The herald., 1896-06-21
Local, Eastern and Foreign
Commercial Dealings
WALL STREET SPECULATION
Prospects for q Healthy Reaction ID
Local Trade
1he Situation In the Sugar Markets-Unex.
Pected uctuatlons-Prospects for Nigh
Prices for Q Year tv Come

Local business is quite steady In Al re-
spects. The adverse Influences OF all KINDS
have been pretty thoroughly disconntea9,
must be for the better. The farmers have
passed the worst turn in the road and are
is % turning of very superior quality and
prices are good. Many are content 70 sell
at ruling rates and get some money 70 ae .
their hay In confidence that next fall VIII
bring about an advance In rates. Fruit Is
now abundant and prices have been gooo.
As The Herald stated in the Issue OF yes
terday. Gardena is selling 5000 pounds q
day Of STRAWBERRIES. and this Will be IN.
to 1900 pounds IN rex tSat Sace IS
TSst al goes sss diresety ast E4 nj
thing %Oyng a
makes more by marketing two tons 1 OF any any
produce at given price than III II ne. ne han thn
same same SUM sum. Nothing has kept the mer-
months than the sugar market. Fluctua-
tions have been unexpected, yet they nave
come In quick succession.
Messrs. Willett & Gray, In the weekly
Statistical Sugar Trade rMl Journal give the
This weeks summary OF the statistical
position shows stocks In the United States
d Cuba together Or 5 nst
year, a minus Of 300, ,4S6 tons from last year
against plus of 81, ,S29 tons stock on Janu-
Stocks in Europe, 1.775.oOo tons: against
i,795, 800 tons last week, and l, ,764, COZ tons
last year. Total stocks of Europe and
last week, and 2, ,3s5. 70i tons last year at the
same uneven dates. The deficiency OF stock
is now 1896. 437 tons. aginst deficiency Of
24s tons December q, 1895.
Afoats to the United States include ship
ment of 450o tons this week and 5000 tons
last week from Hamburg and Bremen;
Freight room has been engaged Tor 3oOO
tons. Shipments include 1900 tons refined.
This has been an unsettled sd md Week hnoa1 IN .ne
The continued liquidation of beet contracts
further depressed the European markets.
TO 60 far to find reason for this unex-
pected and long continued reaction In an
upward marke. The simple cause Is over
sugar exchanges with which Europe is net
worked, and the small margins required at
the outset for doing, business; An immense
speculation was induced early In the cam.
pnign: before the shortness OF crops had
sufficient time to. develop in force and as
awaXs occurs nnder s1eh 9no sm
OF holders at the same time. all being sell
ers and no buyers. the natural result fol
lowed total collapse to the speculation
and a downward turn which could only be
checked by the exhaustion Of ammunition.
Nothing has occurred to change the sta
The Cuba crop. Notwithstanding con-
estimate of 100000 tons: The beet crop
900 tons Increase and pushing forward OF
receipts to the United States very largely
the last few weeks will he balanced by
much sugar available to October. 1897. and
If we have it once we can't have 1t twice.
The outlook is MS good as ever for very
much higher prices before October. 1897
and when the up move sets in again, as II
will. 1t is to be hoped it will go slower and
more conservatively. and avoid a repetition
Of the nraSent disastrous decline. We be-
lieve the end has come and that improve
0nont Is now in order.