The herald., 1895-07-04
Henry CIews' Weekly Review of
Financial Matters
SILVER QUESTION DISCUSSED
Dun & Co.'S Commercial Report for the
Month Of June
fhs Indications Observed Throughout the
Country Regarded as Excellent Proof
Of Business Improvement
:
Henry Clews' Weekly Financial Review

eWall street is not in a mood to borrow
kouble from the drift OF the silver agita-
lon. Above all interests, it is most dis
Dosed to put faith in the safety OF the
6nal common sense conclusions Of the
popular judgment Our people are not
given to violent revolutions they dislike
jreat changes which are purely theoreti-
)al and experimental: and although they
bather enjoy the excitement OF an agitation
apon some great question or principle,
yet, when the stage for decision arrives.
they know how to say no to the schemes
Of mere agitators and to the abettors of
the mere alterations of factionists. 1t is
confidence in general conclusions based
on the working of our political institu-
tions that keeps Wall street calm and un-
Apprehensive in the midst of the prevail.
Ing excitement on the silver question. In
Z word, its estimate OF the preponderant
Judgment and conservatism OF the Amer
Jean people is one that excludes the possi-
bility of silverism ever becoming the law
of thet land. Politicians most familiar
with the complexion OF congressional
sentiment on this question agree that the
new house OF representatives stands two
70 one against free coinage; and were the
attitude OF congress less certain. there
still remains the fact that, SO long as Mr..
Cleveland retains authority. no lawafa-
toring silver could escape his veto; SO
chat, until the assembling OF congress in
She winter OF 1897. there is no possibility
Of any change being made in tn, legal
status of silver For the interval there is
opportunity enough for the common
eense Of the nation to do its saving work.
Operations on the stock exchange have
been on a limited scale. There were
good reasons for this; due to the inevita-
BILE waiting for the new reorganization
schemes which are shortly expected to be
announced. Large operators naturally
hold aloof until the nature OF these settle.
ments IS better known. Another reason
was the apathy of the London market in
spite of the fact that foreigners are ready
buyers of all hrst-class issues. The indus
trials have been subject to several bear at
tacks; but this far the railroads have suc-
essfully resistsd all attempts at depres-
Bion the steady increase OF earnin gs and
the improved commercial and crop out
hook discouraging any general selling
OF railroad stocks. Pennsylvania last
monthly report attracted much attention
for its satisfactory results; and from the
wide territory covered and large variety
pf products carried was regarded as excel
cent proof OF business improvement.
II. W. Burnham, local manager for Dun
+ Co.. makes the following report and
summary of local business cond itions for
the month just closed:
June closes with encouraging reports
from all the eastern traue centers. and
clearing house reports show tiattering
gains in all but three cities. and their
per cent of decrease is nominal, the ag-
Rregate gain for the whole country being
1876. In most cities the gain can be at
trIbuted to speculation or large. dealings
in some special lines of staples. The
Los Angeles clearing house for the
month showed gains as follows: First
week, 1913: second week, 1872; third week
1913 and fourth week, 45.2. We have no
heavy crop moving in June and there
are no signs OF any speculation, so it is
fair to say that our increase represents
healthy ana steady growth.
Retail merchants report good month
In necessities and houses dealing in lux
uries also report large increase of re-
ceipts over June of 1894 Notwithstanding
goods being sold for much less.
Jobbing trade in most lines has beer
heavy and collections have been good.
1t is pleasant to note in this connection
an attempt to place business on a better
basis by curtailing lines OF credit and
shortening time. The sooner our jobbers
learn that to indulge man beyond
reasonable limit is to do him an injury,
the better it will be for the com m unity.
Too good credit is responsible for more
3nancial wrecks than is lack of ability.
The orange season IS closing with
Better demand and firmer prices for good
5luit.
The oil industry is proving a surprise
to our visitors and though 1t may not
prove a bonanza to the small individual
producer, we find none who fail to
acknowledge that it is sure to prove a
pow erful factor in the commercial future
Of our city.
The large volume of money being ex-
mo, Sod in Sy1fn nj fr,v>
public and private. in Southern California
is responsible for the falling off in msrcan-
vile failures, there having been but eleven
during June. with liabilities aggregat-
Ing $22, 600 and assets SD, 500, and sew eral
Of these were entirely unnecessary.
From the time John Sutter found gold
tn his mill-race. to the present, says an
exchange, California has stood, in the
eyes OF the world. as the gold producing
state. The time has come for that dea
~ broaden. The gold product is all right
but it holds the first place no longer. For
the past ten years the fruit has been push
lnglto the front. amounting LAST year to
$4,000, 600. The value OF the gold mined
Tor the same time was 100000 which
shows that. i the mines give out, the
state will still be able to keep her nose
above water. She seems to have heard
she fable about not putting all her eggs
Ia one basket and to have turned it 10
practical account.
4 K r
. Experiments have been made for so me-
time past as to whether the refrigerator
or ventilated car was the better service
for the shipment of fresh fruit to the
east. The results have been all in favor
Of the ventilated car. The principal ad-
vantage OF the ventilated car service is
shat 1t does away with the shipping of
ice and consequently the payment OF
freight on the same.