Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-08-14

"""oy, atter Tie hrSt payments directed by the
Act, viii ho heavy, as they ought to be, i'm order
"a hasten the wOrk-that they will be paid with
out defalcatiou-and that, instead Of quarterly
or nan yearly payments the whole Of each
years contributions i'll he called for, and paid
o" The first day Of rnch year. will. of course
no obliged To make such estimate as INV
bet Judgment will enable me, of the probable
and progressive Increase of trade, mich n spiri-
ted prosecution OF this work will orcnson i'm
addition I" that gradual increase above spoken
oi; anu, believe. my estimate will he sustained
hy tho opinions Of those best acquainted with
the subject. On this point, have beer forcibly
'mpresse: with a remark OF gentleman i'm
whose knowledge and judgment I have great
confidence. to wit: Z" But the fnct of this are,r
work being actually secured and commenced
VIII have the effect. during the worry first year. to
produce so Tar the increase of tolls, by attract.
ing the attention of the distant commercial md
agricultural public. to the superior cheapness
( and freedom from interruptions by ice oven of
| the present imperfect Route, and thus induce
| them To make an experiment which will tend TO
the unrvallcd facilities which will he afforded by
the coinrleton Uf the improvement"
| mo improvements on the River aud Roads
| made since the compromise with tho Company
including the extension Of the road to Big Sandy
"ro estimated by tho I'd Auditor us HAVING cos,
me State 81 349.7O9, independent Of tho old
improvements. All these-old aud ne W water
rents, aud every privilege and immunity, arc Ia
become vested in the new Company, are exy
smpt from all taxation on public bur,hens what
ever. and chargeable only with the dividends To
the old Stockholders. aud with annual repairs
-(sre sections 9 81. % and AZ of the Acts IF
incorpora,ion.) The Capital Of the Co mpany,
win privilege To incrase it. is $4,000, 600, Of
WIN Gu the State, ut once, takes 81 100000, in
'"yment for, and in consideration of transfer
ring To this Company. the whole rights of the
State rs aforesaid. The Act also provides, that
| WINE the works in an.Ia fia ,ha,
are completed, semi-annun dividends are to be
declared OF all surplus profits, after paying
d,Vhends to the cd Stockhoiers-providn
mat, when those profits shall exceed dividend
OF I'D per cont. they nre to be kept within that
UNIT ny reduction of tolls. These dividends
arc to be declared 90 each share i'm prupotiou To
ths amount actually paid thereon by the Stock
"o'uers and tho Comm wealth is To he regard
ed as having paid, Ivy The transfer of her rights,
me 'n!i amount above stated-(see sections SO
and 5I)
! Let us suppose then that the Stock is oil ia
ken one million by the State, aud four by indi-
viduas. aud that the latter have paid SIU on
each share according to tho requisitiou of the
Act (sectIons 3 and ~ making SlOU, 900. Say
Una, all ms has taken place early as the LIST
OF January. 1888, and the Company organized
81" mat ~ tho course Of that year, they may
take the best advice to the kind of improve
ment, ana nave II IN part located so as to be a.
hie TO make contracts and begin the work by
the frSt OF January, lS34-let us see what div
htend they will receive on their inouey I'M tn
Jan. ie34-The surplus for the year 1881 was,
Say $42 73O
10 tins add the regular iucroase
above cstimated, OF the rate of
/ Sho0o per annum, FOR two
years 5000
VIII give for 1888 = S4s 73O
tut there Is pow To he added to
the annual expFpces, $4,000,
in order 10 pay the old Stock
holders ID per cent. deduct 1900
Leaves S4i53O
to he divided, say on the lst of Jan. 1884 this
| VIII pay per cent on s. 100000, and leave
| $3.50 undivided.
The year 1888 will have been employed, and
portion Of the 100000 expended, in carry
ing the work on. as above stated, leaving us
| much IN ney however, as can probably be Judi.
| cIousiy expended in the year 1874 so that no
new call will oe made in tina, year But the
| above surplus will now he increased at the end
OF the year 1884. Ivy the balance undivided a.,
above, and Ivy another gradual increase OF tolls
OF $4,000 in all. say $50 900. This will give a
dividend, on the first Of January, 1925, of 81 per
cent. and leave 81 600, undivided.
Let US now suppose that SIS per share will
he called for aud paid OF the l2ti of January,
1879 This will amount TO 5000 00O and - in
make the whole payment 81 100000. The sun,
TO be divided, accoi ding to preceding data, at
the end OF this year, will he, say S54. 100, which,
VIII divide u per cent, and leave 81, 100 und-
| vjded. This brings us down 70 the Ist of Jan
nary, 1886 when one million will have been ex-
! pended, and the n;w improvements probably
extended, TO Scot sviile to which place there Is
turnpike road from Stanton. The trade will
have necessarily increased no only in the ord-
nary productions Of the count. Y, increased by
the wealth dispersed the line, bu, i'm those
which are too ponderOus and jlky, in propor :
| non TO their value in market, TO encounter
| the expences Of the present imperfect nayiga
| ton.
! ~ this time too, such experience will be bad
| III the work, aud such adv ances made i'm its Icca
ton, that twice as much money NAV be iudi
ciOu>ly expended. We will therefore supuose
that 325 per shnrs-Sl 900 900 shall he de-
| manded aud paid on the LIST of January, 1896
The sum to he divided the end of this wear
even according TO the preceding estimate, allow.
] ing nothing for Increase in cOu euuencs of new
Improvements, would be SCI ,2lO | must there.
fore be safe in setting down tho surplus nj tho
end Of the year 1886, during which year. nv
the way. million will have been expept.
ed) at $4,000 TO lie divided which will give n
dividend oi2 per cent. on $1,000 600 and leave
1880 Undivided. Two ,uons will now have
been expended ID cb ii Is presumed will carry
| tho work, whether Is canal or railroad. ~
| Lynchburg
| | see, from Report of the Board of Putl:c
! Works ct the 2lst December, 1890, that the es,i
mate of the public Engineer for this work. SIM
] posing It 10 be n continued canal, was ST $40 OOC
| But when The worb goes Ills far, the Comma
ny will have right to levy tolls from that Io,yu
ana 10 IKE manner, as they excessively advance