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VOLUME LXXXII.-NO. 85. BIG MONEY 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 Few Days. CJeorjsje W. r^Var. .87."5O,OOO l Henry «I. Crocker 100.000 j I»laurice C'a^ey 100,000 i ITlax Krookft 100,000 Harry Wise 4J0.000 Robert McCreary 30.000 ! Jolin Cross 10,000 This is but a small partial list of the j winners and the winnings that have de- ■ veloped locally oui of the recent continu- i ■ous rise in the price of wheat. It ii known that there are many other?, i but the brokers who have been operating, ; for the lucky ones refuse in most cases to j aivulge the names of their customers. Many are men who are engaged in regular j mercantile pursuits. To have it known ; fhat they are speculating in the wheat or > any other market would be likely to in- j 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 I • the prevailing figures. He owns large J stocks of ! spot wceat and a choice coJlec tion of call board contracts calling for trie i golden cereal at low prices. i 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 netted them from $1000 to $10,000. Most of the winnings have come from Chicago. A well-known broker staled yesterday that local commission men took between $1,500,000 and $2,000,000 out of Chicago yesterday for their clients. AVhile there was considerable of a slump or decrease in the price of wdeat yesterday on the local and Eastern ex changes, no one was much surprised or disconcerted. It was the expected tnat happened. A reaction from the continu ously ascending prices was looked for, tnough no one was prepared to say just when it 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. Tids movement started in Chicago, and the weakening of the market here was in sympathy with the turn there, and was not due to the reported New York com bination which has been made to bear prices. Tuis is evidenced by the fol lowing telegram recpived late yesterday afternoon by Broker Bresse from Barrett, Farnum & Co. of Chicago: "Both wheat and corn declined to-day on realizing sales. Think both will go higher." i'ne whole speculative market seems to be affected by the movement of wheat and corn; barley andjpork products gen erally are on the boom. As one broker said yesterday, "Wt;y, if you buy a spool of cotton to-day you can double your money on it to-morrow." In fact there is a wild-eyed fear about all the operators tbat 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 cure 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. It is noticeable in this connection tbat the Liverpool market ■teadily advanced to-day, opening higher ami stronger and closing at the top notch. The brokers wnose customers have made good winnings are Gerberding & Co., E. A. Bresse, Cutter & Moseley, Wul Soule, M. Blum & Co. and J. E. de ftuyter. It is reported that Broker Bresse did a business of 2,000,000 bushels of grain through Barrett, Farnum & Co., his Chi cago brokers, yesterday, tb: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 the;r customers and they are fully protected. There U also a heavy short interest in barley, and should the sellers become scared'tbere is apt to be s rapid rise in that cereal also. Henry Stellinß, a grain-dealer of Davis ville, Yolo County, who came to town yesterdny to participate in local exchanges for a week, said when seen at the Russ House: . . "In Davisville and vicinity probably not more than 3000 tons of wheat were har vested thia season. The barley crop fell short one-third of last year's. The farm ers about Davisville are holding on to their wheat, two-tiiirds to three-fourths of the crop beine atiil held, and what has been sold wae general. y disposed of at $1 50 to $1 52 a cental. Many of the farm ers expect the price to advance to the $2 mark. & "As a result of the high prices for wheat The San Francisco Call mo c rents are being demanded for grain land and values are steadily increasing. Many of the farmers who have been sum mer fallowing land will do winter plant ing in order to realize sooner on their crops." C. Adlcr. who has watched the markets of the world for years, said yesterday evening: "In eaitorials 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 I last year was 4">,000,000 bushels and over j and is as large as this year. This is a i glaring misstatement that should not be j permitted to go unchallenged. The actual j facts are that this State raised just ' S-15,000 tons, or 27,919,000 bushels, last j year. The best informed parties in the trade do not put it any hipher this year, and one who should know best, havinc the best means of ascertaining true condi tions and who was nearest the correct es timata last year, places the crop this year at irom 780,000 to 800,000 tons. The Gov ernment report of August 10 places it at 36,678 : 000 bushels, or 10,000,000 bnshels too high. "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 th« 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. "SinC3 this report crops have 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 4(3O,OCO,OOO bushels; but even any that the United States shall raise 475,000. 0U0 bushels, it is far from the figures given by those whose means of in formation are far inferior to those of the Government. "Now. so far as the actual position of wheat in the world's supply is concerned, every one will concede that tlie reserves have been run down to as low a point as possible. 