Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1919-08-07

Yarworth of Tamaqua on a royalty,
per ton, for all coal mined by them.
This new and intelligent system of
mining was soon shown in the in
creased output of coal. Mr.. Thomas
was an Englishman and an accom-
plished mining engineer. John
Yarworth was Scotchman and Il
practical miner.
Being somewhat handicapped by
want of cash capital James l.. Sut-
! ton bought out the interest of John
Yarworth as lessee, when the firm
of Sutton and Thomas was formed,
with ample capital to develop the
business of mining and to conduct
a store for the convenience of the
operatives at the mines.
To fill the vacancy caused by the
resignation of Mr.. Sutton as Presi-
dent of the uompany, Edward
Jessop, a well known resident of
York, Pennsylvania, was elected to
the presidency. Mr.. Jessup, at that
time, was the senior partner of a
wholesale and importing hardware
house in Baltimore, but always re-
turning to York for the weekend,
as his family resided there.
On Paying Basis
Under the energetic and intelli-
gent management of the lessees. the
company was placed upon a divi-
dend paying basis and the stock rap
idly rose in value.
The output of the mine was in
creased to 10000 tons per annum.
being the largest single colliery at
that time in the whole anthracite
| region.
AS the high prices for coal could
not be obtained after the close of the
war, the large stockholders were i'm
| portuned to sell their stock and GER
tain interests showing an axiety To
! pick up" the stock, the directors
during the spring of 1864 through a
! committee, addressed letter to every
! stockholder, suggesting that they
| pool their stock with a special com
mittee appointed by the Board and
| this committee, backed by the Com
| pany organization, would sell the
stock as whole and obtain for il
the best price that it would bring
| This plan proved to be effective.
Mr.. Jessop was chairman of the
! committee and they soon had control
| of practically all of the stock.
| After negotiating with certain par.
| ties in Boston, supposedly in the in.
| terest of the Pennsylvania Railroad
| an agreement was reached upon q
price of $35 per share. The sale was
effected by Josiah Caldwell, a bolt
| young operator and financier of Bos.
! ton, who was backed by bankers OF
| that city. The Company then changed
! hands. At day fixed Mr.. Caldwell
presented himself before the Com.
mittee of the Board, armed with g
certified check. and the transaction
was soon closed. one of two Balti.
more men remained on the Board tC
! keep the organization intact unit
the new stockholders could have I
! meeting in Boston and elect new
| board. The check was for 1894, ,000. O(
and was negotiated by the Bank oi
| Commerce, Baltimore, whose presi.
dent. James w. Alnutt, was {
| large stockholder in the Coal Com.
pany.
The Stockholders
Among the large stockholders were
| George S. Brown and Sons (estab.
| lished 1S03); Henry James. lumber
! merchant; James l.. sutton, Otho w
| Eichelberger. merchant; John Edgal
! Thompson, president of the Pennsyl
vania Railroad Company; Thoma.
| Kenett. Baltimore, etc.
| 1t would be interesting to note
| here. as showing the condition OF
| banking. the currency, exchanges
etc, at that time and to show Mr.
| Thompsons anxiety as to transfer,
ring his share of the sale of stock tC
| Philadelphia during the Civil Wal
period:
! pennsylvania Railroad Co.
presidents Office.
philadelphia, March 80, 1864
Dear Sir.
Inclosed ] send you my certificate
for stock in the Short Mountain Goa
| Company for 1000 shares.
do me the favor to send me achecl
on Philadelphia or New York for tn,
proceeds at the earliest moment yoJ
can.
IF checks cannot be obtained a
your place, sent greenbacks by Ad,
ans Express.
| 81 assume from your letters that tn,
terms of the sale have been compiled
with.
Yours truly.
y. EDGAR THOMPSON"
| Edward Jessop, Esq'r.,
/ president.
short Mountain Coal Co,
! Baltimore, Md
Mr. Thompson's letter was datet
March 31st, but the delivery anC
payment for the stock was not con,
summated until May.
Mr., Thompson did not attend any
of the annual or other meetings o.
the stockholders, but he invariably
sent his trusted and confidential pri
vate secretary, william j. Pal
mer with proxy. and we invariably
complimented Mr.. Thompson by ap
pointing his secretary as secretary o
the meeting. Mr.. Palmer was soon af
ter heard of as wearing the shoulder
straps of q brigadier general in thu
Army, and later az the founder o
Colorado Springs. and president of ;
railroad in that State.
This coal is still mined and know1
in the market as the summit Branch
or Mineral Railroad and Mining Com
pany's Lykens' Valley 1t is yer!
pure and high grade red ash, fret
burning coal. 1t analyses very higl
in fixed carbon, shows very little ash
and brings a higher price than th'
best hard white ash Goals.
The upper vein is nine feet and tn,
| lower tn feet in thickness. 1t ha
been controlled by the Pennsylvani;
Railroad interests for several year
! past
Anthracite coal was used in Balti
more to very limited extent in th'
decade of 1850. A bill for ton o
coal, sold in April, 1853, shows tn,
price to have been $500 per ton. !
bill in December. 1855, is for $500
the winter price, after the closing o
the canal. No coal was brought T.
Baltimore originally by railroad. TIL,
writer of this has a bill for 25 bushel
of bituminous coal, sold in Rich
mond, Va, in 1906, at 20 cents pc
bushel or $500 for the load.