Gambar halaman
PDF
ePub

age-the property to be sold and the company to be reorganized on the following asis: The first mortgages to remain intact, but one year's interest beyond the current supons to be deferred until 1861-1862.

The second mortgage bonds to be exchanged for new bonds maturing 1892, and the ew bonds to be given for the coupops up to March, 1862, and the holders to advance n the new bonds ten per cent. in cash.

The third and fourth mortgage bondholders to convert their holdings into preferred tock at par, upon condition of advancing ten per cent. as above. The general creditors to be made preferred stockholders on the same terms. Stockholders to receive 44 per cent. in new stock. This plan was subsequently adopted in all material points. The principle altera. on was in allowing 50 instead of 40 per cent to the stockholders.

The trustees and receivers took possession of the property Dec. 12, 1859, and conucted the affairs of the company uotil June 30, 1862 ; and on the next day the new ompany reorganized under the title of the St Louis, Alton, and Terre Haute Rail. oad Company, came into existence, with property represented by the following loods and stocks ; 'irst mortgage, 7 per cent. bonds

$2,200,000 preferred.

2,800,000 econd

1,700.000 "referred stock, 7 per cent.

1,700,000 ommon stock

2,200,000 Total representing cost of property.....

$10,600,000 Hitherto the great drawback against the success of the companies that had held be road, had been the fact that the road had never been foished and equipped suffiiently to secure its economical working. In endeavors to complete the works and provide rolling stock for the business, offering the earnings, had been diverted from heir legitimate objects and the credit of the companies involved, terminating in ruin and repudiation, and eventually in bankruptcy and reorganization. Nor did the reorganization wholly overcome these great obstacles to success, and still, though the property bad, during the receivership, been greatly improved, much remained to be doce before the works could be pronounced complete. The estimate of moneys required for this purpose was about $800,000. The amount expended on construction and equipment account, from July 1, 1862, to Jan. 1, 1864, was $469,828 ; in 1864, 8168,703, and in 1865, $160,915, or a total in the three and a-balf years from re. organization of $784,446, all of which was derived from income. These expenses will probably be extended into the future ; but as the earnings of the road have already become considerable, it is not improbable that at a not far distant date, the stock of the company will share in the profits. No default has been made in the bonds or preferred stock since the resumption under the auspices of the new company.

lecond

income

LEHIGH COAL AND NAVIGATION COMPANY.

In the following analysis the railroad and canal accounts of the company are consolidated. Their property is as follows : Canal --Easton to head of navigation on the Lehigh River, two miles above Mauch Chunk...

48 miles, Railroad-Easton to Wilkesbarre, 91 miles.

28 miles. do Branch....

13 miles. do Leased road..

6 do 84 do YOL, LV.-NO. II.

10

open

0 do

1856

The company own in connection with their canal 354 boats, and there are owned and run by other parties 1,036 boats.

The railroad equipment owoed consists of–11 engines, 44 freight and 819 coal cars, rated as 8-wheel cars.

Connected with the mines there are also about 50 miles of railroad used specially for mining purposes.

? he freight of all kinds (tons) carried on the canal yearly, has been as follows, viz.. Year. Asc'ding. Desc'ding. Total. Year.

Asc ding. Desc'ding. Total, 138,965 1,343,921 1,482,886 1861

84,987 1,060,893 1,145,880 1857 98,580 1,042,070 1,140,65011862

108.566 413,232 551,818 91,786 1,034,974 1,126,760 1863

122,521 739,162 861,683 1859 116,714 1,190,374 1,307,118 1864

145,677 800,5.39 946,216 1860 129,608 1,208,767 1,338,375 1865

133,552 914,086 1,047,638 Previous to 1864 the railroad business was not given separately. The railroad. indeed, bad bitherto been considered merely as an accessory to the canal and was nearly altogether out of use from the period of the great flood of 1867 to June, 1864, at which date the Penn Haven and White Haven Branch of the Lehigh Valley Railroad also was brought into operation. lo Jube, 1865, that part of tbe Lehigb and Susquehanna Railroad between the Hazleton Railroad and the bead of the canal, about six miles, was opened to trade in connection with it. The company are now construcțing, or perbaps have completed, an independeot road between Penn Haven and Wbite Haven.

1858

OPERATIONS OF TBE COMPANY YEARLY. The following shows the topnage carried on the railroad between White Haven and Wilkesbarre since tbe reopening of the roal:

-1861 (6 year.)

-1865 (full year. Going Going Total Going Going Total

north. south. tons. north. eonth. tons. Coal

18,195 94,950 113,175 85.478 251,966 337.444 Lu er...

