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About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (Aug. 17, 1913)
'V c THE OREGON SUNDAY JOURNAL,' PORTLAND, ; SUNDAY MORNING, , AUGUST 17,.. 1913. EVERYONE WILL WANT TO BUY APPLES FROM US THIS SEASON AMERICAN APPLE CROP ABOUT HALF OF THAT - ,V' " ' THE WAR OF THE BEES! KILLERS KEEPS SWINE PRODUCTS SO HIGH A BETTER SENTIMENT IN OF YEAR AGO AND ENTIRE WORLD IS FOR SUPPLIES FIREWORKS PRICE EXPECTED SMALL CALL FOLLOWS ISSUES BEING TAKEN ,j Entire Pacific Coast States to Profit by Extraordinary Values Occasioned BesponslblUty for Present Congested Condition of Trade Besta With Oversubscription -of Southern Pacific Underwriting Is Taken as Very Good glgn by Financial Interests; Prices Recover. by Extreme Excitement in Trade; Europe Very Anxious to Purchase and General Scramble for" Best Quality Offerings Is Promised ; ; Pacific Slope Has the Only First Class Fruit. Packers Who Are Now Beating Down Hog Prides In Yards. BIDDING STOCK iRKETfW ' i By nyman H. Cohen. -The American apple crop will be Juat about ball of what It was a year ago. Likewise there will, be some firework . and excitement regarding prices. While It cannot be definitely stated ' the exact amount of apples that the country will produce this season, spe cial advices received by The Journal from practically every important apple- crowing section of the United States in . lieate that the amount of marketable stock will not bo over 0 per cent of a year ago. - There will be considerable stock In some of the middle west sec tions that will not be marketable, owing to extreme poor Quality. This Would probably amount to 5 per cent of the total, making the entire crop as grown ' 5 per cent of a year ago. Only the Pactflo coast group of states will save a good crop of apples this sea son.:. East of Colorado the line Is drawn between good and poor apples. Whllu California will not have nearly as heavy : a crop as a year ago. its production will show fsr better quality. Oregon's crop of apples will probably show a shortage of 26 per cent compared with a year ago. The quality of the fruit will be far the best ever grown in this section. Washington state will have an apple crop probably IS per cent below a year go. While the amount produced per acre will fall as short as in Oregon, still; there Is a greater Increase in the bearing er'ea of the Evergreen state than In the Beaver section. Idaho's apple crop will be 20 per cent short of a year ago. Already the signs are visible which tend to show the coming season to be the most profitable that apple growers nave witnessed, contrary to tne season just closing, there will be a world wide demand for apples this season, and the highest prices for several seasons win in an probability be forced. AppK contracting is already showing the larc est volume and at the best prices for at least two seasons. Europe, Asia and Africa, together with the eastern por tion of the United States, are already purchasing heavily, and only a small portion of even the early varieties have as yei neen narvestea. The arDle market abroad nrnmtsea to take cars of the greatest amount of rn7i iua.ii nppies ever sent in mat curec uun, ana at prices mat will prove un usually Dfof liable. Highest prices for Bartlett Dears that ever existed are already shown in Amer ican markets for Pacific coast offer ings. Durino- the week sales of Rome River Bartletts were made up to $2 a no i. a. o. country snipping point. i South America and certain sections of tturope are purchasing peaches from the western states for the first time in the history of the Industry, and nrunea are already finding anxious buyers through out the world.- although it will be some ume oeiore tne crop is reaay for market DRAGGING MARKET IS WHEA SHOWN FOR WHEAT IN NORTHISTSECINS Trade Almost at Standstill With the ; Farmers Too Busy to Pay Atten - tlon to Anything Except Harvest ing Operations.. I STRENGTH IS A GREAT SURPRISE TO MARKET CHICAGO Early Bullishness Causes Shorts and They , Cover , for Self Protection; Europe Is Somewhat Inclined to Look for Crop Trouble, Oilcago, Aug. is. Display - of strength In wheat at the outset today was something of a surprise because so many in the trade can see no good in it at this Ume. On first sales those who sold the upward privileges be came quick buyers as a matter of