The herald., 1898-02-13

Ideas are capital that bears interest
only in the hands OF talent"
o 0 O
The newest thing in personal insurance,
SO far as this country is concerned. is in
surance against sickness. Such insurance,
says the New York Tribune, has been fur
nished in England and on the continent for
some time, and in Germany, where the
blessings of paternal government are en-
joyed to the fullest extent, il was recently
announced ;hat all heads of families en-
gagged in wage-earnng would be compelled
to take out insurance against Illness In
surance of this kind has been furnished in
this country for some time on a small scale
BY mutual organizations, but II was NOT
until last summer :hat ii was taken Up by
any well established company There are
said 10 be only two companies az present
prepared TO write policies of insurance
against illness. This is included with regu-
lar accident insurance and there is a combi-
nation policy offered by which for a small
additional payment the insurance against
illness is secured A person so insured
may receive from the company s25 a week.
If he suffers from "typhus fever ty-
phoid, or scarlet fever, smallpox varioloid
diphtheria, measles or Asiatic cholera, and
such illness shall, independently of all
other causes, continuously and wholly dis
able and prevent the assured from per-
forming any and every kind of duty per-
tanning 10 his occupation The limit of
the indemnity is fixed at twenty-six weeks
All the diseases mentioned are of a con-
tagious character, and no attempt has
been made as yet to insure against any
others. Insurance men who are inter-
ested in this subject are watching with in
terest to see how the new idea takes"
and some of them say it is probable that
the list of diseases which person can be-
come insured against will soon be length
ened. Il will be noted that one important
contagious disease, yellow fever, is not
named in the list.
Totals of bank clearings at leading cities
of the United States for January, as re-
ported by telegraph to Bradstreet's, bear
testimony to the immense volume of busi-
ness, repres enting commercial, financial
and speculative transactions, settled
through the country's banks during the
opening month of 1898. The total reported
for 70 cities of the United States aggregates
$5,914, 000, co., a gain of six-tenths of l per
cent over December, 1897, of 1871 per cen;
over January 1884, year ago, of S0.5 per
cent over the corresponding month of
1896. of 81 per cent over 1895, and of nearly
IS per cent over January. 1894, which
marked the smallest total reported in jan
uary for ten years past. Comparisons
with totals of other months In preceding
years prove that in apparent volume of
clearings the month just closed has sur
passed all records, the next largest total
being that of December. 1892, which marked
the top of the boom just preceding the
panic of 1893 1t must be borne in mind
that the total for January above given in
cludes l2 cities, whereas that for Decem-
ber, 1892, only included "a cities. the IS
other cities having since entered into the
tables of comparisons. If, however, it is
| remembered that the December, 1892, clear
/ ings represented a large volume of specu-
lative business in stocks and bonds al New
York, which now does not figure in the
bank clearings totals TO anything like the
former extent 1t will be seen that the
month of January just closed showed a far
larger volume of business of all kinds set
tied through the banks than was ever be-
fore recorded.
Inc supreme court OF minnesota nelu, Ill
the case of Carys VS.. State Insurance COM
pany, of Des Moines, Iowa, that where it is
stipulated in a fire insurance policy that
the application on which it is based shall
be a part of the contract and a warranty
by the assured, and that If the interest Of
the latter in the property be not truly
stated herein, the policy shall be void, the
parties have settled for themselves what
shall be material. and the insured cannot
1,x, bod IN, NG1 1oa,
the consequences of making a false answer
to question. In the case before the court
the assured stated on his application, in
reply TO direct question as to the amount
of incumbrance on his farm of 100 acres
that "the entire encumbrance is s14OO,"
when, as a matter of fact, the principal
sum due at the time was s1700. The court
held that there was a material variance
and substantial Misrepresentation as to
the amount of the encumbrance, which
voided the policy.
The sale of the steamers Pennsylvania
Ohio Indiana, Illinois and Conemaugh BY
the International Navigation company to
the States Steamship company for the Pa
cifc trade leaves but five steamships fly
ing the American flag crossing the At
lantic ocean, says the Marine Record
They are the st. Paul, gross tons, II. $780, p ;
st. Louis. gross tons, Il, ,629. 81; New York
gross tons. 10,S02.61; Paris, gross tons, TO-
794.S6; Evelyn, gross tons, 1,963.44. the latter
three built in English shipyards and de-
nationalized.
o o o
The Mark Lane Express says the total
cereal acreage of Russia is 200 900, 600 acres
an increase of 400, 900 acres over 1896
o O o
The city council of Whatcom Washing
ton, has passed a resolution authorizing
the mayor of the city to correspond with
bondholders for the purpose of effecting
compromise for which all outstanding
bonds on which the city has defaulted in
interest may be compromised and settled
by the issuance of new bonds bearing the
rate of only per cent interest Water
bonds of the city held by eastern investors
amount to about s1S600O. much of 1t held
by investment companies. There are also
$29+,000 of municipal, per cent bonds held
in the east. The water bonds bear 5h per
cent interest.
O O o
The stockholders of the National Bank Of
America and the American Exchange Ma
tional Bank, Chicago, have voted in favor
of the consolidation of the two under the
name of the American National hank The