The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1898-05-03
OFFICE OF THE HERALD,
LOS ANGELES, May 2, 1898.


''The first rule for speaking well is to
think WELL
II plans now understood to be in prepa-
ration do not miscarry there will, acord-
Ing to Bradstreets, be another industrial
combination of considerable magnitude
added to the already long list of
similar concerns. This time it is
the American manufacture of I'M
derwear. At IA recent meeting in New
York city representatives of thirty mills
pledged the support of their respective
establishments to the movement. and as
surances were received from many 9TH
ers, declaring their approval of the pro-
1ect and assuring their cooperation. The
company, it is reported, will be incorpor-
ated under the laws OF New Jersey, with a
capital OF $50 600 ,00O divided into s15, 900 900
common stock $4,000 900 in 100 year per
cent interest bearing bonds and IS 900 900
In preferred stock, 10 bear per cent inter-
est. 1t Is estimated that the total value
OF the output of the mills that have sig
nibed Willingness to enter into the scheme
is T,000,0O0. According to the plan mapped
out by the projectors of the enterprise. the
plants of the now separate interests will
be appraised and the properties paid for in
cash and stock, approximately so per cent
cash and so per cent stock 1t is also the
intention of the new company to econo-
mize in the management and conduct of
the mills. Each mill will have one manag-
Ing officer instead Of as at present in
some instances. several representative firm
members. The manufacture of certain
lines of goods will be allotted to those
mills best equipped for the purpose. In
addition, 1t Is expected that a system will
be 1naugurated whereby the manufacture
VIII be so regulated as to avoid any con-
hict of interests-that is to say, instead
of number of mills working on a variety
of styles and qualities, the efforts of each
will be confined to that which it can under
take to its best advantage. 1t is also the
intention of the company to establish
central office at New York city for the
sale of goods Statesmen who now carry
many different lines of goods will. If the
contemplated ideas of the company are
worked out, devote themselves to the sale,
of some particular specially. Briefly, it
Is the aim of the company to economize in
the manufacture, management and mar
keting of knit goods besides concentrating
the capital and good will of those con-
cerned.
While prices for anthracite coal are de-
clared to be firmly held, this is about the
only satisfactory circumstance to be
claimed in connection with the coal trade
at the east. The dullness has been extraor-
binary, and the demand for coal is so
small, even for the present season, that
more or less discussion has been heard
rs TO the advisability or practicability of
still further restricting production. 1t
hardly seems that such measures can be
put into effect, and although many au-
thorities on trade consider that the out
put OF the mines during the current month
should be reduced to 100000 TONS the be-
lief is that Aprl's production will be fully
I'M ic live 1,,,it tod !,
the difficulties in the anthracite coal sit
uation are Of a radical nature and that
they can hardly be met or overcome by re-
strictions or agreements in relation to the
output. 1t Is pointed out that for manu-
featuring purposes bituminous coal has
largely uSurped the place formerly held
by anthracite in the eastern markets of
the country, and that other causes, such as
the employment of gas in cities and towns
for other purposes than lighting have to
a large extent interfered with the domes-
tic consumption of anthracite fuel. Some
explanation of this kind is certainly needed
to account for the fact that overproduction
seems to be a chronic disease in the an
thracite industry and that the growth of
population and other causes which should
contribute to the increased prosperity of
the business have, to all appearances, pos
itively no effect.
The insurance brokerage system prevail
Ing in New York has been the cause of
much trouble and misunderstanding,
which is at last in prospect of arrange
ment. the tariff association having just
adopted elaborate rules regulating the in
surance business of that city. The agree
ment provides for the payment of 10 per
cent commission on what is known as
rated business and the abolition of all re-
al .sI.s4-
cepting rates of commission higher than
those allowed by the Tariff association,
and must pay all premiums within sixty
days of the last day of the month in which
policies are written. They are not to re-
sort to Objectionable practices to procure
business or bear the expense of improve
ments made upon property of policy hold
ers. Certain classes of risks, such as
churches, schoolhouses, armores, club
houses, asylums, colleges, converts, hospi-
tails, homes, libraries, seminaries will not
be affected by the new rules. Certificates
enabling brokers to do business are to be
issued at an annual fee of $40. Certain
portions of the agreement are to take eff
feet Immediately. Others will be observed
after May 18th. Most of the large broker
age firms favor the arrangement believ-
ing it will give stability to their business
and prevent further abuse. The companies
have been at work on the plan for weeks.
O O O
A decision was rendered in the United
States supreme court on the 25th ult. in
the Illinois inheritance tax case sustaining
the law on which the case was brought.
The opinion was rendered by Justice Nc
kenna.
Reference was recently made in this COL
umn to a reported Sardine Trust which it
was stated was being formed in the east.
A dispatch from Boston now states that a
deal has been completed whereby such
trust has been established. The dispatch
says that the money has been advanced
by New Yorker, said to be Mr.. Seares
who is connected with both the Standard
Oil company and the Sugar Trust. The
agent of the new Sardne Trust is 8. G.
Stevens of Brooklyn, Me-, who is now
travelling along the coast of Maine visiting
the sardine establishments, clearing off
mortgages and getting the property gen.
orally in position for operation by the
trust. This must be done promptly, for the
sardine season opens on May 10th.
Dividend Notes
The usual quarterly dividend of five
cents per share by the Pacific Auxiliary
Tive 1or will ,a,