The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-01-17


It Is Apparently Meeting with
Favor-President Wilbur Is Re.
elected-Sales Agents Restrict Pro-
duction-Nova Scotian Coal Men
Are Anxious!y Watching the Pro-
gress of Wilson's 8ill--Other News.
The new plan of Reading re-organi
zation is follows: The floating indebt
edness of the company including the
receivers certificates, amount in round
numbers to $12, 100000 The Finance
company of Pennsylvania has had
charge Of the coal and coke accounts OF
the Reading Coal and Iron company for
the last fifteen months, and the ad
vances have increased so that they now
amount to SO, 100000 The security in
the possession of the Finance COMPANY
is believed to ba sufficient to warrant
an issue of $6. 900, 900 of per cent. ten
year trust certificates. which could be
sold to the public at par, ard the FL
nance company has intimated that If
this can be done its annual charge for
services will be materially reduced after
the expiration of the present contract.
The per cent. collateral trust bonds,
owned by the Reading company amount
to $40 600, 0O0 If they can be disposed of
to the security holders and stockholders
of the company at fair price a suf-
ficient amount will be realized to pay
off the floating debt and receivers Ger.
tificates and to provide money to deal
with some Of the car trusts which ma
ture soon. 1t will also be necessary
for the general mortgage boniholderS
to fund their coupons for five years
and it is proposed to form a syndicate
to purchase at par for cash, the cou.
pons az they mature, thus giving to
the bondholders money for the interest
as ii falls due, reserVing to the bond
holders, however, the privilege of talk
ing the coupon trust certificates them
selves if so desired. With this relief
to the company during the period of
funding it will be able to take up all
its maturing obligations, including
the equipment notes, and have ample
means, il il believed, for conducting
its business. AT the expiration Of five
years, under the terms Of the last re-
organization, the COMPANY will come
into possession of $40, 900, 900 of general
mortgage 4 per cent. bonds. John
Lowber Welsh is credited with devils
ing this plan.
A dispatch from Chester, Pa. says:
James G. Fender, vice president OF
the keystone Plaster company, OF Ches-
ter, mas Just returned from a business
trip to Nova Scotia. where his COM
pany owns large plaster fields, Mr.
Fender says that everywhere evidences
may be seen of the great hopes the coal
miners and manufacturers in that sec
tion have of getting their products into
the United States markets after tn
passage of the Wilson bill. At Glass
Bay, Mr. Fender saw II large steamer
being loaded with coal for ths Boston
market, where it can be sold after the
duty is paid at the same price as the
Pennsylvania coal. apd the Cape Breton
coal operators declare that with the
promised reduction in the duty they
can drive the Philadelphis colliers out
of the business. "
Abiding to the statement of John Fl
lnman that if coal ware made frsA,
thus taking away the through traffi
of many railroads, it is inevitable that
the freight loss will be recouped by
the raising of local freight rates, the
Washington Post says:
No one, we imagine, will deny that
free coal will cut down the through
freight business Of many Of our great
trunk railroads and no one except poet
or a dreamer expects the railroads to be
conducted at loss 1t is only rational to
assume, therefore. that II legislation should
Curtal their revenues in one direction
they must recruit them in another OF
close out entirely. II they adopt the lat.
ter expedient, untold misery will be en-.
tailed upon millions Of people. II the
former, every patron Of the railroads will
have to contribute to make good the de
licit. In either event free coal becomes d
costly luxury to the people. In either
event it is blunder.
At special meeting Of the anthra-
cite coal sales agents in New Yorl
Yesterday it was decided to radically
restrict production during the rest OF
the month The agents will issue or.
iers to cut down the present allot,
ments to about so per cent, thus re-
ducing the total output for January ~
1000, 600 tons.
The annual meeting Of the stock
holders Of the Lebigh Valley r ailroat
company was held in PhiIa delphii
yesterday. The members of the pre-
sent management were all reelected
No other ticket was placed in the field
MINOR INDUSTRIAL GLINTS:
The pudding department in Moorheadi
mill at Sharpsburg, which has been shu
down for some repairs, was started OF
double turn. AS soon as repairs are flu
ished the guide mill viii also resume oper-
ations
The rolling mill of Chess. Cook & Co., al
! Rankin, which has been closed for tWt
months, went into operation. The pros
poets for steady operation are not bright
A manufacturing company is being
formed among Homestead business me
for the manufacture of fire trap. Tht
company has selected q site in Homestead,
/ where it will build.
The employees of the Pittsburg WirJ
/ works at Braddock refused to accept a re
duction of abou IS per cent. in wages and
struck Five hundred men are affected.
All the miners Of the Mercer Coal com
pany and the Westerman company's mine
went on strike because reduction of 1
cents per ton for block coal took effect
A similar reduction 10 ordered 0y the Pint
Grove Coal company for today, when thsl
miners will quit work.
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