Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-12-25


but could not resist the opportunity OF saying thus much
IN order 10 remove the common prejudice, (sng from
total want of aen ion these papable truths proved by
the public records Of the Stae) that the James River i'm
tercst has swallowed up, and is swallowing up every
thing On The contrary Il rs almost the only public
cof6 mat has made any return 10 the stockholders and
me State As TO the monies which the State has expend
cd IN new works since the compr mic with the Compa
NY she wil receive Their Tor one million of stock ia the
new Company, which She will be receiving semi
nual dividend as hereafter pointed OUT and which stock,
there any foundation for the statements am about TO
submit, will be wor 10 The State much above
par as the old : ock is.
After the compromise the State proceeded to improve
the old canal aud make far Maidens Adj
venture, comprehcning the coal district TO make
canal through the Blue Ridge. She also constructed
turnpike road from Dunlaps creek TO Kanawha; and is
extending, aud bound to complete similar improve
TO the mouth of Big Sandy total distance, say Of 100
miles; and she has improved the Kanawha River by
sluiccs that small other boats trading salt
ascend 10 the Salt Works
1t appears from the 81 Auditors Report to the Lccisla-
nre made on the 18th of February, 1881, that the tolls
these works had increased nearly 50 per in the
live yearSand had for the year 1880 paid into the Urea.
sury nett sum OF $397i and above all expenses
and charges, including the dividends the old Stockholm
ers have not the Report of February. 1892 so as
TO see, from it, what the surplus paid into
me treasury Tor the year 1884, but, have document
equally auenic, viz. certificate OF the I'd Auditor
publication OF the Act incorporating the James River and
k"nawha Company, in an extra Enquirer Of the 9Th of
APRIL 1882, informing that, after paying all charges and
$I2,73l.
Hence it would seem that the surplus in 1925 must
nave been about SIC, $3.50 per cent. which, for 5
years. say Sl3,24S makng say S397I5, the surplus in
1850 would shew an increase per annun, of about $40
Inc surplus though in the year 1881, 81 $50 beyond
that oflS30 so that think may safely set down the
regular annual increase OF surplus, for series Of years.
arising from the gradual OF the country and
independent OF any effect 10 be produced by the
provements hereafter TO he made, at $4,000.
Inc annual oNpences in keeping the present works in
repair deduct very considerably from the gross Of
tolls; these, together with the dividends the old Stock
holders, are frs, TO be paid; of these expcnces those on
the James River, keep open the present suice navga-
From the Report OF the 2d Auditor above referred to-
appears That the amount OF tolls received from the
James River including the Blue Ridge Canal for year
1850 was 65395, and that the expenccs that portion
OF the improvement, exclusive Of dividends the old
kanawha Road and River, $685. and the expenoes
$3.50 These heavy eXpences however, on the River,
WI, grauHaly diminish and finally cease entirely, as new
works substitute the old and the annual surplus will
sequenty be increased by the of this saving.
From these data in conjunction with the provisions of
me act OF Incorporation, will enieaYour 10 make
estimate OF the dividends which the stockholders OF the
James River and Kanawha Company will probably receive
during the progress of the work will reject all C,c
TONS and 10 make other calculations more plsr will sup
pose the dividends to be made annually instead of semi
the calls for money, after the frs, payments
directed by the act will be heavy, they ought TO be-
IN order 10 hasten the workhat they will be paid with
out dealcaonand that inStc adj of quarterly half year.
y payments the whole OF each years contributions will
be called for and paid oil the first day Of each year.
WILL OF course, be obliged 10 make such estimate my
best Judgment will enable me, of the probable and pro-
gressive Increase Of trade which spirited prosecution of
this work will occasion, in addition that gradual
above spoken off and believe, my estimate will be sus-
tanned 10y the opinions oil those best acquainted with the
subject On this point, have been forcbIy impressed
with remark of gentleman in whose knowledge and
judgment have great confidence to wit: But the fac,
OF this great work being actually secured and
will have the effect, during the very first year. produce
further increase of tolls by attracting the attention
of tie distant commercial and agricultural public TO the
superior chedPneSS and freedom from Interruptions bu
ICE even OF the present imperfect route and induce
them 10 make an experiment which will tend
non OF those advantages, as well OF the unvaed ia
cities which will be afforded by the completion of the
improV ement.'
The improvements on the river and roads, made since
the compromise wi h The company, including the extern
sion OF the roadto Big Sandy estimated by the Second
AUDITOR as having the State 1909
! OF Tie cid Improvements Al these--old and new-wa-
Ter rens and every privilege immunity are 10 be-
come vested in the new company exempt from all tax-
alton public burhens whatever, chargeable only
with the dividends to the old stockholders wi annu
al repairs (sce sections 2, 81 % and A. the of in
corporaton) The capital OF The company with privilege
to increase it, is $4,000 000 OF which the State at once
takes SlGOOOOO in payment for, and in consideration
transferring TO this company, the whole rights of State
as aforesaid The act also provides, that while the
are in progress, and after they conn ed semi
al dividends are to be declared o al plus profits after
ling dividends 10 the old Stockholders providing that
when those profits shall exceed vdend OF Is per cent
they TO be KEEP, within that limit by reduction of tolls
These dividends be declared each share in pro
portion to the actually paid thereon by the stock
holders, and The is to be regarded as hav-
ing paid, by the transfer of her tights lie full mem,
above stated (see sections so and Sly
Let suppose then, that the Stock is all taken one mil
lion by the State aud four by individuals and tina, the lat
OF the Act (sections and ~ making $500 900. Say
that all this has taken place early of January
1885, and the Company organized that the course OF
that year, they may take the best advice the kind of
improvement and have in part located as TO be able 10
make contracts and begin the work by the first of January
lS3let us what dividend they will receive on their
money to January lS34Thc surplus for the wear 1891
was say $42 $50
TO this add the regular increase, az above es-
mated, at the rate of $4,000 per annum, for
two years 5000
W. e;..o r.
/ WIN give Tor 1888 $4S, 73O
But there is TO be added 10 the annual ex-
/ pcnccs, $4,000, in order 10 pay the old Stock
holders 10 per cent. deduct 1900
Leaves $H53O
TO be divided, say the 1s Of January 1884, This will
pay per cent. 8 400 Coo and leave So $50 undivided
The year 1888 wIlIhayo been employed and portion Of
he SlOOOOO expended, IN carrying the work on as above
stated, leaving much money, however as can
be udcously expended in the year 1884 so that no ne "
call VIII be made in that year But the above surpIus
VIII now be increased, the end the year 1894 nv
the balance undivided above aud by another
increase OF tolls OF $4,000 in ALL say $50 O6OThs will
give advidend, on the first of Januarj 1885, of I2 per
cent, and leave $1,000, undivided.
Let us suppose that $l5 per share will he c,led
Tor and paid on the 1st of January, Is35-Tbs will
amount to 5000 900, aud will make the whole pavmcnt c
S2,OOOOOO. The sum to be divided, according 10 pre.
celng data, at the end of Ibis year. will be- say S54 20
which will divide IL per cent? and leave 81 100 und
Vded This brings MS down TO the list of January 1896
wnen one million will have been expended the ne W
Improvements probably extended TO ScosviIle IN which
place there Is turnpike road from Stanton The trade
nave necessarily Increased, only the ordinary pro
uucons OF the country, increased by the wealth dispesed
on Tic line, but in those which ponlerous and bu
ky,n proportion to their value in market encounter the