247 9,987 10,234 4,282 15,127 19,409 Cork wood & bark...

66

66 Lime and limestone.

102

102 Oth. stone, plast'r&c..

40

364 Merchandise

571 135
706

356 Total tong.

19,013 105, 102 124,115 90,234 267,547 8577,781 Passengers carried..

18,566...

26,333 The coal going vorth was transported from the places to the Wyoming Capal.

The abipments of coal from Mauch Chunk, East Mauch Chunk, Penn, Haven, Lockport, and Wbite Haven, by canal. with the di-tribution thereof for the years ending December 31, 1858.66, both inclușive. have been as follows:

Tons

Distribnted thas- - Dis'n from Del, Div. C. Fiscal

Coals cons. on Paseed into-cons, on ent'd reached Years.

Shipped. the line. Mor's C. D. Di C. the line. D. Div. C. Bristol. 1808.

908,999 114,537 281,950 512,512 54.888 164,149 293,475 1859.

1,050,659 188,779 255,404 600,506 41,342 301,419 263, 745 1860.

1.091,032 174,626 277,083 639,323 36,774 3 1,816 260,733 1861.

994,705 139,875 272,728 582,102 26,171 267.347 238,584 1862

896, 227 72,591 106,431 217,201 13,400 97,410 106,892 1863.

699,657

114,164 208, 396 376.996 24,419 196,559 150,016 1864.

758,487 93,039 194,096 470,952 27,426 241,201 202,325 1865.

888,784 82,235 217,813 588,736 28,930 399,067 160,739

INCOME ACCOUNT, FARNINGS, EXPENSES, ETC. Year

Rents and Coal sold Canal tolls, Profits ending

sales of and

less

on

Total Dec. 31.

R. Estate. Mine rents, collection. Railroad. receipts. 1856.. $27, 142 $137,889 $699,628 $

$864,657 1857. 30,031 81,787 481,472

599,270 1858 24,053 105,592 466,212

595,857 1859 31,616 186,609 454,463

672,658 1860 73,589 198,611 481,118

753.318 1861..

18,614 107,626
402,106

528,246 1862. 205, 159 89,112 165,457

307,347 1863.

25,880 759,680 346,729 20,405 1,152,694 1864

25,300 960,325 497,820 47,610 *1,568,552 1865.

11,789 584 748 612,803 170,797 1,280,137

Against which are charged as follows, viz:

State tax Bal, of int. Repairs and Divds and Balance

on stock. account. improvmts. U. S. tax. to credit. 56.

$7,440 $175,019 $237,176 $148,744 $296,278

7,440 154,278 127,126 148,794 156,019 358

7,440 159,795 84,758 148,794 195,071

7,440 151,817 97,763 148,974 266,844 40.

7,440 134,188 83,091 148,797 379,805 7,440 112,795 81,079 148,797 278.185 7,440 116,047 583,792 148,797 (def.648,728]

7,440 121,670 229,057 148,797 645,730 4.

17,132 119.923 101,245 357,881 964,397 $65.

23,467 189,115 105,635 542,272 619,618

62.

58

and

on

ty, oc.

[ocr errors]

CAPITAL AOCOUNT-GENERAL LEDGER. The financial condition of the company at the close of the fiscal year 1856 to 1865, oth inclusive, is showa in the following statements :

Interest
Funded Debts Float- and Profits Total
Stock Mort-

ing. divid'ds

and LiabiliCapital. gage. Plain. debt. unpaid.

Loss.

ties. $2,419,700 $829,422 $3,091,498 $322,512 $57,887 $2,548,964 $9,329,983 37.

2,479,900 829,222 3,091,498 286,202 59,258 2,704,983 9,451,003 2,479,900 829,222 2,790,082 231,531 60,367 2,900,054 9,291,176

2,479,950 829,172 2,790,082 265,823 60,271 8,166,898 9,592, 116 820

2,479,950 623,789 2,790,082 803,927 56,481 3,546,703 9,203,932 851

2,479,960

2,788,182 352,608 62, 121 3,824,838 9,406,699 2,47:9,950 2,788,182 725, 181 64,327

3,176,110 9.233, 750 813.

2,479,950

2.786,682 453,293 61,745 3,821,840 9,603,510 804

4,282,9507
2,846,882 1,200,321 67,530

3,983,237 11,380,924 6,091,700

8,081,434 1,256,497 64,833 3,502,854 13,997,318 Against wbich are charged property and assets as follows, viz.:

Canal Lehigh Real Moy. Con- Cash Total and river estate, able tingent

properworks. Susq. RR. lands, &c. effects. fund. band. 856.

