In the Circuit Court at Hagerstown last Friday the trustees of the Chesapeake & Ohio Canal bond-holders of 1844, Bradley S. Johnson, Joseph Bryan, Henry H. Keedy, Hugh L. Bond, Jr., and John K. Cowen, filed their bond in penalty of $600,000, with Miss Mary E. Garrett and John B. McDonald as sureties. They paid into court in cash $10,000 for costs, and produced $302,000 of the bonds of 1878 and $247,500 in legal tender currency to pay for the rest of the bonds in 1878. The trustees having thus compiled with the decree of the court, the clerk issued his certificate to them to that effect, which, under the decree, entitles them to possession of the canal property.
Judge Alvey then signed an order declaring that the trustees had filed their bonds in the penalty of $600,000, which was approved by the court, and had produced a certified copy of the auxilliary decree of the Supreme Court of the District of Columbia, promising that the trustees should take possession of the District portion of the canal, and had complied with all the requirements of the decree of October 2, 1890. He therefore ordered Robert Bridges, Richard D. Johnson and Joseph D. Baker forth-with to deliver possession of the canal and all its property held by them as receivers to the trustees of the bonds of 1844.
Last Monday the trustees turned $over 200,000 to a bank in Baltimore, which will be used to apy off the 1878 bonds in full with accrued interest. The trustees have appointed Mr. Bradley S. Johnson to have charge of the Hagerstown office; Mr. H. C. Winship, of Georgetown, to be general superintendent, and Mayor H. D. Whitcomb, of Richmond, Va., to be chief engineer. The canal will be repaired along its whole length by May 1st. The division from Cumberland to Williamsport will first receive attention, and it is hoped to have it in operation at an early day.
The Baltimore & Ohio Railroad has furnished the money necessary for operation, will repair the canal and will operate it when repaired. This arrangement insures the success of the undertaking. The Baltimore & Ohio has the power to furnish the freight to repay the large sum that will be expended for repairs; to pay off the bonds of 1878, and to pay interest on the bonds of 1844. It will be obliged to do this, because if after a trail the work does not earn net revenue towards paying its debts, the court will order it to be sold, and it will cost the Baltimore & Ohio much more to purchase the property at a public sale than to operate it so as to pay its debts.
The trade on the canal will gain from year to year. It will be used by the B. & O. as a double-tracked coal carrier and relieve its tracks from wear and tear and leave them open for general traffic. The prospects of the canal have never been as bright as at present, nor has its future prosperity been so well assured.
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