The San Francisco Call. Newspaper, May 11, 1901, Page 12

o SUMMARY OF THE MARKETS. Silver Nezw York Ea lower. change steadier. 11"heat and Barley continue dull. Hay and Fecedstuffs in moderc No further change in Beans and Seeds. Oats and Corn in meager supply and firm. Rye plentiful. ate supply and steady. Potatoes continue to weaken under larger receipts. Onions lower. e Mo ctables in large supply anc st kinds of Poult, quict @ 1 weak. 1d plentiful. Butier, Cheese and Eggs in ample supply and weak. Cherries and Strazberries bri inging good prices. Apricots, Raspberrics and Blackberries in light receipt. Four cars of Oranges sold at Fresh arrivals of Mexican Li Varked decline in Honey. Dr imes. auction. Lemons dull. ried Fruits unchanged. No further change in Provisions. in 1Wall strect make sor cal packers again reduce their bids for Hogs. s and bonds rather quiet and featureless. ne recovery. wit and Salmon in London. London Grocers' Gazette of April 20 on—There is an improved de- untrs® for fine quality goods, in compardtively limited s the first grades appear I ely uits—Doubts as to the extent i on_canned fruits nt satisfied by ustoms Board on Thurs- will be payable on ac budget in fruits and roughout cks; the resul country to replenish being that an advance as taken place in apri- 4] 'm!/zr)'?rfm't‘ (120th: Meridian—Pacific Time.) SAN FRANCISCO, May 10—5 p. m. low o 1 rainfalls to . as con 2 those of same date scason, and rainfall in last twenty-four Last wnglowly along the coast n northward. A moderate the Sacramento and San Hign temperatures 1 in while rela cool e of rain is re- ntinue favorable for generally over the greater portion of the Francisco for thirty ay 11 Satu: m the coast with fog. Cloudy Saturday morn- the day; light westerly nia during continued wind. warmer at night; light warm Utah—Fair Saturday; nd erly w Arizona sat : light northerly wind. nd v y—Fair Saturda morning and in the afternco ANDER G. McADIE, Forecast Officlai. o | EASTERN MARKETS. New York Sgock Market. NEW YORK. Way 10.4Rapid progress was hing confidence in Wall and there was a natural rebound the fact of the re- fier the exciting Large out bt progress was made the net losses which re- ter the recovery had al- exchange. In a numbsr of not acutely affected yester- wiping d last et 1 a y's price rose abdve Wednesday « level and dn Missouri Pacific yester- net loss was recovered with 3 points to the extreme advance reaching 15 points. a good deal of trepidation still evi- morning, owing to th: vague dread might be exchange e to mect their obligations after aay astic experience. The market th re, unsettled and feverish, even ier the strong cpening. but when ‘the cffi- ement was made that the clearing = all thc members of the Stock-Ex- | & rough the Stock Exchange Ciearing-house perfectly and that all their i been honored a feeling of relief During the latter part of th> day G a resumption of what looked ke a ‘ment for the rise led by The buoyancy of this stock and ing strength of the Southwest- d upon rumors and assumptions 1o acerue to Union Pacific from n contrel of Northern Pacific, which there were very imany rreat resources in the ¢ who retained their nerve d who set about to re- new speculation on the ier buyers were those who had carly in yesterday’s slump and ¥ a profit in getting back at the -day. The bargain hunters hand in considerable force and were = and outcome meny cash transactions, both in cks representing the purchases. of affairs was pretty well as- the settlement effected with the shorts ribern Pacific on the basis of $150 per This remeved the overshadowing fear e warket and the quotations for North- cific on the tape at 150 still further ai- layed the apprehension. The stock sold at 200 for cash afterward, but the progress of the settlement with the shorts at the offices of the conflicting interests in Norhern Pacific pre- ferred prevented any further rbance cn that ground. The measures taken by the banks, which placed heavy loans in the mar- ket vesterday and their decision not to call the ioans to-day, completed the tranquilizing influences arket clored strong at th top. with a 3 of relief over to-morrow’s gain extended in Union Pacific Paul and Lackawanna 17%, Consoli- 16, Burlington and Amalgamated Internaiional Power 11%. alti- fo 11, St. Louls Southwestern pre. Sugar, Delaware and Hudson and - jeatric ‘10, “and - representatives - of ically all the important groups from 5 holiday Copper ore and Bonds which were weakest yesterday showed some wide pvecoveries, but others were weak. Total sales, par value, $5.930,000. United Ntates mew 4 declined 4 ver cent on the last call. REVIEW OF THE WEEK. wWall street’s speculative bubble, which has Leen in course of inflation for weeks, was pricked this week and the iridescent hues of siock gamblers' winnings disappeared with » pov in a cloud of =pray. Even so soon as this. the fact emerges that the vanishing spray represents prineipally these speculative win- pings, while the solid substratum of the coun- | & Atable industries, the high earning Towers of ihe renabilitated raliroads and the pjoavercus Lusiness and Lrade i3 21 Lranched the or- | advance have caused | prevails gener- | contin- | > valieys, with norther- | ge of the recovery | houses which | tested and steadily grew throughout | when the news was Jearned this mcrn- | is mot appreciably affected. As is the case | with all booms, the collapse was caused by an accident. THis was the corner in Northern Pacific, which has emerged from its mysteries and stands disclosed to public view in fts principal facts and bearin®s. It is the nature of a speculative boom and it contains within itself no corrective force, but rather the mate- rial for its own growth and excess. Buying for a rise in itself induces that rise and fur- nishes the profits for renewed buying and re- newed advance until the world joins the gathering horde of speculators to share in the | sudden fortunes and all available credits are drawn on to securc holdings