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The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, July 26, 1898, Image 11

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THE INVESTOR
Conducted by GEO. A. DOBINSON
FICTITIOUS VALUES
MINING COMPANIES WILL RE
DUCE THEIR CAPITAL
COAST INSURANCE WAR ENDED
Banks Must Pay Tax on Bond Invest
ments—lncrease of Bell Tele
, , phone Stock—Notes
OFFICE OF THE HERALD,
LOS ANGELES, July 25, IS9B.
One good result of the new war revenuo
law will be to discourage the over Issue
of mining stocks which haß been practiced
so long that It has become a custom In
dulged In by people who, In the majority of
cases, had no intention to make fraudulent
representations as to the true value of their
property.
The law requires a tax of 2 cents on every
$100 of such capital, regardless of the sell
ing price of the stock. Most of the Comstock
mines are divided Into shares of the par
, value of $100 each. When shares were sell
ing above their par value, or near their par
value, a tax ot 2 cents on par value would
have cut no figure. Rut now, whpn these
same shares are selling at one hundredth
or one thousandth part of their par value,
. and even less, a tax of 2 cents on every $100
of par value is a serious Item and a positive
restriction of trado. There aro some stocks
that are now selling as low asl 1 cent a
share, yet their par value is $100. To pay
$1 for 100 shares and then $2 In stamps to the
government for making the sale Is out of
the question. It kills the business.
It 19 not the primary object of the new
law to ruin trade, for that would defeat Its
very purpose of revenue. After a great deal
of backing and filling, a decision one day
being reversed on the following day, mine
managers at last think they see a way out
of the difficulty. The remedy 13 a reduc
tion In the par value of the shares. This
Is based on the latest decision of the Wash
ington authorities that the tax of 2 cents
on sales applies to an aggregate of $100 of
par value or fraction thereof. For example,
10,000 shares of tha par value of $1 per share
Is to be taxed the same as 100 shares of
the par value of $100 each. This decision,
says the Bulletin, greatly reduces tho tax
burden, as the tax on a certificate for 10,000
shares at $1 per share will be no greater
than the tax, on at certificate of-100 share?
of $100 each.
According to the Mining and Scientific
Press, which has an editorial article on the
subject, the business of the issue, sale and
transfer of mining stock, which the first
rigid ruling of the revenue collector threat
ened with extinction, can go on, a more fa
vorable and Just construction of the law
halving been authoritatively secured. The
first arbitrary ruling meant prohibition of
nearly all business In ordinary mining cor
poration stock, and, amid a storm of pro
' tent, Commissioner of Internal Revenue
Scott has reversed his original rulings
thereon. The question for existing mining
Incorporations Is now mainly whether to re
incorporate with par values diminished, or
to reduce the present nominal capital stock
and the par value of shares. The California
Civil Code limits the amount of any one as
sessment to 10 per cent of the capital stock
after one-fourth his been subscribed. In
accordance therewith, special meetings of
several of the Cnmstock companies have
been called for September next to act upon
a kindred proposition; for Instance: the
Con. Cal. & Virginia M. Co. will hold a
special meeting of stockholders on Septem
ber 21st. to act upon a proposition to dimin
ish the capital stock from $51,000,000. divided
Into 218,000 shares of the par value alt $100
each, to $M<l,noo, divided Into ;IS,OOO shares
of the par value of $2.30 each.
In other states. In the Incorporation of
new mining corporations, tho effect of the
new war revenue is equally apparent. In
Spokane, Wash., was Incorporated this
week the Ilecla Mining company, "capital
stock $250,000, divided Into l.OOO.mvi shares."
making the par value 25 cents per share;
other companies are Incorporating there,
par value 5 cents per share." In Salt Lake
City tah. this week, was Incorporated the
R. CJ. W. M. Co., "capital stock $20.0(10. di
vided Into 20,000 shares, pnr value 10 cents
per share."
In connection with this may he cltrd such
decisions as that of the supreme court of
Montana In the case of Kelly vs. the Fourth
of July Mining Co., which equally with the
war tax will tend to discourage the tendency
to capitalize In excess of the true value of
the property owned, and, In that way, good
may result.
It has Keen die custom In capitalising a
new mfntng'"'company to put a fictitious
value on the property; a company owning
property worth $50,000. would he capitalized
for $500,000, with no Intent to deceive, or
work fraud, but mprely because of custom,
the market price being without reference
t/i par value, which now becomes of such
present Importance. The Montana de
cision was to the effect that the owners of
stock In an over-capitalized company were
liable for the difference between thp real
value of the property and the total capital
ization.
Capital in Bonds Taxable
The commissioner of Internal revenue has
made a decision regarding the payment
of the tax upon bank capital Invested In
United States bonds under the new revenue
law. The decision is that "In estimating the
amount of special tax required to be paid
by a bank, based as the law requires, upon
capital and surplus, the amount invested In
United States bonds is not to be deducted."
It Is contended that this is an Indirect tax
on government bonds, which, by law, are
exempt from taxation. The commissioner
takes the position that the law, in levying
the tax upon bankers, does not levy It spe
cifically upon their capital, but only as n
license tax, the amount of the capital being
taken as an incident for determining the
amount of the tax. The question is new
and will probably be taken to the courts for
final adjudication.
A Costly Outlay
Illustrating how war augments expenses.
sn"'offtcer of tha Atchison, Topeka and
Santa Fe says that it will cost the company
$25,000 a year for revenue stamps on checks
In paying employes. The company con
templated running a pay car and paying In
cash, which was the custom throughout Its
lines until a year ago, but It has been de
cided to continue paying by check.
Investment Stocks and Bonds
At the San Francisco Stock and Bond ex
change Saturday mornlng„ Giant Powder
sold at 48 to 48%. Hana Plantation at 15%.
Hawaiian Commercial at 23%. Oceanic
Steamship at S. V. Water at Ss%, 8. F
Gas and Electric at 86%. At the Investment
Board, S. V. Water sold at 98 and Oceanic
Steamship at 57%.
