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

has paid over one hundred and fifty thousand
OF debts previously incurred, and has signally
reduced expenses to an aggregate lower than
at any period since the termination Of the
civil war. And it is to be noted that the
obligations incurred in the last three months
have not been paid because it became alb
solutely necessary TO apply the fund which
otherwise would have been used towards the
liquidation OF these obligations to paying the
January (l887) coupons on the repair bonds
In order that foreclosure might be avoided
By reference to our report OF last year it will
be observed that The reduction of expenses
the first year of our administration amounted
to $50, 600, the second year TO 1913 900, and
this year the expenses being about the same as
last year, making in the aggregate for the
three years $50, 900 as compared with the year
1884, the latter year being the lowest since
the war.
INSUFFICIENT RECEIPTS.
Now 1t will be observed that the gross re-
ceipts of the canal for the past year were
$I29. 2O6.82. OF this sum S5,275 was the
whole amount of revenue derived from the
transportation Of grain, and for lime, lime
stone and other miscellaneous tonnage we
received So, 2lO.07. The whole residue of the
receipts was from coal. The fixed charges,
being the interest on the repair bonds of rs
and rentals to and expenses of the Lock and
Dock Company, (not even considering the
interest on the bonds of 1874, amount to $45, :
900 per year J The ordinary operating ex-
penses, including salaries, are $l37 ,007. 04
per annum. 1t is thus self-evident that the
receipts are insufficient to meet these charges
and expenses, without reference to the extra
ordinary OUTLAWS rendered necessary by foods
and freshets Further reduction could only
be made by further scaling down of salaries,
but even that would not serve TO make the
receipts cover the charges and expenses.
There must be larger revenue or smaller
outlay. The latter does not seem to be at
tainable without impairing the efficiency of
the canal. 1t Is fer the General Assembly to
determine what ia best to DC done under these
circumstances. There does not seem TO be any
prpspeet o. an increase Of reeeiqts- frasn--ans
I source other than coal The general ton.
mage of the canal apart from coal, as already
indicated, is trifng-ipdeed wholly INSULT
cient 10 pay salaries. If those who profess
such interest in the work would strive 10 aug.
ment its business instead of INDUCING in gilt
tering resolutions and denunciatory speeches
they would be doing substantial benefit
Certainly the statistics as given do not furnish
any satisfactory evidence that that interest is
very marked or active. 1t is true that the
completion of the West Virginia Central and
Pittsburg Railroad to Cumberland will fur
nish additional tonnage to the canal. But
|
that road will deliver for transportation to
tidewater over the canal will not wholly over
come the deficiency mentioned. Thus it seems
| almost certain that from the ordinary sources
| of revenue, either with the prospective aug.
mentation from this new feeder, there will
continue to be an insuficiency in receipts.
PROTECTION OF STATES INTERESTS.
1t is not question of aid or assistance to
| the canal. The time has come when the
State must interpose 10 protect her own
| rights and secure the vast interests she has
locked up in this corporation. forced sale
OF the work at this time would most likely
result in great sacrifice of the millions in
vested in this great work. There are valu-
able franchises and real estate belonging TO
the canal which make it most valuable
property, the water rights of the George
town level alone being valued at many
thousands OF dollars If there is any assur-
ance given that the State will protect its in
| teresis, there is every possibility that the
bodybuilding on the canal will be revived,
| and thus additional means of transportation
| would be secured Each year witnesses the
decrease OF the boats, until to-day we cannot
number more than two hundred aud twenty
| for active service.
CONCLBDING OBSERVATIONS.
The total Of rents received by the COM
pany for the year just closed amounts TO sew
enteen thousand dollars, and in the three
years Of our administration TO $42, 800, being
more than double the amount received in any
like period in the history of the canal The
employees of the canal have been faithful and
untriug in the jealous discharge of their
responsible and often arduous duties, and
deserve the cordial thanks of the stock
holders therefor. The generous cooperation
Of the merchants along the line of the canal
has greatly facilitated the successful conduct
OF business, and they are entitled to and are
accorded the thanks of the board of directors
and the president. Whatever the ultimate
fate of the canal may be, il isa source of graf
ifcation for us to know that after three years,
marked by business depression, shrnkages in
values and unusual destruction to the canal
by floods, we are enabled to surrender this
waterway into the hands of our worthy sue
cessors in far better condition than we re-
ceived il. This is some reward for the labor
it has cost TO produce such a result ] take
leave of my co-laborers in this work with
profound regret, not at surrenderng the
office but by reason of parting from them in
our official relations. here record my high
appreciation of their cordial cooperation and
valuable assistance, and thank them all-di-
rec,ors, officers and employes-for the uni
form kindness and courtesy they have shown
me and the confidence they have unreserved-
ly reposed in me.