The Oregon daily journal. (Portland, Or.) 1902-1972, February 04, 1912, Image 53

The Oregon daily journal., February 04, 1912, Page 53, Image 53

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Newspaper Page TextTHE OREGON SUNDAY JOURNAL. PORTLAND.' SUNDAY MORNING. FEBRUARY 4, 1912. 10 MTE'-'ESSSJ MARKET WmmZI-NEWS EMMl3::-OF-THE ; iQjjjjgj WORLlS DIFFERENCE PACIRC NORTHVEST JHS PROMISE OF PACKERS TRYING MEXICAN CATTLE IN AN " GREATEST CROP OF WHEAT EFFORT TO SECURE SUPPLIES AT A LOWER 1. . PRICE THAN CAN BE FORCEDTN THE N.-W. Acreage of Winter Planting Is Greatly Increased In Oregon arid Wash Ington, but In Idaho a Decrease Is Noted; Condition pf the Crop in This State Is Within a Mere Fraction of perfects Idaho is Only One to Show Loss in Winter-Planting, but Decrease is Not Serious. Two Loads From South Arrived Yesterday and Will Be Fed Here as Kx , , periment; Cattle Offerings From Home Section Increasing Rapid-- ly Owing to Higher Cost of production and Lower Quotation : That Is Being Forced in the Market. . ' ti ' M - , ' " DURING THE COMING YEAR WITH OREGON LEADING! i . . i - i Winter WHMt condition. Feb. 1. Per cent. . Oraarnn 99 Washington -97 Idaho '. 97 ' Br Hymaa H. Cohen. The condition of the -Wheat crop In the Pacific northwest on the first day of February, or the last month of win ter, la well above the average. For Oregon the fconditlon of winter wheat February 1 Is given at 99 per cent of a full crop, Washington 97 per cent and Idaho a similar condition. With the greatest acreage ever set to winter wheat in the three states the outlook Is far the best ever known. Bar ring unusual conditions and with an average sowing oi spring Brain, ins ' three states of the north Pacific coast should, the coming year, harvest close to 70,000,000 bushels. , Conditions of the wheat crop, while good in each or the three states or trie north coast. Is somewhat mixed, from what it was a year ago at this time. Then the showing in Oregon was the poorest of the trio, while this year it is the best Last year Idaho led all others In crop percentage. Oregon's Acreage Growing. The acreage planted to winter wheat, In the Pacific northwest Is greater to day than it has ever been. The Increase la good in each of the three states. The showing In Oregon is far the best of the ; group. A year ago the acreage was riven at 610,000 acres, while today's ' report shows 84.H9 seres planted to fall-winter wheat. , In Washington the planting for the 1912 crop Is 1,040,000 acres compared, with 967,000 acres 111 1911, while in Idaho a decrease Is noted. In the Gem state only 352,000 acres were planted (o wheat during the fall winter, while a year stro the planting was 364.000 acres. Idaho shows the only, decrease In acreage of winter wheat this season, but the amount is m8-iwi is tnore, than made, .UK.by the increase in Oregon and Washington. The entire Pacific northwest has a planting of 2,076,008 acres -of winter wheat for the 191 S crop, while the showing for the ISM crop was 1.941,000 acres, i The acreage shows In detail on Feb ruary l! ' " , , . . 112. 1911. Oregon 64,000 61 0.000 Washington 1.040.000 967.000 1 Idaho ............. 352.000 364,000 Total ,. . 2,076.000 1.941,000 Weather Conditions Favorable. ; - Weather conditions all through the Pacific northwest have been favorable thus . far for the coming crop. The wheat went Into the ground in better shape than usual and with the exception of a few days, climntio conditions have been ideal since. Even when the ex treme cold period of a few weeks ago passed over the northwest, most of the : PORTLAND GETS INTERESTED IN YAKIMA AS - FEEDING GROUND North Takima. Wash., Feb. 3. Port land stockmen are becoming interested In the Yakima Indian reservation as a winter feeding ground. An experiment carried on recently in order to deter mine the relative expenses of fattening sheep In Oregon and on the reservation is said to have resulted in the discovery that the latter location, with its dry climate-, short open, winter pasture, available up to late December, . and al falfa hay at a low price, when feeding is necessary, has made possible the raising of sheep the past few months at a profit despite the declining market. '. when ground up and fed with a mix ture of grain hay, alfalfa, it has been found, will fatten sheep as well as a straight grain ration and at about one