The herald. [microfilm reel], March 19, 1898, Page 8, Image 8

About The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900

Image provided by: University of California, Riverside; Riverside, CA

                
8
LOSES WAR RISKS
POLICY HOLDERS IN NEW YORK
LIFE MAY ENLIST
ML MTAITS REASONS
HE COMMENDS COMMTSSIONEB
CLUNIE'S COTJBSE
f ■ c "
WHY INVESTORS ARE SHY
<Of California trrrsstsasata—-Th* Mort
gage Tax Law—lnterest Batsa
and Increased Reserve
John A. McCall, president of the New
Tork Life Insurance company, one of the
three largest financial Institutions of the
kind in the world, arrived In this city on
Thursday evening, and was seen yesterday
B y a representative of The Herald at the
Tan Nuya hotel, where he ls stopping for
g few days.
The views of a man who to at the head of
a company having such widely extended
and diversified Interests as the New York
Life, with assets amounting to upwards
of two hundred millions of dollars in the
Shape of investments in bonds, mortgages,
real estate and loans scattered all over the
country, are naturally a matter of public
Interest, and the fact that his company
Has three hundred thousand policy holders
at the present time shows that the public
concern in its welfare ls pretty widely
spread.
President McCall explained that be had
come to this coast on a trip of pleasure
and business combined; that he had come
hy way of Chicago and through the great
northwest, visiting Seattle, Tacoma and
other cities in that extensive territory,
where, including Chicago, the company
has about fifty-two million dollars invested
In bonds, securities and buildings.
He was last In Los Angeles Just a year
ago, and expressed his pleasure at having
already been able to note the evidences of
continued prosperity exhibited on every
side. One object of his visit wae to close
a deal, which will probably be made, under
which his company will make a consider
able Investment In tbe bonds of the Los
Angeles Railway company. He had care
fully investigated the management, pres
ent business and prospects of the road and
expressed himself as highly satisfied with
everything he had learned. The deal for
the bonds. If made, will be consummated
during his stay here.
AGAINST CALIFORNIA INVESTMENTS
Asked as to the reason why hto company
bad not made loan Investments In Califor
nia, Mr. McCall said that the single ob
stacle that acted as an effectual barrier to
the carrying out of any such Idea on his
part was the existence of tbe California
mortgage law. under which the lender Is
obligated to pay tha taxes on the mort
gage. He argued that In a contract be
tween parties there must be absolute cer
tainty as to its terms, that the imposition
of the mortgage tax introduces on element
-Of uncertainty Into the contract, the lender
not being able to know what his net inter
est will amount to. Great harm has been
done to infant manufactures and indus
tries of this state by reason of this law.
Without it, there would have been an un
interrupted flow of capital from eastern
and other sources, and interest might now
have been as low here as it ls anywhere.
Until this existing condition is altered,
eastern capitalists will be shy of Califor
nia Investments.
DECLINE OF INTEREST
Asked as to the criticisms that have been
Bade In certain quarters upon the action
ef the New York Life Insurance company
In putting its reserve on the 3 per cent
basis, to do which the company set aside
116,183,926 In addition to the (164,956,079 re
quired by the New York law which called
[or a 4 per cent valuation, Mr. McCall said
that he had not heard of any criticisms
coming from a quarter that would deserve
attention. On the contrary, he ftad not
beard a single word of dissatisfaction er
complaint from any one of their policy
holders. The net surplus of the company
after voluntarily setting aside the above
mentioned sum in addition to the amount
required by law, amounted on the 31st of
December last to 117,176,105.
