The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1895-01-24
HERALD. THURSDAY MORNING, JANUARY
MONEY, STOCKS AND BONDS
Gossip About Los Angeles
Banks.
Reorganization Of the Pacific In
surance Union.
Speculation in Wall Sire ,t-Foreign and
Domestic Exchange-General
Financial News
Los ANGELES, Jan. %.

The disruption OF the Pacific Insurance
union, and the organ cation of the Board of
Fire Underwriters in its place. is a fruitful
topic OF conversation among local insurance
men. The general opinion seems to be that all
but few of the former members OF the union
will sign the new com pact, and that war OF
rates Will be avoided Companies both in and
out the combine are represented in this city,
but all apparently intend to hold together.
All the insurance agents interviewed about
the matter were of the opinion that general
rate cutting would be the worst tn ng that
could happen, as it would prove disastrous
alike to the insured and insurers. There
property holders that would hail cheaper in
surance rates. to be sure; but if indiscrlmnate
cutting of rates were to reduce the income OF
the companies so as to make them unable 10
meet heavy losses il any should occur, as the
agents claim, would be the logical result, then
1t were better for all parties concerned, If the
agents hold together and avoid war
STATE LOAN AND, TRUST Company.
The annual meeting of the stockholders of
the State Loan and Trust company for the cleo
ton OF officers will 81 held February 1st, aud il
is generally supposed, says The Investor, that
the recent heavy Transfers OF stock indicate
change of policy in the management OF the
bank. The concern has gradually driftod away
from its original position as savings insttu-
zion and has become commercial bank, as the
statement Of deposits given will clearly
show the interest bearing deposits having de-
creased wiH1e the demand deposits have in
creased nesrly $50 per cent under DR.. Cochran.
This is en- excellent showing and goes far to es-
tabish the claim that Major Bonebrake and Mr..
o. 7. johnson both make that the bank is in Il
fl )uris63ng condition. The best of men may
agree 10 disagree and there has evidently beel
a want of harmony in ideas among the direct
ors as to the management of the bank. With
the retiremen Mt OF Mr.. Johnson it is probable
thai the concern may, to some extent, enlarge
Its sphere of operations. The administration
OF It's affairs has been conservative aud success
full under DR.. Coehrans management, and the
stockholders have therefore no reason to
greet the trust that mas been reposed in his
ability az president. But with the changes that
have recently taken place in the holdings of
the stock it Appeals N be foregone conclusion
tina, Dr. Cochran will retire from the presi-
dency 1T is as vet matter of doubt who may
succeed him, but we understan nd that MIR. Ii. j.
WOOL acott, the present first vice-president,
would be The choice il he would acc apt the
position. Mr.. K. H. Howell OF the firm of
Howell IL Craig, is said to be interested with
the institution.
SAN FRANCISCO SAVINGS BANKS.
The state bank commissioners have received
all the reports on the financial condition of
the various commercial savings banks in San
Francisco as reported by hem for the latter
part OF the past year, and have prepared the
total amounts showing the resources aud liza
bilities of these various banks. very eneour-
aging outlook for the coming year is predicted
by the commission. BY com pairing the sum
total of the amounts due depositors in the say
ings banks during 1898 with the amounts due
as shown by the recent report, IL will be sem
that there is freer tendency to place money
IN circulation now than was evidenced during
1898. From the report of that year it was
shown that the total amount due depositors
was $1O1 ,46l, 937, while in the recent report
the amount is but $780, 44t 1863, difference of
81 ,01S, 400 The commercial banks through
which money genera ~ Is IN more or less
active circulation this ear show an increase
OF So ,099, 24S over the amount due depostors
as shown by the report CT 1898.
BANKING NOTES.
The Main Street Savings Bank and Trust
company has moved into it, new quarters in
the Temple block.
Wednesdays clearing house exchanges were
the heaviest of the week thus far.
county treasurer will be henceforth divided
between thres banks, the Farmers and Mer-
chants bank, State Loan and Trust company
and the California bank.
Messrs. M. s. Hellman aud J. F. Sartori. who
purchased 6S3 shares OF the stock of the Secur-
ity Savings Bank ana trust company, paid
$1,000 per share for the same, the pad-up
value being $50. Immediately after their pur-
chase they disposed of between 400 and 500
shares without difficulty, and with their for.
mer holdings at present control at least liza
out of the 1000 shares of stock
At the time of the financial panic in 1898.
the Dyer bank in Riverside was forced to re-
main closed for several months, but afterwards
reopened, having made arrangements to pay its
depositors off in four yearly install ements. Tb
first of the installnents has just been paid in
full confidence is felt In the bank, and it is be-
lIeved that in time it will again be recognized
one of the strongest banks in Southern Cali
fOrnia