The herald., 1897-06-05
OFFICE OF THE HERALD.
Los Angeles, June 4.

OFFICE OF THE HERALD.
Los Angeles. June 4.
The Illinois legislature has refused to ex-
tend fer nfLy years the franchise Of the
street railway companies of Chicago. 1t -
claimed that the defsat Of the proposed
measure. embodied in what WAS known AZ
the Humphrey bill, has decreased the value
OF street car stock OF Chicago $2,5oo. 900.
Mayor Harrison OF Chicago has made the
following remarks which have an appli-
cation outside Of that city, concerning the
action Of the Legislature:
"The defeat OF the Humphrey bill leaves
the extension OF the traction companies'
franchises whore 1t properly belongs--in
the hands Of the municipal authorities Of
Chicago. In my opinion the next step
should be to bring the extension OF the
franchises before the proper civic author
tiles, where. II they appear with clean
hands. offering the municipality adequate
compensation, the companies will receive
Just treatment. Chicago is a fair city, an
honest city. generous city. It's people
believe neither In destruction nor confisca-
! tion. We need the assistance OF outside
capital to help develop our industries. and
outside capital will flow into our Golfers
only upon the guarantee Of absolute fair
treatment. The steadying Of the values Of
the traction companies stocks will bring
stability to the value of all cur local stocks
and bonds"
The news oil the suit brought yesterday
by the State Loan and Trust company
against the bondsmen OF It's dead secretary,
among whom Is the president of the plain
ffff finn {c fla ofo oil dar-
able comment in financial circles. 1t Is
limited that private feeling has had more
to do with the bringing Of the suit than
any direct expectation of making re-
covery. A stockhoider of the bank, who
desires that his name shall not be used at
xhe present, states that at the time when
the paid-up capital stock of the bank was
reduced from 100000 to 100000, some five or
six years ago. the sum of $l2500 was put
aside as reserve fund tor the purpose Of
meeting contingent LOSSES the Hunt mat
ter being one OF them, The stockholders
were consequently repaid SIS, 800. and the
difference between that amount and $780, :
900. namely $42,50o. has since been used in
making up the expected losses, with the
exception of about $9000.. which is still ON
hand for that purpose and should be ap-
piled to the loss on which this suit Is
brought. He says. further. that OF the
original deficiency caused by loans made
by the bank through Secretary Hunt. and
amounting to some $4,000, the whole sum
has been recovered by careful and judicious
realization Of securities supposed at first
to be worth little or nothing. except the
sum OF $14,0 ,000 which Is all the actual loss
upon which suit is brought to recover
5000. the full amount OF the late Hunts
bond. The question will naturally arise
whether bondsmen OF bank Official may
be held liable for losses incurred by the
bank through loans made by such officer
with the knowledge of the board of dr.
rectors. From this point Of view the case
will have a wider interest thanl II its
settlement were a matter entirely COM
fined to the bank In question.
War to the death was declared against
the Bell telephone companies by the rep
resentatives of the Independent lines in
session at the Palmer house, says the
Chicago Chronicle. In the session of the
previous day 1t had been decided to admit
no one into the opposition organization but
the representatives Of telephone lines This
policy was broadened and in the future ali
interested in any way In the ownership or
management Of telephone lines or instru-
ments or anything in the way of tele-
phone appliances will be asked to CO.
operate in the night against what the del
egates style the common enemy. A numer-
Gus minority stood for close organization,
.bua fcally gave way and the result will be
a campaign against every stronghold of the
Bell companies. The session adjourned to
meet In Detroit the I'D inst.
4 =
"Russia's Plans and Purposes" form the
subject of a timely article in the North
American Review. which points out that
Russia is at present working to definite
end, to make the empire an enormous COM
,mercial and Industrial power. The Trans
Siberian railway will connect Eastern
Asia and thus populate the great plains
of siserin from the crowded population of
Southeestern Asia. The trans-continental
line Will be extended westward to Con-
stantinople, and that city will be made
Russias commercial capital. This is q
big scheme, but Russia has the power to
accomplish It, for her financial and COM
mercial resources are more gigantic than
the world Is generally aware.
The Minnesota Beet Sugar company.
with a capital Of g. OK. 900. has been organ-
lied. A number of Chicago men. represent
ISOLATION, are said to be interested In es-
tablishing in the northwest sugar beet
industry.
At Cleveland, Ohio the sewer pipe manu.
facturers have completed the formation of
the national association. A company has
been Incorporated under the laws Of Ohio.
capital stock $7.500.0O0. There are forty
four factories embraced in the ORGANISE
ton, under the title of the Central Union
Sewer Pipe company.
\ y \
The "Nacion" is responsible for the In
timation that the settlement Of the Buenos
Ayres provincial debt Is practically COM
pleted on the basis of the issue Of $S5, ZOO, 900
Z per cent bonds, which the Argentine
congress Will be asked next session to
guarantee. The interest on this sum 81, :
10000 gold) will be drawn from the or
dinary revenues Of the province.
=
The outlook for suspended New Hamp-
shire savings banks appears to be a lit
ne brighter An ofiicial Of the Peterboro
bank has been Investigating the chances
Of recovering on tho loans and Investments
OF the institution, and on a trim west N ade
the discovery that the market value NJ the
assets is only $4,000 short Of paving The
depositors' claims Of $777.2eo.
The legislature Of Illinois has naased
bill authorizing trust companies in cities
OF less than 100000 inhabitants to do b,,si-
ness on deposit Of $4,000.
=
The supreme court Of Ohio In its dac,s,or
OF the case of the Cincinnati New OrYean.