MINUTES
OF THE
STOCKHOLDERS'
ANNUAL MEETING, 1849
AT the Annual
Meeting of the Stockholders of the "Beaver Meadow Railroad and Coal
Company," held January 15th, 1849, according to public notice, at the
office of the Company. No. 84 Walnut Street.
WILLIAM W.LONGSTRETH was called
to the Chair.
BENJAMIN S. RILEY appointed
Secretary
The Minutes of the last Annual
Meeting were read and, on motion made and seconded adopted.
The Report of the President, and
Directors, with Reports of Treasurer and Secretary appended, were read, and, on
motion of John Livezey, 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 Act Supplementary to the Act
incorporating the "Beaver Meadow Railroad and Coal Company," passed
by the Legislature of the State of Pennsylvania, February 18th, 1848 was read.
On motion made and seconded, it
was
Resolved, That the above Supplement to the Charter be accepted.
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.
Signed,
WILLIAM W. LONGSTRETH, Chairman.
BENJAMIN S. RILEY, Secretary.
REPORT,
___________________
THE Board of Directors, in
presenting to the Stockholders the Annual Report of the affairs and condition
of the Company, regret that the result of the Coal business of 1849, and other
causes, have not permitted them to realize the reasonable anticipations which
they felt authorized to express, at the last annual meeting.
The Tariff of 1846 had not then
had time to develope its blighting effect upon the Iron and Coal interests of
the country, and it was then scarcely surmised that it would act on
manufacturing prospects so disastrously as has been the case. We are now
suffering under its evil results, in the closing up of many of the largest Iron
and other manufactories, and the consequent diminution of the consumption of
Coal.* It is unnecessary to enlarge upon what is so well known and appreciated,
and we can only hope, that the energies of all who are now convinced of the
unfortunate effects of that Tariff, will be successfully exerted to procure its
speedy repeal or thorough modification.
* One effect of the Tariff on
our Coal market, may be mentioned. The owners of one of the largest Rolling‑Mills
in this vicinity, have found it to he their interest import and use Pictou
Coal, largely, in the manufacture of Iron.
The amount of Coal we have
shipped from our Shipping Port, at Mauch Chunk, during the past season, is
84,936 1-20 tons, which is made up as follows
We have great pleasure in
stating that we can continue to report to the Stockholders, that our Coal gives
general satisfaction to those who purchase and that when there is a demand for
Coal, we have no difficulty in finding customers.
In the opening of last year's
business, we had but little difficulty in finding purchasers of our Coal, as a
busy season was then the prevailing anticipation.
We had made engagements for the
receipt and delivery of 110,000 tons; but towards the middle of the season, so
great was the depression in the Coal and Money markets, that many of our
customers notified us that they were unable to receive all the Coal they had
purchased; and yielding to a necessity dictated by prudence and good policy, we
acceded to their requests to curtail the quantities yet to be taken by them: in
consequence of this, only about
85,000 tons have been delivered; making a difference in our sales of 25,000
tons, and of course a corresponding diminution of our anticipated profit.
The new Slope, No. 7, continues
to yield Coal in the proportion expected from it, and of excellent quality. The
same may be said of Slope No. 4; in reference to which Slope, the probabilities
are, judging from recent explorations, reported by the Superintendent, that the
quantity will be much more extensive than was originally calculated on.
It will be remembered that, in
making the last Report, the Board of Directors stated that increased demand for
Coal had caused them to determine upon again working the extensive Slope No.3
which contained a large amount of available Coal, and in which the gangways and
other parts were all prepared for advantageous mining at the time it was so
unfortunately filled with water, three years since. Acting on this
determination, the Board contracted with Messrs. Cool & Lockhart,
responsible persons, for working this mine, and proceeded to procure machinery
to pump out the water. This has been prosecuted with the best energies that the
Board could bring to bear upon it; but, owing to unexpected accidents,
resulting from a necessarily complex arrangement of the machinery, it has been
delayed much beyond the time which had been reasonably calculated on, and has
been the cause of much anxiety, and more expense than was anticipated. This
anxiety is now over, as the Slope is nearly clear of water, and the contractors
can soon enter upon the long delayed work of mining and delivering Coal from
it.
It is the opinion of skilful
engineers and miners, that the ample means now provided for the proper working
and protection of this slope, are fully sufficient to insure its future safety.
It is proper to state, that if the Board had not decided on
pumping out No. 3 it would have become necessary to open and prepare another
Slope during the past season; No. 3 being already prepared, it was deemed best
to clear it of water rather than encounter a much greater expense and risk the
contingencies of making an entirely new opening which might not have proved as
available as Slope No. 3 is known to be; moreover, by pumping out this Slope,
we expect to recover two or three thousand dollars worth machine property,
which otherwise would be lost.
The contract which was made with
Wm. Milnes & Co., in 1845, for mining arid delivering Coal from our mines,
was terminated at the conclusion of the boating season of 1848.
The mines, mining machinery,
arid other properly which was placed in their charge at the commencement of the
contract, have been delivered up to the agents of this Company, appointed to
receive them, on the 18th of December last, and by them placed in charge of the
new contractors, (Hamburger & Co.,) who have now possession of the mines
and property.
A new contract for working those
of our mines formerly worked by Wm. Milnes & Co., has been made with Aaron
Hamburger, Joseph Hamburger, Thomas B. Daniels, George Maxey and Thomas Reynolds,
for a term of three years, from the end of the boating season of 1848, to the
conclusion of the boating season of 1851. These contractors take charge of the
mines, and machinery connected therewith, upon the same conditions, as to their
care and protection, as former contractors have held them, and deliver the Coal
into the cars, on the railroad, ready for transportation to Shipping Port. The
arrangements now made with the firm above mentioned, enables us to have a more
complete control of the character and sizes of the Coal, the absence of which,
in former contracts, has been the cause of some difficulty and consequent
complaint.
