The herald., 1897-06-19
OFFICE OF THE HERALD,
Los Angeles. June L

Los Angeles, June IS, 1897.
The wel-heralded meeting of the com
federation of local credit mems clubs under
the title, the National Credit Mems Asso-
citation, was held at Kansas City last week.
The report of the secretary showed that
local associations had been organized In
nearly every large city In the country since
the first annual meeting Of the association
held in Toledo last June. Since that time
twenty-three local associations, with
total membership of 1891 have been organ
lied. The choicest utterance Of the first
day Of the session was by one of the vice.
presidents of the association. In his
speech in behalf of the national organiza-
tion and the east he made the
following plea for less reticence on
the part of those approached by
credit men in search of information:
"Do not be too choice of your confidence.
Bestow 1t freely whenever and wherever
you have reasonable grounds for believing
1t will not be abused. Do not keep ala
baster boxes Of confidence to break over
the collins of disastrous failure" On the
second. day, Wednesday. Mr.. A. L. Reddan
of New Orleans presented paper on
Mercantile Agencies and Report Of Com
mittee Thereon" while Mr.. G. ]. Hoovey
Of Chicago discussed Business Litera-
ture." and Mr.. S. S. Conover of New York.
"Credit Department Methods" The ad-
dress Of the day was that by Mr.. James G.
Cannon, vice-president Of the Fourth Ma
tional Bank of New York on Individual
Credits" Mr.. Cannon was subsequently
chosen president of the association.
Referring to the late decision of the Su-
preme Court in the matter of the San Luis
Obispo bonds, which decision and its ef-
feet were discussed exhaustively in this
column in the issue of the 18th inst, The
Oakland Inquirer says: The Los Angeles
city officials have come to the conclusion
that, In consequence of a late decision by
the Supreme Court, 1t would be folly to
hold any more bond elections. In the San
Luis Obispo case the court held that i'm
provement bonds must be payable in gold
coin or in lawful money Of the United
States-the latter being silver dollars,
greenbacks treasury notes or gold at the
option of the payer. Now, Los Angeles
does not believe anybody would take her
bonds on those terms, and proposed
election for 10000 of school bonds will
probably be abandoned. OF course If Los
Angeles cannot sell lawful money" bonds,
neither can other cities; in fact, Santa
Rosa has tried 1t and failed.
1t is understood that no arrangement
States Government for the payment or ad-
justment of the debt owing by the Central
Pacific Railroad Company to the Govern
ment. and maturing January l, 1898.
Messrs. Speyer & Co., in co-opera-
ton with their correspondents in
England, Germany and Holland, pro-
pose to call for a deposit of Central Pa
cific Railroad Company bonds. This step.
We are informed, is not contemplated on
account of any apprehension regarding the
company's ability to punctually meet it's
obligations as heretofore, but the de-
posit is proposed in order to secure effec-
tive representation of bondholders in any
negotiations that may take place, and
thereby facilitate satisfactory adjustment
with the Government. Notice giving con-
ditions of deposit will be published shortly
IT Is also understood that the Central Pa
cific shareholders London committee in
tends asking stockholders to deposit shares
in New York, London and Amsterdam,
with a view to secure proper representa-
tion and unity of action of shareholders.
The Central Pacific's maturing debt is be-
tween $l5.0O0,00 and $50. 900. 600. besides in
terest at 6 per cent. for thirty years. The
company. however. unlike some other
railroads. is perfectly solvent and in good
credit, and is abundantly able It is said.
to take care of all its obligations, as it has
in the past. Previous bonds were paid out
of the sinking fund as they fell due in the
regular course.-N. Y. Financer.
4
The Special Building Committee of the
Chamber of Commerce in New York, an
nounces that the building fund has reached
s50O,000, subscribed by eighty members. 1t
is expected that the million dollar mark
Will soon be reached and then plans for
fine new building will be made. There are
1880 members of the chamber.
\ \ \
A Hardie compressed air motor is to be
tried on the Sixth Avenue line Of the New
York IL" road.
+ + 4
According to Ottoman Haupt the supply
of gold In the principal banks and treasures
of the world at the end of each year since
1890 has been AS follows:
ls%. $1,51O 600. 900
Ie9I 1863 900, 900
loS2. 1,7SS 900, 900
1888. ...... 1885, 800, 900
leH. ....................... 2,G41 100, 900
1919. ....................... 2.132 600, ,OO0
1875. OBSERVATION-DISCLOSURES. 2226 400 OOO