fifth the cost. In other words, accord ing to a comparison of figures made at INTERIOR OREGON BEGINS TO SEE PROFIT IN POULTRY PRODUCTION FOR THE MARKET During recent weeks there has been s new movement in the chicken trade along Front street. Eastern Oregon and central Oregon are contributing supplies and the volume of arrivals from these sources is increasing. Wliile the express charges are still somewhat against extensive business from that direction, the outlook Is hope, ful for a decrease as the business grows. A few years ago It was thought below T 12 CENT ,;. TValla" Walla. Wash., Feb. 3 With the 8.000,000 bags contracted by the Farmers" union practically sold out. at a price ranging close to 362 a thousand 5"? .th Penitentiary sellln- bags at ?0. It seems certain that the price will be much higher this year than last year, . Secretary F. A. Sykes of the Oregon Farmers' union, who is in the city to dav predicts 12c sacks for this harvest, and believes that sacks are a better In vestment right now than government bonds, , . : LimrillfHEATSl FORECAS GRAIN BAGS COMING HARVEST AT WALLA WALLA Walls Walla. AVash., Feb. 8. The wheat market during ths week has not been brisk, despite the fact that the market la rising and has been all week t. lub was quoted at 74c tonight and bluestem st 77c. These are the best figures that have been offered for sev eral months, but they are attracting no buvers, and the men holding wheat are confident grain will go still higher. Walla Walla county and the country surrounding are holding practically .one third of last year's crop. This la taken here to mean that the supply will soon be cleaned and that Walla Walla grain will bring fancy figure. Additional markets on next page. i. "...' , . "f.'.t. wheat was well covered and to date no damage has been found. When the snow was removed. It was foUnd that the ground had received a better soaking than for many years. This Is true especially in the extreme light land sections where there has ben no wheat crop harvested to speak of for several seasons. Everywhere the plants are looking good. While there has been a big Increase in the planting of fall-winter wheat in both Oregon and Washington, present plans are for a material increase in the spring sowing over that of a year ago. This increase will be felt more in the central Oregen section than ln-the older districts, and as most of it is entirely new ground. It would be impossible to state at this time what the prospects will be for the harvest. So little ground has been tried in that section that no effort has as vet been made to secure an estimate of an average yield. BUMPER CROP OUTLOOK Umatilla County Has Excellent Pros pecU for Wheat Yield. Pendleton. Or.. Jan. 3. Prospects for a bumper wheat crop m umatiua coun ty were never Deiier n.i in umo vi year, according to me statement or ranchers from all of the farming sec tions. Thouuh the new year openea with the rainfall for the season below normal, the heavy precipitation of snow and rain during this month have more than made up the shortage and has brightened an outlook already good. The average precipitation for the month of Januarv is 1.56 inches, accord ing to the official weather observer, but during this January there has been ap proximately a i-mcti precipitation, malt ing the montn tne wettest January in this county- in recent -years. The weather since tne recent coia snap has been unusually balmy for this time of the year ana Is proving of great benefit to the sprouting grain. la fact so Ideal have been the weather conditions that there is not a pespi mistic farmer In the county, and If such conditions continue a record breaking crop is assured. WAf.LA WALLA -PERRKCT Wheat Condition There Is About Up to Top Notch. Wulla Walla. Wash.. Feb. 3. Wheat conditions In thrt valley arc again found as nearly perfect as possible at the weeks end. The weather during the pant seven days has been Ideal for fall sown grain, and the grain in every part of the valley is reported to be in better condition than ever before known at this time of the year. The precipitation for the month of January was heavier than usual, and deHplte the fact that It was colder than ordinary. It was Ideal for wheat, which was covered with heavy snow during all the cold temperature. The ground not being frozen underneath, absorbed all the moisture, and