The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-02-15

Leaving balance Of. . $46S, $500
In our last annual report the board referred
in detail to the railway companies controlled
through the ownership of majority of their
shares; and it is unnecessary to again men
tion them, further than to say that they con-
tinue to fulfil the objects this company had
in view when this interest was acquired,
while they yield reasonable profit upon the
capital invested
The working expenses of the other Lines
of railway leased by this company, not al
ready referred to-all of which are in Penn
sylvania-show a balance of receipts over
expenses
The interest held by this company in the
Pennsylvania Canal Company is steadily i'm
proving in value, and when the enlargement
is complete it will become profitable addi-
ton to your investments in other works Its
cost stands upon your books at 81, 101, 156.
The coal traffic of this company is gradually
assuming large proportions, and already gives
to your railway constant business at rates
that yield very small profit per ton; but on
the large amount transported g, 329, ,358 tons)
| the net revenue from it is of considerable i'm
| portance. n'
Upon the Philadelphia and Erie portion of
the company's lines, this traffic is chiefly
made up from the transportation of anthra-
| cite coal to supply the demands of the oil and
lake regions, and amounted in 1869 to 1873, 13S
! tons, exclusive of 167, 1888 tons that were sent
| to Western New York via Elmira Its btu
| minous coal fields are too far from the lakes
| to compete upon equal terms with those of
Ohio and Western Pennsylvania in the mar
| kets OF the West. A portion of the bituni-
nous coal fields upon this railway-east of the
tributaries of the Ohio-are favorably situated
for the Atlantic markets, but they have not
yet been developed to any material extent. The
demand for bituminous coal of the Allegheny
region in the Eastern markets has been con-
fined, until recently to blacksmiths, but the
high price that has prevailed for some years
for anthracite coal has caused it to be intro
duced to a considerable extent for producing
steam and the manufacture of iron. From
the limited extent of the anthracite fields and
| the greater cost of mining this variety, it is
reasonable to infer that the consumption of
the bituminous Goals will continue to increase
| on the seaboard.
Upon the main line of your railway and its
branches, the movement of anthracite coal is
| yet inconsiderable, whilst the TRANSFORMATION
| of the bituminous has been large for the
manufacture of gas for Eastern cities and the
other purposes already mentioned. This
material exists in inexhaustible quantities
along the whole line of your railway from the
summit of the Allegheny to its western
! terminus, and in the Broad Top Mountain
(already extensively developed) south of
| Huntingdon. branch from the main line
: at Tyrone to the town of Clearfeld cuts the
7 Allegheny coal-feld, and upon this mining
is now carried on to large
/ extent, whilst another branch also
) extends from the same point to Lock Haven
on the Susquehanna river From Altoona O
branch extends to Holidaysburg and Newry,
distance of nine miles. The last two men
4 toned, in connection with portion of the
main line, traverse the valley at the base OF
the Allegheny Mountains for seventy miles,
| commencing on the west branch of the Sus-
s quehanna river, and afford ample opportuni
: ties to develop this whole region by shor
, | branch lines into the coal-felds at their sum
q NIT wherever desired. In this valley and ir
I the mountains and valleys that lie ON it,
d eastern border, there is an abun
, dance of ore easily mined and of {
! quality that win make the best
0 quality of iron-already celebrated for itl
ge strength, and found to be superior to any
d other in the manufacture of cannon. Th,
e proximity of these ores to coal and limeston,
d gives to this region advantages for tn,
q manufacture of iron in oil its varieties ant
1 uses, claim equal If not superior to tina
8, OF any other-which advantages will doubt
80 less be improved by capitalists, and thu
or largely increase the population upon you
line and its local trafio-the most reliabl