Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-08-24

Nearly all the rice comes from Hong Kong. The
bulk of It IL consumed by the Chinese on this
coast, who manage to eat over 40 100000 pounds
annually. Most of the coffee comes from Central
America. A good deal OF II j. sh pped TO w Western
cities, aud considerable q9ant.ty is sent to for
eign markets. The overland demand increases
every year. Most Of the tea imported goes to
New York, Boston, Montreal and Western cities.
Three-quarters of the tea comes from Japan; the
rest from China One-third OF the sugar imported
Is brought from the Hawaiian Islands and comes
here duty free. Refined sugars are brought from
New York. Nearly 900 600 pounds OF beet-sugar
are produced in this state yeatly
San Francisco enjoys prosperous trade with
Mexican merchants on the Paclhc coast, and tins
trade Is yearly increasing III volume, especially
with Mazatian, Guaymas, La Paz and Manzanillo.
There are numerous kinds of articles shipped from
here, hut the principal exports aye machinery,
quicksilver, hardware and coal oil. Large quaint
ties OF lumber are also forwarded to Mexican
ports. In return Mexico sends here MANY vslu-
able carSoes of cedar, prlmayera WOO hides and
salt. The cedar is used chiefly tor the mauufac-
ture of cigar boxes, while the prmayera, which is
costly wood, Is used for the manufacture of fur
nlture ani Tor ornamental purposes III buildings.
1nE STOCK BOARDS OF SAN FRANCIsCo.
There are three exchanges in the city for the
sale of mining stocks. The san Francisco Stock
and Exchange Board is the oldest The nominal
value of -eat at this board i, @2j 900. When "A
member dies and is entitled t. the benefit of the
trust fund, his hens receive Sl0O0O in coin. A Il
the heaviest operators and regular stock BROKERS
own seat Mt one of these boards. TO get par
tcuiar stock listed requires fee. The listing fee
ut the old board is $1,000, with "A subsequent an
nual fee of 500 to have the stock called daily.
Tue other boards don't charge so much. There
lj stocks listed in the oil board, aud the sales
IN the aggregate foot mp from SIX TO ten millions
of dollars monthk. The leading monaires here
made their money IN stock operations. Their
bolduess and daring during the variations of the
market, especially when there Is deal in progress.
would amaze you. bag strike OF ore invariably
sets the ma ket booming, and l. then the eNchang-
| es become the whiflp0Ols Of rum. The thousands
who hang round these boards and dabhle 10 stocks
are simply piayIHg with fire. A broker assures
me that the result of his experience, nine hun
bred and ninety nine out OF thousand who invest
in stocks get dead broke before they ate through
with their spcculatious.
The utterly INSCRIPTIONS character in which
mining stocks are Manipulated can be no better
Illustrated than by what is known a. wash sales.
A company own wo;t hless mine wlsch they have
listed on the boards. The stock has market
able value. What do the manipulators do rhey
give orders 10 one or more brokers TO sell II few
thousand shares at a certain price, and they give
oider- 10 other brokers 10 buy the stock at the
same figure. The mauipu ators then give orders
to advance the price and bring into tine field a set
of new brokers to sell aud buy. In this manner
the stock Is washed TO and fro until the outside
gudgeons have their attention attracted to II, aud
Il
mence going for ii. When the stock has reached
satisfactory figure to the auipulators then they
commence to unload, and the honest buyer viii
find out when too late, that he has been swnded,
The same seductive trick is resoited to when
manipulation, wish to buy stock, orly the opera.
ton is reversed, by running the stock down and
creating such alarm that everybody sells out.
when the manpulitoIs quietly gather the stock
all ia aud then send it up again and unload. These
wash sales" of stock are really criminal oil noes
ya. hx ..ntr hon
so sdroltly do manipuators Ilsy their games that
it is almost impossible to find out whether stock
is being washed or not.
For nearly two weeks the stock market has been
jumping. such exciting period has not been
| known for many months. One of the deadest
stocks on the list has gone from 50 share to S3S,
back TO S2l. then up to S34. Olher stocks have
risen IN value in neatly the same proportion, and
subject 10 the same remarkable fluctuations. Nu-
meIoBs stocks are sold which have more merit
than last years birds nest. The board rooms
are crowded to ropeti0n with buyers, thousands
are surglng in ana out OF brokers offices, while
Pine and Montgomery streets are just jammed
with Jostling humanity OF both sexes, watching
the bulletin boards To whether they have lost
or won in their favore CANDLES. The craze is at
such white heat that a large smount of bus
is transacted Sundays IN the hotels. Every body
expects to make fortune; none think of losing
A steady drain is being made on the savings banks
for Investments in stocks aud the volume OF busi
ness amounts to millions daily. In moving among
the throngs of nclpient mIonaifes, as do daily
| hear such expressions as these dropped "Well,
I'm already $500 ahead" "Smith made 81 900
yesterday. and lost So 900 to-day" ave soaked
my watch and diamond studs and got all NV
money in stocks; shall hold on until make ali
want" "Oh, Bill he's busted he bought short
| like fool" Put your money ia Sierra Nevada,
and you've got fortune" A volume of these aud
similar expressions could be recorded. When the
crash comes. as it cerainly will, there will be
wreck scd rum on every hand.
METEOROLOGICAL PHENoMENA.
While you at the East are suffering with intense
heat, and numerous cases of sunstIOke are swell
ing your mortality lists, here in California the
heat, swelterRg a, it may be, is not q source of
aiiliction, although it is ommon thing for
ll2o, and the mercury has been known to 90 up to
1907, with no fatal results. Sun,tIoke is unknown
on the Pacific slope, and so Is hydrophOba | wi |
also say parenthetcaly. Thunder and lightning
aud the aurora bofeslIs are of rare occurrence
Earthquakes are common In certain localities and
once in a while they are felt all over the State
TIE earthquakes OF '65 aud 6S, when buildings in
this city swsyed to and fro and tOppled and fell ;
when such CONSERVATION prevailed that it was ex
pected that San Francisco would be swallowed u p
and the entire population launched into eternity +,
furnished scenes which will never be forgotten.
But, time rolls on, these couvusions of nature
excite less apprehension Still, TO De on the safe
side, nearly all the buildings here of a public
character are constructed Earthquake proof" as
1t IL termed, and il Is the popular belief that no
matter how terrible wrenching they might be
subjected TO by shock, there would be no danger
Of their walls crumbIng or falling.
TOBY CANDoR.