Evening star. [volume] (Washington, D.C.) 1854-1972, 1879-06-09
The chesapeake and Ohio Canal.


We are glad TO learn by the reported proceed
ings Of the annual meeting of the Chesapeake
and Ohio canal company that the authorities OF
the District and of the United States have at
last recognized the necessity Of looking after
the large interests held by them in the canal.
The United States originally subscribed one
million dollars; the city OF Washington one MIL
lion; the city Of Georgetown, the city OF Alex
andria, and the state Of Virginia each quarter
OF a million. Besides these large corporate
subscriptions, citizens of Washington SUBJ
scr1bed and paid for stock to the amount Of
sls5,O O0 OF Georgetown, $4,000; of Alexandra,
$S5 600, ard of Virginia, $4,000. Outside OF the
state Of Maryland the stock of the canal COM
pany is held to the amount Of about s., 2o0, 900.
The total stock Is about S., 100000. In addition
to this, the District of Columbia holds $4,000 Of
the preferred bonds Of the company, and citi-
ZenS of the District and of Virginia hold, 1t Is
believed, major portion Of the 81, 100000 pre-
ferred bonds issued by the company in 1916
and = TO secure the completion of the canal to
Cumberland, where it would be made available
for the coal trade OF Western Maryland.
The eastern terminus of the canal Is at
Georgetown, where it also connects with the
Alexandra canal work costing at least one
million dollars.
The simple statement Of these well known
facts shows that this District and the adjacent
state Of Virginia TO a large extent created this
great work, and In 1916 when its supporters
almost deSpaired Of its completion came to its
rescue and saved 1t. 1t also shows that the ma
terial interests of the people of the District are
more largely concerned In the good manage
ment Of this canal than any other community
except perhaps Western Maryland. And yet it
is fact that for many years these large inter-
ests have had no voice whatever In the selec-
ton OF the officers who have controlled the
canal. The state Of Maryland claiming to hold
majority of the stock by its board of public
works, has selected the president and board of
directors with entire disregard to the wishes
and interests Of the other stockholders. At the
late meeting all that was asked of the board of
public works was to allow the other stock
holders to select t,ro out of the seven who are
10 manage the work for the ensuing year, and
this was refused. CAN'T be supposed that these
other stockholders would have contributed so
literally OF their means II they had expected
that when the work was COMPLETED they were
to be entirely unrepreSented In its management
Does not good faith and fair dealing require
that they should have at least sufficient repre-
sentation in the board to enable them to have
an intelligent and vigilant supervision of its
aetion7 If any good is to be accomplished they
could aid 1t, II so disposed, and could not pre-.
vent it, If they wished
1t Is true that II the directors selected
by single interest desire to promote that
interest at the expense of the stockholc.
erS, or II they have any personal or politica
objects to accomplish by means of their con-
troll OF the canal, the presence of even two
intelligent and honest business men would ma
terially interfere with such designs. But it Is
only In these cases that the poor privilege of
selecting so small minority Of the directors
could be Objectionable to the representatives of
the state.
Experience has shown that wherever great
public work Of this kind Is under the control of
state or OF the United States it has been
badly managed and used for bad purposes. No
exception to this rule can be named So well
persuaded of this fact were the people of Viz
ginia that, although that state owned three.
ffths OF all the stock In most of her railroads
she never claimed to have majority of the d.
rectors. Satisfied that business men interested
In the management of their oDn property would
resented that OF the state, she retained enough
power to give her some supervision OF the work.
but left the control In the hands of the private
stockholders. The interests of the state of
Maryland, Of the other stockholders and OF the
bondholders, as well as of the communities at
either end OF the canal, demand that the same
rule should be observed In the management of
the canal.
subject and point out the changes that have
taken place in the policy Of the state of Mary
land In regard TO the canal, and show the evil
tenn.