REPORT
OF THE
BOARD OF DIRECTORS
OF THE
BEAVER MEADOW
RAILROAD AND COAL COMPANY
TO THE
STOCKHOLDERS.
JANUARY 17th, 1848.
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PHILADELPHIA:
PRINTED FOR THE BOARD
BY C. G. CHILDS, OFFICE OF THE "COMMERCIAL
LIST"
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1848
OFFICERS.
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PRESIDENT.
JAMES ROWLAND.
DIRECTORS,
TREASURER.
JOHN McCLJNTOCK.
SECRETARY AND SUPERINTENDENT.
L. CHAMBERLAIN.
AT THE ANNUAL MEETING of the Stockholders of the Beaver Meadow Railroad and Coal Company, held January 17, 1848, according to public notice, at the Office of the Company, No. 84 Walnut street,
BENJ. W. RICHARDS, Esq., was called to the Chair, and L. CHAMBERLAIN appointed Secretary.
The Report of the President and Directors, with Reports of Treasurer and Secretary appended, was read, and on motion of J. Godley and seconded, it was
Resolved, That the Report and documents just read, be accepted, and referred to the Board of Managers with instructions to print the whole, or such parts thereof, as they may deem proper.
The President gave notice that Jesse Godley and Benjamin Davis were appointed Judges of the Election.
It was moved and seconded that the meeting now adjourn, to proceed to an election for President and Managers.
R. W. RICHARDS, Chairman.
L. CHAMBERLAIN Secretary.
REPORT.
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The Board of Directors present the following statement of the
affairs of the Beaver Meadow Rail Road and Coal Company, to the Stockholders:
The past year has been a favorable one for the business of the Company, as regards the state of. Canals and other facilities for transporting our Coal to market; and had it not been for the great rise in freights, soon after the boating season, commenced, we should have had no prominent reason for complaint. This increase in the rate of freights, consequent upon the great advance of the prices of provision, amounted to thirteen cents per ton over the rates fixed upon at the commencement of the season for boating, and has made a considerable difference in the profits on the year's business.
The amount of Coal we have shipped from our shipping port at Mauch Chunk, during the past season, is 109,109-12/20 tons, which is made up as follows:
We have the gratification of being able to add, that our Coal continues to give increasing satisfaction to our customers, and that the demand for it is likely to be greater than our means, with all our exertions, will enable us to supply.
The new Slope, No. 7, continues to yield the proportion of Coal which was calculated upon from it, as does Slope No. 4, both now in full operation. We have no reason to doubt, that the full amount of 100,000 tons of Coal, as per contract for the year 1848, will be delivered in due season by the contractors, William Milnes & Co.
In view, however, of the increased demand for Beaver Meadow Coal, the attention of the Directors has, for a considerable time, been anxiously turned to the propriety and necessity of again working No. 3 Slope, which mine, it will be remembered, was by an unfortunate accident, filled with water in 1846. This Slope or working, contains an immense quantity of Coal, and the gangways at the time of the accident, were all prepared for advantageously mining largely therefrom. The Board have recently completed a contract with responsible men, for working this Slope on favorable terms for the next three years, and expect to receive from it all average of from 30,000 to 40,000 tons per annum. In relation to this Slope, it is the belief of practical engineers and miners, well acquainted with these Coal measures and their indications, that the veins of the other Slopes worked by us, underlie the veins of Slope No. 3, and can be easily worked from it. It is the intention of the Board, to have an exploration or boring immediately made, which will settle this question at once, and with small expense. If the exploration prove successful, and the veins now worked underlie Slope No. 3, an immense additional source of supply, with but small outlays will be thus developed.
It may here be observed that we have so far, only partially worked Coal from about fifty acres of the Beaver Meadow tract, which contains about six hundred acres, and which have many points available for mining, when the present openings shall have been worked out. Of the Piatt tract, containing more than 400 acres, no part has yet been worked. On this tract, as will be seen by reference to several previous reports, it is calculated from the borings and other reliable indications, that large beds of Coal are deposited.
Before, however, resorting to other points on our lands for new openings when required, the Coal basin on the main or principal branch of the Beaver creek, into which Slope 3 has been worked, presents the most favourable location for future successful operations, as before alluded to. Among other reasons, it is more immediately in the vicinity of the dwellings now built for the workmen. Further, we have found from experience, that our Coal basins rise as they go eastward, therefore it will be our best interest to direct our operations to the western parts of our lands, working eastward. In addition to these views, the indications in this south basin show, that the Coal measures are less disturbed than in the north, where we have hitherto been conducting our mining operations.
Showing an increase of tolls from the Road since last Report of $7,518 88.
There has also been expended on the intended second track along the Quakake creek, $3,836 34.
During the winter there will be completed on this portion of our road, which is 4.85 miles in length, about four miles of grading, leaving from 3/4 to 7/8 of a mile yet to be graded, to have this Section of the Railroad ready for laying a double track.