of stotks. None of these holdings are to keep and the only in- centive to buying is the hope of further ’rise. Wh 7 any accident happens to endanger the nuance of the rise the demand thcrefor ceases absolutely. When holders attempt to , first to take profits, then to save losses, rs. Prices decline and the credits holders depend shrink and they must sell. The shrinkage of the value of securities endangers the safety of loans for which they serve as collateral and bankers must be repaid. Money must be had on any terms to avert ruin, regard to prices and a species of panic en- 1e: That is what happened. this week on the Lxchange. The remarkable feature of lapse of fictitious values is that it was precinitated by the very operations upon which the boom was largely based. These were the plans working out for consolidations of rai | road systems which stimulated dreams of in- | definite increase in values of rafiroad securi- tles and furnished the great incentive to the vast speculative buving. One railroad stock after another has risen in price by wonderful leaps and bounds, under the influence either | of actual negotiations for absorption and con- solidation or of rumors of such negotiations. No later than last week Union P: rushed up to §133 per share on the belief that it was to be absorbed to form a link in a transcontinental railroad system. | movements which had previously stocks are sold without | i 1 | | { fic was | The similar | G, oceurred in | Northern Pacific, Burlington and St. Paul gave | the =peculators the utmost confidence in fol- | lowjng the movement which marked another f the comprehensive advances in the general | levei of prices for railroad stocks which was building up fortunes for the lucky ones who | had bought the shares. The development of a similar movement in Northern Pacific was hailed with Jubllation as another step in the boom. On Monday when Northern Pacific was | 1ifted to . the whole list responded with an advance and the buyers of stocks were crowd- | ing to the stock exchange to buy stocks again. A single broker bought 200,000 shares of Nort | ern Pacific that day and continued to buy the next day. This particular buying has been varjou attributed to one of the contending parties for the control of Northern Pacific |and to a speculator who intentionally sought [to corner the stock and squeeze the shorts. | In any event the stock was cornered and the ! shorts .were thrown into alarm and their un- availing efforts to find resources to meet their | obligations served as the shock which toppled | over the airy fabric of stock market prices, reared on insufficlent credit, which therefore came crashing down On Wednesday night shorts paid as high as $500 for the privilege of borrowing 100 shares of Northern Pacffic common for deliver; next day. On Thursday | the stock £old on the exchange for $1000 per share and the shorts began throwing over the Loldings of other stocks on the weak market to realize money and threw the market into |2 spasm of unprecedented violence. The dis- | closure growing out of the Nerthern Pacific | episode that bitter and apparently irreparable | animosities had grown up amenz contending | groups of the couniry’s largest capltalis | shattered confidence in all the supposed meas- ues to secure community of interest and the abolition of costly competition among rail- roads. It seems incredible that with an out- standing share capital of $00.000 shares the shorts could mot borrow or buy shares for | delivery at any price and it marks the des- peration of the struggle for control of the of their abundant supply of stocks cven relieve the panic which wasi damaging vast projects of their own as well as bringing ruin disaster to others for fear that-the st cut of their hands, would be used to defeat their claims to control. also revealed the purely speculative character | of the greater part of the recent. large buying which has been readily attributed by the | heated imagination of speculators to = buy- ing for investment and control by the great | raliroad systems, to be taken out of the market and placed in strong boxes and th» vaults of trust companies. The completeness of the collapse ~seems to have thoroughly cleared_the market of the recklessly Specula- tive holders and the market quickly realized that the low prices to which stocks fell in the demoralization of Thursday were as unreal and as far from representing their true values | as were the inflated prices to which the boom had carrled them. The bargain hunter ap- peared in Wall street with the funds which he never hazards in specuative booms and showed his willingness to pay prices for stocks far above those touched in the panic and | which would mean insolvency for many co mission houses. The measures taken by the banks to supply the needed money and the settlement with the Northern Pacific shorts and a greater degree of confidence quickly to be re-established. But it is not assumed that the necessary adjustments of | damages resulting from Thursday's shock are to_be completed in a day. Bonds shared In the demoralization of stocks, but to a’ much less extent. of the selling of bonds was for the purpose of procuring funds to buy stocks at the low levels. 1'nited States new 4s declined % and the 3s and 5s % per cent below the closing call of last week. began EW YORK STOCK LIST. Atchison Atchison prefd Baltimore & Ohio Baltimore & Obio prefd Canadian G Canada Southern . Chesapeake & Ohio. Chicago, Burlington & Quinc: 191 Chicago, Ind & Loulsville.. 32 Chicago, Ind & Louisville prefd.... 69 Chicago & Eastern Illinols. Chicago & Northwestern. | Chicago, Rock Island & Pacific Chicago' Terminal & T..... Chicago Terminal & T prefd & Alton.... & Alton pref Great Western Chicago Great Western prefd A. Chicago Great Western prefd B. C CC & St Louls. Colorago Southern . Colorado Southern 1st prefd. Colorado Southern 2d prefd. Delaware & Hudson...... Delaware, Lack & Western Denver & Rio Grande.... Chicago Chicags Chicago s o 483838338 Great Northern prefd. { Hocking Valley . ‘entral prefd. . Lake Erie & Western Lake Erle & Western prefd. Louisville & Nashville. Manhattan Eleveted . _Metropolitan Street Raflway. Mexican Central 2 Mexican Nationn 0% Minneapolis & 85 e 105% Kansas & Texas New Jersey Central. ‘entral Norfolk & Western. 