: . 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.