the soil Is soaked through and through with water. Tcpper.i?h, it costs half a cent a day to get the same results with a sheep on the reservation that it cost three cents to get In Oregon. There Is a tendency on the part "of the people behind the Portland stock yards, it is said, to encourage the local ranchers to carry more stock, the Port land people financing the purchase of the stock. The rancher will thus more and more be inclined to feed their hay on the ground instead of shinping It Jake Prahl has been making the sheep feeding experiments. Dumbolton and Gardner, Alaska min ers and stockmen, have been purchasing reservation land for some time past, their idea being to ret together' 1000 acres, which they will plant to alfalfa and root crops and use for fattening an especially fine grade of beef fot the Alaska market. the dignity of the big wheat grower of the Inland Empire to meddle with poul try but recently it has been found that uie production or rowis is not only done at very small expense but is the most profitable branch of the farming indus try. Shipments have recently come In this direction from as far away as Echo and Heppner. Condon and nearer points are contributing supplies. : i i , i ., ,i Chicago, Feb. J. The recent upturn in wheat prices bas given confidence to speculative buyerf and ' holders. There is no disposition to push the market faster than conditions Justify, but the feeling of bearlshness Which held the market In check around par and under has disappeared. An unusual cable situ ation existed In wheat this morning. At Liverpool ths March pries was d high er with other months at a" reaction. Ant werp again marked spot Laplata wheat up c, while Berlin and Budapest were --Ai4.ejtishsiy English cables state that there Is much uneasiness In European markets because of the delay in Argentine sup plies and the very light shipments from other exporting countries, especially Russia. Coupled with this Strong for eign position in wheat. It is a fact that the United States' visible supply showed the largest decrease on record for the month of January. Minneapolis had smaller receipts this morning, 175 cars, versus 183 cars a year ago. Increase in stocks was 76.000 bushels for one day. "Cash wheat mar ket there was i firmer. No. 1 northern being quoted at lc over the May. Buffalo reports active sales of wheat for. shipment and a chance for a liberal cut in stocks for the week. - . i ' Ht Louis reported 80,000 bushels of wheat sold out of elevators to country mills. 1,000 barrels of flour wold for export, World's shloments of wheat LIVESTOCK SUPPLIES UPTURN IN PRICES GIVES CONFIDENCE TO WHEAT BUYERS I l Q. -, iMt,,. ' BB.ntMT MS " CTm JIJJRW . . Vk IT I . r en. B ! I ' " v.JllllirilJ '" W 3 Vnl s r" tiiF I iJan. 6 REVIEW OF Potato Market Easier Here With a Drop of 10 Cerjts in the Southwest. There was a. slight reaction rn the the bids being offered for potatoes in locnt market during' the past week. There ha been a decline, of 10c per &ental ..ln.T.the,jji;lc.e at southwestern points and as the bulk of the business transacted here recently has been for that account, the local market quickly Bids for fancy stuff are likewise fractionally lower with dealers not so anxious to do business but with grow ers seemingly more disposed than ever to noia tor more money. There continues quite a fair move ment in seed ptock. A number of cars of American Wonders were sold to the California . sections. Buyers bid $1.50 per cental at country points for the best offerings. CANNED SALMON MOVEMENT Sales During Week Are Made at Maintained Quotations. Movement of canned salmolt durinar the week was quite fair with prices maintained. Preparations are being made by packers for the opening of the spring season and a new cannery will be built at Hammond for operation at the start. There s now some talk of advancing the price of Columbia river Chinook halves for the 1912 pack but keeping the price of tails at lajst year's opening. OAT8 MARKET MOVES UPWARD Sales of White Are Made Around $32.50 Per Ton, Track, Portland. ; Price of oats moved up sharply dur ing the past week. There was a more limited offering and while, there was talk of 333 being paid for track deliv ery, actual business at 322.60 for No. 1 white was confirnted. Remaining sup plies are in such strong hands that there is little hope for