on Competitive Boaroea.
The excessive imports of foreign
flour v during 1907 are accounted for
partially by the failure of agricultural
crops in various parts, of China in 1906
and consequent high price of rice,, par
tially by the low prides of Wheatland
flour ruling In America during 1907.
andt partially bythefaTorable-jUver
exchange. -.' : -,."). . ,
The enormous decreases In thel two
years following are accounted for by the
high prices in the American f louf mar
ket by the unfavorable silver exchange,
and by enormous Increases in the pro
duction of native flour In China.
It was onl natural that the Shanghai
mills-should seek first to supply the
demands In north China' for they had
an advantage over the American ex
porter to these porta In cheaper trans
portation; furthermore, the northern
ports were not. prejudiced in favor of
American flour, as were the flour-consuming
people in the south. ': ' ,
Restricted Markets for American Flour.
Favorable rice crops In south China
during the year 1909 kert this district
from importing as much flour as it
would In years with more unfavorable
rice crops, but the .fact remains, the
Shanghai mills have now reached the
former stronghold of the American flour
trade and the future does not look
bright for the Pacific coast millers who
would look to China, as a market for
their surplus of low grade flours, espe
cially so while $1 wheat rules in Amer
ica. '
Naturally, In the event of short crops
In China or excessively high' prices for
rice, there may be from time to time
openings for American flour, but these
pan only be spasmodic at best
Problems of Boiler Mills in China.
The Shanghai mills made no money
during the past two years. For some
few years after the first mills were
In operation, large profits were made,
resulting in the number of mills being
greatly Increased, so that now there are
more mills than can profitably operate,
considering present conditions..
The mills in northern Manchuria have
no difficulty In finding a market for
their by-products, bran and shorts, but
the Yangtze valley mills experienced
considerable difficulty In disposing of
these products profitably. It mustbe
borne In mind that cattle, horses and
farm animals do not exist in these re
gions, as they do in America. Much of
the labor on. the Chinese farm that la
done by human beings would be per
formed by animals In the United States.
Moreover, the Chinese do not keen
dairies and scarcely know the use of
mint, so that here again the mills lack
a market for their mill feeds.
Prospects Bright for China.
The ' Chinese trade admits the supe
riority of the American flour over the
native product. Often the wheat used
by the mills In Shanghai is not prop
erly sweated, so that the flour does not
keep long after It is put in bags. There
will be for many years to come a cer
tain amount of trade for good grades of
American flour, which appeal to the
taste and purchasing power of certain
of the Chinese trade. But as the wheat
producing areas are brought in closer
communication with the mills by Im
proved methods of transportation, as
ihe qualities of wheat are Improved, as
tho knowledge and skill necessary fer
the proper running of modern mills are
acquired by the Chinese, and as mar
kets are found or created for the by
product, we may expect increases in
the number and output of the modern
flour mills In China. In fact, indica
tions at present seem to Doint to the
eventual capture of the entire Chinese
riour trade by tne native milling In
dustry. Increases Reserves of Nation
al City Bank to 40.5 Per
Cent Stocks Break.
By Thomas CShotwell.
Wall Street New York. March 4.
Asido from sharp breaks In a few spec
ialties, the stock market did nothing to
day but wait for news from Washing
ton. It had closed before congress ad
journed and a hope that an extra ses
sion might be avoided caused a feeble
rally in the last few minutes of trad
ing. The great body of traders quit the
street In a despondent mood because of
the expectation of ah extra session and
of decisions from the supreme court
on Monday in the tobacco, oil and cor
poration tax cases.
The feeling ;'of uneasiness was in
creased by the announcement that the
National City bank had Increased its
surplus reserves to' 40.6 per cent The
bank has now more than $74,000,000
spot cash in its ysults, against deposits
of a little over 8186,000,000. There is
such a wide gap between the cash
strength of the National City bank and
the 26 per cent reserve of Its nearer
competitor, that in the financial world
It Is felt that Standard Oil Interests are
preparing for something of tremendous
Importance. . National City bank offi
cials deny, that anything, unusual Is in
view., ' '
United States Rubber broke from 42
tO 39, Central Leather from 80 to 28,
Federal Mining declined 7 points and
Central of New Jersey 10. - New York
Central sold down to $1.05, which Is
the lowest prioe touched in the collapse
of last July. Steel sold at 74. which
Is lover than It went after the freight
rate decision. Union Pacific also went
lower than It did on that decision, sell
ing at 180. .
New York Cotton Market. -
Opening High 4 Low ' Close
....1341 1246 1241 1238(940
.... 1414 1419 1412 14118
Jan.
Mar,
Apr.
. , , ,'. . ... it4upia
May
U35 jl i a ... .1 iaa. j 4 3 4 a a
June
July
Aug.
