The herald., 1898-04-22
THE INVESTOR
OFFICE OF THE HERALD,
Los Angeles, April 21, 1898.
CONDUCTED BY GEO. A. DoBINsoN

OFFICE OF THE HERALD,
Los Angeles, April 21, 1898.
Nothing can bring you peace but the
triumph of principle"
According to the report of the United
States commercial agent at Roubaix,
France, aluminium has been decided upon
to take the place of sheet iron for the fol-
lowing camp utensils in use In the French
army: The individual plate or bowl, can
teen, quart cup, and the boiling pot and
bowl for use of four men. An appropria-
tion Of 10000 francs ($25, ,00O) figures in the
army budget to begin the manufacture
/. and distribution Of the aforementioned
articles. The necessity of change has
been under the consideration of a commit
tee appointed for the purpose since 1892
In 1894. 500 aluminium sets were put upon
trial during the grand maneuvers of the
Fourth and Eleventh army corps. In the
Set was kidney plate, so called on ac-
count of its shape. 1t is lower, rests bet
ter on the knapsack, and does not inter-
fere with the movement of the head. Dur
Ing the Madagascar expedition 5000 sets
were used with great satisfaction. The use
OF aluminium lessons the weight of the
articles of equipment carried by each man
by one-half; in addition to this advantage,
sea air and salt water have no effect on
aluminium. 1t does not rust and is much
more easily cleaned than sheet iron or tin
1t is estimated that the change already
effected in camp articles will relieve the
soldier of at least one kilogram (22046
pounds) in weight. Before the expira-
tion of two years the whole active force
of the French army will be provided with
the aluminium articles above enumerated
1t is predicted that aluminium will grad
ually take the place of all copper findings.
such as buttons, belt buckles, knapsack
and cartridge-box buckles.
o o o
The attempt made in New York to pro-
vide by legislation for widening the scope
for savings banks investments has pro-
ceeded so far that the Higgins bill for that
purpose has been signed by Governor
Black, and has naturally been the subject
of much comment. Among others, John
Harsen Rhoades. president Of the Green
wich Savings bank, said to an Evening
Post Representatives: "As I understand
the so-called Higgins bill 1t provides that
the savings banks In this state can invest
in the f1rst-mortgage bonds of any railroad
corporation of this state the principal
part of whose railroad is located within
this state, or In the mortgage bonds of any
such railroad corporation of an issue to re-
tire all prior mortgage debt of such
railroad corporations but such invest
ment cannot be made unless the railroad
has for five years next preceding the date
of the investment paid regularly and
punctually the principal and interest on
all of it's mortgage indebtedness, and also
to have paid dividends upon Ill of it's out
standing capital stock for the preceding
five years at rate not less than per
centum per annum. IT also provides that
at the date when such dividends were de-
cared, the outstanding capital stock of
%hn TO-, T.
one-half of the total mortgage indebted
ness of such corporation, including all
bonds issued or to be issued under any
mortgage securing any bond in which such
investment shall be made. 1t also pro-
vides that no bank can invest more than 20
per centum of the whole amount of it's de-
posts in this class of security; and, fur
ther, the street railroad corporations are
not to be considered railroad corporations
within the meaning of this section.
Under these circumstances, 1t seems to
me that the secruity offered is of the very
best and perfectly safe security for saw
ings bank investment. The tendency in
this country for some years past has been
toward q gradual decrease in state and
government debt, and 1t has become quite
difficult to find investments within the
law which are readily available for sale
In times of panic and depression. The
perience of savings banks in the eastern
states, where the privileges of investment
are very much broader than those within
this state, and, in my judgment, in some
cases altogether too broad. has been that
first mortgage railroad bonds purchased
under restrictions similar to those en-
bodied in this bill have been found to be
the most available investment for ready
sale and at the smallest loss of any of
to various classes of security held by the
banks. and there is no doubt that If the
legislature would permit savings banks to
invest in bonds of this class, with proper
restrictions they would afford one of the
very best class of securities in which the
investment of the savings Of the poor
could be made The danger lies in the
fear lest other bills from time to time may
be introduced into and passed by the legis-
lature, permitting investment in a class of
bonds which are not surrounded with the
required security, and this feature leads
savings banks officers to view with eau
tion all legislation in this direction. If
this danger can be overcome and pre-
vented, then / see no reason why the pro-
visions of this bill are not good, and why
investments i'll a similar direction are not
also in the interest of the savings banks
and of the depositors."
The Mutual Life Insurance company of
New York, according to the Insurance
Journal of that city, is to issue or pur-
chase no more matter generally known as
campaign literature The company con-
siders that 1t is too large to lower itself
to either buy or issue anything that will
in any way reflect upon any other COM
pany. 1t will also take no notice what
ever of any such attacks made by other
companies. This is a move in the right
direction, and should be followed by every
first-class company.
o o o
The Pacific Mutual Life of San Fran
cisco has for some time been one of the
three companies doing both life and ac-
cident business under one license in the
state of Kansas. 1t is now claimed by the
insurance department that the company
owes the state about $1,000 for back taxes
claiming that even though they did two
kinds of business under one license, the
agents tax should have been a double one.
1t is said that Commissioner McNall will
bring suit If the company refuses to pay
this tax. The other two companies doing
the same kind of business in the state are
the Travellers and the Aetna. The Pacific
Mutual entered the state in 1885, the Aetna
about the same time But the Tray-
elers' has been in Kansas quite number
of years, and has done considerably more
business than either of the other COM
panies. 1t Is expected that the back
taxes charged against the Travellers will
be In the neighborhood of $4,000.
O O O
Tho ray,ovk 4, r ,,oa1,. rSt..