The Road is deeply impressed with the necessity of taking energetic measures, to reconstruct our Railroad with H rail. It is particularly desirable, that the greater portion of that section of our Road just alluded to, between Weatherly and Penn haven, should this year be laid with double track. It is the part most used by other Cola operators, and the travel upon it, is expected greatly to increase: it therefore first claims our attention.
To make a permanent reconstruction of the Railroad, and provide for such additional transportation power as may be needed by our increasing business, will require a considerable amount of money. It is neither desirable nor expedient, to appropriate the means of making this improvement from the profits of the Coal business, but is proposed to the Legislature for an increase in the Capital Stock, to such an amount as may be deemed necessary, and to make sales of the whole, or such part thereof, from time to time, as may be really needed, at such prices as may be determined by the Board; the proceeds to be applied as may be required, by the increasing business of the road, and for the prosecution and completion of this important and vital improvement. It s proposed so to arrange it, that the Stockholders may either take stock themselves at a fixed rate, payable in instalments, as may be required during the progress of the work; or it may be disposed of to others, at rates which the Board may deem most advisable, to promote the interest of the Company.
It is proposed now to limit our expenditure to the construction of the double track along the Quakake as before mentioned, until the wants of the region, actually require an extended improvement.
If the Legislature grant the privilege intended to be asked for, we shall most probably be enabled to make a dividend on the stock, during the course of the present year.
It is presumed that it will not be necessary to dispose of much of the stock at any considerable depreciation, for when it is apparent that the Company is doing a prosperous arid profitable business, as will be evident, when dividends are being made on a permanent basis, our stock will be sought after as a valuable investment, and regular source of profit.
The amount of Coal which will probably be sent over our road, from other sources than our own mines in 1848, will, we have reason to believe, be greatly increased. From the Hazleton mines it is understood that 100,000 tons will be sent. From the mines called Cranberry, of which the Messrs. Roberts are proprietors, from 35,000 to 50,000 tons. From the Summit Mines, from 60,000 to 80,000 tons. It will be remembered that the Coal from the two first named places, passes over that part of our Railroad from Weatherly to Penn Haven, on the Lehigh; while the Coal from the Summit Mines, is transported over the entire length of our Road. The old Sugar Loaf Mines, at present known as the Diamond company, are now being prepared for doing an energetic business, but we are not informed, whether the proprietors calculate upon sending much coal to market this year. It understood that preparations will soon be made to bring into operation the extensive Coal lands of Col. John Hare Powell, lying west of Hazleton. The Coal from these mines, comes upon our Railroad at Weatherly. On the Beaver Meadow basin, west of our Mines, the Stafford Company, the Northampton and Luzerne Company, and the lands of Stevenson and Alter, are all at this time attracting the earnest attention of Coal operators, and may very soon be expected to be opened.
These increased amounts, will greatly augment our receipts from the Road, and make it, when properly improved, an increasing and reliable source of revenue.
We have received from the manufactory of J. A. Roebling, a wire rope, which is intended to be used at our upper inclined plane instead of hempen rope. It is confidently expected, that the adoption of wire ropes, will cause a considerable saving of the expense we have heretofore annually incurred for Plane ropes.
The system of providing ourselves with boats, on the plan stated in the Report of last year, we find to answer so good a purpose in securing us a certain supply, that it will be continued, and a number probably sufficient, has already been contracted for.
It affords us great pleasure to announce to the Stockholders that all our floating debt has now been extinguished. The mortgage loan, is now the only remaining pecuniary encumbrance. The interest on this loan was promptly paid up in August last.
The proposed Railroad from Easton to Tamaqua, which is intended to intersect our Railroad about 3 miles below Mauch Chunk, is, we are informed from good authority, likely to be vigorously prosecuted. A sufficient amount of stock is already taken to comply with the requirements of the Charter. This road when constructed will open a new and rapid means, for the transmission of the Coal of our region to the City of New York, and to the great Eastern market.
The Reports of the Treasurer and Secretary of the Company are hereto annexed.
All of which is respectfully submitted,
For the Board.
JAMES ROWLAND, President-
Philadelphia, January 17th, 1848.
Statement
of the Capital Stock, Loans, &c., of the Beaver Meadow Rail Road and Coal
Company, January 8th, 1848.
J. McCLINTOCK, Treasurer.
REPORT OF THE SECRETARY AND SUPERINTENDENT OF THE ROAD.
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The ropes continue to wear, as well as reported last year.
This is by taking the same character of Assets, as those in the comparative statement made of 1845 and 46, reported last year. Some of these, however, were debts that still remain uncollected, and may be considered doubtfull; but after making an allowance of $5000 for these, that will no doubt cover all contingencies, the assets now on hand, may be fairly valued at least, at $ 20,000 beyond all indebtedness.
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L. CHAMBERLAIN,
Secretary
and Superintendent