Los Angeles herald. [microfilm reel], March 07, 1910, Page 9, Image 9

About Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911

Image provided by: University of California, Riverside; Riverside, CA

                
News of the Mines and Oil Fields
COMSTOCK MINES
ATTRACT WEALTH
PROPERTIES OF FAMOUS LODE
WILL BE MERGED
HOLDING COMPANY ORGANIZES
AT NEW YORK
Final Arrangements for Unwaterlng
Deep Workings and Operating
on Modern Economical Basis
Are About Completed
SAN FRANCISCO, March 6.—Tho
quiet tone which has ruled the Com-
Ktoi'k for many years has been sup
planted by a more active Interest and
a fiort of undercurrent of belief that
the. next few months will bring about
snin«> sensatinn.il developments in the
blatter Of deep mining. For weeks
pant thorp havo been rumors rurrent
<in the Btract that something was about
to tnke place nn the Comstock lode.
The first tangible evidence that any
preparations <>r Iraportaace to the a;en
eral market were under consideration
was on February 4, when the Chronicle
published an authentic statement that
a gigantic syndicate had formulated
plan* to exploit the lower levels of the
Comstock mines and that the requisite 1
move to provide for such an enterprise
had already been arranged for In the
eastern states.
It was also shown definitely that tho
Yellow Jacket, Belcher and Crown
Point properties on the Gold Hill end
of the < stock were principals In
the proposed plan and that enormous
pumps were to be soon Installed for
the purpose of unwatering the lower
levels. The Ward shaft has been
opened and retlmbered to the depth
of 23fiO feet, and the new pumps which
arc being installed on the 2100-foot
level will reduce the accumulation of
water In the lower levels to the extent
of 2.500,000 gallons ■ day. All the neces
sary agreements have been completed
and tlip, work will now-begin In a few
weeks.
;'\* Produces Mostly Gold
This Gold Hill section produces
mostly gold and In the bygone years
it yielded over $100,000,000. The rieleher
has paid in dividends to stockholders
over $16,000,000. the Crown Point some
thing over $12,000,000, nnd the Yellow
Jacket over $3,000,000. So much for the,
prospective work on the south end of
Gold Hill section of the Comstock.
On tho north end there have also
been some very important and nt the
same time substantial preparations for
developmental activities In the near
future. The fame of the great bonanza
of thirty-five years ago was world
wide, and there are Mill many resi
dents of San Francisco and the state
who remember the wonderful mineral
production Of the time. It was the
high cost of milling which caused a
cessation of work In the Comstock
mines, and when tho work ceased the
water started to accumulate In the
lower levels. .;,».... -. .. -• -i
The water has remained there all
these years, but something over a year
ago the knowledge nf unexplored
wealth In the lower levels ittraeted
the attention of some prominent east
ern financiers. These capitalists Inter
ested Others In the enterprise, mid
this was the basis of the active oper
ations started to unwater the lower
levels. In the Virginia group, em
bracing tiie ophir, Mexican, Consoli
dated Virginia, California and adja
cent prnpertl"S, there are large ore
bodies that have never been touched,
and the same Is true of the Yellow
.lac k'-t. Belcher, Crown Point and ad
Joining properties In the Gold Hill
group.
To Benefit Stockholders
Official announcement will lie mad"
in the near future of a plan hy which
nil these leading mines can be oper
ated on a very economical scale for
the benefit of the stockholders. In a
general way it may be stated that B
large and strong holding company Is
planned, with a capital of nlwiut
Ji;.i .000. The several companies will
rormln separate nnd Intact, ai they
nre at present, and the proposed hold-
Ing company will oxercisn a general
supervision and at the same time pro
vide for and develop the vast mineral
resources known to exist.
After a very careful examination of
the tninei by some of the most expe
rienced mining engineers an I about
a year's arduous work. Franklin T.eon
ard Jr. and n number of associates of
New York city have succeeded In se
curing- control of the stock of practi
cally all the Pnmntock mines except
the Morrow group, and'will comb'n'j
them Into a gigantic merger of in
terests.
The details of the syndicate have
nil been fully arranged and the word
is now only awaited from New York
in make public tho list of financiers
behind the consolidation, and the size
of. the financial Interests affected by
the syndicate. This formal announce
ment will be mado simultaneously In
New York and San Francisco.
