The herald., 1898-04-29
OFFICE OF THE HERALD.
LOS ANGELES, April 2S, 1898.


''Pcople seem not to see that their opin-
ion of the world Is also confession of
character"
For nearly two months the New York
banks and the money markets of the coun-
try generally, have been preparing for the
present situation. In consequence of the
conservative course that has been pur-
sued, the financial situation In this re-
spect, says Bradstreets Is as favorable
as could be desired. The New York banks
last Saturday had a surplus reserve of
$4,000 900, and while rates for all classes
of loans are prudently held at a moder-
ately high figure, there has been no pres
sure, nor can allegations that legitimate
borrowing demands have to remain un-
satisfied rest on any foundation of fact.
The steady arrivals of gold from Europe,
which now reach nearly $40,0O0,000 and the
engagement in Europe or Australia of a to-
tai of over $50, 900 900, have, of course been
factors of the utmost Importance. At the
same time the present favorable situation
Is attributable to the gradual way In which
the liquidation of borrowings has been ef-
fected, reducing the aggregate Outstand-
Ing loans by an enormous amount In the
manner least calculated to disturb or
alarm the business and financial world.
In fact. none of the material for a shock
gency finds the money markets we'll sup
f., piled with funds and calm in tone.
O O c
The trade Of Spain is the subject of a
timely and interesting article in Brad
streets, from which the following extracts
are made:
Though, of course, not ranking among
the leading powers of the earth in the vol
ume of foreign business done. Spains COM
mercial transactions amount to good
figure The statistics, however. possess
special interest because Of the fact that
= the United States, though doing a COM
paratively small business with Spain.
ranks fourth in Importance, being exceed
ed, In fact only by France, Great Britain
and Cuba, in the order named.
During 1885, the latest year for which
official statistics in detail are available,
the total commercial transactions of Spain
aggregated $317 ,1S5275.
Spain's trade has not fallen off in the
past two years. The total given for 1895.
although exceeded in 1889, 1890 and 1891. was
considerably larger thar the annual aver
age for the ten years, 1SSG-95 The heaviest
trade In any single year during that period
was done in 1891, amounting to $376 6,oi6 900.
while the smallest trade was done in 1894,
only $2S5. .19l 900.
only about 1G per cent being transported
by land, as against 81 per cent carried in
seagoing vessels. And 1t is of further in
terest to note that the proportion of Span
ish commerce carried in Spanish vessels
has Increased since 1891, when less than
one-half of the countrys sea-borne trade
was carried in Spanish ships. In 1895 the
amount of foreign trade carried in Span
tsh vessels was nearly $147 600 900, whereas
that carried by ships of all nations amount
ed to only sll5,0Oo,000, Spain's largest COM
mercial connection, as above indicated, is
with France. During the five years end.
ing with 1895 81 per cent of the country's S
total trade was with its northern neighbor.
The United Kingdom ranks second, with
22 per cent, and Cuba third, with slightly
In excess of 10 per cent of the total. The
United States, with 6.32 per cent, ranks
fourth the yearly value of the goods trans
ferred averaging about S20,0O0OO0. On De-
cember 81 1895, the merchant marine of
Spain comprised 23,073 vessels, of an ag-
gregate of 719.572 tons Compared with the
year 1886, ten years before, there was only
a slight gain in vessels. but an increase of
10000 tons. AS has beeh the case with
other countries vessels propelled by steam
have been gradually supplanting those un-
der sail. The total tonnage of vessels en-
tering and clearing from Spanish ports in
1895 was % 1922 1856. of which Spanish vessels
furnished 13, ,6S4 66S, or considerably more
than one-half. The heaviest shipping bus-
hess appears to be conducted from the ports
of the Atlantic seaboard, in spite of the
comparatively restricted area bordering on
that ocean. The number of ships entering
or clearing from the customs districts on
the Atlantic averaged 1904 year for the
five years ending with 1895, as against only
15,73S annually for the districts bordering
on the Mediterranean.
Cadiz. on the southwestern Atlantic
coast. is the principal port of the country,
1o.25 per cent of the total number of ves-
sells clearing from that port. This propor-
ton. however, Is nearly equaled by the
district of Nizcaya, on the north Atlantic
seaboard. which furnished 10. 16 per cent of
the total. Barcelona and Valencia on the
mediterranean, come next in Importance
as shipping centers. AS regards weight or
tonnage OF merchandise carried the United
Kingdom ranks above all other countries
this being due. perhaps, to the fact that
coal, most important Spanish import,
IS procured chiefly from Great Britain
1t Is of interest to note that the neighbor-
ing kingdom of Portugal only ranks fifth
than per cent The trade carried on with
Puerto Rico Is nearly as large as that done
with Belgium, or about 3 per cent while
that done with the Philippine islands,
though slightly smaller in volume amounts
to .Ol3, or 296 per cent. The total mer-
chandise annually exchanged between
Spain and her colonies, comprising Cuba.
Puerto Rico. the Philippines, the Canaries,
and the various minor possessions, exceeds
$50 900 ,0O0 of which Cuba furnishes $32, ,1S9,-
900.
Arrangements for combination of prac-
tically all the furniture makers of the coun-
try are reported nearly completed 1t is
stated that over so per cent of the chamber
suit manufacturers of the country, con-
trolling nine-tenths of the output of case
goods, have agreed to put their plants into
the combination.
Dividend Notes
The United States Eynross con,nop,, ho c.