William Dickey. DELAWARE AND RARITAN CANAL. MORRIS CANAL. (Financial year ending 29th February, 1860.) BOARD OF DIRECTORS AND OFFICERS, 1860–61. CC Class No. 3-(Continued). Henry R. Shotwell.. Class No 1-Expires 1861. Rahway, Wm. W. Marsh. Schooley's Mountain, N. J. | Fred. T. Frelinghuysen....Newark, N. J Class No. 4-Expires 1864 Mark Devine.... ....Philadelphia, Pa. Levi Dickson. Cornelius Stewart.....Changewater, Class No. 2-Expires in 1862. John Marsh.. J. B. Varnum. Wendham, N. J. Class No. 3-Expires 1863. William H. Talcott.....Jersey City, N. J. Isaac W. Scudder...... John H. Redfield.......New York, N. Y. William Wright................... ...Newark, " WILLIAM H. TALCOTT,Superintendent and Engineer.. LENGTH OF CANAL-Jersey City to Phillipsburg... 66 101 miles. The Morris Canal and Banking Company was chartered on the 31st December, 1824, with authority to construct a canal from the Delaware river to Newark, N. J. By an act passed on the 26th January, 1828, it was authorThe work of construction was comized to extend the canal to Jersey City. menced in July, 1825, and completed, between the Delaware and Newark, 90 miles, in August, 1831; and subsequently to Jersey City, 11 miles. The original dimensions of the canal were, width at top, 31, and at bottom, 20 feet; depth, 4 feet; locks, 75 by 9 feet-competent to pass boats of 25 tons burden. The centre of the summit level, near Stanhope, is 51 miles from tide-water at Newark, and 39 miles from the Delaware river, and is elevated above the former 914 feet, and above the latter 760 feet. To pass boats over this elevation, 23 inclined planes and 23 lift locks are employed, distributed as follows making a total ascent and descent of 1,674 feet. During the years 1840 and 1841, the lift locks were enlarged to 98 by 12 feet. Immediately after the locks were enlarged, the company failed, and its effects were placed in the hands of receivers, by whom the canal was leased for a small annual rent until the close of the season of 1844. In October of that year, the canal, its appendages, and the franchises of the company were sold to foreclose a mortgage, under a decree of the Court of Chancery. The pur411 chasers and their associates re-organized under the name of the "Morris Canal and Banking Company of 1844," and issued stock to the full amount ($1,000,000) authorized by the charter. On the 17th of April, 1845, $500,000 in 6 per cent bonds were issued. The new company commenced the improvement of the canal early the same year, and enlarged it from 32 to 40 feet at top, and from 20 to 25 feet at bottom. With these improvements it was opened for business in April, 1845, with a capacity to pass boats of about 65 tons. The cost of these works involved the company again in embarassment. To pay off its debts and provide means for further improvements, the Legislature, on the 9th February, 1849, passed an act authorizing the company to issue Preferred Stock, bearing 10 per cent. interest. This class of stock, at the present time, amounts to $1,175,000. The law under which the Preferred Stock was issued was accepted by the stockholders on the 18th May, 1849. In 1850 the Canal was opened with five feet water on all the levels, and in 1851, the section between Newark and Jersey City having been re-constructed, the entire line was opened in its enlarged capacity. SHARE CAPITAL-Authorized and paid in, $2,200,000, in 22,000 $100 shares, namely: Common, $4,000; Consolidation, $1,021,000; Preferred, $1,175,000. Upon the sale of the Canal in 1844, its cost to the purchasers was represented by 41,000 shares of stock, on which $25 per share was paid. In 1849 an act was passed authorising the consolidation of the stock into full paid shares of $100 each. At the date of the last annual report all the stock had been consolidated with the exception of 40 shares. By the same act the Company was authorized to issue 11,750 shares of 10 per cent. Preferred Stock-all of which has been issued. Dividends have been regularly paid on the Preferred Stock. In 1857 a dividend of 10 per cent. in mortgage bonds was paid on the Consolidated Stock: in 1858 14 per cent., and in 1859 4 per cent. in cash were paid. FUNDED DEBT-$495,250: classified as follows— 1st Mortgage, 6 per cent., bonds.. -$465,500 --dated 1st October, 1856, and payable, principal in 20 years, and interest semi-annually, 1st April and 1st October, at Company's office, Jersey City. Mortgage, 7 per cent., bonds INCOME ACCOUNT FOR THE YEAR ENDING 29TH FEBRUARY, 1860. -$250 Dr. 11,886 5,305 11,128 GENERAL STATEMENT FOR THE YEAR ENDING 29TH FEBRUARY, 1860. Cost of canal and appurtenances. Cash.. Bills receivable. Individual accounts. Materials. Seven per cent." 250 Total.. $2,805,689 Total.. $2,805,689 PROFIT AND LOSS ACCOUNT, 29TH FEBRUARY, 1860. 