The herald., 1897-08-29

people discovered that the hoped-for bene-
fit failed to materialize they have unfor-
tunately at times forgotten their obliga-
tion and endeavored to repudiate. Forum
ately in the few such cases the courts have
almost invariably held that where there
has been original power to contract, mere
Irregularities in the manner and matter of
issue should be swept aside. In fact the
trend of the decision of the courts has been
that where there has been original power
to issue and the constitutional limit of in
debtedness has not been exceeded, the OBJ
legation must be met in accordance with its
face.
Surprise is expressed by some of the best
authorities that Austria Hungary does not
Immediately resume gold payments. 1t
is about five years since laws were passed
looking to such action, and the Austria
hungarian bank has increased it's stock of
gold from 60,000 600 florins July I, 1892, to
305, 100000 forms at the present time. Gold
florins to the amount of 31S 0G0, 900 have been
coined, but none of the new money is in
circulation, and the government is SEEM
ingly taking no steps to that end When
Austria was drawing on us for the precious
metal so vigorously few years ago, it was
thought that the change to the gold stand
ard was q question of only short time, but
it now appears as far off as ever.-Econo-
mist.
There is invested in French railroads a
total of So 100, 000,0 600, of which the govern
ment has contributed 5000, 900 900. The
average earnings upon this capital during
last year amounted to nearly per cent.
4 \ 4
According to the report of the consul at
Tientsin, China regarding the success of
the Equitable Life in China, the Equitable
has written between $500 and 5000 policies in
the several months in which it has been
doing business there. The policies are for
large amount, the largest being for 100.
900 taels Cor $73, ,000) The Equitable is
called Yung-An, and its manager at Shang
hal is Mr. -mi-tang. A new classifca-
ton had to be established in China, as the
statistics, which make insurance GER
tainty here, are wanting there.
+ y +
The production of quicksilver in the
United States during the first six months of
the current year was 1870 TASKS (915.705
pounds. which was. as heretofore. entirely
the output of the California mines. These
figures show q large decrease from the cor
responding period of 1896, and the total for
the present year is likely to be below the
average of the last four years.
y \ +
The incorporation of the Los Angeles
and Pasadena Inter-Urban Land company
today, with a paid-up capital of 100000 is
consequent upon the purchase by the in
cornorators of about one thousand acres of
land known as the Estudillo and Pico
nlace. on the east side of the city. and lying
north of the proposed boulevard to Pasa-
dena. It is proposed to make a boulevard
through these lands connecting with the
one proposed for the county and to run
thence in a northerly direction to Pasa-
dena. shortening the distance by some
eighteen minutes on an electric line which
it is proposed to build. Among the i'm
building of Casino, the establishment of
a country club with polo and tennis
grounds. etc. and also the beautifying of
the boulevard so as to make it one of the
chief attractions in the county. The plant
ing of ornamental shade trees, grass and
the center of the boulevard, with a drive
on each side, with a bicycle path in addi-
ton, are among the things promised. 1t
is possible that the railroad may be oper-
ater by compressed air motors, which Mr.
j. NJ. Thompson, one of the incorporators,
is anxious to introduce Mr.. Thompson
is president of the Western Compressed
Air Traction and Construction company.
and expects to give Los Angeles the record
OF being the first city on the coast to use
the compressed air motors.