New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1846-03-12

The meeting of the stockholders and bondhoiders
Of the Morris Canal held to-day but nothing decisive
was effected The decline in the price oil the stock
would seem TO be indicative that the prosper for raising
The money needed not very good The company
cave issued circular giving the condition OF the CON
ceYn from which we make the following abstract
Under the old organization of the Morris Canal and
Banking Company, there expended the sum or
ss5966 49, solely and exclusively upon the canal and
apour,enauces and prior the year S44 In November
n tina, year new organization of the company
formed and stock issued under the distinctive title OF
Morris Canal and Banking Company, 1874" The length
If the canal from Delaware River Jersey City Is lG2
miles and the following the dimensions Of the old
canal the width at bottom 20 feet the width
line 80 feet the depth of feet adapted for boats
If from 2 10 25 burthep. From this capacity the
old company received the following tolls in the year
1897 23 900 tons-S SOP 90 gross receipts In the year
1888 400 tons-Sl065l3 90 grcss receipts in the year
1909 s10l 500 tons-$7 1865 81 gross receipts. These
years ii will be borne in mind, are on an average the
best and selected evidencing the capabilities OF
The canal 10 produce with the lesser capacity
The average expenses for l0years ending le4o
we're S3092z so Upon The Reorganization OF the
psny i. decided enlarge the canal follows the
width at bottom IS feet the width water line d. feet
The depth of water feet, about the cepabiy of the
NewYuk and Eric Canal that the locks thereof
wider) SO that the Morris Canal is now planned and
adapted for boats of 60 burthcn The amounts
vended in these Improvements has been large and
than was originally contemplated yet the Improvements
have been permanent ones for the mos, part and the
Directors feel assured that the future business the
canal will fully justify them. Since the Reorganization,
the disbursements have been, to LIST March 1916 SSH
10 49, The amount above expended under the new
ofgapzaton and up the lst March last has been real
led from the following sources
Certificates bearing 6per cent Interest, nego
sundry loans NEUTRALITY-SUSPICIOUS.. 699i5 l6
1000 shares stock, property OF corporation
sold tor. 3lloS 81
Tolls in ls45 (cana partially opened) - 1887 AZ
Damages from W. Collins g. Co. tor breach
contract -----' ---..---------.--- -.oUo w
Total Observation-Disclosures. 1871 40 7s
Independent of the above statement Of receipts and
expenditures made from the reorganization of the
poration up LIST March 1916 there appears floating
balance due to and others OF exceeding
s2aoVO to cover which, also ,hc loans due in 1916
amounting to SIS 94S l5, above, and raise the
amount requisite put The work in effective state
farther sum OF slls000 is needed making the aggre.
sse the sum OF S2i594s Is required 10 be raised The
Board OF Directors submit herewith plan, for securing
the requisite amount giving therefor also for the
tolls sppur,enances and chartered rghts-the mortgage
be In favor Of three trustees to be selected BY the par
ss taking the bonds-,he bonds be AT 10 years date
interest and principal payable in NewYork. As 10 the
probable for the year ensuing looking at the
local business the increased capabiliy Of the canal and
the past experience In this respect the Board of Drec
orr are of opinion that may be safely assumed to be
equal 100000 the entire canal, which at IS
per ton would give gross of Sl500O 90
Curren; annual expenses for 1886 exclusive , =,
OF interest .......----.--.-.-.--- 4UOuO w
Total $4,000 90
From which deduct interest ON the proposed
loan. cay 100000 at 7 per cent $4,000 90
Eliminated net revenue, 1876. ..---.-..--. $4,000 %
TheMortgsgs to be payable, and to be for S30oooo
Vh:-To cover certificates heretofore
issued realized at par, and eX
pended on the canal. S293 OUU
Tocover floating debt OF the company $4,000
To be expended on the canal between
lst April, and prior TO LIST Aug lsi6-- $4,000
heserye bonds Ju,uuo 'ouoVV
The corporation the privilege OF issuing the
$4,000 reserve bonds under this mortgage, within two
years from this date the OF same being eXpend
ed within that period in the Improvement of the canal
and subject the supervision of the three trustees
With this expenditure and immediate authority to con
nue the work the canal be opened on the 18th April
to Newark and 10Th of May to Jersey City-thc work
meanwhile progressing.
The Legislature of Ohio adjourned on the I'd inst
having passed law thoroughly revising the tax system
Of the State SO that al property will be henceorth taxed
ST its real value. thereby increasing The basis from
sls5OCOO0O 10 over $3.50 100000 This Is most excel
lent change and places the ability OF the State beyond ali
doubt 1t will furnish ample means both for payments
Of Interest and for the final liquidation Of the State debt
Sales of Real Estate.
BIZ Il. J. Blseeker.
The two story brick front house and lot in West
18th ST between Broadway and 5,havenUe. IS 4
by half the block. $500
bv as: g '0'' '>N $500