The herald., 1898-03-05
OFFICE OF THE HERALD,
Los Angeles. March 4. 1898.
I'VE never forget what we learn with
pleasure"

with capital stock OF $25, 900, to be
known as the International American
bank. with branches through this country
Cuba and South America and with offices
In London and Paris. The latest advices
are to the effect that the senate and house
committees on foreign relations will report
favorably on a bin introduced In the sen.
ate by Senator Foraker, to carry into eff.
feet plan to create an association to be
known as the International American
bank The passage of the bill, which, 1t is
SAID, favorable committee reports make as
eured, contain. among other important
features. provision to the effect that the
United States and South America will nc
longer be dependent upon European bank
ing houses on the western hemisphere In
their relations with each other.
This matter has been agitated for some
time past and 1t Is only just now that ad-
vices seem to make it clear that there is a
probability of an event OF internationa
Importance being successfully put through
Tne New York Financler, In Its latest issue
Just TO hand. says on this subject that 1t Is
one OF the questions not easily answered
why congress refuses to authorize the
establishment of an International Ameri-
can bank. The necessity for such an insti-
tutlon is not denied, and since the pro-
1ectors have faith enough in Its future to
pledge large amounts for its maintenance
II would seem that congress had no valid
excuse for pigeon-hoiing the bill that has
peen vainiy seeking passage for several
years past. The argument has been ad-
vanced that the bank would be improbable
because the balance of trade, information.
eIiy considered, is SO much against thu
United States, that business can be carried
on satisfactorily through the triangular
operations that are used at present In set.
ting debit and credit balances with South
American nations. 1t seems to us. says
the Financier, that this Is a matter on
which the projectors of the new bank are
more competent to decide than members
OF congress. The men whose money will be
used In organizing the bank are displaying
the best evidence possible that they feel
safe In taking the risk, and since they will
be the largest losers, In case of failure, con-
gress should not hesitate over the matter
OF granting q charter,
There Is no longer question that lack
OF international banking facilities is ham,
pering the development of our export
trade. A competent authority, writing to
the Times OF New York, states on his ac-
curate knowledge of the situation that Il
costs merchant In Rio, Buenos Ayres and
valparaiso 2, 2lf and per cent more to
place funds in New York than In London,
Paris or Berlin. He also writes that a mer-
chant IN any of the cities just mentioned
can go to an English. French or German
bank and without any difficulty make ar
his goods from England, France or Ger
many. all other conditions of price, charges.
ETC., being equal. cheaper by the percent
age named than from the United States.
The foreign banks in South America do
not encourage United States trade.
whether from patriotic motives, or other
wise. they favor European nations to the
disadvantage of America. and the results
are being felt seriously In higher mercan-
tile circles. 1t Is not enough to claim that
our export trade is increasing, regardless
or poor banking facilities. Rather 1t should
be urged that the full measure of their
extent Is being retarded for the reason;
named. The United States is a favored
nation, but 1t cannot hope to compete in
the worlds markets unless 1t affords the
same facilities for encouraging trade that
other countries are ready to grant. The
demand. however. must come from the
merchants. whose interests are heavily
At stakev-and' In actual jeopardy at the
present time.
The conservatism of the people of India
10 very marked In their reluctance 10 use
their own tea. says the London Globe In
pounds Of tea. OF this 132. .000, 900 is export
ed. no less than 124,000,0OO going to the
United Kingdom. Only 100000 pounds,
therefore, remain in India for the consump-
tion Of SOO.OO0,0OO people, while the United
Kingdom, with only about 40,0O0. 900 people,
takes 1A,OOo0O pounds. In other words,
India uses less than half an ounce per
head per annum of its own tea. while each
inhabitant of the United Kingdom con-
sumes on the average about 51e pounds.
The statistics of South African gold pro-
duction show that in the closing month
of 1897 the output of gold from the Rand
district marked a substantial improve
ment upon all previous records. The total
amounting to 3lO 7l2 ounces, compared with
297.124 ounces in the previous month and
2O6.617 ounces in the corresponding month
OF last year, an increase of 1883 ounces in
the former case and of 104 1856 ounces in the
latter. The yields of gold reported for the
past five years, according to the London
Economist, have been as follows 1897
ounces, $S0S4, GA; 1896, ounces, 2,2S1 S74; 1895,
ounces 2'2a7 M s$S; 81 1884, ounces. 2o24 ,15s; 1898
ounces, 1,47S,473. The aggregate for the
year, It win be seen, exhibits an increase
of 7b2,SOO ounces, or, roughly, about E3,-
OOQ 900, the value of the output having been
der 9S.000,0O0 in the preceding year. Since
the first results from the development of
the district were announced, in May, 1887
the total production of gold has reached
IA, ,l3l .0S2 ounces, which, at u shillings per
ounce, represents value Of about a49,-
100000.
Inc pOpulatlOn OF the new city or New
York Is estimated by the health board at
S,4SS.S99 individuals. The population in the
different boroughs Is as follows Manhat
tan, 1911 ,755; Bronx, 1905; Brooklyn, L.
lS7,1O0; Queens, 12S.O42; Richmond, 64,927.
o. O O
According to northern authority on the
lumber prospects for $685. the indications
are that the year will bring fair returns
to the lumber trade everywhere From
every eastern lumber center there come
healthy statements full of promise for
strong demand for the spring trade. In
the best territory reached by rail from the
racine coast there is every evidence of
large trade. Rail shipments Of lumber are
keeping up well, showing a good midwinter
trade Prices are strong at quotations,
ana there may be advances made on GER
tain lines. The cargo trade as whole Is
good. California demand continues strong
at prices which allow the mills a small
margin. The only branch of the cargo
trade which Is not buoyant Is the foreign
one. After the wheat ships are free it is
possible charters will be obtained at lower
rates, which will stimulate the trade. Logs
are nigher In all the salt water markets
OF tnts coast than they have been for
years. Cedar is very desirable stock ri
the present time, but the high prices are
causing good many to enter the logging
business, and In q few weeks the stock of
logs VIII be ample to supply the demand.
Mortgages, $1,000 and Over
F. N. sanderson to M schwed-Lot
T. Cohns partition of lots 26, 81, 20
ana ", as per map in case No. 2613,
r. Water to trustees Of l.. A. Tent No v-''''
e. Knights of Maccahees NJ yVorId