The record-union., 1892-08-08
COMMERCIAL.
Choice Fruits in Good Demand at San
Francisco.
Wheat Firm-oats and Barley Steady
Poultry Very Scarce-Dairy
Produce Weaker.
Especial Correspondence REcoRD-US1oS.l


week was fairly active in all lines The buy
ing was largely, if not altogether, Of an assort-
hlenL character, yet so low had stocks run
ooWh with retail merchants that the buying
aggregated large volume. 1t is quite gener-
ally Claimed that when stock-buying sets in
there viii be large increase over the pur-
cAases made at the like time in any one year
LOT the past three years. 1t looks now as If
tue strong depression in trade circles has seen
us worst, and that we are on the eve OF more
active times. OF necessity It's growth Will be
SLOW at the first but with returning con-
hdence, and more activity in all commodities
dealt in, combined with more active de-
mand for money there will be general
desire 10 get in the "swim," and make rapid
turns. This has been the history of trade and
speculation from time immemorial, and will
continue to be as long as trade DOM
mates in civilized countries. The depres-
sion in trade and speculation has not
been confined TO this coast, for it has been gen.
eral, and, If anything, more severely felt at
the East and abroad than here. On the
bourses in Europe and the exchanges at the
East the broker who had sufficient to do to
make expenses has been considered well off.
A late New York exchange claims that on
the New York and Chicago Exchanges hardly
one broker out of twenty-four made current
expenses. While for the past three or four
years this condition has been going from bad
TO worse, there has been quiet but steady
absorption at the East of railroad shares and
similar American securities, and also of in
dustrial stocks and on this coast of mining
shares and local securities This absorption
has been done by wealthy capitalists either
separately or througha regular organized syn
dictate. This buying made it impossible TO Gre
ate panic, and now that the holdings are
10 We ran III "
look for an active speculative movement to
set in at almost any time. In New York Jim
keene, who is well known on this coast has
commenced bull campaign in one or more
railroad stocks and also in industrial stocks,
particularly that of sugar and cotton OIL OF
course until there is Roadway there viii be pc
RODS of depression and setbacks-all healthy
signs. Who are behind Mr.. Keene is an open
question, but all outward signs point to
parties whose interests will be greatly pro-
NOTED by a successful bull campaign.
Railroad construction and the income of the
roads constitute the barometer by which
more correct idea can be formed of the growth
of trade and development of the country. So
far as PoOr'S Manual for 1892 go to show, the
past fiscal year has shown fair degree of
prosperity, when it is taken into consideration
the depression in general trade and many of
the leading industries. According TO the
Manual the net increase in mileage of all rail-
roads in the United States in the calendar
year 1891 was 3,89S miles. The mileage in
the country has reached 17o,6O1 and the in
yestment over S11, OOO, 900, 900, represented
by about 4,75O,000,O0O Of stock, So, 25O,-
100000 of funded debt, and $500, O00.o Of
unfunded and current debt. The earnings of
all roads in the country in the fiscal year
1S91-92 amounted to ST. 38,O24, 459, of
which operating expenses absorb 1881 1885,
go, leaving 1886, 227, 8S3 net earnings.
Other income amounted to about S1Ol, $50,
OUO making available revenue S457, $780,
oo0 Payments from this revenue include
$225,175,00O interest on bonds, $50, $780,
oooin dividends, S64, $50, 900 in rentals, and
the remainder in interest on unfunded debt
and miscellaneous payments. The excess of
available revenue over actual payments was
about S40,250,000. The surplus of roads in
the New England group was materially
smaller in 1891 than in 1890, and the same
was true of the central Northern group and
Southwestern group. Results were nearly
similar in the Middle group, the South At
lantic group and the Northwestern group
There was distinct improvement in the Gulf
of Mississippi Valley group and the Pacific
group. There was slight increase in the
average receipts per passenger per mile and
In the average receipts per ton per mile, the
latter being .929 compared with .927 in
1890.
In connection with the above it is quite in
place TO give the following from the New
York Financial Chronicle which should go far
to disabuse the minds OF the many of an
erroneous idea that the incomes of the railroad
companies are misappropriated: The policy
of using some of the net income, where posi-
BILE, in Improvements, ETC., finds its justifi-
cation not only in the higher physical and
condition and iponrovad credit
which il secures, but also in the exigencies of
competition and the conditions under which
railroad operations have TO be carried on in
this country. We have on previous occasions
pointed out some of the differences between
railroads in the United States and those in
Europe such as the fact that our roads are
not in the same finished state, that their traf-
tic is more variable and subject to greater
changes and that the country itself in popu-
lation and character is vastly different. But
there are other points of dissimilarity. Com
petition is more aggressive, rates keep steadily
declining and the margin of profit is SO small
that only those roads which are in position to
carry freight at q minimum of cost can hope
TO survive in the struggle for existence. Many
of the older roads were built when the rates of
interest were much higher than now, and
have even yet some of these high-rate bonds
out on which they are obliged to pay interest;
they were built also at a time when the cost of
rails and materials was much higher than at
present What would be the position of these
roads to-day against newcomer if during the
last twenty years they had followed the plan
of distributing all their profits instead of en-
ploying part of them in gaining power and
strength to meet competition and the demands
for improved service, increased speed and re-
duced rates? The situation of United States
railroads, taken as whole,is poor enough as it
is. but what would it be in that event with
the capitalization so vastly greater?
CEREALS
Receipts-Flour, $3.50 barrels; Wheat,
15o925 centals; Barley, 1880 centals;
Corn, 519 sacks; Oats. 270 sacks; Rye, 154
WHEAT-The market was firm but quiet.
Buyers are keeping out of the market as
about three weeks there will probably be more
selling, and with forced sales, unless
Europe advances; VIII tyna cause lower
81 421l9I AK, and old at 81 .45@1 5174.
For Port Costa or alongside delivery the
market m is quoted as follows; Shipping,
81 36AQ1 3SA for fair to good; choice to
@1 As for fair 10 good: 81 471591 5l14
for choice to gilt-edged. Holders ask higher
prices than the above
BAkLE11,- Y Barley sold on Call to-day
a $3.50. The market was quiet but firm.
The market 1arESo is Is quoted as follows; Feed
choice 70 extra choice, 95@9719c; Brewing,
Old 81, 81 o2.FF4 zg 10, new, S1@1 o71.
holders firm in their advance views. There are
very few old oats in the market We quote
as Follows; Feed, 81 25sI so for common
cnoice to extra choice; 81 SO for gilt-edged:
Surprise 81 80. New is quoted at 81 Goa
40 for fair to choice.
We quote as follows: Yellow large large
81 3O@1 33s4 small, 81 333z91 37jS; White