$4,457,000 $1,580,000 $1,406,654 $1,074,296 $960,067 $45.966 $9,329,983

4,455,000 1,380,000 1,428,971 1,179,234 957,191 50,669 9,451,063 858..

4,455,000 1,380,000 1,453,273 942, 339 983, 139 77,405 9.291, 106

4,455,000 1,380,000 1,453 789 1,071,490 1,210,254 21,663 9,592, 196 186).

4,455,000 1,380,000 1,452,365 1,132,462 1,335,033 49,067 9,803,982 1-61

4,455,000 1,380,000 1,522,473 1,0-9,002 918,069 47,155 9,406,699 1892.

4,455,000 1,380,000 1,619,366 900,841 795,647 82.896 9,233.750 1863

4,455,000 1,389,988 1,729,852 1,235,526 680,372 112,772 9,603,510 1861

4, 155,000 1,917,895 2,072,985 2,128,112 610,952 165,976 11,350,920

4,455,000 3,127, 708 2,037,090 2,907,157 680,247 790,116 13,997,318 The column healed “ Real estate, lands, &c.” represents real estate, coal mines and other lands, mine railroads, &c., and the works at Philadelphia, &c.

The column “ Muvable effects," aggregates debts due, bills receivable, bonds and mortgages, &c.

The columu “ Contingent Fund." consists of securities specially pledged for the payment at maturity of the loap of 1870, &c.

Tbe " Funded Debt" is now constituted as follows, viz.: 6 per cent. loan, due March 1, 1870.

$414,157 6 per cent. loan, due April 1, 1881...

2,667,276 - the latter being a refunding of the original loan of 1870, anticipated in 1864.

The Lehigh Cual and Navigation Company, a consolidation of the Lehigh Coal and the Lehiab Navigation Companies, was organized May 1, 1821. As early as 1793 a coʻnpany had been incorporated frip the purpose of coal minirg on the ehigh. This Company had made some improvements jo the river, but eventually abandoned the whole enterprise on account of the great cost of getting their coal to the seaboard. In 1818 a new company was formed with a capital of $55 000 for the improvement of the navigation of the Lorbigh, so as to allow the passage of boats ladeu with coal. The amount sent to market in 1821), which year may be regarded as the commencetrent of the authracite trade, was 365 tons. The coal was floated down in rude

in m les.

6 feet

to

8 feet

to

46

ware
Mauch Chunk ..

1.64 locks

12 feet 10 feet

to

4.67 canals

29 20

16 feet

to

by

22 feet

6 feet
to

to

84.57

78 81

boats or arks which were broken up on reaching Philadelphia. In 1823 the stock of the Company was increased to $500,000, and the river rendered navigable for 16 miles above Mauch Chupk. This improvement was mainly for the purpose of realizing valuable forests of pine. In 1827, the Mauch Chunk (Gravity) Railroad, the second railroad in the United States, was completed and commenced bringing coal to the river. In this year, the State having determined upon the construction of the Deleware Division of the Peopsylvania canals, the Company commenced the construction of a slack-water navigation witb ap available depth of five feet. This involved a succession of locks and dams which were completed in 1829. Other improvements were subsequently made, in all constituting a navigation frou Wright's Creek to the Delaware River 72.27 miles in length, and a clearance of the river above Wrights' Creek to Stoddardsville so as to permit of a descending navigation 12.30 miles in length. As finally completed the navigation was constituted as follows ; Kinds of

Length No. of Size of Size of Lift of Height Total Navigation.

l'ks. dams. Canals. Locks. Locks. of dams. Rise, Slackwater - Dela- ( 10.00 pools

600 5 ft top 22 feet River to 34.58 canals 8 45 it bottom by

360.87 ft 5 ft deep

100 feet 13 feet 19 feet Slackwater--Mauch i 20.53 pools

6 feet top Chunk to Wright B

40 1t bottom

599.83 at Creek 51.85 locks

ofl deep 100 feet 30 feet 68 feet Channels: descend

3 feet naviga --Wight's 12.30 3 8 18 in. deep by

336.00 ft Cr. to Stoddardsv.

100 feet 4 feet 13 feet Total.........

