The herald., 1897-04-18
OFFICE OF THE HERALD,

numerous efforts to refund large debts
s at lower rates of interest is one of the
commercial signs of the times Capital
IL accommodating in larger bulk than can
dnd profitable employment, hence the
big refunding schemes are made feasible.
One Of the most important real estate
sales for number of weeks past Is the
disposal by F. ]. Gilmore of his hotel
property at the northeast corner of Sec
ond and Hill streets for a consideration
Of $50 900, payable s2O,0 900 in cash and the
balance in a fine productive olive ranch
near San Fernando and some business
lots in Pittsburg. Pa. The transaction
Is looked upon as a good one for buyer
and seller alike, and affords another evil
dence of the increasing popularity Of
Los Angeles real estate.
Regarding the discussion in Chicago
banking circles over the proposition 10
reduce the rate of interest on the depos-
ite of country banks, the Tribune of that
city says: "The fact of excessive bai-
ances has revived in banking circles the
subject of the amount of interest to be
paid country banks. The rate is now
per cent, but in many directions 1t is
claimed 11s per cent would be a much
more equitable rate. The money said
q banker yesterday, is not worth per
cent to us. We have funds OF our own
which we cannot loan, and why should
we pay this interest on funds we don't
want? New York banks generally pay
us 11k per cent. Some pay nothing at ALL
Nearly all local bankers believe per
cent is, under the circumstances, con-
eidering the plethora of money, more
than they should allow on country bank
balances, but there is general objection
to having the matter regulated by
clearing house committee. The claim
is made, and it seems not to be without
justice, that every banker is the best
Judge of what he can afford to do with
his country customer, and circumstances
enter into many cases which could not
well be covered by a general rule made
to apply indiscriminately to ALL"
According to a San Francisco paper
the long pending litigation between the
parties interested in the Lux estate is
to be ended by the incorporation of the
estate, thus uniting the different con-
tending owners. Under the articles of
incorporation just signed and to be filed
in few days Henry Miller gets eight
fourteenths of the capital stock and a
salary not to exceed $4,000 a year as
general mans. ger and president of the
board of directors.
The terms of the incorporation are
very broad, covering almost every sort
of business from wholesale and retail
butchering to laying out town sites. 1t
I is to last fifty years There will be
seven directors, and the amount of the
capitalization is s1200O,000, divided into
120, 900 shares of s100 each. There are to
be no assessments. except by unani-
nous vote, and no increase of real and
personal property except on the same
terms. The net proceeds must be dis
tributeo as dividends, except $4,000,
which may be retained as a reserve
fund.
The corporation is to lease from Miller
the Bloomfield farm of u 900 acres, near
Gilroy, at a rental of 81. so per acre, also
the Legler and Lewis places of 211S acres
at $3.50 per annum. The present value
of the firms property is placed at the
very moderate value of 81, 10000. 1t
has been estimated at from $50 900 to
$40 900, 900. 1t is to be paid for in ten an
nuaI installments. The incorporation
under the name of Miller & Lux will
take place at once. Henry Miller will
hold eight-fourteenths of the stock, the
German heirs hree-fourteenths and the
heirs of Miranda Lux Xthree-fourteenths.
no nm, m 1icci ioparc n Ua fir,icl,~d
gathering statistics showing the con-
dition of the various banks of the state
on February 9th of this year. The re-
ports, which contain the statements of
all banks in California-savings pri-
vate and commercial-show them to
be in prosperous condition financially.
j. T. Steward, the dry goods man who
was recently closed up by attaching
creditors, has made an offer of 80 cents
on the dollar, cash. The liabilities are
stated at about $35, 900. The proposition
is under consideration and probably be
favorably acted upon, as it is believed
to be as much as it is in the power
Of the debtor to offer to his creditors.
The right to transfer property in pay
ment of a debt when the debtor is SOL
vent is held, in Third National bank
VS.. Divine Grocery company (Tenn.)
"a L. r. A. 445, to be within the consti-
tutional protection of property rights.
and therefore a Tennessee statute de-
tlaring that every transfer of property
to preferred creditors, or which would
have that effect" shall be void, without
limiting it to cases of insolvency. is
held unconstitutional.
Secretary Julian Sonntag Of the State
Miners association has written for pub
lication the announcement that the CAL
ifornia Mining association is very sadly
in need of funds. Il much regret to
state" he says, that this year the coun-
ties which have aided in the good work of
appeals as they did last year. 1t has
been decided by President Neff to have
Mr.. 8. X. Thornton visit the mining
counties on collecting tour. The work
performed by the association speaks for
itself. 1t is to be sincerely hoped that
the miners of California will respond
literally to our appeal. If the organiza-
tion ie to be maintained, it has got to
have the support, not alone moral, but
also financial, from the miners of Cali
fornia- Last year, at the annual con-
vention, q showing was made whereby
the entire Indebtedness of the associa-
tion had been paid and over $500 still re-
tho tran crrv hut ma bova