Chesapeake and Delaware Canal Company Stock Certificate - 1850
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Uncancelled stock certificate from the Chesapeake and Delaware Canal Company issued in 1850. This historic document was has an ornate border around it with the company's name on top. This item has the signatures of the Company's President, Caleb Newbold, Jr. and Treasurer, and is over 160 years old. This is the earliest stock certificate we have seen from this company. The Chesapeake and Delaware Canal (C&D Canal) is a 14-mile (23-km) long, 450-foot (137-m) wide and 40-foot (11-m) deep ship canal that cuts across the states of Maryland and Delaware, in the United States. It connects the waters of the Delaware River with those of the Chesapeake Bay (the emptying point of the Susquehanna River) and the Port of Baltimore. The C&D Canal is owned and operated by the U.S. Army Corps of Engineers, Philadelphia District. The project office in Chesapeake City, Maryland, is also the site of the C&D Canal Museum and Bethel Bridge Lighthouse. In 1802, following actions by the legislatures of Maryland, Delaware and Pennsylvania, the Chesapeake and Delaware Canal Company was incorporated. More surveys followed, and in 1804 construction of the canal began including 14 locks to connect the Christina River in Delaware with the Elk River at Welch Point, Md. But the project was halted two years later for lack of funds. The canal company was reorganized in 1822, and new surveys determined that more than $2 million in capital was needed to resume construction. Eventually the Commonwealth of Pennsylvania purchased $100,000 in stock, the State of Maryland $50,000 and Delaware $25,000. The federal government's investment was $450,000 with the remainder subscribed by the public. The U.S. Army Corps of Engineers played a vital yet unofficial role for the canal company in 1823 and 1824, providing two senior commissioned officers to assist in determining a canal route. The engineer officers and two civilian engineers recommended a new route with four locks, extending from Newbold's Landing Harbor (now Delaware City, Del.), westward to the Back Creek branch of the Elk River in Maryland. Canal construction resumed in April 1824, and in several years some 2,600 men were digging and hauling dirt from the ditch. Laborers toiled with pick and shovel at the immense construction task, working for an average daily wage of 75 cents. The swampy marshlands along the canal's planned route proved a great impediment to progress as workers continuously battled slides along the soft slopes of the "ditch" being cut. It was 1829 before the C&D Canal Company could, at last, announce the waterway "open for business." The near $2.5 million construction cost made it one of the most expensive canal projects of its time. The Chesapeake Bay and Delaware River were now connected by a navigation channel measuring nearly 14 miles (23 km) long, 10 feet (3 m) deep, 66 feet (20 m) wide at the waterline and 36 feet (11 m) wide along the channel bottom. A covered wooden bridge at Summit, Delaware, spanned the canal across the "Deep Cut," measuring 250 feet (76 m) between abutments. The bridge floor was 90 feet (27 m) above the channel bottom. Three wooden swing bridges also crossed the canal. Locks to pass vessels through the waterway's various levels were constructed at Delaware City, Delaware and St. Georges, Del., and two at Chesapeake City, Maryland. Each measured 100 feet (30 m) long and 22 feet (6.7 m) wide and was eventually enlarged to 220 feet (67 m) in length and 24 feet (7.3 m) in width. Teams of mules and horses towed freight and passenger barges, schooners and sloops through the canal. Cargoes included practically every useful item of daily life: lumber, grain, farm products, fish, cotton, coal, iron, and whiskey. Packet lines were eventually established to move freight through the waterway. One such enterprise -- the Ericsson Line -- operated between Baltimore and Philadelphia, and continued to carry passengers and freight through the canal into the 1940s. The cargo tonnage peaked in 1872 with more than 1.3 million tons transiting the canal. The Ericsson Line of steamboats originated as steamers built for freight only, however, the line converted to passenger boats during the time of the Centennial Exposition in Philadelphia, as the demand for travel increased through the picturesque landscape of the canal. The Baltimore and Philadelphia Steamship Company, which operated the Ericsson line, built and furnished ships with seventy to eighty staterooms in addition to the freight facilities. In turn, these ships grew from less than one hundred to more than six hundred tons and greatly increased travel from Baltimore to Philadelphia. The Ericsson Line was named after its first ship, Ericsson, which was named after John Ericsson who developed the screw propeller that