Increase in Telephone Stock
Stockholders of the Bell Telephone eom
paqr o£ Pbfi*i)Wpfclt»~wt!l meet September
ttttito *to» oa-fc -resolution passed, by the
directors for an Increase of the capital stock
from $2,000,000 to $4,000,000.
Insurance People Make Terms
The long-standing controversy between
Insurance Commissioner Clunie and the for
eign insurance companies doing business In
this state has, according to the Chronicle,
been brought to a formal conclusion by an
exchange of communications. Concessions
hove been made on both sides, and each
party finds satisfaction In claiming the vic
tory.
The twenty-five insurance companies
which sign the letter to Clunie agree to
pay to the state a sum equal to 1 per cent
of their net premiums collected ont risks
taken on property within the state during
the year 1897, and a similar sum during the
month of January of each succeeding year,
estimated on the net California business for
the preceding twelve months.
The money, It Is provided, wild be dis
tributed In the following manner: "Where
It Is practicable io ascertain the amount of
said money which would have been paid
to the treasurer of any county or city or
county of the state of California on pre
miums received during the year 1897 by us.
under an act of the legislature of 1886. de
clared by the supreme court to have been
unconstitutional, then such proportion of
said money shall by you be paid to the
treasurer of said county, provided that such
money shall be paid Into the credit of the
tire department of such county." If thero
be no fire department fund the money Is to
go to the general fund, and If the county
treasurer refuse to receive tho money It Is
then to be turned ovor to the state trensurer.
The Insurance compnnles also agree to re
adjust and reduce as soon as may be prac
ticable, the tariff rate* now In force In San
Francisco, provided the fire department Ii
put upon a full-paid footing.
It Is further stipulated that the Insurance
companies shall be free from future hostile
Interference on the part of the commission
er. The latter, on his side, continues his
protest against the existence of the board
nf underwriters of the Pacific, while he ad
mits the legality of the organization and
acknowledges that his prejudice Is entirely
a personal one.
The reduction In the rates of Insurance,
the commissioner estimates, will result In
a saving to the citizens of San Francisco of
$inn.nno. and the sums that the companies
will pay to the state under the agreement
he places nt $23,000.
Insurance Notes
The action ot the supreme court of Cali
fornia In affirming the derision of the lower
court in the Case nf the Stockton Agricul
tural Wnrks vs. various Insurance compan
ies, will cost the latter $!>O,OOO besides inter
est and court expenses.
Mayor Phelan has publicly thanked In
surance Commissioner Clunie for the influ
ence exerted by the latter fn collecting from
the Fidelity and Deposit company the $lon.
fiOO due the city on the defaulting treasurer's
bond.
Life Insurance agents complain that the
farmers have no money and will not Insure.
Farmers in Fresno county are feeding rai
sins to their horses. Barley Is worth $3C
per ton. while the cheapest grade of rai
sins Is worth $20per ton.
Vice-President Tillinghnst of the Provi
dent Savings Life Is still looking for a man
to represent his company on this coast, thf
resignation of George L. North having left
this department without a head.
The complaints nf bad huslness In Insur
ance circles of San Francisco, says the
News Letter, appear tn have real founda
tion when even the oldest and cleverest
managers are affected. We note that our
nld and esteemed friend Col. William Mac
dnnald has found It impossible to k»ep thr
Wolfe from his door.—[The diagram with
this Joke shows that Miss Wolfe Is now Mrs.
Macdonnld. Long life to them.]
Inquiry shows that so fnr the flrd com-i
ponies appear -to he standing the Ins? of rev
enue stamps on "not wanted" policies with
out much protest. During the first few days
of this month it was stated by several un
derwriters that the broker's would b<
charged fnr wasted stamps, but few if an\
companies are taking this position.
Incorporations
Mamlnrk Smoitlntr and Refining compa
ny. Randsburg; $100,000; subscribed, $37,000
Eureka Gold Mining and Milling compa
ny. Randsburg; $500,000; subscribed, $400,000
Swan, the Painter; formed fnr the pur
pose of painting, decorating and advertis
ing: San Francisco; $5000: subscribed, $2000
The McGann Stove company, San Fran
cisco; $0000; subscribed, $1150.
Transfers, $1000 and Over
(Dally Statement.)
E. A. Hoffman ot al. to S. J. Jennlson
—Lots 1 and 5, blk 11. Phillips trt. .$15,000
Pacific Loan Co. to Kate P. Miller-
Lots 10 and 17. hik N,Knob Hill trt. 3.sflti
T. W. Hand et al. to T. Smart—Part
farm lot 21 A, Alamttos trt 3 00(1
J. Conger et al. to Annie E, nnd O.
H. Mason—Lot 19. blk 11, Moulton's
add 1000
O. D. Rowan ot al. to W. G. Kevin—
Lot 10 and part 15 and 17. Garland
trt g ,7Xi
Mary F. and W. P. Howland to Han
nah Bleay—Lot 8, blk IS, same trt.. 1100
Twenty-four transfers under $1000, of
which eight were nominal 7,17s
Total $31,278
Mortgagee, $1000 and OVer
(Dally Statement.)
A. I. Smith et al. to Ida V. Olshau
sen—Und. H of part lot 10, blk 11,
O. S., 3 yrs, 9 per cent $5,000
S. P. Jennlson et al. to E. A. Hoff
man—Lots 4 and «, blk 14, Phillips
trt, Ro. La Puente, installments, 9
per cent 8,000
Mary Selby to T. Goss—Lot 17. Mc-
Donald trt, Feb. 25. '99. 9 per cent.. 1,500
A. W. Ellis et al. to J. W. Woodruff-
Part lots 2, 4 and 6, blk G, Moore &
Kelleher's sub. of lot 2, blk 60, H. S.,
3 yrs, 11 per cent 1 400
A. M. Scriven to L. A. Say. Bk—Lot
3 and 4, E. K. McDonald's sub. Of
lot 8, of 750 acre Maria Machado de
Rocho trt, 9% per cent L6OO
Alice J. Stevens to J. A. Keeney—Lot
105, Clark & Bryan's Lone Star trt,
3 yrs, 9V4 per cent 1,500
Eight mortgages under $1000 3,705
Total $22,705
Releases, $1000 and Over
(Dally Statement.)