5015 Norfolk & Western pref 8615 1,500 Northern Pzcific .. 150 6,900 Northern Pacific nrefd, 1055 21,3% Ontario & Wastern.. v that neither party should consent to | | quieted the acute fears of holders of stocks | Apparently a part | THE SAN FRANCISCO CALL, SATURDAY, MAY 11, 1901 Pennsylvania PCCg&StL Reading Reading 1st pref k! Reading 2d prefd 50% St Louis & San Francisco. T St Louls & San Fran 1st prefd. 80 St Louls & San Fran 2d prefd 4 St Lovls, Southwestern seecat A £t Louls, Southwestern prefd... St Pay ~ St Paul prei Southern Paci; Southern Raflway Southern Raflway pre Texas & Paclfic. Wheeling & Lake Erie. Wheeling & Lake Erie Wisconsin Central ‘Wisconsin - Central p Express Companies— Adams Americ; United Sta: Wells Fargo Miscellaneou: Amalgamated Copper American Car & F. American Car & F ks American Linseed Ofl i ‘American Linseed Oil ay Smelting & Refining, Smelting & Ref Tobacco . American American ‘American Anaconda Colorado Fuel & Iror Continental Tobacco . Continental Tobacco General Electric Glucose Sugar Hocking Coal . International P International Paper International Paper Laclede Gas National Biscuit National Lead National Salt . National Salt pi North American Pacific Coast Pacific Malil ....... People's Gas, ex di Pressed ®Steel Car. Pressed Steel Car. Pullman Palace Car. Republic Steel Republic Steel prefd 73l Sugar . 14415 Tennessee 571 Union Bag 12 Union Bag prefd. 6612 United States Leather. 13% United States Leath .7 United States Rubber. 21 United States Rubber pi 63 nited States Steel Co. nited States Steel Co prefd Western Unlon . 1,868,400 Shares sold. CLOSING BONDS. 25 ref reg.....106 |N Y Cent ists. 2s ret coup...106 |N J Cent gen b N Pacific 3s. N Pacific 4s. C & S'L 4s..106% W con ds. new 4s coup. old 4s reg s D. Dist of Col 3.63s. Atchison gen 4s. Atchison adj 4s. Canada So 2ds. es & Ohlo 414 Ches & Ohio s. C & NW con Wabash 2ds Wis Cent ds !Va Centurles. STOCKS. Little Chief .. Ontario . & N Uni 4s. MK & T 2ds. MKG&T 4s. Adams Con Altce Breece Ophir . 90 Brunswick Con. 13| Phoenix .22 Comstock Tunnel. 05| Potosf ... . 22 Con Cal & Va. 2 30| Savage . 12 Deadwood Tes 5 |Bierra Neva 23 Horn Silver 10|Small Hopes. 50 Iron Silver 60|Standard 365 Leadville Con 0 Note.—These are nominal prices, no business being done. BOSTON STOCKS AND BONDS. Money— Union Lend ... 51 Call loans Bonds— Time loans 5|Atchison 4s. Stocks— N_E Gas&Ce AT&BE.... Mininz Shares— AT & S F prefd. Adventure ... ABlnxlhuré Min Co malg Copper. Boston & Mont. Butte & Boston, Calumet & Hecl Centennial . |Osceola . Parrot Boston & Albany. Boston_Elevated Chgo, Bur & Q. Dominjon Coal Dom Coal prefd “itchburg prefd. Quincy --168 £d Elec 111 Santa Fe Copper.. § Mexican Central... 24% [Tamarack .. 325 N B Gas & Coke.. 11 '|Utah Mining. 28 Old Dominion. Winona .. 3 Rubber ... Wolverines . 6% Union Pacific New York Money Market. NEW YORK, May 10.—Close: firm at 3 to 20 per cenf ruling rate, 6@8 per Money on call, last loan, 3 per cent; ent; prime mercantile | paper, 4@4% per cent; sterling exchange, about The collapse | steady, with actual business in bankers' bills at 34 879@4 87% for demand and at $4 S4@4 841 for 60 days; posted rates, $4 86@4 85% and $4 881%; commercial bills, 34 S3%@4 $3%: silver certificates, 60c; bar silver, 594c; Mexican dol- lars, 48izc. Bonds—Government, weak; State bonds, inactive; railroad, irregular. London Market. NEW YORK, May 10.—The Commercial Ad- vertiser's London financlal cablegram says: No business to speak of was done anywhere on this side to-day. London is awaiting the settlement which will be begun on Monday. The tone was dull. Mining contangoes were heavy; money is being held back for the ar- rangement of American accounts, and miners are being sold freely to make up the differ- ences in Americans. In the best informed quarters here they say that the talk of failures and losses here are grossly exaggerated. The panic is looked upon simply as a case of heavy profits diminished and the expectation is that those with good credit can easily be tided over. One prominent jobber's account was closed by arrangement. The market for Americans was singularly devold of excitement. Business was very idle and prices were wide. Almost all dealings are a matter of negotiation. The start In Americans was good. The first prices were from two ,to twelve above the close in New York last night, and Chicago, Milwaukee and St. Paul took the lead for & rise with a spurt of 21 points. New York had cabled general buying orders over night. There was a silght depression after the closing of the account mentioned above, Atchisons eg- pecially going off four points’ from the high. In the afternoon session the market was stag- nant and in the street after the close prices hardencd with Northern Pacific leading in the expectation of the little squeeze in the latter: this because all the available supply of certifi- cates had been shipped. Six dollars premjum i= being paid already by the bears on advance. Money was steady. CLOSING. LONDON, May 10.—Atchison, 72; Canadian Pacific, 101; Union Pacific preferred, %4; ern Pacific’ preferred, 107%;; Grand Trunk, Anacorda, 9%; United States Steel, preferred,” 2. Bar silver, qulet, 27%d Money, 3@38% per cent. Condition of the Treasury. WASHINGTON, May 10.—To-day's statement of the ‘Treasury balances in the general fund, exclusive of the $150,000,000 gold reserve irf the division of redemption, shows: Avallable [Lcash per ounce. balance, $161,414,674; gold, $38,883,510. Bank Clearings. % — NEW YORK, May 10.