any future activity this season. VEAL FRACTIONALLY LOWER Market Has Been Too High and Con suniptiv6 Demand Is Limited. Fractionally lower Drlc.es were forced in the dressed veal market along r roni street as a result or tne greater offerings. The market at 14c a pound for topB has been considered too high and for that reason the requirements of iu toners nave Deen curtailed. Most sales toward the close of the week at lSftC. CHEESE MARKET IS NOMINA! So Little Stork Is Available Real Quotation Is Hard to Name. With only a very limited amount of any kind of cheese available for the maraet at mis time, local trade Is nominal. All sorts of prices are said to be shown for Tillamook stock but those that have No. 1 goods sar they are experiencing no difficulty "in ob- fanuiiB istffivyic a pouna. APPLES ARE .HOLDING STEADY """"" :r-- r s -- Trade Is Maintained Around Last Week's Figures; Supply Ample. There was a steady tone in the ap ple trade during the week. Receipts arc ample for all the requirements of the trade and no change was shown In prices. Shipments at this time are com ing from nearly all districts. DUCKS CONTINUE FIRM Chinese Are Still Inquiring for Snp plies for the Holidays. - With the Chinese very anxious In quirers for ducks owing to the near ap proach of their New Year's, the market for this fowl was very firm along Front street during the past week. Supplies were light and most sales of Peklns were made at 22 and 22c a pound. will look very small Monday morning. Visible supply should show another good decrease. , ' Range of New York prices furnished by Overbeck ft Cooke company. ' WHEAT. Open. High. Low. Close, 87 3 97 B 84 , 95 U A sept. May Julv Sept. 95 95 H CORN. 8 69 4 fiS'i 88V4 68 8 22 68 69" (Is 68 4 88 OATS. 62 62 626 - 62 .... 48H .'481 48. 48 .... 42 42 i2 42 . . ..1870 - ; 1670 1870 1870 ... .1635 1635 , 1627 1636 ....1652 166S 1645 1655 LARD. .... 967 . 967 965 , 967 . .. . 937 .! W40 ' 936 940 v...Mt 935 960 962 ' RIBS. .... 895 B 897 893 1 ' 895 880 KM . , S76 8S0 885 ,65 880 t M2 May July Sept. Sept. May July Sept. May Julv Sect. May July NORTHWEST PRODUCTS Wheat Market Is Firmer and Sharply "Higher for the Week at Portland. V There was a firmer tone In the wheat trade during the past week. Prices wure as a rule, from t to 2 He a bushel higher than last week. Buyers took hold more freely "with club at. 84c and bluestem 87c per bushel track aeuvery. Only a small amount of business was closed for export. Millers continue h chief buyers and on account of their huge flour orders from the Orient are In need o much more wheat than they have on hand. Growers were, offering wheat more freely.- 'The approach of March 1 which is tax time, has caused manjr. to make up their minds to let go at the first favorable opportunity. ' There is some talk of Mexican bids but it cannot be confirmed. MORE TURKEYS ARRIVE Receipts Much Better and, Prices React After a Small Rise. More turkeys came forward to the Portland trade-vduring, - the ;PHHt , week than ior any similar', period In recent stria of holiday time. For awhile, previous to he-arrival of these supplies, there; was a firmer tone and slightly higher ' price. When the . big Hiiimnenta . were" shown, the market quicklv settled "and closed around for and 2c, according i" iuvi,j, dressed. Karksts of tna Week. 4 Eggs steady to easy. Chlcgken market better. Turkeys come forward. pucks in good call. " Little demand for geese. Apple market steady. 4 Better wool outlook. 4 Hides generally hold. 4 Hod contracts higher. Spot hops weaker. More onions moving. 4 Dressed meats easier. 4 Wheat market liigher. Oats quoted up. Barley nominally firm. 4 Sharp break in butter. 4 Flour expected to rise. - 11 ' 4 Potatoes not so high. CABBAGE IC NOT MOVING - " Trade Unable to Clean Up Even at lc ft Pound for Crated Stock There Is practically no movement In the cabbage trade at this time. Offer ln f local stock are still very heavy with demand limited. According to the trade, the demand for cabbage AO aate this season has been the poorest known here for many years, trices are nom inally quoted at lo a pound for crated stock. ONION MARKET IS VERY GOOD Sellingls More Free Jd Demand on Outside Is Quite Liberal. "There was a good demand for onions all through the week so far as outside business . wbb , concerned. Sellers sre accepting the price offering and outside