The herald., 1898-02-26
THE INVESTOR
CONDUCTED " ofo. 4. posIssox

i y 4A IL y
CONDUCTED ~ {
OFFICE OF THE HERALD.
Los Angeles, Feb. rs, 1893
Intelligent people make many blunders,
because they never believe the world as
stupid as 1t is"
A Cleveland dispatch says that the big
deal by which every brewery In Cleveland
passes into the hands of a syndicate of
eastern capitalists has been completed in
New York. The transfer of the breweries
to the syndicate will be made as soon
as the necessary legal steps can be taken.
Each brewer will receive one.third Of the
valuation OF his property In cash, one
third in preferred and one-third In COM
mon stock of the new company. About
IS, 900, 900 In cash viii be paid to Cleveland
brewers within the next few weeks.
1t appears from report of United States
Consul shumann at Mainz, Germany, that
there Is a disposition on the part Of the
members Of the Reichstag seeking re-
election to curry favor with their constI-
tuents IN the Rhine wine producing dis
tricts by agitating against the import OF
American Wines into Germany. 1t is not
ican wines to Germany are quite large,
although they amount In value to some
what less than one-fourth of the value
OF the imports of German wines into the
United States The figures for the year
1895 are given by Mr.. Shumann as 24,4s4
cwts. and 1lS,604 cwts., respectively. A
large percentage Of the American wines
are, used In Germany, however for the
purpose of blending with the homegrown
article; and considerable part of our ex-
ported product is therefore, returned to us
In German casks and bottles.
w. II. Harris, agent Of the Hongkong
and Shanghai Bank, confirms the Associa
ted Press dispatch regarding the Chinese
Government loan. The loan. says the Bull
letin. Will, however, be at AZ per cent,
and not 31e per cent. as stated. The pre-
limfnary arrangements have all been set
tied for the G16,O00000, and ON issuance of
the imperial edict from PekiDg the loan
will be placed on the European market
by the Hongkong Bank and its German as
sociates.
Eighteen hundred tons of Alabama coke,
the largest shipment ever made in that d.
rection, recently left Birmingham. Ala,
for Mexico, by way Of Pensacola, and
other shipments are to follow. Alabama
coal has been moving to Mexico steadily
and In large quantities for two months,
several railroads having been compelled to
put on extra freight crews to handle the
traffic. but the export coke business is a
new feature of trade. The inquiry for 1t
from Mexico has been brisk and shipments
in the future. 1t is understood, will be
heavy.
The Kentucky Court OF Appeals held, in
the case OF the John r. Proctor Land Com
pany VS.. Cooke. that stockholders who
have paid the full par value of their stock
are not liable and cannot be made to pay
sums additional thereto for the company
unless they have expressly stipulated to
subject themselves to such assessments,
or corporate charter of general statute
provides otherwise. and that creditors of
corporation, particularly when original in
corporators and chief officers of the same.
voluntarily assuming obligations of the
company, with full knowledge of the con-
dtions of its organization and its Iiabili-
ties and without pretense of deception or
misrepresentation. cannot MAINTAIN an
action against a stockholder for debt due
by the corporation as such.
The California Bank Commissioners
have examined and pronounced solvent the
following banks since January 26th:
Name. Assets
Columbia Banking Co.. s. F....... .s24S. $40
California bank, Los Angeles .. 726752
Fruit Growers bank. Fullerton. ..... s., ,S4S
Ontario State bank, Ontario. ........ 80, ,55s
santa Monica Commercial bank Il! ,5SI
1Sank OF whittier. r...................... 81 .5S3
Bank of Long Beach. 9O056
Citizens bank of Ontario. ...........F21 ZIG, 1872
Last named was examined on the 9th of
February. The commissioners have also
examined the condition of the California
Title Insurance and Trust Company,
which on January 10Th reported resources
of $3.50. sol.
1t is stated that the contract for the |
transmission of power of the river run
ming through the Santa Ana canyon to Los |
Angeles and Pasadena, a distance of |
eighty-one miles has been closed between |
the Southern California Power Company |
and the General Electric Company. The |
amount of power to be transmitted at first |
Is 400 horse power. The station will be |
located in the Santa Ana canyon, twelve |
miles from Redlahds and about eighty |
miles from the towns in which the electric |
power will be utilized. The water will be |
taken from the river through a canal |
fiume and tunnel along the side of the |
canyon. whence 1t Will be led into a pipe |
22o0 feet long. giving what will be equival- |
ent to a vertical fall in the water of $50 |
feet The wheels will be of the impact |
type, directly connected with the gener-
atOfs, OF Wnlcn there Will be four, each |
of 750 kilowatt, or 1000 horse power, capac- |
ity The maximum line potential will be |
5000 volts, to which potential the initial |
voltage will be raised by twelve 250 kilo- |
watt step-up transformers. The transmits |
sion has been spoken Of as the longest |
commercial electrical power transmission |
yet undertaken. but this Is an error, the |
line from the Kern river to this city, |
which was undertaken two years ago, will |
when completed, be 11O miles long and the |
longest commercial line of the kind in the |
world.
o o o
Assignee John l.. Fulton OF the Wiscon- |
sin Odd Fellows Mutual Life Insurance |
company has filed his report with the cir
cult court at Milwaukee He has collected |
during the year $14 726 on claims for assess
ments, and has paid out for various pur- |
poses $13,79749 The claims of the company |
for assessments due from members |
amount to $S1 ,09917. Some members have |
paid the claims, while others prefer to |
await decision of the courts, and 1913 |
actions have been begun Fifty-nine more |
claims for death losses have been filed |!
0S6.27.
o o O
A preliminary report of the Maine com
missioner has been received and 1t con- |
tains figures of both fire and life business |
An increased business Is shown by both
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