The Oregon daily journal. (Portland, Or.) 1902-1972, January 21, 1912, Image 50

The Oregon daily journal., January 21, 1912, Page 50, Image 50

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Newspaper Page Text: . THE i OREGON SUNDAY, t JOURNAL. PORTLAND, SUNDAY MORNING. JANUARY 21, 1912. NEWS OF THE .STOCKS BONDS GRAIN PRODUCE mate MARKET BREWERS UNWILLING TO ALLOW HOP GROWERS TO MAKE PROFITS AND TO PLANNING CURTAIL NEW Talk of Their Entering Hop Growing Is Taken With a Grain of Salt by ' Many Who IVofess to See Scheme to Keep Independent Producers From Putting Out Additional Yards; Average Pricl of Product Is Xot Above 15 Cents Jfer Pound for the "Ordinary Grades. ' ' Bt Hyman H. Cohen. . Brewers have so long held the bsads of hopgrower within their grasp that th.v vi.w with alarm the recent ad vances in the market which have made producers Independent.! - Statistically, everyone connected with the hop trade knows that not enough hops have been produced in the wor d within the pat two seasons to supply i the growing needs of beer makers. While the brew of beer has Increased every where., the output of hops has' shown a remarkable decrease. The small amount of hops that brew ers use per barrel It Is generally esti mated at three quarters of a pound-panes not make very much difference in the cost of making- the brew. Never theless, brewers are already at work on various plans to force the price of hops to a basis where It will no longer be come profitable to (trow them. Horst Would Pick Chestnuts. .... It was recentlv reported that leading brewers of the United States had com bined for the purpose of growing; their own hops. The report cams from the Horst people, and therefore is given for what It Is really worth. ' " , . Kither brewers have bees grossly mis led, are really not In the scheme else they have evidently forgotten the many lean years when hops sold far below the sctual cost of prodoot'on. . - There are many who bellevs that the brewers art not really In any combine for the production of bona, and that someone was misquoted. - Biff Growers Would Benefit ..... ' Such a report going; out would have the effect of curtailing the acreage of hops snd those that would be chiefly benefited are the bigger growers who DEPARTMENT HNDS 245 (Coiled Press td Wirs.1 " ' rrr , I., ilm "ft TWO AUndrSd and forty-five varieties of cheese, being about all the varieties of cheese therS are. have been classified and catalogued - irrir.ulture food ex- perts in a new bulleUn Just issued. It Is the first -time such a ;ymslum of cheeses has been brought together in one book in the English language. Probably not one person in a hun dred could name more than of cheese. A gourmet might know ot 15, but it would stump the most ac complished linguist who ever composed a hotel menu card to name over 20. What maitre d hotel ever , heard of Caerphilly cheese, a, Welsh tidbit, or Caclocavallo. from -.-Italy, or Ooya an Argentine Republk) favorite, or Mont d'Oror Travnlk. CantaL Chaschol A Chaschosls, . . Katsch ka walj, a Berra Da - ' Estralla, Queso de Hoja, or two hundred other sorts equally obscurely ; Thssi and others manufactured in the furthermost corners of the earth have been discov ered by government scientists. The purpose of the food expert In compiling the remarkable catalogue of the cheeses, however, was not. to pro duce a literary curiosity, nor yet pro- - vide copy for the newspaper humorists, but to show farmers and dairymen that we have been neglecting our cheese making opportunities. Many a cheese that has won its way into song and tradition of far-off countries might be - - revived in the -United States and grow to be an .Important and welcome, article VhecUim of the department is that there is scarcely a cheese in the world that cannot be made in American dair ies. - This has already been demonstrate ' ed in the case of common cheeses. For merly all the Llmburger cheese eaten In America was Imported, and so was Sweltser. or Emmental, ai i It Is cor rectly named. But the quality of Llra- burger cheese now maae in w m . and Wisconsin is so good that 1m portatlons of It have entirely ceased, and the same thing is happening in the case, of Emmental. . A .