business is gooo. - So far as the local Jobbing trade Is concerned the market Is still rather inv. There Is so much No. 2 stock of fering by nearby growers that the trade Is filled up. FLOUR TRADE IS VERY FIRM Export and Local Market Are Strong; Latter Will Probably Rise.. . Added strength was shown all through the flour market durlnar the week. Ex port was quoted stiff at $3.70 per bar rel, less tne usual discount, oi x per cent. Hales are being made as lar off as April delivery and are as active ss freight room win admit. Patent flour is gradually forcing It self upward and general expectations are for an advance during the coming week owing to the higher cost or wneat. DRESSED HOG SUPPLY HEAVY More Stuff Comes to Front Street Thtn for Very fixing Period, Front street' received more hogs dur ing the past week than was shown for many months during any similar per iod. Considering this the small loss In the Drlce is scarcely taken' Into consid eration. The weakness in the livestock?'" market had little effect this week upon the dressed swine trade. BARLEY NOMINAL BUT FIRM Both Export and Local Market Are Strong; Latter Will Probably Rise,, There Was a nominal tone in the bar ley market during the past week but values were firm. Very little barley is now available for the trade and for this more money Is asked. ' Dealers say there la so Uttln stock that could be bought that they are malting no at tar t w- .7. Butter Prices Are Cut Sharply With Increasing Make in This Section. There was a sharply lower market for butter locally during the past week. Two declines, worn forced, aggregating a drop -of 6c a pound from last week. There -was- an inerease-i'n the make -and with the smaller demand owing to. tha high price, creamerymen report that a surplus is beginning to show. All through the week the local but ter market was the lowest on the Pa cific coast. At the close of the week the market still retained considerable weakness but the sharp loss In value Is expected to hold further declines in check for a few days at least. HOP CONTRACTS ADVANCED As High as Cents a Pound Be ing Offered for 1912 Growths. The market for hop contracts was higher during the past week with powers of he Willamette valley show ing no disposition to tie up their crops. As high as 26 c was available for 1913 growth. There was a weaker tone for spot goods but no business passed. The small amount of old hops available here in the hands of growers is being held for more money. ,In the meantime some bearish dealers are offering to delivery 1911s In the east around 4344c a pound. NORTH- BUYING-OUR - EGGS Sales Made to OuUilde Are Help To ward Maintaining Quotations. The north was a buyer of eggs in the Portland market during the past week. British Columbia was the tirlnrtn.i v,m. der and the purchases for that account enabled the trade here to hold prices fairly uniform. Most of the week fresh ranch eggs were quoted from 30 to 31c a oozen ior candied goods. CHICKEN TRADE IS GOOD Purchases Are Generally Made at Fractional Rise Over Last Week. There was a very good trade in the chicken market along Front street dur ing the past week. Receipts were not nearly so heavy as during the preced ing six days and this allowed the trade to get rid of Its former accumulations. Prices show an advance of about Uc for the week. HIDE MARKET IS SOFTER Some Dealers Quoting Less, but Gen- eral Quotation Stands. Thers ' Wa( a softer ton initio in the bide trade but nrii'ea nn Irunara 1 1 w showing no change. One or two lead ing dealers are not offering quite as mtic as they were last week but oth ers are still paying the limit. GEESE ARE HARD TO SELL Receipts Do Not Move Out Promptly ana Jieaiera Get Anxious. - While there was a firm tone in tlcally all other Hnes of poultry de mand for geese was at low ebb durlnk me past six days. The call was so limited that receivers could acnreoiv move supplies at any price. . , MOST r HAYS ARE WEAKER Only Alfalfa Is Strong;' Grain Stock' About 50 Cents Ton Lower. While there was a sliahtlv better feeling for alfalfa hay, other grades were generally quoted weaker. For the grain varieties the market was not only softer durlna1 the past week but values were about 50c a ton lower. Hop Roots Jump High.' . i.i in nniHio. cu. , uvi iwbn nig reported worth $16 per thousand. This Is about three times ths price at which they have usually sold. Reports In cir culation here are to the effect that buy era have, been in thla field looklne- for roots to be set out in aome of the larger yards in Oregon to be planted tins year. According to the story told among ths Yakima valley hornnen. the roots of the old Snoqualmle yards were sold for $6 per mousana, resoia ror is ana iinisnea up at $16. . ; . , -, i. : Money and Exchknge;- London. Feb. Consols, 77 11-16: silver 26, bonk rate 4 per cent. -t New York, Feb. $.