Street Railway SUPPLEMENT TO THE ommercial & inancial hrowicll (C F (] FOR INDEX OF COMPANIES # See pages 95, 96, 97. 98, 99 and 100. I^^'^We have no extra copies of this Supplement. 2S, 1 WILLIAM R DANA COMPANY, PUBLISHEBa PINB STREET, coeneb PEARL STREET, NEW YORK. Entered according to Act of Congress in the year 1903 by William B. Dana Oosipant. In Offloe ol Librarian of Congroaa, WaahlnglMi, D.C^^m A. N. CHANDLER & CO., BANKERS, THE BOURSE, FIFTH STREET FRONT, PHILADELPHIA. FIBST M0BTGA6E RAILROAD BONDS AND OTHER HieH -GRADE INYE8TMENTS. All bonds offered by vta have been oarefully selected and investigated as to legality of issue, phjrsioal 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 investmentSi 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. A9ENT8 FOR THE INTERNAIIONAL AND MORTGAGE BANK OF MEXICO, E. H. ROLLINS & SONS, BANKERS. MUNICIPAL AND CORPORATION BONDS. 19 MILK STREET, BOSTON. DENVER. SAN FRANCILC;0. ENTIRE ISSUES OF STREET RAILWAY BONDS BOUGHT and SOLD. SPECIALISTS IN HANDLING CHOICE ISSUES OF BONDS BASED UPON FIRST-CLASS RAILWAY PROPERTIES LOCATED IN OR BETWEEN LARGE AND PROSPEROUS CITIES. 8»nd for Monthly List and Special Circulars giving full information Upon these and other Municipal and Railway Bonds. E. H. GAY & CO. BOSTON, 131 Devonshire Steeet. PHILADELPHIA, 421 Chestnut Street. Telephones : 3143 Boston, 3189 Boston. Telephone : 41-86 Philadelphia. NEW YORK, 1 Nassau Street. MONTREAL, 189 St. James Street. Telephone : 1082 Cortlandt. Telephone : Main 1907. Street Railway SUPPLEMENT TO THE- 0MWERC!AL & lNANCIAL hRONICLE. £| f £| Entered according to Act of Congress In tlie year 1903, by William B. Da2ta Company, In Office of librarian of Congress, Washington, D, O. ^A weekly newspaper entered at Post Office, New York, as second-class matter—William B. Dana Company, Publishers, 76J^ Pine St., N. Y. Vol. 76. NEW YORK, FEBRUARY 28, 1903. No. 1966. Street Railway Supplement. connection. The connecting link is called a bond. As copper has seven times the conductivity of a steel rail of the same section, it is the material employed. Copper The Stbeet Railway Supplement Is issued tliree times a year and la furnished without extra charge to every annual subscriber of the wires, twisted into the form of rope or cable, and with COHMERCIAL AND FINANCIAL CHBONICLE. solid ends or studs which are fastened into holes in the Thb Investors' Supplement, Isssued quarterly, is also furnished vithout extra charge to every subscriber of the Chronicle. ends of the rails, are used for this purpose. Instead of Thb State and City Supplement, issued semi-annually, is likewise jumping across the rail joints, as it might do if the pres- tnnilshed without extra charge to every subscriber of the Chronicle. sure (which would then be equivalent to a great waste of The Bank and Quotation Supplement, Issued monthly, is also lur- nlBhed withyut extra charge to every subscriber of the Chronicle. power) were sufficient to force it, the current leaves the Terms for the Chronicle, Including the four Supplements above rail for the copper and goes around the joint, re- named, are Ten Dollars per annum within the United States and turning to the rail on the other side. There Thirteen Dollars (which Includes postage) in Europe. must be ample conductivity in the bond itself. There must be a- close contact between bond and rail, without WILLIAM B. DANA COMPANY, Publishers, Pine Street, corner of Pearl Street, danger of electrolysis or of working loose. There must Post Office Box, 958. NEW VORK. be enough elasticity to absorb the shocks which might gradually work the bond loose from the rail or even break BAIL BONDS. it in two. There must also be protection for the bond Many readers \nov^ tlie general fact that electricity re- fi'om thieves, who would not hesitate to wrench it off and fuses to go from one point to another unless it can sell it for junk if it were so placed that they could get at it. return; that is, it insists upon a circuit. The substance These conditions must be met by a good bond. of which the return path consists may be of poor con- One form of bond is made by casting into its terminal ductivity, or of insufiicient size, or of imperfect con- or knob-like end which enters the hole in the rail two tinuity ; but the current gets through somehov , always hardened bronze plugs ; when in place, a compressor tool choosing the path of least resistance, which, electrically forces these two opposite plugs a quarter inch towards speaking, is always the shortest way. Put sufficient each other, thus expanding