The herald., 1897-12-30
Il He INVESTOR
CONDUCTED 4
OFFICE or THE HERALD.

OFFICE or THE HERALD.
4 81 III Los Angeles, Dec. 80. 1887.
The financial circular OF Henry Clews
contains the following references to bus
tnese conditions ana prospects as they
eppeGr n Nav York circles:
The situation contains some very im-
portant elements favorins speculation
Tor higher prices. The satisfactory
aspects of general business are well
maintained. According to the reports
from trade circles and from the manu-
featuring centers. there Is good reason
Tor expecting that the commercial re-
covery Of 1897 will be more than eQualed
/ IN 1895 Advices from the agricultural
states indicate the prospects Of more
active business than has been realized
tor many years. and suggest probable
~ Of the liquidation Of an Important
amount Of farm mortgages with
the effect OF creating q demand
from the mortgages for other se-
curittes to take their place. The iron
trade. which IL accepted as the best ba-
rometer Of the condition Of business at
large, continuesits remarkable increase
OF activity. The best evidence Of the
magnitude OF the current increase III
this industry 10 afforded by the fact that
the lake shipments Of iron ore for 1897
amount to 12.2o0, 900 gross tons. against
o,o00, 900 in 1896 showing gain during
the twelve months Of 100000 tons. or
nearly 30 per cent; yet there II prob
ability OF still larger movement in
1858. Our exports Of steel rails and rail-
road equipments and also Of electrical
plants are assuming very extraordinary
dimensions; and there are indications
of IN increase in the home construction
Of railroads. to say nothing of the un-
dertaking Of long deferred repairs and
improvements and purchases Of rolling
stock. The continued fall In prices has
made It possible to export variety of
articles for which we have hitherto been
unable to flnd foreign outlet; and this,
with other conditions, foreshadows the
full maintenance Of the increase in ex-
ports Of manufactures which has been
steadily gaining for the last two or three
years. The value OF this lies not merely
in our gaining new sources Of trade but
equally In the relief which Is afforded to
our congested home markets. and the
consequent better opportunity for the
realisation Of Industrial profit. 1t Is not
easy to overestimate the Importance of
this growth In our export trade. The to-
tai foreign shipments of merchandise
for the last eleven months exceed those
- - - 4 L. O NM mn
and Of 1896 by $242, 1906. 900. This gain has
been largely due to our extraordinary
shipments Of breadstuffs; but. judging
from the fact that our winter wheat
acreage sown this year is estimated to
exceed last years by per cent. while
the European acreage Is reported to be
under that OF 1896, there seems to be q
probability that next year also we may.
have q large surplus Of wheat for ex-
port. Thus, SO far as the business of
next year may depend upon our export
trade. the outlook for business in 1898
y most hopeful"
: 1.-THE operations Of the RAILROADS CON.
ttnue to exhibit an extraordinary in
crease Of earnings. The gross traffic re-
O64pt1 u 4oAs 4VeAue AOI NuVcIuueI SHOW
an average increase Of 20 per cent over
those Of 1896. For the first eleven months
Of the year 124 roada show>Rn increase
Of $50, $780, 900; during the first half of
the period. however. the earnings showed
but slight increases, so that most Of the
gain has been made within the last six
months. Although there has recently
been some considerable irregularity in
rates, the increase on net earnings has
been in q higher ratio than on gross.
For the month Of October 100 roads show
Z gain In net earnings averaging S.45 per
cent. and in gross of only per cent. For
the flrst ten months Of the year the net
business OF lis roads show an increase OF
11.12 per cent. whilst the gain in the
gross earnings was only So per cent
This ID very satisfactory exhibit and
evidences improved management in this
class Of Investments"
\
3 "A dispatch from Washington says that
Comptroller Eckels has issued his cer-
tificate authorixing the Nevada National
Bank Of San Francisco to begin business
with capital Of $S.O00,O00. I. w. He'll
man is president and d. B. Davidson is
cashier Of the bank.
y
The total number of bitumlnous coal
mines Exclusive of small local mines)
reporting production in 1896 was 2599.
They employed an average Of 237. .e65 men
and were operated an average Of 1872
days. The total number Of mines re-
porting in 1896 was 1855. employing $780,
se2 men for 1914 days. The following ta-
BILE gives the production Of all kinds of
coal in the United States in 1895 and 1896.
by states. in net tons:
1896. 1896
State or territory Net TONS. Net TONS
Alabama .............. 6,693775 5,7lS,697
Arkansas .............. 698.S22 676.374
California and Alaska 75.46S ss,776
Colorado ...... ....... 4062,9S2 3,112.400
Georgia and North
Carolina -. s....... 2s5.sos 2le. $50
Illinois -. .s......... u, 7,735,664 10, 7S6, ,626
Indiana ................ 3996, ,892 8,905, ne
Indian Territory ...... In, ,165 1885,
lows .................. 4.156.04 s.s540RS
1ansas -. .......... 2.926.S70 2.1S4, sol
TFnsz ztsx<.I . os7e