Mr. McCall said: "I regard the move we
have made in putting the company on a 3
per cent basis as the greatest hit we have
ever achieved. The rate of Interest Is de
clining everywhere and our action is sim
ply anticipatory of events that are bound
to take place. We have not waited until
we were obligated to take this step, but we
have done so in advance. The move ls one
that adds materially to our financial
strength, and the people will see in due
course of time that we were Justified in
the step we have taken. The setting aside
Of this sixteen million dollars does not take
It out of the pockets of the policy holders;
It ls simply that much added to their se
curity and increases accordingly the solid
ity of the company. It would, indeed, be a
curious process of reasoning that would
deduce an Impairment of strength In any
business from the fact that a certain
amount had been set aside out of an earned
surplus to meet future liabilities."
CLUNIE'S COURSE
Interrogated as to his opinion on the
aggressive attitude of Insurance Commis
sioner Clunle, who ls stirring up both the
fire and life insurance companies in this
state and who is endeavoring to revive cer
tain statutes affecting insurance compan
ies which have ever since their passage
been considered a dead letter, Mr. McCall
said: "1 am naturally Interested In the
right that ls being made by the commis
sioner and took the opportunity on my way
down here to have a talk with him so as to
get an idea of his plans and purposes. Mr.
Clunle had been represented to me under
different aspects, on the one hand as a
politician who was simply making trouble
for selfish ends, and on the other hand as
an honest man who was endeavoring to
iarry out the duties imposed upon his
office without fear or favor. I must say
that the impression I gained of Mr. Clunie
is an entirely favorable one. He appears
to me to be actuated by a strict sense of
duty. He has found upon coming Into off ice
a number of laws upon the statute book
relating to Insurance companies, which
laws have not been enforced, and he ls
simply carrying out his Ideas of duty In
putting them In action. You know It has
been said that the best way to get rid of an
abnoxious law Is to enforce It. Mr. Clunle
tells me that he ls endeavoring to carry out
the provisions of the law as he finds them
!hat he did v-> - • - ~u t fn ., t v
to hto duty to respect It I think Cosuntt
•toner Chun* la heaist tti Ms intentions,
and the Insurance companies need not have
much trouble tf tbey will only show s dis
position to meek him halt way."
lie BfvaUTT OF WAR
The vast sums at stake in life Insurance,
Mr. KcCall'a company atone carrying
nearly one thous and millions of dollars in
the shape of pah I for Insurance, make the
probable action of the companies in the
event that war with Spain le declared
especially Interesting at 'this tine. Presi
dent McCall. when asked what would be
the effect upon Imsuranf-e policy contracts
,tn case that aay of the mssured assume the
risks of war by enustuj.g in the army, said
in effect as follows:
"Every civilian in the United States hold
ing a policy in the New York Life Insur
ance company today ns perfectly free to go
to war tomorrow or any other time In the
future. In event of bis doing so, and meet
ing with death, his* policy would be paid
in full and at once,, without deduction and
without the payment on his part of any
extra premium In any shape or form.
"It to true that a large number of our
old policies contain clauses preventing the
holders of them ffom going to war. We
have decided that adl such clauses shall be
null and. void, and we, have also decided
that the holders of such policies need not
even apply to the company to have the
clause stricken out. Our action makes the
annulment of this clause in all United
States policies automatic.
"I think, among 'the many reasons that
have led to this position, the following is
the strongest: Tlie United States ls not
going to war unless In a righteous and Just
cause. In such a cause the Interests of the
United States must be defended. No set
of men have any greater share In these In
tereats than the 300.000 policy holders of the
New York Lit* Insurance company, who
have organized this company for them
selves and who are conducting its business
for thesßsesYei!, sharing their own profits
from their own investments. How absurd
It would be Oor a certain number of them
to say that, tf a certain other number of
them were willing to take up arms to de
fend their property, the ones who stayed
at home w oulld charge the ones who went
to such defense a heavy extra premium,
forfeit their insurance altogether, or in
some other way seriously Jeopardies their
policies. Tfiere are no stockholders in this
company to make money out of the policy
holders, else the case might be reversed.