Elizabeth A. Spencer to Emily J.
Gardner et al., 466-5 $1300
B. Brodtbeck to S. Page, 640-120 l'ooo
Five releases under $1000 2,02.5
Total $4,325
ON 'CHANGE
Conditions as Shown by Transactions
on Wall Street
NEW YORK, July 25.—There was some
price movements of considerable import
ance in stocks today, but the effect on the
general list was only slight. The early
heaviness In the railroads was to some ex
tent corrected and the level of prices gener
ally brought back about to Saturday's
close. Outside of the special cases referred
to, however, the price movement was In
significant, and no large demand for stocks
was perceptible. The most conspicuous
stock in the day's trading was Sugar, and
prices advanced rapidly lnder vigorous ma
nipulation. There was no news forthcom
ing to account for the rise so far as the
prospects of the company are concerned,
the outlook continuing, so far as known
the same as when the recent large short
Interest was formed. The marking up of
the stock is attributed to a powerful pool,
which has set about gunning for shorts
The combination apparently had pretty
good success, and secured some large cov
ering orders in the course of the 4% rise
Some industrial stocks which have recent
ly been the objects of bear attacks sympa
thised In this rise, People's Gas and To
ft* 00 ? JtA!*s* over Jt P°/ nt Cbloeto and
Great Western preferred continued to rise
LOS ANGELES HERALD* TUESDAY MORNING, JULY 26, \Z9Z
on the authorized announcement of an Im
pending dividend, gaining two points. The
common stock was also up a fraction. The
coalers gained from 1 to 3 points. Ameri
can Express rose 2 points, Adams Express
4, and Manitoba L The day's trading re
sulted In largely reducing the outstanding
short Interest witholt arising any inquiry
for stocks.
Bonds came to a halt again today. North
ern Pacific 3s being the only Issue to show
conspicuous activity. The government's
withdrawal of deposits from the bank has
somewhat reduced the available supply of
money, but the demand continues so lax
as to leave rates unaffected. Totrrt sales,
$3,335,000.
The new government 3s were quoted on
call at the board at 10IWflOt%, when is
sued, and for the small bonds which are
now being issued, [email protected]%. United States
5s declined % in the bid price.
Closing Stocks
NEW YORK, July 25.-Tho following
are tho closing prices on the New York
stock exchange today:
Atchison 13% do 2d pfd.... 25%
dpi pfd.... 3t% St Paul 99%
Baltimore ft O. 32% do pfd 161
Canada Pacific. 85 St P & Omaha.. 82%
Canada Solth.. 63% do pfd 153
C Pac, ex Ist... 16 St PM & M 156
Ches & 0hi0... 22% Southern Pacific fi%
Chi & A1t0n....160 So Railway 8%
Chi & B 111.... 66 Texas & Pacific. 12%
C CC& St |L.. 41% 6 P pfd 60%
dii pfd.... 75 XTPID&O 6%
Del & Hudson.lo6% Wabash 7%
Del L & W....151% do pfd 18%
Del & Rio G— 12 Wheel ft L 8.,., V)%
do pfd.... 50% do pfd 10
Erie (now) .... 13 Adams Ex 101
do Ist pfd.. 34% American Ex ....135
Fort Wayne....170 United States.... 40
Gt Nor pfd, ex Wells Fargo U9
dlv ex rights.l 27% Ant Cotton 0i1... 33%
Hocking Ya1.... 5% do| pfd 2St4
Illinois Cen....108% Ana Spirits 11%
Lake E & W.. 13% do pfd 33
do pfd.... 70% Am Tobacco ....00%
Lake Shoro ....189'* do pfd 121
I-ouis ft Nash. 53% People's Gas 9;i%
Manhattan L..lo6'fi Con Gas 11R
Met St Ry 151 Com Cable C 0... .170
Mich Central. .106% Col F&lron 20
Minn & St L 2S do pfd 90
do Ist pfd.. «S»« Gen Electric (3%
Mo Pacific 34% Illinois Steel.... M
Mobile ft Ohio. 23% La Clede Gas.... SM
M X & T 10% Lead 838
do pfd.... 34% dd pfil 109'
CM & L 10 Nat Linseed Oil.. 1('
do pfd.... 3J% Pacific Ma Mi 1.,., 28%
N J Central 89% Pullman Palace. JM9
N V Central... 118% Silver Cetx 88%
NYCft St L.. 13 Standard It &T. £
do Ist pfd.. 65 Sugar fltfU
do 2d pfd... 33 do pfd 118%
Nor West 14 T C * Iron 25
N Amer C 0.... 0% U S Leather 7"%
North Pacific 29% do 1 old 67%
d 4, pfd.... 71% U S Rubber Bt%
Ontario & \v.. 14% do pfd 90%
Ore It ft Nay. 48 Western Union.. 92%
Ore Short Line. 28 Chicago ft NW..186%
Pittsburg 170 do pf 173
Reading 17TT Chicago ft G w. 171
Rock Island.... 96 St I. & SW 5
St L ASF 7% Reading Ist pfd.. 39
do Ist pfd.. 61 Brooklyn BT„„ 65
Bond List
NEW YORK, July 26.—The following
are the closing prices of bonds on the New
York stock exchange today:
U S new 4s rcg.lllTr. N V Con 15t5....115%
do c0up....12'!% N J C 6s 112%
US Is 109% N Carolina us 125
do c0up....111% do 4s 102
do 2ds 97 " N Pacific 15t5....112%
US Ss reg 112% do 85....... 64%
do 5s coup.llß% do is :)''
District :»s «f...11ii% N YC&St L....10G
Ala Class A 108 Nor & \V 6a 122
do B 105 N W C0n5015....148
do C tw do deb 58....117%
do Currency 90 O Nay ls;s 11l
Atchison 4s 95% do 4s !£'
do. adj Is.. 7t'% O S Line 6s t '
Can So 2ds 10S% do 5s t r....H>j
Can Pac lsts.. — Pacific Us of 95.. m
Chicago Term., so Reading 4s 107
C & Ohio ss. ...114% ROW lsts 88%
CHAD 4%5...101% SLft I M .-"ii ss. 99%
D ft R G 15t5..109% S L & S F gen fis.ll7'
D ft R U 45.... 95% St PCon 146
East Term 15t5.105% St Pft C I' 15t5.,118%
Erie Gen 45.... 73% do ,"s 115%
F Wft D Ist tr 73% So Railway 55.... 94%
Gen Elec 5s 105 S C non-fund... —
G H ft. S A 05...104 S R ft TOs 71%
do 2d,s 105 Term new set 35.. 91 1 »
H ft. T C 65....110% Tex P L G lsts... 106
do Con 65.11 l do reg 2ds.. 1~2> 4
lowa C 15t5....102 Union Pac 4s 97%
X 1" Con t r.... — U P D ft 1) lsts.. 78%
X P Ist (D D) tr — Wabash Ist 55....110%
L A new con 4s. 100 do 2ds 873,
L & Uni 45.... SS% W Shore 4s 108%
Missouri (is leu U P pfd 59%
M X eViTids.. 66 Va Centuries.... 71%
do 4s 89% _ do_ dfd 5
London Markets
NEW YORK, July 25.—The Evening
Post's London financial cablegram say:-:
The stock markets her, were quiet today,
business being checked by the approaching
holidays and by the settlement tomorrow.
