« hydraulic dredging operations the company possesses two of the most modern and powerful hydraulic dredges in the world together with supporting plant in the form of tugs barges pipe and pontoon lines the alameda has a self-contained power plant and consequently can perform work at virtually any location the operations of the franciscan however are dependent upon the availability of shore-based power the optimum realization of the efficiency potential of these machines is confined to larger type contracts competition in this phase of activity has been unusually keen from both foreign and domestic operators and to date the company has been unsuccessful in securing the number of contracts of the desired volume which would fully utilize the capabilities of this specialized equipment primarily as a consequence of the high cost of idle equipment in the intervening periods between contracts performed thus far the company's dredging operations have not been profitable to date 1960 operations at a contract volume of 5 million were conducted for the port of long beach california and in the delaware river under contract with the u s corps of engineers by the franciscan and alameda respectively while the long beach project was profitable combined operations for the year were con ducted at a loss due to an unanticipated rock condition in the delaware river for which some relief was recently awarded a substantial increment still remains in negotiation as the year closed two jobs were awarded the franciscan in the san francisco bay area the alameda is presently idle and berthed on the east coast ocean shipping and ore sales