The herald., 1897-11-19

tember. '9S, 234 issues, $11, 500, ,5S4; Octo-
ber, '97. 162 issues, $S,175.93S.
The monthly average for the first year
$9,283,SS9 for month, and for the second
year enumerated the average was 129
issues, amounting to $13,7OS,019 per
month.
Not a little discussion has arisen of
late regarding the legality of taking
affldavits by telephone. 1t is still an
unsettled question to the extent that a
rule Of general application cannot be
formulated. Something depends upon
the condition of the telephone to So
transmit a voice that it can positively
be recognized. In recent event some
$4,000 of funds in a New York city were
tied up on the strength of an attach
ment, the affidavit to which was OBJ
tanned over a long distance telephone,
and the court held it to be good. In this
case, and from a decision of the New
York state court Of appeals, we under
stand the rule must always apply, If the
voice of the one making the affidavit was
recognized. and was capable of positive
ntification.-American Investments.
Mr. Henry Clews of New York says in
his latest bulletin, under date Of 18th
inst. as follows: During the past week
the stock exchange market has contin-
ued unsettled; but nevertheless has eX-
hibited an improved tone and a partial
recovery in prices. The respondent and
semi-panicky feeling has disappeared and
the downward pressure appears to have
exhausted it's force. This improvement
has come in an entirely natural way.
The reduced range of price has been re-
garded as low compared with the condi-
tion Of the country, the large earnings
of the railroads and the prospects of
future traffic. There has been general
feeling that at some later stage there
must be reaction which, with an easy
money market, may carry values ap
proximately near to the level of those
of September; and this has brought buy
ing orders into the market which have
produced u rise of fully two points on
most Of the active stocks. The pur-
chases have not been on a large scale;
but the fact that such an advance has
resulted from such moderate buying is
evidence of the intrinsic strength of the
market. The staying quality of the
market however remains to be tested.
1t may be that the buying is based upon
an expectation of a moderate advance,
rather than in view of any considerable
immediate advance. We are disposed to
regard 1t as experimental rather than
asa laying in Of stocks in anticipation of
q straightforward and continuous rise:
nevertheless we do not regard 1t as inn
possible that it may develop into the
latter. We are, however, coming near
the assembling of congress, and prudent
operators are likely to avoid accumu-
lating large lines of stocks until the ad-
ministration and congress have shown
their disposition upon certain import
ant and sensitive questions.
Small buyers feel that large capital
lists have inside information and when
they find men of wealth active in the
market the small investors take cour-
age. Their confidence in present condi-
tions and future prospects is shown by
the transactions in the real estate
market.
At recent meeting of the stockhold-
ers of the First National bank of San
Jose it was unanimously decided to re-
duce the capital stock of the bank from
$50O,0 900 to $500. 900. This action was taken
in order to transfer a portion of the cap
ital stock invested In non-interest- bear
ing property to suspended account.
These investments on the part of the
bank, while considered perfectly safe,
have impaired the banks accounts with
the comptroller of the currency, and it
was partly in accordance with his re-
quest that the action of reducing the
capital stock was taken. The proceeds
from the property in the suspended ac-
count as realized will be credited to un-
divided profits or repaid to the stock
holders as extra dividends.
The supreme court of Iowa has laid
down the principle that contracts for
grain where the intention Is merely
speculation on the rise or fall Of the
market and no delivery is intended are
gambling contracts and void.'
4 \ +
1t Is estimated by Consul johnson, at
Annoy, China. that the total value of
ginseng roots consumed in China each
year amounts to $4,000, 1000 In Annoy
ginseng sells at $25 to $35 (Mexican), or
$3.50 to $3.50 (gold), a pound. and it
costs the exporter in the United States
81 to SO pound. In 1896 the Annoy mar
ket took $SS,b17 (gold) worth Of ginseng
from the United States, besides $44, ,222
worth from Corea. While the Corean
ginseng costs much more than the Amer
ican. being more skillfully cured. it is
not otherwise superior in quality. Ex-
porters Of ginseng from the United
States to China are said to make great