The herald., 1897-05-19
MoNTHLY sALEepr MuNIcIpALs.

March ................ 9.123,SS0 13,708, 1876
April ......."........ 6.9o1,9 15,15466l
The gratifying sale of t170. 900 Los Angeles
I per cent refunders will be found treated
In the editorial columns Of this ISSUE One
incident of the sale deserves notice, which
was the attempt Of a man named Camp
bell, representing Farson, Leach & Co.. to
make his bid read $1675 or 1856 by writing
1t In a slovenly manner SO that the dot Of
the letter 'f' in the word "prior' written
underneath the figures might or might not
be taken for the decimal point between
figures in the amount bid. An examination
Of the bid reveals It's shady character and
the man himself was identified as the same
man who in June 1895. tore up his bid for
improvement bonds in the presence of the
council, after 1t had been received and
filed. for which act he was elected from the
room. The trick attempted ON Monday is
an old one and one Of a kind that IL well
known among the smart" men who travel
Tor the bond houses. That 1t was not sue
cessfully worked here shows that the off,
cials are not as green as they are painted.
Mr. Sartori Of the firm of Hellman & Sar-
tori made a vigorous speech to the council
denouncing the attempt to hoodwink that
august body.
Bonds Of the Lakeview and Rockville
school districts. Kern county. to the
amount OF $1,000 lately sold for a premium
OF $760. the purchaser being the Bank of
Bakersfield. The bonds bear 8 per cent
interest, but the price paid is an extraor-
dinary one.
a project is on foot for the Incorporation
OF life insurance company by local peo-
pie on the mutual plan. with head
quarters in Los Angeles. The scheme has
no "fraternaw features. for a wonder.
Agents at Sacramento, Los Angeles, San
Jose. Stockton. Marysville and other points
on the Pacific coast are up in arms on ac-
count of the recent reduction in agents
commissions to Is per cent. The Pacific
!. board of underwriters is obdurate. how
ever. and will make no exceptions outside
several Of the large cities.-Chicago Insur-
ance Post.
The bill in Pennsylvania which pro-
hibited the insurance Of children under
the age Of 16 was killed in the senate by a
vote OF SS to TO- Haley Fisk, vice president
Of the Metropolitan Life, tells the New
York Mail and Express that mot so much
as one penny was expended by the in
dustrial companies to defeat the BILL He
says that 1t was "a triumph Of public opin-
1on."
There is a ridiculously exaggerated idea
OF the profits of insurance abroad, accord
ing to the Chattanooga Times. For the
worst misinformation on the subject a
pack OF alleged editors are responsible.
Thinking to commend their sheets to the
mercantile community, they have handled
the insurance people as II they were the
veriest criminals. The aggregate property
loss in the United States by fire, l872-1s96,
both years included. was 81, 500, ,4s1.. OF
this appalling loss in twenty-six years. the
insurance companies paid back to the
losers N.s5s, 276.556. That is to say, the
companies have gathered from the country
at large fees paid them for fire protection.
and paid out to the losers by fire anaverage
OF $52241. 406 year for twenty-six years.
How many bankruptcies has this saved?
How many worthy families has 1t helped
who would else have been in dire distress?
What has 1t not done to tide localities over
what must otherwise have resulted in local
panic and embarrassment to hundreds?
Stockholders Of building and loan asso-
Citations, like investors In other securities,
will have to be satisfied before long with
less PROFITS upon their investments" is the
statement credited to a secretary of lead
Ing Chicago local building and loan asso-
ciation. 'The depressed times have had
their effect upon these savings institutions
interest to borrowers has been maintained,
many OF the societies have sustained losses
upon real estate which they have been
compelled to take through foreclosure pro-
ceedings. 1t is unreasonable to suppose
that they can keep up the Same ratio of
earnings as they did when the times were
better. 1t may be that the societies will
hnd 1t profitable, in order to secure better
loans, to reduce the rate of interest to bor-
fowers. If the rate of interest was re-
duced the borrower would necessarily have
70 pay for a longer period, but It would be
Sasier Tor him to carry his loan. The in
vestors would not fare so we'll as now,
out tney would have no well-grounded rea-
son to complain" e
The loss Of the funds Of the University of
Illinois through the failure Of the First
National bank Of Chicago, whose presI-
dent was treasurer OF the university, once
more emphasizes the Insecurity Of perscnal
bonding. Had this college availed itself
o. the bonds OF first-class surety COM
pany It would be in much better financial
condition today. says the Boston Standard.
The Denver, Col. Cons solidated Tramway
companys report of net earnings for the
quarter ended March 81 was ssa, s75. against
t61 .07 the same period Of 1896.
The Galveston, Tex, Street Railway
company's report for the first three months
Of the present year shows net receipts Of
9lz,6S7, compared with $10472 the same
months Of last year.
The American Traction company of Jer-
sey City has been Incorporated with a
capital stock Of $685. to operate electric
systems IN New Jersey and New York
state. According to the Bond Buyer it
VIII Commences business with lust {1ooo
BY little clause in the Humphrey bill
now likely to pass the Illinois Legislature,
~. Yetles will be able to consolidate tho
North and West division street car nys-
tena9 ef 'ChleaSo. project which tho law