More than $600,000,000 having been
taken from the Comstoclc lode since Its
discovery, tho opinion has quite gen
erally prevailed that the vast store of
wealth was practically exhausted. But
lieonard. Edward B. Sturgos and the
other financiers at the head of the
new syndicate know differently by ex
pert reports, and they believe that by
touching hitherto inaccessible depths
the properties can be made to yield
further stores of mineral wealth.
To Form Syndicate
The plan in the rou&h Is to form a
syndicate of the stockholders of the
group that competition and bickering
may be eliminated, and then to de
velop the mines to greater depths,
using In the process the modern ma
chlnory and methods that were not
known when the Comstock group were
making their largest returns.
Franklin Leonard refused to divulge
the names of either the New York or
San Francisco men Interested In the
Established 1897. Bank References.
Office—Home Phone A 3321.
Residence—Home' Phone 39523.
HERNDON
Oil and Mining
Investment Co.
■. Oil ' Lands, Leases' and Producing
Companies bought and sold.
• JtOOAI 8, lUNDOE HI ILIUM.,
-^ tSt SO. BUOADWAV,
. ■ ■"• . LOS ANUJ-.l.J;*. •■-.■':
JAMES WYNKOOP
consolidation, but he made this state
ment:
"Substantially all the Comntoek
mlnos, Including the Qphlr, Consoli
dated Virginia, Mexican, Potosl, Chol
lar, Exchequer, Bullion, Ravage, Sierra
Nevada, Union and the Sturm's group,
the Yellow Jacket, Crown Point and
Belcher mines, will be Included In the
readjustment to be proposed shortly
by a syndicate headed by Franklin
Leonard Jr. of New York.
"This preliminary syndicate ■will rec
ommend a plan to the shareholders of
all the properties, Riving every holder
an opportunity to Join if desired.
"The syndicate controls the Corn
stock tunnel property, which drains
and ventilates the Comstock mines.
Work on Large Scale
"Present work In the Ophir and
Mexican Is on a largo scale, and ths
deepeii level attained is 2400 fii-t,
where an east drift Is being extended
toward the ore body iii each mine
from the bottom of the wings. It is
expected to cut the ore body in about
three tracks directly under the present
working Htopes. The permanent Im
provements, new mnchinery and pump
ing, npparatus In tho Comstook mines
represent a cash expenditure exceed
ing $1,500,000. In the old days it was
Impossible to prospect lower with the
| methods of that time, but now. with
modern pumps, electrical machinery
and modern appliances, much greater
deptha can and will be worker! and
made to yield handsome returns."
PITTSBURG MEN BUY
SAN CARLOS MINES
TUCSON, March 6.—By an Impor
tant, mining deal consummated late
Friday night Pittsburg capitalists are
now in control of important copper
holdings on the "atrip" near San Car
los, formerly hold by the Copper
Reeves company.
While details of tho transaction
have not been made public by tho
easterners, namely, Messrs. Kennedy,
MeClure, MeDonald, Kberman, Alles
and Bllor, all of Plttsburg, It is under
stood that the property has been taken
over on a promotion basis and that it
will be extensively developed within
a short time.
The property In question consists of
nearly 100 claims located about twelve
miles from San Carlos. The property
has been developed to some extent
by the original owners, C'harlii-s T.
Martin, J. I. Faull, Will Parks, \V. (i.
Duncan and others of Globe, and the
work which has already been done has
shown the property to have great pos
sibilities.
A number of Plttsburg men have
left fur the east, while others are still
in the city. It Is understood that a
new company will be organized within
a short time to develop the property
and that it will be only a short time
until this work on a greatly enlargc-U
scale will begin.
ELDORADO CROWN
MILL IS FINISHED
SI.AUCHLIQHT, March 6.—After
twenty-eight days of strenuous hustl
ing the whole crew of the Kldorado
Crown wan bitterly disappointed at
not beinif able to have the new mill
in operation by the first of tho month.
Hut, unfortunately, when all elao wan
In readiness a (jingle belt was found
to bo missing. This was ordered by
wire, and tho mill will probably be
grinding away on oro this week.
At the Copper camp, four miles north
of Nelson. Matt gammons has a choice
group on which he is steadily doing
development work. Hi- has opened a
number of good showings, one In par
ticular being seven feet of ore carry
ing values in copper, gold and silver.