"The policies of many life insurance
companies comtaln restrictions as to the
insured's occupation, mode of life, and
places wherein he may reside or travel,
which are bad enough, for these are in a
measure in his control. But the question
of a man's going to war ls something be
yond his control. If he sees it ls his duty
to go, or if his government calls on him to go,
he must go. As well might his partners scale
his Interest in a large commercial busi
ness or in any other general undertaking
In wblch he is engaged as for a life Insur
ance company to immediately differentiate
against him in favor of the other policy
holders of the company, his partners in
the business.
"We may, in case of war, suffer some ex
tra mortality, but we are confident that our
position, as defined above, will be approved
and Indorsed unanimously by our policy
holders and the insuring public.
"Therefore we are sending out, to resi
dents of the United States, new policies
for delivery that are entirely free from
all conditions and restrictions as to a
man's occupation, place of residence, or
countries to which he can travel after he
gets the policy. We are doing this that
there may be no question as to a man's
right, under his policy, to engage in war
tomorrow if he wants to.
"This is our position today and will
be until war ls declared. Then we would
undoubtedly cease writing new policies on
the lives of men who are about to enlist,
as any other course would be unfair to
our present membership."
A SUCCESSFUL CAREER
President McCall ls a man of fine pres
ence and a decided business air, which
might be expected from a man occupying
a position which commands a salary larger
than that of the president of the United
States. He ls genial, withal, and ls not
averse to looking back at the steps by
which he has attained his present influen
tial position. He was formerly Insurance
commissioner of the state of New York
and afterward state comptroller, and was
tendered the presidency of the New York
Life Insurance company some six years
ago, at the time when it was in rather
troubled waters. Since his accession the
affairs of the company have prospered
wonderfully on all lines, the surplus has
doubled, and the paid-for Insurance has
increased at a rate that marks an era in
the life Insurance business.
A BIG HAUL OF CHINAMEN
Fifteen Found Hiding in the Sand
Dunes at Anaheim Landing
Chinese Inspector J. D. Putnam made a
big haul yesterday of bias-eyed Celestials
trying to enter the United States In viola
tion of the Chinese exclusion actlat Ana
heim landing. A man in charge of the
empty tenement cottages down there no
ticed some men come ashore from a sloop
anchored out at sea. They said they came
to procure gasoline, as the stormy weather
had beaten them back and exhausted their
supply. The man, an old sailor, sighted the
sloop, and to his surprlse.saw them bring
ing five Chinamen ashore. He immediately
notified Constable William Ball of West
minster, who held them and telegraphed
Inspector Putnam. He went down and
found fifteen Chinese in all, hiding in the
sand dunes, and took them to Santa Ana.
When the train left at 4 p .m. he brought
them to Los Angeles and lodged them safe
ly behind the bars.
Wong Loy, who seems to be the leader,
who talks good English, has his head
quarters in San Diego, and is a partner of
Dick Toy, who was arrested recently for
being illegally In the country, and ls now
awaiting the decision of his case. The
whole gang came from Ensenada.
Inspector Putnam has been watching
them for the past two months, expecting
them to come by water, but appearances
indicated recently that they had changed
their plans and would attempt to come by
way of El Paso.
Star and Crescent
The Star and Crescent Literary society of
the high school held Its regular meeting
yesterday, Miss Janss, the vice president.
In the chair. Miss Blanche Donnell sang
a solo, "Only In Dreams," followed by a
harp solo by Miss Edith Bond. Principal
Housh made a brief address, after which
the newly elected officers were Installed.
Miss Helen Day played a piano solo, ahd
Prof. Bransby gave an entertaining ac
count of Spanish life In his native country.
A double quartet, composed of Misses
Morton, Listinwalter, Munday, Webster,
Kinkle, Kanagy, Ramsauer and Leffler.
sang several numbers. Stereoptlcon scenes
were shown by Earl Anthony and Earl
Hlllman, after which a harp solo by Miss
Edith Boyd closed the exercises of the
afternoon.
