The herald., 1896-06-20
Local, Eastern and Foreign
Commercial Dealings
WALL STREET SPECULATION
The Peculiar Charter OF the Bank Of
France
Tho Sicily Lemon Trade and lts Relations to
ths United states-Letters Of Credit
and theIr Effect

beudt6 dppTONNu tne Dlll IOT Tic PuTPOScs
That bill has not since been modified, and
the provisions included in 1t WILL 1t is
thought. be adopted without material al
teration. One of them, which was to en-
power the bank to increase its note Issue
from $500 900. .000f. to 1900, 900 000f. was
passed as far back as 1893. The charter ex-
pires on December 81, 1897, and the pro-
posal is to extend 1t for a further period
of twenty years from that date, In con-
sideration of the bank making certain con-
cessions to the state. Among these con-
cessions Is one by which the bank is to
forego all future interest on the govern
ment debt, amounting to 140. 600. 000f., and
not to demand repayment of the capital
SO long as the charter Is in force. The
bank is to undertake the service of the
national debt and transact other business
for the treasury, both at the head office
and branches free of charge, and make an
annual payment to the latter of 1000 OO0f.
during the first year of the currency of
the new charter, and 2,500. .000f. per annum
subsequently. 1t Is to open several new
branches. and make advances to agricul-
l dural GO, cooperative societies; It Is not i'm.
convert the bank into state institution,
but such project does not command sup.
port in financial or ministerial circles, and
Is not In the least degree likely to meet
with success. ss.-American Banker.
The United States consul. Charles M.
department some very interesting points
on the seasons lemon business:
in the history Of the ssion
sadsa bsss%Ssr 81 ,sss ths "[ss sh,p%s",s sas
seS sfs whne e tn Ddhes ne of %eh Of
443, Psi were shipped from Messina alone
and the average loss entailed is placed by
box. two-thrds of which, at least. has
fallen upon the. American consignee. In
many INSTANCES lemons. upon which an ad-
vance OF Us vi. 46) box was made, did not
realize. when sold, much more than sufii-
cient to meet shipping and customs ex-
Of supply and demand is alone responsible
for this result The shipments for October
VIII tell the story. During that month there
against the shipment during the corre-
spending month in 1894 OF only 4S, 427 boxes
That cause Is the system of advances as
places the man of straw upon an equality
with the man of metal, and is an absolute
bar to the legitimate operations of capital
A packer In possession of letter of credit
for 9l000, the requirements of which neces-
state that the goods be shipped upon GER
time, cannot afford to be too particular
about the quality of the frAlt he buys.
When he goes upon the market the, grade
sufficient quantity or at his price. 1t is
not reasonable to suppose that he will aban-
solves the difficulty by buying some OF the
best quality and some Of an inferior grade
mixing them making his shipment and
The terms of the letter of credit only re-
Quire that the banker be presented with
for so many bo1es o ca Or
oranges, but no specification as to quality.
For al intents and purposes. the boxes
occurred last year In several shipments
from Palermo.
Now. let me ask what protection has the
American frnpnrter apaipSt dtGbnnaSt
shipper? None, whatever He is absolutely
Mt the shippers mercy. be he dishonest or
credit authorize an advance of a certain
plre. Between the date OF issue and the
may and do occur. For instance, know
of credits now in existence authorizing an
lemons While I they can can A be bought @ esn today i
upon open market for 5la italian lire, which,
at the phesent rate of exchange. equals 90
draws his. advance, he has a profit Of 20
cents per box over present market prices
here. on which: at the rate of the last sale
In New York. the consignee will lose 35 or
40 cents per box.
The freight. and expenses are. of course.
q; charge against the shipper: but the con-
signee has to pay them before he can OBJ.
tain possession of the goods, and II a net
profit is realized, he must, In many cases
depend upon future transactions that are
profitable, to reimburse himself.
Current Quotations
The markets all maintain a remarkable
degree Of .steadiness. The only actual
changes of values is In Rex hams n cent
dearer. and an easier market on fresh
peaches: ;nstd da dEggs are dull and some are sold
BUTTER-Local creamery. 2-lb squares.
s5@4oe; sSas1xc s9ast fancy 2b
Squares 27ss@sSc; do i&-b, a7hc: iAaSn common nom
grades and very light weights. s25c.
Young America. ioc do (s-lb hand mande),,
.EGGs-Choice California ranch. 800
OBSERVATION-DISCLOSURES per doz..
2So; 2 aassparagHsa asp per lb. s9sc; beets. per 100
S csSSas per- Se Rer bs sc csslet ssesy
do, 9Oc; chillis. dry. per string SOC; Mexi-
can. per lb. l5c; green. per lib. i2c; cucum-
esri earop d Sss bea doa pei sd let
tuce. do. 15c; green corn, per doz. zoe: on
ions lon green per d95 9Ss 2Cc d.
eocasloc: Yellow socasi 90: parsley arI %"se per-
box, SOC: ,parsnips per 100 lbs. 75c: green
i5c; spinach. per ib. l5c:. string beans. per
per 100 ibs. 75c; watercress, per doz..
eTnenes sasS @ aoe; M wax assoc s5oeans. 7QSc; summer
GREEE FRUITs~Pears, - per box:
fancy e aSn pnesppes sheSe to
@4bo; bananass,. -s2.25@2; 50 per bunch; cher
biackberries, &c; apricots per 'f box s'5c 5csi
75c; currants- per box, 75@s5c; gooseber-
rss pss @ Box 81 pus M
CITRUS FRUITS-Oranges, valencias.
q. 25013.50; Mediterranean sweets, s2.2512 rs:
seedlings ~ sl25@i;5o lemons fancy Pure.
s2 HoNSY oSNpSsYYred &sp Ess pss M eSS
comb. 10Q12c per lb; strained 31sQc; bees
wax, 25G30c per lb.
POULTRY-Hens. &0O@4.75 per doz.:
young roosters. $4.50@4.75; broilers, $3.OO6i
4oo; old. roosters. -$3.0O@40o; ducks. $4.504
wheat and "eat oat. g. 0Said0S aifaifs baieS bSI
IS; ;b0Q9 o0i loose. 81. .50d8.6o.
MILLSTUFFS-Flo Los Angeles. $500;
Stockton brands. $4.40 Oregon, 1885: east
ern; $4O0Q6.50: bran. per ton, local, $1700;
nr3rdtdhern r s17oo; rolled barley per ton,
msS per eracKed eWt sf ffS5n' per owt' sSc; feed
DRIED F,RUITs-Apples. sun dried.
ated fancy, 6@fc; apricots. fancy. lie:
choice, &c; peaches, fancy, unpeeled, SC;
choice. 30; nectarines. fancy, 899c: choice,
GTIc; pears, fancy evaporated,. 7@9c; plums.
plL!ted: cnolce, g; ng9c; prunes. choice, boxed.
NUTS-Walnuts. Los Angeles. 7c: med
ium soft, 10c; .softshell Los Nietos. fancy.
I4@l5c: almonds. softsheIi, 10c; paper she'll
l2c: hard shell, &c; pecans. iS0i5Ikc; fiji.
PHI. Hib.Sg iSgi.zaS xSp woo1-Hiae,, as thew
sass Psl ssyes s issnS ss shssPp sPl 1s 5Ss
wool. spring clip. good. 4G5c: inferior. 36