The herald., 1897-06-10
THE INVESTOR
CONDUCTED A
OFFICE OF THE HERALD,
Los Angeles, June 8, 1897

49, -
\ Los Angeles, June 8, 1897
In Europe generally the outlets for large
amounts of floating capital have been d.
minishing rather than increasing, OF late
years. Between 1886 and 1895 the national
deot of England has decreased aSb.ooo,ooo.
or say $425 .O0O,o 900. In the same time the
amount in private hands has decreased by
el22 900, 600, or Ss100oO.0OO. There was held
on account OF the savings banks 1855, ,0oo COO
of English consuls last year, against s415,-
O00. 900 ten years before. outside of Great
britain the solvent states whose funds in
vite the European investor to any serious
amounts are France, Germany, Austria
Hungary, Russia and Egypt. The states
that hold large amounts Of European capi-
tai. and have frankly defaulted on their
obligations, are Greece. Portugal Servla
and the Argentine Republic. The others
that are sinking with more or less rapidity
into the quagmire of insolvency are Italy.
Spain, Turkey and Brazil The latter can
no longer borrow, except at ruinous rates.
and tho pruden investor passes them by.
English consuls now yield less than 2h
per cent; French rentals less than 8; the
per cent bonds of the German empire are
quoted at 9S and those of Russia ut "a.
The narrowing of the market has had the
natural result of increasing the value Of
desirable securities. How rapid this pro-
cess has been may be inferred from the
fact that 3 per cent Russian bonds rose
from $3.50. In December, 1895, to o. In De-
cember, 1886 These facts. says the New
York Herald. have an important bearing
on the amount of foreign capital likely to
seek investment here. There are certainly
many safe forms Of investment for money
In the United States at per cent, and there
is practically an unlimited field for its en-
ployment. with greater average OF FISK,
at rates considerably in excess of this.
1t is undoubtedly necessary preliminary
that we should begin by having little
more confidence in ourselves than we have
yet been able to command. The European
fever for Investment in South African gold
mines has spent itself, and has been fol-
lowed by a positive disgust for that form
Of speculation and great desire to get
rid OF the mining script acquired In 1894 and
1895.
The developments in the suit against the
International Loan and Trust company
are likely to prove quite interesting, II the
case should ever come to trial. The con-
cern is a lottery scheme. cleverly con-
trived to escape, II possible, the interfer-
ence of the federal authorities. 1t has been
under the eye Of the postoffice officials,
whose attention was called to 1t by The
Investor year ago. The company warns
and remittances by express instead of by
mail. Attempts of q somewhat similar
kind have been made to evade the lottery
law. and all have, thus far, proved unsuc-
cessful.
=
At the San Francisco Stock and Bond
Exchange 8. F. Gas and Electric sold at
94h. Vigorit Powder at 1, Spring Valley
Water at 99N for the stock and 1874 for
the per cent bonds; London, Paris and
American bank at 12s, and Market-street
railway per cent bonds at 10TH.
= +
In q recent lecture on gas for domestic
lighting Prof. Lewes of England devoted
some time to acetylene. He considers that
at the present time its future as an illumi-
nant is dependent on the commercial pro-
duction Of calcium carbide OF a reasonable
degree Of purity. and also in methods be-
Ing devised for safely making and
burning the gas In such q way as to de-
velop its full Illuminating power while do
ing away with the the risk Of smoking.
At the present time, in spite Of the state
ments as to cheap production, 1t is DIM
cult to purchase carbide In Paris, accord
ing to Prof. Lewes. at a40 per ton, though
this may be due to a temporary scarcity,
and the price may drop back to f16 per
ton.
= + +
A Belgian company has been formed,
with capital of $4,000. for the purpose of
making surveys, etc.. for railways in
China. The necessary stan will be sent
out to China, and M. Dufourny has been
intrusted with the duty of carrying on
nAgQtiations with the Chinese rnxarnment