REPORT

 

OF

 

THE BOARD OF MANAGERS

 

OF THE

 

BEAVER MEADOW

 

RAIL ROAD AND COAL COMPANY,

 

TO

 

THE STOCKHOLDERS:

 

January, 1842

 

_______________

 

PHILADELPHIA:

 

HOGAN & THOMPSON.-77 CHESTNUT STREET

1842

 

 

Ed. This report has not been located in printed form. Rather, this rendition was constructed from notes that appear in the 1838 et seq. Minute Books, Page 170 (Pennsylvania State Archives).  The shaded text are entries that could not be recognized from the cursive writing.

J. McV  Dec 2006 

 

 

Report of the President

 

The state of the company at the commencement of the preceding year as msy be seen by the report presented at that time to the Stockholders was such as to convince them that time had arrived when they could perceive that. by a continuance of the economy and a diligent to the Coal Business a fair profits thereon would be soon be their reward for the confidence they continued to feel in the enterprise, but scarcely was this state of affairs proven by the settlements of the business of the year, when on the night of the 7th and 8th of January last one of the most awful floods poured through the valleys of the Lehigh and Quakake rivers carry along with it eleven of our bridges including those over the Lehigh River and destroying the greater part of our railroad on the right bank below Mauch Chunk. The whole of our coal lending at Parryville and houses there text from thence nearly all of our coal there deposited to be in readiness for the early spring market also destroying wholy or in part several miles of the road above Mauch Chunk.

 

So soon afterwards as the weather would permit, the work of repair was commenced, and diligently progressed in, until the beginning of August at which time a shipping port was completed, nearly opposite to Mauch Chunk, and whole of our road and bridges above it were finished, at which time our shipment of coal to this city commenced. Since that date they have continued until the close of the navigation by ice, - a period of about four months. Though with several interruptions of the navigations we have succeeded in brining to market 26224 tons of coal nearly all of which, in addition to what remained on hand at Bristol etc. last spring, have been sold, viz, 30680 tons, and mustly for cash at prices that have yielded a good profit. The little that now is on hand would have been sold could it have been foreseen last October and November that the Canal navigation would have continued open so late as it did. For the particulars of sales see SecretaryÕs statements marked A & B.

 

The total cost of rebuilding bridges and repairing damages caused by the flood to the companyÕs road above Shipping Port has amounted to $33,129.49 and the expense of making a coal landing at Shipping Port is $9,232.95 as per SecretaryÕs report marked C, .both of which have been paid for out of the business capital & profits of the year.

 

That destruction by the floods of the CompanyÕs property below our present Shipping Port comprises the loss of the Lattice bridge over the Lehigh River, the Mahoning Bridge, the greater part of the railroad below the former, and the Parryville landing with 3400 tons of the coal on it, there remaining of the road only 2557 bars of iron and about half the grading. These bridges, the railroad, and landing were swept away, the board have made no attempt to rebuild or repair. Their means would not warrant  the necessary expenditure. Neither were they satisfied it would be the interest of the company again to make Parryville a coal lending. The recent  destruction proving conclusively it unfitness.

 

The mines, dwellings. workshops, coal cars, Locomotives (except one locomotive that has been in use for drawing coal from the mines) as will be seen by the SecretaryÕs report, annexed, are all in good condition for future operations.

 

There are still about 4000 tons of coal that would be got out of the pillars from Slope No. 1 the ensuing season, and the earth above the workings allowed to fall in. The iron and timber not still in use have been taken to the surface to be ready for use in other parts of the works.

 

Not knowing last winter how soon mining at Slope No. 3 would be driven down to its bottom, the board thought it prudent to prepare No. 4 opening so as to supply any deficiency of coal at any time from other mines. This work was progress in until the basin of No. 3 was made manifest, when all further work on No. 4 was stopped to save the outlay of more money on it until the time shall come when a very large quantity of coal might be needed for text them the preparations for mining in it can be completed.