The markets will be closed on Saturday
next. Spanish fours were strong early In
the day on foreign support, but were lower
Ht the close. were stagnant a:
New York parity. Grand Trunk was stead}
in spite of poor traffic reports, on hope- of
a settlement of the rate war.
Treasury Statement
WASHINGTON, July 25.—Today's state
ment of the cnndiiliiii nf ih' treasury
shews: Available cash balance, $206,200,109;
gold reserve, $190,013,673.
Spanish Securities
LONDON, July 21.—Spanish fours closed
at 3M4.
PAUIS, July 25.—Spanish fours eloa.-d al
38.25.
Silver Bullion
SAN FRANCISCO, July 25.—Silver hars.
38% c; Mexican dollars, <6%®46%c,
CHICAGO MARKET
Prices and Prospects of the Trade In
Cereals
CHICAGO, July 25.—A slight sprinkling
of rain that was falling here when Cne
session commenced started corn easy. The
market was soon freed, however, from this
Influence. Continued dry weather was tTie
reason for additional strength, and wruf
the signal service predicted another thirty
six, hours' prolongation without rain, foe
trade was not slow to realize the situation.
An active demand from nearly all the
prominent bulls started prices up with a
rush. The country had a few selling or
ders In the pit at the opening, but the
offerings were quickly absorbed.
tbe big shorts attempted to come In, It was
a case of bid and get nothing until tbe Sep
tember price touched 35% c, a full cent bet
tor than the opening. At this point lons
property came out freely, and there was
active selling against calls. The Increase
In offerings caused some recession, but
there were plenty of buyers at the n-duc
tlon to again advance September to S7r>,c.
The readiness with which Liverpool re
sponded to the advances here Saturday was
considered significant. September closed
at 25V4«35%. a net gain of %ifi> 7 /BC
Lower quotations from Liverpool and
favorable weather for the coming crop sent
wheat down at tha opening. September
started at from G7V 2 sellers to (TWo, and had
touched 67Wc, when the advance in corn
executed a buoyant effect. When the corn
market commenced to give Indications of
having reached the culmination of Its ad
vance, the bears in the wheat pit were en
couraged to sell with greater freedom than
they had been doing while corn kept on the
rampage. This, together with Indications
of enormous receipts everywhere the rest
of the week, coupled with a declining cash
market, caused wheat to become very
heavy. After a downward reaction in corn,
that commodity began another rise. Infus
ing a bullish spirit Into the wheat market.
September closed %'3He lower on tho day
at 67 c. _ .
Oats followed corn, September advanc
ing %o.
Higher prices for hogs and the strength
of corn held provisions firm. Tork and lard
advanced 2&c each and ribs 2'/[email protected]
BAM FRANCISCO MARKET
Call Board Dealings and Prices of
Produce
SAN FRANCISCO. July 25.—Wheat—In
active; December, 1.2714.
Barley—Not quoted. <n< ,_^
Corn— Large yellow. 1.12>,401.15.
[email protected] per ton. .
Flour— Family extras, 4.653:4.75; bakers'
extras, $4.4004.50.
Wheat—Shipping Is nominal at 1.23%®
1.25; milling, 1.3001.40 par cental.
Barley—Feed, L17%®1.20; brewing nom
ln Mill«tuffs—Middlings, 19.50021.50 per ton;
bran, 15.50016.50. . „
Hay—Wheat. 17.00019.00; wheat and oat,
16.00018.00; alfalfa, 1Z50^14.00.
Dry Beans—Pink. 2.5002.00 per cental)
■mall white, 1.8001.95.
Oats—Poor te fair. tsof)l.sS; food to
oboloe, L27H91-32H; fancy feed, 1.3501.37%;
gray, 1.251j 1.27%; milling, 1.30,31.33; surprise,
1.32%®1.37%.
Vegetables—Onions, SoO7fic per cental;
Vegetables—Onions, 60ii75e per cental;
Vegetables—Onions, 65/iisuc per cental;
green peas, 2.00<a2.r>0 per sack; tomatoes,
lol%e per lb.; rhubarb, 50©75 c; snuash,
50c basket; plums., 40075 c; peaches, [email protected]
36045 c per box.
Fresh Fruits — Pears. Bartlett, 1.00
01.25 per box; strawberries, 7.00 per
chest; gooseberries. 101V6c: cherries, black,
40050 c; white and red, U08Oc; nutmegs,
50075 c per box; nutmeg.*, 2.0002.60; peaches,
eocfti.oo.
Citrus Fruits—Navel oranges, 2.0003.25;
Mexican limes, repack, 55006.00" common
California lemons, ; choice. 1.5002.00;
box; cantaloupes, 5.00 per crate; peaches,
bananas, LOOOB.OO.
