The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-05-04

oming lands the coming year depends In a great
measure upon the price Of coal, and the condition
Of the labor question. The building third
breaker next fall will give capacity fOt 1871 Of
from 300 900 TO 400 900 tons; and these three
other points offering, at least, equally favorable
opportunities for the cheap mining of coal of very
We sent to market 50 SAG tons from our Summit
mines in September, and this may oe regarded as
nearly the monthly capacity of our present open
ings in Panther Creek Valley. Further develop
the Nesqueboning tunnel, as the gravity road and
planes cannot transport any considerable increase,
without expensive additions to the machinery. The
tunnel will, no doubt, be completed before the
close Of 1S1 and after that we can readily increase
our production to $4,000 or 10000 tons per month.
s =. FIFANCBs.
The floating debt incurred in 1s6s,in the purchase
of rolling stock and in adding sidings &c. 60 the
railroad, was increased during 1862 by expendi-
lures of the same chsracte rendered necessary by
the amount of business pressing upon us.
The hve-year loan issued in 1868 was regarded as
Temporary expedent, and was used almost ex-
clusively as collateral security for loans to the
Company. When the sale of the wilkesbarre Coal
and Iron Company stock was made it became me-
cessary to retire considerable portion of this loan,
and for the purpose of funding the floating debt
and providing means for permanent improvements
on our railroad and coal lands, It was decided 20
issue new loan of two millions of dollars secured
on real estate in Philadelphia, the value of the
properties being at least three millions of dollars.
The loan natures in 1894, bears per cent interest,
gold. A sinking fund Of ten cents for five years,
and fifteen cents thereafter, every ton Of coal
able monthly to the TrSstees and viii provide for
the loan before maturity. The payments on this
s126s "a; December, si25S 81, and will increase to
$500, or perhaps $4,000 month before the close Of
1870.
pany until 1879. The Board entertained the hope
that the business of the year would show such salts
factory results to the stockholders as to create
demand for the new bonds by reason of this privi-
lege of conversion. The freshet in October not
only reduced our receipts, and rendered necessary
haQv m huf dal auad fha
negotiation of the loan The loss of receipts and
increased expenditures amounted to fully $500 900,
have relieved the Company of floating liabilities.
The Board look forward with confidence to the
funding of this indebtedness at an early period.
In October, 1867, the stockholders were invited to
subscribe to six per cent. ten-year convertible
loan no of 1 the Company, to the aggregate amount of
about ,O00 During 1868 small portion Of the
remainder was issued in payment for equipment
in 1869 in payment for equipment and purchases of
coal lands, and there remains of che amount
originally authorized about S1S0o,O00 available for
future use. 10
NEsouRHoNINe VALLEY RAILROAD.
The completion of this road has been delayed be-
yond the period named in the last report. Work
was not pressed vigorously early in the year, and
the weather during the fall was very unfavorable,
rendering it almost impossible to make any consid
erable progress for weeks at q time. An early
period in the spring is named for the connection of
is hoped in time for spring lumber trade. The road
will beyond question earn, as soon as its trade is
developed, the dividends of ten per cent. per
mum, free from taxation which this Company has
undertaken to pay on its stock, besides adding
largely to the profits of our main line.
Sales have been made from time to time of stock
at par, and means beyond the proceeds of these
sales have been needed for prosecuting the work,
this Company has subscribed and paid for stock to
the extent of 2140 shares, which form portion of
the contingent fund.- 1t is proposed to sell this when
purchasers can he found at par and accrued
dividends. "E
Work on the tunnel is progressing satisfactorily.
BY order of the Board of Managers of the Lehigh
Coal and Navigation Company.
E.W. CLARK, President
Philadelphia, January 1, 1870.