LOS ANGELES HERALDi SATURDAY MORNING. MARCH I* WH
Big News Brightly Told —
Another $15,000 Stock of Goods
Threwi oi the gtg At 50 Cents on the Dollar
This Is tha Story of tha- '■ I
. . SALE OF 'THE FASHION STOGK . . I
-a. *—Owned by Newman. Levlnson Co., San Francisco I
The "Fashion Store," 251 South Broadway, was owned by Newman, Levinson Co., San Francisco, (under the management
of Eva Hartman) and consisted of a carefully and well-selected stock of Dry Goods and Fancy Goods, Ladies' and Chil
dren's Wearing Apparel of all kinds, such as Muslin and Knit Underwear, Corsets, Hosiery, Gloves, Ribbons and Laces,
Handkerchiefs, Fans, Skirts, Shirt Waists, Parasols, Notions of every description. Art Materials, Men's Hose and Underwear,
Sweaters, Bathing Suits, and a short time ago the San Francisco house decided to discontiue the business here, and rather
than ship the goods to their already crowded rooms in San Francisco, closed" the whole stock to us at a trifle over fifty cents
on the dollar. It would be hard indeed to exaggerate the beauty of this stock. Newman, Levinson Co. are known all over
California as dealers in the Best of Merchandise Only, a richer collection of imported and domestic goods, or more per
fectly made or elegantly trimmed wearables cannot be found in America. The selling of this new stock of goods means a
saving of just fifty pennies in every hundred.
a; Begins This Morning, March 19 x
l^kittH^ n~"""*r iTnrmTiviTiiiitej«j»ji,i,i imi itiijiiji 11n1 1mii unij»narc»*ji
At Our Store. 107-109 North Spring Street
Our Doors Open Upon the Greatest Bargain Carnival of the Season .
dt The Old-Time and Worn-Out Great Special Sale Is Not In It This Is a Feast
No Old Stagers Here, All New. Clean Goods
We don't like to use the phrases "Bargain" and "Special Sales." They have too many evil associations. They march too
frequently with that abhorrent thing, 'Trash;" therefore, in noting our quotations later on, please consider them only as the
natural result of unusual circumstances.
I Early Shopping Is Advised | _P^Xwa9_ m*Zf)* I Pflo * COnoe *' ,on * **** B * en \
1 Extra Salespeople Enftafted | | Wade In All Departments |
LOCAL RAILWAY NEWS
RIPLEY AND HUNTINGTON EX
PECTED NEXT WEEK
CAMPBELL GOING TO ALASKA
Manuel Martinez Stops His Last
Train—Mesquite Declared to Be
Timber—Nabobs in the City
President Ripley ot the Santa Fe will be
here some time next week, It is thought.
General Manager Nevln and General Su
perintendent Wells ot the Santa Fe-Pa
clilc went on yesterday to meet him at Al
buquerque and escort him to this city. It
Is supposed that he will remain here for
some days, Inspecting the lines and see
ing what more will have to be done In the
way of Improvements.
The San Dlegans hope to get him down
there and lay their plaints about General
Manager Nevln before him, but It is said
that Mr. Ripley does not place any reli
ance at all In the charges, and will not
listen to them. All that Mr. Nevln is do
ing or has done on this part of the sys
tem is described by one who should be
well informed on the matter to meet with
Mr. Ripley's approval.
The ill-natured and suspecting portion of
the public interested In railways might
consider that there was something morn
than a coincidence In the presence on this
coast at the same time, as is likely to be
the case, of President C. P. Huntington and
President Ripley, but there does not seem
to be any reason to believe that they would
have come all the way to California If
they wished to make more compacts, pools
or trusts. Mr. Huntington seems to be sat
isfied with the present arrangement, audit
seems that Mr. Ripley has to be.
