Lewistown gazette. [volume] (Lewistown, Pa.) 1843-1944, 1860-02-16
Sl75,452 SO

SI75,452 3S
Leaving net earnings of the canals, so 097 60
The increase in the canal revenues over
1858 was SIS, 449 80, aud the increased ex-
penditures were S5l,394 OF, embracing the
sum of S24, 394 10 expended in The re-erection
OF bridge over the Sgsquehanna river at
Clark's Ferry, which had been blown down
by severe storm, and also an expenditure OF
about $4,000, incurred for steam towage, rem
dered necessary in consequence Of the destruc
tion of the bridge. The remaining portion of
the increase of expenses was incurred in deep
enlng and enlarging the capacity Of the Eas-
tern Division of the Canal.
The amount Of coal transported on the Ca.
nails Of the Company during the year 1859
was sol 1866 tons, being an increase over the
preceding year of l04,G34 tons, and the
amount of lumber transported was increased
from 95,77O, 453 feet in 1858, to l2O, O,014.675
feet IN 1859, giving an average increase of
tonnage OF about twenty five per cent. The
gross revenue of the Canals was not, hOwev-
er, increased IN the same ratio rs the tonnage,
owing to a reduction of tolls rendered neceS-
sary in order to retain this traffic in its custo
mary channel.
The enlargement Of the Susquehanna and
Wyoming Canals, which it is understood xill
be effected before the opening of navigation
IN the ensuing spring will so relu;e the cost
of transportation on the whole line as to al
low restoration of the tolls to their former
limit. 1t has been the policy of this Compa-
ny Contrary to public eXpectation) to cult
vate the trade upon their canals and develope
the resources Of the region Of country contig
uous to them, in order, if possible, to render
them productive property.
These Canals were received from the Com
monwealth in a very dilapidated condition
the prism of the canal being SO reduced as to
scarcely afford more than a depth of three
feet Of water throughout The condition of
these works render it impracticable for those
engaged in transportation on them to contend
successfully with the railways for the traffic
of the country traversed and the consequence
was, at the time the Company received posses
sion OF them, their trade was gradually de
clining.
Upon the Eastern Division the depth Of wa
ter has been increased to minimum of FIVE
feet, and the other divisions of the works,
where any trade of Importance was to be ac
commodated have been restored to their orig
inal capacity. No portion of these Canals.
except the Eastern division, (of 46 miles in
lengthy is selfsustaining; but it is hoped that
the Junlata Division, as far west as Hunting
don, may ultimately be made to produce some
net revenue.
The management of the entire line of Ca
nails has been placed under Thomas Z. Wire
man, Esq, Civil Engineer, who has conduc-
ted The affairs in this branch of the Compa-
ny's service with commendable judgment and
economy.
1t will be seen from the statement of the
Treasurer, annexed to this report, that there
has been received from Shareholders, in pay
ment for the Capital Stock Of the Company.
up to January /, 1860: SI3,249,l25 90
And from loans, &C., 9,307 ,O38 30
Mortgages and Ground Rents
on Real Estate. 3l5, 40 IL
Amount Of bonds due the State
of Pennsylvania for purchase
Of Main Line Of Public Works, I. 800, 600 90
Balance Of interest and divi-
dends due the Stockholders,
and State tax on coupons and
dividends unpaid, 1919 G3
Balance to credit of Contingent
Fund, 4OG ST4 %
Balance to credit of Profit and
Loss, after deductng discount
on I'd Mortgage Bonds sold
during the year, 732, 900 SO