«'<i"k, >'.inik Ai Case are having ore
hauled to the <"yrus Noble mill for
treatment. Tho ore Is of a better grade
than any being extracted, and Is lie
ing stoped from above the upper tun
nel, The shoot, at this near-surface,
depth, appears to be about 20 feel
long and between three and four feet
Wide.
f'rowley and McKay, leasing on the
Fourth of July, will bo ready with a
third mill run about March 10. In
running tunnels they have done Borne
200 feet of work. The ore lies in small
gash veins and Is of a fine grade.
EAGLE OIL STARTS
TEST HOLE DRILLING
KING CITY, March 6.—Tho Bag>«
Oil company, promoted by oil land
expert, Joseph Eade, Jr., owning HO
acres, lying ono mile east of the ,^a
Unas Oil company, has Started on the
first of a series of test holes that will
be put down about 100 feet. When
the drillers have succeeded In locat
ing the dip of the oil bearing strata
a rig will be set up and more serious
operations begun,
Mr. Kade has been for years ac
quiring title to the lands, says the
King Cttjr Rustler, and has succeeded
BOW In enlisting largo capital to ex
ploit them. He is imbued with a feel
ing amounting to absolute certainty
that the oil lies under him, and those
most familiar with conditions agree
that he Is right.
Ho secured most of the land before
the excitement, and the companies
that are now working secured their
holdings as nearly adjacent to him as
possible.
CANADIAN PACIFIC SHIPS
ROTARY DRILL TO MIDWAY
The Canadian Pacific Ltd., on the
northwest quarter of section 4-32-2 X,
has ordered a rotary rig, which was
shipped from Los Angeles Saturday
and will be Installed at well No. 1
Immediately upon Its arrival.
H. H. Blood, manager for the com
pany, has been having trouble with
heaving sands and has decided that
the rotary is the only solution.
The well is down 900 feet with 12-
Inch casing, and he will carry that
size to 2000 feet In the rotary hole,
where he expects to change over again
to cabin tools and finish the well at
about 2860 with 8 and 6-inch.
WILL ERECT SMELTER
CHIHUAHUA. March 6.—The Com
panla Minera da Nalca, the principal
company operating In the Naica dis
trict, Chlhunhua, will Increase Its le
sorve fund from 500,000 to 700.000 pesos
and use the money in the erection of
its proposed 600-ton smelter at Con
cho, a station on the main line of the
National railways.
The plans Include a total expenditure
of 1,000,000 pesos. The company Is pro
ducing from 300 to 400 tons of ore a
day and shipping over 4000 tons a
month.
LOS ANGELES HERALD: MONDAY MORNING, MARCH 7, 1010.
COALINGA ACRES
SELL FOR $2000
NEW COMPANY WILL DEVELOP
PURCHASED LAND
W. K. RECEIVES EXTENSION TO
BTANDARD CONTRACT
Big Midway Wells Frighten Timid
Producers —Income Enters Thir.
ty Feet of Oil Sand Instead
of Shale
COALJNGA*March B.—W. 11. 1"'
man of the J. F fc I-mcey company and
associates have purchased tin: south
west forty acres (if lection 8-20-15, be
ing a part of the m. K. and T. prop
erty. The price |g said to I"- 12000 an
acre, it is understood Mr. Fenneman
ha* arranged for transferring tho forty
aces to the Coaling* Security Oil com
pany, a new concern formed to O] i rate
thi.s land, which will begin development
at once.
Some time ngo, shortly prior to the
bringing in of the big wells of high
gravity oil in Midway, the Standard
entered into a contract with the W. EC.
Oil company, section 2, 20-15, to take
that company's output at 65 centl a
barrel. The place in which the length
of the contract was to appear was Ii fl
blank for the W. K. people to decide
upon and fin in at pleasure. After due
consideration they decided and in
serted "one year," cone luding that that
was as long as they cared to sell oil at
that figure.
When the big Midway wells i-ainc in,
it Is said, the officials of the W. K.
hastened to 461 Market street and re
quested that the time be extended, that
the "one" they had inadvertently in
serted tie erased and a bigger figure
substituted. The Standard, it i;;
permitted the "two years" to be filled in.
The (Vialinsa Petroleum company,
section 14-20-14, is 700 foet deep on well
No. 8 with the SVi-lnch casing. The
fir3t oil sand was entered at 495 feet.