pro-!eotl0?,- JFh September price was up to 87 94. December a frantlm, nva em and May 97c Aftr mn.r.. . action from the strong opening the market had a second swell to about top prices and closed at about Ho net gain for the late months. Considering the fact that tw. some reserve action in' corn in the way Sf h.2Y& prof!i. ta.k,n and a moderate alp in prices, the firmness In wheat at tracted much attention and the feeling The Liverpool cable was at a good ad vance. Good spot demand was reported. European weather was less favorable and foreigners were inclined to watch (or some lnJurv tn h. -.r.i ?i tln.rthwe8.t' e,tner through stormi or low temperatures. Kansas City re ported an increase of about 1,406,000 (Continued on Following; Page.; GOOD COTS SELL Shipments From the Goodnoe Hills Bring Better Prices in the Wholesale Markets. 'Business In the wheat market contin ' lied bedraggled all week at practically every point In the Pacific northwest There was practically no movement to speak of anywhere. Farmers were too busy with the task of gathering their crops to pay the slightest attention to the outside world. The extremely limited offerings of wheat brought out rather fair bids es- , pecially for early delivery. Bids for quick shipment club were generally placed at ?9o a bushel, tidewater track basis and for bluestem values ruled up r to 880, For deferred shipment the mar ket was generally a cent balow high quotations. i Conditions In the world's wheat trade indicated that the accumulated short ' selling of recent weeks has placed sell ers in a position wnere incy are Keeping their ears to the ground. The inse curity of their position may be noted when it is discovered that every time the option market in the east begins to show signs of sagging, covering sales - are notea, a similar irena in me iraae abroad la shown. .-. It la now nromised that the bir move ment of new crop Russian wheat will tart after September 1. It is the Rus sian supply that proves one of the an nual scares of the trade and until it is definitely ascertained -what the probable shipments from there will be, it Is likely that the markets will become panicky ana rirm ny rums. . . Seemingly there is nothing in the sit uation, so far as can be discovered at " this time that will tend to show any reason for bearlshness or low prices. woria s requirements are yearly increas Jng and there has been but little in ' crease in the total acreage of late. - The action of the coarse grain trade was so-, insignificant that only a very nominal amount or business was re ported by the trade. Prices In general remain about as nrevlouslv a no tad. ' The big factor in the cereal market curing tne ween was tne extraordinary lump In hay prices. The trade has been offered so much stock lately that It is ' congested with practically all grades - and varieties. It has been many a year : since rancy nays cave sold as low as at the present time. The principal rea- son for the depression is that producers are anxious to unload right off the fields ana ao not care to even put their stock la the barns. ' WHEAT Nominal nrodueera nriiui track basis: Club, 79c; milling blue- leiu, ecj xuraey rea, sie; rortyroia, 80o ; red Russian and hybrids, 77a; val ley, 80a bushel. ' BARLEY Nominal producers prices, track basis: Feed. $23 028.60; brewing. 2 : rolled, )25 a ton. OATS New feed, $2426; milling, $24.60025 per ton. FLOUR Selling price: Patent, 84.70: "Willamette valley, $4.70: local straight. 83.8504.10; export, $3.65J.65; bakers', 84.6004.70. i HAT Producers' prices: Willamette valley timothy, fancy, $14.60(816; fancy, $1S14; eastern Oregon-Idaho fancy timothy. $16C18; alfalfa, 112.60; vetch and oats, 61011; clover, $89 per ton. MILi-STUFFS Selling prices: Bran, $24; middlings, 131.60; shorts, 826 per , ton. , GRAIN BAGS No.. 1 .Calcutta, ! 10c. TC KANSAS CITY LIVESTOCK y Kansas City, Mo.. Aug. 16. Hogs . Receipts, x 1,000; market. 10c higher. Tops 88.T5. . Cattle Receipts, 600; market, steady. , Sheep Receipts, none; market, strong.1 HERE ARE A FEW OF THOSE BIG YIELDS OF l V ifftl - Onion Crop Short M lf rFftniU a . . ' All J A SUto Production Is Only 530 m.inimm Vi y ortlandV z,iTistoc k Xnn. Aug. .18..... Aug. 9 Aug. a July 28 July 19 Year ago . . . 