GOING TO ALASKA
James Campbell, who built most of the
Santa Fe system in Southern California,
and who was one of the men who with
Huntington, Stanford and Crocker built
the Central Pacific, being the first lieu
tenant of the big triumvirate, has made a
contract to go to the gold fields of Alaska
and build a considerable stretch of rail
way for a local syndicate. He expects
to start In a few weeks' time.
MESQUITE IB TIMBER
The railways which pass through Ari
zona have found themselves up against
Uncle Sam in the matter of the mesqulte,
which grows on government land in that
territory. The shipment of this for fire
wood to this city has formed no small
freight Item to the road, the choppers, or
diggers rather, finding their source of sup
ply in the reservations and government
lands. Special Agent J. 8. Helslnger of
the general land office has been in Phoenix
for some time and has stopped most of the
depredation, and by his advice the de
partment has classified mesqulte as tun
ber, which it Is a penal offense to cut on
government land. This will reduce the
supply of fuel in the territory, but will
advance the culture of timber trees. The
people and the railway freight agents,
however, do not take this vlsw, and many
warm protests are being sent to ths head
office.
NOTES AND PERSONALS
H. E. Huntington and Chief Engineer
EN ROUTE TO EUROPE TO PURCHASE SHIPS OF WAR
♦ WASHINGTON, March U.—Commander Willard H. Brownson, U. 8. ♦
■f N., who, with Charles H. Cramp, the famous American shipbuilder, ls ♦
♦ now on the Atlantic en route to Europe to Inspect war ships and guns ♦
•f for the United States, will be put in command of the American liner St. ♦
•f Paul, should there be any event of war with Spain. The commander ls ♦
♦ one ot the active and able officers in # Uncle Sam's sea-fighting depart- -t
■f merit. He is a modern product in that line, and he holds tbe record of +
■f being the only American officer that ever ordered a gun fired for purely ♦
•f business purposes since our navy has had its big modern engines of +
v- war. The incident occurred in the harbor of Rio, when Benham's fleet ♦
4- was there looking after Mello's rebels. An insurgent gunboat was fir- ♦
v- ing in the direction of a pier at which an American merchant ship was ♦
■f unloading. Commander Brownson was in charge of the Detroit, and Just +
v- sent a shot at the gunboat to show his teeth. That was enough for Mello's ♦
•f craft, and its firing was Instantly stopped until the American merchant- +
♦ man finished her business and got awiy. Commander Brownson is 63 years ♦
♦ of age. He entered the naval academy in 1861. and was a student there •*•
■f during the war. He has served In a score of posts, and has been stead- ♦
t- ily promoted. His family are New Yorkers. While in Europe he will, +
4- with the assistance of Mr. Cramp, look at such war vessels as are offered +
•f for sale, and will Inspect naval gun* that may be available. 4-
Hood of the Southern Pacific company are
in this part of the state looking over Im
provements all along the line. Mr. Hunt
ington ls a warm friend of and believer In
Southern California. It being largely
through his Instrumentality that the com
pany has of late years taken such an
active part in developing its lines here
abouts.
The Southern Pacific recently made an
experiment In shipping a large load of
oranges from Blverslde, the car contain
ing 620 boxes. It did net pay. as the lower
tiers were badly crushed. The usual load
ls 336 boxes.
Manuel Marlines, who was killed by a
Santa Fe train at Trabuco creek on Sun
day, was a monomaniac on tbe subject of
stopping trains by standing In the center
of the track and forcing engineers to come
to a atop or run him down. He has done
this a dosen or more times when drunk.
In fact, he would never get a Jag without
trying the experiment. The engineers
became tired ot the sport, and the last
two times allowed their engines to give
him a good bump off tbe rails. This last
time he evidently had taken the center
of the line In order to make an engineer
swear at him, but the fumes of his liquor
overcame him and he went to sleep. When
he woke up hs was In a land where he
cannot find a railroad to divert himself
wltb.
The people of La Verne are trying to get
the Terminal people to come to that region
when they build their line to Pomona.