the terminal within the hole pressure behind the cuiTent and it will overleap a gap and making it turn over like a rivet-head on the outside. just as a running jump may carry a man over one wliich Another pattern founds its especial claim on being a one- he could not cover from a stand. But if the path is piece bond, the copper wfre cable being bent over, and its difficult, either by the nature of the material or by the ends being finally forced into the form of a short round insufficidyfsize of the conductor, or because there are knob by pressure in a die ; the claim is that as the con- some little gaps like cracks across (thus furnishing ductivity of drawn copper is greater than that of cast miniature chasms), there is a hindrance, and heat is pro- copper, this form is superior to any in wliich the terminal duced. A current with a heavy pressure will quicldy is a separate piece and attached, and also that where bum out a wire which is very much too small. The there is no joint there certainly cannot be an imperfect fact that a spot of imperfect conductivity makes an one. Another—which claims to produce the needed per- " arc," is utilized to produce electric light ; the same fect molecular union by fusing the terminals to the flexi- fact that interrupted conductivity is a disturbance, sets ble portion—uses the term "protected" as its trade title, up the destructive process called electrolysis where the making a strong point of so placing its bond under the conditions favor that j the same principle is utilized to fish-plate which fastens the rails together that thieves great profit in many electro-chemical industries—some- cannot get at it. This pattern of bond is made in a great Avhat as friction, always inevitable and always opposed variety of forms to suit varying conditions, and among as an enemy, is really an indispensable aid in other thesw forms is one with flat bands instead of round aspects. twisted wires; for this style the claim is made that it In the case of electric railroads, the necessary return yields especially well to the expansion and contraction of path is obtained by using the rails. But the rail, while the rails lengthwise. making up measurably in size what it lacks in conduct- The rail-bond, practically a portion of the track over ivity, has joints, and these joints must be bridged by some which the owner and non-owner of securities of electric STREET RAILWAYS. roads trarel with probably no tliouglit about it, is thus an switch turns the car and the trolley follows because the article which involves practical questions. Its perfection car pulls it ; but the double trolley requires some special or imperfection has much to do with the comparative arrangement. Where a branch like a Y joins the main •efficiency of the operation and the conservation or the track at an angle, one wire at the exact place of junction waste of power, all of which is sui-e to get into the has a short piece in it which is hinged like a gate and is financial results. held closed by a spring, so that the main line is continu- ous. When a car approaches from the branch to enter the main line, one trolley strikes this switch-gate and IMPROVED TRACKLESS TROLLEYS. pushes it until its end makes contact with the opposite main line wire, Avhile ; In a previous Supplement mention was made the other trolley rolls around the of the trackless trolley lines in operation abroad and ''corner"; when the trolleys have passed, the spring of the short one lately built in the town of Franklin, X. restores the gate to its former position. Over the main H. Since absence of the rails deprives the current of its line in either direction, and from the branch into the usual return path through them, a second overhead wire main line, the arrangement works of itself, for going and a second pole and trolley are necessary, the current from the main line into the branch the gate must be coming in to the motor by one wii'e and trolley and re- opened by hand, although some further arrangement may turning by the other. There is an instance of employing perhaps make this unnecessary. two overhead wires for the complete circuit when tracks Even with the fact before us that the automobile has are used, but this will probably never become general, attained railroad speed and much more than regular rail- for there is some special awkwardness in keeping the road speed on broad and exceedingly good highways, it is trolleys on, as the cars do not maintain a fixed line and not reasonable to suppose that high speed can ever be must turn out for one another.