Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1881-06-10
CHESAPEAKE AND OHIO CANAL
Annual Meeting of Stockholders.

the OucSdpctkC anu OuiO AdIltl AOHipdul
was held in the executive chamber, Annap-
oils, at noon on Tuesday last There were
present Gov. w. Il. Hamilton, State Comp
troller Thos. ]. Heating and State Treasurer
Barnes Compton, composing the Board of
Public Works OF Maryland Hon. Lloyd
Lowndes, of Allegany county, representing
the United States; Thos. p. Morgan, for the
District of Columbia; John W. Burke, AL
exandria, Va; Gen. Bradley T johnson and
Jos. Bryan of Washington city, representing
the holders ofbonds issued in 1874; A. Bowie
Davis, Col. J. G. Berret, of Washington,
Bernard Carter Hon. Patrick Hamill, of Al
legany county and others of the private
stockholders.
Gov. Hamilton was called TO the chair,
and Mr.. Benjamin G. Fawcett, chosen Sec
rotary
President Arthur p German read the an
nual report of the president and directors
which shows as follows:
For the fiscal year ended December 31st,
1880, the earnings of the canal from tolls and
wharfage were $349,045 "A; total accrued
revenue, $372, 616 or; expenditures for OPP
Grating, &C, seer 277 II; showing net earn
ed revenue Of $145,33S 96 Actual net rev.
enue over all expenses, $85,531 90 Actual
receipts, with balance of $12,93 67 in treas
ury January /, 1880, $364,724 80. Balance
in hand January 1, 1881, $42,S31 38. Ac-
tual receipts in 1880, 1851 ,785 72. Liabili-
ties on account of indebtedness to repair
damages by flood of 1877 were, on January
l, 1880, $196, 432 AZ, and January |, 1881,
$161 ,697 Oh. OF this amount $4,000 were
repair bonds, issued under act Of 1878. OF
the cash on hand December 81, 1880, $16,-
500 of the amount in the Farmers and Mer-
chants National Bank of Baltimore has been
attached, and is therefore not available until
decision of the court is had. The case is
pending in the United States Circuit Court
for the District of Maryland. Mr.. j. p.
Ayers, we'll known accountant, has been
employed to close the old books Of the COM
pany and to open new set, which will be
kept by him. The report also refers to the
delay, trouble and loss caused by strikes OF
boatmen in the spring and summer of 1880,
and by ice in the winter OF the same year.
Notwithstanding those delays the actual
tonnage of the canal for the year was 615,-
423 tons, OF which amount 577,305 was de-
livered at Georgetown, and 3S,11S was de-
livered at various points. along the line of
canal The tolls and wharfage charged on
coal during the year were: Wharfage at
Cumberland, cent; tolls-Cumberland to
Georgetown--51 cents, total 55 cents; aver
DNt%e&tsNaa
Baltimore and Ohio railroad-Cumberland
to Locust Point-$2.09. The canal was
maintained in good condition during the
year, the telephone being of the greatest use.
by 1t we have secured not only great econo-
my, but more prompt dispatch OF bust
ness.
In regard to the matter of the crossing of
the Georges Greek and Cumberland rail
road, the questions involved are of such vi
tai Importance to your work, it is proper
that you should take notice and act thereon
at this meeting. In addition to this new
feeder, there is now being constructed rail
road from point on the Baltimore and
Ohio railroad between Piedmont and Bloom
ington, leading thence through the coal
measures up the north branch of the Poto-
mac to Elk Garden, where there is q large
deposit OF the Big Vein coal. AS the Goa
deposits extend along its entire length, We
expect late in the season to receive some
tonnage from 1t, while hereafter it must
largely increase your trade. II is the pur
pose OF the projectors of the road to extend
II through to the Chesapeake and Ohio rail
road. III this is done 1t will unquestionably
bring from that undeveloped region through
which it passes not only coal and lumber
but also iron ore, which, as we are informed
/
route OF the extension. With the Cumber
land and Pennsylvania road and these two
new roads in operation, and not subject t,
delays by the Baltimore and 9hio railroad
company there .c2a pe no doubt ofthe CRANE
success q your work If you will but PIT !
IN condition 10 meet the demands of trade
the one imperative demand being a decreas
IN the cost OF transportation. During tn
year 1881 to May III, the tonnage OF the ca
nal was ll3,7l707 tons, and the expenses Il
Georgetown 90 cents, as last year. The Bal
tlmore and Ohio have reduced their freigh
10 Sl.ol TO Locust Point The state of trad'
compels further reduction in the cost o
transportation from the Cumberland region
There will probably be eighteen more re
pair bonds presented for payment of tolls
during the current year.
The report was received and referred to ,
committee OF three for consideration.
Comptroller Heating read the report o
the committee on last years report, stating
that 1t was correct.
Hon. Lloyd Lowndes offered preamble
and resolution reciting the necessity o
lengthening certain canal locks for purpose:
oil interstate transportation, in accordance
with the recommendation in the annual lie
port, and allowing the president and direct
ors TO dispose OF repair bonds not to exceed
$so0O0O Tor that purpose. lie offered THU
resolution in behalf of the stock held by tn,
United States and the District of Columbia.
zen. Bradley /. johnson opposed thu
preamble ON behalf of preferred bondhold
ers, because IT affected their interest He of
Tered as a substitute that the Legislature
issue $o00pO0 OF mortgage bonds and retir'
the repair bonds now outstanding. He of
Tered TWO papers-the LIST representing $4S2,
ooo, issued under the act OF 1874, protesting
against the use OF the 1873 bonds for th'
| purpose proposed; 2nd, II accepted, agree
ing TO iund their bonds at per cent, sug
costing an election of President and Direc
tors selected by the bondholders and guar.
anieeing TO pay To the State OF Maryland an
nually $4,000 so long as the officers ar,
elected IN this manner
MI. Lowndes proposition was adopted by
ayote OF l4,541 shares without any oppo
sitlon'
On motion OF Mr.. A. Bowie Davis the
meeting went into the election Of officers
lie then nominated Hon. Arthur j. Cor
man Tor president.
Mr.. German said the stockholders had for
eight years honored him with the election
as president II was known 10 many OF
them that at this time he had no desire TO be
further connected with the company, and he