The herald., 1897-12-21
49, = 40 ~ . -
OFFICE OF THE HERALD.
Los Angeles, Dec. 20. 1Ss

OFFICE OF THE HERALD.
Los Angeles, Dec. 20. 1897.
The returns Of the Western Union Tel
egraph company for the current quar-
ter were made public a few days ago.
TIE comparisons Of the earnings. partly
estlmated, for the quarter ending De-
cembcr ~, 1897, with the actual figures Of
the corresponding three months In 1896,
10 satisfactory, according to Brad
streets, although no startling increase
10 displayed. The estimated net revenue
Of the corporation for the period under
consideration Is given os $1,600.000, an
Increase of $4,000, and the balance re-
manning after payment Of interest on
the funded debt is $1,S75,5OO, gain Of
$73,405, the surplus over the dividend be-
ing calculated at $15S.525. or $4S,O0O in
excess of the surplus for the same quar-
ter year ago.
The company's figures for the first half
of the current fiscal year, make, how
ever. a rather better impression. In this
comparison the actual earnings for the
September quarter of 1897. added to the
months ending December 81, indicate net
earnings OF $3,303,S52 gain Of $170,865,
and a balance over fixed charges for the
half year of s2,S54.934, which is s20s,6G5
moresthan the surplus for the stock in
the same six months of 1896. Deducting
the two dividends on the stock charge
able against the earnings of the period In
question the surplus is $420, 1856, or $685.
639 In excess Of the amount carried to the
credit Of profit and loss in the last half
OF 1896. 1t will be noted that the gain in
both net and surplus for the quarter now
drawing to close Is on a smaller scale
than those items for the quarter ending
September 30. In view of the continued
Improvement In general business and
the natural effect upon the volume Of
telegraphic traffic this result might oc-
casion remark. 1t is, however, under
stood that the failure of the company to
exhibit q larger proportionate increase
In net Is not the result of any Stacking
in the growth of traffic or of additional
competition from the Postal company's
system. On the contrary, it is stated that
the gross receipts display a continued
increase of most satisfactory charao
ter, but the prevalent conditions have
called for increased expenditure for the
extension Of lines, the increase of facil
tiles and the opening Of new offices,
which resulted in considerable though
temporary increase of the expenditures
charged to operation of the property.
This itself is a healthy sign.
It is' reported that the Pennsylvania
Railroad company, after experimenting
for. some time with electricity as a mo-
tiye power for it's small branch lines. has
decided in its favor. The overhead troll
ley system Is the one most likely to be
adopted. The branch lines running from
the Amboy, N. j.. division will be the
first equipped with the new system, and
= branches of other divisions will be
equipped as soon as possible.
Efforts to reduce the rate Of interest
pafdsby New York city banks on deposits
by country banks have. it is said proved
TO be fruitless. While the presidents of
the various banks in the city having
such deposits are agreed that the rate
should be reduced, it seems impossible
to get majority to act In concert. This
inability Is attributed to the keen compe
tition between many of the banks for a
large line OF deposits. Individual action
may be taken on the matter by January
1st
~ k1>o
bureau Of American republics, an
nounces that he has received from the
Hon. Francis B. Loomis, United States
minister to Venezuela, information to
the effect that he has after strenuous ef-
forts succeeded In inducing the Venezu-
elan government to remove its practical
ly prohibitive restrictions from Ameri-
can lard and butter The success of Mr..
Loomis in this matter. according to Mr.
Smith, opens up a market for over 6,O00,-
900 pounds Of American products in these
lines per year.
Itappears that the So, 600, 900 appropria
zion to improve the New York state ca
mails will fall far short of the amount re-
Quired for the work.. The appropriation
Is almost wholly expended, and State
Engineer Adams has informed Superin-
tendent Aldridge that another appro-
priation Of 81, 1000 900 would be needed to
complete the improvements already be-
gun to the Erie, Oswego and Champlain
canals.
Shoe factories at Haverhill, Mass, are
doing larger business than for long
time. This is explained by the heavy
demand for the Christmas trade Ship
ments of shoes have been exceptionally
heavy
The imports of rice Of all kinds into the
United States for the nine months end
ing October 1st were $4,000 short tons,
against 81, 900 short tons during the same
period the previous year. By way Of
comment the Louisiana Planter in re-
cent ISSUE says: "These increased i'm
ports reflect the condition of the supply
visible and invisible in the United States
and show why prices opened tolerably
high this season. and show further why
they should be maintained. The recent
slump In rice had no foundation worthy
of credence. The supply came along q
little too fast for the buyers. who gen.
orally have resources too limited to en-
able them to stock up heavily in rough
rice. and will, Of course, buy it as cheaply
!. as they can, and those who force rough
rice on An unwilling m n rlt Of n, ust axpaot