COAL - Clpdigital.org

LEHIGH DIRECTORS AUTHORIZE PURCHASE
OF COXE BROS. CSt, CO. PROPERTIES.
At a special meeting of the board of directors
of the Lehigh Valley Railroad Co. in Philadelphia
October 13, the purchase of the "entire capital of
Coxe Bros. & Co., the Delaware, Susquehanna &
Schuylkill railroad and allied water companies,
and other water companies, together with all collieries
and properties" was authorized. The properties
will be paid for by the issue of collateral
trust bonds, which will be redeemed beginning in
1907.
The purchase of these properties carries with it
the ownership of all the collieries and mine properties
of Coxe Bros. & Co., including over 1,100
miners' houses, all the real estate of that company
in Chicago and Milwaukee; the floating
equipment in New York harbor, as well as the
railroad equipment of the Delaware, Susquehanna
& Schuylkill Co.; all coal mined and on hand,
together with all railroad and mine supplies.
It is learned on good authority tne bond issue
will be for $19,000,000. bearing interest at the
rate of 4 per cent. Coxe Bros. & Co., it is stated,
will take $12,000,000 of this issue. What disposition
will be made of the remainder is not known.
The issue is secured by a pledge of the stocks of
the Coxe Bros. & Co., and the Delaware, Susquehanna
& Schuylkill Railroad Co. The Lehigh Valley
Co. will take possession on November 10. Coxe
Bros. & Co. are the largest individual operators in
the anthracite field, their annual capacity exceeding
2,000,000 tons.
INCREASE FOR ANTHRACITE MINERS.
The average price of anthracite coal for the
month of September was $4.76 a ton. As a result
the miners in the anthracite region are entitled
to an increase of five per cent, over the rate of
wages fixed by the strike commission. The following
is the report of Sliding Scale Commissioner
C. P. Neill:
"WASHINGTON, D. C.
"Dear Sir: I beg to notify you that the average
price of white ash coal, of sizes above pea coal,
sold at or near New York, between Perth Amboy
and Edgewater, and reported to tne bureau of
anthracite coal statistics, for the month of September,
1905, was $4.76 per ton f. o. b.
"Under the provisions of the eighth award of
the anthracite coal strike commission, this average
price entitles all miners and mine workers
included in the awards of the commission to an
increase of five per cent, on the rate of wages
fixed in said awards. "Respectfully,
"CHARLES P. NEILL."
The increase for September is one per cent.
more than for August.
THE COAL TRADE BULLETIN. 43
OHIO OPERATORS MAY NOT
ATTEND CHICAGO CONFERENCE.
It is now almost a foregone conclusion that the
coal operators of Ohio will not be represented at
the convention called to meet in Chicago the latter
part of next month to consider the condition of
the coal trade and also to discuss labor matters.
Almost every prominent Ohio operator has said
his company is not in favor of attempting to form
a national organization, with all the cry which
would be raised of combination and an attempt
to disrupt the miners' union.
NO RIVER AND HARBOR LEGISLATION.
The chief of engineers of the army will not make
any estimates for river and harbor improvements
this year to be submitted to Congress, save for the
continuing contracts which have oeen authorized
by law. There will be no river and harbor bill
at the coming session of Congress and the apportionment
of the funds appropriated by the bill
last winter has been so made as to make it unnecessary
to make additional appropriations for at
least a year.
COAL ENTERPRISES CREATE
ATTRACTIVE NEW TOWN.
The new town of Clymer is expected to be the
most active coal town in Central Indiana county.
Pa., as it is in the heart of the new region developed
by the joint line of the New York Central and
Pennsylvania railroads and the center of about 40,-
000 acres of the best coal in the county. Two
seams of coal, both of excellent quality, are covered
by this territory and both seams are being
developed. Nine large collieries equipped with
modern machinery are now under construction
and development by tne Clearfield Bituminous
Coal Corporation. Peale, Peacock & iN.err and Empire
Coal Mining Co. in the immediate vicinity
of this town and the labor employed will be centered
in Clymer. It is estimated in the near
future the collieries will produce a daily output
of 8,000 to 10,000 tons, requiring a population of
5,000 to 6,000. The streets of the town have been
graded and 100 houses have been contracted for
to be finished this fall and an additional 100
houses will be built in the spring. The town will
be supplied with good water, electric light and a
contemplated sewerage system. Lots will be
sold ( without resrvation of coal or other restrictions)
for cash at one-third cash and balance on
partial payments.
The Ingersoll-Sergeant Drill Co.. New York, has
issued a new booklet. Form No. 52-A, on coal mining
machinery. It is of especial interest to the
trade.