The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-05-05

to the banks Of that city The agents Of banks here
de not place the slightest confidence In the report and
continue their business with them usual few days
will settle the matter and In the meantime the issues of
these banks will remain ct . greater discount than
usual
The last annual report OF tbs Morris Cans and Bank
ing Company of 1884, gives the stockholders hopes
Of ultimstey realizing something upon their invest
ments The income for ls47 not large antici
pated but it exhibits handsome increase that Of
previous year The capacity Of tho canal previous
ls4O too limited to enable 1t to compete successful
ly with the Delaware division Of tho Pennsylvania
nal which aad is orthe trade Of the
Lehigh valley In 1910 and ls4l the lift locks
largsd TO their present Dimensions and Immediately az
ter, the company failed. By decree Of the Chancellor
Its effects put into the hands Of receivers by whom
the canal leased for small annual rent, until the
close Of the season Of 1914
In October 1914, the canal its endsgss and oil the
chartered rights of the company sold by virtue of
. certain mortgage under a decree of the Court of
Chancery of the State Of New Jersey.
Soon after the sale, the purchasers and their as,oe
ates by and with the advice Of counsel recognised
the company under the of THE Morris Canal and
Banking Company of ls44 distributed the stock into
shares and issued SCRIP the full amount authorized by
tho chsrter. The company, as then organized, con-
menccd the improvement CT its oAua early in the
Of ls45 with the intention Of making It in every
spect good an for tho trade Of the Leigh val
ley as its competitor Delaware division of the Penn
sylvsnis canals.
The Of 1916, being unusually dry one, and
the waters from the reservoir having been used
for manufacturing purposes without restriction,
during all season. including the previous winter and
spring. 1t had become nearly exhausted when the canal
ready to be filed; the consequence was that very
little business could be done until near the close Of the
season, for tho want of water.
From what has bsen stated, 1t will be observed that
the Improvements contemplated still incomplete at
the CLOSE Of ls45 The work connected with tho en-
largement between Jersey City and Newark, was unf
nished considerable portions of the line west Of
Newark, the banks had been raised high enough
hold than four feet Of water OF tho twenty
old planes, only two had been rebuilt. The Pompton
aqusduct unhnished additional reservoir was to
be made at stanhops and others to be enlarged and
proved considerable repairs to be made in the
locks; new bridges to bs built also new bulk head At,
and deepening the channel across the Delaware river
One hundred section boats had beon purchased
and placed the canal Of sufficient capacity carry
from so to Is tons eaoh they could passed
the old planes when loaded with SO tons They
therefore comparatively ueeless beyond that capacity
At the commencement Of the season of l646 the
dsny owned lOs boats with which tbs business of hst
carried on At the organisation Of the COM
psny in April 1t stated desirable that effort
should be made to improve the inclined planes that
they would be competent to pass both sections Of boat
loaded with so or IS tons, rapidly they could be
passed through lift lock This however, did not re-
ceive that attention necessary to the OF the
work. and the company turned Its attention to procur
ing additional number of boats to on tho canal
The difficulties experienced in getting boatmen owning
boats to place them this work, induced the COM
pany to provide itself with facilities and during the
months of May and juno more than seventy were
purchased and contracted for OF the number 81 were
dvered the derived from Thorn tolls and
boat rent amounted to about hsthe paid for them
In January ls4S tho inclined plano completed;
and appears by experiments made upon IT, that boats
containing 10 tons Of cargo easily passed up and
down ct the rate Of than three miles hour which
is faster than boats towed the level The cost Of
this improvement was 7,l6s 33.
The annexed statement exhibits the liabilities Of the
company last March,
MORRIS CANAL AND BANKING COMPANY, MARcH, ls4s.
The Morris Canal cost in 1874. $l,o00000 90
For permanent ,mprov emens inl8l5, being
the enlargement and repairs incidental
toOpeuinR the canal. .Z79 200 SO
rof toV hcoW poaD 1880
For real estate. oot w
For permanent improvement in 1916, ex-
end m