was installed on the vessel specifically designed for the Chesapeake and Delaware Canal. Ericsson was built at Reanie & Neafie's shipyard in Philadelphia by Anthony Groves Jr. The ship was finished in 1843, was seventy-eight feet in length and weighed eighty tons. The ship began operations in 1844 under the direction of Captain Noah F. Ireland. The Ericsson Line operated out of Baltimore's No. 1 Light Street Pier for seventy five years, serving passenger and freight demands throughout the waterway with thirty registered steamers. The Ericsson Line's success brought utility and prosperity to the canal and acted as a magnificent impetus for the expansion of trade by means of its enlargement and successful vocation with the Atlantic Deeper Waterways Association of the Chesapeake and Delaware Canal. Loss of water in the locks was a problem from early on. As boats passed through at Chesapeake City, the equivalent of a full lock of water was lost to the lower-lying portion of the canal. This loss due to locking vessels through the canal, compounded by leakage through the canal banks and normal evaporation, made it necessary to devise a means of lifting water into the project's upper part. A steam operated pump was purchased in 1837 to raise water from Back Creek and in 1852 a steam engine and large waterwheel were installed at the pumphouse in Chesapeake City. Measuring 39 feet (12 m) in diameter and 10 feet (3 m) wide, the iron and wood waterwheel had 12 troughs which filled with water as it turned; the water then spilled over the hub into the raceway and into the uppermost canal level. By 1854 a second steam engine was in use. The two 150 horsepower (112 kW) engines consumed eight tons of coal daily while lifting 170 tons of water per minute into the canal. The waterwheel and steam engines remained in continuous use through the mid-1920s. Throughout the 19th century the canal's use continued to change with the New Castle and Frenchtown Turnpike and Rail Road being its only major competitor. Steam power brought larger and deeper-draft vessels that could not pass through the restricting locks. By the turn of the 20th century the decline in canal traffic and great cost of operation and repairs brought a downward trend in canal profits. Clearly a larger, wider and deeper waterway was needed. At the time, however, little thought was given to improving the existing canal. New companies were formed instead, with at least six options to consider for a new canal route. Various committees and commissions appointed to study the issue failed to agree on a plan. President Theodore Roosevelt then appointed a commission in 1906 to report on the feasibility of converting the canal to a "free and open waterway." Responsibility for operating, maintaining and improving the waterway was assigned to the United States Army Corps of Engineers, Wilmington (Del.) District. By 1927 the eastern entrance at Delaware City had been relocated several miles south at Reedy Point, Del. All locks (except the one at Delaware City) were removed and the waterway was converted to a sea-level operation at 12 feet (3.7 m) deep and 90 feet (27 m) wide. These improvements cost $10 million. Two stone jetties at the new eastern entrance were completed in 1926. The "new" canal opened in May 1927 with great celebration, yet plans already were underway for further expansion as the sizes of ships and amounts of cargo continued to increase. The Philadelphia District took over operation of the canal in 1933. Between 1935 and 1938 the channel was again improved -- deepened to 27 feet (8.2 m) and widened to 250 feet (76 m) at a cost of nearly $13 million. The project was also expanded to include a federal navigation channel 27 feet (8.2 m) deep and 400 feet (122 m) wide for some 26 miles (42 km) in the Upper Chesapeake Bay, from the Elk River to Poole's Island. Through the years, as the sizes and tonnages of ships using the canal continued to grow, accidents and one-way traffic restrictions strained the canal's capacity. Between 1938 and 1950 alone, eight ships collided with bridges. In 1954 the United States Congress authorized further expansion of the channel to 450 feet (137 m) wide and 35 feet (11 m) deep. These improvements began in the 1960s and were completed in the mid-1970s. New bridges to accommodate highway traffic crossing the canal also became necessary as deepening and widening progressed. Two mechanical lift bridges at St. Georges and Chesapeake City, toppled by ship collisions, were replaced in the 1940s with high-level highway spans (the former, the St. Georges Bridge, has largely been bypassed by the new Chesapeake & Delaware Canal Bridge, opened in 1995). Two other high-level vehicular traffic bridges, Summit Bridge in 1960 and Reedy Point Bridge in 1968, were constructed as part of the 1954 improvement authorization. In 1966 a new railroad lift bridge was also completed by the Corps and turned over to the Pennsylvania Railroad to carry freight across the canal. The railroad and Summit spans were recognized by the American Institute of Steel Construction as the most beautiful bridges of their types in the years they were completed. Thus the Chesapeake and Delaware Canal approached 175 years of service as a vastly improved waterway, far different from its 19th century predecessor.  