The record-union., 1892-09-05
COMMERCIAL.
The Week Closes With Fairly Active
Market at San Francisco.
Wheat Clearance Very Heavy-Good
Demand for Shipping and
Brewing Barley.
Especial Correspondence REcoRD-US1oN.I

-
Inc week closed on fairly active market
for General Merchandise with the more dis
tant points beginning to buy the bulk of win
Ter requirements. Those points within easy
Feach OF the railroads and those along the diff
terent lines, although buying more freely, only
lay IN sufficient 10 cover the near by wants
sugar has been advanced during the week
nc per pound, while Hog product was marked
down about &c per pound. The advance in
sugar is said to be due to the short crop on
the hawaiian Islands, and the decline in
hog products to the cholera scare and a fall
ing on at the East in the export demand. In
to-day's market farm produce was generally
quiet but fairly firm. Wheat, Barley and
oats were steady, but Corn was weak
Ground feed was lower. Hay was firm. But
Ter was weaker under lessened buying
Cheese and Eggs were unchanged. Garden
uuck and root vegetables were quiet but
steady. Pears were lower, as We're Grapes,
The market for other fruit was reported barely
steady. Poultry continues in over supply,
with the market irregularly weak
The writer has consistently maintained, in
the face OF press reports to the contrary, that
TINS year the Wheat crop of the world would
De considerably short OF what it was in 1891.
Experience has taught that first and even sec
ond crop reports are largely colored CONNER
claIly by the clique running the markets
OF the world. Last year it was a bull cam
pa1gn and then itwas very small crops: this
year 1t has been a bear campaign, and the
crops are large Last season the writer ad-
yised selling; this season Il has looked as if to
hold was the best policy. This opinion has
been and is still grounded on short crops and
low prices the world over. This position is
now being admitted correct by leading author
tiles at home and abroad. In substantiation
he fol iS criH
Clapp & Co.'s New York circular of August
20, 1892:
ut is reported the official figuress of the
French crop viii be 2S5,00O,O0O bushels
this is about 10, 5000 bushels less than an
average crop, and about 60. 600, 900 less than
their average consumption. Great Britain
will likely have about 64,0Oo,OOo, against
72,O0o,o0O last year Their stock is about
55,O00,ooo0, against 81 100000 year ago
they will require about lac, 0oO. 900 bushels
nom other countries. The India Crop isSofici-
ally reported to be 2o2, 1856 900 bushels,
against 255 ,435, 0Oo last year. Their exports
since April LIST have been 81, 100000 bushels,
against 2s,34O,oOO last year, and for all OF
last year, 90, 100000. We doubt if they can
export 100000 more prior TO April, 1893.
Russia is reoorted likely to nave a crop of
about 100000 600 bushels, against l7S, OOO.-
900 last year. They will not likely be able to
export more than half as much the coming
twelve months they have the
past year. Their Rye crop is predicted
10 be 552, 100000 bushels against 47S.-
o. 5000 last year. Hungary will
Likely have 10,0O0,O0 more than III 1891
The live stock and crops are reported as suf-
fering in Germany, where drought prevails;
the rivers are low and crops poor Italy viii
likely have l00,000,00O bushels as against
12o, 100000 last year, and will need to i'm
port about 32,0O0,00O bushels. Reports
from Spain indicate a crop OF about 90, OOO,-
O0o bushels, 1t having been damaged by ex-
cessiFe rains. Last year they grew about
7b,OO0,0O0 Beerbohm says: The United
States, United Kingdom Russia, Germany,
France, India, Italy and Hungary will likely
grow 1,64o,o00,o0O bushels, as against
1,712,0oo,0oo last year. Estimating the
United States crop at 52O,0OO,f 90 bushels
We see no reason to expect it to exceed 5Oo.-
100000 bushels Many of our esteemed
friends think it Will be under AIS, 100000,
Farmers appear TO be determined not to get
left this year by holding their wheat as
gratuitously advised last season and have
forwarded to primary markets about 43, OOO.-
900 bushels, against 3S,0OO,O 900 a year ago
Exports have been about 81, 100000 against
about 100000 year ago same time
Prices are now ranging from 25 to 80 cents
year. sentiment has been bearish for months
Is its race not about completed? Several of
our winter wheat markets begin to show
signs of decreasing receipts. Ocean freights
are low. Harvesting in most countries will
be completed in September"
The local money market is working closer
but no stringency is reported. Tie call is al
most entirely for crop purposes Remittances
from the mining and fruit-growing districts
continue free. but from the grain-growing sec
tions, although they are light, there are indi-
cations that a steady increase can be looked
for during the next sixty days. For specula-
tive purposes there is no demand but for Ie-
gitimate business, and also for improvements
the inquiry is said TO be fair. The railroad
continues to disburse heavy sums of money
Tor construction and for other purposes. The
impression is gaining ground among con-
servative and shrewd business men that the
railroad, being home company, has done far
more for this State than would have been
done by an Eastern or foreign company. The
company has lis head offices here and spends
all its earnings with us.Jghile the controllers
and also officials invest and make improve
ments. If it was controlled otherwise
then the earned money would be
taken from us to bald up other
cities or States. 1t is also being
conceded that the heavy disbursements for
construction, feeders and other improvements
and also TO keep the roadways and eauip-
ments abreast of the times, call for large
sums of money which eats up the
revenue. 1t is these large expendi-
lures that lay the foundation for future pros
perity and insures, when the system is COM
pieted, low freights.
Eastern mail advices report closer money
markets, owing 10 the largely increased call
for funds with which TO move the crops The
export movement in cotton is setting in quite
freely, which gives an increasing supply OF
bills on England. The cholera scare is being
successfully used at the East to depress the
speculative markets The scare, it is claimed
is being worked by the large syndicate. which
has been buying railroad and industrial
stocks, for the purpose of getting small hold
ers to sell.
Cereals.
Receipts-Flour, 2,566 barrels; Wheat.
6,215 centais; Barley, IL, $40 centals; Corn,
119 sacks; Oats, 1873 sacks: Rye, 800
sacks.
more or less cutting in prices reported
WHEAT-The market was steady to-day |
Glearanoes are E Selign,I heavy; We quote
or alongside delivery the market is quoted
AS follows shipping, 81 2S24@1 3l14 for fair to !
good; choice 70 gilt,edged, 81 1901 50;
81 361zG1 3S34 for choice to gilt-edged. For |
old milling buyers bid 21zc higher than for
new. Holders ask higher prices than the
above.
BARLEY-The market was quiet, but
steady. There is a good shipping and brewing
demand tor choice. bright Barley. The market
is quoted as follows: Feed, poor, .77ag soc;
fair to good, sl14GS 5c; choice TO extra choice,
S714@95c: Brewing, 95c9S1 o214
OATS-The market was easy, We quote as
81 35@1 40 for fair to good; 81 40 for choice
20 extra choice; 81 so for gilt-edged; Surprise,