The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1845-05-10
$42s,ss6 70
553,264 81
$l24,37S rs
65
l,s37,67s SO

ton Custom House, during the quarter
| ending March 81 1916. ..... $l02, 46S 81
Estimates of the loss by the fire at Portsmouth, N. H.
vary from 900 to $le5,ooo The insurance in the
Portsmouth Mutual is set down at $4,000; Rockingham
Mutual Sl0,00O New York Mutual Offices $40 900; ant
various stock Offices $4,000 including risk of $l0
600 at the Etna office Hartford Total nsuran CO sos
1 900.
meeting of the stockholders of the Chesapeake and
Ohio Canal was held few days since to take into co..
sideraton several acts which laid before them
report from the President and Directors was submitted to
the meeting The acts presented requiring vote were
unanimously accepted The following are the acts &C.
copied
An act entitled Gan act to amend the act incorporating
the chesapeake and Ohio Canal Company I" passed by
the Legislature Of Virginia on the goth January 1874
An act entitled An act to confirm act Of the &c.
t nesd Of the state Of Virginia passed BY
act Of the Legislature Of Virginia &C., passed BY the
sdent on the 7th day of February ls45.
Also an act Of the Legislature Of Maryland entitled
and Ohio Canal to Cumberland and for other purposes
The most important of these acts is undoubtedly the
one providing for the completion of the Canal Cum
berand The report Of the President states that the
whole cost Of the Canal far has progressed
nearly ten millions Of dollars, as follows:
For the acquisition of lands. ~ Sa02ql3 o.
For the Engineer Department. ..... ass e5l o.
TOT CONSTITUTIONAL. 9,0l3, 1897 Sc
Iotal. ..-....... S9,775,702 %
II is estimated that boats carrying hundred tons of
tonnage may navigate the entire length Of the canal
when completed and also that with single locks 900
TONS and with double locks 900 can DO trans
ported on the canal during navgabe year. The report
does not state how the canal going be completed
whether by money borrowed the bonds of the compa
NY by contracts for the labor be paid for in the
the bonds themselves. from the work is an.
cpated by its friends in much shorter time than here.
tofore deemed possible. The company confident of
obtaining security satisfactory to the Governor and
Treasurer of the State guaranteeing the
Of one hundred and nneyfve thouaod Of tonnage
year for five years The transportation of this amount
OF tonnage will give the company an income of
per annum, which is about more than is neces
sary to pay the interest on the bonds.
The completion of the Ohio and Chesapeake Canal ia
looked upon by the citizens of Baltimore very unfayo
rably, and must ever find powerful rival in the Balti
more and Ohio Railroad Company The Canal Company
have loan of sI,70O0oo to raise The object of the
loan is to complete the canal to Cumberland at which
place IT is expected that it will coal trade the
profits which will make the proposed loan safe in.
vesment At the last session of the Maryland Leesla
ture the prior liens of tho State were waived so AZ 10
make the bonds for the 81 100000 first mortgage debt
Very many doubts entertained as to the value of
bonds The Canal even when finished to Cumberland
will have formidable opponent in the Baltimore and
Ohio Railroad, which, by of lateral and private
roads is carried to the mouths Of the mines and fro m
whose cars, filled there the coal not removed until {
is dumped into the hold of the vessel in which il is to be
exported from Baltimore. The Canal on the contrary
must depend upon lateral roads for some ten or twelve
miles from the mines to its basin where transhpmon,
must take place and there afterwards be subsc
quen shovellng of the coal from the Canal boat to the
coastng vessel to the waste and injury of the article
BY contract with the Baltimore and Ohio Railroad
Company the lateral roads and mines in connection with
them will be enabled to send coal to market without IN
terrupon during the year, which, is well known can
not be done If the canal is used Three months of the
year. at least this closed by ice We observe that the
councils OF Baltimore entering heartily into the compe
tion propose to make the city free port for the trans
poraon Of coal and other articles that would be propcr
to the canal Under these circumstances il is much
doubted by many whether the waiver OF the lens
of the State of Maryland in favor the new loan makes
desirable investment 1t has been supposed that Il
might be taken by the contractors but this II is said
would only make il worse because the contractors
would have to hypothecate il raise ready money at
much less than par and if the failed and the
bonds were sold-and such things have happened-the
bondholder would hold the bonds without the security on
which they were based, via the canal completed So