The San Francisco Call. Newspaper, August 24, 1897, Page 1

The VOLUME LXXXIL—NO. 85. BIG MONEY SAN FRANCISCO, TUES DAY MORNING, AUGUST 24; 1897. PRICE FIVE CENTS. TAKEN OUT OF WHEAT. Chicago Touched to the Tune of Two Million by San Francisco. THE REACTION CAUSED BY THE DESIRE FOR GAIN. All Indications Are That the Prices Will Take Another Jump Skyward in the Course of a George W. McNear.... 750,000 Menry J. Crocker...... 100,000 | Maurice Casey 100,000 | Max Brooks.. 100,000 | Harry Wise.. 60,000 Robert McC 30,000 John Cross . 10,000 This is but a small partial list of the | winners and the winnings that have de- veloped locally out of the recent continu- ous rise in the price of wheat. It 1y known that there are many others, but the brokers who have been operating for the lucky ones refuse in most cases to | ge the names of their customers. v are men who are engaged in regular mercantile pursuits. To have it known | fhat they are speculating in the wheat or any other market would be likely toin- | jure their credit. All those mentioned as winners in the | preceding list have made ibeir clean-ups— | that is, they have disposed of their hold- | ings of wheat and pocketed their profits. | The one exception is George W. McNear. He would stand to win the amount placed | opposite his name if he chose to sell at | the preveiling figures. He owns large stocks of spot wheat and a choice collec- | tion of call board contracts calling for the golden cereal at low prices. Besides the scores who are known to | have cleared in excess of $10,000 there are | many in this City and in interior towns | who have made lucky turns that have nettea them from $1000 to $10,000, Most of the winnings have come from ! Chicago. A well-known broker stated yesterday that local commission men took between $1,500,000 and $2,000,000 out of Chicago yesterday for their clients. ‘While there was considerable of a| slump or decrease 1n the price of wheat | yesterday on the local and Eastern ex- | changes, no one was much surprised or | disconcerted. It was the expected that happened. A reaction from the continu- ously ascending prices was looked for, though no one was prepared to say just when 1t would come. It is generally conceded that the break in the boom came from the desire of the | buyers to realize and pocket their profits. | Tuis movement started in Chicago, and | the weakening of the market here was in sympatky with the turn there, and was | notdue to the reported New York com- bination which has been made to bear prices. This is evidenced by the foi- lowing telegram received late yesterday afternoon by Broker Presse from Barrett, ; Farnum & Co. of Chicago: “Both wheat and corn ceclined to-day on realizing sales. Think both will g0 | | at trom 780,000 to 800,000 tous. | possible. Few Days. mo-e rents are being demanded for grain land and values are steadily increasing. Many of tbe farmers who have been sum- mer fallowing land willdo winter plant- ing in order to realize sooner on their crops.” C. Adler, who has watched the markets of the world for yesrs, said yesterday evening: *In evitorials in the Chronicle and Ex- aminer are some wild statements regard- ing the wneat yield o/ the State last year and this. It was stated that the crop of last year was 45,000,000 bushels and over andis as large as this year. This is a glaring misstatement that shonld not be vermitted to go unchallengzed. The actual facts are that this State raised just 815,000 tons, or 27,919,000 bushels, last year. The best informed parties 1n the trade do not put it any higher this year, ard one who should know best, having the best means of ascertaining true condi- tions and who was nearest the correct es- timata last year, places the crop this year The Gov- ernment report of August 10 places it at 36,678,000 bushels, or 10,000,000 bushels too *‘There have been so many wild state- ments regarding the: crop of the United States this year that it is difficult to get at the actual facts. One trade paper that makes the crop 575,000,000 places the Cali. fornia crop at 40,000,000, and if its esti- mates of other States are in line with this they are not worth the paper they are written on. If you will examine tha Gov- ernment crop report for August 10, by States, you will find that it is pretty fair, even if it does overestimate California by from 8,000,000 to 10,000,000 bushels. For instance, Kansas is credited with 49,000,- 000 and the State report does not claim any more than that. I can’t see where any of the States are underestimated. “Siuce this report crops bhave deteri- orated decidedly in the Northwest, and I doubt if any of the States will raise as much merchantable wheat as is given, the total of which is 460,000,000 bushels; but