The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-02-09

, 10th, 1869, who accepted it and paid i
through the leather Manufacturers Bank
In September, White & Co. sent on thei
, monthly account to their correspondent, who
did not discover the raised draft until Oct. s.
J when they informed the plaintiffs Mean
} while the defendent had credited Baldwin Z
Co., who had RENTED the money to their cor
respondent, Horton, and the money could moi
be detained. The plaintiffs sued to recoye,
the money overpaid to and by the bank
The court holds that this case is distin.
guished from the cases in which the certfica.
ton of bank checks was involved, and applies
this rule: "Where one, by his act of omis.
sion, induces another to part with his prop
erty beyond the power of reclamation, he is
estopped from showing, as between such an
one and himself, that such action on his part
was the result of Ignorance or of fraud prac-
tlced upon him. OF the two innocent parties
he Is the one that must bear the loss"
No Increase of Taxation.
The country will accept as most welcome
surprise the opposition shown in the Ways
and Means Committee on Monday to the in
crease OF taxation reque sted BY the Secretary
of the Treasury. The Secretary asked for an
increase of 10000, 900 from additional Gus
toms duties. Mr.. Wood takes the ground
that no increase is needed to provide for the
| ordinary expenditures, and that, as the Sink
ing Fund already stands $500 600, 600 ahead
OF the legal requirements, its demands, for
this year at least, may be allowed to stand
over. Messrs. Kelley, Niblack, Sheldon and
Naldron are understood to take the same
view, and there appears to be good reason for
believing that only three out of the eleven
members of the committee favor any increase
Of taxation.
The Secretary Of the Treasury appeared to
be SO strongly backed in his demand for ad-
ditlonal taxation that the country had resigned
itself to the fate Of increased burthens, with
feeling that it was useless to protest against
a foregone conclusion, but nevertheless swal-
lowing the prospect as bitter pill. It is,
therefore, gratifying surprise to find the
Committee of Ways and Means treating this
question with regard to the interests and
wishes OF the tax-payers.-N Y. Bulletin,
4M inst
Fire Insurance.
The magnitude of the fire insurance bust
ness is illustrated by the following figures
concerning tbs New York State companies,
The compilation is made by the Spectator:
'Cash capital, SIG, 307,O20 gross assets, !
Jan. l. 1875, $50, 1O4, 16S; net cash, fire pre-
miums, SO, 1884 net cash, marine and in
land lremiums. S735, 40; total cash receipts |
$27, 1913, IA; fire losses, 9,0l6 1853; marine and
inland losses, 1919, 1O7; dividends to stock
holders, So, 1885, 22l; total expenditures, SOL
1872, 1888; adjusted and unsdjusted claims and
unpaid losses, 81 All, 1876; reinsurance fund
as per New York standard, s13. 1544 51; total
liabilities, exclusive of reinsurance, capital
and profit scrip, 81, 1885, OIL; total Liabilities,
reinsurance, profit scrip and CAPT
tai, Sal, GAP, S74; surplus Jan. over liabili-
ties, exclusive Of profit scrip and reinsurance,
s2S 064, l49; surplus over all liabilities, in
GLIDING reinsurance, capital and profit scrip,
sl4, 1872, 364; surplus over liabilities, includ-
ing reinsurance and capital, Sl4, 927, O52; fire
risks written during 1874, 5000, 543, 354;
amount at risk Jan. l. 1875, 50, S59, $50, 1877"
The fire and marine insurance interest hes
probably been the most profitable of all dur
ng the past year. AS We lately stated, the
Home, of New York, has made a stock
dividend of 20 per cent in addition to it's
'egular cash dividend. The old Insurance
company of North America" of philadelphia,
made million dollars in 1874.
The business Of the insurance companies
II Boston for the year well illustrates what
We have said. The fifteen companies have .
'apital of $4,975,O 600; gross assets, Jan. l,
50, O52, 322 net cash 6re-premiums for the
'ear, 81, us, 91S marine, S1,S4S, SOY total
eceipts, S4,O55, 297: total losses, about
Il, 7O0,0 900; total net income, 81, Sill 600, of
Which S3O7, 900 was distributed in dividends
mount at risk, $194, O00, 900. The marine pre-
niums during the year more than doubled,
wing largely to the formation Of the new
soston marine. The Boston Trdueler learns
hat new fire insurance company with $780,
90 capital will soon be in the field.