The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-11-30
E-sg OFFICE OF THE LEHIGH COAI,
80 AND NAVIGATION COMPANY.


M Ihg toa 9eis apd vi ASe5a OF MansgeTg Of
day, the following oommunica ION was received aud
10 he Board Of Managers Of ne LsefOh coal and Navi
GenIiemen:~I hereby respectfuuy tender to you
m resignation OF the office Of President OF the Lee
nigh Coal aud Navigation Company. In doing 40,
been prompted suggested la any degree by others,
but has originated en,rely from my own convlctOns
OF tuty to myself ard desire benefit the stock
Loldefs In a recent emergency.
For some time past, some OF you have known.
have felt oppressed with q OF the yearly la.
creesing difficulties aud responsibilities OF my post
ton, and anxl' us for relief from long continued ans
uni gtermited appicatlo To the duties Connected
TesignSton. as as did last week at the commaad "
the chairman OF the Executive Committee, was de-
sire TO the way for some gentleman OF dstin-
euished financial ability and resources 10 step in aud
G Tas5meSt witch had arisen iIom t6e aaexpeeted
Allure OF our negotiations for the sale Of our new loan
In taking leave Of you, desire to express my high
grateiul apprec alton OF the confidence you have
been pleased TO rep9se IN me- ELECTED 10 the Presl-
AIRY, 1858, 10 iii the vacancy OccasOned by the
death of my uncle have held the office IOr period
OF nearly hve years, which, by reason of what mas
been accomplished during that time, VIA constitute
NJ insignificant or unmportant e8ocn In the history
Ihe disastrous flood of June 1862 had destroyed the
upper of our navigation shattered the lower
section, and isolated from tue Ola Lenigh aud sus-
tOn which invited the efforts OF opposing interests
Pid m nend. Mt 1osttion in n q valley OF the Lenign
by cutting OFF rom direct communication wit any
other source trade than our Own mines and leav
ing us under the yearly Increasing dlsadysntago Of
Thtse antagonis ic efforts ere made but without
success; and the Lehigh Coal aud Navigation Com
pADy. through the exte sion Of the Lehtgh and Sus-
ton with the railroads scross New ersey. aideO by
otl imI ortant measures taken by this B.ard in-
stead OF Cccu pying tOdsy position of -feriority
and de penOenCe, has achieved one OF such great
mary emb Trassments, II must # properly gu 4rded
leat IN Uue time 10 development OF trade To wh III
Tie original conception Of the Important work to
which have alluded, aud lis ecu ION IA the fACe
nsiLly ascribt d, thl X, TO the Comp any
the or Oil, in when 1 elp,n share OF having sus-
Sned linn IN Ri3 project Th a a1Cs o e9re uns9
IS some suppose, been plungng lnconslder+eiy in'o
foolish expenditures OF money, or have been laying
broad and deep the foundation OF fuufe prosperity on
! an enlarged scale,
! Rail- DAD down the valley OF the Lehigh Is not all,
! however, that has been accomplished by the P,,rn
during the peTiou referred to. The corr at -, ~ !,
recent absorption into our own ttinn q, tbs
Nanticoke RdoSai dycA'e" 70 draw the trade Of the
Wllktso9rTe Goa Ileu our main ne; the lease iOT
nipe!y ears VI the Delaware Division Canal a.
rent which though hlgh, secures the independence
of our own navga iOb mpoTtant con Tor future
business with the Delaware and Rarltan Canal Com
! pany and various coal companies and latterly ths
purchase of a controlling interest in the Wkes6arre
some OF which cannot fail and ali OF which may be
hoped to ad largely to the future pr, speriLy of the
Co pauy, and secure Tor IL iIl share the ever.
| increasing coal trade OF this State
of new stock which became necessary in septembeS
last TO carry into eff Ct one Of the measures above
I
adv sed haste OF the recipients realize On their
stock, in breaking down The market price, thus Affect
II the credit OF the Company, and interfering with
theii financial arrangements yet It Is sails actory TO
TeuIt nUer that the Board were emphatic in their
opinion thai the transaction wn ch involved the issue
OF the stock would be in high degree promOtve OF
the permanent interests OF the stockholders anu
Were unanimous in their approval OF 10. have not
understood that they have seen any reason to change
We also have to regret that in our anxiety to com
plee this year the eXei son OF the Lehgl sud Sus-
quehanna Reilrosd; we were ed 10 Tely TOO conf.
negotiate temporary 10 ans here 10 large amount,
with the expectation of soon paying them oil with
the money 10 be received from Engianu but IN this
after, also. the executive officers of the company
acted under the direction of The Board, aud must
Cribe the embarrassments which ensued TO circum-
| stances hey Onu their control.
| In closing beg to make my Acknowledgements 60
the several Managers for the dSnteresled zeal they
have always shown in their endeavors to promote the
Interests OF the Company, aud for the harmony and
| uniform courtesy which have always prevailed al
their weekly meetings l can say tor myself that
/ conscious of having faithfully endeavored 10 do
ny duty. For years have scarcely been absent
many days from my work. and then only by reason
| OF sickness or family bereavement.
That the Company may soon enter upon that career
of renewed prosperity which we all believe to be in
for 1t in the future, that stock khOlders
may reap IN The shape OF good dividends the benefit
OF the large expenditures we have felt ca led on 10
make according best judgment of their inte-
rests, Is the warm wish of your friend and obedent
| servant, JAMES 5. COX.
When, on n motion. II was
Resolved. That in accepting the resignation of Jas
pRny, the board of Managers desire hereby
tLer sincere personal regard and their sense OF
honest devotion TO the interests OF the company and
OF his alOus discharge of the duties OF his Office.
Resolved, That Mr. CoX's letter OF resignation be
enter the minutes, and that the Secretary
the be published with these resOu ions, aud
also sent in circular form 10 the stockholders.
IL +. MITCHELL, ST cretary.