The sun., 1907-04-21
ICOAL ROAD TO NEW ENGLAND
ory yIWARE & EASTERN TAKES ON
A NEW PHASE. ..-,.
D. Line VIII run From Near Wllkcsbarre
"a n Connection with tho Boston u
Maine AZ schenectady Will Parallel
the Delaware g. Hudson In This state.

-. YAne VIII Run FrOm wear Wlhe1Owrto y
"a Connection with tho Boston "
M,,ne AZ schenectady VIII Parallel
an. Delaware e. Hudson In This state.
The management OF the Delaware and
r,s,eru Railroad Company announced yes
,.rdav the details Of plan for the extension
- ,ba road into a new hard coal road TO
o,n from near Wilkesbarre TO a connection
..,h the Boston and Maine at Schenectady.
ISoro,d will be a competitor of the Ontario
and Western in the delivery OF coal TO New
r,rland hut more directly It will compete
18th the Delaware and Hudson. the pro-
isc,et route paralleling the Delaware and
Tudson over most of its line and the COM
Ssnv proposing to go after the same busi-
meas which forms large part of tho Della
ware and Hudson's traffic.
Tho Delaware and Eastern Railroad Com
canv has line in operation between East
p,ancb on the Ontario and Western to
Irkville on the Ulster and Delaware. forty
niles and q branch TO Andes, nine miles.
In December. although the Delaware and
,r,3sop opposed the application. the State
Rsllroad Commission granted permission
Cor the construction OF two extensions.
One % these, from Margaretville on the
delaware and Eastern to Schenectady.
ninety miles. is at present under charter
~ the Soheueetady and MaFgsretville Rail-
road The other. from East Branch to
Hancock on. the Erie. seventeen miles, was
40 bs undertaken by the Hancock and East
Branch Railroad Both the latter COM
a nanies we're organized as subsidiaries OF
i ihe Delaware and Eastern.
The three companies. according 10 an
announcement made yesterday by Soaring
SO Wall street, are to be merged into
ths Delaware and Eastern Railway Com
nanv. The new company has an authorized
cspftal stock Of $4,000, 900 and $50 900, 90
sIty wear ] per cent. gold bonds IL In
nroposed 20 put out ut present 5000. 600
stook and g. 900 900 bonds. or the latter
a ZOO 900 are to be used TO acquire the
nresent bonds and capital stock of the
Delaware and Eastern Railroad Company
and 20 refund its notes and noatin& IN
debtedness. The remainder of tlIe 80, 900 900
bonds and the SIS 900 ,0OO stock will be used
In the construction of the north and south
srtensions already approved by the state
Railroad Commission. That will leave
IS OOc 900 stock and SI4,OOO. 900 bonds for
The construction Of the line from Hancock
10 Wilkasbarre and the hard coal fields.
The bondholders and stockholders OF
,be Delaware and Eastern Railroad Com
nany NAV exchange their securities for
securities Of the new company on the fol-
loving basis; For every 81 900 bond Of the
ESQ of stock in the railway company; for
sverv 81 900 OF railroad company stock
$500 Of railway company bonds.
The extension of the present line" a
circular put out by the bankers says, and
amalganation Of the three companies in
ons will transform the present property
from a purely local one TO a through Inns
n Importance traversing the Delaware
and SChoharie valleys. connecting with
seven different railways and forming ne "
and much needed highway across this
particular part of New York between Penn
sylvania and New England"
The projectors of the enterprise expect
10 derive much benefit from connection
With the Boston and Maine at Schenectady.
They point out that the Boston and Maine
controls the railroad situation in northern
New England as effectively as does the
New Haven in the southern portion and
insist that there is an excellent opportunity
in the transfer of business from the south
20 the upper New England system, II the
road is built from Wilkesbarre to Schenec-
ady il will afford the shortest route for
The transfer Of hard coal to New England
POINTS,