The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1871-02-14

sCnUYLKILL NAVIGATION co.

The financial Condition of the COncern-Its
Lease to the Roadlps Railroad Oo-rhe Eud
Of a Rivalry IN Coal shares-A Big Balance
Unavailable for Dividends.
This morning the annual meeting of the
Schuylkill Navigation Company was held
No Az Walnut street. Mr.. Frederick Fraley
called the meeting to order aud nominated MIR.
A. J. Derbyshire as chairman, which was
agreed to- Mr.. William NJ. Tighman was APP
pointed secretary. The minutes of the last an
nual meeting were read ard approved.
Mr.. Fraley, the President of the company
read the annual report of the Board of Managers
from which we make this ABSTRACT
By the leasing of the works and the sale of
certain real and personal estate to the Phila-
delphia and Reading Railroad Company, under
the resolutions adopted on the 23d of June last,
the duty of providing for transportation and
the collection of tolls ceased as of the 1st of
June, 1870. By temporary arrangement, the
care of the works continued by US from the
1st of June until the 18th of July, per account
of the railroad company, and on the last
named day the formal lease and other papers of
conveyance were duly executed and delivered
by both companies.
We have therefore to report, first, the income
receipts of the company from the opening of
navigation until June /, 1870; and, secondly,
the result of the whole year by combining with
them the income derived afterwards from all
sources, and the application of the total income:
Tonnage to June /, 1870
Anthracite coal. 32,349
n1is@eiiane0"S' ,o
Total tons. 1Oi. .4s5
This shows great difference compared with
the business of 1869, but its falling off is fully
accounted for by the continuance aud very
heavy, extraordinary features of the strike
among the miners In the spring and summer of
1870. The report of the Reading Railroad
Company shows that from June, 1870, to the
close Oh the season. the anthracite coal tonnage
of the canal was 494, $50 tons, making, with the
quantity previously carried, total of 527 201
| tons, being difference of 171,677 tons less
| than in 1869. The income of the company to
June l, 1870, is stated as follows
Tolls on coal and other articles .S4I s2lIS
Rents Of real estate and water powers. $4,000
Rents OF office, buildings etc. c............ 187912
Total. ACKNOWLEDGEMENTS. .s556u15
! The charges to June l. 1870, are thus stated
Current expenses for wages, etc .s13s, 1887
Car and landing expenses. es...'...'.'''' 1gso2Ss
TIE interest on the boat and car loans of 1868
and 1864, and the taxes thereon, amounted to
| $4S, 577'75 towards the payment of which we
| received from boat atiustalments $S503 Oh, leaving
| a deficiency of $43 074'74. During the same
| time we had to advance for the expense of the
| transportation line the sum of 500 $500. These
| differences against the income account of the
company caused a very large increase of the
floating debt, and as there seemed to be a speedy
| termination of the stock, excited serious appre-
| hension of financial trouble on July 1, when
very large amount of interest fell due on the
| funded debt. Up to June we were cheerfully
and cordially aided by the Philadelphia and
Reading Railroad Company by the loan of secu-
| rites on which we could borrow for our pay
meuts in anticipation of income, but their kind
| ness of course had limit, and it was therefore
| with very great satisfaction we had the pleasure
| of announcing to you in general meeting that
| prospect long entertained by our President, and
cordially united in by other wise advisers was
| accomplished by the lease and agreement with
the Reading Railroad Company OF the probable
advantages of that arrangement to the railroad
| company it is not proper for us to speak; but as
| it terminated rivalry of long standing, and
contest for full shares of the anthracite coal
trade of Schuykill county, which often was in
| furious to both, and as it places your property
in the way of yielding steady and uniform in
| come, we think we can very properly con-
gratulate you on its consummation. Under this
| arrangement we have had added to the income
| of the company since June l, 1870, the following
| amounts
Rent from the Philadelphia and Reading
Rens Of real estate and
Pis: Pols; ~ coc: bn;iiin 12S.dS 12S dS
Rents OF once oulldlhg' hg''..'..'..'...'.... I0O'00
Interest on money ey...................... S,sS9'S5
Total. .S6S2, $50 43
The charges for the same period were:-I a
Current expenses. IS, 3S3
Car and landing expenses. ................ 5,77557
Drawbacks on coal trade ................. s,4S9.i5
Interest. 369,0ls3I
The account for the year comprising the
| above statement thus stands
Ohaie ees'''' ''fo'o 10
Leaving balance of.................sIl1,626 OF. ,626'4s
| to the credit of profit and loss This balance is
not aoailable in any shape for diUidends, sat is
made up Of items Of property Of doubtful vqIue
! and OF claims 10hich haze heretofore been kept
on the books a,oaiting final settlement and Hqui-
| ddtlon
In order to start on real ground from January
| l, 1871, all such old accounts have been closed
and hereafter the income will be the rent payable
by the Philadelphia and Reading Railroad Com