even say that the United States shall raisc 475,000,000 bushels, it is far from the figures given by those whose means of in- formation are far inferior to those ot the Government. ‘Now, so far as the actual position of wheat in the world’s supply is concerned, every one will concede that the reserves have been run down to as low a point as This will give us a clean sheet to start with; no old stock and unknown quantity of reserves to hamper us. The importing countries import when Lhey have fair stock and reserves on hand, but higher.” . | tiis vear Russian, German, French and ibe whole speculative market seems to | ajian crops are far below an average, so be affected by the movement of wheat| jat(he requirements of those countries and corn; barley and*pork products gen- | erally are on the boom. As one broker said yesterday, ‘‘Why, if you buy a spool | of cotton to-day you can double your money on it to-morrow.” In fact there is a8 wild-eyed fear about all the operators that something will get away from them, and while they are ready to take advant- age of every little turn in the market all feel that another rise is sure to come as soon as the present reaction has run its course. The action of Russia in stopping the ex- port of wheat was discounted to a certain extent, but not as fully as former experi- ence would permit, for when similar | action was taken by that nation before | wheat went much higher than the present | rise has taken it. Itis noticeable in this | connection that the Liverpool market | steadily advanced to-day, opening higher and stronger and closing at the top notch. | The brokers whose customers have made good winnings are Gerberding & Co., E. A. Bresse, Cutter & Moseley, Wiil Soule, M. Blum & Co. and J. E. de Ruyter. | It is reported that Broker Bressedid a | business of 2,000,000 bushels of grain | through Barrett, Farnum & Co., his Chi- | cago brokers, yesterday, thi's being the largest business of any one day ever done from San Francisco on the Chicago Board of Trade. Commission-houses which are short say it is entirely on account of their customers and they are fully protected. There is also a heavy short interest in parley, and should the sellers become scared there is apt to bea rapid rise in that cereal also. Henry Stellicg, a grain-dealer of Davis- ville, Yolo County, who came to town yesterday to particivate in local exchanges for a week, said when seen at the Russ Hg‘[‘;"l’):visvllle aad vicinity probably not more than 3000 tons of wheat were har- vested this season. The barley crop fell short one-third of last year's. The farm- ers about Davisville are holding on to their wheat, two-thirds to three-fourths of the crop being stiil beld, and what has been sold was generaliy disposed of at $150 to $152 a cental. Many of the farm- ers expect the price to advance to the §2 mark. w ‘As aresult of the high prices for wheat | bushels. will be at least 450,000,000 busuels. *Now, what can the exporting coun- tries do during this crop year? The United States with 475000000 bushels can spare from 100,000,000 to 110,000,000 oushels; Canada, 30,000,000. Russia with fair reserves anda a fair crop exported last year 112,000,000 bushels, but how much can she spare this vear with the above conditions reversed? Probably not over 70,000,000. The Danubian countries ex- ported out of their large reserves and ex- tra large crop last year 60,000,000. With reserves exbausted and a poor crop this year they will not export more than 30, 000,000. Austria-Hungary will be an im- porter instead of an exporter this year. Otber exnorts fr. m Australia, Argentine and other countries will increase this 50,- 000,000, making a total of wheat to be ex- ported from all the world of 320,000,000, to meet a demand for 450,00 000, making a deficit in the supply of the world of 130,- 000,000 bushels.”” Commenting on the wheat and cereal situation generally from a standpoint which takes into consideration conditions in this market and wheat-producing coun- tries, E. A. Bresse, a prominent member of the Produce Exchange, said yesterday : “In Chicago there are but 1,500,000 bush- els of wheat in stock. Shipments excced supplies each cay from 50,000 to 100,000 Tue wheat there now has been sold, and in order to fill September con- tracts it will keep many of the railroads busy hauling wheat from Kansas and Missouri, as these two States seem to be the only ones having any available sur- plus. It seems that a corner could be easily run in September wheat. I would not be short of it under any consideration. This is certainly not a year for the shorts. They are giving back all the money they have made during the past five or six years, “Idon’t think the rerult of this year's crop will exceed 