The herald., 1897-10-15

Current assets
Cash Observation-Disclosures. 1888. so
Bills receivable ................... l,l55.56
Due from agents. 4zl4o
Due from solvent companies. 16, 1873. 10
Due from other companies...... 19IO.9l
Other cash assets ............... ',45S.oS
Total ......................... S3l 33S. 50
Current liabilities
Loans and bills payable ..........s 12. 900. 90
Audited vouchers ................. li,o39.Si
Wages and salaries .............. Ash. .5S
Net traffic balance .............. 2.36
Due contractor on constructn. S62S9.2s
Total ......................... 'ooo.V9
Total Indebtedness including capital
stock bonded indebtedness and current lia-
bilities. $4,62O, 5O3.09. Indebtedness per mile,
2.041.
Gross earnings for the fiscal year. $40, .o5
Operating expenses ................ 96, l34V'
Defclt -oi'o'
Taxes .............................. S,iZVO
Interest on bills payable 49S.S
Net deficit ........................... zo'oVt.oo
4 \ +
The supreme court of Wisconsin held, in
the recent case of the Germania Iron Min
ing company VS.. King. that bylaw pre-
scribing notice of call for an installment
on a stock subscription was a condition pre-
cedent to a valid call where the statute
provided for calls on giving notice as the
bylaws prescribed.
Chcago's real estate transfers for the
eight months of this year foot up SIS, ,406. 3iS.
The way business has increased this fall
leads to the belief that this year will sur
pass in amount any year since the panic.
The figures for the first eight months of
preceding years are: 1896 $40, lSO. 1SS: 1885.
800 O7O $685. 1894 $SO,092 909 1S93 $9l, 12S, COL;
1892 $125, 1863, $685.
Brokers' Commissions.-The appellate
term (New York; in an opinion by Justice
McAdam has affirmed the judgment of the
court below in suit by Joseph MoskowiIZ
and others against George Hornberger to
recover commissions as brokers for effect
Ing an exchange of the property of the de-
fendant for other premises The court
holds that the plaintiffs made out prima
facie case when they proved that valid
contract was entered into by competent
persons through their efforts, as there was
a legal presumption that persons who had
executed formal contract to convey real
estate were able to perform their undertake
ing. and that thereupon the burden was
upon the defendant to prove that the title
offered by the contracting parties was for
some reason defective. The court held
further that where brokers. employed TO
make an exchange of property, procure for
their customer purchaser who himself
has good title and who is ready to make
a binding contract for an exchange the
brokers are entitled to their commissions,
whether or not the customer himself has
good title to his own property.
For use In localities in which it Is not
practicable to build stone roads, the agri
cultural department is experimenting with
wide, fiat steel rails, laid to the gauge of
the average farm wagon. They are about
half an inch thick, Of inverted trough
shape and corrugated when used on hills,
in order to prevent slipping. The cost is
expected to run from $1,000 to $500 per mile,
according to distance laid.
About 10000 tons of broken stone are
needed annually by Massachusetts to keep
220O miles of road in good repair. If the
roads of this country ever equal those of
France, 100,000 900 tons will be required
each year.
The proposition to put down asphalt strips
for the benefit of Chicago's wheelmen has
broadened into demand for complete
paving of asphalt. There are many argu-
ments in favor of asphalt paving, and there
is little of anything to be said in opposi-
tion to this kind of street improvement in
the residence district In the business
parts Of town, where great deal of heavy
traffic has to be accommodated, the ques-
tions of durability, economy and conven-
ience are necessarily raised
1t Is alleged that constant traffic cannot
be sustained by asphalt, but whether the
economy of traction, the reduction of noise
the health-protecting qualities and the
.1,-vS 49,, +1,o
objection noted, Is a matter worthy of care
full consideration.
Asphalt pavements and the improved
street-car rails would obviate many of
these troubles and would make it much
easier to pass in safety through crowded
streets. The business man would save
money, for his trucks could get around
much more rapidly and with much less
wear and tear.
There are a number Of things to be con-
sidered, both pro and con, concerning the
proposition. Certainly Belgian blocks are
unsightly uncleanly, prolific Of noise and
destructive to rolling stock. If substitute
can be found meeting the requirement of
durability and cost of construction, 1t will
be good thing for Chicago.-Chicago Dis
patch.
The October statement Of the treasury
department shows that the money in cir
Culatl0n IN the Unlted states mas Increased
In the past year. The gold in circulation
was $52S 09S. 1853 OH October 1st. compared
with $478. n, 400 at the corresponding date
last year. Silver certificates have in
creased $780, 900, and standard silver dol
lars in circulation have increased nearly a
million.
= + +
Advance consular reports say the gross
receipts Of the government owned roads
Of Prussia have steadily increased from
211,000, 900 Ground numbers) for 1S90-91 to
&24S 900, 0O0 for 1867 with budget esti-
mate Of $264, 900, 900 for 1S97-9S
Prussia's total income from all sources
Is now $476,000.O00. Thus, more than half
Is derived from the railroads. The rail-
way net gains Of 1.-THE last estimate" GS95-96
Is presumed, date not stated was $14 000,
900; which. after being used to pay inter-
est bonds, ETC.. left s5200O,O00 for general
disbursement III other government depart
ments; all other department expenses be-
ing $114. 600. 900.
Thus 1T may be seen that Prussia's rail-
ways furnish 46 per cent Of the expenses