The herald., 1896-05-10
Local, Eastern and Foreign
Commercial Dealings
WALL STREET SPECULATION
The Gold Standard and the Rate OF
Interest
The Gold Countries Enjoy the Lowest Rates
Banker SeIigman on the Silver Market,
Past, Present and Future

the people. If this Is true it ought to be
capable of demonstration; but when we
come to examine the evidence. we ma
nothing to substantiate it. The tendency
of national bank dividends has been gem
orally downward for twenty-five years.
The average rate paid on the capital OF the
banks from 1870 to 1876 was l0.1 per cent:
the average yearly rate In the period lSs9
TO 1895 was 7.5 per cent. IL Is impossipie
that the profits of banks augment when
the earnings of industry are either station
airy or grow less. Another point bearing
upon the matter may be mentioned. An era
none the less positively, the burden of in
debtedness. Though the nominal amount
of the borrowed capital has not changed.
the value of the money with which 1t is re-
paid has increased in purchasing power.
The influence which thus subtilely in
creases the debtors obligation is de-
nounccd as absolutely evil. for it is said
advantage To certain extent that is
true: but it ignores the fact. which may
be of great consequence, that the cost at
which capital may be borrowed tends to
fall under such conditions. thus neutraliz-
Ing. to Il certain extent that uncontracted
for advantage which the creditor is as
aumed to derive from the increased pur
chasing power of the principal. The rate
Of interest. 1t might be added tends TO de-
cline as the security upon which the loan
Is based improves Moreover. loan pay
able in 'coin." n term of equivocal import,
ts more costly to the debtor than one pay
able In gold. Repeated examples OF this
fact go to show. as Mr.. Fishers paper in
the April Bond Record endeavors to eluci-
date, that 1.-The full benefit of the gold
standard in reducing interest is not en-
1oyed by the American debtor. for the sim
pie reason that he allows that standard to
be I'm debate" The advantage of the debt
or. which SHOULD be considerably neutral
ized by the lall of interest. is only partly
reduced because of the uncertainty which
now surrounds the monetary standard of
the country, yet surely the reduced earn
ing capacity of the banks proves that they
at least. are not reaping where they have
sown. In Mr.. Fishers article there is an
Interesting comparison between the aver
age rate of interest on the best merchant
bills at London and New York. In both
1895: but the fall has been greatest in the
English capital. where the standard is
sure:-The American Banker.
William Seligman of the Partisan bank
ing house of Selgman Brothers says that
notwithstanding the repeal of the Sher-
man silver purchase law and the closing of
the East Indian mints to free coinage, sill
Yer continues to be produced and absorbed
IN large quantities. and its use as a circu-
lating medium remains therefore undimin
ished He presents figures showing that
in 1893 the production of the three great
silver-producing countries was, in the
equivalent of gold United States. s35.-
2H!U; Mexico. s29.5la 10: Australia. a2.
100000; total. 81. I.593 ST.. value greatly SUI
perior to former wears. even deductng the
4s.ooo.oOo ounces bought and stored away
by the United States. Mr. Seligman adds:
ing very large and influential class in
EUROPE favors universal fixed value
of silver, the tins for this has
not yet arrived. and if our free
patience until the tide once turns. until
gold shipments from New York will cease
and shipments of gold will have to be made
from Europe to the United States. which
has already been the case. and will be the
case again. fixed value of silver may he
agreed to by European powers Then. and
nDi n qpan nf
silver properly be sanctioned in the United
States without injury to the country
Current Onotati MS stt
The usual Saturday Guietude per-
vades the markets Eggs are easier. the
market being II cents cents eXtrS select ina
BuTTER-Local creamery 2-lb squares,
squares. sOasSlsc: coast dairy, fancy 2-lb
squares. 27lsds6c; do lN-lb 25d 27Isc COM
mon grades and very light weights, 2ofo
northern do, S'Emloc;, half cream, Sdac;
13c. All iac more cased for shipment.