Oct
Dec '
147179
1417S18
1868(570
126163
1241(342
....1422, 1416
,T.)S76 137S
....1259 1260
....1238 1247
r - m
1415
1868
1360
1286
Liverpool Wheat Market, ' '
Liverpool, Marcjj 4.Wheat: " March
6SHd. May ani July 6s8d.
STANDARD OIL IS
HOARDING MONEY
FISH SUPPLY. GOOD IN
; . FIRST WEEK OF LENT
4 Fish prices during : the first
4 r week, of Lent were much lower
t than usuaL There vas a good
4 ' supply Of smelt.' halibut and sal-
4 mon, in fact all varieties of fresh 4
4 flab. While 'ne open season for
4-rtshlntIonr7thedTumhlal8-"4
4 closed, there Is plenty of salmon
i offering .from, the north, : the ;
south apd coast streams. .
STEELHEAD SPPN
III
If Public Would Try Canned
a Fish Once It Would Pe: t
fer, Them to Others.
I..X
By W. B. Starr.
The standard of canned salmon the
world over Is the Roval Chinook, of
the Columbia river. The question arises
where is the future supply to come
from? The modern method of catching
salmon Is fast using up the natural
supply, and the lack of proper and ef
ficient laws -to protect the fish Will
soon cause the Royal Chinook to be
a thing of tne pst aa far as tho canned
article Of commerce Is concerned.'
The question arises as to what Tisn.
If any, will take the place ,of the Chi
nook., -,
The advertising of the red fish of
Alaska and -the Sockeyea ' of Puget
sound and British Columbia they ill
being practically the same fish has
had the tendency to educate the people
to believe that unless the fish is red
in color the canned article Is of inferior
grade. The facts are there is no spe
cies of salmon that has such a delicate
and palatable tiayor aa the Columbia
river steelhead.
: When the Industry started the steel
head was regarded as not. fit for
canning or for little else and was con
sidered as a nuisance, but ss the sup
ply of chinooks decreased and the de
mand for canned salmon Increased, can
ners began putting up steelheuds.
They were sold as an inferior fish and
only because of the fact that the fish
was not red eaough. nothing else being
taken Into account.
After awnue thel rresn nsn dealers
finding the steelheads were much finer
and also cheaper than the ChlnookB;
bean buying for the fresh fish mar
kets, Then the cold storage men bought
and froxe the steelheads and are to
day shipping most of them to foreign
countries until there are very few of
them canned. If it were stated that steel
heads were canned sea trout (see Pro
fessor Jordan's aiscription or a steel
head) the dear public would - readily
try this, and once used would return
for more sea trout In preference to any
otner Kinn or canned saimon. The sup
ply In the Columbia river Is keeping
up better than the chlnook as the fish
are healthier as they ascend the small
streams to spawn and enter the river
the greater part of tqe year.. It has
tiie most- delicate flavor of anythln
Ing
all
m tne way or canned salmon and
that is required is to educate the ceo
pie to the fact, that everything does
not depend on dolor.
Probable Reduction in Tariff
by Democratic House Is-,
a Big Factor.
New York, March 4. The Democratic
majority in the house will attempt re
duction ef tariff a In the extra session
that President Taft has called. It wa
tnis beiier that caused a . sharp down
turn In TJ. 8. Rubber company over six
points after that stock had advanced
on rumors of coming dividend payments.
Agitation of reduction of the tariff on
finished steel products is expected to be
made a feature of the extra session, and
the dividend policy, of the U. S. Steel
corporation to be brought forward as an
Important subject for discussion.
Without regard to whether tariff re
vision will be agitated or not the pres
ent tendency of prices is to lower levels.
About tlie only Incentive Irt the market
is the anticipation of the early decision
of the Standard oil and American To
bacco cases by the supreme court,
Railway managers apparently do not
themselves-clearly-understand what, the
actoal business results of the rate de
cision wllHbe.
It has not even been decided whether
an appeal will oe taken to the court of
commerce. There Is nVreason to be
lieve that If the rate question Is sub
mitted to the new tribunal, a different
verdict would be reached. The charac
ter of railway earnings presented since
the beginning of the year demonstrates
that maintenance of business, wage pay
ments and dividend disbursements at the
present established-rates will be a hard
problem for the railroads to solve. Al
ready some of the important systems
have announced reductions in wages in
various departments that may be con
sidered aa foreshadowing; a reduction in
the disbursements to stockholders.
25 CENTS A CENTAL
Onion priceg were . reduced 26e per
cental. at the meeting of the Confed
erated Qnion - Growers association yes
terday aftnoon.: - ' -
The1 report of the trustees shows that
seven cars were sold dnrlng. the week,
leaving 77 cars on hand.
. The minimum price was reduced to
$2 on account of tne competition of out
side stock. ,: :
According to reports at the meeting
the aoreaee planted to onions in Ore
gon will be somewhat Increased this
year,' but the exact increase will not
be known for some weeks. '
WOULD BE W I
RUBBER LOSES SIX
POINTS AFTER RISE
ONION PRICES DOWN
DRAIN.. TELE
The success of a farm depends upon its drainage. ' ' '
k ,' Successful drainage is, accomplished through DRAIN TILE.
