The herald., 1897-08-31
OFFICE OF THE HERALD,
Los Angeles, Aug. 80, 1897.

moss situation conservatively, saying that
business affairs, while not keeping up to
the rapid pace set for them by the news
papers and the boomers, are moving for
ward strongly and there is no reason
whatever to abate anything of the ex-
pectations that the wiser and more ex-
perlenced men of this country have here
tofore expressed. Each week. says the
Economist, brings new evidence that the
country has started toward a large pros
perity, and each week sees some important
addition to the activities of our people.
The most recent events of Importance are
a revival in the manufacture of textiles
and larger demand for iron, though it
must still be admitted that these two in
dustries have not reached a satisfactory
position, and so long as the iron market
halts conservatism should temper enter
PRISE Some of the markets have shown
this week disposition among operators to
slacken their pace and await the further
development of tendencies, and to be sure
that the advanced position they have occu-
pied can be maintained. Contributory to
this state of mind are the reports in regard
to the agricultural situation. Advices
from the northwestern wheat fields are
that at some points the wheat is not turn
ing out so we'll as was expected, and there
is really at the moment a good deal of
doubt as to the increased volume of that
cereal coming from Minnesota and the
Dakotas. AT the same time cold weather
has prevailed throughout the country,
which has led to some anxiety in regard to
~
erature here does not justify the expecta-
tion that the yield of corn will be greatly
ourtailed, for such cold spells come every
season, but naturally prices in the stock
market having been carried SO high on the
expectation of big crops, it takes but
small incident of this sort to weaken the
confidence of the bulls.
= =
London promoters have taken up the
Klondike boom with enthusiasm, and there
are already numerous companies organized
to take part in operations in that region.
In the latest issue of the London Statist
at hand, says the Engineering and Mining
journal, we find notice of the Incorporation
of six companies, whose total authorized
having also power to increase the amount
when necessary. The London investor is
apparently to have quite as many chances
of putting his money into a Klondike ad-
venture as the New Yorker; and he needs.to
exercise the same caution. Few or none
of these companies can have any defined
property In the new fields yet, and no one
ought to invest without very careful in
vestigation of the representations which
are made by the promoters.
4
The name of James H. Eckcls, comp
troller of the currency, is said to be un-
der careful consideration by the directors
of two Chicago banks in connection
with their presidency. In the case
of one of these institutions it ap-
pears that negotiations have reached a
rather advanced stage, and, while no Off
cial statement has yet been made, there is
fair prospect that Mr.. Eckels will be the
president of widely known Chicago in
stitution as soon as he chooses to give up
his present position.
y Y Y
Some interesting figures as to the prog
ress of England's shipbuilding interests are
contained in a speech made by John Burns,
M. p, and reported in the London Daily
Chronicle of recent date.
He showed that for the year 1896 England
turned out 1887, 900 tons of shipping-2OO,
600 more than in 1S95-while all the other
countries of the world put together turned
out only 365.OOO tons. England owned 60
of e1,t Of ha md
built from rs to so per cent of the shipping
of the world. England's chief competitor,
Germany, built $1,000 tons of shipping in
all its yards. Again, in the year 1896, while
Germany turned out only $1,000 tons of
shipping, England sent to Germany 117,0OO
tons. In 1894 England made 13 per cent of
the shipping of Europe, in 1895 she made
over 20 per cent, and in 1896 80 per cent.
Moreover. the nations Of Europe subsidized
their shipping to the extent of million a
year, but in spite of that the Germans
looked upon the competition of England
with fear and with increasing alarm.
Moreover, in 1896 England was building
ships at cost of e6 against cost of e12
ton in 1880, and in the interval the wages
of the men were raised IS to SIS week. Not
withstanding the increase in wages, the
cost had gone down from G12 to Sc per
ton.
The strong pressure brought to bear upon
the silver market as evidenced in its late
rapid decline in price, also shows that
American holders are unloading as fast
as possible. There is nothing to show
how large are the stocks of the metal in
this country. In addition the invisible
supply of silver is probably much larger
than is generally supposed. We look to
the silver mines as the producers of sill
yer. but as a matter of fact mines whose
main product is another metal, such as
lead copper or gold. yield silver to an i'm
mense extent, and it is claimed that the
Anaconda copper mine is now the largest
producer of silver in this country. The
sales of fine silver by the Anaconda COM
pany during the fiscal year ending June
30, 1886, were 4,49s, $50 ounces. With the in
crease in mining operations that has been
going on during the last two or three
years, it is inevitable that the output of
silver from sources not distinctively sill
Yer mines has been large, and it must be
still gaining So great has been the COM
petition from this source in a weak market
that several important silver mines will be
closed at once.
Is,1~ -