Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1878-04-02

fore you the annual report Of your directors
add statement Of the foancal condition of the
boUk+ as shown by the secretary, and examined
by committee, consisting of Messrs. p. Agncw,
Lewis Steiu, aud George e. French. who found
them correct:
Property accoupt, total cost, S45, 292 ST
Material . as per inventory, $3.50 IS
Cash ca hand, 81 "
Amount due for work done, G3l0 Ct
Investment 10 schooner Il. Porncr. 4 Sal 96
Bills receivable, 1882 Is
Expense acct, including salaries,
repairs 10 property, oxen, tax:S
and lo.urauce, 1900 43
lntGTGSt account 1881 w
s64,lS5 %
Capital stock, 29.950 90
Bills payable, notes outstanding, 1875 81
Amount due other parties, l,49l 70
Profit and loss, gross earnings, 1888 50
$64lS5 90
la last years report the property account
showed S44. 65l.3I. This year it has Increased
SOIL The increase consists Of "a additional
wharf south of the maiu wharf. This vas
highly necessary 10 order to keep vessels in po-
sition preparatory to hauling them up. Oar
material has decreased almost one halt. Last
year it showed S5,5Gl. 60; this year 81 $50. IS.
As set eff to this decrease is the Increase Of
bills outstanding aad mainly good. Bills out
standiog last year, including Investment in
schooner. we're $S,37S &c. This year it is
SIP, 585 %, making a difference 10 this year,
favor of 81, zoo. %. Less material used 81
1925. Balance, $l,475O4. Cash on hand
this year, $97.02 Last year none. Due other
parties. overdrafts aud bills payable last year.
we're $40, O0l.10 This year we owe $50, 64759,
an Increase of S646.49 Now if ne recapitulate
We find an Increase of 81 ,567.07 10 favor Of this
years operation.
But gentlemen, whilst this is toIerable good
showing on paper, [ regret TO say that the
actual facts look, and are different. The prop
erly as it pow stands to day has cost S45 1872 81.
It was built 10 the flush times when everything
was higher than now. Also was there wasted
a great deal during the construction. Then COD.
sideripg the wear and tare and depreciation of
property in general, it is safe to state that fifty
per cent must be deducted in order to estimate
its present worth. We also owe part of the
schooner X. Portner, which, with the Insurance
added, cost US to date $4,S4l,96. To day we
could not get 100000 for it, the amount she
is iosured for. We also have thrown on our
hands little schooner. The owner abandoned
her, not having the money to complete her,
She will cost US about 81 10000 when finished.
[ doubt if one halt Of that SUN will be realized.
But, gentlemen, the greatest and heaviest pull
back are the $40, l55. "a in notes outstanding.
1t will eventually eat the concern up if the
stockholders do not come forward and pay of
at least ooe half of that debt. Either do this
or sell the whole property ara the two alterDa-
tres left to US. The German Banking Com
pauy that has so long upheld and kept the gates
Of the yard open can aud will 10 longer 10 jus.
tice to the interest OF their stockholders renew
the notes, uDless they are curtalled. This can
not be done for want ct available funds, conse.
quentIy it rest with you to come forward and
assist. | would suggest that every stockholder
pay an addition of fifteen dollars per share
This would relieve the yard of great burden,
and may by judclous management pay OF the
balance, when long looked for diyidsnd may
be expected. The contiuued depression in
business, low rates ln freight, the canal boat!
mans strike, and serious breaks on the canal,
caused by the heavy freshet last fail, have also
effected our institution, and II 1t had not been
for the several steamers, especially the two
ferry boats, which underwent extensive repairs,
We would have had very dull winter In the
latter part of January when We had 90 work
90 hand ADD none in prospect, the Board OF
Directors thought it advisable to haul out the
little schooner Packet" and continue the
work a year or 50 begun. MIR. Thomas
Berry, our superintendent, and the three
worked on the sane, thus saving the CON
ia for laho Will hn
serviceabc craft when completed ; most of her
new name and hail her from Alexaodris, we
Some necessary repairs and improvements
wants overhauling, and a new gearing with chain
would be advantageous it also has defective
place under water, where necessary piles will
have to be driven. The roof OF the saw mill is
10 leaking condition, and must BIZ repaired.
1t is also advisable to enlarge the store.ro room so
as to keep all the stores 10 one room, also the
tools of the company. This cannot be done at
the present time | would suggest one story
brick house, with Office attached this would
insure more safety against theft and fire. We
also need pair of large shears to ship and No.
ship masts, smoke. stacks, boilers, &c. This
would give us an additional advantage, and, l
believe, would soon pay for itself. As long as
we con6oe ourselves to repair work and hauling
out vessels, | think MIR. Thomas Berry is fully
The time of two of our apprentices
will expire the middle 70 April, the other will
serve one year longer. | do not thisk it ad-
visable for the present to employ any more
Last January, when the work at the yard was
almost at a standsti and gloomy prospect
ahead, Mr.. Rogers voluntarily retired, which
lesseDed our daily expenses two dollars. The
Board of Directors at that time also Instructed
me to curtail the wages of engineer and watch
map, which was done; they received from
January II. till March : engineer, $lie;sr day;
62!c per day. The foIldli Spg en-
ployees are at fixed pay Thomas Berry, su..
periutendent, So per day VIM. Bacon, Heers-
tary, $1,000 per month ; James H. Reid.
treasurer, $50 per year VIM. Kidwell, en-.
gineer, 81. SO per day; ta'o apprentices, 81 SO
per week each one apprentice, 81 per week;
John Taylor, wafchman and teamster 1925
per day; our daily expenses are about SIS.
Az an indication Of the depressed times or de-
L IL l.