The morning call., 1893-09-20
PRUNES ARE UP.
Short Sellers PinChed on
Futures.
INCREASED DEMAND EAST.
A New Condition of the Market,
Showing the Rising Importance
of This Industry.
JCREASED DEMAND EAST.

The rising Importance of the California
prune industry as factor in the Eastern
market is being amply demonstrated by
the condition of the local market.
Several months ago sundry local dealers
sold prunes short for fall delivery at A. to
Az cents. thus inauguratiDg a new deal in
the prune market. Hitherto the crop has
been bought on futures, but now for the
first time it is being sold to the East on
futures, showing the demand there for
California prunes and the foresight exer-
cised in securing them.
This time. however. some of these
shorts" have got pinched, for the price
has advanced to cents, aud the sellers
cannot fill without loss.
Yes" said David Ii. Porter of Porter
Bros yesterday, There are a number of
commission men who are commonly re-
ported to have been caught in the rise.
They figured little wrong. as may hap
pen any time. For one thing, the pruneS
dry out more this year. and thus, figuring
on green prune basis, they got under the
mark. Prunes went from 2 10 "a last
wear, whereas this year they go from
pa to 3.
But on the whole the market is good.
for whereas the price is only half what
larger. We are not complaining ourselves
ana consider the prune crop one of the
safest 70 handle"
What # the shorts are caught-all the
better for trade, ISN'T II ?" said Allen G.
Freeman, manager of the j. K. Armsby
Company. Let me give few figures and
you VIII see that no one is hurt much.
The freight on prunes last year was 81 40
on boxes and bags; this year il Is 81 on
boxes ana 81 20 on bags. Prices last year
varied from 9 Ia 10 cents; this year from
AZ to cents. HE ruling price for the
past fifteen days for the tour siZes-60's to
90's--has been AZ 10 44 cents f,r October
delivery. The ruling price to-day IS . cents
for the four sizes Sales are being made
tairly freely at this quotation, but mostly
for September delivery.
The prune is a favorte fruit with con.
sumers in the Eastern States, and the
present ruling low values il is expected
Will stimulate the demand greatly.
Spectators. both here and IN the East,
banking on the effect of the financial
Strngrncy and the large crop OF this year,
have oeen selling graded pruneS short
Tor the ia>t three mouths at from 41a to 434
cents. These Shorts are now beg nnIng
to realize that they have done a fuo!isn
thing, and many of them are trying to
place their packers at cents.
1T is not expected that the price Of
graded prunes viii advance much OVER this
ngure. II Is not the object of the Cali
fOrnia prune- producers to hold their
product above a price al which the masses
can afford 10 consume them. Al cents
prunes are fairly remunerative t. the pro
dIcer, and their ideas are rather 10 en-
courage large consumption by the medium
of low prices"
A, other cOmmission-houses among
other reasons given for the 60 dition Of
the prune market was the fact that last
a
Ihe increased demand in the East has
forced up the price. The prunes are also
larger this year.
Still the quotations are so low compared
W tn last year that dealers are of opinion
that permanent heavy demand in the
East Is likely 20 be fostered They say the
taste for prunes is spreading, and once II
consumer always a consumer. This they
cons der of first importance to the Cali
lornla grower, who can compete with any
foreign producer, ana, therefore, even the
shorts, who have been pinched in the
door. are not squealtng much.