The Carbon advocate. [volume] (Lehighton, Pa.) 1872-1924, 1880-02-21

Is due mainly to tie increase OF [ GUS 900 tons In
coal transported, but there was also crafty
ing Increase III miscellaneous freight and pas.
senger receipts. But for the very low rates of
transportation on coal the lowest III the his
tory Of the Company-the gain in revenue
would have been much larger. The contest
among producers to obtain as large a share as
possible OF free market after the termination
OF the agreement Of 1873 TO restrict production
forced down prlceS,and GranspOIters were com.
PEELED to move the coal at proDortionately low
rates to continue the minos in operation.
The deficit for the year 1875 was 1855 500 co.
and for the past year 3 25,7j3 81, thus showing
net gain IN the business Tor 1879 over l:7S of
s23c,o97 80 Had the prices of coal AVERAGED for
1879 os high as during either OF the ten previous
years (not excepting lS77l, our revenue would
nave m ter!ally exceeded our fxel charges
Our canals were opened Aiiril LIST, uud con
tinucd in uninterrupted operation untll Decem.
Der 18th. There was an increase of Ii 81! 10 tons
In coal transported 1he miscellaneous freight
aggregated 2O7.7;6 tons, and tho tolls collected
thennn nmounted to s35,275.57. DuIiug the
las three months OF Navigation tle coal ton
mage on'red exceeded the capacity Of tho boats
running ON the canals to transport. Anncipat
ing that there would be iull use this wear for
for the delivery Of G5 new boats, and VIC are re.
palrtnEan rebuilding many OF our Old boats.
We expect 10 have full use this year for all of
these boats at remuneTaiivc rates
The production OF coal from our Lebigh nro.
perry was larger during 1879 than IN any pre-
vlOus year. We oaerated five colileries in 1875
and started No. II May 5th ana No. on Sep.
TEMPER 18th, making IN all seven colheles in
operation, and No. iule.
The quantity shipped was 200, ,7Gl tons. Tho
cost OF mining was materially reduced from
any previous year owing to tho careful super.
vision Of our superintpndent aud engineer. Mr
j. s. Halrs and to improvements in mining
and preparing introduced by HIM.
The very low prices at which we were COM
PEELED by competition to sell our product, did
not leave much malgn tor profit. and we de-
rived only 500, 2S5 net revenue from cur large
output.
our working mines arc in excellent condit-
| ion' and we propose to start No during tho
present year, aud the eight c1li,cries will have
productive capacity of over 100000 tons per
month.
Tue amount expended for improvements was
| sT9 31l.3l, and for additional equipment, SI7-
45GlI.
For the purpose Of reducing our floating debt
d
unu 81 p'oN'u'Hg means 10 meet other maturing
'-1o-iI''os a 'ne ilo"ru niaue saIes curing the
- " V''''Oo VI tno company cohsoldateu
'',I Poi eoi'' DohNs NJ an aVeraEo ol IS PER cent
-" tll proved creo't OF the company ana the
"u'anoo III 'lo ihuihet lrlce oil us securities
oh"o'ou INC boaru 10 aVa'l OF provision IN the
'o"so VI the NehquehohlhE Nal ey Railroad
anu 10 leuuce the dlV'dehds guaranteed by us
oh tne s'o'k OF that Company Tie right was
reserved 10 us IN the lease to retire the stock
ut pal at any time after ten years. which ex-
plIeu IN NoNemOer' 1878 we notified the Com
pany III July u our uesre 10 avail OF tins right
anu the result OF the negotiations that followed
was Ihe reduction Tor hYe years OF tue dlvldelds
uo'n " per ceht' TO per cent per annum from
september Ist' 1879, without cost to tne Com
pahy' Ihe rent Is thus reduced TO t91 200 per
ahhum "a saving OF S4iOOO from the amount
pald last year
heierenco has been made in several annual
reports TO ls9lO shares OF the C0mpanys STOCK
Whlch Is part OF the Capital Stock as It appears
IN the present ana in previous balance sheets
The improved coudiuon of the coal trade ana
the belief that II the Company were free from
floating debt its revenue wOdid be sufficient in
the iuturo TO meet all liked charaes and 10 AZ
sure dividends TO the stockholders, induced
Eum0er Of capitalists in this city and New
York 20 ouen negotiations with us in Noyem.