—The following {able, compiled by Bradstreet, shows the bank clear- ings at the principal cities for the week end- ed Friday, with the percentage of Incjcase and decrease as compared with the corresfond- ing week last year: CITIES. New York . Percenf Inc. ' e. Clearances. See. | Loutsvinte Boston . Chicago Philadelp! St. Louis Pittsburg Baltimore San Franc Cincinnat{ . Kansas City New Orleaus Minneapolis Detroit . Cleveland oo 28 Providence Milwaukee . 4,192,101 2,835,626 4,375,625 1o SREERRE New Have: Worcester Atlanta Salt Lak Springfield, Ma: Fort Worth Portland, Mq Portland, Or. St. Joseph Los Angele Norfolk . Syracuse . Des Molnes Nashville Wilmington, Del. Fall River .... Scranton . Grand Rapids Augusta, Ga Lowell Dayton, Seattle Tacoma Spolkane Sioux_City New Bedford .... Knoxville, Tenn Topeka . Birmingham . Wichita .. Binghamton . Lexington, Ky. Kalamazoo Akron .. Chattanooga . Rockford, 11l. Canton, 0. Springfleld, O. Fargo, N. D. Sioux Talls, §. Fremont, Nebr. Davenport . Toledo .. Galveston Houiston . Evansville . Macon .. Little Rock Helena . Springfleld, Til. oungstown . Bloomington . Jacksonville, 111 Colorado Springs. T Baeen PR 1,142,117 1,033,063 1,315,962 369,465 677,735 927,165 949,105 733,690 508,600 Wheeling Totals, U. 8.. $3,413,468,56¢ 107.2 Totals outside of New York. ., 812,083,223 25.3 e DOMINION OF CANADA. Montreal . $20,412,421 Toronto 14, 838 ‘Winnipeg Halifax Vancouver . St. John, N. B.... 913464 Victoria . 752,474 Quebec . 1,529,693 Totals $41,756,528 R Bradstreet’s Financial Review. —_— NEW YORK, May 10.—Bradstreet's Financlal Review to-morrow will say: Speculation on an unparalleled scale has at last resulted in a decline in prices of great severity, attended by sensational developments, although the market recovered sharply on Fri- day. The corner in Northern Pacific stock and the contest for the control of that property between the Union Pacific Interests, represented by Kuhn, Lbeb & Co., and the Morgan-Hill party was unexpected and unforeseen. In fact, up to last Tuesday the street was more im. pressed by the idea that there was an_effort on foot to obtaln control of the Union Pacific for the Vanderbilt interest and the Northwest- ern and St. Paul systems than by the real dan- ger with which it was confronted. The enor- mous trading in Union Pacific shares gave point to.this theory, but on last Monday, when the dealings in Northern Pacific common stock rose to nearly 400,000 shares for the day and the buy- ing assumed a concentrated form, the presence of some unusual factors was recognized. Even this, with the rise of the stock to 133, was at first’ deemed to be a_matter of secondary im- portance; but when Northern Pacific stock be- came scarce in the loan crowd and the rate for the borrowing of it was quoted flat or with- out interest and finally at a premium, as was the case on Tuesday, it was then understood that a collision between great railroad and banking Interests had taken place. The full significance of the situation was seen when Northern Paclfic common soared to over 149 on Tuesday and the rate at which it could be bor- rowed overnight was as high as 10 per cent from the par value. On Wednesday the street was_in practical possession of the fact that the Union Pacifle interests objected to the Bur- lington deal effected by the Morgan-Hill allies in behalf of Great Northern and Northern Pa- cific and had requested that it be admitted to a one-third interest In the transaction, and, being refused, had proceeded to acquire the Northern Pacific stocks to an amount sufficient to control. the voting power of that company and thus dictate terms to the combination. On Wednesday there was a further advance of Northern Pacific to 150 and the stock. loaned for use as high as 50 per cent, and the logical conclusion was that the Morgan-Hill people were also acquiring stock; that the possession of a control by either was still a matter of doubt and that the consummation of the Bur- lington purchase by the Great Northern and Northern Pacific in the form originally pro- posed might be defeated. The short interest in the stock was also manlfestly large and was due partly to the temptation to bears to sell the stock at Its extreme advance and partly to the marketing of stock by foreign arbitrageurs against purchases made in London, from which city certificates cannot reach New York under ten days' time. The representatives of the rival parties naturally expressed a readiness to make the matter easy for arbitrage houses by lending shares flat or on reasonable terms, but it was otherwise with the rank and file of ‘the shorts, among whom the street believed some large speculative Interests were included. Dangerous as the situation in Northern Pa- cific was it became positively demoralizing to the market on Thursday, when hopes of a set- tlement of the complication did not bear fruit and the price of Northern Pacific common, un- der urgent buying by bears called on to re- turn borrowed stock. forced the price to $300 per share, then to $700 and finally to as hij as $1000. Violent variations in the price en- sued, though assurance was given by the peo- ple who had accumulated the stock that shorts Would be treated with consideration, and after the close on Thursday it was stated an e- ment had been reached by which all parties could settle their shorts at 150. Duw’s Review of Trade. NEW YORK, May 10.