Butter—Fancy creamery. 20c per poUffd;
do seconds. 18c; fancy dairy, 17% c; do,
seconds, 16017 c.
Eggs—Store, 14016 c per dozen; fancy,
ran, h, ISW2IC.
Poultry—Turkey gobblers, 14W15e per lb.;
old roosters, 4,0004150 dozen; young roost
ers, 5.6007.00; small broilers. 2.0002.50; largo
broilers. 3.00'H3.50: fryers. 3.6004.00; hens
4.0tr36.00; old ducks. 3.0003.25; geese, 76c8
3.6006.00; old ducks, 8.0008.28; geese. 75c0
1.00 pair; old pigeons, 1.25; young pigeons,
1.50.
Visible Grain
NEW YORK, July 25.-The statement of
the visible supply of grain in store and
afloat Saturday, July 23d, as compiled by
the New York Produce exchange, is as
follows:
Wheat—B.923,ooo bushels; decrease, 1.709,
--000.
C0rn—18,670.000 bushels: decrease, 1,340,
--000.
0at5—1.273.000 bushels: decrease. 1,805,000,
Rvi —481,000 bushels; Increase, 21,000.
Barley—B4s,ooo bushels; decrease, 40,000.
Dried Fruit Prices
NEW YORK, July 26.—California dried
fruits quiet.
Evaporated Apples—Common, OfaSo per
pound; primo wlrr. tray, 8%©8% c; choice,
8%09c; fancy, 9%c.
Prunes—4oßo.
Apricots—Royal, B%©lo c; Moorpark, vvn
12c.
Peaches—Unpeeled, 508 c; peeled, 12016 c.
Kansas City Live Stock
KANSAS CITY, July 86.—Cattle—Re
ceipts. 9O00; market strong to 10c higher;
native steers, 8.6506.20; native cows and
heifers. 1.5004.90; stockers and feeders, 3.15
06.00; bulls. !.6604.00.
Sheep — R Ipts, 3000; market firm:
lambs, a.jofljii.O'j; muttons, 2.5004.60.
Petroleum
OIL CITY. Pa.. July 25.—Credit balances.
93c; certificates, opened Bs%e bid for cash;
highest. 92% C! closed !'2'- bid for cash; to
tal sales, [000 barrels cash at 92% c; ship
ments, 1i5,200; runs, 137,698 barrels.
Local Quotations
BUTTER—Extra local 83-Ounce squares,
(7%050c; fanry creamery northern, 3-2 oz.
squares. 45047%; diary. ::2-oz., 42%045; dairy
28-oz. squares, 40c; fancy tub, per lb.,
220880.
EGGS- 18018%0 per dozen.
CHEESE—Martin's New York Cheddars,
per lb., 13%o; eastern, full cream, per lb..
13c; California half cream, per lb., 10c;
coast full cream, per lb.. U%c| California
Downey or Anchor, per lb., 13c; do. Young
America, pt r lb., 14% c; do. 3-lb. hand, per
lb., 15c; domestic Swiss, per lb., 18% c.
POULTRY—Per dozen: liens, 3.50ffi3.00;
young roosters, 4.0005.00; old roosters, 8.50
4.00; broilers, 1,7(02.23; fryer.-, 8.7503.79;
ducks, 3.0003.50; turkeys, alive, per pound,
10011 c; geese, apiece, 76C01.00.
POTATOKS—Hurhauks. 90'!|95.
VEGETABLES—Beets, per 100 lbs., 90c:
cabbage, p> r 100 lbs., 60075 c; carrots, per 100
Lbs, 7,",e; chiles, dry. per string, 9001.00; Mex
can, per lb., 50c; green, per lb., 607 c; g.:r
llc, 506; tinlons, 75d80c; do. green, per doz..
dos., 20..-: green peas, B04c; turnips, 85c;
parsnips, 75085 c; cucumbers, 75080 c box.
GREEN FRUlTS—Bananas, bunch. 61.50
2.23; strawberries, com.. 506 c; fancy. 106
!0©12%c; Blackberries, 4©6e; loquats, 4©6 c;
rise, white, 15060; do. black, 45060; apricots,
per box, 50c; raspberries, per box. Sri/in
''tic; gooseberries, per lb.. 304 c; currants,
box, 60065 c; Logan berries, per box, 406 c;
106 c; ti»rs, per box, 50060 c; peaches, per
box. 70075 c.
RAISINS—Fancy clusters, 20-!b. boxes.
2.00; 4-crown L.L. clusters. 1.75; 8-crown
L.L., per box, 1.35; 2-crown. loose, tn sacks,
per lb.. 4c; 3-crown, loose in sacks, per lb..
0%06%cj 4-crown, per lb., 5%06c;
peas. 2.7503.00; black-eyed beans, 3,00; gar
per shell. 12018 c; bard Blleli, 7©Be; pec.ins,
7c; roasted, 805% c: California, raw, 405 c;
i 2.50013.00; loose, 12.00.
LARD—Rex pure leaf, 8c; spe
cial kettle rendered lard, B%c.
CITRUS FRUITS—Fancy navels. 2.2"'t
2.40 per box; fancy seedlings, 1.7602.00!
Cured fancy, 1,5002.00: choice. 1.26; green
lemons, 1.00; grape fruit, per box. 8.0004.00.
DRESSED MEATS—AII per lb.; Beef,
No. 1. No. 2. le. c: bind quarters, No. 1.
9c; hind quarters, No. 2. 7c; ribs of beef.
10c; veal. ?07%c; mutton. 7 1 /2-; lamb. 8c;
pork loins, s? 4 o; legs of pork, B%c; pork
spare ribs, fie; pork tenderloins, 15c.
LIVESTOCK—Per !>>.: Beeves, «ffl"jc;
bogs. 4%c; lambs, per head. 1.6002.00; sheep,
per ewt., 2.50'i/3.5u: calves, per lb.. 3c.
CURED MEATS—Rex hams, lo'.c: pic
nic hams. 5%0; No. 2, B%c; s, led mild cure,
lie; fancy breakfast bacon, ll'fic; dried
beef, 14%e! smoked tongues. 50c; dry sail
clear bellies. 16-20 ay.. See; dry salt clears,
35-40 ay., 7%c; salt clear backs, 7%c.
