The herald., 1897-09-04
OFFICE OF THE HERALD,
Los Angeles, Sept. 8.

Los Angeles, Sept. 3.
The August number of the Rand-Mc-
Nally Bankers Monthly contains an art-
Gle by Hon. James H. Eckels, Comptroller
of the Currency, on bank consultations, in
which he expresses himself unhesitatingly
in favor of the tendency toward bank con-
solidation, which has been developing dur
ing the past six months. II am convinced"
he says. "that there is not an important
city in the country but would be strength
ened in all its interests by bank consolida-
tions. Within the past few months they
have occurred In New York, St. Louis and
Kansas City. The example thus set could
we'll be followed elsewhere. 1t ought to be.
The truth is, that many commercial banks
in recent years have drifted away from
legitimate commercial banking for the rea-
son that they have found themselves con-
fronted with so-called commercial banks
born outside of any apparent commercial
needs. They have been compelled through
giving free exchange and payments of
large interest on deposits to look to other
means of meeting expenses and earning
dividends. The channel into which they
have thus either drifted or have been
driven has been a dangerous and in many
cases a disastrous one. 1t is to the end
that conservatism may be restored and
Legitimate and continuing earning capac-
ity to bank stocks be brought about that
shareholders should seek whenever neces-
sity requires it the strengthening of the
banks in which they have holdings by
union with others. In such a plan would
be found greater safety to all, better bank
ing methods, fewer bank failures, steadier
dividends and less assessments upon bank
stocks"
Municipal insurance of workngmen
against loss of employment has been dis
continued by the city council of
Zurich, Switzerland, after a fair trial.
on account of the unsatisfactory re-
suits. The plan adopted by the coun-
Gil was modelled on that introduced
by the canton of st. Gaul. The insur-
ance was compulsory, and indemnities
ranging from S6 to 4S cents a day were
furnished at rates ranging from to cents
a week. 1t was found that the plan en-
couraged idleness; the workingmen them
selves, especially those of the skilled class,
objected to the compulsory feature, and
the premiums of the improvident were al
ways in arrears In addition to these un-
satisfactory features the plan was not a
success financially, as the premiums re-
ceived did not amount to one-half of the
indemnities paid.
The American Agriculturist says: can
other short crop this year will be potatoes
1t is not possible for the crop to reach
200 900 bushels this year, compared with
255, ,000,0 900 bushels last year and 800 Oo0, 900
bushels two years ago. Farmers are get
ting nearly twice as much for their early
potatoes now as they did last year"
4 4
Window glass has gone up per cent in
price to the public. The Jobbers Associa-
tion met at Chicago Wednesday and were
officially informed by the manufacturers
combination, which was completed in the
same city on Tuesday, that the price to
them was raised 5 per cent. The jobbers
promptly raised this per cent, asserting
that the per cent advance did not restore
to them the proper margin of profit. The
new rates of discount under the increase
are 60 and 20 per cent. The increase affects
all grades of window glass.
The operations Of the San Francisco
Clearing House for the first eight months
of the year compare as follows: