The herald., 1897-06-09

The following is a list Of the United
States registered bonds on deposit accord
ing to the same authority:
To Secure To Secure
Circulat- Public
ing Notes. Deposits.
Pacific railroad bonds
per cents............ $S,613,OO0 $375, ,003
Funded loan of 1891, Az
per cents, continued
at per cent........ 22.s47,soo 1.oSs,ooo
Funded loan of 1907, 4
per cents. ........ 15O, ,s1S.25O 1925, 600
Five per cents of 1894. 15.4S1,350 535, 900
Four per cents of 1895. 80, 050 250O,O 900
Total on deposit, May
81, 1ST... $23O, 915, 500 ZIG, I1S, 600
The market on the new mining exchange
still continues active. The interest holds
out we'll as the audience room was crowded
all the time. Some ten or fifteen brokers
were on the floor at one time, which is an
improvement on the opening meeting.
An important decision affecting national
banks of the United States has recently
been rendered by the supreme court of
Ohio. This decision is in regard to the
taxation of the stock of national bank
held the banks might deduct from the value
of their stocks for taxation the private
debts of their stockholders. This was the
view taken by the supreme court Of the
United States, and therefore the decision
Of the supreme court of Ohio is in degree
a reversal of the United States supreme
court, as the decision is that such deduc-
tions cannot be made when the bank stock
is taxed.
The decision of Judge Shaw in the Free
port, ILL.,. water works case has attracted
much attention. says the Chicago Banker
1t is said to be the most sweeping decision
ever rendered in opposition to the doctrine
laid down in the Dartmouth college case
concerning the sacredness and immutabil-
ity of franchises which has so long gov
erned the courts. Judge Shaw decided not
only that city councils have the right to
fix any rates they please so long as they
are just and reasonable, no matter what
rates were specified in the franchise, but
also that the grant of the exclusive right
of the streets or any part of them to q
corporation is voidable because ultra vires
Apparently the decision affects street car,
gas. electric lighting and telephone COM
panies equally with water companies.
There Is at present nearly $500. 900. 00O on
deposit in the savings banks of New York
state.
The annual convention of the New York
State Bankers association will be held a.
Saratoga on or about July 22d.
+ + +
The comptroller of the currency has de-
clared a@dividend of per cent to the
nf 4J1
making total of Go per cent on proved
claims of $11,1S4S61
Upon the interesting subject of "Flu.d
Air for Industrial Uses" United States
Consul Charles De Kay at Berlin reports
in part as follows:
"Liquefying air is not a new thing: it
has been performed by exerting enoromus
pressure or by freezing air to an unusual
degree, or by combination of pressure
with refrigeration. There are SO MANY
uses to which liquefied air can be put that
scientists hardly know where its useful
ness will! end if it can be produced at a low
rate of cost in commercial quantities. This
q new method and machine has accom-
pl1shed. Among other advantages. air in
the portable, cheap form of liquid as it
passes back to it's ordinary state can be
used for Illuminating purposes by mixing
It's escaping gases with atmospheric air in
certain definite proportions. Moreover as
a driving force in the way or detonators
or explosive material to drive engines
liquid air is obviously power that can be
under given conditions profitably applied !"
After describing the ordinary methods
TO liquefy air Mr.. De Kay SAYS that fluid
air COTS about 10 marks (say s225) for five
cubic meters reduced. The new method is
the invention of Prof Linde of Munich.
1T proctces the liquid for 10 pfennigs (say
"a cents) for five cubic meters, and il
yields the product either as a gas or fluid
as one wishes. This is one of the most in
genious pieces of mechanism recently
known; Its chief feature is its economy of
working, Tor 1t uses air to refrigerate air
After the pump has worked for certain
time one turns a cock and the liuud air
runs out at a temperature of 273 degrees
below zero In Prof. Lindes method an
air pump OF five horsepower condenses air
to pressure of 200 atmospheres: this air
passes down a spiral tube and is let out
IN chamber, causing great cold: then il
rises and passes on the outside of the
spiral tube bathing it and thus cooling the
new air that has been pumped into the tube
to take its place. This cool air follows on
into the chamber, expands and again
lowers Its temperature. then passes on UP
around the same spiral tube: but as its;
temperature has become much lower the
new air in the tube is still further refrig-
Grated This circulating process goes on
until the new air pumped into the tube
reaches the expansion chamber at a temp
erature of 273 degrees below zero, when it
drops into the chamber in the form Of
liquid. Thus the air. steadily cooled is
made to refrigerate the newly pumped ali
more and more, until the necessary degree
OF cold is attained. Air in the cheap. port
able form of liquid rich in oxygen can be
used Tor many purposes in manufactures