COAL - Clpdigital.org

34 THE COAL TRADE BULLETIN.
business in his line. He was also for several
years identified with well known coal companies
as sales agent throuhout Ohio. Indiana and Michigan,
and has had a wide and valuable experience
in the coal trade.
About three years ago. Mr. Hubbs purchased the
Pomeroy coal for rail shipment, which had hitherto
been handled only by water along the Ohio and
Mississippi rivers. On account of its good qualities
and popularity for steam and domestic use.
his business has increased very rapidly, having
now a daily shipping capacity on this grade of coal
alone of 1,000 tons.
NINTH YEAR OF NORFOLK CBt WESTERN.
Complete recovery of the Norfolk & Western
from the temporary comparative decline of the
preceding year, is the significance of the ninth
annual report of this conipany for the year ending
June 30. In 1904 the gross earnings of the
system were $22,718,976. This represented an
increase of $1,640,315 over the earnings of 1903,
but this increase was small when compared with
the gain of over $3,500,000 in 1903. and it was
absorbed by an increase of $1,516,299 in operating
expenses. Compared with the unfavorable showing
of 1904, the situation in 1905 is greatly improved.
It is true that the gross earnings increased
only $1,370,282, a smaller increase than
that reported for the preceding year. The operating
expenses, however, increased only $941,000,
resulting in a gain of $429,176 in net income as
compared with $124,016 in 1904. After all
changes, including deficit on account of Pocahontas
Coal & Coke Co., discount and commission on
securities sold, advances to subsidiary companies
and miscellaneous charges, there is left $5,148,561
available for dividends. The amount required
for the 4 per cent, to which the preferred stock is
entitled is $919,530. Deducting this, the net income
remaining is $4,229,031, equal to 6.40 per
cent, on Norfolk & Western common stock. The
company, however, following its long-continued
conservative policy, appropriated $1,000,000 to the
betterment fund and $1,250,000 to the equipment
fund, paying only 3 per cent, on the common stock.
The gain in tonnage carried during 1905 was 1.-
730.671. and in ton mileage 439,444,972. The principal
gains in traffic were, of course, made in the
items of bituminous coal and coke. The total
gain in this traffic was 1,653,034 tons, the increase
in bituminous coal alone amounting to 1.370,543
tons. The development of the coke industry in
the Norfolk & Western territory is vigorously
proceeding. At the close of the year there were
144 coal and coke companies in operation, and 10,-
867 coke ovens were completed. The excellent
quality of the coke made from Pocahontas coal
insures it an increasing market. The I'nited
States Steel Corporation, it should be observed,
has completed 1,395 coke ovens in this region, and
has 945 under construction. Bituminous coal
and coke will always predominate in tne traffic of
the Norfolk & Western, and these commodities
must be carried at low rates. Large train loads
and low operating cost are essential to the profitable
conduct of this business, and to this end the
physical condition of the property must be maintained
on a high level.
ASKS A RECEIVER FOR THE
LITTLE KANAWHA SYNDICATE.
Application for the appointment of a receiver
for the community of interests, known as the
Little Kanawha syndicate, was filed in the United
States court. Cincinnati, Sept. 26. The plaintiff is
John S. Jones, holder of $100,000 worth of stock in
the syndicate. Judge Richards set October 9 for the
hearing. A restraining order was issued temporarily
preventing the three defendants from
"selling, contracting to sell, transferring or parting
with" any property of the Kanawha syndicate.
The grounds set forth in the bill of complaint are
numerous. Among other things it is alleged the
"antagonistic attitude" of Gould and Ramsey is
detrimental to the welfare of the syndicate; that
an effort is being made by the defendants that
might result in profit at the expense of the lesser
holders; that Ramsey and Guy have voted that
any two of the three heads of the syndicate may
transact us business, thus eliminating Gould; that
the lands are being sold at about one-half of their
true value. The plaintiff takes no side between
Ramsey and Gould, but the action is brought to
protect the plaintiff and those holders who may
be similarly situated. It is alleged in the petition
that $8,000,000 has been subscribed, of which
Gould put in $3,000,000. Ramsey $300,000, Guy
$300,000, James T. Blair, $100,000, Edward Fulton
$100,000 and others like and smaller amounts. It
is alleged that the heavy subscribers have not
paid in over 5 per cent, of their subs"riptions;
that an inquiry should be made as to how the
money has been spent; that the managers put
$700,000 into the construction of a railway from
"Zanesville, O.. to the Ohio river and tnen abandoned
it when it was found that the new line
would not be for the advantage of other enterprises
in which the managers were engaged; that
information as to the progress of affairs has been
refused this petitioner.
G. W. Stowell has purchased the wood and coal
business of M. G. Hand, in Ottawa, Kas.