The herald., 1897-08-15

February ............. 1886, 1853 49, 343 423
March .................. 9l23,SS6 l3,luS, lyo
April ................... 5991,9 1922 15,154 65l
May .................... lS25,5O 1850, 56l
June .................. a. 135,G39 1887 919
July .................... 7S14,55S q, $50 713
IOtal oO,ozo,ol3 Sluo, o,0Io, 700
Average ............. S,646,902 A,7S9, AL
This, of course, includes temporary loans
to municipalities which naturally belong
to the class of investments which our table
represents. These temporary loans are not
as attractive as bonds, being usually for
brief terms of a year or less but they are
not for this reason to be thrown out of
the category of municipal investments.
While not as attractive as long term bonds
they are eagerly sought after by dealers
and national and savings banks as de-
sirable short loans. There were indica-
tions in our former reports which led us
to believe that confidence was so far re-
stored that bonds of municipalities and
counties of states which had committed
themselves to the principle or theory of a
double standard Of money would sell again
at fair valuation; but our report for July
shows an insignificant amount of sales
($S76,000) of bonds of localities within the
silver states. AS we have often before said,
these municipalities must recognize the
necessity of making bonds payable in gold
before they can sell bonds to advantage.
y =
Bradstreet's has the following to say in
regard to the swelling tide of bank clear
ings shown in the July report:
The gain in the volume of bank clearings
first noted in June became even more pro-
nounced during the month following. The
expansion of trade and speculation during
the month of July is reflected d in total OF
bank clearings larger than in any preced-
ing month this year or last, and is, in fact
the heaviest total since the month of De
oember, 1896 The July total this year al
seventy-five cities, aggregatng 4,7S6, 0Oi,
1857, exceeds the total for January, 1897, by
per cent, and is larger than the June total
this year by nearly per cent Compared
with July, 1896, the increase is 10 per cent.
with July. 1895. the gain is per cent, and
compared with July. 1894, when business
was at a very low ebb, the increase is &c
per cent. There is, in fact but one pre-
ceding July on record when bank clearings
exceeded those of July this year. that of
1890. a year of large business, but even in
that year the July total was only per
cent larger than the total for the month
just closed
Maurice L. Muhleman of the sub-treas-
ury at New York, who is an authority on
monetary statistics is quoted as saving
that the European banks had gained 500,
U0,Oo0 gold In the last half dozen years
This is practically new gold, as the rest
OF the world, the United States included,
holds about the same amount as it did
before.
A contract has been signed with the
Pittsburg Reduction company for 1000 tons
of aluminium for export to England This
is the largest single order of aluminium ever
given.
On the I'd inst. the Glucose Sugar Refin-
Ing company filed a certificate of incor-
poration with the secretary of state of
New Jersey at Trenton. 1t Is capitalized
at $4,000, 900, and the state treasury got
$4,000 as the incorporation fee. Franz o.
Matthiessen, who is Interested in, the
American Sugar Refining company, is
mentioned as one of the incorporators. The
certificate of incorporation says that the
object of the company is to manufacture
and deal in corn and all of its products
and by-products together with all pre-
parations and mixtures made directly or
indirectly from corn. Fourteen million dol
lars Of the capital stock is to be preferred
and $26,000,0 900 common stock.
The Philadelphia Ledger says: "Bolivia
Is the latest of South American countries
to hold out inducements to immigrants,
with special reference to those from the
Unite0 States. 1t seems to offer great
opportunities for men of ability and enter
prise, and, as the country Is large and its
development still in it's infancy, there is
room for perhaps the whole of the surplus
population which finds it so difficult to
make living in this country. But the
United states is in no hurry to get rid of
this class of its population. The young
and active men, who are usually the ones
to emigrate, are the very ones who are
most needed at home, while the vicious and
Idle, who could be well spared are in no
nina to go where they must work Tor a
living. Still. if men must wander. 1t is bet
ter Tor them to go to a mild climate like
that of Bolivia than to brave the rigors of
the Arctic region in search of gold''
The firm Of H. c. Barnes & Co. Dissolved
owing note to Colegrove. Tallman, the
retiring partner, told Colegrove that
Barnes, the remaining partner, agreed to
pay the debts, and instructed Colegroye ia
collect the note at once. Barnes was then
good. He failed some time after Colegrove
having taken no action against him, and
1t was held that Colegroves negligence
had released Tallman.-67 N. Y, %.
= \ +
The Montreal Trade Bulletin says: "The
exports of cheese from this port continue
large, the total quantity for the present
season up to the close of last week being
439. 015 boxes, against 353 1877 boxes for the
corresponding period last year. showing