and Reading Railroad's charter prohibited it. At this time in the U.S., the granting, regulation, and rescission of corporate charters were managed by the legislative rather than executive branch in most states. So adding to the allowed pursuits of the Reading by amending its charter was not a matter of simply a board decision and filing of papers. This legal obstacle to increasing the Reading's control over coal production Gowen sneaked around in 1871 by eking out, through political allies, the Pennsylvania legislature's chartering a new corporation, the Laurel Run Improvement Company, whose vaguely set-out purpose was to be involved in coal and iron, and whose shares could be purchased by "any railroad or mining company". This new company was quickly bought outright by the Reading as a subsidiary and renamed the Philadelphia & Reading Coal & Iron Company (the Coal & Iron Co). In the meantime, Gowen obtained passage through the legislature of another bill permitting the Reading Railroad to borrow an unlimited amount of money. Gowen quickly arranged for a US$25 million bond issue and sent agents to buy up Schuylkill County coal land for the Coal & Iron Co. During the period from 1871 to 1874, Gowen's Philadelphia and Reading Railroad continued to borrow at the rate of US$16 million per year to buy up and develop Schuylkill County coal lands, including numerous existing mining operations. In a number of cases, loans were extended to foundering mine operators to keep them afloat, and Reading money was also put up to build iron furnaces along its rail lines. Twin Shaft Colliery In collaboration with his close friend, George deBenneville Keim—who had bought Gowen's Pottsville home in 1864, and was subsequently appointed first president of the Coal & Iron Co.—Gowen's perhaps most crucial business bet was made upon these lands: development of the Pottsville Twin Shaft Colliery. This enterprise was based on a theory of mining the Schuylkill Basin coal field promoted by Eli Bowen in his 1862 book, Coal, and the Coal Trade, where he called for "large capital" to sink two "enormously deep and permanent shafts" to a depth of two thousand feet "before a single pound of coal is allowed to be sent to market." "[W]ith night and day shifts," Bowen estimated, the shafts "could be sunk down within two or three years." Shafts once sunk, the "mining would be carried on night and day, with