The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1870-03-09

tho war. nor il it safe to anticipate re-
snmntion of payments of tlividens Tor
soma years TO come, although the business
of the company is constantly improving
and the stock daily increasing in value.
Tbe Richmond and Danville Railroad
Comnany's loans, amounting, with interest,
tn s65s ,gs7 .O2, are well secured, and may
no reckoned among the solvent and best as,
acts held by the State. This road has rap-
idly recupcrated since the war, and with
it's large increasing business, ought to be
able, in few years, to resume the pay
ment of dividends upon its common stock.
In the Richmond and Petersburg Rail-
road Company, the interest OF the State
consists only of common stock, not now divi-
dend paying, but with the general increase
of prosperity and business, it ought in a
few years to be nearly or quite at par.
The stock Of the Richmond, Fredericks-
burg and Potomac Railroad Company rates
higher than any other railroad stock in the
State, and will doubtless soon become divi-
dend-paying.
| The Richmond and York River Railroad
Company's preferred and common stock
held by the State will not, for some time to
come, prove source Of revenue to the
State.
The State owns $500, 900 of the seven per
cent. mortgage bonds Of the Southside Rail
road Company, and on the LIST Of January,
1870 the accrued and unpaid interest
thereon amounted to $780, These bonds
were originally secured by q first mortgage
upon the property of tho company, but the
| Legislature, by an act passed January Is.
1866, authorized the company to issue anu
| dispose of its bonds to al amount equal to
an amount not exceeding the balance due
upon loan made to the company by the
State under an act Of the General
Assembly passed February, 1858 (the
same loan above meHtioned), to be
secured BY a mortgage upon the property
| of the company, "the full force and effect
of such mortgage to the State first above
mentioned) beng hereby suspended,' and
the claims thereof are hereby postponed
until the bonds Issued under the mortgage
herein authorized to be given in its place
and stead, us aforesaid, shall have been
paid" See acts of Assembly, 1886,
pages 337-9.) The company mortgaged its
property to secure about 100000 Of its
bonds, issued by authority of this act; but
notwithstanding the suhrogation Of this
mortgage to the lien OF the State, the claim
OF the State, amounting, with interest, Jan
uary |, 1870, TO 81 1900, is considered u
solvent asset, and it is believed the COM
pany will soon be able to resume the pay
mcnt of interest thereon. The common
stock, under the impulse of prosperity and
the increasing business ui the company, Is
constantly approaching. and if the wise
policy which now controls the management
of this road shall continue, it will one day,
not many years in tho future, become di-
vidend-paying stock.
| The stock held by the State of the Nir-
ginia and Kentucky Eailroad Company,
amounting to sl03, 43S,G9, is at present
yalueless. Work upon this road will pro-
badly he soon resumed and when completed
| this stock may become valuable.
The Virginia aud Tennessee railroad is
one of the most valuable and important
public improvements in the State. The
volume of business has annually increased
since the war, and il its success in the flu
ture shall continue to increase IN the same
ratio as it has during the past four years,
within the next five years il will be able to
pay dividend upon its common stock. 1t
preferred, and even common stock, will, IN
tour or five years, rate at or near par. A
loan made by the State TO this company OF
81, 900. 600 is claimed by the company to
have been paid during the war; but this
claim is disputed by the State, and can only
be settled by the courts. As soon as our
courts are organized statement of the
facts can probably be agreed upon by the
State and the company, and the case be
submitted to and decided by the proper
tribunal. If judgment shall be given in
favor of the State it will be paid by the
company. The claim and interest amount
ed, ON the LIST of January, 1870, to 81,
$4,000.
The stock of the Marietta and Cincinnati
Railroad Company was obtained by the
State from Seldom, Wisbers x Go. 1t is I'M
proving in value but not worth par.
The interest in the james River and
Kanawha Canal Company owned by the
State, amounting to $40, 100000 is Of nc
considerable marketable value. The State
and private stockholders in this company
could well afford, if authorized, to surrender
gratuitously al it's and their interests IL
any persons or corporation who would un-
dertake, under suitable guarantees, to COM
plete that important Improvement. The
interest Of the "cther navigation COM
panies is of no particular value.
The interest of the State in the various
plank-road and turnpike companies
amounting to s2,lS2 ,3lS.72, is compare
lively worthless.
The claim of the State against the Chesa
peake and Ohio Canal Company, being fol-
interest paid on account of the bonds o.
that company guaranteed by the State. i!
in process OF settlement, and the agents o.
the State who have the matter in charge
are confident that the State will soon realizt
thcrefrom, less expenses, nearly or quite
the Gum of $780, 900.
From the claim against Seldom, Withert
g. Co., ills believed the State will realize
about the gum of $500
i Relative to the claims against the State
of West Virginia for her proportion Of thu
public debt, three commissioners have beer
appointed by this State, and provision has
been made for the appointment of o like
number by West Virginia, to adjust thu
same. It is hoped that IN early settlement
will be reached. Any discussion OF tht
merits or amount Of this claim would bt
out of place in this paper. 1t may not BIZ
improper to remark, however, that it would
seem from the language of the act o.
March q, 1867, that our General Assembly
were of the opinion that West Virginia
ought to assume and pay onc-third of the
! public debt. f
From this brief review of the assets and
securities held by the State it will be OBJ
served that s2,6l2,776.37 are considered
of equal or greater value than State bonds
at present quotations, consisting of the fol
lowing items-yiz.: r
Bonds Alexandra, Loudoun and
Hampshire Railroad Com pany..... go, 500 d