The herald., 1894-04-10
ALL PRESENTED THEIR REPORTS
The Annual Meetiug and Elec-
tion of the Board of Trade.
President Howell Offers Some
Timely Suggestions
a. Does the Law DepaT m ut Through
Msssrs. Graf aud Latham-Re-
ports OF ths Treasurer
and Secretary.

ulRnt IL W II - -
ports being received, the officers for th'
enusing year we're elected.
TREAsURER's REP )RT.
Gregory Perkins, jr., the treasurer, re-
ported that the receipts for the past year
had been $6546. IA, which, with the
amount on hand April l, 1898, made a
total of sS259.77. The disbursements
were s7479. 73, leaving cash in the hands
of the treasurer to the amount OF
s7S0.04.
The total mem bership April 2, 1894,
was 78. There we're admitted during
the year 2, resigned 2. and transferred A.
In the business department 2O4 cases
were reported and l04 recorded. Claims
to the amount OF $S4, ,1l4.42 were fled
They we're disposed of as followa: Act
nal settlement. 35; still pending, 66 !;
closed without action, 4. The average
percentage of settlements was 20, and
"a dividends were paid through the
Office to creditors OF estates, amounting,
together with expenses. to $50 437.97.
The classification of the cssee was
Agricultural implements l, baker 8,
bicycles l, books and stationery /, boots
and shoes l, butcher |. canal company
/. cigars and tobacco A. clothing l, con-
tracing 3, creamery /. drugs 2, fruits 3.
fruit chipping 2, furniture l, general
merchandise 20, groceries 81, hotel 4,
hssdwar 8, iron and steel l, liquors s,
notions !. paints l, painter l, produce
and commission 2, printing l, publish
ing /, restauran6 8. steam laundry 2,
uov;atiaa Tofal 1O6
They were located us follows: Fresno
county 2, Kern county 8. Los Angeles
city 43, outside Is, Orange county 2,
Riverside county 4, San Bernardlno
county 7, San Diego county 3, Santa
Barbara county 4, Tulare county /, Ven
tura county 2, territory OF Arizona Il.
TREAsURER's REPORT.
The treasurer's report of receipts and
disbursements from April l, 1898, to
April 2, 1894 was submitted by Mr.. L.
N. Breed, as follows
Balance on hand April J.,
Receipts from secretary. e,s6l ID
BY disbursements per war
rants Nos 2O59 to % 6,
Balance on hand April 2,
-$s574 II
Messrs. Graft & Latham OF the law
department were next heard as follows:
We havs tine honor to submit to you
the following report OF business tran
sacted by the law department OF the
board OF trede for tho year ending March
81. 1894: Actions prosecuted by attach
ment, %; amounts involved. SO, l4S S.
number of cleims, ~. Actions other
than attachment, 4 amounts involved,
81, ,202 Oh. Involuntary insolvency pro-
ceedings. 4; amount of claims died,
IS, ,l2S 9S; number of claims, 50. Vol
untary insolvency proceedings, q;
amount OF claims tled, SIG, 2l6.46; num-
Der OF claims, 1l2. Assignment for the
benefit OF creditors, s amount of claims
filed. 81 ,697 40; number of claims, l3.
Creditors meetings, rs; ccm mmittee meet
ings, z.
Looking rather into the future, we
now direct your attention to some mat
ters of vital Importance to you as mer-
chants. The text of our suggestions is
contained in the following list of assets
and liabilities of the insolvency cases
for the year ending March 10, 1894, in
the several counties of Southern Califor-
mia, excepting Tulare, Fresno and Ven
tura:
Riverside IA cases assete, $l59, 3S4.92 !;
liabilities, 1901 $50 IS; Kern, l6 cases /;
aseete, s39, l46.2S; Liabilities, $74 6l5. SO !;
Santa Bar bara, 10 cases assets, SG765. rs !;
liabilities, $21 ,359.5S san Bernardino.
IA cases; assets. $50, ,2S5 80; liabilities,
$S5. S24. "A; San Diego, II raaes; assets,
$22 2,7l9; liabilities, s32 666 so; Orange,
8 cases; assets. $l6,67S,l II; liabilities,
So ,CS4 Al; Los Angeles, IS Gases; as
sets, $543, ,347.17; liabilities 1862 46S so /:
total, 142 cAses; Sssete, $S43, ,22l IS; La
bilities, sl,509, ,4s5 40.
The assetp represented by such large
amounts of money are distributed among
the various creditors under the direc-
tion OF the superior courts of the various
counties.
This board of trade, with one excep-
tion the strongest association on the
coast, may very properly interest itself
in occurring the adoption OF rules to facil-
itate and to expedite to final deter
minhtion ths insolvency business Of the
courts, and in urging legislative action
TO correct such defects in the present
laws as may be apparent.
How to maze insol7ent estates pay
dividends and to pay them quickly 10
the paramount question. Although the
answer cannot be found in one sentence
there are several paths pointing in the
right direction. The amendment OF
1891, by which receiver ia appointed
pending the election of the assignee,
with power to sell, and the consequent
right to compensation, should be re-
pealed, and his possession OF inaolvent
estates be made simply that OF custo-
dian, except only where the property is
necessarily perishable.
The period of time between the fling
OF the petition and the election CT as
Bignee should be shortened from 80 to
Is days or even 10. Ample time would
thereby be afforded to file claims, and
the assets would not depreciate as much
as they do now.
in case dishonest debtors conceal
themselves or attempt to leave the atate
provision for their arrest should be
made.
Every effort should be made to secure
tbs passage of law providing that Sill
inhibited traneferH within 80 days before
filing petiti0a in insolvency snail BIS
oonclusiveiy fraudulent as against cred
itors.
The Legislature of Massachusetts some
time ago enacted law requiring that
no insolvent debtor should be granted ii
discharge unless his estate had paid in
dividends at least 40 or 80. or some other
per cent, as :he law may have beer from
tine to time.
Wholesale merchants often cell to q
retailer for years, possibly upon the
faith OF certain responsibility fur,
uished by apparently unincumbered