-. ' If the advice of the department Is followed by the cheese manufacturers, a few years hence an average delicates sen shop will have many individual, combined, ' amalgamated and warring smells as a goat -, Many of the attested facts in the cat- Instance, the holes in Swiss cheese are not pushed into it by laborers doing - piecework, as has been alleged, but on the contrary, the holes are caused by gas forming when the cheese is green and soft. But hands In a French cheese MELTING SNOW GIVES" WHEAT CROP IN 1912 Pendleton, Or., Jan. 20. Prospects for another big crop in Umatilla county took a big Jump during the past week by reason of a remarkable thaw which left most of the moisture rrom tne memng snow in the ground. - With the ground fro an solid when the 14 inch snowfall tame nearly two ' weeks ago. It was thought probable that a thaw would re , suit in the water running off into the creeks but the snow drew the frost out of the ground and the thaw was so grad ual that comparatively little of the - moisture but what went into the ground to help the grain. Up until the snow and thaw, the amount of precipitation for the winter ' was below normal, according to the of . flcial weather observer, but the heavier . land of the county has not suffered from this shortage. The light lands were. . however, badly In need- of additional moisture and the fact that the ground 1ms held most of the recent precipita tion is causing much gratification. ' ' - New Tork Cotton Market. (Furnished by Overbeck & Cooke Co.) ' New York. Jan. 20. Cotton market: Open. . High. Low. Close. Vli Hi z 922W23 824(826 98X0134 938 040 948ti4 j'enruary , . r . . ; March 825 ! April .,,,.... j . May 60 June 1 .',.. . July ...... August ...... 80S September .. 870 October ... 975 November n 1 December 983 93 929 96S . 944 9S 9(6 . 971 976 967 4 970 970 982 981 , 98991 Money and Exchange. t Ixindon, Jan. 20. Consols, 77; silver 81: bank rate 4 per cent New York, Jn- 80.- Sterling ; ex change, long, tt.84; short 14.88; sil ver bullion,. I? fee." .',...'..-.... ,s -j Ssn Francisco, Jam .20. Stirling ex hnge. t day, H83! stcht, 94.86; i', t4.8j: transfers, telegraphic, 7 t liiniuiti; sight,. premium. . . : .PROMISE OF A LARGE 962(964 960961 9203 9866X7 71772 miftTs THEREFORE THEY ARE ACREAGE PLANTED ra 'eenerallv allied wltli the brewing in terests. That such a combination would be against the best interests of brewers themselves, ' goes without saying. At the present time the- have the choice of most of the hops grown in the better districts of the country. .There are years ' wheiiAne district produces a choice hop and another season will have nothing but poor quality. That brewers cannot afford to take chances of getting poor hops when they need good ones Ts a big' argument against any such combine Of beer mak ers as talked of. Brewers cannot --' produce hops as cheaply as Individual growers, and there fore, the v will not be In a position to comnete with the latter in the : world's trade. The money- that would be In vested In hop lands la worth more to them if placed In beer materials. Average Pries Vet High. While there ' have been occasional spurts in the price of hops In American markets, the average price is not high. In fact, lBo a pound would, easily cover the average value in the Pacific coast markets. This is but little above the cost of production, not more than So a pound on tne average. In some quarters it Is stated that leading hopgrowlng concerns are making strcng efforts to check the big acreage that Is likely to be Dlanted in Ore iron and California during- the coming season. wun considerable acreage or their own already in bearing and with mors being added, they are in a position to profit Dy ine curtailment or runner planting. Present proanects ar that all demand for hops will be more than filled Within the next two seasons. This means that Present prices will not be continued for an Indefinite period. VARIETIES OF foundry do punch holes in Roquefort cheeses, to let air in and hasten the ripening process. The green, marbled appearance., of Roquefort lit caused by mouldy crumbs mixed through the cheese when it is soft - Those , who., have Insisted . that Ca membert cheeses are aged in fertiliser storehouses are shown by the catalogue to be entirely wrong. The little- blocks of Camembert, when In their final moulds, are stored In cool, airy caves In France. It is said that-the French no - longer station fleet footed guards and cheese hounds at the mouths of the cave to pursue cheeses inclined to stray off the reservation. The scientists studying- cheeae having discovered that the smell in cheese does not come from skippers banqueting therein, as was once thought but from a vegetable mould not injurious to the human stomach.- One of the most curious cheeses dis covered by the government compilers is the Saannn, a type of Swiss cheese. This cheese lives to a very great age, and when you apeak of a cheese's age, ex- firesslng that age in years, you're say ng something.