The herald., 1897-10-08
OFFICE OF THE HERALD,


The National Association of Credit Men
is about to open a new channel of useful
ness to the merchants of the country. 1t
has been observed of late that fraudulent
assignments are becoming frequent and
that an organized band of professional
bankrupts are in operation throughout the
country. The preliminary operations of
these swindlers have so much the aspect of
legitimacy that they are able to get goods
on credit from wholesale houses without
difficulty. Their next operation is to get
money on the wares SO secured and then
make an assignment and decamp. AS
general thing the amount involved in trans
actions of that character are so compare
lively small that 1t does not pay to prose-
cute the perpetrators. The National Asso-
citation of Credit Men intends to take up
the work which the wholesale merchants
thus find Improbable to prosecute. 1.-THE
association proposes to take up those
cases." says Mr.. Cannon of the Fourth
National bank and president of the asso-
c:ation, 'in which the members are in
terested and carefully sift them to the
bottom. In the cases, too, of hitherto
reputable merchants obtaining credit on
pretenses, the association will be able to
render good service by prosecuting the Of
fender and relieving the victims of an
unpleasant task. The work of the Ma
tional Credit Mems association will
am sure, meet with the hearty approval
of all good merchants"
= =
The fact that the issue of s6,000000 of
bonds of the San Joaquin Valley railroad
were all taken by San Francisco capital
Is subject for congratulation, says the
San Francisco Circular. The road was
lately completed to Visalia. Work will be
continued on the line from a point about
81 miles below Hanford, which is as far
as the road has been completed as yet
to Bakersfield, some SO miles further. Up
to the present time 227 miles of road have
been completed, namely, from Stockton to
below Hanford, that is 1S2 miles, and from
Fresno to Visalia. which is 45 miles. Iris
understood that as soon as that portion is
completed, work will be commenced on
the line from Stockton to San Francisco
bay, The benefit to San Joaquin valley
farmers and the good thus done to the
entire state, will not only continue, but
will increase.
= \
Whether the higher rates Of interest may
check the advance of government bonds is
the question lately propounded to prom
inent New York investment house, and the
reply given is quoted as follows:
while this might be true temporarily,
1t is to be borne in mind that there are
only S37, ,OOO 900 of the long per cent cou-
amounts to $162, 900, 900, but those which
have been registered cannot be turned again
into coupon bonds. There are serious ad-
vantages in favor of coupon bonds for
many classes of holders. In a few years,
not later than 1907, all bonds will be paid
Off. except these long As of 1925, and the
holder of the long coupon As faces this
great proposition. With only $3IOOO,00o
bonds of this kind In existence, and with
the moral certainty that this government
will not issue another bond in the present
generation, the problem is, to what ex-
tent will the special demand for this class
of bonds carry the price upward? we
believe that the present generation will
see them sell at 14O
att must be borne in mind that there will
be strategic value and sentimental
value to this special bond. There are in
yestors who will accept nothing else; banks
will need them; trustees prefer them. We
do not see what can limit this advance
until they approach almost per cent
basis. Country bankers should be on their
guard about United States bonds. There
are certain bond dealers in New York who
make quotations on the stock exchange ar
tificially low in order to buy them at an
advantage from country customers"
+ 4
The San Francisco Real Estate Circular
Of Thomas Magee & Sons just received
states that the recorded sales Of real es-
tate in that city for the month of Septem-
ber were 231 and amounted to 81, 1,107,247. The
sales for the month of August amounted
to 1856, 05S, showing an increase for Sep
tember Of $500 The Circular also notes
a demand for lots from $2500 to $4,000, on
which purchasers intend to erect dwell
ings and modern flats. The showing made
by Los Angeles in comparison with the
above is very favorable, the figures for
September being 9S9 transfers, amounting
to $7S2, ,597, and for August 941 transfers, ag-
gregating $7l9,S24.
= +
The returns of the bureau OF statistics
show continuance of the rapid advance
in domestic exports. The following are
the figures for the eight months to Sep