The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1897-12-14

OFFICE OF THE HERALD.
December 10. 1897.
Tho New England Burglary Insurance
company has reinsured all outstanding
risks in the Fidelity and Casualty COM
pany, and will discontinue business. says
the Argus. This action was in accord
ance with the wishes Of President Brew
ster. who purchased a controlling inter-
est Of the stock In order to effect It's re-
tirement. It's retirement was proph-
esied at the time Of the recent exami-
nation. but an impairment was made
good. as 1t was expected the company
would prove the value and need Of such
insurance. The action was unexpected,
and is. perhaps. to be deplored, in the
face Of a reported improvement In the
business. The company began business
In December, 1896. A special in the
Journal Of Commerce says: 1.-THE Mas
sachusetts business Of the New England
Burglary company cannot be reinsured
In the Fidelity and Casualty, az that
company is not licensed to do this bust
ness in Massachusetts. The Burglary
company is, therefore, compelled to re-
turn unearned premiums pro rata on
Massachusetts, policies. or carry these
risks to maturity"
+ + +
In a circular letter to the field force.
Third Vice-president Perkins Of the New
York Life denies that the company has
entered into an agreement with other
companies for q general scale Of in
creased rates consequent upon setting
aside reserve on a 81 per cent basis;
and President Mccall says that while
new policies on the 3k per cent basis
will have the same rates as charged by
the Mutual Life and Equitable, the ar
rangement does not interfere with the
per cent policies issued since 1899.
+. + = +
: Upon the same topic the Insurance
Journal Of Hartford says: At present
there seems to be q great deal Of doubt
as to what has really been decided in
the case OF the Mutual Life, New York
Life and Equitable, on the subject OF
increasing rates and change in basis of
valuation. AS we understand it, the
Mutual Life is to increase Its rates
slightly and make change to the Amer
lean table at 3h per cent. The New
York Life seems to have adopted
. per cent standard with the Ac-
tuaries table, while nobody knows
at the present time whether the Eqpita-
BILE is with either Of the others or against
them both. They are all getting great
deal Of gratuitous advertising, some of
It not OF a very beneficial character,
and we presume the agents Of the Mu-
tual Life are whooping UP new business
on the strength Of the January increase
in rates.
In 1890 Colorado produced "a, 156, 229 in
gold. For 1891 that state expects to
show gold output aggregating $1s,O0O,-
600. The great increase Is due to the
slump in silver the universal search for
gold. the improved scientific and me-
chanical devices for successfully hand
ling low grade ore, and judicious adver-
Using.
Recent articles in British mining Jour-
mails about American mining invest
ments. meaning largely California min
ing investments Of British capital, would
lead to the inference that Yankee
tricks" whatever they may be, were
matters OF usual local practice. In this
regard 1t Is interesting to note the re-
marks of the chairman at recent meet
ing In London OF the Drake Properties.
Ltd, where he says that the experience
OF his company with 1.-THE American
vendors" was in every way satisfactory.
= + +
The Los Angeles Mining exchange is
now dealing in worcestershire stocks,
somewhat after the Colorado method,
and some criticism is vouchsafed in
contrast to the San Francisco method of
handling stocks which are subject to
assessment. This matter has been so
often discussed that little remains to
be said that has not been better said
already. To those who approach the
subject with settled convictions either
way argument is useless. Where the
company has plenty of money at the
start probably the worcestershire plan
Is a good one, though usually corpora
lions on that basis come to grief in case
Of the refusal on the part of stockhold-
ers to agree on some plan for providing
SUFFICIENT development funds. True,
owners of assessable stock may be frog
en- out, as indeed any good thing may
be abused; but SO far as is known no
successful substitute has been found for
an assessment where money is needed
to prosecute further work, with the al
Tentative OF either supplying the money
or shutting down. So long as men are
OF different minds, some willing to put
up money, others unwilling, so long the
plan of assessing stock as usually prac-
ticed In this state will obtain.-Minine
and Scientific Press.
Permission has been granted by Conn.,
troller Eckels for the organization of a
new bank in New York city, to be called
the Aston National bank, which will con-
duct Its business in the Waldorf Astor
hotel. The organizers of the bank are
John Jacob Aston, George F. Baker.
president Of the First National bank:
Charles A. Peabody, jr., who represents
william Waldorf Aston: Fisher A. b.
ker, the partner Of Mr.. Peabody in the
law firm Of Peabody, Baker & Peabody.
who b also a director Of the First Ma
ttonal bank, and Henry B. Ely, who
represents John Jacob Astor. The bank
10 an enterprise Of the combined Astor
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