2 Tears ago.. Hogs; Cattle. Calves Sheep. .2914 168S 2680 .1321 2346 1496 .1067 2198 1776 2063 2067 1359 763 2099 18 131 200 266 130 47 248 6608 1283 4901 3928 7288 400 10.172 With an acreage perhaps 10 per cent less than that of 1912 the onion crop of Oregon this season promises to be 630 cars compared witn 626 cars a year ago. Of the amount named for this season the Willamette valley will likely produce 871 cars while the other portions of the state will give perhaps 169 cars. The smaller acreage in onions this season is due principally to the extreme ly wei weatner at tne start or tne year when planting was in progress. The onion crop expected this season compares with others years as follows: Oregon Cars 1913 630 1912 625 1911 eeeeeeee - 600 1910 ;....426 1909 a a a - e 890 Oregon Hop Crop Promises 115,000 Bales ft tt st St st t tt tt St St st St st st Last Year's Big Production Almost Reached Here HIGH uooanoe Hills, Wash., Aug. 16. The Biiipiiini apricots irom this section Is about over. Conaiderlng the age of the orchards, tha quantity of fruit shipped was verv a.tinfatni-r xnr of, the quality Is the fact that the "cots sold for a better price, as a rule, than "" iium umer sections, exceptions to this was caused In a few instances by carelessly hlnnlno- in sn overripe condition. A meeting of the Shippers' union will ho hM nt at which time arrangements will be mauo wnn tne railroad company for me uoa in inn rucnm nr r,fr cars for all perishable products. W. H. Allen of Salem and Joe Cook nr rt I o n H V, n i . . aw- . V ",,uor "" manage ment of W O. Flora of tha Banta Clara valley. California, made an unqualified ,11 ouii urjing me cots' rrom the 6-year-old orchard hnlnnpin t. grand M; Baldwin, and the B. 8. Coolc company of Portland, Or. This 160 acre viiuaiu piuuucsu over t J ree tons per cre. Sun drying retains all the nat- urm uuvur or tne rroit, while the ex pense is reduced to a minimum. This system of drying Is made possible by the absence of foam or dnwa during vl niKui. una tne continued sunshine which obtains in this section during the day. iv , i. " 'imorea witn the Hiinrui ui uifl orunaras. ouanrv nr rtiit and superior conditions of this district for the production of apricots and al mond nuts, he has made arrangements to purchase a large tract of land for himself and several friend ,v,. nanui Lima vaiiey, uaiirornia. im provpments will begin as quickly ai possible this fall. Archie Geer holda th raoo.- .v.. ui - y. ilia iiroi Buiymem or waiermaiona thi a son. They sold for So per pound whole. Bale. It is exoected movum.m of one will b0 general by the first of next week. The quality and flavor are as uum me oesi on me market. GRAIN IN THE PACIFIC NORTHWES T STATES The great yields of grain In the Pacific northwest' this season are vn fX'e tehtas'-Mnn0' IS '"J B6BeraI- " s'S"f aspsctaUl? In the light1 land sections, the production this season waa ,m..ii heavy. Even the light lands of Oregon, which did not Indicate even an .ThtVo?, . OREGON. Section. - -'Grown by -Patn Ingle ...,...'. . t Karl Tiilloek-- I. A. Christopher.,.. W, K. Campbell.,,.. . . Kd. Kaseburg itoot S'O. E. Coleman. Jessie York Walter Bernard Charles Plnyle ueorge xiiggs ,.....,. J. R. Killer. ........ . , . jr. Melton Pendleton Pendleton Pendleton Wasco Wasco Wallowa Athena McMlnnvllle Allcel . . . . . .Lewis ton Lewluton WASHINGTON. ..... ...... .Dayton Oraln. Av. Bushels. Wheat 46 Wheat 60 Barley 80 Barley 64 Wheat 35 Wheat 25 Wheat 86 Wheat 77 Wheat 40 Wheat 64 Wheat 30 Wheat 20 Barley 60 By Hyman H. Cohen. The hon cron of Orea-on will be 118.- 000 bales this season, according to pres ent conditions. This compares with 118,600 bales a year ago, and 72,000. bales in 1911. . Aside from tha small loss that will be shown In the total production as com- farea witn last year s epormous crop, his season's putput in the Beaver state will collectively show the best quality ever produced, unless some later acci dent changes the situation materially. While there will in all probability be some yaras that win snow an increase in the output over 1912, the general out- iook is ror a smaller one. xne loss is only about 8600 bales, but the a6tual loss per acre is somewnat greater tnan this. The difference is made up some what by the increase In the bearing area. During, the week there were some re ports of fed spider in the yards, but the visit of the Insect was confined to but a small area, and no damage more than the normal is