TALLOW—Pi r lb., 2%©3% c.
WOOL—Nominal.
HONH6C AND BEESWAX—Honey In
wax. 20025 c per pound.
HIDES—Dry (as they run), li,-; do. kip.
llVsc; do. culf, 16c; bulls. 7c: salt steers,
4%05%0; do. stags and bulls. 8%04e; cows,
6%07c; sheepskins, 606 c,
BEANS AND DRIED l'RAS—Pink. 3.250
'■'..'>')■, Lima, 3.2503.60; Lady Washington,2.4o
■i/ 2.30; small white, 2.5002.60; green Held
peas. 2.7503.00; black-eyed beans. 3.00; g.ir
vancos, 1.0004.60: lentils, imported, 7.00'(t
8.00; lentils. California, 8.5004.00.
DRIED FRUITS—Apples, sun dried,
sacks, per lb.. 5%06c; evaporated fancy.
o'</Sc; apricots, fancy, Sc; choice, 6080;
peaches, fancy, unpeeled. h r n~.-. pears, fan
cy evaporated, 8010 c; plums, pitted, choice,
9010 c; prunes, choice, boxed. 609.'; sacked.
406 c; dates, 7%08c; silver prunes, choice,
sack, 7%<i!Sc; boxes, fly Me; tigs, California
white, per lb., 007 c; California black, per
lb., 500% C; California fancy, per lb., 7%(9
10c; Imported Smyrna, 12%015c.
NUTS—Walnuts, l.os Angeles, pa
per shells, 12018 c; ban! shell, pecans,
9'sl2c; Alberts, 12012% c; Brazils. 11012 c;
plnons, 10011 c; peanuts, eastern, raw, 6Vi.'a
7c; roasted. [email protected]%c; California, raw, 403 c;
roasted, 6 l *yu7o.
MIXjLSTUFFS—FIour, local mills, Tt.2o
per bbl.; Stockton brands. 5.25: Oregon, 6.00;
eastern, 6.0006.75; shorts, ton. local, 23.n0;
rolled barley, per 100 lbs.. 140; cracked corn,
per 100 lbs,, 1.06; f'cd meal, per 100 lb?.. 1.10;
bran, per ton, 21.00; graham, per 100 lbs.
2.70.
HAY—Wheat, per ton. 15.00.ir23.00; barley,
17.OOKi8.itO; oat. 17,00020.00; alfalfa, baled
12.50-rjl3.on; loose, 12.00.
GRAlN—Wheat, No. 1, 1.65; No. 2. 1.60;
corn, small yellow, 1.25; large yellow, 1.05;
barley, common, 1.35.
THE GLOUCESTER, NEE CORSAIR
J. Plerpont Morgan Congratulated on
the Performance of His Yacht
The now famous torpedo boat destroyer
Gloucester, on which Admiral Cervera was
taken as a prisoner of war, was quite re
cently, as everybody knows, the steam
yacht Ccrsair, flagship of the New York
Yacht club squadron, and was owned by
Commodore J. Pierpont Morgan. A few
months ago, when she was being refitted
for the yachting season of 1898, her owner
was advised that tho government desired
to acquire and rotit her for service with
Admiral Sampson's Ileet In Cuban waters.
Commodore Morgan did not take kindly
to the idea of parting with his craft, even
at the government's intimation, ns he liked
her and she was suited to the service re
quired of her, but at last, recognizing the
needs of the navy, he gave his consent, and
she became the property of Uncle Sam,
while the steam pleasure fleet of the coun
try lost one of its handsomest vessels.
As a pleasure craft, the Corsair had few,
If any, superiors in looks, efficiency, speed,
seaworthiness and comfort, and she was
yachty from keel to truck. From the day
of her trial she was a success. Season
after season demonstrated her stability
and worth. Early and late she was in
commission, and few were the days she was
not under way. Mr. J. Beaver-Webb of
New York designed her and superintended
her construction, and has in a general way
always had her in charge. She was
launched In April, 1891, from the yard of
Messrs. Neafle & Levy of Philadelphia,
her builders. On the Sound and in eastern
waters she reeled off thousands of yards
without mishap or Inconvenient detention
to owner or guests. That wa.s the mark
Intended In her construction, nnd It was
easily reached. Her hull Is staunchness
Itself, and her engines und boilers are of
the most approved typos.
It has been said that since the story of
the Corsair's (Gloucester's) achievement
off Santiago Commodore Morgan has been
usked to say something about his late
yacht. "The yacht has spoken for her
self, he answered, "and I cannot add any
thing." That is and always wus true.
Whether on the Sound, far to the east
ward, down the bay, or up the quiet Hud
son, the Corsair, as a pleasure vessel, al
ways spoke for herself, and recently in
the Caribbean, doing Uncle Sum's bidding,
she hns Indeed spoken for herself In a
way that the echo»s have rolled around
the glolio. Commodore Morgan knows
that. Since Lieutenant Commander Wain
wright did his part in laying low the Plu
ton and Furor there have been sweeping
under the sea and over the land to the
commodore scores of messages congratu
lating him upon the efficiency of the yacht
ho turned over to the government.—Now
York Herald.
Honors for Du Bosc and Carranza
Senor dv Bono, lately Spain's charge
d'affaires, ad interim, trc Washington, and
Lieutenant Carranza, the naval attache,
both of whom madn themselves so obnox
ious to tho United States and Canadian
governments that they were compelled by
tho latter to depart from Canudlun soil a
few days ago, will meet with a warm re
ception when they arrive In Madrid. Ever
sine, it became known that they would not
bo permitted to remain on the American
continent, preparations have been goinK
forward in Madrid to receive them with
all honor.
A bull tight will be arranged in the Plaaa
de Tores In their honor, civic and military
displays will greet them, and on every side
they will be acclaimed as hemes. A sword
will bs presented to Lieutenant Carranaa,
and at the same time a gold plate com
memorating Senor dv Hour's services in the
t fnited States and his heroism In remaining
in Canada despite hostile sentiment thflre
as long as he could be of use to Spain will
be presented to the diplomatic representa
tive of the dons.
