New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1852-05-07
~, ,poTryD TIE PALS OF THE OHIO

inr cork. successfully designed and
in' -. facilitate the trade aud travel that
sds and descends the ohe RIVER IS now 'nsas,
sscenu .s,ths of it) the property OF the people OF
y ''.;,ed states Its original construction al
the INV" .m;sipg great facilities and advantages to
thong. regarded as doubtful speculation
the i'' .a,n;,ent facts connected with its history
A". .rest to the people generally, who own
orc .ss whole improvement, and OF speciai m
n' ., 70 those who trade and travel upon In
n nu. p;,;sye. we will briefly state them.
~ 1896. the Legislature of Kentucky granted u
tho construction Of canal around the
Cna''e s,hs Ohio River on the Kentucky side, with
rams stock of 500, 600, to be called the Louis
acaP''I - portlapd Canal The Company and the
'ile ~" .h.re.boders became involved in peeu-
n ''. embanassments in constructing the work'
a'', nscember 1881 they applied for AMI OBJ
anu the legislature authority to increase the
'a'', an amount sufficient, at 500 per share to
s''' n ,to cost and expenses of construction, ana
p" -. thereon. up to the time it was opened Tor
When this authority was given, no returns,
:" ,be shape of dividends or interest hao oeeh
,..l;zed upon the investment.
IT, old and encourage the commencement ana
....c.,;op of this important work, congress au-
its,;vsd the United States Government to SUBSCRIBE
, ooo shares 10 the original stock, IN lo2o anu
1885 additional shares III IoZ'--i" all ~'''''
and paving therefor $685., 5Oo'
Under the Act of Dec. 1881, the Company maa
..a.IIoyapce - to the stockholders of2O per cent
:.,or.s, IN al stock standing three and one-thr
vss,s and 10 per cent. upon that OF one ana TWO
th;rd. If wear standing-the total allowanc
be;np slO665O, of which the United states re
ce;ved. in stock, $33,35O. The Company ais
allowed 100000 as a dividend from the nc. re-
CENTS OF the Canal during its operatien' al" vi ''h
sum the United States received $23,3'o III SIOUX
making in all $4,000, for which 56I additional
sb.,es Of the stock were received. After this al
,o,.,ce and until 1912, individuals held 1908
shares Of the stock of the Company, and the United
States 1902; representing sl,ooO,oOO, the total
cost Of the Canal
From January, 1894, to January, 1912, regular
animal dividends were made, in money, to the
stockholders, from the net profits of the Company;
and the United States received during these eight
years. an aggregate sum of 1851 ,O7S in Dividends
the total amount divided among all the stock
holders, during that period, was $780,, 537. At this
point of time, Jan. 1912, the United States had
paid into the Company $233,5OO, and received
1851 ,O7S in cash dividends, $5670O in stock divl-
bends, and held 1902 shares ofstock.
The business upon the Ohio River was large,
and rapidly increasing the Canal, which was at
first regarded as hazardous speculation, had be-
come exceedingly remunerative to Shareholders
and the public began to demand increased facilities
for the river trade and travel around the Falls, by
constructing another Canal upon the other side of
the river, or the enlargement of the present one,
and free from tolls. The stock of this Company,
in case its chartered rights and privileges remained
was regarded as good investment at
$3.50 per share; but the shareholders became
alarmed at the popular demands and demonstra-
tons, and in 1912 they applied for and obtained
rom the Kentucky Legislature the privilege Of
selling the stock held by individuals to the United
States, to the State of Kentucky or to the City of
with the view, eventually, of making
the Canal free of tolls and they also obtained the
privilege of appropnating the net income of the
Canal to the purchase of stock, instead of making
Misunderstanding the price of the stock, the first
year, not exceeding $3.50 shore and the highest
price to be paid each subsequent year, was the
maximum price the first year, with per cent. pc :
annum added. And when the stock of individual =
should all be bought up, then it was to be trans
Ierred to the United States on condition that tn
United States would only levy sufficient tolls to
keep the Canal in repair, &c.
This plan ofliquidating individual stock began in
1872 and the total net receipts of the Canal from
that time to January 1882 were $l,26,7l3 80
md the total income, as it was annually realized,
mas been appropriated in buying up the stock OF
in 1912, one hundred and fifty
dollars share, and increasing in price each SUBJ
'equent year, according to the schedule in the
Act oflS42 until the price, last year. reached S23l
YER share--and over 600 shares were taken at that
rice. On the first of January, 1852, the United
States owned $500 shares Of the stock, and indi-
Iiduas only $40.
Such, in short, is the legislative and financial
history of the Louisville and Portland Canal around
The Falls of the Ohio.
The people of the Ohio Valley, and the inland
commerce of that rich and prod lctive region, now
demand another Canal on the Indiana side, or the
Enlargement of the present one, and its freedom
from tolls.