1,296.70 ft In 1831 the Gravity Railroad to Room Run mines, and in 1835 the extension of the works of the Company to the Beaver Meadow Region, were commenced. These were completed in 1838. The Lehigh and Susqueba na Railroad was commenced in 1837 and completed in 1840. Up to 1841 the company bad been prosperous and paid dividends yearly. In that year their works were greatly injured by freshets. The cost of repairing them and improving the capal involved the Company in embarrassment which resulted in 1842 in bankruptcy, when the property was placed in trust for the benefit of the creditors. The principal provision of the deed was that Do dividends should be paid so long a4 the principal or interest of any of the loads of the Company were due and unpaid, and in no case were these to exceed six per centmany balance remaining to be held as a sinking fund for the redemption of the loans not due. No dividends were paid from Jan. 1840 to July, 1852 a period of twelve years, but the affairs of the Company had been gradually improving and in the latter year a six per cent dividend was paid. This rate was continued to 1863. In the next year 8 per cent was paid, and in 1866, 10 per cent.

The destructive freshets wbich have visited the Lehigh Valley at different times, sweeping away every dam constructed by the company, have proved it to be an almost physical impossibility to maintain a constant navigation. Such a freshet oc. curred in 1863, and almost totally destroyed the entire works. Moreover, the navigation, at best, is open only a part of the year, being closed through the long winter. Fortunately, the railroad has superseded the canal, so that what was formerly a decessity is now acknowledged to be eo no longer, and a railroad alone is now competent to do the business of the country. With the view of making the change indicated, the company have been authorized by the Legislature to construct a line from the Delaware to Whitehaven. This has been commenced and partially completed. The Beaver Meadow Railroad has also been taken by the company by consolidation. The new road will start from Phillipsburg, N. J., crossing the Delaware by an iron bridge (already dearly completed) immediately above the bridge of the Lehigh Valley Railroad. On reaching the Pennsylvania side, after a pretty beavy cut, the line will strike the Lehigh, crossing up the opposite side within the borough of Easton. At Bethlehem and Allentown the company have authority to build bridges with branch lines to the western shore. The main stem will continue to follow the eastern margin of the river to a point one mile below Mauch Chunk, where it will croes over to the opposite bank and pass through that brough. About a mile and a half higher up it will recross to the eastern side, which it will continue to follow, most of the way, to Whitehaven. For short distances, the Lehigh Valley Railroad will run alongside the railroad of this company on the same bank, only on different elevations. For the present, the company are constructing but a single track and sidings. The design, bowever, is to follow this by a second track at an early day, when labor and materials become cheaper. Probably the single track will be open by the close of this year's navigation. The graduation is favorable, the steepest gradient below Mauch Chunk being under 25 feet, and from that place to Whitehaven not exceeding 32 feet to the mile. The curves are frequent and steep, especially in the neighborhood of Mauch Chunk and Allentown, where the river describes a series of loops, which must, how. ever, be followed by any railroad entering the coal regiɔn through that route. At Whitehaven the new line will connect with the Lehigh and Susquehanna Railroad, the original road built by the company, and which will continue the line to Wilkesbarre on the Susquehanna. The quantity of coal now seeking markets by this route exceeds 62,000 tons a week, and it is estimated that this amount will be doubled wben the works now being constructed are complete. If such be the result, a magnificent business is in prospect, both for the road and canal of this company, and also for the Lebigh Valley Railroad. To receive this tonnage there are now open three lines of railroad in New Jersey, besides the Delaware and Raritan and the Morris Canals, all terminating in New York waters.

CUMBERLAND VALLEY RAILROAD, (PA). The Cumberland Valley Railroad consists of the origioal Cumberland Valley Railroad and the Franklin Railroad which were consolidated on May 31, 1865. The length of the constituents are as follows: Cumberland Valley Railroad, Bridgeport to Chambersburg.. Franklin Railroad, Chambersburg to Hagerstown...

Total length of road... Length of sidings.... This is almost entirely a local road, baving no branches or connections, ercept at le eastern end, where it connects with the Harrisburg and La” caster Railroad. It ie, however, of great importance to the country it traverses, which is becoming substantially developed and wealthy. Eventually, it will be connected at Hagerstown, Md., with the Western Maryland Railroad and the Metropolitan, the first named road being nearly completed to the point of junction. The principal products on the line of the road and the chief materials of freight are coal, iron, and iron ores, lime and other stone, agricultural products, live stock, lumber, &c., &r. The equipment of the road has been largely increased, and at the close of each of the last three years was as follows: Locomotive engines... Passenger cars.. Baggage, Mail, and Express cars. Freight cars...

1862-3.

12
8

1863-4
12
9
4
82

1864 5.

14 12

79

100

« SebelumnyaLanjutkan »