The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-11-03
ETDAYSNEAR
TOSAVE BANKS
WHISKEY LOANS
Financiers Who Advanced
$15O,0OO,000 Assured Ban
Will Be Lifted.
WHOLESALERS GET BUSY
California Wines, Pouring In
to City, Also Point Break
in Drought.

Bankers OF New York have received
positive assurance that the liquor
ban will be lifted in time to allow
banks that hold many millions of
dollars worth of warehouse certificates
as collateral time to liquidRte these
imperilled securities. This news, pro-
ceeding from Washington, was circu-
lated widely In this city yesterday
and caused jubilation in many quar-
ters. THE SUNS informant. a promi-
nent lawyer connected with banking
interests, hal this to say:
"A few weeks ago the banks were
worried sick. For the past few days
they have been without care. The
reason is that from persons in Wash
ington who know what is to take
place they have received assurance
that the prohibition ban will be
raised very soon and that the great
sums loaned by the banks on whiskey
certificates can be regained through
the distribution and sale Of the pledged
liquor. The sum involved is well over
100000, 900, and probably Is near
$4,000 900. The danger of the situa-
ton is that the amount Is not widely
distributed. Relatively few banks
shoulder this tremendous liability. If
the ban were not lifted these banks
would be ruined, that's all there is to
it. The situation is perfectly well
understood at Washington. should
say that from fifteen to twenty big
banks are heavily involved"
Thrill of Happiness.
The news brought a thrill OF happi-
ness to wine and liquor interests that
have been waiting more or less pa
tiently in the hope that their luck would
change. In the past few days whole
sale liquor dealers and wine merchants
have been unusually busy. Clerks have
been recalled. as is well known in the
trade; stenographers hired and the gen.
eral routine of lively business resumed
except for actual sales. More interest
ing than this. even, is the fact discov-
cred by THE SUN yesterday that heavy
shipments of California wines are reach
ing New York daily, thousands Of cases
Of claret and sauterne consigned to the
various big domestic wine houses that
handle the California product in New
York.
Wine and liquor dealers. big and lit
tie. have agreed upon the scale of prices
to be charged except as regards whis-
key. On the whole. the prices are mod
crate when everything is taken into con-
sderation and the fact Is noted that
there is none too much domestic wine in
the country. OF domestic champagne
there will be only a small supply. The
reason. as explained by Hiram T.
Dewey. the veteran vineyard expert and
wine dealer, to THE SUN yesterday. is
that practically no domestic champagne
has been made in the last two years.
Eighty per cent. of American cham
payne comes from the grape country
around Keuka Lake in Steuben county"
said Mr.. Dewey. I'm the last two years
little has been made, due partly to the
excessive cost of grapes, which ad-
vanced from $40 to 500 a ton. The
tracted for.
"Of still wines of the sweet variety
there Is a good supply and the prices
will be moderate. BY the case of
twelve quarts domestic port of the COM
mon variety will be $13; mature port,
sl6; superior port. $27. and rare old
port, S42. The other wines by the case
will sell as follows: Claret. from IS to
slS, depending upon quality Moselle.
slO Sauterne, s13: American sherry,
Sl3; Burgundy, SIS.
Very little still wine is made In the
East. the major portion of the supply
coming from the vineyards OF California.
good still wine can be produced In a
year or a little more, but II takes two
or three years to perfect champagne.
That is one reason why the supply OF
domestic champagne will beAshort."
Booze Expected to Drop.
The drift of opinion is to the idea
that booze prices willacome down rather
than go up. A legal representative OF
many liquor interests informed THE
SUN yesterday that he believed good rye
whiskey out of bond would be obtain
able for $40 a gallon. He said that a
profit could be realized at this rate
even after paying the Government tax OF
s6.40 a gallon. Nobody could be found
In the trade. however. who would agree
on any such minimum price. II was
said that probably plenty of good quality
rye would be obtainable at s12 a gallon.
or So a quart.
The prediction is that there will be
enough gin to satisfy the most ardent
Einsters. This is explained by the fact
that perfectly good gin can be made
almost over night. while time must be
had for whiskey to age.
30 far as beer Is concerned the
breweries are said to be we'll stocked
with the old pre-war az per cent, and
that thousands of barrels could be rushed