reported. While earlier in the season .there were considerable lice reported in the yards, the extreme warm weather so reduced the number that little, if any. material damage was done either the sljse or qual ity or tne yield. Tne Du-rrs are now get ting quite well along, and there Is every Indication that the Quality, aside from cleanness, will be far above the average for this state and every one knows that Oregon hops rank among the best in the world. Oregon hop producers promise to se cure their best net returns this season. But a very small percentage of the crop was contracted at low prices early; therefore, the prospects are that the en tire crop will be sold for more money than any other crop ever produced here. Prospects in Washington are equally as good, both for quantity and quality. Latest reports from Yakima Indicate that many of the yards will beat last year's record, and similar reports are coming forward from western Washing ton. Latest advices from California are to the effect that the yields there are some what under those expected. The quality of the California crop is considered be low the average, owing to poor weather conditions at critical periods. Reports from abroad indicate better weatner conditions, and' this Is causing some of the short sellers to forecast a much bigger crop than had. been expect ed. The fact that these same interests are exceedingly anxious to purchase sup plies whenever given. the opportunity suggests the fact that much of their views are prejudiced. Short sellers have come to the conclu sion that the only way they can secure big profits on their sales Is to start a campaign of misrepresentation of the crop. They have already oegun, ana are talking lower prices. xms nas in a measure stopped business with the east, and will likely have a bad effect, until the outsiders realise that after all tha Ualk is made simply to depress values neTe, until the' shorts can cover at a profit instead of'a loss. Yesterday afternoon it developed that actual orders at 20o a pound net to growers were coming from England ana the hop market here and at Wil lamette valley points stiffened accord ingly. Oustave De Conlnck-Van Den Bossohe of Belgium, leading importers and ex porters of hops, considered vary good authorities regarding hop prices and crops, give the following estimate of the world's crop or191J: Hundred welrht. Aslst . 2,876 Poperlnghe 84,600 France, north 28,600 ! ranee, Lorraine . .4,000 France, Burgundy 18,700 Russia 67,600 united states 438,760 England 806,962 Germany 219,911 Austria 162,000 Hungary 83,000 utner countries 11,876 Total world 1,844,654 The world's official consumption Is 1.726,000 hundredweight of hops annu ally, therefore counting the probable crop, there is a shortage this season of 380,446 hundredweight Stocks of hops at this time are very small and must carry until tne nrst or September, by which time they shall be tha smallest on record. In 1909 the world's hop crop was tha OMAHA HOGS LOWER Tops Down to $8.23 In Yards; Sheep Trade Is Steady. South Omaha, Neb Aug. 16. Cattle JNone. Hogs 8300. Market steady at 87.68 8.26. Sheep. 200. Market steady: Tearltngs 15.2605.68, wethers 84.766.00. lambs $7.20(7.40, ewes 84.2504.60. CHICAGO HOGS ARB HIGHER Market Is 10 to 15 Cents Better Than Friday Sheep Trade Strong. Chicago. I1L. Aug. 16. Hogs Re ceipts. 11,000; left over, 6700; run year ago, 6600. Market 10c to 16c higher. Mixed and butchers. 27.6508.80; mod and heavy, $8.168.65; rough and heavy I .ou f O.AV, USUI O.DU!(y0.3V. Cattle Receipts, 100; market, steady Sheep Receipts, 2000; market strong. San Francisco Barley Calls. San Francisco, Aug. 16. Barley calls! Open. Close. December 136ft 136 smallest on record since 1882, with 924, 900 hundredweight against 1,660,000 hundredweight consumption. The stocks of old and previous years had to fill up the gap of 726,100 hundredweight and by September 1, 1910,. the remaining stocks were very low. The 1910 crop of 1,667,000 hundred weight against 1,670,000 hundredweight consumption led to a grievous mistake: the traders would have the hops cheap and by all means persuaded tha grow ers that the supply was too large for the consumption. This maneuver was a full success; indeed the growers had a good average crop. Unfortunately for mem. tney ignored tne new economical position deriving from the smaller acre age. The 1910 crop proved insufficient against 1,670,000 hundred weight nec essary to cover the twelvs months' re quirements, and therefore further 103, 000 hundred weights had to ba taken from the stocks These were conse quently, on September 1. 