The herald., 1897-11-09
oFr1ccE OF THE HERALD.
LOS ANGELES, Nov. s, 1897

LOS ANGELES, Nov. s. 1897
Concerning wheat prices and the out
look, Bradstreets has the following to
say: The bull side Of the American wheat
market requires no strainlng to bolster 1t
All 1t needs is to get the news regarding
the probable supply and demand and then
digest 1t. To those who do not want or
appreciate facts as basis of long-range
speculation. this will probably not appeal
There are unfortunately many such, and
II will interest them to learn that the real
speculators are the bellwethers, those after
whom the rest follow in an effort TO get
on the right side of the market The ac-
tual leaders, naturally, are bulls this year;
not for sentimental reasons. or because
they guess" the crop IL short, but be-
cause every bit Of statistical evidence goes
to show that before the end of the current
cereal year wheat will be scarcer and in
freer demand throughout the world than
for some years.
The world has been living on unsuspect-
cd excesses of wheat reserves for several
years. the existence of which is indicated
by several manifest underestfmates of the
domestic wheat crop by the agricultural
bureau, including It's understatement of
the size Of the crop just harvested. The
fact that better informed independent OBJ
servers place the American wheat crop in
1897 at nearly 590,000000 bushels seems to
be an insurmountable obstacle to an ad-
vance In wheat prices, In the minds OF
those who are only partially informed.
They overlook the general agreement be-
tween the best informed European statis-
ticians that wheat-importlng countries In
general will need to buy many more million
bushels this year than in any recent year.
The paltry increase of $4,000, 900 bushels or
100. 00O. 900 bushels in the American crop will
not have an effect in offsetting the def
cheney sufficient to create a price-depress-
ing influence, and means mercy so much
more money for the American farmer and
handler of the crop on its way into con-
sumption. That this has been realized by
the foreigner Is made plain by his pur-
chase of more than 70,00O.0OO bushels of
American wheat (and fiour) during the
past thirteen weeks, an average of about
100000 bushels q week, a record In this
line never before equaled.
The late reaction in the price of wheat
was one of those phenomena which Is ex-
planned to the ordinary wayfaring man as
being natural after the prolonged advance
lin fact healthful-in order to permit the
bulls to take profits, to sell down with the
market, and then buy for another upward
turn.
The recently stimulated export move
ment with renewed chartering has appar-
emily reminded the trade that Europe will
require all our surplus. even il our crop
should prove as large as GOO. 900, 600 bushels.
and with the help OF vaporings about short
er stocks abroad and damage to the crop
In Australia. up goes the price to the dollar
mark again. something which was bound
to happen as soon as facts which have
been plain to the few could be assimilated
by the many. The only thing about wheat
prices which could surprise those who
know how much wheat will be wanted and
how relatively small the supplies would
be its refusal to rise well above the inter-
minablc dollar mark"
Steps looking to the combination Of sewer
pipe and terra Gotta ware manufacturers
OF the United States have been taken. A
secret meeting is reported as being held
at Pittsburg last week, at which the pre-
liminary arrangements were completed.
Nineteen manufacturers signed the agree
mcnt, and It Is expected that thirty-one
others in the country will also sign. 1t is
proposed, II all the manufacturers sign,
to appoint appraisers. who will appraise
each plant In the country. If the apprafse-
ment is accepted. each manufacturer is to
receive 25 per cent OF tho value OF his plant
in cash, and the balance in preferred and
common stock of the new company 1t is
planned to hold another meeting at an
early date in some western city. and at
that time it will probably be definitely
known whether or not all the manufactur-
ers will sign the agreement. If they do not
sign 1t is said the new company will not
be formed.
In consequence of the bitter war that Is
being waged by the American Biscuit COM
pany and the United States Buscuit COM
pany on the one side and the New York
Biscuit company on the other, prices on
every product of the three concerns are
now less than at any time in the history
OF the trade.
United States Consul Jackson, at Cognac,
France. reports that the wine-making dis
tricts which have been spared from frosts
and hail will produce satisfactory vim
tages, although they will be inferior to
those of last year in quantity if not in
quality.
An English newspaper says: 1.-THE
growth in popularity of Australian wines
in England is worthy of remark. The i'm
ports during September amounting to 50, ,O73
gallons, against 5i.5A gallons in the same
month last year, showing an increase of
27,495 gallons, or at the rate of 80 per cent.
These figures may well cause French pro-
QuCcTS SOIIIt UIledSlneSS, especially Us tnelT
vintage prospects for 1897. like those of
Spain. are reported to be very bad. Italy.
however, seems to enjoy a rather rosy out
look, so English consumers need not fear
but that their needs will be fully supplied
from one quarter or another. though those
who will only drink French wine will
doubtless have to pay increased prices"
= + 4
Reports from 374 state and private banks
In Kansas to the state commissioner of
banking show deposits amounting to s22-
100000. which, added to the deposits in ma
tional banks. will run up to $40 900, 900. This
ID an increase In one year of more than
ts.00O00O. The loans are over $160OO,0OO.
$l,0O0,0 900 more than last year. The reserve
of cash and sight exchange has increased
70 per cent. The reduction in bills payable
II 30 per cent.
+ =
The negotiations of the Chinese govern
ment with the Hooley syndicate for loan
of R16 900 900 ESQ. 900 00O) has fallen through,
and the government is now negotiating