Street Railway SUPPLEMENT I t ': OF THE ommercial & inancial hronicle. (C F (C i FOR INDEX OF COMPANIES See pages 92, 93, 94, 95 and 96. «iw wiTn IFeTDZLnxairy 23, 1901. MKjr- WILLIAM B. DANA COMPANY, PUBLISHERS, PINE STREET, cobneb PEARL STREET, NEW YORK. [Entered according to Act of CongreBuin the year lOOO.tiy William H. D ksx Company, tn Office of Librarian <<r Congress, Washington, D.C.J A. N. CHANDLER & CO., BANKERS, THE BOURSE, FIFTH STREET FRONT, PHILADELPHIA. FIRST MORTGAGE RAILROAD BONDS AND OTHER HIGH-GRADE INVESTMENTS. All bonds offered by us have been carefully seleoted and investigated as to legality of issue, physical condition of the property and permanent financial success of the Company. An experience of many years affords the advantage of intelligent counsel in the making of investments. Attention given to the organization and financing of corporations. CAPITAL FURNISHED FOR MERITORIOUS RAILROAD ENTERPRISES. H. B. HOLLINS & CO., COR. WALL AND BROAD STREETS, Issue Letters of Credit for Travelers, Available in all parts of the World. DEALERS IN INVESTMENT SECURITES. AGENTS FOR THE INTERNATIONAL AND MORTGAGE BANK OF MEXICO. WHITAKER & COMPANY, SUCCESSORS TO WHITAKER & HODGMAN, BOND AND STOCK BROKERS, 300 North Fourth Street, - St. Louis, Mo INVESTMENT SECURITIES AND MUNICIPAL BONDS. WE BUY TOTAL ISSUES OP CITIES, COUNTIES, SCHOOL AND STREET RAILWAY COMPANY BONDS, AND DEAL IN HIGH-GRADE COMMERCIAL PAPER. MONTHLY CIRCULAR QUOTINQ LOCAL 8ECURITIE8 MAILED ON APPLICATION N. W HARRIS & CO., BANKERS, NEW YORK. CHICAGO. BOSTON- ISSUE TRAVELERS' Deal in Bonds of Railroad, Street LETTERS OF CREDIT Railway, Gas and Electric-Light AVAILABLE IN ALL PARTS Companies. OF THE WORLD. Municipal Bonds Bought and Sold. QUOTATIONS FURNISHED FOR PURCHASE, SALE OR EXCHANGE. (BANK IERCE 31 NASSAU ST., Bu°rLDiK NEW YORK. CABLE ADDKB8S: SABA. Street Railway SUPPLEMENT OF THE- Commercial & f inancial ^ hronicle. [Entered according to Act of Congress in the year 1900, by Willi am B.Dana Company, In Office of Librarian of Congress. War.hinaton, D. C) NEW YORK, FEBRUARY 23, 1901. ply to find where the current enters the main and Supplement. Street Railway stop that, as then there can be no current to leave the pipe. Stray currents, however, cannot be entirely The Street Railway Supplement is issued semi-annually and i8 extra charge to annual subscriber of the furnished without every the single trolley system is used COMMEECUL AND FINANCIAL CHRONICLE. prevented so long as The Investors' Supplement, isssued quarterly, is also furnished with the rails in contact with the earth for the return without extra charge to every subscriber of the Chronicle. be ob- The State and City Supplement? issued semi-annually, is likewise side of the circuit. Complete freedom can furnished without extra charge to every subscriber of the Chronicle. tained oaly by furnishing a return path from which The Quotation Supplement issued monthly is also furnished with- out extra charge to every subscriber of the Chronicle. there is no escape, as in the double trolley system, Terms for the Chronicle, including the four Supplements above named, are Ten Dollars per annum within the United States and with the conductors either overhead or in a conduit. Twelve Dollars (which includes postage) in Europe. Another danger from the absence of an adequate re- WILLIAM B. DANA COMPANY, Publishers, turn system is becoming evident. At some railway Pine Street, corner of Pearl Street, crossings it has been found that there is practically no Post Office Box, 958. New York return conductor for the electric current, so that at these crossings if a car does not have sufficient mo- RESPONSIBILITY FOR DAMAGE BY mentum to pass without the use of its motors, it will ELECTROLYSIS. become stalled on the crossing. This grave danger The loss to electric railway companies of motive should cause increased watchfulness of the bonding power due to stray electric currents is in general an at these points. unappreciated quantity. As these stray currents are An important decision in relation to the responsi- prevented so is a large economy in fuel obtained at bility for damage to underground pipes by electroly- the -generating plant and a wholesome immunity sis has recently been given at Indianapolis, Ind., in a secured from damage suits due to electrolytic ac- preliminary Superior Court decision overruling a de- tion. The effects of electrolysis upon gas and water murrer in which the defendant endeavored to set the pipes are at present most familiar, but cases of injury case aside. The action was brought against the In- to stand pipes and the steel frames of tall buildings dianapolis Street Riilway Co. by the Manufacturers' are gradually coming into prominence. Natural Gas Co. for alleged damage to its pipes