REPORT
OF THE
BOARD OF DIRECTORS
OF THE
BEAVER MEADOW
RAILROAD AND COAL COMPANY,
TO THE
STOCKHOLDERS.
JANUARY 18, 1847.
PHILADELPHIA:
PRINTED FOR THE BOARD.
"North American" Book and job Printing
Office. Fourth and Chestnut streets
1847.
OFFICERS.
_________
PRESIDENT.
JAMES ROWLAND.
DIRECTORS.
TREASURER.
JOHN McCLINTOCK.
SECRETARY.
L. CHAMBERLAIN.
THE Annual Meeting of the Stockholders of the "Beaver Meadow Railroad and Coal Company," was held at the office of the Company, January 18th, 1847, pursuant to-public notice.
The meeting was organized by calling to the Chair JESSE GODLEY and appointing ABRAHAM R. PERKINS, Secretary.
The Report of the Managers, with Reports of the Treasurer and Secretary appended, was presented and read by the President; which, on motion of Mr. Wm. Cook, "that it be printed in pamphlet form, in connection with the Report of the Stockholders' Meeting of last year."
On motion of Mr. Harris, "that the foregoing resolution be amended by striking out all referring to last year's report:" which, on division, was adopted.
And the resolution, as amended, was adopted.
On motion of Mr. Cook, "that the report of last year's proceedings be laid at all times on the table, before the Stockholders for their inspection,"
The President and Directors present having avowed the disposition of the Board at all proper times to furnish all information to Stockholders,
On motion of Mr. Howard,
Mr. Cook's resolution was laid on the table.
It was announced that Mr. Godley and Mr. Benjamin Davis had been appointed Judges of Election this day.
On motions adjourned.
J. GODLEY, Chairman.
ABRAHAM R. PERKINS, Secretary.
REPORT.
___________
THE BOARD OF DIRECTORS present the following statement of the affairs of the Beaver Meadow Railroad and Coal Company to the stockholders:
The business of the Company, during the past year, has been prosecuted with fewer interruptions than for several years previous In consequence, however, of a delay of our contractors, in not being prepared with a sufficient number of cars and locomotives to place on the road upon the opening of the season, the full amount of coal deliverable from them under the contract, has not been brought to market.
The amount we have shipped from our shipping port, this year, is made up of 67,375 tons of lump and prepared coal, and 13,450 tons of limeburners' coal, received from William Milnes & Company; 5,145 tons remaining on the wharf at S. Port, from Vancleve & Co.'s contract of last season; which, with 1,203 tons at Bristol, Parryville, and in boats on the canal at the end of the season of 1845, makes altogether an aggregate of 87,173 tons.
The deficiency in the amount due under contract from last year, [more than 13,000 tons,] will, we expect, be supplied to its by the Contractors, Messrs. Milnes & Co., in addition to the stipulated quantity of 90,000 tons to be delivered by them, under the contract, this year; and we have every reason to believe, from the continued good character of our coal, that the whole will command the best prices of the market.
Our natural resources at Beaver Meadow, for a continued and increasing supply of coal, are every year being made more manifest, as the demand increases, rendering new explorations and openings necessary.
The slope No. 4, heretofore unworked, is now in full operation and yielding largely; and the new slope, No. 7, is in the same favorable condition. As soon as it is necessary, a large supply can be obtained from other parts of our land, readily available.
Slope No. 3 still remains filled with water; but the Board is fully convinced of the propriety of bringing this fine and valuable mine again into operation, [containing as it does an immense amount of first rate coal,] as soon as circumstances render it expedient to so. At present, we have enough without it.
The railroad has been maintained in excellent order, during the past years and a considerable amount of new iron, 2-1/2 by 3/4, a larger size than that heretofore used, has been laid on that part of the road most travelled, lying between Weatherly and Penn Haven.
The old iron which was taken off has been used to replace the lighter iron, of which the road above the planes is constructed.
This course of laying down heavier iron will be continued as the means of the company warrant it, with the view of gradually increasing the firmness and durability of the railroad.
against the railroad, which has been paid from profits on coal.
We have already made a commencement of a double track on the Quakake, and by joining together two of the turnouts, we shall have at least one and three quarter miles of continuous double track railroad available this season, and this, too, on the most hazardous and difficult part of the road, besides other turnouts below and above. The grading is now in progress. The iron, 2-1/2 x 3/4, is engaged, and will be delivered on the opening of the navigation, and laid forthwith.
The capacity of the railroad, on the completion of the above one and three quarter miles double track, will be equal to passing all the coal and merchandise which may offer under the present prospects of the region. As fast as improvements in the coal lands contiguous to the road demand it, its capacity will be increased by additional turnouts, or doubling the track; so that owners and occupiers of coal lands desiring to use our road, if they apply to the Company, shall not want facility for sending their coal to market on reasonable and accommodating terms.
A new railroad bridge has been contracted to be built at Weatherly, at a cost of about $500, in consequence of the decay of the old one, and is calculated for a future double-track road. The other bridges are reported by the superintendent to be in sufficient good order for the present.
We have had, during the past season, upwards of thirty boats built, by a system of partial advances in money, which boats are run by the builders, the advances being repaid by retained freights; and, as it secures us the command of boats, has proved to be an advantageous arrangement for the Company.
It is propose to contract in the same manner this year, for at least as many more, as we find the plan enables us to rely with greater certainly on getting our coal to market in due season.
In addition to the above, a sufficient number of other boats must be contracted for in the usual manner, to run for us; so that no difficulty which can be anticipated shall occur in getting our increased quantity of coal regularly to market.
The back interest on the mortgage loan, up to February 1st, 1846, has been principally funded by issuing new certificates of loan, as heretofore authorised. The balance, and the interest falling due on the 1st of August last, has been paid to tile loanholders.
It is proper to mention, that we have settled with our former contractors, Vancleve & Co., and their accounts with us are now closed.
There has been expended in 1846, on permanent property, under arrangements entered into previous to the existing contract, the sum of $18,477 30, as will be seen by the Secretary's report, hereto annexed.
Any large expenditures of a similar character are not expected to occur this year.
The annexed reports of the Treasurer and Secretary show the account of the coal received arid a condensed view of the balance sheet.
All of which is respectfully submitted.
For the Board.
JAMES ROWLAND, President.
Philadelphia January 18, 1847.
REPORT OF THE SECRETARY.
_____________________
L.
CHAMBERLAIN
Secretary
and Superintendent
Statement of the Capital Stock, Loan, &c., of
the Beaver Meadow Railroad and Coal Company, January 5, 1847.
* The Company have claims for over $10,000 of this
amount, which are now in a train of settlement.
John
McClintock, Treasurer