The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-05-24

ana second coal nelde-such az tho Manhattan
Coal Company, tb e Philadelphia and Mahanoy Coal
Goal Company the Ashland estate, the Locustdalc
estate, the Loo ust Gap Improvement Company, the
i fui,op Coal Compa4Ty MCnsT Pnenix PARK estae
BrsncRdale estate, Ge,tle h Wagner estate, Mount
Lance estate and number OF olner smaller Tracts
diHon Of xe coal interests, resulting from the re-
poated strikes and suspensions OF the last two
years, and the consequent inability OF individual
coal land owners TO manage and control their
own property, these lands nave been bought at
very much lower prices than they could have been
obtained for a. any previous time within the
last ten years. and 1t Is claimed that the average
price per acre paid for them has been from onethird
to onefourtn or what has been lately paid Tor lands
Of the same Intrinsic value In the wyoming and
Lackawanna regions. the stock Of thls new coal
company Will be held by the Philadelphia and Read
ing Railroad Company ample authority Tor TINS pur-
pose having been conferred by the act OF incorpora
ton above referred to. The policy OF controlling the
ownership OF coal lands that supply the road with
traic has been avorite one with the present man.
aAement OF the keaaing Raiiroau Company. AZ Is
claimed that these lands alone can produce from
100000 TO 49, 600 OF IONS OF coal per annum Tor
centuries to come ana when 1t Is remembered that
they are connected by means OF continuous down
grade OF very best character with Tide wafer at
Philadelphia, from which the entire Atlantic seaboard
can be supplied with luei, 1t will be found that the
Reading Railroad Company now occupies a posi.
ioa so lmpregnabe that It's tonnage can never be
taken from it-as no rural lines can Interfere with
the growth or q traffic which Is supplied b. lands
controlled directly by the Transporting company
itself. The money required for this new enterprise
road Company. All or the branch lines OF railroads
which were owned entirely by the company nave
been lately merged into ana consolidated with
the Philadelphia and Reading Railroad Com
pany. And a new consolidated mortgage upon all
OF the property and franchises Of the latter company
VIII be issued to secure bonds to The amount OF
$25, 900 600. These bonds Will all have forty years
10 run, and win be seven per cent currency both
coupon aud regstered; SIX per cent gold, both cou-
pom and registered, all in of 81 900 each, and
SIX per cent sterling In sums or f200 cacl, all the
issues being free from taxes. Out OF this issue Of
bonds $6C00,00 viii he set apart to retlrc all the
present mortgage loans of the company, amounting
10 S5s07, 0v0 SO that the new loan WIZ practically
he first mortgage loan upon all the property ol the
company. The following statement OF the assets or
the company has been prepared TO show the amount
OF property upon which the new loan is secured-
Railroads, including main line, Lebanon
Valley, Northern Liberties and Penn
Township Branch. Lebanon aud Pine
Grove Branch, Pine Grove and Lebanon
Railroad, Lorperry Railroad, Union Rail
road Good Spring Railroad ana Mahan0y
ana Shamokn Railroad. with their lat
erals and sldings, aggresating 64S& miles
OF single track ROAD SOL, SU3 U00
Depots, embracing all depOts, terminal
and wharf structures, Office buildings,
NC.......... o,o9o,Ool
Real estate, embracing properties held in
fee simple, and not included In the items
OF railroads or depots. s,2l7, ee5
Locomotive engines and cars. ........... I0,0S3 800
Stocks and bonds held by the company 4,325 asa
Steam collierlcs. ACKNOWLEDGEMENTS. $685. 4s6
Coal barges.. $780, 1852
lectcd bills. ..................... 4,oo2 03s
Materials on hand. 1900, 529