- The average cheese Is very short lived. A Ltmburger cheese's entire youth is gone a week after Its compo sition. Its days are like the chaff whlsh the wind bloweth away. In two weeks an ordinary Limburger has ex pired of the Infirmities attendant upon old age. Anyone who has ever ridden home at night In a crowded streetcar containing a passenger carrying home a chunk of six-weeks-old liimburger will unanimously agree-with this hypothesis. But the Saanen lives for " Veara and years. It's the regular Methusalah among cheeses. Toung ones, , cut off their prime to furnlstv food for the Swiss peasant's table, average six years of age. ... . But these cheeses sre mere children. One old sockdolager-of a' Baanen lasted 200 years, and then he became so sacred with age that no men human dared eat him at all. Wedding cake, plum pud dings and other articles of food making some modest claim to longevity perished and fell back Into dust ere half his years were spent' - He wasn't a cheese at all, in the popular regard. He was an insti tution. It is customary for the Swiss peasants to make a Saanen cheese at the birth of a son. The cheese may be eaten at that son's burial feast. Or It mar be saved for the burial feast of the son of that son. In the proud household the cheese occupies a place co-equal with the wax OV X IIU US WUU U V U DI. I IV I LI LUn L-IICUU flowers under the class dome, the nar- ior taDie Btereoscope ana istners crayon portrait on tn iisnpoie easei IAFi HOLD ONE-RFTH OF THE 1911 GRAIN Day ton, Wash., Jan. 20. According to local grain dealers apparently about one fifth of laBt years' grain crop of this section still remains In the hands of the farmers or Columbia county. The amount still unsold is variously placed at from 226,000 to 276,000 bushels. Practically all of this amount is in wheat It Is reported that 40 per cent of the crop remains stored In the ware houses of this county. It is principally wheat The figures would Indicate that tne buyers nave about one nrth of the crop on ' their hands. Shipping and selling for several weeks have been light, a condition due to lack of demand. Local buyers this week -quote bluestera at 72 cents and club at 70 cents. IDAHO CROPS BIG: FEELS MUCH PRIDE Lewiston. Idaho, Jan, 20. Idaho farmers are poinlng with pride to the teport of the secretary of asrlcultnre contained in the December number of the Crop Reporter, which shows Idaho in the lead In the production per acre of wheat second In the barley produc tion, lourin in proamnion or oats and tied with Mains in the protato produc tion. ' ... . The averase wheat vleld nf th atata based upon an average of 617,000 acres is given as 10.7 bushels, while the aver age barley yield is 42 bushels to the acre on an acreage of 142,000 acres. uian leaaa tne barley yield - with 43 bushels Der acre, but the acreaaa in confined to 24,000 acres and comprises the irrigation district. The average yield or oats is placed at 44 bushels to the sere, while not a toes Jn Idahn and Maine last year averaged 180 bushels to tne acre. - . ,This - report Is particularly pleasing to the farmers of thin section, aa th central Idulio counties are recognised as the best grain section of the stats and the department of agriculture has been asked to furnish data of average yields er acrs by counties. , CHEESEHOW MANY CAN YOU NAME? COLUMB ARMERS REVIEW OF Apple Situation Shows More i Values Locally Than Previously. 5 In the apple market there was a steady tone during the week. Prices in the trade here have been somewhat out of line, one dealer charging more than the fruit was worth while others were asking less than the real values. In a sense, the weeks, market was ,nwre-f"SH-lorslano.p4fi9Srbtt, any thing; else. Values are now uniform alongr the street and will likely continue so during tne remainder oi tne season. -"Only a few'tsoisted caTsare offering although there still seems to be quite liberal supplies in small lots thai are belnsr brought forward as tlje weather clears. ADVERSE WOOL FEATURES Boston Market Runs Against Strike; Demand Is Fair. ' Boston. Mass.. Jan. 20. New adverse factors, -including . the Lawrence strike, have served to check wool trading here the past week, fjevertneiess i.buo.oou pounds have changed hands and advices from mill centers, aside from Law rence,' ar) encouraging. Mill contracts assure steady employment for some time if further strikes do not interfere. A revival in the demand for low grade territory and quarter and three eighths blood were the feature of the week's trading. The market Is very firm. Scoured staple' is quoted at 81062 cents for fine, 6758 cents for half blood, 60 061 cents for three