The Carbon advocate. [volume] (Lehighton, Pa.) 1872-1924, 1879-02-22

Report OF the l.. q. & N. Co.
The annual report Of the Lehigh Coal and
Navigation Company, which is published in
advance of the animal meeting on February
Is, gives the receipts of the year 1878 at
1909, ,25O, and the expenses [including $780,
393 interest) at 81 ,325,1l3, a loss on the
years operations Of 1855 $50. This sum is
deducted from the dividend fund, which at
the beginning Of the year was s463,O and
leaves to the creditof that fund now $l01,l72,
The company carried 2,5O3,73l tons of coal
in 1878, decrease of 6l2, ,43s tons. OF this
tonnage l,l97,l9S tons were shipped by the
Lehigh and Wilkesbarre Coal Company, and
their production for the year was ,22l 1926
tons, compared with 2,l96,s64 tons in 1877.
Compared with 1877 the income from coal
tonnage decreased in 1878 but S25,4l3. The
railroad rent was less and the canal aud coal
earnings larger. OF the decreased revenue
$l4S,l7l was loss on the lease ofthe Delaware
Division Canal. The oompany's floating
debt increased during 1878 about $500, 900.
The report, in giving the years history,
states that the revenue of the earlier months
was very light, and all the losses were in
cured prior to May. After May lst the Com
pany earned all its fixed charges, including
the rent of the Delaware Division Canal
The company's part in the coal combination
is described, and its share in the output
under the allotment to the Central Railroad
of New Jersey is stated at but 2t per cent of
the total output. This was much less than
the company's capacity. The total. produc-
tion for the year, II ,6O5, ,262 tons, was about
two thirds of the total capacity of all the
mines for eight months full work and four
months halftime, say ten full months. The
company had five breakers working and
three idle, and the allotment gave about
two thirds work for the five breakers. If
the consumption should increase to 2S,OOO,-
900 per annum, the five breakers could still
furnish the quota as allotted in 1878, and a
continuation Of that proportonate allotment
would require the abandonment permanent
ly Of three operations. The other shippers
are in about the same position. The COM
pany always claimed certain advantages for
the coal tributary to its line. The hard
white ash Lehigh is always in great demand
during the active season, and the company
has never been able to TO meet the wants or
its customers even at prices considerably
higher than those of three-Gourths of the
anthracite product. The Goals sent by this
line from the other Lehigh regions are very
popular, and command ready sale at but
little lower prices than the company's own
product, and the Wikesbarre coal ranks
with the best from the Wyoming region.
The view of the report is that the abandon
ment of the combination will be for the
company's benefit, and it proposes to avail
of every advantage given by its position.
The combination is described as having ope-
rated injuriously on the Lehigh Canal, which
during 1878 had S99,327 profits. Ifbusiness
is unrestricted this year large increase of
tonnage is anticipated, with better financial
results. The report mentions that at the
annual meeting the modification of the lease
OF the Delaware Division Canal, already
referred to, will be presented to the stock
holders, and recommends its ratifica-
tlon. This modification, already agreed to
by the Canal Company, is expected 10 save
the Lehigh Navigation Company about
$4,000 annually. 1t reduces the rent from
per cent to per cent dividends on the
Canal Company's stock, and provides foy ex-
changing the latter stock for Lehigh Navi-
CATION stock. 1t also extends for twenty years
from July /, 1878, the time for paying the
principal of the $S00,O0O bonded debt of the
canal. 1t further provides that the rent due
this year and in February, 1850, may be paid
in scrip, and that thereafter until February,
1881, halt scrip and half cash. The present
year, the report states, opened with small
stock of coal on hand and good demand for
Lehigh Goals, and says that for the first time
in many years the company derived profit
from its coal business in January, and ex-
poets equally good results in February,
whilst the railroad earnings have been larger
than usual. The company has five colleries
in operation, with productive capacity of
5000 tons day, and it has nodoubt this can
all be sold at fairly remunentive prices.
The Lehigh operators are described as all
increasing their shipment of coal. The re-
port confidently anticipates much larger
shipment both by railway and canal this
year, aud that the superior quality of the
Lehigh Goals and the companys other ad-
vantagcs will give it a larger share of the
years coal market than heretofore, and with
more satisfactory financial results.