The herald., 1897-06-13
OFFICE OF THE HERALD.

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Los Angeles. June IL. 1897.
Two real estate sales on Broadway. re
ported today, afford very fair indication
of the trend of values Of business proper
ties and are specially interesting on tha
account. The first is the sale of 40 fee
on the westerly side of Broadway. be
tween First and Second. by e. and c
Baer for $4,000 per front foot. The othe
is the sale of 60 feet, also on the westerl!
side of Broadway. between Seventh ant
Eighth, by Dr. J. Callandreau to Mrs
Briggs and Mrs. MacGowan for SIS, 500, or 6
little over $500 per front foot. The i'm
provements on each of these lots are
Of nominal value. The prices appear
10 indicate the increasing import
ance of the south end of Broadway an6
point to the necessity for pushing i'm
provements at the north end If property
owners mean to keep up values. The He'll
man building at the corner of Second and
Broadway is now fairly begun and wher
completed will be quite factor in keeping
prices sustained.
1t seems to be difficult just now, says
Charles G. Yale in the Examiner. to buy
good going mining properties in Cali
fornia Colorado, Utah, Arizona and other
places where there are large gold mines
unless fair round sum is paid, and in
tending investors are complaining of tbs
prices asked. 1t is not for lack of such
mines, for there are plenty of them; but all
mines are not for sale except. as in the
case of other things, when the owner may
get his price. 1t is contended that the
high prices asked prevent the investme MT
of capital in mining enterprises. However,
gold mining has ''the CALI just now as an
investment, for II is paying better than
most industries. Therefore the men who
own good, producing mines are not so
anxious to sell as when there were other
profitable places to invest their money.
Naturally, then. they hold their mines at
respectable figures of profit to themselves.
Time was, and not so very long ago, either,
when it was difficult to sell a mine at any
price. no matter what its developments or
promise of the future. 1t is different now,
and the men who held on and kept work.
ing during periods of depression expect
to reap their reward. 1t shows. too, the
faith of the owner in his mine. this refusal
to sell at low prices or any terms offered.
Most of these investors decline to take pros
poets and make them into mines by work
y
we'll developed. equipped and producing
For these they must pay a corresponding
price. for the other man has gone through
all the many expensive preliminaries of
making the mine, and he naturally expects
to be paid for it,
at Grand Island and Norfolk. in Nebraska,
last season, aggregated 81, 200, 900 in value.
Two million dollars are to be spent in
Utah on the construction in Sewer county
of the largest natural reservoir in the
world, and a contiguous system of canals
for the propagation of vast water power
and the irrigation of the largest area of
barren soil over which the ingenuity of
man has ever had full scope. Two years
will be required for the completion of q
dam, canals and hydraulic plant, which ag-
gregated will constitute the water plant
and irrigation supply.
The records of the U. S. treasury show
that during the last eight years the heav-
lest monthly expectations of gold, in round
numbers. have occurred as follows:
July. 1889. SIS, 600 900 May, 1893. s19 900 900
July, $780,. 1900, 900 May, 1894. "a OOO, 900
May. 1884,. 31.O00OOO Feb. 1895. 26, 900. 900
June. 1892. 100000 May, 1885,. 19, ,OOO 900
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The Iowa legislature has decided that
private banks shall not be examined or re-
quired to report to the auditor of state.
The vote in the senate stood 80 to 13, and
the majority in the house was almost as
great. The position taken by the legis-
lators was that there had not been a suf-
great number of failures in Iowa
to warrant the legislation proposed.
The Russian minister of finance has in
serted in the Journal of st. Petersburg an
official note with regard to the stock of gold
held by the Russian government and the
Bank of Russia The note is published be-
cause certain foreign journals have wrong
ly represented that this stock has recently
been diminishing. whereas the opposite
is the case. At the end Of 1896 the gold
held by the government in the banks. in
cluding the balances in the hands of for
eign correspondents, amounted to 1888 $50,
boo, and on March 2Sth it stood s591 1884, 900.
The supreme court of Minnesota held, in
the recent case of Willoughby ct al. VS..
a., that where an insurance company duly
insured certain property which was after
wards damaged by fire. and the extent of
,uch damage was adjusted by it and the
but there was nc adjustment by
he parties of any liability on the part of
he insurer, and no promise to pay the
lamage, and where the policy provided
that no suit or action on the policy should
be sustained in any court of law or equity
after the fire and more than a year
elapsed before an action was brought by
the insured, the mere adjus tment of the
loss by the parties was not of itself an
admission on the part of the insurance
company that any liability existed against
It on the policy or raised an implied prom
Ise to pay it, and that the action was barred
by the statute of limitations.
Dividends
The United States Rubber Company has
declared semi-annual dividend of 2 per
sent on its preferred stock. payable July
10. The last semi-annual dividend was 4
per cent
The Spirits Distributing Company has
declared dividend of s1.75 on its first pre-
ferred stock, payable June Is
The Commercial Gable Company has de-
clared a quarterly dividend OF Ia per cent.
payable July ].
The Chicago G. Northwestern Railroad
Company has declared the regular divi-
lends of ia, cept on tho