eighths and 4704t cents ior quarter Diooa. MUCH STRENGTH FOR HOPS Market Is Nominally: Higher With Very Little Stock to Offer Strength In hop market continued over from the previous week. There was practically a cessation of spot business, nn'lnar tA thft tnahilltv nf dmtUri tn close trades with holders. Even poor goods is scarcely oDtamabie at 44c i nound. Choice stock Is out of the aues tion, as the few bales of this quality remaining are in very strong: hands. Contracts are firmer at J526c a pound ior tne ivxt crop. BUTTER MARKET VERY 8TROXG Prices Unchanged During Week, but East Strength Is Noticeable. Very strong prices were shown In the butter market locally during the past week. While no change was shown in the week's quotations, compared with the crevious six days, most brands held lclop. tone top man ever Derore. - . . Probably the reaching of record val ues at eastern centers had much to do with this. . . CHEESE SUPPLIES NOMINAL Market Is Almost Bare of All Sorts of Offerings at Portland. So far as cheese supplies are con cerned, the Portland market has little to offer at this time. Not only is there an extreme shortage of home make, but even eastern stock is not really plenti ful. Prices at this time are practically 2c a pound over this same period a year ago. DRESSED HOGS REACH LOWER Record Offerings of Street Add to (Congestion of Week's Trade. For dressed hogs, lower prioes result ed during the past week's trading along f ront street, receipts ror tne six days were the heaviest during recent weeks. Ths, together with the unusual heavy run or tne past iu days, caused a slower movement j DRESSED VEAL NOT SO FIRM Weakness in Hogs' Is a Feature That Causes Slower Buying. While not showing any real weakness. there was not so much firmness In the dressed calf market during - the past week. Receipts were somewhat better and addded to this was the weakness In mutton and hogs. The prospects would indicate a slight ly lower range. POTATO. MARKET IS STRONG Strength of Week Is Due Almost Entirely to Lack of Selling. . Strength in the potato trade during the week came more as a result of the inability of the trade to secure supplies, owln? to the holding- tendency of grow ers, than to a-" other cause. Produoers, while asking prices, are not showing much disposition to let go except in a very nominal way. . . , LOCAL CABBAGE PLENTIFUL. Market Js Again Well Stocked; Cal. ifornia Stuff Only Drags. There were aulte liberal sutmlles of local cabbage offering in the trade dur ing th past week. Prices j eased off somewhat and all of the trade's wants are being filled. The California stuff which was brought forward bv various dealers remained a drug on the market owing to its poor quality. RAVENOUS APPETITES NORTHWEST PRODUCTS WHXAT COHDITIOW XZOSXXS1TT. Specif lo advices received by The' Jour nal from all portions of tna Inland Em pire indicate that the oondltlcm of ths wheat crop at this tins U far the best ever known. The snowfall waa ample and with its cleaning up the moisture has been turned into the ground. The appearance of the plant is healthy. POULTRY PRICES BEARISH Sales Made at Lower Range With Retailers Holding Big Supnly. '""Prides' "In" tfie '"poultry market "during the week were of a bearish nature. While the receipts, vera jnot such as. to cause much worry among the trade un der normal conditions, the fact that so added "toUrhahS?,1re,U8,y nnulatSd aaoed to the market's congestion. Turkeys sold around 20c a pound for was8SoSlvir.d8lltU.,;,i),,f th,, W WtbiSS tM Zrfr. Hm'ted ,c?li tor them even at tnis price. Receipts were somewhat more liberal than had been expetli HAY TRADE RATHER QUIET Better Grades "Are Scarce and High Plenty of No. a Stock Offered. While the better erades f h,v showing a fairly firm tone, the market in general is quiet Offerings of best varieties- and quality are limited and is iHuuencmg tne price slightly. Si".hy",.fro weak especially for the BREWING BARLEY AT RECORD Sales Made as High as $40 a Ton; coast iirewers Principal Buyers. Sales of brewing barley were made to local interests during the week at 840 a ton- or the highest price ever known here. Some of the grain went to the east dui most of it was for Pacifio WflOl HV.A.UUII L. Feed barley Is quiet but firm. w 4 Markets of the Week. Eggs lower. t Chickens easy. Country cuts butter. Onion men raise price.' Potato trade steady. Dressed hogs lower. Dressed veal easier. Canned salmon easier. -Wool not so active. Better trade in hides. Apple trade steady. Cheese very scarce. Hop contracts firmer. 