Modern day canal Today's canal is a modern sea-level, electronically controlled commercial waterway, carrying 40 percent of all ship traffic in and out of the Port of Baltimore. Since 1933 the Corps' Philadelphia District has managed canal and highway bridge operations from a two-story white frame building on the canal's southern bank at Chesapeake City, Md. Cargo ships of all sizes, tankers, container-carrying vessels (all up to Seawaymax-classification), barges accompanied by tugboats, and countless recreational boats create a steady flow of traffic. Through state-of-the-art fiber optic and microwave links, dispatchers use closed-circuit television and radio systems to monitor and safely move commercial traffic through the waterway. Navigating oceangoing vessels requires extensive maritime skills, with strong currents or bad weather conditions adding to the risks. A United States Coast Guard certified pilot is required for vessels engaged in foreign trade transiting the canal, the Delaware River and Bay, and Chesapeake Bay. Many shipping firms use pilots from the Delaware River and Bay or Maryland pilots' associations. Typically a Delaware River and Bay pilot boards a ship as it passes Lewes, Del., entering the Delaware Bay, and guides the vessel up the bay and into the canal to Chesapeake City. A Maryland pilot then takes over and continues the ship's transit into the Chesapeake Bay to Baltimore or Annapolis, Maryland The procedure is reversed for eastbound ships. At Chesapeake City a "changing of the pilots" takes place, while the pilot launch maneuvers alongside a vessel as it continues its journey without stopping. The pilots use the ship's gangway, Jacob's Ladder or port entrance to climb aboard or leave the vessel. The canal is significantly important to the ports of the Delaware River, Baltimore, and others along the northern Atlantic trade routes. Millions of tons of cargo are transported through it annually by container and other bulk-carrying and general cargo vessels. A Corps feasibility study to investigate improvements for the canal and the Baltimore connecting navigation channels of Tolchester, Brewerton Eastern Extension and Swan Point was completed in December 1996 with the signing of the Chief of Engineers' report. The study, co-sponsored by the Maryland Department of Transportation, investigated deepening of the channel to 40 feet (12 m) from its current 35 foot (11 m) depth (allowing Panamax-class vessels), plus additional navigation improvements and environmental initiatives. (NOTE: On January 22, 2001, the Philadelphia District announced that this study was being suspended based on recent downturns in Port of Baltimore container ship traffic.) Through the efforts of federal, state and local agencies, all aspects of canal improvements recommended at the conclusion of the study were analyzed for environmental, cultural, economic and engineering concerns. The Chief's report concluded the plan was sound from an engineering aspect, but certain economic and environmental concerns needed to be resolved before the design of a project could be initiated. These issues are being addressed as the project continues through the three-year Preconstruction Engineering and Design phase, which is being cost-shared with the Maryland Port Administration. Technical research, supplemented by extensive public involvement, will provide a strong foundation for decision making in any further improvements to this valuable resource. Such efforts reflect the U.S. Army Corps of Engineers' commitment to enabling the Chesapeake and Delaware Canal to continue its leading role in serving the nation's North Atlantic ports. The U.S. Army Corps of Engineers operates the C&D Canal Museum at Chesapeake City, Maryland, housed in the original canal pumphouse with a waterwheel and pumping engines. The museum illustrates the canal's history and operations. Current operations can be viewed through a television monitor which gives visitors up-to-the minute locations on ships as they travel through the canal. Admission is free and the museum is open Monday-Friday year round, except for government holidays. A full-sized replica of the 30-foot Bethel Bridge Lighthouse is located on on Corps property, a short walk from the museum. The original lighthouse was used to warn vessels of locks and bridges in the days before the 1927 canal changes made it sea level. History from Wikipedia and OldCompany.com (old stock certificate research service).