The herald., 1897-06-20
THE INVESTOR
CONDUCTED A DoBINsoN
OFFICE OF TIE HERALD.

OFFICE OF THE HERALD.
Los Angeles. June 10. 1897.
In the course OF review Of the position
of American railroad stocks as they are
regarded today. Bradstreet's says that for
the first time In number of years they
have assumed the position Of the most
active department of the London specula-
tive stock market. The movement has been
to some extent unexpected. Any favorable
comments in the English financial press
have, been confined tc recommendations
to buy the better class OF our dividend
paying investment stocks. and the rank
and file of British spectators have been
apparently imbued with the idea that the
uncertainty about the tariff or the possi-
bility of Cuban disturbance were effec-
tive barriers to any development Of inter-
est in the American market. The fact that
our stocks have displayed marked activity
in the face Of dullness in other depart
ments Of the London market and that the
advance has apparently attracted con-
siderable public speculative buying there
Is gratifying circumstance The slow
moving British public has been impressed
by the idea that crop prospects at the west
promise we'll for tho traffic and earnings
of our granger and trunk line railroads,
and that the presumptive ending of un-
certainty in general business by the pass
age Of the tariff bill will furnish a signal
for movement which speculation can
safely discount. is perfectly clear.
Under existing circumstances. It IL Of
value to consider the points which foreign
critics make upon our general financial
position and the outlook for our railroads
They refer to the continued outflow of
gold, the depression of trade, and the in
ability Of the railroads to make agree
ments between themselves, as we'll as to
the absence of substantial grounds for
belief that congress will pass law permit
ting pools. They even go so far as to
suggest that the public here imagine that
the lower railroad rates become the better
It is for trade, unmindful OF the fact that
default on the part of railroads means dis
trust among investors, the slight benefit to
shippers from exceptionally low rates caus-
ing bad trade. low prices and hesitation
on the part Of capital. These foreign
critics urge that all sound principles de-
mand that American railroads should be
allowed to make arrangements among
themselves for the pooling of traffic, and
that they should be permitted to charge
rates which would pay expenses and give
some return on the capital invested.
+ + +
The time is coming when irrigation Sc
curties will again become an important
factor in the financial world. For several
years they have been regarded distrust-
hxy tr1ryA stow ,s,1 L
for is plain; 1t can be condensed into one
word-speculation. But the era of irri-
cation gambling has nearly passed No
longer is 1t possible to capitalize the future
with glittering promises of immense
profits. What the true friends of irriga-
tion now most desire is thorough COM
prehension of irrigation as it is and not
as too vivid imaginations have painted it.
When the capitalist can be brought to the
point OF understanding that irrigation is
an Industry susceptible of being properly
developed by the same legitimate, prac-
tical, economical methods that bring forth
success in other lines of business enter
prise (and this has been and can be demon
strated beyond the shadow of q doubtl. the
money will be forthcoming to carry to
completion the systems already begun and
to inaugurate others. Ample security and
a reasonable interest on the investment
are what capital desires Such security
vided the district has been regularly organ
ized, is ably officered and the system has
been approved by an efficient engineer
Such bond being first lien upon the land
and Improvement as well as the water sys-
tenn, guaranteed by the faith of the people |
and redeemable by direct taxation is
safe, II it is further provided that the total
amount of bonds issued represents not
more than a reasonable per cent of the |
value of the land irriagted 1t Is not the |
writer's intention to be understood as |
meaning that the bonds of all irrigation
districts can be classed as good securities |
FAR from 1t, but there are districts whose |
bonds are worthy Of investigation. The |
bonds of the irrigation district will event. |
ually be considered as good If not better |
investment than those of municipal water |
works.-Irrigation Age.
+ = =
The New York Fire Notification Co, is a |
new organization which has been formed |
for the purpose signified in it's name Its
function when a fire occurs is to notify the
owner of the property, to convey him to
the scene with dispatch and meanwhile
to do for his interest all that Is possible
All this implies quick means of information
and organized and drilled forces ready to
act wisely and at once on short notice.
All this is said to be provided for by per-
fected arrangements with the fire depart
HleHt anu III Ill Otner ways that are reQui-
site. The premium, which is said to be
moderate. pays for the service.
= + 4
Information received by the department
Of agriculture from it's weather bureau and
experiment stations Indicates that the
crop outlook in various parts of the coun.
try is imperiled. not only from unseason-
able weather, but from the ravages of in
sects and worms. Although the season is
not far advanced. deleterious pests cover
Ing large areas have made their appear
ance and are seriously threatening the
proper maturing Of cotton, corn, wheat
ana other crops, both of grain and fruit"
= 4 +
Dispatches from Verona, Italy an
nounce that all the crops, including null
berries, in the valley of Caprino have been
DESTROYED by tornado. In consequence a
great loss OF silk-worms has been entailed.
+ 4 +
a cooperative company, to be known as
the New York Butchers Fat Meltinr AS
aOrfatiOU u6ao hao 80 49, |