The Carbon advocate. [volume] (Lehighton, Pa.) 1872-1924, 1877-03-03
L,hirh Coal q Navigation Co.

The Lcngh Coal and Navigation Company
he'd its annual meeting Tuesday, and 1t was
FULLY attended. The Board of Managers submit
ted fun and very satisfactory report, a. TO de-
talls of the wording OF tic company OF the past
year of It's present financial situatiOn,nnd the
complications that SUR ouuJ the cOufiny by
reason OF its connections with the Lehigh and
Wllkesbarre Coal Company and the Central
hallway OF sew Jersey. 1 is at all points clear
aud explicit, the president nt the COM oanv eX-
planning ate mmutely every fact that might
seem at all involved. In these respects IL Is
quite Il m del document. and It Is hoped may
prove so for the officers Of the otner large com
paBies when the period comes round for the
annual exhibition Of their affairs, In brief, the
revenues Of the company for the year 1915 were
Sl792 0OI and the d sbursements Si.724 800, beng
a surplus to dividend fund of s76i4, which, add.
ed to the credit Of dividend fund at the end 0f
1876 makes a total OF that fund OF s657,8 The
coal tonnage of 1870 was 9,C3j227 tons, being an
increase on the tonnage of 1875 Of 1904 s tons.
The gross receipts Of the company railroads
were as follows:
Passengers. sl63,o7s S59,2O2 1856
Freight e express 329.9lS 1897 35 $40
Coal,............... 2,6S5,G49 2,3l6,645 369Ur3
Total. .......,... aaI;8.0i8 s2,70O,s25 8lo882o
proportion. ....... sl,O5a,54s tG23,275 s13J.g73
The revenue for 1915 was sll7,Os, less than
1875. The ralIrOads yielded S156.73 less and the
other sources Of revenue $40, I2 more tnan dur
ing the previous year. There were three divl-
,nds in 1876, two OF per cent and one Of :
dlvl lend COul0 not be paid without enCrOacnmg
on the dIvldeud fund, and u was passed. The
citises Uf the COmpany's business IN 1916 falling
of from Il at OF lS,j Is aCcOun ed for in the de-
pt tession IN the coal ana iron trade, fact 100
wei and widely known, aggravated Dy break
IN tho Goa G, mbinaLiOn anu oy q resort to auc.
Ii n saies of cual. The more interesting pOr-
ons Of tue repUIt are those that refer 10 the
pre- ent financial SITUATION of the company and
the pi piObaUintY OF its STOCK becoming valuable
to holders. The contracts existing between the
company ind the Central Of New Jersey and
the Lehlgh and Wilkesbarre Coal Company,
whlle not involving Ihe Lehgh Navigation
Company IN any responsibility for their debt,
make to the interest OF each TO sustain it, as
sOcates,and to tins end 1t did extend ana 10 Doth
comp es by the pOstpOnement of the payment
Of rents AMI by temporary loans to the Coal
Company, which latter have ali been Tepaid.
subsequent Efforts 90 resusCitate the two Grip
pied COM auies JAILED III the de .ired result, ana
both companies have gone into the hands OF re-
ceivers fhe amount due to the Lemgn Navl-
gallOn frOm the two companies IS y. .li2,4tJ and
by reason of the non payment of this debt the
Leligh NAVIGATION had 10 incur oeDts TO the
amount OF $40, BIB 1t Is believed that no ne
cessity will arise for an increase Of this debt
but that 1t viii be &, adually reduced through
tie payment by the RECEIVERS Of the two coni-
panies of over due rents. Current interest
charges Will be met by current revenue which
the RECEIVERS must paw II t1ey VISA 70 RETAIN
POSSESSION of the property OF the Lehlgh NavI.
cation Company. Tno contracts OF Une emgh
Navigation Company with the two companies
now i'll The hands Of receivers are just now
Of interest; First, the lease OF tae railroad
and bran Ches to the Central railroad for one
third Of the grOss receipts OF the road and as
suming s2 10000 OF the Lehigh Navigation
Cumpany's five million gold bonds; secOuu, the
contract under which the same Company Oper-
ates the canals, guarenleeng an annual income
from thpt source of S2u0,UO0: thiid, sale of the
wyoming lands to the LenIgh and WilkesbalIe
Coal Company; aud, fourth, lease of the Lehgh
coal property to the Leligh ana W lkesOIrre
Coal Company at II nl1libum rental OF S5OO,C0J
wear. lie leased ril.rOaus connect the mines
with the Central Raj road. The Goa COmpany's
.ulnes produce an abundant supply OF coal and
forms the .aTge,t source OF revenue of the Cen
tral Railroad. The alliance Is very patu tal
one. ana tho earning capacity of tho JOINT pro-
pertieS is, in prosperous times very large. ihe
leased proper ties beng LII tne hands OF the re-
ceivels raises the question whether che Iessees
can carry out their agl eements, ana IL not what
viii be the result II tne p Opertles revert to LAB
Lehlgh Navigation Company. The fepOrI ans.
wer~, I'VE DO not propose to tuke any active
steps towNrd seveIln- tne u,lipuUe unless com
PEELED TO do so by the action OF uur lesSees; or
tGe receiver, m.Laglng for Them" The Lehigh
Navigation Company now expects To be paid
regularly The annual reports to the AutitOr
General b the Central Railroad show that the
lessees have, during every year. made profit
IN operating the rOa"s over aud above the $50
of gross receipts and over lhe interest on the e.
8iUt o. bonds assumed The decline IN tue price
OI these OOnds indicates a want OF knowledge of
the fact that the equl Dment VIII Ch was sOld To
the Central tor 81 81 OJO rem ,inS under the con-
lrOl Of tae trustee OF the mOrIgale and IL the
Central Ia TO pay the interest on the bonds It
~ a violation OF the contract which ent ties the
LehIgh Navigation Company TO reDOsse = Itsef
OF ls whole property, lallraads as we 1 AS equip
mentB, and the equipment las an earning
power in excess or tho amo IN of annual
mi rest The canals are lepOrtea IN good
condition. and. IL returned by the lessees.
give the Lenigh Navigation the option OF
Luhl III and MilkCsDlrre Coal Company. aud Ii
the Coal Company fails to pay the interest on
the $4,000 mortgage II Ill 30 fOreC.Osed Dv the
trustee. Tue S7Tl,UOO convertible god bonds
are secured by FIRST mortgage OF property
worth at least Two millions OF dollars. The re-
port closes with the satisfactory declaration hat
the company has abundant security for Ihe
amounts due anu with the inference that the
ow wners ana creditors of the company are well
lOfpptpI with m NvithOut IA m nf