The contractors are now busily
engaged preparing to get out a stock of Coal, in readiness for the coming
season.
Under the Conviction that the
transportation of the Coal from our mines, and those of Spring Mountain, now
worked by Wm. Milnes & Co., and other mines which may hereafter be opened
above us, can all be more advantageously and economically done by the agency of
one concern, we have made a contract with the firm of Wm. Milnes & Co., of
the Spring Mountain mines, for the transportation of all our Coal for three
years. This contract is also an advantage to the transporters, as it gives them
the use of our transportation power in addition to their own. A condition of
this contract is, that Wm. Milnes & Co. will transport all their own Coal
along the whole line of our Railroad to Shipping Port opposite Mauch Chunk, a
distance of about twenty miles. They are also bound, by the terms of the
contract, to transport Coal for others, who may desire to send their Coal over
our Road, upon the same conditions.
It is proper here to state,
that, in connection with the above contract, a new locomotive and fifty coal
cars, rendered necessary by our increased business, have been purchased, and
are ready for the Road.
All our transportation property
confided to the care of Win. Mimes & Co., is, by the provisions of the
contract, to be delivered up to us, upon the expiration thereof, in the same
good and valuable order anti condition in which it was, received.
The Report of the Superintendent
of the Railroad and Mines is hereto appended. It appears from it that 178,942
tons of Coal have been. Last year, transported over the road, from other
sources than our own mines. This amount, it is estimated, will be considerably
increased this year. He reports, also, the Railroad to be in its usual good
order; and the fact that no complaints have been made by those using it during
the past year, is conclusive evidence in this particular. We have now nearly 3
1/2 miles of double‑track laid, (including connected turn‑outs,) on
that portion of our Road which is most traveled, lying between Weatherly and
Penn Haven. More than two and a half miles of this double‑track is laid
with H rail. The whole length of this section of the Railroad is 4.85 miles,
and the doubling of the track was rendered necessary by the present and
anticipated increase of the business upon it.
It is true, that the expenditure
of the money this year, for the above purpose, under the unfavorable state of
the Coal business, as before adverted to, together with the extra expense
caused by the unexpectedly protracted clearing Of Slope 3 from water, and the
necessary purchase of additional transportation property, has been unavoidably
felt in our financial arrangements; but from the indications of the prospective
business of the Company, we cannot allow ourselves to feel discouraged, because
all the favorable anticipations we felt warranted in making last year, are not
realized. We think the business prospects of the coming year, for which, as
above noted, we are well prepared, are by no means discouraging, and the strong
probability of a fair modification of the Tariff, which is admitted on all
hands to be just and necessary, will, we trust, be followed by a series of
years of successful and profitable business.
The improvement of the Railroad,
and consequent expenditure thereupon was, it is proper to state rendered in a
great degree imperative by the necessity of providing for the increasing
business of the region, and to evidence to those who were desirous of working
their Coal lands, that the Company would spare no exertions to afford them all
facilities which could justly be required, and prevent the probability of their
being discouraged by any fear of the road not being fully capable of meeting
all the business likely to come upon it.
This probability is now set at rest by the evidence given that the Directors are prompt to
foresee and provide for all reasonable expectations, and thus foster and
develope the great mineral wealth of the region.
All such improvements are,
however, themselves the means of eventual remuneration and profit. Owners of
Coal property are encouraged to rent or open their lands, and operators and
miners are induced to work them, when they see proper and convenient facilities
provided for getting their product to market. We have just reason to believe,
from the increasing tolls on our Road, that the course adopted has been
productive of the effects now adverted to, and that the increased results of
next year's tolls will furnish very satisfactory evidence of the sound policy
which dictated the improvement.
In connection with providing
means for making, a suitable times, a permanent re‑construction of our
Railroad with H rail, and laying a double‑track where it shall be
required, it was proposed by the Board, and sanctioned by the Stockholders at
the last annual meeting, to apply to the Legislature for an increase in the
capital stock to such amount as might be deemed necessary, and to make the sale
of the whole or such parts thereof as may be required. The application to the
Legislature was made, under the direction of the Board, by the Treasurer, who
was successful in obtaining a valuable accession to our corporate rights. The
act obtained authorizes additional stock to be sold, when sanctioned by the
Stockholders at a meeting to be called for that purpose, to the amount of not
more than 4000 shares; providing that the stock when sold shall be at a price
not less than a minimum which may be fixed upon by the Stockholders at said
meeting; and also providing that this Company shall not thereafter charge a.
higher rate of toll on their railroad than 1-1/2 cents per ton per mile, [which
limit the Board had previously decided as entirely expedient to be conceded,]
with other usual provisions, which will appear in the act itself. The meeting
of the Stockholders has not been called for the purpose of' considering and
accepting this act, as the depressed, state of the Coal market, and other
similar causes, rendered it inexpedient, in the opinion of the Board, to fix
the minimum price.
The Board recommend
that the Stockholders now accept the act, but it is advised that the fixing the
minimum price at which tile stock may he sold, shall be postponed for future
action
The reports of the Treasurer and Secretary of the Company,
are hereto annexed.
All of which is respectfully submitted,
On behalf of the
Board of Directors, J. Rowland, President
Philadelphia, January
15th, 1849
SECRETARY' AND SUPERINTENDENT' S REPORT.
L.
CHAMBERLAIN,
Secretary
and Superintendent.
_________________________
JOHN MCCLINTOCK, Treasurer