1911. the smallest on record The glorious 1911 summer was a grand boon for the brewers insofar as it waa the cause of a large increase in beer consumption We must agree that it was most impartial In its effects, as it was also the cause of the highest prices paid for hops since 1882. But tOQ diSaDDOintment Which h hnn nnnr. Lcrs met in the autumn of 1910 was the uause oi a iurtner reduction of the worlds hop acreage, which fell down to so low a limit that even the ooolest traders were muoh concerned about it. The official returns of land under hop cultivation In 1911 being- 234,680 acres as against 290,427 acres in 1906. This means a total reduction of 66,847 acres. The 1911 crop was an under average one; on the smallest aorease thn viTd reached only 1,848,000 hundred weight against 1,600,000 consumption. The con sequence being a further reduction of old stocks by 262,000 hundred weight By September 1, 1912, the stocks are so far reduced that each single lot In ex istence is recorded. and pointed out as a singularity. Fortunately tha 1918 rrnn nnMti.. standing the worst climatic conditions Wi which It was grown, conditions were entirely against the srrowth of a hnn orop, was returned officially as 1,961,- uwu nunarea weignt. Officials say that the 1912 crop waa the second big gest averaKe on record- nlmn.t k1 as the 1905 crop and bigger than the niemorable 1908 crop, which waa picked In tha best picking conditions. Old hop supplies are so light that they can scarcely bn rnnnidar.d t,.,. they are estimated at 74,030 hundred weight for all hands. Economy in. hop use by brewers has reached Its abso lute limit, therefore brewers cannot fur ther reduce the proportion of hops nec essary. " All of this goes to show that the prospects for the 1918 crop, so far as jjnuoa Bio traewnea, are tne best on 1 Wll u. By Hyman H. Cohen. This has bean a verv avuntful wek In the swine trade of North Portland as well as the rest of the country. Val- uos nave onown a greater decline within the six days than during any similar period for many years. There seemed to be no bottom at all to the market on most days. While the marketing nf hntr reeontlv at North , Portland has been rather lib eral, mere nave been other periods when a greater amount of stuff was offering. The chief reason for the bearlshness of the trade was therefore not tha In creased supply. Killers have been wor rying for soma time about the high nriceS thV hav. h.nn havlnv fnr ViAa while they have boosted tha price of the dressed product to consumers, they, have iiovenneiesB Deen or tne opinion- that the hog raiser was making too much money. Therefore in a huff they decided to bring down values thev were Davina the producer. While all of then chans-na were inaue in tne price or nogs on tne hoof, no corresponding allowance was maae in tne price charged consumers. ' Pork Products Accumulate. While It is generally considered truo mat tne cnier cause lor the drop In hog prices all over the country was the di rect result of the determination of the big; killers to buy for less, still there was another factor and a verv lmnort ant one that had some effect upon the ueierminauon to lower quotations. De mand for pork products has not been very brisk during recent months and with the high prices being asked In all lines, It was simply out of the question for consumers to purchase their accus tomed supplies. This therefore left the big killers with almost record stocks of swine products on their hands and they have been trying to devise means to get from under. There is one way that the situation can be cleared and would probably have a good effect upon the market later. By cutting the price of pork products to a figure where the average purchaser can again secure a smell of ham or bacon, packers would be doing them selves as well as livestock raisers a very good turn. The benefits to con sumers would be atill mora The latter Is the last court of appeal and once in awhile even the bid packlna comDanles are forced to bow to him. Today's general hog market range: Extra fancy 8 8.80 Ordinary light 8.SS 8.40 Fancv heavv - 8 1 