New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-07-19
A SARDINE TRUST NOW.
MAINE PACKERS OF THE AMERICAN SUB
STITUTE FOR THE FISH RAISE PRICES
81 PER CENT.

The craze for forming commercial trusts has ex-
tended to the packers Of American sardines. be-
| tween twenty and thirty Of whom. In Eastport.
Me- organized n combination about four weeks ago.
Since the price of Maine sardines has advanced
about 81 per cent Each case contains 100
boxes weighing one-foucth Of n pound apiece Be
fore the formation of the trust the price was from
| s. IL to g. p a case but the goods firmly
held from s. 30 to 81 60 case. and still further
advance is predicted by some holders. The leaders
I'm the combination are said TO be A. f. Brown +.
Capen. blanchard & Sons and George OGrady OF
PASSPORT. and Wolff & Reesing importers at No.
60 Frontst in this city. AT the office of the latter
firm all information refused to reporter who
called there regarding the trust, which was osten-
sbly organized merely TO establish a uniform scale
OF prices.
The head OF one of the largest local firms which.
I'm connection with the sale of other kinds Of food
extensively deals in all kinds Of sardnes at whole
sale said TO Il Tribune reporter yesterday: 1T II a
fact that a combination has been formed, and that
the advance In prices is the result Of the action.
The Maine men mentioned are all sardine packers.
Wolf e. Reesng heavy handlers Of sardines.
and have been accustomed TO make large financial
advances TO the packers. most OF whom lack the
amount Of capital necessary 10 carry on their bust
ness without such aid. Lately the packers have
found II difficult to obtain loans Formerly they
could get advances from bankers and shippers
equal In amount 10 per cent OF the value OF their
goods but they are unable to obtain loans for
more than ~ per cent of the value This Is largely
the result OF the financial and business depression
that has prevailed under the present National Ad-
minstration, capitalists being tlmd about lending
money except on really gilt-edged security, and
even then only wide margins. For the rca-
son jobbcrs have been and still unwilling to
purchase large stocks In advance of their imme-
diate requirements. profcrring 10 pursue hand
to-mouth policy rather than to run the risk Of
over loading their stocks.
The sardine packers have not been able to make
any money for two or three years and some have
met with constant losses during that time. This ~
caused partly by oycrprOduction. partly by general
business depression, and partly by severe compet-
ton among the packers. | have realized these
facts from the first and have frequently advised
that some action should he taken to enable the
packers 10 make living profit The report that
about by competition with importers OF French sar-
dimes is simply ridiculous. There Is IN much differ
ence between French and American sardnes as
there f. between chalk and cheese. The French
sardines real sardines tender and sweet and are
Carefuly packed IN pure olive Oil The American
so-cac sardines are nothing but diminutive shal.
coarse I'm fibre and strong In flavor. They care
l.ssv packed IN common cOttonse"d oil, which is
often rancid. The Maine Legislature few years
a 90 ordained that certain proportion VI olive oil
should b. used with the cottonseed oil. but the la "
seems to be n dead letter. and cOtionsced oil IL
used alm3s, as freely ns svet Mnsh french shi
mmrk.t while American so-callcd sardncs are
moved only slowly Tor from 81 80 to s. 60 box. any
ono can see that there Is no chance for competition
.The American packers said TO have large
s,r,,ins stock some Of which IL two three years
"a nn hand Their goods almost wholly COLI
sumed by the negroes OF the South ana Inc poorer
classes OF Italians in this city. We send large
i,nl,n and other common retail grocers Whether
or not there VIII be u further advance IN the price
~ a natter that will depend wholly upon future
consumption and business conditions