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CHESAPEAKE AND DELAWARE BAY.

(Financial year ending 31st May, 1860.)

BOARD OF DIRECTORS AND OFFICERS, 1860. Algernon S. Roberts, Samuel W. Jones,

George Cadwalader, I. P. Hutchinson,

Francis R. Çope,

C. H. Fisher, Samuel Norris,

Francis Hopkinson, Joseph Swift, Samuel C. Morton,

Joseph Jones,

Tobias Wagner, J. Francis Fisher,

John Bohlen,

Andrew C. Gray. ANDREW C. Gray, President..

Newcastle, Del. H. V. LESLEY, Treasurer...

.Philadelphia, Pa. PRINCIPAL OFFICE

PHILADELPHIA, Pa. LENGTH OF Caxal-Delaware City to Back Creek.

...13.63 miles. The Chesapeake and Delaware Canal was one of the first works of the kind undertaken in the United States. The near approach of the two great in. dentations of the coast formed by the Chesapeake and Delaware Bays naturally suggested their connection, by artificial means, for commercial purposes, as well as for the maintenance of internal cominunication in time of

In 1808 a careful survey of the route was made to ascertain its feasibility for the proposed work, but nothing was done in the way of construction till 1821, when the route was finally located and the work commenced. It involved many difficulties and obstacles not anticipated, and its cost greatly exceeded the estimates, and it was not till the fall of 1829 that it was formally opened for business. For many years its revenues were small, and the finances of the company were in an embarrassed condition. It was not till some fifteen years after its opening that it earned the interest on its debts. Up to 1847 the amount overdue bad reached the sum of $796,592. At that time the revenues of the canal had so increased as to afford a prospect that, for the future, the earnings would discharge the accruing interest, and a proposition was made to the bondholders to convert the arrears into certificates due in twenty years, from 1st July, 1847, which was acceded to.

In 1853, a further loan, amounting to $195,900, was authorized and made for the construction of new locks. In 1856, the bonds of 1836, amounting to $1,593,185, became due, and for the purpose of funding these, and consolidating all the liabilities of the company into one class, the canal and property of the company were mortgaged as security for a new issue of bonds to the amount of $2,800,000, due in thirty years, from 1st July, 1856, and into which all the different classes of indebtedness have been converted, with the exception of $72,056. Since 1817 the accruing interest has been regularly met.

The canal commences in Delaware City, on the Delaware River, 42 miles below Philadelphia, and runs to Back Creek, a tributary of Elk River, which falls into the Chesapeake Bay, a distance of about 13} miles. It has three locks-one having a list of 16 feet on the Chesapeake side, and two on the Delaware side of 8 feet each. The locks are 220 feet by 24 feet, and pass vessels drawing 9 feet water. There is also a tide lock at either terminus. The deepest cut is about 86 feet. The canal is supplied with water by pumping engines. It has a depth of 10 feet and a widtti of 66 feet.

SHARE CAPITAL- Paid in $1,343,563, in $100 shares.

Funded Debt-$2,729,400: described as follows1st Mortgage, 6 per cent., coupon bonds.

.-$2,657,343 -dated 1st July, 1856, and payable in 30 years; interest payable 1st Jan. and 1st July, in Philadelphia. Loan of 1836 (due 1856).--

$50,068 Loan of 1847 (due 1857). ...

-$21,989 INCOME AccounT FOR THE YEAR ENDING 31st May, 1860. Receipts

DisbursementsBalance on hand May 31, 1859.... $15,298 | Ordinary expenses at the canal.. $27,693 Tolls received during the year ending

Water works--for fuel.......

4,501 May 31, 1860

216,256

for wages and repairs... 5,245 Bills receivable. 14,000 Incidental expenses.

11,142 Income from "temporary investment". 6,124 | Interest.

165,947 Income from sinking fund.. 6,752 | Bills receivable...

27,000 Income from money loaned out........ 493 In hands of Treasurer..

20,911 Rents and miscellaneous receipts. 3,517

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Total..

• $262,439

Total.

• $262,439

Cr. $1,343,563 2,657,313

50.068 21,989

General STATEMENT, 1st JUNE, 1860.
Dr.
Cost of canal.

$3,547,561 Capital stock.. Cost of old feeder..

110,925 | Mortgage loan. Temporary investments..

62,923 | Balance of funded debt of 1856. Sinking fnnd, viz:

Balance of funded debt of 1857 Stock of the Ches, and Del.

Canal Company: ...$100,000 Ches. & Del Canal Co. mtge loan in trust.

112,532- 212,532 Dividend fund.

74,380 Real estate on line of canal.

16,731 Bills receivable..

27,000 Balance

20,911

Total......
• $4,072,963 Total..

