Daily capital journal. (Salem, Oregon) 1903-1919, 1916-01-26
Hop Market On
Boom With Dealers
Mystified at Advance


movement of unusually large proper
tons has struck the Pacific coast hop i
market. In the tnree states trading
has become extremely active and pric-
es are on firmer basis than any time
this year. A large part cf the buying !
appears to be for export account. |
There are also indications of urgent
short covering. That some of tae
purchases represent new business with |
eastern brewers is also certain
Hop men are at a loss to explain the
sudden boom in trade. 1t may be
partly in consequence of the clearing
off of pooled hops from the market,
but it is more than likely that the de-
mand for association hops is an ef-
feet rather than a cause of the furry.
A place abroad for large quantity of
American nops has evidently been
found Whether the stockings up is in
anticipation of small foreign crop or
is to avoid the import duty that Eng
land is likely to impose is not clear.
At any rate, the buying has become
urgent and supplies in the hands of
coast growers are sharply reduced. Or
egon holdings in first hands, outside
the association, are now estimated at
/ 10000 bales. The Yakima stock has
been reduced to 1900 bales and the
California first-hand supply cut down
substantially.
Offers of 111a cents for choice hops
were made yesterday at Dallas and 9TH
er points and options at l2 cents were
sought. Among the latest Oregon sales
were 10 bales by Charles Billyeu, of
Dallas, at II cents or better A. j.
Ray & Son bought a carload from
growers and dealers at 10 cents. Frank
S. johnson bought 1863 bales from i.
Damon, of Independence, at cents
J also a ear in tne Silverton Mount An
, gel section, including the crops Of
, Quail Taw, Dullem and f. Lucht.
In the Yakima section 100 bales
were sold at 10 cents to I u cents, in
cludng the crops of Frank jackson,
Sam Chung, Morrier, Blair Beauaurier
and Rabbie. In Western Washington,
Mrs. Harms sold $50 bales.
A number Of new-crop contracts were
announced in California advices. Wolf
signed up Williamson, Of American
River, for three years, 300 bales yearly,
at II cents; COunseman contracted 300
bales of American Rivers for one year
at 10 cents Walker, of Chico, contract
ed $50 bales for one year at 1917 cents.
Advance In Wheat.
The recent swift upward movement
in the wheat markets of the United
D States is causing grain men nere to
9 proceed with caution. They are ask
y ing whether or not the top has been
D reached. Sooner or later the high lin
0 it is going to be attained aud the turn
0 ing point will come without warning.
0 IT is true that prices are 30 cents
cneaper in the local market than they
were one year ago, but it is Just about
5 Ia year ago that the crest of the l9l4.l5
market was reached, and slump dis.
astrOus to many set in. While there
5 may or may not be permanent checl,
5 to the rise, a reaction, at any rate, is
5 looked for, and for that reason there
C has not been the keenness to buy this
q week That was witnessed in the pre-
Z ceeding week. It is also this uncer.
n tainty that is causing millers to re-.
0 fran from advancing flour prices At
n tbis time.
10 Country wheat bids were unchanged
q from Monday, but at the local ex
change offers were raised from - tf
l.2 cents. Coarse grains were about
n steady.
n Bradstreets estimated the world 4
~ visible wheat increase at 900 900 bush
" els, the corn increase at 1,l72,00C
~ bushels, and the oats increase at go,
~ 600 bushels.
" The European visible wheat suppl,
is 79,Sl0,000 bushels, an increase o.
3456,000 bushels for the week; q yea
ago it was 72S00,000 bushels, a de
ID crease Of 100000 bushels.
}; Eggs Are Higher.
N After early weakness in the egl
- trade during the morning, there was
a very sudden change in the tempera
mcnt Of the trade, and sharp advance
were forced with a very exciting de
mand yesterday.
The extreme advances in the Sal
francisco market yesterday and th
fact that additional snow has fallei
at all Pacific northwest points, force
ease count eggs from extreme weakues
at 3lla@32 cents a dozen to jun
auiclly 10 32 cents aud later in tn
day when al stocks were cleaned II
as hign ls 3j cents was offered for thi
y stock.
X The demand eame from practical
y all interests and all Of a sudden TIL
4 market is entirely weather afiai
y The snowfall Is expected TO force Sea
X lie Gnd British Columbia markets int
X the local trade for supplies at thi
X time q
sT.N -