15 to 1427 Char
ming street, for $13,500. The lot Is 200 by
135 feet to an alley and Is Improved with
seven houses. Mr. Oder also has sold to
Mrs. Willis the property at 930 Staunton
street, 40 by 120 feet, improved with a six
room house, for $2850. Both of these
properties are in the Industrial district
and were bought for an investment. Other
recent deals made through the same
agency are as follows:
J. Q. Warfleld to W. A. Oder, lot 30 In
the Venice Gateway tract, 40 by 120 feet,
$660. Bought for investment.
John G. Warfleld to a local investor,
three acres in Bells, known as lots 12, 14
and 28 of Grider & Hamilton's subdivision
of Bell's tract, $2000. Bought for invest
ment.
ASKS PERMISSION TO
ERECT REDONDO WHARF
Capt. Amos A. Tries of the United States
engineer office has given notice that an appli
cation has been made by the Los Angeles
Wave Power and Electric company to con
struct a pier Into the ocean near Redondo,
about 700 feet south of plar No. 3 of tho Re
dondo Improvement company.
Mapa on file in the engineers' office show the
exact location, and parties who may have ob
jections to the proposed Improvement are In
vited to inspect <he aforesaid maps and draw-
Ings.
RESIDENCE PROPERTY
SOLD ; VALUE $30,000
The Robert Mitchell company report the
following sales of business property:
For Emma Ebey and Guy A. Shipley to
Samuel Perluss, 312-316 Omar street, two
seven-room houses, lot 50x110 feet; con
sideration $10,500.
For Anna V. Green to Robert Mitchell
company, 3312-3316 Central avenue, two
cottages, lot 80x120 feet; $9000.
Also the following sale 3 of property:
For the Tv Junga company to W. K.
McDanlel, block 49 of Tv Junga ranch,
containing 47.86 acres; $7500.
For W. K. McDanlel to Tv Junga com
pany, 151.64 acres located In Long valley,
Boise county, Idaho; $6000.
Robert Mitchell company to Anna V.
Green, lot 3, block 33, Corona, containing
ten acres; $6500.
Bought Budlong Avenue Home
Among the recent sales reported by Will
C. Prather & Co. is the purchase by P.
J. Gross from Lucy Jorros and Julius W.
Krause of the northwest corner of
Twenty-eighth street and Budlong ave
nue for a stated consideration of $5000.
The lot has a frontage of fifty feet and
Is improved, with a two-story eight-room
house.
Petition Asks Pardon
By Associated Press.
MADRID, July 13.— A petition sipned by
many prominent persons, Including Mar
quis Vega do la Arlngo, a former pre
mier, has been presented to King Alfonso,
asking a pardon for Nakens, Mata and
Ibarri, who were recently convicted of
being concerned In the plot against the
king on his wedding day.
Polish Colony Settlement
The statement is made that a tract of
forty acr.es south of Vernon avenue and
east of Alamanda street has been pur
chased by a syndicate with a view to
establishing a Polish colony on the land.
Thone who are at the head of this project
expect to bring about 1000 families to this
colony within the next year.
POPULAR BEAUTY HOME IN LOS ANGELES
SUNDAY MORNING, JULY 14, 1907.
LOCAL BANKING NOTES
AND INSURANCE LAW
OVER $1,200,000 PAID OUT IN LOS
ANGELES
Manager Gist's Definition of Bank
Clearings — Savings Banks In.
surance Is Now In Force
In Massachusetts
The term "bank clearings" Is not gen
erally understood by the people. The
meaning Is explained by James B. Gist
of the Los Angeles clearing house briefly
as follows:
"The term 'bank clearings' signifies the
total amount of business passing through
the clearing house. For Instance, all the
checks accumulated In the forty-seven
banks and trust companies of this city
are cleared through tho twelve members
of the Los Angeles clearing house once
every business day. The exchanges are
the checks, drafts and other negptiable
instruments drawn on the various mem
ber banks and affiliated banks, and re
ceived in the course of business on de
posit by other members and exchanged
at the clearing house. The exchanges are
effected In about five minutes, the aver
age business passing through the Los An
geles clearing house being about $2,000,000
dally. This figure would be known as
bank clearings."
An earnest of the prosperity of Los An
geles Is the sum of $1,200,000 which was
paid on July 1 in Interest to depositors
and dividends to stockholders In her vari
ous banks. This amount represents the
earnings upon deposits of over $113,000,000,
over $40,000,000 of which Is in savings
banks to the account of the working men
and women of the city. Three of the sav
ings banks alone carry over 74.000 ac
counts, with deposits of nearly $33,000,000.
On "dividend day," as above indicated,
depositors drew out about $900,000 and
stockholders about $335,000.
Governor Guild of Massachusetts has
signed the bill permitting savings banks
of that state to engage in the life insur
ance business, and institutions enough
have promised to give the plan a trial
to guarantee a fair test of the experi
ment, If nothing more, says the New York
Financier. The new bill is very restrict
ive in character and practically limits the
insurance to be issued to the industrial
class— that is, the maximum sum permit
ted is $500, or an annuity not to exceed
$200 a year. Furthermore, the banks are
not permitted to employ canvassers or
collectors, the aim of the measure being
to provide facilities for protection at or
nearly cost price. Credit for the new
scheme, at least in its Introductory feat
ures, Is due to L. D. Brandels, whose ar
guments in pamphlet form and otherwise
have received wide attention. Briefly, tho
contention made by Mr. Brandels was
this: The cost of management of existing
industrial Insurance companies ate up
over 37 per cent of the premiums paid,
whereas the cost of management of the
Massachusetts savings banks was less
than Vi per cent— l.47 per cent, to be
exact. It was not contended that the
extra cost of Industrial Insurance, as
heretofore sold, was due to misappropri
ation. Rather the high ratio was trace
able to the necessarily costly work of so
liciting, collection and other charges that
might be eliminated were the banks to
engage in the business. The banks will
not try to force a large volume of insur
ance as competitors in a common field,
but they will supply it if their customers
desire, and at prices which will bring the
payments very near actual cost rates.
GOOD BUNCH OF SALES
REPORTED BY AGENCY
Sales reported by J. C. Settles for the
past week:
John Simon to Sarah K. Robbins, lot
21, 40 by 127 feet, between South Park ave
nue and San Pedro street, facing the,
park; $1400.
David H. Geiger to Emma Osborne, a
six-room house between South Park and
McKlnley avenue, on Forty-eighth street,
lot 40 by 163 feet, block A, McKlnley
place; $1800.
J. C. Settles to W. A. Oates, lot 7, 47
by IGB feet, In block 5 of the Seventh
street tract, city of Wilmington; $600.
Mrs. U. M. Poates to Henry L. Teifel,
five-room house on Fifty-second street,
lot 50 by 161 feet, between South park and
Walrath street, lot 13 in block B, Park
place; $2800.
Carl Strakeljahn to J. T. Trobridge, a
two-room house between" South Park and
McKinley avenue, 40 by 165 feet, lot 34,
block B, McKinley place; $1050.
A. P-. Husted to Thomas W. Sadler,
two-room house between South Park and
McKlnley avenue, on Fifty-first street,
50 by 150 feet, lo* 36, block D, McKlnley
place; $1500.
NEQRO PAYS $5 FOR
TELLING THE TRUTH
DECLARES HE CAN'T