This territory Is about 800 feet to pay
sand; two distinct .sands are found here
that are productive, and a third, or tar
sand, is frequently entered ut a shal
low depth.
Income 350 Feet Deep
The roalitißa Income Oil company,
section 12-20-14, Is 350 feet deep in well
No. i with IH-lnch easing. Water wai
shut off with ten-inch casing at 2'M
feet, and the first oil sand was Struck
at 300 feet and was twenty-four feet
thick. «
This company is operating nt the ex
treme edge of the West Side field. The
formation has not. Checked up with the
rest of the field in this well—wh-n a
shale was looked for the drill went in
to twenty-four feet of oil sand. The
company will drill for the second sand
and .should finish up at about 500 feet.
The Coallnga Unity Oil company, sec
tion 12-20-14, is 800 feet deep in well
No. 3 with fcu-ineh casing, having
passed through tho sand carrying the
heavy gus pressure that was encoun
tered in well No. 2. The tig is built
for well No. 4 and will be rigged up
this wt-ek.
The Zler Oil company, section 1-20-14,
is pumping fourteen wells at present.
This Is part of a Southern Pacific lease,
No. G-45, and an additional ei^htj
lease granted to the Zlor Oil company
in 1909. The production lias been in
creased by latest methods of handling
the territory. The oil has gone to the
Southern Pacific for the past year at
the market value, 63 cents. The rail
road now seeks to cut the price to 50
cents.
HAULS $150 ORE
SEAKCHMOHT, Nev., March G.—
Ore which will run $150 to tho ton is
being hauled in from the Capitol at
Eldorado for shipment to the Needles.
This ore comes from old workings. In
the new tunnel, now In some 60 feet, a
good body of ore has been encoun
tered, which assays from $30 to $60 to
the ton.
FOR $3000 an Acre
BAKERSFIELD, March 6.—Emmett
Graham has sold to Los Angeles per
sons the east half of the southeast
quarter of the southeast quarter of sec
tion 25, 32-23, for $3000 an acre, $60,000
for the property. The lands are among
the choicest in the Bold and are to be
developed at once.
NEW TEXAS FIELD
EL PASO, Tex., March 6.—News of
great activities in a newly discovered
oil field at Toyah, Tex., haflajuat come
to Xl Paso. It Is reported that the
Producers' Oil company has recently
acquired by purchase and lease great
tracts of land adjacent to its well, just
northwest of Toyah.
MASSACHUSETTS SOCIETY
TO REMEMBER EVACUATION
Anniversary of British Leaving Bos.
ton Will Be Commemorated with
Elaborate Program
The Massachusetts State Society of
Los Angeles will celebrate Evacuation
day, March 14, with an extensive pro-
Irish in America." The affair will be
address by Bllhop Conaty on "The
Irish in America." The affair wil be
held in Mammoth hall, ami it is ex
pected that many New Englanden will
attend, as the day is not observed by
any state but Massachusetts.
Evacuation day is celebrated In
memory of the British evacuation of
Boston. This occurred on Hatch 17,
1776, when Lord Howe, then in cSm
mand of the British forces, could not
stand the grilling; tire from the Amer
ican forces intrenched on Dorchester
heights. The local society will cele
brate the day on the 14th, however!
as it is their desire to have us many
Massachusetts people with them aa
possible, and It was thought that pos
sibly some of the various St. Patrick's
day affairs would make this impossible
should they hold their mooting then.
SPEAKERS URGE NEW SCHOOL
Prominent speakers are listed to
appear at the mans meeting to bo
held tonight by residents of Kast Lot
Angelea in the Methodist church, 1156
Ash street, to forward the movement
to secure for that ieotion of the city
a high school. Judge Hammond,
Judge Noyes, Rev. William Mason, Q.
A. Cliff, Prof. Lawrence Handley and
J. W. Washburn are among the
speakers.
Senator Hayner has como out In opponl
tlon to the postal savings liank. This M«mi
to close the record as far as Rayner Is con
cerned. He is now opposed to everything.
