The herald., 1897-08-22
OFFICE OF THE HERALD,
Los Angeles, Aug. 21, 1897.

Give NO bounties, make equal laws, Sc
cure life and property. and you need not
give alme. Open the doors of opportunity
to talent and virtue and they will do them
selves Justice. and property will not be in
bad hands. In a free and just common
wealth property rushes from the idle and
imbecile to the Industrious, brave and
persevering-Emerson.
+
A large land deal Is reported as about
closed up, involving over thousand acres
Of land contiguous to the city. 1t is pro-
posed to cut this land up into lots and to
make first-class improvements in the shape
of streets, sidewalks, shade trees and water
pipes. The land is being acquired in the
interest of q suburban railroad to be built
and operated by compressed air motors.
]. M. Thompson Of Chicago, representa-
tive of the American Air Power company
of New York is in the city now in COM
pany with other Chicago people looking
over the ground, and with the intention of
bringing the enterprise to successful
ISSUE Mr.. Thompson is well known here
as Gable Road Thompson" having been
the builder of the Temple street cable road
ana OIL tne beCOnu StTSel Cdpic III lliS Clty
a number Of years ago.
In this connection 1t is interesting to note
that the first official trip of the compressed
air motor designed by Robert Hardy was
made on the Sixth avenue division of the
Manhattan Elevated railroad on Friday
last General Manager Franzioli, num-
Der of engineers, capitalists and students
were on board the train, which made the
run from Rector to Fifty-eighth street,
over five miles, In eighteen minutes On
the return trip stops were made at each
of the stations and the regular schedule
of twenty-seven minutes for the return
trip was maintained. The trial was sue
cessful one and the motor carried charge
Of compressed air Of 25OO pounds to the
square inch.
The danger of entrusting large public
interests to the unrestrained will of one
man has been conspicuously shown i'll a
case at Reading, Pa Lewis Kremp was
the father of building and loan associations
in that city, says the Chicago Tribune, and
by virtue of his we'll known wealth and his
enterprise in fostering the associations as
they grew up, their affairs were managed
almost entirely by himself. While he lived
he looked after their finances with special
regard for the payment of dividends to
stockholders. But his sudden death has
revealed the astounding fact that the ac-
counts of twenty associations are hope
lessly involved with his own personal ac-
of the data that might straighten out the
fan nu1a hod haar fo5 tn, NEr v.t,
memory and had not been recorded in any
of the books The twenty associations con-
cerned, and which have now suspended,
have aggregate assets Of $5, ZOO, 900, and the
amount Of money due to the various stock
holders, as alleged and not in possession
Of the associations, is $500, 900. There does
not appear to be any suspicion of criminal
intent on the part of Mr.. Kremp. He
seems to have regarded the various asso-
Citations as his personal possessions, and
to have carried on his personal bank ac-
counts many of the large financial trans
actions pertaining exclusively to the asso-
Citations He received all the money paid
in and deposited it with his personal ac-
count, and drew on it in turn when money
was to be paid out This was not attended
admitted that he made many timely ad-
vances to the associations; but now that
he is gone and all the records of the affairs
with him, dozen lawyers are struggling
to extricate the individual belongings of
the several associations from the 81, OO00
estate left by Mr.. Kremp. This settlement.
which Is dragging along, directly interests
5000 persons whose money is tied up. The
significant part Of the whole episode is that
the officers of the respective organizations
would consent to allow the affairs to run
on in that haphazard fashion. Kremp was
criminally careless but surely these Off
GERS were no less SO. 1t must have been
apparent to any of these men acquainted
with the inside workings Of the associa-
tions that the affairs were In chaos. 1t
was their duty to insist on a business-like
procedure, and see that all transactions
at least were properly entered on the
books. The immense sums Of money spent
by the people to obtain legislative protec-
tion from fraud and criminal carelessness
will have been wasted if such an episode as
this is to be passed without the infliction
of any punishment on the men RESPONSE
BILE.
The maker of promissory note, payable
at a bank, has the entire day of maturity
in which to make payment, and an action
begun therein just after the close of bank
ing hours of the day it falls due is prema-
ture. This has been settled so many times
that it is wonder case of the kind
should ever be started in the courts.
+ + +
The recital in a recorded deed to land,
of prior mortgage thereon, charges the
grantee and subsequent purchasers and
mortgages under him, with notice of such
mortgage, although it has not been re-
corded.-Kansas Supreme Court.
+ r +
The Swiss American bank Of Lucerne.
Switzerland, with a capital of $1,000, 900,
OF which $500, 900 is paid up, having estab-
lshed all agency in San Francisco. has
been given a license to do business by the
bank commissioners.
4 \ 4
On March %, 1897. the firm of John john
ston & Co., bankers, was q ablished at
Corning, Cal. The banking business of the
firm has been discontinued.
= \ +
BY October next it is expected Japan will
have gold currency. circular issued
by the Specie bank at Yokohama an
nounces that from that date gold will be
paid for Bank of JaDap potaa Az tba