$4,072,963 A GENERAL STATEMENT OF THE CHIESAPEAKE AND DELAWARE CANAL Cox

Coal,

sq. ft.

-...**

PANY FROM ITS COMMENCEMENT. Yr, end's Tolle Total Pass

Lumber. Timber. Grain. Flour. Groceries, Dry G’ds, June 1. received. tonnage, ages. tons.

cubie ft. bushele. barrels. lbs.

Ibe. 1830.... $24,658 1831. 61,223

5,280
7,118,734

289, 173 101,462 1832. 63,073

5,633
6,057,907

316,173 47,685
1833
61,160

6,790
11,236,600

299,448 20,002
1834
54,092
5,438
8,593,800

223,037 13,262
1835
47,511

4.889
18,143,000

130,610 13,350 1836.. 35,572

2,467
9,142,600

60,432 2,976
1837
56.182

5,433 20,400 24,423,780 1,200,000 40,483 11,269 1838

67,495 131,760 6,568 20,627 9,180,000 1,066,000 467,957 20,704 1,412,200 1839. 67,518 120,260 6,034 21,293 13,921,300 928,340 415,763 15,100 1,093,900 1840. 54,113 112, 130 4,363 13,305 11,336,200 1,454,450 316,016 22,223 624,300 1841. 69,415 125,980 6,384 13,748 9,381,140 1,012,000 481,634 40,811 6,192,825 1,021,539 1842. 78,008 139,520

12,501 13,128, 260 1,226,460 462,578 53,930 10.904,427 2,861,347 1843

66,018 127,200 5,973 10,629 11,447,880 772.600 597.482 62,387 9,916,838 3,541,283 1844. 98,014 188,410 8,413 12,763 25,926,210 1,011,540 889,300 78,150 15,456,026 13,298,084 1845

97,559 195,040 8,778 17,625 21,586.400 1.125,000 957,915 62,491 16,578,368 15,568,715 1846. 101,208 291,380 9,684 17,506 25,097,300 570,600 1,536,214 84,000 19,587,027 20,036,630 1847.. 167,510 311,580 12,054 29,276 38,616.500 2,020,300 1,981,511 154,573 25.440,044 21,321,535 1648. 186,285 335,800 12,810 36,175 49,374,400 1,641,000 1,141,360 115,639 28,518,000 24,459,430 1819..-- 173 030 351,550 11,802 39,314 42,548,300 1,944,340 1,667,202 91,910 27,918,910 21,520,932 1850.... 198,364 361,640 12,912 53,693 44,795,300 2,145,000 1,826,476 113,883 32,102,555 23,644,551 1851....

215,889 389,440 13,582 60,016 46,454,000 2,331,400 1,831,000 133,760 36,450,925 22,342.426 1852.. 190,141 411,340 12,833 69,547 49,294,200 1,528,200 2,044,466 120,321 37,938,551 16,134,541 1853. 246,283 477,630 15,065 86,985 68,967,800 3,881,800 2,017,900 128,418 40,169,190 17.681,640 1854.. 246,695 534,080 14,897 122 892 56,548,100 3,413,760 2,112,647 110,159 99,129,824 15,243,290 1855 225,224 536,970 14.391 177,524 62,261,590 2,930,130 1,470.337 115,825 37,846,732 14,276,083 1856.. 225,483 568,680 13,554 160,832 64,534,230 4,013,630 1,759,944 155,985 37,578,946 13,107,642 1857 229,081 616,170 14,628 202,983 65,144,450 2,899,700 1,908,359 201,391 36,641,696 14,753,419 1858. 207,006 563,510 12,863 177,862 52,544,160 2,903,860 1,896,177 154,657 34,192,622 16,978.834 1859. 202,350 496,100 12,134 175,144 35,648,230 2,151,540 1,065,422 100,510 34,358,372 26,812,465 1880.... 216,256 6:23,150 12,710 193,404 58,832,882 3,142,530 1,645,589 147,630 43,071,816 31,302, 763

7,528

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VESSELS, ETC., Passed Turough AND TO PLACES ON THE Canal.
Year.

West. East.
Total. 1

West. East.
1854-5...... - 7,161 7.230 14,391 | 1857-8

..6,535 6,328
1855-6
.6,869 6,685 13,554 1858 9

·6,021 6,113
1856-7.
• 7,348 7,280 14,628 | 1859-60..

•6,411 6,299

Total 12,863 12,134 12,710

10.

ANALYSIS OF THE TRADE ON THE Canal.—Tolls, 1854–60.

1854. 1855 1856. 1857. 1858. 1859. Baltimore...

• $76,450 $76,070 $69.075 $76,457 $70,236 $75,250 Havre de Grace..