BEST BUY IN OIL STOCKS
"probably every reader of this ad- This company, viewed from an in- property of the Netherlands Oil Now with all tMs Information be
vertisement realizes that today the vestment standpoint, possesses sev- company, with two lino producing r oro you does not this proposition
California oil industry is the great- eral advantages. To begin with, wells of 100 barrels per day each. a eßerve early consideration at your
est money maker in the world. TJn- they own their land, having no roy- The Homestake Oil company, with w ,, invit( , you to give It this
Questionably each reader would like altles to pay. and to the experienced 'ml" producing wells, all good for „' , „. ...
to secure his or her share of the tre- investor this .is a very considerable over 100 barrels each per day, and consideration, and then join In with
mendous profits being mado in this item. Being incorporated under tho "no of their wells flowing at tho us, and in this connection every
industry. ■ Tho only way that it is laws of Arizona, this stock is ab- rato of over 250 barrels per day; share of stock was placed In the
possible to get your share of these solutely non-assessable, and when tho Caledonian, with its wonderful treaßury of tho company! not one
profits is to. secure an ■ interest in onco paid for is yours for all time. Busher, doing from 300 to 450 bar- .^^
some first-class company operating The capitalization of the company, reis or oil per day.
in absolutely proven territory, and 400,000 shares, is estremcly low, yet Remember that these Homestako promotion purposes or anything or
preferably in the Coalinga oil field, sufflc i cnt so that the sale of this w<; lls, jl"'! "", "' , VV" All that sort- The organizers and offl.
KKS2r^»^^rs "tOCk.will real.,o ample funds to ausas S^h^SS -rs of the company punha.ecl and
raiifornla but probably in the pay for the property and carry out than wells drilled In the deeper pnrt paid for their stock exactly the samo
world. This offering of stock in the ' all the work planned for the com- of the field from 2600 to 8000 feet as the outsider. The stock of the
Coalinga Crude Oil Co. ™SH,r-"— SSStBS Coalinga Crude Oil Co.
. quiring from 30 to GO days at the
is your opportunity to secure sucn _ „ _ . _ _ ». outside to drill. llls been luted on th« l.os An
an interest as you can buy stock in tOalMfja trUde Ul tO. Now, as to the profits which may f*X"c°o«ldSSSo° I2ct?Str, UprtS: S.
this company that is operating an 3 be reasonably expected by tho a.ivanVln,/ hi,,.,i!|v a" v,,u! 'Z™tZl,
absolutely proven piece of property property conslsts of 20 acre , , n tho X^iJTSS^^tJ^m^LSi
in Coalinga field at very low prices. southeast corner of Section 26, Tp. f.naitnn 1 CrilAa Ilil in from the Pre«n* i"'"' atonnd «6e to
In order to enjoy all of tho profits „ g RanE e 14 F right in the heart vUailliyd VI UUO Ull KJKJ. We or.«oc; pet..hare within ■ very ,hoti
" * .. *v .>., "«"ih<s 11 £„ iiijiit in me in .iri. ** tune. He Therefore earnestly reeoin
which arise both from operations fth proven linga field. Thr . rr.r,prtv will -iccommoilite menil """ """ ll"'e n»>-<ha»e of this
of properties and appreciation of Tne a P dJofnln& property on the th7rte c cn PrS, y aSd? aThoug^fhe -^ l^GStttiSUSfii &
values, tho time to buy stock in one SO uth lias recently been purchased Caledonian Is producing 350 barrels you la a clear, conservative manner all
of these California oil companies is . f . \ mrrran nilflplfi t trf thn I"-' day ' the two Homestake wells about thb proposition, if we have mado
when the company is first starting Jfg g.oto 000 ' corp^Uon organized clrcle'wel^Too^ba^e.s^r day ZZA^A'VS&iSZ
operations, when the stock can bo by Messrs . Doheny , Canflcld> 'Don- of These being°our Tmmedilte n y eigh- KtUr^nt^^'T.'r^Vl^ S^r!
