The republic. [volume] (Washington [D.C.]) 1849-1853, 1852-12-30

: Five miles nearer Dauphin and market than
Rausch Gap, We again penetrate Sharp Mountain,
at Yellow Springs Gap, by gravity and self acting
planes, up to the north or Fourth Mountain. Upon
a semi bitumnous vein in this mountain we have
sunk slope Of 276 feet, and have had during the
latter part OF the season in full operation a sta
uonaty engine OF 80 horse power, and mined from
II and sold in market up to this time 2is tons.
This coal has been used almost entirely fJr steam
and railroad purposes, aud its entire adaptation
for these purposes has been established beyond
doubt. Henceforth we can furnish this cheap and
efficient substitute for wood to any extent that
Those purposes require; and who can estimate that
deuauds The Philadelphia and Reading Railroad
Company, whose certificate tre furnish Of ats quail
uy, would consume, to do its work. so 600 tons,
and realize by II an annual saving Of more than
SlO0.000. The president OF this company, in his
report Of lS4S, remarks THAT no company could
the attainment OF this object use of anthracite coal
as the fuel Of the ocomotve) be greater value than
TO this. IL 10 confidently expected that the expert
ments now making will be successful, and one of
the ch stems Of the eosf Of Transportation will then
be diminished to very great extent" We have
ceased, for this season, mining this coai, in ordsr
to sink the slope about l70 feet more, 70 Inc level
Of the tunnel which we are driving from the mouth
OF the gap, and when that is accomplished tunnel
south acroes the measure, 30 as to develop here
again the entire basin. There has been expended
upon TINS gap, In planes, fixtures, screens, dwell
Ing houses, and tunnels, SC, $23s, 1892 80, and
we expect from it, next year, 10000 tons Of semi
bitsminou' coal, and yearly thereafter an immense
| increase in quantity.
| Three miles nearer market, at Rafting Run
Gap, we have erected a steam power saw mill, ut
an expense Of 81 S92 81, which ia capable of cut
ting 8 900 feet OF lumber per day, and which will
enable us, with our water power ec& mill, to fur
nish the boards and scar,.ing necessary for our
houses and other --sciions. At this gap has been
| expended, IN iormer days, $6S,7s0 %.
1t Is hardly possible to conceive how much our
business has been retarded for the want of houses
TO accommodate our laborers, mechanics and mi
ners. After cutting the veins, we have been com
| pelfed to leave them unworked, having all our
| houses filled to overlooking. We have not only
been Obliged 10 open mines drive tunnels, but to
\ make rail- and common roads, erect houses, build
saw mills and breakers, storehouses wharves, &c;
! and little reflection upon this entire want Of
every convenience for mining operations and car
| rying on regular business will show why our
| tonnag has not been greater this season.
AT Dauphn we have our chipping basin, wharves
| shutes, engine house, &c. Three locomotives, 529
coal cars and other accommodations for the trade
| equipments, have cost $5IO,l5l Sc. At Balti
| more We have also Carton shipping basin and
an extensive yard FOR the retail sales of coal a,
North street, which have cost US S4,77l 10.
! The company has also Just closed and COM
pleted on the most favorable terms, the contracts
| for building and constructing thirty one miles
more of first-class + railroad 80 lbs bar to con.
meet their road with the Philadelphia and Reading
cost OF this road, including the right Of way
| grading, superstructurs, Sridging, and IRON has
been contracted Tor at about SIT 900 per mile
with responsible parties, who undertake to deliver
| II IN running order by the 4th of July next
To build and complete this road, and to equiv
| the same, it was necessary to create q mortgage
loan. The then existing mortgage debt, contract
| cd May lat, 1851, was for $500 600, the bonds
bearing an interest of per cent, and convertible
into the capital stock within five years, and pa Y
able on May lst, 1866; Of these bonds $269, O0(
were Issued, and the proceeds expended by the
company; the remainder were in the treasury
All the bonds Issued were held by the stockhold.
| ers. Under these circumstances it was thought
advisable to ask the holders Of the bonds to sur.
render them, and take in lieu and satisfaction o.
the came bonds beating interest Of seven pei
| cent, payable in 1877, at ninety per cent con.
yertibe before 1858, and thereby making but on.
lien for the entire sum required by the compan y
This was eheerfully acceded to by the bondhold
ers, to the amount of S l72 900. leaving only
S91 600 outstanding; the remainder of the loan
on July LIST, was negotiated without even public
sale, at the came rate, ninety per cent with tn,
| fall