New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-21
TO PARALLEL ID. 6 III.
Plans Being Formed for Line from
anthracite Fields.

Plans for .he construction of a railway line 70
compete with the Delaware & HUDSON Oe'"ee"
the anthracite coal fields Of Pennsylvania anu Tle
city OF Schenectady, near which conhecuoh 10 ~ 20
made with the Boston & Maine system. ~ -
forth in a circular issued by Soaring q 90, iheH-
,pars ~ a syndicate which IS being FORMED as q
step in carrying those plans into eNecuuoh' Inc
,,ucleus Of the project is the Delaware & Eastern
Railroad Company. Of which F. +. Searlhs' OF
Soaring Co, is president -.
The Delaware & Eastern was chartered IN 1893.
Nftb an authorized capital of 100000 and SlOOOOOO
first mortgage bonds 1t has built and Is operating
about fifty miles cf road. from East Branch on the
New York Ontario & Western, 10 Arkville. on the
Ulster & Delaware. including nine-mile branch
from Union Grove TO Andes.
Last December the State Board of Railroad Com
mssioners granted the applications Of two new
companies incorporated in the interest Of the Del
ewaFe & Eastern-the Hancock East Branch
and the Schenectady & Margaretville-for char
tiers. The Hancock & East Branch is to run from
the western terminus of t8e Delaware & Eastern.
East Branch 10 Hancock on the Erie, a distance
Of seventeen miles. and the Schenectady d Mar
garetville, from Margaretville at the eastern END
Of the Delaware & Eastern to Schenectady.
The combination of the three roads will form
line l54 miles long. traversing the Delaware and
SchohaIie valleys. and ii is planned later TO extend
this system from Hancock 10 Wilkes Barre with
the object o. delivering anthracite coal from the
Pennsylvania coal regions to the Boston & Maine
Railroad near Schenectady. thence 20 be distributed
in tire extensive territory in New England served
by the various lines of the Boston & Maine system.
The Delaware Hudson Company opposed before
the State Railroad Commission the applications of
the two projected roads already named, taking the
position that the new route sought to be formed
was NOT a necessity; but its opposition
successful The Delaware & Hudson delivers
a heavy traffic of coal To the Boston & Maine at
Mechanicville near Troy. which is transported
over its OWE line from Wilkes Barre Scranton and
other points in the coal regions to NineVeh. and
thence over the Albany & Susquehanna. its leased
line
II is asserted by the Delaware & Eastern
agement that owing the freight congestion
years been delivering 20 the Delaware & Hudson
al Wilkes Barre so heavy tonnage destined for
New England points. by way of the Boston &
Maine. that the Delaware & Hudson. has. during
that period. been unable TO carry any coal beyond
that produced in its mines; that new line
would meet actual 1t is also declared that
the grade of the projected line is less than that OF
the Delaware & Hudson between Wilkes Barre an6
Schenectady, and that its route between those
points will be shorter than is the Delaware & Hud-
sons.
II is purposed TO form a company. which
shall take the securities and properties OF the
Delaware & Eastern and the two lines for which
have authorized capital stock OF 100000 Of
which 100000 is 10 be issued at once and $20OOO00
authorized bonds of which 100000 will be issued
now. 4 syndicate is being formed to underwrite
the 100000 bonds. BondholdeTs of the Delaware
& Eastern asked to exchange their holdings at
the rate Of SO9 in bonds and $3.50 in stock OF the
new company for each 81 COO bond of the old COM
pany: and the stockholders are TO receive bonds OF
the company at the rate OF $50 share for
their stock.