The herald., 1898-01-22

Manklnu is 100 APT W JuuSe VI meas
nres solely by events. and to connect wis
dom with good fortune, and folly with dis
aster."
Clearing house banks have unanimously
resolved not to observe next Monday as
legal holiday. This action is taken In the
interest of depostors and correspondents,
as its observance would throw into Tues
day the business of Saturday afternoon,
and also Of Monday. as well as the accu-
mutation Of mail matter on those days.
The recent sale of San Diego refuraing
bonds to the amount of $780, 900 has attract
ed considerable attention In bond buying
circles In the east. The issue is of 40
year bonds, bearing AZ per cent interest,
and is therefore of an attractive character
to most bond dealers.
For some reason or reasons unknown,
the San Diego authorities advertised these
bonds only In local newspaper and the
time being shortened, the news that such
an offering was to be made did not arrive
in New York until the day before the time
set for the opening of bids. The New York
space to the details Of this transaction
says that several bids were then tele-
graphed at much higher rate than that
for which, evidently by prearrangement,
the bonds were sold. The telegraph bids
were rejected because, quite naturally, they
were not accompanied by guarantee
checks. One bid was telegraphed by c. II.
White & Co. of New York offering prem
ium Of $40 400 for the s260,0O0 Of bonds, which
went to Lambrecht Bros. & Co. for $500,
the only other bid being one of $3.50. The
Bond Buyer says that If properly adver-
tised in time to reach Boston and New
York dealers, these bonds could have been
sold at this time on 4 per cent basis or
a premium of about $4,000 for the whole
issue. The way in which the city ordi-
nance was worded and the manner in
which 1t was rushed through the two
houses of the city legislature, the tactics
by which the time for bidding was short
ened. were all obviously engineered by
some interested parties and the outcome of
the sale is a large loss to San Diego tax
payers, and besides demonstrates the ex-
istence of something worse than careless
ness on the part OF the city officials.
\ + 4
San Francisco advices are to the effect
that the large amount of money released
since January first by payment of divi-
dends and coupons has caused an unusual
demand for bonds and other securities. The
operations of local investors in stocks and
bonds continue to exhibit the strength that
characterized the opening of the new year
and the activity bids fair to continue.
Late transactions In bank stock include
20 shares First National of San Francisco
at 1876 and so shares Anglo-Calfornian at
b612. Southern Pacific railroad bonds, en-
bracing 1900 Northern Railway SIS, were
sold at 1O2 while Southern Pacific of Ari-
zona were inquired for at 101% bid. hold
ers demanding 102, with sales of 5000 at
1902.
The Commercial Insurance company has
reelected the old directors and officers for
1898. with Charles A. Laton for secretary
This company retired from active business
many years ago, but sti1 maintains its or
ganzation
The annual election of the Fireman's
Fund Insurance company was held Tues
day. and the following were elected direct
ors D. j. Staples John o. Earl, John
Barton, John III. Gardiner. John I. Wright.
Thomas S. Chard, w. II. Brown. F. w.
Lougee, ]. c. Coleman. John Birmingham,
William ]. Dutton. The statement of the
company shows assets of $3.73S. 300; REIN
surance reserve. 81, ,232, ,756; net surplus, ST.
257.04s.
The board has reelected the old officers,
which are d. j. Staples, president; Will
lam ]. Dutton, vice president; Bernard
Faymonville, secretary.
I + 7
According to statistics at the treasury
department, the value of exports by the
United States for the calendar year 1897
aggregated 81, 100, 900. .0O0 an increase of $685.
100000 over any preceding year. Another
record was smashed with the trade bal
ance Of 1856, 900 in favor of Uncle Sam,
the highest point ever reached in the his
tory OF the country. Exports for the fiscal
year which ended June 30, 1897. were valued
at 81, ,0S2. 100000, thus furnishing a third rec
ord for the top NOTCH prior to these fig
ures, was reached in 1892 when the exports
amounted to $1.O15. 100000. Breadstuffs fur
nished the bulk of the expectations in
every instance.