The herald., 1898-04-17
OFFICE OF THE HERALD,
Los Angeles, April 16, 1893.
Contempt should be the best concealed
of our sentiments"

BY virtue of decision Just handed down
In the United States Court of Appeals, the
patents on overhead trolley wires. which
gave monopoly to two large electric COM
panies, have been annihilated. Any one
may now build a trolley car line If he i>l
the means. There are no patents to stand
In the way, and no one can procure an in
junction and stop the work of construction
on the ground of an infringement.
The decision which carries this important
privilege. says the New York Journal wit
II Is in the case OF the Union Railway in
New Jersey. which is popularity known as
the "Huckleberry road case" II was de-
cson on motion for preliminary injunc-
tion but as 1t was on a question of law.
1t Is controlling and conclusive with re-
spect to the validity of the patent and
no appeal lies to any higher court.
Judges Wallace and Shpman handed
down the decision, finally declaring the
broad Van De Poele trolley patents in
valid and void. The Use of freely mount ed
trolley arm pressed up against an over
head conductor is no longer vested III any
particular company or companies, but Is
the property of any one who desires to use
It..
The Van De Poole patents have been in
litigation ever since the second week fol-
lowing their issue. The principal patent
became the property of the Thompson
Houston Electric Company, a branch Of
the General Electric Company. Afterward
the General Electric and the Westinghouse
Companies consolidated, until now hold
Ing the trolley patents which have just
been declared void.
Ihs Walker Company of Cleveland bid
for a share of the trolley business of the
country. 1t was sued and enjoined. but 1t
kept on fighting the patents with new
counsel aud now 1t has won the day. The
Importance Of the decision is very great,
since it may revofut!onize rapid transit
to large extent. 1t will enable the trolley
system to compete moro powerfully wit h
steam railroads. and will undoubtedly lead
to the building of many new trolley roads
oil over the country. AS the decision is
conclusive, the long litigation over trolley
rights must now end, and there will be
nothing to prevent a general building of
new trolley roads,
After some delay the elew Chinese loan of
$50 OI0. 900 was submitted for public sub
ecription half OF the amount being offered
IN London and the other half in Berlin.
The outcome was. however. a surprise. 1t
would seem that the Berlin financial public
rendered Subscriptions for some thing more
than the amount allotted to that city.
On the other hand, London absolutely re-
fused to take kindly to the loan and sub
scribed for very small portion of the
S400OO,000 that was to have been placed
there. This outcome, says Bradstreet's,
IS surprising, In view of the Importance
which was attached to the loan in con-
nection with Great Britain's policy in Chi
rese matters and the long diplomatic
struggle which was carried on at Pekin
between Russia ard England, the ques-
tion al issue beirg which of the two powers
IN question should supply China's imme-
date financial needs and thereby gain
l.ra tts,.r ts,f1,, to- IT,,
with her foreign policy. 1t would seem
that London investors considered that the
unsettled condition of affairs in the East
the weakness of China and the attitude of
the powers seemingly bent upon partition
ing the country, would leave her IN con-
0i.ion. financial and otherwise, rendering
the security offered for the 0ew loan COM
paratlve.y worthless. The answer to the
application. at any rate, was public sub
scrption for the bonds to the extent of
only S1.500010, thus throwing the respon-
siblty back upon the underwriters, some
a of whom, it seems, perceived what was
coming and endeavored to sell out some
days before the subscription actually
closed.
Replying to an argument that borrowers
In building and loan associations will not
be benefited by lowering of the rate OF
interest to 5 per cent. the Philadelphia
Ledger says: AS to the mere arithmetical
questionable advantage to a borrower in
q low rate of interest-we do not see how
that can be questioned Five per cent
costs u borrower less than six, four less
than five, three less than four, two less
than three. one less than two, and none
less than one. We admit however, that
very few homes have been secured on
arithmetcal principles. Smaller pay
ments and longer time would undoubtedly
cause the borrower to part with less money
the building SOcafV hIt all know
that it is quite certain that he could not,
in the end, place his hands on the amount
supposed to be saved. He would spend It,
The Philapelphia Manufacturers Ma
tional bank has reduced its capital from
celved par in cash for their stock, thus
holdings. The inability to use all the
capital to advantage, owing to the prev
alent low rates of interest led the directors
to recommend this course.
The II. b. ClaHin company has declared
. quarterly dividend of IL per cent on IT'S
common stock, payable April Is.
Commissioner Dearth has sent out his
preliminary report Of the business of fire
Insurance companies in Minnesota. Stock
companies of other states wrote risks
HlnOuHtlHS To $lJj jZU4,oli, received IN prem
iums, s2.556,7a7; and paid in losses. $l,1e2,-
527. Foreign companies wrote risks
amounting to $S7,466,iH; received in prem
iums. s1,O43673; and paid in losses, s45l 1892.
Mutual companies wrote risks amounting
to 1852 004; received in premiums, $685.. FOG;
and paid in losses, $S2.16S. The average
premium rate of stock companies was S1.29
per $100 of insurance, and the per cent of
losses incurred to premiums received, "A.
o o O
The supreme court of this state decides
that a partner who withdraws from a
firm is liable only for partnership debts
no matter what indebtedness may after
ward attach to the firm, IL the assets at
the time of the partners withdrawal were
sufficient in value to pay that portion of
the Indebtedness for which he was liable,
those assets must be first applied to the
payment of that portion of the indebted
ness.
In the government returns Of the foreign
the merchandise Imports Is set down at
$9S.2 900, gold, and that Of the exports
at SOL 1884, 900, these totals showing, as COM
pared with 1896, a decrease of S13S75 900 in
the imports and SIS, ,633, 900 in the exports
The decline in the exports is largely ac-
counted for by diminished shipments of
+; wheat, owing to the bad harvest of 1S96-97,
mainly In cotton goods, timber and sugar
The value of the imports from Great Brit
ain Is returned at $36, ,392 900, which is far
and away In excess Of the amount credited
to any other country, Germany ranking
next with $11,114.OOO. followed by France
the United States with $40, ,101 900. or Ar
genttne eXDOrts hOwever tha In rpast ,,ur