202 THE PATRONS TRIALS AND TRIUMPHS. 



large amount with the London and San Francisco Bank, and 

 whose policy had been announced as the upbuilding of a slow, 

 safe, permanent shipping business,&quot; was naturally welcomed by 

 the Patrons. The crop of 1872-3 had been a large one; to 

 move it Mr. Friedlander had chartered every available ship at 

 from 3 10s. to 4 5s., and at once rushed the freight market 

 up to 5 13s. In thus re-letting his low-priced vessels, a large 

 profit was gained. It is a very difficult matter to form a correct 

 estimate of the amount of the wheat crop, and the shipper has 

 his risks as well as the farmer. 



The Sacramento Eecord issued a circular of inquiry in 1873, 

 containing a blank schedule to be filled up with the acreage and 

 prospective yield of each of the principal crops, to which the 

 leading farmers so generally responded, that this paper was 

 able to lay before its readers what proved to be a correct esti 

 mate of the export of that year. A similar circular issued in 

 May, 1874, warranted, on the testimony of the farmers, the 

 extraordinary estimate of eight hundred and seventy-five thou 

 sand tons for shipment; four hundred and fifteen thousand tons 

 more than the shipment of the previous year, including tho 

 Oregon wheat shipped from this port. 



The crop of 1873-4 gave cargoes to two hundred- and forty- 

 seven ships, and was valued at $19,400,000. 



The crop of 1874-5 would require four hundred and thirteen 

 ships, and at the average prices of the previous year, was worth 

 over $40,000,000. Mr. Walcott had made his own estimates, 

 and had chartered some seventy vessels to arrive, at prices 

 varying from &amp;lt;4 to 4 10s. By the time they did arrive, a sur 

 plus in the foreign market had lowered the price of wheat and 

 of rates in San Francisco, and consequently the crop came for 

 ward slowly. Mr. Walcott had not only the Grangers business 

 on his hands, but in prospect commissions from farmers outside 

 of the Order; nor was the wheat business the only one which 

 had attracted his attention. One of the most important com 

 plications deserves to be mentioned here. We have seen how 

 grievous a burden the farmers had felt the sack monoply to be 

 upon the wheat industry, and in previous chapters have noticed 

 their efforts to extricate themselves. In February, 1874, the 

 agent employed by the Executive Committee, Mr. Gardner, 

 called their attention to the fact that a corner was about to be 

 made in sacks. A circular was immediately sent to all the 



