gage-the property to be sold and the company to be reorganized on the following basis: The first mortgages to remain intact, but one year's interest beyond the current coupons to be deferred until 1861-1862. The second mortgage bonds to be exchanged for new bonds maturing 1892, and the new bonds to be given for the coupons up to March, 1862, and the holders to advance on the new bonds ten per cent. in cash. The third and fourth mortgage bondholders to convert their holdings into preferred stock at par, upon condition of advancing ten per cent, as above. The general creditors to be made preferred stockholders on the same terms. This plan was subsequently adopted in all material points. The principle altera tion 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 conducted the affairs of the company until June 80, 1862; and on the next day the new company reorganized under the title of the St Louis, Alton, and Terre Haute Rail. road Company, came into existence, with property represented by the following bonds and stocks: Hitherto the great drawback against the success of the companies that had held the road, had been the fact that the road had never been finished and equipped sufficiently 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 their legitimate objects and the credit of the companies involved, terminating in ruin and repudiation, and eventually in bankruptcy and reorganization. Nor did the re organization wholly overcome these great obstacles to success, and still, though the property had, during the receivership, been greatly improved, much remained to be done before the works could be pronounced complete. The estimate of moneys re quired 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, $158,703, and in 1865, $160,915, or a total in the three and a-half 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. 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... 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 owned 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." Asc'ding. Desc'ding. Total. 1,145.880 551,818 1860 .. Previous to 1864 the railroad business was not given separately. The railroad indeed, had hitherto been considered merely as an accessory to the canal and was nearly altogether out of use from the period of the great flood of 1862 to June, 1864, at which date the Penn Haven and White Haven Branch of the Lehigh Valley Railroad also was brought into operation. In June, 1865, that part of the Lehigh 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 constructing, or perhaps have completed, an independent road between Penn Haven and White Haven. OPERATIONS OF THE COMPANY YEARLY. The following shows the tonnage carried on the railroad between White Haven and Wilkesbarre since the reopening of the road : -1865 (full year. -1864 ( year.) Going Going Total Going Going Total north. outh. tons. north. south. tons. The coal going north was transported from the planes to the Wyoming Canal. The shipments of coal from Mauch Chunk, East Mauch Chunk, Penn, Haven, Lockport, and White Haven, by canal, with the distribution thereof for the years ending December 31, 1858-65, both inclusive, have been as follows: The financial condition of the company at the close of the fiscal year 1856 to 1865, both inclusive, is shown in the following statements: Profits Total Liabili Loss. ties. Interest -Funded Debt- Float- and Stock Morting. divid'ds Capital. gage. Plain. debt. unpaid. $2,479,700 $829,422 $3,091,498 $322,512 $57,887 $2.548,964 $9,329,983 2,479,900 829.222 3,091,498 286,202 59,258 2,704,983 9,451,063 2,479,900 829,222 2,790,082 231,531 60,367 2,900.054 9,291,1:6 1856 1857. 1858 1859 2,479,950 829,172 1860 2,479,950 623,789 2,790,082 265,823 60,271 3,166,898 9,592,1! 6 3,546,703 9,803,932 2,788,182 352,608 62,121 9,406,699 2,788,182 725,181 64,327 3,176,110 9.233,750 3,824,838 2.786,682 453,293 61,745 3,821,840 9,603,510 67,530 3,983,237 11,380,920 3,502,854 13,997,318 Against which are charged property and assets as follows, viz.: and river 49,067 9,803,932 47,155 9,406,699 9,233.750 913,069 The column headed "Real estate, lands, &c." represents real estate, coal mines and other lands, mine railroads, &c., and the works at Philadelphia, &c. The column "Movable 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 loan of 1870, &c. The "Funded Debt" is now constituted as follows, viz.: 6 per cent. loan, dne March 1, 1870. 6 per cent. loan, due April 1, 1884... $414,157 2,667,276 -the latter being a refunding of the original loan of 1870, anticipated in 1864. The Lehigh Coal and Navigation Company, a consolidation of the Lehigh Coal and the Lehigh Navigation Companies, was organized May 1, 1821. As early as 1793 a company had been incorporated for the purpose of coal mining on the ehigh. This Company had made some improvements in 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 Lehigh, so as to allow the passage of boats laden with coal. The amount sent to market in 1820, which year may be regarded as the commencement of the authracite trade, was 365 tons. The coal was floated down in rude 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 Chunk. This improvement was mainly for the purpose of re›lizing 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 Pennsylvania canals, the Company commenced the construction of a slack-water navigation with an 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 from 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; 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 Susquehanna Railroad was commenced in 1837 and completed in 1840. Up to 1841 the company had been prosperous and paid dividends yearly. In that year their works were greatly injured by freshets. The cost of repairing them and improving the canal 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 no dividends should be paid so long as the principal or interest of any of the loans of the Company were due and unpaid, and in no case were these to exceed six per cent-any 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 1865, 10 per cent. The destructive freshets which 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 necessity is now acknowledged to be so 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 nearly completed) immediately above the bridge of the Lehigh Valley Railroad. On reaching the Pennsylvania side, after a pretty heavy 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 cross over to the opposite bank and pass through that borough. 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, however, 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, however, be followed by any railroad entering the coal region 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 when 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 Lehigh 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 original 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. This is almost entirely a local road, having no branches or connections, except at e eastern end, where it connects with the Harrisburg and La caster Railroad. It is, 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., &c. The equipment of the road has been largely increased, and at the close of each of the last three years was as follows: 1862-3. 1863-4 1864-5. |