--8terltng exchange, long. 4,86; sterling' exchange, , short, 4.88ft; silver bullion. B8J4c ! Ban Francisco, f eD. 8. sterling ex change. 60 davs. 4.83U: eterlinar ex change, sight. 4.86; sterling exchange, doc, 4.83; transfers, telegraphic, 2H per cent premium; transfers, sight, par. ' ; New York Cotton Market. ,1 Jan. , . . 927 937. 27 BZBIitm O.0A ' bit l ao...,7ei March May , July ; , .... .980 .... 99S ..1009 ..,.1010 ....1014 980 997 , 1009 . 1013 1016 1019; 102S 978 978.7S 994I&9G 989 1000 1006 1009 10071)08 1009 (Mil Aug. s Hept. 10120)13 1018lfilX ) t. . ,1019 .1025 inn Dec, 101$ ,1D:425 . 4 4 4 4 4 4 4 'Row ZilrsstOck Tared. i: ' 4 Hogtt Market weakens ..here 4 ' during week - but T advances at 4 competitive points., i . 4 . Cattle Mexican , stock being.. 4 expeWmented with by puckers 4 and market U weaker. . . 4 Sheep Old stock holding but 4 lambs are weak during the six 4 days' trade. , 4 ' ! ' ' ' f a PORTLAND LIVESTOCK RUN. ' j Week r Hogs. Cattle. Calves. Sheen m 1461 123 2839 ..... 1835 . . . .. 3683 ...J, 1911 ... 1299 2481 2136 727 1705 87 22 19 13 2726 3412 2289 3447 By Hyman H. Cohen. Perhaps the matter of. greatest im portance to the livestock growers of the Pacific northwest was an ocourrehce at the closing of the week. Two loads of cattle came forward from Mexico to be put on feed here for the use of northwest killers. Knowing quite wen that there Is not a sufficient amount of cattle remaining in the Pa cific northwest to fill the wants of the traae. Killers are looking elsewhere- for supplies. The bumping of cattle values here, al though .the cost of production has been greatly Increased, has led many to with draw from the field as feeders. If the decrease continues for a few vears there will no longer be need for killing plants In this -territory, for there will be no cattle to slaughter. Boa Shows a Decrease. Thers was a decrease of more than 1000 head in the run of cattle at North Portland during the past week com pared with the offeringH of the previous six days. Total shipments this week were 1461 head, compared with 2481 last week and 1705 for this saiiic week a montlt-ago.. -- - - , .. . Cattle prices showed a reaction dur ing the week, closing around $5.95 for extreme tops, although It Is not probable that over $5.90 could be obtained for any liberal supply. Killers have about all the .cattle they need. Their wants have been fed so thoroughly that they are able to lay down and refuse to purchase stocks for at least anotner weok if they were so Inclined without In any way being in danger of running low in their supply of dressed stock. . Cattle came forward this week from 15 ACUTE LABOR TROUBLE TO GENERAL IMPROVEMENT OF BUSINESS By Preston C, Adams. (Publlitli!-' Pre4 femed Wire. I New York, Feb. 3. How is business? This Is a question which Interest) us all. and right now -it Is not an easy question -to answer. Keports rrom general business con tinue very mixed. The new year has not . brought as yet the improvement hoped for and expected. As a rule the activity is not so great as a few weeks ago. ferhapa the most favorable factor coraln" to hand is the figures of our foreign trade for 1911. Kxcess of ex ports over Imports was $559,441,280, a larger excess than In any year since 1908. , The most menacing feature, undoubt edly, Is the labor unrest. Then, again, the tariff question is retarding many from increasing their stock of merchan dise of such character as would be di rectly affected by a reduction In be tariff. . When one looks at the better side he can see that conditions, as a rule, are sound. There Is no speculation, and people generally are living more eco nomically than for a decade. Merchants have hot restocked their shelves and manufacturers have not laid in any sup plies outside of B few industries. Money Ih plethoric everywhere, gen erally a sign of slack business condi