The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1898-01-05
..Nsver trust the advice Of a man in dit
IIculties."


'Nsver trust the advice Of man in ait
nculties."
Henry Ciews, in his financial circular
Of December 81. says: The year closes
with q most gratifying Improvement in
every department of industry. trade and
finance, as compared with the conditions
existing at its opening. The recovery
does. not consist so much in realized
profits as in the bettered conditions of
confidence and credit and in the reduc-
tion of surplus stocks of goods and the
healthier relation between supply and
demand in the markets at large. The
year, however, has not been without its
additions to the accumulated wealth Of
the nation. This Is very evident from the
large amount of idle capital now seek
ing employment and the prevailing low
: rate Of interest, as well as from the
fact that many millions of our floating
capital are now finding temporary EN-
ployment in Europe--a state of things al
most new in the history of our foreign
financial relations.
\
The statement OF the Farmers and
Merchants Bank of this city, which APP
pears In another column, makes the very
best showing yet offered by this fine in
stitution. with assets of 81, 1885. se2.s9, the
bank shows surplus as to depositors of
s1.ss6, 45s.07. Its assets include available
cash amounting to $2,1st ,655.71; bonds,
ETC., $5r3, 7S1.7i and loans and discounts,
1921, 039.03, besides a comparatively
small amount OF real estate. The show
ing is one of which its officers may well
be proud.
President PATTERSON of the Travellers
Insurance company Of Hartford has sent
word to Superintendent Webb McNall
that his company will discontinue bust
ness in Kansas, since 1t will not submit
Ato the demands of the Kansas depart
ihent. He adds: 1--WE have no conf
dence In the present management of your
department, and prefer to withdraw
rather than be supervised by you and
visited by your agents. Your power for
mischief Is SO great and your methods
in discharging the duties of your office so
unusual, that we retire from your state
4 during your term of Office without a pang
of regret" The controversy between Mr..
Patterson and the Kansas department
began several months ago, when Mr..
Patterson was asked to receive the Kan
sas examiners, who were to conduct an
investigation Of his company ct the COM
pany's expense. He demurred at this
saying that he would gladly furnish any
information desired, but that he would
not submit to an expensive examination
Costing, it was estimated, some $40, O0O)
unless 1t was undertaken at the depart
ment's expense. This refusal led to the
litigation before the United States circuit
court at Topeka, where affidavits from
officials Of other companies were pro-
duced to show how little they thought of
the examinations Of the Kansas depart
ment.
Notice has been served on the directors
o. the Pennsylvania Building and Loan
association to appear before the attorney
general In Harrisburg to show cause
why a receiver should not be appointed.
Congressman Hicks Is president of the
association, which is capitalized at $780,
100000.
A permanent receivership has been ap-
pointed for the Mechanics and Traders
Savings, Loan and Building association
Of Chicago. The decree orders that the
sssociation's charter be annulled and the
assets ard property distributed among
the stockholders. The court finds that
100000 of the associations assets has
been dissipated through mismanage-
ment and estimates the assets at sass, 907.
Liabilities are s742,000.
The Hide and Leather bank of Chicago
has gone into liquidation, its assets be-
ing transferred to the Union National
bank.
The great English banking firm of
Morton, Rose & Co. is hereafter to be
known under the name of Morton, Chap
lin & Co.
= r =
Estimates Of January payments of
interest and dividends place the figures
at $90,000,000 In New York, $4,000, 900 at
Boston. and $1o,ooo,ooo at Philadelphia.
4 4 y
The stockholders of the Chase Nation
Rl bank have decided to increase the CAP
ital stock from 100000 to 81, 900 900, in
accordance with the recommendation of
the directors made few weeks ago. The
increase will be made by the absorption
OF part of the banks surplus and undi-
vided profits to that amount. The bank
Will thus begin the new year with cap
ital of $1,00oo00 and surplus Of nearly
-$1,000,00O.
+ + 4
The summary of mortgages recorded
during December, 1887, in this county
shows the following loans made by
banks building and loan societies and
Irivate individuals:
~ No. Amt.
! Los Angeles Savings bank.... sSi.394
security Savings bank ........ 5000