The herald., 1898-01-19
OFFICE OF THE HERALD.


Los ANGELES. January IS. 1898.
''The ever active and restless power Of
thought. IL not employed about what is
good viii naturally ana unavoidably en-
gender evil"
The most sweeping decision ever rem
dered in Indiana courts against non
resident building and loan associations
doing business within the state has
just been made by Judge Ryan.
The case at issue was the National Home
Building and Loan association of I'LL
nois against w. w. Black. a foreclosure
on loan. Judge Ryan sustained a
plea Of abatement, holding that the as
sociation was an illegal operator in the
state and not subject to protection by
the state. having no rights or privileges
inasmuch as 1t had not met the require
ments of the state by giving 100000
bond required by the last legislature.
1t was held that the association could
not hold the borrower for the loan, and
this view was upheld by the court This
decision is far reaching and affects hun
dreds of thousands of dollars of loans
in every section of the state. Few, If
any. of the foreign building and loan
associations doing business in the state
can furnish the 100000 bond. One, two
or three have met with this requirement
thus far, and all the others which have
been operating in the state cannot COL
tbat rrl xx,tI1
suit in all attempting to draw out as
fast as possible. Indiana courts have
recently ruled that nonresident build
ing and loan companies cannot collect
more than per cent interest. and cannot
levy fines or collect any above 6 per
cent through any complicated or schem-
ing methods. Many have been realizing
20 per cent. as shown by cases at issue.
\ + \
The New York Life Insurance COM
pany has adopted for all policies in force |
the per cent standard Of reserve. This |
means, according to the announcement |
made, that 1t has transferred from it's |
surplus to reserve about SIC, 900, 900, and |
1t also announces that the rates of pre-
mium will not be changed. The change
simply narrows the possible margin for
expenses and compels certain amount
Of economy, which the 4 per cent re-
serve does not.
In failures 1897 was not only the best
year since 1892, but, on the whole, the
best ever definitely known. With 1882
failures, in number Ills per cent less than
1896, and 1882, ,5S1 III defaulted liabilities,
"a per cent less than in 1896, the years
banking failures counted for $2S,249. 700
and the commercial failures were but
1885,, with liabilities Of $154. 1882. OIL. the
average per failure being only $11,559,
the lowest ever known except in 1892
But even in that year, says Duns Re-
view, the failures during the last half
averaged liabilities of SO, AT per failure,
while in the last half of 1897 the average
was only $9593.
British imports of paper stock for the
ten months ending with October were:
Rags, 21,346 tons. valued at about $780,
900, against 1905 tons for the same peri
cd of 1896; esparto, 175,242 tons, value Il
$s,50O000, against 161,41S tons in 1896,
wood pulp, 310,4s7 tons. valued ia $780,
900. against 266,656 tons in 1896; the in
crease in Norwegian pulp imports being
about 10000 tons. against $4,000 tons
from other countries.
The Railroad Gazette has been investi-
eating the amount of railway equipment
to be required in the first half of 1898.
hoo IL. |
owning 81 per cent of the total freight
car equipment of the country. These
roads will need little over "a, 900 freight
cars, and it Is estimated that 3S, 900 cars
will be required within the next half
year. This is within $4,000 cars Of the
total number of cars built in 1896. These {
roads report need for 243 engines, and {
1t Is assumed that all lines will require ;
400. This does not include railroads in
Canada or in Mexico, where there will !
be a considerable demand. In the year
1897 1851 locomotives and 43,58S freight ,
number built in 1896, but more than in j
1S9t The largest output of cars was in
1S9c*0 hen 100000 were built.
A Long Island farmer, who had more {
land than he knew what to do with, has /
put forty acres into sunfower cultiva- l
tion. A fine table oil, worth $1.25 a gall
lon, is made from the sunflower seeds, r
which yield two and half gallons of I 7
oil to the bushel The estimated yield \
IF 100 bushels of seed to the acre should \
give handsome profit to the OIL The \
cake left after the oil has been pressed n
Is one of the best forms of poultry food,
and the sunflower is to be run in con-
junction with poultry yard of about \
5000 chickens. The sunfower stalks will
be made into a fine fiber, for which there c
Is great demand in the manufacture Of
! certain drapery. the texture of which \
closely resembles silk. The new indus 7
try is said to promise WELL
Insurance Notes
The Royal has established a depart \
ment in Hawaii \
The Globe Insurance company of New
York has reinsured one-half the business G
If the Schuykill Fire of PHILADELPHIA. :
The Phenix of Brooklyn will re- -estab- =
ish Pacific coast department Febru- +
Try 1st next, with headquarters at San F
Francisco. s
The Plate Glass Underwriters asso-
'iation held a meeting in New York s
and discussed the situation b,,+
40 definite action was taken.
The Beloit Mutual Fire Insurance