4 HIDES FIRM ELSEWHERE Market Helped by Increasing De. mand for Leather in the East. Hides are firmer elsewh quamy is avaiiame. in the eastern market the demand for leathers has been increased recently and this has had a stimulating eect upon tne hide In dustry, a. it. ., HEAVY EXPORT FLOUR SALES Market Firm Both for Chinese and Japanese Account During Week. neavy saies oi export Hour were made to both China and Janan durlnv me ween, ine marsei waa rirm at 13.80 and in some ouarters an effort was be ing- mens to quote a rise or 10c a bur. Tel. Thls-could not - be accomplished. Patent flour Is steady. ONIONS FIRM EVERYWHERE Trade Along Coast on Better Basis; Local Situation Very Good. Onion market wan firm vnrrvha along the coast the past week. Higher prices resulted In the south, with the smaller visible suddIv. Toeaiiv. ih. riiuauuii, wiuir BirvuBcr at sa ior nest. showed little change so far as the Job- t.il.. . am a . . CANNED : SALMON WEAKER Buying Is Limited and Is Disappoint- ing to Holders of 191 Ts. The expected snurt in canneil aalmn- business has not as yet materialized, and holders are getting frightened. The fact that' the demand la nominal hoa caused some to consider the cutting nt prices intiw a aosen. iso lunner busi ness in jiz, pack is reported. OATS MARKET FIRM " - Bids for No. 1 White General at $31; Offerings Limited. . Much strength was shown bv the nuta market locally during the nast week and bids st 831 a ton for No. 1 white were general. While the' volume- of business was small, this waa due to the limited offering. . Montana oats are being offered.? San Francisco Barley Maret. San Francisco, Jan.' 20. -Barley rails: Onen. dnse. Mav ..si.sriu . ii ok 1.42 HA Wheat Market Firmer, With a Cent Advance in Varieties During the Week. All through the local .wheat market a firmer tone ruled during the past week. Bids in general were advanced a cent a bushel for the various varieties, club being quoted at 81e and bluestem 84e a bushel at the closing of the week. Foreign markets showed improvement as a result of the less favorable outlook for a big" -surplus- tn Argentina, - EGG TRADE JDECLIXE Market Weaker With Lower Prices; Lack of StorageIs a Help. Trade in the egg market was general ly at a lower range of prices during the past week. There were quite fair offer ings and .considering the season, prices held remarkably well. The almost general absence of cold storage stock upon the trade had a good effect and probably had it not been for the still lower values would have re sulted for fresh goods. PORTLAND JOTWBWO PRICES Oram, Floor sad Bay. These prioes are those at which whole salers sell to retailer except as other wise stated: WHEAT Producers 'prices nominal;! irat-K ueuvery, ciun. sic; oiuestem, 84c: forty-fold, 82c; Willamette valley, 82c; red Russian, 80c; Turkey red, 82c. BARt.FV Producers' "rtces 1911 Feed, 835.00; rolled. 888.00; brewing. 839.0040.00. MTlXSTrrTO Retime. price Ttrsn. 323.00: middlings. 829.60; shorts, 326 00 chop, 19.0026.00. Car lots 60c per ton less. -- - - v. uaTS Prod'Mrs' prrce Track No t. spot delivery. whlte J30.5O81; gray, 830, fT.OmR Berlin price ' Patents, 84 B0: Willamette, 94.60 per barrel: loca straight, 34.0694.t6: bakers', S4.3(lf 4.60: export grades, $8.80, HAT Produeera- prtee 1911 crop Vsiiev timothy, rancv. H5W1P: ordinary $18(3114: eastern Oregon, 317.60ei8; Idaho. $17.60f18: mixed. $12i16; clo ver, $11.604512: wheat $1212.60: cheat $n12; alfalfa, 313.S013; oats. $110 Bnttsr. zgga ana voaitry. BUTTER Extra creamery, cubes and tubs, 88c: prints. 89c: ordinary prints. S6f?37c: dairy. 1818Hc. BUTTER FAT rroam-era- price F o, b. Portland, per pound. SSo. EGGS Local, extras, 28f$30c; spot, buying price, 27o f. o. b. Portland; Aprils 25c. r POULTRY Fancy hens, 12c; springs, 12c; fryers, 16c; geese. 18014c: dressed, 14ftl8c: Uve young ducks, 17c; ild ducks. 16c: turkeys, alive, nominal. 16 017 c: dressed. 20c; pigeons, old, 81; young, $202.40. GAME Jack rabbits, $1.60 1.75 par dozen. fHEFSTC Fresh Oregon fnev. fnll cream, triplets and -daisies, 17U918He per lb.; Toung Americas 18H19c; storage ilats. 17c: Toung Americas, IS vie; eastern daisies. 18e. Bops, Wool ana Hides. " . HOP8 Producers' orlce 1811 crop, choice, (--); prime, ( ); medium, 44c: 1909 growth,. 20c; 1912 contracts,, '"""j "ii ma ic : WOOL Producers' nrlce Nnmlmt 1911: Willamette vsllev. HUniTttai miiMAlK isii aaieetea. xcfsZTn OHITT1M BARK Producer- nrle. 1911. les carlots. tUO(i: parlotn. IUi. . v. a. r-urtiana. TALLOW Prim ner lb.. 4nr Nil . MiL'K ury hides, ie: green, IO 10c; salted hides io011c bulls, green salt 8c: klDS. He: calves, arv. SOe: cs4r sKinw. snited orgree, iei green hides 191 He less than salted; sheep Prflts, sslted, November, 80c; December, fii nry, ivxo ID. , : . rrnlts ana TsgetaDisa APPLES New crop, 11.00 2.76. " POTATOKfi Selllpe nrloM- nrdlnar Oregon 81.85: poor, $1.1601.26: buying price taDie siopks, acca)i.zt; American wonaer seed. 31. 