The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1896-08-04
Local, Eastern and Foreign
Commercial Dealings
WALL STREET SPECULATION
The Eastern Peanut Combine Goes All
to Pieces
Over Production Ruins the Zante Currant
Business-How Labor Enhances the
Value of Q Bit of Iron

Clapp G. Co.'S New York letter gives the
following '.straws" to show how the bust
ness wind blows:
The exports of year ending June 80 1896
were valued at $685. 519 229, the imports
S!7s ,3o6, of which $409, $3.50 9O8 paid duty
as compared with $50, 9Si,449 in previous
year, The excess of silver exported was
s46, ZIG, 235. against $37.674797 in 1s94-95
London raised more money for bicycles
and appliances in 1926 than she did for all
foreign governments, the total of each be-
ing above $50, 900, 900.
. Deducting Implications in the reports
there is SlSl, 600 of money of all kinds
IN the United States, 81, 900 being in
circulation.
., The treasury holdings have increased
$l33 200,0 900 since 1898
The national banks have lost $41, 600 in
gold since 1894
An International clearing house was sug
gested by us in 1893, and it would result
in saving expense of shipping gold back
and forth across the ocean and stop the
immense losses which these shipments
cause by exciting fears of investors. AS
our national wealth, credit and money leads
any other we could be excused for taking
preliminary steps toward establishing such
a clearing house, and his seems an oppor-
tune time.
In an address by Thomas Morris before
the Staffordshire. England. iron and steel
works managers on the remarkable
achievements that have been reached in the
manufacture of fine wire. the Interesting
fact was mentioned that the lectured had
been presented by Warrington. the manu-
IdcluTef, WIN specimens Tor WnlCn some
stS2 per pound were paid, or more than
$500 per ton-drawn wire. largely used
in the construction of pianos and other
musical and mechanical instruments.
wire at market price of s21. 60 per pound.
or $42 200 per ton. 1t took 74 hair springs
Of these were required to make a ton. ana,
taking one to be worth IL cents. the value
of ton Of s. hs aS cheap LITTLE things
used by dentists for extracting nerves from
teeth was even more expensive, represent
ing some 81 10000 per ton.-StoVe and
Hardware Reporter.
The worlds consumption of currants is
said to be about 10000 tons. and the mar
Sales of abont Co., sIes crop pe Of %
tons in advance of the above amount,
through its excessive oversupply., breaks
half. and the 10000 tons i' r. eaii ia only
IS, 900 000.-California Fruit Grower.
A New York wholesale dealer in nuts
says of the peanut combine formed a few
months ago:
The combination is not only dissolved,
but l believe it dead beyond resurrection,
contemplate and harmful combinations
ever formed. There were thirteen firms
and and companies in the combination; an un-
lucky number. The members of the com
Dlnation were always cutting ane anotber,s
threats. and they kept on fighting like Kill
kenny my cats; until now they have no organ
other. The, cause Of the present and. It IS
to be hoped. final dissolution was as fol-
lows: In an effort to force prices upward
and secure abnormal and unreasonable
profits the members have carried over
large stocks in the warehouses for the
last three years, and some have now on
hand large supplies of nuts that are three
years old. Some of the members. in order
to sell more than their prescribed proper
ton of nuts, recently issued printed circli-
lars to the general trade announcing that
they had no nuts except OF the crop of
1895. while their competitors were over
loaded with old stock. Others who had
old nuts in store, took exception to this
method of seeking business. They de-
nounced it as unjust, unprincipled and con-
trary to the spirit of the association from
which they promptly withdrew. The COM
bination went to pieces last Friday. Since
is now from 31a to AZ cents a pound. has
declined one-half of one cent pound.
Whether or not there will be any further
immediate decline | am unable to predict.
but there is more likely to be a decline than
an advance. Raw peanuts on account of
their oily nature. can be kept in storehouses
for a full year without deteriorating more
than from 21s to per cent in quality. but
when kept for three years the deterioration
IRONS an important item. The supplies of
this country formerly came almost wholly
from Africa. but now nearly all come from
Virginia. The new crop begins to come in
about November list. and receipts continue
quantities are always carried over in Vir
ginia storehouses. Usually. the price is
about "A cents a pound at the close of the
year, counting from the first receipts of
new crop. The average annual supply is
from &c. 900 to 10000 sacks. containing 10C
pounds each. or total of from $500 900 to
$1,000 900 pounds.