The herald., 1897-06-03
OFFICE OF THE HERALD,
T.os AuUeles Tune 2.

OFFICE OF THE HERALD,
Los Angeles. June ..
Accounts have appeared in several
papers Of project devised by Mr.eJohn
r. Dos Passos for the formation OF q huge
mortgage and loan company with capi-
tal OF s100.o0o.0oo to be chartered by con-
gress to do q loan business on western
and southern farms. limited to 5000. 0oo,-
O00!, Mr.. Dos Passos is q lawyer who has
compiled one or two text books applica-
BILE to laws Affecting stocks and other
financial transactions: is attorney for
large number of Wall street firms and some
railway companies. and is credited with
having drawn up the charter under which
the sugar trust operates.
In commenting upon the proposed
scheme, the New York Bond Buyer
says: IAN objection which will In
stantly suggest itself to reader
of his explanation of his plan, as
published in the Financial Chronicle of
May 18th. Is that 1t is proposed to help the
improvident at the cost of the thrifty; to
draw upon the abundant resources Of the
saving people to aid the more wasteful
and prodigal. This thankless task has
been tried before with disastrous results,
and within decade mortgage companies,
which have already gone out of existence
or are in the hands of receivers. have sunk
many millions of New England peoples
savings In western farm mortgages which
promised to pay 10 and 10 per cent, but
which did not pay the legal cost OF fore
closure.
"The primary purpose of the company is
to loan on mortgages on farm lands Of the
south and west, where interest rates are
high, at the uniform rate Of ~ per cent,
or less, on 80 per cent Of the appraised
value Of the property. Practically this is
a proposition to loan on second mortgages.
for most Of the good farm lands OF the
sections indicated are very largely plas-
tered over with first mortgages on which In
terest is In default"
A rumor has again been started about the
probable consolidation of certain banks in
this city. So far as may be learned, the
talk ID simply revival Of the statements
in circulation something over year ago.
at which time two commercial banks were
In negotiation for the purpose of affecting
Z consolidation, but nothing came of 1t.
In the revival Of the report now, the wish
appears to be father to the thought. IF
consolidation of certain interests could be
effected, q great saving In expenses might
be secured, but at present there seems
no probability of anything Of the kind
happening.
There is a time to buy and a time to sell
real estate. The time to sell was from five
to eight years ago; the time to buy-is now.
Every man who wants to sell property
nowadays quotes high prices that he says
he was once offered, says the Real Estate
(ttrn11IQR w n(F
high price. the seller is reluctant to offer
his property at present rates. He measures
the value Of his land only by the price he
once foolishly refused, forgetting that
values are only comparative. and that, as
far as the purchasing power Of money in
real estate Is concerned, he can do just as
much with $4,000 in real estate today as
he could have done with $4,000 to $27 900
hve to seven years ago. If he can get a
fair price today for his property. he can
choose other investments at low figures.
1t Is difficult to induce sellers to agree to
part with their property at present values.
and for less than they were once offered
The whole case hinges. however. on the
question whether the offers a few years
ago were bona 1ide or not. If an owner
Is asked by some curbstone broker, with
his ONCE In his hat, II he will take certain
price for his land. the owner pretends to
believe that such inquiry was a bona fidc
cash offer. and subsequently asserts that
1t was. Great harm is done by irrespon-
sible. pretended agents talking of high
prices and making offers although they
have no buyers. They create false i'm
pressions in owners minds which have. in
many cases. worked against the latters'
best interests.
The latest bulletins of the comptroller
of the currency show the following
changes up to date
National Banks Organized-The Rock
vile National bank, Rockville, Ind, capi-
tai, $4,000; Samuel L. McCune. president;
F. H. Nichols. cashier. The First National
bank Of Port Jefferson, New York. capital,
$50. COOS Orange T. Tanning. president;
Frank A. Kline. cashier. The First Ma
tional bank Of Window. Minnesota, capt.
tai. 1000; A. d. Perkins, president; W. ].
Clark. cashier. The National bank
OF Gaffney South Carolina, capital. $780,
600; F. g. Stacy, president; D. c. Ross,
cashier. The Ohio National bank of Col
umbus. o.. capital. 100000; John siebeck,
president; Emil Kiesewetter, cashier. The
Coraopolis National bank, Coraopolis, Pa,
capital $4,000; J. A. Ferguson, president;
r. J. Davidson, cashier.
Voluntary Liquidations-The First Ma
tional bank. Romeo, Mich; the German
American National bank Of st. Cloud.
MIMI; the First National bank Of Hills
bore. Ore; the Three Rivers national bank.
Three Rivers, Mich; the Chanute National
bank. Chanute Kan.
Applications to Organize National Banks
Merchants National bank
Of Kittanning, Pa, capital, $50. 900, by the
following persons: G. w. McKees, John
=. Painter. w. H. H. Piper, James b.
Neale. James E. Brown, Orr Burlington.
The Nazareth National bank Of Nazareth.
Pa, capital, $4,000. by the following per-
sons: Conrad Miller, John F. Beitel, Thos.
Cope. Geo. w. Laub. H. Kraemer.
1t IL now tolerably certain that the pro-
,ess Of illustrating books. magazines and
sven newspapers, will be revolutionised
by the new Photographic method of re-
producing colors. The inventor can trans
Ter to negative. and thence reproduce on
glass or paper. tho exact hues Of any given
opJect. There are no pigments employed.
me plates are not washed with colored
'olutions and 1t IL not necessary to view
me pictures through any combination of
tinted glass. A sketch IN water-coior
could not DO more delicate nor vet more
= y =
The horses Of German cavalry regiments
IRE TO be shod with paper shoes. recent
experiments as to their durability snH