Captain Cross on Wednesday took H. E.
Huntington over the OJai railway.
General Passenger Agent J. J. Byrne of
the Santa Fe-Paclflc ls still In San Fran
cisco trying to arrange matters wltb the
agents there so that the coast lines will
not continue to suffer from the cut in over
land rates made by the Canadian Pacific
railway, the difference now being about
$27 in favor of making the Journey from
here by way of Victoria and the Cana
dian line. The steamship company of this
city is now selling tickets by this route
and finds a great demand for them, the
large reduction more than offsetting the
few days' more time required to make tbe
trip.
The committee of Glendale people who
have been at work trying to raise the (7500
subsidy that ths Termlnsl asks for elec
trising Its line to that place, has about
completed Its work.
Superintendent George C. Klnsmo of
the telegraph system of the Wabash road
Is in the city and will remain a month.
D. B. Howard, general auditor of tbe
Wabash system, ls maktng a tour of this
part of the state.
General Manager J. W. Kendrlok of the
Northern Pacific company will arrive here
this afternoon from the east for a short
stay.
General Traveling Passenger Agent
Amos Burr of the Vanderbilt lines is here
looking after the tourist traffic.
Vice President J. C. Welling of tbe Il
linois Central road, wbo has. with his
family, been at Coronado for some time,
will arrive here today for a week's stay.
First Vice President Edgar T. Welles
of the Wabash system arrived here yester
day, going right on to Coronado.
Editor H. R. Hobart of the Railway Age,
with his family. Is in ths city to remain
for a couple of weeks. They sre at the
Devon inn.
Last week .tha Santa Fe company bad
what waa called the largest freight car
ever seen on the coast In this city from the
east, but yesterday the Southern Pacific
people claimed to have beaten the record.
The oar In question Is sixty-one feet end
seven inches lone and twelve feet wide. It
was loaded with tabular boilers, and the
officials here had to stop It, as It Is not
thought that Its great length will permit
It to round the curves on the line north.
The Cow Eliminated
Who was It said a Boston man couldn't
see a Joke when It was presented with spec
ifications and a diagram? Dr. Hale said
the story that Boston streets were laid out
to follow oowpatbs ls foolish. To which
the Boston Qlobe responds: "We always
thought that story was pretty hard on tbe
Innocent colonial cow."—Chicago Inter-
Ocean.
Handbook of the Tariff
! The understanding of tbe complicated pro
visions of the new tariff has been greatly
simplified by the Issuance of this manual,
which contains decisions of the federal
courts, general appraisers and the secre
tary of the treasury on mooted points. To
digest the tariff law ls no easy task, but
to digest tbe food taken into the gastric
receptacle ls rendered facile and agreeable
by the systemac use of that thorough
Stomachic, Hostetter's Stomach Bitters.
This is a family medicine of comprehensive
usea It prevents and cures malarial,kldney
and rheumatic trouble, remedies nervous
ness and Insomnia, removes constipation
and biliousness. Appetite, as well as the
ability to satisfy It without subsequent
abdominal disturbance, is restored by this
fine stomachic, which also accelerates con
valescence. Persons in the decline ot life
and the infirm of every age and sex find
it of material assistance.
Contracts wanted to drill oil wells or
deep wells for water. Might take an Inter
est. Cbas. Victor Hall, MO Csntral av
enue.
Latest styles wall paper at A. A. Eck
el rom's. IM South Spring street
An application was filed in the superior
court at Ban Francisco yesterday by the
Oregon and California Lumber company
for leave to dissolve.
...SICK HEADACHE...
Positively cured by these
Littis nils.
They also relieve Distress from
Dyspepsia, Indigestion and Too
Hearty Bating. A perfect remedy
for Dizziness, Nausea. Drowsiness,
Bad Taste in the Mouth, Coated
Tongne, Pain in tbe Side, TOR
PID LIVER. They regulate the
Bowels. Purely, Vegetable.