73,512 61,740 60,584 64,979 42,688 34,662
Port Deposit...

38,281 33,393 47,635 32,573 36,462 36,868
Norfolk, &c.
3,920 3,371 2,918 4.844 5,152

5,413
District of Columbia...

4,725 4,236 5,563 6,016 6,516 8,856 Canal Levels...

2,196 2,572 1,825 2,233 1.547 1,604 Cord Wood, 15,630 15,407 12,145 12,997 10,759 8,541 Oysters

11.958 7,326 3,318 5,849 13,371 11,442 Fresh Fish

2,256 3,402 2,845 3,023 2,344 2,374 Mdze, and Lime.. 15,637 15,501 17,383 17,922 15,145 15,244 Empty Vessel.... 2,131 2,206 2.162 2,187 2,756 2,096

1860.
$79,153
38,519
34,573
5,881
9,742
1,73
10,627
12,405

2,213
19,264
2,165

Bay.
Chese peake

$246,695 $225, 224 $225,482 $229,081 $207,006

$202,350 $216,256

10 years •

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RECEIPTS AND EXPENSES ANNUALLY-1810-1860.
Year.
Tolls. Expenses. Profit. | Year.

Tolls. Expenses. 'Profit.
1841.
$69,415 $31.743 $37,672 | 1851

• $215,889 $17,387 $178,402
1842
78,008 36,613 41,390 | 1652.

190,141 64.568 125,573
1813
66,018 31,087 34,931 | 1853.

246,293 63,412 162,871
1544
96,014 35,280 62.734 | 1854

246,695 56,319 190,376
1845
97,559 34.872 62.687 | 1855.

225,224 65,095 160,129
1846.
101,206 25,469 75,739 | 1656.

225 483 65,537 159,946
1647
167,510 35,544 131,966 | 1857.

229,091 52,125 166,956
1848.
186,285 42,820 143,465 | 1958

207,006 50,183 156,818
1819.
173,030 40,563 132,467 i 1859.

202,350 42,813 159,537
1850..
198,364 44,011 154,353 | 1860.

216,256 47,598 168,658
· $1,235,411 $358,007 $977,404 | 10 years •$2,204,408 $555,142 $1,619,266
Average 123,541 35,801 87,740 | Average 220,440 55,514 164,926

FINANCIAL STATEMENT FOR 10 YEARS—1851-60.
Share Bonds Bonds Bonds Other Cost of Tempo. Sinking Divid. Other Brlance.
Year. Capital of 1836. of 1847. of 1856. Liabil's. Canal. Invest's. Fund. Fund. Assots. Total.
8
8 $

$

8 1851. 1.162,038 1 593,185 796,592

9,632 3,464,200 8,500 6,837 81.830 3,561,447 1852. 1,272,185 1,593,195 796,592

205 3,557,459 4,500 6,837 64,130 3,662,946 1853. 1,272,963 1,593,185 796,592

205 3,536.690 22,527 6,837 96,901 3.662.946 1854. 1,272,963 1,593,185 796,592

20,205 3,609,232 28,527 6,637 38,250 3,682,916 1855. 1,272,963 1,593,185 796,592 195,900 63.705 3,832,476 37,527 6,837

45,505 3,922,346 1836. 1,272,963 235,437 102,766 2,461,632 4,000 3,864,199 96,326 6,637 34,246 65,560 4,077,168 1657. 1,307,163 108,833 43,599 2,613,317 7,000 3,687,279 96,326 212,532 34.246 67,579 4,097,963 1858. 1,307,163 81,806 33,273 2,650,721 3,683,555 96,326 212,532 34,246 46,303 4,072,963 1859. 1,307,163 71,295 32,100 2,662,402 3,674,000 99,476 212,532 37,827 49,129 4,072,963 1860. 1,343,563 50,063 21,989 2,657,343 3,658,486 62,923 212,532 74,380 64,612 4,072,963

The dividend fund” was created in 1856, in pursuance of the mortgage of that year, which required that $25,000 per annum should be used in the purchase of the company's bonds, if such amount of surplus revenue should be made, and that the bonds purchased should be cancelled and converted into stock at par, and be divided among the stockholders at some future time.

The “sinking fund” is simply the loans of the company, purchased for the use of the company, as occasion may require.

Dividend No. 1, 3 per cent., was declared 1st June, 1853. No further dividend has been paid.

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STATE OF MARYLAND.

- ANNAPOLIS AND ELKRIDGE.

BALTIMORE City PASSENGER.
BALTIMORE AND Ohio.

BALTIMORE AND PHILADELPHIA.
- BALTIMORE AND Port DEPOSIT.
BALTIMORE AND POTOMAC.
BaltimORE AND SUSQUEHANNA.
CUMBERLAND COAL AND Iron.
CUMBERLAND AND PENNSYLVANIA.
DELAWARE AND MARYLAND.

