The herald., 1898-01-15


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AT the annual meeting of the stock
holders of the First National bank of San
Francisco the old directors were returned
s. G. Murphy was reelected president,
James X. Lynch, cashier, and James X.
Mofftt, assistant cashier. Profits for
for 1897 were s31s,795 general expenses,
taxes. insurance, salaries, etc, 500, ,734, leav-
ing the net profits $22S, ,060 Two dividends
of s150,0O were paid in 1897 and 500 900 car.
ried to the surplus fund. Net profits of
bank since organization, si,S54. $50. of which
S3,594.5S3 has been returned in dividends.
dividend of $4,000 was paid on the 10th.
The Crocker- Woolworth National bank
Of San Francisco has reelected the old
officers for 1898, with William H. Crocker
as president. w. e. Brown, vice-president,
and G. w. Kline, cashier. The bank paid
two dividends in 1897, each of per cent,
or together $4,000. Another dividend Of
per cent will be paid this month.
+ +
At the annual meeting of the stockhold-
ers of the Peoples Home Savings bank
the report of the general manager showed
that on January 1, 1897 there was s41. IA
on hand. During the year $66,273S6 was
received from various sources while $780,
237.O6 was disbursed. Dividends amounting
to s524Oo.7O were paid to depositors. and
there remains on hand $32.35S44.
The stock of the Nevada National bank
hoc 1tcta Cd Of
stock and bond exchange and $50 bid for
the same. a premium of so per cent. The
stock pays 6 per cent on par value.
4 \ +
In discussing the condition of the money
market, an eastern journal remarks that
the savings banks, and especially the
largest institutions in New York City,
have recently reduced the rate OF interest
from four to three and half per cent that
government bonds at present prices, and
state and municipal issues of the best kind,
are netting only from two and three-quar-
ters to three per cent. This shows that
there is plenty of money seeking invest
ment, and 1t predicates q decided advance
IN gilt-edged stocks and bonds of all kinds.
When these go up beyond the reach Of the
speculator he will naturally turn to the
cheaper stocks. which are always SYM
pathetically affected by decided rise in
the dividcnd-payers.
The following remarks upon assessment
insurance companies are timely and sensi-
bic. They are from the insurance column
OF Leslie's Weekly Regarding the dis
cussion of the future of assessment COM
panies and associations. including the Mu-
tual Reserve of New York. Investigation
discloses that the Mutual Reserve is pur-
suing the only sensible course open to all
assessment companies viz, that OF in
creasing the assessments on its policy
holders so as to bring them up to a safe
limit. This is in accordance with sound
principles of business, and 1t Is much wiser
than the course pursued by the Massachu-
setts Benefit and the Bay State, both of
which might possibly have been saved
from ruin If they had increased their rates
and held on to whatever business they
could have retained with the increase. All
assessment companies will be obliged to
increase what is called the natural rate"
as the natural risk increases. The Mutual
Reserve proposes to increase from year to
year this natural rate, as the age of the
insured increases; or 1t offers the alterna-
tive OF rate based on the standard tables
and the experiences of the past. The ac-
ton of the Mutual Reserve vindicates what
! have recently said and what was said in
this column several years ago, when 1t was
originally started, viz, that the rate of
insurance offered by the assessment COM
panies cannot be maintained at a low level
as the age of the insured and the risk Of
death correspondingly increase. AS long
as new business pourS in the low rate of
insurance may be sufficient to meet death
losses, but as the percentage of deaths
rtc frnvV xr0o 10 AZ = tI,o1
crease in corresponding ratio, and in time
these losses will overtake and pass the ag-
gregate income assured by new business
The Mutual Reserve has acted wisely in
facing this situation boldly, and in meeting
It In the only way that it could be met.
hope 1t has been met in time
4 + +
A New York paper estimates the dis
bursements In January for interest .on
bonds and dividends on stocks as follows:
1896. 1897.
Interest .............s54,2 ,215,333 $50, ,2S1, ,24S
Dividends ........... "a, 1861 ,057 49, 919, 1882
Total ...............$7S, 3S1, 800 $40, POI, OPS
Interest on government bonds paid this
month amounts to $7,205 O01, which must
be added to the above, together with divi-
dends on bank insurance and Industrial
stocks. thus swelling the total to about
$10OO00,O00.
+
The stock of whisky in bond in Ken
lucky at the present time is estimated at
73,000,000 gallons.
Interpretations
General Investment company, San Fran
cisco; 100000; subscribed stock, $780,
Kotzebue Commercial and Mining COM
pany, San Francisco; 81, ,0O0. 900; subscribed
$500, 900.
The Eastern Oil company, San Francisco;
$4,000; with $4,000 subscribed
The Princess Mining company, San Fran
cisco; 81, 500, ,000 with $3.50 subscribed.
The Golden Crown Mining company. San
Jose; capital stock $780, 900; with s166 500
subscribed.
The Bear Creek Mining and Power COM
pany, Zimmerman and Belmont mines.
near Mariposa; $500. 600: with s6o5 snh