Evening star. [volume] (Washington, D.C.) 1854-1972, 1882-03-22
Chesapeake and Ohio Canal.

Atlupic.
Chesapeake and Ohio Canal.
SPECIAL MEETING OF ACKNOWLEDGEMENTS
OF PRESIDENT GoRMAN-REPoRr ON THE AFFAIRS
OF THE COMPANY, ETC.
Senator Arthur P German sent hts resignation
of the presidency of the Chesapeake and Ohio
canal to the stockholders meeting at Annapolis
yesterday. On motion Of Hon. Barnes Compton
the resignation laid over until the June meet
ing. special to the Baltimore Sun states that
Mr. C0mptOn's reasons for not Wishing immediate
acceptance OF the resignation are that the canal
mas not yet been opened to navigation the rates
for the coming season fixed. This LIST question is
much embarrassed by the existing strike. Besides
president, AMI which Mr. German had In charge
may be completed under his direction by June /,
and In the interest of the work now pending it
would not do to put in an untried man just now.
me resignation was accordingly laid over.
The name, mentioned for successor to Mr.. Cor
man are Nicholas Hill, purchasing agent of the
Baltimore and Ohio railroad; Col James G. Ber-
ret or Washington; eX-GOv. John Lee Carroll, of
Howard county; Senator William II. Bans, of
BALTIMORE Outer0ridge HOrSey, of Frederick. and
Daniel Field of Caroline county.
IN THE STOCKHOLDERS MEETING,
State Controller Heating and State Treasurer
Compton represented Maryland; Lloyd Lowndes,
the United States government, Washington, and
GeorgetOwn; John w. Burke, Alexandra, Va, and
private stock; J. Bayard II. Smith, A. Bowie Da-
Wis, james 6. Berret, private stock. Gov. Hamil-
ton was unable TO be present. President German
Children from diphtheria. Mr. German requested
Mr.. Berret, Who is a director, to preside over the
meeting and present the special report of the pres
ident and directors to the general meeting. This
report, signed by Nil. German, was referred to a
committee, consisting OF MeSSrS. LowndeS, Davis,
compton, and GWinn, to take such action as might
pc necessary to protect the interests Of the COM
pany.
THE ANNUAL REPORT.
The report calls attention to the u5elessness for
purposes Of navigation to that portion of the canal
hot Dna
city of Washington, and recommends that a COM
miuee be appointed to consider the advisabiity OF
selling this part OF the work. and applying the pro-
ceeds to sinking fund for the redemption of the
repair bonds issued under the act OF 1873. At the
annual meeting On June 8, 1891, the president and
directors were authorized to dispose OF repair bonds
issued under the act OF 1873 to an amount not ex-
ceedlng s2o0,O00 for the purpose or len2thening
the locks OF the canal or to use the current reve
nue., or both, for this object Material Was pur-
chased chase and otter arrangements made for the
ienthenng OF 20 locks by The 1st OF April but the
board found it mpossible to sell any considerable
amount OF the bonds at their face value, and this
VII tne reduced revenue OF the canal prevented
which will be completed by the LIST OF April
Though the direct benefit from this expendi-
ture cannot be realized until at least nineteen
more OF the locks have been iengthened the board
consider that the improvement VIII result in sub
stantial benefits, as has been found to be the case
IN other canals. Referring to the Governors re-
commentator to the legislature that the act OF
1873 be so amended as to prevent the issuing of the
work, 1t Is declared that, with such a recommends
alton, 1t will be impossible to dispose OF these
ponds hereafter at any fair price. To continue
the improvements commenced, the board must
depend upon the revenue OF the canal, unless
they shall be authorized to issue toll certitl-
eas 20 f, ps dhposed OF to the coal companies
under the act of 1874. With the latter arrange
ment the nineteen remaining locks could be
1888 and it is suggested that the subject he referred
to special committee TO confer with the holders
by hood OF 1877, ssas, $50 81. and the Whole nuissr
OF repair bonds OF 1873 sold and outstanding on the
ass OF Of 5anafTy % was ss Laying BAL
has the right to sell to replace the expenditures
for damages In addition to the bonds sold there
temporary loans. Abiding to the contract made
In March, 1877, with the Cumberland and Georges
Creek railroad company and the American and
completion of the railroad in the time limited was
OF the essence OF the contract, and that the road
not being finished in the time specified, the board
was OF opinion that 1t could grant no extern
sion without authority of the board OF public
works and the stockholders OF the canal, and that
they were bound as trustees to demand fun tolls
They proposed, however, to the coal companies
that they should pay only the amount acknowl-
s9d to De dGs leaving the balance for future
road and coal companies rejected, and have
brought suit in the circuit court OF Allegheny
their bill is submitted to the stockholders and it is
suggested that the matter be referred to special
cOinmltIee, 80 mat tne SUBJECT may be presented
in detail by the parties interested. The amount
PAID by the American and Maryland coal compa-
nieS during 1881 was at the rate OF 40 cents ton
and cents wharfage. These various suggestions
are made now to give the stockholders Oppor-
UNITY 10r their consideration before the annual
meeting.
THE LETTER OF Mr. dORMAN
to the stockholders resIgn1ng the presidency Of
the canal is as follows:
"Gent7emea:-By your partfality was elected
IN June, 1872, as the president OF your company,
honored me by reelection. At your annual meet
Ing m June last, Notwithstanding my statement to
you that did not desire a reelection, you by q
nearly unanimous vote continued me in the ONCE.
me peculiar circumstances which had preceded
that election, the unanimity OF the vote OF the
stockholders, together with the express desire of
the trustees and many holders OF the bonds OF 1874
that should continue as president, was peculiarly
gratifying. Not to have complied with your re-
quest SO made would have properly been consid-
cred want OF appreciation on my part of the very
distinguished honor you conferred upon me- Now,
for reasons which are known to many OF you, de.
sire to say that would be gratffed Ii the stock
holders elect another as president of the company
am prepared TO surrender the trust as soon as
you select my successor and he shall qualify, and
any way TO the end that his administration bring
renewed success to a work In which have and
"a F. GoRxAs.n
Mr.. Heating presided over the stockholders with
Benz. Fawcett secretary. It has been suggested
that Mr. German remain as q director in the board
In view OF his knowledge OF canal matters.
THE RAILROAD ADVISORY COMMISSION Yesterday
completed It's work in Baltimore, sitting at the
Board OF Trade rooms and hearing arguments Tor
differeLtial rates from the Board Of Trade and the
md fltzap Eyal