The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1892-08-22
COMMERCIAL.
Weekly Financial Review of San
Francisco and Eastern Markets.
Choice Grades OF Wheat staong-Bar.
ley, Oats and Rye steady-Clean-
ing Up on Fruit.
Especial Correspondence RrconD.ux1ox.l

ing Up on Fruit.
Especial Correspondence RECoRD-UNIoN.l
SAN FRANCISCO, August 20, 1892.
The local money market shows more
strength under a freer inquiry for funds for
crop purposes. It is now quite generally
claimed that fully rs per cent. OF the wheat
crop harvest this year viii go into storage.
Farmers will store rather than sell at current
quotations. A larger proportion of the crop
this year was foul than has been the case
for several years past, and 1t is this class. as
rule. which will be marketed. The supply OF
bills on London direct is light, owing to an
absence of any degree of freedom in exporting
wheat, but then this is offset to some extent
by free Offering OF exchanges on the East
against fruit shipments. This year promises
to be the banner year in the shipment of fruit
10 distribution points east OF the ROCKY
Mountains. Remittances of money from the
interior are light, but this always obtains at
this season Of the year. Buying agents for in
terror merchants report light orders, which
indicates that caution still prevails.
From the East mail advices report a slight
increase IN the demand for funds for crop
purposes. For the week ending with August
18th the receipts of funds at New York ag-
gregated S17 ,o94 900 and the outgo $751;
791, 900. II is quite generally claimed that
much larger percentage of wheat will be held
back by Central State farmers than for sew
eral years past. This course is dictated by the
low prices ruling. With wheat held back large
advances will be required.
The Cotton crop, which is just beginning TO
move, is small compared with that in last
year, while Strengthening market abroad
may induce holding. Less money viii be re
quired for Cotton than has been taken in any
one season for at least five years past.
According to the New York Commercial
Bulletin the money circulation of the country
on August LIST is reported by the Secretary OF
the Treasury to have been 81 ,6o1, 90o,o 600
compared with $1,5oo,O00,oOo year ago,
or an increase gilmore than 81 0,000,0 900. and
comparing as follows with the corresponding
date for several years past:
1SS7..S1, 321, S00.0001S90- 1,431, 100000
1888. 968,10o.o00I1891- 1,500, coo, 600
1880. 1879, 800, 900 1892 1901 1905
It will be seen that while there has been IL
constant increase, that of the past year has
been much the most rapid, more than twice
as great as the average annual increase for the
four preceding years. With this immense
circulation, more widely and effectively dis
tributed than ever before at this time of year,
there can be little question as to the adequacy
OF the supply of currency for the crop move
ments and trade requirements OF the fall. The
facts as to the agricultural situation in the
Central, Eastern and Southern States, so far
as ascertained, are such as to strengthen the
belief that currency demands on the money
centers wilbnot be developed so early, nor to
so large an amount as to create inconvenience
or pressure, and this opinion seems to be very
generally shared by bankers throughout the
country.
Silver, afUer making slight advance, fell
back again to 37JSd in London and to S21ac
In New York. AT the decline the market has
a steadier tone, although many shrewd
operators look for still lower prices. The
New York Commercial Advertiser says: ''The
continued decline in the white metal is at
tracing marked attention on both sides of the
Atlantic, and naturally the forthcoming
international monetary conference is awaited
with greater interest than ever. The current
decline in silver is due in part to speculative
influences. Recently there has been sharp
bear movement on the other side; in India
per cent. rupee bonds, which are down to
6254, and silver had been depressed to assist
in covering shorts in these securities"
A general summary of the New York FIaaa-
ciul Chronicles comparison of railroad earn
ings for July cannot be regarded as unsatis-
factory and reveals large trade volume and
fair general prosperity. The gain over last
(S1, o4o,34 or 2.34 per cent?, and fully "a
of the 146 roads included report loss To
enumerate the adverse factors briefly we
may say ID that the month had one working
day less than the corresponding month last
year-July, 1892, having contained five Sun
days against only four Sundays In July, 1891.
(2) There was falling off in the receipts of
both wheat and corn speaking now only of
the movement as whole against O con-
siderable increase in most Of the months pre-
ceding. 81 The South evidently still suffered
very greatly from the effects of the depression
through which that section has been passing,
andat the same time there was a slight falling
off in the receipts of cotton at the Southern
ports. az The troubles at Homestead'an in
the iron trade generally reduced manufacture
ing activity in the districts chiefly concerned,
and also indirectly affected other depart
ments of business. (5) The iron ore shipments
from the Lake Superior mines, it would seem,
must have fallen off, influenced no doubt by
the situation in the iron trade. (6) Compare
son is with exceptionally good earnings for
July in 1891. 1t may be said in fact that the
month of July has revealed strikingly good
results for several successive years-the gain
in 1891 having been S3,273, 641, and this
having followed a gain of S3,166,35o in
1890, which in turn succeeded gain of So
459, 707 in 1889. For the present year the
gain is S1,o4O, 346, which therefore comes
after all these gains in the same month OF
the years preceding.
CEREALS.
Receipts ! Flour, SOC barrels; Wheat,
2,659 centals; Barley, %, 5s4 centals; Corn
- Sacks Oats, 97S sacks; Rye, 900 sacks
WHEAT - The market was quiet but strong
for choice to gilt edged grades but weak for
poor 10 fair. Buyers quote as follows: For Port
Costa or alongside delivery the market is
quoted as follows: Shipping, 81 $500
i 3614 for fair to good; choice TO gilt-edged
fair to good; 81 421z91 475b for choice to
gilt-edged. Holders ask higher prices than the
above.
= BARLEY-The offerings were light and so
were the demand. There is a continued free
purchasing of the better grades of bright for
export, The market is quoted as follows: Feed,
poor, s6H@se34ci fair TO good, s0t993Ac;
S1@1 O7A
oATS-The market was quiet but strong,
The market is quoted as follows: Feed, 81 GOO
50 for common; 81 1901 40 for fair TO
good; 81 as for choice to extra choice; 81 so
for gilt-edged; Surprise, 81 55.
CORN-The market was quiet. We quote as
follows: Yellow, large, 81 271&91 so; small,
81 322491 80; White. 81 1901 ~
RYE-The market was steady at 81 25@
I 80.
FUTURES
Trading on call to-day was moderately ac-
tive At the low prices Wheat and Barley are
quoted there does not appear any disposition
10 sell short. but there are MANY sales made
ON a low basis to induce farmers to let go
actual grain at lower prices.
at-Morning-Informal. Buyer Deem
ber-7oo tons, 81 3ss4. Seller 1s92-2oO
Regular session. Buyer December-so 30 tons,
81 3S5s; 400, 81 1925; goo, 81 3ss4; 500,
- SO Ss Seller GOD dsg2I 9S tons 81 SS
81 33A p ctl.
a. Ea.f Z,4z CO oTT