EGGS-Choice California ranch, 1870
ABLEs-Artichokes per doz
2oc; asparagus, per lb, 6asc; beets, per 100
lbs. zoe; canlit1ower. per ,doz..--c; celery
do. soc; chilis, dry. per string. soc; Next
can. per H. l5c green. re- per h. l2c: cucum
bers: per doz., si'5o: egg plant per 10. ilc;
tuce, do. 15c: mushrooms per lib, &C; on
ions, green. per doz punches. 2O14Oc; do
white, $225a25C parsley per box. Soc: par par
ships. per 100 lbs. 75c; peas, green. per lb. &c.
radishes per doz lunches, 4oc; spinach. per
lib. 15c: string beans. per lb. 6M7c; tomat
oes per box. s1.OOa125; turnips. per 100
lbs, 15c: watercress. per doz punches. 40c;
wax beans, 7gSc; summer squash, per box
GREEN FRUITS-Pears. - per box;
stray 3 o Sss hoGe
BANANAS bar ssasaa5c per f'' bunch seHari Cherries
CITRus ERUITs-oranges, nayels. g. 90
ss ssdnss ss urska e%Sas aSa 1sSony fSnsy HaEs %
A% SsSreo AND ffs SF esr Ffs s9S
comb 9i%ac SaaSc Is per n lh; strained S4c; bees
P0ULTRXHess stSetS h75lp2s per dSz Ss
S GID f01seets Toostsrs e 1Gsf dacEs asSg
HAY-Wheat siodli; barley, $40; wheat
and oat $sdt1O alfalfa, baled. $IqS; loose,
MILL sTuFFs-Flour, Los Angeles
@ stesston 6GaGds b4aD b4o nsr Oregon
ton. local. $1,000. northern. si7.Oo; rolled
'T' DRIED ri ef FRWrTsNAppes,' e 'l sun dried
sacks, per I'D, 4M5C, boxes. 5HIC: eVaDO-
rated, fancy 6G7c. Apricots, fancy 11c
choice, Sc. Peaches. fancy. unpeeled &c; ;
choice, &c. Nectarines, fancy. s@9c; CHOICE,
Piums, pitted choice, 7m9c: Prunes, choice
boxed. 3G5c; sacks. 2G3c; fancy. 10c.
NUTS--Walnuts. Los Angeles, &c; med
ium soft, &c; soft shell Los Nietos, fancy
shsii lac; bard shell, &c. Pecans, lsdhi5&c 5Rs.
HIDE HIDES 'vA' XND wooL-Hides, as they
run, 10c per lb: sound kips size; bulls and
stays. SIC: calves. 15c: sheep pets. 5G15c:
wool, spring clip, good, 4a5c; inferior, so
sliei iei,,ow ,e,.uo
LIVE sTOCk-All per lbsn,Beeyes 2is@
a.: 81 calves Ives smsHc s,E@s sheep 2&aac; lambs
'i9f; DREssED aShsi 'MHE,AaiTs-An per lb-Beef. 5@
5lsc veal SQ7c mutton, 5a5lhc; lamb, so
'Vei cuREp fSsf, MSiiEATs-Easle hams, s,sc: Rex
hams, 1odl4c ay; 11Ac, selected pig hams.
.49c. av. 9Ac: Diamond c picnic hams. 50
&c, av. nc fancy Rex boneless breakfast
bacon. wrapped. 13c; Rex homeless
breakfast bacon 10c; Diamond C break
fast bacon backs, 71ac: Rex boneless ham,
sugar cured. 9lsc: Rex boneless butts 9c
Rex dried beef (sets). 10c; Rex dried beef
0nsdes); lie: Rex regular dried beef; &c:
bacon. &c. medium bacon, SAC; dry salt
clear bellies. 16@2Oc, av. nc: dry salt short
clears. 30Ql40c av &c; dry salt clear backs
5lsc: Rex pure leaf lard. tierces. 6Kc: ivory
lard. compound. tierces. 51ac: Rexoline,
tierce basis, 61ac Cottolene. tierces. SIC.
RAISINS-Fancy clusters, SIPS: 4-crown
L l. clusters ,sl.10G1.25: 3-crown L L. per