 

The principle part of the work done is a tunnel for a drain, preparing the surface for a foundation of an Engine to raise the coal, and a road to carry the coal to the screens and coal cars.

 

The cost has been $6013.42 and $2378.96 is estimated will be required to complete the getting of this mine ready for sending any quantity of coal to market that may be desired all which may remain in its present state with but little if any injury for several years without expense.

 

At Slope No. 5 a new engine has been placed and this slopes straightened. The eight-inch pump lately in use at No. 3 used to be placed in it. When (in about month) the mining will be resumed in the 6 & 7 foot veins, a portion also of the 9 foot coal overlaying the former is intended shall be got out by an opening to be made into a part of the old mine that has been allowed to fall in. This cannot be obtained economically previously thereto. From this mine at least 40,000 tons of coal may be obtained without incurring further expenses for preparations or power.

 

Slope No. 3. This mine has at length been driven down into its basin, a distance of 447 feet on its slope where a large water lodge has been made in the most substantial manner and which is so arranged that water cars may pass up and down on either track. About halfway down the slope gangways have been driven on both sides thereof to the united length of 180 yards, one of which has for breasts opened and ready for mining. From the water lodge commences the ascent toward Sring Mountain in which direction 20 feet have been driven.

 

The 12-inch pump now being put in, and the laying of the foundation stone for a new arrangement and increase of power of the Engine will be completed in three weeks. This mine will then be ready for the delivery of coal from which a considerable quantity will be sent to this year.

 

From the geological indications and the direction of the strata there can be no doubt that this mine extends from our western line, eastwardly to the town of Beaver Meadow, more than a mile in length, and of great width, containing several layers of coal in addition to the one now about being mined; from the whole which many millions of tons may be taken.

 

In consequence of a scarcity of boats the Board have had five Canal Boats built at a cost of $2123.05. These with the one built in 1838 make in all six boats owned entirely by the company. They have also bills of Sales of 20 boats in which $2461.74 have been paid, but they are redeemable by their former owners on the repayment of this sum with interest; a part thereof will be repaid the in a few days when the boatmanÕs accounts shall be settled.

 

By reference to the TreasurerÕs Statements marked D. it appears that $20,157.71 have been added to permanent property in preparations for future mining and machinery in the Weatherly Shops. This amount added to the cost of repairs by the flood and Shipping Port $42,867.56 makes in all $63,125.25 expenses in consequence of the flood, from which after deducting $14,102.40 received for profit on coal sold and railroad tolls (more than expenses on it) leaves $48,922.98 as the amount of loss on expenditures over the receipts from all sources during last year.

 

By the Treasures exhibit of the State of the finances of the Company marked E., it appears that the available assets of the company are

8062 Tons of Coal on hand valued at                 $28,286.50

Cash                                                                           387.06

Good Notes and Debts Receivable                         67935.48

                                                                              96,609.04

Deduct current debts and notes payable                 50,504.71

Leaves for active Business Capital                       $46104.33

 

In conclusion is gratifying to be able to state that, but for the time lost and disruption caused by the flood, the prospect held out to the stockholders at their last annual meeting (that a dividend might be looked for at this time) would have been realized as on the contracts then pending for sending to market 50,000 tons of coal  (at the prices obtained on what was sold) a net profit would have accrude sufficient to have warranted a dividend of at least 6 percent. Therefore notwithstanding the heavy outlay for repairs etc., as above stated, all which was absolutely necessary to a continuous of the object of the association, the Board believes that in time the profits on coal and tolls on the road will enable them to declare fared dividends.

By order of the Board of Directors

Robert Pearsall

President

 

Office of the Beaver Meadow Rail Road and Coal Company

Philadelphia, January 8th 1842

Read a meeting of the Stockholders January 10th 1842

 

 

The reports of the  Secretary and Treasurer were read and ordered to be entered into the minutes, viz.

 

 

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