The herald., 1897-12-29
OFFICE OF THE HERALD.
Los Angeles, Dec. %. 1897.

!. Los Angeles, Dec. %. 1897.
"A remarkable bond sale." Is what
the Now York Bond Buyer calls the re-
cont disposal of New York municipal
bonds, and offers the following reasons
Sor considering It out of the usual chan
mel not only on account Of the immense
sum involved but also ON account Of
other considerations named. It says:
For several reasons the sale Of $e,c4S,o7c
Of New York City Sh per cent bonds
which occurred yesterday attracted
very general attention, and was of great
interest to dealers and investors in bonds.
Tho last previous sale had been on a
basis of about s.1s by a syndicate which
bid over 100000 above the next highest
bidder for about $1o.oOo.ooo. This fixed
Z low basis for New York city bonds
which many dealers did not believe
could be maintained under existing cir
cumstances. It was the sale Of the last
possible. and certainly the last
mandatory issue Of the bonds Of the city
Of New York as it now exists. There are
to be annexed before the next sale of
metropolitan bonds number Of cities,
towns, villages, school districts. ETC.,
whose financial conditions are subject
to Investigation; and 1t was a question
of interest to investors to know how
these unsettled conditions would affect
the last offers Of the old city.
Evidently dealers and investors are
not afraid Of the credit of the Greater
New York. for the bids by syndicates
and investors were on a lower basis than
New York city has sold its bonds since
the Cleveland panic compelled the city
to advance It's rate Of interest from
per cent to 3M per cent. We publish else
where the awards. and subscribers will
1ind in the figures many interesting and
significant suggestions. Two syndicates
bid for "all or none" of the $6,243. .070. 55.
There was a difference between them
OF only $10.5S3-an illustration Of close
and Intelligent bidding which Is re-
markable in view Of the large amount in
volved.
A third syndicate bid for "all or any
part OF the entire. issue and it's bid for
all Is only $3.50 more than the bid Of the
highest syndicate for "all or none." OF
course the last mentioned syndicate gets
only a part Of the total issue, but this
part 10 $4,373,240 on a basis Of 3.113 per
cent as the return to the investor. But
two other bidders who sought to pur-
chase for investment only. and not to
sell again, bid at prices which net them
an interest return only of 3.10S and S.074.
Controller Fitch goes out in a blaze of
glory, and leaves to his successor an
unimpaired credit for the new metrop-
oils!
Standard Oil Trust liquidating certi-
flcates sold on the curb yesterday. says
the New York Sun. at 34s1a, an advance
Of 12M points compared with the closing
price on Saturday. The advance was
accompanied by various rumors. includ-
Ing revival Of the report that the GER
tificates are to be replaced by an issue
Of new stock in new company. None
Representatives, of Standard Oil inter-
ests ascribed the advance to demand
Tor the certificates coming on closely
held market OF the old trust certificates,
originally 97,25O, 900. Issued, against a
deposit in trust of the stocks of the
twenty refining. producing, and trans
portation companies controlled by the
trust, between $50 900. 900 and 10000, 900
have been Cancelled, the trustees hav-
Ing assigned to the owners the legal
title to the stocks which were formerly
held in trust The assignment repre-
Bents a share In the legal ownership of
the combined properties, whereas the
pld trust certificates represent a bene-
hcial interest in the same. Both receive
the same dividends and both are quoted
hike.
It was learned from Standard OIL
Iources that Sumatra and Java petro-
Ieum Is seriously cutting into the busi-
ness in the far east Of the American oil
refiners. American petroleum has al
ready been practically driven out Of the
Dutch East Indies by the native product,
Ind the use Of the latter is spreading into
bther eastern countries.
= +
The service of electrical cabs promised
by the London Electrical Cab company
has at last been inaugurated. At pres
ent the company has constructed some
fifteen hackney carriages, which are
now ready to ply for hire in the streets
Of the metropolis. This number will be
greatly increased In the near future.
Two Of the new equipages. which will
be run at the same fares as the horse
vehicles they are designed to supplant,
Ire being exhibited at the Royal Agri-
cultural hall in connection with the en-
cheering exhibition. In shape the new
cabs, which carry two persons. resemble
eoupes; they run on four rrbber-tired
wheels. are comfortably upholstered in
leather, and possess the luxuries of
bpring cushions and electric light. The
driver, who sits in front, is not troubled
with the multiplicity of handles which
nppear to be necessary for the manipu-
Iation OF some motor vehicles. At his
Fight hand IL q small steering wheel,
which acts on the front pair Of wheels,
pt his left q single lever which regulates
The speed. According to the position of
this, the vehicle moves at top speed.
say ten miles an hour, crawls at one
mile an hour or adopts various interme-
Hate rates. or goes backward. BY
means Of foot-lever the driver can ap-
ply the brake. and at the same time cut
bn the current from the motor.
= 4
The horticultural has every now ana
again some new attraction offered him.
# has been, at one time. early deciduous
fruit. then, again, early citrus, walnuts,
but he has been importuned most fire.
quently to plant the olive, as that tree