266 HISTORY OF THE GRANGE MOVEMENT; OR, 



The Mount Carbon Railroad, of which this company 

 owned 3202 shares, was absorbed by exchanging share 

 for share, the investment amounting to $178,229.25 ; 

 the Schuylkill & Susquehanna Railroad, of which this 

 company owned 21,702 shares, was merged by the 

 issue of one share for three, representing a cost of 

 $404,388.34 ; and the stock of the Port Kennedy Rail- 

 road, all the stock of which, amounting to $26,893.98, 

 was owned by this company, transferred to the item of 

 railroad in the balance-sheet. Stock of the company to 

 the amount of 536 shares was also issued and exchanged 

 for stock in the following named leased companies: 



Mount Carbon & Port Carbon Eailroad 195 shares for 163 



Schuylkill Valley oSTavigation Kailroad 177 " " 354 



MiU Creek & Mine Hill Navigation & Railroad 164 " . " 328 



" The basis of the exchange was such as to secure to 

 stockholders the same income as was derived from their 

 stock in the above-named companies. 



" There were also created and issued 50,190 shares 

 of stock in exchange for a similar amount of convertible 

 bonds, as follows : 



Loan of 1857-86 $17,500 



Loan of 1870-90 2,492,000 



Total amount converted $2,509,500 



" There remain outstanding only $124,000 of con- 

 vertible bonds, of which $96,000 are of the 6 per cent, 

 loan of 1886, and $28,000 of the 7 per cent, loan 

 of 1890. The sterling loan of 1872, amounting to $110,- 

 400, was retired, and $110,000 consolidated mortgage 

 bonds of 1911 issued. 



" The company took the express business of its lines 



