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

 

 

Go to the Corporate Report Index