The herald., 1897-11-28
OFFICE OF THE HERALD,
Los Angeles. Nov. q. 1897

As might be expected, propositions
looking to a reform of the currency sys-
tenn will have prominence at the meet
ing Of the National Board of Trade which
is to be held at Washington shortly.
Resolutions dealing with this important
matter will be submitted by represent
atives of commercial bodies in the prin-
cipal commercial cities of the country
and doubtless strong recommendations
urging prompt action by Congress will be
adopted by the Board of Trade. The
need of a national bankruptcy law will
be urged In resolutions suggested by sew
eral commercial organizations, by most
of which the Torrey bill, which has had
80 much favorable consideration, will be
advocated. The creation of depart
ment of commerce and industries will be
advocated by organizations In several
cities, and action looking to the extension
of reciprocal trade relations will be sup
ported by delegates from number of cit
les. Several organizations will urge the
establishment of a tariff commission,
and at least one will urge the adoption
of the postal savings bank system.
Some disappointment has been express
sed at the falling off in exports for Oc-
tober, and both at home and abroad pre-
dictons are being freely made that the
large balance Of trade in our favor is des-
tined to be reduced. But possible
source of some of the disappointment can
be traced to the fact that recent months
trade returns have been so phenomenally
good as to have raised expectations un-
warrantably, while the wish seems to be
father to the thought, in case of some at
least, of our English critics. 1t should
not be lost sight of. says Bradstreets.
that comparisons now making with
year ago are more nearly normal than
for long time past, and 1t is not fair
to expect a continuance of the tremend-
Gus gains which were made in earlier
months. Even If this were not the case
the very low price of cotton would in it.
self count for considerable in determine
ing the course of our foreign trade dur
ing the last quarter of the calendar year.
There was falling off of $1.72i,0O0 in our
totnl exports this year In october, as
compared with last year, in spite of tho
fact that our trade for that month
showed an increase of S70O0,OO0 over Sep
tember. The falling off in the value OF
our cotton shipments from year ago
was about $4,000. .0O0 due entirely to the
difference of nearly cents per pound in
price as compared with year ago, be-
cause our shipmpents Of cotton were ac-
tually SO 000. 900 pounds larger than in
October year ago. Small gains were
shown In our exports of provisions and
cattle over n year ago, while our Ship
ments of petroleum were nearly Sl,00o,00o
less. The above exports combined show
a falling off from a year ago in October
of slightly over s7OOO.Ooo. which is not
made up by the gain In breadstuffs ex-
ports of S6.299, 900. the result being net
falling off in our exports of leading do
mestic products of $749,000, pointing to the
fact that the extra $l.000.000 decrease In
all exports above noted IS due to decreas-
es in other lines of export trade. 1t Is to
be noted. however. that exports for Oc-
tober exceed imports by over 6l.000,O00
which excess Is among the heaviest on
record There certainly would seem to
be plenty of room for contraction In our
exports before the balance turns against
us, particularly as the excess of exports
over imports for the ten months of the
calendar year is over S219 900.
Breadstuffs exports still constitute the
most satisfactory item of our October
exports in spite of the failing Off in value
from September this year, amounting to
IS, 1000. The details of those exports
show, too, that the increase in value of
shipments was due to larger takings of
our wheat aAN OATS mcOctbber this SeAr
as compared with last, our exports of
corn and flour showing falling Off.
Compared with September this year, how
ever we shipped abroad 100000 bushels
less of wheat, 100000 bushels less of oats
and $1,000 barrels of flour. The drop in
our corn exports from September was.
however. nearly 10000. 900, while compared
with October a year ago the decrease was
about 5000, 900 bushels. Details of ship
ments by ports show that New York got
a fair share of the breadstuffs trade. and
that larger proportion of the countrys
shipments went out through this port In
October than did in September or In Oc-
October a year ago. New York held first
place as an exporter of wheat. wheat
flour and oats, and was close second to
Baltimore in exports of corn. This seems
to accord with previous experience, which
favors large exports early in the season
from southern ports. with gains by New
York feature Of the later months. For
the ten months of the calendar year New
York leads in the exports Of wheat, wheat
flour and oats, and is second only to
Baltimore in shipments of corn. OF the
total shipments of $1S5,OS3.7O7 of bread
stuffs in 1897 (ten months), New York
shipped s54.74S,925, or about 30 per cent,
and Baltimore comes next. with s3?, 277-
$685. Or about II per cent. Last year New
York handled about 2S per cent. Of all
breadstuffs and Baltimore 141s per cent.
A special cable dispaptch to the Chi
cago Times-Herald gives the following
interesting particulars regarding the ef-
feet upon the insurance companies of the
recent big fire in London. 1t says:
1.-THE total loss in Fridays confiagra-
tion is estimated at E20O0,000. Fifty-sx
buildings were totally destroyed, six
teen gutted. twenty damaged and four
scorched. More than the usual difficulty
is experienced in securing information as
to the net amounts of insurance involved,
owing to the effect Of the fire on the
share market. A list compiled today,
which will of course be subject to later
revision, is as follows:
Phoenix Assur Observation-Disclosures. $4,000
Alliance of London. n.................. 10000
Lancashire .... NEUTRALITY-SUSPICIOUS.. 10000
Sun Insurance Observation-Disclosures. 10000
Liv. & Lon. & Gl..................... 10000
Royal Exchange .................... 10000
Law Fire ACKNOWLEDGEMENTS. 25,000
Guardian ...... Observation-Disclosures. 5000
Com. Union ........................... 10000
Northern Assur. NEUTRALITY-SUSPICIOUS.. 10000 |
Union Assur OBSERVATION-DISCLOSURES. 10000 |
Hand-in- Hand E. .................... 300 |
Norwich Union ...................... 10000
........ .................. 20. 900 |
London Assur ...... ................. $1,000 !
........ ...................... 11,000 |