—R. G. Dun & Co.'s Weekly Review of Trade to-morrow will say: A panic in Wall street does not mean that legitimate business has suddenly ceased to prosper. Nor is the condition of mercantile trade and manufacture adversely affected by a violent fall in prices of securitles. Thrcugh- out the entire country fundamental conditions were never so sound as at the present time, | reports from nearly every city this. week show- ing an exceptional volume of transactions and payments promptly met. Production is not overtaking demand at the finished steel mills, and all Pittsburg plants are two months behind orders, while ninety days is the limit at many. Although the ex- pected advance in bar iron did not appear, the tone continues firm, and orders are liberal. Billets remain at the top point for prompt de- livery, but reasonable terms are available on forward contrlc.:. In structural shi and rallway equipment there is all the business in sight that markets desire, and no effort is made to secure additional orders. Less urgency ie recorded in pigiran market, but buyers do not find terms more satisfactory, and in fact, forges and foundry iron is rather more firmly held. Although the total number of furnaces in blast on May 1 was forty smaller than on February 1, 1900, the Iron Age estimates the weekly capacity ‘at 301,125 tons, which exceeds all previous high-water marks. The activity of steel manufacturing is emphasized by the decrease of 34,729 tons in furnace stocks during April, despite the unparalleled production, Less sensational events transpired in the cereal markets than in the preceding week, although quotations are slow to recede. Corn cased off a few cents, but is still about 10c a Dbushel or nearly 25 per cent above the quota- tion at the corresponding date in the two pre- ceding years. Western operators continue to entertain strong views and appear little daunt- ed by the larger receipts attracted to Inler:gr citles by the unusually profitable prices of- fered. For the week arrivals aggregated 3,247,094 bushels, against 2,196,202 bushels_last Year. - Foreign purchasers have been diiven out of the domestic markets by the high quo- tatfons and Atlantic exports for the week have been 1.211.24 bushels, compared with 3,709,880 a 'year ago. m‘s'hln‘r.nené of boots and shoes from Boston rose to an unusual point, aggregating 103,228 cases for the week, against 79,371 cases in the previous week and 65,151 in the corresponding period lest year. The total movem ince Janmary 1 is now but 30,000 cases below to date and far above any other year. Fallures for the week numbered 157 in the United States, against 192 last year, and 25 Jn Canada, inst 15 last year. —_— Bradstrect's on Trade. ' NEW YORK, May 10.—Bradstreet's to-mor- row will say: = One locks in vain at this writing for any . -try has been in any way interfered with by the —for the time involved—severest fall In prices in the history of the New York Stock Ex- change. A very general conclusion reached Is that, indeed, the convulsion is purely a ‘“‘stock panic,” not involving or connected With the Egeneral industries of the country in any way. There will not, in fact, be a bushel of wheat or a ton of coal less in the country as a result of this convulsion. Speculation in grain and other staples, has, however, been checked by the concentration of Interest upon the stock market. General trade advices this week are in the main rather more favorable than those of last week, mainly because of the improvement in crop prospects, due to seasonable rains follow- ing planting. ' The lull in the active buying demand for iron and steel noted last week is even more pronounced to-day, but this is mainly because mills and furnaces are aiready heavily sold ahead and large consumers, hav- ing placed orders, are now awaiting delivery. Bank clearings, swelled by enormous _stock operations, break all records. Gross railway earnings continue to show satisfactory increase, and failures are down to a normal minimum, “he textiles are still the soft spot in the general situation and are dull. The feature of the week in the crop situation is the arrival of rains throughout the North-: west which has placed the spring wheat crop, now nearly all pfinted, in excellent, condition. In the Southwest and Central West crop re- ports are generally good. Weather conditions on the Pacific Coast are more favorable for crops and a good yleld of grain is indicated. Wool i slow on sale, but there is some more movement in new wools at the interfor. Large | manutacturers are practically out of the mgar- et. New business is more notable in iron and steel than for some time, but prices are steady and firm at last week's quotations. With mills and furnaces running to their full capacity, the plgiron output on the first of the month is sald to be the largest in the country’s history, ex- ceeding the boom of February, 1900. New bu: ness is small in rails, but inquirles are numer- ous. Large consumers of pigiron in_the Chi- cago district have covered their wants for six months to come. . Reports from the boot and shoe trade are in a high degree encou: ng. Orders for fall de- livery of boots and shoes are increasing and manufacturers are active. ‘Wheat, including shipments for the week aggregate 4,178,872 b s agafnst 5,100,763 last week, 3,430,574 bushels in the corresponding week of 1900, 3,284,182 bushels in 1899 and 3,646,- 543 bushels in '139. From July 1 to date this season wheat exports are 151,095,110 . bushel against 169,516,176 bushels last ~season an 204,482,650 bushels in 1898-99. Failures for the week number 183, 'as com- pared with 163 last week, 174 in this week a year azo, 169 in 1899 and 250 in 1898. Canadian failures for the week number 26, against 17 last week, 19 In this week a year ago, 21 in 1899, 25 in 1598 and 31 in 1897, Condition of Winier Wheat. WASHINGTON, May. 10.—Returns to the statlstician of the Department of Agriculture made up, to May 1 show the area under winter wheat in cultivation on that date to Have been about 25,267,000 acres. This is 2,015,000 acres or 6.7 per cent less than the area sown last fall, ‘but 2,032,000 acres or 7.7 per cent in ex- cess of the winter wheat acreage harvested last year. Of the reduction about one-half is re- ported from Texas and California, due in the former State to the ravages of the wheat plant louse and in the latter to the cutting, as is not unusual in that State, of a considerable acreage for .forage. In the States that had 1,000,000 acres or upwara sown last fall the following percentages nre reported as aban- doned or cut fer forage: Missouri 1, Kansas 1, Illinois 19, Pennsylvania 2, Indiana, 2.5, Ohio 3.2, Tennessee 4.2, Michigan 9.6, Oklahoma 12. California 18 and Texas 42.4. For the area remaining under cultivation the average condition on May 1 was 94.1. While