Rough and heavy 87.75 Q 7.80 Cattle Fries Baas Off. Prices showed a further loss In the cattle market at North Portland during the week. Killers were extremely bear ish in their vtews and while quotations for best stuff is but fractionally below those of a week ago, ordinary to poor stuff showed a bad break. The cattle situation here la suffering from much the same cause as the swine trade. Beef nrices are so hlah that the consumer Is not able to become ac quainted with befef to any considerable degree, f or years tne Dig pacKers cried that the consumer was purchasing only tne hlgner priced cuts therefore was the direct cause of the extreme prices then in effect At this time the price of even the poorer cuts is so high that meat is getting to be a scarce article on the table of the average laborer. Weakness In the cattle trade at Kan sas City during the week was the direct result of the burning up of the pastures and the drying up of most of the creeks in the middle west. This brings the cattle situation into an acute stage and will result In next year showing the greatest famine of supplies ever known. Today s general marKet range: Fancy steers $8.008.25 Medium steers 7.60W7.76 Ordinary steers '. 7.00 7.60 Fancy cows and heifers 7.26 & 7,60 Medium cows 7.00 Ordinary cows 6.60 6.75 Fancy calves 9.00 ordinary calves 8.000 8.60 Shesn Market steady. While prices at the closing of the week are fractionally lower for mutton than they were a week ago, the situation Is clearing somewnat. 'mere continued quite liberal offerings In the sheep and lamb division at North Portland dur ing the week but for the better class offerings the trend of the trade was toward a Bteadler basts. Today's general sheen prices: Lambs, best 8 6.50 Lambs, ordinary 5.00 5.60 Wethers, best 4.26 94.35 Wethers, ordinary 3.75314.00 Ewes, best 3.80 Bwes. ordinary 8.25 2.60 moaaay Jterning sales, STEERS No. 24 22 21 19 2 By Benjamin C. Bryan. New York. Aub. m nntimiti .. ment was crvHtniai AnHn. k. mS-1bJCKtn v"y of th security market whose buoyancy baa apparently ?i,-,a.f,e0tlon ' action of th3. eaBljry deJpartment In making- plans to baEk-VUtbh8tantlal n?uat.Ta the oanKS in the Wnat a.nA nrn"."! .unud" t0 a,a .th movement of crops, which seemingly has served noia; a money stVln- gency In tha fall. Tn .mkia. good has grown out of the formation of a syndicate which will ba designed T,.Vrn.2,rwlite th.? 80.000,000 Southern Pacific stocks which will be offered for subscription by the Union Paoifla ina investment markets have' neen so narrow for milt rarn .c heavy over-subscription to the above syndicate ..was taken as an Indication f r a nnonsra rnw v. v . ii a t. . . , V i , " n cne atti tude i of banking interests, particularly Aa icii uin tne BuoceHsrui sate or such a large amount of stock will do much, toward lnnrennlno- th IniH.H... or many who have been disposed to be .e Jat substantial betterment in not umv w kiock marKet Dut also in gen eral business is invariably preceded by a revival in the Investment demand. The tension which long has been in evidence on the continent appears to hu.ye bSen of . late K'estly relieved, though Europe In a short time will ap parently be confronted with the prob lem oi financing the expenditures grow ing out of the recent war, and it is now confidently predloted that the issuance orva.FTe?c? government loan, which is scheduled for early In September, will have the influence of causing muoh of tho hoarded gold to flow into business channels as a consequence of subscrip tions to the above loan, It being tha experience of the past that the leaders of the French peasantry invariably die tates large subscriptions to its govern mental Issues. sAs far as crop prospects are con cerned, some apprehension has been in evidence relative to the corn crop though it has been in great part offset by tha satisfactory outlook for cotton, but a continuance of drouth over Texas and Oklahoma may cause a revision' of calculations based on agricultural pros pects later on if damage reporta become the order of things or the drouth Is not broken shortly. Advices are being received over-shading prices in steel and Iron Mrolaa Ki. aside from that feature' the volume tot trade aDPears to ha of ttnrsA nrAfut.HM.. and on the whole industrial conditions ar regaraea satisfactory. Business sentiment is described as beinr ative and