Evening star. [volume] (Washington, D.C.) 1854-1972, 1868-06-09

Chesapeake and Ohio Canal Company.
LECTION OF PRESIDENT AND DIRECTORS.
Chesapeake and Ohio Canal company was
heio yesterday unoer their charter 20 hear the
annual report and for the election OF q Presi-
aens and SIX directors: The ehefstoc khoidsr,
thirds Of the stock. vas represented by Gov
ernor Swami, Comptroller Leonard and
Treasurer Fowler. The other stoekholders-
corporations OF WASHINGTON, Georgetown and
Alexandria-bad no represeu tatives in the
meeting, notwithstandiHg the Secretary Of the
company. MI. BENJAMIN Fawceft stased that
be had given them dae notice Governor
Swami was chosen 70 preside. Mr.. Spates, the
President Of the company, and under whose
mana8emenf the business OF the canal has been
greatly augmented, present ed the fortieth an
nual report, from winch NJ appears that there
was moderate increase OF business for the
year ending December 81, 1861, and the pros
poets for the current year are encouraging
The revenue for the year amounted to e3s503i
eIan excess over the prevI0u9year of SIS, 1s7.
81. The total expense for the same time, ex-
elusive OF interest and balance on loans of
Is57, was s2ie,66o.9 90. showing an excess of re-
ceipts over expenditures Of Sis,3T3,s7. From
this fund there has been paid, on interest &C.
count sll6,l 54oS, and to repay loans of 1857 the
ton OF the past winter prevented all the re-
pairs and improvements contemplated being
made within proper time, but much was
done IN the way OF repairing lock gates and
when the weather would permit. The opening
of navigation was delayed few days in order
TO remove from the bed OF the canal deposits of
years accumulation and W hich, at some points,
had become serious distractions to free navi-
CATION. The original depth having ten re.
stored navigation was reopened on the LIST Of
April. 1t is believed that the heavy outlay
caused by the work above referred to was fully
JUSTIFIED by the increased facilities afforded for
transportation. From facts laid before the
Board of Directors in April last as TO the de.
pressed condition Of the coal trade by canal,
the company We're constrained to reduce the
tolls on coal 10 one quarter of one per cent per
ton per mlle- so as to enable IL 10 retain this
valuable trade and chief source of revenue,
and the Board believe that. from the coal ship
ped on the canal, as shown by returns for
April and May of the present year. they are
fully Jusnned in their action on this question.
All the floating debt Of the company, except
5000 which may be considered as substan-
italy extinguished, has been paid, and the fu-
ture surplus revenues, after providing for the
proper maintenance and Improvement of the
work, will be applicable to the payment of in
terest on bonds issued under the several acts of
the General Assembly according to legal
priority. The interest in arrear and due on
these obligations to the LIST OF January, 1865, is
sl,'53,757 20. The report was accepted and or
oered TO be printed. The election for President
and six Directors, TO serve until the LIST Mon
day IN June. 1869. was then proceeded with
and Messrs. Alfred Spates and John Thomp.
son Mason We're placed in nomination for
president, and the following named gentlemen
Tor directors: Joseph Murray, A. h. Stake, J.
r. Thomas, W. Niers Bouic, Esau Pickrall,
George Cotton, VIM. Thompson of X VIM.
Devecmon, NJ. Bannon and James Coudy. The
election resulted in the choice OF Mr.. Spates,
together with Messrs. Murray, Stake, Thomas.
Bouic. Pickrell and Cotton. Upon motion of
MT. Fowler. a resolution was adopted request
ing the Board of Directors to move the office of
Annapolis. The meeting then adJonrned.-
Bait mOTe Gazette.