The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1898-07-01
WEEKLY MARKET LETTER.
The End of the Remarkable Letter
Wheat Deal.

| WEEKLY MARKET LETTER.
The End of the Remarkable Letter
| Wheat Deal.
Reported by Downing. Hopkins & Co., Inc,
| Board of Trade Brokers, I'll to ia Chamber OF
| Commerce building, Portland, Oregonl
Letters wheat deal has become a
thing of the past. 1t was a big one
while it lasted. but, like its predeces-
sors, came to an untimely end, leaving
a corpse in the shape of IA, 900, 900
bushels of cash wheat and over 10, ,OOO,-
600 bushels of futures. OF the cash
wheat 100000 bushels is in this
country, nearly 5000, 600 bushels be-
ing in the Northwest. The greater
portion of it has been turned over to
Armour to liquidate, while the foreign
holdings and those afoat are being at
tended to by Alexander Gedds. The
| 50, 900, 900 in profits have disappeared,
and with them possibility of losses
of from $4,000. 900 to So, 900, 900. The
latter cannot be determined until the
wheat is liquidated and all accounts
are adjusted. Some think that L. q.
Letter will not have to put up very
much money III final settlement. The
latter, who has taken a hand in the
liquidation. says the losses will not be
as large as the trade expects. He is
close fgurer and is in a position to
know what he is talking about. The
trade may never know what the losses
really are. Prices have reached
point where buyers need not be afraid
of being badly hurt by the bull side.
Septembe ber was down to 66, drop OF
29c from the high point. 1t is now
the price where it should be attractive
to buyers were it not for the fear that
there is more liquidation to come. In
the past seven years September wheat
has sold in June between 55c and
87Ac; the highest was in 1898, and
the lowest in 1895. Last year the
range was 66 1-8c and 6616c. In 1896
it sold from 55c to "a 3-8, and in 1895
at 20 5-8 to 82a4. The trade has lost
its bull leader and is completely de-
moralized. Liquidation by longs,
combined with short selling by large
professional traders, has more than
equaled Letters holdings, so that they
have liquidated his line for him in one
COhcO. AHO cClIiuS AONcT LAS tdkeu
hold of the speculative crowd and it
will have to run its course just the
same as the buying mania did. Prices
are liable to be carried too low, and
when 1t comes to covering, there will
be big rally. There is one thing
against heavy advances; it is the ab-
sence of leader to absorb the surplus
and take 1t off the market.
Seattle Markets.
egetables-Potatoes- $11
ola per ton; natives, 5000; Califor-
MIA potatoes, $1.O0 per 100 pounds.
Beets, per sack, $1.25; turnips, $1.25;
carrots, $1.25; hothouse lettuce, &C;
radishes, 124c.
Fruits-California lemons. fancy,
$3;choice. 2.5O@2. 75; 5;seeding oranges,
$l.50@1.75; California nayels, fancy,
So @3.25; choice SO. 80 @E. %: ban
anas, shipping, $2.s5 @2.75 per bunch;
Strawberries, 6Oc@ 75c per crate.
Butter-Fancy native creamery,
brick, 1Sc; ranch, 7@12c; dairy, 1917
@15c; Iowa, fancy creamery. 18c.
Cheese-Native Washington, 11@
12c; Eastern cheese, 12@12hc.
Meats-Choice dressed beef steers,
prime, INC; cows, prime, &c; NUT
ton, INC; pork, 7@71ac; veal, 6@sc.
Poultry-Chickens, live, per pound,
l4c; dressed, 16c; spring chickens,
2.50@3.75.
Fresh Fish-Halibut, 3@4c; steel
heads, 7@Sc; salmon trout, 9@1Oc;
founders and sole, 3@4c; herring, 4c.
Oysters-Olympia oysters, per sack.
So. 30; per gallon, solid, $1.sO.
Wheat-Feed wheat, $23.
Oats-Choice, per ton, $26.
Corn-Whole, $25; cracked, $25;
feed meal, $25.
Barley-Rolled or ground, per ton,
s25; whole, $24.
Flour-Patent, $4.25, bbl; straights,
81; California brands, $5. so; buck
wheat flour, $3.50; graham, per bbl,
s4.25; whole wheat -four, $3.50; rye
-four, SIS.
Millstuffs-Bran, per ton, SIS;
shorts, per ton, $1S.
Feed-Chopped feed, $17@21 per
ton; middlings, per ton, $17; oil
cake meal, per ton, $35.
Hay-Puget Sound mixed, $S@1O;
choice Eastern Washington timothy,
sl5.
Portland Market.
Wheat-Walla Walla, 6O@61c; VAL
ley and Bluestem, 63c per bushel.
Flour-Best grades. 81. 90; graham,
81. So; superfne, $2.25 per barrel.
Oats-Choice white, 4Oc; choice
gray, 3S@39c per bushel.
Barley-Feed barley, $22; brewing,
b24 per ton.
Millstuffs-Bran, $16 per ton; mid
llings, $22; shorts, SIG.
Hay-Timothy, $11@12; clover. $40
@ II; Oregon wild hay, 50 q 10 per ton.
Eggs-Oregon, 121 @ 14c per dozen.
Butter-Fancy creamery, 35c;
air to good, 321sc; dairy. 22H @soc
,er roll.
Cheese-Oregon full cream, 11@ 12c;
Young America, 12Lo.
Poultry-Chickens, mixed, $3. SO per
lozen; hens, 81 90; springs, $4,000;
,eese, $3.00@5.50; ducks, young. $50
80 per dozen; turkeys. live. l1k@
21ec per pound.
Potatoes-Oregon Burbanks, 30@35c
,er sack; sweets, $l.75@2 per GENITAL.
Onions-California red, $1.25 per
ack.
Hops-5@12Ho per pound for new
rop; 1895 crop, 4@6c.
Wool-Valley, 15@16c per pound;
Eastern Oregon, 8@l2c; mohair,
&c per pound.
Mutton-Gross, best sheep, wethers
nd ewes, 419c; dressed mutton. &c;