THE FARMER'S WAR AGAINST MONOPOLIES. 267 



into its own hands on the 1st of September, 1872, and 

 the results for the three months show that, while in 

 September the receipts were 36.8 per cent, less than 

 the amount received from the express company during 

 the same month of the previous year, in October they 

 were only one-half of 1 per cent, less, and in November 

 58.87 per cent, more than for the corresponding month 

 of 1871. 



" The Philadelphia & Reading Coal and Iron Com- 

 pany, of which the Philadelphia & Reading Railroad 

 Company is the sole stockholder, and a full account of 

 whose organization is given in the ' Manual' for 1872- 

 73, now controls 80,000 acres of land, on which are 98 

 collieries, 27 of the largest of which will be worked by 

 the company, and the remainder leased. The tonnage 

 of these lands amounted for the year to 3,030,881 tons, 

 and the rents were $946,774.69. Almost the entire issue 

 of $19,000,000 of the consolidated loan was applied to the 

 purchase "and development of these lands, in addition to 

 which the Coal and Iron Company have issued bonds 

 amounting to $11,131,000, guaranteed by the Philadel- 

 phia & Reading Railroad Company. It is believed that 

 the entire production of coal on its estates during the cur- 

 rent year will reach 4,100,000 tons, of which the com- 

 pany will mine over 2,000,000. For the still further 

 development of this industry, a new debenture loan of 

 $10,500,000 has been placed upon the market, consist- 

 ing of 7 per cent, coupon bonds, payable in 1893, con- 

 vertible after July 1, 1876, and before January 1, 1892, 

 each stockholder having the right to subscribe, at par, 

 in proportion to his stock, payments to be made in 

 instalments up to April 15, 1875, with the privilege 

 of anticipating any or all instalments. The subscrip- 



