The herald., 1897-11-24
OFFICE OF THE HERALD.
Los Angeles, Nov. "a, 1897.


quent attempts to impose upon investors
by statements about mining discoveries
q Of fabulous richness:
80. A good or bad example of rot" Is the
statement in last Sundays San Francisco
Examiner. wired from Rawlins. Wyom-
/. Ing. regarding alleged gold discoveries
: ct Grand Encampment. 1t has long
= Been asserted that such dispatches are
bald for at so much line. 1t Is such
ridiculous work that tends to discredit
) mining. Apart from principle. but pure
9 ~ as a matter Of business, 1t is manifest
: lya mistake to secure anywhere the pub
lication Of such stuff. No good purpose
! can be served by such mendacity. NO one
whose opinion Is worth anything Is
!. footed. In these days Of big yukon
Transportation" companies, with ridicu-
lous claims and extravagant sugges-
tions, some latitude may be allowed for
wild claims, but statements soberly as
Z serted Of alleged discoveries" should at
least have some valid foundation. The
surprising part Of the Wyoming news"
:, Is that one Of the gentlemen who figures
In the dispatches owns and controls
q Colorado publication that is particularly
severe ON mining frauds and fakes, and
weekly scores in just and merited criti-
cism sundry attempts to falsify or make
i statements that can be successfully con-
tradicted.
- Il. 1xSylon IN nrnCI0-
nation of statements that are untrue
rs to mining matters. No good can ac-
I crue, and some harm usually results. The
!. recent scare heads in the San Francisco
(, dailies and wired announcements OF the
investment of English capital to the ex-
tent of half q million dollars In the
p"purchase Of the Grand Victory mine
on Squaw creek in Ell Dorado county,
Cal, seven miles southeast Of Placer
vile, by the Transatlantic Mines Pur-
chasing Syndicate. Limited" is another
glaring instance Of such misstatements.
II simply brings a few parties into tenn
porary notoriety, who get their names
in type, but 1t discredits everything else
connected with It.
Regarding the allegations OF the dailies
OF the sale OF this mine 1t may be said
authoritatively that there was not one
iota Of truth in the published statement.
The. facts are that short option was
. given some months since, with the right
to expend a certain sum Of money; no
sale was made, no purchase was made
and no possession or transfer of any
kind was given.
q San Francisco advices say: In local
stocks the feature of the week was the
a decline in San Francisco Gas and Elec-
trio and in Mutual. There is a report
z that another company is to be estab-
x lished in this city. This undoubtedly had
Z some effect upon the price OF San Fran
\ sciscog Gas and Electric, which at the
!. S.begipning of the week sold ats96k, and
dropped to a. at wKYSy figure pnlyS One
sale was made. and q OF small llamount.
The stock recovered sAtd closed at S5A.
5, Mutual. which sSlast week sold at 4 16,
y closed this week ati3M. The volume Of
Ssthe business done In this stock was
Xsouite insignificant, less than 400 shares
ssin all being sold. The sales were of
small lots 1t was reported during the
week that the San Francisco Gas and
: Electric and the Mutual were contem-
plating some arrangement to work In
x yharmony, but there are some conditions
{ demanded by the Mutual which are un-
acceptable to the other company.
= ~ f5. Il
& The last of the companies that re-
\ manned outside of the strawboard COM
bination have been brought into line. and
q trust controlling every plant in the
\ United States has been effected. The
4 offices of the combination will be es-
Stablished at Indianapolis and the old
American Strawboard Company offices
! in New York will be closed.
R An advance consular report says that
Haiti is on the point of negotiating a
Y 50, 900, 900 gold loan among New York
Y bankers at per cent. Haiti wishes to
j. Ssconsclidate its several debts, destroy the
paper money in use and substitute a
!, gold currency based upon our gold DOL
lar as unit of value. The present debt
II Of Haiti is $26,S75,7S4, which includes
Z 4s,87S, 1859 paper currency and current
:. loans Of So, ,O06. $50. A premium of 1S0 per
/ cent now exists. 1t is presumed here
4 that this premium is on gold compared
with the paper currency. The rate Of ex-
= change is controlled by two or three
\ bankers, who loan money to the gov
y eminent ut IS per cent per annum, and
thus the government is kept constantly
In debt
The proposed loan to be made with
New York bankers Is to be secured by
"a portion Of the duty on the coffee crop,
!, estimated rs worth 100000 annually
Ind portion of the import duty, which
will be increased Is per cent" These
yeceipts will form sinking fund for
payment Of the 100000 bonds. Here
toforc Haitian loans have been obtained
through the Bank of France. which has
a brahch at Port au Prince. Haiti. Our
consulS says,a loan thus made with our
country would stimulate trade between
the two peoples and lesson the prevail
ing dominating influence Of French and
German traders.
- y = =
The Mississippi Valley Lumberman
says; THE trouble that Spain is having
with Cuba and the Philippine islands,
In the Pacific. has some bearing on the
lumber trade. The Timber Merchant OF
LiverDoOol ENGLAND remarks that these