secured at low prices, for then you nell an(J otner t , lgi successful oil bors, let us figure this ultra-con- tUcment for a« much of thin atock us
are In position to take advantage of - th ._..,.,,. Pptrnlenm servatively and cut down our ex- s*l eon conveniently carry, or if yon
the advances resulting from rapid men °f " American Petroleum ( „ tatlong to 6O . barrol we n. prefer, sen.l your order to you*.awn
tne aavances resulting iroiii »t"» company. Thirteen 50-barrel wells would bo •"■"her on tin- Ixis .AiixeieH Stock ox
increase In price of the stock which >„ , , _. tv fa h.\ l'™ n, r ,i« l fllurme 29 „v ° oh«i«« with '"»»""•"«>" to buy at the
„ . ' ,k» ,i o , T .i nTlmo ., , m ,v The adjoining property on the CoO barrels per aay; figuring aays mnrkPt . jf you TO | rt . further Informa
takes place as the development -work J ■ q pctlon 2 5 of the to the month would mean 18,850 bar" ti ,, n make "<« " f th" <")on at th« low"
-is carried on. The early investor in east 1S tne cnolce section to or in. re]g per month Fig Ure our cost of left hand corner of thu advertisement,
nr .. t ,.,i, v nil nf t ho successful com- Kern Trailing and Oil company, the production excessively high, at, say, and In this connection let u» explain
practically all of mo successiui com „„„„„„„ company of the Southern VI cents nor barrel, would amount *•'»* we •■»> arrange matters «o that
panes in the Coalinga held made operating company of the Southern ]- ""js per barrel Lvlnr amount eTer» '""" "n" onßW(trs tins mivertUi-
v,»,r w « „m n. iinhPllpvablo Pacific, which is regarded as their to 12882 per month, leaving us near- t „ rN . „,.„ „„,.,, m<lllUl for , hf ,
money-yes, almost unbelievable • the Coalinga field ly $lOl°oo per month not> Or nearly »«* ••« nionths, <■»">• of the ii'»-'"'i-<"
sums of money from their early choicest land in the Coalinga neici. $1211,000 per year. monthly oil maeaiine, "SeruritlM." This
investments There are many rases At the southeast corner of this This amount would enable us to contahu valuable Information about the
investments, is now are many from P-perty is Section 38. belonging to pay 2 per cent monthly dividends oil Industry In general, i and will each
where stock Is now selling at from property is section ib, Deionging to pay ■„ per ceni »"°"l"'y "'vl month contain a detailed report of the
ten to one hundred times what it the Associated Oil company, from s 7 OC the yu 7/ n lu n^ £££. % £-O-Jj»-» Onjd. «£»
cost the original Investor, and in which they obtain the biggest pro than r , r ._ third of its par value. JdrancliMi on till Mwe H.ieee»t that
fact such cases are too numerous to duction in the Coalinga field. This is figured the most conserva- JO act at once »nd secure your shore
mention here. Immediately north of us lies the tlve way possible. of this.
\ PACIFIC STATES GUARANTY & LAND COMPANY
<% \ :
?n*u\. \ VVWCHAHK COUPON
'«i^X 614 H. W. HELLMAN BUILDING "^^^^M
A- rfA r''"/'4 <* X a Par value of ONK -"'I'AI' (11-00) per share.
% 4r>''*?■ %■& X. ful'S' paid and non-aMMaable; of the capital stock
<* ". of>/'W O«. X ■ r\e> A tirri VIC C 1 I n! OOAMNOA CRUDE OIL CO.. at the Los Ange
"», ■■. ' ■*< <A°o' -. \ lll\ AraiirlrS Ii AI les Stock exchange markn price, not to exceed
Of •. ■._ -V ©"a ■" 'b^X LvrO rtnULLLWj VML. per ,hare, and enclose herewith $
*, '• '•. <*« *> /, & Vc\ In full Payment of same. It Is understood that if
,5. ■. '•. '„ *..' «^" "Si. X. the market price la less than amount sent here
■«, '•, '. ', 1 Oe, "A X. ~- m n.rr. with you will Immediately return to me a check
.. ".. \. \\ Xj'%% \ Transfer Office: for th. difference.
■•.'••.■•.'••. '•.. *^ v ?- 0-> >. Field Office: 501 First Nat. Bank Bldg. (rSIt aWd'iMtViim»'mu«'B»'writttn'ta'f«iY)!''
'••■■'•••■'••••.'•••''• '• t-v><> \ Coalinga. California San Francisco strfft Tow" state
NEW BOND ISSUES
FREELY CIRCULATED
CONFIDENCE IN INDUSTRIAL
ACTIVITY REVIVED
News of Crops Closely Watched by
Speculators, and Reports of
Damage Accepted with
Reserve
NEW YORK, Llarch I— The notable
feature of the financial markets of the
last week w<ui the large number of
new bond issues sold to the great
banking houses and, by them, offered
for public subscription.
Reports of large orders for new
equipment from the railroads and de
tails of extensive designs for improve-
nients revived confidence in the main
tenance of industrial activity.
