The herald., 1898-01-21
OFFICE OF THE HERALD,

OFFICE OF THE HERALD,
LOS ANGELES, Jan. 20, 1893
ldleness is the great fomenter OF all
corruptions in the human heart"
L. r 4 +
AT meeting of the stockholders of
the California Insurance Company, held
pn the 18th, 1886 shares out of 5000 were
represented, and the following were
elected directors for the ensuing year:
3. c. Bigelow, M. A. Newell, John Ber-
mingham. John r. Spring, Daniel Mey-
|er A. Herman, w. J. Bryan, C. ]. Okell
and L. L. Bromwell.
The usual per cent quarterly divi-
dend of the Fireman's Fund Insurance
Fcompany has been declared, payable i'm
mediately.
Among the ports of export in the
United States New York continues to
hold the first place as an exporter of
breadstuffs and provisions. The value
Lof its shipments for the month of De-
cember was nearly $4,000, 900 in excess Of
that of the exports from Baltimore,
(which was it's nearest rival; while for
the twelve months the value of it's ex-
ports exceeded those from Baltimore by
over S29,000,000, New Yorks total being
s69,s95,dS6. Most Of the ports showed in
creases for the twelve months as COM
pared with the preceding year, New
Yorks increase being over $22.000,000
and Baltimore's $14,000.00O. San Fran
cisco, which was third on the list of ex-
porting cities, showed an increase Of
little over 1000, 900. New Orleans. which
porting cities, showed a decrease of a
SS,000,000 in the value of its breadstuffs
exports, and Boston, the next in order,
'showed an increase of nearly s3,000,0 900
as compared with the year 1896. In ex-
ports of wheat New York led Baltimore
and San Francisco, the first by over
100000 bushels and the second by over
100000 bushels. In exports of oats
New York more than doubled its record
of 1896 and showed total more than six
times as large as that of Baltimore, its
nearest competitor. AS regards exports
of corn, however, Baltimore led all the
other cities, exceeding New York's total
by over 100000 bushels.
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In the value of exports of provisions
New York led all the rest, with a total
of $79274,573. This amount was over $685.
800, 900 greater than the value of the ex-
ports of the same class of products from
Boston, which was second on the list,
and over s5S,9000OO greater than the
total reported from Baltimore, the third
None of the other cities approached the
first three. AS regards the number of
cattle exported Boston led all the rest
with a total of 154, ,406, New York, which
was second on the list. having over 19,2O0
less. New York's exports of cattle, how
ever, showed an increase of nearly 900
over those for 1896, while those from Bos-
ton showed decline of over 5000. Balti-
more, which was third. had to it's credit
less than half the number shipped from
New York, and the shipments from the
other ports, taken together. did not equal
the total from Baltimore alone.
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The supreme court Of the United
States held, in the recent case of Hyer
VS.. the Richmond Traction company ct
al, that a contract between promoters
of rival street railways competing for
the grant of franchise from a city
council, whereby the ordinance of one
company is withdrawn in favor of the
ordinance of the other, the promoters of
the two companies agreeing to cooper
ate in securing the franchise in the name
of one and to divide equally whatever
may be realized from the enterprise, is
not necessarily null and void on grounds
of public policy.
The supreme court of Indiana held, in
the recent case of Glow ct al. VS.. Brown
ct al, that any arrangement between a
stockholder and the officers or agents of
a corporation by which paid-up shares
of stock are issued upon merely simu-
lated or nominal payments, whether
made in money or property, is regarded
as between the stockholders and the
creditors of the corporation as amount
ing to no payment at all. In this case a
complaint to recover the amount Of a
Judgment recovered against an insol-
vent corporation, charged that the
defendants organized the corpora
ton, voted themselves $4,000 of
stock as compensation therefor, elect
ed themselves directors, issued $15O0O0
OF bonds secured by mortgage on prop
erty to thereafter acquired by the
corporation and $197, 900 Of stock to some
contractors in payment for 100000
worth of property, and an agreement by
the contractors to transfer SAC, 900 of such
stock to the directors and pay one Of
them $4,000; that all Of such stock was
issued as paid up" but that nothing
was paid on any of 1t, and that these
acts caused the corporation to be in
solvent, but that they concealed the fact
and, purchased property on its credit
from plaintiffs, for which plaintiffs could
not obtain pay. The court held that the
complaint alleging these facts set forth
no cause of action.
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The fire loss of the United States and
Canada for the year 1897, as compiled by
the New York Journal of Commerce,
shows total Of $11O, $50. The fol-
lowing comparative table shows the
losses by months for the years 1896 and