: The cost of DRAIN TILE is very small while the increase
of the productiveness of the soil is remarkably large. " ' ' '
,Whflioriu'sfceTnethotflhar
for your money. " i , H "".;;,. ".
- write for free booklet on uses of DRAIN TILE. ' ' " -
LANGE & BULL0CK, Inc.
601 Beck Buildinp, Portland
BEAR D 1 C
CATTLE IN YARDS
Good Stuff Comes but It Is
Selling at Lower, Prices t
y- Than Formerly; - .,' '
. ; PORTLAND LIVESTOCK RUN. , -week
; - Hogs. Cattle. Calves. Sheep
rou. eo.. ...... .1UIIH . 1H97
Feb, 18 699 1174
Feb. 11 '. . .... 459 1343
Feb. -4-. 1460 "1103
62 8063
' 2H , 7212
66 6787
" 34 3992
v v By Hyman, II. Cohen.' "
The question has been, asked by a
ahipper of livestock why packers will
persist In talking about the reasons
why heavier and better cattle should
be brought forward, -wheri it taken oniv
a. limited number of thesa to . nvrftn
the trada. . . , i . -
During the past week the price of
toppy cattle suffered hemns n h.
somewhat nor liberal arrivals of heavy
inrracnjrr tjattie xnat came
forward to the North Portland- yarde
during the week were, as a rule, much
better . than previous arrivals, but this
affected the Dftce onlv in a. Anwnv.nl
T.evlaIon.L!VJ;-.:.-:-iivJJJ4l.
Notwithstanding all the talk at th
great prices that rule for excellent fed
stuff; there Is only a limited demand
at the best for toppy. stuff. ; While
packers and killers like to get this
quality and have brousht in ontsMa
stuff to show local interests what real
ly gooa cattle iooks like, the fact re-
tndina thtt - uihanairAs - al..J ..m. .
of real ood quality steers puts In an
appearance the edge of the market is
shaved. - i-.r-' ., ,
ihii , nireiiVDi aa. iiuiBiKni I II II
Boa - la Bliffntly Increased.
While the" run of livestock in" the
yards the pBst week Is only slightly In.
creased over last week, it Is the great
est for over a month. Cattle came to
. 1. m. . A r. mMh. All Jlu.l... .1.1. - I-
IU. 1IUIU alt VilCVllUII. IIIO WK
and this accounts for the fact that for
mer records were broken.- -4- .
Best steers were sold at the start Of
tne ween around 96-80, compared with
$7 previously received for like quality.
By degrees the price was lowered un
til It touched $6.60 at the end of the
week. j
Few of tne cattle that came forward
to" the North Portland yarda during
Lite wren writ XIUIII MHU
advices from the Interior state that cat
tle are very scarce but this merely
bears out the report previously given
by The Journal that the cattle indus
try was on the wane Instead of showing
an increase, as claimed by some pub
licity men.
Paying Premium for Hogs.
Hogs brought a .premium In the North
Portland yards during the .past week.
Feeders were sold as high as 39, with
food finished stock generally quoted at
8.76. The premium existing for feed
ers Is unusual, but is being paid, only
for a limited supply.
The hog market in general here la
the highest in the entire country. Only
about five loads were received during
fkiient to supply the wants of even
the smaller killers, who are not able
to send elsewhere for their supplies.
The great scarcity of local hogs Is
much more pronounced even than local
Interests will admit. All the boosting
done has failed to enthuse producers
sufficient to bring out a good showing
of hogs. For this reason packers have
again been forced to import supplies
from the east and 10 loads were due last
night from Nebraska. These, however,
Will not be counted until Monday. Be
cause of the local swine famine It is
probable that peckers will order practl- -cally
all of their future supplies in the
east. Therefore if any big run of hogs
should materialize locally it would mean
much lower range.
Hogs ran be landed here from Ne
braska at IR.20. or 65o lower than sales
have been' made In the North Portland
vards recently For that reason It is
Improbable that the big packers will pay
much attention to the local market; ex
cept perhaps to buy a load here and
(Continued on following page.)
Overbeck &
Cooke Co.
Commission Merchants
Stocks, Bonds
Cotton, Grain, Etc.
216-217
Board of Trade Building
Members' Chicago Board of Trade.
Correspondents' Of Logan A Bryan,
Chicago. New York, Boston.
We have the only private wire
'. connecting Portland with the
eastern exchange!.
What Our
Neighbors
Say !!!!!!
"No property owner
who has . bltullthlo
pavement In front of
his property would ex-,
change for any other;
and some who have
tried other kinds here 1
and elsewhere would
be glad to : excnanite .
for bitulithie." Salem
Capital Journal.