The herald., 1897-07-21
OFFICE OF THE HERALD,
Los Angeles, July 20.

LUIS AHScieS, July ~.
The New York Financier in its last issue
takes the following view of the situation.
which is instructive as representing the
prevailing feeling in financial quarters OF
the metropolis: Despite the heavy increase
of $11. 900, 900 in loans, and a reduction of
over S7.000.00 Of the cash reserve of the
banks last week. money rates have shown
no advance, and with the completion OF the
July settlements, the market has resumed
its old time ease. A cash reserve of over
10000, 900, coupled with the fact that in
terror banks are loaded up with funds,
does not confirm tho probability of an
early advance, although in this connection
II is interesting to note that money is so
placed that it would require but little mo-
mentum to bring about a firmer condition.
The fact that the loans of the New York
banks are the highest on record is proof
positive that great deal &C business Is
doing, and the broadening tendency Of In
vestment buying is a most healthy sign.
Municipal bond sales for the month of June
were in excess of sixteen million dollars,
and several millions additional were loaned
temporarily to cities in anticipation of
taxes. The Northwest refunding plan
will require an immense amount of money
this fall. and the Metropoli an Traction
Company is arranging for s12, 500. 900 loan,
which will be contaminated within the
next few days. This is the season when
country balances generally diminish and
redscounts begin. In 1896 this movement
was feature of the season, and there is
no reason why a similar change should
not now begin. 1t must be said however,
that the movement this way more than
counteracts the outward shipment of cur
rency Money has been going principally
10 the southern states is response to re-
discounts. 1t Is said that one bank in New
York Is carrying nearly or quite $40, 000,-
VO on call, and that foreign lendngs at this
center have been considerable. The largest
amounts of idle money are owned by cor
porations. On call. funds have been freely
placed at from to IN per cent at the
Stock Exchange with maximum figure of
per cent for outside business. Time
money is inactive, with quotations at
per cent for 30 to 60 days, 2A per cent for
90 days and per cent for longer periods.
Government bond collateral brings shad-
ing from the above rates. Commercial
paper is more active, with the appearance
of a great deal of jobbing paper In the
market. Quoted rates are 3 and SA per cent
for best double names, 81 and 81 for single
names of the highest grade, and 4 and per
cent for paper less well known,
+ =
The London Daily Financial News saws:
"A new era has been discovered for coffee
planting. Hawaii-which, by the way, has
now practically been annexed by the United
States-is found to be well adapted for this
purpose. and numerous patches of wild
coffee trees are to be found throughout the
group Of islands. Mr.. Halves, our consul
general at Hawaii. says that the cultiva-
ton of coffeeshas progressed greatly during
the past five years. and thinks that It will
intimately be placed on sound and profit
able footing. At present the position is very
similar to that Of Ceylon in the early days,
when plantations were commenced In I'M
suitable places, and much money was lost
before planting began to be successful. Mr..
Halves very properly tmpresses caution on
young Englishmen with capital who enay
think of trying their fortunes In Hawaii.
At present such enterprises would be ex-
tremely risky. but when experience has
shown what districts are suitable for the
purpose. then will be the proper time to
make the venture"
+
The production of aluminium In the
United States during the year 1896 was
100000 pounds, as against 100000 pounds
In 1895. showing a gain Of 100000 pounds.
or a per cent. AS has been the case for sew
eral years past. the entire domestic out
put came from single producer, the Pitts
burg Reduction Company, the plant Of
which at Niagara Falls has been enlarged
and has been working at nearly full ca
pacity. 1t is interesting to note in this
connection that the United States has up
the present time produced more than one
third Of all the aluminium manufactured
in the world. The principal European pro-
Queer Is the Aluminium Industrie Gesell-
schaft, with works at Neuhausen, Switzer-
land, and controlling the Societe Electro
NetallurgiQue de France, with works at
Froges In France.
4 + +.
The Journal of Commerce says: 1.-THE fire
loss Of the United States and Canada for
the month of June. as compiled from our
daily records, shows total of S. S4 450; q
light sum, and even less than the June,
1896, figures, which were gratifyingly low.
The following table will give comparisons
By months:
1895 1896 1897.
january ...$11. 1876 900 sl1 10000 $12.O49 100