50 l.eo: sweets, 38.00. univns Yellow,, 81.854J3.00; garlic, 7 8c. VTCGETABtRS New tnrnina. IIAt l sack: beets. 81 60; carrot. $1 2SO1.50: cabbage, 11.25; Mexican tomatoes.- ive.ia per iug; neans. - lzc: green onions, 15o dozen; pepners. belL too 1b.j head lettuce. $2.6002.75 crate; hothouse tl box; radishes, 1 Be dozen bunches; celery. $5.00 crate: esir nlant lOe ih cucumbers, hothouse. $1.40 dozen: peas, 9c; cauliflower, locai. $t.251.36 dos.: California, 82.B0 per crate.- ' rRKoH FRUiTH Oranges. 82.262.7 tangerines 3t.5AinS.75: bananas, 6c lb.: lemons. 34.60i?))6.00: limea. SO a grapefruit 88 (7: ctnesnnles. Eo nee ih i crsnberrles, 81 1 1?12: s v pears, $1.60 grapes, sir asp oranges, 11. 8B. r ; t i sssais, risn ana provisions. ' DREES KU UKATH Vmnr Hogs. ; f s ncy, 8c . per .lb; ordinary, 7J4c; heavy, 7c; veals, extra, 130 14c: ordinary. 13c: noor. 12c: inrimr lambs, 8iB9c; mutton, 78c; goats. 214 HAMS. BACON. Etc TTuma. 14U lo; breakfast bacon, IIU 24o: boiled ham, 23 024c; picnics, lie: eottase. HZ?. regular , short clears. smoked, pickled backs. . smoked, 14c; tons-ties. 76G lb. LARD Kettlo lf Uatvm 'tU ik ' steam rendered, tierce. 11 Ue per lb.: corr.round. tierces. 8 Ho per lb. FTSTT Nominal nor nrut 1 A. ik flounders, c: halibut 10 fl) 12 He; striped bsse, 20c; cstrisH. 1212Ho; salmon. ,u iu., it mumm. , io -per io.( snrirnps, 12 'Ac !b nernh. 78ir tnmcruf an- Ink. sters, I6c; herrings, 59 6c; black bass. PUBLIC IS AFRAID TO BUY SECURITIES MDSIMED v. ; -r ....... - . . game Is Said toBe Against Those Not on the Inside- Little Chance t for Anyone txcept Professional Trader ,-.2:;;.i':;'. By Preston O. Adams. :;-' -. IPabllshers' Piw Uid ivi t " New Tork, Jan. 10 While the year 1911 was not a particularly prosperous uu iw ine speculation element In Wall ?.tret.?nd Promises to be very lit tle better, the reason as I have pointed out in these letters has not been be cause of alack of legitimate demand for securities attractive . to investors but because the general public has been shy oj gambling In a game where there are at least grounds for the suspicion thst ine caras are marked and only the pro fesslonals have a obanoe to win. The final report of the comptroller of the currency confirms this ldSa,. There was some J actively accumulating se curities. There . was some expectation that as a result of the active liquida tion that took place during the second " i'n tne uecemoer report or tna banks would show a severe reduction in the Investment holdings. Not only was this not the case with the New Tork banks, but the report covering the en tire COUntrV lndlrtaa MiniirliiKli, similar flnnriltiin 1. vAii A Wms. . . I .... ....I . i i v. , ulner securities oy tne na- uiiKiiig- inatituuons or tne coun try are shown, on December 6, 1911, to have represented a new high record, the total value, according to the comp troller's flsurea. hln- ii 9a kkk .oi increase of no less than $208,660 from the Sentember 1 call. n.nt nt fxia am nnn from the corresponding call (November W VI 1,1V. - ' Not alone were the hanlcs tVimBlw purchasers of these high class invest ments, but they were well disposed to lo.aP, tor specific periods on securities of high grade that their customers were willing to purchase. Several Instances sre known to the writer where bank of ficers encouraged their customers to purchase securities for the purpose of securing profits accruine between the dividend and Interest returns and the low rates . at which money would be loaned by the banks. It is considered not Improbable that the state banks and possibly to some extent the -trust companies, have been accumulating securities in like manner and that, therefore, all financial insti tutions are larger holders of securities than ever before. The suggestion was made -by the---bead -"--hirge -tok -ex i cnange nouse yesterday that this great accumulation of securities may possi bly -not merit the- interpretation -of -being a favorable feature in the general stock exchange Situation. If the banks see ahead a period of activity in money they are not unlikely to liquidate their holdings of investment securities In or der to take advantage of the better re turns they can secure loaning their funds. Althoueh. the nast vear waa not one of great market activity in corporation securities, it was one of extraordinary rank In the amount of such securities brought out and absorbed. The figures snow tnat approximately i,V46,uz,4Sti of stocks, bonds and notes were sold by the railroads. Industrial companies and public service corporations of the United States during last year, as against about 81.196,000,000 in 1910 and $1,400,000,000 in the previous year. That there were fewer of the very large issues than in former years prob ably accounts for the belief that last year was not a good one ror financing. The many more small issues passed un noticed, but In the aggregate they sur passed all former years totals. The amounts of tho different classes of se curities compare with the previous year as follows: 1911 1910 Railroad bonds. $470,350,000 $399,112,000 R. R. notes and equipment ... 955,699,000 179,201,090 Industrial bonds 200,333,000 129,868,000 Public utility bonds 268.903,000 176,844,000 Ind. and public utility notes. 123.960,000 75,150,000 Ind. arid public utility stock..' 666,374.860 143.877,000 This table shows an exceptionally large increase in the new stock of in dustrial and public utility corporations placed on the market. - An examination of December's new issues shows that this method of financing which was so much in vogue at the beginning of the year has been practically discontinued and these companies - are now Issuing bonds instead of stock. Totals for the different classes of securities by months show that the railroad issues were heav iest in the first halt of the year, while issues of Industrial bonds and notes were distributed about equally through out the year. - - Most impartial critics who have the information Dy wnich to speak admit that railroads in general have been fall ing behind in maintenance to make good before increased earnings available for dividends can be properly exhibited. That means, that with a recovery In gross earnings, the ratio of operating ex penses would tend to rise. A larger pro portion of gross would be laid out upon maintenance. That might make a boom in the steel business. But it is often held that the steel business has to boom before the railroads can get back their big gross earnings. Therefore, it ought to De so arranged tnat -tne railroad could buy Bteel on credit whlph would boom railroad earnings, which v would boom everything else. Trade between the United States and South America In the calendar year Just ended was practically $300,000,000 , In value, a total In excess of that of any earlier year. In 1900 the trade between the United States and that continent aggregated $144,000.000;-in 1905. $211, OOO.OOOt in 1910, $290,000,000! and in the first 11 months of 1911. for which de tails are available. 8273.000.000. of which over $29,000,000 represented No vemoer, thus, indicating for the com plete calendar year a total of : fully $300,000,000. ' - - ,- '' Our imports from South America still exceed our exports to that continent, though the latter, are rapidly gaining in the proportion which they form of the total trade. In 1900 Imports were fti Allll AAA AAA n. 000,003, exports thus being 29 per cent or tne total traae. in tne ii months of 1911 imports were $166,000,000 and exports $109,000,000, the latter-: being per cent pi tne xoihi. traae. - - tne stnrgeon, Mtte per lb. t stiver smelt $c lb.: black cod. 7Hc: dressed shad To; roe into. ic; snaa roe, iuo ID; Colum bia smelt 12He. OTSTETRA Snnatwater hav i mr mI. Ion. ); per 100 ib. sack. ( )j Qlym bta'per gallon 89: par 100 lb sank ts- canned eastern, 85 ran. 38.60 dozen; eastern In shell. 8T.76il92.00 per 100: razor ctams, .'.$2S.J5 bojf, .''' v r:- Orooefes. '''i' BUGAR Cubes. $8.66: nowdep ak. IIHJL orr.1'err,Y' 2.5J.?rtR-ranufated; $8.25! D yellow, $6.65; beet. $8.80; Honolulu plantation cane granulated. 6o less. (Above auotatlona art 1ft Aava cashj-v RICE Japan. , 1. 60S He: No. t, viimii, ikwi iiwTvi wre Sle. sc. ' - R1T.T fnmrmm k,l 1M. per torn 60s, 39.00: table dairy, ssa. $13; 100s. 817: oatea. tl.Bo: extra tint bar rels, ts. 6s and 10s. 3406: lump rock. izo.bo r-r ton. i HONEY New. $$ 75 per rasa.' , BEANS Small white. $4.90: large White. $4 86: nlnh $4.25: , bayou. 14.76) Llmaa. $7; reds. $5.80. .!,:', ; ' i i I m t im i JournaL-Want Ads bring results. KB LIVESTOCK More Hogs, Cattle Calves and Sheep Come .Forward . to ' North Portland Yards; East n ern Swine Bring Premium. ' - PORTLAND LIVESTOCK RUN. Week: Hogs. Cattle. Calves. Sheep. JSn. 0..i;;.28O Jan. IS..,. ..1911 2138 22 19 13 46 ; 8418 2289' 727 1705 103 867 Jan. ' 8.,,.,. 1299 Deo. 30...... 