The San Francisco call., 1896-01-24
Probable Influence of the Ad-
vance on Finance and
Trade.
GOLDEN DAYS ARE LOOKED FOR
Facts, Figures and FancieS Galore in
Reference to the Expected
New Regime.

Things downtown had q more cheerful
aspect yesterday than they have worn for
some time past. A vague, indefinable
something fitting airily through the busi-
ness streets, seemed to stop now and then
in its capricious career and whisper word
OF comfort and encouragement into the
ear OF some would-be money king, making
his step lighter and his glance brighter.
1t was at the Produce Exchange, how
ever, that the financial fairy was busiest
All through the day men thronged the
bare, dingy hall, and it was interesting to
the last degree to observe the lightning
change for the better which overspread
the countenances of some of the habitues
OF that institution as they drank in golden
tales of better times.
There's no use talking" said a tall,
elderly gentleman, dogmatically, this
rise in wheat means a great deal. 1t
means, IN fact, everything, financially
speaking, for California"
Il guess that old fellows about right, q"
observed man who could not have been
so very young himself, since he had iron
gray whiskers. "There is going to be a
change in things, and no mistake. The
hard times have lasted long enough
loud" peevishly protested snowy-haired
financial patriarch, who had dropped into
the exchange to see the lay of the land.
wv hen there's such racket going on, a
man can't keep track of the market, par
ticularly when he's hard of hearing. This
morning May wheat opened at 81 1857,
and then dropped to 81 1875, but hear
it's on the rise again. This means some
thing.
After all, continued the ancient men,
Der, plainly gratified to notice that the
others had ceased speaking in order to
listen to his views, 1--WE old Californians
believe in wheat. When wheat's up the
country's a-booming, and when wheat S
down the State is fat on her back. This
may not be the most reasonable view to
take, but IT is the general one. and cannot
be ignored. This idea, be it true or false,
has an influence peculiar to itself on all
departments of trade and finance through
the West"
''But listen to that bidding, will you % in
terposed a clerk from one OF the grain
brokers' offices. And they're all buying,
too. If the market should take flop now,
1 know some people that would wall like
keeners at wake. It's up to 81 IA al
ready. Just get onto that old gent with
the gold eyeglasses. If anybody knows
the markets it's he; and he seems to be
buying right and left. T here are no
sellers, anyhow, at least there don't seem
to be.''
At this point a steady rise by eighths
commenced, and as it advanced great ex-
citement was manifest. The highest point
reached was 81 1455s, after which the price
declined TO 81 AZ, closing firm at that
figure. Spot wheat for milling purposes
closed at 81 25, which price was firmly held,
while prospects of a rise are said to be
more than far.
Like other members of the Produce Ex-
change, l.. w. McGlaufin was more or less
affected by the prevailing buoyancy. He
refused, however, to allow himself to be
altogether carried away by the tidal wave
of enthusiasm, and stuck to figures, which
he claimed, with no attempt at originality,
'wo uldn't lie"
"Now listen to these figures" said Nc
Glauhin: "The amount of wheat which
will be required which will have to be pro-
duced in this State during the interval
which commenced on the first of last De-
cenber and will terminate at the Begin
ming Of the coming July will be at least
$4,000 tons monthly. This, be it under
stood, means the amount necessary within
the State for seed, for milling purposes and
for feeding domestic animals. This
seems to me a very conservative estimate
if not low one. The Sperry Mills alone
require 1900 tons every month and the
other mills nearly as much more, so it
looks as though my estimate was far be-
low the mark.
However, let us assume this estimate
to be somewhere near correct. The in
terval to which l have referred comprises
seven full months, during which time
10000 tons of wheat will have to be pro-
duced for use and consumption within the
borders of this State alone. This leaves
the matter of exports altogether out of
calculation. But now let us look for
moment at the outside market. The latest
advices from Australia give a most for
lorn picture of this years wheat crop in
the colonies. At last accounts the yield
was fully s,650,o00 bushels short. This
amount is about equal to POS, 800 tons ot
our measure. The drought OF last October
practically ruined the Australian wheat
crop. This years yield represents per-
haps a fourth, or may be less, of the usual
harvest.
Now, the demand in Australia must be
met, and met at once. Nothing can be
more reasonable than to believe that the
colonial wheat-dealers will continue en-
deavoring to replenish their depleted mar
ket from California's abundance. Already,
since the beginning of last December,
AZ, 1868 tons of wheat Eave been shipped to
Australia and Africa from San Francisco.
Over 162, 900 tons will have to be shipped
TO Australia alone during the coming five
months in order TO meet the normal de-
mand in that country.
In this connection the question OF
transportation must be considered. 1t
would be of little avail that promising
market were opened if carrying facilities
were unduly limited or excessively ex-
PenslYe. But such, happily, is not the
case. We have here in port disengaged
vessels with CARRYING capacity of 1851
tons. The ships now on the way TO this
port, and which will unload here, have