The herald., 1898-04-20
OFFICE OF THE HERALD,
Los Angeles, Cal, April 10, 1898.

OFFICE OF THE HERALD,
Los Angeles, Cal, April 10, 1898.
"It Is plain that commerce thrives when
men are at peace, engaged in their regular
pursuits; 1t suffers when any other condi-
ton prevails"
Among the interesting phenomena which
the stock market has presented within a
year or so past has been the development
Of large and active market for what are
termed outside securities. The class of
ytocks and bonds which are dealt In under
his term, speaking in general sense,
lays Bradstreets, comprise everything
lhat is not regularly listed on the stock
exchange or practically admitted to the
benefit of a quotation by being included in
the so-called unlisted department. AS
q matter of fact, however, the outside
market, or "curb," as it Is frequently
called, is to a certain extent confined to an
indefinite number of stocks, some of which
are the objects of great deal of specula-
tive attention and even of investment In
this number Standard Oil liquidating cer-
tificates hold a pre-eminent position, al
though great deal of attention Is given
to the shares of the Glucose Sugar Refin-
ing company. the American Mailing COM
pany, several stocks of gas companies.
both in New York and other cities, and a
number of others. In several instances
1t Is understood that the managers of the
corporations whose securities are thus
dealt In have refused to have them listed
on the stock exchange. This was the case
with the Standard OIL organization prior
to the dissolution of the so-called trust.
1t has, however, been intmated that in
other instances where the stocks of newly
created companies have attained some
prominence In the outside market their
managers are considering the propriety
of Introducing them to the regular board.
The investments being made 1t Is alleged,
by English capitalists in Cuba at the pres
ent time prompt the San Francisco News
Letter to the utterance of these remarks:
Secure in the power of Great Britain
to protect Its subjects at all times and at
all hazards, English capitalists have been
steadily making extensive investments in
Cuba for months past Today it Is under
stood that English syndicates, forecasting
truly the outcome of the present difficult
ties have secured control of most of the
big tobacco factories; the consolidation of
the railroad system Is under their guild
ance, and other enterprises have their di-
rection. Wars alarms are not a disturb
ing factor in the extension of commercial
interests by the British. The clouds OF bat
tie will sweep away or be swept away in
time. and bargains are cheapened by them.
while more timid investors hold aloof to
await developments. Eventually peace
will reign in Cuba under the dictation of
America. The yellow-skin cut-throat will
lose his last piratical foothold on the
Spanish main, and values will again
speedily advance In a lovely island where
in the past Its vilest and most worthless
production has been its hybrid population.
The leve-headed gentlemen from Albion's
shores can foresee this. and shrewdly
enough propose to take advantage of n
good chance for money-making which
does not come twice In the lifetime of every
man. In the meantime, and until America
has asserted her power and corraled Spain
within its European domain, there is little
fear of any unnecessary damage being
done to property sheltered under the red
ensign by either insurgent malcontent or
the equally treacherous and brutal Don
his about to be deposed master. They
have learned by bitter experience In the
past that 1t does not pay to take too many
unwarrantable liberties in that quarter"
1t is believed that Immediately on the
outbreak of hostilities between this coun-
try and Spain bill will be passed increas-
ing the internal revenue tax on beer to 50
per barrel and an increased tax on tobac-
co: while it is possible that bank checks,
bills of exchange, drafts, deeds, mort
cages and other paper of this class, patent
medicines and nostrums may be added to
the taxable list.
G. o o
Z. +. Swinney, cashier Of the first Ma
tional Bank of Kansas City, Mo-, says
that In the event of popular government
loan, Missouri would take from SO, 900 900 to
$5.000,000 and pay par value for the securi-
ties. He says that should the United
States government issue 3 per cent bonds
in denominations of $50 each as q war loan
Kansas City alone would promptly take
at least s500O00 of the bonds at par. He
thinks the securities would be eagerly
bought by the great mass Of the people.
o O O
The Bank of England's gold fund has
diminished to f30.034 ,952, the lowest point
for several years. The banks minimum
discount rate was advanced to 4 per cent
at Thursdays meeting.
O O o
Thousands of counterfeit cents have been
received at the sub-treasury recently, and
1t Is reported that a number of banks has
been requested to mark all bags Of cents
sent to them from out of town, so that, II
possible. a clew to the source of the coun-
terfeits may be obtained. The counterfeit
coins are of pure copper, the market price
of which is about 12 cents pound.