48A S44T 81J - 1044 Dec. 23. .....2763 29 , ; ? By Hyman H. Cohen, ; . v ' ' In every line there were Increased of ferings of livestock at North Portland .' during the past week. At Interval! the trade was congested, and in most lines prices oould be considered weaker and lower. i , , ,r- . There; waa anlta n Ilhni1 Innroas In offerings in the swine trade, totals for the week reaching- 2680 head, compared With 1911 last wedk. and 27R.4 a month. ago for -the like period; This week's better showing was due to the receipt -of eight loads from the Missouri river. These hogs came direct to a local meat company. They were purchased prior to arrival at the highest prices ruling at South Omaha on the day of Shipments. To this waa added 111 II for freight and handling charges to the coast This would make the landing cost of these hogs around $7.40 in the local market. Jrajr Less for Zrooal Stock. While thara am noni thut doubt the . hogs that are coming . from the local territory are better than those brought, forward from Nebraska, packers are paying from 65 to 75c per hundred pounds more for the outside swine than Ihey are for local offer In an. That thia will not have a very encouraging effect upon local producers la now the opinion of those who Jiave no strings to bias ineir opinions. At eastern centers, as here, thera has been a substantial increase In the run of bogs recently as compared with the same period a year ago. Notwithstand ing this the market has generally held rather well during the week. North Portland awlna prices: Fancy mixed $ 6.75 Good heavy 6.65 Good light ................. f.56.75 Medium light ............... 8.60 Rough and heavy ........... . 6.60 . Poor and heavy : 6.00 s. Xamba fihow jOnly-Wsakasss. -.- In general ths SheeD market is consid ered favorable by the local trade. While mere WAlt A 1 1 h.r. I lnnra in Aff... Ings at N6t Portland over the urevl ouf six days, the market was considered steady to strong for anything except lambs. The latter were not 'in such good demand, and the pries was frac- Market run for the week was 8412 iienu. vuiiiuurca wun. uni nfna hii week, 3447 the previous week and 8044 head for this same week In December, i Eastern sheep trade was not as a rule favorable during the past week. The runs were quite good, but the trade failed to show a healthy color. Bheep market at iiorth Portland: Select lambs .............. .8 '6.6 V 5.60 unoice iamDs . . . Coommon lambs Yearling lambs . 5.00 4.78 4.60 4.19 uid wetners Fancy ewes . 4 Ordinary S.503.75 Trade Oets Vuch Cattle. North Portland secured a very liberal run of cattle during the past six days. The run wss 2136 head, compared with 727 last week, and 867 head a month ago. Offerings of cattle are again showing from outside points a shipment came, from California during the week, this . oelng the first supplies sent from there in this direction for some time. -One lot came forward from Montana. - She stuf A continues to show the best tone In the North Portland market" The trade as a whole is steady, with only a fractional decline from a week - ago. Considering the very liberal offerings, the trade held remarkably well. Nortn Portland cattle prices today: Select steers .$6.108.2S Fancy steers ...... Choice steers Common steers .... Feeder steers ...... Speyed .letters .... Ordinary heifers . Fancy cows Ordinary cows .... Poor cows Fancy light calves . Medium light calves Fancy bulls . ... . ... Medium bulls ,,...-.-Ordinary bulls ' . . . : B. I II 6.75 -4.75 5.00 4.75 5.00 5.85 6.00 5.25 6.10 4.254.75 3.60(313.75 7.75" 7,00T.2S 4.711 4.60 4.00 4.00 mags- Tuesday's livestock Market. cows. 77 106T '$5.35 80 973 5.35 17 1888 B.25 22' 1148 6.26 10 .1136 6.25 27 1077 6.25 62 1077 E.2 63 ......mlv 1009 6.2S 26 ........1080 6.U5 25 ...102r-' 6.25 25 .....1040 . 6.25 26-.... ............10.18 6.10 13 .........1005 . 6.00 2 . 965 ' - 6.00 25 ,.H. ...... . , . . . . ., ,. .1136 - 4.85 16 ...y 878 4.85 15 .........,.,..... 894 4.7R 7 ................. . .1100 4.10 t ................... ..1230 4.00 t 1 ...1040 4.00 (Continued on following page.) Overbeck & Cooke Co. BROKERS Stocks. Bonds. Cotton. Grain. Etc 216-217 Board of vTracle Building Members Chicago Board of Trade. . Correspondents of Logan ds Bryan, Chicago, New York. Members New Tork Stock Kxchange, Boston Stock Kxchange, Chicago Board of ; Trade. Nsw , York Coffee Ex change, New York Cotton Ex change, New Orleans Cotton E . change, Winnipeg Grain Kxchange J.C.VILS0N&C0. WJSV TOIX STOCK EXCHAWuVH, ; HEW TOES OOTTOK EXOHAnOS. CEIOAOO BOARS OF Ta.DU THB 8TOOK AMD BO WD BXOHAKOB. BAIT rBAKCISOO. ' Main Office Mills Bldf., Baa Tranoisoo. Branch Offioes Vanconver, , Seattle Portland, jcos AngsUs, San Slego, Ooronado Esach. - FOKTT,AKTJ OfFXCSt Boom - 5 Xiumbsrmens Bnnk rinlldlnr. Phones Marshall 4190, A-4.187.