Publisher's Synopsis
Excerpt from Forty-Fifth Annual Report of the Board of Managers of the Monongahela Navigation Co; To the Stockholders, With Accompanying Documents: Presented January 8, 1885
It is under the provisions of this Act that the company are now declaring dividends of capital stock to the stockholders. It will be noticed that the new stock thus issued represents money actually expended in the improvement, and is not in any sense what is commonly known as watered stock, and the result of its issue is gradually to approximate the amount of capital stock to the cost of construction.
In the month of May, 1858, the works of the company withstood the test of the greatest freshet that had occurred for several years, all the locks being entirely submerged, without any apparently serious damage: but during the ensuing year it became evident that the foundation of the fifth dam was impaired, and though immediate measures were taken to save it, a part of the dam and the crib outside of the lock were swept away, re quiring an expenditure of about to repair the damage. Again in the winter of 1866 - 7 an immense ice gorge formed in the river, which, when the break-up came, swept over the dams with crushing force, doing so much injury as to swell the amount expended in repairs during the years 1867 and 1868 to nearly one hundred thousand dollars.
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