Baltimore commercial journal, and Lyford's price-current. [volume] (Baltimore, Md) 1840-1849, 1848-06-03
WEEKLY COM MI e "A l. 30 IL N A L

borrowed, and the residue passed in payment to
contractors, land owners and others.
These obligations, which were issued at compare
lively short dates, upon what was then deemed
justly founded expectation that upon the opening of
the work its success would at once enable the Com
pany TO make some new permanent arrangement oil
IFS debt all, with the exception OF those held by
the State OF Mary land, past due and being now cX-
tcnsvoly diluScd throughout the community, subject
the Company TO demands for payment which 1t Is
unable 10 CRAFTY.
These demands are in every way preiudicial, not
only to the interest of the Company bat to those also
OF the claimants for though under the assignment,
they can obtain nothing, except in accordance with
the terms Of that deed the Company is constantly
placed IN adversary position to those who are most
interested in its success, making enemies when it
should find friends, and has besides TO encounter the
costs of litigation. 1t should be remembered that
the history OF all similar works demonstrates that
the highest point OF prosperity is not reached at
single stride, but that their ultimate success when
they destined at all TO succeed is gradual growth
expanding with the development OF the country pen
ctratcd by the improvement, and with the cautious
adoption Of the of trade in preference to
those formerly used. The experience of our own
work forms no exception to this general rule the
statistics OF the past shcw trade steadily increasing
IN defined ratio, after and in the iu-
ture, uneXporcd sources Of revenue which will in
time realize all hopes the most sanguinc have indulg
ed in. Every day of the Company's existence brings
IT nearer TO the truition of these hopcs but TO their
final cOnSummation there needs that patient attcn-
dance upon the natural current of events which will
| leave the Company undiSturbed and uncmbarrasScd
in the even tenor of lis way. To secure this quiet
and consequently the full measure of the Companys
prosperity, the most obvious step that suggests itself
is the funding of the Company's obligations upon
equitable terms to be hereafter proposed; pow
er which was providently reserved to the Company
in the assignment under which the work is now held
1t is not the purpose of the Board in this report TO
propose such terms now, but merely TO suggest the
measure to the consideration of those Interested in
order that hen the time is ripe for its execution, 1t
may be acted upon advlsedly. The hope is enter
tanned that the Company may be enabled to take ac-
tive steps towards the accomplishment of this dssi
rabe object during the present year
As may well b. supposed, there was incident to
the construction of work prosecuted with so limited
capital and under so many difficulties many unset
tied and embarrassing claims, which have been, since
their origin, the subjects Of vexatious dispute. To
adjust these by amcabe agreement with the parties
has been a chief duty of the Board during the past
year. and much success has attended their aboTs in
this behalf, that this source of disquict has almost
disappeared. As these settlements take place, cor
| responding changes, the Stockholders will per-
ceivc become in the general of the
| Company annually submitted with the report; but
the actual condition Of affairs is not materially al
| tered.
Another measure which has been promotivc of the
convenience OF the COmpany'S creditors, has been
the issue of a new evidence of Indebtedness called,
for Distinction ''Consolidatcd Bond" upon Il sur
render of any portion of the multOrm securities by
I Wnlch inc ucOt OF lHc company mas DeCu lufultFIl
represented.
/ Into the same consolidated Bond' have also been
converted considerable part of the issue Of roIl
Notes BY the tide Water Canal Company" with
the difference, however, that the bond bears in
erest from the LIST day of April, 1872, the date when
the notes were refused in payment, while the notes
themselves bear no interest upon their face. This
was deemed but an act of justice towards class Of
creditors whose equitable claim, strong, to say
the least Of them, those ofany other.
/ In conclusion, the Board gratfed to perceive
that amidst general severe depression in stocks and
money securities, the Stock and debt of this Compa-
ny continue hold favorable place in the estima-
ton of the public the best earnest Of undated
confidence in the ultimate of the enterprise.
On behalf Of the Board Of Managers.
GEORGE w. DOBBlN, President.
Susquehanna and Tide UTate Canal Companies,
DR.-Cost of construction, including
Concstoga connection, ....,........ S3,26i ,702O1
Real Estate MISREPRESENTATION 99
Maryland Susquehanna Canal purchase. l20, 10000
! Damages in Pennsylvania, s. ,376S7
Damages in Maryland. .97,6 24.46
-- 1919, Dol. 80
Profit and Loss .... ......... 35S 7605l
Sundry balances due the Company, To-. ..9,7l5.73
Thomas NJ. Albeit, .S,27O27