tions,1 and yet there are those who do not regard the piling up of money in Mew York anything but a seasonable development. ; -v i Much is made of the Increased orders of ths United States Steel corporation. This activity, is largely due to the rail roads. ' ; . As a whole, while business conditions might be worse, they are still far from satisfactory.. There is comparatively little orofit In trade, and this checks anything like enthusiasm. it is still gooa opinion, nevertneiess, that when the presidential nominations are made, the situation is likely to have a sharp and Sudden betterment... That "New-York Is steadily growing i a most Important factor In the world's money markets cannot be gain said. 1 ' Resumption of gold exports from New York to Central and South America was correctly explained as meaning that Eu rope, which had obligations to settle, In those markets, was drawing on New York s aold for the purpose. The same thing happened at this time in 1910, but wltn this difference that whereas En- rone was then our heavy creditor on balance., ana was ordering the soutn ward gold shipments as partial dig charge- of .the debt, we ourselves are how the creditor market, so that' Eu rope virtually has to borrow here to command- the sold. - SImultaneouslv with these shipments came thia-week's news pf an Impending $125 Ovu.OOO loan by the .German govern ment, which led our bankers to expect Berlin to ask and obtain renewal of the large loans made to it in December by New York, and now maturing. - This might almost be described as the indi rect financing of the German publio loan by American capital. Sitting at his desk on the tenth floor of a Wall street building, the man in charge of the investment depart ment 1 of a stock exchange house was discussing the bond ' mar ket with a visitor. A mnssagii from the telephone room was laid upon his desk. "Pardon me."' he said to his vis- Uorr-as- he-plckeil -up-4il-telphf)ns1rri-t strument and asked for a. Philadelphia connection. He Immediately 'placed i the receiver, and the discussion of the bond market was resumed. : The telephone bell rang. "Pardon 'me," said the Investment ex- fiert again, he lifted the telephone nstrument. "I'll take those 60 shares." he said In tha telephone, evidently he got them. He broke off the connection, wrote a message for the wire, and sent It off to the telegraph room by a boy. The discussion of the bond market was resumed once rrfore. and continued until another message on me i from the wire room. The Investment expert merely glanced at It, and went on, with the con versation.. . '- , .' , ... .- , - His Visitor broke In to ask a ques tion. "Do you mind telling me the na ture of that transaction you have Just cor eluded 7 'Just then 7" said the Investment ex Utah, but most of the stock- that cams rrora there was purchased some time ago and weighed ut the point of ship ment, :':. ,, - , .:. A.. . Buying Outside Tarda, Competition of outsldo killers lias, forced local Interests to go outside of the - yards for their - auppJles. For a" while it was generally understood that no contracting was to be done, but this Is now eons4dei-ed a regular event. California cattle came forward to Se attle packers during the week and were rested in the . North Portland yards before resuming their Journey to the north. ; By this the indications point to the absence of any desire of killers to purchase local cattle when they can get the outside stuff. - North Portland cattle prices: V Select steers ; .....;...$ ' '6 95 Choice -steers .... . . . s . , . ! ' , v m - . ..... I r. 1,IVUU,VU Feeder steers , 4.75 opryou neiiers ... t , Ordinary heifers ....... i ... . Fancy cows : Ordinary cowa a or r vir "B"1 "uves f 7.75 mejium ngiit calves Fancy bulls Medium bulla 7.00)i7.75 . , .....), i" 4.60 4.00 Ordinary bulls .. . . . . ... 4 011 Hogs Are Down Here. 7 ' . A fractional decline was forced in the price of hogs at North Portland during the past week. The run was much smaller than during the previous week and although there was aq ad vance in the price at Missouri- Wvor points, the local trade would not pay 5n-JnUi?t.t ,t,1,elo8 t the week it cost $7,S2H to land Missouri ; river swine at Pacific northwest packing p.'