The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-06-07
GENERAL NEWS
OF INDUSTRIES

In THIS age or multiplying trolieyS III
may not be without interest to Scran-
tonians to note tho development in
some of the larger cities of the belief
that underground iron pipes are in
juriously affected by them. The first
discovery of any Importance Of this
tendency of lost electricity to destroy
gas and water mains was made In Jer-
ley City few weeks ago, according to
"Holland," and it was found that pipes
which were presumed to be practically
impervious to chemical influence were
eaten through, and in many places con-
pletely destroyed, by the influence Of
Home corrodinG chemical. Experiments
have been made recently with other
metals brought in contact with these
sub-surface currents, and it has been
demonstrated that they are immedi-
ately and sever ely affected by them. In
some of the cities of the west, especi.
ally Omaha. these injurious influences
have been found to be very costly. Ia
Omaha. it is SAID. that the damage
done to some Of the mains already rep
resents loss Of some twenty thous-
and dollars. The scientists are
now hard at work trying to
devise some means for overcom.
ing this strange and wholly unex-
pected development following the use
Of the trolley system. Some OF them
believe that it cannot be overcome, un-
less the metallic circuit is made COM
plere, as it is in the case of long dist
anoe telephones. OF course, this would
considerably increase the expense of
the plant. and yet it may be that
municipalities will feel compelled to
insist upon it as condition of the con.
tinuance Of characters. They certainly
will, unless some other means can be
discovered for overcoming the trouble.
This danger is now 80 thoroughly
recognized and well understood that
the scientists have given name to it,
calling it electrolysis.
Activity in tho anthracite trade is
confined just at present very largely to
'he filling Of orders received prior to
the issuing Of the June circular The
new prices have not been Tested, for
the reason that there is little demand
The companies all claim that they will
not book new business at less than the
circular. The soft coal strike has had
the effect of materially Strengthening
the situation.
Creditors of the Pennsylvania and
Maryland steel companies have practi.
cally reached an agreement looking
toward speedy reorganization. The
plan embodies two methods Of settle
nent. One is known as the amicable
plan and the other the judicial reor-
8anization plan. The first plan con-
templates settlement between the
creditors and the company on mutu'
ally accepted basis. Should this fail
the second plan would throw the prop
critics into court and settlement made
by a judicial sale under foreclosure OF
existing mortgage and liens, The ami
cable plan provides that the companies
shall pay to the creditors 40 per cent. of
the Indebtedness in cash, so per cent in
conds on the joint properties of the
Maryland and Pennsylvania companies
and 10 per cent in the stock or scrip OF
the Pennsylvania company. 1t Is also
provided that the stockholders of the
Pennsylvania company, whose capital
is S4 700. 900. shall surrender one-half
Of their common stock holdings. OF
tie amount surrendered 81, 800. 900 is
70 be returned to the subscribers of q
like amount OF preferred stock, to be
sold at par. If this amicable plan can
not be carried ont on the basis as ont
lined, both properties are to bo sold.
They would then be purchased by the
creditors subject TO existing indebt-
edness as regards bonds and common
stock. In the event Of purchase under
the Judicial reorganization plan the
creditors agree to increase the capital
81, 500, 900 by the issuance of preferred
stock. This additional capital is to be
used in operating the works of the
companies. 1t is generally agreed by
the creditors that the companies will
accept the amicable adjustment plan
whenever it ls taken up for considsra-
ton by the stockholders.
Lunch house keepers along the line
Of the Lehigh Valley railroad are dis
satisfied with the new excursion lunch
car which has been adopted by Passan
ger Agent Lee as a feature of the
roads summer passenger traffic. They
claims it evinces contempt for their
business, Nevertheless, the idea NEE Il
with much approval among travellers
The appointment of j. Lowrie Bel
as general traffic manager of the Jer,
Rey Central is regarded in railway cir
cles as presagins spirited campaign
between that line and the competing
systems that crowd it for tonnage. O
recent months. the monthly statements
of earnings by the Central have indi
Gated the existence of more determined
competition in the traffic department
than had been encountered in previou!
years, The Central's business has in
creased, but the margin Of profit, o.
the met" as it is called, has shown
that the other roads We're not resting
on their oars. Mr.. Bells thorough
mastery Of this department and hi
widespread popularity pointed to him
ho tuo OAdNL Ludu lOE tuo pOsltlO0i dU(
ne was therefore secured. 1t is to be
expected that he will make thing.
hum"
In denying the reported sale of the
Carbondsle Traction company to tn,
Carbondale and Forest City Traction
company, the Leader takes occasion t,
remark that Judge Wilbur f. Sadler
of Carlisle, the largest stockholder il
the Carbondale Traction company, /,
much averse to parting with his hold
ings, even under tempting circum
stances. The road, it adds, is paying
handsomely. In spite of the tie-up dur
ing the first winter caused by the heavy
snow storms the road carried roo, 00
passengers during the first year-a sur
prise not only TO the general public
but to the men who invested thei
money in tho enterprise. who woult
have been satisfied If the first years in
come had been sufficient to cover tn
expenses. With SO fine showing it i
reasonable to expect that 10 the conrse
OF n few vearR the line of tho Carhoo