The herald., 1897-05-21
OFFICE OF THE HERALD,

Louis upon the financial practices and en-
Z gineering methods of those corporations.
Among other interesting data, he said that
the hrst great movement In American
street railways set In between 1860 and 1870.
Everything then was built to be operated
by horse. In 1872 the first cable road was
put In operation IN San Francisco, and
for the next ten years the larger roads
: clung to their faith in cable railroading.
: Between 1880 and 1888 the street railway
( companies began to be very uneasy. They
saw that horses would have to 60. but the
question of what the new motive power
was to be hung In the balance. The cable
"a system that would cost anywhere
from $4,000 to 100000 a mile--was mani
festly too expensive for most roads, and
compressed air motors. gas motors. am
, monia motors and the storage battery
system were all simply hoped-for. possi-
bilit!es. Few believed that an overhead
electric system was feasible, even If mu-
nicipal opposition to 1t were removed; but
the question of ats practicability was set
tied at Richmond in 1855. or this historical
achievement Mr.. Higgins says: "The story
OF that road In its early fight for electric
traction versus horse traction Is interest
ing. I suppose that Mr.. Sprague spent
the greater part of six months on his
back under the cars at Richmond, trying
to get his motors to work, and the fact
that he succeeded was the result Of one
or the most indomitable and plucky fights
that has ever been made in any depart
ment of Industrial development In 1892
electric traction was practically deter
mined upon by all street railroad mana
gers. and the cable system has been re-
tained only in few cases where 1t is of
special service. Today. out of IL, 900 miles
Of street railroads in the United States.
S. per, cent are operated by electricity, as
against 5 per cent by horses (only 1900
miles), I per cent by the cable system and
per cent by miscellaneous motive power,
chiefly steam dummy lines"
The mineral output of Idaho for 1895
shows an advance of more than 81, ,0OO 900
over that of 1896. Gold showed a slight
decrease. but silver and lead both show
increases. The figures are as follows:
Gold, 1885, 1854 .666; 1896 81. 1893 100. Silver,
1885. $5.2l449s; 1896. $6.474765. Lead. 1896,
$2,S02,32l: 1896, s.. .593, $50. Totals, 1885, $780,
1io4s5; 1896. si1.15l,s45.
The old proposition for organization of
a national clearing house is being talked
OF by number of New York bankers
The proposition Is to establish an organi-
cation which will buy from city banks
all country checks received by them and
collect at a less cost than the banks now
pay. 1t Is estimated that New York
city banks receive on an average $4,000,
600 In country checks daily. and the COL
lection Of any such amount necessarily
a 0f Ua
The new capital issues Of London this
vera have been f24, 4,6pS 299, against R1Se61.
e25 in 1896 and EGG, 6,S9s.686 in 1885,
The Weymouth Old Bank. a lonr-estab-
lfshed banking house at Weymouth, Eng
land, and one of the Oldest financial insti-
tutions In Dorsetshire, has suspended pay
000
The governor Of North Dakota has
signed bills preventing loans by bank to
any officers or directors Of the institution,
and also provides that no state or county
funds shall be deposited In banks outside
of the state.
The Cripple Creek district Is credited
with production of SO, ,O00 900 Of gold in
1895. and the state of Colorado with the
production OF SIC 100000 On a basis of the
value Of ore mined during the first month
of this year. the entire years output is
estimated at s15O00,000 The value Of the
product Of all the mines in the Cripple
Creek camp In December was over 81. .O00.-
0oo The people who handle the ore say
that the January and February tonnage
was heavier than that In December from
10 to 20 per cent each month.
4
The announcement is made that the
western beam pool is dissolved. 1t was
composed of the Carnegie Steel company, |
the Lackawanna Steel company, the Him |
ols Steel company, the Shenango Steel |
company and Jones & Laughlins. It is |
said that within a week prices have drop
ped from 1.55 cents per pound to .s5 cents |
In accordance with the recent decision of |
the interstate commerce commission, the |
new rate on milk cans will go into effect on |
Monday. The decision provides that the |
freight on 40-quart can will be 26 cents |
for 100 miles or less, 20 cents up to 1870 |
miles and S2 cents for n greater distance. |
1t is expected that the new rates will be |
Of much benefit to farmers.
Dividends-The directors Of the Pacific
Mail Steamship company have declared
on the stock.
The American Express company has de-
clared Semi-annual dividend of 8 per
cent. payable July list.
The Adams Express company has de-
clared quarterly dividend Of Q per cent.
payable June 1st.
The staunch old dry goods firm of Ver-
oier q Co., which has been running a lead
ing business in San Francisco for more
than forty years past, known as the "City
OF Faris, and which has had a branch In
tnis city FOR several years. is about'to in
corporate with a paid-up capital stock of
$sooooo. under the style of 1.-THE CITY of
Paris Dry Goods company"
The Following securities, among others
we're sold by auction In New York last
week:
20 shares Bank State OF New York. 112h
100 shares Phenix National bank. 10siI
~ -" suales u Mecnahics Natl bank. 1854
% shares Bank State of New York. 1is
100 shares Standard OIL Trust. a11n
100 shares Title Guarantee and
trust company. 27ON27f
shares National Bank of Com
merce ........:.::..............s 2OsM
shares Chemical National bank 4ra0
90 shares American Exchange Ma
tional bank ........................1 .1710172M