Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-08-14
ny REQUEST.
TIE JAMES RIVER AND kANAWliA
COMPANY

~ 'ISpassionate view Of the subject. solicit. the
afternoon at Capitalists To- certain facts in relation
I" II. "i which they may not We had an "pp"r-
'un''y To he Informed, but which, IL correct tand
mat VIII be submitted II their randur) will tend
I" shew 'i'e probable value Of the stock OF that
Company.
One Thing, IL not uuknowp, is perhaps not dn
" appreciated or atl,ertcd tn by many; und that
~, that this STOCK will he yielding scn, annual
h'v'dend froIH the momcut the subscriptions are
Il led up.
Tbs is, perhaps. the only instance Of joint
stock Company of this ,o.vrpsi n receiving inte-
| est on their money from the mnInent rf their
Incorporation. Ii results from the circumstances,
that there is already communication, partly hy
| winter, and partly Ivy turnpike r"ad, from iide
w"tsr nj Nichmuud To the Ohio river, with tho
exception of The distance bct~ cen Crows Ferry
aud Coving on, where, at present, there IL only
| common road, very inpcrfectnaviSation, in
| times Of high water.
These improvements now yield given reve-
nue. which has been regularly increasing, al
though no new improvements have recently
been made on tho River; hut which has kept
pace with the increased products Of the country,
and may fairly bc expected tn increase, in the
! same rnfio and from the same cause, even should
nothing more he done; but which n,ust augment
| more certainly, and to a much great oxtent. as
new and moro perfect improvements shall stlord
greater facilities to trade and unite the different
| SECTIONS by "a continued line OF conimunca ion
throughput.
The Act Of 1884 incor porute,i the james River
Company with a Capital of 100000. or 500
| nhares Of $500 each. This was increased in 1870
ny 2uO shares more, making the whole Capital
Sl4U,UuO, OF this the State subscribed for 200
shares or $4,000, and has since acquired, by
purchase. grcnt propo rlon of the other shares.
by an Artpa>sed Feb. 1920. the State became
tue exclusive proprietor of all the tights of the
company, III order to enable her to make such
improvements, different from those which the
Company were bound to make, az the wants of
the Country imperiousIy called for. On this
compromise it wac agreed, that the old stockhoI
derS should receive, for given time, twelve per
cent per aunnin, payable half yearly, on their
',api'a', amounting to {; lG 500 aud should from,
md after this year. us well as recoIlect rec i've
10 per cent. forcver-S2l,0OO.
| ] believe ii would lie found, on calculation
that the old stockholders, including the State,
had been remnnerated the interests of :heir Ca
tai at per cent up 10 the year 1920, since which
| the old stock has drawn 10 per cent. The State.
It Is true, gave portion OF her urgna subscrp
lions to General Washington " ho IN ade a dona-
ZION thereof TO the College at Lexington hut, in
'his way. II Is no less State property, than the
residue at her subscriptions, aud the shares sub
sequeutly purchased, which did not cost her, ON
| an average, par value. Every share then which
she holds, at prime cost, shy of 5000 per share,
i'as received from the tolls paid aud to he paid
|
interest, aud will receive in future an Interest OF
| ID per cent. per anuum. making each share no W
worth in marker, at least SG0U*
| supp Sc the State to own, including the Col
lege stock, 500 shares, which am inclined to
| llIhk Is under the mark, here is clear gain OF
| S2OUO1O, besides tie surplus interest beyond 5
per cent. for the 10 or II years quail probably
! To SJOUOO more. She has also received the an
nuhl surplusses, hereafter noticed, which il " III
| Ne seen must lave been. On an average $50 600.
say for ~ years-say $500 GOO, making in all
80 io,oou against which you may set the Interest
par, an" u I've PAID on the loaDs made to cary
! on Tie works done siiice the COMPROMISE. These
observations are wide Of my present object; bu,
| could not resist The opportunity of saving
| aus 'hu' u IN order To remove the common pre-
IJui'ce iarIsing from total want Of atten ion TO
| these Palpuhle truths, proved by tho public re
Gods Il the State} aud that The j,mes River in
terest has swallowed up, aud Is swallowing I'D
every Thing. On The rouira,y it is almost the
Only public work that has made any return 10
Tue stockholders in the State. As To the monies
winch the State has expended in new works
since the compromise with the Company, she
WI, receive therefor million of stock in The
new Company, Oh which she will I've receiving 81
/ semi-annual dividend, as hereafter poiu,eJ on,
| aud which stock, ii there is any foundation for
| the statements am about to submit, will, soon
| be worth 10 the State az mucl, above par az the
| old stock now Is.
| hteI ihe compromise the Safe proceeded 10
| Improve the Old canal and make new one As
| far as Alaiden's Adventure. cou,prebepdino ,I,e
coal district, and TO make n canal throuph the
biue Ridge. Size also constructed a turouike
road from Dunlaps creek to Kanawba: and /,
extending, and bound to complete similar inn
ProVement TO The mouth Of Big Sandy, total
distance, say of 100 miles and as she has inn
royed tho Kanawha River by sluices go that
small steam, aud other boats trading i'm salt es-
| scend TO the Salt Works.
npPears. from the ID Auditors Rspoet to
the Legislature, made Oh the 4th of Fehru.rv
1881, that the Tolls on these works had increns
ed nonrIy 81 per cent. ia tie last Eve years-sud
hal, Tor the year 1880, paid into the Treasury n
| nett sum oil SS I41 over aud above all expenses
aud charges. including the dvdends 10 the old
StocRDoiders. have noe seen The Report of
| February, 1882, so TO see from it, wbat was
the amount ct surplus paid into the Treasury. for
the year 1881, bur, | have II document ca,aIIv
autbeatic, viz. a Certificate Of the I'd Auditor r.
publication Of The Act Incorporating the James
River ard kanawha Company, in an extra En-
quircr Of tie 9th Of April, 1882. iuformipp us.
that after paying all charges aud expenses as
above, the surplus profits in 1881, amounting To
Si273l
Hence IL would seem that tho surplus in 1So5
must have been about S26 406 - so per cent ON
which, for S years, say $l3.2lS, making saw $40 :
745, tho surplus in 1890 would shcw an increase
PR auuum, Of about S2649. The surplus though
in the year 1881, was 81 936 beyond thar Of
1880; so that think we may SAFELY Sc; down
the regular annual increase of surplus for &C.
rIrs Of years, arising from the gradual improve
me0t Of the country, and iudependen. cr any er
fccl to be produced Ivy the now improvements
hereafter TO be made. at $1,000.
ba i,L IL,