The record-union., 1892-07-18
COMMERCIAL.
Weekly Financial Review at San Fran
cisco and in the East.
Spot Wheat Scarce and Hisher-Corn
Higher-Fruit and Vege-
tables Steady.
Especial Correspondence REcoRp-Uy1on.1


IN farIn produce spot wheat was strong at the
advance quoted on yesterday Barley was
steauy as were oats, corn and rye. Fruit and
NeseIaples cleaned up well at around the
prices rallng on yesterday. Dairy produce
ana eggs were firm for the more choice, but un-
settled and Irregular for poor stuff Poultry
was demoralized under forced selling.
mining stocks were inactive but strong at a
snght advance for the North Ends under the
leadership of Ophir and Consolidated Vir-
ginia. A report is current that in these two
mines an improvement has taken place, but
II is questionable whether it amounts TO any
thing more than enough to allow the stock
pool to, through cross orders, force prices up
little so as TO sell all the shares that can be
disposed of at profit 1t is claimed that the
assays of the ore milled by the bullion-pro-
ducing mines are running higher
The local money market continues excep-
tionally easy, with accommodations readily
obtained on gilt-edged, two-name paper and
warehouse receipts of staple goods. There is
more inquiry for loans against grain in ac-
ceptabIe warehouses. Funds are now going
into the country for Ioaning on grain. Heavy
shipments of fruit Eastward have given
liberal supply of Chicago and New York ex-
changes. AS yet the supply of sterling bills is
hght, with no large supply looked for until
w neat values advance sufficiently to induce
Iree selling on the part of the farmers. The
general tenor of advices from all parts of the
State Is OF a decided encouragingly character.
Labor is well employed and at good pay; i'm
provements are being made in all directions,
while railroad construction and work on irri-
CATION bitches or canals is being pushed in
several counties.
AT the East the money market does not
show any material change since our last
weeks review the on accTuad
interests and dividends in this month are es-
timated 10 aggregate as follows: New York
City, SlOO,0OO,O00; Boston, SO, ,OO0,O 900,
and Philadelphia, S12, 100000. The bulk of
these large sums Will now lind its way back
into the general financial reservoirs to be used
again. The heavy exporting of gold from the
Atlantic seaports is being used to darken the
financial horizon. The exports, while causing
a feeling of timidity with bankers and capi-
talists, should be accepted as a healthy sign
for the future. They are evidently handled to
create a feeling of distrust particularly
abroad, so as to promote the selling Of Amer
lean security to investors and spectators in
this country who claim that after the cleo
tions IN Great Britain attention in England
VIII be turned into speculative channels, and
probably nothing viii offer better induce
ments than American railroad securities The
earnings OF our roads are not only large, but
promise TO continue for at least year or SO to
come
If signs Go not fail, we think that before
August passes the flow of gold will be again
TO this country. This opinion is grounded on
what is stated above and also on the loaning
of sterling exchange. a leading financial
exchange at New York says the fact that ster-
Ing loans are now being made is considered
significant of a speedy increase in the supply
OF olIls, and consequent stoppage of the ex-
port gold movement. 1t is long time since
sterling loans were last made. The making of
such loans at this time is also evidence that
leading bankers expect money to work lit
tie closer The method of making sterling
loans is as follows: The broker or borrower
deposits collateral with the banker drawing
the bills, receiving 6O-day sterling bills there
for. The borrower sells these bills in the
open exchange market, receiving, of course
current funds which he is free TO employin
his business until the bills which he is bor-
rowing mature. At the expiration of the
sixty days he must return sight, not 6O-day.
bills to the drawer of the bills which he sold,
The borrower takes his chances OF covering
the bills which he has borrowed at lower
prices, thus obtaining 6O-day money more
cheapiy than it could be secured in the open
market for time loans. Another very i'm
portant consideration for the borrower is that
to the introduction into sterling loans of low
class collateral such as the banks would be
unwilling to accept under the regular time
contracts.
Persons in theorizing on the probable turn
of the money market and business at the
East (both of which are large controllers in
business on this COAST must keep in view that
there has been a gradual wedding out of all
weak firms and business enterprises, and
therefore there Is more stability now, and that
while labor troubles in one or two of the
States may have an effect, yet it viii prob
ably be only transtOry for it. This opinion we
base on the favorable outlook for farm pro-
duct grain, cotton, hogs, etc., which. taken
as whole, promise to give better returns than
they did in 1891. Beside this railroad con-
struction is being vigorously pushed, and
railroad building. equipment of old roads
with new and late-improved rolling stock
rails, ETC., are an important element In pro-
noting more active times, and which cannot
be ignored. According to the estimates made
by the Raii,Cay Age, there will be constructed
in this country this year not less than 1000
miles of new road 1t considers this a fair
average, and refers to annual construction for
a number of years TO prove it. The future
construction, for one year at least will be
made up largely of short lines to fill out the
existing transportation system. There are
thousands of miles to be built yet in territory
which at present would not support a road
1t is estimated that it win require 10000
miles of road TO equip the State of Minnesota
with the railroad facilities Massachusetts now
has and that 10000 miles of railroad would
have to be built to give equal facilities TO the
people of the two Dakotas, and many thou
sand miles in California, Arizona, Nevada.
Oregon and Washington. OF course this
comes with time and increasing population.
While. therefore, railroad building may fall
below the heavy figures of 1871, 1881, 1882.
1SS6, 1857 and 1855, it is likely that the
average construction viii fully equal the
highest estimates made for the year 1892.
CEREALS
Receipts-Flour, 2,OO7 barrels: Wheat.
2,722 centals; Barley, 500 cen;als; Corn,
2l0 sacks; Oats. .- sacks; Rye, - sacks.
WHEAT-The market was very strong to-
day for spot wheat, and an advance was Sc
cured. New milling wheat sells at 81 3S3z "a
425a, and old at 81 1901 5215 For Port
Costa or alongside delivery the market is
quoted as follows: shipping. 81 364@I 3s4
for talr TO good; choice TO gilt-edged, 81 3S4
91 4114; milling, 81 421S@91 40 for fair 10
good; 81 411991 81 for choice to gilt-edged.
Holders ask more money than the above quo
BARLEY-The market was barely steady
to-day Holders are slow in making conceS-
gions. Inc market is quoted as follows Feed,
poor, S5@SS54c; fair to good. gO0gSs{c:
choice TO extra choice, 95@9ss{c. Brewing
S1@l I@12' NeW Brewing is quoted at SIG
] 05.
OATS-The market appeared to have
steadier tone to-day Offerings were lighter
We quote as follows: Feed, 81 200I % for
common; 81 3o91 80 for iair TO good: 81 37II
al 425a for choice 10 extra choice; 81 1870
j 10 for gilt-edged; Surprise 81 SO. New i
ouoted at 81 1901 25. "" "
CORN-The market is strong at another
slight advance. We quote as follows: yellow
large, 81 2354a1 2o74 small, 81 2ssI6
L S215; White, 81 2S3491 3215.