to operation in 1838, they were reduced another third, and up to the year 1843 they were not sufficient to cover the expenditures for repairs and current expenses.
The future had a gloomy prospect.
As the enterprise had the confidence of the business community, money for prosecuting the work had been procured with comparative ease.
The stock was divided into 800 shares, and among the original holders appear the names of Ebenezer and Dudley Hall, Oliver Wendell, John Adams, of Quincy, Peter Brooks, of Medford, and Andrew Craigie, of Cambridge.
The stock had steadily advanced from $25 per share in the fall of 1794 to $473 per share in 1803, the year after the canal was opened, and touching $500 in 1804.
Then a decline set in, a few dollars at a time, until 1816, when its market value was $300 per share, with few takers, although the canal was in successful operation; and in 1814 the obstructions in the Merrimac River had been remedied so that canal boats locking into the river at