The Providence news. (Providence [R.I.]) 1891-1906, 1897-05-12
SpeCulatOrS AdvanCeRateS
on All Grades.
Many Orders Sent Out for
Immediate Shipments.
Arrival of Orders at Japanese Ports
Causes Raise in Price.


have not waited for the passage of the
tariff bill with its proposed duty Of 10
cents pound upon that commodity, but
have advanced all grades OF tea from three
20 five cents pound. The market, which
was in very sluggish condition weoS
ago has been changed into one OF great
activity and prices are being raised by
"A series of jumps AS the jobbers gain con-
ndence In the intent of the Senate TO
enact the bill as APPENDED by It's finance
committee Speculatcrs bavo not boon
slow TO take advantage Of the situation.
and at the rate prices are being pushed mp
wholesale merchants Will find themselves
compelled 20 pay the full amnnnt ~ 'ho
proposed duty before the bill becomes q
law. OF course, retail prices Will at loast
keep pace with the advance In the whole
sale rates. and tea drinkers oil over the
land will foot the bill.
30 far as could be learned from talks
with leading dealers in tea yesterday.
no one In the trade had an inkling or
what the Senate finance committee pro-
posed TO do until the bill was reported to
the Senate last Tuesday and It's main
features published in this city In Wednes-
day mornings papers. On that day there
was scramble TO buy and ten advanced
two cents pound. Importers cabcd 10
their agents I'm Japan TO buy such of tho
neW crop as nau come iotWhru anu snip
at once TO this country.
The number of orders received at Yoko-
hama and other Japanese ports caused an
immediate advance there, ana only pOr-
zion OF the orders from this city were
placed. This time OF year happens TO be
between seasons, and the quantity OF tea
that can be bought abroad il said TO bo
small. 1t takes from 20 To 80 days 10 rush
ten from Japan by Pacific Mail and over
land, and longer from China and other
tea growing Sountries. Several shipments
from Japan have already been made, but
IL is snid that the quantity Is not large.
Had the proposed action 10y Congress been
taken "A month or two later when the
bulk of the crop comes forward, it would
have been possible for importers TO bring
in sufficient tea 20 last until 1900, when
under the bill IL vii lbe free.
Should the bill be delayed by long de-
hates in the Senate this scheme may yet
be carried out To some extent and thus
defeat the object which the tariff makers
had in yicw-the Obtaining of ST., 900 900
additional revenue. just what quantity
of tea Is being rushed forward now to an
ticipato the bill cannot be learned. The
Japan shipments will probably be entered
at san Francisco instead Of at New York
as would be done in the ordinary way.
Orders TO purchase China teas have been
cabled TO London, but brokers and i'm
porters who are speculating are very close
mouthed rs TO the amount Of the purchase.
A serious check upon the sizs of the
operations Is the fear that the senate may
not stand by the action OF its committee
or, IL II does, the House Inay not concur
In such contingency the spectators
would come to grief
A member of the firm OF James g. John
r. Montgomery & Co., one OF the largest
tea importing houses In the city, said YES
terday that there are two reasons why
large quantities OF Japan teas are not now
on their way 10 this country. The first
was that the tea has only just began 90
arrive at the ports Of shipment. and the
second that the price had gore up four
cents I'm Japan. He said that most buyers
preferred To take their chances in This
market TO running the risk Of paying
such an advance in Japan. The stock II
tea stored and held in bonded Warehouses;
In this country. according TO MIR Mont
gomery, is under, rather than above, the
normal
The total amount Of tea annually I'M
ported into this country is nearly one
hundred million pounds According To
the statistical report lssued by the govern
ment for the year 1895. more tGan halt of
the whole quantity was entered at this
port. This means that at least half OF the
Yorkors and those who obtain rseir sup.
plies from this city. The amounts in
pounds entered at the principal cities rs
given by the government for last year
were New York, 81, 5ia, lOS; Chicago,
Is, 3G6, 32l; san Francisco, 6Oo3, POI
Minnesota. T. 34l, 62j; Puget Sound,
], 326 12l; Detroit, 1I2, 3SJ Willamette, Ore,
523 6lS; Omaha, $50, 7S3 81. Louis 500
1875, forty-nine other cities, 3, sS9 23l.