The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-01-02
INDUSTRIAL TOPICS.

The headquarters Of the Susquehan-
ma and jefferson division of the Erie
railroad will remain where they are.
WIkes-Barre News-Dealer: "Alex-
ander Mitchell, as a suggestion for
presidency of the Lehlgh Valley rail-
road, is one that can be most heartily
commended. He would make an ideal
railroad president, and no man is more
familiar with railroad management
than Mr.. Mitchell"
Owing to possible legal complications
the Lehigh Valley directors have
changed the plan for holding the an
nual meeting from the New Century
club drawing rooms to the company's
principal offices, on South Fourth
street Philadelphia. Arrangements
have been made, however, for the use
of Musical Fund hall should there be
occasion.
A suggestive thing about the meeting
in New York Monday of representa-
tives OF the anthracite coal companies
was the fact that William Joyce gen
eral freight agent of the Pennsylvania,
was present and participated in the de-
llberations. His company has never CO.
operated with the other coal fields, and
Its independent attitude has done more
than any one thing to render the
monthly agreements imperative. 1t
has always been allowed a percentage,
but the radical way in which it has
Increased its output over the amount
allowed has been couse for appre-
hension. 1t is proposed to effect an Or
ganization of the coal roads into an
association modelled after that of the
Trunk Line association in anticipation
Of the passage OF the law permitting
pooling.
Philadelphia Press: with the be-
ginning of the new year the eyes Of the
Reading security holders will be turned
anxiously to the future. The prospect
is not bright, but the manly thing to do
is to look the situation in the face
and prepare to meet It. The market
prices of the securities below the gen.
eral mortgage bonds are at the lowest
point. The earnings of the company
are at the lowest point Ii is doubt
full If the earnings for the fiscal year
ended Nov. IS will show two-thirds of
the general mortgage bonds earned,
after substracting the sum necessary to
pay off the car trusts. This fact and
the state of the coal trade, which Is
duh and Improbable. opens up an en-
tirely new view of the Reading prop
erty. In any successful reorganization
1T Is now plain that some sacrifice will
be required of the general mortgage
bondholder as well as from the junior
holders. By sacrifice Is meant a seal
ing of interest, something that has
never been suggested since the per
cents. We're issued. This means an en-
tirely new scheme Of reorganization.
If plan is proposed on which the vari-
Gus interests can unite, the case of
which musi be integrity of the system,
there will be future for the old COM
pany. Nothing definite Is likely to be
done for some months"
The place where the coal was discov.
| cred on the farm of Daniel Kintz in
Ross township, about a mile and hall
from Saylorsburg, Monroe county, Is
the scene Of great operations. A shaft
| has been sunk to a depth of a little more
| than twenty feet and fine specimens
| of Beach diamond coal have been
| found. The vein was thin. however,
| several inches thick-so the shaft Is
| being sunk deeper. An experienced
| miner is experimenting the force OF
| men at work. The miner states tina,
| the prospects, says the Stroudsburg
Daily Times, were good for finding q
| big vein of coal. Since the find Of Goa
company has been formed. 1t Il
| called the Monroe County Prospecting
| and Mining company. The officers are
Pilesident, eX-Judge Peter Gruver; sec
retary, j. d. Weiss; treasurer. Charlie.
Eberly, superintendent and manager
Sydenham Mengers. The officers ar,
prominent and well-to-do Monroe coun
tians. The par value Of the stock Is 81
share and considerable has already
been sold. The company has at presen
1000 acres of land leased for mining pur
poses and is desirous of obtaining
more. An officer stated that so long a,
the Indications for finding coal in pay
ing quantities We're good the incl
would be kept at the work Of prospect
ing. The miner in charge of the worl
Is confident of striking rich vein a
depth of possibly fifty feet.
| --o