The herald., 1897-04-07
OFFICE OF THE HERALD,

fruit growers OF Southern California rol
an adjustment of the tariff on compet-
ing fruit is being actively pushed in
Washington. The existing regulations
by which importations OF citrus fruits
are taxed upon a basis of cubic meas
urement leave the door open to the per-
petration OF all sorts Of fraud. The fruit
comes to this country packed in crates.
barrels and odd-sized packages, making
the mea asurement difficult, and. as
a matter of fact, the evasion of the law
has been continuously successful Cali
fornia growers demand that the duty
be f1xed on basis of pounds weight. in
accordance with the practice OF Euro
pean countries. Austria Hungary. Swe-
den, Norway, Denmark, Belgium,
Russia and Germany have each such a
tariff of weight, and 1t is regulation
far more difficult to evade than the
American custom. What the California
growers require il not a prohibitory tar
IN; a rate of / cent per pound would
suffice and would not shut out foreign
productions. but would enable the home
grower to compete with the foreign pro-
ducer on fairly equal terms
The proposed change to this effect has
been agreed to by the ways and means
committee of the house and is now be-
fore the finance committee of the senate,
which Is being besleged by the heavy
importing houses, who are endeavoring
to maintain the system OF cubic meas
urements.
This matter Is Of vital Importance to
the welfare of the southern portion of
the state. The value of the product for
the past year is estimated at about
$4,000.000. There exists no reason why it
should not be si0,0O0,0O0. and in five
years time 1t might and could be made
to realize $20,OO0O0O.
In the east there Is not California
orange to be found on sale outside of
the navel variety. The industry itself
is in an infant stage, and 1t will be many
years before it can successfully COM
pete with orchards that are hundreds of
years old.
The contractors on the Main streat
paving job have not yet shown any out
ward and visible sign of their intention
to comply with the order of the council
TO resurface the street. although. at the
same time. IT is stated that It is their in
tention to comply with the requirement.
The property owners expect that the
best material will be used in the new
work, and, so far as can be ascertained
there is a unanimous willingness on their
part to pay the price for job that shall
be up to the required standard.
San Francisco savings banks find only
a light demand for money on city real
estate. No country loans are now being
made. There is so much money on hand
that a reduction Of the rate of interest
IL likely. Existing rates are 6x to per
cent per annum--the banks paying the
mortgage tax. The net rate they earn
is to 51s per cent.
The real estate market in San Fran
cisco is thus reported on in the current
circular just received Of Thomas Magee
& Sons Of that city:
Real estate of all kinds continues
dull, and prices are not advancing any
where. There continues to be good de-
mand only for a very limited circle Of
business properties. of the first and Sec
end classes. None but progressive prop
, critics will be looked at, no matter how
tempting the rents. The demand-and
1t Is only light one-for residence prop
critics nearly all centers out on Pacific
Heights. Prices there are lower than
they were. All other properties are dull
of sale, with prices weak
The total number of real estate sales
in March was 321, of the total value Of
$919,575.
of mortgages recorded In San Francisco
in March at 4o4. covering 81, ,152. 655. and
261 releases, amounting to $1.o1S,6s5.
The oil strike made on the Cudahy
place at depth of 500 feet near the juno
Jon of Center and Macy, which was re-
ported in yesterdays Herald, confirms
the theory Of Professor Watt as to the
direction in which oil bearing strata
may be found Continuing in an east
erly direction the next important find
may be expected on Boyle or Brooklyn
Heights. where Oil has long been sus-
pected to exist.
The property Of the Shasta Lumber
company was sold under foreclosure at
San Jose on Saturday last, the buyer
being T. McLaughlin. The amount OBJ
tained by the sale was $s7. 40, which did
not cover the total OF the first mort
gage. Theye were three mortgages In
all on the prppefty, aggfesRting 1862 900.
The cause Of the failure Of TIE company
wastbe fail In the prices of lumber, which
are 1t present lower than they have
been at any time During the past twenty
five years.
The highest PRICE ever paid for a build
Ing in New Fork ID said to have been
that paid by the syndicate which recent
~ purchased q flfteen-story block, cor
ner Of Nassau anu Liberty streets, for
e206s,a91.
Los Angeles Clearing House
The official report Of the business done
by the Los Angeles clearing house banks
for the quarter ended March 81, 1897, is
ag follower
Balances Clearings
Banks Paid In. Taken Away.
chants bank......$ ~ 10. - SS116 26o II
First National Rank 2S6i50.0s 2'6S6 6S6 81
Los Angeles Ma
tionaI Bank...... lel,775.50 2.1s7.1s7 AZ
Merchants National
gss sses esllis;si:ssai sis 1ass % - e
National Bank of
California ........ 1ss,l5e.sl s471o5.oe
Turst Co:.,;...... 4.ssss.7s a.ss71n.M
Citizens BafflO..s. al5.oOs.s6 s57s7l.T