The herald., 1898-03-08
OFFICE OF THE HERALD.
Los Angeles, March Z, 1898.
Diversity of opinion proves that things
are only what we think them"


j In a recent issue the New York Com
4 mercial Advertiser gave u synopsis of an
Z Interview with a veteran iron and steel
manufacturer regarding the changes which
| have taken place In the industry during the
l last three decades. The fact was cited that
Il steel rails were first turned out in this
country in 1867 and brought $160 a ton
l Hardly six years had elapsed when the
J kcost was scaled down to $50 ton, and one
4 mill produced 10000 tons year. The pro-
Nducing capacity was further augmented
Huntil 60 600 tons had been reached in one
N year, which figure at the time was con-
sidered marvellous. At the present time
there are mills that can roll more rails in
. month than any mill in this country could
1 produce in year a quarter of a century
\ ago, and that, too, with the aid of much
less help Less than one-third the num-
4 Der OF workmen are now required for a
I given output of rails than were needed
twenty years ago. These figures are fur
ther supplemented by others, which show
\ that In 1871 the duty on steel rails amounted
y to $2S ton and the average price per ton
was $102.50. When 1t is stated that steel
rails sold for export last year at SIG per
ton. the extent ofthe transition is at once
obvious. A number of factors have COM
bined to bring about these changes. Chief
among them may be mentioned the cheap
ened rates of transportation, low-priced
ore and improved methods of production
IN the form of mechanical devices which
have replaced hand labor The extent to
which steel rails have been substituted for
Iron rails may be gathered from the fact
that in 1867 only 22T tons of steel rails
and 41O,319 tons of iron rails were turned
out from the mills. On the other hand
he year 1896 brought forth III 500 tons of
y steel rails against 1857 tons of iron rails
1nasmuch as steel rails have been found
to be more durable and considerably cheap
er than the iron rails, the manufacture OF
the latter has about ceased While pig
iron has decreased greatly In value, the
. cost of steel has been lessened much more
in proportion, because of the discovery
and the superior Utilization of improve
ments in the Bessener process.
o O o
Canadian trade returns for the first sew
en- months of the fiscal year ending Janu-
ary 31st show an increase in the total trade
of the dominion of $31 ,692 900. the total be-
ing $1S2, ,S62 600. For the same period the
year previous the figures were Sl52, 2,1IO,OOO.
While nothing has been said on the point,
according to the Chicago Economist in it's
current issue, it is probably fact that this
weeks slump In the New York stock mar
ket was largely due to the calling of loans,
and it is toward the money market we
must look for the sensational happenings
of the near future. 1t is true, continues
the Economist money has been loaned on
call in New York recently as low as l per
cent, but in the past two days it has run
up as high 4. and Notwithstanding the
immense deposits of the New York and
Chicago banks, as well those of other
cities, these institutions are in position
where any incident of an alarming char
acter might cause them TO call loans in a
wholesale way and refuse to lend at any
toe
serve of the New York banks, according
to last Saturdays statement, is less than
$26, 1000, and II number of those institu-
tions are below the 25 per cent limit. The
Chicago banks are not quite so close to
the dead line, but even their reserves are
not very large. A furry in the money mar
ket is therefore one of the probabilities,
and that would naturally give us another
tumble in stocks.
A slump of about 70 points in the price
of Standard Oil liquidation certificates dur
ing the past two weeks suggests the re-
mark that even that wonderful concern is
not exempt from the vicisstudes of human
life.
Speaking of the mushroom mining con-
Germs which menace the welfare of legit-
innate mining business, the Mining and
Electrical Review of San Francisco. an
ably edited journel devoted to the inter-
ests of mines and mine-owners, says: De-
velopment companies, with no other cap
ital than office rent, money enough to pay
for circular printing. and cheeks of ada
mant, flourish in some of the high build
ings of San Francisco. as well as other
large cities, and form considerable part
of the army of vampires which unceasing-
ly destroy the peace OF capitalists. They
bond all sorts of prospect holes for a song,
call them mines form companies with
large capital stock, partly paid up, on pa
per; then transfer the proceeds of the
sale of stock to their pockets, and call for
assessments when the exchequer is get
ting low. Or they may try to float their
bonded stone 'quarries on foreign mar
ket, II they can secure favorable reports
from men who have the audacity to affiX
M. E. to their names. They don't care
particularly what the character of the
lore in sight may be, 0here are always
thousands of tons and miles of croppings)
If the mime" happens to be located within
a few miles of some well known dividend
paying property. The name of the COM
pany Is chosen with a view toward i'm
pressing the uninitiated with the import
ance of the concern. 1t may be Great Pa
cific, or Atlantic Development company,
or Great Northern, or London Gold Belt
Tunnel company, or all or none of these
grand titles, but it must be impressive.
The organizers are but one degree removed
from the curbstone brokers, with the ad-
vantage In favor of the latter. Is It a
cause for wonder that "Englsh capitalists
look with distrust upon American mines?"
At the San Francisco Stock and Bond
exchange Spring Valley Water sold at
101A, Alaska Packers at 9S, Hutchinson
Plantation at As to Az, Oceanic Steamship
at 81, Hawaiian Commercial at 31as to 31H,
Market-street Railway 5s at 114 Giant Con.
Powder at 43N, S. p Branch Railway 6s at
112A, S. f. Gas and Electric at 907s.
The Investment board reports sales of
Hawaiian Commercial at S1A, Market
street Railway at 81 to 5S%. Giant Con-
Powder at A, s. r. Gas and Electric sales
80, at o0ss, Spring Valley Water al 1O1A for
the stock and 103A for the 4-per-cent bonds. |
o o o
The showing made by the Los Angeles
clearing house for February is an excel
lent one, exchanges amounting to $5,477,- |
1888, an increase of s713 O33 81 over the cor
responding month of last year. The ex-
changes for the week ended the 9Th inst.
were 81 ,429 ,649.12.
Walter H. Lutz has been appointed re-
ceiving teller In the First National bank.
Real Estate Transfers
MONDAY, March 7th.
s. P. and S. A. Mattison to A. ]. Chap
x1,, T afc nd MOI