The herald., 1897-06-11

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duty of counting funds is left to employees
of the bank.-American Banker.
+ \ \
Judge Severens Of the United States
court at Grand Rapids, Mich, has recent
ly handed down an important decision in
regard to the liability of directors of ma
tional banks. In the case of tie City Ma
| tional bank of Greenville, 1t was shown
that the directors had allowed Leroy
| Moore, the president to run the bank as
he pleased. Judge Severens decides that
two of the directors, who were sued by
the receiver. must make good all losses
of the depositors for year previous to the
appointment of a receiver. These direct
ors claim they did not know how the af-
fairs Of the bank were being managed
A tax on inheritances Is not essentially
an unjust tax, says the American Banker.
but the measure which Governor Black of
New York vetoed deserved that condemna-
tion. moderate measure of that kind.
bearing upon all citizens equally, can be
borne. But this measure was an an
equal tax, a progressive increase of the
amount to be turned over to the state hav-
ing been provided for, according to the
extent of the estate to be distributed
among its heirs. This measure was avow-
edly directed against the rich. But there
Is no justification in our system of govern
ment for discrimination of that kind.
Once base legislation on that ground. and
the disintegration of established principles
of property right begins. In our system
Of government all citizens are supposed to
contribute to the maintenance of the ma
tion equally. Political justice enforces this
rule.
4 \
Mr.. Mulhall an economic writer Of some
reputation, has made a comparison be-
tween the savings bank interests of the
New England states and other countries
New England has 20s2, 900 depositors in
such institution, equal to AZ per cent of the
population. In Great Britain the savings
bank depositors number % per cent of the
population. The amount on deposit per
capita Of the population of New England
Is $l51: of Great Britain, $1S: of Prussia,
$27. and France, $19 The better showing
which New England makes in these COM
parisons is probably due to the generally
higher rates of wages which we pay in
this country. And these higher wages are
due to our greater energy as producers.
4 4 4
At Milwaukee, Wis, a contract has been
made with w. S. Reed & Co. of Chicago.
by which they are to build and equip the
Milwaukee and Waukesha electric railway.
and take the bonds of the company in pay.
ment. The total investment will be about
50, SOC, 900.
Judge Hanford has set the goth day of
June as the date on which the Front-street
cable railway Of Seattle, Wash, shall be
sold.
The Daily Stakeholder computes the in
terest and dividend payments on various
securities issued by corporations, states
and municipalities, and by the United
States. on June 1st and during the month
at $32 164 as against $25 5S7, ,953 during
the same month of last year, and $24, ,377 231
in the same month of 1895.
+ + y
The Atlantic and Pacific railroad reports
gross earnings for March of 1907 800, an in
crease of $i5O16 as compared with the same
month of last year, and net So. .25S. an in
crease of s34.s12. For the nine months end
ing March 31st the gross earnings were
$259S, l6o. decrease of sos 567 as compared
with the corresponding period of last year.
and net $oSO,525. an increase of s2s3. .916.
The Canadian Pacific railway reports
gross earnings for April of 81. Gil, $50. an in
crease of $161 953 as compared with the
same month of last year, and net se27 III
an increase of s135. SS7. For the four months
ending April 30th the gross earnings were
s5'I3l. S22 decrease of $1.027,7H as COM
pared with the responding period last
year, and net $1,90S, 496. an increase of
Sill ,O53.
4
WASHINGTON. June S-California pat
ents nave been granted as follows: W.
Beach of Los Angeles, chip attachment.
Lewis Bowles of San Francisco, diaper:
Howard Carr of San Francisco, recoil
operated firearm: Luther CUNNINGHAM Of
San Jose and r. G. Smith of Saratoga, fruit
grading machine; Edwin T. Earl of Oak
land, ventilator for refrigerator cars:
chris +. Fogh of San Francisco, awning;
William II. Fulcher Of Stockton, excaya-