The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-02-13

COa NOleS SuDSCflDSu foT-f loal- |
ing Debt to Be Paid interesting |
Estimate of the Unmined Anthracite
Coal in PennsyNania-Othe Newsy |
Gleanings OF Special interest to In
duSlria Workers.
II We are to believe carefully elab-
orato report in tho Philadelphia Rec |
ord of yesterday, usually an exceed
iugly Trustworthy authority on sub. |
scts of financial nature, the success
lul rehabilitation of the Reading rail |
road and its speedy extracation from
tho present receiYership were practic' |
ally assured on Saturday, when ar. |
rangemcntS were concluded for wiping |
out the floating debt and putting the !
company in shape for restoration TO |
the stockholders. The first step to this |
end .1ss d cided upon ly receivers, and |
now only awaiting the sanction OF the |
court, before bang put into elf3ct, is |
the issue Of s. 600. 600 Of coal trust |
notes, based on the coal In hand aud |
the coal accounts of the company as |
collateral, with which TO pay of the |
s., 500, 900 loan of Speyer Il Co.. and |
The So, 0OO, 600 advanced by the Finance
Company of Pennsylvania on the com
pAuys coal accounts valued Mt over
s.. OO0. 600 The additional $500, 900 |
necessary for this purpose will, it is
understood, be taken from the current
income Of the company. The entire
s., ,OO0, 600 has been subscribed for. The
notes ara to bear q per cent interest
and are TO run for ten years. The HI
nance company has consented to accept
the payment of It's advances OF S., 600,
600 two million Of the coIl trust notes
aud q, 600, 600 in cash. The balance OF
the issue will be taken by DreNel IL
Co. and Brown Bros. Il Co. The Speyer
loan will be paid off in cash at its ma
turity April As the company now
pays 10 per cent. interest on this loan
it will save per cent. by the change.
which on 81. 800, 900 is equiv lent to
| Sl0O, 900 annually At the same time
the receivers will provide for working
capital for the company. The plan
under consideration is to issue $lO. OOO
| 600 collateral trust bonds. The issue
OF trnst bonds will be based upon
securities now in the complny's pos
session, or TO come into its possession,
amounting in tine aggregate to Sl2 OO0,.
/ s. 900, 600 coal trust bonds has been
upon the most favorable terms. The
| price paid is par less a small commits
| sion. and the receivers not only dispose
of the floating Indebtedness, bat effect
| great saving in the matter of inter
est As to its current bills the com
pany Is paying them as they come due.
John c. Haddock has written a read
| able explanation OF why the trade
mark of ShOnk. Haddock & Co, is
| frisky and defiant woodcbuck The
| Lackawauna railway, very naturally.
comes in for some hard raps for al eyed
discrimination ana arbitrary curtail.
ment OF cars. One Candlemas Day.
| when these aggressions had been par.
! tCularly severe and the winter par
ucularly mild, Mr.. Haddock. very de-
/ spondent, called upon Mr.. Shonk ut his
/ Plymouth home and. it is to be sup.
posed unbosomed himself of his atll C.
| tiOns. This discussion was interrupted
by the late Mrs. John j Shonk, who
rallied Mr. Haddock from bis gloomi-
ness by telling him she had just seen
woodchuck come ont of his hole, view
his shadow clear and distinct in the
| bright sunlight and scampsr back
again This omen of six weeks OF cold
weather was accepted; and although,
in the three months of sharp winter
that eusued. the hackawauna railroad,
10 use Mr. Haddock's words, allowed
him to operate his two collieries only
twenty seven days, I've thencefor-
ward adopted the woodchuck's picture
as our trade mark"
The latest claim Of John c. IIad-
dock. of Plymouth, against the Dsla.
ware, Lackawanna and Western rail.
road, ia based upon the assertion that
the Lackawanna is charging indepsnd.
ent operators, with whom it made con
tracts, with ~ per cent. OF the selling
price OF coal, while it charged Mr..
Haddock, who refused to make CON
tract, 80 per cent Of the selling price.
Und-r the Pennsylvania law com.
psny judged guilty OF excess charges is
liable for three times the actual dam.
ago caused thereby 1T remains to be
seen whether the court, providing it
decides in Mr. HadlocE's favor, will
award for the full amount claimed. In
commenting upon this cuse Mr.. Had
dock says it involves the old question
Of fraights which has agtated the an.
thracite shippers for many years. IL
hopes to establish the underlying priu
cipe, that there has got to be Just
recognition OF an equitable relation be
tween tho transportation and selling
prices Of coal.
1t il something Of a consolation, in
this connection, to read that number
Of western bitumlnous shippers so
long the benefciarles of the gross dis
elimination pratcised by the coal car
rying railroads, are getting into the
snme boat that Mr. Hadduck aud Mr.
Coke are in namely that they are pre-
pairing to institute litigation for rs.
dress. Unless the main lines consent
to substantial reduction during this
depressed season, it Ia said there will
be trouble, in abundance, with possibly
such nm airing OF grievances IN the
courts as WILL like the Coke suit, ex-
pose many sedulously concealed secrets
Of the transportation business, an show
the fuel trade precisely how it has been
systematically imposed upon,
+ Minor INDUSTRIAL NoTEs:
Last week sixteeu reporting Luzerne
! colleries shipped only IL, lGi, OF tons
| flln llala W A Fn nd Hulgnn IA oil
. the empty coal cars 1t can, in shape for a
biz movement Of anthracite during the
next few weeks.
The Delaware ard Hudson is increasing
, the gravity freight equipment by the con
= struction OF six additional box cars
; The now electric line from Wilkes Barre
to Plainsville, via Midvale and Port Bowk.