The new bond issues were sold at
prices that show the necessity for at
tractive terms to enlist new capital.
The yield on highly secured bonds is
.still much higher than t lie current in
terest rate on time loans.
Special effort! aro made to secure
foreign subscriptions for the new bonds
and here again a low subscription price
is a necessary incident to success. The
sustained volume of merchandise im
ports is m.t y>i overbalanced by any
expansion of exports and foreign buy
ing of our securities seems to be the
only alternative t<> a substantial out
flow or gold from New York.
Speculative markets are keeping a
dose eye on crop news. Report! per
sist of large winter damage to wheat
In the southwest, but these are ac
cepted with reserve. Estimates of the
large surplus of last year's crop is a
modifying factor.
Report! of improvement in the steel
trade we supplemented by favorable
copper statistics. The decrease In the
March 1 visible supply of copper, the
first in many months, mi given spe
cial slgnflcance by the large exports
that have pone forward from this
country in the. same period.
Demand for copper has been stimu
lated among consumers.
Curtailment amongst cotton mills
wn's general by reason of the high
price of cotton.
THE AMBER HARVEST
Tho poor people who earn a pre
carloua llvolihoorl by gathering umber
on the shores of the Baltic sea work
only in the roughest weather. When
the wind blows in from the sea, as it
often does with terrific violence, the
boulders are tossed and tumbled at
the bottom, and great quantities of sea
Wrack are washed up OB the beach.
This Is the harvest of the waders, for
hidden in the roots and tranche! of the
seaweed lumps of the precious gum
may be found.
In other parts of the coast divers go
crawling on the bottom of the sea for
the lumps of amber hidden in ieaweed
and under rocks. It Is believed that
once a great pine forest flourished here,
where the great billows roll, and that
amber is the gum exuded from the
tree*, of which not a vestige remains.
Tho fields are very variable. The
largest piece known, weighing eighteen
pounds, Is In the Royal Museum In
Berlin. The usual lintis range from
lumps as big as a man's head to par
ticles like graini of sand. The larger
placet are round jammed in rocks or
In tungles of marine vegetation. Divers
work from four to five hours a day in
all seasons, except when the sea is
blocked with Ice. The work is so
arduous that they are bathed in per
spiration even in the coldest weather,
For all their grinding toil the natives
are happy in their way ami increase
and multiply as In more favored re
gions of the earth.—Stockholm Times.
SALES OF PIG IRON
DECREASE RAPIDLY
DISTRIBUTIVE CENTERS RE
PORT LIGHT MARKET
Spasmodic Business in Finished Prod
uct, with Better Demand for
Rails and Bridge Steel Is
Recorded
NEW YORK, March 6.—There was a
sudden and sharp contraction in the
volume of business in pig iron in the
eastern district last week. With the
exception of IMttsbv _-, all distributive
centers reported light sales.
In the east 10,000 tone of foundry
grades were sold, but in the central
west about 40,000 tons were placed un
der contract, including. 20,000 tons of
bessemer, 6000 tons of basic and 10,000
tons of foundry gra..es by steel works
and radiator and electrical equipment
manufacturers.
In finished steel products a larger
volume of orders has been placed, but
business has been spasmodic. The
most satisfactory branch has been
structural steel, both plain and fabri
cated. Orders were received for the
latter during the last few days of
February in sufficient amounts to bring
up the tonnage for the month to 100,
--000 tons, and the prosroet is that
March will be equally heavy.
In the last week .ailroads have put
out more inquiries for bridges, placing
orders for about 6000 tons, and receiv
ing bids for 12,000 tons additional.
Rail contracts : we aggregated 32,000
tons, including 10,000 tons for Alaska.
Additional orders have been place.l for
1200 cars and 112 locomotives, and spe
cific inquiries have been made for 10,
--000 cars and for £00 locomotives. Rail
road and car shops have i laced orders
for 5000 tons of plain structural shapes.
Stranger in Drenryhurst—You people
here don't clean the snow off your side
walks very well, do you?
Uncle Welby Gosh—No, sir. It saves
the sidewalks, an' we b'lieve in con
scrvin' our resources. See anything
else you don't like, mister?— Chicago
Tribune.
QUEER STORY
Bill—DM you hear the story about tho bot
tomless kettle?
Jill—No.