this average is 10.5 points above the mean of the May averages of the last ten years and has been exceeded only three times in seven- teen years, it must be remembered that the acreage plowed up, cut for forage or otherwise abandoned has been entirely eliminated. In Kansas the wheat crop has held its own at the high average, 105, reported April 1, while an improvement 'is reported of 5 points in Penn- sylvania, Ohio and Indiana, 8 in Illinois and 4 in Missouri. On the other hand, notwith- standing the elimination in Texas and Califor- nia of so much of the acreage as will not be harvested, a decline is noted amounting to 4 points in the former State and 14 in the latter. The average_ condition of winter rye on May 1 was 94.6, as compared with 3.1 on April I, 1901, 8.5 on May 1, 1900, 85.2 at the correspon: ing date in 1899 and .2, the mean of the May averages of the last len vears.. The present condition is the highest since 1891 Of the total amount of spring plowing re- ported_as contemplated, it is estimated that only 66.3 per cent was actually done up to May 1, the proportion usually dome by that date Being about 75 per cent of the whole. A report giving the estimated acreage plant- ed in cotton, with the condition according to the latest advices, will be issued on May 31. — New York Grain and Produce. —_— ¢ NEW YORK, May 10—FLOUR—Receipts, 4744 bbls.; exports, 13,076 bbls. Irregular and barely steady. WHEAT—Receipts, 14,250 bushels; exports, 190,984; spot; easy; No. 2 red, §24c f. o. b afloat; No. 2 red, 80%c elevator; No. 1 North- ern Duluth, §2%c f. 0. b. afloat: No. 1 hard Duluth, 89%c f. o. b. afloat. Optlons broke sharply in the forenoon under fine crop pros- pects, fears of a bearish Government report, lower cables and liquidation. After a midday rally on export rumors and large clearances they closed steady at %@%c net decline. May, 201, @S0%c, closed 80%c; July, 77 3-16@77 15-16c, closed 77%c;. September, 75%@T75%, closed 75%c. HOPS—Quiet. HIDES—Steady. WOOL—Quiet. SUGAR—Raw, firm but quiet; falr refining, 8%c; Centrifugal, 9 test, 49-32.| Molasses sugar, 3l4c; refined, steady. COFFEE—Spot—Rio, dull; No. 7 involce, 6% mild, ~quiet; Cordova, 8%@12lec. Future: Closed quiet and unchanged to 6 points_ higher. Sales, 12,500 bags, including: May, $535; Yune, $5 35; July, $545; September, $5 60@5 70; Octo- ber, $5 70@5 75; December, $5 80@5 85. BUTTER—Receipts, 3110 packages. Strong; creamery, 15@lSc; factory, 11@13c. BGGS—Recelpts, 12,231 packages. Barely steady; Western regular packed, 12%@13%c; storage Western, 13%@14c. DRIED FRUITS. NEW YORK, May 10.—The market for evapo- rated apples ruled quiet. State common, 3@ 4Yc; prime, 4%4@4%c; choice, b@sl%c; fancy, 6@6ike. O fiornia,_driea fruits Qull, at 3u@Tc per pound for prunes. APRICOTS—Royal, T%@12c; Moorpark, $4@ 1z, PEACHESPeeled, 12%@2c; unpeeled, 5%@ 10c. PRI o Chicago Grain Market. kS * CHICAGO, May 10.—July wheat opened un- changed to %c higher at T1% to 71%c, local peo- ple buying because of steady cables, light Northwest réceipts and a calmer feeling over the ‘Wall-strect situation. Snow’s report, claiming previous high conditions to have been well | maintained, struck tlie pit crowd as distinctly bearish and, under the unloading process, the market worked off to 70%c during the forenoon. The market, which had been fairly active rufed dull for a time until reports of export sales alarmed a few shorts, who, in an effort to cover, bid the market back to Tlic. The close was steady, %c lower at Ti%. Corn prices received a rather severe drubbing as the day's news was scarcely reassuririg. The chief factor was in the Iilinols crop report, which clalmed that $3,100,000 bushels of corn still remained in farmers' hands, .this being 15,000,000 bushels more tnan was held May 1 a year ago. An influentisl trader dumped 2,000,000 bushels of July into ihe pit. - The bull leader furnished about the oniy defense the price had and probably checked u greater decline than actually took place. July closed %@%c under yesterday, at #74@45c. May closed 1ic lower at blie. . Oats were moderately active, but featureless July closed %c down at Z7%c. Provisions were dull and the price range narrow. July pork clused Tic higher. Lard and ribs bc better. The leading futures ranged as follows: Articles— Open. High. Low. Close. TG 0% T % 0% T4 52t 51% 1% 5% 4% 6 4% Mk % 2 2 % 2% 2% 2% A% B 462 14 4T 14 €25 180 1450 1T 1460 1445 1460 15, 1t 15, T T8 79 ds— 802 795 802 a8 T35 T84 T8 TTE TR “Casn_quotations were as follows: Flour, casy: No. 3 spring wheat, 66@7lc; No. 2 KA A T@c; No. 2 - eorn, 51%@ilc; No. yellow, 514@52; © No. 2 oats, 38%@ 28%c; No. 2 white, 28%@28%c; No. 3 white, 29%@30c; No. 2 rye, Gllgc; good feeding bar- ler, 44¢; falr to choice malting, 50@dsc; No. 1 flaxseed, $1 68%; prime timothy seed, §3 60; mess pork, per barrel, $14 60@M4 65; lard, per 100 pounds, $7 £5; short ribs sides (loose), $7.90@8 10; dry ted shoulders (boxed), %@ Te; short clear sides (boxed), $8125@8 25; whisky, basis of high wines, $1 28; clover, con- tract grade, $9 50. o market was firm; 1@1sc; @ik, Cheese, dull, S5GUe. Esgs, fresh, llc. PSR B s R A St I " Foreign Futures. Sept. 5 105 510 July. 5 10% 510%3 July-Aug. 20 30 20 30 25 4 %W Chicago Livestock Market. CHICAGO, May 10.—CATTLE—Recelpts, 1500; steady. Good to prime steers, @5 %0; poor to medium, $3 90@4 90; stockers and feeders, 33 15 @ 10; cows and heifers, $2 T5@4 75; canners, $2 1082 75; bulls, $2 754 40; calves, $3 25@4 T5; Texas fed steers, $4 25@5 40; bulls, §2 75@3 7. HOGS—Receipts to-day, 18.000; to-morrow, 16,- 000; estimated left over, % Market weak: mixed and butchers, 35 i cholce heavy, $560@5 50; rough hea 5 65; light, $5 45@5 72%; bulk of sales, §5 60@5 SHEEP—Receipts, $000. Market to strong: clipped lambs, firm; wooled, steady; Colorados, up to $5 20; good to cholce wethers, $410@4 35; falr to cholce mixed, $3 15; Western sheep, $4 20@4 25; yearlings, $4 40; ?j(lv. lambs, $4@5 20; Western lambs, $ 0@ New York Metal Market. NEW YORK, May 10.