Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1870-01-22
THE EVENING NEWS.
WELLS. FARGO & co.-From the

WELLS. FARGO & Co.-From the
financial column Of yesterdays Ahd
we copy the following: "The COM
mittee appointed by the stockholders
of Wells, Fargo & Co., at their No
vember meeting, to examine into the
t%inanancial condition of the company,
have made their report, briefly stating
thatsince the organization ofthe present
company (about three years ago. ex-
%traordinary losses have been sustained
on its overland route, chiefly by fire.
quent and disastrous depredations Of
the Indians, stealing property, MUIR
dering the employees Of the company,
and diverting from their lines nearly
all passenger travel, which 1t was an
ticipated would prove a great source
of income. To these misfortunes Is
also added the unexpected early conf
pletion Of the Pacific Railroad, thus
bringing to a sudden termination the
contracts Of the company with the
Government for the transportation Of
the mails, and leaving the company
with a vast amount Of stage property,
rendered comparatively worthless, and
which was disposed of at a great sacri-
flee. During the past eighteen months,
however, the company has been gradu-
ally retrieving its losses, by the profit
able mail contract, until Its original
cash capital Is nearly restored; and
having purchased all opposition lines
and thus secured q ten years contract
over the Central and Western Pacific
roads, a prospect Of making profitable
returns to the stockholders Is con-
tidently predicted. The committee
approve Of the issue of $4,000 900 Of
the common stock, by which the above
arrangement has been effected. The
amount of working capital to be fur
nished under the present plan will be
$500. 900, of which Wells Fargo & Co.
will supply two-thirdS, and the opposi-
ton company one-third thus leaving
n balance Of $500, 900 assets Of Wells,
Fargo & Co., to be distributed In cash
among the present stockholders-a
dividend of about 8 per cent. The
express rates have consequently been
largely increased between New York
and San Francisco, within the past
month. since the withdrawal Of all
opposition lines"
NoN-FoRFEIrABLE PoLIcrEs.-A few
days ago We published an item headed
Liberal Action" referring to the
generous allowance of 5000 by the
Manhattan Life Insurance Company to
the widow Of Judge Baldwin,, on a
policy of 10000 taken out by the late
Judge, but which had been forfeited
by II days lapse Of payment OF the
premium OH the same. This $1,000
was allotted to the widow In consid-
Grafton Of the very short time the pay
meui was delinquent. In connection
with this matter we have received a
note from the agents Of the New Eng
land Mutual Life Insurance Company,
10 the following effect: "Having no
ticed In yeur local column an article
entitled Liberal Action we take
the liberty Of mailing to you a few
documents showing what our Company
the New England Mutual Life
would have done under the eircumi-
stances. In our case such action would
merely be Just. and In accordance with
the Massachusetts, State law, control
ling us and iii usual course in such
cases. The regulations Of this COM
many make all their policies non-for-
ieitable under the said law-quite an
important point to those risking their
coin In life insurance investments. In
exclamation of the workings OF the
law, II Is only necessary to state that q
person insuring for life pays a pre-
MUM nearly II not quite double that
which he would pay for n term policy
of one, two, three or more years.
Suppose his policy to lapse-the over
pavment he has made Is not divided as
Il surplus among the remaining men,
bers, but Il placed to his credit, and he
IS entitled to an Insurance for as many
additional years as the consideration
I'm the hands Of the company Will pur-
chase.
The CoMIya TEAcMR.-We copy
from the Sacramento Reeordt the follow
ing complimentary notice Of Mr..
Howe, the new teacher for II Gold
Hill Public Schools, who will arrive
next week: 1.-The resignation OF IL.
III, Howe, who for the past four years
has served faithfully rs Principal OF
the Franklin Grammar School In TINS
city, has been duly presented to Super
intendent Hill, and the same Will be
placed before the Board Of Education.
which we learn will hold a special
meeting tomorrow evening for the
purpose Of taking action on the rcsig-
nation. and to choose u sucecessor. Mr..
Howe has received a call to take charge
of a public school In Gold Hill, Ne
yada, ut a salary Of $1,000 a year, and
has concluded to accept, though not
without much reluctance ut parting
with the large number of citizens and
scholars to whom he had endeared
himself. The scholars OF his class have
decided. so we r informed, to give a
party at the school house oil Friday
evening next In his honor, together
with any other testimonial Of respect
and esteem which they may deem pro-
per. Mr.. Howe will depart for his
future field of labors next week.
Among the applicants for the position
ARE Messrs. Mcdonald and Jackman,
both experienced teachers"
BIG WoRX.-Nons but those who
did the work or have passed over the
railroad between Virginia and Carson,
since its completion, can realize the
greatness and difficulty of the under-
taking. There are no less than Tour
tunnels, from 200 to $50 feet In length,