The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-06-01

lions have been plentiful that Boston
has accumulated large amount OF
available capital which is eki m
vestment in high grade securities
Another Feature of the Financing.
But for tina part of the country
which lies outside of New York city
the financing of this largest block OF
corporation securities ever offered for
sale will be of great Importance HoN
much of the money thus raised VII
be used to pay for labor and for sal
aries is at present only a matter OIL
g~uesswork. A very large proportion
of it will be expended in this way
That of itself will indirectly
various kinds of trade. especially those
esteemed the necessaries of life. 1t is
the belief of the managers of the SUD-
way corporations that a good deal OF
will be invested in little plots of land
upon which comfortable and w
lent little homes may be built. Those
who are familiar with real estate con-
ditions upon Long Island expect to see
a considerable portion of the wages
paid for laborers invested in homes
upon Long Island That means OF
course, the stimulating o. the build
ing trade.
many miIlions-n one can now say
how many-in the structural steel and
the other materials which Will be utIi-
lied in the building of the subways,
and Of course a very large expenditure
for steel cars and electric motors ard
also for the equipment of the
and elevated lines with electric ap-
paratus.
Almost every dollar of this expendi-
ture will go to other parts of the
country. The structural steel manu-
~facturers will receive large contracts.
The makers of the highest grade of
steel rails will also find a market for
fhair Drnd,,cto in these extensive sub
ways. The makers of concrete Will
also receive heavy orders.
There is in New York city no man
ufactory occupied in making electrical
apparatus of the kind needed for the
equipment of these rapid ransit sys-
TENS. Pittsburg, Schenectady, and,
presumably, Philadelphia, will be ben
Gifted by the heavy orders which are
There must be constructed power
houses capable of furnishing the en-
ergy sufficient to operate trains upon
the many miles of these new subway
lures necessary for building these new
power houses will reach other than To-
fields.
1t is not an exaggerated view to say
hat probably not far from one-hal1
the total amount needed for the con-
of these new subways Will
be expended in other parts OF the
country han New York. Some OF the
viii necessarily be upon SO
large a scale as materially, as wen
beneficially, to affect some of the
great manufacturing plants in other
parts of the country.
From this point of view this colos-
undertaking is national and mott
local.. 1t serves to illustrate the fact
that New York city is in the broades
sense a national community and not a
purely local one. Sometimes our
bankers and business men, when
- e %Li- ~-@~0cifin1 q fhQft
it is to furnish the finest demonstra-
ton of the triumph of American in
in the utilization OF electric
energy for transportation purposes:
For it is remembered hat in 1907
there was no apparatus competent TO
the transportation work now car
ried on in the Hudson river tubes or
the approaches to the colossal
Grand Central terminal. now alrnost
completed. No inventor and no man
of science had perfected-in TACT mad
scarcely thought of-the apparatus
competent to do this work. 1t was
only a year or two earlier that Mr.
Gould and his associates of the ele-
waited railroad mustered up the sour
to equip the elevated railroad sys-
tenn with the third rail- In 1902 the
legislature of New YORK COMMANDED
he New York Central Railroad COM
pany to the use of steam To-
motives and to substitute therefor
electric energy from the Grand cen.
trail station to a point just north OF
The Harlem river. Science and capital
we're compelled to meet these require
within five years. Science a
begin almost upon original or new
But American inventive genius
was equal to the emergency. so that
It was shown how the present SUB
Yavs could be operated by electric en-
ergy. Now there is no doubt of the
ufficiency of electric apparatus to
meet all 9th e requirements of a per-
meet all of the requirements of a per-
accomplished within ten years
uOTI.AND