a maintenance of seaboard prices in a range of 204 ( 221c. for good to fine qualities and the lateness of the season induced storage operations on this basis even though many operators regarded the prices as dangerously high. At the close of April only 307,000 cases had been accumulated in the New York and Jersey City warehouses against 496,000 cases the previous year. This shortage-with corresponding shortages at other important centers of accumulation-induced very free storage during May at relatively high prices though the movement of stock became so heavy in this month, and accumulations were at so rapid a rate, that prices eased off a little, the average for storage packings in May being 20.64c. against 21.54c. in April, and as compared with 17.70c. and 18.07c. respectively in the same months of 1911. The shortage in winter and early spring production was compensated by unprecedented receipts in May and June and with an unusually cool summer and relatively light waste the trade found themselves with the heaviest accumulations on record at the close of July when New York had 1,154,000 cases in storage against 1,080,000 same time in 1911 and the four markets of Chicago, New York, Boston and Philadelphia had about 3,425,000 cases against 3,196,000 at the height in 1911, the previous high mark. Excessive heat occurred during the first half of September, fresh eggs of fine quality became scarce, storage stock had to be held high owing to its high cost and the usual early fall advance reached relatively high figures at an early date. Fresh gathered western reached a range of 2530c. wholesale in September but storage goods were freely offered at 23 a 244c.-prices that yielded but a very small profit. The high prices checked consumption to some extent, fall receipts exceeded those of the previous year, and the reduction of storage stock was smaller. The fall trade conditions were, in fact, extremely unsatisfactory. The scarcity of new laid eggs carried prices for such to comparatively full figures but the average, quality of the collections was very ordinary, largely due to the hot September, and packers. took in at country points many thousands of cases far above their real value; many of these were stored owing to the inability to sell them promptly except at a loss and they met later a most disastrous fate. The reduction of storage reserve in August, September and October was disappointingly small and late in November, with the bulk of supply still to be moved many owners began to force sales regardless of the losses incurred. In spite of a full maintenance of prices for the few new eggs arriving good to fancy refrigerator fell to 21 ( 23c. before the close of November and early in December increasing pressure to sell carried them down to 18 @ 19c. when fresh eggs also took a downward turn under the influence of mild weather and a tendency toward some increase of supply. Weather conditions were mild and open to the close of December, production increased gradually and with occasional periods of steadiness and temporary reaction fresh gathered western tended generally downward, the month and year closing with prices ranging 2528c. for good to average best qualities. The decline in refrigerator eggs so early, and while they were still of good to fine quality, led to a large increase of output and a slight recovery to a range of 1921c. for good to fancy qualities by the close of December, but there were still, at that date, unprecedented quantities unsold. It was felt that the rate of output realized in December would clear the stock sometime during February without any more disastrous losses if the later winter should prove ordinarily severe, but the danger of an open winter was fully realized for it was known that although trade distribution was on a large scale any unusually free winter lay would be likely to catch large quantities of refrigerator eggs late in the winter and compel a clearance at extremely low prices. And as the great bulk of the stock in storage cost, with carrying charges added, about 22 ( 25c. heavy losses were incurred on practically all sales made after late November. The following reports as given by New York Produce Review, indicate the statistical position at the close of 1912. COMPARATIVE STORAGE EGG STOCKS (PARTLY ESTIMATED) DECEMBER 31ST. REVIEW OF THE WHALE FISHERY OF THE UNITED STATES. FOR THE YEAR 1912. THE number of vessels and gross tonnage of the fishery remains the same as on January 1, 1912, viz:-37 vessels and total tonnage of 7,934 tons, but the actual tonnage engaged in the fishery is but about 5,700 tons, there being laid up in San Francisco seven steamers, aggregating 2,225 tons formerly engaged in Arctic Whaling, some of which have not been fitted out for four years. Owing to the lower prices for whalebone there is no inducement to fit out these steamers as the average catch would not sufficiently compensate their owners. The probabilities are that this fleet will be withdrawn and put into the merchant service. The steamer "Belvedere" of New Bedford which wintered in the Arctic returned to port with the fine catch of 950 barrels whale oil and about 35,000 pounds whalebone. The trading schooner, "Elvira " secured several bowheads, yielding about 17,500 pounds whalebone. No other vessel visited the Arctic in 1912. The "Belvedere" will go to the Arctic again this year. The barks "Gay Head" and "John & Winthrop" and schooner "Laetitia" went to the Japan Sea but were not successful, their total catch being only 620 barrels sperm oil. The Atlantic fleet continues to secure the greater portion of the sperm oil yearly imported into the United States. The aggregate catch for 1912, however, was not as great as in previous years, being 15,015 barrels against 19,715 barrels in 1911 and 17,505 barrels in 1910. The barks "Chas. W. Morgan" and "Andrew Hicks" of New Bedford were the only vessels securing any right whales in the South Atlantic, the former, one on Tristan, and the latter, five on coast of Patagonia. The schooner "A. T. Gifford," CAPT. COMER, which wintered two years in Hudson Bay returned home the past year. She was not very successful in securing bowheads, her catch being only about 80 barrels of oil, and 2,000 pounds whalebone, but the obtaining of many skins of different kinds made the voyage a profitable one for her owner. The "Gifford" will go to the Bay again this year under command of CAPT. JAMES WING.• Sperm Oil.-There was no business done during the first four months of the year. In May the price ruled at 53 cents per gallon for the oil only, and remained at this price until December when 54 cents for the oil only was the ruling price until the close of the year. The entire sales were made for manufacture. Whale Oil.-The import of 80 barrels taken by the "A. T. Gifford" in Hudson Bay was sold at 56 cents per gallon, and the 950 barrels Arctic imported at San Francisco sold there at prices we were unable to learn. Whalebone. It is quite impossible to quote reliable prices for this staple during 1912, all the transactions being made on strictly private terms. It is evident, however, that a limited business was done. Small quantities were sold to cutters in this country, but the majority was shipped abroad, mostly to France, where it was sold at best prices obtainable. Early in the year the clearance price of Arctic (supposed "Trade") was $3.00 to $3.50 and for South Sea $1.77. During the balance of the year $2.00 was quoted for short Arctic and South Sea. The year closed with quite a stock in first hands with apparently no demand here or abroad unless at much less prices than had been previously obtained. IMPORTS OF SPERM OIL, WHALE OIL, AND WHALEBONE IN THE UNITED STATES DURING THE YEAR 1912. STATEMENT OF STOCKS OF OIL AND WHALEBONE IN THE UNITED STATES AVERAGE PRICE OF SPERM OIL, WHALE OIL AND WHALEBONE FOR THE |