The evening times. [volume] (Washington, D.C.) 1895-1902, 1897-07-12
Third Rail System Designed for
All His Reads.
STEAM MOTORS TO GIVE WAY
Surface and Elevated Lines To BE
Equipped With Electrical Appa-
rstGs and Usher ia the Last Days
OF the Locomotive Millions 10 BE
Gained ny the Projectors.

kaa has u6btThhUNu 70 equip Sal elAC tdiA-
reads under his control with the ''tnird
rai" electric system. This is an enter
prlsc which viii call for the expeBdirgre of
al immense amount OF money. Few con-
troi suffic.eHt millions to embark IN sCch
al undertaking, aud Those W ho do are
wary of attempting it
The only time Ma. Morgsn's friends have
Qu, STONED ms Judgment was when ne IOoh
item into General Electric. He Is about 60
les.d them ouL with honor TINS D. how be
PROPOSES TO DO 1t:
Ml Morgan has acquired control uf nine
great raLroad systems lie VIII equip
tAeIn all with the Third rail- electric
system.
Inc New York, New Haven and Hart
ford is now getting the first appliances,
ard the resi-Ghe New York Central, the
Rcading, the Lehigh Valley, tue Erie,
tire Southern. the North Pacfic, the
Big -Four and tie Chesa peake aad ONO
wiz To.lVg in due time The steam LOCO
mott YES dag is past.
Mr Morgan J. not given TO betra yang iila
pet projects, even to his best friends, but
a lew OF tnem have kDown that he hasOnly
been waiting for the perfection of the
sIhird rail- system to launch the greatest
enterprise OF modern IaiIroadh already
plauEed down 10 the small details.
He H. a heavy holder of General Electric
sock He i,oupbt when it was hlsh The
ganderfdlis, IL NICK 1woIubly ana oJhe,
fIiencs, bought with him. Then losses
nearly led 20 open rupture with tae finan
cier, and he criticism that fell 10 his lot
ranked deeply.
through az efforts Of Alr. Morgan the
Ne~ Xuik, NV Haven & Hartford RAD
road took up the third rail system as soon
az Jhe General Electric Company had per
fC"tcd its patents. Exhaustive trials weta
made unaer an sorts OF conditions. 1t
was found mat a speed OF l0o EHles an
hodr could Le Inain aimed by the raj. fed
nio.ors attached 10 heavy trains.
Speoifca IONS were Ora "A, W hich showed
that tie cost OF equipment and the eX-
pea3e OF uaiH enance aud operation we're
less thaR for steam rpads. ana cuEtr.Ict
was entered into leiween Mr.. Morgan 5
n,aHufacrurEE Company. the General EIec-
trc and MT. N0rgans railroad company,
the New Nork. New Haven 4 Hartford.
The firs. trials OF the system were made
on the New BaitaiU-HaHford branch or
the road a'out two months ago The New
Haven Cons. a. Low ctEIppsng - TUs-
ton Yards. ". also handle the traffic OF
the Boston & Maine. the Boston & Albany,
tie New York X New England and the Old
Colony lines.
Specifica ions for the equipment of the
en lie New haven system. 2.O23 miles OF
ir..ck. have irca Submitted 10 President
Clark, and are expected to be adopted at
once
Mr. Morgan's influence has also Teen felt
an the iGtIOduction Of the system "a. New
York The Metropolitan Traction COmi i.any
l. about u CoutIsct with the General Elec-
tiic Company for the equipment OF its
Iouuh. Sixth. and Eighth avenue lines.
General Manager FIanEioH has it- -omIHend-
&c II TO Russen Sage and George Gould II
tie Manhattan Elevated RaillCad.,
The BroOkiyn elevated railroads have
slSo had pecnications drawn.
Moe than 2 ,t,rJ miles of railIoa tS come
within the scope of Mr.. Morgan : great
lian. stretching fI0m EOstun 10 ToItland,
O.epob, and m the South to Fiofidd and
Mississippi.
He has appeared in most Of them as
IecfEaaizeI. On min mofe tiau Jn aUy
other railroad finaHCier Of the tine has
GCvolved the responsibility Of bringing r8n-
road expenses down within e8 ming power.
These roads, together, represent a "a pItaI-
izatiUn of 81 .0IG, ,25S. With the cx-
Ccpiions OF The New York Central and New
Haven roads, they can only he SuIc dIvi-
denG-pa ycIs by the Strictest economy Of
operation.
10y ihe introduction of the third -Tail''
system, Mr. Morgan proposes to blms z bout
an easy reduction in the running expenses
sufficient foT dividcn ds and a sinking
fund to dischaIge the cost OF the improve
n,ent.
Roughly estimated, the cost of electrical
equipment on thi % 1867 miles OF road VIII
be $547 sd, 900. OF this amount the New
York Central, with fits $3.50 miles, will
bear $1O5.eOo.OoO, and the New Haven,
2,023 miles, $40, 100000.
The cost OF equipping other roads will
be: Erie, 3, 81 miles, S74, ,55e, 900: Philadel-
phia and Reading, 1, 277miles, S25, $40, ,OoO;
Lehigh Valley, 2,694 mites, $50, 3,sSS ,ooc:
Southern Railway, 4, 4,752mileS, S95 ,O40, 600:
Northern Pacific, 4, 34e miles Sse, ,s2o, 900:
Big -Four, 2, 435 miles, S4s, zoo, GOO, and the
Chesapesk kcan Ohio, s43miles. ~, 2I 200.
Practically the whole Of this amount -
S547 SAC, 000 VIII pass through the treas
urvof Mr. Morga n 'selectrical wor ks, leaving
there in the shape of the manufacturers
pr"eit, 20 per cent, or S136, SS5, 900. The
patents for the system, which will bring in
this princely revenue are valued now at
s.. .O0O. 900.
But this direct profits not the only gain
that VIII fall to the lot OF Mr. Morgan.
General Electric stock is now quoted AT
33 5-S. IL viii be worth 800 MI Morgan
and hisassOciatescontrolS2 S25, ,000, 600 worth
OF the stock, the market value OF which Is
$3.50, Huo. TIE gain there viii be SEQ
25O,OO
This S66 .25o ,OCo, added TO the direct
manufacturers profit Of 81 .ss5. 600.
viii hriuE the total profit up to s203,-
$4,000, to say nothing of the Increased
earnings OF the railroads in which Mr..
Morgan has control or OF the commissions
which that astute financier viii earn IN
Floating the S5oa. .cooGoo Of new eouir-
ment bonds. essential in the deal.
MFR. Morgan's movements In th,, railroad
world are exciting new interest. The an
nouncenient Of the passage OF the Lrhiyh
into his hands, In the interests of the New
York Central, has set railroad men think
ing.
SATURDAYS stock market showed the ef-
feet oft news. Itciosed generally higher
buoyed up by the Murgan deals in this
and other Important railroad lines
Have you seen tie Hartford Typewriter?
rr-n
No7 Then do 30 today. None letter, and
sells for 500. TypewItterS' Hea dqua rters
and ManufaelHIers. ACencr 1 2nz y 81