Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1876-12-01
Ehe chesapeake and Ohio Cahai
Company.

Twelve months ago the boast OF the man
,..,s cf ssis company was that the preferred
debt vas, undcv its able aud careful manage
ment, being rapidly absorbed and paid, anu
,hst 10 eight or ten years the State would DC
ro,eivnu several hundred thousand dollars OF
rovennc from it's large investment IN that work.
,bs on;nion, which seemed to be justified hy
ybn nayment of from fifteen to eighteen per
CONT oi back interest ios several years, hau
the effect to inspire confidence aud hope 10 the
,avnavers of Maryland aud to carry the Gonds
nm from 81 to III 10 their market value. ihid
.,r,r although a considerable amount OF rev
,,p;c i understood to have been received be-
,ou,l what i, necessary 10 put and keep the
anal il ORDER ''for transportation. tshe IAN
.uarc used By the Court of Appeals 10 dehnug
thr r;phts Of tie several classes OF creditors oil
the compapy) the policy OF tie president and
directors scc,us to lave changed, ana nothihS
has been paid, thus accommodating another hdu'
drcd thousand dollars of debt agaInst The State,
and further and indefinitely postponlng rehct
10 the taxpayers Of Maryland.
The Court OF Appeals say, IN the case allud,
ID 10. viz: The Commonwealth OF the State OF
Virginia vs. the State OF Maryland and others,
that The net revenues, after kecplcg the cana!
N order for transportation Ia iact accomplish
cd and well known to the people OF the whole
State, the president and directors shall de-
>,c Che Whole of the debt or remaining rev.
anna to the payment of the coupons on the pre-
tuue ..l, eocds in the order Of their seniority By
"hat ,h. r;nh :, or upon what theory from one TO
mn1i hsIr, sI thousand dollars OF tolls are with,
hsI1 frnm ;ts eighttll oTners lthose entitleu
u,a uS.r ''T ,hn nrda, Of caveat to this dIstrDl'
tony tony neither i the ,Neoaholders' taxpayers or
the nublic are advised x have any iniotma'.Sn
Whatever. This is the MT rfIiaIHap'o S aon, "a
lace OF resolution Of the ST. On noiuets; auvpo ~
ed when Mr.. James c. Clark vas Iiss'uea' sa =; -
the company, requiring the preS 'eI' ! n"hi;oa
rcctors to make monthly reports ao~ pa', ,r;ss
iion of receipts and disbursements. !" " nrO.
and wholesome order, Tor the past ye"'' jai
to have fallen into dlSusc aud been apa,'uoa.th
1t is not to be- presumed that the ooaiu y, raJ
tic works, representing the people Q, ha's "ua wv
and controlling a majority OF the s'otk '. ~, 4,
,>1mpany, would allow such resolu'luu ~ -
ram sed, and yet i, is difficult to unoerStano n, y
1Io., ,upo : bss been repealed. how 1t eould ha''
fallen into tsase and been ananaoneai ,,,o GOu IouG
,Sn nr',a,t 'nu >nticy OF the company the oooc
i"c ha,.l p,siv"' ,,M IL: 30 50. loss OF 5. pc
cent, and the cred,, u ei.e D?np'
in the same or greater ''p'' s:.uoto,r or,l.;
l. Will the president an~ o"s .,,,'ony rsrr;v
why the surplus funds OF the ~, ,ho o.oo
cd above what is necessary 10 he ,,rad 10 h
III order Cor transportation las Is "oI'. ~urt +
appeals), J. were w N not distributed according to tn
order cf that couit! .t
>. Vii! the president AID dlrectuts iat'h'
explain Why monthly publication " 'S'''p
aud disbursements Is TO. now made. ~ ~
case heretofore, uoder the order OF the OH
holders aforesaid ?-Eaf. am.