stocks of merchandise are extremely low, which condition perhaps Will continue to nrevall until h .r.T., of new tariff schedules have been fully Mciiiuiiot.ttiou, ma aavancea security markets seem to have been tnr th mn part in the. nature of natural reaction from the sharp decline recorded in June, and also a reflection of extreme nerv ousness on the part of speculative sell ers who semingly forced their advan tageto the extreme and overstayed their Dosltlon to a rtirrB. that moH i. difficult to cover their commitments. mere seems to be little question but that the contraction of lnanfe imin. out of the action of eastern banking In stitutions in advising their interior cor- responaenis to curtail, nas done much -toward improving the situation as a whole, but marked nrnr, n tha n.au of general expansion either In financial. luminal uim vi uiuuBiriai circles, does not seem to be anticipated by large In terests until the crops are successfully gathered and a great disposition is ex hibited by the holders of liquid capital to exchange same for obligations of fixed maturity. Ran a? Maw Tn,l. ..1... 1 t- . b? Overbeck & Cooke . 118-217 Board or iraae Duiiaing. DESCRIPTION OpnlHIb jnm I BH Amalgamated Copper Oo American Section. Oregon Oregon Oregon Oregon Oregon Oregon Idaho .. Idaho .. Idaho .. Oregon , Idaho 1 19 2 2 80 DANGER OF AUTUMN MONEY CRISIS PASSES Henry Clews, New York Bankers, Writes That Secretary McAdoo's Order Will Be Much Help to Situation During the Crop-Moving Period; Credit Reserves Expanded. The danger of a monetary crisis this coming autumn has passed. For this welcome reassurance Secretary McAdoo Is "chiefly responsible., By making it plain on repeated occasions that the treasury would do Us utmost to relieve monetary pressure when crop and trade demands begin, he materially lightened the burden of the banks and enabled them to lend with far greater freedom than was dreamed of; thus averting, a blockade of the wheels of commerce at the critical season when thev are In variably running at high speed. His latest offer to put out 160,000,000, of treasury funds available for bank re serves adds Immensely to the loaning abilities of the national banks, especial ly in case or tne smauer country insti tutions Which are rea ul red to carrv only 15 per cent of reserves. a w w It is estimated that hv thla Tnennn the credit facilities of the country will be expanded about 8200,000,000 to 8800.001)000. the effect of which lrf al. ready seen In easier rates for time money, a better demand for commercial paper and a general revival of confl. dence In banking circles. Of course much credit for the present Improve ment must also be attributed to the banking community for their naralatant application of the brakes. In conse quence, there has been a general liqui dation and contraction that is proving stoppage placed upon all Imprudent . stands at the unusually high fla-Ure of enlerDrlses. Tha ritmnnH tnr ... Ircim .. ' iigure or vv.ea jcr veil L. Je,e.vMW '.n athe harvest season and for the next few vwin .mn ports wlll be of equal if not greater Importance than the money market, the , ,,;,, imv(I aireaay Deen partially discounted. August is always a critical month for the growing crops, and more, or less deterioration is the rule. A v.?rjr satisfactory feature not suf ficiently, appreciated, is the, unusually liberal grain movement of the past few weeks. This has enabled the farm ers to pay their loans, thus strengthen ing the banks -and providing the rail roads with a heavv amount nr able traffic, also furnishing an import ant Increase in our merchandise x ports at this time. Our credit abroad is excellent and steadily improving. Foreign commerce continues on an un precedented scale, which latter is shown by the fact that during the fls cal year our exports rose to 82.485. 