Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1890-06-13

cials of all the coal companies the situation
and asked them for assurances of business
for the canal at such rates of freightage ant
toll as would give living to the boatmer
and at the same time afford the canal sucl
revenue as would maintain it and leave
reasonable amount of net revenue. 1t has
been the earnest and persistent effort to OBJ
tain these assurances which has so long de-
layed this report. OF the large number OF
coal companies to which we applied but
four made any satisfactory response, and
the others ignored the request or refused to
give the assurances.
AN ESTIMATE OF REVENUE.
"'rhe four who responded with the re-
quired assurances promised the shipment
over the canal of 100000 tons of coal each
season for the period of four canal seasons.
This amount included through freight and
and local freight, and it was provided that
in the event of any interruption to naviga-
ton during the season the companies giving
the assurance reserved the privilege of re.
ducing their shipments in such proportion
as the term of interruption TO navigation
should bear to the season of canal ship.
ments.
"lhe companies could not specify how
much OF said amount of tonnage would be
through freight to Georgetown, how much
local along the canal or how much would
be shipped coastwise from Georgetown, IL
was therefore impossible to calculate eX.
actly what amount of revenue would accrue
to the canal from that amount of traffic at
the rate of tolls proposed to be paid, We
have, however, carefully calculated the rev.
enue arising from the assured tonnage based
upon the tolls proposed in the proportion of
shipments, local and through, of former
years, aud find it to be Sl343 $3.50
1--WE have added to that amount the rev
enue which may be reasonably expected
from all other sources and find that the tota
amount of revenue, including said tolls,
would be $1S9962 49,
1--WE have treated this AS an assurance of
Il settled revenue for period of four years,
and have not taken into consideration the
probability of the occurrence of damages to
the canal which would result in suspension
OF traffic, or any other adverse contingen-
cies or occurrences
Fhe estimated expenses of operating the
canal on carefully prepared basis, is Sl93,-
700 As
From the reports of the engineers it is cs-
that the repairs necessary to put
the canal in good condition would cost the |
sum of $26S,69S
The grave question which your receivers
have had To decide IS whether they would
be justified in view ofal the facts we have
already stated, in recommending the eX-
penditurc of So large a sum OF money MS
S26S,699 in this restoration. 1t would, in
deed, be assuming responsibility which, in |
the event OF failure to earn revenues, or in
the event OF another lreshct which might
destroy all the work rs soon AS completed,
would weigh heavily upon those who in
duced people to embark their funds in the |
enterprise The unavoidable conclusion has |
forced itself upon us that, with the revenues
We may reasonably expect The prospect of
paying anything to the holders OF the bonds |
of 1874, after paying the interest and prin
cpal upon the receivers certificates, which !
would have to be issued to raise the neces-
sary money for restoration, would be very
remote, indeed-too remote for any serious |
consideration" (Signed) Robert Bridges, |
r. d. johnson, Joseph d. Baker, Receivers |