"It wouldn't hold water!"—Tonkers States
man,
Has Your *^w
Employer given notice t'"lt%EEix
If your check bears the cn-^^^J
jff dorsement of a saloon that It Is «\
kT the same as resigning your post-
1| tton? If he has, tell him to carry ■
MM his account at a bank where you M
ft can cash your check any time, IS
II Tell him If he will carry his *0- Q
n count there that you will start a B
11 savings account. You will both draw it
U Interest on your accounts with us. If
%ml mennom
TIM JC9j^.n£\rTi m
Tmgjgar em and SPRING. I:. 'i^yjpF
OIL LANDS
North Midway, Midway, Maricopa and
Kern river. See
:- G. E. Averill
132-323 I. W. Hellman Bldg., Los Angeles
Fbonca Wsl43—Broadway 4163
CLEARING HOUSE BANKS
NAME OFFICERS.
C.u*ei» National Bank H J WATERB, l'renMent.
.niiens JNiationm Bank w:i . w . woods, cajniar.
Capital, |i.000.000.
■ W. corner Third and Main. Surplus. UOO.OOO.
Pommerciai National Bank Jtet^2£S&!c2SS2:
I ■ Capital. 1200,000.
W 401 8. Spring, corner Fourth. gunilus and Undivided Profits. S4t.Ma.
Farmers & Merchants National Bank H lßiS^BTucit Iol2S!!liw
I" Capital, 11,500.000.
I Corner Fourth and Main. Burplua and Profits, 11,900.00*.
.o» M« J««^l U^^L. J. M. ELLIOTT. President.
F •ist Na zonal cams J'M s. hammond. cuaiet.
ust Ma lonal Bank w t. s. hammond. L^waa,
Capital Stock, t1.260,000.
S. E. corner Second and Bprina*. flu- <lus and Proflu, 11.t2i.00t. '
Merchants National Bank Skxa ll°ouK^k *cSh^ "
Capital $200,000.
U. E. corner Third and Spring. Surplus & Undivided Proflts $650,009.'
National Bank of California ~l f K«Mr w"l"
s . Capital, $1100,000.
N. E. earner Fourth and Sprint"- Surplus and Undivided Proflts. tHo.ua.
C. Bank 8. F. ZOMBRO, I'resMent.
■iai ixational tinnx. James b. gist, cwbier.
Capital. $300,000.
■. B. corner Fourth and Broadway. Surplus and Undivided Profits. tlH.***.
B^ jilwv KanW & Trust fomnanv VVAKKL. OILI.KLIiN. Pttsldeim
-daw y isanK at . rust company A w redman, cashier.
Capital. 12£0.000.
108-811 Broadway. Bradbury htilldln*. Surplus & Undivided Profits, $228.000.
niteH .States Natinnii Rant ISAIAS \v hellmaN, Fruldeab
United States Wational Bank r . w . smith, caabier. P"*w*
Capital, $300,000.
B. E. corner Main and Commercial. Surplus and Front*. $75.09 i. ■ j ; :,»
j LOS ANGELES SAVINGS RANKS
I gECURITY —«
kjAVINGsBANR
Largest and Oldest in Southwest
"""»""« $27,000,000.00
l':i\s the highest rules of Interest and on the must liberal terms consistent
with sound, conservative banking.
Money to Loan on Improved Real Estate
Security Building Spring and Fifth Street!*
GERMAN AMERICAN SAVINGS BANK
rTHL BANK WITH THE Msaa%
♦ ■ EFFICIENT SERVICE I
I RESOURCES*I¥.OOO.QOQ°A
J SPRING 8> FOURTH STS. L
I^S^GEj^SJRUST^O^^
Mwchants Bank and Trust C». £££ ST «K2
Branches: Ith and Mala 1I\(% 11 C Ri*Aii4nriir Transact* a aeneral Hank*
I*l* South Hoover Btr**t *v/"ll 3. DrOaO\Vay nt and Trust Bmin.ta,
All Eyes Are on Arizona Mines
We know the country. Write us for free booklet.
J. E. MEYER & CO.
902 Security Building , Los Angeles, Cal.
Bay San Diego Home
Telephone Stock
Nets 10%
Fielding J. Stilson Co.
80S 11. YV. UIiLLMAJi IW.DU.
A 2517. Main IDS. j
UEjLj AJN U
The Land of
€ DELANO
The Land of
Early Products
S. F. B. Morse
Development Go.
ssi a. maih st.
9