—Conditions prevalent abroad in tin circles were rather of a bullish tendency. To-day prices advanced 12s éd on moderate buying, closing firm at £120 Ts 64 for spot and -£117 17s 64 for futures, with total - business for the day reaching a fair volume. ~The local market for that metal, aslde from a :sympathetic rise of about 2 points, developed little or no new feature and closed firmer in tone at $26 25@26 75 after a slow trade all day. The rest of the list here ex- hiblted general apathy and price changes were conspicuous by their absence. Copper was dull and unchanged at 17c for lake and 16%c for casting, while values scored a net rise of 6s 3d in London, spot closing at £69 10s and futures at £70. Lead was inactive and un- changed here. -In London, however, a loss of 1s' 3d was noted, closing easy at £12 5s 9d. Spelter was algo dull and nominally unchanged at $3 95@4. Iron markets were without feature and prices’ ruled more or less nominal in the ‘absefice of business. Glasgow warrants s 3d and Middlesboro 46s. New York Coiton Market. NEW YORK, May 10.—COTTON—The market opened steady with prices unchanged to 2 points higher and for a time showed a disposi- tion to do better on moderate buying. Then selling for a turn carried July off to 7.58c. with the market showing heaviness in every de- partment. An outright scare occurred before 2 o'clock 6n a general turn for covering. July ran up to 7.78¢ and October jumped to 7.18c. After 2 o'clock selling for profits forced prices Off 6 points. The market closed steady at a net advance of 5 to 14 points. London Wool Sales. LONDON, May 10.—The offerings at the wool auction sales to-day amounted to 13,383 bales. The selection was good and brisk competition was the rule throughout. Good qualities were in active demand. Locks and pleces sold well to the Continent at full rates. Scoureds were firm and cross-breds steady. Queensland greasy was firm. Cape of Good Hope and Natal sold well, but Buenos Ayres was quiet. American buyers secured suitable’parcels of cross-breds. Foreign Markets. LONDON, May 10.—Consols, %; silver, 27%d; French rentes, 101f 70c; cargoes on passage, quiet and steady: cargces No. 1 standard Cali- fornia, 30s 5d; cargoes Walla Walla, 30s 3d; English_country markets, steady. LIVERPOOL, May 10.—Wheat, firm; No. 1 standard California, 6s 2%d; wheat in Parl dull; French count markets, dull. COTTON—Uplands—4 11-32d. CLOSING. WHEAT—Spot, steady; N& 2 red Western winter, §s 11%4d; No. 1 'spring, 6s 1d: No. 1 California, 6s 1%d. Futures, steady; July, s 103d; September, &s 10d. RN—Spot, dull; American mixed new, 4s 3%d: do. old, 4s 3ld. Futures, steady; May, nominal; July, 4s %d; September, 4s. Portland’s Business. PORTLAND, May 10.—Clearings, §320,420; bal- ances, $35,585. Nort..rn Wheat Market. OREGON. PORTLAND, May 10. — WHEAT — Walla Walle, H@SC G\ sHINGTON. TACOMA, ‘May 10.—WHEAT—Steady. Blue Stem, ic; Club, 59 —_— —— % LOCAL MARKETS. Exchange and Bullion. Sterling Exchange, 60 days. - 34 85% Sterling Exchange, sight. - 4 88% Sterling Cables - 4 8% | New York Exchange, s 0 | New York Exchange, teles - Sl::z ver, per ounce. 2 %;Yx;-n’emmn, 9% @ W Wheat and Other Grains. WHEAT—Yesterday was another dull day everywhere, and news was scarce. The French markets were lower. A cable from Southern Russia reported the crop outlook there unfavor- able, owing to damage by insects. Chicago opened steady, but weakened off on by local traders and the weakness i comise, grains. The crowd was bearish and there were few buying orders. The Cud- ahy brokers sold freely. Minneapolls expected an’ increase in stocks for the week of 350,000 Is. R market ehowed mo change Worthy of ot Tyhcat—Shippin, $61014; miling, #1 (9%@1 %%, L. BOARD SALES. Informal Session—9:15 o’clock—December— 200 ot Beesitn—No sales. ular Morning _Session— ber—14,000 ctls, $1 04%. May—2000, 99%c. “Afternoon Session—December—i000 ctls, §1 (4%. BARLEY—The market continues neglected and without feature, o R el Feed, S0c for No. : Brewing and Shipping grades, 82%@87%c; Chev- alier, nominal. CALL BOARD SALES. Informal @ession—9:15 o clock—December—4000 ctls, Tc. Second Session—No sales. . Regular Morning Session—December—4000 ctls, P etmenotn &Il‘ll‘on-aflo sales. OATS—The _situation remalns unchanged White $1 3741 &5; Surprise, nominal; Red, $1 35@1 45; Black, $1 17%@1 ctl. CORN—A. lot of small is offering at $1 50@1 60. @1 30; ‘hite, $1 35; mixed, §1 25@1 % per ctl. ; e BUCKW, —1s quoted at $165 per ctl, ‘Rolled Barley. $17@18 per tons Oilcakee Meal at the mill, $%5q3s: Jobping. : Wheat. $11G13; Wheat 50; Clover, nominal; and Oat, ; Oat, e per 30@9 50 per ton. no_especial activity to the market. 'BBANS—Bayos. i2 582 55: Small Whits. # & & (:; ung;: fi“u‘;.’ nominal; Rape, 2@ DRIED PEAS-Niles, 3262 60; Green, 12 109 “| 3 per cti; Blackeye, rominal. Potatoes, Onions and Vegetabies. Receipts of Potatoes were 85130 sks, includ- ing 4165 from Oregort The market continued decidedly easy, with a downward tendency, though there was little change. Both old and new Onions were lower, owing to the increasing receipts of new red. The Newport brought up 222 boxes Mexican ‘Tomatoes. All summer Vegetables are weak under plene tiful supplies. Cucumbers came In from Sace~ ramento, bringtng 7c per dozen. Receipts were 939 boxes Asparagus, 42 boxes Rhubarb, 9 sacks Bay Peas, 05 sacks String Beans and 304 boxes and 658 sacks New Pot: toes. POTATOES—Early Rose. Tic@$l: Burbanks, T5c@$1 for River and $1 25@1 40 for Oregon; Garnet Chiles, $1 30; Sweets, #0@6ic for Mer~ ced; New Potatoes, 14@1lsc per Ib. ONIONS—Cut _ Onlons, 50c@$1 % per sack: Australians, jobbing, at $4@4 50: Green Omions, 30@50c per box; New Red, 75c@3] per sack. VEGETABLES—Rhubarb, 40c@$l per box; Aspa , $175 for fancy, $125@1 50 per box for No. 1 and 50@85c for No. 2; Green Peas, Slc@$L per sack: Garden Peas, 2c: String Beans, 14@ 3c for Los Angeles and 4@6c for Vacaville: Horse Beans, 50@60c per sack; Cabbage, %c per ctl; Tomatoes, Mexicans, $125@150 per crate; from Los Angeles, $1@150; Dried 18c; Dry Okra, 15c per Ib: Carrots, per sack: Hothouse Cucumbers, 50c@$l per dozen: Garlie, 8@10c per Ib for old and §c for new; Gr«lubl’vwn. 5@10c per 1b; Egg Plant, 109%0 per Ib. Poultry and Game. | 4 market continues liderally supplied witi small brolers, both of which slow of sale. Young Roosters tinue n light supply and firm, in good supply and slow. 