The herald., 1897-06-04

OFFICE OF THE HERALD,
LOS ANGELES. June s.1s97.
The suit filed today by the state Loan
and Trust company against n. J. Wool
lacott tits own president), Dr. Cochran
and John Bryson, ar, will undoubtedly at
tract considerable attention. The process
was instituted not BY the banks regularly
employed attorney, but by lawyer es-
pecially retained for the purpose. The OBJ
ject Of the proceeding Is ostensibly to re-
cover an amount alleged to be due from
dead and gone secretary who passed out
In $780, and for whom the defendants were
bondsmen. An epitomized statement Of
the allegations Of the complaint will be
found In another column of this issue. The
other side has yet to be heard FROM and
It Is expected that II the case should ever
come to trial some rich revelations Of
banking methods during the boom may
come to light.
I'm considering the continued gold move-
ment and the possibilities of its continu-
ance reference must be made to the ex-
istence Of a steady flow of gold to the
continental countries. This is to all APP
pearances the governing factor in the mat
ter. It has already defeated the other In
huences which fortnight ago seemed
likely to put an end to further outflow
OF specie from this country or to limit its
proportions. During the present week
some 81. 800, 900 gold was taken from tn !
Bank Of England for Austria and Russia.
and It is to be supposed that the whole of
the 100000 which has been shipped from
this country in the past ten days, what
ever the immediate conditions attending
Its outgo, will ultimately find it's way to
the treasures of the two empires in uues-
tion, this hypothesis being strengthened
by the fact that all of 1t was sent to the
sentiment of Europe and not to London" :"
-Bradstteets. May 2sth.
The American Bonding and Trust COM
pany of Baltimore, corporation which is
surety for a number of state, county and
city officials throughout Georgia, has de-
cided not to make the $4,000 deposit with
the state authorities required by law of
all surety companies going on such bonds
The company will cease doing business in
Georgia. and as a consequence number
OF officials will probably have to secure
new bondsmen.
\ \ \
The Paris correspondent of the New
York Mining and Engineering Journal
writing under date Of May I'd, says:
Just now. when every one who can Is
drawing out of South Africans and looking
Tor new Investments. one is inclined to
think that good American mining stocks
might hnd their opportunity. At present
your shares are not at all in favor. The
only one which Is at all actively dealt in
Il Rebecca, Cripple Creek stock. At
present that Is at a low point, though
many holders believe that they have a
good mine and that the values will in
crease. One reason is that many Of our
people do not know or appreciate the ad-
vantages of your country; another is that
they are afraid of your economic and
financial vagaries."
says that the Grand Rapids Savings and
Kent Savings banks have announced q re-
duction in the interest rate on deposits
from to per cent to take effect July 1st.
Some Of the other banks will follow the
example. Difficulty in securing safe loans
II the cause.
It has been decided by the chicago Clear
ing House association banks to reduce the
rates Of interest paid on country bank de-
posits from per cent to IN per cent. The
change went into effect the LIST inst.
y 4
The National Bank Of Commerce Of
Kansas City is announced ITO absorb the
business OF the Metropolitan National
bank, which will wind up its affairs. At
the time Of the last statement the latter
bank had deposits of $2.O40,000."
1t Is announced that the capital stock Of
Is to be increased from $4o0 900 to ~, oOO. 900.
The United States Leather company has
declared dividend of per cent on its
preferred stock, payable July 1st.
The Delaware and Hudson Canal COM
pany has declared quarterly dividend Of
~ per cent. payable June 18th.
AT the San Francisco Stock and Bond
exchange yesterday Spring Valley Water
sold at 97x for the stock and look for the
per cent bonds. Hawaiian Commercial
at "A to th Hutchinson Plantation at
-, San Francisco Gaslight at g. Market
street Railway at "A for the stock and 1o7
for the per cent bonds.
= 4 4
The following securities. among others.
were sold by auction last week in New
York:
10 shares Importers and Traders Ma
tional bank, 500 each.
50 shares Yonkers Gaslight company. .126 y
shares Continental Fire Insurance
company ........................... .H6
= shares United States Mortgage and
Trust company .......................226 .2261z
20 shares Bank of Manhattan company22O
II shares Globe Fire Insurance COM 81
p4Hy ..ssss....s...s...s.....s... ~
81 shares American Union Life Insur-
ance company .........................b 80
=. shares Colonial Trust company. !. .157
q shares Broadway Insurance COM
peny ........................... .l00h
BOND NOTES
ii i~.r~ 49, F..