The herald., 1898-04-13
OFFICE OF THE HERALD,
LOS ANGELES. April IL, 1898.
!" A man who u pleased with no one II
more unhappy than he who pleases no I
one"

one"
According to the Insurance Journal COM
plants are numerous in Minnesota, as well
as in other sections Of the country, about
the assessments recently made by the Mu-
tual Reserve Fund Life association. The
manager of the association at Minneapolis
replies to q complainant that his policy
was a term policy, with yearly increas-
ing rate, but that It has been necessary
to call for the maximum amount named
In the contract; that he has had his in
surance for about half the ordinary life
rate, and has no cause for complaint. The
Journal casts doubt upon the fact that the
Mutual Reserve Fund Life association ever
issued a term policy with q yearly increas-
ing rate. 1t first began, as a matter of
fact, to issue policies promising to reserve
- per cent OF the assessment for the pur-
pose Of keeping down premiums, or assess
nents. and that afterwards IL issued what
was called ten-years distribution depos-
1t policy. There have, no doubt, been
number of others before its last one, and
all its policies or certificates of member
ship provided for assessments In case they
we're needed: but 1t was given out that
these extra assessments would not be
needed, and only a short time ago the as
ISOLATION made Its boast that there had
never been any necessity for increasing the
rate beyond the rate flxed at age Of entry.
Indeed, the ten-year distribution policy
promised that after the policy had con-
tinued in force ten years. the actuary
would, annually thereafter, return and
credit to 1t the equitable proportion to
which 1t was entitled from its contribution
to the reserve, holding out, at least, q
promise that the rates not only would not
be increased, but that there would be q
dividend at the end Of ten years. No doubt
the members of that association have had
insurance, SO far as 1t can be called in
surance, at low rates, but that does not
prevent the members from feeling ag
grieved when they find the promises made
to them at the start are not fulfilled. or
course that fulfillment is impossible, but
all the members do not know 1t.
o o O
r. G. Dun & Co.'s monthly review of
trade conditions in Southern California
says: While the disturbed foreign outlook
has caused the stock markets to pass
through some frantic phases Of excite
ment, 1t has not affected trade to any great
extent. The war cloud has not increased
commercial disasters; the only result per-
ceptible Is some decline in volume Of new
orders for industries. In our district
weather conditions for the month have
been most unfavorable. Late frosts came
to the assistance Of drought, bighting, In
some sections, the grain that had with
stood well the continued dry weather.
Crops of all kinds are short, and a few
are almost a total failure. The barley
crop is heavy loss. The barley stocks
are In few hands, held firm on rising
market. The hay question Is becoming
serious one for Southern California, and
prices are steadily advancing. Stock men,
sheep men and apiarists will probably suf-
fer heavy loss this season. Price of honey,
in view of the light crop, will soon be an
~, ,,~lv ,x,t~ ~ \ ~.
uous fruits by the late frosts is reported Sc
rious. The almond crop is practically de-
stroyed. as also early variety of apricots.
The later varieties of apricots probably
will make good yield. Peaches are slight
~ injured. Prunes and plums will yield
full fruitage. Walnuts escaped with an es-
timated loss of about 20 per cent of the
crop. There is very little hope Of ventu-
ra'S bean crop, but beans remain quiet.
The season will be short this year for the
beet sugar factories. Anaheim will send
no beets to Chino. The factory may pos
Bibly make months or six weeks run.
The orange market is weak, with fruit
moving rapidly. Another month will close
the shipping season. Prices have ruled
low, but crop of 5000 carloads puts money
into the orange districts. There Is light
demand for lemons, with prices unchanged.
1t is thought that the new fruit rates will
help the lemon-grower out, as 1t reduces
charges per box from an average Of $1.05
to "a cents. In dried fruit there is some
quiet buying for speculation, but as yet
prices are unchanged. Canned fruit also
Is being looked after. The prospect Of
short crops is having dfscouraging influ-
ence on business at many points. Locally
retail trade In leading lines 10 reported
good by the principal houses. Jobbers
complain of slack country distribution, and
collections are not satisfactory.
There were 10 failures in March, with lia-
bilities Of $4,000; assets, $4,000. Same
month in 1887: Twenty failures; liabilities,
$500: assets. $4,000.
At Warrenburg, Mo-. Winter Bros. have
been given a $4,000 Judgment against the
Bradstreet Commercial Agency for maxi
ing erroneous ratings.
The Kentucky court of appeals held, in
the case Of the Louisville and Nashville
Railroad company vs.. Wards administra-
tor, that in an action to recover for death
caused by the alleged negligence Of rail-
road company the true criterion Of dam
ages was the power of the decedent to earn
money, and not the value Of the power to
labor.
According to the supreme court Of Utah.
o stipulation in note that on failure Of
the maker to comply with any OF the con-
ditions or agreements in the mortgage for
the payment of taxes, insurance, ETC., ETC.,
the principal sum and accrued interest
shall become due and payable at the option
Of the holder, the negotiability Of the note
is destroyed.
A wide difference of opinion exists among
Judges Of our courts regarding the liabili-
ty of bank directors. In q case
now before US the court says:
Bank directors who know little of
banking, but are honest and respect-
ed, are not rendered liable for losses sus-
tanned through the dishonesty Of the CASH
Ter by reason of their failure to examine
the discount register and general ledger.
where they had implicit confidence In his
honesty and were acquainted with no fact
calculated to arouse their suspicious"
without question entirely too much lati-
tude Is given in this decision. No man
should be willing to become a bank d.
rector with a little knowledge Of banking,
1t is not enough to be honest and respected
that is no protection to the stockholders
and depositors. knowledge, followed by
supervision of some sort, is what should
be expected of directors. No bank should
have on its directory men not qualified to
make some sort Of discrimination between
sound and unsound banking Methods
American Investments.
B Insurance Commissioner Lambert of
Pennsylvania has refused to license the
Ocean Accident Guarantee company of
London, England, to do business in that