Word: steams
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Dates: during 1930-1939
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...railroads from the Aberdeen & Rockfish to the Yreka Western, all conventional locomotives have what engineers call a ''Johnson bar" -a manually-operated seven-foot steel lever which puts the locomotive either in reverse or forward motion and also controls the flow of new steam into the boilers to adjust speed. On small engines the Johnson bar causes no trouble, has been used for 50 years without improvement. When bigger engines began to appear 20 years ago, however, handling the bar became back-breaking work and the Brotherhoods of Locomotive Engineers and of Locomotive Firemen and Enginemen began agitating...
...Burned under a steam boiler, coke, coal or natural gas produces flue gases which are largely carbon dioxide. These are purified, piped into steel cylinders weighing 20 to 50 lb. Under pressure of 1,400 lb. per sq. in., the gas liquefies, forms the product known as liquid carbonic...
Already alarmed by the way their shares had condensed on the New York Stock Exchange last fortnight when dividends were passed (TIME, June 14), the unhappy preferred stockholders in New York Steam Corp. must have felt last week as if their corporate fires were about to go out. After the break which carried Steam's two preferred issues down 20 points in one session, the stocks rallied briskly, the 6% series having climbed by last week to $96 per share, the 7% series...
Then at the opening of the market one morning the Steam specialists could find no bids fit to print on the ticker. Stock Exchange officials went into a huddle with the specialists. Nearly an hour after the opening a quotation finally appeared on the ticker-70 bid, 90 asked. After nearly another hour the first sale appeared-$73, off 30½ points. But no bid could the specialists rustle up for the 6% series until 1:30 p. m., when the tape recorded the market as 50 bid, 75 asked. The first sale...
These "air pockets" that even the specialists did not care to bridge were caused by an overnight decision of the New York State Public Service Commission. Steam's friendly neighbor, Consolidated Edison of New York, which has long owned stock control of Steam, last spring brought its ownership up to 96% in open market purchases which squeezed the price of Steam common from $17 to $33 per share in a fortnight. Anxious to merge Steam with its gas & electric properties, Consolidated applied to the Public Service Commission for permission to offer its own preferred stock in exchange for Steam...