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 Ihey have fair stock and reserves on nand, but ti-is year Russian, German, French and Italian crops are far below an average, so that the requirements of those countries will be at least 450,000,000 busnels. "Now, what can the exporting coun tries do during this crop year? The United States with 475,000 000 bushels can spare from 100,000,000 to 110,000.000 Dushels ; Canada, 30,000,000. Russia with fair reserves aim a fair crop exported last year 112,000,000 bushels, but how much can she spare this year 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 exhausted and a poor crop this ypar they will not export more than 30, --000,000. Austria-Hungary will be an im porter instead of an exporter this year. Other exports fr- m Australia, Argentine and other countries will increase this 60, --000,000, making a total of wheat to be ex ported from all the world of 320,000,000, to meet a demand for 450.0C0 000, making a deficit in the supply of tv« world of 130 --000,000 bushels." Commenting on the wheat and cereal j situation generally from a standpoint which takes into consideration conditions in this market and wheat-producing coun tries, E. A. Biesse, a prominent member of the Produce Exchange, said yesterday: "In Chicago there are but 1,500,000 bush els of wheat in stock. Shipments exceed j supplies each ray from 50,000 to 100,000 bushels. Tne wheat there now has been sold, and in order to rill 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 short*. They are giving back all the money they bare made during the past five or six years, "I don't think the result of this year's crop will exceed 600,000,000 bushels, whereas 600,000 000 bushels was the esti mate sixty days ago. The spring crops have diminished fully 20,000,000 bushels. The Northwest will yield about 120.000.000 bushels, one-third ot which will be what ia known as rejected wheat. The other will be milling wheat. Minneapolis lias SAN FRANCISCO, TUESDAY MORNING, AUGUST 24, 1897. been forced to go to Kansas for her sup plies, something never known before. "They are talking $1 25 wheat in Chi cago during September. "We hear a great deal about increased acreage in the Argentine, winch 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, No one 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 to decline. The -uppiy is in such a con dition in the market centers that corners may be easily run. "The conditions of 1807 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 not as much reason for that price then as there is now. "The corn crop is another thine that is going to attract attention. Foreigners have learned to use corn to a much larger extent during the last four or five years 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 that and about 15,000,000 the year before th it. 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 aDle to hold them until their price is reached. The crop this year is from three to six weeks late, and there is every reason to expect serious damace irom 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. "It is estimated that the demand for corn this year for foreign account will be double what it was last year. "For the past two years corn has been so cheap that t: c rarmers have been waste ful of it. They burned it for fuel and fed it to stock, and in many other ways dim inished the stocks far beyond what has been expected. Corn at 40 conts is cheap. I expect to see a big advance. The foreign demand tor 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. If corn shows any great advancy. tnere will be good grounds for expecting that they will not remain 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 lor improvement. "There is also a big shortage in 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 Prloe 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 oat 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. Ttie crowd rushed on him as if it wanted to tear him limb from limb in the anxiety to »ell him wheat. Jacob Schreiner, who led the treat bull raid Saturday, sold 40,000 buabeis 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 point the Chicago board showed December had slumped to 97^. The effect was magical. Men looked Ht the board, then ran to the pit and offered wheat with wild abandon. The closing prices were: September $100^, loss 2% cents; December $1 00%, CALIFORNIA O2T TOF. loss 2% cents; May $1 02J^, loss 3J< 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 n'gures at which final trades were made in the local market showed a loss, com pared with the ciosing quotations of Saturday, of \% to 2 cents. Almost unparalleled excitement pre vailed during the early trading. Septem ber futures opened simultaneously with sales in different parts of the pit at prices ranging Irnm $1 05 1 j to $1 05^, against $1. 05%, the closing urice Saturday, and, influenced by heavy realizing sales for both local and foreign accounts, broke rapidly to $ 1 03%. Daring the decline (he pit and surrounding floor was crowded with scared brokers frantically endeavor ing to unload long holdings. The situa tion quieted somewhat after the first few minutes; ana, following the recovery in the C >icago market, September worked gradually up to $1 06%, which equaled the highest curb price Saturday and broke the previous official record by 1% cents. There were afterward spasmodic periods of prices add activity, but liberal liquidations continued throughout the day. The official close was 51 03>£. liecember futures onen^d at from $1 04 to $1 04 : K, against $1 03% Saturday, and dropped by quiet stages io $1 02, then re covered partially, but eased again and closed at $1 01£. Continental iiou-es were heavy sellers throughout, the day, notwithstanding ru mors that the Russian Government is meditating tho 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 wneat. English houses also sold on a liberal scale. .Furenases for foreign 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 tmperor. ST. PETERSBURG, Russia, Aug. 23 — The President of France arrived at Peter hof at 11 :30 this morning. He %as 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 Kuisia was completely eclipsed by the welcome to President Faure. Peterhof is en fete, the palace is a bower of decora lions and the tri-color is everywnere in evidence. Men and women waar it and children carry the French flag. The din of "Tne Marseillaise," performed every where by inexperienced persons, is deafen ing. Wiierever there is a piano nothing else is pluyed and sang, and every band is practicing the air. The ollicial reception of President Fanre was warmly cordial, but being ruled by etiquette tiid not exceed that of Emperor William. The Czar, toasting Faure at a banquet at the palace to-night, recalled his own reception in France and said: "We delight to hope that your stay among us and the sincerity of tbe sentiments it awakens will draw yet to gether tbe 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." Armenian* 'Korea to Confett. COXSTaNTINOPE, Turkey, Aug. 23.