Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1888-01-20
Chesapeake and Ohio Canal.



The annual meeting of the stockholders OF
the Chesapeake and Ohio Canal Company
was held at the Executive Chamber on Thurs
day of last week. The only business trans
acted was the reception of the annual report
of the directors of the canal, which was read
by the retiring president, Colonel l.. Victor
Baughman. The report was adopted, and a
committee consisting of Treasurer Archer,
Col. Berret and j. A. l.. Mcclure, was ap-
pointed to distribute it. The stockholders at
their meeting January 2 had transacted all
the business before them, leaving only the re-
port to act on at to-day's adjourned session.
Col. Baughman's report was favorably COM
mented on by the large number of spectators
who were present and heard 1t read.
The meeting was called to order shortly
after IL O'Clock by Comptroller Turner, who
nominated Governor Jackson as the presid-
ing officer. Mr.. Stephen Gambrill was secre-
tary. Senators and Delegates from the coun-
ties through which the canal operates were
present by request.
The following stock was present: Stale of
Maryland, represented by the Board Of Public
Works, Governor Jackson and Comptroller
Turner present, Treasurer Archer absent,
10, O08 shares, and five shares Of private stock
represented by ]. A. l.. Mcclure and Col. ].
G. Berret. The next meeting of the stock
holders will be held the first Monday Of June.
After the stockholders meeting the canal
directors elected on the I'd instant met at the
canal office. Mr.. Stephen Gambrill, the new
president, and Mr.. j. A. l.. Mcclure, who
takes the place of Clinton P. Paine in the
dictatorship, qualified and entered upon their
duties Justice W. Ii. Gassaway, of Annapolis,
administered the oath Messrs Hamill, Hum
bird, Berret and Dobbin were reelected The
board unanimously elected ex-Drecor Spen-
Ger Watkins, of Montgomery county, secre-
tary and treasurer of the canal, and after
disposing of routine work an adjournment
was .aken subject to the call of the president.
Col. Baughman, after making the transfer of
the office to the new president, took leave of
the canal officials.
ANNUAL REPORT.
In retiring from the presidency of this COM
pany il may not be amiss, especially as the
final crisis in the history of the canal has now
been reached, to advert briefly to the pledges
made at the beginning of the present admin
isiration and TO point out the exact ful6lment
of them Burthened with debt which had
been steadily growing, possessed of no avail
able assets except the remaining unsold repair
bonds of '7S, which then were quoted at such
deprecated market value as practically to
render sale of them impossible for the pur-
pose of raising means to make repairs, the
business Of the canal fallen off its en-
ployes unpaid for their labor and its credit
utterly destroyed, we were confronted with
difficulties at the very outset which demanded
not merely asSiduous and ceaseless labor but
the slrictest application of business principles
and the most rigid economy in the manage
ment of every detail. Impressed with the
belief that the proper administration of its
affairs demanded total divorce of its man
agement from all political entanglements, we
distinctly asserted in our letter Of acceptance
three years ago that the canal should during
our term be conducted solely on business
principles
ECONOMY OF MANAGEMENT.
With that end in view, useless offices were
abolished, the number of employees decreased,
expenses were curtailed, n close personal SUI
pervision was given to every branch and de-
partment, and M effort was left unused 10
secure an increase of tonnage and 10 stimulate
the development Of trade. As consequence
there is not to-day, and there has not been
during our term, a single supernumerary or
or extra hand in the service Of the company
there has not been, and there is not now, a
single instance where saving could have
been effected in any way consistent with
maintaining the efficiency OF the works that
has been overlooked, and every available ton
of freight which the capacity of the boats was
equal to was secured for transportation
Politics and political matters were kept stu
diously out of the business and the manage
ment of the canal and we can say, without
the fear of a successful denial from any source
whatever, that the canal has not in any shape
or form been used in the interest of or against
any political party during our incumbeucy of
the Office of president. The evidence of this
is to be found in the fact that the repair
bonds alluded to as being unsold and as COM
manding in the market a merely nominal
value were, shortly after the Inauguration of
these reforms, readily sold al good prices, and
the proceeds were applied to the making of
needed repairs and towards liquidating the
outstanding Indebtedness previously contract
ed for that same purpose, but left unpaid prior
TO the advent of our administration or the
one hundred and seventy-odd thousand dol
lars of overdue debts outstanding for labor
ADD other items when we undertook the task
assigned us, one hundred and fifty-odd thou
sand dollars have been paid by us, besides
fully paying for all .he repairs rendered ueces-
sary du ing our administration by the many
and disastrous floods occurring within the
last three years.
REDUCED EXPENSES.
consideration of the causes which have |
led to the present fuancials status of the COM |
pany would probably serve no special good |
end al this juncture, but it certainly will not |
be regarded as either inopportune or as out
of place or indicate to suggest that surely
40 part of those causes can justify or honestly
De imputed to an administration which has
not only paid all of the debts incurred by
tself except for the past threa months, but |