Polk County observer. (Monmouth, Polk County, Or.) 1888-1927, 1910-04-01
HOPS TOUCH BOTTOM
Dealers Believe That Prices Will Go
No Lower.

The conditions that now confront
the hop trade are such as were never
known before, and in view of all sta
tistics, the present dullness in the Pa
cific Coast markets is almost incom-
prehensible. Now and then there is a
little buying furry, but it soon plays
out and leaves the market stagnant.
Last week there was such a wave, but
this week the market is again lifeless.
There are indications, however, that
the market has seen its lowest prices
and the dealers believe the future will
show Improvement
The dealers and growers of the Pa
cific Coast have only themselves to
blame for the present condition of the
market, for almost since the beginning
of the season some of them have
shown weakness and they have stead
lily played into the hands OF the East
ern and English bears. The English
and American brewers have been well
coached by those whose interests it
has been to keep the market within a
low range and by their conservative
operations and hand-to-mouth buying
in conjunction with more or less pres
sure to sell at this and hcve forced
prices down almost 10 cents a pound
from the top quotation of the season.
English hops find an active demand
at London around 100 and 140 shil-
lings, while Pacifics bring only 95 to
1I0 shillings there. New York States
are selling at 25 cents. German hops
sell readily at the equivalent of 81 to
55 cents first cost to grower. In Ore
gon, Washington and California, how
ever, hops can be bought at Is to IS
cents.
That the underlying conditions of
the market are strong can be easily
proved by statistics just as the weak
ness of the Eastern and foreign mar
kets can be proved by the selling pres
sure OF Coast hops The imports into
England for the six months to the end
of February were S3.4O5 cwt., against
144,9s1 cwt., in the corresponding
period last year and 142, ,521 ewt. two
years ago. England's exports for the
first six months this season we're 16,-
600 cwt., leaving the net importations
into England about $4,000 cwt This.
added TO the crop OF PA. geo cwt.. gave
an available supply OF $4,000 cwt..
against a consumption of about 6O0.-
600 cwt. Here is a deficit Of $4,000
cwt. that has to be made up from
brewers reserve stocks. quantity un-
known. and hops still in growers
hands, OF which the only large avail
able supply is on the Pacific Coast
The total American crop last year
was 209.5 bales. Exports to date are
about 10000 bales and Imports about
10000 bales Unsold stocks in Amer
lea are about 10000 bales in growers
bands and $4,000 held by dealers and
spectators. The American brewers
have. therefore. taken only 1s5.0O0
bales. against a consumption. as shown
by Government returns OF 225.0oo
bales Therefore. there r. a deficiency
In this country Of IS. .OeO bales. which
the brewers must make up from their
surplus stock Of oids and from pur-
chases Of 1893 hops yet to be made.
Last year the American brewers used
only 1g5.000 bales. out of the 1905
crop. 80 they must have used oids also
in that year. Consequently. IL seems
safe to reason that they viii 90 into
the 1910 crop without any oarry-over
hops from the old Erowths-
A New Tork letter received yester-
day said.
We believe TIE trade IN the East
nov feels nat the bottom has been
reached for Pacifcs and states and
with the nert demand from brewers.
uhich is Eure % cuue after fhe pres
enf prohihition hurry has suhsided.
urioss are bound 20 advance some
that