Each one. it Is Bald (.will receive the Cross
of Isabella de Catolica. The secretary of
state will presi nt Senor dv Bosc's name nl
court for promotion in tha diplomatic ser
vice in recognition of his* meritorious con
duct. It is said in diplomatic circles here
that Dv Ilosc will probably be given a post
as minister to some court in Europe. Lieu
tenant Carranza'S name will be presented
by Senor Aunon, secretary Of the navy, and
he will receive a promotion In the naval
a rvice.—From a Washington Dispatch.
Will Use the Spanish Rifles
The war d< partment Is making arrange
ments to procure ammunition for the Mnu
si r rifles captured from the Spanish sol
diers at Santiago. As soon as definite In
formation )■ obtained in reference to the
nurnbi r nf w< apons ot this Kind which will
come into the possession of the government
as a result of the surrender of the eastern
portion of Cuba, the ordnance bureau Will
call for proposals to supply cartridges for
ihe rifles. Ammunition for these rifles U
manufactured In this country ar.d can be
procured promptly.—From a Washington
Dispatch.
Arizona's Copper Exhibits
Dr. William B. Phillips, writing frnm
Omaha to the- Engineering and Mining
Journal on copper ores at :he exposition.
Bays! "The copper deposits of Artaons
are represented by the elegant collectionoi
Mr. James Douglas, loaned for this crea
tion, perhaps the finest now In existence.
The beauty of the velvet malachites, the
azurlte, chrysocalla, etc, grows on one the
more he examines this royal collection.
&GK HEADACHE
Positively cured by tlicse
JLitlle Pills.
They also relieve Distress from Dyspepsia,
Indigestion ami Too Hearty Dating. A per
fect remedy for Dizziness, Nausea, Drowsi
ness, Bail Taste in the Mouth, Coated Tongue
Tain in the Side, TORPID LIVER. They
Regulate the Bowels. Purely Vegetable.
Small Pill. Small Dose.
Small Price.
You Can Be Cared
You Can Be Cured
You Can Be Cured
You Can Be Cured
You Can Be Cured
]""" I Yoa Can Be Cured
Hudyan
Ton Can Be Cured
Cures you Can Be Cure 4
If you are in a state of physical oi
mental debility and realize that some
thing must be done, YOU CAN BH
CURED. The fcreat Hudyan Remedy
Treatment has been used by the doctors
of the Hudson Medical Institute so
long that every one has had an oppor
tunity of discovering the sterling mer
its of this great discovery. Hudyan H
a remedy-treatment for the curing of
diseases and disabilities of men. Hud
yan cures when others fall to cure. Hud
yan is especially used In cases of Ner
vous Debility, Nervous Exhaustion, Mel
ancholia and Spermatorrhoea. Use the
Hudyan remedy-treatment and you will
be cured. Write for CIRCULARS FREE,
or consult the Hudson Medical doctors
free.
Blood Poison
When you are suffering from Blood
Poison, whether In the first, secondary
or tertiary state, you can be cured with
the 30-DAY CURE. Call on doctor*
of Hudson Medical Institute or write
for SO-DAT CIRCULARS.
Hudson Medical Institute
function Stockton, Market and Ellis Sta,
Ban Franelsoo, Csjlf,
JnlMufl
i Poisons to Blame
During the past few years the use
of minerals and other dangerous drugs
has gradually increased to such an
extent as to be positively alaiming.
At the present time nine out of every
ten prescriptions that are filled contain
minerals and other drugs which, if
purchased without the prescription,
would have the imprint of the skull
and cross-bones as well as the word
POISON prominently displayed on
the label.
To the intelligent reader—one who
will devote but a few moments to
ihe study of human nature—the dan
ger of the attempt to cure disease in
this manner will be quite apparent.
Among the animals on earth not
one can be found that under any cir
cumstances will partake of minerals.
The dumb brutes of creation avoid
these minerals; instinct warm them
of their dangerous character.
Man is an animal—albeit he is lui
min—and his natural food consists ot
herbs, either directly or indirectly.
This food with which he sustains life,
and fortifies his system does not con
sist of minerals. Then why resort to
minerals to restore a diseased organ
of your body to a normal and healthy
state? Nature has provided a remedy
for all the ills of mankind—not dan
gerous drugs and minerals, but herbs.
DR. WONG, the famous Chinese
physician, locates every disease by
the pulse, and cures the disease with
Chinese herbs. During the past ten
years many of our leading citizens
have placed themselves and members
of their families in his care and have
been cured. Why not you?
DR. WONG'S magnificent Sani
tarium is located at 71) South Main
street, where it has been for the past
ten years.
Consultation Free.
Perry, Mott & c© : 's»
Lumber Yard €r
216 Commercial Street, Los Ange!cs, Csl.
OLDEST AND LARGEST BANK IN SOUTHERN CALIFORNIA
pARMERS AND MERCHANTS' BANK OF LOS AN GELES, CAL.
Capital paid up $500,000.00
Surplus and reserve $925,000.00
I. W. HELLMAN, President; H. VV. HELLMAN. Vice-Pres.; H. J. FLEISH
MAN. Cashier; G. HEILMAN, Assistant Cashier. Directors-H. W. PERRY, O. W.
CHILDS, J. F. FRANCIS, C. E. THOU. [, \V. HELLMAN, JR., H. W. HELLMAN,
A. GLASSEL, I. N.'VAN NUTS; I. W. HELLMAN.
Special Collection Department. Correspondence invited. Our Safety Deposit De
partment offers to the public safes for rent, in its new Fire and Burglar-Proof Vault,
which is the strongest, best guarded and best lighted in this city.
THE NATIONAL BANK OF CALIFORNIA "
At Los Angeles.
