New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-06-16
TOPICS IN CALIFORNIA.
SENATOR FAIRS WHEAT DEA1~THE
WATER CARNIVAI~CROP PROSPECTS.


San Francisco June 15.-Ihe clearing up Of the
mystery Of the Nte Senator Fairs big wheat
deal caused more surprise than anything which
has occurred on the street for months. The Ola
mining millionaire was regarded as so wary that
many refused to believe that he would repeat the
error made by Flood in his disastrous wheat deal
nine years ago Yet the settlement this week OF
Fairs speculation in wheat showed that he COM
mitted the incredible folly Of borrowing over a
million and half dollars in order To carry on
deal which every sound wheat expert In Caiiior-
MIA could have told him would be disastrous.
II he had lived the banks from which he Dor
rowed would have been paid. and the pubic
would never have received an inkling Of the real
nature of his unsuccessful deal The loss OF
million and half dollars worried Fair. for ne
loved money: but what hurt him worse than the
money loss was his fiat failure In a field OF
speculation in which he expected to make
brilliant success Take 1t all in all. this wheat
deal was one OF the most remarkable operations
ever carried on in this country. for though it
extended over nearly tw, years, not one Of the
score of men who were interested as brokers
or as money-lenders betrayed confidence, and the
public was as much in the dark until Fair died
as though he had been the sole custodian OF the
secret.
The purchase Of Fairs enormous accumulation
of wheat has produced singular effect on the
market. The four firms that bought his wheat
had previously engaged all the vessels IN port
and to arrive for ninety days Then 10 pre-
vent farmers from rushing wheat into this port
they advanced charters to thirty-five shilngs.
This prohibtive rate will compel FARMERS 10
store their grain unless Trey can induce Vessels
to come to this port. AS 1t takes two months 10
get ships here from Australia and four months
Nnx,- Va
looks as though the wheat syndicate would get
the lions share OF the profits this year
Many san Franciscans took day off this week
and ran down TO Santa Cruz 20 see the venetian
Water Carnival. The little seaside city, where
Padre Junipero Sierra erected cross over one
hundred wears ago and blessed 1t. has been in
gala dress all the week The feature OF the
entertainment has been the novel effects pro-
duced by the electric lights on the placid waters
Of large lagoon formed by the damming of the
San Lorenzo River at its mouth. The night pro-
cessions of gayy decorated gondolas and en-
bIematic floats seen under the brilliant lime ana
electric lights formed spectacles which those
who witnessed them will never forget. The
cruiser Olympia was present to lend prestige TO
the affair The festivities closed tonight with
fireworks and a procession on the lake. ms
carnival will help TO make known the eIed'
nounced by competent critics one of the prettlest
seaside resorts in the world
The theatres are fearfully dull this week the
only feature worthy OF note being the frawley
Companys production of M1tms wltn M' in
the role of Vera. She scored success ana Won
praise from all the critics.
Detective A. B. Lawson. who was shot down
by former employe named Kennel at Los
Angeles was well known to all Calforniars'
He had worked up many famous cases, ana lot
years conducted a detective agency IN TINS CITY,
The first large fire this season occurred near
Reedley in Fresno County where 5000 acres OF
wheat barley and hay were burned over. IL was
only by great efforts that the rich valley between
the Kings and Kaweah rivers was saved from
fire The flames originated from sparks from an
engine. Though much of the grain was insured
this insurance did not cover more than nan us
value
Reports from all parts of the State show that
the outlook for crops is good, though some dam
age to wheat and fruit was caused by the strong
north winds which have been prevalent for
nearly fortnight. These winds are far colder
than usual at this season, because they dow
across a country which overlooked. The 1rult
exchanges. which have done much 10 help the
producer market his crop at good prices. are re-
spons,be for the foolish practice this year OF
holding dried fruit for high rates. In santa
Clara County there is an enormous stock or dried
prunes held for cents pound The New ork
dealers refused to pay this arbitrary price ixed
by the San Jose Fruit Exchange and the result
is. that while tons Of the finest prunes are lying
in the Santa Clara warehouses. the New ork
merchants have imported 100000 pounds OF
French prunes from Bordeaux.
The first carload OF this seasons wheat was
received at Stockton from Tulare County. II was
stored in warehouses. and the prospect is that
most u the California grain crop will be stored
10 await higher prices, which il Is expected VIII
be realized this fall
Tho big beet sugar factory at Chino. San Der
nardino County will be run this season by oil
from the Puente OF, fields. This settles the fuel
problem and assures cheaper production of
sugar Over seven thousand acres have been
pIsnted in beets this year, and 1t Is expected that
10 900 tons of sugar will he made.
MAKING A HARBOR on BLOCK ISLIyD.