In mid-1910,information surfaced in the local and area newspapers of the financing for the new railroad in the Lykens Valley, the Midland Pennsylvania Railroad. The information included the amount of the mortgage taken-out, the towns to be served, possible industries that would benefit, names of the officers, and information on the proposed sale of bonds.
From the Harrisburg Daily Independent, 30 June 1910:
The Midland Pennsylvania Railroad yesterday filed a mortgage for $2,000,000, the proceeds of which will be devoted to the building of a line through the Lykens Valley between Ashland and Millersburg.
From the Harrisburg Telegraph, 29 July 1910:
MIDLAND FILES A HUGE MORTGAGE
Given to Secure New Railroad Bond Issue of Two Million Dollars
The largest mortgage entered in Dauphin County in a long time was received this morning at 8:30 o’clock by Recorder William A. McIlhenny. It calls for $2,000,000 and is issued to secure a bond issue of that amount for construction of the Midland Pennsylvania Railroad Company from Millersburg to Ashland.
The new railroad, which was chartered some time ago, will run through the Lykens Valley, covering a rich mining and agricultural section. Prominent residents of Philadelphia, Pottsville and this county are interested.
The surveys for the line are being made east of Millersburg, sixteen engineers being now engaged in staking off the route. The Commonwealth Title, Insurance and Trust Company of Philadelphia, is the trustee for the bonds.
Industries Seek Location
The new railroad will be forty-four miles long and is expected to be in operation next summer. Already some industries located elsewhere are said to be looking toward the Lykens regions as a promising field for future operations. Those who are back of the railroad enterprise state this week that the Lykens Valley Construction Company have agreed to guarantee the regular payment of interest on the railroad bonds until such time as the surplus earnings of the road amount to double the amount of the bond interest. The elective officers of the Midland Pennsylvania also have agreed., it is said, to accept no remuneration for their services as officials until the earnings justify a dividend upon the capital stock. Instructions have been given the engineers to complete their preliminary plans as soon as possible.
The Midland Officers
The following gentlemen will fill the respective offices of the Midland Pennsylvania Railroad Company: President, Walter E. Harrington, former manager Eastern Pennsylvania Railways Company, Philadelphia; first vice-president, Dimmer Beeber, president Commonwealth Title, Insurance and Trust Company, Philadelphia; second vice-president, Joseph F. Romberger, president Lykens Valley Bank, Elizabethville; third vice-president, Finley Acker, president Finley Acker Company, Philadelphia; treasurer, Samuel F. Houston, vice-president Real Estate Trust Company, of Philadelphia; secretary, John H. Williams, merchant and director, Merchants National Bank, Pottsville.
From the Elizabethville Echo, 15 September 1910, reporting on a financial item from a Philadelphia newspaper of 13 September 1910:
Midland Pennsylvania Railroad – “Plans to underwrite the bonds to be issued against the $2,000,000 mortgage filed by the Midland Pennsylvania Railroad, have about been completed and in a short time the work of construction will be begun. Only a few details have yet to be worked out. The new road which is owned largely by Philadelphians will extend from Ashland to Millersburg and it is said that the bonds may be put on the market after the work of construction is started, without waiting for its completion.
Transcribed from Newspapers.com.