Frostburg mining journal. [volume] (Frostburg, Md.) 1871-1913, 1879-02-01

yea "a9 $42, 8S0.39, recapitulated as
follows:
CIR. by amt standing to credit
Dec 81, 1871. ......... $30,59653
by increase in value of per-
sonal property accounts. 1854 30
by net profits on coal and
Tor rents. .............. G,299.51
81, SS0.39
DIR. 10 loss on account of fore.
closure and sale Of Ian
vale st. property, Baltic. s 3,13t.39
10 actual losses, account
bad debts, about half be
ing of previous year. 6,S44.16
To loss by interest, demlIr-
rage, legal expenses, etc. 1881. 70
10 February and August
coupons for 1873. 1892 70
Balance carried down. o6 726 -
$42, $780,
Nh. j. GEORGE REPPLIER, the pres
ldent, accompanies the report with
the following
New 1ORK, January 81, 1879.
10 tie Stockholders Many fresh causes
have combined to render the past years
prosecution Of legitimate coal sales at tide
water unusually unproductive of s,tisfac-
tory results; notably the loss of long Gus
tomary overweight from miners, who by
legislative enactment are now paid for
each and every pound of coal put upoa the
mine cars, as also by the arbitrary exact
ion Of the railroad freight charges I'D.
On their own weights as received in cars,
so that the producing companies have
now to leai the loss in weight of coal by
rcrcolatiGn and stcalage between the mines
and shipping potts, besides paying freight
en- the quantity so lost
The company anticipated tie last unma-
iured mortgage payment ON its "Pentland
Hills mine, besides rctlceming ali its out
standing dividend scrip, (saye $3.50 not
yet d&O which items, together, with the
annual instalmcnt on the Alexandria
wharf aggregate over $40 900, whilst the
funded deb. has only been augmented by
sales, at par, of $4,000 of its first mort
gage sinking fund bonds.
Furthermore it has punctually met its
February and August interest coupons.
amounting to $4,000, kept in thOrou@ h or
der and repair two collerics, which have
cntorcedly been idle during the entire
year; has also suffered losses at Midland
and "National' mines, by reason of No
vember 1877, treshet, to further extent
of $4,000, and in addition thereto has laid
steel rails on the major portion of its
"Pcntland Hills tram-road, besides cur
failing its fixed charges more than two per
cent below the reduced figures of 1877.
Notwithstanding severe LOSSES from bad
debts through coal sales of 1873, only now
charged of, together with the deficit on
mortgage owned and forcclOscl by the
company, our affairs now show an inn
proved condition over last years exhibit,
and we aw, it only an amelioraton or bet
tcrmcnt in the general condition Of the
co try at large, TO regain business on fair
of profit, especially as we
have all our properties in excellent oider
and the closest economies in our organ
izs ton thorough established
Our funded debt requires so inconsdcr-
able an amount to provide for its interest,
that the accre ions of profits from only a
healthy business should again
furnish satisfactory returns to our stock
holders and we join issue with them in
she hope that seems to pervade all branch
Is of trade, that this country is slowly
into that condition which pres
lges the realization OF fair profits.
J. GEORGE hEPPLIER,
PRESIDENT