Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1831-06-13
THE THIRD ANNUAL REPORT


On the 7th Of June, 1850. the Second Annual
Report OF the President and Directors disclosed
to the Stockholders the actual condition, at that
period, of the various interests Of the Chesapeake
and Ohio Canal Company, embracing detailed
account of the receipts and disbursements OF the
funds of the Company, and of the operations on
the canal. from the commence ment i'll the autumn
of 1927, to the last day OF the preceding month
The President and Directors proceed to bring
down this detail TO the 3lst of May, Of the cur
rent wear, and to Supcradd whatever information
they can supply to the Company respecting the
General interests OF the work conldcd to their
charge.
From the subioined table aud receipts and Dis
bursements, it will appear that since the orsanl-
yatior of the Board there has been paid INTO the
Treasury the sum of Sl,740.2O5 40, derived
from the following sources:-FrOm the late Po-
tomac Company, being the uneypended funds IN
the hands of that Company al the time OF ITS dis
solution: from the Commissioners 81 the United
States and the States Of Virginia and Maryland,
BY whom the books were opened to receive sub
scriptions to the stock OF the Company being the
amount paid to them at the time OF taking the
sub.criptiuns; fr0m the Stockholders on the sub
secusnt inStalncnts called for BY the President
and Directors; from tolls collected both before
AID subsequent to the opening of the new Canal;
from the sale of old houses, &c. which were up
on the ground required for the Canal; from ma
,erials. not required III the construction ni the
Canal: from interest and gain on the sale of the
MARYLAND stock: from interests and law charges
recovered from the delinquent stockholders; from
two incorporated balances Of money which had,
in different years, been placed IN the hands OF the
President for paving the amount awarded BY the
jury on lands condemned in Frederick County,
aud certain expenses IN the suit OF the Baltimore
and Ohio Rail Road Company against this Com
pany depending. at Annapolis; and from a loan
from the Corporation OF Georgetown, IN antIci-
patton OF future mStamcnts.
Out Of these receipts, there has been dsburs-
ell for the construction, Improvement, and re-
pairs Of the canal, including Sl,953 % cents.
paid for materials, over and above thuse supplied
by the contractors themselves, the sum of $50
52i 55 cents: leaving 200 ga, Is cents to be 9TH
erwiSe accounted for.
OF this, the sum Of 1854 62 cents, has been
paid for lands required, either by tho canal and
its appurtenanCes. or To avoid che necessity OF
o.id.es or ferries across, or Ut Siaducts beneath
II.
The further sum of S71,215 63, part of the
above sdue, covers the three years expenditure
juciudlag the pay, instruments aud contingencies
gt the Engineer Corps. Part of this expenditure
W
OF the su;a Of 5,O55 "a cents, expended for sta
tionarv, postase, and printing, inclndin. adver-
tise,nents and notices, is charseabe TO the com
petou Of the survey. aud the acquisition of lands
Tor III, future construction of the Western sec
zion of the canal; making the total amount hi |
therio appalled, to that object 6,SS2 p.
Uuder the head vt the Potomac Company, the !
sum OF $3.50 81, has been applied to tn. re- |
pairs Of the old canal and The pay of the keepers
of the old locks at the Great and Little Falls
$3.50 - cents have been disburscd under the |
head Of Law Expenses. on account of Clerks
fees, an. the opinions and arguments of council,
I66 % have been disbursed on account Of inte-
rest on sums borrowed, or received from subscri-
bers in anticipation OF nstalmentS called fOr-the
sum of ) SIS has been paid 0n account Of divi-
dends of the Potomac Company, hitherto unclaim-
cd, and 1852 90, on account Of the salaries OF
the officers of the Company; and 5,49l So, for
contingent excuses.
These various amounts leave the total receipts |
and disbursements Of the three years, to be ba-
lanced by the deposits of the Company in various !
banks. amounting at the date Of the last Treasur- |
er's Report, TO Sl0,S98 SIS, subject to detluc- |
ton of l56 70, oycrdrawn from one of those !
banks.
In aid of this SUN, 4 further call upon the stock
holders for @ per cent, on each share Of subscrb
ed stock, making IN all 80 per cent. has been re-
Gently advertised. This, with the further aid of
the outstanding balances OF the unfinished works
Of the canal under contract. Which iund may !
be aided by the sale of certain lands held BY the
Company, to purchasers who will take them, with
a release of any right to bridge or ferry across
the canal.
At the period of the last year. corresponding
with the present, 5000 laborers. and 700 horses
were employed on the canal. By the latest re-
turns, the number Of the former is reduced to
1876, and of the later to e.6. Every week the
extent of the work 10 be completedis diminished,
by the return of final estimates upon that which
is done. 4
Till the month OF November last, the only be-
ne6t afforded to the navigation of the valley of
the Potomac, by the new Company's works. was
limited to the enlargement of the old canal around
the Little Falls; and the sinking of two culverts
beneath it; by which, its frequent obstruction