The herald., 1897-10-10
OFFICE OF THE HERALD,

OFFICE OF THE HERALD,
Los Angeles, Oct. 9.
The condition of business for the past
week may be regarded as quite satisfac-
tory. Tho grumblers, like the poor, we
have with us always and the conditions are
never good enough to satisfy them. But
the figures presented in the statements Of
the banks to the clearing house associa-
ton as given in this column yesterday,
showing the remarkable gain made during
the quiet summer months is full of encour-
agement. The leading banks show
steady gain in deposits, and trade reports
show that steady flowing in of money
may be expected for some time to come to
pay for shipments sent away from here.
4 4
The banks of the city as we'll as those all
over the country have been notified by the
treasury department that it would no
longer continue the practice of exchang-
ing standard silver dollars for gold.l The
reason given is that there are now more
silver certificates and treasury notes of
1890 outstanding than there are standard
silver dollars i'm the treasury. AS the gov
ernment is obliged to have on hand in the
vaults OF the treasury as many standard
silver dollars as there are silver certifi-
Gates and treasury notes of 1890 outstand-
ing against them, it has been obliged to
discontinue the practice Of giving silver
dollars in exchange for gold when request
ed to do so by the banks, which need the
silver dollars for the accommodation Of the
small transactions of trade. Silver dol
lars will. as usual, continue to be ex-
changed for silver certificates and treasury
notes of 1890. but as there are very few of
these in circulation on this coast, 1t will
not be easy for banks to get the silver dol
lars needed to accommodate their GUS
toners.
Silver half dollars will, however, con-
tinue to be exchanged by the government
on request for gold, so that the probable
effect of the order will be to put more of
this coin in circulation to take the place of
the silver dollars. Should the demand for
silver dollars increase beyond the ability
Of the banks to secure them by exchang-
ing silver certificates, it is probable that
more will be coined, the law authorizing
the secretary of the treasury to coin as
many as, in his judgment, the demands of
trade require, and for that purpose to go
into the market and buy the necessary sill
yer bullion.
New York dispatch says: The million
dollars of gold which was received from
Australia at San Francisco is beginning
hither by registered mail. One bank re-
ceived 100000 today, and private bank
was in receipt of $4,000. The gold was in
canvas bags, holding $1,000 each. The gov
ernment having declined to transport the
gold from San Francisco to this city at
government express rates to pay out cur
rency for it here On telegraphic transfers
and the importers finding the ordinary
express charges too onerous, cheaper
plan of sending 1t by registered mail, TAX
ing out policies of insurance against loss,
was adopted.
The San Joaquin Valley road directors
have authorized the purchase of 1000 tons
of steel rails for continuing work toward
Bakersfield. Four surveys are being made
across the tule lands from Stockton to-
ward Bethany. One follows the line of
the old San Francisco and Salt Lake pro-
jected railroad and the other three are
nearly parallel thereto. When this work
has been completed borings will be made
to ascertain the depth of the solid SUBJ
stratum.
1t Is reported that the people of Sacra-
mento have become thoroughly aroused
over the prospects of obtaining a beet
sugar factory, and for several months the
local chamber of commerce has been send
\
to the experimental station at the Uriver-
sity of California for analysis. The re-
suits of the tests were very promising. The
Chronicle states that today President II.
c. Oxnard of the sugar beet factory at
Chino met with the chamber of commerce
and a number of prominent farmers and
stated that the company represented by
him proposed to invest 81 5O0.0 900 in fac
tory, and that such a factory would eX-
pend 81. 900 900 annually. Mr.. Oxnard de-
claretI that the location of the factory in
Sacramento would depend largely upon
the amount of announcement which he
received. and that the first essential would
be a guarantee that 900 acres be planted
in beets annually. He spoke well of the
adaptability of Sacramento soil for sugar
beet culture. and, declared that the beets
would command high price.
= =
State Controller Colgan has issued his
monthly statement showing the condition
Of the several funds for the month ending
September SOth. The total amount on hand
Is 46tO9013.
United States Attorney Samuel knight
has just achieved probably the greatest le-
gal victory since his connection with the
United States district attorneys office. The
circuit court of appeals decided yesterday
in favo- of his contention In the customs
cases in regard to Chinese starch or tapi-
oca flour This decision is worth several
hundred thousand if not full million, of
dollars to the United States.
Therei have been heavy importations of
tapioca flour into this port from Singapore
and the Malay peninsula. The importers
claim that 1t should be admitted free of
duty as tapioca. Attorney Knight claimed
that the stuff was not used as tapioca, but
as starch, and as, such should pay duty
Of cents a pound. The history Of the case
is peculiar.
Mortgages
There were fifteen mortgages filed on the
eth inst. which amounted to $50. 563.
The following list gives particulars of
all mortgages filed on the above date which
amounted to $1,000 or over:
Ida H. Herman ct al to Los Angeles