The herald., 1898-01-18
F1E INVESTOR

OFFICE OF THE HERALD.
LOS ANGELES. Jan. H., 1898.
Enjoy and give enjoyment without in
Jury to thyself or to others; this is the true
morality"
Some ill-informed critics see in the pre-
vailing dearth Of opportunities for the
profitable investment Of capital evidence
of a lack Of inventiveness and of enterprise
among our citizens. says an eastern jour-
nal. They afSect to regard willingness
to accept s1h per cent per annum for the
use Of money as sign Of degeneracy and
OF Incidence. This Is both unjust and un-
reasonable. There comes. in the course Of
nature, an ebb in every tide and lull in
every breeze. That we built In this coun-
try last year only 1900 miles of railroad,
3 that our factories are running on short
time. and that our mine-owners areI re-
ducing their output, proves neither an alb
sence of intelligence nor an absence of en-
ergy. but only the necessity Of waiting for
new industrial developments. We have
all the RAILROADS, factories and mines that
we need, and It would be folly to add to
them. As soon as other methods of min
istering to human wants are required. cap
itai VIII be employed In them, but. In the
meantime. 1t must do the best It can with
those that exist.
The investment Of more than fifty mil
lions or fresh American capital In the Un-
lon Pacific Reorganization Indicates conf
dence at home. It proves that confidence
exists. or course 1t proves also that we
nave good deal Of spare capital. That
inspires some financiers with a desire to
call the United States creditor nation
that Is. money-lending nation. We
tnat Is, not yet. We can use our money
10 better advantage at home IL we have
the confidence and ability to develop our
national resources
James H. Eckels. .ex-comptroller of the
currency. assumed the presidency of the
Commercial National bank of Chicago in
the early part OF the present week. He
succeeds the late President Eames.
The National City bank Of Boston is to
be consolidated with the Elliott National.
vhe City bank Of Boston, now known as
ME National City, was Incorporated as a
state bank In 1922 and became a national
bank In 1866. with capital of 81 l,OOO, ,OoO
NO dividend has been paid since October,
1896. Previous to that semi-annual divi-
dends OF per cent were paid. The volun-
tary retirement of the above bank because
u could not longer pay Its stockholders
the paltry dividend of 4 per cent per annum
after & long and honorable career of seven
ty-five years Of business in one of the prin-
cipal cities of the United States is a sin
gular comment upon the condition of the
banking business In Boston.
Sixty miles Of steel rails for the E. p. &
n. e. are in the Fort Bliss, N. M, yards.
Nearly thirty miles of the grade Is COM
pleted. and by March 1st the road will be
completed to the Jarilla mining district,
thirty-five miles south Of La Luz.
1t is alleged that the builders OF the rail-
way from Kramer to johannesburg, Cal,
intend to build to the borax mines sixty
miles distant, and thence fifty miles farther
to make connection with the Carson and
Colorado railway at Keeler. In this regard
It Is noted that the owners of the Johannes
burg road are intimate In the interests of
the Vanderbilt lines, which now include
the Union Pacific. and may, purchase the
CentIdl TAClc Wuen IL comes 10 De SOlQ
under foreclosure. II this be done, 1t would
give the new owners a direct line, via
Reno, New, to Southern California and
Los Angeles. independent Of the Southern
Pacific. The contract for the ITO miles Of
extension has been virtually let to Ra-
mish & Marsh, the contractors who built
the present line from Kramer.
According to the returns received by the |
state board of tax commissioners of New
York state, the increase of real property
subject to assessment is 1,342, 149, and of
personal property $15 49,, ,315. The valuation |
OF real property In New York county is |
placed at 81. 7s7, 1885, 791. and that Of personal
property at 81, ,731, sos. 143. This is an in
crease over last year of $685. .6sS in real
estate and an increase Of se,5l4SOS In per-
sonal property.
The supreme court of Louisiana held, in |
the case of Malochee VS.. Great Southern |
Telephone and Telegraph company. that
where a subscriber for telephone service, |
in default Of payment stipulated for the
service. was notified by the telephone COM
pany that the telephone instruments would |
be removed from his premises unless he |
paid the amount due and he replied that |
the telephone company could do as 1t |
pleased, he had no claim for damages be-
cause the instruments were thereafter re-
moved by the company, the written notice
OF the removal specified in the contract |
being regarded as wholly ydnhecessary and |
as having been waived.
4
''The story is pure fake" was what
Charles H. Cramp said when shown dis
patch from New York stating that his COM
pany contemplated putting $l0000.0 900 into
o ship-building plant at Seattle to under
take the building Of war vessels for the
Pacific. He added that the Cramp COM
pany has no intention whatever of en-
gaging in the ship building industry at any |
place other than Philadelphia.
At the Stock and Bond Exchange at San
Francisco, London, Paris and American
Bank sold at 100, First National Bank at
200. Market-street Railway at 52N, Wig
crit Powder at 49, Pacific Gas Improve
ment at 9SN, Pacific Lighting at Sc, Pacific
Coast Borax at 93, s. F. Gas and Electric |
at 95H, Spring Valley Water at 10OA@ |
1O0M Hutchinson Plantation at 413s@42 and |
the Park and Clif House 6s at 100.
The Land of Sunshine Publishing Com
pany is about to increase its capital stock |
from $4,000 to $4,000.
National Bank Changes
The latest bulletin of the Comptroller of
the Currency. dated Jan. 10, 1898, gives the |
following among other changes:
Application to Organize National Bank