The herald., 1897-04-22
OFFICE OF THE HERALD,
Los Angeles. Aprl

Referring to the law passed by the
late legislature extending the time OF
redemption upon execution sales from
six months to twelve months, the ques-
ton has been raised as to whether the
law as 1t now stands would apply to
contracts made before the law went
into effect.
The amended section says that "the
Judgment debtor. or redemptioner, may
redeem his property from the purchaser
any time within twelve months after the
sale, on paying the purchaser the
amount of his purchase, with one per
cent per month thereon, in addition,
up to the time of redemption" etc.
IT cannot seriously be contended that
the legislature could pass a law which
would be sustained II 1t tended to I'M
pair the obligation of existing con-
tracts. The mortgage contracts that
were made and in force up to the time
OF the passage Of the law Of the 26th
of February last will therefore have to
stand under the six months allowances
for redemption, IL foreclosed Those
mortgage contracts made since the
above date will take on the new lease
of twelve months redemption time.
II is we'll known that money lenders
do not like this extension of time, and
II is exceedingly doubtful whether it
is going to accomplish any practical
good. Already a strong tendency Is OBJ
served to make loans under the provis-
ions of trust deeds, which afford meth
cd of foreclosure by peremptory pro-
ceedings, not allowing any time at all
for redemption. In a number of states
1t is also the rule to allow no time for
redemption after the foreclosure pro-
ceedings are finished. and it is grave
question whether the large indulgence
granted under the present law is not
a distinct detriment to the class Of bor-
rowers which 1t Is intended to benefit.
A net decrease Is shown by the treas
ury statistics OF circulation made pub
lie on the LIST of April. The decrease is
small one, amounting to only 6,694, ,259.
The decreases comprised $12.220,976 in
United States notes. $2.0e5,o0o in cur
rency certificates. $s71.443 in standard
silver collars. $4631o2 in subsidiary
silver, and $ss, ,4S0 in gold certificates.
The increases comprised ss10.061 in gold
coin, salt, ,652 in silver certificates, $685.
1s9 In treasury notes OF 1890, and So, ,1s9.-
$40 in national bank notes. The usual
statement showing the changes in
money and bullion In the treasury indi-
Gates net increase OF $7S9s.482. The
decrease included $5,117,1S9 in treasury
notes Of 1890. 1861. OPS in national bank
notes, ss,595,SS1 in gold bullion. and ST.
052,152 in silver bullion. The increases
comprised $12. .632. .106 in gold coin, $2.271,-
500 in standard silver dollars. $169. .405 in
subsidiary silver, and $12,220,s76 In Unit
ed Statee notes.
The United States consul at Belfast
reports officially that italian canned to-
matoes are supplanting American toma-
toes largely used there, owing. as the
dealers say. to the fact that the Ameri-
can vegetable is overlooked or over
ripe. and. consequently. not so firm
when openedas are the italian tomatoes.
Life insurance companies have been
growing rich out Of forfeited policies
is the assertion OF prominent New York
attorney The Financial Record quotes
further remarks from the same author
ity upon q matter that has widespread
interest. The question is thus stated:
Upon careful investigation II is appar-
ent that after person pays premiums
for three years he IL legally en-
titled to q paid-up policy, or may con-
tinue his original insurance out OF the
sum then due without the payment of
additional premiums.
One of the most solvent, reputable
and largest New York state life insur-
ance companies, upon formal demand
made by me under the statute. recently
recognized the above contention by CIV
ing one of my clients 81. 900 paid up pol
icy in settlement OF an original policy
which had been declared lapsed for sew
eral years rather than defend lawsuit
for recovery. The insurance company
In question denied the liability. yet set
tied In full promptly.
Insurance companies rely on the de-
mand being made witkin six months.
wrong. whether the company is a mu-
tual one or otherwise. Even the associa-
tions incorporated under chapter 175,
OF the laws Of 1883, have no right to for
felt policies after the premiums are paid
for three years, though demand be not
made within six months after the lapse
The law Of 1879 IL general. and cannot
be repealed by private act through q
mere Implication Of construction. There
10 no clause in the act of 1883 which au-
thorixes any forfeiture whatever.
The London newspapers announce
that negotiations recently In progress
In Paris for the floating of a Russian
loan have failed, and that the Russian
minister Of finance has made overturea
both In London and Berlin. ut is be-
lieved that the English public win be
given an opportunity to invest some
$4,000, 900, and that the amount placed
In Berlin will be larger, II German in
veetors are 70 inclined"
Certificates Of the Standard OIL trust
2 were greatly In demand in New Yorl
this week. says Bradstreet's, ION the
strength Of the reports Of the millions
OF dollars In profits that have accumu-
lated In the treasury Of that huge con-
Germ. The price Of the certificates was
the highest on record. It having jumped
up to 2ss (Monday), which Il equivalent