500,000,000 bushels, whereas 600,000.000 bushels was the esti- mate sixty days ago. The spring crops have diminished fully 20,000,000 bushels. The Nortuwest will yield about 120,000,000 bushels, one-third of which will be what is known as rejected wheat. The other will be milling wheat. Minneapolis hias CALIFORNIA ON TOP. been forced to go to Kansas for her sup- plies, something never known before. “They are talking $125 wheat in Chi- cago during September. *We hear a great deal about increased acreage in the Argentine, which may or may not be true. We heard the same thing last year, but the result was that Argentine was without wheat for ship- ment this year, Noone can have any definite idea of the crop of that country until it is being taken to the river for shipment, which will not be until about tne middle of January. “There is no disguising the fact that foreign countries are short 400,000,000 bushels of wheat, and as America is the only available source of supply, for the present there is no reason to expect prices 10 decline. The supply is in such a con- dition in the market centers that corners may be easily run. “The conditions of 1897 have never be- fore been known. There have been years when there has been a shortage, but the general shortage that prevails now has never been equaled. “Back in 1882 wheat sold at $1 50 a bushel. There was notas much reason for that price then as there is now. “The corn crop is another thing that is going to attract attention. Foreigners have learned to use corn to 8 much larger extent during the last four or five vears than heretofore. The export of this cereal last year was 175.000,0.0 bushels, as compared with 70,000,000 the year before, 32,000,000 the year previous to thatand about 15,000,000 the year before thut. The crop this year will not exceed 1,800,000,000 | bushels. “It is true that old stocks from last year are large, but they are owned by Armour and others who are amply able to hold them until their price is reached. The crop this vear is from three to six weeks late, and there is every reason to expect serious damage from frost. If a heavy frost comes before the 20th of Sep- tember, the corn crop will not be in a con- dition to withstand it. “1t is estimated that the demand for corn this year for forei zn uccount will be double what it was last year, “For the past two years corn has been so cheap that ti.e farmers have been waste- ful of it. They burned it for fuel and fed 1t to stock, and 1n many other ways dim- inished the stocks far bevond what has been expected. Corn at 40 cents is cheap. I expect to see a bigadvance. The foreign demand for it has never been better than at the present time. “Then, again, take hog products. They have been below the cost of production for the past eighteen months. 1f corn shows any great advance, there will be good grounds for expecting that they will not temain at the present low prices, **December pork is now selling at $8 75 a barrel. Five years ago the same option was sold at $26 a barrel. There is cer- tainly room for improvement. “There is also a big shortagein rye throughout foreign countries. America has a good crop, and there is good reason to believe that there will be a big advance in the price of this cereal.” ———— REACTION IN THE EAST. But It Was Only the Long-Expected Break In the Price of Wheat. ST. LOUIS, Mo., Aug. 23.—There were scenes bordering on a panic in the Mer- chants’ Exchange this morning. Just when the bulls were most assured that wheat would keep sailing skyward the bottom dropped ost of the market. In two minutes the prices dropped 5 cents. Al the time the pit was crowded. Corn commanded every one’s attention until George Tosson of the Nansing Commis- sion Company bid $105 for December wheat. Tue crowd rushed on him as if it wanted to tear him limb from limb in the anxiety to sell him wheat. Jacob Schreiner, who led the great bull raid Saturday, sold 40,000 busheis at $1 05, In exactly two minutes Schreiner bought it back for $1 a bushel. The deal netted a profit of $2000. As for several, days the local traders watched the mar- ket closely. Just after Tosson fixed the price at the record-breaking peint the Chicazo board showed December had slumped to 97}4. The effect was magical. Men looked at the board, then ran to the pit and offered wheat with wild abandon. The closing vprices were: September $1003{, loss 23{ conts; December $1 0034, loss 214 cenis; May $10214 loss 31{ cents. NEW YORK, N. /7., Aug. 23.