000,000, leaving a balance in our favor of 8862,000,0007 This l9 a remarkable record, and cannot but powerfully tend to- increase- confidence in American prosperity and . to encourage foreign capital to these shores. - enterprises. The demand for new cap. imi wuicii mreaienea to Dring on a serious crisis- hag been powerfully re strained for. good; and the net new issues for July and August will show a large decline compared with previous years. In brief, the financial world has been taking the rest cure and is already much invigorated in conse quence. Improved conditions are not confined to the United States. Betterment is equally apparent In London, Paris and J?6?".' t The applications for new cap ital in the first half of the year were quite as urgent there as' here, and the restraint upon such has been corre spondingly severe to that applied in the United States. Th9 Balkan war is no longer a nightmare, and gradually but surely the vast sums hoarded as a result of that struggle will again find their way into the channels of trade and Investment. That sorry struggle has been ended permanently by exhaustion of the com batants. Germany Is already beginning to recover from the trade depression brought on by financial stringency, and the advices from Paris are also of a much mora cheerful nature. England continues m the high road of prosper ity, no serious setback having occurred there at any period during tha war. except the restraint imposed upon new financial undertakings. As an iiiusirauon . or Detterment of London's wholesome. Thero has beeq a decided position, tits bank of England Preserve I - -i' . it ' V- v , ; " ' Idaho 7 COWS, Oregon 1 Oregon 4 Oregon HEIFERS Oregon a Oregon . 1 LAMBS Oregon '. 2rt5 Washington 45 Washington 45 XBABLINQS Oregon 44 Washington 72 Washington 72 EWES Oregon1 248 Oregon 140 Oregon 140 BOUS California 106 California 2 Idaho ' 1 Idaho (M Idaho 90 Idaho i. 67 Oregon 93 Oregon 8a Idaho 80 Idaho 12 Oregon 6 r . Idaho 2 Idaho io Are. lbs. 1168 1210 1172 1093 1020 mia 970 Kftift 975 1005 948 951 1120 1085 1315 969 0(10 A2 H5 ,84 81 87 84 85 87 87 165 215 490 215 104 181 . 224 "200 266 341 848 415 816 Section. Oregon Idsho Idaho Idaho Idaho , Oregon Idaho Oregon Idaho . Oregon Idaho Idaho , Monday Afternoon Bales. BULLS. No. Av. Lbs. Price 88.35 8.25 8.25 7.75 7.60 7.50 7.40 T.40 7.40 7.35 7.25 7.25 87.00 6.25 6.00 87.25 7.00 85.80 85.75 6.75 84.00 4.85 4.85 8.75 89.00 8.00 8.00 i 8 30 9.80 9.80 9.80 8.80 9.25 8.80 8.80 8.80 8.26 ted Copper C. & FdT.. American Can, e American Loco., c. American emeit, o Am. Tel. A Tel Anaconda Mining Co.... Atchison Woolen, e Baltimore A Ohio, c... Beet Sugar Brooklyn Rapid Transit Canadlun Paciric, e. . Oentral Leather, e.... Chi., ie Q. W., t. ... Chi. & Q. W., of... t'hl., 5111. ft St. Paul. Chlno Copper Chesapeake A Ohio..., Colorado F. A I., c.... Corn I'roducu, e Dearer A H. O., c... Erie, c Erie, 1st pf General Electric O. Northern, ore lands O. Northern, pf , lea Securities , Inter. Harvester inter. Metropolitan, e. Inter. Metropolitan, pf. Lehigh Valley Kansas City Southern. LoulsTllIe at Naahfllle, M., K, Q T., e , Missouri Pactflo National Lead Nevada Consolidated.,, New York Central...., Northern Pacific, e... Pennsylvania Hallway. Ray Cons. Copper..,,,, Reading, c , Republic I. A 8., c Republic I. AS., pf.... Hock Island, e Rock Island, nf .St. L. A S. W., 0 Southern t'acllic, e. . . Tenn. Copper Toledo, St. U A W e. Union faclilc, c U. S. Rubber, c U. H. Bteel Co., Utah Conner Wabash, c. W. V. Telegraph Westlnghouse Electric. no Total aalus 106,900 share. 72 January March . . May .-. . . August . , September October . , December New York Cotton Market. Open. High. , Low. Close, . 1U 1107 1098 . 1108 1114 1107 .. 1109 1117 1109 . 1175 1179 1169 1148 1144 1138 1118 1126 1118 . 1110 1118 1109 11026 1108 11114 11744 1189d 1119(i 1112i 09 09 13. 76 41 20 IS , ... 4.. . . Washington Washington Washington , Oregon 1 a a a ii - -HOGS. 91 67 .....84 it 82 3 5 8 LAMBS. 69 SO ' EWES. ..... 80 ..;..14i I860 15U5 1455 990 1400 J75 188 177 1H9 875 25 840 65 63 88 84 Pries. 85.50 D.25 6.25 4.75 4.00 $9.20 940 9.00 8.00 8.00 R.OO T.90 85.75 8.76 $4.85 8.82 i . (Continued on Following- Page,) JiCWILSON&CO. .... 7...,,..JntEKBBBB , ..;.;.i . NEW TOR.K 8TOCK KXCHANGB NEW YORK COTTON EXCHANGE ; CHTCAQcJ BOARD OF TRADE THE STOCK AND BOND EXCHANGE, SAN FRANCISCO .PORTLAND OFFICE 868 Oak U Oronad l"loor. IVewls Bldg. Fhomes Marshall 4130, A-SI37. TRANSPORTATION COOSBAYLINE - Steamer Breakwater ' : Sills from Aloaworth bock, Portland, 6 a. m, Aug. B. 18, 18, 23, 28, Sept. 3. 7, 13, 17, 22. 29. fralgbt receired Until 8 p. m., except day Srerloua to tailing) praWous day, 8 p. nsT Pn Sanger fare first class $10, second class 7, Including berth and meals. Ticket office at Lower A Ins worth Ifeck. Portland aV Coos Bay Steamship Line, Lt II, Keating, Acent. Mala 8000 A-2383.