Capital and Pro fits, $270,000.00
OFFICERS DIRECTORS
S. C. HUBBELL Prestd?nt S. C. HUBBELL, T. E. NEWLTN, O. H.
O. H. CHURCHILL. First Vice President CHURCHILL, J. M. C. MARBLE. O. T.
0. T. JOHNSON....Second Vice-President JOHNSON, JOS. D. RADFORD, W. S. DE
A. HADLEY Cashier VAN, CHAS. MONROE, N. W. STOYVELL.
.lOS. D. RADFORD Assistant Cashier H. M. LUTZ. FRED O. JOHNSON, JOHN
rt. I. ROGERS Assistant Cashier E. MARBLE, A. HADLEY.
|_0S ANGELES NATIONAL BANK
United States Depository
CAPITAL 1500,000.00 SURPLUS $50,000.00
Total $550,000.00
GEO. H. BONEBRAKE President WARREN GILLELEN....Vice-President
F. C. HOWES Cashier E. W. COB Assistant Cashier
DIRECTORS
Geo. H. Bonebrake. Wcrren Glllelen. P. M. Green, E. P. Johnson, Wm. M. VSS)
Dyke. W. C. Brown, L. C. McKeeby, F. C. Howes.
This bank has no deposits of either the county or city treasurer, and therefore no
preferred creditors. *
gECURITY SAVINGS BANK
Corner Main and Second Streets
OFFICERS DIRECTORS
H. W. Hellman, J. F. Bartori, W. L. Graves,
J. F. SARTORI President H. J. Fleishman. C. A. Shaw, F. O. John-
MAURICE S. HELLMAN,Vice-President son. J. H. Shankland, J. A. Graves, M. L>
W. D. LONGYEAR Cashier Fleming, M. S. Hellman, W. D. Longyear.
Intercut jmid on term and ordinary upiionttN
Honey loaned on tlrst-dnss recti estnte
pIRST NATIONAL BANK OF LOS A NGELES
Capital Stock $400,000 Surplus and undivided profits over $250,000
J. M. ELLIOTT PresidentW. G. KKRCKHOFF Vice-President
FRANK A. GIBSON CashlarW. T. S. HAMMOND...'.Assistant Cashier
DIRECTORS—J. M. Elliott. J. D. BlcknoU, F. Q. Story, H. Jevne, J. D. Hooker,
W. C. Patterson, Wm, G. Kerckhoft.
No public funds or other preferred deposits received at this bank.
•JAIN STREET SAVINGS BANK
Capital paid up $100,000
Junction of Main, Spring and Temple streets, (Temple Block!, Los Angeles.
OFFICERS AND DIRECTORS—T. L. Duque. President; I. N. Van Nuys, Vice-
President; B. V. Duque, Cashier; H. W. Hellman, Kaspare Kohn, H. W. O'Melveny,
J. B. Lankershlm, O. T. Johnson, Abe Haas. W. G. Kerckhoft.
Money loaned on real estate. Interest p aid on term and ordinary deposits.
SOUTHERN CALIFORNIA GRAIN AND STOCK COMPANY
2121-2SouthSpringStrcet New York and Chicago Markets
Direct Wires. Reference:
Quickest Service. National Bank of California.
Telephone Main 942. Los Angeles National Bank.
MARGIN ACCOUNTS SOLICITED. COMMISSIONS FAITHFULLY EXECUTED
Dally report mailed upon application. F. P. BURCH & CO.
LOS - ANGELES SAVINGS BANK ~ ~~ ~
230 North Main Street
J E. Plater. President; H. W. Hellman, Vice-President; W. M. Caswell, Cashier.
Directors—l. W. Hellman, J. E. Plater. H. W. Hellman, I. W. Hellman, Jr., W.
M. Caswell.
Interest paid on deposits. Money to loan on first-class real estate.
QERM AN-AMERICAN SAVINGS BANK
Paid Up Capital and Profits, $150,000.
COR. MAIN AND FIRST STS. Victor Ponet, President: L. W. Bllnn and O. N.
Flint, Vice-Presidents: M. N. Avery. Cashier; P. F. Schumacher, Assistant Cashier.
Interest paid on deposits. Money loaned onj-eal estate.
SOUTHERN CALIFORNIA SAVINGS BANK
152 North Spring St. Interest Paid on Deposits
DIRECTORS—J. H. Braly, J. M. Elliott, H. Jevne, Frank A. Gibson, Simon Maler,
W. D. Woolwlne, W. C. Patterson. Safe Deposit Boxes for Rent
Glass & Long Blank Book Manufacturers
213-215 NEW H(QH ST, Los AggcrSf MMiii
Cleveland
Cycle
The Finest Piece ot Goods on
the American market
L. BOSTON
534 S. BROADWAY
Ziska Institute
1718 Sacramento Street
Near Van Ness Aye.
Home and Day School for Writ
From Primary through Collegiate work. Su
perior advantages In Languages and Muslo
Individual attention. Small classes. Special
students admitted.
MME. B. ZISKA. A. M., Principal.
m7m "t H ♦ H H M ♦ ♦ * H ♦ ♦ * t ♦ »
f Crystal Palace $
" ... IS NOW OPEN ... I!
«; Me) berg Bros. 343-345 s. Spring st ::
♦ 4 ♦♦♦♦♦♦ ♦ ♦♦♦♦♦♦♦♦♦♦»♦♦ t-t-M
NEW YORK SPECIALISTS
We are pre-eminent in Diseases of
Men Only SSST
-230»4 S. Matn St., Los Anceles
C. F. Heinzeman,
Druggist and Chemist
222 North Mala St., Los Angelei
Prescriptions carefuly compounded dan
ir night.
Ova P"LE and
UtU | umor cure
iVa'r Cures BKSF
All drmigtats ■ I ICO . .
Mien's Press Clipping Barew
283 West Second Street
Los Angeles, Cal.
Furnish advance reports on all contrast work,
euch asuewcrs, reservoirs, irrigation and posts*
lng plants »nd public buildings PersoneleMf
Dings iiom ell papers in tbe Uglted gtetetj
GARLAND STOVES AND RANGES
•The World* Best"
MICHIGAN sfOVES~AND RANGES
Alwuyt* Dependable
Next i Quantity to •'Garlands "
Baker Iron Works
950 to 960 Buena Vista Street,
I.OS AMOUXKS, CALIFORNIA
Adjoining S. P. Grounds. Tel 124.
11

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