—The long-expected break in the price of wheat occurred to-day, but considering the al- most uninterrupted upward movement of the last ten days, in which prices have advanced about 17 cents a bushel, the re- action was comparatively slight. The figures at which final trades were made in the local market showed & loss, com- pared with the ciosing quotations of Saturday, of 13{ to 2 cents. Almost unparalleled excitement pre- vailed during the early trading. Septem- ber futures opened simultaneously with sales in aifferent parts of the pit at prices ranging from $1 0514 to $1 053, against $10514, the closing vrice Saturday, and, influenced by heavy realizing sales for both local and foreign accounts, roke rapidly to § 1033/ During the decliné (he pit and surrounding floor was crowded with scared brokers frantically endeavor- ing to unlodd long holdings. The situa- tion quieted somewhat after the first few minutes; ana, following the recovery in the Ciicago moarket, September worked gradually up to $1 063, which equaled the highest curb price BSaturday and ‘broke the previous official record by 114 cents. There were afterward spasmodic periods of prices aad activity, but liberal liquidations continued throughout the day. The official close was $1 0314. December futures ovened at from $1 04 | to $1 043, against $1 0334 Saturday, and dropped by quiet stages to §102, then re- covered partially, but eased again and closed at $1 0114 Continental houses were heavy sellers throughout the day, notwithstanding ru- mors that the Russian Government is meditating the promulgation of a decree prohibiting the exporting of wheat owing to the great crop shortace in Southern Rusia and the report that France will probably remove or lower the duty on wheat. English houses also sold on a liberal scale. Purchases for forelgn ac- count were extremely light, aggregating only about 40,000 bushels. FAURE WELCOMED TO RUSSIA. Reception of the French President Completely Eclipses That of the German Emperor. ST. PETERSBURG, Russia, Aug. 23— The President of France arrived at Peter- hof at 11:30 this morning. - He was met by the Czar, who greeted him with the utmost cordiality and embraced him. Faure was the recipient of an enthusiastic ovation from the populace on -the way to the palace. The popularity of the reception accorded Emperor William on his recent visit-to Kussia was completely eclipsed by the welcome to President Faure. Peterhof is en fete, the palace is a bower of decora- tions and the tri-color is everywhere in evidence. Men and women waar itand children carry the French flag. Thedin of ““Tne Marseillaise,” performed every- where by inexperienced persons, is deafen- ing. Wherever there isa piano nothing else is played and sung, and every band is practicing the air. The official reception of President Faure was warmly cordial, but beiag ruled by etiquette ¢id not exceed that of Emperor William. The Czar, toasting Faure ata banquet at the palace to-might, recalled his own reception in France and said: “We delight to hope that your stay among us and the sincerity of the sentiments it awakens will draw yet to- mether the bonds of friendship and sym- pathy uniting France and Russia.” Faure thanked the Czar in behalf of the French people and added: *I, have come to Russia to affirm and strengthen further the powerful ties already binding Russia and France.” ——————— Armenians Forced to Confe CONSTANTINOPE, TURKEY, Aug. 23.— The confessiong of two Armenians ar- rested on Saturday, at whose residence two bombs were found by the police, are said to have been prompted by the Turkish “authorities. The ' prisoners are alleged to have confessed that they in- tended to use the bombs at the Russian and German embass; — Bey of Tunis to Abdicate. PARIS, France, Aug. 23.—The Firaro to-day publishes a report to the effect that the Bey of Tunis, 8adi Ali, will shortly abdicate in favor of his son, and take up his residence at Nice. s (NE MORE - BRYAN PAGS DISGOVERED The Nebraska Orator Used It From Ogden to San Francisco. HIS ADMIRERS ARE AMAZED. Issued on ‘‘Advertising Ac- count,” but No Trace of Advertisement Found. AY ORGAN QUICK T0 THE RESCUE. But It Does Not Get the Orator Out of His Embarrassing Po- sition, 1f discovery of the use of a §10 pass by William Jennings Bryan was a horror here'sanother horror to clap picturesquely on the first horror’s head. Mr. Bryan also rode from Ogden to San Franciscoon a pass. Mr. Mills of the Southern Pacific could have told of this long ago, but main- tained silence until yesterday. that W. W. Foote knows ail about this pass, but he steadfastly denies that such is the case. The announcement that while in this State W. J. Bryan traveled on a pass has excited his admirers to a condition of wrath. Realizing that they cannot deny the fact they stoutly defend it as having been a matter of course and perfectly proper. But if this view of the case is correct why the anger? Why the charge that a good man and a great man has been maligned ? The Examiner, which if not engaged in presenting itself with floral tributes, kow- tows to the name of the Nebraskan, yes- terday published = telegram from him, meant to be explanatory, but failing to ex- plain. The dispatch came from Sheridan, Wyo., and was as follows: 1 am stockholder in World-Herald. Southern Pacific transportation was furnished on adver- tising account. With this asa basis the Examiner pro- ceeds to demonstrate with the lucidity of bogwater that traveling on a pass which has been given in lien 6f money in paying for an advertisement is entirely legiti- mate. Itadds, almost unnecessarily, that it has itself no contract with the Southern Pacific, neglecting toclarify the statement by any mention of the $30,000 arrange- ment it had for a time. Perhaps, how- ever, this is a digression, and anyway there is no present design of causing the journalistic champion of Bryan any pain. Mr. Bryan, as stated in the beginning, | did not merély travel on a pass while here, but he came from Ogden to San Francisco on the same seductive s:yle of tracsportation. His pass for his longer journey was procured on an order from the World-Herald, with which, on the au- thority of that publication, Mr. Bryan has 1t is said not been connected since he was nomi- ‘nated for the Presidency. A stockholder in'a paper is not known by that cir- cumstance to be entitled to free rides. Mr. Bryan was once a stockholder in a small amount, but if that relation still continues it is not important. According to telegrams from Omaha, the paper in question carries no Southern Pucific advertisement, a detail that seems to have been overlooked. To issuea pass on advertising account 1n good faith would seem to the unbiased observer to require the presence of an advertisement. It is explained by Mr. Mills that such ac- counts are sometimes cpened with papers of good standing even 1if there is no adver- tisement. But the Southern Pacific does not shower favors gratuitously. When it bestows the boon of a free ride its com- pensation is in sight even though invisi- ble to the naked and unpracticed eye. Is it to be thought that a journal with which Bryan has been connected, in which bhe now proclaims himself a stock- holder, is being gathered into the folds of a gigantic railway monopoly? Such is a distressing possibility projected into a sitnation that Bryan and his following nave already found uncomfortabie. Itis supposed that Mr. Bryan did not realize that to ride on a railroad pass in California is a privilege that many people willingly foregc, becanse such a pass per- haps implies a willingness to serve the Southern Pacific, and serving the South- ern Pacific is not regarded as the way to serve one’s country. For an unpretentious citizen, who never made a speech in his life, who never shook a frenzied fist at the wicked corporations, 10 accept its hospi- tali'y is a brand upon his fair name, 1f anybody finds it out, and at best a load upon his conscience. If after using a ass he ever dare proclaim his soul his own, the Southern Pacific has a tendency to undeceive him by foreclosing a mortgage onit. Whan it gives passes for actuai ad- vertising this is in some degree the case. and when it gives them without apparent equivalent, and because a man is a *'stock- holder” in a distant journal, the effect is intensified. But when the man is Wil- liam Jennings Bryan, a public character, the idol of a considerable numper of people, the effeci becomes intensified to u point actually bewildering and his wor- shipers stand open- mouthed, but not dumb; 1o, not that. 1f for Mr. Bryan to ride on a passis commendable, or at least nothing subject to adverse criticism, the friends of the gentleman, even he himself, will doubt- less take pleasure in satisfying a popular curiosity for more particulars. For in- stance, people would like to know if Mr. Bryan always travels on passes; if when his proud breast heaves with indignation at railroad aggression his pocket bulges with complimentary tickets from the cor- poration she belabors. They wouid like to know how Mr. Bryan got his stcek, how long he has had it, and why, and the rela- tion of the stock to a series of inexpensive trips. They would like to know why the Southern Pacific gives passes to a paper that does not print advertisements for it. Also why the Bryanites are so touchy on a subject that they vbelieve can’t hurt the upright, although laid bars to the gaze of the universe. b Perhaps Mr. Bryan may find time to enlighten, and it might be well for him to understand that the Examiner, while perhaps fitted by experience to be an authority on railroad contracts and mat- ters of like nature, is being forced ipto an embarrassing position by his conduct, and won’t be a good organ on this oc- casion. Speaking of contracts to the Examiner is mentioning the gallows in the house of the hunged, a breach of manners most reprehensible and beyond forgive- ness, DUCKEsw 15 HELD. His Dastardly Plot to Destroy His Wife's Beauty. CHICAGO, IrL., Aug. 23.