The record-union., 1892-08-29
COMMERCIAL.
Weekly Financial Review at Home and
Abroad.
Large Disbursements for Improve
ments, and Also for Railroad
Construction.
Especial Correspondence REcoRD-UN1oN.l

Especial Correspondence REcoRD-UNIoN.l
SAN FRANCISCO, Aug. 27, 1892.
The week closed on a fairly active market
in general merchandise, with but few changes,
and they not of an essential character. In farm
product trading to-day was light in cereals,
although a strong tone was noted in both
Wheat and Barley. Oats and Corn were
steady. Ground Feed was steady at the late
decline. Hay was firm for the more choice
grades. Gilt-edged Butter was firm at the
advance, but other grades were easy. Eggs
were irregular. and Cheese steady. Garden
truck outside of Tomatoes, was irmer. Po-
tatoes and Onions were steady. Sweet Po-
tatoes were weak and pressing the market
Poultry was irregular. Fruit cleaned up bet
ter to-day than it has at any time within the
past three weeks, and at ffrmer prices, too
Dried Plums are strong at 1 cent advance
Other kinds of Dried Fruits were very strong.
Beans were firm.
The local money market is reported TO be
working slightly closer But we are inclined
TO think that the closer working is in quar-
ters having connections with the agricultural
districts given over chiefly to grain growing,
Tor other farm and orchard products have
been and are stiIl being marketed and DO not
require much money, but on the contrary
this and other large distribution centers, for
our advices indicate that several million dol
lars have already been dsbursed for fruit.
But grain growers are storing their grain and
getting advances, and they are fully war
ranted in doing 1t SO as to Offset the bear
movement of the wheat and ship rings. At
present prices there has always been more
money on the long or bull side than on the
short or bear side. In this city, and as far as
our adyices go in other leading cities and
towns in this State, Improvements are under
way which call for the disbursement of large
sums OF money, while the disbursements of
The railroad company for construction aud
other work must be very heavy. 1t is the
ever present demand for more feeders better
goadways and equipments that eat into the
earnings of the railroad. II IL were not for
che necessity of meeting the increasing wants
Of this State for more and also for better rail-
road facilities, lower tariffs could and doubt
hess would be made. This is the experience
on this coast and in every State where an en-
Iarging railroad system is an absolute neces-
sity- Eastern mail advices report frmer
money markets, with the loans about equal
20 the deposits, so that the reserves do not
show any material gain. The railroad traffic
continues large, which is accepted as an evil
dence of fairly active times and harbinger OF
stil more prosperous times in thenear future.
All advices from New York warrants the as
sertion that we are on the eve of a large spec
ulative movement in railroad and industrial
stocks. This opinion is grounded on the fact
that Europe has been for months a steady
seller of American securities all of which have
been taken on this side at full prices with a
gradual advance in some lines. These pur-
chases have the ear-mark of having been done
IN the interest of one or more large moneyed
viii probably be treated to an old-time bull
campaign. The exports of gold from this
country do not create the interest, not to say
alarm, which they did in previous years
which shows quite conclusively that
the country is on a more prosperous
plane than ever before In regard
10 recent gold shipments, L. Won Hoffman
of New York says: 'The gold lately taken
from this country goes TO Austria and Russia
via Bremen. These countries could draw gold
rom Paris, London or Berlin, but the rea-
son they do not lies in the fact that from there
5hey have to take light coin, whereas the gold
they get from the United States is full weight.
and they are willing to pay premium for it.
The profit on present shipments is about u
per cent, but feel certain that in order to
obtain more gold from US they will have to
pay increased premium" Turning from
this country TO Europe and we find that de-
preston still holds sway in the commercial
countries, which is probably intensified by
the cholera scare. A late august 18TH Lon
don exchange says: 'eThe stagnation of trade
and business has created such a glut of money
in the market that even its nominal value
no more than "a per cent.-fails to encourage
or stimulate speculation or enterprise. The
expectation remains that it must eventually
have some such effect, but il is evident that at
present the feeling of capitalists is too con-
servative to admit of much scope in that di-
rection until greater confidence prevails in
the financial and political situation. Dis
count, it is true, has been moving up and is
now fully per cent. for all bills up to three
months date, while beyond quotations run
ito ~ for four months and ~ per cent for
six months drafts first under the influence
of the associated joint stock banks, who
anade u their minimum, aid then in conse-
quence of a revival of the export inquiry for
gold, for, although various heavy claims for
money in the way of calls-a million alone on
loan accounts, and another on Treasury bill
account supplemented by Withdrawals for the
. payment of railway dividends-have arisen
they have failed to make any visible impress
sion at present upon the available supply"
Cereals.
Receipts-Flour, 1885 barrels; Wheat
1854 centals; Barley, 1873 centals; Corn,
-
FLOUR-The market is weak, with sales
reported at less than current quotations.
WHEAT-The market had a tirmer and
stronger tone and, while buyers did not quote
any higher yet an advance is known To have
been paid. For Port Costa or alongside deltv-
cry the market is quoted as follows: Shipping,
81 2S54(01 80 for fair TO good; choice to gilt
edged, 81 3174@1 35$4; milling, 81 323a9
/ 80 for fair to good; 81 36Ag1 3o54 1or
choice to gilt-edged. For old milling buyers
bid 21@c higher than for new. Holders ask
higher prices than the above.
BARLEY-Trading was light, but there was
a firmer undertone, with choice grades
wanted. The market is quoted as follows:
Feed, poor, S354@S &c; fair to good, S614D
$50; choice to extra choice, 90@95c; Brew
ing, 9719Q9S1 o5.
OATS-Poor grades are slow and weak, but
choice grades are wanted. The market is
quoted as follows: Feed, 81 20@1 80 for
common; 81 3591 40 for fair to good; 81 45
for choice to extra choice; 81 80 for gilt
CORN-The market was quiet. We quote
as follows: Yellow. large, 81 30@1 3215;
small, 81 321a@1 35; White, 81 3Ss44l 411i.
RYE-The market was steady at 81 1870
4 2134.
Trading on Call was light to-day, but at
slightly better prices.
Wheat-Morning- Informal. Buyer Deem
Regular session September-300 tons,
81 80. Buyer pecember-90o tons, 81 36%.
seller 1s92-2oo tons, 81 80 p ctl
Barley-Regular session, December-1oO
October--1oo tons, 8s5se; 200, s914c. Seller
1892. new-20O tons, SIC. Buyer December
100 tons, $3.50; 100, 9374c p ctl.
EASTERN AND FOREIGN.
NEW YORK, August 27th
WHEAT-S015c for September, S2c for Octo-
ber and SOC for December.
CHICAGO, August 2Tth.
WHE AT--R5Zc Spntember and TS3Sc