The herald., 1897-10-17

Furniture and fixtureS........... 4ouu.UU
Other assets ..,......... S9061.1 10
Total assets. $40, ,492 800. .65
Liabilities
Capital paid up. 5. 900 600. 90
Surplus .................. oUU uVV'ou
Undivided profits s......... ...... S24O0l 80
Due depositors .................. 5,IU So4.oo
Due banks s....,.......... S9S 1925
Sterling credits ................... 639 2Ul.I.
Other liabilities .................. 4ll2i9
Total liabilities .$lO, 492 s9o.oo
The election for directors resulted in
return of the old board, as follows: lsaias
w. Hellman, John w. Mackay, James l..
Flood, Lewis Gerstle, Henry f. Allen, [.
DeGugne, Robert Watt, Levi Strauss, ID.
N. Walter. H. l.. Dodge, John F. Bigeiow.
The old officers were reelected, as fol-
lows: President, Isaias W. Hellman; vice.
president, John +. Bigelow; cashier d. Is.
Davidson: assistant cashier, George Grant.
The usual quarterly dividend of the bank,
at the rate of per cent per annum, Will
be paid on the 18th, making $1S0,OO0 given
to stockholders during the year
President Hellman's report notes fair
wears business, which has enabled the di-
stock, besides adding 900 to the surplus.
The report calls attention to the fact that
more than the necessary amount OF STOCK
has been signed for change of the organ
ization of the bank from the state to the
national system and the confirmation Oh
the action is recommended. The assets OF
the bank have been put in shape Tor the
change by the accumulation of large
cash reserve and an adequate quantity Of
government bonds. Mr.. Hellman expects
the bank will be under the national bank
system by the end of the current calendar
year. There are already two national banks
in the city and thirty-two in the state.
In an article upon the existing business
conditions, the Bankers Monthly makes
the following remarks: All the improve
ment that we have had thus far has come
from within ourselves. We have had no
help from foreign countries. 1t is re-
markable fact that the foreigners have
placed so little confidence in the improved
condition of affairs here. They were thor
oughly frightened year ago over the evils
of our currency system. The election did
tariff bill has exasperated many foreign
ers, who find their business seriously cut
into, and taken altogether, the temper OF
European capital in American affairs Is
about as unfriendly as we have ever known
il. There is a lesson to be learned in that
fact. The sun is shining now, and we may
think there is no need to repair the roof;
but there is the same leak in the roof that
alarmed every business man year ago
and there is the same need for thorough
and scientific currency reform.
4 \ y
From partial returns it is estimated that
the net receipts of the Western Union Tele-
graph company for the quarter ending Sep
tember 30 1897 will be 81, 1904 .0O0 against an
estimate of 81. .6000 900 for the same quarter
last year. The net revenues for the quar-
ter ending June 80, 1897, were 81, ,5096 6s2. After
paying the July dividend, interest on bonds
and apportionment for sinking fund, the
surplus carried forward from July 1st was
$7c47541. If the revenue from the current
quarter be up to the estimate, the surplus
on the 1st of October will be $9,397,541. A
dividend of IA per cent has been declared,
amounting to S1,21G.975 payable October
18th Deducting this dividend and the In
terest on the bonds and allowance for the
sinking fund, the net surplus for october
1st Is expected to be 81 ,935, 566.
The London Financial Daily News says:
"a gloomy account of the state of trade in
Bohemia Is given in the report issued by
the Prague chamber of commerce. The
wholesale industries are said to be stag
nant, IL not in positive decline. The cot
ton industry is more depressed than has
been known for twenty years, and English
splnners should certainly sympathize with
their Bohemian confreres as not only have
they found business continuously unre-
munerative, but the whole country is said
to be deluged with English yarns and
goods. Overproduction is the chief cause
of the fall in prices, and this Is scarcely a
matter of surprise. as during the last three
or four years an increase in machinery to
the extent Of from 25 to 80 per cent has
occurred"
The United States consul at Annoy, China,
says in a recent dispatch to the state de-
partment that "the Chinese people prefer
American cotton fabrics. spinnngs. flour,
oils. canned goods and meats, and even
buy them at higher prices than other I'M
portations can be had for" He also SAYS
"there Is a more amicable feeling existing
between the natives and foreigners at
Annoy and in the surrounding country than
probably exists at any other port in China"
He thinks the rapid increase of trade be-
tween the United States and this part of
China should command the attention of
American merchants and Of the United
States government.
The supreme court of Michigan held in
the recent case of Markey VS.. Corey. that
the use of the words IT hereby assign the
within note" was insufficient to preve Mt
one who signed his name to such a state
ment on the back of a promissory note
from being held liable as an indorser.
\ \ y
1 According to the decision Of the United
States circuit court for the northern dis
trict of California. in the case of Montague
ct al. VS.. Pacific bank ct AL. money de-
posted In one bank to the account of an
other. with directions to the latter to pay
the amount thereof by telegram TO third
bank, is q specific deposit which may be
recovered in full as against general cred
itors where the bank to whose credit the
money is deposited receives the same but
suspends before making payment as de-
sired. The case arose on the following ca
bled order: PAY by telegram to Puget
Sound National bank. Seattle. WASH, 5000
account Of William Cochrane. We remit
by cable to National Bank OF Commerce,
/ New York. for your account. s5Ooe."
Insurance Notes
/ The Firemans Fund Insurance company
ATcme Mutual Insurance company ana Pa
cine Mutual Life Insurance company are
undergoing thorough examination at tbs
hands OF Insurance Commissioner Arc re "
j. Clun!e. This is She FIRST time m many