— The confession* of two Armenians ar rested on Saturday, at whose residence two bombs were found by tbe police, are said to have been prompted by the Turkish authorities. The prisoners are alleged to have conie.-sed that they In tended to use the bombs at the Russian and German embassies. Bey of Tunia to Abdicate. PARIS, Fkance, Aug. 23.— The Fi-aro to-day publisher a report to the effect that the Bey of Tunis, Badi Ali, will shortly abdicate in favor of his son, and take up bis residence at Nice. ONE MORE BRYAN PASS 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. AJ OBG.U QUICK TO THE RESCUE. But It Does Not Get the Orator Out of His Embarrassing Po sition. If discovery of the use of a $10 pass by William Jennings Bryan was a horror here's another horror to clap picturesquely on the rim horror's head. Mr. Bryan also rode lrora Ogden to San Francisco on a pass. Mr. Mills of the Southern Pacific could have told of this long ago. Dut main tained silence until yesterday. It is said that W. W. Foote knows ail about ttiis 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 towi to the name of the Nebraskan, yes terday published a telegram irom him, meant to be explanatory, but failing to ex plain. The dispatch came from Sheridan, Wyo., and was as follows: I am stockholder in World-Herald. Southern Pacific transportation was furnished on adver tising account With this as a basis the Examiner pro ceeds to demonstrate with, the lucidity of bogwater that traveling on a pass which has been given in lieu df money in paying for an advertisement is entirely legiti mate. It adds, almost unnecessarily, that it has itself no contract with tbe Southern Pacific, neglecting toclarify the statement by any mention of the $30,000 arrange ment it had for a time. Perhaps, bow 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 merely travel on a pass while here, but he came from Ogden to San Francisco on the same seductive s:yle of transportation. 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 not been connected since be 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 Pacific advertisement, a detail that seems to have been overlooked. To issue a pass on advertising account in 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 opened with papers of good standing even if there is no adver tisement. But the Southern Pacific does not sh ower favors gratuitously. When it bestows the boon of a free tide its com pensation is in sight even though invisi ble to the naked and un practiced eye. Is it to be thoueht that a journal with which Bryan has been connected, in wnich he 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 situation that Bryan and his following have already found uncomfortable. It is supposed that Mr. Bryan did not realize that to ride on a railroad pass in California is a privilege that many people willingly forego, becanse such a pass per haps implies a willingness to serve t lie 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, to accept its hospi tali y is a brand upon his fair name, if anybody finds it out. and at best a load upon bis conscience. If after using a Dass he ever dare proclaim his soul his own. the Southern Pacific has a tendency to undeceive him by foreclosing a mortgage on it. "\Vn2n it gives passes for actual ad vertising this is in some degree tho 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 numDer of people, the effect becomes intensified to a point actually bewildering and his wor shipers stand open - mouthed, but not dumb; no, not that. If for Mr. Bryan to ride on a pass is commendable, or at least nothing subject to adverse ciiticism, the friends of the gentleman, even ne 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 passe?; if when his proud breast heaves with indignation at railroad aggression hit rocket bulges with complimentary tickets from the cor poration she belabors. They would like to know how Mr. Bryan got his st< ck, how long be has had it, and wbv, 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 Delieve can't hurt the upright, although laid bara to the gaze of the universe. 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 Mb 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 ilie hanged, a breach of manners most reprehensible and beyond forgive ness. J>tt. Ji UVK •' la HBLD. Hl* JDaitardly -P/«t to Destroy Hi* Wife's Beauty. CHICAGO. 111., Aug. 23.— Dr. Jame3 0. DncKer, the professor of a rost-graduate medical college, who is charged with at tempting to destroy his rich wife's features with sulphuric acil, was held for th> Grand Jury to-day and lalten to j>»il. ; Tae chief witness, Charles W. Hill, said be ar rived in Chicaeo on August 9 and began selling shosstrines. On Wednesday, Au gust 11, he was accosted by Ducicer. "He said he- had. a r job for me," con tinued Hill, "which was very, importani and secret. It was to take a bottle of some stuff be gave me and dash it in a youLg wonian's face." ' ■■"'■. ■ ;■;•; : He accepted the commission and i went to \ Mrs. Ducker'a home 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 Dottle and final instructions. Charles Peterson, At torney Burritt Smith and two detectives watched them. . v ; •: , "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." ■■';;■. t ; Professor J. D. Young testified that the bottle ■ contained sulphuric •■ acid. Detec lives tol'i <ii witnessing the meetings of HUlandDr. DucKer.- i PRICE FIVE CENTS. SKAGUAY'S BIG CROWD YET 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 Storlo3 Brought Down From the North by the Steamer Rosalie. 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 probably SO women. Meetings have b^en held every evening, and some 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 hand fuls 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 time is rap 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 weeks. 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 furr. ish 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 recks, 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. IN FEARFUL CONDITION. News of the <■ rowded State of Affalr3 at Dyea md Skajjuay Brought by the Rosalie. fEATTLt, Wash., Aug. 23.— 1t 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 th« summit to reach the lakes and r.vers en route to the Upper Yukon country, is reported as getting worse daily. Goid bunters continue to arrive by the iiun