The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1871-03-28
CITY TELLIG GENC e.
LEASED.

Natt0n-HOW
6Ltted.
This morning special meeting of the stock
holders of the Lehigh Coal aud Navigation
Company was held at the rooms oil the Board OF
Trade No. sos Chestnut street, for the purpose
of acting upon the proposed agreement for the
lease of The Lehigh and Susquehanna Railroad
and its branches to the Central Railroad Com
nanv of New Jersey. and also to take action
anon n supplement to the charter enabling the
Navigation Company TO consolidate their loans,
borrow money, and secure the same by mort
gage approved March Is, 1871.
Caleb Cope, ESQ.,, presided, aud MIR. }. Nit
chell acted as secretary, and first read the call
for the meeting.
A communication from the Board of Direc-
tors, describing the causes which led to the
proposition to lease the Lehigh and Susquehanna
Railroad was read. 1t stated that the road was
opened along its entire route for business in
March, 1868, but was burdened then with n
great debt. 1t was soon discovered that unless
some alliance was made W tn some road carry
ing coal aud freight to tide that theiLehigh and
Susquehanna road would soon be isolated,
znless ii, at its own expense, constructed road
across New Jersey to an ocean port. IL an
alliance was found to be impossible, it would
be necessary to protect the millions. by
further expenditure by carrying out the last
named project. The terms for the lease of the
road to the New Jersey Central road were as
follows:-
the gross receipts derived from all OF the business
Second. They will purchase all OF our equipment
ana will pay therefor by assuming the payment OF
about 81 300 600 of our Eve million gold loan at or
before maturity, and will pay the interes5 thereon
until the bonds are surrendered for canceliStion
The equipment TO Oe maintained and kept in good
running order at the cost OF the lesseeS until paid
for They agree al so to assume all of our liabilities
under the Two Car Trust organization; aso to pIr-
chase all OF our materials on hand, and shop mate
rials, and machinery.
Third. They will maintain and perpetuate the
railroad at their own COST but the by freshets
when exceeding $4,000 at any one time, to be paid
by as.
he roll a of
the business OF the company and 30 work and main
tain the leased property as to secure the largest
amount OF revenue therefrom."
Fifth they covenant to protect our interests fully
In case Of merger or close alliance OF anv kind
between them and the Lehigh Valley Railroad Com
paDy.
the transportation of our own coal from our Lehgh
mines, making the charge from the northern enl Of
Lehieh Valley Railroad Company from Penn Haven.
We except from the lease the Nesqueh0nng Tunnel
and the roads extending through and beyond. They
will also provide all OF the required for the
transportation of coal from the conpanys lands in
the Wyoming region, charging the same rates
these provided in our contract with the Wilkesbarre
Coal and Iron Company.
Seventh. They will provide all cars that may be
on the line of road or of roads connecting there
with charging the same rates as on coal destined
the same points by rail.
Eighth. Ihey covenant to pro-rate all transporta-
ti0n charges on traffic interchanged between
roads and others controlled by them.
Min tn. We pledge to the leased roads, and to
canal, and to The Central Railroad Company Of New
three. .fourths from Wyoming lands, where not
pledged by existing contracts to other lines, and If
sion.
Tenth. We give them the option for three years of
leasing our Lehigh Canal at net annual rent OF
$500 0O0 assuming 10 connection herewith the lease
of the Delaware Division CANALS.
Eleventh. IL the growth or the business requires
further sidings, double-track, stations, sheds, or
other buildings, they are to be made with our con
yanced by them at rate OF interest eqaiyalent to
auant fO bp al 7
mum. We to have the right to repay the advance at
twelfth. Differences in the construction of the
CONT act, or dissatisfaction with the manner in
which business is done by either party to be arbi-
There are other provisions besides these main
features. The results expected from this lease
First. The entire relief of the company from any
demands for further equipment, or for money for
the extension OF the road and Its branches Required
by the increase OF its business until We can secure
the same at reasonable rates.
Second. We secure the full influence and all the
facilities OF powerful corporation controlling tue
shortest and best line across New jersey Ia the
development OF the trade OF all KINDS on our line of
Third Many collateral advantages will result to
be secured by direct covenant, but must
result from the efficient operation of the line and the
alliance thus secured between the two companies.
Fourth. A moderate increase on the gross receipts
OF last year, when our mines were idle for Blk
months, the mines OF our principal transporter not
fully opened rates low and business IN all branches
dull, will give us sufficient revenue from the rosl
by our miscellaneous receipts, other than those from
our canals and from the mining OF coal We antici-
pate steady growth OF business, and believe that 1t
VIII not long before the revenue derived this
lease will considerably exceed the interest on onr
entire Indebtedness.
The confirmation OF this lease by the stockholders
will leave the company, as during the reriod OF
greatest prosperity, a "cOal and navigation COM
pany" with its canal and valuable Lehigh coal pro-
pery its large amount of real estate bec omng more
Gently acquired tracts Of rstcass coal lands in the
Wyoming region, which promise In the future TO be
large and increasing source OF revenue. Also the
control OF the transportation OF the products OF other
tracts equally large and more fully developed III
the result OF this negotiation sha be return TO the
prosperity OF that period, the managers will have
great cause Of satisfaction with their work
The communication concluded with a refereace
TO the act authorizing tie consolidation OF the com
panys loans, thus: The Consolidation and funding
OF our debt being accomplished 1t seems reason able
70 suppose that the future prosperity OF the company
viii be well assured by directing energies TO the
prudent development OF our other Interests, and
Ehleny 70 our coal estates containing nearly
bOOOOOOO tons or anthracite COAL all located on ths
line OF the railroad and its branches now lie lsed to
closely unite the interests OF contracting parties
Aresolntion accepting the act Of the Legislature
was offered and adopted
The lease was then read, when Mr.. Charles Borie
Onered resolution Tattfying 1t.
The meeting then took recess until O'c,ool =,
admit OF stock vote being taken on tr resoIntton
IL was all In the ahirmat"" 'NAo
.nE LADIES of the West Arch Street Presby
teTian Church will hold grand fair this week,
commencing tonight. It is To aid the fund To-
thoroughly repairing and beautifying the ele
giant church OF which Rev. DR.. Willis is pastor
The articles prepared for sale are all uselu
rather than Ornamental so that those who visi
this interesting gathering will be benefited an,
entertained. We urge our friends to ha On ham
aud participate. These ladies want to realiz