—Dr. James O. Ducker, the professor of a post-graduate medical college, who is charged with at- tempting to destroy hisrich wife’s features with sulphuric acit, was held for th» Grand Jury to-day and taken to jail. Toe chief witness, Charles W. Hill, said he ar- rived in Chicago on A\lwels and began gelling shoastrings. On Wednesday, Au- gusi 11, he was accosted by Ducke! wHe said he had a job for me,” con- tinued Hill, **which was very important and secret. It was to take a bottle of some stuff ke gave me and dash it in a yourg woman’s face.” He accepted the commission and went to Mrs. Ducker's house to locate her. Overcome by her beauty, he told her what he had been hired to do. He met Mr. Ducker later and received the bottle and final instructions. Charles Peterson, At- torney Burritt Smith and two detectives watched them. . “I don’t want to kill or blind her,” Hill said Dr. Ducker told him, “but just to destroy her complexion, because she is such a pretty woman.” > Professor J. D. Young testified that the bottle contained sulphuric aci Detec- tives told_of witnessing the meetings of Hill and Dr. Ducker. DR, SKAGUAY'S blly CROWD TET GROWS Nearly Five Thousand Men Who Are Caught in the Crush. THE TRAIL CLOSED FOR REPAIRS. Dynamite Being Used to Open Up the Pathway to the Klondike. MANY TOTTERING AIONG IN VAIN WITH HEAVY PACKS. Some Hard-Luck Storles Brought Down From the North by the Steamer Rosalle. SKAGUAY, Alaska, Aug. 18.— They still don’t move here. Since the steamships George E. starr, Rapid Transit, Noyo and Rosalie have arrived with over 2000 more enthusiastic gold-hunters the rop- ulation of Skaguay has increased to nearly 5000 men and prokably 50 women. Meetings have bzen held every evening, and soms- times during the day, to devise ways and means out of the pre- dicament in which every one who lands finds himself. The ‘‘rapid transit” meetings, so to speak, were started by the lawyers, bankers and other professional men who have come with more gold in their pockets than they will take out of the Klondike, for the very good reason that they cannot get there. There is enough money in camp to start a bank with a paid-up capital of $300,000 if there is a cent. All have handfuls of double- eagles and wads of bills, and they do not hesitate to flash it on occa- sion. The trail is closed—closed for re- pairs. It needs a great deal of re- pairing, but may remain closed only a few days. The timeisrap- idly approaching when Skaguay must remain a winter town for everybody on the ground whether the trail, which has never really been open, remains closed a few days or a few wecks. A meeting was held this fore~ noon at which it was decided to allow no one on the trail beyond the foot of the first hill until the footing is sure for mule and man. Volunteers were called for to pro- ceed at once to place the trail in good condition and about fifty men responded. Each party camped here will be called upon to furcish a certain quota of men in rotation. The dynamite ordered a few days ago has arrived and will be used to blow the impeding bowlders and granite cliffs into an open way. Violent explosions were heard thundering down the canyon this afternoon. Beginning with the few on the summit of the White Pass and coming down along the winding trail to tidewater and the town there are not less than 6000 people tottering under heavy loads or resting on the shady side of preci- pices or camped alongside of some rushing rivulet of ice-cold water. Those who have reached the sum- mit, or are close on either side of it, doubt that they will be able to pack their outfits to the far-away lakes which feed the Yukon. What are those back in Skaguay going to do? They are “rattled,” and don’t know. They could make progress if they went to Dyea, five miles around a point of rocks, over which the spray dashes, but they will not go. They are stick- ing to Skaguay like a stage subject hypnotized to a chair. HAL HOFFMAN. e IN FEARFUL CONDITION. News of the (rowded State of Affalrs at Dyea ¢ nd Skaguay Brought by the Rosalle. SEATTLE, WasH, Aug. 23.—It was 9 o’ciock this morning when the steamer Rosalie got into port from Alaska, with but few returning passengers and no news or gold from the Klond:ke. The condition of affairs at Dyea and Skaguay, where the start is made to cross the summit to reach the lakes and rivers en route to the Upper Yukon country, is reported as getting worse daily. Gold- hunters continue to srrive by the hune