The herald., 1897-06-22
OFFICE OF THE HERALD.


OFFICE OF THE HERALD.
June q, 1897.
Real estate transfers in Los Angelel
were 26i in number. of which "a were foi
nominal amounts. The considerations az
Ercgated s2ss yosl.oo. as against SOS, 1890 fol
the previous week.
Mortgages for the week ended 10th In
slant were 115 in number. aggregatinG
$124.s25. as against ss. aggregating f6,a2o.1
for the previous week.
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The business of the Los Angeles clearing
house for the week ending 10th June was
Exchanges, 1858 72e.S7; against s9ss, ,457 Al for
the corresponding week of,1SsS.
In transmitting to the state department
Z copy Of the decree of the Guatemalan
government absolving the banks from the
requirement OF redeeming their bills in sill
yer, United States Consul-General Pringle
at Guatemala City, says the decree caused
\ panic and has shaken public faith. The
bills issued by the banks must naturally
depreciate. and there Is not enough silver
In the country to carry on trade. The con-
sul.general predicts that the credit of the
country. as we'll as Of the banks, will be
seriously affected.
A mortgage for $50. 900. 900. to run 100 years
from June 1. 1897. at the rate of 81 per cent
interest. was filed with the county clerk
of Erie county, at Buffalo. N Y, 17th
inst, by the Lake Shore and Michigan
Southern railway company. 1t Is given to
the United states Trust company of New
Ynfk md, .Tn6n, n Tlva India n a no1fs
Ind, as trustee. 1t contains gold clause.
This mortgage Is given as part of the
refunding scheme Of the Lake Shore road.
which 10 to pay off it's outstanding obliga-
tlons and bonds amounting in all to $43.-
$4,000.
The Quggenheims, the owners of the
Aguns Calientes sfnelters in Mexico, have
purchased for $150O00, Mexican copper
mine south Of Jimenes. state Of chihuahua.
The question whether one man may take
UP several contiguous mining claims in
his own name is asked almost daily He
may. 1t does not make any difference
whether they adjoin or not. He must see
that 800 worth Of work or improvement
II put on each claim annually. On q claim
taken UP prior to May Is. 1897, under the
old law or on or after January l, 1897, the
jOcotor Will nave until january j. 1888, III
which to do the first 500 worth Of assess
ment work.
The Golden Cross mine. Hedges. San
Diego county, for which 81, 900 was re-
Gently refused, IL reported bonded for
81, 800 900 to Messrs. Carman & Rogers, rep
resenting New York men.
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A sme!ter is to be built at Seattle, Wash,
according to q dispatch, which says that
SPECIFIC terms have been agreed upon be-
tween leading citizens Of that city and the
representatives of q Milwaukee. Salt Lake
and Portland syndicate, whereby the latter
Is to sxpend $4,000 In the establishment Of
= smslter and refining plant IN Seattle. 1t
Is announced that work will commence
within thirty days.
The last legislature extended the law re-
quiring publication of unclaimed deposits
to cover commercial banks. Three of these
banks have published this statement in the
Bulletin the past week. Only deposits that
hAve been undisturbed for ten years are
involved. The lists. as expected, are short.
The bank Of California reports twenty-six
depositors in this dormant list. with $5o7s
bank reports eight depositors, with s949
to their credit Wells. Fargo & Co. report
only three depositors. with 1858 to their
credit.
Among recent sales In San Francisco are
mentioned ten shares Of Fireman's Fund
Insurance company at 1872: sixty shares of
the Bank of California at 1926 for cash. and
sixty shares Of London, Paris and Ameri-
can bank at 12S.
1t is stated that the Union Trust COM
pany Of San. Francisco will declare its
first semi-anndal dividend Of SIS per share
early In July.
In reference to- a statement made to the
effect that the rate of interest in New
York 10 five per cent on mortgages. and in
Chicago fve and one-half and also that
there seems to be no good reason why the
rate Of seven per cent should be maintained
In San Francisco" San Francisco journal
admits that the rate Of seven per cent in
San Francisco produces to the loaner
hardly net five and half per cent after
paying the mortgage tax on the loan. and
much money is being loaned in San Fran
cisco at six and a half per cent. Deduct
ing one and q half per cent for the tax,
which the loaner pays leaves him but five
per cent net 1t will thus be seen that the
rates Of interest are as low. or even lower
lu Sdll CTdHclScO LudN III CnlCaBO. OF any
other city. If the people of the state are
10 anxious to get reduced interest, they
should abolish the mortgage tax by q con-
gtitutional amendment.
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The Escondido mines in San Diego
county, California. have been sold to the
Du ouesne Gold and Silver Mining and
Milling Company, principal Office at Pitts
burg. Pa. The company also owns and
operates mines at Ames, Colo. These mines
were discovered thirty-six years ago and
work has been done on them by several
companies. The new owners will begin
extensive development work at once.
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The British Columbia Legislature has
authorised the formation Of four electric
ught and power companies. the Pend
GOreille Power & Light Company to take
Uo. 600 miners inches of water from Pend
GOreille and furnish light and power to
any part Of East Kootenay, the East
2ootenay Company to furnish light and
power to Rossland and Trail, the Cascade
Company covering the unsecured rights
Within radius OF forty miles of Grand
Forks. including 10000 inches from the
Kettle river at the falls. and the Kootenav
Company This latter Is empowered to sun.
ply power and light by compressed air ana
electricity to all Kootenay, and can use
the water In the Columbia and Kootenay
rivers.