Excerpt from Fortieth Annual Report of the Board of Directors of the Lehigh Valley Railroad Company to the Stockholders: January 8th, 1895 It will be noticed that the losses upon the purchase and sale of coal exceeded by $88 the profits upon the coal mined and sold by the Coal Company. These losses are largely due to the fact that the coal in one month is paid for by us at the prices of the month previous, and consequently upon a declin ing market there must always be a loss upon such purchases, which, however, will be returned to us upon an advancing market. A balance sheet of the Coal Company of November 3oth, 1894, as compared with that of 1893, is appended. During the year the Railroad Company purchased the leasehold improvements and equipment of Messrs. A. Pardee Co. In Collieries Nos. 1, 3, 5, and 6 and Smith Sugar Loaf, located at Hazleton, also the interest of J. C. Haydon Co. In the improvements, personal property, and mining contract of South Spring Mountain Collieries, and all of these opera tions will hereafter be conducted by the Coal Company, having been transferred to it on November Ist last. There are now 54 collieries upon lands in which the Coal or Railroad Company is directly interested, and 5 others, Viz., Austin, Annora, Seneca, Phoenix, and Hillman Vein, mining more or less of their product from lands of the Lehigh Valley Coal Company through breakers and openings upon lands in which we are not interested. We present a table summarized from the report of W. A. Lathrop, General Superintendent, of the tonnage from these collieries as compared with two preceding years. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.