Evening star. [volume] (Washington, D.C.) 1854-1972, 1889-01-11

BRILL SHOWING THAT THOUGH rHE EARSfNos
LAST YEAR EXCEEDED THE ExPENDTrrREs
TRE OUTLOOK Is NOT ENooURAoINa
At the meeting of the stockholders Of the
Chesapeake and Ohio canal company at An
napohs yesterday no stakeholder was pres
ent except the state OF Maryland which Was
represented by the board Of public works. with
only two members-the controller and treasu-
rer.
The report Of President Cambria shows very
plainly the precarious lease on life the canal
has. IL has 100000 coupons overdue. and when
$4,000 was due the majority OF the bondholders
could foreclose ana sell the canal. It's strong
est rival. the Baltimore and Ohio railroad COM
pany. owns a majority of the bonds. and is able
at any moment to close in its hold on its com.
petitor. To meet the $4,000 the company has
about $1,000
Ia the statement OF receipts and expendi-
lures II l. shown that for the first time since
ISIS the earnings have exceeded the expenses;
that the balance IN the treasury January 1,
ISIS was s6.i51.69. and the receipts from all
sources during the wear were SIPS. los %,
counted for thus: Paid on account of debts for
1873. Sb.O6.i2; paid ON account Of debts for
1884 S9.1s5.42; paid on account OF debts for
1851. c24.Ssl.55: paid on account Of expenses
"A -
1880. balance on hand, S7.O7l.45
JUDGEMENTS AGAINST THE COMPANY.
The report continues: The inability OF the
canal for some years heretofore to paw its cur
rent expenses greatly affected its credit aud
consequently many suits were brought against
the company. In many cases but little consid-
Grafton WAS extended to it-iudgments were
freely rendered against ii upon slight aud I'M
certain evidence, and often at times when the
company had not the opportunity TO be heard
or time TO produce evidence. Consequently.
very many judgments. including large amounts
OF interests and costs had been obtained
against the company. These were a source Of
much embarrassment and annoyance. Attach
ments were frequentlv being ISSUED and COM
pany funds in bank and in the hands of shin
pers tied up. After great trouble and labor we
succeeded finally IN paying of all these debts
by applying TO their satisfaction monthly what
ever money could be spared for that Slrpose.
To so apportion and pay out money as received
so as 10 satisfy these claims and our employees
has been hard and yeNatious task
COAL TONNAGE AND RATES.
The number of tons of coal shipped during
the year was 2S6. Sl3 tons. an increase over 1887
of 9.l25 tons. The rate of tolls on coal from
Cumberland 20 Georgetown for the wear was
40 cents for tolls and 4 cents wharfage. on
which rebate of 10 cents per ton was allowed
on all cOastwise shipments
just reasons for believing that our tonnage
would be much larger. This, however did not
materlallze, because of the great scarcity Of
coastwise vessels at Georgetown. The ship
pers at both Georgetown and Baltimore, it
seems, did not make any contracts for vessels
for the season. The consequence was that
they went to Philadelphia. Newport News and
70 Norfolk. by our coal shippers not being
able TO get vessels, We were probably deprived
OF 100000 tons.
CONDITION OF THE CANAL.
We have maintained the canal in good con-
dition throughout its entire length during the
season. and will have only such repairs 10 make
this winter as could not be made during nayi-
CATION. the most of which, on division No 1 ID
rebuilding of wall and grouting bottom Of lock
No. ?. Georgetown; new machinery at lock No.
q; renewing floor and part of wall at lock No.
"a; repair of culvert. Whites Ferry: building
OF new trunk over creek below Edwards Ferry;
building of two new fumes; stopping leaks,
ana some cleaning out. On division No. 2. re-
pair several bridges; building three new waste
Wlers; repair several locks. and dredging basin
at Cumberland. These repairs can be made at
comparatively small cost. The material has
all been put at the various places and paid for
During the year there were SIS tons of coal
shipped. which WAS carried by isis boats,
making the average per boat ia tons-as high
an average as any previous year. which shows
the waterway to be in good condition.
THE OUTLOOK.
Notwithstanding the decreased revenue of
the company and. therefore, the decreased ex-
penditures on be.terments. the canal is in
comparatively good condition. and with equip
meut and boats sufficient TO transport from
Cumberland to Georgetown from five 10 six
hundred Thousand tons of coal per annum. but
the lower rates charged by competing lines Of
railroads, and the sharp competition ON the
soft coal trade. prevent the canal from receiv-
ing more than half the coal tonnage il is cspa-
BILE of moving. While We have made every eff
fort TO induce shippers TO use the canal. and
have fixed our tolls at the lowest possible rate,
II has not been in our power TO materially in
crease its tonnage.
With the low rates charged on other trans
portaton lines. it is impossible for the canal, in
Its present condition, TO successfully meet such
competition.
In 1873 the general assembly passed an act,
Chapter ." authorizing the issue of $500 600
of repair bonds which are first lien upon the
revenue and corpus of the canal. When the
present board took charge Of the affairs OF the
company all of these bonds except seven
$1,000 each-had been sold, and the proceeds
used to make extraordinary repairs and pay
the past and current expenses of the company.
The interest on said bonds has been paid ex-
cept the last four coupons, making the amount
OF interest overdue January 100000.
Up TO this time the holders have not taken
action. but as the majority of these bonds are
held by the Baltimore and Ohio railroad COM
pany, We do not anticipate that any action will
be taken in the near future.
In addition to this. there is floating debt Of
Ssl, 760.S7, which, with the collectible assets,
will reduce il about $4,000.
The inability of the canal company TO sue
cessfully compete with other lines of transport
tation, and Its impoverished financial eondi-
ton. were brought 10 the attention of the Lass
general assembly, and various propositions
were considered for its relief. That some
action must be taken at an early day does not
admit of doubt. OF the measures that were
pending before the last general assembly,
there was one looking 10 abandoning the canal
from Williamsport TO Cumberland and leasing
il to a railroad company. IL any such legis-
lation is to be had, ii ought TO include dispo-
sition of the entire canal from Cumberland to
Georgetown. These are matters of so great
concern 10 the state of Maryland, 10 the bond
holders of 1874 and 1873, and 10 the Judgment
creditors, that we will, at a future time, pre-
sent to the bondbolders special report upon
the subject"
The Indiana