New-York tribune., 1900-12-14
PRICE THREE CENTS.
ERIE GETS NEW COAL ROAD
SALE OF PENNSYLVANIA COAL COMPANY
TO MORGAN & co. CONFIRMED.
1T MEANS THAT THE PROPOSED COAL
CARRYING LINE TO TIDEWATER
WILL BE ABANDONED

Po"eIiui promoter or the projected independent
eoal-earrying railway. the Delaware Valley and
Kingston. the construction and operation OF
which it has been generally recognized would be
gravely injurious to the interests OF the present
coal rOads-was about to be acquired by the
banking house Of j. p Morgan & Co.. which Is
closely affiliated with the several anthracite car
rying roads Later in the day the subjoined cir
cular letters issued by the PennsyIvania
Coal Company and J. P. Morgan & Co.. stating
the terms on which the leading interests in the
coal company have agreed to dispose Of their
stock holdings. the terms TO be open to
the smallest sharehOlder-S276 share Cpar
value SOD. to be paid by the banking firm, and
about 800 a share additional. to be disbursed
to shareholders from the $1OOOOOOO treasury
assets OF the company.
TERMS OF THE SALE.
The directors of the Pennsylvania Coal Com
pany met at No. 1 Broadway yesterday after
noon and formally approved Of the sale OF the
property to J. p Morgan & Co. and certain other
interests. The circular subsequently issued by
the directors and certain large stockholders ts
as follows:
To the Stockholders OF the Pennsylvania Coal Com
The undersigned directors and stockholders
eeived an offer from Messrs. j. p Morgan ( Co
20 purchase their stock on the terms stated in the
ing the offer advantageous they have accepted the
G
The Undersigned were unwilling to dispose OF
their stock unless Messrs. j. p Morgan & Co.
the stock Of al other stockhoders R WSich might 5s
9iiered TO them on January - 1901 or within thirty
In the case Of any stockholder who should be pre-
ing his stock within the same period
As stated IN the circular issued by j. p. Nor
gan & Co.. the sale OF stock does not carry with II
any interests in certain treasury assets OF the
company which have been reserved for distribution
as dividend among the stockholders of record at
the closing OF the transfer book January s. 1901.
assets have value OF at least SOOOOOOO, equal a
dividend OF at least 200 per cent, the equivalent of
cent, equal TO s276 per share. to be paid by J. P.
Morgan q Co. would make the aggregate amount
their stock at least 752 per cent. equal TO S7s per
It is expected that The treasury assets of the com,
Pany will be promptly Hquidated. that the divi-
will in all probability, be distributed and paid
through J. p. Morgan & Co., simultaneously with a
payment for shares sold and delivered to them. and
the remaining assets WILL as rapidly as they can
holders Of record on January s. 1901, at D. m as
strongly recommend the acceptance OF the offer by
the other stockholders:
SAMUEL THORNE.
JOHN W. STERLING,
JAMES n. JARVIE.
WILLIAM w. THORNE.
JOHN r. PLATT,
GEORGE g. WILLIAMS
W4fT6N EGtTIS5t FEReiITsoN. IF TTS5zef'O'
A s HURLBURT
And the following among other stockholders
F. p OLCOTT
ARBUCKLE BROTHERS.
NEW-YoRK LIFE INSURANCE AND TRUST
LAURA A. PALMER
y F. PALMER, trustee.
DAVID g. LEGGET.
GEORGE F DOMINICK-
A supplementary statement reads as follows:
New-York December H. 1900.
To the Stockholders of the Pennsylvania Coal Com
We have purchased large amount Of the
cIuding all the stock held by the directors and
Istsd as a condition Of such purchase that we shall
offer 10 all other stockholders electing 70 avail
stock to the same terms. This we are pre-
Holders desiring to sell their stock must deliver
valid certificates therefor. duly indorsed In blank
and in lawful shape Tor TRANSFER az our once No.
Is, 1901, or any time within thirty days there.
$50 per cent. equal to 27s per share. each share
being of the par value OF Soo.
Such sale carries no interest 20 uS "a certain
treasury assets OF the company. which have been
reserved from sale ana whicn are 20 9e HaIlaaSsd
nary dividend to the shareholders OF record on
We have agreed to pay. for account OF the com
pany, simultane ously with the p9rcnase or & tae
which shall previously have been declared and paid
over to US In cash for distributor 70 Ine snare
holders j. r MOrtGAN q CO
The capital stock OF the Pennsylvania Coal
value of $50. or a total Of S5,OOOOOO. The pur-
chase OF the entire stock by ]. p Morgan Co
at 552 per cent. therefore, represents a dis
bursement by them Of S27. 100000. so that, In
cluding with this sum the $10OO0OOO Of Treas
ury assets. there will be divided among ths
shareholders a total OF nearly $3SOO0OOO
INCLUDES INDEPENDENT COAL ROAD.
vice-President w V. s. Thorne was quoted
Yesterday as saying that the sale Included the
franchises. rights OF way and other property
os the proposed independent coal road to tide
water. the Delaware Valley and Kingston Rail-
read and also the Erie and Wyoming Valley
Railroad The latter extends from Lackawaxen
to Port Blanchard. Penn. with branches TO varf-
Gus coIieries the total length Of line being nine
ty-four miles. The section from Lackawaxen
to Hawley Penn, sixteen miles. is operated
under lease by the Pennsylvania Railroad Com
pany its Hawley branch. II had been the
plan OF the Pennsylvania Coal Company 70 use
the Erie and Wyoming Valley road part OF
its through route 70 tidewater connecting at
Lackawaxen with the projected Delaware Val
ley and Kingston Railway. The Erie Railroad
Company which would have suffered the most
severely Of the coal roads by the diversion OF
the independent operators coal traffic 70 King
stOn, wiz in future, IL Is said. operate the whole
of the Erie and Wyoming Valley road and VIII
also be placed in control of the Pennsylvania
Coal COmpany's mines. which last year pro-
duced about 100000 tons OF anthracite; and
the plan OF building line Of railway from the
ccal regions TO the Hudson River az Kingston
will be abandoned.
Pennsylvania Coal yesterday took its place
among the active issues the Stock Exchange
271 shares being sold at prices ranging from T35
TO T4O, the close being at the latter figure 4
little over week ago nominal quotation for the
stock was I'D bid Its range for the year rom
January 1 up 70 November 80, was between 40
on June II and 45Ols. which II touched on No
vember IL