'Y—Live Turkeys' $@1le for Gobblers 1@12c for Hens: Geese. per patr, $150Q Goslings, 3130@%; Ducks, @450 for old 50@8 50 for young; Hens, ;_young $1@8; old Roosters, $4@450; Fryers, Brollers, # for large and : Pigeons, §150@175 per dozen for E 75 for Squabs. :AME—Hare, §1@1 25; Rabbits, $1 50 for Cote tontall and 75¢@sl for Brush. 3 Buiter, Cheese and Eggs. '# Butter is showing weaker indications, as the market is expected to be without outside sup~ port after the current orders for Alaska filled. Prices are no lower, however. Cheese is quoted lower in the open market, the shelves being filled with stock beyond the demands of the trade. The weakness in Eggs continues. Stocks are !lmuevefnnflthndhmbnuum ncessions to sell. . Receipts were 1,200 pounds and 52 tubs of Butter, 124 cases Esgs, 800 cases Eastern Eggs, 16,000 pounds California Cheese and — pounds Eastern Cheese. OPEN MARKET QUOTATIONS. BUTTER—Creamery, 17%@13c per Ib for fancy and 16%4@17c for seconds; dairy, 4@18%c per Ib, CHEESE—New, 3@10c; old, nominal. EGGS—Ranch, 144@15%c for good to fancyj store, 13@l4c per dozen. DAIRY EXCHANGE QUOTATIONS. BUTTER— firsts, 18c; seconds, g L ik g § £at i 8 I g Creamery—Extras, Ic; Dairy—Extras, 16c; firsts, 15¢; store, 13c. CHEE: Sc; common, nominal; Eastern, full cream, 14@16c per Ib. EGGS— Ranch—Selected White, 14305 California mixed colors, 13¢ per n. lected, 13c; standard, California Gathered—Sel 12%c; seconds, —. Deciduous and Citrus Fruits. Four cars of Oranges Whre auctioned as fol- lows: Fancy Navels, $150@2 30; cholee do, $1 20 @210; standard do, $5c@$135; seedlings, %0e® $115; St. Michaels, $155@175; Mediterranean Sweets, T5c@3L 3. Light stocks and a good demand keep Oranges firm. Lemons are unchanged. The steamer Newport brought up 437 cases Mexican Limes, and supplies of this fruit are sow large. Cherries continue to bring good prices, owing to the light receipts. They are bringing com- paratively better prices East than in this mar- ket, hence a good many are being shipped East. Strawberries also bring high quotations. Receipts of Raspberries and Blackberries are small, scattering and from distant points. Cur- rants are hardly seen, and are holding back unusually. Three boxes of Green Apples, the first of the season. came In from Vacaville and sold at e per box. DECIDUOUS FRUITS— APRICOTS—From Yuma and Vacaville, $1 78 @3 per crate. CHERRIES—Receipts were 1780 boxes, selling at_10@Sc_per box for red and T5c@SL for dark. STRAWBERRIES—$9@12 per chest for Long- worths_and $5@8 for large berries. Receipts were 187 chests. BLACKBERRIES—From Covina, $1@150 per erate. RASPBERRIES—From Newcastle, ¢ per basket; from Haywards, 7c per drawer. GOOSEBE: per drawer. CURRANTS—None in. CITRUS FRUITS—Navel Oranges. $1@2 50; Seedlings. 50c@31: Tangerines, 50c@$l 25; Lem- ons, 75c@$L 2% for common and $150@3 35 for good to choice; Grape Fruit, 1 50; Mexican Limes, $4@450; Bananas, §125@2350 per bunch for New Orleans and $125@2 for, Homolulu; Pineapples, §150@3 per dozen. Dried Fruits, Nuts and Raisins. The feature in this market at present !s the decline In Honey. Thers have been seattering receipts of the new crop for some days, and they accumulated untll a day or so ago, when the first sales of any consequence were made. Light amber, both old and new, sold at $ic per Ib, and this price leads dealers to look for concessions on package goods later on. There 1s no local or export demand, and as the crop is thought to be large ithe market is weak. Comb Honey is nominal.| There is nothing new In Nuts, Raisins and Fruits. FRUITS—Apricots, rated Apples, 334@4c for sta: 8i4c for fancy; Pears, 5c; unpitted, i@1%c; Nec and 4@se for white. PRUNES— sizes, 3c; rowers’ Assoctation ; 4-crown, Tc; 3-crown, §%c mm: brand—2-crown, 5q; 3-crownm, §%c. and Sise; seeded Londen Layers, 2-cro Imperial, §. Al prices it o. b a ts in Cal a. . . lh!‘i’vflvm'!'s—‘ alnuts, No. 1 sbftshell, 10@1lc; No. i ol el iad e Almonds, 13@4c for pa soft- shell_ard 5@sc Peanuts, 3@éc Eastern; Brasil Nuts; 11@1l%c; Filberts, o ul'c:';-;cuu. 11@13c; Cocoanuts, $3 50@5. HONEY_Comb. 13%@lic for bright and 124 @3¢ for light amber: water white extracted, 4@4%c; light amber extracted, 3%c; dark, noms inal. BEESWAX—25@28c per l& Provisions. Quotations stand as before. Trade !s dull. CUREDMEATS—Hacon, 12c per Ib for heavy. 12%@13¢ for light medium, c for light, 14%e for extra light and 15%c for sugar-cured; East- emn cured Hams, 13ci Mess Beef, $12 per barrel; Mess, $1250: imily. $1150; prime BTl ek, $15: extra clear, 323 Mess, §19: Smoked Beef, 13%@14c per Ib. LARD—Tierces quoted at 5%c per Ib for com- pound and 10%e for pure;| halt-barrels, pure, 10%c: 10-1b tins, 11%e: 5-1b tins, 11%e. COTTOLENE-One half-Barrel, $%c; three halt-barrels, §%c; one tlercd. $%c: two tierces, Size; five tlerces, $%e pe —_—t Hides, Tallow, Wugzl and Hops. HIDES AND SKINS—Culis about 14c under quotatigns. Heavy Saited Steers, 10c; medium, Sc; Hght, $@sic: Cow Hices, S%c for heavy and Sl for light; Stags, §%c; Salted Kip, 9¢; Salted Veal, 9@9%c: Salted Calf, 10c; Dry Hides, 16c: Chlls, 13'@lc: Dry Kip, 16c; Dry Calf, 16@T7c; iCulls and Brands, lc; Sheepskins, shearlihgs, 15@3c each: short Woo!, 30@ilc each; medium, §@T5c; lonx ‘Wool, 80c@$1 each; Horse Hi g salt, §230 for H and brands sell large and $£2@2 25 for meai @125 for small and s0c for Colts; Horse , ary, $LT5 for large, $1%5 for medium, $1 /for smail and 500 for Colts. Deerskins—; or red sking, 33c; fall or medium skins, 30¢; winter or thin ski 2ec. Goatskins—Prime A T5¢; large a FALLOW--Nor 1 rendered, 1v; No. 2, ALLOW-No. 4t4e per Ib; No. jumboldt and e 129 ithern, 12 months, ; do, de- ]