Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-09-18
DOMESTIC.
INTERNAL IMpROvEMENT

INTERNAL IMPROVEMENT.
We seize the first open enjoy, readers
the following interesting Expose interesting
provemon,s which uppean Virginia. earnest
y invite readers at,envey ponder WE'LL and to
act its Let them the Pre-
sden Eection Notification and Choeraand hour
the petusa of A. d. it's from the pen agcnteman writes
from ga full mnd Lord says; experience in
the subject which he dscusse and WHO'S much any
GFrom the Political Aronu.l
THE JAMES RIVER AND KANAWHA COMPANY.
warm friend the improvements contemplated by the
Act Incorporating the Company above named, but who
thinks he take pretty dspasSonate view OF tbs
ec solicts The attention of Capitalists certain
relation TO 1t, OF which they not have had oppou
nifty TO be informed, but which, if correct (and that will
be submitted to their cando) will shew the proba
BILE value of the stock of that Company.
One thing if not unknown is perhaps not duly appre-
ated or advered TO by many; and that is that this stock
will be yielding semi. annual dividend from the
the subscriptions filled up.
This is perhaps, the only instance of joint
pany OF this description receiving interest their money
from the OF their incorporation II results from
the circumstance, that there is already communication,
partly by water and partly by turnpike road from tide
ter at Richmond TO the Ohio river, with the exception Of
the distance between Crows Ferry and Covingon where
at present there is only road, or very imperfect
navigation, in times Of high
These improvements yield given revenue which
has been regularly increasing although improve
ments have recently been made tile River; hut which
has kept pace with the increased products the country
and may fairly he expected TO increase in the ratio
and from the same cause, should nothing be
done but which must augment certainly and 10
much greater extent, as and perfect improve
ments shall afford greater facilities trade, and unite the
different sections by continued line of communication
throughout.
The Act of 1884 Incorporated the James River Co,npa
ny with Capital of 800 900 500 shares of 5000 each
This increased in 1890 by 200 shares more making
the whole Capital l40OOO of this the State subscribed
200 shares 600 and has since acquired by purchase
great proportion of the other shares
BY Act passed Feb. 1920 the State became the ex-
elusive proprietor of all the rights OF the Company in or
der TO enable her TO make such improvements different
from those which the Company bound TO make as
the wants OF the country mperiousy called for On this
compromise it was agreed that the old stockholders should
receive, for given time, twelve per cent per annum
payable half yearly their capital, amounting to $I6-
$780, and should from and after this year. well re-
collect receive l5per cent iorever-$2l 600
believe it would be found, calculation, that the old
stockholders including the State, bad been
the interest of their capital at per up the year
1920 since which the old stock has drawn u per
The State Is true gave portion OF her original sub
scrpions TO General Washington, who made donation
thereof TO the College at LeXingon but in this way, it is
no less State property, than the residue of her sbscrp
ton, and the shares subsequently purchased which did
not cost her, ON average par value Every share them
which she holds at prime cost say of s20O per share
has received from the tolls paid and be paid TO all time
by the James River people, all back interest and will re-
ceive in future interest OF ID per per annuin
making each share worth in market, least $780,
Suppose the State TO own, including the College stock
800 shares, which | am inclined think under the
mark here is clear gain OF $500 0O0 besides the
plus interest beyond fo tho or ~ wears.
equal probably to $4,000 more. She has also received
the annual SURPRISES hereafter noticed which will be
must have been, average, $50 000 say for
years-say $780, 900, making in all S6IO0OO against
which you may set the interest paid and TO he paid the
loans made TO carry the since the compro.
mise. These observations wide my present object.
but could not resist the opportunity of saying thus much
in order TO the prejudice (arisine from
total want OF attention TO these papablc truths proved by
the public records of the Stae) that the James River in
erest has swallowed and swallowing up every thing
On the contrary it almost the only public work that
made return TO the stockholders i'm the STATE As To
the monies which the State has expended in new works
since the compromise with the Company, she will receive
therefor million of stock in the new Company on
which she will be receiving semi annual dividend as
hereafter pointed QUIT and which stock if there anv un-
daon for the statements about submit will soon he
worth to the State, as much above paras the old stock
&ler the compromise the State proceeded TO improve
the old canal aud make far NIalen's Ad-
venture, comprchendng the coal district, aud to make
canal through the Blue Ridge. She also constructed
tur pike road from Dunlap's creek Kanawa; and is
tending, and bound to complete similar improvement to
the mouth OF Big Sandy total distance, say of 100 miles;
and she has improved the Kanawha River by sluces so
that small steam and other boats trading in salt, ascend
/ the Salt Works.
1t appears from the 2I Auditors Report to tho Iegsa-
ture made the 1th OF February, 1881 that the Tolls on
these works had increased nearly 80 per cent in the last
five yearsand had, for the year $780, paid into the
Treasury nett of $30 745 and above all ex-
penscs and charges, including tie dividends the old
Stockholders. | have the Report Of February,
1882 as 10 see, from it, what the of surplus
paid into the Treasury for the year 1881, but have
document equally authentic, viz. certificate Of the 2d
Auditor to publication of The Act Incorporating The James
River and Kanawha Company in an extra Enquirer of the
9th OF April, 1892, informing that after paying all
charges and expences above, the surplus profits 1881
amounted TO $l2,731
Hence il would seem that the surplus in 1925, must
have been about S26 1850 per which, for ,
years say $i3,2lS making say $397l5, the surplus in
1880 would shew increase per Of about 326i0
The surplus though in the year 1881 $2996 beyond
that Of $780, that think may safely down the
regular annual increase of surplus, for series Of years
arising from the gradual improvement Of The country and
independent Of any effect TO be produced by The inn
provemens hereafter 10 be made al S. 600
The annual eXpcnccs in keeping the present works 10
repair deduct very considerably from the gross
tOs these, together with tho dividends 20 the old Stock
holders, first 10 be paid Of these cxpences those OF
the James River 10 keep open the present suicc nayga
ton, form much the greatest part.
From the Report OF the % Auditor, above referred
appears that the gross amount of tolls received from the
James River, including the Blue Ridge Canal, for the
year 1880, S65 1896, and tet the expences on thai
portion Of the improvement, exclusive Of dividends the
old Stockholders, SI537s The gross Tolls from the
kanawha Road and River $685. and the oxpcnces
SZS26. These heavy expenses, however, The River
will gradually diminish and finally cease entirely,
works subsiiute7Ie Old and the annual surplus will con-
n scquenty be increased hy the amount Of This saving
From these data, in conjunction with the provisions %
the act Of Incorporation will endcavor TO make some est
mate Of the dividends which the Stockholders Of the Jane
River and Kanawha Company will prObahly receive dur
ing the progress Of the work. will reject all fractions
and TO make other calculations plain, will suppose
the dividends 10 be made annually instead OF semi-annual
lythat the calls for money after the first payments d
rectcd by the Act will be heavy, they ought 10 be-
order TO hasten the work-tIa they will be paid witbou
defacation-and that instead Of quarterly or half ycar
payments, the whole Of each years contributions VIII b
called for, and paid the first day Of each year.
will, Of course, be obliged TO make such estimate a
my best Judgment will enable me, Of the prohabl
and progressive increase OF trade, which a epdte
r. a.! utU