EASTERN SHORE.
GEORGE'S CREEK.
MARYLAND AND DELAWARE.
METROPOLITAN.
NEWCASTLE AND FRENCHTOWN.
NEWCASTLE AND WILMINGTON.
NORTHERN CENTRAL.
WASHINGTON BRANCH.

WESTERN MARYLAND.
WILMINGTON AND SUSQUEHANNA.

Maryland was one of the earliest among the States to engage in the construction of railroads. The Baltimore and Ohio Railroad Company was chartered in 1827, and the Baltimore and Susquehanna Railroad Company in 1828. Both these undertakings were largely aided by the State, and also by the city of Baltimore. The first was designed to connect this city with the Ohio River, and the latter to connect it with the public works of Pennsylvania and New York and the basin of the St. Lawrence. They were works of absolute necessity, and without them the port of Baltimore must have sunk into comparative insignificance.

The construction of the Baltimore and Ohio Railroad was commenced on the 4th July, 1828, and shortly after, the first section of the road extending from Baltimore to Ellicott's Mills, 14 miles, was put under contract. This section was completed in 1830.

In 1831 the first section of the Baltimore and Susquehanna Railroad, er. tending from Baltimore to the Relay House, a distance of 7 miles, was brought into use; and in the same year the Baltimore and Ohio Railroad was extended to Frederick City, 47 miles beyond Ellicott's Mills.

In 1832 the Baltimore and Ohio Railroad was extended to the Point of Rocks, 8 miles, and the Baltimore and Susquehanna Railroad to Timonium, 4 miles. The Westminster Branch of the latter, extending from the main line, 7 miles N. Baltimore, to Owings' Mills, 9 miles, was also completed.

No additional mileage was completed in 1833. In the following year the Baltimore and Ohio Railroad was extended to Harper's Ferry, 12 miles beyond the Point of Rocks.

In 1835 the Washington Branch of the Baltimore and Ohio Railroad, extending from the main line, 9 miles W. Baltimore, to the national capital, 30 miles was completed. The State supplied one-third, and the Baltimore and Ohio Comp:iny two-thirds of the capital invested in the work. This has been very productive, the earnings having paid for 20 years, an average dividend on the investment of 6 per cent., and for the last three years dividends equal to 9 per cent. per annum. It has also paid to the State since 1839, in transit duty on passengers, $1,096,000, or nearly $50,000 a year, being one-fifth of the gross receipts from passengers, as stipulated for in the charter granted to the company.

In 1836 the Maryland and Delaware Company of Maryland, and the Wilmington and Susquehanna of Delaware, were consolidated under the name of the latter.

In 1839 the whole length of the road from Wilmington, Del., to the Susquehanna River, about 35 miles, of which about 22 miles are in Maryland, was completed and opened for public use. In the same year the Baltimore and Port Deposit Railroad, extending from the terminus of the road last mentioned to Baltimore, was finished and in connection therewith, and with the Philadelphia, Wilmington and Baltimore Railroad of Pennsylvania, opened a continuous line from Philadelphia to Baltimore. In the following year the several companies owning these roads were consolidated into the present Philadelphia, Wilmington and Baltimore Company.-(See Pennsylvania.)

In 1838 that section of the Baltimore and Susquehanna Railroad, extending from Timonium to the State Line of Pennsylvania, 25 miles, was completed, and also the York and Maryland Line Railroad, chartered in Pennsylvania in 1832, but owned and constructed by the Baltimore and Susquehanna Company. The greater portion of the funds used in the construction of the Baltimore and Susquehanna Riilroad was furnished by the State of Maryland and city of Baltimore, by subscription to stock or by loans of their credits. Only $250,000, or about one-twentieth part of its liabilities, were contributed by individuals. No dividends were declared during the esistence of the company, nor interest paid on its loans from 1810. In 1854 the company was merged into the Northern Central Railroad Company.

In 1839 the Maryland section of the Franklin Rzuilroad, about 6 miles, was completed.

In 1840 the Annapolis and Elkridge Railroad, 22.51 miles, was completed. To this work the State subscribed $300,000 in bonds, of which $219,378 were issued. It has probably never earned more than its operating expenses.

In 1812 the Baltimore and Ohio Railroad was extended from Harper's Ferry to Cumberland, a distance of 97 miles. Towards the construction of this portion of the road the State made a subscription of $1,058,420, being one-fifth of the estimated cost of the line within its limits.

From 1842 to 1851 no additional roads were opened, except iņ the Cumberland mining district, in which the Cumberland and Pennsylvania Company constructed a road from Çunberkın to Frostburg, and the Maryland Mining

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