?inti! and lnP-tatrons from there are Btlll being shown. The best price avail able here recently has been $6.60. Run of hogs for the weok was 991 t.?aa-0m?red w,th 1835 l89t weekend 1299 for ftils same week a month ago. Nominal North Portland swine prliv: n,-;'. mixed $ ego veiV -04r6.6r uood light 6.60fii6.6r Medium,. lisbt , ...... . ,lW:i5 Rough and heavy i g o& Poor and heavy gQ lambs Are Very Weak. In ' practically every market of ths United Mates so many lambs have been offered recently that extreme low prices are In effect This is true of the local market as It is of Chicago, South Oma ha and Kansas City. There whr m run nf fisu ekUH lambs In the local market during' the vtMiipareu wnn z 1 20 last wet k (Continued on following page.) E pert. "Why, I bought 50 shares of an investment stock in Philadelphia bv telephone, and nold them in Columbus. Ohio, by our private telegraph - wire. What about It?"' "Oh, nothing." said the visitor. "Onlv itTccurred to me that a few years agb it might have taken four weeks in stead of four minutes to do It." Then they went on with their talk about th bond market. Joseph J. Talbert, vice president of tho National City bank, is authority for the statement that the banking practices current a few years ago are no longer pONsible here. The situation as result of .those practices lias been alleviated in so far as possible by the state bapk ins department., but. that department still ' lacks, according to Mr. Talbert. corrective power. The change, which has been brought about and whiuh was hastened by ths defilre to eliminate .dangerous bunking practices, 1 has . been accomplished throueh the clearing hou elation has admitted trust companies. uiiiiKuiet innm unuer supervision, and has provided more efficient and stricter examinations. The committee of .the'CIearlng House association bns very- strong corrective powers. To Illustrated If a trust eom panys or bank's capital becomes im paired, an assessment may b-j ordered ; -ir officials or employes of i clearing house member are untrustworthy or guilty of illegal practices, the commit-, tee may order their discharge; If a trust company or clearing house mem ber becomes dangerously Involved, It may bo expelled from the Clearing House association, thus holding It up to .public opprobrium; If a trust com pany or clearing house member needs to be eliminated, a merger or consoli dation with or absorption by a stronger inatitutlon may be brought about, as has already bsen accomplished in sev eral instances. The reason for tho visit of .T. Bruce Ismay, president of the Internationa! Mercantile marine, at the same time as other well known foreign steamship In terests are here, is naturally the source of active mental speculation. There can be ' no OUestlon but whfit tbe Pnnnmo canal Is the source of active discussion ; In shipping circles abroad and while no; officlnl Information is yet available, there Is excellent reason to believe that Mr. Ismay will, during his visit, make a close study Of the new conditions as they would naturally be affected when traffic on , the Panama route becomes available. - ' The fact that two of the A merlon n bullt Red Star boats- have been trans-v ferred back to the American register, suggests a plan of competition with the transcontinental railroads, for Paclfio coast business. As usual. President Is may yesterday stated that his visit was msrely a regular semi-annual inspection trio, This is vlftually the only an nouncement he -ever makes when he comes to this country. . In addition to ths two Red Star boats that have resumed the American flag, the InternatlomH Mercantile msrlrty has four American line boats that could also be used in the Atlantic and Pacific coastal trade. It Is not thought that the Mercantile Marine company contem- plates, in anv way abandoning New York In its Paclfio service, should It finally decide to establish one; New York would naturally be a port of calt, as It would rot be very far off ths dl recPllne from British ports, and snv" r-acirio service couici readily be mode supplementary to the other New York services of the combination lines.' - J.G. WILS0N& CO: , WBW TOBK STOCK EXCHANGE. , i KKW YORK COTTOW EXOKA7TOB. , CHICAGO BOARD OT TRADE.- J TUX STOCK AMD BOM EXOXAXOH. J BAH FRANCISCO. - ' Main Offioe Mills Bldg., Baa rranalsoo. Branch Offices Vancouver, Seattle. Portland, tos Angeles, dan Siego, Ooronado Btach. , . Boom B Xumbermens Bank nulldlnr. Phones Marshall 4120, A-4187. ' ONLY MENAC ..H I)