The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1894-01-30
IMPROBABLE WHEAT TRANS.
ACTIONS.

Last year in San Francisco harbor, when
frelghts for wheat ruled low and numbers
OF vessels were waiting for cargoes, the
shlp-owners In certain instances boldly
took the adventurous step of becoming
their Own shippers. Instead of loading
their vessels with wheat on account Of
others and accepting the prevailing low
rates of freight they speculated in wheat
on their own account. The prospect for
profit on their venture seemed flattering
The harvest outlook was very gloomy in
England, and, in fact, throughout the whole
United Kingdom, and in the event the
drought did reduce the cereal crops far be-
low the average. Many millions of bushels
had to be made good from some outward
source. but the United Kingdom is con-
slant buyer of food supplies abroad. 1t
had just little more than usual to buy
last year and got the needed quantity with
out difficulty. 1t did not by any means
follow that all the wheat needed TO meet
the emergency should come from Califor-
mia or even the United States. Canada,
Australia. Egypt, India, South Russia and
Chile were all contributors. Making all
allowances il did appear probable that the
British local scarcity would raise prices,
but instead of that prices fell. The ship
owners who bought wheat in San Fran
cisco were bitten badly.
The Eastern Morning Ne,cS of Hull de-
scribes the situation in England as without
parallel. 1t records the sale of two car
goes of wheat on the Sieve Bawn and the
Eaton Hall, both from San Francisco. One
had $1,000 bushels in her hold and the
other 81, 760 bushels. After waiting a long
time hopefully Tor better terms these car
goes have now been sold for delivery in
French ports at the poor figure of 2Ss
Cd per quarter of 500 pounds in one case,
and 27s Cd IN the other, or 81 for one
cargo and fraction less for the other.
The owners find that they are much worse
off than il they had taken the rates which
were current in San Francisco at the date
of departure. Wheat, it Is remarked, has
been going down for two years. OF this an
instance is given in the case Of the Nav.
field. another ship for which the owners
bought a cargo. This vessel arrived at
Falmouth on the 14th of February last
when wheat was selling at from sos to SIS
11ad per quarter of 500 pounds. Almost a
year the Mayfed has been anchored in
Falmouth harbor. and now eft last her
cargo has been sold at 27s Cd per quarter
net. Evidently the owners have not gained
anything by this bargain. The journal re-
ferred to says there are about a score of
vessels in similar pickle. at one time
there were fourteen vessels from Califor-
MIA laid up at Queenstown and Falmouth
waiting for orders. On January there
were twelve such ships detained of 1900
tons register and with 1000, 900 bushels in
their holds. The vessel which had been
idle the shortest time arrived on July %.
These are certainly remarkable results.
taking the peculiar character of 1893 into
consideration. They illustrate the vicssi-
tudes Of trade quite as curiously as the ups
and downs of wheat in Chicago when the
bulls and bears are rampant with excite
ment and fluctuations are violent. Yet the
business world to-day is in touch stimuli
taneously by means of the telegraph.
There are shrewd calculations to be made.
but in the Neral sense there are no secrets