The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1897-07-16
OFFICE OF THE HERALD,
Los Angeles, July Is, 1895

Los Angeles July 49, 1895
Referring to the proposition to impose a
tax Of two cents on every certificate of
mining stock transferred the Financial
Record says:
at has probably escaped the astute mind
of Senator Lodge that shares OF stock are
divided into such parity Of values as situa-
lions peculiar to investment in these shares
have made advisable. The par value of 10
shares of railroad stock may aggregate
$1,000, whereas the par value Of 10 shares
of mining stock usually aggregates SO.
The difficulties attending the raising of
capital for mining development long since
resulted in the division of capital stock
Into shares of small par value, thereby
bringing investment in the same within
the means Of class of people, in mining
states particularly whose resources are
small. The large capitalists of the east
have furnished only a comparatively small
portion of the money that has developed
the prospector's 'lode" into what may
properly be called mime" The aggre-
cation of small investments by people of
small means has sustained the vast de-
velopment work that has made every min
ing district permanent institution. This
practice of issuing shares of SO small
par value originated In necessity, and
has become the settled practice. There
are many millions of these mining Sc
curities now held throughout the country,
the par value of which is 81; and the.quot-
able value is anywhere from that figure
down to few cents per share. The i'm
position of a tax of cents on every GER
xro~ ,1or t1,o
tifcates practically Notwithstanding and
the effect upon the mining industry would
be immeasurably damaging.
+ + +
The Mint Director is obliged to fix the
gold value of all foreign silver coins every
three months. He does it by first getting
the average value of fine silver for the
previous quarter. The average price of an
ounce Of fine silver for the quarter ending
March 81, 1897, was S064695, and for the
quarter ending June 30, $0.61289. The aver
age for the quarter just ended is unusually
low and so foreign silver coins are slight
ly reduced in value. The Mexican dollar
Is fixed at 1920. The peso of the Central
American states and Colombia at 44.3c.
The German mark is 23.Sc., French and
Belgium franc 1885,, and the Indian rupee
21.1c. The Chinese tael varies according
to port. say from $50 to III. These arbi-
tTaTy VALUATIONS 10 IOT6lSH COlHS are IIloTt-
ly for the purpose of fixing the cost of
dutiable goods in order to settle the
amount Of duty payable on the same.
\ +
The listing of bonds on the New York
Stock Exchange for the six months ended
June &c. 1897, according to the Chronicle.
including new issues, old securities newly
listed and those replacing old issues,
amount to SIT 935, SOP, against $3.50, 355 800 in
the corresponding period Of 1895. $3.50 157, 900
in 1895, and $40, 2S0, 500 in 1894 The total
listings Of stock, including new issues, old
issues newly listed and those replacing old
securities for the same period was $685.
SOL 800, against 1902 ass 1856 last year. sos, O92,
$40 in 1895 and $685. 900 in 1894.
+ 4 =
1t will likely surprise good many people
to hear that the total production of min
erals in the United States in the year 1897
is expected to amount in value, at point of
production, to the enormous sum of $780,
100000, or more than the present market
value Of both the wheat and cotton crops.
+ ~
The Swiss railroads were built with the
eventual privilege of purchase by the gov
eminent, and The. Bundesrath has made an
offer of nearly two hundred million dollars
for them, based on government loan, re-
deemable in sixty years.
+ 4 +
Although the trade journals opposed to
the General Electric and Westinghouse
companies report that there is no money
in the electric field, and business is in
very bad state, the fact remains neverthe-
less, that these two companies are giving
employment to more than 10000 people, and
the managers of the companies are feeling
very much better over the outlook for
business. In the electric field as whole
very little money has been made the past
two years, certainly nothing commensur-
ate with the capital invested, but the two
important companies have maintained
their organizations and simplifed their
operations so that the electrical field is
now pretty free from litigation well
as financial complications. There is
narrow margin of profit in manufacturing
which would be very satisfactory if the
volume of business were so per cent larger.
In the electric railway field the volume of
inquiry is unprecedented and If orders re-
suit as indicated by the inquiry the 1897
business will be well ahead of 1896 in vol
ume.-Boston News Bureau.
Immense imports of Canadianlumber are
being made to head off the new tariff law
Thirteen vessels, with 100000 feet of
sawed lumber are now en- route, and ar
rangements are being made to bring in
100000 feet more before the tariff passes
This same firm is said to have brought in
22,000,000 feet already, which, including the
100000 mentioned, will make total of
S1,000.000 feet on which this one concern will
evade the higher duties.
+ +
The organization of the first building and
loan association in this country took place
In Philadelphia over sixty-six years ago,
and the plan of mutually has become so
popular that today the associations of this
character number over six thousand-in
fact, exceed the number of banks for saw
ings. The number of shareholders exceeds
100000 and the amount to their credit in
round numbers is $500 000, 900. Three hun
dred and fifty thousand members have ac-
quired homes through the aid Of building
and loan associations, who, had 1t not been
for their existence would. in all probable
ity, have continued to pay rent to land
lords.
4 + =
Frank c. Mayhem, formerly cashier of
the Bowery bank of New York, has been
elected president of the bank, succeeding
Henry p. Degraaf
+ + =
A Washington, d. c., dispatch saws:
The flrst counterfeit of the new dasipn Of