89,879 284,506 1848.. 204,682 65,531 46,043 100,418 60,035 239,682 109,173 63,239 45,934 $8,034 10 281,707 116,297 52,012 358,797 143,690 59,961 83,729 59,159 10 96,850 66,390 10 15 yrs. 29,798,624 1,515 2,942,086 5,498,058 2,584,965 1,276,069 Aver. 1,981,575 101 196,139 366,537 172,331 85,071 87,260 46,376 61 The dividends as above given are those paid on the Preferred Stock. In addition to these, four dividends have been paid on the Consolidated Stock, viz.: one of 10 per cent. in bonds in 1857; one of 1 per cent. in 1858, and two of 2 per cent. each in 1859. STATE OF PENNSYLVANIA. MAUCH CHUNK AND SUMMIT HILL. MILL CREEK AND MINE HILL. MINE HILL AND SCHUYLKILL HAVEN. MOUNT CARBON AND PORT CARBON. NEW CASTLE AND DARLINGTON. NEW YORK AND ERIE. NORTH PENNSYLVANIA. OHIO AND PENNSYLVANIA. PENNSYLVANIA COAL. PHILA. AND BALTIMORE CENTRAL. PHILA., GERMANTOWN & NORRISTOWN. PHILADELPHIA AND SUNBURY. PHILADELPHIA AND TRENTON. PHILA., WILMINGTON & BALTIMORE. PITTSBURG, FT. WAYNE AND CHICAGO. PITTSBURG AND STEUBENVILLE. The railroads first opened in the State of Pennsylvania were constructed for the purpose of connecting the Eastern or Anthracite Coal Fields with several lines of canals designed to serve as their outlets. It was found impossible to extend the canals to the mines, and hence the necessity for some means of land transportation more expeditious and economical than the ordinary earth roads. The railroad first constructed in the State, and the second in the United States, was the Mauch Chunk and Summit Hill, from a place of the same name on the Lehigh Canal to the coal mines of the Lehigh Company. It was brought into use in 1827. It was originally laid with a flat bar, 2× inches. The loaded cars descended by their own gravity, and were drawn back by mules. The road belongs to the Lehigh Coal and Navigation Company, and no statement of its cost or earnings is made distinct from the other works of the company. The second railroad constructed was the Carbondale and Honesdale, extending from the Delaware and Hudson Canal to the Northern or Lackawanna Coal Fields. It was opened in 1829. It was 164 miles long, and laid with an ordinary flat rail. It is a gravity road, made up of short and long planes the cars being drawn up the former by stationary engines, and descending the latter by their own gravity. It has been entirely re-constructed, and extended 10 miles. The road belongs to the Delaware and Hudson Canal Company of New York. No separate statement of its earnings is given in the reports of that company. The Mill Creek and Mine Hill Railroad, extending from Palo Alto on the Schuylkill Canal to the Coal Mines, 4 miles, was also opened in 1829. The road was worked by horse-power for many years. Several branches have been constructed, making an aggregate length of line at the present time of 12.52 miles. No statement of its affairs prior to 1848 could be obtained. Since that time it has been a productive work, paying dividends at the rate of 10 per cent. annually. In 1830, 12.73 miles were opened: the Schuylkill Valley, from Port Carbon to Tuscarora, 9.23 miles; and the Union Canal Company's Road at Pine Grove, 3 miles. To the former several branches have been added making the aggregate length of line 24.45 miles. No statement of its affairs prior to 1848 could be obtained. Since that time the road has paid dividends at the rate of 6 per cent. annually. In 1831, 20.50 miles were opened: the Mine Hill and Schuylkill Haven, 13 miles, and the Mount Carbon, 7 miles. The main line of the former has been extended 11 miles, and it has 47 miles of branch roads. The road has been a successful work, having paid dividends averaging 11 per cent. annually. The Mount Carbon has also been a successful work, having paid dividends at the rate of 63 per cent. annually. In 1833, 48.7 miles were opened: the Philadelphia and Trenton, 28.2 miles; the Room Run, 5 miles; and the Lykens Valley, 15 miles. In 1836, a contract was made with the Camden and Amboy Company, whereby the share capitals of the two companies were to share in the same rate of dividend. In 1837 the latter purchased the greater portion of the shares of the former, and the two roads may now be considered as one line. The Room Run |