The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-01-12

at IreVerJOn ana Jne enterprise halrOau az
Shamokin. When this link is completed, this
company will operate continuous lines ofrai-
way from Philadelphia to the Susquehanna
river at Herndon.
An extension of eight miles of the Good
Spring Railroad is also being built to form
connection with the Summit Branch Railroad
at Williamstown. A railroad extends from
the last-named place to Milersburg, on the
Susquehanna river, twenty-one miles. This
connection will give this company direct ac-
cess to the large body of coal lands in Lyken's
Valley, which yield free burning coal, much
desired by some for domestic purposes.
Another railroad, called the Lebanon and
Pine Grove Railroad, is also being built by
this company. 1t extends from Pine Grove,
near the western end of the first anthracite
coal field, forty-two miles, to Mannheim, on
the Reading and Columbia Railroad, fourteen
miles from Columbia, on the Susquehanna
river, and passes through the fourishing town
Of Lebanon. The enterprising citizens of these
localities, which are rapidly increasing in
manufactures and population, have been de-
pendent for their supplies of coal by very
circuitous route. The construction of this
road, either under the auspices of this COM
pany or other parties, the managers have for
many years past regarded as inevitable. They
have therefore put the grading under contract,
payable one-third in cash and two-thirds in
per cent. interest," not secured by mortgage.
Aid has also been given to the ColebrOok-
dale Railroad on the terms described in the
last annual report as given to the Perliomen
Railroad.
The road leaves the main line at Pottstown
and passes enthusiastically fourteen miles
along the ore deposits at the foot of the South
mountain.
1t was stated in the last report that work
nod a1 ~, bp nf bp
town Railroad between Port Clinton and Top
ton. In 1860 this company acquired 1900
shares of the stock of the Allentown Railroad
Company, on which $40 per share were unpaid,
amounting to $50 600, which has since been
paid; with this and similar payments from
other stockholders the prosecution Of the work
has been continued.
The PerRiomen Railroad, to which reference
was made in the last report, was opened for
traffic in August last, from the junction with
theroad of this company, twenty five miles from
Philadelphia, to Skippack, ten miles. The re-
suits demonstrate the wisdom of extending
aid to develop the rich mineral and agricultu-
raj resources of the Schuylkill Valley.
The new rolling mill went into operation in
April last, since which S971 tons Of rails have
been manufactured, with results, so far as they
can be tested from present experience, which
warrant the confident belief that all the i'm
vestment of capital will be fully realized.
To provide for the payment of the bonds
due in 1870, amounting by the last report to
S2,G56, GOO, a mortgage dated 1st April, 1868,
payable in twenty-five years, with interest at
seven per cent. semi-annually, free from taxa
tion, was created, secured by the entire pro-
perty Of the company, subject to other prior
mortgage liens. An opportunity was given to
October lst last to the holders of the bonds due
in, to hOnUs
after the payment Of the coupon due 1st of
October last, and 81 ,255 GOO were so exchanged,
leaving but S401 500 Of the bonds due in 1870
to be provided for. For this purpose the bal
ance of Il new bonds will be held.
The foregoing explanations of the changes
which appear in the general account Of the
Treasurer, together with the statements in
| detail of the operations Of the transportation
| and engineers departments, hereto appended,
are, it is believed, all that are required.
For the purposes and objects to which re-
| ference has been made, and which by the
| managers are regarded as Of the utmost i'm
| portance to the future and permanent pros
| perity Of the company, large portion OF the
| profits have been required. Hence, the July
| and December dividends were made payable in
| stock.
To some of the stockholders it may be
| gratifying to be informed that on the compile
ton, during the coming year, of the lateral
roads now being built, the coal fields naturally
tributary to the works Of this company, will
| require no more expensive roads. Many more
collieries will be erected, requiring only short
and inexpensive branches. 1t may be sup
| posed by some that portion of these works
have been constructed somewhat in advance
of the necessities of the public. But it should
be remembered that the land owners were inn
patient for revenue, enterprising miners were
ready to make leases, and if your board o.
managers had declined to furnish the neces
sary facilities for transporting the coal to mar
ket other avenues would have been sought
and thus the future prosperity of the company
would have been greatly and permanently i'm
paired
By order Of the Board of Managers.
CHARLES f. SMITH, President
Office of the Philadelphia and Reading Rail
road Company, Philadelphia, Jan. 8, 1869.
At the annual meeting of the stockholders of tn
Philadelphia and Reading Railroad Company, hell
January II, 1869, the following resolutions Wer
adopted:
Managers, this day presented and read, be, and tn
same is hereby approved, accepted and adopted.
| q Resolved That the Board of Managers be, an
they are hereby authorized at their discretion, +
carry into effe ct any of the measures proposed Il
their report, and, if in their opinion needful, +
enter into any contracts or agreements for hatpuT
rose.
8. Resolved, That the powers and authorities cor
feTred upon and granted to the Board OF Manager
| by the resolutions passed at prior annual meeting
be and the same are hereby continued.
At the annual meeting of the stockholders of tn
| January II, 1869, the following gentlemen wer
| unanimously elected officers for 1869;
President Charles T.. Smith.
MANAGERS:
| III. Mol L n TinninpOtt