The herald., 1897-10-31
OFFICE OF THE HERALD,
Los Angeles, Oct. so, 1S'

Los Angeles, Oct so, 1897.
The highest grade of securities in this
country are United States government
bonds. At present price they yield only
2ss per cent interest. The uext grade Of
securities are state, municipal and first
mortgage railroad bonds, and they yield
from to per cent interest. Then come
the general mortgage bonds, which yield
computing the price at which they sell,
from Az to 5A per cent. The latter have
a margin for advance, while the former
have but little, if any. High grade stocks
then follow.
In several of the Australian colonies
both general savings banks and postal
savings banks exist, both being under
control of the government, says the Chi
cagO Record This is true of Victoria,
New South Wales and Tasmania. Post
office banks alone exist in Queensland.
and Western Australia, and general saw
ings banks alone in South Australia. In
Canada government savings banks
ante-date the postal savings banks, but
are giving way to the latter as the more
convenient and suitable institution. In
some countries having the general saw
ings bank as distinguished from the
postal savings bank use is made of the
postoffices as places of deposit for trans
mission To the general bank.
4 \ Y
One third of the $40 900, 900 loan put on
the London market by the Dominion
government last week will be taken up
by Canadians. Mayor Wilson-Smith,
representing a syndicate of bankers,
cabled to London taking up the amount
stated.
The per cent loan of Al, 900, 900 marks
called for by the Russian Southeast rail-
way was bought out in Berlin at 1001a.
The recent death of George M. Pull
man. the originator of the Pullman Car
company, makes reference to the last
annual meeting of the company of inter-
est. The financial statement for the
year ended July 81 1897, is as follows:
From cars............. ...............$, 743, 3i4
-
Gross receipts....... ................$S914 914, SIS
Operating eXpense.......... .......... BOIL, SGS
Net............... ....... ..".......S5 465,o2o
To other lines.. ....... S12,169
Balance e.......... ......... .. "a $50, ,S51
Dividends for year............ ........ 2SS0, 900
Surplus. ........... .........H no, S51
Number Of passengers carried during
the year was 4,S52, 1893, or 260, 900 less than
for the previous year. Cars owned and
controlled, 242S, of which 2103 are stand
nrd and 325 tourist or second-class. \
quarterly dividend of per cent was re-
Gently declared.
The Bethlehem Iron company has
offered to sell it's entire plant to the gov
ernmenr at a price which, it is claimed
Is less than the government could build
a plant of it's own. This proposition
according to one of the stockholders,
has never assumed any definite shape
being more in the nature of a verbal sug
gestion. 1t is also reported that the
Carnegie company has made similar
proposition.
Western jobbers of window glass held
a meeting at Chicago Wednesday and
decided upon an advance in prices OF
5 per cent, to take effect at once. An
pther advance, amounting. to- not w.,
than per cent, goes into effect on No.
vember 1st. Stocks of all the popular
sizes of window glass are said to be
practically exhausted.
\ If appearances count for anything the
biscuit war between the rival manu-
featuring companies has become more
bitter. This view is supported by the
hction of the American Biscuit Manu-
featuring company in issuing a new
price list reducing the prices for several
of it's staple lines Of goods about 10 per
cent.
The Farmers and Merchants bank of
Stockton has increased it's capital stock
to $780, 900.
r. l.. Durham has been elected vice
president of the Merchants National
bank of Portland, Ore. For twelve
years. Mr.. Durham has served the Com
mercial National, first as cashier and
afterwards in higher capacity.
y +
The following sales of insurance and
bther stocks were made at auction in
New York last week:
20 shares Eagle Fire Insurance COM
pany............... .......... ........ 25O1a
shares Westminster Fire Insurance
company........... ,......... ....... 206
shares New York Life Insurance
and Trust company ................11 .11SO
10 shares Importers and Traders Ma
tional bank. .......,... b30
25 shares American Union Life Insur-
ance company........ ........... So
20 shares Syracuse Gas company. 291h
700 shares Erie and Pittsburg railroad 131
100 shares Mexican National Con-
struction company, preferred.... 10
+ +
Transactions in bank stocks on the
New York stock exchange during the
period beginning October Is and ending
October q, both inclusive, We're as fol-
lows: