The New York herald., 1877-03-20
COAL COMPANY TROUBLES.

THE RECEIVERS REPORT OF THE LEHIoH AND
wILKEsBARRE coMPANY--BoHpHoLDER DIG
oING FOR FACTS
meeting OF the consolidated bondhodcrs Of the
Lehgh and wlkesbarre Coal Company was held yes
tcrday afternoon, President Lowre OF the Bank Of the
Republic In the chair There about forty persons
present
The receivers report was submitted and read 1t
stated that there had not been Sufficient time make
auil Investigation into the affairs OF their company.
and hence the present report must be regarded as
partial ono.
There was large amount OF personal and other prop
erty belonging TO the company that not covered
BY any mortgage, such railroad and mine locomo-
tives, cars canal boats mules, tools piers Boston,
Providence and New haven, and coal and accounts re-
ceivabie for coal.
The debts TO be provided for. however, are unfortu.
naeiy, greater than this unmortgaged property The
December wages OF the employees had been paid and
part OF the January wages; the balance january II
was hoped would be paid this month As soon as the
debts tor labor and supplies had been provided
other claims OF Indebtedness would be taken up. and
the RECEIVERS would then how far they could be
from the resources under their control
The product OF the mines last year was ], 2S4, 900
tons more than one-haf OF which was from lands
owned in tee
In the Wyoming region tho company owned over
5000 acres OF virgin territory, coal having
been taken tncreirom In the same region the COM
pany had 1000 acres under lease AT and near Wilkes
parre there was still larger body the finest coal
land, ana thd large tract the lower end OF the
basin IL was difficult TO estimate the value of such
properly; out NJ present little or profit could be
looked Tor as result OF mining operations, owing to
tho depression III the trade.
WHAT THE RECEIVERS THINK.
inc RECEIVERS are OF the opinion thai the bondboldcrs
should hold all the properly together and 20 with
contract With Mr. Charles Parrish TO mino the Wyo
ming region and temporary arrangement with the
Central New Jersey road 10 convey the market
contract to mino tho Honcybro0k property had also
beon partially agreed upon. The product OF these
toneybrook mines last year 400 900 tons. and
mines were capable OF yielding from 400 500 900
tons u number OF years to come. The most valuable
asset" OF the Lehigh and Wilkesbarro Company was
tho wyoming properly The apount OF con-
solidntcd bonds outstanding was $l1, 600 600,
OF which $4,000 600 pledged collateral security
for loans 10 the company, and TO tho Central Railroad
receivers considered that the debts for which the bonds
were pledged by the two companies should DO
gushed with as little sacrifice as possible.
Prior 10 tho consolidated thore Is 5S7 3s9
oi purchase money mortgages still unpaid and
$16soooo OF the sterling mortgages being part OF an
original mortgage for e. 900 O0O or $4,000 OO0 Tho
interest on 900 OF these liens was paid by tho
receivers on The lst OF March, and tho balance II Is
recommended, be paid as 1t natures, oven It the
consolidated bondhoders have be called ON TO aid In
dongit
DIGGING AFTER FACTS.
An effort was made to get At tho amount OF the float
ing debt but 1t was squeched aud turned over for the
committee to report upon.
P. G. Calhoun, President Fourth National Bank. Now
York; Frederick 5. Barnes, OF New York; Francis A.
Palmer, OF New York; Thomas Cochran, r. j. Dobb,ns
and William Bucknall, Of Philadelphia, and Warren
Ackcrman, of New Jersey.
II was resolved that this committee should report at
another meeting upon the vauo and condition OF the
property and The best method OF dealing with the
same.
Sir. Ackerman said that he for should 60 to the
bottomto terra frma-in order TO ascertain all that
was possible with regard To tho company. The com
mittce should not be one for stalk but TO dive into
aud lnd out what there is left and report accordingly.
Two OF the Philadelphia committee IN cssrs Cochran
aud Dobbinsl represent million halt Of bonds
and selected by some OF the best known residents
OF that city, One OF the bondhoders present said no
looked upon the committee appointed as a 'put up
job" He wanted far play, and II this could not bo
| had he would rather the road iorecoscd.
The chairman OF the meeting assured the speaker
that the committee were honorable mon and would act
| for the best interests OF all.
Another speaker thought there ought to bo some
for the lease OF the coal ands the bond.
| holders should know who were working their
mines and all the particulars with reference thereto
the bondhoders had rights in this matter, and they
must be preserved.
The meeting adjourned, subject to tho call Of the
| chair.