by The electric current always seeks the easiest path, the currents of the railway company. The substance and as the joint resistance in cast-iron water pipes is of the decision is as follows : about 95 per cent of that of the total line, the cur- The defendant operates its cars in such a manner rent leaves the pipe at a joint either permanently for as to seriously injure, and in some cases destroy, the a conductor of less resistance or to pass around the plaintiff's pipes. The plaintiff cannot by any known joint to the next length. Since the evil effects from method protect its pipes from injury, whereas the electrolysis are usually found at the point where the defendant can operate at reasonable expense its cars current leaves the conductor and not where it enters, in such a manner as not to injure said pipes. the effect is more serious in the latter case when the The plaintiff owns its pipe line, which is property current passes from the spigot to the heavier bell end within the meaning of the law, may be taxed, sold than vice versa. The soil around the pipe ordinarily and purchased as other property, and is laid in the presents an easier path than the water inside, so that street by legal authority. The railway company there are usually more and deeper pittings on the uses these pipes as a conductor for its return current, outside of a pipe than on the inside. This is for. thereby destructively using private property for pub- tunate, as the inside of a pipe is not easily inspected. lic use, which demands just compensation. The wandering of the current may be lessened in a The city did not grant a monopoly of the streets to great degree by having all rail joints equally well the defendant or its predecessor, and the fact that its bonded and of the same resistance to the flow of the equipment was established in the street before the electric currents as the remainder of the rail. Much piaintiff's pipes does not relieve the railway company benefit may be derived also by return track feeders of responsibility for damage due to its currents; having tap connections to the rails every 300 or 400 that the gas company is not a trespasser, but while feet, with cross-bonds midway between. In the en- using the streets lawfully has its property taken deavor to stop electrolytic action it is necessary sim- by the defendant in the course of its operations. STKEET RAILWAYS. For these reasons Judge Brown considered that the for storage batteries of 3,000 kilowatt hours capacity. plaintiff had good cause for action and overruled the It is not intended to use these at first. The demand demurrer. upon the third rail for power and heat and light in the trains will vary from 5,000 horse power to 60,000 TEE ELECTRICAL EQUIPMENT OF THE horse power, with a daily average of about 30,000 MANHATTAN RAILWAY. horse power. Eight dynamos rated at 5,000 kilowatts, The two striking characteristics of the electrical but able to deliver 7,500 kilowatts(10,000 horse power), equipment of the Manhattan Railway, which is ex- are to supply the current. pected to be in partial operation by June of this year, There are several noteworthy characteristics of this are immensity and duplicity. When finished, the system given in a report by the company's engineers, Manhattan plant will be much the largest steam- Mr. George H. Pegram, Chief Engineer; Mr. W. E. driven electrical plant in the world. Add to this the Baker, Electrical Engineer and General Superinten- fact that every contingency which skilled and zealous dent, and Mr. L. B. Stillwell, Consulting Electrical engineers can foresee is guarded against and provided Engineer. The potential of 11,000 volts, instead of for by duplicating or substituting parts, and a result the ordinary 6,600 volts, at which the current is de- is obtained which it is difficult to appreciate, but livered, effects a reduction of 40 per cent in the which demands admiration. amount of copper required in the conductors. The In the fiscal year ending June 30 1900 over 184,- higher potential requires a higher degree of insulation 000,000 passengers were transported—an average of to obtain equal security against accidents, but as a over 500,000 per day. During the period of maximum matter of fact the rate of increase of insulation is traffic there are about 225 traits, hauled by steam greater than that of the potential. locomotives, in operation between terminals. A daily Great care has been taken in the matter of switches. average of over 620 tons of coal and 1,460,000 gallons Since the power required to operate the road varies of water is required for the locomotives, of which the widely during the twenty-four hours, an unusual heaviest in service weigh 34,000 pounds and handle amount of switching is demanded to secure an eco- five loaded cars.