The herald., 1898-01-29

lie was prudent rather tnan Wise, and
30 fearful of doing wrong that he seldom
did right"
A most remarkable showing is made by
the preliminary treasury statistics of for
eign trade for December and the twelve
months of 1897 which have now been is
sued. corrected to January 15. The ex-
ports of merchandise for December were
valued at 1924 .474 ,435, an increase of over
s72OO,0OO as compared with the correspond
ing month of the year preceding. The
imports were valued at $51,514,733, a de-
crease of over S,4OO,0O0 as compared with
December. 1896. OF the imports, those pay
ing duty showed an excess of more than
x,1OO,OOO dn value over those entering duty
free. whereas in December, 1896, the
duty free goods showed an excess
In value of more than $6.sO0.000
over those for the corresponding
month of the preceding year. The ex-
ports showed an excess of over $40, 900 900
over the imports for the month, whereas
the excess on the same side in December
or the year preceding amounted to only
little over $5S ,200,0 900. Ror the twelve
months of the calendar year the exports
OF merchandise, says Bradstreets reached
the enormous total of ST. .O99, ,129,51 which
represents an increase of over $93 200 900
as compared with those for the preceding
year. The imports, on the other hand,
were valued at s742, ,63O, ,S55, an increase of
over $61 900 900 as compared with those for
the calendar year 1896. OF the imports
those free of duty were valued at $377 ,372,-
1872, an increase of over s54 400, 900 as COM
pared with those for the preceding calendar
year. The dutiable imports were valued
at 1856 ,25S ,063, an increase of over Sc 600 900
as compared with those for the preceding
year. The duty-free imports exceeded
those paying duty in value by over $12,-
100000, whereas in the preceding year the
dutiable exceeded the duty-free goods in
value by over $35 500, 900. The excess of ex-
ports reached the large total of $356, ,49S 664,
which was $S2, 200 900 greater than the ex-
cess on the same side for the preceding
year. Exports of gold coin and bullion
for the year amounted to s34 ia 1852. a de-
crease of over $23, SOC, 900 as compared with
those of the preceding year. The imports,
on the other hand, We're valued at $29,079,-
b4O, decrease of over $73, ,GO0, 900 as COM
. koico Will lnOSe lOT the preceding year,
The latest financial circular from Henry
Clews of New York says:
The January renvestment demand has
centered so largely upon railroad bonds
that those investments have risen to yir-
tually unapproachable prices, with the con-
sequence of divertng buying to the lower
grades of mortgages and causing more
demand frct a1n l;,,,l
stocks. These effects of the investment
demand have not yet worked out their re-
suits upon the speculative securities but
remain as an undiscounted factor to aid in
some new combination of circumstances
helpful to an upward movement in the
stock market. Our current relations with
the foreign investment centers present
features of unusual interest l have re-
Gently called attention to the cessation of
the return of our investments from Eu-
rope, which reached large dimensions dur
Ing the last half of 1897. Now this current
seems to have taken the opposite direc-
ton. During last week probably not less
. than 10000 shares of stock were sent to
London, Amsterdam and Berlin, aud with
In the past week some scattering buying
orders have been received, while there has
been no evidence of any selling. Had it
not been for the effects of short haryests
In Europe, we should probably have wit
htSSNt use loltibH OTueTS 1Or our Secu-
rites; but the leading countries having
had to make very unusual outside pur-
chases of food products, the exchanges
nave been turned against them to an i'm
portant extent, and the controlling bank
ing interests have not only discouraged the
making of investments abroad, but also
encouraged realizing upon such assets.
This condition at the European centers
. has apparently not yet reached its culmi-
nation.
The fact that so few railroads went into
the hands of receivers last year is the best
evidence that corporations which have sur
vived since 1S93-not only railroad, but all
other corporationS-must possess inherent
strength. The investor whose funds were
swept away by the wiping out of stocks
and the scaling down of bonded indebted
ness during the past five years may feel
at least little confidence in the integrity
of that which he still holds; while the
new investor, who goes into the market
now and buys approved securities. can
know that there is something of real and
permanent value behind his purchases.
1t is singular circumstance that uD to
a year or so ago the east was looked upon
as the most prosperous section of the
country, while at present the west and the
northwest and the Pacific coast are en-
Joying greater prosperity than most of the
eastern states. The Pacific coast and the
northwestern section have benefited large
ly by the gold discoveries in Alaska, and
all the west has reaped a golden harvest
from the enhanced price of cereals, and
especially wheat. The east suffers from
plethora of money and depression in
many lines of industry, and especially in
the manufacture of cotton goods, a field
In which the south has become a most ag-
gressive and successful competitor with
the mills of New England. Had there been
such rise in the price of cotton as there
has been in the price of wheat, the south
today would be the most prosperous Sec
tion of the country.
The senate committee on postoffices and
postroads has been considering the ad-
Visibility of establishing postal savings
banks in the United States. The discussion
was general, and the only conclusion
reached was that Senators Mason and
Butler should prepare the bill, which could
be used as basis for future deliberations.
Interpretations
California Agitating and Leaching Ma
chine company, Bishop, Inyo county: s320.
900, all subscribed
o. K. Mining and Development company
San Francisco; s2,5O0 ,OOO subscribed. $780,
The Sonoma County Farmers Mutual
Fire insurance company Santa Rosa. So
noma county.
Alaska Transportation company, San