Evening star. [volume] (Washington, D.C.) 1854-1972, 1880-09-24
ChcsaEeahc md Ohio Canal Com-
pany.

REPORT OF PRESIDENT GoRMAS or ITS BrsTSESS
President German, or the c. q @. canal Com
pany, has submitted to the directors state
ment showing that the coal tonnage for Julv
was 5S,il2 TONS FOR August. q, GSS tons, total
1880 tons. The coal tonnage for the months
OF July and August. lS79, was l55 Sa3 tons
showing a decrease this year OF IL Sl3 tons
accounted for 10y the fact that a large number
OF The boatmen iDauguratcd a strike in the lat
ter pant Of June, which continued Tor about
eight weeks. The average coal tonnage or the
cahai ~ iof we eight Weeks preceding the strike
was H,5f toDS Average tonnage per week
curing the continuance of the strike was is SO
tons. The loss in tonnage because Of the
strike wGs about - Gao tons making A
revenue nom tolls and rents Tor the
months or July and August was So. 593.> ~: cur
reEt expenses. SSg. +0l 4t net revenue So 1872 81
The number OF tons OF coal shipped from Japu-
ally 10 August 81. inclusive was s6s .96 tons
which Is an Increase OF 1904 tons as compared
with the tonnage OF 1879. The total amount OF
receipts Into the treasury OF the company IRON
January 10 September II. was S3Oo9 90 -; ac-
crued revenue not collected but available
az $50 IS total revenue, S2lS, SS206; the current
expenses from January 20 Aug. y. SlSS 492 -:
net revenue for that period, s15 33a.24 the
heating debt chat is The amount due % BANKS
contractors ana 10 employees on account or the
Dy the freshet or $50 on January ], iS,l, was
slC", sc. OF this We have paid the entire
snoCnt due TO contractors aud employees,
$50, 46S &c: and OF amount due 10 Slahs. & 59ae;
total payments. So 1896; leaving amount OF
nualfg ueDt outstanding, SS5, tso.
EMBARRAsSMENTs.
Inc report says: 1T has been found inDOSS-
pc curing The tmpendency or the suits lustl.
tuftd against the company 10y Mr.. Stewart 10
negotiate any Of tie repair bonds at anything
Ike their face value, and therefore these
amounts have been paid ron the net receipts
OF the current year. IL is a matter or regret
That We cannot devote any portion OF the reye-
nue. 10 the pay Inent OF the overdue coupons On
the preferred bonds, but iU is a matter beyond
our control. But the cancellug OF this floating
Cebt by payments from the current revenue
leaves the company In position hereafter TO de-
vote Its entire net revenue 10 the preferred
BOND account The above statement Includes
all the expenditures OF the company for the
period named except the payments which have
fallen due on The wharf property at Cumberland
and the rent OF the outlet lock at GEORGETOWN
as Crafty ing as this statement must ba 10 the
board and 10 all interested In the prosperity or
the company, IL is 10 be noted with regret that
the company has been seriously embarrassed
by the strike or the Ooatmen. which as hereto
fore stated, continued about eight week produc-
Ing net loss OF rot less than forty-fiVe thous-
and dollars. As the board or directors are well
aware, the loss 10 the company Ia the past ten
years by our inability TO control the transporta-
ton TO the extent OF liking the Charges for that
service at a Uniform rate each year has been
very large. Ii Is In my judgment, an impera-
tive duty TO make some provision which VIII
prevent like delays and losses ia the future
TO that end respectfully suggest the appoint
nent or special committee, which shall De
cnafged win the duty or deyiSing some plan
which VIII insure Uniform charges for transport
titjon In the future, and report the same at its
earliest convenience, SO that tie matter NAV %
Submitted TO the stockholders and prerrrrei
bondEo!ders for their consideration and actloa."