The herald., 1897-04-01
OFFICE OF THE HERALD.
os Angeles. Cal. March 81, 1897.


forth be conducted on lines that will In
clude a comprehensive and condensed
epitome OF the subjects that are of in
terest to the investor, whether as capi-
talist, merchant, banker or small trader.
AT the same time the field Of insurance
will be covered, including fire and life,
assessment, fraternal and old line COM
panies.
The organization of new companies
that may be formed to develop the re-
sources of Southern California will re-
ceive special attention, and it will be
the aim of the Herald to give such ir-
formation concerning these corporations
as may assist legitimate enterprise, and
at the same time check the fungus
object nothing more than the pecuniary
profit of the crafty promoters.
To assist these objects, the co-opera-
ton of the business community is So
licited; prompt attention will be given
to all communications and questions
answered that relate TO this department.
The Los Angeles clearing house has
unanimously adopted new regulation
that will go far towards increasing the
public confidence in the chief local
banks which form the personnel of the
association.
Under the new rule the clearing house
committee is empowered to call upon
the local banks under its jurisdiction,
for a statement ofs their condition, as
of a past date, and this call may be made
as often during the year as to the COM
mitttee may seem advisable.
The statements that are regularly
made to the state bank commissioners
by the commercial banks. cay three
times a year, are not required by law to
be published, and access to them Is not
ready and convenient. The statements
rendered by the national banks under
the order of the comptroller at Wash
ington are required to be published one
time only. and as rule attract little
attention.
Leading bankers say that the facill-
ties that will now be afforded for the
banks to be promptly and closely ac-
quainted with each others condition
cannot but have q most ealutary effect
and will prove an efficient check upon
any possible attempt to do a loose and
reckless business. A failure, for in
stance, such as that made by the City
bank in 1893 would not be possible under
the system OF supervision now inaugur-
ated.
The committee of the clearing house
is composed of H. w. Hellman, vice
president of the Farmers and Merchants
bank, +. A. Gibson. cashier of the First
National bank and w. L. Graves, pres
ident of the Merchants National bank.
The directors of the Merchants Ma
tional bank have passed resolutions of
sympathy and coincidence on the death
of ex-Mayor Frank RAIDER. who was
director of the bank
The State Bankers association will
hold it's annual convention in this city
during Fiesta week.
The Mergenthaler Linotype company
of New York has declared a quarterly
dividend of per cent, and an extra div
idend of the same amount, both payable
on the 1st inst.
The Eastern Dynamite company, sue
cessor to the Atlantic Dynamite COM
pany, has paid its first dividend Of 81
per share
l. w. Hellman, president of the Far
mers and Merchants bank, is spending
few days in this city. Mr.. Hellman Is
engaged in opening bids for the erection
of his contemplated five-story building
on the northeasterly corner of Broadway
and Second streets, of which Octavius
Morgan is the architect. Mr.. Hellman
expresses his satisfaction with the busi-
ness prospects of Southern California,
and is of the opinion that good results
may accrue from the action of congress
In regard to the proposed tariff legisla-
ton, provided the debate be not indefi-
nitely prolonged. What is wanted is
prompt and speedy action by the
legislative body In Mr.. Hellman's
opinion a measurable degree of protec-
tion is demanded by the present situa-
tion, and the sooner congress settles the
matter the better
In regard to the changes that have
taken place in the amount of
paid up capital now employed by the
commercial banks of San Francisco. Mr.
Hellman remarked that the diminution
was entirely owing to the fluctuations
in the amounts kept as paid up capital
by the foreign banks doing business in
San Francisco, whose headquarters were
at remote points. These branches report
from time to time as directed by the
chief Offices. but the amount OF capital
Is always smallest at or about assess
ment time. The large bond investments
by San Francisco banks during the past
year have been q noticeable feature
of their business, and the natural out
come Of business conditions and antici-
rated legislation Of an unfavorable char-
acter.
Sam B. Dewey, principal teller of the
State Loan and Trust company has re-
signed his post to embark In business on
his own account. He will engage in a
money loaning, brokerage and insur-
ance business, with offices in the new
Lankershim building. Mr.. Dewey has
for over fifteen years past been a promi-
nent figure In local banking circles and
has made very many friends by reason
of his urbane manners, his strict atten-
ton to business and his capable and
faithful discharge of the responsible
l.r4t Il