The herald., 1898-02-12
OFFICE OF THE HERALD,
Los Angeles. Feb. II, 1898.
Presumption is the daughter of ignor-
nce."

Los Angeles. FEB. IL, 1898.
Presumption is the daughter of ignor-
ance."
There is some talk in local financial
circles OF project for taking hold of the
Bankers Alliance, now in a receivers
hands, and OF making a new start with the
business under competent management
and with a board of directors whose names
would inspire the public with confidence.
The proposition is not yet formulated in
direct terms. but 1t is being favorably con-
sidered by some people who are prominent
in the business world or 1t would not be re-
ferred to here.
1t may be remembered that the Bankers
Alliance was started with a board of d.
rectors second to none in point of respecta-
bllity, and that the concern failed because
Its plan OF doing business was unsound.
II it is contemplated to make an attempt
to run another "hat-passer'' in this city
so soon after the collapse of the late ALL
ance, 1t would seem predestined to failure.
The integrity of Its managers must be
backed by sufficient coin on hand to pay
capital that the Bankers Alliance came to
grief.
The prospective union of important
DRper manufacturing concerns which was
eeferred to in this column some weeks ago,
has now taken tangible shape. according
to Bradstreet's. which says that an in
corporation under the laws of New York
has been effected under the style Of the
International Paper Company, with cap
ital stock of S45, 900 900. divided into $685.
100000 6 per cent in cumulative preferred
and s20,000000 In common shares. Fifteen
manufactures situated in Maine, Massa-
chusetts, New Hampshire, Vermont and
New York, and possessing an aggregate
daily capacity for working 140o tons OF
pulp into paper, are included in the new
combine, and five more concerns, with
about one hundred and fifty tons additional
capacity. are expected to join 1t in short
time. For this purpose the incorporation
provides for the issue of $4,000, 900 of ad-
ditional preferred stock, making the total
capital s55OO0.000. 1t may also be noted
that leading New York capitalists are said
10 be interested in the new company,
though the best known of them-Mr. ID.
o. Mills--is quoted as saying that there
is no intention of bringing the securities
before the public, or, in other words, OF
making the stock speculative feature,
and that while all the large paper mills in
the east are in the combination, it will not
result In any material change of prices. Its
principal advantage, It is claimed, will be
in the economy of concentrated manage
ment and the reduction of the heavy ex-
penses caused by competition on the part
of such large number OF concerns operat-
ing in a comparatively narrow field.
Exports of iron and steel from Great
Britain during 1897 amounted to 1861, O65
tons. as against $3.50 S9S tons in the pre-
vious year and 1886, oil tons In 1895. The ag-
gregate declared value of these exports
amounted In 1897 to G24, ,639 643, whereas in
1896 1t was G23, ,S01. 700, and that of 1895 was
only G19,GS0.923 1t will be seen from the
foregoing that there was an Increase of al
most G5.000,000 in the value of British iron
and steel exports in 1897 compared with the
total of two years previously.
o O O
The Columbia Savings and Loan So
ciety of San Francisco held its annual
meeting on the 9th The incorporated capt.
tai stock is 100000. of which $4,000 has
been paid up; reserve and undivided
profits, $40, ,265; deposits. $685.. Az, of which
Sill, ,346 Is credited to term deposits The
assets are S710,9S6.
. o O
The Bulletin says: Another sl50O0O of the
San Francisco and San Joaquin Valley
Railroad Companys bonds was placed a
few days ago at 103. The syndicate handling
these bonds is desirous of placing them
among bona-fide investors. The awards are
made by allotment at fraction above
par and accrued interest. Several parties
would have been glad to have taken the
whole line at the last sae but as a mat
ter Of fact the $150000 was distributed
among fifty or more subscribers, all being
treated alike. The total amount author
lied Is s6,00000o, with interest at per
cent per annum, payable April 1st and
October 1st. So far $500 900 has been ap-
portioned by the syndicate among the SUBJ
scribers. The company has not listed these
bonds at any stock board and will not for
the present.
interpretations
F. B. Hood Canning Company, Suisun;
N. all Ill I.x..l