The herald., 1896-12-16
Local, Eastern and Foreign
Commercial Dealings
WALL STREET SPECULATION
The Nail Trust and the Lessons II
Teaches
0rasping Greed Leads to Disastrous Re-
sults-Government Receipts and Ex-
penses-Decrease and Increase.


petition, which is a double-edged sword.
The units of any unorganized industry
are competitors for raw material, and
therefore in their eagerness to obtain sup
plies, bid up prices against themselves.
They are also competitors in the market
for their manufactured product. and in
their struggle for patronage cut prices
against each other. Open competition,
therefore advances the market for raw
material and promotes decline in the
price of the manufactured article.
The wire nail makers, through open
competition, cut the price of wire nails un.
til they reached 85 cents per keg, against
$350-the price when wire nails were first
introduced about nine years ago. The
number of wire nail makers increased rap
idly, after wire nails came into favor-so
much so that in 1894 the production reach
ed 5,S41 403 kegs, against an output of g.
1884 kegs of cut nails.
The combination or trust was formed to
regulate competition and restore prices to
a figure profitable to the makers Success
attended their work until they abused their
power and raised the price to an excessive
figure, and one which mace wire nail max
ing very profitable industry. This was
practically placing a premium on the start
ing OF new wire nail factories. This new
competition has proven disastrous to the
trust, and has caused its dissolution
Short-sightedness on the part of the man
ayers, coupled with greediness. have
caused its ruin and relegated wire nail
making to the list of Improbable enter
prises.
This policy is in marked contrast to that
adopted by the Standard oil trust the
sugar trust and other combinations which
seek to keep prices as low as is consistent
with fair return upon invested capital
And notwithstanding oil and sugar are
sold at very low prices and both are of
better quality than in years gone by. the
trusts have not avoided competition. Rus
sian oil interests have forced the Standard
Oil company to divisionl of territory in
foreign lands. Foreign sugar refiners and
private domestic enterprises are active
competitors for the sugar trade. The
American Tobacco company has its form
fdabie competitors.
Trusts cannot escape competition any
more than can the individual trader. The
moment they use their power unfairly they
invite disaster. The history of the nail
trust is a powerful illustration of the good
and evil in trusts. and proof that the true
issue is the regulation of trusts by law
rather than their xtinction.-American
Grocer.
Government receipts for the month Of
November amounted to s25210,696 which
compared with the receipts for October
and of over 100000 compared with the
corresponding month of last year. The
expeditures. on the other hand amount ed
10 S33. .260,7 ,72n which represents an increase
of over 600 for the month. but an in
crease of over S6.O00000 as compared with
tIir corresponding month OF last year. For
the hve months of the fiscal year which
nave elapsed the receipts amounted to $751;
kao, 4S9 which represents an increase of over
$asoo 900 as compared with the correspond
ing period of last year. The receipts from
internal reVeEue showed only slight in
crease as compared with those for the cor
Responding period of last year whereas
the receipts from customs showed de-
crease of over s1S.1co.O9O. Miscellaneous
receipts show an increase of over SO. 100. .0Oo
Tne expsndi.rss pc .,. -o- for %, the five months
an Increase of over $l4. 400 900 as compared
with the corresponding period of last year.
CURRENT QUOTATIONS.
There is little actual change in prices
Eggs are weaker and butter follows suit
1t is good deal a question of what the
buyer will give.
EGGS-Calfornia ranch, choice, 226ei.
BCTTER-,E,ancy local creamery. per p
lb. square, AN; fancy coast creamery.
Choice ehe e.' roll, light Weight soas5: ooa dairy
las if, roll, s5a8i1S tub, choice to fancy, per
cp pEMsE-,- Local factory, large. size II;
Dc Young America. u: d. s-lb. hand. 1s:
Observation-Disclosures Aisi per box. -
=; beets.. per 100 lbs; 80; caulifiower,
per string. so: Mexican. per h. Is; green,
per lb.. =; ,cucumbers. per sack, -; egg
doz.. 15; lettuce. do. Is: green corn. per
sack onions GREEN 1oo Per Per doz XII punches
SdR he co. parsnpa ipss per 100 4b bparSsy M rrssn
peas per lb., C; radishes, per doz. punches,
h.. sEt 4 tomatoes. per box. soaso; turnipa, s'
per 100 lbs. Is; watercress. per doz. bunch
es 40; wax beans. 2; summer squash, -;
L%s REN hssn r. UkPn apnss Rsr o pe, II E.
2la@4la; Strawberries. com. 100 49, choice to
fancy: p!neappIleess, per doz. 45O@5.oc; Cen
sIspeSV gTspes per box Soy
aprroit per box peaebes per
per b.. % %; figs. per lb., black,~; while. lie.
melons, per doa per peass sSz barsts mssk
per lb., 4 nectarines, per crate; prures.
per lb., =; ounces, per lb., :: guavas.
per box, =; eastern apples, per barrel, $50
~ctGGT CITRUS FRUITs-oranges. Navels, 2.25
275 seedings dH 5Oal 70; LEMONS fancy Eu
Pesa naSsed mes ane per oe @ So9
z'0Vi HONEY oHitD' AND M. BEhissWAX"Honey.
comb, li@ls per b.; strained 4A@s; bees
young i roosters, soc@4oo Brothers, ESQ
800; old roosters. SOo@4.Oo; ducks. 9.5o@
$50; turkeys, 12@14 per lb.
HAY-..Wheat, 1O.Oo@11 90; barley. s.0o@
baled. s.5oaiO.5O; loose, s.ooaS5O; oat. iooosii
l1.00.
Stockton brands. $50; Oregon. 5.O0 east
srn SS5 short5 roed PER barsU tom local cal
cn1s eraeRed corn per loo lbs, ido; feed ' meal neal
per 100 lbs, Loo; bran, 1900.
DRIED TRUITS-Apples, sun dried
sacks per lb., 311Q4: boxes, 5651s: evapora.
ted. fancy, Z; apricots. fancy, liz; choice.
10: peaches, fancy. unpeeled. ST; choice,
7T; nectarnes, fancy. sos. choice. sol:
pears fancy evaporated. 7@9; piums
nitted. choice. 7G9; prunes. choice. boxed
NUTs-Wainuts, Los Angeles. 7@s: me-
dium soft, 11112: softshell. Los Nietos. fan
cy. l46I15; almonds, softshell, 10@12; paper
she'll Gl7 hardshell, 6; pecans, 1S@15is; fl
o1T11. HqDEs !s'sNNlib saNb woor-New hide list: Dry
sound, ii; kip, Q; calf, 14ls; bulls. 6; sheep.
pelts 2@3N; wool, spring clip. good, 4dD5;;
Inferior af,3%
LIVE STOCK-All per lb.-Beeves, 21a@
2E calves. SM4: sheep, 2h@2Es lambs,
2N12%; hogs, 29sG3.
DREsSFD MEATS-An per lb--Bee.
6G5!z; veal. 6G7 mutton. 3; lamb, 5A;
tURED MEATs-skinned hams, IL; Rex
hams, ~; Av., IL; selected mild cure, 10}5;
special fancy breakfast bacon, 12N
sDecial plain breakfast bacon, liz:
Diamond G breakfast bacon. backs. Z: Rex
less butts, 61a Rex dried beef. sets, 10N !;
Rex dried beef. (insidesl. lzl4: Rex dried
beef (cutsides) s.. smoked tongues. per h..
10; light medium bacon. -: medium bacon
~; dry salt clear bellies. 1920: av, 4: