The daily gazette., 1879-05-20
DEL. TUESDAY, MAY 10 10, {. 1879. B :
H.eai.s sS.ss - New ixsrax.
THE GREAT COAL Road sEoUREs CON-
TRoL OF THE THROUGH ROAD.

TRoL OF THE THR0U0H ROAD.
PHftApp R6fA, Maa T16-Nevsr -
secret better kep& thsn TIE lsass,of s
Delaware and Boond Hepok and -
North RennsylyanlA Rsilrp I'd 4lm2anfes,
which as!na{ ko% 10 4 ir4lst T.
suet from the s@d pfS ~ PMlsaelpn =
and Reading Kalroad Company late
pany would ct onoe talEe possession Of
all the railroads, rolling stock, real es-
tate. property, plant and traffic Of the
North PenhGylVa0ta anA tDtl4ware and
Bound Brook companies; also that the
heads of departm .nts -of the Reading
wyuld ut once assume charge Of their re-
spective part Of the property and traffic
ASf the two 0omPeSiss The !case 2 for
snS ss e g v cor;v Ssr dsss
not more than per cent, until converted
into stock or fundsdiat not less than par,
and the lessee to pay the interest on the
funded debt, and . suffi eisnt sum quar-
terly to Day the seoCkh holden of the gWo
companies per cent. per annum for two
years from the fnt Of tho present month,
7per cent. for the next two years and
per cent. for the rest Of the lease.
How closely the negetlatious had teen
Of speculation on the Stock Exchange.
Reading opened on the 1st Of May at 16i
and went up in sympathy with the up
| ward tendency OF all railroad stocks, but
| by no means AZ fast a the other seouri-
ties. On the 10th itssoM ~ 16S and closed
weak q 16i, eQp kRrtdeytthe stock was q
| little higher on sales Of 200 shares, but
on Tuesday the insiders came in and
bought 10000 shares, repeating the OPP
price above 18f. This morning there
was such rush TO buy that many orders
were left unified, the opening figure be-
Ing 2Oi, from which IL Wentup to 221 and
| - rapidly back to. n before boartls.
There were about fifteen thousand shares
sold then and the speculation was practi-
| cally over. At the first session 1t was
pretty steady abost "a, but the sales fell
off rapidly, the last being at 203 bid. The
| the close was only quarter better than
the opening and n higher than the close
last evening. There had been very little
North Pennsylvania ON the street for
some time, weeks having passed without
an offering; but today iittleilsss tl{hn
one Thousand shares came out 1t 48 2hd
H-au advance OF 6 oyer the last. pre-
vious, e. y. Knight being underworld Al
the seller. In Delaware and Bound
is ali held by q few men, Z. q. Knight
owning the majority Ofit, but the sevens
sold at 114a, which Is gain of 2 over the
| last sales. The Lehigh Valley sold dow u
from 36t and 35t, cl3sing a quarter high
or. There was no reason for the decline;
| however, for President Governs first
business on reaching his ofiice this mora
ing ~as to write to Vice. President
Hartshorue Of the .Lehigh Valley 10 as.
change whatever In their telatio iops
| which he hoped would continue In the
future as amicable a. they had been ID
the past. The Lehigh Valley had ne
dsubt Of this, for the North Pennsylva
MIA had been dependent upon them fol
much Of its bust ness, the Lehigh Vale,
having sent PCS, $50 tons Of coal to tha
roai during 1878. Pcnnsylvania WAS NO
affected in any way BY the lease.
The North Pennsy lvania owns q mall
line from this city to Bethlehem with
two or shree Insignifcant branches, anC
IL leases the Northeast and the stony
Oreek, making In all 1876 miles Of maiI
line and branches all in this State. 1t hal
a capital stock of "a, 263, $50, with SLIT,
1923 convertible scrip outstanding and 8
bonded debt of 81, OF 900, together with
floating debt Of 81 .204 ,926 and q profit
and loss account of $143,S ,S28. Its busi-
freight traffic having been exceeded but
then only BY about 5 per cent, while tbs
passenger traffic was heavier than in any
| exc pit the Centennial year. It jspeni
Dothing for equipment and only $56 ,50t
f1r construction, but its interestJ ground
rent and taxes amounted to $5l8, ,303
leaving surplus of only So, ,757 from tht
net earnings of S573,06l. The gross earI
ings were 81 ACC, ,923. SupposihG the item
ofinterest to remain tho same instead O
increasing at the rate of SO per cent. as 1
has for the last years, the deficit to b,
met by the Reading Company under the
terms Of ;he lease will be little owe
SOC, 900 this year. .,LI III
Tie Delaware and Bound Brook OWL
double track line twenty-seven miles
extending from the Delaware River
wh re 1t connects wi h the. DelaWar
River, branch of the North Pepnsylva
MIA to Bound Brook with a Branch
miles in length. 1t has funded debt 0
81 800 900 seven per cent. bonds, stool
81 ,6l4 600 and floating debt Of S27ys60(
Its gross earnings last year were $270, 81
and the net $119 ,022. The interest ,charg
Is $lO5, 900 and the surplus after msetinI
that was only Sl4, ,622, 10 that the roadl ]
likely to call upon the Reading for abou
$50 900 . year to meet the guarantees.